MicroStrategy
https://www.sec.gov/ix?doc=/Archives/edgar/data/1050446/000156459022005287/mstr-10k_20211231.htm
MicroStrategy Inc is a provider of enterprise analytics and mobility software. It offers MicroStrategy Analytics platform that delivers reports and dashboards and enables users to conduct ad hoc analysis and share insights through mobile devices or the Web; MicroStrategy Server, which provides analytical processing and job management. The company's reportable operating segment is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud-based subscriptions and related services.
In August 2020, MicroStrategy invested $250 million in Bitcoin as a treasury reserve asset, citing declining returns from cash, a weakening dollar and other global macroeconomic factors. The company went on to make several additional large purchases of Bitcoin; as of May 2022, the company has spent around $3.965 billion financed through debt and equity issuance to purchase Bitcoin at an average purchase price of about $30,700 per Bitcoin.
On the company’s quarterly earnings call on May 3, 2022, MicroStrategy CFO Phong Le stated that the company would face a margin call if Bitcoin’s price fell to about $21,000. Le stated that the company could add more collateral to its loan to avoid such a situation
Revenue: $507.1 mm (-3.03% YoY Growth)
Gross Margin: $412.1 mm (81.26% margin)
Operating Margin: $35.3 mm (6.96% margin)
EBITDA: $108.8 mm (21.45% margin)
Net Income: $78.0 mm (15.38% margin)
Enterprise Value: $4.1 B
Market Capitalization: $1.7 B
Total Debt: $2.4 B
Cash: $92.7 mm
TEV/LTM Revenue: 8.01x
TEV/LTM EBITDA: 37.35x
Price/LTM Earnings: 20.92x
Operating statistics LTM as of 3/31/2022. Market data as of 6/15/2022. 10-K filed as of 2/16/2022.
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