MicroStrategy (MSTR) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	MSTR
Entity Registrant Name	MICROSTRATEGY INCORPORATED
Entity Central Index Key	0001050446
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-24435
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0323571
Entity Address, Address Line One	1850 Towers Crescent Plaza
Entity Address, City or Town	Tysons Corner
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22182
City Area Code	703
Local Phone Number	848-8600
Document Quarterly Report	true
Document Transition Report	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,554,159
Class B Convertible
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,964,025

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,009	$ 43,835
Restricted cash	1,865	7,033
Accounts receivable, net	128,650	189,280
Prepaid expenses and other current assets	24,041	24,418
Total current assets	199,565	264,566
Digital assets	2,451,374	1,840,028
Property and equipment, net	30,192	32,311
Right-of-use assets	54,542	61,299
Deposits and other assets	24,156	23,916
Deferred tax assets, net	614,112	188,152
Total assets	3,373,941	2,410,272
Current liabilities:
Accounts payable, accrued expenses, and operating lease liabilities	34,306	42,976
Accrued compensation and employee benefits	43,405	53,716
Accrued interest	10,368	2,829
Current portion of long-term debt, net	475	454
Deferred revenue and advance payments	179,167	217,428
Total current liabilities	267,721	317,403
Long-term debt, net	2,180,038	2,378,560
Deferred revenue and advance payments	7,638	12,763
Operating lease liabilities	59,720	67,344
Other long-term liabilities	18,231	17,124
Deferred tax liabilities	198	198
Total liabilities	2,533,546	2,793,392
Commitments and Contingencies
Stockholders' Equity (Deficit)
Preferred stock undesignated, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	2,726,191	1,841,120
Treasury stock, at cost; 8,684 shares and 8,684 shares, respectively	(782,104)	(782,104)
Accumulated other comprehensive loss	(15,355)	(13,801)
Accumulated deficit	(1,088,360)	(1,428,355)
Total stockholders' equity (deficit)	840,395	(383,120)
Total liabilities and stockholders' equity (deficit)	3,373,941	2,410,272
Class A
Stockholders' Equity (Deficit)
Common stock	21	18
Class B Convertible
Stockholders' Equity (Deficit)
Common stock	$ 2	$ 2

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	8,684,000	8,684,000
Class A
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	330,000,000	330,000,000
Common stock, shares issued	21,227,000	18,269,000
Common stock, shares outstanding	12,543,000	9,585,000
Class B Convertible
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	1,964,000	1,964,000
Common stock, shares outstanding	1,964,000	1,964,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues		$ 129,462	$ 125,360	$ 371,777	$ 366,710
Cost of revenues:
Total cost of revenues		26,661	25,385	81,723	76,266
Gross profit		102,801	99,975	290,054	290,444
Operating expenses:
Sales and marketing		35,606	35,409	109,372	105,511
Research and development		29,660	30,498	90,372	95,811
General and administrative		29,223	27,283	85,959	82,491
Digital asset impairment losses		33,559	727	76,613	1,088,656
Total operating expenses		128,048	93,917	362,316	1,372,469
(Loss) income from operations		(25,247)	6,058	(72,262)	(1,082,025)
Interest expense, net		(11,006)	(14,073)	(37,031)	(38,299)
Gain on debt extinguishment		0	0	44,686	0
Other income, net		2,419	4,897	726	12,242
Loss before income taxes		(33,834)	(3,118)	(63,881)	(1,108,082)
Provision for (benefit from) income taxes		109,607	23,961	(403,876)	112,046
Net (loss) income		$ (143,441)	$ (27,079)	$ 339,995	$ (1,220,128)
Basic (loss) earnings per share (1)	[1]	$ (10.09)	$ (2.39)	$ 29.15	$ (107.99)
Weighted average shares outstanding used in computing basic (loss) earnings per share		14,221	11,308	11,665	11,299
Diluted (loss) earnings per share (1)	[1]	$ (10.09)	$ (2.39)	$ 23.87	$ (107.99)
Weighted average shares outstanding used in computing diluted (loss) earnings per share		14,221	11,308	14,512	11,299
Total product licenses and subscription services
Revenues:
Total revenues		$ 45,019	$ 38,700	$ 116,641	$ 102,204
Cost of revenues:
Total cost of revenues		8,370	6,801	24,420	18,617
Product licenses
Revenues:
Total revenues		24,045	22,286	56,979	58,928
Cost of revenues:
Total cost of revenues		342	406	1,320	1,314
Subscription services
Revenues:
Total revenues		20,974	16,414	59,662	43,276
Cost of revenues:
Total cost of revenues		8,028	6,395	23,100	17,303
Product support
Revenues:
Total revenues		66,860	66,010	198,422	199,682
Cost of revenues:
Total cost of revenues		5,531	5,224	17,115	15,542
Other services
Revenues:
Total revenues		17,583	20,650	56,714	64,824
Cost of revenues:
Total cost of revenues		$ 12,760	$ 13,360	$ 40,188	$ 42,107
[1] Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (143,441)	$ (27,079)	$ 339,995	$ (1,220,128)
Other comprehensive loss, net of applicable taxes:
Foreign currency translation adjustment	(2,205)	(4,514)	(1,554)	(10,636)
Total other comprehensive loss	(2,205)	(4,514)	(1,554)	(10,636)
Comprehensive (loss) income	$ (145,646)	$ (31,593)	$ 338,441	$ (1,230,764)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class B Convertible	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	(Accumulated Deficit) Retained Earnings
Beginning Balance at Dec. 31, 2021	$ 978,958	$ 18	$ 2	$ 1,727,143	$ (782,104)	$ (7,543)	$ 41,442
Beginning Balance (in shares) at Dec. 31, 2021		18,006,000	1,964,000		(8,684,000)
Net (loss) income	(130,751)	$ 0	$ 0	0	$ 0	0	(130,751)
Other comprehensive income (loss)	(2,009)	0	0	0	0	(2,009)	0
Issuance of class A common stock upon exercise of stock options	288	$ 0	0	288	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		2,000
Issuance of class A common stock under employee stock purchase plan	2,805	$ 0	$ 0	2,805	$ 0	0	0
Issuance of class A common stock under employee stock purchase plans, (in shares)		7,000	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(501)	$ 0	$ 0	(501)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		3,000	0		0
Share-based compensation expense	14,209	$ 0	$ 0	14,209	$ 0	0	0
Ending Balance at Mar. 31, 2022	862,999	$ 18	$ 2	1,743,944	$ (782,104)	(9,552)	(89,309)
Ending Balance (in shares) at Mar. 31, 2022		18,018,000	1,964,000		(8,684,000)
Beginning Balance at Dec. 31, 2021	978,958	$ 18	$ 2	1,727,143	$ (782,104)	(7,543)	41,442
Beginning Balance (in shares) at Dec. 31, 2021		18,006,000	1,964,000		(8,684,000)
Net (loss) income	(1,220,128)
Other comprehensive income (loss)	(10,636)
Ending Balance at Sep. 30, 2022	(200,289)	$ 18	$ 2	1,778,660	$ (782,104)	(18,179)	(1,178,686)
Ending Balance (in shares) at Sep. 30, 2022		18,038,000	1,964,000		(8,684,000)
Beginning Balance at Mar. 31, 2022	862,999	$ 18	$ 2	1,743,944	$ (782,104)	(9,552)	(89,309)
Beginning Balance (in shares) at Mar. 31, 2022		18,018,000	1,964,000		(8,684,000)
Net (loss) income	(1,062,298)	$ 0	$ 0	0	$ 0	0	(1,062,298)
Other comprehensive income (loss)	(4,113)	0	0	0	0	(4,113)	0
Issuance of class A common stock upon exercise of stock options	423	$ 0	0	423	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		3,000
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(49)	$ 0	$ 0	(49)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		0	0		0
Share-based compensation expense	15,970	$ 0	$ 0	15,970	$ 0	0	0
Ending Balance at Jun. 30, 2022	(187,068)	$ 18	$ 2	1,760,288	$ (782,104)	(13,665)	(1,151,607)
Ending Balance (in shares) at Jun. 30, 2022		18,021,000	1,964,000		(8,684,000)
Net (loss) income	(27,079)	$ 0	$ 0	0	$ 0	0	(27,079)
Other comprehensive income (loss)	(4,514)	0	0	0	0	(4,514)	0
Issuance of class A common stock upon exercise of stock options	621	$ 0	0	621	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		4,000
Issuance of class A common stock under employee stock purchase plan	1,668	$ 0	$ 0	1,668	$ 0	0	0
Issuance of class A common stock under employee stock purchase plans, (in shares)		9,000	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(642)	$ 0	$ 0	(642)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		4,000	0		0
Share-based compensation expense	16,725	$ 0	$ 0	16,725	$ 0	0	0
Ending Balance at Sep. 30, 2022	(200,289)	$ 18	$ 2	1,778,660	$ (782,104)	(18,179)	(1,178,686)
Ending Balance (in shares) at Sep. 30, 2022		18,038,000	1,964,000		(8,684,000)
Net (loss) income	(249,669)	$ 0	$ 0	0	$ 0	0	(249,669)
Other comprehensive income (loss)	4,378	0	0	0	0	4,378	0
Issuance of class A common stock upon exercise of stock options	61	$ 0	$ 0	61	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		0	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(1,021)	$ 0	$ 0	(1,021)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		12,000	0		0
Issuance of class A common stock under public offerings, net of issuance costs	46,219	$ 0	$ 0	46,219	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		219,000	0		0
Share-based compensation expense	17,201	$ 0	$ 0	17,201	$ 0	0	0
Ending Balance at Dec. 31, 2022	(383,120)	$ 18	$ 2	1,841,120	$ (782,104)	(13,801)	(1,428,355)
Ending Balance (in shares) at Dec. 31, 2022		18,269,000	1,964,000		(8,684,000)
Net (loss) income	461,193	$ 0	$ 0	0	$ 0	0	461,193
Other comprehensive income (loss)	738	0	0	0	0	738	0
Issuance of class A common stock upon exercise of stock options	6,750	$ 0	$ 0	6,750	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		44,000	0		0
Issuance of class A common stock under employee stock purchase plan	2,380	$ 0	$ 0	2,380	$ 0	0	0
Issuance of class A common stock under employee stock purchase plans, (in shares)		13,000	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(514)	$ 0	$ 0	(514)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		4,000	0		0
Issuance of class A common stock under public offerings, net of issuance costs	338,962	$ 2	$ 0	338,960	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		1,349,000
Share-based compensation expense	16,822	$ 0	0	16,822	0	0	0
Ending Balance at Mar. 31, 2023	443,211	$ 20	$ 2	2,205,518	$ (782,104)	(13,063)	(967,162)
Ending Balance (in shares) at Mar. 31, 2023		19,679,000	1,964,000		(8,684,000)
Beginning Balance at Dec. 31, 2022	(383,120)	$ 18	$ 2	1,841,120	$ (782,104)	(13,801)	(1,428,355)
Beginning Balance (in shares) at Dec. 31, 2022		18,269,000	1,964,000		(8,684,000)
Net (loss) income	339,995
Other comprehensive income (loss)	(1,554)
Ending Balance at Sep. 30, 2023	840,395	$ 21	$ 2	2,726,191	$ (782,104)	(15,355)	(1,088,360)
Ending Balance (in shares) at Sep. 30, 2023		21,227,000	1,964,000		(8,684,000)
Beginning Balance at Mar. 31, 2023	443,211	$ 20	$ 2	2,205,518	$ (782,104)	(13,063)	(967,162)
Beginning Balance (in shares) at Mar. 31, 2023		19,679,000	1,964,000		(8,684,000)
Net (loss) income	22,243	$ 0	$ 0	0	$ 0	0	22,243
Other comprehensive income (loss)	(87)	0	0	0	0	(87)	0
Issuance of class A common stock upon exercise of stock options	5,354	$ 0	$ 0	5,354	$ 0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		39,000	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(242)	$ 0	$ 0	(242)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		6,000	0		0
Issuance of class A common stock under public offerings, net of issuance costs	333,494	$ 1	$ 0	333,493	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		1,079,000
Share-based compensation expense	15,145	$ 0	0	15,145	0	0	0
Ending Balance at Jun. 30, 2023	819,118	$ 21	$ 2	2,559,268	$ (782,104)	(13,150)	(944,919)
Ending Balance (in shares) at Jun. 30, 2023		20,803,000	1,964,000		(8,684,000)
Net (loss) income	(143,441)	$ 0	$ 0	0	$ 0	0	(143,441)
Other comprehensive income (loss)	(2,205)	0	0	0	0	(2,205)	0
Issuance of class A common stock upon exercise of stock options	2,113	$ 0	$ 0	2,113	0	0	0
Issuance of class A common stock upon exercise of stock options (in shares)		10,000	0
Issuance of class A common stock under employee stock purchase plan	1,575	$ 0	$ 0	1,575	$ 0	0	0
Issuance of class A common stock under employee stock purchase plans, (in shares)		7,000	0		0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes	(747)	$ 0	$ 0	(747)	$ 0	0	0
Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes, (in shares)		4,000	0
Issuance of class A common stock under public offerings, net of issuance costs	147,218	$ 0	$ 0	147,218	$ 0	0	0
Issuance of class A common stock under public offerings, net of issuance costs, (in shares)		403,000			0
Share-based compensation expense	16,764	$ 0	0	16,764	$ 0	0	0
Ending Balance at Sep. 30, 2023	$ 840,395	$ 21	$ 2	$ 2,726,191	$ (782,104)	$ (15,355)	$ (1,088,360)
Ending Balance (in shares) at Sep. 30, 2023		21,227,000	1,964,000		(8,684,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income (loss)	$ 339,995	$ (1,220,128)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,405	6,917
Reduction in carrying amount of right-of-use assets	6,438	6,020
Credit losses and sales allowances	752	1,189
Deferred taxes	(425,986)	90,166
Release of liabilities for unrecognized tax benefits	(162)	0
Share-based compensation expense	49,855	46,587
Digital asset impairment losses	76,613	1,088,656
Amortization of issuance costs on long-term debt	6,599	6,490
Gain on debt extinguishment	(44,686)	0
Changes in operating assets and liabilities:
Accounts receivable	6,627	5,586
Prepaid expenses and other current assets	(99)	(7,837)
Deposits and other assets	(321)	(8,314)
Accounts payable and accrued expenses	(8,005)	(8,880)
Accrued compensation and employee benefits	(15,186)	(13,105)
Accrued interest	7,539	9,901
Deferred revenue and advance payments	9,901	25,401
Operating lease liabilities	(7,954)	(7,390)
Other long-term liabilities	203	150
Net cash provided by operating activities	11,528	21,409
Investing activities:
Purchases of digital assets	(687,959)	(231,478)
Purchases of property and equipment	(2,591)	(1,851)
Net cash used in investing activities	(690,550)	(233,329)
Financing activities:
Proceeds from secured term loan, net of lender fees	0	204,693
Issuance costs paid for secured term loan, excluding lender fees	0	(107)
Repayments of secured term loan and third-party extinguishment costs	(160,033)	0
Proceeds from other long-term secured debt	0	11,100
Issuance costs paid for other long-term secured debt	0	(214)
Repayments of other long-term secured debt	(382)	(121)
Proceeds from sale of common stock under public offerings	823,945	0
Issuance costs paid related to sale of common stock under public offerings	(4,286)	0
Proceeds from exercise of stock options	14,217	1,332
Payment of withholding tax on vesting of restricted stock units	(1,391)	(1,105)
Net cash provided by financing activities	676,025	220,051
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(997)	(5,597)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(3,994)	2,534
Cash, cash equivalents, and restricted cash, beginning of period	50,868	64,434
Cash, cash equivalents, and restricted cash, end of period	46,874	66,968
Employee Stock Purchase Plan
Financing activities:
Proceeds from sales under employee stock purchase plan	$ 3,955	$ 4,473

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (143,441)	$ 22,243	$ 461,193	$ (249,669)	$ (27,079)	$ (1,062,298)	$ (130,751)	$ 339,995	$ (1,220,128)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Name	Michael J. Saylor
Title	Chairman of our Board of Directors and our Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	September 19, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	April 30, 2024
Aggregate Available	400,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying Consolidated Financial Statements of MicroStrategy Incorporated (“MicroStrategy” or the “Company”) are unaudited. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarily indicative of results for a full year. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by the United States Securities and Exchange Commission (“SEC”) and do not contain certain information included in the Company’s annual financial statements and notes. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes in the Company’s accounting policies since December 31, 2022, except for those related to the Company’s new share-settled performance stock unit awards as described further in Note 8, Share-based Compensation, to the Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Digital Assets

Digital Assets	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Digital Assets	(2) Digital Assets The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other . The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. Impairment losses are recognized as “Digital asset impairment losses” in the Company’s Consolidated Statement of Operations in the period in which the impairment occurs. Gains (if any) are not recorded until realized upon sale, at which point they are presented net of any impairment losses in the Company’s Consolidated Statements of Operations. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the specific bitcoins sold immediately prior to sale. The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: September 30, December 31, 2023 2022 Approximate number of bitcoins held 158,245 132,500 Digital assets carrying value $ 2,451,374 $ 1,840,028 Cumulative digital asset impairment losses $ 2,229,775 $ 2,153,162 The carrying value on the Company’s Consolidated Balance Sheet at each period-end represents the lowest fair value (based on Level 1 inputs in the fair value hierarchy) of the bitcoins at any time since their acquisition. Therefore, these fair value measurements were made during the period from their acquisition through September 30, 2023 or December 31, 2022, respectively, and not as of September 30, 2023 or December 31, 2022, respectively. The following table summarizes the Company’s digital asset purchases and digital asset impairment losses (in thousands, except number of bitcoins) for the periods indicated. The Company did not sell any of its bitcoins during the three and nine months ended September 30, 2023 or 2022, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Approximate number of bitcoins purchased 5,912 301 25,745 5,609 Digital asset purchases $ 161,681 $ 5,978 $ 687,959 $ 231,478 Digital asset impairment losses $ 33,559 $ 727 $ 76,613 $ 1,088,656 From time to time, the Company may be extended short-term credits from Coinbase or other execution partners to purchase bitcoin in advance of using cash funds in the Company’s trading account. The trade credits are due and payable in cash within days after they are extended. As of September 30, 2023 , the Company had no outstanding trade credits payable. As of September 30, 2023, approximately 15,731 of the bitcoins held by the Company, which had a carrying value of approximately $ 251.1 million on the Company’s Consolidated Balance Sheet as of September 30, 2023 , serve as part of the collateral for the Company’s 6.125 % Senior Secured Notes due 2028 (the “2028 Secured Notes”), as further described in Note 4, Long-term Debt , to the Consolidated Financial Statements. All of the Company’s bitcoins previously serving as collateral for a $ 205.0 million term loan (the “2025 Secured Term Loan”) issued to MacroStrategy LLC (“MacroStrategy”), a wholly-owned subsidiary of the Company, by Silvergate Bank (“Silvergate”) were released from collateral upon the repayment of the 2025 Secured Term Loan during the first quarter of 2023. Refer to Note 4, Long-term Debt , to the Consolidated Financial Statements for further details of the 2025 Secured Term Loan and its repayment.

Contract Balances

Contract Balances	9 Months Ended
	Sep. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Balances	(3) Contract Balances The Company invoices its customers in accordance with billing schedules established in each contract. The Company’s rights to consideration from customers are presented separately in the Company’s Consolidated Balance Sheets depending on whether those rights are conditional or unconditional. The Company presents unconditional rights to consideration from customers within “Accounts receivable, net” in its Consolidated Balance Sheets. All of the Company’s contracts are generally non-cancelable and/or non-refundable, and therefore an unconditional right generally exists when the customer is billed or amounts are billable per the contract. Accounts receivable (in thousands) consisted of the following, as of: September 30, December 31, 2023 2022 Billed and billable $ 131,494 $ 191,844 Less: allowance for credit losses ( 2,844 ) ( 2,564 ) Accounts receivable, net $ 128,650 $ 189,280 Changes in the allowance for credit losses were not material for the three and nine months ended September 30, 2023. Rights to consideration that are subject to a condition other than the passage of time are considered contract assets until they are expected to become unconditional and transfer to accounts receivable. Current contract assets included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets consist of $ 1.3 million and $ 0.6 million, as of September 30, 2023 and December 31, 2022 , respectively, related to accrued sales and usage-based royalty revenue and performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts. In royalty-based arrangements, consideration is not billed or billable until the royalty reporting is received, generally in the subsequent quarter, at which time the contract asset transfers to accounts receivable and a true-up adjustment is recorded to revenue. These true-up adjustments are generally not material. Non-current contract assets included in “Deposits and other assets” in the Consolidated Balance Sheets consisted of $ 1.1 million and $ 0.7 million, as of September 30, 2023 and December 31, 2022, respectively, related to performance obligations or services being rendered in advance of future invoicing associated with multi-year contracts. During the three and nine months ended September 30, 2023 and 2022 , there were no significant impairments to the Company’s contract assets, nor were there any significant changes in the timing of the Company’s contract assets being reclassified to accounts receivable. Contract liabilities are amounts received or due from customers in advance of the Company transferring the software or services to the customer. In the case of multi-year service contract arrangements, the Company generally does not invoice more than one year in advance of services and does not record deferred revenue for amounts that have not been invoiced. Revenue is subsequently recognized in the period(s) in which control of the software or services is transferred to the customer. The Company’s contract liabilities are presented as either current or non-current “Deferred revenue and advance payments” in the Consolidated Balance Sheets, depending on whether the software or services are expected to be transferred to the customer within the next year. The Company’s “Accounts receivable, net” and “Deferred revenue and advance payments” balances in the Consolidated Balance Sheets include unpaid amounts related to contracts under which the Company has an enforceable right to invoice the customer for non-cancelable and/or non-refundable software and services. Changes in accounts receivable and changes in deferred revenue and advance payments are presented net of these unpaid amounts in “Operating activities” in the Consolidated Statements of Cash Flows. Deferred revenue and advance payments (in thousands) from customers consisted of the following, as of: September 30, December 31, 2023 2022 Current: Deferred product licenses revenue $ 2,814 $ 2,825 Deferred subscription services revenue 45,737 51,861 Deferred product support revenue 126,087 155,366 Deferred other services revenue 4,529 7,376 Total current deferred revenue and advance payments $ 179,167 $ 217,428 Non-current: Deferred product licenses revenue $ 9 $ 2,742 Deferred subscription services revenue 2,845 3,030 Deferred product support revenue 4,304 6,387 Deferred other services revenue 480 604 Total non-current deferred revenue and advance payments $ 7,638 $ 12,763 During the three and nine months ended September 30, 2023 , the Company recognized revenues of $ 44.6 million and $ 187.6 million, respectively, from amounts included in the total deferred revenue and advance payments balances at the beginning of 2023. During the three and nine months ended September 30, 2022 , the Company recognized revenues of $ 42.5 million and $ 176.3 million, respectively, from amounts included in the total deferred revenue and advance payments balances at the beginning of 2022. For the three and nine months ended September 30, 2023 and 2022, there were no significant changes in the timing of revenue recognition on the Company’s deferred balances. The Company’s remaining performance obligation represents all future revenue under contract and includes deferred revenue and advance payments and billable non-cancelable amounts that will be invoiced and recognized as revenue in future periods. The remaining performance obligation excludes contracts that are billed in arrears, such as certain time and materials contracts. The portions of multi-year contracts that will be invoiced in the future are not presented on the balance sheet within accounts receivable and deferred revenues and are instead included in the following remaining performance obligation disclosure. As of September 30, 2023 , the Company had an aggregate transaction price of $ 282.3 million allocated to the remaining performance obligation related to product support, subscription services, product licenses, and other services contracts. The Company expects to recognize $ 217.7 million within the next 12 months and the remainder thereafter .

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	(4) Long-term Debt The net carrying value of the Company’s long-term debt (in thousands) consisted of the following, as of: September 30, 2023 December 31, 2022 2025 Convertible Notes $ 643,167 $ 640,888 2027 Convertible Notes 1,036,298 1,033,277 2028 Secured Notes 490,771 489,547 2025 Secured Term Loan 0 204,688 Other long-term secured debt 9,802 10,160 Total $ 2,180,038 $ 2,378,560 Convertible Senior Notes In December 2020, the Company issued $ 650.0 million aggregate principal amount of 0.750 % Convertible Senior Notes due 2025 (the “2025 Convertible Notes”) in a private offering. The 2025 Convertible Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 0.750 % per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021 . Holders of the 2025 Convertible Notes may receive additional interest under specified circumstances as outlined in the indenture relating to the issuance of the 2025 Convertible Notes. The 2025 Convertible Notes will mature on December 15, 2025 , unless earlier converted, redeemed, or repurchased in accordance with their terms. In February 2021, the Company issued $ 1.050 billion aggregate principal amount of 0 % Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) in a private offering. The 2027 Convertible Notes are senior unsecured obligations of the Company and do not bear regular interest. However, holders of the 2027 Convertible Notes may receive special interest under specified circumstances as outlined in the indenture relating to the issuance of the 2027 Convertible Notes. Any special interest is payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021 . The 2027 Convertible Notes will mature on February 15, 2027 , unless earlier converted, redeemed, or repurchased in accordance with their terms. The terms of the 2025 Convertible Notes and 2027 Convertible Notes (collectively, the “Convertible Notes”) are discussed more fully in Note 8, Long-term Debt, to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no adjustments to the initial conversion rates for each of the Convertible Notes as of September 30, 2023. As of September 30, 2023 , the maximum number of shares into which the Convertible Notes could be potentially converted if the conversion features are triggered are 1,633,190 and 733,005 shares for the 2025 Convertible Notes and 2027 Convertible Notes, respectively. During the nine months ended September 30, 2023, the 2025 Convertible Notes were not convertible at any time. During the nine months ended September 30, 2022, the 2025 Convertible Notes were convertible at the option of the holders of the 2025 Convertible Notes during the first quarter of 2022 only. During the nine months ended September 30, 2023 and 2022, the 2027 Convertible Notes were not convertible at any time. No conversions of the Convertible Notes occurred during the nine months ended September 30, 2023 or 2022. The Convertible Notes may be convertible in future periods if one or more of the conversion conditions is satisfied during future measurement periods. As of September 30, 2023 and December 31, 2022, the net carrying value of the Convertible Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheets. The following is a summary of the Company’s convertible debt instruments as of September 30, 2023 (in thousands): September 30, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 6,833 ) $ 643,167 $ 695,500 Level 2 2027 Convertible Notes 1,050,000 ( 13,702 ) 1,036,298 737,789 Level 2 Total $ 1,700,000 $ ( 20,535 ) $ 1,679,465 $ 1,433,289 The following is a summary of the Company’s convertible debt instruments as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 9,112 ) $ 640,888 $ 364,000 Level 2 2027 Convertible Notes 1,050,000 ( 16,723 ) 1,033,277 394,800 Level 2 Total $ 1,700,000 $ ( 25,835 ) $ 1,674,165 $ 758,800 The fair value of the Convertible Notes is determined using observable market data other than quoted prices, specifically the last traded price at the end of the reporting period of identical instruments in the over-the-counter market (Level 2). For the three months ended September 30, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 1,218 $ 762 $ 1,980 $ 1,218 $ 753 $ 1,971 2027 Convertible Notes 0 1,008 1,008 0 1,004 1,004 Total $ 1,218 $ 1,770 $ 2,988 $ 1,218 $ 1,757 $ 2,975 For the nine months ended September 30, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 3,656 $ 2,279 $ 5,935 $ 3,656 $ 2,251 $ 5,907 2027 Convertible Notes 0 3,021 3,021 0 3,009 3,009 Total $ 3,656 $ 5,300 $ 8,956 $ 3,656 $ 5,260 $ 8,916 The Company did no t pay any interest related to the 2025 Convertible Notes during the three months ended September 30, 2023 and 2022. For each of the nine months ended September 30, 2023 and 2022 , the Company paid $ 2.4 million in interest related to the 2025 Convertible Notes. The Company has no t paid any additional interest or special interest related to the 2025 Convertible Notes or the 2027 Convertible Notes, respectively, to date. Senior Secured Notes On June 14, 2021, the Company issued $ 500.0 million aggregate principal amount of 2028 Secured Notes in a private offering. The 2028 Secured Notes bear interest at a fixed rate of 6.125 % per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021 . The 2028 Secured Notes have a stated maturity date of June 15, 2028 , unless earlier redeemed or repurchased in accordance with their terms and subject to a springing maturity date of September 15, 2025 or November 16, 2026 as discussed further below. The 2028 Secured Notes include a springing maturity feature that will cause the stated maturity date to spring ahead to: (1) September 15, 2025 (the “First Springing Maturity Date”), unless on the First Springing Maturity Date (i) the Company has Liquidity (as defined in the 2028 Secured Notes Indenture) in excess of 130 % of the amount required to pay in full in cash the then outstanding aggregate principal amount of, and accrued interest on, the 2025 Convertible Notes or (ii) less than $ 100,000,000 of the aggregate principal amount of the 2025 Convertible Notes remains outstanding, (2) November 16, 2026 (the “Second Springing Maturity Date”), unless on the Second Springing Maturity Date (i) the Company has Liquidity in excess of 130 % of the amount required to pay in full in cash the then outstanding aggregate principal amount of, and accrued interest on, the 2027 Convertible Notes or (ii) less than $ 100,000,000 of the aggregate principal amount of the 2027 Convertible Notes remains outstanding, or (3) the date (such date, an “FCCR Springing Maturity Date”) that is 91 days prior to the maturity date of any future convertible debt that we may issue that is then outstanding (the “FCCR Convertible Indebtedness”), unless on the FCCR Springing Maturity Date (i) the Company has Liquidity in excess of 130 % of the amount required to pay in full in cash the then outstanding aggregate principal amount of and accrued interest on such FCCR Convertible Indebtedness or (ii) less than $ 100,000,000 of the aggregate principal amount of such FCCR Convertible Indebtedness remains outstanding. “Liquidity” is defined in the 2028 Secured Notes Indenture and includes the Digital Asset Market Value (as defined in the 2028 Secured Notes Indenture) of the bitcoin owned by the Company and its Restricted Subsidiaries (as defined in the 2028 Secured Notes Indenture) immediately prior to the issuance of the 2028 Secured Notes (which are referred to as “Existing Digital Assets”). As of September 30, 2023 , for purposes of calculating Liquidity, the Company and its Restricted Subsidiaries owned approximately 92,079 Existing Digital Assets, all of which were unencumbered. The terms of the 2028 Secured Notes are discussed more fully in Note 8, Long-term Debt, to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The 2028 Secured Notes are governed by an indenture containing certain covenants with which the Company must comply, including covenants with respect to limitations on (i) additional indebtedness, (ii) liens, (iii) certain payments and investments, (iv) the ability to merge or consolidate with another person, or sell or otherwise dispose of substantially all the Company’s assets, and (v) certain transactions with affiliates. The Company was in compliance with its debt covenants as of September 30, 2023. As of September 30, 2023 and December 31, 2022, the net carrying value of the 2028 Secured Notes was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheets. The following is a summary of the 2028 Secured Notes as of September 30, 2023 (in thousands): September 30, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2028 Secured Notes $ 500,000 $ ( 9,229 ) $ 490,771 $ 444,850 Level 2 The following is a summary of the 2028 Secured Notes as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2028 Secured Notes $ 500,000 $ ( 10,453 ) $ 489,547 $ 369,800 Level 2 The fair value of the 2028 Secured Notes is determined using observable market data other than quoted prices, specifically the last traded price at the end of the reporting period of identical instruments in the over-the-counter market (Level 2). For the three months ended September 30, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 7,657 $ 415 $ 8,072 $ 7,657 $ 388 $ 8,045 For the nine months ended September 30, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,969 $ 1,224 $ 24,193 $ 22,969 $ 1,146 $ 24,115 The Company did no t pay any interest related to the 2028 Secured Notes during the three months ended September 30, 2023 and 2022. For each of the nine months ended September 30, 2023 and 2022 , the Company paid $ 15.3 million in interest related to the 2028 Secured Notes. Secured Term Loan On March 23, 2022, MacroStrategy, a wholly-owned subsidiary of the Company, entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with Silvergate pursuant to which Silvergate issued the $ 205.0 million 2025 Secured Term Loan to MacroStrategy. The terms of the 2025 Secured Term Loan are discussed more fully in Note 8, Long-term Debt, to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. On March 24, 2023, MacroStrategy and Silvergate entered into a Prepayment, Waiver and Payoff to Credit and Security Agreement, pursuant to which MacroStrategy voluntarily prepaid Silvergate approximately $ 161.0 million (the “Payoff Amount”), in full repayment, satisfaction, and discharge of the 2025 Secured Term Loan and all other obligations under the Credit and Security Agreement. Upon Silvergate’s receipt of the Payoff Amount on March 24, 2023, the Credit and Security Agreement was terminated and Silvergate released its security interest in all of MacroStrategy’s assets collateralizing the 2025 Secured Term Loan, including the bitcoin that was serving as collateral. The Payoff Amount consisted of a $ 159.9 million payment to repay the full $ 205.0 million outstanding principal amount of the 2025 Secured Term Loan as of March 24, 2023 and a $ 1.1 million payment for accrued unpaid interest on the 2025 Secured Term Loan as of March 24, 2023. The Company also incurred $ 0.1 million in third party fees in connection with the repayment of the 2025 Secured Term Loan. The net carrying value of the 2025 Secured Term Loan as of March 24, 2023, immediately prior to the loan’s repayment, was $ 204.7 million, which resulted in a $ 44.7 million gain on debt extinguishment recognized in the Company’s Consolidated Statement of Operations in the first quarter of 2023. MacroStrategy previously maintained a $ 5.0 million cash reserve account (the “Reserve Account”) with Silvergate to serve as additional collateral for the 2025 Secured Term Loan. On March 24, 2023, the $ 5.0 million then held in the Reserve Account was applied against the Payoff Amount, reducing the amount of additional funds that were required to be paid by MacroStrategy to Silvergate in connection with the payoff of the 2025 Secured Term Loan. As of December 31, 2022, the net carrying value of the 2025 Secured Term Loan was classified as a long-term liability in the “Long-term debt, net” line item in the Company’s Consolidated Balance Sheet. The following is a summary of the 2025 Secured Term Loan as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Secured Term Loan $ 205,000 $ ( 312 ) $ 204,688 $ 205,000 Level 3 The outstanding principal amount of the 2025 Secured Term Loan approximated its fair value as of December 31, 2022 as the 2025 Secured Term Loan bore interest at a floating rate and was over-collateralized (the Company was required to maintain an LTV ratio of less than 50 %). Additionally, the Company had approximately 82,991 unencumbered bitcoins that were available to be pledged as additional collateral at December 31, 2022. No interest expense related to the 2025 Secured Term Loan was recognized after the debt was repaid in full during the first quarter of 2023. For the nine months ended September 30, 2023, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Nine Months Ended September 30, 2023 Contractual Amortization of Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812 For the three and nine months ended September 30, 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 2,931 $ 33 $ 2,964 $ 5,314 $ 69 $ 5,383 The Company paid a final $ 5.1 million in interest related to the 2025 Secured Term Loan during the first quarter of 2023, $ 1.1 million of which was included in the Payoff Amount. The Company paid $ 2.7 million and $ 4.3 million in interest related to the 2025 Secured Term Loan during the three and nine months ended September 30, 2022, respectively. Other long-term secured debt In June 2022, the Company, through a wholly-owned subsidiary, entered into a secured term loan agreement in the amount of $ 11.1 million, bearing interest at an annual rate of 5.2 %, and maturing in June 2027 . The loan is secured by certain non-bitcoin assets of the Company that are not otherwise serving as collateral for any of the Company’s other indebtedness. As of September 30, 2023, the loan had a net carrying value of $ 10.3 million and an outstanding principal balance of $ 10.5 million, after monthly payments made under the terms of the agreement. As of September 30, 2023 , $ 0.5 million of the net carrying value is short-term and is presented in “Current portion of long-term debt, net” in the Consolidated Balance Sheet. Maturities The following table shows the maturities of the Company’s debt instruments as of September 30, 2023 (in thousands). The principal payments related to the 2028 Secured Notes are included in the table below based on the First Springing Maturity Date of September 15, 2025, as if the springing maturity feature discussed above were triggered. As of September 30, 2023, the Company expects to be able to satisfy the requirements in the 2028 Secured Notes Indenture to avoid triggering the springing maturity feature of the 2028 Secured Notes. Payments due by period ended September 30, 2025 Convertible Notes 2027 Convertible Notes 2028 Secured Notes Other long-term secured debt Total 2024 $ 0 $ 0 $ 0 $ 532 $ 532 2025 0 0 500,000 562 500,562 2026 650,000 0 0 592 650,592 2027 0 1,050,000 0 8,787 1,058,787 2028 0 0 0 0 0 Thereafter 0 0 0 0 0 Total $ 650,000 $ 1,050,000 $ 500,000 $ 10,473 $ 2,210,473

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(5) Commitments and Contingencies (a) Commitments From time to time, the Company enters into certain types of contracts that require it to indemnify parties against third-party claims. These contracts primarily relate to agreements under which the Company assumes indemnity obligations for intellectual property infringement, as well as other obligations from time to time depending on arrangements negotiated with customers and other third parties. The conditions of these obligations vary. Thus, the overall maximum amount of the Company’s indemnification obligations cannot be reasonably estimated. Historically, the Company has not been obligated to make significant payments for these obligations and does not currently expect to incur any material obligations in the future. Accordingly, the Company has not recorded an indemnification liability on its Consolidated Balance Sheets as of September 30, 2023 or December 31, 2022. (b) Contingencies Following an internal review initiated in 2018, the Company believes that its Brazilian subsidiary failed or likely failed to comply with local procurement regulations in conducting business with certain Brazilian government entities. On February 6, 2020, the Company learned that a Brazilian court authorized the Brazilian Federal Police to use certain investigative measures in its investigation into alleged corruption and procurement fraud involving certain government officials, pertaining to a particular transaction. The transaction at issue is part of the basis of the previously reported failure or likely failure of the Company’s Brazilian subsidiary to comply with local procurement regulations. The Company is not aware of any allegations that any former employee or the Company made any payments to Brazilian government officials. The Brazilian Federal Police expanded the investigation to include other possible cases of procurement fraud involving Brazilian government entities. Criminal penalties may be imposed against individuals; however, neither employees of the Company’s Brazilian subsidiary nor the subsidiary itself have been targets of the Federal Police investigation. The Company has also learned that Brazil’s Federal Comptroller General filed an administrative action against the Company’s Brazilian subsidiary with respect to the alleged procurement violations. These matters remain the subject of investigation by Brazilian authorities. The Company is taking measures to attempt to resolve these matters. On January 18, 2023, Brazil’s General Superintendence of the Administrative Council for Economic Defense (“SG/CADE”) launched an administrative proceeding to investigate potentially anticompetitive conduct, naming various individuals and companies as defendants including the Company’s Brazilian subsidiary. The proceeding involves conduct relating to transactions with certain Brazilian public and private entities that is part of the basis of the foregoing failure or likely failure of the Brazilian subsidiary to comply with local procurement regulations. The proceeding was precipitated by the Company’s Brazilian subsidiary’s voluntary disclosure of information to SG/CADE that arose out of the internal review initiated in 2018, and the Company’s Brazilian subsidiary has secured a leniency agreement with SG/CADE. If at the end of the proceeding, CADE’s Tribunal confirms that the leniency agreement obligations have been fulfilled, the Company’s Brazilian subsidiary will receive full immunity from fines. The Company believes that a loss is probable in connection with these Brazilian matters. The Company has previously estimated a minimum loss of $ 1.2 million in respect of these matters. Given the stage of these matters, as of September 30, 2023, the Company remains unable to reasonably estimate a range of loss beyond such minimum loss. The aggregate accrued amount for these matters is included as a component of “Accounts payable, accrued expenses, and operating lease liabilities” in the Consolidated Balance Sheet as of September 30, 2023. The final outcome of these matters may result in a loss that is significantly greater than this accrued amount. Any loss associated with the final outcome of these matters may result in a material impact on the Company’s earnings and financial results for the period in which any such additional liability is accrued. However, the Company believes that any loss associated with the final outcome of these matters will not have a material effect on the Company’s financial position. On November 4, 2020, a complaint was filed against the Company in the U.S. District Court for the Eastern District of Virginia by a patent assertion entity called Daedalus Blue, LLC (“Daedalus”). In its complaint, Daedalus alleges that the Company has infringed U.S. Patent Nos. 8,341,172 (the “’172 Patent”) and 9,032,076 (the “’076 Patent”) based on specific functionality in the MicroStrategy platform. The ’172 Patent relates to a method for providing aggregate data access in response to a query, whereas the ’076 Patent relates to a role-based access control system. On March 1, 2021, Daedalus provided its formal infringement contentions which included additional accused functionality as part of its infringement allegations from the complaint, materially expanding the scope of its case. The Company has filed a motion to dismiss the complaint with prejudice, asking the court to rule that the asserted claims are invalid as being directed to patent ineligible matter. The court conducted a claim construction hearing on July 15, 2021. The court appointed a special master on October 28, 2021 and directed the special master to submit a Report and Recommendation as to the issue of claim construction and the pending motion to dismiss by February 1, 2022. On January 21, 2022, the special master issued two separate Reports and Recommendations. The first Report and Recommendation recommended constructions of certain patent claim terms and the second Report and Recommendation recommended, without reaching the merits, dismissing the Company’s motion to dismiss without prejudice to re-filing after discovery ends. The parties filed their respective objections to the special master’s Reports and Recommendations on February 4, 2022, and their oppositions to the other party’s objections on February 18, 2022. On March 9, 2022, the court issued an order overruling all parties’ objections and adopting the special master’s Reports and Recommendations in full. As per court order, the parties submitted a joint proposed schedule, which the court adopted on April 7, 2022, providing new deadlines for the close of fact discovery, expert reports, expert discovery, and dispositive motions. Fact discovery reopened on April 18, 2022 and closed on June 1, 2022. In July 2022, the case proceeded to expert discovery and the parties exchanged their opening expert reports on issues for which they bear the burden of proof on July 1, 2022, their rebuttal reports on July 29, 2022, and their reply reports on August 12, 2022. The parties engaged in expert depositions the weeks of August 22 and August 29, 2022. On September 21, 2022, the parties filed their respective motions for summary judgment, and on October 12, 2022 and October 19, 2022, the parties filed their opposition and reply briefs. The court also re-appointed the special master to assist in addressing the parties’ motions for summary judgment and other pending pre-trial motions. The special master has provided his Reports and Recommendations for the parties’ evidentiary motions and summary judgment motions and the court has ruled on all of the special master’s Reports and Recommendations, including denying the contested portions of Daedalus’s motion for summary judgment and denying MicroStrategy’s motion for summary judgment. The court also ordered two mediation sessions, the first of which the Company attended in August 2023, with the second scheduled for November 2023. The court also set a trial date of January 8, 2024. The outcome of this matter is not presently determinable. On August 31, 2022, the District of Columbia (the “District”), through its Office of the Attorney General, filed a civil complaint in the Superior Court of the District of Columbia naming as defendants (i) Michael J. Saylor, the Chairman of the Company’s Board of Directors and the Company’s Executive Chairman, in his personal capacity, and (ii) the Company. The District sought, among other relief, monetary damages under the District’s False Claims Act for the alleged failure of Mr. Saylor to pay personal income taxes to the District over a number of years together with penalties, interest, and treble damages. The complaint alleged that the amount of personal income taxes purportedly involved was more than $ 25 million. The complaint also alleged in the sole claim against the Company that it violated the District’s False Claims Act by conspiring to assist Mr. Saylor’s alleged failure to pay personal income taxes. On October 26, 2022, the Company filed a motion to dismiss the District’s complaint. On February 28, 2023, the court ruled on the motion to dismiss, dismissing the sole claim against the Company as well as a claim against Mr. Saylor alleging that Mr. Saylor violated the District’s False Claims Act. The court did not dismiss claims against Mr. Saylor alleging that Mr. Saylor failed to pay personal income taxes, interest and penalties due. On April 13, 2023, the District, through its Office of the Attorney General, filed a motion to amend its complaint to attempt to restore claims under the False Claims Act against both Mr. Saylor and the Company. On May 10, 2023, the court granted the District’s motion to amend its complaint, reinstating the Company as a defendant in the case. The amended complaint alleges that the Company violated the District’s False Claims Act by making and using false records and statements in the form of false withholding filings with the District Office of Tax and Revenue. The amended complaint also alleges that Mr. Saylor violated the District’s False Claims Act by making and using false records and statements and by causing the Company to make and use false records and statements. On June 7, 2023, Mr. Saylor and the Company filed a motion to dismiss the District’s amended complaint with prejudice. On July 5, 2023, the District filed an opposition to the motion to dismiss made by Mr. Saylor and the Company. On July 19, 2023, Mr. Saylor and the Company filed a reply in support of their motion to dismiss. On July 31, 2023, the court denied Mr. Saylor’s and the Company’s motion to dismiss the amended complaint. On August 22, 2023, the Company and Mr. Saylor filed a motion asking the court to reconsider its July 31 decision or, in the alternative, to certify for interlocutory review two case-dispositive issues relating to the validity of tax-related amendments to the District’s False Claims Act and authority of the Office of the Attorney General to sue for allegedly unpaid taxes. On October 31, 2023, the court denied Mr. Saylor’s and the Company’s motion for reconsideration or, in the alternative, certification for interlocutory review. The final outcome of this matter is not presently determinable. The Company is also involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, management does not expect the resolution of these legal proceedings to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company has contingent liabilities that, in management’s judgment, are not probable of assertion. If such unasserted contingent liabilities were to be asserted, or become probable of assertion, the Company may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.

Treasury Stock

Treasury Stock	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Treasury Stock	(6) Treasury Stock The Board of Directors previously authorized the Company’s repurchase of up to an aggregate of $ 800.0 million of its class A common stock from time to time on the open market through April 29, 2023 (the “Share Repurchase Program”). The Share Repurchase Program expired by its own terms on April 29, 2023, and no shares of the Company’s class A common stock remain available for repurchase under the Share Repurchase Program. At the time of expiration, the Company had repurchased an aggregate of 5,674,226 shares of its class A common stock at an average price per share of $ 104.13 and an aggregate cost of $ 590.9 million pursuant to the Share Repurchase Program. The average price per share and aggregate cost amounts disclosed above include broker commissions. During 2023 and 2022, the Company did no t repurchase any shares of its class A common stock pursuant to the Share Repurchase Program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(7) Income Taxes The Company computes its year-to-date provision for (benefit from) income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for (benefit from) income taxes for discrete tax items recorded in the period. The estimated effective tax rate is subject to fluctuation based on the level and mix of earnings and losses by tax jurisdiction, foreign tax rate differentials, and the relative impact of permanent book to tax differences. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter. As a result of these factors, and due to potential changes in the Company’s period-to-period results, fluctuations in the Company’s effective tax rate and respective tax provisions or benefits may occur. For the nine months ended September 30, 2023, the Company recorded a benefit from income taxes of $ 403.9 million on a pretax loss of $ 63.9 million, which resulted in an effective tax rate of 632.2 %. For the nine months ended September 30, 2022, the Company recorded a provision for income taxes of $ 112.0 million on a pretax loss of $ 1.108 billion, which resulted in an effective tax rate of ( 10.1 ) %. The change in the effective tax rate, as compared to the same period in the prior year, is primarily due to (i) the release of a portion of the valuation allowance during the nine months ended September 30, 2023 on the Company's deferred tax asset related to the impairment on its bitcoin holdings, attributable to the increase in market value of bitcoin as of September 30, 2023 compared to December 31, 2022, compared to (ii) the establishment of a valuation allowance during the nine months ended September 30, 2022 on the Company’s deferred tax asset related to the impairment on its bitcoin holdings, attributable to the decrease in market value of bitcoin as of September 30, 2022 compared to December 31, 2021. As of September 30, 2023 , the Company had a valuation allowance of $ 118.4 million primarily related to the Company’s deferred tax asset related to the impairment on its bitcoin holdings that, in the Company’s present estimation, more likely than not will not be realized. If the market value of bitcoin declines or the Company does not achieve profitability in future periods, the Company may be required to increase the valuation allowance against its deferred tax assets, which could result in a charge that would materially adversely affect net income (loss) in the period in which the charge is incurred. To the extent the market value of bitcoin rises, the Company may decrease the valuation allowance against its deferred tax asset. The Company will continue to regularly assess the realizability of deferred tax assets. The Company records liabilities related to its uncertain tax positions. As of September 30, 2023 and December 31, 2022 , the Company had total gross unrecognized tax benefits, including accrued interest, of $ 6.3 million and $ 6.1 million, respectively, all of which were recorded in “Other long-term liabilities” in the Company’s Consolidated Balance Sheets.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	(8) Share-based Compensation Stock Incentive Plans On May 24, 2023, the Company’s stockholders approved the Company’s 2023 Equity Incentive Plan (the “2023 Equity Plan”) and the 2023 Equity Plan became effective as of such date. No awards may be granted under the 2023 Equity Plan more than 10 years after the 2023 Equity Plan’s effective date. No new awards will be granted under the Company’s 2013 Stock Incentive Plan (as amended, the “2013 Equity Plan”) following the date of such approval, though awards previously granted under the 2013 Equity Plan will remain outstanding in accordance with their terms. Under the 2023 Equity Plan and the 2013 Equity Plan (together, the “Stock Incentive Plans”), the Company’s employees, officers, directors, and other eligible participants may be (with respect to the 2023 Equity Plan) and have been (with respect to both the 2023 Equity Plan and the 2013 Equity Plan) awarded various types of share-based compensation, including options to purchase shares of the Company’s class A common stock, restricted stock units, and other stock-based awards. Under the 2023 Equity Plan, awards may also be granted that are subject to the achievement of one or more performance measures established by the Company’s Board of Directors or a duly authorized committee thereof. Any shares issued under the Stock Incentive Plans may consist in whole or in part of authorized but unissued shares or treasury shares. With the exception of awards granted subject to the achievement of a performance measure (as discussed further below), the accounting policies in place for awards granted under the 2023 Equity Plan are the same as those for the awards previously granted under the 2013 Equity Plan. With the exception of awards to non-employee members of the Company’s Board of Directors which vest in full after one year , and awards whose vesting is subject to the achievement of a performance measure (as discussed further below), awards granted under the 2023 Equity Plan generally vest over four years . An aggregate of up to 1,932,703 shares of the Company’s class A common stock were initially authorized for issuance under the 2023 Equity Plan, comprised of (i) 200,000 shares of the Company’s class A common stock authorized under the 2023 Equity Plan and (ii) up to an aggregate of 1,732,703 shares of the Company’s class A common stock consisting of: (a) the shares of class A common stock reserved for issuance under the 2013 Equity Plan that remained available for grant as of May 23, 2023, and (b) shares of class A common stock subject to awards granted under the 2013 Equity Plan that were outstanding as of May 23, 2023 and which subsequently expire, terminate or are otherwise surrendered, cancelled or forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right, including shares subject to awards granted under the 2013 Equity Plan that are delivered (either by actual delivery, attestation or net exercise) to the Company by a participant to (x) purchase shares upon the exercise of such award or (y) satisfy tax withholding obligations with respect to such awards, including shares retained from the award creating the tax obligation, subject, in the case of incentive stock options, to any limitations under the Internal Revenue Code of 1986, as amended. As of September 30, 2023, there were 232,327 shares of class A common stock reserved and available for future issuance under the 2023 Equity Plan. Stock option awards As of September 30, 2023, there were options to purchase 1,380,741 shares of class A common stock outstanding under the Stock Incentive Plans. The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2023: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2023 1,577 $ 288.30 Granted 36 $ 284.06 Exercised ( 93 ) $ 153.10 $ 13,254 Forfeited/Expired ( 139 ) $ 431.62 Balance as of September 30, 2023 1,381 $ 282.86 Exercisable as of September 30, 2023 875 $ 228.00 $ 133,368 3.5 Expected to vest as of September 30, 2023 506 $ 377.78 $ 27,187 8.0 Total 1,381 $ 282.86 $ 160,555 5.2 Stock options outstanding as of September 30, 2023 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at September 30, 2023 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 121.43 - $ 200.00 795 $ 137.02 3.1 $ 200.01 - $ 300.00 111 $ 251.58 9.1 $ 300.01 - $ 400.00 3 $ 301.63 9.7 $ 400.01 - $ 500.00 261 $ 409.60 8.2 $ 600.01 - $ 691.23 211 $ 691.23 7.2 Total 1,381 $ 282.86 5.2 An aggregate of 189,125 stock options with an aggregate grant date fair value of $ 47.3 million vested during the nine months ended September 30, 2023 . The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $ 190.86 and $ 209.85 for each share subject to a stock option granted during the nine months ended September 30, 2023 and 2022, respectively, based on the following assumptions: Nine Months Ended September 30, 2023 2022 Expected term of award in years 5.5 - 6.3 6.3 Expected volatility 71.8 % - 74.1 % 58.4 % - 70.9 % Risk-free interest rate 3.7 % - 3.9 % 1.9 % - 3.5 % Expected dividend yield 0.0 % 0.0 % For the three and nine months ended September 30, 2023 , the Company recognized approximately $ 10.5 million and $ 33.9 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. For the three and nine months ended September 30, 2022, the Company recognized approximately $ 12.7 million and $ 35.4 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. As of September 30, 2023 , there was approximately $ 81.4 million of total unrecognized share-based compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average vesting period of approximately 2.2 years. Share-settled restricted stock units As of September 30, 2023, there were 198,993 share-settled restricted stock units outstanding under the Stock Incentive Plans. The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated: Share-Settled Restricted Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 120 Granted 115 Vested ( 19 ) $ 5,920 Forfeited ( 17 ) Balance as of September 30, 2023 199 Expected to vest as of September 30, 2023 199 $ 65,325 During the nine months ended September 30, 2023, 18,891 share-settled restricted stock units having an aggregate grant date fair value of $ 9.0 million vested, and 4,817 shares were withheld to satisfy tax obligations, resulting in 14,074 issued shares. The weighted average grant date fair value of share-settled restricted stock units granted during the nine months ended September 30, 2023 and 2022 was $ 280.09 and $ 269.14 , respectively, based on the fair value of the Company’s class A common stock. For the three and nine months ended September 30, 2023 , the Company recognized approximately $ 4.9 million and $ 12.2 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. For the three and nine months ended September 30, 2022, the Company recognized approximately $ 3.6 million and $ 10.0 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. As of September 30, 2023 , there was approximately $ 52.2 million of total unrecognized share-based compensation expense related to unvested share-settled restricted stock units, which the Company expects to recognize over a weighted average vesting period of approximately 2.9 years. Share-settled performance stock units During the second quarter of 2023, the Company granted performance stock units under the 2023 Equity Plan. Performance stock units entitle recipients to receive a number of shares of the Company’s class A common stock at a specified date in the future based on achievement of one or more performance measures, as specified in the applicable performance stock unit agreement. Although the Company may in its sole discretion elect to pay fully or partially in cash in lieu of settling solely in shares, it does not currently intend to do so. The vesting of each performance stock unit granted is subject to the Company’s achievement of a relative total shareholder return (“TSR”) performance goal over a three-year performance period with the number of performance stock units granted representing the number of performance stock units that would vest based on target performance. As more fully specified in the applicable grant agreements, the number of performance stock units that will vest will be based on the percentile ranking of the Company’s TSR over the three-year performance period as compared to the TSR of the members of the Nasdaq Composite Index over the same period (the “TSR Goal”), with the payout factor ranging from 0 % to 200 % of the number of performance stock units granted. The performance stock units, to the extent vested, will vest on the date the Compensation Committee of the Company’s Board of Directors certifies the level of achievement of the TSR Goal. Vesting of the performance stock units is also generally subject to the provision of service through the vesting date of the award (unless accelerated in connection with a termination following a change in control event as set forth in the applicable performance stock unit agreement or otherwise in accordance with provisions of the 2023 Equity Plan or applicable performance stock unit agreement). The TSR Goal is considered a “market condition” under ASC 718, Compensation—Stock Compensation . The Company uses a Monte Carlo simulation model to determine the grant date fair value of performance awards with a market condition. The Monte Carlo simulation takes into consideration the assumptions noted below, in addition to the probability that the market condition will be achieved based on predicted stock price paths compared to peer companies in the Nasdaq Composite Index. The Company did not grant any performance awards prior to June 2023. The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $ 486.18 for each performance stock unit granted during the nine months ended September 30, 2023 based on the following assumptions: Nine Months Ended September 30, 2023 Expected term of award in years 3.0 Expected volatility 95.6 % Risk-free interest rate 4.1 % Expected dividend yield 0.0 % Since the Company continues to account for forfeitures as they occur, as long as the performance stock unit recipient provides service to the Company during the requisite service period, share-based compensation expense associated with the grant date fair value of the performance stock units is recognized ratably over the performance period, regardless of the Company’s actual level of achievement against the TSR Goal. As of September 30, 2023, there were 25,375 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 0 Granted 27 Vested 0 $ 0 Forfeited ( 2 ) Balance as of September 30, 2023 25 Expected to vest as of September 30, 2023 25 $ 16,660 No performance stock units vested during the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 1.0 million and $ 1.3 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. As of September 30, 2023, there was approximately $ 11.0 million of total unrecognized share-based compensation expense related to unvested performance stock units, which the Company expects to recognize over a weighted average vesting period of approximately 2.7 years. Other stock-based awards and cash-settled restricted stock units From time to time the Company has granted “other stock-based awards” and “cash-settled restricted stock units” under the 2013 Equity Plan. Other stock-based awards are similar to stock options, and cash-settled restricted stock units are similar to the Company’s share-settled restricted stock units, except in each case these awards are settled in cash only and not in shares of the Company’s class A common stock. Due to their required cash settlement feature, these awards are classified as liabilities in the Company’s Consolidated Balance Sheets and the fair value of the awards is remeasured each quarterly reporting period. For the three months ended September 30, 2023, the share-based compensation expense from other stock-based awards and cash-settled restricted stock units was not material. For the nine months ended September 30, 2023, the Company recognized approximately $ 1.1 million in share-based compensation expense from other stock-based awards and cash-settled restricted stock units. For the three and nine months ended September 30, 2022, the Company recognized approximately $ 0.2 million in share-based compensation expense and a reduction of $ 0.4 million in share-based compensation expense, respectively, from other stock-based awards and cash-settled restricted stock units. As of September 30, 2023 , there was approximately $ 0.6 million of total unrecognized share-based compensation expense related to other stock-based awards and cash-settled restricted stock units, which the Company expects to recognize over a weighted average vesting period of approximately 1.4 years, subject to additional fair value adjustments through the earlier of settlement or expiration. 2021 ESPP The Company also maintains the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The purpose of the 2021 ESPP is to provide eligible employees of the Company and certain of its subsidiaries with opportunities to purchase shares of the Company’s class A common stock in 6-month offering periods commencing on each March 1 and September 1. An aggregate of 100,000 shares of the Company’s class A common stock has been authorized for issuance under the 2021 ESPP. During the nine months ended September 30, 2023, 19,856 shares of class A common stock were issued in connection with the 2021 ESPP. As of September 30, 2023, 59,607 shares of the Company’s class A common stock remained available for issuance under the 2021 ESPP. For the three and nine months ended September 30, 2023, the Company recognized approximately $ 0.4 million and $ 1.4 million, respectively, in share-based compensation expense related to the 2021 ESPP. For the three and nine months ended September 30, 2022, the Company recognized approximately $ 0.5 million and $ 1.6 million, respectively, in share-based compensation expense related to the 2021 ESPP. As of September 30, 2023, there was approximately $ 0.9 million of total unrecognized share-based compensation expense related to the 2021 ESPP, which the Company expects to recognize over a period of approximately 0.4 years. Tax Benefits Related to Equity Plans The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Tax (benefit) expense related to: Share-based compensation expense $ ( 3,417 ) $ ( 2,906 ) $ ( 9,396 ) $ ( 9,146 ) Exercises of stock options and vesting of share-settled restricted stock units 813 680 1,098 790 Total tax benefit related to the Company's equity plans $ ( 2,604 ) $ ( 2,226 ) $ ( 8,298 ) $ ( 8,356 )

Basic and Diluted (Loss) Earnin

Basic and Diluted (Loss) Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted (Loss) Earnings per Share	(9) Basic and Diluted (Loss) Earnings per Share The Company has two classes of common stock: class A common stock and class B common stock. Holders of class A common stock generally have the same rights, including rights to dividends, as holders of class B common stock, except that holders of class A common stock have one vote per share while holders of class B common stock have ten votes per share. Each share of class B common stock is convertible at any time, at the option of the holder, into one share of class A common stock. As such, basic and fully diluted earnings per share for class A common stock and for class B common stock are the same. The Company has never declared or paid any cash dividends on either class A or class B common stock. As of September 30, 2023 and December 31, 2022 , there were no shares of preferred stock issued or outstanding. The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of class A common stock issuable upon the exercise of outstanding stock options, the vestin g of restricted stock units and performance stock units considered probable of achievement, and in connection with the 2021 ESPP are computed using the treasury stock method. Potential shares of class A common stock issuable upon conversion of the Convertible Notes are computed using the if-converted method. In computing diluted earnings per share, the Company first calculates the earnings per incremental share (“EPIS”) for each class of potential shares of common stock and ranks the classes from the most dilutive (i.e., lowest EPIS) to the least dilutive (i.e., highest EPIS). Basic earnings per share is then adjusted for the effect of each class of shares, in sequence and cumulatively, until a particular class no longer produces further dilution. The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net (loss) income - Basic $ ( 143,441 ) $ ( 27,079 ) $ 339,995 $ ( 1,220,128 ) Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 0 4,255 0 Interest expense on 2027 Convertible Notes, net of tax 0 0 2,165 0 Net (loss) income - Diluted $ ( 143,441 ) $ ( 27,079 ) $ 346,415 $ ( 1,220,128 ) Denominator: Weighted average common shares of class A common stock 12,257 9,344 9,701 9,335 Weighted average common shares of class B common stock 1,964 1,964 1,964 1,964 Total weighted average shares of common stock outstanding - Basic 14,221 11,308 11,665 11,299 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 0 430 0 Restricted stock units 0 0 43 0 Performance stock units 0 0 8 0 Employee stock purchase plan 0 0 0 0 2025 Convertible Notes 0 0 1,633 0 2027 Convertible Notes 0 0 733 0 Total weighted average shares of common stock outstanding - Diluted 14,221 11,308 14,512 11,299 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 10.09 ) $ ( 2.39 ) $ 29.15 $ ( 107.99 ) Diluted (loss) earnings per share (1) $ ( 10.09 ) $ ( 2.39 ) $ 23.87 $ ( 107.99 ) (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same. For the three and nine months ended September 30, 2023 and 2022, the following weighted average shares of potential class A common stock were excluded from the diluted (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock options 1,406 1,497 633 1,428 Restricted stock units 204 130 34 118 Performance stock units 52 0 0 0 Employee stock purchase plan 3 5 2 2 2025 Convertible Notes 1,633 1,633 0 1,633 2027 Convertible Notes 733 733 0 733 Total 4,031 3,998 669 3,914

At-the-Market Equity Offerings

At-the-Market Equity Offerings	9 Months Ended
	Sep. 30, 2023
At Market Equity Offerings [Abstract]
At-the-Market Equity Offerings	(10) At-the-Market Equity Offerings During 2022 and 2023, the Company entered into sales agreements with agents pursuant to which the Company could issue and sell shares of its class A common stock through at-the-market equity offering programs. Pursuant to these agreements, the Company agreed to pay the sales agents commissions for their services in acting as agents with respect to the sale of shares through the at-the-market equity offering programs and also agreed to provide the sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and sales activity pursuant to each at-the-market equity offering program that was active during the nine months ended September 30, 2023 or 2022. The maximum aggregate offering price and net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands. 2022 Sales Agreement May 2023 Sales Agreement August 2023 Sales Agreement Agreement effective date September 9, 2022 May 1, 2023 August 1, 2023 Sales agents Cowen and Company, LLC and BTIG, LLC ("2022 Sales Agents") Cowen and Company, LLC and Canaccord Genuity LLC ("May 2023 Sales Agents") Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC ("August 2023 Sales Agents") Maximum aggregate offering price $ 500,000 $ 625,000 $ 750,000 Maximum commissions payable to sales agents on gross proceeds from the sale of shares 2.0 % 2.0 % 2.0 % Date terminated May 1, 2023 August 1, 2023 n/a Shares sold under such sales agreement during the three months ended September 30, 2023 n/a 0 403,362 Net proceeds received from shares sold under such sales agreement during the three months ended September 30, 2023 n/a $ 0 $ 147,218 Shares sold under such sales agreement during the nine months ended September 30, 2023 1,348,855 1,079,170 403,362 Net proceeds received from shares sold under such sales agreement during the nine months ended September 30, 2023 $ 338,962 $ 333,494 $ 147,218 Cumulative shares sold under such sales agreement as of September 30, 2023 1,567,430 1,079,170 403,362 Cumulative net proceeds received from shares sold under such sales agreement as of September 30, 2023 $ 385,181 $ 333,494 $ 147,218 Maximum aggregate offering price remaining under such sales agreement as of September 30, 2023 n/a n/a $ 602,124 No shares of the Company’s class A common stock were sold pursuant to an at-the-market equity offering program during the three and nine months ended September 30, 2022. The sales commissions and expenses related t o each of the above at-the-market equity offering programs ar e considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the corresponding shares are issued and sold.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	(11) Segment Information The Company manages its business in one reportable operating segment. The Company’s one reportable operating segment is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud subscriptions and related services. The following table presents total revenues, gross profit, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. Geographic regions: U.S. EMEA Other Regions Consolidated Three months ended September 30, 2023 Total revenues $ 71,788 $ 40,222 $ 17,452 $ 129,462 Gross profit $ 56,723 $ 32,574 $ 13,504 $ 102,801 Three months ended September 30, 2022 Total revenues $ 76,720 $ 36,065 $ 12,575 $ 125,360 Gross profit $ 62,545 $ 28,798 $ 8,632 $ 99,975 Nine months ended September 30, 2023 Total revenues $ 212,892 $ 115,351 $ 43,534 $ 371,777 Gross profit $ 167,692 $ 91,080 $ 31,282 $ 290,054 Nine months ended September 30, 2022 Total revenues $ 218,358 $ 110,931 $ 37,421 $ 366,710 Gross profit $ 177,982 $ 86,835 $ 25,627 $ 290,444 As of September 30, 2023 Long-lived assets $ 77,040 $ 4,561 $ 3,133 $ 84,734 As of December 31, 2022 Long-lived assets $ 83,279 $ 6,466 $ 3,865 $ 93,610 The EMEA region includes operations in Europe, the Middle East, and Africa. The other regions include all other foreign countries, generally comprising Latin America, the Asia Pacific region, and Canada. For the three and nine months ended September 30, 2023 and 2022 , no individual foreign country accounted for 10% or more of total consolidated revenues. For the three and nine months ended September 30, 2023 and 2022 , no individual customer accounted for 10% or more of total consolidated revenues. As of September 30, 2023 and December 31, 2022 , no individual foreign country accounted for 10% or more of total consolidated assets.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(12) Related Party Transactions On June 24, 2022, concurrently with binding directors and officers (“D&Os”) liability insurance policies (the “Initial Commercial Policies”) with several third-party carriers, the Company and Michael J. Saylor, the Company’s Chairman of the Board of Directors and Executive Chairman, entered into (i) an indemnification agreement (the “Excess Agreement”) for Mr. Saylor to provide $ 10 million in excess indemnity coverage payable only after the exhaustion of the Initial Commercial Policies, and (ii) an indemnification agreement (the “Tail Agreement”) for Mr. Saylor to provide $ 40 million in indemnity coverage for claims made at any time based on actions or omissions occurring prior to the inception date of the Initial Commercial Policies. The Company paid Mr. Saylor $ 600,000 for a one-year term under the Excess Agreement , and $ 150,000 for a 90-day term under the Tail Agreement . At the option of the Company, the Company was permitted to extend the term under the Tail Agreement for up to a total of twenty-three additional 90 -day periods, for $ 150,000 per additional 90-day term. The Company elected to extend the term of the Tail Agreement for three consecutive additional 90 -day periods and paid Mr. Saylor $ 150,000 for each extension. On August 30, 2022, the Company bound additional D&O liability insurance policies (the “Excess Commercial Policies”) with third-party carriers for excess coverage payable only after the exhaustion of the Initial Commercial Policies. Effective as of the same date, the Company and Mr. Saylor executed an amendment (the “Amendment”) to the Excess Agreement to limit Mr. Saylor’s obligation to provide indemnification under the Excess Agreement to claims made during the term of the Excess Agreement which arise from wrongful acts occurring upon or after the commencement of the Excess Agreement but prior to the effective date of the Amendment. In connection with the Amendment, Mr. Saylor refunded $ 489,863 to the Company, representing the pro rata portion of the $ 600,000 originally paid by the Company to Mr. Saylor under the Excess Agreement attributable to the period from the date of the Amendment through the end of the original term of the Excess Agreement. On June 12, 2023, the Company bound new D&O liability insurance policies (the “2023 Commercial Policies”) with third-party carriers that provide coverage substantially equivalent to the aggregate coverage provided under the Initial Commercial Policies and the Excess Commercial Policies for a policy period running from June 12, 2023 through June 12, 2024 except that the 2023 Commercial Policies also provide coverage for claims made with respect to wrongful acts or omissions occurring prior to the binding of the Initial Commercial Policies subject to exclusions with respect to claims previously noticed to and accepted by an earlier D&O insurer, claims related to acts or omissions giving rise to such claims, and demands, investigations, suits or other proceedings entered against an insured prior to June 24, 2022, as well as future interrelated wrongful acts. On June 12, 2023, the Company entered into a new indemnification agreement with Mr. Saylor (the “2023 Tail Agreement”) pursuant to which Mr. Saylor agreed to provide coverage that is similar to the coverage provided under the Tail Agreement, but only for matters excluded from coverage under the 2023 Commercial Policies for an initial one-year term for a payment of $ 157,000 . The Company may elect, at its option, to extend the term under the 2023 Tail Agreement for up to a total of four additional one-year periods, for $ 157,000 per additional one-year term. The Excess Agreement, Tail Agreement and other related party transactions between the Company and Mr. Saylor are described more fully in Note 17 to the Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	(13) Subsequent Events Since September 30, 2023 through the date immediately preceding the filing of this Quarterly Report, the Company has purchased approximately 155 bitcoins for $ 5.3 million, or approximately $ 34,495 per bitcoin. All of these approximately 155 bitcoins serve as part of the collateral for the 2028 Secured Notes. See Note 2, Digital Assets , to the Consolidated Financial Statements for further detail on accounting for digital assets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying Consolidated Financial Statements of MicroStrategy Incorporated (“MicroStrategy” or the “Company”) are unaudited. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarily indicative of results for a full year. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by the United States Securities and Exchange Commission (“SEC”) and do not contain certain information included in the Company’s annual financial statements and notes. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes in the Company’s accounting policies since December 31, 2022, except for those related to the Company’s new share-settled performance stock unit awards as described further in Note 8, Share-based Compensation, to the Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Digital Assets	The Company accounts for its digital assets, which are comprised solely of bitcoin, as indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles—Goodwill and Other . The Company’s digital assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. Impairment losses are recognized as “Digital asset impairment losses” in the Company’s Consolidated Statement of Operations in the period in which the impairment occurs. Gains (if any) are not recorded until realized upon sale, at which point they are presented net of any impairment losses in the Company’s Consolidated Statements of Operations. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the specific bitcoins sold immediately prior to sale.
Income Taxes	The Company computes its year-to-date provision for (benefit from) income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for (benefit from) income taxes for discrete tax items recorded in the period. The estimated effective tax rate is subject to fluctuation based on the level and mix of earnings and losses by tax jurisdiction, foreign tax rate differentials, and the relative impact of permanent book to tax differences. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter.
Basic and Diluted Earnings per Share	The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of class A common stock issuable upon the exercise of outstanding stock options, the vestin g of restricted stock units and performance stock units considered probable of achievement, and in connection with the 2021 ESPP are computed using the treasury stock method. Potential shares of class A common stock issuable upon conversion of the Convertible Notes are computed using the if-converted method. In computing diluted earnings per share, the Company first calculates the earnings per incremental share (“EPIS”) for each class of potential shares of common stock and ranks the classes from the most dilutive (i.e., lowest EPIS) to the least dilutive (i.e., highest EPIS). Basic earnings per share is then adjusted for the effect of each class of shares, in sequence and cumulatively, until a particular class no longer produces further dilution.

Digital Assets (Tables)

Digital Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Summary of Digital Asset Holdings, Digital Asset Purchases and Digital Asset Impairment Losses	The following table summarizes the Company’s digital asset holdings (in thousands, except number of bitcoins), as of: September 30, December 31, 2023 2022 Approximate number of bitcoins held 158,245 132,500 Digital assets carrying value $ 2,451,374 $ 1,840,028 Cumulative digital asset impairment losses $ 2,229,775 $ 2,153,162 The following table summarizes the Company’s digital asset purchases and digital asset impairment losses (in thousands, except number of bitcoins) for the periods indicated. The Company did not sell any of its bitcoins during the three and nine months ended September 30, 2023 or 2022, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Approximate number of bitcoins purchased 5,912 301 25,745 5,609 Digital asset purchases $ 161,681 $ 5,978 $ 687,959 $ 231,478 Digital asset impairment losses $ 33,559 $ 727 $ 76,613 $ 1,088,656

Contract Balances (Tables)

Contract Balances (Tables)	9 Months Ended
	Sep. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Accounts Receivable	Accounts receivable (in thousands) consisted of the following, as of: September 30, December 31, 2023 2022 Billed and billable $ 131,494 $ 191,844 Less: allowance for credit losses ( 2,844 ) ( 2,564 ) Accounts receivable, net $ 128,650 $ 189,280
Deferred Revenue and Advance Payments	Deferred revenue and advance payments (in thousands) from customers consisted of the following, as of: September 30, December 31, 2023 2022 Current: Deferred product licenses revenue $ 2,814 $ 2,825 Deferred subscription services revenue 45,737 51,861 Deferred product support revenue 126,087 155,366 Deferred other services revenue 4,529 7,376 Total current deferred revenue and advance payments $ 179,167 $ 217,428 Non-current: Deferred product licenses revenue $ 9 $ 2,742 Deferred subscription services revenue 2,845 3,030 Deferred product support revenue 4,304 6,387 Deferred other services revenue 480 604 Total non-current deferred revenue and advance payments $ 7,638 $ 12,763

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Instrument [Line Items]
Schedule of Debt	The net carrying value of the Company’s long-term debt (in thousands) consisted of the following, as of: September 30, 2023 December 31, 2022 2025 Convertible Notes $ 643,167 $ 640,888 2027 Convertible Notes 1,036,298 1,033,277 2028 Secured Notes 490,771 489,547 2025 Secured Term Loan 0 204,688 Other long-term secured debt 9,802 10,160 Total $ 2,180,038 $ 2,378,560
Schedule of Net Carrying Amount of Liability and Equity Component of Convertible Senior Notes	The following is a summary of the Company’s convertible debt instruments as of September 30, 2023 (in thousands): September 30, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 6,833 ) $ 643,167 $ 695,500 Level 2 2027 Convertible Notes 1,050,000 ( 13,702 ) 1,036,298 737,789 Level 2 Total $ 1,700,000 $ ( 20,535 ) $ 1,679,465 $ 1,433,289 The following is a summary of the Company’s convertible debt instruments as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Convertible Notes $ 650,000 $ ( 9,112 ) $ 640,888 $ 364,000 Level 2 2027 Convertible Notes 1,050,000 ( 16,723 ) 1,033,277 394,800 Level 2 Total $ 1,700,000 $ ( 25,835 ) $ 1,674,165 $ 758,800
Schedule of Maturities of Debt Instruments	Maturities The following table shows the maturities of the Company’s debt instruments as of September 30, 2023 (in thousands). The principal payments related to the 2028 Secured Notes are included in the table below based on the First Springing Maturity Date of September 15, 2025, as if the springing maturity feature discussed above were triggered. As of September 30, 2023, the Company expects to be able to satisfy the requirements in the 2028 Secured Notes Indenture to avoid triggering the springing maturity feature of the 2028 Secured Notes. Payments due by period ended September 30, 2025 Convertible Notes 2027 Convertible Notes 2028 Secured Notes Other long-term secured debt Total 2024 $ 0 $ 0 $ 0 $ 532 $ 532 2025 0 0 500,000 562 500,562 2026 650,000 0 0 592 650,592 2027 0 1,050,000 0 8,787 1,058,787 2028 0 0 0 0 0 Thereafter 0 0 0 0 0 Total $ 650,000 $ 1,050,000 $ 500,000 $ 10,473 $ 2,210,473
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Schedule of Debt	The following is a summary of the 2028 Secured Notes as of September 30, 2023 (in thousands): September 30, 2023 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2028 Secured Notes $ 500,000 $ ( 9,229 ) $ 490,771 $ 444,850 Level 2 The following is a summary of the 2028 Secured Notes as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2028 Secured Notes $ 500,000 $ ( 10,453 ) $ 489,547 $ 369,800 Level 2
Schedule of Interest Expense Related to Notes	For the three months ended September 30, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 7,657 $ 415 $ 8,072 $ 7,657 $ 388 $ 8,045 For the nine months ended September 30, 2023 and 2022, interest expense related to the 2028 Secured Notes was as follows (in thousands): Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2028 Secured Notes $ 22,969 $ 1,224 $ 24,193 $ 22,969 $ 1,146 $ 24,115
Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Schedule of Debt	The following is a summary of the 2025 Secured Term Loan as of December 31, 2022 (in thousands): December 31, 2022 Outstanding Unamortized Net Carrying Fair Value Principal Amount Issuance Costs Value Amount Leveling 2025 Secured Term Loan $ 205,000 $ ( 312 ) $ 204,688 $ 205,000 Level 3
Schedule of Interest Expense Related to Notes	For the nine months ended September 30, 2023, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Nine Months Ended September 30, 2023 Contractual Amortization of Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 3,781 $ 31 $ 3,812 For the three and nine months ended September 30, 2022, interest expense related to the 2025 Secured Term Loan was as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Secured Term Loan $ 2,931 $ 33 $ 2,964 $ 5,314 $ 69 $ 5,383
Convertible Debt
Debt Instrument [Line Items]
Schedule of Interest Expense Related to Notes	For the three months ended September 30, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 1,218 $ 762 $ 1,980 $ 1,218 $ 753 $ 1,971 2027 Convertible Notes 0 1,008 1,008 0 1,004 1,004 Total $ 1,218 $ 1,770 $ 2,988 $ 1,218 $ 1,757 $ 2,975 For the nine months ended September 30, 2023 and 2022, interest expense related to the Convertible Notes was as follows (in thousands): Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Contractual Amortization of Contractual Amortization of Interest Expense Issuance Costs Total Interest Expense Issuance Costs Total 2025 Convertible Notes $ 3,656 $ 2,279 $ 5,935 $ 3,656 $ 2,251 $ 5,907 2027 Convertible Notes 0 3,021 3,021 0 3,009 3,009 Total $ 3,656 $ 5,300 $ 8,956 $ 3,656 $ 5,260 $ 8,916

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2023: Stock Options Outstanding Weighted Average Aggregate Weighted Average Exercise Price Intrinsic Remaining Contractual Shares Per Share Value Term (Years) Balance as of January 1, 2023 1,577 $ 288.30 Granted 36 $ 284.06 Exercised ( 93 ) $ 153.10 $ 13,254 Forfeited/Expired ( 139 ) $ 431.62 Balance as of September 30, 2023 1,381 $ 282.86 Exercisable as of September 30, 2023 875 $ 228.00 $ 133,368 3.5 Expected to vest as of September 30, 2023 506 $ 377.78 $ 27,187 8.0 Total 1,381 $ 282.86 $ 160,555 5.2
Schedule of Range of Exercise Prices per Share	Stock options outstanding as of September 30, 2023 are comprised of the following range of exercise prices per share (in thousands, except per share data and years): Stock Options Outstanding at September 30, 2023 Weighted Average Weighted Average Exercise Price Remaining Contractual Range of Exercise Prices per Share Shares Per Share Term (Years) $ 121.43 - $ 200.00 795 $ 137.02 3.1 $ 200.01 - $ 300.00 111 $ 251.58 9.1 $ 300.01 - $ 400.00 3 $ 301.63 9.7 $ 400.01 - $ 500.00 261 $ 409.60 8.2 $ 600.01 - $ 691.23 211 $ 691.23 7.2 Total 1,381 $ 282.86 5.2
Assumptions Used in Pricing Model	The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $ 190.86 and $ 209.85 for each share subject to a stock option granted during the nine months ended September 30, 2023 and 2022, respectively, based on the following assumptions: Nine Months Ended September 30, 2023 2022 Expected term of award in years 5.5 - 6.3 6.3 Expected volatility 71.8 % - 74.1 % 58.4 % - 70.9 % Risk-free interest rate 3.7 % - 3.9 % 1.9 % - 3.5 % Expected dividend yield 0.0 % 0.0 %
Summary of Share-Settled Restricted Stock Unit Activity	As of September 30, 2023, there were 198,993 share-settled restricted stock units outstanding under the Stock Incentive Plans. The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated: Share-Settled Restricted Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 120 Granted 115 Vested ( 19 ) $ 5,920 Forfeited ( 17 ) Balance as of September 30, 2023 199 Expected to vest as of September 30, 2023 199 $ 65,325
Summary of Share-Settled Performance Stock Unit Activity	As of September 30, 2023, there were 25,375 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated: Share-Settled Performance Stock Units Outstanding Aggregate Units Intrinsic Value Balance as of January 1, 2023 0 Granted 27 Vested 0 $ 0 Forfeited ( 2 ) Balance as of September 30, 2023 25 Expected to vest as of September 30, 2023 25 $ 16,660
Summary of Components of Tax (benefit) Expense Related To Equity Plan	The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Tax (benefit) expense related to: Share-based compensation expense $ ( 3,417 ) $ ( 2,906 ) $ ( 9,396 ) $ ( 9,146 ) Exercises of stock options and vesting of share-settled restricted stock units 813 680 1,098 790 Total tax benefit related to the Company's equity plans $ ( 2,604 ) $ ( 2,226 ) $ ( 8,298 ) $ ( 8,356 )
Share-settled Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Assumptions Used in Pricing Model	The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $ 486.18 for each performance stock unit granted during the nine months ended September 30, 2023 based on the following assumptions: Nine Months Ended September 30, 2023 Expected term of award in years 3.0 Expected volatility 95.6 % Risk-free interest rate 4.1 % Expected dividend yield 0.0 %

Basic and Diluted (Loss) Earn_2

Basic and Diluted (Loss) Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted (Loss) Earnings per Share	The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net (loss) income - Basic $ ( 143,441 ) $ ( 27,079 ) $ 339,995 $ ( 1,220,128 ) Effect of dilutive shares on net (loss) income: Interest expense on 2025 Convertible Notes, net of tax 0 0 4,255 0 Interest expense on 2027 Convertible Notes, net of tax 0 0 2,165 0 Net (loss) income - Diluted $ ( 143,441 ) $ ( 27,079 ) $ 346,415 $ ( 1,220,128 ) Denominator: Weighted average common shares of class A common stock 12,257 9,344 9,701 9,335 Weighted average common shares of class B common stock 1,964 1,964 1,964 1,964 Total weighted average shares of common stock outstanding - Basic 14,221 11,308 11,665 11,299 Effect of dilutive shares on weighted average common shares outstanding: Stock options 0 0 430 0 Restricted stock units 0 0 43 0 Performance stock units 0 0 8 0 Employee stock purchase plan 0 0 0 0 2025 Convertible Notes 0 0 1,633 0 2027 Convertible Notes 0 0 733 0 Total weighted average shares of common stock outstanding - Diluted 14,221 11,308 14,512 11,299 (Loss) earnings per share: Basic (loss) earnings per share (1) $ ( 10.09 ) $ ( 2.39 ) $ 29.15 $ ( 107.99 ) Diluted (loss) earnings per share (1) $ ( 10.09 ) $ ( 2.39 ) $ 23.87 $ ( 107.99 ) (1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.
Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of (Loss) Earnings Per Share	For the three and nine months ended September 30, 2023 and 2022, the following weighted average shares of potential class A common stock were excluded from the diluted (loss) earnings per share calculation because their impact would have been anti-dilutive (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock options 1,406 1,497 633 1,428 Restricted stock units 204 130 34 118 Performance stock units 52 0 0 0 Employee stock purchase plan 3 5 2 2 2025 Convertible Notes 1,633 1,633 0 1,633 2027 Convertible Notes 733 733 0 733 Total 4,031 3,998 669 3,914

At-the-Market Equity Offerings

At-the-Market Equity Offerings (Tables)	9 Months Ended
	Sep. 30, 2023
At Market Equity Offerings [Abstract]
Summary of Active At-the-Market Equity Offering	The following table summarizes the terms and provisions of each sales agreement, and sales activity pursuant to each at-the-market equity offering program that was active during the nine months ended September 30, 2023 or 2022. The maximum aggregate offering price and net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands. 2022 Sales Agreement May 2023 Sales Agreement August 2023 Sales Agreement Agreement effective date September 9, 2022 May 1, 2023 August 1, 2023 Sales agents Cowen and Company, LLC and BTIG, LLC ("2022 Sales Agents") Cowen and Company, LLC and Canaccord Genuity LLC ("May 2023 Sales Agents") Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC ("August 2023 Sales Agents") Maximum aggregate offering price $ 500,000 $ 625,000 $ 750,000 Maximum commissions payable to sales agents on gross proceeds from the sale of shares 2.0 % 2.0 % 2.0 % Date terminated May 1, 2023 August 1, 2023 n/a Shares sold under such sales agreement during the three months ended September 30, 2023 n/a 0 403,362 Net proceeds received from shares sold under such sales agreement during the three months ended September 30, 2023 n/a $ 0 $ 147,218 Shares sold under such sales agreement during the nine months ended September 30, 2023 1,348,855 1,079,170 403,362 Net proceeds received from shares sold under such sales agreement during the nine months ended September 30, 2023 $ 338,962 $ 333,494 $ 147,218 Cumulative shares sold under such sales agreement as of September 30, 2023 1,567,430 1,079,170 403,362 Cumulative net proceeds received from shares sold under such sales agreement as of September 30, 2023 $ 385,181 $ 333,494 $ 147,218 Maximum aggregate offering price remaining under such sales agreement as of September 30, 2023 n/a n/a $ 602,124

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Revenues and Long-Lived Assets, by Geographic Region	The following table presents total revenues, gross profit, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. Geographic regions: U.S. EMEA Other Regions Consolidated Three months ended September 30, 2023 Total revenues $ 71,788 $ 40,222 $ 17,452 $ 129,462 Gross profit $ 56,723 $ 32,574 $ 13,504 $ 102,801 Three months ended September 30, 2022 Total revenues $ 76,720 $ 36,065 $ 12,575 $ 125,360 Gross profit $ 62,545 $ 28,798 $ 8,632 $ 99,975 Nine months ended September 30, 2023 Total revenues $ 212,892 $ 115,351 $ 43,534 $ 371,777 Gross profit $ 167,692 $ 91,080 $ 31,282 $ 290,054 Nine months ended September 30, 2022 Total revenues $ 218,358 $ 110,931 $ 37,421 $ 366,710 Gross profit $ 177,982 $ 86,835 $ 25,627 $ 290,444 As of September 30, 2023 Long-lived assets $ 77,040 $ 4,561 $ 3,133 $ 84,734 As of December 31, 2022 Long-lived assets $ 83,279 $ 6,466 $ 3,865 $ 93,610

Digital Assets - Summary of Dig

Digital Assets - Summary of Digital Asset Holdings (Details) $ in Thousands	Sep. 30, 2023 USD ($) Bitcoin	Dec. 31, 2022 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins held | Bitcoin	158,245	132,500
Digital assets	$ 2,451,374	$ 1,840,028
Cumulative digital asset impairment losses	$ 2,229,775	$ 2,153,162

Digital Assets - Summary of D_2

Digital Assets - Summary of Digital Asset Purchases and Digital Asset Impairment Losses (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Bitcoin	Sep. 30, 2022 USD ($) Bitcoin	Sep. 30, 2023 USD ($) Bitcoin	Sep. 30, 2022 USD ($) Bitcoin
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Approximate number of bitcoins purchased | Bitcoin	5,912	301	25,745	5,609
Digital asset purchases	$ 161,681	$ 5,978	$ 687,959	$ 231,478
Digital asset impairment losses	$ 33,559	$ 727	$ 76,613	$ 1,088,656

Digital Assets - Additional Inf

Digital Assets - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 USD ($) Bitcoin	Mar. 24, 2023 USD ($)	Dec. 31, 2022 USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]
Trade credit payable, outstanding	$ 0
Carrying value of bitcoin held by the company	$ 2,451,374,000		$ 1,840,028,000
Secured Notes Due Twenty Twenty Eight
Indefinite Lived Intangible Assets By Major Class [Line Items]
Number of digital assets held as collateral for 2028 Secured Notes | Bitcoin	15,731
Carrying value of bitcoin held by the company	$ 251,100,000
Interest rate, fixed percentage	6.125%
2025 Secured Term Loan
Indefinite Lived Intangible Assets By Major Class [Line Items]
Debt Instrument, Face Amount		$ 205,000,000

Contract Balances - Schedule of

Contract Balances - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Billed and billable	$ 131,494	$ 191,844
Less: allowance for credit losses	(2,844)	(2,564)
Accounts receivable, net	$ 128,650	$ 189,280

Contract Balances - Additional

Contract Balances - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligation	$ 282,300,000		$ 282,300,000
Prepaid Expenses and Other Current Assets
Contract With Customer Asset And Liability [Line Items]
Non-current contract assets	1,300,000		1,300,000		$ 600,000
Deposits And Other Assets
Contract With Customer Asset And Liability [Line Items]
Current contract assets	1,100,000		1,100,000		$ 700,000
Current Deferred Revenue and Advanced Payments
Contract With Customer Asset And Liability [Line Items]
Revenue recognized from beginning deferred revenue	44,600,000	$ 42,500,000	187,600,000	$ 176,300,000
Contract Assets
Contract With Customer Asset And Liability [Line Items]
Assets impairment charges	$ 0	$ 0	$ 0	$ 0

Contract Balances - Deferred Re

Contract Balances - Deferred Revenue and Advance Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Revenue Disclosure [Abstract]
Deferred product licenses revenue, Current	$ 2,814	$ 2,825
Deferred subscription services revenue, Current	45,737	51,861
Deferred product support revenue, Current	126,087	155,366
Deferred other services revenue, Current	4,529	7,376
Total current deferred revenue and advance payments	179,167	217,428
Deferred product licenses revenue, Non-current	9	2,742
Deferred subscription services revenue, Non-current	2,845	3,030
Deferred product support revenue, Non-current	4,304	6,387
Deferred other services revenue, Non-current	480	604
Total non-current deferred revenue and advance payments	$ 7,638	$ 12,763

Contract Balances - Additiona_2

Contract Balances - Additional Information (Detail1) $ in Millions	Sep. 30, 2023 USD ($)
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligation	$ 282.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period	12 months
Revenue, Remaining performance obligation	$ 217.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Contract With Customer Asset And Liability [Line Items]
Revenue, Remaining performance obligations, Expected timing of satisfaction, Period

Long-term Debt - Schedule of Ne

Long-term Debt - Schedule of Net Carrying Amount of Long-term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 2,180,038	$ 2,378,560
Convertible Senior Notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Total	643,167	640,888
Convertible Senior Notes due 2027 | Convertible Debt
Debt Instrument [Line Items]
Total	1,036,298	1,033,277
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Total	490,771	489,547
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Total	0	204,688
Other Long-Term Secured Debt
Debt Instrument [Line Items]
Total	$ 9,802	$ 10,160

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)				1 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 24, 2023 USD ($)	Mar. 23, 2022 USD ($)	Jun. 14, 2021 USD ($)	Jun. 30, 2022 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2023 USD ($) Bitcoin shares	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Bitcoin shares	Sep. 30, 2023 USD ($) Bitcoin shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Payment to extinguishment of debt											$ 160,033,000	$ 0
Gain on extinguishment of debt							$ 0		$ 0		44,686,000	0
Current portion of long-term debt, net							$ 475,000			$ 475,000	$ 475,000		$ 454,000
Senior Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 500,000,000
Interest rate, fixed percentage			6.125%
Periodic payment description			The 2028 Secured Notes bear interest at a fixed rate of 6.125% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021.
Payment start date			Dec. 15, 2021
Debt instrument, maturity date			Jun. 15, 2028
Debt instrument, first springing maturity date			Sep. 15, 2025
Debt instrument, second springing maturity date			Nov. 16, 2026
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 650,000,000
Interest rate, fixed percentage						0.75%
Periodic payment description						The 2025 Convertible Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 0.750% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021.
Payment start date						Jun. 15, 2021
Debt instrument, maturity date						Dec. 15, 2025
Number of shares convertible from notes | shares							1,633,190			1,633,190	1,633,190
Total Interest Paid							$ 0		0		$ 2,400,000	2,400,000
Additional interest paid							$ 0				$ 0
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 1,050,000,000
Interest rate, fixed percentage					0%
Periodic payment description					The 2027 Convertible Notes are senior unsecured obligations of the Company and do not bear regular interest. However, holders of the 2027 Convertible Notes may receive special interest under specified circumstances as outlined in the indenture relating to the issuance of the 2027 Convertible Notes. Any special interest is payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021
Payment start date					Aug. 15, 2021
Debt instrument, maturity date					Feb. 15, 2027
Number of shares convertible from notes | shares							733,005			733,005	733,005
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Total Interest Paid							$ 0				$ 0
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Interest rate, fixed percentage							6.125%			6.125%	6.125%
Total Interest Paid							$ 0		0		$ 15,300,000	15,300,000
Interest expense							$ 7,657,000		7,657,000		$ 22,969,000	22,969,000
Debt instrument, first springing maturity date			Sep. 15, 2025
Debt instrument, second springing maturity date			Nov. 16, 2026
Unencumbered existing digital assets | Bitcoin							92,079			92,079	92,079
Secured Notes Due Twenty Twenty Eight | Minimum
Debt Instrument [Line Items]
Springing maturity condition FCCR liquidity percentage			130%
Springing maturity condition 1 liquidity percentage			130%
Springing maturity condition 2 liquidity percentage			130%
Secured Notes Due Twenty Twenty Eight | Maximum
Debt Instrument [Line Items]
Springing maturity condition FCCR - aggregate principal of FCCR convertible notes outstanding			$ 100,000,000
Springing maturity condition 1- aggregate principal of 2025 convertible notes outstanding			100,000,000
Springing maturity condition 2- aggregate principal of 2027 convertible notes outstanding			$ 100,000,000
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 205,000,000	$ 205,000,000
Total Interest Paid								$ 5,100,000	2,700,000			4,300,000
Interest expense									$ 2,931,000	$ 0	$ 3,781,000	$ 5,314,000
Interest paid included in Payoff Amount	1,100,000							1,100,000
Prepayment of Debt	161,000,000
Payment to extinguishment of debt	159,900,000
Extinguishment of third party fees	100,000
Repayment of debt	204,700,000
Gain on extinguishment of debt								$ 44,700,000
LTV Percentage Maximum													50%
Number of bitcoins remained unencumbered | Bitcoin							82,991			82,991	82,991
Secured Term Loan Due Twenty Twenty Five | Collateral Pledged
Debt Instrument [Line Items]
Cash reserve		$ 5,000,000
Reserve Fund Against Payoff Amount	$ 5,000,000
Other Long-Term Secured Debt
Debt Instrument [Line Items]
Outstanding Principal Balance							$ 10,500,000			$ 10,500,000	$ 10,500,000
Debt Instrument, Face Amount				$ 11,100,000
Interest rate, fixed percentage				5.20%
Debt instrument, maturity year month				2027-06
Net carrying value							10,300,000			10,300,000	10,300,000
Current portion of long-term debt, net							$ 500,000			$ 500,000	$ 500,000

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	$ 1,700,000	$ 1,700,000
Unamortized Issuance Costs	(20,535)	(25,835)
Net Carrying Value	1,679,465	1,674,165
June 30, 2023	1,433,289	758,800
Convertible Senior Notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	650,000	650,000
Unamortized Issuance Costs	(6,833)	(9,112)
Net Carrying Value	643,167	640,888
June 30, 2023	695,500	364,000
Convertible Senior Notes due 2027 | Convertible Debt
Debt Instrument [Line Items]
Outstanding principal amount	1,050,000	1,050,000
Unamortized Issuance Costs	(13,702)	(16,723)
Net Carrying Value	1,036,298	1,033,277
June 30, 2023	737,789	394,800
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Outstanding principal amount	500,000	500,000
Unamortized Issuance Costs	(9,229)	(10,453)
June 30, 2023	444,850	369,800
Net Carrying	$ 490,771	489,547
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Outstanding principal amount		205,000
Unamortized Issuance Costs		(312)
June 30, 2023		205,000
Net Carrying		$ 204,688

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Expense Related to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of Issuance Costs				$ 6,599	$ 6,490
Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	$ 1,218	$ 1,218		3,656	3,656
Amortization of Issuance Costs	1,770	1,757		5,300	5,260
Total interest expense	2,988	2,975		8,956	8,916
Convertible Senior Notes due 2025 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	1,218	1,218		3,656	3,656
Amortization of Issuance Costs	762	753		2,279	2,251
Total interest expense	1,980	1,971		5,935	5,907
Convertible Senior Notes due 2027 | Convertible Debt
Debt Instrument [Line Items]
Contractual Interest Expense	0	0		0	0
Amortization of Issuance Costs	1,008	1,004		3,021	3,009
Total interest expense	1,008	1,004		3,021	3,009
Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
Contractual Interest Expense	7,657	7,657		22,969	22,969
Amortization of Issuance Costs	415	388		1,224	1,146
Total interest expense	$ 8,072	8,045		24,193	24,115
Secured Term Loan Due Twenty Twenty Five
Debt Instrument [Line Items]
Contractual Interest Expense		2,931	$ 0	3,781	5,314
Amortization of Issuance Costs		33		31	69
Total interest expense		$ 2,964		$ 3,812	$ 5,383

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Debt Instruments (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 532
2025	500,562
2026	650,592
2027	1,058,787
2028	0
Thereafter	0
Total	2,210,473
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
2024	0
2025	0
2026	650,000
2027	0
2028	0
Thereafter	0
Total	650,000
Convertible Senior Notes due 2027
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	1,050,000
2028	0
Thereafter	0
Total	1,050,000
Senior Secured Notes Due Twenty Twenty Eight
Debt Instrument [Line Items]
2024	0
2025	500,000
2026	0
2027	0
2028	0
Thereafter	0
Total	500,000
Other Long-Term Secured Debt
Debt Instrument [Line Items]
2024	532
2025	562
2026	592
2027	8,787
2028	0
Thereafter	0
Total	$ 10,473

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Aug. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Chairman of the Board of Directors and Executive Chairman's personal income taxes involved with civil complaint in the District of Columbia		$ 25
Loss contingency estimate minimum loss	$ 1.2

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Apr. 29, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares	8,684,000			8,684,000
Treasury stock, cost	$ 782,104,000			$ 782,104,000
Class A | Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased program expiration date	Apr. 29, 2023
Stock authorized to repurchase by board of directors	$ 800,000,000
Treasury stock, shares repurchased	0	0
Treasury stock, shares	5,674,226
Shares repurchased, average price per share	$ 104.13
Treasury stock, cost	$ 590,900,000
Stock remaining available for repurchase			$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Taxes [Line Items]
Effective tax rate from operations			632.20%	10.10%
(Benefit from) provision for income taxes	$ 109,607	$ 23,961	$ (403,876)	$ 112,046
Pretax loss	33,834	$ 3,118	63,881	$ 1,108,082
Valuation allowance	118,400		118,400
Other Long-Term Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits	$ 6,300		$ 6,300		$ 6,100

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 23, 2023	Dec. 31, 2022
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares	1,381,000		1,381,000			1,577,000
Stock options vested			189,125
Aggregate fair value of stock option vested			$ 47,300,000
Weighted average grant date fair value of stock option awards			$ 190.86	$ 209.85
Share-based compensation expense recognized	$ 10,500,000	$ 12,700,000	$ 33,900,000	$ 35,400,000
Unrecognized share-based compensation expense	81,400,000		$ 81,400,000
Unrecognized compensation expense expected to be recognized			2 years 2 months 12 days
Stock option awards granted			36,000
Share-settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of stock option vested			$ 9,000,000
Share-based compensation expense recognized	$ 4,900,000	3,600,000	$ 12,200,000	$ 10,000,000
Unrecognized compensation expense expected to be recognized			2 years 10 months 24 days
Restricted stock units outstanding	198,993		198,993			120,000
Share-settled restricted stock units vested			18,891
Number of shares withheld to satisfy tax obligations			4,817
Shares issued			14,074
Granted, weighted average grant date fair value (in dollars per share)			$ 280.09	$ 269.14
Unrecognized share-based compensation expense	$ 52,200,000		$ 52,200,000
Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of stock option vested	$ 0		$ 0
Unrecognized compensation expense expected to be recognized			2 years 8 months 12 days
Restricted stock units outstanding	25,000		25,000			0
Unrecognized share-based compensation expense	$ 11,000,000		$ 11,000,000
Other Stock Based Awards and Cash Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized		200,000	$ 1,100,000	$ 400,000
Unrecognized compensation expense expected to be recognized			1 year 4 months 24 days
Unrecognized share-based compensation expense	600,000		$ 600,000
2023 Equity Plan | Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of stock option awards			$ 486.18
Share-based compensation expense recognized	$ 1,000,000		$ 1,300,000
Restricted stock units outstanding	25,375		25,375
2023 Equity Plan | Maximum | Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target performance stock unit awards granted			200%
2023 Equity Plan | Minimum | Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target performance stock unit awards granted			0%
2023 Equity Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized					1,932,703
Shares of class A common stock reserved and available for future issuance	232,327		232,327
Vesting period			4 years
2023 Equity Plan | Class A | Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares	1,380,741		1,380,741
2023 Equity Plan | Class A | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized					1,732,703
2023 Equity Plan | New Shares of Class A Authorized for Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized					200,000
2023 Equity Plan | Board of Director | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized	$ 400,000	$ 500,000	$ 1,400,000	$ 1,600,000
Unrecognized compensation expense expected to be recognized			4 months 24 days
Unrecognized share-based compensation expense	$ 900,000		$ 900,000
2021 Employee Stock Purchase Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, stock authorized	100,000		100,000
Shares of class A common stock reserved and available for future issuance	59,607		59,607
Common stock, shares issued			19,856

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Weighted Average Remaining Contractual Term (Years)
Exercisable as of September 30, 2023	3 years 6 months
Expected to vest as of September 30, 2023	8 years
Total	5 years 2 months 12 days
Stock Option Awards
Options outstanding, shares
Beginning Balance	1,577
Granted	36
Exercised	(93)
Forfeited/Expired	(139)
Ending Balance	1,381
Exercisable as of September 30, 2023	875
Expected to vest as of September 30, 2023	506
Total	1,381
Weighted Average Exercise Price Per Share
Beginning Balance	$ 288.30
Granted	284.06
Exercised	153.10
Forfeited/Expired	431.62
Ending Balance	282.86
Exercisable as of September 30, 2023	228
Expected to vest as of September 30, 2023	377.78
Total	$ 282.86
Aggregate Intrinsic Value
Exercised	$ 13,254
Exercisable as of September 30, 2023	133,368
Expected to vest as of September 30, 2023	27,187
Total	$ 160,555

Schedule of Range of Exercise P

Schedule of Range of Exercise Prices per Share (Detail) - Stock Option Awards shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Shares, Stock Options Outstanding | shares	1,381
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 282.86
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	5 years 2 months 12 days
121.43 - 200.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 121.43
Range of Exercise Prices per Share, maximum	$ 200
Shares, Stock Options Outstanding | shares	795
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 137.02
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	3 years 1 month 6 days
200.01 - 300.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 200.01
Range of Exercise Prices per Share, maximum	$ 300
Shares, Stock Options Outstanding | shares	111
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 251.58
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	9 years 1 month 6 days
300.01 - 400.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 300.01
Range of Exercise Prices per Share, maximum	$ 400
Shares, Stock Options Outstanding | shares	3
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 301.63
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	9 years 8 months 12 days
400.01 - 500.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 400.01
Range of Exercise Prices per Share, maximum	$ 500
Shares, Stock Options Outstanding | shares	261
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 409.60
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	8 years 2 months 12 days
600.01 - 691.23
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Share, minimum	$ 600.01
Range of Exercise Prices per Share, maximum	$ 691.23
Shares, Stock Options Outstanding | shares	211
Weighted Average Exercise Price Per Share, Stock Options Outstanding	$ 691.23
Weighted Average Remaining Contractual Term (Years), Stock Options Outstanding	7 years 2 months 12 days

Assumptions Used in Black-Schol

Assumptions Used in Black-Scholes Pricing Model (Detail)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years		6 years 3 months 18 days
Expected volatility, Minimum	71.80%	58.40%
Expected volatility, Maximum	74.10%	70.90%
Risk-free interest rate, Minimum	3.70%	1.90%
Risk-free interest rate, Maximum	3.90%	3.50%
Expected dividend yield	0%	0%
Stock Option Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	5 years 6 months
Stock Option Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	6 years 3 months 18 days
Share-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of award in years	3 years
Expected volatility	95.60%
Risk-free interest rate	4.10%
Expected dividend yield	0%

Summary of Share-Settled Restri

Summary of Share-Settled Restricted Stock Unit Activity (Detail) - Share-settled Restricted Stock Units $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Number of Shares/Units
Beginning Balance	120,000
Granted	115,000
Vested	(19,000)
Forfeited	(17,000)
Ending Balance	198,993
Expected to vest as of September 30, 2023	199,000
Aggregate Intrinsic Value
Vested | $	$ 5,920
Expected to vest as of September 30, 2023 | $	$ 65,325

Share-based Compensation - Summ

Share-based Compensation - Summary of Share-Settled Performance Stock Unit (Detail) - Share-settled Performance Stock Units shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance	0
Granted	27
Vested	0
Forfeited	(2)
Ending Balance	25
Expected to vest as of September 30, 2023	25
Aggregate Intrinsic Value
Vested | $	$ 0
Expected to vest as of September 30, 2023 | $	$ 16,660

Summary of Components of Tax (B

Summary of Components of Tax (Benefit) Expense Related To Equity Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Tax (benefit) expense related to:
Share-based compensation expense	$ (3,417)	$ (2,906)	$ (9,396)	$ (9,146)
Exercises of stock options and vesting of share-settled restricted stock units	813	680	1,098	790
Total tax benefit related to the Company's equity plans	$ (2,604)	$ (2,226)	$ (8,298)	$ (8,356)

Basic and Diluted (Loss) Earn_3

Basic and Diluted (Loss) Earnings per Share - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A
Class of Stock [Line Items]
Common stock, votes per share	one
Class B Convertible
Class of Stock [Line Items]
Common stock, votes per share	ten

Basic and Diluted (Loss) Earn_4

Basic and Diluted (Loss) Earnings per Share - Computation of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Net (loss) income - Basic		$ (143,441)	$ (27,079)	$ 339,995	$ (1,220,128)
Net (loss) income - Diluted		$ (143,441)	$ (27,079)	$ 346,415	$ (1,220,128)
Total weighted average shares of common stock outstanding - Basic		14,221	11,308	11,665	11,299
Total weighted average shares of common stock outstanding - Diluted		14,221	11,308	14,512	11,299
(Loss) earnings per share:
Basic (loss) earnings per share (1)	[1]	$ (10.09)	$ (2.39)	$ 29.15	$ (107.99)
Diluted (loss) earnings per share (1)	[1]	$ (10.09)	$ (2.39)	$ 23.87	$ (107.99)
2025 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 0	$ 4,255	$ 0
Total weighted average shares of common stock outstanding - Diluted		0	0	1,633	0
2027 Convertible Notes
Class of Stock [Line Items]
Interest expense on Convertible Notes, net of tax		$ 0	$ 0	$ 2,165	$ 0
Total weighted average shares of common stock outstanding - Diluted		0	0	733	0
Employee Stock Option [Member]
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	430	0
RSU
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	43	0
Employee Stock Purchase Plan
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	0	0
Performance stock units
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Diluted		0	0	8	0
Class A
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		12,257	9,344	9,701	9,335
Class B
Class of Stock [Line Items]
Total weighted average shares of common stock outstanding - Basic		1,964	1,964	1,964	1,964
[1] Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

Basic and Diluted (Loss) Earn_5

Basic and Diluted (Loss) Earnings per Share - Schedule of Weighted Average of Potential Class A Common Stock Excluded from Computation of (Loss) Earnings Per Share (Detail) - Class A - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	4,031	3,998	669	3,914
2025 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	1,633	1,633	0	1,633
2027 Convertible Notes
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	733	733	0	733
Employee Stock Option
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	1,406	1,497	633	1,428
RSU
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	204	130	34	118
Employee stock purchase plan
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	3	5	2	2
Performance stock units
Class of Stock [Line Items]
Weighted shares of potential class A stock excluded from calculation of diluted earnings per share	52	0	0	0

At-the-Market Equity Offering_2

At-the-Market Equity Offerings - Summary of Active At-the-Market Equity Offering (Detail) - USD ($) $ in Thousands				2 Months Ended	3 Months Ended			8 Months Ended	9 Months Ended
	Aug. 01, 2023	May 01, 2023	Sep. 09, 2022	Sep. 30, 2023	Sep. 30, 2023	Aug. 01, 2023	Sep. 30, 2022	May 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class A
At Market Equity Offerings [Line Items]
Cumulative shares sold under such sales agreement				21,227,000	21,227,000				21,227,000		18,269,000
2022 Sales Agreement
At Market Equity Offerings [Line Items]
Cumulative shares sold under such sales agreement				1,567,430	1,567,430				1,567,430
2022 Sales Agreement | Class A
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement							0		1,348,855	0
2022 Sales Agreement | Cowen and BTIG
At Market Equity Offerings [Line Items]
Net proceeds received from shares sold under such sales agreement								$ 385,181
2022 Sales Agreement | Cowen and BTIG | Class A
At Market Equity Offerings [Line Items]
Agreement effective date			Sep. 09, 2022
Sales agents			Cowen and Company, LLC and BTIG, LLC ("2022 Sales Agents")
Maximum aggregate offering price			$ 500,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares			2%
Date terminated		May 01, 2023
Net proceeds received from shares sold under such sales agreement									$ 338,962
May 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Cumulative shares sold under such sales agreement				1,079,170	1,079,170				1,079,170
May 2023 Sales Agreement | Class A
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement									1,079,170
May 2023 Sales Agreement | Cowen and Canaccord Genuity
At Market Equity Offerings [Line Items]
Net proceeds received from shares sold under such sales agreement						$ 333,494
May 2023 Sales Agreement | Cowen and Canaccord Genuity | Class A
At Market Equity Offerings [Line Items]
Agreement effective date		May 01, 2023
Sales agents		Cowen and Company, LLC and Canaccord Genuity LLC ("May 2023 Sales Agents")
Maximum aggregate offering price		$ 625,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares		2%
Date terminated	Aug. 01, 2023
Shares sold under such sales agreement					0
Net proceeds received from shares sold under such sales agreement					$ 0				$ 333,494
August 2023 Sales Agreement
At Market Equity Offerings [Line Items]
Cumulative shares sold under such sales agreement				403,362	403,362				403,362
August 2023 Sales Agreement | Class A
At Market Equity Offerings [Line Items]
Shares sold under such sales agreement									403,362
August 2023 Sales Agreement | Cowen, Canaccord and Berenberg Capital Markets LLC
At Market Equity Offerings [Line Items]
Net proceeds received from shares sold under such sales agreement				$ 147,218
Maximum aggregate offering price remaining under such sales agreement				$ 602,124	$ 602,124				$ 602,124
August 2023 Sales Agreement | Cowen, Canaccord and Berenberg Capital Markets LLC | Class A
At Market Equity Offerings [Line Items]
Agreement effective date	Aug. 01, 2023
Sales agents	Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC ("August 2023 Sales Agents")
Maximum aggregate offering price	$ 750,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares	2%
Shares sold under such sales agreement					403,362
Net proceeds received from shares sold under such sales agreement					$ 147,218				$ 147,218

At-the-Market Equity Offering_3

At-the-Market Equity Offerings - Additional Information (Detail) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class A | 2022 Sales Agreement
At Market Equity Offerings [Line Items]
Common stock, shares issued	0	1,348,855	0

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 Country Customer	Sep. 30, 2022 Country Customer	Sep. 30, 2023 Country Customer Segment	Sep. 30, 2022 Country Customer	Dec. 31, 2022 Country
Segment Reporting Information
Number of operating segments | Segment			1
Geographic Concentration Risk
Segment Reporting Information
Number of Individual Country accounted for 10% or more of total revenues	0	0	0	0
Number of Individual country accounted for 10% or more of total consolidated assets	0		0		0
Customer Concentration Risk | Sales Revenue, Goods, Net
Segment Reporting Information
Number of Individual Customer accounted for 10% or more of total consolidated revenues | Customer	0	0	0	0

Total Revenues Gross Profit and

Total Revenues Gross Profit and Long Lived Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 129,462	$ 125,360	$ 371,777	$ 366,710
Gross profit	102,801	99,975	290,054	290,444
Long-lived assets	84,734		84,734		$ 93,610
U.S
Revenues from External Customers and Long-Lived Assets
Total revenues	71,788	76,720	212,892	218,358
Gross profit	56,723	62,545	167,692	177,982
Long-lived assets	77,040		77,040		83,279
EMEA
Revenues from External Customers and Long-Lived Assets
Total revenues	40,222	36,065	115,351	110,931
Gross profit	32,574	28,798	91,080	86,835
Long-lived assets	4,561		4,561		6,466
Other Regions
Revenues from External Customers and Long-Lived Assets
Total revenues	17,452	12,575	43,534	37,421
Gross profit	13,504	$ 8,632	31,282	$ 25,627
Long-lived assets	$ 3,133		$ 3,133		$ 3,865

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Board of Directors & Executive Chairman - USD ($)			9 Months Ended
	Jun. 12, 2023	Jun. 24, 2022	Sep. 30, 2023
Excess Agreement
Related Party Transaction [Line Items]
One time payment fee		$ 600,000
Related party transaction, description		The Company paid Mr. Saylor $600,000 for a one-year term under the Excess Agreement
Excess indemnity coverage payable		$ 10,000,000
Refund of pro rate portion of previous payment		489,863
Tail Agreement
Related Party Transaction [Line Items]
One time payment fee		150,000
Coverage amount		40,000,000
Additional amount		$ 150,000	$ 150,000
Related party transaction, description		$150,000 for a 90-day term under the Tail Agreement
Extended term		90 days	90 days
2023 Tail Agreement
Related Party Transaction [Line Items]
One time payment fee	$ 157,000
Additional amount	$ 157,000
Extended term	1 year

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($) Bitcoin	Sep. 30, 2023 USD ($) Bitcoin	Sep. 30, 2022 USD ($) Bitcoin	Sep. 30, 2023 USD ($) Bitcoin	Sep. 30, 2022 USD ($) Bitcoin
Subsequent Event [Line Items]
Purchase of bitcoins, value | $		$ 161,681,000	$ 5,978,000	$ 687,959,000	$ 231,478,000
Number Of Bitcoins Purchased | Bitcoin		5,912	301	25,745	5,609
Subsequent Event
Subsequent Event [Line Items]
Purchase of bitcoins, value | $	$ 5,300,000
Purchase price per bitcoins | $	$ 34,495
Number Of Bitcoins Purchased | Bitcoin	155
2028 Secured Notes | Collateral Pledged | Subsequent Event
Subsequent Event [Line Items]
Number Of Bitcoins Purchased | Bitcoin	155