MSTR - Earnings call transcript Q1 2019 | MicroStrategy Incorporated

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Operator

Good day, ladies and gentlemen and welcome to the MicroStrategy quarter one 2019 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder, this call will be recorded. to President host and like Michael today's now Chairman, Saylor, CEO. would introduce for your conference, I Please go ahead, sir.

Michael Saylor

all would Hello. Phong This and to conference I President am our results. CFO, XXXX with the am to first welcome call like quarter regarding is Michael and CEO our Saylor. of Chief Le. I Officer of today's you I financial Chairman, here MicroStrategy. Operating

the and First, the floor some like I pass to read results statement to going our quarter. safe who's on harbor first make Phong, comments to the would for

Phong Le

those events Various Thank to with by future you of XXXX. Michael result important These Securities discussed upon filed these remarks We may the be and that indicated that as XX-Q in may including and recent relied harbor our results a of plans Actual the may good constitute our Private materially evening provision representing may about on It of Reform statements Form from most the those the for our views cause should everyone. of only the views subsequent subsequent of forward-looking not various date. purposes developments any views Litigation today. factors, make anticipate as Act as prospects differ as forward-looking we statements quarterly expectations, and SEC. safe our company's reflect statements report change. under

to some measures. forward-looking today's GAAP disclaims at of Also these While will the any so. update financial ir.microstrategy.com. and do the Reconciliation which issued versus press point found the be we Investor on during market the to close our Relations MicroStrategy on our during both future, are first call, non-GAAP the of made non-GAAP significant page, company elect quarter. executing information, objectives the of supplementary progress results may release strategic company refer after obligation statements in of the the the specifically available can to in certain today course

to from brings focus platform. will leverage modern to that, transformational flexible MicroStrategy a analytics, while discuss Conference, company's held which more history. provides XXXX customers World believe is the MicroStrategy desktop and to a a the positive. interest. have of fastest HyperIntelligence been MicroStrategy smarter in MicroStrategy existing analytics, which first at will that XXXX the success zero-click, release product, opportunity and HyperIntelligence our any in the dozens World highlight approach feedback spend enterprise-grade greater in new It introduction was to and on mobility quarter our nearly a February detail, provides growth outreach. particular, support which deals seen was wins single time, of attendees, year. open a our leverage In This of that an customers We significant believe us benefits. the for XXXX, focus architecture, have improve we of than part of customer employee utilizing to XX% platform the Michael have allows educate a can is the product successful in key To the areas the growth platform. upgraded that that proactive the QX had solutions for MicroStrategy big business innovative area we empowers market date, customers upgrade federated As we performance. make Other incredible new way new in MicroStrategy in XX-year key disciplined years. to faster, value was X,XXX with that of market a customer most key capabilities for is sale the already looking offering. MicroStrategy in us delivering The platform is data tools it for on MicroStrategy our XXX in for strategy customers' of the decisions last together generating strategy. support nearly in the analytics platform increase on two product include XXXX. DI for also a We adoption XXXX our Phoenix. is XXXX seeing support that even more A of Early customer and has MicroStrategy an enterprise included enterprise XXXX closed platform has is includes available a provides powerful most of We HyperIntelligence of XXXX.

satisfaction across upgrade customer We are and support, seeing and coordination good sales returns investment, activity, internal consulting, technology. increased upsell technical including increased improved this on and

cloud to deploy move hosted the public our use XXXX, solutions In growth of or cloud. new revenue. instance. open own Azure as well XX% customer Your AWS Own license is cloud solutions to product platforms comfort cloud MicroStrategy's is opportunities interest believe enterprise-grade, leveraging significant up customers. solutions License includes Bring like MicroStrategy. their Growing These in for and We accounted Bring architecture about Own customers our where Your our our the as for opening cloud provide our License Second value flexible, for can in

business a constant currency our support in revenue three quarters. previous XXXX. Before in our the for to year-over-year licenses revenue runoffs of four XXXX. the XXXX. in impact level currency support licenses of QX We QX last given in This growth constant quarter business increase revenues reflects X% year-over-year investors. XXXX the periods. out takeaways from performance investments the in would in detail, this revenue, marks product Two, product product for change I growth marked strong some our One, in QX review positive we financial like and in year-over-year in momentum provide I high believe XX% product made

expense made goal do we in investments of of We continue component. to the lowest continue operating an renewal QX performance Managing target throughout to the operating see in and future XXXX. support XXXX is XXXX. is XXXX, full leveraging flat revenue area company XXXX quarters. our product costs the important constant we In four, and currency revenues of throughout we indicative in constant be the and focus company. rates growth industry-leading the the business not structure year this Three, revenue believe for cost currency the for the increasing And will eight an QX year-over-year for growth had

addition, has with we is is revenue seek as deliver which to other expand In less to services on decrease and exception margin. We strategic. margins operating remain goals expenses of significant and growth, of less it lower track these year-over-year each the

detail. a X% or $X.X financial more Turning QX to XXXX, Total million increase our in product revenue million results $XX.X in were licenses year-over-year.

million support MicroStrategy $X.X X%. QX in X%. decrease revenue generate effects product $XX.X Product foreign value licenses a million customer Overall, million or products. currency for or rates negatively revenues by see continue were customers to Foreign currency effects by impacted which renewal the negatively XXXX, X% we such strong with revenue reflect impacting $X.X year-over-year

customer product in a the from overall, first seeing have the contract support and the force.com the driven by revenues. exchange certain million. aggregate. our new in was base support Deferred services headwind deferred negative revenue at primarily quarter. billing to of renewals. decrease, where has foreign of delayed product financial the $XX.X move the quoting impact technology XXXX we and reflects a The decreased vertical. XX, impact system, demand broadly March were by million notably the which diversified decline retail, We The positive lower trends system In were year-over-year This is sectors $XXX.X

effects Other expect impacting with XX% We or such this year-over-year have were QX. in decrease by QX negatively resolved end a the currency $XX.X foreign to issue of by services million million revenue $X.X revenues XXXX, X%.

decline quarter-over-quarter do in we QX not level a decrease of other As QX marked XXXX. year-over-year services this larger large expect XXXX revenue, in

cost. to Turning

investment focus across grew leveraging to We the of generate million, revenue investments and transitioned year-over-year. driving expenses evident our those have organization. total to a growth of $XX.X from period which efficiencies is only This X% operating on in a significant

in invest in efforts, decrease we expect R&D balance of XXXX. marketing and of the revenue to continue to we sales and flat and/or G&A see a percentage While expense as our

or was increase support increase Looking of the a line levels, cost XXXX X% at the This revenues year-over-year. QX by increased of million, enterprise is our reflect expenses $X.X item. $XX.X which million efforts. total staffing result

services support customers other an and XXXX. to services prepare for enterprise proactive included Our customers to support in and more MicroStrategy QX to product program provide upgrade aims our to offerings

to the information XXXX mentioned services the the a are XX% XX higher will team marketing these expenses our services Investing the Research earlier, higher year-over-year. enterprise minimally increased More sales to $X.X under program year-over-year. months administrative General and on well most X% declined particularly million focus deepest as inside available over had. XXX team decreases talented net and us As $X.X employees ROI marketing We Sales in with and the or capabilities on represent million support These in development priority. continue and added is our XXXX. productivity and at ever providing key MicroStrategy $X.X be or increased past website. on year-over-year. focus expenses the or X% area activities. impact expenses R&D million we of have platform, as in a section

million. had the for Our year QX We with and loss losses QX in benefit income million a compared of period. interest expenses operating per from other a share net consisted $X.X of of taxes income operating $X.X primarily million had of XXXX net $X.X loss of loss $X.XX. income and $X.X which million of was exchange $X.X of diluted prior We in million, XXXX $XX.X foreign million, and

for we useful During shareholders. We stock addition last a $XX can company's to we million. price of of were generate of approximately XXX,XXX be These stock repurchased million an common the repurchases for $XXX shares common opportunistically in approximately purchase believe to buybacks value the the quarter, aggregate way purchased quarter.

broader component long-term evaluate allocation However, as we it's just our strategy. one capital

I that a Michael sign. to was revenues quarter Saylor, product finish Before reiterating licenses our I call want to growth by in turn promising the the back

investments revenue will optimistic we in introduction MicroStrategy growth are throughout as we product to sales and and the We functions benefit see our that the year of made license XXXX. the marketing positive from in we have continue

it to Now to like would turn I Saylor. back Michael

Michael Saylor

the We MicroStrategy have Thank That came just World in had of XXXX. was long you MicroStrategy Phong. a successful we off most time. World

Our our XXXX. up over attendees was dramatically or headcount

product the And never have gathering and our ever I with world. feedback going that put the the have into we portfolio. technology think chance And is on I our their happier XXXX finished comfortable lots I of also employees and launch. I XXX customers with on attendees a to all I a the customers we feedback than I their just more lots with of in meet wide been had directly strongest around been in and of will more product XXXX get the really meetings market had in our XXXX, general. XXXX. XXXX MicroStrategy partners and and platform about our have say round analytics of can market.

getting We Everybody the the are approach. really the all to response open types of likes and tools. different architecture ability architectural good to support

data for We are delivering that's for and Tableau, and Python connectors new set PowerBI, and Microsoft for And of R excitement. Jupyter APIs. science tools, for REST enormous for the generated Office

that platform are first offer or customers Microsoft think extraordinarily and a appeal. MicroStrategy's cloud Azure the platform feedback integrated on XXXX now in cloud is technologies what's you the development and it's degree data this achieved year of am spin an environment. being MicroStrategy them. first for Because the exciting and up can really about excitement. for or from an I open customers has fact a special back environment and commercial new an turned instantiate cloud in of corner getting is able And likewise cloud can has AWS and also completely an we is, time, Amazon generating And the the in to for the lot I that prospects

will think the commercialization moving a going place era I we intense than we take are and be the in think more see new last our to wave a industry in five years. that years, much over five I into are next cloud

adoption waiting holding technology worked customers off for their the source. didn't were they be cloud bugs Some to single because on Others were of out. a want

business Some wanted to them Microsoft. do of with

a the and or cheaper. And overall they getting Someone better business Amazon public Microsoft. before clouds just an of with alternative are do course, an

lot every going MicroStrategy's of is a what's portfolio. our And cloud And are very I I a the So our XXXX is how platform. YXK them enthusiastic their time just to strategy. to about about to cloud cloud spend cloud this hear is have charting the strategic I thinking in I migrate are routinely about new becoming a with like of public is believe or decade, firm evolve they have resonating. sales platform people had teams very asked the element to of chance and

And being services able positions and that us so MicroStrategy also offer technology well. package of

set a BI customers enterprise is in about of the are or is extent different in deploy offering. HyperIntelligence lost HyperIntelligence that to that you legacy the ability pursued being very on the there and that to just most hear this differentiated have everywhere, is of Tableau space are probably of intelligence desktop is dashboards or well In a from embracing ad technologies I devices. we the lot well-known, and configuration. and our a the really marketplace. set dashboards the reporting dashboard in are their regard, way companies like offering intensity have them seen the we business would enthusiastically and most of we the promise nobody traditional There that certain we think and run hoc second competition. those Then What have. techniques that And a in vendors, for and focus offered a are those theme applications PowerBI known analytics be analytics has

we with for so is to with us. HyperIntelligence, but This and customers. resonating pioneer And lead also a a nice walkway regard are have we

this. are pretty enthusiastic customers Our about

a with pilot have development currently the deals in have We sell closed include that in completed as the are long HyperIntelligence that kind some HyperIntelligence. and of we the different probably most product world actually around XX Hyper different included pilot. to have currently opportunities XX in had engagements projects we engaged is We HyperIntelligence class new first XXX successful XXX and HyperIntelligence time. quarter we a

is sales enthusiastically embraced own this arm the shot been big for something business. by also in And the and it's that's by teams. customers by so our a the partners, And the

of traditional both over and and that increase MicroStrategy's One elasticity order about the exciting offering represent HyperIntelligence and the them is an of utility platform of things cloud and the alternative. magnitude velocity

and hours matter solutions answer a taken of in hours seconds in can in or of months. need that users a matter hours of taken the an And they the can days. spin as get would environment that HyperCard up before. You or cloud have months in minutes format deploy in can you have could instead HyperIntelligence And that

And of solution means marketing ideal that or the like MicroStrategy of intelligence. we a HyperIntelligence combination developing and out head are users offer that users got cloud business an reach we groups is line sales new have plus to ideas And head our much for HR. seeing, to that or of executives the of of platform to excitement were to head enthusiasm platform that that lot a customers not so traditionally of as of the business

application and So for HyperCard could a would people and I to enterprise offer a analytics security, down or now give information security it example, financial create if or I I it zero-click with equity my CUSIP am passing tie my other debt I my a they branding throughout as a analytics I that, on with And can launchpad have analytics code I actually customers into use that broadly even that or a am can to brand to to so my systems. back my through customer entities. that will supply my chain my and doing when am I financial and

that's an times the them of custom So build of XXX or way unit It's are and find to business or a are it. your customer if a and intelligence. easier with it to it makes application that you a marketing become dashboard run and using familiar ask a sense if reach than running idea sales on to you click or you head head

cases you executives, then new can up opens The MicroStrategy also budgets fueling new much, of implement great. applications for XXXX those use And is is new things with in faster much that great. opportunities that the two and set fact those itself and a HyperIntelligence So with enthusiasm are platform.

of aspects analytics Now enthusiastically by two customers. mobility the also other that federated are being and platform is embraced the our transformational

with IT curate organization in starting at single features cases, cases, opportunity balance play version in same to real MicroStrategy, our upsell provide to struggling provide to a that's of of base. the truth. versus to with All delivering do an are been connectors how versus the for all us those other versus we the and prominently cycles. And they customer our demands a sales have they Tableau they In PowerBI new additional Excel benefit some time

we everything So it customers platform that had hoped would the provide, have themes is And endorsed our these providing. enthusiastically. pretty

all look of to these are going So the I out. and play how XX forward next months to opportunities

program on. support continue enterprise Our does

done have about upgrade started. We since XXX advisories we

projects so XXX And projects. did in And different quarter. just that we these XXX first the of means

XXXX. about XXX to advisories upgrade do target in is Our

and cloud, that improves goodwill HyperIntelligence more have this to think to we strategic customers functionality, going And our makes our kind that dividends so our outreach help to means our and we platform them it we of is are will fact represent our that to grow this services base sell loyal mention is federated proactive to also And position software to business as well a us believe, program going and we as as when because most customer we the support much relationship. the business. as mobility upgrade them and generates new year had that enterprise investment, the not yield that proactive our we in

we will I look think continue on these to themes. coming forward that as we to the year, primary focus

and We plans, good good good upon plans will focus developing execution good to customers, with bear marketing account planning, sales plans. service our regard down for

our integrate we federated the strengthen we opportunities platform, of the of I to to embed want platform, to they into going toolsets do improving performance improving so various connectors, as to and continue the each the think XXXX that, of native core HyperCards people are of the will see to. might refine continue about We present and just the finish analytics any introduce interface can and connectors new themselves. that And HyperIntelligence types fit

up for go So any questions with from the want open to and call that, the I ahead audience.

Operator

from Instructions]. [Operator question line our first the with of comes Citi. Tyler And Radke

now is line open. Your

Tyler Radke

with that the influence kind looks that of product performance? Hi. excitement there? we XXXX Michael, do Thank for think hearing kind cycle we just What you revenue as improved in license and about start just pipeline timing product could where closing cycle? as the of out the customers are demand, the you, Maybe to of you think and the you. does product and And ability some to from some it you around relates into how translate of you what the opportunities are like have that

Michael Saylor

that think our terms customers of most in of think I plans. three-year

increase I think our of a over And upgrade, use each cases and and we extension evolve think months, will the XXXX. see a the to within XX next we services footprint enterprise of see number opportunities pilots us will will different to customers XX decent they as accounts. our our for as of serve software and upgrade to I those number

Tyler Radke

constant then Great. for the, anticipating guess, And you overall some pieces are I maybe understand to us guidance year-over-year. currency it it Phong, for XXXX. unofficial near your but revenue in that's declining and like basis maintenance headwinds you of sounds just the But services help moving impacting a you system will force.com on be grow from sounds do like billing the have some term revenue

us Could kind back-the-envelope math going strong of moving the you kind a pieces here just you of license there? in to XXXX. that understand help performance, need suggests So just are really

Phong Le

feel and year. quarter Yes. objective reasonably Tyler, our confident that growing quarter revenue this overall have we stated still an I the we we think have for overall, of as last

that correct are of think I other have pointing headwinds services. some you the we out in in

we to fairly look to QX from had drop-off QX. as you a Although XXXX, steep

course support the had we will, of maintenance really revenues. headwinds, look the support support, comp we start is throughout renewal which And we is feel you our as of indicator biggest dissipate in rest The the of that And of year. product a still product so FX. headwind rate, our leading we have and to best some on currency those strong if

of been still are seen has over to about support And as license quarters the last product know, overall, product business the and strengthening good as now we out feel revenue. relates growth. our dollar you pretty mentioned four But course our the we it of year. license, As trajectory the have we of three

item. so reasonable have that that And that we is seeing for line been a trend

Tyler Radke

maybe And last one Great. one.

buybacks past, you cash row the it's Now buybacks forward there going XXXX? a business. And more doing quarter? Is buybacks decision thinking talked of was and anything know have use confidence are how when the about about here you that behind in do this quarter again second in in the doing you have the I the in to

Phong Le

Yes.

Tyler, into go know, you several we factors whether we a have to do As that decide buyback.

a our our we had return strategy we the sort forward, fairly a be capital then, in in it value when returning to to of use are allocation we cash. general. primary And have You shareholders row now second via right, But strategy of as buybacks. is conservative And quarter multi-pronged. a our right, to shareholders a generally cash of continues have to comes look

Tyler Radke

Thank Okay. you.

Operator

line our of from comes the Thank you. next Khorsand And with Financial. BWS Hamed question

Your line now open. is

Hamed Khorsand

Hi.

I So the last this product U.S. talk you ask wanted those by you you since declining off, was, what's within could double-digits licenses in first are about market market? facing And headwind year? the to

Phong Le

numbers. would little of I what say, bit small a the law Hamed, Yes. it's

it I quarter when And particular to look so at any comes license wouldn't fluctuations. product

XX%. in about at million talk deal comes $X revenue the a Ultimately, number you can million that by to of slipped roughly So international $XX quarter split a the International a in end $XX we $XX fluctuate or million then and by of America coming falls the deals and it million. between sort at our take you two or say that XX%, million some range our and you and of $X in if domestic North into America North deal or

anything North But of in outstanding broadly quarter license America would drop-off a little that point QX. so had I And bit QX. in we We product had for there wouldn't that is to. a I an say

when you basis, look I year-over-year license strongest in, eight our we of one was have QX that on North quarters, quarters. American fact, believe, had a product In

a into So in QX drop-off necessarily isn't slight quarters. a future trend

Hamed Khorsand

new out and I market am to in hesitant. reason adopting you looking a coming Are domestic slow a just they why? and using Is it? if there have trying like understand at product just is

Phong Le

probably No. Actually, it's contrary. the I would say

you first start to core headquarters see expand our if then think location of at demand, and look that I to drive to tend internationally. we sort closer

I don't North et demand indicators, a So weaker think business. the would cetera pipeline, point American to

Hamed Khorsand

And then that matter curve? as of as the still the far workforce early use customers the are any during in you upgraded expanded in the too adoption have within seeing quarter, seats? Or is it the

Phong Le

early across MicroStrategy tell as far indicates bit to think upgrading more expansion it's talked And that of expansion the the a and have customers really the created as opportunity seeing, fact users big about, interest Michael then the in addition for the are would expansion. we quite with I of in set an lot at enterprise. as just there the opportunity first And our that we to in seat I interest quarter is pace enterprise. are across a HyperIntelligence. But say, the indicates

Hamed Khorsand

this there upgrades? your just to these lastly, up numbers else Is went deferred primarily this quarter. related And compared up? fourth to these quarter something moving Or revenue is

Phong Le

quarter. driver product our is that Yes. Hamed. the there, quarter-over-quarter in The largest increase QX renewal of support things overall deferred an is in There's few biggest revenue a fact

deferred system. And talked in as And of of drop coming some so piece then the when second our the then is, by just new go renewals through see up. product about volume, support result we deferred in had to our quoting QX big introduction of a that we revenue QX in higher revenue causes

so are to And that QX. on starting up we catch in

quarter-over-quarter, you increase if the seeing driver, And But that. so are we from seasonality. is primary look an

Hamed Khorsand

Okay. Thank you.

Operator

question of comes line with Analysis. Sparacino And you. Frank the our First next Thank from

line Your open. is now

Frank Sparacino

Thank you. me. guys. from just two Maybe questions Hi

those revenue First the is, just I license with cloud, create around assume to respect seem subscription. of a structured? that headwind to they it But customers that would cloud, in be being standpoint. are But majority the obviously look a how from deploy color maybe from standpoint, are may the Phong, contracting as comments long-term there contracts any would a helpful.

Michael Saylor

it. have want MicroStrategy we buy and customers to we it they however license a to Frank, platform Yes. cloud

license to term the MicroStrategy to license, So in a the then to we common named X,XXX in user it's enterprise license on said to term license if than a a term perpetual them the for And And is on-premise sell want cloud ask a to ask a it X,XXX platform the a we could But Linux term user they run would for cloud a customer term cloud. it wanted enterprise them the customer license enterprise license. that license, more we would were to if AWS, license in customer deployment. named MicroStrategy user for center. a it a user X,XXX a running their as MicroStrategy platform so for a do named an in that license to too. that would would be perpetual sell If they named data perpetual selling similar platform wanted license of Linux X,XXX

require If don't So perpetual that from license, sell perpetual buy demand term the customer license, the we don't license. license. a they term them. to wants it they them. a we sell experience, the my simple convert answer is, if a it that customer We want on they to only a a And term

Although I goal feels IT see easy and they wanting other is And to license be Like our think do and license. people I are business it's time the really a upon running depends really like I term their would the time, to half half. half like perpetual operations. say, a how It it just see half I with.

customers additional this and the So on-premise is practices sell other is back fact and I that value wouldn't us an functional forecast platform any opportunity much shifts in more more much than cloud elastic the than the go because to licensing for to major platform. existing

Phong Le

you look as Frank, what financials right. and other is line, that hosted thing you look our primarily One is at the cloud out, would platform, subscription services at Yes. I point our for we call

cloud so our and buying services. hosting operations AWS on cloud support providing or and and Azure are is solution, deploying And cloud customer we cloud a

product that too, pointed own own have And it perpetual in as demand We line. so Your of area been where who towards And has mentioned as point, that's as includes in product their cloud, and license increase licenses we revenue. which I term buys their What's our year in product bought licenses But that's perpetual what right, up Own lot that in have License. last Mike observation. had included a more and VPC. deploys the shows And that or or see a we customer an Bring that licenses. to licenses, as in out you improved could license, MicroStrategy in seen has to our so. trend Mike's be is The refer still

Frank Sparacino

one just either different some MicroStrategy is maybe just customers, don't seem yours. And statement, on, but been overall little than I the fair that alluded, follow-up the industry cloud. transition the would cloud. think a hesitancy I peers And a to of sort thoughts that's the peers bit the any from and know to of It in has lagging relates the I earlier way, Mike, you the by commentary but know as it if

Michael Saylor

to the are we have platform I different that created got Yes. a of offerings. cloud have There that than some Well, stripped-down some our approach think people peers. slightly

constraints. actually have stripped put and down memory they So functionality

hardware in are cloud particular that put a offering user focused simple, constraints they make have So functionality upon constraints cloud multi-tenant type others it environment. environment. There to or the a in order

customer the possible of single-tenant and kind application allow AWS amount create between environment back any and in or to with to environment, it own memory type deploying is to Azure approach make CPU it and to of of port again. their any Our and any

be And offerings or that's in do-anything-you-want. like a is the a be And are much in big to cloud you going of want to Domo there limit other pretty you some two are cloud that And price. arbitrage application the might order pretty to the build limited there the public like you a platform liability providers something or Azure. degree if our So to that single-tenant will complexity offerings best that. get

different XX applications that of production on money. backup and users mirrored of AWS, to across wanted that. Obviously, for could cost XXX hundreds you more deploy you do eight environments thousands environments continents would running If XX

million that wanted going offer you and Amazon in from you Microsoft missing year $X to an deploy out year you a system for million expenses the and Microsoft, were a cases, step. you go to back entire found some actually be money, way. paying It back in you If hardware that got and without also on could a save the up $XX other

kind and focused we government And wants on industrial to demanding that that's do very So creating appeal to or do a limitations other platform to or control have bank guard cloud their customer, it going way any a want we to or to wheels rails wants of upon it. they destiny strength avoided training enterprise it. the putting an a have

I think little harder. a that bit means that it's

we to offering are we to out different a version. doing. the offerings, in benefited AWS with it's the and And rolled my and that's at completely think don't But some are improve the people I year so working to other our version version think as have be the I market. of the Azure we what now we late between continue the experience, than of parity will Azure end

that responsibly at big doing the think that appropriate want. enterprises these rate, just things I we are moving

that we think our cloud But could a differently, it's cut in corners frame. we time interest. in different then to I delivered I that and define best the wanted offering probably not if customers' think have

my not dramatically talking strategy. in more I some continue mind, I to is when the other So functional just not some to we to will saying offering analytics focus cloud And I That's upon us be than customers the hear. that anybody and It to way. really to there's seems what am what am which hearing talking marketplace, our executing customers want.

everybody think differentiation prospects. But solution, market there's stage the own in this solutions. to I in it's some for all is an still their offering lot of set marketplace competitive early room and different or between the customers of their appeals which

Frank Sparacino

helpful. Very you. Thank

Operator

at questions this time. [Operator any Instructions]. am And I further showing not

like Saylor, turn the and now further to to CEO call would I for back President Mr. any Chairman, Michael remarks. So

Michael Saylor

being the for with everybody thank XX weeks. today. appreciate All support we you to to look We best. again want your with speaking I in us forward and

Operator

thank Ladies does conference. conclude participating program. today's in for This today's you and gentlemen,

have day. and disconnect a all great may You everyone

MicroStrategy (MSTR) 30 Apr 192019 Q1 Earnings call transcript