MSTR - Earnings call transcript Q4 2020 | MicroStrategy Incorporated

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Jeremy Price

Good evening, everyone. I’m Jeremy Price MicroStrategy Senior Vice President of Financial Planning and Analysis and Head of Investor Relations. I'll be your moderator for MicroStrategy is 2020 Fourth Quarter Earnings Webinar. And before we proceed, I will read the Safe Harbor statement.

Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. the materially including forward-looking in the recent filed differ various due our may XX-Q factors, important risk with results from statements these to most Actual SEC. factors discussed update We assume as today. forward-looking which speak of these no only statements, to obligation during to non-GAAP we'll financial refer call, today's measures. Also, certain at results available issued available are today our GAAP www.microstrategy.com. release earnings website showing Reconciliations were and versus and on non-GAAP in presentation, were our which know that would the webinar you I to and using questions all welcome bottom screen. at will today's to we the like you your feature taking be let Q&A of

submit when the end Saylor, Phong of can MicroStrategy. your that with submitting and to to and the will Please of session. Michael name be sure question. the Michael And You or to questions going call throughout over the provide Chairman I'm at name answer turn CEO company's them and your webinar your

Michael Saylor

the to operational welcome today MicroStrategy the financial Michael Phong of to Chairman the Le, here Saylor. CEO this with webinar our is our financial to of to Hi, all results fourth going results. regarding our I'm floor and I'd Financial I'm like is who our Officer. quarter and pass Chief XXXX to quarter. Phong you President for discuss like I'd here and

Phong Le

an Jeremy. Thank was year Michael. and exciting a what The Thank to transformational you, MicroStrategy. good you, fourth quarter finish was for

want detail. the Before underscore I company. review I key to highlights our in results XXXX quarter the from for fourth

modestly the notably performance the First the down for light year economic our of we environment. in year only revenue a of the strong. year in half had Total was second was sales solid and

drove progress billings cloud offering made current year-over-year. $XX.X XX, XX% as XXXX and our million towards our shift important December of subscription also up to We which

virtual the improve the embrace dramatically wave the structure business. and efficiency operating to of we cost Second,

from $X.X reduced million operating of million $XX.X dollars we and expenses in by the income For $XX.X non-GAAP non-GAAP increased million XXXX. year, operating XX% or

a to deploy substantial excess via treasury treasury rights. million first unique its repurchases utilize $XXX that the as share balance on to made MicroStrategy innovative We capital the the we primary our traded sheet to shareholders bitcoin reserve company an generate policy reserve instituted Third, return, shareholder value. publicly and

year, the for XX,XXX course billion Over of bitcoin. $X.XXX price purchased aggregate an price $XX,XXX bitcoins the average we an or per

XX As our billion. a January digital value had of market p.m. X:XX of assets in $X.X

our MicroStrategy generating a in Finally made regarding our decision as primary in strategy has leader bitcoin to bitcoin great corporation. reserve interest thought a our in market currency MicroStrategy asset pioneering make study crypto

to acquire in Going continue invest Bitcoin forward, strategy. plan various we to additional excess additional hold approaches explore and of our to overall flows corporate part our as bitcoin bitcoin cash

fourth a were a perspective, COVID-XX. in Subscription performance quarter year-over-year of XX% in quarter had was billings across XX% uncertain light the up up demonstrates each particularly From we objectives. revenue Our the demand and key of significant year-over-year. environment these success subscription macroeconomic solid related to quarter

QX, existing prospects companies driven we services included to and cloud customer adding to the software and to of presence converted conversions Our pipeline on-premise is by worldwide In new our of are business retailers pharma being major on-premise industry. existing and financial deployment. conversion our of subscription MicroStrategy’s with several for sales expand customers continue in

of will the migration seeing the and as analytics business, grade North a recent solution. in to our cloud of part and last accelerate our IT strong also the the to the exceptionally of believe MicroStrategy quarter like expectations years enterprise We remain as is segment Solutions and now. in the the have our preferred developing us enterprises following deals. for the to years. use HyperIntelligence differentiated well several of are subscription we deals and The of to needs. combination the unlikely the as intelligence an cloud ability revenue enterprise makes highly signed in American coming the vendor as MicroStrategy license in in favorable conditions telco. to our mix to The independent Product impact entire federal insights agency are performance third is to growing We with as offerings one of HyperIntelligence license refresh partners as shift continue a improved government brought and with strength without the enhanced move coming significant stack in we a performed in deferred business technology second strong ease our believe of the indication to Intelligence QX. delivered license HyperIntelligence quarters. the revenue in well product win of it's technical for the of encouraging and as business and investing a been we to We're aggressive Business to stack. a and platform complex and of modern leading result cloud strategic license performance line had discussed we and market and HyperIntelligence as that had us also year revenue. position business a was actionable we we manage large would quarter. years major our our suite As focus the to for embedded have see enabling move key of dossier positive QX, In platform is results business a and the library well the powerful their plans getting broader our half the Cloud improved more MicroStrategy demand IT a solid

win strong financial customers. quarter, in Fortune services sizable XXX the payments saw and existing signed with we During industry also customers with the a new a adoption

fully direct This important throughout an demand We're the Our a from strategy. our made year virtualized to ongoing into fourth also marketing we've are months process. our transformation demonstration and of now through positive go-to-market an is the quarter changes results the generation impact efforts. eight sales

and demand iterate to for practices generating continue we best refine virtually. As

We fraction a of customer see this lead transition with price. continue improvements very generation and returns engagement the to at positive from significant and

all our enterprise significant including HyperIntelligence, our and including and our SDK of pipeline library clients opportunities like scheduled even of next XXX generation dossier World reach BI demand functionality A been as SDK, in OEM platform. for with hosting Python to further typically and Highlights and modern more continues product a continued virtual through our great X,XXX Xth. We event analytics product drew key to this to plan MicroStrategy This establish desktop memory innovations and we include our management in more is of of years we that User on and that upgrades SaaS introduce as HyperVision, virtual improvements work application. the product. physical course more using upcoming the our greater get transition. in API February memory our conference event X Importantly, MicroStrategy Hyper data, benefits prospects ourselves our leading attendance customers quadruple this than capabilities week enterprise example for strong multi-tenant year XXXX plan Annual than to And HyperNow the countries. to embedded attendees. to cloud MicroStrategy solution, faster remains smart and We've through

In next as host provide on helps embraced both which a with excited in other talk speed line. a better We're performance. this $XX.X product go-to-market million companies up organization. to we've their will of XXXX, having luminaries we We're in and World fourth bitcoin the the about from Lower top updates within our positive and the bottom and roadmap and of everyone drive non-GAAP in use and QX, is how team. our marketing million expenses business week sales reduction on is driver proud effectiveness in and MicroStrategy significantly virtual space It non-GAAP operating bitcoin impact also MicroStrategy XX% had expense of the $XX how wave track will biggest together a for corporations who the where in operating XXXX. host to We part bring QX, quarter. we income

the our proceeds of the market in to our the of we net additional in XX,XXX In offering for to price our profitability target we non-GAAP was $XXX strategic upsize an quarter. convertible $XXX bitcoin of our fourth of the The shareholders. additional balance million confidence positive important million XXXX acquire way priorities. generate accordance balance treasury returns QX, during reserve which fourth convertible to successful enhance with sheet with deployed we substantially policy, strengthen $XX,XXX from the reaction improvement offering further utilizing validation sheet is quarter. an margin is an offering the our at buy average can We believe an during our initial Our encouraging sustainable operating gave a we operating our The notes us XX%. bitcoins

results finish takeaways to Day reiterating of key turning the from I'd by Before some like detail, our greater held we financial to Investor the in November. in

customers. XXXX we ever focus product and The should enables compelling strength. of customers MicroStrategy we make introduction the modern that confident We're value the and excited have opportunity been and the us of recently we to expand to as that to long-term HyperIntelligence made market and laid our the to growth easier investments for open in MicroStrategy of We with recent platforms introduction play the Most sustainable more advantage are trends. experience about than it significant The revenue will return market lie MicroStrategy. evolved release enterprise ahead of foundation portfolio years new ever for XXXX on and scale take favorable opportunities to has a HyperNow that analytics as it opportunities have profitability. these with have land our the of to facilitate

starting improve to structure year revenue on to cost XXXX growth our our our from Based is including constant transition ability accelerate in the generate cloud. performance goal to this currency Our and XXXX. our at

our We for to forecast operating million. to million non-GAAP are $XX updating $XX XXXX income

we positioned of our allocation is it indicator going operational cloud MicroStrategy investment for two well represents We believe to be is on success success meaningful forward. we should investors in investment priorities. opportunity. subscription our bitcoin. addition, remain focus momentum growth of the cloud judge top and additional in billings believe would Bitcoin compelling priority in price leading top which confident strategy billings is these would our make asymmetric appreciation In our fronts the compelling asset on XXXX and metrics of the best Subscription key

revenues of in $XX.X were managed in Subscription to increase quarter quarter Product platform. revenues our X% the quarter essentially cloud detail, business fourth revenue quarter or services our We're million fourth a the year-over-year the with and half the results our year-over-year pleased was related year-over-year. financial were flat decrease. fourth of in in and million services of year-over-year. conversions primarily subscription XXXX The $XX.X XXXX $X.X license bookings term decrease Product $XXX.X more the quarter fourth are GAAP license quarter. performance growing that our XXXX contracts were cloud of the reflects product perpetual year-over-year. in of XX% X% the revenues in licenses. for in growth XXXX of result revenues portion a the of customer million to was to XXXX down subscription the The term new Turning of decrease first in support in million

strategy Our our actively executing rates this strong term renewal licenses. annual customers remain migrate quarter. to we are And to

the continue this term move to support on-premise transition the revenue if to to license. to revenue while will to execute converts revenue product cloud from perpetual a we license customer with As continue product strategy, on customer’s subscription

services down was which up XXX% million. going to of XXXX XX% a expect by grow, we services Remote offset $XXX.X of deferred – due revenue increased consulting deferred and at primarily is subscription services revenue $XX.X revenue is largely our fourth to other X% decrease of support XXXX continue to in reflects X% Total to which increased revenue our services revenue product up impacting quarter-over-quarter. forward. Finally deferred the quarter in This December delivery we customers decreased expect services year-over-year partially XX, million which X%. year-over-year

product in deferred convert see quarter-over-quarter. number as were income platform driven in marketing essentially operating related currency managed subscription XX% staffing, is lower a and travel, leads. the mostly support decreases modifications year-over-year Total of million a was Total translations quarter-over-quarter. deferred revenue The existing year-over-year a quarter flat to positively our well. in events shift XXXX is corporate efficiency due as to one-time up to customers and cloud expenses in-person Foreign we expense a $XX.X impacted quarter non-GAAP support cost revenue reduction rent in by reductions XXXX in X% to and year-over-year XXX% more related headquarters deferred gain there to our increase fourth the the particularly of million and of and non-GAAP a XX% fourth by $XXX.X revenue services from decrease

purchaser's Turning quarter reserve notes bearing approximately from commissions expenses $XX.X policy average deducting from In $XXX net million customary by quarter. we an price net premium the $XXX treasury million was initial X.XX% XX.X%. price of to accordance the the sale an million convertible $XXX.X the in and company's per and of sale the with payable we with rate $XX,XXX $XXX.XX quarter fourth the we approximately proceeds cash conversion the notes discounts sheet, offering the in conversion for ended the XXXX, bitcoin. and initial of The the the notes of issued interest we invested In purchased of XX,XXX bitcoins MicroStrategy. balance in at after proceeds million of

bitcoins XX, if holdings holds our carrying charge $XX.X value purchase QX, price of impairment as an our bitcoin million holdings period. a of million GAAP the December decrease and incurred acquired We also of our an bitcoin which carrying lived XXXX billion inclusive bitcoin reflects of XXXX income the value which approximately are fair per account as fees losses value XXXX. tangible December bitcoin of its $X.XXX during in which the XXXXX $XX,XXX of for that of reflected purchase As We price holdings on to $X.X impairment cumulative The was were billion is approximately statement. approximately a subject – assets an $XX.X loss at aggregate as aggregate an charge below of reported of a intangible an our impairment average XX, expenses. company indefinite,

per in market bitcoin. March, our the income of operating We each are earnings lower non-GAAP value and at We the quarterly required our impairment holdings of bitcoin operations. charges spare impact diluted since price exclude non-GAAP bitcoin acquisition share from

including to potential we’ll sheet repurchases. manage actively share Going forward, continue our balance

There positive turn that to treasury expect with on on expenses. XXX bitcoins corporate allocation price or I'll to MicroStrategy. cash other an performance saying a beyond should what are policy a excited approximately XXXX for and happening over for business You need for we we for lot repurchase by $XX,XXX policy talk product with we we're about this generate at basis innovation, and of company's per in fees will by call Consistent of finish announced bitcoin our about average we're $XX purchase day-to-day we Michael XX, strategy XXXX encouraged deploy that of our additional in and the bitcoins approximately the the run things purposes. potential more million will to January MicroStrategy the And to detail. World XXXX. capital I our inclusive

Michael Saylor

less power HyperNow environment cutting in HyperIntelligence XXXX really MicroStrategy’s about cloud the I'm a think exciting we multi-tenant the than the really development is really excited Phong. opportunities about Thanks forward in people looking we have technology an the represents edge giving out if of of of strategy. business hour. HyperIntelligence really

of it tens and going installations HyperNow office human employees. on of and on even the an phone, a company plug our then mid-sized mix possible of a without build partners out talking or week-day deploy gives software of the we've for thousands enterprise Singapore into the If be a the It's made SaaS Saturday cloud all offering, in sign also a compelling to integrate thousands plug not out website afternoon just and upgrades application going nice lot of databases, out us of scalable thousands, of all labor we can security, into just up of in into the take our downloads HyperIntelligence. it HyperNow their to one mix HyperIntelligence. the and their all because HyperIntelligence the Customers for the we're because compelling. to their without and on really exciting find think of hundreds it's of deploying anybody XXXX. is to I it’s not

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Jeremy Price

monetary of look network the bitcoin for the business role we'll and evolving will Michael. We've Michael, future of a bitcoin that and in good a start beyond envision company here you company off in the MicroStrategy leverages expand being – treasury participation go how bitcoin bitcoin with got education? will you, Thank growth the leader to software the you questions some do network the the Michael. build

Michael Saylor

we're actively our the best bitcoin all for a the in HyperIntelligence. the way intelligence all the value to in with activities the in strong studying and the team existing add to have business and determine process industry industry the and We and us industry data

have don't we anything to we now. announce, ready right Although that are

the at our about the in enthusiastic right the are the industry right to We to time opportunity fashion. bring intelligence

Jeremy Price

All right.

of a as screen the at your ask Just please to Q&A feature bottom zoom use order reminder, the in questions.

XXXX question the we growth Phong, in around momentum should cloud how think of license Next given about subscription? the for in

Phong Le

the Yes thanks, to about ability excited transition Jeremy. the Obviously to cloud. we're pretty

process. We are still early in that

saw cloud of think XX% year-over-year XX% as cloud in a billings I that I noted, and year-over-year on basis on an growth cloud growth QX we basis. saw in year-over-year our was where on our growth off we revenue XX% a basis on billings a

So, cloud on it’s our come momentum. revenue. recognized a transition we're through depressing see up many to study and models so revenue ratable when although people see good we Obviously that. basis And subscription slightly license experienced have it on starting product early ends

higher that were QX, that flat said, So have license year. in revenue speaking for generally full from and is cloud we QX, our growth if flat not revenues. would the for seen product All

to transition change I growth with is not a growth not potential and license see positive from think of across outcome all growth think in segment. as I in product across start a cloud. revenue, perpetual cloud and our XXXX is our we impact goal significant significant to in licenses in accelerate My a momentum that both. business our we our revenue to its the see that And see our

Jeremy Price

you, thank Good, Phong.

question to this who you of Next some to asked have allow others purchase version to equity people issuing of planning I convertible you offering securities and there more this. do are or another a couple debt debt think have bitcoins? considered you or or Are

Michael Saylor

continuously capital capital the in as markets. We're position, evaluating the continuing well conditions and market our as

makes We for comment any conducted it's while on it we think would operate as it inappropriate capital raise future to me business have financial our sufficient it's to additional to be sense liquidity if to, plans. currently possible

Jeremy Price

purchase bitcoins Okay and will periods? question think I additional in you there is, a follow-up future

Michael Saylor

an Well bitcoin strategy. is overall important part our of

hold will will part explore bitcoin excess additional various our we as corporate we'll additional to So plan bitcoin. bitcoin flows continue to acquire to strategy. invest going cash And forward, in general we our approaches of

Jeremy Price

All right, thank you Michael.

Let's see just bitcoin a here. investment Are you a or software vehicle? company

Michael Saylor

leader and services. analytics software global a enterprise We’re

but over we We bitcoins strategy, at of a we part same to years. bitcoin I time have the as an our mean, have continue last the the strategy. software important XX operate business

just In company. addition think best going mind we're going additional grow to and in going two way balance if software to the our enterprise software acquire we've them very pursue enthusiastically. got so to on strategies that's Then the I We're sheet. business about we're that our the think both to to you keep strategies bitcoin

Jeremy Price

This at on bitcoin strategy is prices? and bitcoin selling All question, lower your buying one right. bitcoin another high depend back does more

Michael Saylor

it doesn't. no, No,

over is belief Our monetary early holders effective going bitcoin that to and network digital the it's individual grow are first the every It's problem to that early problem. and time. adopters. solution adopters. investor’s is We're The every company's bitcoin

more adopt use corporations And bitcoin’s of it more the so, store they and as value. a and standard as

network capital to just as energy, hedge a it the mutual and overall monetary funds time. the assets. use is if assets a individuals price flows fixed nature investors is use is in the a that amount I've because market of the the And more of as as to to to amount total of going a you it go value, from Bitcoin, value, in of As - many free and store up. store there's in free increase flowing strongest into the And means the more of the just market going said funds amount capital weakest people, as

in the as as one get strengthening. forever, flows were markets where dollar versus to adjusting collapse long a highest in Venezuela, had to Bolivar and free the up and capital value is the And you were currency Well, think and you in is return. like continuously you continuously capital Bolivar. If the you had weakening, the currency I that going other is go an the dollars economy as Venezuelan had place the

it. because that energy into think money, or technically the capital superior asset, I is monetary Bitcoin it's sound will think more flow I more thermodynamically and

why asset gold price wealth, I continue. trillion there's think replace reason the certainly, shouldn't it will and class. nonsovereign a store is And no gold of as a $XX

may point market. that, the a we and out trade gold. and adopted that than people the be future, there's more is shareholders. invent comes we particular we'll which our try asset So we share something any Bitcoin safe ever you money and stronger that better, seems more better And asset than down If, of to bigger reserve Bitcoin market. But haven God think don't that time strategy. We treasury the to better into and our would that, asset. at don't and in becomes and see superior well, with technically and dynamically and right a strongest a incorporate now, Bitcoin

up. probably at going that intend it prices just we are we'll to do So progressively more Bitcoin. And acquire

looking did about down, time is or at did did a when did $XX,XXX, it it way then think really we we buyers, at $XX,XXX, it out acquired think I we the then then this. the Bitcoin we're attempting dipped at and at when $XX,XXX. not which right think We're market. to decade $XX,XXX, it and strategic we at We're we to we $XX,XXX longer,

Jeremy Price

going I'm to Phong here. Michael. give you, to Thank right. a All question

too process? and or think CFO frame time mentally Bitcoin a on their balance to whole what's on been of average traded for commits the publicly the blockchain a working From has I sheet, a confirms it CEO the hard. their the buying is company company, for Michael to time time the

Phong Le

in straight one-size-fits-all governance need really to decide for the If we'll right that traded publicly issues There Bitcoin faster. Bitcoin. a Summit be or answer. be fund, invest and answer There's company could bit depends it's platform, Yes, identify through are good quite directly next no custom of through. invest on into sort Corporations decide in they actually and they how to issues it exchange or question to that our might decide a it. the take a week. to It addressing to could and in be invest right something a longer they the controls as worked the custodian Bitcoin If corporate on associated custodians, solution, treasury and a

nine detailed wants the months fund, So be structure matter of how done if literally weeks and a in take as as to depending governance or corporation the invest via a on months, it somebody can corporate in. long be it could wanted and to six

Jeremy Price

Thank you, Phong.

services Bitcoin storage Next are solution using being the or question cold is, of custodian MicroStrategy a company self-custody is third-party for a holdings utilized?

Michael Saylor

thanks for We can't for reasons, that unfortunately, but security comment on asking.

Jeremy Price

got interested acquiring cryptocurrency All another diversifying beyond cryptocurrencies question. or right. Are We've in you other Bitcoin?

Michael Saylor

this Phong? Is for for me or

Phong Le

that one, I'll let you take Mike.

Jeremy Price

This Mike. you, for is

Michael Saylor

Yes.

as asset use Our is network. proof reserve i.e., of if of Bitcoin case It's that money crypto asset long-term the value, the view That store is gold. or dominant treasury makes winner an is a XX% digital grade institutional it crypto asset. work

in most investors. essence, digital one our by we secure, that what grade from was the was adopted in with world, most institutional that Bitcoin. one the was, would wanted treasury And So that monetary the gold the dominant other network be

capital reward risk are and different the investment have are think cryptos venture investments, like theses. other I a more They they profile.

of treasury so have so And us. to wouldn't portion appropriate don't allocated a capital, venture our we it be for

Jeremy Price

assume, free X% of flow? Thank based million over that would five CAGR $XXX revenue? one will XX% Phong. right. for generate will total during cash be total subscription over Michael. do on you conservative current product This you, to When All agree it's say, revenue let's years your revenue your become think the to and of grow, offering, X% you the next And to

Phong Le

Yes.

interesting of in So a lot there. questions

and First, $XXX we million about million on revenue, revenue $XX We're, it's subscription. think total revenue support right revenue, now, think subscription versus subscription so our have in probably revenue, way of split support the of XX% I about it. in you maybe

cloud, to move to maintenance mix and level are them change We subscription to better paying every perpetual whole looking to working higher right, and going on. not on-prem is are aggressively shift, move the We quality customers currently customers. that a that customer, organization force that the to customers think we're a customer it's of ready to is who not engagement, to move That something it's cloud. said, hard the and

What version this XXXX our we our our time, as all at forcing our SaaS that it's a and in upgrade big our customers lot move when year over to to I think is this we'll pace we'll our what customers. better call of because move an them program then a had what year we pacing? We to after fast going respect enterprise customers like with cloud. MicroStrategy, to core as and cloud. So latest have can have move program we move think And part to to not to business. we'll our the a important customers forward, we'll know we're can

call As three far that think XX% long-term achieve as our talked it we We to Analyst where plan, growth revenue levels, about a five years, Day. can growth. about we in talked we've our

that specific I X% don't can X% as reinvest think cash not or translate corporate But think think to And that that next it can flow that the we generated purposes years? Bitcoin. more we so does to business five can from get range the we over into Now is we of for quite unreasonable. a CAGR some incremental see result that, we yet.

Jeremy Price

in your lot there Thank annual asset year-over-year? you, Bitcoin is financial of indefinitely Bitcoin tests, a not impairment will accounted for question as how being an you volatility in And lived the Phong. next in be statements? with of are price the is, hedging If intangible the volatility financials

Phong Le

as accounting call or and be asset, Bitcoin. market call that's an of those to, get write-down as wallets' Yes. low price take accounting sort each based report. we Bitcoin. there versus that the into we've result, in impact stock well in is the our of a every at market think financials someone I out between perceived - in on Bitcoin each a every value I'll at book our QX and book and I'll it value very earnings single market How to, and It's mature. good And a as value that the look And it's And transparency might we balance we wallets What saw market as and both of the and sort prevailing disconnect that GAAP but quarter, the you of back we changes intangible is we that impair provided the it's our is perceived we done exchange led what QX. I sheet And that our value that think a one non-GAAP and a it, of interpret there's our price. current financial in Bitcoin of understands of on the what's Bitcoin our potential one better. statements the, book our can means, of of our value value question, what understand and it, may very creates look

as of do result. of call it, volatility assets we our other, I'll don't any really hedging need So Bitcoin to the a

Michael Saylor

don't think if don't the I Jeremy, Bitcoin. the idea I hedge Bitcoin. would we hedge be piggyback, to a it could And good

with value think hand-in-hand and of Bitcoin. the that volatility the appreciation I the the comes

the So over strategy. We any be on return the mistake losing to theoretical it's a alpha hedging particular the would or time. Bitcoin pursue

Our financing five time years. frame is

We note. have convertible five year

general. the day, of is course over business against financing have itself the we the five to look at year. volatility week, marked a a don't even And or The So a we against value Bitcoin month over the of certainly years, really financing Bitcoin. a the any don't just the in

volatility not us midterm overly I would or Bitcoin, very patient, So with long-term as that a even holders for matter. characterize near-term concerned being

Jeremy Price

to questions right. going I'd it call. to like both closing for and to I'm for the submitting turn thank answers. remarks. for Thank back over everyone All participating some in you Michael those And

Michael Saylor

want Okay, to thank joined I today. Jeremy. everybody us that

For call, then, all support. again you thank the look speaking weeks. with on best. you our And to XX for We until your forward in shareholders the

MicroStrategy (MSTR) 29 Jan 212020 Q4 Earnings call transcript