MCLEAN, Va., Oct. 30 /PRNewswire-FirstCall/ -- MicroStrategy® Incorporated (Nasdaq: MSTR), a leading worldwide provider of business intelligence software, today announced financial results for the three-month period ended September 30, 2007 (the third quarter of its 2007 fiscal year).
Third quarter 2007 revenue was $95.8 million versus $77.7 million for the third quarter of 2006, a 23% increase. This marked the nineteenth consecutive quarter of year-over-year revenue growth. Product licenses revenue for the third quarter of 2007 was $30.2 million versus $24.5 million for the third quarter of 2006, a 23% increase. Product support, services and other revenues for the third quarter of 2007 was $65.6 million versus $53.2 million for the third quarter of 2006, a 23% increase. Revenues from non-core operations, which consist of Alarm.com and MicroStrategy's Angel.com business unit, were $6.4 million for the third quarter of 2007 compared to $2.1 million for the third quarter of 2006. The cost of revenues attributable to these non-core operations was $4.0 million for the third quarter of 2007 compared to $1.0 million for the third quarter of 2006.
Operating expenses for the third quarter of 2007 were $51.2 million versus $42.8 million for the third quarter of 2006, a 20% increase. The increase in third quarter operating expenses was primarily due to an increase in the worldwide employee headcount of our core business intelligence (BI) business and reflects the continued expansion in the third quarter of 2007 of our worldwide sales and services organization and administrative and IT support functions. Operating expenses related to Alarm.com and Angel.com were $3.5 million in the third quarter of 2007 compared to $2.7 million in the third quarter of 2006, a 30% increase. Third quarter 2007 consolidated income from operations increased by 24% to $28.6 million, or 30% of revenue, versus $23.2 million, or 30% of revenue, for the third quarter of 2006. Net income for the third quarter of 2007 increased to $19.3 million, or $1.51 per share on a diluted basis, compared to $17.0 million, or $1.27 per share on a diluted basis, for the third quarter of 2006.
During the third quarter of 2007, MicroStrategy repurchased 264,157 shares of its class A common stock for $17.9 million at an average price per share of $67.74, including broker commissions. As of September 30, 2007, MicroStrategy had 9,384,497 shares of class A common stock and 2,775,244 shares of class B common stock outstanding.
"We are very pleased with our third quarter results, as we generated solid revenue growth across all lines of business and an operating margin of 30% while continuing to enhance our global business capacity," said Arthur S. Locke, III, MicroStrategy's Vice President, Finance & Chief Financial Officer. "We believe that these results reflect the benefits of a focused and disciplined investment strategy, aimed at increasing our capacity to drive new business, maintaining strong relationships with our customers, expanding product development, and strengthening our corporate infrastructure."
New Customers and New Deals with Existing Customers in Q3 2007 Included:
AIM Healthcare Services, Inc., American Signature, Inc., Boscov's Department Stores, Canadian Institute for Health Information, Capitol Indemnity Corporation, Cascade Corporation, Classic Residence by Hyatt, Countrywide Home Loan, Einstein Noah Restaurant Group, Inc., First Franklin Financial Corporation, Guitar Center, Interstate Batteries, KB Toys, Inc., La Capitale Assurances Generales, Liz Claiborne, Inc., Meredith Corporation, Micro Electronics, Inc., Nationwide Mutual Insurance Company, Northwest Evaluation Association, Nygard International, Reitmans Canada Limited, Rheem Manufacturing, Ross Stores, Inc., Saint-Gobain Abrasives Inc., Spansion, TSA Corporate Services, Inc., Unified Western Grocers, Verisign, VHP, Weil-McLain Company, and Yahoo!
Examples of Customer Deals from Q3 2007:
AIM Healthcare Services, Inc.
A leader in healthcare business solutions, AIM exists to reduce the cost of healthcare and simplify healthcare information management. AIM recently selected MicroStrategy as its business intelligence standard, using MicroStrategy for multiple business intelligence applications across the organization. Currently, AIM users produce more than 10,000 MicroStrategy- based reports each month for enhanced insights into key areas of the business, including accounting, operations, and client management.
Interstate Batteries, the leading automotive replacement battery brand in North America, has expanded its deployment of MicroStrategy. MicroStrategy's dashboards will enable Interstate Batteries' management to monitor key financial metrics and seamlessly drill into detailed reports to view underlying data on the company's full line of battery products, including batteries for cars, boats, commercial vehicles, and motorcycles. Interstate Batteries currently uses MicroStrategy for enhanced visibility into sales performance and historical sales trends.
Meredith Corporation is one of the nation's leading media and marketing companies, with businesses focused on magazine and book publishing, television broadcasting, integrated marketing, and interactive media. Meredith Corporation's business users depend on MicroStrategy to track the performance of marketing campaigns and use the information across all of the company's publications and campaign types. Meredith Corporation has identified numerous advantages of its MicroStrategy projects, citing reduced charges with fulfillment vendors, higher employee productivity, and greater focus on planning and implementing marketing campaigns. Meredith cited ease-of-use and scalability as reasons it recently expanded its use of MicroStrategy.
Reitmans Canada Limited
Reitmans, Canada's largest women's specialty retailer, has expanded its MicroStrategy implementation. A MicroStrategy customer for more than five years, Reitmans relies on MicroStrategy as the reporting solution for their assortment and planning applications. Reitmans chose MicroStrategy for its integrated architecture, self-service, and scalability to support a growing user base and increasing data sizes. Founded in 1926, Reitmans operates over 950 stores under seven divisions.
General Availability of MicroStrategy Mobile™ and MicroStrategy Integrity Manager™:
MicroStrategy Mobile, which was included in MicroStrategy's September 2007 software release, enables business users to receive the same reports on their BlackBerry® smartphone that they receive on their desktop, without the need for reformatting or retrofitting existing reports. Each user can design and save his own personal report preferences to create optimal viewing of even the largest reports on his BlackBerry smartphone. Saved reports can also be accessed offline or when the BlackBerry smartphone is not within connectivity range.
"After evaluating building our own mobile solutions as well as other commercially available products, we found MicroStrategy Mobile to be intuitive and feature rich, and we plan to use it for a large deployment all the way up to our CEO," said Len Nicolas, COO and CTO at Nygard International. "The fact that Nygard's existing reports can be viewed on a mobile device without modification is a major advantage for both our Business Intelligence team and, more importantly, for the users. We are working on several different mobile applications for BlackBerry smartphones, and we anticipate that this will save us time and money. MicroStrategy has really set the standard on this one."
"Today's workers are on the go but they don't want to leave their data behind," said Wayne Eckerson, Director of Research at The Data Warehousing Institute. "Mobile BI technology is the next wave in advancing the delivery of analytical information to business users via wireless devices. Delivering interactive reports to BlackBerry smartphones and other mobile devices is the next step in making BI truly pervasive. MicroStrategy is on the forefront of this new wave with its latest release."
To find out more about MicroStrategy Mobile, visit http://www.microstrategy.com/Software/Products/User_Interfaces/Mobile/
MicroStrategy Integrity Manager, which also was introduced as part of MicroStrategy's September 2007 software release, tests the accuracy of BI applications by validating data and report integrity. MicroStrategy Integrity Manager automates the report comparison process and verifies the consistency of reports as changes are made to the BI ecosystem.
Despite the increasing importance of BI applications, BI support teams may fail to validate report and data integrity if the validation process is too labor intensive and time consuming. MicroStrategy Integrity Manager automates this process and identifies inconsistencies and errors, enabling business people to rely on the accuracy of their BI reports and analyses.
"MicroStrategy Integrity Manager reduces the need for resource-intensive manual testing, and automates regression tests for all planned changes in the entire BI ecosystem," said Natalie Pikouliak, Business Intelligence Manager at Katz Group Canada.
"Integrity Manager goes beyond simple impact analysis, providing full regression testing for any number of potential system changes," said Cindi Howson, founder of BIScorecard and author of Successful Business Intelligence: Secrets to Making BI a Killer App. "Integrity Manager will do before-and-after report comparisons to tell an administrator the impact of the change, warning if there are differences in the data values, if the SQL generated is different, or if the output format is affected. Not only will Integrity Manager tell you that there is a difference, it also highlights the differences in the numeric values, SQL, or display. Of leading BI vendors, MicroStrategy is first to market in providing such an important capability to managing enterprise-class BI."
To find out more about MicroStrategy Integrity Manager, visit http://www.microstrategy.com/integritylaunch
OEM Partner Update:
In the third quarter, MicroStrategy announced that it had entered into agreements with 50 OEM Partners since 2004. These OEM Partners are leveraging the MicroStrategy platform to augment their own products and solutions with dashboards, reporting, and analysis capabilities. By enhancing their product capabilities with business intelligence, OEM Partners can differentiate their products from competitors, increase customer satisfaction, and create new revenue streams. MicroStrategy's OEM Partners include a broad range of companies across many different vertical industries.
MicroStrategy's business intelligence platform provides integrated reporting and analytics, allowing OEM Partners to easily add reporting, dashboarding, analytical, and alerting applications to their existing software solutions. These new reporting and analytic components can be added with minimal development costs or resources. The MicroStrategy platform is engineered using an open standards-based architecture for reliability, scalability, security, and central administration, enabling seamless integration into an OEM Partner's application. MicroStrategy provides a Software Development Kit to its OEM Partners to allow them to deeply embed and white-label MicroStrategy within their own interfaces.
MicroStrategy 2007 Events:
MicroStrategy hosted a one-hour Webcast on October 3, 2007 entitled "8 New Dashboard Breakthroughs." The Webcast featured advances in dashboards and demonstrations of MicroStrategy's highly intuitive Dynamic Enterprise Dashboards, along with commentary from Wayne Eckerson, Director of Research at The Data Warehousing Institute and insights from MicroStrategy customers Corporate Express and Hallmark. Approximately 800 people participated in the Webcast, from more than 45 countries.
On October 18, 2007, MicroStrategy hosted a Webcast featuring BI analyst Cindi Howson and demonstrations of MicroStrategy Mobile and MicroStrategy Integrity Manager. MicroStrategy plans to host a Webcast entitled "Introducing MicroStrategy Mobile: Supporting the Data Needs of a Mobile Workforce" on November 15, 2007. This Webcast will showcase MicroStrategy Mobile and include product demonstrations, insights from MicroStrategy customer Nygard, and commentary from a Research in Motion representative. For more information on the Webcast, visit http://www.microstrategy.com/IntroToMobile.
The MicroStrategy Fall Symposium was held in Chicago, October 16-17, 2007. The event featured demonstrations of the latest advances in the MicroStrategy platform, including MicroStrategy Dynamic Enterprise Dashboards™, MicroStrategy Mobile, and MicroStrategy Integrity Manager. In addition, MicroStrategy customers shared best practices in deploying business intelligence applications in their organizations. The Fall Symposium customer speakers included McDonald's, Classic Residence by Hyatt, Hallmark, Things Remembered, Payless ShoeSource, Spartan Stores, and Quixtar.
The final MicroStrategy Symposium of the year will be held in Paris, November 13-14, 2007. Some of the companies scheduled to present in Paris include Cetelem, SFR, Groupe Danone, Alcatel-Lucent, DIM Branded Apparel, Carrefour, Fnac, and COFEL.
MicroStrategy recently held a Technology Day in Milan, Italy and is planning four Technology Day events in November, with venues in Charlotte, Washington DC, Zurich, and Toronto. These one-day events offer a technical and a business track, with practical tools to enhance business intelligence initiatives.
MicroStrategy will hold its 11th Annual User Conference, MicroStrategy World 2008, January 14-17, 2008 at the InterContinental Miami in Miami, Florida. The conference will feature dozens of customer speakers from industry-leading organizations, more than 100 educational sessions, and an exhibit hall showcasing MicroStrategy partners. MicroStrategy World 2008 will also include an update on the company's latest technology advances, insightful keynote presentations, and networking opportunities.
MicroStrategy Recognized by Forbes:
MicroStrategy was recently named to the Forbes 200 Best Small Companies in America list. The candidates for Forbes 200 Best Small Companies all had revenue of $5 million to $750 million and share prices above $5, as of October 1, 2007. Forbes judged the companies according to return on equity, as well as sustained sales and net profit growth over 12-month and five-year periods. MicroStrategy was ranked #63 on the list.
About MicroStrategy Incorporated
Founded in 1989, MicroStrategy is a global leader in business intelligence (BI) technology. MicroStrategy provides integrated reporting, analysis, and monitoring software that helps leading organizations worldwide make better business decisions every day. Companies choose MicroStrategy for its advanced technical capabilities, sophisticated analytics, and superior data and user scalability. More information about MicroStrategy (Nasdaq: MSTR) is available at www.microstrategy.com.
MicroStrategy, MicroStrategy 8, MicroStrategy Business Intelligence Platform, MicroStrategy Dynamic Enterprise Dashboards, MicroStrategy Mobile, and MicroStrategy Integrity Manager are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
This press release may include statements that may constitute "forward- looking statements," including estimates of future business prospects or financial results and statements containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the "Company") to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the ability of the Company to implement and achieve widespread customer acceptance of its MicroStrategy 8 software on a timely basis; the Company's ability to recognize deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company's products in the marketplace; the timing of significant orders; delays in the Company's ability to develop or ship new products; market acceptance of new products; competitive factors; general economic conditions; currency fluctuations; and other risks detailed in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.Contact:
MICROSTRATEGY INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2007 2006 2007 2006 (unaudited)(unaudited)(unaudited)(unaudited) Revenues Product licenses $30,210 $24,494 $68,608 $70,738 Product support, services and other revenues 65,634 53,171 184,470 150,531 Total revenues 95,844 77,665 253,078 221,269 Cost of Revenues Product licenses 713 826 2,156 2,122 Product support, services and other revenues 15,294 10,883 44,284 29,752 Total cost of revenues 16,007 11,709 46,440 31,874 Gross profit 79,837 65,956 206,638 189,395 Operating Expenses Sales and marketing 28,843 21,518 80,050 61,800 Research and development 9,626 8,794 26,260 25,776 General and administrative 12,748 12,469 38,616 33,935 Amortization of intangible assets 18 18 54 53 Total operating expenses 51,235 42,799 144,980 121,564 Income from operations 28,602 23,157 61,658 67,831 Financing and Other Income Interest income, net 927 583 2,782 2,062 Gain on investments - 14 - 14 Other expense, net (809) (208) (804) (876) Total financing and other income 118 389 1,978 1,200 Income before income taxes 28,720 23,546 63,636 69,031 Provision for income taxes 9,385 6,574 22,843 20,508 Net income $19,335 $16,972 $40,793 $48,523 Basic earnings per share $1.57 $1.34 $3.29 $3.70 Diluted earnings per share $1.51 $1.27 $3.15 $3.52 Basic weighted average shares outstanding 12,286 12,707 12,416 13,097 Diluted weighted average shares outstanding 12,771 13,325 12,953 13,766 MICROSTRATEGY INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Core BI Business Alarm.com Three Months Three Months Ended Ended September 30, September 30, 2007 2006 2007 2006 Revenues Product licenses $30,210 $24,494 $- $- Product support and services 59,196 51,115 - - Alarm.com hardware and services revenue - - 4,613 850 Angel.com telephony services - - - - Total revenues 89,406 75,609 4,613 850 Cost of Revenues Product licenses 713 830 - - Product support and services 11,276 9,901 - - Alarm.com hardware and services - - 3,511 701 Angel.com telephony services - - - - Total cost of revenues 11,989 10,731 3,511 701 Gross profit 77,417 64,878 1,102 149 Operating Expenses Sales and marketing 26,931 20,042 300 311 Research and development 8,615 7,963 347 280 General and administrative 12,147 12,060 594 409 Amortization of intangible assets 18 18 - - Total operating expenses 47,711 40,083 1,241 1,000 Income (loss) from operations 29,706 24,795 (139) (851) Financing and Other Income Interest income, net 927 583 - - Gain on investments - 14 - - Other expense, net (809) (208) - - Total financing and other income 118 389 - - Income (loss) before income taxes $29,824 $25,184 $(139) $(851) Provision for income taxes Net income Angel.com Consolidated Three Months Ended Three Months Ended September 30, September 30, 2007 2006 2007 2006 Revenues Product licenses $- $- $30,210 $24,494 Product support and services - - 59,196 51,115 Alarm.com hardware and services revenue - - 4,613 850 Angel.com telephony services 1,825 1,206 1,825 1,206 Total revenues 1,825 1,206 95,844 77,665 Cost of Revenues Product licenses - (4) 713 826 Product support and services - - 11,276 9,901 Alarm.com hardware and services - - 3,511 701 Angel.com telephony services 507 281 507 281 Total cost of revenues 507 277 16,007 11,709 Gross profit 1,318 929 79,837 65,956 Operating Expenses Sales and marketing 1,612 1,165 28,843 21,518 Research and development 664 551 9,626 8,794 General and administrative 7 (a) - (a) 12,748 12,469 Amortization of intangible assets - - 18 18 Total operating expenses 2,283 1,716 51,235 42,799 Income (loss) from operations (965) (787) 28,602 23,157 Financing and Other Income Interest income, net - - 927 583 Gain on investments - - - 14 Other expense, net - - (809) (208) Total financing and other income - - 118 389 Income (loss) before income taxes $(965) $(787) 28,720 23,546 Provision for income taxes 9,385 6,574 Net income $19,335 $16,972 Basic earnings per share $1.57 $1.34 Diluted earnings per share $1.51 $1.27 Basic weighted average shares outstanding 12,286 12,707 Diluted weighted average shares outstanding 12,771 13,325 (a) An insignificant amount of general and administrative services is provided to the Angel.com business unit by MicroStrategy's core business operations. Core BI Business Alarm.com Nine Months Ended Nine Months Ended September 30, September 30, 2007 2006 2007 2006 Revenues Product licenses $68,608 $70,738 $- $- Product support and services 166,621 144,781 - - Alarm.com hardware and services revenue - - 12,932 2,308 Angel.com telephony services - - - - Total revenues 235,229 215,519 12,932 2,308 Cost of Revenues Product licenses 2,156 2,122 - - Product support and services 33,481 27,132 - - Alarm.com hardware and services - - 9,360 1,874 Angel.com telephony services - - - - Total cost of revenues 35,637 29,254 9,360 1,874 Gross profit 199,592 186,265 3,572 434 Operating Expenses Sales and marketing 74,683 58,097 828 681 Research and development 23,048 23,721 1,134 774 General and administrative 37,117 33,032 1,492 903 Amortization of intangible assets 54 53 - - Total operating expenses 134,902 114,903 3,454 2,358 Income (loss) from operations 64,690 71,362 118 (1,924) Financing and Other Income Interest income, net 2,782 2,062 - - Gain on investments - 14 - - Other expense, net (804) (876) - - Total financing and other income 1,978 1,200 - - Income (loss) before income taxes $66,668 $72,562 $118 $(1,924) Provision for income taxes Net income Angel.com Consolidated Nine Months Ended Nine Months Ended September 30, September 30, 2007 2006 2007 2006 Revenues Product licenses $- $- $68,608 $70,738 Product support and services - - 166,621 144,781 Alarm.com hardware and services revenue - - 12,932 2,308 Angel.com telephony services 4,917 3,442 4,917 3,442 Total revenues 4,917 3,442 253,078 221,269 Cost of Revenues Product licenses - - 2,156 2,122 Product support and services - - 33,481 27,132 Alarm.com hardware and services - - 9,360 1,874 Angel.com telephony services 1,443 746 1,443 746 Total cost of revenues 1,443 746 46,440 31,874 Gross profit 3,474 2,696 206,638 189,395 Operating Expenses Sales and marketing 4,539 3,022 80,050 61,800 Research and development 2,078 1,281 26,260 25,776 General and administrative 7 (a) - (a) 38,616 33,935 Amortization of intangible assets - - 54 53 Total operating expenses 6,624 4,303 144,980 121,564 Income (loss) from operations (3,150) (1,607) 61,658 67,831 Financing and Other Income Interest income, net - - 2,782 2,062 Gain on investments - - - 14 Other expense, net - - (804) (876) Total financing and other income - - 1,978 1,200 Income (loss) before income taxes $(3,150) $(1,607) 63,636 69,031 Provision for income taxes 22,843 20,508 Net income $40,793 $48,523 Basic earnings per share $3.29 $3.70 Diluted earnings per share $3.15 $3.52 Basic weighted average shares outstanding 12,416 13,097 Diluted weighted average shares outstanding 12,953 13,766 (a) An insignificant amount of general and administrative services is provided to the Angel.com business unit by MicroStrategy's core business operations. MICROSTRATEGY INCORPORATED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) September 30, December 31, 2007 2006 Assets (unaudited) (audited) Current assets Cash and cash equivalents $75,725 $78,980 Restricted cash and investments 2,875 3,799 Accounts receivable, net 52,782 54,468 Prepaid expenses and other current assets 9,366 8,649 Deferred tax assets, net 29,038 29,510 Total current assets 169,786 175,406 Property and equipment, net 10,136 11,102 Capitalized software development cost, net 2,903 1,903 Deposits and other assets 11,417 2,461 Deferred tax assets, net 35,795 57,944 Total Assets $230,037 $248,816 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued expenses $20,947 $24,378 Accrued compensation and employee benefits 30,502 31,872 Deferred revenue and advance payments 65,045 56,578 Total current liabilities 116,494 112,828 Deferred revenue and advance payments 2,389 1,127 Other long-term liabilities 1,809 1,710 Total Liabilities 120,692 115,665 Stockholders' Equity Preferred stock undesignated; $0.001 par value; 5,000 shares authorized; no shares issued or outstanding - - Class A common stock; $0.001 par value; 330,000 shares authorized; 14,061 shares issued and 9,384 shares outstanding, and 13,972 shares issued and 9,918 shares outstanding, respectively 14 14 Class B common stock; $0.001 par value; 165,000 shares authorized; 2,775 issued and outstanding 3 3 Additional paid-in capital 445,678 440,768 Treasury stock, at cost; 4,676 and 4,054 shares, respectively (331,410) (268,776) Accumulated other comprehensive income 2,777 3,123 Accumulated deficit (7,717) (41,981) Total Stockholders' Equity 109,345 133,151 Total Liabilities and Stockholders' Equity $230,037 $248,816 MICROSTRATEGY INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine months ended September 30, 2007 2006 (unaudited) (unaudited) Operating activities: Net income $40,793 $48,523 Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: Depreciation and amortization 5,738 5,755 Bad debt provision 1,447 696 Deferred taxes 18,559 17,532 Share-based compensation 428 1,086 Excess tax benefits from share- based payment arrangements (2,269) (2,208) Other, net 116 145 Changes in operating assets and liabilities: Accounts receivable 1,088 1,874 Prepaid expenses and other current assets (486) (1,401) Deposits and other assets (1,414) (142) Accounts payable and accrued expenses, compensation and employee benefits (6,582) (3,078) Deferred revenue and advance payments 7,279 9,504 Other long-term liabilities 37 (482) Net cash provided by operating activities 64,734 77,804 Investing activities: Proceeds from maturities of short- term investments - 112,666 Purchases of short-term investments - (58,900) Advance deposits on purchase of property and equipment (7,500) - Purchases of property and equipment, net (2,868) (2,671) Capitalized software development costs (2,650) - Decrease in restricted cash and investments 997 1,308 Net cash (used in) provided by investing activities (12,021) 52,403 Financing activities: Proceeds from sale of class A common stock under employee stock purchase plan and exercise of employee stock options 2,013 2,919 Excess tax benefits from share- based payment arrangements 2,269 2,208 Purchases of treasury stock (62,634) (131,959) Net cash used in financing activities (58,352) (126,832) Effect of foreign exchange rate changes on cash and cash equivalents 2,384 2,135 Net (decrease) increase in cash and cash equivalents (3,255) 5,510 Cash and cash equivalents, beginning of period 78,980 42,318 Cash and cash equivalents, end of period $75,725 $47,828SOURCE MicroStrategy Incorporated