Transcript of the MicroStrategy Q4 2018 Results Conference Call (MSTR)

0
9

Source of the image: The Fool Motley.

<p type = "text" content = "MicroStrategy (NASDAQ: MSTR)
Q4 2018 Results Conference Call
January 29, 2019 17:00. AND"data-reactid =" 23 ">MicroStrategy (NASDAQ: MSTR)
Q4 2018 Results Conference Call
January 29, 2019 17:00. AND

Good morning, ladies and gentlemen, and welcome to the MicroStrategy Q4 2018 Earnings Conference Call. [Operations instructions] As a reminder, this meeting is being recorded. I would now like to introduce your host for today 's conference, Michael Saylor, Chairman, President and Chief Executive Officer. Sir, you can start.

Hello. That's Michael Saylor. I am President, President and CEO of MicroStrategy. I would like to welcome you all to today's conference call regarding our fourth quarter financial results for 2018.

I am accompanied by our Chief of Operations and Chief Financial Officer, Phong Le. First, I'd like to pass the floor to Phone, who will read the statement on the Safe Harbor and make some comments on our fourth quarter results.

Thank you Michael. Good evening everyone. The various comments we may make about our future expectations, plans and prospects may constitute forward-looking statements for the purposes of the Safe Harbor provision in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. of those indicated in these forward-looking statements. and – forward-looking statements as a result of various important factors, including those mentioned in our most recent quarterly report on Form 10-Q filed with the SEC.

These statements reflect our views only today and should not be considered as representing our views at a later date. We anticipate that future events and developments could lead to a change in the company's vision. Although the Company may elect to update these forward-looking statements at any given time, it expressly disclaims any obligation to do so. In addition, during today's call, we will refer to certain non-GAAP financial measures.

A reconciliation schedule showing GAAP results versus non-GAAP results is currently available in our press release issued after the close of today's markets, available on our website at www.microstrategy.com. . We started the year 2018 with a plan to invest in sales, marketing, customers, technology and our staff in order to increase the revenues of our company. We believe that our investment plan has worked well and that we are on the path to revenue growth. In the field of sales, we have strengthened our resources in the field by placing field marketing, business development and global alliances among people around the world.

We also added a new global sales manager in April and an international sales manager in December. In marketing, we launched a new campaign focused on three main features: Federated Analysis, Transformation Mobility and Artificial Intelligence; and three basic concepts for the platform: modern analysis, open architecture and enterprise platform. We added a new director of marketing in July and a new head of global demand generation in October. For our clients, we have launched and are implementing an initiative to provide proactive outreach and awareness through a corporate intelligence center assessment and follow-up advisory services.

We also added a new global consulting officer in September. Technologically, we launched our largest MicroStrategy product released to date, MicroStrategy 2019, our first platform release since 2016. We have organized our technology leadership and added more than half a dozen executives key to our technology team. We also hired a new IOC, which began in November.

Finally, with respect to our employees, we have invested in new facilities and systems and launched a new employer brand promotion campaign to challenge people to take on the MicroStrategy challenge. Our recruitment initiatives around the world were successful as we added 312 MicroStrategists to the organization, resulting in 2018 employees (2,528 employees), a growth rate of 14%. And about these people have been added to our technology organization around the world. We believe that we now have the strongest management team and the largest number of employees ever created in MicroStrategy.

We are beginning to see the benefits of these investments. Here are the highlights of our financial data for the fourth quarter of 2018. First, we had a good quarter of revenue from product licenses. Product licensing revenue was $ 31.2 million in the fourth quarter of 2018, an increase of $ 0.7 million or 2% from the prior year and an increase of $ 10.2 million. , $ 9 million or 54% from the previous quarter.

Foreign currency exchange rates had a negative impact of $ 1.5 million, or 5%, on our product license revenue. Domestic product licensing revenues were very high, accounting for 62% of our total product licensing revenue and up 122% from the prior year. Revenue from product support was $ 73.7 million in the fourth quarter of 2018, a decrease of 2% from the prior year, as currency exchange rates had a negative impact on revenues of $ 1 billion. $ 6 million, or 2%. We continue to see strong customer renewal rates, a continuing reflection of our highly engaged customer base.

The balance of our deferred revenue was $ 183.0 million as at December 31, 2018. This represents a decrease of $ 22.1 million compared to the same period last year. This decrease is mainly due to a decrease in deferred revenue related to product support, related, on the one hand, to changes in foreign exchange rates that have a negative impact on our product-related deferred revenues. and second, system changes affecting our submission and billing timelines. In the second half of 2018, we implemented a new customer rating system.

As a result of this implementation, we experienced delays in issuing product support renewal quotes and invoices in the fourth quarter of 2018. This resulted in a reduction in deferred revenue support products. We do not expect this delay to affect our ability to renew product support for our customers. We expect to return to our standard trading times in the first half of 2019.

Other services revenue was $ 20.0 million in the fourth quarter of 2018, a decrease of 10% from the prior year, as currency exchange rates had a negative impact on these products. $ 0.5 million or 2%. We continue the transition from our low-rate service consulting business to higher-cost services. In terms of costs, our investment, sales, marketing, technology, customer and personnel leads to overall increases. The cost of revenue for the fourth quarter of 2018 was $ 25.9 million, an increase of $ 1.1 million or 5% over the prior year and an increase of 2 million. $ 5 million or 11% from the previous quarter.

These increases result from the more proactive offer of product support services and other services to our customers, including services to prepare customers for an upgrade in MicroStrategy 2019. These upgrade services will remain a priority area in 2019. Sales and marketing expenses increased by $ 6.0 million. or 11% year-on-year and increased $ 12.4 million or 27% from one quarter to the next. This quarter-over-quarter increase is mainly due to variable compensation due to improved product licensing revenues, marketing and translation costs and travel related to the launch of MicroStrategy. 2019.

Research and development expenses increased $ 6.6 million or 31% from the prior year and $ 2.2 million or 9% from the prior quarter. This is mainly due to additional hires, with an increase of 157 people or 28% over 12 months and 28 people or 4% over one quarter. The one-quarter increase over the other is largely due to the very successful campus recruitment efforts at Tysons Corner, Va., And our technology center in Hangzhou. China. General and administrative expenses increased $ 1.1 million or 5% from the previous year, and increased $ 2.1 million or 10% from the prior quarter.

The increases are mainly due to the increase in staffing and costs associated with recruitment. With an operating loss of $ 2.2 million in the fourth quarter of 2018, we have invested and strengthened our team for the launch of our 2019 MicroStrategy. For the 2018 fiscal year, we had a profit of $ 4.0 million operating, which gave a 1% operating margin. We reported net income of $ 3.3 million in the fourth quarter of 2018 and diluted earnings per share of $ 0.30.

We had a net interest income of $ 3.2 million. Other income of $ 1.0 million, consisting primarily of foreign exchange gains and income tax profit of $ 1.3 million. I would also like to provide a quick update of our share buyback program. During the fourth quarter of 2018, $ 111 million was used to purchase 880,667 common shares of the Company as part of our previously announced share repurchase program.

The repurchases resulted in a final balance of approximately $ 576 million in cash, cash equivalents and short-term investments. We continue to have no debt. As mentioned earlier, during the second half of 2018, we implemented a new rating system on the Force.com platform. In testing the general computer controls and system implementation, we identified gaps in the areas of user access, program change management, and project implementation with respect to certain computer systems. who support the company's financial reporting process.

Accordingly, we expect to report a material weakness of our internal control over financial reporting as at December 31, 2018 in our next annual report on Form 10-K for the year ended in 2018. I wish to emphasize that no misstatements has been identified. in the financial statements due to significant weakness and we expect to file our 10-K in a timely manner. We are still completing our assessment of the effectiveness of internal controls over financial reporting, but remedial efforts related to this identified material weakness have been undertaken. However, this significant weakness will not be considered fully corrected until the applicable controls have been in place for a sufficient period of time and management has concluded through testing that these controls are working properly.

We expect that the remediation work will be completed by the end of the year. In 2019, our goal is to increase revenues in all areas of our business and to reduce the pace of investment, maintaining generally stable operating expenses to increase operating margin. We expect our MicroStrategy 2019 product to lead our customer upgrade cycles over the next 18 months. Customers are already showing their enthusiasm for our new product, especially our hyper-intelligence feature, which brings Zero-Click Intelligence to developers and data analysts, as well as users and executives of the company.

We also expect increased efficiency in our sales and marketing organization, with increased account manager productivity and marketing ROI. A slower pace of hiring and a lower turnover rate should help reduce our overall administrative burden. [Inaudible] Technological recruits, particularly campus employees who arrive in the spring and fall as part of the highly successful recruitment process of 2018, could lead to further increases in technology costs. We believe that our strategic investments in 2018 across the organization, our new leadership and improved integration, as well as our new products for 2019, prepare us for a promising outlook for 2019. J & # 39; would now like to go back to Michael Saylor.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Michael SaylorChairman of the Board, President and Chief Financial Officer"data-reactid =" 67 ">Michael SaylorChairman of the Board, President and Chief Financial Officer

Thank you Phong. I would like to expand Phong's comments with some thoughts on 2018, and then talk about our plans for 2019. Looking back for 2018, I think we've made great strides in strengthening the talent pool in MicroStrategy, adding hundreds of very talented professionals from around the world, including a large pool of talented engineers in the technology organization. I think it has been a great success for the company.

I am also delighted with the way in which we have strengthened our management team in 2018. Then we have a new sales manager, a new marketing manager, a new IT manager, a new board manager Worldwide, a new International Sales Manager, a new Head of Latin America and a new Head of Global Business Support, and a new Head of Direct Marketing and Demand Generation. These were all major achievements for the company. We are extremely pleased with the talent we have been able to attract and the commitment of these new leaders. They are already making a big difference here.

In 2018, we have also made great progress in strengthening our systems. While not without some growth difficulties, I believe that the implementation of our CPQ system and a new scoring system in Salesforce has been a big step forward in the integration of all our systems. sales and marketing. together in a common environment. We have also implemented Workday, which will define our very powerful and modern platform for all our HR systems. As Phong mentioned, we delivered MicroStrategy 2019 at the end of the year and significantly strengthened our product offering, the largest product launch in three years.

And we returned $ 111 million of capital to shareholders, which is also a material achievement. We are very satisfied with that. In reviewing 2019 and evaluating our perspectives and plan, I want to emphasize that the 2019 product is the best platform ever created by MicroStrategy. It's a modern analytics, an open architecture, a business platform.

And that makes it very interesting and very useful on the market. MicroStrategy 2019 will interest a lot of people because many of them feature modern analysis but do not have open architecture. There are many who have an open architecture, but not a modern analytical approach. And often, there are desktop analysis tools or specialized tools, but it's not a company-level platform.

So, to sum up, the characteristics of modernity, openness and business in a unique offer give us a unique place in the market. We believe that there are truly unique solutions that we can offer with the 2019 platform. Federated analysis is clearly one of the key elements, the possibility of using the tools that you like but on a platform of trust. Most organizations are interested in deploying a single version of the truth.

Now, with MicroStrategy 2019, we can offer them the ability to do so while retaining their existing tools such as Tableau or Power BI when deploying MicroStrategy datasets. We are really excited about the potential of Federated Analytics. Transformational Mobility is another unique offering because we offer the ability to deploy mobile applications very quickly that can also include custom features or transactional features. And that supports the digital transformation that most businesses are trying to cross. And then, the third major selling point of the platform MicroStrategy 2019 is the hyper intelligence.

And the hyper intelligence is more than just a feature. This is certainly more than a single attribute or a unique solution. The hyper intelligence represents the next wave of business intelligence and, in fact, it really is the beginning of a paradigm shift. If we go back to the company's founding year in 1989, it was the beginning of a wave of PC information.

And what was interesting was to use personal computers with graphical interfaces to deploy intelligence in all companies. And for 10 years, we've seen a lot of innovation, expansion and growth in the era of PCI intelligence. And around 1999, we entered the era of web intelligence. And people started thinking about deploying intelligence applications using web browsers, which opened up many new use cases, lots of new constituencies, and new projects. We saw another 10 years of very strong growth in this sector until 2009.

And 2009 marks the beginning of the era of mobile intelligence or the advent of iOS and Android and mobile devices are starting to be adopted by companies. And now, in 2019, each of these previous mistakes goes back about 10 years. We are now entering an era of hyper intelligence. And the hyper intelligence is deep and very interesting because it is the technology that gives you the answer to the question before knowing how to ask the question.

And it's the technology that gives you the answer to the question in seconds, instead of minutes, hours, days or weeks. For example, when you inject intelligent information into much more common business processes, you find new constituencies, new use cases, new sponsors, and new value propositions. I do not think it's going to be a simple feature. I do not think it will be a mania of one or two years.

I think that the era of hyperintelligence will continue for the next ten years, just like the previous waves. And MicroStrategy 2019 uniquely positions us to take advantage of this trend. We arrive early at this stage of the market with a mature product, enterprise grade. Hyper Intelligence will definitely be part of our marketing theme.

And as the rest of the market begins to realize how powerful it is, I think it will benefit all of us. In early 2019, in addition to enhancing federated analysis, transformational mobility and hyper intelligence, we also have a very powerful cloud offering on AWS or Azure. And I think the market trend to embrace public cloud sources like AWS and Azure will be good for us. We really focused on an open and flexible enterprise-level architecture to leverage these public cloud sources, and we get good feedback from our customers, who – and those who were not enthusiastic at first. cloud or do not want a single source are much more interested now that they have choices and that cloud offers are more mature.

In the future, my goal for 2019 is primarily to market the MicroStrategy 2019 product offering to all our customers and prospects, and to ensure they understand the types of unique solutions we can provide. Our second item on the agenda is to upgrade our customers and test the new features of MicroStrategy 2019 with customers and prospects so that everyone can touch and feel and feel at home. see for yourself what kind of value we can bring. support with this new technology. The third item on the agenda is the sale of new products. The MicroStrategy 2019 product introduces new product lines, such as the hyper-high-end customer, so we can begin licensing our current and potential customers, new application customers and new mobile customers. and so on – and new platform software and servers for various public cloud platforms such as AWS and Azure. So we have a new product to sell and new services to offer together with these products and we intend to sell both.

Finally, when all of these elements are taken into account, the objective is of course to increase revenues and margins. And with that, I would like to go ahead and allow analysts to ask questions.

Questions and answers:

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Operator"data-reactid =" 84 ">Operator

[Operator instructions] And our first question comes from Karl Keirstead's line with Deutsche Bank. Your line is now open.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Austin DietzDeutsche Bank – Analyst"data-reactid =" 86 ">Austin DietzDeutsche Bank – Analyst

Hi guys. That's Austin Dietz for Karl. Phong, I have some questions to ask you. Just to begin with the release of the 2019 platform, has there been a pause in customer purchases before the release of the 2019 platform this quarter? And secondly, how should we think about the contribution or the increase in revenue from the exit of the 2019 platform? Could it be a little more pronounced than the first half? Perhaps, if there is one, would it be a little more gradual throughout the year? And then I had a follow up.

Thank you.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong LeChief Operating Officer and Chief Financial Officer"data-reactid =" 89 ">Phong LeChief Operating Officer and Chief Financial Officer

Hello Austin. Thank you for the question. I think it's fair to say that in the second half of 2018, we saw customers who may have taken some time out of their buying decision to see the platform. 2019 and test it. I do not know if I can quantify the amount that affected our revenue in the second half of 2018.

As early as 2019, we began marketing our 2019 product aggressively from January 7th, which was our external launch. Our MicroStrategy global event will take place next week in Phoenix, Arizona, which is another important step for us to communicate with our customers about the 2019 platform. So I think that throughout the year, as we upgrade our customers and spread our marketing message, we should see an increase in revenue from our product licenses.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Austin DietzDeutsche Bank – Analyst"data-reactid =" 92 ">Austin DietzDeutsche Bank – Analyst

ACCORD. Awesome. And yes, the domestic product licensing industry, I think it has been down 20% in the last few quarters, but it has certainly moved this quarter. So, maybe what seemed to change somewhat in the quarter? What could you call there?

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong LeChief Operating Officer and Chief Financial Officer"data-reactid =" 94 ">Phong LeChief Operating Officer and Chief Financial Officer

Yes, we had good business in North America. And it was obviously positive for us to see this business start to rebound. I would not call anything specific about Q4. I think we're starting to see the team come back and see leadership hires and executive hires and account managers we've recruited, whether it's 12 or 24 months ago, are starting to see their traction take place.

Overall, the quarter was therefore positive for North America.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Austin DietzDeutsche Bank – Analyst"data-reactid =" 97 ">Austin DietzDeutsche Bank – Analyst

D & # 39; AGREEMENT. Awesome. Thank you.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Operator"data-reactid =" 99 ">Operator

[Operator instructions]. And our next question comes from Tyler Radke's lineage with Citi. Your line is now open.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tyler RadkeCiti – Analyst"data-reactid =" 101 ">Tyler RadkeCiti – Analyst

Hi. Thank you. Phong or Michael, I was wondering if you could comment on your prospects for 2019. Have you – you have obviously made a lot of investments.

Your membership has increased. It looks like things are going well in terms of execution here in North America and that a major product release will be coming soon. So, what can we expect in terms of licensing revenue growth in 2019?

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong LeChief Operating Officer and Chief Financial Officer"data-reactid =" 104 ">Phong LeChief Operating Officer and Chief Financial Officer

Yes, I think, Tyler, as I mentioned in my prepared remarks and that Mike has repeated, we are very optimistic about the outlook for the year 2019 for some of the reasons that you have mentioned. As we said at the beginning of the year, 2018 was our investment year. And you found it both in our cost and in our operating profit. While I think we are entering 2019, we are looking to increase revenue from product licenses, frankly, in all our major jobs.

I will not comment specifically on the extent of growth. However, we indicated that we would like to see revenues increase for all activities. And we will start to see an increase in operating margin as our investment activity and acceleration of investment you have seen in 2018 start to decrease slightly.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tyler RadkeCiti – Analyst"data-reactid =" 107 ">Tyler RadkeCiti – Analyst

Awesome. And a follow-up of the maintenance incomes. I know you mentioned billing delays and changes based on the new system, as well as headwinds related to exchange rates. I'm just curious as to whether, if we look at deferred maintenance products, it looks like they've been going down, year-over-year, for about three quarters or so.

Could you, in a way, quantify these impacts? I mean, what income or maintenance would have deferred from the tax surplus? And do you expect maintenance revenues to return to a growth rate – an interesting growth rate next year?

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong LeChief Operating Officer and Chief Financial Officer"data-reactid =" 110 ">Phong LeChief Operating Officer and Chief Financial Officer

Yes, I think on a constant currency basis, Tyler, for the entire fiscal year, we saw a growth in our maintenance revenue of about 2% compared to the previous year. ;Previous exercice. Et chaque trimestre, il y a des hauts et des bas liés au moment où nous concluons des contrats de maintenance importants. Donc, je ne lirais pas trop le fait que nous étions, à taux de change constant, stables d&#39;une année à l&#39;autre au quatrième trimestre. En ce qui concerne votre chiffre d’affaires reporté au titre de l’assistance produit et l’ensemble des produits à recevoir, j’ai énoncé deux facteurs principaux.

L&#39;une est une partie des revenus reportés libellés en devises qui ont connu une dépréciation simplement en raison de l&#39;appréciation du dollar. Et le deuxième élément, comme je l’ai mentionné, concerne un système que nous avons mis en place qui nous a retardés un peu notre capacité d’envoyer des devis et des factures, ce qui a eu pour effet de mettre en balance les produits reportés. Je ne m&#39;attends pas à ce que cela ait un effet à long terme. Je ne pense donc pas que cela affectera notre capacité à collecter la maintenance auprès de nos clients et, en fin de compte, à reconnaître et à percevoir des revenus de support produit.

Mais je pense qu&#39;au cours du premier semestre de l&#39;année 2019, vous constaterez que ce montant recommence à se stabiliser d&#39;une année sur l&#39;autre.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tyler RadkeCiti – Analyste"data-reactid =" 114 ">Tyler RadkeCiti – Analyste

D&#39;ACCORD. Et dernière question pour moi, je sais que vous avez brièvement parlé du rachat au cours du trimestre, mais vous voulez savoir quelle est la motivation derrière cela. Je pense que par le passé, vous avez parlé de mobiliser des capitaux au fur et à mesure que vous gagnerez en confiance et en stabilisation. Si curieux de voir ce que vous voyez là-bas et quelles sont vos perspectives de rachat?

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong LeChef de l&#39;exploitation et chef de la direction financière"data-reactid =" 116 ">Phong LeChef de l&#39;exploitation et chef de la direction financière

C&#39;est une bonne question, Tyler. Et j&#39;apprécie la curiosité. Comme vous le savez, comme nous en avons déjà parlé, plusieurs facteurs différents pourraient influer sur notre prise de décision en matière de rachat, et je ne citerais aucun facteur en particulier. La partie la plus importante est que nous voulions rendre du capital à nos investisseurs.

Et c’est ce que nous avons fait et vous verrez dans notre 10-K une divulgation plus complète à ce sujet lorsque nous la déposerons et dans les prochains dépôts auprès de la SEC.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tyler RadkeCiti – Analyste"data-reactid =" 119 ">Tyler RadkeCiti – Analyste

D&#39;ACCORD. Je vous remercie.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Opérateur"data-reactid =" 121 ">Opérateur

Je vous remercie. Et, Mesdames et Messieurs, ceci conclut la séance de questions / réponses de ce jour. Je voudrais maintenant redonner la parole à M. Saylor pour les dernières remarques.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Michael SaylorPrésident du conseil, président et chef de la direction financière"data-reactid =" 123 ">Michael SaylorPrésident du conseil, président et chef de la direction financière

J&#39;aimerais remercier tout le monde d&#39;être avec nous aujourd&#39;hui et nous apprécions votre soutien. Nous avons hâte de parler avec vous dans trois mois. Bonne chance.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Opérateur"data-reactid =" 125 ">Opérateur

[Operator signoff]

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Durée: 31 minutes"data-reactid =" 127 ">Durée: 31 minutes

Appelez les participants:

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Michael Saylor – Président du conseil, président et chef de la direction financière"data-reactid =" 129 ">Michael Saylor – Président du conseil, président et chef de la direction financière

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Phong Le – Chef de l&#39;exploitation et chef de la direction financière"data-reactid =" 130 ">Phong Le – Chef de l&#39;exploitation et chef de la direction financière

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Austin Dietz – Deutsche Bank – Analyste"data-reactid =" 131 ">Austin Dietz – Deutsche Bank – Analyste

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tyler Radke – Citi – Analyste"data-reactid =" 132 ">Tyler Radke – Citi – Analyste

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Plus d&#39;analyse MSTR"data-reactid =" 133 "> Plus d&#39;analyse MSTR

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Cet article est une transcription de cette conférence téléphonique réalisée pour The Motley Fool. Pendant que nous nous efforçons d&#39;obtenir notre meilleur stupide, il peut y avoir des erreurs, des omissions ou des inexactitudes dans cette transcription. Comme pour tous nos articles, Motley Fool n&#39;assume aucune responsabilité quant à l&#39;utilisation de ce contenu. Nous vous encourageons vivement à faire vos propres recherches, y compris en écoutant vous-même l&#39;appel et en lisant les documents déposés par la société auprès de la SEC. S&#39;il vous plaît voir notre Terms and conditions pour plus de détails, y compris nos Décharges de responsabilité capitalisées obligatoires."data-reactid =" 134 ">Cet article est une transcription de cette conférence téléphonique réalisée pour The Motley Fool. Pendant que nous nous efforçons d&#39;obtenir notre meilleur stupide, il peut y avoir des erreurs, des omissions ou des inexactitudes dans cette transcription. Comme pour tous nos articles, Motley Fool n&#39;assume aucune responsabilité quant à l&#39;utilisation de ce contenu. Nous vous encourageons vivement à faire vos propres recherches, y compris en écoutant vous-même l&#39;appel et en lisant les documents déposés par la société auprès de la SEC. S&#39;il vous plaît voir notre Terms and conditions pour plus de détails, y compris nos Décharges de responsabilité capitalisées obligatoires.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " More from The Motley Fool "data-reactid =" 135 "> More from The Motley Fool

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Motley Fool transcripting has no position in the mentioned actions. Le Motley Fool possède des actions et recommande Mastercard. Le Motley Fool recommande MicroStrategy. The Motley Fool has a disclosure policy."data-reactid =" 143 ">Motley Fool Transcribing n&#39;a pas de position dans aucune des actions mentionnées. Le Motley Fool possède des actions et recommande Mastercard. Le Motley Fool recommande MicroStrategy. Le Motley Fool a une politique de divulgation.