Here are the specific viewpoints from the earnings call:
**Bullish Points:**
1. MicroStrategy remains the largest corporate holder of bitcoin in the world, now holding 252,220 bitcoins, with a total bitcoin market value of $18 billion.
2. Since June 30, 2024, MicroStrategy acquired an additional 25,889 bitcoin for a total purchase cost of $1.6 billion.
3. Year-to-date 2024, the price of Bitcoin has appreciated, spurred notably by the approval of bitcoin exchange-traded products (ETPs).
4. MicroStrategy raised $1.1 billion net proceeds through its At the Market (ATM) equity offering program and $1.01 billion through the issuance of 2028 convertible notes.
5. All of MicroStrategy's Bitcoin holdings are now unencumbered.
6. Non-GAAP subscription billings grew by 93% in Q3 to $32.4 million, marking the fourth straight year of quarterly double-digit growth.
7. MicroStrategy 1 is now available on Azure, AWS, and Google Cloud marketplaces, allowing enterprises to easily find and deploy this cloud-native platform.
8. Q3 subscription services revenues increased 32% year over year and now make up approximately 24% of total revenues.
9. Annual staffing costs are expected to be approximately 13% lower next year, which will further benefit our margin profile in 2025.
10. MicroStrategy has outperformed all 500 companies in the S&P 500 with a 1,989% growth in equity value.
**Bearish Points:**
1. Software business revenues were $116 million, down 10% year over year.
2. The ongoing transition from on-premise to cloud is expected to result in a decrease in total recognized revenue in the short term.
3. Lower-than-expected product license contracts closed this quarter.
4. Cost of revenues were $34 million, which was up 29% compared to Q3 of last year.
5. Software business operating expenses were $100 million, up 7% compared to Q3 of last year.
6. In Q3, we recognized close to $14 million in severance costs related to workforce optimization.
7. The corporate and other operating expense category for the quarter was $414 million, the majority of which was due to bitcoin impairment in Q3.
8. Investors have been concerned about MicroStrategy's ability to raise more capital via equity and debt issuance.
9. Some investors do not like the volatility and risk associated with MicroStrategy's equity.
10. When we have complications in the balance sheet, like the Silver gate loan or the '28 senior note, those things undermine our ability to serve our common stock shareholders, issue converts, and serve bitcoin.
For more information about MicroStrategy(MSTR)'s earnings call, you can read the relevant news: MicroStrategy (MSTR) Q3 2024 Earnings Call Transcript
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