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Microstrategy 2009 Annual Report

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Microstrategy 2009 Annual Report MicroStrategy 2009 Annual Report MicroStrategy: Best in Business Intelligence 1861 International Drive McLean, VA 22102 703 848 8600 703 848 8610 fax www.microstrategy.com Letter to Stockholders Dear MicroStrategy Stockholder: In 2009, MicroStrategy celebrated its 20-year anniversary and ended the year with impressive financial results and strong industry momentum. For the first time in the Company’s history, quarterly revenues exceeded $100 million, and this occurred in both the third and fourth quarters of 2009. Numerous factors contributed to MicroStrategy’s exceptional performance, including positive acceptance of our latest software release, the introduction of innovative new product offerings to penetrate additional markets, hundreds of new customers and expanded BI deployments from existing customers, and a continued commitment to delivering superior customer service. Revenues for 2009 reached a record $377.8 million, an increase of 5% over 2008. Product license revenue increased by 6% over 2008 to $101.9 million. The Company’s operating income from continuing operations in 2009 was $86.3 million, or 23% of revenue, compared to $67.8 million, or 19% of revenue, for 2008. Cash provided by operating activities from continuing operations was $96.9 million in 2009, a 14% increase over 2008. MicroStrategy ended 2009 with $224.8 million in cash and cash equivalents. In early 2009, MicroStrategy announced its most significant software release in nearly a decade, MicroStrategy 9™. This major release delivered new technology to dramatically improve performance and efficiency for both large-scale enterprise BI environments and smaller, departmental BI applications. In January 2010, we announced MicroStrategy 9 Release 2, featuring powerful performance enhancements that make information flow much faster and easier to business users and enable IT staff to deliver more BI with less effort. We also unveiled MicroStrategy Reporting Suite™, a free reporting software package that eliminates cost and time impediments for departments planning to initiate new reporting applications. Business users can download the free software from the MicroStrategy Reporting Suite website and begin building their reporting applications, all in the same day. MicroStrategy launched a major initiative to create intuitive, native interfaces for a new generation of multi- touch mobile devices such as Apple’s iPhone® and iPad™. We believe this new generation of mobile devices will meaningfully expand the opportunities for businesses and consumers to access information residing in corporate databases and increase the demand for mobile intelligence applications. MicroStrategy plans to deliver innovative new products for the iPhone and iPad to meet the increasing demand for fast access to actionable information whenever and wherever people need it. MicroStrategy augmented its customer portfolio with hundreds of new organizations in 2009, including Domino’s Pizza, Société Générale, Toshiba Europe GmbH, The Cheesecake Factory, Honda Europe, Tesco, Churchill Downs, SUBWAY® restaurants, and the U.S. Department of Energy, just to name a few. We are extremely proud of MicroStrategy’s strong track record of winning new customer deals when our technology is directly compared against competitors in a “proof-of-concept” demonstration. During 2009, MicroStrategy’s technology and leadership were acknowledged in business and industry publications, as well by highly-respected industry analysts. MicroStrategy was positioned by Gartner, Inc. in the “Leaders” quadrant in the 2010 Magic Quadrant for Business Intelligence Platforms report. We are extremely proud of our significant achievements in 2009, and we look forward to building on our successful business strategy in the years ahead. Thank you for your continued support of MicroStrategy. Michael J. Saylor Chairman of the Board, President and Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-24435 MICROSTRATEGY INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 1861 International Drive, McLean, VA 22102 51-0323571 (State of Incorporation) (Address of Principal Executive Offices) (Zip Code) (IRS Employer Identification No.) Registrant’s Telephone Number, Including Area Code: (703) 848-8600 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Class A common stock, par value $0.001 per share The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: Not applicable Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ‘ No È Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No È Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ‘ No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. È Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ‘ Accelerated filer È Non-accelerated filer ‘ Smaller reporting company ‘ (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant (based on the last reported sale price of the registrant’s class A common stock on June 30, 2009 on the Nasdaq Global Market) was approximately $455.0 million. The number of shares of the registrant’s class A common stock and class B common stock outstanding on February 16, 2010 was 9,220,522 and 2,694,362, respectively. Documents incorporated by reference: Portions of the definitive proxy statement for the 2010 Annual Meeting of Stockholders of the Registrant to be filed subsequently with the SEC are incorporated by reference into Part III of this report. MICROSTRATEGY INCORPORATED TABLE OF CONTENTS Page PART I Item 1. Business ............................................................................. 4 Item 1A. Risk Factors .......................................................................... 19 Item 1B. Unresolved Staff Comments ............................................................. 29 Item 2. Properties ............................................................................ 29 Item 3. Legal Proceedings ..................................................................... 29 Item 4. Submission of Matters to a Vote of Security Holders .......................................... 30 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities .......................................................................... 31 Item 6. Selected Financial Data ................................................................. 33 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ............ 35 Item 7A. Quantitative and Qualitative Disclosures about Market Risk .................................... 52 Item 8. Financial Statements and Supplementary Data ............................................... 52 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure ........... 52 Item 9A. Controls and Procedures ................................................................ 53 Item 9B. Other Information ..................................................................... 53 PART III Item 10. Directors, Executive Officers and Corporate Governance ...................................... 54 Item 11. Executive Compensation ................................................................ 54 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . 54 Item 13. Certain Relationships and Related Transactions, and Director Independence ....................... 54 Item 14. Principal Accountant Fees and Services ...................................................
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