美國
證券交易委員會
華盛頓特區20549
形式
(標記一)
根據1934年《證券交易法》第13或15(D)條規定的季度報告 |
截至本季度末的季度
或
根據1934年證券交易法第13或15(d)條提交的過渡報告 |
關於從到的過渡期
佣金文件編號
(註冊人的確切姓名載於其章程)
(註冊成立或組織的國家或其他司法管轄區)
(稅務局僱主
識別碼)
(主要行政辦公室地址)
(郵政編碼)
(
(註冊人的電話號碼,包括區號)
根據該法第12(B)條登記的證券:
每個班級的標題 |
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交易符號 |
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註冊的每個交易所的名稱 |
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通過勾選標記確定登記人是否:(1)在過去12個月內(或在登記人被要求提交此類報告的較短期限內)提交了1934年證券交易法第13或15(d)條要求提交的所有報告,以及(2)在過去90天內是否遵守此類提交要求。
用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。
用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。
☒ |
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加速文件管理器 |
☐ |
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非加速文件服務器 |
☐ |
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規模較小的報告公司 |
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新興成長型公司 |
如果是一家新興的成長型公司,用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐
用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。是☐ 沒有
截至2024年10月21日,註冊人有
微策略融入
表格10-Q
目錄
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頁面 |
第一部分: |
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1 |
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第1項。 |
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1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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第二項。 |
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26 |
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第三項。 |
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45 |
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第四項。 |
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45 |
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第二部分。 |
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46 |
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第1項。 |
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46 |
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第1A項。 |
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46 |
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第二項。 |
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73 |
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第五項。 |
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73 |
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第六項。 |
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73 |
第一部分--融資AL信息
項目1.融資AL報表
微策略融入
合併B配額單
(單位爲千,每股數據除外)
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9月30日, |
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十二月三十一日, |
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2024 |
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2023 |
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(未經審計) |
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資產 |
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流動資產: |
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現金及現金等價物 |
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$ |
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$ |
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受限現金 |
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應收賬款淨額 |
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預付費用和其他流動資產 |
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流動資產總額 |
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數字資產 |
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財產和設備,淨額 |
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使用權資產 |
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存款和其他資產 |
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遞延稅項資產,淨額 |
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總資產 |
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$ |
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$ |
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負債與股東權益 |
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流動負債: |
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應付賬款、應計費用和經營租賃負債 |
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$ |
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$ |
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應計薪酬和僱員福利 |
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應計利息 |
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長期債務的當期部分,淨額 |
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遞延收入和預付款 |
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流動負債總額 |
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長期債務,淨額 |
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遞延收入和預付款 |
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經營租賃負債 |
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其他長期負債 |
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遞延稅項負債 |
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總負債 |
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股東權益 |
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未指定優先股,美元 |
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A類普通股,$ |
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b類可轉換普通股,美元 |
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額外實收資本 |
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庫存股,按成本計算; |
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( |
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( |
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累計其他綜合損失 |
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( |
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( |
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累計赤字 |
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( |
) |
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( |
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股東權益總額 |
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總負債和股東權益 |
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$ |
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$ |
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附註是這些綜合財務報表不可分割的一部分。
1
微策略融入
合併狀態運營部
(單位爲千,每股數據除外)
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截至三個月 |
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九個月結束 |
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9月30日, |
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9月30日, |
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2024 |
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2023 |
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2024 |
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2023 |
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(未經審計) |
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(未經審計) |
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(未經審計) |
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(未經審計) |
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收入: |
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產品許可證 |
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$ |
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$ |
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$ |
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$ |
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訂閱服務 |
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產品許可證和訂閱服務總數 |
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產品支持 |
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其他服務 |
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總收入 |
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收入成本: |
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產品許可證 |
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訂閱服務 |
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產品許可證和訂閱服務總數 |
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產品支持 |
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其他服務 |
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收入總成本 |
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毛利 |
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運營費用: |
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銷售和營銷 |
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研發 |
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一般和行政 |
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數字資產減損損失 |
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總運營支出 |
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運營虧損 |
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( |
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( |
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( |
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( |
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利息支出,淨額 |
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( |
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( |
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( |
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( |
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債務消滅(損失)收益 |
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( |
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( |
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其他(費用)收入,淨額 |
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( |
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( |
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所得稅前虧損 |
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( |
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( |
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( |
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( |
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所得稅撥備(受益於) |
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( |
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( |
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( |
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淨(虧損)收益 |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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每股基本(虧損)收益(1) |
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$ |
( |
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$ |
( |
) |
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$ |
( |
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$ |
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用於計算每股基本(虧損)收益的加權平均發行股數 |
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每股稀釋(虧損)收益(1) |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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用於計算每股稀釋(虧損)收益的加權平均發行股數 |
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(1)
附註是這些綜合財務報表不可分割的一部分。
2
微策略融入
合併報表綜合(虧損)收益
(單位:千)
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截至三個月 |
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九個月結束 |
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9月30日, |
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9月30日, |
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2024 |
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2023 |
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2024 |
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2023 |
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(未經審計) |
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(未經審計) |
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(未經審計) |
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(未經審計) |
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淨(虧損)收益 |
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$ |
( |
) |
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$ |
( |
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$ |
( |
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$ |
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其他全面收益(虧損),扣除適用稅款: |
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外幣折算調整 |
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( |
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( |
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其他全面收益(虧損)合計 |
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( |
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( |
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綜合(虧損)收益 |
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$ |
( |
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$ |
( |
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$ |
( |
) |
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$ |
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附註是這些綜合財務報表不可分割的一部分。
3
微策略融入
合併報表股東權益(虧損)
(單位:千,未經審計)
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A類 |
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b類可兌換 |
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其他內容 |
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累計其他 |
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普通股 |
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普通股 |
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已繳費 |
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庫存股 |
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全面 |
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累計 |
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總 |
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股份 |
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量 |
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股份 |
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量 |
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資本 |
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股份 |
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量 |
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損失 |
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赤字 |
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2023年1月1日的餘額 |
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$ |
( |
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$ |
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$ |
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$ |
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( |
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$ |
( |
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$ |
( |
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$ |
( |
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淨收入 |
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其他綜合收益 |
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股票期權行使後發行A類普通股 |
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員工購股計劃下發行A類普通股 |
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限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
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( |
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( |
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公開發行A類普通股,扣除發行成本 |
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基於股份的薪酬費用 |
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2023年3月31日的餘額 |
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$ |
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$ |
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$ |
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$ |
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( |
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$ |
( |
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$ |
( |
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$ |
( |
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淨收入 |
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其他綜合損失 |
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( |
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( |
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股票期權行使後發行A類普通股 |
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限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
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( |
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( |
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公開發行A類普通股,扣除發行成本 |
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基於股份的薪酬費用 |
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2023年6月30日的餘額 |
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$ |
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$ |
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$ |
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$ |
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( |
) |
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$ |
( |
) |
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$ |
( |
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$ |
( |
) |
||||||
淨虧損 |
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( |
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( |
) |
||||||||
其他綜合損失 |
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( |
) |
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( |
) |
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||||||||
股票期權行使後發行A類普通股 |
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||||||||||
員工購股計劃下發行A類普通股 |
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||||||||||
限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
|
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( |
) |
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( |
) |
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||||||||
公開發行A類普通股,扣除發行成本 |
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||||||||||
基於股份的薪酬費用 |
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||||||||||
2023年9月30日的餘額 |
|
$ |
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$ |
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$ |
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$ |
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( |
) |
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$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
||||||
淨收入 |
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||||||||||
其他綜合收益 |
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|
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||||||||||
股票期權行使後發行A類普通股 |
|
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||||||||||
限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
|
|
( |
) |
|
|
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|
|
|
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( |
) |
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||||||||
公開發行A類普通股,扣除發行成本 |
|
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|
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||||||||||
基於股份的薪酬費用 |
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||||||||||
2023年12月31日的餘額 |
|
$ |
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$ |
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|
$ |
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|
$ |
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( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
||||||
淨虧損 |
|
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( |
) |
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( |
) |
||||||||
其他綜合損失 |
|
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( |
) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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( |
) |
|
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|
||||||||
股票期權行使後發行A類普通股 |
|
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|
|
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|
|
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|
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||||||||||
員工購股計劃下發行A類普通股 |
|
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|
|
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|
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|
||||||||||
限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
|
|
( |
) |
|
|
|
|
|
|
|
|
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|
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( |
) |
|
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||||||||
公開發行A類普通股,扣除發行成本 |
|
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|
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||||||||||
基於股份的薪酬費用 |
|
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|
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|
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|
|
|
|
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|
||||||||||
2024年3月31日的餘額 |
|
$ |
|
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|
|
|
$ |
|
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|
|
|
$ |
|
|
$ |
|
|
|
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
||||||
淨虧損 |
|
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( |
) |
|
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|
|
|
|
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|
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( |
) |
||||||||
其他綜合損失 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||||||
股票期權行使後發行A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
||||||||||
限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
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|
|
|
|
|
|
||||||||
可轉換優先票據轉換後發行A類普通股 |
|
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|
||||||||||
基於股份的薪酬費用 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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|
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|
||||||||||
2024年6月30日的餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
||||||
淨虧損 |
|
|
( |
) |
|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||||||
其他綜合收益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
||||||||||
股票分拆時發行的A類和B類普通股的面值調整 |
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
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|
|
|
|||||||||
股票期權行使後發行A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
員工購股計劃下發行A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
限制性股票單位歸屬後發行A類普通股,扣除預扣稅 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
公開發行A類普通股,扣除發行成本 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
可轉換優先票據轉換後發行A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
基於股份的薪酬費用 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2024年9月30日餘額 |
|
$ |
|
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
附註是這些綜合財務報表不可分割的一部分。
4
微策略融入
合併狀態現金流項目
(單位:千)
|
|
九個月結束 |
|
|||||
|
|
9月30日, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(未經審計) |
|
|
(未經審計) |
|
||
經營活動: |
|
|
|
|
|
|
||
淨(虧損)收益 |
|
$ |
( |
) |
|
$ |
|
|
對淨(虧損)收入與經營活動提供的(用於)現金淨額的調整: |
|
|
|
|
|
|
||
折舊及攤銷 |
|
|
|
|
|
|
||
減少使用權資產賬面金額 |
|
|
|
|
|
|
||
信用損失和銷售津貼 |
|
|
|
|
|
|
||
遞延稅項 |
|
|
( |
) |
|
|
( |
) |
解除未確認稅收優惠的負債 |
|
|
( |
) |
|
|
( |
) |
基於股份的薪酬費用 |
|
|
|
|
|
|
||
數字資產減損損失 |
|
|
|
|
|
|
||
長期債務發行成本攤銷 |
|
|
|
|
|
|
||
債務消滅損失(收益) |
|
|
|
|
|
( |
) |
|
經營資產和負債變化: |
|
|
|
|
|
|
||
應收賬款 |
|
|
|
|
|
|
||
預付費用和其他流動資產 |
|
|
|
|
|
( |
) |
|
存款和其他資產 |
|
|
( |
) |
|
|
( |
) |
應付賬款和應計費用 |
|
|
( |
) |
|
|
( |
) |
應計薪酬和僱員福利 |
|
|
( |
) |
|
|
( |
) |
應計利息 |
|
|
|
|
|
|
||
遞延收入和預付款 |
|
|
|
|
|
|
||
經營租賃負債 |
|
|
( |
) |
|
|
( |
) |
其他長期負債 |
|
|
( |
) |
|
|
|
|
經營活動提供的現金淨額(用於) |
|
|
( |
) |
|
|
|
|
投資活動: |
|
|
|
|
|
|
||
購買數字資產 |
|
|
( |
) |
|
|
( |
) |
購置財產和設備 |
|
|
( |
) |
|
|
( |
) |
投資活動所用現金淨額 |
|
|
( |
) |
|
|
( |
) |
融資活動: |
|
|
|
|
|
|
||
可轉換優先票據所得款項 |
|
|
|
|
|
|
||
可轉換優先票據支付的發行成本 |
|
|
( |
) |
|
|
|
|
結算可轉換優先票據轉換和贖回的付款 |
|
|
( |
) |
|
|
|
|
償還擔保債務和第三方貧困成本 |
|
|
( |
) |
|
|
( |
) |
其他長期擔保債務的本金支付 |
|
|
( |
) |
|
|
( |
) |
公開發行下出售普通股的收益 |
|
|
|
|
|
|
||
與公開發行下出售普通股相關的發行成本 |
|
|
( |
) |
|
|
( |
) |
行使股票期權所得收益 |
|
|
|
|
|
|
||
員工股票購買計劃下的銷售收益 |
|
|
|
|
|
|
||
受限制股票單位歸屬的預扣稅繳納 |
|
|
( |
) |
|
|
( |
) |
融資活動提供的現金淨額 |
|
|
|
|
|
|
||
外匯匯率變動對現金、現金等價物和限制性現金的影響 |
|
|
|
|
|
( |
) |
|
現金、現金等價物和限制性現金淨減少 |
|
|
( |
) |
|
|
( |
) |
期初現金、現金等價物和限制性現金 |
|
|
|
|
|
|
||
現金、現金等價物和受限現金,期末 |
|
$ |
|
|
$ |
|
附註是這些綜合財務報表不可分割的一部分。
5
微策略融入
備註:合併財務報表
(未經審計)
(1)重要會計政策摘要
(A)列報依據
隨附的微策股份有限公司(「微策」或「本公司」)的綜合財務報表未經審核。管理層認爲,財務狀況和業務結果的公允陳述所需的所有調整都已列入。除非另有披露,所有這些調整都是正常的經常性性質。中期業績不一定代表全年業績。
綜合財務報表和綜合財務報表附註是按照美國證券交易委員會(「美國證券交易委員會」)的要求列報的,不包含公司年度財務報表和附註中包含的某些信息。這些財務報表應與本公司經審計的財務報表以及在本公司截至2023年12月31日的10-K表格年度報告中提交給美國證券交易委員會的附註一併閱讀。自2023年12月31日以來,公司的會計政策沒有重大變化。
隨附的綜合財務報表包括本公司及其附屬公司的賬目。在合併中,所有重要的公司間帳戶和交易都已取消。
(2)最新會計準則
加密資產
2023年12月,財務會計準則委員會(FASB)發佈了會計準則更新號2023-08,無形資產--商譽和其他--加密資產(350-60分主題):加密資產的會計和披露(「ASU 2023-08」)。ASU 2023-08要求範圍內的加密資產(包括公司持有的比特幣)在財務狀況表中按公允價值計量,此類加密資產的公允價值變動的損益在每個報告期的淨收入中確認。ASU 2023-08還要求對該標準範圍內的加密資產進行某些臨時和年度披露。該準則自2025年1月1日起對本公司的中期和年度有效,自本公司採用該指引的年度報告期開始對留存收益期初餘額進行累計效果調整。以前的期間將不會重述。本公司將採用ASU 2023-08,自2025年1月1日起生效。
該公司預計,採用ASU 2023-08將對其綜合資產負債表、經營報表、現金流量表和披露產生重大影響。雖然公司最初將繼續按成本記錄其比特幣購買,但在採用ASU 2023-08後,任何隨後的公允價值增減將在公司的綜合經營報表中確認爲已發生,公司比特幣的公允價值將在每個報告期結束時反映在公司的綜合資產負債表中。採用ASU 2023-08後,本公司將不再以減值減值成本會計模式覈算其比特幣。
美國於2022年8月頒佈了《2022年降低通貨膨脹率法案》(簡稱《愛爾蘭共和軍》)。除其他事項外,除非適用於法規或法規的豁免,否則愛爾蘭共和軍的一項條款規定
6
所得稅
2023年12月,FASB發佈了會計準則更新號2023-09,所得稅(專題740):所得稅披露的改進(「ASU 2023-09」)。ASU 2023-09要求加強有關所得稅的披露,特別是與稅率對賬和已支付所得稅信息有關的信息。特別是,公司將被要求每年在費率對賬中披露特定類別,併爲達到量化門檻的對賬項目提供額外信息。公司還將被要求每年披露已繳納的所得稅金額,按聯邦、州和外國稅收分類,並按數量門檻以上的個別司法管轄區分類。該標準對本公司自2025年1月1日起的年度期間有效,並允許追溯適用於之前提交的所有期間。該公司將在截至2025年12月31日的年度期間採用ASU 2023-09,目前正在評估這一指導方針對其披露的影響。
細分市場報告
2023年11月,FASB發佈了會計準則更新號2023-07,分部報告(主題280):改進可報告分部披露(「ASU 2023-07」)。ASU2023-07要求圍繞應報告的分部加強披露,尤其是(I)定期向首席運營決策者(「CODM」)提供幷包含在分部損益報告計量(S)中的重大分部支出,以及(Ii)將分部收入和重大支出與報告分部損益報告計量(S)進行覈對的其他分部項目。公司還被要求在過渡期提供目前第280主題要求的所有年度披露,除了披露首席運營總監的名稱和職位,以及首席運營總監如何使用報告的部門損益衡量標準(S)來評估部門業績和分配資源。該標準在2024年1月1日開始的年度期間和2025年1月1日開始的過渡期內生效,並追溯應用更新。該公司將在截至2024年12月31日的年度期間採用ASU 2023-07,目前正在評估這一指導方針對其披露的影響。
(3)數字資產
根據會計準則編纂(「ASC」)350,本公司將其完全由比特幣組成的數字資產作爲無限期無形資產進行會計處理。無形資產-商譽和其他。本公司的數碼資產最初按成本入賬。隨後,它們按成本計量,扣除自收購以來產生的任何減值損失。減值損失在發生減值期間的公司綜合經營報表中確認爲「數字資產減值損失」。收益(如果有的話)直到出售時才被記錄,此時它們在公司的綜合經營報表中扣除任何減值損失後才計入。在確定出售時應確認的收益時,本公司計算緊接出售前出售的特定比特幣的銷售價格與賬面價值之間的差額。
下表彙總了該公司截至以下日期的數字資產持有量(單位爲千,比特幣數量除外):
|
|
9月30日, |
|
|
十二月三十一日, |
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||
|
|
2024 |
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|
2023 |
|
||
持有的比特幣的大約數量 |
|
|
|
|
|
|
||
數字資產賬面價值 |
|
$ |
|
|
$ |
|
||
累計數字資產減值損失 |
|
$ |
|
|
$ |
|
本公司於每個期末的綜合資產負債表的賬面價值代表比特幣自收購以來的任何時間的最低公允價值(基於公允價值等級中的第一級投入)。因此,這些公允價值計量分別是在收購至2024年9月30日或2023年12月31日期間進行的,而不是分別截至2024年9月30日或2023年12月31日。
下表彙總了本公司在所示期間的數字資產購買和數字資產減值損失(以千爲單位,比特幣數量除外)。《公司》做到了
|
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截至三個月 |
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九個月結束 |
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9月30日, |
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9月30日, |
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2024 |
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2023 |
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2024 |
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2023 |
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||||
購買的比特幣的大致數量 |
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||||
數字資產購買 |
|
$ |
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|
$ |
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$ |
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|
$ |
|
||||
數字資產減損損失 |
|
$ |
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|
$ |
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|
$ |
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$ |
|
公司的執行合作伙伴可能會不時向公司提供短期貿易信貸,以便在使用公司交易帳戶中的現金資金之前購買比特幣,或允許公司在延遲結算的基礎上購買比特幣。貿易積分和延遲結算付款(如適用)將在比特幣購買後幾天內以現金支付
7
完成。於2024年第一季度及第三季度,本公司全資附屬公司MacroStrategy LLC(「MacroStrategy」)的若干比特幣須享有優先擔保權益及留置權,以確保本公司就該等安排所欠款項。當貿易信貸或延遲結算尚未結清時,本公司可能會產生利息費用,並被要求在其與執行夥伴的交易和託管帳戶中保持最低餘額。截至2024年9月30日,該公司擁有
截至2023年12月31日,大約
(4)合同餘額
該公司根據每份合同中確定的賬單時間表向客戶開具發票。公司從客戶那裏獲得對價的權利在公司的綜合資產負債表中單獨列示,這取決於這些權利是有條件的還是無條件的。
該公司在其綜合資產負債表的「應收賬款淨額」內無條件地向客戶提供對價的權利。本公司的所有合同一般都是不可取消和/或不可退款的,因此,當按合同向客戶收費或按合同收費時,通常存在無條件的權利。
應收賬款(以千計)包括以下內容:
|
|
9月30日, |
|
|
十二月三十一日, |
|
||
|
|
2024 |
|
|
2023 |
|
||
已計費和可計費 |
|
$ |
|
|
$ |
|
||
減去:信貸損失準備金 |
|
|
( |
) |
|
|
( |
) |
應收賬款淨額 |
|
$ |
|
|
$ |
|
截至2024年9月30日的三個月和九個月,信用損失撥備的變化並不重大。
受時間流逝以外的條件制約的對價權利被視爲合同資產,直到這些資產預期成爲無條件的並轉移到應收賬款爲止。合併資產負債表中「預付費用和其他流動資產」中的流動合同資產包括#美元。
合同債務是指公司將軟件或服務轉讓給客戶之前從客戶那裏收到或應付的金額。在多年服務合同安排的情況下,公司一般不會在服務前一年以上開具發票,也不會爲尚未開具發票的金額記錄遞延收入。 收入隨後在軟件或服務控制權移交給客戶的期間(S)確認。該公司的合同負債在綜合資產負債表中以流動或非流動「遞延收入和預付款」的形式列示,這取決於軟件或服務是否有望在明年內轉移給客戶。
公司在綜合資產負債表中的「應收賬款、淨額」和「遞延收入和預付款」餘額包括與合同有關的未付金額,根據這些合同,公司有權向客戶開具不可取消和/或不可退還的軟件和服務的發票。應收賬款的變化以及遞延收入和預付款的變化在合併現金流量表的「經營活動」中扣除這些未付金額後列報。
8
客戶的遞延收入和預付款(以千計)包括以下內容:
|
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9月30日, |
|
|
十二月三十一日, |
|
||
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2024 |
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2023 |
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||
當前: |
|
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||
遞延產品許可收入 |
|
$ |
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$ |
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||
延期訂閱服務收入 |
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||
遞延產品支持收入 |
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遞延其他服務收入 |
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當期遞延收入和預付款總額 |
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$ |
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$ |
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||
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||
非當前: |
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||
遞延產品許可收入 |
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$ |
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$ |
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||
延期訂閱服務收入 |
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遞延產品支持收入 |
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遞延其他服務收入 |
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非當期遞延收入和預付款總額 |
|
$ |
|
|
$ |
|
截至2024年9月30日的三個月和九個月內,該公司確認的收入爲$
公司剩餘的履約債務代表合同規定的所有未來收入,包括遞延收入和預付款,以及將在未來期間作爲收入開具發票並確認爲收入的可開賬單的不可註銷金額。剩餘的履約義務不包括拖欠賬單的合同,如某些時間和材料合同。今後將開具發票的多年期合同的部分不在資產負債表上的應收賬款和遞延收入內列報,而是列入下列剩餘的履約義務披露。截至2024年9月30日,該公司的交易總價爲$
(5)長期債務
該公司未償債務的賬面淨值(以千計)包括以下內容:
|
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2024年9月30日 |
|
|
2023年12月31日 |
|
||
2025年可轉換票據 |
|
$ |
|
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$ |
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||
2027年可轉換票據 |
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||
2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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2028年擔保票據 |
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其他長期擔保債務 |
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總 |
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$ |
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$ |
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||
報告爲: |
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長期債務的當期部分,淨額 |
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長期債務,淨額 |
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總 |
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$ |
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$ |
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可轉換優先票據
本公司已在私募發行中發行以下可轉換票據(統稱「可轉換票據」):
9
可轉換票據是公司的優先無擔保債務,在支付權上優先於可轉換票據的任何公司債務的付款權;在支付權上與公司任何不那麼重要的無擔保債務相同;實際上,在公司任何有擔保債務的付款權上較低,以擔保此類債務的資產價值爲範圍;並且在結構上低於公司子公司的所有債務和其他負債(包括貿易應付賬款)。
下表總結了每種可轉換票據的關鍵條款(初始本金、淨收益和發行成本分別爲 報告以千計):
|
2025年可轉換票據 |
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2027年可轉換票據 |
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2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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發行日期 |
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到期日(1) |
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Incept校長 |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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規定利率(2) |
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% |
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% |
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% |
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% |
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% |
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% |
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利息支付日期(3) |
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淨收益 |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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||||||
發行成本(4) |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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有效利率(4) |
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% |
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% |
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% |
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% |
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% |
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% |
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持有人看跌期權日期(5) |
不適用 |
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不適用 |
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初始轉化率(6) |
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初始轉換價格(7) |
$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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可在以下日期之後隨時兌換(8)(9) |
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公司在以下日期之前不可贖回(10) |
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贖回日期(11) |
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不適用 |
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不適用 |
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不適用 |
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不適用 |
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不適用 |
|
10
如果公司在到期前經歷了各自可轉換票據契約中定義的「根本變化」,在某些條件的限制下,持有人可以要求公司以現金方式回購全部或部分各自的可轉換票據,基本變化回購價格等於
管理可轉換票據的各個契約包含慣常條款和契諾,包括當某些違約事件發生並持續時,受託人或至少
儘管可轉換票據包含嵌入式轉換功能,但公司將可轉換債券作爲負債整體入賬,因爲轉換功能是以公司A類普通股爲索引的,符合股東權益分類標準,因此不符合單獨的衍生會計。
2025年可轉換票據的兌換和贖回
11
集體可轉換票據披露
截至2024年9月30日,如果轉換特徵是以當時有效的基於該日期當時已發行的可轉換票據的轉換比率觸發的,可轉換票據可能被轉換爲的最大股份數量爲
除2025年可轉換票據(上文在「2025年可轉換票據的轉換和贖回」小節中討論了其可轉換性)外,截至2024年9月30日或2023年9月30日止九個月內,可轉換票據不可由持有人選擇轉換。
除公司贖回2025年可轉換票據外,公司還
截至2024年9月30日和2023年12月31日,可轉換票據的淨資產淨值在公司合併資產負債表中「長期債務,淨」細目中被歸類爲長期負債。
以下是截至以下日期公司可轉換債務工具摘要2024年9月30日(以千計):
|
|
2024年9月30日 |
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傑出的 |
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未攤銷 |
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淨載運 |
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公允價值 |
|||||||
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本金金額 |
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發行成本 |
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價值 |
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量 |
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|
調平 |
||||
2027年可轉換票據 |
|
|
|
|
|
( |
) |
|
|
|
|
|
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|
2級 |
|||
2028年可轉換票據 |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
2級 |
|||
2030年可轉換票據 |
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2級 |
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2031年可轉換票據 |
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2級 |
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2032年可轉換票據 |
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2級 |
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總 |
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$ |
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$ |
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$ |
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$ |
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以下是公司截至2023年12月31日的可轉換債務工具摘要(單位:千):
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2023年12月31日 |
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傑出的 |
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未攤銷 |
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淨載運 |
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公允價值 |
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本金金額 |
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發行成本 |
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價值 |
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量 |
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調平 |
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2025年可轉換票據 |
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$ |
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$ |
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$ |
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$ |
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2級 |
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2027年可轉換票據 |
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2級 |
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總 |
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$ |
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$ |
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$ |
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$ |
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可轉換票據的公允價值使用報價以外的可觀察市場數據(特別是場外市場(第2級)相同工具於報告期末的最後交易價格)確定。
對於截至2024年和2023年9月30日止三個月,與可轉換票據相關的利息費用如下(單位:千):
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截至2024年9月30日的三個月 |
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截至2023年9月30日的三個月 |
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合同 |
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攤銷 |
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合同 |
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攤銷 |
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利息支出 |
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發行成本 |
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總 |
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利息支出 |
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發行成本 |
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總 |
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2025年可轉換票據 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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2027年可轉換票據 |
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2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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總 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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12
截至2024年9月30日及2023年9月30日止九個月,與可轉換票據相關的利息費用如下(單位:千):
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截至2024年9月30日的九個月 |
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截至2023年9月30日的9個月 |
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合同 |
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攤銷 |
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合同 |
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攤銷 |
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利息支出 |
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發行成本 |
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總 |
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利息支出 |
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發行成本 |
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總 |
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2025年可轉換票據 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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2027年可轉換票據 |
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2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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總 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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截至2024年9月30日和2023年9月30日的九個月,公司支付了$
高級擔保票據
2021年6月14日,該公司發行了美元
贖回價格由美元組成
截至2023年12月31日,2028年擔保票據的賬面淨值被歸類爲公司綜合資產負債表中「長期債務、淨額」項目中的長期負債。
以下是截至2023年12月31日的2028年擔保票據摘要(單位:千):
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2023年12月31日 |
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傑出的 |
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未攤銷 |
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淨載運 |
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公允價值 |
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本金金額 |
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發行成本 |
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價值 |
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量 |
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調平 |
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2028年擔保票據 |
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$ |
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$ |
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$ |
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$ |
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2級 |
2028年有擔保票據的公允價值乃根據可觀察的市場數據厘定,而非報價,即於報告期末場外市場相同票據的最後成交價格(第2級)。
對於截至2024年和2023年9月30日止三個月,與2028年有擔保票據相關的利息費用如下(單位:千):
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截至2024年9月30日的三個月 |
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截至2023年9月30日的三個月 |
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合同 |
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攤銷 |
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合同 |
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攤銷 |
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利息支出 |
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發行成本 |
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總 |
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利息支出 |
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發行成本 |
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總 |
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2028年擔保票據 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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截至2024年9月30日和2023年9月30日止九個月,與2028年有擔保票據相關的利息費用如下(單位:千):
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截至2024年9月30日的九個月 |
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截至2023年9月30日的9個月 |
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合同 |
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攤銷 |
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合同 |
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攤銷 |
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利息支出 |
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發行成本 |
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總 |
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利息支出 |
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發行成本 |
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總 |
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2028年擔保票據 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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13
截至2024年9月30日和2023年9月30日的九個月,公司支付了$
抵押有期貸款
於2022年3月23日,MacroStrategy與Silvergate訂立信用及安全協議(「信用及安全協議」),根據該協議,Silvergate發行美元
支付的金額包括一美元
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截至2023年9月30日的9個月 |
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合同 |
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攤銷 |
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利息支出 |
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發行成本 |
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總 |
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2025年有擔保定期貸款 |
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$ |
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$ |
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$ |
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該公司支付了最後一美元
其他長期擔保債務
2022年6月,公司通過全資子公司簽訂了金額爲美元的有擔保定期貸款協議
到期日
下表顯示了截至2024年9月30日該公司債務工具的到期日(單位:千)。與2028年可轉換票據相關的本金支付包括在下表中,就好像持有人行使了他們的權利要求公司在2027年9月15日回購所有2028年可轉換票據一樣。分別與2030年可轉換票據和2031年可轉換票據相關的本金支付包括在下表中,就像持有人行使了他們的權利,要求公司在2028年9月15日回購所有2030年可轉換票據和2031年可轉換票據一樣。與2032年可轉換票據有關的本金付款列於下表,猶如持有人行使權利要求本公司於2029年6月15日回購所有2032年可轉換票據一樣。
14
在截至9月30日的期間內到期付款, |
|
2027年可轉換票據 |
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2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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其他長期擔保債務 |
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總 |
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2025 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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2026 |
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2027 |
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2028 |
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2029 |
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此後 |
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總 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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(6)承擔和或有事項
(A)承諾
本公司不時訂立某些類型的合約,要求本公司就第三方索賠向當事人作出賠償。這些合同主要涉及本公司承擔知識產權侵權賠償義務的協議,以及根據與客戶和其他第三方談判達成的安排不時承擔的其他義務。這些義務的條件各不相同。因此,無法合理估計該公司的賠償義務的總最高金額。從歷史上看,本公司沒有義務爲這些債務支付大量款項,目前預計未來也不會產生任何重大債務。因此,截至2024年9月30日或2023年12月31日,該公司尚未在其綜合資產負債表上記錄賠償責任。
(B)或有事項
巴西很重要
在2018年啓動內部審查後,本公司披露,其巴西子公司在與某些巴西政府實體開展業務時未能或很可能沒有遵守當地採購法規。
2020年,公司獲悉,巴西聯邦警察正在調查涉及某些政府官員的腐敗和採購欺詐指控,其中包括一筆交易,該交易是公司先前報告的其巴西子公司未能或可能未能遵守當地採購法規的一部分。這項調查於2023年結束。該公司巴西子公司的員工和子公司本身都不是聯邦警察調查的目標。
公司的巴西子公司自願向巴西經濟國防行政委員會總監(「SG/CADE」)和聯邦審計長(「CGU」)披露了2018年內部審查的信息。在此自願披露並與這些機構合作後,公司的巴西子公司於2020年9月與SG/CADE簽署了寬大處理協議,並於2024年7月與CGU和聯邦總檢察長辦公室(「AGU」)簽署了寬大處理協議。
2023年,SG/CADE啓動了一項公共行政訴訟,部分基於該公司巴西子公司自願披露的信息,調查巴西各種實體和個人可能存在的反競爭行爲,該子公司也是該訴訟的被告之一。如果在訴訟結束時,CADE秘書長的法庭確認巴西子公司已履行其與SG/CADE簽署的寬大處理協議下的義務,巴西子公司將獲得完全的罰款豁免權。
根據其與CGU和AGU達成的寬大處理協議,巴西子公司(I)支付了大約1 BRL
在2023年,公司應計了$
公司的巴西子公司繼續配合政府機構就上述事項提出的要求。截至2024年9月30日,該公司仍無法合理估計上述第三季度付款以外的損失範圍。
15
代達盧斯物質
2020年11月4日,一家名爲Daedalus Blue,LLC(「Daedalus」)的專利主張實體向美國弗吉尼亞州東區地區法院對本公司提起訴訟。Daedalus在起訴書中指控該公司基於MicroStrategy平台中的特定功能侵犯了美國專利第8,341,172號(「172號專利」)和9,032,076號(「076號專利」)。『172號專利涉及一種用於響應查詢提供聚合數據訪問的方法,而』076號專利涉及一種基於角色的訪問控制系統。
2024年1月29日,雙方簽署了和解協議,根據該協議,本公司獲得了截至2024年1月5日Daedalus擁有的所有專利(包括『172專利和』076專利)的全額支付許可,並於2024年2月27日向法院提交了駁回規定,法院於同一天進入,從而以偏見駁回了案件。
《虛假索賠法案》很重要
2022年8月31日,哥倫比亞特區(「特區」)通過其總檢察長辦公室向哥倫比亞特區高級法院提起民事訴訟,將(I)公司董事會主席兼公司執行主席Michael J.Sayler(以個人身份)和(Ii)公司列爲被告。除其他救濟外,該地區根據《地區虛假索賠法》就Sayler先生多年來未能向該地區支付個人所得稅以及罰款、利息和三倍損害賠償金尋求金錢損害賠償。該起訴書在針對該公司的唯一訴狀中稱,該公司合謀協助塞勒先生未繳納個人所得稅,違反了該地區的《虛假申報法》。
於2024年5月31日,本區、塞勒先生及本公司規定須向法院作出同意令及判決(「同意令」),據此本區在收到同意令項下的所有到期款項後,免除塞勒先生及本公司所聲稱的、本可根據本案所提出的投訴所描述的行爲而在未來提出的所有索償及法律責任。根據同意令,塞勒先生和公司不承認訴狀中描述的行爲所包含的任何指控、任何違反法律或法規的行爲、任何其他事實或法律事項、任何責任或不當行爲,並同意支付#美元。
各種法律程序和或有負債
該公司還參與了在正常業務過程中產生的各種法律程序。儘管這些法律訴訟的結果本質上很難預測,但管理層預計這些法律訴訟的解決不會對公司的財務狀況、經營業績或現金流產生重大不利影響。
該公司有或有負債,根據管理層的判斷,這些負債不可能被斷言。如果該等未確認的或有負債被認定或可能被認定,本公司可能被要求在該等負債被認定或可能被認定的期間記錄重大費用和負債。
(7)所得稅
截至2024年9月30日,該公司有#美元的估值津貼。
16
意識到了。截至2024年9月30日,公司比特幣的市值超過公司比特幣的成本基礎,產生了一筆可觀的稅收內在收益,因此是未來應納稅收入的來源,預計將使所有美國遞延稅淨資產變現。如果比特幣的市值在未來一段時間內下跌,本公司將需要評估其他適當性質的預測應稅收入來源,這可能導致記錄額外的估值免稅額。本公司將繼續定期評估遞延稅項資產的變現能力。
本公司記錄與其不確定的稅務狀況有關的負債。截至2024年9月30日,公司有未確認的所得稅優惠總額,包括應計利息#美元。
截至2024年9月30日和2023年12月31日,公司有應收所得稅#美元。
(8)股份薪酬
股票激勵計劃
期滿前,本公司維持2013年度股票激勵計劃(經修訂爲「2013股權計劃」),根據該計劃,公司員工、高級管理人員和董事可獲得各種基於股票的薪酬,包括購買公司A類普通股股票的期權、限制性股票單位和其他以股票爲基礎的獎勵。在……裏面
本公司維持2023年股權激勵計劃(「2023年股權激勵計劃」),根據該計劃,公司員工、高級管理人員、董事和其他符合條件的參與者可獲得各種類型的基於股票的薪酬,包括購買公司A類普通股、限制性股票單位、績效股票單位的股票的選擇權,以及其他基於股票的獎勵。最高可達
股票期權獎勵
截至2024年9月30日,已有購買選項
下表彙總了公司年度的股票期權活動(以千計,每股數據和年度除外)。截至2024年9月30日的九個月:
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未償還的股票期權 |
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加權平均 |
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集料 |
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加權平均 |
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行權價格 |
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固有的 |
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剩餘合同 |
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股份 |
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每股 |
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價值 |
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期限(年) |
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截至2024年1月1日的餘額 |
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$ |
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授與 |
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$ |
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已鍛鍊 |
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( |
) |
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$ |
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$ |
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沒收/過期 |
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( |
) |
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$ |
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截至2024年9月30日餘額 |
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$ |
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截至2024年9月30日可撤銷 |
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$ |
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$ |
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預計將於2024年9月30日歸屬 |
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$ |
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$ |
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總 |
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$ |
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$ |
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17
截至目前尚未行使的股票期權 2024年9月30日由以下每股行使價格範圍組成(以千計,每股數據和年份除外):
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截至2024年9月30日尚未行使的股票期權 |
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加權平均 |
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加權平均 |
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行權價格 |
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剩餘合同 |
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每股行使價格範圍 |
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股份 |
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每股 |
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期限(年) |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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總 |
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$ |
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一個集合
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九個月結束 |
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9月30日, |
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2024 |
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2023 |
預計獎項期限(年) |
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預期波幅 |
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無風險利率 |
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預期股息收益率 |
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截至2024年9月30日的三個月和九個月,公司確認約美元
股份結算限制性股票單位
截至2024年9月30日,已有
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已發行的股份結算限制性股票單位 |
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集料 |
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單位 |
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內在價值 |
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截至2024年1月1日的餘額 |
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授與 |
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既得 |
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( |
) |
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$ |
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被沒收 |
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( |
) |
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截至2024年9月30日餘額 |
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預計將於2024年9月30日授予 |
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$ |
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在截至2024年9月30日的9個月內,
18
加權截至2024年和2023年9月30日止九個月期間授予的股份結算限制性股票單位的平均授予日期公允價值爲美元
截至2024年9月30日的三個月和九個月,公司確認約美元
股份結算績效股票單位
自.起2024年9月30日,有
|
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已發行的股份結算績效股票單位 |
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集料 |
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單位 |
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內在價值 |
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截至2024年1月1日的餘額 |
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授與 |
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既得 |
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$ |
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被沒收 |
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( |
) |
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截至2024年9月30日餘額 |
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預計將於2024年9月30日歸屬 |
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$ |
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使用蒙特卡洛模擬模型計算的績效股票單位加權平均授予日公允價值爲美元
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九個月結束 |
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9月30日, |
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2024 |
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2023 |
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預計獎項期限(年) |
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預期波幅 |
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% |
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% |
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無風險利率 |
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% |
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% |
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預期股息收益率 |
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% |
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% |
其他股票獎勵和現金結算的限制性股票單位
本公司不時根據2013年股權計劃授予「其他以股票爲基礎的獎勵」及「現金結算限制性股票單位」。其他以股票爲基礎的獎勵類似於股票期權,以現金結算的限制性股票單位類似於公司以股票結算的限制性股票單位,不同之處在於這些獎勵僅以現金結算,而不是以公司A類普通股的股票結算。由於需要現金結算,這些獎勵在公司的綜合資產負債表中被歸類爲負債,每個季度報告期都會重新計量這些獎勵的公允價值。在截至2024年9月30日的三個月和九個月內,公司確認了大約
19
2021年ESPP
本公司亦維持2021年員工購股計劃(「2021年員工持股計劃」)。2021年員工持股計劃的目的是在每年3月1日和9月1日開始的6個月內,爲公司及其某些子公司的合資格員工提供購買公司A類普通股股票的機會。
截至2024年9月30日的三個月和九個月,公司確認約美元
與股權計劃相關的稅收優惠
下表彙總了與公司股權計劃有關的稅收(福利)支出(以千爲單位)截至2024年和2023年9月30日的三個月和九個月:
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截至三個月 |
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九個月結束 |
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9月30日, |
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9月30日, |
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2024 |
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2023 |
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2024 |
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2023 |
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與以下相關的稅收(福利)費用: |
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基於股份的薪酬費用 |
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$ |
( |
) |
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$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
股票期權的行使和股份結算限制性股票單位的歸屬 |
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( |
) |
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( |
) |
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與公司股權計劃相關的總稅收優惠 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
(9)每股基本和稀釋(虧損)收益
該公司有兩類普通股:A類普通股和B類普通股。A類普通股持有人通常享有與B類普通股持有人相同的權利,包括股息權,但A類普通股持有人除外
當攤薄時,普通股潛在股份對攤薄每股收益計算的影響被包括在內。 行使已發行股票期權時可發行的A類普通股的潛在股份G被認爲可能實現的限制性股票單位和績效股票單位,並與2021年ESPP有關,使用庫存股方法計算。可轉換票據轉換後可發行的A類普通股的潛在股份採用IF-轉換法計算。在計算稀釋每股收益時,本公司首先計算每一類普通股潛在股份的每股增量收益(「EPI」),並從稀釋程度最高(即最低的EPI)到稀釋程度最低(即最高的EPI)對這些類別進行排名。然後,根據每一類別股票的影響,按順序和累計進行調整,直到特定類別的股票不再產生進一步稀釋。
20
下表列出了所示期間每股基本和稀釋(虧損)收益的計算(單位:千,每股數據除外)。
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截至三個月 |
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九個月結束 |
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9月30日, |
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9月30日, |
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2024 |
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2023 |
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2024 |
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2023 |
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分子: |
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淨(虧損)收入--基本收入 |
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$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
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稀釋股份對淨(虧損)收益的影響: |
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2025年可轉換票據扣除稅後的利息支出 |
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2027年可轉換票據扣除稅後的利息支出 |
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淨(虧損)收益--攤薄 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
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$ |
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分母: |
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A類普通股加權平均普通股 |
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B類普通股加權平均普通股 |
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已發行普通股加權平均總股數--基本 |
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稀釋股對已發行加權平均普通股的影響: |
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股票期權 |
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限制性股票單位 |
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業績存量單位 |
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員工購股計劃 |
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2025年可轉換票據 |
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2027年可轉換票據 |
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已發行普通股加權平均股總數-稀釋 |
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(虧損)每股收益: |
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每股基本(虧損)收益(1) |
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$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
每股稀釋(虧損)收益(1) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
(1)
對於截至2024年和2023年9月30日的三個月和九個月,以下潛在A類普通股的加權平均股被排除在每股稀釋(虧損)收益計算之外,因爲它們的影響具有反稀釋性(以千計)。
|
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截至三個月 |
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九個月結束 |
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||||||||||
|
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9月30日, |
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9月30日, |
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||||||||||
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2024 |
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2023 |
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2024 |
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2023 |
|
||||
股票期權 |
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||||
限制性股票單位 |
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||||
業績存量單位 |
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員工購股計劃 |
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2025年可轉換票據 |
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2027年可轉換票據 |
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2028年可轉換票據 |
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2030年可轉換票據 |
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2031年可轉換票據 |
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2032年可轉換票據 |
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總 |
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21
(10)市場上的股權發行
公司不時與代理商簽訂銷售協議,根據這些協議,公司可以通過市場股票發行計劃發行和出售其A類普通股的股票。根據這些協議,公司同意向銷售代理支付佣金,以支付他們通過市場股權發行計劃代理股票銷售的服務,並同意向銷售代理報銷某些已發生的費用以及慣常的賠償和出資權。
|
|
2024年8月銷售協議 |
|
|
2023年11月的銷售協議 |
|
|
2023年8月的銷售協議 |
|
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2023年5月的銷售協議 |
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2022年銷售協議 |
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|||||
協議生效日期 |
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||||||||||
最高總髮行價格 |
|
$ |
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|
$ |
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|
$ |
|
|
$ |
|
|
$ |
|
|||||
就出售股份的總收益向銷售代理支付的最高佣金 |
|
|
% |
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% |
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% |
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|
% |
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% |
|||||
終止日期 |
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不適用 |
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|||||||||
截至2024年9月30日: |
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|||||
根據該銷售協議出售的累計股份 |
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|
|||||
根據該銷售協議出售的股份收到的累計淨收益 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
該銷售協議下剩餘可供銷售的最高總髮行價 |
|
$ |
|
|
不適用 |
|
|
不適用 |
|
|
不適用 |
|
|
不適用 |
|
下表總結了2024年或2023年期間有效的各項銷售協議在所示期間的銷售活動。每個市場股票發行計劃的淨收益(減去銷售佣金和費用)以千計報告。
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
根據該銷售協議出售的股份數量: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
2022年銷售協議 |
|
不適用 |
|
|
不適用 |
|
|
不適用 |
|
|
|
|
||||
2023年5月的銷售協議 |
|
不適用 |
|
|
|
|
|
不適用 |
|
|
|
|
||||
2023年8月的銷售協議 |
|
不適用 |
|
|
|
|
|
不適用 |
|
|
|
|
||||
2023年11月的銷售協議 |
|
|
|
|
不適用 |
|
|
|
|
|
不適用 |
|
||||
2024年8月銷售協議 |
|
|
|
|
不適用 |
|
|
|
|
|
不適用 |
|
||||
根據市場股票發行計劃出售的股份總數 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
根據該銷售協議出售的股份收到的淨收益: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
2022年銷售協議 |
|
不適用 |
|
|
不適用 |
|
|
不適用 |
|
|
$ |
|
||||
2023年5月的銷售協議 |
|
不適用 |
|
|
|
|
|
不適用 |
|
|
|
|
||||
2023年8月的銷售協議 |
|
不適用 |
|
|
|
|
|
不適用 |
|
|
|
|
||||
2023年11月的銷售協議 |
|
|
|
|
不適用 |
|
|
|
|
|
不適用 |
|
||||
2024年8月銷售協議 |
|
|
|
|
不適用 |
|
|
|
|
|
不適用 |
|
||||
根據市場上的股權發行計劃出售的股票所獲得的淨收益總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
與上述每個市場股權發行計劃相關的銷售佣金和費用爲E被視爲直接和增量成本,並在相應股份發行和出售期間從綜合資產負債表上的「額外實收資本」中計入。
22
(11)細分市場信息
公司在以下地區管理業務
|
|
截至2024年9月30日的三個月 |
|
|
截至2023年9月30日的三個月 |
|
||||||||||||||||||
|
|
軟件業務 |
|
|
公司和其他 |
|
|
合併總數 |
|
|
軟件業務 |
|
|
公司和其他 |
|
|
合併總數 |
|
||||||
總收入 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
|
||||||
收入總成本 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
毛利 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
|
||||||
總運營支出 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
截至2024年9月30日的九個月 |
|
|
截至2023年9月30日的9個月 |
|
||||||||||||||||||
|
|
軟件業務 |
|
|
公司和其他 |
|
|
合併總數 |
|
|
軟件業務 |
|
|
公司和其他 |
|
|
合併總數 |
|
||||||
總收入 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
|
||||||
收入總成本 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
毛利 |
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
|
||||||
總運營支出 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
下表按地理區域列出了總收入、毛利潤、運營(虧損)收入和長期資產(單位:千)。長期資產由使用權資產以及財產和設備(淨值)組成。上述披露的企業及其他類別包括在美國地區。
地理區域: |
|
美國 |
|
|
歐洲、中東和非洲地區 |
|
|
其他地區 |
|
|
已整合 |
|
||||
截至2024年9月30日的三個月 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
毛利 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
截至2023年9月30日的三個月 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
毛利 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
截至2024年9月30日的九個月 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
毛利 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
截至2023年9月30日的9個月 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
毛利 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
營業收入(虧損) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
截至2024年9月30日 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
長壽資產 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
截至2023年12月31日 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
長壽資產 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
23
EMEA地區包括在歐洲、中東和非洲的業務。其他地區包括所有其他國家,通常包括拉丁美洲、亞太地區和加拿大。截至2024年9月30日的三個月, 佔總合併收入的10%或更多。對於截至2023年9月30日的三個月和截至2024年和2023年9月30日的九個月,
截至2024年和2023年9月30日的三個月和九個月,
截至2024年9月30日和2023年12月31日,
(12)關聯交易
賽勒賠償協議
2022年6月24日,在與幾家第三方承運人同時提供具有約束力的董事和高級管理人員責任保險單(「初始商業保險單」)的同時,公司與公司董事會主席兼執行主席邁克爾·J·塞勒簽訂了(I)賠償協議(「超額協議」),由塞勒先生提供
2022年8月30日,本公司與第三方承運人就額外的D&O責任保單(「超額商業保單」)捆綁在一起,只有在最初的商業保單用完後才支付超額保險。於同一日期生效後,本公司與塞勒先生對超額協議簽署了一項修訂(「修訂」),將塞勒先生根據超額協議提供彌償的責任限於超額協議有效期內因超額協議生效當日或之後但在修訂生效日期前發生的不法行爲而提出的申索。關於修正案,塞勒先生退還了#美元。
於2023年6月12日,本公司將新的D&O責任保單(「2023商業保單」)與第三方承運人捆綁在一起,承保範圍由2023年6月12日至2024年6月12日,承保範圍大致相當於初始商業保單和超額商業保單下提供的總承保範圍,但2023年商業保單也涵蓋在初始商業保單受約束之前發生的不當作爲或不作爲的索賠,但對於先前通知並被較早的D&O保險人接受的索賠、與引起此類索賠的作爲或不作爲有關的索賠、以及要求、調查、在2022年6月24日之前對被保險人提起的訴訟或其他訴訟,以及未來相互關聯的不法行爲。
於2023年6月12日,本公司與塞勒先生訂立新的賠償協議(「2023年尾部協議」),根據該協議,塞勒先生同意提供與《尾部協議》所提供的保險相類似的保險,但只限於《2023年商業保單》所不包括的事項,最初爲期一年,並支付$
本公司與塞勒先生之間的超額協議、尾部協議及其他關聯方交易在本公司截至2023年12月31日止年度的Form 10-k年報綜合財務報表附註17中有更全面的描述。
配發協議
關於2024年5月31日綜合財務報表附註6「承付款和或有事項」中披露的同意令,公司和塞勒先生訂立了一項協議,根據該協議,塞勒先生和公司同意塞勒先生支付$
24
(13)後續事件
數字資產減值
該公司至少產生了$
關於數字資產會計的進一步詳情,見合併財務報表附註3「數字資產」。
市場股票發行
2024年10月30日,公司提交了一份新的市場股票發行計劃的招股說明書,根據該計劃,公司可以出售總髮行價高達美元的A類普通股
25
項目2.管理層的討論和分析 財務狀況及經營業績
前瞻性信息
這份Form 10-Q季度報告(「本季度報告」)包含符合修訂後的1934年證券交易法(「交易法」)第21E節的前瞻性陳述。爲此,本文中包含的任何非歷史事實的陳述,包括但不限於有關行業前景和我們的經營結果或財務狀況的某些陳述,均可被視爲前瞻性陳述。在不限制前述的情況下,「相信」、「預期」、「計劃」、「預期」以及類似的表述旨在識別前瞻性陳述。“第二部分.第1A項下討論的重要因素。除其他因素外,風險因素可能導致實際結果與本文所述以及管理層不時在別處陳述的前瞻性陳述所表明的結果大相徑庭。這樣的前瞻性陳述代表了管理層目前的預期,具有內在的不確定性。投資者被警告,實際結果可能與管理層的預期不同。
1取10股拆分
2024年8月7日,我們完成了A類普通股和B類普通股的1股10股拆分。有關進一步信息,請參閱合併財務報表附註1,重要會計政策摘要。作爲股票拆分的結果,本「項目2.管理層對財務狀況和經營結果的討論和分析」中提供的所有適用的股票和每股信息都已追溯調整,以反映所述所有時期的股票拆分情況。
業務概述
MicroStrategy®是世界上第一家也是最大的比特幣金庫公司。我們是一家上市公司,已將比特幣作爲我們的主要國庫儲備資產。通過使用股權和債務融資的收益,以及我們業務的現金流,我們戰略性地積累比特幣,並倡導其作爲數字資本的角色。我們的國庫策略旨在通過提供一系列證券,包括股票和固定收益工具,爲投資者提供不同程度的比特幣經濟敞口。
此外,我們提供行業領先的人工智能支持的企業分析軟件,推動我們的智能無處不在的願景。我們利用我們的開發能力來探索比特幣應用程序的創新,將分析專業知識與我們對數字資產增長的承諾相結合。我們相信,我們的卓越運營、戰略比特幣儲備和專注於技術創新的結合,使我們成爲數字資產和企業分析領域的領導者,爲長期價值創造提供了獨特的機會。
比特幣戰略
我們的比特幣策略通常涉及(I)發行債務或股權證券或從事其他融資交易,目的是利用所得資金購買比特幣,並(Ii)利用我們的流動資產收購超過營運資本要求的比特幣,視市場情況而定。我們打算主要通過發行普通股和各種固定收益工具,包括債務、可轉換票據和優先股,爲進一步的比特幣收購提供資金。
我們認爲我們持有的比特幣是長揸的,並預計將繼續積累比特幣。我們沒有爲我們尋求持有的比特幣數量設定任何具體目標,我們將繼續監測市場狀況,以決定是否進行額外融資以購買更多比特幣。這一整體戰略還考慮到,我們可能(I)爲一般企業目的或根據適用法律與產生稅收優惠的策略相關地定期出售比特幣,(Ii)進行以我們持有的比特幣爲抵押的額外融資交易,以及(Iii)考慮實施利用我們持有的比特幣創造收入流或以其他方式產生資金的戰略。
此外,我們定期就比特幣作爲互聯網本地數字資本資產的開放、安全協議的持續接受度和價值開展宣傳和教育活動,並利用我們的軟件開發能力探索比特幣應用方面的創新。
根據國庫儲備政策,我們的國庫儲備資產包括:
在2023年至2024年期間,我們使用各種融資交易的收益購買比特幣。截至2024年9月30日,我們總共持有約252,220枚比特幣。
26
下表顯示了我們持有的比特幣持有量的前滾,包括與我們的比特幣購買、銷售和數字資產減值損失相關的附加信息:
|
|
用於購買比特幣的資金來源 |
|
數字資產原始成本基礎 |
|
|
數字資產減值損失 |
|
|
數字資產賬面價值 |
|
|
持有的比特幣的大約數量 |
|
|
每枚比特幣的大約平均購買價 |
|
|||||
2022年12月31日的餘額 |
|
|
|
$ |
3,993,190 |
|
|
$ |
(2,153,162 |
) |
|
$ |
1,840,028 |
|
|
|
132,500 |
|
|
$ |
30,137 |
|
數字資產購買 |
|
(a) |
|
|
179,275 |
|
|
|
|
|
|
179,275 |
|
|
|
7,500 |
|
|
|
23,903 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(18,911 |
) |
|
|
(18,911 |
) |
|
|
|
|
|
|
|||
2023年3月31日的餘額 |
|
|
|
$ |
4,172,465 |
|
|
$ |
(2,172,073 |
) |
|
$ |
2,000,392 |
|
|
|
140,000 |
|
|
$ |
29,803 |
|
數字資產購買 |
|
(b) |
|
|
347,003 |
|
|
|
|
|
|
347,003 |
|
|
|
12,333 |
|
|
|
28,136 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(24,143 |
) |
|
|
(24,143 |
) |
|
|
|
|
|
|
|||
2023年6月30日的餘額 |
|
|
|
$ |
4,519,468 |
|
|
$ |
(2,196,216 |
) |
|
$ |
2,323,252 |
|
|
|
152,333 |
|
|
$ |
29,668 |
|
數字資產購買 |
|
(c) |
|
|
161,681 |
|
|
|
|
|
|
161,681 |
|
|
|
5,912 |
|
|
|
27,348 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(33,559 |
) |
|
|
(33,559 |
) |
|
|
|
|
|
|
|||
2023年9月30日的餘額 |
|
|
|
$ |
4,681,149 |
|
|
$ |
(2,229,775 |
) |
|
$ |
2,451,374 |
|
|
|
158,245 |
|
|
$ |
29,582 |
|
數字資產購買 |
|
(d) |
|
|
1,214,340 |
|
|
|
|
|
|
1,214,340 |
|
|
|
30,905 |
|
|
|
39,293 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(39,238 |
) |
|
|
(39,238 |
) |
|
|
|
|
|
|
|||
2023年12月31日的餘額 |
|
|
|
$ |
5,895,489 |
|
|
$ |
(2,269,013 |
) |
|
$ |
3,626,476 |
|
|
|
189,150 |
|
|
$ |
31,168 |
|
數字資產購買 |
|
(e) |
|
|
1,639,309 |
|
|
|
|
|
|
1,639,309 |
|
|
|
25,128 |
|
|
|
65,238 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(191,633 |
) |
|
|
(191,633 |
) |
|
|
|
|
|
|
|||
2024年3月31日的餘額 |
|
|
|
$ |
7,534,798 |
|
|
$ |
(2,460,646 |
) |
|
$ |
5,074,152 |
|
|
|
214,278 |
|
|
$ |
35,164 |
|
數字資產購買 |
|
(f) |
|
|
793,828 |
|
|
|
|
|
|
793,828 |
|
|
|
12,053 |
|
|
|
65,861 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(180,090 |
) |
|
|
(180,090 |
) |
|
|
|
|
|
|
|||
2024年6月30日的餘額 |
|
|
|
$ |
8,328,626 |
|
|
$ |
(2,640,736 |
) |
|
$ |
5,687,890 |
|
|
|
226,331 |
|
|
$ |
36,798 |
|
數字資產購買 |
|
(g) |
|
|
1,575,073 |
|
|
|
|
|
|
1,575,073 |
|
|
|
25,889 |
|
|
|
60,839 |
|
|
數字資產減損損失 |
|
|
|
|
|
|
|
(412,084 |
) |
|
|
(412,084 |
) |
|
|
|
|
|
|
|||
2024年9月30日餘額 |
|
|
|
$ |
9,903,699 |
|
|
$ |
(3,052,820 |
) |
|
$ |
6,850,879 |
|
|
|
252,220 |
|
|
$ |
39,266 |
|
超額現金是指超過我們的國庫儲備政策要求我們持有的最低現金資產的現金,其中可能包括經營活動產生的現金和融資活動收益產生的現金。
下表顯示了每個時期結束時持有的比特幣的大致數量,以及根據Coinbase交易所(我們的主要市場)每個季度一個比特幣的最低、最高和最終市場價格計算的比特幣持有量的市值,進一步定義如下:
27
|
|
季度末持有的比特幣的大約數量 |
|
|
本季度每枚比特幣的最低市價(A) |
|
|
季度末使用最低市場價格持有的比特幣市值(千)(B) |
|
|
本季度每枚比特幣的最高市價(C) |
|
|
季度末使用最高市場價格持有的比特幣市值(以千爲單位)(D) |
|
|
季度末每枚比特幣的市場價格(E) |
|
|
季度末持有的比特幣市值,使用最終市場價格(千)(F) |
|
|||||||
--2022年12月31日 |
|
|
132,500 |
|
|
$ |
15,460.00 |
|
|
$ |
2,048,450 |
|
|
$ |
21,478.80 |
|
|
$ |
2,845,941 |
|
|
$ |
16,556.32 |
|
|
$ |
2,193,712 |
|
2023年3月31日 |
|
|
140,000 |
|
|
$ |
16,490.00 |
|
|
$ |
2,308,600 |
|
|
$ |
29,190.04 |
|
|
$ |
4,086,606 |
|
|
$ |
28,468.44 |
|
|
$ |
3,985,582 |
|
2023年6月30日 |
|
|
152,333 |
|
|
$ |
24,750.00 |
|
|
$ |
3,770,242 |
|
|
$ |
31,443.67 |
|
|
$ |
4,789,909 |
|
|
$ |
30,361.51 |
|
|
$ |
4,625,060 |
|
2023年9月30日 |
|
|
158,245 |
|
|
$ |
24,900.00 |
|
|
$ |
3,940,301 |
|
|
$ |
31,862.21 |
|
|
$ |
5,042,035 |
|
|
$ |
27,030.47 |
|
|
$ |
4,277,437 |
|
--2023年12月31日 |
|
|
189,150 |
|
|
$ |
26,521.32 |
|
|
$ |
5,016,508 |
|
|
$ |
45,000.00 |
|
|
$ |
8,511,750 |
|
|
$ |
42,531.41 |
|
|
$ |
8,044,816 |
|
2024年3月31日 |
|
|
214,278 |
|
|
$ |
38,501.00 |
|
|
$ |
8,249,917 |
|
|
$ |
73,835.57 |
|
|
$ |
15,821,338 |
|
|
$ |
71,028.14 |
|
|
$ |
15,219,768 |
|
2024年6月30日 |
|
|
226,331 |
|
|
$ |
56,500.00 |
|
|
$ |
12,787,702 |
|
|
$ |
72,777.00 |
|
|
$ |
16,471,691 |
|
|
$ |
61,926.69 |
|
|
$ |
14,015,930 |
|
2024年9月30日 |
|
|
252,220 |
|
|
$ |
49,050.01 |
|
|
$ |
12,371,394 |
|
|
$ |
70,000.00 |
|
|
$ |
17,655,400 |
|
|
$ |
63,462.97 |
|
|
$ |
16,006,630 |
|
上表中報告爲「市場價值」的金額只是一個數學計算,其計算方法爲Coinbase交易所(我們的主要市場)在上述每種情況下報告的一枚比特幣的價格乘以我們在適用期間結束時持有的比特幣數量。比特幣和比特幣市場可能受到操縱,比特幣現貨價格可能受到欺詐和操縱。因此,上述報告的市場價值可能不能準確反映公平市場價值,我們的比特幣的實際公平市場價值可能與該等金額不同,這種偏離可能是重大的。此外,(I)比特幣市場歷史上的特點是價格大幅波動、流動性和交易量相對於主權貨幣市場有限、相對匿名性、不斷髮展的監管格局、可能受到市場濫用和操縱的可能性、交易所的合規和內部控制失誤以及各種其他風險,這些風險是或可能是其完全電子化、虛擬形式和分散化網絡所固有的,以及(Ii)我們可能無法以上述市值、Coinbase交易所(我們的主要市場)在銷售當日報告的市場價格或根本無法以上述市值出售我們的比特幣。
我們的數字資產減值損失對我們的運營費用有很大貢獻。在截至2024年9月30日的三個月內,數字資產減值損失41210美元萬佔我們運營費用的80.1%,而截至2023年9月30日的三個月數字資產減值損失3,360美元萬,佔我們運營費用的26.2%。在截至2024年9月30日的9個月內,數字資產減值損失78380美元萬佔我們運營費用的72.3%,而截至2023年9月30日的9個月數字資產減值損失7,660美元萬,佔我們運營費用的21.1%。
截至2024年10月30日,我們持有約252,220枚比特幣,總購買價爲99.04美元億,平均購買價約爲每枚比特幣39,266美元,包括費用和支出。截至2024年10月30日下午4:00東部時間,Coinbase交易所報告的一枚比特幣的市場價格爲71,812.70美元。
企業分析軟件戰略
MicroStrategy是人工智能商業智能(BI)領域的先驅,也是企業分析解決方案的全球領先者。我們提供軟件和服務,旨在將複雜、混亂的數據環境轉變爲豐富、可靠和方便的信息饋送給我們的客戶。我們的願景是通過隨時隨地提供智能™,讓每一位員工都成爲領域專家。
28
我們的雲原生旗艦產品MicroStrategy ONE™爲涵蓋零售、銀行、科技、製造、保險、諮詢、醫療保健、電信和公共部門等廣泛行業的客戶提供了全球一些最大的分析部署。
MicroStrategy One平台不可或缺的是生成性人工智能功能,旨在自動化和加速在我們客戶的企業中部署支持人工智能的應用程序。通過對話式人工智能訪問高級分析,MicroStrategy One爲非技術用戶提供了直接訪問新的、可操作的決策見解的能力。
MicroStrategy One將現代雲應用程序提供的靈活性和可擴展性與我們強大的數據治理模型的可靠性和安全性結合在一起。它通過使豐富的分析易於訪問和個性化來增強用戶的能力,同時使組織能夠在需要的任何地方利用其數據的價值。
隨着我們繼續將業務戰略和產品提供轉型爲雲原生模式,我們正在加強我們的市場準入和銷售策略,目標是專注於獲取新客戶、推動收入增長、提高利潤率並簡化我們的運營。作爲這一轉型的一部分,我們已經並將繼續採取措施,包括人員優化,以重組和提高我們的業務職能效率。
經營亮點
下表列出了截至2024年和2023年9月30日的三個月和九個月的某些運營亮點(以千計):
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
收入 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
產品許可證 |
|
$ |
11,087 |
|
|
$ |
24,045 |
|
|
$ |
33,311 |
|
|
$ |
56,979 |
|
訂閱服務 |
|
|
27,800 |
|
|
|
20,974 |
|
|
|
74,846 |
|
|
|
59,662 |
|
產品許可證和訂閱服務總數 |
|
|
38,887 |
|
|
|
45,019 |
|
|
|
108,157 |
|
|
|
116,641 |
|
產品支持 |
|
|
61,015 |
|
|
|
66,860 |
|
|
|
185,440 |
|
|
|
198,422 |
|
其他服務 |
|
|
16,169 |
|
|
|
17,583 |
|
|
|
49,162 |
|
|
|
56,714 |
|
總收入 |
|
|
116,071 |
|
|
|
129,462 |
|
|
|
342,759 |
|
|
|
371,777 |
|
收入成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
產品許可證 |
|
|
769 |
|
|
|
342 |
|
|
|
2,130 |
|
|
|
1,320 |
|
訂閱服務 |
|
|
11,454 |
|
|
|
8,028 |
|
|
|
29,618 |
|
|
|
23,100 |
|
產品許可證和訂閱服務總數 |
|
|
12,223 |
|
|
|
8,370 |
|
|
|
31,748 |
|
|
|
24,420 |
|
產品支持 |
|
|
8,572 |
|
|
|
5,531 |
|
|
|
25,312 |
|
|
|
17,115 |
|
其他服務 |
|
|
13,554 |
|
|
|
12,760 |
|
|
|
38,239 |
|
|
|
40,188 |
|
收入總成本 |
|
|
34,349 |
|
|
|
26,661 |
|
|
|
95,299 |
|
|
|
81,723 |
|
毛利 |
|
|
81,722 |
|
|
|
102,801 |
|
|
|
247,460 |
|
|
|
290,054 |
|
運營費用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
銷售和營銷 |
|
|
35,414 |
|
|
|
35,606 |
|
|
|
103,116 |
|
|
|
109,372 |
|
研發 |
|
|
33,301 |
|
|
|
29,660 |
|
|
|
92,795 |
|
|
|
90,372 |
|
一般和行政 |
|
|
33,505 |
|
|
|
29,223 |
|
|
|
104,300 |
|
|
|
85,959 |
|
數字資產減損損失 |
|
|
412,084 |
|
|
|
33,559 |
|
|
|
783,807 |
|
|
|
76,613 |
|
總運營支出 |
|
|
514,304 |
|
|
|
128,048 |
|
|
|
1,084,018 |
|
|
|
362,316 |
|
運營虧損 |
|
$ |
(432,582 |
) |
|
$ |
(25,247 |
) |
|
$ |
(836,558 |
) |
|
$ |
(72,262 |
) |
我們的數碼資產已經產生並可能繼續產生重大減值虧損,我們已經確認並可能在未來繼續確認出售我們的數字資產的收益,這些收益在扣除運營費用內的任何減值損失後列報。此外,我們根據企業分析軟件業務的預期收入趨勢和戰略目標進行內部運營費用預測。我們的許多費用,如辦公室租賃和某些人員成本,都是相對固定的。因此,任何季度內比特幣價格的任何下降、我們以高於當時持有成本的價格出售我們的比特幣,或者我們的軟件業務收入出現任何缺口,都可能導致我們的運營業績發生重大變化。因此,我們認爲,對我們的運營業績進行季度與季度的比較可能不是我們未來業績的良好指示。
29
員工
截至2024年9月30日,我們共有1,637名員工,其中478名在美國,1,159名在國際。下表總結了截至所示日期的員工人數:
|
|
9月30日, |
|
|
十二月三十一日, |
|
|
9月30日, |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
訂閱服務 |
|
|
97 |
|
|
|
100 |
|
|
|
105 |
|
產品支持 |
|
|
168 |
|
|
|
154 |
|
|
|
161 |
|
諮詢 |
|
|
305 |
|
|
|
399 |
|
|
|
411 |
|
教育 |
|
|
10 |
|
|
|
13 |
|
|
|
12 |
|
銷售和營銷 |
|
|
316 |
|
|
|
390 |
|
|
|
398 |
|
研發 |
|
|
529 |
|
|
|
642 |
|
|
|
645 |
|
一般和行政 |
|
|
212 |
|
|
|
236 |
|
|
|
252 |
|
總人數 |
|
|
1,637 |
|
|
|
1,934 |
|
|
|
1,984 |
|
基於股份的薪酬費用
正如綜合財務報表附註8「基於股份的薪酬」所述,我們已授予股票期權,以購買我們A類普通股、限制性股票單位、績效股票單位的股票,以及我們的股票激勵計劃下的某些其他基於股票的獎勵。每個限制性股票單位和績效股票單位代表一項或有權利,在滿足適用的歸屬要求後獲得我們A類普通股的一股。我們還根據2021年員工持股計劃,爲符合條件的員工提供購買A類普通股的機會。這些獎勵的基於股份的薪酬支出(以千計)在所示期間的以下收入成本和運營費用行項目中確認:
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
訂閱服務收入成本 |
|
$ |
98 |
|
|
$ |
101 |
|
|
$ |
287 |
|
|
$ |
254 |
|
產品支持收入成本 |
|
|
966 |
|
|
|
565 |
|
|
|
2,951 |
|
|
|
1,597 |
|
諮詢收入成本 |
|
|
468 |
|
|
|
535 |
|
|
|
1,349 |
|
|
|
1,423 |
|
教育收入成本 |
|
|
37 |
|
|
|
28 |
|
|
|
99 |
|
|
|
72 |
|
銷售和營銷 |
|
|
3,153 |
|
|
|
3,221 |
|
|
|
11,719 |
|
|
|
12,532 |
|
研發 |
|
|
3,542 |
|
|
|
3,269 |
|
|
|
10,659 |
|
|
|
9,426 |
|
一般和行政 |
|
|
11,113 |
|
|
|
9,087 |
|
|
|
30,725 |
|
|
|
24,551 |
|
基於股份的薪酬總支出 |
|
$ |
19,377 |
|
|
$ |
16,806 |
|
|
$ |
57,789 |
|
|
$ |
49,855 |
|
在截至2024年9月30日的三個月中,與上年同期相比,基於股票的薪酬支出增加了260萬美元,這主要是由於股票激勵計劃下授予的額外獎勵,但部分被某些股票獎勵和某些完全歸屬的獎勵的沒收所抵消。與上年同期相比,在截至2024年9月30日的9個月中,基於股票的薪酬支出增加了790美元,這主要是由於股票激勵計劃下授予的額外獎勵以及某些負債分類股票獎勵的重估和行使,但部分抵消了某些股票獎勵和某些完全歸屬的獎勵的喪失。截至2024年9月30日,我們估計與股票激勵計劃和2021年ESPP相關的總計約13310美元的基於股票的額外薪酬支出將在2.4年的剩餘加權平均期間內確認。
關鍵會計估計
我們對我們的財務狀況和經營結果的討論和分析是以我們的綜合財務報表爲基礎的,這些報表是根據公認會計准則編制的。在編制我們的合併財務報表時,我們需要做出影響資產、負債和權益的報告金額、財務報表日期的或有資產和負債的披露以及報告期內報告的收入和費用的報告金額的估計和判斷。實際結果和結果可能與這些估計和假設不同。
關鍵會計估計涉及很大程度的估計不確定性,是已經或合理地可能對我們的財務狀況或經營結果產生重大影響的估計。我們認爲與收入確認相關的某些估計和判斷是我們的關鍵會計估計,正如我們在截至2023年12月31日的財政年度Form 10-k年度報告中所討論的「第7項.管理層對財務狀況和運營結果的討論和分析--關鍵會計估計」。自2023年12月31日以來,此類估計和判斷沒有重大變化。
30
經營成果
截至2024年9月30日和2023年9月30日的三個月和九個月的比較
收入
除本文另有說明外,術語「國內」是指在美國和加拿大的業務,術語「國際」是指在美國和加拿大以外的業務。
產品許可和訂閱服務收入。下表列出了所示期間的產品許可和訂閱服務收入(以千爲單位)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
產品許可和訂閱服務收入: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
產品許可證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
國內 |
|
$ |
3,109 |
|
|
$ |
10,338 |
|
|
|
-69.9 |
% |
|
$ |
12,920 |
|
|
$ |
29,404 |
|
|
|
-56.1 |
% |
國際 |
|
|
7,978 |
|
|
|
13,707 |
|
|
|
-41.8 |
% |
|
|
20,391 |
|
|
|
27,575 |
|
|
|
-26.1 |
% |
產品許可總收入 |
|
|
11,087 |
|
|
|
24,045 |
|
|
|
-53.9 |
% |
|
|
33,311 |
|
|
|
56,979 |
|
|
|
-41.5 |
% |
訂閱服務 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
國內 |
|
|
17,579 |
|
|
|
13,515 |
|
|
|
30.1 |
% |
|
|
47,087 |
|
|
|
38,718 |
|
|
|
21.6 |
% |
國際 |
|
|
10,221 |
|
|
|
7,459 |
|
|
|
37.0 |
% |
|
|
27,759 |
|
|
|
20,944 |
|
|
|
32.5 |
% |
訂閱服務總收入 |
|
|
27,800 |
|
|
|
20,974 |
|
|
|
32.5 |
% |
|
|
74,846 |
|
|
|
59,662 |
|
|
|
25.5 |
% |
產品許可和訂閱服務總收入 |
|
$ |
38,887 |
|
|
$ |
45,019 |
|
|
|
-13.6 |
% |
|
$ |
108,157 |
|
|
$ |
116,641 |
|
|
|
-7.3 |
% |
產品許可收入。與去年同期相比,截至2024年9月30日的三個月和九個月的產品許可收入分別減少了1,300美元萬和2,370美元萬,這主要是由於交易量和平均規模的整體下降。隨着我們繼續向新客戶和現有客戶推廣我們的雲服務,我們的產品許可收入在未來可能會繼續下降。
訂閱服務收入。訂閱服務收入來自我們的MCE雲訂閱服務,並在合同的服務期內按比例確認。與去年同期相比,在截至2024年9月30日的三個月和九個月中,訂閱服務收入分別增加了680萬和1520美元,這主要是由於現有本地客戶轉換爲基於雲的訂閱、現有客戶對訂閱服務的使用淨增加以及與新客戶簽訂的銷售合同。我們預計,隨着我們繼續向新客戶和現有客戶推廣我們的雲產品,我們的訂閱服務收入在未來一段時間內將繼續增長。
產品支持收入。下表列出了所示期間的產品支持收入(以千爲單位)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
產品支持收入: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
國內 |
|
$ |
35,891 |
|
|
$ |
39,510 |
|
|
|
-9.2 |
% |
|
$ |
110,348 |
|
|
$ |
119,064 |
|
|
|
-7.3 |
% |
國際 |
|
|
25,124 |
|
|
|
27,350 |
|
|
|
-8.1 |
% |
|
|
75,092 |
|
|
|
79,358 |
|
|
|
-5.4 |
% |
產品支持總收入 |
|
$ |
61,015 |
|
|
$ |
66,860 |
|
|
|
-8.7 |
% |
|
$ |
185,440 |
|
|
$ |
198,422 |
|
|
|
-6.5 |
% |
產品支持收入來自向客戶提供技術軟件支持以及軟件更新和升級。產品支持收入在合同期限內按比例確認,合同期限通常爲一年。與去年同期相比,截至2024年9月30日的三個月和九個月的產品支持收入分別減少了580美元萬和1,300美元萬,這主要是由於某些現有客戶將帶有單獨支持合同的永久產品許可證轉換爲我們的訂閱服務產品。隨着我們繼續向新客戶和現有客戶推廣我們的雲產品,我們的產品支持收入在未來可能會下降。
31
其他服務收入。 下表列出了所示期間的其他服務收入(以千計)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
其他服務收入: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
諮詢 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
國內 |
|
$ |
7,105 |
|
|
$ |
8,392 |
|
|
|
-15.3 |
% |
|
$ |
21,424 |
|
|
$ |
26,639 |
|
|
|
-19.6 |
% |
國際 |
|
|
8,384 |
|
|
|
8,284 |
|
|
|
1.2 |
% |
|
|
25,484 |
|
|
|
27,354 |
|
|
|
-6.8 |
% |
諮詢總收入 |
|
|
15,489 |
|
|
|
16,676 |
|
|
|
-7.1 |
% |
|
|
46,908 |
|
|
|
53,993 |
|
|
|
-13.1 |
% |
教育 |
|
|
680 |
|
|
|
907 |
|
|
|
-25.0 |
% |
|
|
2,254 |
|
|
|
2,721 |
|
|
|
-17.2 |
% |
其他服務收入總額 |
|
$ |
16,169 |
|
|
$ |
17,583 |
|
|
|
-8.0 |
% |
|
$ |
49,162 |
|
|
$ |
56,714 |
|
|
|
-13.3 |
% |
諮詢收入。諮詢收入來自幫助客戶規劃和執行我們軟件的部署。與去年同期相比,截至2024年9月30日的三個月和九個月的諮詢收入減少了120萬美元和710萬美元,主要是由於國內諮詢服務需求減少。
教育收入。教育收入來自我們向客戶提供的教育和培訓,以增強他們充分利用我們軟件的特徵和功能的能力。這些產品包括自助教程、定製課程開發、與客戶內部員工的聯合培訓以及標準課程產品,定價取決於交付的具體產品。與去年同期相比,截至2024年9月30日的三個月和九個月的教育收入沒有重大變化。
成本和開支
收入成本。下表列出了所示期間的收入成本(以千計)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
收入成本: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
產品許可和訂閱服務: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
產品許可證 |
|
$ |
769 |
|
|
$ |
342 |
|
|
|
124.9 |
% |
|
$ |
2,130 |
|
|
$ |
1,320 |
|
|
|
61.4 |
% |
訂閱服務 |
|
|
11,454 |
|
|
|
8,028 |
|
|
|
42.7 |
% |
|
|
29,618 |
|
|
|
23,100 |
|
|
|
28.2 |
% |
產品許可證和訂閱服務總數 |
|
|
12,223 |
|
|
|
8,370 |
|
|
|
46.0 |
% |
|
|
31,748 |
|
|
|
24,420 |
|
|
|
30.0 |
% |
產品支持 |
|
|
8,572 |
|
|
|
5,531 |
|
|
|
55.0 |
% |
|
|
25,312 |
|
|
|
17,115 |
|
|
|
47.9 |
% |
其他服務: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
諮詢 |
|
|
13,005 |
|
|
|
12,134 |
|
|
|
7.2 |
% |
|
|
36,546 |
|
|
|
38,326 |
|
|
|
-4.6 |
% |
教育 |
|
|
549 |
|
|
|
626 |
|
|
|
-12.3 |
% |
|
|
1,693 |
|
|
|
1,862 |
|
|
|
-9.1 |
% |
其他服務合計 |
|
|
13,554 |
|
|
|
12,760 |
|
|
|
6.2 |
% |
|
|
38,239 |
|
|
|
40,188 |
|
|
|
-4.8 |
% |
收入總成本 |
|
$ |
34,349 |
|
|
$ |
26,661 |
|
|
|
28.8 |
% |
|
$ |
95,299 |
|
|
$ |
81,723 |
|
|
|
16.6 |
% |
產品許可收入的成本。產品許可收入的成本包括支付給渠道合作伙伴的推薦費、產品手冊和媒體的成本以及支付給第三方軟件供應商的版稅。與去年同期相比,截至2024年9月30日的三個月的產品許可成本收入沒有實質性變化。產品許可證成本收入在截至2024年9月30日的9個月中比上年同期增加了80美元萬,這主要是由於作爲與Daedalus的和解協議的一部分收到的預付專利許可證的攤銷,如合併財務報表附註6,承諾和或有中所述。
訂閱服務收入的成本。訂閱服務收入成本包括設備、設施和其他相關支持成本(包括雲託管基礎設施成本)以及人員和相關管理成本。截至2024年9月30日的三個月,訂閱服務成本收入與上年同期相比增加了340萬,主要原因是雲託管基礎設施成本增加了290美元萬,這是新的和現有的雲訂閱服務客戶使用量增加的結果。截至2024年9月30日的9個月,訂閱服務成本收入與上年同期相比增加了650美元萬,主要原因是雲託管基礎設施成本增加了620美元萬,這是新的和現有的雲訂閱服務客戶使用量增加的結果。
32
產品支持收入的成本。產品支持收入的成本包括人員和相關管理費用。與上一年同期相比,在截至2024年9月30日的三個月中,產品支持收入的成本增加了300萬,這主要是由於(I)由於裁員導致遣散費增加了110美元萬,(Ii)工資和人事成本增加了70萬,(Iii)可變薪酬增加了50萬,以及(Iv)基於股票的薪酬支出淨增加了40萬。除遣散費增加外,這些變化主要是由於某些員工從內部調動到產品支持職能的平均人員數量增加,但被本年度我們的企業支持計劃停止部分抵消,這之前導致某些諮詢人員的薪酬成本被分配到產品支持收入成本中。在截至2024年9月30日的9個月中,產品支持收入的成本與上年同期相比增加了820萬,這主要是由於(I)工資和人員成本增加了230美元萬,(Ii)可變薪酬增加了220美元萬,(Iii)基於股份的薪酬支出淨增加了140美元,(Iv)由於裁員導致遣散費增加了110美元,以及(V)設施和其他相關支持成本增加了60美元萬。除了遣散費的增加,這些變化主要是由於某些員工從內部調動到產品支持職能的平均人員水平增加,但被本年度我們的企業支持計劃停止部分抵消。
諮詢收入的成本。諮詢收入的成本包括人員和相關管理費用。與上年同期相比,在截至2024年9月30日的三個月中,諮詢收入增加了90美元萬,這主要是由於(I)由於裁員而導致的遣散費增加了110美元萬,但被(Ii)由於平均員工數量減少而導致的工資和人員成本減少20美元萬所部分抵消,而本年度我們的企業支持計劃的終止(根據該計劃,與某些諮詢人員相關的成本已在產品支持收入成本中確認)在很大程度上抵消了這一減少。在截至2024年9月30日的9個月中,諮詢收入的成本與上年同期相比減少了180萬,這主要是由於(I)可變薪酬減少了180萬,(Ii)工資和人員成本減少了90萬,這可歸因於平均人員水平的下降,但被本年度企業支持計劃的終止(根據該計劃,與某些諮詢人員相關的成本已在產品支持收入的成本中確認)部分抵消,以及(Iii)設施和其他相關支持成本減少40萬,但被(Iv)分包商成本增加80萬所部分抵消。以及(V)由於裁員,遣散費增加了70美元萬。
教育收入成本。教育成本收入由人員和相關管理費用組成。與上年同期相比,截至2024年9月30日的三個月和九個月的教育成本收入沒有實質性變化。
銷售和營銷費用。 銷售和營銷費用包括人員成本、佣金、辦公設施、旅行、廣告、公共關係計劃和促銷活動,如貿易展、研討會和技術會議。下表列出了所示期間的銷售和營銷費用(以千計)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
銷售和市場營銷費用 |
|
$ |
35,414 |
|
|
$ |
35,606 |
|
|
|
-0.5 |
% |
|
$ |
103,116 |
|
|
$ |
109,372 |
|
|
|
-5.7 |
% |
與上年同期相比,截至2024年9月30日的三個月的銷售和營銷費用沒有實質性變化,主要原因是:(1)可變薪酬萬減少210美元,主要原因是淨資本化佣金增加,但被賺取的佣金增加部分抵消;(2)員工工資減少80美元,主要是由於平均人員配備水平下降(包括某些員工內部調動到產品支持職能),部分被工資增長抵消;(3)非所得稅減少20萬,(4)招聘成本減少20萬,(V)設施及其他相關支援成本減少20萬,及(Vi)以股份爲基礎的薪酬開支淨減少10美元,主要原因是喪失若干獎勵及若干員工內部轉職至產品支持職能,但因根據股票激勵計劃授予額外獎勵而大幅抵銷,(Vii)因裁員而導致遣散費增加280萬,及(Viii)營銷成本增加80萬。
與前一年同期相比,截至2024年9月30日的9個月,銷售和營銷費用減少了630萬,主要原因是(I)可變薪酬減少了670美元,主要是由於淨資本化佣金增加,但被賺取的佣金增加部分抵消了;(Ii)員工工資減少了440美元,主要是由於平均人員配備水平下降(包括某些員工內部調動到產品支持職能),部分被工資增加所抵消,(Iii)設施和其他相關支持成本減少了100美元萬,(4)基於股份的薪酬支出淨減少80美元,主要原因是某些獎勵被沒收以及某些員工內部調任到產品支持職能,但被股票激勵計劃下授予的額外獎勵和在行使或報告期間結束時重新計量某些負債分類獎勵的公允價值所部分抵消,(5)雲託管基礎設施費用減少60萬,和(6)招聘費用減少50萬,部分被(7)因裁員而增加260萬的遣散費,(8)營銷成本增加250萬所抵消,和(Ix)主要由於行使或授予股票激勵計劃下的某些獎勵而增加的僱主工資稅,導致人員成本增加240美元萬。
33
研究和開發費用。研發費用包括我們軟件工程人員的人員成本和相關的管理費用。下表彙總了所示期間的研究和開發費用(以千計)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
研發費用 |
|
$ |
33,301 |
|
|
$ |
29,660 |
|
|
|
12.3 |
% |
|
$ |
92,795 |
|
|
$ |
90,372 |
|
|
|
2.7 |
% |
與上年同期相比,在截至2024年9月30日的三個月中,研發費用增加了360萬,這主要是由於(I)裁員導致遣散費增加了510萬,以及(Ii)股票薪酬支出淨增加了30萬,這主要是由於根據股票激勵計劃授予了額外的獎勵,但被某些獎勵的喪失部分抵消了,但被(Iii)員工工資減少80美元萬,主要是由於平均人員配備水平下降,部分被工資增加所抵消,以及(Iv)可變薪酬減少了70萬。
在截至2024年9月30日的9個月中,研發費用與上年同期相比增加了240萬,主要原因是(I)由於裁員導致遣散費增加510美元萬,(Ii)主要由於行使或歸屬股票激勵計劃下的某些獎勵而導致僱主工資稅增加,以及(Iii)主要由於根據股票激勵計劃授予額外獎勵而部分抵消了部分被沒收的某些獎勵而導致的基於股票的薪酬支出淨增加130美元,(V)變動薪酬減少80萬,(Vi)雲託管基礎設施成本減少60萬,及(Vii)設施及其他相關支持成本減少50萬。
一般和行政費用。一般和行政費用包括人員和相關管理費用,以及我們的行政、財務、人力資源、信息系統和行政部門的其他成本,以及第三方諮詢、法律和其他專業費用,以及與我們的數字資產持有相關的第三方成本。下表列出了所示期間的一般費用和行政費用(以千計)和有關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
一般和行政費用 |
|
$ |
33,505 |
|
|
$ |
29,223 |
|
|
|
14.7 |
% |
|
$ |
104,300 |
|
|
$ |
85,959 |
|
|
|
21.3 |
% |
截至2024年9月30日的三個月,與上年同期相比,一般和行政費用增加了430萬,主要是由於(I)基於股票的薪酬支出淨增加200美元,這主要是由於根據股票激勵計劃授予的額外獎勵,部分被某些完全歸屬的獎勵所抵消,(Ii)法律、諮詢和其他諮詢費用增加了160美元,(Iii)我們持有比特幣產生的託管費用增加了100美元,以及(Iv)由於裁員導致遣散費增加了60美元萬,(V)僱員薪金減少70萬美元,主要原因是平均人員配置水平下降,但工資增加部分抵消了這一減少額。
截至2024年9月30日的9個月,與上年同期相比,一般和行政費用增加了1830萬,主要原因是(I)與行使或歸屬股票激勵計劃下的某些獎勵有關的僱主工資稅增加,主要是由於僱主工資稅增加,(Ii)股票薪酬支出淨增加610美元,這主要是由於授予股票激勵計劃下的額外獎勵,但部分被完全歸屬的某些獎勵和某些獎勵的沒收所抵消,(Iii)法律、諮詢和其他諮詢成本的550萬增加,(Iv)我們持有的比特幣保管費增加了250美元,(V)由於裁員導致遣散費增加了90美元,(Vi)與我們公司飛機的維護和運營相關的成本增加了60萬,但被(Vii)員工工資減少230美元萬部分抵消,(Vii)員工工資減少主要是由於平均人員水平的減少,部分被工資增加所抵消,(Viii)上一年與綜合財務報表附註6,承諾和或有事項中提到的巴西事項有關的120美元萬損失,(Ix)商業保險成本減少了70美元,以及(X)可變薪酬減少50美元萬。
34
數字資產減值損失。當我們的數字資產的賬面價值在收購後的任何時間超過其最低公允價值時,即確認數字資產減值損失。已減值數碼資產於減值時減記至公允價值,而該等減值損失不能因公允價值其後的任何增加而收回。收益(如果有的話)直到出售時才被記錄下來。下表列出了所示期間的數字資產減值損失(以千計)和相關百分比變化:
|
|
截至三個月 |
|
|
|
|
|
九個月結束 |
|
|
|
|
||||||||||||
|
|
9月30日, |
|
|
% |
|
|
9月30日, |
|
|
% |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
||||||
數字資產減損損失 |
|
$ |
412,084 |
|
|
$ |
33,559 |
|
|
|
1127.9 |
% |
|
$ |
783,807 |
|
|
$ |
76,613 |
|
|
|
923.1 |
% |
截至2024年9月30日或2023年9月30日的九個月內,我們沒有出售任何數字資產。未來我們可能會繼續遭受重大數字資產減損損失。例如,截至2024年9月30日,我們持有的比特幣在2024年第四季度產生了至少1890萬美元的數字資產減損損失。
利息支出,淨額
淨利息費用主要與與我們的長期債務安排相關的合同利息費用和發行成本攤銷有關。下表列出了所示期間的淨利息費用(以千計):
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
利息費用,淨額: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
2025年可轉換票據 |
|
$ |
38 |
|
|
$ |
1,980 |
|
|
$ |
3,865 |
|
|
$ |
5,935 |
|
2027年可轉換票據 |
|
|
1,012 |
|
|
|
1,008 |
|
|
|
3,033 |
|
|
|
3,021 |
|
2028年可轉換票據 |
|
|
320 |
|
|
|
0 |
|
|
|
320 |
|
|
|
0 |
|
2030年可轉換票據 |
|
|
2,224 |
|
|
|
0 |
|
|
|
5,013 |
|
|
|
0 |
|
2031年可轉換票據 |
|
|
1,929 |
|
|
|
0 |
|
|
|
4,133 |
|
|
|
0 |
|
2032年可轉換票據 |
|
|
5,159 |
|
|
|
0 |
|
|
|
5,904 |
|
|
|
0 |
|
2028年擔保票據 |
|
|
7,738 |
|
|
|
8,072 |
|
|
|
23,915 |
|
|
|
24,193 |
|
2025年有擔保定期貸款 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,812 |
|
其他利息(收入)費用,淨額 |
|
|
(291 |
) |
|
|
(54 |
) |
|
|
(707 |
) |
|
|
70 |
|
利息支出總額(淨額) |
|
$ |
18,129 |
|
|
$ |
11,006 |
|
|
$ |
45,476 |
|
|
$ |
37,031 |
|
截至2024年9月30日的三個月和九個月的利息支出淨額分別比上年同期增加710萬和840萬,主要原因是(I)與2032年可轉換票據(於2024年6月發行)有關的利息,(Ii)與2030年可轉換票據和2031年可轉換票據(分別於2024年3月發行)有關的利息,(Iii)與2028年可轉換票據(於2024年9月發行)有關的利息,抵銷部分由(Iv)於2023年3月償還2025年有擔保定期貸款(就截至2024年及2023年9月30日止九個月的比較而言),(V)於2024年7月15日前已全部轉換或贖回的2025年可換股票據,及(Vi)已於2024年9月26日全部贖回的2028年有擔保票據而部分抵銷。
2024年第四季度的利息支出預計將比2023年同期增加,這是由於我們發行了2028年可轉換票據、2030年可轉換票據、2031年可轉換票據和2032年可轉換票據,部分抵消了2028年擔保票據於2024年9月26日全部贖回和2025年可轉換票據於2024年7月15日全部轉換或贖回。有關進一步信息,請參閱合併財務報表附註5「長期債務」。
(損失)債務清償收益
截至2024年9月30日的三個月和九個月,萬因贖回2028年擔保票據而產生的債務清償損失2,290美元。在截至2023年9月30日的9個月中,萬在債務清償方面的4,470美元收益源於
35
償還2025年有擔保的定期貸款。有關進一步信息,請參閱合併財務報表附註5「長期債務」。
其他(費用)收入,淨額
在截至2024年9月30日的三個月和九個月中,其他費用淨額分別爲500美元萬和260美元萬,主要由外幣交易淨虧損組成。在截至2023年9月30日的三個月和九個月中,其他收入淨額分別爲240美元萬和70美元萬,主要由外幣交易淨收益組成。
所得稅
在截至2024年9月30日的9個月中,我們記錄了41180美元萬的所得稅收益,稅前虧損90760美元萬,導致實際稅率爲45.4%,而截至2023年9月30日的9個月,我們記錄的所得稅收益爲40390萬,稅前虧損6,390美元,導致有效稅率爲632.2%。在截至2024年9月30日的九個月內,我們的所得稅收益主要涉及(I)與我們持有的比特幣減值相關的遞延稅項資產增加帶來的稅收收益,以及(Ii)與基於股票的薪酬相關的稅收收益(包括行使股票期權和歸屬股份結算的限制性股票單位的所得稅影響)。在截至2023年9月30日的9個月內,我們從所得稅中獲得的好處主要與釋放與我們持有的比特幣減值相關的部分遞延稅項資產估值準備有關,這是由於截至2023年9月30日比特幣的市值與2022年12月31日相比有所增加。
截至2024年9月30日,我們有140萬美元的萬估值津貼,主要與我們在某些司法管轄區與外國稅收抵免相關的遞延稅收資產有關。最大的遞延稅項資產與我們持有的比特幣減值有關。在2023年期間,比特幣的價值大幅增加,這使我們能夠釋放我們持有的比特幣資產的減值準備。遞延稅項資產估值撥備的變動在很大程度上取決於比特幣市值較上一報告日期的變動。如果比特幣的市值下降或我們無法在未來期間恢復盈利能力,我們可能需要增加對我們的遞延稅項資產的估值撥備,這可能導致一項費用,這將對產生費用的期間的淨收益(虧損)產生重大不利影響。我們例行公事地考慮保留或利用稅收屬性所需的行動。我們將繼續定期評估遞延稅項資產的變現能力。
我們的有效稅率可能會因我們國內和國外損益的變化、重大的離散稅目或交易或事件導致的這些因素的組合而波動。
美國於2022年8月頒佈了《2022年降低通貨膨脹率法案》(簡稱《愛爾蘭共和軍》)。除其他事項外,除非適用於法規或法規的豁免,否則,如果在初始納稅年度之前的任何連續三個納稅年度的平均年度調整財務報表收入超過10美元億,則愛爾蘭共和軍的一項條款對公司在初始納稅年度和隨後所有納稅年度徵收15%的公司替代最低稅(CAMT)。2024年9月12日,財政部和國稅局發佈了關於CAMt適用的擬議條例。我們採用的會計準則更新編號2023-08,無形資產--商譽和其他--加密資產(350-60分主題):加密資產的會計和披露(「ASU 2023-08」)將要求我們確認對截至2025年1月1日的留存收益期初餘額的累積影響調整,並將未來報告期內數字資產公允價值變化的未實現損益確認爲收益或損失。除非修訂有關CAMt的擬議條例以提供救濟,否則爲了計算調整後的財務報表收入,截至2025年1月1日對我們留存收益期初餘額的累積影響調整將按比例在2025年至2028年的4年期間分配。在確定我們是否需要繳納CAMt以及在計算適用納稅年度的任何相關納稅義務時,擬議的法規規定,我們調整後的財務報表收入必須包括截至2025年1月1日對我們的留存收益期初餘額的累計影響調整的應計稅率部分,以及在適用納稅年度報告的任何未實現收益或虧損。因此,我們可能會在2026年開始的納稅年度受到CAMt的影響。由於我們要繳納的稅款將在很大程度上取決於比特幣的未來價格和我們持有的比特幣的規模,我們無法估計CAMT對我們未來所得稅支出的影響。請參閱「風險因素--與我們的業務相關的總體風險--我們可能面臨比預期更大的納稅義務,包括我們持有的比特幣的未實現收益可能會被徵稅。」
遞延收入和預付款
遞延收入和預付款是指在我們將我們的軟件或服務轉讓給客戶之前,從客戶那裏收到或應付的金額。在多年服務合同安排的情況下,我們通常不會在服務之前超過一年開具發票,也不會爲尚未開具發票的金額記錄遞延收入。收入隨後在軟件或服務控制權移交給客戶的期間(S)確認。
36
下表彙總了截至以下日期的遞延收入和預付款(以千計):
|
|
9月30日, |
|
|
十二月三十一日, |
|
|
9月30日, |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
當前: |
|
|
|
|
|
|
|
|
|
|||
遞延產品許可收入 |
|
$ |
409 |
|
|
$ |
3,579 |
|
|
$ |
2,814 |
|
延期訂閱服務收入 |
|
|
74,164 |
|
|
|
65,512 |
|
|
|
45,737 |
|
遞延產品支持收入 |
|
|
106,866 |
|
|
|
152,012 |
|
|
|
126,087 |
|
遞延其他服務收入 |
|
|
2,963 |
|
|
|
7,059 |
|
|
|
4,529 |
|
當期遞延收入和預付款總額 |
|
$ |
184,402 |
|
|
$ |
228,162 |
|
|
$ |
179,167 |
|
非當前: |
|
|
|
|
|
|
|
|
|
|||
遞延產品許可收入 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
9 |
|
延期訂閱服務收入 |
|
|
3,373 |
|
|
|
3,097 |
|
|
|
2,845 |
|
遞延產品支持收入 |
|
|
2,635 |
|
|
|
4,984 |
|
|
|
4,304 |
|
遞延其他服務收入 |
|
|
336 |
|
|
|
443 |
|
|
|
480 |
|
非當期遞延收入和預付款總額 |
|
$ |
6,344 |
|
|
$ |
8,524 |
|
|
$ |
7,638 |
|
總流動和非流動: |
|
|
|
|
|
|
|
|
|
|||
遞延產品許可收入 |
|
$ |
409 |
|
|
$ |
3,579 |
|
|
$ |
2,823 |
|
延期訂閱服務收入 |
|
|
77,537 |
|
|
|
68,609 |
|
|
|
48,582 |
|
遞延產品支持收入 |
|
|
109,501 |
|
|
|
156,996 |
|
|
|
130,391 |
|
遞延其他服務收入 |
|
|
3,299 |
|
|
|
7,502 |
|
|
|
5,009 |
|
當期和非當期遞延收入和預付款總額 |
|
$ |
190,746 |
|
|
$ |
236,686 |
|
|
$ |
186,805 |
|
今後將開具發票的多年期合同的部分不在資產負債表的「應收賬款淨額」和「遞延收入和預付款」中列報,而是列入下文剩餘的履約義務披露。截至2024年9月30日,與2023年12月31日相比,遞延收入和預付款總額減少了4,590萬美元,這主要是由於(I)由於產品支持續訂的時間安排而導致遞延產品支持收入減少,以及(Ii)從內部部署到訂閱服務合同的轉換增加,以及(Ii)遞延其他服務收入和遞延產品許可收入減少,但被(Iii)訂閱服務合同遞延收入增加部分抵消。截至2024年9月30日,遞延收入和預付款總額比2023年9月30日增加了390萬,這主要是由於(I)訂閱服務合同的遞延收入增加,但被(Ii)從內部部署到訂閱服務合同的轉換增加而部分抵消的遞延產品支持收入的減少。
我們的剩餘履約債務代表合同項下的所有未來收入,包括遞延收入和預付款,以及將在未來期間開具發票並確認爲收入的可開賬單的不可註銷金額。剩餘的履約義務不包括拖欠賬單的合同,如某些時間和材料合同。截至2024年9月30日,我們分配給與訂閱服務、產品支持、產品許可和其他服務合同相關的剩餘履約義務的交易總價爲38050美元萬。我們預計將在未來12個月內確認剩餘的履約債務中約23710美元的萬,其餘部分將在此後確認。然而,我們對遞延收入和預付款以及其他剩餘履約義務的時間和最終確認取決於我們對各種履約義務的履行情況,任何日期的遞延收入和預付款以及剩餘履約義務的金額不應被視爲指示任何後續期間的收入。
流動性與資本資源
流動性。我們的主要流動資金來源是現金和現金等價物以及持續收取我們的應收賬款。現金和現金等價物可能包括銀行活期存款、貨幣市場工具、存單和美國國債的持有量。根據我們的國庫儲備政策和比特幣收購戰略,我們使用很大一部分現金,包括融資交易產生的現金,來收購比特幣,這被歸類爲無限期無形資產。2024年8月1日,我們提交了一份新的市場股權發行計劃的招股說明書,根據該計劃,我們可以不時出售總髮行價高達20美元億的A類普通股。截至2024年9月30日,根據2024年8月的銷售協議,我們A類普通股中約有89130美元的萬可供發行和出售。2024年10月30日,我們提交了一份新的市場股權發行計劃的招股說明書,根據該計劃,我們可以不時出售總髮行價高達210美元億的A類普通股。欲了解更多信息,請參閱下面的「市場上的股票發行」。
截至2024年9月30日和2023年12月31日,我們美國實體持有的現金和現金等價物金額分別爲1,560美元萬和1,050美元萬,我們非美國實體持有的現金和現金等價物分別爲3,070美元萬和3,630美元萬。我們賺了一大筆錢
37
我們在美國以外的收入總額。在截至2024年9月30日和2023年9月30日的九個月裏,我們匯回了650美元萬和1,000美元萬的海外收益和利潤。
我們的重大合同義務和現金需求包括:
上述項目已於本季度報告所載綜合財務報表附註5「長期負債」及本公司截至2023年12月31日止財政年度10-k表格年度報告所載「第7項管理層對財務狀況及經營成果的討論及分析--流動資金及資本資源」及其中所載的綜合財務報表附註中作更詳細的解釋。除了(I)我們發行的2030年可轉換票據、2031年可轉換票據、2032年可轉換票據和2028年可轉換票據,(Ii)2025年可轉換票據的轉換和贖回,以及(Iii)2028年擔保票據的贖回,所有這些都在下文和本季度報告中的附註5,長期債務中進行了更全面的描述,自2023年12月31日以來,我們的重大合同義務和現金需求沒有變化。
我們相信,我們持有的現有現金和現金等價物,以及我們預計將產生的現金和現金等價物,足以滿足至少未來12個月的營運資本要求、預期資本支出和合同義務。在未來12個月之後,我們的長期現金需求主要用於與長期債務相關的債務。對於與我們的經營租賃、過渡稅和各種購買協議相關的債務,我們也有長期的現金需求。截至2024年9月30日,我們預計我們的企業分析軟件業務產生的現金和現金等價物不足以履行這些義務。因此,我們將尋求通過我們預計可以使用的各種選擇來履行這些義務,例如爲我們的債務進行再融資或從其他來源產生現金,其中可能包括髮行和出售我們A類普通股的股票、以比特幣爲抵押的借款或出售我們的比特幣。此外,如果可轉換票據的有條件轉換功能被觸發,我們可以選擇將可轉換票據轉換爲A類普通股的股票,或現金和A類普通股的組合,而不是所有現金,這可能使我們能夠減少可轉換票據項下的現金債務金額。
此外,雖然2028年可換股票據、2030年可換股票據、2031年可換股票據及2032年可換股票據的到期日分別爲2028年9月15日、2030年3月15日、2031年3月15日及2032年6月15日,但該等可換股票據的持有人均有權要求吾等於2027年9月15日以現金方式回購全部或部分該等可換股票據,就2028年可換股票據而言,則爲2028年9月15日;如屬2032年可換股票據,則爲2029年6月15日。回購價格在每種情況下均相等於將回購的適用可轉換票據本金的100%,另加任何應計及未支付的利息,但不包括回購日期。
截至2024年9月30日,我們持有約252,220枚比特幣,所有這些比特幣都未被佔用。我們認爲,我們不需要在未來12個月內出售或從事與我們的任何比特幣有關的其他交易,以滿足我們的營運資金要求,儘管我們可能會不時出售或從事與我們的比特幣有關的其他交易,作爲上文所述的財務管理業務的一部分。比特幣市場歷史上的特點是價格大幅波動、流動性和交易量與主權貨幣市場相比有限、相對匿名性、不斷髮展的監管格局、市場濫用和操縱的敏感性、交易所的合規和內部控制失誤,以及其完全電子化、虛擬形式和分散網絡所固有的各種其他風險。在比特幣市場不穩定的時期,我們可能無法以合理的價格出售我們的比特幣,甚至根本無法出售。因此,我們的比特幣的流動性低於我們現有的現金和現金等價物,可能無法像現金和現金等價物一樣作爲我們的流動性來源。此外,在出售我們的比特幣時,我們可能會產生與任何已實現收益相關的額外稅收,或者我們可能會發生資本損失,減稅可能是有限的。
38
下表彙總了我們的現金流(以千爲單位)和所示期間的相關百分比變化:
|
|
截至9月30日的9個月, |
|
|
% |
|
||||||
|
|
2024 |
|
|
2023 |
|
|
變化 |
|
|||
經營活動提供的現金淨額(用於) |
|
$ |
(35,708 |
) |
|
$ |
11,528 |
|
|
|
409.8 |
% |
投資活動所用現金淨額 |
|
$ |
(4,010,904 |
) |
|
$ |
(690,550 |
) |
|
|
480.8 |
% |
融資活動提供的現金淨額 |
|
$ |
4,046,067 |
|
|
$ |
676,025 |
|
|
|
498.5 |
% |
經營活動提供的現金淨額(用於)。我們經營活動提供的現金的主要來源是銷售和續訂我們的產品許可證、訂閱服務和產品支持以及諮詢和教育服務後從客戶那裏收取的應收賬款。我們在經營活動中現金的主要用途是用於軟件開發的與人員相關的支出,用於提供諮詢、教育和訂閱服務的與人員相關的支出,以及銷售和營銷成本、一般和行政成本、與我們的長期債務安排相關的利息支出以及所得稅。爲進一步對淨(虧損)收入與經營活動提供的現金(用於)淨額進行覈對的非現金項目主要包括折舊和攤銷、經營租賃使用權資產賬面金額的減少、信貸損失和銷售津貼、遞延稅款、未確認稅收優惠負債的釋放、基於股份的補償支出、數碼資產減值損失、我們長期債務的發行成本攤銷以及債務清償損益。
與上年同期相比,在截至2024年9月30日的9個月中,用於經營活動的淨現金增加了4720萬美元,這是由於淨收益減少了83580美元萬,營業資產和負債的變化減少了650美元,但非現金項目增加了79510美元(主要與數字資產減值損失的變化以及某些債務工具的清償損益有關),部分抵消了這一增幅。特別是,我們的運營現金受到了客戶持續向訂閱服務產品過渡的負面影響,這導致(I)由於多年開具發票而減少了現金收入,(Ii)增加了向我們的銷售團隊支付的佣金以激勵雲遷移,以及(Iii)增加了對我們雲基礎設施的投資,以支持更多的使用。隨着我們繼續推行我們的雙重軟件和比特幣戰略,我們還產生了與行使或歸屬股票激勵計劃下的某些獎勵相關的額外僱主工資稅、法律和諮詢費、營銷成本和比特幣託管費用。裁員導致的遣散費增加被裁員導致的工資支出減少大大抵消。我們於2024年的利息支付較上一年有所增加,主要是由於發行了2030年可轉換票據和2031年可轉換票據,以及提前清償了2028年的有擔保票據,但部分抵消了2023年有擔保定期貸款的清償。我們的運營現金在本年度受到所得稅支付大幅減少的有利影響,扣除退款後的淨額。
用於投資活動的淨現金。用於投資活動的現金淨額變化主要涉及購買數字資產以及財產和設備支出。與去年同期相比,截至2024年9月30日的9個月,用於投資活動的淨現金增加了33.2億,這主要是由於比特幣購買量增加了332.2億。在截至2024年9月30日的9個月中,我們使用發行2030年可轉換債券、2031年可轉換債券、2032年可轉換債券和2028年可轉換債券的淨收益、根據我們的市場股權發行計劃出售A類普通股的淨收益以及超額現金購買了40.08億的比特幣,而在截至2023年9月30日的9個月中,我們使用根據我們的市場股權發行計劃出售A類普通股的淨收益和超額現金購買了68800萬的比特幣。
融資活動提供的現金淨額。融資活動中提供和使用的現金變化主要涉及長期債務的發行和隨後的償還、根據我們的市場股權發行計劃出售A類普通股、行使或歸屬股票激勵計劃下的某些獎勵以及根據2021年ESPP出售A類普通股。在截至2024年9月30日的9個月中,融資活動提供的淨現金與上年同期相比增加了33.7億,這主要是由於(I)截至2024年9月30日的9個月中,扣除發行成本的長期債務收益與上年同期相比增加了31.6億,(Ii)根據我們的市場股權發行計劃,我們出售A類普通股的淨收益增加了42260美元萬。(Iii)於截至2023年9月30日的9個月內,萬償還2025年有擔保定期貸款及相關的第三方清償費用16000美元,該筆款項已用我們根據我們的市值股票發售計劃出售A類普通股所得款項償還,及(Iv)於截至2024年9月30日的9個月內,根據股票激勵計劃行使股票期權所得款項萬較上年同期增加14330美元,部分由(V)於截至2024年9月30日的9個月內萬償還2028年有擔保票據及相關第三方清償費用51530美元所抵銷這筆資金用發行2028年可轉換票據所得款項償還。
長期債務
本季度報告所包括的綜合財務報表附註5「長期債務」以及截至2023年12月31日的財政年度「Form 10-k」綜合財務報表附註8「長期債務」對每種長期債務工具的條款進行了更全面的討論。
39
2025年12月,我們發行了65000美元的2025年可轉換債券本金總額;2021年2月,我們發行了2027年可轉換債券本金總額10.5美元;2024年3月,我們發行了2030年可轉換債券本金總額80000美元,2031年可轉換債券本金總額60380美元;2024年6月,我們發行了2032年可轉換債券本金總額80000美元;2024年9月,我們發行了2028年可轉換債券本金總額10.1億美元。我們主要使用發行可換股票據所得款項淨額購買比特幣,並使用2028年可換股票據所得款項淨額的一部分贖回2028年有擔保票據,詳情如下。在截至2024年和2023年9月30日的9個月內,我們分別向可轉換票據持有人支付了760美元萬和240美元萬的利息。於2024年4月1日至2024年7月15日期間,我們發行了16,323,050股A類普通股,並支付了面值現金以代替零碎股份,涉及2025年可轉換債券的轉換,本金總額爲64970美元萬,2024年7月15日贖回了本金總額爲30美元的2025年可轉換債券,構成了當時未贖回的所有2025年可轉換債券,贖回總價爲30萬,相當於2025年可轉換債券本金金額的100%,外加應計和未償還利息,截至但不包括該日期。
2021年6月,我們發行了2028年擔保票據的本金總額爲50000美元的萬。我們用發行2028年擔保票據的淨收益購買了比特幣。於截至2024年及2023年9月30日止九個月內,我們分別向2028年擔保票據持有人支付2,390美元萬及1,530美元萬利息。2024年9月26日,我們贖回了所有未償還的2028年擔保票據,贖回總價約爲52390美元萬,並釋放了所有擔保2028年擔保票據的抵押品。
2022年3月,我們的全資子公司MacroStrategy與銀門銀行簽訂了一項信用和擔保協議,根據該協議,銀門銀行向MacroStrategy發放了20500美元的萬2025年擔保定期貸款。我們主要使用2025年有擔保定期貸款的淨收益來購買比特幣。2023年3月24日,MacroStrategy自願預付銀門約16100美元萬(「償付金額」),以全額償還、償還和解除2025年有擔保定期貸款,並釋放了2025年有擔保定期貸款的所有抵押品,包括作爲抵押品的比特幣。在2023年第一季度,我們向銀門支付了最後一筆510美元的萬利息,其中110美元萬包括在支付金額中。
於2022年6月,吾等透過一間全資附屬公司訂立一項金額爲1,110美元萬的有擔保定期貸款協議,年利率爲5.2%,於2027年6月到期。在截至2024年9月30日和2023年9月30日的9個月中,我們向貸款人支付了80美元的萬本金和利息。
除上文所述外,於截至2024年9月30日及2023年9月30日止九個月內,我們並無回購或預付任何未償還債務。吾等或吾等聯屬公司可於任何時間及不時透過現金購買及/或換取股權或債務、公開市場購買、私下協商交易或其他方式,尋求註銷或購買我們的未償債務。該等回購或交換(如有)將按吾等所厘定的條款及價格進行,並將視乎當時的市場情況、吾等的流動資金需求、合約限制及其他因素而定。我們也可以提前償還我們的未償債務。任何此類回購或提前還款所涉及的金額都可能是重大的。我們可以根據2024年8月的銷售協議(根據該協議,截至本協議日期,可出售89130美元的萬),使用出售A類普通股所得款項進行債務回購或提前償還某些債務,如相關招股說明書的收益使用部分所述。
市場上的股票發行
我們不時與代理商簽訂銷售協議,根據協議,我們可以通過市場股權發行計劃發行和出售我們A類普通股的股票。有關根據截至2024年9月30日的9個月和截至2023年12月31日的年度內有效的每項銷售協議出售我們的A類普通股的更多信息,請參閱綜合財務報表附註10,市場上的股權發行。
2024年7月31日,我們終止了2023年11月的銷售協議。於2024年8月1日,吾等提交了一份新的市場股權發售計劃的招股說明書,根據該招股說明書,吾等可根據一份日期爲2024年8月1日的銷售協議(「2024年8月銷售協議」),透過TD Securities(USA)LLC、The Benchmark Company、The Benchmark Company、BTIG、LLC、Canaccel Genuity LLC、Maxim Group LLC及SG America Securities,LLC作爲代理(「2024年8月銷售代理」),不時出售A類普通股,總髮行價最高可達20美元億。
2024年10月30日,我們提交了一份新的市場股票發行計劃的招股說明書,根據該計劃,我們可以通過TD Securities(USA)LLC、Barclays Capital Inc.、The Benchmark Company,LLC、BTIG,LLC、Canaccord Genuity LLC、Cantor Fitzgerald & Co.、Maxim Group LLC、Mizuho Securities USA LLC和SG Americas Securities,LLC根據日期爲2024年10月30日的銷售協議(「2024年10月銷售協議」)作爲代理人(「2024年10月銷售代理」)。
40
下表列出了在所示期間根據我們的市場股票發行計劃出售的股票已售出的股份總數和收到的淨收益總額(扣除銷售佣金和費用)(單位:千,股票數量除外)。
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
根據市場股票發行計劃出售的股份總數 |
|
|
8,048,449 |
|
|
|
4,033,620 |
|
|
|
10,000,069 |
|
|
|
28,313,870 |
|
根據市場上的股權發行計劃出售的股票所獲得的淨收益總額 |
|
$ |
1,105,141 |
|
|
$ |
147,218 |
|
|
$ |
1,242,293 |
|
|
$ |
819,674 |
|
非公認會計准則財務指標
我們提供補充的非GAAP財務指標,管理層在內部使用這些指標來幫助了解、管理和評估我們的業務表現,並幫助做出運營決策。我們認爲,這些非公認會計准則財務指標對於投資者和分析師在一致的基礎上比較我們在不同報告期的表現也很有用。我們還相信,使用這些非公認會計准則財務指標可以方便地將我們的經營業績與我們的競爭對手的經營業績進行比較。這些補充財務指標不是根據美國公認會計原則(「GAAP」)對財務業績的衡量,因此,這些補充財務指標可能無法與其他公司的類似名稱的指標相比較。
非公認會計原則財務計量受到重大限制,因爲它們不是根據公認會計准則編制的計量,不能替代此類計量。例如,我們預計基於股份的薪酬支出將在未來幾年繼續成爲一項重要的經常性支出,並將是向某些員工、高級管理人員和董事提供的薪酬的重要組成部分。同樣,我們預計我們長期債務的債務發行成本攤銷產生的利息支出將繼續是我們長期債務安排條款中的經常性支出,這不包括在以下某些非公認會計准則財務指標中。我們的非GAAP財務指標不是單獨考慮的,只應與我們的綜合財務報表一起閱讀,這些報表是根據GAAP編制的。我們主要依靠這些合併財務報表來了解、管理和評估我們的業務表現,並僅補充使用非GAAP財務衡量標準。
非公認會計准則運營損失
非GAAP運營虧損不包括基於股份的薪酬支出,這是一項重要的非現金支出,我們認爲它不能反映我們的總體業務表現,因此會計需要管理層的判斷。因此,與其他公司相比,我們對基於股份的薪酬支出的會計處理可能會有很大差異。以下是我們的運營非GAAP虧損與運營虧損的對賬,這是其最直接的GAAP衡量標準,以千爲單位):
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
對非公認會計准則運營損失的對賬: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
運營虧損 |
|
$ |
(432,582 |
) |
|
$ |
(25,247 |
) |
|
$ |
(836,558 |
) |
|
$ |
(72,262 |
) |
基於股份的薪酬費用 |
|
|
19,377 |
|
|
|
16,806 |
|
|
|
57,789 |
|
|
|
49,855 |
|
非公認會計准則運營損失 |
|
$ |
(413,205 |
) |
|
$ |
(8,441 |
) |
|
$ |
(778,769 |
) |
|
$ |
(22,407 |
) |
41
非GAAP淨(虧損)收益和非GAAP稀釋(虧損)每股收益
非GAAP淨(損失)收入和非GAAP稀釋(損失)每股收益均不包括以下因素的影響:(i)基於股份的薪酬費用,(ii)長期債務發行成本攤銷產生的利息費用,(iii)債務消除的損益,以及(iv)相關所得稅。我們相信,非GAAP淨(損失)收入和非GAAP稀釋(損失)每股收益提供了管理層和投資者的見解,因爲它們排除了重大非現金費用、債務消除的損益及其相關所得稅影響。以下是所示期間我們的非GAAP淨(虧損)收益和非GAAP稀釋(虧損)收益分別與每股淨(虧損)收益和稀釋(虧損)收益的對賬,即其最直接可比的GAAP指標(單位:千,每股數據除外)。
|
|
截至三個月 |
|
|
九個月結束 |
|
||||||||||
|
|
9月30日, |
|
|
9月30日, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
非公認會計准則淨(虧損)收入對賬: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
淨(虧損)收益 |
|
$ |
(340,174 |
) |
|
$ |
(143,441 |
) |
|
$ |
(495,851 |
) |
|
$ |
339,995 |
|
基於股份的薪酬費用 |
|
|
19,377 |
|
|
|
16,806 |
|
|
|
57,789 |
|
|
|
49,855 |
|
債務發行成本攤銷產生的利息支出 |
|
|
3,832 |
|
|
|
2,199 |
|
|
|
10,231 |
|
|
|
6,599 |
|
債務消滅損失(收益) |
|
|
22,933 |
|
|
|
0 |
|
|
|
22,933 |
|
|
|
(44,686 |
) |
所得稅效應(1) |
|
|
(13,764 |
) |
|
|
(3,230 |
) |
|
|
(180,964 |
) |
|
|
2,538 |
|
非公認會計准則淨(虧損)收益 |
|
$ |
(307,796 |
) |
|
$ |
(127,666 |
) |
|
$ |
(585,862 |
) |
|
$ |
354,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
對非GAAP稀釋(虧損)每股收益的對賬(2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
稀釋(虧損)每股收益 |
|
$ |
(1.72 |
) |
|
$ |
(1.01 |
) |
|
$ |
(2.71 |
) |
|
$ |
2.39 |
|
以股份爲基礎的薪酬費用(每股攤薄) |
|
|
0.10 |
|
|
|
0.12 |
|
|
|
0.32 |
|
|
|
0.34 |
|
債務發行成本攤銷產生的利息支出(稀釋後每股)(3) |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.01 |
|
債務消除損失(收益)(每股稀釋後股份) |
|
|
0.12 |
|
|
|
0.00 |
|
|
|
0.13 |
|
|
|
(0.31 |
) |
所得稅影響(稀釋後每股)(3) |
|
|
(0.08 |
) |
|
|
(0.03 |
) |
|
|
(1.01 |
) |
|
|
0.03 |
|
非公認會計准則攤薄(虧損)每股收益 |
|
$ |
(1.56 |
) |
|
$ |
(0.90 |
) |
|
$ |
(3.21 |
) |
|
$ |
2.46 |
|
42
Non-GAAP Constant Currency Revenues, Cost of Revenues, and Operating Expenses
We present certain of our revenues, cost of revenues, and operating expenses on a non-GAAP constant currency basis, which excludes certain changes resulting from fluctuations in foreign currency exchange rates. These non-GAAP constant currency metrics allow our management and investors to compare operating results to the same period in the prior year without the effects of certain changes in foreign currency exchange rates, which are not reflective of our general business performance and may vary significantly between periods. The following are reconciliations our non-GAAP constant currency revenues, cost of revenues, and operating expenses to their most directly comparable GAAP measures (in thousands) for the periods indicated:
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
September 30, |
|
|||||||||||||||||||||
|
|
GAAP |
|
|
Foreign |
|
|
Non-GAAP Constant Currency (2) |
|
|
GAAP |
|
|
GAAP % Change |
|
|
Non-GAAP Constant Currency % |
|
||||||
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
||||||
Product licenses revenues |
|
$ |
11,087 |
|
|
$ |
(163 |
) |
|
$ |
11,250 |
|
|
$ |
24,045 |
|
|
|
-53.9 |
% |
|
|
-53.2 |
% |
Subscription services revenues |
|
|
27,800 |
|
|
|
109 |
|
|
|
27,691 |
|
|
|
20,974 |
|
|
|
32.5 |
% |
|
|
32.0 |
% |
Product support revenues |
|
|
61,015 |
|
|
|
147 |
|
|
|
60,868 |
|
|
|
66,860 |
|
|
|
-8.7 |
% |
|
|
-9.0 |
% |
Other services revenues |
|
|
16,169 |
|
|
|
76 |
|
|
|
16,093 |
|
|
|
17,583 |
|
|
|
-8.0 |
% |
|
|
-8.5 |
% |
Cost of product support revenues |
|
|
8,572 |
|
|
|
40 |
|
|
|
8,532 |
|
|
|
5,531 |
|
|
|
55.0 |
% |
|
|
54.3 |
% |
Cost of other services revenues |
|
|
13,554 |
|
|
|
125 |
|
|
|
13,429 |
|
|
|
12,760 |
|
|
|
6.2 |
% |
|
|
5.2 |
% |
Sales and marketing expenses |
|
|
35,414 |
|
|
|
102 |
|
|
|
35,312 |
|
|
|
35,606 |
|
|
|
-0.5 |
% |
|
|
-0.8 |
% |
Research and development expenses |
|
|
33,301 |
|
|
|
194 |
|
|
|
33,107 |
|
|
|
29,660 |
|
|
|
12.3 |
% |
|
|
11.6 |
% |
General and administrative expenses |
|
|
33,505 |
|
|
|
51 |
|
|
|
33,454 |
|
|
|
29,223 |
|
|
|
14.7 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
GAAP |
|
|
Foreign |
|
|
Non-GAAP Constant Currency (2) |
|
|
GAAP |
|
|
GAAP % Change |
|
|
Non-GAAP Constant Currency % |
|
||||||
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
||||||
Product licenses revenues |
|
$ |
24,045 |
|
|
$ |
368 |
|
|
$ |
23,677 |
|
|
$ |
22,286 |
|
|
|
7.9 |
% |
|
|
6.2 |
% |
Subscription services revenues |
|
|
20,974 |
|
|
|
410 |
|
|
|
20,564 |
|
|
|
16,414 |
|
|
|
27.8 |
% |
|
|
25.3 |
% |
Product support revenues |
|
|
66,860 |
|
|
|
1,530 |
|
|
|
65,330 |
|
|
|
66,010 |
|
|
|
1.3 |
% |
|
|
-1.0 |
% |
Other services revenues |
|
|
17,583 |
|
|
|
446 |
|
|
|
17,137 |
|
|
|
20,650 |
|
|
|
-14.9 |
% |
|
|
-17.0 |
% |
Cost of product support revenues |
|
|
5,531 |
|
|
|
73 |
|
|
|
5,458 |
|
|
|
5,224 |
|
|
|
5.9 |
% |
|
|
4.5 |
% |
Cost of other services revenues |
|
|
12,760 |
|
|
|
543 |
|
|
|
12,217 |
|
|
|
13,360 |
|
|
|
-4.5 |
% |
|
|
-8.6 |
% |
Sales and marketing expenses |
|
|
35,606 |
|
|
|
643 |
|
|
|
34,963 |
|
|
|
35,409 |
|
|
|
0.6 |
% |
|
|
-1.3 |
% |
Research and development expenses |
|
|
29,660 |
|
|
|
(197 |
) |
|
|
29,857 |
|
|
|
30,498 |
|
|
|
-2.7 |
% |
|
|
-2.1 |
% |
General and administrative expenses |
|
|
29,223 |
|
|
|
209 |
|
|
|
29,014 |
|
|
|
27,283 |
|
|
|
7.1 |
% |
|
|
6.3 |
% |
43
|
|
Nine Months Ended |
|
|||||||||||||||||||||
|
|
September 30, |
|
|||||||||||||||||||||
|
|
GAAP |
|
|
Foreign |
|
|
Non-GAAP Constant Currency (2) |
|
|
GAAP |
|
|
GAAP % Change |
|
|
Non-GAAP Constant Currency % |
|
||||||
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
||||||
Product licenses revenues |
|
$ |
33,311 |
|
|
$ |
(265 |
) |
|
$ |
33,576 |
|
|
$ |
56,979 |
|
|
|
-41.5 |
% |
|
|
-41.1 |
% |
Subscription services revenues |
|
|
74,846 |
|
|
|
70 |
|
|
|
74,776 |
|
|
|
59,662 |
|
|
|
25.5 |
% |
|
|
25.3 |
% |
Product support revenues |
|
|
185,440 |
|
|
|
27 |
|
|
|
185,413 |
|
|
|
198,422 |
|
|
|
-6.5 |
% |
|
|
-6.6 |
% |
Other services revenues |
|
|
49,162 |
|
|
|
(12 |
) |
|
|
49,174 |
|
|
|
56,714 |
|
|
|
-13.3 |
% |
|
|
-13.3 |
% |
Cost of product support revenues |
|
|
25,312 |
|
|
|
48 |
|
|
|
25,264 |
|
|
|
17,115 |
|
|
|
47.9 |
% |
|
|
47.6 |
% |
Cost of other services revenues |
|
|
38,239 |
|
|
|
326 |
|
|
|
37,913 |
|
|
|
40,188 |
|
|
|
-4.8 |
% |
|
|
-5.7 |
% |
Sales and marketing expenses |
|
|
103,116 |
|
|
|
(57 |
) |
|
|
103,173 |
|
|
|
109,372 |
|
|
|
-5.7 |
% |
|
|
-5.7 |
% |
Research and development expenses |
|
|
92,795 |
|
|
|
(230 |
) |
|
|
93,025 |
|
|
|
90,372 |
|
|
|
2.7 |
% |
|
|
2.9 |
% |
General and administrative expenses |
|
|
104,300 |
|
|
|
128 |
|
|
|
104,172 |
|
|
|
85,959 |
|
|
|
21.3 |
% |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
GAAP |
|
|
Foreign |
|
|
Non-GAAP Constant Currency (2) |
|
|
GAAP |
|
|
GAAP % Change |
|
|
Non-GAAP Constant Currency % |
|
||||||
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
||||||
Product licenses revenues |
|
$ |
56,979 |
|
|
$ |
(127 |
) |
|
$ |
57,106 |
|
|
$ |
58,928 |
|
|
|
-3.3 |
% |
|
|
-3.1 |
% |
Subscription services revenues |
|
|
59,662 |
|
|
|
(7 |
) |
|
|
59,669 |
|
|
|
43,276 |
|
|
|
37.9 |
% |
|
|
37.9 |
% |
Product support revenues |
|
|
198,422 |
|
|
|
377 |
|
|
|
198,045 |
|
|
|
199,682 |
|
|
|
-0.6 |
% |
|
|
-0.8 |
% |
Other services revenues |
|
|
56,714 |
|
|
|
(202 |
) |
|
|
56,916 |
|
|
|
64,824 |
|
|
|
-12.5 |
% |
|
|
-12.2 |
% |
Cost of product support revenues |
|
|
17,115 |
|
|
|
(43 |
) |
|
|
17,158 |
|
|
|
15,542 |
|
|
|
10.1 |
% |
|
|
10.4 |
% |
Cost of other services revenues |
|
|
40,188 |
|
|
|
165 |
|
|
|
40,023 |
|
|
|
42,107 |
|
|
|
-4.6 |
% |
|
|
-4.9 |
% |
Sales and marketing expenses |
|
|
109,372 |
|
|
|
26 |
|
|
|
109,346 |
|
|
|
105,511 |
|
|
|
3.7 |
% |
|
|
3.6 |
% |
Research and development expenses |
|
|
90,372 |
|
|
|
(1,284 |
) |
|
|
91,656 |
|
|
|
95,811 |
|
|
|
-5.7 |
% |
|
|
-4.3 |
% |
General and administrative expenses |
|
|
85,959 |
|
|
|
13 |
|
|
|
85,946 |
|
|
|
82,491 |
|
|
|
4.2 |
% |
|
|
4.2 |
% |
44
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The following discussion about our market risk exposures involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements.
We are exposed to the impact of market price changes in bitcoin and foreign currency fluctuations.
Market Price Risk of Bitcoin. We have used a significant portion of our cash, including cash generated from capital raising transactions, to acquire bitcoin and, as of September 30, 2024, we held approximately 252,220 bitcoins. The carrying value of our bitcoins as of September 30, 2024 was $6.851 billion, which reflects cumulative impairments of $3.053 billion, on our Consolidated Balance Sheet. We account for our bitcoin as indefinite-lived intangible assets, which are subject to impairment losses if the fair value of our bitcoin decreases below their carrying value at any time since their acquisition. Impairment losses cannot be recovered for any subsequent increase in fair value. For example, the market price of one bitcoin on the Coinbase exchange (our principal market for bitcoin) ranged from a low of $38,501.00 to a high of $73,835.57 during the nine months ended September 30, 2024, but the carrying value of each bitcoin we held at the end of the reporting period reflects the lowest price of one bitcoin quoted on the active exchange at any time since its acquisition. Therefore, negative swings in the market price of bitcoin could have a material impact on our earnings and on the carrying value of our digital assets. Positive swings in the market price of bitcoin are not reflected in the carrying value of our digital assets and impact earnings only when the bitcoin is sold at a gain. For the nine months ended September 30, 2024, we incurred an impairment loss of $783.8 million on our bitcoin.
Foreign Currency Risk. We conduct a significant portion of our business in currencies other than the U.S. dollar, the currency in which we report our Consolidated Financial Statements. International revenues accounted for 44.9% and 44.5% of our total revenues for the three months ended September 30, 2024 and 2023, respectively, and 44.0% and 42.7% of our total revenues for the nine months ended September 30, 2024 and 2023, respectively. We anticipate that international revenues will continue to account for a significant portion of our total revenues. The functional currency of each of our foreign subsidiaries is generally the local currency.
Assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at exchange rates in effect as of the applicable Balance Sheet date and any resulting translation adjustments are included as an adjustment to stockholders’ equity. Revenues and expenses generated from these subsidiaries are translated at average monthly exchange rates during the quarter in which the transactions occur. Transaction gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in the results of operations.
As a result of transacting in multiple currencies and reporting our Consolidated Financial Statements in U.S. dollars, our operating results may be adversely impacted by currency exchange rate fluctuations in the future. The impact of foreign currency exchange rate fluctuations on current and comparable periods is described in the “Non-GAAP Financial Measures” section under “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
We cannot predict the effect of exchange rate fluctuations upon our future results. We attempt to minimize our foreign currency risk by converting our excess foreign currency held in foreign jurisdictions to U.S. dollar-denominated cash and investment accounts.
As of September 30, 2024 and December 31, 2023, a 10% adverse change in foreign currency exchange rates versus the U.S. dollar would have decreased our aggregate reported cash and cash equivalents by 4.5% and 5.4%, respectively. If average exchange rates during the nine months ended September 30, 2024 had changed unfavorably by 10%, our revenues for the nine months ended September 30, 2024 would have decreased by 3.9%. During the nine months ended September 30, 2024, our revenues were not significantly impacted by changes in weighted average exchange rates, as compared to the same period in the prior year.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their control objectives. Based on the evaluation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Controls. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
45
PART II - OTHER INFORMATION
On August 7, 2024, we completed a 10-for-1 stock split of our class A and class B common stock. See Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements, for further information. As a result of the stock split, all applicable share and per share information presented within this Part II. Other Information has been retroactively adjusted to reflect the stock split for all periods presented.
Item 1. Legal Proceedings
We are involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, we do not expect the resolution of these legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flows.
Item 1A. Risk Factors
You should carefully consider the risks described below before making an investment decision. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations.
If any of the following risks occur, our business, financial condition, or results of operations could be materially adversely affected. In such case, the market price of our class A common stock could decline, and you may lose all or part of your investment.
Risks Related to Our Business in General
Our quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our stock
For many reasons, including those described below, our operating results, revenues, and expenses have varied in the past and may vary significantly in the future from quarter to quarter. These fluctuations could have an adverse effect on the market price of our class A common stock.
Fluctuations in Quarterly Operating Results. Our quarterly operating results may fluctuate, in part, as a result of:
46
Limited Ability to Adjust Expenses. We base our operating expense budgets on expected revenue trends and strategic objectives. Many of our expenses, such as interest expense on our long-term debt, office leases and certain personnel costs, are relatively fixed. We may be unable to adjust spending quickly enough to offset any unexpected revenue shortfall or impairment losses related to our digital assets. Accordingly, any shortfall in revenue from our enterprise analytics software business or impairment losses related to our digital assets may cause significant variation in operating results in any quarter.
Based on the above factors, we believe quarter-to-quarter comparisons of our operating results are not a good indication of our future performance. It is possible that in one or more future quarters, our operating results may be below the expectations of public market analysts and investors. In that event, the market price of our class A common stock may fall.
We may not be able to regain profitability in future periods
We generated a net loss for the nine months ended September 30, 2024, primarily due to digital asset impairment losses, and we may not be able to regain profitability in future periods. If our revenues are not sufficient to offset our operating expenses, we are unable to adjust our operating expenses in a timely manner in response to any shortfall in anticipated revenue, or we incur additional significant impairment losses related to our digital assets, we may incur operating losses in future periods, our profitability may decrease, or we may cease to be profitable. As a result, our business, results of operations, and financial condition may be materially adversely affected.
As of September 30, 2024, we had $1.173 billion of deferred tax assets, which reflects a $1.4 million valuation allowance. The largest deferred tax asset relates to the impairment on our bitcoin holdings. Changes to the valuation allowance against the deferred tax asset are largely dependent on the change in the market value of bitcoin from the previous reporting date. If the market value of bitcoin at a future reporting date is less than the average cost basis of our bitcoin holdings at such reporting date, we may be required to establish a valuation allowance against our U.S. deferred tax assets. Additionally, if we are unable to regain profitability in the future, we may also be required to increase the valuation allowance against the remaining deferred tax assets. A significant increase in the valuation allowance could result in a charge that would materially adversely affect net income in the period in which the charge is incurred.
A significant decrease in the market value of our bitcoin holdings could adversely affect our ability to service our indebtedness
As a result of our bitcoin acquisition strategy and our Treasury Reserve Policy, the majority of our assets are concentrated in our bitcoin holdings. The concentration of our assets in bitcoin limits our ability to mitigate risk that could otherwise be achieved by purchasing a more diversified portfolio of treasury assets. Accordingly, a significant decline in the market value of bitcoin could have a material adverse effect on our financial condition. Any material adverse effect on our financial condition caused by a significant decline in the market value of our bitcoin holdings may create liquidity and credit risks for our business operations, as we would have limited means to obtain cash beyond the revenues generated by our enterprise analytics software business. To the extent that the cash generated by our enterprise analytics software business is insufficient to satisfy our debt service obligations, and to the extent that the liquidation of our bitcoin holdings would be insufficient to satisfy our debt service obligations, we may be unable to make scheduled payments on our current or future indebtedness, which could cause us to default on our debt obligations. Any default on our current or future indebtedness may have a material adverse effect on our financial condition. See “Risks Related to Our Outstanding and Potential Future Indebtedness” for additional details about the risks which may impact us if we are unable to service our indebtedness.
We may have exposure to greater than anticipated tax liabilities, including the potential taxation of unrealized gains on our bitcoin holdings
We are subject to income taxes and non-income taxes in a variety of domestic and foreign jurisdictions. Our future income tax liability could be materially adversely affected by earnings that are lower than anticipated in jurisdictions where we have lower statutory rates, earnings that are higher than anticipated in jurisdictions where we have higher statutory rates, changes in the valuation of our deferred tax assets and liabilities, changes in the amount of our unrecognized tax benefits, or changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, if we sold any of our bitcoin at prices greater than the cost basis of the bitcoin sold, we would incur a tax liability with respect to any gain recognized, and such tax liability could be material.
Changes in the tax laws of foreign jurisdictions could arise, including as a result of the project undertaken by the Organisation for Economic Co-operation and Development (“OECD”) to combat base erosion and profit shifting (“BEPS”). The OECD, which represents a coalition of member countries, has issued recommendations that, in some cases, make substantial changes to numerous long-standing
47
tax positions and principles. These changes, many of which have been adopted or are under active consideration by OECD members and/or other countries, could increase tax uncertainty and may adversely affect our provision for income taxes.
After enactment of the U.S. Tax Cuts and Jobs Act, most of our income is taxable in the U.S. with a significant portion taxable under the Global Intangible Low-Taxed Income (“GILTI”) regime. Beginning in fiscal year 2027, the deduction allowable under the GILTI regime will decrease from 50% to 37.5%, which will increase the effective tax rate imposed on our income. The U.S. also enacted the Inflation Reduction Act of 2022 (“IRA”) in August 2022. On September 12, 2024, the Department of Treasury and the Internal Revenue Service issued proposed regulations with respect to the application of the CAMT. Unless an exemption by statute or regulation applies, the IRA imposes (i) a 1% excise tax on certain stock repurchases made by publicly traded U.S. corporations, and (ii) a 15% corporate alternative minimum tax on a corporation with respect to an initial tax year and all subsequent tax years, if the average annual adjusted financial statement income for any consecutive three-tax-year period preceding the initial tax year exceeds $1 billion. As a result of the enactment of the IRA and our adoption of ASU 2023-08 on January 1, 2025, unless the proposed regulations with respect to CAMT are revised to provide relief, we could become subject to the corporate alternative minimum tax in the tax years 2026 and beyond if, for example, we have significant unrealized gains on our bitcoin holdings above our carrying value as of January 1, 2025 or we experience significant unrealized gains on our bitcoin holdings in future periods that we are required to recognize as income for purposes of the corporate alternative minimum tax. If we become subject to these new taxes under the IRA for these or any other reasons, it could materially affect our financial results, including our earnings and cash flow, and our financial condition. Further, other existing U.S. tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied in manner that negatively impacts us. For example, the Biden administration has proposed various U.S. federal tax law changes, which if enacted could have an adverse impact on our business, cash flows, financial condition or results of operations.
Our determination of our tax liability is subject to review by applicable domestic and foreign tax authorities. Any adverse outcome of such reviews could have an adverse effect on our operating results and financial condition. The determination of our worldwide provision for income taxes and other tax liabilities requires significant judgment and there are many transactions and calculations, including in respect of transactions involving bitcoin, where the ultimate tax determination is uncertain. Moreover, as a multinational business, we have subsidiaries that engage in many intercompany transactions in a variety of tax jurisdictions where the ultimate tax determination is uncertain.
We also have contingent tax liabilities that, in management’s judgment, are not probable of assertion. If such unasserted contingent liabilities were to be asserted, or become probable of assertion, we may be required to record significant expenses and liabilities in the period in which these liabilities are asserted or become probable of assertion.
As a result of these and other factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in our financial statements and any such difference may materially affect our financial results in future periods in which we change our estimates of our tax obligations or in which the ultimate tax outcome is determined.
Risks Related to Our Bitcoin Acquisition Strategy and Holdings
Our bitcoin acquisition strategy exposes us to various risks associated with bitcoin
Our bitcoin acquisition strategy exposes us to various risks associated with bitcoin, including the following:
Bitcoin is a highly volatile asset. Bitcoin is a highly volatile asset that has traded below $35,000 per bitcoin and above $70,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding the date of this Quarterly Report. The trading price of bitcoin significantly decreased during prior periods, and such declines may occur again in the future.
Bitcoin does not pay interest or dividends. Bitcoin does not pay interest or other returns and we can only generate cash from our bitcoin holdings if we sell our bitcoin or implement strategies to create income streams or otherwise generate cash by using our bitcoin holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our bitcoin holdings, and any such strategies may subject us to additional risks.
Our bitcoin holdings significantly impact our financial results and the market price of our class A common stock. Our bitcoin holdings have significantly affected our financial results and if we continue to increase our overall holdings of bitcoin in the future, they will have an even greater impact on our financial results and the market price of our class A common stock. See “Risks Related to Our Bitcoin Acquisition Strategy and Holdings – Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our bitcoin holdings.”
Our bitcoin acquisition strategy has not been tested over an extended period of time or under different market conditions. We are continually examining the risks and rewards of our bitcoin acquisition strategy. This strategy has not been tested over an extended period of time or under different market conditions. For example, although we believe bitcoin, due to its limited supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of bitcoin declined in recent periods during which the inflation rate increased. Some investors and other market participants may disagree with our bitcoin acquisition strategy or actions we undertake
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to implement it. If bitcoin prices were to decrease or our bitcoin acquisition strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of our class A common stock would be materially adversely impacted.
We are subject to counterparty risks, including in particular risks relating to our custodians. Although we have implemented various measures that are designed to mitigate our counterparty risks, including by storing substantially all of the bitcoin we own in custody accounts at U.S.-based, institutional-grade custodians and negotiating contractual arrangements intended to establish that our property interest in custodially-held bitcoin is not subject to claims of our custodians’ creditors, applicable insolvency law is not fully developed with respect to the holding of digital assets in custodial accounts. If our custodially-held bitcoin were nevertheless considered to be the property of our custodians’ estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such bitcoin and this may ultimately result in the loss of the value related to some or all of such bitcoin. Even if we are able to prevent our bitcoin from being considered the property of a custodian’s bankruptcy estate as part of an insolvency proceeding, it is possible that we would still be delayed or may otherwise experience difficulty in accessing our bitcoin held by the affected custodian during the pendency of the insolvency proceedings. Any such outcome could have a material adverse effect on our financial condition and the market price of our class A common stock.
The broader digital assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of bitcoin. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, including the filings for bankruptcy protection by Three Arrows Capital, Celsius Network, Voyager Digital, FTX Trading and Genesis Global Capital, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, including Signature Bank and Silvergate Bank, SEC enforcement actions against Coinbase, Inc. and Binance Holdings Ltd., the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by Nevada’s Department of Business and Industry, and the filing and subsequent settlement of a civil fraud lawsuit by the New York Attorney General against Genesis Global Capital, its parent company Digital Currency Group, Inc., and former partner Gemini Trust Company, have highlighted the counterparty risks applicable to owning and transacting in digital assets. Although these bankruptcies, closures, liquidations and other events have not resulted in any loss or misappropriation of our bitcoin, nor have such events adversely impacted our access to our bitcoin, they have, in the short-term, likely negatively impacted the adoption rate and use of bitcoin. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of bitcoin, limit the availability to us of financing collateralized by bitcoin, or create or expose additional counterparty risks.
Changes in our ownership of bitcoin could have accounting, regulatory and other impacts. While we currently own bitcoin directly and through our wholly owned subsidiaries, we may investigate other potential approaches to owning bitcoin, including indirect ownership (for example, through ownership interests in a fund that owns bitcoin). If we were to own all or a portion of our bitcoin in a different manner, the accounting treatment for our bitcoin, our ability to use our bitcoin as collateral for additional borrowings, and the regulatory requirements to which we are subject, may correspondingly change.
Changes in the accounting treatment of our bitcoin holdings could have significant accounting impacts, including increasing the volatility of our results. In December 2023, the FASB issued ASU 2023-08, which upon our adoption will require us to measure in-scope crypto assets (including our bitcoin holdings) at fair value in our statement of financial position, and to recognize gains and losses from changes in the fair value of our bitcoin in net income each reporting period. ASU 2023-08 will also require us to provide certain interim and annual disclosures with respect to our bitcoin holdings. The standard is effective for our interim and annual periods beginning January 1, 2025, with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which we adopt the guidance. Due in particular to the volatility in the price of bitcoin, we expect the adoption of ASU 2023-08 to have a material impact on our financial results in future periods, increase the volatility of our financial results, and affect the carrying value of our bitcoin on our balance sheet, and it could also have adverse tax consequences, which in turn could have a material adverse effect on our financial results and the market price of our class A common stock. Additionally, as a result of ASU 2023-08 requiring a cumulative-effect adjustment to our opening balance of retained earnings as of the beginning of the annual period in which we adopt the guidance and not permitting retrospective restatement of our historical financial statements, our future results will not be comparable to results from periods prior to our adoption of the guidance.
The broader digital assets industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional risks in the future that are not possible to predict.
Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market price of our class A common stock
Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market price of our class A common stock. Our financial results and the market price of our class A common stock would be adversely affected, and our business and financial condition would be negatively impacted, if the price of bitcoin decreased substantially (as it has in the past, including during 2022), including as a result of:
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Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty
Bitcoin and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of bitcoin.
The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of bitcoin or the ability of individuals or institutions such as us to own or transfer bitcoin. For example:
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It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing regulations might impact the value of digital assets generally and bitcoin specifically. The consequences of increased regulation of digital assets and digital asset activities could adversely affect the market price of bitcoin and in turn adversely affect the market price of our class A common stock.
Moreover, the risks of engaging in a bitcoin acquisition strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.
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The growth of the digital assets industry in general, and the use and acceptance of bitcoin in particular, may also impact the price of bitcoin and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of bitcoin may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to bitcoin, institutional demand for bitcoin as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for bitcoin as a means of payment, and the availability and popularity of alternatives to bitcoin. Even if growth in bitcoin adoption occurs in the near or medium-term, there is no assurance that bitcoin usage will continue to grow over the long-term.
Because bitcoin has no physical existence beyond the record of transactions on the Bitcoin blockchain, a variety of technical factors related to the Bitcoin blockchain could also impact the price of bitcoin. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of bitcoin transactions, hard “forks” of the Bitcoin blockchain into multiple blockchains, and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Bitcoin blockchain and negatively affect the price of bitcoin. The liquidity of bitcoin may also be reduced and damage to the public perception of bitcoin may occur, if financial institutions were to deny or limit banking services to businesses that hold bitcoin, provide bitcoin-related services or accept bitcoin as payment, which could also decrease the price of bitcoin. Recent actions by U.S. banking regulators have reduced access to banking services for bitcoin-related customers and service providers. Such actions include (i) the issuance of the February 23, 2023 “Interagency Liquidity Risk Statement” by the Federal banking agencies cautioning banks on contagion risks posed by providing services to digital assets customers, (ii) the Federal Reserve Board’s denial of Custodia Bank’s application of a Federal Reserve account, and (iii) the inclusion of crypto-related divestiture conditions in recent merger transaction approvals. Additionally, in August 2023, the Federal Reserve established a Novel Activities Supervision Program to enhance the supervision of novel activities conducted by banking organizations supervised by the Federal Reserve, such as activities relating to crypto-assets, distributed ledger technology, and complex, technology-driven partnerships with nonbanks to deliver financial services to customers. Liquidity of bitcoin may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for bitcoin and other digital assets.
Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our bitcoin holdings
Our historical financial statements do not fully reflect the potential variability in earnings that we may experience in the future from holding or selling significant amounts of bitcoin.
The price of bitcoin has historically been subject to dramatic price fluctuations and is highly volatile. As explained more fully in Note 2(g) to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, we determine the fair value of our bitcoin based on quoted (unadjusted) prices on the Coinbase exchange (our principal market for bitcoin). We perform an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted (unadjusted) prices on the active exchange, indicate that it is more likely than not that any of our bitcoin assets are impaired. In determining if an impairment has occurred, we consider the lowest price of one bitcoin quoted on the active exchange at any time since acquiring the specific bitcoin held. If the carrying value of a bitcoin exceeds that lowest price at any time during the quarter, an impairment loss is deemed to have occurred with respect to that bitcoin in the amount equal to the difference between its carrying value and such lowest price, and subsequent increases in the price of bitcoin will not affect the carrying value of our bitcoin. Gains (if any) are not recorded until realized upon sale, at which point they would be presented net of any impairment losses. In determining the gain to be recognized upon sale, we calculate the difference between the sale price and carrying value of the specific bitcoin sold immediately prior to sale.
As a result, any decrease in the fair value of bitcoin below our carrying value for such assets at any time since their acquisition requires us to incur an impairment charge, and such charge could be material to our financial results for the applicable reporting period, which may create significant volatility in our reported earnings and decrease the carrying value of our digital assets, which in turn could have a material adverse effect on the market price of our class A common stock. Conversely, any sale of bitcoins at prices above our carrying value for such assets creates a gain for financial reporting purposes even if we would otherwise incur an economic or tax loss with respect to such transaction, which also may result in significant volatility in our reported earnings.
In December 2023, the FASB issued ASU 2023-08, which upon our adoption will require us to measure our bitcoin holdings at fair value in our statement of financial position, and to recognize gains and losses from changes in the fair value of our bitcoin in net income each reporting period. ASU 2023-08 will also require us to provide certain interim and annual disclosures with respect to our bitcoin holdings. The standard is effective for our interim and annual periods beginning January 1, 2025, with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which we adopt the guidance. Due in particular to the volatility in the price of bitcoin, we expect the adoption of ASU 2023-08 to increase the volatility of our financial results and significantly affect the carrying value of our bitcoin on our balance sheet. Additionally, as a result of ASU 2023-08 requiring a cumulative-effect adjustment to our opening balance of retained earnings as of the beginning of the annual period in which we adopt the guidance and not permitting retrospective restatement of prior period, our future results will not be comparable to results from periods prior to our adoption of the guidance.
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As of September 30, 2024, we carried $6.851 billion of digital assets on our balance sheet, consisting of approximately 252,220 bitcoins and reflecting $3.053 billion in cumulative impairment losses attributable to bitcoin trading price fluctuations, and held $46.3 million in cash and cash equivalents, compared to a carrying value of $2.451 billion of digital assets, consisting of approximately 158,245 bitcoins, and $45.0 million in cash and cash equivalents at September 30, 2023. Digital asset impairment losses of $783.8 million incurred during the nine months ended September 30, 2024 represented 72.3% of our operating expenses and contributed to our net loss of $495.9 million for the nine months ended September 30, 2024, compared to $76.6 million in digital asset impairment losses incurred during the nine months ended September 30, 2023 which represented 21.1% of our operating expenses and were included in our net income of $340.0 million for the nine months ended September 30, 2023.
Because we intend to purchase additional bitcoin in future periods and increase our overall holdings of bitcoin, we expect that the proportion of our total assets represented by our bitcoin holdings will increase in the future. As a result, and in particular with respect to the quarterly periods and full fiscal year with respect to which ASU 2023-08 will apply, and for all future periods, volatility in our earnings may be significantly more than what we experienced in prior periods.
The availability of spot ETPs for bitcoin and other digital assets may adversely affect the market price of our class A common stock, and may therefore adversely affect the market price of the notes offered hereby
Although bitcoin and other digital assets have experienced a surge of investor attention since bitcoin was invented in 2008, until recently investors in the United States had limited means to gain direct exposure to bitcoin through traditional investment channels, and instead generally were only able to hold bitcoin through “hosted” wallets provided by digital asset service providers or through “unhosted” wallets that expose the investor to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity with the processes needed to hold bitcoin directly, as well as the potential reluctance of financial planners and advisers to recommend direct bitcoin holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure to bitcoin through investment vehicles that hold bitcoin and issue shares representing fractional undivided interests in their underlying bitcoin holdings. These vehicles, which were previously offered only to “accredited investors” on a private placement basis, have in the past traded at substantial premiums to net asset value (“NAV”), possibly due to the relative scarcity of traditional investment vehicles providing investment exposure to bitcoin.
On January 10, 2024, the SEC approved the listing and trading of spot bitcoin ETPs, the shares of which can be sold in public offerings and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024, with a trading volume of $4.6 billion on the first trading day. On January 11, 2024, and in the subsequent days following the SEC’s approval of the listing and trading of spot bitcoin ETPs, the trading price of our shares of class A common stock declined significantly relative to the value of our bitcoin. To the extent investors view our class A common stock as providing exposure to bitcoin, it is possible that the value of our class A common stock may also have included a premium over the value of our bitcoin due to the prior scarcity of traditional investment vehicles providing investment exposure to bitcoin, and that the value declined due to investors now having a greater range of options to gain exposure to bitcoin and investors choosing to gain such exposure through ETPs rather than our class A common stock. Additionally, on May 23, 2024, the SEC approved rule changes permitting the listing and trading of spot ETPs that invest in ether, the main crypto asset supporting the Ethereum blockchain. The approved spot ETPs commenced trading directly to the public on July 23, 2024. The listing and trading of spot ETPs for ether offers investors another alternative to gain exposure to digital assets, which could result in a decline in the trading price of bitcoin as well as a decline in the value of our class A common stock relative to the value of our bitcoin.
Although we are an operating company, and we believe we offer a different value proposition than a bitcoin investment vehicle such as a spot bitcoin ETP, investors may nevertheless view our class A common stock as an alternative to an investment in an ETP, and choose to purchase shares of a spot bitcoin ETP instead of our class A common stock. They may do so for a variety of reasons, including if they believe that ETPs offer a “pure play” exposure to bitcoin that is generally not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as ours. Additionally, unlike spot bitcoin ETPs, we (i) do not seek for our shares of Class A common stock to track the value of the underlying bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their shares to the price of the underlying assets they hold through share creation and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, and (iv) are not required to provide daily transparency as to our bitcoin holdings or our daily NAV. Furthermore, recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations with respect to our class A common stock. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure to bitcoin, such as bitcoin futures exchange-traded funds (“ETFs”), leveraged bitcoin futures ETFs, and similar vehicles offered on international exchanges, any premium or discount in our class A common stock relative to the value of our bitcoin holdings may increase or decrease in different market conditions.
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As a result of the foregoing factors, availability of spot ETPs for bitcoin and other digital assets could have a material adverse effect on the market price of our class A common stock.
Our bitcoin acquisition strategy subjects us to enhanced regulatory oversight
As noted above, several spot bitcoin ETPs have received approval from the SEC to list their shares on a U.S. national securities exchange with continuous share creation and redemption at NAV. Even though we are not, and do not function in the manner of, a spot bitcoin ETP, it is possible that we nevertheless could face regulatory scrutiny from the SEC or other federal or state agencies due to our bitcoin holdings.
In addition, there has been increasing focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While we have implemented and maintain policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and take care to only acquire our bitcoin through entities subject to anti-money laundering regulation and related compliance rules in the United States, if we are found to have purchased any of our bitcoin from bad actors that have used bitcoin to launder money or persons subject to sanctions, we may be subject to regulatory proceedings and any further transactions or dealings in bitcoin by us may be restricted or prohibited.
Although our bitcoin holdings do not currently serve as collateral securing any of our outstanding indebtedness as of September 30, 2024, we may incur indebtedness or enter into other financial instruments in the future that may be collateralized by our bitcoin holdings. We may also consider pursuing strategies to create income streams or otherwise generate funds using our bitcoin holdings. These types of bitcoin-related transactions are the subject of enhanced regulatory oversight. These and any other bitcoin-related transactions we may enter into, beyond simply acquiring and holding bitcoin, may subject us to additional regulatory compliance requirements and scrutiny, including under federal and state money services regulations, money transmitter licensing requirements and various commodity and securities laws and regulations.
Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX, one of the world’s largest cryptocurrency exchanges, in November 2022. While the financial and regulatory fallout from FTX’s collapse did not directly impact our business, financial condition or corporate assets, the FTX collapse may have increased regulatory focus on the digital assets industry. For example, the SEC has recently proposed a number of rules with implications for digital assets. Notably, on April 14, 2023, the SEC reopened the comment period (which is now closed) for its proposal to significantly expand the definition of “exchange” under Exchange Act Rule 3b-16 to encompass trading and communication protocol systems for digital asset securities and trading systems that use distributed ledger or blockchain technology, including both so-called “centralized” and “decentralized” trading systems. If adopted in its proposed form, the proposed rule would have a sweeping impact on digital asset trading venues and other digital asset industry participants. U.S. and foreign regulators have also increased, and are highly likely to continue to increase, enforcement activity, and are likely to adopt new regulatory requirements in response to FTX’s collapse. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting bitcoin, as well as enforcement actions involving or impacting our trading venues, counterparties and custodians, may impose significant costs or significantly limit our ability to hold and transact in bitcoin.
In addition, private actors that are wary of bitcoin or the regulatory concerns associated with bitcoin have in the past taken and may in the future take further actions that may have an adverse effect on our business or the market price of our class A common stock. For example, an affiliate of HSBC Holdings has prohibited customers of its HSBC InvestDirect retail investment platform from buying shares of our class A common stock after determining that the value of our stock is related to the performance of bitcoin, indicating that it did not want to facilitate exposure to virtual currencies.
Due to the unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin
Bitcoin trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many bitcoin trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in bitcoin trading venues, including prominent exchanges that handle a significant volume of bitcoin trading and/or are subject to regulatory oversight, in the event one or more bitcoin trading venues cease or pause for a prolonged period the trading of bitcoin or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.
In 2019 there were reports claiming that 80-95% of bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. The SEC also alleged as part of its June 5, 2023, complaint that Binance Holdings Ltd. committed strategic and targeted “wash trading” through its affiliates to artificially inflate the volume of
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certain digital assets traded on its exchange. The SEC has also brought recent actions against individuals and digital asset market participants alleging such persons artificially increased trading volumes in certain digital assets through wash trades, or repeated buying and selling of the same assets in fictitious transactions to manipulate their underlying trading price. Such reports and allegations may indicate that the bitcoin market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the bitcoin market than is commonly understood. Any actual or perceived false trading in the bitcoin market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of our bitcoin. Negative perception, a lack of stability in the broader bitcoin markets and the closure, temporary shutdown or operational disruption of bitcoin trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the bitcoin ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in bitcoin and the broader bitcoin ecosystem and greater volatility in the price of bitcoin. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital, FTX, and BlockFi filed for bankruptcy, following which the market prices of bitcoin and other digital assets significantly declined. In addition, in June 2023, the SEC announced enforcement actions against Coinbase, Inc., and Binance Holdings Ltd., two providers of large trading venues for digital assets, which similarly was followed by a decrease in the market price of bitcoin and other digital assets. These were followed in November 2023, by an SEC enforcement action against Payward Inc. and Payward Ventures Inc., together known as Kraken, another large trading venue for digital assets. As the price of our class A common stock is affected by the value of our bitcoin holdings, the failure of a major participant in the bitcoin ecosystem could have a material adverse effect on the market price of our class A common stock.
The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin acquisition strategy
As of October 30, 2024, we held approximately 252,220 bitcoins that were acquired at an aggregate purchase price of $9.904 billion and we intend to purchase additional bitcoin and increase our overall holdings of bitcoin in the future. The concentration of our bitcoin holdings limits the risk mitigation that we could achieve if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in our bitcoin acquisition strategy. The price of bitcoin experienced a significant decline in 2022, and this had, and any future significant declines in the price of bitcoin would have, a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse portfolio of assets.
The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of bitcoin and adversely affect our business
As a result of our bitcoin acquisition strategy, the majority of our assets are concentrated in our bitcoin holdings. Accordingly, the emergence or growth of digital assets other than bitcoin may have a material adverse effect on our financial condition. As of September 30, 2024, bitcoin was the largest digital asset by market capitalization. However, there are numerous alternative digital assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned blockchain platforms or digital assets that do not use proof-of-work mining like the Bitcoin network. For example, in late 2022, the Ethereum network transitioned to a “proof-of-stake” mechanism for validating transactions that requires significantly less computing power than proof-of-work mining. The Ethereum network has completed another major upgrade since then and may undertake additional upgrades in the future. If the mechanisms for validating transactions in Ethereum and other alternative digital assets are perceived as superior to proof-of-work mining, those digital assets could gain market share relative to bitcoin.
Other alternative digital assets that compete with bitcoin in certain ways include “stablecoins,” which are designed to maintain a constant price because of, for instance, their issuers’ promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. Stablecoins have grown rapidly as an alternative to bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms. As of September 30, 2024, two of the six largest digital assets by market capitalization were U.S. dollar-pegged stablecoins.
Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China’s CBDC project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, bitcoin and other digital assets as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of bitcoin to decrease, which could have a material adverse effect on our business, prospects, financial condition, and operating results.
Our bitcoin holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents
In September 2020, we adopted bitcoin as our primary treasury reserve asset. Historically, the bitcoin markets have been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, we may not be able to sell our bitcoin at favorable prices or at all. For example, a number of bitcoin trading venues temporarily
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2022年停止了存款和取款,儘管Coinbase交易所(我們的比特幣主要市場)到目前爲止還沒有這樣做。因此,我們持有的比特幣可能無法像現金和現金等價物那樣成爲我們的流動性來源。此外,我們與託管人持有並與我們的貿易執行夥伴進行交易的比特幣,不享有與受聯邦存款保險公司或證券投資者保護公司監管的機構存放或交易的現金或證券相同的保護。此外,我們可能無法進行以我們的未擔保比特幣爲抵押的定期貸款或其他融資交易,或無法使用我們持有的比特幣籌集資金,尤其是在市場不穩定時期或比特幣價格大幅下跌的時候。如果我們無法出售我們的比特幣,無法使用比特幣作爲抵押品進行額外的融資交易,或以其他方式使用我們持有的比特幣籌集資金,或者如果我們被迫以重大虧損出售比特幣,以滿足我們的營運資金要求,我們的業務和財務狀況可能會受到負面影響。
如果我們或我們的第三方服務提供商遭遇安全漏洞或網絡攻擊,而未經授權的各方獲得訪問我們的比特幣的權限,或者如果我們的私鑰丟失或被破壞,或者發生其他類似的情況或事件,我們可能會丟失部分或全部比特幣,我們的財務狀況和運營結果可能會受到重大不利影響。
我們擁有的幾乎所有比特幣都是由機構級數字資產託管人託管的帳戶。關於我們的比特幣,安全漏洞和網絡攻擊尤其令人擔憂。比特幣和其他基於區塊鏈的加密貨幣以及爲比特幣生態系統參與者提供服務的實體過去一直是,未來也可能是安全漏洞、網絡攻擊或其他惡意活動。例如,2021年10月,據報道,黑客利用帳戶恢復過程中的一個漏洞,從Coinbase交易所(我們的主要比特幣市場)至少6,000名客戶的帳戶中竊取了資金,儘管該漏洞後來得到修復,Coinbase向受影響的客戶進行了補償。同樣,2022年11月,黑客利用FTX Trading數字資產交易所安全架構中的漏洞,據報道從客戶那裏竊取了超過40000美元的萬數字資產。成功的安全漏洞或網絡攻擊可能會導致:
此外,任何針對其他擁有數字資產的公司或運營數字資產網絡的公司的實際或感知的數據安全漏洞或網絡安全攻擊,無論我們是否受到直接影響,都可能導致人們對更廣泛的比特幣區塊鏈生態系統或使用比特幣網絡進行金融交易普遍失去信心,這可能會對我們產生負面影響。
對各種行業系統的攻擊,包括與比特幣相關的行業,在頻率、持續性和複雜性方面都在增加,在許多情況下,攻擊是由資金雄厚、組織嚴密的複雜團體和個人實施的,其中包括國家行爲者。用於獲得對系統和信息(包括個人數據和數字資產)的未經授權、不正當或非法訪問、使服務失效或降低服務質量或破壞系統的技術不斷演變,可能難以快速檢測,而且通常直到對目標發起攻擊後才能識別或檢測到。這些攻擊可能發生在我們的系統或我們的第三方服務提供商或合作伙伴的系統上。我們可能會遇到由於人爲錯誤、瀆職、內部威脅、系統錯誤或漏洞或其他違規行爲而導致的安全措施遭到破壞。特別是,未經授權的各方已經嘗試,我們預計他們將繼續嘗試,通過各種手段,如黑客、社會工程、網絡釣魚和欺詐,訪問我們的系統和設施,以及我們合作伙伴和第三方服務提供商的系統和設施。過去,黑客曾成功地對我們的一家服務提供商發動社會工程攻擊,並盜用了我們的數字資產,儘管到目前爲止,此類事件對我們的財務狀況或運營業績並未造成實質性影響。威脅可能來自各種來源,包括犯罪黑客、黑客活動家、國家支持的入侵、工業間諜活動和內部人士。此外,即使我們的系統不受干擾,某些類型的攻擊也可能對我們造成傷害。例如,某些威脅被設計爲保持潛伏或不可察覺,有時是在很長一段時間內,或者直到對目標發動攻擊,而我們可能無法實施適當的預防措施。此外,自新冠肺炎大流行以來,由於在家工作的安排增加,這類活動有所增加。與正在進行的俄羅斯-烏克蘭和以色列-哈馬斯衝突或其他未來衝突有關的網絡戰也可能增加網絡攻擊的風險,包括惡意軟件可能擴散到與此類衝突無關的系統中。我們的業務或比特幣行業其他公司的任何未來業務違規,包括我們所依賴的第三方服務,都可能對我們的業務產生實質性和不利的影響。
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我們面臨與保管我們的比特幣有關的風險,包括丟失或破壞訪問我們的比特幣所需的私鑰,以及與我們的比特幣有關的網絡攻擊或其他數據丟失
我們持有比特幣的是受監管的託管人,他們有責任保護我們的私鑰。我們的託管服務合同並不限制我們在託管人之間重新分配比特幣的能力,我們持有的比特幣可能會不時集中在一個託管人手中。鑑於我們持有的比特幣數量巨大,我們不斷尋求聘請更多的託管人來實現比特幣託管的更大程度的多樣化,因爲潛在損失風險的程度在一定程度上取決於多樣化的程度。如果我們認爲可以安全託管我們的比特幣的數字資產託管人的可用性減少,例如,由於監管事態發展或執法行動導致託管人停止或限制他們在美國的服務,我們可能需要簽訂比我們目前的協議更不利的協議,或者採取其他措施來託管我們的比特幣,我們在使用託管服務方面尋求更大程度的多樣化的能力將受到實質性的不利影響。
截至2024年9月30日,涵蓋我們比特幣持有量損失的保險僅涵蓋我們全部比特幣持有量價值的一小部分,並且無法保證此類保險將作爲我們所擁有的託管服務的一部分進行維護,也無法保證此類保險將涵蓋我們比特幣的損失。此外,我們對託管人的使用使我們面臨這樣的風險:託管人代表我們持有的比特幣可能會受到破產程序的約束,並且我們可能會被視爲託管人的一般無擔保債權人,從而抑制我們對此類比特幣行使所有權的能力。與此類破產程序相關的任何損失不太可能由我們維持的與比特幣相關的任何保險覆蓋。
比特幣只能由與持有比特幣的本地或在線數字錢包有關的唯一公鑰和私鑰(S)的持有者控制。雖然比特幣區塊鏈賬簿要求在交易中使用時發佈與數字錢包相關的公鑰,但私鑰必須得到保護和保密,以防止第三方訪問此類錢包中持有的比特幣。如果數字錢包的私鑰(S)丟失、銷燬或以其他方式泄露,並且無法訪問私鑰(S)的備份,我們或我們的託管人都將無法訪問相關數字錢包中持有的比特幣。此外,我們不能保證我們的數字錢包或我們代表我們持有的託管人的數字錢包不會因爲網絡攻擊而受到損害。比特幣和區塊鏈賬簿以及其他數字資產和區塊鏈技術一直是、而且未來可能會受到安全漏洞、網絡攻擊或其他惡意活動的影響。
監管改革將比特幣重新歸類爲證券可能導致我們根據1940年《投資公司法》被歸類爲「投資公司」,並可能對比特幣的市場價格和我們A類普通股的市場價格產生不利影響
雖然美國證券交易委員會的高級官員表示,他們認爲就聯邦證券法而言,比特幣不是一種「證券」,但美國證券交易委員會的相反裁定可能會導致我們根據1940年《投資公司法》將我們歸類爲「投資公司」,這將使我們受到額外的重大監管控制,可能會對我們的業務和運營產生實質性的不利影響,並可能要求我們大幅改變開展業務的方式。
此外,如果根據聯邦證券法,比特幣被確定爲構成一種證券,這種確定施加的額外監管限制可能會對比特幣的市場價格產生不利影響,進而對我們A類普通股的市場價格產生不利影響。
我們的比特幣收購策略使我們面臨交易對手無法履行的風險
我們的比特幣收購戰略使我們面臨交易對手無法履行的風險,無論是合同上的還是其他方面的。違約風險包括交易對手因財務狀況和流動性惡化或任何其他原因而無法或拒絕履行合同的風險。例如,我們的執行夥伴、託管人或其他交易對手可能無法按照我們與他們達成的協議條款履行義務,這可能導致比特幣損失、失去籌集資金的機會或其他損失。
我們比特幣的主要交易對手風險是我們達成的各種託管安排下的託管人履行義務。最近與數字資產行業運營公司有關的一系列備受矚目的破產、關閉、清算、監管執法行動和其他事件,包括三箭資本、Celsius Network、Voyager Digital、FTX Trading和Genesis Global Capital申請破產保護,某些向數字資產行業提供貸款和其他服務的金融機構關閉或清算,包括簽名銀行和銀門銀行,美國證券交易委員會對Coinbase,Inc.,Binance Holdings Ltd.和Kraken採取執法行動,Prime Trust,LLC在內華達州工商部門發佈停止令後進入破產管理程序,紐約州總檢察長對Genesis Global Capital及其母公司Digital Currency Group,Inc.和前合作伙伴雙子座信託公司提起的民事欺詐訴訟的提起和隨後的和解,突顯了適用於數字資產所有權和交易的感知和實際交易對手風險。雖然這些破產、關閉和清算沒有導致我們的比特幣損失或挪用,也沒有對我們獲得比特幣產生不利影響,但在這些破產和其他程序中創造的法律先例可能會增加未來在我們的一個或多個託管人成爲破產案件中的債務人或成爲其他清算、破產或類似程序的對象時做出不利於我們利益的裁決的風險。
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While all of our custodians are subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that our custodially-held bitcoin will not become part of the custodian’s insolvency estate if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams or otherwise generate funds using our bitcoin holdings, we would become subject to additional counterparty risks. Any significant non-performance by counterparties, including in particular the custodians with which we custody substantially all of our bitcoin, could have a material adverse effect on our business, prospects, financial condition, and operating results.
Risks Related to Our Enterprise Analytics Software Business Strategy
We depend on revenue from a single software platform and related services as well as revenue from our installed customer base
Our revenue is derived from sales of our analytics software platform and related services. Although demand for analytics software has remained strong, the market for analytics offerings continues to evolve. Resistance from consumer and privacy groups to commercial collection, use, and sharing of personal data has grown in recent years and our customers, potential customers, or the general public may perceive that use of our analytics software could violate individual privacy rights. In addition, increasing government restrictions on the collection, use, and transfer of personal data could impair the further growth of the market for analytics software, especially in foreign markets. Because we depend on revenue from a single software platform and related services, our business could be harmed by a decline in demand for, or in the adoption or prices of, our platform and related services as a result of, among other factors, any change in our pricing or packaging model, increased competition, maturation in the markets for our platform, or other risks described in this Quarterly Report. In addition, if the price of bitcoin were to decline significantly, or our indebtedness levels were to increase significantly, so as to create concern about our ability to repay our indebtedness when it becomes due, our existing or prospective customers could form negative perceptions regarding our corporate risk profile or our financial viability as a commercial counterparty, and such negative perceptions could negatively impact sales of our analytics software platform and related services. Such risks can also be exacerbated due to adverse developments in the digital assets industry, such as high profile bankruptcies or regulatory enforcement actions involving industry participants. We also depend on our installed customer base for a substantial portion of our revenue. If our existing customers cancel or fail to renew their service contracts or fail to make additional purchases from us for any reason, including due to the risks inherent in our bitcoin acquisition strategy, our revenue could decrease and our operating results could be materially adversely affected.
As our customers increasingly shift from a product license model to a cloud subscription model, we could face higher future rates of attrition, and such a shift could continue to affect the timing of revenue recognition or reduce product licenses and product support revenues, which could materially adversely affect our operating results
We offer our analytics platform in the form of a product license or a cloud subscription. Given that it is relatively easy for customers to migrate on and off our cloud subscription platform, as we continue to shift our customers toward our cloud platform, we could face higher future rates of attrition among our customers. In addition, the payment streams and revenue recognition timing for our product licenses are different from those for our cloud subscriptions. For product licenses, customers typically pay us a lump sum soon after entering into a license agreement, and we typically recognize product licenses revenue when control of the license is transferred to the customer. For cloud subscriptions, customers typically make periodic payments over the subscription period and we recognize subscription services revenues ratably over the subscription period. As a result, as our customers increasingly shift to, or new customers purchase, cloud subscriptions instead of product licenses, the resulting change in payment terms and revenue recognition may result in our recognizing less revenue in the reporting period in which the sale transactions are consummated than has been the case in prior periods, with more revenue being recognized in future periods. This change in the timing of revenue recognition could materially adversely affect our operating results and cash flows for the periods during which such a shift or change in purchasing occurs. Accordingly, in any particular reporting period, cloud subscription sales could negatively impact product license sales to our existing and prospective customers, which could reduce product licenses and product support revenues. Additionally, our ability to accelerate our cloud strategy could be negatively impacted by any inability to provide necessary sales and sales engineering support, including the support of channel partners, our internal sales team, and digital marketing. Finally, if we are not able to successfully grow sales of our cloud subscription platform, we may not be able to achieve the scale necessary to achieve increased operating margins.
We use channel partners and if we are unable to maintain successful relationships with them, our business, operating results, and financial condition could be materially adversely affected
In addition to our direct sales force, we use channel partners, such as system integrators, consulting firms, resellers, solution providers, managed service providers, OEMs, and technology companies, to license and support our offerings. For the nine months ended September 30, 2024, transactions by channel partners for which we recognized revenue accounted for 42.2% of our total product licenses revenues, and our ability to achieve revenue growth in the future will depend in part on our ability to maintain these relationships. Our channel partners may offer customers the products and services of several different companies, including competing offerings, and we cannot be certain that they will prioritize or devote adequate resources to selling our offerings. If we are unable to maintain our
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relationships with our channel partners, or if we experience a reduction in sales by our channel partners, our business, operating results, and financial condition could be materially adversely affected.
In addition, we rely on our channel partners to operate in accordance with applicable laws and regulatory requirements. If they fail to do so, we may need to incur significant costs in responding to investigations or enforcement actions or paying penalties assessed by the applicable authorities. We also rely on our channel partners to operate in accordance with the terms of their contractual agreements with us. For example, some of our agreements with our channel partners prescribe the terms and conditions pursuant to which they are authorized to resell or distribute our software and offer technical support and related services. If our channel partners do not comply with their contractual obligations to us, our business, operating results, and financial condition may be materially adversely affected.
Our recognition of deferred revenue and advance payments is subject to future performance obligations and may not be representative of revenues for succeeding periods
Our deferred revenue and advance payments totaled $190.7 million as of September 30, 2024. The timing and ultimate recognition of our deferred revenue and advance payments depend on various factors, including our performance of various service obligations.
Because of the possibility of customer changes or delays in customer development or implementation schedules or budgets, and the need for us to satisfactorily perform product support and other services, deferred revenue and advance payments at any particular date may not be representative of actual revenue for any succeeding period.
In addition, we had $189.7 million of other remaining performance obligations as of September 30, 2024, consisting of the portions of multi-year contracts that will be invoiced in the future that are not reflected on our balance sheet. As with deferred revenue and advance payments, these other remaining performance obligations at any particular date may not be representative of actual revenue for any succeeding period.
We may lose sales, or sales may be delayed, due to the long sales and implementation cycles of certain of our offerings, which could materially adversely affect our revenues and operating results
The decision to purchase our offerings typically requires our customers to invest substantial time, money, personnel, and other resources, which can result in long sales cycles that can exceed nine months. These long sales cycles increase the risk that intervening events, such as the introduction of new offerings and changes in customer budgets and purchasing priorities, will affect the size, timing, and completion of an order. Even if an order is completed, the time and resources required to implement and integrate our offerings vary widely depending on customer needs and the complexity of deployment. If we lose sales or sales are delayed due to these long sales and implementation cycles, our revenues and operating results for that period may be materially adversely affected.
Our results in any particular period may depend on the number and volume of large transactions in that period and these transactions may involve lengthier, more complex, and more unpredictable sales cycles than other transactions
Larger, enterprise-level transactions often require considerably more resources, are often more complex to implement, and typically require additional management approval, which may result in a lengthier, more complex, and less predictable sales cycle and may increase the risk that an order is delayed or not brought to completion. We may also encounter greater competition and pricing pressure on these larger transactions, and our sales and delivery efforts may be more costly. The presence or absence of one or more large transactions in a particular period may have a material effect on our revenues and operating results for that period and may result in lower estimated revenues and earnings in future periods.
Our offerings face intense competition, which may lead to lower prices for our offerings, reduced gross margins, loss of market share, and reduced revenue
The analytics market is highly competitive and subject to rapidly changing technology and market conditions. For enterprise analytics, we compete with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP. Our ability to compete successfully depends on a number of factors within and outside of our control. Some of these factors include software quality, performance and reliability; the quality of our service and support teams; marketing and prospecting effectiveness, the ability to incorporate artificial intelligence (“AI”) and other technically advanced features; and our ability to differentiate our products. Failure to perform in these or other areas may reduce the demand for our offerings and materially adversely affect our revenue from both existing and prospective customers.
Some of our competitors have longer operating histories, more focused business strategies and significantly greater financial, technical, and marketing resources than we do. As a result, they may be able to respond more quickly to new or emerging technologies and changes in customer requirements or devote greater resources to the development, promotion, sale, and marketing of their offerings than we can, such as offering certain analytics products free of charge when bundled with other products. In addition, many of our competitors have strong relationships with current and potential customers, extensive industry and specialized business knowledge, and corresponding proprietary technologies that they can leverage. As a result, they may be able to prevent us from penetrating new accounts or expanding existing accounts.
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Increased competition may lead to price cuts, reduced gross margins, and loss of market share. The failure to compete successfully and meet the competitive pressures we face may have a material adverse effect on our business, operating results, and financial condition.
Current and future competitors may also make strategic acquisitions or establish cooperative relationships among themselves or with others. By doing so, these competitors may increase their ability to meet the needs of our potential customers by their expanded offerings and rapidly gain significant market share, which could limit our ability to obtain revenues from new customers and to sustain software maintenance revenues from our installed customer base. In addition, basic office productivity software suites, such as Microsoft Office, could evolve to offer advanced analysis and reporting capabilities that may reduce the demand for our analytics offerings.
Integration of artificial intelligence into our enterprise analytics product offerings and our use of artificial intelligence in our operations could result in reputational or competitive harm, legal liability, and other adverse effects on our business
We have integrated, and plan to further integrate, AI capabilities into certain components of our enterprise analytics product offerings and we expect to use AI in our operations. Such integration and use of AI may become more important in our product offerings and operations over time. These AI-related initiatives, whether successful or not, could cause us to incur substantial costs and could result in delays in our software release cadence. Our competitors or other third parties may incorporate AI into their products or operations more quickly or more successfully than we do, which could impair our ability to compete effectively. Additionally, AI algorithms may be flawed and datasets underlying AI algorithms may be insufficient or contain biased information. If the AI tools integrated into our products or that we use in our operations produce analyses or recommendations that are or are alleged to be deficient, inaccurate, or biased, our reputation, business, financial condition, and results of operations may be adversely affected.
Other companies have experienced cybersecurity incidents that implicate confidential and proprietary company data and/or the personal data of end users of AI applications integrated into their software offerings or used in their operations. If we were to experience a cybersecurity incident, whether related to the integration of AI capabilities into our product offerings or our use of AI applications in our operations, our business and results of operations could be adversely affected. AI also presents various emerging legal, regulatory and ethical issues, and the incorporation of AI into our product offerings and our use of AI applications in our operations could require us to expend significant resources in developing, testing and maintaining our product offerings and may cause us to experience brand, reputational, or competitive harm, or incur legal liability. On October 30, 2023, the Biden administration issued an Executive Order to, among other things, establish extensive new standards for AI safety and security. Additionally, in March 2024, the European Commission passed the Artificial Intelligence Act. Other jurisdictions, including certain U.S. states, have adopted or may decide to adopt similar or more restrictive legislation that may render the use of such technologies challenging. These restrictions may make it harder for us to conduct our business using AI, lead to regulatory fines or penalties, require us to change our product offerings or business practices, or prevent or limit our use of AI.
Risks Related to Our Technology and Intellectual Property
If we are unable to develop and release new software product offerings or enhancements to our existing offerings in a timely and cost-effective manner, our business, operating results, and financial condition could be materially adversely affected
The software market is characterized by frequent new offerings and enhancements in response to rapid technological change, new customer requirements, and evolving industry standards. The introduction of new or enhanced offerings can quickly make existing ones obsolete. We believe our future success depends largely on our ability to continue to rapidly develop new and innovative product offerings and enhancements to our existing offerings that achieve market acceptance, maintain and improve our current offerings, support popular operating systems and databases, maintain technological competitiveness, and meet an expanding range of customer requirements.
Analytics applications, and applications that leverage the Bitcoin blockchain, can be complex, and research and development for these types of applications can be costly and time consuming. In the case of new or contemplated offerings, we may not be able to identify business use cases for such offerings, and we have in the past and may in the future cease, delay or reallocate resources away from further development of or marketing efforts for such offerings. In addition, customers may delay their purchasing decisions because they anticipate that new or enhanced versions of our offerings will soon become available or because of concerns regarding the complexity of migration or performance issues related to new offerings.
We cannot be sure that we will succeed in developing, marketing, and delivering, on a timely and cost-effective basis, new or enhanced offerings that will achieve market acceptance. Moreover, even if our new offerings achieve market acceptance, we may experience a decline in revenues of our existing offerings that is not fully matched by the new offering’s revenue. This could result in a temporary or permanent revenue shortfall and materially adversely affect our business, operating results, and financial condition.
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We depend on technology licensed to us by third parties, and changes in or discontinuances of such licenses could impair our software, delay implementation of our offerings, or force us to pay higher license fees
We license third-party technologies that are incorporated into or utilized by our existing offerings. These licenses may be terminated, or we may be unable to license third-party technologies for future offerings. In addition, we may be unable to renegotiate acceptable third-party license terms, or we may be subject to infringement liability if third-party technologies that we license are found to infringe intellectual property rights of others. Changes in or discontinuance of third-party licenses could lead to a material increase in our costs or to our offerings becoming inoperable or their performance being materially reduced. As a result, we may need to incur additional development costs to help ensure continued performance of our offerings, and we may experience a decreased demand for our offerings.
Changes in third-party software or systems or the emergence of new industry standards could materially adversely affect the operation of and demand for our existing software
The functionalities of our software depend in part on the ability of our software to interface with our customers’ information technology (“IT”) infrastructure and cloud environments, including software applications, network infrastructure, and end user devices, which are supplied to our customers by various other vendors. When new or updated versions of these third-party software or systems are introduced, or new industry standards in related fields emerge, we may be required to develop updated versions of or enhancements to our software to help ensure that it continues to effectively interoperate with our customers’ IT infrastructure and cloud environments. If new or modified operating systems are introduced or new web standards and technologies or new standards in the field of database access technology emerge that are incompatible with our software, development efforts to maintain the interoperability of our software with our customers’ IT infrastructure and cloud environments could require substantial capital investment and employee resources. If we are unable to update our software in a timely manner, cost-effectively, or at all, the ability of our software to perform key functions could be impaired, which may impact our customers’ satisfaction with our software, potentially result in breach of warranty or other claims, and materially adversely affect demand for our software.
The nature of our software makes it particularly susceptible to undetected errors, bugs, or security vulnerabilities, which could cause problems with how the software performs and, in turn, reduce demand for our software, reduce our revenue, and lead to litigation claims against us
Despite extensive testing by us and our current and potential customers, we have in the past discovered software errors, bugs, or security vulnerabilities (including the log4j and SpringShell vulnerabilities which surfaced in December 2021 and March 2022, respectively, and affected companies worldwide) in our offerings after commercial shipments began and they may be found in future offerings or releases. This could result in lost revenue, damage to our reputation, or delays in market acceptance, which could have a material adverse effect on our business, operating results, and financial condition. We may also need to expend resources and capital to correct these defects if they occur.
Our customer agreements typically contain provisions designed to limit our exposure to product liability, warranty, and other claims. It is possible these provisions are unenforceable in certain domestic or international jurisdictions, and we may be exposed to such claims. A successful claim against us could have a material adverse effect on our business, operating results, and financial condition.
Our intellectual property is valuable, and any inability to protect it could reduce the value of our offerings and brand
Unauthorized third parties may try to copy or reverse engineer portions of our software or otherwise obtain and use our intellectual property. Copyrights, patents, trademarks, trade secrets, confidentiality procedures, and contractual commitments can only provide limited protection. Any intellectual property owned by us may be invalidated, circumvented, or challenged. Any of our pending or future intellectual property applications, whether or not currently being challenged, may not be issued with the scope we seek, if at all. Moreover, amendments to and developing jurisprudence regarding U.S. and international law may affect our ability to protect our intellectual property and defend against claims of infringement. In addition, although we generally enter into confidentiality agreements with our employees and contractors, the confidential nature of our intellectual property may not be maintained. Furthermore, the laws of some countries do not provide the same level of protection of our intellectual property as do the laws of the United States. If we cannot protect our intellectual property against unauthorized copying or use, we may not remain competitive.
We may be obligated to disclose our proprietary source code to our customers, which may limit our ability to protect our intellectual property and could reduce the renewals of our support services
Certain of our customer agreements contain provisions permitting the customer to become a party to, or a beneficiary of, a source code escrow agreement under which we place the proprietary source code for our applicable services and products in escrow with a third party. Under these escrow agreements, the source code to the applicable product may be released to the customer, typically for its use
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在發生指定事件(例如我們申請破產、終止支持服務和/或停止我們的業務運營)時維護、修改和增強產品。
披露我們源代碼的內容可能會限制我們對該源代碼或包含該源代碼的服務和產品所能獲得或維護的知識產權保護。它還可以允許向其披露產品源代碼的客戶支持和維護該軟件產品,而無需購買我們的支持服務。每一項都可能損害我們的業務、運營結果和財務狀況。
第三方可能會聲稱我們侵犯了他們的知識產權
我們定期收到第三方的通知,聲稱我們侵犯了他們的知識產權。隨着我們擴大我們的產品和品牌,產品的數量和行業內的競爭水平增加,產品的功能重疊,以及頒發的專利、專利申請以及版權和商標註冊量持續增加,此類索賠的頻率可能會增加。對任何侵權索賠作出回應,無論其有效性如何,都可能:
此外,雖然我們監控第三方軟件(包括開源軟件)的使用,但我們在產品中控制此類使用的流程可能並不有效。如果我們不遵守與我們使用的第三方軟件相關的條款或條件,如果我們無意中將某些類型的第三方軟件嵌入到我們的一個或多個產品中,或者如果我們許可的第三方軟件被發現侵犯了他人的知識產權,我們可能會承擔侵權責任,並被要求重新設計我們的產品,停止銷售我們的產品,或者以源代碼的形式向某些第三方提供或普遍提供我們的專有代碼,任何這些都可能對我們的業務、運營結果和財務狀況產生實質性的不利影響。
如果針對我們提出了成功的侵權索賠,而我們未能開發或許可適用的替代技術或品牌名稱,則我們的業務、運營結果、財務狀況或現金流可能會受到重大不利影響。
與我們的運營相關的風險
業務中斷,包括由於地緣政治緊張局勢、恐怖主義行爲、自然災害、流行病(如新冠肺炎大流行)及類似事件引起的我們的系統、第三方數據中心託管設施或其他第三方服務的中斷、延遲或故障,可能會對我們的經營業績產生實質性的不利影響,或導致我們的內部控制存在重大弱點,從而對我們的股票市場價格產生不利影響
我們的很大一部分研發活動或某些其他關鍵業務運營集中在弗吉尼亞州北部、中國、阿根廷和波蘭的工廠。此外,我們使用位於美國的第三方數據中心託管設施和其他第三方服務(包括AWS、Azure、Google和其他雲服務)爲我們的客戶提供服務並管理某些關鍵的內部流程。我們使用的系統或第三方託管設施或其他服務的任何中斷或故障,包括自然災害、火災、網絡攻擊(包括與持續的俄羅斯-烏克蘭和以色列-哈馬斯衝突有關的網絡戰可能增加此類攻擊的風險)、恐怖主義行爲、地緣政治衝突(包括持續的俄羅斯-烏克蘭和以色列-哈馬斯衝突以及任何涉及中國和臺灣的潛在衝突)、流行病(包括新冠肺炎大流行)、氣候變化的影響或其他災難性事件,以及停電、電信基礎設施中斷、我們的第三方服務提供商決定關閉我們在沒有充分通知的情況下使用的設施,或大幅更改其服務的定價或條款,東道國對我們業務運營行爲或產品可用性的限制,或我們使用的系統或第三方服務的其他意想不到的問題,如未能達到服務標準,可能會嚴重影響我們開展業務運營或吸引新客戶或維持現有客戶的能力,或導致我們對財務報告的內部控制存在重大弱點,任何這些都可能對我們未來的經營業績產生重大不利影響。
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我們的國際業務很複雜,使我們面臨可能對我們的業務、經營業績和財務狀況產生實質性不利影響的風險。
我們總收入的很大一部分來自國際銷售,並在不同的外國開展業務活動,包括一些我們經驗有限、開展業務的挑戰可能與我們在更發達市場面臨的挑戰顯著不同的新興市場,以及這些市場的業務做法可能會產生內部控制風險。截至2024年和2023年9月30日的三個月,國際收入分別佔我們總收入的44.9%和44.5%,截至2024年和2023年9月30日的九個月,國際收入分別佔我們總收入的44.0%和42.7%。我們的國際業務需要大量的管理關注和財政資源,並使我們面臨更多的風險,包括:
貿易中斷、經濟狀況疲軟、經濟和法律不確定性或匯率變化可能會對我們的業務、財務狀況、經營業績和現金流產生不利影響。美國對中國、歐盟、加拿大和墨西哥等國的貿易實施了更高的關稅和其他限制,包括限制貿易和/或對從這些國家進口的商品徵收關稅。此外,中國、歐盟、加拿大、墨西哥等國要麼威脅要徵收報復性關稅,要麼自己徵收報復性關稅。這些關稅和保護主義貿易措施的任何進一步升級都可能對我們銷售產品的市場產生不利影響,進而影響我們的業務、財務狀況、經營業績和現金流。目前尚不清楚這些措施未來是否會逆轉,以及在多大程度上會逆轉,也不清楚拜登政府是否會對美國的貿易政策做出可能對我們的業務產生進一步影響的額外改變。
美國對我們國際收入徵稅的變化,或外國稅法的變化,可能會對我們未來的經營業績產生實質性影響。例如,《稅法》導致了企業所得稅稅率的變化,修改或取消了某些稅收優惠措施,改變了對海外收益徵稅的現行制度,並採取了防止BEPS的措施,聯合王國通過了一項立法,對在低稅收司法管轄區持有的無形財產徵收與離岸收入相關的稅。
此外,遵守適用於我們國際業務的外國和美國法律法規是複雜的,可能會增加我們在國際司法管轄區開展業務的成本。我們不遵守這些法律和法規,已經暴露出,並可能在未來暴露出我們將面臨罰款和懲罰。這些法律和法規包括反賄賂法律,如美國《反海外腐敗法》、英國《反賄賂法》、禁止向政府官員行賄的地方法律以及與採購、合同和反壟斷有關的地方法律。這些法律法規還包括由外國資產管制辦公室和美國商務部根據美國外交政策和國家安全目標對目標外國國家、組織和個人實施的進出口要求和經濟貿易制裁。儘管我們實施了旨在幫助確保遵守這些法律的政策和程序,但我們的員工、渠道合作伙伴和與我們合作的其他人員
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business may take actions in violation of our policies or these laws. For example, following an internal review initiated in 2018, we believe our Brazilian subsidiary failed or likely failed to comply with local procurement regulations in conducting business with certain Brazilian government entities and these matters are the subject of investigation by Brazilian authorities. Any violation of these laws could subject us to civil or administrative penalties, including substantial fines, prohibitions, or other limitations on our ability to sell our offerings to one or more countries, and could also materially damage our reputation and our brand.
These factors may have a material adverse effect on our future sales, business, operating results, and financial condition.
We face a variety of risks in doing business with U.S. and foreign federal, state, and local governments and government agencies, including risks related to the procurement process, budget constraints and cycles, termination of contracts, and compliance with government contracting requirements
Our customers include the U.S. government, state and local governments and government agencies. There are a variety of risks in doing business with government entities, including:
Procurement. Contracting with public sector customers is highly competitive and can be time-consuming and expensive, requiring us to incur significant up-front time and expense without any assurance that we will win a contract. Further, even if we win a contract, it may be placed on hold, or reversed, due to a post-award protest.
Budgetary Constraints and Cycles. Public sector funding reductions or delays adversely impact demand and payment for our offerings.
Termination of Contracts. Public sector customers often have contractual or other legal rights to terminate contracts for convenience or due to a default. If a contract is terminated for the customer’s convenience, we may only be able to collect fees for software or services delivered prior to termination and settlement expenses. If a contract is terminated due to our default, we may not recover even those amounts, and we may be liable for excess costs incurred by the customer for procuring alternative software or services.
Compliance with Government Contracting Requirements. Government contractors are required to comply with a variety of complex laws, regulations, and contractual provisions relating to the formation, administration, or performance of government contracts that give public sector customers substantial rights and remedies, many of which are not typical for commercial contracts. These may include rights regarding price protection, the accuracy of information provided to the government, contractor compliance with socio-economic policies, and other terms unique to government contracts. Governments and government agencies routinely investigate and audit contractors for compliance with these requirements. If, as a result of an audit or review, it is determined that we have failed to comply with these requirements, we may be subject to civil and criminal penalties or administrative sanctions, including contract termination, forfeiture of profits, fines, treble damages, and suspensions or debarment from future government business and we may suffer harm to our reputation.
Our customers also include foreign governments and government agencies. Similar procurement, budgetary, contract, and audit risks also apply to these entities. In addition, compliance with complex regulations and contracting provisions in a variety of jurisdictions can be expensive and consume significant management resources. In certain jurisdictions, our ability to win business may be constrained by political and other factors unrelated to our competitive position in the market. Each of these difficulties could materially adversely affect our business and results of operations.
If we are unable to recruit or retain skilled personnel, or if we lose the services of Michael J. Saylor, our business, operating results, and financial condition could be materially adversely affected
Our future success depends on our continuing ability to attract, train, assimilate, and retain highly skilled personnel. There has historically been significant competition for qualified employees in the technology industry, and such competition may be further amplified by evolving restrictions on immigration, travel, or availability of visas for skilled technology workers. We may not be able to retain our current key employees or attract, train, assimilate, and retain other highly skilled personnel in the future, particularly at times when we undergo significant headcount reductions. Our future success also depends in large part on the continued service of Michael J. Saylor, our Chairman of the Board of Directors and Executive Chairman. If we were unable to attract, train, assimilate, and retain the highly skilled personnel we need, or we were to lose the services of Mr. Saylor, our business, operating results, and financial condition could be materially adversely affected. These risks may be exacerbated if a shareholder or a group of affiliated shareholders (other than or not including Mr. Saylor) were to exercise majority voting control of MicroStrategy.
Changes in laws or regulations relating to privacy or the collection, processing, disclosure, storage, localization, or transmission of personal data, or any actual or perceived failure by us or our third-party service providers to comply with such laws and regulations, contractual obligations, or applicable privacy policies, could materially adversely affect our business
Aspects of our business involve collecting, processing, disclosing, storing, and transmitting personal data, which are subject to certain privacy policies, contractual obligations, and U.S. and foreign laws, regulations, and directives relating to privacy and data protection. We store a substantial amount of customer and employee data, including personal data, on our networks and other systems and the cloud environments we manage. In addition, the types of data subject to protection as personal data in the European Union, China, the United
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States, and elsewhere have been expanding. In recent years, the collection and use of personal data by companies have come under increased regulatory and public scrutiny, especially in relation to the collection and processing of sensitive data, such as healthcare, biometric, genetic, financial services, and children’s data, precise location data, and data regarding a person’s race or ethnic origins, political opinions, or religious beliefs. For example, in the United States, protected health information is subject to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), which can provide for civil and criminal penalties for noncompliance. Entities (such as us) that engage in creating, receiving, maintaining, or transmitting protected health information provided by covered entities and other business associates are subject to enforcement under HIPAA. Our access to protected health information may trigger obligations to comply with certain privacy rules and data security requirements under HIPAA.
In addition to potential enforcement by the United States Department of Health and Human Services for potential HIPAA violations, we are also potentially subject to privacy enforcement from the Federal Trade Commission (“FTC.”) The FTC has been particularly focused on certain activities related to the processing of sensitive data, including the unpermitted processing of health and genetic data through its recent enforcement actions and is expanding the types of privacy violations that it interprets to be “unfair” under Section 5 of the FTC Act, as well as the types of activities it views to trigger the Health Breach Notification Rule (which the FTC also has the authority to enforce). The agency is also in the process of developing rules related to commercial surveillance and data security that may impact our business. We will need to account for the FTC’s evolving rules and guidance for proper privacy and data security practices in order to mitigate our risk for a potential enforcement action, which may be costly. If we are subject to a potential FTC enforcement action, we may be subject to a settlement order that requires us to adhere to very specific privacy and data security practices, which may impact our business. We may also be required to pay fines as part of a settlement (depending on the nature of the alleged violations). If we violate any consent order that we reach with the FTC, we may be subject to additional fines and compliance requirements. We face risks of similar enforcement from State Attorneys General and, potentially, other regulatory agencies.
Any systems failure or security breach that results in the release of, or unauthorized access to, personal data, or any failure or perceived failure by us or our third-party service providers to comply with applicable privacy policies, contractual obligations, or any applicable laws or regulations relating to privacy or data protection, could result in proceedings against us by domestic or foreign government entities or others, including private plaintiffs in litigation. Such proceedings could result in the imposition of sanctions, fines, penalties, liabilities, government orders, and/or orders requiring that we change our data practices, any of which could have a material adverse effect on our business, operating results, reputation, and financial condition.
Various U.S. and foreign government bodies may enact new or additional laws or regulations, or issue rulings that invalidate prior laws or regulations, concerning privacy, data storage, data protection, and cross-border transfer of data that could materially adversely impact our business. In the European Union, the General Data Protection Regulation (“GDPR”) took effect in May 2018. GDPR establishes requirements regarding the handling and security of personal data, requires disclosure of data breaches to individuals, customers, and data protection authorities in certain circumstances, requires companies to honor data subjects’ requests relating to their personal data, permits regulators to impose fines of up to €20,000,000 or 4% of global annual revenue, whichever is higher, and establishes a private right of action. Furthermore, a new ePrivacy Regulation, regulating electronic communications, was proposed in 2017 and is under consideration by the European Commission, the European Parliament, and the European Council. In July 2020, the Court of Justice of the European Union (“CJEU”) invalidated the U.S.-EU Privacy Shield, which provided a mechanism to lawfully transfer personal data from the European Union to the United States and certain other countries. In the wake of the invalidation of the U.S.-EU Privacy Shield, we transitioned to reliance on the EU Standard Contractual Clauses (“SCCs”) to lawfully transfer certain personal data from the European Union to the United States. The CJEU decision also drew into question the long-term viability of the SCCs for transfers of personal data from the EU and European Economic Area to the U.S. As a result, in October 2022, President Biden signed an executive order to implement the EU-U.S. Data Privacy Framework, which would serve as a replacement to the EU-U.S. Privacy Shield. The European Union initiated the process to adopt an adequacy decision for the EU-U.S. Data Privacy Framework in December 2022 and the European Commission adopted the adequacy decision on July 10, 2023. The adequacy decision will permit U.S. companies who self-certify to the EU-U.S. Data Privacy Framework to rely on it as a valid data transfer mechanism for data transfers from the EU to the U.S. and will also provide support for the use of standard contractual clauses. However, some privacy advocacy groups have already suggested that they will be challenging the EU-U.S. Data Privacy Framework. If these challenges are successful, they may not only impact the EU-U.S. Data Privacy Framework, but they may also further limit the viability of the standard contractual clauses and other data transfer mechanisms. The uncertainty around this issue has the potential to impact our business internationally. Because the rules involving this data transfer mechanism are also undergoing revision and this transfer mechanism may also be declared invalid (or require us to change our business practices) in the future, these developments may require us to provide an alternative means of data transfer. In addition, the required terms for contracts containing SCCs along with recommended supplemental provisions are changing and may require us to assume additional obligations, otherwise inhibit or restrict our ability to undertake certain activities, or incur additional costs related to data protection.
In addition, in June 2021, the European Data Protection Board (“EDPB”) issued a new set of SCCs and formal recommendations on measures to ensure compliance with the EU data protection requirements when transferring personal data outside of the European Economic Area (the “EDPB Recommendations”). The new SCCs were required to be in place for new transfers of personal data as of September 27, 2021 and to replace those being used for existing transfers of personal data by December 27, 2022. The new SCCs place obligations on us in relation to government authorities’ access requests in respect of personal data transferred under the SCCs, and other
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有義務使SCC符合GDPR的要求。EDPB建議旨在與新的SCC一起閱讀,併爲組織評估第三國並確定適當的補充數據保護和安全措施提出了新要求,以根據需要根據具體情況實施。
此外,由於英國退歐,歐盟委員會發布的SCC在英國退歐後不再自動採用。作爲回應,英國信息專員辦公室(ICO)發佈了新的歐盟SCCS的模板附錄,該模板附錄使新的歐盟SCCS適應英國的使用。在另一種情況下,ICO還公佈了國際數據傳輸協議(IDTA)。IDTA取代了英國目前使用的一套SCC。英國SCCS附錄和IDTA在提交英國議會後,已於2022年3月生效,總部設在英國的組織被要求從2022年9月開始使用英國IDTA或附錄作出新的數據傳輸安排。英國和美國還同意了一項美英「數據橋」,該協議於2023年10月12日生效。這類似於歐盟-美國數據隱私框架,併爲公司從英國向美國傳輸數據提供了額外的法律機制。
涉及這些替代SCC數據傳輸選項的規則正在不斷修訂,這些傳輸機制在未來也可能被宣佈爲無效(或要求我們改變我們的業務做法),要求我們提供替代的數據傳輸方式或在我們的數據安全和保護實踐中實施重大改變。此外,包含SCC的合同的所需條款以及建議的補充條款正在發生變化,可能需要我們承擔額外的義務,否則會限制或限制我們開展某些活動的能力,或者產生與數據保護相關的額外成本。
類似的要求也在其他國家生效。巴西頒佈了《巴西一般數據保護法》(「巴西一般數據保護法」),於2020年8月生效,對巴西向用戶提供的產品和服務提出了與GDPR大體相似的要求。在中國身上,我們可能還受制於2017年6月生效的《網絡安全法》和2020年10月生效的《個人信息安全規範》修訂版,這兩部法律具有廣泛但不確定的適用範圍,並強加了多項新的隱私和數據安全義務。2021年11月,中國還通過了保護隱私和個人數據的新立法,包括《個人信息保護法》(《PIPL和數據安全法》),對我們施加了新的數據處理義務。根據這些新規定,如果在中國經營的實體違反法律,監管機構可以責令其採取改正措施,發出警告,沒收違法所得,暫停服務,吊銷經營許可證或營業執照,或開具罰款。罰款最高可達5000元萬或上一財年組織年收入的5%。
此外,針對中國個人信息在PIPL下的跨境轉移,中國監管機構發佈了《關於出口個人信息的標準合同規則》草案,根據PIPL,數據控制人(將個人信息轉移到中國境外的實體)與離岸接收者之間採用標準合同條款,必須合法地爲中國的個人信息離岸轉移提供便利。這些要求適用於在中國運營並試圖將個人數據轉移到中國以外的公司,不滿足這些條件的組織可能被要求滿足額外的監管要求和/或受到處罰或罰款。
其他國家正在考慮制定管理隱私和數據安全的新法律或擴大法律,這些法律可能會影響我們的商業實踐。這些事態發展,包括在巴西和中國,可能會影響我們與我們的客戶、其他微策略實體和供應商的活動,並要求我們根據美國與歐盟(和英國)之間的數據傳輸以及個人數據從歐盟向其他非歐盟國家的傳輸和繼續傳輸,採取額外和適當的步驟。
美國的州隱私法也可能影響我們的商業運營。加利福尼亞州通過了一部全面的隱私法,《加州消費者隱私法》(CCPA)於2020年1月生效,並於2020年7月開始實施。我們被要求投入大量資源來實施和維護對CCPA的遵守,不遵守可能會導致監管調查和罰款或私人訴訟。此外,2020年11月,加州選民通過了一項隱私法--《加州隱私權法案》,該法案對CCPA進行了修訂,在加利福尼亞州增加了額外的隱私權利和義務,並於2023年1月1日生效。許多其他州也通過了類似於CCPA的法律,該法律將於2023年及以後生效。更多的州可能會緊隨其後。這些法律可能會給我們帶來額外的成本和義務。同樣,2022年3月,美國聯邦政府還通過了《2022年關鍵基礎設施網絡事件報告法案》,該法案將要求被視爲美國關鍵基礎設施一部分的公司分別在72小時和24小時內向聯邦政府報告任何重大網絡安全事件或贖金支付。實施條例預計還要兩到三年才能出臺。美國證券交易委員會(Securities and Exchange Commission,簡稱SEC)還發布了與網絡安全相關的新規定,可能要求增加報告和其他合規義務,並創造與有關網絡事件的公開通知相關的額外風險。
此外,美國國會正在考慮全面的隱私立法。目前,尚不清楚國會是否會通過這樣一項法律,如果會,它將在何時、什麼時候要求和禁止這樣的法律。此外,目前尚不清楚任何此類立法是否會賦予聯邦貿易委員會任何新的權力,以在第一時間對違反聯邦貿易委員會法案的行爲施加民事處罰,國會是否會授予聯邦貿易委員會在隱私和信息安全方面的規則制定權,或者國會是否會將部分或全部隱私和數據安全監管和執行權授予一個新機構,類似於歐盟數據保護機構。
遵守這些和其他不斷變化的要求可能會導致我們或我們的客戶產生巨額成本或支付巨額罰款或處罰,要求我們改變我們的業務做法,要求我們在合同中承擔更繁重的義務,或限制我們在某些司法管轄區提供某些產品的能力,其中任何一項都可能對我們的業務和運營產生重大不利影響
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結果。限制或限制收集或使用移動數據的新法律或法規也可能減少對我們某些產品的需求,或要求我們改變業務做法,這可能會對我們的業務和運營業績產生重大不利影響。
如果我們或我們的第三方服務提供商經歷了由於網絡安全攻擊或安全漏洞造成的中斷,並且未經授權的各方獲得了對我們客戶、潛在客戶、供應商或渠道合作伙伴的數據、我們的數據、我們的網絡或其他系統或我們管理的雲環境的訪問權限,我們的產品可能會被認爲不安全,我們的聲譽可能會受到損害,對我們產品的需求可能會減少,我們的運營可能會中斷,我們可能會招致重大的法律和財務責任,我們的業務可能會受到實質性的不利影響
作爲我們業務的一部分,我們處理、存儲和傳輸客戶、潛在客戶、供應商和渠道合作伙伴的數據以及我們自己的數據,包括在我們的網絡和其他系統以及我們管理的雲環境中。安全漏洞可能是由於技術錯誤、計算機病毒或第三方操作造成的,包括計算機黑客或國家行爲者的故意不當行爲、物理入侵、工業間諜、欺詐性誘使員工、客戶或渠道合作伙伴泄露用戶名或密碼等敏感信息,以及員工、客戶或渠道合作伙伴的錯誤或瀆職。安全漏洞可能導致對我們的客戶、潛在客戶、供應商或渠道合作伙伴的數據、我們的數據(包括我們的專有信息、知識產權或商業祕密)、我們的網絡或其他系統或我們管理的雲環境的未經授權訪問或披露、修改、誤用、丟失或破壞。第三方還可能實施旨在阻止通過勒索軟件訪問關鍵數據或系統的攻擊,或暫時拒絕客戶訪問我們的雲環境。
我們和我們的服務提供商已經並可能在未來經歷第三方試圖識別和利用軟件和服務漏洞、滲透或繞過我們的安全措施,以及未經授權訪問我們或我們的客戶或服務提供商的雲環境、網絡和其他系統。我們或我們的第三方服務提供商實施的安全措施可能無法有效應對當前或未來的所有安全威脅。由於有許多不同的安全漏洞技術,而且這些技術還在不斷髮展,因此我們可能無法預測、檢測或減輕企圖的安全漏洞並實施足夠的預防措施。
任何安全漏洞、勒索軟件攻擊或成功的拒絕服務攻擊都可能導致客戶對我們產品的安全性失去信心,損害我們的品牌,減少對我們產品的需求,擾亂我們的正常業務運營,要求我們花費物質資源調查或糾正違規行爲,要求我們通知受影響的客戶或個人和/或適用的監管機構和其他人,向個人提供身份盜竊保護服務,使我們承擔法律責任,包括訴訟、監管執法行動和賠償義務,並對我們的收入和經營業績產生重大不利影響。我們的軟件與廣泛生態系統中的第三方產品和組件協同運行,並依賴於這些產品和組件。如果這些產品或組件中的一個存在安全漏洞,並且存在針對它的安全漏洞,我們可能面臨成本增加、責任索賠、客戶不滿、收入減少或對我們的聲譽或競爭地位造成損害。我們的保單可能不足以補償我們因任何網絡安全漏洞或事件而產生的潛在損失。此外,我們未來可能不會以經濟上合理的條款獲得這種保險,或者根本不能。此外,我們的保險可能不包括針對我們提出的所有索賠,並且在任何情況下都可能有很高的免賠額,而爲訴訟辯護,無論其是非曲直,都可能代價高昂,並分散管理層的注意力。
隨着我們雲訂閱的數量和規模不斷增長,以及處理、存儲和傳輸越來越多的客戶、潛在客戶、供應商、渠道合作伙伴和我們自己的數據,這些風險將會增加。特別是,由於遠程工作條件導致企業越來越依賴虛擬環境和通信系統,網絡攻擊和其他惡意活動有所增加。
我們與董事會主席兼執行主席邁克爾·J·塞勒簽訂了一項賠償協議,該協議是對我們傳統董事的補充,第三方保險公司提供的高級人員責任保險可能會對我們的業務和我們A類普通股的市場價格產生負面影響
我們已與董事會主席兼執行主席邁克爾·J·塞勒簽訂了一項賠償協議,根據協議,塞勒先生同意就我們的商業董事和官員保險公司提供的保險範圍之外的某些索賠和費用親自賠償我們的董事和高管,我們同意爲此向塞勒先生支付一筆適用的年費。我們與塞勒先生簽訂了這項賠償協議,可能會對我們的業務產生不利影響,包括由於該安排的非常規性質,以及潛在的擔憂,即賠償安排可能無法提供完全通過傳統董事和官員保險獲得的保險,使吸引和留住合格董事和高級管理人員變得更加困難。此外,我們與塞勒先生的賠償安排可能會導致一些投資者認爲我們的獨立董事沒有足夠的獨立性,因爲他們有權從塞勒先生那裏獲得個人賠償,這可能會對我們A類普通股的市場價格產生不利影響。
動盪和顯著減弱的全球經濟狀況在過去和未來可能會對我們的行業、業務和運營結果產生不利影響
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我們的整體表現在一定程度上取決於全球經濟和地緣政治狀況。美國和其他主要國際經濟體最近經歷了嚴重的經濟和市場衰退,其特點是信貸受限、流動資金不足、企業盈利能力下降、信貸、股票和外匯市場波動、通貨膨脹、銀行倒閉、破產以及經濟總體上的不確定性。此外,地緣政治和國內政治事態發展,如現有和潛在的貿易戰以及其他我們無法控制的事件,包括烏克蘭和中東的衝突,可能會增加全球政治和經濟的不可預測性,並增加全球金融市場的波動性。此外,這些條件已經並可能繼續影響信息技術支出的速度;可能會對我們的客戶參加我們的活動或購買我們的軟件和服務的能力或意願產生不利影響;已經推遲並可能推遲客戶的購買決定;已經減少甚至可能在未來減少客戶訂閱合同的價值和期限;我們預計這些條件將對我們的客戶流失率產生不利影響。所有這些風險和條件都可能對我們未來的銷售和經營業績產生重大不利影響。
與A類普通股相關的風險
我們A類普通股的市場價格一直並可能繼續波動
我們A類普通股的市場價格歷來波動,而且這種波動在最近一段時間非常大。自2020年8月11日(我們宣佈首次購買比特幣之日)以來,我們A類普通股的收盤價已從截至2020年8月10日(我們宣佈之前最後一個交易日)的12.36美元上漲至截至2024年10月30日的247.31美元。我們A類普通股的市場價格可能會因各種因素而大幅波動,其中一些因素超出了我們的控制範圍。這些因素包括但不限於:
此外,股票市場以及受比特幣影響的公司和科技公司的市場都經歷了極端的價格和成交量波動,這些波動往往與這些市場上公司的經營業績無關或不成比例。這些市場和行業因素可能會嚴重損害我們A類普通股的市場價格,無論我們的實際經營業績如何。
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由於我們兩類普通股的權利,以及我們由邁克爾·J·塞勒控制,他實益擁有我們大部分B類普通股,塞勒先生可以在沒有我們董事會或其他股東批准的情況下將MicroStrategy的控制權轉讓給第三方,阻止第三方收購我們,或限制其他股東影響公司事務的能力。
我們有兩類普通股:A類普通股和B類普通股。我們A類普通股的持有者通常與我們B類普通股的持有者享有相同的權利,只是A類普通股的持有者每股有一票投票權,而B類普通股的持有者每股有10票投票權。截至2024年10月21日,已發行的B類普通股共有19,640,250股,約佔我們已發行普通股總投票權的51.8%。截至2024年10月21日,我們的董事會主席兼執行主席塞勒先生實益擁有19,616,680股B類普通股,佔總投票權的51.7%。因此,塞勒先生可以通過他的能力來控制MicroStrategy,他可以決定我們董事選舉的結果,修改我們的公司註冊證書和章程,並採取其他需要股東投票或同意的行動,包括合併、私有化交易和其他非常交易及其條款。
我們的公司註冊證書允許B類普通股的持有者轉讓B類普通股的股份,但須經持有大部分已發行B類普通股的股東批准。塞勒先生可以在沒有我們董事會或其他股東批准的情況下,將MicroStrategy的表決權控制權轉讓給第三方。這種控制權的轉移可能會對我們的業務、經營業績和財務狀況產生實質性的不利影響。塞勒還可以防止微戰略的控制權發生變化,無論A類普通股的持有者是否會因持有A類普通股而獲得高於當時市場價格的溢價。此外,這種集中控制限制了股東影響公司事務的能力,因此,我們可能會採取非控股股東認爲無益或與他們的利益相沖突的行動。因此,我們A類普通股的市場價格可能會受到實質性的不利影響。
我們作爲「受控公司」的地位可能會降低我們的A類普通股對一些投資者的吸引力,或者對我們的股價產生實質性的不利影響
由於我們符合納斯達克公司治理規則的「受控公司」資格,因此我們不需要董事會中有獨立董事的多數席位。此外,我們的董事會不需要有獨立的薪酬或提名委員會,也不需要獨立董事行使提名職能。我們也不需要讓由獨立董事組成的薪酬委員會來決定我們高管的薪酬。此外,我們不需要授權我們的薪酬委員會聘請任何薪酬顧問、法律顧問或其他顧問的服務,或讓薪酬委員會評估其聘用的薪酬顧問、法律顧問和其他顧問的獨立性。
鑑於我們作爲一家受控公司的地位,我們的董事會決定不成立獨立的提名委員會或由其獨立董事行使提名職能,而是選擇由董事會直接負責提名董事會成員。我們的董事會目前大部分由獨立董事組成,我們的董事會已經成立了一個完全由獨立董事組成的薪酬委員會。薪酬委員會決定首席執行官和執行主席的薪酬。然而,我們的董事會已授權我們的首席執行官決定除他本人和執行主席之外的其他高管的薪酬,但基於股權的薪酬由薪酬委員會決定。根據2023年股權計劃,根據交易法第16條對董事和高級管理人員的獎勵也由薪酬委員會批准。此外,雖然我們的薪酬委員會有權保留和終止外部法律顧問、薪酬顧問和其他專家或顧問,但不需要評估他們的獨立性。
雖然目前我們的董事會大多數由獨立董事組成,薪酬委員會完全由獨立董事組成,但我們未來可能會選擇不讓獨立董事在董事會或薪酬委員會中佔多數,我們的執行主席和首席執行官的薪酬由獨立董事組成的薪酬委員會決定,或者根本不由董事會的薪酬委員會決定。
因此,如果我們的控股股東的利益與其他股東的利益不同,其他股東可能無法享受到必須遵守所有納斯達克公司治理規則的公司股東所享有的同等保護。我們作爲受控公司的地位可能會降低我們的A類普通股對一些投資者的吸引力,或者以其他方式對我們的股票價格產生實質性的不利影響。
未來我們A類普通股、可轉換債務工具或其他可轉換證券的未來銷售,或對未來銷售的預期,可能會壓低我們A類普通股的價格
我們可能會在後續發行中發行和出售額外的A類普通股、可轉換票據或其他證券,以籌集資本或發行股票用於其他目的,包括與收購額外比特幣相關的目的。例如,自2024年1月1日以來,我們已通過市場股權發行計劃發行和出售了(I)12.46美元的A類普通股億股票,(Ii)2030年本金總額爲80000美元的萬可轉換票據,(Iii)2031年的本金總額爲60380美元的萬
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可轉換債券,(Iv)本金總額爲80000萬的2032年可轉換債券,以及(V)本金總額10.1億的2028年可轉換債券。此外,根據2024年8月銷售協議,我們可以不時發行和銷售A類普通股,總髮行價最高可達89130美元萬,根據2024年10月銷售協議,A類普通股總髮行價可不時高達210美元億。我們無法預測:
涉及新發行的A類普通股、可轉換債務工具或其他可轉換證券的交易可能導致我們A類普通股持有者的股權被大幅稀釋。
我們修訂和重述的附例規定,特拉華州衡平法院(或者,如果特拉華州衡平法院沒有管轄權,那麼位於特拉華州的任何其他州法院,或者如果沒有位於特拉華州的州法院,特拉華州地區的聯邦地區法院)是我們股東可能發起的某些訴訟的獨家論壇,這可能限制我們的股東就與我們或我們的董事、高管或員工的此類糾紛獲得有利的司法論壇的能力。
我們經修訂和重述的附例規定,除非吾等以書面形式同意選擇替代法院,否則特拉華州衡平法院(或,如果特拉華州衡平法院沒有管轄權,則位於特拉華州的任何其他州法院,或如果沒有位於特拉華州境內的州法院,則爲特拉華州地區的聯邦地區法院)應在法律允許的最大範圍內,成爲(I)代表公司提起的任何衍生訴訟或訴訟的唯一和獨家法院。(Ii)任何聲稱本公司任何董事、高級職員、其他僱員或股東違反其對本公司或本公司股東所負受信責任的訴訟;(Iii)任何聲稱違反本公司或本公司股東責任的訴訟;(Iii)根據特拉華州一般公司法或本公司公司註冊證書或細則(個別情況下不時予以修訂)任何條文提出申索的任何訴訟;或(Iv)聲稱違反內部事務原則所管限的申索的任何訴訟。這一排他性法院條款不適用於爲執行《交易法》規定的聯邦法院專屬管轄權而產生的義務或責任而提起的訴訟。然而,它可以適用於選擇法院條款中列舉的一個或多個類別並根據《證券法》主張索賠的訴訟,因爲《證券法》第22條規定,聯邦法院和州法院對爲執行《證券法》或其規則和條例規定的任何義務或責任而提起的所有訴訟具有同時管轄權。法院是否會對《證券法》下的索賠強制執行此類條款還存在不確定性,我們的股東不會被視爲放棄了對聯邦證券法及其規則和條例的遵守。
法院條款的選擇可能會限制股東在司法法院提出其認爲有利於與我們或我們的董事、高管或其他員工發生糾紛的索賠的能力,這可能會阻止針對我們和我們的董事、高管和其他員工的此類訴訟。或者,如果法院發現我們修訂和重述的附例中包含的法院條款的選擇在訴訟中不適用或不可執行,我們可能會在其他司法管轄區產生與解決此類訴訟相關的額外費用。
與我們未償還的和潛在的未來債務相關的風險
我們的負債水平和條款可能會對我們籌集額外資本的能力產生不利影響,以進一步執行我們的比特幣收購戰略,爲我們的企業分析軟件運營提供資金,並利用新的商業機會
截至2024年9月30日,我們有42.74美元的億總債務,其中包括10.5美元億本金總額2027年可轉換票據,10.1美元億2028年可轉換票據本金總額,80000美元萬2030年可轉換票據本金總額,60380美元萬2031年可轉換票據本金總額,80000美元萬2032年可轉換票據本金總額,以及990萬美元其他長期債務萬。我們在此將2027年可轉換票據、2028年可轉換票據、2030年可轉換票據、2031年可轉換票據和2032年可轉換票據統稱爲可轉換票據。截至2024年9月30日,我們與可轉換票據相關的年度利息支出爲3,460美元萬。
我們的巨額債務和利息支出可能會對我們產生重要影響,包括:
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我們可能無法償還債務,這可能導致我們拖欠債務,並可能迫使我們破產或清算。
我們對債務進行定期付款和再融資的能力取決於並受制於我們的財務和經營業績,這在一定程度上受到一般經濟、金融、競爭、立法、監管、交易對手業務以及其他我們無法控制的風險的影響,包括美國銀行和資本市場的融資能力。如果我們的現金流和資本資源不足以爲我們的償債義務提供資金,我們可能會被迫減少或推遲資本支出,出售資產,尋求額外資本,或者重組或再融資我們的債務。我們不能向您保證,我們未來的借款金額將足以償還我們的債務、爲我們的債務進行再融資或爲我們的其他流動性需求提供資金。即使債務可以進行再融資,任何債務的再融資都可能以更高的利率進行,並可能要求我們遵守更繁瑣的契約,這可能會進一步限制我們的商業運營。此外,我們的比特幣收購策略預計,我們可能會在未來一段時間內發行額外的債務,爲更多的比特幣購買提供資金,但如果我們無法產生足夠的現金流來償還債務和進行必要的資本支出,我們可能會被要求出售比特幣。這些替代措施可能不會成功,並可能不允許我們履行預定的償債義務或我們的財務契約,這可能會導致我們拖欠債務。此外,任何未能及時支付未償債務的利息和本金都可能導致我們的信用評級被下調,這可能會損害我們產生額外債務的能力。
於MicroStrategy的任何債務項下發生違約事件時,違約債務的持有人可選擇宣佈所有借款已到期及應付,連同應計及未付利息。這些事件中的任何一種都可能導致我們其他債務項下的交叉違約。我們可能沒有足夠的資金來支付任何此類違約時應支付的金額,特別是在我們所持比特幣的市值下降的情況下,我們可能無法籌集更多資金,以我們認爲可以接受的條款及時支付此類金額,或者根本無法籌集到額外資金。在這種情況下,我們可能進行的任何融資都可能導致我們現有股東的大量稀釋,如果無法獲得此類融資,我們可能會被迫破產或清算。
我們可能沒有能力籌集必要的資金,以現金結算可轉換票據的轉換,或在重大變化時以現金回購可轉換票據,或在2027年9月15日回購2028年9月15日的2028年可轉換票據、2030年9月15日的2031年可轉換票據或2029年6月15日的2032年可轉換票據,並且任何未來的債務可能包含對我們從事現金結算的可轉換票據或回購可轉換票據的能力的限制
就任何可換股票據而言,除非吾等選擇(或先前已不可撤銷地選擇)只派發A類普通股以結算該等換股(不包括支付現金以代替任何零碎股份),否則吾等將須就被轉換的可換股票據支付現金。然而,任何未來的債務可能會對我們的能力造成限制:(I)在轉換或贖回可轉換票據時支付現金,這可能要求我們選擇僅提供A類普通股來結算此類轉換(支付現金而不是交付任何零碎股份),或(Ii)出售某些比特幣以產生可用於支付此類現金的現金。根據管理可轉換票據的契約的定義,一旦發生根本變化,該等票據的持有人將有權要求吾等以相當於可轉換票據本金100%的價格購買當時未償還的所有適用票據,並在每種情況下,再加上回購日(但不包括回購日)的應計和未付利息(如果有的話)。此外,可換股票據持有人行使權利,要求吾等回購該等可換股票據,可能會導致未來債務協議下的違約,即使控制權的改變或基本改變本身並不會,因該等回購對吾等的財務影響。爲取得足夠資金以支付該等票據的購買價,吾等預期將須爲可換股票據再融資或獲得可換股票據持有人的豁免,而我們可能無法按合理條款爲可換股票據再融資(如有的話)。如無可換股票據持有人的豁免,本公司未能提出購買所有適用的可換股票據或購買所有有效投標的可換股票據,則根據管理可換股票據的契約,將屬違約事件。此外,(I)2028年可轉換票據的持有人有權要求我們在2027年9月15日回購全部或部分票據,(Ii)2030年可轉換票據和2031年可轉換票據的持有人有權要求我們在2028年9月15日回購其票據的全部或部分,以及(Iii)2032年可轉換票據有權要求我們在2028年9月15日回購其全部或部分票據
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在每種情況下,回購價格均相等於擬回購票據本金的100%,另加應計及未付利息(如有的話)。
可轉換票據的條件轉換功能如被觸發,可能會對我們的財務狀況和經營業績產生不利影響
如果可轉換票據的條件轉換功能被觸發,適用可轉換票據的持有人將有權根據其選擇在指定期間內的任何時間轉換該等票據。如果一個或多個持有人選擇轉換他們的可轉換票據,除非我們選擇通過只交付A類普通股來履行我們的轉換義務(除了支付現金而不是交付任何零碎的股票),我們將被要求通過支付現金來償還部分或全部轉換義務,這可能會對我們的流動性產生不利影響。此外,即使持有人不選擇轉換他們的可轉換票據,根據適用的會計規則,我們可能需要將適用的可轉換票據的全部或部分未償還本金重新歸類爲流動負債而不是長期負債,這將導致我們的營運資本淨額大幅減少。
我們依賴從子公司獲得資金來滿足我們的現金需求和償還我們的債務,包括可轉換票據和其他長期債務,而我們某些持有數字資產的子公司可能不會向我們提供任何股息、分配或其他付款來爲我們的債務和滿足我們的現金需求提供資金
我們依賴子公司的股息、分配和其他付款來爲我們的債務提供資金,包括根據可轉換票據產生的債務,以及我們的其他長期債務,並滿足我們的現金需求。我們子公司在任何給定時間的經營業績可能不足以向我們支付股息、分派或其他付款,以使我們能夠支付可轉換票據和我們的其他長期債務。此外,在我們的子公司之間以及從我們的子公司向我們轉移的紅利、分配或其他支付以及其他資產轉移可能受到法律、法規或合同的限制,這可能會對我們在合併公司內部轉移現金的能力以及我們滿足現金需求和償還債務的能力產生實質性的不利影響。
儘管我們目前的負債水平,我們未來可能會承擔更多的債務,並進行其他交易,這可能會進一步加劇與我們的負債相關的風險。
我們的比特幣戰略包括使用股權和債務融資的收益以及運營的現金流收購比特幣。因此,儘管我們目前的負債水平,我們可能會產生更多的債務,我們可能會在未來進行其他交易。即使我們訂立債務或其他安排,限制我們招致額外債務的能力,但這些限制可能會受到若干限制和例外情況的規限,使我們可以招致大量額外債務。在我們產生額外債務或其他義務的範圍內,這裏所描述的與我們的債務有關的風險可能會顯著增加。
項目2.未登記的資產銷售TY證券、收益的使用和發行人購買股票證券
在截至2024年9月30日的三個月中,由於某些持有人選擇通過發行A類普通股來轉換2025年可轉換票據,公司結算了2025年可轉換票據的本金總額爲14530美元的萬。在截至2024年9月30日的三個月內,就此類轉換髮行了3,650,650股A類普通股。2025年可轉換票據轉換後發行的A類普通股股票是根據證券法第3(A)(9)條規定的豁免註冊發行的。
項目5.其他 信息
規則10b5-1信息
我們的董事或高級職員
第六項。陳列品
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索引到展品
展品 數 |
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描述 |
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註冊人的第二次重新註冊證書(在此引用註冊人截至2003年3月31日的財務季度的Form 10-Q(文件編號000-24435)的季度報告的附件3.1)。 |
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3.2 |
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修改和重述註冊人的章程(通過引用註冊人於2015年1月30日向美國證券交易委員會提交的當前8-k表格報告(文件號:000-24435)的附件3.1併入本文)。 |
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2027年到期的0%可轉換優先票據的格式(包括在本文的附件4.2中,參考註冊人於2021年2月19日提交給美國證券交易委員會的當前8-k表格報告的附件4.1(文件編號000-24435))。 |
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2032年到期的2.25%可轉換優先票據的格式(包括在本申請的附件4.12中,參考註冊人於2024年6月20日向美國證券交易委員會提交的當前8-k表格報告的附件4.1(文件編號000-24435))。 |
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10.1 |
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31.1 |
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31.2 |
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32.1 |
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101.INS |
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內聯XBRL實例文檔。實例文檔不會顯示在交互數據文件中,因爲它的XBRL標籤嵌入在內聯XBRL文檔中。 |
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101.SCH |
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嵌入Linkbase文檔的內聯XBRL分類擴展架構。 |
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104 |
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封面交互數據文件(格式爲內聯XBRL,包含附件101中包含的適用分類擴展信息)。 |
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登錄解決方案
根據經修訂的1934年《證券交易法》的要求,註冊人已正式安排由正式授權的簽署人代表其簽署本報告。
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微策略融入 |
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作者: |
/s/安德魯·康 |
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安德魯·康 |
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高級執行副總裁總裁兼首席財務官 |
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作者: |
/s/珍妮·蒙哥馬利 |
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珍寧·蒙哥馬利 |
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高級副總裁&首席會計官 |
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日期:2024年10月31日
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