Strategy Inc

NasdaqGS-MSTR

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	7,917.7	-1,166.7	429.1	-1,469.8	-535.5	-7.5	34.4	22.5	18.2	92.2	105.9
Net Income
Income from Discontinued Operations, Net
Income from Continuing Operations
Income from Continuing Operations, Net of Tax
Depreciation & Amortization	34.1	26.3	23.2	18.9	19.5	21.5	16.7	3.7	15.5	19.9	21.2
Depreciation and Amortization
Reduction in Carrying Amount of Right-of-Use Assets
Stock Based Compensation	62.4	77.1	69.6	63.8	44.1	11.2	10.2	14.6	14.3	11.8	17.3
Share-Based Compensation Expense
Other Adjustments	3,005.8	1,052.8	-490.1	1,427.1	554.5	51.2	-5.3	-6.2	-1.3	-4.6	10.9
Credit Losses and Sales Allowances
Unrealized Net Gain on Foreign Currency Forward Contracts
Non-Cash Restructuring Costs and Adjustments
Net Realized Loss on Short-Term Investments
Net Realized Gain on Short-Term Investments
Deferred Taxes
Release of Liabilities for Unrecognized Tax Benefits
Loss on Investments
Discount Amortization Benefit
Release of Deferred Tax Valuation Allowance
Gain on Sale of Investment
Other, Net
Reclassification of Foreign Currency Translation Adjustment from Other Comprehensive Income
Digital Asset Impairment Losses
Gain on Partial Lease Termination
Amortization of Issuance Costs on Long-Term Debt
Loss on Debt Extinguishment
Changes in Trade Receivables	2.4	5.7	10.3	-5.3	2.6	-0.8	-3.7	-8.4	15.3	-16.9	5
Accounts Receivable
Changes in Accounts Payable	16.2	1.1	-0.6	-3.5	3.7	9.2	-7.3	3.4	-9.1	7	1.9
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	-48.4	-30.4	-13.3	-11	3.6	-6.6	-2.7	5.1	-6.2	0.5	-10.3
Accounts Payable and Accrued Expenses, Compensation and Employee Benefits
Accounts Payable and Accrued Expenses, Accrued Compensation and Employee Benefits
Accrued Compensation and Employee Benefits
Accrued Restructuring Costs
Accrued Interest
Changes in Unearned Revenue	4.6	1	2.4	14.8	14.7	-20.3	20.8	-22.1	-0.6	9.7	-4.2
Deferred Revenue and Advance Payments
Changes in Other Operating Activities	-30.8	-20.2	-19.8	-29.8	-13.6	-4.4	-2.3	-2	32.2	-7.9	3.1
Prepaid Expenses and Other Current Assets
Deposits and Other Assets
Operating Lease Liabilities
Other Long-Term Liabilities
Cash from Operating Activities	-62.9	-53	12.7	3.2	93.8	53.6	60.9	10.6	78.3	110.6	149.7
Net Cash Provided by Operating Activities from Continuing Operations
Net Cash Provided by Operating Activities from Discontinued Operations

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-45.4	-13.5	-2.9	-2.5	-2.7	-3.7	-10.2	-6.8	-4	-2.3	-3.5
Advance Deposits on Purchases of Property and Equipment
Purchases of Property and Equipment
Purchases of Intangible Assets	-37,447.5	-22,072.8	-1,902.3	-287.9	-2,626.5	-1,125	—	—	—	—	-9.6
Purchases of Digital Assets
Capitalized Software Development Costs
Proceeds from Sale of Intangible Assets	—	—	—	11.8	—	—	—	—	—	—	—
Proceeds from Sale of Digital Assets
Purchases of Investments	—	—	—	—	—	-9.9	-320.5	-694	-456.5	-355	-473.8
Purchases of Short-Term Investments
Proceeds from Sale of Investments	—	—	—	—	—	119.9	684.4	491.8	390.7	361.7	479.2
Proceeds from Sale of Investment
Proceeds from Redemption of Short-Term Investments
Other Investing Activities	—	—	—	—	—	—	—	—	—	—	-0
Insurance Proceeds
Change in Restricted Cash
Cash from Investing Activities	-37,492.9	-22,086.2	-1,905.2	-278.6	-2,629.2	-1,018.7	353.7	-209.1	-69.7	4.3	-7.7
Net Cash Provided by Investing Activities from Continuing Operations
Net Cash Provided by Investing Activities from Discontinued Operations

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	6,213.8	—	215.8	1,550	650	—	—	—	—	—
Proceeds from Convertible Senior Notes
Proceeds from Convertible Senior Notes Classified as Equity
Proceeds from Senior Secured Notes
Proceeds from Secured Term Loan, Net of Lender Fees
Proceeds from Other Long-Term Secured Debt, Net
Repayments of Long-Term Debt	-0.6	-516.4	-160.5	-0.2	—	—	—	—	—	—	—
Payments to Settle Conversions and Redemption of Convertible Senior Notes
Repayments of Secured Debt and Third-Party Extinguishment Costs
Principal Payments of Other Long-Term Secured Debt
Net Issuance / (Repayments) of Long-Term Debt	-0.6	5,697.4	-160.5	215.5	1,550	650	—	—	—	—	—
Issuance of Common Shares	27,053.9	16,551.6	2,063.7	52.5	1,043.5	51.1	6.6	2.5	1.7	1.7	9.5
Proceeds from Sale of Common Stock
Proceeds from Exercise of Stock Options
Proceeds from Sales Under Employee Stock Purchase Plan
Repurchases of Common Shares	—	—	—	—	—	-123.2	-72.7	-111	—	—	—
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	27,053.9	16,551.6	2,063.7	52.5	1,043.5	-72.1	-66.2	-108.5	1.7	1.7	9.5
Other Financing Activities	-91.9	-116.4	-13.3	-2.8	-51.8	-14.6	—	-0	-0	-2.7	-0.4
Issuance Costs Paid for Convertible Senior Notes
Issuance Costs Paid for Senior Secured Notes
Issuance Costs Paid for Secured Term Loan, Excluding Lender Fees
Issuance Costs Paid for Other Long-Term Secured Debt
Issuance Costs Paid Related to Sale of Common Stock
Payment of Withholding Tax on Vesting of Restricted Stock Units
Excess Tax Benefits from Share-Based Compensation Arrangements
Distribution to Alarm.com Minority Shareholders
Payments on Capital Lease Obligations and Other Financing Arrangements
Cash from Financing Activities	37,563.4	22,132.6	1,889.9	265.2	2,541.7	563.2	-66.2	-108.5	1.7	-1	9.2
Net Cash Provided by Financing Activities from Continuing Activities
Net Cash Provided by Financing Activities from Continuing Operations
Net Cash Provided by Financing Activities from Discontinued Operations

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	-108.3	-66.5	9.8	0.7	91.1	50	50.7	3.8	74.3	108.3	146.2
NOPAT	7,973.7	-1,117.6	396.5	-1,417.9	-517.8	-5.1	-0.9	4.4	18.6	87.9	103
Levered Free Cash Flow	7,847.3	4,495.1	257.4	-1,267.3	1,039.8	638.3	49.4	3.7	46.1	119.2	114.1
Unlevered Free Cash Flow	7,903.9	-1,153.2	385.3	-1,430.9	-492.4	-9.4	14.2	-14.4	46.5	114.8	111.2
Net Change in Cash	7.6	-6.6	-2.6	-10.2	6.3	-401.8	348.4	-307	10.2	113.9	151.2