MSTR Micro Strategy
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MicroStrategy`s Q4 2004 Revenue Increases 39% Over Q4 2003 and Operating Margin Rises to 38% in Q4 2004
Thursday January 27, 4:53 pm ET
MicroStrategy Ends 2004 With $132.5 Million in Cash Plus Short and Long-Term Investments, an $80.6 Million Increase Over 2003
MCLEAN, Va., Jan. 27 /PRNewswire-FirstCall/ -- MicroStrategy(R) Incorporated (Nasdaq: MSTR - News), a leading worldwide provider of business intelligence software, today announced its financial results for the three- month period ended December 31, 2004 (the fourth quarter of its 2004 fiscal year) and for the full year ended December 31, 2004.
Fourth quarter 2004 revenue was $71.6 million versus $51.7 million in the fourth quarter of 2003, a 39% increase. License revenue for the quarter was $34.1 million versus $23.4 million in the fourth quarter of 2003, a 46% increase. Net income for the fourth quarter of 2004, determined in accordance with GAAP, was $24.5 million, or $1.43 per share on a diluted basis. Fourth quarter 2004 income from operations was $27.2 million, or 38% of revenue, versus $12.5 million, or 24% of revenue, in the fourth quarter of 2003. MicroStrategy`s cash plus short and long-term investments at the end of the fourth quarter of 2004 was $132.5 million versus $51.9 million at the end of the fourth quarter 2003.
Full year 2004 revenue was $231.2 million versus $175.6 million in 2003, a 32% increase. License revenue for the full year 2004 was $97.0 million versus $77.2 million in 2003, a 26% increase. Net income for the full year 2004, determined in accordance with GAAP, was $168.3 million, or $9.83 per share on a diluted basis. The full year 2004 tax benefit of $99.0 million included a net non-cash benefit of $102.1 million related to the release of the Company`s U.S. and Canadian deferred tax asset valuation allowance and the utilization of non-cash U.S. deferred tax assets. Full year 2004 income from operations was $68.5 million, or 30% of revenue, versus $28.0 million, or 16% of revenue, in 2003.
Highlights of the Fourth Quarter 2004
* Customer wins at Albertson`s, Alticor, Cingular Wireless, Emory
Healthcare, Ingenix, Lending Tree, McGraw-Hill Companies, Metropolitan
Life Insurance, Oakwood Homes, Pacific Gas and Electric, PPL Services
Corporation, The Bank of New York, The Container Store, and Wausau
* Services revenue increased 33% over the fourth quarter of 2003
* Deferred revenue increased by $14.2 million, or 46% over the fourth
quarter of 2003
* The revenue mix for the quarter was 57% domestic and 43% international
* License contracts during the quarter totaled approximately 505, an
increase of approximately 32% over the fourth quarter 2003
* 29 contracts greater than $500K and 12 contracts greater than $1 million
* Days sales outstanding was 52 days
* Headcount at the end of the fourth quarter was 945
"MicroStrategy delivered another strong quarter, with record revenues, excellent operating margins, and outstanding license revenue growth," said MicroStrategy President and CEO Michael Saylor. "Sales execution was excellent, and we continued to drive operational efficiency throughout our business. MicroStrategy benefited from a robust new product cycle, including the release of MicroStrategy Report Services(TM), MicroStrategy Office(TM), and MicroStrategy Universal(TM) in the past fourteen months. With the scheduled release next week of MicroStrategy 8(TM), we believe we are well positioned for another solid year in 2005."
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