Q3 2003 License Revenues Increase by 37 Percent Over Q3 2002; Q3 2003 Income from Operations Increases by 350 Percent Over Q3 2002
MCLEAN, Va., (October 28, 2003) –
MicroStrategy(R) Incorporated (Nasdaq: MSTR), a leading worldwide provider of business intelligence software, today announced its financial results for the three- month period ended September 30, 2003 (the third quarter of its 2003 fiscal year), reporting significant revenue growth from the preceding year. In the third quarter, revenues increased by approximately 28 percent and license revenues grew by approximately 37 percent, in comparison to the same period last year. This marked the fourth consecutive quarter of year-over-year license revenue growth. MicroStrategy also reported positive stockholders’ equity of $26.2 million at the end of the third quarter 2003.
Third quarter 2003 revenues were $42.8 million versus $33.4 million in the third quarter of 2002 and $43.6 million in the second quarter of 2003. Third quarter 2003 license revenues were $17.7 million versus $12.9 million in the third quarter of 2002 and $19.6 million in the second quarter of 2003. Net loss attributable to common stockholders for the third quarter of 2003, determined in accordance with Generally Accepted Accounting Principles (GAAP), was ($1.59) per share on a diluted basis. This result included a non-cash, non-recurring loss on the early extinguishment of notes payable of $30.2 million as a result of the conversion of all outstanding 7 1/2% Series A Unsecured Notes into common stock on July 30, 2003 and a non-cash charge for discount amortization expense on notes payable of $0.3 million. Third quarter 2003 income from operations was $7.0 million versus $1.5 million in the third quarter of 2002.
“MicroStrategy continues to improve financially,” said MicroStrategy President and CFO Eric F. Brown. “Revenue growth combined with the elimination of long-term debt gives MicroStrategy a solid financial platform.”
“Our license revenue growth comes from our market leadership in producing innovative software that can scale easily to very large databases and user populations,” said MicroStrategy Chairman and CEO Michael J. Saylor. “We hope our success will continue with our planned November 2003 release of a new, enterprise class reporting engine for our platform.”
Added 116 New Customers and New Deals
New customers and new deals with existing customers in Q3 2003 included:
ACMI Corporation, American Signature, Inc., Amway Corporation, Banco Santander Central Hispano, Best Buy, Careerbuilder, Cascade Natural Gas Company, Chela Financial, Chuck Latham Associates, Comcast Cable Communications, Inc., ConocoPhillips, Cox Communications, Inc., FleetBoston Financial Corporation, Focus Technology Group, Forest Laboratories, Inc., Garden Ridge, GE Medical Systems, Hannaford Brothers, Hudson’s Bay Company, iDine Rewards Network, Liquor Control Board of Ontario, Meredith Corporation, National Institutes of Health, Oakwood Homes Corporation, Quixtar, Inc., Reinsurance Group of America, Inc., Rite-Hite Corporation, Spartan Stores, Inc., Stage Stores, Inc., The Charles Stark Draper Laboratory, Toys R Us, Inc., TRX Data Services, Upsher-Smith Laboratories, Inc., Verispan, LLC, Waterford Wedgwood, USA and Wells Fargo Bank.
Examples of Noteworthy Customer Deals from Q3 2003:
Cascade Natural Gas
Cascade Natural Gas Corporation has chosen the MicroStrategy Business Intelligence Platform(TM) as its business intelligence standard. The first phase of MicroStrategy report development will enable the Finance and Accounting departments to perform period-end financial analysis against a Microsoft(R) data mart and reduce the reporting time to company management. End users will be able to view the core financial reports via the Web, and explore data by dimensions that were previously unavailable. Cascade intends to build several additional business intelligence applications on the MicroStrategy platform and roll them out over time to more than 200 users throughout the company. After considering business intelligence solutions from Hyperion and Crystal Decisions, Cascade selected MicroStrategy due to its scalable architecture, Web-based user interface and extensive report formatting capabilities.
Cox Communications
Cox Communications, Inc., the fourth largest cable provider in the nation, has selected the MicroStrategy Business Intelligence Platform(TM) for sales lead management. The company will utilize the MicroStrategy platform to track and assess business data across sales, billing, and network engineering areas to provide end users with greater insight into the company’s lead management system for Cox Business Services. After an in-depth evaluation of many of the competing products in the industry, Cox Communications selected the MicroStrategy platform for its easy-to-use Web interface and open platform that integrated with its existing system.
Liquor Control Board of Ontario
The Liquor Control Board of Ontario (LCBO), the largest single purchaser of beverage alcohol in the world, has expanded its deployment of the MicroStrategy platform for enhanced supply chain operations. Through MicroStrategy, LCBO is successfully providing its end users with insight into supply chain operations. A wide range of LCBO staff, including category managers, inventory managers and financial analysts, use MicroStrategy to help analyze daily sales transactions, inventory, financial and shipment data.
Comcast Cable
Comcast Cable, the country’s leading cable and broadband communications provider, has expanded its deployment of the MicroStrategy Business Intelligence Platform(TM) to increase internal operational efficiency and employee productivity. Comcast is using the MicroStrategy system to analyze business data across functional areas to provide managers with greater insight into the company’s internal operations. Comcast is running these applications against a 1-terabyte Redbrick database.
Hudson’s Bay Company
Hudson’s Bay Company (HBC), Canada’s largest retailer and oldest corporation, has expanded its deployment of the MicroStrategy Business Intelligence Platform(TM) to include Customer Relationship Management (CRM). HBC CRM Consultants and Analysts will be able to more efficiently analyze customer behavior to plan and optimize customer strategies and tactics and further enhance the customer shopping experience. HBC is running customer analytic applications against a large Oracle database to help identify the tastes and preferences of particular target markets to create more relevant offerings and improve the efficiency of communications dollars.
Loblaw Companies Limited
Loblaw Companies Limited, Canada’s largest food distributor, selected MicroStrategy to expand its MicroStrategy Business Intelligence Platform(tm) deployment across the enterprise. Loblaw employees, including senior executives and category managers, will utilize the MicroStrategy platform to more effectively track sales, merchandising and category management information.
Telephia
Telephia, Inc., the leading provider of marketing and service quality intelligence to the mobile industry, has chosen the MicroStrategy platform to power its client portal for business intelligence. Telephia will utilize the MicroStrategy platform to anchor its extranet, which provides marketing and service quality data to wireless carriers. MicroStrategy will anchor Telephia’s industry-leading portfolio of marketing and service quality performance products designed to help mobile companies track their position in the mobile marketplace, optimize investment decisions, and drive adoption and usage of their services and products. Telephia chose MicroStrategy because it will enable Telephia to take maximum advantage of its vast warehouse of mobile market and industry information by consolidating the delivery environment to ensure user interface consistency, scalability, ease-of-use, information security, and reduced time-to-market.
MicroStrategy’s Strategic Partnerships
Signed 24 Agreements with Systems Integrators and OEMs (Original Equipment Manufacturers)
New partners include:
AC Technologies, Inc., CadenceQuest, Inc., Cap Gemini Ernst & Young, Core Technologies, Covansys Corporation, CRS Retail Systems, Dimensional Strategies Inc., Hexaware Technologies, Innovative Consulting, Inc. and Thinkfast Consulting.
More Awards for MicroStrategy’s Technology & Market Achievements
MicroStrategy continued to win awards in Q3 2003 for its business intelligence software and its market success. In September, MicroStrategy won the 2003 Software Business Industry Award for Best Product Development. Software Business magazine’s Third Annual Software Industry Awards recognize software companies that have displayed industry-wide leadership with their initiatives and products, distinguishing their brands and strategies from a pool of nominations submitted by many successful companies.
“Growing in popularity, we received hundreds of nominations for this year’s software industry awards, making for fierce competition,” said John G. Cargile, Managing Editor of Software Business. “We selected MicroStrategy for Best Product Development because MicroStrategy’s Business Intelligence Platform(TM) has consistently stood out as an industry-leading solution. MicroStrategy’s business intelligence platform is the only platform flexible enough to suit every business need.”
Also in September, ComputerWorld Brazil honored MicroStrategy Brazil with its number-one ranking among business intelligence companies in the Brazilian market. MicroStrategy won this top ranking as part of ComputerWorld Brazil’s annual Top 100 IT Companies’ listing. This is the second consecutive year that MicroStrategy Brazil has appeared on the list.
Conversion of Remaining 7 1/2% Series A Unsecured Notes
On June 23, 2003, the Company announced that it had elected to convert the remaining $53,035,445 in principal amount outstanding of its 7 1/2% series A unsecured notes (the “Notes”) plus all accrued and unpaid interest on the Notes, into shares of the Company’s class A common stock on July 30, 2003.
On July 30, 2003, the Company implemented the conversion. The conversion resulted in the issuance by the Company of 1,654,839 shares of class A common stock (the “Conversion Shares”) and payment of approximately $47,000 of cash in lieu of fractional shares.
As a result of the conversion on July 30, 2003, the Company incurred a non-recurring, non-cash charge of approximately $30.2 million, which is equal to the difference between the fair market value of the Conversion Shares on July 30, 2003, and approximately $39.8 million, the carrying value of the Notes plus accrued and unpaid interest on July 30, 2003.
Outlook and Financial Guidance Information
The following statements are subject to risks and uncertainties described at the end of this press release. Management guidance for 2003 and 2004 contained herein is valid as of the date of this press release only and supersedes any previously announced guidance as to the company’s expectations for financial results for 2003 and 2004.
(in millions, except for Q4 2003 Full Year Full Year
per share data) Range 2003 Range 2004 Range
Revenue $39.0 – $45.0 $162.9 – $168.9 $175.0 – $185.0
Net income (loss) $4.7 – $7.5 ($16.7) – ($13.9) $25.5 – $30.6
GAAP basic earnings
(loss) per share $0.29 – $0.45 ($1.09) – ($0.94)
GAAP diluted earnings
(loss) per share $0.27 – $0.44 ($1.09) – ($0.94) $1.50 – $1.70
GAAP basic weighted
average shares
outstanding 16.0 – 16.5 14.8 – 15.3
GAAP diluted weighted
average shares
outstanding 17.2 – 17.7 14.8 – 15.3 17.0 – 18.0
Additional Financial
Information
Discount amortization
expense on notes payable $0.0 – $0.0 ($2.1) – ($2.1) $0.0 – $0.0
Restructuring charge $0.0 – $0.0 ($1.7) – ($1.7) $0.0 – $0.0
Loss on conversion of
notes payable $0.0 – $0.0 ($31.1) – ($31.1) $0.0 – $0.0
Amortization of
intangible assets $0.0 – $0.0 ($0.2) – ($0.2) $0.0 – $0.0
Total of Additional
Financial Information $0.0 – $0.0 ($35.1) – ($35.1) $0.0 – $0.0
Adjusted diluted
weighted average
shares outstanding 17.2 – 17.7 15.7 – 16.2 17.0 – 18.0
(Note: The adjusted diluted weighted average sharecount was estimated by
taking the GAAP basic weighted average sharecount and adding an
estimate for employee stock options)
MicroStrategy will be discussing its third quarter 2003 results on a conference call today beginning at approximately 5:30 p.m. EST. To access the conference call dial 877-597-9704 (domestically) or 706-634-6550 (internationally) and mention Michael Saylor as Chairperson. A live Webcast and replay of the conference call will be available at http://www.microstrategy.com/investor. A 48-hour replay of the call will also be available by dialing 800-642-1687 (domestically) or 706-645-9291 (internationally), conference ID 3012736.
About MicroStrategy Incorporated
Founded in 1989, MicroStrategy is a worldwide leader in the increasingly critical business intelligence software market. Leading Fortune 2000 companies are integrating MicroStrategy’s industrial-strength software into virtually all facets of their businesses. The MicroStrategy Business Intelligence Platform(TM) distills vast amounts of data into vital, probing insight to help drive cost-efficiency, productivity, customer relations and revenue-generation. MicroStrategy offers exceptional capabilities – excellent scalability, powerful analytics, user-friendly query and reporting features and an outstanding, easy-to-use Web interface. Top companies are using MicroStrategy to cost-effectively harness large, multi-terabyte databases; empower thousands of employees at all operational levels; and extend the benefits of business intelligence enterprise-wide and beyond to customers, partners and suppliers.
MicroStrategy has over 2,200 enterprise-class customers, including General Motors, Best Buy, Lowe’s Home Improvement Warehouse, Yahoo!, Visa International, Wells Fargo, Telecom Italia, AT&T Wireless Group and Aventis. MicroStrategy also has relationships with over 500 systems integrators and application development and platform partners, including IBM, PeopleSoft, Sun, and Hewlett-Packard. MicroStrategy is listed on Nasdaq under the symbol MSTR. For more information or to purchase or demo MicroStrategy’s software, visit MicroStrategy’s Web site at http://www.microstrategy.com.
MicroStrategy, MicroStrategy 7, MicroStrategy Business Intelligence Platform, and MicroStrategy 7i are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
This press release may include statements that may constitute “forward- looking statements,” including estimates of future business prospects or financial results and statements containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the “Company”) to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the Company’s ability to secure financing for its current operations and long-term plans on acceptable terms; the ability of the Company to implement and achieve widespread customer acceptance of its MicroStrategy 7i software on a timely basis; the Company’s ability to recognize deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company’s products in the marketplace; the timing of significant orders; delays in the Company’s ability to develop or ship new products; market acceptance of new products; competitive factors; general economic conditions; currency fluctuations; and other risks detailed in the Company’s registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
(unaudited) (unaudited)
Revenues
Product licenses $17,652 $12,869 $53,818 $42,399
Product support and other services 25,185 20,500 70,087 63,459
Total revenues 42,837 33,369 123,905 105,858
Cost of Revenues
Product licenses 812 991 2,341 2,084
Product support and other services 5,980 5,727 18,357 18,853
Total cost of revenues 6,792 6,718 20,698 20,937
Gross profit 36,045 26,651 103,207 84,921
Operating Expenses
Sales and marketing 13,667 11,148 40,629 35,029
Research and development 6,905 6,245 21,636 18,446
General and administrative 8,478 6,490 23,625 20,064
Restructuring and impairment charges – 370 1,699 2,764
Amortization of intangible assets 18 856 166 2,683
Total operating expenses 29,068 25,109 87,755 78,986
Income from operations 6,977 1,542 15,452 5,935
Financing and Other (Expense) Income
Interest income 174 200 545 609
Interest expense (note 1) (701) (2,772) (5,048) (6,050)
Loss on investments – (29) – (523)
Reduction in estimated cost of
litigation settlement – – – 11,396
(Loss) gain on early extinguishment
of notes payable (30,229) 4,661 (31,069) 4,661
Gain on contract termination – – – 16,837
Other (expense) income, net (237) (300) (142) 1,753
Total financing and other
(expense) income 2003 2002
Assets (unaudited) (audited)
Current assets
Cash and cash equivalents $38,721 $15,036
Restricted cash 797 6,173
Accounts receivable, net 28,207 28,195
Prepaid expenses and other current assets 6,144 5,076
Deferred tax assets, net 421 495
Total current assets 74,290 54,975
Property and equipment, net 16,435 18,471
Goodwill and intangible assets, net 622 789
Capitalized software development
costs, net 3,233 4,414
Deposits and other assets 1,805 1,224
Deferred tax assets, net 91 –
Total Assets $96,476 $79,873
Liabilities and Stockholders’ Equity
(Deficit)
Current liabilities
Accounts payable and accrued expenses $14,069 $15,267
Accrued compensation and employee
benefits 13,948 11,352
Accrued interest – 244
Accrued restructuring costs 2,627 5,222
Deferred revenue and advance payments 29,696 23,961
Deferred tax liabilities, net 9 –
Notes payable – 4,698
Net liabilities of discontinued operations 745 1,151
Total current liabilities 61,094 61,895
Deferred revenue and advance payments 2,934 1,381
Other long-term liabilities 2,062 2,402
Accrued restructuring costs 4,201 3,663
Notes payable – 45,041
Total Liabilities 70,291 114,382
Stockholders’ Equity (Deficit):
Preferred stock undesignated;
$0.001 par value; 4,971 shares
authorized; no shares issued or
outstanding – –
Class A common stock; $0.001 par value;
330,000 shares authorized; 12,224 and
9,157 shares issued and outstanding,
respectively 12 9
Class B common stock; $0.001 par value;
165,000 shares authorized; 3,703 and
4,619 shares issued and outstanding,
respectively 4 5
Additional paid-in capital 386,720 305,334
Deferred compensation – (17)
Accumulated other comprehensive income 2,856 2,170
Accumulated deficit (363,407) (342,010)
Total Stockholders’ Equity (Deficit) 26,185 (34,509)
Total Liabilities and Stockholders’
Equity (Deficit) $96,476 $79,873
MICROSTRATEGY INCORPORATED
Computation of basic and diluted earnings (loss) per share
(in thousands, except per share data)
(unaudited)
Three months ended Three months ended
September 30, 2003 September 30, 2002
Per Per
Income Shares Share Income Shares Share
(Numer- (Denom- Amount (Numer- (Denom- Amount
ator) inator) ator) inator)
Net (loss) income $(24,358) $2,990
Dividends, accretion and
beneficial conversion
feature on convertible
preferred stock – (1,751)
Net gain on refinancing
of series B, C and D
convertible preferred
stock – 36,135
Net (loss) income
attributable to common
stockholders (24,358) 37,374
Effect of common stock:
Weighted average shares
of class A common stock – 11,656 – 7,029
Weighted average shares
of class B common stock – 3,703 – 4,643
Series B preferred stock – – (17,524) 106
Series C preferred stock – – (14,163) 64
Series D preferred stock – – (3,466) 117
Basic (loss) earnings
per share (24,358) 15,359 $(1.59) 2,221 11,959 $0.19
Effect of dilutive
securities:
Series F preferred stock – – – 579
Employee stock options – – – 91
Diluted (loss) earnings
per share $(24,358) 15,359 $(1.59) $2,221 12,629 $0.18
The diluted loss per share calculation for the three months ended September 30, 2003 excluded employee stock options of 1,109,680 because their effect would have been anti-dilutive.
The numerator in the basic and diluted earnings per share calculation for the three months ended September 30, 2002 has been adjusted to deduct the $36.1 million gain on the refinancing of the series B, C and D convertible preferred stock and add back $982,000 of dividends and accretion on the series B, C and D convertible preferred stock that would have been excluded from net income attributable to common stockholders assuming conversion at the beginning of the period under the if-converted method.
MICROSTRATEGY INCORPORATED
Computation of basic and diluted earnings (loss) per share
(in thousands, except per share data)
(unaudited)
Nine months ended Nine months ended
September 30, 2003 September 30, 2002
Per Per
Income Shares Share Income Shares Share
(Numer- (Denom- Amount (Numer- (Denom- Amount
ator) inator) ator) inator)
Net (loss) income $(21,397) $33,487
Dividends, accretion
and beneficial
conversion feature on
convertible preferred
stock – (6,874)
Net gain on refinancing
of series B, C and D
convertible preferred
stock – 36,135
Net (loss) income
attributable to common
stockholders (21,397) 62,748
Effect of common stock:
Weighted average shares
of class A common stock – 10,715 – 5,428
Weighted average shares
of class B common stock – 3,703 – 4,823
Series A preferred stock – – 327 213
Series B preferred stock (15,311) 212
Series C preferred stock (12,054) 128
Series D preferred stock – – (2,992) 232
Basic (loss) earnings
per share (21,397) 14,418 $(1.48) 32,718 11,036 $2.96
Effect of dilutive
securities:
Series F preferred stock – – – 193
Employee stock options – – – 139
Diluted (loss) earnings
per share $(21,397) 14,418 $(1.48) $32,718 11,368 $2.88
The diluted loss per share calculation for the nine months ended September 30, 2003 excluded employee stock options of 743,523 because their effect would have been anti-dilutive.
The numerator in the basic and diluted earnings per share calculation for the nine months ended September 30, 2002 has been adjusted to deduct the $36.1 million gain on the refinancing of the series B, C and D convertible preferred stock and add back $6.1 million of dividends and accretion on the series A, B, C and D convertible preferred stock that would have been excluded from net income attributable to common stockholders assuming conversion at the beginning of the period under the if-converted method.
MICROSTRATEGY INCORPORATED
Additional Financial Information
Net (Loss) Income and Additional Financial Information
(in thousands)
(unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Net (loss) income $(24,358) $2,990 $(21,397) $33,487
Additional Financial Information
Restructuring and impairment
charges – 370 1,699 2,764
Amortization of intangible assets 18 856 166 2,683
Loss on investments – 29 – 523
Reduction in estimated cost of
litigation settlement – – – (11,396)
Loss (gain) on early
extinguishment of notes payable 30,229 (4,661) 31,069 (4,661)
Gain on contract termination – – – (16,837)
Discount amortization expense on
notes payable 281 1,065 2,137 1,065
Other items – 358 – 74
Total $30,528 $(1,983) $35,071 $(25,785)
Additional Financial Information –
Cash vs. Non-cash
(in thousands)
(unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Non-cash:
Amortization of intangible assets $18 $856 $166 $2,683
Loss on investments – 29 – 523
Reduction in estimated cost of
litigation settlement – – – (11,396)
Loss (gain) on early
extinguishment of notes payable 30,229 (4,661) 31,069 (4,661)
Gain on contract termination – – – (16,837)
Discount amortization expense on
notes payable 281 1,065 2,137 1,065
Other items – 362 – 284
Total non-cash 30,528 (2,349) 33,372 (28,339)
Cash:
Restructuring and impairment
charges – 370 1,699 2,764
Other items – (4) – (210)
Total cash – 366 1,699 2,554
Total $30,528 $(1,983) $35,071 $(25,785)
Additional Financial Information – Diluted Weighted Average Shares Outstanding
The GAAP diluted loss per share calculation for the three and nine months ended September 30, 2003 excluded employee stock options of 1,109,680 and 743,523, respectively, because their effect would have had an anti-dilutive impact on the net loss per share calculation during those periods. Had the Company generated net income in accordance with GAAP, it would have been required under GAAP to include the dilutive effect of employee stock options in the computation of GAAP diluted weighted average shares outstanding.
MICROSTRATEGY INCORPORATED
Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial
Measures
Management believes that the presentation of the additional financial information is helpful in understanding the ongoing operating results and cash flow indicators with respect to the Company’s core business because the additional financial items are non-cash or cash related gains and expenses incurred during the period that are not associated with ongoing operating results and are not cash flow indicators of the Company’s core business operations.
EBITDA and Additional Financial Information
(in thousands)
(unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
Net (loss) income attributable to
common stockholders $(24,358) $37,374 $(21,397) $62,748
Interest income (174) (200) (545) (609)
Interest expense 701 2,772 5,048 6,050
Provision for income taxes 342 312 1,135 1,131
Depreciation and amortization 2,069 2,518 6,663 7,605
Amortization of intangible assets 18 856 166 2,683
EBITDA $(21,402) $43,632 $(8,930) $79,608
Additional Financial Information:
Restructuring and impairment
charges – 370 1,699 2,764
Loss on investments – 29 – 523
Reduction in estimated cost of
litigation settlement – – – (11,396)
Loss (gain) on early
extinguishment of notes payable 30,229 (4,661) 31,069 (4,661)
Gain on contract termination – – – (16,837)
Other expense (income) 237 300 142 (1,753)
Dividends, accretion, and
beneficial conversion feature on
convertible preferred stock – 1,751 – 6,874
Net gain on refinancing of series
B, C and D convertible preferred
stock – (36,135) – (36,135)
Total $30,466 $(38,346) $32,910 $(60,621)
CONTACT: Marc Brailov of MicroStrategy Incorporated, +1-703-770-1670,
mbrailov@microstrategy.com
SOURCE MicroStrategy Incorporated
http://www.microstrategy.com
Source: MicroStrategy