Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 114

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 114
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The accompanying notes are an integral part of these Consolidated Financial Statements. E-31

TABLE OF CONTENTS

|                                                                                        |     | Years Ended December 31, |     |         |     |         |
|                                                                                        |     |                     2023 |     |    2022 |     |    2021 |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash |     |                      444 |     |  -3,375 |     |  -2,608 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash                 |     |                   -2,195 |     | -13,566 |     |   3,675 |
| Cash, cash equivalents, and restricted cash, beginning of year                         |     |                   50,868 |     |  64,434 |     |  60,759 |
| Cash, cash equivalents, and restricted cash, end of year                               |     |                  $48,673 |     | $50,868 |     | $64,434 |
| Supplemental disclosure of cash flow information:                                      |     |                          |     |         |     |         |
| Cash paid during the year for interest                                                 |     |                  $41,229 |     | $43,448 |     | $20,416 |
| Cash paid during the year for income taxes, net of tax refunds                         |     |                  $30,318 |     | $21,973 |     |  $7,010 |

The accompanying notes are an integral part of these Consolidated Financial Statements. E-32

TABLE OF CONTENTS

MICROSTRATEGY INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) Organization MicroStrategy is committed to the continued development of the Bitcoin network through its activities in the financial markets, advocacy and technology innovation. The Company’s enterprise analytics software business, which it has operated for over 30 years, is its predominant operational focus. The Company uses the cash flows generated by its software business, as well as proceeds from equity and debt financings, to accumulate bitcoin, which serves as its primary treasury reserve asset. (2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of the Consolidated Financial Statements, in conformity with GAAP, requires