Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 183

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 183
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 timing of revenue recognition on the Company’s deferred balances. The Company’s remaining performance obligation represents all future revenue under contract and includes deferred revenue and advance payments and billable non-cancellable amounts that will be invoiced and recognized as revenue in future periods. The remaining performance obligation excludes contracts that are billed in arrears, such as certain time and materials contracts. The portions of multi-year contracts that will be invoiced in the future are not presented on the balance sheet within accounts receivable and deferred revenues and are instead included in the following remaining performance obligation disclosure. As of September 30, 2024, the Company had an aggregate transaction price of $380.5 million allocated to the remaining performance obligation related to subscription services, product support, product licenses, and other services contracts. The Company expects to recognize $237.1 million within the next 12 months and the remainder thereafter.

F-11

TABLE OF CONTENTS

(5) Long-term Debt The net carrying value of the Company’s outstanding debt (in thousands) consisted of the following, as of:

| 2025 Convertible Notes                 |     | September 30, 
          2024 
            $0 |     | December 31, 
         2023 
     $643,931 |
|:---------------------------------------|:----|--------------:|:----|-------------:|
| 2027 Convertible Notes                 |     |     1,040,339 |     |    1,037,306 |
| 2028 Convertible Notes                 |     |       997,502 |     |            0 |
| 2030 Convertible Notes                 |     |       784,194 |     |            0 |
| 2031 Convertible Notes                 |     |       593,867 |     |            0 |
| 2032 Convertible Notes                 |     |       786,754 |     |            0 |
| 2028 Secured Notes                     |     |             0 |     |      491,193 |
| Other long-term secured debt           |     |         9,802 |     |       10,161 |
| Total                                  |     |    $4,212,458 |     |   $2,182,591 |
| Reported as:                           |     |               |     |              |
| Current portion of long-term debt, net |     |           509 |     |          483 |
| Long-term debt, net                    |