Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 235

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 235
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 the periods indicated (in thousands, except number of shares).

|                                                                                                 |     | Three Months Ended 
      September 30, |     |           |     | Nine Months Ended 
     September 30, |     |            |
|                                                                                                 |     |               2024 |     |      2023 |     |              2024 |     |       2023 |
| Total shares sold pursuant to at-the-market equity offering programs                            |     |          8,048,449 |     | 4,033,620 |     |        10,000,069 |     | 28,313,870 |
| Total net proceeds received from shares sold pursuant to at-the-market equity offering programs |     |         $1,105,141 |     |  $147,218 |     |        $1,242,293 |     |   $819,674 |

Non-GAAP Financial Measures We are providing supplemental non-GAAP financial measures below which management uses internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. We also believe the use of these non-GAAP financial measures can facilitate comparison of our operating results to those of our competitors. These supplemental financial measures are not measurements of financial performance under generally accepted accounting principles in the United States (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Non-GAAP financial measures are subject to material limitations as they are not measurements prepared in accordance with GAAP, and are not a substitute for such measurements. For example, we expect that share-based compensation expense, which is excluded from certain of the non-GAAP financial measures below, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Similarly, we expect that interest expense arising from the amortization of debt issuance costs on our long-term debt, which is excluded from certain of the non-GAAP financial measures below, will continue to be a recurring expense over the terms of our long-term debt arrangements. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our Consolidated Financial Statements, which have been prepared in accordance with GAAP. We rely primarily on such Consolidated Financial Statements to understand, manage, and