MicroStrategy Incorporated (NASDAQ:MSTR) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET
Company Participants
Shirish Jajodia - Vice President, Investor Relations & Treasury
Phong Le - President & Chief Executive Officer
Andrew Kang - Senior Executive Vice President & Chief Financial Officer
Michael Saylor - Executive Chairman
Conference Call Participants
Shirish Jajodia
Hello, everyone, and good evening. I am Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I’ll be your moderator for MicroStrategy's 2022 Third Quarter Earnings Webinar.
Before we proceed, I will read the Safe Harbor statement. Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent 10-Q filed with the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today.
Also, during today's call, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at microstrategy.com.
I would like to welcome you all to today's webinar and let you know that we will taking questions using the Q&A feature at the bottom of your screen. You can submit questions throughout the webinar, and Michael, Phong or Andrew will answer questions at the end of the session. Please be sure to provide your name and your company's name when submitting your questions.
Now I will walk you through the agenda for today's call. First, Phong Le will cover the operational results for the third quarter of 2022. Second, Andrew Kang will cover the financial results for the third quarter of 2022; then Michael Saylor will provide a strategic review and discuss recent bitcoin market updates. And lastly, we will open up to Q&A.
With that, I will turn the call over to Phong Le, President and CEO of MicroStrategy.
Phong Le
Thank you, Shirish. I'd like to welcome all of you to today's webinar regarding our 2022 third quarter financial results. First, I will focus on the 2022 third quarter business results. We had another good quarter overall, achieving constant currency total revenue growth on the strength of our cloud business. This, despite a challenging macroeconomic environment in Q3 with continuing high inflation, weakening foreign currencies in the ongoing war in Ukraine. We had strong growth in our subscription revenue and billings driven by both existing customer migrations to the cloud and new customer wins. Our customer revenue renewal rates continue to be amongst the highest we've ever experienced.