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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TakeTwo Interactive Software Inc | NASDAQ:TTWO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.36 | -1.59% | 145.97 | 145.60 | 145.97 | 148.00 | 145.385 | 147.75 | 1,230,637 | 21:15:05 |
GAAP net revenue grew 6% to $443.6 million
GAAP net loss was $0.03 per diluted share
Net Bookings grew 20% to $577.0 million
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for its fiscal second quarter 2018, ended September 30, 2017. In addition, the Company provided its initial financial outlook for its fiscal third quarter ending December 31, 2017, and updated its financial outlook for its fiscal year ending March 31, 2018.
Fiscal Second Quarter 2018 GAAP Financial Highlights
Net revenue was $443.6 million, as compared to $420.2 million in last year’s fiscal second quarter. Recurrent consumer spending (virtual currency, add-on content and microtransactions) grew 66% year-over-year and accounted for 48% of total net revenue. The largest contributors to net revenue in fiscal second quarter 2018 were NBA® 2K17, Grand Theft Auto® Online and Grand Theft Auto V, WWE® SuperCard and WWE 2K17, and XCOM® 2.
Digitally-delivered net revenue grew 31% to $302.9 million, as compared to $230.8 million in last year’s fiscal second quarter, and accounted for 68% of total net revenue. The largest contributors to digitally-delivered net revenue in fiscal second quarter 2018 were NBA 2K17, Grand Theft Auto Online and Grand Theft Auto V, XCOM 2, and WWE SuperCard.
Net loss was $2.7 million, or $0.03 per diluted share, as compared to net income of $36.4 million, or $0.39 per diluted share, for the comparable period last year.
As of September 30, 2017, the Company had cash and short-term investments of $1.263 billion.
The following data, together with a management reporting tax rate of 22%, are used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ended September 30, 2017 Financial Data $ in thousandsStatement of Operations
Change indeferred net revenue and related cost of goods sold
Stock-based compensation
Non-cash amounts related to convertible notes
Acquisition related expenses
Amortization & impairment of acquired intangible assets
Business reorganization
Other, net
Net revenue $ 443,562 133,427 Cost of goods sold 246,548 33,930 (28,065 ) (4,899 ) Gross profit 197,014 99,497 28,065 4,899 Operating expenses 208,333 (30,946 ) 7,012 (15,523 ) (1,713 ) Income (loss) from operations (11,319 ) 99,497 59,011(7,012
)
20,422 1,713 Interest and other, net (2,969 ) 5,640 (93 ) Income (loss) before income taxes (14,288 ) 99,497 59,011 5,640
(7,012
)
20,422 1,713 (93 )In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 118.1 million and adds back to net income the interest expense, net of tax, on the convertible notes of $0.3 million.
Operational Metric – Net Bookings
As previously announced, starting with fiscal second quarter 2018, Take-Two has changed the name of its operational metric from Net Sales to Net Bookings. The Company has made this change to avoid confusion with the net sales captions used by some companies in their GAAP financial statements, and to be consistent with operational metrics provided by its peers. Net Bookings is defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives. The Company’s definition of Net Bookings is identical to its previous definition of Net Sales.
During fiscal second quarter 2018, total Net Bookings grew 20% to $577.0 million, as compared to $479.4 million during last year’s fiscal second quarter. Net Bookings from recurrent consumer spending grew 84% year-over-year and accounted for 42% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K18 and NBA 2K17, Grand Theft Auto Online and Grand Theft Auto V, Dragon City and Monster Legends, and XCOM 2.
Catalog accounted for $310.5 million of Net Bookings led by Grand Theft Auto, NBA 2K, Dragon City and Monster Legends, and XCOM 2.
Digitally-delivered Net Bookings grew 52% to $355.7 million, as compared to $234.2 million in last year’s fiscal second quarter, and accounted for 62% of total Net Bookings. The largest contributors to digitally-delivered Net Bookings in fiscal second quarter 2018 were Grand Theft Auto Online and Grand Theft Auto V, NBA 2K18 and NBA 2K17, Dragon City and Monster Legends, and XCOM 2.
Management Comments
“Our positive momentum continued in the second quarter, enabling Take-Two to deliver another period of better-than-expected operating results,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Grand Theft Auto Online delivered its best quarter yet, Net Bookings from Grand Theft Auto V grew year-over-year, and we enjoyed the successful launch of NBA 2K18, which generated growth in both units sold and recurrent consumer spending.
“As a result of our outperformance in the second quarter and increased forecast for the remainder of the fiscal year, we are raising our fiscal 2018 outlook for Net Bookings and net cash provided by operating activities. We now expect fiscal 2018 to be another year of Net Bookings growth, as well as strong cash flow. Looking ahead, we expect fiscal 2019 to be a record year for Net Bookings and net cash provided by operating activities led by the upcoming launches of Rockstar Games’ Red Dead Redemption 2 and a highly anticipated new title from one of 2K’s biggest franchises. We have a robust development pipeline and are better positioned than ever for long-term growth and margin expansion.”
Business and Product Highlights
Since July 1, 2017:
Rockstar Games:
2K:
Financial Outlook for Fiscal 2018
Take-Two is providing its initial financial outlook for its fiscal third quarter ending December 31, 2017, and updating its financial outlook for its fiscal year ending March 31, 2018, as follows:
Third Quarter Ending December 31, 2017
The Company is also providing selected data and its management reporting tax rate of 22% that are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ending December 31, 2017 Financial Data $ in millionsGAAPoutlook (2)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amounts related to convertible notes
Amortization of acquired intangible assets
Net revenue $440 to $490 $170 Cost of goods sold $262 to $291 $40 ($7) ($4) Operating Expenses $220 to $230 ($26) ($4) Interest and other, net ($1) ($1) Income (loss) before income taxes ($41) to ($30) $130 $33 $1 $8Fiscal Year Ending March 31, 2018
As a result of its better-than-expected fiscal second quarter 2018 operating performance and increased outlook for the remainder of the fiscal year, Take-Two is raising its fiscal year 2018 outlook for Net Bookings and net cash provided by operating activities. In addition, due primarily to higher internal royalties driven by the strong performance of Grand Theft Auto V and Grand Theft Auto Online, as well as higher equity compensation expense, the Company is reducing its outlook for GAAP net income.
The Company is also providing selected data and its management reporting tax rate of 22% that are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Twelve Months Ending March 31, 2018 Financial Data $ in millionsGAAPoutlook (2)
Change indeferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amounts related to convertible notes
Acquisition related expenses
Amortization & impairment of acquired intangible assets
Business reorganization excluding stock-based compensation
Net revenue $1,740 to $1,840 $194 Cost of goods sold $893 to $944 $10 ($44) ($16) Operating Expenses $805 to $825($100) (5)
$7 ($27) ($12) Interest and other, net $3 ($11) Income (loss) before income taxes $39 to $68 $184 $144 $11 ($7) $43 $12 1) For the fiscal third quarter ending December 31, 2017, the Company’s fully diluted share count used for management reporting purposes is expected to be 119.8 million, which includes 113.6 million basic shares, 4.2 million shares representing the potential dilution from unvested employee stock grants, and 2.0 million shares representing the potential dilution from convertible notes. The interest expense, net of tax, on the convertible notes, which is added back to net income to calculate diluted net income per share for management reporting purposes is $0.1 million. Take-Two’s GAAP net income per diluted share outlook is calculated using its basic share count of 113.6 million because using the “if-converted” method and the Company’s fully diluted share count of 119.8 million would have been anti-dilutive. 2) The individual components of the financial outlook may not foot to the totals as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously. 3) The Company's stock-based compensation expense for the periods above includes the cost of approximately 0.6 million restricted stock units previously granted to ZelnickMedia that are subject to variable accounting. Actual expense to be recorded in connection with these shares is dependent upon several factors, including future changes in Take-Two's stock price. 4) For the fiscal year ending March 31, 2018, the Company’s fully diluted share count used for management reporting purposes is expected to be 118.8 million, which includes 110.0 million basic shares, 3.6 million shares representing the potential dilution from unvested employee stock grants, and 5.2 million shares representing the potential dilution from convertible notes. The interest expense, net of tax, on the convertible notes, which is added back to net income to calculate diluted net income per share for management reporting purposes is $1.0 million. Take-Two’s GAAP net income per diluted share outlook is calculated using a diluted share count of 113.6 million (basic shares plus unvested employee stock grants ), because using the “if-converted” method and the Company’s fully diluted share count of 118.8 million would have been anti-dilutive. 5) Includes $2.4 million of stock-based compensation related to business reorganization.Key assumptions and dependencies underlying the Company’s financial outlook include: the timely delivery of the titles included in this financial outlook; continued consumer acceptance of the Xbox One and PlayStation 4; the ability to develop and publish products that capture market share for these new-generation systems while also leveraging opportunities on the Nintendo Switch, Xbox 360, PlayStation 3, PC and mobile platforms; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following titles were released since July 1, 2017:
Label
Title
Platforms
Release Date
2KMafia III: Sign of the Times (DLC)
PS4, Xbox One, PC July 25, 2017 2KSid Meier’s Civilization VI: Nubia Civilization/Scenario Pack (DLC)
PC July 27, 2017 2KXCOM 2: War of the Chosen (DLC)
PC August 29, 2017 2KXCOM 2: War of the Chosen (DLC)
PS4, Xbox One September 12, 2017 2KNBA 2K18
PS4, PS3, Xbox One, Xbox 360, Switch (digital), PC September 15, 2017 2KNHL SuperCard
iOS, Android October 4, 2017 2KWWE 2K18
PS4, Xbox One October 13, 2017 2KNBA 2K18
Switch (physical) October 17, 2017 2KWWE 2K18
PC October 17, 2017 2KWWE 2K18: Accelerator (DLC)
PS4, Xbox One, PC October 17, 2017 2KWWE 2K18: MyPlayer Kickstarter (DLC)
PS4, Xbox One, PC October 17, 2017 2KSid Meier’s Civilization VI: Khemer & Indonesia Civilization/Scenario Pack (DLC)
PC October 19, 2017 Take-Two's lineup of future titles announced to date includes:Label
Title
Platforms
Release Date
Rockstar GamesL.A. Noire
Xbox One, PS4, Switch November 14, 2017 Rockstar GamesL.A. Noire: The VR Case Files
HTC Vive December, 2017 2KWWE 2K18
Switch Fall 2017 Take-TwoKerbal Space Program: Making History Expansion
PC Fiscal 4th Quarter 2018 Rockstar GamesRed Dead Redemption 2
PS4, Xbox One Spring 2018Conference Call
Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Quarterly Report on Form 10-Q for the period ended September 30, 2017.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe. The Company develops and publishes products principally through its two wholly-owned labels Rockstar Games and 2K. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," “should,” "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company's future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: our dependence on key management and product development personnel, our dependence on our Grand Theft Auto products and our ability to develop other hit titles, the timely release and significant market acceptance of our games, the ability to maintain acceptable pricing levels on our games, and risks associated with international operations. Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three months ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 Net revenue $ 443,562 $ 420,167 $ 861,778 $ 731,719 Cost of goods sold: Internal royalties 104,049 77,425 181,753 137,098 Software development costs and royalties 66,782 45,194 110,411 108,853 Product costs 42,563 55,059 86,632 100,038 Licenses 33,154 27,927 62,321 50,996 Total cost of goods sold 246,548 205,605 441,117 396,985 Gross profit 197,014 214,562 420,661 334,734 Selling and marketing 76,914 80,187 129,128 151,321 General and administrative 60,824 49,685 121,427 96,428 Research and development 49,999 30,005 92,268 63,905 Business reorganization 1,713 - 12,312 - Depreciation and amortization 18,883 7,491 26,626 14,869 Total operating expenses 208,333 167,368 381,761 326,523 Income (loss) from operations (11,319 ) 47,194 38,900 8,211 Interest and other, net (2,969 ) (7,078 ) (5,777 ) (11,584 ) Gain on long-term investments, net - - - 1,350 Income (loss) before income taxes (14,288 ) 40,116 33,123 (2,023 ) (Benefit from) provision for income taxes (11,552 ) 3,684 (24,417 ) 112 Net income (loss) $ (2,736 ) $ 36,432 $ 57,540 $ (2,135 ) Earnings (loss) per share: Basic earnings (loss) per share $ (0.03 ) $ 0.42 $ 0.54 $ (0.03 ) Diluted earnings (loss) per share $ (0.03 ) $ 0.39 $ 0.53 $ (0.03 ) Weighted average shares outstanding: Basic 109,430 87,176 107,232 84,990 Diluted 109,430 115,202 109,356 84,990 Computation of Basic EPS: Net income (loss) $ (2,736 ) $ 36,432 $ 57,540 $ (2,135 ) Less: net income allocated to participating securities - (745 ) (487 ) - Net loss for basic and diluted EPS calculation $ (2,736 ) $ 35,687 $ 57,053 $ (2,135 ) Weighted average shares outstanding - basic 109,430 87,176 107,232 84,990 Less: weighted average participating shares outstanding - (1,783 ) (908 ) - Weighted average common shares outstanding - basic 109,430 85,393 106,324 84,990 Basic earnings (loss) per share $ (0.03 ) $ 0.42 $ 0.54 $ (0.03 ) Computation of Diluted EPS: Net income (loss) $ (2,736 ) $ 36,432 $ 57,540 $ (2,135 ) Less: net income allocated to participating securities - (564 ) (478 ) - Add: interest expense, net of tax, on Convertible Notes - 8,669 - - Net income (loss) for diluted EPS calculation $ (2,736 ) $ 44,537 $ 57,062 $ (2,135 ) Weighted average common shares outstanding - basic 109,430 85,393 106,324 84,990 Add: dilutive effect of common stock equivalents - 29,809 3,032 - Total weighted average shares outstanding - diluted 109,430 115,202 109,356 84,990 Less: weighted average participating shares outstanding - (1,783 ) (908 ) - Weighted average common shares outstanding - diluted 109,430 113,419 108,448 84,990 Diluted earnings (loss) per share $ (0.03 ) $ 0.39 $ 0.53 $ (0.03 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) September 30, March 31, 2017 2017 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 749,626 $ 943,396 Short-term investments 513,516 448,932 Restricted cash 469,101 337,818Accounts receivable, net of allowances of $50,109 and $66,483 at September 30, 2017 and March 30, 2017, respectively
429,019 219,558 Inventory 36,431 16,323 Software development costs and licenses 41,983 41,721 Deferred cost of goods sold 115,135 127,901 Prepaid expenses and other 100,704 59,593 Total current assets 2,455,515 2,195,242 Fixed assets, net 86,689 67,300 Software development costs and licenses, net of current portion 595,076 381,910 Deferred cost of goods sold, net of current portion 10,820 - Goodwill 381,359 359,115 Other intangibles, net 116,527 110,262 Other assets 50,394 35,325 Total assets $ 3,696,380 $ 3,149,154 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 75,810 $ 31,892 Accrued expenses and other current liabilities 952,568 750,875 Deferred revenue 822,126 903,125 Total current liabilities 1,850,504 1,685,892 Long-term debt 52,369 251,929 Non-current deferred revenue 167,070 10,406 Other long-term liabilities 153,991 197,199 Total liabilities 2,223,934 2,145,426 Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - - Common stock, $.01 par value, 200,000 shares authorized; 130,723 and 119,813 shares issued and 113,531 and 102,621 outstanding at September 30, 2017 and March 31, 2017, respectively 1,307 1,198 Additional paid-in capital 1,845,450 1,452,754 Treasury stock, at cost; 17,192 common shares at September 30, 2017 and March 31, 2017, respectively (303,388 ) (303,388 ) Accumulated deficit (42,451 ) (99,694 ) Accumulated other comprehensive loss (28,472 ) (47,142 ) Total stockholders' equity 1,472,446 1,003,728 Total liabilities and stockholders' equity $ 3,696,380 $ 3,149,154 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Six Months Ended September 30, 2017 2016 Operating activities: Net income (loss) $ 57,540 $ (2,135 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization and impairment of software development costs and licenses 38,862 63,459 Depreciation 15,369 14,869 Amortization and impairment of intellectual property 17,286 - Impairment of in-process research and development 11,257 - Stock-based compensation 83,083 33,333 Amortization of discount on Convertible Notes 13,915 12,981 Gain on conversions of Convertible Notes (4,141 ) - Amortization of debt issuance costs 482 779 Other, net 1,194 (2,912 ) Changes in assets and liabilities: Restricted cash (131,283 ) (106,940 ) Accounts receivable (209,198 ) (212,032 ) Inventory (18,721 ) (62,555 ) Software development costs and licenses (146,009 ) (148,512 ) Prepaid expenses and other assets (45,089 ) (8,560 ) Deferred revenue 65,671 80,913 Deferred cost of goods sold 4,379 (17,287 ) Accounts payable, accrued expenses and other liabilities 246,472 303,790 Net cash provided by (used in) operating activities 1,069 (50,809 ) Investing activities: Change in bank time deposits (40,000 ) 66,841 Proceeds from available-for-sale securities 111,480 72,387 Purchases of available-for-sale securities (134,273 ) (74,552 ) Purchases of fixed assets (32,717 ) (8,283 ) Proceeds from sale of long-term investments - 1,350 Purchase of long-term investments - (1,885 ) Asset acquisition (25,965 ) - Net cash (used in) provided by investing activities (121,475 ) 55,858 Financing activities: Excess tax benefit from stock-based compensation - 1,143 Tax payment related to net share settlements on restricted stock awards (86,125 ) (30,621 ) Net cash used in financing activities (86,125 ) (29,478 ) Effects of foreign exchange rates on cash and cash equivalents 12,761 (4,310 ) Net change in cash and cash equivalents (193,770 ) (28,739 ) Cash and cash equivalents, beginning of year 943,396 798,742 Cash and cash equivalents, end of period $ 749,626 $ 770,003 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Product Platform (in thousands)Three Months Ended
September 30, 2017
Three Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net revenue by geographic region United States $ 276,005 62% $ 252,483 60% International 167,557 38% 167,684 40% Total net revenue $ 443,562 100% $ 420,167 100% Net bookings by geographic region United States $ 348,082 60% $ 297,969 62% International 228,907 40% 181,472 38% Total net bookings $ 576,989 100% $ 479,441 100%Three Months Ended September 30, 2017
Three Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net revenue by distribution channel Digital online $ 302,886 68% $ 230,759 55% Physical retail and other 140,676 32% 189,408 45% Total net revenue $ 443,562 100% $ 420,167 100% Net bookings by distribution channel Digital online $ 355,736 62% $ 234,178 49% Physical retail and other 221,253 38% 245,263 51% Total net bookings $ 576,989 100% $ 479,441 100%Three Months Ended September 30, 2017
Three Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net revenue by product platform Console $ 360,465 81% $ 230,759 55% PC and other 83,097 19% 189,408 45% Total net revenue $ 443,562 100% $ 420,167 100% Net bookings by product platform Console $ 485,864 84% $ 421,384 88% PC and other 91,125 16% 58,057 12% Total net bookings $ 576,989 100% $ 479,441 100% TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Product Platform (in thousands)Six Months Ended September 30, 2017
Six Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net revenue by geographic region United States $ 534,265 62% $ 445,584 61% International 327,513 38% 286,135 39% Total net revenue $ 861,778 100% $ 731,719 100% Net bookings by geographic region United States $ 547,953 59% $ 441,209 59% International 377,341 41% 310,787 41% Total net bookings $ 925,294 100% $ 751,996 100%Six Months Ended September 30, 2017
Six Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net revenue by distribution channel Digital online $ 571,122 66% $ 402,837 55% Physical retail and other 290,656 34% 328,882 45% Total net revenue $ 861,778 100% 731,719 100% Net bookings by distribution channel Digital online $ 636,650 69% $ 425,341 57% Physical retail and other 288,644 31% 326,655 43% Total net bookings $ 925,294 100% $ 751,996 100%Six Months Ended September 30, 2017
Six Months EndedSeptember 30, 2016
Amount % of Total Amount % of Total Net Revenues by product platform Console $ 705,382 82% $ 607,064 83% PC and other 156,396 18% 124,655 17% Total net revenue $ 861,778 100% $ 731,719 100% Net bookings by product platform Console $ 751,614 81% $ 635,228 84% PC and other 173,680 19% 116,768 16% Total net bookings $ 925,294 100% $ 751,996 100% TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES ADDITIONAL DATA (in thousands) Three Months Ended September 30, 2017 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
Selling and Marketing
As reported $ 443,562 $ 104,049 $ 66,782 $ 42,563 $ 33,154 $ 76,914 Net effect from deferral and related cost of goods sold 133,427 4,604 16,538 12,788 Stock-based compensation (28,065 ) (3,186 ) Amortization and impairment of acquired intangibles (4,899 ) (2,470 ) Three Months Ended September 30, 2017General and Administrative
Research and Development
Business Reorganization
Depreciation and Amortization
Interest and Other, net
As reported $ 60,824 $ 49,999 $ 1,713 $ 18,883 $ (2,969 ) Stock-based compensation (19,458 ) (8,302 ) Non-cash amounts related to Convertible Notes 5,640 Acquisition related expenses 7,012 Amortization and impairment of acquired intangibles (38 ) (1,630 ) (11,385 ) Impact of business reorganization (1,713 ) Other, net (93 ) Three Months Ended September 30, 2016 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
Selling and Marketing
As reported $ 420,167 $ 77,425 $ 45,194 $ 55,059 $ 27,927 $ 80,187 Net effect from deferral and related cost of goods sold 59,274 4,795 11,691 12,293 Stock-based compensation (5,566 ) (2,279 ) Three Months Ended September 30, 2016General and Administrative
Research and Development
Depreciation and Amortization
Interest and Other, net
As reported $ 49,685 $ 30,005 $ 7,491 $ (7,078 ) Stock-based compensation (9,774 ) (614 ) Non-cash amortization of discount on Convertible Notes 6,882 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES ADDITIONAL DATA (in thousands) Six Months Ended September 30, 2017 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
Selling and Marketing
As reported $ 861,778 $ 181,753 $ 110,411 $ 86,632 $ 62,321 $ 129,128 Net effect from deferral and related cost of goods sold 63,516 (3,052 ) (1,268 ) (2,043 ) Stock-based compensation (31,546 ) (5,772 ) Amortization and impairment of acquired intangibles (9,140 ) (4,778 ) Six Months Ended September 30, 2017General and Administrative
Research and Development
Business Reorganization
Depreciation and Amortization
Interest and Other, net
As reported $ 121,427 $ 92,268 $ 12,312 $ 26,626 $ (5,777 ) Stock-based compensation (32,578 ) (10,766 ) (2,421 ) Non-cash amounts related to Convertible Notes 9,774 Non-cash (gain) loss on redemption of Convertible Notes Acquisition related expenses 6,956 Amortization and impairment of acquired intangibles (3,153 ) (11,505 ) Impact of business reorganization (9,891 ) Other, net (93 ) Six Months Ended September 30, 2016 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
Selling and Marketing
As reported $ 731,719 $ 137,098 $ 108,853 $ 100,038 $ 50,996 $ 151,321 Net effect from deferral and related cost of goods sold 20,277 2,069 2,799 (713 ) (4,828 ) Stock-based compensation (9,952 ) Six Months Ended September 30, 2016General and Administrative
Research and Development
Depreciation and Amortization
Interest and Other, net
Gain on long-term investments
As reported $ 96,428 $ 63,905 $ 14,869 $ (11,584 ) $ 1,350 Stock-based compensation (16,479 ) (2,074 ) Non-cash amortization of discount on Convertible Notes 12,981 Impact of business reorganization Gain on long-term investment (1,350 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006482/en/
Take-Two Interactive Software, Inc.Investor Relations:Henry A. Diamond, 646-536-3005Senior Vice PresidentInvestor Relations & Corporate CommunicationsHenry.Diamond@take2games.comorCorporate Press:Alan Lewis, 646-536-2983Vice PresidentCorporate Communications & Public AffairsAlan.Lewis@take2games.com
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