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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 148.33 | 144.21 | 150.44 | 169 | 13:00:50 |
GAAP Net Revenue Grew 31% to $1.414 Billion
Non-GAAP Net Revenue was $1.561 Billion
GAAP Net Loss Narrowed to $0.10 Per Diluted Share
Non-GAAP Net Income Was $1.96 Per Diluted Share
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported stronger-than-expected financial results for its fourth quarter and fiscal year 2016, ended March 31, 2016, and provided its initial financial outlook for its first quarter and fiscal year 2017.
Fiscal Fourth Quarter 2016
GAAP Financial Results
For fiscal fourth quarter 2016, GAAP net revenue grew to $377.2 million, as compared to $300.1 million for fiscal fourth quarter 2015. GAAP net income increased to $46.4 million, or $0.48 per diluted share, as compared to GAAP net loss of $242.8 million, or $2.99 per diluted share, for the year-ago period. GAAP net income for fiscal fourth quarter 2016 reflects $14.2 million in tax benefits related to video game development costs. GAAP net revenue from digitally-delivered content grew 35% year-over-year to $194.8 million.
During fiscal fourth quarter 2016, the Company’s cash and short-term investments balance increased to $1.270 billion as of March 31, 2016, up from $1.215 billion as of December 31, 2015.
Non-GAAP Financial Results
For fiscal fourth quarter 2016, Non-GAAP net revenue was $342.5 million, as compared to $427.7 million for fiscal fourth quarter 2015, which had benefited from the launch of Evolve™ and ongoing sales from the Company’s more extensive holiday 2014 release slate. Non-GAAP net income was $51.7 million, or $0.46 per diluted share, as compared to $54.3 million, or $0.49 per diluted share, for the year-ago period. Non-GAAP net income for fiscal fourth quarter 2016 reflects $5.4 million in tax benefits related to video game development costs.
The largest contributors to Non-GAAP net revenue in fiscal fourth quarter 2016 were Grand Theft Auto V® and Grand Theft Auto Online, NBA® 2K16, XCOM® 2 and WWE® 2K16. Non-GAAP net revenue from digitally-delivered content grew 12% year-over-year to $226.6 million, led by Grand Theft Auto, NBA 2K, XCOM 2, and WWE 2K. Revenue from recurrent consumer spending (virtual currency, downloadable add-on content and online games) grew 15% year-over-year and accounted for 55% of Non-GAAP net revenue from digitally-delivered content, or 37% of total Non-GAAP net revenue. Catalog sales accounted for $211.3 million of Non-GAAP net revenue led by the Grand Theft Auto and Borderlands series.
Fiscal Year 2016
GAAP Financial Results
For fiscal year 2016, GAAP net revenue increased to $1.414 billion, as compared to $1.083 billion for fiscal year 2015. GAAP net loss narrowed to $8.3 million, or $0.10 per diluted share, as compared to $279.5 million, or $3.48 per diluted share, for the prior fiscal year. GAAP net loss for fiscal year 2016 reflects business reorganization charges of $71.3 million, partially offset by $37.8 million in tax benefits related to video game development costs. GAAP net revenue from digitally-delivered content grew 53% year-over-year to a record $697.7 million
Non-GAAP Financial Results
For fiscal year 2016, Non-GAAP net revenue was $1.561 billion, as compared to $1.669 billion for fiscal year 2015, which had benefited from a more extensive release slate. Non-GAAP net income was $218.3 million, or $1.96 per diluted share, as compared to $219.2 million, or $1.98 per diluted share, for the prior fiscal year. Non-GAAP net income for fiscal year 2016 reflects $37.6 million in tax benefits related to video game development costs.
The largest contributors to Non-GAAP net revenue in fiscal year 2016 were Grand Theft Auto V and Grand Theft Auto Online, NBA 2K16, WWE 2K16, NBA 2K15, and XCOM 2. Non-GAAP net revenue from digitally-delivered content grew 36% year-over-year to a record $835.2 million, led by Grand Theft Auto, NBA 2K, Borderlands, XCOM 2 and WWE 2K. Revenue from recurrent consumer spending grew 33% year-over-year and accounted for 48% of Non-GAAP net revenue from digitally-delivered content, or 26% of total Non-GAAP net revenue.
Management Comments
“Fiscal 2016 marked the third consecutive year of stronger-than-expected Non-GAAP revenues and profits for Take-Two,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our results were driven by the continued extraordinary performance of Grand Theft Auto V, ongoing momentum in our NBA 2K and WWE 2K series, the successful launch of XCOM 2, and our highest-ever revenue from recurrent consumer spending.
“Fiscal 2017 is poised to be another strong year for Take-Two, with anticipated Non-GAAP earnings in excess of $1.00 per share. Our diverse lineup includes the new intellectual property Battleborn, which we released earlier this month, and the eagerly anticipated upcoming launches of Mafia III, Sid Meier’s Civilization VI, NBA 2K17 and WWE 2K17. We plan to support these titles with innovative offerings designed to promote ongoing engagement and drive recurrent consumer spending. Looking ahead, we expect to grow Non-GAAP revenues and earnings in fiscal 2018, based on our robust development plan that extends well beyond the current fiscal year. Rockstar Games is of course hard at work on some exciting future projects that will be revealed soon.”
Business and Product Highlights
Since January 1, 2016:
Rockstar Games:
2K:
Financial Outlook for Fiscal 2017
Take-Two is providing its initial financial outlook for its fiscal first quarter ending June 30, 2016 and fiscal year ending March 31, 2017 as follows:
First Quarter
Fiscal Year
Ending 6/30/2016
Ending 3/31/2017
Non-GAAP net revenue
$225 to $260 Million
$1.5 to $1.6 Billion
Non-GAAP net income (loss) per diluted share (1)
($0.40) to ($0.30)
$1.00 to $1.25
GAAP to Non-GAAP Reconciling Items (2):
Net effect from deferral in net revenues and related cost of goods sold
($1.39) ($3.64)Stock-based compensation expense (3)
$0.14 $0.43Non-cash amortization of discount on convertible notes
$0.05
$0.14
Non-cash tax expense
$0.01 $0.001)
For the fiscal year ending March 31, 2017, our Non-GAAP net income per diluted share outlook is calculated using the “if-converted” method as a result of the issuances of our 1.75% Convertible Notes in November 2011 and 1.00% Convertible Notes in June 2013, and Non-GAAP diluted net income for the fiscal year is adjusted by adding-back $4.4 million related to coupon interest and debt issuance costs, net of tax. Shares used to calculate our Non-GAAP net income per diluted share outlook are as follows:
Weighted average basic shares
86.5 Million
92.5 Million
Add: Weighted average participating shares
-
2.5 Million
Add: Potential Dilution from convertible notes
-
22.0 Million
Total weighted average diluted shares
86.5 Million
117.0 Million
2)
All GAAP to Non-GAAP reconciling items are net of tax and per share.
3)
The Company's stock-based compensation expense for the periods above includes the cost of approximately 0.9 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.
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 continuing to leverage opportunities on the Xbox 360, PlayStation 3 and PC; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following titles were released since January 1, 2016:
Label
Title
Platforms
Release Date
2KWWE 2K16: Future Stars Pack (DLC)
Xbox 360, Xbox One, PS3, PS4 January 26, 2016 2KXCOM 2
PC, Mac, Linux February 5, 2016 Rockstar GamesGrand Theft Auto: Liberty City Stories
Android February 11, 2016 2KWWE 2K16: 2015 Hall of Fame Showcase (DLC)
Xbox 360, Xbox One, PS3, PS4 February 23, 2016 2KWWE 2K16
PC March 11, 2016 2KXCOM 2: Anarchy’s Children (DLC)
PC, Mac, Linux March 17, 2016 2KXCOM: Enemy Unknown Plus
PlayStation Vita March 22, 2016 2KCivilization Revolution 2 Plus
PlayStation Vita March 29, 2016 2KTales from the Borderlands
Xbox 360, Xbox One, PS3, PS4, PC April 26, 2016 2KBattleborn
Xbox One, PS4, PC
May 3, 2016
2KBattleborn Tap
iOS, Android May 3, 2016 2KXCOM 2: Alien Hunters (DLC)
PC May 12, 2016Take-Two's lineup of future titles announced to date includes:
Label
Title
Platforms
Release Date
2K
NBA 2K17
Xbox 360, Xbox One, PS3, PS4, PC
September 2016
2K
Mafia III
Xbox One, PS4, PC
October 7, 2016
2K
Sid Meier’s Civilization VI
PC
October 21, 2016
2K
WWE 2K17
TBA
October 2016
Conference 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.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses Non-GAAP measures of financial performance. The Company believes that these Non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in gaining an understanding of the Company’s ongoing business. These Non-GAAP financial measures also provide for comparative results from period to period. Therefore, the Company believes it is appropriate to exclude the following Non-GAAP items, net of applicable taxes, as discussed below:
These Non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. These Non-GAAP financial measures may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating the Non-GAAP financial measures used by the Company. Management believes that the presentation of these Non-GAAP financial measures provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, the measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of Take-Two by excluding certain items that may not be indicative of the Company's core business, operating results or future outlook. Internally, management may use these Non-GAAP financial measures in assessing the company's operating results and in planning and forecasting. In addition to the Non-GAAP financial measures provided in this press release, see the Company’s website for additional information regarding our non-GAAP results.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016.
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 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," "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 (Unaudited) (in thousands, except per share amounts) Three months ended March 31, Twelve months ended March 31, 2016 2015 2016 2015 Net revenue $ 377,206 $ 300,089 $ 1,413,698 $ 1,082,938 Cost of goods sold: Internal royalties 72,552 271,907 328,610 306,717 Software development costs and royalties 71,352 86,752 223,512 231,615 Product costs 46,554 39,389 200,206 178,810 Licenses 18,999 12,634 61,545 77,725 Total cost of goods sold 209,457 410,682 813,873 794,867 Gross profit (loss) 167,749 (110,593 ) 599,825 288,071 Selling and marketing 38,020 52,467 198,309 235,341 General and administrative 44,395 38,202 192,452 175,093 Research and development 33,308 35,157 119,807 115,043 Business reorganization 113 - 71,285 - Depreciation and amortization 7,338 5,934 28,800 21,057 Total operating expenses 123,174 131,760 610,653 546,534 Income (loss) from operations 44,575 (242,353 ) (10,828 ) (258,463 ) Interest and other, net (6,257 ) (7,204 ) (30,205 ) (31,893 ) Gain on long-term investments, net 2,683 - 2,683 17,476 Income (loss) from operations before income taxes 41,001 (249,557 ) (38,350 ) (272,880 ) (Benefit from) provision for income taxes (5,398 ) (6,766 ) (30,048 ) 6,590 Net income (loss) $ 46,399 $ (242,791 ) $ (8,302 ) $ (279,470 ) Earnings (loss) per share: Basic earnings (loss) per share $ 0.54 $ (2.99 ) $ (0.10 ) $ (3.48 ) Diluted earnings (loss) per share $ 0.48 $ (2.99 ) (0.10 ) $ (3.48 ) Weighted average shares outstanding: Basic 86,375 81,085 83,417 80,367 Diluted 114,496 81,085 83,417 80,367 Computation of Basic EPS: Net income (loss) $ 46,399 $ (242,791 ) $ (8,302 ) $ (279,470 ) Less: net income allocated to participating securities (1,447 ) - - - Net income (loss) for basic EPS calculation $ 44,952 $ (242,791 ) $ (8,302 ) $ (279,470 ) Weighted average shares outstanding - basic 86,375 81,085 $ 83,417 80,367 Less: weighted average participating shares outstanding (2,694 ) - - - Weighted average common shares outstanding - basic 83,681 81,085 $ 83,417 80,367 Basic EPS $ 0.54 $ (2.99 ) $ (0.10 ) $ (3.48 ) Computation of Diluted EPS: Net income (loss) $ 46,399 $ (242,791 ) $ (8,302 ) $ (279,470 ) Less: net income allocated to participating securities (1,092 ) - - - Add: interest expense, net of tax, on Convertible Notes 8,172 - - - Net income (loss) for diluted EPS calculation $ 53,479 $ (242,791 ) $ (8,302 ) $ (279,470 ) Weighted average common shares outstanding - basic 83,681 81,085 83,417 80,367 Add: dilutive effect of common stock equivalents 28,121 - - - Weighted average common shares outstanding - diluted 111,802 81,085 83,417 80,367 Diluted EPS $ 0.48 $ (2.99 ) $ (0.10 ) $ (3.48 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) March 31, March 31, 2016 2015 ASSETS Current assets: Cash and cash equivalents $ 798,742 $ 911,120 Short-term investments 470,820 186,929 Restricted cash 261,169 169,678 Accounts receivable, net of allowances of $45,552 and $70,471 at March 31, 2016 and 2015, respectively 168,527 217,860 Inventory 15,888 20,051 Software development costs and licenses 178,387 163,385 Deferred cost of goods sold 98,474 56,779 Prepaid expenses and other 53,269 54,057 Total current assets 2,045,276 1,779,859 Fixed assets, net 77,127 69,792 Software development costs and licenses, net of current portion 214,831 124,329 Deferred cost of goods sold, net of current portion 17,915 19,869 Goodwill 217,080 217,288 Other intangibles, net 4,609 4,769 Other assets 13,439 12,167 Total assets $ 2,590,277 $ 2,228,073 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 30,448 $ 38,789 Accrued expenses and other current liabilities 607,479 444,738 Deferred revenue 582,484 482,733 Total current liabilities 1,220,411 966,260 Long-term debt 497,935 473,030 Non-current deferred revenue 216,319 164,618 Other long-term liabilities 74,227 61,077 Total liabilities 2,008,892 1,664,985 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - - Common stock, $.01 par value, 200,000 shares authorized; 103,765 and 104,594 shares issued and 86,573 and 88,356 outstanding at March 31, 2016 and 2015, respectively 1,038 1,046 Additional paid-in capital 1,088,628 1,028,197 Treasury stock, at cost; 17,192 and 16,238 common shares at March 31, 2016 and 2015, respectively (303,388 ) (276,836 ) Accumulated deficit (166,997 ) (158,695 ) Accumulated other comprehensive loss (37,896 ) (30,624 ) Total stockholders' equity 581,385 563,088 Total liabilities and stockholders' equity $ 2,590,277 $ 2,228,073TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Twelve months ended March 31, 2016 2015Operating activities:
Net loss $ (8,302 ) $ (279,470 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization and impairment of software development costs and licenses 134,472 133,453 Depreciation and amortization 28,800 21,057 Amortization and impairment of intellectual property 160 344 Stock-based compensation 69,996 65,246 Deferred income taxes (270 ) 2,279 Amortization of discount on Convertible Notes 23,457 22,026 Amortization of debt issuance costs 1,567 1,663 Gain on of long-term investments, net (2,683 ) (17,476 ) Other, net 2,588 2,068 Changes in assets and liabilities: Restricted cash (91,491 ) 24,161 Accounts receivable 49,348 (164,717 ) Inventory 3,809 9,729 Software development costs and licenses (219,217 ) (188,772 ) Prepaid expenses, other current and other non-current assets (12,272 ) 5,398 Deferred revenue 152,325 568,028 Deferred cost of goods sold (41,144 ) (70,788 ) Accounts payable, accrued expenses and other liabilities 170,162 78,585 Net cash provided by operating activities 261,305 212,814Investing activities:
Change in bank time deposits (182,383 ) (87,500 ) Purchase of fixed assets (37,280 ) (49,501 ) Sale and maturities of available for sale securities 43,314 - Purchase of available for sale securities (150,501 ) (100,116 ) Cash received from the sale of long-term investment 2,683 21,976 Purchase of long-term investment - (5,000 ) Other (349 ) - Net cash used in investing activities (324,516 ) (220,141 )Financing activities:
Excess tax benefit from stock-based compensation 1,421 928 Tax payment related to net share settlements on restricted stock awards (22,916 ) - Repurchase of common stock (26,552 ) - Net cash (used in) provided by financing activities (48,047 ) 928 Effects of foreign exchange rates on cash and cash equivalents (1,120 ) (17,881 ) Net decrease in cash and cash equivalents (112,378 ) (24,280 ) Cash and cash equivalents, beginning of year 911,120 935,400 Cash and cash equivalents, end of period $ 798,742 $ 911,120 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES RECONCILIATION OF GAAP TO Non-GAAP MEASURES (Unaudited) (in thousands, except per share amounts) Three months ended March 31, Twelve months ended March 31, 2016 2015 2016 2015 Net Revenues GAAP Net Revenues $ 377,206 $ 300,089 $ 1,413,698 $ 1,082,938 Net effect from deferral in net revenues (34,694 ) 127,647 146,928 585,827 Non-GAAP Net Revenues $ 342,512 $ 427,736 1,560,626 $ 1,668,765 Digital Online Revenues (included in Net Revenues above) GAAP Digital Online Revenues $ 194,798 $ 144,612 $ 697,658 $ 455,299 Net effect from deferral in digital online revenues 31,829 57,920 137,563 160,675 Non-GAAP Digital Online Revenues $ 226,627 $ 202,532 $ 835,221 $ 615,974 Gross Profit GAAP Gross Profit $ 167,749 $ (110,593 ) $ 599,825 $ 288,071 Net effect from deferral in net revenues and related cost of goods sold (11,043 ) 309,026 106,531 502,565 Stock-based compensation 2,388 6,059 15,323 17,121 Non-GAAP Gross Profit 159,094 $ 204,492 $ 721,679 $ 807,757 Income (Loss) from Operations GAAP Income (Loss) from Operations $ 44,575 $ (242,353 ) $ (10,828 ) $ (258,463 ) Net effect from deferral in net revenues and related cost of goods sold (11,043 ) 309,026 106,531 502,565 Stock-based compensation 15,852 12,772 69,996 65,246 Impact of business reorganization 113 - 72,513 195 Non-GAAP Income from Operations $ 49,497 $ 79,445 $ 238,212 $ 309,543 Net Income (Loss) GAAP Net Income (Loss) $ 46,399 $ (242,791 ) $ (8,302 ) $ (279,470 ) Net effect from deferral in net revenues and related cost of goods sold (9,529 ) 279,554 92,370 451,749 Stock-based compensation 13,109 11,450 48,061 36,206 Gain on long-term investments, net (2,683 ) - (2,683 ) (9,999 ) Impact of business reorganization 113 - 72,513 156 Non-cash amortization of discount on Convertible Notes 4,061 5,806 15,043 18,933 Non-cash tax expense 245 265 1,296 1,669 Non-GAAP Net Income $ 51,715 $ 54,284 $ 218,298 $ 219,244 Diluted Earnings (Loss) Per Share GAAP earnings (loss) per share $ 0.48 $ (2.99 ) $ (0.10 ) $ (3.48 ) Non-GAAP earnings per share $ 0.46 $ 0.49 $ 1.96 $ 1.98 Number of diluted shares used in computation GAAP 114,496 81,085 83,417 80,367 Non-GAAP 114,496 114,034 114,161 113,951 Computation of Diluted GAAP EPS: Net income (loss) $ 46,399 $ (242,791 ) $ (8,302 ) $ (279,470 ) Less: net income allocated to participating securities (1,092 ) - - - Add: interest expense, net of tax, on Convertible Notes 8,172 - - - Net income (loss) for diluted EPS calculation $ 53,479 $ (242,791 ) $ (8,302 ) $ (279,470 ) Weighted average shares outstanding - basic 86,375 81,085 83,417 80,367 Add: dilutive effect of common stock equivalents 28,121 - - - Total weighted average shares outstanding - diluted 114,496 81,085 83,417 80,367 Less: weighted average participating shares outstanding (2,694 ) - - - Weighted average common shares outstanding - diluted 111,802 81,085 83,417 80,367 Diluted earnings (loss) per share $ 0.48 $ (2.99 ) $ (0.10 ) $ (3.48 ) Computation of Diluted Non-GAAP EPS: Non-GAAP net income $ 51,715 $ 54,284 $ 218,298 $ 219,244 Less: net income allocated to participating securities (1,217 ) (3,091 ) (7,146 ) (13,716 ) Add: interest expense, net of tax, on Convertible Notes 1,390 1,375 5,579 5,515 Net income for diluted earnings per share calculation $ 51,888 $ 52,568 $ 216,731 $ 211,043 Weighted average shares outstanding - basic 86,375 87,579 87,154 87,496 Add: dilutive effect of common stock equivalents 28,121 26,455 27,007 26,455 Total weighted average shares outstanding - diluted 114,496 114,034 114,161 113,951 Less: weighted average participating shares outstanding (2,694 ) (6,494 ) (3,737 ) (7,129 ) Weighted average common shares outstanding - diluted 111,802 107,540 110,424 106,822 Diluted earnings per share $ 0.46 $ 0.49 $ 1.96 $ 1.98 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Three Months EndedMarch 31, 2016
Three Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Geographic Region United States $ 196,037 52 % $ 164,657 55 % International 181,169 48 % 135,432 45 % Total GAAP net revenues 377,206 100 % 300,089 100 % Change in Deferred Net Revenues United States $ (4,159 ) $ 61,941 International (30,535 ) 65,706 Total changes in deferred net revenues (34,694 ) 127,647 Non-GAAP Net Revenues by Geographic Region United States $ 191,878 56 % $ 226,598 53 % International 150,634 44 % 201,138 47 % Total non-GAAP net revenues $ 342,512 100 % $ 427,736 100 % Three Months EndedMarch 31, 2016
Three Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Distribution Channel Physical retail and other $ 182,408 48 % $ 155,477 52 % Digital online 194,798 52 % 144,612 48 % Total GAAP net revenues 377,206 100 % 300,089 100 % Change in Deferred Net Revenues Physical retail and other $ (66,523 ) $ 69,727 Digital online 31,829 57,920 Total changes in deferred net revenues (34,694 ) 127,647 Non-GAAP Net Revenues by Distribution Channel Physical retail and other $ 115,885 34 % $ 225,204 53 % Digital online 226,627 66 % 202,532 47 % Total non-GAAP net revenues $ 342,512 100 % $ 427,736 100 % Three Months EndedMarch 31, 2016
Three Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Platform Mix Console $ 288,785 77 % $ 260,969 87 % PC and other 88,421 23 % 39,120 13 % Total GAAP net revenues 377,206 100 % 300,089 100 % Change in Deferred Net Revenues Console $ (30,253 ) $ 114,171 PC and other (4,441 ) 13,476 Total changes in deferred net revenues (34,694 ) 127,647 Non-GAAP Net Revenues by Platform Mix Console $ 258,532 75 % $ 375,140 88 % PC and other 83,980 25 % 52,596 12 % Total non-GAAP net revenues $ 342,512 100 % $ 427,736 100 % TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Twelve Months EndedMarch 31, 2016
Twelve Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Geographic Region United States $ 742,963 53 % $ 623,080 58 % International 670,735 47 % 459,858 42 % Total GAAP net revenues 1,413,698 100 % 1,082,938 100 % Change in Deferred Net Revenues United States $ 97,770 $ 269,349 International 49,158 316,478 Total changes in deferred net revenues 146,928 585,827 Non-GAAP Net Revenues by Geographic Region United States $ 840,733 54 % $ 892,429 53 % International 719,893 46 % 776,336 47 % Total non-GAAP net revenues $ 1,560,626 100 % $ 1,668,765 100 % Twelve Months EndedMarch 31, 2016
Twelve Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Distribution Channel Physical retail and other $ 716,040 51 % $ 627,639 58 % Digital online 697,658 49 % 455,299 42 % Total GAAP net revenues 1,413,698 100 % 1,082,938 100 % Change in Deferred Net Revenues Physical retail and other $ 9,365 $ 425,152 Digital online 137,563 160,675 Total changes in deferred net revenues 146,928 585,827 Non-GAAP Net Revenues by Distribution Channel Physical retail and other $ 725,405 46 % $ 1,052,791 63 % Digital online 835,221 54 % 615,974 37 % Total non-GAAP net revenues $ 1,560,626 100 % $ 1,668,765 100 % Twelve Months EndedMarch 31, 2016
Twelve Months EndedMarch 31, 2015
Amount % of Total Amount % of Total GAAP Net Revenues by Platform Mix Console $ 1,167,623 83 % $ 881,516 81 % PC and other 246,075 17 % 201,422 19 % Total GAAP net revenues 1,413,698 100 % 1,082,938 100 % Change in Deferred Net Revenues Console $ 12,687 $ 564,794 PC and other 134,241 21,033 Total changes in deferred net revenues 146,928 585,827 Non-GAAP Net Revenues by Platform Mix Console $ 1,180,310 76 % $ 1,446,310 87 % PC and other 380,316 24 % 222,455 13 % Total non-GAAP net revenues $ 1,560,626 100 % $ 1,668,765 100 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20160518006179/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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