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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.81 | 1.96% | 145.88 | 49.00 | 180.00 | 146.28 | 143.95 | 144.42 | 1,075,139 | 05:00:04 |
Net revenue grew 21% to $420.2 million
GAAP net income was $0.39 per diluted share
Non-GAAP net income was $0.45 per diluted share
Bookings grew 28% to $452.8 million
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fiscal second quarter 2017, ended September 30, 2016. In addition, the Company provided its initial financial outlook for its fiscal third quarter 2017, ending December 31, 2016, and updated its financial outlook for its fiscal year ending March 31, 2017.
Financial Results
For fiscal second quarter 2017, net revenue grew 21% to $420.2 million, as compared to $347.0 million for fiscal second quarter 2016. The largest contributors to net revenue in fiscal second quarter 2017 were NBA® 2K16, Grand Theft Auto V® and Grand Theft Auto Online, BioShock®: The Collection, and XCOM® 2.
The change in deferred net revenue, which represents revenue recognized during the current period that was deferred in prior periods, net of revenue that is being deferred into future periods, was $59.3 million in fiscal second quarter 2017 versus $18.0 million in fiscal second quarter 2016.
Digitally-delivered net revenue grew 14% to $230.8 million, as compared to $202.4 million for fiscal second quarter 2016. Recurrent consumer spending (virtual currency, downloadable add-on content and online games) accounted for 56% of digitally-delivered net revenue, or 31% of total net revenue. The largest contributors to digitally-delivered net revenue in fiscal second quarter 2017 were NBA 2K16, and Grand Theft Auto V and Grand Theft Auto Online.
The change in deferred digitally-delivered net revenue was $3.4 million in fiscal second quarter 2017 versus ($61.4) million in fiscal second quarter 2016.
GAAP cost of goods sold was $205.6 million, as compared to $143.9 million for fiscal second quarter 2016.
Non-GAAP cost of goods sold was $200.0 million, as compared to $139.8 million for fiscal second quarter 2016.
The change in deferred cost of goods sold, which represents cost of goods sold recognized during the current period that were deferred in prior periods, net of cost of goods sold that are being deferred into future periods, was $28.8 million in fiscal second quarter 2017 versus $49.0 million in fiscal second quarter 2016.
GAAP net income was $36.4 million, or $0.39 per diluted share, as compared to $54.7 million, or $0.55 per diluted share, for the year-ago period.
Non-GAAP net income was $50.7 million, or $0.45 per diluted share, as compared to $56.2 million, or $0.51 per diluted share, for the year-ago period.
The net effect from deferral of net revenue and related cost of goods sold, which represents the after-tax net effect on net income (loss) from the change in deferred revenue and the change in deferred cost of goods sold, was $23.4 million (including tax expense of $7.1 million) in fiscal second quarter 2017 versus ($23.5) million (including tax benefit of $7.6 million) in fiscal second quarter 2016.
As of September 30, 2016, the Company had cash and short-term investments of $1.175 billion.
Operational Metric - Bookings
During fiscal second quarter 2017, total bookings, which represents the total amount billed by the Company from sales of physical product sold-in to retail and available to consumers, net of allowances, plus product digitally-delivered to consumers during the period, grew 28% to $452.8 million, as compared to $353.0 million during fiscal second quarter 2016. The largest contributors to bookings were NBA 2K17 and NBA 2K16, Grand Theft Auto V and Grand Theft Auto Online, BioShock: The Collection, and XCOM 2. Catalog accounted for $193.7 million of bookings led by Grand Theft Auto and NBA 2K. Digitally-delivered bookings grew 59% to $210.8 million, as compared to $132.4 million in last year’s fiscal second quarter, led by NBA 2K17 and NBA 2K16, and Grand Theft Auto V and Grand Theft Auto Online. Bookings from recurrent consumer spending (virtual currency, downloadable add-on content and online games) grew 63% year-over-year and accounted for 52% of digitally-delivered bookings, or 24% of total bookings.
Management Comments
“Take-Two’s business continued to outperform during the second quarter, enabling us to deliver strong net revenue and better-than-expected bookings growth,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our outstanding results were highlighted by the series' record-breaking launch of NBA 2K17, ongoing robust demand for Grand Theft Auto V, and increased recurrent consumer spending, including year-over-year bookings growth from Grand Theft Auto Online.
“Our holiday season is off to a great start with a diverse array of successful new releases, including Mafia III, WWE 2K17 and Sid Meier’s Civilization VI, as well as our first virtual reality offering – Carnival Games VR. We intend to support our titles with innovative offerings designed to promote ongoing engagement and drive recurrent consumer spending, including additional free content for Grand Theft Auto Online. Looking ahead, fiscal 2018 is poised to be another strong year for our Company. We expect to grow both bookings and net cash provided by operating activities driven by our release slate led by Rockstar Games’ highly anticipated launch of Red Dead Redemption 2.”
Business and Product Highlights
Since July 1, 2016:
Rockstar Games:
2K:
* According to Metacritic.com.
** BioShock: The Collection is only available for PC through digital-download.
Financial Outlook for Fiscal 2017
Take-Two is providing its initial financial outlook for its fiscal third quarter ending December 31, 2016 and is updating its financial outlook for its fiscal year ending March 31, 2017, including maintaining its outlook for net revenue and increasing its outlook for bookings. Additional details regarding the Company's financial outlook are available by visiting http://ir.take2games.com.
Third Quarter
Fiscal Year
Ending 12/31/2016 (1)
Ending 3/31/2017 (1)
Net revenue
$475 to $525 million
$1.75 to $1.85 billion
GAAP Net income
$17 to $30 million
$180 to $213 million
Stock-based compensation expense (2)
$20 million $71 millionNon-cash amortization of discount on convertible notes
$5 million $22 millionGain on long-term investment, net
- $1 millionIncome tax adjustment
($8) to ($10) million
($48) to ($52) millionNon-GAAP net income
$34 to $45 million
$226 to $255 million
GAAP Net income per diluted share
$0.18 to $0.32
$1.80 to $2.09
Non-GAAP net income per diluted share
$0.30 to $0.40
$2.00 to $2.25
Net cash provided by operating activities
$300 million
Capital expenditures $50 millionDeferred Net Revenue and Cost of Goods Sold
Change in deferred net revenue $200 million ($80) million Net effect from deferral of net revenue and related cost of goods sold $62 million (3) ($49) million (4)Operational Metric
Bookings
$650 to $700 million
$1.6 to $1.7 billion
1) 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. 2) 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. 3) Includes tax impact of $18 million. 4) Includes tax impact of ($14) million.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 July 1, 2016:
Label
Title
Platforms
Release Date
2KEvolve Stage 2
PC July 7, 2016 2KMyNBA 2K17
iOS and Android devices September 8, 2016 2KBioShock: The Collection
PS4, Xbox One, PC* September 13, 2016 2KNBA 2K17
PS4, PS3, Xbox One, Xbox 360, PC
September 20, 2016 2KNBA 2K17
iOS and Android Devices September 22, 2016 2KXCOM 2
PS4, Xbox One September 27, 2016** 2KMafia III
PS4, Xbox One, PC October 7, 2016 2KMafia III Rivals
iOS and Android Devices October 7, 2016 2KWWE 2K17
PS4, PS3, Xbox One, Xbox 360 October 11, 2016 2KNHL SuperCard 2017
iOS and Android Devices October 13, 2016 2KSid Meier’s Civilization VI
PC October 21, 2016 2KCarnival Games VR
HTC Vive, PlayStation VR October 28, 2016* BioShock: The Collection is only available for PC through digital-download.
** North American release date; international followed three days later.
Take-Two's lineup of future titles announced to date includes:
Label
Title
Platforms
Release Date
2KWWE SuperCard - Season 3
iOS and Android Devices November 2016 2KCarnival Games VR
Oculus Rift December 6, 2016 Rockstar GamesRed Dead Redemption 2
PS4, Xbox One Fall 2017Conference 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. These Non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or superior to, the corresponding GAAP financial measures, and may be different from similarly titled measures used by other companies. Management believes that the presentation of these Non-GAAP financial measures facilitates comparison of the Company’s operating performance between periods and helps 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, such as stock-based compensation and non-cash amortization of discount on convertible notes; charges relating to business reorganizations; and gains on strategic non-core business investments. Internally, management makes Non-GAAP adjustments to the Company’s financial measures as set forth below to assess the company's operating results and in planning and forecasting. The Non-GAAP adjustments to the Company’s financial measures are as follows:
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.
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, 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 September 30, Six months ended September 30, 2016 2015 2016 2015 Net revenue $ 420,167 $ 346,974 $ 731,719 $ 622,271 Cost of goods sold: Internal royalties 77,425 54,918 137,098 160,747 Software development costs and royalties 45,194 40,014 108,853 90,507 Product costs 55,059 38,777 100,038 78,718 Licenses 27,927 10,231 50,996 16,583 Total cost of goods sold 205,605 143,940 396,985 346,555 Gross profit 214,562 203,034 334,734 275,716 Selling and marketing 80,187 54,876 151,321 100,443 General and administrative 49,685 49,961 96,428 98,996 Research and development 30,005 24,413 63,905 58,555 Depreciation and amortization 7,491 7,353 14,869 13,928 Total operating expenses 167,368 136,603 326,523 271,922 Income from operations 47,194 66,431 8,211 3,794 Interest and other, net (7,078 ) (8,396 ) (11,584 ) (15,930 ) Gain on long-term investment - - 1,350 - Income (loss) before income taxes 40,116 58,035 (2,023 ) (12,136 ) Provision for income taxes 3,684 3,300 112 152 Net income (loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Earnings (Loss) per share: Basic earnings (loss) per share $ 0.42 $ 0.63 $ (0.03 ) $ (0.15 ) Diluted earnings (loss) per share $ 0.39 $ 0.55 (0.03 ) $ (0.15 ) Weighted average shares outstanding: Basic 87,176 87,560 84,990 83,280 Diluted 115,202 114,015 84,990 83,280 Computation of Basic EPS: Net income (loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Less: net income allocated to participating securities (745 ) (2,320 ) - - Net income (loss) for basic EPS calculation $ 35,687 $ 52,415 $ (2,135 ) $ (12,288 ) Weighted average shares outstanding - basic 87,176 87,560 $ 84,990 83,280 Less: weighted average participating shares outstanding (1,783 ) (3,711 ) - - Weighted average common shares outstanding - basic 85,393 83,849 84,990 83,280 Basic earnings (loss) per share $ 0.42 $ 0.63 $ (0.03 ) $ (0.15 ) Computation of Diluted EPS: Net income (loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Less: net income allocated to participating securities (564 ) (1,782 ) - - Add: interest expense, net of tax, on Convertible Notes 8,669 7,994 - - Net income (loss) for diluted EPS calculation $ 44,537 $ 60,947 $ (2,135 ) $ (12,288 ) Weighted average common shares outstanding - basic 85,393 83,849 84,990 83,280 Add: dilutive effect of common stock equivalents 29,809 30,166 - - Total weighted average shares outstanding - diluted 115,202 114,015 84,990 83,280 Less: weighted average participating shares outstanding (1,783 ) (3,711 ) - - Weighted average common shares outstanding - diluted 113,419 110,304 84,990 83,280 Diluted earnings (loss) per share $ 0.39 $ 0.55 $ (0.03 ) $ (0.15 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) September 30, March 31, 2016 2016 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 770,003 $ 798,742 Short-term investments 404,591 470,820 Restricted cash 368,109 261,169Accounts receivable, net of allowances of $70,480 and $45,552 at September 30, 2016 and March 31, 2016, respectively
381,587 168,527 Inventory 77,561 15,888 Software development costs and licenses 178,629 178,387 Deferred cost of goods sold 129,396 98,474 Prepaid expenses and other 60,894 53,269 Total current assets 2,370,770 2,045,276 Fixed assets, net 68,531 77,127 Software development costs and licenses, net of current portion 300,340 214,831 Deferred cost of goods sold, net of current portion 3,033 17,915 Goodwill 215,658 217,080 Other intangibles, net 4,609 4,609 Other assets 16,139 13,439 Total assets $ 2,979,080 $ 2,590,277 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 144,756 $ 30,448 Accrued expenses and other current liabilities 753,069 607,479 Deferred revenue 821,409 582,484 Total current liabilities 1,719,234 1,220,411 Long-term debt 511,636 497,935 Non-current deferred revenue 54,741 216,319 Other long-term liabilities 110,716 74,227 Total liabilities 2,396,327 2,008,892 Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - - Common stock, $.01 par value, 200,000 shares authorized; 104,558 and 103,765 shares issued and 87,366 and 86,573 outstanding at September 30, 2016 and March 31, 2016, respectively 1,046 1,038 Additional paid-in capital 1,097,098 1,088,628 Treasury stock, at cost; 17,192 common shares at September 30, 2016 and March 31, 2016, respectively (303,388 ) (303,388 ) Accumulated deficit (169,132 ) (166,997 ) Accumulated other comprehensive loss (42,871 ) (37,896 ) Total stockholders' equity 582,753 581,385 Total liabilities and stockholders' equity $ 2,979,080 $ 2,590,277TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Six months ended September 30, 2016 2015Operating activities:
Net loss $ (2,135 ) $ (12,288 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Amortization and impairment of software development costs and licenses 63,459 40,719 Depreciation and amortization 14,869 13,928 Amortization and impairment of intellectual property - 160 Stock-based compensation 33,333 35,406 Deferred income taxes (15 ) 68 Amortization of discount on Convertible Notes 12,981 11,544 Amortization of debt issuance costs 779 792 Other, net (2,897 ) 1,102 Changes in assets and liabilities: Restricted cash (106,940 ) (45,548 ) Accounts receivable (212,032 ) (22,668 ) Inventory (62,555 ) (3,755 ) Software development costs and licenses (148,512 ) (117,959 ) Prepaid expenses, other current and other non-current assets (8,560 ) (13,250 ) Deferred revenue 80,913 113,042 Deferred cost of goods sold (17,287 ) (38,440 ) Accounts payable, accrued expenses and other liabilities 303,790 57,161 Net cash (used in) provided by operating activities (50,809 ) 20,014Investing activities:
Change in bank time deposits 66,841 (162,401 ) Proceeds from available-for-sale securities 72,387 - Purchases of available-for-sale securities (74,552 ) (4,987 ) Purchases of fixed assets (8,283 ) (25,793 ) Proceeds from sale of long-term investments 1,350 - Purchase of long-term investments (1,885 ) - Net cash provided by (used in) investing activities 55,858 (193,181 )Financing activities:
Excess tax benefit from stock-based compensation 1,143 9,529 Tax payment related to net share settlements on restricted stock awards (30,621 ) (10,386 ) Repurchase of common stock - (26,552 ) Net cash used in financing activities (29,478 ) (27,409 ) Effects of foreign exchange rates on cash and cash equivalents (4,310 ) 1,169 Net decrease in cash and cash equivalents (28,739 ) (199,407 ) Cash and cash equivalents, beginning of year 798,742 911,120 Cash and cash equivalents, end of period $ 770,003 $ 711,713 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES RECONCILIATION OF GAAP TO Non-GAAP MEASURES (Unaudited) (in thousands, except per share amounts) Three months ended September 30, Six months ended September 30, 2016 2015 2016 2015 Cost of Goods Sold GAAP Cost of Goods Sold $ 205,605 $ 143,940 $ 396,985 $ 346,555 Stock-based compensation (5,566 ) (4,110 ) (9,952 ) (8,804 ) Non-GAAP Cost of Goods Sold 200,039 $ 139,830 387,033 $ 337,751 Gross Profit GAAP Gross Profit $ 214,562 $ 203,034 $ 334,734 $ 275,716 Stock-based compensation 5,566 4,110 9,952 8,804 Non-GAAP Gross Profit 220,128 $ 207,144 344,686 $ 284,520 Income (Loss) from Operations GAAP Income from Operations $ 47,194 $ 66,431 $ 8,211 $ 3,794 Stock-based compensation 18,233 16,320 33,333 35,406 Business reorganization, restructuring and related expenses - - - 1,228 Non-GAAP Income from Operations $ 65,427 $ 82,751 $ 41,544 $ 40,428 Net Income (Loss) GAAP Net Income (Loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Stock-based compensation 18,233 16,320 33,333 35,406 Business reorganization, restructuring and related expenses - - - 1,228 Non-cash amortization of discount on Convertible Notes 6,882 5,817 12,981 11,544 Gain on long-term investment - - (1,350 ) - Income tax adjustment (10,826 ) (20,704 ) (9,693 ) (12,895 ) Non-GAAP Net Income $ 50,721 $ 56,168 $ 33,136 $ 22,995 Diluted Earnings (Loss) Per Share GAAP earnings (loss) per share $ 0.39 $ 0.55 $ (0.03 ) $ (0.15 ) Non-GAAP earnings per share $ 0.45 $ 0.51 $ 0.31 $ 0.23 Number of diluted shares used in computation GAAP 115,202 114,015 84,990 83,280 Non-GAAP 115,202 114,015 115,105 114,157 Computation of Diluted GAAP EPS: Net income (loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Less: net income allocated to participating securities (564 ) (1,782 ) - - Add: interest expense, net of tax, on Convertible Notes 8,669 7,994 - - Net income (loss) for diluted EPS calculation $ 44,537 $ 60,947 $ (2,135 ) $ (12,288 ) Weighted average shares outstanding - diluted 85,393 83,849 84,990 82,833 Add: dilutive effect of common stock equivalents 29,809 30,166 - - Total weighted average shares outstanding - diluted 115,202 114,015 84,990 82,833 Less: weighted average participating shares outstanding (1,783 ) (3,711 ) - - Weighted average common shares outstanding - diluted 113,419 110,304 84,990 82,833 Diluted earnings (loss) per share $ 0.39 $ 0.55 $ (0.03 ) $ (0.15 ) Computation of Diluted Non-GAAP EPS: Non-GAAP net income $ 50,721 $ 56,168 $ 33,136 $ 22,995 Less: net income allocated to participating securities (785 ) (1,828 ) (570 ) (891 ) Add: interest expense, net of tax, on Convertible Notes 1,518 1,370 3,031 2,742 Net income for diluted earnings per share calculation $ 51,454 $ 55,710 $ 35,597 $ 24,846 Weighted average shares outstanding - diluted 85,393 83,849 88,650 83,280 Add: dilutive effect of common stock equivalents 29,809 30,166 26,455 30,877 Total weighted average shares outstanding - diluted 115,202 114,015 115,105 114,157 Less: weighted average participating shares outstanding (1,783 ) (3,711 ) (1,979 ) (4,422 ) Weighted average common shares outstanding - diluted 113,419 110,304 113,126 109,735 Diluted earnings per share $ 0.45 $ 0.51 $ 0.31 $ 0.23TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
SELECTED DATA
(in thousands)
Three Months Ended September 30, Six Months Ended September 30, 2016 2015 2016 2015 Net Revenues $ 420,167 $ 346,974 $ 731,719 $ 622,271 Change in deferred net revenues 59,274 17,956 20,277 109,051 Cost of Goods Sold $ 205,605 $ 143,940 $ 396,985 $ 346,555 Non-GAAP Cost of Goods Sold $ 200,039 $ 139,830 $ 387,033 $ 337,751 Change in deferred cost of goods sold (1) 28,779 49,031 4,155 49,161 Net Income (Loss) $ 36,432 $ 54,735 $ (2,135 ) $ (12,288 ) Non-GAAP Net Income 50,721 56,168 33,136 22,995 Net effect from deferral of net revenue and related cost of goods sold, net of taxes (2) 23,407 (23,468 ) 12,099 43,913 (1) Changes in deferred cost of goods sold Change in deferred software development costs $ 4,796 $ 8,992 $ 2,069 $ 10,229 Change in deferred product costs 11,689 18,210 2,799 16,114 Change in deferred licenses 12,294 21,829 (713 ) 22,818 Total change in deferred cost of goods sold 28,779 49,031 4,155 49,161 (2) Net effect from deferral of net revenue and related cost of goods sold, net of taxes Change in deferred net revenues $ 59,274 $ 17,956 $ 20,277 $ 109,051 Change in deferred cost of goods sold (28,779 ) (49,031 ) (4,155 ) (49,161 ) Tax (benefit)/expense 7,088 (7,607 ) 4,023 15,977 Net effect from deferral of net revenue and related cost of goods sold, net of taxes 23,407 (23,468 ) 12,099 43,913Bookings
Total Bookings $ 452,835 $ 353,013 $ 706,336 $ 706,844 Digital Bookings $ 210,806 $ 132,369 $ 383,506 $ 377,576 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Three Months EndedSeptember 30, 2016
Three Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Geographic Region United States $ 252,483 60 % $ 185,102 53 % International 167,684 40 % 161,872 47 % Total net revenues 420,167 100 % 346,974 100 % Change in Deferred Net Revenues United States $ 45,486 $ 33,740 International 13,788 (15,784 ) Total changes in deferred net revenues 59,274 17,956 Three Months EndedSeptember 30, 2016
Three Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Distribution Channel Digital online $ 230,759 55 % $ 202,426 58 % Physical retail and other 189,408 45 % 144,548 42 % Total net revenues 420,167 100 % 346,974 100 % Change in Deferred Net Revenues Digital online $ 3,419 $ (61,414 ) Physical retail and other 55,855 79,370 Total changes in deferred net revenues 59,274 17,956 Three Months EndedSeptember 30, 2016
Three Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Platform Mix Console $ 230,759 55 % $ 301,029 87 % PC and other 189,408 45 % 45,945 13 % Total net revenues 420,167 100 % 346,974 100 % Change in Deferred Net Revenues Console $ 190,625 $ 15,621 PC and other (131,351 ) 2,335 Total changes in deferred net revenues 59,274 17,956 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Six Months EndedSeptember 30, 2016
Six Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Geographic Region United States $ 445,584 61 % $ 328,540 53 % International 286,135 39 % 293,731 47 % Total net revenues 731,719 100 % 622,271 100 % Change in Deferred Net Revenues United States $ (4,375 ) $ 41,658 International 24,652 67,393 Total changes in deferred net revenues 20,277 109,051 Six Months EndedSeptember 30, 2016
Six Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Distribution Channel Digital online $ 402,837 55 % $ 356,411 57 % Physical retail and other 328,882 45 % 265,860 43 % Total net revenues 731,719 100 % 622,271 100 % Change in Deferred Net Revenues Digital online $ 22,504 $ 38,564 Physical retail and other (2,227 ) 70,487 Total changes in deferred net revenues 20,277 109,051 Six Months EndedSeptember 30, 2016
Six Months EndedSeptember 30, 2015
Amount % of Total Amount % of Total Net Revenues by Platform Mix Console $ 607,064 83 % $ 523,603 84 % PC and other 124,655 17 % 98,668 16 % Total net revenues 731,719 100 % 622,271 100 % Change in Deferred Net Revenues Console $ 28,165 $ (21,684 ) PC and other (7,887 ) 130,735 Total changes in deferred net revenues 20,277 109,051
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102006444/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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