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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 | 141.16 | 147.89 | 146.28 | 143.95 | 144.42 | 1,075,139 | 01:00:00 |
Net revenue grew 15% to $476.5 million
Net loss narrowed to $0.33 per diluted share
Net cash provided by operating activities grew 72% to $291.0 million
Bookings grew 51% to $719.0 million
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fiscal third quarter 2017, ended December 31, 2016. In addition, the Company provided its initial financial outlook for its fiscal fourth quarter ending March 31, 2017, and updated its financial outlook for its fiscal year ending March 31, 2017.
Fiscal Third Quarter 2017 GAAP Financial Highlights
Net revenue grew 15% to $476.5 million, as compared to $414.2 million in last year’s fiscal third quarter. The largest contributors to net revenue in fiscal third quarter 2017 were Grand Theft Auto V® and Grand Theft Auto Online, WWE® 2K17, NBA® 2K17, and Sid Meier’s Civilization® VI.
Digitally-delivered net revenue grew 64% to $240.2 million, as compared to $146.4 million in last year’s fiscal third quarter. Recurrent consumer spending (virtual currency, microtransactions and downloadable add-on content) accounted for 39% of digitally-delivered net revenue, or 20% of total net revenue. The largest contributors to digitally-delivered net revenue in fiscal third quarter 2017 were Grand Theft Auto V and Grand Theft Auto Online, Sid Meier’s Civilization VI, and NBA 2K17.
Net loss narrowed to $29.8 million, or $0.33 per diluted share, as compared to $42.4 million, or $0.51 per diluted share, for the year-ago period.
Net cash provided by operating activities grew 72% to $291.0 million. As of December 31, 2016, the Company had cash and short-term investments of $1.444 billion.
As previously announced, starting with this quarter’s results, Take-Two will no longer report Non-GAAP Cost of Goods Sold, Non-GAAP Gross Profit, Non-GAAP Income from Operations, Non-GAAP Net Income, and Non-GAAP Net Income Per Share on either a historical basis or in its financial outlook. The Company will continue to disclose data, as set forth below, together with its management reporting tax rate of 22%, that are used internally by its management and Board of Directors to adjust its GAAP financial results in order to facilitate comparison of the Company’s operating performance between periods and to better understand its core business and future outlook:
Three Months Ended December 31, 2016 Financial DataStatement of Operations
Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Non-cash amortization of discount on Convertible Notes
Acquisition related expenses
Net revenue $ 476,473 268,350 Cost of goods sold 311,074 118,126 (6,022 ) Gross profit 165,399 150,224 6,022 Total operating expenses 193,808 (16,067 ) (317 ) Loss from operations (28,409 ) 150,224 22,089 317 Interest and other, net (3,715 ) 4,922 Loss before income taxes (32,124 ) 150,224 22,089 4,922 317 Loss per share Basic and diluted $ (0.33 )Take-Two’s basic and diluted net loss per share for fiscal third quarter 2017 was calculated using the Company’s basic share count of 90.4 million. For management reporting purposes, the Company calculates diluted net income per share using its fully diluted share count of 115.3 million and adds back to net income interest expense, net of tax, on the convertible notes of $1.2 million.
Operational Metric - Bookings
Total bookings grew 51% to $719.0 million, as compared to $475.5 million during last year’s fiscal third quarter. The largest contributors to bookings were Grand Theft Auto V and Grand Theft Auto Online, Mafia III, NBA 2K17, WWE 2K17 and Sid Meier’s Civilization VI. Catalog accounted for $261.6 million of bookings led by Grand Theft Auto. Digitally-delivered bookings grew 66% to $336.3 million, as compared to $203.0 million in last year’s fiscal third quarter, led by Grand Theft Auto V and Grand Theft Auto Online, NBA 2K17, Sid Meier’s Civilization VI and Mafia III. Bookings from recurrent consumer spending (virtual currency, microtransactions and downloadable add-on content) grew 55% year-over-year and accounted for 50% of digitally-delivered bookings, or 23% of total bookings.
Management Comments
“Take-Two had a highly-successful holiday quarter,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Consumer demand for our new releases and catalog titles was strong throughout the period, and players continued to engage significantly with our games after purchase. As a result, we delivered better-than-expected bookings, including our best-ever quarter for recurrent consumer spending, along with double-digit growth in both net revenue and net cash provided by operating activities.
“Last week, we deployed a portion of our Company’s cash on hand to acquire Social Point, a highly-successful free-to-play mobile game developer that has a proven track record of growing revenues and delivering multiple hits. We are incredibly excited about this acquisition, which reflects our strategy to deploy our capital resources prudently and to take measured risks that provide immediately accretive opportunities for our business and the potential for long-term growth.
“Looking ahead, our Company has a robust long-term development pipeline and is better positioned for success than at any time in its history. We expect to grow both bookings and net cash provided by operating activities in fiscal 2018, driven by our release slate led by Rockstar Games’ highly anticipated launch of Red Dead Redemption 2.”
Business and Product Highlights
Since October 1, 2016:
Take-Two:
Rockstar Games:
2K:
Financial Outlook for Fiscal 2017
Take-Two is providing its initial financial outlook for its fiscal fourth quarter ending March 31, 2017 and is updating its financial outlook for its fiscal year ending March 31, 2017:
Fourth Quarter Ending March 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 its GAAP financial outlook in order to facilitate comparison of the Company’s operating performance between periods and to better understand its core business and future outlook:
Three Months Ending March 31, 2017
$ in millionsGAAP Outlook (2)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amortization of discount on Convertible Notes
Amortization of Intangible Assets
Acquisition related expenses
Net revenue $542 to $592 ($225) Cost of goods sold $248 to $278 ($120) ($1) ($3) Operating Expenses $140 to $150 ($17) ($2) ($1) Interest and other, net $3 ($3) Income (loss) before income taxes $151 to $161 ($105) $18 $3 $5 $1Fiscal Year Ending March 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 its GAAP financial outlook in order to facilitate comparison of the Company’s operating performance between periods and to better understand its core business and future outlook:
Twelve Months Ending March 31, 2017
$ in millionsGAAP Outlook (2)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amortization of discount on Convertible Notes
Gain on Long-Term Investment
Amortization of Intangible Assets
Acquisition related expenses
Net revenue $1,750 to $1,800 $65 Cost of goods sold $956 to $986 $0 ($17) ($3) Operating Expenses $660 to $670 ($57) ($2) ($1.5) Interest and other, net $17 ($21) $2 Income (loss) before income taxes $117 to $127 $65 $74 $21 ($2) $5 $1.5 1) Includes 102.0 million basic shares, 1.4 million participating shares and 13.0 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 $0.6 million. 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 0.9 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. 4) For the fiscal year ending March 31, 2017, the Company’s fully diluted share count used for management reporting purposes is expected to be 115.5 million, which includes 92.0 million basic shares, 1.6 million participating shares and 21.9 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 $4.8 million. Take-Two’s GAAP net income per diluted share outlook is calculated using a diluted share count of 93.6 million (basic shares plus participating shares), because using the “if-converted” method and the Company’s fully diluted share count of 115.5 million would have been anti-dilutive.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 October 1, 2016:
Label
Title
Platforms
Release Date
2KMafia III
PS4, Xbox One, PC October 7, 2016 2KMafia III Rivals
iOS, Android October 7, 2016 2KWWE 2K17
PS4, PS3, Xbox One, Xbox 360 October 11, 2016 2KWWE 2K17: Accelerator (DLC)
PS4, PS3, Xbox One, Xbox 360 October 11, 2016 2KWWE 2K17: MyPlayer Kickstart (DLC)
PS4, Xbox One October 11, 2016 2KWWE 2K17: NXT Legacy Pack (DLC)
PS3, Xbox 360 October 11, 2016 2KNHL SuperCard 2017
iOS, Android October 13, 2016 2KSid Meier’s Civilization VI
PC October 21, 2016 2KCarnival Games VR
HTC Vive, PlayStation VR October 28, 2016 2KWWE 2K17: NXT Enhancement Pack (DLC)
PS4, Xbox One November 15, 2016 2KWWE SuperCard - Season 3
iOS, Android November 17, 2016 2KWWE 2K17: Legends Pack (DLC)
PS4, PS3, Xbox One, Xbox 360 November 22, 2016 2KNBA 2K VR Experience
HTC Vive, PlayStation VR, Oculus Rift November 22, 2016 2KCarnival Games VR
Oculus Rift December 6, 2016 Rockstar GamesBully: Anniversary Edition
iOS, Android December 8, 2016 2KWWE 2K17: New Moves Pack (DLC)
PS4, PS3, Xbox One, Xbox 360 December 13, 2016 2KSid Meier’s Civilization VI: Viking Scenario Pack (DLC)
PC December 20, 2016 2KSid Meier’s Civilization VI: Poland Civilization & Scenario Pack (DLC)
PC December 20, 2016 2KWWE 2K17: Future Stars Pack (DLC)
PS4, PS3, Xbox One, Xbox 360 January 17, 2017Take-Two's lineup of future titles announced to date includes:
Label
Title
Platforms
Release Date
2KNBA 2K18
PS4, PS3, Xbox One, Xbox 360, Switch, PC, iOS, Android Fall 2017 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.
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 December 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," “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 (Unaudited) (in thousands, except per share amounts) Three months ended December 31, Nine months ended December 31, 2016 2015 2016 2015 Net revenue $ 476,473 $ 414,221 $ 1,208,192 $ 1,036,492 Cost of goods sold: Internal royalties 103,613 95,311 240,711 256,058 Software development costs and royalties 109,900 61,653 218,753 152,160 Product costs 70,089 74,934 170,127 153,652 Licenses 27,472 25,963 78,468 42,546 Total cost of goods sold 311,074 257,861 708,059 604,416 Gross profit 165,399 156,360 500,133 432,076 Selling and marketing 95,820 59,846 247,141 160,289 General and administrative 52,939 49,061 149,367 148,057 Research and development 37,589 27,944 101,494 86,499 Business reorganization - 71,172 - 71,172 Depreciation and amortization 7,460 7,534 22,329 21,462 Total operating expenses 193,808 215,557 520,331 487,479 Loss from operations (28,409 ) (59,197 ) (20,198 ) (55,403 ) Interest and other, net (3,715 ) (8,018 ) (15,298 ) (23,948 ) Gain on long-term investment - - 1,350 - Loss before income taxes (32,124 ) (67,215 ) (34,146 ) (79,351 ) Benefit from income taxes (2,282 ) (24,802 ) (2,169 ) (24,650 ) Net loss $ (29,842 ) $ (42,413 ) $ (31,977 ) $ (54,701 ) Loss per share: Basic and diluted loss per share $ (0.33 ) $ (0.51 ) $ (0.37 ) $ (0.66 ) Weighted average shares outstanding: Basic and Diluted 90,428 83,426 86,796 83,338 Computation of Basic and Diluted EPS: Net loss for basic and diluted EPS calculation $ (29,842 ) $ (42,413 ) $ (31,977 ) $ (54,701 ) Weighted average common shares outstanding - basic and diluted 90,428 83,426 86,796 83,338 Basic and diluted loss per share $ (0.33 ) $ (0.51 ) $ (0.37 ) $ (0.66 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) December 31, March 31, 2016 2016 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 1,039,430 $ 798,742 Short-term investments 404,523 470,820 Restricted cash 278,541 261,169Accounts receivable, net of allowances of $107,347 and $45,552 at December 31, 2016 and March 31, 2016, respectively
327,430 168,527 Inventory 26,665 15,888 Software development costs and licenses 126,185 178,387 Deferred cost of goods sold 177,946 98,474 Prepaid expenses and other 70,456 53,269 Total current assets 2,451,176 2,045,276 Fixed assets, net 65,799 77,127 Software development costs and licenses, net of current portion 327,117 214,831 Deferred cost of goods sold, net of current portion - 17,915 Goodwill 213,522 217,080 Other intangibles, net 3,211 4,609 Other assets 28,274 13,439 Total assets $ 3,089,099 $ 2,590,277 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 54,248 $ 30,448 Accrued expenses and other current liabilities 736,176 607,479 Deferred revenue 1,073,393 582,484 Total current liabilities 1,863,817 1,220,411 Long-term debt 258,876 497,935 Non-current deferred revenue 11,255 216,319 Other long-term liabilities 134,230 74,227 Total liabilities 2,268,178 2,008,892 Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - - Common stock, $.01 par value, 200,000 shares authorized; 117,990 and 103,765 shares issued and 100,798 and 86,573 outstanding at December 31, 2016 and March 31, 2016, respectively 1,180 1,038 Additional paid-in capital 1,370,278 1,088,628 Treasury stock, at cost; 17,192 common shares at December 31, 2016 and March 31, 2016, respectively (303,388 ) (303,388 ) Accumulated deficit (198,974 ) (166,997 ) Accumulated other comprehensive loss (48,175 ) (37,896 ) Total stockholders' equity 820,921 581,385 Total liabilities and stockholders' equity $ 3,089,099 $ 2,590,277 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine months ended December 31, 2016 2015 Operating activities: Net loss $ (31,977 ) $ (54,701 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization and impairment of software development costs and licenses 130,019 83,056 Depreciation and amortization 22,329 21,462 Amortization and impairment of intellectual property 1,398 160 Stock-based compensation 55,421 54,144 Amortization of discount on Convertible Notes 17,870 17,454 Amortization of debt issuance costs 1,078 1,181 Other, net (3,604 ) 2,573 Changes in assets and liabilities: Restricted cash (17,372 ) (34,411 ) Accounts receivable (160,095 ) (46,227 ) Inventory (15,876 ) (374 ) Software development costs and licenses (194,422 ) (170,074 ) Prepaid expenses, other current and other non-current assets (31,460 ) (6,514 ) Deferred revenue 302,728 184,955 Deferred cost of goods sold (66,502 ) (54,418 ) Accounts payable, accrued expenses and other liabilities 230,067 190,557 Net cash provided by operating activities 239,602 188,823 Investing activities: Change in bank time deposits 66,841 (189,564 ) Proceeds from available-for-sale securities 101,357 19,014 Purchases of available-for-sale securities (104,357 ) (25,768 ) Purchases of fixed assets (14,369 ) (28,579 ) Proceeds from sale of long-term investments 1,350 - Purchase of long-term investments (1,885 ) - Business acquisitions, net of cash acquired (750 ) - Net cash provided by (used in) investing activities 48,187 (224,897 ) Financing activities: Excess tax benefit from stock-based compensation 1,499 1,509 Tax payment related to net share settlements on restricted stock awards (36,734 ) (14,506 ) Repurchase of common stock - (26,552 ) Net cash used in financing activities (35,235 ) (39,549 ) Effects of foreign exchange rates on cash and cash equivalents (11,866 ) (256 ) Net increase (decrease) in cash and cash equivalents 240,688 (75,879 ) Cash and cash equivalents, beginning of year 798,742 911,120 Cash and cash equivalents, end of period $ 1,039,430 $ 835,241 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Three Months EndedDecember 31, 2016
Three Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Geographic Region United States $ 257,504 54% $ 218,386 53% International 218,969 46% 195,835 47% Total net revenues 476,473 100% 414,221 100% Change in Deferred Net Revenues United States $ 139,410 $ 63,314 International 128,940 9,256 Total changes in deferred net revenues 268,350 72,570 Three Months EndedDecember 31, 2016
Three Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Distribution Channel Digital online $ 240,213 50% $ 146,449 35% Physical retail and other 236,260 50% 267,772 65% Total net revenues 476,473 100% 414,221 100% Change in Deferred Net Revenues Digital online $ 117,222 $ 67,170 Physical retail and other 151,128 5,400 Total changes in deferred net revenues 268,349 72,570 Three Months EndedDecember 31, 2016
Three Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Platform Mix Console $ 354,220 74% $ 355,235 86% PC and other 122,253 26% 58,986 14% Total net revenues 476,473 100% 414,221 100% Change in Deferred Net Revenues Console $ 246,223 $ 64,623 PC and other 22,127 7,947 Total changes in deferred net revenues 268,350 72,570 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Nine Months EndedDecember 31, 2016
Nine Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Geographic Region United States $ 703,088 58% $ 546,926 53% International 505,104 42% 489,566 47% Total net revenues 1,208,192 100% 1,036,492 100% Change in Deferred Net Revenues United States $ 135,035 $ 101,929 International 153,592 79,693 Total changes in deferred net revenues 288,627 181,622 Nine Months EndedDecember 31, 2016
Nine Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Distribution Channel Digital online $ 643,051 53% $ 502,860 49% Physical retail and other 565,141 47% 533,632 51% Total net revenues 1,208,192 100% 1,036,492 100% Change in Deferred Net Revenues Digital online $ 139,726 $ 105,734 Physical retail and other 148,901 75,888 Total changes in deferred net revenues 288,627 181,622 Nine Months EndedDecember 31, 2016
Nine Months EndedDecember 31, 2015
Amount % of Total Amount % of Total Net Revenues by Platform Mix Console $ 961,285 80% $ 878,838 85% PC and other 246,907 20% 157,654 15% Total net revenues 1,208,192 100% 1,036,492 100% Change in Deferred Net Revenues Console $ 274,386 $ 42,940 PC and other 14,241 138,682 Total changes in deferred net revenues 288,627 181,622 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES SELECTED DATA (in thousands) Three Months Ended December 31, 2016 Net RevenuesCost 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
As reported $ 476,473 $ 103,613 $ 109,900 $ 70,089 $ 27,472 Net effect from deferral and related cost of goods sold 268,350 - 58,902 47,271 11,953 Stock-based compensation (6,022 ) Three Months Ended December 31, 2016Selling and Marketing
General and Administrative
Research and Development
Depreciation and Amortization
Interest and Other, net
As reported $ 95,820 $ 52,939 $ 37,589 $ 7,460 $ (3,715 ) Stock-based compensation (2,441 ) (10,382 ) (3,244 ) Non-cash amortization of discount on Convertible Notes 4,922 Acquisition related expenses (317 ) Three Months Ended December 31, 2015 Net RevenuesCost 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
As reported $ 414,221 $ 95,311 $ 61,653 $ 74,934 $ 25,963 Net effect from deferral and related cost of goods sold 72,570 (1,864 ) 6,186 10,564 Stock-based compensation (4,131 ) Three Months Ended December 31, 2015Selling and Marketing
General and Administrative
Research and Development
Business Reorganization
Depreciation and Amortization
Interest and Other, net
As reported $ 59,846 $ 49,061 $ 27,944 $ 71,172 $ 7,534 $ (8,018 ) Stock-based compensation (2,363 ) (11,761 ) (482 ) Non-cash amortization of discount on Convertible Notes 5,910 Impact of business reorganization (71,172 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES SELECTED DATA (in thousands) Nine Months Ended December 31, 2016 Net RevenuesCost 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
As reported $ 1,208,192 $ 240,711 $ 218,753 $ 170,127 $ 78,468 Net effect from deferral and related cost of goods sold 288,627 - 60,971 50,071 11,239 Stock-based compensation (15,974 ) Nine Months Ended December 31, 2016Selling and Marketing
General and Administrative
Research and Development
Depreciation and Amortization
Interest and Other, net
As reported $ 247,141 $ 149,367 $ 101,494 $ 22,329 $ (15,298 ) Stock-based compensation (7,269 ) (26,851 ) (5,317 ) Non-cash amortization of discount on Convertible Notes 17,903 Acquisition related expenses (317 ) Nine Months Ended December 31, 2015 Net RevenuesCost 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
As reported $ 1,036,492 $ 256,058 $ 152,160 $ 153,652 $ 42,546 Net effect from deferral and related cost of goods sold 181,622 8,364 22,302 33,382 Stock-based compensation (12,935 ) Nine Months Ended December 31, 2015Selling and Marketing
General and Administrative
Research and Development
Business Reorganization
Depreciation and Amortization
Interest and Other, net
As reported $ 160,289 $ 148,057 $ 86,499 $ 71,172 $ 21,462 ($ 23,948 ) Stock-based compensation (6,859 ) (31,324 ) (3,026 ) Non-cash amortization of discount on Convertible Notes 17,454 Impact of business reorganization (1,228 ) (71,172 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20170207006273/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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