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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 |
GAAP net revenue grew to $2.668 billion
GAAP net income increased to $2.90 per diluted share
GAAP net cash provided by operating activities increased 71% to $843.5 million
Adjusted Operating Cash Flow (Non-GAAP) increased 82% to $715.5 million
Net Bookings grew 47% to $2.929 billion
Repurchased 3.72 million shares of common stock for $362.4 million during fiscal year 2019, including 1.12 million shares for $100.0 million during the fiscal fourth quarter
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fourth quarter and fiscal year 2019, ended March 31, 2019, and provided its initial outlook for its fiscal first quarter 2020, ending June 30, 2019, and fiscal year 2020, ending March 31, 2020.
Fiscal Fourth Quarter 2019 Financial Highlights
On April 1, 2018, the Company adopted FASB ASU 2014-09 (Topic 606), Revenue from Contracts with Customers. Topic 606 significantly changes how the Company recognizes and reports net revenue and net income; however, it does not materially impact Net Bookings (our operational metric). Financial data for periods prior to April 1, 2018 have not been restated.
GAAP net revenue grew to $539.0 million, as compared to $450.3 million in last year’s fiscal fourth quarter. Recurrent consumer spending (virtual currency, add-on content and in-game purchases) increased and accounted for 54% of total GAAP net revenue. The largest contributors to GAAP net revenue in fiscal fourth quarter 2019 were NBA® 2K19, Grand Theft Auto® Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Sid Meier’s Civilization® VI, Dragon City and Monster Legends, and WWE® SuperCard and WWE 2K19.
Digitally-delivered GAAP net revenue grew to $413.5 million, as compared to $301.4 million in last year’s fiscal fourth quarter, and accounted for 77% of total GAAP net revenue. The largest contributors to digitally-delivered GAAP net revenue in fiscal fourth quarter 2019 were NBA 2K19, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Sid Meier’s Civilization VI, Dragon City and Monster Legends, and WWE SuperCard and WWE 2K19.
GAAP net income was $56.8 million, or $0.50 per diluted share, as compared to $90.9 million, or $0.77 per diluted share, for the year-ago period.
The following data, together with a management reporting tax rate of 20%, 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 March 31, 2019
Financial Data
$ in thousandsStatement of operations
Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Impact of business reorganization
Amortization & impairment of acquired intangible assets
Net revenue $ 539,007 (50,596 ) Cost of goods sold 258,915 (17,606 ) (41,335 ) (3,919 ) Gross profit 280,092 (32,990 ) 41,335 3,919 Operating expenses 222,031 (27,754 ) (1,214 ) (1,702 ) Income from operations 58,061 (32,990 ) 69,089 1,214 5,621 Interest and other, net 6,466 3,419 Income before income taxes 64,527 (29,571 ) 69,0891,214
5,621In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 113.9 million.
Fiscal Fourth Quarter Operational Metric – Net Bookings
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.
Total Net Bookings grew 19% to $488.4 million, as compared to $411.4 million during last year’s fiscal fourth quarter. Net Bookings from recurrent consumer spending grew 27% year-over-year and accounted for 62% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K19, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Sid Meier’s Civilization VI, Dragon City and Monster Legends, and WWE SuperCard and WWE 2K19.
Catalog accounted for $254.5 million of Net Bookings led by Grand Theft Auto, Sid Meier’s Civilization VI, and Dragon City and Monster Legends.
Digitally-delivered Net Bookings grew 26% to $419.0 million, as compared to $333.1 million in last year’s fiscal fourth quarter, and accounted for 86% of total Net Bookings. The largest contributors to digitally-delivered Net Bookings in fiscal fourth quarter 2019 were NBA 2K19, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Sid Meier’s Civilization VI, Dragon City and Monster Legends, and WWE SuperCard and WWE 2K19.
Fiscal Year 2019 Financial Highlights
GAAP net revenue grew to $2.668 billion, as compared to $1.793 billion in fiscal year 2018. Recurrent consumer spending increased and accounted for 40% of total GAAP net revenue. The largest contributors to GAAP net revenue in fiscal year 2019 were Red Dead Redemption 2 and Red Dead Online, Grand Theft Auto Online and Grand Theft Auto V, NBA 2K19 and NBA 2K18, WWE 2K19 and WWE SuperCard, Dragon City and Monster Legends, and Sid Meier’s Civilization VI.
Digitally-delivered GAAP net revenue grew to $1.682 billion, as compared to $1.131 billion in fiscal year 2018, and accounted for 63% of total GAAP net revenue. The largest contributors to digitally-delivered GAAP net revenue in fiscal year 2019 were Grand Theft Auto Online and Grand Theft Auto V, NBA 2K19 and NBA 2K18, Red Dead Redemption 2 and Red Dead Online, Monster Legends and Dragon City, WWE SuperCard and WWE 2K19, and Sid Meier’s Civilization VI.
GAAP net income increased to $333.8 million, or $2.90 per diluted share, as compared to $173.5 million, or $1.54 per diluted share, in fiscal year 2018. GAAP net income for fiscal year 2019 included a favorable impact from the release of certain valuation allowances on the Company's deferred tax assets resulting in the recognition of a $107.1 million tax benefit.
GAAP net cash provided by operating activities increased 71% to $843.5 million, as compared to $493.5 million in fiscal year 2018. Adjusted Operating Cash Flow (Non-GAAP), which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash, increased 82% to $715.5 million, as compared to $393.9 million in the same period last year (please see the section below titled “Non-GAAP Financial Measure” for additional information). As of March 31, 2019, the Company had cash and short-term investments of $1.571 billion.
The following data, together with a management reporting tax rate of 20%, 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:
Twelve Months Ended March 31, 2019
Financial Data
$ in thousandsStatement of operations
Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Impact of business reorganization
Amortization & impairment of acquired intangible assets
Non-cash amounts related to convertible notes
Net revenue $ 2,668,394 260,330 Cost of goods sold 1,523,644 66,614 (149,075 ) (16,290 ) Gross profit 1,144,750 193,716 149,075 16,290 Operating expenses 938,078 (98,625 ) 4,958 (6,943 ) Income from operations 206,672 193,716 247,700 (4,958 ) 23,233 Interest and other, net 26,113 2,508 91 Income before income taxes 232,785 196,224 247,700(4,958
)
23,23391
In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 115.2 million.
Fiscal Year 2019 Operational Metric – Net Bookings
Total Net Bookings grew 47% to $2.929 billion, as compared to $1.991 billion in fiscal year 2018. Net Bookings from recurrent consumer spending grew 20% and accounted for 39% of total Net Bookings. The largest contributors to Net Bookings were Red Dead Redemption 2 and Red Dead Online, NBA 2K19 and NBA 2K18, Grand Theft Auto Online and Grand Theft Auto V, WWE 2K19 and WWE SuperCard, Dragon City and Monster Legends, and Sid Meier’s Civilization VI.
Digitally-delivered Net Bookings grew 33% to $1.802 billion, as compared to $1.350 billion in fiscal year 2018, and accounted for 62% of total Net Bookings. The largest contributors to digitally-delivered Net Bookings in fiscal year 2019 were NBA 2K19 and NBA 2K18, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Dragon City and Monster Legends, WWE SuperCard and WWE 2K19, and Sid Meier’s Civilization VI.
Management Comments
“Take-Two finished a stellar year with strong fourth quarter operating results highlighted by the outperformance of Grand Theft Auto Online and Grand Theft Auto V, as well as NBA 2K19, and significant ongoing sales of our blockbuster hit, Red Dead Redemption 2,” said Strauss Zelnick, Chairman and CEO of Take-Two. “For the full fiscal year, our Company delivered record Net Bookings and Adjusted Operating Cash Flow, which exceeded our outlook at the start of the year, along with strong earnings growth driven by the record-breaking launch of Red Dead Redemption 2, the outstanding performance of NBA 2K, and better-than expected results from Grand Theft Auto Online and Grand Theft Auto V.
“We expect fiscal 2020 to be another strong year for Take-Two, with operating results currently forecasted to be lower than fiscal 2019, due to the extraordinary success of Red Dead Redemption 2, and growing as compared to fiscal 2018.
“Take-Two has the strongest development pipeline in its history, including sequels from our biggest franchises as well as exciting new IP. In addition, we are actively investing in emerging opportunities such as Private Division, mobile games, eSports and geographic expansion that have the potential to be enormous drivers of growth. We are exceedingly well positioned to generate significant growth and margin expansion over the long-term.”
Business and Product Highlights
Since January 1, 2019:
Take-Two:
Rockstar Games:
2K:
Private Division:
Social Point:
* According to 2000 - 2019 Metacritic.com and Gamerankings.com.
Outlook for Fiscal 2020
Take-Two is providing its initial outlook for its fiscal first quarter ending June 30, 2019 and its fiscal year ending March 31, 2020:
First Quarter Ending June 30, 2019
The Company is also providing selected data and its management reporting tax rate of 17%, which 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 June 30, 2019
Financial Data
$ in millions GAAP outlook (3)Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Amortization of acquired intangible assets
Net revenue $485 to $535 ($175) Cost of goods sold $165 to $191 ($30) ($18) ($2) Operating Expenses $246 to $256 ($24) ($2) Interest and other, net ($11) Income before income taxes $85 to $99 ($145) $42 $4Fiscal Year Ending March 31, 2020
The Company is also providing selected data and its management reporting tax rate of 17%, which 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, 2020
Financial Data
$ in millionsGAAP outlook (3)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Amortization of acquired intangible assets
Net revenue $2,700 to $2,800 ($200) Cost of goods sold $1,241 to $1,287 ($100) ($75) ($10) Operating Expenses $1,056 to $1,076 ($79) ($7) Interest and other, net ($44) Income before income taxes $447 to $481 ($100) $154 $17 1) Includes 112.7 million basic shares and 1.0 million shares representing the potential dilution from unvested employee stock grants. 2) Includes 112.7 million basic shares. 3) 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. 4) Includes 113.1 million basic shares and 1.5 million shares representing the potential dilution from unvested employee stock grants. 5) Includes a $20.0 million net decrease in restricted cash for fiscal 2020.Key assumptions and dependencies underlying the Company’s outlook include: the timely delivery of the titles included in this financial outlook; continued consumer acceptance of Xbox One and PlayStation 4; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following titles were released since January 1, 2019:
Label
Title
Platforms
Release Date
2KWWE 2K19: Rising Stars Pack (DLC)
PS4, Xbox One, PC January 22, 2019 Social PointTasty Town
iOS, Android January 31, 2019 2KSid Meier’s Civilization VI: Gathering Storm (Expansion Pack)
PC February 14, 2019 Private DivisionKerbal Space Program: History & Parts Pack (DLC)
PS4, Xbox One March 28, 2019 2KBorderlands: Game of the Year Edition
PS4, Xbox One, PC April 3, 2019 2KNBA 2K Mobile
Android April 17,2019 Social PointWord Life
iOS, Android May 9, 2019 Take-Two's lineup of future titles announced to date includes:Label
Title
Platforms
Release Date
Private DivisionKerbal Space Program: Breaking Ground (DLC)
PC May 30, 2019 2KBorderlands 3
PS4, Xbox One, PC September 13, 2019 2KNBA 2K20
TBA TBA 2KWWE 2K20
TBA TBA Private DivisionAncestors: The Humankind Odyssey
PS4, Xbox One, PC (digital only) 2019 (fiscal 2020) Private DivisionThe Outer Worlds
PS4, Xbox One, PC 2019 (fiscal 2020)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 Measure
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses a Non-GAAP measure of financial performance: Adjusted Operating Cash Flow, which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash. The Company’s management believes it is important to consider Adjusted Operating Cash Flow, in addition to net cash from operating activities, as it provides more transparency into current business trends without regard to the timing of payments from restricted cash, which is primarily related to a dedicated account limited to the payment of certain internal royalty obligations.
This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure 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 this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company's operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.
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 period ended March 31, 2019.
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 wholly-owned labels Rockstar Games and 2K, as well as its Private Division label and Social Point, a leading developer of mobile games. 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 March 31, Twelve months ended March 31, 2019 2018 2019 2018 Net revenue $ 539,007 $ 450,274 $ 2,668,394 $ 1,792,892 Cost of goods sold: Internal royalties 74,142 88,271 610,804 383,020 Software development costs and royalties 111,596 26,981 449,198 191,400 Product costs 44,914 47,177 322,148 203,301 Licenses 28,263 26,782 141,494 120,590 Total cost of goods sold 258,915 189,211 1,523,644 898,311 Gross profit 280,092 261,063 1,144,750 894,581 Selling and marketing 77,607 47,451 391,400 256,092 General and administrative 75,541 60,450 281,234 247,828 Research and development 56,588 54,128 230,170 196,373 Depreciation and amortization 11,081 9,479 40,232 43,969 Business reorganization 1,214 1,730 (4,958 ) 14,742 Total operating expenses 222,031 173,238 938,078 759,004 Income from operations 58,061 87,825 206,672 135,577 Interest and other, net 6,466 3,451 26,113 1,048 Income before income taxes 64,527 91,276 232,785 136,625 Provision for (benefit from) income taxes 7,698 423 (101,052 ) (36,908 ) Net income $ 56,829 $ 90,853 $ 333,837 $ 173,533 173,533 Earnings per share: Basic earnings per share $ 0.50 $ 0.80 $ 2.95 $ 1.57 Diluted earnings per share $ 0.50 $ 0.77 $ 2.90 $ 1.54 Weighted average shares outstanding: Basic 112,614 113,330 113,176 110,210 Diluted 113,939 118,675 115,198 112,864 Computation of Basic EPS: Net income $ 56,829 $ 90,853 $ 333,837 $ 173,533 Less: net income allocated to participating securities - (82 ) - (159 ) Net income for basic EPS calculation $ 56,829 $ 90,771 $ 333,837 $ 173,374 Weighted average shares outstanding - basic 112,614 113,330 113,176 110,210 Less: weighted average participating shares outstanding - (102 ) - (101 ) Weighted average common shares outstanding - basic 112,614 113,228 113,176 110,109 Basic earnings per share $ 0.50 $ 0.80 $ 2.95 $ 1.57 Computation of Diluted EPS: Net income $ 56,829 $ 90,853 $ 333,837 $ 173,533 Less: net income allocated to participating securities - (78 ) - (155 ) Add: interest expense, net of tax, on Convertible Notes - 249 - - Net income for diluted EPS calculation $ 56,829 $ 91,024 $ 333,837 $ 173,378 Weighted average common shares outstanding - basic 112,614 113,228 113,176 110,109 Add: dilutive effect of common stock equivalents 1,325 5,447 2,022 2,755 Total weighted average shares outstanding - diluted 113,939 118,675 115,198 112,864 Less: weighted average participating shares outstanding - (102 ) - (101 ) Weighted average common shares outstanding - diluted 113,939 118,573 115,198 112,763 Diluted earnings per share $ 0.50 $ 0.77 $ 2.90 $ 1.54 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) March 31, March 31, 2019 2018 ASSETS Current assets: Cash and cash equivalents $ 826,525 $ 808,973 Short-term investments 744,485 615,406 Restricted cash 565,461 437,398Accounts receivable, net of allowances of $995 and $54,290 at March 31, 2019 and 2018, respectively
395,729 247,649 Inventory 28,200 15,162 Software development costs and licenses 28,880 33,284 Deferred cost of goods sold 51,867 117,851 Prepaid expenses and other 186,688 133,454 Total current assets 2,827,835 2,409,177 Fixed assets, net 127,882 102,478 Software development costs and licenses, net of current portion 603,436 639,369 Deferred cost of goods sold, net of current portion 1,028 26,719 Goodwill 381,717 399,530 Other intangibles, net 73,115 103,681 Deferred tax assets 134,732 4,930 Other assets 93,320 51,957 Total assets $ 4,243,065 $ 3,737,841 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 72,797 $ 35,029 Accrued expenses and other current liabilities 1,035,695 914,748 Deferred revenue 843,302 777,152 Total current liabilities 1,951,794 1,726,929 Long-term debt - 8,068 Non-current deferred revenue 21,058 355,589 Other long-term liabilities 229,633 158,285 Total liabilities 2,202,485 2,248,871 Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - — Common stock, $.01 par value, 200,000 shares authorized; 134,602 and 132,743 shares issued and 112,181 and 114,038 outstanding at March 31, 2019 and, 2018, respectively 1,346 1,327 Additional paid-in capital 2,019,369 1,888,039 Treasury stock, at cost; 22,421 and 18,705 common shares at March 31, 2019 and, 2018, respectively (820,572 ) (458,180 ) Retained earnings 877,626 73,516 Accumulated other comprehensive loss (37,189 ) (15,732 ) Total stockholders' equity 2,040,580 1,488,970 Total liabilities and stockholders' equity $ 4,243,065 $ 3,737,841TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve months ended March 31, 2019 2018(as adjusted) (1)
Operating activities:
Net income $ 333,837 $ 173,533 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and impairment of software development costs and licenses 201,221 77,887 Depreciation 39,726 32,202 Amortization of intellectual property 23,879 34,830 Impairment of in-process research and development - 11,257 Stock-based compensation 247,700 116,349 Deferred income taxes 110,603 (32,523 ) Amortization of discount on Convertible Notes 91 15,662 Gain on redemption of Convertible Notes - (4,900 ) Amortization of debt issuance costs 809 578 Other, net (225 ) 6,375 Changes in assets and liabilities, net of impact of adoption of Topic 606: Accounts receivable (98,075 ) (26,998 ) Inventory (14,403 ) 3,917 Software development costs and licenses (206,831 ) (225,269 ) Prepaid expenses and other current and other non-current assets (275,800 ) (74,544 ) Deferred revenue 304,713 198,397 Deferred cost of goods sold (24,882 ) (11,959 ) Accounts payable, accrued expenses and other liabilities 201,152 198,733 Net cash provided by operating activities 843,515 493,527Investing activities:
Change in bank time deposits (171,057 ) (40,918 ) Proceeds from available-for-sale securities 325,133 241,012 Purchases of available-for-sale securities (282,534 ) (369,998 ) Purchases of fixed assets (66,969 ) (61,557 ) Purchase of long-term investments - (5,000 ) Asset acquisition - (25,965 ) Business acquisition (28,149 ) (9,401 ) Net cash used in investing activities (223,576 ) (271,827 )Financing activities:
Tax payment related to net share settlements on restricted stock awards (101,293 ) (112,884 ) Repurchase of common stock (362,392 ) (154,792 ) Other - (13,791 ) Net cash used in financing activities (463,685 ) (281,467 ) Effects of foreign currency exchange rates on cash and cash equivalents (10,639 ) 24,924 Net change in cash and cash equivalents and restricted cash 145,615 (34,843 ) Cash and cash equivalents and restricted cash, beginning of year 1,246,371 1,281,214 Cash and cash equivalents and restricted cash, end of period $ 1,391,986 $ 1,246,371 (1) During Q1 FY19, the Company adopted Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash and applied that standard retroactively. The application of this new standard resulted in a decrease to net cash from operating activities of $128.1 million in FY19 and a decrease of $99.6 million in FY18, which are reflected herein. TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Three Months EndedMarch 31, 2019
Three Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by geographic region United States $ 274,621 51% $ 255,710 57% International 264,386 49% 194,564 43% Total net revenue $ 539,007 100% $ 450,274 100% Net bookings by geographic region United States $ 284,209 58% $ 232,272 56% International 204,201 42% 179,096 44% Total net bookings $ 488,410 100% $ 411,369 100% Three Months EndedMarch 31, 2019
Three Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by distribution channel Digital online $ 413,469 77% $ 301,382 67% Physical retail and other 125,538 23% 148,892 33% Total net revenue $ 539,007 100% $ 450,274 100% Net bookings by distribution channel Digital online $ 418,993 86% $ 333,135 81% Physical retail and other 69,417 14% 78,233 19% Total net bookings $ 488,410 100% $ 411,369 100% Three Months EndedMarch 31, 2019
Three Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by platform mix Console $ 422,432 78% $ 363,464 81% PC and other 116,575 22% 86,810 19% Total net revenue $ 539,007 100% $ 450,274 100% Net bookings by platform mix Console $ 364,873 75% $ 313,368 76% PC and other 123,537 25% 98,000 24% Total net bookings $ 488,410 100% $ 411,368 100% TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix (in thousands) Twelve Months EndedMarch 31, 2019
Twelve Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by geographic region United States $ 1,426,907 53% $ 1,052,313 59% International 1,241,487 47% 740,579 41% Total net revenue $ 2,668,394 100% $ 1,792,892 100% Net bookings by geographic region United States $ 1,606,675 55% $ 1,161,502 58% International 1,322,049 45% 829,100 42% Total net bookings $ 2,928,724 100% $ 1,990,602 100% Twelve Months EndedMarch 31, 2019
Twelve Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by distribution channel Digital online $ 1,681,609 63% $ 1,130,946 63% Physical retail and other 986,785 37% 661,946 37% Total net revenue $ 2,668,394 100% $ 1,792,892 100% Net bookings by distribution channel Digital online $ 1,801,710 62% $ 1,349,508 68% Physical retail and other 1,127,014 38% 641,094 32% Total net bookings $ 2,928,724 100% $ 1,990,602 100% Twelve Months EndedMarch 31, 2019
Twelve Months EndedMarch 31, 2018
Amount % of Total Amount % of Total Net revenue by Platform Mix Console $ 2,233,861 84% $ 1,463,307 82% PC and other 434,533 16% 329,586 18% Total net revenue $ 2,668,394 100% $ 1,792,892 100% Net bookings by platform mix Console $ 2,497,157 85% $ 1,611,625 81% PC and other 431,567 15% 378,977 19% Total net bookings $ 2,928,724 100% $ 1,990,602 100% TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES ADDITIONAL DATA (in thousands)
Three Months Ended March 31, 2019
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 $ 539,007 $ 74,142 $ 111,596 $ 44,914 $ 28,263 $ 77,607 Net effect from deferral and related cost of goods sold (50,596 ) (5,455 ) (12,205 ) 54 Stock-based compensation (41,335 ) (7,363 ) Amortization and impairment of acquired intangibles (3,919 )
Three Months Ended March 31, 2019
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
As reported $ 75,541 $ 56,588 $ 11,081 $ 1,214 $ 6,466 Net effect from deferral and related cost of goods sold 3,419 Stock-based compensation (13,669 ) (6,722 ) Amortization and impairment of acquired intangibles (1,578 ) (124 ) Impact of business reorganization (1,214 )
Three Months Ended March 31, 2018
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 $ 450,274 $ 88,271 $ 26,981 $ 47,177 $ 26,782 $ 47,451 Net effect from deferral and related cost of goods sold (38,905 ) (3,244 ) (12,397 ) (9,020 ) Stock-based compensation (1,325 ) (4,471 ) Amortization and impairment of acquired intangibles (5,292 ) (852 )
Three Months Ended March 31, 2018
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
As reported $ 60,450 $ 54,128 $ 9,479 $ 1,730 $ 3,451 Stock-based compensation (9,408 ) (5,030 ) (3 ) Amortization and impairment of acquired intangibles (1,705 ) (134 ) Non-cash amounts related to convertible notes 193 Impact of business reorganization (1,727 ) Acquisition related expenses 142 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES ADDITIONAL DATA (in thousands)
Twelve Months Ended March 31, 2019
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 $ 2,668,394 $ 610,804 $ 449,198 $ 322,148 $ 141,494 $ 391,400 Net effect from deferral and related cost of goods sold 260,330 40,943 24,882 789 Stock-based compensation (149,075 ) (23,685 ) Amortization and impairment of acquired intangibles (16,290 )
Twelve Months Ended March 31, 2019
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
As reported $ 281,234 $ 230,170 $ 40,232 ($ 4,958 ) $ 26,113 Net effect from deferral and related cost of goods sold 2,508 Stock-based compensation (51,903 ) (23,037 ) Non-cash amounts related to convertible notes 91 Non-cash (gain) loss on redemption of Convertible Notes Amortization and impairment of acquired intangibles (6,437 ) (506 ) Impact of business reorganization 4,958
Twelve Months Ended March 31, 2018
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 $ 1,792,892 $ 383,020 $ 191,400 $ 203,301 $ 120,590 $ 256,092 Net effect from deferral and related cost of goods sold 197,710 (5,812 ) 6,912 5,900 Stock-based compensation (24,610 ) (13,258 ) Amortization of intangibles (19,719 ) (8,107 )
Twelve Months Ended March 31, 2018
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
As reported $ 247,828 $ 196,373 $ 43,969 $ 14,742 $ 1,048 Stock-based compensation (58,037 ) (18,020 ) (2,424 ) Non-cash amounts related to convertible notes 10,762 Acquisition related expenses 7,080 Amortization and impairment of acquired intangibles (6,494 ) (11,767 ) Impact of business reorganization (12,318 ) Other, net (93 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURE (in thousands) Twelve months ended March 31, 2019 2018 Net cash provided by operating activities $ 843,515 $ 493,527 Net change in Restricted cash (1) (128,063 ) (99,580 ) Adjusted Operating Cash Flow $ 715,452 $ 393,947 FY 2019 FY 2018 Restricted cash beginning of period (4/1) $ 437,398 $ 337,818 Restricted cash end of period (3/31) 565,461 437,398 (1) Net change in Restricted cash $ (128,063 ) ($ 99,580 )
View source version on businesswire.com: https://www.businesswire.com/news/home/20190513005780/en/
(Investor Relations)Henry A. DiamondSenior Vice PresidentInvestor Relations & Corporate CommunicationsTake-Two Interactive Software, Inc.(646) 536-3005Henry.Diamond@take2games.com(Corporate Press)Alan LewisVice PresidentCorporate Communications & Public AffairsTake-Two Interactive Software, Inc.(646) 536-2983Alan.Lewis@take2games.com
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