Non-GAAP Net Revenue Grew 97% to $2.414 Billion
Non-GAAP Net Income Increased to $4.26 Per Diluted Share
Company Provides Strong Financial Outlook for Fiscal Year 2015
NEW YORK--(BUSINESS WIRE)--May 13, 2014--
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong
financial results for its fourth quarter and record results for its
fiscal year 2014, ended March 31, 2014. In addition, the Company
provided its initial financial outlook for its first quarter and fiscal
year 2015.
Fiscal Fourth Quarter 2014
GAAP Financial Results
For fiscal fourth quarter 2014, GAAP net revenue was $195.2 million, as
compared to $299.5 million for fiscal fourth quarter 2013, which had
benefited from the release of BioShock® Infinite. GAAP net loss
from continuing operations was $30.8 million, or $0.40 per diluted
share, as compared to net income from continuing operations of $21.2
million, or $0.23 per diluted share, for the year-ago period. As of
March 31, 2014, the Company had cash and cash equivalents of $935.4
million.
Non-GAAP Financial Results
For fiscal fourth quarter 2014, Non-GAAP net revenue was $233.2 million,
as compared to $303.1 million for fiscal fourth quarter 2013. Non-GAAP
net income was $21.5 million, or $0.21 per diluted share, as compared to
$42.9 million, or $0.38 per diluted share, for the year-ago period.
The largest contributors to net revenue in fiscal fourth quarter 2014
were NBA® 2K14, Grand Theft Auto V®, Grand Theft Auto
Online, Borderlands® 2 and BioShock Infinite. Non-GAAP
net revenue from digitally-delivered content grew 51% year-over-year to
$122.3 million, led by the Grand Theft Auto series, the NBA 2K
franchise and offerings for Borderlands 2. Catalog sales
accounted for $75.7 million of Non-GAAP net revenue led by offerings for Borderlands
2, BioShock Infinite, the Grand Theft Auto series and Sid
Meier’s Civilization® V.
Fiscal Year 2014
GAAP Financial Results
For fiscal year 2014, GAAP net revenue grew 94% to a record $2.351
billion, as compared to $1.214 billion for fiscal year 2013. GAAP net
income from continuing operations increased to a record $361.7 million,
or $3.20 per diluted share, as compared to a net loss from continuing
operations of $31.2 million, or $0.36 per diluted share, for the prior
fiscal year.
Non-GAAP Financial Results
For fiscal year 2014, Non-GAAP net revenue grew 97% to a record $2.414
billion, as compared to $1.222 billion for fiscal year 2013. Non-GAAP
net income increased to a record $510.7 million, or $4.26 per diluted
share, as compared to $33.1 million, or $0.36 per diluted share, for the
prior fiscal year.
The largest contributors to net revenue in fiscal year 2014 were Grand
Theft Auto V, NBA 2K14, Borderlands 2, WWE® 2K14,
Grand Theft Auto IV, Grand Theft Auto Online, BioShock
Infinite and offerings for Sid Meier’s Civilization V.
Non-GAAP net revenue from digitally-delivered content grew 65%
year-over-year to a record $435.1 million, led by offerings for the Grand
Theft Auto series, Borderlands 2, the NBA 2K
franchise, Sid Meier’s Civilization V and BioShock Infinite.
Management Comments
“During fiscal 2014, Take-Two set new records for both our Company and
the entertainment industry,” said Strauss Zelnick, Chairman and CEO of
Take-Two. “Rockstar Games’ Grand Theft Auto V reached $1 billion
in sales faster than any entertainment release in history, NBA 2K14
enjoyed the franchise’s strongest launch, Borderlands 2 became
2K’s top-selling title, and our digitally-delivered revenue grew to its
highest level ever. As a result, we delivered record revenue, earnings
and cash flow for our shareholders.
“Over the past several years, Take-Two has been transformed into a
financially strong, global interactive entertainment company with
numerous successful franchises across a variety of genres. We also have
complemented the Company’s core business with growing profits from
recurrent consumer spending, including add-on content, virtual currency
and online gaming. The evolution of Take-Two is reflected in our strong
profit outlook for fiscal 2015 and expectation for continued Non-GAAP
profitability every year for the foreseeable future.”
Business and Product Highlights
Since January 1, 2014:
-
Take-Two was the top console and handheld video game publisher of 2013
in North America and Latin America.*
Rockstar Games:
-
Grand Theft Auto V was the best-selling console video game of
2013 in North America, Latin America and Europe combined.** To date, Grand
Theft Auto V has sold-in more than 33 million units.
-
Released several updates for Grand Theft Auto Online, including The
Business Update, which provided a suite of new vehicles,
weapons and character customizations; The High Life Update,
featuring high-end properties, more new vehicles and an array of new
Jobs; and The Valentine’s Day Massacre Special, which offered
limited-edition 1920’s gangster-themed content.
-
Released Grand Theft Auto: San Andreas for select Android,
Kindle and Windows Phone devices.
2K:
-
Released XCOM®: Enemy Unknown – The Complete Edition for PC and
Mac, which includes the original 2012 Game of the Year award-winning
title plus the critically acclaimed expansion, XCOM: Enemy Within,
along with all of the released add-on content in one package.
-
Released Sid Meier’s Civilization V: The Complete Edition for
PC, which includes the original 2010 Game of the Year award-winning
strategy title plus the two critically-acclaimed expansion packs, Gods
& Kings and Brave New World, and all of the released
add-on content in one package.
-
Announced that Oklahoma City Thunder superstar, four-time NBA scoring
champion, and recently crowned 2014 NBA Most Valuable Player, Kevin
Durant, will make his solo cover debut on NBA 2K15, the next
installment of the top-selling and top-rated NBA video game simulation
franchise.*** NBA 2K15 is planned for launch on October 7, 2014
in North America and October 10, 2014 internationally on the PS3, PS4,
Xbox 360, Xbox One and PC.
-
Announced that Sid Meier’s Civilization: Beyond Earth™, a new
science fiction-themed entry in the award-winning Civilization
franchise, is currently in development by Firaxis Games and is planned
for release this fall for PC, Mac and Linux.
-
Announced that Borderlands: The Pre-Sequel™, an all-new
standalone Borderlands game set in between the award-winning Borderlands
and Borderlands 2, is currently in co-development by Gearbox
Software and 2K Australia and is planned for launch this fall on the
Xbox 360, PS3 and PC.
-
Announced that Evolve™ is planned for launch on the Xbox One,
PS4 and PC in fall 2014. Developed by Turtle Rock Studios, the
renowned creators of Left 4 Dead, Evolve is an all-new
shooter that blends cooperative and competitive multiplayer
experiences.
* Based on dollar-value of retail sales, according to data from The
NPD Group’s Retail Tracking Service and International Development Group.
** According to data from The NPD Group’s Retail Tracking Service,
International Development Group, and GfK Chart-Track.
*** According to 2008 - 2014 Metacritic.com
and The NPD Group estimates of U.S. retail video game sales through
March 2014.
Financial Outlook for Fiscal 2015
Take-Two is providing its initial financial outlook for its fiscal first
quarter ending June 30, 2014 and fiscal year ending March 31, 2015 as
follows:
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First Quarter
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Fiscal Year
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Ending 6/30/2014
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Ending 3/31/2015
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Non-GAAP Net Revenue
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$120 to $135 Million
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$1.35 to $1.45 Billion
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Non-GAAP net income (loss) per diluted share
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($0.35) to ($0.25)
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$0.80 to $1.05
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Net effect from deferral in net revenues and related cost of
goods sold
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$0.10
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$0.00
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Stock-based compensation expense per share (1)
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$0.09
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$0.29
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Business reorganization, restructuring and related expenses
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$0.01
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$0.01
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Non-cash amortization of discount on convertible notes per
share
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$0.05
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$0.13
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Non-cash tax expense per share
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$0.01
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$0.02
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1)
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The Company's stock-based compensation expense for the periods
above includes the cost of approximately 1.8 million restricted
shares 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.
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Key assumptions and dependencies underlying the Company’s financial
outlook include: the timely delivery of the titles included in this
financial outlook, which includes both announced and unannounced
releases; continued consumer acceptance of the Xbox One and PS4; the
ability to develop and publish products that capture market share for
these next-generation systems while continuing to leverage opportunities
on the Xbox 360, PS3 and PC; and stable foreign exchange rates. See also
“Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
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The following titles were released since January 1, 2014:
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Label
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Title
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Platforms
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Release Date
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2K
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WWE 2K14: WWE Legends and Creations Pack (DLC)
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Xbox 360, PS3
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January 7, 2014
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Rockstar Games
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Grand Theft Auto: San Andreas
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Android, Kindle
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January 7, 2014
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Rockstar Games
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Grand Theft Auto: San Andreas
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Windows Phone
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January 27, 2014
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2K
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Sid Meier’s Civilization V: The Complete Edition
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PC
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February 4, 2014
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2K
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Borderlands 2 & Dishonored™ Bundle
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Xbox 360, PS3
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February 11, 2014
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2K
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The Elder Scrolls® V: Skyrim & BioShock Infinite Bundle
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Xbox 360, PS3
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February 11, 2014
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2K
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Borderlands 2 Headhunter 4: Mad Moxxi Wedding Day Massacre (DLC)
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Xbox 360, PS3, Windows PC, Mac
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February 11, 2014
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2K
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XCOM: Enemy Unknown: The Complete Edition
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PC, Mac
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March 4, 2014*
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2K
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BioShock Infinite: Burial at Sea – Episode 2 (DLC)
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Xbox 360, PS3, PC
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March 25, 2014
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2K
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Borderlands 2 Headhunter 5: Sir Hamerlock Versus the Son of
Crawmermax (DLC)
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Xbox 360, PS3, Windows PC, Mac
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April 15, 2014
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2K
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XCOM: Enemy Unknown
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Android Devices
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April 24, 2014
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*North American release date; international release date
typically follows three days after.
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Take-Two's lineup of future titles announced to date includes:
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Label
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Title
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Platforms
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Release Date
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2K
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NBA 2K15
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Xbox 360, Xbox One, PS3, PS4, PC
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October 7, 2014*
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2K
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Borderlands: The Pre-Sequel
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Xbox 360, PS3, Windows PC
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Fall 2014
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2K
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Sid Meier’s Civilization: Beyond Earth
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Windows PC, Mac, Linux
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Fall 2014
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2K
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Evolve
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Xbox One, PS4, PC
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Fall 2014
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2K
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WWE 2K15
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TBA
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Fiscal 2015
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*North American release date; international release date
typically follows three days after.
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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
impact of certain items as follows:
-
Net effect from deferral in net revenues and related cost of goods
sold - the Company defers revenue and related costs from the sale
of certain titles that have undelivered elements upon the sale of the
game and recognizes that revenue upon the delivery of the undelivered
elements. As there is no impact to the Company’s operating cash flow,
management excludes the impact of deferred net revenue and related
costs from its Non-GAAP financial measures when evaluating the
Company's operating performance, when planning, forecasting and
analyzing future periods, and when assessing the performance of its
management team. In addition, we believe that these Non-GAAP financial
measures provide a more timely indication of trends in our business,
provide comparability with the way our business is measured by
analysts, and provide consistency with industry data sources.
-
Stock-based compensation – the Company does not consider
stock-based compensation charges when evaluating business performance
and management does not contemplate stock-based compensation expense
in its short- and long-term operating plans. As a result, the Company
has excluded such expenses from its Non-GAAP financial measures.
-
Business reorganization, restructuring and related expenses –
although the Company has incurred business reorganization expenses in
the past, each charge relates to a discrete event based on a unique
set of business objectives. Management does not believe these charges
reflect the Company's primary business, ongoing operating results or
future outlook. As such, the Company believes it is appropriate to
exclude these expenses and related charges from its Non-GAAP financial
measures.
-
Non-cash amortization of discount on convertible notes – the
Company records non-cash amortization of discount on convertible notes
as interest expense in addition to the interest expense already
recorded for coupon payments. The Company excludes the non-cash
portion of the interest expense from its Non-GAAP financial measures
because these amounts are unrelated to its ongoing business operations.
-
Loss on extinguishment of debt – the Company recorded a loss on
extinguishment of debt as a result of settling its 4.375% Convertible
Notes in August 2013. The Company excludes the impact of such
transactions when evaluating the Company’s operating performance.
Management does not believe this loss reflects the Company's primary
business, ongoing operating results or future outlook. As such, the
Company believes it is appropriate to exclude this loss from its
Non-GAAP financial measures.
-
Gain on convertible note hedge and warrants, net – the Company
entered into unwind agreements with respect to its convertible note
hedge and warrant transactions. As a result of the unwind agreements,
these transactions were accounted for as derivatives whereby gains and
losses resulting from changes in the fair value were reported in gain
on convertible note hedge and warrants, net. The Company excludes the
impact of such transactions when evaluating the Company’s operating
performance. Management does not believe these gains and losses
reflect the Company's primary business, ongoing operating results or
future outlook. As such, the Company believes it is appropriate to
exclude these gains and losses from its Non-GAAP financial measures.
-
Non-cash tax expense for the impact of deferred tax liabilities
associated with tax deductible amortization of goodwill – due to
the nature of the adjustment as well as the expectation that it will
not have any cash impact in the foreseeable future, the Company
believes it is appropriate to exclude this expense from its Non-GAAP
financial measures.
-
Discontinued operations – the Company does not engage in sales
of subsidiaries on a regular basis and therefore believes it is
appropriate to exclude such gains (losses) from its Non-GAAP financial
measures. As the Company is no longer active in its discontinued
operations, it believes it is appropriate to exclude income (losses)
thereon from its Non-GAAP financial measures.
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.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a
leading developer, marketer and publisher 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, handheld gaming 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 for current and next-generation platforms, the timely
release and significant market acceptance of our games, the ability to
maintain acceptable pricing levels on our games, our ability to raise
capital if needed and risks associated with international operations.
Other important factors and information are contained in the Company's
Annual Report on Form 10-K for the fiscal year ended March 31, 2013, in
the section entitled "Risk Factors," the Company’s Quarterly Report on
Form 10-Q for the fiscal quarter ended December 31, 2013, 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.
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TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share amounts)
|
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Three months ended March 31,
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Twelve months ended March 31,
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2014
|
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2013
|
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|
|
2014
|
|
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|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net revenue
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|
$
|
195,208
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|
|
|
$
|
299,487
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|
$
|
2,350,568
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|
$
|
1,214,483
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|
|
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|
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|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
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|
|
Internal royalties
|
|
|
|
28,233
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|
|
|
|
15,463
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|
|
|
|
538,604
|
|
|
|
|
24,724
|
|
Product costs
|
|
|
|
39,022
|
|
|
|
|
71,479
|
|
|
|
|
477,861
|
|
|
|
|
316,072
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|
Software development costs and royalties
|
|
|
|
28,299
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|
|
|
|
57,576
|
|
|
|
|
333,450
|
|
|
|
|
317,756
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|
Licenses
|
|
|
|
12,734
|
|
|
|
|
9,802
|
|
|
|
|
64,412
|
|
|
|
|
57,285
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|
Total cost of goods sold
|
|
|
|
108,288
|
|
|
|
|
154,320
|
|
|
|
|
1,414,327
|
|
|
|
|
715,837
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Gross profit
|
|
|
|
86,920
|
|
|
|
|
145,167
|
|
|
|
|
936,241
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|
|
|
|
498,646
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|
|
|
|
|
|
|
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|
|
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Selling and marketing
|
|
|
|
27,577
|
|
|
|
|
51,747
|
|
|
|
|
240,996
|
|
|
|
|
257,329
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|
General and administrative
|
|
|
|
50,773
|
|
|
|
|
40,369
|
|
|
|
|
161,374
|
|
|
|
|
147,260
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|
Research and development
|
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|
28,632
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|
|
|
|
21,183
|
|
|
|
|
105,256
|
|
|
|
|
78,184
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|
Depreciation and amortization
|
|
|
|
3,522
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|
|
|
|
2,806
|
|
|
|
|
13,359
|
|
|
|
|
10,634
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|
Total operating expenses
|
|
|
|
110,504
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|
|
|
|
116,105
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|
|
|
|
520,985
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|
|
|
|
493,407
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|
(Loss) income from operations
|
|
|
|
(23,584
|
)
|
|
|
|
29,062
|
|
|
|
|
415,256
|
|
|
|
|
5,239
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|
Interest and other, net
|
|
|
|
(7,535
|
)
|
|
|
|
(7,789
|
)
|
|
|
|
(33,553
|
)
|
|
|
|
(31,351
|
)
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(9,014
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)
|
|
|
|
-
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Gain on convertible note hedge and warrants, net
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,461
|
|
|
|
|
-
|
|
(Loss) income from continuing operations before income taxes
|
|
|
|
(31,119
|
)
|
|
|
|
21,273
|
|
|
|
|
376,150
|
|
|
|
|
(26,112
|
)
|
(Benefit) provision for income taxes
|
|
|
|
(345
|
)
|
|
|
|
103
|
|
|
|
|
14,459
|
|
|
|
|
5,050
|
|
(Loss) income from continuing operations
|
|
|
|
(30,774
|
)
|
|
|
|
21,170
|
|
|
|
|
361,691
|
|
|
|
|
(31,162
|
)
|
(Loss) income from discontinued operations, net of taxes
|
|
|
|
(13
|
)
|
|
|
|
1,303
|
|
|
|
|
(86
|
)
|
|
|
|
1,671
|
|
Net (loss) income
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
22,473
|
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.23
|
|
|
|
$
|
3.79
|
|
|
|
$
|
(0.36
|
)
|
Discontinued operations
|
|
|
|
-
|
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
|
0.02
|
|
Basic earnings (loss) per share
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.79
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.23
|
|
|
|
$
|
3.20
|
|
|
|
$
|
(0.36
|
)
|
Discontinued operations
|
|
|
|
-
|
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
|
0.02
|
|
Diluted earnings (loss) per share
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.20
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
95,347
|
|
|
|
|
85,581
|
|
Diluted
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
124,710
|
|
|
|
|
85,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
22,473
|
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
Less: net income allocated to participating securities
|
|
|
|
-
|
|
|
|
|
(1,804
|
)
|
|
|
|
(41,065
|
)
|
|
|
|
-
|
|
Net (loss) income for basic EPS calculation
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
20,669
|
|
|
|
$
|
320,540
|
|
|
|
$
|
(29,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted average shares outstanding - basic
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
95,347
|
|
|
|
|
85,581
|
|
Less: weighted average participating shares outstanding
|
|
|
|
-
|
|
|
|
|
(7,521
|
)
|
|
|
|
(10,828
|
)
|
|
|
|
-
|
|
Weighted average common shares outstanding - basic
|
|
|
|
77,000
|
|
|
|
|
86,177
|
|
|
|
|
84,519
|
|
|
|
|
85,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.79
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
22,473
|
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
Less: net income allocated to participating securities
|
|
|
|
-
|
|
|
|
|
(1,804
|
)
|
|
|
|
(31,397
|
)
|
|
|
|
-
|
|
Add: interest expense, net of tax, on Convertible Notes
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
33,718
|
|
|
|
|
-
|
|
Net (loss) income for diluted EPS calculation
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
20,669
|
|
|
|
$
|
363,926
|
|
|
|
$
|
(29,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic
|
|
|
|
77,000
|
|
|
|
|
86,177
|
|
|
|
|
84,519
|
|
|
|
|
85,581
|
|
Add: dilutive effect of common stock equivalents
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,363
|
|
|
|
|
-
|
|
Weighted average common shares outstanding - diluted
|
|
|
|
77,000
|
|
|
|
|
86,177
|
|
|
|
|
113,882
|
|
|
|
|
85,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.20
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
Twelve months ended March 31,
|
OTHER INFORMATION
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic revenue mix
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
57
|
%
|
|
|
|
60
|
%
|
|
|
|
47
|
%
|
|
|
|
59
|
%
|
International
|
|
|
|
43
|
%
|
|
|
|
40
|
%
|
|
|
|
53
|
%
|
|
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Platform revenue mix
|
|
|
|
|
|
|
|
|
|
|
|
|
Console
|
|
|
|
79
|
%
|
|
|
|
80
|
%
|
|
|
|
92
|
%
|
|
|
|
80
|
%
|
PC and other
|
|
|
|
21
|
%
|
|
|
|
19
|
%
|
|
|
|
8
|
%
|
|
|
|
18
|
%
|
Handheld
|
|
|
|
0
|
%
|
|
|
|
1
|
%
|
|
|
|
0
|
%
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by distribution channel:
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical retail and other
|
|
|
|
57
|
%
|
|
|
|
74
|
%
|
|
|
|
84
|
%
|
|
|
|
79
|
%
|
Digital online
|
|
|
|
43
|
%
|
|
|
|
26
|
%
|
|
|
|
16
|
%
|
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
935,400
|
|
|
|
$
|
402,502
|
|
Restricted cash
|
|
|
|
193,839
|
|
|
|
|
7,489
|
|
Accounts receivable, net of allowances of $75,518 and $64,081 at
March 31, 2014 and 2013, respectively
|
|
|
|
53,143
|
|
|
|
|
189,596
|
|
Inventory
|
|
|
|
29,780
|
|
|
|
|
30,218
|
|
Software development costs and licenses
|
|
|
|
116,203
|
|
|
|
|
198,955
|
|
Prepaid expenses and other
|
|
|
|
71,075
|
|
|
|
|
37,392
|
|
Total current assets
|
|
|
|
1,399,440
|
|
|
|
|
866,152
|
|
|
|
|
|
|
|
|
Fixed assets, net
|
|
|
|
42,572
|
|
|
|
|
25,362
|
|
Software development costs and licenses, net of current portion
|
|
|
|
109,506
|
|
|
|
|
95,241
|
|
Goodwill
|
|
|
|
226,705
|
|
|
|
|
225,992
|
|
Other intangibles, net
|
|
|
|
5,113
|
|
|
|
|
8,827
|
|
Other assets
|
|
|
|
16,294
|
|
|
|
|
56,265
|
|
Total assets
|
|
|
$
|
1,799,630
|
|
|
|
$
|
1,277,839
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
16,452
|
|
|
|
$
|
79,932
|
|
Accrued expenses and other current liabilities
|
|
|
|
396,617
|
|
|
|
|
228,916
|
|
Deferred revenue
|
|
|
|
61,195
|
|
|
|
|
26,919
|
|
Liabilities of discontinued operations
|
|
|
|
556
|
|
|
|
|
1,232
|
|
Total current liabilities
|
|
|
|
474,820
|
|
|
|
|
336,999
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
454,031
|
|
|
|
|
335,202
|
|
Other long-term liabilities
|
|
|
|
68,973
|
|
|
|
|
17,087
|
|
Liabilities of discontinued operations, net of current portion
|
|
|
|
-
|
|
|
|
|
556
|
|
Total liabilities
|
|
|
|
997,824
|
|
|
|
|
689,844
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock, $.01 par value, 5,000 shares authorized
|
|
|
|
-
|
|
|
|
|
-
|
|
Common stock, $.01 par value, 200,000 shares authorized; 105,156 and
93,743 shares
|
|
|
|
|
|
|
issued and 88,918 and 93,743 outstanding at March 31, 2014 and March
31, 2013, respectively
|
|
|
|
1,052
|
|
|
|
|
937
|
|
Additional paid-in capital
|
|
|
|
954,699
|
|
|
|
|
832,460
|
|
Treasury stock, at cost (16,238 common shares at March 31, 2014)
|
|
|
|
(276,836
|
)
|
|
|
|
-
|
|
Retained earnings (accumulated deficit)
|
|
|
|
120,775
|
|
|
|
|
(240,830
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
|
2,116
|
|
|
|
|
(4,572
|
)
|
Total stockholders' equity
|
|
|
|
801,806
|
|
|
|
|
587,995
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
1,799,630
|
|
|
|
$
|
1,277,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
|
|
|
|
|
|
|
Twelve months ended March 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
Amortization and impairment of software development costs and
licenses
|
|
|
|
265,533
|
|
|
|
|
230,748
|
|
Depreciation and amortization
|
|
|
|
13,359
|
|
|
|
|
10,634
|
|
Loss (income) from discontinued operations
|
|
|
|
86
|
|
|
|
|
(1,671
|
)
|
Amortization and impairment of intellectual property
|
|
|
|
3,558
|
|
|
|
|
7,000
|
|
Stock-based compensation
|
|
|
|
78,118
|
|
|
|
|
35,765
|
|
Deferred income taxes
|
|
|
|
(19,036
|
)
|
|
|
|
(841
|
)
|
Amortization of discount on Convertible Notes
|
|
|
|
22,801
|
|
|
|
|
18,862
|
|
Amortization of debt issuance costs
|
|
|
|
1,947
|
|
|
|
|
2,021
|
|
Loss on extinguishment of debt
|
|
|
|
9,014
|
|
|
|
|
-
|
|
Gain on convertible note hedge and warrants, net
|
|
|
|
(3,461
|
)
|
|
|
|
-
|
|
Other, net
|
|
|
|
(208
|
)
|
|
|
|
778
|
|
Changes in assets and liabilities, net of effect from purchases of
businesses:
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
(186,350
|
)
|
|
|
|
8,975
|
|
Accounts receivable
|
|
|
|
136,453
|
|
|
|
|
(144,561
|
)
|
Inventory
|
|
|
|
438
|
|
|
|
|
(7,741
|
)
|
Software development costs and licenses
|
|
|
|
(192,357
|
)
|
|
|
|
(216,893
|
)
|
Prepaid expenses, other current and other non-current assets
|
|
|
|
(18,424
|
)
|
|
|
|
(14,669
|
)
|
Deferred revenue
|
|
|
|
34,276
|
|
|
|
|
13,055
|
|
Accounts payable, accrued expenses and other liabilities
|
|
|
|
194,228
|
|
|
|
|
83,734
|
|
Net cash used in discontinued operations
|
|
|
|
(1,318
|
)
|
|
|
|
(272
|
)
|
Net cash provided by (used in) operating activities
|
|
|
|
700,262
|
|
|
|
|
(4,567
|
)
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchase of fixed assets
|
|
|
|
(29,813
|
)
|
|
|
|
(16,820
|
)
|
Payments in connection with business combinations, net of cash
acquired
|
|
|
|
(1,000
|
)
|
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
|
(30,813
|
)
|
|
|
|
(16,820
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(276,836
|
)
|
|
|
|
-
|
|
Proceeds from issuance of 1.00% Convertible Notes
|
|
|
|
283,188
|
|
|
|
|
-
|
|
Payment for extinguishment of 4.375% Convertible Notes
|
|
|
|
(165,999
|
)
|
|
|
|
-
|
|
Proceeds from termination of convertible note hedge transactions
|
|
|
|
84,429
|
|
|
|
|
-
|
|
Payment for termination of convertible note warrant transactions
|
|
|
|
(55,651
|
)
|
|
|
|
-
|
|
Payment of debt issuance costs
|
|
|
|
(2,815
|
)
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
(133,684
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Effects of foreign exchange rates on cash and cash equivalents
|
|
|
|
(2,867
|
)
|
|
|
|
3,610
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
532,898
|
|
|
|
|
(17,777
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
|
402,502
|
|
|
|
|
420,279
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
935,400
|
|
|
|
$
|
402,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Revenues
|
|
|
$
|
195,208
|
|
|
|
$
|
299,487
|
|
|
|
$
|
2,350,568
|
|
|
|
$
|
1,214,483
|
|
Net effect from deferral in net revenues
|
|
|
|
37,947
|
|
|
|
|
3,641
|
|
|
|
|
63,152
|
|
|
|
|
7,824
|
|
Non-GAAP Net Revenues
|
|
|
$
|
233,155
|
|
|
|
$
|
303,128
|
|
|
|
$
|
2,413,720
|
|
|
|
$
|
1,222,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital Online Revenues (included in Net Revenues above)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Digital Online Revenues
|
|
|
$
|
84,391
|
|
|
|
$
|
77,138
|
|
|
|
$
|
371,970
|
|
|
|
$
|
256,128
|
|
Net effect from deferral in digital online revenues
|
|
|
|
37,947
|
|
|
|
|
3,641
|
|
|
|
|
63,152
|
|
|
|
|
7,824
|
|
Non-GAAP Digital Online Revenues
|
|
|
$
|
122,338
|
|
|
|
$
|
80,779
|
|
|
|
$
|
435,122
|
|
|
|
$
|
263,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
$
|
86,920
|
|
|
|
$
|
145,167
|
|
|
|
$
|
936,241
|
|
|
|
$
|
498,646
|
|
Net effect from deferral in net revenues and related cost of goods
sold
|
|
|
|
23,442
|
|
|
|
|
3,109
|
|
|
|
|
36,179
|
|
|
|
|
6,720
|
|
Stock-based compensation
|
|
|
|
948
|
|
|
|
|
2,026
|
|
|
|
|
30,124
|
|
|
|
|
10,060
|
|
Non-GAAP Gross Profit
|
|
|
$
|
111,310
|
|
|
|
$
|
150,302
|
|
|
|
$
|
1,002,544
|
|
|
|
$
|
515,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (Loss) Income from Operations
|
|
|
$
|
(23,584
|
)
|
|
|
$
|
29,062
|
|
|
|
$
|
415,256
|
|
|
|
$
|
5,239
|
|
Net effect from deferral in net revenues and related cost of goods
sold
|
|
|
|
23,442
|
|
|
|
|
3,109
|
|
|
|
|
36,179
|
|
|
|
|
6,720
|
|
Stock-based compensation
|
|
|
|
20,524
|
|
|
|
|
12,987
|
|
|
|
|
78,118
|
|
|
|
|
35,765
|
|
Business reorganization, restructuring and related
|
|
|
|
2,560
|
|
|
|
|
116
|
|
|
|
|
4,490
|
|
|
|
|
874
|
|
Non-GAAP Income from Operations
|
|
|
$
|
22,942
|
|
|
|
$
|
45,274
|
|
|
|
$
|
534,043
|
|
|
|
$
|
48,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net (Loss) Income
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
22,473
|
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
Net effect from deferral in net revenues and related cost of goods
sold
|
|
|
|
23,442
|
|
|
|
|
3,109
|
|
|
|
|
36,179
|
|
|
|
|
6,720
|
|
Stock-based compensation
|
|
|
|
20,524
|
|
|
|
|
12,987
|
|
|
|
|
78,118
|
|
|
|
|
35,765
|
|
Business reorganization, restructuring and related
|
|
|
|
2,560
|
|
|
|
|
116
|
|
|
|
|
4,490
|
|
|
|
|
874
|
|
Non-cash amortization of discount on Convertible Notes
|
|
|
|
5,294
|
|
|
|
|
4,891
|
|
|
|
|
22,801
|
|
|
|
|
18,862
|
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9,014
|
|
|
|
|
-
|
|
Gain on convertible note hedge and warrants, net
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,461
|
)
|
|
|
|
-
|
|
Non-cash tax expense
|
|
|
|
447
|
|
|
|
|
582
|
|
|
|
|
1,890
|
|
|
|
|
2,020
|
|
Discontinued operations
|
|
|
|
13
|
|
|
|
|
(1,303
|
)
|
|
|
|
86
|
|
|
|
|
(1,671
|
)
|
Non-GAAP Net Income
|
|
|
$
|
21,493
|
|
|
|
$
|
42,855
|
|
|
|
$
|
510,722
|
|
|
|
$
|
33,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings (loss) per share
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.20
|
|
|
|
$
|
(0.34
|
)
|
Non-GAAP earnings per share
|
|
|
$
|
0.21
|
|
|
|
$
|
0.38
|
|
|
|
$
|
4.26
|
|
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of diluted shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
124,710
|
|
|
|
|
85,581
|
|
Non-GAAP
|
|
|
|
115,627
|
|
|
|
|
119,719
|
|
|
|
|
122,608
|
|
|
|
|
92,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Diluted GAAP EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
22,473
|
|
|
|
$
|
361,605
|
|
|
|
$
|
(29,491
|
)
|
Less: net income allocated to participating securities
|
|
|
|
-
|
|
|
|
|
(1,804
|
)
|
|
|
|
(31,397
|
)
|
|
|
|
-
|
|
Add: interest expense, net of tax, on Convertible Notes
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
33,718
|
|
|
|
|
-
|
|
Net (loss) income for diluted EPS calculation
|
|
|
$
|
(30,787
|
)
|
|
|
$
|
20,669
|
|
|
|
$
|
363,926
|
|
|
|
$
|
(29,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted average shares outstanding - basic
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
95,347
|
|
|
|
|
85,581
|
|
Add: dilutive effect of common stock equivalents
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,363
|
|
|
|
|
-
|
|
Total weighted average shares outstanding - diluted
|
|
|
|
77,000
|
|
|
|
|
93,698
|
|
|
|
|
124,710
|
|
|
|
|
85,581
|
|
Less: weighted average participating shares outstanding
|
|
|
|
-
|
|
|
|
|
(7,521
|
)
|
|
|
|
(10,828
|
)
|
|
|
|
-
|
|
Weighted average common shares outstanding - diluted
|
|
|
|
77,000
|
|
|
|
|
86,177
|
|
|
|
|
113,882
|
|
|
|
|
85,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
0.24
|
|
|
|
$
|
3.20
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Diluted Non-GAAP EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
21,493
|
|
|
|
$
|
42,855
|
|
|
|
$
|
510,722
|
|
|
|
$
|
33,079
|
|
Less: net income allocated to participating securities
|
|
|
|
(2,224
|
)
|
|
|
|
(3,440
|
)
|
|
|
|
(45,104
|
)
|
|
|
|
(2,405
|
)
|
Add: interest expense, net of tax, on Convertible Notes
|
|
|
|
2,204
|
|
|
|
|
3,058
|
|
|
|
|
10,917
|
|
|
|
|
-
|
|
Net income for diluted EPS calculation
|
|
|
$
|
21,473
|
|
|
|
$
|
42,473
|
|
|
|
$
|
476,535
|
|
|
|
$
|
30,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted average shares outstanding - basic
|
|
|
|
88,964
|
|
|
|
|
93,698
|
|
|
|
|
96,043
|
|
|
|
|
92,292
|
|
Add: dilutive effect of common stock equivalents
|
|
|
|
26,663
|
|
|
|
|
26,021
|
|
|
|
|
26,565
|
|
|
|
|
-
|
|
Total weighted average shares outstanding - diluted
|
|
|
|
115,627
|
|
|
|
|
119,719
|
|
|
|
|
122,608
|
|
|
|
|
92,292
|
|
Less: weighted average participating shares outstanding
|
|
|
|
(11,964
|
)
|
|
|
|
(7,521
|
)
|
|
|
|
(10,828
|
)
|
|
|
|
(6,711
|
)
|
Weighted average common shares outstanding - diluted
|
|
|
|
103,663
|
|
|
|
|
112,198
|
|
|
|
|
111,780
|
|
|
|
|
85,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
$
|
0.21
|
|
|
|
$
|
0.38
|
|
|
|
$
|
4.26
|
|
|
|
$
|
0.36
|
|
Source: Take-Two Interactive
Take-Two Interactive Software, Inc. Investor Relations: Henry
A. Diamond, 646-536-3005 Senior Vice President Investor
Relations & Corporate Communications Henry.Diamond@take2games.com or Corporate
Press: Alan Lewis, 646-536-2983 Vice President Corporate
Communications & Public Affairs Alan.Lewis@take2games.com
|