NEW YORK--(BUSINESS WIRE)--May. 26, 2009--
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced
financial results for its second quarter ended April 30, 2009.
Net revenue for the second fiscal quarter was $229.7 million, compared
to $539.8 million for the same quarter of fiscal 2008, which included
the release of the blockbuster title Grand Theft Auto IV, which
surpassed all-time records for the launch of an entertainment property.
Second quarter sales were led by The Lost and Damned, the
critically acclaimed first episode of downloadable content for Grand
Theft Auto IV on Xbox LIVE®, Major League Baseball 2K9,
Grand Theft Auto IV and Grand Theft Auto: Chinatown Wars for
Nintendo DS™.
Net loss for the second quarter was $10.1 million or $0.13 per share,
compared to net income of $98.2 million or $1.29 per share in the second
quarter of fiscal 2008.
The second quarter results include $5.3 million in stock-based
compensation expense ($0.07 per share) and $1.8 million in professional
fees and expenses related to unusual matters ($0.02 per share). Results
for the second quarter of 2008 included $12.4 million in stock-based
compensation expense ($0.16 per share) and $4.7 million in professional
fees and expenses related to unusual matters, as well as business
reorganization costs ($0.06 per share).
Non-GAAP net loss was $2.9 million or $0.04 per share in the second
quarter, compared to net income of $115.4 million or $1.52 per share in
the second quarter of 2008, which included the launch of Grand Theft
Auto IV. (Please refer to Non-GAAP Financial Measures and
reconciliation tables included later in this release for additional
information and details on non-GAAP items.)
For the six months ended April 30, 2009, net revenues were $486.5
million, compared to $780.3 million for the same period a year ago,
which included the launch of Grand Theft Auto IV. Net loss for
the first half of fiscal 2009 was $60.5 million or $0.79 per share,
compared to net income of $60.2 million or $0.80 for the 2008 period.
Results for the first six months of fiscal 2009 include $11.5 million in
stock-based compensation expense ($0.15 per share) and $6.7 million in
professional fees and expenses related to unusual matters ($0.09 per
share). Results for the first six months of fiscal 2008 included $18.5
million in stock-based compensation expense ($0.25 per share) and $6.4
million in professional fees and expenses related to unusual matters, as
well as business reorganization costs ($0.08 per share).
Non-GAAP net loss was $42.3 million or $0.55 per share in the first six
months of 2009, versus net income of $85.1 million or $1.14 per share in
the comparable period of 2008, which included the launch of Grand
Theft Auto IV. (Please refer to Non-GAAP Financial Measures and
reconciliation information included later in this release.)
Business Highlights
Among the recent developments, Take-Two noted the following:
-
Rockstar Games announced Max Payne 3, the latest in the
award-winning Max Paynefranchise, which is planned for a
winter 2009 release.
-
2K Games announced plans to deliver a multiplayer experience for BioShock®
2.
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Sid Meier’s Civilization IV®: The Complete Edition for Games
for Windows® is now available in North America from 2K Games.
Financial Guidance
Take-Two is providing initial guidance for the third fiscal quarter
ending July 31, 2009 and fourth fiscal quarter ending October 31, 2009,
and is updating its guidance for the fiscal year ending October 31, 2009
to reflect the following changes in its release schedule:
-
As announced today, Rockstar Games is planning to release Grand
Theft Auto: Episodes from Liberty City, a new Xbox 360® standalone
title based on the blockbuster Grand Theft Auto franchise in
the fourth quarter of fiscal 2009. The product will consist of the two
downloadable episodes of Grand Theft Auto IV, including
the critically acclaimed episode The Lost and Damned, and the
upcoming second episode, The Ballad of Gay Tony, together on a
single disc exclusively for Xbox 360. Grand Theft Auto: Episodes
from Liberty City will be in stores simultaneously with the
release of The Ballad of Gay Tony downloadable episode on Xbox
LIVE®. Players will not be required to have the original
version of Grand Theft Auto IV in order to play Grand Theft
Auto: Episodes from Liberty City, which will be available for
$39.99.
-
Mafia II and Red Dead Redemption are now scheduled for
release in the first half of fiscal 2010 to allow additional
development time for the titles and to maximize their full potential
in terms of the quality of the player experience and market
performance.
-
Take-Two is maintaining its guidance for non-GAAP EPS for the full
fiscal year 2009, while reducing its revenue expectations, primarily
based on the above changes in the release schedule, continued cost
cutting initiatives, and a reduction in tax expense.
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Third quarter ending
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Fourth quarter
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Fiscal year
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7/31/2009
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ending 10/31/2009
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ending 10/31/2009
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Revenue
|
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$145 to $165 million
|
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$420 to $500 million
|
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$1.05 to $1.15 billion
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Non-GAAP EPS
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$(0.55) to $(0.65)
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$1.08 to $1.28
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$0.00 to $0.20
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Stock-based compensation
expense per share (a)
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$0.07
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$0.06
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$0.24
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Expenses related to unusual legal matters per share
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$0.01
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$0.01
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$0.11
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(a) The Company's stock-based compensation expense for the third and
fourth quarters and fiscal year 2009 includes the cost of
approximately 2 million stock options and 1.5 million shares
previously issued to ZelnickMedia that are subject to variable
accounting. Actual expense to be recorded in connection with these
options and 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 guidance
include continued consumer acceptance of the Xbox 360® video game and
entertainment system from Microsoft, PLAYSTATION®3 computer
entertainment system and Wii™ home video game system from Nintendo; the
ability to develop and publish products that capture market share for
these current generation systems while continuing to leverage
opportunities on certain prior generation platforms; as well as the
timely delivery of the titles detailed in this release.
Release Schedule for the Balance of
Fiscal 2009
Following are the titles planned for release in the third quarter of
fiscal 2009:
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Title
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Platform
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Birthday Party Bash
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Wii
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The BIGS™ 2
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Multiple platforms
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Following are the titles planned for release in the fourth quarter of
fiscal 2009:
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Title
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Platform
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Beaterator
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TBA
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BioShock® 2
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TBA
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Borderlands™
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Xbox 360, PS3, Games for Windows
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Grand Theft Auto: Episodes from Liberty City
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Xbox 360
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Grand Theft Auto: The Ballad of Gay Tony
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Xbox LIVE® (downloadable episode)
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NBA® 2K10
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Multiple platforms
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NHL® 2K10
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Multiple platforms
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Ringling Bros. and Barnum & Bailey® Circus
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Wii, DS
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Management Comment
“Take-Two again outperformed our expectations, with higher net revenue
and a smaller quarterly net loss than originally anticipated. This is
largely due to the continuing dedication of our talented team to provide
the strongest possible line up of interactive entertainment titles, as
well as our determination to operate efficiently while investing in
innovation and creativity. Recognizing that this remains a challenging
environment for our industry and the consumer marketplace generally, we
are sharply focused on executing our business plan and working to
enhance shareholder value,” noted Strauss Zelnick, Chairman of Take-Two.
Ben Feder, Chief Executive Officer of Take-Two, added, “Our guidance for
fiscal year 2009 demonstrates our confidence in the Company’s strong and
balanced portfolio, along with the strides we have made in enhancing the
efficiency of our business. Take-Two’s expected results for the
remainder of this fiscal year reflect a high quality release schedule
that is diversified by franchise, genre and platform, with the heaviest
volume of releases scheduled for the fourth quarter. We are well
positioned for the future, in an industry with an expanding consumer
base and exciting growth opportunities, through our focus on producing a
select offering of interactive entertainment titles that are among the
most compelling in the market.”
Conference Call
Take-Two will host a conference call today at 4:30 pm 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 that exclude certain
non-recurring or non-cash items. Non-GAAP gross profit, income (loss)
from operations, net income (loss) and earnings (loss) per share are
measures that exclude certain non-recurring or non-cash items and should
be considered in addition to results prepared in accordance with GAAP.
They 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.
The non-GAAP measures exclude the following items from the Company’s
statements of operations:
-
Business reorganization, restructuring and related expenses
-
Stock-based compensation
-
Professional fees and expenses associated with unusual legal and other
matters, including the Company's concluded process to evaluate its
strategic alternatives
-
Income tax effects of the items listed above
In addition, the Company may consider whether other significant
non-recurring items that arise in the future should also be excluded
from the non-GAAP financial measures it uses.
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 certain items as follows:
Business reorganization, restructuring and related expenses
In March 2007, the Company’s stockholders elected a new slate of members
to Take-Two’s Board of Directors, who immediately removed the Company’s
former President and Chief Executive Officer. Subsequently, the
Company’s former Chief Financial Officer resigned. As a result of these
actions and the implementation of a business reorganization plan, the
Company incurred significant costs in the fiscal years ended October 31,
2007 and October 31, 2008 to reduce headcount, relocate employees and
consolidate sales and operational functions. These costs were related to
severance, asset write-offs and associated professional fees. As of
October 31, 2008, the Company had substantially concluded the
reorganization plan.
The Company does not engage in reorganization activities on a regular
basis and therefore believes it is appropriate to exclude business
reorganization expenses from its non-GAAP financial measures.
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. The Company places greater emphasis on stockholder dilution than
accounting charges when assessing the impact of stock-based equity
awards.
Professional fees and expenses associated with unusual legal and
other matters, including the Company’s concluded strategic review process
The Company incurred significant legal, consulting and investment
banking expenses in the fiscal year ended October 31, 2008 related to
the tender offer by Electronic Arts Inc. to acquire all of the Company’s
outstanding shares, which was launched in March 2008 and expired in
August 2008, and the Company’s related strategic review process which
was completed in October 2008.
Additionally, the Company has realized significant legal and other
professional fees associated with both the investigation of its
historical stock option granting process and the Company’s responses to
related governmental inquiries and civil lawsuits. The Company has also
incurred legal expenses related to the tender offer by Electronic Arts.
One of management’s primary objectives is to bring conclusion to its
outstanding legal matters. The Company continues to incur expenses for
professional fees and has accrued for legal settlements that are outside
its ordinary course of business. As a result, the Company has excluded
such expenses from its non-GAAP financial measures.
EBITDA and Adjusted EBITDA
Earnings (loss) before interest, taxes, depreciation and amortization
(“EBITDA”) is a financial measure not calculated and presented in
accordance with U.S. GAAP. Management uses EBITDA adjusted for business
reorganization and related expenses (“Adjusted EBITDA”), among other
measures, in evaluating the performance of the Company’s business units.
Adjusted EBITDA is also a significant component of the Company’s
incentive compensation plans. Adjusted EBITDA should not be considered
in isolation from, or as a substitute for, net income/(loss) prepared in
accordance with GAAP.
Reclassifications
Certain prior year amounts have been reclassified to conform to current
year presentation.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a
global developer, marketer, distributor and publisher of interactive
entertainment software games for the PC, PLAYSTATION®3 and PlayStation®2
computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox
360® video game and entertainment system from Microsoft, Wii™ and
Nintendo DS™. The Company publishes and develops products through its
wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play; and
distributes software, hardware and accessories in North America through
its Jack of All Games subsidiary. Take-Two's common stock is publicly
traded on NASDAQ under the symbol TTWO. For more corporate and product
information please visit our website at www.take2games.com.
All trademarks and copyrights contained herein are the property of their
respective holders.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. 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 generation platforms,
the timely release and significant market acceptance of our games, the
ability to maintain acceptable pricing levels on our games, our reliance
on a primary distribution service provider for a significant portion of
our products, our ability to raise capital if needed, risks associated
with international operations, the matters relating to the investigation
by a special committee of our board of directors of the Company's stock
option grants and the claims and proceedings relating thereto (including
stockholder and derivative litigation, actions by governmental agencies
and negative tax or other implications for the Company resulting from
any accounting adjustments or other factors) and risks associated with
the Company's concluded process to evaluate its strategic alternatives
including stockholder litigation arising therefrom. Other important
factors and information are contained in the Company's Annual Report on
Form 10-K for the fiscal year ended October 31, 2008, in the section
entitled "Risk Factors," as updated in the Company's Quarterly Report on
Form 10-Q for the fiscal quarter ended January 31, 2009, 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
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three months ended April 30,
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Six months ended April 30,
|
|
|
|
2009
|
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2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
229,722
|
|
|
$
|
539,810
|
|
|
$
|
486,532
|
|
|
$
|
780,252
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
Product costs
|
|
|
108,995
|
|
|
|
185,043
|
|
|
|
258,941
|
|
|
|
333,195
|
|
|
Software development costs and royalties
|
|
28,012
|
|
|
|
57,688
|
|
|
|
51,314
|
|
|
|
80,402
|
|
|
Internal royalties
|
|
|
9,659
|
|
|
|
52,653
|
|
|
|
30,131
|
|
|
|
58,797
|
|
|
Licenses
|
|
|
14,936
|
|
|
|
22,875
|
|
|
|
22,118
|
|
|
|
31,873
|
|
|
Total cost of goods sold
|
|
|
161,602
|
|
|
|
318,259
|
|
|
|
362,504
|
|
|
|
504,267
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
68,120
|
|
|
|
221,551
|
|
|
|
124,028
|
|
|
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275,985
|
|
|
|
|
|
|
|
|
|
|
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Selling and marketing
|
|
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31,044
|
|
|
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45,949
|
|
|
|
71,818
|
|
|
|
79,678
|
|
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General and administrative
|
|
|
31,415
|
|
|
|
48,317
|
|
|
|
71,163
|
|
|
|
81,238
|
|
|
Research and development
|
|
|
14,759
|
|
|
|
14,828
|
|
|
|
35,702
|
|
|
|
30,638
|
|
|
Business reorganization and related
|
|
|
-
|
|
|
|
944
|
|
|
|
-
|
|
|
|
1,106
|
|
|
Depreciation and amortization
|
|
|
4,777
|
|
|
|
7,516
|
|
|
|
9,885
|
|
|
|
13,925
|
|
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Total operating expenses
|
|
|
81,995
|
|
|
|
117,554
|
|
|
|
188,568
|
|
|
|
206,585
|
|
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Income (loss) from operations
|
|
|
(13,875
|
)
|
|
|
103,997
|
|
|
|
(64,540
|
)
|
|
|
69,400
|
|
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Interest and other, net
|
|
|
(1,467
|
)
|
|
|
(1,714
|
)
|
|
|
882
|
|
|
|
(347
|
)
|
|
Income (loss) before income taxes
|
|
|
(15,342
|
)
|
|
|
102,283
|
|
|
|
(63,658
|
)
|
|
|
69,053
|
|
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Provision (benefit) for income taxes
|
|
|
(5,262
|
)
|
|
|
4,061
|
|
|
|
(3,190
|
)
|
|
|
8,828
|
|
|
Net income (loss)
|
|
$
|
(10,080
|
)
|
|
$
|
98,222
|
|
|
$
|
(60,468
|
)
|
|
$
|
60,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.13
|
)
|
|
$
|
1.31
|
|
|
$
|
(0.79
|
)
|
|
$
|
0.81
|
|
|
Diluted
|
|
$
|
(0.13
|
)
|
|
$
|
1.29
|
|
|
$
|
(0.79
|
)
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
76,587
|
|
|
|
75,098
|
|
|
|
76,341
|
|
|
|
74,112
|
|
|
Diluted
|
|
|
76,587
|
|
|
|
75,954
|
|
|
|
76,341
|
|
|
|
74,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended April 30,
|
|
Six months ended April 30,
|
|
OTHER INFORMATION
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue mix
|
|
|
|
|
|
|
|
|
|
Publishing
|
|
|
76
|
%
|
|
|
90
|
%
|
|
|
66
|
%
|
|
|
78
|
%
|
|
Distribution
|
|
|
24
|
%
|
|
|
10
|
%
|
|
|
34
|
%
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Geographic revenue mix
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
76
|
%
|
|
|
65
|
%
|
|
|
76
|
%
|
|
|
71
|
%
|
|
International
|
|
|
24
|
%
|
|
|
35
|
%
|
|
|
24
|
%
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Publishing revenue platform mix
|
|
|
|
|
|
|
|
|
|
Microsoft Xbox 360
|
|
|
45
|
%
|
|
|
46
|
%
|
|
|
32
|
%
|
|
|
41
|
%
|
|
Nintendo DS
|
|
|
14
|
%
|
|
|
1
|
%
|
|
|
11
|
%
|
|
|
1
|
%
|
|
Sony PLAYSTATION 3
|
|
|
11
|
%
|
|
|
36
|
%
|
|
|
13
|
%
|
|
|
31
|
%
|
|
Nintendo Wii
|
|
|
11
|
%
|
|
|
6
|
%
|
|
|
15
|
%
|
|
|
9
|
%
|
|
Sony PlayStation 2
|
|
|
7
|
%
|
|
|
6
|
%
|
|
|
8
|
%
|
|
|
10
|
%
|
|
Sony PSP
|
|
|
6
|
%
|
|
|
3
|
%
|
|
|
7
|
%
|
|
|
5
|
%
|
|
PC
|
|
|
6
|
%
|
|
|
2
|
%
|
|
|
14
|
%
|
|
|
3
|
%
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
|
|
|
October 31,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
ASSETS
|
|
(Unaudited)
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
179,616
|
|
|
$
|
280,277
|
|
|
Accounts receivable, net of allowances of $49,213 and $68,448 at
April 30, 2009 and
|
|
|
|
|
|
|
|
October 31, 2008, respectively
|
|
|
52,117
|
|
|
|
157,458
|
|
|
Inventory
|
|
|
74,020
|
|
|
|
104,235
|
|
|
Software development costs and licenses
|
|
|
149,018
|
|
|
|
113,436
|
|
|
Prepaid taxes and taxes receivable
|
|
|
20,881
|
|
|
|
23,763
|
|
|
Prepaid expenses and other
|
|
|
42,415
|
|
|
|
44,605
|
|
|
Total current assets
|
|
|
518,067
|
|
|
|
723,774
|
|
|
|
|
|
|
|
|
|
|
Fixed assets, net
|
|
|
28,860
|
|
|
|
32,361
|
|
|
Software development costs and licenses, net of current portion
|
|
|
45,580
|
|
|
|
61,991
|
|
|
Goodwill
|
|
|
227,733
|
|
|
|
230,809
|
|
|
Other intangibles, net
|
|
|
24,258
|
|
|
|
26,123
|
|
|
Other assets
|
|
|
10,681
|
|
|
|
8,294
|
|
|
Total assets
|
|
$
|
855,179
|
|
|
$
|
1,083,352
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
68,786
|
|
|
$
|
156,167
|
|
|
Accrued expenses and other current liabilities
|
|
|
118,795
|
|
|
|
153,089
|
|
|
Deferred revenue
|
|
|
25,809
|
|
|
|
56,163
|
|
|
Total current liabilities
|
|
|
213,390
|
|
|
|
365,419
|
|
|
Line of credit
|
|
|
70,000
|
|
|
|
70,000
|
|
|
Income taxes payable
|
|
|
16,282
|
|
|
|
26,399
|
|
|
Other long-term liabilities
|
|
|
1,311
|
|
|
|
6,416
|
|
|
Total liabilities
|
|
|
300,983
|
|
|
|
468,234
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 150,000 shares authorized; 78,667 and
77,694 shares issued
|
|
|
|
|
|
|
|
|
|
and outstanding at April 30, 2009 and October 31, 2008, respectively
|
|
787
|
|
|
777
|
|
|
Additional paid-in capital
|
|
|
614,862
|
|
|
|
603,579
|
|
|
Retained earnings (accumulated deficit)
|
|
|
(42,193
|
)
|
|
|
18,275
|
|
|
Accumulated other comprehensive loss
|
|
|
(19,260
|
)
|
|
|
(7,513
|
)
|
|
Total stockholders' equity
|
|
|
554,196
|
|
|
|
615,118
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
855,179
|
|
|
$
|
1,083,352
|
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended April 30,
|
|
|
|
|
|
2009
|
|
2008
|
|
Operating activities:
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(60,468
|
)
|
|
$
|
60,225
|
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used for) operating activities:
|
|
|
|
|
|
Amortization and impairment of software development costs and
licenses
|
|
|
46,800
|
|
|
|
64,544
|
|
|
|
|
Depreciation and amortization of long-lived assets
|
|
|
9,885
|
|
|
|
13,925
|
|
|
|
|
Amortization and impairment of intellectual property
|
|
|
419
|
|
|
|
537
|
|
|
|
|
Stock-based compensation
|
|
|
11,500
|
|
|
|
18,500
|
|
|
|
|
Deferred income taxes
|
|
|
(144
|
)
|
|
|
(117
|
)
|
|
|
|
Foreign currency transaction gain and other
|
|
|
(3,513
|
)
|
|
|
(360
|
)
|
|
|
Changes in assets and liabilities, net of effect from purchases of
businesses:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
105,341
|
|
|
|
(257,828
|
)
|
|
|
|
Inventory
|
|
|
30,215
|
|
|
|
7,510
|
|
|
|
|
Software development costs and licenses
|
|
|
(68,514
|
)
|
|
|
(74,229
|
)
|
|
|
|
Prepaid expenses, other current and other non-current assets
|
|
|
2,545
|
|
|
|
15,952
|
|
|
|
|
Deferred revenue
|
|
|
(30,354
|
)
|
|
|
3,313
|
|
|
|
|
Accounts payable, accrued expenses, income taxes payable and other
liabilities
|
|
|
(136,456
|
)
|
|
|
134,304
|
|
|
|
Total adjustments
|
|
|
(32,276
|
)
|
|
|
(73,949
|
)
|
|
|
Net cash used for operating activities
|
|
|
(92,744
|
)
|
|
|
(13,724
|
)
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchase of fixed assets
|
|
|
(5,567
|
)
|
|
|
(4,998
|
)
|
|
|
Purchases of businesses, net of cash acquired
|
|
|
(500
|
)
|
|
|
(4,037
|
)
|
|
|
Net cash used for investing activities
|
|
|
(6,067
|
)
|
|
|
(9,035
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from exercise of options
|
|
|
4
|
|
|
|
20,489
|
|
|
|
Net payments on line of credit
|
|
|
-
|
|
|
|
(2,000
|
)
|
|
|
Payment of debt issuance costs
|
|
|
-
|
|
|
|
(957
|
)
|
|
|
Net cash provided by financing activities
|
|
|
4
|
|
|
|
17,532
|
|
|
|
Effects of exchange rates on cash and cash equivalents
|
|
|
(1,854
|
)
|
|
|
388
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(100,661
|
)
|
|
|
(4,839
|
)
|
|
|
Cash and cash equivalents, beginning of year
|
|
|
280,277
|
|
|
|
77,757
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
179,616
|
|
|
$
|
72,918
|
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciling Items
|
|
|
|
|
|
Three months
|
|
Professional
|
|
|
|
Non-GAAP three
|
|
|
|
ended April 30,
|
|
fees and
|
|
Stock-based
|
|
months ended April 30,
|
|
|
|
2009
|
|
legal matters
|
|
compensation
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
229,722
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
229,722
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
Product costs
|
|
|
108,995
|
|
|
|
-
|
|
|
|
-
|
|
|
|
108,995
|
|
|
Software development costs and royalties
|
|
|
28,012
|
|
|
|
-
|
|
|
|
(1,876
|
)
|
|
|
26,136
|
|
|
Internal royalties
|
|
|
9,659
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,659
|
|
|
Licenses
|
|
|
14,936
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14,936
|
|
|
Total cost of goods sold
|
|
|
161,602
|
|
|
|
-
|
|
|
|
(1,876
|
)
|
|
|
159,726
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
68,120
|
|
|
|
-
|
|
|
|
1,876
|
|
|
|
69,996
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
31,044
|
|
|
|
-
|
|
|
|
(423
|
)
|
|
|
30,621
|
|
|
General and administrative
|
|
|
31,415
|
|
|
|
(1,846
|
)
|
|
|
(2,555
|
)
|
|
|
27,014
|
|
|
Research and development
|
|
|
14,759
|
|
|
|
-
|
|
|
|
(462
|
)
|
|
|
14,297
|
|
|
Business reorganization and related
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
4,777
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,777
|
|
|
Total operating expenses
|
|
|
81,995
|
|
|
|
(1,846
|
)
|
|
|
(3,440
|
)
|
|
|
76,709
|
|
|
Income (loss) from operations
|
|
|
(13,875
|
)
|
|
|
1,846
|
|
|
|
5,316
|
|
|
|
(6,713
|
)
|
|
Interest and other, net
|
|
|
(1,467
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,467
|
)
|
|
Income (loss) before income taxes
|
|
|
(15,342
|
)
|
|
|
1,846
|
|
|
|
5,316
|
|
|
|
(8,180
|
)
|
|
Provision (benefit) for income taxes
|
|
|
(5,262
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,262
|
)
|
|
Net income (loss)
|
|
$
|
(10,080
|
)
|
|
$
|
1,846
|
|
|
$
|
5,316
|
|
|
$
|
(2,918
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:*
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.13
|
)
|
|
$
|
0.02
|
|
|
$
|
0.07
|
|
|
$
|
(0.04
|
)
|
|
Diluted
|
|
$
|
(0.13
|
)
|
|
$
|
0.02
|
|
|
$
|
0.07
|
|
|
$
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
76,587
|
|
|
|
76,587
|
|
|
|
76,587
|
|
|
|
76,587
|
|
|
Diluted
|
|
|
76,587
|
|
|
|
76,587
|
|
|
|
76,587
|
|
|
|
76,587
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
(15,342
|
)
|
|
|
|
|
|
$
|
(8,180
|
)
|
|
Interest
|
|
|
1,427
|
|
|
|
|
|
|
|
1,427
|
|
|
Depreciation and amortization
|
|
|
4,777
|
|
|
|
|
|
|
|
4,777
|
|
|
EBITDA
|
|
$
|
(9,138
|
)
|
|
|
|
|
|
$
|
(1,976
|
)
|
|
Add: Business reorganization and related
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
(9,138
|
)
|
|
|
|
|
|
$
|
(1,976
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Basic and diluted earnings (loss) per share may not add due to
rounding
|
|
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciling Items
|
|
|
|
|
|
Three months
|
|
Business
|
|
Professional
|
|
|
|
Non-GAAP three
|
|
|
|
ended April 30,
|
|
reorganization
|
|
fees and
|
|
Stock-based
|
|
months ended April 30,
|
|
|
|
2008
|
|
and related
|
|
legal matters
|
|
compensation
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
539,810
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
539,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
|
|
Product costs
|
|
|
185,043
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
185,043
|
|
|
Software development costs and royalties
|
|
|
57,688
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,448
|
)
|
|
|
51,240
|
|
|
Internal royalties
|
|
|
52,653
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
52,653
|
|
|
Licenses
|
|
|
22,875
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,875
|
|
|
Total cost of goods sold
|
|
|
318,259
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,448
|
)
|
|
|
311,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
221,551
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,448
|
|
|
|
227,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
45,949
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(514
|
)
|
|
|
45,435
|
|
|
General and administrative
|
|
|
48,317
|
|
|
|
-
|
|
|
|
(3,781
|
)
|
|
|
(4,576
|
)
|
|
|
39,960
|
|
|
Research and development
|
|
|
14,828
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(889
|
)
|
|
|
13,939
|
|
|
Business reorganization and related
|
|
|
944
|
|
|
|
(944
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
7,516
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,516
|
|
|
Total operating expenses
|
|
|
117,554
|
|
|
|
(944
|
)
|
|
|
(3,781
|
)
|
|
|
(5,979
|
)
|
|
|
106,850
|
|
|
Income (loss) from operations
|
|
|
103,997
|
|
|
|
944
|
|
|
|
3,781
|
|
|
|
12,427
|
|
|
|
121,149
|
|
|
Interest and other, net
|
|
|
(1,714
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,714
|
)
|
|
Income (loss) before income taxes
|
|
|
102,283
|
|
|
|
944
|
|
|
|
3,781
|
|
|
|
12,427
|
|
|
|
119,435
|
|
|
Provision (benefit) for income taxes
|
|
|
4,061
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,061
|
|
|
Net income (loss)
|
|
$
|
98,222
|
|
|
$
|
944
|
|
|
$
|
3,781
|
|
|
$
|
12,427
|
|
|
$
|
115,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:*
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.31
|
|
|
$
|
0.01
|
|
|
$
|
0.05
|
|
|
$
|
0.17
|
|
|
$
|
1.54
|
|
|
Diluted
|
|
$
|
1.29
|
|
|
$
|
0.01
|
|
|
$
|
0.05
|
|
|
$
|
0.16
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
75,098
|
|
|
|
75,098
|
|
|
|
75,098
|
|
|
|
75,098
|
|
|
|
75,098
|
|
|
Diluted
|
|
|
75,954
|
|
|
|
75,954
|
|
|
|
75,954
|
|
|
|
75,954
|
|
|
|
75,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
102,283
|
|
|
|
|
|
|
|
|
$
|
119,435
|
|
|
Interest
|
|
|
830
|
|
|
|
|
|
|
|
|
|
830
|
|
|
Depreciation and amortization
|
|
|
7,516
|
|
|
|
|
|
|
|
|
|
7,516
|
|
|
EBITDA
|
|
$
|
110,629
|
|
|
|
|
|
|
|
|
$
|
127,781
|
|
|
Add: Business reorganization and related
|
|
|
944
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
111,573
|
|
|
|
|
|
|
|
|
$
|
127,781
|
|
|
|
|
*Basic and diluted earnings (loss) per share may not add due to
rounding
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciling Items
|
|
|
|
|
|
Six months
|
|
Professional
|
|
|
|
Non-GAAP six
|
|
|
|
ended April 30,
|
|
fees and
|
|
Stock-based
|
|
months ended April 30,
|
|
|
|
2009
|
|
legal matters
|
|
compensation
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
486,532
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
486,532
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
Product costs
|
|
|
258,941
|
|
|
|
-
|
|
|
|
-
|
|
|
|
258,941
|
|
|
Software development costs and royalties
|
|
|
51,314
|
|
|
|
-
|
|
|
|
(3,049
|
)
|
|
|
48,265
|
|
|
Internal royalties
|
|
|
30,131
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30,131
|
|
|
Licenses
|
|
|
22,118
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,118
|
|
|
Total cost of goods sold
|
|
|
362,504
|
|
|
|
-
|
|
|
|
(3,049
|
)
|
|
|
359,455
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
124,028
|
|
|
|
-
|
|
|
|
3,049
|
|
|
|
127,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
71,818
|
|
|
|
-
|
|
|
|
(916
|
)
|
|
|
70,902
|
|
|
General and administrative
|
|
|
71,163
|
|
|
|
(6,706
|
)
|
|
|
(5,947
|
)
|
|
|
58,510
|
|
|
Research and development
|
|
|
35,702
|
|
|
|
-
|
|
|
|
(1,588
|
)
|
|
|
34,114
|
|
|
Business reorganization and related
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
9,885
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,885
|
|
|
Total operating expenses
|
|
|
188,568
|
|
|
|
(6,706
|
)
|
|
|
(8,451
|
)
|
|
|
173,411
|
|
|
Income (loss) from operations
|
|
|
(64,540
|
)
|
|
|
6,706
|
|
|
|
11,500
|
|
|
|
(46,334
|
)
|
|
Interest and other, net
|
|
|
882
|
|
|
|
-
|
|
|
|
-
|
|
|
|
882
|
|
|
Income (loss) before income taxes
|
|
|
(63,658
|
)
|
|
|
6,706
|
|
|
|
11,500
|
|
|
|
(45,452
|
)
|
|
Provision (benefit) for income taxes
|
|
|
(3,190
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,190
|
)
|
|
Net income (loss)
|
|
$
|
(60,468
|
)
|
|
$
|
6,706
|
|
|
$
|
11,500
|
|
|
$
|
(42,262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:*
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.79
|
)
|
|
$
|
0.09
|
|
|
$
|
0.15
|
|
|
$
|
(0.55
|
)
|
|
Diluted
|
|
$
|
(0.79
|
)
|
|
$
|
0.09
|
|
|
$
|
0.15
|
|
|
$
|
(0.55
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
76,341
|
|
|
|
76,341
|
|
|
|
76,341
|
|
|
|
76,341
|
|
|
Diluted
|
|
|
76,341
|
|
|
|
76,341
|
|
|
|
76,341
|
|
|
|
76,341
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
(63,658
|
)
|
|
|
|
|
|
$
|
(45,452
|
)
|
|
Interest
|
|
|
2,971
|
|
|
|
|
|
|
|
2,971
|
|
|
Depreciation and amortization
|
|
|
9,885
|
|
|
|
|
|
|
|
9,885
|
|
|
EBITDA
|
|
|
(50,802
|
)
|
|
|
|
|
|
|
(32,596
|
)
|
|
Add: Business reorganization and related
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
(50,802
|
)
|
|
|
|
|
|
$
|
(32,596
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Basic and diluted earnings (loss) per share may not add due to
rounding
|
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciling Items
|
|
|
|
|
|
Six months
|
|
Business
|
|
Professional
|
|
|
|
Non-GAAP six
|
|
|
|
ended April 30,
|
|
reorganization
|
|
fees and
|
|
Stock-based
|
|
months ended April 30,
|
|
|
|
2008
|
|
and related
|
|
legal matters
|
|
compensation
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
780,252
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
780,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
|
|
|
|
Product costs
|
|
|
333,195
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
333,195
|
|
|
Software development costs and royalties
|
|
|
80,402
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,194
|
)
|
|
|
73,208
|
|
|
Internal royalties
|
|
|
58,797
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
58,797
|
|
|
Licenses
|
|
|
31,873
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
31,873
|
|
|
Total cost of goods sold
|
|
|
504,267
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,194
|
)
|
|
|
497,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
275,985
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,194
|
|
|
|
283,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
79,678
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,381
|
)
|
|
|
78,297
|
|
|
General and administrative
|
|
|
81,238
|
|
|
|
-
|
|
|
|
(5,275
|
)
|
|
|
(7,948
|
)
|
|
|
68,015
|
|
|
Research and development
|
|
|
30,638
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,977
|
)
|
|
|
28,661
|
|
|
Business reorganization and related
|
|
|
1,106
|
|
|
|
(1,106
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
13,925
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,925
|
|
|
Total operating expenses
|
|
|
206,585
|
|
|
|
(1,106
|
)
|
|
|
(5,275
|
)
|
|
|
(11,306
|
)
|
|
|
188,898
|
|
|
Income (loss) from operations
|
|
|
69,400
|
|
|
|
1,106
|
|
|
|
5,275
|
|
|
|
18,500
|
|
|
|
94,281
|
|
|
Interest and other, net
|
|
|
(347
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(347
|
)
|
|
Income (loss) before income taxes
|
|
|
69,053
|
|
|
|
1,106
|
|
|
|
5,275
|
|
|
|
18,500
|
|
|
|
93,934
|
|
|
Provision (benefit) for income taxes
|
|
|
8,828
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,828
|
|
|
Net income (loss)
|
|
$
|
60,225
|
|
|
$
|
1,106
|
|
|
$
|
5,275
|
|
|
$
|
18,500
|
|
|
$
|
85,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:*
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.81
|
|
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
0.25
|
|
|
$
|
1.15
|
|
|
Diluted
|
|
$
|
0.80
|
|
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
0.25
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
74,112
|
|
|
|
74,112
|
|
|
|
74,112
|
|
|
|
74,112
|
|
|
|
74,112
|
|
|
Diluted
|
|
|
74,894
|
|
|
|
74,894
|
|
|
|
74,894
|
|
|
|
74,894
|
|
|
|
74,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
69,053
|
|
|
|
|
|
|
|
|
$
|
93,934
|
|
|
Interest
|
|
|
982
|
|
|
|
|
|
|
|
|
|
982
|
|
|
Depreciation and amortization
|
|
|
13,925
|
|
|
|
|
|
|
|
|
|
13,925
|
|
|
EBITDA
|
|
|
83,960
|
|
|
|
|
|
|
|
|
|
108,841
|
|
|
Add: Business reorganization and related
|
|
|
1,106
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
85,066
|
|
|
|
|
|
|
|
|
$
|
108,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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*Basic and diluted earnings (loss) per share may not add due to
rounding
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Source: Take-Two Interactive Software, Inc.
Take-Two Interactive Software, Inc.
Corporate Press/Investor
Relations:
Meg Maise, 646-536-2932
meg.maise@take2games.com
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