Take-Two Interactive Software, Inc. Reports Results for Fiscal First Quarter 2015
Non-GAAP Net Revenue grew 5% to
Non-GAAP Net Loss Narrowed to
GAAP Financial Results
For fiscal first quarter 2015, GAAP net revenue was
Non-GAAP Financial Results
For fiscal first quarter 2015, Non-GAAP net revenue grew 5% to
The largest contributors to Non-GAAP net revenue in fiscal first quarter
2015 were NBA® 2K14, Grand Theft Auto® V, Grand Theft
Auto Online and Borderlands® 2. Non-GAAP net revenue from
digitally-delivered content grew 43% year-over-year to
Management Comments
“During the fiscal first quarter, we delivered Non-GAAP revenue growth
without the benefit of any major new releases,” said Strauss Zelnick,
Chairman and CEO of Take-Two. “Our better-than-expected results were
driven by the strength of our expanding portfolio of digitally-delivered
offerings combined with persistent robust demand for
“Take-Two has an extraordinary development pipeline, including a diverse
array of the highest-quality new titles and innovative offerings
designed to drive recurrent consumer spending. Our lineup for the
current fiscal year is highlighted by six eagerly anticipated new
releases, such as Grand Theft Auto V for PS4, Xbox One and PC,
Business and Product Highlights
Since
Rockstar Games:
-
Released several updates for Grand Theft Auto Online, including
the Capture Creator, which gives players the ability to build
additional new content; The High Life Update, featuring
high-end properties, new vehicles, an array of new Jobs and the
introduction of the Mental State statistic; the I’m Not a Hipster
Update, featuring seven new vehicles along with new fashions,
hairstyles, animal masks and more; and The
Independence Day Special, a limited-time offer featuringJuly 4 th-themed content, additional properties, as well as new On-call Matchmaking that reduces wait times between matches. - Announced that Grand Theft Auto V is planned for release this fall on PS4, Xbox One and PC, bringing across-the-board graphical and technical enhancements to the game’s already breathtaking open world experience. Current PS3 and Xbox 360 players will have the ability to transfer their Grand Theft Auto Online characters and progression to their choice of PS4, Xbox One or PC. All new content and gameplay created for both Grand Theft Auto V and Grand Theft Auto Online will also be available for the PS4, Xbox One and PC with more to come.
2K:
- Launched XCOM®: Enemy Unknown for select Android devices, a mobile version of one of 2012’s most critically acclaimed console/PC releases from Firaxis Games.
- Announced that Battleborn™, a new intellectual property for next-gen consoles and PC, is in development at Gearbox Software, the creative team behind Borderlands, and is planned for release during fiscal year 2016. The title, which was featured on the August cover of Game Informer, is a blended-genre game that combines first-person shooting, cooperative combat, and an expansive collection of characters to deliver an all-new hero-shooter experience.
-
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 on
October 24, 2014 for PC, Mac and Linux. The title won more than 18 awards globally at the 2014Electronic Entertainment Expo, including Best Strategy Game honors. -
Announced that Evolve™, a new intellectual property for
next-gen consoles and PC developed by Turtle Rock Studios, the
creators of the cooperative shooter classic, Left 4 Dead, won
more than 50 editorial honors at the 2014
Electronic Entertainment Expo, including the coveted Game Critics Award top honor for Best of Show. The title is now planned to launch globally onFebruary 10, 2015 . -
Announced that WWE Superstar
John Cena® will be the cover Superstar for WWE® 2K15, which will be the first next-gen offering from the series. The title is planned to launch inNorth America onOctober 28, 2014 , and internationally onOctober 31, 2014 , for Xbox One, Xbox 360, PS4 and PS3. -
Announced that Borderlands: The Pre-Sequel™ is planned for
launch on
October 14, 2014 , inNorth America andOctober 17, 2014 , internationally on the Xbox 360, PS3 and PC. Co-developed by Gearbox Software and 2KAustralia , Borderlands: The Pre-Sequel is a new standalone game set in between the award-winning Borderlands and Borderlands 2. -
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 onNBA 2K15, the next installment of the top-selling and top-ratedNBA video game simulation franchise.* This year’s release will include additional teams and players from the Turkish Airlines Euroleague as part of their exclusive multi-year global partnership.NBA 2K15 is planned for launch onOctober 7, 2014 , inNorth America andOctober 10, 2014 , internationally on the PS3, PS4, Xbox 360, Xbox One and PC.
* According to 2008 - 2014 Metacritic.com
and The NPD Group estimates of U.S. retail video game sales through
Financial Outlook for Fiscal 2015
Take-Two is reiterating its financial outlook for fiscal year 2015,
which reflects its better-than-expected fiscal first quarter results and
current business trends, strong sales outlook for its upcoming releases,
and lower diluted share count, balanced against changes to its release
schedule. In addition, the Company is providing its initial financial
outlook for its fiscal second quarter ending
Second Quarter |
Fiscal Year |
|||||||
Ending 9/30/2014 |
Ending 3/31/2015 |
|||||||
Non-GAAP net revenue |
$95 to $110 Million |
$1.35 to $1.45 Billion |
||||||
Non-GAAP net income (loss) per diluted share (1) |
($0.70) to ($0.60) |
$0.80 to $1.05 |
||||||
GAAP to Non-GAAP Reconciling Items: |
||||||||
Net effect from deferral in net revenues and related cost of goods sold |
$0.00 |
$0.06 |
||||||
Stock-based compensation expense per share (2) |
$0.10 |
$0.32 |
||||||
Non-cash amortization of discount on convertible notes per share |
$0.05 |
$0.14 |
||||||
|
||||||||
Non-cash tax expense per share |
$0.01 |
$0.02 |
||||||
|
||||||||
1) |
For the fiscal year ending March 31, 2015, the Non-GAAP net income per diluted share outlook is calculated using the “if-converted” method as a result of the issuances of our 1.75% Convertible Notes in November 2011 and 1.00% Convertible Notes in June 2013, and Non-GAAP diluted net income is adjusted by adding-back $7.4 million related to coupon interest and debt issuance costs, net of tax. For the second quarter ending September 30, 2014, the “if-converted” method is not used for calculating the Non-GAAP net loss per diluted share outlook as the assumed conversion would be anti-dilutive. Shares used to calculate the Non-GAAP net income (loss) per diluted share outlook are as follows: |
|||||||
Weighted average basic shares |
80 Million |
81 Million |
||||||
Add: Weighted average participating shares |
- |
7 Million |
||||||
Add: Potential Dilution from convertible notes |
- |
26 Million |
||||||
Total weighted average diluted shares |
80 Million |
114 Million |
||||||
2) |
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. |
|||||||
Key assumptions and dependencies underlying the Company’s financial outlook include: the timely delivery of the titles included in this financial outlook; continued consumer acceptance of the Xbox One and 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
The following titles were released since
Label |
Title |
Platforms |
Release Date |
||||||
2K |
Borderlands 2 Headhunter 5: Sir Hamerlock Versus the Son of Crawmermax (DLC) |
Xbox 360, PS3, PC, Mac |
April 15, 2014 |
||||||
2K |
XCOM: Enemy Unknown |
Android Devices |
April 24, 2014 |
||||||
2K |
Sid Meier’s Civilization Revolution 2 |
iOS |
July 2, 2014 |
||||||
Take-Two's lineup of future titles announced to date includes:
Label |
Title |
Platforms |
Release Date |
||||||
2K |
BioShock |
iOS |
Summer 2014 |
||||||
2K |
NBA 2K15 |
Xbox 360, Xbox One, PS3, PS4, PC |
October 7, 2014* |
||||||
2K |
Borderlands: The Pre-Sequel |
Xbox 360, PS3, PC, Mac, Linux |
October 14, 2014* |
||||||
2K |
Sid Meier’s Civilization: Beyond Earth |
PC, Mac, Linux |
October 24, 2014 |
||||||
2K |
WWE 2K15 |
PS3, PS4, Xbox 360, Xbox One |
October 28, 2014* |
||||||
Rockstar Games |
Grand Theft Auto V |
PS4, Xbox One, PC |
Fall 2014 |
||||||
2K |
Evolve |
Xbox One, PS4, PC |
February 10, 2015 |
||||||
2K |
Battleborn |
PS4, Xbox One, PC |
Fiscal Year 2016 |
||||||
*North American release date; international release date typically follows three days after. |
|||||||||
Conference Call
Take-Two will host a conference call today at
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 following Non-GAAP items, net of applicable taxes, as discussed below:
- 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 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 as a loss 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
Headquartered in
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
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||
(in thousands, except per share amounts) | ||||||||||
Three months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Net revenue | $ | 125,425 | $ | 142,667 | ||||||
Cost of goods sold: | ||||||||||
Software development costs and royalties | 20,306 | 53,728 | ||||||||
Product costs | 18,592 | 30,987 | ||||||||
Internal royalties | 8,298 | 2,940 | ||||||||
Licenses | 6,960 | 6,187 | ||||||||
Total cost of goods sold | 54,156 | 93,842 | ||||||||
Gross profit | 71,269 | 48,825 | ||||||||
General and administrative | 39,352 | 32,860 | ||||||||
Selling and marketing | 36,846 | 41,601 | ||||||||
Research and development | 24,132 | 20,871 | ||||||||
Depreciation and amortization | 4,148 | 3,057 | ||||||||
Total operating expenses | 104,478 | 98,389 | ||||||||
Loss from operations | (33,209 | ) | (49,564 | ) | ||||||
Interest and other, net | (7,719 | ) | (11,233 | ) | ||||||
Loss before income taxes | (40,928 | ) | (60,797 | ) | ||||||
(Benefit) provision for income taxes | (5,525 | ) | 1,087 | |||||||
Loss from continuing operations | (35,403 | ) | (61,884 | ) | ||||||
Loss from discontinued operations, net of taxes | - | (30 | ) | |||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||||
Net loss per share: | ||||||||||
Continuing operations | $ | (0.45 | ) | $ | (0.71 | ) | ||||
Discontinued operations | - | - | ||||||||
Basic and diluted | $ | (0.45 | ) | $ | (0.71 | ) | ||||
Weighted average shares outstanding: | ||||||||||
Basic and diluted | 79,369 | 86,992 | ||||||||
Computation of Basic and Diluted EPS: | ||||||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||||
Weighted average shares outstanding - basic and diluted | 79,369 | 86,992 | ||||||||
Basic and diluted EPS | $ | (0.45 | ) | $ | (0.71 | ) | ||||
Three months ended June 30, | |||||||
OTHER INFORMATION |
2014 | 2013 | |||||
Geographic revenue mix | |||||||
United States | 52 | % | 60 | % | |||
International | 48 | % | 40 | % | |||
Platform revenue mix | |||||||
Console | 67 | % | 73 | % | |||
PC and other | 31 | % | 25 | % | |||
Handheld | 2 | % | 2 | % | |||
Net revenue by distribution channel: | |||||||
Digital online | 64 | % | 51 | % | |||
Physical retail and other | 36 | % | 49 | % | |||
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands, except per share amounts) | ||||||||||
June 30, | March 31, | |||||||||
2014 | 2014 | |||||||||
ASSETS | (Unaudited) | |||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 822,000 | $ | 935,400 | ||||||
Short-term investments | 19,369 | - | ||||||||
Restricted cash | 61,916 | 193,839 | ||||||||
Accounts receivable, net of allowances of $55,982 and $75,518 at June 30, 2014 and | ||||||||||
March 31, 2014, respectively | 43,165 | 53,143 | ||||||||
Inventory | 23,147 | 29,780 | ||||||||
Software development costs and licenses | 186,615 | 116,203 | ||||||||
Prepaid expenses and other | 78,140 | 71,075 | ||||||||
Total current assets | 1,234,352 | 1,399,440 | ||||||||
Fixed assets, net | 47,011 | 42,572 | ||||||||
Software development costs and licenses, net of current portion | 78,973 | 109,506 | ||||||||
Goodwill | 227,108 | 226,705 | ||||||||
Other intangibles, net | 5,098 | 5,113 | ||||||||
Other assets | 15,194 | 16,294 | ||||||||
Total assets | $ | 1,607,736 | $ | 1,799,630 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 22,575 | $ | 16,452 | ||||||
Accrued expenses and other current liabilities | 175,323 | 397,173 | ||||||||
Deferred revenue | 87,371 | 61,195 | ||||||||
Total current liabilities | 285,269 | 474,820 | ||||||||
Long-term debt | 459,408 | 454,031 | ||||||||
Other long-term liabilities | 80,022 | 68,973 | ||||||||
Total liabilities | 824,699 | 997,824 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock, $.01 par value, 5,000 shares authorized | - | - | ||||||||
Common stock, $.01 par value, 200,000 shares authorized; 104,671 and 105,156 shares | ||||||||||
issued and 88,433 and 88,918 outstanding at June 30, 2014 and March 31, 2014, respectively | 1,047 | 1,052 | ||||||||
Additional paid-in capital | 967,361 | 954,699 | ||||||||
Treasury stock, at cost (16,238 common shares at June 30, 2014 and March 31, 2014) | (276,836 | ) | (276,836 | ) | ||||||
Retained earnings | 85,372 | 120,775 | ||||||||
Accumulated other comprehensive income | 6,093 | 2,116 | ||||||||
Total stockholders' equity | 783,037 | 801,806 | ||||||||
Total liabilities and stockholders' equity | $ | 1,607,736 | $ | 1,799,630 | ||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||
(in thousands) | ||||||||||
Three months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Operating activities: | ||||||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||
Amortization and impairment of software development costs and licenses | 7,255 | 43,238 | ||||||||
Depreciation and amortization | 4,148 | 3,057 | ||||||||
Loss from discontinued operations | - | 30 | ||||||||
Amortization and impairment of intellectual property | 105 | 139 | ||||||||
Stock-based compensation | 9,979 | 5,947 | ||||||||
Amortization of discount on Convertible Notes | 5,377 | 5,346 | ||||||||
Amortization of debt issuance costs | 431 | 497 | ||||||||
Loss on change in fair value of convertible note hedge and warrant transactions | - | 1,911 | ||||||||
Other, net | 134 | 742 | ||||||||
Changes in assets and liabilities, net of effect from purchases of businesses: | ||||||||||
Restricted cash | 132,002 | (17,969 | ) | |||||||
Accounts receivable | 9,978 | 154,394 | ||||||||
Inventory | 6,633 | 2,366 | ||||||||
Software development costs and licenses | (42,990 | ) | (42,070 | ) | ||||||
Prepaid expenses, other current and other non-current assets | (2,397 | ) | 3,378 | |||||||
Deferred revenue | 26,176 | 1,064 | ||||||||
Accounts payable, accrued expenses and other liabilities | (208,944 | ) | (92,583 | ) | ||||||
Net cash used in discontinued operations | - | (372 | ) | |||||||
Net cash (used in) provided by operating activities | (87,516 | ) | 7,201 | |||||||
Investing activities: | ||||||||||
Purchase of fixed assets | (8,392 | ) | (7,994 | ) | ||||||
Purchases of short-term investments | (19,415 | ) | - | |||||||
Net cash used in investing activities | (27,807 | ) | (7,994 | ) | ||||||
Financing activities: | ||||||||||
Proceeds from issuance of Convertible Notes | - | 246,250 | ||||||||
Payment of debt issuance costs | - | (2,043 | ) | |||||||
Net cash provided by financing activities | - | 244,207 | ||||||||
Effects of foreign exchange rates on cash and cash equivalents | 1,923 | 399 | ||||||||
Net (decrease) increase in cash and cash equivalents | (113,400 | ) | 243,813 | |||||||
Cash and cash equivalents, beginning of year | 935,400 | 402,502 | ||||||||
Cash and cash equivalents, end of period | $ | 822,000 | $ | 646,315 | ||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||
RECONCILIATION OF GAAP TO Non-GAAP MEASURES (Unaudited) | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||
Three months ended June 30, | ||||||||||||
2014 | 2013 | |||||||||||
Net Revenues | ||||||||||||
GAAP Net Revenues | $ | 125,425 | $ | 142,667 | ||||||||
Net effect from deferral in net revenues | 26,186 | 1,636 | ||||||||||
Non-GAAP Net Revenues | $ | 151,611 | $ | 144,303 | ||||||||
Digital Online Revenues (included in Net Revenues above) | ||||||||||||
GAAP Digital Online Revenues | $ | 80,201 | $ | 72,856 | ||||||||
Net effect from deferral in digital online revenues | 26,186 | 1,636 | ||||||||||
Non-GAAP Digital Online Revenues | $ | 106,387 | $ | 74,492 | ||||||||
Gross Profit | ||||||||||||
GAAP Gross Profit | $ | 71,269 | $ | 48,825 | ||||||||
Net effect from deferral in net revenues and related cost of goods sold | 15,318 | 1,143 | ||||||||||
Stock-based compensation | 1,471 | 1,098 | ||||||||||
Non-GAAP Gross Profit | $ | 88,058 | $ | 51,066 | ||||||||
Loss from Operations | ||||||||||||
GAAP Loss from Operations | $ | (33,209 | ) | $ | (49,564 | ) | ||||||
Net effect from deferral in net revenues and related cost of goods sold | 15,318 | 1,143 | ||||||||||
Stock-based compensation | 9,979 | 5,947 | ||||||||||
Business reorganization, restructuring and related | 195 | - | ||||||||||
Non-GAAP Loss from Operations | $ | (7,717 | ) | $ | (42,474 | ) | ||||||
Net Loss | ||||||||||||
GAAP Net Loss | $ | (35,403 | ) | $ | (61,914 | ) | ||||||
Net effect from deferral in net revenues and related cost of goods sold | 11,757 | 1,143 | ||||||||||
Stock-based compensation | 7,659 | 5,947 | ||||||||||
Business reorganization, restructuring and related | 156 | - | ||||||||||
Non-cash amortization of discount on Convertible Notes | 4,127 | 5,346 | ||||||||||
Loss on convertible note hedge and warrants, net | - | 1,911 | ||||||||||
Non-cash tax expense | 473 | 482 | ||||||||||
Discontinued operations | - | 30 | ||||||||||
Non-GAAP Net Loss | $ | (11,231 | ) | $ | (47,055 | ) | ||||||
Diluted Earnings (Loss) Per Share | ||||||||||||
GAAP earnings (loss) per share | $ | (0.45 | ) | $ | (0.71 | ) | ||||||
Non-GAAP earnings (loss) per share | $ | (0.14 | ) | $ | (0.54 | ) | ||||||
Number of diluted shares used in computation | ||||||||||||
GAAP | 79,369 | 86,992 | ||||||||||
Non-GAAP | 79,369 | 86,992 | ||||||||||
Computation of Diluted GAAP EPS: | ||||||||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||||||
Weighted average shares outstanding - diluted | 79,369 | 86,992 | ||||||||||
Diluted EPS | $ | (0.45 | ) | $ | (0.71 | ) | ||||||
Computation of Diluted Non-GAAP EPS: | ||||||||||||
Non-GAAP net loss | $ | (11,231 | ) | $ | (47,055 | ) | ||||||
Weighted average shares outstanding - diluted | 79,369 | 86,992 | ||||||||||
Diluted EPS | $ | (0.14 | ) | $ | (0.54 | ) |
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
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