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Take-Two Q4 FY13 Results + Conference Call at 4:30 p.m. ET

R

Rösti

Unconfirmed Member
The results are in:

NEW YORK--(BUSINESS WIRE)--May. 13, 2013-- Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong financial results for its fourth quarter and fiscal year 2013, ended March 31, 2013. In addition, the Company provided its initial financial outlook for its first quarter and fiscal year 2014.

Fiscal Fourth Quarter 2013

For fiscal fourth quarter 2013, GAAP net revenue was $299.5 million, as compared to $148.1 million for fiscal fourth quarter 2012. Non-GAAP net revenue was $303.1 million, as compared to $148.1 million for the year-ago period. GAAP net income from continuing operations was $21.2 million, or $0.23 per diluted share, as compared to a net loss of $66.0 million, or $0.78 per diluted share, for the year-ago period. Non-GAAP net income was $42.9 million, or $0.38 per diluted share, as compared to a Non-GAAP net loss of $50.9 million, or $0.60 per diluted share, for the year-ago period. As of March 31, 2013, the Company had cash and cash equivalents of $402.5 million.

The largest contributors to net revenue in fiscal fourth quarter 2013 were the release of BioShock® Infinite; catalog sales led by Grand Theft Auto® IV, Red Dead Redemption® and Sid Meier’s Civilization® V; continuing sales of NBA® 2K13 and Borderlands® 2; and the release of Major League Baseball® 2K13. Catalog sales accounted for 25% of Non-GAAP net revenue. Revenue from digitally delivered content grew 192% year-over-year and accounted for 27% of Non-GAAP net revenue, driven by offerings for Borderlands 2, BioShock Infinite, the Grand Theft Auto franchise and NBA 2K13.

Fiscal Year 2013

For fiscal year 2013, GAAP net revenue was $1.214 billion, as compared to $825.8 million for fiscal year 2012. Non-GAAP net revenue was $1.222 billion, as compared to $825.8 million for the prior fiscal year. GAAP net loss from continuing operations was $31.2 million, or $0.36 per diluted share, as compared to $107.7 million, or $1.30 per diluted share, for the prior fiscal year. Non-GAAP net income was $33.1 million, or $0.36 per diluted share, as compared to a Non-GAAP net loss of $59.4 million, or $0.71 per diluted share, for the prior fiscal year. Both GAAP loss from continuing operations and Non-GAAP net income for fiscal year 2013 include the $15 million negative impact from a one-time contractual obligation, which was recorded in fiscal first quarter 2013.

The largest contributors to net revenue in fiscal year 2013 were Borderlands 2, NBA 2K13, BioShock Infinite, Max Payne® 3, Grand Theft Auto IV, XCOM®: Enemy Unknown and Red Dead Redemption. Revenue from digitally delivered content grew 148% year-over-year and accounted for 22% of Non-GAAP net revenue, driven by offerings for Borderlands 2, the Grand Theft Auto franchise, NBA 2K13, Sid Meier’s Civilization V and XCOM: Enemy Unknown.

Management Comments

“Take-Two delivered strong revenue growth and solid non-GAAP earnings for fiscal year 2013, driven by robust demand for our groundbreaking new releases, iconic catalog titles and expanding portfolio of digitally delivered offerings,” said Strauss Zelnick, Chairman and CEO of Take-Two. “With BioShock Infinite, Borderlands 2, NBA 2K13 and XCOM: Enemy Unknown, our 2K label released four of the past year’s most critically acclaimed titles. Our commitment to delight consumers with the highest-quality interactive entertainment experiences enabled Take-Two to have an outstanding year, despite a challenging environment for many in our industry.

“2013 is the 20th anniversary of Take-Two’s founding and, today, our Company is better positioned for success than at any other time in its history. With Rockstar Games launching Grand Theft Auto V in September, fiscal 2014 is poised to be one of our best years ever. Looking ahead, we have an extensive pipeline of next-generation and emerging platform titles in development, including both new intellectual property and releases from our proven franchises. As a result, our current outlook is to be profitable on a non-GAAP basis in fiscal 2015 and for the foreseeable future.”

Business and Product Highlights

Since January 1, 2013:

Rockstar Games:

  • Announced that it plans to launch Grand Theft Auto V worldwide on September 17, 2013.
2K:

  • Launched BioShock Infinite on March 26, 2013. Developed by Irrational Games, the title was called “a masterpiece” by NBC News and is the highest rated game of 2013 to date with perfect review scores from Game Informer, Eurogamer, USA Today, Associated Press, Entertainment Weekly and many more. BioShock Infinite was the top-selling console title in March,* enjoyed significantly higher first month sell-through than any other BioShock release, and has sold-in more than 3.7 million units to date. The title has experienced solid demand for the BioShock Infinite Season Pass, which offers all three upcoming downloadable add-on content packs at a discounted price.

  • Released Major League Baseball 2K13 on March 5, 2013, pursuant to a new license with Major League Baseball and related entities. The title features Tampa Bay Rays’ Cy Young Award winning pitcher David Price as cover athlete and is again being supported with the Perfect Game Challenge, 2K’s groundbreaking $1 million competition.

  • Released the Borderlands 2: Add-On Content Pack at retail on February 26, 2013. The pack includes Borderlands 2’s first two add-on campaigns, as well as a fifth playable character packaged together on a single disc.

  • Released two new free-to-play mobile titles designed exclusively for iOS by its award winning Firaxis Games studio, Haunted Hollow™ and Sid Meier’s Ace Patrol™.
    Pro Baseball® 2K, our online baseball simulation game created in partnership with Nexon, launched commercially in Korea on May 2, 2013.

  • Entered into an exclusive multi-year agreement with WWE granting 2K the exclusive worldwide rights to publish the popular WWE video game franchise across all major platforms and distribution channels. The series, which will continue to be developed by Yukes in Japan, will combine the studio’s signature gameplay with 2K’s commitment to authenticity in WWE® 2K14, which is planned for release on October 29, 2013.

  • Announced that The Bureau: XCOM® Declassified™, 2K Marin’s third-person squad-based tactical shooter, is planned for release on August 20, 2013 in North America and August 23, 2013 internationally for the Xbox 360, PS3 and PC. The Bureau will deliver a new experience within the XCOM universe, telling the origin story of the clandestine XCOM organization and mankind’s first encounter with the mysterious alien threat.

  • Announced that Sid Meier's Civilization V: Brave New World, the second expansion pack for the award-winning Civilization V, is currently in development and is planned for release on July 9, 2013 for the PC and Mac®.

  • Announced that XCOM: Enemy Unknown will be available for iOS-equipped mobile devices this summer. Developed by Firaxis Games, XCOM: Enemy Unknown was one of the most critically acclaimed console and PC releases of 2012.
* According to The NPD Group estimates of U.S. retail video game sales for March 2013.
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Source: http://ir.take2games.com/phoenix.zhtml?c=86428&p=irol-newsArticle&ID=1818758&highlight=

And the conference call:

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.
http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=86428&eventID=4945055
 

Quentyn

Member
million dollar question: how did infinite do?

3.7 million units

Launched BioShock Infinite on March 26, 2013. Developed by Irrational Games, the title was called “a masterpiece” by NBC News and is the highest rated game of 2013 to date with perfect review scores from Game Informer, Eurogamer, USA Today, Associated Press, Entertainment Weekly and many more. BioShock Infinite was the top-selling console title in March,* enjoyed significantly higher first month sell-through than any other BioShock release, and has sold-in more than 3.7 million units to date. The title has experienced solid demand for the BioShock Infinite Season Pass, which offers all three upcoming downloadable add-on content packs at a discounted price.
 

darkside31337

Tomodachi wa Mahou
I seriously wonder why they decided to renew the MLB license (albeit on friendlier terms).

Also TBA on NBA2K would seem to confirm PS4/720 versions.

Maybe they'll release a Vita version instead of a PSP version this year. I hope :(
 

AHA-Lambda

Member
For a reportedly 200 million budget game that's awful.

There is no way that is true, probably something like $100m. Then again 3.7m probably means it's about broken even now.

It will be similar situation to Max Payne 3 but will probably generate slightly more profit than that did.
 

Totobeni

An blind dancing ho
For a reportedly 200 million budget game that's awful.

what with the crazy increase in budgets going on lately?(the $100 millions for Tomb Raider reboot too) wasn't it between $20 millions to $60 millions for most of the AAA games this gen?
 

FoneBone

Member
A little odd that they don't mention the Turtle Rock deal under their highlights, but I guess that's not due out this fiscal year.
 

szaromir

Banned
Infinite below/above/in line with expectations? Hopefully they'll say which in the conference call, I'm really interested since it came out under similar circumstances and with similar sales as Tomb Raider.
 

salromano

Member
Next-gen games in development at Take-Two, including "groundbreaking new IP and releases from our existing franchises."
 

8bits

Banned
It sounds like they are going the Nintendo route for E3. They won't be there with a booth or show but they will have separate events over the summer.
 
Next gen new IP from Rockstar+ Red Dead Redemption 2= @_@

Bioshock Infinite's sales are all right. They'll make a profit, but Im sure they wish it did better.
 

salromano

Member
"Extensive pipeline of unannounced core titles in development for multiple platforms, including next-gen consoles."

"Numerous titles in development for mobile and online platforms, which range from core gaming to mobile and social experiences."

I'm sorry, these quotes suck.
 
R

Rösti

Unconfirmed Member
It sounds like they are going the Nintendo route for E3.
They won't have any booth(s) but they have booked a meeting room so there will be a team there from Take-Two/2K. Rockstar and the other teams will instead have separate events over the spring and the summer.
 
Is Take 2 and Bethesda the only publishers to not have released anything for Wii U and have no plans to do so?

Hardly surprising is it?

NBA 2K was big on Wii, but the others? MLB 2K (gone now), Carnival Games and Nickelodeon Dance were the only other titles that sold in any real amounts on Wii for them.
 

gazele

Banned
I seriously wonder why they decided to renew the MLB license (albeit on friendlier terms).

Also TBA on NBA2K would seem to confirm PS4/720 versions.

Maybe they'll release a Vita version instead of a PSP version this year. I hope :(

They did :(

Let the free market have baseball back, being 360 only this gen I haven't played a good baseball game since MVP 05
 
I don't think Sony would have any problem paying for it. The problem is who exactly would develop it.
Why can't levine do it? If the content is essentially already done it won't really require much effort. If Sony is paying for it (they are), I don't see why they couldn't do it. But if they don't want to do it, Sony can just get somebody like high impact games to do it.
 
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