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[speculawyer]

Take-Two (TTWO) report their Q3 earnings after the close:

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Third Quarter 2014
Non-GAAP Net Revenue Grew to $767.7 Million
Non-GAAP Net Income Increased to $1.70 Per Diluted Share
Increases Financial Outlook for Fiscal Year 2014
Business Wire Take-Two Interactive
2 minutes ago
NEW YORK--(BUSINESS WIRE)--

Take-Two Interactive Software, Inc. (TTWO) today reported strong financial results for fiscal third quarter 2014, ended December 31, 2013. In addition, the Company increased its financial outlook for fiscal year 2014, ending March 31, 2014, and provided its initial financial outlook for fiscal fourth quarter 2014, ending March 31, 2014.

GAAP Financial Results
For fiscal third quarter 2014, GAAP net revenue increased to $1.86 billion, as compared to $415.8 million for fiscal third quarter 2013. GAAP net income from continuing operations was $578.4 million, or $4.69 per diluted share, as compared to $70.9 million, or $0.66 per diluted share, for the year-ago period. As of December 31, 2013, the Company had cash and cash equivalents of $972.2 million.

Non-GAAP Financial Results
For fiscal third quarter 2014, Non-GAAP net revenue grew to $767.7 million, as compared to $405.0 million for the year-ago period. Non-GAAP net income increased to $210.7 million, or $1.70 per diluted share, as compared to $78.8 million, or $0.67 per diluted share, for the year-ago period.

The largest contributors to net revenue in fiscal third quarter 2014 were Grand Theft Auto V®, NBA® 2K14, and WWE® 2K14. Non-GAAP net revenue from digitally-delivered content grew 42% year-over-year to $132.8 million, driven by the Grand Theft Auto series, the NBA 2K franchise, and offerings for Borderlands® 2 and BioShock® Infinite. Catalog sales accounted for $113.0 million of Non-GAAP net revenue led by offerings for Borderlands 2, the Grand Theft Auto series, XCOM®: Enemy Unknown, BioShock Infinite, and Sid Meier’s Civilization® V.

Management Comments
“Take-Two’s business continued to outperform expectations significantly during the fiscal third quarter,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our results were driven by robust holiday demand for Grand Theft Auto V, the franchise record-breaking launch of NBA 2K14, the successful release of WWE 2K14, and strong growth in digitally-delivered revenues led by Grand Theft Auto Online. Take-Two was the top video game publisher of 2013, according to the NPD Group, underscoring our positive momentum over the past year.

“As a result of our third quarter performance, we have once again raised our revenue and earnings outlook for fiscal 2014, which is poised to be a record year for Take-Two. Looking ahead, we firmly expect to deliver Non-GAAP earnings in fiscal 2015 and every year for the foreseeable future. This confidence is based on our development pipeline of groundbreaking new intellectual properties and offerings from our proven franchises, which bear the hallmark of our commitment to provide the highest quality entertainment experiences.”


The full Press Release from TTWO about the earnings here.


You can get a link to the conference call here (click) that is at 4:30pm Eastern time.



Disclosure: I own some TTWO stock.

 

[speculawyer]

Business and Product Highlights

Since October 1, 2013:

Take-Two finished as the top video game publisher of 2013.*
Take-Two deployed $276.8 million to repurchase 16.24 million shares of its common stock, including 12.02 million shares repurchased from the Icahn Group.

Rockstar Games:
-Launched Grand Theft Auto Online, the dynamic and persistent online game, which is free with every copy of Grand Theft Auto V.
-Grand Theft Auto V finished as the best-selling video game of 2013.* To date, Grand Theft Auto V has sold-in more than 32.5 million units.
-Released Grand Theft Auto: San Andreas for select iOS, Android, Amazon Kindle and Windows Phone devices.

2K:
-Launched NBA 2K14, which is the fastest-selling release in the history of our top-selling and top-rated NBA video game simulation franchise** that has sold-in nearly 35 million units to date. Developed by Visual Concepts, NBA 2K14 has already sold-in more than 5 million units and is Take-Two’s first offering for the PlayStation®4 computer entertainment system and Xbox One, the all-in-one games and entertainment system from Microsoft. The title is also available for the Xbox 360, PS3 and PC.
-Launched WWE 2K14 for the Xbox 360 and PS3. Developed by Yukes, WWE 2K14 is being supported with downloadable add-on content, including a Season Pass.
-Released the Borderlands 2 Game of the Year Edition for the Xbox 360, PS3 and PC. Borderlands 2 is now the highest-selling title in 2K’s history with more than 8.5 million units sold-in to date.
-Released XCOM: Enemy Within, the expanded experience of Firaxis Games’ “Game of the Year” award-winning strategy title, XCOM: Enemy Unknown, for the Xbox 360, PS3, PC and Mac.
-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.
* According to The NPD Group’s Retail Tracking Service.

** According to 2008-2013 Metacritic.com and The NPD Group estimates of U.S. retail video game sales through December 2013.

 

[speculawyer]

Product Releases

The following titles were released since October 1, 2013:

Label
 	  	
Title
 	  	
Platforms
 	  	
Release Date
Rockstar Games
Grand Theft Auto Online
Xbox 360, PS3
October 1, 2013
2K
NBA 2K14
Xbox 360, PS3, PC, iOS, Android
October 1, 2013*
2K
Borderlands 2 Game of the Year Edition
Xbox 360, PS3, PC
October 8, 2013*
2K
The Bureau: XCOM Declassified Hanger 6 R&D (DLC)
Xbox 360
October 8, 2013
2K
XCOM: Enemy Unknown for iOS Multiplayer Update
iOS
October 10, 2013
2K
NBA 2K14 Superfan Pack
Xbox 360, PS3
October 15, 2013
2K
Sid Meier’s Civilization V: Scrambled Continents (DLC)
PC
October 17, 2013
2K
Borderlands 2: Headhunter 1: TK Baha’s Bloody Harvest (DLC)
Xbox 360, PS3, PC
October 22, 2013
2K
Holiday Bundle: Spec Ops® : The Line, Mafia II & Borderlands 2
Xbox 360, PS3
October 22, 2013
2K
Holiday Bundle: BioShock, Borderlands 2 & XCOM: Enemy Unknown
Xbox 360, PS3
October 22, 2013
2K
Holiday Bundle: BioShock 2, The Darkness II™ & Mafia II
Xbox 360, PS3
October 22, 2013
2K
Holiday Bundle: XCOM: Enemy Unknown & Sid Meier’s Civilization V
PC
October 22, 2013
2K
WWE 2K14
Xbox 360, PS3
October 29, 2013*
2K
MyNBA 2K14
iOS, Google Play, Android
November 1, 2013
2K
Sid Meier's Ace Patrol: Pacific Skies
PC (Steam exclusive)
November 5, 2013
2K
Sid Meier’s Civilization V: Scrambled Nations (DLC)
PC
November 5, 2013
2K
Sid Meier's Ace Patrol: Pacific Skies
iOS
November 7, 2013
2K
BioShock Infinite: Burial at Sea – Episode 1 (DLC)
Xbox 360, PS3, PC
November 12, 2013
2K
XCOM: Enemy Within
Xbox 360, PS3, PC, Mac
November 12, 2013*
2K
WWE 2K14: nWo Pack (DLC)
Xbox 360, PS3
November 12, 2013
2K
NBA 2K14
PS4
November 15, 2013
2K
NBA 2K14
Xbox One
November 19, 2013
2K
Borderlands 2: Headhunter 2: Wattle Gobbler (DLC)
Xbox 360, PS3, PC
November 26, 2013
2K
WWE 2K14: WWE Superstars and Moves Pack (DLC)
Xbox 360, PS3
December 3, 2013
Rockstar Games
Grand Theft Auto: San Andreas
iOS
December 12, 2013
2K
Sensei Wars©
iOS, Google Play, Android
December 12, 2013
2K
Borderlands 2: Headhunter 3: How Marcus Saved Mercenary Day (DLC)
Xbox 360, PS3, PC, Mac
December 17, 2013
Rockstar Games
Grand Theft Auto: San Andreas
Android, Kindle
December 20, 2013
2K
WWE 2K14: WWE Legends and Creations Pack (DLC)
Xbox 360, PS3
January 7, 2014
Rockstar Games
Grand Theft Auto: San Andreas
Windows Phone
January 27, 2014

*North American release date; international release date typically follows three days after.

Take-Two's lineup of future titles announced to date includes:

(Thanks Quentyn for the image.)


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.

 

[Acorn]

Well deserved for GTA V, outstanding game.

 

[SwiftDeath]

So GTAVI is likely? Shocking

Good numbers though

 

[Das-J]

dat GTA money...

 

[liquidtmd]

NO SHIT

 

[Cragvis]

Good, now take 5% at most of that and port the damn game to ps4 already, come oooon

 

[No Love]

GTA V go boom for Take Two. Congrats Rockstar!

 

[SEGAvangelist]

They can turn that 32.5 million GTAV copies to 40-50 with PC/PlayBone ports.

 

[Blablurn]

Impressive revenue from a impressive game.

 

[Deadly Cyclone]

GTAV at 32.5 million units sold...

 

[Beant]

NBA 2K14 has already sold-in more than 5 million units and is Take-Two’s first offering for the PlayStation®4 computer entertainment system and Xbox One, the all-in-one games and entertainment system from Microsoft.

I see this language sooo often (from non MS sources), is it mandated to refer to it this way or something?

 

[Quentyn]

Future lineup:

 

[The Dutch Slayer]

Released the Borderlands 2 Game of the Year Edition for the Xbox 360, PS3 and PC. Borderlands 2 is now the highest-selling title in 2K’s history with more than 8.5 million units sold-in to date.

YES ! so well deserved LOVE BL2

 

[DarkJedi24]

Good, now take 5% at most of that and port the damn game to ps4 already, come oooon

Please and thanks.

 

[johnny956]

I see this language sooo often (from non MS sources), is it mandated to refer to it this way or something?

Yes MS requires it

 

[blastprocessor]

32.5 million is just nuts.

 

[SolidSnakex]

I'm honestly surprised that WWE games are still big business. I guess Yukes doesn't have to worry about having that brand taken away from them.

I'll be itnerested in seeing if TT ever decides to go the THQ route of trying to create separate WWE brands. I think they had four brands planned at one point (Smackdown vs. RAW Online, Brawl, All-Stars, and the Yukes games) and only of two of those were ever released.

 

[Guevara]

Future lineup:

Where's Borderlands 2 Vita?

 

[StoppedInTracks]

Grand Theft Auto V finished as the best-selling video game of 2013.* To date, Grand Theft Auto V has sold-in more than 32.5 million units.

32 500 000 units!

Jesus Christ, that's almost doubling the COD sales level.

 

[Jb]

Hopefully they'll use some of that cash to finance a new Red Dead.

 

[dreamfall]

Bravo indeed.

Here's hoping WWE 2K15 comes to PC!

 

[The Albatross]

Hoping for XBone / PS4 / PC re-release. WIll double dip.

Also, glad WWE 2K14 sold decently. I think it was actually a pretty good game this year. I haven't bought a WWE game since one of the earlier Smackdowns for the 360... and I was pleasantly surprised by the gameplay and story mode... Plus I really appreciated the historic roster.

 

[sfedai0]

Playing TTWO stock is so easy and predictable.

 

[Quentyn]

Where's Borderlands 2 Vita?

Hmm, I forgot about that. Maybe published by Sony?

 

[KorrZ]

32.5 million units holy shit, that seems unreal...is that a record?

 

[djplaeskool]

Xbox One, the all-in-one games and entertainment system from Microsoft.

So is this spiel mandated or something.
It's embarrassing to read during these sort of reports.

Edit: beaten

 

[Nirolak]

Honestly pretty much everything they reported is incredible, with GTA V being the insane cherry on top.

 

[Aquamarine]

Well deserved.

Great job, Take Two and Rockstar North.

 

[Old Gimlet Eyes]

What was gta4 launch numbers and what is gta4s Ltd?

 

[StoppedInTracks]

New IPs incoming:

“As a result of our third quarter performance, we have once again raised our revenue and earnings outlook for fiscal 2014, which is poised to be a record year for Take-Two. Looking ahead, we firmly expect to deliver Non-GAAP earnings in fiscal 2015 and every year for the foreseeable future. This confidence is based on our development pipeline of groundbreaking new intellectual properties and offerings from our proven franchises, which bear the hallmark of our commitment to provide the highest quality entertainment experiences.”

Gotta love Take Two. Best publisher out there.

 

[Magwik]

Where's Borderlands 2 Vita?

Sony published?

 

[cw_sasuke]

Future lineup:

They publish Skyrim? Wtf...

 

[DarkLordMalik]

GTA V announcement for PC/Next-Gen imminent?

32.5 million is a pretty nice number. Congratulations to Take-Two, well deserved sales.

 

[Lautaro]

Yeah, now make an MMO so you can burn all that money!

 

[StoppedInTracks]

How is Borderlands so big?

JESUS.

 

[AHA-Lambda]

And people thought GTAV wouldn't beat CoD last year XD

Amazing numbers, now just hurry up and announce the PC/next gen versions.

 

[Data West]

How is Borderlands so big?

JESUS.

People like carrots on a stick
People like shooters

putemtogether aaaaand

 

[Milennia]

I love it when good games sell well.
Grats rockstar, good year all around,

 

[StoppedInTracks]

And people thought GTAV wouldn't beat CoD last year XD

Patcher always said GTAV will murder CoD.

 

[eternaLightness]

My goodness, GTA.

 

[Quentyn]

They publish Skyrim? Wtf...

It's just the bundle. They announced them a couple of weeks ago. They did the same with Oblivion and the first Bioshock.

 

[Chuck]

goodness gracious...

 

[Nirolak]

How is Borderlands so big?

JESUS.

It's like FPS Diablo. That the target audience remained untapped for so long is kind of astonishing to me.

 

[SEGAvangelist]

People like carrots on a stick
People like shooters

putemtogether aaaaand

Yup. This is what Activision/Bungie is hoping too.

 

[Nikodemos]

"It is payday."

 

[uncleniccius]

Future lineup:

So literally all they have is their annualised sport franchises, DLC's, collections/rereleases (GOTY's/DLC filled editions/bundled games) and Evolve.
Wow, Borderlands 3 this year anyone? They must have something coming.
WRT Borderlands 2 Vita I'm fairly certain it was being published by Sony, Gearbox own the IP.

 

[The Dutch Slayer]

Hmm, I forgot about that. Maybe published by Sony?

Yes as far as I know its Sony published.

They publish Skyrim? Wtf...

No they are doing Bethesda Bundles of older games in the coming months.

 

[AHA-Lambda]

I see this language sooo often (from non MS sources), is it mandated to refer to it this way or something?

yep.

They publish Skyrim? Wtf...

they seem to be having some bundling deal with Bethesda, note the dishonored bundle as well.