Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Year 2022
GAAP net revenue increased 4% to
GAAP net income per diluted share was
GAAP net cash provided by operating activities for the twelve-months ended
Adjusted Unrestricted Operating Cash Flow (Non-GAAP) for the twelve-months ended
Net Bookings were
Fourth Quarter Fiscal 2022 Financial Highlights
GAAP net revenue increased 11% to
GAAP net income was
The following data, together with a management reporting tax rate of 16%, are used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
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Three Months Ended |
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Financial Data |
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Statement of Operations |
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Change in deferred net revenue and related cost of goods sold |
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Stock-based compensation |
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Impact of business reorganization |
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Amortization and impairment of acquired intangibles |
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Business acquisition |
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Loss on long-term investments, net |
|
Other |
Net revenue |
|
|
|
(84,225) |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
398,625 |
|
(17,317) |
|
(16,549) |
|
|
|
(13,170) |
|
|
|
|
|
|
Gross profit |
|
531,379 |
|
(66,908) |
|
16,549 |
|
|
|
13,170 |
|
|
|
|
|
|
Operating expenses |
|
402,515 |
|
|
|
(23,879) |
|
(303) |
|
(1,654) |
|
(33,289) |
|
|
|
|
Income from operations |
|
128,864 |
|
(66,908) |
|
40,428 |
|
303 |
|
14,824 |
|
33,289 |
|
|
|
|
Interest and other, net |
|
(6,984) |
|
1,635 |
|
|
|
|
|
|
|
6,475 |
|
|
|
(279) |
Gain (loss) on long-term investments, net |
|
(39) |
|
|
|
|
|
|
|
|
|
|
|
39 |
|
|
Income before income taxes |
|
121,841 |
|
(65,273) |
|
40,428 |
|
303 |
|
14,824 |
|
39,764 |
|
39 |
|
(279) |
In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 116.8 million.
Fiscal Fourth Quarter Operational Metric – Net Bookings
Net Bookings is defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.
During fiscal fourth quarter 2022, total Net Bookings grew 8% to
Catalog accounted for
Fiscal Year 2022 Financial Highlights
GAAP net revenue increased 4% to
GAAP net income was
During the twelve-month period ended
The following data, together with a management reporting tax rate of 16%, are used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
|
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Twelve Months Ended |
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Financial Data |
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Statement of Operations |
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Change in deferred net revenue and related cost of goods sold |
|
Stock-based compensation |
|
Impact of business reorganization |
|
Amortization and impairment of acquired intangibles |
|
Business acquisition |
|
Gain on long-term investments, net |
|
Other |
Net revenue |
|
|
|
(96,616) |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
1,535,401 |
|
(11,785) |
|
(48,381) |
|
|
|
(50,751) |
|
|
|
|
|
|
Gross profit |
|
1,969,399 |
|
(84,831) |
|
(48,381) |
|
|
|
(50,751) |
|
|
|
|
|
|
Operating expenses |
|
1,495,804 |
|
|
|
(134,588) |
|
(849) |
|
(12,105) |
|
(72,819) |
|
|
|
|
Income from operations |
|
473,595 |
|
(84,831) |
|
182,969 |
|
(849) |
|
62,856 |
|
72,819 |
|
|
|
|
Interest and other, net |
|
(14,212) |
|
2,999 |
|
|
|
|
|
|
|
6,475 |
|
|
|
(279) |
Gain (loss) on long-term investments, net |
|
6,015 |
|
|
|
|
|
|
|
|
|
|
|
(6,015) |
|
|
Income before income taxes |
|
465,398 |
|
(81,832) |
|
182,969 |
|
849 |
|
62,856 |
|
79,294 |
|
(6,015) |
|
(279) |
In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 116.8 million.
Fiscal Year 2022 Operational Metric – Net Bookings
Total Net Bookings declined 4% to
Management Comments
“Our strong fourth quarter results concluded another highly successful year for our Company, during which we delivered Net Bookings of
“For fiscal 2023, we expect to deliver a new record of
COVID-19 Update
At Take-Two, our number one priority has remained the health and safety of our employees and their families. The majority of our global offices have reopened. However, given the evolving dynamics of the COVID-19 pandemic, we are strictly following protocols from local governments and health officials to ensure that we are adhering to their safety standards.
Due to the shelter-in-place orders that began in calendar year 2020, we experienced heightened levels of engagement and Net Bookings growth during our fiscal 2021 period. As the return to normalcy continues to unfold, the impact to our business, operations and financial results will depend on numerous evolving factors that we are not able to predict. The key risks to our business are set forth under the heading “Cautionary Note Regarding Forward-Looking Statements” in this release and in Take-Two’s Annual Report on Form 10-K for the fiscal year ended
Business and Product Highlights
Since
Take-Two:
-
On
January 9 th, Take-Two entered into a definitive agreement, under which Take-Two will acquire all of the outstanding shares of Zynga. The transaction, which is anticipated to close onMay 23, 2022 , is subject to the approval of both Take-Two and Zynga stockholders and the satisfaction of other customary closing conditions. -
On
April 7 th, Take-Two announced that it agreed to sell, in an underwritten public offering,$2.7 billion aggregate principal amount of its Senior Notes, consisting of$1.0 billion of its 3.300% Senior Notes due 2024,$600 million of its 3.550% Senior Notes due 2025,$600 million of its 3.700% Senior Notes due 2027 and$500 million of its 4.000% Senior Notes due 2032. The Company intends to use a portion of the net proceeds from the offering, together with cash on hand, to fund the cash portion of the consideration for its pending acquisition of Zynga and the expected settlement of the outstanding convertible notes issued by Zynga, and related costs and expenses. Any remaining net proceeds will be used for general corporate purposes. If the acquisition is not consummated on or prior toJanuary 9, 2023 , or is terminated prior to such date, the Company will be required to redeem the Senior Notes.
-
On
February 11 th,Rockstar Games released the physical version of Grand Theft Auto: The Trilogy - The Definitive Edition for Nintendo Switch. -
On
March 15 th,Rockstar Games launched Grand Theft Auto V digitally on PlayStation 5 and Xbox Series X|S, featuring access to Grand Theft Auto Online, high-end PC visuals, technical enhancements of the latest consoles, and Story Mode progress transfers for PlayStation 4 and Xbox One players. -
On
March 15 th, Grand Theft Auto Online was made available as a standalone title for PlayStation 5 and Xbox Series X|S, in addition to being accessible as part of Grand Theft Auto V on either platform, with graphical and technical enhancements, a new Career Builder, new menu design, five new vehicles, an exclusive vehicle for returning players, online character transfers for PlayStation 4 and Xbox One players, and Hao’s Special Works – a shop where players can purchase new modifications for select vehicles to improve driving performance, customization options and more. -
On
March 29 th,Rockstar Games launched GTA+, a membership program exclusive to Grand Theft Auto Online players on PlayStation 5 and Xbox Series X|S, featuring a range of valuable benefits, including a monthly recurring GTA$500,000 deposit, upgrades, Members-only discounts, GTA$ and RP bonuses, and more each month. -
Throughout the period,
Rockstar Games continued to support Grand Theft Auto Online with new vehicles, rewards, and the Adversary Mode Double Down – featuring Grand Theft Auto V’sFranklin Clinton andLamar Davis as playable characters.
2K:
- Continued to drive engagement for NBA 2K22 with the launch of new seasons that feature new music and content, as well as seasonal updates across MyCAREER, MyTEAM, and The W modes.
-
On
March 11 th, 2K andVisual Concepts launched WWE 2K22, the newest installment of the flagship WWE video game series, which received the highest Metacritic critic scores in franchise history. Featuring Rey Mysterio® on the cover in celebration of his 20th anniversary as a WWE Superstar, the game features a top-to-bottom overhaul, including a redesigned engine and gameplay, the most stunning WWE 2K graphics to date, intuitive and accessible controls, multiple new fan-requested game modes, and an immersive presentation and camera angles throughout. WWE 2K22 also features a diverse soundtrack curated by Executive Soundtrack Producer MachineGun Kelly , who will be available in a future downloadable content pack as a playable character. The first DLC pack for WWE 2K22 launched onApril 26 th, featuring fan-favorite WWE Legends Yokozuna and Rikishi, “The Samoan Bulldozer” Umaga, current Raw Superstar Omos, and rising NXT starKacy Catanzaro . - Additionally, there were updates to WWE SuperCard, including the WrestleMania 38 card tier, which includes more than 70 new cards featuring fan-favorite WWE Superstars, Legends and Hall of Famers.
-
On
March 25 th, 2K andGearbox Software released Tiny Tina’s Wonderlands, an all-new, fantasy-fueled looter shooter game from the unpredictable mind ofTiny Tina , which supports crossplay between Xbox Series X|S, Xbox One, PlayStation®5, PlayStation®4, and PC via theEpic Games Store . Game Informer awarded the game a 9.5 out of 10, calling it “a spellbinding hit” and “Gearbox Software’s best game.” COGconnected noted it’s “a worthy new IP,” while ComicBook.com described it as “a fantastic fantasy twist” and IGN called out the “excellent, laugh-out-loud writing.” -
To drive further engagement for Tiny Tina’s Wonderlands, 2K and
Gearbox Software released Coiled Captors onApril 21 st, the first of four exciting post-launch content drops in the game’sSeason Pass . -
On
March 17 th, 2K andSupermassive Games announced that they will release The Quarry onJune 10 th, featuring an iconic ensemble cast ofHollywood stars and celebrities, includingDavid Arquette ,Ariel Winter ,Justice Smith ,Brenda Song ,Lance Henriksen ,Lin Shaye , and more. The title is an all-new horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. -
On
April 21 st, Gearbox confirmed that a new game from the Tales from the Borderlands series will be releasing this fiscal year. Developed by Gearbox and published by 2K, the title will feature all new characters and stories set in the Borderlands universe. -
On
April 21 st, Firaxis released XCOM 2 Collection onEpic Games Store . The XCOM 2 Collection includes the award-winning strategy game XCOM 2, the War of the Chosen expansion, and DLC packs (Resistance Warrior Pack, Anarchy's Children, Alien Hunters, Shen's Last Gift and Tactical Legacy Pack) for a bundled discount.
Private Division:
-
On
February 8 th, Roll7 and Private Division launchedOlliOlli World , the skateboarding action-platformer digitally for PlayStation 4, PlayStation 5, Xbox One, Xbox Series X|S, PC via Steam and Nintendo Switch.OlliOlli World marks a bold new direction for the OlliOlli franchise and has received much critical praise for the unique art style and tight gameplay mechanics. The title will be supported with its first expansion, VOID Riders, in the first half of fiscal 2023. -
On
March 16 th, Private Division announced that they have signed four new publishing agreements with leading independent developers DieGute Fabrik , Evening Star,Piccolo Studio , andYellow Brick Games .
Outlook for Fiscal 2023
Take-Two is providing its initial outlook for the fiscal year ending
Fiscal Year Ending
-
This initial outlook does not include Zynga Inc. in our projected results or the interest expense on the Senior notes the Company issued in
April 2022 to fund the cash portion for the pending combination with Zynga Inc. -
GAAP net revenue is expected to range from
$3.67 to$3.77 billion -
GAAP net income is expected to range from
$223 to$252 million (1) -
GAAP diluted net income per share is expected to range from
$1.90 to$2.15 (1) - Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 117.0 million (2)
-
Net cash provided by operating activities is expected to be over
$390 million -
Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over
$350 million (3) -
Capital expenditures are expected to be approximately
$120 million -
Net Bookings (Operational Metric) are expected to range from
$3.75 to$3.85 billion
The Company is also providing selected data and its management reporting tax rate of 16%, which are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
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Twelve Months Ending |
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Financial Data |
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$ in millions |
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GAAP outlook (4) |
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Change in deferred net revenue and related cost of goods sold |
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Stock-based compensation |
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Amortization and impairment of acquired intangibles |
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Reorganization & acquisition |
Net revenue |
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Cost of goods sold |
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Operating expenses |
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Interest and other, net |
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Income before income taxes |
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First Quarter Ending
-
This initial outlook does not include Zynga Inc. in our projected results or the interest expense on the Senior notes the Company issued in
April 2022 to fund the cash portion for the pending combination with Zynga Inc. -
GAAP net revenue is expected to range from
$810 to$860 million -
GAAP net income is expected to range from
$94 to$105 million (1) -
GAAP diluted net income per share is expected to range from
$0.80 to$0.90 (1) - Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 116.9 million (5)
-
Net Bookings (Operational Metric) are expected to range from
$700 to$750 million
The Company is also providing selected data and its management reporting tax rate of 16%, which are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
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Three Months Ending |
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Financial Data |
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$ in millions |
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GAAP outlook (4) |
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Change in deferred net revenue and related cost of goods sold |
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Stock-based compensation |
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Amortization of intangible assets |
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Reorganization & Acquisition |
Net revenue |
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Cost of goods sold |
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Operating expenses |
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Interest and other, net |
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Income before income taxes |
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1) |
The effective tax rate utilized for our GAAP net income outlook does not reflect |
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2) |
Includes 115.8 million basic shares and 1.2 million shares representing the potential dilution from unvested employee stock grants. |
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3) |
Adjusted for changes in restricted cash. |
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4) |
The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously. |
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5) |
Includes 115.6 million basic shares and 1.3 million shares representing the potential dilution from unvested employee stock grants. |
Key assumptions and dependencies underlying the Company’s outlook include: the timely delivery of the titles included in this financial outlook; a stable economic environment; continued consumer acceptance of Xbox One and PlayStation 4, as well as continued growth in the installed base of PlayStation 5 and Xbox Series X|S; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below. The Company's outlook does not take into account the pending combination with Zynga Inc. or the interest expense on the Senior notes the Company issued in
Product Releases
The following have been released since
Label |
Product |
Platforms |
Release Date |
Private Division |
|
PS4, PS5, Xbox One, Xbox Series X|S, Switch, PC |
|
|
Grand Theft Auto: The Trilogy – The Definitive Edition |
Switch (physical only) |
|
2K |
WWE 2K22 |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
|
Grand Theft Auto V for PlayStation 5 and XBox Series X|S |
PS5, Xbox Series X|S |
|
|
Grand Theft Auto Online – Standalone |
PS5, Xbox Series X|S |
|
2K |
|
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
|
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
XCOM 2 Collection |
PC |
|
2K |
WWE 2K22 The Banzai Pack |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
Take-Two's future lineup announced to-date includes:
Label |
Product |
Platforms |
Release Date |
2K |
WWE 2K22 Most Wanted Pack |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
WWE 2K22 Stand Back Pack |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
The Quarry |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
WWE 2K22 Clowning Around Pack |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
WWE 2K22 |
PS4, PS5, Xbox One, Xbox Series X|S, PC |
|
2K |
Marvel's Midnight Suns |
PS4, PS5, Xbox One, Xbox Series X|S, PC, Switch |
Second Half of Calendar 2022 |
|
Grand Theft Auto: The Trilogy — The Definitive Edition (mobile release) |
iOS, Android |
Fiscal 2023 |
2K |
NBA 2K23 |
TBA |
Fiscal 2023 |
2K |
WWE 2K23 |
TBA |
Fiscal 2023 |
2K |
|
TBA |
Fiscal 2023 |
2K |
New Tales from the Borderlands title |
TBA |
Fiscal 2023 |
Private Division |
Kerbal Space Program 2 |
PC |
Fiscal 2023 (console release planned for Fiscal 2024) |
Conference Call
Take-Two will host a conference call today at
Non-GAAP Financial Measure
In addition to reporting financial results in accordance with
This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company's operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Annual Report on Form 10-K for the period ended
About
Headquartered in
All trademarks and copyrights contained herein are the property of their respective holders.
Cautionary Note Regarding Forward-Looking Statements
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," “should,” "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: risks relating to our pending acquisition of Zynga; the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect that measures taken to mitigate the COVID-19 pandemic have on our operations, including our ability to timely deliver our titles and other products, and on the operations of our counterparties, including retailers and distributors; the effects of the COVID-19 pandemic on both consumer demand and the discretionary spending patterns of our customers as the situation with the pandemic continues to evolve; the risks of conducting business internationally; the impact of changes in interest rates by the
Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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Three Months Ended |
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Twelve Months Ended |
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|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenue |
|
$ |
930,004 |
|
|
$ |
839,431 |
|
|
$ |
3,504,800 |
|
|
$ |
3,372,772 |
|
Cost of goods sold: |
|
|
|
|
|
|
|
|
||||||||
Internal royalties |
|
|
142,172 |
|
|
|
158,128 |
|
|
|
619,902 |
|
|
|
637,652 |
|
Software development costs and royalties |
|
|
142,468 |
|
|
|
22,465 |
|
|
|
417,431 |
|
|
|
396,797 |
|
Licenses |
|
|
56,162 |
|
|
|
53,841 |
|
|
|
254,203 |
|
|
|
260,721 |
|
Product costs |
|
|
57,823 |
|
|
|
45,213 |
|
|
|
243,865 |
|
|
|
239,915 |
|
Total cost of goods sold |
|
|
398,625 |
|
|
|
279,647 |
|
|
|
1,535,401 |
|
|
|
1,535,085 |
|
Gross profit |
|
|
531,379 |
|
|
|
559,784 |
|
|
|
1,969,399 |
|
|
|
1,837,687 |
|
Selling and marketing |
|
|
141,270 |
|
|
|
106,609 |
|
|
|
516,429 |
|
|
|
444,985 |
|
General and administrative |
|
|
148,371 |
|
|
|
98,453 |
|
|
|
510,855 |
|
|
|
390,683 |
|
Research and development |
|
|
96,108 |
|
|
|
83,559 |
|
|
|
406,566 |
|
|
|
317,311 |
|
Depreciation and amortization |
|
|
16,463 |
|
|
|
15,480 |
|
|
|
61,105 |
|
|
|
55,596 |
|
Business reorganization |
|
|
303 |
|
|
|
(134 |
) |
|
|
849 |
|
|
|
(272 |
) |
Total operating expenses |
|
|
402,515 |
|
|
|
303,967 |
|
|
|
1,495,804 |
|
|
|
1,208,303 |
|
Income from operations |
|
|
128,864 |
|
|
|
255,817 |
|
|
|
473,595 |
|
|
|
629,384 |
|
Interest and other, net |
|
|
(6,984 |
) |
|
|
(3,226 |
) |
|
|
(14,212 |
) |
|
|
8,796 |
|
Gain (loss) on long-term investments, net |
|
|
(39 |
) |
|
|
1,000 |
|
|
|
6,015 |
|
|
|
39,636 |
|
Income before income taxes |
|
|
121,841 |
|
|
|
253,591 |
|
|
|
465,398 |
|
|
|
677,816 |
|
Provision for income taxes |
|
|
10,869 |
|
|
|
34,779 |
|
|
|
47,376 |
|
|
|
88,930 |
|
Net income |
|
$ |
110,972 |
|
|
$ |
218,812 |
|
|
$ |
418,022 |
|
|
$ |
588,886 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
0.96 |
|
|
$ |
1.90 |
|
|
$ |
3.62 |
|
|
$ |
5.14 |
|
Diluted earnings per share |
|
$ |
0.95 |
|
|
$ |
1.88 |
|
|
$ |
3.58 |
|
|
$ |
5.09 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
115,335 |
|
|
|
115,110 |
|
|
|
115,485 |
|
|
|
114,602 |
|
Diluted |
|
|
116,802 |
|
|
|
116,300 |
|
|
|
116,775 |
|
|
|
115,744 |
|
Computation of Basic EPS: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
110,972 |
|
|
$ |
218,812 |
|
|
$ |
418,022 |
|
|
$ |
588,886 |
|
Weighted average shares outstanding - basic |
|
|
115,335 |
|
|
|
115,110 |
|
|
|
115,485 |
|
|
|
114,602 |
|
Basic earnings per share |
|
$ |
0.96 |
|
|
$ |
1.90 |
|
|
$ |
3.62 |
|
|
$ |
5.14 |
|
Computation of Diluted EPS: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
110,972 |
|
|
$ |
218,812 |
|
|
$ |
418,022 |
|
|
$ |
588,886 |
|
Weighed average shares outstanding - basic |
|
|
115,335 |
|
|
|
115,110 |
|
|
|
115,485 |
|
|
|
114,602 |
|
Add: dilutive effect of common stock equivalents |
|
|
1,467 |
|
|
|
1,190 |
|
|
|
1,290 |
|
|
|
1,142 |
|
Weighted average common shares outstanding - diluted |
|
|
116,802 |
|
|
|
116,300 |
|
|
|
116,775 |
|
|
|
115,744 |
|
Diluted earnings per share |
|
$ |
0.95 |
|
|
$ |
1.88 |
|
|
$ |
3.58 |
|
|
$ |
5.09 |
|
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands, except per share amounts) |
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,732,047 |
|
|
$ |
1,422,884 |
|
Short-term investments |
|
|
820,060 |
|
|
|
1,308,692 |
|
Restricted cash and cash equivalents |
|
|
359,832 |
|
|
|
538,822 |
|
Accounts receivable, net of allowances of |
|
|
579,433 |
|
|
|
552,762 |
|
Inventory |
|
|
13,224 |
|
|
|
17,742 |
|
Software development costs and licenses |
|
|
81,394 |
|
|
|
43,443 |
|
Deferred cost of goods sold |
|
|
12,374 |
|
|
|
15,524 |
|
Prepaid expenses and other |
|
|
272,724 |
|
|
|
320,646 |
|
Total current assets |
|
|
3,871,088 |
|
|
|
4,220,515 |
|
|
|
|
|
|
||||
Fixed assets, net |
|
|
242,039 |
|
|
|
149,364 |
|
Right-of-use assets |
|
|
217,206 |
|
|
|
164,763 |
|
Software development costs and licenses, net of current portion |
|
|
755,888 |
|
|
|
490,892 |
|
|
|
|
674,554 |
|
|
|
535,306 |
|
Other intangibles, net |
|
|
266,475 |
|
|
|
121,591 |
|
Deferred tax assets |
|
|
73,801 |
|
|
|
90,206 |
|
Long-term restricted cash and cash equivalents |
|
|
103,452 |
|
|
|
98,541 |
|
Other assets |
|
|
341,716 |
|
|
|
157,040 |
|
Total assets |
|
$ |
6,546,219 |
|
|
$ |
6,028,218 |
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
125,882 |
|
|
$ |
71,001 |
|
Accrued expenses and other current liabilities |
|
|
1,074,891 |
|
|
|
1,204,090 |
|
Deferred revenue |
|
|
865,270 |
|
|
|
928,029 |
|
Lease liabilities |
|
|
38,921 |
|
|
|
31,595 |
|
Total current liabilities |
|
|
2,104,964 |
|
|
|
2,234,715 |
|
Non-current deferred revenue |
|
|
70,911 |
|
|
|
37,302 |
|
Non-current lease liabilities |
|
|
211,297 |
|
|
|
159,671 |
|
Non-current software development royalties |
|
|
115,527 |
|
|
|
110,127 |
|
Other long-term liabilities |
|
|
233,861 |
|
|
|
154,511 |
|
Total liabilities |
|
|
2,736,560 |
|
|
|
2,696,326 |
|
Stockholders' equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
1,390 |
|
|
|
1,376 |
|
Additional paid-in capital |
|
|
2,597,205 |
|
|
|
2,288,781 |
|
|
|
|
(1,020,584 |
) |
|
|
(820,572 |
) |
Retained earnings |
|
|
2,288,993 |
|
|
|
1,870,971 |
|
Accumulated other comprehensive loss |
|
|
(57,345 |
) |
|
|
(8,664 |
) |
Total stockholders' equity |
|
$ |
3,809,659 |
|
|
$ |
3,331,892 |
|
Total liabilities and stockholders' equity |
|
$ |
6,546,219 |
|
|
$ |
6,028,218 |
|
|
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
|
|
|
|
||||
|
|
Twelve Months Ended |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
Operating activities: |
|
|
|
|
||||
Net income |
|
$ |
418,022 |
|
|
$ |
588,886 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Amortization and impairment of software development costs and licenses |
|
|
153,279 |
|
|
|
144,263 |
|
Stock-based compensation |
|
|
182,969 |
|
|
|
110,472 |
|
Noncash lease expense |
|
|
34,511 |
|
|
|
30,553 |
|
Amortization of intellectual property |
|
|
64,817 |
|
|
|
32,241 |
|
Depreciation |
|
|
61,196 |
|
|
|
56,309 |
|
Impairment of software development costs and licenses |
|
|
70,611 |
|
|
|
39,073 |
|
Amortization of debt issuance costs |
|
|
6,525 |
|
|
|
— |
|
Deferred income taxes |
|
|
8,104 |
|
|
|
10,631 |
|
Gain on long-term investments, net |
|
|
(6,015 |
) |
|
|
(41,588 |
) |
Other, net |
|
|
16,243 |
|
|
|
5,515 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(17,857 |
) |
|
|
47,195 |
|
Inventory |
|
|
4,106 |
|
|
|
2,503 |
|
Software development costs and licenses |
|
|
(457,556 |
) |
|
|
(260,352 |
) |
Prepaid expenses, other current and other non-current assets |
|
|
(207,559 |
) |
|
|
(89,290 |
) |
Deferred revenue |
|
|
(30,946 |
) |
|
|
152,466 |
|
Deferred cost of goods sold |
|
|
3,139 |
|
|
|
4,768 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
(45,605 |
) |
|
|
78,673 |
|
Net cash provided by operating activities |
|
|
257,984 |
|
|
|
912,318 |
|
Investing activities: |
|
|
|
|
||||
Change in bank time deposits |
|
|
446,965 |
|
|
|
(387,762 |
) |
Proceeds from available-for-sale securities |
|
|
779,940 |
|
|
|
546,287 |
|
Purchases of available-for-sale securities |
|
|
(756,266 |
) |
|
|
(824,477 |
) |
Purchases of fixed assets |
|
|
(158,642 |
) |
|
|
(68,923 |
) |
Proceeds from sale of long-term investment |
|
|
— |
|
|
|
47,472 |
|
Purchase of long-term investments |
|
|
(12,272 |
) |
|
|
(16,852 |
) |
Business acquisitions, net of cash acquired |
|
|
(161,331 |
) |
|
|
(102,469 |
) |
Other |
|
|
822 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
139,216 |
|
|
|
(806,724 |
) |
Financing activities: |
|
|
|
|
||||
Tax payment related to net share settlements on restricted stock awards |
|
|
(64,074 |
) |
|
|
(71,552 |
) |
Repurchase of common stock |
|
|
(200,012 |
) |
|
|
— |
|
Issuance of common stock |
|
|
19,657 |
|
|
|
14,214 |
|
Cost of debt |
|
|
(12,150 |
) |
|
|
— |
|
Other |
|
|
(234 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(256,813 |
) |
|
|
(57,338 |
) |
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents |
|
|
(5,303 |
) |
|
|
18,599 |
|
Net change in cash, cash equivalents, and restricted cash and cash equivalents |
|
|
135,084 |
|
|
|
66,855 |
|
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year |
|
|
2,060,247 |
|
|
|
1,993,392 |
|
Cash, cash equivalents, and restricted cash equivalents, end of year |
|
$ |
2,195,331 |
|
|
$ |
2,060,247 |
|
|
|
|
|
||||||||||
Net Revenue and Net Bookings by |
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
557,262 |
|
60 |
% |
|
$ |
513,488 |
|
61 |
% |
International |
|
|
372,742 |
|
40 |
% |
|
|
325,943 |
|
39 |
% |
Total net revenue |
|
$ |
930,004 |
|
100 |
% |
|
$ |
839,431 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
492,726 |
|
58 |
% |
|
$ |
479,784 |
|
61 |
% |
International |
|
|
353,053 |
|
42 |
% |
|
|
304,748 |
|
39 |
% |
Total Net Bookings |
|
$ |
845,779 |
|
100 |
% |
|
$ |
784,532 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
833,339 |
|
90 |
% |
|
$ |
768,002 |
|
91 |
% |
Physical retail and other |
|
|
96,665 |
|
10 |
% |
|
|
71,429 |
|
9 |
% |
Total net revenue |
|
$ |
930,004 |
|
100 |
% |
|
$ |
839,431 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
765,803 |
|
91 |
% |
|
$ |
738,401 |
|
94 |
% |
Physical retail and other |
|
|
79,976 |
|
9 |
% |
|
|
46,131 |
|
6 |
% |
Total Net Bookings |
|
$ |
845,779 |
|
100 |
% |
|
$ |
784,532 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by platform mix |
|
|
|
|
|
|
|
|
||||
Console |
|
$ |
664,799 |
|
72 |
% |
|
$ |
607,960 |
|
72 |
% |
PC and other |
|
|
162,952 |
|
18 |
% |
|
|
142,190 |
|
17 |
% |
Mobile |
|
|
102,253 |
|
10 |
% |
|
|
89,281 |
|
11 |
% |
Total net revenue |
|
$ |
930,004 |
|
100 |
% |
|
$ |
839,431 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by platform mix |
|
|
|
|
|
|
|
|
||||
Console |
|
$ |
601,789 |
|
71 |
% |
|
$ |
550,231 |
|
70 |
% |
PC and other |
|
|
143,052 |
|
17 |
% |
|
|
140,614 |
|
18 |
% |
Mobile |
|
|
100,938 |
|
12 |
% |
|
|
93,687 |
|
12 |
% |
Total Net Bookings |
|
|
845,779 |
|
100 |
% |
|
$ |
784,532 |
|
100 |
% |
|
|
|
||||||||||
Net Revenue and Net Bookings by |
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
Twelve Months Ended
|
|
Twelve Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
2,100,237 |
|
60 |
% |
|
|
2,015,885 |
|
60 |
% |
International |
|
|
1,404,563 |
|
40 |
% |
|
|
1,356,887 |
|
40 |
% |
Total net revenue |
|
$ |
3,504,800 |
|
100 |
% |
|
$ |
3,372,772 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
2,019,642 |
|
59 |
% |
|
$ |
2,171,240 |
|
61 |
% |
International |
|
|
1,388,542 |
|
41 |
% |
|
|
1,381,358 |
|
39 |
% |
Total Net Bookings |
|
$ |
3,408,184 |
|
100 |
% |
|
$ |
3,552,598 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended
|
|
Twelve Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
3,148,957 |
|
90 |
% |
|
$ |
2,972,403 |
|
88 |
% |
Physical retail and other |
|
|
355,843 |
|
10 |
% |
|
|
400,369 |
|
12 |
% |
Total net revenue |
|
$ |
3,504,800 |
|
100 |
% |
|
$ |
3,372,772 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
3,084,574 |
|
91 |
% |
|
$ |
3,148,073 |
|
89 |
% |
Physical retail and other |
|
|
323,610 |
|
9 |
% |
|
|
404,525 |
|
11 |
% |
Total Net Bookings |
|
$ |
3,408,184 |
|
100.0 |
% |
|
$ |
3,552,598 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended
|
|
Twelve Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by platform mix |
|
|
|
|
|
|
|
|
||||
Console |
|
$ |
2,528,857 |
|
72 |
% |
|
$ |
2,516,993 |
|
75 |
% |
PC and other |
|
|
572,506 |
|
16 |
% |
|
|
581,702 |
|
17 |
% |
Mobile |
|
|
403,437 |
|
12 |
% |
|
|
274,077 |
|
8 |
% |
Total net revenue |
|
$ |
3,504,800 |
|
100 |
% |
|
$ |
3,372,772 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by platform mix |
|
|
|
|
|
|
|
|
||||
Console |
|
$ |
2,440,031 |
|
72 |
% |
|
$ |
2,637,340 |
|
74 |
% |
PC and other |
|
|
563,307 |
|
17 |
% |
|
|
616,555 |
|
17 |
% |
Mobile |
|
|
404,846 |
|
12 |
% |
|
|
298,703 |
|
9 |
% |
Total Net Bookings |
|
$ |
3,408,184 |
|
100 |
% |
|
$ |
3,552,598 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|||||||||||||||
ADDITIONAL DATA |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
Net revenue |
|
Cost of goods sold- Internal royalties |
|
Cost of goods sold- Software development costs and royalties |
|
Cost of goods sold- Licenses |
|
Cost of goods sold- Product costs |
|
Selling and marketing |
||||||||||||
As reported |
$ |
930,004 |
|
|
$ |
142,172 |
|
|
$ |
142,468 |
|
|
$ |
56,162 |
|
|
$ |
57,823 |
|
|
$ |
141,270 |
|
Net effect from deferred revenue and related cost of goods sold |
|
(84,225 |
) |
|
|
|
|
(12,781 |
) |
|
|
(1,319 |
) |
|
|
(3,217 |
) |
|
|
||||
Stock-based compensation |
|
|
|
|
|
(16,549 |
) |
|
|
|
|
|
|
(7,671 |
) |
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
|
|
(13,170 |
) |
|
|
|
|
|
|
(800 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
General and administrative |
|
Research and development |
|
Depreciation and amortization |
|
Business reorganization |
|
Interest and other, net |
|
Gain on long-term investments, net |
||||||||||||
As reported |
$ |
148,371 |
|
|
$ |
96,108 |
|
|
$ |
16,463 |
|
|
$ |
303 |
|
|
$ |
(6,984 |
) |
|
$ |
(39 |
) |
Net effect from deferred revenue and related cost of goods sold |
|
|
|
|
|
|
|
|
|
1,635 |
|
|
|
||||||||||
Stock-based compensation |
|
(16,102 |
) |
|
|
(106 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(525 |
) |
|
|
(329 |
) |
|
|
|
|
|
|
||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
(303 |
) |
|
|
|
|
||||||||||
Acquisition related expenses |
|
(33,289 |
) |
|
|
|
|
|
|
|
|
6,475 |
|
|
|
||||||||
Gain on long-term investments, net |
|
|
|
|
|
|
|
|
|
|
|
39 |
|
||||||||||
Other |
|
|
|
|
|
|
|
|
|
(279 |
) |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
Net revenue |
|
Cost of goods sold- Internal royalties |
|
Cost of goods sold- Software development costs and royalties |
|
Cost of goods sold- Licenses |
|
Cost of goods sold- Product costs |
|
Selling and marketing |
||||||||||||
As reported |
$ |
839,431 |
|
|
$ |
158,128 |
|
|
$ |
22,465 |
|
|
$ |
53,841 |
|
|
$ |
45,213 |
|
|
$ |
106,609 |
|
Net effect from deferred revenue and related cost of goods sold |
|
(54,889 |
) |
|
|
|
|
(5,836 |
) |
|
|
(455 |
) |
|
|
(4,501 |
) |
|
|
||||
Stock-based compensation |
|
|
|
|
|
52,821 |
|
|
|
|
|
|
|
(5,050 |
) |
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
|
|
(6,465 |
) |
|
|
|
|
|
|
(1,550 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended |
General and administrative |
|
Research and development |
|
Depreciation and amortization |
|
Business reorganization |
|
Interest and other, net |
|
Gain on long-term investments, net |
||||||||||||
As reported |
$ |
98,453 |
|
|
$ |
83,559 |
|
|
$ |
15,480 |
|
|
$ |
(134 |
) |
|
$ |
(3,226 |
) |
|
$ |
1,000 |
|
Net effect from deferred revenue and related cost of goods sold |
|
|
|
|
|
|
|
|
|
2,425 |
|
|
|
||||||||||
Stock-based compensation |
|
(14,262 |
) |
|
|
(4,147 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(1,718 |
) |
|
|
(238 |
) |
|
|
|
|
|
|
||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
134 |
|
|
|
|
|
||||||||||
Acquisition related expenses |
|
(1,378 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on long-term investments |
|
|
|
|
|
|
|
|
|
|
|
(1,000 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
ADDITIONAL DATA |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve Months Ended |
Net revenue |
|
Cost of goods sold- Internal royalties |
|
Cost of goods sold- Software development costs and royalties |
|
Cost of goods sold- Licenses |
|
Cost of goods sold- Product costs |
|
Selling and marketing |
||||||||||||
As reported |
$ |
3,504,800 |
|
|
$ |
619,902 |
|
|
$ |
417,431 |
|
|
$ |
254,203 |
|
|
$ |
243,865 |
|
|
$ |
516,429 |
|
Net effect from deferred revenue and related cost of goods sold |
|
(96,616 |
) |
|
|
|
|
(6,615 |
) |
|
|
(1,120 |
) |
|
|
(4,050 |
) |
|
|
||||
Stock-based compensation |
|
|
|
|
|
(48,381 |
) |
|
|
|
|
|
|
(30,027 |
) |
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
|
|
(50,751 |
) |
|
|
|
|
|
|
(5,250 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve Months Ended |
General and administrative |
|
Research and development |
|
Depreciation and amortization |
|
Business reorganization |
|
Interest and other, net |
|
Gain on long-term investments, net |
||||||||||||
As reported |
$ |
510,855 |
|
|
$ |
406,566 |
|
|
$ |
61,105 |
|
|
$ |
849 |
|
|
$ |
(14,212 |
) |
|
$ |
6,015 |
|
Net effect from deferred revenue and related cost of goods sold |
|
|
|
|
|
|
|
|
|
2,999 |
|
|
|
||||||||||
Stock-based compensation |
|
(66,443 |
) |
|
|
(38,118 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(5,489 |
) |
|
|
(1,366 |
) |
|
|
|
|
|
|
||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
(849 |
) |
|
|
|
|
||||||||||
Acquisition related expenses |
|
(72,819 |
) |
|
|
|
|
|
|
|
|
6,475 |
|
|
|
||||||||
Gain on long-term investments, net |
|
|
|
|
|
|
|
|
|
|
|
(6,015 |
) |
||||||||||
Other |
|
|
|
|
|
|
|
|
|
(279 |
) |
|
|
||||||||||
Twelve Months Ended |
Net revenue |
|
Cost of goods sold- Internal royalties |
|
Cost of goods sold- Software development costs and royalties |
|
Cost of goods sold- Licenses |
|
Cost of goods sold- Product costs |
|
Selling and marketing |
||||||||||||
As reported |
$ |
3,372,772 |
|
|
$ |
637,652 |
|
|
$ |
396,797 |
|
|
$ |
260,721 |
|
|
$ |
239,915 |
|
|
$ |
444,985 |
|
Net effect from deferred revenue and related cost of goods sold |
|
179,825 |
|
|
|
|
|
15,663 |
|
|
|
(282 |
) |
|
|
(4,098 |
) |
|
|
||||
Stock-based compensation |
|
|
|
|
|
(8,707 |
) |
|
|
|
|
|
|
(18,348 |
) |
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
|
|
(20,587 |
) |
|
|
|
|
|
|
(3617 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve Months Ended |
General and administrative |
|
Research and development |
|
Depreciation and amortization |
|
Business reorganization |
|
Interest and other, net |
|
Gain on long-term investments, net |
||||||||||||
As reported |
$ |
390,683 |
|
|
$ |
317,311 |
|
|
$ |
55,596 |
|
|
$ |
(272 |
) |
|
$ |
8,796 |
|
|
$ |
39,636 |
|
Net effect from deferred revenue and related cost of goods sold |
|
|
|
|
|
|
|
|
|
(2,874 |
) |
|
|
||||||||||
Stock-based compensation |
|
(56,830 |
) |
|
|
(26,587 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(6,663 |
) |
|
|
(757 |
) |
|
|
|
|
|
|
||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
272 |
|
|
|
|
|
||||||||||
Acquisition related expenses |
|
(7,317 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on long-term investments |
|
|
|
|
|
|
|
|
|
|
|
(39,636 |
) |
||||||||||
|
|
|
|
|
||
RECONCILIATION OF GAAP TO NON-GAAP MEASURE |
|
|
|
|
||
(in thousands) |
|
|
|
|
||
|
|
|
|
|
||
|
|
Twelve Months Ended |
||||
|
|
2022 |
|
2021 |
||
Net cash from operating activities |
|
$ |
257,984 |
|
$ |
912,318 |
Net change in Restricted cash (1) |
|
|
166,948 |
|
|
7,965 |
Adjusted Unrestricted Operating Cash Flow |
|
$ |
424,932 |
|
$ |
920,283 |
|
|
|
|
|
||
|
|
Twelve Months Ended |
||||
|
|
2022 |
|
2021 |
||
Restricted cash beginning of period |
|
$ |
637,363 |
|
$ |
635,728 |
Restricted cash end of period |
|
|
463,284 |
|
|
637,363 |
Restricted cash related to acquisitions |
|
|
7,131 |
|
|
9,600 |
(1) Net change in Restricted cash |
|
$ |
166,948 |
|
$ |
7,965 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005693/en/
(Investor Relations)
Senior Vice President
Investor Relations & Corporate Communications
(646) 536-3005
[email protected]
(
Vice President
(646) 536-2983
[email protected]
Source: Take-Two Interactive