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Take-Two Interactive Software, Inc. Reports Strong Results For Second Quarter Fiscal 2013

Product Releases

The following titles were released since July 1, 2012:

           

Label

   

Title

   

Platforms

   

Release Date

Rockstar Games Max Payne 3: Local Justice Map Pack (DLC) Xbox 360, PS3 July 3, 2012
2K Play COMEDY CENTRAL’S Indecision Game iOS, Android, Kindle July 10, 2012
2K Sports NBA 2K All Stars GREE (Japan only) July 19, 2012
Rockstar Games Max Payne 3: Local Justice Map Pack (DLC) PC August 9, 2012
Rockstar Games Max Payne 3: Disorganized Crime Pack (DLC) Xbox 360, PS3, PC August 28, 2012
2K Play House Pest Starring Fiasco the Cat iOS, Android, Kindle September 6, 2012
2K Games Borderlands 2 Xbox 360, PS3, PC September 18, 2012*
2K Play GridBlock iOS, Android, Kindle September 19, 2012
2K Sports NBA 2K13 Xbox 360, PS3, Wii, PSP, PC October 2, 2012*
2K Sports NBA 2K13 iOS, Android October 2, 2012*
2K Sports MyNBA2K iOS, Android, Kindle October 2, 2012
2K Sports NBA 2KMyLIFE Facebook October 2, 2012
2K Games XCOM: Enemy Unknown Xbox 360, PS3, PC October 9, 2012*
2K Games Borderlands 2: Captain Scarlett and her Pirates Booty (DLC) Xbox 360, PS3, PC October 16, 2012
2K Games XCOM: Enemy Unknown: Elite Soldier Pack (DLC) Xbox 360, PS3, PC October 23, 2012
2K Sports NBA 2K Online Tencent (China only) October 24, 2012
Rockstar Games Max Payne 3: Hostage Negotiation Map Pack (DLC) Xbox 360, PS3, PC October 30, 2012
 

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

 

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

           

Label

   

Title

   

Platforms

   

Planned Release

2K Games Borderlands Legends iOS October 31, 2012
2K Games XCOM: Enemy Unknown: Slingshot Content Pack (DLC) Xbox 360, PS3, PC TBA
Rockstar Games Grand Theft Auto: Vice City iOS, Android Fall 2012
Rockstar Games Max Payne 3: Painful Memories Map Pack (DLC) Xbox 360, PS3, PC TBA
Rockstar Games Max Payne 3: Deathmatch Made In Heaven Mode Pack (DLC) Xbox 360, PS3, PC TBA
Rockstar Games Rockstar Games Collection: Edition 1 Xbox 360, PS3 November 6, 2012
2K Play Herd, Herd, Herd iOS, Android, Kindle November 15, 2012
2K Sports NBA 2K13 WiiU November 18, 2012
2K Play Nickelodeon Dance 2 TBA November 2012
2K Play Bubble Guppies DS November 2012
2K Play Dora & Team Umizoomi’s Fantastic Flight DS November 2012
2K Play Carnival Games MiniGolf Mobile (TBA) Winter 2013
2K Games BioShock Infinite Xbox 360, PS3, PC February 26, 2013
Rockstar Games Grand Theft Auto V Xbox 360, PS3 Spring 2013
2K Games XCOM Xbox 360, PS3, PC Fiscal Year 2014
 

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.

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 impact of certain items as follows:

  • Net effect from deferral in net revenues - 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 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.
  • Income (loss) from 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.
  • Professional fees and expenses associated with unusual legal and other matters – the Company has incurred expenses for legal professional fees that are outside its ordinary course of business. As a result, the Company has excluded such expenses 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.
  • 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 .

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.

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