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Take-Two Interactive Software (TTWO) Misses Q1 EPS by 5c

August 10, 2015 4:06 PM EDT

Take-Two Interactive Software (NASDAQ: TTWO) reported Q1 EPS of $0.31, $0.05 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $366.4 million versus the consensus estimate of $351.41 million.

The largest contributors to Non-GAAP net revenue in fiscal first quarter 2016 were Grand Theft Auto® V and Grand Theft Auto Online, NBA® 2K15, Borderlands®: The Handsome Collection and WWE® 2K15. Non-GAAP net revenue from digitally-delivered content grew 139% year-over-year to $254.0 million. The largest contributors to Non-GAAP net revenue from digitally-delivered content were the Grand Theft Auto, NBA 2K, Borderlands and WWE 2K series, and Evolve™. Revenue from recurrent consumer spending (virtual currency, downloadable add-on content and online games) grew 47% year-over-year and accounted for 36% of Non-GAAP net revenue from digitally-delivered content, or 25% of total Non-GAAP net revenue. Catalog sales accounted for $67.5 million of Non-GAAP net revenue led by the Grand Theft Auto and Borderlands series.

Management Comments

“Our business continued its positive momentum during the fiscal first quarter, enabling Take-Two to deliver significant growth in revenue, Non-GAAP earnings and cash flow,” said Strauss Zelnick, Chairman and CEO of Take-Two. “These results were driven by strong consumer demand for Grand Theft Auto V, NBA 2K15 and an array of other titles, along with better-than-expected growth in recurrent consumer spending.

“Fiscal 2016 is off to a solid start and promises to be another year of meaningful Non-GAAP profits for our organization. We have a robust development pipeline and are well-positioned to generate revenue growth and margin expansion in future years, and returns for our shareholders over the long-term.”

For earnings history and earnings-related data on Take-Two Interactive Software (TTWO) click here.



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