Today Take-Two Interactive Software announced its financial results for the first quarter of the fiscal year 2022, which ended on June 30, 2021.
Below you can check out a summary of the company’s performance.
- GAAP net revenue was $813 million
- GAAP net income per diluted share increased to $1.30
- GAAP net cash provided by operating activities for the three-months ended June 30, 2021 was $148 million
- Adjusted Unrestricted Operating Cash Flow (Non-GAAP) for the three-months ended June 30, 2021 was $29 million
- Net Bookings were $711 million, above guidance
- Company reiterates outlook for fiscal year 2022
That the results are defined above expectations, and while net revenue dropped slightly (2%) year-on-year, net income increased 72% year-on-year.
The press release also included a comment from Chief Executive Officer Strauss Zelnick, who boasted about the results above expectations.
He mentions that two of the company’s core games will ship later in the fiscal year (wich means they’re still coming by March 2022 at the latest) than previously expected.
For reference, in last quarter’s report, Take-Two announced that it would release four “core releases” of which two from new franchises by March 2022. This means that the number remains the same, but two of them will release a few months later than predicted.
“We began fiscal 2022 with positive momentum, which was reflected in our ability to deliver first quarter operating results which were above our expectations. During the period, we continued to invest in our future, including growing our creative teams and expanding our mobile business and expertise further.
“For the year, we are reiterating our outlook, as there has been some movement in our release schedule, including two of our immersive core titles shifting to later in fiscal 2022 than contemplated by our prior guidance. As we deliver on our expansive multi-year pipeline, we believe that we will achieve sequential growth in fiscal 2023 and establish new record levels of operating results over the next few years.
“We remain highly optimistic about the growth potential for the interactive entertainment industry and our competitive positioning within the sector. We believe that our unique strategic advantages, together with our focus on enhancing our enterprise and capitalizing on our growth opportunities, will enable us to deliver long-term shareholder value.”
Below you can check out a few highlights from Take-two’s brands.
Take-Two:
- Acquired privately-held Nordeus for an upfront purchase price of $225 million. There is the potential for the payment of an additional earn-out consideration based upon Nordeus achieving EBITDA results above certain thresholds during each of the first two years. Founded in 2010, Nordeus is a mobile games company based in Belgrade, Serbia, best known for Top Eleven, the world’s most successful mobile soccer management game* with over 240 million registered users.
- Acquired privately-held Dynamixyz, a world-class leader in video-based facial animation services. Founded in 2010 in Cesson-Sévigné, France, Dynamixyz owns and operates a suite of leading-edge, proprietary motion capture, facial-analysis, and full 3D processing tools and technology that combines computer graphics, computer vision, and machine learning. Financial details of the acquisition were not disclosed.
- Take-Two was a founding donor of The Gerald A. Lawson Endowment Fund for Black and Indigenous Students, which was created with the goal of increasing those groups’ representation in the gaming and tech industries. The fund provides student support for Black and Indigenous students who wish to pursue undergraduate or graduate degrees in game design or computer science from USC’s prestigious program.
Rockstar Games:
- Released new free content updates for Grand Theft Auto Online:
- On July 20, delivered the Los Santos Tuners update. This massive update introduced the LS Car Meet, a new shared social space for players to get together to modify their personal vehicles, watch others modify their Tuner vehicles in real-time, race and test various vehicles on an underground test track, and much more. In addition, Los Santos Tuners features six new robbery Contracts; six new race types; ten new highly customizable vehicles; new collectible USB sticks featuring music from Moodymann and Seth Troxler, allowing players to experience music in an all-new way, and a host of quality-of-life updates, including a new customizable radio station wheel.
- Earlier in the Summer, Rockstar Games released eight new stunt races, seven new arenas for Deadline mode and regular in-game bonuses and incentives for Grand Theft Auto Online.
- Released new free content updates for Red Dead Online:
- On July 13, released the Blood Money update for Red Dead Online. The update introduced a series of criminal-themed Opportunities; complex new missions, including the game’s first train robbery; and The Quick Draw Club – a series of four distinct, rapid-fire passes featuring criminal-themed unlockable rewards, bonuses, and more.
- Prior to this update, Red Dead Online introduced eight new races spanning iconic locations across the game’s five states and a creative array of bonuses and incentives.
- Rockstar Games and Tribeca Festival joined together for a special free live performance from The Battery featuring Red Dead Redemption 2 Original Soundtrack producer, Daniel Lanois. The performance featured special guests, D’Angelo and Rhiannon Giddens.
- Rockstar Games teamed with CircoLoco — creators of some of the world’s biggest and most influential real-world parties and one of the most recognized brands in modern dance music — to create a brand-new record label, CircoLoco Records. The label is focused on elevating the dance music culture scene through the collective power of these two entertainment brands.
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