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Take-Two Financials

Take-Two Interactive Software announces fiscal third quarter 2015 results, calling them "strong" and increasing their outlook for the fourth quarter and the full year. They say the biggest contributors to their bottom line were Grand Theft Auto V, NBA 2K15, WWE 2K15, Borderlands: The Pre-Sequel, and Sid Meier's Civilization®: Beyond Earth, noting that that Grand Theft Auto V has now sold over 45 million units. According to the report, there is quite a GAAP gap, as: "For fiscal third quarter 2015, GAAP net revenue was $531.1 million, as compared to $1.86 billion for fiscal third quarter 2014," while: "For fiscal third quarter 2015, Non-GAAP net revenue grew to $954.0 million, as compared to $767.7 million for the year-ago period." The Non-GAAP summary also demonstrates the shift to digital distribution continues apace:

Non-GAAP net revenue from digitally-delivered content grew 64% year-over-year to $217.2 million. The largest contributors were offerings for the Grand Theft Auto series, NBA 2K15, the Borderlands franchise, and Sid Meier’s Civilization: Beyond Earth. Revenue from recurrent consumer spending (virtual currency, downloadable add-on content and online games) grew 23% year-over-year and accounted for 36% of Non-GAAP net revenue from digitally-delivered content. Catalog sales accounted for $103.7 million of Non-GAAP net revenue led by the Grand Theft Auto series and offerings for Borderlands 2.

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