Today Take-Two Interactive Software announced its financial results for the first quarter of the fiscal year 2020, related to the period between April 1 and June 30, 2019.
Below you can check out a summary of the company’s performance, which was defined “strong” and showcased a large increase year-on-year of net revenue.
We also hear that the prediction for the full fiscal year has been increased.
- GAAP net revenue grew 39% to $540.5 million
- GAAP net income per diluted share was $0.41
- GAAP net cash provided by operating activities increased to $108.5 million
- Adjusted Operating Cash Flow (Non-GAAP) increased to $46.6 million
- Net Bookings grew 46% to $422.2 million
- Company raises outlook for fiscal year 2020
We also read a comment from Chief Executive Officer Strauss Zelnick, boasting results that beat expectations, which caused the increase of the yearly outlook. He also mentions that the future development pipeline is “the strongest” in Take-Two’s history.
“Fiscal 2020 is off to a terrific start with first quarter operating results that beat our expectations. We delivered significant Net Bookings and cash flow growth driven by the performance of Grand Theft Auto Online and Grand Theft Auto V,NBA 2K19, the Borderlands franchise, and Red Dead Redemption 2 and Red Dead Online.
“As a result of our better-than-expected first quarter operating results and increased forecast for the balance of the year, we are raising our outlook for fiscal 2020, which is anticipated to be another great year for our organization. We aim to build on this strong start by delivering a robust array of titles throughout the year, including Ancestors: The Humankind Odyssey, NBA 2K20, Borderlands 3, WWE 2K20 and The Outer Worlds, as well as new and innovative ways for consumers to remain engaged with their favorite entertainment experiences.
“Looking ahead, Take-Two has the strongest development pipeline in its history, including sequels from our biggest franchises as well as exciting new IP. We are exceedingly well positioned to capitalize on the positive trends in our industry, and to generate significant growth and margin expansion over the long-term.”
Below you can check out a few highlights from Take-two’s brands.
- Red Dead Online exited the Beta phase on May 14, 2019 with a massive update that brought a host of new gameplay including new cooperative story missions, Free Roam activities and the addition of Poker, along with a range of updates and improvements that strengthen and stabilize the foundational world of the Red Dead Online experience. In addition, throughout the period, Rockstar Games released additional content and gameplay for Red Dead Online as follows:
- Showdown Modes, including Sport of Kings, Head for the Hills, Plunder, Up in Smoke, and Spoils of War. These player-versus-player modes are tight, dramatic competitive matches that allow for quick structured gameplay sessions;
- Numerous new Weapons, Clothing, Emotes and more.
- Starting this summer, players will be able to take on the first three of a series of new roles: track down wanted criminals as a bounty hunter; search the world for treasure and other exotic items to sell as a collector; or build a business at camp as a trader and more.
- Released new free content updates for Grand Theft Auto Online, including:
- The Diamond Casino & Resort, which enables players to try their luck at a variety of casino games or just stay in the most luxurious residence in all of Los Santos. More than just a place to let go of your inhibitions, The Diamond is the one-stop destination for quality entertainment, high-end living and a range of experiences you won’t find anywhere else. The Diamond Casino & Resort update was Grand Theft Auto Online’s biggest launch ever, delivering record player engagement in daily active users, weekly active users and monthly active users.
- Numerous new missions, vehicles, weapons and other content.
- Announced an exciting new program through which Rockstar Games Social Club members and Twitch Prime subscribers receive free in-game rewards, bonuses and exclusive discounts in both Grand Theft Auto Online and Red Dead Online simply by linking their Twitch Prime and Social Clubaccounts. Benefits continue for months to come and include special in-game benefits for both Red Dead Online and Grand Theft Auto Online.
- Launched the Borderlands: Game of the Year Edition on PlayStation 4, Xbox One, and Windows PC. This brand new definitive version of the original game boasts ultra HD remastered graphics, significant quality-of-life content updates, and includes all add-on content. In addition, Gearbox Software and 2K released an Ultra HD Texture Pack that increases the visual fidelity of Borderlands: The Handsome Collection on consoles, and provides a visual upgrade for Borderlands 2, Borderlands: The Pre-Sequel, and all the game add-ons for both titles on PC.
- Released the Sid Meier’s Civilization VI: Rise and Fall expansion pack for iOS through Aspyr. Developed by Firaxis Games, Rise and Fall was originally released for PC in February 2018. 2K also announced that they will bring all of the previously released add-on content for Civilization VI to both iOS and Nintendo Switch later this year.
- Released NBA 2K Mobile as a free download for Android devices. Previously launched on iOS phones and tablets, NBA 2K Mobile enables players to experience console quality graphics on the go while they collect their favorite NBA players, build dream teams, and step onto the court in lifelike 5v5 match-ups.
- Announced that current Raw® Women’s Champion Becky Lynch® and WWE Superstar Roman Reigns™ will be the cover Superstars for WWE 2K20, the forthcoming release in our flagship WWE video game franchise. WWE 2K20 is scheduled for worldwide release on October 22, 2019 for PlayStation 4, Xbox One and PC.
- Announced the cover athletes for NBA 2K20, the next iteration of the top-rated and top-selling NBAvideo game simulation series*. Six-time NBA All-Star, three-time All-NBA First Team, three-time NBA All-Defensive Team and 2012 Olympic gold medalist Anthony Davis returns as cover star for the Standard and Deluxe Editions. Three-time NBA Champion, 13-time NBA All-Star, 2008 Olympic gold medalist and 2006 NBA Finals MVP Dwyane Wade will grace the cover of the Legend Edition. NBA 2K20 will be available worldwide on PlayStation4, Xbox One, Nintendo Switch and PC on September 6, 2019. NBA 2K20 will also be available on Google Stadia when it launches later this year.
- Announced that Borderlands® 3, the next installment in the critically acclaimed shooter-looter series from Gearbox Software, will launch worldwide on September 13, 2019 for PlayStation 4, Xbox One and Windows PC. At launch, Borderlands 3will be available for PC exclusively through the Epic Games store and will be available on additional PC digital storefronts in April 2020. Borderlands 3 will also be available on Google Stadia when it launches later this year.
- Released the Kerbal Space Program: Breaking Ground Expansion for PC. Developed by Squad, Kerbal Space Program: Breaking Ground Expansion is the second expansion for the critically acclaimed space simulation game.
- Announced Disintegration, an upcoming sci-fi, first-person shooter that will be fully unveiled later this month at gamescom 2019. Disintegration is the debut title from V1 Interactive, the independent development studio co-founded in 2014 by Marcus Lehto, former creative director at Bungie and co-creator of Halo. Disintegration will be available in calendar 2020 (fiscal year 2021).
- Announced that The Outer Worlds will launch on October 25, 2019 for Xbox One, PlayStation 4 and PC, and will come to Nintendo Switch following the release on the other platforms. Created by the renowned RPG developer, Obsidian Entertainment, The Outer Worlds is a dark and witty player-driven story set in a colony at the farthest reaches of the galaxy. The Outer Worlds will be available on PC through the Epic Games Store and Microsoft Windows Store for the first year, at which point it will come to additional digital PC retailers.
- Announced that Ancestors: The Humankind Odyssey will launch digitally for PC on August 27, 2019, and digitally on PlayStation4 and Xbox One in December of 2019. Ancestors: The Humankind Odyssey is the debut title from Panache Digital Games, the studio co-founded in 2014 by Patrice Désilets, the original creative director of the Assassin’s Creed franchise. The title will be available for PC exclusively through the Epic Games Store for the first year, at which point it will come to additional digital PC retailers.
- Launched Word Life, our latest free-to-play mobile offering, for iOS and Android devices. The game brings a new dimension to traditional word puzzle games, boasting a multiplayer mode where players can battle with words in exciting match-offs to see who is the most-skilled competitor.
If you’d like to compare, you can check out the results for the previous quarter, which were published in May.