Rockstar Games
Documents about Rockstar Games
Take-Two Interactive Annual Report: Fiscal Year 2012
Take-Two Interactive’s 2012 annual report outlines a business strategy centered on the development of high-quality, internally owned intellectual property through its Rockstar Games and 2K labels.
- Take-Two Interactive maintains a strict policy of retaining all earnings for business growth and does not anticipate paying cash dividends in the foreseeable future.
- The company completed the sale of its 'Jack of All Games' distribution business to SYNNEX Corporation in February 2010 for a final net purchase price of $35.8 million.
- As of March 31, 2012, the company had $79.1 million available to borrow under its Credit Agreement, with no outstanding borrowings and $1.7 million in letters of credit.
Take-Two Interactive Form 10-Q: Q3 FY2012
Take-Two Interactive’s financial performance for the third quarter of fiscal year 2012 reflects a transition period characterized by a decline in net revenue and a shift to a net loss.
- Take-Two issued $250 million in 1.75% Convertible Notes due 2016 in November 2011, supplementing their existing $138 million in 4.375% Convertible Notes due 2014.
- The company maintains a high customer concentration, with its five largest customers accounting for 40.3% of net revenue for the nine months ended December 31, 2011.
- In October 2011, the company secured a new credit agreement providing for up to $100 million in borrowing capacity, with an option to increase this by $40 million, maturing in October 2016.
Take-Two Interactive Form 10-Q: Q2 FY2012
Take-Two Interactive’s financial performance for the second quarter of fiscal year 2012 reflects a period of transition characterized by a strategic focus on core publishing operations under the Rockstar Games and 2K labels.
- Net revenue for the three months ended September 30, 2011, decreased by $137.9 million compared to the prior year, primarily driven by the absence of major 2010 releases like Red Dead Redemption, Mafia II, and Sid Meier's Civilization V.
- Take-Two remains heavily dependent on the console market, with Sony, Microsoft, and Nintendo platforms accounting for 90.4% of net revenue for the six months ended September 30, 2011.
- The company maintains a strategy of focusing on a select number of high-quality titles and internal development to build long-term franchises, while mitigating the impact of used game sales through the release of downloadable content.
Take-Two Interactive Form 10-Q: Q1 FY2012
Take-Two Interactive’s financial performance for the first quarter of fiscal year 2012 reflects a transitional period characterized by a net loss of $8.7 million, a significant decline from the $26.3 million net income reported during the same period in the previous year.
- Take-Two reported a net loss of $8.7 million for the quarter ended June 30, 2011, a decline from the $26.3 million net income recorded in the same period of the prior year.
- The company completed the sale of its 'Jack of all Games' distribution business to SYNNEX Corporation for a final net purchase price of $35.775 million, allowing the firm to focus exclusively on its publishing operations.
- As of June 30, 2011, Take-Two held $223.357 million in capitalized software development costs and licenses for titles that had not yet been released.
Take-Two Interactive Form 10-K: FY2011
Take-Two Interactive’s fiscal year 2011 report details a strategic pivot toward a streamlined, high-quality publishing model, centered on its Rockstar Games and 2K labels.
- Take-Two divested its 'Jack of all Games' third-party distribution business to SYNNEX Corporation in February 2010, resulting in a final net purchase price of $35.8 million after a $1.5 million adjustment in April 2011.
- The company maintains a significant intellectual property portfolio including major franchises such as Grand Theft Auto, BioShock, Red Dead, Sid Meier's Civilization, and L.A. Noire, which are central to its development and profit strategy.
- Operational success is highly dependent on key management and creative personnel, specifically the Rockstar Games team and the partnership with ZelnickMedia, with the company noting that the loss of these individuals could cause material harm to development and market performance.
Take-Two Interactive Form 10-Q: Q3 2011
Take-Two Interactive’s financial position for the period ending December 31, 2010, reflects a strategic pivot toward core publishing operations following the divestiture of the Jack of all Games distribution business.
- Take-Two maintained a $140 million credit facility expiring July 3, 2012, with no outstanding borrowings as of December 31, 2010.
- Selling and marketing expenses decreased by $14.1 million for the three months ended December 31, 2010, compared to the prior year, primarily due to lower advertising spend following the October 2009 launch of Borderlands.
- General and administrative expenses fell by $2.9 million for the three months ended December 31, 2010, driven by reduced professional fees, lower settlement costs, and corporate cost-cutting initiatives.
Take-Two Interactive Form 10-Q: Q2 Fiscal Year 2011
Take-Two Interactive’s financial performance for the second fiscal quarter of 2011 reflects a strategic pivot toward core publishing operations, underscored by the divestiture of the Jack of all Games distribution business.
- Take-Two completed the sale of its 'Jack of all Games' third-party distribution business to SYNNEX Corporation in February 2010 for approximately $44 million, including $37.25 million in cash, to focus resources on core publishing operations.
- Selling and marketing expenses rose by $23 million for the three months ended July 31, 2010, compared to the same period in 2009, driven primarily by advertising costs for the release of Red Dead Redemption.
- The company issued Convertible Notes maturing June 1, 2014, with an initial conversion rate of 93.6768 shares per $1,000 principal amount, representing an initial conversion price of approximately $10.675 per share.
Take-Two Interactive Form 10-Q: Q4 FY2010
Take-Two Interactive’s financial performance for the first quarter of 2010 reflects a strategic pivot toward core publishing operations, underscored by the divestiture of the Jack of All Games distribution business for $44.25 million.
- As of January 31, 2010, Take-Two held $243.6 million in capitalized software development costs and licenses for unreleased titles, up from $212.9 million on October 31, 2009.
- The company maintains a credit agreement providing up to $140 million in borrowing capacity through July 3, 2012, though no borrowings were outstanding as of January 31, 2010.
- Take-Two adopted new accounting guidance for convertible debt on November 1, 2009, resulting in the reclassification of the embedded conversion option value of its Convertible Notes to additional paid-in capital.
Take-Two Interactive Form 10-K: FY2010
Take-Two Interactive’s fiscal year 2010 reporting highlights a business model defined by high-stakes intellectual property management and significant financial volatility.
- Take-Two shifted its development focus toward current-generation hardware platforms and digital distribution channels, including Xbox LIVE Arcade, PlayStation Network, and the iPhone/iPod touch, while reducing investment in prior-generation platforms.
- In early 2009, the company implemented a new profit-sharing incentive program for the Rockstar Games label and secured long-term employment agreements with its creative team through January 31, 2012.
- The company outsourced its logistics, warehousing, and distribution functions to a third-party provider in September 2008 and implemented an inventory reduction plan to prioritize higher-margin software titles.
Take-Two Interactive Form 10-Q: Q2 FY2010
Take-Two Interactive experienced a period of significant financial contraction during the nine months ending July 31, 2009, reporting a net loss of $115.9 million compared to a net income of $112.1 million in the prior year.
- Take-Two Interactive reported a net loss of $55.5 million for the three months ended July 31, 2009, a significant decline from the $51.8 million net income recorded during the same period in 2008.
- For the nine months ended July 31, 2009, the company incurred a net loss of $115.9 million, compared to a net income of $112.1 million for the same period in the prior year.
- As of July 31, 2009, the company had no outstanding borrowings under its $140 million credit facility and maintained $88.6 million in available borrowing capacity.
Take-Two Interactive Annual Report: FY 2008
During fiscal year 2008, Take-Two Interactive achieved a significant financial turnaround, shifting from a net loss of $138.4 million in 2007 to a net income of $97.1 million.
- Take-Two's fiscal year 2008 revenue was significantly bolstered by the Grand Theft Auto franchise, which generated $581.4 million more in revenue compared to the prior period.
- The company is shifting toward digital distribution, highlighted by an exclusive agreement with Microsoft to provide downloadable content for Grand Theft Auto IV via Xbox Live.
- Management expects price pressure on prior-generation console software as the industry transitions to current-generation platforms, leading to potential inventory obsolescence and reduced margins.
Take-Two Interactive Form 10-K: FY2008
Take-Two Interactive’s fiscal year 2008 financial disclosure outlines a strategic pivot toward profitability following a period of significant operational and management instability.
- Take-Two's fiscal year 2007 performance fell below expectations due to the delay of Grand Theft Auto IV from Q4 2007 to Q2 2008 and a slower-than-anticipated adoption of next-generation hardware platforms.
- BioShock was a commercial success in 2007, shipping approximately 2.1 million units worldwide through October 31, 2007, and achieving high critical ratings on Xbox 360.
- Cash and cash equivalents declined by $54.7 million during fiscal year 2007, ending at $77.8 million, primarily due to operating losses and increased investment in software development and licensing for upcoming titles.