Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fourth quarter and fiscal year 2021, ended March 31, 2021, and provided its initial outlook for its fiscal year 2022, ending March 31, 2022 and fiscal first quarter 2022, ending June 30, 2021.
Fiscal Fourth Quarter 2021 Financial Highlights
GAAP net revenue grew 10% to $839.4 million, as compared to $760.5 million in last year’s fiscal fourth quarter. Recurrent consumer spending (which is generated from ongoing consumer engagement and includes virtual currency, add-on content and in-game purchases) increased 38% and accounted for 67% of total GAAP net revenue. The largest contributors to GAAP net revenue in fiscal fourth quarter 2021 were NBA® 2K21 and NBA 2K20, Grand Theft Auto® Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Social Point’s mobile games, Sid Meier’s Civilization® VI, Borderlands 3, and NBA Online.
Digitally-delivered GAAP net revenue grew 19% to $753.3 million, as compared to $634.7 million in last year’s fiscal fourth quarter, and accounted for 90% of total GAAP net revenue. The largest contributors to digitally-delivered GAAP net revenue in fiscal fourth quarter 2021 were NBA 2K21 and NBA 2K20, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Social Point’s mobile games, Sid Meier’s Civilization VI, Borderlands 3, and NBA Online.
GAAP net income grew 78% to $218.8 million, or $1.88 per diluted share, as compared to $122.7 million, or $1.07 per diluted share, for the year-ago period. GAAP net income included the reversal of expense of approximately $69.5 million related to forfeitures of previously granted stock awards.
The following data, together with a management reporting tax rate of 16%, are used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
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