Market Newsdesk

May 18, 2021 4:08 pm

Akoya Reports First Quarter 2021 Financial Results and Issues Full Year 2021 Guidance

MARLBOROUGH, Mass., May 18, 2021 (GLOBE NEWSWIRE) — Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the first quarter ending March 31, 2021.

First Quarter Financial Highlights:

Total revenue for the first quarter of 2021 was $12.2 million, at the high end of the previously provided range of $12.0 million to $12.2 million.
Solid quarter of instrument sales, especially CODEX with 20 units sold: 28% increase in total company installed base over the last 12 months.
Gross profit was $7.4 million in the first quarter of 2021, compared to $6.7 million in the first quarter of 2020, resulting in a gross profit margin of approximately 61% in each period.
Akoya completed an initial public offering of 7.6 million shares of common stock in April, raising $151.3 million in gross proceeds, before deducting underwriting discounts and commissions and offering expenses.

First Quarter Business Highlights:

Record number of scientific publications related to our platforms: over 60 new publications in Q1, compared to 109 for all of 2020.
Aggressive hiring plans underway with 21 new employees in Q1 bringing the total headcount to 190; moving quickly to add personnel in all areas of the business, with Commercial and R&D being the near-term priorities.
Hired Frederic Pla as our Chief Operating Officer to accelerate our strong momentum across all of our spatial biology platforms.
Strong presence at AACR including presentations by Dr. Garry Nolan from Stanford University and Akoya Founder, Dr. Janis Taube from Johns Hopkins University and Dr. Laura Esserman from University of California, San Francisco.
Announced collaboration agreement with Johns Hopkins University for immunotherapy biomarker discovery and validation, a co-marketing agreement with Zeiss, and the industry’s first Imaging Innovators (I2) Network to drive application innovation on CODEX.

“Akoya’s performance in the first quarter demonstrates the continued adoption of our Codex and Phenoptics solutions for discovery, translational and clinical research. Our dedicated team delivered strong financial results and important progress across of range of metrics which position Akoya for continued growth and leadership in spatial biology,” said Brian McKelligon, CEO of Akoya. “We successfully completed our IPO in April and are now well positioned to execute on our mission of delivering a revolutionary new class of spatially derived biomarkers that empower life sciences researchers to better understand disease and response to therapy.”

First Quarter Financial Results

Total revenue for the first quarter of 2021 was $12.2 million, compared to $11.0 million in the first quarter of 2020.

Product revenue was $10.0 million in the first quarter of 2021, compared to $8.9 million in the prior year period. Within product revenue, instrument revenue was $6.8 million in the first quarter 2021, compared to $6.7 million in the first quarter 2020. Reagent revenue was $2.5 million in the first quarter 2021, compared to $2.1 million in the first quarter 2020.

Services and other revenue totaled $2.2 million in the first quarter of 2021, as compared to $2.1 million in the first quarter of 2020.

We also monitor instruments sold and installed based as key performance indicators for our business:

We sold 37 instruments in Q1 2021; 20 Codex, 17 Phenoptics (includes Polaris, Vectra, and Mantra). The total of 37 exceeds the number sold in any quarter in 2020.
Instrument installed base of 587 as of March 31, 2021; Codex 132, Phenoptics 455

2021 Guidance

Akoya expects full year 2021 revenue to be at least $52.0 million. The second quarter of 2021 is expected to have revenue growth of approximately 45% over the prior year quarter. Also, as of April 30, 2021 the total common shares outstanding are 37.1 million, and the fully diluted common shares are 41.1 million.

Webcast and Conference Call Details

Akoya will host a conference call today, May 18, 2021, at 5:00 p.m. Eastern Time to discuss its first quarter 2021 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 7824008. A live webcast of the conference call will be available on the “Investors” section of the Company’s website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including expectations regarding our ability to market and sell our CODEX and Phenoptics platforms and increase awareness of spatial biology technology, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

About Akoya Biosciences

As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and treatment response. Akoya offers two distinct solutions, the CODEX® and Phenoptics™ platforms, to serve the diverse needs of researchers across discovery, translational and clinical research.

Investor Contact:

David Deuchler
Gilmartin Group LLC
[email protected]

Media Contact:

Michelle Linn
Bioscribe, Inc.
774-696-3803
[email protected]

Consolidated Statements of Operations
(in thousands, except share and per share amounts)
*(unaudited)*


	Three months Ended March 31,
	2021			2020
Revenue:
Product Revenue	$	9,963		$	8,929
Service and other Revenue		2,249			2,092
Total revenue		12,212			11,021
Cost of goods sold:
Cost of product revenue	$	3,607		$	3,466
Cost of service and other revenue		1,200			859
Total cost of goods sold	$	4,807		$	4,325
Gross profit	$	7,405		$	6,696
Operating expenses:
Selling, general and administrative		8,179			6,349
Research and development		3,192			2,372

Change in fair value of contingent consideration		426			(1,561	)
Depreciation and amortization		1,009			899
Total operating expenses		12,806			8,059


Loss from operations		(5,401	)		(1,363	)
Other income (expense):
Interest expense, net		(751	)		(637	)
Change in fair value of warrant liability		(1,870	)		–
Other income (expense), net		(66	)		(105	)
Loss before provision for income taxes	$	(8,088	)	$	(2,105	)
Provision for income taxes		6			(38	)

Net Loss	$	(8,082	)	$	(2,143	)

Net loss per share attributable to common stockholders, basic and diluted	$	(3.54	)	$	(1.59	)

Weighted-average shares outstanding, basic and diluted		2,706,133			2,288,875

Consolidated Balance Sheets
(in thousands)
*(unaudited)*



	March 31, 2021			December 31, 2020
Current assets
Cash and cash equivalents	$	11,691		$	17,006
Accounts receivable		6,590			6,470
Inventories		4,718			4,263
Prepaid expenses and other current assets		1,035			957
Total current assets		24,034			28,696
Property and equipment, net		6,053			5,528
Demo inventory, net		1,828			1,494
Intangible assets, net		22,160			22,714
Goodwill		18,262			18,262
Other non-current assets		2,144			966
Total Assets	$	74,481		$	77,660
Accounts payable, accrued expenses and other current assets	$	15,204		$	12,286
Deferred revenue		4,116			3,844
Current portion of long-term debt		1,238			1,032
Total current liabilities		20,558			17,162
Deferred revenue, net of current portion		1,059			1,008
Long-term debt, net		33,388			33,488
Warrant liability		2,360			490
Contingent consideration liability		6,260			6,984
Other long term liabilities		559			447
Total liabilities		64,184			59,579
Total redeemable convertible preferred stock		70,297			69,107
Total stockholders’ deficit		(60,000	)		(51,026	)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit	$	74,481		$	77,660

May 18, 2021 4:08 pm

Impinj to Participate in Upcoming Investor Conferences

Impinj to Participate in Upcoming Investor Conferences

SEATTLE–(BUSINESS WIRE)–
Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today announced that Cary Baker, CFO, will participate in a fireside chat at the following virtual investor conferences:

		Event:		16^th Annual Needham Virtual Technology & Media Conference

		Time:		Wednesday, May 19, 2021 at 9:30 a.m. ET


		Event:		Baird 2021 Global Consumer, Technology & Services Conference

		Time:		Wednesday, June 9, 2021 at 4:20 p.m. ET

A live audio webcast of these presentations will be available on the company’s website at investor.impinj.com. An archived version of the webcast will be available for 90 days following the event.

About Impinj

Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things. www.impinj.com

Impinj is a registered trademark of Impinj, Inc. All other trademarks are the property of their owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518006055/en/

Investor Relations

+1-206-315-4470

[email protected]

Media Relations

Jill West

Vice President Strategic Communications

+1 206-834-1110

[email protected]

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Automotive Other Manufacturing Data Management Technology Packaging Other Retail Logistics/Supply Chain Management Manufacturing Mobile/Wireless General Automotive Fashion Retail Transport Other Technology Telecommunications Software Networks Internet Supply Chain Management Online Retail

MEDIA:

May 18, 2021 4:08 pm

Olema Oncology to Participate at the Jefferies 2021 Virtual Healthcare Conference

SAN FRANCISCO, May 18, 2021 (GLOBE NEWSWIRE) — Olema Pharmaceuticals, Inc. (“Olema” or “Olema Oncology,” Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers, today announced that Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer, will participate in a virtual fireside chat at the Jefferies 2021 Virtual Healthcare Conference on Tuesday, June 1, 2021 at 4:30 p.m. ET (1:30 p.m. PT).

A live webcast of the presentation may be accessed under the Investors & Media section of Olema’s website (www.olema.com) and will be archived for 14 days.

About Olema Oncology

Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Olema’s lead product candidate, OP-1250, is an orally-available small molecule with combined activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated as a single agent in an ongoing Phase 1/2 clinical trial in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Olema is headquartered in San Francisco.

Contact:
Eva Stroynowski
Vice President, Communications and Investor Relations
[email protected]
617-721-8194

May 18, 2021 4:08 pm

Agilysys Reports Fiscal 2021 Fourth Quarter Revenue Of $36.3M

Agilysys Reports Fiscal 2021 Fourth Quarter Revenue Of $36.3M

Reports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and

Quarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M

Announces Fiscal 2022 Revenue Guidance of $160M to $170M with Adjusted EBITDA of 15%

ALPHARETTA, Ga.–(BUSINESS WIRE)–
Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2021 fourth quarter and fiscal year ended March 31, 2021.

Summary of Fiscal 2021 Fourth Quarter Financial Results

Total net revenue was $36.3 million, compared to total net revenue of $39.7 million in the comparable prior-year period for an 8% decrease in revenue.
Recurring revenues (which are comprised of support, maintenance and subscription services) were $22.9 million, or 63.1% of total net revenue, compared to $22.3 million, or 56.2% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 11.6% year over year and comprised 42.0% of total recurring revenues, compared to 38.7% of total recurring revenues in the fourth quarter of fiscal 2020.
Gross margin was 64.6% in the fiscal 2021 fourth quarter, compared to 49.6% in the comparable prior-year period.
Net loss attributable to common shareholders in the fiscal 2021 fourth quarter was $(24.7) million, or $(1.05) per diluted share compared to a net loss of $(27.0) million, or $(1.16) per diluted share, in the comparable prior-year period.
Adjusted diluted EPS (non-GAAP) was $0.21 per share compared to $0.05 per share in the comparable prior-year period (see reconciliation below).
Adjusted EBITDA (non-GAAP) was $7.1 million, compared to $3.6 million in the comparable prior-year period (see reconciliation below).
Free cash flow (non-GAAP) in the fiscal 2021 fourth quarter was $13.0 million, compared to free cash flow of $4.9 million in the fiscal 2020 fourth quarter (see reconciliation below). Ending cash balance was $99.2 million, compared to ending cash balance of $46.7 million as of fiscal 2020 year-end.

Ramesh Srinivasan, President and CEO of Agilysys, commented, “Q4 fiscal 2021 (January – March 2021) revenue levels were slightly less than our original expectations due to continued pandemic related tough business environment challenges which were prevalent till around the last week of February.”

“We are encouraged by the significant consistent pick up in technology purchasing decisions by hospitality customers since February-end. The past 12-week period has been one of our best periods of selling success. In annual contract value terms, global sales during the past 12 weeks increased to about 85% of the best 12-week period during the past 5 years. That selling success momentum, currently concentrated mainly in the gaming and resort segments of the U.S. domestic market, and the remaining backlog of already sold software implementations and product shipments not yet converted to revenue, give us solid confidence going into the new fiscal year. We expect fiscal 2022 annual revenue to range between $160 and $170 million and be a record revenue year, with an adjusted EBITDA level of slightly better than 15% of revenue. We expect the pent-up demand for superior guest centric hospitality technology solutions to grow throughout the current fiscal year, making the second half of the fiscal year better than the first.”

“Our continued unwavering focus on product innovation manifested by our decision to significantly increase R&D strength even during the most challenging days of the pandemic, has placed us at a distinct competitive advantage. Despite all the pandemic related challenges faced throughout, fiscal 2021 was a record year with respect to subscription software sales, led by the POS and PMS add-on software modules, many of which were created during the past couple of years. Overall, we like our current competitive position. We currently go into every product sale discussion with a high degree of confidence. We look forward to entering a new era of progressively increasing sales and marketing investments during this fiscal year.”

“Words are not enough to express our admiration and gratitude for our global teams across the U.S., United Kingdom, Asia and the India Development Center for the exceptional courage, determination, fortitude and absolute doggedness with which they have helped us navigate through an extraordinary fiscal year, keeping their steadfast focus on product innovation and world class customer service no matter how tough the odds were stacked against them and how much sadness there was all around. Our 950-person strong India Development Center continues to perform at a high level despite all the pandemic related challenges. The productivity levels and quality of execution of our global workforce has been an inspiration for all of us. Ensuring the happiness and good health of all our Agilysys teammates and customer and partner personnel remains our top priority.”

Fiscal 2022 Outlook

Agilysys continues to monitor the impact of COVID-19 on the hospitality industry with our primary focus being the safety of our employees and customers as we manage through these unprecedented times. We are expecting full year fiscal 2022 revenue to be $160 to $170 million, a 16-24% growth over fiscal 2021 results. Fiscal 2022 adjusted EBITDA is expected to be slightly better than 15% of revenue.

Dave Wood, Chief Financial Officer, commented, “The hospitality industry is entering the beginning phases of reopening and recovery. We believe we have positioned the company to cultivate growth during this phase and beyond, while maintaining profitability and executing on our long-term strategic plan.”

2021 Fourth Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, May 18, 2021, at 4:30 p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 9163587. Please call five minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at Agilysys Events & Presentations. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Forward-Looking Language

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, our revenue and adjusted EBITDA guidance for the 2022 fiscal year, and statements we make regarding our expectation that the growing pent-up demand for hospitality technology solutions will continue throughout the current fiscal year and our ability to grow while maintaining profitability and executing on our long-term strategic plan.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the effect of the COVID-19 pandemic on our business and the success of any measures we have taken or may take in the future in response thereto; and the risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Form 10-Q.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include EBITDA, adjusted EBITDA, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share and free cash flow. Management believes that such information can enhance investors’ understanding of the Company’s ongoing operations.

The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share and adjusted diluted earnings per share. The Company believes these non-GAAP financial measures provide valuable insight into the Company’s overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, convertible preferred stock issuance costs, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding.

See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.

About Agilysys

Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative cloud-native SaaS and on-premise guest-centric technology solutions for gaming, hotels, resorts and cruise, corporate foodservice management, restaurants, universities, stadia and healthcare. Agilysys offers the most comprehensive software solutions in the industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications, to manage the entire guest journey. Agilysys is known for its leadership in hospitality, its broad product offerings and its customer-centric service. Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, drive revenue growth and increase operational efficiencies. Agilysys operates across North America, Europe, the Middle East, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

– Financial tables follow –

AGILYSYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

(In thousands, except per share data)	Three Months Ended						Year Ended
	March 31,						March 31,
	2021			2020			2021			2020
Net revenue:
Products	$	7,318		$	9,362		$	26,714		$	44,230
Support, maintenance and subscription services		22,918			22,303			88,565			83,680
Professional services		6,100			7,994			21,897			32,847
Total net revenue		36,336			39,659			137,176			160,757
Cost of goods sold:
Products (inclusive of developed technology amortization)		3,881			8,371			13,506			36,427
Support, maintenance and subscription services		4,470			5,572			17,985			19,248
Professional services		4,505			6,059			16,309			24,130
Total cost of goods sold		12,856			20,002			47,800			79,805
Gross profit		23,480			19,657			89,376			80,952
Gross profit margin		64.6	%		49.6	%		65.2	%		50.4	%
Operating expenses:
Product development		26,445			9,332			55,345			41,463
Sales and marketing		5,918			5,555			14,196			19,864
General and administrative		14,831			6,376			33,273			24,374
Depreciation of fixed assets		672			801			2,832			2,574
Amortization of intangibles		470			641			1,959			2,541
Impairments		—			23,740			—			23,740
Severance and other charges, net		(233	)		150			2,529			582
Legal settlements, net		150			–			200			(125	)
Total operating expense		48,253			46,595			110,334			115,013
Operating loss		(24,773	)		(26,938	)		(20,958	)		(34,061	)
Other (income) expense:
Interest income		(31	)		(93	)		(107	)		(380	)
Interest expense		7			5			20			9
Other expense, net		50			102			338			176
Loss before taxes		(24,799	)		(26,952	)		(21,209	)		(33,866	)
Income tax expense (benefit)		(518	)		40			(208	)		201
Net loss	$	(24,281	)	$	(26,992	)	$	(21,001	)	$	(34,067	)
Series A convertible preferred stock issuance costs		–			–			(1,031	)		–
Series A convertible preferred stock dividends		(459	)		–			(1,576	)		–
Net loss attributable to common shareholders	$	(24,740	)	$	(26,992	)	$	(23,608	)	$	(34,067	)

Weighted average shares outstanding – basic and diluted		23,574			23,241			23,458			23,233

Net loss per share – basic and diluted:	$	(1.05	)	$	(1.16	)	$	(1.01	)	$	(1.47	)

AGILYSYS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(In thousands, except share data)	March 31,			March 31,
	2021				2020
ASSETS
Current assets:
Cash and cash equivalents	$	99,180		$	46,653
Accounts receivable, net of allowance for expected credit losses of $1,220 and for doubtful accounts of $1,634, respectively		25,732			35,869
Contract assets		2,364			2,125
Inventories		1,177			3,887
Prepaid expenses and other current assets		4,797			4,874
Total current assets		133,250			93,408
Property and equipment, net		8,789			12,230
Operating lease right-of-use assets		12,210			13,829
Goodwill		19,622			19,622
Intangible assets, net		8,400			8,400
Deferred income taxes, non-current		1,802			764
Other non-current assets		5,800			6,309
Total assets	$	189,873		$	154,562
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,346		$	13,403
Contract liabilities		38,394			42,244
Accrued liabilities		11,233			9,033
Operating lease liabilities, current		5,009			4,719
Finance lease obligations, current		19			24
Total current liabilities		61,001			69,423
Deferred income taxes, non-current		923			880
Operating lease liabilities, non-current		8,597			10,617
Finance lease obligations, non-current		6			25
Other non-current liabilities		4,011			1,860
Series A convertible preferred stock, no par value		35,459			–
Shareholders’ equity:
Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 24,010,727 and 23,609,398 shares outstanding at March 31, 2021 and March 31, 2020, respectively		9,482			9,482
Treasury shares, 7,596,104 and 7,997,433 at March 31, 2021 and March 31, 2020, respectively		(2,278	)		(2,401	)
Capital in excess of stated value		37,257			5,491
Retained earnings		35,376			58,984
Accumulated other comprehensive income		39			201
Total shareholders’ equity		79,876			71,757
Total liabilities and shareholders’ equity	$	189,873		$	154,562

AGILYSYS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	Year Ended
(In thousands)	March 31,
	2021			2020
Operating activities
Net loss	$	(21,001	)	$	(34,067	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Impairments		—			23,740
Loss (gain) on disposal of property & equipment		44			(5	)
Depreciation		2,832			2,574
Amortization of intangibles		1,959			2,541
Amortization of developed technology		—			12,561
Deferred income taxes		(959	)		(356	)
Share-based compensation		40,093			5,205
Changes in operating assets and liabilities:
Accounts receivable		10,363			(8,974	)
Contract assets		(228	)		794
Inventory		2,746			(1,830	)
Prepaids and other current assets		(201	)		1,545
Accounts payable		(7,016	)		8,585
Contract liabilities		(3,971	)		3,563
Accrued liabilities		1,187			(4,227	)
Income taxes payable		340			(153	)
Other changes, net		2,219			(921	)
Net cash provided by operating activities		28,407			10,575
Investing activities
Capital expenditures		(1,389	)		(3,420	)
Additional investments in corporate-owned life insurance policies		(2	)		(27	)
Net cash used in investing activities		(1,391	)		(3,447	)
Financing activities
Preferred stock issuance proceeds, net of issuance costs		33,969			—
Payment of preferred dividends		(1,117	)		—
Repurchase of common shares to satisfy employee tax withholding		(7,512	)		(1,092	)
Principal payments under long-term obligations		(24	)		(24	)
Net cash provided by (used in) financing activities		25,316			(1,116	)
Effect of exchange rate changes on cash		195			(130	)
Net increase in cash and cash equivalents		52,527			5,882
Cash and cash equivalents at beginning of period		46,653			40,771
Cash and cash equivalents at end of period	$	99,180		$	46,653

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Accrued capital expenditures		103			187

AGILYSYS, INC.
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA
(UNAUDITED)

	Three Months Ended						Year Ended
(In thousands)	March 31,						March 31,
	2021			2020			2021			2020
Net loss	$	(24,281	)	$	(26,992	)	$	(21,001	)	$	(34,067	)
Income tax (benefit) expense		(518	)		40			(208	)		201
Loss before taxes		(24,799	)		(26,952	)		(21,209	)		(33,866	)
Depreciation of fixed assets		672			801			2,832			2,574
Amortization of intangibles		470			641			1,959			2,541
Amortization of developed technology		—			3,129			—			12,561
Interest (income), net		(24	)		(88	)		(87	)		(371	)
EBITDA (a)		(23,681	)		(22,469	)		(16,505	)		(16,561	)
Share-based compensation		30,781			2,049			40,093			5,205
Severance and other charges, net		(233	)		150			2,529			582
Impairments		—			23,740			—			23,740
Other non-operating expense		50			102			338			176
Legal settlements, net		150			—			200			(125	)
Adjusted EBITDA (b)	$	7,067		$	3,572		$	26,655		$	13,017

(a) EBITDA, a non-GAAP financial measure, is defined as net income (loss) before income taxes, interest expense (net of interest income), depreciation and amortization

(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) before income taxes, interest expense (net of interest income), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) legal settlements, ii) severance and other charges, iii) impairments, iv) share-based compensation, and v) other non-operating (income) expense

AGILYSYS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE
(UNAUDITED)

	Three Months Ended						Year Ended
(In thousands, except per share data)	March 31,						March 31,
	2021			2020			2021			2020
Net loss attributable to common shareholders	$	(24,740	)	$	(26,992	)	$	(23,608	)	$	(34,067	)
Amortization of intangibles		470			641			1,959			2,541
Amortization of developed technology		—			3,129			—			12,561
Share-based compensation		30,781			2,049			40,093			5,205
Series A convertible preferred stock issuance costs		—			—			1,031			—
Severance and other charges, net		(233	)		150			2,529			582
Impairments		—			23,740			—			23,740
Legal settlements, net		150			—			200			(125	)
Income tax adjustments		(1,190	)		(1,405	)		(2,710	)		(4,904	)
Adjusted net income (a)	$	5,238		$	1,312		$	19,494		$	5,533

Basic weighted average shares outstanding		23,574			23,241			23,458			23,233
Diluted weighted average shares outstanding		24,806			23,927			24,016			23,821

Adjusted basic earnings per share (b)	$	0.22		$	0.06		$	0.83		$	0.24
Adjusted diluted earnings per share (b)	$	0.21		$	0.05		$	0.81		$	0.23

(a) Adjusted net income, a non-GAAP financial measure, is defined as net income (loss) attributable to common shareholders before amortization expense (including amortization of developed technology), share-based compensation, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company’s current combined federal and state income statutory tax rate. No income tax effect applies to one-time charges when a valuation allowance offsets their related deferred tax assets.

(b) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income (loss) divided by basic and diluted weighted average shares outstanding

AGILYSYS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(UNAUDITED)

	Three Months Ended						Year Ended
(In thousands)	March 31,						March 31,
	2021			2020			2021			2020
Net cash provided by operating activities	$	13,323		$	5,302		$	28,407		$	10,575
Capital expenditures		(313	)		(411	)		(1,389	)		(3,420	)
Free cash flow (a)	$	13,010		$	4,891		$	27,018		$	7,155

(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518006105/en/

Investor Contact:

Jessica Hennessy

Sr Manager Corporate Strategy & Investor Relations

Agilysys, Inc.

770-810-6116 or [email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Other Travel Lodging Technology Travel Software

MEDIA:

May 18, 2021 4:08 pm

American National Bankshares Inc. Declares Quarterly Dividend

DANVILLE, Va., May 18, 2021 (GLOBE NEWSWIRE) — American National Bankshares Inc. (NASDAQ: AMNB), parent company of American National Bank and Trust Company, announced its Board of Directors has declared a quarterly cash dividend of $0.27 per common share, payable June 18, 2021 to shareholders of record June 4, 2021.

The dividend amount is the same as the prior quarter’s dividend and based on the stock’s closing price of $35.37 on May 17, 2021, represents a dividend yield of approximately 3.1%.

About American National

American National is a multi-state bank holding company with total assets of approximately $3.1 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 26 banking offices. American National Bank also manages an additional $1.0 billion of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about American National and American National Bank is available on American National’s website at www.amnb.com.

Contact:	Jeffrey W. Farrar, Chief Operating and Financial Officer
	434-773-2274
	*[email protected]*

May 18, 2021 4:08 pm

EVmo Announces First Quarter 2021 Results with Record Revenue of $2.3M

10,000 car and van expansion; $200 million revenue at scale with 25% EBITDA margin

Company to host conference call to discuss Q1 results today at 4:30 p.m. ET

LOS ANGELES, May 18, 2021 (GLOBE NEWSWIRE) — EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced financial results for its first quarter ended March 31, 2021.

First Quarter 2021 Highlights:

Record revenue of $2.3M, up 31.3% over Q1 2020 revenue of $1.7M
Gross profit was 57% higher than Q1 2020
Introduced a company operated maintenance facility which is expected to yield lower costs and quicker return to service times
Took delivery of electric vehicles (EVs) from Tesla and Hyundai
Managed fleet is now 14% EVs and is expected to grow similarly throughout 2021
Moved HQ to larger facility to accommodate accelerated growth
Entered the last-mile logistics space, deploying high-roof cargo vans
Increased credit facilities by $2M to $5M

“We believe that our strong growth and record revenue for the first quarter is a result of the foundation we built in 2020, which included operational efficiency measures, increasing the size of our fleet, committing to an EV strategy, increasing our credit-lines, and entering the last mile logistics space. Our capital formation strategy, which includes debt and equity capital, is expected to translate into continued revenue and EBITDA growth,” commented Stephen Sanchez, CEO.

“We continue to maintain strong gross margins. Gross profits grew at a rate of 57% over Q1 2020, making the Company’s core rental operations profitable before taking into account corporate overhead and one-time costs. We expect our gross margins will expand significantly in 2021 as we substantially increase our fleet and transition to an EV model,” continued Sanchez.

EVmo rents vehicles to customers who are participating in the gig economy. This includes ridesharing and e-commerce platforms. The Company’s technology and expertise allow for a frictionless rental experience, from intake to vehicle return. Focused on executing an environmentally friendly growth strategy, EVmo is adding EVs in current and future North American markets, and 14% of its managed fleet was comprised of EVs at the end of the first quarter. The type of vehicles on the Company’s platform ranges from electric passenger vehicles to well-equipped cargo vans that are used by e-commerce delivery providers.

Business Model Highlights:

As 2021 progresses, the Company plans to deploy capital to facilitate the purchase of new EVs and cargo vans and anticipates strong revenue contribution. At the margin, every $10 million in debt and or equity capital raised should enable the Company to purchase approximately 4,000 vehicles with an 85%/15% car to van mix. This should translate to approximately $80 million in annual revenue for every $10 million of capital raised at the margin. To this end, the Company is endeavoring to raise $25 million of mostly debt capital to expand our fleet to 10,000 vehicles. This is just the beginning of our capital formation strategy. The Company anticipates scaling to a 25% EBITDA margin.

EVmo currently has more than 34,000 registered drivers on its platform and is currently in discussions with multiple new and existing lending partners to meet anticipated growth in vehicles. Approximately 60% of EVmo drivers currently have more than 80 continuous rental days.

EVmo has leveraged its partnership with best-in-class OEMs in the EV category to build a fleet of EVs at attractive lease terms, receiving favorable pricing and delivery commitments from multiple OEMs. These EV growth plans are fully aligned with the two largest ride-hailing platforms in the US. EVmo has attractive buy back agreements and the option to purchase vehicles at the end of the financing term and has consistently been able to sell vehicles at a gain given their strong residual value relative to attractive initial acquisition price (discount to MSRP).

“We are on a mission to rent every car, every day and provide excellent service in the process, and we are committed to an environmentally friendly user platform,” continued Sanchez. “We buy right, maintain high utilization through our maintenance excellence program, and forge key strategic relationships to drive our environmental and economic initiatives. Our plans are bold and aggressive, and we believe that 2021 should be a breakout year for EVmo.”

According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026.

Webcast and Conference Call

The Company will host a conference call and webcast to discuss its first quarter financial results today, May 18, at 4:30 p.m. ET. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0784 (U.S. Toll-Free) or 1-201-689-8560 (International) a few minutes before the 4:30 p.m. ET start time. An audio-only webcast is also available by visiting:

http://public.viavid.com/index.php?id=145010

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until June 1, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13719918.

About EVmo, Inc.

EVmo, Inc. bridges the gap between rideshare and “last mile” delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The Company uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs.

The Company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third-party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry.

The company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com).

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” ” intend,” “plan,” “believe,” “potential, ” “continue,” “is/are likely to” or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.

Investor Relations Contact:

Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
[email protected]

Company Contact
Email: [email protected]

For more investor information go to

www.Evmo.com
EVmo, Inc.

Source: EVmo, Inc.

May 18, 2021 4:08 pm

Century Aluminum Announces New Officer Appointments

John DeZee Named EVP, General Counsel & Secretary; Matt Aboud Named SVP, Strategy and Business Development

CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) — Century Aluminum Company (NASDAQ: CENX) announced today that it has elected two new officers of the Company: John DeZee will assume the role of Executive Vice President, General Counsel and Secretary and Matt Aboud will assume the role of Senior Vice President, Strategy and Business Development, both effective immediately.

EVP, General Counsel & Secretary

Michael Bless, Century’s President and Chief Executive Officer, commented, “Our Board and I are delighted to announce John’s promotion to this critically important position. John has the firm respect of his colleagues and of the Company’s key partners in the U.S. and in Iceland. He has played a significant role in Century’s growth and development. I am confident that John’s skills as an attorney and businessperson will add great value for our shareholders, employees and customers and that he will serve as a key advisor for Jesse and our Board moving forward.”

Mr. DeZee joined Century in 2008 as Associate General Counsel and has taken on roles of increasing responsibility at the company ever since. Mr. DeZee received his B.A. from Whitman College and his J.D. from the University of California at Berkeley. Mr. DeZee assumes the General Counsel and Secretary roles from Jesse Gary, who will continue in his role as Chief Operating Officer until the effective date of his promotion to become the Company’s President and Chief Executive Officer on July 1, 2021.

SVP, Strategy & Business Development

Jesse Gary, Century’s Chief Operating Officer, stated, “We are very excited to announce this new role and add Matt’s significant business expertise to the Century team. As the world transitions to a low-carbon economy, Century is continuing to position itself to provide the aluminum products that will help to make this a reality. Our Natur-Al™ branded products are an excellent initial example of the solutions that we can provide. Matt’s deep experience in recycled and other low-carbon aluminum products will be a great addition to our leadership team and I am confident that he will help lead Century to further success.”

Mr. Aboud joins Century from Hydro Aluminum, where he served in a variety of roles over 17 years. Mr. Aboud most recently served as Vice President – Extrusion Ingot & Wire Rod, where he oversaw both primary and secondary casthouse facilities throughout Europe. Prior to that role, Mr. Aboud served as Vice President – Primary Metal North America, where he oversaw Hydro’s secondary casthouses and primary aluminum sales in the United States. Mr. Aboud received his B.A. from the University of Virginia and his M.B.A. from Columbia University.

About Century Aluminum Company

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century’s corporate offices are located in Chicago, IL. Visit www.centuryaluminum.com for more information.

Cautionary Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words “believe,” “expect,” “hope,” “target,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “potential,” “project,” “scheduled,” “forecast” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” or “may.” Our forward-looking statements include, without limitation, statements with respect to: the goals, effects, consequences and expectations of the leadership transition, global and local financial and economic conditions; future aluminum pricing and the costs of our major raw materials.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact

Peter Trpkovski
(Investors and media)
312-696-3132

Source: Century Aluminum Company

May 18, 2021 4:08 pm

Ultragenyx Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

NOVATO, Calif., May 18, 2021 (GLOBE NEWSWIRE) — Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultra-rare diseases, today reported the grant of non-qualified stock options to purchase an aggregate of 4,677 shares of common stock of the company and 7,100 restricted stock units of the company’s common stock to a newly hired non-executive officer of the company. The awards were approved by the compensation committee of the company’s board of directors and granted under the Ultragenyx Employment Inducement Plan, with a grant date of May 16, 2021, as an inducement material to the new employee entering into employment with Ultragenyx in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to the employee being continuously employed by the company as of such vesting dates. The stock options vest over four years, with 25% of the shares underlying the option vesting on the first anniversary of the grant date and the remainder vesting with respect to 1/48th of the shares underlying the options on each monthly anniversary thereafter, subject to the employee being continuously employed by the company as of such vesting dates. The stock options have a ten-year term and an exercise price of $110.88 per share, equal to the per share closing price of Ultragenyx’s common stock on May 14, 2021.

About Ultragenyx Pharmaceutical Inc.

Ultragenyx is a biopharmaceutical company committed to bringing novel therapies to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved medicines and treatment candidates aimed at addressing diseases with high unmet medical need and clear biology, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit the company’s website at: www.ultragenyx.com.

Contact Ultragenyx
Investors & Media
Joshua Higa
(415) 475-6370

May 18, 2021 4:08 pm

IBEX Limited Announces Third Quarter Fiscal Year 2021 Financial Results

Third Quarter Fiscal Year 2021

Strong revenue of $108.8 million, representing an increase of 7.6% year-over-year
Net loss was $0.2 million (non-GAAP adjusted net income of $6.0 million)
Adjusted EBITDA increased 12.4% to $16.7 million, achieving record adjusted EBITDA margin of 15.3%
Fully diluted loss per share was $0.01 (non-GAAP adjusted earnings per share $0.32)
Added 10 new logos, including marquee wins in key verticals

WASHINGTON, May 18, 2021 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading global provider of outsourced CX solutions, today announced financial results for three and nine months ended March 31, 2021.

“I am pleased with our strong third quarter results, coming off an exceptional second quarter – delivering solid revenue of $108.8 million, strong cash flow, and record adjusted EBITDA margin of 15.3%, up 70 basis points from the prior year period,” said Bob Dechant, Chief Executive Officer of ibex. “These results reflect the value that our end-to-end customer engagement solutions bring to clients, as our BPO 2.0 solution and customer experience is a key competitive differentiator and driver of accelerating growth.”

Dechant continued, “Our business strategy and ability to be laser-focused on execution has allowed us to continue to win customers, evidenced by our signing of 10 new customers, most of which are marquee logos in the New Economy, digitally transforming Blue Chip and strategic verticals. Looking ahead, we have a strong pipeline of business that we believe will position us for a strong fiscal year 2022.”

“I would like to recognize our global base of talented employees who were able to adjust to ever-changing market conditions and thank them for their extraordinary level of professionalism and commitment to our business,” concluded Dechant.

Financial Highlights:

Revenue

Revenue increased 7.6% to $108.8 million, compared to $101.1 million in the prior year quarter.

Net Income

Net loss was $0.2 million, compared to net income of $4.5 million in the prior year quarter.
Non-GAAP adjusted net income increased to $6.0 million, compared to $4.7 million in the prior year quarter (see Exhibit 1 for reconciliation).
Net margin was (0.2)%, compared to 4.4% in the prior year quarter.
On a Non-GAAP basis, adjusted net income margin increased to 5.5%, compared to 4.6% in the prior year quarter (see Exhibit 1 for reconciliation).

Adjusted EBITDA

Non-GAAP adjusted EBITDA, increased to $16.7 million, compared to $14.8 million in the prior year quarter (see Exhibit 2 for reconciliation).
Non-GAAP adjusted EBITDA margin increased to a record 15.3%, compared to 14.7% in the prior year quarter.

Earnings Per Share

IFRS basic and fully diluted loss per share was $0.01 compared to IFRS basic and fully diluted earnings per share of $0.00 in the prior year quarter.*
Non-GAAP pro forma fully diluted adjusted earnings per share increased to $0.32, compared to $0.25 in the prior year quarter (see Exhibit 1 for reconciliation).

* IFRS fully diluted earnings per share for the three and nine months ended March 31, 2020 does not reflect the recapitalization that occurred in connection with ibex’s August 7, 2020 initial public offering.

Balance Sheet

Strong cash position of $62.6 million compared to $21.9 million at June 30, 2020.
Non-GAAP net debt decreased to $48.7 million, compared to $84.1 million as of June 30, 2020 (see Exhibit 4 below).

Business Highlights:

Won 10 new customer logos, primarily New Economy companies in the FinTech, healthcare and utilities verticals
Legacy top three client concentration decreased to 34.1% from 43.6% in the prior year quarter
Added 800 seats in Jamaica and 560 seats in the Philippines
New Economy revenue increased by 6.3% compared to the prior year quarter, and when adjusted for one client that was adversely impacted by the pandemic, New Economy revenue increased by 21.9% compared to the prior year quarter
Non-voice revenue increased by 10.2% compared to the prior year quarter, and when adjusted for one client that was adversely impacted by the pandemic, non-voice revenue increased by 31.8% compared to the prior year quarter

Fiscal Year 2021 Business Outlook

We are reaffirming our fiscal year 2021 revenue and adjusted EBITDA guidance provided last quarter. We expect revenue of between $445 million and $448 million and adjusted EBITDA of between $62.0 million and $63.5 million.

Conference Call and Webcast Information

IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2021 financial results at 4:30 p.m. Eastern Time today, May 18, 2021. To access the conference call, dial (833) 614-1408 for the U.S. or Canada, or for international callers (914) 987-7129 and provide conference ID 2595966. The webcast will be available live on the Investors section of ibex’s website at: https://investors.ibex.co/.

An audio replay of the call will also be available to investors beginning at approximately 7:30 p.m. Eastern Time on May 18, 2021, until 7:30 p.m. Eastern Time on May 25, 2021, by dialing (855) 859-2056 for the U.S. or Canada, or for international callers, (404) 537-3406 and entering passcode 2595966. In addition, an archived webcast will be available on the Investors section of ibex’s website at: https://investors.ibex.co/.

Financial Information

While the financial information included in this press release has been determined in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting.” The financial information in this press release has not been audited.

Non-GAAP Financial Measures

We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles.

We have made adjustments to the definitions of certain non-GAAP measures in the third quarter of fiscal year 2021. The definitions of adjusted net income and adjusted EBITDA have been modified to exclude the effect of the amortization of warrant asset, and gains / (losses) on disposal of fixed assets and lease terminations, and include other income, as applicable. The definition of free cash flow has been modified to exclude financed capital expenditures and right-of-use lease payments. We may modify these definitions in the future if new situations arise that the Company believes warrant modification. We believe these updated definitions better reflect the Company’s operating metrics as well as industry standards.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, fair value adjustments, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

About ibex

ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

Forward Looking Statements

In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: developments relating to COVID-19; our ability to attract new business and retain key clients; our ability to enter into multi-year contracts with our clients at appropriate rates; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities; our ability to operate as an integrated company under the ibex brand; our ability to manage portions of our business that have long sales cycles and long implementation cycles that require significant resources and working capital; our ability to manage our international operations, particularly in Pakistan and the Philippines and increasingly in Jamaica and Nicaragua; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security; our ability to manage the inelasticity of our labor costs relative to short-term movements in client demand; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands; our ability to maintain and enhance our reputation and brand; and other factors discussed under the heading “Risk Factors” in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 and any other risk factors we include in subsequent reports on Form 6-K. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Media Contact: Brad Jones, Senior Director, PR & Communications, ibex, 720.643.8731, [email protected]

IR Contact: Brinlea Johnson, The Blueshirt Group, 415.269.2645, [email protected]

IBEX Limited
Unaudited Consolidated Statements of Financial Position

US$ in thousands	March 31, 2021			June 30, 2020
Assets
Non-current assets
Goodwill	$	11,832		$	11,832
Other intangible assets		3,323			2,781
Property and equipment		107,338			84,588
Investment in joint venture		357			331
Deferred tax asset		3,017			2,223
Warrant asset		1,932			2,611
Other assets		6,205			4,834
Total non-current assets	$	134,004		$	109,200

Current assets
Trade and other receivables		75,310			62,579
Due from related parties		1,794			1,587
Cash and cash equivalents		62,552			21,870
Total current assets	$	139,656		$	86,036
Total assets	$	273,660		$	195,236

Equity and liabilities
Equity attributable to owners of the parent
Share capital	$	2		$	12
Additional paid-in capital		158,044			96,207
Other reserves		32,683			29,456
Accumulated deficit		(114,707	)		(109,527	)
Total equity	$	76,022		$	16,148

Non-current liabilities
Deferred revenue	$	2,038		$	434
Lease liabilities		73,030			62,044
Borrowings		3,745			3,782
Deferred tax liability		85			117
Other non-current liabilities		18,834			7,058
Total non-current liabilities	$	97,732		$	73,435

Current liabilities
Trade and other payables	$	51,649		$	53,213
Income tax payables		4,210			3,087
Lease liabilities		11,386			12,668
Borrowings		23,059			27,476
Deferred revenue		5,334			3,470
Due to related parties		4,268			5,739
Total current liabilities	$	99,906		$	105,653
Total liabilities	$	197,638		$	179,088
Total equity and liabilities	$	273,660		$	195,236

IBEX Limited
Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income / (Loss)

	Three months ended March 31,						Nine months ended March 31,
US$ in thousands, except share and per share amounts	2021			2020			2021			2020
Revenue	$	108,832		$	101,124		$	334,784		$	304,255

Payroll and related costs		72,386			68,006			223,610			207,246
Share-based payments		1,298			(212	)		4,004			(119	)
Reseller commission and lead expenses		3,275			4,278			10,776			13,604
Depreciation and amortization		7,258			6,347			20,680			18,460
Fair value adjustment		4,433			(250	)		10,178			632
Other operating costs		17,778			14,914			57,711			44,185
Income from operations	$	2,404		$	8,041		$	7,825		$	20,247

Finance expenses	$	(2,310	)	$	(2,376	)		(6,923	)		(7,190	)
Income before taxation	$	94		$	5,665		$	902		$	13,057

Income tax expense	$	(339	)	$	(1,183	)		(2,082	)		(1,482	)
Net (loss) / income	$	(245	)	$	4,482		$	(1,180	)	$	11,575

Other comprehensive income / (loss)

Items that will be subsequently reclassified to profit or loss
Foreign currency translation adjustment	$	99		$	(5	)	$	(14	)	$	(37	)
Cash flow hedge – changes in fair value	$	73		$	–			158			–
	$	172		$	(5	)	$	144		$	(37	)
Total comprehensive (loss) / income	$	(73	)	$	4,477		$	(1,036	)	$	11,538

Loss per share attributable to the ordinary equity holders of the parent
Basic	$	(0.01	)	$	–		$	(0.07	)	$	–
Diluted	$	(0.01	)	$	–		$	(0.07	)	$	–

Weighted average shares outstanding
Basic		18,083,182			1,138,140			17,475,469			1,138,140
Diluted		18,083,182			12,822,570			17,475,469			12,822,570

IBEX Limited
Unaudited Consolidated Statements of Cash Flows

	Three months ended March 31,						Nine months ended March 31,
US$ in thousands	2021			2020			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income before taxation	$	94		$	5,665		$	902		$	13,057
Adjustments to reconcile income before taxation to net cash provided by operating activities:
Depreciation and amortization		7,258			6,347			20,680			18,460
Amortization of warrant asset		229			16			677			551
Gain on disposal of fixed assets		–			(89	)		–			(73	)
Gain on lease terminations		(852	)		–			(1,044	)		–
Foreign currency translation loss / (gain)		26			(110	)		229			249
Fair value adjustment		4,433			(250	)		10,178			632
Phantom expense		659			(224	)		913			(196	)
Share-based payments		639			12			3,091			77
Provision for retirement benefit expense		50			–			194			134
Allowance of expected credit losses		(116	)		4			336			101
Share of profit from investment in joint venture		(174	)		(75	)		(400	)		(414	)
Finance costs		2,310			2,376			6,923			7,190
Decrease / (increase) in trade and other receivables		626			4,957			(10,358	)		8,154
Increase in prepayments and other assets		(673	)		(864	)		(1,370	)		(1,400	)
Increase / (decrease) in trade and other payables and other liabilities		1,991			(1,103	)		3,043			(4,921	)
Cash generated from operations		16,500			16,662			33,994			41,601
Interest paid		(2,310	)		(2,376	)		(6,923	)		(7,190	)
Income taxes paid		(297	)		5			(2,952	)		(758	)
Net cash inflow from operating activities	$	13,893		$	14,291		$	24,119		$	33,653

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	$	(5,892	)	$	(1,780	)	$	(14,597	)	$	(4,019	)
Purchase of other intangible assets		(407	)		(320	)		(1,274	)		(485	)
Capital repayment from joint venture		146			114			373			309
Net cash outflow from investing activities	$	(6,153	)	$	(1,986	)	$	(15,498	)	$	(4,195	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	$	24,684		$	29,314		$	91,259		$	107,525
Repayments of line of credit		(38,104	)		(36,467	)		(93,400	)		(117,485	)
Proceeds from borrowings		–			–			1,714			1,000
Repayment of borrowings		(3,496	)		(1,417	)		(9,323	)		(4,806	)
Payment of related party loan		–			–			(1,614	)		–
Net proceeds from initial public offering		–			–			63,107			–
Exercise of options		28			–			28			–
Payment of listing related cost		–			–			(1,052	)		–
Principal payments on lease obligations		(3,014	)		(2,790	)		(14,644	)		(8,935	)
Dividends paid		–			–			(4,000	)		(121	)
Net cash (outflow) / inflow from financing activities	$	(19,902	)	$	(11,360	)	$	32,075		$	(22,822	)
Effects of exchange rate difference on cash and cash equivalents		99			(5	)		(14	)		(38	)
Net (decrease) / increase in cash and cash equivalents	$	(12,063	)	$	940		$	40,682		$	6,598
Cash and cash equivalents at beginning of the period	$	74,615		$	14,531		$	21,870		$	8,873
Cash and cash equivalents at end of the period	$	62,552		$	15,471		$	62,552		$	15,471

IBEX Limited

Reconciliation of IFRS Financial Measures to Non-GAAP Financial Measures

EXHIBIT 1: Adjusted net income and pro forma adjusted earnings per share – diluted
We define “Adjusted net income” as net (loss) / income before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, gain or loss on disposal of fixed assets or lease terminations, fair value adjustment related to the Amazon warrant, share-based payments, foreign exchange gains or losses, and impairment losses, as applicable, net of the tax effect of such adjustments. The following table provides a reconciliation of Adjusted net income to our net (loss) / income for the periods presented:

	Three months ended March 31,													Nine months ended March 31,
	2021						2020							2021						2020
US$ in thousands, except share and per share amounts, unaudited	Amount			Per Share			Amount			Per Share				Amount			Per Share			Amount			Per Share
Net (loss) / income	$	(245	)	$	(0.01	)	$	4,482		$	0.35		^(d)	$	(1,180	)	$	(0.07	)	$	11,575		$	0.90		^(d)
Non-recurring expenses		1,848			0.10			801			0.06				7,839			0.45			1,397			0.11
Amortization of warrant asset		229			0.01			16			0.00				677			0.04			551			0.04
Gain on disposal of fixed assets		–			–			(89	)		(0.01	)			–			–			(73	)		(0.01	)
Gain on lease terminations		(852	)		(0.05	)		–			–				(1,044	)		(0.06	)		–			–
Fair value adjustment		4,433			0.25			(250	)		(0.02	)			10,178			0.58			632			0.05
Share-based payments		1,298			0.07			(212	)		(0.02	)			4,004			0.23			(119	)		(0.01	)
Foreign exchange losses		44			0.00			164			0.01				247			0.01			523			0.04
Total adjustments	$	7,000		$	0.39		$	430		$	0.03			$	21,901		$	1.25		$	2,911		$	0.23
Tax impact of adjustments^(a)		(722	)		(0.04	)		(243	)		(0.02	)			(2,901	)		(0.17	)		(289	)		(0.02	)
Adjusted net income and adjusted earnings per share	$	6,033		$	0.33		$	4,669		$	0.36			$	17,820		$	1.02		$	14,197		$	1.11
Adjusted net income margin		5.5	%					4.6	%						5.3	%					4.7	%

Weighted average shares outstanding – diluted		18,083,182		$	0.33			12,822,570		$	0.36				17,475,469		$	1.02			12,822,570		$	1.11
Dilutive impact of shares issued on August 7, 2020^(b)		–		$	–			3,571,429		$	(0.07	)			–		$	–			3,076,121		$	(0.19	)
Dilutive impact of preferred share conversion on August 7, 2020^(b)		–		$	–			1,785,565		$	(0.03	)			–		$	–			1,785,565		$	(0.11	)
Dilutive impact of share-based compensation and the Amazon warrant^(b)		737,826		$	(0.01	)		641,444		$	(0.01	)			756,977		$	(0.04	)		548,190		$	(0.03	)
Pro forma adjusted weighted average shares outstanding – diluted and pro forma adjusted earnings per share – diluted ^(c)		18,821,008		$	0.32			18,821,008		$	0.25				18,232,446		$	0.98			18,232,446		$	0.78

⁽
^a
⁾ The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdiction.
⁽^b⁾ Represents the dilutive impact of (i) an incremental 3,571,429 and 3,076,121 weighted average shares outstanding for the three and nine months ended March 31, 2021, respectively, as a result of our initial public offering completed on August 7, 2020, (ii) an incremental 1,785,565 weighted average shares outstanding due to the conversion of preferred shares to common shares in connection with our initial public offering on August 7, 2020 and (iii) incremental weighted average shares outstanding resulting from vesting of awards under share-based compensation plans and vesting of the Amazon warrant, using the treasury stock method (as applicable) during the periods presented.
⁽^c⁾ We provide “pro forma adjusted earnings per share – diluted” to illustrate the impact on the calculation of adjusted earnings per share of taking into account the dilutive impact of the shares issued in our initial public offering on August 7, 2020, the dilutive impact of the preferred share conversion on August 7, 2020, and the dilutive impact related to vesting of awards under share-based compensation plans and the Amazon warrant on the calculation of weighted average shares outstanding – diluted, resulting in pro forma adjusted weighted average shares outstanding – diluted. We have used 18,821,008 and 18,232,446 shares, the pro forma adjusted weighted average shares outstanding – diluted for the three and nine months ended March 31, 2021, respectively, to calculate pro forma adjusted earnings per share – diluted for the three and nine months ended March 31, 2020. We believe that pro forma adjusted earnings per share – diluted is useful information for investors because it enhances comparability between the current period and prior periods. This non-GAAP measure will be recalculated each reporting period based on the pro forma adjusted weighted average shares outstanding – diluted for the latest reporting periods. Therefore, pro forma adjusted earnings per share – diluted in future periods may differ from pro forma adjusted earnings per share – diluted presented in prior periods. Pro forma adjusted earnings per share – diluted may not be comparable to other similarly titled measures of other companies, has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB.
^(d)See Note 20 to our audited consolidated financial statements included in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 for additional information regarding the calculation of basic and diluted earnings / (loss) per share attributable to equity holders of the parent and weighted average shares outstanding – basic and diluted. For the periods noted, the amount represents net income divided by the weighted average shares outstanding – diluted for the period presented.

EXHIBIT 2: EBITDA and Adjusted EBITDA
We define “EBITDA” as net (loss) / income before the effect of the following items: finance expenses, income tax expense / (benefit), and depreciation and amortization, as applicable. We define “Adjusted EBITDA” as EBITDA before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, gain or loss on disposal of fixed assets or lease terminations, fair value adjustment related to the Amazon warrant, share-based payments, foreign exchange gains or losses, and impairment losses, as applicable.


	Three months ended March 31,						Nine months ended March 31,
US$ in thousands	2021			2020			2021			2020
Net (loss) / income	$	(245	)	$	4,482		$	(1,180	)	$	11,575
Finance expense		2,310			2,376			6,923			7,190
Income tax expense		339			1,183			2,082			1,482
Depreciation and amortization		7,258			6,347			20,680			18,460
EBITDA	$	9,662		$	14,388		$	28,505		$	38,707
Non-recurring expenses		1,848			801			7,839			1,397
Amortization of warrant asset		229			16			677			551
Gain on disposal of fixed assets		–			(89	)		–			(73	)
Gain on lease terminations		(852	)		–			(1,044	)		–
Fair value adjustment		4,433			(250	)		10,178			632
Share-based payments		1,298			(212	)		4,004			(119	)
Foreign exchange losses		44			164			247			523
Adjusted EBITDA	$	16,662		$	14,818		$	50,406		$	41,618
Adjusted EBITDA margin		15.3	%		14.7	%		15.1	%		13.7	%

EXHIBIT 3: Free cash flow
We define “free cash flow” as net cash provided by operating activities less capital expenditures – cash.

Three months ended March 31,

Nine months ended March 31,

US$ in thousands

2021

2020

2021

2020

Net cash provided by operating activities

13,893

14,291

24,119

33,653

Less:

Capital expenditures – cash

6,299

2,100

15,871

4,504

Free cash flow
⁽¹⁾

7,594

12,191

8,248

29,149

⁽¹⁾Excluded from free cash flow are the principal portion of right-of-use lease payments of $2,892 and $1,892 for the three months ended March 31, 2021 and 2020, respectively, and $8,063 and $6,619 for the nine months ended March 31, 2021 and 2020, respectively. We believe it is useful to consider these payments when analyzing free cash flow as these amounts directly relate to revenue generating assets used in operations.

EXHIBIT 4: Net debt

We define “net debt” as total borrowings less cash and cash equivalents.

US$ in thousands	March 31, 2021		June 30, 2020
Borrowings
Non-current	$	3,745	$	3,782
Current		23,059		27,476
	$	26,804	$	31,258
Leases
Non-current		73,030		62,044
Current		11,386		12,668
	$	84,416	$	74,712
Total Debt	$	111,220	$	105,970
Cash		62,552		21,870
Net debt	$	48,668	$	84,100

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee3a1593-660b-48f2-a678-740bcd210914

May 18, 2021 4:08 pm

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Year 2021

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Year 2021

GAAP Net revenue grew 9% to $3.373 billion

GAAP Net income increased 46% to $588.9 million or $5.09 per diluted share

GAAP Net cash provided by operating activities was $912.3 million

Adjusted Unrestricted Operating Cash Flow (Non-GAAP) was $920.3 million

Net Bookings grew 19% to $3.553 billion

NEW YORK–(BUSINESS WIRE)–
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:

Three Months Ended March 31, 2021

Financial Data

$ in thousands

Statement

operations

Change in

deferred net

revenue

and related

cost of

goods sold

Stock-based

compensation

Impact of

business

reorganization

Business

acquisition

Amortization

& impairment

of acquired

intangible

assets

Gain on

long-term

investments,

net

Net revenue

$839,431

(54,899)

Cost of goods sold

279,647

(10,792)

52,821

(6,465)

Gross profit

559,784

(44,107)

(52,821)

6,465

Total operating expenses

303,967

(23,459)

134

(1,378)

(3,506)

Income from operations

255,817

(44,107)

(29,362)

(134)

1,378

9,971

Interest and other, net

(3,226)

2,425

499

Gain on long-term investments, net

1,000

(1,000)

Income before income taxes

253,591

(41,682)

(29,362)

(134)

1,877

9,971

(1,000)

In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 116.3 million.

Fiscal Fourth Quarter Operational Metric – Net Bookings

Net Bookings is defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.

Total Net Bookings grew 8% to $784.5 million, as compared to $729.4 million during last year’s fiscal fourth quarter. Net Bookings from recurrent consumer spending grew 17% year-over-year and accounted for 67% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K21,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,Two Dots,NBA Online, and WWE SuperCard.

Catalog accounted for $514.7 million of Net Bookings led by Grand Theft Auto, Red Dead Redemption, and Sid Meier’s Civilization.

Digitally-delivered Net Bookings grew 8% to $723.7 million, as compared to $672.1 million in last year’s fiscal fourth quarter, and accounted for 92% of total Net Bookings. The largest contributors to digitally-delivered Net Bookings in fiscal fourth quarter 2021 were NBA 2K21, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Sid Meier’s Civilization VI, Social Point’s mobile games, Borderlands 3, and NBA Online.

Fiscal Year 2021 Financial Highlights

GAAP net revenue grew 9% to $3.373 billion, as compared to $3.089 billion in fiscal year 2020. Recurrent consumer spending increased 50% and accounted for 62% of total GAAP net revenue. The largest contributors to GAAP net revenue in fiscal year 2021 were NBA 2K21 and NBA 2K20, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Borderlands 3, Social Point’s mobile games, Sid Meier’s Civilization VI, and PGA TOUR 2K21.

Digitally-delivered GAAP net revenue grew 23% to $2.919 billion, as compared to $2.379 billion in fiscal year 2020, and accounted for 87% of total GAAP net revenue. The largest contributors to digitally-delivered GAAP net revenue in fiscal year 2021 were NBA 2K21 and NBA 2K20, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Borderlands 3, Social Point’s mobile games, and Sid Meier’s Civilization VI.

GAAP net income increased 46% to $588.9 million, or $5.09 per diluted share, as compared to $404.5 million, or $3.54 per diluted share, in fiscal year 2020. GAAP net income included the reversal of expense of approximately $69.8 million related to forfeitures of previously granted stock awards and a gain of approximately $40.6 million due to the sale of one of our long-term investments.

GAAP net cash provided by operating activities was $912.3 million, as compared to $685.7 million in fiscal year 2020. Adjusted Unrestricted Operating Cash Flow (Non-GAAP), which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash, was $920.3 million, as compared to $615.4 million last year (please see the section below titled “Non-GAAP Financial Measure” for additional information). As of March 31, 2021, the Company had cash and short-term investments of $2.732 billion.

Twelve Months Ended March 31, 2021

Financial Data

$ in thousands

Statement

operations

Change in

deferred net

revenue

and related

cost of

goods sold

Stock-based

compensation

Business

acquisition

Impact of

business

reorganization

Amortization

& impairment

of acquired

intangible

assets

Gain on

long-term

investments,

net

Net revenue

$3,372,772

179,825

Cost of goods sold

1,535,085

11,283

(8,707)

(20,587)

Gross profit

1,837,687

168,542

8,707

20,587

Total operating expenses

1,208,303

(101,765)

(7,317)

272

(11,037)

Income from operations

629,384

168,542

110,472

7,317

(272)

31,624

Interest and other, net

8,796

(2,874)

499

Gain on long-term investments, net

39,636

(39,636)

Income before income taxes

677,816

165,668

110,472

7,816

(272)

31,624

(39,636)

In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 115.7 million.

Fiscal Year 2021 Operational Metric – Net Bookings

Total Net Bookings grew 19% to $3.553 billion, as compared to $2.990 billion in fiscal year 2020. Net Bookings from recurrent consumer spending grew 48% and accounted for 63% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K21 and NBA 2K20, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Borderlands 3, Social Point’s mobile games, Sid Meier’s Civilization VI, PGA TOUR 2K21, and The Outer Worlds.

Digitally-delivered Net Bookings grew 27% to $3.095 billion, as compared to $2.440 billion in fiscal year 2020, and accounted for 87% of total Net Bookings. The largest contributors to digitally-delivered Net Bookings in fiscal year 2021 were NBA 2K21 and NBA 2K20, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Borderlands 3, Social Point’s mobile games, Sid Meier’s Civilization VI, and WWE SuperCard.

Management Comments

“Our strong fourth quarter results concluded an exceptional year for our organization,” said Strauss Zelnick, Chairman and CEO of Take-Two. “We delivered record operating results, including Net Bookings of approximately $3.6 billion and Adjusted Unrestricted Operating Cash Flow of $920 million. Throughout the year, we enhanced our organization for the long term by broadening our portfolio of offerings, capitalizing on diverse business models, enhancing our infrastructure, and most importantly, investing in our creative talent.”

“In Fiscal 2022, we plan to deliver an exciting array of offerings, including four immersive core releases, of which two will be from new franchises. In addition, we expect Fiscal 2022 to be our second consecutive year of Net Bookings in excess of $3 billion. With the strongest pipeline in our Company’s history, including many new releases planned for Fiscal 2023 and Fiscal 2024, we will be making significant investments this year to enhance our enterprise in key areas such as creative talent, IT, and other infrastructure. As we continue to grow our business, we believe that we will achieve sequential growth in Fiscal 2023 and establish new record levels of operating results over the next few years.”

Business and Product Highlights

Since January 1, 2021:

Take-Two:

Take-Two maintained its commitment to giving back to its communities. During fiscal year 2021, across our Company and labels, we donated nearly $20 million to provide support to approximately 200 organizations throughout the world, and we will continue these efforts. Our donations have supported charities dedicated to COVID-19 relief efforts, as well as initiatives to enhance diversity and inclusion within our industry and to help eradicate racial injustice within our communities.

Rockstar Games:

Released new free content updates for Grand Theft Auto Online, including casino story missions, new stunt races, and more. Additionally, many new exotic vehicles were introduced, including the BF Weevil car, the Maibatsu Manchez Scout motorcycle, the Vapid Slamtruck, the Vetir military truck, the Mammoth Squaddie truck, the Dinka Verus Off-Road vehicle, and the Nagasaki Weaponized Dinghy.
Released new free content updates for Red Dead Online including:
Debuted the first “A New Source of Employment” missions, available for solo players and delivered via telegram.
- Introduced the Outlaw Pass No. 5 and its new rewards, which include clothing, emotes, camp items such as flags and a canine companion, Moonshine Shack décor, horse manes and mustaches, and photo studio backdrops. Additionally, new Wheeler, Rawson & Co. Club Rank Rewards were introduced for all players to unlock, including clothing, weapon modifications, filters for the advanced camera, and a new emote.
Throughout the fiscal year, Rockstar Games will continue to support both Grand Theft Auto Online and Red Dead Online with more content updates to keep new and returning players excited and engaged.

2K:

Continued to expand the breadth of NBA 2K offerings with the launch of the NBA 2K21 Arcade Edition on Apple Arcade, delivering an all-new basketball simulation game experience to Apple’s video game subscription service, available on iPhone, iPad, Apple TV, and Mac devices.
Acquired HookBang, LLC’s Austin-based video game division, which will become part of Visual Concepts, the distinguished, wholly-owned studio and developer of the iconic NBA 2K video game franchise. The acquired team, under the new name of Visual Concepts Austin, will expand its efforts on the NBA 2K franchise, including platform development and live services support.
PGA TOUR 2K21 released the Clubhouse Pass Season 2 and launched its newest game mode, Divot Derby, which features a “battle golf” style competition where players can compete with up to 20 other players.
To drive continued momentum in golf, 2K entered into an exclusive, long term partnership with Tiger Woods, one of the most iconic and celebrated figures in golf history. Woods’ partnership with 2K includes rights for his name and likeness to appear exclusively in the PGA TOUR 2K franchise, as well as any other golf games published by 2K during the partnership term. Woods will play an active role in the video game landscape as an Executive Director and consultant with PGA TOUR 2K, while 2K will also partner with Woods’ TGR Foundation, which provides award-winning STEM curricula and college-access programs to offer underserved students the tools needed to thrive in school and beyond.
Acquired privately-held HB Studios Multimedia Ltd., developers of the critically acclaimed and commercially successful PGA TOUR 2K21, as well as The Golf Club franchise.
During the WrestleMania 37 broadcast on April 10, 2021, 2K and Visual Concepts revealed the first teaser video for WWE 2K22, which will launch later this calendar year. The teaser video stars Rey Mysterio, a high-flying lucha libre legend and one of the most exciting and decorated Superstars in WWE history.
WWE 2K Battlegrounds released its fifth and final roster update, which added legendary WWE names including Mr. McMahon, Paige, Ricky Steamboat, British Bulldog, Mr. Perfect, Doink the Clown, Jim “The Anvil” Neidhart and Vader.
Introduced exciting new content for Season 7 of WWE SuperCard, including the debut of the WrestleMania 37 card tier and new features to the game. WWE SuperCard also celebrated the 25^th anniversary of “Stone Cold” Steve Austin’s WWE debut with new items and events, such as a brand- new “Stone Cold” Steve Austin cardback, Austin’s iconic jean shorts and more.
Released the Borderlands 3: Director’s Cut add-on, which is available for purchase separately and available to download for owners of Borderlands 3 Ultimate Edition or Season Pass 2. The Director’s Cut add-on delivered a brand-new raid boss, story-driven murder mystery missions, daily and weekly challenges with unique themed rewards, and never-before-seen behind-the-scenes content. In addition, Tales from the Borderlands – a critically acclaimed, narrative-driven adventure game set within the Borderlands universe – was officially re-released on consoles and PC, and was also released on Switch for the first time, bringing an essential chapter of the Borderlands narrative to new audiences.
Launched the Vietnam & Kublai Khan Pack and the Portugal Pack for Sid Meier’s Civilization VI, completing the full season of content from Firaxis Games’ New Frontier Pass. The packs bring new leaders, civilizations, optional game modes and more to Civilization VI.

Private Division:

On February 10, 2021, Private Division and Obsidian Entertainment released The Outer Worlds: Peril on Gorgon, the first narrative-led expansion for the critically acclaimed, darkly humorous sci-fi RPG for Switch. The expansion was released previously for PlayStation4, Xbox One, and PC. The second and final expansion, The Outer Worlds: Murder on Eridanos, launched on March 17, 2021 on PlayStation 4, Xbox One, and PC, and will launch on Switch later in calendar 2021. Both expansions are available individually or at a discount as part of The Outer Worlds Expansion Pass.
Private Division announced that it will launch OlliOlli World this winter for Switch, Xbox Series X|S, Xbox One, PlayStation 4, PlayStation 5, and PC. Developed by Roll7, this skateboarding action-platformer marks a bold new direction for the critically acclaimed franchise. Roll7 is a BAFTA and multi-award-winning London based independent studio famous for re-defining genres and creating remarkable games including OlliOlli, OlliOlli 2: Welcome to Olliwood, Laser League, and NOT A HERO.

Social Point/Playdots:

Across many of their mobile games, Social Points and Playdots launched new features, scavenger hunts, and marketing activations to drive player engagement. Both studios will continue to introduce new enhancements to their games in the coming year to further optimize the player experience.

Outlook for Fiscal 2022

Take-Two is providing its initial outlook for its fiscal year ending March 31, 2022 and its fiscal first quarter ending June 30, 2021:

Fiscal Year Ending March 31, 2022

GAAP net revenue is expected to range from $3.14 to $3.24 billion
GAAP net income is expected to range from $228 to $257 million
GAAP diluted net income per share is expected to range from $1.95 to $2.20
Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 116.8 million ⁽¹⁾
Net cash provided by operating activities is expected to be over $380 million
Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $400 million⁽²⁾
Capital expenditures are expected to be approximately $100 million
Net Bookings (operational metric) are expected to range from $3.2 to $3.3 billion

The Company is also providing selected data and its management reporting tax rate of 16%, which are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

	Twelve Months Ending March 31, 2022
		Financial Data

$ in millions	GAAP outlook⁽³⁾	Change in deferred net revenue and related cost of goods sold	Stock-based compensation	Amortization of Intangible Assets	Reorganization & Acquisition

Net revenue	$3,140 to $3,240	$60

Cost of goods sold	$1,411 to $1,456	$15	($43)	($22)

Operating expenses	$1,461 to $1,481		($129)	($9)	($3)

Interest and other, net	($2)

Income (loss) before income taxes	$270 to $305	$45	$172	$31	$3

First Quarter Ending June 30, 2021

GAAP net revenue is expected to range from $730 to $780 million
GAAP net income is expected to range from $116 to $129 million
GAAP diluted net income per share is expected to range from $1.00 to $1.10
Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 116.5 million ⁽⁴⁾
Net Bookings (operational metric) are expected to range from $625 to $675 million

	Three Months Ending June 30, 2021
		Financial Data

$ in millions	GAAP outlook⁽³⁾	Change in deferred net revenue and related cost of goods sold	Stock-based compensation	Amortization of acquired intangible assets

Net revenue	$730 to $780	($105)

Cost of goods sold	$277 to $303	($10)	($14)	($6)

Operating Expenses	$316 to $326		($38)	($3)

Interest and other, net	($1)

Income before income taxes	$138 to $152	($95)	$52	$9

	1)		Includes 115.9 million basic shares and 0.9 million shares representing the potential dilution from unvested employee stock grants.
	2)		Includes a $20 million net decrease in restricted cash for fiscal 2022.
	3)		The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.
	4)		Includes 115.5 million basic shares and 1 million shares representing the potential dilution from unvested employee stock grants.

Key assumptions and dependencies underlying the Company’s outlook include: the timely delivery of the titles included in this financial outlook; a stable economic environment; continued consumer acceptance of Xbox One and PlayStation 4, as well as continued growth in the installed base of PlayStation 5 and Xbox Series X|S; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.

Product Releases

The following titles were released since January 1, 2021:

Label	Title	Platforms	Release Date
2K	WWE 2K Battlegrounds Roster Update #4 (DLC)	PS4, Xbox One, Switch, PC, Stadia	January 27, 2021
2K	Sid Meier’s Civilization VI – New Frontier Pass: Vietnam & Kublai Khan Pack (DLC)	PS4, Xbox One, Switch, PC	January 28, 2021
Private Division	Kerbal Space Program	WeGame (China)	February 2, 2021
2K	WWE 2K Battlegrounds Roster Update #5 (DLC)	PS4, Xbox One, Switch, PC, Stadia	February 10, 2021
Private Division	The Outer Worlds: Peril on Gorgon (DLC)	Switch	February 10, 2021
2K	Tales from the Borderlands	PS4, PC	February 17, 2021
Private Division	The Outer Worlds: Murder on Eridanos (DLC)	PS4, Xbox One, PC	March 17, 2021
2K	Tales from the Borderlands	Switch	March 24, 2021
2K	Sid Meier’s Civilization VI – New Frontier Pass: Portugal Pack (DLC)	PS4, Xbox One, Switch, PC	March 25, 2021
2K	NBA 2K21	iOS	April 2, 2021
2K	Borderlands 3 – Director’s Cut (part of Season Pass 2 DLC)	PS4, PS5, Xbox One, Xbox Series X\|S, PC, Stadia	April 8, 2021

Take-Two’s lineup of future titles announced to-date includes:

Label	Title	Platforms	Release Date
Rockstar Games	Grand Theft Auto V	PS5, Xbox Series X\|S	November 11, 2021
Rockstar Games	Grand Theft Auto Online – Standalone	PS5, Xbox Series X\|S	November 11, 2021
Private Division	OlliOlli World	PS4, PS5, Xbox One, Xbox Series X\|S, Switch (digital only)	Winter 2021
Private Division	The Outer Worlds: Murder on Eridanos (DLC)	Switch	Calendar 2021
2K	NBA 2K22	TBA	Fiscal 2022
2K	WWE 2K22	TBA	Fiscal 2022
Private Division	Kerbal Space Program 2	PS4, Xbox One, PC	Fiscal 2023

Conference Call

Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.

Non-GAAP Financial Measure

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses a Non-GAAP measure of financial performance: Adjusted Unrestricted Operating Cash Flow, which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash. The Company’s management believes it is important to consider Adjusted Unrestricted Operating Cash Flow, in addition to net cash from operating activities, as it provides more transparency into current business trends without regard to the timing of payments from restricted cash, which is primarily related to a dedicated account limited to the payment of certain internal royalty obligations.

This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two’s financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company’s operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.

Final Results

The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Annual Report on Form 10−K for the period ended March 31, 2021.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, Social Point, and Playdots. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.

All trademarks and copyrights contained herein are the property of their respective holders.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company’s future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect that measures taken to mitigate the COVID-19 pandemic have on our operations, including our ability to timely deliver our titles and other products, and on the operations of our counterparties, including retailers and distributors; the effects of the COVID-19 pandemic on both consumer demand and the discretionary spending patterns of our customers as the situation with the pandemic continues to evolve; the impact of reductions in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of potential inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation 5 and Xbox Series X|S; the timely release and significant market acceptance of our games; the ability to maintain acceptable pricing levels on our games; and risks associated with international operations.

Other important factors and information are contained in the Company’s most recent Annual Report on Form 10-K, including the risks summarized in the section entitled “Risk Factors,” the Company’s most recent Quarterly Report on Form 10-Q, and the Company’s other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

	Three months ended March 31,						Twelve months ended March 31,
		2021			2020			2021			2020


Net revenue	$	839,431		$	760,541		$	3,372,772		$	3,088,970

Cost of goods sold:
Internal royalties		158,128			144,385			637,652			483,697
Software development costs and royalties		22,465			159,776			396,797			611,198
Licenses		53,841			39,494			260,721			170,408
Product costs		45,213			51,985			239,915			277,147
Total cost of goods sold		279,647			395,640			1,535,085			1,542,450

Gross profit		559,784			364,901			1,837,687			1,546,520

Selling and marketing		106,609			79,969			444,985			458,424
General and administrative		98,453			82,212			390,683			318,235
Research and development		83,559			68,718			317,311			296,398
Depreciation and amortization		15,480			12,502			55,596			48,113
Business reorganization		(134	)		(384	)		(272	)		83
Total operating expenses		303,967			243,017			1,208,303			1,121,253
Income from operations		255,817			121,884			629,384			425,267
Interest and other, net		(3,226	)		8,083			8,796			38,505
Gain (loss) on long-term investments, net		1,000			(5,333	)		39,636			(5,333	)
Income before income taxes		253,591			124,634			677,816			458,439
Provision for income taxes		34,779			1,912			88,930			53,980
Net income	$	218,812		$	122,722		$	588,886		$	404,459

Earnings per share:
Basic earnings per share	$	1.90		$	1.08		$	5.14		$	3.58
Diluted earnings per share	$	1.88		$	1.07		$	5.09		$	3.54

Weighted average shares outstanding:
Basic		115,110			113,394			114,602			113,096
Diluted		116,300			114,400			115,744			114,136

Computation of Basic EPS:
Net income	$	218,812		$	122,722		$	588,886		$	404,459

Weighted average shares outstanding – basic		115,110			113,394			114,602			113,096

Basic earnings per share	$	1.90		$	1.08		$	5.14		$	3.58

Computation of Diluted EPS:
Net income for diluted EPS calculation	$	218,812		$	122,722		$	588,886		$	404,459

Weighted average shares outstanding – basic		115,110			113,394			114,602			113,096
Add: dilutive effect of common stock equivalents		1,190			1,006			1,142			1,040
Weighted average common shares outstanding – diluted		116,300			114,400			115,744			114,136

Diluted earnings per share	$	1.88		$	1.07		$	5.09		$	3.54


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

	March 31,			March 31,
		2021			2020

ASSETS
Current assets:
Cash and cash equivalents	$	1,422,884		$	1,357,664
Short-term investments		1,308,692			644,003
Restricted cash and cash equivalents		538,822			546,604
Accounts receivable, net of allowances of $350 and $443 at March 31, 2021 and 2020,
respectively		552,762			592,555
Inventory		17,742			19,108
Software development costs and licenses		43,443			40,316
Deferred cost of goods sold		15,524			19,598
Prepaid expenses and other		320,646			273,503
Total current assets		4,220,515			3,493,351

Fixed assets, net		149,364			131,888
Right-of-use assets		164,763			154,284
Software development costs and licenses, net of current portion		490,892			401,778
Goodwill		535,306			386,494
Other intangibles, net		121,591			51,260
Deferred tax assets		90,206			116,676
Long-term restricted cash and cash equivalents		98,541			89,124
Other assets		157,040			123,977
Total assets	$	6,028,218		$	4,948,832

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	71,001		$	65,684
Accrued expenses and other current liabilities		1,204,090			1,169,884
Deferred revenue		928,029			777,784
Lease liabilities		31,595			25,187
Total current liabilities		2,234,715			2,038,539

Non-current deferred revenue		37,302			28,339
Non-current lease liabilities		159,671			152,059
Non-current software development royalties		110,127			104,417
Other long-term liabilities		154,511			86,234
Total liabilities		2,696,326			2,409,588


Stockholders’ equity:
Preferred stock, $.01 par value, 5,000 shares authorized		–			–
Common stock, $.01 par value, 200,000 shares authorized; 137,584 and 135,927 shares
issued and 115,163 and 113,506 outstanding at March 31, 2021 and 2020, respectively		1,376			1,359
Additional paid-in capital		2,288,781			2,134,748
Treasury stock, at cost; 22,421 common shares at March 31, 2021 and, 2020, respectively		(820,572	)		(820,572	)
Retained earnings		1,870,971			1,282,085
Accumulated other comprehensive loss		(8,664	)		(58,376	)
Total stockholders’ equity		3,331,892			2,539,244
Total liabilities and stockholders’ equity	$	6,028,218		$	4,948,832


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Twelve months ended March 31,
		2021			2020

Operating activities:
Net income	$	588,886		$	404,459

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and impairment of software development costs and licenses		144,263			167,925
Depreciation		56,309			47,628
Amortization of intellectual property		32,241			20,990
Stock-based compensation		110,472			257,881
Deferred income taxes		10,631			(3,486	)
Gain on long-term investments		(41,588	)		–
Other, net		5,515			9,074
Changes in assets and liabilities:
Accounts receivable		47,195			(195,484	)
Inventory		2,503			8,489
Software development costs and licenses		(221,279	)		(48,434	)
Prepaid expenses and other current and other non-current assets		(58,737	)		(259,817	)
Deferred revenue		152,466			(55,460	)
Deferred cost of goods sold		4,768			32,180
Accounts payable, accrued expenses and other liabilities		78,673			299,733
Net cash provided by operating activities		912,318			685,678

Investing activities:
Change in bank time deposits		(387,762	)		196,720
Proceeds from available-for-sale securities		546,287			400,635
Purchases of available-for-sale securities		(824,477	)		(499,991	)
Purchases of fixed assets		(68,923	)		(53,384	)
Proceeds from sale of long-term investments		47,472			–
Purchases of long-term investments		(16,852	)		(27,891	)
Business acquisitions		(102,469	)		(12,040	)
Net cash (used in) provided by investing activities		(806,724	)		4,049

Financing activities:
Tax payment related to net share settlements on restricted stock awards		(71,552	)		(87,968	)
Issuance of common stock		14,214			10,515
Net cash used in financing activities		(57,338	)		(77,453	)

Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents		18,599			(10,868	)

Net change in cash, cash equivalents, and restricted cash and cash equivalents		66,855			601,406
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year		1,993,392			1,391,986
Cash, cash equivalents, and restricted cash and cash equivalents, end of period	$	2,060,247		$	1,993,392


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in thousands)

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total

Net revenue by geographic region
United States	$	513,488	61%	$	413,701	54%
International		325,943	39%		346,840	46%
Total net revenue	$	839,431	100%	$	760,541	100%

Net bookings by geographic region
United States	$	479,784	61%	$	406,592	56%
International		304,749	39%		322,831	44%
Total net bookings	$	784,532	100%	$	729,423	100%


	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total

Net revenue by distribution channel
Digital online	$	753,257	90%	$	634,687	83%
Physical retail and other		86,174	10%		125,854	17%
Total net revenue	$	839,431	100%	$	760,541	100%

Net bookings by distribution channel
Digital online	$	723,656	92%	$	672,053	92%
Physical retail and other		60,876	8%		57,370	8%
Total net bookings	$	784,532	100%	$	729,423	100%


	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total
Net revenue by platform mix
Console	$	607,960	72%	$	542,171	71%
PC and other		231,471	28%		218,370	29%
Total net revenue	$	839,431	100%	$	760,541	100%

Net bookings by platform mix
Console	$	550,231	70%	$	507,612	70%
PC and other		234,301	30%		221,811	30%
Total net bookings	$	784,532	100%	$	729,423	100%

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in thousands)

	Twelve Months Ended March 31, 2021			Twelve Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total

Net revenue by geographic region
United States	$	2,015,885	60%	$	1,775,682	57%
International		1,356,887	40%		1,313,288	43%
Total net revenue	$	3,372,772	100%	$	3,088,970	100%

Net bookings by geographic region
United States	$	2,171,240	61%	$	1,733,313	58%
International		1,381,358	39%		1,257,045	42%
Total net bookings	$	3,552,598	100%	$	2,990,358	100%


	Twelve Months Ended March 31, 2021			Twelve Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total

Net revenue by distribution channel
Digital online	$	2,919,292	87%	$	2,378,563	77%
Physical retail and other		453,480	13%		710,407	23%
Total net revenue	$	3,372,772	100%	$	3,088,970	100%

Net bookings by distribution channel
Digital online	$	3,094,962	87%	$	2,440,435	82%
Physical retail and other		457,636	13%		549,923	18%
Total net bookings	$	3,552,598	100%	$	2,990,358	100%


	Twelve Months Ended March 31, 2021			Twelve Months Ended March 31, 2020
	Amount		% of Total	Amount		% of Total
Net revenue by Platform Mix
Console	$	2,516,993	75%	$	2,308,602	75%
PC and other		855,779	25%		780,368	25%
Total net revenue	$	3,372,772	100%	$	3,088,970	100%

Net bookings by platform mix
Console	$	2,637,340	74%	$	2,195,843	73%
PC and other		915,258	26%		794,515	27%
Total net bookings	$	3,552,598	100%	$	2,990,358	100%


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in thousands)
	Three Months Ended March 31, 2021	Net revenue			Cost of goods sold- Internal royalties			Cost of goods sold- Software development costs and royalties			Cost of goods sold- Licenses			Cost of goods sold- Product costs			Selling and marketing

As reported		$	839,431		$	158,128		$	22,465		$	53,841		$	45,213		$	106,609
	Net effect from deferred net revenue and related cost of goods sold		(54,899	)					(5,836	)		(455	)		(4,501	)
	Stock-based compensation								52,821									(5,050	)
	Amortization and impairment of acquired intangibles								(6,465	)								(1,550	)

	Three Months Ended March 31, 2021	General and administrative			Research and development			Depreciation and amortization			Business reorganization			Interest and other, net			Gain (loss) on long-term investments, net

As reported		$	98,453		$	83,559		$	15,480		$	(134	)	$	(3,226	)	$	1,000
	Net effect from deferred net revenue and related cost of goods sold														2,425
	Stock-based compensation		(14,262	)		(4,147	)
	Amortization and impairment of acquired intangibles					(1,718	)		(238	)
	Impact of business reorganization											134
	Gain on long-term investments, net																	(1,000	)
	Acquisition related expenses		(1,378	)											499

	Three Months Ended March 31, 2020	Net revenue			Cost of goods sold- Internal royalties			Cost of goods sold- Software development costs and royalties			Cost of goods sold- Licenses			Cost of goods sold- Product costs			Selling and marketing

As reported		$	760,541		$	144,385		$	159,776		$	39,494		$	51,985		$	79,969
	Net effect from deferred net revenue and related cost of goods sold		(31,119	)					(8,204	)		216			(12,755	)
	Stock-based compensation								(62,353	)								(4,347	)
	Amortization and impairment of acquired intangibles								(3,288	)

	Three Months Ended March 31, 2020	General and administrative			Research and development			Depreciation and amortization			Business reorganization			Interest and other, net			Gain (loss) on long-term investments, net

As reported		$	82,212		$	68,718		$	12,502		$	(384	)	$	8,083			(5,333	)
	Net effect from deferred net revenue and related cost of goods sold														857
	Stock-based compensation		(11,553	)		(3,030	)
	Amortization and impairment of acquired intangibles					(1,538	)		(120	)
	Impact of business reorganization											384
	Loss on long-term investments																	5,333


TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in thousands)

	Twelve Months Ended March 31, 2021	Net revenue			Cost of goods sold- Internal royalties			Cost of goods sold- Software development costs and royalties			Cost of goods sold- Licenses			Cost of goods sold- Product costs			Selling and marketing

As reported		$	3,372,772		$	637,652		$	396,797		$	260,721		$	239,915		$	444,985
	Net effect from deferred net revenue and related cost of goods sold		179,825						15,663			(282	)		(4,098	)
	Stock-based compensation								(8,707	)								(18,348	)
	Amortization and impairment of acquired intangibles								(20,587	)								(3,617	)

	Twelve Months Ended March 31, 2021	General and administrative			Research and development			Depreciation and amortization			Business reorganization			Interest and other, net			Gain (loss) on long-term investments, net

As reported		$	390,683		$	317,311		$	55,596		($	272	)	$	8,796		$	39,636
	Net effect from deferred net revenue and related cost of goods sold														(2,874	)
	Stock-based compensation		(56,830	)		(26,587	)
	Amortization and impairment of acquired intangibles					(6,663	)		(757	)
	Impact of business reorganization											272
	Gain on long-term investments, net																	(39,636	)
	Acquisition related expenses		(7,317	)											499


	Twelve Months Ended March 31, 2020	Net revenue			Cost of goods sold- Internal royalties			Cost of goods sold- Software development costs and royalties			Cost of goods sold- Licenses			Cost of goods sold- Product costs			Selling and marketing

As reported		$	3,088,970		$	483,697		$	611,198		$	170,408		$	277,147		$	458,424
	Net effect from deferred net revenue and related cost of goods sold		(98,612	)					(54,515	)		601			(33,339	)
	Stock-based compensation								(154,031	)								(18,680	)
	Amortization and impairment of acquired intangibles								(13,598	)

	Twelve Months Ended March 31, 2020	General and administrative			Research and development			Depreciation and amortization			Business reorganization			Interest and other, net			Gain (loss) on long-term investments, net

As reported		$	318,235		$	296,398		$	48,113		$	83		$	38,505		($	5,333	)
	Net effect from deferred net revenue and related cost of goods sold														476
	Stock-based compensation		(53,607	)		(31,563	)
	Amortization and impairment of acquired intangibles					(6,180	)		(485	)
	Impact of business reorganization											(83	)
	Loss on long-term investments																	5,333
	Acquisition related expenses		(367	)

TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in thousands)

	Twelve months ended March 31,
	2021			2020
Net cash from operating activities	$	912,318	$	685,678
Net change in Restricted cash related to Operations ⁽¹⁾		7,965		(70,267	)
Adjusted Unrestricted Operating Cash Flow	$	920,283	$	615,411


	FY 2021		FY 2020
Restricted cash beginning of period (4/1)	$	635,728	$	565,461
Less Restricted cash end of period (3/31)		637,363		635,728
Plus Restricted cash related to acquisitions		9,600		–
⁽¹⁾ Net change in Restricted cash related to Operations	$	7,965	($	70,267	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005935/en/

(Investor Relations)

Nicole Shevins

Senior Vice President

Investor Relations & Corporate Communications

Take-Two Interactive Software, Inc.

(646) 536-3005

[email protected]

(Corporate Press)

Alan Lewis

Vice President

Corporate Communications & Public Affairs

Take-Two Interactive Software, Inc.

(646) 536-2983

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Entertainment Consumer Electronics Technology General Entertainment Mobile Entertainment Software Electronic Games

MEDIA:

Logo