Homer - Being the CPA I ask you to look too, but it looks to me like the Twitch sale inflated the loss, both GAAP and Non-GAAP, by about $0.24 per share. Am I right?
Whas - I got in last week after the cc. I still like the value and fundamentals and the buyback in Q1 will help offset concerns about locked up outstanding shares unlocking in Q1. It's flying today but could pull back a little around the close if you're still interested. Just an fyi.
Just saw this. Did you see the evidence? They've been CFO's the exact same amount of time. He was appointed CFO at Yahoo! in June 2007. His undergrad in Econ is from STANFORD and MBA from HARVARD. Lainie has no MBA, or any other advanced degree beyond a bachelor's in Accounting from American U. EA's market cap is 6 times TTWO's. C'mon, the evidence is solid. Lainie should be paid less, period. I am shocked she hasn't cashed any shares yet, which actually may be a good sign for you and other longs since she's a serial seller.
Based on ATVI's numbers, guidance, and the headlines, it looks like things are going just fine for Kotick.
This could be the first time I've ever agreed with this guy, but yes, a 10% discount is about the best you'll likely get until the next cc. So $23ish. Perhaps something to fill the gap down to 23.36.
You wear TTWO colored glasses. Forbes 6/22/2014: Employees Who Stay In Companies Longer Than Two Years Get Paid 50% Less
EA $12.75 billion corporation
TTWO $2.09 billion corporation
Lainie Goldstein: Named CFO June 2007. She had served as Senior Vice President of Finance for Take-Two since 2003. CPA with over 20 years of financial and business experience in the software, entertainment, retail and apparel industries, including more than 12 years overseeing the finance function of publicly traded companies. Joined Take-Two after seven years with Nautica Enterprises, where she served as Vice President, Finance and Business Development. From 1990 until joining Nautica Enterprises, Inc., she held positions in the audit and reorganization departments at Grant Thornton LLP.
American University, Accounting.
Blake Jorgensen: Named CFO and Executive VP July 2012. Joines EA after serving as CFO and Executive VP for Levi Strauss & Co. since July 2009. Prior to this, he served as CFO of Yahoo! Inc., and as COO and Co-Director of Investment Banking at Thomas Weisel Partners, which he co-founded in 1998. Prior to Thomas Weisel Partners, Mr. Jorgensen held roles at Montgomery Securities, MAC Group/Gemini Consulting and Marakon Associates. Stanford University, Economics, 1982 and Harvard Business School, MBA, 1988.
Did you even look at EA"s performance before making that comment? Lainie's overpaid - period. Anyone who's objective knows it.
Since she's either selling some now or will soon, I thought I'd share with long timers that her options today are worth about $16.5 million today! And that's on top of the $3.5m in shares she's already sold in 2014. Out of curiosity I checked EA's CFO and his options are worth $4.4m and he sold $1.75m in 2014. ATVI's has $14.3m and he's sold $3.8m in 2014. Can someone tell me why Leonie is paid so handsomely?
As I see it, the longer Heists the further out RDR2's release goes. The nice thing about Heists is that it's another good product for straddling the console shift. This is one reason why it may also end up in FY16. Anyone who thinks R* won't charge for Heists is absolutely out of their mind.
The news shouldn't be a surprise. Aug 22, 2014 I posted that "The more I think this through, I could see Evolve getting the boot from February (FY15) to April (FY16)...." That said, for the longs, it still looks like FY15 can be pretty decent.
ATVI has more debt than cash. I just don't see it in 2015, just too much risk and leverage. That said, anything is possible. IMO Vivendi really screwed the pooch on this one and should've put in an offer back when TTWO was between $8-$12/share.
The last convertible deal was great. Incredibly low finance cost. You're probably right that it's essentially priced in. My only thought is that things may happen on a price action basis, either in options or a changing of the large short position, that are related to the convertibles. I don't know how it changes things, if at all.
Speaking of convertibles, not sure how they will come in play but as I understand it, if the price stays up 20 of 30 days, the 1.75% from 2011 are convertible at $24.82 and the 1% from 2013 at $27.98. TTWO has an option to pay vs. convert, I think at a lesser price, and it's all somewhat hedged I'm sure finance gurus get it better than I and my only thought is that there's some sort of role to play for these in the current price range.
Uh, probably not wise given that what has happened thus far is pretty incredible. At some point, it MIGHT come down but that might not be until its at $28. Shorting TTWO is never smart for those without convertibles. If you're negative, play puts.
The surprise was Z's overt enthusiasm. Beating was obvious, but the raise (given how conservative Z is) and his enthusiasm are why shares are flying. He'll be on Cramer tonight with the latter will certainly fawn away. This sp could be a rocket for a while with next gen coming soon and so many shorts out there (though a lot hold converts). Congrats to those longs who have stuck with it.
R* PR from 6/9/14 says "Grand Theft Auto V Coming this Fall to PlayStation 4, Xbox One and PC." January 2015 is not Fall 2014.
You talked about GTA V next gen in April or May, PC about 6 months after, and Heists at Christmas. You also talked about Agent and its exclusive with PS4.