Company Quick10K Filing
Take Two
Price123.43 EPS3
Shares113 P/E41
MCap14,000 P/FCF16
Net Debt-1,285 EBIT398
TEV12,716 TEV/EBIT32
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-04
10-K 2020-03-31 Filed 2020-05-22
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-06
10-K 2019-03-31 Filed 2019-05-14
10-Q 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-03
10-K 2018-03-31 Filed 2018-05-17
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-03
10-K 2017-03-31 Filed 2017-05-24
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-K 2016-03-31 Filed 2016-05-19
10-Q 2015-12-31 Filed 2016-02-04
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-K 2015-03-31 Filed 2015-05-22
10-Q 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-06
10-K 2014-03-31 Filed 2014-05-14
10-Q 2013-12-31 Filed 2014-02-04
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-K 2013-03-31 Filed 2013-05-14
10-Q 2012-12-31 Filed 2013-02-06
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-K 2012-03-31 Filed 2012-05-23
10-Q 2011-12-31 Filed 2012-02-03
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-K 2011-03-31 Filed 2011-05-25
10-Q 2010-07-31 Filed 2010-09-03
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-10
8-K 2020-11-10
8-K 2020-11-06
8-K 2020-11-05
8-K 2020-09-30
8-K 2020-09-16
8-K 2020-09-04
8-K 2020-08-17
8-K 2020-08-03
8-K 2020-07-10
8-K 2020-05-20
8-K 2020-02-06
8-K 2020-02-04
8-K 2019-11-07
8-K 2019-09-18
8-K 2019-08-05
8-K 2019-06-20
8-K 2019-05-13
8-K 2019-02-08
8-K 2019-02-06
8-K 2018-11-07
8-K 2018-09-21
8-K 2018-08-02
8-K 2018-05-16
8-K 2018-05-14
8-K 2018-04-24
8-K 2018-02-12
8-K 2018-02-07

TTWO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 xboxagreement.htm
EX-10.4 playstationagreement.htm
EX-31.1 a09302020ttwoex-31x1.htm
EX-31.2 a09302020ttwoex-31x2.htm
EX-32.1 a09302020ttwoex-32x1.htm
EX-32.2 a09302020ttwoex-32x2.htm

Take Two Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4.93.92.92.01.00.02011201420172021
Assets, Equity
1.91.51.00.60.1-0.32011201420172021
Rev, G Profit, Net Income
0.60.40.20.1-0.1-0.32011201420172021
Ops, Inv, Fin

ttwo-20200930
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                             to                              .

Commission file number 001-34003
TAKE-TWO INTERACTIVE SOFTWARE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 51-0350842
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
110 West 44th Street 10036
New YorkNew York(Zip Code)
 (Address of principal executive offices)
Registrant's Telephone Number, Including Area Code: (646536-2842
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $.01 par valueTTWONASDAQ Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated fileroNon-accelerated fileroSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ý

As of October 23, 2020, there were 115,021,621 shares of the Registrant's Common Stock outstanding, net of treasury stock.





Table of Contents
INDEX



(All other items in this report are inapplicable)

1


Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
 September 30, 2020March 31, 2020
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$1,345,099 $1,357,664 
Short-term investments1,040,786 644,003 
Restricted cash and cash equivalents450,145 546,604 
Accounts receivable, net of allowances of $448 and $443 at September 30, 2020 and March 31, 2020, respectively
787,818 592,555 
Inventory26,934 19,108 
Software development costs and licenses73,714 40,316 
Deferred cost of goods sold15,410 19,598 
Prepaid expenses and other192,192 273,503 
Total current assets3,932,098 3,493,351 
Fixed assets, net133,404 131,888 
Right-of-use assets 156,310 154,284 
Software development costs and licenses, net of current portion403,390 401,778 
Goodwill521,000 386,494 
Other intangibles, net126,392 51,260 
Deferred tax assets117,692 116,676 
Long-term restricted cash and cash equivalents289,536 89,124 
Other assets156,332 123,977 
Total assets$5,836,154 $4,948,832 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$85,103 $65,684 
Accrued expenses and other current liabilities1,148,617 1,169,884 
Deferred revenue1,063,064 777,784 
Lease liabilities29,051 25,187 
Total current liabilities2,325,835 2,038,539 
Non-current deferred revenue32,880 28,339 
Non-current lease liabilities 150,793 152,059 
Non-current software development royalties302,435 104,417 
Other long-term liabilities122,929 86,234 
Total liabilities$2,934,872 $2,409,588 
Commitments and contingencies (See Note 13)
Stockholders' equity:  
Preferred stock, $.01 par value, 5,000 shares authorized; no shares issued and outstanding at September 30, 2020 and March 31, 2020
  
Common stock, $.01 par value, 200,000 shares authorized; 137,349 and 135,927 shares issued and 114,928 and 113,506 outstanding at September 30, 2020 and March 31, 2020, respectively
1,373 1,359 
Additional paid-in capital2,285,394 2,134,748 
Treasury stock, at cost; 22,421 common shares at September 30, 2020 and March 31, 2020
(820,572)(820,572)
Retained earnings1,469,911 1,282,085 
Accumulated other comprehensive loss(34,824)(58,376)
Total stockholders' equity2,901,282 2,539,244 
Total liabilities and stockholders' equity$5,836,154 $4,948,832 
   See accompanying Notes.
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Table of Contents
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
 Three Months Ended September 30,Six Months Ended
September 30,
 2020201920202019
Net revenue$841,142 $857,841 $1,672,452 $1,398,300 
Cost of goods sold432,505 468,248 909,194 709,717 
Gross profit408,637 389,593 763,258 688,583 
Selling and marketing113,691 149,566 198,470 241,387 
General and administrative91,433 76,659 193,606 151,492 
Research and development74,216 76,197 147,324 145,160 
Depreciation and amortization13,691 12,024 26,109 23,281 
Business reorganization239 327 239 713 
Total operating expenses293,270 314,773 565,748 562,033 
Income from operations115,367 74,820 197,510 126,550 
Interest and other, net2,706 8,054 10,924 18,479 
Loss on long-term investments655  655  
Income before income taxes117,418 82,874 207,779 145,029 
Provision for income taxes18,097 11,059 19,953 26,934 
Net income $99,321 $71,815 $187,826 $118,095 
Earnings per share:    
Basic earnings per share$0.87 $0.63 $1.65 $1.05 
Diluted earnings per share$0.86 $0.63 $1.63 $1.04 
 See accompanying Notes.
3


Table of Contents
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 Three Months Ended
September 30,
Six Months Ended September 30,
 2020201920202019
Net income $99,321 $71,815 $187,826 $118,095 
Other comprehensive income (loss):    
Foreign currency translation adjustment18,861 (12,567)23,562 (21,364)
Cash flow hedges:
Change in unrealized gains 5,889 (3,817)6,092 
Reclassification to earnings (4,490)(1,333)(3,408)
Tax effect on effective cash flow hedges 696 845 687 
Change in fair value of effective cash flow hedge 2,095 (4,305)3,371 
Change in fair value of available for sale securities(1,554)(2)4,295 720 
Other comprehensive income (loss)17,307 (10,474)23,552 (17,273)
Comprehensive income$116,628 $61,341 $211,378 $100,822 
   
See accompanying Notes.
4


TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
 Six Months Ended September 30,
 20202019
Operating activities:  
Net income$187,826 $118,095 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization and impairment of software development costs and licenses92,664 72,505 
Depreciation25,826 23,037 
Amortization and impairment of intellectual property11,801 10,627 
Stock-based compensation98,719 113,199 
Other, net(2,631)4,325 
Changes in assets and liabilities: 
Accounts receivable(189,477)(463,019)
Inventory(7,266)(12,064)
Software development costs and licenses(127,290)(51,932)
Prepaid expenses and other assets65,296 (131,055)
Deferred revenue284,441 66,148 
Deferred cost of goods sold4,753 15,287 
Accounts payable, accrued expenses and other liabilities182,083 379,005 
Net cash provided by operating activities626,745 144,158 
Investing activities:  
Change in bank time deposits(218,239)6,720 
Proceeds from available-for-sale securities260,729 137,071 
Purchases of available-for-sale securities(435,511)(141,244)
Purchases of fixed assets(25,021)(25,532)
Purchases of long-term investments(9,100)(4,500)
Business acquisitions(75,482)(8,715)
Net cash used in investing activities(502,624)(36,200)
Financing activities:  
Tax payment related to net share settlements on restricted stock awards(48,202)(61,478)
Issuance of common stock6,503  
Net cash used in financing activities(41,699)(61,478)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents8,966 (8,063)
Net change in cash, cash equivalents, and restricted cash and cash equivalents91,388 38,417 
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year1,993,392 1,391,986 
Cash, cash equivalents, and restricted cash and cash equivalents, end of period$2,084,780 $1,430,403 


See accompanying Notes.
5


TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited)
(in thousands)
Three Months Ended September 30, 2020
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, June 30, 2020136,689 $1,367 $2,151,774 (22,421)$(820,572)$1,370,590 $(52,131)$2,651,028 
Net income— — — — — 99,321 — 99,321 
Change in cumulative foreign currency translation adjustment— — — — — — 18,861 18,861 
Net unrealized gain on available-for-sale securities, net of taxes— — — — — — (1,554)(1,554)
Stock-based compensation— — 45,675 — — — — 45,675 
Issuance of restricted stock, net of forfeitures and cancellations115 1 (1)— — — —  
Net share settlement of restricted stock awards(59)(1)(9,695)— — — — (9,696)
Employee share purchase plan settlement— — — — — — —  
Issuance of shares related to Playdots, Inc. acquisition604 6 97,641 — — — — 97,647 
Balance, September 30, 2020137,349 $1,373 $2,285,394 (22,421)$(820,572)$1,469,911 $(34,824)$2,901,282 

Three Months Ended September 30, 2019
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, June 30, 2019135,527 $1,355 $2,025,626 (22,421)$(820,572)$923,906 $(43,988)$2,086,327 
Net income— — — — — 71,815 — 71,815 
Change in cumulative foreign currency translation adjustment— — — — — — (12,567)(12,567)
Change in unrealized gains on cash flow hedge, net— — — — — — 2,095 2,095 
Net unrealized gain on available-for-sale securities, net of taxes— — — — — — (2)(2)
Stock-based compensation— — 43,455 — — — — 43,455 
Issuance of restricted stock, net of forfeitures and cancellations164 2 (2)— — — —  
Net share settlement of restricted stock awards(75)(1)(9,359)— — — — (9,360)
Employee share purchase plan settlement— — — — — — —  
Balance, September 30, 2019135,616 $1,356 $2,059,720 (22,421)$(820,572)$995,721 $(54,462)$2,181,763 



6


Six Months Ended September 30, 2020
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, March 31, 2020135,927 $1,359 $2,134,748 (22,421)$(820,572)$1,282,085 $(58,376)$2,539,244 
Net income— — — — — 187,826 — 187,826 
Change in cumulative foreign currency translation adjustment— — — — — — 23,562 23,562 
Change in unrealized gains on cash flow hedge, net— — — — — — (4,305)(4,305)
Net unrealized gain on available-for-sale securities, net of taxes— — — — — — 4,295 4,295 
Stock-based compensation— — 94,712 — — — — 94,712 
Issuance of restricted stock, net of forfeitures and cancellations1,094 11 (11)— — — —  
Net share settlement of restricted stock awards(341)(4)(48,198)— — — — (48,202)
Employee share purchase plan settlement65 1 6,502 — — — — 6,503 
Issuance of shares related to Playdots, Inc. acquisition604 6 97,641 — — — — 97,647 
Balance, September 30, 2020137,349 $1,373 $2,285,394 (22,421)$(820,572)$1,469,911 $(34,824)$2,901,282 

Six Months Ended September 30, 2019
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, March 31, 2019134,602 $1,346 $2,019,369 (22,421)$(820,572)$877,626 $(37,189)$2,040,580 
Net income— — — — — 118,095 — 118,095 
Change in cumulative foreign currency translation adjustment— — — — — — (21,364)(21,364)
Change in unrealized gains on cash flow hedge, net— — — — — — 3,371 3,371 
Net unrealized gain on available-for-sale securities, net of taxes— — — — — — 720 720 
Stock-based compensation— — 96,706 — — — — 96,706 
Issuance of restricted stock, net of forfeitures and cancellations1,503 15 (15)— — — —  
Net share settlement of restricted stock awards(551)(6)(61,472)— — — — (61,478)
Employee share purchase plan settlement62 1 5,132 — — — — 5,133 
Balance, September 30, 2019135,616 $1,356 $2,059,720 (22,421)$(820,572)$995,721 $(54,462)$2,181,763 


See accompanying Notes.
7


Table of Contents
TAKE-TWO INTERACTIVE SOFTWARE, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(in thousands, except per share amounts)
1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Take-Two Interactive Software, Inc. (the "Company," "we," "us," or similar pronouns) was incorporated in the state of Delaware in 1993. We are 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 smart phones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries and, in our opinion, reflect all normal and recurring adjustments necessary for the fair presentation of our financial position, results of operations, and cash flows. Interim results may not be indicative of the results that may be expected for the full fiscal year. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of these Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. As permitted under U.S. GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions when appropriate. Actual results could differ materially from those estimates, including as a result of the COVID-19 pandemic, which may affect economic conditions in a number of different ways and result in uncertainty and risk.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), although we believe that the disclosures are adequate to make the information presented not misleading. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with our annual Consolidated Financial Statements and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020.
Certain immaterial reclassifications have been made to prior period amounts to conform to the current period presentation.
Recently Adopted Accounting Pronouncements
Accounting for Fair Value Measurement
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. We adopted this update effective April 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements.
Accounting for Credit Losses
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that will require the reflection of expected credit losses and will also require consideration of a broader range of reasonable and supportable information to determine credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. For most financial instruments, the standard will require the use of a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses, which will generally result in the earlier recognition of credit losses on financial instruments. We adopted this update effective April 1, 2020 under a modified retrospective basis. No adjustment to retained earnings was recorded as a result of the adoption of this standard, which did not have a material impact on our Condensed Consolidated Financial Statements.

8


Recently Issued Accounting Pronouncements
Accounting for Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The guidance includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance is effective immediately and is only available through December 31, 2022. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements.
Accounting for Income Taxes
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2020 (April 1, 2021 for the Company), with early adoption permitted. We are currently evaluating the potential impact of adopting this guidance on our Consolidated Financial Statements.

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of revenue
Product revenue
Product revenue is primarily comprised of the portion of revenue from software products that is recognized when the customer takes control of the product (i.e., upon delivery of the software product).
Service and other revenue
Service and other revenue is primarily comprised of revenue from game related services, virtual currency transactions, and in-game purchases which are recognized over an estimated service period.
Net revenue by product revenue and service and other was as follows:
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net revenue recognized:
Service and other$551,576 $421,747 $1,083,626 $846,132 
Product289,566 436,094 588,826 552,168 
Total net revenue$841,142 $857,841 $1,672,452 $1,398,300 
9



Full game and other revenue
Full game and other revenue primarily includes the initial sale of full game software products, which may include offline and/or significant game related services.
Recurrent consumer spending revenue
Recurrent consumer spending revenue is generated from ongoing consumer engagement and includes revenue from virtual currency, add-on content, and in-game purchases.

Net revenue by full game and other revenue and recurrent consumer spending was as follows:
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net revenue recognized:
Recurrent consumer spending$495,724 $318,468 $975,129 $633,326 
Full game and other345,418 539,373 697,323 764,974 
Total net revenue$841,142 $857,841 $1,672,452 $1,398,300 

Geography
We attribute net revenue to geographic regions based on software product destination. Net revenue by geographic region was as follows:
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net revenue recognized:
United States$503,583 $494,661 $974,073 $825,140 
International337,559 363,180 698,379 573,160 
Total net revenue$841,142 $857,841 $1,672,452 $1,398,300 

Platform
Net revenue by platform was as follows:
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net revenue recognized:
Console$641,269 $651,818 $1,252,954 $1,086,632 
PC and other199,873 206,023 419,498 311,668 
Total net revenue$841,142 $857,841 $1,672,452 $1,398,300 
10



Distribution channel

Our products are delivered through digital online services (digital download, online platforms, and cloud streaming) and physical retail and other. Net revenue by distribution channel was as follows:
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Net revenue recognized:
Digital online$711,299 $615,774 $1,437,525 $1,043,555 
Physical retail and other129,843 242,067