Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'TAKE TWO INTERACTIVE SOFTWARE INC | ' |
Entity Central Index Key | '0000946581 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 83,470,429 |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $822,000 | $935,400 |
Short-term investments | 19,369 | ' |
Restricted cash | 61,916 | 193,839 |
Accounts receivable, net of allowances of $55,982 and $75,518 at June 30, 2014 and March 31, 2014, respectively | 43,165 | 53,143 |
Inventory | 23,147 | 29,780 |
Software development costs and licenses | 186,615 | 116,203 |
Prepaid expenses and other | 78,140 | 71,075 |
Total current assets | 1,234,352 | 1,399,440 |
Fixed assets, net | 47,011 | 42,572 |
Software development costs and licenses, net of current portion | 78,973 | 109,506 |
Goodwill | 227,108 | 226,705 |
Other intangibles, net | 5,098 | 5,113 |
Other assets | 15,194 | 16,294 |
Total assets | 1,607,736 | 1,799,630 |
Current liabilities: | ' | ' |
Accounts payable | 22,575 | 16,452 |
Accrued expenses and other current liabilities | 175,323 | 397,173 |
Deferred revenue | 87,371 | 61,195 |
Total current liabilities | 285,269 | 474,820 |
Long-term debt | 459,408 | 454,031 |
Other long-term liabilities | 80,022 | 68,973 |
Total liabilities | 824,699 | 997,824 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value, 5,000 shares authorized | ' | ' |
Common stock, $.01 par value, 200,000 shares authorized; 104,671 and 105,156 shares issued and 88,433 and 88,918 outstanding at June 30, 2014 and March 31, 2014, respectively | 1,047 | 1,052 |
Additional paid-in capital | 967,361 | 954,699 |
Treasury stock, at cost (16,238 common shares at June 30, 2014 and March 31, 2014) | -276,836 | -276,836 |
Retained earnings | 85,372 | 120,775 |
Accumulated other comprehensive income | 6,093 | 2,116 |
Total stockholders' equity | 783,037 | 801,806 |
Total liabilities and stockholders' equity | $1,607,736 | $1,799,630 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowances (in dollars) | $55,982 | $75,518 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 104,671 | 105,156 |
Common stock, shares outstanding | 88,433 | 88,918 |
Treasury stock, shares | 16,238 | 16,238 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' |
Net revenue | $125,425 | $142,667 |
Cost of goods sold | 54,156 | 93,842 |
Gross profit | 71,269 | 48,825 |
General and administrative | 39,352 | 32,860 |
Selling and marketing | 36,846 | 41,601 |
Research and development | 24,132 | 20,871 |
Depreciation and amortization | 4,148 | 3,057 |
Total operating expenses | 104,478 | 98,389 |
Loss from operations | -33,209 | -49,564 |
Interest and other, net | -7,719 | -11,233 |
Loss before income taxes | -40,928 | -60,797 |
(Benefit) provision for income taxes | -5,525 | 1,087 |
Loss from continuing operations | -35,403 | -61,884 |
Loss from discontinued operations, net of taxes | ' | -30 |
Net loss | ($35,403) | ($61,914) |
Earnings (loss) per share: | ' | ' |
Continuing operations (in dollars per share) | ($0.45) | ($0.71) |
Basic and diluted earnings (loss) per share (in dollars per share) | ($0.45) | ($0.71) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ' | ' |
Net loss | ($35,403) | ($61,914) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | 3,972 | -835 |
Change in unrealized gains and (losses) on cash flow hedges, net of taxes | 32 | -153 |
Unrealized gains and (losses) on available-for-sale securities, net of taxes | -27 | ' |
Other comprehensive income (loss) | 3,977 | -988 |
Comprehensive loss | ($31,426) | ($62,902) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net loss | ($35,403) | ($61,914) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Amortization and impairment of software development costs and licenses | 7,255 | 43,238 |
Depreciation and amortization | 4,148 | 3,057 |
Loss from discontinued operations | ' | 30 |
Amortization and impairment of intellectual property | 105 | 139 |
Stock-based compensation | 9,979 | 5,947 |
Amortization of discount on Convertible Notes | 5,377 | 5,346 |
Amortization of debt issuance costs | 431 | 497 |
Loss on change in fair value of convertible note hedge and warrant transactions | ' | 1,911 |
Other, net | 134 | 742 |
Changes in assets and liabilities, net of effect from purchases of businesses: | ' | ' |
Restricted cash | 132,002 | -17,969 |
Accounts receivable | 9,978 | 154,394 |
Inventory | 6,633 | 2,366 |
Software development costs and licenses | -42,990 | -42,070 |
Prepaid expenses, other current and other non-current assets | -2,397 | 3,378 |
Deferred revenue | 26,176 | 1,064 |
Accounts payable, accrued expenses and other liabilities | -208,944 | -92,583 |
Net cash used in discontinued operations | ' | -372 |
Net cash (used in) provided by operating activities | -87,516 | 7,201 |
Investing activities: | ' | ' |
Purchase of fixed assets | -8,392 | -7,994 |
Purchases of short-term investments | -19,415 | ' |
Net cash used in investing activities | -27,807 | -7,994 |
Financing activities: | ' | ' |
Proceeds from issuance of Convertible Notes | ' | 246,250 |
Payment of debt issuance costs | ' | -2,043 |
Net cash provided by financing activities | ' | 244,207 |
Effects of foreign currency exchange rates on cash and cash equivalents | 1,923 | 399 |
Net (decrease) increase in cash and cash equivalents | -113,400 | 243,813 |
Cash and cash equivalents, beginning of year | 935,400 | 402,502 |
Cash and cash equivalents, end of period | $822,000 | $646,315 |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
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. The Company develops and publishes products through its two wholly-owned labels Rockstar Games and 2K. Our products are designed for console systems, handheld gaming 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 reflect all normal and recurring adjustments necessary for the fair presentation of our financial position, results of operations and cash flows. All material inter-company accounts and transactions have been eliminated in consolidation. The preparation of these Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States 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. generally accepted accounting principles, interim accounting for certain expenses, including income taxes, are based on full year assumptions when appropriate. Actual results could differ materially from those estimates. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles 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 year ended March 31, 2014. | |
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. | |
Financial Instruments | |
The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value because of their short maturities. We consider all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. Our restricted cash balance is primarily related to a dedicated account limited to the payment of certain royalty obligations. | |
Short-term Investments | |
Short-term investments designated as available-for-sale securities are carried at fair value, which is based on quoted market prices for such securities, if available, or is estimated on the basis of quoted market prices of financial instruments with similar characteristics. Investments with original maturities greater than 90 days and remaining maturities of less than one year are normally classified within short-term investments. In addition, investments with maturities beyond one year at the time of purchase that are highly liquid in nature and represent the investment of cash that is available for current operations are classified as short-term investments. | |
Unrealized gains and losses of the Company's available-for-sale securities are excluded from earnings and are reported as a component of other comprehensive income (loss), net of tax, until the security is sold, the security has matured, or the Company determines that the fair value of the security has declined below its adjusted cost basis and the decline is other-than-temporary. Realized gains and losses on short-term investments are calculated based on the specific identification method and would be reclassified from accumulated other comprehensive income (loss) to interest and other income (expense), net of tax. | |
Short-term investments are evaluated for impairment quarterly. The Company considers various factors in determining whether it should recognize an impairment charge, including the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, the severity of the impairment, the reason for the decline in value, and our intent to sell and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If the Company concludes that an investment is other-than-temporarily impaired, it recognizes an impairment charge at that time in the Condensed Consolidated Statements of Operations. In determining whether the decline in fair value is other-than-temporary requires management judgment based on the specific facts and circumstances of each security. The ultimate value realized on these securities is subject to market price volatility until they are sold. | |
Hedging Activities | |
We transact business in various foreign currencies and have significant sales and purchase transactions denominated in foreign currencies, subjecting us to foreign currency exchange rate risk. From time to time, we use hedging programs in an effort to mitigate the effect of foreign currency exchange rate movements. | |
Cash Flow Hedging Activities | |
We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with forecasted transactions involving non-functional currency denominated expenditures. These contracts, which are designated and qualify as cash flow hedges, are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets. The effective portion of gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of accumulated other comprehensive income (loss) in stockholders' equity. The gross amount of the effective portion of gains or losses resulting from changes in the fair value of these hedges is subsequently reclassified into cost of goods sold or research and development expenses, as appropriate, in the period when the forecasted transaction is recognized in our Condensed Consolidated Statements of Operations. In the event that the gains or losses in accumulated other comprehensive income (loss) are deemed to be ineffective, the ineffective portion of gains or losses resulting from changes in fair value, if any, is reclassified to interest and other, net, in our Condensed Consolidated Statements of Operations. In the event that the underlying forecasted transactions do not occur, or it becomes probable that they will not occur, within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from accumulated other comprehensive income (loss) to interest and other, net, in our Condensed Consolidated Statements of Operations. During the reporting periods presented, all forecasted transactions occurred, and therefore, there were no such gains or losses reclassified into interest and other, net. We do not enter into derivative financial contracts for speculative or trading purposes. At June 30, 2014, we had no forward contracts outstanding to buy or sell foreign currencies in exchange for U.S. dollars designated as cash flow hedges. At March 31, 2014, we had $890 of forward contracts outstanding to buy foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. As of March 31, 2014, the fair value of these outstanding forward contracts was immaterial and was included in prepaid expenses and other. The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period. | |
Balance Sheet Hedging Activities | |
We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with non-functional currency denominated cash balances and inter-company funding loans, non-functional currency denominated accounts receivable and non-functional currency denominated accounts payable. These transactions are not designated as hedging instruments and are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in interest and other, net, in our Condensed Consolidated Statements of Operations. We do not enter into derivative financial contracts for speculative or trading purposes. At June 30, 2014, we had $4,005 of forward contracts outstanding to buy foreign currencies in exchange for U.S. dollars and $25,189 of forward contracts outstanding to sell foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. At March 31, 2014, we had $68,520 of forward contracts outstanding to sell foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. For the three months ended June 30, 2014 and 2013, we recorded a loss of $802 and a gain of $542, respectively, related to foreign currency forward contracts in interest and other, net on the Condensed Consolidated Statements of Operations. As of June 30, 2014 and March 31, 2014, the fair value of these outstanding forward contracts was immaterial and is included in prepaid expenses and other. The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period. | |
Debt | |
As of June 30, 2014, the estimated fair value of the Company's 1.75% Convertible Notes due 2016 and the Company's 1.00% Convertible Notes due 2018 was $327,475 and $351,756, respectively. See Note 8 for additional information regarding our Convertible Notes. The fair value was determined using observable market data for the Convertible Notes and its embedded option feature. | |
Recently Issued Accounting Pronouncements | |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for the annual and interim periods beginning after December 15, 2016 (April 1, 2017 for the Company) and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently determining its implementation approach and evaluating the impact of adopting this update on our Condensed Consolidated Financial Statements. | |
Requirements for Reporting Discontinued Operations | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This new guidance raises the threshold for a disposal to qualify as discontinued operations and requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. Under the new standard, companies report discontinued operations when they have a disposal that represents a strategic shift that has or will have a major impact on operations or financial results. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014 (April 1, 2015 for the Company). Early adoption is permitted provided the disposal was not previously disclosed. The adoption of this new guidance is not expected to have a material effect on our Condensed Consolidated Financial Statements. | |
Presentation of Unrecognized Tax Benefits | |
In July 2013, new guidance was issued requiring that entities that have an unrecognized tax benefit and a net operating loss carryforward or similar tax loss or tax credit carryforward in the same jurisdiction as the uncertain tax position present the unrecognized tax benefit as a reduction of the deferred tax asset for the loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the loss or tax credit carryforward under the tax law. The disclosure requirements became effective for annual periods (and interim periods within those annual periods) beginning after December 15, 2013 (April 1, 2014 for the Company), and is applied prospectively. The adoption of this guidance has not had a material effect on our Condensed Consolidated Financial Statements. | |
MANAGEMENT_AGREEMENT
MANAGEMENT AGREEMENT | 3 Months Ended |
Jun. 30, 2014 | |
MANAGEMENT AGREEMENT | ' |
MANAGEMENT AGREEMENT | ' |
2. MANAGEMENT AGREEMENT | |
In March 2007, we entered into a management services agreement, which was renewed in May 2011 (the "2011 Management Agreement") with ZelnickMedia Corporation ("ZelnickMedia"), pursuant to which ZelnickMedia provided us with certain management, consulting and executive level services. In March 2014, we entered into a new management agreement, (the "2014 Management Agreement"), with ZelnickMedia pursuant to which ZelnickMedia continues to provide financial and management consulting services to the Company through March 31, 2019. The 2014 Management Agreement became effective April 1, 2014 and supersedes and replaces the 2011 Management Agreement, except as otherwise contemplated by the 2014 Management Agreement. As part of the 2014 Management Agreement, Strauss Zelnick, the President of ZelnickMedia, continues to serve as Executive Chairman and Chief Executive Officer and Karl Slatoff, a partner of ZelnickMedia, continues to serve as President of the Company. The 2014 Management Agreement provides for an annual management fee of $2,970 over the term of the agreement and a maximum annual bonus opportunity of $4,752 over the term of the agreement, based on the Company achieving certain performance thresholds. In consideration for ZelnickMedia's services, we recorded consulting expense (a component of general and administrative expenses) of $1,337 and $1,127 for the three months ended June 30, 2014 and 2013, respectively. | |
Pursuant to the 2011 Management Agreement, we granted 1,100,000 shares of restricted stock to ZelnickMedia that vest annually through April 1, 2015 and 1,650,000 shares of market-based restricted stock that are eligible to vest through April 1, 2015, based on the Company's Total Shareholder Return (as defined in the relevant grant agreements) relative to the Total Shareholder Return of the companies that constitute the NASDAQ Composite Index measured annually on a cumulative basis. To earn all of the shares of market-based restricted stock, the Company must perform at the 75th percentile, or top quartile, of the NASDAQ Composite Index. Each reporting period, we remeasure the fair value of the unvested portion of the shares of market-based restricted stock granted to ZelnickMedia. The unvested portion of the shares of restricted stock granted pursuant to the 2011 Management Agreement as of June 30, 2014 and March 31, 2014 was 1,133,000 and 1,894,750 shares, respectively. For the three months ended June 30, 2014 and 2013, we recorded an expense of $2,737 and $487, respectively, of stock-based compensation (a component of general and administrative expenses) related to the shares of restricted stock granted pursuant to the 2011 Management Agreement. | |
In connection with the 2014 Management Agreement, on April 1, 2014, we granted 178,654 time-based restricted units to ZelnickMedia that will vest on April 1, 2016, provided that the 2014 Management Agreement has not been terminated prior to such vesting date. In addition, we granted 330,628 market-based restricted units that are eligible to vest based on the Company's Total Shareholder Return (as defined in the relevant grant agreement) relative to the Total Shareholder Return (as defined in the relevant grant agreement) of the companies that constitute the NASDAQ Composite Index as of the grant date measured over the two-year period ending on April 1, 2016. To earn the target number of 165,314 market-based restricted units, the Company must perform at the 50th percentile, with the maximum number of 330,628 market-based restricted units if the Company performs at the 75th percentile. Each reporting period, we remeasure the fair value of the unvested portion of the shares of market-based restricted units granted to ZelnickMedia. We also granted 110,208 performance-based restricted units of which 50% are tied to "New IP" and 50% to "Major IP" (as defined in the relevant grant agreement) that are eligible to vest based on the Company's achievement of certain performance metrics (as defined in the relevant grant agreement) of individual product releases of "New IP" or "Major IP" measured over the two-year period ending on April 1, 2016. The target number of performance-based restricted units that may be earned pursuant to these grants is 55,104, with a maximum number of 110,208 performance-based restricted units. Each reporting period, we assess the performance metric and upon achievement of certain thresholds record an expense for the unvested portion of the shares of performance-based restricted units. The unvested portion of time-based, market-based and performance-based restricted units granted pursuant to the 2014 Management Agreement as of June 30, 2014 was 619,490. For the three months ended June 30, 2014 we recorded an expense of $1,189 of stock-based compensation (a component of general and administrative expenses) related to the restricted stock units granted pursuant to the 2014 Management Agreement. | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||
3. FAIR VALUE MEASUREMENTS | |||||||||||||||
We follow a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of "observable inputs" and minimize the use of "unobservable inputs." The three levels of inputs used to measure fair value are as follows: | |||||||||||||||
• | |||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | |||||||||||||||
Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | |||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||
The table below segregates all assets that are measured at fair value on a recurring basis (which is measured at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. | |||||||||||||||
June 30, 2014 | Quoted prices | Significant | Significant | Balance Sheet Classification | |||||||||||
in active | other | unobservable | |||||||||||||
markets for | observable | inputs | |||||||||||||
identical assets | inputs | (level 3) | |||||||||||||
(level 1) | (level 2) | ||||||||||||||
Money market funds | $ | 610,469 | $ | 610,469 | $ | — | $ | — | Cash and cash equivalents | ||||||
Bank-time deposits | 48,250 | 48,250 | — | — | Cash and cash equivalents | ||||||||||
Corporate bonds | 19,369 | — | 19,369 | — | Short-term investments |
SHORTTERM_INVESTMENTS
SHORT-TERM INVESTMENTS | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SHORT-TERM INVESTMENTS | ' | |||||||||||||
SHORT-TERM INVESTMENTS | ' | |||||||||||||
4. SHORT-TERM INVESTMENTS | ||||||||||||||
Our short-term investments consisted of the following available-for-sale securities as of June 30, 2014: | ||||||||||||||
As of June 30, 2014 | ||||||||||||||
Gross | ||||||||||||||
Cost or | Unrealized | Fair | ||||||||||||
Amortized Cost | Gains | Losses | Value | |||||||||||
Short-term investments | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | $ | 19,396 | $ | 6 | $ | (33 | ) | $ | 19,369 | |||||
| | | | | | | | | | | | | | |
Total short-term investments | $ | 19,396 | $ | 6 | $ | (33 | ) | $ | 19,369 | |||||
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Unrealized gains and losses of the Company's available-for-sale securities are reported as a component of other comprehensive income (loss), net of tax, until the security is sold, the security has matured, or the Company determines that the fair value of the security has declined below its adjusted cost basis and the decline is other-than-temporary. We evaluate our investments for impairment quarterly. The Company considers various factors in the review of investments with an unrealized loss, including the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, the severity of the impairment, the reason for the decline in value and our intent to sell and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Based on our review, we did not consider these investments to be other-than-temporarily impaired as of June 30, 2014. | ||||||||||||||
The following table summarizes the contracted maturities of our short-term investments classified as available-for-sale at June 30, 2014: | ||||||||||||||
As of June 30, 2014 | ||||||||||||||
Amortized | Fair | |||||||||||||
Cost | Value | |||||||||||||
Short-term investments | ||||||||||||||
Due in 1 - 2 years | $ | 19,396 | $ | 19,369 | ||||||||||
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Total short-term investments | $ | 19,396 | $ | 19,369 | ||||||||||
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INVENTORY
INVENTORY | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
INVENTORY | ' | |||||||
5. INVENTORY | ||||||||
Inventory balances by category are as follows: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Finished products | $ | 22,194 | $ | 28,418 | ||||
Parts and supplies | 953 | 1,362 | ||||||
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Inventory | $ | 23,147 | $ | 29,780 | ||||
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Estimated product returns included in inventory at June 30, 2014 and March 31, 2014 were $423 and $578, respectively. | ||||||||
SOFTWARE_DEVELOPMENT_COSTS_AND
SOFTWARE DEVELOPMENT COSTS AND LICENSES | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SOFTWARE DEVELOPMENT COSTS AND LICENSES | ' | |||||||||||||
SOFTWARE DEVELOPMENT COSTS AND LICENSES | ' | |||||||||||||
6. SOFTWARE DEVELOPMENT COSTS AND LICENSES | ||||||||||||||
Details of our capitalized software development costs and licenses are as follows: | ||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||
Current | Non-current | Current | Non-current | |||||||||||
Software development costs, internally developed | $ | 66,863 | $ | 70,301 | $ | 53,041 | $ | 60,196 | ||||||
Software development costs, externally developed | 108,498 | 8,672 | 51,643 | 49,310 | ||||||||||
Licenses | 11,254 | — | 11,519 | — | ||||||||||
| | | | | | | | | | | | | | |
Software development costs and licenses | $ | 186,615 | $ | 78,973 | $ | 116,203 | $ | 109,506 | ||||||
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Software development costs and licenses as of June 30, 2014 and March 31, 2014 included $259,118 and $211,302, respectively, related to titles that have not been released. | ||||||||||||||
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ' | |||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ' | |||||||
7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses and other current liabilities consist of the following: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Software development royalties | $ | 82,287 | $ | 258,129 | ||||
Compensation and benefits | 27,321 | 44,255 | ||||||
Marketing and promotions | 16,747 | 16,552 | ||||||
Licenses | 13,509 | 16,917 | ||||||
Other | 35,459 | 61,320 | ||||||
| | | | | | | | |
Accrued expenses and other current liabilities | $ | 175,323 | $ | 397,173 | ||||
| | | | | | | | |
| | | | | | | | |
DEBT
DEBT | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
DEBT | ' | |||||||
DEBT | ' | |||||||
8. DEBT | ||||||||
Credit Agreement | ||||||||
In October 2011, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") which amended and restated our July 2007 Credit Agreement. The Credit Agreement provides for borrowings of up to $100,000 which may be increased by up to $40,000 pursuant to the terms of the Credit Agreement, and is secured by substantially all of our assets and the equity of our subsidiaries. The Credit Agreement expires on October 17, 2016. Revolving loans under the Credit Agreement bear interest at our election of (a) 1.50% to 2.00% above a certain base rate (4.75% at June 30, 2014), or (b) 2.50% to 3.00% above the LIBOR Rate (approximately 2.66% at June 30, 2014), with the margin rate subject to the achievement of certain average liquidity levels. We are also required to pay a monthly fee on the unused available balance, ranging from 0.375% to 0.50% based on availability. We had no outstanding borrowings at June 30, 2014 and March 31, 2014. | ||||||||
Availability under the Credit Agreement is restricted by our United States and United Kingdom based accounts receivable and inventory balances. The Credit Agreement also allows for the issuance of letters of credit in an aggregate amount of up to $25,000. | ||||||||
Information related to availability on our Credit Agreement is as follows: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Available borrowings | $ | 57,316 | $ | 63,630 | ||||
Outstanding letters of credit | 1,664 | 1,664 | ||||||
We recorded interest expense and fees related to the Credit Agreement of $159 for each of the three months ended June 30, 2014 and 2013. | ||||||||
The Credit Agreement contains covenants that substantially limit us and our subsidiaries' ability to: create, incur, assume or be liable for indebtedness; dispose of assets outside the ordinary course of business; acquire, merge or consolidate with or into another person or entity; create, incur or allow any lien on any of their respective properties; make investments; or pay dividends or make distributions (each subject to certain limitations); or optionally prepay any indebtedness (subject to certain exceptions, including an exception permitting the redemption of the Company's unsecured convertible senior notes upon the meeting of certain minimum liquidity requirements). In addition, the Credit Agreement provides for certain events of default such as nonpayment of principal and interest, breaches of representations and warranties, noncompliance with covenants, acts of insolvency, default on indebtedness held by third parties and default on certain material contracts (subject to certain limitations and cure periods). The Credit Agreement also contains a requirement that we maintain an interest coverage ratio of more than one to one for the trailing twelve month period, if certain average liquidity levels fall below $30,000. As of June 30, 2014, we were in compliance with all covenants and requirements outlined in the Credit Agreement. | ||||||||
4.375% Convertible Notes Due 2014 | ||||||||
In June 2009, we issued $138,000 aggregate principal amount of 4.375% Convertible Notes due 2014 (the "4.375% Convertible Notes"). The issuance of the 4.375% Convertible Notes included $18,000 related to the exercise of an over-allotment option by the underwriters. Interest on the 4.375% Convertible Notes was paid semi-annually in arrears on June 1st and December 1st of each year, and commenced on December 1, 2009. The 4.375% Convertible Notes were scheduled to mature on June 1, 2014, unless earlier redeemed or repurchased by the Company or converted. | ||||||||
On June 12, 2013, we issued a notice of redemption calling all of our outstanding 4.375% Convertible Notes, in the aggregate principal amount of $138,000, for redemption on August 29, 2013 at a redemption price of $1 per $1 principal amount, plus accrued and unpaid interest up to, but not including, the redemption date (the period from June 12, 2013 to August 29, 2013 is the "Notice Period"). Holders who elected to convert during the Notice Period were entitled to make-whole shares in addition to such shares they would otherwise be entitled to receive upon conversion. The notice of redemption specified that we would settle any 4.375% Convertible Notes surrendered for conversion in connection with the redemption on a combination settlement basis by paying cash up to a cash amount equal to $166,000 in the aggregate of converted notes and delivering shares of our common stock in respect of the amount, if any, by which our conversion obligation exceeded such cash amount. During the Notice Period, $137,993 of 4.375% Convertible Notes were converted for $165,992 in cash and 3,217,000 shares of our common stock. On August 29, 2013, we paid $7 in cash and we redeemed $7 of 4.375% Convertible Notes. | ||||||||
In connection with the June 2009 offering of the 4.375% Convertible Notes, we entered into convertible note hedge transactions which were expected to reduce the potential dilution to our common stock upon conversion of the 4.375% Convertible Notes. The transactions included options to purchase approximately 12,927,000 shares of common stock at $10.675 per share, expiring on June 1, 2014, for a total cost of approximately $43,600, which was charged to additional paid-in capital. | ||||||||
Separately, in June 2009, the Company entered into warrant transactions with a strike price of $14.945 per share. The warrants covered approximately 12,927,000 shares of the Company's common stock and were scheduled to expire on August 30, 2014, for total proceeds of approximately $26,300, which was credited to additional paid-in capital. | ||||||||
On June 12, 2013, the Company entered into Unwind Agreements with respect to the convertible note hedge transactions and Unwind Agreements with respect to the warrant transactions with each of the hedge counterparties (collectively, the "Unwind Agreements"). Pursuant to the terms of the Unwind Agreements, and in connection with the Company's issuance of a notice of redemption for all the 4.375% Convertible Notes, the Company had the right to deliver a notice to the hedge counterparties, prior to the redemption date set forth in such redemption notice, designating an early termination date for the convertible note hedge transactions and warrant transactions. The hedge counterparties owed a cash payment to the Company as a result of the early termination of the convertible note hedge transactions that was calculated based on its current fair market value. The Company owed a cash payment to the warrant holders, as applicable, as a result of the early termination of the warrant transactions that was calculated based on its current fair market value. As a result of the Unwind Agreements, the convertible note hedge transactions and warrant transactions were accounted for as derivatives whereby the fair values of these transactions were reported as a convertible note hedge receivable and as a convertible note warrant liability with an offsetting impact to additional paid-in capital. Gains and losses on the derivatives resulting from changes in the fair value were reported in interest and other, net, in our Condensed Consolidated Statements of Operations. In August 2013, the payment received from unwinding the associated convertible note hedge transactions resulted in proceeds to us of $84,429, offset by $55,651 we paid the warrant holders. | ||||||||
The following table provides the components of interest expense related to our 4.375% Convertible Notes, which was extinguished in August 2013: | ||||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2013 | ||||||||
Cash interest expense (coupon interest expense) | $ | 1,509 | ||||||
Non-cash amortization of discount on 4.375% Convertible Notes | 2,587 | |||||||
Amortization of debt issuance costs | 171 | |||||||
| | | | | ||||
Total interest expense related to 4.375% Convertible Notes | $ | 4,267 | ||||||
| | | | | ||||
| | | | | ||||
1.75% Convertible Notes Due 2016 | ||||||||
On November 16, 2011, we issued $250,000 aggregate principal amount of 1.75% Convertible Notes due 2016 (the "1.75% Convertible Notes"). Interest on the 1.75% Convertible Notes is payable semi-annually in arrears on June 1st and December 1st of each year, commencing on June 1, 2012. The 1.75% Convertible Notes mature on December 1, 2016, unless earlier repurchased by the Company or converted. The Company does not have the right to redeem the 1.75% Convertible Notes prior to maturity. | ||||||||
The 1.75% Convertible Notes are convertible at an initial conversion rate of 52.3745 shares of our common stock per $1 principal amount of 1.75% Convertible Notes (representing an initial conversion price of approximately $19.093 per share of common stock for a total of approximately 13,094,000 underlying conversion shares) subject to adjustment in certain circumstances. Holders may convert the 1.75% Convertible Notes at their option prior to the close of business on the business day immediately preceding June 1, 2016 only under the following circumstances: (1) during any fiscal quarter commencing after March 31, 2012, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (2) during the five business day period after any 10 consecutive trading day period (the "measurement period") in which the trading price per $1 principal amount of 1.75% Convertible Notes for each day of that measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such day; or (3) upon the occurrence of specified corporate events. On and after June 1, 2016 until the close of business on the business day immediately preceding the maturity date, holders may convert their 1.75% Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, the 1.75% Convertible Notes may be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of the Company's common stock. | ||||||||
Upon the occurrence of certain fundamental changes involving the Company, holders of the 1.75% Convertible Notes may require us to purchase all or a portion of their 1.75% Convertible Notes for cash at a price equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid interest (including additional interest, if any) to, but excluding, the fundamental change purchase date. | ||||||||
The indenture governing the 1.75% Convertible Notes contains customary terms and covenants and events of default. If an event of default (as defined therein) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in aggregate principal amount of the 1.75% Convertible Notes then outstanding by notice to the Company and the Trustee, may, and the Trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest (including additional interest, if any) on all the 1.75% Convertible Notes to be due and payable. In the case of an event of default arising out of certain bankruptcy events, 100% of the principal of and accrued and unpaid interest (including additional interest, if any), on the 1.75% Convertible Notes will automatically become due and payable immediately. As of June 30, 2014, we were in compliance with all covenants and requirements outlined in the indenture governing the 1.75% Convertible Notes. | ||||||||
The 1.75% Convertible Notes are senior unsecured obligations and rank senior in right of payment to our existing and future indebtedness that is expressly subordinated in right of payment to the 1.75% Convertible Notes; equal in right of payment to our existing and future indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness incurred by our subsidiaries. | ||||||||
The following table provides additional information related to our 1.75% Convertible Notes: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Additional paid-in capital | $ | 51,180 | $ | 51,180 | ||||
| | | | | | | | |
Principal amount of 1.75% Convertible Notes | $ | 250,000 | $ | 250,000 | ||||
Unamortized discount of the liability component | 27,431 | 30,025 | ||||||
| | | | | | | | |
Net carrying amount of 1.75% Convertible Notes | $ | 222,569 | $ | 219,975 | ||||
| | | | | | | | |
Carrying amount of debt issuance costs | $ | 2,448 | $ | 2,716 | ||||
| | | | | | | | |
The following table provides the components of interest expense related to our 1.75% Convertible Notes: | ||||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2014 | 2013 | |||||||
Cash interest expense (coupon interest expense) | $ | 1,094 | $ | 1,094 | ||||
Non-cash amortization of discount on 1.75% Convertible Notes | 2,594 | 2,427 | ||||||
Amortization of debt issuance costs | 268 | 281 | ||||||
| | | | | | | | |
Total interest expense related to 1.75% Convertible Notes | $ | 3,956 | $ | 3,802 | ||||
| | | | | | | | |
| | | | | | | | |
1.00% Convertible Notes Due 2018 | ||||||||
On June 18, 2013, we issued $250,000 aggregate principal amount of 1.00% Convertible Notes due 2018 (the "1.00% Convertible Notes" and together with the 1.75% Convertible Notes, the "Convertible Notes"). The 1.00% Convertible Notes were issued at 98.5% of par value for proceeds of $246,250. Interest on the 1.00% Convertible Notes is payable semi-annually in arrears on July 1st and January 1st of each year, commencing on January 1, 2014. The 1.00% Convertible Notes mature on July 1, 2018, unless earlier repurchased by the Company or converted. The Company does not have the right to redeem the 1.00% Convertible Notes prior to maturity. The Company also granted the underwriters a 30-day option to purchase up to an additional $37,500 principal amount of 1.00% Convertible Notes to cover overallotments, if any. On July 17, 2013, the Company closed its public offering of $37,500 principal amount of the Company's 1.00% Convertible Notes as a result of the underwriters exercising their overallotment option in full on July 12, 2013, bringing the total proceeds to $283,188. | ||||||||
The 1.00% Convertible Notes are convertible at an initial conversion rate of 46.4727 shares of our common stock per $1 principal amount of 1.00% Convertible Notes (representing an initial conversion price of approximately $21.52 per share of common stock for a total of approximately 13,361,000 underlying conversion shares) subject to adjustment in certain circumstances. Holders may convert the 1.00% Convertible Notes at their option prior to the close of business on the business day immediately preceding January 1, 2018 only under the following circumstances: (1) during any fiscal quarter commencing after September 30, 2013, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (2) during the five business day period after any 10 consecutive trading day period (the "measurement period") in which the trading price per $1 principal amount of 1.00% Convertible Notes for each day of that measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such day; or (3) upon the occurrence of specified corporate events. On and after January 1, 2018 until the close of business on the business day immediately preceding the maturity date, holders may convert their 1.00% Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, the 1.00% Convertible Notes may be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of the Company's common stock. | ||||||||
Upon the occurrence of certain fundamental changes involving the Company, holders of the 1.00% Convertible Notes may require us to purchase all or a portion of their 1.00% Convertible Notes for cash at a price equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid interest (including additional interest, if any) to, but excluding, the fundamental change purchase date. | ||||||||
The indenture governing the 1.00% Convertible Notes contains customary terms and covenants and events of default. If an event of default (as defined therein) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in aggregate principal amount of the 1.00% Convertible Notes then outstanding by notice to the Company and the Trustee, may, and the Trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest (including additional interest, if any) on all the 1.00% Convertible Notes to be due and payable. In the case of an event of default arising out of certain bankruptcy events, 100% of the principal of and accrued and unpaid interest (including additional interest, if any), on the 1.00% Convertible Notes will automatically become due and payable immediately. As of June 30, 2014, we were in compliance with all covenants and requirements outlined in the indenture governing the 1.00% Convertible Notes. | ||||||||
The 1.00% Convertible Notes are senior unsecured obligations and rank senior in right of payment to our existing and future indebtedness that is expressly subordinated in right of payment to the 1.00% Convertible Notes; equal in right of payment to our existing and future indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness incurred by our subsidiaries. | ||||||||
The following table provides additional information related to our 1.00% Convertible Notes: | ||||||||
June 30, 2014 | March 31, 2014 | |||||||
Additional paid-in capital | $ | 35,784 | $ | 35,784 | ||||
| | | | | | | | |
Principal amount of 1.00% Convertible Notes | $ | 287,500 | $ | 287,500 | ||||
Unamortized discount of the liability component | 50,661 | 53,444 | ||||||
| | | | | | | | |
Net carrying amount of 1.00% Convertible Notes | $ | 236,839 | $ | 234,056 | ||||
| | | | | | | | |
Carrying amount of debt issuance costs | $ | 1,712 | $ | 1,831 | ||||
| | | | | | | | |
The following table provides the components of interest expense related to our 1.00% Convertible Notes: | ||||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2014 | 2013 | |||||||
Cash interest expense (coupon interest expense) | $ | 719 | $ | 90 | ||||
Non-cash amortization of discount on 1.00% Convertible Notes | 2,783 | 332 | ||||||
Amortization of debt issuance costs | 119 | 12 | ||||||
| | | | | | | | |
Total interest expense related to 1.00% Convertible Notes | $ | 3,621 | $ | 434 | ||||
| | | | | | | | |
| | | | | | | | |
EARNINGS_LOSS_PER_SHARE_EPS
EARNINGS (LOSS) PER SHARE ("EPS") | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
EARNINGS (LOSS) PER SHARE ("EPS") | ' | |||||||
EARNINGS (LOSS) PER SHARE ("EPS") | ' | |||||||
9. EARNINGS (LOSS) PER SHARE ("EPS") | ||||||||
The following table sets forth the computation of basic and diluted EPS (shares in thousands): | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Computation of Basic and Diluted EPS: | ||||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||
| | | | | | | | |
Weighted average shares outstanding—basic and diluted | 79,369 | 86,992 | ||||||
| | | | | | | | |
Basic and diluted EPS: | $ | (0.45 | ) | $ | (0.71 | ) | ||
| | | | | | | | |
| | | | | | | | |
The Company incurred a net loss for the three months ended June 30, 2014 and 2013; therefore, the basic and diluted weighted average shares outstanding exclude the effect of unvested share-based awards that are considered participating securities and all common stock equivalents because their effect would be antidilutive. | ||||||||
Certain of our unvested restricted stock awards (including restricted stock units, time-based and market-based restricted stock awards) are considered participating securities since these securities have non-forfeitable rights to dividends or dividend equivalents during the contractual period of the award, and thus require the two-class method of computing EPS. The calculation of EPS for common stock shown above excludes the income attributable to the participating securities from the numerator and excludes the dilutive effect of those awards from the denominator. For the three months ended June 30, 2014 and 2013, we had approximately 7,615,000 and 7,139,000 participating securities, respectively, which are excluded due to the net loss for that period. | ||||||||
The Company defines common stock equivalents as unexercised stock options, common stock equivalents underlying the Convertible Notes (see Note 8) and warrants outstanding during the period. Common stock equivalents are measured using the treasury stock method, except for the Convertible Notes, which are assessed for their effect on diluted EPS using the more dilutive of the treasury stock method or the if-converted method. Under the provisions of the if- converted method, the Convertible Notes are assumed to be converted and included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Notes is added back to the numerator. | ||||||||
In connection with the issuance of our 4.375% Convertible Notes in June 2009, the Company purchased convertible note hedges (see Note 8) which were excluded from the calculation of diluted EPS because their effect is always considered antidilutive since the call option would be exercised by the Company when the exercise price is lower than the market price. Also in connection with the issuance of our 4.375% Convertible Notes, the Company entered into warrant transactions (see Note 8). On June 12, 2013, the Company entered into Unwind Agreements with respect to the convertible note hedge transactions and Unwind Agreements with respect to the warrant transactions with each of the hedge counterparties (see Note 8). | ||||||||
The impact of approximately 2,009,000 unexercised stock option awards were excluded from the diluted EPS calculation for the three months ended June 30, 2013 due to the net loss for that period. | ||||||||
For the three months ended June 30, 2014, we issued approximately 1,288,000 shares of common stock in connection with restricted stock awards and we canceled approximately 500,000 shares of unvested restricted stock awards. | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
The following table provides the components of accumulated other comprehensive income (loss): | ||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||
Foreign currency | Unrealized gain (loss) | Unrealized gain (loss) | Total | |||||||||||
translation | on derivative | on available-for-sales | ||||||||||||
adjustments | instruments | securities | ||||||||||||
Balance at March 31, 2014 | $ | 1,531 | $ | 585 | $ | — | $ | 2,116 | ||||||
Other comprehensive loss before reclassifications | 3,972 | 32 | (27 | ) | 3,977 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||
| | | | | | | | | | | | | | |
Balance at June 30, 2014 | $ | 5,503 | $ | 617 | $ | (27 | ) | $ | 6,093 | |||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Three Months Ended June 30, 2013 | ||||||||||||||
Foreign currency | Unrealized gain (loss) | Total | ||||||||||||
translation | on derivative | |||||||||||||
adjustments | instruments | |||||||||||||
Balance at March 31, 2013 | $ | (4,916 | ) | $ | 344 | $ | (4,572 | ) | ||||||
Other comprehensive loss before reclassifications | (835 | ) | (153 | ) | (988 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||||
| | | | | | | | | | | ||||
Balance at June 30, 2013 | $ | (5,751 | ) | $ | 191 | $ | (5,560 | ) | ||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | |||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | |||||||
11. SEGMENT AND GEOGRAPHIC INFORMATION | ||||||||
We operate in one reportable segment in which we are a publisher of interactive software games designed for console systems, handheld gaming systems and personal computers, including smart phones and tablets, that are delivered through physical retail, digital download, online platforms and cloud streaming services. Our reporting segment is based upon our internal organizational structure, the manner in which our operations are managed and the criteria used by our Chief Executive Officer, our chief operating decision maker ("CODM") to evaluate performance. The Company's operations involve similar products and customers worldwide. We are centrally managed and the CODM primarily uses consolidated financial information supplemented by sales information by product category, major product title and platform to make operational decisions and assess financial performance. Our business consists of our Rockstar Games and 2K labels which have been aggregated into a single reportable segment (the "publishing segment") based upon their similar economic characteristics, products and distribution methods. Revenue earned from our publishing segment is primarily derived from the sale of internally developed software titles and software titles developed on our behalf by third-parties. | ||||||||
We attribute net revenue to geographic regions based on product destination. Net revenue by geographic region was as follows: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by geographic region: | 2014 | 2013 | ||||||
United States | $ | 64,844 | $ | 85,159 | ||||
Europe | 43,998 | 40,557 | ||||||
Asia Pacific | 9,960 | 10,858 | ||||||
Canada and Latin America | 6,623 | 6,093 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
Net revenue by product platform was as follows: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by product platform: | 2014 | 2013 | ||||||
Console | $ | 83,769 | $ | 103,606 | ||||
PC and other | 39,270 | 35,472 | ||||||
Handheld | 2,386 | 3,589 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
Our products are delivered through physical retail and digital online services (digital download, online platforms and cloud streaming). Net revenue by distribution channel was as follows: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by distribution channel: | 2014 | 2013 | ||||||
Digital online | $ | 80,201 | $ | 72,856 | ||||
Physical retail and other | 45,224 | 69,811 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
| | | | | | | | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES. | ' |
COMMITMENTS AND CONTINGENCIES | ' |
12. COMMITMENTS AND CONTINGENCIES | |
At June 30, 2014, we did not have any significant changes to our commitments since March 31, 2014. See Note 11 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended March 31, 2014 for more information regarding our commitments. | |
Legal and Other Proceedings | |
We are, or may become, subject to demands and claims (including intellectual property claims) and are involved in routine litigation in the ordinary course of business which we do not believe to be material to our business or financial statements. We have appropriately accrued amounts related to certain of these claims and legal and other proceedings. While it is reasonably possible that a loss may be incurred in excess of the amounts accrued in our financial statements, we believe that such losses, unless otherwise disclosed, would not be material. | |
SHARE_REPURCHASE
SHARE REPURCHASE | 3 Months Ended |
Jun. 30, 2014 | |
SHARE REPURCHASE | ' |
SHARE REPURCHASE | ' |
13. SHARE REPURCHASE | |
Share Repurchase Program | |
In January 2013, our Board of Directors (the "Board") authorized the repurchase of up to 7,500,000 shares of our common stock. The authorization permits the Company to purchase shares from time to time through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any purchases at any specific time or situation. Repurchases are subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company's financial performance and other conditions. The program may be suspended or discontinued at any time for any reason. During the three months ended June 30, 2014, the Company did not repurchase any shares as part of the program. As of June 30, 2014, up to approximately 3,283,000 shares of our common stock remain available for repurchase under the Company's share repurchase authorization. | |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying Condensed Consolidated Financial Statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries and reflect all normal and recurring adjustments necessary for the fair presentation of our financial position, results of operations and cash flows. All material inter-company accounts and transactions have been eliminated in consolidation. The preparation of these Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States 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. generally accepted accounting principles, interim accounting for certain expenses, including income taxes, are based on full year assumptions when appropriate. Actual results could differ materially from those estimates. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles 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 year ended March 31, 2014. | |
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. | |
Financial Instruments | ' |
Financial Instruments | |
The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value because of their short maturities. We consider all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. Our restricted cash balance is primarily related to a dedicated account limited to the payment of certain royalty obligations. | |
Short-term Investments | ' |
Short-term Investments | |
Short-term investments designated as available-for-sale securities are carried at fair value, which is based on quoted market prices for such securities, if available, or is estimated on the basis of quoted market prices of financial instruments with similar characteristics. Investments with original maturities greater than 90 days and remaining maturities of less than one year are normally classified within short-term investments. In addition, investments with maturities beyond one year at the time of purchase that are highly liquid in nature and represent the investment of cash that is available for current operations are classified as short-term investments. | |
Unrealized gains and losses of the Company's available-for-sale securities are excluded from earnings and are reported as a component of other comprehensive income (loss), net of tax, until the security is sold, the security has matured, or the Company determines that the fair value of the security has declined below its adjusted cost basis and the decline is other-than-temporary. Realized gains and losses on short-term investments are calculated based on the specific identification method and would be reclassified from accumulated other comprehensive income (loss) to interest and other income (expense), net of tax. | |
Short-term investments are evaluated for impairment quarterly. The Company considers various factors in determining whether it should recognize an impairment charge, including the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, the severity of the impairment, the reason for the decline in value, and our intent to sell and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. If the Company concludes that an investment is other-than-temporarily impaired, it recognizes an impairment charge at that time in the Condensed Consolidated Statements of Operations. In determining whether the decline in fair value is other-than-temporary requires management judgment based on the specific facts and circumstances of each security. The ultimate value realized on these securities is subject to market price volatility until they are sold. | |
Hedging Activities | ' |
Hedging Activities | |
We transact business in various foreign currencies and have significant sales and purchase transactions denominated in foreign currencies, subjecting us to foreign currency exchange rate risk. From time to time, we use hedging programs in an effort to mitigate the effect of foreign currency exchange rate movements. | |
Cash Flow Hedging Activities | |
We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with forecasted transactions involving non-functional currency denominated expenditures. These contracts, which are designated and qualify as cash flow hedges, are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets. The effective portion of gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of accumulated other comprehensive income (loss) in stockholders' equity. The gross amount of the effective portion of gains or losses resulting from changes in the fair value of these hedges is subsequently reclassified into cost of goods sold or research and development expenses, as appropriate, in the period when the forecasted transaction is recognized in our Condensed Consolidated Statements of Operations. In the event that the gains or losses in accumulated other comprehensive income (loss) are deemed to be ineffective, the ineffective portion of gains or losses resulting from changes in fair value, if any, is reclassified to interest and other, net, in our Condensed Consolidated Statements of Operations. In the event that the underlying forecasted transactions do not occur, or it becomes probable that they will not occur, within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from accumulated other comprehensive income (loss) to interest and other, net, in our Condensed Consolidated Statements of Operations. During the reporting periods presented, all forecasted transactions occurred, and therefore, there were no such gains or losses reclassified into interest and other, net. We do not enter into derivative financial contracts for speculative or trading purposes. At June 30, 2014, we had no forward contracts outstanding to buy or sell foreign currencies in exchange for U.S. dollars designated as cash flow hedges. At March 31, 2014, we had $890 of forward contracts outstanding to buy foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. As of March 31, 2014, the fair value of these outstanding forward contracts was immaterial and was included in prepaid expenses and other. The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period. | |
Balance Sheet Hedging Activities | |
We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with non-functional currency denominated cash balances and inter-company funding loans, non-functional currency denominated accounts receivable and non-functional currency denominated accounts payable. These transactions are not designated as hedging instruments and are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in interest and other, net, in our Condensed Consolidated Statements of Operations. We do not enter into derivative financial contracts for speculative or trading purposes. At June 30, 2014, we had $4,005 of forward contracts outstanding to buy foreign currencies in exchange for U.S. dollars and $25,189 of forward contracts outstanding to sell foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. At March 31, 2014, we had $68,520 of forward contracts outstanding to sell foreign currencies in exchange for U.S. dollars all of which have maturities of less than one year. For the three months ended June 30, 2014 and 2013, we recorded a loss of $802 and a gain of $542, respectively, related to foreign currency forward contracts in interest and other, net on the Condensed Consolidated Statements of Operations. As of June 30, 2014 and March 31, 2014, the fair value of these outstanding forward contracts was immaterial and is included in prepaid expenses and other. The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period. | |
Debt | ' |
Debt | |
As of June 30, 2014, the estimated fair value of the Company's 1.75% Convertible Notes due 2016 and the Company's 1.00% Convertible Notes due 2018 was $327,475 and $351,756, respectively. See Note 8 for additional information regarding our Convertible Notes. The fair value was determined using observable market data for the Convertible Notes and its embedded option feature. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification ("ASC") Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for the annual and interim periods beginning after December 15, 2016 (April 1, 2017 for the Company) and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently determining its implementation approach and evaluating the impact of adopting this update on our Condensed Consolidated Financial Statements. | |
Requirements for Reporting Discontinued Operations | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This new guidance raises the threshold for a disposal to qualify as discontinued operations and requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. Under the new standard, companies report discontinued operations when they have a disposal that represents a strategic shift that has or will have a major impact on operations or financial results. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014 (April 1, 2015 for the Company). Early adoption is permitted provided the disposal was not previously disclosed. The adoption of this new guidance is not expected to have a material effect on our Condensed Consolidated Financial Statements. | |
Presentation of Unrecognized Tax Benefits | |
In July 2013, new guidance was issued requiring that entities that have an unrecognized tax benefit and a net operating loss carryforward or similar tax loss or tax credit carryforward in the same jurisdiction as the uncertain tax position present the unrecognized tax benefit as a reduction of the deferred tax asset for the loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the loss or tax credit carryforward under the tax law. The disclosure requirements became effective for annual periods (and interim periods within those annual periods) beginning after December 15, 2013 (April 1, 2014 for the Company), and is applied prospectively. The adoption of this guidance has not had a material effect on our Condensed Consolidated Financial Statements. | |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||
Segregation of all assets measured at fair value on a recurring basis | ' | ||||||||||||||
June 30, 2014 | Quoted prices | Significant | Significant | Balance Sheet Classification | |||||||||||
in active | other | unobservable | |||||||||||||
markets for | observable | inputs | |||||||||||||
identical assets | inputs | (level 3) | |||||||||||||
(level 1) | (level 2) | ||||||||||||||
Money market funds | $ | 610,469 | $ | 610,469 | $ | — | $ | — | Cash and cash equivalents | ||||||
Bank-time deposits | 48,250 | 48,250 | — | — | Cash and cash equivalents | ||||||||||
Corporate bonds | 19,369 | — | 19,369 | — | Short-term investments |
SHORTTERM_INVESTMENTS_Tables
SHORT-TERM INVESTMENTS (Tables) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SHORT-TERM INVESTMENTS | ' | |||||||||||||
Schedule of short-term investments consisted of available-for-sale securities | ' | |||||||||||||
As of June 30, 2014 | ||||||||||||||
Gross | ||||||||||||||
Cost or | Unrealized | Fair | ||||||||||||
Amortized Cost | Gains | Losses | Value | |||||||||||
Short-term investments | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | $ | 19,396 | $ | 6 | $ | (33 | ) | $ | 19,369 | |||||
| | | | | | | | | | | | | | |
Total short-term investments | $ | 19,396 | $ | 6 | $ | (33 | ) | $ | 19,369 | |||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Summary of the contracted maturities of short-term investments classified as available-for-sale | ' | |||||||||||||
As of June 30, 2014 | ||||||||||||||
Amortized | Fair | |||||||||||||
Cost | Value | |||||||||||||
Short-term investments | ||||||||||||||
Due in 1 - 2 years | $ | 19,396 | $ | 19,369 | ||||||||||
| | | | | | | | |||||||
Total short-term investments | $ | 19,396 | $ | 19,369 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
INVENTORY_Tables
INVENTORY (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
INVENTORY | ' | |||||||
Inventory balances by category | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Finished products | $ | 22,194 | $ | 28,418 | ||||
Parts and supplies | 953 | 1,362 | ||||||
| | | | | | | | |
Inventory | $ | 23,147 | $ | 29,780 | ||||
| | | | | | | | |
| | | | | | | | |
SOFTWARE_DEVELOPMENT_COSTS_AND1
SOFTWARE DEVELOPMENT COSTS AND LICENSES (Tables) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SOFTWARE DEVELOPMENT COSTS AND LICENSES | ' | |||||||||||||
Schedule of capitalized software development costs and licenses | ' | |||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||
Current | Non-current | Current | Non-current | |||||||||||
Software development costs, internally developed | $ | 66,863 | $ | 70,301 | $ | 53,041 | $ | 60,196 | ||||||
Software development costs, externally developed | 108,498 | 8,672 | 51,643 | 49,310 | ||||||||||
Licenses | 11,254 | — | 11,519 | — | ||||||||||
| | | | | | | | | | | | | | |
Software development costs and licenses | $ | 186,615 | $ | 78,973 | $ | 116,203 | $ | 109,506 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ' | |||||||
Components of accrued expenses and other current liabilities | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Software development royalties | $ | 82,287 | $ | 258,129 | ||||
Compensation and benefits | 27,321 | 44,255 | ||||||
Marketing and promotions | 16,747 | 16,552 | ||||||
Licenses | 13,509 | 16,917 | ||||||
Other | 35,459 | 61,320 | ||||||
| | | | | | | | |
Accrued expenses and other current liabilities | $ | 175,323 | $ | 397,173 | ||||
| | | | | | | | |
| | | | | | | | |
DEBT_Tables
DEBT (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
DEBT | ' | |||||||
Information related to availability on Credit Agreement | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Available borrowings | $ | 57,316 | $ | 63,630 | ||||
Outstanding letters of credit | 1,664 | 1,664 | ||||||
4.375% Convertible Notes Due 2014 | ' | |||||||
DEBT | ' | |||||||
Schedule of components of interest expense related to convertible notes | ' | |||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2013 | ||||||||
Cash interest expense (coupon interest expense) | $ | 1,509 | ||||||
Non-cash amortization of discount on 4.375% Convertible Notes | 2,587 | |||||||
Amortization of debt issuance costs | 171 | |||||||
| | | | | ||||
Total interest expense related to 4.375% Convertible Notes | $ | 4,267 | ||||||
| | | | | ||||
| | | | | ||||
1.75% Convertible Notes Due 2016 | ' | |||||||
DEBT | ' | |||||||
Schedule of additional information related to convertible notes | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Additional paid-in capital | $ | 51,180 | $ | 51,180 | ||||
| | | | | | | | |
Principal amount of 1.75% Convertible Notes | $ | 250,000 | $ | 250,000 | ||||
Unamortized discount of the liability component | 27,431 | 30,025 | ||||||
| | | | | | | | |
Net carrying amount of 1.75% Convertible Notes | $ | 222,569 | $ | 219,975 | ||||
| | | | | | | | |
Carrying amount of debt issuance costs | $ | 2,448 | $ | 2,716 | ||||
| | | | | | | | |
Schedule of components of interest expense related to convertible notes | ' | |||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2014 | 2013 | |||||||
Cash interest expense (coupon interest expense) | $ | 1,094 | $ | 1,094 | ||||
Non-cash amortization of discount on 1.75% Convertible Notes | 2,594 | 2,427 | ||||||
Amortization of debt issuance costs | 268 | 281 | ||||||
| | | | | | | | |
Total interest expense related to 1.75% Convertible Notes | $ | 3,956 | $ | 3,802 | ||||
| | | | | | | | |
| | | | | | | | |
1.00% Convertible Notes Due 2018 | ' | |||||||
DEBT | ' | |||||||
Schedule of additional information related to convertible notes | ' | |||||||
June 30, 2014 | March 31, 2014 | |||||||
Additional paid-in capital | $ | 35,784 | $ | 35,784 | ||||
| | | | | | | | |
Principal amount of 1.00% Convertible Notes | $ | 287,500 | $ | 287,500 | ||||
Unamortized discount of the liability component | 50,661 | 53,444 | ||||||
| | | | | | | | |
Net carrying amount of 1.00% Convertible Notes | $ | 236,839 | $ | 234,056 | ||||
| | | | | | | | |
Carrying amount of debt issuance costs | $ | 1,712 | $ | 1,831 | ||||
| | | | | | | | |
Schedule of components of interest expense related to convertible notes | ' | |||||||
Three Months | ||||||||
Ended June 30, | ||||||||
2014 | 2013 | |||||||
Cash interest expense (coupon interest expense) | $ | 719 | $ | 90 | ||||
Non-cash amortization of discount on 1.00% Convertible Notes | 2,783 | 332 | ||||||
Amortization of debt issuance costs | 119 | 12 | ||||||
| | | | | | | | |
Total interest expense related to 1.00% Convertible Notes | $ | 3,621 | $ | 434 | ||||
| | | | | | | | |
| | | | | | | | |
EARNINGS_LOSS_PER_SHARE_EPS_Ta
EARNINGS (LOSS) PER SHARE ("EPS") (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
EARNINGS (LOSS) PER SHARE ("EPS") | ' | |||||||
Schedule of computation of basic and diluted EPS | ' | |||||||
The following table sets forth the computation of basic and diluted EPS (shares in thousands): | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Computation of Basic and Diluted EPS: | ||||||||
Net loss | $ | (35,403 | ) | $ | (61,914 | ) | ||
| | | | | | | | |
Weighted average shares outstanding—basic and diluted | 79,369 | 86,992 | ||||||
| | | | | | | | |
Basic and diluted EPS: | $ | (0.45 | ) | $ | (0.71 | ) | ||
| | | | | | | | |
| | | | | | | | |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
Schedule of components of accumulated other comprehensive income (loss) | ' | |||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||
Foreign currency | Unrealized gain (loss) | Unrealized gain (loss) | Total | |||||||||||
translation | on derivative | on available-for-sales | ||||||||||||
adjustments | instruments | securities | ||||||||||||
Balance at March 31, 2014 | $ | 1,531 | $ | 585 | $ | — | $ | 2,116 | ||||||
Other comprehensive loss before reclassifications | 3,972 | 32 | (27 | ) | 3,977 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | — | ||||||||||
| | | | | | | | | | | | | | |
Balance at June 30, 2014 | $ | 5,503 | $ | 617 | $ | (27 | ) | $ | 6,093 | |||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Three Months Ended June 30, 2013 | ||||||||||||||
Foreign currency | Unrealized gain (loss) | Total | ||||||||||||
translation | on derivative | |||||||||||||
adjustments | instruments | |||||||||||||
Balance at March 31, 2013 | $ | (4,916 | ) | $ | 344 | $ | (4,572 | ) | ||||||
Other comprehensive loss before reclassifications | (835 | ) | (153 | ) | (988 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||||
| | | | | | | | | | | ||||
Balance at June 30, 2013 | $ | (5,751 | ) | $ | 191 | $ | (5,560 | ) | ||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | |||||||
Net revenue by geographic region | ' | |||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by geographic region: | 2014 | 2013 | ||||||
United States | $ | 64,844 | $ | 85,159 | ||||
Europe | 43,998 | 40,557 | ||||||
Asia Pacific | 9,960 | 10,858 | ||||||
Canada and Latin America | 6,623 | 6,093 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
Net revenue by product platform | ' | |||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by product platform: | 2014 | 2013 | ||||||
Console | $ | 83,769 | $ | 103,606 | ||||
PC and other | 39,270 | 35,472 | ||||||
Handheld | 2,386 | 3,589 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
Schedule of net revenue by distribution channel | ' | |||||||
Three Months Ended | ||||||||
June 30, | ||||||||
Net revenue by distribution channel: | 2014 | 2013 | ||||||
Digital online | $ | 80,201 | $ | 72,856 | ||||
Physical retail and other | 45,224 | 69,811 | ||||||
| | | | | | | | |
Total net revenue | $ | 125,425 | $ | 142,667 | ||||
| | | | | | | | |
| | | | | | | | |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 |
item | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | Foreign Currency Forward Contract | |
Designated As Hedging Instrument | Designated As Hedging Instrument | Designated As Hedging Instrument | Designated As Hedging Instrument | Designated As Hedging Instrument | Not Designated As Hedging Instrument | Not Designated As Hedging Instrument | Not Designated As Hedging Instrument | Not Designated As Hedging Instrument | Not Designated As Hedging Instrument | Not Designated As Hedging Instrument | ||
Interest and other, net | Long | Long | Short | Interest and other, net | Interest and other, net | Short | Short | |||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wholly-owned labels | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains or losses reclassified into interest and other, net | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding forward contracts to purchase or sell foreign currency in exchange for U.S. dollars | ' | ' | ' | 0 | 890 | ' | ' | ' | ' | ' | ' | ' |
Outstanding forward contracts to purchase foreign currency in exchange for U.S. dollars | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,005 | 68,520 |
Outstanding forward contracts to sell foreign currency in exchange for U.S. dollars | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 25,189 | ' |
Maximum maturity period for some outstanding foreign currency forward contracts | ' | '1 year | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' |
Gains (losses) related to foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ($802) | $542 | ' | ' |
BASIS_OF_PRESENTATION_AND_SIGN3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Nov. 16, 2011 | Jun. 30, 2014 | Jun. 18, 2013 |
In Thousands, unless otherwise specified | 1.75% Convertible Notes due 2016 | 1.75% Convertible Notes due 2016 | 1.75% Convertible Notes due 2016 | 1.00% Convertible Notes due 2018 | 1.00% Convertible Notes due 2018 |
LONG-TERM DEBT | ' | ' | ' | ' | ' |
Estimated fair value of convertible notes | $327,475 | ' | ' | $351,756 | ' |
Interest rate on convertible notes (as a percent) | 1.75% | 1.75% | 1.75% | 1.00% | 1.00% |
MANAGEMENT_AGREEMENT_Details
MANAGEMENT AGREEMENT (Details) (Zelnick Media Corporation ("ZelnickMedia"), USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-11 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 30, 2014 |
2011 Management Agreement | 2011 Management Agreement | 2011 Management Agreement | 2011 Management Agreement | 2011 Management Agreement | New Management Agreement | New Management Agreement | 2014 Management Agreement | 2014 Management Agreement | 2014 Management Agreement | 2014 Management Agreement | 2014 Management Agreement | 2014 Management Agreement | 2014 Management Agreement | |||
Restricted stock | Market-based restricted stock | Market-based restricted stock | Market-based restricted stock | Market-based restricted stock | Maximum | Restricted units | Time-based restricted units | Market-based restricted units | Market-based restricted units | Performance-based restricted units | Performance-based restricted units | Restricted stock | ||||
Maximum | Maximum | General and administrative | ||||||||||||||
Management Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual management fee | ' | ' | ' | ' | ' | ' | ' | $2,970 | ' | ' | ' | ' | ' | ' | ' | ' |
Bonus per fiscal year based on the achievement of certain performance thresholds | ' | ' | ' | ' | ' | ' | ' | ' | 4,752 | ' | ' | ' | ' | ' | ' | ' |
Consulting expense benefit | 1,337 | 1,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation award, number of shares granted | ' | ' | 1,100,000 | 1,650,000 | ' | ' | ' | ' | ' | ' | 178,654 | 330,628 | ' | 110,208 | ' | ' |
Number of shares eligible to vest based on achievement of certain criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,628 | ' | 110,208 | 110,208 | ' |
Vesting requirement for market-based restricted stock | ' | ' | ' | 'Total Shareholder Return (as defined in the relevant grant agreements) relative to the Total Shareholder Return of the companies that constitute the NASDAQ Composite Index measured annually on a cumulative basis. | ' | ' | ' | ' | ' | ' | ' | 'Total Shareholder Return (as defined in the relevant grant agreement) relative to the Total Shareholder Return (as defined in the relevant grant agreement) of the companies that constitute the NASDAQ Composite Index as of the grant date measured over the two-year period ending on April 1, 2016. | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '2 years | ' | ' |
Minimum percentage of companies in the NASDAQ Composite Index the price of the company's common stock must outperform in order for maximum restricted awards to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' |
Percentage of grants tied to "New IP" as defined in the relevant grant agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage of grants tied to "Major IP" as defined in the relevant grant agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Minimum percentage of companies in the NASDAQ Composite Index the price of the company's common stock must outperform in order for restricted awards to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Number of target units that may be earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,314 | 330,628 | 55,104 | ' | ' |
Unvested portion of the shares of restricted stock granted | ' | ' | ' | ' | 1,133,000 | ' | 1,894,750 | ' | ' | 619,490 | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | $2,737 | $487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,189 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Assets measured at fair value on a recurring basis | ' |
Corporate bonds | $19,369 |
Corporate bonds | ' |
Assets measured at fair value on a recurring basis | ' |
Corporate bonds | 19,369 |
Recurring basis | Total | ' |
Assets measured at fair value on a recurring basis | ' |
Money market funds | 610,469 |
Bank-time deposits | 48,250 |
Recurring basis | Total | Corporate bonds | ' |
Assets measured at fair value on a recurring basis | ' |
Corporate bonds | 19,369 |
Recurring basis | Quoted prices in active markets for identical assets (level 1) | ' |
Assets measured at fair value on a recurring basis | ' |
Money market funds | 610,469 |
Bank-time deposits | 48,250 |
Recurring basis | Significant other observable inputs (level 2) | Corporate bonds | ' |
Assets measured at fair value on a recurring basis | ' |
Corporate bonds | $19,369 |
SHORTTERM_INVESTMENTS_Details
SHORT-TERM INVESTMENTS (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Available-for-sale securities: | ' |
Cost or Amortized Cost | $19,369 |
Gross Unrealized Gains | 6 |
Gross Unrealized Losses | -33 |
Fair Value | 19,369 |
Amortized Cost | ' |
Due in 1-2 years | 19,396 |
Total amortized cost | 19,396 |
Fair Value | ' |
Due in 1-2 years | 19,369 |
Total fair value | 19,369 |
Corporate bonds | ' |
Available-for-sale securities: | ' |
Cost or Amortized Cost | 19,396 |
Gross Unrealized Gains | 6 |
Gross Unrealized Losses | -33 |
Fair Value | $19,369 |
INVENTORY_Details
INVENTORY (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
INVENTORY | ' | ' |
Finished products | $22,194 | $28,418 |
Parts and supplies | 953 | 1,362 |
Inventory | 23,147 | 29,780 |
Estimated product returns included in inventory | $423 | $578 |
SOFTWARE_DEVELOPMENT_COSTS_AND2
SOFTWARE DEVELOPMENT COSTS AND LICENSES (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Capitalized software development costs and licenses | ' | ' |
Software development costs and licenses, Current | $186,615 | $116,203 |
Software development costs and licenses, Non-current | 78,973 | 109,506 |
Software development costs and licenses related to titles that have not been released | 259,118 | 211,302 |
Software development costs, internally developed | ' | ' |
Capitalized software development costs and licenses | ' | ' |
Software development costs and licenses, Current | 66,863 | 53,041 |
Software development costs and licenses, Non-current | 70,301 | 60,196 |
Software development costs, externally developed | ' | ' |
Capitalized software development costs and licenses | ' | ' |
Software development costs and licenses, Current | 108,498 | 51,643 |
Software development costs and licenses, Non-current | 8,672 | 49,310 |
Licenses | ' | ' |
Capitalized software development costs and licenses | ' | ' |
Software development costs and licenses, Current | $11,254 | $11,519 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ' | ' |
Software development royalties | $82,287 | $258,129 |
Compensation and benefits | 27,321 | 44,255 |
Marketing and promotions | 16,747 | 16,552 |
Licenses | 13,509 | 16,917 |
Other | 35,459 | 61,320 |
Accrued expenses and other current liabilities | $175,323 | $397,173 |
DEBT_Details
DEBT (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Oct. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Oct. 31, 2011 | Jun. 30, 2014 | Oct. 31, 2011 | Jun. 30, 2014 | Oct. 31, 2011 | Oct. 31, 2011 | Jun. 30, 2014 | Oct. 31, 2011 | Oct. 31, 2011 | Jun. 30, 2014 | Nov. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Nov. 16, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Jul. 17, 2013 | Jun. 18, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Aug. 29, 2013 | Jun. 30, 2009 | Jun. 30, 2014 | Jun. 12, 2013 | Jun. 30, 2009 | Jun. 30, 2009 | Aug. 29, 2013 | Aug. 29, 2013 | |
Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Letter of Credit | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.75% Convertible Notes Due 2016 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 1.00% Convertible Notes Due 2018 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | 4.375% Convertible Notes Due 2014 | ||||
Minimum | Minimum | Maximum | Base rate | Base rate | Base rate | LIBOR | LIBOR | LIBOR | Conversion Terms at Holder's Option | Conversion Terms at Holder's Option | Conversion Terms at Holder's Option | Conversion Terms upon Occurrence of Certain Fundamental Company Changes | Conversion Terms, Event of Default | Maximum | Conversion Terms at Holder's Option | Conversion Terms at Holder's Option | Conversion Terms at Holder's Option | Conversion Terms upon Occurrence of Certain Fundamental Company Changes | Conversion Terms, Event of Default | 4.375% Convertible Note hedge options | 4.375% Convertible Note hedge warrants | Maximum | Conversion Terms at Holder's Option | |||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||
D | D | D | D | |||||||||||||||||||||||||||||||||||||||||||
Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of additional borrowings by which maximum borrowing capacity may be increased | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Base Rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.00% | ' | 2.50% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at end of period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | 2.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly fee on unused available balance (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement Availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowings | ' | ' | ' | ' | 57,316,000 | ' | 63,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | 1,664,000 | ' | 1,664,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense and fees | ' | ' | ' | ' | 159,000 | 159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trailing period for measurement of interest coverage ratio | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum liquidity level triggering the requirement to maintain an interest coverage ratio of one to one | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate on convertible notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | 1.75% | 1.75% | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.38% | 4.38% | ' | ' | ' | ' | ' |
Percentage of par value at which debt was issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of overallotment option to purchase additional amount of debt granted to underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount of debt for purchase of which overallotment option is granted to underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount pertaining to exercise of over-allotment of debt by underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | 246,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,188,000 | 246,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion rate of common stock per $1000 of principal amount of Convertible Notes (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.3745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.4727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount used for debt instrument conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion price of convertible notes into common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.09 | ' | ' | ' | ' | ' | ' | $21.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares to be converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days triggering conversion of redemption feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target ratio of closing share price to conversion price as a condition for conversion or redemption of Convertible Notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days in the measurement period that the entity's common stock closing price to conversion price must exceed a specified percentage of conversion price to trigger conversion feature of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of closing share price to conversion price as a condition for conversion of Convertible Notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of aggregate principal amount held by bondholders to declare notes due and payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
In event of default arising out of certain bankruptcy events, the percentage of principal amount due and payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative nonmonetary notional amount (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,927,000 | ' | ' | ' |
Investment options exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.68 | ' | ' | ' |
Total cost charged to additional paid-in capital for options to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,600,000 | ' | ' | ' |
Investment warrants exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.95 | ' | ' |
Number of shares of common stock that will be settled against warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,927,000 | ' | ' |
Total proceeds from warrants credited to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,300,000 | ' | ' |
Proceeds from unwinding of convertible note hedge | 84,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to warrant holders | 55,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument for each $1 principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Principal amount used for ratio of debt instrument redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Cash payable for convertible notes surrendered for conversion in connection with the redemption on a combination settlement basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | 166,000,000 | 165,992,000 |
Amount of debt converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,993,000 |
Number of shares issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,217,000 |
Debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' |
Additional information related to convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,180,000 | ' | 51,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | 35,784,000 | ' | 35,784,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 287,500,000 | ' | 287,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount of the liability component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,431,000 | ' | 30,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | 50,661,000 | ' | 53,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net carrying amount of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,569,000 | ' | 219,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | 236,839,000 | ' | 234,056,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,448,000 | ' | 2,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,712,000 | ' | 1,831,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash interest expense (coupon interest expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,094,000 | 1,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 719,000 | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,509,000 | ' | ' | ' | ' | ' |
Non-cash amortization of discount on Convertible Notes | ' | 5,377,000 | 5,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,594,000 | 2,427,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,783,000 | 332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,587,000 | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | ' | 431,000 | 497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 268,000 | 281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,000 | ' | ' | ' | ' | ' |
Total interest expense related to Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,956,000 | $3,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,621,000 | $434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,267,000 | ' | ' | ' | ' | ' |
EARNINGS_LOSS_PER_SHARE_EPS_De
EARNINGS (LOSS) PER SHARE (''EPS'') (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2009 | Jun. 30, 2013 |
Participating securities | Participating securities | 4.375% convertible notes due 2014 ("4.375% Convertible Notes") | 4.375% convertible notes due 2014 ("4.375% Convertible Notes") | Stock option awards | |||
Computation of Basic and Diluted EPS: | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($35,403) | ($61,914) | ' | ' | ' | ' | ' |
Weighted average shares outstanding - basic and diluted | 79,369,000 | 86,992,000 | ' | ' | ' | ' | ' |
Basic and diluted earnings (loss) per share (in dollars per share) | ($0.45) | ($0.71) | ' | ' | ' | ' | ' |
Antidilutive shares | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares excluded from calculation of EPS | ' | ' | 7,615,000 | 7,139,000 | ' | ' | 2,009,000 |
Issuance of convertible notes, interest rate (as a percent) | ' | ' | ' | ' | 4.38% | 4.38% | ' |
Common stock issued in connection with restricted stock awards (in shares) | 1,288,000 | ' | ' | ' | ' | ' | ' |
Unvested restricted stock awards, canceled (in shares) | 500,000 | ' | ' | ' | ' | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in accumulated other comprehensive income (loss) | ' | ' |
Balance at the beginning of the period | $2,116 | ($4,572) |
Other comprehensive income before reclassifications | 3,977 | -988 |
Balance at the end of the period | 6,093 | -5,560 |
Foreign currency translation adjustments | ' | ' |
Changes in accumulated other comprehensive income (loss) | ' | ' |
Balance at the beginning of the period | 1,531 | -4,916 |
Other comprehensive income before reclassifications | 3,972 | -835 |
Balance at the end of the period | 5,503 | -5,751 |
Unrealized gain (loss) on derivative instruments | ' | ' |
Changes in accumulated other comprehensive income (loss) | ' | ' |
Balance at the beginning of the period | 585 | 344 |
Other comprehensive income before reclassifications | 32 | -153 |
Balance at the end of the period | 617 | 191 |
Unrealized gain (loss) on available-for-sales securities | ' | ' |
Changes in accumulated other comprehensive income (loss) | ' | ' |
Other comprehensive income before reclassifications | -27 | ' |
Balance at the end of the period | ($27) | ' |
SEGMENT_AND_GEOGRAPHIC_INFORMA2
SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
item | ||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ' |
Number of reportable segments | 1 | ' |
Net revenue by geographic region: | ' | ' |
Total net revenue | $125,425 | $142,667 |
United States | ' | ' |
Net revenue by geographic region: | ' | ' |
Total net revenue | 64,844 | 85,159 |
Europe | ' | ' |
Net revenue by geographic region: | ' | ' |
Total net revenue | 43,998 | 40,557 |
Asia Pacific | ' | ' |
Net revenue by geographic region: | ' | ' |
Total net revenue | 9,960 | 10,858 |
Canada and Latin America | ' | ' |
Net revenue by geographic region: | ' | ' |
Total net revenue | $6,623 | $6,093 |
SEGMENT_AND_GEOGRAPHIC_INFORMA3
SEGMENT AND GEOGRAPHIC INFORMATION (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenue by product platform: | ' | ' |
Total net revenue | $125,425 | $142,667 |
Console | ' | ' |
Net revenue by product platform: | ' | ' |
Total net revenue | 83,769 | 103,606 |
PC and other | ' | ' |
Net revenue by product platform: | ' | ' |
Total net revenue | 39,270 | 35,472 |
Handheld | ' | ' |
Net revenue by product platform: | ' | ' |
Total net revenue | $2,386 | $3,589 |
SEGMENT_AND_GEOGRAPHIC_INFORMA4
SEGMENT AND GEOGRAPHIC INFORMATION (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenue by distribution channel: | ' | ' |
Net revenue | $125,425 | $142,667 |
Digital online | ' | ' |
Net revenue by distribution channel: | ' | ' |
Net revenue | 80,201 | 72,856 |
Physical retail and other | ' | ' |
Net revenue by distribution channel: | ' | ' |
Net revenue | $45,224 | $69,811 |
SHARE_REPURCHASE_Details
SHARE REPURCHASE (Details) (Common Stock) | Jun. 30, 2014 | Jan. 31, 2013 |
Common Stock | ' | ' |
Share repurchase | ' | ' |
Number of shares authorized to be repurchased | ' | 7,500,000 |
Number of shares of common stock remaining available for repurchase under the entity's share repurchase authorization | 3,283,000 | ' |