We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TakeTwo Interactive Software Inc | NASDAQ:TTWO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.28 | -0.18% | 159.39 | 159.33 | 159.45 | 160.40 | 158.30 | 158.635 | 391,424 | 16:38:20 |
$1.35 billion fourth quarter Net Bookings, with outperformance in NBA 2K24; Zynga’s in-app purchases, led by Toon Blast and Match Factory!; the Red Dead Redemption series and the Grand Theft Auto series
$5.33 billion fiscal year 2024 Net Bookings
Company gives initial outlook for fiscal 2025, including Net Bookings of $5.55 to $5.65 billion
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the fourth quarter and fiscal year 2024, ended March 31, 2024. For further information, please see the fourth quarter and fiscal 2024 results slide deck posted to the Company’s investor relations website at take2games.com/ir.
Management Comments
"We concluded Fiscal 2024 with strong fourth quarter results, including Net Bookings of $1.35 billion, which exceeded the high-end of our guidance range. Many of our key franchises outperformed, including NBA 2K24; Zynga’s in-app purchases, led by Toon Blast and our newest hit, Match Factory!; the Red Dead Redemption series and the Grand Theft Auto series," said Strauss Zelnick, Chairman and CEO of Take-Two.
"As we enter Fiscal 2025 with positive momentum, we expect to deliver Net Bookings of $5.55 to $5.65 billion. Our outlook reflects a narrowing of Rockstar Games' previously established window of Calendar 2025 to Fall of Calendar 2025 for Grand Theft Auto VI. We are highly confident that Rockstar Games will deliver an unparalleled entertainment experience, and our expectations for the commercial impact of the title continue to increase. Looking ahead, we believe that our Company is poised to achieve new levels of success, and we expect to deliver sequential growth in Net Bookings for Fiscal 2025, 2026, and 2027. As we deliver our pipeline, we are confident that we will drive our scale, enhance our margins, and deliver industry-leading returns for our shareholders."
Fourth Quarter Fiscal 2024 Financial and Operational Highlights
* Net Bookings is our operational metric and defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives. ** Recurrent consumer spending is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising.
Fourth Quarter Fiscal 2024 Financial Results
The following data is used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ended March 31, 2024
Financial Data
in millions
Statement of Operations
Change in deferred net revenue and related cost of revenue
Stock-based compensation
Impact of business reorganization
Amortization and impairment of acquired intangibles
Business acquisition
Other (a)
GAAP
Total net revenue
$1,399.4
(50.7)
Cost of revenue
930.3
(3.4)
(3.9)
(476.3)
Gross profit
469.1
(47.3)
3.9
476.3
Operating expenses
3,182.2
(76.7)
(93.3)
(17.7)
(2,164.7)
(Loss) income from operations
(2,713.1)
(47.3)
80.6
93.3
494.0
2,164.7
Interest and other, net
(24.6)
2.0
1.9
6.8
(Loss) gain on fair value adjustments, net
(6.9)
3.3
3.4
(Loss) income before income taxes
(2,744.6)
(45.3)
80.6
93.3
494.0
2,169.9
10.2
Non-GAAP
EBITDA
(19.6)
(47.3)
80.6
93.3
13.4
(10.2)
Note: For management reporting purposes, the table above assumes a management tax rate of 18% and a fully diluted share count of 173.2 million in order to calculate diluted net income per share.
(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar and (ii) fair value adjustments related to certain equity investments.
Fiscal Year 2024 Financial and Operational Highlights
Fiscal Year 2024 Financial Results
The following data is used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Twelve Months Ended March 31, 2024
Financial Data
in millions
Statement of Operations
Change in deferred net revenue and related cost of revenue
Stock-based compensation
Impact of business reorganization
Amortization and impairment of acquired intangibles
Business acquisition
Other (a)
GAAP
Total net revenue
$5,349.6
(16.7)
Cost of revenue
3,107.8
(24.4)
(1,303.5)
10.0
Gross profit
2,241.8
(16.7)
24.4
(1,303.5)
Operating expenses
5,832.4
(311.2)
(104.6)
(115.4)
(2,351.8)
(Loss) income from operations
(3,590.6)
(16.7)
335.6
104.6
1,418.9
2,341.8
Interest and other, net
(103.6)
2.0
0.5
26.7
(Loss) gain on fair value adjustments, net
(8.6)
6.4
1.9
(Loss) income before income taxes
(3,702.8)
(14.7)
335.6
104.6
1,418.9
2,348.7
28.6
Non-GAAP
EBITDA
272.0
(16.7)
335.6
104.6
(1.9)
28.6
Note: For management reporting purposes, the table above assumes a management tax rate of 18% and a fully diluted share count of 172.6 in order to calculate diluted net income per share.
(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar and (ii) fair value adjustments related to certain equity investments.
Outlook for Fiscal 2025
Take-Two is providing its initial outlook for the fiscal year ending March 31, 2025 and fiscal first quarter ending June 30, 2024.
Fiscal Year Ending March 31, 2025
The Company is also providing selected data, which is used internally by its management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Fiscal Year Ending March 31, 2025
Financial Data
$ in millions except for per share amounts
Outlook (1)
Change in deferred net revenue and related cost of revenue
Stock-based compensation
Amortization of acquired intangibles
Other (a)
GAAP
Total net revenue
$5,570 to $5,670
(20)
Cost of revenue
$2,431 to $2,457
10
(10)
(640)
Operating expenses
$3,559 to $3,579
(306)
(70)
(31)
Interest and other, net
$111
(4)
(Loss) income before income taxes
$(531) to $(477)
(30)
316
710
35
Net loss
$(674) to $(606)
Net loss per share
$(3.90) to $(3.50)
Net cash from operating activities
approximately $(20)
Capital expenditures
approximately $140
Non-GAAP
EBITDA
$429 to $483
(30)
316
31
Adjusted Unrestricted Operating Cash Flow
approximately $(200)
Operational Metric
Net Bookings
$5,550 to $5,650
(a) Other includes adjustments for (i) business reorganization expenses and (ii) deferred financing costs associated with our debt.
First Quarter Ending June 30, 2024
The Company is also providing selected data, which is used internally by its management and Board of Directors to adjust the Company’s GAAP and Non-GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ending June 30, 2024
Financial Data
$ in millions except for per share amounts
Outlook (1)
Change in deferred net revenue and related cost of revenue
Stock-based compensation
Amortization of acquired intangibles
Other (a)
GAAP
Total net revenue
$1,300 to $1,350
(100)
Cost of revenue
$559 to $578
(14)
(9)
(161)
Operating expenses
$928 to $938
(75)
(18)
(25)
Interest and other, net
$27
(1)
(Loss) income before income taxes
$(214) to $(193)
(86)
84
179
26
Net loss
$(272) to $(245)
Net loss per share
$(1.58) to $(1.43)
Non-GAAP
EBITDA
$26 to $47
(86)
84
25
Operational Metric
Net Bookings
$1,200 to $1,250
(a) Other includes adjustments for (i) business reorganization expenses and (ii) deferred financing costs associated with our debt.
1)
The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.
Key assumptions and dependencies underlying the Company’s outlook include: a continuation of the current economic backdrop; the timely delivery of the titles included in this financial outlook; continued growth in the installed base of PlayStation 5 and Xbox Series X|S, as well as engagement on Xbox One and PlayStation 4; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; factors affecting our performance on mobile, such as player acquisition costs; our ongoing focus on our live services portfolio and new game pipeline; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following have been released since January 1, 2024:
Label
Product
Platforms
Release Date
Private Division
Penny's Big Breakaway
PS5, Xbox Series X|S, PC, Switch
February 21, 2024
2K
WWE 2K24
PS4, PS5, Xbox One, Xbox Series X|S, PC
March 8, 2024
Private Division
No Rest for the Wicked
Early Access on PC
April 18, 2024
2K
NFL 2K Playmakers
iOs, Android
April 23, 2024
2K
TopSpin 2K25
PS4, PS5, Xbox One, Xbox Series X|S, PC
April 26, 2024
Take-Two's future lineup announced to-date includes:
Label
Product
Platforms
Release Date
Zynga
Star Wars Hunters
iOS, Android, Switch
June 4, 2024
Zynga
Game of Thrones: Legends
iOs, Android
Fiscal 2025
Private Division
Tales of the Shire: A The Lord of the Rings Game
PS5, Xbox Series X|S, PC, Switch
Fiscal 2025
2K
NBA 2K25
TBA
Fiscal 2025
2K
WWE 2K25
TBA
Fiscal 2025
Rockstar Games
Grand Theft Auto VI
PS5, Xbox Series X|S
Fall of Calendar 2025
Ghost Story Games
Judas
PS5, Xbox Series X|S, PC
TBA
Conference Call
Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses Non-GAAP measures of financial performance: Adjusted Unrestricted Operating Cash Flow, which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash, and EBITDA, which is defined as GAAP net income (loss) excluding interest income (expense), provision for (benefit from) income taxes, depreciation expense, and amortization and impairment of acquired intangibles.
The Company’s management believes it is important to consider Adjusted Unrestricted Operating Cash Flow, in addition to net cash from operating activities, as it provides more transparency into current business trends without regard to the timing of payments from restricted cash, which is primarily related to a dedicated account limited to the payment of certain internal royalty obligations.
The Company’s management believes it is important to consider EBITDA, in addition to net income, as it removes the effect of certain non-cash expenses, debt-related charges, and income taxes. Management believes that, when considered together with reported amounts, EBITDA is useful to investors and management in understanding the Company’s ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to the Company’s operations and financial condition.
These Non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. These Non-GAAP financial measures may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating these Non-GAAP financial measures used by the Company. Management believes that the presentation of these Non-GAAP financial measures provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, these measures facilitate comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses these Non-GAAP financial measures in assessing the Company's operating results and in planning and forecasting. A reconciliation of these Non-GAAP financial measures to the most comparable GAAP measure is contained in the financial tables to this press release.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Annual Report on Form 10−K for the period ended March 31, 2024.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, and Zynga. Our products are designed for console gaming systems, PC, and mobile, including smartphones and tablets. We deliver our products through physical retail, digital download, online platforms, and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein, which are not historical facts, including statements relating to Take-Two Interactive Software, Inc.'s ("Take-Two," the "Company," "we," "us," or similar pronouns) outlook, are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including risks relating to our combination with Zynga Inc.; the risks of conducting business internationally, including as a result of unforeseen geopolitical events; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation®5 and Xbox Series X|S; factors affecting our mobile business, such as player acquisition costs; the timely release and significant market acceptance of our games; and the ability to maintain acceptable pricing levels on our games.
Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
Three Months Ended March 31,
Twelve Months Ended March 31,
2024
2023
2024
2023
Net revenue:
Game
$
1,260.6
$
1,266.3
$
4,693.5
$
4,735.6
Advertising
138.8
179.9
656.1
614.3
Total net revenue
1,399.4
1,446.2
5,349.6
5,349.9
Cost of revenue:
Game intangibles
474.7
669.6
1,301.1
1,169.7
Product costs
210.7
188.0
756.6
714.0
Software development costs and royalties
88.2
186.1
346.7
435.1
Licenses
78.6
74.8
305.8
306.9
Internal royalties
78.1
104.5
397.6
438.9
Cost of revenue
930.3
1,223.0
3,107.8
3,064.6
Gross profit
469.1
223.2
2,241.8
2,285.3
Selling and marketing
448.8
423.4
1,550.2
1,586.5
Research and development
245.5
232.4
948.2
887.6
General and administrative
175.0
218.9
716.1
839.5
Depreciation and amortization
42.9
36.3
171.2
122.3
Goodwill impairment
2,176.7
—
2,342.1
—
Business reorganization
93.3
14.6
104.6
14.6
Total operating expenses
3,182.2
925.6
5,832.4
3,450.5
(Loss) income from operations
(2,713.1
)
(702.4
)
(3,590.6
)
(1,165.2
)
Interest and other, net
(24.6
)
(33.8
)
(103.6
)
(141.9
)
(Loss) gain on fair value adjustments, net
(6.9
)
5.6
(8.6
)
(31.0
)
(Loss) income before income taxes
(2,744.6
)
(730.6
)
(3,702.8
)
(1,338.1
)
Provision for (benefit from) income taxes
158.4
(120.3
)
41.4
(213.4
)
Net (loss) income
$
(2,903.0
)
$
(610.3
)
$
(3,744.2
)
$
(1,124.7
)
Loss per share:
Basic and diluted loss per share
$
(17.02
)
$
(3.62
)
$
(22.01
)
$
(7.03
)
Weighted average shares outstanding
Basic
170.6
168.7
170.1
159.9
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
March 31, 2024
March 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
754.0
$
827.4
Short-term investments
22.0
187.0
Restricted cash and cash equivalents
252.1
307.6
Accounts receivable, net of allowances of $1.2 and $1.3 at March 31, 2024 and 2023, respectively
679.7
763.2
Software development costs and licenses
88.3
65.9
Contract assets
85.0
79.9
Prepaid expenses and other
378.6
277.1
Total current assets
2,259.7
2,508.1
Fixed assets, net
411.1
402.8
Right-of-use assets
325.7
282.7
Software development costs and licenses, net of current portion
1,446.5
1,072.2
Goodwill
4,426.4
6,767.1
Other intangibles, net
3,060.6
4,453.2
Deferred tax assets
1.9
44.8
Long-term restricted cash and cash equivalents
95.9
99.6
Other assets
189.1
231.6
Total assets
$
12,216.9
$
15,862.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
195.9
$
140.1
Accrued expenses and other current liabilities
1,062.6
1,225.7
Deferred revenue
1,059.5
1,078.8
Lease liabilities
63.8
60.2
Short-term debt, net
24.6
1,346.8
Total current liabilities
2,406.4
3,851.6
Long-term debt, net
3,058.3
1,733.0
Non-current deferred revenue
42.9
35.5
Non-current lease liabilities
387.3
347.0
Non-current software development royalties
102.1
110.2
Deferred tax liabilities, net
340.9
534.0
Other long-term liabilities
211.1
208.3
Total liabilities
$
6,549.0
$
6,819.6
Stockholders' equity:
Preferred stock, $0.01 par value, 5.0 shares authorized: no shares issued and outstanding at March 31, 2024 and 2023
—
—
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 194.5 and 192.6 shares issued and 170.8 and 168.9 outstanding at March 31, 2024 and 2023, respectively
1.9
1.9
Additional paid-in capital
9,371.6
9,010.2
Treasury stock, at cost; 23.7 and 23.7 common shares at March 31, 2024 and 2023, respectively
(1,020.6
)
(1,020.6
)
(Accumulated Deficit) / Retained earnings
(2,579.9
)
1,164.3
Accumulated other comprehensive loss
(105.1
)
(113.3
)
Total stockholders' equity
$
5,667.9
$
9,042.5
Total liabilities and stockholders' equity
$
12,216.9
$
15,862.1
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Twelve Months Ended March 31,
2024
2023
Operating activities:
Net (loss) income
$
(3,744.2
)
$
(1,124.7
)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Amortization and impairment of software development costs and licenses
292.7
268.3
Stock-based compensation
335.6
317.8
Noncash lease expense
61.1
81.7
Amortization and impairment of intangibles
1,418.9
1,506.7
Depreciation
135.5
90.3
Goodwill impairment
2,342.1
—
Interest expense
140.6
122.7
Deferred income taxes
(150.4
)
(410.8
)
Fair value adjustments
8.6
31.5
Other, net
30.5
(26.6
)
Changes in assets and liabilities, net of effect from purchases of businesses:
Accounts receivable
83.7
106.8
Software development costs and licenses
(603.4
)
(492.8
)
Prepaid expenses, other current and other non-current assets
(154.7
)
77.2
Deferred revenue
(11.8
)
(141.9
)
Accounts payable, accrued expenses and other liabilities
(200.9
)
(405.1
)
Net cash (used in) provided by operating activities
(16.1
)
1.1
Investing activities:
Change in bank time deposits
19.8
100.0
Sale and maturities of available-for-sale securities
146.9
542.0
Purchases of available-for-sale securities
—
—
Purchases of fixed assets
(141.7
)
(204.2
)
Proceeds from sale of long-term investments
—
20.6
Purchase of long-term investments
(18.5
)
(15.7
)
Business acquisitions
(18.1
)
(3,310.9
)
Other
(16.6
)
(8.1
)
Net cash (used in) provided by investing activities
(28.2
)
(2,876.3
)
Financing activities:
Tax payment related to net share settlements on restricted stock awards
(94.1
)
(108.1
)
Repurchase of common stock
—
—
Issuance of common stock
39.4
65.4
Cost of debt
(10.3
)
(22.4
)
Repayment of debt
(1,339.6
)
(200.0
)
Settlement of capped calls
—
140.1
Payment for settlement of convertible notes
—
(1,166.8
)
Proceeds from issuance of debt
1,348.9
3,248.9
Payment of contingent earn-out consideration
(35.7
)
(26.8
)
Net cash (used in) provided by financing activities
(91.4
)
1,930.3
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents
3.1
(15.9
)
Net change in cash, cash equivalents, and restricted cash and cash equivalents
(132.6
)
(960.8
)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1)
1,234.6
2,195.4
Cash, cash equivalents, and restricted cash equivalents, end of year (1)
$
1,102.0
$
1,234.6
(1)
Cash, cash equivalents and restricted cash and cash equivalents shown on our Consolidated Statements of Cash Flow includes amounts in the Cash and cash equivalents, Restricted cash and cash equivalents, and Long-term restricted cash and cash equivalents on our Consolidated Balance Sheet.
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in millions)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by geographic region
United States
$
861.4
62
%
$
947.4
66
%
International
538.0
38
%
498.8
34
%
Total Net revenue
$
1,399.4
100
%
$
1,446.2
100
%
Net Bookings by geographic region
United States
$
818.8
61
%
$
860.8
62
%
International
530.0
39
%
532.6
38
%
Total Net Bookings
$
1,348.8
100
%
$
1,393.4
100
%
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by distribution channel
Digital online
$
1,335.2
95
%
$
1,392.0
96
%
Physical retail and other
64.2
5
%
54.2
4
%
Total Net revenue
$
1,399.4
100
%
$
1,446.2
100
%
Net Bookings by distribution channel
Digital online
$
1,291.6
96
%
$
1,348.3
97
%
Physical retail and other
57.2
4
%
45.1
3
%
Total Net Bookings
$
1,348.8
100
%
$
1,393.4
100
%
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by platform
Mobile
$
715.1
51
%
$
717.7
50
%
Console
568.7
41
%
583.3
40
%
PC and other
115.6
8
%
145.2
10
%
Total Net revenue
$
1,399.4
100
%
$
1,446.2
100
%
Net Bookings by platform
Mobile
$
708.3
53
%
$
706.2
51
%
Console
527.4
39
%
535.1
38
%
PC and other
113.1
8
%
152.1
11
%
Total Net Bookings
$
1,348.8
100.0
%
$
1,393.4
100
%
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in millions)
Twelve Months Ended
March 31, 2024
Twelve Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by geographic region
United States
$
3,279.2
61
%
$
3,360.0
63
%
International
2,070.4
39
%
1,989.9
37
%
Total Net revenue
$
5,349.6
100
%
$
5,349.9
100
%
Net Bookings by geographic region
United States
$
3,247.4
61
%
$
3,303.3
63
%
International
2,085.6
39
%
1,980.3
37
%
Total Net Bookings
$
5,333.0
100
%
$
5,283.6
100
%
Twelve Months Ended
March 31, 2024
Twelve Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by distribution channel
Digital online
$
5,112.2
96
%
$
5,085.7
95
%
Physical retail and other
237.4
4
%
264.2
5
%
Total Net revenue
$
5,349.6
100
%
$
5,349.9
100
%
Net Bookings by distribution channel
Digital online
$
5,097.3
96
%
$
5,033.4
95
%
Physical retail and other
235.7
4
%
250.2
5
%
Total Net Bookings
$
5,333.0
100
%
$
5,283.6
100
%
Twelve Months Ended
March 31, 2024
Twelve Months Ended
March 31, 2023
Amount
% of total
Amount
% of total
Net revenue by platform
Mobile
$
2,748.0
51
%
$
2,538.6
47
%
Console
2,167.3
41
%
2,303.8
43
%
PC and other
434.3
8
%
507.5
10
%
Total Net revenue
$
5,349.6
100
%
$
5,349.9
100
%
Net Bookings by platform
Mobile
$
2,757.7
52
%
$
2,502.0
47
%
Console
2,149.8
40
%
2,257.6
43
%
PC and other
425.5
8
%
524.0
10
%
Total Net Bookings
$
5,333.0
100.0
%
$
5,283.6
100
%
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Three Months Ended March 31, 2024
Net revenue
Cost of revenue - Game intangibles
Cost of revenue- Product costs
Cost of revenue- Software development costs and royalties
Cost of revenue- Licenses
Cost of revenue- Internal royalties
Selling and marketing
As reported
$
1,399.4
$
474.7
$
210.7
$
88.2
$
78.6
$
78.1
$
448.8
Net effect from deferred revenue and related cost of revenue
(50.7
)
(0.3
)
(1.7
)
(1.4
)
Stock-based compensation
(3.9
)
(22.5
)
Amortization and impairment of acquired intangibles
(474.7
)
(1.6
)
(1.6
)
Three Months Ended March 31, 2024
General and administrative
Research and development
Depreciation and amortization
Goodwill impairment
Business reorganization
Interest and other, net
(Loss) gain on fair value adjustments, net
As reported
$
175.0
$
245.5
$
42.9
$
2,176.7
$
93.3
$
(24.6
)
$
(6.9
)
Net effect from deferred revenue and related cost of revenue
2.0
Stock-based compensation
(29.2
)
(25.0
)
Amortization and impairment of acquired intangibles
(7.2
)
(8.9
)
Acquisition related expenses
12.5
(0.5
)
(2,176.7
)
1.9
3.3
Impact of business reorganization
(93.3
)
Other
6.8
3.4
Three Months Ended March 31, 2023
Net revenue
Cost of revenue - Game intangibles
Cost of revenue - Product costs
Cost of revenue- Software development costs and royalties
Cost of revenue- Licenses
Cost of revenue- Internal royalties
Selling and marketing
As reported
$
1,446.2
$
669.6
$
188.0
$
186.1
$
74.8
$
104.5
$
423.4
Net effect from deferred revenue and related cost of revenue
(52.7
)
(1.9
)
1.7
(0.4
)
Stock-based compensation
(7.5
)
(19.0
)
Amortization and impairment of acquired intangibles
(669.6
)
(80.6
)
Three Months Ended March 31, 2023
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
(Loss) gain on fair value adjustments, net
As reported
$
218.9
$
232.4
$
36.3
$
14.6
$
(33.8
)
$
5.6
Net effect from deferred revenue and related cost of revenue
(0.6
)
Stock-based compensation
(24.9
)
(27.9
)
Amortization and impairment of acquired intangibles
(7.2
)
(9.4
)
Acquisition related expenses
(46.3
)
(2.2
)
1.9
(5.6
)
Impact of business reorganization
(14.6
)
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Twelve Months Ended March 31, 2024
Net revenue
Cost of revenue - Game intangibles
Cost of revenue - Product costs
Cost of revenue- Software development costs and royalties
Cost of revenue- Licenses
Cost of revenue- Internal royalties
Selling and marketing
As reported
$
5,349.6
$
1,301.1
$
756.6
$
346.7
$
305.8
$
397.6
$
1,550.2
Net effect from deferred revenue and related cost of revenue
(16.7
)
0.6
1.2
(1.8
)
Stock-based compensation
(24.4
)
(95.3
)
Amortization and impairment of acquired intangibles
(1,301.1
)
(2.4
)
(51.0
)
Acquisition related expenses
10.0
(0.2
)
Twelve Months Ended March 31, 2024
General and administrative
Research and development
Depreciation and amortization
Goodwill impairment
Business reorganization
Interest and other, net
(Loss) gain on fair value adjustments, net
As reported
$
716.1
$
948.2
$
171.2
$
2,342.1
$
104.6
$
(103.6
)
$
(8.6
)
Net effect from deferred revenue and related cost of revenue
2.0
Stock-based compensation
(111.5
)
(104.4
)
Amortization and impairment of acquired intangibles
(28.7
)
(35.7
)
(2,342.1
)
Acquisition related expenses
(4.6
)
(3.5
)
(1.4
)
0.5
6.4
Impact of business reorganization
(104.6
)
Other
26.7
1.9
Twelve Months Ended March 31, 2023
Net revenue
Cost of revenue - Game intangibles
Cost of revenue - Product costs
Cost of goods revenue- Software development costs and royalties
Cost of revenue - Licenses
Cost of revenue - Internal royalties
Selling and marketing
As reported
$
5,349.9
$
1,169.7
$
714.0
435.1
$
306.9
$
438.9
$
1,586.5
Net effect from deferred revenue and related cost of revenue
(66.4
)
(2.2
)
14.6
2.1
Stock-based compensation
9.5
(95.2
)
Amortization and impairment of acquired intangibles
(1,169.7
)
(277.1
)
Acquisition related expenses
(8.0
)
Twelve Months Ended March 31, 2023
General and administrative
Research and development
Depreciation and amortization
Business reorganization
Interest and other, net
(Loss) gain on fair value adjustments, net
As reported
$
839.5
$
887.6
$
122.3
$
14.6
$
(141.9
)
$
(31.0
)
Net effect from deferred revenue and related cost of revenue
0.7
Stock-based compensation
(115.5
)
(116.6
)
Amortization and impairment of acquired intangibles
(24.6
)
(33.5
)
Acquisition related expenses
(187.0
)
(17.4
)
26.3
31.0
Impact of business reorganization
(14.6
)
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
Twelve Months Ended March 31,
2024
2023
Net cash from operating activities
$
(16.1
)
$
1.1
Net change in Restricted cash (1)
58.1
54.6
Adjusted Unrestricted Operating Cash Flow
$
42.0
$
55.7
Twelve Months Ended March 31,
2024
2023
Restricted cash beginning of period
$
407.2
$
463.3
Restricted cash end of period
348.0
407.2
Restricted cash related to acquisitions
1.1
1.5
(1) Net change in Restricted cash
$
58.1
$
54.6
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
Three Months Ended March 31,
Twelve Months Ended March 31,
2024
2023
2024
2023
Net (loss) income
$
(2,903.0
)
$
(610.3
)
$
(3,744.2
)
$
(1,124.7
)
Provision for (benefit from) income taxes
158.4
(120.3
)
41.4
(213.4
)
Interest expense (income)
20.3
23.9
78.3
95.8
Depreciation and amortization
42.9
36.3
171.2
122.3
Amortization and impairment of acquired intangibles
485.1
757.4
1,383.2
1471.4
Goodwill impairment
2,176.7
—
2,342.1
—
EBITDA
$
(19.6
)
$
87.0
$
272.0
$
351.4
Outlook
Fiscal Year Ending March 31, 2025
Net loss
$(674) to $(606)
Provision for income taxes
$143 to $129
Interest expense
$100
Depreciation
$150
Amortization of acquired intangibles
$710
EBITDA
$429 to $483
Outlook
Three Months Ended June 30, 2024
Net loss
$(272) to $(245)
Provision for income taxes
$58 to $52
Interest expense
$25
Depreciation
$36
Amortization of acquired intangibles
$179
EBITDA
$26 to $47
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516922240/en/
(Investor Relations) Nicole Shevins Senior Vice President Investor Relations & Corporate Communications Take-Two Interactive Software, Inc. (646) 536-3005 Nicole.Shevins@take2games.com
(Corporate Press) Alan Lewis Vice President Corporate Communications & Public Affairs Take-Two Interactive Software, Inc. (646) 536-2983 Alan.Lewis@take2games.com
1 Year TakeTwo Interactive Soft... Chart |
1 Month TakeTwo Interactive Soft... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions