Take-Two Interactive Software, Inc. Reports Results for Fiscal Second Quarter 2025
Take-Two Interactive Software reported fiscal Q2 2025 results, ending September 30, 2024, with Net Bookings of $1.47 billion, driven by Grand Theft Auto and Borderlands franchises. GAAP net revenue increased 4% to $1.35 billion, while recurrent consumer spending grew 8%, accounting for 80% of total GAAP net revenue. Despite these gains, the company posted a GAAP net loss of $365.5 million, or $2.08 per share, down from $543.6 million, or $3.20 per share, the previous year.
Take-Two reiterated its fiscal year 2025 Net Bookings guidance of $5.55 to $5.65 billion and expressed confidence in achieving record levels in fiscal years 2026 and 2027. Upcoming titles include Grand Theft Auto VI, Borderlands 4, and Mafia: The Old Country. For FY 2025, the company projects total net revenue between $5.57 to $5.67 billion and a net loss per share of $4.80 to $4.43.
Take-Two Interactive Software ha riportato i risultati del secondo trimestre fiscale 2025, terminato il 30 settembre 2024, con Entrate Netta di 1,47 miliardi di dollari, sostenute dai franchise di Grand Theft Auto e Borderlands. Le entrate nette GAAP sono aumentate del 4% a 1,35 miliardi di dollari, mentre la spesa dei consumatori ricorrenti è cresciuta dell'8%, rappresentando l'80% delle entrate nette GAAP totali. Nonostante questi guadagni, l'azienda ha registrato una perdita netta GAAP di 365,5 milioni di dollari, ovvero 2,08 dollari per azione, in calo rispetto a 543,6 milioni di dollari, o 3,20 dollari per azione, dell'anno precedente.
Take-Two ha ribadito la sua guida per le Entrate Nette del fiscal year 2025 di 5,55-5,65 miliardi di dollari e ha espresso fiducia nel raggiungere livelli record nei fiscal year 2026 e 2027. I prossimi titoli includono Grand Theft Auto VI, Borderlands 4 e Mafia: The Old Country. Per l'anno fiscale 2025, l'azienda prevede un fatturato totale netto compreso tra 5,57 e 5,67 miliardi di dollari e una perdita netta per azione di 4,80-4,43 dollari.
Take-Two Interactive Software informó los resultados del segundo trimestre fiscal de 2025, que terminó el 30 de septiembre de 2024, con Ingresos Netos de 1.47 mil millones de dólares, impulsados por las franquicias de Grand Theft Auto y Borderlands. Los ingresos netos GAAP aumentaron un 4% a 1.35 mil millones de dólares, mientras que el gasto recurrente de los consumidores creció un 8%, representando el 80% del total de ingresos netos GAAP. A pesar de estas ganancias, la empresa reportó una pérdida neta GAAP de 365.5 millones de dólares, o 2.08 dólares por acción, una reducción respecto a los 543.6 millones de dólares, o 3.20 dólares por acción, del año anterior.
Take-Two reiteró su proyección de Ingresos Netos para el año fiscal 2025, que oscila entre 5.55 y 5.65 mil millones de dólares, y expresó confianza en alcanzar niveles récord en los años fiscales 2026 y 2027. Los próximos títulos incluyen Grand Theft Auto VI, Borderlands 4 y Mafia: The Old Country. Para el año fiscal 2025, la empresa proyecta ingresos netos totales entre 5.57 y 5.67 mil millones de dólares y una pérdida neta por acción de 4.80 a 4.43 dólares.
Take-Two Interactive Software는 2025 회계연도 2분기 결과를 발표했습니다. 2024년 9월 30일 종료 기준 순 매출은 14억 7천만 달러로, Grand Theft Auto 및 Borderlands 프랜차이즈에 의해 주도되었습니다. GAAP 기준 순 수익은 4% 증가하여 13억 5천만 달러에 달했으며, 반복 소비자 지출은 8% 증가하여 총 GAAP 순 수익의 80%를 차지했습니다. 이러한 증가에도 불구하고 회사는 3억 6천 5백만 달러, 주당 2.08달러의 GAAP 순 손실을 기록했으며, 이는 전년의 5억 4천 3백 6십만 달러, 주당 3.20달러에서 감소한 수치입니다.
Take-Two는 2025 회계연도 순 매출 예상치를 55억 5천만에서 56억 5천만 달러로 재확인하며, 2026 및 2027 회계연도에 기록적인 수준에 도달할 것이라 자신하고 있습니다. 다가오는 타이틀로는 Grand Theft Auto VI, Borderlands 4, Mafia: The Old Country가 있습니다. 2025 회계연도를 위해 회사는 총 순 수익을 55억 7천만에서 56억 7천만 달러로 예상하며, 주당 순 손실은 4.80달러에서 4.43달러에 이를 것으로 보입니다.
Take-Two Interactive Software a rapporté les résultats du deuxième trimestre fiscal 2025, se terminant le 30 septembre 2024, avec des Encaissements Nets de 1,47 milliard de dollars, soutenus par les franchises Grand Theft Auto et Borderlands. Le revenu net GAAP a augmenté de 4% pour atteindre 1,35 milliard de dollars, tandis que les dépenses récurrentes des consommateurs ont augmenté de 8%, représentant 80% du revenu net GAAP total. Malgré ces gains, l'entreprise a affiché une perte nette GAAP de 365,5 millions de dollars, soit 2,08 dollars par action, en baisse par rapport à 543,6 millions de dollars, ou 3,20 dollars par action, l'année précédente.
Take-Two a réitéré ses prévisions d'Encaissements Nets pour l'année fiscale 2025, qui se situent entre 5,55 et 5,65 milliards de dollars, et a exprimé sa confiance d'atteindre des niveaux records au cours des années fiscales 2026 et 2027. Les titres à venir incluent Grand Theft Auto VI, Borderlands 4 et Mafia: The Old Country. Pour l'exercice 2025, l'entreprise prévoit un revenu net total compris entre 5,57 et 5,67 milliards de dollars et une perte nette par action de 4,80 à 4,43 dollars.
Take-Two Interactive Software hat die Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 bekannt gegeben, das am 30. September 2024 endete, mit Netto-Buchungen von 1,47 Milliarden Dollar, die durch die Franchise von Grand Theft Auto und Borderlands vorangetrieben wurden. Der GAAP-Nettoumsatz stieg um 4% auf 1,35 Milliarden Dollar, während die wiederkehrenden Konsumausgaben um 8% wuchsen und 80% des gesamten GAAP-Nettoumsatzes ausmachten. Trotz dieser Gewinne verzeichnete das Unternehmen einen GAAP-Nettoverlust von 365,5 Millionen Dollar, was 2,08 Dollar pro Aktie entspricht, und damit einen Rückgang gegenüber 543,6 Millionen Dollar oder 3,20 Dollar pro Aktie im Vorjahr.
Take-Two bekräftigte seine Umsatzprognose für das Geschäftsjahr 2025 von 5,55 bis 5,65 Milliarden Dollar und äußerte Vertrauen, in den Geschäftsjahren 2026 und 2027 Rekordwerte zu erreichen. Zu den kommenden Titeln gehören Grand Theft Auto VI, Borderlands 4 und Mafia: The Old Country. Für das Geschäftsjahr 2025 prognostiziert das Unternehmen einen Gesamtumsatz zwischen 5,57 und 5,67 Milliarden Dollar und einen Nettoverlust pro Aktie von 4,80 bis 4,43 Dollar.
- Net Bookings of $1.47 billion, driven by Grand Theft Auto and Borderlands.
- GAAP net revenue increased 4% to $1.35 billion.
- Recurrent consumer spending grew 8%, accounting for 80% of GAAP net revenue.
- Reiterated FY 2025 Net Bookings guidance of $5.55 to $5.65 billion.
- Upcoming titles include Grand Theft Auto VI, Borderlands 4, and Mafia: The Old Country.
- GAAP net loss of $365.5 million, or $2.08 per share.
- Projected FY 2025 net loss per share between $4.80 to $4.43.
Company updates fiscal year 2025 outlook and reiterates expectation for Net Bookings of
Management Comments
“I am pleased to report that we delivered strong second quarter results. Our Net Bookings of
“Our execution has been consistent, and our teams continue to make great progress advancing our development pipeline. Accordingly, we are reiterating our fiscal year 2025 Net Bookings guidance range of
“As we look ahead, we believe that Take-Two remains exceedingly well-positioned for the long-term. Our vision is clear, our talent is unparalleled, and we have one of the strongest portfolios of owned intellectual property in our industry. With many exciting new titles coming in Fiscal 2026 – including Grand Theft Auto VI in the fall, Borderlands 4 and Mafia: The Old Country – we expect to create long-term value for our shareholders.”
Second Quarter Fiscal 2025 Financial and Operational Highlights
-
Total Net Bookings* grew
2% to$1.47 billion $1.44 billion -
Net Bookings from recurrent consumer spending** grew
6% and accounted for81% of total Net Bookings. - The largest contributors to Net Bookings were NBA® 2K25 and NBA 2K24, Grand Theft Auto® Online and Grand Theft Auto V, Toon Blast™, our hyper-casual mobile portfolio, Match Factory!™, Empires & Puzzles™, Words With Friends™, Red Dead Redemption® 2 and Red Dead Online, and Toy Blast™.
-
Net Bookings from recurrent consumer spending** grew
-
GAAP net revenue increased
4% to$1.35 billion $1.30 billion -
Recurrent consumer spending** increased
8% and accounted for80% of total GAAP net revenue. - The largest contributors to GAAP net revenue were NBA 2K24 and NBA 2K25, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, Match Factory!, our hyper-casual mobile portfolio, Red Dead Redemption 2 and Red Dead Online, Words With Friends, and Merge Dragons!.
-
Recurrent consumer spending** increased
-
GAAP net loss was
$365.5 million $2.08 $543.6 million $3.20
* 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.
Second Quarter Fiscal 2025 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:
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Three Months Ended September 30, 2024 |
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Financial Data |
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in millions |
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Statement of
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Change in deferred
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Stock-based
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Amortization
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Business
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Business
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Other (a) |
GAAP |
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Total net revenue |
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121.9 |
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Cost of revenue |
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625.2 |
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11.5 |
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(3.1) |
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(174.1) |
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Gross profit |
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727.9 |
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110.4 |
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3.1 |
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174.1 |
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Operating expenses |
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1,025.1 |
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(83.1) |
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(17.9) |
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(16.8) |
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(53.7) |
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(Loss) income from operations |
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(297.2) |
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110.4 |
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86.2 |
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192.0 |
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16.8 |
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53.7 |
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Interest and other, net |
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(25.9) |
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(1.5) |
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2.2 |
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5.2 |
(Loss) gain on fair value adjustments, net |
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(1.2) |
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0.4 |
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0.8 |
(Loss) income before income taxes |
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(324.3) |
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108.9 |
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86.2 |
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192.0 |
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16.8 |
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56.3 |
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6.0 |
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Non-GAAP |
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EBITDA |
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(75.5) |
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110.4 |
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86.2 |
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16.8 |
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52.7 |
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6.0 |
Note: For management reporting purposes, the table above assumes a management tax rate of
(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the
Outlook for Fiscal Year 2025
Take-Two is revising its outlook for the fiscal year ending March 31, 2025 and providing its initial outlook for its fiscal third quarter ending December 31, 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:
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Fiscal Year Ending March 31, 2025 |
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Financial Data |
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$ in millions except for per share amounts |
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Outlook (1) |
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Change in
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Stock-based
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Amortization of
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Business
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GAAP |
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Total net revenue |
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Cost of revenue |
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Operating expenses |
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Interest and other, net |
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(Loss) income before income taxes |
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Net loss |
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Net loss per share |
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Net cash provided by operating activities |
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approximately |
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Capital expenditures |
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approximately |
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Non-GAAP |
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EBITDA |
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Adjusted Unrestricted Operating Cash Flow |
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approximately |
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Operational metric |
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Net Bookings |
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-
Management reporting tax rate anticipated to be
18% - Share count used to calculate GAAP net loss per share is expected to be 174.9 million
- Share count used to calculate management reporting diluted net income per share is expected to be 177.4 million
(a) Other includes adjustments for (i) business acquisition expenses, (ii) the revaluation of the Turkish Lira against the
Fiscal Third Quarter Ending December 31, 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:
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Three Months Ending December 31, 2024 |
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Financial Data |
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$ in millions except for per share amounts |
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Outlook (1) |
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Change in deferred
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Stock-based
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Amortization of
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Business
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GAAP |
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Total net revenue |
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Cost of revenue |
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Operating expenses |
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Interest and other, net |
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(Loss) income before income taxes |
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Net loss |
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Net loss per share |
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Non-GAAP |
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EBITDA |
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Operational metric |
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Net Bookings |
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-
Management reporting tax rate anticipated to be
18% - Share count used to calculate GAAP net loss per share is expected to be 174.5 million
- Share count used to calculate management reporting diluted net income per share is expected to be 178.2 million
| 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 July 1, 2024:
Label |
Product |
Platforms |
Release Date |
Zynga |
Game of Thrones: Legends |
iOs, Android |
July 25, 2024 |
2K |
NBA 2K25 |
PS5, PS4, Xbox Series X|S Xbox One, PC, Switch |
September 6, 2024 |
Rockstar Games |
Red Dead Redemption and Undead Nightmare |
PC |
October 29, 2024 |
Take-Two's future lineup announced to-date includes:
Label |
Product |
Platforms |
Release Date |
2K |
Sid Meier's Civilization VII |
PS5, PS4, Xbox Series X|S, Xbox One, PC, Switch |
February 11, 2025 |
2K |
WWE 2K25 |
TBA |
Q4 Fiscal 2025 |
Rockstar Games |
Grand Theft Auto VI |
PS5, Xbox Series X|S |
Fall of calendar 2025 |
2K |
Borderlands 4 |
PS5, Xbox Series X|S, PC |
Fiscal 2026 |
2K |
Mafia: The Old Country |
PS5, Xbox Series X|S, PC |
Fiscal 2026 |
Zynga |
CSR Racing 3 |
iOS, Android |
TBA |
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 (800) 245-3047 or (203) 518-9765 (conference ID; TAKETWO). 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
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 Quarterly Report on Form 10−Q for the period ended September 30, 2024.
About Take-Two Interactive Software
Headquartered in
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. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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(in millions, except per share amounts) |
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Net revenue: |
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Game |
|
$ |
1,233.9 |
|
|
$ |
1,128.6 |
|
|
$ |
2,450.6 |
|
|
$ |
2,224.7 |
|
Advertising |
|
|
119.2 |
|
|
|
170.6 |
|
|
|
240.7 |
|
|
|
359.2 |
|
Total net revenue |
|
|
1,353.1 |
|
|
|
1,299.2 |
|
|
|
2,691.3 |
|
|
|
2,583.9 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
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Product costs |
|
|
212.5 |
|
|
|
175.7 |
|
|
|
415.8 |
|
|
|
354.6 |
|
Game intangibles |
|
|
173.4 |
|
|
|
409.4 |
|
|
|
336.9 |
|
|
|
596.3 |
|
Software development costs and royalties |
|
|
64.9 |
|
|
|
83.1 |
|
|
|
141.1 |
|
|
|
198.8 |
|
Internal royalties |
|
|
77.2 |
|
|
|
112.8 |
|
|
|
146.2 |
|
|
|
185.4 |
|
Licenses |
|
|
97.2 |
|
|
|
102.8 |
|
|
|
152.3 |
|
|
|
154.2 |
|
Total cost of revenue |
|
|
625.2 |
|
|
|
883.8 |
|
|
|
1,192.3 |
|
|
|
1,489.3 |
|
Gross profit |
|
|
727.9 |
|
|
|
415.4 |
|
|
|
1,499.0 |
|
|
|
1,094.6 |
|
Selling and marketing |
|
|
461.3 |
|
|
|
334.6 |
|
|
|
892.7 |
|
|
|
734.0 |
|
Research and development |
|
|
246.7 |
|
|
|
232.1 |
|
|
|
466.5 |
|
|
|
470.7 |
|
General and administrative |
|
|
253.0 |
|
|
|
178.3 |
|
|
|
463.5 |
|
|
|
376.2 |
|
Depreciation and amortization |
|
|
47.3 |
|
|
|
45.3 |
|
|
|
92.1 |
|
|
|
85.7 |
|
Goodwill impairment |
|
|
— |
|
|
|
165.4 |
|
|
|
— |
|
|
|
165.4 |
|
Business reorganization |
|
|
16.8 |
|
|
|
3.4 |
|
|
|
66.3 |
|
|
|
10.6 |
|
Total operating expenses |
|
|
1,025.1 |
|
|
|
959.1 |
|
|
|
1,981.1 |
|
|
|
1,842.6 |
|
Loss from operations |
|
|
(297.2 |
) |
|
|
(543.7 |
) |
|
|
(482.1 |
) |
|
|
(748.0 |
) |
Interest and other, net |
|
|
(25.9 |
) |
|
|
(31.1 |
) |
|
|
(50.1 |
) |
|
|
(56.5 |
) |
Loss on fair value adjustments, net |
|
|
(1.2 |
) |
|
|
(2.2 |
) |
|
|
(4.3 |
) |
|
|
(1.4 |
) |
Loss before income taxes |
|
|
(324.3 |
) |
|
|
(577.0 |
) |
|
|
(536.5 |
) |
|
|
(805.9 |
) |
Provision for (benefit from) income taxes |
|
|
41.2 |
|
|
|
(33.4 |
) |
|
|
91.0 |
|
|
|
(56.3 |
) |
Net loss |
|
$ |
(365.5 |
) |
|
$ |
(543.6 |
) |
|
$ |
(627.5 |
) |
|
$ |
(749.6 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per share |
|
$ |
(2.08 |
) |
|
$ |
(3.20 |
) |
|
$ |
(3.61 |
) |
|
$ |
(4.42 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
175.4 |
|
|
|
169.9 |
|
|
|
173.8 |
|
|
|
169.6 |
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in millions, except per share amounts) |
||||||||
|
|
September 30, 2024 |
|
March 31, 2024 |
||||
|
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
876.1 |
|
|
$ |
754.0 |
|
Short-term investments |
|
|
3.5 |
|
|
|
22.0 |
|
Restricted cash and cash equivalents |
|
|
357.5 |
|
|
|
252.1 |
|
Accounts receivable, net of allowances of |
|
|
858.9 |
|
|
|
679.7 |
|
Software development costs and licenses |
|
|
96.9 |
|
|
|
88.3 |
|
Contract assets |
|
|
79.4 |
|
|
|
85.0 |
|
Prepaid expenses and other |
|
|
433.4 |
|
|
|
378.6 |
|
Total current assets |
|
|
2,705.7 |
|
|
|
2,259.7 |
|
Fixed assets, net |
|
|
433.5 |
|
|
|
411.1 |
|
Right-of-use assets |
|
|
336.6 |
|
|
|
325.7 |
|
Software development costs and licenses, net of current portion |
|
|
1,731.2 |
|
|
|
1,446.5 |
|
Goodwill |
|
|
4,648.7 |
|
|
|
4,426.4 |
|
Other intangibles, net |
|
|
2,896.5 |
|
|
|
3,060.6 |
|
Long-term restricted cash and cash equivalents |
|
|
86.0 |
|
|
|
95.9 |
|
Other assets |
|
|
237.1 |
|
|
|
191.0 |
|
Total assets |
|
$ |
13,075.3 |
|
|
$ |
12,216.9 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
177.1 |
|
|
$ |
195.9 |
|
Accrued expenses and other current liabilities |
|
|
1,300.3 |
|
|
|
1,062.6 |
|
Deferred revenue |
|
|
1,064.9 |
|
|
|
1,059.5 |
|
Lease liabilities |
|
|
59.0 |
|
|
|
63.8 |
|
Short-term debt, net |
|
|
599.2 |
|
|
|
24.6 |
|
Total current liabilities |
|
|
3,200.5 |
|
|
|
2,406.4 |
|
Long-term debt, net |
|
|
3,055.9 |
|
|
|
3,058.3 |
|
Non-current deferred revenue |
|
|
34.7 |
|
|
|
42.9 |
|
Non-current lease liabilities |
|
|
398.3 |
|
|
|
387.3 |
|
Non-current software development royalties |
|
|
91.2 |
|
|
|
102.1 |
|
Deferred tax liabilities, net |
|
|
281.9 |
|
|
|
340.9 |
|
Other long-term liabilities |
|
|
214.3 |
|
|
|
211.1 |
|
Total liabilities |
|
$ |
7,276.8 |
|
|
$ |
6,549.0 |
|
Stockholders' equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
2.0 |
|
|
|
1.9 |
|
Additional paid-in capital |
|
|
10,063.4 |
|
|
|
9,371.6 |
|
Treasury stock, at cost; 23.7 and 23.7 common shares at September 30, 2024 and March 31, 2024, respectively |
|
|
(1,020.6 |
) |
|
|
(1,020.6 |
) |
Accumulated deficit |
|
|
(3,207.4 |
) |
|
|
(2,579.9 |
) |
Accumulated other comprehensive loss |
|
|
(38.9 |
) |
|
|
(105.1 |
) |
Total stockholders' equity |
|
$ |
5,798.5 |
|
|
$ |
5,667.9 |
|
Total liabilities and stockholders' equity |
|
$ |
13,075.3 |
|
|
$ |
12,216.9 |
|
TAKE-TWO INTERACTIVE SOFTWARE, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
(in millions) |
||||||||
|
|
|
|
|
||||
|
|
Six Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(627.5 |
) |
|
$ |
(749.6 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Amortization and impairment of software development costs and licenses |
|
|
139.6 |
|
|
|
108.1 |
|
Stock-based compensation |
|
|
161.5 |
|
|
|
169.1 |
|
Noncash lease expense |
|
|
31.3 |
|
|
|
32.7 |
|
Amortization and impairment of intangibles |
|
|
374.1 |
|
|
|
676.8 |
|
Depreciation |
|
|
74.0 |
|
|
|
67.9 |
|
Goodwill impairment |
|
|
— |
|
|
|
165.4 |
|
Interest expense |
|
|
80.4 |
|
|
|
71.4 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
(7.7 |
) |
Fair value adjustments |
|
|
4.3 |
|
|
|
1.4 |
|
Other, net |
|
|
5.9 |
|
|
|
28.8 |
|
Changes in assets and liabilities, net of effect from purchases of businesses: |
|
|
|
|
||||
Accounts receivable |
|
|
(169.6 |
) |
|
|
(52.2 |
) |
Software development costs and licenses |
|
|
(362.8 |
) |
|
|
(300.7 |
) |
Prepaid expenses and other current and other non-current assets |
|
|
22.1 |
|
|
|
(44.5 |
) |
Deferred revenue |
|
|
(4.6 |
) |
|
|
65.3 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
(48.1 |
) |
|
|
(162.4 |
) |
Net cash (used in) provided by operating activities |
|
|
(319.4 |
) |
|
|
69.8 |
|
Investing activities: |
|
|
|
|
||||
Change in bank time deposits |
|
|
18.5 |
|
|
|
12.5 |
|
Sale and maturities of available-for-sale securities |
|
|
— |
|
|
|
131.0 |
|
Purchases of fixed assets |
|
|
(71.9 |
) |
|
|
(59.9 |
) |
Purchases of long-term investments |
|
|
(14.7 |
) |
|
|
(6.5 |
) |
Business acquisitions |
|
|
9.4 |
|
|
|
(13.0 |
) |
Other |
|
|
(9.3 |
) |
|
|
(3.8 |
) |
Net cash (used in) provided by investing activities |
|
|
(68.0 |
) |
|
|
60.3 |
|
Financing activities: |
|
|
|
|
||||
Tax payment related to net share settlements on restricted stock awards |
|
|
— |
|
|
|
(57.1 |
) |
Issuance of common stock |
|
|
23.8 |
|
|
|
18.8 |
|
Payment for settlement of convertible notes |
|
|
(8.3 |
) |
|
|
— |
|
Proceeds from issuance of debt |
|
|
598.9 |
|
|
|
999.3 |
|
Cost of debt |
|
|
(5.4 |
) |
|
|
(7.5 |
) |
Repayment of debt |
|
|
— |
|
|
|
(989.6 |
) |
Payment of contingent earn-out consideration |
|
|
(12.0 |
) |
|
|
(35.0 |
) |
Net cash provided by (used in) financing activities |
|
|
597.0 |
|
|
|
(71.1 |
) |
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents |
|
|
8.0 |
|
|
|
(7.4 |
) |
Net change in cash, cash equivalents, and restricted cash and cash equivalents |
|
|
217.6 |
|
|
|
51.6 |
|
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1) |
|
|
1,102.0 |
|
|
|
1,234.6 |
|
Cash, cash equivalents, and restricted cash and cash equivalents, end of period (1) |
|
$ |
1,319.6 |
|
|
$ |
1,286.2 |
|
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our Condensed 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 Condensed 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
|
|
Three Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
814.5 |
|
60 |
% |
|
$ |
795.6 |
|
61 |
% |
International |
|
|
538.6 |
|
40 |
% |
|
|
503.6 |
|
39 |
% |
Total Net revenue |
|
$ |
1,353.1 |
|
100 |
% |
|
$ |
1,299.2 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
914.4 |
|
62 |
% |
|
$ |
915.8 |
|
63 |
% |
International |
|
|
560.5 |
|
38 |
% |
|
|
529.1 |
|
37 |
% |
Total Net Bookings |
|
$ |
1,474.9 |
|
100 |
% |
|
$ |
1,444.9 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
1,300.0 |
|
96 |
% |
|
$ |
1,239.7 |
|
95 |
% |
Physical retail and other |
|
|
53.1 |
|
4 |
% |
|
|
59.5 |
|
5 |
% |
Total Net revenue |
|
$ |
1,353.1 |
|
100 |
% |
|
$ |
1,299.2 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
1,417.2 |
|
96 |
% |
|
$ |
1,371.6 |
|
95 |
% |
Physical retail and other |
|
|
57.7 |
|
4 |
% |
|
|
73.3 |
|
5 |
% |
Total Net Bookings |
|
$ |
1,474.9 |
|
100 |
% |
|
$ |
1,444.9 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by platform |
|
|
|
|
|
|
|
|
||||
Mobile |
|
$ |
740.2 |
|
55 |
% |
|
$ |
646.2 |
|
50 |
% |
Console |
|
|
491.1 |
|
36 |
% |
|
|
546.7 |
|
42 |
% |
PC and other |
|
|
121.8 |
|
9 |
% |
|
|
106.3 |
|
8 |
% |
Total Net revenue |
|
$ |
1,353.1 |
|
100 |
% |
|
$ |
1,299.2 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by platform |
|
|
|
|
|
|
|
|
||||
Mobile |
|
$ |
723.0 |
|
49 |
% |
|
$ |
661.9 |
|
46 |
% |
Console |
|
|
622.3 |
|
42 |
% |
|
|
678.9 |
|
47 |
% |
PC and other |
|
|
129.6 |
|
9 |
% |
|
|
104.1 |
|
7 |
% |
Total Net Bookings |
|
$ |
1,474.9 |
|
100 |
% |
|
$ |
1,444.9 |
|
100 |
% |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES |
||||||||||||
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix |
||||||||||||
(in millions) |
||||||||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,635.0 |
|
61 |
% |
|
$ |
1,599.5 |
|
62 |
% |
International |
|
|
1,056.3 |
|
39 |
% |
|
|
984.4 |
|
38 |
% |
Total Net revenue |
|
$ |
2,691.3 |
|
100 |
% |
|
$ |
2,583.9 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by geographic region |
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,642.9 |
|
61 |
% |
|
$ |
1,642.0 |
|
62 |
% |
International |
|
|
1,050.2 |
|
39 |
% |
|
|
1,004.5 |
|
38 |
% |
Total Net Bookings |
|
$ |
2,693.1 |
|
100 |
% |
|
$ |
2,646.5 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
2,595.5 |
|
96 |
% |
|
$ |
2,479.7 |
|
96 |
% |
Physical retail and other |
|
|
95.8 |
|
4 |
% |
|
|
104.2 |
|
4 |
% |
Total Net revenue |
|
$ |
2,691.3 |
|
100 |
% |
|
$ |
2,583.9 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by distribution channel |
|
|
|
|
|
|
|
|
||||
Digital online |
|
$ |
2,604.5 |
|
97 |
% |
|
$ |
2,537.3 |
|
96 |
% |
Physical retail and other |
|
|
88.6 |
|
3 |
% |
|
|
109.2 |
|
4 |
% |
Total Net Bookings |
|
$ |
2,693.1 |
|
100 |
% |
|
$ |
2,646.5 |
|
100 |
% |
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
|
Amount |
|
% of total |
|
Amount |
|
% of total |
||||
Net revenue by platform |
|
|
|
|
|
|
|
|
||||
Mobile |
|
$ |
1,462.7 |
|
55 |
% |
|
$ |
1,326.2 |
|
51 |
% |
Console |
|
|
1,000.0 |
|
37 |
% |
|
|
1,051.0 |
|
41 |
% |
PC and other |
|
|
228.6 |
|
8 |
% |
|
|
206.7 |
|
8 |
% |
Total Net revenue |
|
$ |
2,691.3 |
|
100 |
% |
|
$ |
2,583.9 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
||||
Net Bookings by platform |
|
|
|
|
|
|
|
|
||||
Mobile |
|
$ |
1,432.4 |
|
53 |
% |
|
$ |
1,351.5 |
|
52 |
% |
Console |
|
|
1,027.7 |
|
38 |
% |
|
|
1,098.1 |
|
41 |
% |
PC and other |
|
|
233.0 |
|
9 |
% |
|
|
196.9 |
|
7 |
% |
Total Net Bookings |
|
$ |
2,693.1 |
|
100.0 |
% |
|
$ |
2,646.5 |
|
100 |
% |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES |
|||||||||||||||||||||||||||
ADDITIONAL DATA |
|||||||||||||||||||||||||||
(in millions) |
|||||||||||||||||||||||||||
Three Months Ended September 30, 2024 |
Net revenue |
|
Cost of
|
|
Cost of
|
|
Cost of revenue-
|
|
Cost of revenue-
|
|
Cost of
|
|
|
||||||||||||||
As reported |
$ |
1,353.1 |
|
|
$ |
212.5 |
|
|
$ |
173.4 |
|
|
$ |
64.9 |
|
|
$ |
77.2 |
|
|
$ |
97.2 |
|
|
|
||
Net effect from deferred revenue and related cost of revenue |
|
121.9 |
|
|
|
0.8 |
|
|
|
|
|
9.8 |
|
|
|
|
|
0.9 |
|
|
|
||||||
Stock-based compensation |
|
|
|
|
|
|
|
(3.1 |
) |
|
|
|
|
|
|
||||||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(0.7 |
) |
|
|
(173.4 |
) |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended September 30, 2024 |
Selling and
|
|
Research and
|
|
General and
|
|
Depreciation and
|
|
Business
|
|
Interest and
|
|
(Loss) gain on
|
||||||||||||||
As reported |
$ |
461.3 |
|
|
$ |
246.7 |
|
|
$ |
253.0 |
|
|
$ |
47.3 |
|
|
|
16.8 |
|
|
$ |
(25.9 |
) |
|
$ |
(1.2 |
) |
Net effect from deferred revenue and related cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
(1.5 |
) |
|
|
||||||||||||
Stock-based compensation |
|
(24.5 |
) |
|
|
(26.2 |
) |
|
|
(32.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
(1.5 |
) |
|
|
(7.2 |
) |
|
|
|
|
(9.2 |
) |
|
|
|
|
|
|
||||||||
Acquisition related expenses |
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(52.9 |
) |
|
|
|
|
|
|
2.2 |
|
|
|
0.4 |
|
||||
Impact of business reorganization |
|
|
|
|
|
|
|
|
|
(16.8 |
) |
|
|
|
|
||||||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
5.2 |
|
|
|
0.8 |
|
||||||||||
Three Months Ended September 30, 2023 |
Net revenue |
|
Cost of revenue
|
|
Cost of revenue
|
|
Cost of revenue-
|
|
Cost of revenue-
|
|
Cost of
|
|
Selling and
|
||||||||||||||
As reported |
$ |
1,299.2 |
|
|
$ |
409.4 |
|
|
$ |
175.7 |
|
|
$ |
83.1 |
|
|
$ |
112.8 |
|
|
$ |
102.8 |
|
|
$ |
334.6 |
|
Net effect from deferred revenue and related cost of revenue |
|
145.7 |
|
|
|
|
|
1.3 |
|
|
|
9.7 |
|
|
|
|
|
(1.3 |
) |
|
|
||||||
Stock-based compensation |
|
|
|
|
|
|
|
(7.5 |
) |
|
|
|
|
|
|
(24.3 |
) |
||||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(409.4 |
) |
|
|
|
|
|
|
|
|
|
|
(1.6 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended September 30, 2023 |
Research and
|
|
General and
|
|
Depreciation
|
|
Goodwill impairment |
|
Business
|
|
Interest and
|
|
(Loss) gain on
|
||||||||||||||
As reported |
$ |
232.1 |
|
|
$ |
178.3 |
|
|
$ |
45.3 |
|
|
$ |
165.4 |
|
|
$ |
3.4 |
|
|
$ |
(31.1 |
) |
|
$ |
(2.2 |
) |
Net effect from deferred revenue and related cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
1.2 |
|
|
|
||||||||||||
Stock-based compensation |
|
(28.9 |
) |
|
|
(29.4 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization and impairment of acquired intangibles |
|
(7.2 |
) |
|
|
|
|
(8.9 |
) |
|
|
|
|
|
|
|
|
||||||||||
Acquisition related expenses |
|
(0.5 |
) |
|
|
(2.7 |
) |
|
|
|
|
(165.4 |
) |
|
|
|
|
1.9 |
|
|
|
1.7 |
|
||||
Impact of business reorganization |
|
|
|
|
|
|
|
|
|
(3.4 |
) |
|
|
|
|
||||||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
1.9 |
|
|
|
0.3 |
|
||||||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES |
|||||||||||||||||||||||||||
ADDITIONAL DATA |
|||||||||||||||||||||||||||
(in millions) |
|||||||||||||||||||||||||||
Six Months Ended September 30, 2024 |
Net revenue |
|
Cost of revenue -
|
|
Cost of revenue -
|
|
Cost of revenue-
|
|
Cost of revenue-
|
|
Cost of revenue-
|
|
|
||||||||||||||
As reported |
$ |
2,691.3 |
|
|
$ |
336.9 |
|
|
$ |
415.8 |
|
|
$ |
141.1 |
|
|
$ |
146.2 |
|
|
$ |
152.3 |
|
|
|
||
Net effect from deferred revenue and related cost of revenue |
|
1.8 |
|
|
|
|
|
(2.4 |
) |
|
|
1.2 |
|
|
|
|
|
1.6 |
|
|
|
||||||
Stock-based compensation |
|
|
|
|
|
|
|
(6.0 |
) |
|
|
|
|
|
|
||||||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(336.9 |
) |
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended September 30, 2024 |
Selling and
|
|
Research and
|
|
General and
|
|
Depreciation
|
|
Business
|
|
Interest and
|
|
(Loss) gain on
|
||||||||||||||
As reported |
$ |
892.7 |
|
|
$ |
466.5 |
|
|
$ |
463.5 |
|
|
$ |
92.1 |
|
|
$ |
66.3 |
|
|
$ |
(50.1 |
) |
|
$ |
(4.3 |
) |
Net effect from deferred revenue and related cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
(0.8 |
) |
|
|
||||||||||||
Stock-based compensation |
|
(45.7 |
) |
|
|
(49.4 |
) |
|
|
(60.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Amortization and impairment of acquired intangibles |
|
(3.1 |
) |
|
|
(14.3 |
) |
|
|
|
|
(18.2 |
) |
|
|
|
|
|
|
||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
|
|
(66.3 |
) |
|
|
|
|
||||||||||||
Acquisition related expenses |
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(69.6 |
) |
|
|
|
|
|
|
4.2 |
|
|
|
1.1 |
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
|
7.2 |
|
|
|
3.2 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended September 30, 2023 |
Net revenue |
|
Cost of revenue -
|
|
Cost of revenue -
|
|
Cost of goods
|
|
Cost of revenue -
|
|
Cost of revenue -
|
|
Selling and
|
||||||||||||||
As reported |
$ |
2,583.9 |
|
|
$ |
596.3 |
|
|
$ |
354.6 |
|
|
$ |
198.8 |
|
|
$ |
185.4 |
|
|
$ |
154.2 |
|
|
$ |
734.0 |
|
Net effect from deferred revenue and related cost of revenue |
|
62.5 |
|
|
|
|
|
(1.0 |
) |
|
|
4.5 |
|
|
|
|
|
(0.7 |
) |
|
|
||||||
Stock-based compensation |
|
|
|
|
|
|
|
(14.2 |
) |
|
|
|
|
|
|
(48.9 |
) |
||||||||||
Amortization and impairment of acquired intangibles |
|
|
|
(596.3 |
) |
|
|
|
|
|
|
|
|
|
|
(47.9 |
) |
||||||||||
Acquisition related expenses |
|
|
|
|
|
|
|
|
|
|
|
10.0 |
|
|
|
(0.2 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended September 30, 2023 |
Research and
|
|
General and
|
|
Depreciation
|
|
Goodwill
|
|
Business
|
|
Interest and
|
|
(Loss) gain on
|
||||||||||||||
As reported |
$ |
470.7 |
|
|
$ |
376.2 |
|
|
$ |
85.7 |
|
|
$ |
165.4 |
|
|
$ |
10.6 |
|
|
$ |
(56.5 |
) |
|
$ |
(1.4 |
) |
Net effect from deferred revenue and related cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
1.8 |
|
|
|
||||||||||||
Stock-based compensation |
|
(52.5 |
) |
|
|
(53.5 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization and impairment of acquired intangibles |
|
(14.3 |
) |
|
|
|
|
(17.9 |
) |
|
|
|
|
|
|
|
|
||||||||||
Impact of business reorganization |
|
|
|
|
|
|
|
|
|
(10.6 |
) |
|
|
|
|
||||||||||||
Acquisition related expenses |
|
(2.2 |
) |
|
|
(28.0 |
) |
|
|
|
|
(165.4 |
) |
|
|
|
|
(3.0 |
) |
|
|
3.2 |
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
|
15.8 |
|
|
|
(2.0 |
) |
||||||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES |
|
|
|
|
||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURE |
|
|
|
|
||||
(in millions) |
|
|
|
|
||||
|
|
Six Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net cash from operating activities |
|
$ |
(319.4 |
) |
|
$ |
69.8 |
|
Net change in Restricted cash (1) |
|
|
(94.5 |
) |
|
|
(123.3 |
) |
Adjusted Unrestricted Operating Cash Flow |
|
$ |
(413.9 |
) |
|
$ |
(53.5 |
) |
|
|
|
|
|
||||
|
|
Six Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Restricted cash beginning of period |
|
$ |
348.0 |
|
|
$ |
407.2 |
|
Restricted cash end of period |
|
|
443.5 |
|
|
|
529.4 |
|
Restricted cash related to acquisitions |
|
|
(1.0 |
) |
|
|
1.1 |
|
(1) Net change in Restricted cash |
|
$ |
(94.5 |
) |
|
$ |
(123.3 |
) |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES |
|
|
|
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURE |
|
|
|
||||||||||||
(in millions) |
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, |
Six Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
Net loss |
|
$ |
(365.5 |
) |
|
$ |
(543.6 |
) |
$ |
(627.5 |
) |
|
$ |
(749.6 |
) |
Provision for (benefit from) income taxes |
|
|
41.2 |
|
|
|
(33.4 |
) |
|
91.0 |
|
|
|
(56.3 |
) |
Interest expense |
|
|
18.7 |
|
|
|
21.0 |
|
|
37.9 |
|
|
|
33.7 |
|
Depreciation and amortization |
|
|
47.3 |
|
|
|
45.3 |
|
|
92.1 |
|
|
|
85.7 |
|
Amortization of acquired intangibles |
|
|
182.8 |
|
|
|
418.2 |
|
|
356.0 |
|
|
|
658.5 |
|
Goodwill impairment |
|
|
— |
|
|
|
165.4 |
|
|
— |
|
|
|
165.4 |
|
EBITDA |
|
$ |
(75.5 |
) |
|
$ |
72.9 |
|
$ |
(50.5 |
) |
|
$ |
137.4 |
|
Outlook |
|
|
|
|
Fiscal Year Ending March 31, 2025 |
Net loss |
|
|
Provision for income taxes |
|
|
Interest expense |
|
|
Depreciation |
|
|
Amortization of acquired intangibles |
|
|
EBITDA |
|
|
Outlook |
|
|
|
|
Three Months Ended December 31, 2024 |
Net loss |
|
|
Provision for income taxes |
|
|
Interest expense |
|
|
Depreciation |
|
|
Amortization of acquired intangibles |
|
|
EBITDA |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106543274/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
Source: Take-Two Interactive
FAQ
What were Take-Two Interactive's Net Bookings for fiscal Q2 2025?
How did Take-Two Interactive's GAAP net revenue perform in fiscal Q2 2025?
What is the fiscal year 2025 Net Bookings guidance for Take-Two Interactive?
What is the projected net loss per share for Take-Two Interactive in fiscal year 2025?
Which upcoming titles are expected to drive Take-Two Interactive's future performance?
