$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
- Total Net Bookings* decreased 3% to $1.35 billion, as compared
to $1.39 billion during last year’s fiscal fourth quarter.
- Net Bookings from recurrent consumer spending** decreased 2%
and accounted for 79% of total Net Bookings.
- The largest contributors to Net Bookings were NBA® 2K24, Grand
Theft Auto® Online and Grand Theft Auto V, Toon Blast™, Empires
& Puzzles™, our hyper-casual mobile portfolio, Red Dead
Redemption® 2 and Red Dead Online, WWE® 2K24, Match Factory!, Words
With Friends™, and Merge Dragons!™.
- GAAP net revenue decreased 3% to $1.40 billion, as compared to
$1.45 billion in last year’s fiscal fourth quarter.
- Recurrent consumer spending** decreased 2% and accounted for
79% of total GAAP net revenue.
- The largest contributors to GAAP net revenue were NBA 2K24 and
NBA 2K23, Grand Theft Auto Online and Grand Theft Auto V, Toon
Blast, Empires & Puzzles, our hyper-casual mobile portfolio,
Red Dead Redemption 2 and Red Dead Online, WWE 2K24, Match
Factory!, and Words With Friends.
- GAAP net loss was $2.90 billion, or $17.02 per share, as
compared to $610.3 million, or $3.62 per share, for the comparable
period last year.
- Our GAAP results include impairment charges of (i) $2.18
billion related to goodwill and (ii) $304.3 million for
acquisition-related intangible assets, and business reorganization
expenses of $93.3 million related to our cost-reduction
program.
* 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
- Total Net Bookings* increased 1% to $5.33 billion, as compared
to $5.28 billion during last fiscal year.
- Net Bookings from recurrent consumer spending** increased 2%
and accounted for 78% of total Net Bookings.
- The largest contributors to Net Bookings were NBA 2K24, Grand
Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires &
Puzzles, our hyper-casual mobile portfolio, Red Dead Redemption 2
and Red Dead Online, Words With Friends, and Merge Dragons!.
- GAAP net revenue was flat at $5.35 billion when compared to
last fiscal year.
- Recurrent consumer spending** increased 1% and accounted for
79% of total GAAP net revenue.
- The largest contributors to GAAP net revenue were NBA 2K23 and
NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V, Toon
Blast, our hyper-casual mobile portfolio, Empires & Puzzles,
Red Dead Redemption 2 and Red Dead Online, Merge Dragons!, Words
With Friends, and Zynga Poker.
- GAAP net loss was $3.74 billion, or $22.01 per share, as
compared to $1.12 billion, or $7.03 per share, for the comparable
period last year.
- Our GAAP results include impairment charges of (i) $2.34
billion related to goodwill and (ii) $577.4 million for
acquisition-related intangible assets, and business reorganization
expenses of $104.6 million related to our cost-reduction
programs.
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
- Management reporting tax rate anticipated to be 18%
- Share count used to calculate GAAP net loss per share is
expected to be 172.9 million
- Share count used to calculate management reporting diluted net
income per share is expected to be 175.3 million
(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
- Management reporting tax rate is anticipated to be 18%
- Share count used to calculate GAAP net loss per share is
expected to be 171.7 million
- Share count used to calculate management reporting diluted net
income per share is expected to be 173.7 million
(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
TakeTwo Interactive Soft... (NASDAQ:TTWO)
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TakeTwo Interactive Soft... (NASDAQ:TTWO)
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