(State or other jurisdiction | (Commission | (IRS Employer | ||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits: | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||
(Registrant) | ||||||||
By: | /s/ Matthew Breitman | |||||||
Matthew Breitman | ||||||||
Senior Vice President, General Counsel Americas & Corporate Secretary | ||||||||
Date: |
![]() | ||||||||
FOR IMMEDIATE RELEASE |
CONTACT: | |||||
(Investor Relations) | (Corporate Press) | ||||
Nicole Shevins | Alan Lewis | ||||
Senior Vice President | Vice President | ||||
Investor Relations & Corporate Communications | Corporate Communications & Public Affairs | ||||
Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | ||||
(646) 536-3005 | (646) 536-2983 | ||||
Nicole.Shevins@take2games.com | Alan.Lewis@take2games.com |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Financial Data | ||||||||||||||||||||||||||||||||||||||
in millions | Statement of Operations | Change in deferred net revenue and related cost of revenue | Stock-based compensation | Amortization of acquired intangibles | Business acquisition | Other (1) | ||||||||||||||||||||||||||||||||
GAAP | ||||||||||||||||||||||||||||||||||||||
Total net revenue | $1,284.7 | (83.2) | ||||||||||||||||||||||||||||||||||||
Cost of revenue | 605.5 | (6.8) | (6.7) | (186.9) | 10.0 | |||||||||||||||||||||||||||||||||
Gross profit | 679.2 | (76.4) | 6.7 | 186.9 | ||||||||||||||||||||||||||||||||||
Operating expenses | 883.5 | (72.0) | (62.4) | (27.2) | (7.2) | |||||||||||||||||||||||||||||||||
(Loss) income from operations | (204.3) | (76.4) | 78.7 | 249.3 | 17.2 | 7.2 | ||||||||||||||||||||||||||||||||
Interest and other, net | (25.4) | 0.6 | (4.6) | 13.8 | ||||||||||||||||||||||||||||||||||
(Loss) gain on fair value adjustments, net | 0.8 | 1.5 | (2.3) | |||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (228.9) | (75.8) | 78.7 | 249.3 | 14.1 | 18.7 | ||||||||||||||||||||||||||||||||
Non-GAAP | ||||||||||||||||||||||||||||||||||||||
EBITDA | 64.5 | (76.4) | 78.7 | 17.2 | 21.0 |
Fiscal Year Ending March 31, 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 | Business acquisition and other (1) | |||||||||||||||||||||||||||
GAAP | ||||||||||||||||||||||||||||||||
Total net revenue | $5,370 to $5,470 | $80 | ||||||||||||||||||||||||||||||
Cost of revenue | $2,521 to $2,548 | $17 | $(18) | $(744) | $10 | |||||||||||||||||||||||||||
Operating expenses | $3,383 to $3,403 | $(303) | $(115) | $(35) | ||||||||||||||||||||||||||||
Interest and other, net | $119 | $(14) | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | $(653) to $(600) | $63 | $321 | $859 | $39 | |||||||||||||||||||||||||||
Net loss | $(545) to $(501) | |||||||||||||||||||||||||||||||
Net loss per share | $(3.20) to $(2.95) | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | approximately $90 | |||||||||||||||||||||||||||||||
Capital expenditures | approximately $180 | |||||||||||||||||||||||||||||||
Non-GAAP | ||||||||||||||||||||||||||||||||
EBITDA | $413 to $466 | $63 | $321 | $25 | ||||||||||||||||||||||||||||
Adjusted Unrestricted Operating Cash Flow | approximately $100 | |||||||||||||||||||||||||||||||
Operational metric | ||||||||||||||||||||||||||||||||
Net Bookings | $5,450 to $5,550 |
Three Months Ending September 30, 2023 | ||||||||||||||||||||||||||||||||
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 intangible assets | Business acquisition | |||||||||||||||||||||||||||
GAAP | ||||||||||||||||||||||||||||||||
Total net revenue | $1,260 to $1,310 | $140 | ||||||||||||||||||||||||||||||
Cost of revenue | $630 to $649 | $16 | $(4) | $(186) | ||||||||||||||||||||||||||||
Operating expenses | $811 to $821 | $(78) | $(18) | |||||||||||||||||||||||||||||
Interest and other, net | $32 | $(1) | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | $(213) to $(192) | $124 | $82 | $204 | $1 | |||||||||||||||||||||||||||
Net loss | $(170) to $(153) | |||||||||||||||||||||||||||||||
Net loss per share | $(1.00) to $(0.90) | |||||||||||||||||||||||||||||||
Non-GAAP | ||||||||||||||||||||||||||||||||
EBITDA | $43 to $64 | $124 | $82 | |||||||||||||||||||||||||||||
Operational metric | ||||||||||||||||||||||||||||||||
Net Bookings | $1,400 to $1,450 |
Label | Product | Platforms | Release Date | ||||||||
2K | Marvel's Midnight Suns | PS4, Xbox One | May 11, 2023 | ||||||||
2K | LEGO 2K Drive | PS4, PS5 Xbox One, Xbox Series X|S, PC, Switch | May 19, 2023 | ||||||||
Private Division | After Us | PS5, Xbox Series X|S, PC | May 23, 2023 | ||||||||
Rockstar Games | San Andreas Mercenaries Summer Update | PS4, PS5 Xbox One, Xbox Series X|S, PC | June 13, 2023 |
Label | Product | Platforms | Release Date | ||||||||
Rockstar Games | Red Dead Redemption and Undead Nightmare | PS4, Switch | August 17, 2023 | ||||||||
2K | NBA 2K24 | PS4, PS5 Xbox One, Xbox Series X|S, PC, Switch | September 8, 2023 | ||||||||
Private Division | Penny's Big Breakaway | PS5, Xbox Series X|S, PC, Switch | Early Calendar 2024 | ||||||||
Zynga | Star Wars Hunters | iOS, Android, Switch | Fiscal 2024 | ||||||||
Zynga | Top Troops | iOS, Android | Fiscal 2024 | ||||||||
2K | WWE 2K24 | TBA | Fiscal 2024 | ||||||||
Ghost Story Games | Judas | PS5, Xbox Series X|S, PC | TBA | ||||||||
Rockstar Games | Grand Theft Auto: The Trilogy - The Definitive Edition | iOS, Android | TBA |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||
(in millions, except per share amounts) | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net revenue: | ||||||||||||||
Game | $ | 1,096.1 | $ | 1,019.2 | ||||||||||
Advertising | 188.6 | 83.2 | ||||||||||||
Total net revenue | 1,284.7 | 1,102.4 | ||||||||||||
Cost of revenue: | ||||||||||||||
Game intangibles | 186.9 | 96.3 | ||||||||||||
Product costs | 178.9 | 116.9 | ||||||||||||
Software development costs and royalties | 115.7 | 68.8 | ||||||||||||
Internal royalties | 72.6 | 93.4 | ||||||||||||
Licenses | 51.4 | 60.3 | ||||||||||||
Total cost of revenue | 605.5 | 435.7 | ||||||||||||
Gross profit | 679.2 | 666.7 | ||||||||||||
Selling and marketing | 400.9 | 272.1 | ||||||||||||
Research and development | 244.0 | 172.6 | ||||||||||||
General and administrative | 198.2 | 237.1 | ||||||||||||
Depreciation and amortization | 40.4 | 22.3 | ||||||||||||
Total operating expenses | 883.5 | 704.1 | ||||||||||||
Loss from operations | (204.3) | (37.4) | ||||||||||||
Interest and other, net | (25.4) | (29.3) | ||||||||||||
Gain (loss) on fair value adjustments, net | 0.8 | (39.6) | ||||||||||||
Loss before income taxes | (228.9) | (106.3) | ||||||||||||
Benefit from income taxes | 22.9 | 2.3 | ||||||||||||
Net loss | $ | (206.0) | $ | (104.0) | ||||||||||
Loss per share: | ||||||||||||||
Basic and diluted loss per share | $ | (1.22) | $ | (0.76) | ||||||||||
Weighted average shares outstanding | ||||||||||||||
Basic | 169.4 | 136.5 | ||||||||||||
TAKE-TWO INTERACTIVE SOFTWARE, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions, except per share amounts) | |||||||||||
June 30, 2023 | March 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 775.8 | $ | 827.4 | |||||||
Short-term investments | 109.2 | 187.0 | |||||||||
Restricted cash and cash equivalents | 381.3 | 307.6 | |||||||||
Accounts receivable, net of allowances of $1.2 and $1.3 at June 30, 2023 and March 31, 2023, respectively | 622.2 | 763.2 | |||||||||
Software development costs and licenses | 34.4 | 65.9 | |||||||||
Contract assets | 79.9 | 79.9 | |||||||||
Prepaid expenses and other | 252.2 | 277.1 | |||||||||
Total current assets | 2,255.0 | 2,508.1 | |||||||||
Fixed assets, net | 405.9 | 402.8 | |||||||||
Right-of-use assets | 291.7 | 282.7 | |||||||||
Software development costs and licenses, net of current portion | 1,189.0 | 1,072.2 | |||||||||
Goodwill | 6,769.3 | 6,767.1 | |||||||||
Other intangibles, net | 4,206.7 | 4,453.2 | |||||||||
Deferred tax assets | 38.1 | 44.8 | |||||||||
Long-term restricted cash and cash equivalents | 103.6 | 99.6 | |||||||||
Other assets | 266.0 | 231.6 | |||||||||
Total assets | $ | 15,525.3 | $ | 15,862.1 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 127.5 | $ | 140.1 | |||||||
Accrued expenses and other current liabilities | 1,186.3 | 1,225.7 | |||||||||
Deferred revenue | 991.5 | 1,078.8 | |||||||||
Lease liabilities | 60.6 | 60.2 | |||||||||
Short-term debt, net | 372.1 | 1,346.8 | |||||||||
Total current liabilities | 2,738.0 | 3,851.6 | |||||||||
Long-term debt, net | 2,704.7 | 1,733.0 | |||||||||
Non-current deferred revenue | 35.5 | 35.5 | |||||||||
Non-current lease liabilities | 354.7 | 347.0 | |||||||||
Non-current software development royalties | 98.8 | 110.2 | |||||||||
Deferred tax liabilities, net | 422.0 | 534.0 | |||||||||
Other long-term liabilities | 231.4 | 208.3 | |||||||||
Total liabilities | $ | 6,585.1 | $ | 6,819.6 | |||||||
Commitments and contingencies (See Note 11) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at June 30, 2023 and March 31, 2023 | — | — | |||||||||
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 193.5 and 192.6 shares issued and 169.8 and 168.9 outstanding at June 30, 2023 and March 31, 2023, respectively | 1.9 | 1.9 | |||||||||
Additional paid-in capital | 9,087.0 | 9,010.2 | |||||||||
Treasury stock, at cost; 23.7 and 23.7 common shares at June 30, 2023 and March 31, 2023, respectively | (1,020.6) | (1,020.6) | |||||||||
Retained earnings | 958.3 | 1,164.3 | |||||||||
Accumulated other comprehensive loss | (86.4) | (113.3) | |||||||||
Total stockholders' equity | $ | 8,940.2 | $ | 9,042.5 | |||||||
Total liabilities and stockholders' equity | $ | 15,525.3 | $ | 15,862.1 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating activities: | ||||||||||||||
Net loss | $ | (206.0) | $ | (104.0) | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
Amortization and impairment of software development costs and licenses | 69.0 | 47.5 | ||||||||||||
Stock-based compensation | 78.7 | 43.9 | ||||||||||||
Noncash lease expense | 15.0 | 11.4 | ||||||||||||
Amortization of intellectual property | 249.6 | 117.6 | ||||||||||||
Depreciation | 31.5 | 17.5 | ||||||||||||
Interest expense | 36.8 | 29.3 | ||||||||||||
(Gain)/loss on debt extinguishment | (7.0) | — | ||||||||||||
Fair value adjustments | (0.8) | 39.6 | ||||||||||||
Other, net | 15.7 | (25.0) | ||||||||||||
Changes in assets and liabilities, net of effect from purchases of businesses: | ||||||||||||||
Accounts receivable | 141.3 | 214.9 | ||||||||||||
Software development costs and licenses | (125.2) | (83.6) | ||||||||||||
Prepaid expenses and other current and other non-current assets | (14.4) | (67.6) | ||||||||||||
Deferred revenue | (87.4) | (159.5) | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (191.8) | 18.8 | ||||||||||||
Net cash provided by operating activities | 5.0 | 100.8 | ||||||||||||
Investing activities: | ||||||||||||||
Change in bank time deposits | 0.8 | 125.6 | ||||||||||||
Sale and maturities of available-for-sale securities | 78.0 | 242.8 | ||||||||||||
Purchases of fixed assets | (31.5) | (42.5) | ||||||||||||
Purchases of long-term investments | (5.0) | (5.1) | ||||||||||||
Business acquisitions | (1.6) | (3,128.1) | ||||||||||||
Other | (2.6) | — | ||||||||||||
Net cash provided by (used in) investing activities | 38.1 | (2,807.3) | ||||||||||||
Financing activities: | ||||||||||||||
Tax payment related to net share settlements on restricted stock awards | (41.3) | (53.9) | ||||||||||||
Issuance of common stock | 18.8 | 11.4 | ||||||||||||
Payment for settlement of convertible notes | — | (1,166.8) | ||||||||||||
Proceeds from issuance of debt | 999.3 | 3,248.9 | ||||||||||||
Cost of debt | (7.5) | (22.6) | ||||||||||||
Repayment of debt | (989.6) | — | ||||||||||||
Payment of contingent earn-out consideration | (0.5) | — | ||||||||||||
Net cash (used in) provided by financing activities | (20.8) | 2,017.0 | ||||||||||||
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 3.8 | (14.7) | ||||||||||||
Net change in cash, cash equivalents, and restricted cash and cash equivalents | 26.1 | (704.2) | ||||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1) | 1,234.6 | 2,195.3 | ||||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period (1) | $ | 1,260.7 | $ | 1,491.1 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
Amount | % of total | Amount | % of total | |||||||||||||||||||||||
Net revenue by geographic region | ||||||||||||||||||||||||||
United States | $ | 803.9 | 63 | % | $ | 682.9 | 62 | % | ||||||||||||||||||
International | 480.8 | 37 | % | 419.5 | 38 | % | ||||||||||||||||||||
Total Net revenue | $ | 1,284.7 | 100 | % | $ | 1,102.4 | 100 | % | ||||||||||||||||||
Net Bookings by geographic region | ||||||||||||||||||||||||||
United States | $ | 726.2 | 60 | % | $ | 622.8 | 62 | % | ||||||||||||||||||
International | 475.3 | 40 | % | 379.7 | 38 | % | ||||||||||||||||||||
Total Net Bookings | $ | 1,201.5 | 100 | % | $ | 1,002.5 | 100 | % | ||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
Amount | % of total | Amount | % of total | |||||||||||||||||||||||
Net revenue by distribution channel | ||||||||||||||||||||||||||
Digital online | $ | 1,240.0 | 97 | % | $ | 1,037.8 | 94 | % | ||||||||||||||||||
Physical retail and other | 44.7 | 3 | % | 64.6 | 6 | % | ||||||||||||||||||||
Total Net revenue | $ | 1,284.7 | 100 | % | $ | 1,102.4 | 100 | % | ||||||||||||||||||
Net Bookings by distribution channel | ||||||||||||||||||||||||||
Digital online | $ | 1,165.8 | 97 | % | $ | 956.0 | 95 | % | ||||||||||||||||||
Physical retail and other | 35.7 | 3 | % | 46.5 | 5 | % | ||||||||||||||||||||
Total Net Bookings | $ | 1,201.5 | 100 | % | $ | 1,002.5 | 100 | % | ||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
Amount | % of total | Amount | % of total | |||||||||||||||||||||||
Net revenue by platform | ||||||||||||||||||||||||||
Mobile | $ | 680.0 | 53 | % | $ | 369.6 | 34 | % | ||||||||||||||||||
Console | 504.3 | 39 | % | 607.2 | 55 | % | ||||||||||||||||||||
PC and other | 100.4 | 8 | % | 125.6 | 11 | % | ||||||||||||||||||||
Total Net revenue | $ | 1,284.7 | 100 | % | $ | 1,102.4 | 100 | % | ||||||||||||||||||
Net Bookings by platform | ||||||||||||||||||||||||||
Mobile | $ | 689.6 | 57 | % | $ | 369.7 | 37 | % | ||||||||||||||||||
Console | 419.2 | 35 | % | 503.8 | 50 | % | ||||||||||||||||||||
PC and other | 92.7 | 8 | % | 129.0 | 13 | % | ||||||||||||||||||||
Total Net Bookings | $ | 1,201.5 | 100.0 | % | $ | 1,002.5 | 100 | % |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
ADDITIONAL DATA | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Net revenue | Cost of revenue- Game intangibles | Cost of revenue- Product costs | Cost of revenue- Software development costs and royalties | Cost of revenue- Internal royalties | Cost of revenue- Licenses | |||||||||||||||||||||||||||||
As reported | $ | 1,284.7 | $ | 186.9 | $ | 178.9 | $ | 115.7 | $ | 72.6 | $ | 51.4 | |||||||||||||||||||||||
Net effect from deferred revenue and related cost of revenue | (83.2) | (2.2) | (5.2) | 0.6 | |||||||||||||||||||||||||||||||
Stock-based compensation | (6.7) | ||||||||||||||||||||||||||||||||||
Amortization and impairment of acquired intangibles | (186.9) | ||||||||||||||||||||||||||||||||||
Acquisition related expenses | 10.0 | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Selling and marketing | Research and development | General and administrative | Depreciation and amortization | Interest and other, net | Gain (loss) on fair value adjustments, net | |||||||||||||||||||||||||||||
As reported | $ | 400.9 | $ | 244.0 | $ | 198.2 | $ | 40.4 | $ | (25.4) | $ | 0.8 | |||||||||||||||||||||||
Net effect from deferred revenue and related cost of revenue | 0.6 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (24.3) | (23.6) | (24.1) | ||||||||||||||||||||||||||||||||
Amortization and impairment of acquired intangibles | (46.3) | (7.2) | (8.9) | ||||||||||||||||||||||||||||||||
Acquisition related expenses | (0.2) | (1.7) | (25.3) | (4.6) | 1.5 | ||||||||||||||||||||||||||||||
Other | (1.4) | (5.4) | (0.4) | 13.8 | (2.3) | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Net revenue | Cost of revenue -Game intangibles | Cost of revenue - Product costs | Cost of revenue- Software development costs and royalties | Cost of revenue- Internal royalties | Cost of revenue- Licenses | |||||||||||||||||||||||||||||
As reported | $ | 1,102.4 | $ | 96.3 | $ | 116.9 | $ | 68.8 | $ | 93.4 | $ | 60.3 | |||||||||||||||||||||||
Net effect from deferred revenue and related cost of revenue | (99.9) | (3.4) | 1.5 | ||||||||||||||||||||||||||||||||
Stock-based compensation | 33.4 | ||||||||||||||||||||||||||||||||||
Amortization and impairment of acquired intangibles | (96.3) | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Selling and marketing | Research and development | General and administrative | Depreciation and amortization | Interest and other, net | Gain (loss) on fair value adjustments, net | |||||||||||||||||||||||||||||
As reported | $ | 272.1 | $ | 172.6 | $ | 237.1 | $ | 22.3 | $ | (29.3) | $ | (39.6) | |||||||||||||||||||||||
Net effect from deferred revenue and related cost of revenue | 1.6 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (35.7) | (21.1) | (20.5) | ||||||||||||||||||||||||||||||||
Amortization and impairment of acquired intangibles | (14.9) | (5.1) | |||||||||||||||||||||||||||||||||
Acquisition related expenses | (5.4) | (9.4) | (101.7) | ||||||||||||||||||||||||||||||||
Gain on fair value adjustments, net | 39.6 |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURE | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash from operating activities | $ | 5.0 | $ | 100.8 | ||||||||||
Net change in Restricted cash (1) | (78.8) | (115.2) | ||||||||||||
Adjusted Unrestricted Operating Cash Flow | $ | (73.8) | $ | (14.4) | ||||||||||
Three Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Restricted cash beginning of period | $ | 407.2 | $ | 463.3 | ||||||||||
Restricted cash end of period | 484.9 | 643.7 | ||||||||||||
Restricted cash related to acquisitions | 1.1 | (65.2) | ||||||||||||
(1) Net change in Restricted cash | $ | (78.8) | $ | (115.2) |
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES | ||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURE | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net loss | $ | (206.0) | $ | (104.0) | ||||||||||
Benefit from income taxes | (22.9) | (2.3) | ||||||||||||
Interest expense (income) | 12.6 | 24.8 | ||||||||||||
Depreciation and amortization | 40.4 | 22.3 | ||||||||||||
Amortization of acquired intangibles | 240.4 | 111.4 | ||||||||||||
EBITDA | $ | 64.5 | $ | 52.2 |
Outlook | ||||||||
Fiscal Year Ending March 31, 2024 | ||||||||
Net loss | $(545) to $(501) | |||||||
Benefit from income taxes | $(108) to $(99) | |||||||
Interest expense | $98 | |||||||
Depreciation | $109 | |||||||
Amortization of acquired intangibles | $859 | |||||||
EBITDA | $413 to $466 |
Outlook | ||||||||
Three Months Ended September 30, 2023 | ||||||||
Net loss | $(170) to $(153) | |||||||
Benefit from income taxes | $(43) to $(39) | |||||||
Interest expense | $28 | |||||||
Depreciation | $25 | |||||||
Amortization of acquired intangibles | $203 | |||||||
EBITDA | $43 to $64 |
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Cover |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2023 |
Entity Registrant Name | TAKE-TWO INTERACTIVE SOFTWARE, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34003 |
Entity Tax Identification Number | 51-0350842 |
Entity Address, Address Line One | 110 West 44th Street, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10036 |
City Area Code | (646) |
Local Phone Number | 536-2842 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | TTWO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000946581 |
Amendment Flag | false |
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