Exhibit 99.1
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
[email protected] [email protected]
Take-Two Interactive Software, Inc. Reports Results for Fiscal First Quarter 2025
$1.22 billion Net Bookings, in line with guidance
Company updates outlook for fiscal 2025 and reiterates Net Bookings outlook for fiscal year 2025 of
$5.55 to $5.65 billion
New York, NY – August 8, 2024 – Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the first
quarter of its fiscal year 2025, ended June 30, 2024. For further information, please see the first quarter fiscal 2025 results slide
deck posted to the Company’s investor relations website at take2games.com/ir.
Management Comments
“We achieved solid first quarter results by engaging our players with exciting new game releases and content updates, while also
maintaining our focus on efficiency. Our management team remains confident in our path forward and we are reiterating our Net
Bookings outlook for the year of $5.55 to $5.65 billion,” said Strauss Zelnick, Chairman and CEO of Take-Two Interactive.
“We are highly optimistic about our future — our core franchises remain vibrant, our teams are hard at work on the most ambitious
development pipeline in our history, and we are evaluating continually new growth opportunities that have the ability to enhance
our business model and financial profile. As we pursue our strategic priorities, we expect to achieve sequential increases in Net
Bookings in Fiscal 2026 and 2027, which we believe will drive long-term shareholder value.”
First Quarter Fiscal 2025 Financial and Operational Highlights
• Total Net Bookings* grew 1% to $1.22 billion, as compared to $1.20 billion during last year’s fiscal first quarter.
◦ Net Bookings from recurrent consumer spending** were flat and accounted for 83% of total Net Bookings.
◦ The largest contributors to Net Bookings were NBA® 2K24, Grand Theft Auto® Online and Grand Theft Auto V,
Toon Blast™, our hyper-casual mobile portfolio, Empires & Puzzles™, Match Factory!™, Red Dead Redemption®
2 and Red Dead Online, Words With Friends™, and Merge Dragons!™.
1
• GAAP net revenue increased 4% to $1.34 billion, as compared to $1.28 billion in last year’s fiscal first quarter.
◦ Recurrent consumer spending** increased 3% and accounted for 82% of total GAAP net revenue.
◦ The largest contributors to GAAP net revenue were NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V,
Toon Blast, Empires & Puzzles, our hyper-casual mobile portfolio, Match Factory!, Red Dead Redemption 2 and
Red Dead Online, Words With Friends, and Merge Dragons!.
• GAAP net loss was $262.0 million, or $1.52 per share, as compared to $206.0 million, or $1.22 per share, for the
comparable period last year.
* 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.
First 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 and future outlook:
Three Months Ended June 30, 2024
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
reorganization
Business
acquisition Other
(a)
GAAP
Total net revenue $1,338.2 (120.1)
Cost of revenue 567.1 (11.1) (2.9) (164.4)
Gross profit 771.1 (109.0) 2.9 164.4
Operating expenses 956.0 (72.4) (17.7) (49.5) (16.8)
(Loss) income from
operations (184.9) (109.0) 75.3 182.0 49.5 16.8
Interest and other, net (24.2) 0.6 1.9 2.1
(Loss) gain on fair value
adjustments, net (3.1) 0.7 2.4
(Loss) income before
income taxes (212.2) (108.3) 75.3 182.0 49.5 19.4 4.5
Non-GAAP
EBITDA 24.9 (109.0) 75.3 49.5 18.0 4.5
Note: For management reporting purposes, the table above assumes a management tax rate of 18% and a fully diluted share
count of 174.6 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.
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Outlook for Fiscal 2025
Take-Two is revising its outlook for the fiscal year ending March 31, 2025 and providing its initial outlook for its fiscal second
quarter ending September 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
and impairment
of acquired
intangibles
Business
reorganization
and other
(a)
GAAP
Total net revenue $5,570 to $5,670 $(20)
Cost of revenue $2,382 to $2,407 $10 $(13) $(667)
Operating expenses $3,695 to $3,715 $(302) $(70) $(93)
Interest and other, net $112 $(12)
(Loss) income before income taxes $(619) to $(564) $(30) $315 $737 $105
Net loss $(757) to $(690)
Net loss per share $(4.33) to $(3.95)
Net cash provided by operating activities approximately $(200)
Capital expenditures approximately $140
Non-GAAP
EBITDA $365 to $420 $(30) $315 $93
Adjusted Unrestricted Operating Cash Flow approximately $(150)
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 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 U.S. Dollar,
and (iii) fair value adjustments related to certain equity investments.
3
Second Quarter Ending September 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 September 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
intangible assets
Business
reorganization
and business
acquisition
GAAP
Total net revenue $1,290 to $1,340 $130
Cost of revenue $609 to $627 $13 $(168)
Operating expenses $982 to $992 $(77) $(18) $(22)
Interest and other, net $28 $(2)
(Loss) income before income taxes $(329) to $(307) $117 $77 $186 $24
Net loss $(400) to $(373)
Net loss per share $(2.30) to $(2.15)
Non-GAAP
EBITDA $(81) to $(59) $117 $77 $22
Operational metric
Net Bookings $1,420 to $1,470
• Management reporting tax rate anticipated to be 18%
• Share count used to calculate GAAP net loss per share is expected to be 173.8 million
• Share count used to calculate management reporting diluted net income per share is expected to be 177.4 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 April 1, 2024:
Label Product Platforms Release Date
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
Zynga Star Wars: Hunters iOS, Android, Switch June 4, 2024
Rockstar Games Bottom Dollar Bounties Summer Update PS4, PS5, Xbox One, Xbox
Series X|S, PC
June 25, 2024
Zynga Game of Thrones: Legends iOs, Android July 25, 2024
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Take-Two's future lineup announced to-date includes:
Label Product Platforms Release Date
2K NBA 2K25 PS5, PS4, Xbox Series X|S Xbox
One, PC, Switch
September 6, 2024
2K WWE 2K25 TBA Q4 Fiscal 2025
2K Sid Meier's Civilization VII PS5, PS4, Xbox Series X|S Xbox
One, PC
Q4 Fiscal 2025
Private Division Tales of the Shire: A The Lord of the Rings Game PS5, Xbox Series X|S, PC, Switch Fiscal 2025
Rockstar Games Grand Theft Auto VI PS5, Xbox Series X|S Fall of Calendar 2025
Zynga CSR Racing 3 iOS, Android TBA
Ghost Story Games Judas PS5, Xbox Series X|S, PC TBA
Private Division Tales of the Shire: A The Lord of the Rings Game Netflix 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 Quarterly
Report on Form 10−Q for the period ended June 30, 2024.
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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.
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TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share amounts)
Three Months Ended June 30,
2024 2023
Net revenue:
Game $ 1,216.7 $ 1,096.1
Advertising 121.5 188.6
Total net revenue 1,338.2 1,284.7
Cost of revenue:
Product costs 203.3 178.9
Game intangibles 163.5 186.9
Software development costs and royalties 76.2 115.7
Internal royalties 69.0 72.6
Licenses 55.1 51.4
Total cost of revenue 567.1 605.5
Gross profit 771.1 679.2
Selling and marketing 431.4 399.4
Research and development 219.8 238.6
General and administrative 210.5 197.9
Depreciation and amortization 44.8 40.4
Business reorganization 49.5 7.2
Total operating expenses 956.0 883.5
Loss from operations (184.9) (204.3)
Interest and other, net (24.2) (25.4)
(Loss) gain on fair value adjustments, net (3.1) 0.8
Loss before income taxes (212.2) (228.9)
Provision for (benefit from) income taxes 49.8 (22.9)
Net loss $ (262.0) $ (206.0)
Loss per share:
Basic and diluted loss per share $ (1.52) $ (1.22)
Weighted average shares outstanding
Basic 172.3 169.4
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
June 30, 2024 March 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,081.1 $ 754.0
Short-term investments 15.4 22.0
Restricted cash and cash equivalents 306.1 252.1
Accounts receivable, net of allowances of $1.2 and $1.2 at June 30, 2024 and March 31, 2024,
respectively 594.2 679.7
Software development costs and licenses 62.7 88.3
Contract assets 80.7 85.0
Prepaid expenses and other 418.8 378.6
Total current assets 2,559.0 2,259.7
Fixed assets, net 422.0 411.1
Right-of-use assets 344.0 325.7
Software development costs and licenses, net of current portion 1,606.0 1,446.5
Goodwill 4,706.8 4,426.4
Other intangibles, net 3,005.9 3,060.6
Long-term restricted cash and cash equivalents 84.7 95.9
Other assets 216.2 191.0
Total assets $ 12,944.6 $ 12,216.9
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 170.3 $ 195.9
Accrued expenses and other current liabilities 1,067.7 1,062.6
Deferred revenue 945.3 1,059.5
Lease liabilities 64.1 63.8
Short-term debt, net 598.9 24.6
Total current liabilities 2,846.3 2,406.4
Long-term debt, net 3,054.4
3,058.3
Non-current deferred revenue 38.2 42.9
Non-current lease liabilities 404.9 387.3
Non-current software development royalties 90.0 102.1
Deferred tax liabilities, net 311.1 340.9
Other long-term liabilities 208.2 211.1
Total liabilities $ 6,953.1 $ 6,549.0
Stockholders' equity:
Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at June 30,
2024 and March 31, 2024 — —
Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 198.8 and 194.5 shares issued and
175.2 and 170.8 outstanding at June 30, 2024 and March 31, 2024, respectively 2.0 1.9
Additional paid-in capital 9,962.5 9,371.6
Treasury stock, at cost; 23.7 and 23.7 common shares at June 30, 2024 and March 31, 2024,
respectively (1,020.6) (1,020.6)
Accumulated deficit (2,841.9) (2,579.9)
Accumulated other comprehensive loss (110.5) (105.1)
Total stockholders' equity $ 5,991.5 $ 5,667.9
Total liabilities and stockholders' equity $ 12,944.6 $ 12,216.9
TAKE-TWO INTERACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Three Months Ended June 30,
2024 2023
Operating activities:
Net loss $ (262.0) $ (206.0)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization and impairment of software development costs and licenses 85.9 69.0
Stock-based compensation 75.3 78.7
Noncash lease expense 16.1 15.0
Amortization and impairment of intangibles 182.0 249.6
Depreciation 35.9 31.5
Interest expense 37.1 36.8
Other, net 5.5 7.9
Changes in assets and liabilities, net of effect from purchases of businesses:
Accounts receivable 91.6 141.3
Software development costs and licenses (197.9) (125.2)
Prepaid expenses and other current and other non-current assets 49.0 (14.4)
Deferred revenue (118.3) (87.4)
Accounts payable, accrued expenses and other liabilities (191.2) (191.8)
Net cash (used in) provided by operating activities (191.0) 5.0
Investing activities:
Change in bank time deposits 6.6 0.8
Sale and maturities of available-for-sale securities — 78.0
Purchases of fixed assets (35.1) (31.5)
Purchases of long-term investments (11.1) (5.0)
Business acquisitions 9.6 (1.6)
Other (4.7) (2.6)
Net cash (used in) provided by investing activities (34.7) 38.1
Financing activities:
Tax payment related to net share settlements on restricted stock awards — (41.3)
Issuance of common stock 23.3 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) (0.5)
Net cash provided by (used in) financing activities 596.5 (20.8)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash
and cash equivalents (0.9) 3.8
Net change in cash, cash equivalents, and restricted cash and cash equivalents 369.9 26.1
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) $ 1,471.9 $ 1,260.7
(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
(in millions)
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
Amount % of total Amount % of total
Net revenue by geographic region
United States $ 820.5 61 % $ 803.9 63 %
International 517.7 39 % 480.8 37 %
Total Net revenue $ 1,338.2 100 % $ 1,284.7 100 %
Net Bookings by geographic region
United States $ 728.5 60 % $ 726.2 60 %
International 489.6 40 % 475.3 40 %
Total Net Bookings $ 1,218.1 100 % $ 1,201.5 100 %
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
Amount % of total Amount % of total
Net revenue by distribution channel
Digital online $ 1,295.5 97 % $ 1,240.0 97 %
Physical retail and other 42.7 3 % 44.7 3 %
Total Net revenue $ 1,338.2 100 % $ 1,284.7 100 %
Net Bookings by distribution channel
Digital online $ 1,187.3 97 % $ 1,165.8 97 %
Physical retail and other 30.8 3 % 35.7 3 %
Total Net Bookings $ 1,218.1 100 % $ 1,201.5 100 %
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
Amount % of total Amount % of total
Net revenue by platform
Mobile $ 722.5 54 % $ 680.0 53 %
Console 508.9 38 % 504.3 39 %
PC and other 106.8 8 % 100.4 8 %
Total Net revenue $ 1,338.2 100 % $ 1,284.7 100 %
Net Bookings by platform
Mobile $ 709.3 58 % $ 689.6 57 %
Console 405.4 33 % 419.2 35 %
PC and other 103.4 9 % 92.7 8 %
Total Net Bookings $ 1,218.1 100.0 % $ 1,201.5 100 %
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
ADDITIONAL DATA
(in millions)
Three Months Ended June 30, 2024 Net revenue
Cost of
revenue-
Product costs
Cost of
revenue- Game
intangibles
Cost of revenue-
Software development
costs and royalties
Cost of revenue-
Internal
royalties
Cost of
revenue-
Licenses
As reported $ 1,338.2 $ 203.3 $ 163.5 $ 76.2 $ 69.0 $ 55.1
Net effect from deferred revenue and related cost of revenue (120.1) (3.2) (8.6) 0.7
Stock-based compensation (2.9)
Amortization and impairment of acquired intangibles (0.8) (163.5)
Three Months Ended June 30, 2024
Selling and
marketing
Research and
development
General and
administrative
Depreciation and
amortization
Business
reorganization
Interest and
other, net
As reported $ 431.4 $ 219.8 $ 210.5 $ 44.8
49.5
$ (24.2) $ (3.1)
Net effect from deferred revenue and related cost of revenue 0.6
Stock-based compensation (21.2) (23.2) (28.0)
Amortization and impairment of acquired intangibles (1.6) (7.2) (9.0)
Acquisition related expenses (0.1) (16.8) 1.9 0.7
Impact of business reorganization (49.5)
Other 2.1 2.4
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
Business
reorganization
Interest and
other, net
As reported $ 399.4 $ 238.6 $ 197.9 $ 40.4 $ 7.2 $ (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
Impact of business reorganization (7.2)
Other 13.8 (2.3)
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
Three Months Ended June 30,
2024 2023
Net cash from operating activities $ (191.0) $ 5.0
Net change in Restricted cash
(1)
(41.8) (78.8)
Adjusted Unrestricted Operating Cash Flow $ (232.8) $ (73.8)
Three Months Ended June 30,
2024 2023
Restricted cash beginning of period $ 348.0 $ 407.2
Restricted cash end of period 390.8 484.9
Restricted cash related to acquisitions (1.0) 1.1
(1)
Net change in Restricted cash $ (41.8) $ (78.8)
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURE
(in millions)
Three Months Ended June 30,
2024 2023
Net loss $ (262.0) $ (206.0)
Provision for (benefit from) income taxes 49.8 (22.9)
Interest expense 19.2 12.6
Depreciation and amortization 44.8 40.4
Amortization of acquired intangibles 173.1 240.4
EBITDA $ 24.9
$ 64.5
Outlook
Fiscal Year Ending March 31, 2025
Net loss $(757) to $(690)
Provision for income taxes $138 to $126
Interest expense $96
Depreciation $151
Amortization of acquired intangibles $737
EBITDA $365 to $420
Outlook
Three Months Ended September 30, 2024
Net loss $(400) to $(373)
Provision for income taxes $71 to $66
Interest expense $25
Depreciation $37
Amortization of acquired intangibles $186
EBITDA $(81) to $(59)