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Take-Two Interactive Software, Inc. Reports Results for Fiscal Second Quarter 2024

$1.44 billion Net Bookings, with outperformance of Grand Theft Auto V and Grand Theft Auto Online, and Red Dead Redemption 2

Company updates GAAP outlook for fiscal 2024

Company reiterates Net Bookings outlook for fiscal 2024 of $5.45 to $5.55 billion

NEW YORK–(BUSINESS WIRE)–Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the second quarter of its fiscal year 2024, ended September 30, 2023. For further information, please see the second quarter fiscal 2024 results slide deck posted to the Company’s investor relations website at take2games.com/ir.


Management Comments

“Our strong second quarter results, including Net Bookings of $1.4 billion, underscore the strength of our portfolio of iconic, industry-leading intellectual properties. During the period, our teams released new offerings, delivered engaging post-launch content, and advanced further the development of our eagerly-anticipated pipeline,” said Strauss Zelnick, Chairman and CEO of Take-Two.

“While we expect continued macroeconomic uncertainty, we believe that we are well positioned for the holiday season and are reiterating our fiscal 2024 Net Bookings guidance of $5.45 to $5.55 billion.”

“Looking ahead, I am optimistic about our Company’s multi-year growth trajectory and our ability to deliver long-term value for our shareholders. Our development pipeline is robust and diverse, and we are getting closer to delivering the groundbreaking titles that our audiences throughout the world have been anticipating. With an unwavering commitment to being the most creative, the most innovative, and the most efficient entertainment company, I have great confidence that our offerings will surpass our players’ expectations and set new standards of creative excellence in our industry.”

Second Quarter Fiscal 2024 Financial and Operational Highlights

* Net Bookings is our operational metric and defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives. 
** Recurrent consumer spending is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising.

Second 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 September 30, 2023

 

 

 

 

Financial Data

in millions

 

Statement of
Operations

 

Change in deferred
net revenue and
related cost of
revenue

 

Stock-based
compensation

 

Amortization
and
impairment of
acquired
intangibles

 

Business
acquisition

 

Other (a)

GAAP

 

 

 

 

 

 

 

 

 

 

 

 

Total net revenue

 

$1,299.2

 

145.7

 

 

 

 

 

 

 

 

Cost of revenue

 

883.8

 

9.7

 

(7.5)

 

(409.4)

 

 

 

 

Gross profit

 

415.4

 

136.0

 

7.5

 

409.4

 

 

 

 

Operating expenses

 

959.1

 

 

 

(82.9)

 

(17.7)

 

(168.6)

 

(3.4)

(Loss) income from operations

 

(543.7)

 

136.0

 

90.4

 

427.1

 

168.6

 

3.4

Interest and other, net

 

(31.1)

 

1.2

 

 

 

 

 

1.9

 

1.9

(Loss) gain on fair value adjustments, net

 

(2.2)

 

 

 

 

 

 

 

1.7

 

0.3

(Loss) income before income taxes

 

(577.0)

 

137.2

 

90.4

 

427.1

 

172.2

 

5.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

72.9

 

136.0

 

90.4

 

 

 

4.9

 

5.6

Note: For management reporting purposes, the table above assumes a management tax rate of 18% and a fully diluted share count of 172.1 million in order to calculate net income per diluted share.

(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar, (ii) business reorganization expenses, and (iii) fair value adjustments related to certain equity investments.

Outlook for Fiscal 2024

Take-Two is revising its outlook for the fiscal year ending March 31, 2024 and is providing its initial outlook for its fiscal third quarter ending December 31, 2023:

Fiscal Year Ending March 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:

 

 

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
and impairment
of acquired
intangibles

 

Business
acquisition and
other (a)

GAAP

 

 

 

 

 

 

 

 

 

 

Total net revenue

 

$5,370 to $5,470

 

$80

 

 

 

 

 

 

Cost of revenue

 

$2,791 to $2,819

 

$(1)

 

$(27)

 

$(948)

 

$10

Operating expenses

 

$3,530 to $3,550

 

 

 

$(307)

 

$(115)

 

$(208)

Interest and other, net

 

$114

 

$(1)

 

 

 

 

 

$(18)

(Loss) income before income taxes

 

$(1,065) to $(1,013)

 

$82

 

$334

 

$1,063

 

$216

Net loss

 

$(957) to $(910)

 

 

 

 

 

 

 

 

Net loss per share

 

$(5.62) to $(5.35)

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

approximately $90

 

 

 

 

 

 

 

 

Capital expenditures

 

approximately $150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$378 to $430

 

$81

 

$334

 

 

 

$33

Adjusted Unrestricted Operating Cash Flow

 

approximately $100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational metric

 

 

 

 

 

 

 

 

 

 

Net Bookings

 

$5,450 to $5,550

 

 

 

 

 

 

 

 

(a) Other includes adjustments for (i) the revaluation of the Turkish Lira against the U.S. Dollar, (ii) business reorganization expenses, and (iii) fair value adjustments related to certain equity investments.

Third Quarter Ending December 31, 2023

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 December 31, 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 and
other

GAAP

 

 

 

 

 

 

 

 

 

 

Total net revenue

 

$1,290 to $1,340

 

$10

 

 

 

 

 

 

Cost of revenue

 

$589 to $608

 

$(3)

 

$(5)

 

$(175)

 

 

Operating expenses

 

$826 to $836

 

 

 

$(79)

 

$(18)

 

 

Interest and other, net

 

$30

 

 

 

 

 

 

 

$(2)

(Loss) income before income taxes

 

$(155) to $(134)

 

$13

 

$84

 

$193

 

$2

Net loss

 

$(124) to $(107)

 

 

 

 

 

 

 

 

Net loss per share

 

$(0.73) to $(0.63)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

EBITDA

 

$95 to $116

 

$13

 

$84

 

 

 

$2

 

 

 

 

 

 

 

 

 

 

 

Operational metric

 

 

 

 

 

 

 

 

 

 

Net Bookings

 

$1,300 to $1,350

 

 

 

 

 

 

 

 

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, 2023:

Label

Product

Platforms

Release Date

Zynga

Power Slap

iOS, Android

August 9, 2023

Zynga

Sugartown

Web3

August 14, 2023

Rockstar Games

Red Dead Redemption and Undead Nightmare

PS4, Switch

August 17, 2023

2K

Borderlands Collection: Pandora’s Box

PS4, PS5, Xbox One, Xbox Series X|S, PC

September 1, 2023

2K

NBA 2K24

PS4, PS5, Xbox One, Xbox Series X|S, PC, Switch

September 8, 2023

Zynga

Top Troops

iOS, Android

October 3, 2023

2K

Borderlands 3 Ultimate Edition

Switch

October 6, 2023

2K

NBA 2K24 Arcade Edition

Apple Arcade

October 24, 2023

Zynga

Match Factory

iOS

November 7, 2023

Take-Two’s future lineup announced to-date includes:

Label

Product

Platforms

Release Date

Private Division

Rollerdrome

Xbox Series X, PC

November 28, 2023

Private Division

Penny’s Big Breakaway

PS5, Xbox Series X|S, PC, Switch

Early Calendar 2024

2K

WWE 2K24

TBA

Fiscal 2024

Zynga

Star Wars Hunters

iOS, Android, Switch

Calendar 2024

Zynga

Game of Thrones: Legends

iOS, Android

Calendar 2024

Private Division

Tales of the Shire

TBA

Fiscal 2025

Rockstar Games

Grand Theft Auto: The Trilogy – The Definitive Edition

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 (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 September 30, 2023.

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; 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net revenue:

 

 

 

 

 

 

 

 

Game

 

$

1,128.6

 

 

$

1,218.8

 

 

$

2,224.7

 

 

$

2,238.0

 

Advertising

 

 

170.6

 

 

 

174.7

 

 

 

359.2

 

 

 

257.9

 

Total net revenue

 

 

1,299.2

 

 

 

1,393.5

 

 

 

2,583.9

 

 

 

2,495.9

 

Cost of revenue:

 

 

 

 

 

 

 

 

Game intangibles

 

 

409.4

 

 

 

88.6

 

 

 

596.3

 

 

 

297.6

 

Product costs

 

 

175.7

 

 

 

204.5

 

 

 

354.6

 

 

 

321.4

 

Software development costs and royalties

 

 

83.1

 

 

 

201.3

 

 

 

198.8

 

 

 

157.4

 

Internal royalties

 

 

112.8

 

 

 

124.3

 

 

 

185.4

 

 

 

217.7

 

Licenses

 

 

102.8

 

 

 

95.2

 

 

 

154.2

 

 

 

155.6

 

Total cost of revenue

 

 

883.8

 

 

 

713.9

 

 

 

1,489.3

 

 

 

1,149.7

 

Gross profit

 

 

415.4

 

 

 

679.6

 

 

 

1,094.6

 

 

 

1,346.2

 

Selling and marketing

 

 

334.6

 

 

 

444.4

 

 

 

735.5

 

 

 

716.4

 

Research and development

 

 

234.3

 

 

 

243.2

 

 

 

478.3

 

 

 

417.0

 

General and administrative

 

 

179.5

 

 

 

214.6

 

 

 

377.7

 

 

 

451.7

 

Depreciation and amortization

 

 

45.3

 

 

 

29.9

 

 

 

85.7

 

 

 

51.0

 

Goodwill impairment

 

 

165.4

 

 

 

 

 

 

165.4

 

 

 

 

Total operating expenses

 

 

959.1

 

 

 

932.1

 

 

 

1,842.6

 

 

 

1,636.1

 

Loss from operations

 

 

(543.7

)

 

 

(252.5

)

 

 

(748.0

)

 

 

(289.9

)

Interest and other, net

 

 

(31.1

)

 

 

(50.5

)

 

 

(56.5

)

 

 

(79.8

)

(Loss) gain on fair value adjustments, net

 

 

(2.2

)

 

 

1.9

 

 

 

(1.4

)

 

 

(37.7

)

Loss before income taxes

 

 

(577.0

)

 

 

(301.1

)

 

 

(805.9

)

 

 

(407.4

)

Benefit from income taxes

 

 

33.4

 

 

 

44.1

 

 

 

56.3

 

 

 

46.4

 

Net loss

 

$

(543.6

)

 

$

(257.0

)

 

$

(749.6

)

 

$

(361.0

)

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

$

(3.20

)

 

$

(1.54

)

 

$

(4.42

)

 

$

(2.38

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

169.9

 

 

 

166.9

 

 

 

169.6

 

 

 

151.8

 

 

TAKE-TWO INTERACTIVE SOFTWARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

 

 

September 30, 2023

 

March 31, 2023

 

 

(Unaudited)

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

756.8

 

 

$

827.4

 

Short-term investments

 

 

45.1

 

 

 

187.0

 

Restricted cash and cash equivalents

 

 

424.4

 

 

 

307.6

 

Accounts receivable, net of allowances of $1.2 and $1.3 at September 30, 2023 and March 31, 2023, respectively

 

 

814.5

 

 

 

763.2

 

Software development costs and licenses

 

 

94.5

 

 

 

65.9

 

Contract assets

 

 

82.5

 

 

 

79.9

 

Prepaid expenses and other

 

 

319.0

 

 

 

277.1

 

Total current assets

 

 

2,536.8

 

 

 

2,508.1

 

Fixed assets, net

 

 

392.0

 

 

 

402.8

 

Right-of-use assets

 

 

312.8

 

 

 

282.7

 

Software development costs and licenses, net of current portion

 

 

1,270.7

 

 

 

1,072.2

 

Goodwill

 

 

6,600.3

 

 

 

6,767.1

 

Other intangibles, net

 

 

3,776.3

 

 

 

4,453.2

 

Deferred tax assets

 

 

12.3

 

 

 

44.8

 

Long-term restricted cash and cash equivalents

 

 

105.0

 

 

 

99.6

 

Other assets

 

 

201.2

 

 

 

231.6

 

Total assets

 

$

15,207.4

 

 

$

15,862.1

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

131.8

 

 

$

140.1

 

Accrued expenses and other current liabilities

 

 

1,316.2

 

 

 

1,225.7

 

Deferred revenue

 

 

1,117.5

 

 

 

1,078.8

 

Lease liabilities

 

 

61.5

 

 

 

60.2

 

Short-term debt, net

 

 

373.1

 

 

 

1,346.8

 

Total current liabilities

 

 

3,000.1

 

 

 

3,851.6

 

Long-term debt, net

 

 

2,707.1

 

 

 

1,733.0

 

Non-current deferred revenue

 

 

60.6

 

 

 

35.5

 

Non-current lease liabilities

 

 

373.0

 

 

 

347.0

 

Non-current software development royalties

 

 

99.6

 

 

 

110.2

 

Deferred tax liabilities, net

 

 

278.5

 

 

 

534.0

 

Other long-term liabilities

 

 

258.4

 

 

 

208.3

 

Total liabilities

 

$

6,777.3

 

 

$

6,819.6

 

Stockholders’ equity:

 

 

 

 

Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at September 30, 2023 and March 31, 2023

 

 

 

 

 

 

Common stock, $0.01 par value, 300.0 and 300.0 shares authorized; 193.7 and 192.6 shares issued and 170.0 and 168.9 outstanding at September 30, 2023 and March 31, 2023, respectively

 

 

1.9

 

 

 

1.9

 

Additional paid-in capital

 

 

9,183.2

 

 

 

9,010.2

 

Treasury stock, at cost; 23.7 and 23.7 common shares at September 30, 2023 and March 31, 2023, respectively

 

 

(1,020.6

)

 

 

(1,020.6

)

Retained earnings

 

 

414.7

 

 

 

1,164.3

 

Accumulated other comprehensive loss

 

 

(149.1

)

 

 

(113.3

)

Total stockholders’ equity

 

$

8,430.1

 

 

$

9,042.5

 

Total liabilities and stockholders’ equity

 

$

15,207.4

 

15,862.1

 

TAKE-TWO INTERACTIVE SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

 

 

 

 

 

 

 

Six Months Ended September 30,

 

 

 

2023

 

 

 

2022

 

Operating activities:

 

 

 

 

Net loss

 

$

(749.6

)

 

$

(361.0

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

Amortization and impairment of software development costs and licenses

 

 

108.1

 

 

 

81.7

 

Stock-based compensation

 

 

169.1

 

 

 

151.8

 

Noncash lease expense

 

 

32.7

 

 

 

23.3

 

Amortization and impairment of intangibles

 

 

676.8

 

 

 

438.2

 

Depreciation

 

 

67.9

 

 

 

38.9

 

Goodwill impairment

 

 

165.4

 

 

 

 

Interest expense

 

 

71.4

 

 

 

60.0

 

Gain on debt extinguishment

 

 

(7.7

)

 

 

 

Fair value adjustments

 

 

1.4

 

 

 

38.2

 

Other, net

 

 

28.8

 

 

 

(37.4

)

Changes in assets and liabilities, net of effect from purchases of businesses:

 

 

 

 

Accounts receivable

 

 

(52.2

)

 

 

15.2

 

Software development costs and licenses

 

 

(300.7

)

 

 

(228.9

)

Prepaid expenses and other current and other non-current assets

 

 

(44.5

)

 

 

(44.7

)

Deferred revenue

 

 

65.3

 

 

 

(57.4

)

Accounts payable, accrued expenses and other liabilities

 

 

(162.4

)

 

 

37.5

 

Net cash provided by operating activities

 

 

69.8

 

 

 

155.4

 

Investing activities:

 

 

 

 

Change in bank time deposits

 

 

12.5

 

 

 

124.4

 

Sale and maturities of available-for-sale securities

 

 

131.0

 

 

 

354.3

 

Purchases of fixed assets

 

 

(59.9

)

 

 

(99.4

)

Proceeds from sale of long-term investment

 

 

 

 

 

20.6

 

Purchases of long-term investments

 

 

(6.5

)

 

 

(7.6

)

Business acquisitions

 

 

(13.0

)

 

 

(3,156.9

)

Other

 

 

(3.8

)

 

 

(26.0

)

Net cash provided by (used in) investing activities

 

 

60.3

 

 

 

(2,790.6

)

Financing activities:

 

 

 

 

Tax payment related to net share settlements on restricted stock awards

 

 

(57.1

)

 

 

(77.7

)

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

)

 

 

(22.4

)

Settlement of capped calls

 

 

 

 

 

140.1

 

Repayment of debt

 

 

(989.6

)

 

 

 

Payment of contingent earn-out consideration

 

 

(35.0

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(71.1

)

 

 

2,133.5

 

Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents

 

 

(7.4

)

 

 

(36.2

)

Net change in cash, cash equivalents, and restricted cash and cash equivalents

 

 

51.6

 

 

 

(537.9

)

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)

 

$

1,286.2

 

 

$

1,657.4

 

 

(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.

Contacts

(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

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