[Company Overview & Executive Summary](index=1&type=section&id=Company%20Overview%20%26%20Executive%20Summary) This section provides contact information, CEO's strategic comments, and an overview of Take-Two Interactive Software, Inc. as a global interactive entertainment developer and publisher [Contact Information](index=1&type=section&id=Contact%20Information) This section provides contact details for Take-Two Interactive Software, Inc.'s investor relations and corporate communications departments - Investor Relations Contact: Nicole Shevins, Senior Vice President, Phone: (646) 536-3005, Email: Nicole.Shevins@take2games.com[2](index=2&type=chunk) - Corporate Press Contact: Alan Lewis, Vice President, Phone: (646) 536-2983, Email: Alan.Lewis@take2games.com[2](index=2&type=chunk) [CEO Comments](index=1&type=section&id=CEO%20Comments) CEO Strauss Zelnick highlights the company's outstanding performance in fiscal year 2025, projects net bookings of $5.9 billion to $6.0 billion for fiscal year 2026, and anticipates record net bookings post-Grand Theft Auto VI launch in fiscal year 2027, establishing a new profit baseline - The company achieved **outstanding performance in fiscal year 2025**, with significant contributions across all brands[3](index=3&type=chunk) - The fiscal year 2026 outlook indicates continued positive momentum, with net bookings guidance of **$5.9 billion to $6.0 billion**[3](index=3&type=chunk) - Record net bookings are anticipated in fiscal year 2027 following the launch of **Grand Theft Auto VI**, establishing a new baseline for the business and achieving higher profitability[3](index=3&type=chunk) [About Take-Two Interactive Software](index=9&type=section&id=About%20Take-Two%20Interactive%20Software) Take-Two Interactive Software, Inc. is a leading global developer, publisher, and marketer of interactive entertainment, operating primarily through its Rockstar Games, 2K, and Zynga labels, distributing products across console, mobile, and PC platforms via multiple channels - Take-Two Interactive Software, Inc. is a **leading global developer, publisher, and marketer of interactive entertainment**[26](index=26&type=chunk) - The company primarily develops and publishes products through its **Rockstar Games, 2K, and Zynga labels**[26](index=26&type=chunk) - Products are for console game systems, mobile devices (smartphones and tablets), and PCs, delivered via physical retail, digital download, online platforms, and cloud streaming services[26](index=26&type=chunk) [Fourth Quarter Fiscal 2025 Financial and Operational Highlights](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Financial%20and%20Operational%20Highlights) This section details Take-Two's financial and operational performance for the fourth quarter of fiscal year 2025, including key metrics and GAAP to non-GAAP reconciliations [Key Financial and Operational Metrics - Q4 FY25](index=1&type=section&id=Key%20Financial%20and%20Operational%20Metrics%20-%20Q4%20FY25) Take-Two achieved strong growth in Q4 FY2025 with net bookings up 17% to $1.58 billion and GAAP net revenue up 13% to $1.58 billion, driven by recurring consumer spending, yet reported a GAAP net loss of $3.73 billion due to significant goodwill and acquisition-related intangible asset impairment charges | Metric | Q4 FY25 | Q4 FY24 | Y-o-Y Change | | :----- | :------ | :------ | :----------- | | Total Net Bookings | $1.58 billion | $1.35 billion | +17% | | Recurring Consumer Spending (% of Net Bookings) | 77% | N/A | +14% | | GAAP Net Revenue | $1.58 billion | $1.40 billion | +13% | | Recurring Consumer Spending (% of GAAP Net Revenue) | 76% | N/A | +9% | | GAAP Net Loss | $(3.73) billion | $(2.90) billion | -28.6% | | GAAP Net Loss Per Share | $(21.08) | $(17.02) | -23.8% | - Key contributors to net bookings included **NBA® 2K25**, **Grand Theft Auto® Online** and **Grand Theft Auto V**, **Civilization® VII**, **Toon Blast™**, the hyper-casual mobile game portfolio, **Match Factory!™**, **Empires & Puzzles™**, **Red Dead Redemption® 2** and **Red Dead Online**, and **WWE® 2K25**[4](index=4&type=chunk) - GAAP results included a **$3.55 billion goodwill impairment charge** and a **$176.3 million impairment charge** for acquisition-related intangible assets[8](index=8&type=chunk) [GAAP to Non-GAAP Reconciliation - Q4 FY25](index=3&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation%20-%20Q4%20FY25) This section provides reconciliation data for GAAP to non-GAAP financial performance in Q4 FY2025, aiding management and the board in understanding the company's core business and future outlook, with **EBITDA at $161.0 million** | in millions USD | GAAP (Q4 FY25) | Adjustments (Net) | Non-GAAP EBITDA (Q4 FY25) | | :---------- | :------------- | :---------------- | :------------------------ | | Total Net Revenue | $1,582.5 | (1.0) | N/A | | Cost of Revenue | $779.2 | (0.8) | N/A | | Gross Profit | $803.3 | (1.0) + 0.8 + 303.8 | N/A | | Operating Expenses | $4,580.2 | (78.8) + (17.1) + (55.3) + (3,574.9) | N/A | | Operating (Loss) Income | $(3,776.9) | (1.0) + 79.6 + 17.1 + 359.1 + 3,574.9 | N/A | | Interest and Other, Net | $(22.2) | 1.5 + 2.1 + 0.6 | N/A | | Fair Value Adjustment (Loss) Gain, Net | $(2.8) | 1.6 + 1.2 | N/A | | (Loss) Income Before Income Taxes | $(3,801.9) | 0.5 + 79.6 + 17.1 + 359.1 + 3,578.5 + 1.8 | N/A | | **EBITDA** | N/A | N/A | **$161.0** | - Adjustments include changes in deferred net revenue and related cost of revenue, stock-based compensation, business reorganization, amortization and impairment of acquisition-related intangible assets, business acquisition impacts, and other items (revaluation of Turkish Lira to USD and fair value adjustments for certain equity investments)[6](index=6&type=chunk) [Fiscal Year 2025 Financial and Operational Highlights](index=3&type=section&id=Fiscal%20Year%202025%20Financial%20and%20Operational%20Highlights) This section presents Take-Two's full fiscal year 2025 financial and operational performance, including key metrics and GAAP to non-GAAP reconciliations [Key Financial and Operational Metrics - FY25](index=3&type=section&id=Key%20Financial%20and%20Operational%20Metrics%20-%20FY25) In fiscal year 2025, Take-Two's total net bookings grew 6% to $5.65 billion and GAAP net revenue grew 5% to $5.63 billion, with recurring consumer spending contributing significantly, yet the company reported a GAAP net loss of $4.48 billion and $25.58 per share due to substantial goodwill and acquisition-related intangible asset impairment charges | Metric | FY25 | FY24 | Y-o-Y Change | | :----- | :------ | :------ | :----------- | | Total Net Bookings | $5.65 billion | $5.33 billion | +6% | | Recurring Consumer Spending (% of Net Bookings) | 80% | N/A | +7% | | GAAP Net Revenue | $5.63 billion | $5.35 billion | +5% | | Recurring Consumer Spending (% of GAAP Net Revenue) | 79% | N/A | +5% | | GAAP Net Loss | $(4.48) billion | $(3.74) billion | -19.8% | | GAAP Net Loss Per Share | $(25.58) | $(22.01) | -16.2% | - Key contributors to net bookings included **NBA 2K25** and **NBA 2K24**, **Grand Theft Auto Online** and **Grand Theft Auto V**, **Toon Blast**, the hyper-casual mobile game portfolio, **Match Factory!**, **Empires & Puzzles**, **Red Dead Redemption 2** and **Red Dead Online**, **Words With Friends**, and **Toy Blast**[9](index=9&type=chunk) - GAAP results included a **$3.55 billion goodwill impairment charge** and a **$176.3 million impairment charge** for acquisition-related intangible assets[13](index=13&type=chunk) [GAAP to Non-GAAP Reconciliation - FY25](index=5&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation%20-%20FY25) This section provides reconciliation data for GAAP to non-GAAP financial performance in fiscal year 2025, aiding management and the board in understanding the company's core business and future outlook, with **EBITDA at $199.1 million** | in millions USD | GAAP (FY25) | Adjustments (Net) | Non-GAAP EBITDA (FY25) | | :---------- | :------------ | :---------------- | :----------------------- | | Total Net Revenue | $5,633.6 | 14.4 | N/A | | Cost of Revenue | $2,571.4 | (9.4) | N/A | | Gross Profit | $3,062.2 | 12.9 + 9.4 + 814.3 | N/A | | Operating Expenses | $7,453.3 | (314.5) + (106.5) + (108.3) + (3,638.6) | N/A | | Operating (Loss) Income | $(4,391.1) | 12.9 + 323.9 + 106.5 + 922.6 + 3,638.6 | N/A | | Interest and Other, Net | $(93.3) | 3.5 + 8.4 + 12.1 | N/A | | Fair Value Adjustment (Loss) Gain, Net | $(6.9) | 3.3 + 3.6 | N/A | | (Loss) Income Before Income Taxes | $(4,491.3) | 16.4 + 323.9 + 106.5 + 922.6 + 3,650.4 + 15.6 | N/A | | **EBITDA** | N/A | N/A | **$199.1** | - Adjustments include changes in deferred net revenue and related cost of revenue, stock-based compensation, business reorganization impacts, amortization and impairment of acquisition-related intangible assets, business acquisition impacts, and other items (revaluation of Turkish Lira to USD and fair value adjustments for certain equity investments)[12](index=12&type=chunk) [Outlook for Fiscal Year 2026](index=6&type=section&id=Outlook%20for%20Fiscal%20Year%202026) This section outlines Take-Two's financial and operational projections for fiscal year 2026 and the first quarter, along with key underlying assumptions [Fiscal Year Ending March 31, 2026 Outlook](index=6&type=section&id=Fiscal%20Year%20Ending%20March%2031%2C%202026%20Outlook) Take-Two provides its initial outlook for fiscal year 2026, projecting net bookings between $5.9 billion and $6.0 billion and a GAAP net loss between $499 million and $439 million | Metric | FY26 Outlook (Range) | | :----- | :------------------- | | Total Net Revenue | $5,950 to $6,050 million | | Net Loss | $(499) to $(439) million | | Net Loss Per Share | $(2.79) to $(2.45) | | Net Cash Provided by Operating Activities | approx. $130 million | | Capital Expenditures | approx. $140 million | | Non-GAAP EBITDA | $508 to $562 million | | Operating Metric: Net Bookings | $5,900 to $6,000 million | - Management reported an anticipated tax rate of **18%**[15](index=15&type=chunk) - Expected share count for GAAP net loss per share calculation is **179.1 million shares**[16](index=16&type=chunk) [First Quarter Ending June 30, 2025 Outlook](index=7&type=section&id=First%20Quarter%20Ending%20June%2030%2C%202025%20Outlook) The company projects Q1 FY2026 net bookings between $1.25 billion and $1.30 billion and a GAAP net loss between $139 million and $115 million | Metric | Q1 FY26 Outlook (Range) | | :----- | :---------------------- | | Total Net Revenue | $1,350 to $1,400 million | | Net Loss | $(139) to $(115) million | | Net Loss Per Share | $(0.78) to $(0.65) | | Non-GAAP EBITDA | $114 to $136 million | | Operating Metric: Net Bookings | $1,250 to $1,300 million | - Management reported an anticipated tax rate of **18%**[19](index=19&type=chunk) - Expected share count for GAAP net loss per share calculation is **178.1 million shares**[19](index=19&type=chunk) [Key Assumptions and Dependencies](index=7&type=section&id=Key%20Assumptions%20and%20Dependencies) Key assumptions for the company's outlook include the continuation of the current economic environment, timely delivery of game products, sustained growth in PlayStation 5 and Xbox Series X|S install bases, and the ability to gain market share on PC, mobile, and other platforms - Continuation of the current economic backdrop[17](index=17&type=chunk) - Timely delivery of game products included in the financial outlook[17](index=17&type=chunk) - Continued growth in the install base of **PlayStation 5** and **Xbox Series X|S**, and engagement on **Xbox One** and **PlayStation 4**[17](index=17&type=chunk) - Ability to capitalize on opportunities across PC, mobile, and other platforms by developing and releasing products that gain market share[17](index=17&type=chunk) - Factors impacting mobile business performance, such as player acquisition costs[17](index=17&type=chunk) - Continued focus on the live services portfolio and new game pipeline[17](index=17&type=chunk) - Stable foreign exchange rates[17](index=17&type=chunk) [Product Releases](index=7&type=section&id=Product%20Releases) This section details Take-Two's recent and upcoming product releases across various brands and platforms [Recent Product Releases](index=7&type=section&id=Recent%20Product%20Releases) Since January 1, 2025, Take-Two has released several titles, including **Civilization VII**, **PGA TOUR 2K25**, **Color Block Jam**, and **WWE 2K25** | Brand | Product | Platform | Release Date | | :---- | :------ | :-------- | :----------- | | 2K | Sid Meier's Civilization VII | PS5, PS4, Xbox Series X S, Xbox One, PC, Switch | February 11, 2025 | | 2K | PGA TOUR 2K25 | PS5, Xbox Series X S, PC | February 28, 2025 | | Zynga | Color Block Jam | iOS, Android | March 3, 2025 | | 2K | WWE 2K25 | PS5, PS4, Xbox Series X S, Xbox One, PC | March 14, 2025 | | 2K | Civilization VII VR | Meta Quest 3 and 3S | April 11, 2025 | [Future Product Lineup](index=9&type=section&id=Future%20Product%20Lineup) Take-Two has announced its future product lineup, including **Civilization VII** (Switch 2 version), **Mafia: The Old Country**, **Borderlands 4**, and the highly anticipated **Grand Theft Auto VI** | Brand | Product | Platform | Release Date | | :---- | :------ | :-------- | :----------- | | 2K | Civilization VII | Switch 2 | June 5, 2025 | | 2K | Mafia: The Old Country | PS5, Xbox Series X S, PC | August 8, 2025 | | 2K | Borderlands 4 | PS5, Xbox Series X S, PC | September 12, 2025 | | Rockstar Games | Grand Theft Auto VI | PS5, Xbox Series X S | May 26, 2026 | | 2K | NBA 2K26 | TBD | FY26 | | 2K | WWE 2K26 | TBD | FY26 | | Zynga | CSR 3 | iOS, Android | TBD | | Ghost Story Games | Judas | PS5, Xbox Series X S, PC | TBD | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and provides the rationale for Take-Two's use of non-GAAP financial measures, specifically EBITDA [Definition and Rationale of EBITDA](index=9&type=section&id=Definition%20and%20Rationale%20of%20EBITDA) Take-Two utilizes EBITDA as a non-GAAP financial measure to provide investors and management with a clearer understanding of ongoing operations and trends by excluding certain non-cash expenses, debt-related charges, and income taxes, and no longer reports adjusted unrestricted operating cash flow - EBITDA is defined as GAAP net income (loss) excluding interest income (expense), provision (benefit) for income taxes, depreciation expense, and amortization and impairment of acquisition-related intangible assets[22](index=22&type=chunk) - Management considers EBITDA important as it removes the impact of certain non-cash expenses, debt-related charges, and income taxes, aiding investors and management in understanding the company's ongoing operations and analyzing operating trends[23](index=23&type=chunk)[24](index=24&type=chunk) - The company no longer reports adjusted unrestricted operating cash flow as certain previously restricted cash is no longer required to be restricted[22](index=22&type=chunk) [Consolidated Financial Statements (GAAP)](index=12&type=section&id=Consolidated%20Financial%20Statements%20%28GAAP%29) This section presents Take-Two's consolidated GAAP financial statements, including statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=12&type=section&id=Consolidated%20Statements%20of%20Operations) This section provides consolidated statements of operations for the three and twelve months ended March 31, 2025, and 2024, detailing the company's GAAP performance in revenue, costs, gross profit, and net loss | Metric (in millions USD) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :------------------- | :------ | :------ | :----- | :----- | | Total Net Revenue | $1,582.5 | $1,399.4 | $5,633.6 | $5,349.6 | | Cost of Revenue | $779.2 | $930.3 | $2,571.4 | $3,107.8 | | Gross Profit | $803.3 | $469.1 | $3,062.2 | $2,241.8 | | Total Operating Expenses | $4,580.2 | $3,182.2 | $7,453.3 | $5,832.4 | | Operating Loss | $(3,776.9) | $(2,713.1) | $(4,391.1) | $(3,590.6) | | Net Loss | $(3,726.2) | $(2,903.0) | $(4,478.9) | $(3,744.2) | | Basic and Diluted Loss Per Share | $(21.08) | $(17.02) | $(25.58) | $(22.01) | [Consolidated Balance Sheets](index=13&type=section&id=Consolidated%20Balance%20Sheets) This section presents consolidated balance sheets as of March 31, 2025, and 2024, showing the company's assets, liabilities, and stockholders' equity, with goodwill significantly reduced due to impairment charges | Metric (in millions USD) | March 31, 2025 | March 31, 2024 | | :------------------- | :------------- | :------------- | | Total Current Assets | $2,815.9 | $2,259.7 | | Goodwill | $1,057.3 | $4,426.4 | | Other Intangible Assets, Net | $2,336.0 | $3,060.6 | | Total Assets | $9,180.7 | $12,216.9 | | Total Current Liabilities | $3,615.8 | $2,406.4 | | Long-Term Debt, Net | $2,512.6 | $3,058.3 | | Total Liabilities | $7,043.0 | $6,549.0 | | Total Stockholders' Equity | $2,137.7 | $5,667.9 | - Goodwill significantly decreased from **$4.4264 billion to $1.0573 billion**, reflecting impairment charges[35](index=35&type=chunk) [Consolidated Statements of Cash Flows](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section provides consolidated statements of cash flows for the twelve months ended March 31, 2025, and 2024, detailing cash flows from operating, investing, and financing activities, showing a shift from negative to positive financing cash flow in FY2025 | Metric (in millions USD) | FY25 | FY24 | | :------------------- | :----- | :----- | | Net Cash Used in Operating Activities | $(45.2) | $(16.1) | | Net Cash Used in Investing Activities | $(151.5) | $(28.2) | | Net Cash Provided by (Used in) Financing Activities | $650.5 | $(91.4) | | Net Change in Cash, Cash Equivalents, and Restricted Cash | $457.2 | $(132.6) | | Cash, Cash Equivalents, and Restricted Cash, End of Period | $1,559.2 | $1,102.0 | - Cash flow from financing activities shifted from a net outflow in FY2024 to a **net inflow in FY2025**, primarily due to proceeds from debt issuance[37](index=37&type=chunk) [Supplemental Financial Data](index=16&type=section&id=Supplemental%20Financial%20Data) This section provides additional financial data, including net revenue and net bookings segmented by geography, distribution channel, and platform, along with detailed GAAP to non-GAAP adjustments [Net Revenue and Net Bookings by Segment - Q4 FY25](index=16&type=section&id=Net%20Revenue%20and%20Net%20Bookings%20by%20Segment%20-%20Q4%20FY25) This section provides Q4 FY2025 net revenue and net bookings data segmented by geographic region, distribution channel, and platform, indicating digital online channels and mobile platforms remain primary contributors | Segment | Q4 FY25 Net Revenue (in millions USD) | Share | Q4 FY24 Net Revenue (in millions USD) | Share | Q4 FY25 Net Bookings (in millions USD) | Share | Q4 FY24 Net Bookings (in millions USD) | Share | | :------ | :------------------ | :--------- | :------------------ | :--------- | :------------------- | :--------- | :------------------- | :--------- | | **Geographic Region** | | | | | | | | | | United States | $946.1 | 60% | $861.4 | 62% | $961.1 | 61% | $818.8 | 61% | | International | $636.4 | 40% | $538.0 | 38% | $620.4 | 39% | $530.0 | 39% | | **Distribution Channel** | | | | | | | | | | Digital Online | $1,525.6 | 96% | $1,335.2 | 95% | $1,528.7 | 97% | $1,291.6 | 96% | | Physical Retail and Other | $56.9 | 4% | $64.2 | 5% | $52.8 | 3% | $57.2 | 4% | | **Platform** | | | | | | | | | | Mobile | $747.7 | 48% | $715.1 | 51% | $730.1 | 46% | $708.3 | 53% | | Console | $591.2 | 37% | $568.7 | 41% | $601.7 | 38% | $527.4 | 39% | | PC and Other | $243.6 | 15% | $115.6 | 8% | $249.7 | 16% | $113.1 | 8% | - Digital online channels accounted for **96-97% of net revenue and net bookings** in Q4 FY2025, demonstrating a strong digital distribution model[38](index=38&type=chunk) - Mobile platforms remained the largest contributor to net revenue and net bookings, though their percentage contribution slightly decreased year-over-year, while **PC and Other platforms saw significant growth**[38](index=38&type=chunk) [Net Revenue and Net Bookings by Segment - FY25](index=18&type=section&id=Net%20Revenue%20and%20Net%20Bookings%20by%20Segment%20-%20FY25) This section provides FY2025 net revenue and net bookings data segmented by geographic region, distribution channel, and platform, indicating digital online channels and mobile platforms dominated full-year performance | Segment | FY25 Net Revenue (in millions USD) | Share | FY24 Net Revenue (in millions USD) | Share | FY25 Net Bookings (in millions USD) | Share | FY24 Net Bookings (in millions USD) | Share | | :------ | :----------------- | :--------- | :----------------- | :--------- | :---------------- | :--------- | :---------------- | :--------- | | **Geographic Region** | | | | | | | | | | United States | $3,406.8 | 60% | $3,279.2 | 61% | $3,445.8 | 61% | $3,247.4 | 61% | | International | $2,226.8 | 40% | $2,070.4 | 39% | $2,202.2 | 39% | $2,085.6 | 39% | | **Distribution Channel** | | | | | | | | | | Digital Online | $5,431.8 | 96% | $5,112.2 | 96% | $5,457.2 | 97% | $5,097.3 | 96% | | Physical Retail and Other | $201.8 | 4% | $237.4 | 4% | $190.8 | 3% | $235.7 | 4% | | **Platform** | | | | | | | | | | Mobile | $2,942.0 | 52% | $2,748.0 | 51% | $2,872.0 | 51% | $2,757.7 | 52% | | Console | $2,099.1 | 37% | $2,167.3 | 41% | $2,167.4 | 38% | $2,149.8 | 40% | | PC and Other | $592.5 | 11% | $434.3 | 8% | $608.6 | 11% | $425.5 | 8% | - Digital online sales consistently comprised **96-97% of total net revenue and net bookings** in FY2025, indicating a robust digital distribution model[39](index=39&type=chunk) - Mobile platforms remained the largest revenue and bookings driver, with **PC and Other platforms showing significant year-over-year growth** in percentage contribution[39](index=39&type=chunk) [Detailed GAAP to Non-GAAP Adjustments](index=19&type=section&id=Detailed%20GAAP%20to%20Non-GAAP%20Adjustments) This section provides detailed adjustment data for GAAP to non-GAAP financial performance for Q4 and full fiscal year 2025, covering items such as deferred revenue, stock-based compensation, and intangible asset amortization and impairment - Detailed adjustments for Q4 and full fiscal year 2025 include the net impact of deferred net revenue and related cost of revenue, stock-based compensation, amortization and impairment of acquisition-related intangible assets, acquisition-related expenses, business reorganization impacts, and other adjustments across various income statement items[40](index=40&type=chunk)[41](index=41&type=chunk) - Significant adjustments such as **amortization and impairment of acquisition-related intangible assets** and **goodwill impairment** are consistently used to reconcile GAAP data[40](index=40&type=chunk)[41](index=41&type=chunk) [Summary GAAP to Non-GAAP Reconciliation](index=21&type=section&id=Summary%20GAAP%20to%20Non-GAAP%20Reconciliation) This section provides a summary reconciliation of GAAP to non-GAAP performance for Q4 and full fiscal year 2025, and the fiscal year 2026 outlook, focusing on EBITDA calculation | Metric (in millions USD) | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :------------------- | :------ | :------ | :----- | :----- | | Net Loss (GAAP) | $(3,726.2) | $(2,903.0) | $(4,478.9) | $(3,744.2) | | Provision (Benefit) for Income Taxes | $(75.7) | $158.4 | $(12.4) | $41.4 | | Interest Expense | $18.9 | $20.3 | $68.7 | $78.3 | | Depreciation and Amortization | $87.8 | $42.9 | $229.4 | $171.2 | | Amortization and Impairment of Acquisition-Related Intangible Assets | $311.0 | $485.1 | $847.0 | $1,383.2 | | Goodwill Impairment | $3,545.2 | $2,176.7 | $3,545.2 | $2,342.1 | | **EBITDA** | **$161.0** | **$(19.6)** | **$199.1** | **$272.0** | | Metric (in millions USD) | FY26 Outlook | Q1 FY26 Outlook | | :------------------- | :----------- | :-------------- | | Net Loss (GAAP) | $(499) to $(439) | $(139) to $(115) | | Provision for Income Taxes | $51 to $45 | $14 to $12 | | Interest Expense | $90 | $21 | | Depreciation | $166 | $43 | | Amortization of Acquisition-Related Intangible Assets | $700 | $175 | | **EBITDA** | **$508 to $562** | **$114 to $136** | - Q4 FY2025 EBITDA was **$161.0 million**, a significant improvement from **negative $19.6 million** in Q4 FY2024, primarily due to the exclusion of substantial goodwill impairment charges[42](index=42&type=chunk) - FY2025 EBITDA was **$199.1 million**, lower than **$272.0 million** in FY2024, despite the exclusion of large impairment charges in both years[42](index=42&type=chunk) [Legal and Disclosures](index=9&type=section&id=Legal%20and%20Disclosures) This section includes disclaimers regarding preliminary financial results and cautionary notes concerning forward-looking statements [Final Results Disclaimer](index=9&type=section&id=Final%20Results%20Disclaimer) This section states that the financial results discussed are preliminary, with final data to be included in the company's 10-K annual report for the fiscal year ended March 31, 2025 - The financial results discussed herein are preliminary; final data will be included in Take-Two's **10-K annual report** for the fiscal year ended March 31, 2025[25](index=25&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=11&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns investors that statements in the report not based on historical facts are forward-looking, subject to inherent uncertainties and risks, and actual results may differ materially, with no obligation for the company to update such statements - Statements in the report not based on historical facts are considered forward-looking statements under federal securities laws, identifiable by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” or similar meanings[29](index=29&type=chunk) - These forward-looking statements are based on management’s current beliefs and assumptions made with information currently available to them, subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and actual results may differ materially from these statements[29](index=29&type=chunk) - Risks include timely release and market acceptance of games, international business risks (geopolitical events), impact of changes in interest rates and inflation, foreign currency exchange rate fluctuations, reliance on key management and product development personnel, dependence on **NBA 2K** and **Grand Theft Auto** products and ability to develop other hit titles, ability to capitalize on **PlayStation®5** and **Xbox Series X|S** opportunities, factors affecting mobile business (e.g., player acquisition costs), and ability to maintain acceptable pricing levels for games[29](index=29&type=chunk) - Other important factors and information are contained in the company’s most recent **Annual Report on Form 10-K** (including the “Risk Factors” section), its most recent **Quarterly Report on Form 10-Q**, and the company’s other periodic filings with the SEC[30](index=30&type=chunk) - The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise[30](index=30&type=chunk)

Summary of Key Points from the Conference Call Industry Overview - **Healthcare Sector**: Anticipation of an Executive Order on drug pricing expected next week, with a probability of over 70% for the implementation of Most Favored Nation (MFN) pricing to reduce the disparity between US and international drug prices [3][9] - **Transportation and Logistics**: Expected reduction in shipments due to tariffs, but supply chain disruptions may provide some offset. Favorable outlook for specific companies like XPO, NSC, and CP, while UPS and SAIA appear oversold [4] Company-Specific Insights - **Alphabet Inc. (GOOGL)**: Notable shift in search dynamics with the first-ever decline in Safari searches, raising concerns about AI search potentially replacing traditional search methods. However, long-term monetization of AI is expected to ramp up [2][27] - **Microsoft Corporation (MSFT)**: Azure reported a 35% year-over-year revenue growth, with a 34% increase in backlog, outperforming Amazon's AWS and Google's GCP. Combined cloud backlog growth of 33% indicates strong core demand despite AI capacity constraints [5][27] - **Tesla, Inc. (TSLA)**: Focus on Robotaxi and affordable model launches, but concerns over tariffs and execution risks contribute to share price volatility [6][27] - **Walmart Inc. (WMT)**: Anticipated Q1 sales are expected to be in line or slightly better, but caution is advised due to product mix and potential impacts on EBIT growth [5][27] - **Capital One Financial Corporation (COF)**: Continued performance exceeding expectations, with FY27 EPS estimates raised to approximately $25. Merger synergies of $2.7 billion expected to phase in from Q2 [7][27] - **MP Materials**: Potential factory closures in the US due to the absence of rare earth magnet flows from China, impacting industries such as aerospace and electric vehicles [7][27] - **GeneDx**: Management confidence in over 30% volume growth for NICU genetic diagnostics this year, with a compelling valuation at 4x projected 2026 revenues [8][27] Market Dynamics - **Quant Strategy**: Increasing EPS risk indicated by Q1 earnings beats and misses, with the Mag 7 model yielding a cumulative long-short return of 10.5% since its launch [2] - **Russell Rebalance**: Notable buy/sell pressure on specific stocks leading into the June 27 rebalance, with BAM, FLUT, and HWM among the top gainers, while SSB and HQY are under pressure [4] Additional Considerations - **Tariffs and Supply Chain**: The impact of tariffs on shipments and the potential for redirected flows to mitigate some negative effects [4] - **AI and Search Trends**: The evolving landscape of search engines and the implications of AI on traditional search methods [2] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state of the healthcare and technology sectors, along with specific company performances and market dynamics.

Core Viewpoint - TakeTwo Interactive Software (TTWO) is set to release its fourth-quarter fiscal 2025 results on May 15, with expectations of GAAP net revenues between $1.52 billion and $1.62 billion, and a GAAP net loss per share ranging from 20 cents to earnings per share of 13 cents [1] Revenue Expectations - The Zacks Consensus Estimate for TTWO's fiscal fourth-quarter revenues is $1.55 billion, reflecting a year-over-year growth of 14.73% [1] - The consensus for earnings is currently at $1.08 per share, indicating a significant year-over-year growth of 248.39% [2] Performance Drivers - NBA 2K is anticipated to significantly contribute to results, with a projected high-teens percentage increase in recurrent consumer spending for the franchise [3] - Other titles like Grand Theft Auto V and GTA Online are expected to continue contributing, although GTA Online may see declines [3] - New launches such as Sid Meier's Civilization VII, PGA Tour 2K25, and WWE 2K25 are expected to support top-line growth, with Civilization VII already setting a franchise record for preorders [4] Mobile Segment Challenges - Mobile bookings are projected to face challenges, with only low single-digit growth expected for the fiscal year, influenced by underperformance in titles like Empires & Puzzles [5] Cost Management - GAAP operating expenses for the fiscal fourth quarter are projected between $900 million and $920 million, with a 2% decline year over year due to normalized marketing and cost-saving initiatives [6] Earnings Outlook - TTWO currently has an Earnings ESP of 0.00% and a Zacks Rank 3 (Hold), indicating that the odds of an earnings beat are not favorable at this time [7]

Group 1 - The upcoming report from Take-Two Interactive (TTWO) is expected to show quarterly earnings of $1.08 per share, a 248.4% increase year over year [1] - Analysts forecast revenues of $1.55 billion, representing a 14.7% year-over-year increase [1] - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating a reassessment by covering analysts [1] Group 2 - Analysts predict 'Total net bookings' will reach $1.54 billion, up from $1.35 billion in the same quarter last year [4] - 'Net bookings by platform - Mobile' are expected to be $703.35 million, slightly down from $708.30 million year over year [4] - 'Net bookings by distribution channel - Digital online' is projected to reach $1.43 billion, compared to $1.29 billion in the same quarter last year [4] Group 3 - 'Net bookings by distribution channel - Physical retail and other' is estimated to be $86.89 million, up from $57.20 million year over year [5] - Over the past month, shares of Take-Two have returned +6.8%, outperforming the Zacks S&P 500 composite's +3.8% change [5] - Currently, TTWO holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [5]

NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Take-Two Interactive Software, Inc. (“Take-Two” or the “Company”) (NASDAQ: TTWO).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Take-Two and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class act ...

Take-Two Interactive (TTWO) closed at $225.45 in the latest trading session, marking a -0.39% move from the prior day. This change lagged the S&P 500's 0.58% gain on the day. Meanwhile, the Dow experienced a rise of 0.62%, and the technology-dominated Nasdaq saw an increase of 1.07%.Coming into today, shares of the publisher of "Grand Theft Auto" and other video games had gained 8.75% in the past month. In that same time, the Consumer Discretionary sector gained 16.88%, while the S&P 500 gained 11.33%.The i ...

Summary:⚈ TTWO could hit $364.68 by GTA 6 launch if it mirrors GTA 5 gains⚈ Post-launch, stock may rise to $493.19 by mid-2027 with similar momentum⚈ Retail investor influence may amplify price swings around GTA 6 releaseTake-Two Interactive (NASDAQ: TTWO) stock’s 2.89% climb on May 6 session and 1.78% May 7 pre-market rally on the release of the Grand Theft Auto VI (GTA 6) trailer 2 demonstrated the video game’s potential to serve as a powerful bullish catalyst even after Rockstar announcing another delay ...

Core Insights - Take-Two Interactive Software, Inc. is under investigation for potential securities fraud and unlawful business practices involving its officers and directors [1] - Rockstar Games, a subsidiary of Take-Two, announced a delay in the release of Grand Theft Auto VI to May 26, 2026, which was previously expected in fall 2025 [2] - Following the announcement of the delayed release, Take-Two's stock price dropped by $15.67, or 6.66%, closing at $219.50 per share on May 2, 2025 [2] Group 1 - The investigation by Pomerantz LLP is focused on claims from investors regarding possible securities fraud by Take-Two and its management [1] - The delay in the release of Grand Theft Auto VI has significant implications for investor sentiment and stock performance [2] - The stock price decline indicates market reaction to the news of the delayed game release, reflecting investor concerns [2] Group 2 - Pomerantz LLP is recognized for its expertise in corporate and securities class litigation, having a long history of advocating for victims of securities fraud [3] - The firm has successfully recovered substantial damages for class members in previous cases, highlighting its effectiveness in handling such legal matters [3]

Summary:⚈ GTA 6 trailer release caused brief volatility in Take-Two stock on May 6⚈ TTWO remained slightly red, likely due to 2026 launch delay announcement⚈ Despite dips, stock is up 23.21% YTD, outperforming the broader marketTake-Two Interactive (NASDAQ: TTWO) stock began the Tuesday, May 6 session with uncertainty rapidly changing direction within minutes as Rockstar Games – one of its subsidiaries – released the second trailer for the upcoming Grand Theft Auto VI (GTA 6).The TTWO share whipsaw in the f ...

Core Insights - "Grand Theft Auto 6" is now scheduled for release in May 2026, causing Take-Two Interactive's shares to drop by as much as 8% following the announcement [1][5]. Group 1: Game Development and Anticipation - "Grand Theft Auto 6" is one of the most anticipated games, with an early trailer released in 2023 achieving over 93 million views in one day, now totaling over 251 million views [2]. - The upcoming release will be the first main series "GTA" game since "Grand Theft Auto V" in 2013, leading to memes about the long wait for the game [3]. Group 2: Company Statements and Future Outlook - Rockstar Games expressed that the delay is necessary to meet the high expectations of quality from consumers, emphasizing their commitment to excellence [3][6]. - Take-Two's CEO, Strauss Zelnick, previously indicated that 2025 would be an "inflection point" for the company, driven by the release of "Grand Theft Auto 6" [4]. - Despite the delay, Take-Two anticipates "record levels of net bookings" in fiscal years 2026 and 2027 [5].