Press release
Take-Two Interactive Software, Inc. Reports Results for Fiscal Year 2023
GAAP net revenue increased 52.6% to $5.35 billion GAAP net loss per share was $7.03 GAAP net cash provided by operating activities for the twelve-months
About this update from Take-two Interactive Software, Inc.
[{"type":"text","content":"\nGAAP net revenue increased 52.6% to $5.35 billion\n\n\nGAAP net loss per share was $7.03\n\n\nGAAP net cash provided by operating activities for the twelve-months ended March 31, 2023 was $1.1 million\n\n\nAdjusted Unrestricted Operating Cash Flow (Non-GAAP) for the twelve-months ended March 31, 2023 was $55.7 million\n\n\nNet Bookings were $5.28 billion\n\n\n NEW YORK--(BUSINESS WIRE)--\nTake-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the fourth quarter and its fiscal year 2023, ended March 31, 2023. Fourth quarter and full-year results include the Company's combination with Zynga, which closed on May 23, 2022, and affects the comparability of its results relative to last year. In addition, the Company provided its initial outlook for fiscal year 2024, ending March 31, 2024, and fiscal first quarter 2024, ending June 30, 2023. For further information, please see the fourth quarter fiscal 2023 results slide deck posted to the Company’s investor relations website at take2games.com/ir.\n\n\nFourth Quarter Fiscal 2023 Financial Highlights\n\n\nGAAP net revenue increased 56% to $1.45 billion, as compared to $930.0 million in last year’s fiscal fourth quarter. Recurrent consumer spending (which is generated from ongoing consumer engagement and includes virtual currency, add-on content, in-game purchases and in-game advertising) increased 94% and accounted for 79% of total GAAP net revenue. Digitally-delivered GAAP net revenue increased 67% to $1.39 billion, as compared to $833.4 million in last year’s fiscal fourth quarter, and accounted for 96% of total GAAP net revenue. The largest contributors to GAAP net revenue were NBA® 2K23 and NBA 2K22; Grand Theft Auto® Online and Grand Theft Auto V; our hyper-casual mobile portfolio; Empires & Puzzles™; Toon Blast™; Red Dead Redemption® 2 and Red Dead Online; Merge Dragons!™; Words With Friends™; and Zynga Poker™.\n\n\nGAAP net loss was $610.3 million, or $3.62 per share, as compared to net income of $110.9 million, or $0.95 per diluted share, for the comparable period last year. GAAP net loss included (i) an impairment charge of $465.3 million for acquisition-related intangible assets and (ii) an impairment charge of $54.2 million related to capitalized software development costs for unreleased and cancelled titles.\n\n\nThe following data, together with a ma...