19 slides from Take-two Interactive Software's earnings presentation, May 17, 2023
Slide 1: Fourth Quarter and Fiscal 2023 Results & Guidance Summary
TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ: TTWO) FOURTH QUARTER AND FISCAL 2023 RESULTS & GUIDANCE SUMMARY
Slide 2: Cautionary Note: Forward Looking Statements
CAUTIONARY NOTE: FORWARD LOOKING STATEMENTS Statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "p
Slide 3: Q4 FY2023 Results Summary: GAAP
Q4 FY2023 RESULTS SUMMARY: GAAP FINANCIAL SUMMARY ($ in millions, except EPS) Q4 ACTUAL GUIDANCE GAAP Net Revenue $1,446 $1,336 TO $1,386 Operating Expenses $926 $871 TO $881 GAAP Net Loss $(610) $(214) TO $(197) GAAP EPS $(3.62) $(1.27) TO $(1.17) Note: GAAP results were impacted by amortization of
Slide 4: Q4 FY2023 Results Summary: Select Management Results
Q4 FY2023 RESULTS SUMMARY: SELECT MANAGEMENT RESULTS SELECT FINANCIAL DATA ($ in millions) Q4 • Net Bookings were $1.39 billion, which was above the high end of our guidance range ACTUAL GUIDANCE • Our results reflected better-than-expected results from Grand Theft Auto V and Grand Theft Auto Online
Slide 5: FY2023 Results Summary: GAAP
FY2023 RESULTS SUMMARY: GAAP FINANCIAL SUMMARY ($ in millions, except EPS) FY2023 ACTUAL GUIDANCE GAAP Net Revenue $5,350 $5,240 TO $5,290 Operating Expenses $3,451 $3,396 TO $3,406 GAAP Net Loss $(1,125) $(712) TO $(704) GAAP EPS $(7.03) $(4.50) TO $(4.40) Note: GAAP results were impacted by amorti
Slide 6: FY2023 Results Summary: Select Management Results
FY2023 RESULTS SUMMARY: SELECT MANAGEMENT RESULTS SELECT FINANCIAL DATA ($ in millions) FY 2023 • Net Bookings were $5.3 billion, which was above the high end of our guidance ACTUAL GUIDANCE • While the challenging macroeconomic backdrop impacted certain components of our portfolio, we experienced f
Slide 7: Net Revenue and Net Bookings
NET REVENUE AND NET BOOKINGS GAAP Net Revenue $ in Millions $400 $1,446 $5,350 $5,370 - $5,470 $684 $54 $264 79% of Total $400 78% of Total $930 $3,505 $5,086 $97 $356 63% of 65% of Total $1,392 Total $3,149 $833 Q4 FY22 Q4 FY23 FY22 FY23 FY24E Recurrent Consumer Spending Physical & Other Digital Re
Slide 8: Cash Flow
CASH FLOW Net Cash From Operating Activities $ in Millions $258 $204 $180 $159 $90 $1 FY22 FY23 FY24E Net Cash From Operating Activities Capital Expenditures Adjusted Unrestricted Operating Cash Flow (Non-GAAP)(1) $ in Millions $425 $204 $180 $159 $100 $56 FY22 FY23 FY24E Adjusted Unrestricted Opera
Slide 9: FY 2024 Guidance: GAAP
FY 2024 GUIDANCE: GAAP FISCAL YEAR 2024 GUIDANCE ($ in millions, except EPS) FY 2024 GUIDANCE GAAP Net Revenue $5,370 TO $5,470 Operating Expenses $3,386 TO $3,406 GAAP Net Loss $(518) TO $(477) GAAP EPS $(3.05) TO $(2.80) 9
Slide 10: FY 2024 Guidance: Select Financial Data
FY 2024 GUIDANCE: SELECT FINANCIAL DATA FISCAL YEAR 2024 GUIDANCE ($ in millions, except EPS) FY 2024 GUIDANCE ($ IN MILLIONS) Net Bookings $5,450 TO $5,550 Recurrent Consumer Spending Growth (RCS) +5% YOY Non-GAAP Adjusted Unrestricted Operating Cash APPROXIMATELY $100 • We expect to deliver Net Bo
Slide 11: Q1 FY2024 Guidance: GAAP
Q1 FY2024 GUIDANCE: GAAP Q1 FISCAL 2024 GUIDANCE ($ in millions, except EPS) Q1 FY24 GUIDANCE GAAP Net Revenue $1,210 TO $1,260 Operating Expenses $827 TO $837 GAAP Net Loss $(178) TO $(161) GAAP EPS $(1.05) TO $(0.95) Note: GAAP results are expected to be impacted by amortization of acquired intang
Slide 12: Q1 FY2024 Guidance: Select Financial Data
Q1 FY2024 GUIDANCE: SELECT FINANCIAL DATA Q1 FISCAL 2024 GUIDANCE ($ in millions, except EPS) Q1 FY2024 GUIDANCE ($ IN MILLIONS) Net Bookings $1,150 TO $1,200 Recurrent Consumer Spending Growth +35% YOY (RCS) • We expect to deliver Net Bookings of $1.15 billion to $1.20 billion • The largest contrib
Slide 13: FY24-FY26 Pipeline Details
FY24-FY26 PIPELINE DETAILS FY 2024 – FY TITLES OFFICIALLY ANNOUNCED TO-DATE 2026* • NBA 2K24 (2K) – Launched Fiscal 2024 Immersive Core 17 • WWE 2K24 (2K) – Launching Fiscal 2024 • Judas (Ghost Story Games) – TBA Independent 7 • After Us (Private Division) – Launching May 23, 2023 • Title planned fr
Slide 14: Pipeline Definitions
PIPELINE DEFINITIONS IMMERSIVE CORE Titles that have the deepest gameplay and the most hours of content. Examples include our key sports franchises (e.g. PGA TOUR 2K and NBA 2K) as well as Grand Theft Auto and Red Dead Redemption (to name a few). INDEPENDENT Externally-developed Private Division rel
Slide 15: Non-GAAP Financial Measure
NON-GAAP FINANCIAL MEASURE 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 acti
Slide 16: Reconciliation of GAAP to Non-GAAP Measure
RECONCILIATION OF GAAP TO NON-GAAP MEASURE TAKE-TWO INTERACTIVE SOFTWARE, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURE (in millions) 16
Slide 17: Reconciliation of GAAP to Non-GAAP Measure
RECONCILIATION OF GAAP TO NON-GAAP MEASURE TAKE-TWO INTERACTIVE SOFTWARE, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURE (in millions) 17
Slide 18: Reconciliation of GAAP to Non-GAAP Measure
RECONCILIATION OF GAAP TO NON-GAAP MEASURE TAKE-TWO INTERACTIVE SOFTWARE, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURE (in millions) 18
Slide 19: Thank You
THANK YOU TAKE-TWO INTERACTIVE