17 slides from Take-two Interactive Software's earnings presentation, Feb 6, 2023
Slide 1: Take-Two Interactive Software, Inc. Third Quarter Fiscal 2023 Results & Guidance Summary
TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ: TTWO) THIRD QUARTER 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: Q3 FY2023 Results Summary: GAAP
Q3 FY2023 RESULTS SUMMARY: GAAP FINANCIAL SUMMARY ($ in millions, except EPS) Q3 ACTUAL GUIDANCE GAAP Net Revenue $1,408 $1,430 TO $1,480 Operating Expenses $889 $897 TO $907 GAAP Net Income $(153) $(160) TO $(142) GAAP EPS $(0.91) $(0.95) TO $(0.85) Note: GAAP results were impacted by amortization
Slide 4: Q3 FY2023 Results Summary: Select Management Results
Q3 FY2023 RESULTS SUMMARY: SELECT MANAGEMENT RESULTS SELECT FINANCIAL DATA ($ in millions) Q3 • Net Bookings were $1.38 billion, which was slightly below our prior guidance ACTUAL GUIDANCE • We believe that consumers displayed more cautionary purchasing behaviors during the Holiday season. As in pri
Slide 5: Net Revenue & Net Bookings
NET REVENUE & NET BOOKINGS GAAP Net Revenue $ in Millions $400 $1,408 $684 $5,240 - $5,290 $71 $356 79% of $400 Total $903 $3,373 $3,505 $400 $356 61% of $107 64% of 65% of Total $1,337 Total Total $796 $2,972 $3,149 Q3 FY22 Q3 FY23 FY21 FY22 FY23E Recurrent Consumer Spending Physical & Other Digita
Slide 6: Cash Flow
CASH FLOW Net Cash From Operating Activities $ in Millions $912 $350 $258 $138 $159 $170 $133 $69 $19 $36 9 Months FY22 9 Months FY23 FY21 FY22 FY23E Net Cash From Operating Activities Capital Expenditures Net Cash From Operating Activities Capital Expenditures Adjusted Unrestricted Operating Cash F
Slide 7: FY 2023 Guidance: GAAP
FY 2023 GUIDANCE: GAAP FISCAL YEAR 2023 GUIDANCE ($ in millions, except EPS) FY 2023 REVISED GUIDANCE PRIOR GUIDANCE GAAP Net Revenue $5,240 TO $5,290 PREVIOUSLY: $5,410 TO $5,510 Operating Expenses $3,396 TO $3,406 PREVIOUSLY: $3,398 TO $3,418 GAAP Net Loss $(721) TO $(704) PREVIOUSLY: $(674) TO $(
Slide 8: FY 2023 Guidance: Select Financial Data
FY 2023 GUIDANCE: SELECT FINANCIAL DATA FISCAL YEAR 2023 GUIDANCE ($ in millions, except EPS) FY 2023 FY 2023 REVISED GUIDANCE PRIOR GUIDANCE ($ IN MILLIONS) ($ IN MILLIONS) Net Bookings $5,200 TO $5,250 $5,400 TO $5,500 Recurrent Consumer Spending Growth +85% YOY +90% YOY (RCS) Digitally-Delivered
Slide 9: Q4 FY2023 Guidance: GAAP
Q4 FY2023 GUIDANCE: GAAP Q4 FISCAL 2023 GUIDANCE ($ in millions, except EPS) Q4 FY23 GUIDANCE GAAP Net Revenue $1,336 TO $1,386 Operating Expenses $871 TO $881 GAAP Net Loss $(214) TO $(197) GAAP EPS $(1.27) TO $(1.17) Note: GAAP results are expected to be impacted by amortization of acquired intang
Slide 10: Q4 FY2023 Guidance: Select Financial Data
Q4 FY2023 GUIDANCE: SELECT FINANCIAL DATA Q4 FISCAL 2023 GUIDANCE ($ in millions, except EPS) Q4 FY2023 GUIDANCE ($ IN MILLIONS) Net Bookings $1,310 TO $1,360 Recurrent Consumer Spending Growth +105% YOY (RCS) Digitally-Delivered Net Bookings +70% YOY Growth • We expect to deliver Net Bookings of $1
Slide 11: FY23-FY25 Pipeline Details
FY23-FY25 PIPELINE DETAILS FY 2023 – FY TITLES ANNOUNCED TO-DATE 2025* • The Quarry (2K) – Launched June 10, 2022 (Fiscal 2023) • NBA 2K23 (2K) – Launched September 9, 2022 (Fiscal 2023) • PGA TOUR2K23 (2K) – Launched October 14, 2022 (Fiscal 2023) Immersive Core 24 • Marvel’s Midnight Suns (2K) – L
Slide 12: 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 TOUR2K and NBA 2K) as well as Grand Theft Auto and Red Dead Redemption (to name a few). INDEPENDENT Externally-developed Private Division rele
Slide 13: 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 14: 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) 14
Slide 15: 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) 15
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: Thank You
THANK YOU TAKE-TWO INTERACTIVE