17 slides from Take-two Interactive Software's earnings presentation, Aug 8, 2023
Slide 1: Take-Two Interactive Software, Inc. First Quarter Fiscal 2024 Results & Guidance Summary
TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ: TTWO) FIRST QUARTER FISCAL 2024 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: Q1 FY2024 Results Summary: GAAP
Q1 FY2024 RESULTS SUMMARY: GAAP FINANCIAL SUMMARY ($ in millions, except EPS) Q1 ACTUAL GUIDANCE GAAP Net Revenue $1,285 $ 1 , 2 1 0 TO $ 1 , 2 6 0 Operating Expenses $883 $ 8 2 7 TO $ 8 37 GAAP Net Loss $(206) $(178) TO $(161) GAAP EPS $(1.22) $ ( 1 . 0 5 ) TO $ ( 0 . 9 5 ) Note: GAAP results were
Slide 4: Q1 FY2024 Results Summary: Select Management and Operating Results
Q1 FY2024 RESULTS SUMMARY: SELECT MANAGEMENT AND OPERATING RESULTS SELECT FINANCIAL DATA ($ in millions) Q1 • Net Bookings were $1.2 billion, which was at the high end ACTUAL GUIDANCE of our guidance range Net Bookings $1,202 $1,150 TO $1,200 • In the current macroeconomic backdrop, we continue to o
Slide 5: Net Revenue and Net Bookings
NET REVENUE AND NET BOOKINGS GAAP Net Revenue $ in Millions $400 $5,370 - $5,350 $684 $5,470 $1,285 $264 83% of $45 $400 78% of $1,102 Total Total $65 $3,505 75% of $5,086 Total $356 65% of $1,038 Total $1,240 $3,149 Q1 FY23 Q1 FY24 FY22 FY23 FY24E Recurrent Consumer Spending Physical & Other Digita
Slide 6: Cash Flow
CASH FLOW Net Cash From Operating Activities $ in Millions $258 $204 $180 $159 $90 $101 $43 $32 $5 $1 3 Months FY23 3 Months FY24 FY22 FY23 FY24E Net Cash From Operating Activities Capital Expenditures Net Cash From Operating Activities Capital Expenditures Adjusted Unrestricted Operating Cash Flow
Slide 7: FY 2024 Guidance: GAAP
FY 2024 GUIDANCE: GAAP FISCAL YEAR 2024 GUIDANCE ($ in millions, except EPS) FY 2024 REVISED PRIOR GUIDANCE GUIDANCE GAAP Net Revenue $5,370 TO $5,470 NO CHANGE Operating Expenses $3,383 TO $3,403 PREVIOUSLY: $3,386 TO $3,406 GAAP Net Loss $(545) TO $(501) PREVIOUSLY: $(518) TO $(477) GAAP EPS $(3.2
Slide 8: FY 2024 Guidance: Select Financial Data
FY 2024 GUIDANCE: SELECT FINANCIAL DATA FISCAL YEAR 2024 GUIDANCE ($ in millions, except EPS) FY 2024 FY 2024 CURRENT GUIDANCE PRIOR GUIDANCE ($ IN MILLIONS) ($ IN MILLIONS) Net Bookings $5,450 TO $5,550 NO CHANGE Recurrent Consumer Spending +5% YOY NO CHANGE Growth (RCS) Non-GAAP Adjusted APPROXIMA
Slide 9: Q2 FY2024 Guidance: GAAP
Q2 FY2024 GUIDANCE: GAAP Q2 FISCAL 2024 GUIDANCE ($ in millions, except EPS) Q2 FY24 GUIDANCE GAAP Net Revenue $1,260 TO $1,310 Operating Expenses $811 TO $821 GAAP Net Loss $(170) TO $(153) GAAP EPS $(1.00) TO $(0.90) Note: GAAP results are expected to be impacted by amortization of acquired intang
Slide 10: Q2 FY2024 Guidance: Select Financial Data
Q2 FY2024 GUIDANCE: SELECT FINANCIAL DATA Q2 FISCAL 2024 GUIDANCE ($ in millions, except EPS) Q2 FY2024 GUIDANCE ($ IN MILLIONS) Net Bookings $1,400 TO $1,450 Recurrent Consumer Spending -7% YOY Growth (RCS) Digitally-Delivered Net 96% Bookings (% of Net Bookings) • We expect to deliver Net Bookings
Slide 11: FY24-FY26 Pipeline Details
FY24-FY26 PIPELINE DETAILS FY 2024 – TITLES OFFICIALLY ANNOUNCED TO-DATE FY 2026* • NBA 2K24 (2K) – Launching September 8, 2023 Immersive Core 17 • WWE 2K24 (2K) – Launching Fiscal 2024 • Judas (Ghost Story Games) – TBA • After Us (Private Division) – Launched May 23, 2023 Independent 7 • Penny’s Bi
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 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 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