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TTWO Take-Two Interactive Software

Take-Two Interactive Software, Inc. is an American video game holding company based in New York City and founded by Ryan Brant in September 1993. The company owns two major publishing labels, Rockstar Games and 2K, which operate internal game development studios. More recently, Take-Two created the Private Division label to support publishing from independent developers, and acquired the developer Socialpoint to establish itself in the mobile game market. The company also owns 50% of professional esports organization NBA 2K League. Take-Two's combined portfolio includes franchises such as BioShock, Borderlands, Grand Theft Auto, NBA 2K, and Red Dead among others.

Company profile

Ticker
TTWO
Exchange
CEO
Strauss Zelnick
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
510350842

TTWO stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Feb 21
11 Apr 21
31 Mar 22
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Mar 20 Mar 19 Mar 18 Mar 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Feb 21 Dornemann Michael Common Stock Grant Aquire A No No 0 388 0 13,405
17 Feb 21 Hernandez Roland A Common Stock Grant Aquire A No No 0 265 0 3,003
17 Feb 21 Moses Jon J Common Stock Grant Aquire A No No 0 265 0 19,775
17 Feb 21 Srinivasan LaVerne Evans Common Stock Grant Aquire A No No 0 265 0 7,339
17 Feb 21 Tolson Susan Common Stock Grant Aquire A No No 0 265 0 24,398

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

92.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 721 654 +10.2%
Opened positions 127 81 +56.8%
Closed positions 60 65 -7.7%
Increased positions 239 228 +4.8%
Reduced positions 254 254
13F shares
Current Prev Q Change
Total value 22.05B 17.17B +28.5%
Total shares 106.16M 104.03M +2.1%
Total puts 2.6M 2.18M +19.1%
Total calls 3.39M 3.26M +4.1%
Total put/call ratio 0.8 0.7 +14.3%
Largest owners
Shares Value Change
Vanguard 12.47M $2.59B -1.2%
BLK Blackrock 10.46M $2.17B +4.4%
STT State Street 5.57M $1.16B +0.5%
Massachusetts Financial Services 4.05M $840.62M +5.1%
Public Investment Fund 3.97M $825.55M NEW
FMR 3.52M $730.98M -14.0%
JPM JPMorgan Chase & Co. 3.19M $662.86M +23.6%
Alliancebernstein 2.63M $546.98M -2.8%
IVZ Invesco 2.1M $436.14M +3.2%
Geode Capital Management 1.95M $403.85M +2.2%
Largest transactions
Shares Bought/sold Change
Public Investment Fund 3.97M +3.97M NEW
GS Goldman Sachs 449.11K -1.25M -73.6%
Norges Bank 1.11M +1.11M NEW
Flossbach Von Storch 40.17K -913.34K -95.8%
First Trust Advisors 152.62K -867.06K -85.0%
JPM JPMorgan Chase & Co. 3.19M +608.28K +23.6%
FMR 3.52M -574.09K -14.0%
Polar Capital 445.42K +445.42K NEW
BLK Blackrock 10.46M +439.94K +4.4%
POLR Polar Capital 0 -430.38K EXIT

Financial report summary

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Risks
  • We are dependent on the future success of our Grand Theft Auto products and we must continue to publish "hit" titles or sequels to such "hit" titles in order to compete successfully in our industry.
  • Our results of operations may be materially adversely impacted by the coronavirus pandemic (COVID-19).
  • We are subject to product development risks which could result in delays and additional costs, and we must adapt to changes in software technologies.
  • The inability of our products to achieve significant market acceptance, delays in product releases or disruptions following the commercial release of our products may have a material adverse effect on our business, financial condition and operating results.
  • Our business is subject to our ability to develop commercially successful products for the current video game platforms.
  • We may experience declines or fluctuations in the recurring portion of our business.
  • Connectivity issues could affect our ability to sell and provide online services for our products and could affect our profitability.
  • We rely on complex information technology systems and networks to operate our business. Any significant system or network disruption could have a negative impact on our business.
  • Our business could be adversely affected if our consumer data protection measures are not seen as adequate or there are breaches of our security measures or unintended disclosures of our consumer data.
  • The laws and regulations concerning data privacy and certain other aspects of our business are continually evolving. Failure to comply with these laws and regulations could harm our business.
  • Security breaches involving the source code for our products or other sensitive and proprietary information could adversely affect our business.
  • Our efforts to expand into new products and services may subject us to additional risks.
  • We depend on our key management and product development personnel.
  • Declines in consumer spending and other adverse changes in the economy could have a material adverse effect on our business, financial condition and operating results.
  • Changes in our tax rates or exposure to additional tax liabilities could adversely affect our earnings and financial condition.
  • Our quarterly operating results are dependent on the release of "hit" titles and therefore dependent on the timing of our product releases, which may cause our quarterly operating results to fluctuate significantly.
  • Price protection granted to our customers and returns of our published titles by our customers may adversely affect our operating results.
  • Increased sales of used video game products could lower our sales.
  • A limited number of customers account for a significant portion of our sales. The loss of a principal customer or other significant business relationship could seriously hurt our business.
  • If our marketing and advertising efforts fail to resonate with consumers, our business, financial condition and operating results could be adversely affected.
  • The interactive entertainment software industry is highly competitive.
  • Increased competition for limited shelf space and promotional support from retailers could affect the success of our business and require us to incur greater expenses to market our titles.
  • The increasing importance of digital sales to our business exposes us to the risks of that business model, including greater competition.
  • Our business is partly dependent on our ability to enter into successful software development arrangements with third parties.
  • We cannot publish our titles without the approval of hardware licensors that are also our competitors.
  • We rely on a limited number of channel partners some of whom influence the fee structures for online distribution of our games on their platforms.
  • We may not be able to adequately adjust our cost structure in a timely fashion in response to a sudden decrease in demand.
  • We use open source software in connection with certain of our games and services, which may pose particular risks to our proprietary software, products, and services in a manner that could have a negative impact on our business.
  • We depend on servers and Internet bandwidth to operate our games and digital services with online features. If we were to lose server capacity or lack sufficient Internet bandwidth for any reason, our business could suffer.
  • We submit our products for rating by the Entertainment Software Rating Board ("ESRB") in the United States and other voluntary or government ratings organizations in foreign countries. Failure to obtain a target rating for certain of our products could negatively affect our ability to distribute and sell those games, as could the re-rating of a game for any reason.
  • Content policies adopted by retailers, consumer opposition and litigation could negatively affect sales of our products.
  • Our results of operations or reputation may be harmed as a result of offensive consumer-created content.
  • We are subject to risks and uncertainties of international trade, including fluctuations in the values of local foreign currencies against the dollar.
  • We face risks from our international operations.
  • If we are unable to protect the intellectual property relating to our software, the commercial value of our products will be adversely affected and our competitive position could be harmed.
  • If we infringe on or are alleged to infringe on the intellectual property rights of third parties, our business could be adversely affected.
  • Our software is susceptible to errors, which can harm our financial results and reputation.
  • If we acquire or invest in other businesses, intellectual properties or other assets, we may be unable to integrate them with our business, our financial performance may be impaired and/or we may not realize the anticipated financial and strategic goals for such transactions.
  • Our ability to acquire and maintain licenses to intellectual property, especially for sports titles, affects our revenue and profitability. Competition for these licenses may make them more expensive and increase our costs.
  • Our business and products are subject to potential legislation. The adoption of such proposed legislation could limit the retail market for our products.
  • Change in government regulations relating to the Internet could have a negative impact on our business.
  • We may be required to record a significant charge to earnings if our goodwill becomes impaired.
  • Our reported financial results could be adversely affected by the application of existing or future accounting standards to our business as it evolves.
  • We are subject to risks related to corporate and social responsibility and reputation.
  • Climate change may have a long-term impact on our business.
  • Additional issuances or sales of equity securities by us would dilute the ownership of our existing stockholders and could adversely affect the market price of our common stock.
  • There is no guarantee that we will do additional share repurchases in the future.
  • Our stock price has been volatile and may continue to fluctuate significantly.
  • Delaware law, our charter documents, and provisions of our debt agreements may impede or discourage a takeover, which could cause the market price of our shares to decline.
  • Our ability to use net operating loss and tax credit carryforwards to reduce future years' taxes could be substantially limited under Internal Revenue Code Sections 382 and 383 if we experience an ownership change as defined in the Internal Revenue Code Section 382.
Management Discussion
  • (1)Includes $13,100 and $33,048 of stock-based compensation expense in 2020 and 2019, respectively, in software development costs and royalties.
  • For the three months ended December 31, 2020, net revenue decreased by $69.2 million as compared to the prior year period. The decrease was due to a decrease in net revenue of (i) $138.0 million from The Outer Worlds, which released in October 2019, (ii) $106.3 million from Red Dead Redemption 2, which released on PC in November 2019, (iii) $39.4 million from Borderlands 3, which released in September 2019, and (iv) $27.7 million from our WWE 2K franchise, which benefited from the release of WWE 2K20 in the prior year period. These decreases were partially offset by an increase in net revenue of (i) $130.0 million from our NBA 2K franchise, (ii) $58.1 million from Grand Theft Auto Online, (iii) $27.6 million from our Mafia franchise, and (iv) $16.8 million from PGA TOUR 2K21, which released in August 2020.
  • Net revenue from console games decreased by $23.7 million and accounted for 76.2% of our total net revenue for the three months ended December 31, 2020, as compared to 73.1% for the prior year period. The decrease was due to a decrease in net revenue from The Outer Worlds, Red Dead Redemption 2, our WWE 2K franchise, and Borderlands 3, partially offset by an increase in net revenue from our NBA 2K franchise, Grand Theft Auto Online, and our Mafia franchise. Net revenue from PC and other decreased by $45.5 million and accounted for 23.8% of our total net revenue for the three months ended December 31, 2020, as compared to 26.9% for the prior year period. The decrease was due to a decrease in net revenue from Red Dead Redemption 2, which released on PC in November 2019, The Outer Worlds, and Borderlands 3, partially offset by an increase in net revenue from Grand Theft Auto V and Grand Theft Auto Online, Dragon City, our Mafia franchise, Two Dots, and our NBA 2K franchise.
Content analysis
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Positive
Negative
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Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: Epic, lapsed, PLC, readily, Standalone, Steam, Store