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Take-Two Interactive Software (TTWO)

Headquartered in New York City, Take-Two Interactive Software, is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe. Take-Two Interactive Software develops and publish products principally through Rockstar Games, 2K, Private Division, and Social Point. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services.

Company profile

Ticker
TTWO
Exchange
CEO
Strauss Zelnick
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
2K Czech, s.r.o. • 2K Games (Chengdu) Co., Ltd. • 2K Games Dublin Limited • 2K Games Madrid S.L. • 2K Games (Shanghai) Co., Ltd. • 2K Games, Inc. • 2K, Inc. • 2K Marin, Inc. • 2K Play, Inc. • 2K Games Songs LLC ...
IRS number
510350842

TTWO stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
26 Jun 22
31 Mar 23
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 22 Emerson Daniel P Common Stock Sell Dispose S No No 124.232 3,381 420.03K 92,191
6 Jun 22 Emerson Daniel P Common Stock Sell Dispose S No No 127.7755 3,125 399.3K 95,572
1 Jun 22 Emerson Daniel P Common Stock Grant Acquire A No No 0 77,630 0 98,697
1 Jun 22 Emerson Daniel P Common Stock Payment of exercise Dispose F No No 124.63 7,656 954.17K 21,067
1 Jun 22 Emerson Daniel P Common Stock Sale back to company Dispose D No No 0 4,800 0 28,723
1 Jun 22 Goldstein Lainie Common Stock Grant Acquire A No No 0 110,588 0 288,369
1 Jun 22 Goldstein Lainie Common Stock Payment of exercise Dispose F No No 124.63 22,380 2.79M 177,781
1 Jun 22 Goldstein Lainie Common Stock Sale back to company Dispose D No No 0 13,713 0 200,161
1 Jun 22 Slatoff Karl Common Stock Grant Acquire A Yes No 0 675,684 0 675,684
95.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 695 693 +0.3%
Opened positions 103 119 -13.4%
Closed positions 101 84 +20.2%
Increased positions 248 216 +14.8%
Reduced positions 243 261 -6.9%
13F shares Current Prev Q Change
Total value 16.92B 17.94B -5.7%
Total shares 110.07M 100.9M +9.1%
Total puts 5.43M 2.87M +89.6%
Total calls 4.58M 2.06M +121.7%
Total put/call ratio 1.2 1.4 -14.4%
Largest owners Shares Value Change
Vanguard 12.46M $1.92B +1.0%
Public Investment Fund 11.41M $1.75B +102.4%
BLK Blackrock 10.39M $1.6B -1.3%
STT State Street 5.51M $847.53M -1.5%
AMP Ameriprise Financial 4.86M $746.55M +89.1%
Capital World Investors 3.34M $513.16M NEW
Geode Capital Management 2.28M $350.26M +1.9%
JPM JPMorgan Chase & Co. 2.21M $339.21M +25.6%
Massachusetts Financial Services 2.19M $337.29M -7.5%
Ubs Global Asset Management Americas 2.09M $320.65M -7.9%
Largest transactions Shares Bought/sold Change
Public Investment Fund 11.41M +5.77M +102.4%
Alliancebernstein 1.04M -3.69M -78.1%
Capital World Investors 3.34M +3.34M NEW
AMP Ameriprise Financial 4.86M +2.29M +89.1%
Atreides Management 1.58M +1.36M +624.0%
FMR 2.02M +1.08M +115.1%
Norges Bank 0 -1.03M EXIT
Nuveen Asset Management 962.23K -813.19K -45.8%
Harris Associates L P 1.78M +749.29K +73.0%
DnB Asset Management AS 882.39K +684.32K +345.5%

Financial report summary

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Risks
  • Our results of operations may be materially adversely impacted by the coronavirus pandemic (COVID-19).
  • The interactive entertainment software industry is highly competitive.
  • 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.
  • We are subject to product development risks which could result in delays and additional costs, and we must adapt to changes in software technologies.
  • 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 exposes us to the risks of that business model, including greater competition.
  • Our business is subject to our ability to develop commercially successful products for the current video game platforms.
  • We cannot publish our titles without the approval of hardware licensors that are also our competitors.
  • 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.
  • Security breaches involving the source code for our products or other sensitive and proprietary information could adversely affect our business.
  • We depend on our key management and product development personnel.
  • Our results of operations or reputation may be harmed as a result of offensive consumer-created content.
  • Our business is partly dependent on our ability to enter into successful software development arrangements with third parties.
  • 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.
  • The increasing importance of free-to-play games to our business exposes us to the risks of that business model, including the dependence on a relatively small number of consumers for a significant portion of revenues and profits from any given game.
  • 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.
  • We face risks from our international operations.
  • Connectivity issues could affect our profitability and our ability to sell and provide online services for our products.
  • 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.
  • 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 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.
  • Our software is susceptible to errors, which can harm our financial results and reputation.
  • 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.
  • We may experience declines or fluctuations in the recurring portion of our business.
  • Our efforts to expand into new products and services may subject us to additional risks.
  • Our quarterly and annual 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.
  • 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.
  • Price protection granted to our customers and returns of our published titles by our customers, or sales of used video games, may adversely affect our operating results.
  • 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.
  • Content policies adopted by retailers, consumer opposition and litigation could negatively affect sales of our products.
  • 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.
  • 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.
  • Change in government regulations relating to the Internet could have a negative impact on our business.
  • 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.
  • If we infringe on or are alleged to infringe on the intellectual property rights of third parties, our business could be adversely affected.
  • 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.
  • Changes in our tax rates or exposure to additional tax liabilities could adversely affect our earnings and financial condition.
  • We are subject to risks and uncertainties of international trade, including fluctuations in the values of local foreign currencies against the dollar.
  • Our reported financial results could be adversely affected by the application of existing or future accounting standards to our business as it evolves.
  • 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.
  • 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.
  • We are subject to risks related to corporate and social responsibility and reputation.
  • Climate change may have a long-term impact on our business.
  • We may be adversely affected by the effects of inflation
Management Discussion
  • We acquired Nordeus Limited ("Nordeus") on June 1, 2021, for initial consideration having an acquisition date fair value of $289.8 million, consisting of $132.9 million in cash, the issuance of 0.5 million shares of our common stock, and a contingent earn-out consideration arrangement that requires us to pay up to an aggregate of $153.0 million in cash if Nordeus achieves certain performance measures over the 12- and 24-month periods following the closing (refer to Note 22 - Acquisitions). Founded in 2010, Nordeus is a free-to-play mobile game company based in Belgrade, Serbia, best known for Top Eleven.
  •     Our Net revenue for fiscal year ended March 31, 2022 was led by a variety of our top franchises, primarily NBA 2K, Grand Theft Auto, Red Dead Redemption, Borderlands, and WWE 2K. Our Net revenue increased to $3,504.8 million, an increase of $132.0 million or 3.9% compared to the fiscal year ended March 31, 2021.
  •     For the fiscal year ended March 31, 2022, our Net income was $418.0 million, as compared to $588.9 million in the prior year. Diluted earnings per share for the fiscal year ended March 31, 2022 was $3.58, as compared to Diluted income per share of $5.09 for the fiscal year ended March 31, 2021. Our operating income for the fiscal year ended March 31, 2022 decreased compared to the operating income for fiscal year ended March 31, 2021, due to (i) higher operating expenses for personnel and marketing and (ii) increases in the fair value of the contingent earn-out liability related to our June 2021 acquisition of Nordeus.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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