Take Two Interactive Software Inc 10-Q for FY2023 Q3

Take Two Interactive Software Inc (TTWO)

10-Q 2023-02-07 For: 2022-12-31

Added on April 09, 2026

About this 10-Q

Take Two Interactive Software Inc filed this 10-Q on February 7, 2023, covering the quarter ended December 31, 2022 (FY2023 Q3).

Headline figures

Quarter ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.41B; up 55.9% from $903.3M a year earlier
Net loss: $153.4M; compared with net income of $144.6M a year earlier
Diluted EPS: -$0.91; compared with $1.24 a year earlier

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OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .


Delaware		51-0350842
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
110 West 44th Street		10036
New York	New York	(Zip Code)
(Address of principal executive offices)


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	TTWO	NASDAQ Global Select Market


PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive (Loss) Income	4
	Condensed Consolidated Statements of Cash Flows	5
	Condensed Consolidated Statements of Equity	6
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	50
PART II.	OTHER INFORMATION	51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 6.	Exhibits	52
	Signatures	53


	December 31, 2022		March 31, 2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	860.9	$	1,732.1
Short-term investments	268.6		820.1
Restricted cash and cash equivalents	331.5		359.8
Accounts receivable, net of allowances of $1.3 and $0.4 at December 31, 2022 and March 31, 2022, respectively	711.1		579.4
Software development costs and licenses	68.1		81.4
Contract assets	84.4		104.9
Prepaid expenses and other	282.1		193.4
Total current assets	2,606.7		3,871.1
Fixed assets, net	360.6		242.0
Right-of-use assets	319.9		217.2
Software development costs and licenses, net of current portion	1,035.9		755.9
Goodwill	6,788.2		674.6
Other intangibles, net	5,222.6		266.5
Deferred tax assets	123.9		73.8
Long-term restricted cash and cash equivalents	109.9		103.5
Other assets	313.7		341.7
Total assets	$	16,881.4	$	6,546.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	151.6	$	125.9
Accrued expenses and other current liabilities	1,313.3		1,074.9
Deferred revenue	1,136.4		865.3
Lease liabilities	58.5		38.9
Short-term debt	350.0		—
Total current liabilities	3,009.8		2,105.0
Long-term debt, net	2,735.5		—
Non-current deferred revenue	31.0		70.9
Non-current lease liabilities	354.2		211.3
Non-current software development royalties	121.2		115.5
Deferred tax liabilities, net	711.3		21.8
Other long-term liabilities	368.0		212.1
Total liabilities	$	7,331.0	$	2,736.6
Commitments and contingencies (See Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value, 5.0 shares authorized; no shares issued and outstanding at December 31, 2022 and March 31, 2022	—		—
Common stock, $0.01 par value, 300.0 and 200.0 shares authorized; 192.2 and 139.0 shares issued and 168.5 and 115.4 outstanding at December 31, 2022 and March 31, 2022, respectively	1.9		1.4
Additional paid-in capital	8,928.7		2,597.2
Treasury stock, at cost; 23.7 and 23.7 common shares at December 31, 2022 and March 31, 2022, respectively	(1,020.6)		(1,020.6)
Retained earnings	1,774.6		2,289.0
Accumulated other comprehensive loss	(134.2)		(57.3)
Total stockholders' equity	$	9,550.4	$	3,809.7
Total liabilities and stockholders' equity	$	16,881.4	$	6,546.3


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Net revenue:
Game	$	1,231.3	$	883.3	$	3,469.3	$	2,512.3
Advertising	176.5		20.0		434.4		62.5
Total net revenue	1,407.8		903.3		3,903.7		2,574.8
Cost of revenue	691.9		350.4		1,841.6		1,136.8
Gross profit	715.9		552.9		2,062.1		1,438.0
Selling and marketing	446.7		135.3		1,163.1		375.2
Research and development	238.2		116.7		655.2		310.5
General and administrative	168.9		130.8		620.6		363.0
Depreciation and amortization	35.0		16.0		86.0		44.6
Total operating expenses	888.8		398.8		2,524.9		1,093.3
(Loss) income from operations	(172.9)		154.1		(462.8)		344.7
Interest and other, net	(28.3)		(5.6)		(108.1)		(7.2)
Gain (loss) on fair value adjustments, net	1.1		3.7		(36.6)		6.1
(Loss) income before income taxes	(200.1)		152.2		(607.5)		343.6
(Benefit from) provision for income taxes	(46.7)		7.6		(93.1)		36.5
Net (loss) income	$	(153.4)	$	144.6	$	(514.4)	$	307.1
Earnings (loss) per share:
Basic (loss) earnings per share	$	(0.91)	$	1.25	$	(3.27)	$	2.66
Diluted (loss) earnings per share	$	(0.91)	$	1.24	$	(3.27)	$	2.63


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Net (loss) income	$	(153.4)	$	144.6	$	(514.4)	$	307.1
Other comprehensive (loss) income:
Foreign currency translation adjustment	100.7		(13.5)		$	(78.4)	(24.1)








Change in fair value of available for sale securities	1.4		(1.4)		$	1.5	(1.8)
Other comprehensive income (loss)	102.1		(14.9)		$	(76.9)	(25.9)
Comprehensive (loss) income	$	(51.3)	$	129.7	$	(591.3)	$	281.2


	Three Months Ended December 31, 2022

	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholder's Equity
	Shares	Amount				Shares	Amount

Balance, September 30, 2022	191.2	$	1.9	$	8,760.5	(23.7)	$	(1,020.6)	$	1,928.0	$	(236.3)	$	9,433.5
Net income	—	—		—		—	—		(153.4)		—		(153.4)
Change in cumulative foreign currency translation adjustment	—	—		—		—	—		—		100.7		100.7
Net unrealized gain on available-for-sale securities, net of tax	—	—		—		—	—		—		1.4		1.4
Stock-based compensation	—	—		104.2		—	—		—		—		104.2
Issuance of restricted stock, net of forfeitures and cancellations	0.4	—		—		—	—		—		—		—
Net share settlement of restricted stock awards	(0.1)	—		(12.9)		—	—		—		—		(12.9)
Exercise of stock options	—	—		0.1		—	—		—		—		0.1
Issuance of shares related to Popcore acquisition	0.6	—		57.8		—	—		—		—		57.8
Stock-based compensation assumed in Zynga Acquisition	—	—		8.1		—	—		—		—		8.1
Employee share purchase plan settlement	0.1	—		10.9		—	—		—		—		10.9
Balance, December 31, 2022	192.2	$	1.9	$	8,928.7	(23.7)	$	(1,020.6)	$	1,774.6	$	(134.2)	$	9,550.4


	Three Months Ended December 31, 2021

	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholder's Equity
	Shares	Amount				Shares	Amount

Balance, September 30, 2021	138.9	$	1.4	$	2,475.1	(23.7)	$	(1,020.6)	$	2,033.5	$	(19.7)	$	3,469.7
Net income	—	—		—		—	—		144.6		—		144.6
Change in cumulative foreign currency translation adjustment	—	—		—		—	—		—		(13.5)		(13.5)
Net unrealized gain on available-for-sale securities, net of taxes	—	—		—		—	—		—		(1.4)		(1.4)
Stock-based compensation	—	—		61.7		—	—		—		—		61.7

Issuance of restricted stock, net of forfeitures and cancellations	0.1	—		—		—	—		—		—		—
Net share settlement of restricted stock awards	—	—		(5.8)		—	—		—		—		(5.8)
Employee share purchase plan settlement	0.1	—		10.4		—	—		—		—		10.4
Balance, December 31, 2021	139.1	$	1.4	$	2,541.4	(23.7)	$	(1,020.6)	$	2,178.1	$	(34.6)	$	3,665.7


	Nine Months Ended December 31, 2022
	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Shares	Amount				Shares	Amount

Balance, March 31, 2022	139.0	$	1.4	$	2,597.2	(23.7)	$	(1,020.6)	$	2,289.0	$	(57.3)	$	3,809.7
Net loss	—	—		—		—	—		(514.4)		—		(514.4)
Change in cumulative foreign currency translation adjustment	—	—		—		—	—		—		(78.4)		(78.4)
Net unrealized gain on available-for-sale securities, net of taxes	—	—		—		—	—		—		1.5		1.5
Stock-based compensation	—	—		290.5		—	—		—		—		290.5

Issuance of restricted stock, net of forfeitures and cancellations	2.2	—		—		—	—		—		—		—
Exercise of stock options	0.9	—		42.9		—	—		—		—		42.9
Net share settlement of restricted stock awards	(0.7)	—		(90.6)		—	—		—		—		(90.6)
Employee share purchase plan settlement	0.2	—		22.3		—	—		—		—		22.3
Issuance of shares related to Zynga Acquisition	46.3	0.5		5,377.2		—	—		—		—		5,377.7
Issuance of shares related to Popcore acquisition	0.6	—		57.8		—	—		—		—		57.8
Stock-based compensation assumed in Zynga Acquisition	—	—		151.7		—	—		—		—		151.7
Issuance of shares related to Zynga convertible notes	3.7	—		479.7		—	—		—		—		479.7
Balance, December 31, 2022	192.2	$	1.9	$	8,928.7	(23.7)	$	(1,020.6)	$	1,774.6	$	(134.2)	$	9,550.4


	Nine Months Ended December 31, 2021
	Common Stock			Additional Paid-in Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Shares	Amount				Shares	Amount

Balance, March 31, 2021	137.6	$	1.4	$	2,288.8	(22.4)	$	(820.6)	$	1,871.0	$	(8.7)	$	3,331.9
Net income	—	—		—		—	—		307.1		—		307.1
Change in cumulative foreign currency translation adjustment	—	—		—		—	—		—		(24.1)		(24.1)
Net unrealized gain on available-for-sale securities, net of taxes	—	—		—		—	—		—		(1.8)		(1.8)
Stock-based compensation	—	—		198.0		—	—		—		—		198.0
Repurchased common stock	—	—		—		(1.3)	(200.0)		—		—		(200.0)
Issuance of restricted stock, net of forfeitures and cancellations	1.1	—		—		—	—		—		—		—
Net share settlement of restricted stock awards	(0.3)	—		(59.1)		—	—		—		—		(59.1)
Employee share purchase plan settlement	0.2	—		19.6		—	—		—		—		19.6
Issuance of shares related to Nordeus acquisition	0.5	—		94.1		—	—		—		—		94.1
Balance, December 31, 2021	139.1	$	1.4	$	2,541.4	(23.7)	$	(1,020.6)	$	2,178.1	$	(34.6)	$	3,665.7


	December 31, 2022
	Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	4.9	$	—	$	—	$	4.9
Bank-time deposits	182.4		—		—		182.4



Short-term investments:
Corporate bonds	—		247.2		—		247.2
Bank-time deposits	18.7		—		—		18.7


Commercial paper	—		2.7		—		2.7
Restricted cash and cash equivalents:
Money market funds	263.5		—		—		263.5
Bank-time deposits	0.5		—		—		0.5
Restricted cash and cash equivalents, long term:
Money market funds	109.1		—		—		109.1
Other assets:
Private equity	—		—		24.0		24.0
Total financial assets	$	579.1	$	249.9	$	24.0	$	853.0

Liabilities:
Accrued expenses and other current liabilities:
Foreign currency forward contracts	$	—	$	(2.2)	$	—	$	(2.2)
Contingent earn-out consideration	—		—		(60.1)		(60.1)
Other-long term liabilities:
Contingent earn-out consideration	—		—		(26.6)		(26.6)
Long-term debt, net:
Convertible notes	—		(51.4)		—		(51.4)
Total financial liabilities	$	—	$	(53.6)	$	(86.7)	$	(140.3)


	March 31, 2022
	Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Assets
Cash and cash equivalents:
Bank-time deposits	$	636.0	$	—	$	—	$	636.0
Money market funds	501.9		—		—		501.9
Commercial paper	—		119.4		—		119.4
US Treasuries	52.0		—		—		52.0
Certificates of Deposit	—		10.0		—		10.0
Corporate bonds	—		2.8		—		2.8
Restricted cash and cash equivalents:
Money market funds	356.8		—		—		356.8
Bank-time deposits	0.5		—		—		0.5
Short-term investments:
Corporate bonds	—		538.5		—		538.5
Bank-time deposits	131.8		—		—		131.8
Commercial paper	—		125.4		—		125.4
US Treasuries	23.4		—		—		23.4
Certificates of Deposit	—		1.0		—		1.0
Other assets:
Private equity	—		—		16.1		16.1
Restricted cash and cash equivalents, long term:
Money market funds	103.5		—		—		103.5
Total financial assets	$	1,805.9	$	797.1	$	16.1	$	2,619.1

Liabilities
Accrued expenses and other current liabilities:
Foreign currency forward contracts	—		(0.2)		—		(0.2)
Contingent earn-out consideration	—		—		(66.0)		(66.0)
Other long-term liabilities:
Contingent earn-out consideration	—		—		(43.0)		(43.0)
Total financial liabilities	$	—	$	(0.2)	$	(109.0)	$	(109.2)


	December 31, 2022
			Gross Unrealized
	Cost or Amortized Cost		Gains		Losses		Fair Value
Short-term investments
Bank time deposits	$	18.7	$	—	$	—	$	18.7
Available-for-sale securities:
Corporate bonds	250.9		—		(3.7)		247.2


Commercial paper	2.7		—		—		2.7
Total Short-term investments	$	272.3	$	—	$	(3.7)	$	268.6


	Nine Months Ended December 31,
	2022	2021
Time-based	192	51
Market-based(1)	510	93
Performance-based(1)
IP	18	16
Recurrent Consumer Spending ("RCS")	153	16
Total Performance-based	171	32
Total Restricted Stock Units	873	176


	December 31, 2022		March 31, 2022
Software development royalties	$	396.7	$	615.7
Compensation and benefits	233.3		134.0
Deferred acquisition payments	140.8		78.6
Marketing and promotions	124.4		30.6
Tax payable	102.4		14.1
Licenses	76.4		81.1
Refund liability	61.8		51.7
Sales tax liability	43.2		17.2
Interest payable	21.7		—
Professional fees	8.6		17.0
Other	104.0		$	34.9
Accrued expenses and other current liabilities	$	1,313.3	$	1,074.9


	Annual Interest Rate	Maturity Date	December 31, 2022		Fair Value (Level 2)
2024 Notes	3.30%	March 28, 2024	$	1,000.0	$	976.8
2025 Notes	3.55%	April 14, 2025	600.0		578.4
2027 Notes	3.70%	April 14, 2027	600.0		565.5
2032 Notes	4.00%	April 14, 2032	500.0		442.4
2024 Convertible Notes	0.25%	June 1, 2024	22.5		22.5
2026 Convertible Notes	—%	December 15, 2026	28.9		28.9
Total			$	2,751.4	$	2,614.5
Unamortized discount and issuance costs			(15.9)
Long-term debt, net			$	2,735.5


	Annual Interest Rate	Maturity Date	December 31, 2022		Fair Value (Level 2)
Term Loan	3.60%	June 21, 2023	$	350.0	$	350.0
Short-term debt			$	350.0


	December 31, 2022
	Amortized Cost		Fair Value
Short-term investments
Due in 1 year or less	$	269.4	$	265.8
Due in 1 - 2 years	2.9		2.8

Total Short-term investments	$	272.3	$	268.6


	December 31, 2022		March 31, 2022
Forward contracts to sell foreign currencies	$	241.9	$	132.8
Forward contracts to purchase foreign currencies	90.0		75.8


	December 31, 2022				March 31, 2022
	Current		Non-current		Current		Non-current
Software development costs, internally developed	$	47.4	$	817.2	$	59.2	$	599.3
Software development costs, externally developed	9.7		181.2		19.3		145.2
Licenses	11.0		37.5		2.9		11.4
Software development costs and licenses	$	68.1	$	1,035.9	$	81.4	$	755.9


Fiscal Year Ended March 31,	Maturities
2023 (remaining)	$	—
2024	1,350.0
2025	21.4
2026	600.0
2027	29.4
Thereafter	1,100.0
Total	3,100.8
Fair Value Adjustments	0.6
Total Face Value	$	3,101.4


	December 31, 2022		March 31, 2022
Available borrowings	$	499.5	$	247.5
Outstanding letters of credit	2.8		2.5


	Nine Months Ended December 31, 2022
	Foreign currency translation adjustments		Unrealized gain (loss) on available-for- sales securities		Total
Balance at March 31, 2022	$	(52.8)	$	(4.5)	$	(57.3)
Other comprehensive loss before reclassifications	(78.4)		1.5		(76.9)

Balance at December 31, 2022	$	(131.2)	$	(3.0)	$	(134.2)


Fiscal Year Ending March 31,	Software Development and Licensing		Marketing		Operating Leases		Purchase Obligations		Total
2023 (remaining)	$	80.5	$	5.8	$	19.5	$	165.3	$	271.1
2024	276.8		24.9		63.1		140.0		504.8
2025	191.7		34.7		69.6		69.9		365.9
2026	122.2		92.8		52.5		27.8		295.3
2027	18.1		17.6		49.0		2.5		87.2
Thereafter	15.4		22.5		244.6		0.1		282.6
Total	$	704.7	$	198.3	$	498.3	$	405.6	$	1,806.9


	Fair value of purchase consideration
Cash	$	3,992.4
Common stock (46.3 shares)	5,377.7
Replacement equity awards	151.7
Total	$	9,521.8


	Fair Value		Weighted average useful life
Cash acquired	$	864.9	N/A
Accounts receivable	271.2		N/A
Prepaid expenses and other	193.4		N/A
Fixed assets	54.2		N/A
Right-of-use assets	92.7		N/A
Other tangible assets	67.0		N/A
Accounts payable	(78.5)		N/A
Accrued expenses and other current liabilities	(355.6)		N/A
Deferred revenue	(333.1)		N/A
Lease liabilities	(15.7)		N/A
Long-term debt	(1,653.1)		N/A
Non-current lease liabilities	(131.6)		N/A
Deferred tax liabilities, net	(954.2)		N/A
Other liabilities assumed	(61.5)		N/A
Intangible Assets
Developed game technology	4,440.0		7
Branding and trade names	384.0		12
Game engine technology	261.0		4
User base	316.0		1
Developer relationships	57.0		4
Advertising technology	43.0		3
Customer relationships	31.0		5
Goodwill	6,029.7		N/A
Total	$	9,521.8


	Three Months Ended December 31, 2022		Nine Months Ended December 31, 2022
Net revenue	$	631.1	1,547.2
Net loss	$	214.0	666.7


	Fair value of purchase consideration
Cash	$	116.9
Common stock (0.6 shares)	57.8
Contingent earn-out	24.5
Total	$	199.2


	Three and Nine Months Ended December 31, 2022
Net revenue	$	22.5
Net loss	$	4.1


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average useful life
Developed Game Technology	$	4,910.5	$	(566.9)	$	4,343.6	7 years
Branding and Trade Names	$	395.2	$	(24.3)	$	370.9	12 years
User Base	$	325.4	$	(201.6)	$	123.8	1 year
Game Engine Technology	$	322.6	$	(53.8)	$	268.8	4 years
Developer Relationships	$	57.0	$	(8.7)	$	48.3	5 years
Advertising Technology	$	43.0	$	(8.7)	$	34.3	3 years
Customer relationships	$	31.0	$	(3.8)	$	27.2	5 years
Analytics Technology	$	29.6	$	(29.5)	$	0.1	0 years
Intellectual Property	$	22.3	$	(17.5)	$	4.8	6 years
In Place Lease	$	1.7	$	(0.9)	$	0.8	4 years
Total intangible assets	$	6,138.3	$	(915.7)	$	5,222.6


Fiscal Year Ended March 31,	Amortization
2023 (remaining)	$	305.0
2024	$	943.7
2025	$	890.9
2026	$	870.0
2027	$	807.4


	Three Months Ended December 31,								Nine Months Ended December 31,
(millions of dollars)	2022				2021				2022				2021
Net revenue	$	1,407.8	100.0	%	$	903.3	100.0	%	$	3,903.7	100.0	%	$	2,574.8	100.0	%
Cost of revenue	691.9		49.1	%	350.4		38.8	%	1,841.6		47.2	%	1,136.8		44.2	%
Gross profit	715.9		50.9	%	552.9		61.2	%	2,062.1		52.8	%	1,438.0		55.8	%
Selling and marketing	446.7		31.7	%	135.3		15.0	%	1,163.1		29.8	%	375.2		14.6	%
Research and development	238.2		17.4	%	116.7		12.9	%	655.2		16.8	%	310.5		12.1	%
General and administrative	168.9		12.0	%	130.8		14.5	%	620.6		15.9	%	363.0		14.1	%
Depreciation and amortization	35.0		2.5	%	16.0		1.8	%	86.0		2.2	%	44.6		1.7	%
Total operating expenses	888.8		63.1	%	398.8		44.1	%	2,524.9		64.7	%	1,093.3		42.5	%
(Loss) income from operations	(172.9)		(12.3)	%	154.1		17.1	%	(462.8)		(11.9)	%	344.7		13.4	%
Interest and other, net	(28.3)		(2.0)	%	(5.6)		(0.6)	%	(108.1)		(2.8)	%	(7.2)		(0.3)	%
Gain (loss) on fair value adjustments, net	1.1		0.1	%	3.7		0.4	%	(36.6)		(0.9)	%	6.1		0.2	%
(Loss) income before income taxes	(200.1)		(14.2)	%	152.2		16.8	%	(607.5)		(15.6)	%	343.6		13.3	%
(Benefit from) provision for income taxes	(46.7)		(3.3)	%	7.6		0.8	%	(93.1)		(2.4)	%	36.5		1.4	%
Net (loss) income	$	(153.4)	(10.9)	%	$	144.6	16.0	%	$	(514.4)	(13.2)	%	$	307.1	11.9	%


(millions of dollars)	2022		% of net revenue		2021		% of net revenue		Increase/ (decrease)		% Increase/ (decrease)
Selling and marketing	$	446.7	31.7	%	$	135.3	15.0	%	$	311.4	230.2	%
Research and development	238.2		16.9	%	116.7		12.9	%	121.5		104.1	%
General and administrative	168.9		12.0	%	130.8		14.5	%	38.1		29.1	%
Depreciation and amortization	35.0		2.5	%	16.0		1.8	%	19.0		118.8	%
Total operating expenses(1)	$	888.8	63.1	%	$	398.8	44.1	%	$	490.0	122.9	%


	Nine Months Ended December 31,
(millions of dollars)	2022		2021
Net cash provided by operating activities	$	35.8	$	19.2
Net cash used in investing activities	(2,814.8)		(479.8)
Net cash provided by (used in) financing activities	1,904.6		(239.7)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(18.6)		(2.7)
Net change in cash, cash equivalents, and restricted cash and cash equivalents	$	(893.0)	$	(703.0)


Period	Shares purchased	Average price per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the repurchase program
October 1-31, 2022	—	$	—	—	10.0
November 1-30, 2022	—	$	—	—	10.0
December 1-31, 2022	—	$	—	—	10.0


Exhibits:
3.1			Fourth Amended and Restated Bylaws of Take-Two Interactive Software, Inc., effective as of January 4, 2023 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 6, 2023)
31.1			Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document
101.LAB			Inline XBRL Taxonomy Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Document


		TAKE-TWO INTERACTIVE SOFTWARE, INC. (Registrant)
Date:	February 6, 2023	By:	/s/ STRAUSS ZELNICK
			Strauss Zelnick Chairman and Chief Executive Officer (Principal Executive Officer)

Date:	February 6, 2023	By:	/s/ LAINIE GOLDSTEIN
			Lainie Goldstein Chief Financial Officer (Principal Financial Officer)