Take-Two Q1 2023 Earnings Report
Key Takeaways
Take-Two Interactive Software, Inc. reported strong results for the first quarter of its fiscal year 2023, ended June 30, 2022. GAAP net revenue increased 36% to $1.1 billion. Net Bookings grew 41% to $1.0 billion. The Company updated its outlook to include combination with Zynga from the date of acquisition, including fiscal year 2023 Net Bookings of $5.8 billion to $5.9 billion.
GAAP net revenue increased 36% to $1.1 billion.
Net Bookings grew 41% to $1.0 billion.
GAAP net loss per share was $0.76.
The company updated outlook to include combination with Zynga from the date of acquisition, including fiscal year 2023 Net Bookings of $5.8 billion to $5.9 billion.
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Take-Two Revenue by Segment
Forward Guidance
Take-Two is revising its outlook for the fiscal year ending March 31, 2023, to include its combination with Zynga (which closed on May 23, 2022), and is providing its initial outlook for its fiscal second quarter ending September 30, 2022.
Positive Outlook
- GAAP net revenue is expected to range from $5.73 to $5.83 billion
- Net cash provided by operating activities is expected to be over $710 million
- Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $700 million
- Net Bookings (operational metric) are expected to range from $5.8 to $5.9 billion
- EBITDA (Non-GAAP) is expected to range from $499 to $548 million
Challenges Ahead
- GAAP net loss is expected to range from $438 to $398 million
- GAAP net loss per share is expected to range from $2.75 to $2.50
- Capital expenditures are expected to be approximately $135 million
- GAAP net revenue is expected to range from $1.37 to $1.42 billion
- GAAP net loss is expected to range from $160 to $144 million