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Mar 31, 2022
Take-Two Q4 2022 Earnings Report
Take-Two reported strong Q4 results, with GAAP net revenue increasing by 11% and net bookings growing by 8%.
Key Takeaways
Take-Two Interactive Software, Inc. reported strong results for the fourth quarter and its fiscal year 2022, ended March 31, 2022. GAAP net revenue increased 11% to $930.0 million, and Net Bookings grew 8% to $845.8 million.
GAAP net revenue increased 11% to $930.0 million compared to last year’s fiscal fourth quarter.
GAAP net income was $111.0 million, or $0.95 per diluted share, compared to $218.8 million, or $1.88 per diluted share, for the comparable period last year.
Total Net Bookings grew 8% to $845.8 million, as compared to $784.5 million during last year’s fiscal fourth quarter.
Digitally-delivered GAAP net revenue increased 9% to $833.3 million, as compared to $768.0 million in last year’s fiscal fourth quarter.
Take-Two
Take-Two
Forward Guidance
For fiscal 2023, Take-Two expects to deliver a new record of $3.75 to $3.85 billion in Net Bookings on a standalone basis. For the first quarter ending June 30, 2022, GAAP net revenue is expected to range from $810 to $860 million and Net Bookings are expected to range from $700 to $750 million.
Positive Outlook
- GAAP net revenue is expected to range from $3.67 to $3.77 billion for fiscal year 2023.
- GAAP net income is expected to range from $223 to $252 million for fiscal year 2023.
- Net cash provided by operating activities is expected to be over $390 million for fiscal year 2023.
- Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $350 million for fiscal year 2023.
- Net Bookings are expected to range from $3.75 to $3.85 billion for fiscal year 2023.
Challenges Ahead
- This initial outlook does not include Zynga Inc. in our projected results.
- This initial outlook does not include the interest expense on the Senior notes the Company issued in April 2022 to fund the cash portion for the pending combination with Zynga Inc.
- The effective tax rate utilized for our GAAP net income outlook does not reflect U.S. tax law changes that went into effect on April 1, 2022.
- Capital expenditures are expected to be approximately $120 million for fiscal year 2023.
- Key assumptions and dependencies underlying the Company’s outlook include the timely delivery of the titles included in this financial outlook.