Q1 2025 Take-Two Interactive Software Inc Earnings Call Transcript
Key Points
- Take-Two Interactive Software Inc (TTWO) reported first-quarter net bookings of $1.2 billion, in line with expectations.
- The Grand Theft Auto series exceeded expectations, with Grand Theft Auto V selling over 200 million units to date.
- NBA 2K24 delivered a solid quarter with close to 11 million units sold and strong user engagement.
- Zynga's Match Factory! showed significant growth, contributing to a 50% increase in net bookings over the last quarter.
- The acquisition of Gearbox Entertainment is expected to provide growth opportunities for the Borderlands series and Gearbox's catalog.
- Recurrent consumer spending was flat for the period, accounting for 83% of net bookings.
- Grand Theft Auto Online and NBA 2K experienced declines in net bookings.
- Operating expenses increased by 8% year-over-year, driven by higher marketing and personnel costs.
- The company expects a non-GAAP adjusted unrestricted operating cash flow outflow of $150 million for the fiscal year.
- The increase in operating expenses is partly due to the acquisition of Gearbox and higher marketing costs.
(technical difficulty) Welcome to the Take-Two Interactive first-quarter fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce to you, Nicole Shevins, SVP of Investor Relations and Corporate Communications. Thank you, Nicole. You may begin.
Good afternoon. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2025 ended June 30, 2024. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer; Karl Slatoff, our President; and Lainie Goldstein, our Chief Financial Officer. We will be available to answer your questions during the Q&A session following our prepared remarks.
Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities
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