Dynex Capital Inc
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Financials : Mortgage Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Dynex Capital, Inc. is an internally managed mortgage real estate investment trust (REIT), which primarily invests in residential and commercial mortgage-backed securities (MBS). The Company's objective is to provide attractive risk-adjusted returns to its shareholders over the long term that are reflective of a leveraged, high quality fixed income portfolio with a focus on capital preservation. The Company seeks to provide returns to its shareholders primarily through the payment of regular dividends and through capital appreciation of its investments. The Company primarily invests in Agency MBS, including residential MBS (RMBS), commercial MBS (CMBS) and CMBS interest-only (IO) securities. The Company also have an investment in non-Agency MBS, which consist mainly of CMBS IO.

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Today's volume of 299,853 shares is on pace to be much lighter than DX's 10-day average volume of 976,522 shares.

299,853

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Year 2022

4:05 pm ET May 16, 2022 (BusinessWire) Print

--GAAP net income per diluted share was $3.58

--GAAP net cash provided by operating activities for the twelve-months ended March 31, 2022 was $258.0 million

--Adjusted Unrestricted Operating Cash Flow (Non-GAAP) for the twelve-months ended March 31, 2022 was $424.9 million

--Net Bookings were $3.41 billion

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for the fourth quarter and its fiscal year 2022, ended March 31, 2022. In addition, the Company provided its initial outlook on a standalone basis for its fiscal year 2023, ending March 31, 2023 and fiscal first quarter 2023, ending June 30, 2022. For further information, please see the fourth quarter fiscal 2022 results slide deck posted to the Company's investor relations website at http://ir.take2games.com.

Fourth Quarter Fiscal 2022 Financial Highlights

GAAP net revenue increased 11% to $930.0 million, as compared to $839.4 million in last year's fiscal fourth quarter. Recurrent consumer spending (which is generated from ongoing consumer engagement and includes virtual currency, add-on content and in-game purchases) increased 1% and accounted for 63% of total GAAP net revenue. Digitally-delivered GAAP net revenue increased 9% to $833.3 million, as compared to $768.0 million in last year's fiscal fourth quarter, and accounted for 90% of total GAAP net revenue. The largest contributors to GAAP net revenue were NBA(R) 2K22 and NBA 2K21; Grand Theft Auto(R) Online and Grand Theft Auto V; Tiny Tina's Wonderlands(R); Red Dead Redemption(R) 2 and Red Dead Online; WWE(R) 2K22; Top Eleven(R); and Two Dots(R).

GAAP net income was $111.0 million, or $0.95 per diluted share, as compared to $218.8 million, or $1.88 per diluted share, for the comparable period last year.

The following data, together with a management reporting tax rate of 16%, are used internally by the Company's management and Board of Directors to adjust the Company's GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

                                                                                                                                                                      Three Months Ended March 31, 2022
                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                              Financial Data
                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                               Statement              Change in             Stock-based             Impact of            Amortization             Business                Loss on                 Other
                                                                        of                                   deferred net                              compensation                                business                                     and                                   acquisition                                long-term
                                                                    Operations                                revenue and                                                                       reorganization                              impairment                                                                         investments,
                                                                                                            related cost of                                                                                                                 of acquired                                                                             net
                                                                                                              goods sold                                                                                                                    intangibles
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Net revenue                                       $930,004               (84,225)                              
Cost of goods sold                                 398,625               (17,317)               (16,549)                   (13,170)                  
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Gross profit                                       531,379               (66,908)                16,549                     13,170                   
Operating expenses                                 402,515                   (23,879)                 (303)                 (1,654)               (33,289)              
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Income from operations                             128,864               (66,908)                40,428                   303                  14,824                 33,289               
Interest and other, net                            (6,984)                 1,635                              6,475                      (279)
Gain (loss) on long-term investments, net           (39)                                        39             
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------

In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 116.8 million.

Fiscal Fourth Quarter Operational Metric - Net Bookings

Net Bookings is defined as the net amount of products and services sold digitally or sold-in physically during the period, and includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.

During fiscal fourth quarter 2022, total Net Bookings grew 8% to $845.8 million, as compared to $784.5 million during last year's fiscal fourth quarter. Net Bookings from recurrent consumer spending decreased 6% and accounted for 60% of total Net Bookings. Digitally-delivered Net Bookings were up 4% to $765.8 million, as compared to $738.4 million in last year's fiscal fourth quarter, and accounted for 91% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K22; Grand Theft Auto Online and Grand Theft Auto V; Tiny Tina's Wonderlands; WWE 2K22; Red Dead Redemption 2 and Red Dead Online; Top Eleven; Two Dots; and Grand Theft Auto: The Trilogy - The Definitive Edition.

Catalog accounted for $494.9 million of Net Bookings led by Grand Theft Auto, Red Dead Redemption, Top Eleven, Borderlands(R), Two Dots, NBA 2K, and Dragon City(R).

Fiscal Year 2022 Financial Highlights

GAAP net revenue increased 4% to $3.50 billion, as compared to $3.37 billion in fiscal year 2021. Recurrent consumer spending increased 6% and accounted for 65% of total GAAP net revenue. Digitally-delivered GAAP net revenue increased 6% to $3.15 billion, as compared to $2.97 billion in fiscal year 2021, and accounted for 90% of total GAAP net revenue. The largest contributors to GAAP net revenue were NBA 2K22 and NBA 2K21; Grand Theft Auto Online and Grand Theft Auto V; Red Dead Redemption 2 and Red Dead Online; Grand Theft Auto: The Trilogy - The Definitive Edition; Borderlands 3; Two Dots; and Tiny Tina's Wonderlands.

GAAP net income was $418.0 million, or $3.58 per diluted share, as compared to $588.9 million, or $5.09 per diluted share, for the comparable period last year.

During the twelve-month period ended March 31, 2022, GAAP net cash provided by operating activities was $258.0 million, as compared to $912.3 million in the same period last year. During the twelve-month period ended March 31, 2022, Adjusted Unrestricted Operating Cash Flow (Non-GAAP), which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash, was $424.9 million, as compared to $920.3 million in the same period last year (please see the section below titled "Non-GAAP Financial Measure" for additional information). As of March 31, 2022, the Company had cash and short-term investments of $2.6 billion.

The following data, together with a management reporting tax rate of 16%, are used internally by the Company's management and Board of Directors to adjust the Company's GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

                                                                                                                                                Twelve Months Ended March 31, 2022                                                                                                                           
                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                         Financial Data                                                                                                                
                                                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                               Statement              Change in             Stock-based             Impact of            Amortization             Business                Gain on                 Other
                                                                        of                                   deferred net                              compensation                                business                                     and                                   acquisition                                long-term
                                                                    Operations                                revenue and                                                                       reorganization                              impairment                                                                         investments,
                                                                                                            related cost of                                                                                                                 of acquired                                                                             net
                                                                                                              goods sold                                                                                                                    intangibles
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Net revenue                                      $3,504,800              (96,616)                              
Cost of goods sold                                1,535,401              (11,785)               (48,381)                   (50,751)                  
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Gross profit                                      1,969,399              (84,831)               (48,381)                   (50,751)                  
Operating expenses                                1,495,804                  (134,588)                (849)                (12,105)               (72,819)              
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
Income from operations                             473,595               (84,831)                182,969                 (849)                 62,856                 72,819               
Interest and other, net                           (14,212)                 2,999                              6,475                      (279)
Gain (loss) on long-term investments, net           6,015                                     (6,015)          
                                                               --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------

In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 116.8 million.

Fiscal Year 2022 Operational Metric - Net Bookings

Total Net Bookings declined 4% to $3.41 billion, as compared to $3.55 billion in fiscal year 2021. Net Bookings from recurrent consumer spending decreased 6% and accounted for 64% of total Net Bookings. Digitally-delivered Net Bookings decreased 2% to $3.08 billion, as compared to $3.15 billion in fiscal year 2021, and accounted for 91% of total Net Bookings. The largest contributors to Net Bookings were NBA 2K22 and NBA 2K21; Grand Theft Auto Online and Grand Theft Auto V; Red Dead Redemption 2 and Red Dead Online; Borderlands 3; Grand Theft Auto: The Trilogy - The Definitive Edition; Top Eleven; and Two Dots.

Management Comments

"Our strong fourth quarter results concluded another highly successful year for our Company, during which we delivered Net Bookings of $3.4 billion," said Strauss Zelnick, Chairman and CEO of Take-Two. "In addition to our outstanding financial results, I am pleased that we took pivotal steps to position our organization for the long term by investing in talent, broadening our portfolio further, and agreeing upon our transformational pending combination with Zynga, which has the potential to exponentially increase our Net Bookings from mobile, while also enabling us to deliver substantial cost synergies and revenue opportunities."

"For fiscal 2023, we expect to deliver a new record of $3.75 to $3.85 billion in Net Bookings on a standalone basis. As we execute on our organic growth initiatives, while unlocking new opportunities presented by our pending transaction with Zynga, we believe that we can broaden our portfolio and capitalize further on new platforms, business models, emerging markets, and distribution channels. As we deliver on these growth drivers, we believe that Take-Two remains incredibly well-positioned to increase its scale and prominence in the industry, expand its margins, and deliver long-term value for our shareholders."

COVID-19 Update

At Take-Two, our number one priority has remained the health and safety of our employees and their families. The majority of our global offices have reopened. However, given the evolving dynamics of the COVID-19 pandemic, we are strictly following protocols from local governments and health officials to ensure that we are adhering to their safety standards.

Due to the shelter-in-place orders that began in calendar year 2020, we experienced heightened levels of engagement and Net Bookings growth during our fiscal 2021 period. As the return to normalcy continues to unfold, the impact to our business, operations and financial results will depend on numerous evolving factors that we are not able to predict. The key risks to our business are set forth under the heading "Cautionary Note Regarding Forward-Looking Statements" in this release and in Take-Two's Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Business and Product Highlights

Since January 1, 2022:

Take-Two:

On January 9th, Take-Two entered into a definitive agreement, under which Take-Two will acquire all of the outstanding shares of Zynga. The transaction, which is anticipated to close on May 23, 2022, is subject to the approval of both Take-Two and Zynga stockholders and the satisfaction of other customary closing conditions. On April 7th, Take-Two announced that it agreed to sell, in an underwritten public offering, $2.7 billion aggregate principal amount of its Senior Notes, consisting of $1.0 billion of its 3.300% Senior Notes due 2024, $600 million of its 3.550% Senior Notes due 2025, $600 million of its 3.700% Senior Notes due 2027 and $500 million of its 4.000% Senior Notes due 2032. The Company intends to use a portion of the net proceeds from the offering, together with cash on hand, to fund the cash portion of the consideration for its pending acquisition of Zynga and the expected settlement of the outstanding convertible notes issued by Zynga, and related costs and expenses. Any remaining net proceeds will be used for general corporate purposes. If the acquisition is not consummated on or prior to January 9, 2023, or is terminated prior to such date, the Company will be required to redeem the Senior Notes.

Rockstar Games:

On February 11th, Rockstar Games released the physical version of Grand Theft Auto: The Trilogy - The Definitive Edition for Nintendo Switch. On March 15th, Rockstar Games launched Grand Theft Auto V digitally on PlayStation 5 and Xbox Series X|S, featuring access to Grand Theft Auto Online, high-end PC visuals, technical enhancements of the latest consoles, and Story Mode progress transfers for PlayStation 4 and Xbox One players. On March 15th, Grand Theft Auto Online was made available as a standalone title for PlayStation 5 and Xbox Series X|S, in addition to being accessible as part of Grand Theft Auto V on either platform, with graphical and technical enhancements, a new Career Builder, new menu design, five new vehicles, an exclusive vehicle for returning players, online character transfers for PlayStation 4 and Xbox One players, and Hao's Special Works - a shop where players can purchase new modifications for select vehicles to improve driving performance, customization options and more. On March 29th, Rockstar Games launched GTA+, a membership program exclusive to Grand Theft Auto Online players on PlayStation 5 and Xbox Series X|S, featuring a range of valuable benefits, including a monthly recurring GTA$500,000 deposit, upgrades, Members-only discounts, GTA$ and RP bonuses, and more each month. Throughout the period, Rockstar Games continued to support Grand Theft Auto Online with new vehicles, rewards, and the Adversary Mode Double Down - featuring Grand Theft Auto V's Franklin Clinton and Lamar Davis as playable characters.

2K:

Continued to drive engagement for NBA 2K22 with the launch of new seasons that feature new music and content, as well as seasonal updates across MyCAREER, MyTEAM, and The W modes. On March 11th, 2K and Visual Concepts launched WWE 2K22, the newest installment of the flagship WWE video game series, which received the highest Metacritic critic scores in franchise history. Featuring Rey Mysterio(R) on the cover in celebration of his 20th anniversary as a WWE Superstar, the game features a top-to-bottom overhaul, including a redesigned engine and gameplay, the most stunning WWE 2K graphics to date, intuitive and accessible controls, multiple new fan-requested game modes, and an immersive presentation and camera angles throughout. WWE 2K22 also features a diverse soundtrack curated by Executive Soundtrack Producer Machine Gun Kelly, who will be available in a future downloadable content pack as a playable character. The first DLC pack for WWE 2K22 launched on April 26th, featuring fan-favorite WWE Legends Yokozuna and Rikishi, "The Samoan Bulldozer" Umaga, current Raw Superstar Omos, and rising NXT star Kacy Catanzaro. Additionally, there were updates to WWE SuperCard, including the WrestleMania 38 card tier, which includes more than 70 new cards featuring fan-favorite WWE Superstars, Legends and Hall of Famers. On March 25th, 2K and Gearbox Software released Tiny Tina's Wonderlands, an all-new, fantasy-fueled looter shooter game from the unpredictable mind of Tiny Tina, which supports crossplay between Xbox Series X|S, Xbox One, PlayStation(R)5, PlayStation(R)4, and PC via the Epic Games Store. Game Informer awarded the game a 9.5 out of 10, calling it "a spellbinding hit" and "Gearbox Software's best game." COGconnected noted it's "a worthy new IP," while ComicBook.com described it as "a fantastic fantasy twist" and IGN called out the "excellent, laugh-out-loud writing." To drive further engagement for Tiny Tina's Wonderlands, 2K and Gearbox Software released Coiled Captors on April 21st, the first of four exciting post-launch content drops in the game's Season Pass. On March 17th, 2K and Supermassive Games announced that they will release The Quarry on June 10th, featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette, Ariel Winter, Justice Smith, Brenda Song, Lance Henriksen, Lin Shaye, and more. The title is an all-new horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. On April 21st, Gearbox confirmed that a new game from the Tales from the Borderlands series will be releasing this fiscal year. Developed by Gearbox and published by 2K, the title will feature all new characters and stories set in the Borderlands universe. On April 21st, Firaxis released XCOM 2 Collection on Epic Games Store. The XCOM 2 Collection includes the award-winning strategy game XCOM 2, the War of the Chosen expansion, and DLC packs (Resistance Warrior Pack, Anarchy's Children, Alien Hunters, Shen's Last Gift and Tactical Legacy Pack) for a bundled discount.

Private Division:

On February 8th, Roll7 and Private Division launched OlliOlli World, the skateboarding action-platformer digitally for PlayStation 4, PlayStation 5, Xbox One, Xbox Series X|S, PC via Steam and Nintendo Switch. OlliOlli World marks a bold new direction for the OlliOlli franchise and has received much critical praise for the unique art style and tight gameplay mechanics. The title will be supported with its first expansion, VOID Riders, in the first half of fiscal 2023. On March 16th, Private Division announced that they have signed four new publishing agreements with leading independent developers Die Gute Fabrik, Evening Star, Piccolo Studio, and Yellow Brick Games.

Outlook for Fiscal 2023

Take-Two is providing its initial outlook for the fiscal year ending March 31, 2023 and fiscal first quarter ending June 30, 2022:

Fiscal Year Ending March 31, 2023

This initial outlook does not include Zynga Inc. in our projected results or 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. GAAP net revenue is expected to range from $3.67 to $3.77 billion GAAP net income is expected to range from $223 to $252 million(1) GAAP diluted net income per share is expected to range from $1.90 to $2.15(1) Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 117.0 million (2) Net cash provided by operating activities is expected to be over $390 million Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $350 million (3) Capital expenditures are expected to be approximately $120 million Net Bookings (Operational Metric) are expected to range from $3.75 to $3.85 billion

The Company is also providing selected data and its management reporting tax rate of 16%, which are used internally by its management and Board of Directors to adjust the Company's GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

                                                                                               Twelve Months Ending March 31, 2023
                                             --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        Financial Data
                                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------------------------
      $ in millions         GAAP outlook (4)           Change in             Stock-based           Amortization and       Reorganization &
                                                                                           deferred net                              compensation                                                   impairment of                              acquisition
                                                                                            revenue and                                                                                               acquired
                                                                                          related cost of                                                                                            intangibles
                                                                                            goods sold
                                             --------------------                      --------------------                      --------------------                                           --------------------                      --------------------
Net revenue                 $3,670 to $3,770              $80                      
Cost of goods sold          $1,658 to $1,703              $5                    $(29)                    $(46)           
Operating expenses          $1,735 to $1,755                $(123)                    $(2)                   $(30)
Interest and other, net            $9                                  $(12)

First Quarter Ending June 30, 2022

This initial outlook does not include Zynga Inc. in our projected results or 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. GAAP net revenue is expected to range from $810 to $860 million GAAP net income is expected to range from $94 to $105 million(1) GAAP diluted net income per share is expected to range from $0.80 to $0.90(1) Share count used to calculate both GAAP and management reporting diluted net income per share is expected to be 116.9 million (5) Net Bookings (Operational Metric) are expected to range from $700 to $750 million

The Company is also providing selected data and its management reporting tax rate of 16%, which are used internally by its management and Board of Directors to adjust the Company's GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:

                                                                                      Three Months Ending June 30, 2022
                                             -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                              Financial Data
                                                                                       ---------------------------------------------------------------------------------------------------------------------------------------------
$ in millions               GAAP outlook (4)       Change in deferred         Stock-based          Amortization of       Reorganization &
                                                                                           net revenue and                            compensation                            intangible assets                            Acquisition
                                                                                        related cost of goods
                                                                                                sold
                                             --------------------                      ---------------------                      --------------------                      --------------------                      --------------------
Net revenue                   $810 to $860               $(110)                   
Cost of goods sold            $303 to $329                $(7)                   $(5)                   $(14)           
Operating expenses            $387 to $397                    $(31)                  $(1)                   $(15)
Interest and other, net            $7                                 $(8)
  1) 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 for the Company requiring the capitalization and amortization of research and development costs rather than deduction of such costs in the year incurred for U.S. tax purposes, the potentially significant adverse impact of which we are still reviewing.
  2) Includes 115.8 million basic shares and 1.2 million shares representing the potential dilution from unvested employee stock grants.
  3) Adjusted for changes in restricted cash.
  4) The individual components of the financial outlook may not foot to the totals, as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously.

Key assumptions and dependencies underlying the Company's outlook include: the timely delivery of the titles included in this financial outlook; a stable economic environment; continued consumer acceptance of Xbox One and PlayStation 4, as well as continued growth in the installed base of PlayStation 5 and Xbox Series X|S; the ability to develop and publish products that capture market share for these current generation systems while also leveraging opportunities on PC, mobile and other platforms; and stable foreign exchange rates. See also "Cautionary Note Regarding Forward Looking Statements" below. The Company's outlook does not take into account the pending combination with Zynga Inc. or 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.

Product Releases

The following have been released since January 1, 2022:

 Label             Product                                                              Platforms                                        Release Date
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 Private Division  OlliOlli World (digital only)                                        PS4, PS5, Xbox One, Xbox Series X|S, Switch, PC  February 8, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 Rockstar Games    Grand Theft Auto: The Trilogy - The Definitive Edition  Switch (physical only)                           February 11, 2022 (U.S. release date; other region release dates may vary)
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 2K                WWE 2K22                                                             PS4, PS5, Xbox One, Xbox Series X|S, PC          March 11, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 Rockstar Games    Grand Theft Auto V for PlayStation 5 and XBox Series X|S             PS5, Xbox Series X|S                             March 15, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 Rockstar Games    Grand Theft Auto Online - Standalone                    PS5, Xbox Series X|S                             March 15, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 2K                Tiny Tina's Wonderlands                                              PS4, PS5, Xbox One, Xbox Series X|S, PC          March 25, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 2K                Tiny Tina's Wonderlands: Coiled Captors                              PS4, PS5, Xbox One, Xbox Series X|S, PC          April 21, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------
 2K                XCOM 2 Collection                                                    PC                                               April 21, 2022
----------------- -------------------------------------------------------------------- ------------------------------------------------ ---------------------------------------------------------------------------

Take-Two's future lineup announced to-date includes:

 Label           Product                                                                               Platforms                                        Release Date
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              WWE 2K22 Most Wanted Pack                                                             PS4, PS5, Xbox One, Xbox Series X|S, PC          May 17, 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              WWE 2K22 Stand Back Pack                                                              PS4, PS5, Xbox One, Xbox Series X|S, PC          June 7, 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              The Quarry                                                                            PS4, PS5, Xbox One, Xbox Series X|S, PC          June 10, 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              WWE 2K22 Clowning Around Pack                                                         PS4, PS5, Xbox One, Xbox Series X|S, PC          June 28, 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              WWE 2K22 The Whole Dam Pack                                                           PS4, PS5, Xbox One, Xbox Series X|S, PC          July 19, 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              Marvel's Midnight Suns                                                                PS4, PS5, Xbox One, Xbox Series X|S, PC, Switch  Second Half of Calendar 2022
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 Rockstar Games  Grand Theft Auto: The Trilogy -- The Definitive Edition (mobile release)  iOS, Android                                     Fiscal 2023
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              NBA 2K23                                                                              TBA                                              Fiscal 2023
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              WWE 2K23                                                                              TBA                                              Fiscal 2023
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              PGA TOUR 2K23                                                                         TBA                                              Fiscal 2023
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------
 2K              New Tales from the Borderlands title                                                  TBA                                              Fiscal 2023
--------------- ------------------------------------------------------------------------------------- ------------------------------------------------ -----------------------------

Conference Call

Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.

Non-GAAP Financial Measure

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses a Non-GAAP measure of financial performance: Adjusted Unrestricted Operating Cash Flow, which is defined as GAAP net cash from operating activities, adjusted for changes in restricted cash. The Company's management believes it is important to consider Adjusted Unrestricted Operating Cash Flow, in addition to net cash from operating activities, as it provides more transparency into current business trends without regard to the timing of payments from restricted cash, which is primarily related to a dedicated account limited to the payment of certain internal royalty obligations.

This Non-GAAP financial measure is not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. This Non-GAAP financial measure may be different from similarly titled measures used by other companies. In the future, Take-Two may also consider whether other items should also be excluded in calculating this Non-GAAP financial measure used by the Company. Management believes that the presentation of this Non-GAAP financial measure provides investors with additional useful information to measure Take-Two's financial and operating performance. In particular, this measure facilitates comparison of our operating performance between periods and may help investors to understand better the operating results of Take-Two. Internally, management uses this Non-GAAP financial measure in assessing the Company's operating results and in planning and forecasting. A reconciliation of this Non-GAAP financial measure to the most comparable GAAP measure is contained in the financial tables to this press release.

Final Results

The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two's Annual Report on Form 10-K for the period ended March 31, 2022.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, and T2 Mobile Games. 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. The Company's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.

All trademarks and copyrights contained herein are the property of their respective holders.

Cautionary Note Regarding Forward-Looking Statements

Statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company's future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: risks relating to our pending acquisition of Zynga; the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect that measures taken to mitigate the COVID-19 pandemic have on our operations, including our ability to timely deliver our titles and other products, and on the operations of our counterparties, including retailers and distributors; the effects of the COVID-19 pandemic on both consumer demand and the discretionary spending patterns of our customers as the situation with the pandemic continues to evolve; the risks of conducting business internationally; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of potential inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation(R)5 and Xbox Series X|S; the timely release and significant market acceptance of our games; the ability to maintain acceptable pricing levels on our games; and risks associated with international operations.

Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company's most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

                                                                                                                                                 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
                                                                                                                                                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                       (in thousands, except per share amounts)
                                                                                                                                            
                                                                                    Three Months Ended March 31,                                                                                                 Twelve Months Ended March 31,
                                                                            ------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------
                                          2022          2021           2022            2021    
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net revenue                                                                 $ 930,004                        $ 839,431                        $ 3,504,800                        $ 3,372,772  
Cost of goods sold:                                                                                                                                            
                                                           142,172       158,128         619,902         637,652  
  Internal royalties
                                                           142,468        22,465         417,431         396,797  
  Software development costs and royalties
                                                            56,162        53,841         254,203         260,721  
  Licenses
                                                            57,823        45,213         243,865         239,915  
  Product costs
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total cost of goods sold                                   398,625       279,647       1,535,401       1,535,085  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Gross profit                                               531,379       559,784       1,969,399       1,837,687  
                                                           141,270       106,609         516,429         444,985  
  Selling and marketing
                                                           148,371        98,453         510,855         390,683  
  General and administrative
                                                            96,108        83,559         406,566         317,311  
  Research and development
                                                            16,463        15,480          61,105          55,596  
  Depreciation and amortization
                                                               303          (134 )                              849            (272 )
  Business reorganization
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total operating expenses                                   402,515       303,967       1,495,804       1,208,303  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Income from operations                                     128,864       255,817         473,595         629,384  
Interest and other, net                                     (6,984 )                         (3,226 )                          (14,212 )                            8,796  
Gain (loss) on long-term investments, net                      (39 )                          1,000           6,015          39,636  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Income before income taxes                                 121,841       253,591         465,398         677,816  
Provision for income taxes                                  10,869        34,779          47,376          88,930  
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net income                                                                  $ 110,972                        $ 218,812                        $   418,022                        $   588,886  
                                                                            ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                            
Earnings per share:                                                                                                                                            
Basic earnings per share                                                    $    0.96                        $    1.90                        $      3.62                        $      5.14  
Diluted earnings per share                                                  $    0.95                        $    1.88                        $      3.58                        $      5.09  
Weighted average shares outstanding                                                                                                                            
Basic                                                      115,335       115,110         115,485         114,602  
Diluted                                                    116,802       116,300         116,775         115,744  
Computation of Basic EPS:                                                                                                                                      
                                                                            $ 110,972                        $ 218,812                        $   418,022                        $   588,886  
  Net income
                                                           115,335       115,110         115,485         114,602  
  Weighted average shares outstanding - basic
                                                                            $    0.96                        $    1.90                        $      3.62                        $      5.14  
  Basic earnings per share
Computation of Diluted EPS:                                                                                                                                    
                                                                            $ 110,972                        $ 218,812                        $   418,022                        $   588,886  
  Net income
                                                           115,335       115,110         115,485         114,602  
  Weighed average shares outstanding - basic
                                                             1,467         1,190           1,290           1,142  
  Add: dilutive effect of common stock equivalents
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                           116,802       116,300         116,775         115,744  
  Weighted average common shares outstanding - diluted
                                                                            -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                            $    0.95                        $    1.88                        $      3.58                        $      5.09  
  Diluted earnings per share
                                                                                                                                                  TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
                                                                                                                                                               CONSOLIDATED BALANCE SHEETS
                                                                                                                                                        (in thousands, except per share amounts)
                                                                                                                                                                                                     
                                                                                                                                                                                 March 31, 2022                                                     March 31, 2021
                                                                                                                                                                                                  ------------------------------------------------------                        ---------------------------------------------------------------------
                                                                                   ASSETS                                                                                                                               
Current assets:                                                                                                                                                                                                         
                                                                                                                                                                                                  $      1,732,047                        $                     1,422,884  
  Cash and cash equivalents
                                                                                                                                                                                        820,060                           1,308,692  
  Short-term investments
                                                                                                                                                                                        359,832                             538,822  
  Restricted cash and cash equivalents
                                                                                                                                                                                        579,433                             552,762  
  Accounts receivable, net of allowances of $350 and $350 at March 31, 2022 and 2021, respectively
                                                                                                                                                                                         13,224                              17,742  
  Inventory
                                                                                                                                                                                         81,394                              43,443  
  Software development costs and licenses
                                                                                                                                                                                         12,374                              15,524  
  Deferred cost of goods sold
                                                                                                                                                                                        272,724                             320,646  
  Prepaid expenses and other
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                                                                      3,871,088                           4,220,515  
    Total current assets
                                                                                                                                                                                                     
Fixed assets, net                                                                                                                                                                       242,039                             149,364  
Right-of-use assets                                                                                                                                                                     217,206                             164,763  
Software development costs and licenses, net of current portion                                                                                                                         755,888                             490,892  
Goodwill                                                                                                                                                                                674,554                             535,306  
Other intangibles, net                                                                                                                                                                  266,475                             121,591  
Deferred tax assets                                                                                                                                                                      73,801                              90,206  
Long-term restricted cash and cash equivalents                                                                                                                                          103,452                              98,541  
Other assets                                                                                                                                                                            341,716                             157,040  
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                                                                                  $      6,546,219                        $                     6,028,218  
    Total assets
                                                                                                                                                                                                  ==================== ============== ====================                      ==================== ============================= ====================
                                                                                                                                                                                                     
                                                                 LIABILITIES AND EQUITY                                                                                                              
Current liabilities:                                                                                                                                                                                                    
                                                                                                                                                                                                  $        125,882                        $                        71,001  
  Accounts payable
                                                                                                                                                                                      1,074,891                           1,204,090  
  Accrued expenses and other current liabilities
                                                                                                                                                                                        865,270                             928,029  
  Deferred revenue
                                                                                                                                                                                         38,921                              31,595  
  Lease liabilities
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                                                                      2,104,964                           2,234,715  
    Total current liabilities
Non-current deferred revenue                                                                                                                                                             70,911                              37,302  
Non-current lease liabilities                                                                                                                                                           211,297                             159,671  
Non-current software development royalties                                                                                                                                              115,527                             110,127  
Other long-term liabilities                                                                                                                                                             233,861                             154,511  
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                                                                      2,736,560                           2,696,326  
    Total liabilities
                                                                                                                                                                                                  ==================== ============== ====================                      ==================== ============================= ====================
Stockholders' equity:                                                                                                                                                                                                   
                                                                                                                                                                                 --                      --  
    Preferred stock, $0.01 par value, 5,000 shares authorized; no shares issued and outstanding at March 31, 2022 and March 31, 2021
                                                                                                                                                                                          1,390                               1,376  
    Common stock, $0.01 par value, 200,000 shares authorized; 139,048 and 137,584 shares issued and 115,367 and 115,163 outstanding at March 31, 2022 and 2021, respectively
                                                                                                                                                                                      2,597,205                           2,288,781  
  Additional paid-in capital
                                                                                                                                                                                     (1,020,584 )                                             (820,572 )
  Treasury stock, at cost; 23,681 and 22,421 common shares at March 31, 2022 and 2021, respectively
                                                                                                                                                                                      2,288,993                           1,870,971  
  Retained earnings
                                                                                                                                                                                        (57,345 )                                               (8,664 )
  Accumulated other comprehensive loss
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                                                                                  $      3,809,659                        $                     3,331,892
  Total stockholders' equity
                                                                                                                                                                                                  -------------------- -------------- --------------------                      -------------------- -----------------------------
                                                                                                                                                                                                  $      6,546,219                        $ 6,028,218   
    Total liabilities and stockholders' equity
                                                                                                                                                                                                  ==================== ============== ====================                      ==================== ============================= ====================
                                                                                                                    TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES
                                                                                                                            CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                       (in thousands)
                                                                                                                                         
                                                                                                                                                             Twelve Months Ended March 31,
                                                                                                                                      -----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       2022                         2021              
                                                                                                                                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
Operating activities:                                                                                                                                                                                          
                                                                                                                                      $        418,022                        $                       588,886  
  Net income
                                                                                                                                                                                                               
  Adjustments to reconcile net income to net cash provided by operating activities:
                                                                                                                            153,279                             144,263  
    Amortization and impairment of software development costs and licenses
                                                                                                                            182,969                             110,472  
    Stock-based compensation
                                                                                                                             34,511                              30,553  
    Noncash lease expense
                                                                                                                             64,817                              32,241  
    Amortization of intellectual property
                                                                                                                             61,196                              56,309  
    Depreciation
                                                                                                                             70,611                              39,073  
    Impairment of software development costs and licenses
                                                                                                                              6,525                      --  
    Amortization of debt issuance costs
                                                                                                                              8,104                              10,631  
    Deferred income taxes
                                                                                                                             (6,015 )                                              (41,588 )
    Gain on long-term investments, net
                                                                                                                             16,243                               5,515  
    Other, net
                                                                                                                                                                                                               
  Changes in assets and liabilities:
                                                                                                                            (17,857 )                                               47,195  
    Accounts receivable
                                                                                                                              4,106                               2,503  
    Inventory
                                                                                                                           (457,556 )                                             (260,352 )
    Software development costs and licenses
                                                                                                                           (207,559 )                                              (89,290 )
    Prepaid expenses, other current and other non-current assets
                                                                                                                            (30,946 )                                              152,466  
    Deferred revenue
                                                                                                                              3,139                               4,768  
    Deferred cost of goods sold
                                                                                                                            (45,605 )                                               78,673  
    Accounts payable, accrued expenses and other liabilities
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                            257,984                             912,318  
  Net cash provided by operating activities
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
Investing activities:                                                                                                                                                                                          
                                                                                                                            446,965                            (387,762 )
  Change in bank time deposits
                                                                                                                            779,940                             546,287  
  Proceeds from available-for-sale securities
                                                                                                                           (756,266 )                                             (824,477 )
  Purchases of available-for-sale securities
                                                                                                                           (158,642 )                                              (68,923 )
  Purchases of fixed assets
                                                                                                                     --                              47,472  
  Proceeds from sale of long-term investment
                                                                                                                            (12,272 )                                              (16,852 )
  Purchase of long-term investments
                                                                                                                           (161,331 )                                             (102,469 )
  Business acquisitions, net of cash acquired
                                                                                                                                822                      --  
  Other
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                            139,216                            (806,724 )
  Net cash provided by (used in) investing activities
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
Financing activities:                                                                                                                                                                                          
                                                                                                                            (64,074 )                                              (71,552 )
  Tax payment related to net share settlements on restricted stock awards
                                                                                                                           (200,012 )                                       --  
  Repurchase of common stock
                                                                                                                             19,657                              14,214  
  Issuance of common stock
                                                                                                                            (12,150 )                                       --  
  Cost of debt
                                                                                                                               (234 )                                       --  
  Other
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                           (256,813 )                                              (57,338 )
  Net cash used in financing activities
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                             (5,303 )                                               18,599  
  Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                            135,084                              66,855  
  Net change in cash, cash equivalents, and restricted cash and cash equivalents
                                                                                                                          2,060,247                           1,993,392  
  Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year
----------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- ----------------------------- --------------------
                                                                                                                                      $      2,195,331                        $ 2,060,247   
  Cash, cash equivalents, and restricted cash equivalents, end of year
================================================================================================================                      ==================== ============== ====================                      ==================== ============================= ====================
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES                                                                                                                                        
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in thousands)                                                            
                                                       
                                                Three Months Ended                                                            Three Months Ended
                                                                                        March 31, 2022                                                                                   March 31, 2021
                                                          ---------------------------------------------------------------------                          --------------------------------------------------------------------------
                                 Amount                    % of total                     Amount                       % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       ------------------------
Net revenue by geographic region                                          
                                                          $    557,262           60 %                              $    513,488                        61 %
  United States
                                            372,742           40 %                325,943                        39 %
  International
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total net revenue                                         $    930,004          100 %                              $    839,431                       100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
                                                       
Net Bookings by geographic region                                         
                                                          $    492,726           58 %                              $    479,784                        61 %
  United States
                                            353,053           42 %                304,748                        39 %
  International
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total Net Bookings                                        $    845,779          100 %                              $    784,532                       100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
                                                                                             
                                                Three Months Ended                                                            Three Months Ended
                                                                                        March 31, 2022                                                                                   March 31, 2021
                                                          ---------------------------------------------------------------------                          --------------------------------------------------------------------------
                                 Amount                    % of total                     Amount                       % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       ------------------------
Net revenue by distribution channel                                       
                                                          $    833,339           90 %                              $    768,002                        91 %
  Digital online
                                             96,665           10 %                 71,429                         9 %
  Physical retail and other
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total net revenue                                         $    930,004          100 %                              $    839,431                       100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
                                                       
Net Bookings by distribution channel                                      
                                                          $    765,803           91 %                              $    738,401                        94 %
  Digital online
                                             79,976            9 %                 46,131                         6 %
  Physical retail and other
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total Net Bookings                                        $    845,779          100 %                              $    784,532                       100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
                                                                                             
                                                Three Months Ended                                                            Three Months Ended
                                                                                        March 31, 2022                                                                                   March 31, 2021
                                                          ---------------------------------------------------------------------                          --------------------------------------------------------------------------
                                 Amount                    % of total                     Amount                       % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       ------------------------
Net revenue by platform mix                                               
                                                          $    664,799           72 %                              $    607,960                        72 %
  Console
                                            162,952           18 %                142,190                        17 %
  PC and other
                                            102,253           10 %                 89,281                        11 %
  Mobile
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total net revenue                                         $    930,004          100 %                              $    839,431                       100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
                                                       
Net Bookings by platform mix                                              
                                                          $    601,789           71 %                              $    550,231                        70 %
  Console
                                            143,052           17 %                140,614                        18 %
  PC and other
                                            100,938           12 %                 93,687                        12 %
  Mobile
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ----------------------- -
Total Net Bookings                          845,779          100 %                              $    784,532   100  %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ======================= =
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES                                                                                                                                        
Net Revenue and Net Bookings by Geographic Region, Distribution Channel, and Platform Mix
(in thousands)                                                            
                                                       
                                                Twelve Months Ended                                                         Twelve Months Ended
                                                                                        March 31, 2022                                                                                 March 31, 2021
                                                          ---------------------------------------------------------------------                          ---------------------------------------------------------------------
                                 Amount                    % of total                     Amount                    % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       -------------------
Net revenue by geographic region                                          
                                                          $  2,100,237           60 %              2,015,885           60 %
  United States
                                          1,404,563           40 %              1,356,887           40 %
  International
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total net revenue                                         $  3,504,800          100 %                              $  3,372,772          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
                                                       
Net Bookings by geographic region                                         
                                                          $  2,019,642           59 %                              $  2,171,240           61 %
  United States
                                          1,388,542           41 %              1,381,358           39 %
  International
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total Net Bookings                                        $  3,408,184          100 %                              $  3,552,598          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
                                                                                             
                                                Twelve Months Ended                                                         Twelve Months Ended
                                                                                        March 31, 2022                                                                                 March 31, 2021
                                                          ---------------------------------------------------------------------                          ---------------------------------------------------------------------
                                 Amount                    % of total                     Amount                    % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       -------------------
Net revenue by distribution channel                                       
                                                          $  3,148,957           90 %                              $  2,972,403           88 %
  Digital online
                                            355,843           10 %                400,369           12 %
  Physical retail and other
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total net revenue                                         $  3,504,800          100 %                              $  3,372,772          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
                                                       
Net Bookings by distribution channel                                      
                                                          $  3,084,574           91 %                              $  3,148,073           89 %
  Digital online
                                            323,610            9 %                404,525           11 %
  Physical retail and other
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total Net Bookings                                        $  3,408,184        100.0 %                              $  3,552,598          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
                                                                                             
                                                Twelve Months Ended                                                         Twelve Months Ended
                                                                                        March 31, 2022                                                                                 March 31, 2021
                                                          ---------------------------------------------------------------------                          ---------------------------------------------------------------------
                                 Amount                    % of total                     Amount                    % of total
                                                          ------------------------------                       -------------------                       ------------------------------                       -------------------
Net revenue by platform mix                                               
                                                          $  2,528,857           72 %                              $  2,516,993           75 %
  Console
                                            572,506           16 %                581,702           17 %
  PC and other
                                            403,437           12 %                274,077            8 %
  Mobile
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total net revenue                                         $  3,504,800          100 %                              $  3,372,772          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
                                                       
Net Bookings by platform mix                                              
                                                          $  2,440,031           72 %                              $  2,637,340           74 %
  Console
                                            563,307           17 %                616,555           17 %
  PC and other
                                            404,846           12 %                298,703            9 %
  Mobile
                                                          -------------------- ----------                      ---------- ---------                      -------------------- ----------                      ---------- ---------
Total Net Bookings                                        $  3,408,184          100 %                              $  3,552,598          100 %
                                                          ==================== ==========                      ========== =========                      ==================== ==========                      ========== =========
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES                                                                                                                                                                                                                                             
ADDITIONAL DATA                                                                                                                                                                                                                         
(in thousands)                                                                                                                                                                                                                          
                                                                                                                                                                                                                     
Three Months Ended March 31, 2022                                   Net revenue                                         Cost of goods sold-                                 Cost of goods sold-                                 Cost of goods                                      Cost of goods                                      Selling and
                                                                                                                                           Internal royalties                                                     Software development                                                   sold- Licenses                                                        sold- Product                                                         marketing
                                                                                                                                                                                                                  costs and royalties                                                                                                                          costs
------------------------------------------------------------------- -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------
As reported                                                                            $ 930,004                        $ 142,172                        $ 142,468                        $ 56,162                        $ 57,823                        $ 141,270  
                                                                      (84,225 )                                                         (12,781 )                        (1,319 )                        (3,217 )                       
    Net effect from deferred revenue and related cost of goods sold
                                                                                                                                        (16,549 )                                                                                         (7,671 )
    Stock-based compensation
                                                                                                                                        (13,170 )                                                                                           (800 )
    Amortization and impairment of acquired intangibles
                                                                                                                                                                                                                     
Three Months Ended March 31, 2022                                   General and                                         Research and                                        Depreciation and                                    Business                                           Interest and                                       Gain on
                                                                    administrative                                                         development                                                            amortization                                                           reorganization                                                        other, net                                                            long-term
                                                                                                                                                                                                                                                                                                                                                                                                                                     investments, net
------------------------------------------------------------------- -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------
As reported                                                                            $ 148,371                        $  96,108                        $  16,463                        $    303                        $ (6,984 )                                         $     (39 )
                                                                                                                                                                                                          1,635      
    Net effect from deferred revenue and related cost of goods sold
                                                                      (16,102 )                           (106 )                                                                                                                        
    Stock-based compensation
                                                                                                          (525 )                           (329 )                                                                                       
    Amortization and impairment of acquired intangibles
                                                                                                                                                                           (303 )                                                       
    Impact of business reorganization
                                                                      (33,289 )                                                                                                                           6,475      
    Acquisition related expenses
                                                                                                                                                                                                                                              39  
    Gain on long-term investments, net
                                                                                                                                                                                                           (279 )                       
    Other
                                                                                                                                                                                                                     
Three Months Ended March 31, 2021                                   Net revenue                                         Cost of goods sold-                                 Cost of goods sold-                                 Cost of goods                                      Cost of goods                                      Selling and
                                                                                                                                           Internal royalties                                                     Software development                                                   sold- Licenses                                                        sold- Product                                                         marketing
                                                                                                                                                                                                                  costs and royalties                                                                                                                          costs
------------------------------------------------------------------- -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------
As reported                                                                            $ 839,431                        $ 158,128                        $  22,465                        $ 53,841                        $ 45,213                        $ 106,609  
                                                                      (54,889 )                                                          (5,836 )                          (455 )                        (4,501 )                       
    Net effect from deferred revenue and related cost of goods sold
                                                                                                                                         52,821                                                                        (5,050 )
    Stock-based compensation
                                                                                                                                         (6,465 )                                                                                         (1,550 )
    Amortization and impairment of acquired intangibles
                                                                                                                                                                                                                     
Three Months Ended March 31, 2021                                   General and                                         Research and                                        Depreciation and                                    Business                                           Interest and                                       Gain on
                                                                    administrative                                                         development                                                            amortization                                                           reorganization                                                        other, net                                                            long-term
                                                                                                                                                                                                                                                                                                                                                                                                                                     investments, net
------------------------------------------------------------------- -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------
As reported                                                                            $  98,453                        $  83,559                        $  15,480                        $   (134 )                                         $ (3,226 )                                         $   1,000  
                                                                                                                                                                                                          2,425      
    Net effect from deferred revenue and related cost of goods sold
                                                                      (14,262 )                         (4,147 )                                                                                                                        
    Stock-based compensation
                                                                                                        (1,718 )                           (238 )                                                                                       
    Amortization and impairment of acquired intangibles
                                                                                                                                                                            134                                      
    Impact of business reorganization
                                                                       (1,378 )                                                                                                                                                         
    Acquisition related expenses
                                                                                                                                                                                                                                          (1,000 )
    Gain on long-term investments
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES                                                                                                                                                                                                                                                 
ADDITIONAL DATA                                                                                                                                                                                                                             
(in thousands)                                                                                                                                                                                                                              
Twelve Months Ended March 31, 2022                                  Net revenue                                           Cost of goods sold-                                 Cost of goods sold-                                 Cost of goods                                       Cost of goods                                       Selling and
                                                                                                                                             Internal royalties                                                     Software development                                                   sold- Licenses                                                         sold- Product                                                          marketing
                                                                                                                                                                                                                    costs and royalties                                                                                                                           costs
------------------------------------------------------------------- -------------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
As reported                                                                            $ 3,504,800                        $ 619,902                        $ 417,431                        $ 254,203                        $ 243,865                        $ 516,429  
                                                                        (96,616 )                                                          (6,615 )                         (1,120 )                         (4,050 )                       
    Net effect from deferred revenue and related cost of goods sold
                                                                                                                                          (48,381 )                                                                                          (30,027 )
    Stock-based compensation
                                                                                                                                          (50,751 )                                                                                           (5,250 )
    Amortization and impairment of acquired intangibles
                                                                                                                                                                                                                         
Twelve Months Ended March 31, 2022                                  General and                                           Research and                                        Depreciation and                                    Business                                            Interest and                                        Gain on
                                                                    administrative                                                           development                                                            amortization                                                           reorganization                                                         other, net                                                             long-term
                                                                                                                                                                                                                                                                                                                                                                                                                                         investments, net
------------------------------------------------------------------- -------------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
As reported                                                                            $   510,855                        $ 406,566                        $  61,105                        $     849                        $ (14,212 )                                         $   6,015  
                                                                                                                                                                                                              2,999      
    Net effect from deferred revenue and related cost of goods sold
                                                                        (66,443 )                        (38,118 )                                                                                                                          
    Stock-based compensation
                                                                                                          (5,489 )                         (1,366 )                                                                                         
    Amortization and impairment of acquired intangibles
                                                                                                                                                                              (849 )                                                        
    Impact of business reorganization
                                                                        (72,819 )                                                                                                                             6,475      
    Acquisition related expenses
                                                                                                                                                                                                                                              (6,015 )
    Gain on long-term investments, net
                                                                                                                                                                                                               (279 )                       
    Other
Twelve Months Ended March 31, 2021                                  Net revenue                                           Cost of goods sold-                                 Cost of goods sold-                                 Cost of goods                                       Cost of goods                                       Selling and
                                                                                                                                             Internal royalties                                                     Software development                                                   sold- Licenses                                                         sold- Product                                                          marketing
                                                                                                                                                                                                                    costs and royalties                                                                                                                           costs
------------------------------------------------------------------- -------------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
As reported                                                                            $ 3,372,772                        $ 637,652                        $ 396,797                        $ 260,721                        $ 239,915                        $ 444,985  
Net effect from deferred revenue and related cost of goods sold         179,825                                         15,663          (282 )                         (4,098 )                       
Stock-based compensation                                                                                                                   (8,707 )                                                                                          (18,348 )
Amortization and impairment of acquired intangibles                                                                                       (20,587 )                                                                                            (3617 )
                                                                                                                                                                                                                                            
     
Twelve Months Ended March 31, 2021                                  General and                                           Research and                                        Depreciation and                                    Business                                            Interest and                                        Gain on
                                                                    administrative                                                           development                                                            amortization                                                           reorganization                                                         other, net                                                             long-term
                                                                                                                                                                                                                                                                                                                                                                                                                                         investments, net
------------------------------------------------------------------- -------------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
As reported                                                                            $   390,683                        $ 317,311                        $  55,596                        $    (272 )                                         $   8,796                        $  39,636  
                                                                                                                                                                                                             (2,874 )                       
    Net effect from deferred revenue and related cost of goods sold
                                                                        (56,830 )                        (26,587 )                                                                                                                          
    Stock-based compensation
                                                                                                          (6,663 )                           (757 )                                                                                         
    Amortization and impairment of acquired intangibles
                                                                                                                                                                               272                                       
    Impact of business reorganization
                                                                         (7,317 )                                                                                                                                                           
    Acquisition related expenses
                                                                                                                                                                                                                                             (39,636 )
    Gain on long-term investments
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES                   
RECONCILIATION OF GAAP TO NON-GAAP MEASURE                             
(in thousands)                                                         
                                                    
                                                                Twelve Months Ended March 31,
                                                                          --------------------------------------------------------------------------------
                                                  2022                              2021
                                                                          ------------------------------                       ------------------------------
Net cash from operating activities                                        $    257,984                      $    912,318
                                                            166,948          7,965
   Net change in Restricted cash (1)
                                                                          -------------------- ----------                      -------------------- ----------
Adjusted Unrestricted Operating Cash Flow                                 $    424,932                      $    920,283
                                                                          ==================== ==========                      ==================== ==========
                                                    
                                                                Twelve Months Ended March 31,
                                                                          --------------------------------------------------------------------------------
                                                  2022                              2021
                                                                          ------------------------------                       ------------------------------
                                                                          $    637,363                      $    635,728
   Restricted cash beginning of period
                                                            463,284        637,363
   Restricted cash end of period
                                                              7,131          9,600
   Restricted cash related to acquisitions
                                                                          -------------------- ----------                      -------------------- ----------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005693/en/

SOURCE: Take-Two Interactive

(Investor Relations)
Nicole Shevins
Senior Vice President
Investor Relations & Corporate Communications
Take-Two Interactive Software, Inc. 
(646) 536-3005
Nicole.Shevins@take2games.com

(Corporate Press)
Alan Lewis
Vice President
Corporate Communications & Public Affairs
Take-Two Interactive Software, Inc. 
(646) 536-2983
Alan.Lewis@take2games.com
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