Red Dead Redemption

1Q22 Quarterly Results: Management Prepared Remarks

Take-Two Interactive’s first-quarter fiscal year 2022 results demonstrate a strong start to the year, characterized by net bookings of $711 million, which exceeded management’s initial expectations.

Take-Two Interactive Investor Presentation: August 2021

Take-Two Interactive occupies a dominant position in the global interactive entertainment market by leveraging a portfolio of high-quality intellectual properties, most notably the Grand Theft Auto, Red Dead Redemption, and NBA 2K franchises.

• Take-Two Interactive achieved a 17% compound annual growth rate in net bookings between fiscal years 2017 and 2021.
• Recurrent consumer spending grew at a 37% compound annual rate during the 2017–2021 period, driven by the company's live-service initiatives.
• Console platforms remain the company's primary revenue source, accounting for 75% of total net bookings as of fiscal year 2021.

Plus: Going Medieval, or Finding a Hokko Life?

This analysis examines current market trends and sales performance for PC and console titles, focusing on the Steam, Nintendo Switch, and Epic Games Store platforms during late May 2021.

• The colony builder Going Medieval entered Steam Early Access with approximately 300,000 wishlists, demonstrating strong market demand for deep, pastoral-themed gameplay.
• High-budget 'AA' titles like Biomutant face significant sales risks when high price points ($60) do not align with perceived gameplay depth, potentially damaging long-term performance.
• The Epic Games Store Mega Sale successfully utilized deep discounts and coupons to drive older titles like NBA 2K21 and Red Dead Redemption 2 back to the top of sales rankings.

Take-Two 10-Q — Q3 FY2020 (November 2020)

Take-Two Interactive Software, Inc. released its Q3 FY2020 10-Q to disclose financial results for the quarter ended September 30, 2020 and to provide context on liquidity, equity activity, tax provisions, and regulatory compliance.

• Take-Two reported Q3 FY2020 net revenue of $841 million, a 4.5% year-over-year increase, with net income reaching $99 million.
• Digital-online sales surged by 84.6%, with recurrent consumer spending now accounting for 58.9% of total net revenue.
• Revenue growth was primarily driven by Grand Theft Auto Online/V and the NBA 2K franchise, which helped offset declines in Borderlands 3 and Red Dead Redemption 2.

Take-Two Revenue Reaches $857.8 Million in FQ2 2019

Take-Two Interactive experienced significant financial growth during the second fiscal quarter of 2019, which concluded on September 30.

• Take-Two reported $857.8 million in net revenue for the second fiscal quarter of 2019, representing a 74% increase compared to the same period in 2018.
• Net bookings reached $950 million for the quarter, a 63% year-on-year increase driven primarily by the launches of Borderlands 3 and NBA 2K20.
• Digital sales generated $695.3 million, accounting for 73% of total net revenue and marking a 63% increase over the prior year.

Take-Two Interactive Quarterly Report: Q2 FY2020

Take-Two Interactive demonstrated robust financial expansion during the second quarter of fiscal year 2020, characterized by significant year-over-year growth in both net revenue and net income.

• Take-Two Interactive reported significant revenue growth driven by the September 2019 launch of Borderlands 3 and continued performance from Red Dead Redemption 2, which has sold-in over 25 million units to date.
• Grand Theft Auto V remains a cornerstone of the company's portfolio with over 115 million units sold worldwide, though the company noted a decrease in net revenue from Grand Theft Auto Online during the period.
• Operating expenses rose by 35.8% to $314.8 million for the quarter ended September 30, 2019, primarily due to a $55.4 million increase in selling and marketing costs associated with the release of Borderlands 3.

Take-Two Interactive Form 10-Q: Q1 FY2020

Take-Two Interactive experienced a period of robust top-line growth during the first quarter of fiscal year 2020, ending June 30, 2019.

• Take-Two Interactive reported net revenue of $540.5 million for the quarter ended June 30, 2019, representing a 39.3% increase compared to $388.0 million in the same period of 2018.
• Net income declined to $46.3 million for the quarter ended June 30, 2019, down from $71.7 million in the prior year period, driven by higher costs of goods sold and increased operating expenses.
• Grand Theft Auto products accounted for 28% of net revenue, while Red Dead Redemption titles contributed 16% of net revenue for the quarter ended June 30, 2019.

Take-Two Interactive Annual Report: Fiscal Year 2019

Take-Two Interactive’s 2019 fiscal year was defined by robust financial growth and a strategic pivot toward long-term digital engagement.

• Take-Two's digital online revenue grew significantly to account for 63.1% of total net revenue for the fiscal year ended March 31, 2018, up from 51.8% in the prior year.
• Financial performance for FY2019 was driven primarily by strong sales of Red Dead Redemption 2, which contributed to an increase in cash and cash equivalents compared to the prior fiscal year.
• The company faces intense competition from major industry players including Activision Blizzard, Electronic Arts, and Ubisoft, as well as platform holders Sony and Microsoft.

Take-Two Interactive Form 10-Q: Q3 Fiscal Year 2019

Take-Two Interactive experienced substantial financial growth during the third quarter of fiscal year 2019, ending December 31, 2018.

• Take-Two reported a significant revenue increase of 159.7% for the quarter ended December 31, 2018, reaching $1.25 billion compared to $480.8 million in the prior year period.
• The successful October 2018 launch of 'Red Dead Redemption 2' was a primary driver of performance, contributing to a $108.7 million tax benefit from a reduction in the valuation allowance on U.S. deferred tax assets.
• Net income for the quarter surged to $179.9 million, up from $25.1 million in the same period of the previous year.

Essential Video Game News: French Market Report (February 2019)

The French video game market achieved a record turnover of €4.9 billion in 2018, marking a robust 15% growth across console, PC, and mobile ecosystems.

• The French video game market reached a record €4.9 billion in 2018, representing a 15% year-over-year growth across console, PC, and mobile sectors.
• Digital distribution is the primary revenue driver, accounting for 97% of PC software sales, while mobile software revenue grew by 22% and console software revenue increased by 67%.
• Gaming is a mainstream activity in France with 51% of the population identifying as regular gamers, primarily utilizing smartphones and home consoles.

Faerie Dust and Sparkles: Bringing Your AI Characters to Life

This presentation explores the craft of designing non-combat artificial intelligence (AI) to create believable, lifelike characters within video games.

• Achieve character immersion by prioritizing behavioral consistency over graphical fidelity, ensuring NPCs demonstrate constant, subtle activity like breathing, fidgeting, and shifting attention.
• Avoid the unnatural precision of mathematical paths and rigid animation loops by 'fuzzifying' movement through asynchronous blending and varying playback speeds.
• Utilize a bottom-up design methodology that layers granular behaviors—such as head-tracking, blinking, and environmental reactions—to construct complex, lifelike performances.

Take-Two Interactive Form 10-Q: Q3 FY2012

Take-Two Interactive’s financial performance for the third quarter of fiscal year 2012 reflects a transition period characterized by a decline in net revenue and a shift to a net loss.

• Take-Two issued $250 million in 1.75% Convertible Notes due 2016 in November 2011, supplementing their existing $138 million in 4.375% Convertible Notes due 2014.
• The company maintains a high customer concentration, with its five largest customers accounting for 40.3% of net revenue for the nine months ended December 31, 2011.
• In October 2011, the company secured a new credit agreement providing for up to $100 million in borrowing capacity, with an option to increase this by $40 million, maturing in October 2016.