Transcription:

hello everyone how are you all doing
there’s 800 of you watching right now
800 I just dropped my phone did you hear
that that was brilliant some of my Fest
work
today can you all hear me can you all
see me is everything good is everything
working let me just double check that
everything’s coming
through everyone hear me all good are we
all clear C in
here yo yo how is everyone
doing so a lot of you asking when the um
the earnings call is starting the
earning call starts in 30 minutes so as
soon as the UN call starts we’ll of
course um we’ll get rolling on it and
we’ll have a listen to what they’re
saying and we’ll go
through what some of the information
they’re talking about means um but I’ll
try not to pause it as much as possible
to give everyone the opportunity to
actually talk about it oh wow $50 sad
life thank you so much man massively
appreciated and you’ve become a member
as well thank you so
much so yeah I mean I think the best
thing that we can start off with is
talking about what we think Could Happen
what we think will happen during the
earnings call um I’ve kind of been
taking the stance that I don’t think
it’ll be a lot um there was two kind of
options of what could happen the first
option is that we got something from
Rockstar today and take two would be
able to talk about in the earnings call
the actual truth of the matter is we’re
probably getting absolutely nothing um
during this call however there is still
a chance um enough for us to actually
listen to it and go through it cool bro
says that found your channel a month ago
and I’ve been a fan since keep up thank
you so much dude and thank you for the
$5 as well massively appreciated
hopefully you continue to enjoy the
content my next video by the way
is it might be coming out today after
the earnings call I don’t know you’ll
see why I don’t know if it’s coming out
yet but we’ll
see how is everyone doing what have you
all been doing today was waiting for
some GTA info um cuz I haven’t been
doing too
much let me just make sure I’ve got the
earnings called Ready To Roll so yeah at
half it’s currently 9:00 p.m. UK time so
at n is when the own call starts so 30
minutes uh let me have a read through
chat Julian Hing from Austria oh wow
thank you man thank you for the two as
well um I think there is if we’re going
to get a delay I think there’s a one%
chance it’s they tellal us today join
the earnings call but realistically 100%
chance that it would be on the next
earnings call in May
so but there’s everything to play for
guys
killing time by playing League of
Legends I’ve never played League of
Legends but I I lie I played it for
about 10 minutes years
ago uh reading through
chat where do I get my masks I get them
from different places this is the fifth
mask I’ve been on um other masks are
currently being washed so um I’m not
sure if I like this one I don’t
know uh is Jetro in the chat I didn’t
see
I didn’t see if I’ve missed oh you are y
everyone sub right now yeah everyone
subscribe right now should we see I mean
it’s probably not going to happen it it
really isn’t going to happen but maybe
maybe there’s a chance we can get to
30,000 subscribers in this
stream that that would be the most
amount of subscribers I gained in one
day so let’s see if it can happen I
don’t know I don’t know you guys let me
know
this is this is the breathable mask so
my last masks were kind of breathable
but not like massively breathable um one
second I’m just going to take a
headphone out my ear that’s
better there you go I was taking a
headphone on my a so I actually hear
myself talk I was was I shouting
before I don’t
know 30k this live stream imagine if I
can imagine if I can
do I think we’ll get information on
trailer 2
I’m very very very very very unlikely
will’ll get anything about trailer 2 I
do think we’ll get a realistic scope of
the time scale for GTA 6 like are they
still looking at 2025 maybe that’s a
possibility that something that they’ll
discuss but no I don’t
know um face reveal before GTA 6 not
happening I’m afraid sorry
if I get a million subscribers in this
stream I’ll face reveal
but you all need to sub to this dude
thank you so much dude thank you for the
10 $10 man massively appreciate and yeah
like if you guys do enjoy what we go
through when we go through earnings call
if you find it informative if you like
my presentation style then please do
subscribe come along for the journey
boys um I’m here for the Long Haul
so do you think I can get a job at
Rockstar um yeah I mean rockar
Rockstar emplo employ everyone from all
over the world so definitely apply how
many hours in GTA 5 I actually don’t
know cuz I’ve gone through so many
different consoles and different
accounts so I don’t it’s in the
thousands I just don’t know how many
thousands uh considering that Rockstar
never announced the delay J will
probably just give the usual full 2025
so that’s what I’m thinking if the game
is delayed it doesn’t mean that they’re
going to tell us it’s delayed um GTA
sorry Red Dead Redemption 2 was
internally delayed for like four months
be whilst take to interactive was still
saying it was on track cuz they weren’t
100% sure of when the time scales were
they had to announce it in a May
earnings call cuz that’s when they’re
legally obliged to so the next earnings
call in 3 months is going to be the one
where we get all of the juice um do I
play Grand RP I do they actually
sponsored um one of my videos recently I
do like it
rocks already posted twice today they
did earning school starts in 28
minutes uh just reading
chat if should wear a GTA character MK
like Tommy Vetti that would look a bit
disjointed I think I think I could be
wrong
do I play Dark Souls I haven’t I
haven’t um do you think cyber boy would
get anything about GTA 6 thank you for
the two quid man and I think I think
that what they have to talk about it
it’s going to be the question on all of
the investors mouths cuz they are going
to want to know what’s happening with
their money so I think we’ll hear
something it’ll probably towards the end
of the call when we get the investor
questions um Stevie W kid how you doing
man
thanks for popping
by um W stream Jetro my boy my
boy yo it’s how goat missed your streams
been playing Kingdom Come Deliverance 2
actually really good game more thinking
the game’s delayed but I’m a Negative
Nancy thank you for stopping by and
thank you for the 10 quid as well man
massively appreciated and I haven’t paid
Kingdom Come Deliverance 2 yet um I know
uh Bailey points has been playing it and
I do actually want to dive into it um I
I I know there’s a load of drama around
it on Twitter um but then again there’s
a load of drama around everything on
Twitter so swings and
roundabouts uh has it happened yet no
don’t worry it’s going to be happening
in I can’t math 30 minutes less than 30
minutes 27 minutes there we go sorry
boys I’ve been editing all day my brain
is fried
so um I’ll give you all a little layout
of how the earning calls work so if you
don’t know if it’s your first time with
the take two interactive zonning is cool
um basically take to interactive they
all jump on a well the CFO Senor
Financial Officer their CEO stra Sonic
jump on a call with all of their
investors so not all of their investors
but everyone can tune in but drawing the
earning call they go over what’s
happened so far this financial year
which is the last 9 months and they also
go they might touch on what they expect
to happen in the next financial year um
I’ll come back to Super chats in a
second don’t worry guys um they’ll
happen they’ll go over what happens over
the next financial
year they’re more likely to touch the
next financial year in the next earnings
call in 3 months but there is a chance
that they’ll mention some parts of it
today now at the end of the earnings
core they give their bigger investors
like the big Banks like JP Morgan and
Chase and black rock and all of those
people the opportunity to ask questions
to phone in and
um those people tend to ask about games
like Grand Theft 46 because that’s
that’s where the interest is that’s
where the money needs to come out of so
yeah that’s what we expect is going to
happen during the call uh what other
content besides Rockstar news are you
looking forward to talk about I’m
looking forward to getting into some
Mafia content thank you for the $5 as
well but yeah I’m looking forward to
making some Mafia content um um that
from a speculative point of view there
isn’t a lot of interest in me making
content about that just because it’s
naturally a smaller audience but um when
that game comes out we’ll definitely go
into it we’ll definitely go into
it uh have I missed a
chat no hav good
good so the calls usually last somewhere
between 45 minutes to an hour um there
can be less there can be more um
I’m hoping touchwood that it’s a nice
solid 45 minute call because sometimes
they they do like they go over their
Main Financial information for so long
that actually 5 days from one year as a
member that’s crazy thank you for being
here for like nearly a year um so if
takes to interactive spend too long on
the bulk of their um predictions and
what’s happened over the past N9 months
and everything they usually have less
time for questions they tend to cut
questions short I’m hoping this time
that they just speed run through their
bits and go to the questions
faster you’d love to see Mafia content
thank you so much for the $2 man and
yeah there will be some more Mafia
content I’ve done one video so far but
there will be more don’t
worry they’ll get obliterated if they
don’t announce anything yeah I’ll be
interested to see what happens from a um
a PR perspective if they don’t talk
about GTA 6 in any capacity cuz that
would that would
suck 23 minutes left until the
call you look jacked I’m not jacked I’m
not I am losing weight though I am
losing weight I do have massive
shoulders always have but that’s not
because I’m athletic or healthy just
I’ve got a weird build built like a I
think it’s a neanderthal is the correct
term got to start cyber cyber live
Channel I was thinking about doing this
whole channel for just like daily live
streams um let me know if you guys want
me to do that I don’t want to do it on
this channel cuz no one wants
notifications every day about a live
stream on this channel so I might start
a live streaming Channel that’s a
possibility let me guys know what you
think real your hands down the best GTA
YouTuber can’t wait for GTA 6 comes out
so we can see you play it maybe looking
for Easter eggs Etc thank you so much
man I appreciate that and yeah that’s
you know I’m looking forward to GTA 6 as
much as everyone else obviously YouTuber
but more than that I’m a fan I’m a huge
fan of GTA so um it’s why I do
it Lord knows it’s uh it’s hard work but
this is the best job I’ve ever had and
you guys are the best people in the
world so I think I’m doing
okay
uh would steal you girl no doubt bro
new channnel side Boy live yeah that’s
that’s a possibility it’s a
possibility I don’t know I I I’ll think
about it I’ll think if it’s something
you guys want me to do I’ll uh I’ll
consider making it a live
Channel you’re lucky wearing the
mask oh dear Jetro just stops byed to
give me an ego boost so it’s why he’s my
boy and yeah like if you guys are
interested in regular GTA content I try
and keep it non clickbait non [ __ ] I
try and keep it as legit as possible um
so if you guys are interested in that
stuff please do subscribe cuz it would
mean genuinely mean the world to me like
the the past two months away the channel
has grown I I can’t explain it I still
feel like a YouTuber with 100
subscribers so this is weird for
me
oh what I WR it thank you New Zealand
man I need to go to New Zealand
apparently it’s
beautiful oh love
brother don’t be like Mr Boss don’t
worry I um I I’ve got the the Mr Boss
For the Win hat Mr Boss F the world hat
but um I got a video demonetized for
wearing it I didn’t realize it like
YouTube would actually clamp down on it
so I can’t wear it anymore sorry boys
unless I scribble at one of the letters
so you can’t see that it’s a spare word
maybe how am I feeling today I’m feeling
good so a few people have noticed that
in every single one of my recent videos
my voice sounds different like it keeps
changing it’s cuz past last week I’ve
had um like a chest infection nothing
serious don’t worry I’m fine but it’s
just like you know when your voice goes
a bit groggy and I’m still a bit groggy
now so groggy I can’t even say groggy
can I Grog groggy Grog grog Grog there
we go um so yeah my voice is coming back
we’re starting to sound a little bit
more human now so we can take the win we
can take the
win
um will you visit Miami before the
release of GTA 6 all comes down to if I
can afford it to be honest so just I I
did look at doing a video in Miami I
wanted to go to all the real life
locations um from the first trailer I
worked it out and it would cost like 5
months of YouTube channel and like
Revenue to do it so it’ll probably be
when my Channel’s a bit bigger but if
you guys subscribe it means I can get
bigger sponsors which means I can do
stuff I’m just saying just tap that
subscribe button and it changes
everything think right someone’s just
said the earning school was going to get
delay to the 7th of February I know
you’re trolling but my mind won’t let me
convince myself that I know you’re
trolling so I’m going to check
yeah no it hasn’t been delayed it’s
still happening now not now but you know
um oh that’s
interesting oh I’m going I’ve just found
something
so yeah so the earnings call is
happening in 30 minutes but the website
that has the program set up for the uh
the earnings call has a bug on it where
it says 0930 which is 930 in the morning
and it’s currently just gone 9:00 in the
evening so that’s actually a problem
with the website but yeah no it is I’m
on the thing now so the first thing
we’re going to look at is when the
before the earning school goes live they
open up a presentation and this
presentation
um let me have a look at
this sad life thank you for that
original uh $50 as well man massively
appreciate that
um so before the earning call starts
they publish a document um to go
alongside it and that usually tells us a
lot of stuff and the document is there
let me just open the investor
presentation and then we’ll let me just
tell
you if there’s anything interesting in
here so I’m looking at their
presentation that they publish before
they do the the call I’m just want to
see if there’s anything in here
about so it still says GTA 6 is coming
in Fall of
20125 it still says GTA 6 is coming in
Fall 20125
boys but they also said that about Red
Dead Redemption 2 to 3 days no 9 days
before it was delayed
so I don’t believe that they’ll probably
talk about it join the earnings call but
they will now cuz it’s in this document
okay that’s
interesting very interesting let me
catch up with these chats sorry
guys uh keep up the good work thank you
so much real massively
appreciated $5 thank you so much d man
if you can end me you State uh if you
could name a US state like it’s based in
the GTA Universe what would you call it
mine would be based in Pennsylvania and
call
it I can’t even see
that weather I right that I don’t know
that’s a good question I’ve never
thought about
that I just muted myself I’m I’m so
talented uh for me it would be New York
City but I wouldn’t know what I’d call
it
look at the share has the share price
gone up so look take two share
price by the way I need to say this I
got in trouble last time I didn’t say
this um oh my God the share
price I can’t advise you to invest or
not invest in anything to do with take
to interactive I’m not a licensed
Authority and I do not have any
Financial
expertise oh my God
share
price if you bought into take two L 5
years ago you’re eating good
today everyone hit that sub button or
your wh cheers mate from Florida thank
you so much man for $2 and which part of
Florida if you don’t want to say it’s
absolutely fine but let me know which
part of Florida you’re from
sorry guys I’m just reading chat I’m
catching
up yeah I’ve just gone through the
presentation it says that GTA 6 isn’t
delayed but I
honestly I cannot tell you enough that
you don’t listen to that it is
wrong because they will say it’s not
delayed until the May earnings call um
unless Rockstar announced sooner I can’t
see it being coming out and fall of this
year um but they will expand on that in
the earnings call they’ll talk a bit
more about that and substantiate that so
um yeah that’s going to be
interesting I’m Keen to see what they do
with
that let me see if um
no there’s no more proper like stuff in
there so the owner school starts in 14
minutes so as soon as it gets to that
then um I’ll uh I’ll click play on
it hello Miami
awesome my opinions on Ubisoft stocks
I’m not going to go into stocks and
stuff so basically if you on YouTube If
you give too much of an opinion in front
of an audience about stock prices and
stuff you can get in serious legal
trouble
um because you know I can’t remember
what the exact time is but
yeah Trey how are you
doing I’m really getting to see now what
they say about the release schedule for
GTA 6 obviously they’re saying it’s on
track um but we know that’s also wrong
um
they do also have obviously a whole page
about Rockstar
so
H
interesting I I’m kind of still leaning
towards the fact that the game will be
delayed uh to me it just seems inevit in
inevitable inevitable that the game will
be delayed
um but we’ll see we’ll have to see how
that plays out I’m curious very curious
Let me refresh that back
up $5 thank you so much dude GTA 6 is
not coming it is stop worrying stop
worrying it’s
coming it’s your birthday today happy
birthday talk
man well that’s the thing GTA 6 has
already been delayed internally twice
from what we understand so when the
prior to the like well we had the
pandemic and then it was supposedly
delayed during that period by about a
year and then after that um when we had
the first trailer the initial predicted
release date for the game would be the
first quarter of
2025 um and take two actually let that
slip um during the earnings call that
they had a year ago today the February
earnings schol last year where they
predicted that their net revenue would
go up to like $8 billion and then when
it came to the May earnings call they
dropped that down to $5 billion so that
meant that some sometime between
December 23 and like April
24 the game had been pushed back by 6
months to 4
2025
so do I think that GTA do you think the
PS5 Pro will run GTA 6 at 60 frames per
second thank you for the Super Chat as
well um no I don’t think any console
will run GTA 6 at 60 frames per
second Rockstar always go for Fidelity
over frame rate
performance as someone born and raised
in Miami this game is going to be
absolutely mental I’m excited to see how
accurate to real Miami it is that’s
awesome man thank you for the $5 as well
and yeah mate that that’s that’s one of
the reasons I want to go to Miami like
when the game comes out you know get
used to playing it for a few months and
then actually head off to Miami and see
if I can do what people did with GTA 5
and try and find their way around based
off locations in the map that would be
um that would be cool really
cool is GTA 6 out yet yeah yeah GTA 6
was actually released last week you all
missed
it um I was going to add a time on the
screen but because we only got like 10
minutes left there’s no point now
the earnings call is on in 10
minutes yeah I’ve checked the earnings
call PDF but there’s nothing really
interesting in that it’s the same thing
that it said um it said before
so thank you for the Super Chat Marlo
and yeah um people are saying the game
is not delayed but it the the document
that they’ve put with the earnings C
doesn’t mean anything at all it means
nothing they they said that Red Dead
Redemption 2 wasn’t wasn’t delayed like
until the day before Rockstar announced
it pretty much so um yeah I wouldn’t
overthink
that uh is a video of you Jetro and TGG
possible I I I don’t think me and TGG
would collab just CU we make different
sorts of content I think cuz he’s more
of a GTA 5 like the online updates sort
of stuff and I’m more GTA 6 news I think
a lot of like bigger channels like that
probably
to some extent probably want to distance
themselves from GTA 6 speculation
channels I don’t blame them like I get
it so I think that um I don’t think it
would happen probably not until a couple
of years after GTA 6 is out um but also
as well I’m a small Channel like I don’t
I can’t really add any value to like T’s
content I’m a small Creator he’s not
going to benefit anything by
collaborating with me on anything so I
get it um you know I feel i’ feel rude
for even asking do you know what I
mean also I’ve got a lot to learn before
I get to that sort of
size bro is Hing
stream I love your content bro I noticed
I haven’t subed yet oh mate thank you so
much for for the Super Chat and yeah
subscribe everyone subscribe I post very
regular GTA 6 content about going into
stuff that we saw in the leaks diving
into
recent information that comes out
Rockstar’s employment history um I try
and break apart all the information we
can
see GTA GTA guesser with d Viper I would
lose I consider myself to know the GTA
map really well but not as well as Dart
Viper
um my mask is falling is it is that the
sides should I do a cheeky eye
reveal we’re good we’re good 7 Minutes
boys in the earning cool
starts yeah guys so before the earning
school starts can we get to 30,000
subscribers
today oh I don’t even know what I’m on
at the moment I dropped my phone on the
floor so you guys will have to refresh
tell you how many subscribers I’m on in
fact I’ll do it on on here do you reckon
it’s possible to get to 30k Subs in
today’s
stream I don’t know I don’t think it
is we’ll try it we we’ll give it our
best shot we’ll give it our absolute
best
shot um how can I see out the glasses
cuz they’re not solid see3
so you’re staying humble I try and be as
humble as I as I can be I do try I
promise you I try it’s not always
possible
um but I’ve seen a lot of people’s egos
on YouTube destroy them so I don’t want
to join the club you know I’m quite
happy just
being well can can you guys hear this
Lobby music let me know if you can hear
this Lobby music I’m going to pause it
now but let me know if you could hear
that um just wanted to make sure that
that came
through could you all hear that Lobby
music when it was
playing just waiting for chat to catch
up sweet sweet cool so as soon as the
call starts let me
uh well I’m just going to turn that down
for now cuz no one wants
to there we go I’ve turn that down
now uh yo love from South Africa been
watching you since 5,000 subscribers I
scored up your past videos those views
are really piling up now keep up the
good work blood my friends are
subscribed as well thank you so much and
that’s awesome man it’s so cool to see
where people come from around the uh the
world and yeah mate it was crazy just a
year ago I was getting like 1,000 views
a video now
it’s 50,000 60,000 100,000 it’s
mental uh did Rockstar game say anything
on the call um Rockstar won’t be on the
call it’ be take two and the call hasn’t
happened yet it’ll be starting in a
couple of minutes the expanded enhanced
version for GTA V came out with
different modes for FPS over Graphics
Fidelity options do you think GTA 6 will
have that the thing is is GTA V can have
those options because it’s not as
intensive on the hardware so we’ll have
to see we’ll have to
see
um yeah everyone will be able to hear
the call on here it hasn’t started yet
as soon as it starts we’ll um let me
just refresh that as soon as it starts
you’ll be able to hear
it so at the moment the call is in the
lobby so as soon as it gets out of the
lobby and it doesn’t have the
annoying cringe background music I will
uh turn the cord up so you can all hear
it
Big Love New Zealand thank you so
much almost time guys any second now as
soon as the call starts I’ll uh I’ll
click play on
it before we get into the call though if
you haven’t subscribed already hit
subscribe please trying to get to 30k
subs today if it’s possible that would
be
incredible and of course after the call
I’ll be dropping a video just explaining
what happened or what didn’t happen or
whatever so keep your eyes peeled for
that almost 4K viewers is wild it is
crazy I can’t remember what my highest
has ever
been I can’t remember what my highest
has ever been on the live stream but uh
if any of you guys remember from
my previous live
streams can I collab with MCT tannan me
and MCT tannan already did a collab
about two months ago and he is a very
good YouTuber
a little more love from New Zealand
thank you so
much the call hasn’t started yet I’m
going to refresh it again just to be
100%
sure it says hold tight the broadcast
will begin shortly so second it starts
don’t
worry can we get to 5,000 concurrent
viewers I don’t
know I don’t know
Nea hello s boy hello how are you doing
oh you’ve been a member for 12 months
that’s
crazy on the OG
crew why haven’t they started this call
yet oh cuz it’s not half past
yet I’m at
29.5k 500 subscribers in 30 minutes
that’s amazing thank you guys so much if
I can get to 30k today that would be
insane
insane right come on they need to start
this call soon we want to hear some GTA6
goodness Nixa music thank you so much
for joining the cyber
pack by the way the reason why I haven’t
turned up their background music yet the
hold music is because it’s I’m not sure
if it’s copyright protected and I don’t
my streams get cut down so as soon as
they start talking I’ll uh I’ll turn it
up so you can all hear it
um let me catch up these super
chats member thank you for becoming
members guys massively appreciated
massively
appreciated here you go cool starting
let me turn it up so you can all hear
it right it’s just loading the call
ladies and gentlemen thank you for
standing by my name is Abby and I will
your confence to let me know if you want
audio up or down let me know in
chat 2025 earnings call all lines have
been placed on mute to prevent any
background
noise after the speaker remarks there
will be a question and answer session if
you would like to ask a question during
that time simply press the star key
followed by the number one on your
telephone keypad if you would like to
withdraw your question press star one a
second time thank you and I would now
like to turn the call over to Nicole
Chens senior vice president of IND
relations and corporate Communications
you may
begin good afternoon thank you for
joining our conference call to discuss
our results for the third quarter of
fiscal year 2025 end in December 31st
2024 today’s call will be led by Strauss
zelnick take 2’s chairman and chief
executive officer Carl sloff our
president and Laney Goldstein our Chief
Financial Officer we will be available
to answer your questions during the Q&A
session following our prepared remarks
before we begin I’d like to remind
everyone that statements made during
this call that are not historical facts
are considered forward-looking
statements under Federal music’s off
these forward-looking statements are
based on the beliefs of our management
as well as assumptions made by and
information currently available to us we
have no obligations to update these
forward-looking statements actual
operating results May Vary significantly
from these forward looking statements
said they have no obligation to
doed including the company’s most recent
annual report on form 10K so they
probably won’t say a lot
about including RIS sumarized in the
section entitled risk factors I’d also
like to note that unless otherwise
stated all numbers we will be discussing
today are Gap and all comparisons are
year-over-year additional detail screen
just in our including the items uses
internally to adjust our Gap Financial
results in order to evaluate our
operating performance a press release
also contains a Reconciliation of any
non-gaap Financial measure to the most
comparable Gap measure in addition we
have posted to our website a slide deck
that visually presents our results and
financial Outlook our press release and
filings with the SCC may be obtained
from our website at take games.com and
now I’ll turn the call over to Strauss
I’m pleased to report that we achieved
solid results during the holiday season
our net bookings of $ 1.37 billion were
within our guidance range as significant
outperformance in NBA2K helped to offset
moderation in some of our mobile
franchises at the same time our
operating results surpassed expectations
led by the upside from MBA 2K as well as
a shift in timing of expenses that
benefited the
quarter we’re reiterating our fiscal
2025 net bookings guidance of 5.55 to
5.65 billion and our outlook for full
year operating
performance while third quarter
operating results exceeded expectations
we expect a fourth quarter to be
affected by continuation of current
mobile Trends as well as the shift of
some operating expenses into the
period looking ahead this calendar year
is shaping up to be one of the strongest
ever for Take 2 as Sid Meers
civilization 7 launched in Early Access
today with the official launch on
February 11th and we also plan to
release Mafia the old country in the
summer Grand Theft Auto 6 in the fall
that and Borderlands four before year
end we also remain confident in zinga’s
ability to create new mobile forever
franchises as demonstrated by their
ongoing success with match
Factory we’re exceedingly optimistic I’m
just turn it down for a
second they are saying that it’s not
delayed there but it could get delayed
over the long term as we execute on our
mission to create our industry’s most
Innovative and engaging entertainment
experiences we remain highly confident
that we’ll achieve sequential increases
in and record levels of net bookings in
fiscal 2026 and
20127 now turning to our business
highlights from the period NBA2K
delivered a phenomenal quarter yielding
significant upside to our forecast to
date the title is sold in over 7 million
units in engagement was extremely strong
compared to last year with recurrent
consumer spending up over 30% guys they
did say that Red Dead Redemption 2
wasn’t delayed and monthly active nine
days before the delay was announced just
say with Community inspired enhancements
to gameplay major technological updates
and the addition of new game modes the
team at visual concepts has once again
demonstrated their ability to deliver
Innovation to this beloved series while
also solidifying its position at the
center of basketball culture
additionally 2K continues to expand our
industry-leading basketball franchise
with NBA 2K arcade edition my team NBA
2K mobile and NBA 2K online in China all
of which contributed to another highly
successful year for the NBA 2K franchise
as a
whole the Grand Theft Auto series
remains our industry’s standard Bearer
for excellence and to date Grand Theft
Auto 5 has sold in over 210 million
units worldwide GTA online delivered is
strong quarter led by its holiday update
agents of sabotage which players praised
for its depth new upgrades and array
content moreover GTA plus continues to
grow its reach with membership for the
quarter increasing 10% year-over-year
Rockstar Games continue to expand the
audience for Red Dead Redemption 2 which
has sold in more than 70 million units
to date the title is currently enjoying
its highest level of concurrent players
on Steam in addition Red Dead online
engaged its audience further During the
period with the release of the fan
favorite Halloween pass featuring
seasonal themed bonuses and
rewards turning to mobile recurrent
consumer spending grew mid single digits
while this was somewhat below our plan
we remain highly optimistic about Zing’s
future let me know if you guys want to
give you some context or if you want
just leave play talk about mobile stuff
let me know that by engaging features
including new event types improved
player profiles and enhanced
tuning match Factory is performing very
well and remains on track to become
zinga’s second largest Title by the end
of this fiscal year in terms of net
bookings we’d like to thank the team
Peak for their strong execution and for
creating one of the top grossing titles
in the puzzle
genre while Empires and puzzles
performed below our expectations in the
quarter we’re confident in the future of
this highly profitable forever franchise
our team is launching new event types
and corresponding Heroes as well as
increasing ing in-game
rewards Zinga continued to Leverage The
zist to pop culture and broadened its
Partnerships with leading entertainment
Brands and personalities including yo
I’m going to give context because if you
want to listen to the own call it’s
available online but if you want to know
what they’re actually talking about I
can explain they’re saying GTA 6 isn’t
delayed but they also said that about
Red Dead like N9 days before the delay
was actually announced at the moment
they’re talking about mobile game sales
so as soon as they talk about anything
Grand Theft Auto related in a second
I’ll turn it back up
but they saying that it’s still going
for 2025 doesn’t mean anything at all uh
unfortunately we won’t know until May
May is when they have to say whether
there’s delay on the horizon so that’s
when we’ll see anyway I’ll turn it back
up to be an inflection point for Take 2
from the groundbreaking release of Grand
Theft Auto 6 to the unmatched pipeline
that 2K is set to deliver as we
introduce H products to our passionate
communities of fans we’re confident that
we’ll Usher in a new period of growth
and returns for our shareholders I’ll
now turn the call over to
Carl thanks TR I’d like to thank our
teams for delivering another strong
quarter and for continuing to Captivate
and engage our player communities with
the highest quality entertainment
experiences we are excited to bring to
Market several releases during the
remainder of fiscal 2025
on February 11th 2K and for Access games
will launch Sid Meers civilization 7 a
highly anticipated revolutionary new
chapter in our epic Forex strategy
franchise the reception for the game
within the media has been very positive
including Gamespot who said that its
gameplay remains unrivaled and engaging
for countless
hours civ7 has already set a new
franchise record for pre-orders and
player sentiment is extremely positive
with a title w recognized as the most
anticipated game of 2025 during the PC
gaming show in December we’d like to
thank the entire foris team for once
again challenging players around the
world to take one more turn in this
beloved series that has engrossed
players for more than 30
years on February 28th 2K and HB Studios
will launch PGA Tour 2k2 the latest
entry in our golf simulation franchise
that will appeal to both casual and
hardcore golf fans the features three of
the major championships with their
respective courses for the 2025 season
several franchise advancements a more
immersive and customizable my career
experience and a robust Suite of
creation tools from leading equipment
and apparel brands in addition fans can
look forward to a diverse roster of pros
at launch including executive director
and all-time great Tiger
Woods on March 14th 2K and visual
concepts will launch WWE 2k2 2 players
on PS5 and Xbox series X and S will
enjoy the island an allnew interactive
and online WWE themed world that
provides an immersive experience where
players can prove their worthy of the
attention of the tribal Chief WWE 2k2
will also include an all-new bloodline
themed showcase new brawl environments
match types and stipulations and the
largest ever roster with over 300
playable superstars
WWE 2k2 will be supported with a series
of add-on packs that can be purchased
individually or together as part of the
season
pass in addition 2K and Netflix are
collaborating to bring WWE 2K
exclusively to mobile devices this
fall looking ahead we are highly
optimistic about our planed pipeline for
fiscal
2026 which includes Grand Theft Auto 6
launching this fall this summer 2K and
hang 13 will transport players to the
brutal criminal underworld of 1900
Sicily in Mafia the old country which
builds upon the legacy of 2k’s popular
organized crime franchise that has sold
in more than 35 million
units our announcement trailer received
an outstanding response
St as 2K and Hangar 13 unveil more about
the game leading up to its
launch 2 and Gearbox Software are
creating something truly special with
Borderlands 4 which promises to take the
series signature gameplay and
storytelling to an all new level at the
game awards 2K and gearbox revealed a
new trailer which introduced the
exciting New World of chyros and a brand
new villain the timekeeper fiso 26
quickly become one of this year’s most
anticipated games and players can expect
an incredible action-packed experience
from gearbox the studio that created the
lutter shooter
genre in closing we look forward to
releasing these groundbreaking titles in
the coming year that will set us in
motion to deliver the strongest
multi-year growth trajectory and
pipeline in our company’s history I’ll
now turn the call over to
Lany thanks Carl and good afternoon
everyone we delivered solid third
reporter results led by the power of our
Diversified business During the period
our teams brought Innovation to our
existing franchises enhanced our
relationships with our player
communities and made outstanding
progress on our eagerly anticipated
pipeline I’d like to thank our teams for
their disciplined execution and
continued
Focus turning to our results we achieved
third quarter net bookings of $1.37
billion which was within our guidance
range of 1.35 to $1.4 billion we
delivered outstanding performance in NBA
2k which helped offset moderation
experience in some of our mobile
franchises recurrent consumer spending
Rose 9% over last year which was in line
with our guidance and accounted for 79%
of net bookings there you go chats and
slow NBA2K grew over 30% which greatly
surpassed our forecast led by new
features and innovation in our game
modes mobile increased driven by the
addition of match Factory and strength
in Jun blast toy blast and Words With
Friends however this was below our
guidance of low double digit growth
primarily due to underperformance in our
hyper casual mobile portfolio in Empires
and puzzles and as anticip ated Grand
Theft Auto online declined yep G 1.36
billion and was flat to last year while
cost of Revenue declined 133% to $600
million as the prior year included an
impairment charge related to acquired
intangibles operating expenses increased
by 10% to $892 million on a management
basis operating expenses Rose 8%
year-over-year this was favorable to our
forecast largely due to a shift in
timing of expens into the fourth quarter
this shift along with the outperformance
of NBA 2K drove operating results that
were above the high end of our guidance
range Turning to our Outlook I’ll begin
with our full fiscal year expectations
as Strauss mentioned we are reiterating
our net bookings Outlook range of 5.55
to 5.65 billion which represents 5%
growth over fiscal
2024 largest contributors to net
bookings are expected to be NBA 2K the
Grand Theft Auto series tomb blast or
hyper casual mobile portfolio Mash
Factory Empires and puzzles the Red Dead
Redemption series sidm civilization 7
and Words With
Friends we’re raising our recurrent
consumer spending forecast to 5% growth
which represents 78% of net bookings
driven by the phenomenal performance we
are experiencing in NBA 2k which we now
expect to grow low double digits mobile
is now expected to grow low single
digits as we are factored in the current
business Trends and Grand Theft Auto
online is still expected to
decline we project the net bookings
breakdown from our labels to be roughly
49% Zinga 34% 2K and 177% Rockstar Games
we forecast our Geographic and booking
split to be about 60% United States and
40%
International non-gap adjusted
unrestricted operating cash flow is
expected to be an outflow of $150
million which is unchanged from our
prior forecast and we remain on track to
deploy approximately $140 million of
capital expenditures primarily for game
technology and office build outs we
continue to expect Gap net revenue to
range from 5.57 to 5.67 billion while
they’re talking about Gap Revenue can
you all consider subscribing I love you
all
billion total operating expenses are
still expected to range from 3.77 to
$3.79 billion as compared to$ 5.83
billion last year year on a management
basis we expect operating expense growth
of approximately 10% year-over-year
which is unchanged from our prior guide
I’ll give you
guys Ong marketing support for ash
Factory as well as other mobile and
immersive core launches planned for the
year the addition of gearbox and higher
Personnel costs partially upset by
savings from our cost Reduction Program
excluding incremental marketing and the
addition of gearbox our operating
expenses are expected to grow low single
digits over last year
as it relates to our operating
performance while our third quarter
results exceeded our expectations we are
maintaining our outlook for the fiscal
year as we are factoring several
Dynamics including strength in MBA 2K
offset by a continuation of the mobile
Trends we have been experiencing and the
shift of some operating expenses in the
fourth
quarter now moving on to our guidance
for the fiscal fourth quarter we project
net bookings to range from 1.48 to$ 1.58
billion compared to $ 1.35 billion in
the prior year our release slate for the
quarter includes Sid Meers civilization
7 PGA Tour 2k2 and WWE
2k2 largest contributors to net bookings
are expected to be NBA 2K the Grand
Theft Daughter series sidm civilization
7 tomb blast match Factory our hyper
casual mobile portfolio Empires and
puzzles WWE 2k2 and Words With Friends
we project the current consumer spending
to increase byx approximately 3% which
assumes a high teens percentage increase
for NBA 2K partly offset by declines in
both mobile and Grand Theft Auto online
we expect Gap net revenue to range from
1.52 to$ 1.62
billion operating expenses are planned
to range from 900 to $920 million on a
management basis operating expenses are
deine approximately 2% year-over-year
which is primarily driven by a more
normalized level of marketing for Mash
Factory as the title has now been in the
market for over a year as well as
savings from our cost reduction
efforts in closing we are forecasting a
milestone year ahead of us and we look
forward to showing our fans and the
global hopefully next is the inv
question take our industry to another
level of creativity we are also
optimistic that the chapter ahead will
set us on a path to achieving new
financial goals including reaching a
record level of scale enhancing our
profitability and unlocking significant
value for our shareholders thank you
I’ll now turn the call back to Strauss
thanks Lany and Carl on behalf of our
entire management team I’d like to thank
our colleagues for embodying our core
tenants of creativity Innovation and
efficiency and for delivering another
consecutive quarter of strong results
thanks to our shareholders I want to
express our appreciation for your
continued support we’ll now take your
questions operator but this is the this
is the interesting bit guys this is the
bit we’re here for thank you hit
subscribe and we will now begin the
question and answer session if if you
have dialed in and would like to ask a
question please press star one on your
telephone keypad to raise your hand and
join the queue if you would like to
withdraw your question press star one a
second time if you are called upon to
ask your question and are listening via
speaker phone on your device please pick
up your handset and ensure that your
phone is not on mute when asking your
question again it is star one if you
would like to join the
queue and your first question comes from
the line of Doug CRZ with TD Cowan your
line is
open hey thank you um when when you
originally bought Zinga a few years ago
part of the thesis was was that you saw
the potential for Revenue synergies down
the line and I think most of us took
that to mean marrying your existing IP
to their mobile skill set I I know
you’re not going to talk about specifics
but as you look at at the pipeline for
the next few years do do you feel like
you’re getting closer to realizing some
of those
synergies um is that something that that
is a a key component of your optimistic
outlook for the next few years
thanks uh thanks for your question
actually at the time I was um I was
pretty clear that while uh bringing
Legacy core IP to mobile could be an
opportunity I also noted that the
biggest hits in Mobile are native to
mobile and there pressure just few
examples in the marketplace of very big
mobile successes that are based on core
game IP Call of Duty no one mobile that
said we actually are working on um some
interesting projects that we have not
announced yet which we feel good about
what I did identify as an area of
Revenue synergies though has come to
fruition which is building our direct to
Consumer business inside our mobile
business which was a combined project
between uh take two inzenga that we
kicked off very early and that has
turned into a very significant business
generating meaningful incremental
contribution nearly at 30k boys great
thank
you and your next question comes from
the line of Eric Handler with Roth
Capital your line is
open good afternoon thanks for the
question uh I’m going to keep it on the
mobile uh side of things as well um shut
up
you had said match Factory was I believe
going to be uh even or profitable at the
the end of fiscal 25 is that still the
case that’s good that’ll follow
up bro wants Candy Crush to so match’s
gonna take that yes um so match Factory
towards the end of the um year is going
to start to turn profitable um you know
the title one sec well they’re talking
about Match Tree thank you so much for
30,000 subscribers definitely is towards
the very end of the year where it’s
turning profitable but the game is
continuing do better and better as um
the game stays in the
market okay and then just broadly
speaking with mobile it did seem like
there was some
broaded overall are you seeing that the
Market’s becoming just more bifurcated
that you know it’s only the biggest
games are doing well now and you have to
keep spending a lot to keep those games
doing
well no that’s actually not the case
it’s still a pretty broad-based business
at Zinga uh and that’s one of the things
that is so appealing we think about our
mobile business in the same way that our
console business we think reflects the
best collection of owned intellectual
property in the industry our mobile
business I think has the greatest breath
of owned and licensed IP in the mobile
love which we protective on the downside
and offers great opportunity in the
upside um there are not the same kind of
mobile Tailwinds that the industry
experienced up till mid 22 of course 22
was a down year and then the industry
slowly returned to growth but the growth
is is still uh at a much lower rate than
we would like but it has yet and I don’t
believe it will turn into um a kind of
you know top five business there’s still
a lot of opportunity for the top 50 or
100 or even 200 titles to make a
difference you know there’s one other
challenge in the business which is as
you know in the mobile business unlike
mobile we and our competitors do not
capitalize development costs even after
technical feasibility and your marketing
expenses of course are currently written
off um as well which is which is true
for all of our businesses but in the
mobile business you know a lot of
Mone in the belief and hope that it will
come back to you in a subsequent period
we’re very conservative in the way we do
that but nonetheless that burdens our
current results so the the more hits you
have mobile the worse your current
results can actually look for a period
of time and that’s one of the things
that we did see with match Factory as ly
said we expect that to turn and we’re
going to begin to benefit from that us
ex extraordinary hit in the coming
periods uh we also hope that we’ll have
other big hits coming in the mobile side
so it’s it’s a really good story for
take two and it’s Zinga division it’s a
somewhat less good story for the
industry and it is not cross theboard
great story for zinga in that a couple
of our Legacy titles most notably
Empires and puzzles have faced some
challenges but that’s not a that’s not
an industry problem that’s a game
problem that is a problem that we’re
addressing and we’re already seeing some
good news right now ask about GTA6
thanks
dress say something think about GTA6 and
your next question comes from the line
of Andrew Maro with Raymond
James hi thanks for taking my question
um one on NBA to start um obviously
seeing some pretty good rebound there
maybe the second question is GTA um but
how much of that do you think is just
kind of won the comp effect of the gen8
transation issues that you had last year
and how much is just kind of an
underlying res with the NBA
thank you for the same Pam man so I
think on the um on certainly on the PC
side of the business it’s uh a lot has
to do with Gen 8 versus gen n and we’re
benefiting from that without question um
but honestly it’s the game is Just
continuing to innovate um and the
quality is amazing and the the folks at
2K and VC visual concepts have year upon
year proven that they’ve been able to
come out with new modes new Innovations
not everything works all the time but
thank you for man they Define what
sports gaming is and they Define what
Innovation is and I think there are
enough
uh design changes in this game that have
really
just andc about that and we still feel
that we’re you know that we’ve got a lot
of upside from from where we are right
now so generally speaking we’re very
pleased about the performance of NBA um
we think there’s a lot of Green Field in
front of us um and the jn9 piece was a
bit of a headwind for us historically
but no
longer GTA6 racing and maybe one more
kind of along those lines but with your
franchises that have bigger audiences
but maybe take a little while between
releases thinking like Mafia and
Borderlands how does your approach to
building excitement around those
launches differ from franchises with
faster release schedules and how is the
response to those two games been among
their communities versus sorry manks
hang on should be loud um look I think
we Market everything as though it’s a
brand new title uh we we never sort of
um draft on prior success and um we also
need to communicate to Consumers that
there’s an element of what is tried and
true and beloved and that there’s an
element of new which is um examp for
example what we we always do in
civilizations today is uh Early Access
day for civ7 and once again the team of
access has pushed the envelope the
Superman um and uh you know it’s mostly
been really really well received it’s
also received a little bit of criticism
too so uh I think in in all instances we
benefit by having a franchise um that
gives us a marketing umbrella but we we
never rest on those Laurels we we still
have to be very engaged with our
consumers to let them know what we have
when it’s coming and that it’s worth
engaging with
and your next question comes from the
line of Corey Carpenter with JP Morgan
your line is open oh JP mile thanks for
the questions um Carl could you just
expand a bit on the NBAA game changes
the teams made that are resonating with
the players beyond the Gen 8 to gen n
console change and uh just for you U now
that we have more details on the switch
two that have been released and
confirmed just curious how you think
about the opportunity to expand your
relationship with them going forward
thanks I’m sorry take the second one
first expand our relationship with
him I’ll go back to Super chats in a
minute guys don’t worry haven’t igned
sorry I I you I missed the switch two
part um look we’ve had a obviously a
longstanding
relationship with um Nintendo and we’ve
supported the platform when it made
sense for the individual release there
was a time when Nintendo platforms are
really geared at younger audiences and
that was reflected in our release SCH
and that you know now today with switch
and potentially with switch to the don’t
worry after the questions I’ll go
through any audience
and as you may have noted civ7 is
available now on switch so while we have
nothing specific to report uh we we
actually would fully expect to support
switch um and Carl
com elements of NBA2K you know really
have uh excited the consumers this time
around sure so we introduced a bunch of
new features that were designed for for
the core players and I think um things
like the new shooting and dribbling
mechanics um there’s a new badge
progression system that would um very
well received um a smaller city um which
really concentrates the activities so
you don’t have to run around as much um
to get to the interesting things um that
players can do um there was a return of
the old NBA parks qus that people love
um and there was also a full overhaul to
the my team mode so quite point we’ll
get into that in a minute definitely
thank you for the Super Chat I’ll
definitely go back over that in a
second that’s the end of the questions I
think they usually do
four or
five is is st’s falling asleep again do
we have another question
I’ve got a
question can I ask my
question where the is GTA
6 the next question next
question your next question comes from
the line of James Heeney with Jeff your
line is
open okay great yeah thanks thanks for
the question uh Laney can you just talk
about the right level of marketing spend
needed to support the launches of your
new titles um how soon before launches
should be expect you to begin ramping up
your marketing efforts and and how does
that impact the ramp of expenses thank
you so in terms of the marketing it
usually it it’s around the launch of the
title but in um more recent years it has
spread a little bit further along
especially if there’s an online um
environment of a current consumer
spending with the title
so the T the titles budgets are usually
around the same size as they were in the
past they really haven’t um gotten
smaller even in even when we have titles
that are um new versions of um previous
releases um there’s just so much
importance in terms of um marketing and
getting people excited about the titles
and it’s just usually different types of
marketing than it been in the past so um
there’s a lot more um digital marketing
and marketing to our consumers and
Analytics and different ways of getting
to our consumers than we have in the
past so um it’s usually a bigger amount
at launch and then spread over the
period of time um that the titles um
life
cycle great thank
you and we will take our next question
from the line of Matthew cost with
Morgan Stanley your line is
open great thanks thanks everyone for
taking the question
um on the Netflix partnership for for
WWE I’m just wondering how you evaluate
the attractiveness of those
opportunities and in terms of partnering
with new distribution modes like Netflix
uh you know and if those will become
financially IM material or if they’re
more nice toab going forward and and how
you think them through that’s question
one uh the second question is just about
some media reports in the past couple of
months that you may have started using a
new mediation partner for your the ad
inventory at at Zinga and that you may
have received a payment I think one of
the Articles said of $150 million to do
that is that accurate and and if so how
and when would that payment be accounted
for thank
you I’ll take the first question and
Laney will take the second we have
numerous distribution Partners in the
business and we have a great
relationship with Netflix in particular
and we’ll evaluate an opportunity
primarily to see if it benefits our
consumers we want to be where our
consumers are we’re not precious or
religious about limiting them to a
particular platform or for example you
know even our own platform we have an
opportunity for consumers to interesting
come directly to a store that uh one of
our labels has or obviously to work
through the App Stores um to work
through third parties we have physical
distribution and we’ve also worked with
subscription services and we’ve worked
with Netflix before in every instance
they’re obviously economics related
particular opportunity um and we try to
tailor the opportunity to the consumers
we’re trying to
reach um so in it comes to take the
question about about mediation yes so in
terms of the um economics of the deals
you we haven’t um given any detail um on
you know what they were around this deal
but when we do account for things like
that it is usually spread along um with
value of the overall deal to the
organization yeah guys we’ll summarize
at the end and explain why we’re not
getting many GTO
questions and your next question comes
from the line of Chris schaw with UBS
your line is
open great thank you Lany I recognize in
recent kind jul pipeline as we start to
see the benefit of these immersive core
titles coming to Market can you just
revisit how you’re thinking about cash
flow generation relative to the guidance
you had given historically and alongside
this ramp how are you thinking about
Capital allocation and the options you
have available to you thank you I’m sure
so when we think about um going forward
in the next couple of years and the
strong cash flow that we expect to
generate from our pipeline you know our
Capital allocation plans definitely
include paying down some of our debt
over the next couple of years um but we
also have a lot of acquisition
opportunities available to us it’s
possible that if we make some
acquisition
um the timing of the capital allocation
plans could be adjusted based on that um
so I think there’s a lot of things um
that are um big opportunities for us um
going forward and you know that all of
that will be available to
us great thank you and if I can just fit
in one more with civ7 launching can you
just help us Think Through The Uplift
you’re factoring into your guidance and
how does that expectation compared to
Prior iterations of the franchise thank
you so if you’re referring to next year
um we’re in the middle of our budgeting
process right now so we’re not providing
any specific guidance um we do expect to
give that out during our may call um but
with that said we’re really excited
about the pipeline that’s forecast to
release next year and also that’s
released in this quarter um and as we’ve
mentioned we’re we remain highly
confident that we’ll achieve sequential
increases in and record levels of net
bookings um in fiscal 20126 and
2027 okay great thank you
I wonder if there’s any more questions
and your next question from the line of
Michael hickey with Benchmark your line
is open that’s my new name guys you can
St Carl wayy Nicole M quarter thanks for
taking our questions uh just to from us
curious on
your fiscal 26 pipeline to three games
are you reaffirming launch And Timely
expectations or is this more of
a continuation of the previously uh
provided slate uh with updates to come
from your Studios as new information
becomes available that’s about GTA6 and
the second question is on Project EOS
looks like Michael’s now gone for gone
from 31st Union so just curious how
leadership is transitioning within the
studio and how this impacts the future
of the game thanks
guys so on on the first point yes we did
uh today reaffirm our schedule through
the remainder of the calendar year I
think we were pretty clear about that
and regard stting 31st Union in Project
ethos uh we are super grateful to
Michael for the great work he did in
bringing this project to us and
spearheading it and and getting it to
the stage that it’s at he’s going to
continue in an advisory role and for
that we’re also grateful uh the
transition leadership will be provided
by a combination of 31st Union and 2K
Executives and we feel highly confident
that we’re going to deliver a great
project over time and we we remain fully
committed it to details we’re still
really excited about
it awesome thanks
guys and your next question comes from
the line of Jason baset with City Group
your line is
open I just had a very simple question
um the billion n that sits on the
balance sheet for capitalized software
um should we look at that is sort of
apples to apples in terms of your
accounting policy versus where you were
five years ago or is there some change
in accounting that would cause that
number to be large I’m just trying to
get a sense of is it should investors
look at that as indicative of
potentially the quality or number of
games that are that got swered fast in
it onto the income statement over the
next couple years um no nothing has
changed in terms of our policies that’s
the capital software for the games that
have been um put up on the balance sheet
based on the technological feasibility
of those titles and they’ll get
advertised as those titles release over
the lifetime of those titles
understood thank
you and your next question comes from
the line of Omar Desi this is the most
amount of questions that done for an
earning schol hi thanks um so glad to
see uh GTA 6 uh reaffirmed for a fall 25
launch um I wanted to
ask you know H how much of the uh
number that have ever uh touched GTA and
have brand awareness of GTA could
potentially be reactivated uh once this
GTA uh six launch actually happens um I
gather that there is a much smaller
percentage of those a small percent of
those fans that that today are highly
engaged um you know but with the launch
of GTA 6 it will become an
intergeneration an intergenerational
franchise that the first title having
been released around the year 2000 so I
could very gasoline a dad uh playing uh
GTA with his son after having not played
the game for a couple of decades what
sort of question is this so do you have
a sense you know of of relative to the
current base of players that’s highly
engaged what the base of uh laps players
that may potentially come back he’s
asking if anyone’s gonna buy GTA times
as big twice as big any any kind of
framework there to to help us think
about this launch would be
great well appreciate the question and
the um sort of the sentiment underlying
the question it sort of falls into the
category of how high is up and I decline
to uh ever predict that we um we believe
that arrogance is the enemy of continued
success we run scared we’re looking over
our shoulder our competitors are not
asleep um and uh so what do we do about
that we try to be the most creative the
most Innovative and the most efficient
company in the entertainment
industry and Rockstar Games in
particular seeks perfection in
everything they do uh and we believe
that if if we do that right and we focus
on delivering for consumers that’s our
best opportunity to succeed to answer
your question
mathematically it’s it’s I mean it’s
it’s pretty interesting if you look at
GTA 5 because that Title Cross
three console generations and Still
Remains a best-selling title having sold
in over 210 million units GTA online now
over 10 years old uh still has enormous
ongoing
engagement uh so there’s certainly
evidence that if you give consumers what
they want they will show up for it and
they will stick around loyally for a
very long time um equally we have
enormous respect for how hard that is to
do uh with regard to the upcoming
release of GTA 6 obviously this is a
console release we know what the current
um and and uh console uh install base
looks like so you know there there is
the broad Universe of console owners um
to look at and that’s that is something
to be mindful of that is a word Sal at
the same time we don’t spend a lot of
time looking at sort of attach rates
which I think is
bget because that’ll take care of itself
if we do a great job now are we aware of
who our consumers are and do we know how
to Market them and Target them we do we
have an extraordinary corporate consumer
database with I think nearly a million
records in it uh we observe of course
all privacy regulations but we are able
to Market to a significant portion of
that database so we are mindful of who
um who’s been engaged with GTA and GTA
online previously we’re mindful of those
believe be interested in the title going
forward and we can tailor our marketing
accordingly but we we genuinely don’t
spend a lot of time thinking about well
is this going to be you know X number of
units or Y number of units because that
doesn’t change anything that we can you
know that we can do we focus on what we
can affect and we let the outcomes uh
take care of
themselves and I’m sorry to said the
million consumer records I meant a
billion yo if everyone wants me to stop
talking just go to T to’s website and
you can watch the you listen to this on
there this is my live stream on my
channel I’m going to talk over one there
you go and final question comes from the
line of clay Griffin with Moffet
Nathanson this is the most am questions
I’ve ever done great good evening uh
thanks for taking the question um St
love to get your I cannot hear the
operator is the operator
speaking St can you hear me
now
um hello do we have Mr Z are you able to
hear us yes can you hear me
and Mr zelnick are you able to hear
us you can hear so we
will okay now now I can hear again okay
perfect H
so clay Griffin with Moffet
Nathanson yeah hey sorry for the
technical difficulty um I’d love to get
your impression of the momentum of the
Roblox platform you talked about hey
we’ll we’ll be wherever our consumers
are um you know is that do do you view
that as a a a substitute product and
what what’s your vision what would have
to happen for you guys to to to develop
content for that platform is it is it is
it a viable destination for the type of
content that take two
producers look um Roblox is a
combination of a platform and a
collection of games uh user generated
games um largely and I understand that
they uh Market themselves as a platform
however from from our point of view yeah
we’ll talk about robox after explain
competitive situation so while I
wouldn’t rule anything out it’s hard to
imagine that we would see Roblox as a
destination for a take two uh labels
game but again I if you know if there’s
a reason for us to be there then we
would contemplate it
understood and then just maybe turning
back to NBA 2K RCS and I I assume that
you’re aware of the kind of mid quarter
slip that that happened at your
competitor’s live service you know and
and credit to the team at at visual uh
visual concepts for for a great product
but it does seem that we’re seeing kind
of smallish changes to these live
services are driving bigger results than
what we’re used to kind of intra quar I
wonder if that’s you your impression I
know it’s like as you add complexity um
perhaps maybe we’re we’re all losing a
little bit of visibility is that your
impression or is that it’s just a
function of um
NBA2K executing at a really high level
versus maybe some mistakes
elsewhere yeah I mean I really can’t
speak to um competitors and the
decisions that theyve made but certainly
um it’s very important in these type of
live Services games that the development
um of the game and the so just very
quickly while they’re talking about
Roblox and stuff the reason why they’re
doing that is that they want to build
their own platforming for games where
games can be like Roblox hopefully they
don’t do that to GTA 6 but we’ll see
thing um particularly for sports games
that you can’t have massive Innovation
year-over-year and you have a a
significant live Services component is
that um engagement is everything the
more the consumer engages the more I’m
good but thank you for the $10 man from
economics and business so for us it’s
not necess we don’t necessarily look at
the business about weaking the economy
of course we do that um but the idea is
really more the focus of the teams
marketing and development is to increase
engagement and that’s all about the
quality and the execution um it’s very
it the tweaking of the economy does
never is the leading factor it’s always
about engagement and quality experience
and I think if you stray from that
that’s when I think you want into
trouble totally understand that just I
think you I was maybe referring to to
kind of tweaks and actual gaml you
improvements that were made at MBK seem
um you I wouldn’t call them um you know
massive changes but it had a outsize
effect and and it sounds like we saw the
opposite at your competitor and so the
question is like are you starting to see
that um as a general Ru rule where
perhaps maybe you’re losing some
visibility maybe even internally for
some of these Life Services
anyway um I’m I’m going to take that um
no I I don’t feel that way um I think we
are utterly focused try present the very
best possible experience sometimes we
fall a bit short in certain areas um
sometimes we miss the boat a little bit
true of our competitors as well but um I
think the focus remains intense on every
part of the
experience understood thanks
guys BR bus and miss midco and that
concludes our question and answer
session I will now turn the conference
back over to Mr Strauss zelnick for
closing remarks right let’s see if they
give anything CL for attending and I’d
like to apologize technical difficulties
today uh hopefully the message came
across despite that because the message
is a powerful one we had a solid quarter
uh for which we’re very grateful and we
have what we believe extraord release
schedule through the rest of the
calendar year and of course our
expectations are very Rosy indeed for
fiscal 26 and 27 where we expect
sequential increases in net bookings and
we expect to set new Financial records
all of that is a reflection of what our
creative and business teams do every day
which is uh to seek excellence in
everything they do and none of us could
be more proud than we are of those teams
and their commitment their loyalty to
this Enterprise
um and we are we are so grateful so I
just want to say thank you to all of my
many thousands of colleagues around the
world many of whom are listening right
now uh thank you for your fine work I’d
also like to thank our shareholders for
your support over these many years right
we’re going to talk about what actually
just happened Contin to Del to overd
deliv going forward so thank you all all
right I think that’s the end of it and
ladies and gentlemen this concludes
today’s cool I’m going to cut it off
right so let me just explain what
happened and what we know so they’re
saying that GTA 6 is on track um for
full 2025 however this does not mean
that GTA 6 isn’t delayed now I’m not
trying to be a pessimist Hear Me Out
Boys hear me I see you boys I I see you
I see you it’s I’m not being a pessimist
but the earnings call before the delay
announcement from Red Dead Redemption 2
it was the same thing this earnings call
Rockstar don’t need to revise any of
their predictions sorry take two don’t
need to revise any predictions
they they don’t legally have to tell us
if the game’s delayed that earnings call
is in May which is when they do their
fiscal predictions for fiscal 26 which
is from April this year until the start
of next year the end of March next year
so what this actually means
is at the moment they’re saying it’s not
delayed but we’re not going to know if
it’s delayed until May on the May
earnings call that’s when we get
confirmation now a lot of you guys were
asking about if they’re allowed to like
the asking questions if they’re allowed
to ask about GTA 6 they are but they’re
not allowed to ask about release
schedules release timelines and on that
earnings call so like I can’t just dial
into the call those people are investors
at Major banks with hundreds of millions
of dollars invested in take to but their
questions are pre-re pre-screened so a
panel of people or maybe St sck and
their team choose questions which are
indicative Indica indicative indicative
you know what I mean of where GT uh
where T interactive are going over the
next 12 months and where they’ve just
been over the past 3 months so the the
questions that we just heard were
pre-screened not by necessarily stra xic
so they didn’t really know how to answer
them on the spot maybe but take two how
a say and what questions were heard so
hopefully that explains but at this
point in
time like we don’t know if GTA 6 is
delayed anymore than we did before the
call regardless of the document that
they released with it or regardless of
what they said during the earnings call
because this earnings call wouldn’t tell
us that they won’t tell us that until it
comes to their fiscal predictions for
the next financial year
so hopefully that that kind of explains
what we just went through also as well
we hit 30,000 subscribers during that
live stream and I want to say thank you
to everyone I did want to talk more I
noce chat went a bit crazy no one wanted
me to talk but you know it’s a good
point that if you want to listen to
these earnings calls you you can just go
to take to’s website and listen to it
there so if you come to someone’s
YouTube channel to watch it they’re
probably going to have some input so um
yeah hopefully that helped a little bit
when I tried to interject I didn’t want
to talk over the whole thing but I could
have spoken over the whole thing you
didn’t miss
anything but yeah right so guys ask your
questions man like what questions do you
have what do you want to know from the
earnings call if you missed it or if
there anything that you want to know my
opinion on with GTA 6 and if you are new
here give you a bit of context I’ve been
covering GTA 6 for a year on this
channel um I’ve also played all the
games over the years but I have some
prior work experience in the games
development industry so I try and be as
forthcoming as possible with what
knowledge I have in the industry and
other than that I’m very interested in
the marketing side of games Development
I’ve worked in marketing in games
development before um not not at
Rockstar
but the cycles for most of these
businesses work in a very similar
fashion are the questions pre-screened I
believe so I’m 90% sure they are because
they have to present prevent bad actess
from coming through and talking about
things that maybe they shouldn’t talk
about no GTA 6 on
mobile mobile merch coming soon
um do I think 60 frames per second at
1440p is possible maybe
maybe um how do I make a nuclear reactor
in my living room with a great deal of
effort when will trailer 2 come out well
the last possible time scale that we can
expect it well the next logical time
scale will be the 14th of um in fact
let’s talk about trailer 2 then let’s do
it let’s jump into trailer 2 before I do
that everyone subscribe but um so a lot
of people in myself included especially
for the past year I’ve said the 14th of
February will probably be a key date for
something because it’s Valentine’s Day
and obviously GTA 6 is a love story it’s
a Bonnie and Clyde inspired love story
so the 14th of February is a date where
I thought we’ get maybe something um
it’s also just been announced
today fact let me back up a little bit
it’s been rumored for about 6 months
that
um sonyy are partnering with Rockstar
for the marketing of GTA 6 and Sony have
announced today that their stateof play
event where they announce new games and
talk about upcoming releases they’ve
announced that on the 14th of February
as well Valentine’s Day no I don’t think
trailer 2 will be shown at state of play
event U mainly because Rockstar will
want the views on that main trailer on
their Channel but I do believe that
maybe Rockstar could make a statement
there or show a clip of it or it could
be published after or something like
that that is possible when we’re talking
about likelihood I’m saying there’s
probably a 25% chance that happens I
truthfully don’t know what will happen
What will transpire or how it will
transpire but we’ll just have to wait
and see
so
yeah thanks for C again man my pleasure
I love the I mean I I need to live
stream more I know you guys want me to
live stream more but um yeah I’m I don’t
know I I didn’t expect that many people
to join but it’s hard for me to know
whether people joined just cuz the
earnings call or people stayed because
I’ve made it interesting so 27 just 27
mean the the uh seventh day of the
second month maybe at this point
Rockstar need to give us something soon
if the game is on track for this year
but I I have my
suspicions so I just sniffed into the
microphone that was that was disgusting
I apologize to everyone especially if
you’re wearing headphones
is this a trailer 2
stream would GTA 4 ever come on mobile I
wish I don’t think it’s possible maybe
it is possible ads per 2 minutes that’s
the ads aren’t set to 2 minutes the ads
are set
to ads are set to every eight minutes if
you’re seeing an ad every two minutes it
might be because you’ve clicked off and
come back on you shouldn’t be getting an
ad every two minutes
um can I ask for blood in GTA 6
unfortunately I don’t have a direct line
with
rock well yeah
no um February 27th nah I don’t see it
being I I dropped a tweet about three
days ago saying that we’re going to get
someone come February the 30th and then
it got shared around I had to delete it
because obviously there’s only 28 days
in February and I was joking but
internet does as the internet
does um yeah so the state of play event
on Valentine’s Day I think is a high
likelihood but
um I need to clarify as well
um right so let me explain this in the
best way I can Sony having a marketing
deal with Rockstar does not mean that
the game won’t be available on Xbox it
just means that the special edition
consoles like where the consoles covered
in GTA 6 start work that would be with
Sony instead that’s essentially what it
means they can’t lie to their
shareholders no but they aren’t lying to
their shareholders if um
so basically the the take two saying
that the game is not delayed at the
moment they’re not make this earnings
call the purpose of it for the investors
isn’t to know anything about what
Rockstar is doing over the next year is
to say what’s happened over the last
three months the last three months worth
of stuff
won’t be telling the investors really
anything other than what’s happened
rather than what’s being projected so
this earnings core had nothing to do
with the actual release date of GTA 6
the one in May is when they have to give
accurate predictions of what they think
is going to happen over the next 12
months and that’s the one where
investors are going to need to be told
100% the truth to the best of T to
interactives knowledge um if they don’t
the SEC could get involved the security
Exchange Commission so
um PC release what
for GTA 6 no that won’t be happening to
at least a year after the game comes
out
um Sor I reading chat
boys
uh yeah it’s going to be a big year for
take two the amount of games they’ve got
coming out over the next about two years
it’s very
impressive do I believe the rumor of GTA
6 being locked at 30 frames per second
at launch is actually possible or is
this false no I I I I I’m 85% sure that
the game would be 30 frames per second
not
60 Rockstar always favor the look and
feel of the game over the
performance and if they could make it 60
frames per second but it would be a
laggy boogy mess that’s what I think
uh let’s have a look oh yeah the six on
my mic that’s yeah it’s a short mv6
microphone and it’s got six on the back
of
it I’d say that’s why I bought it but to
be honest I I didn’t buy it I sent it by
Toman audio and um last thing I want to
say in this stream as well is uh Venom
you’ll see them in the corner of the
screen over here there there um if
you’re looking for accessories to like
your controllers cables all that stuff
they’re the company that sponsor the
channel they have they sponsored my
channel since I was at 8,000 subscribers
um and if you’re in the UK use code
cyber boy get yourself free shipping but
yeah right guys I’m going to call that
it for this stream I going to start
streaming more I do promise I will um it
probably be next week and we’re going to
start doing a streaming schedule so I
can actually assure you guys when I’ll
be streaming and I’ll keep keep to it
and uh hopefully you guys really really
really enjoy those streams um also as
well below this um after this is
published as a final video drop a
comment what games you want to see me
stream and I’ll make sure I do it so
thank you so much for watching this live
stream it has been honestly a pleasure I
can’t believe we peaked at like 7,000
viewers that’s crazy um so thank you all
so much for being here and I will catch
you all in the next one

Watch the video here: https://www.youtube.com/watch?v=yvcgQdodntA