FY 2025 Take-Two 10-K (Part IV) Overview 2025财年Take-Two 10-K（第四部分）概览
This document provides the notes to the consolidated financial statements of Take-Two Interactive Software, Inc. (a leading global developer, publisher, and marketer of interactive entertainment) for the fiscal year ended March 31, 2025. These notes detail the company's significant accounting policies, including revenue recognition (differentiating point-in-time vs. over-time, and full games vs. recurrent consumer spending), capitalization and amortization of software development costs, assessment and impairment of goodwill and intangible assets (with significant impairments during the reporting period), debt structure and management, stock-based compensation, lease accounting, income taxes, and business combinations like the acquisition of Gearbox and business restructuring activities. The notes emphasize the importance of accounting estimates in financial reporting, the company's reliance on major customers, and financial events such as debt issuance/repayment and significant asset impairments. 该文件是 Take-Two Interactive Software, Inc. (一家全球领先的互动娱乐开发商、发行商和营销商) 截至2025年3月31日的财政年度合并财务报表附注。这些附注详细说明了公司重要的会计政策，包括收入确认（区分时间点确认和随时间确认，以及完整游戏与经常性消费支出）、软件开发成本的资本化与摊销、商誉及无形资产的评估与减值（报告期内有重大减值）、债务结构与管理、股票薪酬、租赁会计处理、所得税以及如收购Gearbox等业务合并和业务重组活动。附注强调了会计估计在财务报告中的重要性、公司对主要客户的依赖、以及债务发行/偿还和重大资产减值等财务事件。
Company Profile & Core Studios 公司简介与核心工作室
- Founded in Delaware in 1993.于特拉华州1993年成立。
- Leading global developer, publisher, and marketer of interactive entertainment.全球领先的互动娱乐开发商、出版商和营销商。
- Products designed for game console systems, mobile devices, and PCs.产品面向游戏主机、移动设备和PC。
- Products delivered via physical retail, digital download, online platforms, and cloud streaming.通过实体零售、数字下载、在线平台和云流媒体服务交付产品。
Key Operational Labels: 核心运营标签：
Key Event: Private Division Sale 关键事件：Private Division出售
In October 2024, the company sold its Private Division label, including rights to almost all game products under that label. 于2024年10月，公司出售了其Private Division标签，包括该标签下几乎所有游戏产品的权利。
Framework Feature Distribution 框架特性分布
Chart Description: 图表说明： This pie chart shows the proportion of the framework's four core features. Visual Design accounts for 35%, reflecting the emphasis on visual presentation; Interactive Experience accounts for 30%, ensuring a user-friendly interface. 本饼图展示了框架的四大核心特性占比。其中视觉设计占35%，体现了对视觉呈现的重视；交互体验占30%，确保用户友好的操作界面。
1. Reporting Basis and Significant Accounting Policies 1. 列报基础和重要会计政策
Importance of Accounting Estimates 会计估计的重要性
Preparing financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates influence reported amounts of assets, liabilities, net income, and expenses, as well as disclosures of contingent assets and liabilities. 根据美国公认会计原则（U.S. GAAP）编制财务报表需要管理层做出估计和假设，这些估计和假设影响报告期内财务报表日期的资产、负债、净收入和费用的报告金额，以及或有资产和负债的披露。
Most Significant Estimates Include: 最重要的估计包括：
- • Revenue Recognition (Note 2)收入确认（附注2）
- • Recoverability & Amortization of Software Development Costs, Licenses & Intangibles软件开发成本、许可和无形资产的可收回性和摊销
- • Assets acquired & liabilities assumed in Business Combinations业务合并中获得的资产和承担的负债
- • Realization of Deferred Income Taxes递延所得税的实现
- • Valuation of Stock-Based Compensation股票薪酬的估值
- • Assumptions for Goodwill & Intangible Asset Impairment Tests用于商誉和无形资产减值测试的假设
These estimates often involve complex issues and require management judgment, analysis of historical trends, and forecasts of future trends, and may change over time. Actual amounts may differ significantly. 这些估计通常涉及复杂问题，需要管理层做出判断，涉及对历史趋势的分析和对未来趋势的预测，并且可能随时期而变化。实际金额可能与这些估计有显著差异。
Goodwill Impairment Charges (Millions USD) 商誉减值费用（百万美元）
Analysis: 分析： The company recorded significant goodwill impairment charges in FY2025 ($3,545.2M) and FY2024 ($2,342.1M), a sharp increase from FY2023 ($0M). These impairments were primarily due to declining forecast performance of a reporting unit caused by industry conditions and adjustments to the gaming strategy within that unit. 公司在2025财年（$3,545.2百万）和2024财年（$2,342.1百万）确认了重大商誉减值费用，较2023财年（$0百万）大幅增长。这些减值主要是由于行业状况导致该报告单位的预测业绩下降，以及公司为应对这些状况而对该报告单位内游戏策略进行的调整。
Credit Risk Concentration & Top Customer Revenue 信用风险集中与主要客户收入
The company's substantial trade receivables originate from sales to major retailers and platform partners. The charts below illustrate the significant dependency on its top customers. 公司大部分贸易应收账款来自向主要零售商和平台合作伙伴的销售。下图展示了公司对主要客户的显著依赖。
Top 5 Customers' Net Revenue Share (%) 前五大客户净收入占比（%）
Insight: 洞察： The top five customers consistently account for a significant portion of net revenue, ranging from 79.6% to 81.0% across the fiscal years. This indicates a high concentration of credit risk, although the company considers it manageable. 前五大客户持续占据净收入的绝大部分，在各财年占比从79.6%到81.0%不等。这表明信用风险高度集中，尽管公司认为其可控。
Key Customer Revenue Contributions (%) 主要客户收入贡献（%）
Detail: 详情： Customer 1's contribution has increased from 16.2% to 24.4% over the three years, becoming the largest single contributor. 客户1的贡献在三年内从16.2%增长到24.4%，成为最大的单一贡献者。
Software Development Costs & Amortization 软件开发成本与摊销
The company capitalizes direct costs associated with internally developed games and payments to third-party developers once technical feasibility is established. This includes identifiable payroll, stock-based compensation, and other content costs. 公司在软件产品技术可行性确立后资本化内部开发游戏产生的直接成本以及根据开发协议支付给第三方软件开发商的款项。这包括可明确识别的工资支出、员工股票薪酬和激励薪酬成本，以及第三方制作和其他内容成本。
Technical Feasibility & Amortization 技术可行性与摊销
Technical feasibility is achieved upon completion of technical and game design documentation. Amortization begins when the product is publicly available, typically over 12 to 36 months. 产品的技术可行性包括技术设计文档和游戏设计文档的完成。摊销在产品可供公开发行时开始，通常为12至36个月。
Government grants for qualified production expenditures reduce the cost basis, thereby reducing expenses over the amortization period. 某些因合格生产支出而获得的政府补助通常会减少公司资本化软件开发成本的成本基础，从而在摊销期内减少费用。
Software Dev Costs Amortization & Impairment (Millions USD) 软件开发成本摊销与减值（百万美元）
Details: 详情： In FY2025, amortization was $265.7M and impairment was $77.5M. Of the impairment, $42.4M related to discontinued development, and $35.1M was part of cost reduction plans. 在2025财年，摊销额为$265.7百万，减值额为$77.5百万。其中，$42.4百万的减值费用与决定不再继续开发某些互动娱乐软件产品有关，剩余$35.1百万与公司的成本削减计划有关。
Marketing & Promotion Expenses (Millions USD) 市场营销与促销费用（百万美元）
Trend: 趋势： Marketing expenses have fluctuated, peaking in FY2023 at $1,212.5M, slightly decreasing in FY2024, and increasing again in FY2025 to $1,253.9M. 市场营销费用有所波动，在2023财年达到峰值$1,212.5百万，在2024财年略有下降，并在2025财年再次增长至$1,253.9百万。
Basic Loss Per Share (USD) 基本每股亏损（美元）
Observation: 观察： The company has reported net losses for all three fiscal years, with the largest loss of ($25.58) per share in FY2025, indicating continued financial challenges. 公司在所有三个财年均录得净亏损，其中2025财年的亏损最大，达到每股($25.58)，表明持续面临财务挑战。
2. Revenue from Customer Contracts - Detailed Breakdown 2. 来自客户合同的收入 - 详细分解
Net Revenue by Recognition Time (Millions USD) 净收入按确认时间划分（百万美元）
Key Trend: 关键趋势： Continuously recognized revenue remains the predominant component, showing growth in FY2025. 持续确认的收入是主要组成部分，并在2025财年有所增长。
Net Revenue by Content (Millions USD) 净收入按内容划分（百万美元）
Driver: 驱动因素： Recurrent Consumer Spending (RCS) is the primary revenue driver and continues to grow year-over-year. 经常性消费支出（RCS）是收入的主要驱动力，并持续增长。
Net Revenue by Platform (Millions USD) 净收入按平台划分（百万美元）
Platform Shifts: 平台变化： Mobile platform revenue is the highest and continues to grow. Console revenue declined in FY2025, while PC and other platform revenue rebounded. 移动平台收入占比最高且持续增长。主机平台收入在2025财年有所下降，而PC及其他平台收入有所回升。
Net Revenue by Distribution Channel (Millions USD) 净收入按分销渠道划分（百万美元）
Dominance: 主导： Digital online channels hold an absolute dominant position and continue to grow, while physical retail revenue continues to shrink. 数字在线渠道收入占据绝对主导地位并持续增长，实体零售收入持续萎缩。
Deferred Revenue & Future Performance Obligations 递延收入与未来履约义务
Deferred revenue balances (current and non-current) were $1,108.9M and $1,102.4M as of March 31, 2025, and March 31, 2024, respectively. 截至2025年3月31日和2024年3月31日，递延收入余额（包括流动和非流动）分别为$1,108.9百万和$1,102.4百万。
Key Deferred Revenue Figures: 主要递延收入数据：
- • Amount recognized from beginning balance in FY2025: $1,044.4M在2025财年，年初递延收入余额中确认为收入的金额为$1,044.4百万。
- • Total contract revenue allocated to unsatisfied performance obligations as of March 31, 2025: $1,329.4M截至2025年3月31日，分配给未满足履约义务的合同收入总额为$1,329.4百万。
- • Expected to be recognized within next 12 months: approx. $1,240.1M公司预计在未来12个月内将此余额中的约$1,240.1百万确认为收入。
3. Management Agreements with ZMC 3. 与ZMC的管理协议
Key Management Agreement Milestones 管理协议关键里程碑
The 2022 Management Agreement stipulates an annual management fee of $3.3 million and a maximum annual bonus opportunity of $13.2 million, contingent on achieving certain performance thresholds. 《2022 Management Agreement》规定，协议期内年度管理费为$3.3百万，最高年度奖金机会为$13.2百万，具体取决于公司是否达到某些业绩门槛。
ZMC-Related Expenses (Millions USD) ZMC相关费用（百万美元）
Consulting Fees (General & Admin) 咨询费用（一般及行政）
Consulting fees increased significantly in FY2025 to $10.2M, up from $3.5M in FY2023. 咨询费用在2025财年显著增加至$10.2百万，较2023财年的$3.5百万有所提升。
Non-Employee Stock-Based Comp (General & Admin) 非员工奖励股票薪酬（一般及行政）
Non-employee stock compensation also saw a steady increase, reaching $56.2M in FY2025. 非员工股票薪酬同样稳步增长，在2025财年达到$56.2百万。
4. Fair Value Measurements 4. 公允价值计量
Assets and Liabilities Measured at Fair Value (Millions USD) 按公允价值计量的资产和负债（百万美元）
The company follows a three-level fair value hierarchy, prioritizing observable inputs. Level 1 includes quoted prices in active markets, Level 2 includes observable inputs other than Level 1 (e.g., non-active market quotes), and Level 3 includes unobservable inputs. 公司遵循三级公允价值层级，优先使用可观察输入。Level 1包括活跃市场中的报价，Level 2包括除Level 1报价外的可观察输入（例如非活跃市场的报价），Level 3包括几乎没有或没有市场活动支持的不可观察输入。
| Category类别 | As of March 31, 2025截至2025年3月31日 | As of March 31, 2024截至2024年3月31日 | ||||
|---|---|---|---|---|---|---|
| Level 1Level 1 | Level 2Level 2 | Level 3Level 3 | Level 1Level 1 | Level 2Level 2 | Level 3Level 3 | |
| Financial Assets金融资产 | $1,257.8 | $0.0 | $24.3 | $599.0 | $0.0 | $26.8 |
| Total Financial Assets金融资产总额 | $1,282.1 | $625.8 | ||||
| Financial Liabilities金融负债 | $0.0 | $28.6 | $0.0 | $0.0 | $50.5 | $13.1 |
| Total Financial Liabilities金融负债总额 | $28.6 | $63.6 | ||||
In FY2025, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3. 在2025财年，公司在Level 1和Level 2公允价值计量之间没有任何转移，也没有任何转入或转出Level 3的情况。
Non-Recurring Fair Value Measurements 非经常性公允价值计量
The company holds equity investments in unconsolidated entities with no readily determinable fair value, each less than 20% ownership and no significant influence/control. These amounted to $8.0M as of March 31, 2025 and 2024. 公司持有某些在没有现成可确定公允价值的未合并实体中的股权投资。这些战略投资在每个私营关联公司中均占不到20%的股权，且公司对这些实体没有重大影响或控制权。截至2025年3月31日和2024年3月31日，这些投资均为$8.0百万。
5. Short-term Investments 5. 短期投资
| Investment Type投资类型 | As of Mar 31, 2025 (Millions USD)截至2025年3月31日（百万美元） | As of Mar 31, 2024 (Millions USD)截至2024年3月31日（百万美元） |
|---|---|---|
| Bank Time Deposits银行定期存款 | $9.4 | $22.0 |
| Total Short-term Investments短期投资总额 | $9.4 | $22.0 |
All short-term investments are expected to mature within one year. 所有短期投资均在1年内到期。
6. Derivative Instruments and Hedging Activities 6. 衍生工具和套期保值活动
Foreign Exchange Forward Contracts Nominal Amounts (Millions USD) 外汇远期合约名义总额（百万美元）
Overview: 概览： The company utilizes foreign exchange forward contracts primarily to hedge against foreign currency fluctuations. These are typically short-term instruments, with maturities less than one year. 公司使用外汇远期金融工具来对冲外汇汇率变动带来的风险。这些工具通常是短期性的，典型到期日少于一年。
Gains/(Losses) from FX Forward Contracts (Millions USD) 外汇远期合约损益（百万美元）
Performance: 表现： The company recorded gains of $5.3M in both FY2025 and FY2024, a significant improvement from a $15.1M loss in FY2023. 公司在2025财年和2024财年均录得$5.3百万的收益，较2023财年$15.1百万的亏损有显著改善。
7. Software Development Costs and Licensing 7. 软件开发成本和许可
Capitalized Software Development Costs & Licensing (Millions USD) 资本化的软件开发成本和许可（百万美元）
| Category类别 | As of Mar 31, 2025截至2025年3月31日 | As of Mar 31, 2024截至2024年3月31日 |
|---|---|---|
| Current Portion流动部分 | $80.8 | $88.3 |
| Non-current Portion非流动部分 | $1,892.6 | $1,446.5 |
| Net Non-current for Unreleased Games未发行游戏非流动部分净额 | $1,815.0 | $1,433.8 |
The non-current portion of capitalized software development costs, primarily related to unreleased games, significantly increased in FY2025, indicating ongoing investment in future titles. 资本化软件开发成本的非流动部分，主要与未发行游戏相关，在2025财年显著增加，表明公司对未来游戏持续投入。
Government Grants Impact: 政府补助影响：
Software development costs and licensing were reduced by $170.5M in FY2025 and $108.3M in FY2024 due to government grants for qualified production expenditures. 由于合格生产支出获得的政府补助，公司软件开发成本和许可在2025财年减少了$170.5百万，在2024财年减少了$108.3百万。
8. Net Property and Equipment 8. 固定资产净额
Fixed Assets Net by Category (Millions USD, Mar 31, 2025) 固定资产净额按类别（百万美元，2025年3月31日）
| Category类别 | Original Cost原值 | Net Book Value账面净值 |
|---|---|---|
| Computer Equipment计算机设备 | $365.0 | $X.X |
| Leasehold Improvements租赁改良 | $313.2 | $X.X |
| Computer Software计算机软件 | $147.5 | $X.X |
| Buildings建筑物 | $X.X | $X.X |
| Office Equipment & Furniture办公设备、家具 | $X.X | $X.X |
| Total Fixed Assets (Net)固定资产总额（净额） | $443.8 | |
The total net fixed assets stood at $443.8M as of March 31, 2025, representing tangible infrastructure supporting the company's operations. 截至2025年3月31日，固定资产净额总计$443.8百万，代表公司运营的实物基础设施。
Fixed Asset Depreciation Expense (Millions USD) 固定资产折旧费用（百万美元）
Trend: 趋势： Depreciation expense has seen a consistent increase, from $88.8M in FY2023 to $153.9M in FY2025, reflecting growing asset base or new additions. 折旧费用持续增长，从2023财年的$88.8百万增至2025财年的$153.9百万，反映了资产基础的增长或新增资产。
9. Goodwill and Intangible Assets, Net 9. 商誉和无形资产净额
Goodwill Balance Changes (Millions USD) 商誉余额变动（百万美元）
| Fiscal Year Ending March 31截至3月31日财年 | Balance (Beginning of Period)余额（期初） | Impairment减值 | Acquisition/Other Additions收购/其他增加 | Divestitures/Other Reductions剥离/其他减少 | Balance (End of Period)余额（期末） |
|---|---|---|---|---|---|
| 2023 | $6,767.1 | $0.0 | $0.0 | $0.0 | $6,767.1 |
| 2024 | $6,767.1 | ($2,342.1) | $0.0 | $0.0 | $4,426.4 |
| 2025 | $4,426.4 | ($3,545.2) | $192.9 | ($15.8) | $1,057.3 |
Goodwill has seen substantial impairment in FY2024 and FY2025, drastically reducing its net book value. The FY2025 acquisition of Gearbox added $192.9M to goodwill before impairment. 商誉在2024财年和2025财年经历了巨额减值，大幅降低了其账面净值。2025财年收购Gearbox增加了$192.9百万的商誉（减值前）。
Key Impairment Drivers: 主要减值驱动因素：
Both goodwill impairments in FY2025 and FY2024 were attributed to declining forecast performance of a reporting unit due to industry conditions and strategic adjustments within that unit. 2025和2024财年的商誉减值均归因于行业状况导致该报告单位的预测业绩下降，以及公司为应对这些状况而对该报告单位内游戏策略进行的调整。
Definite-Lived Intangible Assets (Millions USD, Mar 31, 2025) 有明确使用年限的无形资产（百万美元，2025年3月31日）
| Category类别 | Net Book Value账面净值 | Weighted Avg Life (Years)加权平均使用寿命（年） |
|---|---|---|
| Developed Game Technology已开发游戏技术 | $1,842.4 | 6 |
| Brands & Trademarks品牌及商标 | $255.5 | 12 |
| Other Definite-Lived Intangibles其他有明确使用年限无形资产 | $X.X | X |
| Total Definite-Lived Intangibles (Net)有明确使用年限无形资产总额（净额） | $2,300.0 | N/A |
The company's definite-lived intangible assets, totaling $2,300.0M as of March 31, 2025, primarily consist of developed game technology and brands/trademarks, with varying useful lives. 截至2025年3月31日，公司有明确使用年限的无形资产总计$2,300.0百万，主要由已开发游戏技术和品牌/商标构成，具有不同的使用寿命。
Indefinite-Lived Intangible Assets: 无限期无形资产：
Included in other intangible assets is $36.0M of In-Process Research and Development (IPR&D) acquired as part of the Gearbox acquisition. These are indefinite-lived and not amortized until the related game is released or development ceases. 其他无形资产中包括作为Gearbox收购一部分获得的$36.0百万在研（IPR&D）资产，这些是无限期无形资产，因此在相关游戏发布或开发中止（这将导致减值）之前不进行摊销。
Intangible Asset Amortization (Millions USD) 无形资产摊销（百万美元）
Details: 详情： Total intangible asset amortization in FY2025 was $922.6M, including $137.0M for developed game tech and $39.3M for brands/trademarks due to forecast performance decline. 2025财年无形资产摊销总额为$922.6百万，其中包含$137.0百万的已开发游戏技术和$39.3百万的品牌及商标减值费用，原因是预测业绩下降。
Future Intangible Asset Amortization Estimates (Millions USD) 未来无形资产摊销预估（百万美元）
Projection: 预测： Amortization is expected to be highest in FY2026 at $683.0M, then gradually decline in subsequent years. 摊销额预计在2026财年达到最高点$683.0百万，随后在未来几年逐渐下降。
10. Accrued Expenses and Other Current Liabilities 10. 应计费用和其他流动负债
| Category类别 | As of Mar 31, 2025 (Millions USD)截至2025年3月31日（百万美元） | As of Mar 31, 2024 (Millions USD)截至2024年3月31日（百万美元） |
|---|---|---|
| Software Development Royalties软件开发特许权使用费 | $419.8 | $X.X |
| Payroll and Benefits薪酬与福利 | $268.3 | $X.X |
| Licensing Fees许可费 | $91.4 | $X.X |
| Marketing and Promotion市场营销和促销 | $77.0 | $X.X |
| Other Accrued Liabilities其他应计负债 | $X.X | $X.X |
| Total Accrued Expenses & Other Current Liabilities应计费用和其他流动负债总额 | $1,127.6 | $1,062.6 |
Total accrued expenses and other current liabilities increased to $1,127.6M in FY2025 from $1,062.6M in FY2024, driven largely by software development royalties and payroll expenses. 应计费用和其他流动负债总额从2024财年的$1,062.6百万增加到2025财年的$1,127.6百万，主要受软件开发特许权使用费和薪酬支出的驱动。
11. Debt Structure and Management 11. 债务结构与管理
Debt Composition as of March 31, 2025 (Millions USD) 债务构成截至2025年3月31日（百万美元）
| Type of Debt债务类型 | Principal Amount本金总额 | Net Book Value账面净值 |
|---|---|---|
| Short-term Debt短期债务 | ||
| 3.55% 2025 Notes3.55% 2025票据 | $600.0 | $599.3 |
| 5.00% 2026 Notes5.00% 2026票据 | $550.0 | $549.2 |
| Total Short-term Debt短期债务总额 | $1,150.0 | $1,148.5 |
| Long-term Debt长期债务 | ||
| 3.70% 2027 Notes3.70% 2027票据 | $600.0 | $598.6 |
| 4.95% 2028 Notes4.95% 2028票据 | $800.0 | $797.7 |
| 5.40% 2029 Notes5.40% 2029票据 | $300.0 | $299.7 |
| 4.00% 2032 Notes4.00% 2032票据 | $500.0 | $499.0 |
| 5.60% 2034 Notes5.60% 2034票据 | $300.0 | $299.1 |
| 0.00% 2026 Convertible Notes0.00% 2026可转换票据 | $29.4 | $28.5 |
| Total Long-term Debt长期债务总额 | $2,529.4 | $2,522.6 |
Debt Interest Expense (Millions USD) 债务利息费用（百万美元）
Interest expense on debt increased from $132.0M in FY2024 to $156.9M in FY2025, reflecting changes in debt levels and rates. 债务相关利息费用从2024财年的$132.0百万增加到2025财年的$156.9百万，反映了债务水平和利率的变化。
Future Debt Maturities (Millions USD) 未来债务到期情况（百万美元）
A significant portion of debt, $1,150.0M, is due in FY2026, followed by $1,400.0M in FY2028. 大部分债务，即$1,150.0百万，将于2026财年到期，其次是$1,400.0百万将于2028财年到期。
Debt Financing Key Events 债务融资关键事件
As of March 31, 2025, $29.4M principal of the 2026 Convertible Notes remained outstanding, maturing on December 15, 2026. No borrowings were outstanding under the 2022 Credit Agreement, with approximately $747.8M available for additional borrowings. 截至2025年3月31日，仍有本金总额为$29.4百万的2026 Convertible Notes未偿还，其公允价值记录为$28.5百万，计入长期债务净额。这些票据将于2026年12月15日到期。截至2025年3月31日，2022 Credit Agreement下无借款余额，公司约有$747.8百万可供额外借款。
12. Loss Per Share (EPS) Analysis 12. 每股亏损（EPS）分析
| Fiscal Year Ended March 31截至3月31日财年 | Net Loss (Millions USD)净亏损（百万美元） | Basic Weighted Avg Shares (Millions)基本加权平均流通股（百万股） | Basic Loss Per Share (USD)基本每股亏损（美元） |
|---|---|---|---|
| 2025 | ($4,478.9) | 175.1 | ($25.58) |
| 2024 | ($3,744.2) | 170.1 | ($22.01) |
| 2023 | ($1,124.7) | 159.9 | ($7.03) |
The company has consistently reported net losses over the past three fiscal years, with the magnitude of loss increasing significantly. Due to these net losses, the effect of unvested common stock equivalents is anti-dilutive and thus excluded from diluted EPS calculations. 公司在过去三个财年持续录得净亏损，且亏损幅度显著增加。由于这些净亏损，未归属普通股等价物的影响是反稀释的，因此在稀释后每股亏损的计算中未予包括。
13. Lease Arrangements and Costs 13. 租赁
Operating and Short-term Lease Costs (Millions USD) 经营和短期租赁成本（百万美元）
Overview: 概览： Operating lease costs show fluctuation, with a notable decrease in FY2025 compared to FY2023. Short-term lease costs remain relatively stable. 经营租赁成本有所波动，其中2025财年较2023财年显著下降。短期租赁成本保持相对稳定。
Future Operating Lease Payment Commitments (Millions USD) 未来经营租赁付款承诺（百万美元）
| Fiscal Year财年 | Undiscounted Payments未折现付款 |
|---|---|
| 2026 | $80.7 |
| 2027 | $78.1 |
| 2028 | $71.0 |
| Thereafter此后 | $303.8 |
| Total Undiscounted Payments未折现付款总额 | $533.6 |
| Less: Estimated Interest减：估算利息 | ($88.8) |
| Total Lease Liability租赁负债总额 | $444.8 |
Weighted Average Lease Information 租赁加权平均信息
| As of March 31截至3月31日 | Remaining Lease Term (Years)剩余租赁期（年） | Discount Rate (%)折现率（%） |
|---|---|---|
| 2025 | 7.91 | 4.75 |
| 2024 | 8.40 | 4.56 |
| 2023 | 8.93 | 4.33 |
Lease Impairments: 租赁减值：
In FY2025, $3.9M impairment was recognized related to office closing as part of cost reduction. In FY2023, $30.0M right-of-use asset impairment loss was recorded for Zynga's San Francisco office space. 在2025财年，公司确认了与成本削减计划相关的办公室关闭减值费用$3.9百万。在2023财年，公司确认了与Zynga在旧金山的办公空间租赁相关的$30.0百万使用权资产减值损失。
14. Commitments and Contingencies 14. 承诺与或有事项
Annual Minimum Contractual Obligations (Millions USD) 年度最低合同义务与承诺（百万美元）
Breakdown: 分解： Total contractual obligations are $452.1M, with the largest portion due in FY2026 ($231.4M), primarily consisting of purchase obligations. 合同义务总额为$452.1百万，其中最大部分将于2026财年到期（$231.4百万），主要包括采购义务。
Employer Contributions to Employee Savings Plan (Millions USD) 员工储蓄计划雇主缴款（百万美元）
Trend: 趋势： Employer contributions to employee savings plans have steadily increased over the past three fiscal years, reaching $51.4M in FY2025. 雇主对员工储蓄计划的缴款在过去三个财年稳步增长，在2025财年达到$51.4百万。
Legal & Other Procedures: 法律及其他程序：
The company may face claims and lawsuits but believes routine litigation occurring in the ordinary course of business will not significantly impact its business, financial condition, or operating results. 公司可能面临索赔和诉讼，但认为这些在日常业务过程中发生的例行诉讼不会对公司的业务、财务状况或经营成果产生重大影响。
15. Income Taxes 15. 所得税
Pre-Tax Loss Composition (Millions USD) 税前亏损构成（百万美元）
Breakdown: 分解： Both domestic and foreign operations have consistently contributed to the pre-tax loss, with the total loss growing over the fiscal years. 国内和国外业务均持续导致税前亏损，且总亏损在各财年不断增长。
(Benefit)/Expense for Income Taxes (Millions USD) (利益)/所得税费用（百万美元）
Analysis: 分析： The company recorded an income tax benefit of ($12.4M) in FY2025, primarily due to deferred tax benefits offsetting current tax expenses. 公司在2025财年录得($12.4)百万的所得税利益，主要由于递延所得税利益抵销了当期所得税费用。
Effective Tax Rate Reconciliation (FY2025) 有效税率与法定税率调节（2025财年）
| Item项目 | Impact on Rate (%)对税率影响（%） |
|---|---|
| U.S. Federal Statutory Rate美国联邦法定税率 | 21.0 |
| Goodwill Impairment商誉减值 | (16.0) |
| U.S. Valuation Allowance国内估值备抵 | (5.0) |
| Foreign Rate Differential国外税率差异 | 0.6 |
| Tax Credits税收抵免 | 0.3 |
| Other其他 | ($0.3) |
| Effective Tax Rate有效税率 | 0.3 |
The effective tax rate for FY2025 was 0.3%, significantly impacted by the non-deductible goodwill impairment and the establishment of a valuation allowance due to cumulative losses. 2025财年有效税率为0.3%，主要受到不可抵扣的商誉减值以及由于累计亏损而设立的估值备抵的显著影响。
Deferred Income Tax Valuation Allowance Changes (Millions USD) 递延所得税估值备抵变动（百万美元）
Insight: 洞察： The valuation allowance against deferred tax assets has increased substantially each year, reflecting the company's assessment that these assets are unlikely to be realized due to cumulative losses. 递延所得税资产的估值备抵每年大幅增加，反映了公司判断这些资产由于累计亏损很可能无法实现。
Deferred Income Tax Assets and Liabilities (Mar 31, 2025) 递延所得税资产和负债（2025年3月31日）
- • Total Deferred Tax Assets: $1,281.9M (e.g., capitalized development costs, tax credit carryforwards, equity compensation).递延所得税资产总额：$1,281.9百万（例如，资本化开发成本、税收抵免结转、股权激励薪酬）。
- • Valuation Allowance: ($1,127.0M)估值备抵：($1,127.0)百万
- • Net Deferred Tax Assets: $154.9M递延所得税资产净额：$154.9百万
- • Total Deferred Tax Liabilities: ($414.4M) (primarily intangible asset amortization).递延所得税负债总额：($414.4)百万（主要为无形资产摊销）。
- • Net Deferred Tax Liabilities: ($259.5M)递延所得税负债净额：($259.5)百万
The company intends to indefinitely reinvest the undistributed earnings of foreign subsidiaries, approximately $180.5M as of March 31, 2025. 截至2025年3月31日，外国子公司的未分配收益总额约为$180.5百万，公司打算无限期地将这些收益进行再投资。
Unrecognized tax benefits total $267.1M, with $109.5M impacting the effective tax rate if recognized. 截至2025年3月31日，公司有$267.1百万的未确认税收利益总额，其中$109.5百万如果实现将会影响公司的有效税率。
16. Stock-Based Compensation 16. 股票薪酬
Stock Compensation Expense (Millions USD) 股票薪酬费用（百万美元）
Distribution: 分布： Stock compensation expenses are distributed across various functions, with the largest portions in General & Administrative and R&D. A significant amount is also capitalized into software development costs. 股票薪酬费用分布于不同职能部门，其中一般及行政费用和研发费用占比较大。同时，也有相当一部分被资本化为软件开发成本。
Unrecognized Stock Compensation Cost: 未确认股票薪酬成本：
- • Total future unrecognized cost: $624.2M, to be recognized over approx. 2.6 years.未来未确认薪酬成本总额：$624.2百万，将在约2.6年的加权平均期内确认。
- • From Zynga acquisition converted awards: approx. $34.6M over 0.6 years.与Zynga收购相关的转换股权奖励：约$34.6百万，将在约0.6年的加权平均服务期内确认。
Company has a mandatory "sell-to-cover" policy for employee tax obligations on vested stock, effective April 2024. 自2024年4月开始，员工参与者通过在归属时以非酌情交易方式出售已归属股票来履行其相关的预扣税义务，这符合公司的强制性“卖出以弥补（税款）”政策。
ZMC Non-Employee Restricted Stock Units Granted (Thousands of Shares) 授予ZMC的非员工限制性股票单位（千股）
Observation: 观察： Market-based RSUs consistently represent the largest portion of ZMC's non-employee awards. 市场型RSU持续占ZMC非员工奖励的最大部分。
Unvested RSU Activity (FY2025) 未归属限制性股票单位活动（2025财年）
Time-based RSUs: 3.7 million shares unvested, weighted average grant date fair value $144.18. 时间型RSU: 3.7百万股未归属，授予日加权平均公允价值$144.18。
Market-based RSUs: 1.2 million shares unvested (at 100% target), weighted average grant date fair value $194.30 (valued using Monte Carlo Simulation). 市场型RSU: 1.2百万股未归属（按目标数量的100%呈列），授予日加权平均公允价值$194.30（使用Monte Carlo Simulation方法估计）。
Performance-based RSUs: 3.9 million shares unvested (at 100% target), weighted average grant date fair value $115.40. 绩效型RSU: 3.9百万股未归属（按目标数量的100%呈列），授予日加权平均公允价值$115.40。
Stock Option Activity (FY2025) 股票期权活动（2025财年）
| Activity活动 | Shares (Millions)股数（百万） | Weighted Avg Grant Date FV ($)加权平均授予日公允价值（美元） |
|---|---|---|
| Beginning Balance年初余额 | 0.6 | $50.50 |
| Exercised行使 | (0.6) | $50.50 |
| Ending Balance年末余额 | 0.0 | $0.00 |
All stock options were exercised in FY2025, with a total intrinsic value of $93.3M and cash received of $31.3M from exercises. 所有股票期权在2025财年均已行使，行使的总内在价值为$93.3百万，公司因行使股票期权收到的现金为$31.3百万。
Employee Stock Purchase Plan (ESPP) FY2025: 员工购股计划（ESPP）2025财年：
Employees purchased 0.4M shares for $46.8M, with a weighted average fair value of $117.53 per share. 公司员工购买了0.4百万股，支付了$46.8百万，加权平均公允价值为每股$117.53。
17. Interest and Other, Net 17. 利息及其他净额
Interest & Other, Net Composition (FY2025, Millions USD) 利息及其他净额构成（2025财年，百万美元）
| Category类别 | Amount金额 |
|---|---|
| Interest Income利息收入 | $98.6 |
| Interest Expense利息费用 | ($167.3) |
| Foreign Exchange Loss外汇亏损 | ($22.6) |
| Other其他 | ($2.0) |
| Total Net Expense净支出总额 | ($93.3) |
Total Net Interest & Other Expense (Millions USD) 利息及其他净支出总额（百万美元）
Trend: 趋势： Net interest and other expense has improved over the three fiscal years, from ($141.9M) in FY2023 to ($93.3M) in FY2025. 净利息及其他支出在过去三个财年有所改善，从2023财年的($141.9)百万改善至2025财年的($93.3)百万。
18. Accumulated Other Comprehensive Loss 18. 累计其他综合亏损
| Category类别 | As of Mar 31, 2025 (Millions USD)截至2025年3月31日（百万美元） | As of Mar 31, 2024 (Millions USD)截至2024年3月31日（百万美元） | As of Mar 31, 2023 (Millions USD)截至2023年3月31日（百万美元） |
|---|---|---|---|
| Foreign Currency Translation Adjustment外币折算调整 | ($96.8) | ($105.0) | ($113.3) |
| Unrealized Loss on Available-for-Sale Securities可供出售证券未实现亏损 | ($0.1) | ($0.1) | $0.0 |
| Total Accumulated Other Comprehensive Loss累计其他综合亏损总额 | ($96.9) | ($105.1) | ($113.3) |
The accumulated other comprehensive loss is primarily driven by foreign currency translation adjustments, showing a slight decrease in magnitude over the past two fiscal years. 累计其他综合亏损主要由外币折算调整驱动，在过去两个财年呈现小幅下降趋势。
19. Supplemental Financial Information 19. 补充财务信息
This section provides additional details on specific financial accounts, including valuation and qualifying accounts. Information regarding the deferred income tax valuation allowance changes has been integrated into Section 15 for better context. 本节提供特定财务账户的额外详细信息，包括估值和限定账户。关于递延所得税估值备抵变动的信息已整合至第15节，以提供更好的背景。
Note: 注意：
The detailed table on "Deferred Income Tax Valuation Allowance Changes" for FY2023-2025 is available in Section 15. 关于“递延所得税估值备抵变动”的详细表格（2023-2025财年）可在第15节查阅。
20. Acquisitions - Gearbox Entertainment Company, Inc. 20. 收购 - Gearbox Entertainment Company, Inc.
Gearbox Acquisition Overview Gearbox收购概览
On June 11, 2024, Take-Two completed the acquisition of 100% of the issued and outstanding capital stock of Gearbox, a strategic move to strengthen its industry-leading creative talent and proprietary intellectual property portfolio. The initial consideration was 2.8 million shares of Take-Two common stock, with a total fair value of $410.4 million at the acquisition date. 于2024年6月11日，公司完成了对Gearbox已发行和流通股本100%的收购，这是公司加强行业领先创意人才和自有知识产权组合战略的一部分。初始对价为2.8百万股公司普通股，收购日对价的公允价值总计$410.4百万。
Transaction Costs: 交易成本：
Transaction costs related to the Gearbox acquisition amounted to $30.4M in FY2025, recorded as general and administrative expenses. 截至2025年3月31日的财年，与Gearbox收购相关的交易成本为$30.4百万，已计入公司合并经营报表的一般及行政费用中。
Gearbox Acquisition Preliminary Fair Value Allocation (Millions USD) Gearbox收购初步公允价值分配（百万美元）
Breakdown: 分解： Intellectual Property and Developed Game Technology represent the largest intangible assets acquired. Goodwill of $192.9M was recognized, mainly attributed to assembled workforce and expected synergies. 知识产权和已开发游戏技术是获得的最大无形资产。同时确认了$192.9百万的商誉，主要归因于被收购企业的组建劳动力和收购时的预期协同效应。
Gearbox Post-Acquisition Performance Contribution (FY2025, Millions USD) Gearbox收购后业绩贡献（2025财年，百万美元）
| Metric指标 | Amount金额 |
|---|---|
| Net Revenue净收入 | $23.8 |
| Net Loss净亏损 | ($98.4) |
From the acquisition date to March 31, 2025, Gearbox contributed $23.8M in net revenue but incurred a net loss of $98.4M. 从收购日至2025年3月31日，Gearbox为公司贡献了$23.8百万的净收入，但产生了$98.4百万的净亏损。
21. Business Restructuring - 2024 Plan 21. 业务重组 - 2024计划
Business Restructuring Expenses (Millions USD) 业务重组费用（百万美元）
FY2025 Restructuring Expenses Breakdown 2025财年重组费用细分
Breakdown: 分解： Employee-related costs and project cancellations constitute the largest portions of the $106.5M restructuring expenses in FY2025. 在2025财年的$106.5百万重组费用中，员工相关成本和项目取消占最大部分。
Total Business Restructuring Expenses Trend 业务重组费用总额趋势
Trend: 趋势： Restructuring expenses have significantly increased since FY2023, indicating ongoing efforts to optimize efficiency across the business. 重组费用自2023财年以来显著增加，表明公司正在持续努力提高业务效率。
2024 Plan Completion: 2024计划完成情况：
The 2024 Plan was substantially completed by March 31, 2025, with no significant additional actions expected. Non-significant additional costs may arise in FY2026. 《2024 Plan》已于2025年3月31日基本完成，预计不会再有额外行动。与某些行动相关的非重大额外成本可能在2026财年产生。
22. Segment Reporting and Geographic Information 22. 分部报告和地理信息
Net Revenue by Geographic Region (Millions USD) 净收入按地理区域划分（百万美元）
Market Dynamics: 市场动态： The U.S. market remains the largest revenue source and showed growth in FY2025. International revenue also demonstrates a positive growth trend. 美国市场是最大的收入来源，其收入在2025财年有所增长。国际市场收入也呈现增长趋势。
Net Property and Equipment by Location (Millions USD) 固定资产净额按地点划分（百万美元）
Asset Distribution: 资产分布： A majority of fixed assets are located in the U.S., reflecting the company's primary operational base, with a steady increase in both U.S. and international assets. 大部分固定资产位于美国，反映了公司主要的运营基地，美国和国际资产均稳步增长。
Operating Segment: 经营分部：
The company has only one operating and reportable segment, as its operations involve similar products and customers globally. The Chief Operating Decision Maker (CODM) manages operations on a consolidated basis. 公司只有一个经营和可报告分部，因为其运营涉及全球类似的产品和客户。首席执行官（CODM）在合并基础上管理公司的运营。
23. Subsequent Events 23. 期后事项
Key Events After March 31, 2025: 2025年3月31日后的关键事件：
- • Senior Notes Repayment (April 14, 2025): The company repaid $600.0M principal of its 2025 Notes using proceeds from new notes.高级票据偿还（2025年4月14日）：公司用新票据所得款项偿还了本金总额为$600.0百万的2025票据。
- • 2022 Credit Agreement Amendment (May 19, 2025): The company entered into Amendment No. 3, increasing the revolving credit facility to $1,000M (from $750M) and extending its maturity to May 19, 2030.2022信用协议修订（2025年5月19日）：公司签订了其2022信用协议的第3号修正案，将现有循环信贷额度承诺增加至$1,000百万（原为$750百万），到期日延长至2030年5月19日。
- • Accounts Receivable Sale Program (May 19, 2025): The company entered into an agreement to sell designated high-credit-quality accounts receivable to an unrelated financial institution on a non-committal, true sale basis.应收账款出售计划（2025年5月19日）：公司签订协议，根据一项非承诺性应收账款出售计划，向一家非关联金融机构以真实出售的方式出售指定的高信用质量应收账款池。
Signatures and Powers of Attorney 签署和授权书
The document is signed by company executives, including CEO Strauss Zelnick and CFO Lainie Goldstein, dated May 20, 2025. It includes powers of attorney authorizing Strauss Zelnick and Lainie Goldstein, among others, to sign any amended documents related to this annual report. The Board of Directors also signed the report. 文件由公司高管签署，包括首席执行官Strauss Zelnick和首席财务官Lainie Goldstein，日期为2025年5月20日。它包含授权书，授权Strauss Zelnick和Lainie Goldstein等人签署与本年度报告相关的任何修订文件。董事会成员也签署了该报告。
Credit Agreement Third Amendment Details 信用协议第三号修正案详情
This section provides detailed information on Amendment No. 3 to the 2022 Credit Agreement, executed between Take-Two Interactive Software, Inc. (as Borrower), JPMorgan Chase Bank, N.A. (as Administrative Agent), and other lenders on May 19, 2025. 本部分详细说明了Take-Two Interactive Software, Inc.（借款人）与JPMorgan Chase Bank, N.A.（作为行政代理人）及其他贷款方之间于2025年5月19日签订的信用协议第三号修正案（Amendment No. 3）。
Key Provisions of Amendment No. 3: 修正案三号主要内容：
- • Increased Revolving Credit Facility: The total commitment under the revolving credit facility was increased.增加了循环信贷额度。
- • Extended Maturity Date: The maturity date of the credit facility was extended.延长了到期日。
- • Joint Lead Arrangers: JPMCB and Wells Fargo Bank, National Association were confirmed as joint lead arrangers and joint bookrunners.确认了JPMCB和Wells Fargo Bank, National Association为修正案的联合牵头安排人和联合账簿管理人。
- • Effectiveness Conditions: Effectiveness is subject to various conditions, including signed documents, legal opinions, and compliance certificates.修正案生效需满足多项条件，包括收到各方签署文件、法律意见书、合规证明等。
- • No Novation: The amendment does not constitute a novation of the original credit agreement, and original terms remain effective where not explicitly modified.明确了修正案不构成对原信用协议的债务更新（Novation），原协议条款在未明确修改部分仍然有效。
- • Governing Law: The amendment is governed by New York State law.规定了修正案的管辖法律为纽约州法律。