Take-Two Interactive Software, Inc. FY 2025 10-K Analysis (Part II) Take-Two Interactive Software, Inc. 2025财年10-K分析(Part II)
Key Logic & Summary 核心逻辑与总结
Take-Two Interactive Software, Inc. achieved significant net revenue growth in FY 2025, driven primarily by strong performance in mobile games (e.g., Match Factory!, Toon Blast) and new releases (e.g., Sid Meier's Civilization VII, TopSpin 2K25), alongside continued expansion of digital online channels. Take-Two Interactive Software, Inc.在2025财年实现了净营收的显著增长，主要得益于移动游戏（如Match Factory!、Toon Blast）和新发行游戏（如Sid Meier's Civilization VII、TopSpin 2K25）的强劲表现，以及数字在线渠道的持续扩张。
However, the company recorded a substantial net loss during the same period, mainly due to a goodwill impairment charge of $3,545.2 million. This impairment reflects changes in industry conditions and strategic adjustments, leading to a decline in the expected performance of certain games. 然而，公司同期也录得巨额净亏损，这主要归因于高达$3,545.2百万美元的商誉减值费用。该减值反映了行业状况变化和公司策略调整导致某些游戏预期表现下降。
Despite profitability challenges, Take-Two increased cash reserves through note issuance and equity financing, maintaining ample liquidity. However, it currently does not pay dividends, and its stock repurchase program is paused. 尽管面临盈利挑战，公司通过发行票据和股权融资增加了现金储备，并维持了充足的流动性，但目前不派发股息，且股票回购计划暂停。
FY 2025 Key Financial Highlights 2025财年主要财务亮点
Net Revenue Growth 净营收增长
$5,633.6M (+5.3% YoY) (同比+5.3%)
Goodwill Impairment 商誉减值
$3,545.2M (Primary loss driver) (主要亏损原因)
Net Loss 净亏损
$4,478.9M (vs. $3,744.2M FY24) (对比24财年$3,744.2M)
Company Overview: Properties & Business Structure 公司概览：物业与业务结构
Core Business Structure 核心业务结构
Leading Interactive Entertainment 全球领先互动娱乐公司
Take-Two is a global leader in developing, publishing, and marketing interactive entertainment. Take-Two是全球领先的互动娱乐开发商、发行商和营销商。
- Primary Brands:主要品牌： Rockstar Games, 2K, ZyngaRockstar Games、2K和Zynga
- Product Platforms:产品平台： Console systems, mobile devices (smartphones & tablets), PC主机游戏系统、移动设备（智能手机和平板电脑）和PC
- Distribution Channels:分发渠道： Physical retail, digital download, online platforms, cloud streaming services实体零售、数字下载、在线平台和云流媒体服务
- Key Game Contribution:关键游戏贡献： Grand Theft Auto series historically contributes a large portion of net revenue, 12.6% in FY25.Grand Theft Auto系列产品历来贡献了公司营收的很大一部分，2025财年占净营收的12.6%。
Content Release Highlights (FY25 & FY26) 内容发布亮点 (2025及2026财年)
- 2K: NBA 2K25, TopSpin 2K25, Sid Meier's Civilization VII, PGA TOUR 2K25, WWE 2K25.2K: NBA 2K25、TopSpin 2K25、Sid Meier's Civilization VII、PGA TOUR 2K25和WWE 2K25。
- Zynga: Game of Thrones: Legends.Zynga: Game of Thrones: Legends。
- Rockstar Games: Grand Theft Auto VI planned for May 26, 2026.Rockstar Games: Grand Theft Auto VI计划于2026年5月26日发布。
Company Property Locations 公司物业地点
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New York (Main Office):纽约（主要行政办公室）： ~102,000 sq ft, Lease to Dec 2037. 约102,000平方英尺，租约至2037年12月。
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New York (Another Office):纽约（另一处办公室）： ~64,000 sq ft, Lease to Mar 2030. 约64,000平方英尺，租约至2030年3月。
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London (Take-Two Europe):伦敦（Take-Two欧洲）： ~39,500 sq ft, Lease to Dec 2034. Also offices in Edinburgh. 约39,500平方英尺，租约至2034年12月。在爱丁堡也有办公室。
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Novato, California (2K):加利福尼亚州诺瓦托（2K）： ~90,000 sq ft, Lease to Oct 2033. 约90,000平方英尺，租约至2033年10月。
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San Mateo, California (Zynga):加利福尼亚州圣马特奥（Zynga）： ~62,000 sq ft, Lease to Jun 2032. 约62,000平方英尺，租约至2032年6月。
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San Francisco, California (Zynga Former HQ, closed):加利福尼亚州旧金山（Zynga原总部，已关闭）： ~185,000 sq ft, Lease to Jun 2031. 约185,000平方英尺，租约至2031年6月。
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Global Subsidiaries:全球子公司： Offices in Australia, Canada, China, Czech Republic, Finland, France, Germany, Hungary, India, Ireland, Israel, Japan, Serbia, Singapore, South Korea, Spain, Switzerland, Taiwan, Turkey, U.K., and various U.S. states. 办公室遍布澳大利亚、加拿大、中国、捷克共和国、芬兰、法国、德国、匈牙利、印度、爱尔兰、以色列、日本、塞尔维亚、新加坡、韩国、西班牙、瑞士、台湾、土耳其、英国以及美国多个州。
Legal matters: Refer to Note 14 - Commitments and Contingencies in consolidated financial statements. 法律事项：请参考合并财务报表附注14 - 承诺与或有事项。
Stock Market Performance & Shareholder Returns 股票市场表现与股东回报
5-Year Cumulative Total Shareholder Return (TSR) 5年累计总股东回报 (TSR)
This chart compares the cumulative total shareholder return of Take-Two (TTWO) against the NASDAQ Composite, S&P 500, and RDG Technology Composite indices from March 31, 2020 to March 31, 2025. 此图表比较了Take-Two (TTWO) 与纳斯达克综合指数、S&P 500指数和RDG科技综合指数从2020年3月31日至2025年3月31日的5年累计总股东回报。
Key Insight: 关键洞察：
Take-Two's TSR was $174.73 (from $100 initial investment), consistently lower than all three major indices over the entire 5-year period. TTWO showed significant volatility, nearly returning to initial investment levels by March 2023 ($100.58). Take-Two的TSR为$174.73（初始投资$100美元），在整个5年期间持续低于所有三大主要指数。TTWO表现出较大的波动性，到2023年3月其TSR几乎回落到初始投资水平（$100.58美元）。
Shareholder Return Policies 股东回报政策
Dividend Policy: 股息政策：
The company has never declared or paid cash dividends and expects to use all future earnings for business growth and debt repayment. Cash dividends are not expected in the foreseeable future. 公司从未宣派或支付现金股息，并预计未来所有盈利将用于业务增长和偿还债务，可预见的未来不期望支付现金股息。
Issuer Stock Repurchase Program 发行人股票回购计划
The Board has authorized the repurchase of up to $21.7 million shares of common stock. 公司董事会已授权回购最多21.7百万股普通股。
| Period期间 | Shares Repurchased回购股数 | Remaining Authorized剩余授权 |
|---|---|---|
| FY25 (Jan 1 - Mar 31)25财年 (1月1日-3月31日) | 0 | 10.0M |
| FY25 Total25财年总计 | 0 | 10.0M |
| FY24 Total24财年总计 | 0 | 10.0M |
| FY23 Total23财年总计 | 0 | 10.0M |
| Cumulative Repurchased (as of Mar 31, 2025)累计已回购 (截至2025年3月31日) | 11.7M | N/A |
The company did not repurchase any common stock in FY2025, FY2024, or FY2023. 公司在2025财年、2024财年和2023财年均未回购普通股。
Operating Analysis & Financial Performance 经营分析与财务表现
Summary of Key Financials 主要财务指标概览
| Metric指标 | FY 2025 (M USD)2025财年 (百万美元) | FY 2024 (M USD)2024财年 (百万美元) | Change (%)变化 (%) |
|---|---|---|---|
| Net Revenue净营收 | 5,633.6 | 5,349.6 | +5.3% |
| Cost of Sales销售成本 | 2,571.4 | 3,107.8 | -17.3% |
| Gross Profit毛利 | 3,062.2 | 2,241.8 | +36.6% |
| Operating Expenses Total总运营费用 | 7,453.3 | 5,832.4 | +27.8% |
| Operating Loss运营亏损 | -4,391.1 | -3,590.6 | +22.3% |
| Net Loss净亏损 | -4,478.9 | -3,744.2 | +19.6% |
| Diluted EPS稀释每股亏损 | -25.58 | -22.01 | +16.2% |
Note: The significant increase in Operating Expenses and subsequent losses are primarily due to large goodwill impairment charges. 注：运营费用的显著增长以及随后的亏损主要归因于巨额商誉减值费用。
Impairment Charges (FY 2025) 减值费用 (2025财年)
Goodwill Impairment: 商誉减值：
A charge of $3,545.2 million for goodwill impairment, reflecting a partial impairment of a reporting unit. This is a primary driver of the net loss. 商誉减值费用高达$3,545.2百万美元，是对一个报告单位的部分减值。这是净亏损的主要驱动因素。
Other Intangible Asset Impairments: 其他无形资产减值：
- Developed game technology: $137.0 million已开发游戏技术：$137.0百万美元
- Brands and trademarks: $39.3 million品牌和商标：$39.3百万美元
Software Development & License Impairment: 软件开发与许可减值：
Total $77.5 million, with $35.1 million related to game cancellations as part of cost reduction initiatives. 总计$77.5百万美元，其中$35.1百万美元与成本削减计划中的游戏取消有关。
These impairments are primarily due to changes in industry conditions and company strategic adjustments leading to a decline in the expected performance of certain games. 这些减值费用主要是由于行业状况和公司策略调整导致某些游戏预期表现下降。
Net Bookings Performance (FY 2025 vs. FY 2024) 净预订量表现 (2025财年 vs 2024财年)
Net Bookings, defined as net amounts from digital or physical sales of products and services, showed a positive trend in FY2025. 净预订量，定义为数字或实体销售的产品和服务净额，在2025财年呈现积极趋势。
- FY2025 Net Bookings: $5,648.0 million2025财年净预订量：$5,648.0百万美元
- FY2024 Net Bookings: $5,333.0 million2024财年净预订量：$5,333.0百万美元
- Increase: $315.0 million (+5.9%)增长：$315.0百万美元 (+5.9%)
Growth Drivers: 增长驱动因素：
- Match Factory!
- Sid Meier's Civilization series (Civilization VII)Sid Meier's Civilization系列 (Civilization VII)
- Toon Blast
- NBA 2K series
- TopSpin 2K25
Offset by declines in: 部分增长被以下因素抵消：
- Empires & Puzzles
- Grand Theft Auto series
- Hyper-casual and hybrid-casual mobile portfolio超休闲和混合休闲移动产品组合
- LEGO 2K Drive
FY 2025 Net Revenue Breakdown by Category 2025财年净营收按类别细分
By Content Type 按内容类型
Recurrent Consumer Spending (RCS) remains the dominant revenue source. 经常性消费者支出 (RCS) 仍是主要营收来源。
By Platform 按平台
Mobile is now the largest platform contributor to net revenue. 移动平台现已成为净营收的最大贡献者。
By Distribution Channel 按分发渠道
Digital online channels account for nearly all net revenue. 数字在线渠道贡献了几乎全部净营收。
Key Trends & Factors Affecting Business: 影响业务的关键趋势与因素：
- Product Launch Timing & Success: Financial results are highly dependent on the timing and commercial success of game releases.产品发布时机与成功：财务业绩高度依赖于游戏发布的时机和商业成功。
- Economic Environment: Macroeconomic and geopolitical factors (e.g., global tariffs, inflation) can affect consumer demand.经济环境：宏观经济和地缘政治因素（如全球关税、通胀）可能影响消费者需求。
- Hardware Platforms: Success relies on consumer acceptance and growth of console platforms; demand for older platform games typically declines with new hardware.硬件平台：成功依赖于消费者对主机平台的接受度和增长；随着新硬件的推出，旧平台游戏的需求通常会下降。
- Online Content & Digital Distribution: Digital channels (96.4% of net revenue in FY25) are key. Mobile game distribution via app stores incurs platform fees, impacting gross margins.在线内容与数字分发：数字渠道（2025财年占净营收的96.4%）是关键。通过应用商店分发的移动游戏会产生平台费用，影响毛利率。
- Player Acquisition Costs: Significant for mobile games, impacting sales and marketing expenses.玩家获取成本：对移动游戏而言非常重要，影响销售和营销费用。
- Gross Margin: Increased to 54.3% in FY25 (from 41.9% in FY24) mainly due to lower impairment charges related to the Zynga acquisition.毛利率：2025财年增至54.3%（2024财年为41.9%），主要由于与Zynga收购相关的无形资产减值费用降低。
Operating Expenses Analysis (FY 2025 vs. FY 2024) 运营费用分析 (2025财年 vs 2024财年)
Operating Expense Breakdown (FY 2025) 运营费用细分 (2025财年)
Goodwill impairment was the largest single operating expense category in FY25. 商誉减值是2025财年最大的单一运营费用类别。
Detailed Expense Changes & Drivers 详细费用变化与驱动因素
| Expense Category费用类别 | FY25 (M USD)25财年 (百万美元) | % of Net Revenue (FY25)占净营收比重 (25财年) | YoY Change (%)同比变化 (%) |
|---|---|---|---|
| Sales & Marketing销售和营销 | 1,683.7 | 29.9% | +8.6% |
| Research & Development研发 | 1,005.2 | 17.8% | +6.0% |
| General & Administrative一般和行政 | 883.3 | 15.7% | +23.3% |
| Depreciation & Amortization折旧和摊销 | 229.4 | 4.1% | +34.0% |
| Goodwill Impairment商誉减值 | 3,545.2 | 62.9% | +51.4% |
| Business Restructuring业务重组 | 106.5 | 1.9% | +1.8% |
Key Drivers for Expense Increases: 费用增长主要驱动因素：
- Sales & Marketing: Higher marketing for Match Factory!, Game of Thrones: Legends, Sid Meier's Civilization.销售和营销：Match Factory!、Game of Thrones: Legends、Sid Meier's Civilization系列的营销费用增加。
- R&D: Increased personnel costs (more employees) and production costs for games not yet reaching technological feasibility.研发：人员费用增加（员工人数增加）以及未达技术可行性的游戏生产开发费用增加。
- G&A: Gearbox acquisition costs, increased personnel, IBM litigation legal fees, cloud services, IT infrastructure.一般和行政：Gearbox收购相关交易成本、人员费用增加、与IBM诉讼相关的法律费用、云服务和IT基础设施相关费用。
- Depreciation & Amortization: Higher intangible asset impairment, IT infrastructure, leasehold improvements.折旧和摊销：无形资产减值费用增加、IT基础设施费用增加和办公室装修的租赁改良费用增加。
- Business Restructuring: Employee-related costs and asset disposal losses.业务重组：员工相关成本和资产剥离损失增加。
Total operating expenses reached $7,453.3 million in FY25, representing 132.3% of net revenue, a 27.8% increase YoY. 总运营费用在2025财年达到$7,453.3百万美元，占净营收的132.3%，同比增加27.8%。
Interest & Other, Net and Income Tax 利息及其他，净额与所得税
Interest & Other, Net (M USD) 利息及其他，净额 (百万美元)
| Category类别 | FY 20252025财年 | FY 20242024财年 | Change (%)变化 (%) |
|---|---|---|---|
| Interest Income利息收入 | 98.6 | 62.3 | +58.3% |
| Interest Expense利息支出 | 167.3 | 140.6 | +19.0% |
| FX Gains/(Losses)外汇收益/(亏损) | -22.6 | -28.6 | -21.0% |
| Net Total净额总计 | -93.3 | -103.6 | -9.9% |
Net loss narrowed primarily due to increased interest income (higher rates & cash balance) and a gain on investment sale, partially offset by increased FX losses and debt-related interest expenses. 净亏损收窄主要由于利息收入增加（因利率上升和现金余额增加）以及出售一项投资的收益。部分被外汇损失增加和与债务交易相关的利息支出增加所抵消。
Income Tax Benefit / (Expense) 所得税收益 / (费用)
- FY2025: $12.4 million benefit (Effective tax rate: 0.3% vs. statutory 21%)2025财年：$12.4百万美元收益 (有效税率：0.3% vs 法定21%)
- FY2024: $41.4 million expense (Effective tax rate: -1.1% vs. statutory 21%)2024财年：$41.4百万美元费用 (有效税率：-1.1% vs 法定21%)
Key Influences on Effective Tax Rate (FY25): 有效税率主要影响因素 (25财年)：
- Non-deductible goodwill impairment: $718.0 million不可抵扣商誉减值：$718.0百万美元
- Increase in US valuation allowance: $222.7 million美国估值准备金增加：$222.7百万美元
- Increase in foreign valuation allowance: $25.5 million外国估值准备金增加：$25.5百万美元
- Offset by tax credit benefits: $54.5 million被税收抵免收益抵消：$54.5百万美元
New tax laws like ARPA, CAMT, and OECD Pillar Two did not have a significant impact on FY25 financial statements. ARPA、CAMT和OECD Pillar Two等新税法对2025财年财务报表没有重大影响。
Liquidity & Capital Resources 流动性与资本资源
Cash Flow Changes (FY 2025 vs. FY 2024) 现金流量变化 (2025财年 vs 2024财年)
FY25 saw a significant positive shift in net cash flow due to strong financing activities. 2025财年净现金流因强劲的融资活动而出现显著的正向变化。
Liquidity Overview & Debt Structure 流动性概览与债务结构
Cash & Short-term Investments: 现金与短期投资：
- Cash, equivalents & restricted cash: $1,559.2 million (FY25) vs. $1,102.0 million (FY24)现金、现金等价物和受限现金等价物：$1,559.2百万美元 (25财年) vs $1,102.0百万美元 (24财年)
- Short-term investments: $9.4 million (FY25)短期投资：$9.4百万美元 (25财年)
- Overseas subsidiaries holding: $791.3 million (FY25)海外子公司持有：$791.3百万美元 (25财年)
Debt & Credit: 债务与信贷：
- Senior Notes outstanding: $3,650.0 million (FY25)高级票据未偿余额：$3,650.0百万美元 (25财年)
- Repaid $600.0 million 2025 Notes on Apr 14, 2025.于2025年4月14日偿还了$600.0百万美元的2025票据。
- 2022 Credit Agreement: $0 drawn, $747.8 million available.2022信贷协议：$0已借款，$747.8百万美元可用。
- 2026 Convertible Notes: $29.4 million outstanding, due Dec 15, 2026.2026可转换票据：$29.4百万美元未偿本金，于2026年12月15日到期。
Credit Risk & Customer Concentration: 信用风险与客户集中度：
- Top 5 customers accounted for 81.0% of net revenue in FY2025.前5大客户在2025财年占净营收的81.0%。
- Top 5 customers accounted for 72.1% of total receivables at FY2025 end.前5大客户在2025财年末占总应收账款的72.1%。
- The company manages this with continuous credit evaluation and trade credit insurance.公司通过持续的信用评估和贸易信用保险进行管理。
The company believes existing cash, investments, operating cash flow, and credit facilities provide ample short- and long-term liquidity. 公司认为现有现金、投资、经营现金流以及信贷额度将提供充足的短期和长期流动性。
Projected Capital Expenditure for FY2026: $145 million. 预计2026财年资本支出：$145百万美元。
International Business & Market Risk Disclosure 国际业务与市场风险披露
International Operations Overview 国际业务概览
Geographic Revenue Distribution: 地域营收分布：
Net revenue from outside the U.S. comprised 39.5% of total net revenue in FY2025 (FY2024: 38.7%, FY2023: 37.2%). 美国以外的净营收在2025财年占总净营收的39.5%（2024财年：38.7%，2023财年：37.2%）。
Risks of International Trade: 国际贸易风险：
- Increased credit risk信用风险增加
- Tariffs & trade barriers关税和贸易壁垒
- Foreign exchange rate fluctuations外汇汇率波动
- Shipping delays运输延迟
- International political, regulatory, and economic developments国际政治、监管和经济发展
Quarterly Fluctuations: 季度波动：
- Influenced by new game releases, platform sales, market acceptance, development costs, competitor releases, returns, pricing.受新游戏发布时机、特定平台游戏销售变化、市场接受度、开发和推广费用、竞争对手发布、产品退货、定价政策等因素影响。
- Full game sales are seasonal, peaking in Q4 (holiday season).完整游戏产品销售具有季节性，通常在第四季度（假日季）达到需求高峰。
- Net Bookings (recognition at sale) vs. Net Revenue (deferred over service period, 6-15 months) can differ by quarter.净预订量（销售时确认）与净营收（在服务期内递延确认，通常为6到15个月）最高的季度可能不同。
Market Risk Management 市场风险管理
Interest Rate Risk: 利率风险：
Primarily relates to short-term investment portfolio and floating-rate debt under the 2022 Credit Agreement (current interest rate around 7.50% or 4.33% SOFR). Managed by holding high-quality corporate bonds with maturities under 2 years. 主要与短期投资组合和2022信贷协议下的浮动利率债务相关（当前利率约为7.50%或4.33% SOFR）。通过持有期限小于2年的高信用质量公司债券进行管理。
Foreign Exchange Rate Risk: 外汇汇率风险：
Exposure to fluctuations, especially Turkish Lira. Translation adjustments into equity (FY25: $8.2 million gain). Transaction losses (FY25: $22.6 million loss). 面临汇率波动风险，特别是土耳其里拉。外币折算调整计入股东权益（25财年：$8.2百万美元收益）。交易损失（25财年：$22.6百万美元亏损）。
Hedging Activities:对冲活动：
- Uses forward foreign exchange contracts for non-functional currency exposures.使用远期外汇合约对冲非功能货币计价的风险。
- FY25 forward contract gains: $5.3 million.25财年远期合约收益：$5.3百万美元。
- Current outstanding contracts: Buy $97.0 million, Sell $299.8 million (all due within 1 year).当前未偿合约：买入$97.0百万美元，卖出$299.8百万美元（均在1年内到期）。
**Sensitivity Analysis:** A 10% appreciation of the U.S. Dollar against all currencies would decrease revenue by 4.0%, while a 10% depreciation would increase revenue by 4.0%. However, most fluctuations are offset by local currency-denominated costs and expenses. **敏感性分析：**美元对所有货币升值10%将使营收减少4.0%，贬值10%将使营收增加4.0%，但大部分波动将被当地货币产生的销售成本和运营费用抵消。
Additional Information 附加信息
Financial Statements & Accounting Matters: 财务报表与会计师事项：
Detailed financial statements and supplementary data are presented in Part IV of the Form 10-K. Note 19 provides details on valuation and qualifying accounts. No changes or disagreements with accountants were reported. 详细财务报表和补充数据在Form 10-K的Part IV之后单独列示。附注19提供了估值和合格账户的详细信息。公司与会计师之间无变更或分歧。