TAKE TWO INTERACTIVE SOFTWARE INC
For the period ended Mar 31, 2024. Filed May 22, 2024.
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FY2024 · Filed May 22, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Fiscal Year Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net (loss) income | $(3,744.2) | $(1,124.7) | $418.0 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Amortization and impairment of software development costs and licenses | 292.7 | 268.3 | 153.3 |
| Stock-based compensation | 335.6 | 317.8 | 183.0 |
| Noncash lease expense | 61.1 | 81.7 | 34.5 |
| Amortization and impairment of intangibles | 1,418.9 | 1,506.7 | 64.8 |
| Depreciation | 135.5 | 90.3 | 61.2 |
| Goodwill impairment | 2,342.1 | — | — |
| Interest expense | 140.6 | 122.7 | 6.5 |
| Deferred income taxes | (150.4) | (410.8) | 8.1 |
| Fair value adjustments | 8.6 | 31.5 | (6.0) |
| Other, net | 30.5 | (26.6) | 16.2 |
| Changes in assets and liabilities, net of effect from purchases of businesses: | |||
| Accounts receivable | 83.7 | 106.8 | (17.9) |
| Software development costs and licenses | (603.4) | (492.8) | (387.0) |
| Prepaid expenses, other current and other non-current assets | (154.7) | 77.2 | (200.2) |
| Deferred revenue | (11.8) | (141.9) | (30.9) |
| Accounts payable, accrued expenses and other liabilities | (200.9) | (405.1) | (45.6) |
| Net cash (used in) provided by operating activities | (16.1) | 1.1 | 258.0 |
| Investing activities: | |||
| Change in bank time deposits | 19.8 | 100.0 | 447.0 |
| Sale and maturities of available-for-sale securities | 146.9 | 542.0 | 779.9 |
| Purchases of available-for-sale securities | — | — | (756.3) |
| Purchases of fixed assets | (141.7) | (204.2) | (158.6) |
| Proceeds from sale of long-term investments | — | 20.6 | — |
| Purchase of long-term investments | (18.5) | (15.7) | (12.3) |
| Business acquisitions | (18.1) | (3,310.9) | (161.3) |
| Other | (16.6) | (8.1) | 0.8 |
| Net cash (used in) provided by investing activities | (28.2) | (2,876.3) | 139.2 |
| Financing activities: | |||
| Tax payment related to net share settlements on restricted stock awards | (94.1) | (108.1) | (64.1) |
| Repurchase of common stock | — | — | (200.0) |
| Issuance of common stock | 39.4 | 65.4 | 19.7 |
| Cost of debt | (10.3) | (22.4) | (12.2) |
| Repayment of debt | (1,339.6) | (200.0) | (0.2) |
| Settlement of capped calls | — | 140.1 | — |
| Payment for settlement of convertible notes | — | (1,166.8) | — |
| Proceeds from issuance of debt | 1,348.9 | 3,248.9 | — |
| Payment of contingent earn-out consideration | (35.7) | (26.8) | — |
| Net cash (used in) provided by financing activities | (91.4) | 1,930.3 | (256.8) |
| Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 3.1 | (15.9) | (5.2) |
| Net change in cash, cash equivalents, and restricted cash and cash equivalents | (132.6) | (960.8) | 135.2 |
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year (1) | 1,234.6 | 2,195.4 | 2,060.2 |
| Cash, cash equivalents, and restricted cash equivalents, end of year (1) | $1,102.0 | $1,234.6 | $2,195.4 |
| Supplemental data: | |||
| Interest paid | $137.0 | $79.0 | $— |
| Income taxes paid | $150.2 | $176.8 | $31.0 |
(1) Cash, cash equivalents and restricted cash and cash equivalents shown on our Consolidated Statements of Cash Flow includes amounts in the Cash and cash equivalents, Restricted cash and cash equivalents, and Long-term restricted cash and cash equivalents on our Consolidated Balance Sheet.
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