Common-Size Income Statement
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Take-Two Interactive Software Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Take-Two Interactive Software Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).
- Revenue Composition
- The share of game-related revenue consistently constitutes the vast majority of total net revenue, starting at 100% in early periods and slightly declining to approximately 93% by the latest quarter. Advertising revenue emerges only from March 2021 onward, increasing from about 2% to a peak over 14% in mid-2023, followed by a moderate decrease to under 7% by mid-2025.
- Cost of Revenue
- The cost of revenue as a percentage of net revenue exhibits considerable volatility. It generally fluctuates between approximately 33% and 57%, with notable spikes causing a significant increase to over 80% in certain periods around early 2023. This elevated level of cost led to compression in gross profit margins during these intervals.
- Gross Profit
- Gross profit margins demonstrate an inverse pattern to cost of revenue, varying between roughly 15% and 67%. The highest margins were observed in early 2021 and again in mid-2022, while there was a notable sharp decline dipping below 20% in early 2023, coinciding with the peak in cost of revenue percentage.
- Operating Expenses and Their Components
- Operating expenses relative to net revenue grew considerably over time, rising from just under 46% in mid-2019 to exceeding 70% in some quarters of 2023, with an extreme spike to over 200% in one quarter during early 2024. Selling and marketing expenses increased particularly from early 2022, peaking around 34% in late 2023 before slightly receding. Research and development expenditures also rose steadily from near 9% in 2019 to fluctuating between 16% and almost 19% in later periods. General and administrative expenses show variability but generally increased from under 9% around 2019 to over 18% in late 2023.
- Depreciation and Amortization
- This expense category gradually rose over the timeframe, from roughly 1.3% to around 5.5% of net revenue, indicating increased non-cash charges impacting profitability.
- Goodwill Impairment and Business Reorganization
- Goodwill impairment charges are sporadically recorded, with significant negative impacts noted in late 2023 and early 2024, corresponding with substantial overall losses. Business reorganization costs remain relatively minor except for spikes in early 2024, coinciding with operational challenges.
- Operating Income
- Operating income as a percent of net revenue starts positively with fluctuations between around 9% to 30% up to early 2021. Subsequently, there is a marked deterioration with operating loss percentages deepening to nearly -50% in early 2023 and intensifying further to extreme losses (over -200%) in early 2024, reflecting stressed operational performance in this period.
- Non-Operating Items and Net Income
- Interest and other net expenses generally increase over time, moving from positive contributions early on to consistent negative impacts, increasing in magnitude up to about -3.5% to -5.5% by late 2024. Fair value adjustments have minor effects with occasional small gains or losses. Net income trends mirror operating income, starting positive but trending sharply negative from late 2021 onward, with the nadir observed around early 2024 where net losses exceed 200% of net revenue, followed by sustained losses through mid-2025.
- Tax Provision
- The provision for income taxes oscillates, initially causing modest expense effects but shifts to occasional tax benefits late in the series, particularly during periods with substantial operating losses, suggesting utilization of tax credits or deferred tax benefits offsetting losses.
- Summary
- The data reveals an initial phase of relatively strong profitability, supported by dominant game revenue and controlled costs. From 2021 onward, advertising revenue grows but overall profitability deteriorates sharply, influenced by increased costs, impairments, and significant operating losses. The sharp negative swings in operating and net income in early 2023 and 2024 point to substantial challenges, possibly restructuring or market pressures, affecting financial stability during this time. Despite some recovery in gross profit margins and revenue composition later, operating losses remain substantial through mid-2025.