Take-Two Interactive Software Inc. (NASDAQ:TTWO)

Current Assets

The current assets exhibit a fluctuating trend over the periods analyzed. There was an increase from approximately $3.49 billion in March 2020 to about $4.22 billion in March 2021, indicating growth in liquid and short-term resources. However, a decline followed, with current assets decreasing to roughly $3.87 billion in March 2022 and further dropping to about $2.51 billion by March 2023. The downward trend continued into the following periods, reaching approximately $2.26 billion in March 2024, before experiencing a rebound to $2.82 billion in March 2025. This suggests a period of contraction in liquidity or short-term asset base followed by a recovery in the latest year.

Adjusted Current Assets

The adjusted current assets, which likely account for certain adjustments or reclassifications, closely mirror the trend seen in the current assets. The values start at approximately $3.49 billion in March 2020, rising to about $4.22 billion in March 2021, then decreasing steadily to roughly $2.51 billion by March 2023. Subsequent periods show a decline to approximately $2.26 billion in March 2024, followed by an increase to about $2.82 billion in March 2025. The close similarity in values between current and adjusted current assets indicates minimal impact from the adjustments applied.

Overall Insight

The data reflects a period of asset growth followed by a notable contraction in short-term financial resources, possibly signaling changes in operational activities, liquidity management, or business conditions impacting working capital. The recent uptick in the final period could indicate strategic adjustments or improvements in asset management to strengthen the short-term financial position.

The financial data presents the total and adjusted total assets of the company over six consecutive fiscal years. These figures exhibit notable trends and fluctuations within the observed periods.

Total Assets

The total assets have generally increased from the fiscal year ending in March 31, 2020, reaching a peak in the fiscal year ending March 31, 2023. Starting at approximately 4.95 billion US dollars, total assets rose steadily each year, with an especially significant jump between March 31, 2022, and March 31, 2023, nearly doubling from around 6.55 billion to 15.86 billion US dollars. However, this was followed by a decline over the next two fiscal years, dropping to about 12.22 billion in 2024 and further down to 9.18 billion by 2025.

Adjusted Total Assets

Adjusted total assets closely mirror the trend of total assets, starting at approximately 4.83 billion US dollars in 2020, gradually rising to about 6.47 billion in 2022, and then making a sharp increase to 15.82 billion in 2023. Similar to total assets, adjusted total assets thereafter declined in the subsequent years, showing 12.22 billion in 2024 and 9.18 billion in 2025. The slight differences between total and adjusted total assets each year remain minimal and consistent throughout the periods.

Overall, the data indicates a substantial growth phase between 2022 and 2023 in both total and adjusted total assets, followed by a period of contraction in asset size through to 2025. This pattern suggests a possible asset acquisition or reevaluation event in 2023, followed by divestment, depreciation, or reclassification impacting asset values in the subsequent years.

Current Liabilities

The current liabilities experienced a general upward trend over the analyzed period. Starting at approximately 2,038,539 thousand US dollars in March 2020, there was a slight increase in 2021 to about 2,234,715 thousand US dollars. Subsequently, a minor decline was noted in 2022 to nearly 2,104,964 thousand US dollars. However, this was followed by a significant surge in 2023, reaching approximately 3,851,600 thousand US dollars. In 2024, current liabilities decreased to around 2,406,400 thousand US dollars, only to rise again in 2025 to about 3,615,800 thousand US dollars. Overall, the fluctuations indicate periods of increased short-term obligations interspersed with decreases, with the peak observed in 2023.

Adjusted Current Liabilities

Adjusted current liabilities similarly showed an increasing trend with variations throughout the period. Starting at about 1,260,755 thousand US dollars in March 2020, there was a modest increase to approximately 1,306,686 thousand US dollars in 2021. This was followed by a slight decline to roughly 1,239,694 thousand US dollars in 2022. A significant rise occurred in 2023, reaching approximately 2,772,800 thousand US dollars. In 2024, a reduction was seen again to about 1,346,900 thousand US dollars, followed by another substantial increase in 2025 to nearly 2,532,300 thousand US dollars. These movements suggest a pattern similar to current liabilities, with notable elevation in adjusted short-term obligations in 2023 and 2025.

Overall Insights

The data indicates cyclical fluctuations in both current and adjusted current liabilities, with considerable increases in the years ending in March 2023 and March 2025. The adjusted current liabilities tend to follow the same trend as current liabilities but at lower magnitudes, implying some form of consistent adjustment across the periods. The sharp increases could reflect strategic financing or operational activities resulting in elevated short-term liabilities during those years, while decreases in the intermediate years may indicate efforts to manage or reduce immediate obligations. The observed volatility necessitates careful attention to liquidity management and working capital optimization strategies.

Total Liabilities

Total liabilities show a gradual increase from 2,409,588 thousand US dollars in March 2020 to 2,736,560 thousand in March 2022. Thereafter, a significant surge is observed, with liabilities rising sharply to 6,819,600 thousand in March 2023. Following this peak, there is a slight decline to 6,549,000 thousand in March 2024, but the amount increases again to 7,043,000 thousand in March 2025, indicating continuing growth in the company's total liabilities in recent years.

Adjusted Total Liabilities

The adjusted total liabilities follow a somewhat similar trajectory to total liabilities but at consistently lower values. From March 2020 to March 2022, adjusted liabilities increase steadily from 1,598,335 thousand to 1,778,591 thousand US dollars. A pronounced rise then occurs, with adjusted liabilities more than doubling to 5,171,300 thousand in March 2023. Following this, adjusted liabilities remain relatively stable, slightly decreasing to 5,105,700 thousand in March 2024 before rising again to 5,674,500 thousand in March 2025. This pattern mirrors that of total liabilities, suggesting that underlying adjustments do not alter the overall increasing trend though the adjusted figures remain below the total liabilities.

Overall Observations

The data reflects a period of steady growth in liabilities through 2020 to 2022, followed by a sudden and substantial escalation starting in 2023. Despite minor fluctuations post-2023, liabilities remain elevated, signaling increased leverage or obligations for the company. The adjusted liabilities, while consistently below the total liabilities, also demonstrate this sharp increase and sustained high levels, which may indicate higher operational or financial commitments requiring careful monitoring.

The financial data over the reported periods reveal notable fluctuations in both stockholders' equity and adjusted stockholders' equity.

Stockholders’ equity

The stockholders’ equity showed a consistent upward trend from March 31, 2020, through March 31, 2023, increasing from approximately 2.54 billion USD to a peak of about 9.04 billion USD. This represents a substantial growth during this period. However, following this peak in 2023, there is a significant decline observed in the subsequent two years, with equity dropping to approximately 5.67 billion USD in 2024 and further down to around 2.14 billion USD by March 31, 2025.

Adjusted stockholders’ equity

Adjusted stockholders’ equity follows a similar trend to stockholders’ equity over the period. It increases steadily from about 3.23 billion USD in 2020 to a peak of approximately 10.65 billion USD in 2023, demonstrating strong growth until that point. Subsequently, there is a marked contraction in the adjusted equity values, decreasing to roughly 7.11 billion USD in 2024 and then falling further to about 3.51 billion USD by 2025.

Overall, both measures show a robust and positive growth trend over the first four years, suggesting expansion or accumulation of retained earnings and possibly other comprehensive income components. The sharp declines post-2023 indicate potential significant challenges or changes in financial structure, asset valuation, or other factors affecting equity positions. This reversal warrants further investigation into underlying causes such as asset impairments, distribution of dividends, share buybacks, or other capital structure adjustments during the later periods.

The financial data indicates a mixed and volatile trend in the company’s capital structure and financial positioning over the analyzed periods.

Total Reported Debt

The total reported debt figure appears only from the year ending March 31, 2024, onward, showing an increase from 3,079,800 thousand US dollars to 3,662,100 thousand US dollars by March 31, 2025. This suggests the company increased its leverage in the most recent years.

Stockholders’ Equity

Stockholders' equity showed a strong upward trend from 2,539,244 thousand US dollars in 2020 to a peak of 9,042,500 thousand US dollars in 2023. However, this was followed by a significant decline to 2,137,700 thousand US dollars by 2025. This pattern indicates considerable fluctuations in equity, possibly due to changes in retained earnings, issuance or repurchase of stock, or other comprehensive income components.

Total Reported Capital

Total reported capital, reflecting the sum of debt and equity, increased substantially to 12,122,300 thousand US dollars in 2023 from 3,809,659 thousand in 2022 but then decreased to 5,798,800 thousand in 2025. This shift closely mirrors the changes in stockholders’ equity, as debt data are only partially available, suggesting equity dynamics largely influenced total reported capital.

Adjusted Total Debt

Adjusted total debt trended upward significantly from 177,246 thousand US dollars in 2020 to 4,105,900 thousand US dollars in 2025. The most dramatic increase occurred after 2022, indicating a marked rise in potentially interest-bearing or recognized liabilities when adjusted for certain accounting factors.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity increased steadily from 3,234,264 thousand US dollars in 2020 to a peak of 10,647,300 thousand in 2023 but then fell sharply to 3,507,700 thousand by 2025. This trend parallels the unadjusted equity trend, suggesting adjustments amplify the overall movements in shareholders’ capital but the underlying volatility remains consistent.

Adjusted Total Capital

The adjusted total capital, reflecting the sum of adjusted debt and adjusted equity, rose significantly from 3,411,510 thousand US dollars in 2020 to 14,134,300 thousand US dollars in 2023, before declining to 7,613,600 thousand in 2025. This pattern underscores a substantial expansion followed by a contraction in the company’s financing base when considering adjusted figures, implying strategic or operational factors impacted the capital structure.

Overall, the data reveals that the company's equity and capital base expanded considerably until 2023, followed by a notable decline through 2025. Concurrently, debt levels, especially adjusted debt, have increased steadily, indicating a shift toward greater leverage. The fluctuations are more pronounced in adjusted figures, highlighting the impact of accounting adjustments on perceived financial strength. These trends suggest the company has undergone significant financial restructuring or market conditions changes, affecting its financial stability and capital composition in the recent years.

The financial data indicates consistent growth in both net revenue and adjusted net revenue over the six-year period, with some fluctuations worth noting.

Net Revenue

Net revenue increased from approximately 3.09 billion US dollars in 2020 to 5.63 billion US dollars projected for 2025. The annual growth showed a steady upward trend, with a notable acceleration between 2021 and 2023, where revenue jumped from roughly 3.37 billion to 5.35 billion US dollars. The amount then stabilized between 2023 and 2024 but resumed growth into 2025.

Adjusted Net Revenue

Adjusted net revenue similarly grew from about 3.03 billion US dollars in 2020 to an estimated 5.64 billion US dollars in 2025. This metric generally followed the same pattern as net revenue, with a peak increase between 2021 and 2023. A slight decline appears in 2024, where the adjusted figure drops from 5.53 billion to 5.34 billion but rises again in 2025.

Overall, both metrics demonstrate significant expansion indicative of a growing revenue base. The surge in 2022-2023 suggests a period of enhanced performance or possibly successful product launches or market expansions. The minor dip in adjusted net revenue in the 2024 fiscal year could point to adjustments for non-recurring items or other accounting considerations but does not significantly detract from the overall growth trajectory through 2025.

The financial data over the six-year period displays significant volatility in both net income and adjusted net income, indicating considerable fluctuations in profitability.

Net Income (Loss)

Net income exhibited positive figures in the years ending March 31, 2020, 2021, and 2022, with values of approximately 404 million, 589 million, and 418 million US dollars respectively. However, from the fiscal year ending March 31, 2023, a substantial deterioration occurred, turning into net losses of approximately -1.12 billion, -3.74 billion, and -4.48 billion US dollars for the subsequent three years. This reflects a sharp and sustained decline in profitability starting from 2023.

Adjusted Net Income (Loss)

Adjusted net income follows a similar trend to net income but shows higher values in the positive years and deeper losses during the negative years. It rose strongly from around 338 million US dollars in 2020 to a peak of nearly 835 million in 2021, before falling back to approximately 352 million in 2022. Starting in 2023, this metric also drops into negative territory, with losses increasing from -1.39 billion in 2023 to -3.85 billion in 2024 and -4.6 billion in 2025, indicating worsening adjusted profitability consistent with the unadjusted figures.

Overall, the data reveal a strong profitability phase through 2021, followed by a pronounced and worsening loss period from 2023 onwards. The adjusted net income magnifies this trend, suggesting that adjustments for non-recurring or non-operational items do not alter the underlying decline in financial performance. This pattern likely signals significant operational challenges or extraordinary charges impacting the company’s earnings in recent years.