Name: Take-Two Interactive Software Inc. (NASDAQ:TTWO) | Cash Flow Statement
Creator: Stock Analysis on Net

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Take-Two Interactive Software Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net income (loss)	(4,478,900)	(3,744,200)	(1,124,700)	418,022)	588,886)	404,459)
Amortization and impairment of software development costs and licenses	333,800)	292,700)	268,300)	153,279)	144,263)	167,925)
Stock-based compensation	324,000)	335,600)	317,800)	182,969)	110,472)	257,881)
Noncash lease expense	59,500)	61,100)	81,700)	34,511)	30,553)	21,037)
Amortization and impairment of intangibles	922,600)	1,418,900)	1,506,700)	64,817)	32,241)	20,990)
Depreciation	153,900)	135,500)	90,300)	61,196)	56,309)	47,628)
Goodwill impairment	3,545,200)	2,342,100)	—)	—)	—)	—)
Interest expense	167,300)	140,600)	122,700)	6,525)	—)	—)
Deferred income taxes	139,500)	(150,400)	(410,800)	8,104)	10,631)	(3,486)
Fair value adjustments	6,900)	8,600)	31,500)	(6,015)	(41,588)	—)
Other, net	24,800)	30,500)	(26,600)	16,243)	5,515)	9,074)
Accounts receivable	(105,000)	83,700)	106,800)	(17,857)	47,195)	(195,484)
Software development costs and licenses	(691,600)	(603,400)	(492,800)	(386,945)	(221,279)	(48,434)
Prepaid expenses, other current and other non-current assets	11,900)	(154,700)	77,200)	(200,314)	(82,019)	(240,185)
Deferred revenue	6,800)	(11,800)	(141,900)	(30,946)	152,466)	(55,460)
Accounts payable, accrued expenses and other liabilities	(465,900)	(200,900)	(405,100)	(45,605)	78,673)	299,733)
Changes in assets and liabilities, net of effect from purchases of businesses	(1,243,800)	(887,100)	(855,800)	(681,667)	(24,964)	(239,830)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	4,433,700)	3,728,100)	1,125,800)	(160,038)	323,432)	281,219)
Net cash provided by (used in) operating activities	(45,200)	(16,100)	1,100)	257,984)	912,318)	685,678)
Change in bank time deposits	12,600)	19,800)	100,000)	446,965)	(387,762)	196,720)
Sale and maturities of available-for-sale securities	—)	146,900)	542,000)	779,940)	546,287)	400,635)
Purchases of available-for-sale securities	—)	—)	—)	(756,266)	(824,477)	(499,991)
Divestitures	32,700)	—)	—)	—)	—)	—)
Purchases of fixed assets	(169,400)	(141,700)	(204,200)	(158,642)	(68,923)	(53,384)
Proceeds from sale of long-term investments	—)	—)	20,600)	—)	47,472)	—)
Purchase of long-term investments	(21,100)	(18,500)	(15,700)	(12,272)	(16,852)	(27,891)
Business acquisitions	6,500)	(18,100)	(3,310,900)	(161,331)	(102,469)	(12,040)
Other	(12,800)	(16,600)	(8,100)	822)	—)	—)
Net cash (used in) provided by investing activities	(151,500)	(28,200)	(2,876,300)	139,216)	(806,724)	4,049)
Tax payment related to net share settlements on restricted stock awards	—)	(94,100)	(108,100)	(64,074)	(71,552)	(87,968)
Repurchase of common stock	—)	—)	—)	(200,012)	—)	—)
Issuance of common stock	77,300)	39,400)	65,400)	19,657)	14,214)	10,515)
Cost of debt	(5,400)	(10,300)	(22,400)	(12,150)	—)	—)
Repayment of debt	—)	(1,339,600)	(200,000)	(234)	—)	—)
Settlement of capped calls	—)	—)	140,100)	—)	—)	—)
Payment for settlement of convertible notes	(8,300)	—)	(1,166,800)	—)	—)	—)
Proceeds from issuance of debt	598,900)	1,348,900)	3,248,900)	—)	—)	—)
Payment of contingent earn-out consideration	(12,000)	(35,700)	(26,800)	—)	—)	—)
Net cash provided by (used in) financing activities	650,500)	(91,400)	1,930,300)	(256,813)	(57,338)	(77,453)
Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	3,400)	3,100)	(15,900)	(5,303)	18,599)	(10,868)
Net change in cash, cash equivalents, and restricted cash and cash equivalents	457,200)	(132,600)	(960,800)	135,084)	66,855)	601,406)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of year	1,102,000)	1,234,600)	2,195,400)	2,060,247)	1,993,392)	1,391,986)
Cash, cash equivalents, and restricted cash equivalents, end of year	1,559,200)	1,102,000)	1,234,600)	2,195,331)	2,060,247)	1,993,392)

Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

A significant shift in profitability and cash flow dynamics is evident over the analyzed period. From 2020 to 2022, the company maintained positive net income and robust net cash provided by operating activities. However, beginning in 2023, a trend of deepening net losses emerged, accelerating from a loss of $1.12 billion in 2023 to $4.48 billion by 2025.

Operating Cash Flow and Non-Cash Adjustments: Despite severe net losses in recent years, net cash provided by operating activities remained significantly higher than net income. This divergence is primarily attributed to substantial non-cash charges. Amortization and impairment of intangibles surged from $64.8 million in 2022 to $1.51 billion in 2023, remaining high through 2025. Furthermore, goodwill impairment became a major factor in 2024 and 2025, recording charges of $2.34 billion and $3.55 billion, respectively. These adjustments effectively buffered the impact of net losses on the actual cash position, though operating cash flow eventually turned negative, reaching -$45.2 million by 2025.
Investment Patterns and Capital Expenditure: Investing activities were characterized by a massive expansion in 2023, marked by business acquisitions totaling $3.31 billion. Prior to this, acquisition spending was relatively modest, peaking at $161.3 million in 2022. Purchases of fixed assets have shown a consistent upward trend, increasing from $53.4 million in 2020 to $169.4 million in 2025, indicating a steady investment in physical infrastructure. The company also transitioned from active management of available-for-sale securities in the early part of the period to a more restricted investment profile in later years.
Financing Strategy and Debt Management: Financing activities have been utilized to offset operational losses and fund strategic acquisitions. A significant influx of cash was generated in 2023 through the issuance of debt totaling $3.25 billion, which was partially used to settle convertible notes ($1.17 billion) and fund the aforementioned acquisitions. Debt issuance continued in 2024 and 2025, providing $1.35 billion and $598.9 million, respectively. This reliance on debt is contrasted by a large debt repayment of $1.34 billion in 2024, suggesting a period of balance sheet restructuring.
Liquidity and Cash Position: The ending cash, cash equivalents, and restricted cash balance peaked in 2022 at approximately $2.20 billion. A sharp decline occurred in 2023 and 2024, coinciding with the large-scale acquisition and operational downturn, with the balance dropping to $1.10 billion by March 31, 2024. However, a recovery is observed by March 31, 2025, with the cash position rising to $1.56 billion, supported largely by financing inflows.

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