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.

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).

Net Income (Loss): There is a notable shift from positive net income in the earlier years (2020 to 2022) to substantial net losses beginning in 2023, with losses deepening significantly in 2024 and 2025. This trend indicates a deteriorating profitability position over the last three years.
Amortization, Impairment, and Depreciation Expenses: Expenses related to amortization and impairment of software development costs and licenses increased steadily after 2021, almost doubling by 2025 compared to 2021. Amortization and impairment of intangibles rose dramatically in 2023 and though declining thereafter, remain significantly elevated compared to historical levels. Depreciation also exhibits consistent growth year over year, suggesting increased capitalized assets subject to depreciation.
Stock-based Compensation and Noncash Lease Expense: Stock-based compensation declined from 2020 to 2021, then rose sharply in 2023 and 2024 before moderating slightly in 2025. Noncash lease expenses increased moderately over time with a marked jump in 2023, followed by slight declines thereafter.
Goodwill Impairment: Goodwill impairment is absent until 2024 when a large impairment charge is recorded, increasing further in 2025. This signals recognition of diminished value in goodwill, likely linked to a reassessment of acquired assets amid worsening financial results.
Interest Expense and Debt-Related Items: Interest expense increases considerably, especially from 2022 onward, peaking in 2025. Concurrently, there was significant issuance of debt beginning in 2023, with repayments also notable in 2024 but absent in 2025, indicating an increased reliance on debt financing. Cost of debt is reported negatively in some years, likely reflecting interest income or cost recoveries, but overall the net trend points to higher financing costs.
Deferred Income Taxes and Fair Value Adjustments: Deferred income taxes exhibit volatility, with positive values in early years turning sharply negative in 2023 and partially recovering by 2025. Fair value adjustments turn negative in 2021 and 2022 but revert to small positive adjustments subsequently, indicating fluctuating impacts of market or investment valuations.
Changes in Working Capital: Working capital components such as accounts receivable, prepaid expenses, deferred revenue, and accounts payable experience considerable fluctuations. Particularly, changes in assets and liabilities show escalating negative values from 2022 onward, reflecting increased cash outflows related to working capital management.
Operating Cash Flows: Net cash provided by operating activities peaks in 2021 but declines sharply thereafter, turning almost nil in 2023 and negative in following years, implying operational cash generation challenges coinciding with net losses.
Investing Activities: Cash flows from investing activities vary widely, with a substantial negative cash outflow in 2023 due mainly to business acquisitions. Capital expenditures remain significant throughout the period, while purchases and sales of securities fluctuate, with a tendency toward net purchases in earlier years and reduced activity later.
Financing Activities: Financing cash flows shift from negative to strongly positive in 2023 due to significant debt issuance, followed by variability in subsequent years. Share issuance increases steadily, while stock repurchases were notable only in 2022. Settlement of convertible notes and other debt-related transactions in 2023 lead to marked changes in financing cash flows.
Cash and Cash Equivalents: The ending cash balance grows moderately from 2020 through 2022 but then declines sharply in 2023 and 2024 before rebounding in 2025. This mirrors the overall cash flow pattern with operational difficulties offset somewhat by financing activities in later years.

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

Cash Flow Statement