Analysis of Geographic Areas
Take-Two Interactive Software Inc. operates in 2 regions: United States and International.
Area Asset Turnover
Take-Two Interactive Software Inc., asset turnover by geographic area
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | 12.93 | 13.52 | 14.35 | 18.95 | 19.80 | 20.37 |
| International | 12.35 | 12.29 | 11.80 | 10.70 | 28.55 | 29.36 |
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).
The asset turnover ratios for both the United States and International segments exhibit a general downward trajectory over the analyzed six-year period, although the nature of the decline differs significantly between the two geographic areas. While the United States experienced a steady erosion of asset efficiency, the International segment underwent a sharp contraction followed by a period of marginal stabilization.
- United States Asset Turnover
- A consistent downward trend is observed in the United States, with the ratio declining from 20.37 in March 2020 to 12.93 by March 2025. The most pronounced decrease occurred between March 2022 and March 2023, where the ratio dropped from 18.95 to 14.35. This sustained decline indicates a diminishing capacity to generate revenue relative to the asset base within the domestic market.
- International Asset Turnover
- The International segment initially demonstrated higher efficiency than the domestic market, starting at 29.36 in March 2020. However, a substantial collapse in asset turnover occurred between March 2021 and March 2022, with the ratio falling from 28.55 to 10.70. Following this sharp correction, a slight recovery trend emerged, with the ratio gradually increasing to 12.35 by March 2025.
- Comparative Geographic Performance
- In the early part of the period, the International segment significantly outperformed the United States in terms of asset turnover. By the end of the period, this gap had largely closed, as both regions converged toward a similar efficiency level, with the United States at 12.93 and the International segment at 12.35 as of March 2025.
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Area Asset Turnover: United States
Take-Two Interactive Software Inc.; United States; area asset turnover calculation
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 3,406,800) | 3,279,200) | 3,360,000) | 2,100,237) | 2,015,885) | 1,775,682) |
| Fixed assets, net | 263,500) | 242,600) | 234,100) | 110,828) | 101,838) | 87,153) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 12.93 | 13.52 | 14.35 | 18.95 | 19.80 | 20.37 |
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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Fixed assets, net
= 3,406,800 ÷ 263,500 = 12.93
The analysis of United States operations reveals a divergent trend between revenue growth and asset utilization efficiency over the period ending March 31, 2025. While net revenue has increased substantially, the efficiency with which fixed assets are utilized to generate that revenue has steadily declined.
- Net Revenue Performance
- Net revenue demonstrated a consistent upward trajectory, rising from 1.78 billion in 2020 to 3.41 billion by 2025. A significant acceleration occurred between 2022 and 2023, where revenue increased from 2.10 billion to 3.36 billion. This was followed by a period of stabilization and modest growth through 2025.
- Fixed Asset Expansion
- Fixed assets, net, exhibited significant growth over the period, increasing from 87.15 million in 2020 to 263.50 million in 2025. The most pronounced expansion occurred in 2023, when the asset base more than doubled from 110.83 million to 234.10 million, indicating a substantial capital investment phase.
- Area Asset Turnover Efficiency
- The area asset turnover ratio shows a continuous and uninterrupted decline, falling from 20.37 in 2020 to 12.93 in 2025. The most sharp decrease occurred between 2022 and 2023, coinciding with the surge in fixed asset acquisitions. The persistent downward trend suggests that revenue growth has not kept pace with the rate of investment in fixed assets, resulting in diminished asset productivity in the US region.
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Area Asset Turnover: International
Take-Two Interactive Software Inc.; International; area asset turnover calculation
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | 2,226,800) | 2,070,400) | 1,989,900) | 1,404,563) | 1,356,887) | 1,313,288) |
| Fixed assets, net | 180,300) | 168,500) | 168,700) | 131,211) | 47,526) | 44,735) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 12.35 | 12.29 | 11.80 | 10.70 | 28.55 | 29.36 |
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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Fixed assets, net
= 2,226,800 ÷ 180,300 = 12.35
Net revenue demonstrated a consistent upward trajectory from March 31, 2020, through March 31, 2025, growing from $1.31 billion to approximately $2.23 billion. While revenue increased steadily, the efficiency of fixed asset utilization underwent a significant shift due to a substantial increase in the net fixed asset base during the 2022 fiscal year.
- Net Revenue Growth
- A steady increase in revenue is observed from 2020 to 2022, followed by a sharp acceleration between 2022 and 2023, where revenue rose from $1.40 billion to $1.99 billion. This growth trend continued through 2025, reflecting a sustained expansion in top-line performance.
- Fixed Asset Expansion
- Net fixed assets remained relatively stable between 2020 and 2021 but experienced a precipitous increase in 2022, jumping from $47.5 million to $131.2 million. This expansion continued into 2023 and stabilized through 2025, ending at $180.3 million, indicating a significant increase in capital investment or infrastructure acquisition.
- Area Asset Turnover Trends
- The area asset turnover ratio was high and stable in 2020 and 2021, exceeding 28.00. However, a sharp decline occurred in 2022, with the ratio falling to 10.70. This contraction was a direct result of fixed asset growth far outstripping revenue growth during that period. Since 2022, the ratio has exhibited a gradual recovery trend, rising modestly each year to reach 12.35 by March 31, 2025, suggesting a slow improvement in the productivity of the expanded asset base.
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Net revenue
Take-Two Interactive Software Inc., net revenue by geographic area
US$ in thousands
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | 3,406,800) | 3,279,200) | 3,360,000) | 2,100,237) | 2,015,885) | 1,775,682) |
| International | 2,226,800) | 2,070,400) | 1,989,900) | 1,404,563) | 1,356,887) | 1,313,288) |
| Total | 5,633,600) | 5,349,600) | 5,349,900) | 3,504,800) | 3,372,772) | 3,088,970) |
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).
Total net revenue exhibits a strong upward trajectory over the analyzed six-year period, growing from US$ 3.09 billion in 2020 to US$ 5.63 billion by March 31, 2025. A significant acceleration in growth is observed between March 31, 2022, and March 31, 2023, where total revenue increased by approximately 52.7%, followed by a period of stabilization and moderate growth through 2025.
- United States Market Performance
- Revenue from the United States grew from US$ 1.78 billion in 2020 to US$ 3.41 billion in 2025. The most substantial increase occurred in 2023, with revenue rising to US$ 3.36 billion from US$ 2.10 billion in the prior year. Although a marginal decline of approximately 2.4% was recorded in 2024, the market rebounded in 2025 to reach its peak value for the period.
- International Market Performance
- International revenue demonstrated consistent growth, rising from US$ 1.31 billion in 2020 to US$ 2.23 billion in 2025. A notable surge occurred in 2023, with revenue increasing by approximately 41.6% year-over-year. Growth continued steadily through 2024 and 2025, indicating a sustained expansion in non-domestic markets.
- Geographic Revenue Distribution
- The United States remains the primary revenue driver, consistently accounting for the majority of total net sales. In 2020, the domestic market contributed 57.5% of total revenue, and by 2025, this share increased to 60.5%. While both segments expanded, the growth in the United States slightly outpaced international growth in terms of proportional contribution to the total revenue mix.
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Fixed assets, net
Take-Two Interactive Software Inc., fixed assets, net by geographic area
US$ in thousands
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | 263,500) | 242,600) | 234,100) | 110,828) | 101,838) | 87,153) |
| International | 180,300) | 168,500) | 168,700) | 131,211) | 47,526) | 44,735) |
| Total | 443,800) | 411,100) | 402,800) | 242,039) | 149,364) | 131,888) |
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).
Total net fixed assets exhibit a consistent upward trajectory over the six-year period ending March 31, 2025. The total value increased from 131,888 thousand US dollars in 2020 to 443,800 thousand US dollars in 2025, representing a substantial expansion of the company's physical infrastructure and long-term asset base.
- United States Fixed Assets
- Domestic assets grew from 87,153 thousand US dollars in 2020 to 263,500 thousand US dollars by 2025. A significant inflection point occurred between March 31, 2022, and March 31, 2023, where assets more than doubled from 110,828 thousand to 234,100 thousand US dollars, suggesting a period of intensive capital investment or strategic acquisition within the US market.
- International Fixed Assets
- Assets held internationally increased from 44,735 thousand US dollars in 2020 to 180,300 thousand US dollars in 2025. The most pronounced growth phase occurred between March 31, 2021, and March 31, 2022, with values rising from 47,526 thousand to 131,211 thousand US dollars. This indicates a rapid scaling of international operations during that specific interval.
- Geographic Asset Distribution
- While the United States remains the primary location for fixed assets, the relative distribution has shifted. In 2020, international assets accounted for approximately 34% of the total fixed asset base. By 2025, this proportion increased to approximately 40.6%, reflecting a strategic diversification of physical assets across global markets.
The overall trend indicates a transition from modest annual growth in the early period to aggressive expansion between 2022 and 2023, followed by a period of sustained, steady growth through 2025. The concurrent rise in both domestic and international assets suggests a comprehensive global growth strategy.
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