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What were the key takeaways from Take-Two Interactive's earnings call?

- **Q2 Record Performance**: $1.96B net bookings (+31% YoY), driven by NBA 2K26 (5M units sold) and mobile titles like Toon Blast (+26% YoY). 
- **Mobile Growth Engine**: Direct-to-consumer initiatives boost mobile net bookings +10% YoY, with Rollic's Color Block Jam hitting a record. 
- **Raised Guidance**: FY26 net bookings $6.4B-$6.5B (14% growth), with NBA 2K and mobile titles accounting for 77% of recurrent spending. 
- **GTA V Delay**: Postponed to November 2026 for polish, with no impact on GTA Online engagement (220M units sold). 
- **Margin Expansion**: Mobile gross margin improving due to reduced third-party fees and direct transactions.

**【CEO Summary Section】**
- **Record Q2 Net Bookings**: $1.96 billion, driven by NBA 2K26 (5M units sold, highest average selling price), mobile titles like Toon Blast (+26% YoY), and Rockstar's GTA Online engagement (20% growth in GTA+ memberships). 
- **Mobile Growth Acceleration**: Direct-to-consumer transactions and new payment mechanisms boosted mobile net bookings by mid-teens, with Rollic's Color Block Jam hitting a net bookings record. 
- **Pipeline Strength**: Raised FY26 net bookings guidance to $6.4B-$6.5B (14% YoY growth), with NBA 2K, GTA series, and mobile titles accounting for 77% of recurrent consumer spending. 
- **GTA V Delay**: Postponed to November 2026 to ensure polish, with no change to GTA Online support or engagement trends (220M units sold to date). 

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net revenue $1.77B (+31% YoY), operating expenses $1.1B (+5% YoY) due to mobile UA investments. 
- **Recurrent Consumer Spending**: $1.43B (+20% YoY), with NBA 2K up 45% and mobile +mid-teens. 
- **FY26 Guidance**: 
  - Net bookings $6.4B-$6.5B (14% growth) 
  - Recurrent consumer spending $4.9B-$5B (+11%) 
  - Mobile net bookings $2.3B-$2.4B (+10%) 
  - Operating cash flow $250M 
- **Margin Expansion**: Direct-to-consumer initiatives and legislative changes driving higher margins, with mobile gross margin improving due to reduced third-party fees. 

**【Q&A Highlights】**
- **Mobile Margin Growth**: Direct-to-consumer transactions and legislative changes enabling 10%+ mobile net bookings growth and margin expansion. 
- **GTA V Strategy**: Delay reflects commitment to quality, with no impact on GTA Online monetization (declining as expected). 
- **AI Implementation**: Used for efficiency in QA, asset generation, and analytics, not replacing creative roles. 
- **NBA 2K Retention**: Early access passes, premium SKUs, and community features driving 30% DAU growth in MyCareer mode. 
- **Competitive Position**: Independent status and balance sheet strength (expected to be net cash by FY26) support M&A flexibility.

Take-Two Interactive Software, Inc.(TTWO)-20251107-2026 Q2 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TTWO

TTWO fundamentals

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