Take-Two Interactive Software (TTWO) 8 Nov 222023 Q2 Earnings call transcript

Good afternoon, and welcome to the Take-Two Interactive Software Second Quarter Fiscal Year 2023 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to our host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. Thank you.

You may begin.

afternoon. Good joining quarter to ended of XXXX. for for our September conference second the fiscal our you discuss call results XX, Thank year XXXX call Lainie Goldstein, Take-Two's Chief Financial Strauss Officer; Today's Slatoff, our led Chief Karl and and Executive Zelnick, President; our Officer. be will Chairman by

the will We during available following session answer to A be our questions your Q& prepared remarks.

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Please affects last quarter results our Today, third our Thanks, second the guidance year. with Zynga, note key Karl, quarter of comparability our reviewing our the and I'll results good XXXX our include afternoon, and fiscal relative combination which to from for year that highlights everyone. discuss before our second quarter.

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generate flow in deploy approximately to million expect $XXX expenditures. $XXX adjusted we for and to operating expect capital more non-GAAP million unrestricted than We cash

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to our rate expect throughout management XX% We tax the be year.

range last million Empires to Toon guidance project billion XX%. digitally-delivered net grow $X.XX $X.XX approximately Theft V, to our XK, to bookings quarter contributors and the NBA to third be Auto recurrent bookings are $XXX Blast. and fiscal consumer year. The Puzzles, to moving increase Now, net quarter: to for hyper-casual Rollic’s billion, in expected to We Online mobile Auto spending net to Theft Grand and Grand largest and We from portfolio, the project compared XXX% bookings third approximately

console Our forecast year. assumes will be digitally, last sales game from that XX% up of delivered XX%

offset XXX.X some to synergies or of XXX% range from which are amortization costs; of is slightly $X.XX approximately realization net shares. to uncertain last efforts. At million range GAAP range economic to of believe cost from are inclusion million. by future million cost revenue from million includes on be anticipated year. per savings over This focus increase net which expected backdrop, our $XXX a from GAAP and cost to billion continue expect $XXX and assumes optimistic about highly of business and intangibles. count to our billion midpoint, to $X.XX and to of million, higher basic will We trajectory. $XXX closing, to we $X.XX In this the our expenses share, $X.XX $XXX against And, to $XXX expected share range Zynga; to growth an of loss marketing, acquired $XXX the the Operating a we reflects represents which revenue $XXX million acquisition million, increase we execution of

Thank our properties have further. confident are Strauss. potential new back potential even significant new enhance new platform, in our are value business creative deliver Our create unlocking turn continue I’ll time, you. call geographies. sequels greater collaborating profile Zynga by long-term scale, integration and to our and their we on and that the financial At ability shareholder the than from to is of to to entering development leveraging pipeline same projects, the and stronger now ever, combined we models high-profile as excited engaging mobile our we

and our our of your for Thanks, And support. behalf for another continued to shareholders, our On express your take colleagues I quarter. appreciation team, now Karl. like to to questions. I'd We'll Lainie want thank entire solid our Operator? delivering management

first Handler from Partners. Eric comes with question [Operator MKM Our Instructions]

if what's could you that going of like on maintaining little games doing can problems. in different a hearing us insight it's or you give a some for business. that feel having just you a top been issues to sort appreciated. -- the Any insight is Wonder mobile of bit greatly now, mobile And would lot well, into close we've business? be are everything of spending? Are specifically we're seeing games DAUs Do stabilization are you smaller give things the with it about

at three is concentrated two many are our We hit a of not lot this bookings like scale, of the very of we stable. Zynga. It's kind in about engagement titles mobile or Look, titles. got what terrific company. Unlike businesses

than have We coming. and more XX titles more big

solid. incredibly is engagement So

pressure are We some in-game spending. seeing on

also have because bookings We bookings are advertising in a up digits advertising our year-over-year. mid-double great story

important bright are plenty our to significant games, the in mobile play And mobile across well. our no them. They as titles. engagement love so there And spots games. people they change continue we're in love business The seeing of spot, most

change, say. to what terms look, hard to very I expect it's In of

one shape. just of as by we'll I looking months should looking that's at downward six what pressure. to guess -- more in three -- the economy really anyone's person's My we're will end it's opinion, and And be good be the 'XX, of think own we expect I it's do. opinion,

going your of to 'XX unchanged. That's I just Great. Is 'XX assessment? company a it is fair that your like presentations, from follow-up, wonder, like games fiscal looks a helpful. as pipeline between pretty fiscal just it looks

is. It

titles most across certainly we've pipeline industry. robust one have We would coming robust it's pipelines and XX of ever mobile, And argue, most console. the in had PC the one and the

question from comes with next Jefferies. Andrew Our Uerkwitz

guess of frustration. I a there's lot

of the around the the earlier You XK, going you -- looks And guys two What the the gives right. had can in half doing if part anything year, year. move We've is I'm to cuts be like math is is pipeline the especially in of here. S-X core there's there out that share part next confidence growth gotten you Take-Two? blame. cut It that in the my

here? just curious, confidence the or it along you us can anything giving So what is to share that you confidence gives go with that

by driven the pipeline, of course. It's

is So we know understand and next feel and three growth didn't, really in look, for if good I as results about what And release And wouldn't But the we the we the schedule we record sequential frustration. it. years. than we call a for known expected materialized we because it right think we're guiding a different that. it we I see we We're where and guiding way call then have that's down. Had down our were expectations. be wouldn't in now, we things

FX been as it's Some a significant mobile, of pipeline there have of some well. that is of related related But Most to pipeline, but frankly, amount it. not most shifts. to modest of

news good of are, titles course, is the So coming. those

And it. if one then there. Got throw just follow-on I could

just kind to that's -- through was are like or the polish. known of are patient so It too a guys something here. Just the on? lot COVID process This thought walk all record or delays a we're just is two sure for there of kind you it's years just pipeline much guys with -- it. going You seems us shifts and will far, related now bigger being quality of behind seeing three think, I'm be, are just impact? and But I

fact any the in across definitely in high for issues, the quality that performing not the question No, seeing well. We the we're we're I I board. example. understand understand that's expectations and concern as very have reflected productivity the bands, and

factory. So this a company is hit

long as a honestly that's important thing. in as had the release And haven't can most disappointing We I remember.

it enough revise some we day issues I much them. would delays ultimately if the we to small Where we're in business. I'll we've in, for some the and the the that delays key waiting I'm hopeful the ultimately have remember really to well. to will always long in any we didn't We've -- have time and delivered, that much That's we case results been down to So have situation of guidance. past, had when in delay to -- we the that in amount were I'd worth titles is had other around be which had because the and of able this had taking mean, choose, we've side, the rather deliver. context as results here the choose here matter rather got you was over flops. were the

with Sheridan Eric from Goldman comes question next Our Sachs.

the minute. I for Maybe could a just business back go mobile to

you've about the the Zynga, of how need what last you close of since XX, to long learned before think in terms XX months, for and term the some you do versus of mobile of In what the build close about some the you over business the the from can you and on and that Apple platforms front term? or that of might front on either the long Google, scale how impact acquisition distribution build need what see change elements for some the monetization to and the

It's Karl.

bigger life most very got But investing And building that the obviously forever some more for see ability continue broader And and as focus great you of a IP some some been in our that. and and broader exciting capabilities those we some of enable you it bring is continue us, quite in to is the things privacy that to what's some of context entire your really, data and us, company, mobile particularly to So working the part on this in well and together customer company that data the platform to titles the some power great company, that. of your one and and your invest out. And that. data, happening we better working will better set cycle we the on merged and and you invest time effectively. IDFA the And as to challenges across manage and with coming we're the sent Zynga of obviously, may mitigate to some have titles we're good the and going value we're over what of amazing to that's can franchises Zynga the what huge seeing rules And has Zynga platform. platform before time, management, databases the means platform already a that is and your the the in we're building effects. the the for

the Take-Two Chartboost, significant Storemaven, portfolio with for centralized the of bringing results the going but it of of also the saw and yield new the to Zynga all You acquisition onto platform is acquisition us. Zynga portfolio

Our Securities. from question Truist with Thornton next Matthew comes

million are Maybe alluding I the Strauss, currency performance. you to? you year? meat as that a I the of full I is sequential out Lainie, if quantify for pipeline but would Lainie. per Strauss. is $XX alluded about called put helpful. for impacting headwind is, question growth what what incremental can One think Is one year Could years second you EBITDA, there guide, could. then Any earnings that impact that you that just kind in for also two, be to that interpreted of -- what moving you margins? record talked And the share, guess you I and on kind of and around.

and is measure. bookings bottom referring line, top net you as describe so I a What and however income, Yes. handy EBITDA was to

Yes. FX is mobile the And for the revision million together, the headwinds. release mentioned downward about I that slate of XX% and is $XX for business about currency full the and year, the

in I missed if on And the is sorry there And what slipped pipeline? that. I'm any color

Sure.

in -- For there are changes release quarter. the happened several changes that the schedule, during

the access one to Midnight XK Marvel's of into mobile fiscal title that moved has 'XX. moved versions and Gen now So also there this was Suns X early year. KSPX And shifted and from Switch

changes the So are the in schedule. release those major

comes from with Stanley. question Cost next Matthew Morgan Our

outperforming can the so, in divergence Just NBA if of then more Auto a Grand NBA Theft where how PC XK, the Theft is a expect the color you the industry The performance reason bit better those you the RCS is then on to if And quarters? in you XK And seeing any from you're purchases and are purchases business, specifically seeing between mobile side, because next on the and player pain the is coming consumption highlighted give advertising and that a And hanging across dynamics purchases. down. business GTA? in-app eventually game presumably, feels lot going dollars on Grand console I Auto? other are ad the from companies. wonder I materially couple ask than of growing fair outperform that advertising Do in-app the you over there of

Yes. XKXX. mobile purchases an NBA indeed. million Look, get virtual title the annualized animals. XK very up XXX doing. underlying been is annual NBA Engagement units. GTA comes of sold has snapshot Online GTA years. currency from release, audience. majority more of at It's how Online currency businesses different bookings XX an in nearly these and two V, has GTA look, is Virtual NBA than is net in for Thanks very your a questions. still. business, are XK The and around different we Zynga advertising for high beloved in-app is the vast by our are so and massive

exceed growth So certainly the rate in purchases, the for advertising probably year. yes, we in the in-app expect to rate next growth

too early to that, say. I it's Beyond think

Our next Stifel. question comes from Drew with Crum

the can you factors about of on back Maybe And isolate accompanied guidance impact in off into transaction? business, With the then discuss Playdots? Zynga this that talk million-plus close your any view this, of is decision RCS more update console change excluding business, any way, multiple? to you broadly. you so $XXX and if part your the just the PC for synergies asking that you macro cautious And cost it more way in your question, piggying can backdrop, and from last the separately,

second in has it that performance some that RCS. improvement year. longer was the we real-time half we assuming for no shown contributors are it our RCS, expectations. and did that So But meaningful second would But since lower mobile to we in large industry also our of titles current our the experience are expect prior our the non-mobile for for of year. the guidance of will data think the the Most of that we half mobile since for lower some softer several assumed performance

for year. are to why So in come down our RCS expectations that's the the second half of

could And to we game, the regard that our Dots by with And felt studio. Two operations we've integration achieve. that the successful was relocated another Playdots, yes, driven we benefits to of

with Our from comes Lu Mario Barclays. next question

to Wanted mobile. ask about

year from Rollic but mobile second quarter. XX% coming of With it full guidance, outperformed in the the

that there mobile separates Rollic main portfolio. other perhaps lastly, from just to being So games? And some of your thoughts is of cross success promotion of you point to the mobile Is rest IDFA? to immune the on factors kind the it Rollic then leveraging to curious potentially can with Is competition? hear it

mobile the movement a those combination it's schedule, and of in release So Mario, is XX% the so two items. both of

not it's mobile. well. did doing only in So that Rollic so But QX is right, really outperform you're business

from is we've the of nature Rollic the is it's had as and inventory success terms and advertising-driven reasons both given also, the perspective, an the advertising some on doing business, hypercasual obviously, because reliant just of business, necessarily advertising. targeted availability. it's in of efficiency And much an well not some it's And

same in I'm business it's the your I bit missed or was the hypercasual like that, little the way it have a where IDFA sorry, Rollic question. What situations you -- business bubble about context So UA easier business. in grow necessarily that second to in cross-promotion? the because doesn't normal would that

or on acquisition thoughts an Rollic your as channel was, question the potentially to leveraging mobile…? success of cross-promotion the to that view Yes, other

to Yes, opportunities there do are that. certainly

make kind a customer. argument a can of it's an You different that

of fact a enterprise be database I something specifically the to differences. coming always large there's overlap. entire across on players business. and obviously think to that UA some you've going got the the your strategy help There that's mobile your But funnel side into of going your may be

from comes question next Our Karnovsky with David JPMorgan.

reiterated, mentioned your into to be revenue cost something incremental would potential opportunities of million up. could on that's with that to And opportunities $XXX Zynga, the any this? you which that your it? execute you're other early guide or seeing regarding come synergies Is you factored Just across portfolio then that Lainie,

Yes.

On including first exciting super is number there material approach exciting. will number as could question, consumer identified, some a business, on pretty longer we're our opportunities but to the early working that's take generate of well. on bring a mobile of yes, we've to market properties It titles are directly the which the that And benefits. to and

some synergies, expense operating in other the But terms synergies of terms our don't we guide. do of the have Zynga we have in in those in with of efficiencies, guide our And the yet. of areas included

some ideas at. have that We looking we're

across across real and we're also necessity core negotiating policies. company. a that work determining like basis, labels, identifying as footprint the So We're also to centralize hire positions evaluating estate effectively opening looking we at on vendor can our of some our multiyear flexible more contracts functions some the adopt some we

our opportunities additional cost seeing in are those So we're that structure.

So so. we'll those at in achieving looking be or year the next

with comes Cowen. Creutz Doug question next Our from

to Just said have things that tie of already couple together. been a

that simply continued mentioned year it would isn't you're assuming You mobile the not actually the better it's now deteriorate been of the you that last improve it half you've to assuming thought call? that in since that. and to back say or get that Is would

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Martin question next from Oppenheimer. Yang Our with comes

My is XK's on ASP first question trends. NBA

maybe you into dig some improvement. on improvement? ASP mentioned Can You year-over-year there's to details what contributed the

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then regarding And synergy. us games other phase the formed milestones any follow-up are Is mobile build on your any will or being at? IP? new space be it. milestones where Is there mobile question with game could appreciated? your teams a Are any aviation there updating teams share core Got in to you

to and efficiencies difficult releasing as are also assume obviously, a it's is bringing have -- the question now. have process with concepts very related, are longer Zynga from and don't game a from but I to exciting. a a IP a component. some really the sense they're there important we Because conversations ideas cetera, commercial have The relates mobile and And specific the your perspective We yes. that to that anything but and right those materializes, When of But Zynga a of just conversations lot it acquired flowing We anything There others. most lot to assess. smaller make forth. about don't going of creative well them can announce take on. the now, very is process Yes. perspective. of games, back lot Take-Two there's leads, or right thing is it we things et And and specific brand going are also together, TX companies than do yes, other announce

So conversations are for those the teams having now.

tuned. stay So

comes Our Matti next with question Bernstein. Littunen from

units. NBA question First on

I correctly, like, to so ago. sounds similar what a that very far number you year said heard it if So the unit is

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call. different modes It's the for we split don't and year-over-year number spending units is And of the out of same Yes. virtual the in this roughly currency spending up. the purpose

Wells Fitzgerald question next Brian Our comes with from Fargo.

and employees? this And growth to great. market you a you headcount cooling for market back how in of bit give off would But the here? thinking to talked Any bit. there developers little Does cools how office? a as be from you Does things? you that any of labor the getting are terms do leverage improving Lainie, things terms think retention the about help about color in labor, tech

tech we being look believe we hiring are I a as going Well, that people we lot to with We ourselves so rip our hire through of efficient, have the people one we at easier don't highly to it's think We're our highly relations lens. don't don't efficient a we businesses bring on probably board. We judicious we off. and pride now. always about on laying become probably are colleagues and leverage, people expect freeze. a of do it when really describe wouldn't that

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Omar Dessouky Our America. question comes with of next from Bank

Zynga? has March the quarter And mean advertising trended by advertising by efficiency. mobile My the September And efficiency divided for advertising what bookings I in-app about June and go-forward the purchase what of assumptions How question your quarters, mobile and the quarter? is the advertising the spend? kind especially versus at March are December efficiency is in

to clear, efficiency divided by Just in-app spend? purchases advertising as be you define advertising

or reciprocal that. the Yes, of

So of like the total advertising spend percentage bookings. as a

it that should way. have I said Sorry,

Right.

efficiency, I said And and that in we that break So business before, I not look, we're -- advertising to our don't look interesting I'm we've experienced pretty would be think, but as growth on necessarily sure and not as we had breaking characterize that pressure an at. certainly purchases. some specifically out it we've in-app would measure strong

to at stands that the a in just fully business seeing That's We reason short the it isn't that, one to back point in-app purchases. would favor come advertising run. future. So that going versus in-app necessarily in That trend. expect of ratio probably we're something purchases be long-term the more in

said As before, gauge our but happen, expectation. to when a that Strauss is that hard may that little

in fixed broader to So those direction, a believe happens necessarily over or time necessarily the be specific again, ratios, what are on depending in going moving market. I don't

at just channels example, that all? for which do you a for channels? on would for you, for Zynga? spend Or specifically Has mobile, And using how changed changed have follow-up acquisition concentrate Okay. your be, specific you're in that user

terms anything market. in we're Yes, I in we've based spending don't that think of changed concentrating dramatically the has on the seen where mix

that expect quarter-to-quarter, going certainly month-to-month, opportunities day-to-day, can exist. where to media variations see you're depending You on

see a some in towards But us happens variation I you're what any another. see don't outlets. going specific media pushing versus that's trend I'm asset depending broader on to sure So particular

comes Our question Mike from Benchmark. with Hickey next

then macro of said where first growth on sequentially. downside like The feel you is lot for but a there being and Obviously, one still be? on would couple mobile, obviously, on Do And 'XX. revisions is the a 'XX, here. risk you of guidance sort I your enough? uncertainty that mean, of you're conservative

pretty one, with as data Street is big coming in on revenue, a and in Zynga. You've S-X it's live sort then service that's is given step-up. granularity, Is would $X great. Obviously, be premium slowing presentation premium think on three on of billion second [XXX] the Guessing it Obviously, your growth two, the And very on just any us or mobile here. titles I from is GTA for question some ETFs. 'XX the great. on is looking guess, not unfortunate League. the I

there's think feel teams impact, you if through move your a and that timing. Just curious advantage how you that sort about sort not residual and forward are of or of how managing you and

on terms the know that being we downside always in on guidance conservative we know what 'XX of still we or based time So guide at risk, it. the for

that we or the a best wouldn't feel way. I like have at So it. time they're have say gave we we the either risk I information that conservative

now. what in -- basis. doesn't Zynga. normal it course And only combination in that were sense numbers feel business. better, of the business really as targets the changes it's we happen, CAGR the numbers gets do that's our but it in of right know terms numbers for And shifts can are at the you make provide a the the the growth in So this in because generally did S-X, we us know, previously the what regular -- And and with we hopefully, long-term time. We not to the release that fiscal the long-term pending the slate our of in give on because of

pipeline be titles large-scale the really excited the really past. in of But projects continuing never done strong have that about and So underway. we very have, we've many that we're our we to

We next that few to years potential that not in going they're of performance the pipeline, the remain the titles growth the in highly years. sequential confident record changed of has So us at all. deliver and

that So hasn't changed.

we years, we great about next So feel numbers as said. really few in the our

and matters the influence sort. to is a sorts development or take leak ever that disappointing But won't to be have relating causes And seriously cybersecurity. any it leak, And of certainly, on anything is vigilant more the no and on of very the us terribly which was those unfortunate were it evidence taken, There's good regard we any assets material incidents with terribly to indeed. thing.

with comes Clay Our next question MoffettNathanson. from Griffin

curious, relative bit it kind holding seems legacy a Take-Two just a mobile ATT kind in when legacy then I kind essentially games I life was console you cycle guess, those Pass secondly, that where guess, to Strauss, of are And Game guess what IDFA I of saturation, were relative just the the they Spencer nearing I bases. Is the two. are think titles talking and where Xbox installed to? It better that about of Phil Zynga. dropped? like of than to would attribute implying

changed Just curious time? maybe as over of product. comments be subscription premium proposition generally, lining to characterized up think, subscription if window his your the I relative your the value thoughts I about could a for have think what view traditional models

don't try I games within because way in see portfolio certain are legacy that the business doing I in as well. are disclose -- versus we better mobile But of mean, behavior. Zynga there some not think others I So than again, terms at Take-Two the look some necessarily there's business, the so are some great, doing don't that it and tell we legacy the Take-Two really wouldn't I that really to games wouldn't that can Zynga you and doing any way the portfolio, are

variation of there's So portfolio a itself. lot within the

really So how I than TX anymore. mobile are at we business look wouldn't doing or it It's necessarily businesses the the vice Zynga versa. not better as characterize

one, lot It's the by titles. great of Zynga team have a we it's all managed Zynga. all It's and

some mobile specifically starting to some which -- happening to TX we're the power cycle opportunistic be us the to with hoping from this be we're And titles, Yes. to efficient collaboration of has the and able they're for life going and management. mobile of benefit in more going see opportunities really that Zynga consumer platform, to interesting that the we're be

say, different And within on probably subscription, first sense a entertainment to than entertainment years the they of are linear that and entertainment. my is four interactive is And subscription all I makes People subscription in I it with are views consumed hours of there which Sony side, want Microsoft at not both ago. in when do very look, changed now, interactive started us. cooperative The far entertainment linear there entertainment interactive about And fewer than business. talking own linear consume on their for than been business with far month consumption, the offerings have given fewer we've entertainment. since titles very

much as So to I, whether some subscription question for I makes interactive does it which entertainment least, entertainment as still skepticism, at hold. registered pose linear the as sense for and

subscription answer service. this area of still the titles second -- that I think publisher. opportunity was a it sense. just and made skepticism the don't a it think is I a rhetorical is it now ever becoming It's sense. to the [day and don't sense. I that it's offer day] think obvious on with frontline lost believe I makes made And question that doesn't whether no, I titles because for sense make think

interactive And it's different But as don't market a a remain very our mass whole I think a it in probably Phil, want any but aimed evidence There that all. know are I in titles It's friend, at It's a So to contrary far. those consumers the catalog the because my catalog speak consumers unchanged. so service avid business. subscription wouldn't best don't is for month. we there's at who think bunch titles, views a the are I playing supplants implying interested of to given probably entertainment business business.

We have with a Truist. question from follow-up Matthew Thornton

follow-ups. quick two Maybe

to environment, of other? of confidence from the in do acquisition first control from will of? That's out apart to to the a as perspective, coming a what's But one iOS Is on way of percentage perspective, from macro How of can is confidence just is think coming the pressure versus that UA a what's currently that what's there this macro this level you First we tease Maybe of question. going user again. particular? mobile, ecosystem on for the Strauss. out mean, an doldrum? resolve on And perspective opposed in a going back given from relatedly, what itself. your you what's your come level perspective, kind one about I

really is one. one a second The easy

leverage stock given buybacks. have the appetite fairly but we've about of know price share opportunistic is, guys I'm that, is. where you your some where thinking Obviously, curious on with the the kind curious past. been of how price you're kind I'm around Zynga, I in taken Given

Yes.

we user And I of everyone drive that's going just from In to and a think and conversion, terms acquisition, people and user of mobile, difference a acquisition a conversion. to not be right. perspective, macro think retention bit mobile. you're a having between in and efficiency. more I spend on And There's to is reflection else terms retention that of just selective

do without title in-game. spending spend a enjoy percent can You XX-plus in-game. consumers not of

entertainment, at when example, be for fuel And they likely when especially and are anyhow. food, for money so higher times feeling have less you to can the may the pressure prices of experience on consumers spend

will will, of this see That's in for a fact, efficient. UA probably pressure thing. we in-game yes, become I terms expectations, in tune some So And of more a to up spend our think we is -- a purchases our good it's where time. period moment on

again. I'm buybacks. said earlier six X geopolitical be And to that think hoping I to because call, end believe and factors. I opinion, be the will things by economy I months just pressure And Lainie driven there'll an about not at -- three As and upward think take I by the question will 'XX, swing person's least underwrite 'XX that for the that by it's this the you normalize will that's on in of can end of the

Sure.

there is do we to we'll And do conditions that when an currently. our only we open capital right. it continue to trading the in believe value order to share would a obviously, believe but and do in also the repurchase, But value purchases. returning window and structure to we via the share shareholders market so in have in buyback, deep the are So that need price supports optimal

sense we'll it it. So see do when makes to us for

how So we it. see that's

Yang with Martin Our question from Oppenheimer. comes next

potentials? identity Do hold a your mobile your on similar is know and portfolio. for if you on you to This need feel I review factory. as mobile a of future over question there's the to earlier definition view a want based quality game a referring Take-Two’s hit portfolio a games

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Our question of comes Bank Dessouky Omar with America. from next

Red Are mobile-first in Redemption fans gamers play games out play example game, using answered Red like saying & Zynga to But casual I I'm Empires just already details. -- the for would would or development Dead here. from market And you an your may the synergies spoken PC apologies in Poker towards terms if you otherwise of of a had quick come console don't when with Zynga Dead you're Puzzles? I've the called a like the applying in have resources, envisioning casual mobile example. games one to like the sneak by franchises past, Karl mobile you think IP of targeted that that that this poker part towards these going of console existing or PC

think a become player. great thank you. it's to I the I convert And player to bottom think mobile probably question, you're a not going a line is console

not to mobile mobile we do any player. it's developed And You as can properly a SLAM when title, someone IP. who not game. mobile title DUNK that. just to great legacy appeal just a a have great a to a But based that be means. convince by on to IP, it's believe But never got title you're still plays to going It's a play because console

time. I'll to at management. further questions are There no floor back hand the this

great to particularly continue the everyone today. want all thank do joining say for Want to thanks I who to of world around a dedicated us colleagues job. team our to

upward us nice well have possible news present is best curve, occasionally is this the with While that does would a team challenges. be challenges. an suited This in it sloping to to business always

great a pipeline, have We a team. we have great

for the we Thank joining and support. all have holiday a us. your to ability thank you great We you you wish deliver, And season.

This Have great conference. may a disconnect. evening. concludes All today's parties