Take-Two Interactive
Software, Inc.
(NASDAQ:TTWO)
September 2015
FORWARD-LOOKING STATEMENTS
The statements contained herein which are not historical facts are considered forward-looking statements
under federal securities laws and may be identified by words such as "anticipates," "believes,"
"estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "will," or words of
similar meaning and include, but are not limited to, statements regarding the outlook for the Company's
future business and financial performance. Such forward-looking statements are based on the current
beliefs of our management as well as assumptions made by and information currently available to them,
which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.
Actual outcomes and results may vary materially from these forward-looking statements based on a
variety of risks and uncertainties including: our dependence on key management and product
development personnel, our dependence on our Grand Theft Auto products and our ability to develop
other hit titles, the timely release and significant market acceptance of our games, the ability to maintain
acceptable pricing levels on our games, our ability to raise capital if needed and risks associated with
international operations. Other important factors and information are contained in the Company's Annual
Report on Form 10-K for the fiscal year ended March 31, 2015, including the risks summarized in the
section entitled "Risk Factors," the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2015, and the Company's other periodic filings with the SEC, which can be accessed at
www.take2games.com. All forward-looking statements are qualified by these cautionary statements
and apply only as of the date they are made. The Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information, future events or otherwise.
COMPANY OVERVIEW
• A leading global producer and distributor of interactive entertainment,
the strongest growth segment of the entertainment industry
• Proven organic growth strategy focused on building compelling
interactive entertainment franchises
 World-class creative teams
 Diverse portfolio of industry-leading intellectual property
 Focused on driving ongoing engagement and
recurrent consumer spending
• Sound financial foundation
• Positioned for long-term growth and margin expansion
EXPANDING MARKET OPPORTUNITY
Estimated Global Video Game Market
6% CAGR
($ in Billions)
100
90
80
70
60
$80B
$85B
$89B
$91B
$91B
2018
2019
$69B
50
40
30
20
10
0
2014
2015
Source: International Development Group, April 2015. Excludes hardware.
2016
2017
PROVEN ORGANIC GROWTH STRATEGY
Emerging
Platforms
Distribution
Across All
Relevant Platforms
Traditional
Retail
Innovative
Marketing
Compelling
Interactive
Entertainment
Franchises
World-Class
Creative Teams
Established IP
New IP
WORLD-CLASS CREATIVE TEAMS
2,100 in-house development studio staff *
• Groundbreaking action / adventure
blockbuster titles
• Focused on internally owned and
developed intellectual property
• 7 internal studios
• High-quality titles for a range of
gamers across all key platforms
• Shooter, action, role-playing, strategy
and sports titles
• Owned intellectual property and
long-term licensed brands
• 10 internal studios
* Approximate headcount as of June 30, 2015.
WORLD-CLASS CREATIVE TEAMS
• Track record of developing the industry’s highest quality products:
 #1-rated title for Xbox One and PS4 – Grand Theft Auto V
 4 of the 10 highest-rated titles for Xbox 360 and PS3
Rank
Title
1
2
3
4
5
6
7
8
9
10
Grand Theft Auto IV
Grand Theft Auto V
BioShock
The Orange Box
Mass Effect 2
The Elder Scrolls V: Skyrim
Red Dead Redemption
Portal 2
Batman: Arkham City
Gears of War
Source: Metacritic.com as of September 14. 2015.
Average
Metascore
98
97
96
96
96
96
95
95
94
94
Average
Metascore
Rank
Title
1
2
3
4
5
6
7
8
9
Grand Theft Auto IV
Grand Theft Auto V
Uncharted 2: Among Thieves
Batman: Arkham City
LittleBigPlanet
Red Dead Redemption
The Last of Us
Portal 2
BioShock Infinite
98
97
96
96
95
95
95
95
94
10
Call of Duty: Modern Warfare 2
94
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
• 11 franchises with individual titles that have sold-in 5 million units

BioShock

Max Payne

Borderlands

Midnight Club

Carnival Games

NBA 2K

Grand Theft Auto

Red Dead

L.A. Noire

Sid Meier’s Civilization

Mafia
• 8 new franchises added since 2007

BioShock

L.A. Noire

Borderlands

The Darkness

Carnival Games

WWE 2K

Evolve

XCOM
• More than 45 multi-million unit selling titles
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
THE GRAND THEFT AUTO SERIES
• Created by Rockstar Games
• Industry’s most iconic and critically
acclaimed brand
• Pioneered and continues to redefine
the open-world action genre
• Series has sold-in over 220 million
units, including more than 54 million
units of Grand Theft Auto V
• Grand Theft Auto V reached
$1 billion in retail sales faster than
any entertainment release in history
• Driving ongoing engagement
through Grand Theft Auto Online
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
OTHER TOP ROCKSTAR SERIES
• Rejuvenated the western
entertainment genre
• Red Dead Redemption
has sold-in more than
14 million units
• Innovative open-world
multiplayer
• Utilized revolutionary facial
animation technology and
deep story to blur the lines
between film and games
• First video game to be an
official selection of the
Tribeca Film Festival
• Commercially successful
expansion content
• The Midnight Club series
created the open-city
street racing genre
• Rockstar Games’ most
technologically sophisticated
and cinematic action-shooter
to date
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
THE NBA 2K SERIES
• Top-selling and top-rated NBA
simulation video game*
• Series has sold-in over 45 million units
• Three most recent annual releases
have sold-in over 7 million units
• Revenue has grown at 27% CAGR
over past 6 releases
• Highly successful virtual currency
• Extending franchise with
NBA 2K Online in Asia
* According to 2008-2015 Metacritic.com and The NPD Group estimates of U.S. retail video game sales through August 2015.
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
OTHER TOP 2K SERIES
• Critically acclaimed,
role-playing shooter
• Unique, artistic,
narrative-driven shooter
• Franchise has sold-in over
26 million units
• Franchise has sold-in over
27 million units
• Borderlands 2 is 2K’s
top-selling title with over
13 million units sold-in to date
• BioShock is the highest-rated
first-person shooter of all time
• Successful add-on content
• One of world’s top strategy
titles for the PC
• Franchise has sold-in more
than 31 million units
• Successful add-on episodes
• Expanding brand in Asia with
Civilization Online
DIVERSE PORTFOLIO OF INDUSTRY-LEADING
INTELLECTUAL PROPERTY
OTHER TOP 2K SERIES
• Authentic, action-packed
gangster saga
• Reimagined classic franchise
as critically acclaimed,
turn-based strategy game
• Popular, World Wrestling
Entertainment video game
franchise released annually
• Unique 4 vs 1 cooperative
and competitive shooter
• WWE 2K15 has sold-in over
3 million units, up 40% versus
last year’s release
• WWE SuperCard is T2’s
most financially successful
free-to-play mobile offering
• Only title in history to win
“Game of Show” at both E3
and Gamescom in same year
CAPITALIZING ON GROWTH OF DIGITAL DISTRIBUTION
Digitally-Delivered Revenue
$616M
$435M
$264M
$107M
Digital as
% of Total
FY 2012
FY 2013
FY 2014
13%
22%
18%
Full-game downloads
FY 2015
Recurrent consumer spending
Note: All data is Non-GAAP. See the attached Glossary for a discussion of Non-GAAP financial measures and cautionary statement,
and a reconciliation of Non-GAAP net revenues to GAAP net revenues.
37%
DRIVING VALUE FROM RECURRENT CONSUMER SPENDING
• Virtual currency and online games
Disc
• Add-on content
Sep‘12
Nov‘12
Jan‘13
Oct‘13
Apr ‘13
DLC
Oct‘12
Feb‘13
Innovative subscription offerings:
May ‘13
Jun‘13
Sep‘13
Oct‘13
Nov‘13
Dec‘13
Feb‘14
Apr ‘14
EXPANDING OFFERINGS FOR TABLETS AND SMARTPHONES
• Core gaming experiences optimized for smaller screens
• Mobile applications integrated with core console releases
NBA 2K Everywhere
Console
Grand Theft Auto V Companion Apps
Evolve: Hunters Quest
Mobile
Companion App
SOUND FINANCIAL FOUNDATION
• Strong balance sheet and capital reserve
 $1.2 billion in cash and short-term investments (1)
 $100 million undrawn credit line
 Ability to settle convertible notes using stock;
potential dilution reflected in fully diluted share count
• Investing to drive profitable long-term growth
 Organic opportunities
 Disciplined approach to acquisitions
• Opportunistically returning cash to shareholders
 Repurchased $277 million in stock at average price
of $17.05 per share in late 2013
 Authorization to repurchase up to 10 million additional shares
(1) As of June 30, 2015
TRACK RECORD OF REVENUE GROWTH
Non-GAAP Net Revenue (1)
($ in Millions)
10% CAGR
3,000
$2,414M
2,500
Record year due to
launch of Grand
Theft Auto V
2,000
$1,669M
1,500
$1,222M
$1,137M
1,000
$1,3001,400M
$826M
$763M
Fewer new
releases planned
versus FY2015
500
0
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016E (2)
(1) See the attached Glossary for a discussion of Non-GAAP financial measures and cautionary statement, and a reconciliation of Non-GAAP revenue to GAAP revenue.
(2) Non-GAAP financial outlook as of August 10, 2015.
TRANSFORMED TO DELIVER CONSISTENT PROFITABILITY
Non-GAAP Net Income Per Share (1)
5.00
$4.26
4.00
Record year due to
launch of Grand
Theft Auto V
3.00
$1.98
2.00
$0.75 $1.00
$1.02
1.00
Strong margins
despite fewer
new releases
$0.36
0.00
FY 2010
-1.00
-2.00
(0.85)
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016E (2)
($0.71)
Expect to be profitable (Non-GAAP) every year
for the foreseeable future
(1) See the attached Glossary for a discussion of Non-GAAP financial measures and cautionary statement, and a reconciliation of Non-GAAP earnings (loss) per share to GAAP earnings
(loss) per share.
(2) Non-GAAP financial outlook as of August 10, 2015. Excludes net effect from deferral in net revenues and related cost of goods sold of ($0.51) per share, stock based compensation
expense of $0.46 per share, business reorganization, restructuring and related expenses of $0.01 per share, non cash amortization of $0.15 per share, and non-cash tax expense of
$0.02 per share.
ROBUST DEVELOPMENT PIPELINE
• Key releases for fiscal 2016
Released for PC on 4/14/15
Released for PC on 4/14/15
• Long-term development pipeline:

coming in fiscal 2017
 Numerous unannounced titles in development,
including groundbreaking new IP and new releases
from our proven franchises
 Innovative digitally-delivered offerings designed
to drive recurrent consumer spending
SUMMARY
• Global interactive entertainment company focused
on building compelling franchises
• World-class creative talent
• Diverse portfolio of industry-leading intellectual property
• Actively investing in digitally delivered content,
evolving business models and emerging platforms
• Sound financial foundation
• Positioned for long-term growth and margin expansion
NON-GAAP FINANCIAL MEASURES
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses Non-GAAP measures of financial
performance. The Company believes that these Non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are
important in gaining an understanding of the Company’s ongoing business. These Non-GAAP financial measures also provide for comparative results from period to
period. Therefore, the Company believes it is appropriate to exclude the following Non-GAAP items, net of applicable taxes, as discussed below:
• Net effect from deferral in net revenues and related cost of goods sold – the Company defers revenue and related costs from the sale of certain titles that have
undelivered elements upon the sale of the game and recognizes that revenue upon the delivery of the undelivered elements. The Company also defers revenue and
related costs for certain sales generated from certain titles for which we have or expect to provide certain additional add-on content. These amounts are deferred over
the estimated remaining life of the game to which they pertain. As there is no impact to the Company’s operating cash flow, management excludes the impact of
deferred net revenue and related costs from its Non-GAAP financial measures when evaluating the Company's operating performance, when planning, forecasting and
analyzing future periods, and when assessing the performance of its management team. In addition, we believe that these Non-GAAP financial measures provide a
more timely indication of trends in our business, provide comparability with the way our business is measured by analysts, and provide consistency with industry
data sources.
• Stock-based compensation – the Company does not consider stock-based compensation charges when evaluating business performance and management does not
contemplate stock-based compensation expense in its short- and long-term operating plans. As a result, the Company has excluded such expenses from its Non-GAAP
financial measures.
• Business reorganization, restructuring and related expenses – although the Company has incurred business reorganization expenses in the past, each charge relates
to a discrete event based on a unique set of business objectives. Management does not believe these charges reflect the Company's primary business, ongoing
operating results or future outlook. As such, the Company believes it is appropriate to exclude these expenses and related charges from its Non-GAAP financial
measures.
• Non-cash amortization of discount on convertible notes – the Company records non-cash amortization of discount on convertible notes as interest expense in addition
to the interest expense already recorded for coupon payments. The Company excludes the non-cash portion of the interest expense from its Non-GAAP financial
measures because these amounts are unrelated to its ongoing business operations.
• Loss on extinguishment of debt – the Company recorded a loss on extinguishment of debt as a result of settling its 4.375% Convertible Notes in August 2013. The
Company excludes the impact of such transactions when evaluating the Company’s operating performance. Management does not believe this loss reflects the
Company's primary business, ongoing operating results or future outlook. As such, the Company believes it is appropriate to exclude this loss from its Non-GAAP
financial measures.
• Gain on convertible note hedge and warrants, net – the Company entered into unwind agreements with respect to its convertible note hedge and warrant transactions.
As a result of the unwind agreements, these transactions were accounted for as derivatives whereby gains and losses resulting from changes in the fair value were
reported as a gain on convertible note hedge and warrants, net. The Company excludes the impact of such transactions when evaluating the Company’s operating
performance. Management does not believe these gains and losses reflect the Company's primary business, ongoing operating results or future outlook. As such, the
Company believes it is appropriate to exclude these gains and losses from its Non-GAAP financial measures.
• Non-cash tax expense for the impact of deferred tax liabilities associated with tax deductible amortization of goodwill – due to the nature of the adjustment as well as
the expectation that it will not have any cash impact in the foreseeable future, the Company believes it is appropriate to exclude this expense from its Non-GAAP
financial measures.
• Gain on long-term investments, net – from time to time, the Company makes strategic investments. The Company excludes the impact of any gains and losses on such
investments from its Non-GAAP financial measures.
• Discontinued operations – the Company does not engage in sales of subsidiaries on a regular basis and therefore believes it is appropriate to exclude such gains
(losses) from its Non-GAAP financial measures. As the Company is no longer active in its discontinued operations, it believes it is appropriate to exclude income
(losses) thereon from its Non-GAAP financial measures.
These Non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or superior to, GAAP results. These Non-GAAP financial
measures may be different from similarly titled measures used by other companies.
GLOSSARY
Reconciliation of GAAP to Non-GAAP Measures
(in millions, except per share data, totals may not foot due to rounding)
Fiscal 2010
Fiscal 2011
Fiscal 2012
Fiscal 2013
Fiscal 2014
Fiscal 2015
$762.9
$1,136.9
$825.8
$1,214.5
$2,350.6
$1,082.9
-
-
-
7.8
63.1
585.8
$762.9
$1,136.9
$825.8
$1,222.3
$2,413.7
$1,668.8
$(123.0)
$48.5
$(108.8)
$(29.5)
$361.6
$(279.5)
-
-
-
6.7
36.2
451.7
26.5
28.7
33.5
35.8
78.1
36.2
Business reorganization and related
1.1
1.7
1.0
0.9
4.5
0.2
Professional fees and legal matters
0.1
0.8
0.2
-
-
-
Non-cash amortization of discount on Convertible Notes
5.5
7.4
11.7
18.9
22.8
18.9
Loss on extinguishment of debt
-
-
-
-
9.0
-
Gain on convertible note hedge and warrants, net
-
-
-
-
(3.5)
5.1
1.9
1.9
2.0
1.9
1.7
18.8
5.3
1.1
(1.7)
0.1
-
-
-
-
-
-
(10.0)
$(65.9)
$94.3
$(59.4)
$33.1
$510.7
$219.2
GAAP earnings (loss) per share
$(1.58)
$0.56
$(1.31)
$(0.34)
$3.20
$(3.48)
Non-GAAP earnings (loss) per share
$(0.85)
$1.02
$(0.71)
$0.36
$4.26
$1.98
GAAP
77.9
86.1
83.4
85.6
124.7
80.4
Non-GAAP
77.9
99.1
83.4
92.3
122.6
114.0
Net Revenues
GAAP Net Revenues
Net effect from deferral in net revenues
Non-GAAP Net Revenues
Net Income (Loss)
GAAP Net Income (Loss)
Net effect from deferral in net revenues
Stock-based compensation
Non-cash tax expense
Discontinued operations
Gain on long-term investments, net
Non-GAAP Net Income (Loss)
Diluted Earnings (Loss) Per Share
Number of diluted shares used in computation