Meeting with the CEO: Straight Down the Fairway

研报英文原文证据摘录

Meeting with the CEO: Straight Down the Fairway

WO ad revs grew 6% y/y in FY26 vs down -29% in FY25, and mgmt believes $40 Borderlands 3

$20 RDR2 announcedits mobile ad rev growth can continue to improve as it better monetizes non-paying users. TTWO Delayed May 2018

brought up non-gaming ads within games as an upside opportunity unprompted, in-line with our $0

own view of the mobile market, and particularly AppLovin's e-commerce business. One of the larger .Source: FactSet, Company data, Jefferies

changes on mobile strategy since the Zynga acquisition has been to raise the bar for games to prove

ROI before ramping user acquisition spend, compared to prior more fixed UA budgets for new titles. Exhibit 2 - GTA VI Timeline So Far

Pre-orders and summer marketing push is the

UGC a mode, not a model: Mgmt reiterated their goal with UGC is not to be the next RBLX where next$300 stock catalyst

+ Trailer #2, TTWO Guides to FY27

May 20253P developers make the entirety of game content, but will continue to have tools for creators within $250 GTA GTA VI delayed to VI in FY25, May

TTWO's owned content. FiveM, their GTA UGC role playing platform is the best example, with TTWO $200 2023

GTA VI delayed

to Nov 2026, Novsaying they see both the business model and player profile for FiveM as separate from GTA Online, $150

$100 1st GTA VI trailer GTA VI delayed to

anounced and shown, FY26, May 2024along with them not competing with each other. We would expect both to continue to be operated $50 Nov/Dec 2023

separately once GTA VI launches. $0

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College has been an NBA driver: NBA 2K26 RCS growth has outpaced unit growth through .