Martin Yang

Adam described the attribution partnerships (e.g., Triple Whale) as win-win-win, still working through optimal execution past awareness and implementation hurdles. Direct.

Adam confirmed gaming model improvements keep pace with consumer. Gaming companies already sophisticated on creative so tools less urgent for them.

Adam confirmed growth from both but primarily existing customers as model improves. Focus on existing cohort growth as leading indicator for new customer potential.

Adam said APP's full-screen 30-60 second engagement ads are the best ad quality available anywhere; compared favorably to TV ads where viewers are distracted. Format is inherently differentiated.

Adam said MAX marketplace well over $10B annually; adding individual publishers wouldn't move the needle. Focused on demand generation and improving conversion rate rather than supply expansion near term.

Adam described positive compounding trends in ROAS, tooling, and advertiser understanding of platform-specific creative needs over the year.

Adam noted gaming revenue is roughly 50/50 US vs international; opening web advertising internationally will meaningfully expand ecommerce addressable market.

Adam outlined staged rollout: current customers first for feedback, then all current, then new types, eventually fully open in several quarters.

Adam focused on streamlining and shedding non-core areas to narrow focus on advertising growth opportunities.

Adam explained IAP-focused publishers avoided ads due to competitor creative concerns; non-gaming ads remove that barrier, unlocking new MAX supply.

Strauss said the update cadence is stable with significant resources applied, and Take-Two expects to keep supporting GTA Online going forward.

Strauss said Rockstar and Take-Two have licensed to Netflix before and expect many future opportunities, aiming to be ubiquitous wherever customers are.

Karl confirmed strong development success in Turkey but gave a generic response on government policy, noting they pursue opportunities in every jurisdiction. Did not quantify specific benefits.

Strauss confirmed engagement spans both the full game and GTA Online, noting continued strong unit sales and the online version growing approximately 27% YoY.

Karl confirmed higher premium SKU mix drove all-time high ASPs, attributing success partly to 7-day early access (longer than prior year). Noted embedded RCS in premium packages contributed meaningfully.

Strauss dismissed any quality-vs-reach trade-off, noting TTWO aims to be on all platforms with consumer attention, including 4 Switch 2 titles, while labels may stage releases for core platforms first.

Strauss differentiated Roblox from open platforms like Steam, noting ratings compliance limits TTWO titles on Roblox and it is not a traditional distribution platform.

Lainie attributed internal royalty changes to product mix shifts, which vary quarter to quarter and year to year.

Management highlighted China compatibility and global UA opportunity for Chinese games; direct.

Management quantified China's rising revenue share across Create and Grow; direct.

Management said each month improved and strength continued into July and August; direct.

Ed acknowledged CapEx could be slightly above $1.7B. Wendell explained expansions were already in progress as they anticipated reaching agreements, and customer risk-sharing should avoid a significant free cash flow dip.