Greetings. Welcome to Take-Two Interactive Software to combine with Zynga. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. At this time, I'll now turn the conference over to Nicole Shevins, Senior Vice President, Investor Relations and Corporate Communications for Take-Two. Nicole, you may now begin. Good morning. Thank you for joining our conference call to discuss Take-Two's announced plan to acquire Zynga. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer, Frank Gibeau, Chief Executive Officer and Director of Zynga, Lainie Goldstein, Take-Two's Chief Financial Officer, and Karl Slatoff, Take-Two's President. We will be available to answer your questions during the Q&A session following our prepared remarks. Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements. Actual operating results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are discussed in our filings with the SEC, including the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, including the risks summarized in the section entitled Risk Factors. This call is being made in respect to the proposed transaction involving Take-Two and Zynga. In connection with the transaction, Take-Two intends to file a registration statement on Form S-4 with the SEC, which will include a joint proxy statement prospectus of the parties, and each party will file other documents regarding the proposed transaction with the SEC. Please note that this call is not an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. We urge investors and security holders to read the registration statement on Form S-4, including the joint proxy statement prospectus that will be contained therein, and all other relevant documents filed with the SEC or sent to stockholders as they become available, because they will contain important information about the proposed transaction. In addition, Take-Two, Zynga, and their respective directors and executive officers may be deemed to be participants in any solicitation of proxies in connection with the proposed transaction. Information regarding the interests of these participants can be found in Take-Two and Zynga's most recent proxy statements filed with the SEC, and additional information regarding their interests will be contained in the joint proxy statement prospectus. In addition, there is an accompanying slide presentation for today's call, which, along with our press release and filings with the SEC, may be obtained from our website at take2games.com. Now I'll turn the call over to Strauss. Thanks, Nicole. Good morning, and thank you for joining our call on short notice. Today marks an exciting and transformative moment for Take-Two as we continue to build on our strategy, which our leadership team began in 2007, of becoming the most innovative, the most creative, and the most efficient entertainment company in the world. We're thrilled to announce our strategic combination with Zynga in a $12.7 billion stock and cash transaction, which establishes Take-Two as one of the largest publicly traded interactive entertainment companies in the world and a leading developer and publisher of mobile games. To date, much of our growth and success has been rooted in the organic investments we've made in our wholly owned and renowned labels, including Rockstar Games, 2K, and Private Division. Our labels are home to some of the most iconic brands in the world, including Grand Theft Auto, Red Dead Redemption, Midnight Club, NBA 2K, BioShock, Borderlands, Sid Meier's Civilization, Mafia, and Kerbal Space Program. We've also made strategic investments to strengthen our labels' internal development capabilities, broaden our offerings, and enhance our position within mobile, including through our acquisitions of Social Point, Playdots, and Nordeus, which now operate together as T2 Mobile Games. As a result, we currently have the largest, most exciting, and most diverse pipeline in our company's history. That said, we believe there remains a meaningful opportunity to expand our enterprise further and create value for our players, our colleagues, and especially our stockholders. This transformative combination will create a powerful and diverse portfolio of industry-leading titles that span key platforms and genres across interactive entertainment, developed by some of the most creative and forward-thinking talent within the industry. With the ability to share best practices across the enterprise, the company is expected to benefit from substantial development and publishing synergies, unlock significant new revenue streams, and reach new audiences around the world. Under the extraordinary leadership of Frank Gibeau and his highly creative and deeply experienced management team, Zynga has an established track record of strong operational execution and a firm commitment to innovation that has enabled the company to become a highly successful top five global leader in mobile interactive entertainment. Their mass market diversified offerings are available in more than 175 countries and engage 183 million mobile monthly average users across their network. Zynga is home to numerous innovative game development studios consisting of over 2,200 of our industry's top creative talent in free-to-play mobile games. In addition, Zynga controls some of the most popular and top-performing franchises, including CSR, Empires & Puzzles, FarmVille, Golf Rival, Harry Potter: Puzzles & Spells, High Heels!, Merge Dragons!, Toon Blast, Toy Blast, Words With Friends, and Zynga Poker. Moreover, Zynga employs best-in-class capabilities to engage players through live operations and recurrent consumer spending initiatives, has strong data science, user acquisition, and advertising monetization capabilities, and their demand-side platform, Chartboost, helps attract high-value users through advanced targeting and machine learning systems. Culturally, Zynga shares our vision and commitment to maintaining and nurturing a global corporate culture that's based upon respect, collaboration, honesty, integrity, and kindness. We value these attributes reflected across Zynga's studios and teams as much as we do their proven track record of innovative excellence and business acumen. The following are some of the highlights and benefits we see from this combination. With over $6 billion of pro forma net bookings on a trailing twelve-month basis for the period ending September 30th, 2021, we'll be well-positioned to capitalize on the interactive entertainment industry's strong tailwinds. Take-Two will become a leader in mobile games, with over half of our combined business now expected to come from mobile, the fastest-growing segment within the industry. By combining our best-in-class assets, Take-Two will manage an impressive and highly diversified portfolio of industry-leading titles. Zynga's highly skilled and proven management team, led by Frank and Zynga's President of Publishing, Bernard Kim, will drive the strategic direction for Take-Two's mobile efforts and will oversee the integration and day-to-day operations of the combined Zynga and T2 Mobile Games business, which will operate under the Zynga brand as its own label within our company. Given the highly complementary nature of our businesses, we'll be able to deliver accelerated growth as compared to each entity on a standalone basis. There are several key contributors. We expect that we can deliver approximately $100 million of annual cost synergies within the first two years post-close, which Lainie will discuss in more detail. We believe that we can achieve more than $500 million of annual net bookings opportunities over time, driven by several initiatives. We see tremendous untapped potential to bring Take-Two's renowned console and PC properties to mobile, a high-priority initiative that will be energized by the addition of Zynga's leading development, publishing, and live operations teams. As two global leaders in live services, we believe that we can deploy best practices throughout the organization to enhance and grow existing titles across our portfolio by improving game economies through more effective data analytics and machine learning models. With a combined account base that exceeds 1 billion users, we see a significant opportunity to grow and cross-promote content to a broader and more diverse audience. Zynga has an impressive pipeline of titles in development, and we believe that we can help them achieve their free-to-play synchronous cross-platform ambitions by capitalizing on Take-Two's expertise in development and global marketing on the console and PC side of the business. With Zynga's and Chartboost's scale in the market, we see a meaningful opportunity to acquire new users more efficiently and find higher-quality pools of players in addition to expanding and optimizing our mobile advertising inventory to achieve greater yields. We also see emerging opportunities, such as geographical expansion across key growth regions and an enhanced focus on technological innovation as we tap into the collective knowledge of our forward-thinking talent. I'd like to thank our board, Zynga's board, Frank, and the team at Zynga for their trust and support and for sharing our vision for the future. I'm also immensely grateful to all of my colleagues at Take-Two for bringing us to this exciting new chapter in our history. I look forward to officially welcoming Frank and everyone at Zynga into the Take-Two family in the coming months. It's now my great pleasure to turn the call over to Frank. Thank you, Strauss. I'm excited to be here today to help usher in what I believe will be a transformative moment for Zynga and Take-Two's players, teams, and shareholders. The combined entity will be one of the largest publicly traded interactive entertainment companies in the world with an unparalleled and diversified portfolio of content and capabilities that reaches massive audiences across all key platforms, genres, and territories. Our businesses and portfolios are incredibly complementary. By combining Zynga's free-to-play expertise and next-generation mobile platform with Take-Two's best-in-class capabilities and renowned intellectual properties on console and PC, we are confident in our ability to generate more growth, synergies, and shareholder value together. Since our founding in 2007, Zynga's mission has been to connect the world through games. At our core, we believe that games are inherently social and have a unique ability to bring people together across all ages, genders, and geographies. Within interactive entertainment, mobile is the largest and fastest-growing platform driven by a highly accessible free-to-play business model. Over the past decade, we have meaningfully scaled Zynga into one of the world's top 5 mobile game publishers. Our development studios, including BossAlien, Echtra, Gram, NaturalMotion, Peak, Rollic, Small Giant, and StarLark all have creative and cultural autonomy while leveraging Zynga's publishing platform, which consists of best-in-class data science, product management, user acquisition, advertising, and publishing capabilities. This enables them to create some of the most beloved free-to-play entertainment experiences in the world that operate as live services 24/7, 365 days each year. As we sit here today, we are pleased with our strong finish to our fiscal year 2021. We are on track to deliver one of the best bookings performances in Zynga history, which will represent a 26% compound annual growth rate since 2015, in addition to unlocking meaningful operating leverage over the same period. In addition, Zynga currently has 183 million mobile monthly active users, which have more than tripled since 2016. Looking ahead, we are very excited about what our team can accomplish with Take-Two, and we are confident this will only further our ability to deliver on our multi-year growth strategy and long-term profitability goals. Together, we believe there are significant opportunities for collaboration and synergies, including exploring ways to broaden the reach of Take-Two's renowned portfolio of intellectual properties, as well as leveraging Chartboost. We also see great opportunities for Take-Two expertise on console and PC to enhance our free-to-play synchronous cross-platform titles in our pipeline. Most importantly, our companies share a common culture of innovation, growth, teamwork, and success. Before I hand off the call to Lainie, on behalf of Zynga's Board of Directors, I wanna take a moment to talk about the transaction and how we got here. We have long respected Take-Two as an innovative company, and Take-Two recognized our unique position in free-to-play gaming. When Take-Two presented its offer, it was thoroughly evaluated by Zynga's Board of Directors, including a strategic committee composed only of independent directors. This cash and stock transaction represents a 64% premium over our closing price on January seventh and includes a collar mechanism as well as a 45-day go shop provision. In addition, our shareholders will have the opportunity to participate in the value creation that we expect to achieve with Take-Two by owning approximately 1/3 of the combined company. The transaction was unanimously supported by Zynga's board of directors, and each director and executive officer of Zynga has entered into a voting agreement to support the transaction. The Zynga board was clear-eyed in our approach to delivering shareholder value, and we are confident we have achieved that goal. I would also like to thank our talented teams for their dedication and commitment to Zynga. This transaction is a testament to their hard work and passion. I will now turn the call over to Lainie. Thanks, Frank. Before I begin, I would like to share my excitement for the vast potentials of what our combined teams will be able to achieve together creatively, operationally, and financially. Whether greatly expanding the depth and reach of our entertainment experiences for our audiences, leveraging best-in-class analytics and live operations, or creating even greater long-term value for our stockholders, this opportunity represents a significant inflection point for our companies and industry. Turning to the financial details of the transaction. We are acquiring all of the outstanding shares of Zynga in a cash and stock transaction valued at $9.86 per Zynga share, representing a total enterprise value of approximately $12.7 billion. Under the terms and subject to the conditions of the agreement, Zynga stockholders will receive $3.50 in cash and $6.36 in shares of Take-Two common stock for each share of Zynga common stock outstanding at the closing. This represents a premium of 64% to Zynga's closing price on January 7th. Upon closing of the transaction, current Zynga stockholders are expected to own between approximately 30%-33% of the combined company on a fully diluted basis, including the shares associated with expected settlement of Zynga's two outstanding series of convertible notes due 2024 and 2026. As part of this transaction, Take-Two has received committed financing of $2.7 billion and intends to fund the cash component of the transaction through a combination of cash from its balance sheet as well as proceeds of a new debt issuance. With the combined cash generation of the businesses, we expect to return to a net cash position by our fiscal year 2024. There are many strategic and financial merits of this transaction, which we believe will enable us to create more value for both sets of our stockholders. In addition to diversifying our business, we will be significantly expanding our scale with $6.1 billion in pro forma net bookings for the trailing 12-month period ended September 30th, 2021. Together, we expect to deliver a 14% compound annual growth rate for net bookings, excluding synergies in any future acquisitions for the three-year period ending March 31st, 2024. We have already identified more than $500 million of annual net bookings opportunities to unlock over time as we create new mobile games for various Take-Two franchises in our catalog, enhance our live operations, capitalize on cross-promotional opportunities, leverage ad tech capabilities, and capitalize further on geographic expansion. Through the addition of Zynga's diversified portfolio of live services and upcoming pipeline of new releases, Take-Two will significantly increase its base of recurrent consumer spending, a highly attractive revenue stream that helps reduce volatility from period to period, which historically has been related to the cadence of the company's console and PC release slate. We expect to deliver approximately $100 million of annual cost synergies within the first two years after close, primarily driven by rationalization of duplicative overhead, including corporate general and administrative expenses and public company costs, as well as the benefit of scale efficiencies across the enterprise. The transaction is expected to be accretive to our management operating results beginning in fiscal year 2023. Lastly, Take-Two will maintain its strong balance sheet with significant flexibility and annual cash generation. The transaction is expected to be completed during Take-Two's first quarter of fiscal year 2023, ending June 30th, 2022, and is subject to the approval of both Take-Two and Zynga's stockholders and the satisfaction of customary closing conditions, including applicable regulatory approval. In closing, by combining both of our industry-leading organizations, we believe that Take-Two will emerge as an even stronger player within the interactive entertainment industry, including a more diversified enterprise with enhanced development capabilities, a broader portfolio of proven franchises and potential expansion, an even larger community of players around the world, and the ability to capitalize further on emerging business models, markets, and revenue streams. I'll now turn the call back to Strauss. Thanks, Lainie and Frank. On behalf of our management teams and boards, I'd like to thank you for joining us today. To our stockholders, I want to express our appreciation for your continued support and shared vision for our future. We'll now take your questions. Operator? Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question today, please press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Once again, that's star one to ask a question. Thank you. Our first question is from the line of Matthew Cost with Morgan Stanley. Please proceed with your question. Good morning, everyone. Thanks for taking the question. I guess I was wondering if you could talk a little bit more about the $500 million incremental bookings opportunity, you know, within the areas that you outlined between, you know, cross-promotion, optimizing RCS, you know, maybe doing more Take-Two IPs on mobile. If you could kind of talk about the biggest areas of focus and investment and then what you're most excited about in there. Thanks. Well, it's a very long list, Matthew, and we're excited about all of it. There are numerous ways through having over 1 billion customer records and the ability to optimize best practices, to employ Zynga's Chartboost platform, to employ their data analytics, which are best in class, and to apply that across our platform. Equally, we have the ability to provide our share of those consumer records and to provide our PC and console expertise to help build on Zynga's interest in cross-platform play and PC projects and other projects going forward. Perhaps most importantly, we have the ability to gather from both a development and a publishing point of view, to optimize the creation of new titles based on Take-Two's core intellectual property. We believe we have the best collection of console and PC intellectual property in the interactive entertainment business, and it's basically nearly entirely unexploited for mobile and free-to-play around the world. Zynga's best in class studios can help us develop that property. Their best in class free-to-play mobile publishing operations can bring that to consumers, and delight those consumers, and create recurrent consumer spending along the way. The list is endless, and it's early days. We're just thrilled to be able to have this opportunity to work together and to create what we are certain will be extraordinary value going forward. Great. Thank you. Thank you. Our next question is from the line of Martin Yang with Oppenheimer. Please proceed with your question. Hi. Good morning. Thank you for taking my question. Can you give us a better sense of the combined scale of your mobile operation, assuming the acquisition can complete in terms of total developer counts as well as MAUs? Our total developer count together will be about 8,000 developers. That includes mobile and console. Our total combined mobile percentage of net bookings is expected to be about 50% in fiscal year 2023. As a follow-up, do you have currently an in-house advertising infrastructure similar to what Zynga already had today? No, we don't. I mean, this is really a hand-in-glove fit. Thank you. Thank you. Our next question comes from the line of Doug Creutz with Cowen. Please proceed with your questions. Yeah, thanks. This one's for Frank. Obviously, the consideration here is well above your current stock price. As you all know, the video game space has been under enormous pressure recently. I think, Frank, your stock is down by more than half on a 52-week high. I think a lot of that's because of investor concerns about IDFA. You've consistently said that you think IDFA is more of a transitory issue that you can manage through, and it doesn't have any implications for the longer term health of the business. I guess the question is, you know, why sell now when the market arguably is not appreciating the value of your company whatsoever? Thanks. Hey, Doug. Thanks for the question. You know, when the Zynga board was approached with the opportunity, we were very open to any number of ways to grow shareholder value at Zynga. When we looked at the combination of the two companies, we saw incredible strengths available to us with regards to scale, data, audience expansion into new categories, product capabilities that would help us aggressively pursue cross-platform. From our perspective, we would be able to grow faster together. The deal that was constructed in the framework with a 64% premium really put us into a position where we felt that this was the right course of action for our shareholders. Going forward, as you look at industry dynamics like IDFA and the emergence of ad tech, the additional scale that Take-Two brings to Zynga really gives us an incredible position to drive to a leadership position that will drive long-term shareholder value. Okay, thank you. Thank you. Our next question is from the line of Matthew Thornton with Truist. Please proceed with your question. Good morning. Good morning, guys. Couple quick questions. I guess, you know, first, maybe Strauss, can you dimension the, again, that $500 million opportunity you talked about and the 14% compound growth over the next three years. The 14%, does that include any Take-Two IP being brought to mobile, or is that predominantly driven by existing initiatives and maybe a lot of the leverage around the UA and ad revenue efficiencies that you can get from Chartboost? Just any color there would be helpful. Secondly, I apologize if I missed this, is there any lockup associated with the deal? Thanks, guys. Thanks for the question. Actually, the 14% CAGR excludes potential revenue synergies. That would be, you know, on top of that. Thank you. The next question comes from the line of Drew Crum with Stifel. Please proceed with your questions. Okay, thanks. Hey, guys. Good morning. Can you talk more about the $100 million of cost synergies? I think you mentioned scale benefits and rationalization of costs. Zynga has publicly said $25 million plus of cost synergies related to Chartboost as soon as next year. How does that factor into that $100 million figure? Does this transaction in any way slow or alter the trajectory for Chartboost? Thanks. $100 million does not include any of the synergies that Zynga has on their end. It was just between Zynga and Take-Two. It was just synergies between those two companies. No, we don't expect that anything will slow down with what Zynga's up to. Thank you. The next question is from the line of Eric Handler with MKM Partners. Please proceed with your questions. Good morning, and thanks for the question. Two questions, actually. First, I'm curious, once the deal closes, how fast can you get your mobile games up and running on the Zynga ad tech data platforms? Secondly, how long do you think it would take to start development and get a Take-Two franchise game to market on the mobile in mobile? In terms of applying the consumer database across the enterprise, in terms of employing best practices, in terms of improving what we do day-to-day, we hope to be able to achieve that relatively quickly. We have time to think about it. We expect to close the transaction in our first quarter of our new fiscal year, and we expect to hit the ground running post-closing. That should happen pretty quickly. I'm not sure I can give you an exact timeframe, certainly within 12 months. In terms of development, we have to make sure that we identify the right studio and that we observe the creative process. As you know, mobile development is not the same as console development. We are already in the mobile development business. Zynga is incredibly expert in mobile development, and we would hope to be able to bring properties to market relatively soon. Thank you. Thank you. Our next question is from the line of Clay Griffin with MoffettNathanson. Please proceed with your question. Hi, good morning. I guess this question is for Strauss. You know, Strauss, your view of the mobile market obviously has evolved a lot over the last several years. I guess it'd be helpful just to understand high level kind of how that view has evolved. I mean, obviously the growth in mobile is obvious, but there's been some questions on kind of the structural profitability. I guess we just would love to hear about How do you think that view's evolved and specifically when it comes to kind of profitability in the mobile space? Well, look, we've been investing in the mobile space aggressively for the past several years, and our views really haven't changed much since we started doing that, since we started building T2 Mobile Games. There are certain challenges related to the mobile business. The hit ratios for new products, for example, are vastly lower than they are for the console and PC business. That sort of encourages one to move toward inorganic growth versus a pure organic growth strategy. We've had good luck with our organic approach to mobile, with WWE SuperCard and other titles here, including our NBA app. We've also had great success with our inorganic approach to mobile, with the acquisition of Playdots, Social Point, and Nordeus and the titles that they brought us. Zynga has done an amazing job in building an extraordinary collection of controlled and owned intellectual properties. They're one of very few mobile companies who has numerous intellectual properties that are forever franchises. That part of Zynga, in addition to their culture and their team, was what was so appealing. Where do we think mobile's going in the future? Look, we still have a business. We collectively have a business that is largely a United States and Western European business. We basically have 80% of the world's geography that is greenfield opportunity for us. We think the opportunity to address largely large parts of that geography really is driven by free-to-play, and that's where Zynga's expertise lies. We think that it's gonna be a whole lot easier to penetrate parts of the world like India, parts of Latin America, Africa, and the Middle East with free-to-play titles. That expertise, that collection of intellectual property that Zynga brings to the Take-Two family should enhance and accelerate our ability to grow our business. Not just growing our business because we operate better, not just growing our business because we have new great titles. Also growing our business because we're addressing new geographies, and yet we haven't even spoken about even newer opportunities, sort of Web 3.0 opportunities that we think this combination will allow us to address much more effectively than either company can do on its own. Okay, thanks. Next question comes from the line of Benjamin Soff with Deutsche Bank. Please proceed with your question. Hey, guys. Thanks for the question. This is for Strauss and Lainie. So wondering how, if at all, does this deal change your plans or priorities for Take-Two's existing development pipeline, either in mobile with the 20 games you're working on or in console and PC? Second quick one, just from a reporting standpoint, are you guys planning to break out mobile contribution in more detail in the future now that it's a much bigger part of the business? Thanks. No changes in the pipeline for either company are contemplated except possible new products, which we're incredibly excited about. As of now, we do not intend to break out the segments. Yeah. Yeah. I mean, we have been breaking out mobile as it's becoming a bigger part of our business, so we would expect to continue to break it out in the same way that we've been breaking it out so far. It's been about 10% of our business and growing, and we expect it to be about 50% of our business in fiscal year 2023. We continue to break it out in that way. Thanks, guys. The next question comes from the line of Brian Fitzgerald with Wells Fargo. Please proceed with your question. Thanks. Congratulations, guys. Strauss, you mentioned Web 3.0 type of things, and Frank, Star Wars: Hunters is your first cross-platform release. How strong a focus will cross-platform be for the combined company? With constructs like play to earn, and with Zynga partnering recently with Forte, how important a concept is that for the combined company going forward? Yeah, Brian, thanks for the congratulations and the question. Cross-platform play is a really important initiative for Zynga, and by combining with Take-Two, we really supercharge our capabilities there. Their incredible expertise in console and PC will give us resources, insights, and tools and technology that allow us to further expand the investments that we're making there. We believe that long-term free-to-play franchises that work synchronously across multiple platforms is gonna be a very appealing place to be in the market going forward. In terms of NFTs, it's very early days. It's a process that I think we conceptually have a lot of faith and belief in. The idea that players will play to earn or play to own is a very compelling idea that we think will have legs as the industry develops. As I said before, it's early days, so we're really experimenting, learning, trying to understand what the market will look like and how it'll develop. Stay tuned for more from us on that. Thanks, guys. Thank you. As a reminder, you may press star one to ask a question. Our next question is from the line of Mike Hickey with The Benchmark Company. Please proceed with your question. Hey, Strauss, Frank, Lainie, Karl. Good morning, guys. Congrats on your deal. Just a couple questions from me. On Zynga, just sort of curious how you frame the development expertise profile across sort of casual, mid-core, and core games. It seems like Zynga's portfolio seems to lean more towards casual, maybe going a bit in the mid-core. Then I guess tying into sort of the IP synergies you see within Take-Two for mobile game development. Should we sort of expect mostly sort of casual games from your existing IP? And is it across all of your IP, Strauss, including Rockstar? Then I guess a follow-up to sort of support the new game development, do you anticipate sort of accelerating the hiring within Zynga? Hey, Mike, thanks for the question. You know, this is early days, but we're very excited about the opportunity to further expand our portfolio into new categories and genres. As you know, on the mobile platforms, some of the fastest growing franchises recently have been what has been traditionally defined as core franchises. If you look at the emergence of the shooter category, for example, or action-adventure. From our perspective, by partnering with Take-Two, we've got the opportunity to work collaboratively against new categories, new opportunities to create franchises, potentially bring existing franchises to the mobile platform. From that standpoint, it's a very exciting opportunity. The new game development acceleration that you're talking about, prior to this deal, we have a very robust pipeline of new games. I think we're gonna take it one step at a time, work collaboratively, really evaluate which ideas have the highest potential, the opportunity for the largest audiences. What's truly exciting about our businesses is they are very complementary, and our intellectual properties really do fill out the full portfolio across categories, genres, demographics, as well as territories. Nice. Lainie, are you still comfortable with your fiscal 2022 guidance? We're not updating anything right now, since we're in the process of closing Q3, but we'll have more to say in February. All right. Thanks, guys. Congrats. Our next question is from the line of Stephen Ju with Credit Suisse. Please proceed with your question. Okay. Thank you so much. Congratulations on the transaction, guys. I guess a question for both Strauss and Frank. Do you feel like the potential for organic growth with the cross-pollination of Take-Two brands and Zynga's live ops will drive higher prospects for shareholder value creation? Or do you anticipate that, you know, as a combined company, you know, you will now be as acquisitive as Zynga historically has been? Okay. Thanks. Thanks, Stephen. Yes, we believe there will be a minimum of $500 million in annual revenue synergies that we can achieve over the next several years. That's not reflected in our expectations regarding a 14% compound annual growth rate for combined company net bookings. That's on top of that. We very much expect organic opportunities in terms of doing a better job with what we have and creating new great games on both sides of the company, of course. We have existing great pipelines, and we expect to add to those pipelines by working together. In terms of your question regarding ongoing acquisitions, that's still something that will be of interest to us. We will close this transaction with a fortress-like balance sheet with very little net debt. We expect to be in a net cash position within a few years by fiscal 2024. We expect to generate positive cash flow on an ongoing basis as soon as the transaction closes, and we expect the transaction to be accretive. We'll be in a powerful position to continue to acquire, and our approach to acquisition remains the same, which is we're looking for great teams, great intellectual property, and accretive transactions. This transaction, for example, is expected to be accretive upon its closing. Thank you. Our next question is from the line of John Hodulik with UBS. Please proceed with your question. Great, and congrats on the deal, guys. Maybe for Frank, in terms of the go shop provision, have you guys had any conversations, you know, regarding the M&A or transaction with any of the other triple A guys or Netflix or Disney or anybody else out there, just considering how many mobile deals there have been in the past? As it relates to those provisions, is there anything you can tell us about a process that's in place if there is a higher bid from another third-party company? Thank you. Yeah, John, thank you for the question. Zynga board requested it for the benefit of shareholders. The terms set forth in the merger agreement, which will be publicly filed in the next day or so, will give you more detail on the rest of your question. Okay. Got it. Thanks, guys. Thank you. At this time, we'll turn the floor back to Strauss Zelnick for closing remarks. Thank you so much for joining us today. Our collective teams at Zynga and at Take-Two just couldn't be more excited. We're thrilled about this opportunity. We see a great path forward together as one powerful enterprise, serving players, serving all of our colleagues all around the world, and of course, serving our shareholders. Thank you and have a great day. Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.