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Clay Griffin

Senior Research Analyst at MoffettNathanson LLC

Winston-Salem, NC, US

Clay Griffin is a Senior Research Analyst at MoffettNathanson LLC, specializing in equity research across cable, satellite, video games, IT hardware, and media sectors. He covers major companies such as Roblox, Take-Two Interactive Software, Electronic Arts, Frontier Communications, and Crown Castle, with recent actionable calls including downgrades and upgrades that reflect a dynamic and active coverage list; performance tracking on platforms like MarketBeat shows ongoing recommendations and price target changes. Griffin began his career in finance with roles at Acquivest Financial Group and Centric Consulting, joining MoffettNathanson in June 2021 after previous experience at firms such as ZBiotics and Marks and Spencer. He holds the Chartered Financial Analyst (CFA) designation and is recognized for insightful, sector-focused analysis impacting investor decisions within the technology, media, and telecommunications space.

Clay Griffin's questions to TAKE TWO INTERACTIVE SOFTWARE (TTWO) leadership

Question · Q2 2026

Clay Griffin circled back on the mobile business, noting that while net bookings are near 2022 pro forma levels, there's been a significant expansion in margins. He requested a framework for understanding the overall improvement in mobile margins over the past two to three years, considering factors like discipline in titles and efficiency in user acquisition (UA) spend.

Answer

Strauss Zelnick, Chairman and CEO, attributed the margin improvement to better execution, discontinuing inefficient practices, and increased efficiency. He highlighted the alignment of like-minded cultures, a focus on creativity, innovation, and efficiency, and strong leadership. He emphasized that financial results like net bookings and margins are a consequence of these operational improvements, not their primary driver, and pointed to the company's long-term stock appreciation as a result of its strategy.

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Question · Q2 2026

Clay Griffin asked for a framework on the notable expansion in mobile margins over the past two to three fiscal years, inquiring about the impact of discipline in titles and efficiency in user acquisition (UA) spend.

Answer

Strauss Zelnick, Chairman and CEO, attributed the margin improvement to better execution, including stopping less effective practices and operating more efficiently since the Zynga acquisition. He highlighted the alignment of like-minded cultures, a focus on creativity, innovation, and efficiency, and strong leadership and creative teams. He emphasized that these operational improvements are reflected in net bookings and margins, rather than being the primary drivers themselves.

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Question · Q1 2026

Clay Griffin from MoffettNathanson inquired about the impact of court rulings on alternative app stores and asked if the exceptional growth in NBA 2K was driven by its presence on PlayStation Plus.

Answer

CEO Strauss Zelnick commented that the legal trend towards open distribution is positive and that Take-Two is already pursuing direct-to-consumer opportunities. On the second point, President Karl Slatoff clarified that while they use subscription services strategically, there was no meaningful year-over-year change in the PlayStation Plus relationship that would account for the game's exceptional growth.

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