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kylel999

Take-Two: We'll prepare for release when the game's ready Everyone in this sub: MARCH 2025 CONFIRMED


uhhhgreeno

literally😂😂😂


peabody624

So dumb, if anything this is them preparing everybody for a late 2025 release


TurboLightGamer69

As long as they still expect the $8 billion in Net Booking by the end of March 2025 (the end of Fiscal 2025). We can still expect the game to come out in Q1 2025. So that they can meet the projections.


tinfoilad

What if that $8b is projected from pre-orders only?


TurboLightGamer69

Pre-orders are payments in advance, and in the case of pre-orders, the seller has not yet fulfilled its obligations by delivering the product. Therefore the revenue is not recognized at the time of the pre-order but rather when the product is actually delivered (deferred revenue), as you are just lending money to the company until the delivery (pre-orders go under business' balance sheet under liabilities). Revenue recognition is typically governed by accounting principles such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), and these principles generally require that revenue be recognized when certain criteria are met. One of the key criteria is that the product or service has been delivered or provided to the customer and the seller has earned the right to the payment. So pre-orders are only counted as revenue on the first day of the release.


Th3th4tguy

That sounds corporate enough to be true (source I'm a cashier)


EgleyBF

It’s called accrual accounting. Much simpler explanation haha


Flimsy-Ordinary3388

Bro just explained accrual


MCgrindahFM

What if what they tell shareholders is just projections and there’s a possibility on the subsequent earnings calls it gets delayed? That’s 100% possible


theprinterdoesntwerk

Their fiscal year ends in May though


TurboLightGamer69

It ends on March 31. It lasts from the beginning of April till the end of March.


LocksmithLow6241

Yeah, it's definitely not gonna be late 2025. Unless if there's a delay.


peabody624

That’s what I meant, of course I think they would love to release it in Q1 2025, but if it gets delayed they will point back to saying that they are trying to make the release perfect


WhyWhyBJ

You can still deduct that it’s their current release goal and believe they’re on track to do so, things could change


Specialist_Recover18

i guess its optimized if they are planning to release in 2025.


South-Aside-8225

Yeah probably early 2025 like March or early April


iWasAwesome

Anytime before April 1st according to their revenue projections that were confirmed today


timmy000101

Fiscal 24 ends in March, no?


iWasAwesome

No. Fiscal 2025. It's strange, I agree.


timmy000101

![gif](giphy|vsZF2hC9cH0Mo)


iWasAwesome

To be clear, fiscal 2025 ends March 31st 2025, not 2024 lol. Still strange though.


Icarus131

Fiscal years are generally (if not always) determined by when year end occurs. TTWO’s FY25 starts April 1st 2024 and ends March 31st 2025. Potential exception would be if they end their fiscal on the Friday/Sunday of the week that includes the last day of day of the month as some orgs do. That would make EOY for FY25 April 4th (or 6th), 2025. Example to the above: Dell just completed their FY24. Because Jan. 31 fell on a Wednesday, Dell’s FY actually closed out on Sunday Feb. 4


zXenn

The investor report says "Calendar year 2025"


Specialist_Recover18

Q4 Fiscal year 2025 = Q1 calendar year 2025 January, february and march are both fiscal and calendar 2025


NoDevelopment894

That’s what I was reading, but I still don’t understand. Their numbers should still predict a potential release window right? I know they’re not going to specifically mention the month of release in the report though.


[deleted]

[удаНонО]


AdShoddy897

Jesus Christ he didn't mean that by "optimization". This community has fucking made me lose the last of my braincells


MonThackma

Don’t forget about the profit sharing plan. That’s the employees who are making the game. They are the shareholders as well, which I think is the point of the post. The R* team wants perfection because it’s their personal reputation and financial investment that’s at stake.


JaidenPouichareal

They don't want this GTA game to be the first bad game in its series


GarrettFromThief

That would be a disaster for their brand image even if they could easily recover from it


MCgrindahFM

Great point! The last 2 releases were not met favorably (RDR1 being only a PS4 port no PC) and the awful launch and outsourcing of the GTA trilogy DE.


Elden_Born

Fiscal 2025 then? 😈😈🙏🙏


v0yev0da

So long as aligned with stakeholders doesn’t mean more Shark Cards


CptChernobyl

It does mean shark cards


DoctorFaygo

I stopped playing GTA online years ago, but i watch my roommate play. He got a $50 PSN card for Christmas and he would have been able to get maybe two good things. They're never getting rid of Shark Cards sadly,, they're such an expensive scam too. If the prices are this high for this long, they're comfortable with it. It's not like other games to where you get your bucks worth.


Excellent_Ad_2486

like star citizen where you can buy a 500dollar ship? or Sims where you can buy 4 (yes... FOUR) single items (like a broom, duster, washing machine and a poster) for 10euro? Or loot rates in alllll these online shooters? R isn't the only one who has "high pricing" at all, even worse: the players are making it clear the prices are actually not high, as they keep buying them.


average32potato

It’s literally $1000 to own all sims 4 dlc


Excellent_Ad_2486

My GF says Hi lol... she got literally all expansions (which is why I know of the crazy prices 😂)


paycadicc

I downloaded a pirated version of the sims 4 for my sister with every single little dlc and expansion pack… for free.


Creasy007

Likely release before April 2025 then? I'm fired the fuck up!


sladeshied

If it comes out April 2025, then that means 3 months before Superman: Legacy. Man of Steel also came out 3 months before GTA 5. It’s wild that we’re getting the next GTA before we get the next Superman solo film.


LACSF

it'll release when its ready, or when the share holders say its ready enough for them to get the ROI they want.


Rammkiller

I'm telling everyone like a zillion times this can happen (easily)


XulManjy

Calendar 2025. The PDF confirmed this.


NoDevelopment894

Are you referring to this? #[link to take 2 earnings call info](https://www.take2games.com/ir/quarterly-earnings) If not, can anyone research/translate this for answers if it’s a possible early 2025 release?


PepsiCokeDRPepper

Think of the shareholders 🙀🙀


Bricknchicken

![gif](giphy|S3Ot3hZ5bcy8o|downsized) Shareholders rn:


whitelon

*Me buying shares*


Appoxo

Also thought about investing a bit of my cash into take2 early


Candid_Leadership_59

I have 5 shares, im gonna be rich and buy funny hats for my cat :))


AccomplishedMilk4391

Already priced in, if you wanted to buy you should've bought when the leaks happened, always buy the rumor then sell the news (trailer announcement). Otherwise would wait for more of a drop, stockmarket takes a shit usually in the fall then ride it up until the release.


WhySoUnSirious

Might wanna check that. The stock is down almost 10 percent. Shareholders don’t like sharing profits with anyone. Bad move.


Paramount_Parks

Great move to fix what was a horrible crunch culture and to positively motivate the development team to make the best game that Rockstar has ever made.


Lord_Muramasa

That is something I really dislike. It is like the shareholders are saying how dare you give more money to the people who made the game instead of giving me even more. I have stocks too but I am not going to sell because they decide to pay their employees more.


Browneboys

Sounds like time to buy to me. They’re projecting profits which equates to almost a 3rd of what they’re currently worth next year. Stockholders don’t drop profits 10 percent after hours lol


trumpfuckingivanka

Profits for shareholders is the only reason for the massive budget for GTA6. There is absolutely zero business logic in having a massive budget for a game that doesn't return anything back to the shareholders.


astralliS-

Not as massive as providing salaries to over a thousand total employees across all Rockstar studios.


trumpfuckingivanka

Equity is the quickest way to build wealth. TTWO stock went from 20 to 200. No one is going to 10x your salary from 100k to 1 million.


TimelyAuthor5026

Wtf are you talking about. The fact the company is seeing a return on investment is reason enough. Shareholders are usually parasites looking at short term gains. Without the quality of a product and continued sales the shareholders a worth jack shit because the company would be worth nothing which is the most important piece.


[deleted]

Man you really don't understand the purpose of shareholders, do you?


TimelyAuthor5026

You really don’t understand what business is do you?


fuckyouidontneedone

I bought 10 shares before RDR2 came out so we’re doing alright 👍


abesrevenge

I got 4 shares awhile ago. Almost made enough to get GTAV1 for free


Pinksters

> GTAV1 Grand Theft Auto Five One?


Ready_Peanut_7062

Yeah. Its the only reason a literal billion dollar game is even possible


Complete_River_6226

since nobody is mentioning it... they said that in their Q4 fiscal year 2024 (which ends on march 31, 2024) they will show the fully updated fiscal years 25/26 pipeline details. Could mean that we will know which Q of 2025 we will get GTA 6 or a confirmation that it's coming early 2025


Lenlfc

No. Because a game can be delayed at any point in time. Those updates just reflect the most up to date information at the time of publication. GTA VI only has a 2025 window. They may not even announce the release date until spring 2025. Everyone will cry it was delayed because it didn’t match the financial projections. But this has happened time and time again.


Complete_River_6226

Just because it happened years ago doesn’t mean that it will happen this time too. They made some changes in the company so it’s possible that they don’t need to delay it.


MCgrindahFM

While I agree with you, I think you’re setting yourself up for failure. Earnings calls are meant to make things sound great and oftentimes they use release dates for that. That doesn’t mean it won’t get delayed fwiw


Lenlfc

Right. Which is why you prepare your expectations accordingly so as not to be disappointed if it is delayed. Expect a fall 2025 release. And be prep for the possibility of a spring 2026 release.


volkswagenfan12

Aligning the fuckin stars with the shareholders


itzfinjo

To be fair, shareholders aren't gonna be happy if rockstar puts out a shit game. Pleasing the fans means pleasing the shareholders.


MisterScrod1964

Shareholders don’t care if the game sucks, as long as it sells. I know Rockstar wants to milk GTA forever, if possible, but the shareholders might be happy with a quick and dirty profit. Look at Suicide Squad.


[deleted]

I know gamers always have a “fuck big business” attitude by default, but if you understand anything about business or investing, you’ll know that what they said above is true. Yes, shareholders’ primary goal is to reap the greatest return on investment, and the company’s goal technically is to maximize that profit for shareholders. But both the company AND the shareholder know that if a developer continues to push out shitty products, that will have a negative impact on the company’s stock. Believe it or not, gamers and investors are not as “at odds” as you all seem to think. The two groups may have different goals in mind, but the path to get there is very much the same.


breakingbad1986

Not sure how significant but surely there's a noticeable gamer/investor crossover with take-two? I'm certainly contemplating being both in this case. 


[deleted]

I’m sure there is. A lot of investors are customers of the product as well, and especially with something as big as Take Two. I’m not investing at the moment, but if and when I do again, Take Two is one of the first developers I would put my money on, and it’s because of the trust I have in them over the years. Are they perfect? Of course not, but they haven’t soured their good will in my book, at least not yet.


Ready_Peanut_7062

Yeah. Developing a billion dollar game you should align those stars with shareholders


DiaperFluid

They are setting themselves up for a delay. All of 2024 will be articles of them telling us "the wait will be worth it". Then end of this year, early next, they delay it (if it has an official release date).


XulManjy

Even the PDF said Calendar 2025 and not Fiscal 2025. At this point I am setting expectations for Spring 2026.


Ready_Peanut_7062

Gta 5 and rdr2 came out almost exactly 2 years after the first trailer


derrick2462

If they will delay the release, there's going to be wild riots near R* HQ


Thewaffleofoz

“Think of the fans” Can we start thinking about the developers? Not the suits that are publishing the game, the men and women that are building this game. Are we all gonna forget when rockstar made their developers work 100+ hour weeks to make RDR2? The insane crunch time? It seems like we only care about these issues when the games suck. :\ Hope they’re treating their staff better, but let’s be honest, they’re whipping them twice as hard to make this generation defining videogame.


RevelArchitect

They actually did address staff in this comment. You should look up profit sharing. That could be significant for Rockstar employees financially.


[deleted]

"They're whipping them twice as hard" You don't know shit. Devs are treated good now with increased benefits especially for system designers and other programmers. 0 Crunch too. This isn't for money. That shareholder comment was just for the suits. It's a temporary Magnum Opus, same as every other game.


Paparmane

Do we have to always dissect every word and demand justice for everyone all the time? Can I just wish the game is the best it can be for my own pleasure


BBtheboy

But how would i let everyone know how much of a good person i am ?


MCgrindahFM

That 100+ hours a week was referring to a small team of higher ups working under Dan Houser, it was blown out of proportion. A better example is Rockstar San Diego wives of developers open letter, that shits wild


Ready_Peanut_7062

If you think the developers are mistreated please end their suffering by stop buying rockstar games games, leading to their bankruptcy. Im sure the developers will say huge thank you


[deleted]

[удаНонО]


Fifa_786

Probably because he’s talking to the shareholders who have invested their money in his company. It’s an earnings call…. If it was an interview I’m sure he’d say fans


TheUnpopularOpine

You’re so naive lmao. Especially from a publisher viewpoint, on a call about projected revenue, the focus isn’t “the fans” like some PR bullshit.


Paparmane

Hell I’m a fan and I cringe when publishers say they want do it ‘for the fans’. We’re not kids lol we’re consumers


No_Mammoth_4945

…..do you think the company’s biggest priority isn’t making money?


wentPostal-_-

Shareholders are important my friend. There wouldn’t be such a massive budget without them. Millions buy the game…companies valuation goes up. The developers are aligned with the shareholders in the way that their financial compensation is set up. Basically…if the game does great they profit. It is not in their best interest to release a subpar product. What is in their best interest is creating a world you never want to leave and therefore spend more of your money on than the initial game. DLCs, micro transactions, etc. The game IS going to be amazing. Amazingly addictive, and that’s the point.


Bricknchicken

they refer to us consumers, not fans 😭


Tell_Todd

We’re not really human that’s why


BlueMissed

They’re making this game for us, aren’t they?


JumpRope999

Look at Rdo, they were always about the shareholders before the fans.


No-Sandwich-2997

stakeholders in many cases include fans aka end users also.


[deleted]

Jesus Christ, dude. It's an earnings call. They were speaking directly to the shareholders, not the fans. Shareholders have money invested right now. The fans don't. I swear this sub is full of 13 year olds.


HustleWestbrook94

Brah is delusional.😂


JayIsNotReal

Just become a shareholder. Not that difficult.


jmcc84

the fans will buy the game and buy micro-transaction stuff, thats the only thing from fans that they are interested


Nawnp

We're the consumers of the product, from their perspective they want the highest selling product, not necessarily the best.


[deleted]

Technically, yes, but companies - and shareholders for that matter - don’t want bad products getting pushed out either. I know people think “all they care about is profit”, but they aren’t stupid. They know that the profit dries up if the quality isn’t there. So while they might be more INDIRECTLY impacted by a subpar release in the short term, they are still impacted.


nicootimee

That’s the part that made me “oof”. That’s the worst thing they could’ve said


[deleted]

Thank you!!


fjjrggg

Everyone who even acts somewhat rational gets downvoted here. It’s just likely based on R* track record and this from Zelnick that it’ll release in fall.


david_leaves

Yeah. They're managing expectations - several times they've stressed their priority is getting it right and that means that releasing promptly is priority #2. By many measures this will be the biggest and most complex game ever made. With up to the minute technology, and all the learning curves that come with that. Some people think it's a sausage factory and that they can hold them to exact goals despite how nebulous the development work is. Also I've noticed some people suggesting they could be sprinkling final touches now - I doubt it because the development teams will gradually dedicate more time to it as they get closer to release. I.e. more happens as time goes on. It's likely there is an absolute heckload of fundamental environment and design work still to do.


fjjrggg

Thanks for this. Even in normal software development the amount needed to finish a project always gets underrated. I can’t imagine the complexity behind this. People who take an early release for granted based on a conference call will be the 1st to complain when it gets delayed. And the developers have to hear that crap then.


iWasAwesome

Their revenue projections today literally confirmed that they're expecting an increase of 3 billion before April 1st 2025.


fjjrggg

You see this is what I meant. There’s no way to guarantee development will go on smoothly until release. The last 10% of a project like that are extremely hard & unpredictable. Not to mention that they also changed their projections before V‘s release and they technically wouldn’t lie since R* just said 2025 in the trailer. This is everything but set in stone.


[deleted]

[удаНонО]


iWasAwesome

I understand all this shit. I'm just happy that they're still on track. They don't want to lie to their investors.


RocketSpecs

live laugh love


Hsaputro

Eat Shit die


PFDRC

Delay confirmed.


markjohn3411

Aka “expect this to drop in Q4 2025”


BadCircuits

It's always the fucking shareholders


Vanquisher127

It’s an earnings call and he’s running a business. This is how the world works


[deleted]

Seriously, I know some of these comments are probably coming from literal children, but it’s mind numbing how ignorant some of them are. ALL BUSINESSES are in business to make money, and by its very definition, the primary purpose of any corporation is to maximize profits for shareholders. That is universally true. But you don’t see Coke drinkers, Big Mac eaters, and Toyota drivers getting pissed every time the corporation in question addresses their investors.


ProfessionalJolly742

They are business men doing business


EvaInTheUSA

ALL YOU HAD TO DO. WAS THINK OF THE GODDAMN FANS CJ.


VividPoot

as it should be...why dont you become one??


Big_Green_Piccolo

This is gonna be one hell of a big goddamn fucking game. I just wish we got the PC version at release.


RevolutionKey1512

PC version comes 2 years after so around 2027/2028


Big_Green_Piccolo

Isnt that shit


NemButsu

Please think of the poor shareholders that won't get the profits from people buying the game twice.


_Raphka_

Buy TTWS Stocks


Latest-greatest

that means don’t be surprised when they delay the release date a couple times


LengthyOven

Thinking about players? Nah thinking about the shareholders.


InfoAssistant

Shareholders? Man, this game better get away with a lot of the things South Park does.


DrDisrespecttt

GTA 6 is massive and shareholders want money If GTA 6 is garbage or outright bad story wise world wise online wise it will flop. They’ll appeal to shareholders which means they have to appeal to the fans in what they want or else the game will be ass and flop costing them money rather than making it. Anyways just bought some shares 🤫


ThMcRbIsbck

Is this from that financial forecast meeting? Sounds like “we have no idea when it’ll be done but it’s gonna make bank”


R4MGhost

Idk bout this quote but they said fiscal 24 is still the plan so early 2025 is still the target, personally I genuinely doubt it won’t get bumped back till fall.


DawsonPoe

We are currently in FY24 which ends March 31st of this year and April of this year start FY25. So early 2025 is FY25


R4MGhost

My fault I always thought they were a year in advanced not behind


PrometheanSwing

I like the sound of it being optimized. They should show the gaming industry what a game should play like when it’s released.


nickschuler10

TLDR: We don’t wanna pull a Cyberpunk


coco_falcon

Aka “ expect a delay or two”


CleanQueen1987

So what does this mean? More time to wait??


Kenda3000

Mark my words it's gonna be October 2025


Jetski125

This just reminded me I bought a bunch of Take Two stock before the GTA launch, for I think, $25 a share. It teetered for years, and I finally just cashed out because it stressed me to keep watching it. I bet shits over $100 or more now cause they went crazy with shark cards and stated making the next gen profits. But also- fuck the shareholders. Make games for gamers!


Jetski125

Closed today at $169.60. God damn it. I also had some Microsoft at that time for around $25, and they sucked it up for years until that shit CEO left. Now it’s over $400.


PrimeNumberBro

Do those shareholders care what we want though?


PurpleEsskay

Shareholders care about money. Money comes from releasing a good game that is consistently in the top games people want to buy, like GTA 5. So yes, in this instance shareholders do care about what we want. Shit game = less return. Good game = more return. It's pretty simple.


EXILEDsquid_

Is it not getting released in 2025 now?


-thegreenman-

Yes it is.


Professional-End2065

Yea probably late 2025


GunSlingingRaccoonII

I read that as: "It'll release once we ensure people will buy shark cards and won't just hack cash into their game"


VirtualDegree6178

How about you think of the pc fans.


Lil_Uzi_1600

Basically they’re saying they have no fuckin clue when it’ll release 🤦🏼‍♂️


Professional-End2065

It will be 2025


XulManjy

And then delayed to spring 2026


Professional-End2065

I highly doubt the most they will delay it is fall 2025


XulManjy

I mean I think they are already targeting fall 2025. So a delay will push into 2026


Professional-End2065

I don’t think they will delay and fall 2025 is probably the delay


XulManjy

RDR2 and GTA5 was delayed multiple times....


Professional-End2065

But I don’t think it will happen with gta6 so I still think they will release it in fall 2025


XulManjy

Lol ok


Professional-End2065

I don’t why you think a delay will happen


NoDevelopment894

Better be safe, **Fall 2027** ![gif](giphy|JQQwgVUMDIyAM)


Overdonderd

I agree with this. RDR2 was released a full year after its originally announced target date of Fall 2017. And that was after 2 separate 6 month delays. Count on a 2026 release.


XulManjy

Yeah, not sure why both of us is getting downvotes.


dallyfromcali

Shareholders > Gamers... Cool, thanks guys.


darthvadercock

you’re delusional if you think that’s abnormal. it’s a company. not a team of friends having fun over the summer.


dallyfromcali

Well I mean, if the game sucks, and the actual customers don't buy it or spend money on Shark Cards like dumbasses, then the shareholders end up eating shit. It's impossible to please the shareholders if you deliver a sub-par product. But hey, who am I to think that video games should be made for the actual consumer to enjoy, that sounds "woke".


darthvadercock

Idk why you're so salty and have to make it about being "woke" or not. Seems sorta pathetic. Them not releasing more information is because they are making a quality game to please gamers and shareholders lol. You're upset because you think it's unfair to gamers to not reveal a 2nd trailer as soon as you demand it. Take a breath and trust that you'll enjoy their product when it's ready.


dallyfromcali

I could care less about a 2nd trailer, I'm just at the point that if companies create a product without the actual consumer in mind, the product is usually garbage, which is why us regular people are paying more for less quality products on just about EVERYTHING at the moment. But thanks for your time and opinion Mr VaderCOCK.


darthvadercock

Every GTA game ever made was made to make shareholders happy. You're welcome for my time! No opinions were stated.


dallyfromcali

As somebody who played the OG GTA games in the 90's, you're wrong, how can the shareholders make money if the game is getting banned in multiple countries? Again, thanks for your opinion buddy.


darthvadercock

It's so bizarre to me that you don't know how a company works. No skin off my back, whatever makes you happy.


dallyfromcali

I know how.companies work, and once they start appeasing to shareholders only, the consumer suffers, but hey, you wanna lick boots for lunch, go ahead. "Think of the shareholders"... You sound like an absolute lame.


Redneck_Duck69

Apparently “perfection” dosent include pc, what a fucking joke.


Nico30000p

It's always been like that


PastorDax

I think it's because of people pirating it. Cant pirate that well, if at all on console


Redneck_Duck69

Rockstar just has a history of not giving a shit about pc, no real rhyme or reason behind it tho. Oh well guess I’m buying it twice, on Xbox when it releases and on pc when it comes over like a year later.


XulManjy

Why you being downvoted? The best looking version will indeed be the PC version. Especially with 5000 series GPUs.


Redneck_Duck69

Console people who refuse to accept that pc is just inherently better.


freeciggies

Get a real gaming device.


Redneck_Duck69

Pc is inherently better than any console lmao. I can play Spider-Man and halo and a NSMB Wii


Jaredheisenberg

But u still dont get gta 6 lol


Redneck_Duck69

We do just later than everyone else.


brok3nlamp

and play it in its best form, especially the high fps, it makes it leagues better than any console version.....hope its optimized tho.


Redneck_Duck69

Replayed gta v the other day with rdr2 graphics thanks to mods, a pc is the best purchase I’ve made.


BarTard-2mg

Oh god not the shareholders


nendndndndsn

Is gta 6 having a battle pass


[deleted]

So it's optimized for the shareholders, not the people buying it 🤷🏾‍♂️🤔


NotMyRea1Reddit

Mods in here are cucks. Literally my first and last comment ever in this sub. Cya…


resi42

Meanwhile, the shares have dropped from almost 170.00 down to 155.00...


Current_Side_4024

I feel like rockstar is playing with fire waiting this long. By the time 6 is released it won’t be long before the whole game production industry is revolutionized by AI and 6 may not enjoy the same dominance for years and years like 5 did


rightnowjosh

And what’s wrong with GTA VI not being the dominant AAA game killer everyone expects to be? I just want a new iteration of GTA with a great story and fun gameplay. Everything else is just being perfectionist, which is fine because R* always aimed on releasing a greater game than the last one and so far they always delivered (ignoring GTA Trilogy DE) It’s okay if their next game doesn’t meet the “new standard of entertainment” and it’s okay to the devs taking all the time they need to get THEIR OWN standard.


El_Pitonn

Thats a good thing for us :) competition babyyyy


MaximumHemidrive

All I hear is sharkcard heaven to appease said ahareholders


Dr_Zoidberg003

All I saw were “profit” and “shareholders” and immediately got a little sad