Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q4 2015 Earnings Conference Call - Final Transcript

May 18, 2019 • 04:30 pm ET


Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q4 2015 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Take-Two Interactive Software Fourth Quarter Fiscal Year 2015 Earnings Conference Call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Mr. Hank Diamond, Senior Vice President of Investor Relations and Corporate Communications for Take-Two Interactive. Thank you Mr. Diamond, you may now begin.

Henry A. Diamond

Good afternoon. Welcome and thank you for joining Take-Two's conference call to discuss its results for the fourth quarter and fiscal year 2015, ended March 31, 2015. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer, Karl Slatoff, our President and Lainie Goldstein, our Chief Financial Officer. We will be available to answer your question during the Q&A session following our prepared remarks.

Before we begin, I'd like to remind everyone that the 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 an information currently available to us. We have no obligation to update these forward looking statements. Actual operating results may vary significantly from the forward looking statements based on a variety of factors. These important factors are described in our filings with the SEC, including the Company's annual report on form 10-K for the fiscal year ended March 31, 2014, including the risks summarized in the section entitled risk factors. And the Company's quarterly report on form 10-Q for the fiscal quarter ended December 31, 2014.

I'd also like to note that unless otherwise stated, all numbers discussing today are non-GAAP. Please refer to our earnings release for a GAAP to non-GAAP reconciliation and further explanation. Our earnings release in filings with the SEC may be obtained from our website at www.taketwogames.com.

And now I'll turn the call over to Strauss.

Strauss H. Zelnick

Thanks, Hank. Good afternoon. And thanks for joining us today. I'm exceedingly pleased to report that Take-Two delivered better than expected non-GAAP earnings in the fourth quarter, marking an outstanding close to one of our best years ever. These extraordinary results were driven by the unparalleled creative excellence of our worldwide teams, who seamlessly launched one of the strongest holiday lineups in Take-Two's history added an important new franchise with the successful release of evolve, and achieved record digitally delivered revenue including our highest ever recurrent consumer spending. As a result of the significant cash flows generated by our business, at fiscal year end, we had approximately $1.1 billion in cash and short term investments.

Grand Theft Auto V has continued to enjoy positive momentum, which began with titles record breaking launch on PlayStation 3 and Xbox 360 in September 2013. Rockstar Games built on this unprecedented success, where the release of the title on PlayStation 4 and Xbox One in November 2014, delivering the game