Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q4 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 04:30 pm ET


Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q4 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Greetings, and welcome to Take-Two Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to your host, Mr. Hank Diamond, Senior Vice President of Investor Relations and Corporate Communications. Thank you. You may 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 2020 ended March 31, 2020. 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 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 factor. These important factors are described 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.

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons are year-over-year. Additional details regarding our actual results and outlook are contained in our press release, including the items that our management uses internally to adjust our GAAP financial results in order to evaluate our operating performance. In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at www.take2games.com.

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

Strauss Zelnick

Thanks, Hank. Good afternoon, and thank you for joining us today. Before I begin, on behalf of our entire management team and colleagues around the world, I'd like to express our deep condolences for those who have lost their lives or lost family members during this pandemic. In every corner of the world, heroes in the form of first responders and healthcare workers put their lives at risk to take care of all, preserve life and enable societies to return to normal, for which we're all incredibly grateful. I'm also proud of our entire organization for seamlessly and successfully shifting to work from home environment to keep our company moving forward. And to continue to deliver the best entertainment experiences to our audiences.

Turning to our business. Our significantly better than expected fourth quarter results concluded another extraordinary year for Take-Two, during which we achieved numerous milestones, including record net bookings of nearly $3 billion as well as record digitally delivered net bookings for consumer spending and earnings. Nearly all of our titles outperformed in