Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q4 2020 Earnings Conference Call - Final Transcript
May 20, 2020 • 04:30 pm ET
build-out an IT expense. We expect GAAP net revenue to range from $2.63 billion to $2.73 billion and cost of goods sold to range from $1.19 billion to $1.24 billion.
Total operating expenses are expected to range $1.1 billion to $1.12 billion. At the midpoint, this represents a 1% decrease over the prior year driven by lower marketing and stock compensation expenses, partially offset by higher R&D expense and charitable contribution. And we expect GAAP net income to range from $299 million to $329 million or $2.60 to $2.85 per share.
In closing, fiscal 2020 was a record year for Take-Two. Whether delivering incredible standalone entertainment experiences, providing engaging live services that captivate and connect communities around the world. Our ability to serve our audiences has never been better. Fiscal 2021 promises to be another great year for our organization, and we are well positioned to both capitalize on the many opportunities within our -- to stray and to navigate the uncertainties of these times.
We have the strongest development pipeline in our company's history, and we expect sequential growth to resume in fiscal 2022. With our world-class creative assets focused on operational excellence and disciplined approach to capital allocation, Take-Two is positioned to generate significant growth and margin expansion over the long-term. Thank you.
I'll now turn the call back to Strauss.
Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for their hard work, their commitment to excellence and for delivering another outstanding year, particularly under these circumstances. For our shareholders, I want to express our appreciation for your continued support.
We'll now take your questions. Operator?