Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q1 2021 Earnings Conference Call - Final Transcript

Aug 03, 2020 • 04:30 pm ET

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Take-Two Interactive Software Inc. (NASDAQ:TTWO) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to Take-Two First Quarter Fiscal Year 2021 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Mr. Hank Diamond. Thank you. You may begin.

Executive
Henry A. Diamond

Good afternoon. Welcome and thank you for joining Take-Two's conference call to discuss its results for the first quarter of fiscal year 2021 ended June 30th, 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 factors. 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 YoverY. 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. Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure. 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.

Executive
Strauss Zelnick

Thanks, Hank. Good afternoon and thank you for joining us today.

I'd like to start by expressing on behalf of our entire management team our deepest sympathies for those who have been and continue to be affected by this pandemic. We are immensely grateful to everyone who serves on the frontlines caring for people in need and helping the world navigate this crisis.

Turning to our business. Fiscal 2021 is off to a terrific start with first quarter operating results that significantly exceeded our expectations, including fiscal first quarter records for GAAP net revenue and net bookings. Our outstanding results were driven by the outperformance of NBA 2K20, Grand Theft Auto V and Grand Theft Auto Online, Red Dead Redemption 2 and Red Dead Online, and Social Point's mobile games. I remain incredibly proud of our entire organization which exemplifies our core tenets of creativity, innovation and efficiency and continues to deliver industry-leading entertainment and experiences to our audiences during these