Good morning. Thank you for joining us today for our annual meeting. My name is Hank Diamond, and I'm Senior Vice President of Investor Relations And Corporate Communications for Take 2. Please note that today's shareholder meeting is www.take2games.com. A replay of the webcast will also be available on our website later today.
Before we begin, I'd like to remind everyone that the statements made during this meeting that are not historical facts are considered forward looking statements under federal securities laws. These forward looking statements are based on the beliefs that our management well as the 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. Other important factors and information are contained in the company's annual report on Form 10 K for the fiscal year ended March 31, 2019, including any risks summarized in the section entitled Risk Factors.
The company's quarterly report on Form 10 Q for the fiscal quarter ended June 30, 2019, and the company's other periodic filings with the SEC, which can be accessed at www.take2games.com. I'd now like to introduce Strauss Zelnick, Chairman and CEO, Take 2.
Good morning. Thanks, Hank. And welcome all. The annual meeting of stockholders of Take 2 Interactive Software. We'll please come to order.
Today's agenda includes a review of the procedures for today's meeting and the proposals to be voted on and a question and answer session. First, I'd like to introduce our officers, Carl Sladoff, President Lany Goldstein, Chief Financial Officer Dan Emerson, Executive Vice President And Chief Legal Officer and Matt Breitman, General Counsel Americas And Corporate Secretary of the company. I'd also like to introduce our other board members and nominees who are present today, Michael Doorniman, Roland Fernandez, Jay Moses, Michael Shuresky, Laverne Srinivasan, Susan Tolfson, and Paul Viera. I'd now like to turn the floor over to Dan Emerson.
Good morning. Thank you, Strauss. I will act as chair of this portion of the meeting. Mr. Brightman will act as secretary of the meeting.
This meeting will be conducted in accordance with the agenda that was distributed at the start of will be described in detail shortly. Only stockholders of record at the close of business on July 22, 2019, are entitled to vote on the proposals at this annual meeting or any adjournment thereof. This meeting will be conducted in accordance with the procedural rules that have been established and distributed today to ensure that stockholders have an opportunity to properly consider and vote upon the business to come before the meeting. I would like to take a moment to review several key rules. Anyone wishing to address the meeting must be a stockholder of record as of the July 22, 2019 record date or a person holding a valid proxy from a stockholder of record.
Stockholders of record should have a yellow coded name tag and a yellow index card stating stockholder of record, which was provided at the registration area before the meeting. Following the presentation of the proposals on the agenda, and while the polls are deemed open for voting on the proposals, We will entertain questions directly related to the matters being voted upon. After we have concluded the business of the meeting, the meeting will be adjourned. Then we will open procedural rules that were provided to you today. Now let us continue with the business of the meeting.
Mr. Brightman, will you please present proof of notice of this meeting? Thank you. Holders dated July 26, 2019, and the proxy materials dated July 26, 2019, together with an affidavit of unauthorized representative of Broadridge, the company responsible for mailing said materials, affirming us to the mailing on July 30, 2019, of the notice of annual meeting and proxy materials to stockholders of record at the close of business on July 22, 2019. I order the affidavit of mailing be filed with the minutes of this meeting.
Mr. Breiden, will you please present a list of stockholders as a close of business on July 22, 2019. The record date fixed by the Board of Directors for the purposes of determining the stockholders entitled to vote at this meeting. Let the record reflect that I have been presented with a list of stockholders of record as of the close of business on July 22, 2019, furnished by an authorized representative of the company's transfer agent. There are 113,000,178,828 shares of common stock entitled to vote at this meeting.
The list of stockholders will be open for inspection by any stockholder of record for the duration of this meeting. I hereby appoint Tom Tai of Broadridge to act as the Inspector of Elections to determine: 1, the number of shares outstanding entitled to vote 2, the number of shares represented at the meeting 3, the existence of a quorum for the validity and effect of proxies. And finally, to receive and tabulate the boats, on the matters to be acted upon at the meeting. Mr. Thai has executed an affidavit to faithfully execute his duties as the inspector.
The secretary will attach the affidavit of the minutes of this meeting. It is anticipated that the results will be reported to me as soon as it is practical. Is there any stockholder present who has not filled out an attendance sheet showing the name of the stockholder and the number of shares he or she owns? All stockholders of record who have not submitted proxies should do so now unless they wish to vote in person. If you have previously executed a proxy and now wish to vote in person, the proxy will be returned upon your request.
Mr. Thai, please state the number of shares of common stock present in person represented by the proxy.
There are present in person or represented by proxy and majority of the outstanding shares entitled to vote at this meeting.
Legal notice of the meeting haven't been given in a quorum being present, the meeting is lawfully convened and ready to transact business. The first order of business on the agenda is to elect 8 directors to serve until the annual meeting of stockholders of the company to be held in 2020 and until their successors have been duly elected qualified.
The Board of Directors acting upon the recommendation of the corporate governance committee has nominated the following and who are named in the company's proxy statement to serve as directed as the company until the annual meeting of stockholder to be held in 2020, and until which successors have been duly elected and qualified. Scraps Zelnick, HEICO's warning, Roman hernandez, Jay Moses, Michael Stratke, Cliverne Srinvestin, Susan Paulson, and Paul Viera. I hereby present to this meeting the proposals set forth in the proxy statement that these nominees be elected as directors of the company for such annual results.
I second the proposal.
If there is a stockholder who has not yet have a ballot, who wishes to vote in person, please raise your hand so the Inspector of Election can deliver a ballot to you. The next order of business on the agenda is to cast an advisory vote to approve the compensation of the company's named executive
I hereby present to this meeting the proposals set forth in the proxy statement that the stockholders approved on a non binding advisory basis, the compensation of the company's named executive officers.
If there is a stockholder, does not yet have a ballot who wishes to vote in person, please raise your hand so that the Inspector of Elections can deliver a ballot to you. The next order of business on the agenda is to vote upon the proposal to ratify the appointment of Ernst And Young LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2020. I would like to introduce Mark Moran who is here today representing Ernst And Young and will be available to answer questions after the meeting.
I hereby present that the proposal is set forth in the proxy statement as the stockholders approve the ratification of the appointment of Ernst And Young LLP, as the company's independent registered public accounting firms for the fiscal year ending March 31, 2020.
If there is a stockholder who does not yet have a ballot who wishes to vote in person, please raise your hand so that inspector of Elections can deliver a ballot to you. Do any stockholders have any questions relating to the business of the meeting? Please make sure that you have completed all necessary information on your ballots and cash your votes as you have intended for the 4 agenda items. Will the Inspector of Elections please collect the ballots, if any. The ballots Having been collected or not submitted, I now declare the polls closed.
As I mentioned previously, inspector of elections will tabulate the results of the voting, which will be reported to me as soon as is practical. There being no additional business to be conducted at the me The business of the annual meeting is hereby concluded and the meeting is adjourned. We will now open the floor for a general question and answer period. Any stockholder who wants to ask a question must state their name and whether they are a personal stockholder or an authorized representative of a stockholder in which case, such stockholder must also be identified. At this point, I will turn the floor back over to Strauss, our Chairman and CEO.
We'd now like to open up the floor to following the rules Mr. Emerson outlined earlier in the meeting?
My name is Howard Tonnebaum, shareholder. And I have basically a 2 part question. First of all, according the annual report and the 10 K, we have like overall $1,500,000,000 in cash or cash equivalents. And I'd just like to know how does a company plan to utilize the cash. And the second part of the question is basically concerning on the international side.
According to both the 10 K and the annual report, we have about over 46% of our sales, which is increasing on the international side. And I think I read somewhere in the 10 K that we're especially going to be expanding in China. And I'd just like to know, even though you touched upon it in the 10 K, how is the current tariffs as well as the protest in Hong Kong that'll be affecting our expansion in China and what strategies will we be utilizing over there as well as how the effects of Brexit, going to be affecting our operations on the British side.
Thanks for your question. With regard to our cash balance and assuming we're able to achieve our guidance for the year will have a greater cash balance, all other things being equal at the end of the fiscal year. We've always said that we have 3 uses of the cash The first is to support organic growth of the company. So the organic growth initiatives, the company's growth in the last 12 or 13 years since this team took over has been largely an organic growth story. The second is to support inorganic growth acquisitions We've really only done one material acquisition since we took over the company, which was the acquisition of Social Point for about $250,000,000 We are of the view that in order to, be competitive from an operating profit point of view, we need greater scale At the same time, we're focused on accretive acquisitions only.
However, having significant cash balance and no debt, and a strong P and L does put us in a position where if we are able to find something that is appealing, to purchase, we're able to do so. And the third is to return capital to the shareholders very selectively and in a disciplined way. In the past 12 months, I guess, we've returned over $300,000,000 to the shareholders through buybacks. That continues to be our approach. With regard to our international approach, yes, our strategy is to build up our international business, and we think there are great opportunities.
The biggest opportunities, as you alluded to, we see, are in Asia. And then over a longer period of time, probably in India and even Africa, we're not really penetrated from, as an economic matter, in India and Africa, and we're really only penetrating a small way in the Middle East. So there's a great deal of opportunity in those parts of the world I think you were right to call out China. We already do a good deal of business in China. We have the number one PC sports title in China, NBA 2K online, with 46,000,000 registered users.
And our products are distributed into China, both as approved products and also through Steam and Hong Kong. Which is a legitimate channel into China. So far the Hong Kong protests have had no impact on us. We don't expect that they will have an impact, but I suppose, depending on the level of unrest they could, we don't have an office in Hong Kong. So it's hard to imagine how it would be a problem.
And the trade discussions in, in China have not had an influence on us. And tariffs have not had an influence on us, and we would not expect that they would I won't get political in this conversation. However, I am of the view that we have significant work to do as a country with regard to trade in China. And while I might disagree with tactics, I don't disagree at all with the issue at hand. Which is trained particularly in the entertainment and media business.
And I think that ought to change. With regard to Brexit, we have begun to see some effects Brexit in terms of recruiting people to work in England. We have a big operation in Scotland. We have a significant operation in England. So we definitely have had concerns on the part of our employees, Chris.
I think we've talked about that. But so far, it hasn't had any kind of detrimental impact It's very hard to know. I don't think we're going to see a hard Brexit, again, at the risk of being a little bit political. And it is complicated to have a negotiated Brexit because it requires a lot of multilateral trade agreements, but I suspect that's probably what's going to happen. And I think over time, I'm not sure it'll be that big a deal, but as an economic matter, Brexit is not a good thing for the UK.
And will probably be somewhat complicated for us. I don't think it'll really matter, but it could matter a little bit. We don't, I do not think we see it as a material risk to our operations at all.
Can I ask a follow-up question concerning China? I know some companies because of the tariff problem they've been shifting operations instead of like, for example, shifting out of China, I'm going to, let's say, Vietnam or Malaysia, or Central America, etcetera. And I'm just curious, has that been any contemplation of plans in terms of strategy for us in terms of shifting out of China to diversify our supply chain, etcetera, down the road.
We don't have supply chain of that nature. We don't make physical goods. Our physical goods are made by third parties. We make intellectual property We do have about 150 people on the ground in China, I think, and if we had an issue with our labor relations in China, it would be a small matter for us to move elsewhere. But we're, we're not inside a supply chain.
We're not a supply chain company. The supply chain of our business is handled by third parties.
And also concerning China, how much is the Chinese government in terms of involving themselves into affairs in our company have they been active or would pretty much been able to get independence in China? Because I understand some companies the Chinese, central government has interfered in their operations. So I'm just curious what has been a problem with us and as well as any infringements in terms of I think I answered this question a couple of years ago, whether our, properties have been hacked in terms of various hackers, in terms of stealing any licenses, etcetera, has that been any problem?
No, we haven't had any, theft of intellectual property. And we are we comply with government regulations in China as you would expect, which is to say we need approval for our products there. So we're involved with the government, but the government isn't particularly involved with us as a corporation. We observe the appropriate regulations. Thank you.
Other questions? Okay. Thank you all for joining us today. Appreciate you coming.