"2K had a really good season this past year, but it was, for the company, still relatively thin. And it didn't help that Battleborn wasn't a big success. So part of it is the level of success, part of it is the schedule, and part of it is finding the human resources to actually take the intellectual property that we own and bring them to market. Those are an array of challenges, juxtaposed against the uncertainty of how long it takes to make a AAA title, which means we can find ourselves in fiscal 2018 with a much thinner schedule than we'd like.



"But it wasn't intentional, and obviously fiscal 2019 will look much better with the launch of Red Dead 2 and a huge new title from 2K, as well as the 2K Sports titles, catalogue, recurrent consumer spending, NBA2K Online in China, Social Point and the like. We've already said that fiscal 2019, which isn't that far away, is $2.5bn net sales minimum, £700m cash flow from our operations minimum... that's pretty consequential.



"We are moving in the direction of that goal, David has outlined his five-year plan that will get us part way there. Obviously we know what Rockstar tends to do. And Rockstar's activities have been transformed by Grand Theft Auto Online."