Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders
Our common stock trades on the NASDAQ Global Select Market under the symbol "TTWO." The following table sets forth, for the periods indicated, the range of the high and low sale prices for our common stock as reported by NASDAQ.
| High | Low | ||||||
| Fiscal Year Ended March 31, 2018 | |||||||
| First Quarter ended June 30, 2017 | $ | 79.77 | $ | 57.53 | |||
| Second Quarter ended September 30, 2017 | 102.96 | 72.07 | |||||
| Third Quarter ended December 31, 2017 | 119.02 | 100.43 | |||||
| Fourth Quarter ended March 31, 2018 | 126.67 | 97.46 | |||||
| Fiscal Year Ended March 31, 2017 | |||||||
| First Quarter ended June 30, 2016 | $ | 40.17 | $ | 33.06 | |||
| Second Quarter ended September 30, 2016 | 46.78 | 37.64 | |||||
| Third Quarter ended December 31, 2016 | 51.34 | 41.70 | |||||
| Fourth Quarter ended March 31, 2017 | 60.20 | 48.58 |
The number of record holders of our common stock was 58 as of May 8, 2018.
Dividend Policy
We have never declared or paid cash dividends. We currently anticipate that all future earnings will be retained to finance the growth of our business and we do not expect to declare or pay any cash dividends in the foreseeable future. The payment of dividends in the future is within the discretion of our Board of Directors and will depend upon future earnings, capital requirements and other relevant factors. Our Credit Agreement restricts the payment of dividends on our stock. See "Liquidity and Capital Resources" under Item 7 for additional information on our Credit Agreement.
Securities Authorized for Issuance under Equity Compensation Plans
The table setting forth this information is included in Part III—Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Stock Performance Graph
The following line graph compares, from March 31, 2013 through March 31, 2018, the cumulative total stockholder return on our common stock with the cumulative total return on the stocks comprising the NASDAQ Composite Index and the stocks comprising a peer group index consisting of Activision Blizzard, Inc. and Electronic Arts Inc. The comparison assumes $100 was invested on March 31, 2013 in our common stock and in each of the following indices and assumes reinvestment of all cash dividends, if any, paid on such securities. We have not paid any cash dividends and, therefore, our cumulative total return calculation is based solely upon stock price appreciation and not upon reinvestment of cash dividends. Historical stock price is not necessarily indicative of future stock price performance.
Comparison of 5 Year Cumulative Total Return*
Among Take-Two Interactive Software, Inc., the NASDAQ Composite Index and a Peer Group
March 2018

- $100 invested on March 31, 2013 in stock or index - including reinvestment of dividends.
| March 31, | |||||||||||||||||||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||
| Take-Two Interactive Software, Inc. | $ | 100.00 | $ | 135.79 | $ | 157.65 | $ | 233.25 | $ | 367.00 | $ | 605.45 | |||||||||||
| NASDAQ Composite Index | 100.00 | 130.18 | 153.76 | 154.62 | 189.99 | 229.43 | |||||||||||||||||
| Peer Group | 100.00 | 147.14 | 216.02 | 281.44 | 400.93 | 544.26 |
Issuer Purchases of Equity Securities
Share Repurchase Program—Our Board of Directors has authorized the repurchase of up to 14,217,683 shares of our common stock. Under this program we may purchase shares from time to time through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. Repurchases are subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company's financial performance and other conditions. The program does not require us to repurchase shares and may be suspended or discontinued at any time for any reason.
During the fiscal years ended March 31, 2018, 2017, and 2016 we repurchased 1,512,557, 0, and 953,647 shares of our common stock in the open market, respectively, for $154.8 million, $0.0 million, and $26.6 million, respectively, including commissions as part of the program. As of March 31, 2018, we had repurchased a total of 6,683,887 shares of our common stock under the program, and 7,533,796 shares of our common stock remained available for repurchase under the share repurchase program.
Subsequent to March 31, 2018 and through the date of this filing, we repurchased an additional 1,597,216 shares of our common stock in the open market for $153.5 million, including commissions. After these additional purchases, 5,936,580 shares of our common stock remain available for repurchase under the share repurchase program.
During the fiscal year ended March 31, 2018, we also repurchased 151,108 shares of our common stock for $13.5 million, in connection with our obligation to holders of restricted stock awards to withhold the number of shares required to satisfy the holders' tax liabilities in connection with the vesting of such shares. These 151,108 shares were not part of the publicly announced share repurchase program.
All of the repurchased shares are classified as Treasury stock in our Consolidated Balance Sheets.
Summary Table—The table below details the share repurchases that were made by us during the three months ended March 31, 2018:
| Period | Shares purchased* | Average price per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the repurchase program | |||||||||
| January 1 - 31, 2018 | — | — | — | 7,982,603 | |||||||||
| February 1 - 28, 2018 | 63,195 | $ | 104.01 | 63,195 | 7,919,408 | ||||||||
| March 1 - 31, 2018 | 498,942 | $ | 98.91 | 385,612 | 7,533,796 |
| * | 113,330 of the shares repurchased during March 2018 were repurchased in connection with our obligation to holders of restricted stock units to withhold the number of shares required to satisfy the holders' tax liabilities in connection with the vesting of such shares and were not part of the publicly announced share repurchase program. |
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