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The inaugural season of the NBA 2K League, our joint venture with the NBA, is in full swing and heading in postseason play, and we've been very pleased with the League's progress and growing viewership.
In addition, fan engagement on Twitch, the League's streaming partner, and its social channels has been strong. Beginning on August 17, the League will hold its first playoffs that will include 8 of its 17 teams and culminate with the finals on August This first season has been a great learning experience for our organization and has provided a sound approach to expanding our presence in a rapidly growing world of esports.
We look forward to watching the continued progress and growth of the League, which has a long-term potential to enhance engagement and to be a meaningful driver of profit for our company.
On October 9, 2K will bring gamers back into the virtual squared-circle with WWE 2K19, which will include their favorite sports entertainment superstars, gameplay modes, and hard-hitting, in-ring actions.
This edition will be limited to 30, copies worldwide and offer an impressive assortment of exclusive and collectible memorabilia, as well as robust digital content.
On October 26, Rockstar Games will launch Red Dead Redemption 2, the eagerly awaited sequel to one of the label's most critically acclaimed and beloved titles.
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On November 6, 2K will broaden our offerings for the Nintendo Switch with the release of Carnival Games, the next entry in our popular franchise that has sold-in over 9.
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I'll now turn the call over to Lainie. Lainie Goldstein -- Chief Financial Officer. Today, I'll discuss our first-quarter results and then review our financial outlook for the second quarter and fiscal year Please note that additional details regarding our actual results, financial outlook are contained in our press release.
As Strauss mentioned, our business delivered better-than-expected operating results in the first quarter of fiscal Turning to some details from our first-quarter income statement.
As a result of favorable market conditions during the first quarter, we were able to buy back 1. Now, I will review the highlights of our fiscal financial outlook.
Starting with the fiscal second quarter. We expect high-single-digit growth in recurrent consumer spending and we expect digitally delivered net bookings to be approximately flat.
Turning to our outlook for the full fiscal year. We're increasing our operating outlook despite the strengthening of the dollar since last quarter, as a result of our better-than-expected first-quarter results and a strong outlook for the balance of the year.
Effective April 1, we adopted a new accounting standard, which requires the changes in restricted cash be included within our cash flow statement.
In closing, fiscal is off to a solid start and is poised to be one of our best years ever with record expected operating results. Over the long term, our industry-leading creative assets, firm commitment to operational excellence and strong financial foundation position our company to deliver growth and margin expansion for our shareholders.
I'll now turn the call back to Strauss. Thanks, Karl and Lainie. On behalf of our entire management team, I'd like to thank our colleagues for delivering a successful start to the year.
And to our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. At this time, we will be conducting a question and answer session.
Our first question comes from Justin Post of Merrill Lynch. Please proceed with your question. Thank you for taking my question.
Just wanted to revisit Grand Theft Auto: After Hours, you said engagement's up and you're happy with that. Can you talk about how you think that can monetize the franchise?
And then, I think Lainie, you guided recurrent spend up in 2Q. Could you just remind me what you guided to and what's going to kind of drive that from slightly down this quarter to up in the fiscal second quarter?
In terms of After Hours, it's looking very strong and our focus, of course, is on creating great entertainment and captivating and engaging consumers over a long period of time.
That's really everything that we're concerned about. Monetization tends to follow. With the significant updates, the monetization results have typically been very strong.
Our next question comes from Brian Fitzgerald of Jefferies. Brian Fitzgerald -- Jefferies -- Analyst. Got a couple of questions.
Strauss, it's one of the most competitive holiday seasons in years with big games kind of coming every week in October. How do you think about the market this holiday?
And then, when you were wondering and when you think about what kind of dynamics you're seeing around early access programs, around things like Anniversary and Deluxe Editions, has it changed from what you've seen in previous years, maybe from last year with Tip-Off?
Any comments around early access. Thanks for your questions, Brian. We're always worried about the competition.
We never take anything for granted and we don't claim success early. We do our best to create phenomenal entertainment and market it effectively, and then we explain what happened.
And we have enormously high expectations for October with the launch of Red Dead Redemption 2. We take the competition seriously.
We're really excited about the release. I would just note, you don't have to go back too many years when holiday season was just inundated, when people basically only released frontline products in holiday season, and this company performed well at that time as well.
So, I think it all comes down to quality. In terms of the benefits of early access and other programs, we do have all those kind of programs.
We do believe in them as long as you have something great that consumers want. So, it's worked well for us.
Good afternoon and thanks for the question. Just curious about the NBA. I wonder if you could give us some metrics around that?
So, you're right, obviously, as we sell incremental units and have more success, we also have more engagement.
Therefore, we typically have incremental recurrent consumer spending. So, success breeds success. And we don't actually describe the linear relationship but we are aware of it.
But is it safe to assume that the percentage growth that you're getting in units and revenue from the core game, you're seeing faster growth on the digital side?
So, the digital growth is outpacing the growth of the game itself, or recurrent revenue part of digital is outpacing the game itself?
I want to make sure I understand, are you talking about the percentage of full game units that are digitally distributed or are you talking about recurrent consumer spending, or are you talking about both?
I'm talking about the recurring consumer spending relative to the core game [Inaudible]? As we do a better job with both the game and with opportunities for ongoing engagement, recurrent consumer spending continues to rise.
And we expect in Q2, recurrent consumer spending on NBA to grow and for it to be up for the full year. I'm sorry, Lainie, could you say that again?
You're expecting the game to grow? And then just one quick question. Have you been buying back any stocks since the end of the quarter?
Are you willing to comment on that? We make those announcements after the end of the quarter. Thank you very much. Our next question comes from Chris Merwin of Goldman Sachs.
Chris Merwin -- Goldman Sachs -- Analyst. Can you guys hear me OK? We hear you just fine. So, it seems like there is a strategy there to cross-promote between those two titles.
I was wondering if you could talk about that strategy a bit more and how you plan to grow both, the GTA and Red Dead online community?
And then, just along those lines, maybe if you could comment on the digital mix of Red Dead preorders and what that looks like so far relative to the overall digital download mix that you reported for fiscal ?
I realized you've guided to digital downloads being down in fiscal from the impact of, I guess, a higher physical SKU of Red Dead units but has that guidance been consistent with what you've seen so far in the preorder data?
In reverse order, thanks for your question, we don't really talk about how preorders are stacking up, digital versus physical. And with regard to potential cross-promotion between Grand Theft Auto and Red Dead Redemption 2, Rockstar Games has employed some creative techniques in cross-promotion.
I think they're pretty exciting. And so, I think it's great that there's some cross-promotion going on but as you know, we always prefer that our labels get more detail on their development and on their promotion and their marketing.
And I'm quite certain that Rockstar will do that in the coming months. Hey, Strauss, Karl, Lainie, Hank. Congratulations on an awesome quarter.
Thanks for taking my questions. First, a clarification maybe, Karl, on what you said about an entirely new online multi-player experience for Red Dead 2, did I hear that correctly?
Is that new to the franchise? Is that new Rockstar? Or if you can you just clarify that or add to that comment, I'd appreciate it.
There is nothing really more to add to that. We just simply said that there is an all-new online experience coming with Red Dead Redemption.
There haven't been any other details given other than that. Well, we'll be excited to find out when they announce it.
So, I'm guessing you're working hard on RDR 2. And then thinking back, I think it was , you had Red Dead Redemption.
In , you had L. So four big games, four releases in four years. So, I guess, the question is what does this increase in resources within Rockstar provide you in terms of increasing the pace of future releases from Rockstar, where historically it seems they've [Inaudible] been agreeable to releasing content on an annual basis?
And Mike, we don't really give out that much specificity on headcount. We've made no secret of the fact that we've grown our headcount, groupwide, that's focused on development but I think your percentages are meaningfully off.
In terms of your question, which I really think has to do with development cadence, if I heard it correctly, business has changed.
Back 8 [Inaudible], 10 years ago, we had a business that involved spending a lot of resources to create a big stand-alone title, putting the title into the marketplace and moving on to the next title.
And ever since that, as you know, our company is focused on finding ways to captivate and engage consumers post-release.
Now when we don't have a successful title, of course, we don't have that opportunity but with success, and we're fortunate we've had quite a bit of it at both of our core labels, we do have such an opportunity.
It's nearly half our business in the last year. So, I think we are dealing with a very, very different business and our development teams now continue to raise the bar creatively for what we do, and that was reflected in Grand Theft Auto V, which has now sold-in almost million units.
And I'm quite certain it'll be reflected in Red Dead Redemption 2. It's also reflected in the quality of work done at the 2K label, whether that's in our Borderlands franchise or in our basketball program, or in other of our programs, like Civilization.
So, I think your expectation should be that our headcount would grow more. We've made no secret of the fact that we have some wonderful intellectual property and our constraint is not financial and, certainly, isn't an appetite for growth.
Our constraint is that we are insistent on hiring only the best and the brightest, creative talent through our organization. Those people are hard to come by.
And if we can grow even more rapidly, albeit, in a disciplined way, that will allow us to develop and launch even more intellectual property based on our existing franchises and based on new franchises.
So that's a long-winded way of saying our cadence has indeed changed because the opportunity has changed.
And our business now is diverse. It includes not just frontline console products, it includes numerous avenues that lead to recurrent consumer spending whether that's a free-to-play title in China, the biggest of its kind, or mobile titles headquartered in Barcelona, or mobile titles coming to you from 2K, or massively attractive record-breaking online title, Grand Theft Auto Online.
And that's without talking about what's to come because we don't know what's to come but we're pretty optimistic.
Thanks so much for taking my question. Can you talk about how you think about discounting within both for the game Grand Theft Auto V but also the in-game currency?
And have you had any changes recently? Please correct me if I'm wrong but it does seem like you are a little bit more promotional heading into the after-hours update but certainly that could be LTV driven.
We don't typically spend a whole lot of time talking about our pricing profile. The more successful our titles are, the more price leverage we have, as you'd expect, and we've enjoyed a great deal of price leverage, historically, for our hit titles.
When we need to be promotional, we are. I would say, we're exceedingly judicious about physical inventory that we put into the marketplace, which means that we're not under pressure at any given time regarding our pricing policies but beyond that, we don't give much more color.
This is Mark Kelley on for Brandon. Thanks for taking the questions.