THQ 2012 Annual Report Download

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Table of contents

  • Page 1

  • Page 2

  • Page 3
    ...million units sold of games under his direction, Jason brings to THQ a fresh point of view on our intellectual properties and their potential, and how we can successfully navigate the changing tide ahead. Fiscal 2012 in Review In the first half of fiscal 2012, our core games, including MX vs. ATV...

  • Page 4
    ...reinvent THQ as we exploit new business models, launch new IP, and re-launch well-loved brands like Company of Heroes. • We discontinued a number of titles in our product pipeline that did not fit our strategic objectives, and we sold games and product lines that did not meet internal...

  • Page 5
    ...THQ will be supporting Metro: Last Light with a highly competitive marketing and PR campaign that launched at E3. We also expect significant digital revenues from this game, both from direct PC download sales and a robust post-launch digital content strategy. Finally, South Park: The Stick of Truth...

  • Page 6
    ... of Saints Row, a game out of Turtle Rock Studios, the creators of Left 4 Dead, Homefront 2 from Crytek, and Patrice Désilets' game, among others. Our long-term objective as we reshaped THQ in fiscal 2012 was to retain and strengthen a solid portfolio of franchises of owned intellectual properties...

  • Page 7
    ... computed by reference to the price at which the common equity was last sold, as of the last business day of the registrant's most recently completed second fiscal quarter, October 1, 2011, was approximately $118.3 million. The number of shares outstanding of the registrant's common stock as of June...

  • Page 8
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  • Page 9
    ... AND EXCHANGE COMMISSION FOR THE FISCAL YEAR ENDED MARCH 31, 2012 ITEMS IN FORM 10-K PAGE Part I Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. Item 5. Item 6. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures Part II Market for Registrant...

  • Page 10
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  • Page 11
    ..., Homefront, inSANE, and Saints Row and new properties in development by Patrice Désilets and Turtle Rock Studios; and • core games based on licensed properties such as Games Workshop's Warhammer 40,000 universe, Metro, and World Wrestling Entertainment ("WWE"). We develop our products using both...

  • Page 12
    ... 1997. Our principal executive offices are located at 29903 Agoura Road, Agoura Hills, California 91301, and our telephone number is (818) 871-5000. Our Internet address is http://www.thq.com. Fiscal Periods We report our fiscal year on a 52/53-week period with our fiscal year ending on the Saturday...

  • Page 13
    ... 2012, Saints Row: The Third, WWE '12; • in fiscal 2011, Homefront, uDraw, UFC Undisputed 2010, and WWE SmackDown vs. Raw 2011; and • in fiscal 2010, UFC 2009 Undisputed and WWE SmackDown vs. Raw 2010. Our games are based on intellectual property that is either wholly-owned by us or licensed...

  • Page 14
    ... include severance paid to product development staff and related charges under our business realignments totaling $12.3 million, $1.7 million, and $0.7 million in fiscal 2012, fiscal 2011, and fiscal 2010, respectively. Upon completion of development, each game is extensively play-tested to ensure...

  • Page 15
    ...use, for a fixed term and in a designated territory, technology that is owned by the platform manufacturer in order to publish our games on such platform. We are currently licensed to publish, in most countries throughout the world, titles on Xbox 360; PS3, PlayStation 2, and PSP; and the Wii and DS...

  • Page 16
    ... quarter in which we recognize the highest amount of net sales. Our results can also vary based on a number of factors, including title release dates, consumer demand for our products, market conditions and shipment schedules. Major Customers Our largest customers worldwide include Best Buy, COKeM...

  • Page 17
    ... align with our expected future business; however, we may continue to incur losses in the future. We have had operating losses during the last five fiscal years. In fiscal 2012, we exited development of traditional kids' and movie-based licensed console games and revised our strategy to focus on...

  • Page 18
    ... business and financial results. If our products fail to gain market acceptance, we may not have sufficient cash flow to pay our expenditures or to develop a continuous stream of new games. Our success depends on generating net sales from existing and new products. The market for video game products...

  • Page 19
    ...net sales or cash flow. Moreover, reducing costs may hinder our ability to develop a sufficient number of software titles to publish in the future. Failure to appropriately adapt to rapid technological and consumer preference changes or emerging digital channels may adversely impact our market share...

  • Page 20
    ... the sale of products for play on video game platforms manufactured by third parties, such as PS3, Xbox 360, and the Wii and DS. The following factors related to such platforms can adversely impact sales of our video games and our profitability: Popularity of platforms. Since the typical development...

  • Page 21
    ... publication of new games on a title-by-title basis. As a result, the number of titles we are able to publish for these platforms, and our sales from titles for these platforms, may be limited. Should any manufacturer choose not to renew or extend our license agreement at the end of its current term...

  • Page 22
    ... operating results. Additionally, software prices for games sold for play on the PS3 and Xbox 360 are generally higher than prices for games for the Wii, handheld platforms or PC games. As a result, our product mix in any given fiscal quarter or fiscal year may cause our net sales to significantly...

  • Page 23
    ... during the calendar year-end holiday buying season. Other factors that cause fluctuations in our sales and operating results include the timing of our release of new titles as well as the release of our competitors' products; the popularity of both new titles and titles released in prior periods...

  • Page 24
    ... that existing intellectual property laws will provide adequate protection for our products. Software piracy may negatively impact our business. Software piracy is increasing rapidly in the video game industry. The growth in peer-to-peer networks and other channels to download pirated copies of...

  • Page 25
    ... on our operating results and financial condition, and our business and financial performance could be significantly harmed. Rating systems and future legislation may make it difficult to successfully market and sell our products. Currently, the interactive entertainment software industry is self...

  • Page 26
    ...located at 29903 Agoura Road, Agoura Hills, California. Including this office, the following is a summary of the square footage of the principal leased offices we maintained as of March 31, 2012: Purpose North America Europe Asia Pacific Total Sales and administrative Product development Total...

  • Page 27
    ... sales prices of our common stock as reported by the NASDAQ Global Select Market: Sales Prices High Low Fiscal Year Ended March 31, 2012 Fourth Quarter ended March 31, 2012 Third Quarter ended December 31, 2011 Second Quarter ended September 30, 2011 First Quarter ended June 30, 2011 Fiscal Year...

  • Page 28
    ... of the fiscal years in the five-year period ended March 31, 2012 are derived from our audited consolidated financial statements. The consolidated balance sheets as of March 31, 2012 and 2011, and the consolidated statements of operations for fiscal 2012, 2011 and 2010, and the report thereon are...

  • Page 29
    ... thousands, except per share data) Fiscal Year Ended March 31, 2012 Net sales Cost of sales: Product costs Software amortization and royalties License amortization and royalties Total cost of sales Gross Profit Operating expenses: Product development Selling and marketing General and administrative...

  • Page 30
    ..., Inc. to develop South Park: The Stick of Truth. The game is currently scheduled for release in fiscal 2013. Patrice Désilets, creative director of the Assassin's Creed franchise, joined THQ in June 2011 to develop a new intellectual property out of our video game development studio in Montreal...

  • Page 31
    ... of games being developed, and therefore expect our revenues for fiscal 2013 to be significantly lower than fiscal 2012. As a result of the reduced number of products we expect to publish, each of our new releases will have more impact on our overall financial results. Increasing Shift to Online...

  • Page 32
    ... on the market for and the market price of our common stock. Results of Operations Comparison of Fiscal 2012 to Fiscal 2011 Net Sales Our net sales are principally derived from sales of interactive software games designed for play on video game consoles, handheld devices, and PCs, including via...

  • Page 33
    ... to a decrease in the number of catalog units sold. Net Sales by Territory The following table presents our net sales by territory for fiscal 2012 and 2011 (amounts in thousands): Fiscal Year Ended March 31, 2012 North America Europe Asia Pacific International Net sales before changes in deferred...

  • Page 34
    ... internal studio development costs. Commencing upon product release, capitalized software development costs are amortized to software amortization and royalties expense based on the ratio of current gross sales to total projected gross sales. In fiscal 2012 and fiscal 2011, software amortization...

  • Page 35
    ... games during fiscal 2012 were in a phase of development that was not capitalizable to software development compared to fiscal 2011. Selling and Marketing (amounts in thousands) Fiscal Year Ended March 31, 2012 $191,669 Fiscal Year Ended March 31, 2011 $156,075 % of net sales 23.1% % of net sales...

  • Page 36
    ... were primarily driven by Homefront, WWE SmackDown vs. Raw 2011, UFC Undisputed 2010, uDraw, and our catalog titles. Net Sales by New Releases and Catalog Titles The following table presents our net sales of new releases and catalog titles for fiscal 2011 and fiscal 2010 (amounts in thousands): 28

  • Page 37
    ... 2010 in fiscal 2011 compared to UFC 2009 Undisputed in fiscal 2010, resulting from fewer units sold and a lower average net selling price; • a decrease in units sold of games based on kids movie-based licensed games, which was primarily because in fiscal 2011 we did not release any new titles...

  • Page 38
    ... late fiscal 2011 release of Homefront; • a decrease in net sales from UFC Undisputed 2010 in fiscal 2011 compared to UFC 2009 Undisputed in fiscal 2010, resulting from fewer units sold and a lower average net selling price; and • a decrease in units sold of games based on the WWE license. These...

  • Page 39
    ... investment in the development of products for use on smart-phones. Selling and Marketing (amounts in thousands) Fiscal Year Ended March 31, 2011 $156,075 % of net sales 23.5% Fiscal Year Ended March 31, 2010 $131,954 % of net sales 14.7% % change 18.3% Selling and marketing expenses consist of...

  • Page 40
    ... 2009 Undisputed in fiscal 2010, • an increase in advertising support for our catalog titles in fiscal 2011 relative to their net sales compared to fiscal 2010, and • an increase in advertising support for our future releases. General and Administrative (amounts in thousands) Fiscal Year Ended...

  • Page 41
    ... and PCs, including via the Internet. Our principal uses of cash are for product purchases of discs and cartridges along with associated manufacturer's royalties, payments to external developers and licensors, costs of internal software development, and selling and marketing expenses. In fiscal 2012...

  • Page 42
    ... by collection of accounts receivable from late fourth quarter fiscal 2011 releases. For further information regarding the movement in our cash balance during fiscal 2012, refer to the Consolidated Statement of Cash Flows for that period which is included in Part II, Item 8. Our business is cyclical...

  • Page 43
    ... the repayment of our secured credit line in fiscal 2011. Effect of exchange rate changes on cash. Changes in foreign currency translation rates decreased our reported cash balance by $2.2 million. Key Balance Sheet Accounts At March 31, 2012, our total current assets were $290.0 million, down from...

  • Page 44
    ... 31, 2012 consolidated balance sheet due to the abandonment of certain lease obligations in connection with our realignment plans (see "Note 5 - Licenses and Software Development" in the notes to the consolidated financial statements included in Part II, Item 8). We expect future sublease rental...

  • Page 45
    ...As a result, we bear a risk that the properties upon which the titles of our games are based, or that the information and technology licensed from others and incorporated into the products, may infringe the rights of third parties. Our agreements with our third-party software developers and property...

  • Page 46
    ... costs, cost of sales and selling and marketing expenses. Net sales inputs are developed using recent internal sales performance for similar titles, adjusted for current market trends and comparable products. As certain of our licenses extend for multiple products over multiple years, we also assess...

  • Page 47
    ... net sales for packaged software when title and risk of loss transfers to the customer, provided that we have no significant remaining support obligations and that collection of the resulting receivable is deemed probable by management. Certain products are sold to customers with a street date (the...

  • Page 48
    ... years, beginning after December 15, 2011, which will be our fiscal quarter ending June 30, 2012. The adoption is not expected to have a material impact on our results of operations, financial position or cash flows. In December 2011, the FASB issued ASU 2011-11, "Disclosures about Offsetting Assets...

  • Page 49
    ..., the impact of currency exchange rate movements in net sales and operating expenses. During fiscal 2012 and 2011, we did not enter into any foreign exchange forward contracts related to cash flow hedging activities. Balance Sheet Hedging Activities. We utilize foreign exchange forward contracts to...

  • Page 50
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of THQ Inc., Agoura Hills, California We have audited the accompanying consolidated balance sheets of THQ Inc. and subsidiaries (the "Company") as of March 31, 2012 and April 2, 2011, and the related ...

  • Page 51
    THQ INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) March 31, 2012 ASSETS Current assets: Cash and cash equivalents Accounts receivable, net of allowances Inventory Licenses Software development Deferred income taxes Income taxes receivable Prepaid ...

  • Page 52
    ..., except per share data) Fiscal Year Ended March 31, 2012 2011 2010 Net sales Cost of sales: Product costs Software amortization and royalties License amortization and royalties Total cost of sales Gross profit Operating expenses: Product development Selling and marketing General and administrative...

  • Page 53
    THQ INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Amounts in thousands, except share data) Fiscal Years Ended March 31, 2010, 2011 and 2012 Retained Accumulated Additional NonEarnings Other Paid-In (Accumulated Comprehensive Controlling Capital Interest Deficit) Income (...

  • Page 54
    ... of allowances Inventory Licenses Software development Prepaid expenses and other current assets Accounts payable Accrued and other liabilities Deferred net revenue Income taxes Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Proceeds from sales and maturities of available...

  • Page 55
    ..., Homefront, inSANE, and Saints Row; and new properties in development by Patrice Désilets and Turtle Rock Studio, and • core games based on licensed properties including Games Workshop's Warhammer 40,000 universe, Metro, and World Wrestling Entertainment ("WWE"). We develop our products using...

  • Page 56
    ... 2010") Number of Weeks 52 weeks 52 weeks 53 weeks Fiscal Period End Date March 31, 2012 April 2, 2011 April 3, 2010 Pervasiveness of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management...

  • Page 57
    ... based on estimates of future price protection and returns with respect to current period product sales. We analyze historical price protection granted, historical returns, current sell-through of retailer and distributor inventory of our products, current trends in the video game industry and the...

  • Page 58
    ... gross sales in fiscal 2012, fiscal 2011, and fiscal 2010, respectively. Inventory. Inventory, which consists principally of finished products, is stated at the lower of cost (moving weighted average) or market. We estimate the net realizable value of slow-moving inventory on a title by title basis...

  • Page 59
    ... sales for packaged software when title and risk of loss transfers to the customer, provided that no significant vendor support obligations remain outstanding and that collection of the resulting receivable is deemed probable by management. Certain products are sold to customers with a street date...

  • Page 60
    ...net sales. Advertising costs, included in "Selling and marketing" expense in our consolidated statements of operations, for fiscal 2012, 2011 and 2010 are $105.6 million, $78.0 million, and $69.7 million, respectively. Other Intangible Assets. Intangible assets include licenses, software development...

  • Page 61
    ... years, beginning after December 15, 2011, which will be our fiscal quarter ending June 30, 2012. The adoption is not expected to have a material impact on our results of operations, financial position or cash flows. In December 2011, the FASB issued ASU 2011-11, "Disclosures about Offsetting Assets...

  • Page 62
    ...party software developer milestones Accrued royalties Accrued and other current liabilities $ $ $ $ In the quarter ended March 31, 2012, we entered into agreements with four of our kids' licensors that resulted in a $32.3 million reduction of our minimum license guarantees. From the balances at...

  • Page 63
    ... expense in fiscal 2012 included a $16.0 million charge related to the abandonment of a license for an unannounced game that was cancelled in connection with a studio closure (see "Note 8 - Restructuring and Other Charges"). Software Development. At March 31, 2012 and 2011, the net carrying value of...

  • Page 64
    ... plan. 7. Other Long-Term Assets Other long-term assets include our investment in Yuke's, a Japanese video game developer. We own approximately 15% of Yuke's, which is publicly traded on the Nippon New Market in Japan. This investment is classified as available-for-sale and reported at fair value...

  • Page 65
    ...of operations). We do not expect any significant future charges under the fiscal 2012 third quarter realignment. Fiscal 2012 Second Quarter Realignment. On August 9, 2011, we announced a plan to realign our internal studio development teams and video games in development in order to better match our...

  • Page 66
    .... Fiscal 2011 Third Quarter Realignment. In the third quarter of our fiscal 2011, we reevaluated our strategy of adapting certain Western content for free-to-play online games in Asian markets. As a result, we cancelled two games, eliminated certain positions, and closed our Korean support office...

  • Page 67
    ... termination charges and write-offs of related long-lived assets. The cancellation of the games, Company of Heroes Online and WWE Online, resulted in charges of $9.9 million during fiscal 2011, recorded in "Cost of sales - Software amortization and royalties" in our consolidated statements of...

  • Page 68
    ... same period. In fiscal 2012 interest expense was $0.2 million and amortization of debt costs related to the Credit Facility was $0.2 million; these amounts were capitalized as part of in-process software development costs (as further discussed below). There were no outstanding borrowings under the...

  • Page 69
    ... balance sheets as a component of software development (amounts in thousands): Balance at March 31, 2010 Capitalized during the period Amortized during the period Balance at March 31, 2011 Capitalized during the period Amortized during the period Balance at March 31, 2012 10. Capital Stock...

  • Page 70
    ... for fiscal 2012, 2011 and 2010, an additional 0.2 million, 0.4 million, and 0.3 million shares of common stock, respectively, would have been included in the number of shares used to calculate diluted earnings per share. 13. Employee Defined Contribution Plan For our United States employees we...

  • Page 71
    ...by THQ in the settlement agreements which meets the definition of an asset that has value to a marketplace participant was the new WWE license. The fair value of the new WWE license was determined using level 3 valuation inputs; specifically, a discounted future cash flow over the eight-year term of...

  • Page 72
    ...): 2012 Cost of sales - Software amortization and royalties Product development Selling and marketing General and administrative Stock-based compensation expense before income taxes Income tax benefit(1) Total stock-based compensation expense after income taxes $ $ Fiscal Year Ended March 31, 2011...

  • Page 73
    ..., and the per share fair value for those offering periods was $0.55, $1.03, $1.62, and $1.89, respectively. Employee Stock Purchase Plan Dividend yield Anticipated volatility Weighted-average risk-free interest rate Expected lives September 1, 2011 -% 60.6% 0.1% 0.5 years September 1, 2010 -% 58...

  • Page 74
    ... the term of the warrant. The exercise price of third-party stock warrants is equal to the fair market value of our common stock at the date of grant. No third-party stock warrants were granted or exercised during fiscal 2012, fiscal 2011 and fiscal 2010; however, warrants for 240,000 shares expired...

  • Page 75
    ...taxes were as follows: Fiscal Year Ended March 31, 2012 2011 2010 U.S. federal statutory tax rate Impact of changes in unrecognized tax benefits State taxes, net of federal impact Tax exempt interest income Research and development credits Non-deductible stock-based compensation Valuation allowance...

  • Page 76
    ... are realizable. We have had three years of cumulative U.S. tax losses and can no longer rely on common tax planning strategies to use U.S. tax losses and we are precluded from relying on projections of future taxable income to support the recognition of deferred tax assets. As such, the ultimate...

  • Page 77
    ... in other long-term liabilities in the consolidated balance sheets. 17. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair...

  • Page 78
    ... market funds Other long-term assets, net - Investment in Yuke's Total $ During fiscal 2012 we did not hold any Level 3 financial assets. The following table provides a summary of changes in the fair value of our Level 3 financial assets in fiscal 2011 (amounts in thousands): Fiscal Year Ended...

  • Page 79
    ... exchange rate movements in net sales and operating expenses. During fiscal 2012 and 2011, we did not enter into any foreign exchange forward contracts related to cash flow hedging activities. Balance Sheet Hedging Activities. The foreign currency exchange forward contracts related to balance sheet...

  • Page 80
    ... and other current liabilities" and "Other long-term liabilities," respectively, in our March 31, 2012 consolidated balance sheet due to the abandonment of certain lease obligations in connection with our realignment plans (see "Note 5 - Licenses and Software Development"). We expect future sublease...

  • Page 81
    ...entertainment software for video game consoles, handheld devices and PCs, including via the Internet. The following information sets forth geographic information on our net sales and total assets for fiscal 2012, 2011 and 2010 (amounts in thousands): North America Year Ended March 31, 2012 Net sales...

  • Page 82
    ... platform for fiscal 2012, 2011 and 2010 is presented below (amounts in thousands): Platform Console Microsoft Xbox 360 Sony PlayStation 3 Nintendo Wii Sony PlayStation 2 Other Total console Handheld Nintendo Dual Screen Sony PlayStation Portable Wireless Total handheld PC Net sales before changes...

  • Page 83
    ...to our trend of earnings, and the interim and annual consolidated financial statements of fiscal 2011. 22. Subsequent Events Licensor relationship On June 1, 2012, we entered into an agreement to transfer our license to develop future games based on the Ultimate Fighting Championship ("UFC"). After...

  • Page 84
    ... have an exercise price of $0.61 per share (the fair market value of a share of our stock on May 25, 2012) and vest in three equal annual installments on the anniversary date of the grant, and are subject to continued employment. Rubin and Kay were also granted restricted stock unit awards of 950...

  • Page 85
    ... Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Changes in internal control over financial reporting. There were no changes in our internal control over financial reporting that occurred during our fourth quarter of fiscal 2012...

  • Page 86
    ... has issued an audit report concerning the effectiveness of our internal control over financial reporting as of March 31, 2012. That report is included in this Annual Report on Form 10-K. /s/ BRIAN J. FARRELL Brian J. Farrell Chairman of the Board and Chief Executive Officer June 8, 2012 /s/ PAUL...

  • Page 87
    ... REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of THQ Inc. Agoura Hills, California We have audited the internal control over financial reporting of THQ Inc. and subsidiaries (the "Company") as of March 31, 2012, based on criteria established in Internal Control...

  • Page 88
    ... 10. Directors, Executive Officers and Corporate Governance The following information required by Item 10 is incorporated herein by reference from our definitive Proxy Statement for the 2012 Annual Meeting of Stockholders, which will be filed within 120 days after the close of our fiscal year (the...

  • Page 89
    ... balance sheets-March 31, 2012 and 2011 Consolidated statements of operations for the fiscal years ended March 31, 2012, 2011 and 2010 Consolidated statements of total equity for the fiscal years ended March 31, 2012, 2011 and 2010 Consolidated statements of cash flows for the fiscal years...

  • Page 90
    ... Agreement dated as of December 31, 2008, by and between the Company and Brian J. Farrell (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 1, 2012). Indemnification Agreements, dated as of November 30, 2004 between the Company and each director...

  • Page 91
    ... 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2005). THQ Inc. Stock Unit Deferred Compensation Plan, effective as of August 18, 2005 (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended March 31...

  • Page 92
    ... Xbox LIVE Web Services Addendum to the Xbox 360 Publisher License Agreement, dated as of February 23, 2012, by and between Microsoft Licensing, GP and the Company. 10.44 + Confidential License Agreement for the Nintendo DS handheld platform dated as of January 25, 2005 between Nintendo of America...

  • Page 93
    ...Company's Current Report on Form 8-K filed on September 14, 2010). Amendment to Confidential License Agreement for Nintendo DS and Nintendo DSi (Western Hemisphere) effective March 29, 2011 between Nintendo of America Inc. and the Company. Confidential First Renewal License agreement for Nintendo DS...

  • Page 94
    Exhibit Number Title 101.INS * †XBRL ...not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended; and otherwise are not subject to ...these sections. We are deemed to have complied with the reporting obligation relating to the submission of interactive data files in these...

  • Page 95
    ... of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 6/8/2012 THQ INC. By: /s/ Brian J. Farrell Brian J. Farrell, Chairman of the Board and Chief Executive Officer 6/8/2012 THQ INC. By: /s/ Paul...

  • Page 96
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  • Page 97
    ... made to cancel and reconfigure titles; a net loss of approximately $2.4 million related to license negotiations; $8.4 million of cash charges for severance and other employee-related costs; and a net gain of $0.6 million related to the March 2012 sale of our value PC product line, partially...

  • Page 98
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  • Page 99
    ...MANAGEMENT Brian J. Farrell Chief Executive Officer and Chairman of the Board of Directors CORPORATE OFFICE THQ Inc. 29903 Agoura Road Agoura Hills, California 91301 Tel.: 818-871-5000 Fax: 818-871-7400 Web: www.thq.com Jason Rubin President Ian Curran Executive Vice President, Global Publishing...

  • Page 100
    THQ Inc. 29903 Agoura Road Agoura Hills, CA 91301 www.thq.com