動視暴雪 (ATVI) 2012 Q4 法說會逐字稿

Good day and welcome to the Activision Blizzard's fourth-quarter 2012 results conference call. Today's call is being recorded.

美好的一天，歡迎參加動視暴雪 2012 年第四季業績電話會議。今天的通話正在錄音。

At this time for opening remarks and introductions, I would like to turn today's call over to the Senior Vice President of Investor Relations, Kristin Southey. Please go ahead, Kristen.

在這個時間，我想將今天的電話轉給投資者關係資深副總裁 Kristin Southey。請繼續，克里斯汀。

Good afternoon, and thank you for joining us today for Activision Blizzard's Fourth-Quarter 2012 Conference Call. With me today are Bobby Kotick, CEO of Activision Blizzard; Thomas Tippl, COO of Activision Blizzard; Dennis Durkin, CFO of Activision Blizzard; Eric Hirshberg CEO of Activision Publishing; and Mike Morhaime, CEO of Blizzard Entertainment.

下午好，感謝您今天參加動視暴雪 2012 年第四季電話會議。今天與我在一起的有動視暴雪執行長 Bobby Kotick； Thomas Tippl，動視暴雪首席營運長；德金 (Dennis Durkin)，動視暴雪財務長；赫許柏格 (Eric Hirshberg) 動視出版公司執行長；以及暴雪娛樂執行長 Mike Morhaime。

I would like to remind everyone that during this call we will be making statements that are not historical facts. These are forward-looking statements that are based on current expectations and assumptions that are subject to risk and uncertainty. As indicated on the slide that's showing, a number of important factors could cause the Company's actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements.

我想提醒大家，在這次電話會議中，我們將發表並非歷史事實的聲明。這些前瞻性陳述是基於目前的預期和假設，存在風險和不確定性。如幻燈片所示，許多重要因素可能導致公司未來的實際業績和其他未來情況與任何前瞻性聲明中表達的情況存在重大差異。

Such factors include, without limitation -- sales levels; current macro-economic conditions; increasing concentration of titles; shifts in consumer spending trends; our ability to predict consumer preferences among competing genres and hardware platforms; maintenance of key relationships, including the ability to attract, retain, and develop key personnel and developers that can create high-quality hit titles; the seasonal and cyclical nature of our industry; changing business models, including digital delivery of content; competition, including from used games; possible declines in prices; product returns; price protection; product delays; the console transition; adoption rate and availability of new hardware and related software; rapid changes in technology and industry standards; the current regulatory environment; litigation and associated costs; protection of proprietary rights; counter-party risks; economic, financial, and political conditions and policies; foreign exchange and tax rates; and potential changes associated with geographic expansion.

這些因素包括但不限於－銷售水準；當前的宏觀經濟狀況；頭銜日益集中；消費者支出趨勢的轉變；我們預測消費者在競爭類型和硬體平台之間的偏好的能力；維護關鍵關係，包括吸引、保留和培養能夠創造高品質熱門遊戲的關鍵人員和開發人員的能力；我們行業的季節性和週期性；改變商業模式，包括內容的數位化交付；競爭，包括來自二手遊戲的競爭；價格可能下降；產品退貨；價格保護；產品延誤；控制台轉換；新硬體和相關軟體的採用率和可用性；技術和行業標準的快速變化；當前的監管環境；訴訟和相關費用；保護專有權利；交易對手風險；經濟、金融和政治狀況和政策；外匯和稅率；以及與地理擴張相關的潛在變化。

These important factors and other factors that potentially could affect the Company's financial results are described in the Company's most recent annual report on form 10-K for the period, and in the Company 's other SEC filings. The Company may change its intentions, beliefs, or expectations made at any time and without notice based upon any changes in such factors and the Company's assumptions or otherwise. The forward-looking statements in this presentation are based on information available to the Company as of the date of this presentation, and, while we believe them to be true, may ultimately prove to be incorrect. The Company undertakes no obligation to release publicly any revision to any forward-looking statement to reflect events or circumstances after today, February 7, 2013, or to reflect the occurrence of anticipated events.

這些重要因素和其他可能影響公司財務表現的因素在公司最新的 10-K 表格年度報告以及公司向 SEC 提交的其他文件中進行了描述。本公司可能會根據此類因素以及公司假設或其他方面的任何變更隨時更改其意圖、信念或期望，恕不另行通知。本簡報中的前瞻性聲明是基於截至本簡報發布之日公司可獲得的信息，雖然我們相信這些陳述是真實的，但最終可能被證明是不正確的。本公司沒有義務公開發布任何前瞻性聲明的任何修訂，以反映 2013 年 2 月 7 日之後的事件或情況，或反映預期事件的發生。

I'd like to note that certain numbers we will be presenting today will be made on a non-GAAP basis, excluding the impact of the change in deferred net revenues and related costs as shown with respect to certain of our online-enabled games; expenses related to stock-based compensation; expenses related to restructuring; the amortization of intangibles; and impairment of intangible assets and goodwill, and the associated tax benefits. Please refer to our earnings release, which is posted at www.activisionblizzard.com for a full GAAP-to-non-GAAP reconciliation and further explanation.

我想指出的是，我們今天將提供的某些數字將根據非公認會計準則計算，不包括遞延淨收入和相關成本變化的影響，如我們某些線上遊戲所示；與股票薪酬相關的費用；與重組相關的費用；無形資產攤銷；無形資產和商譽減損，以及相關的稅務優惠。請參閱我們發佈在 www.activisionblizzard.com 上的收益報告，以了解完整的 GAAP 與非 GAAP 調整和進一步說明。

There's also a PowerPoint overview, which you can access with the webcast, and which will be posted to the website following the call. In addition, we will be also posting a 12-quarter financial overview, highlighting both GAAP and non-GAAP results on a one-page summary sheet.

還有一個 PowerPoint 概述，您可以透過網路廣播存取該概述，該概述將在電話會議後發佈到網站上。此外，我們還將發布 12 季度財務概覽，在一頁摘要表上突出顯示 GAAP 和非 GAAP 業績。

Now I'd like to introduce our CEO, Bobby Kotick.

現在我想介紹一下我們的執行長 Bobby Kotick。

Thank you, Kristin, and thank you all for joining us today. 2012 was another great year for Activision Blizzard. We achieved record fourth-quarter and annual results, and in 2012, on a non-GAAP basis, generated approximately $5 billion in revenues, a 34% operating margin, and EPS growth of 27% over the prior year. We increased our operating cash flow by 41%. Our strong cash flow has given us the flexibility to invest in our portfolio and product pipeline, while also returning $3.8 billion to investors since 2009 through dividends and share repurchases. Today, we announced our Board of Directors has increased our annual cash dividend to $0.19 a share.

謝謝克里斯汀，也謝謝大家今天加入我們。2012 年對動視暴雪來說又是偉大的一年。我們實現了創紀錄的第四季和年度業績，2012 年，以非 GAAP 計算，營收約 50 億美元，營業利潤率達 34%，每股收益比上年增長 27%。我們的營運現金流增加了 41%。我們強勁的現金流使我們能夠靈活地投資於我們的投資組合和產品線，同時自 2009 年以來也透過股息和股票回購向投資者返還 38 億美元。今天，我們宣布董事會已將年度現金股息提高至每股 0.19 美元。

Our 2012 results our due to the drive, passion, and creativity of our employees around the world. Their efforts, aligned with our focused long-term strategy and investment discipline, produced strong, creative, and financial results for our Company. In the US and Europe, we were the number-one video game publisher at retail, with the number-one title overall, the number-one console title, and the number-one PC title. We were also the number-one independent Western Digital game publisher, and had the number-one subscription-based MMORPG.

我們 2012 年的業績歸功於我們世界各地員工的幹勁、熱情和創造力。他們的努力與我們重點關注的長期策略和投資紀律一致，為我們公司帶來了強勁、富有創意的財務成果。在美國和歐洲，我們是零售領域排名第一的電玩發行商，總體排名第一，主機排名第一，PC 排名第一。我們也是排名第一的西部數據獨立遊戲發行商，並擁有排名第一的基於訂閱的 MMORPG。

Skylanders, our newest franchise, which is both toys and video games, has, life-to-date, sold in excess of 100 million toys, and generated revenues of approximately $1 billion. This week, Activision Publishing revealed the third game in the Skylanders franchise for holiday 2013. And while there are new entrants in the category, and challenges from slower-than-expected adoption of the Wii U, we remain enthusiastic about Skylanders' future prospects.

Skylanders 是我們最新的系列產品，既包含玩具又包含電玩遊戲，迄今已售出超過 1 億件玩具，創造了約 10 億美元的收入。本週，動視出版公司公佈了 2013 年假期《Skylanders》系列的第三款遊戲。雖然該類別中有新進者，且 Wii U 的採用速度慢於預期帶來的挑戰，但我們仍然對 Skylanders 的未來前景充滿熱情。

Our success in 2012 was also attributed to the significantly better performance of Blizzard's Diablo III. And while we had a strong 2012, we recognize that 2013 is a transition year as we enter the ninth year of the current generation of console video game systems. We encounter new threats from unproven business models, and we compete against new category entrants. We aren't immune to unfavorable market dynamics, but we have navigated transitions many times before, and we are well-prepared to do so again. Our discipline and focus have served us well, and we believe they will continue to do so for the very long term.

我們2012年的成功也歸功於暴雪暗黑破壞神III的顯著更好的表現。雖然 2012 年表現強勁，但我們認識到 2013 年是過渡年，因為我們進入了當前一代遊戲機電玩系統的第九個年頭。我們遇到來自未經證實的商業模式的新威脅，並且我們與新的類別進入者競爭。我們不能倖免於不利的市場動態，但我們之前已經經歷過多次轉型，我們已經做好了再次這樣做的充分準備。我們的紀律和專注對我們很有幫助，我們相信他們將在很長一段時間內繼續這樣做。

In 2013, we'll continue to execute against the proven strategy of investment in our established franchises, selectively introducing new concepts like Skylanders, and managing our costs very carefully. Activision Publishing will continue to invest in Call of Duty and Skylanders, along with Bungie's New Universe and Call of Duty Online for China, each of which is being developed with quality and innovation that has the potential to redefine their respective categories for the future, and we hope will add value for our shareholders in future years.

2013 年，我們將繼續執行已行之有效的投資策略，對我們已建立的特許經營權進行投資，選擇性地引入 Skylanders 等新概念，並非常謹慎地管理我們的成本。動視出版公司將繼續投資《決勝時刻》和《Skylanders》，以及Bungie的《新宇宙》和《決勝時刻Online》中國版，每個遊戲的開發都具有高品質和創新性，有可能在未來重新定義各自的類別，我們希望在未來幾年為我們的股東增加價值。

Blizzard plans to launch StarCraft II, Heart of the Swarm on March 12, which we expect to continue Blizzard's remarkable record of excellence. They're also in development on new content for World of Warcraft and Diablo III players, and will, of course, continue to invest for the future in Blizzard All Stars and our all-new MMO. We believe that the investments we are making today should enable us to continue diversifying our portfolio while adding new, profitable revenue streams into the future. 2013 is going to be a volatile and challenging year. Looking ahead, we believe we're well-positioned to deliver long-term growth and value to our shareholders, as we have since 1991.

暴雪計畫於 3 月 12 日推出《星海爭霸 II》和《蟲群之心》，我們預期遊戲將延續暴雪的卓越紀錄。他們也正在為《魔獸世界》和《暗黑破壞神 III》玩家開發新內容，當然，他們也會繼續為暴雪全明星和我們全新的 MMO 的未來進行投資。我們相信，我們今天所做的投資應該使我們能夠繼續實現投資組合多元化，同時為未來增加新的、有利可圖的收入來源。2013年將是動盪且充滿挑戰的一年。展望未來，我們相信我們有能力為股東帶來長期成長和價值，正如我們自 1991 年以來所做的那樣。

Now I'll turn the call over to Dennis, who will take you through our financial results.

現在我將把電話轉給丹尼斯，他將向您介紹我們的財務表現。

Thank you, Bobby. Good afternoon, everyone. Today I will begin with a recap of our better-than-expected Q4 and full-year 2012 financial results, and then I'll review our outlook for 2013 and for Q1. Beginning with our Q4 results, please refer to our earnings release for full non-GAAP-to-GAAP reconciliations. Also, the numbers I'll be quoting are compared to the prior year, unless otherwise noted.

謝謝你，鮑比。大家下午好。今天我將首先回顧我們好於預期的 2012 年第四季和全年財務業績，然後我將回顧我們對 2013 年和第一季的展望。從我們的第四季度業績開始，請參閱我們的收益發布，以了解完整的非 GAAP 與 GAAP 調節表。此外，除非另有說明，我將引用的數字是與前一年進行比較的。

Q4 was a record quarter for the Company. Our combination of incredible people, deep global franchises, and the largest-ever hardware installed base were all key factors in not only executing against our plan, but exceeding it. First, let's walk through the Q4 numbers, which were largely driven by the Call of Duty and Skylanders franchises. For the quarter on a GAAP basis, we generated better-than-expected revenues of $1.8 billion, and EPS grew to a fourth-quarter record of $0.31. On a non-GAAP basis, we generated better-than-expected revenues of $2.6 billion. Digital revenues increased 22%. Our operating margin expanded over 750 basis points to 44%. Operating income exceeded $1 billion for the first time in a quarter; and EPS grew 26% to a record $0.78.

第四季是公司創紀錄的季度。我們擁有令人難以置信的人才、深厚的全球特許經營權以及有史以來最大的硬體安裝基礎，這些都是關鍵因素，不僅能夠執行我們的計劃，而且能夠超越我們的計劃。首先，讓我們來看看第四季的數據，這些數據主要是由《決勝時刻》和《Skylanders》系列推動的。以 GAAP 計算，本季我們實現了 18 億美元的優於預期的收入，每股盈餘 (EPS) 成長至 0.31 美元，創第四季新高。按照非 GAAP 計算，我們實現了 26 億美元的優於預期的收入。數位收入成長 22%。我們的營業利益率擴大了 750 個基點，達到 44%。營業收入季度首次突破 10 億美元；每股收益成長 26%，達到創紀錄的 0.78 美元。

Turning to specific P&L items, please note that all percentages are based on revenues, except for the tax rate. For the quarter, GAAP product costs were 31%. GAAP operating expenses were 42%, below our outlook, due mainly to revenue over-performance. Our GAAP tax rate was 27%. Non-GAAP product costs were 28%, and non-GAAP operating expenses were 27%, again, below our outlook, due mainly to revenue out-performance. Our non-GAAP tax rate was 23%.

至於具體的損益項目，請注意，除稅率外，所有百分比均基於收入。本季 GAAP 產品成本為 31%。GAAP 營運費用為 42%，低於我們的預期，主要是因為收入表現出色。我們的 GAAP 稅率為 27%。非 GAAP 產品成本為 28%，非 GAAP 營運費用為 27%，再次低於我們的預期，主要是由於收入表現出色。我們的非 GAAP 稅率為 23%。

Our solid execution in Q4 anchored what was a record year for Activision Blizzard. For the full year on a GAAP basis, we generated revenues of $4.9 billion, and operating margin of 30%, and EPS of $1.01. On a non-GAAP basis for the calendar year, we generated better-than-expected revenues of nearly $5 billion. We expanded our operating margin 380 basis points to 34%, and grew EPS 27% to $1.18, both records. We exceeded our initial non-GAAP EPS expectations of $0.94, based on the large-scale success of Diablo III and Skylanders.

我們在第四季的穩健執行為動視暴雪創造了創紀錄的一年。以 GAAP 計算，我們全年營收為 49 億美元，營業利潤率為 30%，每股收益為 1.01 美元。以非公認會計準則 (Non-GAAP) 計算，本年度我們的收入優於預期，達到近 50 億美元。我們的營業利潤率提高了 380 個基點，達到 34%，每股收益成長 27%，達到 1.18 美元，均創歷史新高。基於《暗黑破壞神 III》和《Skylanders》的巨大成功，我們超越了最初的非 GAAP 每股收益 0.94 美元的預期。

In terms of cash flow, in 2012 we generated over $1.3 billion in operating cash flow, an increase of more than $390 million over the prior year. Over the last four years we have generated more than $4.8 billion of operating cash flow, and today, as Bobby mentioned, the Board of Directors approved, once again for the third straight year, an increase to our cash dividend, which now stands at $0.19 per share.

在現金流方面，2012年我們的營運現金流超過13億美元，比前一年增加了3.9億美元以上。在過去四年中，我們產生了超過 48 億美元的營運現金流，今天，正如 Bobby 所提到的，董事會再次連續第三年批准增加我們的現金股息，目前為 0.19 美元每股。

Now moving to 2013. We expect 2013 will be a competitive and challenging year given the macro-economic conditions and the uncertainty that surrounds console transitions. For those of you who remember, the last transition was disruptive, volatile, and financially difficult to predict. Additionally, we have some tough year-over-year comparisons, given Blizzard's unprecedented success with Diablo III, and our favorable tax benefits in 2012.

現在進入2013年。鑑於宏觀經濟狀況和遊戲機轉型的不確定性，我們預計 2013 年將是競爭激烈且充滿挑戰的一年。對於那些還記得的人來說，上一次的轉變是破壞性的、不穩定的，而且在財務上難以預測。此外，考慮到暴雪在《暗黑破壞神 III》中取得的空前成功，以及我們在 2012 年提供的優惠稅收優惠，我們也進行了一些艱難的同比比較。

That said, our product lineup is expected to be anchored by four of our top franchises -- Call of Duty, Skylanders, World of Warcraft, and StarCraft. It will also be a year of significant continued investment in several new properties with long-term potential that are not factored into our 2013 financial outlook, including Activision Publishing's new Bungie Universe, Call of Duty Online for China, and the new Blizzard MMO.

也就是說，我們的產品陣容預計將以四個頂級系列為基礎——《決勝時刻》、《Skylanders》、《魔獸世界》和《星海爭霸》。今年也將是對一些具有長期潛力的新產品進行大量持續投資的一年，這些新產品並未納入我們2013 年的財務展望，包括動視出版公司的新Bungie Universe、中國版《決勝時刻Online》和新的暴雪MMO。

Now, on to the numbers. For calendar-year 2013, on a GAAP basis we expect net revenues of $4.085 billion, product costs of 26%, and operating expenses of 48%. We expect a tax rate of 26% for the full year, and a diluted share count of 1.15 billion. This share count can be used for all quarters for GAAP and non-GAAP. Finally, we expect GAAP EPS of $0.68. For 2013, we expect non-GAAP net revenues of $4.175 billion. We expect non-GAAP product costs of 26%, and operating expenses of about 43%, and a tax rate of 27%, resulting in non-GAAP EPS of $0.80.

現在，談談數字。2013 年曆年，以 GAAP 計算，我們預期淨收入為 40.85 億美元，產品成本為 26%，營運費用為 48%。我們預計全年稅率為 26%，稀釋後股份數為 11.5 億股。此股數可用於 GAAP 和非 GAAP 的所有季度。最後，我們預期 GAAP 每股收益為 0.68 美元。2013 年，我們預計非 GAAP 淨收入為 41.75 億美元。我們預計非 GAAP 產品成本為 26%，營運費用約為 43%，稅率為 27%，因此非 GAAP 每股收益為 0.80 美元。

Let's take a moment to walk through the non-GAAP EPS variants versus our performance in 2012. On the product side, starting with Blizzard, we have a very tough comparison due to release slate and product launch timing. Specifically, for the full-year 2012, Diablo III contributed more than $0.20 of EPS on a stand-alone basis. This year, our outlook for Blizzard includes the release of the StarCraft II expansion pack, Heart of the Swarm, in March, and one additional title. Combined, we have modeled these two titles being down significantly compared to last year's record-setting combination of Diablo III and Mists of Pandaria.

讓我們花點時間回顧一下非 GAAP 每股盈餘與 2012 年業績的比較。在產品方面，從暴雪開始，由於發佈時間和產品發佈時間，我們進行了非常艱難的比較。具體而言，2012 年全年，《暗黑破壞神 III》單獨貢獻了超過 0.20 美元的每股盈餘。今年，我們對暴雪的展望包括三月發布《星海爭霸 II》資料片《蟲群之心》以及另一款遊戲。綜合起來，我們對這兩款遊戲的建模結果與去年創紀錄的《暗黑破壞神 III》和《熊貓人之謎》的組合相比大幅下降。

For 2013 on the Activision Publishing side, there is increased volatility this year due to the ongoing console transition, which makes predicting the future more challenging than during normal years in the cycle. For Call of Duty, consistent with our past practices, we are planning for the mainline release in Q4 to be down versus 2012. Also, as I mentioned, our outlook does not include the release of the Bungie game or Call of Duty Online in China, although we still incur costs throughout the year on these projects. In total, we expect the year-over-year impact of all these items will be more than $0.10.

對於動視出版的 2013 年來說，由於主機的持續轉型，今年的波動性有所增加，這使得預測未來比周期中的正常年份更具挑戰性。對於《決勝時刻》，按照我們過去的做法，我們計畫第四季的主線發行量將低於 2012 年。此外，正如我所提到的，我們的展望不包括 Bungie 遊戲或《決勝時刻 Online》在中國的發布，儘管我們全年仍會在這些項目上產生成本。總的來說，我們預計所有這些項目的同比影響將超過 0.10 美元。

Lastly, from a non-operating perspective, in 2013 our tax rate is expected to be 27%, versus 21% in 2012, due to the favorable discrete tax benefits that were realized in 2012. In addition, on the foreign exchange side, we have modeled conservatively to protect ourselves against adverse fluctuations in currency that we have seen in the past. The impact of tax and FX on our numbers year over year is more than $0.10. Taken together, the lack of a comparable title to Diablo III, a lower forecast for the Call of Duty mainline release, continued investment in new IP like Bungie, and higher taxes and FX, more than make up the difference in the year-over-year non-GAAP EPS numbers.

最後，從非經營角度來看，由於 2012 年實現了有利的離散稅收優惠，2013 年我們的稅率預計為 27%，而 2012 年為 21%。此外，在外匯方面，我們採取了保守的建模，以保護自己免受過去所見過的不利貨幣波動的影響。稅收和外匯對我們數據的影響逐年超過 0.10 美元。總而言之，缺乏與《暗黑破壞神 III》相當的遊戲、對《決勝時刻》主線發行的較低預測、對 Bungie 等新 IP 的持續投資以及更高的稅收和外匯，足以彌補同比差異。年度非GAAP每股收益數字。

Moving to the outlook for the March quarter. Last week, Activision Publishing released Revolution, the first DLC map pack for Black Ops 2 on Xbox, and Blizzard is expected to launch the StarCraft II expansion pack, Heart of the Swarm, in March. On a GAAP basis, we expect net revenues of $1.16 billion, with product costs of 28%, operating expenses of 34%, and a 24% tax rate, below our full-year rate, due to the recognition of R&D tax credits related to 2012, but not recognized until Congress reinstated them in early January 2013. We expect GAAP earnings per share of $0.29.

轉向三月季度的展望。上週，動視出版公司在 Xbox 上發布了《黑色行動 2》的首個 DLC 地圖包 Revolution，而暴雪預計將在 3 月推出《星海爭霸 II》資料片《蟲群之心》。根據 GAAP 基礎，我們預計淨收入為 11.6 億美元，產品成本為 28%，營運費用為 34%，稅率為 24%，低於我們的全年稅率，因為承認與以下相關的研發稅收抵免2012 年，但直到國會在2013 年1 月初恢復它們時才得到承認。我們預計 GAAP 每股收益為 0.29 美元。

For the March quarter on a non-GAAP basis, we expect revenues of $690 million. We expect non-GAAP product costs of 27%, operating expenses of 51%, and a 21% tax rate, again, below our full-year rate due to the previously mentioned R&D tax credits. For the quarter, we expect non-GAAP EPS of $0.10.

根據非 GAAP 基準，我們預計 3 月季度的營收為 6.9 億美元。由於前面提到的研發稅收抵免，我們預計非 GAAP 產品成本為 27%，營運費用為 51%，稅率為 21%，低於我們的全年稅率。我們預計本季非 GAAP 每股收益為 0.10 美元。

While the March quarter will be up year over year, the seasonality of our Business will be very different in 2013 versus 2012. Considering the large success of Diablo III in the middle quarters of the year last year, our results will be much more concentrated in the holiday quarter this year.

雖然 3 月份季度將同比增長，但 2013 年我們業務的季節性將與 2012 年有很大不同。考慮到《暗黑破壞神 III》在去年中期的巨大成功，我們的業績將更加集中在今年的假期季度。

From a balance sheet perspective, our expanded margins and low capital requirements improved our cash flow to $1.3 billion in 2012. We began 2013 with cash and investments of $4.4 billion, with around 60% held outside of the US. This year, in addition to investing in our strong product pipeline and capabilities, we are also considering, or may consider, substantial stock repurchases, dividends, acquisitions, licensing, or other non-ordinary course transactions, and significant related debt financing. Although we are not going to discuss specific initiatives today, I want to highlight that our Q1 and full-year 2013 outlooks do not take into account any such transactions or financings that may or may not occur during the year. The exception being today's announced $0.19 cash dividend.

從資產負債表的角度來看，我們擴大的利潤率和較低的資本要求使我們的現金流量在 2012 年提高到 13 億美元。2013 年初，我們擁有 44 億美元的現金和投資，其中約 60% 持有在美國境外。今年，除了投資我們強大的產品線和能力外，我們還在考慮或可能考慮大量股票回購、股息、收購、許可或其他非常規交易，以及重大相關債務融資。儘管我們今天不打算討論具體舉措，但我想強調的是，我們對 2013 年第一季和全年的展望並未考慮年內可能發生或可能不發生的任何此類交易或融資。今天宣布的 0.19 美元現金股利是個例外。

In summary, 2012 was a great year, with record financial results, strong product performance, and solid digital and retail execution by our team. As we look forward, in spite of the near-term market challenges we face in 2013, we remain committed to the strategy that has successfully guided us through many difficult market transitions in the past -- notably, to focus on doing a few things exceptionally well, and delivering differentiated long-term value to both our customers and shareholders. We are confident that this playbook will continue to set the bar for our industry going forward.

總而言之，2012 年是偉大的一年，我們的團隊取得了創紀錄的財務業績、強勁的產品性能以及紮實的數位和零售執行力。展望未來，儘管我們在 2013 年面臨近期的市場挑戰，但我們仍然致力於實施過去成功引導我們度過許多困難的市場轉型的策略，特別是專注於做一些特別的事情以及為我們的客戶和股東提供差異化的長期價值。我們相信，這本手冊將繼續為我們行業的未來樹立標竿。

Now I will turn the call over to Eric to speak about Activision Publishing.

現在我將把電話轉給艾瑞克，談談動視出版公司的情況。

Thanks, Dennis. I'm pleased to announce that in 2012 we delivered Activision Publishing's most profitable year ever, even better than the record year we had in 2011. We ended 2012 with 4 of the top-10 games in the US and Europe combined, including toys and accessories; and we delivered revenues of over $3 billion, and a record 32% operating margin. Of course, none of this would be possible without the talent, passion, and commitment of the best teams of employees anywhere in the entertainment industry, as well as all of our retail partners around the globe. And I want to thank each of them for helping us achieve this record milestone.

謝謝，丹尼斯。我很高興地宣布，2012 年是動視出版有史以來利潤最高的一年，甚至比 2011 年創紀錄的年份還要好。2012 年結束時，我們在美國和歐洲合計排名前 10 的遊戲中佔據了 4 款，其中包括玩具和配件；我們的營收超過 30 億美元，營業利益率達到創紀錄的 32%。當然，如果沒有娛樂業最優秀的員工團隊以及我們全球所有零售合作夥伴的才華、熱情和承諾，這一切都是不可能實現的。我要感謝他們每個人幫助我們實現這項創紀錄的里程碑。

In 2012 in the US and Europe combined, Call of Duty was the number-one video game franchise, and Skylanders was the number-three video game franchise. One year ago on our earnings call, I said that we believe Skylanders was on its way to becoming our next $1 billion franchise. Today I'm pleased to announce that Skylanders has crossed the $1-billion threshold in revenues, just 15 months after its debut.

2012 年，在美國和歐洲，《決勝時刻》是排名第一的電玩遊戲系列，《Skylanders》是排名第三的電玩系列。一年前，在我們的財報電話會議上，我說我們相信 Skylanders 正在成為我們下一個 10 億美元的特許經營權。今天，我很高興地宣布，Skylanders 在推出僅 15 個月後，營收就突破了 10 億美元大關。

This year, our consistent, focused, and deep investment has once again paid off. Black Ops 2 was the biggest game of the year, and the fastest entertainment property ever to reach the $1 billion mark, which it did in just 15 days. Based on unique users, Black Ops 2 was the most-played game on Xbox Live during 2012; and despite strong competition from new games, Call of Duty Modern Warfare 3, and Call of Duty Black Ops 1 both continued to be in the top-five games played on the service. More importantly, at the end of December, Black Ops 2 online engagement was the highest in the franchise's history, showing the continued momentum of the brand.

今年，我們持續、專注、深度的投入再次獲得回報。《黑色行動 2》是今年最大的遊戲，也是有史以來最快突破 10 億美元大關的娛樂產業，僅用了 15 天就完成了這一目標。根據獨立用戶數，《黑色行動 2》是 2012 年 Xbox Live 上玩次數最多的遊戲；儘管來自新遊戲的激烈競爭，《決勝時刻：現代戰爭 3》和《決勝時刻：黑色行動 1》仍繼續位居該服務上的前五名遊戲之列。更重要的是，截至 12 月底，《黑色行動 2》的線上參與度創下了該系列歷史上最高的紀錄，顯示出品牌的持續發展勢頭。

This year our downloadable content will be supported by a free Call of Duty lead service, which has a set of features unmatched in the industry, and this gives the franchise a competitive advantage, and should further enhance the engagement of our community. We are offering players two options to purchase Black Ops 2 DLC -- the proven one-map-pack-at-a-time model, and a season pass, which lets fans buy our upcoming DLC map pack for a discounted suggested price of $50.

今年，我們的下載內容將得到免費的《決勝時刻》主導服務的支持，該服務具有一系列業界無與倫比的功能，這為該系列帶來了競爭優勢，並應進一步增強我們社區的參與度。我們為玩家提供兩種購買《黑色行動 2》DLC 的選擇——經過驗證的一次一張地圖包模式，以及季票，粉絲可以以 50 美元的折扣建議價格購買我們即將推出的 DLC 地圖包。

On January 29, we released our first DLC map pack, Revolution, on the Xbox. While it's still very early, we have been very pleased with the DLC results so far. In fact, the combination of season pass and a la carte DLC sales are tracking well ahead of last year's combination of elite subscriptions and a la carte DLC sales.

1 月 29 日，我們在 Xbox 上發布了第一個 DLC 地圖包 Revolution。雖然現在還為時過早，但到目前為止我們對 DLC 的結果非常滿意。事實上，季票和單點 DLC 的銷售組合遠遠領先去年精英訂閱和單點 DLC 的組合銷售。

The Call of Duty franchise continues to set the bar for innovation, and we expect a new Call of Duty game in development for 2013 to raise that bar even higher. Also in development for the franchise is Call of Duty Online for China, in partnership with Tencent. Tencent created the free-to-play action game model in China, and is working closely with us to optimize Call of Duty for Chinese fans.

《決勝時刻》系列繼續樹立創新標桿，我們預計 2013 年正在開發的新《決勝時刻》遊戲將進一步提高這項標準。該系列遊戲也與騰訊合作開發了中國版《決勝時刻 Online》。騰訊在中國開創了免費動作遊戲模式，並與我們密切合作，為中國粉絲優化《決勝時刻》。

Now let's turn to Skylanders. As of the end of January, there were more than 100 million Skylanders toys in children's hands world-wide. And in 2012, we extended our reach at retail, with more than 120 licensing partners, and continue to gain operating efficiencies in our manufacturing and supply chain operations. Just two days ago, in New York, we introduced our next innovation in the toy select category, Skylanders Swap Force. While others are just entering the category that we created, we are moving that category forward by introducing yet another innovative new play pattern, dynamic swappability.

現在讓我們轉向 Skylanders。截至1月底，全球兒童手中已有超過1億個Skylanders玩具。2012 年，我們擴大了零售業務範圍，擁有超過 120 個授權合作夥伴，並繼續提高製造和供應鏈營運的營運效率。就在兩天前，我們在紐約推出了下一個玩具精選類別的創新產品 Skylanders Swap Force。當其他人剛進入我們創建的類別時，我們正在透過引入另一種創新的新遊戲模式（動態可交換性）來推動該類別的發展。

Swap Force expands upon the success of the franchise's signature game play by letting kids not only bring their toys to life, but to swap parts and create their own unique characters in the physical world, which are then recognized in the digital world. Reception at Toy Fair has been fantastic, and both the game and the toys look great. Not only that, every character from both Spyro's Adventure and Skylanders Giants will be playable in Skylanders Swap Force, adding tremendous value to those 100 million toys that kids have already collected.

Swap Force 擴展了該系列標誌性遊戲的成功，讓孩子們不僅可以將他們的玩具帶入生活，還可以交換零件並在物理世界中創建自己獨特的角色，然後在數位世界中得到認可。玩具展上的反應非常好，遊戲和玩具看起來都很棒。不僅如此，《小龍斯派羅歷險記》和《Skylanders Giants》中的每個角色都可以在 Skylanders Swap Force 中玩，為孩子們已經收集的 1 億個玩具增添了巨大的價值。

Development also continues on our new ground-breaking project with Bungie. Bungie defined the action shooter category with Halo, and we feel this project will once again deliver genre-defining innovation. While we don't have a launch date to announce today, we expect to deliver an incredible game with unprecedented marketing support for a new IP. We look forward to sharing more information on this title in the near future.

我們與 Bungie 的新突破性專案的開發也持續進行。Bungie 用 Halo 定義了動作射擊遊戲類別，我們認為這個項目將再次帶來類型定義的創新。雖然我們今天沒有公佈發布日期，但我們預計將推出一款令人難以置信的遊戲，並為新 IP 提供前所未有的行銷支援。我們期待在不久的將來分享有關此遊戲的更多資訊。

We're also investing in new platforms and new models, including mobile free-to-play games, where we're prudently hiring, not acquiring, the industry's best talent. In 2012, we launched five highly rated and top-selling mobile games, including our first free-to-play IOS game Skylanders Lost Island. While relative to the scale and profitability of our overall Business, mobile is not yet a significant contributor, we have made smart, right-size investments that should position us well for the future.

我們也投資新平台和新模式，包括行動免費遊戲，在這些遊戲中，我們謹慎地僱用而不是收購行業最優秀的人才。2012年，我們推出了五款高評價和最暢銷的手機遊戲，其中包括我們的第一款免費iOS遊戲《Skylanders Lost Island》。雖然相對於我們整體業務的規模和盈利能力，移動還不是一個重要的貢獻者，但我們已經做出了明智、規模適當的投資，這應該使我們在未來佔據有利地位。

To summarize, 2012 was a record year for Activision Publishing, driven by our continued focus on our biggest, most differentiated, and most creative franchises. Black Ops 2 continued to set new records, and Skylanders has become a fantastic success. Both Skylanders and Call of Duty have very innovative pipelines. We plan to continue innovating in our mega franchises, and to introduce new high-potential franchises like our new Bungee Universe and Call of Duty Online in China.

總而言之，2012 年對於 Activision Publishing 來說是創紀錄的一年，這要歸功於我們繼續專注於我們最大、最有特色和最具創意的特許經營權。《黑色行動 2》繼續創下新紀錄，而《Skylanders》也取得了巨大的成功。《Skylanders》和《決勝時刻》都有非常創新的流程。我們計劃繼續創新我們的大型特許經營權，並在中國推出新的高潛力特許經營權，例如我們的新蹦極宇宙和使命召喚在線。

With that, I'll turn the call over to Mike Morhaime.

這樣，我會將電話轉給 Mike Morhaime。

Thanks, Eric. 2012 was a busy year for Blizzard Entertainment. We had some very ambitious goals, and successfully shipped two games -- Diablo III and World of Warcraft Mists of Pandaria. A third game, StarCraft II Heart of the Swarm entered public beta testing in 2012, as well.

謝謝，埃里克。2012 年對於暴雪娛樂來說是忙碌的一年。我們有一些非常雄心勃勃的目標，並成功推出了兩款遊戲——《暗黑破壞神 III》和《魔獸世界：熊貓人之謎》。第三款遊戲《星海爭霸 II：蟲群之心》也於 2012 年進入公開 Beta 測試。

On the year, Blizzard turned in strong financials, with non-GAAP revenue of $1.6 billion, and operating income of $717 million. As of the end of the year, global subscribership for World of Warcraft sat at more than 9.6 million players, down slightly from the previous quarter. The majority of the decline came from China, while subscribership in the West was relatively more stable. Looking ahead, the next major content update for World of Warcraft is already in testing, and should reach players in the coming weeks. The development team continues to stick with the plan of more frequent content update in the wake of the expansion launch, applying lessons that we've learned from past expansions.

今年，暴雪的財務狀況強勁，非 GAAP 收入為 16 億美元，營業收入為 7.17 億美元。截至年底，《魔獸世界》的全球訂閱玩家數量超過 960 萬，較上一季略有下降。下降的大部分來自中國，而西方的訂閱人數相對更穩定。展望未來，《魔獸世界》的下一個主要內容更新已經在測試中，應該會在未來幾週內到達玩家手中。開發團隊繼續堅持在擴充包推出後更頻繁地更新內容的計劃，並吸取我們從過去的擴充包中學到的經驗教訓。

Moving on to Diablo III, the launch of the game back in May had a tremendous impact on Blizzard and our community. Diablo III broke PC game sales records, and as of the end of the year, had sold more than 12 million copies world-wide. While this is a humbling achievement, we're not satisfied with merely breaking sales records. The development team has worked aggressively to update the game since the launch, adding new content, game systems, features, and other improvements. A new update is in testing now, which will add dueling and other new content. Diablo is extremely important to Blizzard, and we will continue to invest aggressively to support the franchise and its community.

接下來是《暗黑破壞神 III》，遊戲於 5 月推出，對暴雪和我們的社群產生了巨大影響。《暗黑破壞神 III》打破了 PC 遊戲銷售記錄，截至年底，全球銷量已超過 1,200 萬份。雖然這是一項令人驚嘆的成就，但我們並不滿足於僅僅打破銷售記錄。自發布以來，開發團隊一直在積極更新遊戲，添加新內容、遊戲系統、功能和其他改進。目前新的更新正在測試中，將添加決鬥和其他新內容。《暗黑破壞神》對暴雪極為重要，我們將繼續積極投資以支持該系列及其社區。

On the StarCraft side, we've had a flurry of activity surrounding the game in the past few months. The Battle.net World Championship in Shanghai this past November was a great success. A big congratulations go out again to PartinG from South Korea, who was crowned our global champion. The Heart of the Swarm beta has also been ongoing since last year, and the team continues to improve the game with player feedback. Over the past couple of months, we've announced numerous new online features for the game, unveiling the opening cinematic, and conducted a global press showcase. The feedback from the community about the campaign and the new online features has been very positive, and excitement continues to grow as we head into launch on March 12.

在《星海爭霸》方面，過去幾個月我們圍繞著這款遊戲進行了一系列活動。去年11月在上海舉行的戰網世界錦標賽取得了巨大成功。再次熱烈祝賀來自韓國的 PartinG 榮獲我們的全球冠軍。《蟲群之心》的測試版也從去年開始就一直在進行，團隊根據玩家的回饋不斷改進遊戲。在過去的幾個月裡，我們宣布了遊戲的許多新線上功能，推出了開場動畫，並進行了全球新聞展示。社群對此活動和新線上功能的回饋非常積極，隨著我們即將於 3 月 12 日發布，人們的興奮情緒持續高漲。

Lastly, I want to remind everyone that BlizzCon will make its return later this year. We'll have a more detailed announcement soon, and we're looking forward to reconnecting with our players this year to hear their thoughts, share the latest Blizzard news, and share along with them at the Blizzard eSports Global Finals. We hope you'll be able to join us at the show. As we head into 2013, we'll continue to work hard on our pipeline of games and delivering a great experience to our players. Thanks, and I'll turn the call back to Kristin.

最後，我想提醒大家，暴雪嘉年華會在今年稍晚回歸。我們很快就會有更詳細的公告，我們期待今年與我們的玩家重新聯繫，聆聽他們的想法，分享最新的暴雪新聞，並在暴雪電子競技全球總決賽上與他們一起分享。我們希望您能夠參加我們的展會。進入 2013 年，我們將繼續努力開發遊戲，為玩家提供出色的體驗。謝謝，我會把電話轉回克里斯汀。

Thank you. Operator, we will be ready to take some questions.

謝謝。接線員，我們準備好回答一些問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

We'll pause for just a moment to allow everyone an opportunity to signal. We'll take our first question from Eric Handler, MKM Partners.

我們將暫停片刻，讓每個人都有機會發出信號。我們將回答 MKM Partners 的 Eric Handler 提出的第一個問題。

Yes, thanks for taking my question. My question deals with Skylanders, and how you think about the franchise going forward. If in fact we do have a new console cycle, what percentage of people are playing Skylanders on the Wii, and if people start transitioning more, Nintendo starts losing some share to new consoles for Sony and Microsoft, how the game might be impacted that way?

是的，感謝您提出我的問題。我的問題涉及《Skylanders》，以及您如何看待系列的未來。如果事實上我們確實有一個新的遊戲機週期，那麼有多少人在Wii 上玩《Skylanders》，如果人們開始更多地過渡，任天堂開始失去一些份額給索尼和微軟的新遊戲機，遊戲可能會受到怎樣的影響？

I think that's a very good question, Eric, As you know, we were somewhat disappointed with the launch of the Wii U, and I think it's a challenging environment this year. One of the things we are concerned about is what the installed base of hardware will be like for 6- to 11-year-olds. But we have a lot of confidence in the franchise for the long-term. I think we're delivering another great product this year, and Eric may want to say a little bit more, but it's something we are concerned about.

我認為這是一個非常好的問題，Eric，正如你所知，我們對 Wii U 的推出有些失望，我認為今年的環境充滿挑戰。我們關心的事情之一是 6 至 11 歲兒童的硬體安裝基礎是什麼樣的。但從長遠來看，我們對特許經營權充滿信心。我認為我們今年將推出另一款出色的產品，而艾瑞克可能想說更多一點，但這是我們關心的事情。

Yes, you pretty much covered it. We've done well on all platforms is all I wanted to say. The franchise has done well on all platforms, and historically, the strongest franchises going into a console transition are the ones that fare the best. I think that positions us well for Skylanders' future.

是的，你幾乎涵蓋了它。我想說的是，我們在所有平台上都做得很好。該系列在所有平台上都表現出色，從歷史上看，進入主機過渡的最強系列是表現最好的系列。我認為這為我們 Skylanders 的未來奠定了良好的基礎。

We haven't had any competition in category. We have a new competitor, and we're likely to have more; but we've invested a lot against it. We've achieved a lot of good success so far, and we have high expectations for the franchise going forward.

我們在該類別中沒有任何競爭。我們有了一個新的競爭對手，而且很可能還會有更多；但我們為此投入了大量資金。到目前為止，我們已經取得了巨大的成功，我們對特許經營的未來抱有很高的期望。

Brian Pitz, Jefferies.

布萊恩·皮茨，杰弗里斯。

Great, thanks. What do you think about the World of Warcraft and MMO community? Do you think the audience essentially remained strong and willing to play? Or do you think they're essentially in need of a new game? Can you talk about really the fatigue factor, both in the MMO, as well as with specifically for the game? Then I just have a follow-up question.

萬分感謝。您對魔獸世界和 MMO 社群有何看法？你認為觀眾基本上仍然很強大並且願意參加比賽嗎？還是你認為他們本質上需要一款新遊戲？您能談談 MMO 中以及專門針對遊戲的疲勞因素嗎？那我有一個後續問題。

Well, we have seen an evolution in player behavior since the launch of Cataclysm. Players consume content quickly. They're more apt to come and go from the community, which is why we are targeting more frequent content updates. We are currently testing our second major update since Mists of Pandaria. I think that another thing to note is if you compare the months following Cataclysm and the ones following Mists of Pandaria, the trailing months have been stronger with Mists, and we have seen an increase in engagement in all regions with the launch of Mists of Pandaria.

自從《大災變》推出以來，我們已經看到了玩家行為的演變。玩家快速消費內容。他們更容易在社區中來來去去，這就是為什麼我們的目標是更頻繁的內容更新。我們目前正在測試自《熊貓人之謎》以來的第二個重大更新。我認為另一件值得注意的事情是，如果你比較《大災變》和《熊貓人之謎》之後的幾個月，你會發現，《迷霧》之後的幾個月表現更強，而且隨著《熊貓人之謎》的推出，我們發現所有地區的參與度都有增加。

Bobby, a quick one. You've been a vocal supporter of games direct to the TV. With more smart TVs out there, and also the pending launch of consoles, how should we be thinking about this kind of direct-to-TV phenomenon with respect to games? Thanks.

鮑比，快點。您一直是電視直播遊戲的堅定支持者。隨著越來越多的智慧電視的出現，以及即將推出的遊戲機，我們該如何思考這種與遊戲相關的直接電視現象？謝謝。

I'm not exactly sure I understand the question or what I supported historically, but I would say another thing we are concerned about is, as you start to see Internet-enabled televisions and the app store reach the television with more -- with a much larger base -- it's very hard for us to compete against free. I think there are challenges, even at the $0.99. To the extent that you see a lot more Internet-enabled televisions, we're going to have to start thinking differently about the content that we would deliver to those Internet-enabled televisions.

我不確定我是否理解這個問題或我歷史上支援的內容，但我想說的是，我們關心的另一件事是，當你開始看到支援互聯網的電視，並且應用程式商店以更多方式到達電視時，更大的基礎——我們很難與免費競爭。我認為即使價格為 0.99 美元，也存在挑戰。如果您看到越來越多的支援網路的電視，我們將不得不開始以不同的方式思考我們將向這些支援網路的電視提供的內容。

Neil Doshi, Citi.

尼爾多西，花旗銀行。

Great, thanks. Dennis, it looks like we saw record-high operating margins in Q4, both on the total Company side as well as on the Activision side. What drove this, and do you feel like this is kind of a long-term potential for the overall business? Then Mike, if you can give a little more color on the China market? It seems like there's continuously intense competition there, and most of the declines seem to come from the East. Is there anything you can do to be more competitive in that competitive market? Any learnings you could share with the Activision side as they go in and launch Call of Duty China? Thanks.

萬分感謝。丹尼斯，看起來我們在第四季度看到了創紀錄的營業利潤率，無論是公司整體還是動視暴雪方面。是什麼推動了這一點？您認為這對整個業務來說是一種長期潛力嗎？那麼麥克，您能否對中國市場多一些介紹？那裡的競爭似乎持續激烈，而且大部分下降似乎來自東部。您可以做些什麼來在這個競爭激烈的市場中更具競爭力嗎？當動視公司進入中國推出《決勝時刻》時，您有什麼經驗可以分享給他們嗎？謝謝。

Sure, thanks Neil. Let me give you a couple of points on margins. Obviously, it was a very strong quarter margin-wise, and I think it speaks to our long-term strategy about being very focused and trying to build enormous franchises. We saw that in Q4, and you can really see the scale benefits of that happening in our margin structure across the business. These are record margins for our business that we've ever had.

當然，謝謝尼爾。讓我就邊際問題給你幾點建議。顯然，這是一個非常強勁的季度利潤率，我認為這說明了我們的長期策略，即非常專注並試圖建立龐大的特許經營權。我們在第四季度看到了這一點，你可以真正看到我們整個業務的利潤結構所帶來的規模效益。這是我們業務有史以來的創紀錄利潤率。

Going forward, though, I think one of the things to think about, and you'll see this in our guidance, is relative to how margins play out over the next 12 to 24 months. Last year we had the benefit of being late in the console cycle, which gives you a lot of benefits from a development perspective and from a monetization perspective. Margins traditionally in past console cycles that you see in our guidance compress a little bit as they work the way through the transition of that. You see that reflected in our guidance from an OpEx perspective, as revenue comes down relative to some of those new platforms. Then in out years it starts to grow again and margins expand. That's kind of at least a high-level in terms of how we see margins playing out over time, but last year was really the benefit of being late in the cycle and having the largest franchises. Mike, I don't know if you want to --?

不過，展望未來，我認為需要考慮的事情之一是與未來 12 至 24 個月的利潤率如何發揮相關，您將在我們的指導中看到這一點。去年，我們在主機週期的後期獲得了好處，這從開發角度和貨幣化角度為您帶來了許多好處。傳統上，在過去的控制台週期中，您在我們的指南中看到的利潤在過渡過程中會稍微壓縮。您會看到，從營運支出的角度來看，這反映在我們的指導中，因為收入相對於其中一些新平台有所下降。然後在接下來的幾年裡，它開始再次成長，利潤率擴大。就我們如何看待利潤隨時間的推移而變化而言，這至少是一個高水平，但去年確實是周期後期和擁有最大特許經營權的好處。麥克，我不知道你是否願意──？

Yes, with respect to competition, we've always had competition for World of Warcraft in all markets. I think it's fair to say that competition has increased, but I think it's also important to point out that World of Warcraft is competing against really all forms of entertainment for leisure time. That just underscores the need for us to continue creating new content to keep up engagement. With respect to China, in spite of the decline in subscribership, it is important to note that the engagement levels of the core audience did increase with the launch of the expansions, and I think that suggests increased engagement by our core players.

是的，就競爭而言，《魔獸世界》在所有市場上一直存在競爭。我認為公平地說競爭已經加劇，但我認為指出《魔獸世界》正在與真正所有形式的休閒娛樂形式競爭也很重要。這只是強調了我們需要繼續創造新內容以保持參與。就中國而言，儘管訂閱人數有所下降，但值得注意的是，隨著擴充包的推出，核心受眾的參與度確實有所提高，我認為這表明我們的核心玩家的參與度有所提高。

Brian Karimzad, Goldman Sachs.

布萊恩·卡里姆扎德，高盛。

Quickly, first, what's changed such that you're willing to publicly consider putting debt on from strategic options? Then Dennis, I have a housekeeping question on the add-up for guidance.

很快，首先，是什麼發生了變化，以至於您願意公開考慮透過策略選擇來承擔債務？然後丹尼斯，我有一個關於加法的內務問題請指導。

Well, I can't say that there's anything that we can answer with respect to that disclosure, but we always are contemplating always to return capital to the shareholders.

好吧，我不能說我們可以就該揭露做出任何回答，但我們始終在考慮向股東返還資本。

Fair enough. Dennis, I think maybe I have a number transposed or something, but when I take the non-GAAP guide here -- so $4.175 on the revenue side. Then it sounds like you're adding up to 31% margin? Then put the tax rate on that, because it really generally isn't much in between, I'm getting closer to an $0.85 in EPS. Can you help me understand what I'm missing here?

很公平。丹尼斯，我想也許我有一些數字調換或其他什麼，但當我在這裡採用非公認會計準則指南時——所以收入方面是 4.175 美元。那麼聽起來您的利潤率增加到 31% 了嗎？然後加上稅率，因為通常情況下，兩者之間的差距並不大，我的 EPS 越來越接近 0.85 美元。你能幫我理解我在這裡缺少什麼嗎？

Sure. Let me take you through our full-year numbers on the GAAP side. I'm not sure where your math is breaking down, but we were pretty specific in terms of our announcement on that. I can walk you through -- I'd say it's probably best if we walk you through the numbers right after the call in terms of all the specifics, because it's $0.80 relative to what we have in there on our margin structure, COGS structure, revenue, and totals.

當然。讓我帶您了解我們按照公認會計原則 (GAAP) 計算的全年資料。我不確定你的數學在哪裡出現問題，但我們對此的公告非常具體。我可以引導您了解- 我想說，如果我們在電話會議後立即向您介紹所有具體細節的數字，這可能是最好的，因為相對於我們的保證金結構、COGS 結構而言，它是0.80 美元，收入和總計。

Daniel Ernst, Hudson Square Research.

丹尼爾恩斯特，哈德遜廣場研究中心。

Bobby, relative to your comments about connected TVs and the efforts that you've had to date in console gaming with -- first you tried with Call of Duty, tried the service for Wii, to then it's transferred more to the season pass. In digital on iOS we've seen some interesting success with episodic content, specifically The Walking Dead, and I'm wondering if that's a way that the industry might be addressing, creating some more of a consistent revenue stream from consumers without the big-ticket, $60 to $70 price tag for games? That leads into a related question -- as we look at next gen, in the last gen we saw prices rise because development costs were rising. Do you see the same upward pressure from development costs for this coming generation? Will there be the need for upward trend in pricing, or is it not to be that dramatic this time around? Thanks.

鮑比，相對於你對連網電視的評論以及迄今為止你在主機遊戲方面所做的努力——你首先嘗試了《使命召喚》，嘗試了Wii 的服務，然後它更多地轉移到了季票上。在iOS 上的數位領域，我們已經看到了劇集內容取得了一些有趣的成功，特別是《陰屍路》，我想知道這是否是該行業可能正在解決的一種方式，從消費者那裡創造更多穩定的收入流，而無需大筆投入。門票，遊戲價格為 60 至 70 美元？這就引出了一個相關的問題——當我們審視下一代產品時，在上一代產品中，我們看到價格上漲，因為開發成本不斷上升。您是否認為下一代的開發成本也會面臨相同的上升壓力？定價需要上漲，還是這次不會那麼劇烈？謝謝。

Okay so that's a lot of questions. I would say the first thing is what we've seen to date on (inaudible)-related content relative to the business we're in, we're not really moved to dial that significantly. Having said that, we're investing in a variety of initiatives. We're looking at those things carefully. There's nothing that we see on the near-term plank horizon that's going to have a meaningful impact on our financial results, but we're an opportunistic Company, and we're always exploring new areas that could be reasonable returns to our shareholders. I don't really know how to answer your second question, to tell you the truth. Maybe you can be a little more specific?

好吧，這是很多問題。我想說的第一件事是我們迄今為止所看到的與我們所處業務相關的（聽不清楚）相關內容，我們並沒有真正採取重大行動。話雖如此，我們正在投資各種舉措。我們正在仔細研究這些事情。我們認為短期內不會對我們的財務表現產生有意義的影響，但我們是一家機會主義公司，我們一直在探索可以為股東帶來合理回報的新領域。老實說，我真的不知道該如何回答你的第二個問題。也許你可以說得更具體一點？

Do you expect development costs to rise on a like-for-like basis for this coming next gen?

您預計下一代產品的開發成本會年增嗎？

This is my 22nd year doing this, and every single console transition we've seen an increase in development costs. Over long periods of time it gets smoothed out, but I would say this is not a transition where that's going to be an exception. We're going to have to figure out how to take advantage of the unique capabilities of new hardware, and that requires new skills and investment in tools and technology and engines and so yes, that's likely.

這是我這樣做的第 22 年，每一次主機轉換我們都看到開發成本的增加。經過很長一段時間，它會變得平滑，但我想說這不是一個例外的過渡。我們必須弄清楚如何利用新硬體的獨特功能，這需要新的技能以及對工具、技術和引擎的投資，所以是的，這是可能的。

Michael Olson, Piper Jaffray.

邁克爾·奧爾森，派珀·賈弗雷。

Hi, guys, good quarter. This is Andrew Connor in for Mike. I promise I will not ask you any questions about the consoles, but my question is really about Call of Duty and the re-acceleration that we saw in the month of December. I'm curious if that has anything to do with the focus on the multi-player component of Call of Duty versus the single-player campaign, and whether that's a strategic focus for the franchise going forward? Thanks.

嗨，夥計們，季度好。這是安德魯康納飾演的麥克。我保證我不會問你任何關於遊戲機的問題，但我的問題實際上是關於《決勝時刻》以及我們在 12 月看到的重新加速。我很好奇這是否與《決勝時刻》對多人遊戲部分與單人戰役的關注有關，以及這是否是該系列未來的戰略重點？謝謝。

Well, I wouldn't say that we were any more or less focused on multi-player this year than we have been in years past. We delivered an expansion campaign, as well as a very deep multi-player experience. I think the (inaudible) did deliver an exceptional multi-player game, and it followed up with exceptional DLC so far. I think as always the quality of the content is the thing that drives our results the most.

嗯，我不會說今年我們比過去幾年更關注多人遊戲。我們提供了擴展戰役以及非常深入的多人遊戲體驗。我認為（聽不清楚）確實提供了一款出色的多人遊戲，並且迄今為止還推出了出色的 DLC。我認為一如既往，內容的品質是最能推動我們取得成果的因素。

Doug Creutz, Cowen.

道格·克羅伊茨，考恩。

Hi, thanks. I wondered if you could talk about where you are on Call of Duty China? I think last year you had said that you expect to launch in 2013 and maybe even in the first half of 2013. Are you sort of on your launch plan? Do you still expect to get it out this year? You mentioned in your guidance you don't have anything in for it, but is that just a measure of conservatism around the revenue, or are you actually contemplating the idea that you might not ship it this year?

你好謝謝。我想知道您能否談談您在《決勝時刻》中國區的情況？我想去年您曾說過預計在 2013 年甚至 2013 年上半年推出。您的發布計劃有計劃嗎？今年你還指望能出嗎？您在指導中提到您沒有任何參與，但這只是圍繞收入的保守主義措施，還是您實際上正在考慮今年可能不會發貨的想法？

Well, as I said we don't have any dates to announce or specifics to announce. Also, I would note that there are a lot of things beyond our control with this project -- A that we're working with a partner, and B that we have government approvals to contend with, so there are a lot of variables at play here. Our guidance is our guidance for a reason, and that's all we really have on the topic today.

嗯，正如我所說，我們沒有任何要宣布的日期或具體細節。另外，我想指出的是，這個計畫有很多事情是我們無法控制的——A我們正在與合作夥伴合作，B我們有政府的批准需要應對，所以有很多變數在起作用。我們的指導是有原因的，這就是我們今天關於這個主題的全部內容。

Drew Crum, Stifel Nicolaus.

德魯·克拉姆、史蒂菲爾·尼古拉斯。

Okay, thanks, good afternoon everyone. I wondered if you could talk about the discussions you're having with retailers, planned shelf space for Skylanders, given the increased competition year referenced in your preamble? Also, can you talk about your plans for your shooter business, given the impending launch or the eventual launch of the Bungie game against your Call of Duty franchise? In terms of cadence, would you launch two games in the same time period, same quarter? Just get your comments on that? Thanks.

好的，謝謝，大家下午好。我想知道您是否可以談談您與零售商進行的討論，考慮到序言中提到的競爭加劇的年份，Skylanders 的計劃貨架空間？另外，考慮到即將推出或最終推出針對《決勝時刻》系列的 Bungie 遊戲，您能否談談您的射擊遊戲業務計劃？就節奏而言，你們會在同一時段、同一季度推出兩款遊戲嗎？只是得到你對此的評論嗎？謝謝。

In terms of Skylanders, if the response we're seeing from our retail partners at Toy Fair is any indication, we expect to increase our retail presence in strength, not decrease. I do think that our retail execution has been one of the shining stars and reasons for our success on this franchise. I don't see any reason why we would think that would change.

就 Skylanders 而言，如果我們在玩具展上從零售合作夥伴處看到的反應有任何跡象的話，我們預計將增強我們的零售業務，而不是減少。我確實認為我們的零售執行力是閃亮的明星之一，也是我們在該特許經營權上取得成功的原因。我看不出我們有任何理由認為這種情況會改變。

Having said that, we really haven't had a competitor.

話雖如此，我們確實沒有競爭對手。

Yes, I was just going to say we take every competitor seriously, and we've had sort of the competitive field to ourselves thus far, but Skylanders is a proven force, and we feel very confident about our partners' continued support for the franchise. Could you repeat your second question?

是的，我只是想說，我們認真對待每一個競爭對手，到目前為止，我們已經擁有了自己的競爭領域，但Skylanders 是一支經過驗證的力量，我們對我們的合作夥伴對特許經營權的持續支持充滿信心。你能重複一下你的第二個問題嗎？

As far as the Bungie game, would you consider releasing in close proximity to one of your Call of Duty releases, or do you need to create separation between the two in order to avoid cannibalization?

就 Bungie 遊戲而言，您是否會考慮在您的《決勝時刻》版本中緊鄰發布，還是需要將兩者分開以避免相互蠶食？

Yes, we just don't have any announcements at this time on our timing on Bungie. We really look forward to sharing it with you just as soon as we're ready.

是的，我們只是目前沒有任何關於 Bungie 上線時間的公告。我們非常期待在準備好後立即與您分享。

Edward Williams, BMO Capital Markets.

愛德華威廉斯，BMO 資本市場。

Good afternoon, thanks for taking my question. A couple things -- first of all, just to follow up on Doug's question with regard to Call of Duty in China, can you just let us know what steps need to be taken at this point before this game does release commercially? Since I'm last, I'll take advantage of that. A couple of other questions -- first of all looking at Skylanders, can you give us a sense as to what the attach rate is like from toys to games, or a revenue split between toys and games? Thirdly, Bobby, if you can just -- going back to the comments with regards to potentially using debt or using cash and doing an acquisition, can you give us some -- can you reiterate your philosophy around acquisition strategy?

下午好，感謝您提出我的問題。有幾件事 - 首先，為了跟進 Doug 關於《決勝時刻》在中國的問題，您能否讓我們知道在這款遊戲正式發布之前需要採取哪些步驟？因為我是最後一個，所以我會利用這一點。還有其他幾個問題——首先看看《Skylanders》，您能否讓我們了解從玩具到遊戲的附加率，或者玩具和遊戲之間的收入分配情況？第三，鮑比，如果你可以——回到關於可能使用債務或使用現金進行收購的評論，你能給我們一些——你能重申一下你關於收購策略的理念嗎？

I'll start with the China and Skylander's questions. On Call of Duty Online, we really -- this is where our partnership with Tencent is going to come to the fore. They are really the Pioneers in that category and in this market, obviously, so we're following their lead. There are a number of steps, from alpha testing and beta testing and refining; and of course, there's the government approval process. We hope that they'll -- we expect all of those to go as planned, with Tencent really driving the ship through those things. In terms of Skylander's, the question was --

我將從中國和Skylander的問題開始。在《決勝時刻 Online》中，我們確實——這就是我們與騰訊的合作關係將脫穎而出的地方。顯然，他們確實是該類別和這個市場的先驅，因此我們正在追隨他們的領導。有很多步驟，從 alpha 測試到 beta 測試和完善；當然，還有政府審批程序。我們希望他們能夠——我們希望所有這些都能按計劃進行，而騰訊將真正推動這艘船完成這些事情。就 Skylander 而言，問題是——

Skylander's attach.

Skylander 的配件。

Attach rate, which we don't break out on the toys that we can -- we've shared a lot of data today on the strength and the number of toys we've sold. Obviously, it's a great business. If you just broke it out as a toy business, it would be the best-selling action figure line, and better-selling than Star Wars and Transformers combined. The software sales have been strong, as well. Our ability to continue to drive that attach rate has been one of the secrets to our success.

附加率，我們不會在我們可以的玩具上公佈——我們今天分享了很多關於我們已售出的玩具的強度和數量的數據。顯然，這是一門偉大的生意。如果你只是把它當作玩具業務來發展，它將是最暢銷的人偶系列，比《星際大戰》和《變形金剛》的銷售總和還要好。軟體銷售也很強勁。我們持續提高附加率的能力是我們成功的秘訣之一。

I would just -- to add on that, to build on that comment. Skylander's, one of the benefits of it, is the forward compatibility of the toys. It is, you get the added benefit of your installed base, essentially, for when you buy the next game. That's been a huge factor for us. But calculating the exact attach rate becomes tough when you have multiple SKUs in the market at the same time.

我只想補充一點，以該評論為基礎。Skylander 的優點之一是玩具的向前相容性。事實上，當您購買下一款遊戲時，您將獲得安裝基礎的額外好處。這對我們來說是一個重要因素。但當市場上同時有多個 SKU 時，計算準確的附加率就變得很困難。

Yes.

是的。

Obviously, we can't comment on any acquisitions.

顯然，我們無法對任何收購發表評論。

Okay. On behalf of everyone at Activision Blizzard we want to thank you for your time and consideration today, and we look forward to talking with you soon.

好的。我們謹代表動視暴雪的每個人感謝您今天的時間和考慮，並期待很快與您交談。

Thank you.

謝謝。

This concludes today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。