美商藝電 (EA) 2016 Q1 法說會逐字稿

Welcome and thank you all for standing by. (Operator Instructions). Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎各位，感謝大家的耐心等待。（操作說明）今天的會議正在錄影。如果您有任何異議，可以立即斷開連接。

Now I will turn the meeting over to your host, Mr. Chris Evenden. Sir, you may begin.

現在我將會議交給主持人克里斯·埃文登先生。先生，您可以開始了。

Thank you, Kat. Welcome to EA's fiscal 2016 first-quarter earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen, our CFO. Peter Moore, our COO, will be joining us for the Q&A portion of the call.

謝謝你，凱特。歡迎參加EA 2016財年第一季財報電話會議。今天和我一起參加電話會議的有我們的執行長安德魯威爾森和我們的財務長布萊克喬根森。我們的營運長彼得·摩爾將參加電話會議的問答環節。

Please note that our SEC filings and our earnings release are available at ir. EA.com. In addition, we have posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks, an audio replay of this call, and a transcript.

請注意，我們的 SEC 文件和收益報告可在 ir 上查閱。EA.com。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的演講稿、本次通話的錄音回放和文字記錄。

A quick calendar note, our Q2 earnings call is scheduled for Thursday, October 29.

簡單提醒一下，我們的第二季財報電話會議定於10月29日星期四舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the Company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-K for a discussion of risks that could cause actual results to differ materially from those discussed today.

本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-K 表格。

Electronic Arts makes these statement as of today, July 30, 2015, and disclaims any duty to update them.

藝電公司於 2015 年 7 月 30 日發表此聲明，並聲明不承擔任何更新此聲明的義務。

During this call, unless otherwise stated, the financial metrics will be presented on a non-GAAP basis. Our earnings release and the earnings slides provide a reconciliation of our GAAP to non-GAAP measures. These non-GAAP measures are not intended to be considered in isolation from, as a substitute for, or superior to our GAAP results. We encourage investors to consider all measures before making an investment decision.

本次電話會議中，除非另有說明，財務指標將以非公認會計準則（non-GAAP）為基礎進行列報。我們的獲利報告和獲利幻燈片提供了我們GAAP指標與非GAAP指標的調節表。這些非GAAP指標並非旨在脫離GAAP結果單獨考慮，也不應被視為GAAP結果的替代品或優於GAAP結果。我們鼓勵投資者在做出投資決定之前考慮所有因素。

All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.

除非另有說明，本次電話會議中所做的所有比較均與去年同期進行比較。

Now, I will turn the call over to Andrew.

現在，我將把電話交給安德魯。

Thanks, Chris.

謝謝你，克里斯。

Q1 was a great start to fiscal-year 2016 and we continue our journey to put our players first and deliver amazing entertainment experiences for them. We are building deeper connections with players in our games and large services. There is tremendous excitement for our upcoming titles and we see profound new energy in our industry.

2016 財年第一季開局良好，我們將繼續秉承「玩家至上」的理念，為他們提供精彩的娛樂體驗。我們正在與遊戲和大型服務中的玩家建立更深的聯繫。大家對我們即將推出的遊戲充滿期待，我們也看到了業界湧現的新活力。

Our Q1 results were excellent, with revenue, margins, and earnings above our guidance. Our top games and large services, including EA SPORTS FIFA 15, Battlefield Hardline, The Sims 4, are engaging players around the world with fresh new experiences. We see continued strength in our mobile titles, with new games coming later this year.

我們第一季的業績非常出色，營收、利潤率和獲利均超乎預期。我們的熱門遊戲和大型服務，包括 EA SPORTS FIFA 15、戰地：硬仗、模擬市民 4 等，正以全新的體驗吸引世界各地的玩家。我們的行動遊戲市場持續強勁成長，今年稍後還將推出新遊戲。

EA is executing well against our plans for FY16, and with ongoing strength in our digital business and growing anticipation for our upcoming titles, we are raising our full-year guidance today to reflect momentum across the portfolio.

EA 在 2016 財年計劃的執行方面進展順利，隨著數位業務的持續強勁增長以及市場對即將推出的遊戲越來越期待，我們今天上調全年業績預期，以反映整個產品組合的良好勢頭。

Our industry is hitting a powerful stride as we advance further into the new global era for games. The Xbox One and PlayStation 4 installed base continues to grow and show great strength, driving well beyond adoption rates of previous-generation devices.

隨著我們進一步邁入遊戲全球化的新時代，我們的產業正蓬勃發展。Xbox One 和 PlayStation 4 的裝置容量持續成長，表現強勁，遠遠超過了上一代裝置的普及率。

The opportunities in mobile, as well as new service and delivery models, are opening up more ways to bring players into our games than ever before.

行動領域的機遇，以及新的服務和交付模式，為我們提供了比以往更多的途徑來吸引玩家參與我們的遊戲。

At the E3 conference in June, the appetite for great new games was clear. Players on all platforms are ready for new experiences that capture their imagination with creativity, innovation, and breakthrough game play. EA is in a strong position to deliver.

在六月的E3遊戲展上，人們對優秀新遊戲的渴望顯而易見。所有平台的玩家都渴望體驗充滿創意、創新和突破性玩法的全新遊戲，激發他們的想像。EA 具備強大的實力，能夠交付成果。

We had an outstanding E3 this year, showcasing 15 new games to our players, media, and partners. Throughout the event, our partnership with Disney and Lucasfilm was in full view. Star Wars Battlefront stunned audiences with the magnitude and realism of its game play. We revealed new expansion -- a new expansion for Star Wars - The Old Republic and announced a new Star Wars mobile game. We unveiled new experiences for original IP with Mass Effect Andromeda, Plants vs. Zombies Garden Warfare 2, and surprised with the unexpected charm of Unravel.

今年的 E3 展會我們取得了巨大的成功，向我們的玩家、媒體和合作夥伴展示了 15 款新遊戲。在整個活動過程中，我們與迪士尼和盧卡斯影業的合作關係都得到了充分展現。《星際大戰：前線》憑藉其遊戲玩法的規模和真實感震撼了玩家。我們發布了新的擴充包——《星際大戰：舊共和國》的新擴充包，並宣布推出一款新的星際大戰手機遊戲。我們推出了原創 IP 的全新體驗，包括《質量效應：仙女座》和《植物大戰殭屍》。玩了《殭屍花園戰爭2》之後，驚喜地發現《Unravel》有著意想不到的魅力。

We celebrated the return of Need for Speed, captivated players with the authenticity of our upcoming sports games, and detailed the game play innovation in Mirrors Edge Catalyst. Attendees were able to go hands-on with all of this year's titles that our E3 booth.

我們慶祝了《極速快感》的回歸，用即將推出的體育遊戲的真實性吸引了玩家，並詳細介紹了《鏡之邊緣：催化劑》中的遊戲玩法創新。參觀者們有機會親身體驗我們 E3 攤位上的所有遊戲。

Most importantly, through content and social conversation we brought the E3 experience to players around the world. Millions of viewers joined the stream of our live event and our titles were mentioned more than 500 times per minute on social media during the week of E3. Trailers, game play, and large streams of our games were viewed over 53 million times throughout E3 and Star Wars Battlefront alone generated 22 million views on social platforms, our most popular content ever at E3.

最重要的是，透過內容和社交互動，我們將 E3 體驗帶給了世界各地的玩家。數百萬觀眾觀看了我們的直播活動，在 E3 遊戲展期間，我們的遊戲在社交媒體上每分鐘被提及超過 500 次。在 E3 展會期間，我們的遊戲預告片、遊戲演示和大型直播影片的觀看次數超過 5,300 萬次，光是《星際大戰：前線》在社群平台上的觀看次數就達到了 2,200 萬次，這是我們在 E3 展會上最受歡迎的內容。

It was tremendous to see such positive reaction from players and feel the excitement level for our games continuing to build. We are looking forward to sharing more at Gamescom in just a few days.

看到球員們如此積極的反響，感受到大家對我們比賽的熱情持續高漲，真是太棒了。我們期待在幾天後的科隆遊戲展上與大家分享更多資訊。

In addition to our upcoming games, our large service today are ecosystems of ever-changing content for our players. Battlefield 4 and Battlefield Hardline players logged a combined 170 million online game play hours in Q1. And we will be bringing new expansion packs to both experiences in the coming months.

除了即將推出的遊戲之外，我們如今龐大的服務體係也為玩家提供了不斷變化的豐富內容。第一季度，《戰地4》和《戰地：硬仗》的玩家累計線上遊戲長達1.7億小時。未來幾個月，我們將為這兩款遊戲推出新的擴充包。

The Sims 4 play community continues to grow and engage deeply with the game as we deliver more update and new content, and we saw game play hours in our mobile hit, The Sims FreePlay, increase 85% year over year. In addition, our EA Sports ultimate team modes averaged over 2 million players per day in Q1, up nearly 20% year over year.

隨著我們不斷推出更新和新內容，《模擬市民4》玩家社群持續壯大，並深度參與遊戲。同時，我們的熱門手機遊戲《模擬市民：免費版》的遊戲時長年增了85%。此外，我們的 EA Sports 終極球隊模式在第一季平均每天有超過 200 萬名玩家，較去年同期成長近 20%。

Amazing and creative new experiences, dynamic live services, and deeply engaged communities built on strong and meaningful relationships with our players, these are the building blocks of our long-term strategy for Electronic Arts. Through our key franchises, as well as experiences with new and original IP, we have the ability to reach more players than ever.

令人驚嘆的創新體驗、充滿活力的即時服務以及與玩家建立在牢固而有意義的關係基礎上的深度參與的社區，這些都是藝電長期策略的基石。透過我們的核心系列作品，以及在全新原創IP方面的經驗，我們有能力觸及比以往任何時候都多的玩家。

EA Access, Origin, and our new XFINITY Games beta are bringing more players in to compete, connect, and fuel their passion for games, and with our digital infrastructure, analytics, and large services, we are evolving and personalizing the experience for each player and exploring how cross-game services can create additional value for everyone.

EA Access、Origin 和我們全新的 XFINITY Games 測試版正在吸引更多玩家參與競技、交流互動，並激發他們對遊戲的熱情。憑藉我們的數位基礎設施、分析和大型服務，我們正在不斷發展和個人化每位玩家的體驗，並探索跨遊戲服務如何為每個人創造更多價值。

After a strong first quarter, the stage is now set for us to go with our slate of groundbreaking and stunning new games through the remainder of FY16.

經過強勁的第一季度，我們現在已經做好準備，將在 2016 財年剩餘的時間裡推出一系列突破性的、令人驚嘆的新遊戲。

I will now turn the call over to Blake for a deeper look at our financials.

現在我將把電話交給布萊克，讓他更深入地了解我們的財務狀況。

Thanks, Andrew.

謝謝你，安德魯。

EA's non-GAAP net revenue was $693 million, which was $53 million, or more than 8%, above our guidance. The quarter's revenue was 11% lower than prior years because we had no console title launches this quarter. And the year-ago quarter included the launches of Titanfall for Xbox 360, EA Sports FIFA World Cup 2014, and EA Sports UFC.

EA 的非 GAAP 淨收入為 6.93 億美元，比我們的預期高出 5,300 萬美元，超過 8%。由於本季沒有主機遊戲發布，因此本季營收比往年下降了 11%。去年同期，該季度推出了 Xbox 360 版的《泰坦隕落》、EA Sports FIFA 世界盃 2014 和 EA Sports UFC。

Our core business was strong, and at constant currency, this quarter's revenue would have been within 4% of last year's. As I discuss the results for the quarter, bear in mind that FX changes have had a dramatic impact on year-on-year comparisons. The euro, for example, fell nearly 20% against the dollar from the first quarter last year to this year's first quarter.

我們的核心業務表現強勁，以固定匯率計算，本季的營收與去年同期相比將相差不到 4%。在討論本季業績時，請記住匯率變動對同比數據產生了巨大影響。例如，歐元兌美元匯率從去年第一季到今年第一季下跌了近 20%。

In the first quarter, EA Sports FIFA 15, Battlefield Hardline, and The Sims 4 drove solid revenue and delivered excellent margins. This demonstrates the power of our deep catalog of popular IP, which delivers a base of stable revenue throughout the year. The revenue and margin beat versus guidance were driven by better-than-expected performance from FIFA Ultimate Team and The Sims 4.

第一季度，EA Sports FIFA 15、戰地：硬仗和模擬市民4帶來了穩健的收入和優異的利潤率。這充分展現了我們龐大的熱門IP庫的強大實力，它能夠全年提供穩定的收入來源。營收和利潤率均超乎預期，主要得益於 FIFA Ultimate Team 和 The Sims 4 的優異表現。

Our non-GAAP digital net revenue for the quarter increased 10% year over year to $532 million, 77% of this quarter's revenue. The trailing 12-month digital net revenue was up 20% to $2.28 billion.

本季非GAAP數位淨收入年增10%至5.32億美元，佔本季營收的77%。過去 12 個月的數位淨收入成長了 20%，達到 22.8 億美元。

Breaking down our digital revenue into its key components highlights the performance of each of these businesses this quarter. Extra content and freemium contributed $255 million, up 21% over the prior year. The principal driver of this growth was FIFA Online 3 in China. $31 million of the FIFA Online 3 revenue was deferred from previous quarters, as noted in our last earnings call. Total Ultimate Team was down 6% year on year, but up 3% on a constant-currency basis, even with the World Cup boosting FIFA Ultimate Team engagement levels last year.

將我們的數位收入分解成各個主要組成部分，可以更好地展現本季各項業務的業績。額外內容和免費增值服務貢獻了 2.55 億美元，比前一年增長了 21%。推動這一成長的主要因素是中國市場的 FIFA Online 3。正如我們在上次財報電話會議上提到的，FIFA Online 3 的 3,100 萬美元收入是從前幾季遞延的。儘管去年世界盃提升了 FIFA Ultimate Team 的參與度，但 Ultimate Team 的總參與度比去年同期下降了 6%，但以固定匯率計算仍增加了 3%。

Mobile generated $122 million in the quarter. Digital extra content and advertising was up 11% versus the prior year to $115 million, while premium mobile full-game download revenue was just $7 million, down 56% compared to the prior year. We expect premium full-game download revenue to remain at this minimal level for the foreseeable future.

本季行動端營收為 1.22 億美元。數位額外內容和廣告收入比上年增長 11%，達到 1.15 億美元，而高級行動完整遊戲下載收入僅 700 萬美元，比上年下降 56%。我們預計在可預見的未來，完整版遊戲的付費下載收入將維持在如此低的水平。

Full-game PC and console downloads generated $84 million of revenue, up 18% over the prior year. We continue to see the digital downloads increased as a percentage of full-game sales, although this quarter was particularly high since our catalog titles typically skew more towards digital download than do newly launched games.

完整遊戲 PC 和主機下載創造了 8,400 萬美元的收入，比前一年增長了 18%。我們看到數位下載佔完整遊戲銷售額的比例持續成長，儘管本季這一比例尤其高，因為我們的遊戲庫通常比新推出的遊戲更傾向於數位下載。

Subscriptions, advertising, and other digital revenue contributed $71 million, down 11% from last year, due to the natural decline in Battlefield 4 premium revenues. EA Access is delivering strong sustained growth and we continue to build this value to gamers as we add more games to the vault. Titanfall is now in the vault and Dragon Age: Inquisition will join it at the end of the summer, bringing the total titles to 13.

訂閱、廣告和其他數位收入貢獻了 7,100 萬美元，比去年下降了 11%，這是由於《戰地 4》高級版收入自然下降所致。EA Access 正在實現強勁的持續成長，隨著我們不斷在遊戲庫中添加更多遊戲，我們將繼續為玩家創造更多價值。《泰坦隕落》現已下架，《龍騰世紀：審判》也將在夏季結束時加入下架行列，屆時遊戲總數將達到 13 款。

Moving on to gross margin, our non-GAAP gross margin for the quarter was 76.8%, an increase from last year's 70.2% and better than our guidance of 74.5%. Growth over the prior year was driven by product mix, the shift to digital, and FIFA Online 3 in China. We exceeded guidance largely through better-than-expected performance from FIFA Ultimate Team and the continued success of The Sims 4, which delivers very high margins by virtue of being a PC title based on wholly-owned IP.

接下來是毛利率，本季非GAAP毛利率為76.8%，高於去年的70.2%，也高於我們先前74.5%的預期。與前一年相比，成長主要得益於產品組合、向數位轉型以及 FIFA Online 3 在中國的推出。我們之所以能超越預期，主要得益於 FIFA Ultimate Team 的表現優於預期，以及《模擬市民 4》的持續成功。 《模擬市民 4》是一款基於完全自主智慧財產權的 PC 遊戲，因此利潤率非常高。

Non-GAAP operating expenses for the quarter were $472 million, up $13 million, or 3%, year on year. The increase over last year was driven by R&D; payroll tax expenses related to stock-based compensation, which have risen with the stock price; and by the extra week in the quarter. This was offset by FX and lower marketing costs as a result of no major launches this quarter.

本季非GAAP營運費用為4.72億美元，年增1,300萬美元，增幅為3%。與去年相比，成長主要受研發支出、與股票選擇權相關的工資稅支出（隨著股價上漲而增加）以及季度多出的一周所致。由於本季沒有重大產品發布，外匯影響和行銷成本降低，抵消了上述影響。

The resulting non-GAAP EPS was $0.15 a share, which is $0.15 better than guidance, due to strong revenue and higher gross margin. As a reminder, this is calculated at our new tax rate of 22%.

由於營收強勁和毛利率提高，最終的非GAAP每股收益為0.15美元，比預期高出0.15美元。再次提醒，這是以我們新的稅率 22% 計算的。

Our cash and short-term investments at the end of the quarter were $2.88 billion or approximately $9.23 per share. 64% of this cash and short-term investment balance is held onshore.

截至季末，我們的現金和短期投資為 28.8 億美元，約每股 9.23 美元。其中 64% 的現金和短期投資餘額存放在境內。

Net cash used by operating activities for the quarter was $71 million. On a trailing 12-month basis, operating cash flow was $992 million, a record for this period.

本季經營活動所用現金淨額為 7,100 萬美元。過去 12 個月的營運現金流為 9.92 億美元，創下該時期的歷史新高。

During Q1, we repurchased 2.2 million shares at a cost of $132 million. Our $1 billion stock buyback program was initiated partway through Q1, in May 2015, and has a two-year time frame. As of the end of the first quarter, there was $925 million left on the $1 billion plan, as some of the stock repurchased during the quarter was bought under the old plan.

第一季度，我們以 1.32 億美元的價格回購了 220 萬股股票。我們10億美元的股票回購計畫於2015年5月，也就是第一季中期啟動，為期兩年。截至第一季末，10億美元的計劃還剩下9.25億美元，因為該季度回購的部分股票是根據舊計劃購買的。

Due to the strength of our business, we are increasing our full-year guidance. For fiscal 2016, our non-GAAP guidance for revenue is up by $50 million to $4.45 billion and our non-GAAP EPS increases $0.10 to $2.85 per share.

由於公司業務表現強勁，我們上調了全年業績預期。2016 財年，我們的非 GAAP 營收預期上調 5,000 萬美元至 44.5 億美元，非 GAAP 每股盈餘預期上調 0.10 美元至 2.85 美元。

This results in an expected operating margin of 27%. It is still early in the year and with Q1 representing less than 16% of expected full-year revenues, we believe some continued conservatism is appropriate. The GAAP guidance becomes $4.3 billion in revenue and $1.98 of fully diluted EPS.

由此預計可達到 27% 的營業利潤率。現在還處於年初，而且第一季僅佔全年預期收入的不到 16%，我們認為繼續保持一定的保守態度是合適的。根據美國通用會計準則 (GAAP) 預測，營收將達到 43 億美元，完全稀釋後的每股盈餘為 1.98 美元。

Regarding cash flow for the year, we are reiterating our operating cash flow guidance of approximately $1.15 billion. Our capital expense forecast remains approximately $100 million, resulting in a free cash flow forecast of approximately $1.05 billion.

關於今年的現金流，我們重申先前的營運現金流預期，約 11.5 億美元。我們的資本支出預測仍約為 1 億美元，由此產生的自由現金流預測約為 10.5 億美元。

Guidance for our second quarter is for non-GAAP net revenue to be $1.075 billion, 12% lower than last year's $1.22 billion. In this quarter, we are launching Madden NFL, FIFA, Rory McIlroy PGA TOUR, NHL, and NBA LIVE. While last year's Q2 saw the launches of our major sports titles, it also included The Sims 4.

我們預計第二季非GAAP淨收入為10.75億美元，比去年同期的12.2億美元下降12%。本季度，我們將推出 Madden NFL、FIFA、Rory McIlroy PGA TOUR、NHL 和 NBA LIVE。去年第二季度，我們推出了多款重要的運動遊戲，其中也包括《模擬市民4》。

In addition, FX presents a year-on-year impact of around $100 million to Q2 revenues.

此外，外匯交易對第二季營收造成了約 1 億美元的年比影響。

Non-GAAP gross margin is forecasted to be 63%. Again, the main difference between this quarter and a year-ago quarter is the launch of The Sims 4. We expect our Q2 non-GAAP operating expenses to be $510 million, up slightly year on year, driven by an increased investment in R&D and offset by FX and savings in marketing. This results in a non-GAAP diluted EPS of $0.40 per share, as compared to $0.73 per share last year.

非GAAP毛利率預計為63%。同樣，本季與去年同期的主要差異在於《模擬市民4》的發表。我們預計第二季非GAAP營運支出為5.1億美元，年比略有成長，主要是由於研發投入增加，但會被匯率波動和行銷方面的節省所抵銷。這導致非GAAP稀釋後每股收益為0.40美元，去年同期為0.73美元。

Our Q2 GAAP net revenue is expected to be $815 million, as compared to $990 million in prior year. GAAP loss per share is expected to be $0.58, as compared to $0.01 per-share profit in the prior year.

我們第二季的GAAP淨收入預計為8.15億美元，而去年同期為9.9億美元。預計每股GAAP虧損為0.58美元，去年同期每股獲利0.01美元。

We are very pleased with our first-quarter results. Our ability to reliably generate earnings even in the absence of major launches is a testament to the value of our broad IP portfolio, our catalog, and our robust live services. Digital extra content and mobile continue to provide additional layers of consistent revenue. On top of this, player reaction to our marquee titles at E3 gives us great confidence in our competitive position as we look forward into this year and beyond.

我們對第一季的業績非常滿意。即使沒有重大產品發布，我們也能可靠地創造收益，這證明了我們廣泛的智慧財產權組合、產品目錄和強大的線上服務的價值。數位附加內容和行動端持續提供額外的穩定收入。除此之外，玩家對我們在 E3 遊戲展上的主打遊戲的反應也讓我們對自己的競爭地位充滿信心，並展望今年及未來。

Now I will turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake.

謝謝你，布萊克。

We have a great deal ahead of us over the next three quarters as we prepare to deliver a range of new titles from our key franchises and original IP, as well as more new content for players in our large services. We will have four more EA Sports experiences launching through the summer and fall, Madden NFL 16, NHL 16, FIFA 16, and NBA LIVE 16, all featuring engaging new modes and groundbreaking game play for our players.

在接下來的三個季度裡，我們將有很多工作要做，我們將推出一系列來自我們主要係列和原創IP的新遊戲，以及為我們大型服務中的玩家提供更多新內容。今年夏季和秋季，我們將推出四款 EA Sports 新作：《麥登橄欖球 16》、《NHL 16》、《FIFA 16》和《NBA LIVE 16》，所有這些遊戲都將為玩家帶來引人入勝的新模式和突破性的遊戲體驗。

Need for Speed will arrive in November and fans are loving the authentic car culture and deep customization that we have shown so far. And, of course, Star Wars Battlefront will launch on November 17. The excitement for this game continues to build. It took home 45 awards from E3, including Game of the Show from IGN and Best Online Multiplayer from the E3 game critics. We look forward to unveiling new dimensions of Star Wars Battlefront and letting players go hands-on next week at Gamescom.

《極速快感》將於11月發售，粉絲們對我們目前展示的真實汽車文化和深度客製化功能讚不絕口。當然，《星際大戰：前線》將於11月17日正式發售。人們對這場比賽的期待與日俱增。它在 E3 遊戲展上斬獲 45 項大獎，其中包括 IGN 評選的「展會最佳遊戲」和 E3 遊戲評論家評選的「最佳線上多人遊戲」。我們期待在下週的科隆遊戲展上揭曉《星際大戰：前線》的新維度，並讓玩家親身體驗。

We have more new experiences coming throughout the year. Our large services will continue to evolve with new content, we will have some great new mobile games, and we're excited to have three new and original IP titles launching in Q4.

今年我們也會推出更多新的體驗。我們的大型服務將繼續發展，推出新內容，我們將推出一些很棒的新手機遊戲，我們很高興在第四季度推出三款全新的原創IP遊戲。

Looking further ahead, we are preparing more new games for our players. The reaction to a first look at Mass Effect: Andromeda at E3 was incredibly positive. We have a new Battlefield experience coming in Q3 FY17 and another new Star Wars project being led by the dynamic creative team of Jade Raymond and Amy Hennig.

展望未來，我們正在為玩家準備更多新遊戲。E3遊戲展上《質量效應：仙女座》的首次亮相獲得了非常積極的迴響。我們將在 2017 財年第三季推出全新的《戰地》體驗，並且由充滿活力的創意團隊 Jade Raymond 和 Amy Hennig 領導的另一個新的《星際大戰》項目也在進行中。

These are just a few of the new experiences in development across our studios today. From the creativity of our teams to the technologies we are building, to the passion for play that we share with our players, we are pushing the boundaries for games in an effort to deliver the next amazing experience. Through our games and live services, we will immerse players in new worlds, introduce engaging new characters, and transport them into adventures that capture the imagination.

這些只是我們各個工作室目前正在開發的一些新體驗。從我們團隊的創造力到我們正在開發的技術，再到我們與玩家共同擁有的遊戲熱情，我們正在不斷突破遊戲的界限，努力為玩家帶來下一個令人驚嘆的體驗。我們將透過我們的遊戲和線上服務，讓玩家沉浸在全新的世界中，引入引人入勝的新角色，並將他們帶入激發想像力的冒險之旅。

In a new global age for games when more time is spent playing than ever before, we are also building a future with relationships at the core. Through our network, we're connecting players with each other and delivering experiences that are meaningful every time they play. I look forward to sharing more updates on our progress in the quarters ahead.

在遊戲進入全球新時代，人們玩遊戲的時間比以往任何時候都多，我們也正在建立一個以人際關係為核心的未來。透過我們的網絡，我們將玩家彼此連接起來，並為他們每次遊戲帶來有意義的體驗。我期待在接下來的幾季與大家分享我們取得的更多進展。

Now Blake, Peter, and I are here for your questions.

現在，布萊克、彼得和我在這裡回答你們的問題。

We are ready for questions now. Thank you.

現在我們準備回答問題。謝謝。

(Operator Instructions). Chris Merwin, Barclays.

（操作說明）克里斯·默溫，巴克萊銀行。

I just had one on gross margin. I think, Blake, you touched on some of this, but it was a very impressive margin that you posted, and I was just hoping you could provide a little bit more detail on what in particular drove that through a combination of, I guess, digital downloads, FIFA online in China, and then whatever else?

我剛剛做了一個關於毛利率的計算。布萊克，我覺得你已經提到了一些，但你公佈的差距非常驚人，我只是希望你能更詳細地說明一下具體是什麼因素促成了這一結果，比如數字下載、中國的 FIFA 在線遊戲，以及其他一些因素？

And then just, secondly, in terms of Ultimate Team, I think you commented that it was up slightly on a constant-currency basis, but down on a reported basis. I know last quarter there was an illegal coin sell issue and I know you're working to resolve that. So just curious where you stand as it relates to that, and then how we should be thinking about growth for Ultimate Team for the rest of the year in the context of your extra content revenue? Thanks.

其次，關於終極球隊模式，我想你曾說過，以固定匯率計算，它略有上漲，但按報告數據計算，它卻有所下降。我知道上個季度出現了非法出售硬幣的問題，也知道你們正在努力解決這個問題。所以，我很好奇您對此有何看法，以及在您額外內容收入的背景下，我們應該如何看待今年剩餘時間 Ultimate Team 的成長？謝謝。

Sure, so first on gross margin, the gross margin -- a couple things to remember in just year-over-year comparisons. One, last year, both Titanfall and UFC are royalty-bearing titles, so they have dampened last year's gross margin a little bit.

當然，首先來說說毛利率，毛利率——在進行同比比較時，有幾點要記住。第一，去年《泰坦隕落》和《UFC》都是需要支付版稅的遊戲，因此它們稍微拉低了去年的毛利率。

But the real driver for us was the strength, as you noted, FIFA Online 3. Obviously, some of that deferred revenue, so coming in at very nice gross margins.

但正如你所指出的，真正推動我們業績成長的是 FIFA Online 3 的強勁表​​現。顯然，部分遞延收入帶來了非常可觀的毛利率。

But second, and probably more importantly, the strength of The Sims 4. And I'd just give people a reminder. Last year, The Sims started a little slow relative to our thinking. We talked about that in our Q2 earnings, but the strength of The Sims franchise is the layering in of expansion packs that really fuel not just the expansion pack revenue, but bring people into the core game.

但第二點，也是更重要的一點，是《模擬市民4》的優勢。我只是想提醒大家。去年，《模擬市民》的起步速度比我們預想的還要慢。我們在第二季財報中談到了這一點，但《模擬市民》系列的優勢在於不斷推出擴充包，這不僅真正推動了擴充包收入，而且還將人們吸引到核心遊戲中。

And we were in a situation where many consumers were comparing the original Sims 4 game to The Sims 3 game with a long series of expansion packs. And as we now start to bring out expansion packs, they are starting to see the power of The Sims 4 game play and the excitement around it. And we sold more Sims 4 this quarter than we thought, and we think that trend will continue and we are very excited about it, not just because of the franchise, but because of the power that drives to the gross margin.

當時的情況是，許多消費者將最初的《模擬市民 4》遊戲與擁有眾多擴充包的《模擬市民 3》遊戲進行了比較。隨著我們開始推出擴充包，他們開始感受到《模擬市民4》遊戲玩法的魅力以及圍繞它的興奮之處。本季《模擬市民4》的銷售量超過了預期，我們認為這一趨勢將會持續下去，我們對此感到非常興奮，不僅是因為這個系列遊戲本身，更是因為它對毛利率的推動作用。

And then last, but not least, as you saw, the digital business as a whole was 77% of our total revenue, and that included a large amount of full-game downloads, which obviously enhances margin, as well as all the other components of the digital business which enhanced our gross margin, and that really helped the overdelivery relative to plan.

最後，正如你所看到的，數位業務整體占我們總收入的 77%，其中包括大量的完整遊戲下載，這顯然提高了利潤率，以及數位業務的所有其他組成部分，這些都提高了我們的毛利率，這確實有助於我們超額完成計劃。

Now in terms of FIFA Ultimate Team, and I encourage Peter or Andrew to jump in on this if they would like, first, we saw as you said Ultimate Team down slightly, but up on a constant-currency basis. And a key reminder there is the comparison year over year was that FIFA Ultimate Team did extremely well in the first quarter last year because of the World Cup and all the people playing associated with the World Cup and the World Cup modes that we had in the game.

現在來說說 FIFA Ultimate Team，我鼓勵 Peter 或 Andrew 如果願意的話也參與進來，首先，正如你所說，我們看到 Ultimate Team 的價格略有下降，但按固定匯率計算價格卻上漲了。需要特別注意的是，與去年同期相比，FIFA Ultimate Team 去年第一季表現非常出色，這得益於世界盃以及所有與世界盃相關的玩家，還有我們在遊戲中推出的世界盃模式。

We did see better performance of FIFA Ultimate Team than we expected. As you remember in Q1 -- or last call before Q4, excuse me, we gave some warning that because of the illegitimate coin selling, we thought that we would see some slowdown in FIFA Ultimate Team, mainly because of the actions we had taken to do price banding. Much of that will be corrected in the new version of FIFA Ultimate Team that comes out with FIFA 16 and we're excited about that. We don't see any change to our outlook for the overall extra content and Ultimate Team business in the future.

FIFA Ultimate Team 的表現確實超出了我們的預期。您可能還記得，在第一季——或者更準確地說，是第四季度之前的最後一次電話會議中，我們曾發出警告，由於非法出售遊戲幣，我們認為 FIFA Ultimate Team 的發展速度可能會有所放緩，這主要是因為我們採取了價格分級措施。FIFA 16 即將推出的 FIFA Ultimate Team 新版本將修正其中大部分的問題，我們對此感到非常興奮。我們預期未來整體額外內容和終極團隊業務的前景不會有任何改變。

And as you can see, we were surprised that we did better than expected on Ultimate Team in the quarter, which also helped drive margin.

正如你所看到的，我們驚訝地發現，本季度我們在 Ultimate Team 方面的表現超出了預期，這也有助於提高利潤率。

There is a lot of excitement about soccer in the world. The women's World Cup in Canada really drove a huge amount of excitement in North America. We are seeing a great amount of excitement across Asia and we think that will continue to help drive both the FIFA product and the Ultimate Team product over time.

全世界都對足球充滿熱情。在加拿大舉行的女足世界盃在北美引發了巨大的轟動。我們看到亞洲各地都充滿了熱情，我們認為這將繼續推動 FIFA 產品和 Ultimate Team 產品的發展。

Thank you.

謝謝。

Ryan Gee, Bank of America.

Ryan Gee，美國銀行。

This is Ryan calling in for Justin. The first question is on OpEx. You have done a good job of managing those expenses the past several years, and 2Q guidance shows some sequential growth there. Any color you can give on just where you are in terms of investing for the cycle and OpEx growth going forward?

這裡是瑞恩，替賈斯汀打電話。第一個問題與營運支出有關。過去幾年，你們在控制這些費用方面做得很好，第二季度業績指引顯示，這方面將實現環比增長。您能否就當前週期投資和未來營運支出成長方面的情況給出一些具體說明？

Second, Blake, can you just confirm whether or not Unravel was included in your prior outlook and just whether any of the guidance increase this quarter was due to unannounced or new titles or products? Thanks.

其次，Blake，你能否確認一下《Unravel》是否包含在你先前的展望中，以及本季業績指引的上調是否是由於未公佈的新遊戲或產品所致？謝謝。

Sure, sure. So let me hit OpEx first. OpEx, the OpEx that we gave guidance on at the start of the year obviously hasn't changed in terms of the guidance. We have built into that OpEx R&D investment in both console and mobile products, and that's why you're seeing a slight uptick.

當然，當然。那麼，我先來說說營運成本。營運支出，也就是我們在年初給出的指導意見，顯然在指導意見方面沒有改變。我們在營運支出中納入了對主機和行動產品的研發投資，這就是為什麼你會看到略有成長的原因。

The OpEx this quarter was driven primarily by the options or RSU exercises and the tax expenses associated with those. We didn't forecast the stock price to be as high as it has turned out to be, and thus it was a little bit higher than we had expected. Still, obviously, within our guidance and we are comfortable with our full-year guidance on OpEx.

本季的營運支出主要由選擇權或限制性股票單位的行使以及相關的稅收支出所驅動。我們並沒有預測到股價會這麼高，因此它比我們預期的要高一些。不過，顯然，這符合我們的指導方針，我們對全年營運支出指導方針感到滿意。

We are continuing to try to be extremely efficient in R&D and continue to try to build benefits in to drive marketing expenses around the great digital connection we have with our users, our gamers, and consumers out there. And you will hopefully see a continued benefit to that over time.

我們將繼續努力提高研發效率，並繼續努力創造效益，以推動圍繞我們與用戶、遊戲玩家和消費者之間良好的數位連結而進行的行銷支出。隨著時間的推移，您有望持續從中受益。

In terms of the guidance and products, Unravel was in the original guidance. I don't think the expectations around the love for Yarny himself was quite built into our guidance and we were pleasantly surprised at E3 about how popular he was. But it is still a fairly small product and it is built into our guidance.

就指導方針和產品而言，Unravel 包含在最初的指導方針中。我認為我們並沒有在設計指導中充分考慮到大家對 Yarny 本身的喜愛程度，因此在 E3 遊戲展上，我們對 Yarny 的受歡迎程度感到驚訝。但它仍然是一款相當小的產品，並且已經納入了我們的指導方針中。

We haven't added any products to our guidance; that was not the reason that we raised the number. The number was raised primarily due to the positive reception we saw across all of our products and the strength of the industry, as Andrew mentioned, the excitement we have seen around console gaming and the continued popularity of both Xbox and PlayStation and the strength of that going forward. So that was really the driver to our raise of guidance.

我們沒有在指導意見中增加任何產品；這並不是我們提高指導意見數量的原因。正如安德魯所提到的，之所以提高數字，主要是因為我們所有產品都獲得了積極的市場反響，以及整個行業的強勁勢頭；我們看到了主機遊戲帶來的興奮，Xbox 和 PlayStation 的持續流行，以及這種勢頭未來的發展潛力。所以，這才是我們提高指導價的真正原因。

Okay, and then one quick follow-up, if I could. On digital and the mobile, it was a pretty sharp fall-off, but it looks like the smartphone portion of that mobile is doing well. Can you help us with the phasing of mobile throughout the year or any products that we should be aware of that are coming out on mobile in the near term? Thanks.

好的，如果可以的話，我再問一個後續問題。在數位和行動領域，下滑幅度相當大，但看起來智慧型手機部分的表現不錯。您能否幫助我們了解全年行動端產品的推廣計劃，或近期有哪些行動端產品值得我們關注？謝謝。

We have talked about a couple of key products that are coming out in the back half of the year. I can't give you exact dates. We test our mobile products extensively, and so it is often hard to be able to get exactly when the launch date is going to be.

我們已經討論過今年下半年即將推出的幾款重點產品。我無法提供確切日期。我們對行動產品進行了廣泛的測試，因此通常很難準確地確定發布日期。

Clearly, we have the Minions as a key product. We have a Star Wars product coming out. We have updates to some of our sports titles, which you'll see, and a lot of exciting expansions or additions to products, like The Simpsons or SimCity BuildIt, which have continued to build off of the strength of our platform there.

顯然，小小兵是我們的核心產品。我們即將推出一款星際大戰產品。我們對一些體育遊戲進行了更新，您很快就會看到；此外，我們還對《辛普森一家》或《模擬城市：建造》等產品進行了許多激動人心的擴展或新增內容，這些都得益於我們平台的強大功能。

In terms of the actual phasing, hard to say, and I don't think it changes our overall phasing that we have put in our new guidance. But we will update you as that comes along.

至於具體的實施階段，很難說，而且我認為這不會改變我們在新指南中製定的整體實施階段。但我們會隨時向您報告最新進展。

Great, thank you.

太好了，謝謝。

Colin Sebastian, Robert Baird.

科林·塞巴斯蒂安，羅伯特·貝爾德。

Nice quarter, guys. I have a couple of questions. First off, a lot of anticipation around Star Wars, obviously, and it looked really great at E3. Just considering the release date is fairly fixed, I wonder how comfortable or confident you are, Andrew, around the studio's ability to launch a fully finished product by the time November rolls around. And then, are you sticking with your original 9 million to 10 million unit guidance for the game?

夥計們，這季度不錯。我有幾個問題。首先，大家對《星際大戰》的期待很高，這很正常，而且它在 E3 遊戲展上看起來真的很棒。考慮到發布日期基本上已定，安德魯，我想知道你對工作室能否在 11 月到來之前推出一款完全完成的產品有多大信心。那麼，你們是否仍堅持最初設定的900萬至1000萬台的遊戲銷售目標？

Thanks, Colin, and thanks for the congrats. We're feeling very good about the game right now.

謝謝你，科林，也謝謝你的祝賀。我們現在對這場比賽感覺非常好。

Again, as a reminder, this is a tried-and-true development team building on a Frostbite engine that has now launched a number of products on this platform generation. And we are coming to the third phase of development on this generation of products, so we feel like we have put all of the things in place that we need to to deliver a great product.

再次提醒大家，這是一個久經考驗的開發團隊，他們基於寒霜引擎進行開發，目前已在該平台世代上推出了多款產品。我們即將進入這一代產品的第三階段開發，因此我們感覺我們已經做好了一切準備，可以交付一款優秀的產品。

We had thousands of people play it at E3 in one of the more robust setups we have had for a shooter in our E3 booth in recent years, and we're looking at having literally tens or hundreds of thousands of people play it on over 200 units at Gamescom next week. So, the code is all very playable, the quality is high, and the feedback so far from the player base has been very positive.

我們在 E3 攤位上為射擊遊戲搭建了近年來最強大的測試設備之一，讓成千上萬的人體驗了這款遊戲。我們預計下週在 Gamescom 遊戲展上，將有超過 200 台裝置供成千上萬的人體驗這款遊戲。所以，程式碼完全可玩，品質很高，而且到目前為止，玩家群的回饋也非常積極。

On the 9 million to 10 million, I will let Blake take that one.

至於900萬到1000萬這部分，我就讓布萊克來做吧。

Okay. Just to clarify, there is no change, obviously, on ship date on that whatsoever. We are very confident that we should be able to hit that date, based on what Andrew just told you.

好的。需要澄清的是，發貨日期顯然沒有任何變化。根據安德魯剛才告訴你的情況，我們非常有信心能夠準時完成任務。

On the guidance, look, we are normally -- we normally do not raise guidance coming out of the first quarter. I think all of you know we have a fairly conservative mindset around guidance. This was the first time we have raised guidance in probably 10 or 15 years coming out of the first quarter, because only 16% of our business is really booked in the first quarter.

關於業績指引，你看，我們通常－我們通常不會在第一季結束後上調業績指引。我想你們都知道，我們在指導方針方面持相當保守的態度。這可能是我們近 10 到 15 年來首次在第一季結束後上調業績預期，因為我們只有 16% 的業務是在第一季真正實現的。

We are really excited about Battlefront, but we're also really excited about all of our products, and that excitement drove us to increase our guidance in the quarter.

我們對《星際大戰：前線》感到非常興奮，但我們對所有產品也感到非常興奮，這種興奮促使我們提高了本季的業績預期。

We haven't yet started to think about or talk about publicly what that means in terms of units, partially because it's still early. We want to see how the reaction is at Gamescom to all of our products, including Battlefront, as well as how the fall plays out. So I would assume we will have that discussion in October before we ship those products, and more to come on that. But right now, think about the raise in guidance on revenue as strength across all of our products, including strength in the response around Battlefront.

我們還沒有開始思考或公開討論這在銷售方面意味著什麼，部分原因是現在還處於早期階段。我們想看看Gamescom上大家對我們所有產品（包括《星際大戰：前線》）的反應，以及秋天的銷售情況。因此，我估計我們會在十月發貨之前進行討論，之後還會有更多相關資訊公佈。但就目前而言，請將營收預期上調視為我們所有產品表現強勁的體現，包括《星際大戰：前線》的強勁反響。

Okay, Blake, thanks. And just one quick one on the second-quarter outlook versus a year ago. You mentioned the FX headwinds in Sims 4, the comp there, but you also have the higher console installed base and digital growth, and I think NBA is incremental. So it would appear that topline growth is still a possibility on the strength of the franchises, but are there any other moving parts I'm missing that might have impacted your initial outlook?

好的，布萊克，謝謝。最後簡單談談與去年同期相比，第二季的前景如何。你提到了《模擬市民4》面臨的FX引擎逆風，以及該遊戲的競爭，但主機遊戲的裝機量和數位成長也更高，我認為NBA的成長是漸進式的。看來憑藉這些特許經營權的強勁勢頭，營收成長仍然有可能，但是我是否忽略了其他可能影響您最初預期的因素呢？

No, and in fact, it looks like a lot of people on the Street got ahead in terms of revenue and I think that is because maybe people forgot that The Sims was in last year's quarter, along with the sports titles.

不，事實上，看起來華爾街很多人在營收方面都領先了，我認為這是因為人們可能忘記了《模擬市民》和體育遊戲一起被列入了去年的財報季。

Obviously, no Sims this year. We're expecting strong revenue out of FIFA, Madden, NHL, and NBA, but those are obviously -- they were there last year as well.

顯然，今年沒有模擬市民遊戲了。我們預計 FIFA、Madden、NHL 和 NBA 將帶來強勁的收入，但這些顯然——它們去年也是如此。

I think the biggest and really only headwind comes out of FX, and based on where we are today and FX rates today, we think that is relatively -- roughly $100 million relative to last year.

我認為最大的也是唯一的阻力來自外匯市場，根據我們目前的狀況和當前的匯率，我們認為相對於去年而言，這大約是 1 億美元。

Okay, great. Thanks a lot.

好的，太好了。多謝。

Stephen Ju, Credit Suisse.

Stephen Ju，瑞士信貸。

So Peter, Andrew, are you able to share some of the underlying user data for FIFA Online 3 in China? You know, monthly active users, paying users, et cetera? If not, at least a directional indicator on how this is ramping?

Peter、Andrew，你們能否分享一些FIFA Online 3在中國的底層使用者資料？你知道，例如每月活躍用戶數、付費用戶數等等？如果沒有，至少提供一個方向性指標，顯示這種情況正在如何加劇？

And separately, if you are able to look at your user base for FIFA in the US and compare that versus western Europe or even versus Korea, where do you think you are?

另外，如果你能夠查看你在美國 FIFA 的用戶群，並將其與西歐甚至韓國的用戶群進行比較，你認為你在美國處於什麼位置？

And Blake, I think at E3 you talked about the possibility for an annual release of a Star Wars game as you take advantage of your license here. So, where are you in terms of deploying development talent to make that possible? Thanks.

布萊克，我想你在 E3 遊戲展上談到利用你的授權，每年推出一款《星際大戰》遊戲的可能性。那麼，在部署研發人才以實現這一目標方面，你們進展如何？謝謝。

So the first question, Stephen, on FIFA Online 3, as regards to -- this is, of course, published with our partners in Tencent there, so it's a little early. As you recall, we waited to soft launch. We are now in full commercial launch. We can probably share a lot more of that data in the next earnings call.

史蒂芬，第一個問題是關於 FIFA Online 3 的——當然，這是與我們的合作夥伴騰訊共同發布的，所以現在談論它還為時過早。如您所知，我們當時採取了試營運的方式。我們現在已全面進入商業發布階段。我們或許可以在下次財報電話會議上分享更多這類數據。

As regard to your question in comparison to the West, obviously they are very different experiences. This is a free-to-play game. It is built on the Ultimate Team format, but is not a twitch-type game, which regular FIFA game obviously is.

至於你問的與西方國家相比的情況，顯然，那裡的經驗截然不同。這是一款免費遊戲。它基於終極球隊模式，但並不是一款反應速度很快的遊戲，而普通的 FIFA 遊戲顯然屬於這種類型。

So from that perspective, I think the overriding similarities of soccer fans around the world, and Blake touched on this, we are riding high on soccer currently right now, coming off the women's World Cup and with the new domestic leagues all about to start within the last two weeks. So, obviously having that FIFA license for us and being able to deploy it across multiple geographies with multiple partners, and in particular in the biggest geography in the world with a very strong partner in Tencent, gives us great opportunity.

所以從這個角度來看，我認為世界各地的足球迷最主要的共同點是，正如布萊克所提到的，我們現在正處於足球熱潮之中，剛剛結束了女足世界杯，而且新的國內聯賽也將在過去兩週內全部開始。顯然，擁有 FIFA 授權，並能夠與多個合作夥伴在多個地區部署該授權，尤其是在全球最大的地區與騰訊這樣強大的合作夥伴一起部署，這給我們帶來了巨大的機會。

We brought forward the $31 million from the previous quarter into this quarter here, and as Blake has mentioned on the previous call, we are looking at somewhere in the region of about $10 million to $15 million per quarter as net revenue from our Tencent relationship.

我們將上一季的 3,100 萬美元提前到本季度，正如 Blake 在上一次電話會議上提到的，我們預計從與騰訊的合作關係中獲得的淨收入在每個季度約為 1,000 萬美元至 1,500 萬美元。

And in terms of Star Wars, I don't think we have actually said that there is an annual Star Wars plan in place, but we do have a long-term contract with Disney and we know Disney has plans for many Star Wars movies, and we're going to try to take advantage of the IP that is coming out of those movies.

至於《星際大戰》，我認為我們還沒有正式宣布過制定年度《星際大戰》計劃，但我們與迪士尼簽訂了長期合同，我們知道迪士尼計劃推出多部《星際大戰》電影，我們將努力利用這些電影的知識產權。

I do think what we have said is that our intention is to try over the next couple of years to have a first-person shooter as one of the core titles. This year, obviously, Star Wars Battlefront; next year, another Battlefield title.

我認為我們已經表達過，我們的目標是在未來幾年內，將第一人稱射擊遊戲作為核心遊戲之一。今年顯然是《星際大戰：前線》；明年則是另一款《戰地》系列遊戲。

And as Andrew said, we're working on some other Star Wars titles. Jade Raymond and Amy Hennig are working on a core title right now. We don't have the timetable yet to announce those, but trust that you will see multiple Star Wars titles both on console and PC, as well as on mobile. We have at least one mobile title that is going to come out this year and we have more in the process as well, so a lot of to come on Star Wars and you'll hear about that as we discuss our future guidance. We are very excited about the franchise and about our partnership.

正如安德魯所說，我們正在開發其他一些星球大戰遊戲。Jade Raymond 和 Amy Hennig 目前正在開發一款核心遊戲。我們目前還沒有公佈這些遊戲的具體時間表，但請相信，您將會在主機、PC 和行動平台上看到多款《星際大戰》遊戲。我們今年至少會有一款手機遊戲推出，而且還有更多遊戲正在開發中，所以關於《星際大戰》還有很多內容即將推出，我們會在討論未來發展方向時向大家介紹這些內容。我們對這個特許經營權以及我們的合作關係感到非常興奮。

Thank you.

謝謝。

Brian Pitz, Jefferies.

Brian Pitz，傑富瑞集團。

Thanks for the question. Just a follow-up on Star Wars, curious what you are seeing out of preorders. I know you have had 20 million views on the trailer and a lot of marketing around it, but any comment on this translating into preorders on the title, and maybe how those preorders could compare to the last Battlefield at this point?

謝謝你的提問。關於《星際大戰》，我有個後續問題，很好奇你們的預購狀況如何。我知道預告片已經有 2000 萬的觀看量，而且也做了很多宣傳，但是對於這能否轉化為遊戲的預購量，以及目前的預購量與上一部《戰地》系列相比如何，您有什麼看法？

And then, separately, an update on your console growth expectations. I know Sony just raised its expectations today for the year. I believe you were around 48 million to 49 million next-gen boxes by year-end. Any changes or updates? Thanks.

然後，另外，也會單獨更新您對主機成長的預期。我知道索尼今天剛剛提高了今年的業績預期。我相信到年底你們的次世代主機銷量在 4800 萬到 4900 萬台左右。有任何變更或更新嗎？謝謝。

So on the preorders, we are seeing extremely strong preorders coming out of E3, as you might imagine.

正如你所料，E3 展會後的預購情況非常強勁。

I will remind everybody on the call that more and more as we see digital start to take a hold with our consumers that preorders become less of a key indicator, key leading indicator as how we predict our business here. But as we came out of E3, and more importantly, as Andrew mentioned, as we come out for what I think will be a pivotal moment for Star Wars next week in Cologne, Germany, when 265,000 consumers will descend on the Cologne convention center on Thursday, all of whom will be trying desperately to get their hands on this title, we expect to see tremendous response from that.

我要提醒各位，隨著數位消費越來越受到消費者的青睞，預購量作為預測業務的關鍵指標和領先指標的重要性正在降低。但正如安德魯所提到的，隨著我們離開 E3 展會，更重要的是，隨著下週在德國科隆舉行的星戰遊戲展（我認為這將是星戰系列的一個關鍵時刻）即將到來，屆時將有 26.5 萬名消費者於週四湧入科隆會展中心，他們都將竭盡全力入手這款遊戲，我們預計屆時將會有巨大的反響。

I have seen the build and the game looks very, very solid. And we are excited to be able to share that.

我看過遊戲的開發版本，感覺非常非常紮實。我們很高興能夠與大家分享這項消息。

As regards to the question regarding installed base, yes, 49 million at the end of the calendar year. Just some data on that, we are now 20 months in, and if we go like for like on the previous generation, we are up 44% installed base hardware versus where we were with Xbox 360, PS3, et al, and our attach rate for software is slightly ahead as well. When correcting for full-game downloads, digital full-game downloads in hardware bundles, we are at 6.1 right now versus 5.9 in the same period in the previous generation.

至於已安裝基數的問題，是的，截至日曆年結束時為 4900 萬台。關於這方面的一些數據，現在已經過去了 20 個月，如果我們與上一代主機進行同等比較，我們的硬體安裝基礎比 Xbox 360、PS3 等主機時期增長了 44%，軟體的附加率也略有上升。如果將完整遊戲下載量、硬體組合包中的數位完整遊戲下載量進行校正，我們目前的數位下載量為 6.1，而上一代主機同期數位下載量為 5.9。

And Brian, we haven't fully digested the Sony announcement, other than to say that it is hugely positive. Every time either Sony or Microsoft brings out information, it has been on the positive surprise upside. I think the NPV data showing the success of the Microsoft 1 terabyte console, as well as the continued strength in both Sony and Microsoft's product mix, have been really strong.

布萊恩，我們還沒有完全消化索尼的聲明，只能說這絕對是件好事。索尼或微軟每次發布消息，都是令人驚訝的好消息。我認為淨現值數據表明，微軟 1TB 遊戲機取得了成功，索尼和微軟的產品組合也持續保持強勁勢頭。

And a piece of that puzzle is if you -- if you were at E3, you saw the quality of software, not just ours, but the whole industry, and that bodes extremely well for generating interest in, if you are sitting on the fence today, getting out and buying a new console. And we think that's going to do well over the next couple of years.

而這其中的關鍵在於，如果你——如果你參加了 E3 遊戲展，你就會看到軟體的質量，不僅是我們的軟體，還有整個行業的軟體質量，這預示著，如果你現在還在猶豫不決，那麼這將極大地激發你購買新遊戲機的興趣。我們認為，未來幾年它的發展前景會很好。

Great. Thanks, guys.

偉大的。謝謝各位。

Drew Crum, Stifel.

Drew Crum，Stifel。

So you guys hit a pretty sizable beat on gross margin in the first quarter, but it does not seem to be flowing to your fiscal-year guidance and I wondered what the rationale behind that was.

你們第一季的毛利率大幅超出預期，但這似乎並沒有轉化為你們的財年業績預期，我想知道背後的原因是什麼。

And then, separately, as it relates to your sports titles, obviously a lot of moving parts there. Any updated view in terms of directionally how those businesses or how those franchises will perform in aggregate in your fiscal 2016? Thanks.

另外，就你的體育遊戲而言，顯然有很多環節在運作。對於這些企業或這些加盟店在2016財年的整體業績走向，您有什麼最新的看法嗎？謝謝。

Yes, why don't -- let me take the gross margin question and let Andrew hit the sports question.

好的，為什麼不呢——讓我來回答毛利率的問題，讓安德魯來回答體育方面的問題。

I think the reality is -- it's a little bit of a law of math, right? We are able to raise our full-year guidance on the bottom line and the topline, with a slight improvement in gross margin, but, remember, third-quarter gross margin gets somewhat impacted by the royalty-bearing nature of Star Wars Battlefront.

我認為現實是——這有點像數學定律，對吧？我們能夠提高全年淨利潤和營收預期，毛利率略有改善，但請記住，由於《星際大戰：前線》的版稅性質，第三季毛利率會受到一定影響。

So, net net, we are seeing a positive trend in gross margin, but with only 16% of the year gone, math just doesn't drive the gross margin number that much, even though we have got a 10% -- or $0.10 increase in EPS.

所以總的來說，我們看到毛利率呈現積極趨勢，但由於今年只過去了 16%，即使每股收益增長了 10%（即 0.10 美元），數學計算也無法對毛利率數字產生太大影響。

I think the good news there is a slight improvement in gross margin, nowhere near what we saw in the first quarter, but just a slight improvement going forward, bodes well for the earnings and the cash flow power in the business model. And that's why we're so focused on driving the digital side of our business because it is a huge value creator for us.

我認為好消息是毛利率略有改善，雖然遠不及第一季的水平，但這種小幅改善預示著未來的獲利能力和商業模式的現金流實力將有所提升。正因如此，我們才如此專注於發展業務的數位化方面，因為它能為我們創造巨大的價值。

As we think about our sports portfolio coming into Q2, again, as we have got more and more data on our player base, one of the greatest things that demonstrates a propensity to upgrade to the next version is continued engagement in the current version.

當我們展望第二季度的體育產品組合時，隨著我們對玩家群體數據的不斷積累，我們發現，玩家持續參與當前版本是表明他們傾向於升級到下一個版本的最大因素之一。

We are seeing very, very strong engagement across the portfolio right now and that combined with a great feature set across our sports portfolio and the evolution and growing player base as a result of growing console cycle and increased followship of sports like soccer around the world, we are very encouraged and excited by what our sports portfolio can do through this quarter, but not just that; as a result of the live services that we now build around our sports games, what it can do through this fiscal year and beyond.

我們看到目前整個產品組合的用戶參與度非常非常高，再加上我們體育產品組合強大的功能集，以及隨著遊戲主機週期延長和足球等運動在全球範圍內日益普及而帶來的玩家群體的演變和增長，我們對體育產品組合在本季度的表現感到非常鼓舞和興奮，不僅如此，由於我們現在圍繞體育遊戲構建的實時服務，它在本季度及以後更大的成就。

Got it. Okay, and just one last one. Blake, can you remind us what you are assuming in terms of FX detriment to topline in fiscal 2016?

知道了。好的，最後一個問題。布萊克，你能否提醒我們一下，你對2016財年外匯波動對營收的影響有何假設？

Yes, so it's a good question. Thanks, Drew, for asking.

是的，這確實是個好問題。謝謝你的提問，德魯。

As a reminder, we said at the start of last quarter, and it pretty much holds, that our revenue forecast on a like-for-like basis last year's FX rate was $4.65 billion. We thought FX would impact that by $250 million and that led to the $4.4 billion revenue guide.

提醒一下，我們在上個季度初說過，而且這個預測基本上仍然有效，即以去年同期匯率計算，我們的營收預測為 46.5 億美元。我們認為外匯波動會對營收造成 2.5 億美元的損失，因此我們給出了 44 億美元的營收預期。

So obviously under the new guidance, we're assuming $4.7 billion in revenue, the same FX impact, $250 million, less the $4.45 billion in adjusted post FX revenue. And we present in our investor pack the FX rate. The reality is the euro is right about the same level as it was when we did our original guidance. We saw a little weakening in the dollar during the quarter, up to about $1.13 from $1.09, but that didn't last very long. It's back down around the $1.09 level.

顯然，根據新的指導方針，我們假設收入為 47 億美元，匯率影響相同，為 2.5 億美元，減去調整後的匯率影響後收入 44.5 億美元。我們在投資者資料包中提供了外匯匯率資訊。實際情況是，歐元目前的匯率水準與我們最初發布預測時基本持平。本季美元略有走弱，從 1.09 美元升至約 1.13 美元，但這並沒有持續太久。價格又回落到 1.09 美元左右。

And the Great Britain pound, which is obviously a big driver for things like FIFA, we saw -- the original guidance was $1.62. It is currently $1.56, so a little bit different, but last year's full-year average was $1.49, so we are still seeing some movement, but it pencils out to be roughly around that same $250 million headwind.

而英鎊顯然是 FIFA 等賽事的重要驅動因素，我們看到——最初的指導價是 1.62 美元。目前為 1.56 美元，略有不同，但去年全年平均價格為 1.49 美元，所以我們仍然看到一些波動，但總體而言，仍然面臨著大約 2.5 億美元的不利因素。

Okay. Thanks, guys.

好的。謝謝各位。

Ben Schachter, Macquarie.

本‧沙赫特，麥格理集團。

First, congratulations on just continued positive momentum. A few questions, one, how should we be thinking about Titanfall free-to-play in China and throughout Asia?

首先，恭喜你們繼續保持正面勢頭。幾個問題，第一，我們該如何看待泰坦隕落在中國和整個亞洲的免費遊戲模式？

Two, aside from FIFA in China, what are the other key drivers in China?

第二，除了國際足總在中國之外，中國還有哪些關鍵驅動因素？

And then, you know I have to ask a question about virtual reality. So I know it's still very, very early for VR and it won't impact the financial model anytime soon, but should we expect you to work with some of the VR platform holders in terms of them helping fund and develop some showcase titles? And when should we expect the first VR game from EA? Thanks.

然後，你知道，我必須問一個關於虛擬實境的問題。我知道VR技術目前還處於非常非常早期的階段，短期內不會對財務模式產生影響，但我們是否可以期待你們與一些VR平台持有者合作，讓他們幫助資助和開發一些展示性作品？那我們什麼時候才能玩到EA的首款VR遊戲呢？謝謝。

I thought you were going to ask when should we expect the first VR earnings release.

我以為你要問的是什麼時候會發布第一份VR收益報告。

That wouldn't be pretty.

那可就糟了。

It is Peter. Just on your Titan 4 question, as you saw announced a couple of days ago, yes, we have entered into a relationship with our partners at Nexon, as well, of course, as the developer Respawn.

是彼得。關於你提到的 Titan 4 的問題，正如你幾天前看到的公告，是的，我們已經與 Nexon 的合作夥伴建立了合作關係，當然也與開發商 Respawn 建立了合作關係。

Think of this as a classic free-to-play game there, but do not think of this as being particularly material to revenue. It is an interesting experiment in looking at that type of game and whether it plays in a free-to-play environment. We will be interested to see the results.

你可以把它看作是一款經典的免費遊戲，但不要認為它對收入有特別重要的影響。這是一個有趣的實驗，可以觀察這類遊戲在免費遊戲環境中的表現。我們很想看看結果。

And as it relates to the, as we talked about, weird thing about this on a couple of different levels, we certainly believe that VR represents an opportunity for our industry as you think about our players' motivation to immerse themselves in cool new worlds and explore new characters.

至於我們之前討論過的，這件事在幾個不同層面上都有些奇怪的地方，我們當然相信，VR 為我們的行業帶來了機遇，因為玩家們渴望沉浸在酷炫的新世界中，探索新的角色。

It is less for us about any one particular device or piece of technology and more about how we abstract beyond that and ensure our core technology layer, our digital platform, and our core engine in Frostbite can facilitate virtual reality experiences irrespective of which device a consumer wants to use.

對我們來說，重點不在於任何特定的設備或技術，而是我們如何超越這些，確保我們的核心技術層、我們的數位平台以及 Frostbite 中的核心引擎能夠促進虛擬實境體驗，無論消費者想要使用哪種設備。

Right now, we have a number of different incubation projects across the Company where we are looking at best-in-class new and innovative and creative ways for players to experience our games in a virtual reality environment. It's still very early days, but we feel we are investing appropriately to prepare for a time where that could provide a new and different and innovative way for our players to experience our games.

目前，公司內部有許多不同的孵化項目，我們正在探索一流的、創新的、有創意的方式，讓玩家在虛擬實境環境中體驗我們的遊戲。現在還處於非常早期的階段，但我們感覺我們正在進行適當的投資，為未來做好準備，屆時這將為我們的玩家提供一種全新、不同且創新的方式來體驗我們的遊戲。

Great, and then if anything other than FIFA, what are the other key drivers in China that we should be watching?

太好了，除了國際足總之外，在中國還有哪些關鍵驅動因素值得我們關注？

I think FIFA is our biggest single driver and I think there the biggest driver is continued growth and popularity of soccer, and that's a positive trend going on, obviously, around the world and particularly in places like China.

我認為國際足總是我們最大的單一驅動力，而最大的驅動力是足球運動的持續成長和普及，這顯然是一個積極的趨勢，在世界各地，尤其是在像中國這樣的地方。

You will see additional new products come out that have similar approaches, being partner and using known IP that resonates well in the Chinese market.

你會看到更多採用類似方法的新產品問世，這些產品都是透過合作和使用在中國市場引起良好反響的已知智慧財產權來實現的。

More to come there, but I think our real approach is to try to stay very focused and try to build great relationships with partners there to help drive the business. That has worked for us really well in Korea with our Nexon partnership and we want to try to do the same thing with Tencent in China to really drive that business. Versus roll a lot of products into the market and hope something works, we're trying to be very, very focused.

未來還會有更多消息，但我認為我們真正的策略是保持高度專注，並努力與當地合作夥伴建立良好的關係，以幫助推動業務發展。我們在韓國與 Nexon 的合作非常成功，我們希望在中國與騰訊也採用同樣的模式，以真正推動業務發展。我們不打算推出大量產品，然後寄望其中一款能夠成功，而是力求做到非常、非常專注。

I'm looking forward to the VR game.

我很期待這款VR遊戲。

Mike Hickey, Benchmark Company.

Mike Hickey，Benchmark 公司。

Great quarter. Nice to see the guidance going higher, too. It's awesome. Thanks for taking my question.

很棒的季度。很高興看到業績指引上調。太棒了。謝謝您回答我的問題。

I think you sort of touched on this, but I am going to hit it anyway. Just curious on your hiring of Jade and the building of her new Motive studio in Montreal. As you said in your prepared remarks, it sounds like her first project is working with Amy at Visceral and it also sounds like she is overseeing that studio. Wondering if this was an original development direction you are planning, or do you feel you need additional expertise for this game's completion, Star Wars, that is rumored to be an open-world experience?

我覺得你已經稍微提到過這一點，但我還是要再說一次。我只是好奇您聘請 Jade 以及她在蒙特利爾建立新的 Motive 工作室的情況。正如你在準備好的演講稿中所說，聽起來她的第一個項目是與 Amy 在 Visceral 工作室合作，而且聽起來她還在負責管理這個工作室。我想知道這是否是您原先計劃的開發方向，或者您是否覺得需要額外的專業知識來完成這款據傳是開放世界體驗的《星際大戰》遊戲？

And I also wanted to confirm -- you touched on it, but confirm that this new R&D expense related to Motive was originally part of the $100 million or so that you announced previous quarter. And I have a quick follow-up.

我還想確認一下——您剛才也提到了，但還是要確認一下，與 Motive 相關的這項新的研發支出最初是您上個季度宣布的約 1 億美元的一部分。我還有一個後續問題。

So I will let Blake cover the expense. As it relates to hiring of Jade, as an organization, as a creative organization, as an organization always looking for really strong creative leaders, we're always hoping to be able to bring in the best and greatest creative leaders.

所以我會讓布萊克承擔這筆費用。就招募 Jade 而言，作為一個組織，作為一個創意組織，作為一個始終在尋找真正優秀的創意領導者的組織，我們始終希望能夠引進最優秀、最傑出的創意領導者。

Jade and Amy have had a relationship for a really long time. We have been working with Jade for some time about coming into our organization and doing this project and some other projects, quite frankly, and we are very, very excited by what we're going to be able to do on that front, both as it relates to the Star Wars project that you referenced, and I won't make any comment on the rumors in any way whatsoever, but we are excited to have Jade as part of our organization and really looking forward to what she and the team that she's going to be working with both here and in Motive in Montreal are going to be able to do.

Jade和Amy交往已經很久了。我們已經和Jade洽談了一段時間，希望她能加入我們的組織，參與這個計畫以及其他一些計畫。坦白說，我們對即將開展的工作感到非常非常興奮，包括你提到的星際大戰項目。我不會對任何傳言發表評論，但我們很高興Jade能成為我們組織的一員，並非常期待她和她將要合作的團隊，無論是在這裡還是在蒙特利爾的Motive，都能取得怎樣的成就。

And to your comment, Mike, on operating expenses, yes, it is contemplated in our current guidance. Our assumptions, we already have a team of people operating out of the BioWare Studios based in Montreal. It has been a great location for us, and Canada in general, obviously, has been a great development location for us across Edmonton, Montreal, and Vancouver.

關於您提到的營運費用，Mike，是的，我們目前的指導意見中已經考慮到了這一點。根據我們的假設，我們已經有一支團隊在位於蒙特婁的 BioWare 工作室開展工作。這裡對我們來說是一個絕佳的地點，而且顯然，加拿大整體上對我們來說也是一個絕佳的發展地點，埃德蒙頓、蒙特利爾和溫哥華都是如此。

We would like to continue to build more talent in that marketplace and there are some great people to be hired there, and that has always been in our expectations. The reality is it will take Jade some time to develop the IP ideas and develop the core team. That is not a lot of people up front.

我們希望繼續在該市場培養更多的人才，那裡有很多優秀的人才值得招聘，這始終是我們所期望的。事實上，Jade 需要一些時間來開發智慧財產權創意並組建核心團隊。前面的人不多。

So, it won't impact this year's guidance at all, and next year, we will start to build that out, but you will hear more about that in next year's guidance. I don't see it as a major driver of IP expense -- or R&D expense over the near term because we will simply redial where our balances around the world and where we are investing.

因此，這完全不會影響今年的業績指引，明年我們將開始逐步完善，但您將在明年的業績指引中聽到更多相關資訊。我不認為這會是知識產權支出或短期研發支出的主要驅動因素，因為我們只需重新調整我們在世界各地的資產配置和投資方向。

Okay, that's very helpful. Thanks, guys.

好的，這很有幫助。謝謝各位。

Last question, also in your prepared remarks, and you added a little bit to it, but the 16 million matches. FIFA 15 played on average per day in Q1 obviously astonishing and it shows the ongoing engagement for a game that has been in the market now almost a year. So when you think about evolving business models, it would seem that a subscription service for a game like FIFA could be a successful future model for you and I guess for the players, too, given the consistency of their engagement.

最後一個問題，也是你事先準備好的演講稿中提到的，你也補充了一些內容，那就是 1600 萬場比賽。第一季 FIFA 15 的平均每日遊戲次數顯然令人震驚，這表明這款遊戲上市近一年來仍然保持著很高的用戶參與度。因此，在考慮不斷發展的商業模式時，像 FIFA 這樣的遊戲的訂閱服務似乎對你來說可能是一個成功的未來模式，我想對玩家來說也是如此，因為玩家的參與度一直很高。

And, so, I was just hopeful you could -- it is a little fringe of a question, I apologize, but curious if you could provide any insight on the potential for subscription game models on console in the future, and obviously not talking about EA Access?

所以，我只是希望您能——這個問題可能有點邊緣化，我先道個歉，但我很好奇您是否能就未來主機平台訂閱遊戲模式的可能性提供一些見解，當然，我指的不是EA Access？

Great question. I will see if I can shed some light on how we think about this.

問得好。我看看能不能闡明一下我們是如何看待這個問題的。

There is really two core vectors as we think about this. The first is how do we build a live service that engages players day in, day out, week in, week out, month in, month out throughout the year? And how do we build that into a consistent and predictable engagement loop for our players and for our business? And I think what you're seeing with FIFA and our other properties, including Battlefield and Madden and NHL and others, is that we are successfully navigating that shift and really leading from the front in an industry to drive great engagement opportunities for our players.

當我們思考這個問題時，其實有兩個核心維度。首先，我們如何建立一個能夠全年每天、每週、每月持續吸引玩家的即時服務？我們如何為我們的玩家和我們的業務建立一個持續且可預測的互動循環？我認為，從 FIFA 和我們的其他產品，包括 Battlefield、Madden、NHL 等，可以看出我們正在成功地應對這種轉變，並在行業中真正走在前列，為我們的玩家創造絕佳的參與機會。

The second vector as we think about that is then what is the appropriate business model for any given player to enjoy that experience, and I think it is insightful that you point out that it does open up subscription opportunity.

第二個需要考慮的因素是，對於任何給定的玩家來說，什麼樣的商業模式才能讓他們享受這種體驗？我認為你指出訂閱機會確實很有見地。

As it relates to subscription right now, we are very happy with the testing and experimentation and analysis we have got going on with EA Access, and over time we will evaluate, based on this ongoing engagement and relationship and conversation we have with our players, as to whether the extension of EA Access as a subscription or some alternate subscription would make sense for that player base. But right now, our focus is on the continuing -- continuance in driving of that large service experience.

就目前的訂閱模式而言，我們對 EA Access 的測試、實驗和分析工作感到非常滿意。隨著時間的推移，我們將根據與玩家的持續互動、關係和對話，評估將 EA Access 擴展為訂閱模式或其他替代訂閱模式是否對玩家群體更有意義。但目前，我們的重點是繼續——繼續推動這種大型服務體驗。

Thanks, guys. Best of luck.

謝謝各位。祝你好運。

Eric Handler, MKM Partners.

Eric Handler，MKM Partners。

Thanks for taking my question; two things for you guys. First, with the news of consoles expanding in China beyond the Shanghai free trade zone, what would it take for consoles, do you think, to actually gain traction in China, changing from a massive PC environment to one that is more accepted with consoles?

謝謝你們回答我的問題；有兩件事想跟你們說。首先，隨著遊戲主機在中國從上海自貿區擴展到其他地區的消息傳出，您認為遊戲主機要真正在中國獲得市場認可，從以PC為主的市場環境轉變為更容易被遊戲主機接受的市場環境，需要具備哪些條件？

Secondly, big change of thought here, the convert that you have comes due in a year. I know you have got a hedge on that convert, but can you talk a little bit about can you use cash rather than delivering shares? How does the hedge impact the P&L when that convert eventually comes due?

其次，這裡有個很大的思路轉變，你所獲得的皈依成果將在一年後到期。我知道你已經對那份可轉換債券進行了對沖，但是你能談談能否用現金而不是交付股票嗎？當可轉換債券最終到期時，避險交易會對損益表產生什麼影響？

I will take the China piece and let Blake deal with the convert.

我會處理中國那件事，讓布萊克去對付那個皈依者。

China, as we know, is a very interesting, diverse, and dynamic marketplace, particularly for western companies. In order for consoles to be supremely successful there, I think that we would have to account for the cultural sensibilities of the Chinese game-playing population. We would have to think about business model. We would have to think about appropriate culturalized content and the ability to fulfill the motivations that they have for social connection and competition, which differs from how we play in the West or even in other Asian markets.

眾所周知，中國是一個非常有趣、多元化且充滿活力的市場，尤其對西方公司而言更是如此。我認為，要讓遊戲主機在中國取得巨大成功，我們必須考慮到中國遊戲玩家的文化喜好。我們需要考慮商業模式。我們必須考慮合適的文化內容，以及滿足他們社交聯繫和競爭動機的能力，這與我們在西方甚至其他亞洲市場玩遊戲的方式不同。

I believe that both Sony and Microsoft are committed to driving the business there. I feel that we have content that, should we be able to navigate through those key elements, has appeal in China, but my sense is that it takes some time, as has the overall market in China, to really gain the traction and momentum that it has today.

我相信索尼和微軟都致力於推動該地區的業務發展。我覺得我們的內容，如果我們能夠克服這些關鍵因素，在中國會很有吸引力，但我的感覺是，它需要一些時間，就像中國整體市場一樣，才能真正獲得像今天這樣的關注度和發展勢頭。

On the convert, Eric, so a couple of things to note. So, original value of the convert, roughly $633 million. That has to be settled in cash, and then the upside component of that, obviously, settled in stock.

關於轉換，艾瑞克，有幾點要注意。因此，該轉換件的原始價值約為 6.33 億美元。這筆款項必須以現金結算，而其中的收益部分，顯然要以股票結算。

Right now at the average stock price for the quarter, which was $61.61, that would equal 6.6 million shares of stock that would be used to, obviously, settle the convert. We publish a chart on our website, our IR website, that shows that at various stock levels, so I would consult that, and note there is a difference between the GAAP share count and the non-GAAP share count because GAAP accounting excludes the benefit of the bond hedge, so it shows the full dilution versus what comes in through the bond hedge, where the non-GAAP share count is obviously unaffected by it.

以本季平均股價 61.61 美元計算，相當於 660 萬股股票，顯然可以用於結算轉換。我們在公司網站（即投資者關係網站）上發布了一張圖表，顯示了不同股票水平下的情況，因此我建議您參考該圖表，並註意 GAAP 股份數量與非 GAAP 股份數量之間存在差異，因為 GAAP 會計準則不包括債券對沖的收益，因此它顯示的是完全稀釋，而不是通過債券對沖獲得的收益，而不是 GAAP 股份數量，顯然不受其影響。

A couple of notes, as many people see with converts, particularly ones that are well in the money like ours, there often is really conversion requests that come in. And shortly after the last coupon payment, we saw a jump in early conversion requests. I believe people are simply making a calculation as to they take their money now or borrow money to carry it for the rest of the year, and typically the borrowing cost is offset -- not fully offset by the coupon. And so, you are seeing some early conversions.

有幾點需要說明，正如許多人所看到的，對於皈依者，特別是像我們這樣經濟條件優越的皈依者，經常會收到一些真正的皈依請求。在最後一次優惠券發放後不久，我們就看到早期轉換請求數量激增。我認為人們只是在權衡是現在取出資金還是藉錢持有到年底，通常藉款成本會被抵消——但不會完全被票息抵消。所以，你已經看到了一些早期轉換。

And we have had over 165 million of early conversions that will get paid out over the next three months. There is a time lapse. And so, our assumption is we will continue to see some of that over the next year as people get closer to the conversion date next July. And our intention is to look through ways to obviously potentially refinance that in the capital structure. We have talked about a potential permanent layer of debt or another convert and/or just paying it all off, and we are looking through all those options and more to come.

我們已經獲得了超過 1.65 億的早期轉化，這些款項將在未來三個月內支付。存在時間差。因此，我們假設，隨著人們越來越接近明年 7 月的轉換日期，未來一年我們將繼續看到這種情況。我們的目的是尋找方法，顯然可以透過對資本結構進行再融資來實現。我們已經討論過增加永久性債務層、進行其他轉換，或者乾脆全部償還債務，我們正在研究所有這些方案，未來還會有更多方案出台。

But we appreciate the fact that there will be a lot of dilution and we are looking at ways to minimize that dilution going forward.

但我們意識到這將導致大量的稀釋，我們正在尋找方法來盡量減少未來的稀釋。

Thank you very much. Very helpful.

非常感謝。很有幫助。

Ryan Gee, Bank of America.

Ryan Gee，美國銀行。

Hi, again. Thanks for taking my question. Blake, real quick, one of the comments you made was that the increase in OpEx year over year was due to, among other things, an extra week in the quarter. Can you just explain that? It seemed like it is like for like this year and if that had any impact on revenue, not just OpEx?

嗨，又見面了。謝謝您回答我的問題。布萊克，簡單說一下，你之前提到過，營運支出較去年同期增加的原因之一是季度中多出了一周。你能解釋一下嗎？看起來今年的情況和往年差不多，這會對收入產生影響嗎？而不僅僅是營運支出？

It obviously had a little bit of impact on revenue because it -- particularly catalog revenue. It didn't have a big impact because it wasn't like we were releasing a title in the quarter. But OpEx is obviously very steady, where revenue can be up and down day to day or week to week.

這顯然對收入產生了一定影響，尤其是對目錄收入的影響。這並沒有造成太大影響，因為我們這個季度並沒有發布新遊戲。但營運支出顯然非常穩定，而收入可能每天或每週都有波動。

So I don't have the actual revenue impact, but we simply mention it because it is really our close. Our eternal accounting calendar had an extra week in the quarter versus last week, and that's why we mentioned it because it does drive a week's worth of extra OpEx. That would probably be the smaller portion. The RSU expense was obviously higher than that as part of a -- in terms of magnitude across the OpEx impact.

所以我沒有實際的收入會影響數據，但我們之所以提到它，是因為它確實是我們收尾工作的一部分。我們的會計日曆本季比上週多了一周，所以我們才提到這一點，因為它確實會導致一周的額外營運支出。那可能只是較小的一部分。顯然，RSU 支出高於營運支出影響的幅度。

Okay, great. Thank you.

好的，太好了。謝謝。

Doug Creutz, Cowen and Company.

道格·克魯茨，考恩公司。

Follow-up on an earlier question, you mentioned that the attach rates for the cycle are slightly up and obviously that the hardware installed base is growing much faster. Can you comment on how the performance of last gen compares to the last cycle, and on net between the two where you see things?

關於先前的問題，您提到該週期的附加率略有上升，而且硬體安裝基礎的成長速度顯然要快得多。您能否評價上一代產品與上一代產品在性能上的比較，以及您認為這兩代產品有哪些差異？

Doug, it's Peter. So yes, just let me say again. So when we look at this cycle, let's call this current-gen Xbox One, PS4, et al, versus last gen where we will be -- we believe the installed base of hardware at the end of 2015 will be 49 million. On a like-for-like basis of 20 months, 20 months from the launch of the Xbox 360 and PS3 to where we are today, we are up 44% in the west on installed base.

道格，我是彼得。所以，是的，讓我再說一次。所以，當我們審視這個週期時，我們不妨稱之為當前世代的 Xbox One、PS4 等主機，與上一世代主機進行比較——我們相信到 2015 年底，硬體的安裝基數將達到 4900 萬台。從 Xbox 360 和 PS3 發布至今的 20 個月裡，以 20 個月為一個週期進行同等比較，我們在西方的裝機量增長了 44%。

As regards the attach rate of software to the current installed base, 6.1 right now versus 5.9 of the previous generation, and that has been like-for-like indexed against the full-game downloads that we now enjoy both in the previous generation of the back end, as well as the full generation we now have of full-game downloads, as well as hardware bundles where the software has been inserted into the hardware. So 6.1 right now versus 5.9, taking into account digital downloads and bundles.

就目前已安裝軟體的附加率而言，目前為 6.1，而上一代為 5.9。這是與我們現在享受的完整遊戲下載量（包括上一代後端、我們現在擁有的完整遊戲下載量以及將軟體嵌入硬體的硬體捆綁包）進行直接比較得出的。所以，目前是 6.1，而考慮到數位下載和捆綁銷售，則為 5.9。

I guess let me add to that. We saw at the tail end of the gen -- or the 360 and the PlayStation 3 cycle full-game downloads around the 5% level and that was 5% across new and catalog products.

我想我也補充一點。我們在主機世代末期（也就是 Xbox 360 和 PlayStation 3 的生命週期末期）看到，完整遊戲的下載量大約在 5% 左右，這 5% 指的是新遊戲和舊遊戲的總下載量。

We are seeing today, if you look at our last full line -- or frontline title that came out, Battlefield Hardline, both in last quarter and this quarter we are seeing rates north of 20% full-game downloads, and if you look at our catalogs, we are seeing some catalog titles up into the 40s that are older titles in the year versus brand-new titles.

今天，如果你看看我們最近推出的完整遊戲系列——或者說前線遊戲《戰地：硬仗》，你會發現，無論是上個季度還是本季度，完整遊戲的下載率都超過了 20%。如果你看看我們的遊戲目錄，你會發現一些目錄中的遊戲下載率高達 40%，而這些遊戲都是今年較早推出的遊戲，與全新的遊戲相比，下載率更是低至 40%。

All of those trends continue to see positive movements and we have heard similar things from our other members in our industry, and so we are very, very excited about the potential for continuing to drive that part of the business.

所有這些趨勢都在持續向好發展，我們也從業內其他成員那裡聽到了類似的說法，因此我們對繼續推動這部分業務的潛力感到非常非常興奮。

I guess maybe I didn't ask the question very well. What I was actually trying to get at is what you are seeing in terms of performance of 360 and PS3 compared to the original Xbox and PS2 at the end of the last cycle, and the net -- obviously, we have had faster growth in the new gen, but my sense is the old gen is falling off faster as well, and what does it look like on net compared to last cycle?

我想可能是我沒問清楚。我真正想問的是，與上個世代末期的初代 Xbox 和 PS2 相比，360 和 PS3 的表現表現如何？總的來說——顯然，新一代主機成長更快，但我的感覺是老一代主機的衰落速度也更快，與上個世代相比，整體情況如何？

So it is how the tail is holding up, Doug, yes?

所以，道格，這就是尾巴支撐的情況，對吧？

Yes.

是的。

Yes, I think it's fair to say it is hanging in there. I think when you look at EA in particular, we keep our sports titles as long as we possibly can. I will remind you that it's, gosh, only three years ago we were shipping a PS2 title for FIFA.

是的，我覺得說它還在堅持應該沒錯。我認為，特別是以EA為例，我們會盡可能長時間地保留我們的運動遊戲系列。我提醒各位，天哪，就在三年前，我們還在發售PS2平台的FIFA遊戲。

But I think it is fair to say as well when you look at our most recent big AAA launch, which was Battlefield Hardline, we saw four out of every five units on current gen, and as a result, you are seeing most of our new launches now being on the Xbox One and the PlayStation 4. Whilst we will still give some support in particular to sports to Xbox 360 and PS3 and hope that they continue a trend of hanging in there, our dev teams in particular are moving forward with next gen.

但我覺得公平地說，看看我們最近推出的大型3A遊戲《戰地：硬仗》，每五份銷售中就有四份是本世代主機平台的。因此，現在我們大部分的新遊戲都登陸了Xbox One和PlayStation 4平台。雖然我們仍然會為Xbox 360和PS3平台提供一些支持，特別是體育遊戲，並希望它們能繼續保持目前的勢頭，但我們的開發團隊正在全力投入次世代主機的開發中。

Okay, thank you.

好的，謝謝。

So with that, I think we will call the call to a close. We appreciate everybody's time and continued support and we look forward to talking to you next quarter.

那麼，我認為這次電話會議就到此結束了。感謝大家的時間和持續支持，我們期待下個季度與大家再次交流。

And that's it for today's conference. Thank you all for participating. You may now disconnect.

今天的會議就到此結束了。感謝大家的參與。您現在可以斷開連線了。