美商藝電 (EA) 2016 Q2 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, Kai. Welcome to EA's fiscal 2016 second-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。歡迎參加EA 2016財年第二季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson 和我們的財務長 Blake Jorgensen。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. A quick calendar note: our Q3 earnings call is scheduled for Thursday, January 28, 2016.

請注意，我們的美國證券交易委員會文件和盈利報告可在 ir.ea.com 上查閱。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。簡要日程安排：我們的第三季財報電話會議定於 2016 年 1 月 28 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-Q 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-Q 表格。

Electronic Arts makes these statements as of today, October 29, 2015, and disclaims any duty to update them.

Electronic Arts 於 2015 年 10 月 29 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

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.

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，也不應被視為替代或優於我們的GAAP結果。

We encourage investors to consider all measures before making an investment decision. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.

我們鼓勵投資者在做出投資決定之前考慮所有因素。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.

現在我將把通話交給安德魯。

Thanks, Chris. Q2 FY16 was a strong quarter for Electronic Arts as we delivered new EA SPORTS experiences and dynamic live services for our players. Revenue, margin, and earnings were above our guidance, and we are raising our full-year outlook to reflect continuing strength in our business and excitement for our upcoming titles, including Star Wars Battlefront.

謝謝你，克里斯。2016 財年第二季度是藝電錶現強勁的一個季度，我們為玩家帶來了全新的 EA SPORTS 體驗和動態的即時服務。營收、利潤率和利潤均超出預期，我們上調了全年業績預期，以反映我們業務的持續強勁發展以及對即將推出的遊戲（包括《星際大戰：前線》）的興奮之情。

To understand how Electronic Arts is delivering for our players today, we look at player engagement in our games and services. We see our opportunity along three key vectors: bringing in more players to experience our games and services, enabling them to spend more time with the games they love, and making it possible to connect through more platforms and delivery models. Time is the most valuable commodity we have in today's digital world. With every new game, every update in our live services, and every community interaction, we are focused on delivering more value for our players through deep and personal engagement.

為了解藝電目前如何為玩家提供服務，我們會檢視玩家在我們遊戲和服務中的參與度。我們認為我們的機會體現在三個關鍵方面：吸引更多玩家體驗我們的遊戲和服務，讓他們有更多時間玩自己喜歡的遊戲，以及透過更多平台和交付模式進行連結。在當今的數位世界裡，時間是我們最寶貴的資源。我們致力於透過每一款新遊戲、每一次線上服務更新以及每一次社群互動，為玩家提供更深入、更個人化的參與，從而為玩家帶來更多價值。

Highlights from our second quarter demonstrate how more players are spending more time on more platforms in our games today. Monthly average players increased 30% year-over-year across our annual EA SPORTS franchises that launched new titles in Q2: Madden NFL 16, NHL 16, and FIFA 16. Our live services for Battlefield Hardline and Battlefield 4 are thriving, many months after launch, with more than 6 million monthly average players across the two experiences. Madden NFL Mobile launched a full game update this year instead of a new app download. The result was a seamless experience for players, which increased retention, and resulted in game sessions up more than 300% over last year.

第二季的亮點表明，如今越來越多的玩家在我們的遊戲中花費更多的時間，遊戲平台也更加多樣化。在第二季推出新作的 EA SPORTS 年度系列遊戲《麥登橄欖球 16》、《NHL 16》和《FIFA 16》中，月平均玩家數量年增了 30%。《戰地：硬仗》和《戰地4》的線上服務在上線數月後依然蓬勃發展，兩款遊戲的月均玩家人數超過 600 萬。今年，《麥迪遜NFL行動版》推出了完整的遊戲更新，而不是下載新的應用程式。結果是為玩家帶來了流暢的遊戲體驗，提高了玩家留存率，遊戲時長比去年增長了 300% 以上。

And, last but not least, EA Access is accelerating. The subscriber base more than doubled in the last two quarters; we've added five new games to the vault this year; and we're excited about what we're learning, as players engage through this service.

最後但同樣重要的是，EA Access 正在加速發展。過去兩個季度，訂閱用戶數量翻了一番還多；今年我們新增了五款遊戲；隨著玩家透過這項服務參與其中，我們了解到了很多訊息，這讓我們感到非常興奮。

These titles and live services, as well as many more in our portfolio, are giving us strong momentum moving into the holiday season. Looking ahead, they will be joined in Q3 by two of our most exciting and groundbreaking new experiences. First, the return of Need for Speed is here, with players able to join a trial by EA Access today, and launching for everyone on Xbox One and PlayStation 4 beginning November 3.

這些產品和直播服務，以及我們產品組合中的許多其他產品，都為我們進入假期季節提供了強勁的發展勢頭。展望未來，第三季我們將推出兩項最令人興奮和突破性的新體驗。首先，《極速快感》系列強勢回歸，玩家今天即可透過 EA Access 參與試玩，並將於 11 月 3 日正式登陸 Xbox One 和 PlayStation 4 平台。

Excitement in the community has been growing as fans learn more about the cars, customization, and unique stories in the game. The game looks fantastic. And after a closed beta conducted earlier in October, the Ghost Games team has been working directly with community feedback to deliver the experience our players want. With more than 70 different customization categories, and twice the amount of road to race as our previous game, the passion for speed and car culture will be unleashed in a new Need for Speed.

隨著粉絲們對遊戲中的車輛、改裝和獨特故事了解得越多，社群的興奮之情也越發高漲。遊戲畫面看起來棒極了。在 10 月初進行的封閉測試之後，Ghost Games 團隊一直在根據社群回饋直接努力，以提供玩家想要的遊戲體驗。新作《極速快感》擁有超過 70 種不同的改裝類別，賽道數量是前作的兩倍，將徹底釋放玩家對速度和汽車文化的熱情。

Starting in just 19 days, the galaxy far, far away will once again be at the center of our universe, as Star Wars Battlefront launches around the world. Engagement in and around the record-breaking beta was huge, with more than 9.5 million players logging on to play, 19 million viewers tuning into video streams, and almost 3 mentions per second on social networks during the beta week.

再過 19 天，遙遠的銀河系將再次成為我們宇宙的中心，《星際大戰：前線》將在全球發布。這次破紀錄的測試版吸引了大量玩家參與，超過 950 萬玩家登入遊戲，1,900 萬觀眾收看影片直播，測試版期間社群網路上每秒提及次數接近 3 次。

Stability and scalability of our online services continues to be a top focus for us. In addition to our extensive internal testing, the millions of gameplay hours logged during the beta across multi-player, single-player, and co-op modes further tested our infrastructure to help prepare a stable experience for our players, at launch and beyond.

我們始終將線上服務的穩定性和可擴展性放在首位。除了我們廣泛的內部測試之外，在測試期間，玩家在多人遊戲、單人遊戲和合作模式下累積了數百萬小時的遊戲時間，這進一步測試了我們的基礎設施，以幫助我們的玩家在遊戲發佈時以及之後獲得穩定的遊戲體驗。

Over the next few weeks, innovative new experiences will allow players to connect and learn more about Star Wars Battlefront. Our most avid Star Wars Battlefront fans can sign up for free to receive exclusive content and advanced access to new information about the game. Through the largest-ever user-generated content program we've ever launched, awesome and inspiring moments from the game will be shared with millions in the player community. And a fully immersive Web experience will put fans right in the world of Star Wars Battlefront.

在接下來的幾周里，全新的創新體驗將讓玩家聯繫並了解更多關於《星際大戰：前線》的資訊。我們最狂熱的《星際大戰：前線》粉絲可以免費註冊，以獲得獨家內容和遊戲新資訊的優先存取權。透過我們迄今為止推出的最大規模的用戶生成內容計劃，遊戲中精彩和鼓舞人心的時刻將與數百萬玩家社群分享。而完全沉浸式的網路體驗將讓粉絲們直接置身於《星際大戰：前線》的世界中。

Through it all, our integration with the upcoming film will ensure we're fully connected to the rising passion for Star Wars that is captivating the world. Come join us in Star Wars Battlefront, beginning November 17, or November 12 for EA Access members.

貫穿始終，我們與即將上映的電影的合作將確保我們能夠充分感受到席捲全球的《星際大戰》熱潮。歡迎加入我們，暢玩《星際大戰：前線》，遊戲將於 11 月 17 日上線，EA Access 會員可於 11 月 12 日開始遊玩。

As we continue our focus on putting players first at Electronic Arts, we strive for quality and innovation in every experience. In addition to stability, security, and availability, we are taking creative leaps to make each game memorable and fun. We will always work to take the necessary time to get the combination right for our players. And early this afternoon, we announced that we are shifting Mirror's Edge Catalyst release to May 24, 2016.

藝電始終堅持以玩家為先，力求在每一次體驗中都做到品質和創新。除了穩定性、安全性和可用性之外，我們還在進行創意的嘗試，讓每一場比賽都令人難忘且充滿樂趣。我們將始終努力花必要的時間，為我們的球員找到合適的組合。今天下午早些時候，我們宣布將《鏡之邊緣：催化劑》的發布日期推遲至 2016 年 5 月 24 日。

We're going to take a few additional months to make the city of glass and the unique first-person action in Mirror's Edge Catalyst even more spectacular. With players spending more time in our games and live services, and two stunning new experiences launching this quarter, we're looking forward to the holiday season and the remainder of the fiscal year for Electronic Arts.

我們將再花幾個月的時間，讓《鏡之邊緣：催化劑》中的玻璃之城和獨特的第一人稱動作體驗更加精彩絕倫。玩家在我們的遊戲和線上服務上花費的時間越來越多，而且本季還將推出兩項令人驚豔的新體驗，我們期待著假期以及藝電本財年的剩餘時間。

Now I will hand 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. EA's non-GAAP net revenue was $1.15 billion, which was $71 million or 7% above our guidance. The quarter's revenue was 6% lower than the prior year's, as a result of an FX headwind of $110 million, and The Sims 4 launch last year. However, on a constant currency basis, revenue would have been 3% greater than last year's, thanks to strong launches of our EA SPORTS titles, led by FIFA 16 and Madden NFL 16, and from their associated Ultimate Team live services. As well as frontline success, we sought ongoing strength from our catalog, particularly The Sims 4, and Battlefield.

謝謝你，安德魯。EA 的非 GAAP 淨收入為 11.5 億美元，比我們的預期高出 7,100 萬美元，增幅達 7%。由於 1.1 億美元的外匯不利因素以及去年《模擬市民 4》的發布，本季營收比去年同期下降了 6%。然而，以固定匯率計算，由於 EA SPORTS 遊戲的強勁發布，尤其是 FIFA 16 和 Madden NFL 16 及其相關的 Ultimate Team 線上服務，營收將比去年增長 3%。除了前線的成功，我們還尋求從我們的產品目錄中獲得持續的成長，特別是《模擬市民4》和《戰地》。

In addition to our strong performance, this quarter's revenue includes a $30 million benefit from the recognition of some revenue from special editions of sports games sold in the quarter. It relates to Ultimate Team content included in these versions we had originally forecast to recognize in Q3.

除了我們強勁的業績外，本季的收入還包括因確認本季售出的體育遊戲特別版的部分收入而獲得的 3,000 萬美元收益。它與我們最初預測將在第三季推出的這些版本中包含的 Ultimate Team 內容有關。

Our non-GAAP digital net revenue for the quarter increased 6% year-over-year to $480 million, 42% of this quarter's revenue. The trailing-12-month digital net revenue was up 15% to a record $2.31 billion.

本季非GAAP數位淨收入年增6%至4.8億美元，佔本季營收的42%。過去 12 個月的數位淨收入成長 15%，達到創紀錄的 23.1 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 $195 million, up 27% over the prior year. The principal driver of the growth was Ultimate Team across our sports franchises. In addition to the strength of these live services, we benefited from an extra week of FIFA 16 sales in the quarter compared to last year. The new games modes we added to Madden NFL 16 and FIFA 16 are proving effective in deepening engagement.

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 1.95 億美元，比前一年增長了 27%。推動成長的主要動力是我們的運動特許經營項目中的終極團隊模式。除了這些線上服務的強勁表現外，與去年同期相比，本季我們還受益於 FIFA 16 多出的一周銷售期。我們在《麥登橄欖球16》和《FIFA 16》中加入的新遊戲模式，在加深玩家參與度方面取得了顯著成效。

In addition, FIFA Online 3, our PC free-to-play title for China and Korea, continues to perform well, and is tracking to our expectations.

此外，我們針對中國和韓國市場的免費PC遊戲《FIFA Online 3》持續表現良好，符合我們的預期。

Mobile generated $113 million in the quarter. The free-to-download component was up 2%, or 9% up at constant currency. During the quarter, we launched Need for Speed No Limits, EA SPORTS FIFA 16 Ultimate Team, and a full game update of Madden NFL Mobile. Madden has been a top 5 grossing game in the US on the iPhone Apple App Store in October. These new titles, together with the just-launched Minions Paradise, the upcoming Star Wars Galaxy of Heroes, and our existing live services, will help continue to grow our mobile business.

本季行動端營收為 1.13 億美元。免費下載部分成長了 2%，以固定匯率計算成長了 9%。本季度，我們推出了《極速快感：無限》、《EA SPORTS FIFA 16 終極球隊》以及《麥登橄欖球移動版》的完整遊戲更新。10月份，《麥登橄欖球》在美國蘋果應用商店iPhone版塊的暢銷遊戲排名中排名前五名。這些新遊戲，加上剛推出的《小小兵天堂》、即將推出的《星際大戰：銀河英雄傳》以及我們現有的線上服務，將有助於我們行動業務的持續成長。

Full game PC and console downloads generated $89 million of revenue, down 5% over the prior year, due in part to FX. At constant currency, this revenue would have increased, as the growth in console downloads more than offset the absence of The Sims 4 this year. Our new titles in the quarter averaged around 20% full game downloads, with the exception of FIFA, which skews lower, due to strong retail sales in Europe.

完整遊戲 PC 和主機下載收入為 8,900 萬美元，比前一年下降 5%，部分原因是匯率波動。以固定匯率計算，這筆收入將會增加，因為主機下載量的成長足以彌補今年《模擬市民4》的缺席。本季我們新推出的遊戲平均完整版下載量約為 20%，但 FIFA 除外，由於其在歐洲的零售銷售強勁，完整版下載量略低。

Subscriptions, advertising, and other digital revenue contributed $83 million, down 9% from last year, due to the natural decline in Battlefield 4 premium revenues. EA Access is delivering strong, sustained growth. And, finally, with regards to subscriptions, we launched a major expansion for Star Wars: The Old Republic on Tuesday. Subscriptions are up 31% since the expansion was announced to their highest level since February 2014. We're optimistic about its continued performance in terms of both subscribers and free-to-play in the run-up to the first new Star Wars movie in a decade.

訂閱、廣告和其他數位收入貢獻了 8,300 萬美元，比去年下降了 9%，這是由於《戰地 4》高級版收入自然下降所致。EA Access 實現了強勁、持續的成長。最後，關於訂閱服務，我們在週二推出了《星際大戰：舊共和國》的重大擴充包。自宣布擴容以來，訂閱用戶數量增加了 31%，達到 2014 年 2 月以來的最高水準。我們對其在十年來首部新的《星際大戰》電影上映前夕的訂閱用戶和免費玩家數量的持續增長持樂觀態度。

Moving on to gross margin, our non-GAAP gross margin for the quarter was 65.4%, a decrease from last year's 66.1%, but above our guidance of 63%. Last year's Q2 gross margin was exceptionally strong, due to The Sims 4. About 100 basis points of the margin outperformance this quarter was driven by the $30 million in high-margin revenue mentioned earlier. A stronger-than-expected product and service mix also drove margin above our guidance.

接下來是毛利率，本季非GAAP毛利率為65.4%，低於去年同期的66.1%，但高於我們先前63%的預期。去年第二季的毛利率異常強勁，主要得益於《模擬市民4》。本季毛利率超額成長約100個基點，這主要歸功於前面提到的3000萬美元高利潤率收入。超出預期的產品和服務組合也推動利潤率高於我們的預期。

Our non-GAAP operating expenses for the quarter were $479 million, down $18 million year-on-year, driven by FX. The improvement on guidance was driven by phasing and continued cost control. At constant currency, OpEx would have been up approximately $16 million, chiefly driven by increased investment in R&D.

本季非GAAP營運費用為4.79億美元，年減1,800萬美元，主要受匯率影響。指導意見的改進得益於分階段實施和持續的成本控制。以固定匯率計算，營運支出將增加約 1,600 萬美元，主要原因是研發投入增加。

The resulting non-GAAP diluted EPS was $0.65 per share, which is $0.25 better than guidance, due to our strong top-line performance, continued cost management, and the revenue phasing described earlier. At constant currency, EPS would have grown year -- over last year.

由於我們強勁的營收表現、持續的成本控制以及前面提到的營收分階段成長，最終的非GAAP稀釋後每股盈餘為0.65美元，比預期高出0.25美元。以固定匯率計算，每股收益將比上年增長。

Our cash and short-term investments at the end of the quarter were $2.59 billion, or approximately $8.32 per share. 57% of this cash and short-term investment balance is held onshore. This is down from 64% held onshore last quarter, the difference being driven by the redemptions of our convertible notes and stock repurchases.

截至本季末，我們的現金和短期投資為 25.9 億美元，約合每股 8.32 美元。其中 57% 的現金和短期投資餘額存放在境內。這一比例較上季的 64% 下降至 64%，下降的原因是可轉換債券的贖回和股票回購。

During Q2, we settled close to $200 million in early conversions of our convertible notes. And as of yesterday, we've received notices for an additional $95 million to settle in Q3. We have updated the dilution table on our website accordingly. We also repurchased 1.8 million shares at a cost of $126 million, leaving $798 million in our two-year, $1 billion buyback program we began in May 2015. The current rate of repurchases keeps us on track to complete the full $1 billion in that time.

第二季度，我們提前兌現了近 2 億美元的可轉換債券。截至昨天，我們已收到通知，要求在第三季支付額外的 9,500 萬美元進行和解。我們已據此更新了網站上的稀釋比例表。我們也以 1.26 億美元的價格回購了 180 萬股股票，使我們在 2015 年 5 月啟動的為期兩年、10 億美元的股票回購計畫還剩下 7.98 億美元。目前的回購速度將使我們按計劃在規定時間內完成全部 10 億美元的回購目標。

Net cash provided by operating activities for the quarter was $9 million. Operating cash flow was down $174 million from last year, as a result of fewer launches in Q1 of this year compared to last, and also due to the timing of various items. On a trailing-12-month basis, operating cash flow was $818 million.

本季經營活動產生的淨現金流量為900萬美元。由於今年第一季產品發布數量少於去年同期，以及各種項目的時間安排，經營現金流比去年同期減少了 1.74 億美元。過去 12 個月的營運現金流為 8.18 億美元。

Turning to guidance. Due to our continued strong performance, we are again increasing our full-year outlook. The open beta for Star Wars Battlefront was exceptionally well received by players. Consequently, we are raising our unit forecast for sell-in during fiscal year 2016 to approximately 13 million units. This is partially offset by increased FX headwinds and our decision to move Mirror's Edge Catalyst into fiscal 2017. And remember that the $30 million of the beat in this quarter was already in our annual outlook, as part of our anticipated Q3 revenue.

尋求指導。由於我們持續強勁的業績表現，我們再次上調了全年業績預期。《星際大戰：前線》的公開測試版受到了玩家的熱烈歡迎。因此，我們將 2016 財年的銷售量預測提高到約 1,300 萬台。外匯逆風加劇以及我們將《鏡之邊緣：催化劑》推遲到 2017 財年的決定，部分抵消了上述影響。請記住，本季超出預期的 3,000 萬美元收入已經包含在我們年度展望中，是我們預期第三季營收的一部分。

Our new full-year guidance for non-GAAP revenue is $4.5 billion, up $50 million on our prior outlook. Our guidance for non-GAAP EPS increased by $0.15 to $3 per share. We anticipate an operating margin of approximately 28%. Since the start of the fiscal year, we've raised guidance by $100 million on revenue and by $0.25 on earnings. The GAAP guidance becomes $4.4 billion in revenue, and $2.32 of fully diluted EPS.

我們新的全年非GAAP收入預期為45億美元，比之前的預期高出5000萬美元。我們將非GAAP每股盈餘預期調高0.15美元至每股3美元。我們預計營業利潤率約為 28%。自本財年開始以來，我們已將營收預期上調 1 億美元，並將獲利預期上調 0.25 美元。根據美國通用會計準則 (GAAP) 預測，營收將達到 44 億美元，完全稀釋後的每股盈餘為 2.32 美元。

Regarding cash flow for the full fiscal year, we are increasing our operating cash flow guidance to approximately $1.2 billion. Our capital expense forecast remains approximately $100 million, resulting in a free cash flow forecast of approximately $1.1 billion.

關於本財年的現金流，我們將營運現金流預期提高至約 12 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 11 億美元。

Guidance for our third quarter is for non-GAAP net revenue to be $1.78 billion, 24% higher than last year's. Growth is driven by the launches of Star Wars Battlefront and Need for Speed, plus the growth of live services, particularly Ultimate Team.

我們預計第三季非GAAP淨收入將達到17.8億美元，比去年同期成長24%。成長主要得益於《星際大戰：前線》和《極品飛車》的推出，以及線上服務的成長，尤其是終極團隊模式。

FX presents a year-on-year headwind of around $110 million to Q3 revenues. Non-GAAP gross margin is forecasted to be 71.5%. We expect our Q3 non-GAAP operating expenses to be $540 million, up slightly year-on-year, driven by increased investment in R&D and phasing from Q2, offset by FX. This results in a non-GAAP diluted EPS of $1.75 per share as compared to $1.22 last year.

外匯波動將為第三季營收帶來約 1.1 億美元的年比不利影響。非GAAP毛利率預計為71.5%。我們預計第三季非GAAP營運支出為5.4億美元，年比略有成長，主要原因是研發投入增加以及第二季分階段實施，但會被匯率波動抵銷。這導致非GAAP稀釋後每股收益為1.75美元，去年同期為1.22美元。

Our Q3 GAAP net revenue is expected to be $1.08 billion as compared to $1.13 billion in the prior year. GAAP earnings per share is expected to be a loss of $0.17, as compared to earnings of $0.44 last year.

我們第三季的GAAP淨收入預計為10.8億美元，而去年同期為11.3億美元。預計以美國通用會計準則計算，每股收益將虧損 0.17 美元，去年同期每股收益為 0.44 美元。

Our business exceeded our expectations again this quarter. FIFA 16 in particular had a very successful launch, as measured both by number of unit sales and by engagement level. This has provided a solid foundation upon which to grow our live services through the product cycle. Reception of the Star Wars Battlefront beta has led us to increase our unit forecast. And early indications for Need for Speed are excellent. The growth of our console installed base and powerful mobile devices continue to fuel the growth of our business. We're looking forward to an excellent holiday season, and another year of strong earnings and cash flow growth.

本季我們的業務再次超出預期。FIFA 16 的發表尤其成功，無論是從銷售量或用戶參與度來看都是如此。這為我們在產品週期中發展即時服務奠定了堅實的基礎。《星際大戰：前線》測試版的反應促使我們提高了銷售預測。《極速快感》的早期表現非常出色。遊戲主機裝置量的成長和行動裝置效能的提升，持續推動著我們業務的成長。我們期待著一個美好的假期，以及另一個盈利和現金流強勁增長的年份。

Now, I will turn the call back to Andrew.

現在，我將把電話轉回給安德魯。

Thanks, Blake. Around the world, billions of hours a week are spent playing video games. No matter what device you're playing on, what type of experience you seek, or where you are in the world, games are becoming a more meaningful part of our lives. The opportunity to connect more people to amazing experiences, and to each other, through play has never been more profound.

謝謝你，布萊克。全世界每周有數十億小時人們花在玩電子遊戲上。無論你使用什麼裝置玩遊戲，無論你追求什麼樣的體驗，無論你身處世界的哪個角落，遊戲都正成為我們生活中越來越重要的一部分。透過遊戲將更多的人與精彩的體驗以及彼此聯繫起來的機會，從未像現在這樣意義深遠。

At Electronic Arts, we are focused on delivering more stunning games and groundbreaking services that will inspire the world to play together. Epic fantasies like Star Wars Battlefront that span generations of fans; EA SPORTS experiences that unite millions of passionate players; mobile titles like Need for Speed No Limits, SimCity BuildIt, and Madden NFL Mobile, that can immerse you no matter where you are, or how much time you have. And services like EA Access and Origin that are helping players try more games and share the play experience with friends.

藝電致力於提供更多精彩的遊戲和突破性的服務，以激勵全世界的人們一起玩遊戲。像《星際大戰：前線》這樣跨越幾代粉絲的史詩級奇幻遊戲；EA SPORTS 體驗將數百萬熱情玩家團結在一起；像《極品飛車：無限》、《模擬城市：建造》和《麥登橄欖球手遊》這樣的手機遊戲，無論你身在何處，無論你有多少時間，都能讓你沉浸其中。還有像 EA Access 和 Origin 這樣的服務，它們幫助玩家嘗試更多遊戲，並與朋友分享遊戲體驗。

It has been a strong first half of FY16 for Electronic Arts, and we have amazing opportunities still ahead of us. The games and services we are delivering represent EA's greatest strengths: pioneering, creativity, and passion, channeled into experiences that will inspire play for a long time to come.

對於藝電來說，2016財年上半年表現強勁，我們面前還有許多絕佳的機會。我們提供的遊戲和服務代表了 EA 的最大優勢：開拓精神、創造力和熱情，並將這些優勢融入到能夠長期激發玩家興趣的體驗中。

We're excited for the road ahead.

我們對未來的道路充滿期待。

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。

Kai, if you could open up the line for questions now, please.

Kai，請你現在開放提問環節。

(Operator Instructions). Chris Merwin, Barclays.

（操作說明）克里斯·默溫，巴克萊銀行。

You obviously continue to make a lot of progress on the margin front. And you were at slightly more than 50% digital, as of last fiscal year. So as that shift continues, can you just update us on what the long-term margin target for the business looks like, just in terms of non-GAAP operating income?

顯然，你們在利潤率方面持續取得了很大進展。截至上個財政年度，你們的數位化業務佔比略高於 50%。隨著這種轉變的持續，您能否簡要介紹一下公司長期利潤率目標，僅就非GAAP營業收入而言？

And then secondly, extra content sales growth reaccelerated really nicely in 2Q. And I think you mentioned that the new launch of FIFA 16 and FIFA Online 3 were drivers there. So should we expect the momentum to continue there through year-end? And what are you implicitly including in your guidance, just in terms of extra content for the full year? Thanks.

其次，第二季額外內容銷售成長再次加速，而且勢頭良好。我認為你提到過，FIFA 16 和 FIFA Online 3 的新發布是造成這種情況的原因。那麼我們是否可以預期這種勢頭會持續到年底？那麼，就全年的額外內容而言，您在指導中隱含了哪些內容？謝謝。

This is Blake. In terms of the longer-term target, we haven't really given detailed long-term targets. What we have told people is, if we continue on the same pace of digital growth as we've seen over the last couple of years, we should be able to generate at least 100 basis points of gross margin expansion each year. Historically, it has exceeded that level. But I think, at a minimum, we should be able to see that.

這是布萊克。至於長期目標，我們還沒有給出詳細的長期目標。我們告訴大家，如果我們繼續保持過去幾年所看到的數位成長速度，我們每年應該能夠實現至少 100 個基點的毛利率成長。從歷史上看，它曾經超過這個水平。但我認為，至少我們應該能夠看到這一點。

If you combine that with control around our operating expenses, and continued movement towards more digital marketing, we should be able to see earnings growth. And our target is to try to get to earnings growth at least above 10% or greater, or closer to 15% on a yearly basis, if we can. That's obviously general targets. We'll give you detailed guidance for FY17 at the end of the year. And to the extent we have an update on that, we'll let you know. But we continue to be excited, obviously, about where the business and the potential is.

如果再加上對營運費用的控制，以及持續推進數位化行銷，我們應該能夠看到獲利成長。我們的目標是爭取每年獲利成長至少達到 10% 或更高，如果可以的話，爭取接近 15%。這顯然是總體目標。我們將在年底為您提供 2017 財年的詳細指導。如果有最新消息，我們會第一時間通知您。但顯然，我們對公司的發展方向和潛力仍然感到興奮。

In terms of FIFA, the guidance for extra content and Ultimate Team, in general -- the guidance for extra content that we originally gave for the full year was around 10% growth of extra content. We've been exceeding that, and we hope that we can continue to hit that target, or beat that target over time. And we're very excited about the continued engagement level that people are showing in all of our sports titles around extra content, as well as the potential for extra content in other places in our portfolio.

就 FIFA 而言，關於額外內容和 Ultimate Team 的指導方針總體而言——我們最初給出的全年額外內容指導方針是額外內容增長約 10%。我們一直都在超越這個目標，我們希望能夠繼續達到這個目標，或隨著時間的推移超越這個目標。我們很高興看到大家對我們所有運動遊戲的額外內容表現出持續的參與度，同時也對旗下其他遊戲的額外內容潛力感到興奮。

As far as FIFA Online 3 goes, in China we had originally given guidance that that should be around $10 million to $15 million a quarter. And we're seeing that levels, and we're pretty comfortable that that continues to grow over time.

至於 FIFA Online 3，我們最初在中國給出的指導意見是，每季的收入應該在 1,000 萬美元到 1,500 萬美元之間。我們看到了這種水平，而且我們相當有信心，隨著時間的推移，這種水平會繼續增長。

Thank you.

謝謝。

Next question.

下一個問題。

Stephen Ju, Credit Suisse.

Stephen Ju，瑞士信貸。

Blake, you just raised your Star Wars unit guidance. I think you gave the overall revenue phasing guidance in the slide deck. But what is embedded in your guidance for how Star Wars will be phasing between your third and the fourth quarters? And also, secondarily, I think you mentioned 20% digital download. How far behind is the European consumer, in terms of full game download adoption on the console? Are you seeing that uptake curve follow on a similar path as what you've as what you've already seen in the US? Thanks.

布萊克，你剛剛提高了你的星際大戰單位指導等級。我認為您在幻燈片中已經給出了整體收入分階段實現的指導方針。但是，您在指導方針中對《星際大戰》在第三季和第四季之間的過渡有何具體規定呢？另外，我想你還提到了 20% 的數位下載。歐洲消費者在主機遊戲完整下載普及度上落後多少？您是否觀察到這種接受度曲線與您在美國已經觀察到的趨勢相似？謝謝。

Yes. Thanks, Stephen. Good questions. I don't have the number off the top of my head. But you should assume that a fairly large portion of the original sell-in comes in the third quarter. And then depending on how that does through the Christmas season, we'll see the rest in the fourth quarter. So, roughly probably 75/25.

是的。謝謝你，史蒂芬。問得好。我一時想不起來具體數字了。但你應該假設，相當大一部分原始銷售額是在第三季實現的。然後，根據聖誕節期間的表現，我們將在第四季度看到剩餘部分。所以，大概是 75/25。

In terms of the full game downloads, a couple things to remember: we still sell gen 3 products. And gen 3 products are typically doing full game downloads at a much lower level. And then second, our business, particularly FIFA, is skewed heavily towards Europe. And two factors bring down full game downloads today in Europe: one is bandwidth speeds in some countries; and two is many retailers in Europe, particularly in Great Britain, use FIFA as a way of driving traffic into the store, and they like a physical copy to help do that.

關於完整遊戲下載，有幾點需要記住：我們仍然銷售第三代產品。第三代產品通常需要下載完整遊戲，但下載量要低得多。其次，我們的業務，特別是國際足總的業務，嚴重偏向歐洲。如今，有兩個因素導致歐洲的完整遊戲下載量下降：一是某些國家的頻寬速度；二是歐洲許多零售商，特別是英國的零售商，將 FIFA 作為吸引顧客進店的一種方式，他們喜歡實體版遊戲來達到這個目的。

We're seeing very strong full game downloads continue in North America. And as a reminder, the PC business that we have, we see full game downloads there roughly 75%. And so there's still a lot of headroom, we believe, in the full game download opportunity for us, going forward.

我們看到北美地區的完整遊戲下載量持續強勁成長。提醒一下，在我們擁有的 PC 業務中，完整遊戲下載量約佔 75%。因此，我們相信，未來在完整遊戲下載方面，我們將有很大的發展空間。

Thank you.

謝謝。

Colin Sebastian, Robert W. Baird.

科林·塞巴斯蒂安，羅伯特·W·貝爾德。

It's actually Ben on for Colin. I just had two questions, more strategically. Could you talk a little bit about your eSports initiatives, and, going forward, whether you might have the rights to from sports leagues to pursue some more formal tournament play?

實際上，是本代替柯林上場。我有兩個更具策略性的問題。您能否談談您的電競計劃，以及未來您是否有可能獲得運動聯盟的授權，以開展一些更正式的錦標賽？

And then secondly, are there any plans for annual sequels or franchise extensions for Star Wars? Or would the cadence of those look more like Battlefield or Titanfall?

其次，是否有推出年度續集或擴展《星際大戰》系列的計畫？或者，它們的節奏會更像《戰地》或《泰坦隕落》嗎？

Ben, I'll take the first question -- it's Peter -- regarding EA SPORTS. I want to remind everybody on the call that EA has been doing eSports since -- it's been a fundamental part of the way we've engaged with our consumers for over a decade, beginning with the FIFA Interactive World Cup. We partnered with -- in particular with FIFA -- with all of the individual leagues around the world, with tournaments, and have been doing that for a number of years now.

Ben，我先回答第一個問題──是Peter問的──關於EA SPORTS的問題。我想提醒各位，EA 一直以來都在從事電子競技——十多年來，電子競技一直是我們與消費者互動的重要組成部分，這一切都始於 FIFA 互動世界盃。我們與——特別是國際足總——以及世界各地的所有聯賽和錦標賽建立了合作關係，並且已經這樣做了好幾年了。

So from the perspective of our eSports strategy, it's well-formed at an executional level. When we think about partnering with the sports leagues themselves, we have those conversations. And whilst we've got nothing to announce yet, stay tuned, because I think there's a lot of energy around this right now. We're obviously a very important part of that. Our IP has been used by many of the eSports leagues to be able to drive their business. And we fully intend to be part of this, going forward here.

因此，從我們的電子競技策略來看，它在執行層面上是完善的。當我們考慮與體育聯盟本身建立合作關係時，我們會進行這些對話。雖然我們目前還沒有什麼可以宣布的，但請繼續關注，因為我認為現在大家對這件事都非常關注。我們顯然是其中非常重要的一部分。我們的智慧財產權已被許多電競聯盟用於推動其業務發展。我們完全打算繼續參與其中。

No real announcements yet at a higher level. But please rest assured it's very high on our radar.

目前還沒有更高層級的正式公告。但請放心，我們非常重視此事。

This is Andrew. To the second question around Star Wars and annualization, again, what we have talked about is we have a long-term partnership around the Star Wars license. And we expect that we will launch many titles as part of that long-term relationship. In terms of annualizing that in any particular way, we've made no announcements on that. And certainly what we're always looking at, as we think across our portfolio, is where there is an added opportunity for engagement.

這是安德魯。關於《星際大戰》和年度發行的第二個問題，我們再次強調，我們圍繞著《星際大戰》授權建立了長期合作夥伴關係。我們預計，作為這種長期合作關係的一部分，我們將推出許多遊戲。至於以任何特定方式將其轉化為年度數據，我們尚未就此發布任何公告。當然，我們在審視我們的投資組合時，始終關注的是哪裡存在額外的參與機會。

What we talked about in the prepared remarks is we still have 6 million people engaging regularly in both Battlefield 4 and Battlefield Hardline. And it's important, as we think about our business not just as a launch business, but as a large service and relationship business, that we factor in when it's appropriate to launch new things.

我們在準備好的演講稿中談到，目前仍有 600 萬人定期參與《戰地 4》和《戰地：硬仗》的遊玩。而且，當我們把我們的業務視為一個大型服務和關係型企業，而不僅僅是一個推出新產品的企業時，這一點很重要，因為我們需要考慮何時才是推出新產品的合適時機。

So, more to come on that in the future; but certainly expect more Star Wars titles from us, but no decision made as to specific timing, as yet.

所以，未來會有更多相關消息公佈；但可以肯定的是，我們會推出更多《星際大戰》系列作品，但具體時間尚未確定。

Thank you. That's helpful.

謝謝。那很有幫助。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

This is Ryan Gee on for Justin. Thanks for taking my questions. The first is about Star Wars. Can you guys talk a little bit about the gross margin structure, what you can for Star Wars, relative to owned IP like Battlefield, or even licensed products like FIFA or Madden? And going back to the digital downloads, you are averaging around 20% for this quarter. Is there any reason to expect that Star Wars could be higher or lower than that number?

這是瑞恩吉替賈斯汀報道。謝謝您回答我的問題。第一個是關於《星際大戰》的。你們能談談毛利率結構嗎？例如《星際大戰》系列相對於自有IP（如《戰地》系列）或授權產品（如FIFA或Madden系列）的毛利率狀況如何？再說回數位下載，本季平均佔比約 20%。有什麼理由認為《星際大戰》的票房會高於或低於這個數字嗎？

Sorry, Ryan. Go ahead.

抱歉，瑞恩。前進。

No, go ahead. I'll follow up on FIFA in a second.

不，你繼續。我稍後會跟進FIFA的情況。

Okay. So on the gross margin structure, I think we've told people that the license with Disney is a fairly typical royalty license, and that most of our royalty licenses are in the high-single-digits or low-double-digits, so -- and assume that the Disney license is there. What we try to do is offset some of that cost by lowering our marketing expense. And, clearly, leveraging the strength of all the activities out there around Star Wars is allowing us to do that. And you'll see a lot of joint marketing between us and Disney, as well as us and Sony, to try to leverage our partners to be able to offset some of that.

好的。所以關於毛利率結構，我認為我們已經告訴過大家，與迪士尼的授權是一種相當典型的版稅授權，而且我們的大部分版稅授權的毛利率都在個位數高位或兩位數低位，所以——假設迪士尼的授權也存在。我們試圖透過降低行銷費用來抵銷部分成本。顯然，利用圍繞《星際大戰》開展的所有活動的優勢，使我們能夠做到這一點。你會看到我們和迪士尼、以及我們和索尼之間有很多聯合行銷活動，以期利用我們的合作夥伴來抵消其中的一些損失。

It will impact gross margin slightly, as you've seen in our guidance for the quarter, but we don't see it as a big issue for the overall profitability of the Company.

正如您在我們對本季的業績指引中所看到的，這將對毛利率產生輕微影響，但我們認為這對公司的整體獲利能力不會造成太大影響。

On the full game download side, the one caveat I would add there is, normally it shouldn't really differ dramatically from any other title, with the one exception is it could be a title that's a heavy gifting title in the quarter, just because Star Wars is at top of the list of many kids and teens out there, what they want for Christmas.

就完整遊戲下載而言，我唯一要補充的是，通常情況下它應該與其他任何遊戲不會有太大區別，唯一的例外是它可能是本季度熱門的送禮遊戲，因為《星球大戰》是許多孩子和青少年聖誕節最想要的禮物之一。

And gifting titles tend to be more physical, versus a code, and so you might tend to see that. That could be, though, counterbalanced by the fact that we'll see another 10 million to 15 million new consoles sold in the next two months, in the Christmas time. And many of those people may choose to download digitally, particularly if they are the larger storage consoles.

而且贈送遊戲稱號往往是實物，而不是代碼，所以你可能會經常看到這種情況。不過，未來兩個月聖誕節期間，我們將看到另外 1,000 萬到 1,500 萬台新遊戲機售出，這可能會抵消上述影響。很多人可能會選擇數位下載，尤其是那些使用大容量儲存設備的用戶。

And what was your second part of your question?

你問題的第二部分是什麼？

Yes, great. That was great feedback. The second is on FIFA, and really the sports catalog. It's encouraging to see the 30% player growth. Is there any reason to expect Ultimate Team to not also be up 30%? Is there anything you can call out, either this year or last year, that would make that be up or down? Thanks.

是的，太好了。這是非常寶貴的回饋。第二點是關於 FIFA 的，實際上是關於體育用品目錄的。玩家數量增加了30%，令人鼓舞。有什麼理由認為Ultimate Team模式的成長率不會達到30%呢？有沒有什麼因素，無論是今年的還是去年的，會導致這個數字上升還是下降？謝謝。

We were cautious at the tail end of last year, because we had some issues with coin farmers. We have adjusted the new FIFA Ultimate Team to try to prevent those issues. That's a constant battle. That would be our only caution, going forward. So far, we haven't seen any impact from that. What we are seeing is increased interest in Ultimate Team. We put in both FIFA and Madden this year, a draft mode, which was essentially a way to help people understand how Ultimate Team works, and how drafting and building a team works.

去年年底我們比較謹慎，因為我們遇到了一些與挖礦者有關的問題。我們已經對新的 FIFA Ultimate Team 進行了調整，以避免這些問題。這是一場永無止境的戰鬥。這是我們今後唯一需要注意的事項。目前為止，我們還沒有看到任何影響。我們看到的是人們對極限團隊賽的興趣日益濃厚。今年我們加入了 FIFA 和 Madden 的選秀模式，這主要是為了幫助人們了解 Ultimate Team 的運作方式，以及如何選秀和組建球隊。

And we're finding that that increases the engagement, increases the interest in entering into Ultimate Team. And so, our hope is to continue to try to build that business across all of our sports franchises. And so far, things are going very well.

我們發現，這提高了參與度，提高了人們對參加終極團隊賽的興趣。因此，我們希望繼續努力，在我們所有的體育特許經營項目中發展這項業務。目前為止，一切進展順利。

Okay, great. Thank you, guys.

好的，太好了。謝謝大家。

Brian Pitz, Jefferies.

Brian Pitz，傑富瑞集團。

Of the 9.5 million beta players on Star Wars, what is the overlap audience with the 6 million still playing Battlefield 4 and Hardline? Is Star Wars essentially bringing new gamers into the Battlefield type of game? And also, any updates on preorders, including the $50 DLC Season Pass? Love to hear how the DLC attach rates compare to prior Battlefield releases. Thanks.

在《星際大戰》的 950 萬測試玩家中，與仍在玩《戰地 4》和《戰地：硬仗》的 600 萬玩家的重疊部分是多少？《星際大戰》是否正在為《戰地》這類遊戲吸引新的玩家？另外，關於預購有什麼最新消息嗎？包括售價 50 美元的 DLC 季票？很想知道DLC的附加率與之前的戰地系列作品相比如何。謝謝。

I'll take the first part on the 9.5 million. I don't have that data on hand. Anecdotally, what we have seen is that Star Wars is bringing in two groups that are very important groups to us. One are gamers that have lapsed; traditionally who have been big gamers in the past, and maybe haven't played for a while. And that's certainly been a catalyst for those people to come back into the gaming universe, as it relates to console. And two, onboarding a new, younger age demographic.

我來承擔950萬的第一部分。我手頭上沒有這些數據。從一些零星的觀察來看，《星際大戰》正在吸引兩個對我們來說非常重要的群體。一類是已經不再玩遊戲的玩家；他們通常是過去常玩遊戲的玩家，但可能已經有一段時間沒玩遊戲了。這無疑成為了促使這些人重返遊戲世界（尤其是主機遊戲）的催化劑。第二，吸引新的、更年輕的使用者群體。

And so, as we think about that 9.5 million, while there is absolutely a crossover around our core shooter category that we have very good and strong relationships with, we are very energized by the opportunity to bring in, one, that lapsed gamer group; as well as adding a new, younger demographic going forward. And remember, that this is a title, as a shooter title, that will be more appropriate for younger players than maybe some other shooter titles in the market.

因此，當我們考慮這 950 萬用戶時，雖然我們與核心射擊遊戲類別之間肯定存在交叉，並且我們與該類別有著非常良好和牢固的關係，但我們對有機會吸引那些流失的遊戲玩家群體以及未來增加新的、更年輕的用戶群體感到非常興奮。請記住，作為一款射擊遊戲，這款遊戲可能比市面上其他一些射擊遊戲更適合年輕玩家。

Yes, on preorders, I think when you look back -- and you've heard from both Blake and Andrew how powerful this beta was for us, and that has certainly spurred tremendous preorder growth. Every week, subsequent to the beta, we had 9.5 million users who logged in 1.6 billion minutes of gameplay. On top of that, we were very fortunate, obviously, that The Force Awakens movie trailer came right on top of that. And that's allowed us to be able to generate even more publicity for the game, as people start to anticipate the movie in mid-December.

是的，關於預購，我認為回顧一下——你也從 Blake 和 Andrew 那裡聽到了這次測試對我們來說有多強大，這無疑刺激了預購量的巨大增長。在測試版發布後，每周有 950 萬用戶登錄，累計遊戲時長達 16 億分鐘。除此之外，我們顯然非常幸運，《星際大戰：原力覺醒》的電影預告片正好在這個時候發布。這使得我們能夠為這款遊戲進行更多宣傳，因為人們開始期待 12 月中旬上映的電影。

You combine that with all the engagement that our players have creating content themselves: a lot of user-generated content, with millions of hours now of gameplay coming out of the beta on YouTube and Twitch. Now, if Han Solo was here, we'd say great, but don't get cocky, kid. Our ability to be able to deliver against this is solid. And the preorders are excellent. So you've heard from both Blake and Andrew. We feel very good about 13 million units.

再加上玩家們積極參與內容創作：大量的使用者生成內容，目前在 YouTube 和 Twitch 上已經累積了數百萬小時的測試版遊戲影片。如果韓索羅在這裡，我們會說太好了，但別太得意忘形，小子。我們完全有能力實現這個目標。預售狀況非常好。所以你已經聽取了布萊克和安德魯的意見。我們對1300萬輛的銷售非常滿意。

Was there another question?

還有其他問題嗎？

Battlefront Season Pass. As we've seen with Battlefield, with Battlefield Premium, our ability to extend, and as you've seen with 6 million people still engaged with both Battlefield 4 and Battlefield Premium, is key. The engagement numbers -- and we see a Season Pass as integral to that. What we've announced is four the extra packs over the next 12 to 18 months, coming post-launch.

《星際大戰：前線》賽季通行證。正如我們在《戰地》系列和《戰地高級版》中所看到的，我們拓展用戶群的能力至關重要，正如你們所看到的，仍有 600 萬人同時參與《戰地 4》和《戰地高級版》的運營。用戶參與度－我們認為季票是其中不可或缺的一部分。我們已經宣布，在接下來的 12 到 18 個月內，將在產品發布後推出四個額外的擴充包。

And from our ability to view that -- be very clear that's FY17 revenue for most of it. You'll see both new universes. You're going to see new player actions; obviously new weaponry, as well. We think there's added engagement. And we think the ability for us to be able to deliver against what we need to be able to do, from a Season Pass, increases the engagement, and a very important part of keeping the content fresh and our players engaged.

從我們的角度來看——非常清楚的是，其中大部分是 2017 財年的收入。你會看到這兩個全新的宇宙。你會看到新的玩家動作；當然，還有新的武器。我們認為參與度有所提高。我們認為，透過季票實現我們想要達成的目標，能夠提高玩家的參與度，這對於保持內容新鮮度和玩家的參與度至關重要。

Next question.

下一個問題。

Arvind Bhatia, Sterne Agee CRT.

Arvind Bhatia，Sterne Agee CRT。

I'd like to congratulate you guys on another great quarter. I wanted to ask a couple questions. One is, Blake, if you could maybe talk a little bit more about the $30 million revenue benefit, maybe some clarification there. And I think I heard you say it was already part of the guidance.

我想祝賀你們又一個季度取得了優異的成績。我想問幾個問題。布萊克，你能不能再多談談這 3000 萬美元的收入收益，或許可以對此做一些澄清？我想我聽到您說過，這已經是指導方針的一部分了。

And then, Andrew, just your thoughts on virtual reality. Any update there, now that we have a little bit more clarity in the marketplace?

然後，安德魯，說說你對虛擬實境的看法。現在市場情勢更加明朗了，請問有什麼最新進展嗎？

And then last one, can you maybe talk about Need for Speed, how the beta -- what was the size of the beta, and the unit expectations versus the last one? Thank you.

最後一個問題，您能否談談《極速快感》？它的測試版規模有多大？與上一版相比，預期銷售量是多少？謝謝。

Arvind, first on the $30 million -- when we planned our guidance, essentially we sell special editions of some of the sports games -- FIFA and Madden, for example. And part of those special editions include Ultimate Team currency. And we decide how to defer that over time, in conjunction with our internal accounting team and our external auditors. As we got into the quarter, we determined that some of the content we thought we would defer, we actually didn't defer. We were able to book it in this quarter.

Arvind 首先談到 3000 萬美元——當我們制定指導方針時，我們基本上銷售一些體育遊戲的特別版——例如 FIFA 和 Madden。這些特別版還包含終極球隊遊戲貨幣。我們會與內部會計團隊和外部審計師共同決定如何分階段延後付款。進入季度後，我們決定一些原本打算推遲的內容，實際上並沒有推遲。我們本季就預訂成功了。

And we wanted to be transparent on that so people, one, understood one of the sources of our overdelivery; and, two, understood that that was just shifting between two quarters.

我們希望在這方面保持透明，以便人們：第一，了解我們超額交付的原因之一；第二，了解這只是兩個季度之間的轉移。

Thanks, Arvind. On VR, our position hasn't changed at this juncture. Again, what we have said in the past is that -- and I personally am very bullish on VR, and believe it will be an integral part of our industry and our business on a go-forward basis. As we think about what players are trying to do, which is immerse themselves inside of these wonderful worlds and experiences that we create, and that it overcomes the social disconnect created by sitting 10 feet or 3 feet or 1 foot from a screen.

謝謝你，Arvind。在虛擬實境領域，我們目前的立場還沒有改變。正如我們過去所說——我個人非常看好虛擬實境技術，並相信它將在未來成為我們行業和業務不可或缺的一部分。當我們思考玩家想要做什麼時，他們想要沉浸在我們創造的這些美妙的世界和體驗中，而這克服了因距離螢幕 10 英尺、3 英尺或 1 英尺而造成的社交隔閡。

With that said, we don't expect it will have a material revenue impact in the near future. We still think there is work to be done to get to a point where this is really a mass-market consumer proposition that delivers great VR, immersive experiences for a mass community. But at the same time, we are investing heavily in ensuring our Frostbite engine has all of the capability to deliver spectacular VR experiences. So we are well positioned as this market develops.

儘管如此，我們預計這在短期內不會對收入產生實質影響。我們仍然認為，要真正使其成為大眾市場的消費產品，為廣大用戶提供出色的 VR 沉浸式體驗，還有很多工作要做。但同時，我們也在大力投資，以確保我們的寒霜引擎具備提供卓越VR體驗的所有能力。因此，隨著市場的發展，我們已佔據有利地位。

And Arvind, this is Peter. On the Need for Speed beta, very successful for us. As I think most of you on the call know, Need for Speed now is available to play if you are an EA Access member, as of today. The team, as it always does with a beta, used the beta results to tweak and do some last-minute polishing to the game. Every indication -- and preorders are very strong around the world -- every indication this will be yet another successful launch, having been two years away from consumers, as we see the numbers coming in in the final few days here for next week. So, Need for Speed goes live next Tuesday in the United States and Canada, and at the end of the week in the rest of the world.

阿文德，這位是彼得。在《極速快感》測試版中，我們取得了非常成功。我想在座各位大多都知道，從今天起，EA Access 會員即可暢玩《極速快感》。和以往的測試版一樣，開發團隊利用測試版的結果來調整遊戲和最後的潤飾。種種跡象表明——而且世界各地的預購情況都非常強勁——這將又是一次成功的發布，距離消費者上市已經過去了兩年，正如我們在下週最後幾天的預購數據中所看到的那樣。所以，《極速快感》將於下週二在美國和加拿大上線，並在本週末在世界其他地區上線。

Great. Thank you, and good luck.

偉大的。謝謝，祝你好運。

Next question?

下一個問題？

Drew Crum, Stifel.

Drew Crum，Stifel。

Can you remind us what the incremental FX hit is for fiscal 2016 now, and what the revenue foregone is from the shift of Mirror's Edge?

您能否提醒我們一下，2016 財年外匯交易的增量損失是多少，以及《鏡之邊緣》的轉移導致的收入損失是多少？

So roughly, Mirror's Edge, you should think about it as a $70-ish million title for that quarter; so moving out of the fourth quarter. And our original FX guidance was that roughly $250 million -- or $290 million was -- originally it was $250 million. And we think it's probably closer to $300 million now.

所以粗略估計，《鏡之邊緣》這款遊戲在該季度的收入約為 7000 萬美元；因此，它已經進入了第四季度。我們最初的外匯預期是大約 2.5 億美元——或 2.9 億美元——最初是 2.5 億美元。我們認為現在可能接近 3 億美元。

Okay, good. And then any launch metrics, aside from the mobile performance for Madden, that you can offer? And any commentary around full game download performance with that franchise? Thanks.

好的。除了 Madden 的行動裝置效能之外，您還能提供哪些發布指標？關於該系列遊戲的完整下載效能，有什麼評價嗎？謝謝。

In terms of the Madden franchise, you mean?

你是指《麥登橄欖球》系列遊戲嗎？

Yes, Madden and NFL 16.

是的，Madden 和 NFL 16。

It's been pretty consistent. Obviously, it's a dominant North America title relative to FIFA. And so we tend to see higher full game downloads on Madden than we have with FIFA globally, for the fact that I mentioned earlier. And so you are seeing north of 20% on Madden, obviously. And as the season goes on, we find that the initial purchasers tend to be the people who line up at the retail stores at midnight with their football jerseys on. Obviously that skews the early days of Madden. But by mid-season, we tend to see levels creeping up closer to 40%, at least based on last year's data. We don't know yet this year, but strong focus on that.

一直都很穩定。顯然，相對於 FIFA 而言，它是北美地區的主導遊戲。因此，正如我之前提到的，在全球範圍內，Madden 的完整遊戲下載量往往高於 FIFA。所以很明顯，Madden 的成長率超過了 20%。隨著賽季的進行，我們發現最初的購買者往往是那些穿著足球球衣在午夜時分在零售店外排隊的人。顯然，這會扭曲 Madden 遊戲的早期歷史。但到了賽季中期，我們往往會看到這一水準逐漸上升到接近 40%，至少根據去年的數據來看是如此。今年我們還不知道結果，但我們會專注在這一點上。

And the strength of Ultimate Team with Madden has been -- it was very powerful last year. I think that draws more and more people into digital purchases, as part of that ongoing gameplay.

而《麥登橄欖球》終極球隊模式的優勢在於──去年它非常強大。我認為這會吸引越來越多的人進行數位購買，作為持續遊戲的一部分。

Okay. Thanks, guys.

好的。謝謝各位。

Ben Schachter, Macquarie.

本‧沙赫特，麥格理集團。

A couple of housekeeping questions, and then a couple of broader questions. Blake, just to be clear, the 13 million unit Star Wars forecast -- is that for 3Q, FY16, or lifetime?

先問幾個瑣碎的問題，然後再問幾個比較廣泛的問題。布萊克，請確認一下，1,300萬套《星際大戰》的銷售預測－是指2016財年第三季還是總銷售量？

For full-year 2016, fiscal 2016.

2016 年全年，2016 財年。

Okay. And then (multiple speakers).

好的。然後（多位發言者）。

Stephen had asked earlier if I -- what I thought the split is. I said 75%; it's probably closer to 80% in Q3 versus Q4. I just looked up the numbers.

史蒂芬之前問過我——我認為我們之間的分歧是什麼。我說的是75%；第三季可能比第四季接近80%。我剛剛查了一下這些數據。

Okay. And then if you could just help us maybe translate that 30% player growth into unit growth for FIFA and Madden? And then I have a couple of broader follow-ups after that.

好的。如果您能幫我們把這 30% 的玩家成長率轉化為 FIFA 和 Madden 的銷售成長率，那就太好了？然後，我還有一些更廣泛的後續問題。

I wish I could translate it. But we don't think about it that way, because we think about it around engagements. Clearly, it will show unit growth. But the 30% really is a measure of not just people buying the initial game, but playing the game, so it's hard to put -- those are apples and oranges in that respect. But you should take that as continued unit growth in FIFA, which we are seeing.

我真希望我能翻譯它。但我們不會那樣想，因為我們是從參與的角度來思考這個問題的。顯然，它將顯示單位增長。但 30% 這個數字實際上衡量的不僅僅是購買遊戲的人，而是玩遊戲的人，所以很難說——從這個角度來看，這兩者是截然不同的。但你應該把這看作是 FIFA 銷售持續成長的表現，而我們也確實看到了這一點。

Okay. And then, as you know, given the strength this year, there are already concerns about comping revenue growth next year. I don't want to get too far ahead of ourselves in the guidance. But how should we think about the types of games, or the games that are going to come next year, that will help comp against Star Wars?

好的。而且，正如您所知，鑑於今年的強勁表現，人們已經開始擔心明年的營收成長能否跟上。我不想在指導方面走得太遠。但是，我們應該如何看待哪些類型的遊戲，或是明年即將推出的遊戲，能夠幫助我們與《星際大戰》系列遊戲競爭呢？

And then following up on Arvind's VR question, I have to keep asking these. But is EA going to wait until there is a mass-market installed base? Or could we see at least limited VR experiences during the launch window for some of the 2016 VR hardware launches? Thanks.

然後，針對 Arvind 提出的 VR 問題，我不得不繼續追問這些問題。但EA會等到擁有龐大的市場裝置量才開始行動嗎？或者，我們能否在 2016 年部分 VR 硬體發布期間，至少看到一些有限的 VR 體驗？謝謝。

I'll let Andrew touch on the VR one, if he'd like, but I'll touch on the other question. I think we try to resist giving full-year guidance ahead of time. We have mentioned in the past, on our past calls, that you should expect another Battlefield title coming next year. We've shown Mass Effect at E3 this year. You should expect that again. And there's some indication there will be some other titles, obviously, that are popular along those lines, like Titanfall or others.

如果安德魯願意的話，我會讓他談談虛擬實境方面的問題，但我會談談另一個問題。我認為我們盡量避免提前給出全年業績指引。我們過去在電話會議上提到過，明年將會推出另一款《戰地》系列遊戲。我們今年在E3遊戲展上展示了《質量效應》。你應該預料到這種情況還會再次發生。顯然，也有一些跡象表明，未來還會出現其他一些類似的熱門遊戲，例如《泰坦隕落》等等。

But we are very confident we can continue to grow the business. And we also are confident that the Star Wars franchise will live, well beyond this year. And we think, like Battlefield, you'll get a long tail on Star Wars into -- or helping drive our FY17 business.

但我們非常有信心能夠繼續發展壯大這項業務。我們也相信，《星際大戰》系列電影將會繼續存在下去，遠遠超過今年。我們認為，就像《戰地風雲》系列一樣，《星際大戰》系列也將帶來長遠的收益，甚至可能推動我們 2017 財年的業務成長。

On VR, what we talked about in our prepared remarks is our great strengths -- creativity, passion. And one of those things is pioneering and our desire as a Company to lead; and our belief that we have a responsibility, given our position in the industry, to lead. Part of why we are investing at an engine level is so that we can drive from a leadership position.

在虛擬實境領域，我們在準備好的演講稿中談到了我們的優勢——創造力和熱情。其中之一就是開拓創新，以及我們公司渴望引領產業；我們相信，鑑於我們在產業中的地位，我們有責任引領業界。我們之所以在引擎層級進行投資，部分原因是為了能夠佔據領導地位。

While we don't have anything to announce today, certainly for next year we are looking at opportunities to do things sooner and earlier than complete mass-market adoption. But again, we will be getting to a point -- it's less about is there mass-market adoption? More about, is the technology ready for mass-market adoption? And that's what we're working through right now. But we absolutely have a desire to lead, as is our responsibility for the position we have in the industry.

雖然我們今天沒有什麼可以宣布的，但明年我們肯定會考慮一些機會，以便在完全大規模市場推廣之前就更快地進行一些工作。但是，我們最終會發現，問題的關鍵不在於是否存在大眾市場接受度，而在於是否存在大眾市場接受度。更進一步說，這項技術是否已準備好被大眾市場接受？這就是我們目前正在努力解決的問題。但我們絕對渴望成為產業領導者，這是我們身為產業領導者的責任。

Next question.

下一個問題。

Mike Hickey, Benchmark.

Mike Hickey，Benchmark。

I also want to extend a congrats on another great quarter. I guess as much as you can, I'm sort of curious your view on Vivendi's recent investment in Ubisoft -- if you feel that perhaps there could be other potential acquisitions in the industry. And if you could update us on your current thinking around M&A and strategic partnership strategy, that would be great. And I have a follow-up.

我還要祝賀你們又一個季度取得了優異的成績。我想盡可能地了解您對維旺迪最近投資育碧的看法——您是否認為業內可能還會出現其他潛在的收購。如果您能向我們介紹您目前在併購和策略合作方面的想法，那就太好了。我還有一個後續問題。

Yes, we can't comment on Vivendi, because we just don't know. You probably know more than we do, so I'll just resist on any comment there. In terms of our acquisition strategy, nothing has really changed. We look at a lot of opportunities. But we are very excited about the opportunities we have internally, both our own IP -- we've got quite a few things cooking, as you've seen. We've hired Jade Raymond from Ubisoft to help us build some new products; Amy Hennig, as well.

是的，我們無法對維旺迪集團發表評論，因為我們對此並不了解。您可能比我們知道得多，所以我還是不予置評了。就我們的收購策略而言，並沒有什麼真正的改變。我們考察了很多機會。但是，我們對公司內部的機會感到非常興奮，包括我們自己的智慧財產權——正如你所看到的，我們正在籌備很多專案。我們從育碧聘請了 Jade Raymond 來幫助我們開發一些新產品；還有 Amy Hennig。

So there's a huge opportunity for us to continue to build our own IP, as well as a leverage our great partnerships with people like Disney and Lucas to build off of Star Wars, or any of our other licensed IP. And so, we see very little need right now. But we keep our eyes open, and we're always interested in seeing how things are evolving out there.

因此，我們有巨大的機會繼續打造我們自己的智慧財產權，並利用我們與迪士尼和盧卡斯等公司的良好合作關係，以《星際大戰》或我們任何其他授權智慧財產權為基礎進行開發。因此，我們目前看不到什麼需求。但我們會密切關注事態發展，並始終對此很感興趣。

Cool. Fair enough, thank you. And thinking about Nintendo's NX platform, the dev chips have apparently shipped. It looks like it's working towards a calendar year 2016 launch. Just wondering how you plan to manage your resources to that emerging platform. Do you anticipate being more aggressive on the front end? Or perhaps a little bit more cautious, given the Wii U underperformed expectations?

涼爽的。好的，謝謝。說到任天堂的 NX 平台，開發晶片顯然已經出貨了。看起來它正朝著2016年發布的目標努力。我想知道您打算如何將資源投入這個新興平台。你預計會在前期採取更積極的策略嗎？或許應該更謹慎一些，畢竟 Wii U 的表現低於預期？

I'm going to address that slightly differently. As we look to the future, we see a world where more people are playing on more platforms in more geographies than ever before. We see the platform cycle now, not just as a traditional six-year console cycle, but as a six-month refresh rate on mobile devices, smart TVs, Internet-enabled refrigerators, or whatever it might be.

我打算換個角度來談談這個問題。展望未來，我們看到一個比以往任何時候都更多的人在更多的平台上、在更多的地區玩遊戲的世界。我們現在看到的平台週期，不再只是傳統的六年主機週期，而是行動裝置、智慧電視、連網冰箱等等的六個月更新周期。

And what we're doing, in terms of resource allocation, is really investing at a core digital platform level, at an engine level, and at a game architecture level, to ensure that we are able to deliver amazing experiences; 6 inches to 60 inches, and beyond; two minutes to two hour session times, and beyond; across any and all relevant devices where gamers are playing.

在資源分配方面，我們正在真正地在核心數位平台層面、引擎層面和遊戲架構層面進行投資，以確保我們能夠提供卓越的體驗；從 6 英寸到 60 英寸，甚至更大；從兩分鐘到兩小時，甚至更長的遊戲時長；在玩家使用的任何相關設備上。

And as it relates to Nintendo, we've had a tremendous relationship with them over the years. And we will evaluate any and all opportunities with them, in the same way we do all platform opportunities.

至於任天堂，多年來我們與他們保持著非常好的關係。我們將以評估所有平台合作機會的方式來評估與他們合作的任何機會。

All right, guys. Thanks.

好了，各位。謝謝。

Thanks, Mike. Next question?

謝謝你，麥克。下一個問題？

Operator, do we have more questions?

操作員，我們還有其他問題嗎？

Neil Doshi, Mizuho.

尼爾·多西，瑞穗。

Can you guys talk a little bit about micro-transactions, and how you guys think about micro-transactions for some of your larger games down the road, including Star Wars, Battlefield, and Need for Speed, as well?

你們能談談微交易嗎？你們對未來一些大型遊戲（包括《星際大戰》、《戰地》和《極速快感》）中的微交易有什麼看法？

And then, Blake, I think marketing spend was a little bit lighter than we were looking for in the quarter. Any more color in terms of -- whether you're finding better ROI in terms of marketing channels, or whether you had to just defer some marketing spend? Thanks.

布萊克，我認為本季的行銷支出比我們預期的要少一些。關於行銷管道的投資報酬率是否更高，或者是否必須推遲一些行銷支出，還有其他細節需要說明嗎？謝謝。

I'll take the first part of that question. As it relates to any and all of our products, what our players are telling us -- particularly as they engage online with their friends -- is that they want to play our games longer, and more frequently, and for more hours at a time, than ever before. And our objective any time we provide additional content, in any form, whether free or paid, is to ensure that in all cases we provide value for the investment of any money and the investment of their time; and that, in all things, we are extending and enhancing the experience, so they can continue to enjoy playing the games we make with their friends for many months and years to come.

我來回答這個問題的第一部分。就我們所有產品而言，我們的玩家告訴我們——尤其是在他們與朋友在線互動時——他們希望比以往任何時候都更長時間、更頻繁地玩我們的遊戲，並且每次玩的時間也更長。我們每次提供額外內容，無論以何種形式，無論是免費的還是付費的，我們的目標都是確保在任何情況下都能為用戶投入的金錢和時間帶來價值；並且，在所有方面，我們都在擴展和增強用戶體驗，以便他們能夠在未來的幾個月甚至幾年裡繼續與朋友們一起享受我們製作的遊戲。

And on marketing expense, it's hard to look at any one quarter and see a major trend, because of how titles fall. And we may have marketing expenses in -- two quarters ahead of the title, or getting spread over multiple quarters. But our general view is we've been working very closely with all of the people involved in marketing to really leverage the engagement we have with our consumer base. We're connected to all of our consumers. We have a unique opportunity to better target our marketing activity to those consumers, and not needing to use some of the lesser -- or the more traditional marketing vehicles that have less effectiveness.

至於行銷費用，由於書籍銷售下降的規律，很難從任何一個季度看出主要趨勢。而且，我們的行銷費用可能會提前兩季到位，或分攤到多個季度。但我們的總體觀點是，我們一直在與所有參與行銷的人員密切合作，以真正利用我們與消費者群體的互動。我們與所有消費者都保持聯繫。我們擁有一個獨特的機會，可以更好地將行銷活動針對這些消費者，而無需使用一些效果較差或較為傳統的行銷手段。

Now, you're going to see a lot more out of us in the future. You'll hear more. You'll see things related to Star Wars, for example, over the next couple of weeks, which really help people better understand the product, and help target market to specific cohorts. And it's just the way we're shifting marketing. The team has done an amazing job really re-dialing how we approach marketing, led by our new CMO, Chris Bruzzo. And we're going to see more of this. And we hope that it will help us continue to manage our marketing expense over time.

接下來，你們將會看到我們更多精彩的表現。你會聽到更多消息。例如，在接下來的幾周里，你會看到一些與《星際大戰》相關的內容，這確實有助於人們更好地了解產品，並有助於將市場定位到特定的群體。這就是我們正在轉變的行銷方式。在新任首席行銷長克里斯布魯佐的帶領下，團隊出色地完成了工作，徹底改變了我們進行行銷的方式。我們以後還會看到更多這樣的情況。我們希望這能幫助我們長期有效地控制行銷費用。

Great. Thank you.

偉大的。謝謝。

Next question please, operator.

下一個問題，接線生。

Eric Handler, MKM Partners.

Eric Handler，MKM Partners。

So, I'll ask another Star Wars question. When you look at the film, international revenues could potentially double what we're seeing here in North America. I wonder if there's any correlation in how you are thinking about sales for the game, on a North American basis, versus international basis.

那麼，我再問一個關於《星際大戰》的問題。從電影本身來看，其國際票房收入可能會是北美票房的兩倍。我想知道，您在考慮遊戲在北美地區的銷售與在國際市場上的銷售時，是否存在某種關聯。

And then secondly, just one housekeeping issue with -- you gave a couple reasons why guidance didn't move higher -- including FX, Mirror's Edge. With the dilution from the convert because of the warrants that are there, is that another thing we need to consider for reasons why guidance didn't move higher?

其次，還有一個內部事務問題——您給出了一些業績指引沒有上調的原因——包括外匯市場和《鏡之邊緣》。由於認股權證的存在，可轉換債券的稀釋效應是否是我們在考慮業績指引未能上調的原因時需要考慮的另一個因素？

I'll let Peter address the Star Wars question, and I'll talk on the dilution question.

關於《星際大戰》的問題，我會讓彼得來回答，而我會談談稀釋的問題。

Yes, I think from the perspective, Eric, we look at the anticipation of what is arguably the biggest piece of intellectual property in the world, that has not seen a movie in many, many years. As I think you know, the anticipation -- whether it's North America, whether it's Europe, whether it's Asia -- is off the charts. I don't think it correlates necessarily to how we think about it. This is a global title. I've been traveling the world recently, and checking in on all of our retail and digital channels on a global basis, and we're fired up and ready to go.

是的，艾瑞克，我認為從這個角度來看，我們期待的是世界上可以說是最大的智慧財產權之一，而這部作品已經很多很多年沒有被搬上銀幕了。我想你也知道，無論是北美、歐洲或亞洲，人們的期待都達到了空前的高度。我認為這並不一定與我們如何看待它有關。這是一部全球性作品。我最近一直在世界各地旅行，考察了我們在全球範圍內的所有零售和數位管道，我們已經幹勁十足，準備就緒。

The movie feels like one of the true global launches. When you start to speak with consumers around the world, the anticipation levels are high. I don't think there is a direct correlation to how we would phase our revenue from region to region. It's going to be big and bigger.

這部電影感覺像是真正的全球首映。當你開始與世界各地的消費者交談時，他們的期望值很高。我不認為我們各地區的收入成長方式與此有直接的關聯。它會越來越大。

Yes, and in terms of the dilution issue, I'd just remind everyone that the current shares that are being redeemed -- we're issuing shares that are counterbalanced by the shares in the hedge transaction that we set up. So, until the actual bond is redeemed fully next summer, the clock then starts to tick on the potential future dilution around those shares. And so the dilution will be approximately 90 days after the bond is fully redeemed; thus, no dilution this year.

是的，關於股權稀釋問題，我只想提醒大家，目前正在贖回的股份——我們發行的股份與我們設立的對沖交易中的股份是相互抵銷的。因此，在明年夏天債券完全贖回之前，這些股票未來可能被稀釋的倒數計時就開始了。因此，稀釋將在債券完全贖回後約 90 天發生；因此，今年不會發生稀釋。

We have updated our table on our IR website to reflect that. The future dilution could occur late next year. And we'll be back to you with some of our ideas around how we're going to manage that.

我們已更新投資者關係網站上的表格以反映這一點。未來的稀釋可能發生在明年年底。我們會盡快向您報告我們關於如何應對這種情況的一些想法。

Great. Thank you very much.

偉大的。非常感謝。

Doug Creutz, Cowen and Company.

道格·克魯茨，考恩公司。

Yes, you guys were, I think, close to flat year-over-year on your physical console revenue. According to NPD, and I think [some of the data] in the UK, you were down double-digits in sellthrough. Obviously had FX headwinds elsewhere. Can you help to square that circle? Is this case of your retailers taking more inventory?

是的，我認為你們的實體遊戲機收入與去年同期相比基本持平。根據 NPD 的數據，我認為英國的一些數據顯示，你們的銷售額下降了兩位數。顯然，外匯市場在其他地區也面臨不利因素。你能幫忙把這個圓變成方嗎？這是你們零售商增加庫存的情況嗎？

Hello?

你好？

Excuse me, sir. Hello?

打擾一下，先生。你好？

One moment, participants.

各位參與者，請稍等。

(technical difficulty)

（技術難題）

Participants, thank you all; and the call is already over. You may now disconnect. Once again, at this time, the call is over. You may now disconnect.

各位參與者，謝謝大家；通話已經結束。您現在可以斷開連線了。通話再次結束。您現在可以斷開連線了。