美商藝電 (EA) 2016 Q3 法說會逐字稿

Good afternoon. My name is Doris and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 fiscal-year 2016 EA earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

午安.我叫多麗絲，今天將由我擔任你們的會議接線生。在此，我謹代表EA公司歡迎各位參加2016財年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。（操作說明）

Thank you. I will now turn call over to our host, Mr. Chris Evenden, Vice President of Investor Relations. Sir, please go ahead.

謝謝。現在我將把電話交給我們的主持人，投資者關係副總裁克里斯·埃文登先生。先生，請繼續。

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

謝謝你，多麗絲。歡迎參加EA 2016財年第三季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson 和財務長 Blake Jorgensen。我們的營運長彼得·摩爾也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 earning 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，我們也發布了收益狀況幻燈片，以配合我們準備好的發言稿。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 couple of notes regarding upcoming events. We are holding our investor day on Tuesday, May 17 at our Redwood City headquarters. This will be a great opportunity for members of the financial community to hear from our senior management team and meet with them in an informal environment.

關於即將舉行的活動，有幾點需要說明。我們將於5月17日星期二在紅木城總部舉行投資者日活動。這將是金融界人士聆聽我們高階管理團隊講話並在非正式場合與他們會面的絕佳機會。

In addition, Blake will be presenting at the Morgan Stanley conference on Tuesday, March 1, and our Q4 and year-end earnings call is scheduled for Tuesday, May 10.

此外，Blake 將於 3 月 1 日星期二在摩根士丹利會議上發表演講，我們的第四季和年終收益電話會議定於 5 月 10 日星期二舉行。

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. Electronic Arts makes these statements as of today, January 28, 2016, and disclaims any duty to update them.

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 於 2016 年 1 月 28 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. 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.

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。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'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thank you, Chris. Q3 FY2016 was a great quarter for Electronic Arts. Across all key platforms, we delivered amazing new experiences for our players and live services that enabled them to play more of the games they love. Non-GAAP revenue and earnings were above our guidance for the quarter and we are raising our full-year non-GAAP guidance as we continue our strong momentum into the final quarter of the year.

謝謝你，克里斯。2016財年第三季對藝電來說是個非常棒的季度。在所有主要平台上，我們為玩家帶來了令人驚嘆的全新體驗和即時服務，使他們能夠玩更多自己喜歡的遊戲。本季非GAAP營收和獲利均高於我們的預期，鑑於我們將繼續保持強勁的成長勢頭進入今年最後一個季度，我們將提高全年非GAAP預期。

Our highlights from the holiday quarter capture how players are engaging across the increasing breadth and depth of games and services from Electronic Arts. Q3 was a breakthrough quarter for our partnership with Disney and Lucasfilm on the Star Wars franchise. With Star Wars Battlefront, our team at DICE delivered a game with amazing visual fidelity, unmatched authenticity, and true Star Wars action fantasies that are fun for fans of all ages. It became the largest launch ever for a Star Wars game and exceeded our guidance for the full year.

我們從假期季節的亮點中可以看出，玩家們是如何參與到藝電旗下日益豐富和深入的遊戲和服務中的。第三季是我們與迪士尼和盧卡斯影業在《星際大戰》系列電影上的合作取得突破性進展的一個季度。憑藉《星際大戰：前線》，我們 DICE 團隊打造了一款畫面精美、真實感十足，且能真正展現星際大戰動作幻想的遊戲，適合所有年齡段的粉絲暢玩。它成為有史以來規模最大的《星際大戰》遊戲發布，並超越了我們全年的預期。

The journey is just beginning for Battlefront fans. Earlier this week, we announced our first free content update as well as the four expansion packs to come for Star Wars Battlefront. And there are many new experiences in development for every player in the growing community.

對於《星際大戰：前線》的粉絲來說，這段旅程才剛開始。本週早些時候，我們宣布了《星際大戰：前線》的首個免費內容更新以及即將推出的四個擴充包。對於不斷壯大的玩家群中的每位玩家來說，遊戲開發過程中都會有許多全新的體驗。

Star Wars fans are deeply engaged in their experiences on mobile and PC as well. On mobile, Star Wars Galaxy of Heroes quickly built a strong player base after it launched in November, reaching the top five most downloaded iOS games in more than 130 countries.

星戰迷們在行動裝置和電腦上的遊戲體驗也同樣精彩。在行動端，《星際大戰：銀河英雄傳》自 11 月推出以來，迅速累積了強大的玩家群體，在超過 130 個國家的 iOS 遊戲下載量排名中位列前五名。

On PC, our Star Wars: The Old Republic community has grown to the highest subscriber level in nearly three years, driven by the latest digital expansion, Knights of the Fallen Empire. More great content is on the way for players in each of these experiences as well as new Star Wars titles for multiple platforms in development across the Company.

在 PC 平台上，《星際大戰：舊共和國》的玩家群增長到了近三年來的最高訂閱用戶數，這主要得益於最新的數位擴充包《墮落帝國騎士》。在這些遊戲中，玩家將獲得更多精彩內容，同時公司也正在為多個平台開發新的《星際大戰》遊戲。

Continuing the mobile momentum, Madden NFL Mobile is a cultural hit that topped the US App Store charts over the holiday period. Player engagement is thriving, with monthly active players up nearly 50% year over year and our live events driving 2.5 times more games played over the previous years.

延續行動端的強勁勢頭，《麥登橄欖球移動版》在假期期間風靡一時，榮登美國 App Store 排行榜榜首。玩家參與度蓬勃發展，每月活躍玩家數量年增近 50%，我們的現場活動帶動的遊戲次數比往年增加了 2.5 倍。

Madden NFL Mobile continues to illustrate the opportunity for sports games on mobile devices. Just as we have demonstrated on other platforms, great sports experiences will ignite fans' unbridled commitment to the teams and sports they love, driving deeper engagement over time.

Madden NFL Mobile 持續展現了行動裝置上運動遊戲的巨大潛力。正如我們在其他平台上所展示的那樣，精彩的體育體驗將激發球迷對他們所熱愛的球隊和運動的無限熱情，並隨著時間的推移推動更深層次的參與。

Building on the success of Madden NFL Mobile, we are excited to bring more compelling EA sports experiences to our players on mobile devices. As the top game publisher on PlayStation 4 and Xbox One consoles in the Western world for calendar year 2015, EA continues to captivate players with some of the world's biggest and most popular franchises. Madden NFL 16 was the number one sports title in the US, and FIFA 16 was the number one title across all genres in Europe for calendar year 2015.

繼 Madden NFL Mobile 的成功之後，我們很高興能為行動裝置上的玩家帶來更多引人入勝的 EA 體育體驗。作為 2015 年西方世界 PlayStation 4 和 Xbox One 遊戲主機上銷量最高的遊戲發行商，EA 繼續憑藉一些世界上最受歡迎、最熱門的遊戲系列吸引玩家。2015 年，《麥登橄欖球 16》是美國排名第一的運動遊戲，《FIFA 16》是 2015 年歐洲所有類型遊戲中排名第一的遊戲。

Player engagement continues to grow across our entire EA sports portfolio, with monthly active players growing more than 10% year over year in the third quarter. And the return of Need for Speed delivered for racing car and car culture enthusiasts, with more than twice as many monthly active players in Q3 compared to our previous game.

EA體育遊戲系列的玩家參與度持續成長，第三季每月活躍玩家數量較去年同期成長超過10%。《極速快感》的回歸為賽車和汽車文化愛好者帶來了驚喜，第三季的月活躍玩家數量比上一款遊戲增加了一倍以上。

Live services are at the core of how we help our players connect with each other and stay engaged in their favorite games longer. Our EA Sports Ultimate Team services continued to engage more fans year over year in Q3, driven in part by new experiences like FUT Draft in FIFA 16 and draft champions in Madden NFL 16. We also continue to see long-term engagement across Battlefield 4 and Battlefield Hardline. In Q3, our players logged more than 150 million hours of Battlefield gameplay.

線上服務是我們幫助玩家相互聯繫並更長時間地參與他們喜愛的遊戲的核心所在。第三季度，EA Sports Ultimate Team 服務繼續吸引更多粉絲，部分原因是 FIFA 16 中的 FUT Draft 和 Madden NFL 16 中的 Draft Champions 等新體驗的推出。我們也持續看到玩家對《戰地4》和《戰地：硬仗》的長期參與。第三季度，我們的玩家在《戰地》遊戲中累積遊戲時長超過 1.5 億小時。

Our subscription programs represent a key opportunity to connect players to even more great games. EA Access continues to grow on subscribers and more than 60% of those players have used EA Access to try a game they haven't previously played.

我們的訂閱方案為玩家提供了一個絕佳的機會，讓他們能夠接觸到更多精彩的遊戲。EA Access 的訂閱用戶持續成長，其中超過 60% 的玩家使用 EA Access 試玩了他們以前從未玩過的遊戲。

Based on the success of EA Access, we've just launched Origin Access, expanding our succession programs to the PC platform. Early reaction for Origin Access has been equally positive and it's clear that our global player base sees value in this innovative approach to playing more games.

基於 EA Access 的成功，我們剛剛推出了 Origin Access，將我們的繼任計畫擴展到了 PC 平台。Origin Access 的早期反應同樣積極，顯然，我們的全球玩家群看到了這種創新方式的價值，他們可以藉此玩到更多遊戲。

EA Access and Origin Access are great examples of how EA is working to help players with one of the more compelling challenges in entertainment today. In a world that sees more competition than ever for our players' time, we are focused on delivering services that reduce friction and barriers to discovery, allowing them to maximize the time they have to play their favorite games or try something new.

EA Access 和 Origin Access 是 EA 如何幫助玩家應對當今娛樂界最具挑戰性問題之一的絕佳例證。在這個玩家時間競爭空前激烈的世界裡，我們專注於提供能夠減少摩擦和發現障礙的服務，讓他們能夠最大限度地利用時間玩自己喜歡的遊戲或嘗試新事物。

Through deeper relationships, we can help more players connect to vibrant communities, access more games and content, and engage in experiences that are meaningful, personal, and fun. In Q3, we captivated players with stunning new experiences and more great content for the games and services they love.

透過建立更深層的關係，我們可以幫助更多玩家融入充滿活力的社區，獲得更多遊戲和內容，並參與有意義、個人化且有趣的體驗。第三季度，我們透過令人驚豔的全新體驗和更多精彩內容，吸引了玩家，讓他們能夠暢玩自己喜愛的遊戲和服務。

Now I'll 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 $1.803 billion, which was $28 million above our guidance. The quarter's revenue was 26% higher than the prior year's, primarily driven by Star Wars Battlefront and Need for Speed, but also by growth across the breadth of our platform, including Ultimate Team, mobile, and catalog.

謝謝你，安德魯。EA 的非 GAAP 淨收入為 18.03 億美元，比我們預期高出 2,800 萬美元。本季營收比去年同期成長 26%，主要得益於《星際大戰：前線》和《極品飛車》的推動，同時也得益於我們平台各個方面的成長，包括終極團隊模式、行動裝置和目錄遊戲。

Star Wars Battlefront surpassed our full-year fiscal guidance of 13 million units, which includes over 1 million units bundled with consoles. On a constant currency basis, revenue would have been up 35% year on year.

《星際大戰：前線》的全年銷量超過了我們預期的 1300 萬份，其中包括超過 100 萬份與遊戲主機捆綁銷售的版本。以固定匯率計算，營收將年增 35%。

Our non-GAAP digital net revenue for the quarter increased 16% year over year to a record $807 million, 45% of this quarter's revenue. It was also a record for the trailing 12-month period, which was up 11% to $2.42 billion.

本季非GAAP數位淨收入年增16%，達到創紀錄的8.07億美元，佔本季營收的45%。過去 12 個月的數據也創下紀錄，成長 11% 至 24.2 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 free-to-play contributed $360 million, up 15% over the prior year. The principle driver of the growth was Ultimate Team.

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。額外內容和免費遊戲貢獻了 3.6 億美元，比前一年增長了 15%。推動成長的主要因素是極限團隊模式。

In particular, FIFA Ultimate Team showed strong growth, up 8% year on year, or 18% year on year at constant currency. Madden Ultimate Team and Hockey Ultimate Team also grew. Finally, FIFA Online 3, our PC free-to-play title in China and Korea, continues to perform well and is tracking to our expectations. Mobile generated $162 million in the quarter, up 17% year on year.

特別是 FIFA Ultimate Team 表現出強勁的成長勢頭，較去年同期成長 8%，以固定匯率計算年增 18%。Madden Ultimate Team 和 Hockey Ultimate Team 也成長了。最後，我們在中國和韓國推出的免費PC遊戲《FIFA Online 3》持續表現良好，符合我們的預期。本季行動業務收入為 1.62 億美元，年增 17%。

Our big launch during the quarter was Star Wars Galaxy of Heroes. And it has performed extremely well, a great start for our newest live service. In addition, Madden NFL Mobile was in the top three grossing apps in the US on the iOS App Store through the important Christmas period, and peaked at number one on Christmas Day., to join our broad strong portfolio of revenue-generating titles, which also include SimCity BuildIt, Sims FreePlay, The Simpsons Tapped Out, Need for Speed: No Limits, and Real Racing 3.

本季我們推出的重磅遊戲是《星際大戰：銀河英雄傳》。它的表現非常出色，對於我們最新的線上服務來說，這是一個很好的開始。此外，《麥登橄欖球移動版》在重要的聖誕節期間位列美國 iOS App Store 最暢銷應用前三名，並在聖誕節當天榮登榜首，加入我們廣泛而強大的盈利遊戲組合，該組合還包括《模擬城市：建造》、《模擬市民免費版》、《辛普森一家：點擊》、《極品飛車：無限賽車3》和《真實賽車3》。

Full-game PC and console downloads generated $195 million, up 39% over the prior year, driven by Star Wars Battlefront and offset by FX. Star Wars Battlefront was our largest digital launch ever. Although it did lean more towards physical copies over the full quarter, as holiday gift giving became the dominant driver of purchases.

完整遊戲 PC 和主機下載收入為 1.95 億美元，比前一年增長 39%，主要得益於《星際大戰：前線》，但被《FX》部分抵消。《星際大戰：前線》是我們迄今為止規模最大的數位遊戲發行。儘管整個季度實體商品銷量略有增長，因為節日送禮成為購買的主要驅動力。

Note that the revenue from the large number of copies sold bundled with consoles is counted as physical revenue, even though they are distributed as digital codes. And this revenue will be recognized in our fourth quarter.

請注意，與遊戲機捆綁銷售的大量遊戲拷貝的收入被計入實體收入，即使它們是以數位代碼的形式分發的。這筆收入將在第四季確認。

Subscriptions, advertising, and other digital revenue contributed $90 million, down 10% from last year due to the natural decline in the recognition of Battlefield 4 premium revenue. However, EA Access is delivering strong sustained growth, and we launched a similar PC subscription, Origin Access, in January. Our most recent update to Star Wars: The Old Republic has fueled subscriber growth with its rich content and deep storytelling.

訂閱、廣告和其他數位收入貢獻了 9,000 萬美元，比去年下降了 10%，這是由於《戰地 4》高級版收入確認的自然下降所致。然而，EA Access 實現了強勁的持續成長，我們在 1 月推出了類似的 PC 訂閱服務 Origin Access。我們最近對《星際大戰：舊共和國》的更新憑藉其豐富的內容和深刻的故事情節，推動了訂閱用戶的成長。

Moving onto gross margin. Our non-GAAP gross margin for the quarter was 70.4%, down from last year's 72.8% and 110 basis points below our guidance. The decrease from last year was driven largely by mix with Dragon Age: Inquisition last year compared to the royalty bearing Star Wars Battlefront this year. We had factored into guidance our expectations that Star Wars Battlefront would be a strong gift giving title, but it skewed even more physical than we had anticipated.

接下來我們來看毛利率。本季非GAAP毛利率為70.4%，低於去年同期的72.8%，比我們預期低110個基點。與去年相比，銷售下降的主要原因是去年受《龍騰世紀：審判》的影響，而今年則受到《星際大戰：前線》的影響。我們在製定指導方針時已經考慮到《星際大戰：前線》會是一款非常適合作為禮物的遊戲，但它的實體版銷量比我們預想的還要好。

The other significant driver of the margin shortfall versus guidance this quarter was also a positive. The strong performance of our royalty bearing console and mobile games, which triggered greater royalty expenses than expected.

本季利潤率低於預期的另一個重要驅動因素也是利好因素。我們付費主機和行動遊戲的強勁表現，導致了比預期更高的版稅支出。

Our non-GAAP operating expenses for the quarter were $511 million, down $10 million year on year driven by FX. At constant currency, OpEx would've been $22 million up, driven chiefly by increased investment in marketing to support the bigger launches this quarter compared to a year ago. The improvement on guidance was driven by phasing and continued cost control. The resulting non-GAAP diluted EPS was $1.83 per share, which is $0.08 better than guidance due to our strong top-line performance and continued cost management.

本季非GAAP營運費用為5.11億美元，年減1,000萬美元，主要受匯率影響。以固定匯率計算，營運支出將增加 2,200 萬美元，這主要是由於本季為支持更大規模的產品發布而增加的行銷投入，與去年同期相比有所增加。指導意見的改進得益於分階段實施和持續的成本控制。最終的非GAAP稀釋後每股收益為1.83美元，比預期高出0.08美元，這得益於我們強勁的營收表現和持續的成本控制。

Our cash and short-term investments at the end of the quarter were $3.23 billion or approximately $10.42 per share. 51% of this cash and short-term investment balance is held onshore. This is down from 57% held onshore last quarter, the difference being partly driven by stock repurchases and settlements of early redemptions of our convertible notes.

截至本季末，我們的現金和短期投資為 32.3 億美元，約每股 10.42 美元。其中 51% 的現金和短期投資餘額存放在境內。這一比例較上季的 57% 下降至 57%，其中部分原因是股票回購和可轉換債券提前贖回的結算。

During Q3, we settled $95 million in early conversions of our convertible notes. Through December 31, we redeemed $293 million of the $633 million total, and as of yesterday, we received notices for an additional $177 million to settle in Q4. We have updated the dilution table on our website accordingly.

第三季度，我們透過提前轉換可轉換債券結算了 9,500 萬美元。截至 12 月 31 日，我們已贖回總額 6.33 億美元中的 2.93 億美元，截至昨天，我們收到通知，需要在第四季度支付另外 1.77 億美元。我們已據此更新了網站上的稀釋比例表。

We also repurchased 1.8 million shares at a cost of $126 million, leaving $672 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.

我們也以 1.26 億美元的價格回購了 180 萬股股票，使我們於 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 6.72 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 $889 million. This is by a significant margin the largest quarterly operating cash flow ever generated in the history of the Company, and $207 million more than last year. On a trailing 12-month basis, operating cash flow was $1.025 billion.

本季經營活動產生的淨現金流量為 8.89 億美元。這是該公司歷史上最大的季度經營現金流，比去年同期增加了 2.07 億美元。過去 12 個月的營運現金流為 10.25 億美元。

Turning to guidance, we expect our fourth-quarter non-GAAP net revenue to be $875 million, $21 million lower than last year's. The decline is driven by the absence of last year's Battlefield Hardline, offset by Plants vs. Zombies: Garden Warfare 2, UFC 2, and Unravel this year. Sales of our new titles have been strong and we believe continued weakness in the game sale for last-generation consoles will continue to be a headwind. Finally, we expect FX to impact sales by around $40 million in the quarter compared to last year.

展望未來，我們預期第四季非GAAP淨收入為8.75億美元，比去年同期減少2,100萬美元。下滑的主因是去年《戰地：硬仗》的缺席，但《植物大戰》彌補了這一損失。今年還有《殭屍：花園戰爭2》、《UFC 2》和《Unravel》三款遊戲。我們新遊戲的銷售量一直很強勁，我們認為上一代主機遊戲銷售的持續疲軟將繼續成為不利因素。最後，我們預期匯率波動將使本季銷售額比去年同期減少約 4,000 萬美元。

Non-GAAP gross margin is forecasted to be 76%, 60 basis points above last year's. We expect our Q4 non-GAAP operating expense to be $500 million, down slightly year on year, driven by FX and partially offset by increased investment in R&D. This results in a non-GAAP diluted EPS of $0.40 per share as compared to $0.39 last year.

非GAAP毛利率預計為76%，比去年高出60個基點。我們預期第四季非GAAP營運支出為5億美元，年比略有下降，主要受匯率影響，但部分被研發投入增加所抵銷。這導致非GAAP稀釋後每股收益為0.40美元，去年同期為0.39美元。

Our Q4 GAAP net revenue is expected to be $1.275 billion as compared to $1.185 billion in the prior year. GAAP earnings per diluted share is expected to be $1.46 as compared to $1.19 in the prior year.

我們第四季的GAAP淨收入預計為12.75億美元，而去年同期為11.85億美元。預計以美國通用會計準則計算，每股攤薄收益為 1.46 美元，去年同期為 1.19 美元。

I would like to highlight one item related to income taxes that is not included in this GAAP guidance. As a result of our GAAP earnings in the US over the last two years, in the fourth quarter, we may record a material income tax credit due to a reversal of a significant portion of the valuation allowance we have against our US deferred tax assets. This would significantly increase our GAAP earnings per share, but would have no effect on non-GAAP earnings or cash flow.

我想重點指出一項與所得稅相關的事項，該事項未包含在此 GAAP 指南中。由於我們過去兩年在美國的GAAP收益，在第四季度，由於我們針對美國遞延所得稅資產計提的估值準備金的很大一部分被沖回，我們可能會確認一筆重大的所得稅抵免。這將大幅提高我們的 GAAP 每股收益，但不會對非 GAAP 收益或現金流量產生任何影響。

Our Q4 outlook would result in a full-year non-GAAP revenue of $4.517 billion and non-GAAP EPS of $3.04 per share. This is an increase from our previous guidance of $4.5 billion and $3 per share, respectively. Our anticipated operating margin remains at 28%.

我們預計第四季全年非GAAP營收將達到45.17億美元，非GAAP每股盈餘將達3.04美元。這比我們之前分別給出的45億美元和每股3美元的預期有所提高。我們預計的營業利潤率仍為 28%。

Our Q4 GAAP guidance implies full-year GAAP revenue of $4.363 billion and fully diluted GAAP EPS of $2.23 per share. Regarding cash flow for the full fiscal year, we are maintaining our operating cash flow guidance at approximately $1.2 billion, and free cash flow guidance of at least $1.1 billion, as capital expenditure is tracking below our $100 million estimate for the year.

我們第四季度 GAAP 業績指引意味著全年 GAAP 收入為 43.63 億美元，完全稀釋後的 GAAP 每股收益為 2.23 美元。關於整個財政年度的現金流，我們維持營運現金流預期約為 12 億美元，自由現金流預期至少為 11 億美元，因為資本支出低於我們先前對全年 1 億美元的預期。

Despite the considerable uncertainty around the state of the world economy, we remain confident in our ability to continue to grow earnings and cash flow. Q3 was another strong quarter for Electronic Arts and a new high water mark for cash generation.

儘管世界經濟情勢存在相當大的不確定性，但我們仍對持續成長獲利和現金流的能力充滿信心。第三季度對於藝電來說又是強勁的季度，現金流也創下了新高。

Our strategy is to assemble a broad portfolio of games, leveraging both wholly owned and licensed IP. This builds a deep catalog that sells for years and provides the right balance of innovation and predictability for long-term earnings and cash flow growth.

我們的策略是建立一個廣泛的遊戲組合，充分利用我們完全擁有和授權的智慧財產權。這樣就能建立一個暢銷多年的龐大產品目錄，並在創新和可預測性之間取得適當的平衡，從而實現長期收益和現金流增長。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. FY2016 has been a groundbreaking year so far for Electronic Arts on so many fronts: stunning new games, dynamics services, and new opportunities to connect and celebrate the passion for play we share with our players.

謝謝你，布萊克。2016 財年至今，藝電在許多方面都取得了突破性的進展：令人驚豔的新遊戲、動態的服務，以及與玩家們聯繫並慶祝我們共同擁有的遊戲熱情的新機會。

Amazing game experiences begin with creativity and innovation. And we have focused on delivering that to players wherever they want to play. Leveraging the powerful Star Wars IP, we are now connected with players in large services across three games on three platforms and three business models.

精彩的遊戲體驗始於創造力和創新。我們一直致力於讓玩家無論身在何處都能享受遊戲體驗。借助強大的《星際大戰》IP，我們現在已經透過三個平台上的三款遊戲和三種商業模式，與大型服務中的玩家建立了聯繫。

In Star Wars Battlefront, an HD console experience, we are building a major franchise with passionate fans. In Star Wars Galaxy of Heroes, a free-to-download game on mobile, we have a successful new live service. And in Star Wars: The Old Republic, we've demonstrated the longevity of an experience that has great IP and content that continues to deliver enjoyment for our players.

在《星際大戰：前線》這款高清主機遊戲體驗中，我們正在打造一個擁有眾多熱情粉絲的大型系列作品。在手機上的免費遊戲《星際大戰：銀河英雄傳》中，我們成功推出了一項全新的線上服務。在《星際大戰：舊共和國》中，我們已經證明了擁有優秀IP和內容的遊戲體驗能夠經久不衰，並持續為玩家帶來樂趣。

In Q4, we will go live with three new titles that further reflect the creativity, innovation, and variety in our experiences today. Unravel launches on February 9, bringing Yarny's journey to life in the charming and beautiful world crafted by our partners at Coldwood Interactive.

第四季度，我們將推出三款新遊戲，進一步體現我們如今在遊戲體驗中所展現的創造力、創新性和多樣性。《Unravel》將於 2 月 9 日上線，在我們的合作夥伴 Coldwood Interactive 精心打造的迷人而美麗的世界中，將 Yarny 的冒險之旅栩栩如生地呈現在玩家面前。

On February 23, Plants vs. Zombies: Garden Warfare 2 goes live, with all its over-the-top action and hilarious characters ready for new and existing fans of this beloved franchise. Then on March 15, we return to the octagon, with EA Sports UFC 2 set to debut, featuring new fighters, new physics, and new modes for fight fans around the world.

2月23日，植物大戰《殭屍：花園戰爭 2》正式上線，其誇張的動作場面和滑稽的角色將為這款備受喜愛的系列遊戲的新老粉絲帶來全新的體驗。然後，在 3 月 15 日，我們將重返八角籠，EA Sports UFC 2 將首次亮相，為世界各地的格鬥迷帶來新的格鬥選手、新的物理效果和新的遊戲模式。

Looking ahead to FY2017, we will introduce breakthrough games from some of our biggest and most popular franchises. In Q1, we will begin with the creative and innovative Mirror's Edge Catalyst from DICE launching in May. A great lineup of EA Sports titles are in development for next year and we look forward to sharing more about these new experiences in the months ahead.

展望 2017 財年，我們將推出一些旗下最熱門、最受歡迎的系列遊戲的突破性作品。第一季度，我們將以 DICE 出品的極具創意和創新性的《鏡之邊緣：催化劑》於 5 月發佈為開端。EA Sports 正在開發一系列優秀的遊戲，將於明年面世，我們期待在接下來的幾個月與大家分享更多關於這些新遊戲體驗的資訊。

An all new Battlefield game from DICE will arrive in time for the holidays. We are excited to have a new Titanfall experience coming from our friends at Respawn, and of course Mass Effect: Andromeda from the team at BioWare will launch later in the fiscal year. Players in our live services will continue to experience engaging new content, expansions, and updates and will have more new mobile titles as well.

DICE 開發的全新《戰地風雲》遊戲將在假期前夕發布。我們很高興能從 Respawn 的朋友們體驗到全新的 Titanfall，當然，BioWare 團隊的 Mass Effect: Andromeda 也將在本財年稍後發布。我們的線上服務玩家將繼續體驗到引人入勝的新內容、擴充包和更新，並且還將擁有更多新的行動遊戲。

Competition runs deep in the DNA of Electronic Arts and we are thrilled to share the passion with our players through our new competitive gaming division led by Peter Moore. For years, we've experienced the energy of competitive gaming through events and tournaments for our EA Sports and Battlefield communities.

競爭精神深植於藝電的基因之中，我們很高興能透過由彼得·摩爾領導的全新競技遊戲部門，與我們的玩家分享這份熱情。多年來，我們透過 EA Sports 和 Battlefield 社群舉辦的賽事和錦標賽，體驗了競技遊戲的熱情。

As the global gaming audience grows, we are working to deliver our best-in-class program of competitions that are accessible, engaging, and entertaining at all levels, celebrating the talent and skill of our players. We are already underway, with players competing in the Madden NFL live challenge that culminates with the finals here in San Francisco during Super Bowl week. We are excited to have Peter and the team unveil more of our plans as we get into FY2017.

隨著全球遊戲觀眾的成長，我們致力於提供一流的比賽項目，讓各個級別的玩家都能參與其中，享受比賽的樂趣，並展現玩家的才華和技能。比賽已經拉開序幕，選手們正在參加 Madden NFL 現場挑戰賽，決賽將在超級盃週期間於舊金山舉行。我們很高興彼得和他的團隊將在 2017 財政年度公佈更多計劃。

From our new titles to our live services, new programs like Origin Access to new frontiers like competitive gaming, Electronic Arts continues to focus on putting our players first in everything we do. Games deliver on a fundamental human need for entertainment. And for each of us, that means something unique and personal: a need to connect, to compete, to explore, to improve, to challenge, to share.

從我們的新遊戲到我們的線上服務，從 Origin Access 等新項目到競技遊戲等新領域，藝電始終將玩家放在首位。遊戲滿足了人類對娛樂的基本需求。對我們每個人來說，這意味著獨特而個人的東西：需要聯繫、競爭、探索、進步、挑戰和分享。

We are focused on understanding these needs for every player, building stronger relationships so we can fulfill them at the right place and time, and unlocking the full potential of play through amazing new experiences. The commitment we have to our players continues to transform Electronic Arts and galvanizes our efforts to deliver disruptive and innovative new ways to play.

我們致力於了解每位玩家的需求，建立更緊密的聯繫，以便在適當的時間和地點滿足這些需求，並透過精彩的新體驗釋放遊戲的全部潛力。我們對玩家的承諾不斷改變藝電，並激勵我們努力提供顛覆性和創新性的新遊戲方式。

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。

(Operator Instructions) Chris Merwin.

（操作說明）克里斯·默溫。

Thanks for taking my question. I just had one on digital downloads. This past holiday season, I think we've seen some industry data points that showed the AAA launches really inflected higher in terms of digital, but digital downloads were just a bit lighter than what we would've expected for you all.

謝謝您回答我的問題。我剛剛參加了一個關於數位下載的活動。在過去的假期裡，我們看到了一些行業數據，這些數據表明 AAA 級遊戲的數位版發行量確實更高，但數位下載量卻比我們預期的要低一些。

Blake, I know you obviously commented that Star Wars was a much more heavily gifted title during the holiday season, which I think makes a lot of sense, given the younger audience. So next year when you release Battlefield 5, are you expecting to see more of an inflection in digital downloads and is 1 point gross margin expansion per year still the right target going forward?

布萊克，我知道你之前評論過，《星際大戰》在假期期間收到的禮物更多，考慮到它面向的是年輕觀眾，我認為這很有道理。那麼，明年《戰地5》發佈時，您是否預期數位下載量會有更大的成長？每年毛利率成長1個百分點是否仍是未來的正確目標？

And just a second quick question, was wondering if you wouldn't mind telling us how engagement has been trending for Star Wars relative to maybe Battlefield 4? And when we think about the DLCs you'll be selling for that title, is it fair to assume that the attach rate would be comparable to that of Battlefield 4? Thanks.

還有一個小問題，請問您能否告訴我們，《星際大戰》的玩家參與度相對於《戰地4》的趨勢如何？當我們考慮你將為該遊戲銷售的 DLC 時，是否可以合理地假設其銷售速度將與《戰地4》相當？謝謝。

Sure. Let me start with the full game download and Andrew might want to talk to a little bit about the Battlefront engagement. First, remind you that full game downloads generated $195 million, up 39% year over year. So while we might not have done as many on Star Wars as we thought we could do, that's still a big number. And many of our other titles are obviously skewing heavily towards full game downloads, since you couldn't have gotten a number of that size in the quarter without that.

當然。首先，我先介紹一下完整的遊戲下載，安德魯可能想稍微談談《星際大戰：前線》的戰鬥情況。首先提醒大家，完整遊戲下載量創造了 1.95 億美元的收入，較去年同期成長 39%。所以，雖然我們可能沒有像預期那樣製作那麼多《星際大戰》相關的作品，但這仍然是一個很大的數字。顯然，我們的許多其他遊戲也嚴重傾向於完整版遊戲下載，因為如果沒有完整版遊戲下載，你不可能在本季度獲得如此龐大的下載量。

We were surprised that more gift giving was done with Star Wars, which obviously impacted the digital downloads. And my guess is that that will be less so next year because Battlefront tends to skew less towards gift giving and less -- and more towards PC. There's a very hard-core PC audience that's a Battlefield audience, and they tend to obviously do more physical -- or digital downloads than physical.

我們驚訝地發現，星戰主題的禮物贈送量更大，這顯然影響了數位下載量。我猜想明年這種情況會有所改善，因為《星際大戰：前線》不太傾向於送禮，而更傾向於PC平台。《戰地》系列遊戲擁有非常核心的 PC 玩家群體，他們顯然更傾向於購買實體版或數位下載版。

So we should tend to see a return to that gross margin guidance that we've talked about in the past. We'll obviously give you detailed gross guidance in May for the full year, but based on what we know about the Star Wars title and gift giving, we would be very surprised if we didn't shift back to the improvements in gross margin that we saw.

因此，我們應該會看到毛利率回歸到我們之前討論過的預期水準。我們當然會在五月提供全年詳細的毛利預測，但根據我們對《星際大戰》系列電影和禮品贈送活動的了解，如果我們的毛利率沒有恢復到之前的成長水平，我們會感到非常驚訝。

And on engagement, engagement has been strong. It's been a great game to play across multiple generations, so the audience is much wider than a traditional Battlefield audience, which is great for us. We are introducing new people to Electronic Arts and to games and the first-person shooter genre. We have just announced our first batch of free content and our four maps that will form part of the premium service, and we expect strong engagement with that going forward.

在用戶參與度方面，用戶參與度一直很高。這款遊戲深受幾代玩家的喜愛，因此它的受眾比傳統的《戰地》系列遊戲的受眾要廣泛得多，這對我們來說是件好事。我們正在向新用戶介紹藝電、遊戲以及第一人稱射擊遊戲類型。我們剛剛發布了第一批免費內容和四張地圖，它們將作為高級服務的一部分，我們預計未來將獲得用戶的積極參與。

All right, great. Thank you.

好的，太好了。謝謝。

Stephen Ju.

史蒂芬·朱

Hey, guys. This is Chris on for Stephen. Congrats on the quarter. Two quick questions from our end. You said you sold in 13 million units of Battlefront and 1 million of them were bundled. Wondering if you guys are seeing any excess inventory in the channel.

嘿，夥計們。這裡是克里斯替史蒂芬發言。恭喜你本季取得佳績。我們有兩個問題想快速問一下。你說過《星際大戰：前線》共售出 1300 萬份，其中 100 萬份是捆綁銷售的。想問你們通路裡有沒有庫存過剩的狀況。

And then can you touch a bit on what you've seen so far with Origins Access? Do the subscribers have the same propensity to try new games, maybe new genres that they have not played before, just like EA Access?

那麼，您能否簡單談談您目前對 Origins Access 的體驗？訂閱用戶是否像 EA Access 會員一樣，有嘗試新遊戲，甚至是他們以前從未玩過的新遊戲類型的傾向？

So on the Origin Access piece that we just rolled it out, so it's very early days and it's hard to get any data yet. So more to come on that. But obviously we are very excited about what we have been seeing in EA Access and that was part of the reason we decided to roll out Origin Access. It's a different group of titles because not all of our titles are PC titles.

所以，關於我們剛推出的 Origin Access 功能，目前還處於非常早期的階段，很難取得任何資料。關於這一點，後續還會有更多討論。但很顯然，我們對 EA Access 的表現感到非常興奮，這也是我們決定推出 Origin Access 的部分原因。這是一組不同的遊戲，因為我們的遊戲並非全是 PC 遊戲。

So we will probably see some different dynamics between players, but we hope to see similar dynamics than we have seen in EA Access. Because it's exciting to see obviously people broaden their interest in more games than simply one franchise.

因此，我們可能會看到玩家之間出現一些不同的互動模式，但我們希望看到與 EA Access 中類似的互動模式。因為看到人們的興趣不再局限於單一遊戲系列，而是擴展到更多遊戲，這確實令人興奮。

On your first question, can you go back and just repeat again what you were looking for there?

關於你的第一個問題，你能回去再重複一次你當時想找的內容嗎？

Yes. You guys said you've sold in 13 million units of Battlefront, and 1 million of that was consistent in the bundles. Do you guys have any excess inventory in the channel?

是的。你們說《星際大戰：前線》的銷量達到了 1300 萬份，其中 100 萬份是透過捆綁包售出的。你們通路裡有多餘的庫存嗎？

No, we're very comfortable with where the channel is. We actually had a very strong sellthrough during the quarter as well as sell-in. And there are some accounts, obviously, that are replenishing in their -- as they get through their January time frame. And we are very comfortable with where the channel inventory is now.

不，我們對頻道的位置非常滿意。本季我們的銷售和進貨量都非常強勁。顯然，有些帳戶正在逐步恢復——隨著它們度過一月份的這段時間。我們對目前的通路庫存狀況非常滿意。

Okay. Thanks, guys.

好的。謝謝各位。

Colin Sebastian.

科林·塞巴斯蒂安。

Great, thanks. Was wondering if you could comment on the progress of the next Titanfall, and with that the overall relationship with Respawn, if for instance, there are opportunities to expand that relationship to a couple other titles.

太好了，謝謝。我想請您談談下一部《泰坦墜落》的進展情況，以及與Respawn的整體合作關係，例如，是否有機會將這種合作關係擴展到其他幾款遊戲中。

And then I was hoping Peter could expand on the EA Sports opportunity: how large do you guys think this could be, how impactful could be to the overall business over the near term, and then the longer-term as well. That would be helpful. Thanks.

然後我希望 Peter 能進一步闡述 EA Sports 的機會：你們認為這個機會有多大？它在短期內對整個業務的影響有多大？長遠來看又會產生多大的影響？那會很有幫助。謝謝。

I'll take the Titanfall question. Again, it's a little early to start talking about the details of Titanfall in this juncture, and that wasn't the purpose of raising it. What I would say, having seen the game, is it's looking fantastic. Our relationship with Respawn is extremely strong; we have great faith in that entire team to build a spectacular game and are really looking forward to sharing more details in the months ahead.

我來回答關於《泰坦隕落》的問題。再次強調，現在討論泰坦隕落的細節還為時過早，而且提出這個問題也不是為了討論這個話題。看過遊戲之後，我覺得它看起來棒極了。我們與Respawn的關係非常牢固；我們對整個團隊充滿信心，相信他們能夠打造出一款精彩的遊戲，並期待在接下來的幾個月分享更多細節。

As regards competitive gaming, obviously we see a great opportunity going forward here. I'll remind you and I know you know this that we've been doing this for a number of years, whether it's been our involvement with FIFA with the FIFA Interactive World Cup.

就競技遊戲而言，我們顯然看到了未來巨大的發展機會。我提醒各位，我知道你們也知道，我們多年來一直在做這件事，無論是我們與國際足總合作舉辦的 FIFA 互動世界盃。

As was mentioned in the prepared remarks, we're looking forward to the finals of the Madden Challenge series at the Madden Bowl on Thursday night here in the Bay Area. But we also see this may be a little different late then maybe some of our publishing brethren that are in the marketplace right now, and we see this as a tool and a platform to increase engagement.

正如事先準備好的演講稿中所提到的，我們期待著週四晚上在灣區舉行的 Madden Bowl 的 Madden Challenge 系列賽決賽。但我們也看到，這可能與我們目前市場上的一些出版同行略有不同，我們將其視為提高參與度的工具和平台。

More and more session days with games is good for Electronic Arts; it's good for our players. We are taking a very player-first view on this in which we are building community. It's clearly an entertainment medium, I think there's a lot of excitement around it, and I can't think of anybody that's better served with the diversity of our portfolio when you think about sports titles in particular, FIFA and Madden, as well as our Battlefield franchise that has been able to build a meaningful business over the next couple of years.

遊戲環節日的增加對藝電來說是好事，對我們的玩家來說也是好事。我們採取以玩家為中心的策略，致力於建立玩家社群。它顯然是一種娛樂媒介，我認為它引起了很多人的興奮，而且就體育遊戲而言，尤其是 FIFA 和 Madden 系列，以及我們的 Battlefield 系列，我認為沒有誰比我們更能享受到如此多元化的產品組合帶來的益處，這些系列在未來幾年已經能夠建立起有意義的業務。

Thank you.

謝謝。

Brian Pitz.

布萊恩·皮茨。

(technical difficulty) [Shae] in for Brian. Just another question on Star Wars. So just wondering how much of the mix shift towards physical discs do you attribute to heavy promotional activity, like GameStop's $40 sale? So just curious about how those kinds of retail promotions, how effective are they in terms of attracting new users?

（技術故障）[Shae] 代替 Brian 上場。關於《星際大戰》還有一個問題。所以我想知道，實體光碟銷售的成長有多少是由於像 GameStop 的 40 美元促銷活動這樣的大力推廣活動造成的？所以，我很好奇這類零售促銷活動在吸引新用戶方面效果如何？

And just on the same subject, I know you take a 20% reserve on gross revenue for each unit shipped. I'm just curious if you can quantify the impact to your P&L when GameStop offers discounts like we saw. How's the impact -- how does this impact gross margin? Thanks.

順便提一下，我知道你們每件出貨產品的總收入都會預留 20% 作為儲備金。我只是好奇，當 GameStop 像我們看到的那樣提供折扣時，你們能否量化這對你們損益表的影響。影響如何？這對毛利率有何影響？謝謝。

Let me first speak to just discounting in general. This is a business that in the holiday time frame, between Black Friday and Christmas, has traditionally done a lot of discounting. It's a way of driving volume, particularly when people are now buying for the first time a new console, often they want to build up their software inventory pretty quickly. And we find that discounting helps drive people into the engagement.

首先，我想談談折扣的一般性問題。這家企業在黑色星期五到聖誕節這段假期期間，歷來都會進行大量的折扣促銷。這是一種提高銷售量的方法，尤其是在人們第一次購買新遊戲機的時候，他們通常希望很快就累積起自己的軟體庫存。我們發現，折扣有助於促使人們參與互動。

We obviously share that view with the retailers and we help support the retailers in that each year with specific programs, and I think we've done that year over year and it really doesn't impact that. We are also doing discounting on the digital side to try to keep the two aligned.

我們顯然與零售商持有相同的觀點，並且每年都會透過特定的計劃來幫助零售商，我認為我們年復一年地這樣做，這真的不會產生影響。我們也在數位產品方面進行折扣促銷，以努力保持兩者之間的平衡。

We don't want to have a disconnect between pricing in one area and pricing in another. And so you'll tend to see us drive volumes through discounting and it's pretty consistent year in and year out. I would say this year, our programs were very similar to what you saw last year or similar to what we've seen with all of our other industry partners and titles that they may have had. There wasn't a lot of difference between years.

我們不希望不同地區的定價出現脫節。因此，你會看到我們透過折扣來提高銷量，而且這種情況年復一年都相當穩定。我想說，今年我們的節目與去年的節目非常相似，或者與我們所有其他行業合作夥伴的節目和他們可能推出的節目非常相似。各年份之間並沒有太大差別。

On the sales reserve, we take the sales reserves upfront at the start of each quarter in anticipation of what our sell-in is going to be. And we use those sales reserves during a quarter on a very formalized planned method. So all of these sales get planned well in advance and we need to make sure that we have the appropriate reserves in place to help pay for those over time. And so we will be setting up sales reserves each quarter as we go in, and those tend not to impact margins or margins that we forecast, because they are already built into the numbers.

關於銷售儲備，我們在每季初預先提列銷售儲備，以應對即將到來的銷售情況。我們在一個季度內會按照非常規範的計劃方法使用這些銷售儲備金。因此，所有這些銷售都需要提前做好計劃，我們需要確保有足夠的儲備金來支付這些款項。因此，我們將在每個季度開始時設立銷售儲備金，這些儲備金通常不會影響利潤率或我們預測的利潤率，因為它們已經包含在數字中了。

Thanks. And then if I could, I believe that Andrew mentioned that you were attracting a new type of demographic to Star Wars. I'm just wondering for any sort of color on that: who are the new players, what does the demographic breakdown look like of that game, and what types of new -- what's the new demographic you are attracting to the EA tent. Thanks.

謝謝。如果可以的話，我記得安德魯提到過，你們正在為《星際大戰》吸引一種新的觀眾群。我只是想了解一些相關資訊：有哪些新玩家？這款遊戲的玩家群組成是怎樣的？ EA 正在吸引哪些類型的新玩家——你們正在吸引哪些新的玩家群加入 EA 陣營？謝謝。

I can take that. So what we've seen is really there's two groups that have either come for the first time or have come back to gaming. The first group is people, quite frankly, of my generation or my vintage, who have been gamers in the past have for whatever reason kind of moved away from it and particularly moved away from core FPS shooters because they have become very hard and complicated, and quite frankly brutal to play online. They've come back in light of the Star Wars IP and the commitment and the passion they have around that from their youth.

我可以接受。所以我們看到的情況是，其實有兩類人群，要嘛是第一次玩遊戲，要嘛是重新回歸遊戲。坦白說，第一類人是我這一代或我這個年齡段的人，他們過去都是遊戲玩家，但不知何故，他們逐漸遠離了遊戲，尤其是遠離了核心的第一人稱射擊遊戲，因為這些遊戲變得非常難、非常複雜，坦白說，在線玩起來非常殘酷。他們回歸是出於對《星際大戰》IP的熱愛，以及他們從小就對這個IP的投入和熱情。

At the same time, they now have kids who are of game playing age who may have not got into the first-person shooter universe yet because of the nature of the content inside of some of those games. So we are seeing fathers and sons play; we are seeing mothers and daughters play because of the broad appeal.

同時，他們現在的孩子已經到了玩遊戲的年齡，但由於某些遊戲的內容性質，他們可能還沒有接觸過第一人稱射擊遊戲。因此，我們看到父子一起玩，也看到母女一起玩，因為這項運動具有廣泛的吸引力。

So the big groups that we've added as kind of a youth demographic, it skews typically younger than we have seen before, as well as an older demographic that we may have had interaction with some years ago, but had lapsed out in recent years, particularly from the first-person shooter universe. And we are looking now at how we continue to provide content and experiences that engage those two new groups so that we maintain relationships with them over time.

因此，我們新增的大型群體，其年輕化程度通常高於我們之前所見的群體，以及我們幾年前可能與之有過互動，但近年來逐漸淡出我們視野的老年群體，特別是第一人稱射擊遊戲領域中的老年群體。我們現在正在研究如何繼續提供能夠吸引這兩個新群體的內容和體驗，以便我們能夠與他們保持長期的關係。

Great, thank you.

太好了，謝謝。

Justin Post.

賈斯汀·波斯特。

Thanks for taking my question. This is Ryan on for Justin. First on Star Wars, congratulations on the shipments. Wondering if you could talk about how demand is looking in early 4Q, and then maybe how much you expect that title to contribute, either digitally or physically or combined during the quarter.

謝謝您回答我的問題。這是瑞恩替賈斯汀發言。首先是《星際大戰》相關報道，恭喜出貨成功。想請您談談第四季度初的需求情況，以及您預計該書在本季度將以數位版、實體版或兩者結合的方式貢獻多少銷量。

And then you highlighted some of the titles that you guys are working on especially for next year. Wondering how you're thinking about spacing for all those titles: Battlefield, Mass Effect, Titanfall, and maybe Mirror's Edge is in there as well.

然後你們重點介紹了一些你們正在特別為明年開發的遊戲項目。我想知道你是如何考慮這些遊戲（包括《戰地》、《質量效應》、《泰坦隕落》，可能還有《鏡之邊緣》）的擺放位置的。

And then lastly, just going to the digital and the mix shift, is it fair to say that really this digital mix shift away from full game downloads is one-time in nature, and just really the specific Star Wars title? Or is there any reason for us to think that EA won't continue to see the benefit on the margin side from the industry going digitally into 4Q and then into fiscal 2017?

最後，就數位化和混合模式的轉變而言，這種從完整遊戲下載轉向數位化混合模式的轉變是否真的只是一次性的，而且僅限於特定的《星際大戰》遊戲？或者，我們有什麼理由認為，隨著產業數位轉型進入第四季度，並進入 2017 財年，EA 不會繼續從利潤率受益？

Let me start there. I don't think there's any indication that this mix shift is anything but a Star Wars Battlefront opportunity. Remember the movie was out, all things Star Wars for the month of December, and it was the perfect gift giving opportunity.

我就從這裡開始吧。我認為沒有任何跡象表明這種組合變化不是《星際大戰：前線》的機會。別忘了當時電影上映，整個十二月都是星際大戰主題活動，這是送禮的絕佳時機。

And typically with gifts, someone wants to have a package under a tree or in a gift pile somewhere versus a digital code. And that was the driver of the shift. We could see -- when we do the next Battlefront, we could see something like that, but we have no idea on exact timing yet for ourselves or the industry, and exactly how the buzz around Star Wars will be when that comes again the next time around.

通常來說，人們更希望收到一個放在聖誕樹下或禮物堆裡的包裹，而不是一個電子代碼作為禮物。這就是促成轉變的原因。我們或許可以看到——當我們製作下一部《星際大戰：前線》時，我們可能會看到類似的情況，但我們目前還不知道具體時間，無論是對我們自己還是對整個行業來說，也不知道下一次《星際大戰》系列再次推出時，人們的熱情會如何。

So right now, I would say nothing would imply to us that the digital journey is slowing in anyway. And in fact, if we look at all of our non-Star Wars products, every one of them were up digitally in full game downloads and the digital engagement associated with them. You look at the Ultimate Team statistics we gave you, that's clear sign that people are playing and engaging longer and longer around the titles.

所以就目前而言，我認為沒有任何跡象表明數位化進程正在放緩。事實上，如果我們看看我們所有非星際大戰產品，每一款產品都以完整遊戲下載的形式進行數位化推廣，並且都獲得了相關的數位互動。看看我們提供的終極球隊統計數據，這清楚地表明人們玩遊戲的時間越來越長，參與遊戲的時間也越來越長。

In terms of guidance, guidance on Star Wars, we are not going to break out individual guidance. Obviously, we'll end up selling more than the 13 million units, as we've already gotten there. We did sell more in the third quarter, so we may ultimately sell less in the fourth quarter than we originally thought. But we will clearly sell more overall and that's built into our guidance for the fourth quarter.

關於指導意見，特別是關於《星際大戰》的指導意見，我們不會單獨給出指導意見。顯然，我們最終的銷量會超過 1300 萬台，因為我們已經達到了這個數字。第三季我們的銷量確實有所成長，因此第四季的最終銷量可能會比我們原本預想的要少。但總體而言，我們的銷量肯定會成長，這一點已納入我們對第四季的預期。

I will remind people about fourth quarter, though. Don't forget that there is a continued FX headwind that we've called out, that's $40 million of headwind. I'm not sure everyone is modeling that into their models. And we are not ignoring the fact that there is a economic headwind out there around the world that hasn't really impacted us, but we are being conservative when we give our guidance around watching that closely.

不過，我會提醒大家注意第四季的狀況。別忘了我們之前提到的持續外匯逆風，這相當於 4000 萬美元的逆風。我不確定所有人都把這一點納入了他們的模型中。我們並沒有忽視全球範圍內存在的經濟逆風，雖然這些逆風尚未真正影響到我們，但我們在密切關注這些逆風方面採取了保守的指導意見。

In terms of next year's guidance, the title slate that we talked about on the core titles along with the traditional sports titles, the one thing to note is Q1, the only title we have in Q1 is Mirror's Edge, plus all of our catalog business and live services business. But our core console title will be Mirror's Edge.

關於明年的業績預期，我們之前討論過核心遊戲和傳統體育遊戲的陣容，需要注意的是，第一季我們只有《鏡之邊緣》一款遊戲，此外還有我們所有的遊戲目錄業務和線上服務業務。但我們的主力主機遊戲將是《鏡之邊緣》。

And as you're doing -- we'll give you real full-year guidance in May when we sit down to do the next earnings call. But as you're starting to think about guidance for Q1 and next year, don't forget about the continued FX headwinds, which are impacting us, as well as in Q1, one specific item. Remember that last year in Q1, we had a $30 million benefit -- one-time benefit from FIFA Online 3 as we started that up, and we had deferred revenue all into Q1. So that was high profit revenue that came into Q1. A couple of basic things for your model, but things to remember.

正如你們所料－我們將在五月召開下一次財報電話會議時，給予全年業績指引。但是，當您開始考慮第一季和明年的業績指引時，不要忘記持續的外匯逆風，它正在影響我們，而且在第一季度，還有一個具體因素會影響到我們。請記住，去年第一季度，我們獲得了 3000 萬美元的收益——這是 FIFA Online 3 推出時的一次性收益，而我們第一季的收入都是遞延的。所以，第一季獲得了高利潤收入。你的模型有幾項基本要求，但需要記住。

But we are excited about the rest of the slate. You should assume that Battlefield would come typically in the third quarter when we normally have it. We are not yet announcing when Titanfall or Mass Effect: Andromeda will come, but you should assume that is in the back half of the year as well because the second quarter was so dominated by our sports titles.

但我們對其他參賽者感到興奮。你應該預料到《戰地》系列遊戲通常會在第三季推出，也就是我們通常玩到這款遊戲的時間段。我們尚未公佈《泰坦隕落》或《質量效應：仙女座》的發佈時間，但你們應該會認為它們也會在今年下半年發布，因為第二季度我們的大部分精力都放在了體育遊戲上。

Okay, great. And then if I can add one last follow-up. It was nice pickup in mobile revenue. Do you guys happen to have an update MAU figure that you can share?

好的，太好了。最後，我還要補充一點。行動端收入出現了不錯的成長。你們有最新的每月活躍用戶數（MAU）數據可以分享嗎？

We don't. But we probably will in the next quarter.

我們不。但我們很可能在下個季度實現。

Okay. Great, thanks, guys.

好的。太好了，謝謝各位。

Arvind Bhatia.

阿文德·巴蒂亞。

Thank you. A couple of questions. One, I know you guys touched on Madden NFL Mobile did really well this quarter. Wondering what are some of the learnings -- Andrew in particular -- that maybe could apply to FIFA Mobile and other titles specifically.

謝謝。幾個問題。第一，我知道你們提到 Madden NFL Mobile 這季度表現非常出色。想知道安德魯有哪些經驗教訓或許可以應用在 FIFA Mobile 和其他遊戲中。

And then wondering if you guys are willing to share the mix of full game digital downloads on some of the key titles during the quarter. And for any of you, I guess, just would love some thoughts on virtual reality and your efforts there currently. Thank you.

然後我想知道你們是否願意分享本季一些重點遊戲的完整數位下載組合。我想，你們當中有些人可能很想聽聽你們對虛擬實境的看法以及你們目前在該領域的努力。謝謝。

I'll take the Madden Mobile one. As we think about all of our mobile games, we really think about them on four vectors: discovery, how someone will find the title, whether that's through an App Store or through social representation; onboarding, how someone will get into the title; the gameplay mechanic itself, so actually what do you do while you are playing the game; and then how do we run the service that actually surrounds that game to make it new and interesting, fun and dynamic and engaging on a moment-to-moment day-to-day basis.

我要Madden Mobile版。我們在考慮所有手機遊戲時，主要從四個方面來考慮：發現，即用戶如何找到遊戲，無論是透過應用商店還是社交媒體；引導，即用戶如何進入遊戲；遊戲機製本身，也就是用戶在玩遊戲時實際會做什麼；以及我們如何運營圍繞遊戲的服務，使其在日常生活中保持新鮮感、趣味性、活力和吸引力。

As we look at what we've done with Madden NFL Mobile over the last couple of years, you will have seen we've fundamentally overhauled all four of those vectors since we first launched Madden on mobile devices. We now believe we have landed in a place that has a game that is very social in nature, has a game that onboards new players and a broad demographic of players. We have a game mechanic that feels right for mobile devices, and our teams are delivering live events that tie to the passion that players have for the real world of the NFL and are very engaging for them from an ongoing basis, both during the weekend games and the week leading up to those games.

回顧過去幾年我們在 Madden NFL Mobile 上所做的工作，你會發現，自從我們首次在行動裝置上推出 Madden 以來，我們已經從根本上徹底改變了這四個方面。我們現在相信，我們已經找到了一款具有強大社交性的遊戲，一款能夠吸引新玩家並擁有廣泛玩家群的遊戲。我們擁有適合行動裝置的遊戲機制，我們的團隊正在舉辦與玩家對 NFL 現實世界的熱情相關的現場活動，這些活動能夠持續地吸引玩家，無論是在周末比賽期間還是在比賽前一周。

All of those opportunities presently learning for us as we take these types of things to our other sports games on mobile. And we expect to be able to do well in those areas.

所有這些機會目前都讓我們有機會學習，因為我們將這些類型的內容應用到我們在行動裝置上的其他運動遊戲中。我們期望能夠在這些領域取得好成績。

Your second question was about trends and full game downloads. We clearly continue to see the trending upwards; we see titles running anywhere between 20% and 30%-plus. We've always seen FIFA skew lower because of in Europe, many retailers use that as a loss leader to drive traffic into their stores, and that tends to be a physical copy.

你的第二個問題是關於趨勢和完整遊戲下載的。我們明顯看到這種上升趨勢仍在繼續；我們看到一些遊戲的銷量在 20% 到 30% 以上。我們一直看到 FIFA 的銷售量偏低，因為在歐洲，許多零售商將其作為虧本銷售的商品來吸引顧客到店，而這往往是實體版的。

But in the rest of our sports portfolio, we tend to see strong digital full game. Really, Star Wars was the only gen-4 title that indexed lower than the average because of the gift giving issue. So we are very comfortable with the continuation of where that trend is going industrywide.

但在我們其他的體育賽事組合中，我們往往看到強大的數位化全賽事模式。事實上，《星際大戰》是唯一一部因送禮問題而收視率低於平均的第四世代遊戲。因此，我們對這一趨勢在整個行業的發展方向感到非常滿意。

Got it. And then on VR?

知道了。那麼在虛擬實境（VR）方面呢？

The context of VR?

VR 的背景是什麼？

Just wondering what your investments are currently and how you are viewing sort of the opportunity this year and perhaps over the next couple of years. If you have any titles currently in development, and any early thoughts there.

想了解您目前的投資情況，以及您如何看待今年乃至未來幾年的投資機會。如果您有任何正在開發中的遊戲項目，以及任何初步的想法。

Sure. I'll echo what we talked about on some previous calls, which is we believe that VR is going to be an important part of our industry. We do believe it's a number of years out before it's a meaningful part of our industry, but right now, we are investing at a core engine level. We've talked about Frostbite as we move to a single engine for the Company, and that team is working to ensure that they can output virtual reality experiences regardless of device.

當然。我重申我們之前幾次電話會議中討論過的內容，那就是我們認為虛擬實境將成為我們行業的重要組成部分。我們認為，距離它成為我們行業的重要組成部分還需要數年時間，但目前，我們正在核心引擎層面進行投資。我們已經討論過 Frostbite 引擎，因為該公司正在向單一引擎過渡，該團隊正在努力確保無論使用何種設備，他們都能輸出虛擬實境體驗。

And then we have a few key game teams around the Company who are doing targeted experiments as it relates to very engaging virtual reality experiences in the context of particular genres. I would expect that we would start to surface some of those over the coming years. And that we would start to build it into more fully fleshed experiences over time.

此外，公司內部還有幾個重要的遊戲團隊，他們正在進行有針對性的實驗，旨在打造特定類型遊戲中引人入勝的虛擬實境體驗。我預計在未來幾年裡，我們會開始發現其中的一些問題。我們會隨著時間的推移，逐步將其建構成更完善的體驗。

Great. Thank you.

偉大的。謝謝。

Mike Olson.

麥克奧爾森。

Good afternoon. You had a obviously big launch with Star Wars in the quarter, and no doubt that had some marketing and other expenses. And yet the overall OpEx was basically down year over year, so the cost containment efforts continue to remain strong.

午安.本季《星際大戰》的上映規模顯然很大，毫無疑問這會產生一些行銷和其他方面的費用。然而，整體營運支出年比基本下降，因此成本控制措施仍然強勁。

How do you think about OpEx going forward with a lot of these incremental titles coming in fiscal 2017? Is there a reason to think that OpEx will start to creep higher? Is that kind of a reasonable multi-year run rate going forward where we are at this year?

您如何看待 2017 財年即將推出的眾多新增產品對營運支出 (OpEx) 的影響？是否有理由認為營運成本會開始緩慢上升？就我們今年的情況而言，這樣的多年運行率是否合理？

I think pure dollar OpEx has gotten -- we've gotten a benefit this year of FX on our OpEx line because many of our studios are outside the US. So we have a large base obviously in Sweden and Canada, in Romania, in Australia. Many in China; many of those have obviously come in at lower dollar costs.

我認為純粹的美元營運支出已經——由於我們許多工作室都位於美國境外，我們今年的營運支出項目獲得了特效收益。所以，我們在瑞典、加拿大、羅馬尼亞和澳洲顯然都有龐大的客戶群。中國有很多這樣的商品；顯然，其中許多都是以較低的美元價格進口的。

We've tried to report each quarter what the actual dollar costs are, and you've seen some continued investment. Our goal is to try to keep R&D expenses around the 22% to 23% of revenue line, which means if our revenue is growing, we are clearly continuing to invest in R&D. We think that's very important for our future.

我們一直努力按季度報告實際的美元成本，而且你們也看到了持續的投資。我們的目標是將研發費用控制在收入的 22% 到 23% 左右，這意味著如果我們的收入正在成長，我們顯然會繼續投資於研發。我們認為這對我們的未來非常重要。

You will see marketing expenses bounce around depending on the title in the quarter. So this quarter, our marketing expenses were up, if you FX adjust them, and that was driven by the fact that we had a fairly large title this year that we didn't have in last year's third quarter. This year, Star Wars; obviously last year, our large title was Battlefront Hardline in the fourth quarter. And so you get some of that timing differences.

你會看到行銷費用會根據季度內不同標題的標題而波動。因此，如果按匯率調整，本季我們的行銷費用有所增加，這是因為我們今年推出了去年第三季沒有的相當大的產品。今年是《星際大戰》；顯然，去年第四季我們的主打遊戲是《星際大戰：前線：硬仗》。因此，就會出現一些時間上的差異。

But you'll continue to see general increases in OpEx with a goal to try to target R&D around the 22% 23%, we're trying to push marketing expenses down into the 13% range and hold G&A in that 8% to 7% range if possible. So that's what you're going to see as a percentage of revenue and hopefully it will continue to be reflected in our business going forward.

但你會看到營運支出整體上持續成長，目標是將研發支出控制在 22% 到 23% 左右，我們正在努力將行銷支出降低到 13% 左右，並儘可能將一般及行政費用控制在 7% 到 8% 左右。所以，這就是您將看到的營收百分比，希望它能繼續反映在我們未來的業務中。

Okay. And then just one quick one. Is there any detail you can give on the timing of the first monetized Star Wars expansion pack? Is that in the month of March, and if so, can you say is it early or late in the month?

好的。然後就快速地來一個。您能否透露首款付費《星際大戰》擴充包的發佈時間？那是在三月嗎？如果是的話，你能說說是月初還是月末嗎？

I can't say much more than March. But I would assume that much of that revenue will probably fall in the first quarter versus the fourth quarter, but it's hard to see right now.

我能說的也就只有三月了。但我認為，第一季的營收可能會比第四季下降，但現在很難看出具體情況。

Okay. That answers the question. Thank you.

好的。這個問題回答得很清楚了。謝謝。

Drew Crum.

德魯·克拉姆。

Good afternoon, everyone. So Ultimate Team up 13% in the quarter; it seems like an impressive number, given the comp. And I think you guys had some pull-forward recognized in the second quarter. So what is Ultimate Team up year to date and can you comment on the expectations on Ultimate Team going forward? And then I have a follow-up.

大家下午好。所以，Ultimate Team 在本季成長了 13%；考慮到競爭格局，這似乎是一個令人印象深刻的數字。我認為你們在第二節比賽中取得了一些進步。那麼，Ultimate Team 今年至今的發展如何？您對 Ultimate Team 未來的發展有何展望？然後我還有一個後續問題。

I don't have the year-to-date number with me here. But it's fairly consistent with what it was in the quarter, just off the top of my head. And we are continuing to see that. Remember we had a slowdown in FIFA Ultimate Team in the fourth quarter last year as we put the price banding in to address the inflation in the marketplace issue that we saw.

我手頭上沒有今年迄今為止的數據。但我憑記憶說，這和上季的情況基本上一致。我們持續看到這種情況。請記住，去年第四季 FIFA Ultimate Team 的發展速度有所放緩，因為我們引入了價格分級機制來解決我們看到的市場通膨問題。

We are currently forecasting that we will have a stronger fourth quarter than we did last year because obviously we've corrected some of those price and coin farming issues. So we should continue to see strong growth of Ultimate Team through the year, and probably for the full year clearly exceed because of the lean last quarter last year.

我們目前預測，第四季業績將比去年同期強勁，因為顯然我們已經糾正了一些價格和挖礦問題。因此，我們應該會看到 Ultimate Team 在今年繼續保持強勁成長，而且由於去年最後一個季度的低迷表現，全年的成長可能會明顯超過預期。

But clearly the business continues to grow, and we've done a good job of bringing new users, so we are not taxing the existing users. But it gets harder and harder to grow the business at the size that it's at. So we will see what it looks like for next year.

但很明顯，業務仍在持續成長，而且我們在吸引新用戶方面做得很好，所以我們並沒有給現有用戶帶來負擔。但以目前的規模，企業想要繼續發展壯大會越來越難。所以，我們拭目以待明年的情況。

The other thing to really remember as you're looking at it is realize that a huge portion of the Ultimate Team audience for FIFA is outside the US. Large markets like France, Germany, UK, and so all of those markets have a headwind from FX that we are clearly seeing in the growth numbers. So as I mentioned today, 18% on a constant currency basis for Ultimate Team -- or for FIFA, and that's a pretty impressive growth rate on a business of that size.

在考慮這個問題時，還有一點要記住，那就是 FIFA 終極球隊模式的很大一部分玩家都來自美國以外的地方。法國、德國、英國等大型市場都受到了外匯市場的不利影響，這一點我們已經從成長數據中清楚地看到了。正如我今天提到的，Ultimate Team（或 FIFA）的成長率以固定匯率計算為 18%，對於如此規模的業務來說，這是一個相當令人印象深刻的成長率。

Got it. Okay, thanks. And aspirational number on R&D as a percentage of revenue, how important is culling less profitable or non-profitable titles in the portfolio? Do you have an opportunity to do that going forward? How you think about limiting the number of SKUs going forward? Thanks.

知道了。好的，謝謝。如果研發投入佔收入的百分比是一個理想的數字，那麼從產品組合中剔除獲利能力較弱或不獲利的產品有多重要？未來還有機會這樣做嗎？您打算如何限制未來SKU的數量？謝謝。

We are down to less than 15 major SKUs. And that feels like a good size of the business and we are obviously announcing that we are investing in some action-based SKUs by bringing people like Jade Raymond and Amy Henning into our organization to help build those. And those are obviously a few years out in our SKU plan.

我們現在只剩下不到15個主要SKU了。感覺公司規模已經相當不錯了，我們顯然要宣布，我們將投資一些以行動為導向的 SKU，並引入像 Jade Raymond 和 Amy Henning 這樣的人才加入我們的組織，幫助打造這些產品。顯然，這些產品在我們未來的產品線規劃中還要過幾年才能推出。

But clearly we want to try to grow genres, and grow our revenue base with more titles, both digital live services titles as well as traditional console titles. Part of -- to do that part of it is we have to be ruthless that we don't spend a lot of money on smaller titles, we size them correctly, but we also want to continue to look for ways to bring new, interesting titles to the market.

但很顯然，我們希望嘗試拓展遊戲類型，並透過更多遊戲作品（包括數位線上服務遊戲和傳統主機遊戲）來擴大收入基礎。實現這一目標的一部分原因在於，我們必須果斷地控制投入，不要在規模較小的遊戲上花費太多資金，要合理控制遊戲規模，但我們也希望繼續尋找方法，為市場帶來新的、有趣的遊戲。

Look at Unravel as a perfect case of that. We're trying to address the marketplace for broader titles that address a wider audience in terms of types of games they are, the types of games people want to play. We are also trying to build enough product to be able to effectively run subscription-based businesses, and that requires a great portfolio, which we have and will continue to add to. We will always cull, but there's not a ton of things to cut back on today because we've brought the total number of titles down to a very perfect level for us now.

Unravel 就是一個完美的例子。我們正在努力滿足市場對更廣泛遊戲的需求，這些遊戲面向更廣泛的受眾，涵蓋各種類型的遊戲，以及人們想要玩的遊戲類型。我們也在努力打造足夠的產品，以便能夠有效地經營訂閱制業務，而這需要一個強大的產品組合，我們已經擁有並將繼續豐富這個組合。我們總是會進行精簡，但今天沒有太多東西需要削減，因為我們已經將遊戲總數減少到對我們來說非常完美的水平。

Ben Schachter.

本·沙赫特。

So there's been a lot of pretty positive commentary, including Star Wars beating and getting reorders in 4Q, but then you don't see that really flow through for the fiscal-year guidance. I was wondering if you could just talk more about why, and is it all weakness in prior gen, is it all FX, is there anything else going on there that we should know about.

所以有很多相當正面的評論，包括《星際大戰》在第四季票房大賣並獲得續訂，但你並沒有看到這些正面因素真正反映到本財年的業績預期中。我想請您詳細談談原因，是不是都是上一代主機效能不足的問題，還是都是FX的問題，還有其他我們應該知道的原因嗎？

Secondly, FIFA in China, can you just talk about how meaningfully we should be thinking about that business for FY2017? And then finally, of course, I have to ask another VR question. And understanding that is not going to be meaningful for a number of years, is it possible that we will get any of those what you've defined the VR experiments or small experiences, any chance we will get those in calendar 2016? Thanks.

其次，關於國際足總在中國的業務，您能否談談我們應該如何認真考慮2017財年的這項業務？最後，當然，我還要問一個關於VR的問題。考慮到這在未來幾年內不會有任何意義，我們是否有可能獲得您所定義的那些虛擬實境實驗或小型體驗？我們是否有可能在 2016 年獲得這些體驗？謝謝。

I guess I would remind people that we did raise full-year guidance. That's the third time this year we've raised full-year guidance. We've got a track record I think of ten quarters in a row of beating our guidance. I think we've exhibited some conservatism in how we operate the business, which we think is a prudent thing to do. And we are sitting with an FX headwind and a lot of uncertainty in the economy.

我想提醒大家，我們確實提高了全年業績預期。這是今年我們第三次上調全年業績預期。我記得我們已經連續十個季度超出預期業績了。我認為我們在經營業務方面表現出了一定的保守態度，我們認為這是謹慎的做法。我們目前面臨外匯逆風和經濟方面許多的不確定因素。

You put all that together, I don't think that signals anything negative about the fourth quarter. It signals the way we've been approaching the business and operating the business. And that's what we are going to continue to do.

綜合所有因素來看，我認為這並不預示著第四季會有任何負面情況。它體現了我們對待業務和經營業務的方式。而這正是我們將繼續做的事情。

In terms of FIFA Online 3 in China, the key there is we are continuing to see very positive reactions. But we also have a very long-term view there. So that continued level that we've talked about, $10 million to $15 million a quarter, is still consistent with where we are. And when we give you guys guidance in the May time frame, we will update that number if it looks like it should be updated. But all is very positive in that. And our partner TenCent continues to be extremely happy.

就 FIFA Online 3 在中國的市場表現而言，關鍵在於我們持續看到非常正面的迴響。但我們在這方面也有著非常長遠的考量。因此，我們之前討論過的每季 1000 萬至 1500 萬美元的水平，仍然與我們目前的狀況相符。五月我們會提供大家指導意見，如果情況需要更新，我們會更新這個數字。但從整體來看，這都是非常正面的方面。我們的合作夥伴騰訊對此依然非常滿意。

With that, maybe I'll let Andrew hit the VR question, if there's anything more to say than we already said.

那麼，如果還有什麼我們之前沒說過的，或許我會讓安德魯來談談虛擬實境的問題。

Not a lot more to say at this point. No announcements as to launch times or servicing the experiment at this stage. But as we go into calendar 2016, as we start to come closer to our EA player events in LA and in London, we will be talking more about our full title slate and some other new in-development products that we have running across our studios right now.

目前也沒什麼好說的了。目前尚未公佈實驗的發射時間或後續服務安排。但隨著我們進入 2016 年，隨著我們在洛杉磯和倫敦舉辦的 EA 玩家活動越來越近，我們將更多地談論我們完整的遊戲陣容以及我們工作室目前正在開發的其​​他一些新產品。

Neil Doshi.

尼爾·多西.

Two questions. Blake, can you talk a little bit about the macro environment and kind of what you guys are seeing as we move into calendar 2016? And then secondly, we've noticed -- I think Amazon announced that they are putting out a promotion for Prime members. So every time a large AAA game it goes up for sale on preorder, a couple weeks after, they're going to give a pretty hefty 20% discount.

兩個問題。布萊克，你能談談宏觀環境以及你們在進入2016年時所看到的趨勢嗎？其次，我們注意到——我認為亞馬遜宣布他們正在為Prime會員推出促銷活動。所以每次大型 AAA 遊戲開始預售時，幾週後他們就會提供相當大的 20% 折扣。

Can you talk about whether you guys are helping to fund that or if that's something that Amazon is just kind of taking on their own. And how you think that could potentially impact digital sales, since those are primarily for physical discs. Thanks.

你們能否談談你們是否在資助這個項目，還是亞馬遜正在自行承擔這個項目？你認為這可能會對數位銷售產生怎樣的潛在影響，因為數位銷售主要依賴實體光碟。謝謝。

On the macro environment, we've mentioned a couple of times our caution because of the macro environment. We have not seen anything in our business or heard anything from other players in the business that would imply any economic slowdown in entertainment software.

關於宏觀環境，我們已經多次提到，由於宏觀環境的原因，我們需要保持謹慎。在我們的業務中，我們沒有看到任何跡象表明娛樂軟體產業會出現經濟放緩，也沒有從其他業內人士那裡聽到任何跡象表明會出現經濟放緩。

As I said, we have a level of conservatism about just the global economy, which at some point in time, there's trouble in the global economy that would impact everybody probably. I think our business seems to be operating pretty consistently, as it has been over the last couple of years. The console purchases up through the end of calendar year 2015, our estimate is 55 million units out there, which has exceeded virtually everyone's forecast for the year, and is now almost 50% higher than the previous console cycle.

正如我所說，我們對全球經濟持保守態度，因為在某個時候，全球經濟可能會出現問題，這可能會影響到每個人。我認為我們的業務運作相當穩定，和過去幾年一樣。截至 2015 年底，我們估計遊戲機銷量將達到 5,500 萬台，幾乎超過了所有人對這一年的預測，並且比上一個遊戲機週期高出近 50%。

So all of that is very, very positive; all the gameplay we are seeing and the engagement in things like Ultimate Team we're seeing as positive. We're just conscious of the fact that there's a lot of storm clouds out there and we want to be careful that we don't get ahead of ourselves or the economy in our forecast for the business. And that's what you are hearing.

所以這一切都非常非常積極；我們看到的所有遊戲玩法以及玩家在終極球隊等活動中的參與度都是積極的。我們只是意識到目前情況充滿變數，所以我們想謹慎行事，不要在對業務或經濟狀況的預測中操之過急。這就是你聽到的。

The second part of the question was the Amazon issue. We do not fund the Amazon discount; that comes out of Amazon's own pocket. I think that's fairly consistent with how Amazon operates. And we don't have much say or view on pricing of anyone in the marketplace. That's their job, not our job. For us, if it brings new game players into the business, then we are excited, but we don't really have much more to say or control over their pricing strategy.

問題的第二部分是關於亞馬遜的問題。我們不為亞馬遜的折扣提供資金；那是亞馬遜自己掏腰包的。我認為這與亞馬遜的運作方式相當一致。我們對市場上任何人的定價都沒有太多發言權或發言權。那是他們的工作，不是我們的工作。對我們來說，如果它能為遊戲產業帶來新的玩家，我們會感到興奮，但我們對他們的定價策略真的沒有太多發言權或控制權了。

All right. Thanks, Blake.

好的。謝謝你，布萊克。

Doug Creutz.

道格·克魯茨。

Thanks. You guys announced your EA Play event a few days ago and obviously you made the interesting decision to not have a booth on the floor of E3 this year. Just curious as to your thinking about why do that? If I recall, one of your major competitors made a similar decision several years ago, ultimately decided it was not the way to go. Is there anything that's changed that's led you to that decision? Thanks.

謝謝。你們幾天前宣布了 EA Play 活動，顯然你們做出了一個有趣的決定，今年不在 E3 展會現場設立展位。我只是好奇你為什麼要這樣做？如果我沒記錯的話，你們的一家主要競爭對手幾年前也做過類似的決定，但最後認為這不是正確的做法。是什麼因素發生了變化，導致你做出這個決定？謝謝。

What we have seen is more and more, we need to be close to our player. And what you've seen from us over the last couple of years in almost all of our actions, whether it relates to development or marketing or sales, is attempts by us and endeavors by us to get as close as possible to our players and get direct feedback from them. We believe that's the single best way to ensure that we are making games that they want to play. And that we are making some of the best games in the industry.

我們看到的情況越來越表明，我們需要與球員保持密切聯繫。在過去幾年裡，無論是在開發、行銷或銷售方面，我們都在努力盡可能地接近玩家，並獲得他們的直接回饋。我們認為這是確保我們製作的遊戲是他們想玩的最佳方法。我們正在製作業內一些最優秀的遊戲。

And we see this as an opportunity to do just that: get close to our player, invite them in in an environment where they feel comfortable to play games, give us feedback, and interact socially as they do, whether it's through social networks or with their friends or what have you.

我們認為這是一個實現這一目標的絕佳機會：拉近與玩家的距離，邀請他們進入一個讓他們感到舒適的遊戲環境，讓他們給我們反饋，並像往常一樣進行社交互動，無論是透過社交網絡，還是與朋友或其他方式。

We continue to be members of the ESA and we will have meeting rooms at E3 this year. So what we see we are doing is augmenting the overall E3 experience. And we are excited by what we are going to be able to do as it relates to EA Play and we are excited for what the industry is going to be able to do as it relates to E3 more broadly.

我們仍然是歐洲太空總署 (ESA) 的成員，今年我們將在 E3 展會上設有會議室。所以我們看到我們正在做的，是提升整個 E3 體驗。我們對即將在 EA Play 上所做的事情感到興奮，也對整個行業在 E3 更廣泛的範圍內所能做的事情感到興奮。

To add to that, we are also doing a simultaneous event in London. And so in some ways, we're trying to do a more geographically spread way to introduce people to our new products.

此外，我們還將在倫敦同時舉辦一場活動。因此，在某種程度上，我們正​​在嘗試以更分散的方式向人們介紹我們的新產品。

Okay, thank you.

好的，謝謝。

Eric Handler.

埃里克·漢德勒。

Thanks for taking my question just under the wire there. Two things for you. First, with Star Wars, obviously you are not making a Star Wars movie game, but you got nice leverage off of The Force Awakens this December.

謝謝你及時回答了我的問題。有兩件事要告訴你。首先，就《星際大戰》而言，顯然你不是在製作一款《星際大戰》電影遊戲，但你確實能從今年 12 月上映的《星際大戰：原力覺醒》中獲得不錯的優勢。

How are you thinking about what you can do with Star Wars Battlefront next December, when the first spinoff movie comes out, Rogue One. Is there much you can do around that to keep monetization levels high?

你覺得明年12月，也就是第一部衍生電影《星際大戰外傳：俠盜一號》上映的時候，你可以用《星際大戰：前線》做些什麼？在這方面，你能做多少事情來維持較高的獲利水準？

And then secondly, looking at your mobile business, after the first two quarters of the year, mobile is really stagnant. You got strong growth in the third quarter with Madden and Star Wars. I'm just seeing as we think about the mobile business going forward, is this sort of the inflection point where we start seeing some reacceleration of revenue or (technical difficulty) sustainable is the improvements there? Or maybe talk about some of your plans with mobile.

其次，從你的行動業務來看，今年前兩個季度之後，行動業務實際上已經停滯不前。第三季度，《麥登橄欖球》和《星際大戰》的銷售量都實現了強勁成長。我只是在思考，展望行動業務的未來，這是否是一個轉折點，我們是否會開始看到收入再次加速成長，或者（技術上來說）這些改進是否可持續？或是可以談談你和手機的一些計畫。

I'll start with Star Wars. I don't know; Andrew might want to chime in on the mobile piece. On Star Wars, the one thing that we are adhering to, and I think this is part of our arrangement with Lucas and Disney, is you can't make a game in Star Wars that violates the canon of Star Wars. Meaning, you can take something from the future and bring it back into the past unless it's a reference.

我先從《星際大戰》說起。我不知道；安德魯或許想對手機部分發表一些看法。關於《星際大戰》，我們始終堅持的一點，我認為這也是我們與盧卡斯和迪士尼達成的協議的一部分，就是你不能製作一款違反《星際大戰》正典的《星際大戰》遊戲。也就是說，除非是參照物，否則你可以把未來的東西帶回過去。

Not knowing yet exactly what the storyline in Rogue One is going to be, I can't comment on how that could come in. But to the extent that it's in the future around our current Battlefront game is all paced based on the historical Star Wars canon, which is 30 years before the most recent movie. That will limit our ability to bring some new content into that.

由於我還不清楚《俠盜一號》的具體劇情，所以無法評論這會如何融入其中。但就目前《星際大戰：前線》遊戲的未來而言，其節奏完全基於《星際大戰》的歷史正史，也就是最新電影上映前 30 年的故事。這將限制我們在其中添加一些新內容的能力。

But more to come there. Obviously we're trying to stay tightly connected to the Star Wars beat for future movies, and we will obviously in future Star Wars games be able to tap the new characters and vehicles and so forth. But in our current game, and for that matter the DLC associated with that current game, obviously we will have to be careful that we don't violate the canon.

但後續還有更多內容。顯然，我們希望在未來的電影中與《星際大戰》保持緊密聯繫，而且在未來的《星際大戰》遊戲中，我們顯然能夠利用新的角色、載具等等。但在我們目前的遊戲中，以及與該遊戲相關的 DLC 中，我們顯然需要小心，不要違反正典。

On mobile, obviously mobile -- one thing to remember is like our console business, mobile will always be a little choppy based on when new titles come out. But like most live services, they should be smoother than the historical beats around the console business. So over time, we hope to smooth that out. But there still may be some jumps up and down due to quarters.

行動端方面，顯然行動端——需要記住的一點是，就像我們的主機業務一樣，行動端總是會因為新遊戲發佈時間的不同而出現一些卡頓。但與大多數即時服務一樣，它們應該比主機遊戲產業的歷史節奏更加流暢。所以我們希望隨著時間的推移，能夠解決這個問題。但由於季度結算，價格可能仍會出現一些波動。

On the Star Wars play, just to add a little, what we have seen is that the movie or the content of the movie itself hasn't impeded the engagement in various Star Wars games. We've seen that across console, PC, and mobile. And we would expect that as more great Star Wars films come out, we would see more great engagement in Star Wars content more broadly -- again, not just in Battlefront, but in Star Wars: The Old Republic and our mobile game, Galaxy of Heroes.

關於《星際大戰》遊戲，我再補充一點，我們看到的是，電影本身或電影內容並沒有妨礙人們參與各種《星際大戰》遊戲。我們在主機、PC 和行動平台上都看到了這種情況。我們預計，隨著更多優秀的《星際大戰》電影上映，我們將看到更多人廣泛參與《星際大戰》內容——不僅在《星際大戰：前線》中，而且在《星際大戰：舊共和國》和我們的手機遊戲《星際大戰：銀河英雄傳》中也是如此。

As we think about mobile, just to add to Blake's point, I think he is absolutely right. The one other thing that we would point to is as we look at our mobile portfolio, our titles typically have very long lifespans. The Sims FreePlay, The Simpsons Tapped Out, Real Racing 3 have continued to grow over a number of years.

當我們思考行動裝置時，我只想補充布萊克的觀點，我認為他的觀點完全正確。我們也要指出一點，當我們審視我們的行動遊戲產品組合時，會發現我們的遊戲通常都有非常長的生命週期。《模擬市民免費版》、《辛普森家庭：Tapped Out》、《真實賽車3》等遊戲在過去幾年中持續發展壯大。

And as we think about launching new titles, we are taking a little more time and being a little bit more calculated about how we launch, but we are doing so with a view that we are putting experiences into the marketplace that will live for many years and drive engagement and profitability for a number of years to come. And so as we look at the year to come, as we look at what we've done with Star Wars and Madden and some other titles that are coming down the chute, our expectation is that we are able to grow the overall business with them.

當我們考慮推出新遊戲時，我們會花更多的時間，更加謹慎地考慮推出方式，但我們這樣做的目的是為了將能夠持續多年並在未來的幾年內推動用戶參與和盈利的體驗推向市場。因此，展望來年，回顧我們在《星際大戰》和《麥登橄欖球》以及其他即將推出的遊戲方面所取得的成就，我們期望能夠借助這些遊戲實現整體業務的成長。

Great. Thank you very much.

偉大的。非常感謝。

All right. Thank you, everyone. We will see you next quarter.

好的。謝謝大家。我們下個季度再見。

Ladies and gentlemen, this does conclude today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。