美商藝電 (EA) 2016 Q4 法說會逐字稿

Good afternoon. My name is Jennifer, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts fourth-quarter 2016 earnings call.

午安.我叫詹妮弗，今天我將擔任你們的會議接線生。此時此刻，我謹代表藝電公司歡迎各位參加2016年第四季財報電話會議。

(Operator Instructions)

（操作說明）

Thank you. I'll now turn the conference over to Chris Evenden, Vice President of Investor Relations. Sir, you may begin.

謝謝。現在我將把會議交給投資者關係副總裁克里斯·埃文登。先生，您可以開始了。

Thank you, Jennifer. Welcome to EA's FY16 fourth quarter earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen, our CFO.

謝謝你，珍妮弗。歡迎參加EA 2016財年第四季財報電話會議。今天和我一起參加電話會議的有我們的執行長安德魯威爾森和我們的財務長布萊克喬根森。

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. After the call, we will post our prepared remarks, an audio replay of this call and a transcript.

請注意，我們的 SEC 文件和收益報告可在 IR 網站上查閱。EA.com。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。通話結束後，我們將公佈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 quick notes on our calendar: We plan to deliver our next earnings report on Tuesday, August 2, and our press conference at EA PLAY will take place at 1:00 PM Pacific time on Sunday, June 12. Coming up next week, on Tuesday, May 17, is our Investor Day. If you haven't registered already, please contact me, so that we can send you an invitation.

關於我們的日程安排，有幾點需要注意：我們計劃在 8 月 2 日星期二發布下一份收益報告，而我們在 EA PLAY 的新聞發布會將於 6 月 12 日星期日太平洋時間下午 1 點舉行。下週二，5月17日，我們將舉行投資者日活動。如果您尚未註冊，請與我聯繫，以便我們向您發送邀請。

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, May 10, 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 5 月 10 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。

Thanks, Chris. FY16 was a phenomenal year for Electronic Arts. Our non-GAAP revenue, earnings and cash flow for the year were all at record levels, and exceeded our guidance. It was a year of growth and milestones, demonstrating our unique ability to connect hundreds of millions of players across genres, geographies and platforms, to the games they love, and to each other.

謝謝你，克里斯。2016財年對於藝電來說是輝煌的一年。我們本年度的非GAAP收入、獲利和現金流均創歷史新高，並超越了我們的預期。這是充滿成長和里程碑的一年，展現了我們獨特的能力，能夠將數億來自不同類型、不同地域和不同平台的玩家與他們喜愛的遊戲以及彼此聯繫起來。

To highlight a few examples, we kicked off a new generation of Star Wars games from Electronic Arts, with extraordinarily successful games on console, PC and mobile. Nearly 54 million unique players engaged in our EA SPORTS console titles during the year, up 65% from last year. Across our portfolio of live services, we launched hundreds of content updates throughout the year, bringing players deeper into their favorite games. Our Sims 4 player base grew by almost two-thirds throughout the year, and our Battlefield franchise saw 9.4 million unique players in Q4 alone.

舉幾個例子來說，我們開啟了藝電（Electronic Arts）新一代的《星際大戰》遊戲，這些遊戲在主機、PC 和行動裝置上都取得了巨大的成功。今年共有近 5,400 萬獨立玩家參與了我們的 EA SPORTS 主機遊戲，比去年增長了 65%。在我們所有的線上服務中，我們全年推出了數百次內容更新，讓玩家更深入地體驗他們最喜歡的遊戲。全年來看，《模擬市民4》的玩家數量增加了近三分之二，而《戰地》系列遊戲僅在第四季就吸引了940萬獨立玩家。

In addition, players are spending more time with our new games and ongoing franchises on mobile. Engagement in Star Wars: Galaxy of Heroes is exceptional, with players spending two hours per day on average, in the game during Q4. Madden NFL Mobile continues its strong performance, with engagement up more than 30% in Q4 over last year. And The Sims FreePlay has now reached 200 million installs life-to-date.

此外，玩家們在行動裝置上花費更多時間體驗我們的新遊戲和正在運作的遊戲系列。《星際大戰：銀河英雄傳》的玩家參與度非常高，在第四季度，玩家平均每天在遊戲中花費兩個小時。Madden NFL Mobile 持續保持強勁勢頭，第四季度用戶參與度比去年同期增長超過 30%。《模擬市民免費版》至今已累積安裝量達 2 億次。

With all of our games and live services, our focus continues to be on putting players first and delivering unmatched creativity, depth and value. Engagement is critical in today's world, where everyone faces such intense competition for time. Combining great franchises, innovative IP, and sophisticated services, we continue to build networked, global communities for our games, where players can connect to more great content and to their friends, maximizing the fun every time they play.

我們所有的遊戲和線上服務都始終以玩家為先，致力於提供無與倫比的創意、深度和價值。在當今世界，每個人都面臨著激烈的時間競爭，因此，互動至關重要。我們結合優秀的系列作品、創新的智慧財產權和先進的服務，不斷為我們的遊戲建立連網的全球社區，讓玩家能夠連接到更多精彩內容並與朋友互動，從而在每次遊戲時獲得最大的樂趣。

As we move into FY17, we're incredibly excited to launch a slate of groundbreaking new games and add to the breadth of live services available to our players. Our first new game this fiscal year will be Mirror's Edge Catalyst, launching on June 7, with fluid movement and combat rendered in stunning beauty by our Frostbite engine. The first of our EA SPORTS titles for this year, Madden NFL 17, NHL 17, and FIFA 17 arrive in Q2, each taking a major leap forward in personalization, immersion and competition. We're also working on a new and engaging way to bring players into our NBA LIVE franchise on consoles, and we'll share more on that in the quarters ahead.

隨著我們進入 2017 財年，我們非常興奮地推出一系列突破性的新遊戲，並擴大我們為玩家提供的線上服務範圍。本財年我們的首款新遊戲是《鏡之邊緣：催化劑》，將於 6 月 7 日發布，流暢的動作和戰鬥畫面將由我們的寒霜引擎以驚人的美感呈現。今年首批 EA SPORTS 遊戲，包括 Madden NFL 17、NHL 17 和 FIFA 17，將於第二季度上市，每一款遊戲都在個性化、沉浸感和競技性方面取得了重大飛躍。我們也在努力開發一種全新的、引人入勝的方式，讓玩家體驗主機上的 NBA LIVE 系列遊戲，我們將在接下來的幾個季度分享更多相關資訊。

In a global livestream last Friday that was watched by more than 2 million people, Battlefield 1 made its debut. Fans got their first look into the intense, visceral combat, and epic scale of this groundbreaking new game from DICE, and the response was immediate and extraordinary. The trailer was viewed more than 21 million times in the first four days, a new record for EA, and it's now our most-liked trailer in history. With Battlefield 1, we've set out to deliver the biggest and most innovative Battlefield game ever, with a deep story and unprecedented variety in the gameplay, powered by our Frostbite engine. Battlefield 1 is set to launch worldwide on October 21.

上週五，《戰地1》在全球直播中首次亮相，超過200萬人觀看了直播。粉絲們首次體驗了 DICE 這款突破性新遊戲的激烈、震撼的戰鬥和史詩般的規模，反響立竿見影，非同凡響。該預告片在發布後的前四天內觀看次數超過 2100 萬次，創下了 EA 的新紀錄，也成為了我們歷史上最受歡迎的預告片。在《戰地1》中，我們致力於打造有史以來規模最大、最具創新性的《戰地》遊戲，它擁有引人入勝的故事情節和前所未有的多樣化遊戲玩法，並由我們的寒霜引擎提供支援。《戰地1》將於10月21日在全球發售。

In partnership with the talented team at Respawn Entertainment, Titanfall 2 will launch in Q3. The first Titanfall delivered a fast, fluid experience that invigorated players and ignited the genre. Titanfall 2 will come to players on PlayStation 4, Xbox One and PC. The excitement from fans since our official announcement of the game has been outstanding, and we can't wait to debut the first gameplay from Titanfall 2 at EA PLAY on June 12.

與 Respawn Entertainment 的優秀團隊合作，《泰坦隕落 2》將於第三季發布。初代《泰坦隕落》帶來了快速流暢的遊戲體驗，激發了玩家的熱情，並點燃了這個遊戲類型。《泰坦隕落2》將登陸PlayStation 4、Xbox One和PC平台。自從我們正式公佈遊戲以來，粉絲們的熱情非常高漲，我們迫不及待地想在 6 月 12 日的 EA PLAY 上首次展示 Titanfall 2 的遊戲實機演示。

Late in the fourth quarter, Mass Effect: Andromeda will bring an all new story to the critically-acclaimed RPG series from BioWare. And throughout the year, mobile players will see launches from some of our biggest brands. Building on the continued success of Madden NFL Mobile, we're excited to bring new EA SPORTS experiences from our NBA LIVE and FIFA franchises to players in FY17. Fans of our PopCap franchises will have new experiences as well, with Bejeweled Stars launching today, and Plants vs. Zombies Heroes set to arrive later this year.

第四季末，《質量效應：仙女座》將為 BioWare 備受好評的 RPG 系列帶來全新的故事。今年，行動玩家將會看到我們一些最知名品牌的推出。繼 Madden NFL Mobile 取得持續成功之後，我們很高興能在 2017 財年為玩家帶來來自 NBA LIVE 和 FIFA 系列的全新 EA SPORTS 體驗。PopCap旗下遊戲系列的粉絲也將迎來新的體驗，《寶石迷陣之星》今天上線，《植物大戰殭屍》也即將推出。《殭屍英雄》預計將於今年稍晚推出。

Our excitement for the year extends well beyond our title slate. The gaming industry continues to rapidly evolve and grow, and in each dimension, EA is at the leading edge. In addition to being the number-one publisher in Western world on Xbox One and PlayStation 4 in FY16, and the most downloaded mobile game publisher in calendar year 2015, we are investing deeply to pioneer new growth opportunities.

我們對今年的期待遠不止於我們的參賽名單。遊戲產業持續快速發展壯大，而EA在各方面都處於領先地位。除了在 2016 財年成為西方世界 Xbox One 和 PlayStation 4 平台銷量第一的發行商，以及在 2015 年成為下載量最高的行動遊戲發行商之外，我們還在大力投資，以開拓新的成長機會。

Our competitive gaming programs will seek to engage players at all skill levels, with competitions like Madden NFL 16 Championship being just the tip of the iceberg. Our unparalleled Frostbite engine will power more of our games this year, including an all new Star Wars Battlefront experience for PlayStation VR. In addition to delivering strong and stable service architectures, our technology platform teams continue to implement a cross-platform, cross-title identity system to help our players stay connected to their games and their friends.

我們的競技遊戲項目旨在吸引各個技能水平的玩家，而像 Madden NFL 16 錦標賽這樣的比賽只是冰山一角。今年，我們無與倫比的寒霜引擎將為更多遊戲提供動力，其中包括為 PlayStation VR 打造的全新《星際大戰：前線》體驗。除了提供強大且穩定的服務架構外，我們的技術平台團隊還在不斷實施跨平台、跨遊戲的身份系統，以幫助玩家與他們的遊戲和朋友保持聯繫。

Across our studio teams, partners like Respawn Entertainment and labs groups, we are working on more new ideas, technologies and IP. And this June in Los Angeles and London, EA PLAY will bring players closer than ever to our games, and help them share those experiences with the world. FY16 was the strongest year in the history of Electronic Arts, and we are just getting started.

在我們的工作室團隊、Respawn Entertainment 等合作夥伴以及實驗室團隊中，我們正在致力於開發更多新的想法、技術和智慧財產權。今年六月，EA PLAY 將在洛杉磯和倫敦舉辦，讓玩家比以往任何時候都更近距離地體驗我們的遊戲，並幫助他們與世界分享這些體驗。2016財年是藝電史上業績最好的一年，而我們才剛起步。

Looking to FY17 and beyond, we are confident that our trajectory is even stronger. Now, I'll turn the call over to Blake for a deeper look at our financials.

展望 2017 財年及以後，我們有信心我們的發展動能會更加強勁。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. The end of the year is a good point at which to reflect on the progress we've made, and it has been a great year. Using non-GAAP metrics, FY16 revenue at $4.57 billion, was an all-time record.

謝謝你，安德魯。年底是回顧我們所取得進展的好時機，而今年確實是碩果累累的一年。使用非GAAP指標計算，2016財年營收為45.7億美元，創歷史新高。

Our operating margin at just 9.5% four years ago was 28.5% this year, its highest ever. Gross margin at 71.4%, and earnings at over $1 billion were also all-time records, as was operating cash flow at $1.2 billion. We were able to deliver these results despite significant FX headwinds, which impacted our top line by over $300 million.

四年前我們的營業利潤率僅 9.5%，今年已達 28.5%，創歷史新高。毛利率達 71.4%，獲利超過 10 億美元，均創歷史新高，經營現金流達 12 億美元。儘管面臨巨大的外匯逆風，導致我們的營收減少了 3 億美元以上，但我們仍然取得了這些業績。

Digital revenue is now 55% of our business, up from 52% last year. Extra content was a record $1.1 billion. Within that, our Ultimate Team business reached $692 million, up 18% at actual FX, and up 26% at constant currency. Our mobile business delivered another record year at $570 million in revenue. During the year, we returned over $1 billion to shareholders through repurchasing stock, again, a record.

數位業務收入目前占我們業務的 55%，高於去年的 52%。額外內容收入創下11億美元的紀錄。其中，我們的終極團隊業務收入達到 6.92 億美元，以實際匯率計算成長 18%，以固定匯率計算成長 26%。我們的行動業務再創佳績，營收達 5.7 億美元。年內，我們透過股票回購向股東返還了超過 10 億美元，再次創下紀錄。

Moving to the specifics of the fourth quarter results, EA's non-GAAP net revenue was $924 million, which was $49 million above our guidance, and $28 million above last year. The quarter's outperformance was driven by digital, particularly Ultimate Team and our mobile live services. Ultimate Team continues to thrive, as do our mobile titles, led by Star Wars: Galaxy of Heroes and Madden NFL Mobile. EA's Q4 non-GAAP digital net revenue was $712 million. This resulted in a full-year digital revenue of more than $2.5 billion.

再來看第四季業績的具體情況，EA 的非 GAAP 淨收入為 9.24 億美元，比我們的預期高出 4,900 萬美元，比去年同期高出 2,800 萬美元。本季業績超預期主要得益於數位化業務，特別是 Ultimate Team 和我們的行動直播服務。Ultimate Team 模式持續蓬勃發展，我們的行動遊戲也同樣如此，其中以《星際大戰：銀河英雄傳》和《麥登橄欖球移動版》為首。EA第四季非GAAP數位淨收入為7.12億美元。這使得公司全年數位收入超過 25 億美元。

Breaking down Q4's digital revenue into its key components highlights the performance of each of these businesses. First, extra content and PC free-to-play contributed $310 million, up 26% over the prior year. The key driver was FIFA Ultimate Team, which grew 38% in the face of significant FX headwinds. At constant currency, our FIFA Ultimate Team business would have been up 48% year on year.

將第四季度數位收入分解為各個主要組成部分，可以突出每個業務部門的業績。首先，額外內容和 PC 免費遊戲貢獻了 3.1 億美元，比前一年增長了 26%。關鍵驅動因素是 FIFA Ultimate Team，儘管面臨巨大的外匯逆風，其成長率仍達到了 38%。以固定匯率計算，我們的 FIFA Ultimate Team 業務年增了 48%。

Second, our mobile business generated $173 million for the quarter, up 15% over prior year. Growth was led by Star Wars: Galaxy of Heroes, and Madden NFL Mobile. The strength of these mobile live services adds to the broad portfolio of EA Mobile games, which deliver a consistent and profitable revenue stream.

其次，我們的行動業務本季創造了 1.73 億美元的收入，比去年同期成長了 15%。成長主要由《星際大戰：銀河英雄傳》和《麥登橄欖球手遊》帶動。這些行動即時服務的強大實力，進一步豐富了 EA 行動遊戲的產品組合，從而帶來了持續且獲利的收入來源。

Third, full game downloads added $134 million to the quarter, up 18% year on year. And finally, subscriptions, advertising and other digital revenue totaled $95 million, up $4 million over the same period last year.

第三，完整遊戲下載為本季帶來了 1.34 億美元的收入，年增 18%。最後，訂閱、廣告和其他數位收入總計 9,500 萬美元，比去年同期增加了 400 萬美元。

Moving on to gross margin, our non-GAAP gross margin for the quarter was 76.9%, 90 basis points above our guidance, due to the strength of digital, particularly Ultimate Team and our mobile business. It was up from 75.4% in Q4 FY15. Non-GAAP operating expenses for the quarter were $499 million, down $14 million from last year, and $1 million lower than our guidance. The resulting non-GAAP diluted EPS for the quarter was $0.50 per share, $0.10 above our guidance, and $0.11 above the prior year.

接下來談談毛利率，由於數位業務（尤其是 Ultimate Team 和我們的行動業務）的強勁表現，本季度我們的非 GAAP 毛利率為 76.9%，比我們的預期高出 90 個基點。較 2015 財年第四季的 75.4% 上升。本季非GAAP營運費用為4.99億美元，比去年同期減少1,400萬美元，比我們先前的預期減少100萬美元。本季非GAAP稀釋後每股收益為0.50美元，比我們的預期高出0.10美元，比去年同期高出0.11美元。

One note as you review our GAAP operating expenses, relative to our guidance. GAAP earnings for FY16 includes a material income tax credit, due to the reversal of the valuation allowance we had against our US deferred tax assets. This credit of $453 million increased our diluted GAAP EPS for FY16 by $1.37 per share, to a total of $3.50, but it had no effect on non-GAAP earnings or on cash flow.

當您審查我們根據 GAAP 準則編制的營運費用時，請注意與我們的預期相比的情況。2016 財政年度的 GAAP 收益包含一項重大所得稅抵免，原因是衝回了我們針對美國遞延所得稅資產提列的估值準備。這項 4.53 億美元的信貸使我們 2016 財年的稀釋 GAAP 每股收益增加了 1.37 美元，達到 3.50 美元，但對非 GAAP 收益或現金流沒有影響。

Net cash provided by operating activities for the quarter was $396 million, compared to $198 million in prior year, primarily due to Star Wars Battlefront. Operating cash flow for the full fiscal year hit its highest level in Company history at $1.22 billion, a 15% increase over last year's cash flow of $1.07 billion, and above our raised guidance. We continue to grow cash flow due to the underlying strength of the business, and the greater profitability unlocked by our digital transformation. FY16 capital expenditures were $93 million, resulting in free cash flow of $1.13 billion.

本季經營活動產生的淨現金為 3.96 億美元，而去年同期為 1.98 億美元，主要原因是《星際大戰：前線》的收益。本財年經營現金流達到公司史上最高水準 12.2 億美元，比去年的 10.7 億美元成長 15%，高於我們調漲後的預期。由於業務本身的強勁實力，以及數位轉型帶來的更高獲利能力，我們的現金流持續成長。2016 財年資本支出為 9,300 萬美元，產生自由現金流 11.3 億美元。

During the quarter, we raised $1 billion in the form of 5 and 10 year investment grade senior notes. In connection with this, we also announced a $500 million stock repurchase program, over and above the two-year $1 billion program we already have in place. We completed this new program in the quarter, and continued our steady progress on the ongoing program, resulting in a total repurchase this quarter of 9.9 million shares of common stock, at an average price of $63.70 per share.

本季度，我們透過發行 5 年期和 10 年期投資級高級票據籌集了 10 億美元。為此，我們還宣布了一項 5 億美元的股票回購計劃，這還不包括我們已經實施的為期兩年的 10 億美元計劃。本季我們完成了這項新計劃，並繼續穩步推進正在進行的計劃，本季共回購了 990 萬股普通股，平均價格為每股 63.70 美元。

This leaves $539 million from the two-year program available for repurchases. For the fiscal year, we have returned over $1 billion to shareholders through the repurchase of 15.7 million shares, approximately 5% of shares outstanding. As a result, we estimate that our fiscal non-GAAP diluted share count will be 319 million shares.

這樣一來，兩年計畫中還剩下 5.39 億美元可用於回購。本財年，我們透過回購 1,570 萬股股票（約佔流通股的 5%）向股東返還了超過 10 億美元。因此，我們估計我們的財政非GAAP稀釋後股份數量將為3.19億股。

During Q4, we settled $177 million in early conversions of our convertible notes. Through March 31, we've redeemed $470 million of the $633 million total, and as of yesterday, we've received notices for an additional $27 million to settle in Q1. Dilutions from these redemptions, the warrants, and future redemptions are already accounted for in our non-GAAP diluted share count.

第四季度，我們透過提前轉換可轉換債券結算了 1.77 億美元。截至 3 月 31 日，我們已贖回總額 6.33 億美元中的 4.7 億美元，截至昨天，我們已收到通知，要求在第一季支付另外 2,700 萬美元。這些贖回、認股權證和未來贖回造成的稀釋已計入我們的非GAAP稀釋股份數量。

Our cash and short-term investments at the end of the quarter were $3.83 billion, or $12.74 per share. Approximately 47% of this was held in the US.

截至本季末，我們的現金和短期投資為 38.3 億美元，即每股 12.74 美元。其中約 47% 在美國舉行。

Now onto FY17 guidance. With regards to the market, we expect sales of current-generation consoles to continue at a rapid pace, with another 25 million units to be sold this calendar year, adding to the 55 million units in place at the end of calendar 2015.

接下來是2017財年業績展望。就市場而言，我們預計當前一代遊戲機的銷量將繼續快速成長，今年將再售出 2,500 萬台，使 2015 年底的銷售量達到 5,500 萬台。

In addition to the console growth, we expect our mobile franchises to benefit from the continued expansion of iOS and Android, and we're continuing to see strength in PC gaming. We expect non-GAAP revenue to increase approximately 7% to $4.9 billion. The anticipated strength is broad-based, primarily driven by the launches of Battlefield 1, Titanfall 2, and Mass Effect: Andromeda. Other important drivers include the continued growth of our core sports titles and associated live services, and the expansion of our mobile business.

除了主機遊戲的成長，我們預計行動遊戲系列也將受益於 iOS 和 Android 的持續擴張，而且我們也持續看到 PC 遊戲的強勁勢頭。我們預計非GAAP營收將成長約7%，達到49億美元。預計市場成長勢頭強勁，主要得益於《戰地1》、《泰坦隕落2》和《質量效應：仙女座》的發布。其他重要驅動因素包括我們核心體育產品及相關直播服務的持續成長，以及我們行動業務的擴張。

The expected phasing of our revenue is disclosed in the earnings presentation posted to our website. The non-GAAP gross margin is expected to rise 110 basis points to 72.5%, driven by the increase in digital revenue and improved product mix. The margin benefits from the wholly-owned IP of Battlefield 1 and Mass Effect: Andromeda are partially offset by the royalty fee associated with Titanfall 2.

我們已在網站上發布的獲利報告中揭露了預期的收入實現階段。受數位收入成長和產品組合改善的推動，非GAAP毛利率預計將上升110個基點至72.5%。《戰地1》和《質量效應：仙女座》的完全自有智慧財產權帶來的利潤收益，部分被《泰坦隕落2》的特許權使用費所抵銷。

We expect non-GAAP operating expenses of $2.1 billion, up almost $140 million from FY16. The increase is driven by R&D investments in new franchises, particularly in the action genre; an extension of our partnership with Respawn; our digital player platform; competitive gaming; and new mobile games. These are offset somewhat by FX.

我們預計非GAAP營運支出為21億美元，比2016財年增加近1.4億美元。成長的驅動因素包括：對新系列遊戲（尤其是動作遊戲）的研發投資；與 Respawn 合作的擴展；我們的數位玩家平台；競技遊戲；以及新的手機遊戲。這些影響會被外匯匯率波動部分抵銷。

This would deliver an operating margin of 29.7%, and non-GAAP EPS of $3.50, up 11% year on year. This includes the addition of $41 million in new interest expense on our recent debt offering, but is partially offset by a reduction in our non-GAAP tax rate from 22% to 21%, and the reduction in our share count to 319 million.

這將帶來 29.7% 的營業利潤率，以及 3.50 美元的非 GAAP 每股收益，年增 11%。這包括我們最近債務發行新增的 4,100 萬美元利息支出，但部分被非 GAAP 稅率從 22% 降至 21% 以及股份數量減少至 3.19 億股所抵銷。

The change in tax rate is due to the continued growth of our business outside of the United States and the interest on our debt. The change in share count was driven by the additional $500 million repurchased in the quarter, and with regards to forecasted share count, note that our standard practice is to include an estimate of dilution for our employee equity programs, but not to factor in any potential reduction from our ongoing buyback program. The earnings presentation on our investor website contains more information about our exchange rate assumptions for the year.

稅率的變化是由於我們在美國以外地區的業務持續增長以及債務利息的產生。股份數量的變化是由於本季額外回購了 5 億美元股票所致。至於預測的股份數量，請注意，我們的標準做法是將員工股權計畫的稀釋估計納入其中，但不會考慮正在進行的股票回購計畫可能造成的任何股份減少。我們投資者網站上的獲利報告包含更多關於我們全年匯率假設的資訊。

Segmenting the sales provides further insights to the key drivers of our full-year non-GAAP revenue guidance. Packaged goods and other revenue was forecasted to be approximately $2 billion, down slightly, driven by the continued shift to digital delivery, and offset by growth in sales. Digital revenue is forecasted to be $2.9 billion, up 15%.

將銷售額細分，可以更深入地了解我們全年非GAAP收入預期的關鍵驅動因素。包裝商品和其他收入預計約為 20 億美元，略有下降，主要原因是持續向數位化交付轉型，但銷售成長抵消了這一影響。數位業務收入預計將達到 29 億美元，成長 15%。

Breaking down our digital revenue into its four primary categories, we see the contributions from each group. Our mobile business is expected to grow approximately 15% as we add new titles to our diverse and successful basis of live services. As part of this, we'll leverage the learnings from the success of Madden NFL Mobile to our other sports titles. Revenue from full game downloads is anticipated to grow 25%.

我們將數位收入細分為四個主要類別，可以看到每個類別的貢獻。隨著我們不斷增加新的遊戲項目，我們的行動業務預計將成長約 15%，這為我們豐富且成功的線上服務基礎增添了更多選擇。為此，我們將把 Madden NFL Mobile 的成功經驗運用到我們的其他運動遊戲中。預計完整遊戲下載收入將成長 25%。

We saw strong growth in digital downloads in FY16. For example, downloads of Madden for all consoles are up 50% year on year, and we expect this trend to continue. Extra content and free to download is expected to grow approximately 10% this year, driven by premium offerings for Star Wars Battlefront, and by the Ultimate Team. Battlefront extra content started to contribute in Q4, and we're expecting an attach rate for Season Pass of around 10%.

2016財年，我們的數位下載量實現了強勁成長。例如，所有遊戲主機上的 Madden 下載量年增了 50%，我們預計這一趨勢還會繼續。受《星際大戰：前線》高級內容和終極團隊模式的推動，預計今年額外內容和免費下載將成長約 10%。《星際大戰：前線》的額外內容從第四季開始貢獻收益，我們預計季票的附加率約為 10%。

Lastly, subscription revenue is expected to grow approximately 10% this year, driven by growth in Origin Access and EA Access, and partially offset by the falloff of Battlefield 4 Premium revenue. On a GAAP basis, guidance is for net revenue of $4.75 billion, gross margin of 71%, and operating expenses around $2.31 billion, and EPS of $2.53.

最後，受 Origin Access 和 EA Access 成長的推動，訂閱收入預計今年將成長約 10%，但部分將由 Battlefield 4 Premium 收入的下降所抵消。以美國通用會計準則 (GAAP) 計算，預計淨收入為 47.5 億美元，毛利率為 71%，營運費用約 23.1 億美元，每股收益為 2.53 美元。

Finally, cash flow will continue to be a key me metric for us going forward. In FY17, we're forecasting operating cash flow of approximately $1.3 billion, and capital expenses of approximately $110 million, resulting in free cash flow of approximately $1.2 billion, up from $1.1 billion in FY16. The anticipated increase in CapEx is primarily due to upgrades to our platform infrastructure and facilities.

最後，現金流仍將是我們未來發展的關鍵指標。2017 財年，我們預測營運現金流約 13 億美元，資本支出約 1.1 億美元，自由現金流約 12 億美元，高於 2016 財年的 11 億美元。預計資本支出增加主要是由於我們的平台基礎設施和設施升級。

Focusing now on Q1, non-GAAP revenue for the quarter is expected to be $640 million, an 8% decrease compared to last year's $693 million. The year-ago quarter benefited from more favorable exchange rates, Battlefield Hardline catalog, a one-off recognition of revenue from FIFA Online 3 in China and the fact that it was a 14-week quarter versus 13 weeks this year. Non-GAAP gross margin is forecasted to be approximately 74.5%. Non-GAAP operating expenses are expected to be $485 million, $13 million higher than last year, driven by investments in future products, offset by the fact that it's a shorter quarter, and by a stronger dollar.

現在聚焦第一季度，預計該季度非GAAP營收為6.4億美元，比去年同期的6.93億美元下降8%。去年同期受惠於更有利的匯率、戰地：硬仗遊戲目錄、中國區 FIFA Online 3 的一次性收入確認，以及該季度為 14 週而今年為 13 週的事實。非GAAP毛利率預計約74.5%。非GAAP營運費用預計為4.85億美元，比去年增加1,300萬美元，主要原因是未來產品投資，但被本季較短、美元走強所抵銷。

For the quarter, we expect a non-GAAP loss of $0.05 per share, as compared to earnings of $0.15 per diluted share last year. GAAP revenue is expected to be $1.25 billion, as compared to $1.2 billion in the prior year, and GAAP diluted EPS is expected to be $1.30, as compared to $1.32 per share in the prior year. As we look forward towards Q2, please note that FIFA 16 launched two weeks ahead of the end of Q2 FY16, rather than the usual one week.

本季，我們預期非GAAP每股虧損0.05美元，去年同期稀釋後每股收益為0.15美元。GAAP 收入預計為 12.5 億美元，而上年為 12 億美元；GAAP 稀釋後每股收益預計為 1.30 美元，而去年為每股 1.32 美元。展望第二季度，請注意，FIFA 16 的發佈時間比 2016 財年第二季度結束時間提前了兩週，而不是通常的一周。

The extra weekend enabled us to capture an extra week of FIFA sales. This was primarily high-margin Ultimate Team and digital revenue and boosted the quarter by approximately $75 million. This year, we'll see a return to a more typical pattern, with a much greater concentration of operating income in Q3 and Q4.

多出的這個週末讓我們得以多獲得一週的 FIFA 遊戲銷售機會。這主要來自高利潤的 Ultimate Team 和數位收入，使該季度收入增加了約 7,500 萬美元。今年，我們將看到一種更典型的模式回歸，營業收入將更加集中在第三季和第四季。

In conclusion, it was a great year for EA, with financial and engagement records set across the board. Looking forward, we're embracing digital to continue to drive the business. We expect these trends, along with growing sales of our existing titles and new franchises under development to continue to drive strong revenue, EPS, and cash flow growth into the future. Now, I'll turn the call back to Andrew.

總而言之，對EA來說，這是碩果累累的一年，財務和員工敬業度等各方面都創下了新紀錄。展望未來，我們將擁抱數位化，並繼續推動業務發展。我們預計這些趨勢，加上現有遊戲銷售的成長和正在開發的新系列遊戲的銷售成長，將繼續推動未來收入、每股盈餘和現金流的強勁成長。現在，我把電話轉回給安德魯。

Thanks, Blake. Our industry continues to grow. Across the world, more players are engaging in more games, on more platforms, across more geographies and business models.

謝謝你，布萊克。我們的行業持續成長。在全球範圍內，越來越多的玩家在更多的平台上參與更多的遊戲，遊戲遍及更多地區，並採用不同的商業模式。

Yet as our audience expands, it is evolving as well. The competition for time means there is no room for transient experiences. Players today expect more from the games they play, and in return, they will spend more time with the games they love.

然而，隨著受眾群體的擴大，它也在不斷發展變化。時間競爭激烈，沒有空間容納短暫的體驗。如今的玩家對遊戲的要求更高，作為回報，他們會花更多的時間在自己喜歡的遊戲上。

In a world where discovery is increasingly difficult and engagement decisions are made every second, connecting players with the right experience, when and where they want to play, is critical. In this transforming world, our focus continues to be on meeting and exceeding our players' needs through direct relationships that add value at every turn. Today, Electronic Arts engages hundreds of millions of players, and in the future, potentially billions. Through great games and live services in our powerful brands like Battlefield, FIFA, Star Wars, The Sims, Plants vs. Zombies, Mass Effect and more. This portfolio of IP, combined with great talent and robust technology in our underlying platform differentiates EA in our ability to connect players to more games, to more friends, and more ways to engage in a global network of play.

在一個發現越來越困難，參與決策每秒鐘都在做出的世界裡，將玩家與合適的遊戲體驗聯繫起來，在他們想玩的時候和地點進行遊戲，至關重要。在這個不斷變化的世界中，我們始終專注於透過與玩家建立直接聯繫，在每個環節中創造價值，從而滿足並超越玩家的需求。如今，藝電（Electronic Arts）擁有數億玩家，未來可能達到數十億。透過我們強大的品牌，如戰地、FIFA、星際大戰、模擬市民、植物大戰等，我們推出了精彩的遊戲和線上服務。喪屍、質量效應等等。這個智慧財產權組合，加上我們底層平台的優秀人才和強大的技術，使 EA 能夠將玩家連接到更多遊戲、更多朋友以及更多參與全球遊戲網路的方式，從而脫穎而出。

It always begins with great games, and in FY17, we will deliver some of the most creative, engaging, and biggest experiences to date from Electronic Arts. We also continue to foster and grow thriving communities across our portfolio of live services. Our teams are leveraging technologies like Frostbite to deliver new experiences across more devices. As we evolve our core platform, we are learning more about our players, and adding capabilities to unlock greater value for them.

一切都始於精彩的遊戲，在 2017 財年，我們將為大家帶來 Electronic Arts 迄今為止最具創意、最引人入勝、規模最大的遊戲體驗。我們也將繼續在我們各項即時服務中培育和發展蓬勃發展的社區。我們的團隊正在利用 Frostbite 等技術，在更多裝置上提供全新體驗。隨著我們核心平台的不斷發展，我們對玩家有了更深入的了解，並增加了更多功能，從而為他們創造更大的價值。

New programs, including competitive gaming, will help us reach and connect more players around the world. These are the dimensions of connected play that today's players seek, and that Electronic Arts is positioned to lead. These are foundational times for the future of games, and how we play them.

包括競技遊戲在內的新項目將幫助我們接觸和聯繫世界各地的更多玩家。這些正是當今玩家所追求的互聯遊戲體驗，而藝電（Electronic Arts）則處於領先地位。這是遊戲未來發展以及我們玩遊戲方式的奠基時期。

We're excited for FY17 and beyond, and look forward to sharing more with you in the quarters ahead. With that, Blake and I are here for your questions.

我們對 2017 財年及以後的發展充滿期待，並期待在接下來的幾季與您分享更多資訊。那麼，我和布萊克就來回答你們的問題了。

(Operator Instructions)

（操作說明）

And our first question comes from the line of Justin Post with Bank of America-Merrill Lynch.

我們的第一個問題來自美國銀行美林證券的賈斯汀波斯特。

Great. Thank you for taking my question. Two questions. Can you talk about your investment this year and your guidance for the action adventure titles, and could we see something as soon as FY18 on that front? Large competitor, maybe this is for Andrew, has talked a lot about e-sports. How do you see that opportunity for your first-person shooters and also your big sports titles? Thank you.

偉大的。感謝您回答我的問題。兩個問題。您能否談談今年的投資計畫以及動作冒險遊戲的指導方針？我們能否在 2018 財年就看到這方面的進展？一位實力強勁的競爭對手，或許是安德魯，經常談論電競。您如何看待這一機會對您的第一人稱射擊遊戲以及大型運動遊戲的影響？謝謝。

Justin, thanks for the question. Why don't I start with the investment piece. We're making broad investments that fuel the growth of the Company, well beyond FY18 and 2019.

賈斯汀，謝謝你的提問。我先從投資部分講起。我們正在進行廣泛的投資，這將推動公司在 2018 財年和 2019 財年之後持續成長。

Really today we're building an action genre product that's probably in our FY20 or FY21, as well as action oriented games around the Star Wars genre. Most of what we're investing in that's incremental now probably comes in FY19 and FY20. But clearly, some of our investment is to grow out the product base for what we're going on, as well.

實際上，我們今天正在開發一款動作類產品，可能會在 2020 財年或 2021 財年推出，同時也會開發以《星際大戰》為主題的動作類遊戲。我們現在新增的大部分投資可能會在 2019 財年和 2020 財年實現。但很顯然，我們的一些投資也是為了擴大我們正在進行的項目的產品基礎。

We do have a new IP coming next year. We haven't yet announced it, but it's something that you'll see probably coming up soon, and clearly that's part of our investment for the franchise as well as continuing out, building out Battlefront franchise with Star Wars for FY18 as well.

我們明年將推出一項新的知識產權。我們尚未正式宣布，但你們可能很快就會看到相關消息，這顯然是我們對該系列遊戲投資的一部分，同時也是我們在 2018 財年繼續拓展《星際大戰：前線》系列，並加入《星際大戰》元素的一部分。

As it relates to competitive gaming, Peter Moore, our head of our competitive gaming group is going to deliver a lot more, in terms of understanding at our upcoming Investor Day. The group overall is focused on enabling global communities through great games, so this absolutely includes the elite division. But we also believe there is an opportunity to celebrate the talent and skill at every level of gameplay. So for some, that will mean elite play. For others, that will just mean the joy of competition with friends, and we believe there is going to be a robust community and resultant engagement that we can build as a result of that.

關於競技遊戲，我們的競技遊戲團隊負責人彼得·摩爾將在即將舉行的投資者日上帶來更多相關見解。集團的整體目標是透過優秀的遊戲賦能全球社區，當然也包括菁英組。但我們也相信，我們有機會表彰各級比賽中的天賦和技巧。所以對某些人來說，這意味著精英級別的比賽。對其他人來說，這意味著與朋友競爭的樂趣，我們相信這將催生一個強大的社區，並由此帶來參與感。

Great. Thank you.

偉大的。謝謝。

Your next question is from Chris Merwin with Barclays.

下一個問題來自巴克萊銀行的克里斯·默溫。

Great. Thank you. Just had a couple questions. First of all, on extra content, that reaccelerated really nicely in the fiscal fourth quarter. Was wondering if you could provide a bit more color about what drove the improvement there. I think you called out mid-20% constant currency growth for Ultimate Team, but was also curious what lift you got from the Star Wars DLC as well.

偉大的。謝謝。我還有幾個問題。首先，關於額外內容，這在第四財季出現了非常好的復甦。我想請您詳細介紹一下是什麼促成了那方面的改進。我認為你曾提到 Ultimate Team 的固定匯率成長率在 20% 左右，但我也很好奇星戰 DLC 為你帶來了多少成長。

Just a second question on non-GAAP gross margins. I think you guided to about 100 basis points of margin expansion year on year, which is consistent with the long-term guidance. But just was curious what that assumed for digital downloads as a percentage of total for the year, and how the download patterns for Battlefield 1 might differ from Star Wars Battlefront. Thanks.

關於非GAAP毛利率，我還有第二個問題。我認為您預計利潤率將年增約 100 個基點，這與長期指引一致。但我只是好奇，如果數位下載量佔全年總量的百分比是多少，以及《戰地1》的下載模式與《星際大戰：前線》有何不同。謝謝。

Extra content obviously was dominated by Ultimate Team, but also FIFA Online 3 in Asia continues to grow, which falls in that. We saw continued growth of our original Star Wars product, Star Wars: The Old Republic, as well as extra content associated with The Sims, with Battlefield, Battlefield 4, and obviously the start of the Battlefront extra content. The bulk of that, though, is on the components I just mentioned, really drove the outsized performance in the quarter for extra content.

額外內容顯然以 Ultimate Team 為主，但 FIFA Online 3 在亞洲也持續成長，這也屬於其中的一部分。我們看到了原創星戰產品《星際大戰：舊共和國》的持續成長，以及與《模擬市民》相關的額外內容，包括《戰地》、《戰地4》，當然還有《星際大戰：前線》額外內容的推出。不過，其中大部分還是我剛才提到的那些組件，它們真正推動了本季額外內容的超額收益。

In terms of guidance going forward, assumptions around full game downloads, we assume that we're continuing to see growth that we saw, like we saw in the past year. Industry now is above 30%. I think it's reaching 32%. And we're fairly consistent with that, with some titles, as we mentioned in the script, that are well north of that.

展望未來，關於完整遊戲下載量的預測，我們假設將繼續維持去年那樣的成長動能。產業目前佔比超過 30%。我認為會達到32%。而且我們在這方面相當一致，有些標題，正如我們在劇本中提到的那樣，遠高於這個數字。

Gen 4 Madden, for example, is well north of 50% when you look at a full-year number. You're starting to see dramatic movements there. We should see greater improvement next year, because we won't have the skewing towards physical that we saw in the Battlefront gift giving, that we saw around the holiday, and we mentioned in our last quarter. And that forecast has driven what we're seeing in our uptick, of about 110% in gross margin growth year-over-year.

例如，第四代 Madden 遊戲，如果以全年數據來看，其佔比遠超 50%。你開始看到那裡出現了劇烈的變化。明年我們應該會看到更大的改善，因為我們不會再像在《星際大戰：前線》的禮物贈送中那樣，在節日期間，以及我們在上個季度提到的那樣，出現偏向實物的現象。而這項預測推動了我們目前的成長，毛利率年增約 110%。

Great. Thank you.

偉大的。謝謝。

Your next question is from Stephen Ju with Credit Suisse.

下一個問題來自瑞士信貸的Stephen Ju。

Thanks. Andrew, I'm looking at the proposed release slate for 2017. I think you have Titanfall launching alongside Battlefield, and NBA launching during the basketball season. So obviously this brings up concerns around cannibalization, and missed timing.

謝謝。安德魯，我正在查看 2017 年的擬議發布計劃。我認為《泰坦隕落》會和《戰地》系列同時發售，而NBA會在籃球賽季期間發售。顯然，這引發了人們對蠶食市場和錯失時機的擔憂。

So I'm wondering if you can offer some additional perspective there. Also, what do you think the underlying factors were that drove success for Madden mobile and Galaxy of Heroes, and how much of this can be replicated in your other mobile sports or action movies? Thanks.

所以我想知道您是否能提供一些額外的見解。另外，您認為推動 Madden 手機遊戲和 Galaxy of Heroes 成功的根本因素是什麼？這些成功經驗有多少可以複製到您的其他手機運動或動作電影中？謝謝。

So in terms of the Titanfall, Battlefield 1 question, this is a giant category in our industry, a $4.5 billion category. There's a very broad and diverse set of players who play games in that category, who are looking to fulfill different gameplay motivations. Some people play very quick play, some a little more strategic play. Some people want both in different contexts.

所以就《泰坦隕落》和《戰地1》的問題而言，這是我們產業中一個巨大的類別，一個價值 45 億美元的類別。該類別遊戲的玩家群非常廣泛且多元化，他們尋求滿足不同的遊戲動機。有些人喜歡快節奏的遊戲，有些人則更注重策略。有些人在不同的情況下兩者都想要。

The result of that is we feel we actually have a really strong position to deliver the broadest set of gameplay mechanics, as it relates to first person shooter genre across the two titles, and feel very confident that we are well positioned to do very well in that category in the year. Certainly, as you see, the reception around Battlefield 1, we feel very good about that. The energy around Titanfall 2 is also building very nicely, and we look forward to showing more of both of those titles at EA PLAY in June.

因此，我們感覺自己在兩款遊戲的第一人稱射擊遊戲類型中，擁有非常強大的實力，能夠提供最廣泛的遊戲機制，並且我們非常有信心，我們有能力在今年的這一類別中取得非常好的成績。當然，正如你所看到的，《戰地1》的反應非常好，我們對此感到非常滿意。《泰坦殞落2》的熱度也不斷攀升，我們期待在6月的EA PLAY上展示這兩款遊戲的更多內容。

As it relates to Madden mobile and Galaxy of Heroes, there's really a couple of things that we believe we are in a place to better understand now. One is how to best manifest sports IP, or in fact, large scale IP like Star Wars in the mobile space, and what that means in terms of screen size, session time, UI, and just general gameplay mechanics. But perhaps the bigger opportunity that we feel like we're capturing now is the opportunity for live service.

關於 Madden 手機版和 Galaxy of Heroes，我們認為現在我們有了更好的理解，可以更了解一些事情。一是如何最好地將體育IP，或者實際上是像《星球大戰》這樣的大型IP在移動領域展現出來，以及這在屏幕尺寸、會話時間、用戶界面和一般遊戲機制方面意味著什麼。但我們現在感覺正在抓住的更大機會或許是即時服務的機會。

These are not fire and forget games. The teams launch what is a spectacular game, and then work diligently with the community to make that game bigger, better, more dynamic, and more diverse, on every given day. We believe we have an opportunity across our sports games certainly, but also across some of our other very well-known and well-recognized IP in the industry.

這些遊戲並非一勞永逸。團隊推出了一款精彩絕倫的遊戲，然後每天都與社群密切合作，努力讓這款遊戲變得更大、更好、更動態、更多樣化。我們相信，我們在體育遊戲領域擁有巨大的發展機遇，而且我們在業內其他一些非常知名和廣受認可的知識產權領域也同樣如此。

Steven, I think the good analogy is the successful formula that drives Ultimate Team is continual events and activities. Team of the week, example, would be -- a great example. We're using that same approach in many of our mobile games, to drive that same type of engagement, where people are continually coming back, because we're making the game exciting, fresh and new, and competitive, and that's exactly what people want to get out of an experience that they've invested time in. And it's a great formula, and we certainly, as we mentioned on the call, hope to be able to leverage that in our other sports games, as well as non-sports games.

史蒂文，我認為最好的比喻是，Ultimate Team 的成功秘訣在於持續不斷的賽事和活動。例如，本週最佳團隊就是——一個很好的例子。我們在許多手機遊戲中都採用了同樣的方法，以推動同樣的用戶參與度，讓人們不斷回歸，因為我們讓遊戲變得刺激、新鮮、具有競爭性，而這正是人們希望從他們投入時間的遊戲體驗中獲得的。這是一個很棒的模式，正如我們在電話會議上提到的，我們當然希望能夠在我們其他的體育遊戲以及非體育遊戲中利用它。

Thank you.

謝謝。

Our next question comes from Colin Sebastian with Robert W. Baird.

下一個問題來自 Colin Sebastian 和 Robert W. Baird。

Thanks. Congratulations on a good quarter. I have a couple of questions. First one to ask, a follow-up on Battlefield 1 and the selection of World War I as the background setting. On one hand, this sounds quite intriguing, and we know that the World War II genres in the past did quite well. Notwithstanding that the initial reception sounds very positive here. I wonder what your consumer testing says about the appeal of this historical event in a genre that's been dominated by futuristic backdrops? Then I have one follow-up.

謝謝。恭喜你本季業績出色。我有幾個問題。首先我想問的是，關於《戰地1》選擇第一次世界大戰作為背景設定的問題。一方面，這聽起來很有意思，我們知道，二戰題材的作品過去都取得了不錯的成績。儘管如此，初步反應似乎非常正面。我想知道你們的消費者測試結果如何，對於以未來主義為背景的這段歷史事件題材作品，消費者有何看法？我還有一個後續問題。

I think it's a great question and certainly one we've been asked a number of times. When the team set out to deliver the next version of Battlefield, they wanted to do a lot of things with the game. They wanted to be the biggest Battlefield game, they wanted to be the most diverse Battlefield game.

我認為這是一個很好的問題，而且我們確實被問過很多次了。當團隊著手開發下一代《戰地》遊戲時，他們想在遊戲中實現許多功能。他們想成為規模最大的戰地遊戲，他們想成為內容最豐富的戰地遊戲。

They wanted fundamentally new gameplay mechanics with evolution of story, interwoven characters, story lines, evolution of machinery, evolution of weaponry, a real opportunity to build and grow inside of a Battlefield universe. When they took a step back and asked themselves what was the best place to set a game that had that kind of ambition, World War I was really the only place to do it. What very few people remember from their history classes, I guess, is that people rode into World War I on horses and came out on planes and tanks and submarines. We think that level of innovation and evolution of battle in a shorter period of time gives us a tremendous opportunity to deliver a very epic and full-scale experience, and I think what we've shown so far is a small taste of that, and we look forward to spending time and giving people even more information and a deeper look at that as we come to EA PLAY in June.

他們想要全新的遊戲機制，故事不斷發展，角色交織，劇情推進，機械不斷進化，武器裝備日益完善，在《戰地》宇宙中擁有真正的發展與成長機會。當他們退後一步，問自己，對於一款具有如此雄心壯志的遊戲來說，最好的設定地點是什麼時，第一次世界大戰實際上是唯一合適的地點。我想，很少人會記得，他們在歷史課上學到的是，人們騎馬進入第一次世界大戰，而出來時卻駕駛著飛機、坦克車和潛水艇。我們認為，在更短的時間內實現如此高水準的創新和戰鬥演變，為我們提供了一個絕佳的機會，來創造一場史詩般的、全方位的體驗。我認為，到目前為止，我們所展示的只是冰山一角。我們期待在六月的 EA PLAY 上，花更多的時間，為大家提供更多資訊和更深入的了解。

Thanks, Andrew. And then looking ahead in terms of the Star Wars franchise, I wonder if you could you update on the progress and the potential timing of the titles from Motive and Respawn, and how they fit into the release cadence for that license over the next few years? Thank you.

謝謝你，安德魯。展望《星際大戰》系列，我想知道您能否介紹一下 Motive 和 Respawn 開發的遊戲的進展和潛在發佈時間，以及它們在未來幾年內如何融入該系列的發行節奏？謝謝。

We'll most likely have at least one Star Wars title a year over the next three to four years. Next year, we will see Star Wars Battlefront back, with bigger and better worlds, because we now have the new movies to work off, not just the historical movies that we used before. We also are working on a Star Wars action game, that part of the Motive team is working on as well as the Visceral team, and that's most likely the following year. And as we've announced, we're working with our partners Respawn to work on another Star Wars game.

未來三到四年內，我們很可能每年至少會推出一部《星際大戰》系列遊戲。明年我們將看到《星際大戰：前線》回歸，擁有更大更好的世界，因為我們現在可以基於新的電影進行開發，而不僅僅是以前使用的歷史電影。我們目前也正在開發一款星際大戰動作遊戲，Motive 團隊和 Visceral 團隊都在參與這個項目，這款遊戲很可能要等到明年才會面世。正如我們之前宣布的那樣，我們正在與合作夥伴 Respawn 合作開發另一款星際大戰遊戲。

They're very excited about that. They were asking us to include them in the franchise and we felt that they could add a huge amount to a new title there. The cadence should be at least every year, along with the cadence of the large and small movies that Disney's doing -- relative to -- or size of movies that Disney's doing relative to Star Wars. Then obviously, we'll continue to layer in mobile titles where possible as well, to try to have a diverse Star Wars activity from shooters, all the way through action and strategy, but at the same time, taking advantage of all the new great IP that's being developed by our partners at Disney.

他們對此感到非常興奮。他們要求我們把他們納入這個系列中，我們覺得他們可以為這個系列的新作品增添很多東西。節奏至少應該每年一次，與迪士尼製作的大片和小片的節奏——相對於——或者迪士尼製作的電影規模相對於《星際大戰》的節奏保持一致。當然，我們也會盡可能地繼續加入行動遊戲，努力打造多樣化的星際大戰活動，涵蓋射擊遊戲、動作遊戲和策略遊戲，同時，我們也會充分利用迪士尼合作夥伴正在開發的所有全新優秀IP。

Okay. Great. Thanks, Blake.

好的。偉大的。謝謝你，布萊克。

Your next question is from Brian Pitz with Jefferies.

下一個問題來自傑富瑞集團的布萊恩‧皮茨。

Thanks so much. One more on Battlefield. It's getting very positive reception on YouTube and other online forums, so far to date. We don't actually recall such strong early interest in the franchise. Are there other internal metrics that you would provide to give us confidence that this game is truly tracking ahead of the previous versions? Thanks.

非常感謝。再來一個《戰地》系列遊戲。到目前為止，它在 YouTube 和其他線上論壇上都獲得了非常積極的反響。我們其實不記得當初大家對這個系列作品有如此強烈的興趣。還有其他內部指標可以提供給我們，讓我們確信這款遊戲確實比之前的版本更勝一籌嗎？謝謝。

Yes. And again, we have been delighted with the reception. It's our most-liked trailer to date, and depending on what metrics you look at from YouTube, it may be the most-liked trailer ever on YouTube. And we see that as a real positive sign for the franchise.

是的。再次重申，我們對反應非常滿意。這是我們迄今為止最受歡迎的預告片，根據 YouTube 上的指標來看，它可能是 YouTube 上最受歡迎的預告片。我們認為這對該系列遊戲來說是一個非常積極的信號。

The community's been asking for innovation. The community's been asking for something different, and our DICE team did step out and build something truly epic, and respond to the community's demands. And the feedback has been resoundingly positive.

社區一直呼籲創新。社群一直要求一些不同的東西，而我們的 DICE 團隊也確實挺身而出，創造了一些真正史詩級的作品，回應了社群的需求。收到的回饋非常正面。

As it relates to how the game is tracking, the game is doing really, really well. We recently had key franchise reviews, where more of the game is playable at this stage than has ever been the case in Battlefield before. The Frostbite engine is robust in its foundation, and this is a very tried and true team, who build unbelievable experiences. So we have deep confidence in them, to execute against their ambition, and we look forward to demonstrating more of that at EA PLAY in June.

就遊戲的運作而言，這款遊戲真的非常非常出色。我們最近對一些重要的系列遊戲進行了評測，與以往的《戰地》系列遊戲相比，目前遊戲的可玩內容更多。Frostbite引擎的基礎非常強大，而且這是一個久經考驗、值得信賴的團隊，他們創造了令人難以置信的體驗。因此，我們對他們充滿信心，相信他們能夠實現自己的目標，我們期待在 6 月的 EA PLAY 上進一步證明這一點。

And like most of our large titles, you'll tend to see more and more during the summer, Gamescom late in the summertime, most likely some further gameplay in the form of a beta or something to that extent. So you'll have plenty of ways to better understand the depth of the product and excitement around the product, as the next few months come by, and we'll try to keep you informed in our next earnings call on how we see the demand developing for the product.

就像我們大多數大型遊戲一樣，你往往會在夏季，尤其是在夏末的科隆遊戲展上，看到越來越多的遊戲內容，很可能是以測試版或其他類似形式展示的。因此，在接下來的幾個月裡，您將有很多途徑更好地了解產品的深度和人們對產品的熱情，我們將在下次財報電話會議上向您通報我們對產品需求發展的看法。

Great. Thanks.

偉大的。謝謝。

Your next question is from Arvind Bhatia with Sterne Agee.

您的下一個問題來自 Sterne Agee 的 Arvind Bhatia。

Thank you. Great quarter. I was wondering if you could talk about Titanfall 2 a little bit, and how we should think about the title, relative to its predecessor, in terms of units, perhaps. Obviously the previous one was very successful, but it had some unique circumstances. It wasn't in all platforms, but I know it had a high attach rate, as in one of the key early titles, so if you could put that in perspective. Thank you.

謝謝。很棒的季度。我想請您談談《泰坦隕落2》，以及我們應該如何看待這款遊戲，特別是從單位方面來看，它與前作有何不同。顯然，前一次非常成功，但它也有一些特殊情況。雖然它並非在所有平台上都有，但我知道它的附加率很高，因為它是早期的重要作品，所以如果你能從這個角度來看待這個問題就好了。謝謝。

Clearly, we're very excited about it. We've seen it a couple of times over the last few months, and it's well along the way, and has evolved substantially from the first Titanfall. The first Titanfall was fantastic. This has added a whole new level to the game, and the experience.

顯然，我們對此感到非常興奮。在過去的幾個月裡，我們已經見過它好幾次了，它已經取得了長足的進步，並且與第一款泰坦隕落相比有了很大的發展。第一部《泰坦隕落》太棒了。這為遊戲和體驗增添了全新的層次。

It will be on both platforms, which obviously means a bigger audience for Titanfall, particularly with the Sony platform as the one that hasn't experienced it. They'll get a chance to experience the game. But at the same time, obviously the attach won't be anywhere near as high as it was, because it was one of the first AAA titles for the new Xbox One. So obviously a lower attach. We think you're going to see numbers clearly larger than our Titanfall 1 franchise, and we've got good expectations for it, but we try to be prudent in how we forecast that in our guidance.

該遊戲將在兩個平台上推出，這顯然意味著《泰坦隕落》將擁有更大的受眾群體，尤其是索尼平台，因為該平台此前尚未體驗過這款遊戲。他們將有機會體驗這款遊戲。但同時，很明顯，它的關注度不會像以前那麼高了，因為它是新 Xbox One 的首批 AAA 級遊戲之一。所以很明顯，攻擊力較低。我們認為你們將會看到比我們的《泰坦墜落1》系列作品明顯更大的數字，我們對此抱有很高的期望，但我們在預測時會盡量保持謹慎。

Great. Thank you. Good luck.

偉大的。謝謝。祝你好運。

Your next question is from Michael Olson with Piper Jaffray.

下一個問題來自派珀·傑弗瑞的邁克爾·奧爾森。

I had couple questions, if I could. First, you might dive into this at the analyst day, but in addition to continued mix shift towards full game downloads and digital add-on content, how do you think about the evolution of revenue mix over the next few years, related to subscription, free to play, et cetera? I guess, should we anticipate much of a change, or will it be primarily a continuation of growth in full game downloads and add on content that we're seeing today?

如果可以的話，我想問幾個問題。首先，你可能會在分析師日深入探討這個問題，但除了持續轉向完整遊戲下載和數位附加內容之外，你如何看待未來幾年與訂閱、免費遊戲等相關的收入結構演變？我想，我們應該期待有很大的改變嗎？還是說，目前我們看到的完整遊戲下載量和附加內容的成長趨勢將會持續下去？

And then second, regarding past comments that you've made on revenue growth consistency, how disciplined do you plan to be on keeping revenue growth in the single digits? In other words, if it appears that it could be tracking towards double digits part way through the year, would you push titles into FY18 in order to manage the growth rate? Thanks.

其次，關於您過去對營收成長穩定性的評論，您計劃在維持營收成長個位數方面有多大的紀律性？換句話說，如果年中成長率看起來可能會達到兩位數，你會為了控製成長率而將一些遊戲延後到 2018 財年嗎？謝謝。

On the first piece, I think we will continue to see subscriptions grow, particularly with EA Access and the strength of that product, and obviously based on the strength of that, we rolled out Origin Access, which is our Origin-based PC-based gaming, with a similar structure as EA Access. We'll continue to push that. We think subscriptions are an important part of the future of this business, and you'll see that continue to grow.

關於第一點，我認為我們將繼續看到訂閱用戶成長，特別是隨著 EA Access 及其產品的強大表現，顯然，基於該產品的強大表現，我們推出了 Origin Access，這是我們基於 Origin 的 PC 遊戲服務，其結構與 EA Access 類似。我們會繼續推進這項工作。我們認為訂閱模式是這項業務未來發展的重要組成部分，而且你會看到它持續成長。

In the past, remember we've had some accounting differences between products, where something that looks like DLC might have been booked as a subscription, because it was a series of DLCs over time, and that's what made the subscription number go up and down over time. You'll continue to probably see some of that as we have different accounting methods, but I think the combination of extra content and subscriptions should continue to be a larger and larger portion of our business over time. I think that's an important piece of the mix.

過去，請記住，我們在產品之間存在一些會計差異，一些看起來像 DLC 的內容可能被記為訂閱，因為它是一系列 DLC 隨時間推出的，這導致訂閱數量隨時間上下波動。由於我們採用不同的會計方法，您可能會繼續看到一些這種情況，但我認為隨著時間的推移，額外內容和訂閱收入應該會在我們的業務中佔據越來越大的比例。我認為這是其中一個重要因素。

I think also, as you look at the business, you'll see greater mobile concentration of growth and the combination of mobile plus extra content subscriptions is now starting to create a very nice foundation for the business. With that, plus full game downloads, we mentioned we're at $2.5 billion. That's a wonderful foundation to make the revenue much smoother over time.

我認為，當你審視這項業務時，你會發現行動端的成長更為集中，行動端加上額外的內容訂閱，現在正開始為這項業務奠定非常好的基礎。加上完整遊戲下載量，我們之前提到過，我們的收入達到了 25 億美元。這是一個極佳的基礎，能讓收入隨著時間的推移更加平穩成長。

On the revenue growth, let me be clear. It's not our aspiration to have single digit revenue growth. It's our focus to try to maintain discipline on the operating model in the Company. We don't want to over-invest, and not deliver the revenue. That was the problem we had historically.

關於營收成長，我想明確一點。我們並不追求個位數的營收成長。我們的重點是努力維持公司營運模式的紀律性。我們不想過度投資，卻無法帶來預期收益。那是我們歷史上一直存在的問題。

So we talk about single digit revenue growth, simply because that's how we think about our investment, but we're trying to drive higher revenue growth, if possible. And we'll do that on a case by case basis, and decide if revenue -- if we can push the revenue harder or not. And sometimes products get moved based on when those products are ready, or timing in the marketplace. But our goal is to try to drive both revenue, top line growth, and drive earnings growth, and if we can get both of those in double digits, that would be fantastic. We've been lucky enough to drive double-digit bottom line growth, and we'll continue to see that over the next few years, we believe.

所以我們談論的是個位數營收成長，只是因為我們就是這樣看待我們的投資的，但如果可能的話，我們正在努力實現更高的營收成長。我們會根據具體情況逐案決定，決定是否要加強提高收入。有時，產品的銷售會根據產品的上市時間或市場時機而調整。但我們的目標是努力推動營收成長和獲利成長，如果這兩項都能達到兩位數，那就太棒了。我們很幸運地實現了兩位數的淨利潤成長，我們相信，在未來幾年裡，我們將繼續看到這種成長。

Thank you.

謝謝。

Your next question comes from Drew Crum with Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Drew Crum。

Good afternoon, everyone. So the guidance for OpEx this year is $2.1 billion. You ran through the details behind that. Is that a new normal, or the run rate we should expect beyond FY17?

大家下午好。因此，今年的營運支出預期為 21 億美元。你詳細解釋了背後的原因。這是新的常態，還是我們應該預期在 2017 財年之後達到的速度？

It's probably in that zone, could be plus or minus $25 million or $30 million. I remind people, there's a couple components of that. One is our marketing and sales. We've tried to target that number between 12% and 13% of revenue. So obviously in a bigger revenue year like this year, we're going to spend more on marketing and sales to support things like Battlefield and Titanfall. So that's going to see a flux up and down, based on the revenue component.

大概就在這個範圍內，可能上下浮動2500萬美元到3000萬美元。我提醒大家，這其中包含幾個組成部分。一是我們的行銷和銷售。我們努力將這個數字控制在收入的 12% 到 13% 之間。很顯然，在像今年這樣收入較高的年份，我們會投入更多資金用於行銷和銷售，以支持像《戰地》和《泰坦墜落》這樣的遊戲。因此，根據收入情況，該指標將會出現上下波動。

Our R&D expenses, we've tried to target around 21% to 22% of revenue, and we're tracking around that level now. And we feel like there's a huge opportunity for us to continue to invest in new areas of the business, like the action genre, where we haven't completed historically. It's a very ripe opportunity for us, and we've been able to bring great talent in to try to build out that part of the business. Our new mobile areas, with new studios coming on, has also been important for us. And we'll continue to invest there.

我們的研發支出，我們一直努力將其控制在收入的 21% 到 22% 左右，目前我們正朝著這個水準穩步前進。我們覺得，我們有巨大的機會繼續投資於新的業務領域，例如我們過去從未涉足的動作片類型。這對我們來說是一個非常難得的機會，我們已經引進了優秀的人才來努力發展這部分業務。我們新的移動區域以及即將投入使用的新工作室對我們來說也非常重要。我們將繼續在那裡投資。

And then last but not least, continuing to build out the platform in which we operate all our games on and we're trying to leverage through that network will continue to be a key part of our investment. You'll probably see that rough level, as a percentage of sales, be the focus going forward. Which is a combination of the R&D level around 21% to 22%, marketing in the 12% to 13% and G&A in the 7% to 8% range.

最後但同樣重要的是，繼續完善我們經營所有遊戲的平台，並努力透過該網路加以利用，將繼續是我們投資的關鍵部分。你可能會看到，未來關注的重點將是這個大致的水平，以銷售額的百分比表示。其中研發費用佔比約 21% 至 22%，行銷費用佔比約 12% 至 13%，一般及行政費用佔比約為 7% 至 8%。

Got it. Okay. And then one question for Andrew, perhaps. Some of your competitors have talked about plans or initiatives around advertising in their mobile titles. Is that something that's contemplated in your 2017 guidance? Talk about any targeted advertising you're doing or would like to do in some our sports titles going forward. Thanks.

知道了。好的。那麼，或許可以問安德魯一個問題。一些競爭對手已經談到了在行動遊戲中投放廣告的計劃或舉措。您在2017年的指導下是否考慮過這個問題？請談談您正在進行或未來希望在我們一些體育刊物中開展的任何定向廣告活動。謝謝。

Yes, it's again, a great question. Advertising is certainly an important part of our business, both now and going forward. We have been -- we have had ads in both our console games and our mobile games for some years, and that business has continued to grow. We often walk the fine line between maintaining the integrity of the entertainment experience, with the provision of advertising inside those experiences.

是的，這又是一個很好的問題。廣告無疑是我們業務的重要組成部分，無論現在還是將來。多年來，我們一直在主機遊戲和手機遊戲中投放廣告，而且這項業務一直在持續成長。我們經常需要在保持娛樂體驗完整性和在這些體驗中提供廣告之間找到平衡。

Right now, we have ad technology that we are implementing in some of our key mobile titles that is very targeted in nature, and we believe is additive to the overall experience, in the long term, and players have been responding positively to that. So there is some advertising in our FY17 number. I would expect that as our network continues to grow beyond the hundreds of millions that we have today, that it will become a more meaningful part of our business in the future.

目前，我們正在一些重點在行動遊戲中實施一種廣告技術，這種技術具有很強的針對性，我們相信從長遠來看，它能提升整體體驗，玩家對此也給予了正面的回饋。所以，我們2017財年的數據包含了一些廣告收入。我預計，隨著我們的網路規模不斷擴大，超過目前數億用戶，它將來將成為我們業務中更重要的組成部分。

One thing to remember there, particularly for us, is that there's both the ability to sell advertising, but maybe equally or more important, is the ability to cross-promote to players, to keep them in your network. And as we have a broader and broader portfolio of games, particularly in mobile, that cross-promotion advertising is very valuable to us. Holding onto a player in your network is very powerful, and so you'll see take type of advertising, which may be less obvious to the average user than a traditional ad that you might see in a game.

尤其對我們來說，需要記住的一點是，我們既可以銷售廣告，但或許同樣重要甚至更重要的是，我們還可以向玩家進行交叉推廣，讓他們留在我們的網絡中。隨著我們遊戲產品組合的不斷擴大，尤其是在行動遊戲領域，這種交叉推廣廣告對我們來說非常有價值。留住網路中的玩家非常重要，因此你會看到一些廣告形式，這些廣告對於一般用戶來說可能不如你在遊戲中看到的傳統廣告那麼明顯。

Your next question is from Ben Schachter with Macquarie Research.

下一個問題來自麥格理研究部的本‧沙赫特。

Congratulations on a great year. On the full game downloads, anything you are going to do to try to increase it, via discounts or other promotions, or are you pretty happy to see it grow organically? And also if you're already over 30%, where do you think that number will be in FY17, and the next few years? Separately on Battlefield 1, any notable increases in end game monetization, or will it be continued, more maps and those kind of things?

恭喜你度過了精彩的一年。對於完整版遊戲的下載量，你們會採取什麼措施來增加下載量，例如透過折扣或其他促銷活動，還是樂於看到它自然增長？另外，如果目前佔比已經超過 30%，你認為 2017 財年以及未來幾年這個數字會是多少？另外，就《戰地1》而言，遊戲後期付費內容是否有顯著增加？或是會繼續增加更多地圖之類的？

Let me take the first one and then I'll have Andrew talk a little about Battlefield. It's a difficult prediction, right? We know that PCs took about eight years to go from 0% to 75% in full game downloads. There's a lot of differences between the PC business and the console business. We do know that the consumer is very interested in convenience, and we want to have product wherever the consumer wants to shop, be it a retail store, or a console.

讓我先回答第一個問題，然後我再讓安德魯談談《戰地》系列遊戲。這是一個很難預測的答案，對吧？我們知道，PC 平台完整遊戲下載量從 0% 成長到 75% 花了大約八年時間。PC 遊戲產業和主機遊戲產業有許多不同之處。我們知道消費者非常注重便利性，我們希望無論消費者想在哪裡購物，無論是零售店還是遊戲機，都能買到我們的產品。

We obviously have great partners in retail, and we want to continue to have great partners over time, and so we'll support them with great in-store merchandise and training and support, and at the same time, try to help educate our console partners as well, on how to best market the products digitally. Our best guess today is that growth continues at about the pace that it has over the last couple of years, since Gen 4 consoles were rolled out.

我們顯然在零售領域擁有優秀的合作夥伴，我們希望長期保持這種良好的合作關係，因此我們將為他們提供優質的店內商品、培訓和支持，同時，我們也會努力幫助我們的遊戲機合作夥伴了解如何更好地進行數位化產品行銷。我們目前的最佳預測是，成長速度將繼續保持與第四代遊戲機推出以來的過去幾年大致相同的速度。

So could we see another 5% pop, meaning going from, say, the high 20s to the mid-30s, we do think that's possible. I think the big issues remain bandwidth, they remain cashless transactions. Many of our customers may not have a credit card, and they need a cashless transaction method to be able to pay digitally, as well as obviously the residual value that some game retailers provide.

所以，我們會不會看到再成長 5%，也就是說，從 20 多歲漲到 30 多歲？我們認為這是有可能的。我認為最大的問題仍然是頻寬，以及無現金交易。我們的許多客戶可能沒有信用卡，他們需要一種無現金交易方式來進行數位支付，以及一些遊戲零售商提供的剩餘價值。

All of those things are changing over time, and we see that will continue to help support the growth of full game downloads. But we want to allow the consumer to decide. We'll give them opportunities to buy certain things digitally, that they may not be able to buy physically, special digital-only offers. But at the end of the day, we really want to make sure we're allowing the consumer to buy the product wherever the consumer wishes to do that, and we want to make sure we're there.

所有這些因素都在隨著時間推移而變化，我們認為這將繼續有助於推動完整遊戲下載量的成長。但我們希望讓消費者自己做決定。我們將為他們提供以數位方式購買某些他們可能無法以實體方式購買的商品的機會，以及僅限數位管道購買的特別優惠。但歸根結底，我們真正想要的是確保消費者能夠在他們想購買產品的任何地方購買到產品，而我們也希望確保我們能夠隨時提供服務。

As relates to Battlefield 1 and extra monetization opportunity, taking a step back, any time we think about extra monetization inside an experience, we really think about it on two vectors: One, are we able to provide value to the gamer, in terms of extending and enhancing their experience? And two, are we able to do that in a world where we give them choice? We never want to be in a place where there's a belief that we are providing a pay to win mechanic inside of one of our games.

就《戰地1》和額外的盈利機會而言，退一步講，每當我們考慮在遊戲體驗中增加盈利時，我們都會從兩個方面來考慮：第一，我們能否為玩家提供價值，以擴展和增強他們的遊戲體驗？第二，在一個給予他們選擇權的世界裡，我們能夠做到這一點嗎？我們絕不希望出現這樣的情況：玩家認為我們的遊戲包含付費取勝機制。

I think what you've seen from us over the last couple of years is our ability to balance this and deliver tremendous value through choice to our player, which is why our extra content line of business has continued to grow healthily. As we look at FY17, we are forecasting, again, continued growth in that category.

我認為，過去幾年大家已經看到了我們能夠平衡各方利益，並透過為玩家提供選擇來創造巨大價值，這也是為什麼我們的額外內容業務線能夠持續健康成長的原因。展望 2017 財年，我們預測該類別將持續成長。

Given that in Battlefield 1, you will see both macro monetization opportunities from us like maps and large scale content, as well as micro monetization opportunities, smaller increments of gameplay, and then over time, what you will see from us is elements of gameplay that allow gamers to engage and drive, and extend and enhance their experience, much the way people do with FIFA Ultimate Team or Madden Ultimate Team today. We feel very confident in our ability to deliver that in a way that is deemed valuable by our player, and drives increased engagement over time with them.

鑑於《戰地1》中，您將看到我們提供的宏觀盈利機會，例如地圖和大規模內容，以及微觀盈利機會，即更小的遊戲增量，隨著時間的推移，您將看到我們提供的遊戲元素，讓玩家能夠參與、推動、擴展和增強他們的遊戲體驗，就像人們現在玩 FIFA Ultimate Team 或 Madden Ultimate Team 一樣。我們非常有信心能夠以玩家認為有價值的方式實現這一點，並隨著時間的推移提高玩家的參與度。

If I could get one more in. I don't want to front-run the analyst day too much, but what are the key areas that you want to spend more time on with investors? Thanks.

如果我能再進一個就好了。我不想過度搶在分析師日之前發言，但您希望與投資者在哪些關鍵領域投入更多時間？謝謝。

I think, again, we have been undergoing a fairly fundamental transformation of our business over the last few years. We feel like we're in a very, very strong place. We feel like we have a strong and predictable revenue source, and that the Company's operating very well right now, and the management team are doing great things, in a world where our industry continues to grow. And we want to take the opportunity to share our vision for the future, how we see the industry growing, where we think the vectors for growth exist inside that industry, and how we believe Electronic Arts is uniquely well-positioned to benefit from those vectors of growth in the years ahead.

我認為，在過去的幾年裡，我們的業務再次經歷了相當根本性的變革。我們感覺我們現在處境非常非常有利。我們感覺公司擁有穩定可靠的收入來源，目前營運狀況良好，管理團隊也做得很好，而我們所處的產業也不斷發展壯大。我們希望藉此機會分享我們對未來的願景，我們如何看待這個行業的成長，我們認為這個行業內部的成長動力在哪裡，以及我們相信藝電公司如何憑藉其獨特的優勢，在未來幾年從這些成長動力中受益。

I think part of that, the goal is to make sure we're giving both the sell-side and the buy-side exposure to the broader management team, and the chance to see the depth of what we've developed here, as we feel very confident of it, and we're excited to make sure we showcase that next week.

我認為其中一部分原因是，我們的目標是確保賣方和買方都能接觸到更廣泛的管理團隊，並有機會了解我們在這裡所取得的成就的深度，因為我們對此非常有信心，並且我們很高興能在下週展示這些成就。

Your next question comes from Mike Hickey with The Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Great quarter. Blake, you gave the 25 million units growth for calendar year 2016. I'm curious if your assumption, if you were expecting any new consoles this year, any price cuts to existing hardware, or maybe any other sort of key considerations to that estimate? And then I realize obviously you can't announce any new hardware plans from your partners, but there's been wide speculation that you have a mid-cycle upgrade coming. And I was curious if you could shape for us why a mid-cycle upgrade could be positive for the industry? And also if there's any potential development expense to developing games in 4K. Thanks.

很棒的季度。布萊克，你給了 2016 年曆年 2500 萬輛的成長數據。我很好奇，您在預測今年是否會有新遊戲機上市、現有硬體是否會降價，或者您在做出預測時是否考慮了其他關鍵因素？然後我意識到，你顯然不能宣布合作夥伴的任何新硬體計劃，但外界普遍猜測你們即將進行中期升級。我很好奇您能否為我們解釋一下，為什麼中期升級對產業來說是件好事？此外，開發 4K 遊戲是否會產生任何潛在的開發成本？謝謝。

I can't tell you a lot about what Microsoft or Sony or other console makers' plans are. I think we've all seen some of the discounting that's been going on in the industry, both through the holidays and post holidays. And there's continued aggressive bundling across the industry, and I think all of that acts to continue to drive people into consoles.

我無法透露太多關於微軟、索尼或其他遊戲機製造商的計劃。我想我們都看到了業內正在進行的一些折扣促銷活動，無論是在假日期間還是節日後。而且整個行業都在持續進行激進的捆綁銷售，我認為所有這些都會繼續推動人們轉向遊戲主機。

I think the other thing that's important to remember is there are very few Gen 3 titles being still made. Most of the new titles that we're talking about, as well as the industry's talking about are Gen 4 only, and that is -- will clearly start to push people to ultimately buy a new console, if they've resisted, because they've had a choice to play a game on either Gen 3 or Gen 4.

我認為還有一點要記住，那就是現在還在製作的第三世代遊戲已經非常少了。我們正在討論的大部分新遊戲，以及業內人士正在討論的大部分新遊戲，都僅限於第四世代主機，這意味著——如果人們之前一直抵制購買新主機，那麼很明顯，這將最終促使他們購買新主機，因為他們可以選擇在第三世代或第四世代主機上玩遊戲。

In terms of any mid-cycle upgrades, once again I can't predict, but what I can tell you is that what we've heard, I think, publicly from the console makers, is they're realizing that the compatibility issue across consoles is an important consumer issue. As Microsoft has shown, they've tried to do with some backward compatibility on older titles and new titles. I think that's going to be an important part of what a mid-cycle might look like, if there is one, which removes a lot of the risk associated with what we've seen historically with console cycles.

至於中期升級方面，我仍然無法預測，但我可以告訴你的是，我們已經從主機製造商那裡公開了解到，他們意識到主機之間的兼容性問題是一個重要的消費者問題。正如微軟所展示的那樣，他們已經嘗試在舊遊戲和新遊戲之間實現一定的向下兼容性。我認為這將是中期更新周期（如果有的話）的重要組成部分，它消除了我們在主機週期歷史上看到的許多風險。

We don't spend a lot of time worrying about it because we feel like our ability to develop for whatever new technology comes, the risk of that's been minimized, because we've moved towards one single engine, Frostbite, and we're able to port that to whatever platform, or point that to whatever platform is evolving or is upgraded. In addition, our business model is so much more diverse now than it has been historically, that the notion of a console cycle becomes somewhat irrelevant in our ability to generate strong earnings and cash flow. So we'll all be interested to see where Microsoft and Sony come out, if they do something at E3, or sometime in the year to come. But we're excited about the continued growth in the business and not afraid of a cycle change, if that was to occur.

我們不會花太多時間擔心這個問題，因為我們覺得我們有能力開發出能夠適應任何新技術的產品，這種風險已經降到了最低，因為我們已經轉向使用單一引擎 Frostbite，我們可以將其移植到任何平台，或者指向任何正在發展或升級的平台。此外，我們的商業模式現在比以往更加多元化，因此主機週期的概念對我們產生強勁的盈利和現金流的能力來說變得無關緊要了。所以，我們都很想看看微軟和索尼會作何反應，是會在 E3 遊戲展上有所動作，還是會在未來一年中的某個時候有所動作。但我們對業務的持續成長感到興奮，即使出現週期性變化，我們也不害怕。

Thanks, Blake. Best of luck.

謝謝你，布萊克。祝你好運。

Your next question is from Neil Doshi with Mizuho Securities.

下一個問題來自瑞穗證券的Neil Doshi。

Great. Thanks for taking the questions. First, on mobile, we've seen a couple quarters of very strong mid-teens year-over-year growth. Is the plan there really to focus around the core AAA titles and develop a mobile ecosystem around those games, or could we see some original IP on the mobile front? Secondly with the fairly healthy cash balance, Blake, how do you think about M&A as another way of putting that cash to use? Thanks.

偉大的。謝謝您回答問題。首先，在行動端，我們已經看到幾個季度實現了非常強勁的同比增長，增幅達到兩位數以上。該計劃是否真的會專注於核心 AAA 遊戲並圍繞這些遊戲開發行動生態系統，還是我們可能會在行動領域看到一些原始 IP？其次，布萊克，鑑於公司現金餘額相當充裕，你認為併購作為利用這些現金的另一種方式如何？謝謝。

As it relates to mobile, again, when you have the benefit of the depth and breadth of our portfolio of great brands and IP, in a world where discovery is becoming challenged, and the mobile market is increasingly fraught with competition, utilization of those brands is certainly a great strength for us. And as you heard us in our prepared comments, we had the most installs of any publisher in calendar year 2015, and a lot of that is driven around the recognition of our brand and our IP, and the quality of experiences that come as part of those brands.

就行動領域而言，我們擁有豐富且廣泛的優秀品牌和智慧財產權組合，在發現功能日益受到挑戰、行動市場競爭日益激烈的今天，利用這些品牌無疑是我們的一大優勢。正如我們在事先準備好的評論中所提到的，我們在 2015 年日曆年中獲得了所有發行商中最多的安裝量，這很大程度上是因為我們品牌和知識產權的知名度，以及這些品牌所帶來的優質體驗。

As we look forward, certainly you will see more great experience from us that are based around the depth and breadth of our IP portfolio. But at the same time, like in our console business and our PC business, we also look at opportunities to develop new IP in this space. And so you would expect from us in the future, a balanced approach to the marketplace. But certainly, we're not turning our back on our existing portfolio.

展望未來，我們必將憑藉我們智慧財產權組合的深度和廣度，為您帶來更多卓越的經驗。但同時，就像我們在主機業務和 PC 業務中一樣，我們也在尋找機會在這個領域開發新的 IP。因此，你們可以期待我們未來採取平衡的市場策略。但當然，我們不會放棄現有的投資組合。

In terms of M&A, I think over the last three years, we've gone through quite a transformation as a Company. And three years ago, we could not have talked about M&A without having most of you throw something at us. And we feel like we've now at least earned the right to talk about it. The reality is, there's not a lot of things out there to buy.

就併購而言，我認為在過去三年裡，我們公司經歷了相當大的變革。三年前，如果我們談論併購，你們大多數人都會向我們提出各種質疑。我們覺得現在至少有資格談論這件事了。事實上，市面上並沒有很多東西可以買。

This is an industry that's fairly consolidated already. We look at everything that is -- that's being considered to be sold out there, or shopped. Most of them, either we're not interested in, or are at a price that doesn't make sense to us, to create value for shareholders. But we'll continue to do that, and we'll continue to look for ways to bring in new talent and new properties, over time, if those are an opportunity. But we're certainly listening probably more than we did three years ago, and we're well aware of the opportunities out there, and we'll continue to look at them.

這個行業已經相當集中了。我們會關注所有正在出售或被購買的商品。其中大多數，要么我們不感興趣，要么價格對我們來說沒有意義，無法為股東創造價值。但我們會繼續這樣做，隨著時間的推移，如果出現機會，我們會繼續尋找引進新人才和新資產的方法。但我們現在肯定比三年前更重視傾聽，我們也清楚地意識到存在的機會，並將繼續關注這些機會。

With that, I think we're wrapped up. So I want to thank everyone and we'll see people here next week for analyst day and if not, we hope to see you at EA PLAY in June. Thanks for your time.

至此，我想我們就結束了。所以我要感謝大家，我們下週分析師日再見，如果下週不能來，我們希望六月在 EA PLAY 上見到大家。感謝您抽出時間。

Thank you.

謝謝。

Thank you for your participation. This does conclude today's conference call, and you may now disconnect.

感謝您的參與。今天的電話會議到此結束，您可以斷開連線了。