美商藝電 (EA) 2017 Q1 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 first-quarter 2017 earnings 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.我是Jennifer，今天將擔任本次電話會議的接線生。現在，我謹代表藝電（Electronic Arts）歡迎各位參加2017年第一季財報電話會議。為了避免背景噪音，所有線路均已靜音。發言人發言結束後，將進行問答環節。 （接線生操作說明）

Thank you. And now I'd like to turn the call over to Chris Evenden, Vice President of Investor Relations. Sir, you may begin.

謝謝。現在我把電話交給投資人關係副總裁克里斯‧艾文登先生。先生，您可以開始了。

Thank you, Jennifer. Welcome to EA's fiscal 2017 first-quarter earnings call. With me on the call today are Andrew Wilson, our CEO; Blake Jorgensen, our CFO; and Ken Barker, our Chief Accounting Officer.

謝謝珍妮弗。歡迎參加EA 2017財年第一季財報電話會議。今天與我一同參加會議的還有我們的執行長安德魯威爾森、財務長布萊克喬根森以及首席會計官肯巴克。

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

請注意，我們的美國證券交易委員會（SEC）文件和獲利報告可在IR.EA.com網站查閱。此外，我們也發布了獲利報告幻燈片，以配合我們準備好的演講稿。最後，電話會議結束後，我們將發布我們準備好的演講稿、本次電話會議的錄音回放以及會議文字稿。

One quick note on upcoming events. Our Q2 earnings call is scheduled for Tuesday, November the 1st. This presentation (technical difficulty) include forward-looking statements regarding future events and the future financial performance of the Company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-K for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, August the 2nd, 2016, and disclaims any duty to update them.

關於即將舉行的活動，有幾點需要說明。我們的第二季財報電話會議定於11月1日（星期二）舉行。本次演示（因技術原因）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。請參閱我們最新的10-K表格，其中討論了可能導致實際結果與今天討論的結果有重大差異的風險。藝電（Electronic Arts）於2016年8月2日發布上述聲明，並聲明不承擔更新這些聲明的義務。

We will present both GAAP and non-GAAP financial metrics during this call. However, as discussed on our July 19 conference call, in light of the new interpretations issued by the SEC on May 17, this will be the last call in which we disclose any non-GAAP measures that adjust for deferred revenue. 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.

我們將在本次電話會議中提供GAAP和非GAAP財務指標。然而，正如我們在7月19日的電話會議上所討論的，鑑於美國證券交易委員會（SEC）於5月17日發布的新解釋，本次電話會議將是我們最後一次披露任何調整遞延收入的非GAAP指標。我們的獲利報告和獲利幻燈片提供了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結果的替代或優於GAAP結果。

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

我們鼓勵投資者在做出投資決定之前考慮所有因素。除非另有說明，本次電話會議中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. Our first quarter was an excellent start to fiscal year 2017, demonstrating how our digital transformation continues to strengthen and drive growth for Electronic Arts. Revenue and earnings exceeded our guidance as players engaged deeply with their favorite games and connected with each other across our global network of life services.

謝謝克里斯。 2017財年第一季開局良好，充分展現了我們的數位轉型如何持續增強並推動藝電的成長。由於玩家們深入參與他們喜愛的遊戲，並透過我們遍布全球的生活服務網絡彼此互動，我們的營收和利潤都超乎預期。

On HD platforms, we have thriving communities in our major franchises, and these will continue to grow as we introduce great new experiences this year. More than 11.5 million people played our Battlefield titles during Q1, and more than 6.6 million played Star Wars Battlefront, two examples that illustrate how great games continue to engage players over time.

在高清平台上，我們旗下各大遊戲系列都擁有蓬勃發展的玩家社區，隨著今年我們推出更多精彩的新體驗，這些社區也將繼續壯大。第一季度，超過1150萬玩家體驗了我們的《戰地》系列遊戲，超過660萬玩家體驗了《星際大戰：前線》，這兩個例子充分說明了優秀的遊戲如何能持續吸引玩家。

Looking ahead, there is tremendous excitement for both Battlefield 1 and Titanfall 2, a combination that we believe will bring vitality and innovation to the huge first-person shooter audience. The community has been electrified by Battlefield 1's modern take on World War I, delivering strategy, team play, and epic scale in a completely new setting.

展望未來，《戰地1》和《泰坦隕落2》都備受期待，我們相信它們的結合將為龐大的第一人稱射擊遊戲玩家群體帶來活力和創新。 《戰地1》以現代視角重新詮釋了第一次世界大戰，在一個全新的背景下呈現了策略、團隊合作和史詩般的規模，令玩家社群為之振奮。

Titanfall 2 is bringing the game's signature pilot and Titan combat to a new single player campaign, and its fast and fluid multiplayer led it to win The Best Online Multiplayer award from the E3 Game Critics. These two titles are driving the variety, progression, and fresh new experiences that players want, and we believe they will be an unstoppable pairing during the holiday quarter.

《泰坦隕落2》將遊戲標誌性的飛行員和泰坦戰鬥帶到了全新的單人戰役中，其流暢快速的多人遊戲體驗也使其榮獲E3遊戲評論家獎「最佳線上多人遊戲」獎。這兩款遊戲都致力於提供玩家所渴望的多樣性、遊戲進程和新鮮體驗，我們相信它們將在假期季節成為勢不可擋的組合。

Our EA SPORTS titles on console are also seeing massive engagement and players will be thrilled with the new ways to play in this year's games. Unique players in Madden NFL grew 20% in Q1 over last year's game, and current and new fans alike will love Madden NFL 17's redesigned franchise mode and new competitive tournament, the Madden NFL 17 Championship Series.

EA SPORTS主機遊戲也獲得了極高的關注度，玩家一定會對今年遊戲中全新的玩法感到興奮。 Madden NFL第一季的獨立玩家數量比去年同期增加了20%，新舊玩家都會喜歡Madden NFL 17重新設計的球隊經營模式和全新的競技錦標賽——Madden NFL 17冠軍系列賽。

In our FIFA franchise, millions of soccer fans continue to engage daily with FIFA Ultimate Team, and this year, we will deliver our first-ever story mode in FIFA 17. Powered by our Frostbite engine, Story Mode adds an entirely new dimension to the FIFA experience that has fans incredibly excited. And perennial fan favorite NHL 17 will let hockey fans show their national pride through the all-new World Cup of Hockey mode.

在我們的 FIFA 系列中，數百萬足球迷每天都在 FIFA Ultimate Team 模式中活躍。今年，我們將在 FIFA 17 中首次推出故事模式。故事模式由我們的寒霜引擎驅動，為 FIFA 遊戲體驗增添了全新的維度，讓玩家無比興奮。而備受玩家喜愛的 NHL 17 也將透過全新的冰球世界盃模式，讓冰球迷們盡情展現他們的國家榮耀。

In our mobile business, we are seeing growth across multiple genres. Star Wars: Galaxy of Heroes players spent nearly 2 1/2 hours per day on average in the game, reflecting how much players continue to enjoy the RPG style combat and in-game community events. In the sports genre, our EA SPORTS Mobile titles continue to gain momentum and connect with even more passionate fans.

在行動遊戲業務方面，我們看到多個遊戲類型都在成長。 《星際大戰：銀河英雄傳》的玩家平均每天遊戲時長接近2.5小時，這反映出玩家們對這款角色扮演遊戲的戰鬥風格和遊戲內社群活動的喜愛程度。在運動遊戲領域，我們的EA SPORTS Mobile系列遊戲持續成長，並吸引了更多熱情粉絲的注意。

Maden NFL Mobile had 25% more monthly active players in Q1 year-over-year and 37 more game sessions in the same period. We are continuing to invest in great experiences for sports fans across the globe. A new Madden NFL Mobile season is coming soon. NBA LIVE Mobile just launched on iOS and Android and hit number one on the US App Store free download charts, and we have a new FIFA mobile game coming later this year.

Madden NFL Mobile 第一季的每月活躍玩家數量年增 25%，同期遊戲會話數也增加了 37 次。我們將持續投入資源，為全球運動迷打造卓越的遊戲體驗。 Madden NFL Mobile 的全新賽季即將到來。 NBA LIVE Mobile 剛登陸 iOS 和 Android 平台，並榮登美國 App Store 免費下載榜榜首。此外，我們還將在今年稍後推出全新的 FIFA Mobile 遊戲。

With our focus on groundbreaking new games, dynamic digital experiences, and deeper play relationships, EA is innovating to lead our industry. A new EA play event in June was built on these same principles, inviting our players in and going beyond the typical format to drive a global conversation. Nearly 9,000 fans joined us in Los Angeles and London, and millions more connected online to dive deeper into our upcoming games.

EA 專注於打造突破性的新遊戲、動態的數位體驗以及更深入的遊戲互動，不斷創新，引領產業發展。六月舉辦的全新 EA Play 活動正是秉持這些理念，邀請玩家參與，突破傳統模式，在全球展開對話。近 9000 名粉絲親自前往洛杉磯和倫敦參與活動，另有數百萬玩家在線上互動，深入了解我們即將推出的遊戲。

We live-streamed more than 20 hours of gameplay and competitive gaming events, and more importantly, hundreds of community influencers captured more than 1,400 hours of content from our games to share with the community.

我們直播了超過 20 小時的遊戲和競技遊戲賽事，更重要的是，數百名社群影響者錄製了超過 1400 小時的遊戲內容，與社群分享。

Feedback from players that got hands-on at EA PLAY was very positive. And more than ever, we are fulfilling the needs of our players and content creators that connect by sharing great experiences in the games they love to play. We're off to a strong start for Q1, and the year ahead is going to be an exciting one for our players, for Electronic Arts, and for our industry.

參加 EA PLAY 的玩家回饋非常正面。我們比以往任何時候都更致力於滿足玩家和內容創作者的需求，讓他們能夠透過分享自己喜愛的遊戲體驗而建立聯繫。第一季開局強勁，未來一年對我們的玩家、EA 以及整個產業來說都將是令人興奮的一年。

Now I will turn the call over to Blake.

現在我將把通話交給布萊克。

Thanks, Andrew. As we discussed on our July 19 call, the SEC has issued new interpretations that no longer permit the use of non-GAAP measures that adjust for revenue deferrals into and out of the quarter. As well as revenue, we have historically adjusted many non-GAAP financial measures for the effect of revenue deferrals, including gross margin and EPS.

謝謝安德魯。正如我們在7月19日的電話會議上討論的那樣，美國證券交易委員會（SEC）發布了新的解釋，不再允許使用調整季度收入遞延的非GAAP指標。除了收入之外，我們過去也對許多非GAAP財務指標進行了調整，以反映收入遞延的影響，包括毛利率和每股盈餘（EPS）。

This is the last call in which we will report these non-GAAP measures. However, since our Board and management team will continue to use these measures internally to manage the business, we will continue to provide the financial data that will allow you to compare our results to our historically reported non-GAAP financials. For more information on this, please see the documents we posted on our Investor Relations website following our July 19 call.

這是我們最後一次在電話會議上報告這些非GAAP財務指標。然而，由於我們的董事會和管理團隊將繼續在內部使用這些指標來管理業務，我們將繼續提供財務數據，以便您將我們的業績與我們以往報告的非GAAP財務數據進行比較。有關更多信息，請參閱我們在7月19日電話會議後發佈在投資者關係網站上的文件。

Now, on to the quarter. Q1 beat our expectations, driven by outperformance from Ultimate Team and our mobile game Star Wars: Galaxy of Heroes. EA's GAAP net revenue was $1.271 billion. This benefited from a change in deferred net revenue of $589 million, resulting in a non-GAAP net revenue of $682 million, well above our guidance of $640 million.

現在來看第一季。第一季業績超乎預期，主要得益於Ultimate Team和我們的手機遊戲《星際大戰：銀河英雄傳》的出色表現。 EA的GAAP淨收入為12.71億美元。這得益於遞延淨收入變動5.89億美元，使得非GAAP淨收入達到6.82億美元，遠高於我們先前6.4億美元的預期。

As a reminder, non-GAAP net revenue is always the sum of GAAP net revenue and the change in deferred net revenue. The change this quarter is negative; thus non-GAAP net revenue is smaller than GAAP net revenue this quarter. See our earnings documents and July 19 information -- or for more information.

再次提醒，非GAAP淨收入始終是GAAP淨收入加上遞延淨收入變動額之和。本季變動額為負值；因此，本季非GAAP淨收入低於GAAP淨收入。請參閱我們的收益文件和7月19日發布的信息——或訪問[此處插入連結]以了解更多資訊。

GAAP revenue is up year-on-year, driven by deferrals of Star Wars Battlefront revenue from Q3 fiscal 2016. The underlying business is down slightly year-on-year, but remember, the year-ago quarter benefited from strong catalog sales of Battlefield Hardline, which launched two weeks before the beginning of the quarter. Last year's quarter also included an extra week and a one-off revenue recognition of the $31 million for FIFA Online 3 in China.

GAAP營收年增，主要得益於2016財年第三季《星際大戰：前線》營收的遞延確認。公司基本業務較去年同期略有下降，但需要注意的是，去年同期受益於《戰地：硬仗》的強勁銷售，該遊戲在季度初兩週前發布。此外，去年同期還包含額外一週的結算週期，以及確認了《FIFA Online 3》在中國市場的3,100萬美元一次性收入。

A note here on quarterly comparisons in a GAAP-only reporting environment. Because GAAP revenue is built from a portion of the sales from the quarter plus some of the sales from each of the previous three quarters, a simple year-on-year comparison doesn't reveal much about the dynamics of the underlying business.

這裡需要說明一下在僅採用GAAP準則的報告環境下，季度比較的問題。由於GAAP收入是由當季銷售額的一部分加上前三個季度的部分銷售額構成，因此簡單的年比比較並不能充分反映企業實際經營狀況。

Because of this, we will restrict ourselves to qualitative comparisons. We will continue to report all the financial data we use internally to adjust our GAAP financials, so you may derive comparable measures for yourself. We are also considering adding other metrics that might be used to quantify business trends.

因此，我們將僅限於定性比較。我們將繼續報告所有用於內部調整GAAP財務報表的財務數據，以便您自行得出可比較指標。我們也考慮增加其他可用於量化業務趨勢的指標。

We will continue to focus on our most important financial metric, operating cash flow. Our trailing 12 months operating cash flow was $1.05 billion, a record for the period. Capital expenditures for the 12 months were $109 million, delivering a trailing 12-month free cash flow of $937 million.

我們將持續關注最重要的財務指標—經營現金流。過去12個月的營運現金流為10.5億美元，創歷史新高。過去12個月的資本支出為1.09億美元，所產生的自由現金流為9.37億美元。

Our GAAP digital net revenue for the quarter was $689 million, benefiting from a change in deferred revenues of $121 million, resulting in $568 million on a non-GAAP basis. Digital continues to grow as a percentage of the business, and this quarter marked a new high.

本季度，我們以美國通用會計準則（GAAP）計算的數位業務淨收入為6.89億美元，得益於遞延收入變動1.21億美元，以非美國通用會計準則（Non-GAAP）計算則為5.68億美元。數位業務佔總業務的比例持續成長，本季創下新高。

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 $300 million to GAAP net revenue, benefiting from a change in deferred net revenue of $42 million; thus, non-GAAP net revenue was $258 million.

將我們的數位收入分解為各個關鍵組成部分，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收入為GAAP淨收入貢獻了3億美元，這得益於遞延淨收入變動4,200萬美元；因此，非GAAP淨收入為2.58億美元。

As mentioned earlier, the year-ago quarter had a one-off benefit of $31 million from FIFA Online 3 in China. Underlying growth was strong, as FIFA Ultimate Team benefited from the heightened interest in soccer, driven by the Euros and Copa America. FIFA Online 3 continues to perform well and is tracking to our expectations.

如前所述，去年同期中國市場FIFA Online 3帶來了3,100萬美元的一次性收益。但由於歐洲盃和美洲盃帶動了足球熱潮，FIFA Ultimate Team受益匪淺，其核心成長仍然強勁。 FIFA Online 3持續表現良好，符合我們的預期。

Mobile was up strongly year-on-year, driven by the strength of Star Wars: Galaxy of Heroes. Mobile generated $165 million in GAAP net revenue in the quarter, benefiting from a change in deferred net revenue of $24 million. Thus, non-GAAP net revenue was $141 million. Note that under GAAP rules, online-enabled content for mobile games, including in-game currencies, is also recognized ratably over a service period.

行動業務較去年成長強勁，主要得益於《星際大戰：銀河英雄傳》的出色表現。本季行動業務以美國通用會計準則（GAAP）計算的淨收入為1.65億美元，這得益於遞延淨收入變動2,400萬美元。因此，以非美國通用會計準則（Non-GAAP）計算的淨收入為1.41億美元。需要注意的是，根據美國通用會計準則，行動遊戲的線上內容（包括遊戲內貨幣）也需在服務期間內按比例確認收入。

Full game PC and console downloads generated $137 million of GAAP net revenue, benefiting from a change in deferred revenue of $53 million. Thus, non-GAAP net revenue was $84 million. Digital downloads were high in the quarter, as expected for a period dominated by catalog sales. Sales growth year-on-year was flat, due to the strength of Battlefield Hardline in Q1 last year.

完整版遊戲（包括PC和主機版本）的下載收入按美國通用會計準則（GAAP）計算為1.37億美元，這得益於遞延收入變動5300萬美元。因此，以非美國通用會計準則（Non-GAAP）計算的淨收入為8,400萬美元。如預期，本季數位下載量較高，因為該季度主要以實體目錄銷售為主。由於去年第一季《戰地：硬仗》的強勁表現，本季銷售額較去年同期成長持平。

We continue to anticipate that the proportion of games bought digitally will increase by about 5 percentage points this year. Subscriptions, advertising, and other digital revenue contributed $87 million to GAAP net revenue. Non-GAAP was $85 million. The underlying business was up, supported by the growth in subscriptions for EA Access and Origin Access.

我們仍預期今年數位版遊戲的購買比例將成長約5個百分點。訂閱、廣告和其他數位收入為GAAP淨收入貢獻了8,700萬美元，非GAAP淨收入為8,500萬美元。基礎業務成長，主要得益於EA Access和Origin Access訂閱用戶的成長。

Moving on to gross profit, our GAAP gross profit for the quarter was $1.1 billion, a gross margin of 85.9%. Remember that GAAP revenue, particularly in Q1, is driven by revenue deferred from prior quarters, whereas cost of goods sold is driven by the volume of sales actually in Q1. You can therefore expect to see some volatility in the quarterly GAAP gross margin as we move through the year.

接下來是毛利。本季我們以美國通用會計準則（GAAP）計算的毛利為11億美元，毛利率為85.9%。需要注意的是，GAAP收入，尤其是在第一季度，主要受先前季度遞延收入的影響，而銷售成本則取決於第一季的實際銷售量。因此，隨著時間的推移，季度GAAP毛利率可能會出現一定的波動。

GAAP cost of goods sold was $179 million, which included $13 million of amortization of intangibles and $1 million of stock-based compensation. Therefore, non-GAAP COGS was $165 million and non-GAAP gross profit was $517 million, resulting in a non-GAAP gross margin of 75.8%. This was down 1 percentage point year-on-year because of the extra FIFA Online 3 revenue recognized in Q1 fiscal 2016.

以美國通用會計準則（GAAP）計算，銷售成本為1.79億美元，其中包括1,300萬美元的無形資產攤提和100萬美元的股權獎勵費用。因此，非美國通用會計準則（Non-GAAP）下的銷售成本為1.65億美元，毛利為5.17億美元，非美國通用會計準則下的毛利率為75.8%。由於2016財年第一季確認了FIFA Online 3的額外收入，毛利率年減1個百分點。

GAAP operating expenses for the quarter were $532 million, including $47 million of stock-based compensation and $2 million of amortization of intangibles. Thus, non-GAAP operating expenses for the quarter were $483 million.

本季GAAP營運費用為5.32億美元，其中包括4,700萬美元的股權激勵費用和200萬美元的無形資產攤銷費用。因此，本季非GAAP營運費用為4.83億美元。

Currency movements actually added to expenses this quarter, as rates were higher for most of the quarter than when we gave guidance, although the British pound, in particular, fell at the end of the period. Despite the unexpected currency headwinds, underlying expenses were down year-on-year.

本季匯率波動實際上增加了支出，因為本季大部分時間匯率都高於我們先前給出的預期，儘管英鎊在期末有所下跌。儘管面臨意料之外的匯率不利因素，但基本支出較去年同期下降。

The resulting GAAP diluted EPS was $1.40 per share. Adjustments required to derive the non-GAAP EPS include the $589 million change in deferred net revenue, $15 million of amortization of intangibles, $48 million of stock-based compensation attributed to operating expenses and Cost Of Goods Sold, debt-related expenses of $2 million, a non-GAAP tax rate of 21%, and a reduction of 2 million shares for the convertible bond hedge, which is not included in the GAAP share count.

以美國通用會計準則（GAAP）計算得出的稀釋後每股收益為1.40美元。計算非美國通用會計準則（Non-GAAP）每股收益所需的調整包括：遞延淨收入變動5.89億美元、無形資產攤銷1500萬美元、歸屬於營運費用和銷售成本的4800萬美元股票選擇權費用、債務相關費用200萬美元、21%的非美國通用會計準則，以及該等值

See the example we posted for Q4 fiscal 2016 following our July 19 call for details on how to apply these to derive the non-GAAP EPS. Non-GAAP EPS was a positive $0.07 and $0.12 better than our guidance. Outperformance in our digital business drove both top line and profitability higher than we had anticipated this quarter.

請參閱我們在7月19日電話會議後發布的2016財年第四季範例，以了解如何運用這些方法計算非GAAP每股收益。非GAAP每股收益為0.07美元，比我們先前的預期高出0.12美元。數位業務的優異表現推動本季營收和獲利均超乎預期。

Our cash and short-term investments at the end of the quarter were $3.427 billion. 48% of this cash and short-term investment balance is held onshore. During Q1, we settled $27 million in early conversions of our convertible notes. We completed repayment of the remaining notes in July. We have posted a document on our website that explains the impact on our share count.

截至本季末，我們的現金及短期投資總額為34.27億美元。其中48%的現金及短期投資餘額位於境內。第一季度，我們提前償還了2700萬美元的可轉換債券。剩餘債券的償還工作已於7月完成。我們已在公司網站上發布文件，詳細說明了此事件對股份數量的影響。

The most important takeaway is that our diluted share count, whether expressed as GAAP or non-GAAP, already includes the potential dilution at the current share price. We also repurchased 1.9 million shares at a cost of $129 million, leaving $410 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.

最重要的結論是，無論採用GAAP或非GAAP準則計算，我們的稀釋後股份數量都已包含目前股價下的潛在稀釋。此外，我們以1.29億美元的價格回購了190萬股，目前我們於2015年5月啟動的為期兩年、總額10億美元的股票回購計畫還剩4.1億美元。目前的回購速度將確保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 used by operating activities for the quarter was $248 million. This is typical for a first quarter. The year-ago quarter was atypical in that it had substantial collections from Battlefield Hardline sales. The trailing 12-month operating cash flow was $1.05 billion.

本季經營活動所用現金淨額為2.48億美元，符合第一季的正常水準。去年同期較為特殊，因為當時收到了大量來自《戰地：硬仗》銷售的款項。過去12個月的營運活動現金流為10.5億美元。

I wanted to take a moment away from our quarterly results to discuss our FX hedging program in a broader context. We run a global business, with roughly half our revenue coming from outside the US. Volatility in exchange rates is still very high by historical standards, and macroeconomic events, like the UK's vote to leave the European Union, are injecting even more uncertainty into the system. A comprehensive hedging program is important in ordinary times, but the extraordinary events of the last year or so made it critical.

我想暫時放下季度業績報告，從更廣泛的角度探討我們的外匯對沖計劃。我們是一家全球性企業，大約一半的收入來自美國以外地區。以歷史標準衡量，匯率波動仍然非常高，而像英國脫歐公投這樣的宏觀經濟事件，更是加劇了市場的不確定性。在正常情況下，一套全面的對沖計畫固然重要，但過去一年左右發生的種種特殊事件，更使其顯得至關重要。

Our hedging program has two components: one to reduce volatility in the P&L and a second that does the same for the balance sheet. The first is designed to hedge anticipated revenue and expenses across seven of EA's largest foreign currency exposures. Combined, these seven currencies represent approximately 70% of our non-US dollar operating income. We hedge with forward contracts up to 18 months out.

我們的避險方案包含兩個部分：一部分旨在降低損益表的波動性，另一部分則旨在降低資產負債表的波動性。第一部分旨在對沖EA七大主要外幣曝險的預期收入與支出。這七種貨幣合計約占我們非美元營業收入的70%。我們使用期限最長為18個月的遠期合約進行避險。

The second covers FX exposure to net monetary assets and liabilities, including third-party accounts receivable and payables as well as intercompany balances. This program aims for 100% coverage of 17 currencies, which account for about 90% of EA's non-US dollar net monetary exposure. We hedge with swaps and forward contracts that generally have a maturity of three months or less. Together, these programs are designed to minimize the impact of currency fluctuations on our business.

第二項措施涵蓋外匯風險敞口，涉及淨貨幣性資產和負債，包括第三方應收帳款和應付帳款以及公司間往來餘額。該計劃旨在100%覆蓋17種貨幣，這些貨幣約佔EA非美元淨貨幣性風險敞口的90%。我們使用互換合約和遠期合約進行對沖，這些合約的期限通常為三個月或更短。這些措施共同旨在最大限度地降低匯率波動對我們業務的影響。

Turning to guidance, we are excited about the Expanded Franchise mode in Madden NFL 17 and by the FIFA Story Mode powered by Frostbite. We expect our second quarter of GAAP net revenue to be $915 million. This includes a headwind from the anticipated change in deferred net revenue of $160 million.

關於業績展望，我們對《Madden NFL 17》的擴展特許經營模式以及由寒霜引擎驅動的《FIFA》故事模式感到興奮。我們預計第二季GAAP淨收入為9.15億美元。這其中包含了預期遞延淨收入變動帶來的1.6億美元不利影響。

Note that this is an increase in deferred net revenue. Thus, we expect the non-GAAP measures we would have reported under our previous approach to be higher than the GAAP net revenue in Q2. In other words, you need to add GAAP revenue of $915 million to deferred net revenue of $160 million to arrive at the comparable non-GAAP numbers in your model.

請注意，這是遞延淨收入的增加。因此，我們預計根據我們先前的方法報告的非GAAP指標將高於第二季的GAAP淨收入。換句話說，您需要將9.15億美元的GAAP收入加上1.6億美元的遞延淨收入，才能得出您模型中對應的非GAAP資料。

With regards to year-on-year comparison, remember FIFA 17 will launch four days before the end of the quarter, as opposed to the 11 days FIFA 16 had in the quarter last year. This means very little of the digital revenue associated with FIFA 17 for full game downloads and FIFA Ultimate Team can be recognized in the quarter. We estimate that, absent changes in deferred revenue, about $75 million of high-margin, mostly digital sales, are pushed into Q3.

就同​​比而言，需要注意的是，FIFA 17 將於本季結束前四天發售，而 FIFA 16 去年同期則有十一天的時間。這意味著與 FIFA 17 完整版遊戲下載和 FIFA Ultimate Team 相關的數位收入，只有極少數部分能在本季確認。我們估計，在不考慮遞延收入變化的情況下，約有 7,500 萬美元的高利潤率（主要為數位銷售）收入將被推遲到第三季確認。

We anticipate a currency headwind to a year-on-year comparisons -- to add to the year-on-year comparisons. And this is factored into our outlook for revenue and change in deferred revenue. Our expectations of currency impact on the whole year have not changed.

我們預期匯率波動會對年比業績產生不利影響－這將對年比業績造成額外影響。我們已將此因素納入收入預期和遞延收入變化預測中。我們對匯率波動對全年業績影響的預期保持不變。

Cost Of Goods Sold during the quarter is expected to be $405 million, including $13 million of amortization of intangibles. Rather than guide GAAP gross margins, which can be highly volatile from quarter to quarter due to revenue deferrals, we believe that guiding COGS will give you a better insight into our business.

本季預計銷售成本為 4.05 億美元，其中包括 1,300 萬美元的無形資產攤銷。我們認為，與其提供受收入遞延影響而波動較大的 GAAP 毛利率指引，不如提供銷售成本指引，讓您更深入了解我們的業務狀況。

With GAAP net revenue, the change in deferred net revenue in COGS, you can calculate both GAAP gross margins and a gross margin comparable to the non-GAAP measures we have given in the past. We expect our Q2 GAAP operating expenses to be $566 million, including about $50 million in stock-based compensation and $1 million in amortization of intangibles. Excluding the effect of stock-based compensation, expenses are up year-on-year, driven by increased investment in R&D.

使用GAAP淨收入和遞延淨收入計入銷售成本的變動，您可以計算出GAAP毛利率以及與我們先前提供的非GAAP指標相當的毛利率。我們預計第二季GAAP營運費用為5.66億美元，其中包括約5,000萬美元的股權激勵支出和100萬美元的無形資產攤提。剔除股權激勵支出的影響，費用較去年同期上升，主要原因是研發投入增加。

This results in a GAAP diluted loss per share of $0.17. As mentioned earlier, this is driven by costs associated with the major sports launches being recognized within the quarter, but much of the revenue being deferred out of the quarter.

這導致以美國通用會計準則計算的稀釋後每股虧損 0.17 美元。如前所述，這是由於與主要體育賽事發布相關的成本在本季度確認，但大部分收入遞延至本季度之外。

Adjustments required to derive the non-GAAP EPS include the $160 million change in deferred net revenue, $50 million of stock-based compensation attributed to operating expenses and COGS, $14 million in amortization of intangibles, and a reduction of 2 million shares from the convertible bond hedge. Debt-related expenses are expected to be below $1 million in this quarter.

計算非GAAP每股收益所需的調整包括：遞延淨收入變動1.6億美元、計入營運費用和銷售成本的5,000萬美元股權激勵支出、1,400萬美元無形資產攤銷，以及可轉換債券對沖減少的200萬股。預計本季債務相關支出將低於100萬美元。

With regards to the underlying business, we would expect it to be down slightly year-on-year, driven by the roughly $75 million of FIFA sales that has moved to Q3. We are not changing our annual outlook for revenue and net income at this time. EA PLAY and the response at E3 was very positive, but it's too early to attempt to extrapolate from that to full-year results, particularly on a fiscal year that is expected to be so backend-loaded.

就基礎業務而言，我們預期年比略有下降，主要原因是約7,500萬美元的FIFA遊戲銷售額已延至第三季。目前，我們暫不調整年度營收和淨利預期。 EA PLAY和E3展會的反應非常積極，但現在就據此推斷全年業績還為時過早，尤其是在本財年預計業績主要集中在下半年的情況下。

We are updating our GAAP diluted share count for the year to 316 million, primarily based on the repurchase activity in the first quarter. This increases the GAAP EPS guidance by $0.03 to $2.56 for the year. It remains our practice to not factor in potential repurchases into our forecasted share count for the full year.

我們已將全年GAAP稀釋後股份數量更新為3.16億股，主要基於第一季的股份回購活動。這將使全年GAAP每股收益預期上調0.03美元至2.56美元。我們仍將不把潛在的股份回購計入全年股份數量的預測。

Regarding cash flow for the full year, we are maintaining our operating cash flow guidance at approximately $1.3 billion and a free cash flow guidance of approximately $1.2 billion. The ongoing strength of our live services and the reception to our upcoming launches bodes well for the rest of the year.

關於全年現金流，我們維持先前約13億美元的營運現金流預期和約12億美元的自由現金流預期。我們現有服務的持續強勁表現以及即將推出的新產品/服務所獲得的市場反響，都預示著今年餘下時間將取得良好業績。

Now I will turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. Our industry has never been more vibrant and full of opportunity. Games are a global phenomenon. Digital is unlocking more growth and reducing barriers for the next 1 billion players who experience games through new platforms, new ways to play, and new business models.

謝謝你，布萊克。我們的產業從未像現在這樣充滿活力，機會無限。遊戲已成為全球現象。數位化正在釋放更多成長潛力，並為接下來的10億玩家降低門檻，讓他們能夠透過新的平台、新的遊戲方式和新的商業模式體驗遊戲。

In this world, discovery and connection are critical. We are building out EA PLAY network to connect more players through games and deliver fresh, engaging experiences every time they play. From single cross-platform identity profiles to more intuitive user interfaces and recommendation engines that help you find friends and get into the action faster, the player network will enable new ways to engage in game and beyond.

在這個世界上，發現和連結至關重要。我們正在建立 EA PLAY 網絡，透過遊戲連接更多玩家，並為他們每次遊戲帶來新鮮有趣的體驗。從單一的跨平台身分檔案，到更直覺的使用者介面和推薦引擎，幫助您更快找到好友並投入遊戲，玩家網路將開啟全新的遊戲內外互動方式。

In our crowded, competitive, and multiplatform world, EA is working to connect more players with each other through the games they want to play. Games should be extraordinary. With each game we make, we work to push the boundaries with creativity, technology, and new ways to play. Our Frostbite engine is powering more of our biggest games and becoming a true differentiator, scaling across FIFA, Battlefield, Mass Effect, and more, to deliver stunning gameplay, incredible depth, and entirely new modes.

在如今這個擁擠、競爭激烈且多平台的遊戲世界裡，EA 致力於透過玩家喜愛的遊戲將更多玩家連結起來。遊戲應非凡卓越。我們製作的每一款遊戲都力求突破界限，在創意、技術和全新玩法方面精益求精。我們的寒霜引擎正驅動更多重量級遊戲，並成為真正的差異化優勢，它已應用於 FIFA、戰地、質量效應等眾多遊戲中，帶來驚豔的遊戲體驗、豐富的遊戲深度和全新的遊戲模式。

And mobile games from EA SPORTS to The Sims to Star Wars are tapping into the passion of our players and offering captivating ways to engage no matter where you are. Across our studios and labs teams, we are developing new types of games and breakthrough capabilities. From immersive and authentic VR experiences to new technologies that transform how we connect, we are constantly in pursuit of the next amazing thing for our players.

從EA SPORTS到《模擬市民》再到《星際大戰》，行動遊戲正迎合玩家的熱情，無論身處何地，都能提供引人入勝的遊戲體驗。我們各個工作室和實驗室團隊正致力於開發新型遊戲和突破性技術。從沉浸式、逼真的VR體驗到變革連結方式的新技術，我們始終追求為玩家帶來下一個驚喜。

Games also bring us together. Each day, millions of players connect through our live services, and this year will bring even more ways to engage, including competitions accessible to all our players. In two weeks, tens of thousands of players will join us at Gamescom to play our upcoming titles like Battlefield 1, Titanfall 2, and FIFA 17.

遊戲也能將我們連結在一起。每天，數百萬玩家透過我們的線上服務進行互動，今年我們將推出更多互動方式，包括面向所有玩家的比賽。兩週後，數萬名玩家將齊聚科隆遊戲展，體驗我們即將推出的遊戲，如《戰地1》、《泰坦殞落2》和《FIFA 17》。

Many more will watch the content streamed online from Cologne, joining the excitement and conversation about the games they love that are launching in the weeks and months ahead. With every game session, every social conversation, and every connection between our players, we are building a powerful, global community. We have outstanding new titles for launch in Q2 and much more to come through the rest of the year.

更多玩家將在線上觀看科隆的直播內容，加入對未來幾週和幾個月即將推出的遊戲的熱烈討論中。每一次遊戲體驗、每一次社交互動、每一次玩家之間的交流，都讓我們得以建構一個強大的全球社群。我們將在第二季推出一系列精彩的新遊戲，並在今年餘下的時間陸續推出更多佳作。

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

現在，布萊克、肯和我在這裡回答你們的問題。

(Operator Instructions). Stephen Ju, Credit Suisse.

（操作說明）。 Stephen Ju，瑞士信貸。

Just wondering if you can share anything about NBA this year and what will change reverses years passed, and whether you think launching off-calendar will meaningfully impact its prospects?

想問您能否分享一下今年NBA的情況，有哪些變化會逆轉往年，以及您認為打破常規賽程是否會對比賽前景產生重大影響？

And secondarily, I mean, is the Q4 launch of NBA -- I mean, is that going to be the rule of thumb on a go-forward basis? Or will you look to get this back on the calendar? Thanks.

其次，我的意思是，NBA第四季開賽——我的意思是，這會成為未來的慣例嗎？還是你們會考慮重新安排開賽時間？謝謝。

So, first off, as we think about NBA, we think about captivating a global fan base NBA. We're very, very excited about what we've just launched with NBA LIVE on Mobile. As we said in the prepared remarks, it quickly went to number one in the free downloads and has been performing extremely well. Engagement is high and better, in terms of metrics, across the board than we could have expected, and better in terms of metrics than many of our other sports games so far. So that leads us to believe that we have an exciting opportunity with NBA, and an exciting opportunity with sports on mobile altogether.

首先，說到NBA，我們首先想到的是如何吸引全球NBA球迷。我們對剛推出的NBA LIVE行動版感到非常興奮。正如我們在準備好的演講稿中所說，它迅速登上了免費下載榜首，並且表現得非常出色。從各項指標來看，用戶參與度都很高，而且遠超預期，甚至優於我們迄今為止推出的許多其他運動遊戲。因此，我們相信NBA擁有令人振奮的機遇，行動運動領域也蘊藏著巨大的潛力。

Now the broader NBA plans, we don't have anything more to announce right now, other than the team continues to work diligently on ensuring that we are delivering great NBA experiences on any mobile devices that fans want to play on. And we believe that, as we are able to announce more around our plans, it will be very exciting for fans across all devices.

關於NBA的整體計劃，目前我們還沒有更多消息可以公佈，除了球隊正在繼續努力，確保我們能夠在球迷使用的任何行動裝置上提供卓越的NBA體驗。我們相信，隨著我們能夠公佈更多計劃，這將令所有設備上的球迷都感到非常興奮。

Thank you.

謝謝。

Next question?

下一個問題？

Justin Post, Merrill Lynch.

賈斯汀·波斯特，美林證券。

Can you help us at all with your Battlefield expectations in your guidance, and whether you've changed those at all post-E3?

您能否在指導中談談您對《戰地》系列的期望，以及在 E3 之後您是否對這些期望有所改變？

And then, you are buying back quite a bit of stock, but you have a lot of SBC. Now that you are going to GAAP, do you think you can lower SBC? And as you do buybacks, do you think you can really lower that share count over time? Thank you.

然後，你們回購了相當多的股票，但你們的SBC（股票持有量）也很高。現在你們要採用GAAP（公認會計準則），您認為可以降低SBC嗎？隨著回購的進行，您認為隨著時間的推移，真的可以降低流通股數嗎？謝謝。

Yes, let me hit both of those, Justin. First, we were very pleased at the reaction of players at our EA PLAY. I think you got a chance to play it yourself. But it's been very, very popular and the feedback has been an extremely strong.

是的，賈斯汀，讓我來談談這兩個問題。首先，我們對EA PLAY上玩家們的反應非常滿意。我想你也有機會親自體驗了一下。這款遊戲非常非常受歡迎，玩家的回饋也極為正面。

We tend not to try to raise guidance too early in the year. We would like to see a little more demand metrics on all of our products, particularly Battlefield and Titanfall, before we make that decision. Gamescom is a very important beat that's coming up in a couple of weeks in Europe. And then, obviously, the potential for betas around those products will help us derive better demand metrics.

我們通常不會在年初過早提高業績預期。我們希望在做出決定之前，能夠看到所有產品，特別是《戰地》和《泰坦隕落》的更多市場需求指標。幾週後即將在歐洲舉行的科隆遊戲展（Gamescom）是一個非常重要的市場動態。此外，這些產品可能進行的beta測試也將有助於我們獲得更準確的市場需求指標。

Last year, if you remember, we did raise guidance coming out of the first quarter, because our initial forecast on Battlefront, the Star Wars title, was relatively low, and we moved that up. We've got a fairly normal forecast for Battlefield and Titanfall, so we're not moving those yet, but we're still super optimistic about the titles and very excited. So more to come in the future. But we felt it was just too early in the year to try to move guidance on any of the titles going forward.

如果你還記得的話，去年我們在第一季末上調了業績預期，因為我們最初對《星際大戰：前線》（Battlefront，一款星戰遊戲）的預測相對較低，所以我們上調了預期。我們對《戰地》（Battlefield）和《泰坦隕落》（Titanfall）的預測比較正常，所以暫時不會調整，但我們仍然對這兩款遊戲充滿信心，也感到非常興奮。未來會有更多消息公佈。不過，我們認為現在調整任何一款遊戲的業績預期都為時過早。

On the share count piece, we have been, over time, bringing down stock-based compensation. It's an important part of the overall compensation. We feel it's important as part of our employees and executives to bear some of the risks of the stockholders, and making -- having your compensation as part of that is critical.

關於股權激勵，我們一直在逐步降低股票選擇權激勵的比例。它是整體薪酬的重要組成部分。我們認為，身為員工和高階主管，承擔股東的部分風險至關重要，而將薪酬與股東利益掛鉤至關重要。

But we also recognize that we need to bring all compensation down over time to continue to be profitable as a company. We balance that with the requirements of attracting the greatest people that we can in the industry, and we feel like that mix is a pretty good mix today. But we will obviously be trying to drive down the share count between a combination of managing aggressive buybacks as well as prudent management of our overall compensation pool.

但我們也意​​識到，為了維持公司獲利，我們需要逐步降低所有薪資水準。我們既要兼顧薪酬，又要吸引業界最優秀的人才，我們認為目前這兩種因素的平衡已經相當不錯了。顯然，我們會透過積極回購股票以及審慎管理整體薪酬體系，來努力降低股份數量。

Okay, thank you.

好的，謝謝。

Colin Sebastian, Robert W. Baird.

科林·塞巴斯蒂安，羅伯特·W·貝爾德。

I wonder if you could just describing overall trends you see in the attach rates (technical difficulty)--?

我想請您描述一下您觀察到的附加率的整體趨勢（技術上比較困難）—？

Hey, Colin?

嘿，科林？

Yes.

是的。

Colin, we're having a hard time hearing you.

科林，我們聽不太清楚你說話。

Can you hear me now? The first question was describing trends you're seeing in the attach rates for catalog titles. And that's just as a measure of the progress that [caused] the cycle.

現在能聽到我說話了嗎？第一個問題是描述你觀察到的目錄標題附加率的趨勢。這只是衡量導致這週期進展的一個指標。

And then secondly, I was hoping for just a clarification or update on the multiyear framework for revenue growth that you laid out at the Analyst Day. I believe you initially indicated an incremental $1 billion in revenue over two to three years. I wonder if you look through the pipeline and the progress you're making, how much potential there could be to that framework. Thank you.

其次，我希望您能就您在分析師日上提出的多年營收成長框架做些澄清或更新。我記得您最初提到未來兩到三年內營收將增加10億美元。我想請您結合目前的專案儲備和進展情況，探討一下框架的實現潛力。謝謝。

Sure. So, on attach rates, we are continuing to be excited about the growth of the overall console business. And I think the plans that were announced at E3 around both Xbox and PlayStation were viewed in the industry as very positive.

當然。就附加率而言，我們對整個遊戲主機業務的成長依然感到振奮。我認為E3上公佈的關於Xbox和PlayStation的計畫在業界都獲得了非常正面的評價。

I think moving beyond the notion of -- or jumping into the compatibility issue head-on and trying to stop the notion of having consoles that are not compatible, will help the software side of the equation dramatically over time. And I think that's a big plus.

我認為，摒棄「相容性」的概念，或者說直接著手解決相容性問題，努力杜絕主機不相容的現象，從長遠來看，將大大改善軟體方面的問題。我認為這是一大優勢。

We continue to believe that we will see upside in the number of consoles sold this year. And the software attach rates stayed pretty consistent with what we've seen up through the cycle so far. And so all that, I think, bodes well for the overall cycle, and should continue to help us drive upside.

我們仍然相信今年遊戲機的銷量會成長。而且，軟體捆綁銷售率也與本輪週期至今的水準基本持平。因此，我認為所有這些因素都預示著整體週期將向好，並應繼續幫助我們實現成長目標。

Now, on the revenue growth, the numbers I laid out at the Analyst Day were basically, if you take our year-end fiscal 2016 results, and you look out over the 2020 to 2022 time frame, we believe that we could add another $1.5 billion of revenue from areas such as genre growth moving into the action genre; continuing to grow our mobile business; continuing to grow our business in Asia and other parts of the emerging markets around the world.

關於營收成長，我在分析師日上公佈的數字基本上是這樣的：如果你參考我們 2016 財年的年終業績，並展望 2020 年至 2022 年的時間範圍，我們相信我們可以從以下方面增加 15 億美元的營收：例如，向動作遊戲類型拓展；繼續發展我們的亞洲業務和其他在亞洲市場的業務。

And we believe that could then continue to drive free cash flow growth and earnings growth. And $1.5 billion of additional revenue should be able to drive $1 billion in operating income and just under $1 billion in free cash flow growth during that time. Obviously, those are all non-GAAP numbers. So -- and we feel confident about the progress that we're making there.

我們相信，這將繼續推動自由現金流和獲利成長。新增的15億美元收入應該可以帶來10億美元的營業收入成長和近10億美元的自由現金流成長。當然，這些都是非GAAP資料。因此，我們對目前所取得的進展充滿信心。

Great. Thank you.

太好了，謝謝。

Drew Crum, Stifel.

Drew Crum，Stifel。

Wondered if you guys could comment on the timing of FIFA Mobile, what your expectations are? And I believe your guidance for mobile for the year was 15%. I know that's on a non-GAAP basis, but it looks like you are off to a very good start for fiscal 2017. Any update on expectations for mobile as a whole? Thanks.

想請教各位，能否談談FIFA Mobile的發佈時間表以及你們的預期？我記得你們之前給出的行動端業務全年成長預期是15%。我知道這是非GAAP準則下的數據，但看起來你們2017財年的開局非常不錯。請問你們對行動端整體的預期有什麼更新嗎？謝謝。

I'll take that. Thanks, Drew. So a couple of things. One is mobile is going strong for us. We're seeing growth in the mobile market that is outpacing some of our early expectations for the broader industry. Star Wars: Galaxy of Heroes continues to perform well.

我接受。謝謝，德魯。有兩件事要說。第一，行動業務發展強勁。我們看到行動市場的成長速度超過了我們之前對整個產業的預期。 《星際大戰：銀河英雄傳》的表現也持續良好。

Madden NFL continues to perform well, even in the off-season. And with the football season just around the corner, we expect that that will once again ramp. Our broader catalog of SimCity and The Sims and Need For Speed and Real Racing also continue to perform very well.

即使在休賽期，《麥登橄欖球》的表現依然強勁。隨著橄欖球賽季即將到來，我們預計其銷量將再次飆升。我們旗下其他遊戲，例如《模擬城市》、《模擬市民》、《極速快感》和《真實賽車》，也持續保持著非常出色的表現。

As I said earlier, we've just launched NBA LIVE Mobile. We launched that well in advance of the season to ensure a good and strong ramp both of the game design, the architecture and infrastructure, and with a lot of basketball happening still with the summer season, and a certain competitive sports event going on in Rio over the next couple of weeks, we believe it's a great opportunity to start to ramp our NBA business on mobile.

正如我之前所說，我們剛剛推出了 NBA LIVE Mobile。我們提前很久就推出了這款遊戲，以確保遊戲設計、架構和基礎設施都能順利且穩定地發展。鑑於夏季籃球賽季還有很多比賽，而且未來幾週內約熱內盧還將舉辦一項重要的體育賽事，我們認為這是一個絕佳的機會，可以開始在行動端加速發展我們的 NBA 業務。

And it's performing extremely well, and follows a similar design and modality of play to what we have learned engages fans to the highest degree around Madden. As we talked about before, we're also looking to do that with FIFA.

它的表現非常出色，其設計和玩法與我們之前在《麥登橄欖球》系列遊戲中了解到的能夠最大程度吸引玩家的模式類似。正如我們之前討論過的，我們也希望在《FIFA》系列遊戲中實現這一點。

And as with all our sports games, we typically launch them at the outset or early in the season, and right now we're on track to launch our FIFA Mobile property early in the European football season, which would align perfectly with kind of the ramp of the fan base at that time.

就像我們所有的運動遊戲一樣，我們通常會在賽季開始或初期推出它們，目前我們正按計劃在歐洲足球賽季初期推出我們的 FIFA Mobile 產品，這將與當時的球迷群體增長勢頭完美契合。

Okay. Thanks, guys.

好的，謝謝各位。

Brian Pitz, Jefferies.

Brian Pitz，傑富瑞集團。

Thanks for the questions. On Madden, with the unique players up 20% and mobile players up 25%, can you discuss what is driving this user growth, and what role Ultimate Team is actually playing here?

感謝您的提問。關於《麥登橄欖球》，目前獨立玩家數量增加了 20%，行動端玩家數量增加了 25%，您能否談談推動用戶成長的因素，以及終極球隊模式（Ultimate Team）在其中扮演的角色？

And then on mobile with Star Wars: Galaxy of Heroes at the top of the charts, just wondering if you could comment on monetization on a per-user basis relative to other EA mobile titles. And looking at that average 2.5 hours per day of playtime, what is -- what's the durability of a game like that? Thanks.

在行動端，《星際大戰：銀河英雄傳》高居榜首，我想請教一下，與其他EA行動遊戲相比，這款遊戲的單一使用者獲利模式如何？考慮到玩家平均每天2.5小時的遊戲時長，這樣的遊戲耐玩性如何？謝謝。

So, I will grab the first half of that and I'll let Blake take the second half. As it relates to our broader Madden community, again, the fan base of the NFL continues to grow. It's a great league. It's a sport that's very, very important to the population of North America, and even growing internationally right now in Europe and Mexico and other parts of the world.

所以，我先講前半部分，後半部分交給布雷克。說到我們更廣泛的《麥登橄欖球》社區，NFL的球迷群體持續成長。這是一個很棒的聯盟，這項運動對北美人民來說非常重要，目前在歐洲、墨西哥以及世界其他地區也越來越受歡迎。

Our Madden development teams have been very, very focused on a couple of vectors over the last couple of years. And you've seen this kind of manifest in both console and mobile as we have come forward.

過去幾年，我們的 Madden 開發團隊一直非常專注於幾個方面。隨著我們不斷推進，你們也看到了這些面向在主機和行動平台上的體現。

The first is about how do we bring on new players? And then how do we keep players engaged over time? And of course quality is at the very core of that, but onboarding, user interface, tutorials, training, things that really ignite the passion for new players and get them into the Madden community, and playing and competing for the love of the sport, as well as providing ongoing innovation and live services, and ongoing community-based events that keeps our long-term fans and our long-time fans more deeply engaged.

首先，我們該如何吸引新玩家？其次，我們該如何讓玩家長期保持參與度？當然，遊戲品質是核心，但新手引導、使用者介面、教程、培訓等，這些都能真正激發新玩家的熱情，讓他們融入 Madden 社區，並出於對這項運動的熱愛而參與遊戲和比賽。此外，我們還需要持續創新，提供即時服務，並舉辦持續的社群活動，讓我們的老玩家和老粉絲更深入參與其中。

You're going to continue to see this across both Madden and our sports games, and our broader portfolio. The global player community continues to grow. Mobile brings players in. Many of those players choose other modalities of play like console. We see it as our objective to continue to deliver great experiences to new fans, as well as meaningful and long-term in engaging live services to our long-time fans.

您將在《麥登橄欖球》系列、我們的運動遊戲以及我們更廣泛的產品組合中持續看到這一趨勢。全球玩家群持續壯大。行動端吸引了大量玩家。其中許多玩家會選擇其他遊戲方式，例如主機遊戲。我們的目標是繼續為新玩家提供卓越的遊戲體驗，同時為老玩家提供有意義且長期的互動式線上服務。

Yes, I think on Galaxy of Heroes, what makes a great game is a deep engagement model -- some reason for people to come back to enjoy something each day or each week. And we have cracked that code, we believe, inside of the console base Ultimate Team, as you are all well aware of, it's a deeply engaging way to enjoy the sports you love as well as the video game you love. That same mechanic can work well inside of a mobile game, not just in sports, but also in games that we're proving with Star Wars: Galaxy of Heroes.

是的，我認為《星際大戰：銀河英雄傳》的成功之處在於其深度用戶參與模式——讓玩家有理由每天或每週回來享受遊戲內容。我們相信，我們已經在主機平台的終極球隊模式中找到了這個秘訣，正如大家所知，它提供了一種深度沉浸式的體驗，讓玩家既能享受自己喜愛的體育運動，又能享受自己喜愛的電子遊戲。同樣的機制也適用於行動遊戲，不僅適用於運動遊戲，也適用於我們正在用《星際大戰：銀河英雄傳》證明的其他遊戲。

It's event-driven -- activities, new things, new characters, new ways to play that are constantly brought into the game, that keeps people coming back and keeps the level of that engagement at the height that you're seeing. We think that's very sustainable, because you are able to continue to add activities.

這款遊戲以事件驅動——不斷推出各種活動、新內容、新角色和新玩法，吸引玩家持續回歸，並保持目前如此高的玩家參與度。我們認為這種模式非常永續，因為可以不斷添加新的活動。

In the sports world, it works well because you are dealing with a real world sport all the time; but in the fantasy world, it's even better, because you don't have the limits that you have in the real world. And so, our goal is to continue to add new, exciting context, ways to play, characters, enjoyment in the games that will keep them alive for many years to come, and I think obviously keep them monetizing over time.

在運動界，這種模式很奏效，因為你總是面對的是現實世界的體育賽事；但在奇幻世界裡，這種模式更勝一籌，因為你不受現實世界的種種限制。因此，我們的目標是持續為遊戲增添新的、令人興奮的背景、玩法、角色和樂趣，讓遊戲在未來多年保持活力，我認為，最終實現盈利也是遊戲成功的關鍵。

Great. Thanks.

太好了，謝謝。

Chris Merwin, Barclays.

克里斯·默溫，巴克萊銀行。

I just had a couple, and apologies if this was covered. Just in terms of the player network, I was just trying to get a sense of where you are in rolling that out. And to what extent we actually saw the benefit of that in the Ultimate Team result that you delivered this quarter?

我剛才問了幾個問題，如果之前已經討論過，請見諒。關於玩家網路方面，我只是想了解你們的推廣進展如何。以及從你們本季的終極球隊模式成績來看，這項舉措在多大程度上真正發揮了作用？

And then should we see maybe even more of an impact later in the year as it relates to kind of your marketing costs as you roll out the big first-person shooters?

那麼，隨著你們推出大型第一人稱射擊遊戲，我們是否可能會在今年稍後看到，這會對你們的行銷成本產生更大的影響？

And then just a second question on the mobile business. Just wondering if there was any impact that you saw from Pokemon Go in the quarter.? Augmented Reality turned out to be this huge mass-market sort of feature that people really like, so do you have any plans to integrate Augmented Reality into your mobile games? Thanks.

還有一個關於行動業務的問題。想問一下，Pokemon Go 在本季是否對您有所影響？擴增實境技術似乎已經成為一項非常受歡迎的大眾市場功能，那麼您是否有計劃將擴增實境技術整合到您的行動遊戲中？謝謝。

Okay. So, on the player network, I mean, you're going to hear a lot more about this from us. As we look to the future -- as we think about where games are going, we see some fundamental problems arising if you are a gamer.

好的。關於玩家網絡，我的意思是，你們會從我們這裡聽到更多關於這方面的資訊。展望未來－當我們思考遊戲的發展方向時，我們發現，如果你是玩家，就會面臨一些根本性的問題。

So in a world where gamers are playing more games across more devices through more business models in more geographies than ever before, the concept as a player of always being able to stay connected to your friends and always being able to stay connected to the games you love, irrespective of what device you play on, is going to be an important problem to solve.

因此，在當今世界，玩家比以往任何時候都更多地在更多地區透過更多設備、更多商業模式玩更多遊戲，對於玩家而言，無論使用什麼設備，都能始終與朋友保持聯繫，始終能夠玩自己喜歡的遊戲，這將是一個需要解決的重要問題。

We believe that the investment that we've been making in our core digital platform with an ID that travels with you across devices, with a single data infrastructure that allows us to always understand a full 360 degree of you as a player, and all the services that are built on top of that that allow you to connect with your friends across devices, is going to be an imperative part of our future.

我們相信，我們對核心數位平台的投資，包括可隨您跨裝置使用的 ID、能夠讓我們始終全面了解您作為玩家的單一數據基礎設施，以及在此基礎上構建的所有服務（使您能夠跨設備與朋友聯繫），將是我們未來發展的重要組成部分。

What you are starting to see now is this line-up inside of our -- across our console games, across our mobile games. We're making tremendous headway that means no matter where you play, you can remain connected to your friends. If you move from iOS to Android, and you are using our ID system, you do not lose your game progress.

現在您看到的是我們旗下所有遊戲——包括主機遊戲和行動遊戲——的陣容。我們取得了巨大的進展，這意味著無論您在哪裡玩遊戲，都能與好友保持聯繫。如果您從 iOS 系統切換到 Android 系統，並且使用我們的 ID 系統，您的遊戲進度不會遺失。

As you start to think about the communities that we build and connecting with those communities, particularly in things like Ultimate Team, we are seeing tremendous engagement where we are able to deliver you by virtue of this player network, experiences that are personal, contextual, and meaningful to you and your friends.

當你開始思考我們所建立的社群以及與這些社群的聯繫，尤其是在像 Ultimate Team 這樣的活動中，我們看到了巨大的參與度，透過這個玩家網絡，我們能夠為你和你的朋友提供個人化、情境化和有意義的體驗。

We're seeing that the engagement improved dramatically, and we're seeing that players are opting into more and more of our games because we are finding a way to present them with opportunities that are meaningful and personal for them. You are going to see more and more of this in the future. We expect that it will continue to become a powerful tool in how we engage with players, but as importantly, how players engage with each other.

我們發現玩家參與度顯著提升，越來越多的玩家選擇參與我們的遊戲，因為我們找到了為他們提供有意義且個人化的機會的方法。未來，這種情況會越來越普遍。我們預計，這不僅會成為我們與玩家互動的重要工具，而且同樣重要的是，它也將成為玩家之間互動的重要工具。

And in the broader network world that we now live in, the power of our network will be directly proportionate to the number of players inside the network and the strength of connections between the players inside that network. And a lot of what we are doing as it relates to our core digital platform development, our single-engine development, and our broader portfolio of game development, is all in service of manifesting the strength in that network.

在我們如今身處的這個更廣闊的網路世界中，網路的力量將與網路內部的參與者數量以及參與者之間連結的強度成正比。我們所做的許多工作，無論是核心數位平台開發、單引擎開發，還是更廣泛的遊戲開發項目，都是為了充分發揮這個網路的力量。

As it relates to Pokemon GO, great question. First, as a comment, I think that what that team has done is very, very strong. It's a great blend of an IP that we have known and loved for the best part of 20 years, and a new technology that introduces that to a new audience through mobile devices.

關於《精靈寶可夢GO》，問得好。首先，我想說，我認為開發團隊做得非常好。他們巧妙地融合了我們熟知且喜愛了近20年的經典IP，以及透過行動裝置將此IP介紹給全新受眾的新技術。

What you've heard from us is that we have been working on both VR and AR for some time. We have made some announcements around VR in mobile and on console with PlayStation VR, and we're going to continue to invest there.

我們之前已經提到過，我們一直在研發VR和AR技術。我們已經發布了一些關於行動端和主機端VR（包括PlayStation VR）的公告，我們將繼續增加對該領域的投資。

As you can imagine, we are energized by the success of Pokemon GO. We have tremendously strong brands that are unbelievably social in nature, where we believe that the participation at a community level through AR will just heighten that experience. And we have been working on some things for some time and we will continue working on those, and we will be ready to launch them at a time where we think we can better engage communities through AR.

如你所想，Pokemon GO 的成功令我們倍感振奮。我們擁有實力雄厚、極具社交性的品牌，我們相信，透過 AR 技術實現社群層面的參與，將進一步提升這種體驗。我們一直在籌備一些相關項目，並將繼續推進，待時機成熟，能夠更好地透過 AR 技術與社群互動時，便會推出這些項目。

Chris, Pokemon really came out after our quarter ended, and in a broader sense in global rollout. But if we look at the daily revenue trends even after it's come out, we haven't seen much impact. I think it has brought in a lot of new game players and a lot of people have been involved with it, but it hasn't really distracted from -- or detracted from any revenue that we're seeing in our regular mobile games.

克里斯，寶可夢遊戲實際上是在我們季度結束後才推出的，而且在全球範圍內的推廣也比較晚。但如果我們觀察它推出後的每日收入趨勢，就會發現並沒有太大影響。我認為它確實吸引了很多新玩家，也有很多人參與其中，但它並沒有分散或影響我們常規手機遊戲的收入。

All right, great. Thank you.

好的，太好了。謝謝。

Eric Sheridan, UBS.

瑞銀集團的艾瑞克·謝裡丹。

Thanks for taking the questions. Maybe one big picture and one on the Star Wars franchise. Big picture question, Andrew.

謝謝你回答這些問題。或許可以問一個關於宏觀視角的問題，以及一個關於《星際大戰》系列的問題。安德魯，先問一個關於宏觀視角的問題。

So would love your thoughts on how we should be thinking about the publisher community and how it's going to approach the console upgrade or midcycle console upgrade cycle, however you'd like to frame it, that we're going to see from Sony and Microsoft and Nintendo over the next sort of 12 months, plus or minus, how you are preparing for that, what that might mean in terms of going to market, making consumers aware of your titles and sort of managing through that transition?

所以，我很想聽聽您對發行商群體應該如何看待主機升級或中期主機升級週期（無論您如何稱呼它）的看法，以及在接下來的大約 12 個月裡，索尼、微軟和任天堂將會如何應對。您是如何為此做準備的？這對於上市、讓消費者了解您的遊戲以及如何順利度過這段過渡時期意味著什麼？

And then on Star Wars, we saw the announcement a Star Wars Celebration. It looks as if the expansion pack this year is going to be more tightly intertwined with the actual movie content that comes out in December. What that mean for sort of the breadth of the platform going forward as well as maybe even marketing efficiencies, since the content could be so tied closely with the movie? Thanks, guys.

然後，在《星際大戰》方面，我們看到了星際大戰慶典的公告。看來今年的擴充包將與12月上映的電影內容更加緊密結合。鑑於內容可能與電影如此緊密地聯繫在一起，這對平台未來的發展範圍以及行銷效率意味著什麼？謝謝各位。

So, on the first question, at a macro level, we're excited about what Sony and Microsoft have announced. The reality for us is, again, in a networked world, liquidity of play is really, really important. And what we've seen over the last decade or more with respect to PC gamers, is that community has continued to grow. And it's growing in a world where the hardware refresh cycle has been disconnected from the software refresh cycle.

所以，關於第一個問題，從宏觀層面來說，我們對索尼和微軟的公告感到非常興奮。對我們而言，現實情況是，在網路化的世界裡，遊戲的流暢性至關重要。過去十多年來，我們看到PC遊戲玩家群持續壯大。而如今，硬體更新周期與軟體更新周期卻脫節，PC遊戲玩家群仍在不斷發展壯大。

And what that's meant is that, irrespective of what kind of device you have within kind of a 7 to 10 year time frame, you are able to play with a much, much bigger global community. What we see now with the things being talked about, with the midcycle refresh, is that only going to enhance the size and engagement levels inside the communities.

這意味著，無論你使用什麼設備，在未來7到10年內，你都能與一個規模龐大的全球社群互動。我們現在看到的，包括中期更新在內，都顯示這將進一步擴大社區規模，並提升社區參與。

For us as a publisher we are in a very strong place. We have been building a cross-platform, a cross-console, and the scalable architectures like PC for some time. So the notion that we would build once an experience that can scale up and down across an entire spectrum of consoles, whether the first phase, the second phase, or the third phase over time, is not something that's foreign to us and something that we're very energized about.

作為發行商，我們目前處於非常有利的地位。我們一直在建立跨平台、跨主機以及可擴展架構（例如PC架構）已有一段時間。因此，我們完全有能力打造一款能夠隨著時間推移在所有主機平台上靈活擴展的遊戲體驗，無論是第一階段、第二階段還是第三階段，這對我們來說並不陌生，而且我們對此充滿熱情。

Because again, I think we have strength in a networked world, and we have strength where there is a requirement to build these scale experiences that keep players connected. So on balance, we think this is great for the industry.

因為我認為我們在網路化世界中擁有優勢，在需要建立能夠維繫玩家關係的規模體驗的領域，我們也擁有優勢。所以總的來說，我們認為這對整個產業來說是件好事。

It will almost certainly extend the console cycle almost to an infinite level if we get to a point where there's just constant hardware upgrades and constant software upgrades, but we are able, through the scaling of our games, to keep the community always together.

如果硬體和軟體不斷升級，主機生命週期幾乎肯定會無限延長，但我們可以透過遊戲規模的擴大，讓社群始終保持在一起。

More broadly thinking about the Star Wars franchise, again, this is a long-term play for us. We're very excited. We were overjoyed with the performance of Star Wars Battlefront. We're overjoyed with the 6.6 million players that played the game through Q1. We are continuing to support that.

更廣泛地來看，就《星際大戰》系列而言，這對我們來說是一項長期投資。我們感到非常興奮。 《星際大戰：前線》的表現令我們欣喜若狂。第一季有660萬玩家體驗了這款遊戲，我們為此感到無比欣慰。我們將繼續支持這項事業。

As each movie comes out over the time of our relationship, we expect that the Star Wars community will continue to grow, and we will be doing more best to align, in some cases, the content and experiences, and in some cases, just a passion for Star Wars, but certainly aligning what we're doing around the Star Wars universe with what is more broadly happening with Star Wars pop culture. And we think that's a win as we continue to deliver for the fans long-term.

隨著我們合作關係的延續，每部電影上映後，我們預計《星際大戰》社群將持續壯大。我們將竭盡所能，在某些情況下，調整內容和體驗，在某些情況下，僅僅是為了滿足大家對《星際大戰》的熱情，但更重要的是，確保我們在《星際大戰》宇宙中所做的一切，都與更廣泛的《星際大戰》流行文化發展趨勢保持一致。我們認為，這將有助於我們長期為粉絲帶來精彩內容，實現雙贏。

Next question?

下一個問題？

Mike Olson, Piper Jaffray.

麥克·奧爾森，派珀·賈弗雷。

I had two questions. You mentioned earlier that you haven't changed your assumptions that are built into guidance for Battlefield 1 and Titanfall 2. I don't recall if you provided what kind of unit expectations you have for those titles. Is that something that you would be willing to share, or share again if you have already talked about it?

我有兩個問題。您之前提到過，您沒有改變《戰地1》和《泰坦隕落2》指導原則中預設的假設。我不記得您是否說明過您對這兩款遊戲的單位類型有何預期。您是否願意分享一下，或者如果您之前已經談過，能否再次分享？

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And then secondly, do you anticipate any Olympics-related distraction that could impact player engagement over the next month or so? Have you ever seen anything from Olympics in the past? Thanks.

其次，您預計未來一個月左右，奧運相關的任何干擾因素是否會影響玩家的參與度？您過去是否遇到過與奧運相關的類似情況？謝謝。

So, on the guidance, we talked rough numbers with people. We told people that typically a Battlefield title is about [15 million] in a year. Our guidance is slightly under that. And we hope that that excitement builds and it will clearly go through that number, but for right now, it's slightly under that number.

所以，關於銷售預期，我們跟大家大致討論了一下。我們告訴大家，通常一款《戰地》系列遊戲的年銷售量約為1500萬。我們的預期略低於這個數字。我們希望玩家的熱情能夠持續高漲，最終銷量能夠超過這個數字，但就目前而言，銷量確實略低於這個預期。

And Titanfall did a little more than 7 million units last time. It was early in the cycle and one of the few titles out there. We think it will do more than that, but it's probably closer to 10 million than it is to 15 million is built into our guidance. So closer to 9 million to 10 million on Titanfall and just under 15 million on Battlefield 1.

上次《泰坦隕落》的銷量略高於700萬份。當時正值遊戲週期初期，而且市面上這類遊戲不多。我們認為這次的銷量會超過這個數字，但可能更接近1000萬份，而不是我們預期的1500萬份。所以，《泰坦隕落》的銷售量預計在900萬到1000萬份之間，《戰地1》則接近1,500萬份。

In terms of the Olympics, Andrew can probably jump in here, but I think oftentimes if there are sports going on that we have games associated with, there's a lot of positive. As you see with the FIFA Ultimate Team numbers relative to the Euro and the Copa America, we didn't have programs directly linked to those, but people engage in those because their favorite players are playing on new teams or in new tournaments. And that drives them in.

說到奧運會，安德魯或許可以補充一些內容，但我認為通常情況下，如果有相關的體育賽事，我們都會推出相應的遊戲，這會帶來很多正面影響。就像你看到的FIFA Ultimate Team在歐洲盃和美洲盃期間的球員數量一樣，我們並沒有直接與這些賽事掛鉤的項目，但人們參與其中是因為他們喜歡的球員在新球隊或新賽事中效力。正是這種吸引力促使他們參與其中。

So I think, in general, athletics -- bringing people back to athletics. If they're watching on TV, they're oftentimes going to try to imitate that somewhere else, and that may benefit some of our games.

所以我覺得，總的來說，運動——讓人們重新關注運動——很重要。如果他們在電視上看比賽，他們往往會在其他地方模仿，這或許對我們的一些比賽是有益的。

Thank you.

謝謝。

Eric Handler, MKM Partners.

Eric Handler，MKM Partners。

Thanks a lot for taking my question. Just looking at your extra content free to play line in digital, obviously your biggest segment within the digital, growth in 1Q was just a little more than 1%. That's your slowest growth quarter I think ever since you started putting out those metrics.

非常感謝您回答我的問題。我看了看你們的數位版免費內容板塊，這顯然是你們數位版業務中最大的板塊，但第一季的成長率只略高於1%。我認為這是你們開始公佈這些指標以來成長最慢的一個季度。

Was there anything specific that was a timing of just the releases that drove that number so below average? Or was there something unique there? And how do you see that playing out over the rest of the year?

是否有任何特定的發行時間因素導致了銷量遠低於平均水平？或是否有其他特殊情況？您認為這種情況在今年剩餘時間會如何發展？

Yes. So you are referring to growth in extra content, is that what you're saying?

是的。所以您指的是額外內容的成長，是嗎？

Yes, Blake.

是的，布萊克。

Yes. So, growth in extra content is really masked by the fact that we, last year in the quarter, had a $30 million deferral of FIFA Online 3 revenues that popped all in Q3. So, if you take that out, you saw a strong growth in extra content. Clearly, if you look at the underlying growth of Ultimate Team, you are continuing to see extremely strong growth in Ultimate Team, led by FIFA across the full Ultimate Team spectrum.

是的。所以，額外內容的成長實際上被一個事實掩蓋了：去年同期，我們有3000萬美元的FIFA Online 3收入被推遲到第三季度，這筆收入全部計入第三季度。因此，如果剔除這部分影響，你會發現額外內容的成長非常強勁。顯然，如果你觀察Ultimate Team的整體成長，你會發現Ultimate Team持續保持強勁成長，而FIFA則帶動了整個Ultimate Team系列的成長。

And so we are pretty confident that our guidance for the full year of 10% growth of extra content will be on track, and we should easily be able to beat that over time.

因此，我們相當有信心，全年額外內容成長 10% 的目標將會實現，而且隨著時間的推移，我們應該能夠輕鬆超越這個目標。

It's a similar dynamic in full game downloads. It was flat year-over-year, but almost all of that flat was driven by the fact that in Q1 last year, we had a huge amount of sales on Battlefield Hardline, a very large title. We didn't have a similar large title. Obviously, we had one title in the quarter, Mirror's Edge, but a much smaller title than in comparison as Battlefield Hardline last year.

完整遊戲下載量的情況也類似。與去年同期相比持平，但這幾乎完全是因為去年第一季《戰地：硬仗》這款大作銷量驚人。今年我們沒有推出類似的大作。當然，我們第一季也有一款遊戲——《鏡之邊緣》，但與去年的《戰地：硬仗》相比，它的規模要小得多。

So we're very confident that the digital growth is continuing, and just talking to people to always make sure they look at the drivers of the underlying -- to understand the underlying component.

因此我們非常有信心，數位化成長將會持續下去，我們一直在與人們交流，確保他們專注於背後的驅動因素——了解其根本組成部分。

Much appreciated, Blake. Thanks.

非常感謝，布萊克。

Thanks.

謝謝。

Ben Schachter, Macquarie.

本‧沙赫特，麥格理集團。

A few questions. First, just broadly on retail, as you move to more digital full game downloads, can you just broadly discuss how it's impacting relationships with the key retailers, how that will evolve over time?

幾個問題。首先，就零售業而言，隨著你們轉向更多數位完整遊戲下載，能否大致談談這會對與主要零售商的關係產生哪些影響，以及這種影響會如何隨著時間推移而演變？

And then secondly, PlayStation VR, likely to source more mass-market VR product to come to market? How -- what is that going to mean for the industry overall? Obviously, it's going to be pretty small numbers this year, likely supply constrained, but does the interest in that mean anything for the industry broadly?

其次，PlayStation VR 是否有可能成為更多大眾市場的 VR 產品？這對整個產業意味著什麼？顯然，今年的銷售量會非常小，供應可能也會受到限制，但人們對 VR 的興趣對整個產業來說是否意味著什麼？

And then finally, on the UK, historically, first-person shooters have actually been geared very much to the UK and US. With all the issues that are going on in the UK, do you think that's going to impact anything at all for Titanfall and Battlefield and potentially FIFA? Thanks.

最後，關於英國市場，從歷史上看，第一人稱射擊遊戲實際上主要面向英國和美國市場。鑑於英國目前面臨的種種問題，您認為這會對《泰坦隕落》、《戰地》以及可能還有《FIFA》系列遊戲產生任何影響嗎？謝謝。

So, why don't I just hit the FIFA on the UK real quick. So, we're hedged through -- out 18 months. Those hedges are not 100% each quarter, as they decline over time. But we are well-hedged for the rest of this year. So we don't see any more FX headwind that would impact the sales of FIFA or Battlefield or Titanfall. We also don't see any changes in the Brexit driving -- changing people's desire to play video games, so we don't see an impact there.

那麼，我這就快速談談FIFA在英國的情況。我們已經對沖了未來18個月的風險。這些對沖並非每季都100%有效，因為隨著時間的推移，對沖效果會逐漸減弱。但我們對今年剩餘時間的對沖非常充分。因此，我們認為不會再有任何外匯不利因素影響FIFA、戰地或泰坦墜落的銷售。我們也不認為英國脫歐會改變人們對電子遊戲的熱情，所以我們預期這方面不會產生影響。

Do you want to touch on the VR piece?

你想談談VR部分嗎？

Yes, so on PlayStation VR, again, we're very excited about this. I think to your point, given its price point and modality of play, it's one of the more accessible forms of virtually reality play right now. We've got a great experience coming later in the year that I played, and it's super fun and super exciting.

是的，關於 PlayStation VR，我們再次感到非常興奮。我認為正如您所說，考慮到它的價格和遊戲方式，它是目前最容易上手的虛擬實境遊戲形式之一。今年稍後我們會推出一款很棒的遊戲，我已經體驗過了，它超級好玩，超級刺激。

I think that part of the reason people play games is to kind of immerse themselves in a fantasy and escape and fulfill these fantasies with their friends. Now, typically, when we design games, we design them on a big screen TV and we have to overcome, as designers, this spatial disconnect between us and the television.

我認為人們玩遊戲的部分原因是為了沉浸在幻想世界中，逃離現實，並與朋友一起實現這些幻想。通常情況下，我們在設計遊戲時，都是在大螢幕電視上進行設計，因此作為設計師，我們必須克服我們與電視之間存在的空間隔閡。

Of course, virtual reality, we don't have to overcome that spatial disconnect. So the more that we can introduce people to low-barrier-to-entry virtual reality, I think the faster it's going to take off as an industry. And so us as a company, we're looking at how we can invest across all elements of the spectrum, from kind of the mobile element right up to the high-end elements. And PlayStation VR I think is going to be a great step in the evolution of our industry and the evolution of how people play games. And we're going to continue to invest there.

當然，虛擬實境技術無需克服空間上的隔閡。因此，我認為，我們越能讓人們輕鬆體驗虛擬現實，它就能越快發展成為一個產業。所以，我們公司正在考慮如何投資虛擬實境的各個領域，從行動端到高階產品。我認為 PlayStation VR 將是推動我們產業發展以及人們遊戲方式變革的重要一步。我們將繼續加大對該領域的投資。

And then on the retail question, we have, we believe, strong relationships with a whole set of global retailers around the world, some large, some small. We try to maintain those and we try to build a dual strategy where we're pushing digital, but we're also using the retailers for what the retailers are really good about, which is marketing and really pushing out the information about the games and the excitement around the games.

至於零售方面，我們相信我們與全球許多零售商建立了牢固的合作關係，其中既有大型零售商，也有小型零售商。我們努力維護這些合作關係，並嘗試建立雙管齊下的策略：一方面大力推廣數位化管道，另一方面也充分發揮零售商的優勢，即行銷，大力宣傳遊戲訊息，激發玩家對遊戲的熱情。

We are always going to have that as a dual strategy. We believe the retailers will be around for a long period of time and are important in our system, and we try to have a fine balance there. We try to help the retailers be involved in some of the digital business where they can, and just maintain a strong business for them as well as continuing to grow our business both digitally and physically.

我們將始終採取雙管齊下的策略。我們相信零售商會長期存在，並且在我們的體系中扮演著重要的角色，因此我們努力在兩者之間取得平衡。我們盡力幫助零售商參與他們力所能及的數位化業務中，既要維護他們穩健的業務，又要持續發展我們自身的線上線下業務。

Next question?

下一個問題？

Mike Hickey, The Benchmark Company.

Mike Hickey，基準公司。

Andrew and Blake, great quarter, guys. Thanks for squeezing me in the question-and-answer here. The -- curious -- two questions. One on FIFA 17 on the Story Mode, who the incremental player is there that you think will show up? And do you fear at all there could be any sort of pressure on Ultimate Team to sort of, I guess, Story Mode cannibalizing ultimate team to some level?

Andrew 和 Blake，你們這季表現很棒。感謝你們抽空接受我的提問。我有兩個問題——有點好奇。第一個是關於 FIFA 17 的故事模式，你們覺得會有哪些新球員加入？第二個問題是，你們是否擔心故事模式在某種程度上會蠶食 Ultimate Team 的市佔率？

And second question, any visibility on fiscal 2018, at least on the surface. Obviously, we're in Q1 2017, but it's quite a ways away, but on the surface it looks like the environment could be a bit challenging, at least in driving sales growth. And how you think about maybe M&A as a potential driver for fiscal 2018 growth? Thanks, guys.

第二個問題，關於2018財年，您能否提供一些初步的展望？當然，現在是2017年第一季度，距離2018財年還有一段時間，但從表面上看，市場環境可能有些挑戰，至少在推動銷售成長方面是如此。您認為併購能否成為2018財年成長的潛在動力？謝謝各位。

So let me touch on the FIFA piece, and then I'll let Blake take on Ultimate Team. As we think about our global community of gamers, again, FIFA is one of the biggest games on the planet. It attracts a very diverse playing population -- old, young, male, female, East, West. And we are always looking at delivering new and innovative experiences for our FIFA players.

那麼，我先簡單談談FIFA，然後讓Blake來談談Ultimate Team。說到我們的全球玩家群，FIFA無疑是全球最熱門的遊戲之一。它吸引了來自世界各地、不同年齡、不同性別、不同背景的玩家。我們始終致力於為FIFA玩家帶來創新且精彩的遊戲體驗。

We still expect that FIFA Ultimate Team will be the most engaging mode of the game. Year-on/year-out, players tell us that it's the most exciting way to play FIFA, and the most interesting way to fulfill their fantasy of really building the ultimate team, and taking that team and competing with their friends.

我們仍然相信 FIFA Ultimate Team 將是遊戲中最具吸引力的模式。玩家們年復一年告訴我們，這是玩 FIFA 最刺激的方式，也是實現他們打造夢幻球隊、與朋友們一較高下的最佳途徑。

But with that said, we also understand that, as a new player coming into FIFA, that may be a little daunting. And so we see Story Mode as not just a new way for existing fans to play, but actually a great onboarding mode. Again, every kid in every country around the world that follows soccer or football dreams of that opportunity to get called up to the first division in their country.

但話雖如此，我們也理解，對於初次接觸FIFA的玩家來說，這可能會有些令人望而生畏。因此，我們認為故事模式不僅是現有玩家體驗遊戲的新方式，更是絕佳的新手入門模式。畢竟，全世界每個熱愛足球的孩子都夢想著能有機會入選本國頂級聯賽的球隊。

And we believe that fantasy is something that's very compelling, and we believe the mode overall will be a great onboarder for new players, and ultimately help them understand the beauty of football, the beauty of FIFA as an interactive game experience, and help move them into the broader FIFA community, where they will likely engage with the tens of millions of people every year in FIFA Ultimate Team.

我們相信幻想模式非常引人入勝，我們相信該模式總體上將成為新玩家的絕佳入門方式，並最終幫助他們了解足球的魅力、FIFA 作為一款互動遊戲體驗的魅力，並幫助他們融入更廣泛的 FIFA 社區，在那裡他們很可能會與每年數千萬參與 FIFA Ultimate Team 的玩家互動。

Yes, remember, still just a little bit more than 50% of all people who buy FIFA actually engage in Ultimate Team. We see that as a huge opportunity to bring more people into Ultimate Team. And there are many people that don't understand how the soccer system might work -- or works around players and development of players, which is critical to the foundation of Ultimate Team. And so, we believe this is a way to continue to bring people into that.

是的，別忘了，目前只有略高於50%的FIFA玩家會真正參與終極球隊模式。我們認為這是一個吸引更多玩家加入終極球隊模式的巨大機會。很多人並不了解足球體系的運作方式──或者說，不了解球員體系及其球員培養機制，而這正是終極球隊模式的基石。因此，我們相信這是繼續吸引玩家參與其中的一種方式。

On the fiscal 2018, we're obviously not prepared to give guidance yet on 2018 anything more than we've already said in the past. We're excited and hard at work at the next Star Wars Battlefront title. We've got a couple of great new opportunities coming that we haven't yet announced, that we will give you more insight on. We've got some great things going on in mobile. We're excited about the continued growth of the FIFA franchise, the Madden franchise, NHL, NBA franchise, and leveraging mobile in all of those cases.

關於2018財年，我們顯然還不方便提供任何超出以往預期之外的業績指引。我們正在全力以赴地開發下一款《星際大戰：前線》遊戲，並為此感到興奮。我們還有一些尚未公佈的重大新項目，之後會與大家分享更多資訊。我們在行動領域也取得了一些令人矚目的進展。我們對FIFA系列、Madden系列、NHL系列和NBA系列的持續成長感到振奮，並期待在所有這些項目中充分利用行動平台。

And I think the one thing that I'll remind people of that oftentimes gets forgotten is, to the extent that we have a very successful Battlefield 1 and Titanfall 2 launch, those will be a big benefit to next year's plan. Just as you are seeing now, we still have 11 million people engaging in Battlefield 4. And so, that Battlefield world is incredibly important. The Star Wars world, the same way. We will continue to leverage that as we drive through 2017 into 2018 and 2019.

我想提醒大家一點，這一點常常被忽略：如果《戰地1》和《泰坦隕落2》的發布非常成功，這將極大地助力我們明年的計劃。正如你們現在看到的，《戰地4》仍然有1100萬玩家活躍。因此，《戰地》系列的世界觀至關重要。 《星際大戰》系列的世界觀也是如此。我們將繼續利用這些優勢，推動2017年、2018年和2019年的發展。

Thanks, guys.

謝謝各位。

Neil Doshi, Mizuho.

尼爾·多西，瑞穗。

Given the increasing engagement on the mobile side as well as on the console side, have you guys thought about getting more aggressive in terms of advertising as a way to get players to pay more as well as to play more?

鑑於行動端和主機端的用戶參與度都在不斷提高，你們有沒有考慮過在廣告方面採取更積極的策略，以此來吸引玩家付費並延長遊戲時間？

And then on the international side, it looks like international as a percent of revenue jumped to about 59%. It's been higher than it has been in the past couple of quarters. Any color in terms of titles and/or regions that kind of drove that growth? Thanks.

國際業務方面，國際業務收入佔比似乎躍升至約59%，高於過去幾季的水準。請問有哪些遊戲或地區推動了這項成長？謝謝。

So, on mobile advertising, I mean, we do a little under $100 million of mobile advertising. We try to steer -- we try to do a couple of things. We try to keep people in our network, so steer them to other games in our network, which is powerful. That doesn't make us money; it just keeps people in the network.

所以，在行動廣告方面，我們投入了將近1億美元。我們嘗試做一些事情——我們努力讓用戶留在我們的網路內，引導他們玩我們網路內的其他遊戲，這很有效。但這並不能直接獲利，只是讓用戶留在我們的網路裡。

And two, the next piece is, we might tend to show people advertising if they are not monetizing in other ways. What I will tell you is, because most of mobile game use is anonymous, it's hard to collect data on your mobile users, that means the value of that advertising, or the CPMs, are fairly low.

其次，我們可能會傾向向沒有其他獲利方式的用戶展示廣告。但我要說的是，由於大多數行動遊戲用戶都是匿名使用，很難收集到他們的數據，這意味著這類廣告的價值，或者說每千次展示成本（CPM），都相當低。

And thus the reason it's less than $100 million for us, even though we have a large mobile network. We will continue to experiment with that, and we will continue to look at it, but we don't see that as a giant revenue growth opportunity for us at this point in time.

因此，儘管我們擁有龐大的行動網絡，但對我們來說，這方面的收益卻不到1億美元。我們會繼續進行試驗，也會繼續關注，但就目前而言，我們認為這並非一個巨大的收入成長機會。

On the international piece, I think some of it is simply driven by the strength of FIFA and FIFA Ultimate Team. Much of the international -- much of FIFA's marketplace is international, particularly Europe. And as that business continues to get stronger, you're going to see that skewing; particularly in a quarter where Ultimate Team is so important, where there's not as many new releases, that will skew the revenue to the international.

關於國際市場部分，我認為部分成長只是由於FIFA和FIFA Ultimate Team的強勁表現。 FIFA的國際市場很大一部分來自國際市場，尤其是歐洲市場。隨著國際業務的持續成長，這種趨勢將會出現；尤其是在Ultimate Team如此重要的季度，新遊戲發布較少的情況下，國際市場的收入佔比將會更高。

One last question?

最後一個問題？

And our final question is from Doug Creutz of Cowen.

最後一個問題來自 Cowen 公司的 Doug Creutz。

I'm going to get way down in the weeds here. There was a story towards the end of the quarter that your informal players weren't interacting correctly with the chemistry mechanic in FIFA Ultimate Team. It's one of those things you see on Reddit. Has that any impact on Ultimate Team monetization as you've gotten into the September quarter? And do you feel like you have your kind of arms around getting the mechanics fixed and making sure the playing base was happy with the outcome?

我接下來要深入探討一下細節。上個季度末，有消息指出你們的非正式玩家在FIFA Ultimate Team中無法正常使用化學反應機制。這個問題在Reddit上很常見。進入九月的季度後，這個問題對Ultimate Team的獲利模式有影響嗎？你們是否已經掌握了修復機制的進度，並確保玩家群對最終結果感到滿意？

Yes, so that is down in the weeds a little bit, but I'm happy to have a conversation about it. So, as with any live service, there are times where we find bugs in the software. We stay very, very close to the community. Again, engagement of our community, ensuring our community has the utmost and highest experience when playing our games is very, very important to us.

是的，這有點細節問題，但我很樂意討論。任何線上服務都會遇到軟體漏洞，我們也會遇到這種情況。我們與社區保持著非常緊密的聯繫。再次強調，社群參與，確保社群成員在玩我們的遊戲時獲得最佳體驗，對我們來說至關重要。

And so, what I'm happy to say is, the team was very close; they heard that feedback from the community. They rallied very quickly. They found a bug. They fixed the bug and deployed a fix very, very quickly, and were very transparent and open with the community throughout every step of the way.

因此，我很高興地告訴大家，團隊非常團結，他們聽取了社區的回饋，並迅速採取行動。他們找到了一個漏洞，並迅速修復了該漏洞，發布了修復程序，並且在整個過程中都與社區保持高度的透明和公開。

As a result of that, we didn't see any impact to the engagement or the broader interaction with the mode. And quite the opposite, I think, what we found was the community deeply appreciated that we were connected to them, that we were listening to them, that we acted quickly, transparently, and openly, and we solve the problem going forward. As we think about our live services future, this is really how we need to operate as a business.

因此，我們沒有看到這種模式對使用者參與度或更廣泛的互動產生任何影響。恰恰相反，我認為，我們發現社區非常感激我們與他們保持聯繫，傾聽他們的意見，並以快速、透明和公開的方式採取行動，從而解決問題。展望未來，我們的線上服務也應該如此運作。

We won't always get the code exactly right, but it's as much about how we operate when we don't quite get it right as it is about when we do. And the commitment we make to gamers is to be very open and transparent with them, to listen to them, and always working diligently to deliver the best experience possible.

我們不可能每次都寫出完美無缺的程式碼，但重要的是，當我們程式碼不完美時，我們如何應對，這與程式碼完美時同樣重要。我們對玩家的承諾是：保持開放透明的態度，傾聽他們的意見，並始終努力提供最佳的遊戲體驗。

Great. Thanks, Andrew.

太好了，謝謝你，安德魯。

With that, I think we'll end the call. I do appreciate everyone's patience around the GAAP to non-GAAP transition that we're making. I encourage everyone to dig in to make sure that you and your -- the rest of your investors understand what the real numbers are, because we have already started to see some disconnects between people who don't understand it. So I would appreciate everyone here on the call communicating the right numbers to people and helping us make this transition. So we will talk to everyone next quarter.

有鑑於此，我想我們今天的電話會議就到此結束了。我非常感謝大家在我們進行GAAP過渡到非GAAP期間的耐心配合。我鼓勵大家深入研究，確保您和您的其他投資者都理解真實的財務數據，因為我們已經開始看到一些人因為不理解而產生誤解。因此，我希望在座的各位都能將正確的財務數據傳達給相關人員，幫助我們順利完成過渡。我們下個季度再見。

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。