美商藝電 (EA) 2017 Q2 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 second-quarter 2017 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2017年第二季財報電話會議。

(Operator Instructions)

（操作說明）

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

謝謝。我謹將電話轉交給投資人關係副總裁克里斯‧艾文登。先生，您可以開始了。

Thank you, Jennifer. Welcome to EA's second quarter FY17 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 2017財年第二季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson 和我們的財務長 Blake Jorgensen。

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, our financial model, and a transcript.

請注意，我們的美國證券交易委員會文件和盈利報告可在 ir.ea.com 上查閱。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的發言稿、本次通話的錄音回放、我們的財務模型和通話記錄。

We have a few events coming up. Blake will be speaking at the UBS conference in San Francisco on Tuesday, November 15. Peter Moore will be speaking at the Credit Suisse conference in Phoenix on Tuesday, November 29. Blake will also be at the NASDAQ conference in London on Wednesday, November 30, and back in San Francisco for the Barclays conference on Wednesday, December 7. Finally, our Q3 earnings call is scheduled for Tuesday, January 31, 2017.

我們接下來會舉辦一些活動。布萊克將於11月15日星期二在舊金山舉行的瑞銀會議上發表演講。彼得摩爾將於11月29日星期二在鳳凰城舉行的瑞士信貸會議上發表演講。布萊克將於11月30日星期三出席在倫敦舉行的納斯達克會議，並於12月7日星期三返回舊金山參加巴克萊銀行會議。最後，我們的第三季財報電話會議定於2017年1月31日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the Company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, November 1, 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 11 月 1 日發表上述聲明，並聲明不承擔更新這些聲明的義務。

During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated. Now I'll turn the call over to Andrew.

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則 (GAAP) 列示。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。現在我把電話交給安德魯。

Thanks, Chris. Electronic Arts delivered excellent results for the second quarter of FY17, powered by a slate of the most advanced and innovative new EA Sports titles that we have ever delivered. We're thrilled with the quality and player excitement for the new games we launched in Q2, and even more excited for the exceptional titles we've launched in Q3. As a result, we're raising our full-year guidance for FY17.

謝謝你，克里斯。憑藉一系列迄今為止最先進、最具創新性的EA Sports新遊戲，EA在2017財年第二季取得了優異的業績。我們對第二季推出的新遊戲的品質和玩家熱情感到非常興奮，對第三季推出的優秀遊戲更是感到無比興奮。因此，我們上調了 2017 財年的全年業績預期。

More than 43 million players engaged in our breakthrough EA Sports games across consoles and mobile devices during Q2. On console, FIFA 17 has given soccer fans around the world a revolutionary new experience powered by our Frostbite engine. We introduced The Journey, FIFA's first-ever story mode, which helped bring 20% more players into FIFA 17 in the first week over last year's game. To date, nearly 2/3 of all FIFA 17 players, spanning 183 countries, have engaged in this critically acclaimed new addition to the game.

第二季度，超過 4,300 萬名玩家在遊戲主機和行動裝置上體驗了我們突破性的 EA Sports 遊戲。在主機平台上，FIFA 17 由我們的寒霜引擎驅動，為全世界的足球迷帶來了革命性的全新體驗。我們推出了 FIFA 的首個故事模式“旅程”，這使得 FIFA 17 在發售第一周的玩家數量比去年增加了 20%。迄今為止，來自 183 個國家的近三分之二的 FIFA 17 玩家都參與了這款備受好評的遊戲新增內容。

The FIFA Ultimate Team experience is more robust than ever in FIFA 17, and engagement continues to grow through new modes and global competitions. Players in the Champions mode are now competing to advance to our live tournament event, the FIFA 17 Ultimate Team Championship Series.

FIFA 17 中的 FIFA Ultimate Team 體驗比以往任何時候都更加強大，透過新的模式和全球賽事，玩家參與度也在不斷提高。冠軍模式的玩家現在正在爭奪晉級我們現場錦標賽活動——FIFA 17 終極球隊冠軍系列賽的機會。

Madden NFL 17 players spent more time in the game in Q2 than any previous Madden title in the last five years, logging 44 million game play hours during the quarter. Ultimate Team also continues to grow in Madden NFL, with engaged players in MUT up nearly 20% year over year in Q2.

《麥登橄欖球17》玩家在第二季度的遊戲時間比過去五年中的任何一款《麥登橄欖球》遊戲都要長，該季度累計遊戲時間達到4400萬小時。在 Madden NFL 中，Ultimate Team 模式也持續成長，第二季度參與 MUT 模式的玩家數量較去年同期成長近 20%。

Our Madden NFL competitive gaming season also kicked off in Q2, with The Madden Classic, the first of four EA major live events in the Madden NFL championship series. 1.5 million fans played 5.8 million ranked games in the online qualifying rounds, and the top 16 players will compete for the Madden Classic Championship in Los Angeles in early December. The holidays are always a great season for football, and we're looking forward to more passion and engagement from our Madden NFL community in the months ahead.

我們的 Madden NFL 競技遊戲賽季也在第二季拉開序幕，Madden Classic 是 Madden NFL 冠軍系列賽中 EA 舉辦的四場大型現場賽事中的第一場。150 萬粉絲在線上資格賽中進行了 580 萬場排名賽，排名前 16 的選手將於 12 月初在洛杉磯爭奪 Madden Classic 錦標賽冠軍。假期總是橄欖球運動的黃金時期，我們期待在接下來的幾個月裡，Madden NFL 社區能夠展現出更大的熱情和更多的參與。

EA Sports has been a leader in high quality and emerging sports games across multiple platforms. Now we're delivering on that promise for mobile players, as well. We now have top-performing mobile titles across three of our major sports franchises. Madden NFL Mobile continues to grow year over year in both unique players and sessions per day. NBA Live Mobile has brought in more players than Madden NFL Mobile did during its launch period. FIFA Mobile hit number one in the App Store free games chart in 138 countries just after its early Q3 launch.

EA Sports一直是多個平台上高品質和新興體育遊戲領域的領導者。現在，我們也正在為行動玩家兌現這項承諾。我們現在旗下三大主要運動系列都擁有表現優異的行動遊戲。Madden NFL Mobile 的玩家數量和每日遊戲時長都逐年增長。NBA Live Mobile 在上線初期吸引的玩家數量超過了 Madden NFL Mobile。FIFA Mobile 在第三季初發布後不久，就在 138 個國家的 App Store 免費遊戲排行榜上名列第一。

Each of these experiences are long-term live services that will continue to grow and be tuned with the expanding player base in this high-growth genre. Strength in our mobile portfolio reaches across other key genres. Our action RPG Star Wars Galaxy of Heroes continues to drive strong levels of engagement, with average game play per player holding at 2.5 hours per day in Q2, one of the highest totals we've seen in a mobile game. Our deep roster of live services on mobile, including The Sims free play, Sim City Builder, and Real Racing 3 continue to deliver long-lasting entertainment.

這些體驗都是長期營運的即時服務，將隨著這個高成長領域中不斷擴大的玩家群而持續發展和調整。我們在行動端產品組合方面的優勢也延伸到了其他關鍵領域。我們的動作角色扮演遊戲《星際大戰：銀河英雄傳》繼續保持著強勁的用戶參與度，第二季度每位玩家的平均遊戲時長為每天 2.5 小時，這是我們在行動遊戲中看到的最高遊戲時長之一。我們在行動平台上提供的豐富即時服務，包括《模擬市民》免費遊戲、《模擬城市建造者》和《真實賽車3》，將繼續為玩家帶來持久的娛樂體驗。

Mobile players today expect increasing levels of creativity, depth, and polish in the games they play. As a result, only a few titles will break out. With decades of rich experience building high quality and immersive games, our portfolio of leading titles and a strong pipeline of new projects, we are well positioned for this evolution in mobile.

如今的行動遊戲玩家對他們所玩的遊戲的創意、深度和製作水準都有更高的要求。因此，只有少數幾部作品能夠脫穎而出。憑藉數十年來打造高品質沉浸式遊戲的豐富經驗、我們領先的遊戲作品組合以及強大的新項目儲備，我們已做好充分準備迎接行動領域的這項變革。

Throughout Q2, the energy around our two ground-breaking first-person shooter games, Battlefield 1 and Titanfall 2, continue to build in anticipation of their Q3 launches. Battlefield 1 has impressed at every turn, from the debut trailer to subsequent looks at game play, features and single-player stories, our Battlefield 1 content has over 100 million video views on YouTube, a record level for any EA game.

在第二季度，圍繞我們兩款突破性的第一人稱射擊遊戲《戰地1》和《泰坦隕落2》的熱情持續高漲，人們期待著它們在第三季度的發布。從首支預告片到後續的遊戲玩法、功能和單人故事，《戰地1》在各方面都給人留下了深刻的印象。我們在 YouTube 上發布的《戰地1》影片觀看次數超過 1 億次，創下了 EA 遊戲的新紀錄。

Community influences shared hundreds of hours of game play captured from play sessions around the world, bringing the world of Battlefield 1 to life in unprecedented depth. DICE has redefined the shooter genre with Battlefield 1, which now stands as the most highly rated battlefield game of this generation. Player engagement since launch on October 21 has been phenomenal. Battlefield 1's total player base for the first week was nearly double that of Battlefield 4.

社群影響力分享了來自世界各地遊戲會話中錄製的數百小時遊戲內容，以前所未有的深度將《戰地1》的世界栩栩如生地展現出來。DICE以《戰地1》重新定義了射擊遊戲類型，該作如今已成為本世代評價最高的戰地遊戲。自 10 月 21 日上線以來，玩家參與度非常高。《戰地1》發售首周玩家總數幾乎是《戰地4》的兩倍。

Respawn has cemented Titanfall's position as one of the most exciting new IPs in the industry, with a bold vision and accelerating action of Titanfall 2. This is a game that feels incredibly fluid and fulfilling to play. Critics agree that Titanfall 2 is a fantastic game, with more than 40 top outlets from around the world, rating at 90 and above in reviews.

Respawn憑藉《泰坦隕落2》大膽的構想和緊張刺激的動作場面，鞏固了《泰坦隕落》作為業內最令人興奮的新IP之一的地位。這款遊戲玩起來非常流暢，也很有成就感。評論家們一致認為《泰坦隕落2》是一款非常棒的遊戲，來自世界各地的 40 多家頂級媒體都給出了 90 分及以上的評價。

The thrill of multi-player in Titanfall 2 has the community buzzing, and rave reviews are also coming for the campaign that adds purpose and depth to the experience. Titanfall 2 is being called one of the year's must-play titles, and we're excited to see more fans across the world getting their hands on this extraordinary game.

《泰坦殞落2》多人遊戲的刺激體驗讓玩家社群興奮不已，而單人戰役也獲得了極高的評價，為遊戲體驗增添了意義和深度。《泰坦殞落2》被譽為年度必玩遊戲之一，我們很高興看到世界各地越來越多的粉絲能夠體驗到這款非凡的遊戲。

Heading into the holiday season that will include updated consoles and more mobile devices, Electronic Arts is in an outstanding position. With Battlefield 1 and Titanfall 2, we now have two of the top-rated shooter games of this console generation engaging a broad audience of players. Our EA Sports titles are delivering excitement for fans, with thrilling new game play, challenges in Ultimate Team, and dozens of new competitive gaming tournaments, from the community level to the global stage.

隨著假期季節的臨近，遊戲主機和行動裝置將陸續更新換代，藝電（Electronic Arts）處於非常有利的地位。憑藉《戰地1》和《泰坦隕落2》，我們現在擁有了本世代主機遊戲中兩款評價最高的射擊遊戲，吸引了廣泛的玩家群。我們的 EA Sports 遊戲為粉絲帶來了令人興奮的新遊戲玩法、Ultimate Team 中的挑戰，以及從社區到全球舞台的數十項全新競技遊戲錦標賽。

Our mobile portfolio has a game for every player, with Star Wars Galaxy of Heroes, Plants Vs. Zombies Heroes, and more. We will also deliver our first virtual reality experiences this holiday with the Star Wars Battlefront Rogue 1, X-Wing VR mission for PlayStation VR, and Need For Speed No Limits on DayDream, Google's VR platform. We're looking forward to another strong quarter ahead. Now I'll turn the call over to Blake.

我們的行動遊戲產品組合為每位玩家準備了一款遊戲，包括《星際大戰：銀河英雄傳》和《植物大戰殭屍》。《殭屍英雄》等等。今年假期，我們也將推出首批虛擬實境體驗遊戲，包括《星際大戰：前線》俠盜一號、PlayStation VR 平台的《X翼戰機VR任務》以及GoogleVR平台DayDream上的《極速快感：無限》。我們期待接下來的一個季度也能取得強勁的成績。現在我把電話交給布萊克。

Thanks, Andrew. Before I talk about the quarter, I'd like to describe the steps we are taking to improve transparency in our new GAAP-only reporting environment. As we mentioned on our Q1 earnings call, we are no longer reporting non-GAAP metrics, but we'll provide you with all the GAAP data you need to derive metrics comparable to our historical reported non-GAAP financials.

謝謝你，安德魯。在談到本季業績之前，我想先介紹一下我們在新的僅採用 GAAP 準則的報告環境下，為提高透明度而採取的措施。正如我們在第一季財報電話會議上所提到的，我們不再報告非GAAP指標，但我們會提供您所需的所有GAAP數據，以便您得出與我們過去報告的非GAAP財務數據可比的指標。

In addition, to give more visibility into the performance of our business, we have decided to add a new operating performance metric, net sales. We define net sales as the net amount of products and services sold digitally, or sold in physically in the period. Historical net sales have been added to our downloadable model posted on our website. In addition, please reference the tables in our press release as we discuss GAAP results and the GAAP adjustments that may be applied to compare them with our historical non-GAAP results.

此外，為了更清楚地展現我們業務的業績，我們決定增加一個新的營運績效指標－淨銷售額。我們將淨銷售額定義為該期間內以數位方式銷售或以實體方式銷售的產品和服務的淨額。我們已將歷史淨銷售額添加到網站上發布的可下載模型中。此外，請參考我們新聞稿中的表格，我們將討論 GAAP 結果以及可能應用的 GAAP 調整，以便將其與我們歷史上的非 GAAP 結果進行比較。

I'll start by reporting our results on a GAAP basis, and then use our new operational measure to discuss the dynamics of our business. We are very pleased with the strong second quarter, in particular, the great reception for FIFA 17 and the strength of our mobile portfolio.

我將首先按 GAAP 準則報告我們的業績，然後使用我們新的營運指標來討論我們業務的動態。我們對第二季的強勁表現非常滿意，特別是 FIFA 17 的巨大成功以及我們行動產品組合的強勁表現。

EA's GAAP net revenue was $898 million, compared to $815 million last year. Net revenue was below our guidance by $17 million; however, the change in deferred net revenue was $40 million above our guidance, at $200 million. If you wish to compare our current results to our historical non-GAAP revenue, you will need to add GAAP revenue of $898 million to the change in deferred net revenue of $200 million.

EA 的 GAAP 淨收入為 8.98 億美元，而去年為 8.15 億美元。淨收入比我們預期低了 1,700 萬美元；然而，遞延淨收入的變化比我們預期高出 4,000 萬美元，達到 2 億美元。如果您想將我們目前的業績與我們歷史上的非GAAP收入進行比較，您需要將GAAP收入8.98億美元加到遞延淨收入變化2億美元中。

Thus, although underlying sales were above our expectations because GAAP revenue is subject to the sales timing within the quarter, a larger portion of the total sales were deferred into future quarters. The increase over last year's net revenue was primarily driven by the success of Star Wars Battlefront in Q3 FY16, compared to smaller launches in Q3 FY15. See the document we posted on our Investor Relations website on July 19 for details on how to compare these results to historically reported non-GAAP results.

因此，儘管基礎銷售額高於我們的預期，但由於 GAAP 收入受季度內銷售時間的影響，總銷售額的較大一部分被推遲到未來季度。與去年同期相比，淨收入的成長主要得益於《星際大戰：前線》在 2016 財年第三季的成功，而 2015 財年第三季的遊戲發布規模較小。有關如何將這些結果與歷史上報告的非GAAP結果進行比較的詳細信息，請參閱我們於7月19日在投資者關係網站上發布的文檔。

Our cost of revenue was $401 million, including acquisition-related expenses of $12 million, and $1 million worth of stock-based compensation. Gross margin for the quarter was 55.3%, up 5.5 percentage points over last year. This reflects the strength of Star Wars Battlefront three quarters ago in FY16.

我們的收入成本為 4.01 億美元，其中包括 1,200 萬美元的收購相關費用和 100 萬美元的股票選擇權費用。本季毛利率為 55.3%，較去年同期成長 5.5 個百分點。這反映了《星際大戰：前線》在 2016 財年三個季度前的強勁勢頭。

As I just mentioned, revenue deferred from Star Wars Battlefront drove higher GAAP revenues in Q2 FY17, compared to the revenue deferrals from smaller titles launched in Q3 FY15. However, the cost of revenue this Q2 and last year's Q2 were approximately the same, given that the respective launch slates were similar. Thus, GAAP gross margin was up year on year.

正如我剛才提到的，與 2015 財年第三季推出的較小遊戲的收入遞延相比，《星際大戰：前線》遞延的收入推動了 2017 財年第二季 GAAP 收入的增加。然而，由於今年第二季和去年第二季的上市計劃相似，因此本季和去年第二季的收入成本大致相同。因此，GAAP毛利率年增。

Operating expenses were $546 million, up $21 million or 4% year on year, driven by increased investment in R&D, particularly in new franchises and in our new player network infrastructure. The $20 million improvement on guidance was driven by timing of marketing activities. The $546 million includes $47 million in stock-based compensation, and $1 million in acquisition-related expenses. The resulting loss per share was $0.13, which is $0.04 better than our guidance due to lower costs. It is $0.32 better than last year.

營運支出為 5.46 億美元，比上年同期增加 2,100 萬美元或 4%，主要原因是研發投入增加，尤其是在新特許經營權和新玩家網路基礎設施方面。業績預期提高 2,000 萬美元主要得益於行銷活動的時機掌握。這 5.46 億美元包括 4,700 萬美元的股票選擇權補償金和 100 萬美元的收購相關費用。最終每股虧損為 0.13 美元，由於成本降低，比我們之前的預期好 0.04 美元。比去年高出0.32美元。

GAAP adjustments to derive a measure comparable to our historical non-GAAP EPS include the $200 million change in deferred net revenue, $13 million in acquisition-related expenses, $48 million of stock-based compensation attributable to operating expenses and the cost of revenue, and a Management reporting tax rate of 21%.

為得出與我們歷史非GAAP EPS可比的指標，GAAP調整包括遞延淨收入2億美元的變動、收購相關費用1300萬美元、歸因於營運費用和收入成本的股票選擇權費用4800萬美元，以及管理層報告稅率21%。

Note that given our GAAP result was a loss, our share count was 301 million shares, as GAAP requires us to exclude the estimated 13 million shares that might be issued in the future, such as the shares expected to be issued this quarter for the settlement of the warrants. Those shares would be included in the diluted share count had we reported a profit.

請注意，鑑於我們以 GAAP 準則計算的結果是虧損，我們的股份數量為 3.01 億股，因為 GAAP 要求我們排除未來可能發行的約 1300 萬股，例如預計本季度為結算認股權證而發行的股份。如果我們實現獲利，這些股份將計入稀釋後的股份數量。

Net cash generated by operating activities for the quarter was $109 million, up $100 million on last year. For the trailing 12 months, it was $1.1 billion. With capital expenditures of $120 million, free cash flow was $1 billion in the same period. See our earnings slides for further cash-flow information.

本季經營活動產生的淨現金為 1.09 億美元，比去年同期增加 1 億美元。過去 12 個月，這一數字為 11 億美元。同期資本支出為 1.2 億美元，自由現金流為 10 億美元。請參閱我們的獲利報告投影片，以了解更多現金流資訊。

During Q2, we settled the remaining $136 million of our convertible notes. As a reminder, the warrants issued with our convertible notes are still outstanding, and starting on October 17, began to exercise automatically over 60 trading days. We have posted a document on our website that explains the impact on our share count. The most important take-away remains that our diluted share count already includes the potential dilution at the current share price.

第二季度，我們償還了剩餘的 1.36 億美元可轉換債券。再次提醒，我們可轉換票據附帶的認股權證仍然有效，並且從 10 月 17 日起，將在 60 個交易日內自動行使。我們已在網站上發布了一份文件，解釋了這對我們股份數量的影響。最重要的結論仍然是，我們稀釋後的股份數量已經包含了當前股價下的潛在稀釋。

During the quarter, we also repurchased 1.6 million shares at a cost of $127 million, leaving $282 million in our two-year, $1 billion buy-back program we began in May 2015. The current rate of re-purchases keeps us on track to complete the full $1 billion in that time.

本季度，我們也以 1.27 億美元的價格回購了 160 萬股股票，使我們於 2015 年 5 月啟動的為期兩年、10 億美元的股票回購計畫還剩下 2.82 億美元。目前的回購速度將使我們按計劃在規定時間內完成全部 10 億美元的目標。

Our cash and short-term investments at the end of the quarter were $3.27 billion. 43% of this balance is held on-shore. This is down from 48% last quarter, the difference driven primarily by the share repurchase and convertible note settlement.

截至季末，我們的現金和短期投資為 32.7 億美元。其中 43% 的餘額存放在境內。這一比例較上季度的 48% 有所下降，主要原因是股票回購和可轉換債券結算。

Now I'd like to turn to the key drivers of our business this quarter. Net sales for the quarter were $1.1 billion better than our expectations. Sales were driven by successful sports launches and growth in mobile.

現在我想談談本季我們業務的關鍵驅動因素。本季淨銷售額比預期高出11億美元。銷售額的成長主要得益於體育產品的成功上市和行動業務的成長。

As discussed in our last call, FIFA 17 launched only four days from the end of the quarter, so almost no digital sales, whether downloads or Ultimate Team were captured in the quarter. FIFA 16 launched 11 days before the end of Q2 FY16, allowing a whole week of digital sales to be captured. Using the first four weeks of sales to make a true like-for-like comparison shows that FIFA sell-through is up 13% year on year. This speaks to how The Journey story mode has grown the market for our biggest franchise.

正如我們在上次電話會議中所討論的，FIFA 17 的發布距離季度末僅剩四天，因此該季度幾乎沒有任何數位銷售額，無論是下載還是 Ultimate Team。FIFA 16 在 2016 財年第二季結束前 11 天發布，從而獲得了一整週的數位銷售數據。使用前四周的銷售數據進行真正的同類比較，結果顯示 FIFA 的銷售量同比增長了 13%。這說明《旅程》故事模式是如何拓展我們最大系列遊戲的市場。

Digital net sales were $486 million, up $6 million on the year-ago quarter. The increase reflects strong growth in mobile and in digital downloads, offset by the FIFA timing I just mentioned. The long-term trend towards digital is clear in net sales for the last 12 months, which were $2.6 billion, or 57% of the total.

數位業務淨銷售額為 4.86 億美元，比去年同期成長 600 萬美元。這一增長反映了行動裝置和數位下載的強勁成長，但被我剛才提到的 FIFA 比賽時間所抵消。從過去 12 個月的淨銷售額（26 億美元，佔總數的 57%）可以看出，數位化的長期趨勢十分明顯。

Looking at each of the components of this quarter's digital net sales in turn, extra content and freemium net sales were down nearly 12% year on year to $172 million, driven by the fact almost all of the first week of FIFA digital sales will be captured in Q3 of this year. Using the first four weeks of Ultimate Team sales for FIFA 17 and FIFA 16 reveals year-on-year growth of 23%, even in the face of ongoing currency head winds.

逐一分析本季數位淨銷售額的各個組成部分，額外內容和免費增值淨銷售額同比下降近 12% 至 1.72 億美元，這主要是因為 FIFA 數位版第一周的銷售額幾乎全部都計入了今年的第三季度。根據 FIFA 17 和 FIFA 16 的 Ultimate Team 前四周的銷售數據，即使面臨持續的匯率不利因素，也能實現 23% 的同比增長。

Mobile net sales were $138 million in the quarter, up 22% year on year, with growth lead by Star Wars Galaxy of Heroes. We launched NBA Live mobile in July, and FIFA Mobile after the quarter end. Early indications from both titles are promising.

本季行動淨銷售額為 1.38 億美元，年增 22%，其中《星際大戰：銀河英雄傳》的成長最為顯著。我們在7月份推出了NBA Live行動版，並在季度結束後推出了FIFA行動版。兩款遊戲的初步結果都令人鼓舞。

Net sales for full game PC and console downloads were $93 million, up 4.5% over last year, and in line with our expectations. Subscription, advertising, and other digital purchases contributed $83 million to net sales, flat year on year. Strong growth in EA Access and Origin Access were offset by declining revenue from some older titles.

完整遊戲 PC 和主機下載的淨銷售額為 9,300 萬美元，比去年增長 4.5%，符合我們的預期。訂閱、廣告和其他數位購買為淨銷售額貢獻了 8,300 萬美元，與去年持平。EA Access 和 Origin Access 的強勁成長被一些老遊戲收入的下降所抵消。

Now turning to guidance. We are raising our full-year guidance to $4.775 billion in net revenue, and $150 million increase in deferred net revenue. We anticipate cost of revenue to be $1.387 billion, including $31 million of acquisition-related costs and $2 million of stock-based compensation.

現在進入指導環節。我們將全年淨收入預期上調至 47.75 億美元，遞延淨收入增加 1.5 億美元。我們預計收入成本為 13.87 億美元，其中包括 3,100 萬美元的收購相關成本和 200 萬美元的股票選擇權費用。

Operating expenses are expected to be $2.304 billion, including $198 million in stock-based compensation, and $6 million in acquisition-related costs. This results in an earnings per share of $2.69 for the year, also an increase from prior guidance.

預計營運費用為 23.04 億美元，其中包括 1.98 億美元的股票選擇權費用和 600 萬美元的收購相關費用。這將使全年每股收益達到 2.69 美元，也高於先前的預期。

GAAP adjustments to derive a measure comparable to our historical non-GAAP EPS include the $150 million change in deferred net revenue, $200 million of stock-based compensation attributable to operating expenses and cost of revenue, $37 million in acquisition-related costs, $2 million in debt-related expenses, and a reduction of 1 million shares from the convertible bond hedge.

為得出與我們歷史非GAAP EPS可比的指標，GAAP調整包括遞延淨收入1.5億美元的變動、歸因於營運費用和收入成本的2億美元股票選擇權費用、3700萬美元的收購相關成本、200萬美元的債務相關費用，以及可轉換債券對沖減少的100萬股。

Regarding cash flow for the full fiscal year, we are reaffirming our operating cash flow guidance of approximately $1.3 billion. Our capital expense forecast remains approximately $110 million, resulting in a free cash flow forecast of $1.2 billion.

關於整個財政年度的現金流，我們重申先前的營運現金流預期約為 13 億美元。我們的資本支出預測仍約為 1.1 億美元，由此產生的自由現金流預測為 12 億美元。

We expect Q3 FY17 to be our biggest cash flow quarter ever. We anticipate net sales for the year to be approximately $4.925 billion. This reflects a modest increase in our expectations for the underlying business, primarily based on the early successes of FIFA 17.

我們預計2017財年第三季將是我們有史以來現金流最高的季度。我們預計全年淨銷售額約為 49.25 億美元。這反映出我們對公司基本業務的預期略有提高，主要依據是 FIFA 17 的早期成功。

We're delighted with the way players are reacting to Battlefield 1 and Titanfall 2. Both are reviewing very well, and we expect them to sell strongly for a long time. However, we're only a week into Battlefield and just a handful of days into Titanfall, so it's too early to update sales forecasts for either.

我們對玩家們對《戰地1》和《泰坦隕落2》的反應感到非常滿意。這兩款遊戲都獲得了很高的評價，我們預計它們將在很長一段時間內保持強勁的銷售量。然而，《戰地》才發售一周，《泰坦殞落》也才發售幾天，所以現在更新這兩款遊戲的銷售預測還為時過早。

Guidance for the third quarter is for net revenue of $1.125 billion, including $910 million in deferred net revenue. We anticipate cost of revenue to be $532 million, including $3 million of acquisition-related expenses. Operating expenses are expected to be $652 million, including $50 million in stock-based compensation, and $2 million in acquisition-related expenses.

第三季業績預期為淨收入 11.25 億美元，其中包括 9.1 億美元的遞延淨收入。我們預計收入成本為 5.32 億美元，其中包括 300 萬美元的收購相關費用。預計營運費用為 6.52 億美元，其中包括 5,000 萬美元的股票選擇權費用和 200 萬美元的收購相關費用。

Excluding the effect of stock-based compensation, expenses are up year on year, chiefly driven by increased investment in new franchises and our player network. This results in a diluted loss per share of $0.17 for the quarter.

不計入股票選擇權激勵的影響，支出較去年同期上升，主要原因是增加了對新特許經營權和球員網絡的投資。這導致本季每股攤薄虧損0.17美元。

GAAP adjustments to derive measures comparable to our historical non-GAAP EPS include the $910 million change in deferred net revenue, $50 million of stock-based compensation attributed to operating expenses, and $5 million in acquisition-related expenses. We anticipate net sales for the quarter to be $2.035 billion. This is up 13% year on year, driven by a combination of Battlefield 1 and Titanfall 2. As you build models and make year-on-year comparison, remember that the same timing issue that pushed FIFA digital sales into fiscal Q3 will also push some holiday sales into our fiscal Q4.

為得出與我們歷史非GAAP每股收益可比的指標，GAAP調整包括遞延淨收入9.1億美元的變動、歸因於營運費用的5000萬美元股票選擇權費用以及500萬美元的收購相關費用。我們預計本季淨銷售額為 20.35 億美元。這比去年同期成長了13%，主要得益於《戰地1》和《泰坦隕落2》的共同推動。在建立模型並進行同比比較時，請記住，導致FIFA數位版銷售額推遲到第三財季的相同時間因素，也會將部分假日銷售額推遲到第四財季。

In conclusion, with the new innovations in FIFA, we've increased the market size. In Battlefield 1 and Titanfall 2, we have two extremely high quality games in place for the holiday season, and we're continuing to grow our portfolio of successful mobile titles. Together, we expect them to deliver a record holiday quarter. Now I'll turn the call back to Andrew.

總之，隨著 FIFA 的創新發展，我們擴大了市場規模。在《戰地1》和《泰坦隕落2》這兩款遊戲中，我們為假期季節準備了兩款品質極高的遊戲，並且我們還在不斷擴大我們成功的行動遊戲產品組合。我們預計他們將共同創造假日季業績新高。現在我把電話轉回給安德魯。

Thanks, Blake. EA is leading across multiple growth vectors that are shaping our industry. The audience for high quality games on HD consoles and PC continues to expand. We believe the new console options will add depth to the hardware cycle, grow the in-store base, and add to the player value proposition.

謝謝你，布萊克。EA 在塑造我們行業的多個成長方向上處於領先地位。高清主機和PC平台上的高品質遊戲受眾群體持續擴大。我們相信，新的遊戲主機選擇將豐富硬體生命週期，擴大實體店用戶群，並提升玩家價值主張。

The power of our frostbite engine enables us to scale with platform capabilities to deliver the experiences our players want. From the groundbreaking game play in Battlefield 1 and FIFA 17 to Mass Effect Andromeda in stunning 4k, to extraordinary new VR experiences from our labs teams across the spectrum of high-end and lower-end devises, we are pushing the boundaries in a multi-platform world.

我們強大的寒霜引擎使我們能夠擴展平台功能，從而提供玩家想要的遊戲體驗。從《戰地1》和《FIFA 17》的突破性遊戲玩法，到畫面驚豔的 4K 分辨率《質量效應：仙女座》，再到我們實驗室團隊在各種高端和低端設備上打造的非凡全新 VR 體驗，我們正在多平台的世界中不斷突破界限。

The evolution of mobile games is another growth vector where the tenets of great mobile experiences and great HD games continue to converge, and open new high-growth opportunities. In this increasingly competitive world where the number of players and the number of games grows on a daily basis, players are looking to major brands as markers for quality.

行動遊戲的發展是另一個成長點，優秀的行動體驗和優秀的高清遊戲的原則不斷融合，並開啟了新的高成長機會。在這個競爭日益激烈的世界裡，玩家數量和遊戲數量每天都在增長，玩家將大品牌視為品質的標誌。

The expectations for creativity, innovation, polish, and depth play directly to our strengths. Our EA sports titles are strong demonstrations of social play, blended with strategy and action that have proven to deeply engage mobile players over time. We will continue to enfuse this same approach throughout our pipeline of new mobile experiences in development for the quarters ahead.

對創造力、創新、精益求精和深度的期望，恰恰發揮了我們的優勢。我們的 EA 運動遊戲充分展現了社交遊戲的魅力，融合了策略和動作元素，事實證明，這些遊戲能夠長期吸引行動玩家。在接下來的幾個季度裡，我們將繼續把這種理念貫穿到我們正在開發的新行動體驗的各個環節。

Players today also have more ways to connect and engage with the games they love. Millions of fans are competing in our global Madden NFL 17 and FIFA 17 competitions, beginning with in-game qualifications and leaderboards that will ultimately feed championship events on a world stage.

如今，玩家們也有了更多與他們喜愛的遊戲聯繫和互動的方式。數百萬球迷正在參加我們的全球 Madden NFL 17 和 FIFA 17 比賽，比賽從遊戲內資格賽和排行榜開始，最終將選拔選手參加世界級的冠軍賽。

In-game competitions have kicked off for Madden Bowl, our second EA major event for Madden, and season one of the FIFA 17 Ultimate Team championship series is under way, which will culminate with the FIFA interactive World Cup in August 2017.

Madden Bowl 的遊戲內比賽已經拉開序幕，這是我們為 Madden 舉辦的第二個 EA 大型賽事；FIFA 17 Ultimate Team 錦標賽系列賽的第一賽季也正在進行中，該系列賽將於 2017 年 8 月以 FIFA 互動世界杯達到高潮。

Beyond competitive gaming, we're introducing new tools for our community to create content, and share more of the amazing experiences they have in games like Battlefield 1. Building on the continued success of EA Access and Origin Access, we're exploring ways to provide subscription choices for more of our players.

除了競技遊戲之外，我們還將推出新的工具，供我們的社群創作內容，並分享他們在《戰地1》等遊戲中獲得的更多精彩體驗。在EA Access和Origin Access持續成功的基礎上，我們正​​在探索為更多玩家提供訂閱選擇的方法。

In an ever-changing world defined by more content, more devices, and an increasingly global player base, finding great games and connecting with friends becomes increasingly challenging. We are continuing to invest in our EA Player Network to reduce friction and improve discovery, purchase, and enjoyment across all of our games and player touch points.

在一個內容更多、設備更多、玩家群日益全球化的瞬息萬變的世界中，找到好遊戲並與朋友聯繫變得越來越具有挑戰性。我們將繼續投資 EA 玩家網絡，以減少摩擦，並改善所有遊戲和玩家觸點的發現、購買和娛樂體驗。

The player experience as you enter Battlefield 1 is a good example of how this is beginning to roll out, with a new consistent interface that brings players into their personal Battlefield universe with the games they own, content recommendations, and faster ways to squad up with their friends. The Player Network will grow and attract more players with these personalized services in game and out of game that add value and improve the experience with every minute of play. We're energized to introduce our players to new experiences, new connections, and new ways to play.

當你進入《戰地1》時，玩家體驗就是一個很好的例子，它展現了這種新模式是如何逐步推廣的：一個全新的統一界面將玩家帶入他們自己的《戰地》世界，其中包含他們擁有的遊戲、內容推薦以及與朋友組隊的更快方式。透過這些遊戲內外個人化服務，玩家網路將不斷發展壯大，吸引更多玩家，這些服務能夠增加價值，並在每一分鐘的遊戲時間內提升體驗。我們充滿熱情地為玩家帶來全新的體驗、新的連結和新的遊戲方式。

Now Blake and I are here for your questions.

現在我和布萊克在這裡回答你們的問題。

(Operator Instructions)

（操作說明）

Our first question comes from the line of Chris Merwin with Barclays.

我們的第一個問題來自巴克萊銀行的克里斯·默溫。

Hi, how's it going?

你好，最近怎麼樣？

Good.

好的。

It looks like last quarter you talked about $9 million or $10 million for Titanfall 2 and I think under $15 million for Battlefield 1. Basing your disclosure that the player base for Battlefield nearly doubled from Battlefield 4, can you talk about how if at all those expectations have changed in the context of your raised guidance?

上個季度您似乎提到《泰坦隕落2》的收入為900萬至1000萬美元，而《戰地1》的收入則低於1500萬美元。鑑於您披露《戰地》系列的玩家數量比《戰地4》幾乎翻了一番，您能否談談在您提高業績預期的情況下，這些預期是否有所改變？

Then a second question. I know it's still very early days here, but just trying to get a sense of maybe how the digital download mix of Battlefield 1 is trending relative to Star Wars. I think you gave the long-term guidance of a 5-point mix shift annually in terms of the digital download mix. Curious how that's looking in the early stages so far? Thanks.

然後是第二個問題。我知道現在還為時過早，但我只是想了解《戰地1》的數位下載版相對於《星際大戰》的趨勢如何。我認為你給出了長期的指導方針，即每年在數位下載組合方面進行 5 個百分點的組合調整。很好奇目前初期階段的進展如何？謝謝。

We're not planning on updating our unit guidance for any products, including those, but we're very optimistic about obviously both Battlefield 1 and Titanfall 2. We're just early in the holiday sales cycle. While there's incredible excitement around both, we just don't want everyone to get ahead of themselves in the case of focusing on unit forecasts.

我們目前不打算更新任何產品的銷售預期，包括這兩款產品，但我們對《戰地1》和《泰坦墜落2》的前景非常樂觀。現在還處於假日銷售週期的初期。雖然這兩件事都令人無比興奮，但我們不希望大家在關注銷售預測時操之過急。

Don't take that as a negative on either product. We're very excited about both of them, and think there's a long opportunity -- not just in the quarter, but for a good one to two years to come. I remind people we had quite a few players still playing Battlefield 4 three years after the game shipped, right up until the time we shipped Battlefield 1, so deep engagement in that product.

這並不代表這兩款產品都不好。我們對這兩項都非常興奮，並認為這是一個長期的機會——不僅是本季度，而是未來一到兩年。我提醒大家，在《戰地4》發售三年後，我們仍然有很多玩家在玩這款遊戲，直到《戰地1》發售時，所以玩家對這款產品的參與度非常高。

In terms of full-game downloads, in the script we talked about growth of 4.5% in Q2. I remind everyone that none of the digital business for FIFA was in that number. You should assume we're seeing healthy growth in full-game downloads at or above our expectations. You should assume that the early data on both Battlefield and Titanfall also is strong, mainly because the skew towards PC of those games versus say Battlefront was a year ago. In general, we're very comfortable with the trend we've put in place, and we continue to see consumers defaulting to what is the easiest way to buy products.

就完整遊戲下載量而言，我們在腳本中提到第二季成長了 4.5%。我提醒大家，FIFA 的任何數位業務都不包含在這個數字中。你應該認為我們看到完整遊戲下載量正處於健康成長狀態，達到或超過我們的預期。你應該認為《戰地》和《泰坦隕落》的早期數據也很強勁，主要是因為這些遊戲相對於PC平台的玩家數量在一年前就比《星際大戰：前線》等遊戲更偏向PC平台。總的來說，我們對目前的發展趨勢非常滿意，我們持續看到消費者傾向於選擇最簡單的購買方式。

All right, great. Thanks, Blake.

好的，太好了。謝謝你，布萊克。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

Great, thanks for taking my questions. I have two. Appreciating some of the color on FIFA on a like-for-like basis, I'd be curious if you can talk about Ultimate Team paying and playing penetration now versus a year ago. What do you see as the main drivers to take Ultimate Team penetration higher over the next couple years? Secondly, can you just talk about early learnings on FIFA Mobile relative to what you saw in Madden Mobile when you made the changes a couple years ago? Thanks so much.

太好了，謝謝你回答我的問題。我有兩個。考慮到FIFA遊戲在色彩方面的一些變化，我很想知道您能否談談現在Ultimate Team的付費和玩家滲透率與一年前相比有何不同。您認為未來幾年推動 Ultimate Team 滲透率提升的主要驅動因素是什麼？其次，您能否談談在 FIFA Mobile 上早期學到的經驗，以及幾年前您在 Madden Mobile 上進行更改時所看到的情況？非常感謝。

Yes, why don't I start on the Ultimate Team piece, and then I'll have Andrew talk about the mobile piece. The Ultimate Team data is as I mentioned strong growth when you just look at the first four weeks. Because of the calendar differences this year versus last, we use that first-four-week stack, because I think it gives a good sense that Ultimate Team is growing, along with the growth of the FIFA portfolio of users.

好的，不如我先講講終極團隊模式的部分，然後再讓安德魯講講行動端的部分。正如我之前提到的，光是看前四周的數據，Ultimate Team 的數據就呈現出強勁的成長動能。由於今年的賽程與去年不同，我們使用前四周的數據，因為我認為這可以很好地反映 Ultimate Team 的發展，以及 FIFA 用戶群的成長。

The Ultimate Team growth is greater than the underlying FIFA unit growth, so that's a good sign. It's too early for us to be able to say does that mean more people are in the funnel or more people spending more. It's just early in the season to be able to say that. But we're very confident that people continue to enjoy the game mode, and found that to be a very highly engaging way to continue to come back and play FIFA every day or every week. We're optimistic about where that's going, but yet unable to know exactly what the stats are driving the underlying business.

Ultimate Team 的成長幅度大於 FIFA 遊戲本體的成長幅度，這是個好兆頭。現在判斷這是否意味著更多人進入了購買流程，或者更多人增加了消費，還為時過早。現在賽季還早，還不能下這樣的結論。但我們非常有信心，人們會繼續喜歡這種遊戲模式，並發現這是一種非常吸引人的方式，可以讓他們每天或每週都回來玩 FIFA。我們對未來的發展方向持樂觀態度，但目前還無法確切知道哪些統計數據在推動業務成長。

On the mobile question, we're very happy with both NBA Live and FIFA on mobile. As we think about the future of that and we think about a benchmark in terms of Ultimate Team on console, what we have seen with Ultimate Team on console across FIFA, Madden, and hockey, for example, is the underlying mechanic is fairly consistent. There are some nuances based on the game play of each particular sport and the markets where those sports are strongest, and the consumer spending habits in those markets.

關於行動端遊戲，我們對NBA Live和FIFA在行動裝置的表現都非常滿意。當我們思考未來發展方向，並思考主機平台 Ultimate Team 的基準時，我們看到，例如 FIFA、Madden 和冰球等主機平台 Ultimate Team 的底層機制都相當一致。根據每項特定運動的比賽規則、這些運動最強勁的市場以及這些市場的消費者支出習慣，都會有一些細微差別。

We're seeing similar nuances between Madden Mobile, NBA Live Mobile, and FIFA Mobile. We're very comfortable and confident with the underlying mechanic, and very excited that both NBA and FIFA are ahead of where Madden was at this point in its life cycle. We would expect to continue to grow and tune those experiences for the core game and their core markets over the coming months and years.

我們發現 Madden Mobile、NBA Live Mobile 和 FIFA Mobile 之間存在類似的細微差別。我們對底層機制非常滿意和有信心，並且非常高興 NBA 和 FIFA 都比 Madden 在其生命週期的這個階段領先。我們預計在未來幾個月和幾年內，將繼續發展和調整這些體驗，以適應核心遊戲及其核心市場。

Great, thanks.

太好了，謝謝。

Your next question comes from the line of Justin Post with Bank of America Merrill Lynch.

你的下一個問題來自美國銀行美林證券的賈斯汀波斯特。

Great, thanks. Blake, maybe you could help us a little bit and frame the FIFA Mobile opportunity as you see it relative to Madden. I think it's important. Then it looks like Mass Effect is still scheduled for the year. Maybe talk a little bit about the flexibility around that title, and how you see the timing there? Thank you.

太好了，謝謝。布萊克，或許你可以幫我們分析一下，從你的​​角度來看 FIFA Mobile 與 Madden 的對比情況。我認為這很重要。看來《質量效應》仍計劃於今年發售。或許可以稍微談談這個頭銜的靈活性，以及​​你對時機的看法？謝謝。

On the FIFA Mobile opportunity, obviously soccer is a much larger sport globally than American football. That's a huge positive for FIFA. I think you could do lots of stats as to the size of the audience base for those two sports. I don't know those numbers off the top of my head, but clearly global football is a lot larger than American football.

就 FIFA Mobile 的機會而言，很明顯，足球在全球範圍內比美式橄欖球要受歡迎得多。這對國際足總來說是一個巨大的利好消息。我認為你可以對這兩項運動的觀眾群規模進行很多統計。我記不清具體數字了，但很顯然，全球足球的規模比美國足球大得多。

The counter to that is that mobile games tend to monetize very well in the West, and in particular monetize well in the US. That's driven by economics in the country. That means that there are places around the world where we do not expect FIFA to monetize anywhere near at the level that it does -- Madden does here in the US.

與之相反的是，手機遊戲在西方往往能很好地實現盈利，尤其是在美國。這主要受該國經濟狀況所驅動。這意味著在世界上某些地方，我們預計 FIFA 的商業化程度遠不及在美國的 Madden 遊戲。

I think for us, the long-term play is how do we build an engaging mechanic in mobile that provides access to the number one sport in the world, to allow people to engage like they do in Ultimate Team on console, in places all around the world where they may not have access to a console or they may not be a console player. That means large potential in all of Europe, both western and eastern; large potential in Latin America, where soccer is very strong; and obviously large potential in China. Our goal is to go after all of those markets with a very compelling service.

我認為對我們來說，長遠目標是在行動端建立一個引人入勝的機制，讓人們能夠參與到世界上排名第一的運動中，就像他們在主機上的 Ultimate Team 模式中那樣，即使在世界各地那些可能無法使用主機或本身就不是主機玩家的地方也能參與其中。這意味著在整個歐洲（包括西歐和東歐）都有巨大的潛力；在足球非常發達的拉丁美洲也有巨大的潛力；顯然，在中國也有巨大的潛力。我們的目標是憑藉極具吸引力的服務進軍所有這些市場。

The beauty of mobile, as well, as Andrew just mentioned, is it can be tuned and change the engagement models over time without having to build a whole new product. You don't have, like in the console business, the need to build a product every year. You're constantly updating mobile, and that provides us the ability to tailor the offering as we find what plays well in each local market.

正如 Andrew 剛才提到的，行動端的優勢在於，它可以隨著時間的推移進行調整和改變互動模式，而無需建立一個全新的產品。你不像遊戲主機產業那樣，需要每年都推出新產品。你們不斷更新行動端，這使我們能夠根據每個本地市場的具體情況調整產品和服務，從而找到適合自己的產品。

On the Mass Effect question, really our focus -- the way to think about it is our focus is on building great games. Right now, Mass Effect is tracking extremely well. The game looks beautiful, and we're really pleased with its progress. However, as you've seen, we are willing to make moves in launch dates if we feel it's necessary to deliver the right player experience.

關於《質量效應》的問題，我們真正的重點──或者說，我們的重點是打造優秀的遊戲。目前，《質量效應》的銷售情況非常好。遊戲畫面精美，我們對它的進度非常滿意。但是，正如你所看到的，如果我們認為有必要提供合適的玩家體驗，我們願意調整發布日期。

Our guidance assumes that Mass Effect continues to be in this year; but it gives us some flexibility that we might choose to move it either a week or three or four or five months if we have to, based on what we want to make sure in terms of delivering the right experience for the player. No news on Mass Effect, other than we continue to have it in our guidance. The moment that changes, we'll certainly let everyone know.

我們的指導方針假設《質量效應》將繼續在今年推出；但這也給了我們一定的靈活性，如果需要的話，我們可以根據我們想要確保為玩家提供正確體驗的方式，選擇將其推遲一周、三、四或五個月。除了我們仍然將其列入指導內容之外，沒有關於《質量效應》的任何消息。一旦情況發生變化，我們一定會通知大家。

Thank you.

謝謝。

Your next question comes from the line of Stephen Ju from Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

Thanks. Andrew, any perspective you can give us on how much of a head wind you might be seeing outside the US for full-game downloads, as well as for downloadable content due to payments friction? Also, one more question on FIFA Mobile, if I may. Now that you shipped the game, can you talk about the extent of the resources that you have prepared for live ops and I guess follow-up content to keep up user engagement? Is there any seasonality data you can share with us in terms of the global user base, especially as it regards to the EPL Champion's League or World Cup qualifying activity? Thanks.

謝謝。Andrew，你能否談談在美國以外地區，由於支付障礙，完整遊戲下載以及可下載內容的下載面臨多大的阻力？另外，如果可以的話，我還有一個關於FIFA Mobile的問題。既然遊戲已經發布，能否談談你們為線上營運以及後續內容（以保持用戶參與度）準備了哪些資源？您能否與我們分享一些關於全球用戶群的季節性數據，特別是關於英超冠軍聯賽或世界盃預選賽活動的數據？謝謝。

Wow, that was a lot. I will endeavor to get all three there. On digital download data, again what we have talked about many times is we see that growing by about 5 percentage points a year. That accounts for some more aggressive growth in certain markets over others. We do typically see markets in Europe where this is progressing more slowly. But again, I think by the time we get back to you next quarter, we'll have more data on both Battlefield 1 and Titanfall 2 that we'll be able to share. That will be a good measuring stick for us as we think about where digital downloads are going.

哇，資訊量真大。我會盡力把他們三個都帶到那裡。關於數位下載數據，我們已經多次談到，我們看到它每年增長約 5 個百分點。這就解釋了為什麼某些市場的成長速度比其他市場更快。我們通常會看到歐洲市場在這方面的進展比較緩慢。但我想，到下個季度我們再向您報告時，我們將掌握更多關於《戰地1》和《泰坦隕落2》的數據，屆時我們將能夠與您分享。這將為我們思考數位下載的未來發展方向提供一個很好的衡量標準。

They're absolutely moving in the growth trajectory direction in all markets; but bigger markets like North America, UK, and markets that typically have more access to digital payment methods are growing at a faster rate, as you might imagine.

在所有市場，它們都絕對朝著成長軌跡的方向發展；但正如你可能想像的那樣，像北美、英國這樣的大市場，以及通常更容易獲得數位支付方式的市場，成長速度更快。

FIFA Mobile, as we think about that, we have built what we believe is a very strong EA Sports mobile organization. As many of you know, I had the great fortune of leading that organization, the EA Sports organization for a number of years. We take great pride in really driving great broad sport experiences on every platform that people want to access interactive sports on. We see it as a real opportunity for us to grow sports in the mobile space, as we have done on almost every other platform up to this point.

考慮到 FIFA Mobile，我們認為我們已經建立了一個非常強大的 EA Sports 行動組織。正如你們許多人所知，我有幸領導 EA Sports 組織多年。我們非常自豪能夠在人們想要存取互動體育的每個平台上，真正打造出色的、廣泛的體育體驗。我們認為這是一個在行動領域發展體育的真正機會，就像我們迄今為止在幾乎所有其他平台上所做的那樣。

We also believe that the live service orientation of sports is growing rapidly, as we have seen with Ultimate Team on our console business, and have built a very strong and robust organization around our sports mobile business that we believe is very well-resourced to deal with the live service opportunity that we think those games will bring on mobile.

我們也相信，運動遊戲的即時服務模式正在迅速發展，正如我們在主機遊戲業務中的 Ultimate Team 所看到的那樣。我們圍繞著體育移動業務建立了一個非常強大且穩健的組織，我們相信該組織擁有充足的資源來應對我們認為這些遊戲將在行動裝置上帶來的即時服務機會。

I think to add to that, one of the keys to remember is it's not just running a live service. It's driving events. You mentioned events associated with the Premiere League or with actions that are going on in the sporting world like World Cup, or in the case of American football, the Super Bowl or playoffs. Our strength is to drive those live ops, and we believe that works in both the success -- that's proven in the success we've had in Ultimate Team. It's proven early on in the success we've had with Madden, and we think we can do that.

我認為需要補充的是，要記住的關鍵之一是，這不僅僅是運行即時服務。它正在推動事件發生。你提到了與英超聯賽相關的賽事，或者體育界正在進行的賽事，例如世界杯，或者就美式橄欖球而言，超級碗或季後賽。我們的優勢在於推動這些即時運營，我們相信這對於成功至關重要——我們在終極團隊模式中的成功已經證明了這一點。我們從 Madden 系列遊戲的成功中已經證明了這一點，我們相信我們也能做到這一點。

I think it will prove ultimately that it will help us in the competitive sports world in how we design the tournaments that we're doing, and how we partner with people during those tournaments. We're very excited about that potential to drive our skills around live ops across all of the platforms in which we are doing business today.

我認為最終會證明，這將有助於我們在競技運動界設計我們正在舉辦的賽事，以及我們在這些賽事期間與人們合作。我們非常興奮能夠利用這項潛力，在我們目前開展業務的所有平台上，提升我們的即時營運技能。

Just to add a little context on that for your last point, which was seasonality in the global user base, particularly around European football. One of the great things about our FIFA property is the many licenses and relationships we have across domestic leagues and international teams and tournaments.

關於您最後一點，即全球用戶群的季節性，特別是歐洲足球的季節性，我想補充一些背景資訊。我們FIFA品牌的一大優勢在於，我們與國內聯賽、國際球隊和賽事建立了廣泛的授權和合作關係。

The beauty of soccer on a global basis is the season when combining domestic leagues with international tournaments is very long. Part of the reason why we're seeing such deep engagement in FIFA Ultimate Team month-in, month-out from launch through to the launch of the next version of the title is driven by this ongoing global soccer season. We would expect that to also deliver benefit to us in the mobile space.

足球在全球的魅力在於，國內聯賽和國際賽事相結合，賽季非常漫長。FIFA Ultimate Team 從發佈到下一個版本發布，每個月都能吸引如此多的玩家，部分原因是目前全球足球賽季的持續進行。我們預計這也將為我們在行動領域帶來好處。

Thank you.

謝謝。

Your next question comes from the line of Brian Fitzgerald with Jefferies.

你的下一個問題來自布萊恩·菲茨傑拉德和傑富瑞集團。

Thanks, guys, a couple questions. One, any sense Titanfall is being cannibalized by other games like Battlefield 1? Any notable -- anything notable to call out in terms of player overlaps or player dynamics, maybe, between the two titles? We know it's still early, but any thoughts on launch windows being so close? Do you like it this close? You don't mind it, or would you rather spread them out a little bit in the future?

謝謝各位，我有幾個問題。第一，有沒有感覺《泰坦隕落》正在被《戰地1》等其他遊戲蠶食？這兩款遊戲在球員重疊或球員動態方面有沒有什麼值得注意的地方？我們知道現在下結論還為時過早，但對於如此接近的發布窗口，大家有什麼看法？你喜歡這麼近的距離嗎？你不介意嗎？還是你更希望以後能稍微分散一下時間？

Great question. Again, as we talked about coming into this, the first-person shooter category's a very large category, one of the largest. I think this year it's forecast to be the largest in the absence of some action adventure titles. It actually breaks down into a number of key categories. We believe that Battlefield 1 and Titanfall 2, while they have some overlap, fulfill very different motivations in what a player is looking for.

問得好。正如我們之前討論的那樣，第一人稱射擊遊戲是一個非常大的類別，也是最大的類別之一。我認為，由於缺少一些動作冒險遊戲，今年的市場規模預計將是最大的。它實際上可以分解為幾個主要類別。我們認為，《戰地1》和《泰坦隕落2》雖然有些重疊之處，但它們滿足了玩家截然不同的動機。

We think there's really three types of players -- people that really love Battlefield and that type of big strategic game play that will orient in that direction; the player that loves the fast, fluid kinetic game play of Titanfall 2, and really orient in that direction; and the player that just has to play the two greatest shooters this year, and will buy both.

我們認為玩家大致可以分為三類：一類是真正熱愛《戰地》系列及其大型戰略遊戲玩法的玩家；另一類是熱愛《泰坦隕落2》快節奏、流暢的動感遊戲玩法的玩家；還有一類是今年必須玩到兩款最棒的射擊遊戲的玩家，他們會兩款都買。

Again, we're very excited about the quality in both titles. We believe they both will have a long sales cycle, both this quarter through the festive season, and deep into the years to come. As we think about the long game on this, we couldn't be in a better position for what we think is delivering great games to a very big player base.

再次強調，我們對這兩款遊戲的品質都非常滿意。我們認為這兩款產品的銷售週期都會很長，不僅從本季一直持續到節慶季，而且會持續到未來幾年。從長遠角度來看，我們認為我們目前所處的位置再好不過了，因為我們能夠為龐大的玩家群提供優秀的遊戲。

Great. Thanks, Andrew.

偉大的。謝謝你，安德魯。

Next question?

下一個問題？

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

下一個問題來自羅伯特·W·貝爾德的科林·塞巴斯蒂安。

Thank you, and congratulations on another strong quarter and launch of Battlefield. First off, I was hoping for an update on Peter's e-sports initiatives, in particular with Battlefield. Then secondly, I was wondering if you saw any noticeable impact on sell-through of software from launch of new hardware SKUs? Thank you.

謝謝，恭喜你們又一個季度業績斐然，並成功推出《戰地》系列遊戲。首先，我希望了解彼得在電競方面的計劃，特別是與《戰地》系列相關的計劃。其次，我想知道您是否觀察到新硬體 SKU 的推出對軟體銷售有任何明顯影響？謝謝。

Let me jump on. Peter and the competitive gaming group inside Electronic Arts have been doing amazing work. Again, we've been doing competitive gaming for a number of years, but the energy that Peter and his team have brought to it has really taken it to the next level.

讓我上去。Peter 和 Electronic Arts 內部的競技遊戲團隊一直做得非常出色。我們從事競技遊戲已經很多年了，但是 Peter 和他的團隊為之注入的活力，真的把這項運動提升到了一個新的水平。

What you heard in the prepared remarks is how strong we are going into both FIFA and Madden seasons, not -- focused on all aspects of the player journey, from the grassroots level in qualifying tournaments through to elite leagues and elite championships on a global stage. We're very excited about what that is doing for engagement, and how that is bringing new people into play both our Madden and FIFA franchises.

你們在準備好的演講稿中聽到的是我們即將迎來 FIFA 和 Madden 賽季的強大實力，而不是——專注於玩家旅程的各個方面，從資格賽的草根級別到全球舞台上的精英聯賽和精英錦標賽。我們對這種做法在提升用戶參與度方面所取得的成效感到非常興奮，也對這種做法如何吸引新玩家參與到我們的 Madden 和 FIFA 系列遊戲中感到非常興奮。

With the launch of Battlefield 1, as you can imagine, we are also looking deep into Battlefield 1 tournaments. We have run a lot of great tournaments with partners in Europe and in North America with Battlefield in the past. With the launch now in place, and the quality of the games so high, the team is working on some very specific game modes and features that will further enhance the competitive player in Battlefield 1 over the coming months and years.

隨著《戰地1》的發布，正如你所想，我們也正在深入研究《戰地1》的錦標賽。過去我們曾與歐洲和北美的合作夥伴舉辦過許多精彩的《戰地》系列遊戲錦標賽。隨著遊戲正式上線，並且遊戲品質如此之高，團隊正在開發一些非常具體的遊戲模式和功能，這些模式和功能將在未來幾個月和幾年內進一步提升《戰地1》的競技體驗。

On the console question, it's a little early for us to know what the big impact will be of the new PlayStation and Xbox models. We're extremely excited about them. The game play quality is obviously fantastic. We think the consumer experience is going to be great on both of those consoles, but it's early because the selling season is really as we go between now and the end of the calendar year.

關於遊戲機的問題，現在判斷新款 PlayStation 和 Xbox 機型會帶來多大影響還為時過早。我們對此感到非常興奮。遊戲品質顯然非常優秀。我們認為這兩款遊戲機的使用者體驗都會很棒，但現在下結論還為時過早，因為真正的銷售旺季是從現在到年底這段時間。

Our internal estimate is still roughly 80 million units by the end of calendar year and 100 million units by the end of next year, calendar year. As a note, the install base right now is 33% higher than the previous-generation consoles for the first 35 months in the West. All of that bodes extremely well for the overall business. That, combined with the fact that I think you'll continue to see fantastic deals around bundling associated with the new consoles, the consumer's really going to get a great opportunity to increase or enter the best level of the gaming business that we've seen in a long time.

我們內部估計，到今年年底銷量約 8,000 萬輛，到明年年底銷量約 1 億輛。值得注意的是，目前西方市場前 35 個月的裝機量比上一代主機高出 33%。所有這些都預示著公司整體業務將取得非常好的發展。再加上我認為你會看到與新遊戲機相關的捆綁銷售會有非常棒的優惠，消費者真的會有機會提升或進入我們很久以來見過的遊戲行業的最佳水平。

Thank you.

謝謝。

The next question comes from the line of Eric Sheridan with UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Thanks for taking the questions. Maybe two more on the cost side of the equation. One, as you see the competitive environment playing out through the holiday period, how's that competitive intensity comparing with what you were thinking in terms of spending on marketing, or combating the competitive intensity during the holiday period? That's number one.

謝謝您回答問題。或許在成本方面還需要兩個因素。第一，當您觀察假期期間的競爭環境時，這種競爭強度與您在行銷支出或應對假期期間的競爭強度相比如何？這是第一點。

Number two, Blake, in your prepared remarks you talked a little bit about R&D. Obviously you have some titles you haven't unveiled yet as we look out towards FY18. Any way you can size for us what the R&D scope against numbers might be as we look out either this quarter or in future periods, versus things that haven't yet been announced on the revenue side, but could be impacting us on margins and free cash flow? Thanks, guys.

第二，布萊克，你在準備好的演講稿中稍微談到了研發。顯然，展望 2018 財年，你們還有一些遊戲尚未公佈。能否幫我們估算一下，在展望本季或未來幾季時，研發規模與相關數據之間的關係，以及那些尚未公佈但可能影響我們利潤率和自由現金流的收入因素？謝謝各位。

On the competitive nature, I think we've built into our guidance appropriate marketing spending. We do tend to see, as you saw this quarter, there tends to be phasing from Q2 into Q3. Certain programs we decide on timing at the last minute; but in general, I think the core marketing focus, including traditional holiday promotions, and all of the activities around everything from Black Friday through the end of the calendar year, I think are pretty well baked in, and are reflected in our guidance. I don't think you should see something different than that relative to our overall marketing spend.

關於競爭的本質，我認為我們已經在指導方針中納入了適當的行銷支出。正如您在本季所看到的，我們往往會看到從第二季到第三季的過渡。有些活動我們會在最後一刻決定時間；但總的來說，我認為核心行銷重點，包括傳統的節日促銷活動，以及從黑色星期五到年底的所有活動，都已相當完善，並體現在我們的指導方針中。我認為相對於我們的整體行銷支出而言，不應該出現任何差異。

In terms of R&D, we've talked I think publicly about roughly 25% of our R&D is for new products. Those new products could be brand-new IPs, such as we're building obviously a new studio in Montreal around Jade Raymond and the team she's building there, so we're hiring people for that studio. They'll be building a new action title for us. That's not next year or the following year. That will be three or four years out; but obviously we're spending money on that.

在研發方面，我們曾公開表示，約 25% 的研發投入用於新產品。這些新產品可能是全新的智慧財產權，例如我們正在蒙特婁圍繞 Jade Raymond 和她組建的團隊建立一個新的工作室，所以我們正在為這個工作室招募人員。他們將為我們打造一款全新的動作遊戲。那不是明年，也不是後年。那還需要三、四年；但顯然我們正在為此投入資金。

We're spending money on building out around key sports properties that we have, adding things like The Journey into FIFA, for example. You'll see more of that type of work on existing products over time. We're obviously building out on the Star Wars franchise that has proven to be very successful for us. You'll see a new Star Wars product coming out in the future, as well.

我們正在投入資金，圍繞我們擁有的關鍵體育資產進行拓展，例如在 FIFA 中加入「征程」功能。隨著時間的推移，你會看到更多類似的工作應用於現有產品。顯然，我們正在繼續拓展《星際大戰》系列，事實證明該系列對我們來說非常成功。未來你還會看到新的星際大戰產品問世。

Much of our core increases in R&D expenses have been all around those new opportunities, as well as some new technologies -- obviously investing in VR, investing in streaming technologies, investing in mobile. We're trying to make sure we are very focused on where the future is going, and be able to be there when any new platforms develop, or any shifts in platforms happen.

我們在研發支出方面的核心成長主要集中在這些新機會以及一些新技術上——顯然包括對虛擬實境、串流媒體技術和行動技術的投資。我們努力確保自己始終專注於未來的發展方向，並能夠在任何新平台出現或平台發生任何轉變時都能及時應對。

We think it's the prudent way to run the business. We try to make our biggest franchises as cost efficient as possible. But at the same time, we're constantly investing in innovation around those two as new and exciting ways to play the games.

我們認為這是經營企業的明智之舉。我們努力使規模最大的加盟店盡可能降低成本。但同時，我們也不斷投資這兩項技術的創新，以期開發出新的、令人興奮的遊戲方式。

Your next question comes from the line of Mike Olson with Piper Jaffray.

你的下一個問題來自 Mike Olson 和 Piper Jaffray 的對話。

Good afternoon. For FY17, obviously a big year for incremental titles. I was wondering if you could talk about what would be reasonable to expect as we looked into FY18? Does it make sense to assume a Star Wars Battlefront title next year that could offset Battlefield 1 this year? I think you just mentioned the new action title in the works probably won't hit next year to offset Titanfall 2. How should we think about comping Titanfall 2 -- maybe it's strong digital growth or something that helps to offset? Basically, how does this good year in FY17 impact growth rates in FY18? Thanks.

午安.2017財年顯然是新增遊戲數量較多的一年。我想請您談談，在展望2018財年時，我們可以合理預期哪些面向？假設明年推出《星際大戰：前線》新作，以抵銷今年《戰地1》的頹勢，這是否合理？我認為你剛才提到，正在開發中的新動作遊戲可能不會在明年發售，所以無法抵消《泰坦墜落2》的影響。我們該如何看待《泰坦隕落2》的影響呢？或許是強勁的數位版成長或其他因素可以起到抵消作用？2017 財年的良好表現對 2018 財年的成長率有何影響？謝謝。

Yes, we have talked obviously about the next Battlefront coming a year from now. We're working very hard on making sure that is an extremely deep and engaging offering. We've talked about an action title that's not yet announced, but we're very excited, and a good chance that will fall into FY18. I'm not yet giving guidance for FY18, so I want to be careful that we don't get overboard, but we're confident that we should be able to comp a strong year this year.

是的，我們當然討論過下一部《星際大戰：前線》遊戲將在一年後推出。我們正在努力確保它能提供非常深入且引人入勝的服務。我們討論過一款尚未公佈的動作遊戲，但我們非常興奮，而且很有可能會在 2018 財年發布。我目前還不打算對 2018 財年做出業績預測，所以我想謹慎一些，以免預測過高，但我們有信心今年能夠取得與去年相近的強勁業績。

One thing that people tend not to remember is when you have a title like a Battlefield or a Titanfall, those tend to sell extremely well in the catalog for at least another 12 to 24 months. In the case of Battlefield in particular, you'll have all the premium services kicking in next year. We won't see any of that in this year's revenue. Exciting times for big franchises like that and huge opportunities for us to continue to monetize.

人們往往忘記的一點是，像《戰地》或《泰坦隕落》這樣的遊戲，在遊戲目錄中至少還能暢銷 12 到 24 個月。以《戰地》系列為例，所有高級服務將於明年生效。今年的收入中不會包含這些項目。對於像這樣的大型特許經營品牌來說，這是一個令人興奮的時刻，也為我們繼續獲利提供了巨大的機會。

We also believe our mobile business will continue to grow, which will obviously help in the comps year over year. Our live services business is continuing to get stronger, things like our FIFA online business in Asia. Our goal is to try to grow all of those to help offset what could be a great year this year.

我們也相信我們的行動業務將繼續成長，這顯然將有助於實現年比業績成長。我們的線上服務業務持續成長，例如我們在亞洲的 FIFA 線上業務。我們的目標是努力發展所有這些領域，以抵消今年可能出現的大蕭條。

Thank you.

謝謝。

Your next question comes from the line of Ben Schachter with Macquarie.

你的下一個問題來自麥格理銀行的 Ben Schachter。

Hi, guys, a few things. First, congratulations on the strong ratings for Titanfall and Battlefield. Following up on your point about money into next year from those titles, how does it impact your long-term thinking about the marketing investment that you would put against those games over the longer term?

嗨，各位，有幾件事要說。首先，恭喜《泰坦隕落》和《戰地》取得了優異的評價。關於您提到的這些遊戲明年能帶來的收入，這會對您長期考慮在這些遊戲上進行行銷投資產生什麼影響？

Secondly, Blake you mentioned that you earned the right to look at potential acquisitions, but we haven't seen a lot. What type of deals are you focused on now? Is it mostly price that's holding those up? Finally, just a quick clarity point. Did I hear you correctly say that digital downloads are growing about 5 points a year, perhaps more in North America and UK? If yes, what was the base we're growing off of last year? Thanks.

其次，布萊克，你提到你有權考察潛在的收購目標，但我們並沒有看到太多。您目前主要關注哪類交易？價格是阻礙這些產品上市的主要原因嗎？最後，再補充一點說明。我沒聽錯吧，您說數位下載量每年增加約 5 個百分點，北美和英國的成長速度可能更快？如果是，我們去年的成長基礎是什麼？謝謝。

I'll take the marketing piece, and then I'll hand over to Blake. Yes, we certainly are adjusting and evolving how we market our titles. We think about this on a few different vectors. First is we see core purchase of the title continuing for much longer, particularly of high-quality experiences with great social play dynamics like properties like Battlefield 1 and Titanfall 2. You should expect that we have planned for a longer marketing cycle around that.

我負責行銷部分，然後交給布萊克。是的，我們當然在調整和改進我們的產品行銷方式。我們可以從幾個不同的角度來考慮這個問題。首先，我們預計玩家對遊戲的核心購買需求將持續更長時間，尤其是像《戰地1》和《泰坦隕落2》這樣具有出色社交互動性的高品質遊戲。因此，我們已為此制定了更長的市場推廣週期。

The second is we are using our network and investing more deeply in our network to drive cross play of franchises within our network. You should expect to see us continue to do that using the games that we already have in the marketplace to help introduce new players to new games that we know they'll love based on their play patterns.

第二點是，我們正在利用我們的網絡，並增加對網絡的投資，以推動我們網絡內各特許經營品牌之間的交叉合作。預計我們將繼續利用市場上已有的遊戲，根據新玩家的遊戲習慣，向他們介紹我們知道他們會喜歡的新遊戲。

Then the third is the live services that are wrapped around games' active marketing in and of themselves, as every time we drive a new event around a particular property as part of a live service, that acts as a beat that drives conversation in social channels about the games that we play. As we think about an elongated initial marketing cycle, as we think about the power of our network and the amount of players that we have in it playing every day, and we think about the live services that we have wrapped, we are really transforming how we market our games, and believe we're getting much stronger ROI on every dollar spent.

第三點是圍繞著遊戲本身的積極行銷的即時服務，因為每當我們圍繞某個特定遊戲推出新的即時服務時，它都會像一個節拍一樣，在社交管道上引發關於我們所玩遊戲的討論。當我們考慮到較長的初始行銷週期，考慮到我們網路的強大實力以及每天在我們網路中遊玩的玩家數量，考慮到我們已經完成的線上服務，我們正在真正改變我們行銷遊戲的方式，並且相信我們花的每一美元都能獲得更高的投資回報率。

Ben, on your other two questions, on full-game downloads, we finished our FY16 around 24% of all of our games. As we talked about publicly, we lagged the industry by 1 or 2 points, primarily because FIFA is such a large global product. It operates -- it has huge share in some market places where full-game downloads are, due to bandwidth or credit card capabilities, are not -- it impacts that business there.

Ben，關於你的另外兩個問題，關於完整遊戲下載量，我們在 2016 財年完成了大約 24% 的遊戲下載量。正如我們公開討論的那樣，我們比行業平均落後 1 到 2 個百分點，這主要是因為 FIFA 是一個如此龐大的全球產品。它在某些市場佔據了巨大的份額，而由於頻寬或信用卡容量的限制，完整遊戲下載在某些市場並不普及——這給這些市場帶來了影響。

Blake, are those console games or PC, also, when you say 24%?

布萊克，你說的24%是指主機遊戲還是PC遊戲？

This is gen-4 only consoles, sorry. Obviously PC skews it. 75% to 80% of all PC games are full-game downloads. That pulls the numbers up. We think the industries going to be probably by calendar year-end around 30%. Our internal estimates are around 29% for ourselves -- once again, slight lag with the industry. As I said, I think we're seeing positive trends on all of that, so it's good.

抱歉，這僅適用於第四代遊戲主機。顯然，政治正確會影響結果。75%到80%的PC遊戲都是完整版下載。這樣可以提高數字。我們認為到年底，各行業的佔比可能會達到 30% 左右。我們內部的估計值約為 29%——再次與行業略有滯後。正如我所說，我認為我們在所有這些方面都看到了積極的趨勢，所以這是一件好事。

Then the last piece, M&A. We look at everything. As one of the large players in the industry, we have the benefit of everything gets shopped to us. We have good relationships with virtually everyone in the business, so we tend to have ongoing dialogue with everyone.

最後一部分是併購。我們會仔細查看所有方面。作為業界的大型企業之一，我們享有所有商品都會主動推銷給我們的優勢。我們與業內幾乎所有人關係都很好，所以我們傾向於與每個人都保持持續的對話。

Price has been an issue on some of the big deals that have been recently completed. For us, the bigger issue is the correct fit and the right product mix. Unfortunately, there are not lots of Triple A studios out there in today's world. It's very different than it was 10 years ago in the business.

價格一直是近期完成的一些大宗交易中的一個重要問題。對我們來說，更重要的問題是找到合適的產品和正確的產品組合。可惜的是，如今世界上並沒有很多AAA級電影製片廠。如今的商業環境與10年前大不相同。

We continue to look at things. We're always trying to find ways to create value for shareholders. In the same vein, we're very careful that we don't simply try to fuel growth through acquisitions. We need to fuel value creation, not just the top line. Next question?

我們繼續關注事態發展。我們一直在努力尋找為股東創造價值的方法。同樣，我們非常謹慎，不會僅僅試圖透過收購來推動成長。我們需要推動價值創造，而不僅僅是營收成長。下一個問題？

Your next question comes from the line of Neil Doshi with Mizuho.

你的下一個問題來自 Neil Doshi 與瑞穗銀行的合作系列。

Hi, this is San for Neil. Offering free DOCs for Titanfall is pretty unique. I was wondering if you could share the feedback you're getting on that decision, and if you're expecting that to have a different sales curve on the game, versus others with Season Pass?

嗨，我是San，替Neil。提供免費的《泰坦隕落》DOC是相當獨特的。我想問一下，您能否分享一下您收到的關於這項決定的反饋，以及您是否預計這項決定會對遊戲的銷售曲線產生與那些擁有季票的遊戲不同的影響？

Can you repeat the first part of the question again? Sorry, we didn't hear.

你能再重複問題的第一部分嗎？抱歉，我們沒聽到。

Sure. Offering a free DOC for Titanfall is pretty unique. I was wondering if you can share the feedback you're getting thus far on that decision, and if you're expecting that to have -- to impact the game with the different sales curves versus other titles that traditionally would have a season pass?

當然。提供免費的《泰坦隕落》DOC是相當獨特的。我想請問您能否分享一下目前為止您收到的關於這項決定的反饋，以及您是否預期這項決定會對遊戲產生影響——與其他傳統上採用季票模式的遊戲相比，這款遊戲的銷售曲線會有何不同？

Yes, okay. I'll let Andrew --

好的。我會讓安德魯——

Yes, great questions. The feedback has been really positive. If you go and look at the user -- the player conversation in the marketplace right now around Titanfall 2, it's very strong. Respawn, who are an amazing studio, who have built some of the greatest games over the last decade, have a real commitment to players, as do we as a Company, and are looking to support and drive and grow and nurture that community over a number of years. The whole construct of how they have put that plan together is receiving really positive feedback from that community.

是的，問得好。反饋非常正面。如果你去看看目前市場上圍繞《泰坦隕落2》的用戶——玩家們的討論，你會發現討論非常熱烈。Respawn 是一家非常優秀的遊戲工作室，在過去十年中打造了一些最偉大的遊戲，他們和我們公司一樣，對玩家有著真正的承諾，並希望在未來幾年內支持、推動、發展和培育這個社群。他們所製定的整個計劃方案都得到了社區的正面回饋。

As we think more broadly about how that impacts other games, again, we have a big and diverse portfolio, with a growing and diverse player base. We are always looking for the best way to offer amazing game play experiences, with tremendous value to our player base. We'll always take feedback from our player base as to how we should think about things on a go-forward basis.

當我們更廣泛地思考這會對其他遊戲產生什麼影響時，我們再次意識到，我們擁有龐大且多元化的產品組合，以及不斷成長且多元化的玩家群。我們一直在尋找最佳方式，為玩家提供精彩的遊戲體驗，並為玩家群創造巨大的價值。我們將始終聽取玩家的回饋，以指導我們未來的發展方向。

I think one thing to remember, it gets lost I think on a big triple-A title like Titanfall is we are working with Respawn to build a franchise. This is something that we plan to be working with them on for many years to come. There is huge opportunity inside of that franchise to continue to expand it.

我認為有一點需要記住，這一點在像《泰坦隕落》這樣的大型 3A 遊戲中很容易被忽略，那就是我們正在與 Respawn 合作打造一個系列遊戲。這是我們計劃在未來很多年與他們繼續合作的領域。該品牌內部蘊藏著巨大的發展潛力，可以繼續擴張。

Part of the strategy of building us a franchise is you have the long view. You think about the business differently than you might an existing franchise like a FIFA or a Madden. What that means is we're looking for ways to not fragment the player base early, but to include everybody as possible as we can to continue to build that franchise. We think that's the right strategy for a product like Titanfall. More to come we learn more, but that's the reason we chose to go the route we went.

打造我們特許經營體系的策略之一就是要有長遠的眼光。你對這項業務的思考方式與你對像 FIFA 或 Madden 這樣的現有特許經營權的思考方式不同。這意味著我們正在尋找方法，避免過早地將玩家群體分裂，而是盡可能地讓每個人都參與進來，以繼續發展這個系列。我們認為這對《泰坦隕落》這樣的產品來說是正確的策略。未來還會有更多消息，我們會了解更多，但這正是我們選擇走這條路的原因。

Great. A second question related to that. We were actually surprised to see some retailers out of stock with physical copies of the game, both at retail and online. Anything notable to call out with the sales channel there?

偉大的。第二個問題與此相關。我們很驚訝地發現，一些零售商的實體版遊戲已經售罄，無論是實體店還是網店。銷售通路方面有什麼值得特別指出的地方嗎？

That people bought the game, I guess, and the retailers didn't have enough stock in place. I don't know. I hope that someone, if they couldn't find it on the retail shelf went home and digitally downloaded it. I think, once again with a new franchise, there's only been -- remember, there was only one Titanfall before and it was single platform. Retailers often times have their own sales models. They try to build their own demand models. They listen to the consumer and they listen to our salespeople; but at the same time they're trying to balance how much they put on shelves. They've got to spend money to build inventory. You might have found retailers out of stock. We hope that we've gone back and got those shelves filled up for the future.

我猜是因為人們購買了這款遊戲，而零售商的庫存不足。我不知道。我希望如果有人在零售貨架上找不到這本書，他們可以回家下載電子版。我認為，對於一個全新的系列作品來說，情況又一次不同了——記住，之前只有一款《泰坦隕落》，而且它還是單平台遊戲。零售商通常都有自己的銷售模式。他們試圖建立自己的需求模型。他們會聽取消費者的意見，也會聽取銷售人員的意見；但同時，他們也在努力平衡貨架上的商品數量。他們需要花錢來建立庫存。您可能發現某些零售商已售罄。我們希望我們已經回去把那些貨架重新擺滿了，以備將來之需。

Great, thanks a lot.

太好了，非常感謝。

Thanks.

謝謝。

Your next question comes from the line of Eric Handler with MKM partner.

你的下一個問題來自 Eric Handler 與 MKM 合作夥伴的對話。

Yes, thanks for letting me ask the question. On Madden and Madden for Mobile, I'm just curious how much overlap is there between mobile players and the console players? Are you seeing shifts in time spent? When you think about money that's being spent, is there any cannibalization from Madden for Mobile, or is it additive?

是的，謝謝您允許我提問。關於 Madden 和 Madden 行動版，我很好奇移動玩家和主機玩家的重疊度有多高？您是否注意到用戶花費時間的變化？當你考慮投入的資金時，Madden Mobile 是否會蠶食實體遊戲的市場份額，還是會帶來新的成長？

At a macro level when you look at it, it's clearly additive, because both businesses are growing. What we have seen is that mobile is adding younger players at a higher rate than console is; but we're also seeing some mobile players come across. I believe the number -- I believe about 70% or 75% of console players also play Madden Mobile. What we're seeing is when you're a football fan and you're a Madden fan, you love the experience that is high-definition on your 80-inch television, coupled with a live service like Madden Ultimate Team that connects you with your friends in that high-def experience, but you also love Madden and Madden games while you're on the go, and you're using mobile as an opportunity to do that.

從宏觀層面來看，這顯然是相輔相成的，因為兩家企業都在成長。我們看到，行動端吸引年輕玩家的速度比主機端更快；但我們也看到一些行動端玩家轉戰主機端。我相信這個數字——我相信大約有 70% 到 75% 的主機玩家也玩 Madden Mobile。我們看到的是，如果你既是足球迷又是 Madden 遊戲的粉絲，你會喜歡在 80 吋電視上享受高清體驗，再加上 Madden Ultimate Team 這樣的即時服務，讓你能與朋友們一起享受高清體驗；但你也喜歡在旅途中玩 Madden 和 Madden 遊戲，所以你利用行動裝置來實現這一點。

As we look to the future, we think there is a world where we drive even greater connection at a design level between the console experience and the mobile experience. We believe that is going to be a strategic opportunity for us, as we think about the growing player base in any one of our franchises.

展望未來，我們認為，在未來的世界裡，我們可以在設計層面上進一步加強主機體驗和行動體驗之間的連結。我們認為這將是我們的策略機遇，因為我們每個特許經營權的玩家群都在不斷成長。

Great.

偉大的。

One last question? Sorry.

最後一個問題？對不起。

I'm sorry? Our final question comes from the line of Mike Hickey with The Benchmark Company.

對不起？我們的最後一個問題來自 Benchmark 公司的 Mike Hickey。

Hi guys, great quarter. Thanks for squeezing me in, Blake, appreciate it. Just two for me. Curious on how Respawn moves forward here. Normally we would think of maybe a Titanfall 3 in a couple years; but I think they're also excited to work on a Star Wars game. I'm wondering, if you're growing the studio there, or how we should think about pacing of those two games in the future?

大家好，這季過得很棒。謝謝你擠出時間陪我，布萊克，非常感謝。我只有兩個。很好奇Respawn接下來會如何應對。通常我們會認為《泰坦隕落3》可能會在幾年後推出；但我認為他們也很興奮能參與製作《星際大戰》遊戲。我想知道，你們是否正在擴大工作室規模，或者我們應該如何考慮未來這兩款遊戲的開發節奏？

The last one, just thinking about the comp issue for FY18. Re-mastered games have obviously been very popular. I think you've done less there than maybe some of your peers. How are you thinking about re-mastered games as an opportunity in the future? Thanks, guys.

最後一點，只是在考慮2018財年的薪酬問題。重製版遊戲顯然非常受歡迎。我認為你在那裡的成就可能不如你的一些同齡人。您如何看待未來遊戲重製版帶來的機會？謝謝各位。

On the Respawn element, again, we have announced we have a long-term relationship planned with them. We are looking at a number of different things with them. As it's related to Titanfall 2, there is still a lot of things they'll be putting into the game for the foreseeable future.

關於 Respawn 方面，我們已經宣布計劃與他們建立長期合作關係。我們正在和他們探討許多不同的問題。由於它與《泰坦隕落2》有關，在可預見的未來，他們還會為遊戲中添加很多內容。

One of the lessons we have learned is that when you have a great game like Titanfall 2 or Battlefield 1, giving it enough breathing room in the marketplace for fans to play for many years is really important to delivering the true value of that experience to fans, as we did with Battlefield 4. Again, I think just a quarter ago, we announced we still had 11 million people playing Battlefield 4. Expectation is that Respawn will continue to support and grow the Titanfall community through Titanfall 2. Over time, we'll work out what the right cadence of the next version of Titanfall is, and/or any other titles they're working on. The second part?

我們學到的教訓之一是，對於像《泰坦隕落2》或《戰地1》這樣優秀的遊戲，給予它們足夠的市場空間，讓玩家能夠持續暢玩多年，對於真正體現遊戲體驗的價值至關重要，就像我們對待《戰地4》那樣。就在三個月前，我們宣布《戰地4》的玩家人數仍然高達1,100萬人。我們期待Respawn能夠透過《泰坦隕落2》繼續支持並壯大泰坦隕落社群。隨著時間的推移，我們會找到下一代泰坦隕落遊戲，以及他們正在開發的其​​他遊戲的最佳開發節奏。第二部分呢？

Re-master.

重新製作。

In terms of re-mastered, again, it's something that we look at. In all cases, we're trying to figure out what is right for the player. If there's a world where there are games we have in our catalog that players really want to play in a re-mastered variety, and we believe that we can add the kind of enhancements that make that worthwhile for a player, then we will do that -- nothing to announce today, but certainly you can imagine with a portfolio as rich and deep as ours, and with a player base as engaged as ours, that we're getting lots of requests right now.

至於重新製作方面，這也是我們會考慮的。無論如何，我們都在努力找出對玩家最有利的方案。如果將來我們遊戲庫中有一些玩家非常想玩的重製版遊戲，而且我們相信我們可以添加一些增強功能，讓玩家覺得物有所值，那麼我們就會去做——今天沒有什麼可以宣布的，但你肯定可以想像，憑藉我們如此豐富和深入的遊戲庫，以及如此活躍的玩家群體，我們現在收到了很多請求。

With that, I thank everyone. Look forward to seeing or talking to everybody over the next quarter, and we will see everyone back for earnings at the end of January. Thank you.

在此，我感謝大家。期待在接下來的一個季度見到大家或與大家交流，我們將在1月底的財報發布會上與大家見面。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。