美商藝電 (EA) 2017 Q3 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 third-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年第三季財報電話會議。

(Operator Instructions)

（操作說明）

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

謝謝，接下來我將把電話交給投資人關係副總裁克里斯‧艾文登。

Sir, you may begin.

先生，您可以開始了。

Thank you, Jennifer.

謝謝你，珍妮弗。

Welcome to EA's third-quarter FY17 earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen, our CFO. Please note that our SEC filings and our earnings release are available at www.ir.ea.com.

歡迎參加EA 2017財年第三季財報電話會議。今天和我一起參加電話會議的有我們的執行長安德魯威爾森和我們的財務長布萊克喬根森。請注意，我們的美國證券交易委員會文件和盈利報告可在 www.ir.ea.com 上查閱。

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. With regard to our calendar, Blake will be speaking at the Morgan Stanley Conference in San Francisco on Tuesday, February 28; and our Q4 earnings call is scheduled for Tuesday, May 9, 2017.

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。關於我們的日程安排，Blake 將於 2 月 28 日星期二在舊金山舉行的摩根士丹利會議上發表演講；我們的第四季度收益電話會議定於 2017 年 5 月 9 日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the Company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, January 31, 2017, 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 2017 年 1 月 31 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

During this call, 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.

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。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris.

謝謝你，克里斯。

Electronic Arts was the leading console games publisher and most downloaded mobile games publisher in the world for Q3 FY17, driven by high-performing titles and tremendous engagement from our players. Our net sales and digital sales reached record levels for the quarter, and we exceeded our Q3 guidance for revenue and earnings. The excellent holiday quarter for EA was a demonstration of the strength of our portfolio, with new titles, new content, and new competitive gaming tournaments delivering great entertainment to players worldwide.

在 2017 財年第三季度，藝電 (Electronic Arts) 成為全球領先的主機遊戲發行商和下載量最高的行動遊戲發行商，這得益於我們出色的遊戲作品和玩家的積極參與。本季我們的淨銷售額和數位銷售額均創歷史新高，且我們第三季的營收和獲利也超出了預期。EA 精彩的假期季度業績證明了我們產品組合的實力，新遊戲、新內容和新的競技遊戲錦標賽為全球玩家帶來了精彩的娛樂體驗。

To touch on a few highlights, FIFA 17 was the top-selling console title in the world for 2016. We grew our FIFA player base significantly year over year through the addition of a new story mode, The Journey; Frostbite-powered gameplay; and new experiences in FIFA Ultimate Team. More than 10 million fans have played The Journey, and FUT players are up nearly 10% year over year.

簡單來說，FIFA 17 是 2016 年全球最暢銷的主機遊戲。我們透過新增故事模式「旅程」、寒霜引擎驅動的遊戲玩法以及FIFA Ultimate Team中的新體驗，使FIFA玩家群逐年顯著成長。超過 1000 萬粉絲體驗了「旅程」模式，FUT 玩家數量同比增長近 10%。

It was also an excellent year for FIFA competitive gaming. Our eSports competitions for players at all levels have led to dramatic increases in engagement among competitive players. Through Q3, FIFA 17 competitors were playing nearly three times more than the rest of the FIFA community. We expect the excitement will continue as we add more competitions, more broadcasts, and more content in the year ahead.

對FIFA競技遊戲來說，這也是豐碩的一年。我們針對各級玩家舉辦的電子競技比賽，顯著提高了競技玩家的參與度。第三季度，FIFA 17 參賽玩家的遊戲時長幾乎是 FIFA 社群其他玩家的三倍。我們預計，隨著未來一年我們增加更多比賽、更多轉播和更多內容，這種激動人心的局面將會持續下去。

Battlefield 1 was our biggest Battlefield launch ever, delivering innovation, creativity, and all-out warfare that players were looking for. The team at DICE created a truly groundbreaking experience that is driving massive engagement and growing our global Battlefield community. The unique player base of Battlefield 1 is more than 50% larger than that of Battlefield 4 in its comparable launch quarter, with more than one-third of the players being new to the franchise or new to EA.

《戰地1》是我們有史以來規模最大的《戰地》系列遊戲發布，它帶來了玩家所期待的創新、創意和全面戰爭。DICE 團隊創造了真正具有突破性的體驗，這正在推動大規模的用戶參與，並壯大我們的全球戰地社群。《戰地1》的獨立玩家群體比《戰地4》在同期發售季度的玩家群體大50%以上，其中超過三分之一的玩家是該系列的新玩家或EA的新玩家。

We also have a lot of excitement ahead for our Battlefield 1 community. Battlefield 1 Premium players will have early access to our first expansion pack coming in March. We'll continue to bring more maps, more armies, and more amazing content to the game in the months to come.

我們也為《戰地1》玩家群感到興奮不已。《戰地1》高級會員將可以提前體驗我們將於3月推出的首個擴充包。在接下來的幾個月裡，我們將繼續為遊戲帶來更多地圖、更多軍隊和更多精彩內容。

Titanfall 2 delivered the next important step in this new franchise we are building with our partners at Respawn, a highly rated, action-packed experience that has thrilled players in the year's biggest category. Player satisfaction scores for Titanfall 2 are among the highest in our portfolio, showing just how much fun players are having with the game. Titanfall 2 will be played for a long time to come, with new maps, modes, and content updates continuing to expand the experience and engage our players. We're excited about our long-term plans for the Titanfall franchise.

《泰坦殞落 2》是我們與 Respawn 合作夥伴共同打造的全新系列遊戲邁出的重要一步，它是一款備受好評、動作感十足的遊戲，在今年最大的遊戲類別中贏得了玩家的喜愛。《泰坦隕落2》的玩家滿意度在我們所有遊戲中名列前茅，這充分證明玩家們對這款遊戲的喜愛程度。《泰坦隕落2》將會持續很長一段時間，新的地圖、模式和內容更新將持續擴展遊戲體驗，吸引玩家持續遊玩。我們對《泰坦隕落》系列的長期規劃感到非常興奮。

We are building our mobile games today to have a long life with players through outstanding live services and dynamic content updates. For example, Star Wars Galaxy of Heroes added ship battles and Rogue One content in Q3, driving average gameplay time per player to an unprecedented total of 155 minutes per day.

我們如今打造的手機遊戲，旨在透過卓越的線上服務和動態的內容更新，與玩家建立長久的聯繫。例如，《星際大戰：銀河英雄傳》在第三季增加了太空船戰鬥和《俠盜一號》內容，使每位玩家的平均遊戲時間達到了前所未有的每天 155 分鐘。

Our EA SPORTS titles on mobile are also great demonstrations of this strategy. Madden NFL Mobile continues to perform at the top of the iOS app store charts in its third season. NBA LIVE Mobile and FIFA Mobile are also growing thriving communities with strong engagement. The combination of authenticity, great gameplay, and live services in these games is igniting the passion of sports fans worldwide. We will continue growing these communities with more sport-specific and geo-specific experiences.

我們在行動平台上的 EA SPORTS 遊戲也是這項策略的絕佳例證。Madden NFL Mobile 在第三個賽季繼續穩居 iOS 應用商店排行榜榜首。NBA LIVE Mobile 和 FIFA Mobile 也正在發展壯大，擁有活躍的用戶群。這些遊戲將真實性、出色的遊戲性和即時服務相結合，點燃了全世界運動迷的熱情。我們將繼續發展這些社區，提供更多針對特定運動和特定地理的體驗。

These examples show our unwavering focus on connecting players to more amazing experiences across more devices and in more geographies. With fans playing the games they love for longer, we are building and supporting deep communities that thrive for many years after launch. Players in Battlefield 1, Titanfall 2, and our EA Mobile titles are just beginning to engage in these long-term experiences.

這些例子表明，我們始終致力於讓玩家在更多設備和更多地區獲得更精彩的遊戲體驗。粉絲們玩自己喜歡的遊戲的時間更長，我們正在建立和支持能夠持續繁榮多年的深度社群。《戰地1》、《泰坦殞落2》和我們的EA行動遊戲的玩家才剛開始體驗這些長期的遊戲內容。

Moving to Q4, we're excited to deliver the highly-anticipated Mass Effect Andromeda beginning on March 21. This all-new story of exploration in the Mass Effect universe will be brought to life in stunning detail using our Frostbite engine, with new characters, new environments, and a whole new set of possibilities to excite players around the world.

進入第四季度，我們很高興地宣布，備受期待的《質量效應：仙女座》將於 3 月 21 日正式發售。這部全新的《質量效應》宇宙探索故事將使用我們的寒霜引擎以驚人的細節栩栩如生地呈現在玩家面前，全新的角色、全新的環境以及一系列全新的可能性將令世界各地的玩家興奮不已。

Looking further ahead, we would like to provide you with a view of our top titles and plans for FY18. We're thrilled to bring a new Star Wars Battlefront game to fans worldwide in the 2017 holiday season. In the past two years, Rogue One and The Force Awakens have opened new storylines, and captured the imagination of hundreds of millions of Star Wars fans. We've listened closely to our passionate Star Wars Battlefront community, and have expanded our existing game with more great content and experiences since its launch.

展望未來，我們想向您介紹我們 2018 財年的重點項目和計劃。我們很高興能在 2017 年假期季節為全球粉絲帶來全新的《星際大戰：前線》遊戲。在過去的兩年裡，《俠盜一號》和《星際大戰：原力覺醒》開啟了新的故事線，並激發了數億星戰迷的想像。我們認真聽取了《星際大戰：前線》熱情玩家社群的意見，自遊戲發布以來，我們不斷擴展現有遊戲內容，增添更多精彩體驗。

As that game continues to thrive, we have also heard our players' desire for even more depth and progression. Our next Star Wars Battlefront will be even bigger, taking players into more locations, and allowing them to play with more heroes and characters across multiple Star Wars eras. There will be new ways to play, including an all-new single player campaign, and much, much more that we're excited to share with our players in the months ahead. To build a game of this magnitude, we've brought together three great studios -- DICE, Motive, and Criterion -- and aligned their areas of expertise to deliver an amazing experience in the next Star Wars Battlefront.

隨著這款遊戲的持續火爆，我們也聽到了玩家們希望遊戲能有更深層的玩法和更豐富的遊戲內容。我們的下一款​​《星際大戰：前線》將會更加龐大，帶領玩家進入更多地點，並允許他們與多個星際大戰時代的更多英雄和角色一起遊戲。遊戲將推出全新的玩法，包括全新的單人戰役模式，以及更多精彩內容，我們將在接下來的幾個月與玩家分享。為了打造如此規模的遊戲，我們匯集了三家優秀的工作室——DICE、Motive 和 Criterion——並整合了他們的專業知識，以期在下一款《星際大戰：前線》中帶來令人驚嘆的體驗。

We'll continue to drive innovation and competition in our EA SPORTS franchises. FIFA 18 will build on the foundation we've created with story mode this year, bringing players back to The Journey with Season 2, featuring new characters and new storylines. Our development team in Vancouver is delivering deeply innovative new experiences across this year's game, including in Ultimate Team, and creating the most emotionally immersive and connected FIFA we have ever produced.

我們將繼續推動EA SPORTS系列遊戲的創新和競爭。FIFA 18 將以我們今年在故事模式中打下的基礎為基礎，透過第二季將玩家帶回「旅程」模式，其中包含新角色和新故事情節。我們在溫哥華的開發團隊正在為今年的遊戲帶來極具創新性的新體驗，包括終極球隊模式，並打造我們迄今為止製作的最具情感沉浸感和聯繫感的 FIFA 遊戲。

Our Madden NFL franchise will transition to the Frostbite engine with Madden NFL 18, unlocking major visual advancements and new gameplay experiences that will excite dedicated Madden players, football fans, and sports fans overall. Our complete roster of EA SPORTS titles in FY18 will also include NHL 18, a new chapter of our UFC franchise, and an all-new NBA LIVE game launching in the fall.

我們的 Madden NFL 系列遊戲將在 Madden NFL 18 中過渡到 Frostbite 引擎，解鎖重大的視覺效果提升和全新的遊戲體驗，這將令忠實的 Madden 玩家、橄欖球迷和所有體育迷感到興奮。2018 財年，EA SPORTS 的完整遊戲陣容還將包括 NHL 18、UFC 系列的新篇章，以及將於秋季推出的全新 NBA LIVE 遊戲。

Our focus for EA's Competitive Game Division is to grow engagement in some of our biggest global franchises. With strong results to date, we will now expand EA competitive gaming even further in FY18, fueled by more competitions, new sponsors and broadcast partners, and original programming.

EA競技遊戲部門的重點是提高我們一些全球最熱門遊戲系列的玩家參與度。憑藉迄今為止的強勁成績，我們將在 2018 財年進一步擴大 EA 競技遊戲業務，透過舉辦更多比賽、引入新的贊助商和廣播合作夥伴以及推出原創節目來實現這一目標。

Players will be able to compete in dozens of competitions, from online leagues to massive regional championships like our FIFA Online 3 championship in Korea, to our biggest events yet on a global stage, including the FUT Championship Finals and the Madden Championship. We're also very excited to kick off competitive gaming events for Battlefield later in the year.

玩家將能夠參加數十場比賽，從線上聯賽到大型區域錦標賽（例如我們在韓國舉辦的 FIFA Online 3 錦標賽），再到我們迄今為止在全球舞台上舉辦的最大型賽事，包括 FUT 錦標賽決賽和 Madden 錦標賽。我們也非常興奮地宣布，今年稍後將啟動《戰地》系列競技遊戲賽事。

We're also excited to have a new Need for Speed title launching in FY18. We've given the game an extended development cycle to focus on innovation. The Need for Speed team is pushing the boundaries of action driving with what we believe is the most exciting and best-looking Need for Speed game we've ever produced.

我們也很高興能在 2018 財年推出一款新的《極速快感》遊戲。我們延長了遊戲的開發週期，以便專注於創新。《極速快感》團隊正在突破動作駕駛的界限，我們相信這將是我們製作過的最令人興奮、畫面最精美的《極速快感》遊戲。

We will continue to build our Mobile portfolio, expanding on our success to deliver more engaging and fun mobile games in mass-market franchises with global audience appeal. Thriving player bases in our existing live services for Star Wars Galaxy of Heroes, EA SPORTS, and more will receive major new content updates throughout the year, and more in-game events will keep the games fresh, engaging and fun.

我們將持續拓展行動遊戲產品組合，在現有成功的基礎上，為全球受眾提供更多引人入勝、趣味十足的大眾市場系列行動遊戲。我們現有的《星際大戰：銀河英雄傳》、《EA SPORTS》等遊戲的線上服務擁有蓬勃發展的玩家群體，全年將獲得重大的新內容更新，更多的遊戲內活動將使遊戲保持新鮮感、吸引力和趣味性。

We are deeply committed to players in our Battlefield 1 and Titanfall 2 communities. Throughout the year ahead, we'll continue to launch new content and new experiences to expand these vast and dynamic games.

我們非常重視《戰地1》和《泰坦隕落2》的玩家社群。在接下來的一年中，我們將繼續推出新的內容和新的體驗，以擴展這些龐大而充滿活力的遊戲。

At the end of the fiscal year, our BioWare studio will be delivering an all-new IP, a clean-sheet design with new concepts, new gameplay mechanics, and new stories set in a unique new universe. This game has the potential to fundamentally disrupt the way people think about an action title, bringing friends together to play in an exhilarating new way. We're very excited about the future of this new franchise and its ability to attract a large global audience.

在本財年結束時，我們的 BioWare 工作室將推出一個全新的 IP，一個從零開始設計、擁有全新概念、全新遊戲機制和全新故事的遊戲，故事背景設定在一個獨特的新宇宙中。這款遊戲有可能從根本上顛覆人們對動作遊戲的看法，讓朋友們以一種令人興奮的全新方式聚在一起玩遊戲。我們對這個新系列的未來以及它吸引全球大量觀眾的能力感到非常興奮。

Our industry is poised for continued growth. The console market continues to strengthen, mobile continues its expansion, and more companies are entering the space and investing in new platforms. These moves bring more choices to players, and EA is in a unique position of strength.

我們的行業已做好持續成長的準備。主機遊戲市場持續走強，行動遊戲市場持續擴張，越來越多的公司進入這一領域，投資開發新的平台。這些舉措為玩家帶來了更多選擇，EA 也因此處於獨特的優勢地位。

With our Frostbite engine powering more of our portfolio, EA's games are some of the most highly-rated in the industry. Engagement in our titles continues to deepen, and our global reach is expanding through competition and new ways to play.

由於我們的 Frostbite 引擎為更多遊戲提供支持，EA 的遊戲在業界獲得了極高的評價。玩家對我們遊戲的參與度不斷提高，透過比賽和新的遊戲方式，我們的全球影響力也不斷擴大。

We're also making games more personal, leveraging deep learning to build intelligence into our EA Player Network that will help players find their friends and connect with more of the games they want to play.

我們也在努力讓遊戲更個人化，利用深度學習技術為 EA 玩家網路建立智能，幫助玩家找到朋友，並與他們想玩的更多遊戲建立聯繫。

We look forward to continuing our momentum through Q4 and beyond. Now I'll turn the call over to Blake.

我們期待在第四季度及以後繼續保持這一發展勢頭。現在我把電話交給布萊克。

Thanks, Andrew.

謝謝你，安德魯。

I'll start by reporting our results on a GAAP basis, then use our new operational measure of net sales to discuss the dynamics of our business. 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. These can be used in conjunction with the financial model we have posted on our Investor Relations website to calculate measures comparable with our historical results.

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——淨銷售額——來討論我們業務的動態。此外，請參考我們新聞稿中的表格，其中我們討論了 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。這些數據可以與我們發佈在投資者關係網站上的財務模型結合使用，以計算與我們歷史績效可比較的指標。

We are delighted with our third quarter, which was driven by the blockbuster launch of Battlefield 1 and continued strong performance from FIFA 17 and FIFA 17 Ultimate Team. In mobile, Star Wars Galaxy of Heroes outperformed our expectations. This resulted in record-setting performance for the Company, including our first-ever billion-dollar cash flow quarter. I will highlight other records as we go through the details.

我們對第三季的業績非常滿意，這主要得益於《戰地1》的火爆發布以及《FIFA 17》和《FIFA 17 終極球隊》的持續強勁表現。在行動端，《星際大戰：銀河英雄傳》的表現超出了我們的預期。這使得公司業績創下歷史新高，其中包括公司有史以來第一個現金流達十億美元的季度。在詳細介紹的過程中，我會重點介紹其他記錄。

EA's GAAP net revenue was $1.15 billion, compared to $1.07 billion last year. Net revenue was above our guidance by $24 million. Year-on-year growth was driven by Battlefield 1. If you wish to compare our current results to our historical non-GAAP revenue, you will need to add the change in deferred net revenue of $921 million to the $1.15 billion of GAAP revenue.

EA 的 GAAP 淨收入為 11.5 億美元，而去年為 10.7 億美元。淨收入比我們預期高出 2400 萬美元。年比成長主要得益於《戰地1》的推出。如果您想將我們目前的業績與歷史上的非GAAP收入進行比較，您需要將遞延淨收入的變化9.21億美元加到GAAP收入11.5億美元中。

Our cost of revenue was $516 million, including a historic acquisition-related expenses of $18 million.

我們的收入成本為 5.16 億美元，其中包括 1,800 萬美元的歷史收購相關費用。

Gross margin for the quarter was 55.1%, up 6.1 percentage points over last year. The gross margin for our underlying business continues to grow, driven by product mix and the shift to digital.

本季毛利率為 55.1%，較去年同期成長 6.1 個百分點。受產品組合和數位轉型的推動，我們基礎業務的毛利率持續成長。

Operating expenses were $637 million, up $82 million or 15% year on year, driven by increased marketing activities around the launches this Q3. The $637 million includes $48 million in stock-based compensation and $2 million in acquisition-related expenses.

營運支出為 6.37 億美元，比去年同期增加 8,200 萬美元或 15%，主要原因是第三季圍繞產品上市的行銷活動增加。這 6.37 億美元包括 4,800 萬美元的股票選擇權補償金和 200 萬美元的收購相關費用。

Moving on to EPS. Because the GAAP revenue recognition standards require us to defer most of the revenue out of the quarter, but recognize the expense of launching games in the quarter, Q3 is only a breakeven quarter on a GAAP basis. GAAP adjustments to derive a measure comparable to our historical non-GAAP EPS include the $921 million change in deferred net revenue; $20 million in acquisition-related expenses; $48 million of stock-based compensation; and a management reporting tax rate of 21%. Note that, had we reported a GAAP profit, our share count would have been 313 million.

接下來是每股盈餘（EPS）。由於 GAAP 收入確認標準要求我們將大部分收入遞延到季度之外，但要確認遊戲發布費用，因此第三季以 GAAP 計算只能算是損益平衡的季度。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9.21億美元的變動；收購相關費用2000萬美元；股票選擇權費用4800萬美元；以及21%的管理層報告稅率。請注意，如果我們按照 GAAP 準則報告獲利，我們的股票數量將為 3.13 億股。

Net cash generated by operating activities for the quarter was $1.11 billion, a new record for the Company, and $226 million higher than the record set in the same quarter last year. The trailing 12 months' operating cash flow was also a record, at $1.37 billion. With capital expenditures of $124 million over the last 12 months, free cash flow was $1.25 billion in the same period. Please see our earnings slides for further cash flow information.

本季經營活動產生的淨現金為 11.1 億美元，創公司新紀錄，比去年同期創下的紀錄高出 2.26 億美元。過去 12 個月的經營現金流也創下紀錄，達到 13.7 億美元。過去 12 個月的資本支出為 1.24 億美元，同期自由現金流為 12.5 億美元。請查看我們的獲利報告幻燈片，以了解更多現金流資訊。

During the quarter, we also repurchased 1.5 million shares at a cost of $127 million, leaving $156 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. Our cash and short-term investments at the end of the quarter was $4.22 billion, with 42% of this balance held onshore. This is down slightly from 43% last quarter, with the change driven primarily by the share repurchase and the greater cash generation offshore.

本季度，我們也以 1.27 億美元的價格回購了 150 萬股股票，使我們於 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下 1.56 億美元。目前的回購速度將使我們按計劃在規定時間內完成全部 10 億美元的回購目標。截至季末，我們的現金和短期投資為 42.2 億美元，其中 42% 的餘額位於境內。這一比例較上季的 43% 略有下降，主要原因是股票回購和海外現金流增加。

Now I would like to turn the key drivers of our business this quarter.

現在我想談談本季我們業務的關鍵驅動因素。

Net sales for the quarter were $2.07 billion, a new record for the Company. The outperformance versus our expectation was driven by Battlefield 1 and FIFA 17, offset by Titanfall 2. Battlefield 1 is on course to be our best Battlefield ever. Sell-through of FIFA 17 during Q2 and Q3 was 8% higher than FIFA 16 in the same period last year, and FIFA Ultimate Team sales continue to grow strongly. Like Battlefield 1, FIFA 17 is on course to be our best-selling FIFA of all time.

該季度淨銷售額為 20.7 億美元，創公司新紀錄。超出預期的表現主要得益於《戰地1》和《FIFA 17》，但被《泰坦隕落2》部分抵消。 《戰地1》有望成為我們有史以來最好的《戰地》系列作品。FIFA 17 在第二季和第三季的銷售量比去年同期 FIFA 16 高出 8%，FIFA Ultimate Team 的銷售量也持續強勁成長。與《戰地1》一樣，《FIFA 17》有望成為我們有史以來最暢銷的FIFA遊戲。

Digital net sales were a record $1.1 billion, up $288 million on the year-ago quarter. The increase reflects strong growth in digital downloads, and about $50 million of digital net sales from FIFA launch captured this quarter rather than in Q2 as was in the case in FY16. Digital sales now represent about 60% of our business on a trailing 12-month basis.

數位業務淨銷售額創下 11 億美元的紀錄，比去年同期成長 2.88 億美元。這一成長反映了數位下載的強勁成長，FIFA 遊戲發布帶來的約 5,000 萬美元數位淨銷售額在本季度而非像 2016 財年那樣計入第二季。過去 12 個月，數位銷售額約占我們業務的 60%。

Looking at each of the components of this quarter's digital sales in turn. First, extra content and freemium net sales were up 28% year on year to $462 million. As mentioned last quarter, this includes launch sales of FIFA Ultimate Team that were not captured in the same quarter a year ago. Using Q2 plus Q3 as the measurement period, FIFA 17 Ultimate Team grew 22% over FIFA 16 Ultimate Team, despite ongoing currency headwinds.

接下來，我們將逐一分析本季數位銷售的各個組成部分。首先，額外內容和免費增值服務的淨銷售額年增 28%，達到 4.62 億美元。如上季所述，這包括 FIFA Ultimate Team 的首發銷售額，而這些銷售額在去年同期並未計入。以第二季和第三季為衡量期，儘管面臨持續的貨幣不利因素，FIFA 17 Ultimate Team 仍比 FIFA 16 Ultimate Team 成長了 22%。

At constant currency, year-on-year growth would have been 30%. This extraordinary growth in a major business is driven by innovations, such as the story mode we added to the FIFA, and by enthusiasm for the competitive gaming mode, FUT Champions.

以固定匯率計算，年成長率為 30%。這項重大業務的非凡成長是由創新（例如我們在 FIFA 中添加的故事模式）以及對競技遊戲模式 FUT Champions 的熱情所驅動的。

In China, FIFA Online 3, our PC free-to-play game continues to benefit from the growing interest and investment in soccer there.

在中國，我們的PC免費遊戲《FIFA Online 3》繼續受益於當地對足球日益增長的興趣和投入。

In Mobile, we had a record quarter. Net sales were $174 million, up 7% year on year, with growth again led by Star Wars Galaxy of Heroes. Madden NFL Mobile, SimCity BuildIt! and The Sims FreePlay also made strong contributions to the quarter. NBA LIVE Mobile and FIFA Mobile are delivering strong installs and engagement, which we believe can translate into greater monetization over time.

在莫比爾，我們創下了季度業績新高。淨銷售額為 1.74 億美元，年成長 7%，其中《星際大戰：銀河英雄傳》再次引領了成長。Madden NFL Mobile、SimCity BuildIt!《模擬市民免費版》也為本季做出了強勁貢獻。NBA LIVE Mobile 和 FIFA Mobile 的安裝量和用戶參與度都非常高，我們相信隨著時間的推移，這將轉化為更大的利潤。

Net sales of full game PC and console downloads were $355 million, another record, and 82% higher than last year. As anticipated, digital downloads for Battlefield 1 were much stronger than for Star Wars Battlefront in the year-ago quarter. 32% of our unit sales are now digital rather than physical, measured on current generation consoles over the last 12 months. This is ahead of our fiscal year target of 29%, and is likely to be driven slightly higher again by the fourth quarter, which is dominated by catalog sales.

完整遊戲 PC 和主機下載的淨銷售額為 3.55 億美元，再次創下紀錄，比去年增長了 82%。正如預期的那樣，《戰地1》的數位下載量比去年同期的《星際大戰：前線》要高得多。過去 12 個月，我們目前世代遊戲主機的銷售量中，32% 為數位版而非實體版。這比我們本財年 29% 的目標有所提高，而且由於第四季度主要依靠目錄銷售，這一數字可能會再次略微上升。

Subscriptions, advertising, and other digital purchases contributed $104 million to net sales, up 16% year on year. EA Access and Origin Access continue to grow.

訂閱、廣告和其他數位購買為淨銷售額貢獻了 1.04 億美元，年增 16%。EA Access 和 Origin Access 的使用者數量持續成長。

Turning to guidance, we are raising our full-year guidance to $4.800 billion in net revenue and a $125 million increase in deferred revenue. We anticipate cost of revenues to be $1.338 billion, including $43 million of historical acquisition-related costs and $2 million of stock-based compensation. Operating expenses are expected to be $2.306 billion, including $192 million in stock-based comp, and $6 million in acquisition-related costs.

展望未來，我們將全年淨收入預期上調至 48 億美元，遞延營收預期增加 1.25 億美元。我們預計收入成本為 13.38 億美元，其中包括 4,300 萬美元的歷史收購相關成本和 200 萬美元的股票選擇權費用。預計營運費用為 23.06 億美元，其中包括 1.92 億美元的股票選擇權補償金和 600 萬美元的收購相關成本。

Our investment in future revenue continues through development of a new IP, including building out our Motive studios in Montreal, building our Player Network infrastructure, and expanding our eSports footprint. This results in earnings per share of $2.91 for the year, a $0.22 increase from prior guidance. GAAP adjustments to derive measures comparable to our historical non-GAAP EPS include the $125 million change in deferred net revenue; $194 million of stock-based compensation attributed to operating expenses and cost of revenue; $49 million in acquisition-related costs; $2 million in debt-related expenses; and the reduction of 1 million shares for the convertible bond hedge.

我們透過開發新的智慧財產權，持續投資未來收入，包括在蒙特婁建造我們的 Motive 工作室、建立我們的玩家網路基礎設施以及擴大我們的電競業務。這將使全年每股收益達到 2.91 美元，比之前的預期增加 0.22 美元。為得出與我們歷史非GAAP每股收益可比較的指標，GAAP調整包括：遞延淨收入變動1.25億美元；歸因於營運費用和收入成本的股票選擇權費用1.94億美元；收購相關成本4,900萬美元；債務相關費用200萬美元；以及為對沖可轉換債券而減少的1,00萬股。

Regarding cash flow for the full fiscal year, we're raising our operating cash flow guidance to be approximately $1.35 billion. Our capital expense forecast remains approximately $110 million, resulting in a free cash flow forecast of approximately $1.25 billion. We expect FY17 to be our biggest cashflow year ever.

關於本財年的現金流，我們將經營現金流預期上調至約 13.5 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約為 12.5 億美元。我們預計2017財年將是我們有史以來現金流最充裕的一年。

We continue to anticipate net sales for the year to be approximately $4.925 billion. However, the underlying profitability is up significantly, due particularly to the success of Battlefield 1 and FIFA Ultimate Team.

我們仍然預計全年淨銷售額約為 49.25 億美元。然而，由於《戰地1》和《FIFA終極球隊》的成功，基本獲利能力顯著提高。

Guidance for the fourth quarter is for net revenue of $1.482 billion, including the recognition of $407 million in deferred net revenue. We anticipate cost of revenue to be $242 million. Operating expenses are expected to be $591 million, including $50 million in stock-based compensation, and $1 million in acquisition-related costs. Expenses are up year-on-year, chiefly driven by increased investment in new franchises and our Player Network.

第四季業績預期淨收入為 14.82 億美元，其中包括確認 4.07 億美元的遞延淨收入。我們預計收入成本為 2.42 億美元。預計營運費用為 5.91 億美元，其中包括 5,000 萬美元的股票選擇權費用和 100 萬美元的收購相關費用。支出逐年增加，主要原因是增加了對新特許經營權和球員網絡的投資。

This results in an earnings per share of $1.64 for the quarter. GAAP adjustments to derive measures comparable to our historical non-GAAP EPS include the $[470] million (sic -- see press release, "$407 million") change in deferred net revenue; $50 million in stock-based compensation attributed to operating expenses; and $1 million in acquisition-related expenses.

該季度每股收益為 1.64 美元。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的[4.7億美元]（原文如此－參見新聞稿，「4.07億美元」）變動；歸因於營運費用的5000萬美元股票選擇權費用；以及100萬億美元收購相關費用。

We anticipate net sales for the quarter to be $1.07 billion. This is up 16% year on year by Battlefield 1 and Mass Affect Andromeda. FX continues to be a drag on year-on-year comparisons. Although our hedging program mitigates the effects of short-term movements in exchange rate, no hedging program can wholly protect a company from long-term structural changes in exchange rates. So that builds a headwind for FY17 versus FY16 in comparison, and it looks like we'll face an even greater headwind in FY18.

我們預計本季淨銷售額將達到 10.7 億美元。與去年同期相比，《戰地1》和《質量效應：仙女座》的銷量成長了16%。外匯市場持續拖累同比業績。雖然我們的對沖計劃可以減輕匯率短期波動的影響，但沒有任何對沖計劃可以完全保護公司免受匯率長期結構性變化的影響。因此，與 2016 財年相比，2017 財年將面臨不利因素，而且看來我們在 2018 財年將面臨更大的不利因素。

In conclusion, we had our best-ever holiday quarter, driven by record performances from our two largest franchises, Battlefield and FIFA. This was supported by a record quarter in Mobile, led by Star Wars Galaxy of Heroes. All three of these titles have strong live service components, and these position us well going into FY18.

總而言之，我們迎來了有史以來最好的假期季度，這主要得益於我們兩大最熱門遊戲系列《戰地》和《FIFA》的創紀錄表現。這主要得益於行動端創紀錄的季度業績，其中《星際大戰：銀河英雄傳》的銷售成長尤為顯著。這三款遊戲都具有強大的線上服務功能，這讓我們在 2018 財年佔據了有利地位。

Andrew introduced our FY18 slate today, and we'll be providing you with detailed financial guidance in May. Our results demonstrate the cash and earnings power of our business model, and we look forward to an exciting 2018 and beyond.

Andrew今天介紹了我們的2018財年計劃，我們將在5月份為您提供詳細的財務指導。我們的業績證明了我們商業模式的現金流和獲利能力，我們期待著令人興奮的 2018 年及以後。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake.

謝謝你，布萊克。

FY17 has been an extraordinary year to date. EA has delivered some of the top games in the industry, we've grown engagement, and continued to exceed our guidance. Now we have more exciting plans ahead.

2017財年至今是非同尋常的一年。EA 推出了一些業界頂尖的遊戲，我們提高了用戶參與度，並持續超越了我們的預期。我們還有更令人興奮的計劃。

Creating amazing games and pioneering new ways to play will always be at our core. As games continue to touch the lives of more and more people around the world, through more devices and more platforms, the deep engagement of games uniquely delivered becomes increasingly valuable. Maintaining that engagement in a crowded world where players are continually challenged for time requires solving fundamental challenges to remove friction in a digital, networked world.

創造精彩遊戲和開創全新玩法始終是我們的核心目標。隨著遊戲透過越來越多的設備和平台，持續影響世界各地越來越多的人的生活，遊戲獨特呈現方式帶來的深度沉浸感變得越來越有價值。在玩家不斷面臨時間挑戰的擁擠世界中，要維持這種參與度，就需要解決根本性的挑戰，以消除數位化、網路化世界中的摩擦。

Our EA Player Network is designed for those challenges, to help players stay connected to their friends and their favorite games, whenever and wherever they are ready to play. It redefines the player value proposition from one that depends on each player building a network inside every new game, to one that moves seamlessly from experience to experience, across devices, with their friends, and with their achievements.

我們的 EA 玩家網路旨在應對這些挑戰，幫助玩家隨時隨地與他們的朋友和他們最喜歡的遊戲保持聯繫，讓他們可以盡情暢玩。它重新定義了玩家價值主張，從依賴每個玩家在每款新遊戲中建立人脈網絡，轉變為能夠跨設備、與朋友一起無縫地體驗不同遊戲，並與自己的成就分享遊戲體驗。

The EA Player Network is coming to life today. Our Battlefield games now have a central user interface that dynamically solves for the needs of our players. It will recommend experiences relevant to them based on the modes they're playing -- new community challenges, new events or content to help them improve their skills. More powerfully, the interface helps players find their friends faster and jump into games together, an essential service for multiplayer games.

EA玩家網路今天正式上線。我們的《戰地》系列遊戲現在擁有一個中央使用者介面，可以動態地滿足玩家的需求。它會根據玩家正在玩的遊戲模式，推薦與他們相關的體驗——新的社群挑戰、新的活動或幫助他們提陞技能的內容。更重要的是，該介面可以幫助玩家更快找到朋友並一起進入遊戲，這對多人遊戲來說是一項至關重要的服務。

This is the true power of the Player Network, keeping players connected with their friends and the games they love, and applying deep learning to bring layers of personalization that will make every experience meaningful. It enables us to help our players move fluidly across different games, genres, and platforms, all inside our network.

這就是玩家網路的真正力量，它讓玩家與朋友和他們喜愛的遊戲保持聯繫，並應用深度學習帶來多層次的個人化體驗，使每一次遊戲體驗都充滿意義。它使我們能夠幫助玩家在我們的網路內流暢地穿梭於不同的遊戲、類型和平台之間。

With great games like Battlefield 1, Titanfall 2 and our EA SPORTS experiences on console and mobile, we are connecting with more players around the world. Through our live services like Ultimate Team and global Competitive Gaming tournaments and events, we are giving them deep and dynamic ways to engage.

憑藉《戰地1》、《泰坦隕落2》等優秀遊戲以及我們在主機和行動裝置上的EA SPORTS遊戲體驗，我們正在與世界各地越來越多的玩家建立聯繫。透過我們的即時服務，例如 Ultimate Team 和全球競技遊戲錦標賽及活動，我們為他們提供了深入且動態的參與方式。

Through subscription services like EA Access and Origin Access, we are giving players more choice and great value. The Player Network becomes the consistent thread through all of these experiences and more, helping our players navigate a crowded world, and helping us deliver a truly connected future of play.

透過 EA Access 和 Origin Access 等訂閱服務，我們為玩家提供了更多選擇和更大的價值。玩家網路成為貫穿所有這些體驗及更多內容的共同線索，幫助我們的玩家在擁擠的世界中游刃有餘，並幫助我們打造真正互聯的未來遊戲體驗。

We're looking forward to finishing FY17 with a strong fourth quarter, and delivering more great entertainment to our global network of players. Now Blake and I are here for your questions.

我們期待以強勁的第四季度業績為 2017 財年畫上圓滿的句號，並為我們的全球玩家網絡帶來更多精彩的娛樂體驗。現在我和布萊克在這裡回答你們的問題。

(Operator Instructions)

（操作說明）

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. I've got two. So the first one on FIFA Ultimate Team being up 30% ex FX, it's really strong. Understanding it's from campaign mode and Frostbite. Could you help us understand a little bit more the breakdown of paying user growth, versus spend per user? And then at this point, what do you see as being the main point of friction that holds back paying Ultimate Team adoption? Thanks.

謝謝您回答我的問題。我有兩個。FIFA Ultimate Team 的第一支股票上漲了 30%（不含匯率），漲幅非常強勁。了解到這是由於戰役模式和寒霜引擎造成的。您能否幫助我們更深入了解付費用戶成長與每位用戶支出之間的組成？那麼，您認為目前阻礙付費版 Ultimate Team 普及的主要摩擦點是什麼？謝謝。

Yes, thanks, Brian. I think the metrics have not changed dramatically between paying users and non-paying users. What we've done is brought many more players into Ultimate Team, which is really the goal of what we're trying to do. We want people to have a great experience, more people to play, the experience gets better.

是的，謝謝你，布萊恩。我認為付費用戶和非付費用戶之間的各項指標並沒有顯著變化。我們已經為終極球隊模式吸引了更多玩家，這正是我們努力的目標。我們希望玩家擁有良好的遊戲體驗，參與人數越多，遊戲體驗就越好。

And we also want to give people to have new ways to play the game, which we've shown drives more excitement and more interest into the game, as well as the connection into our competitive gaming activity. Over time, we've seen the spend levels climb, but our focus is really on bringing more and more people into the atmosphere, or the game to play it.

我們也希望為玩家提供新的遊戲方式，我們已經證明，這能激發玩家對遊戲的更多熱情和興趣，並增強他們參與競技遊戲活動的動機。隨著時間的推移，我們看到消費水準不斷攀升，但我們的重點仍然是吸引越來越多的人參與遊戲。

Stephen Ju, Credit Suisse

瑞士信貸 Stephen Ju

Thank you. So Andrew, I think you called out Need for Speed -- a new Need for Speed for FY18. There also seems to be a Need for Speed Edge, which seems to be an online version that's being published by Nexon. So we're wondering if you can add further perspective there? And will this game follow the path that FIFA Online set, of getting exported to other markets like China? And Blake, the 32% of sales for Battlefield coming from download, I think we're used to thinking about a pick up of about 5%, in terms of the mix shift from physical to downloads. I'm wondering if there's anything you can highlight in terms of consumer behavior there, is the shift accelerating, or is this something specific to Battlefield? Thank you.

謝謝。所以安德魯，我想你提到了《極速快感》——2018 財年的新作《極速快感》。似乎還有一款名為《極速快感：邊緣》（Need for Speed Edge）的遊戲，它似乎是 Nexon 發行的線上版本。所以，我們想知道您是否能補充一些其他觀點？這款遊戲是否會像 FIFA Online 一樣，出口到中國等其他市場呢？布萊克，戰地系列遊戲 32% 的銷售來自下載，我認為我們通常認為實體版向下載版轉變的比例會上升 5% 左右。我想知道在消費者行為方面，您能否重點指出一些情況，這種轉變是否正在加速，或者這只是《戰地》系列遊戲特有的現象？謝謝。

Yes. So on the Need for Speed question, one of the things that is wonderful about having such a deep portfolio of global brands, is that they have tremendous appeal around the world. And Need for Speed like FIFA is one of those brands that has tremendous appeal in North America, Europe, South America and throughout Asia. However, as we think about different markets, it's really important for us to establish games according to a modality of play that makes sense for that market.

是的。所以關於《極速快感》的問題，擁有如此豐富的全球品牌組合的好處之一就是它們在世界各地都具有巨大的吸引力。而像 FIFA 這樣的《極速快感》系列遊戲，在北美、歐洲、南美和整個亞洲都擁有巨大的吸引力。但是，當我們考慮不同的市場時，對我們來說，根據適合該市場的玩法模式來製定遊戲是非常重要的。

So again, with Need for Speed Edge, it is effectively the same track that we took with FIFA Online 3, which is the core component of gameplay, which is fast cars, amazing chases, and over-the-top driving action, will form the centerplace of Need for Speed Edge, but it will be done in a free-to-play environment the same way FIFA is. It's early days for Need for Speed Edge, but you might imagine that as we continue to grow that property in Asia, that it would follow a similar path to that which we've taken with FIFA Online 3.

所以，《極速快感：邊緣》實際上和我們開發《FIFA Online 3》時走的是同一條路，其核心玩法是高速跑車、驚險刺激的追逐和誇張的駕駛動作，這些都將構成《極品飛車：邊緣》的中心，但它將像《FIFA》一樣，以免費遊戲的形式呈現。《極速快感：邊緣》目前還處於早期階段，但你可以想像，隨著我們在亞洲繼續發展該系列遊戲，它將遵循與我們《FIFA Online 3》類似的路徑。

And Stephen, your question on full game downloads, just to clarify, the 32% number is a trailing 12 month number for all of our titles on gen 4 consoles. And as comparison, in FY15, that number was 20%, FY16 it was 24%, and this year, it's running at 32%. We thought it would be probably 29% for the full year, our full fiscal year. So we're running ahead of that.

還有 Stephen，關於你提出的完整遊戲下載量的問題，我澄清一下，32% 這個數字是我們所有第四代主機遊戲的過去 12 個月的數據。相較之下，2015 財年這一數字為 20%，2016 財年為 24%，而今年則為 32%。我們原本以為全年（即我們整個財政年度）的成長率大概會是 29%。所以我們已經領先一步了。

The Battlefield numbers -- we don't disclose those, but since is a very popular PC title, which north of 75% of those games are sold digitally, you should assume that the Battlefield full game download numbers skewed higher than what we've seen. In contrast to the last year, when we saw Battlefront which skewed lower, because it was less of a PC-based tile so.

《戰地》的數據——我們不會透露這些數據，但由於它是一款非常受歡迎的 PC 遊戲，其中超過 75% 的遊戲都是透過數位方式銷售的，因此你應該假設《戰地》完整版遊戲的下載量比我們看到的要高。與去年相比，去年我們看到《星際大戰：前線》的排名偏低，因為它與 PC 平台的關聯性較弱。

Okay, thank you.

好的，謝謝。

Next question?

下一個問題？

Chris Merwin, Barclays Capital

克里斯‧默溫，巴克萊資本

Hey, great. Thank you. Just had a couple. So just to follow up on that download question. Gross margins were obviously very strong in 3Q, and Blake as you mentioned, that was I guess, due mostly to Battlefield, and perhaps lower royalties from Titanfall.

嘿，太好了。謝謝。剛喝了兩杯。所以，我再跟進一下之前關於下載的問題。第三季的毛利率顯然非常強勁，正如你所提到的，布萊克，我想這主要是由於《戰地》系列遊戲的收益，也可能是由於《泰坦殞落》系列遊戲的版稅收入較低。

But it looks like you've guided to more than 250 basis points of margin expansion in FY17, which is well ahead of the 100 basis point annual target. So just as we start to think about FY18, could you say how much of the benefit that we're seeing this year is one-time in nature? And what that might mean for next year, obviously, without giving guidance there?

但看來你們已將 2017 財年的利潤率擴張目標設定為 250 個基點以上，遠遠超過了 100 個基點的年度目標。在我們開始考慮 2018 財年之際，您能否說明我們今年看到的收益有多少是一次性的？那麼，這對於明年意味著什麼呢？顯然，我不會給出具體指導。

And then, just a second question. You mentioned in the prepared remarks, the strength of engagement you've seen with Battlefield 1. So I was just wondering, if you could talk about how that's manifested itself in DLC and MTX, and maybe more specifically, what the attach rate of all extra content sales looks like for Battlefield 1 relative to Battlefield 4? Thank you.

還有一個問題。您在準備好的演講稿中提到了《戰地1》玩家參與度很高。所以我想請您談談這種參與度是如何體現在DLC和微交易上的，更具體地說，《戰地1》所有額外內容的銷售增長率相對於《戰地4》是怎樣的？謝謝。

Yes. So clearly, we saw a very large gross margin improvement in the quarter. That's a combination of higher digital as we just discussed, both in terms of full game downloads, and higher extra content, in the form of Ultimate Team. It also is, as you called out, we sold less Titanfall 2 than we expected, and we sold more Battlefield 1 than we expected. And Battlefield 1 is a higher margin product for us. And so, that acted as a way of improving the margin.

是的。很明顯，本季毛利率大幅提升。正如我們剛才討論的，這是數位版內容增加（包括完整遊戲下載量增加）和額外內容增加（例如 Ultimate Team）的綜合結果。正如你所指出的，我們的《泰坦殞落2》銷售量低於預期，而《戰地1》的銷售量高於預期。而且，《戰地1》對我們來說是一款利潤更高的產品。因此，這成為提高利潤率的一種方法。

We will see some pressure next year, because we'll flip back to a large royalty-bearing title in the form of Battlefront. And as we saw last year, that puts somewhat of a damper on the OpEx -- or on the, excuse me, on the gross margins. I don't yet have the numbers to give you for guidance. We'll do that in May, and we'll try to call out the impact. But you should assume that we will have the benefits from continued mix change, more digital, more digital live services, as well as more digital full game downloads. And some of that could be offset by royalty-bearing titles, but probably not fully offset by. We should continue to see some gross margin improvement.

明年我們將面臨一些壓力，因為我們將重新投入《星際大戰：前線》這款需要支付大量版稅的遊戲中。正如我們去年所看到的，這在一定程度上抑制了營運支出——或者，抱歉，抑制了毛利率。我目前還沒有相關數據可以提供給您參考。我們將在五月進行這項工作，並努力闡明其影響。但你應該預料到，我們將從持續的組合變化、更多數位化、更多數位直播服務以及更多數位化完整遊戲下載中受益。其中一部分可以透過版稅收入來抵消，但可能無法完全抵消。我們應該會看到毛利率繼續有所改善。

In terms of Battlefield 1 extra content, we're just getting going on our extra content plan. Our first deal DLC ships in March, the end of March. There's virtually no revenue this year for that, that will all come next year.

關於《戰地1》的額外內容，我們的額外內容計畫才剛開始。我們的首個DLC將於3月底發售。今年這方面幾乎沒有任何收入，所有收入都將在明年到來。

So I will give you a better sense of the attach and the revenue associated with that, when we do guidance. But we're very excited about the potential, because we have such an engaged and large consumer base playing the game.

因此，在提供指導意見時，我會讓您更了解附件及其相關收入。但我們對這款遊戲的潛力感到非常興奮，因為我們擁有龐大且活躍的消費者群體。

We will look to DLC, MTX, and many different methods for people to continue to enjoy the game, and deepen their experience. We'll tell you more about that in the months to come.

我們將透過DLC、微交易以及多種不同的方式，讓玩家能夠繼續享受遊戲樂趣，並加深他們的遊戲體驗。我們將在未來幾個月向您詳細介紹。

All right. Thank you.

好的。謝謝。

Brian Fitzgerald, Jefferies.

Brian Fitzgerald，傑富瑞集團。

Thanks, guys. Maybe a couple quick ones. The new BioWare game, I think you mentioned it was action and adventure in the description. Is that an RPG game, we should assume coming from BioWare's history? And then, we may have missed this, but is that owned IP or will that be royalty-bearing licensed IP?

謝謝各位。或許可以快速拍幾張。我記得你在描述裡提到過，BioWare 的新遊戲是動作冒險遊戲。鑑於 BioWare 的歷史，我們應該推測這是一款角色扮演遊戲嗎？還有一點，我們可能錯過了，但那是自有知識產權，還是需要支付版稅的授權知識產權？

So it's an action adventure, not RPG. So what we're starting to see more and more in game genres, kind of genre-melding which is great components of a number of different genres, really kind of coming together into single games.

所以這是動作冒險遊戲，不是角色扮演遊戲。所以，我們現在在遊戲類型中越來越看到一種融合的趨勢，即多種不同類型的優秀元素真正融合到單一遊戲中。

And so, when you think about this game, you should be thinking about the great RPG character development and storyline progression that BioWare is known for, but in a world of greater action and greater adventure which is growing to be one of the larger categories in games. It will be a wholly owned IP. We're very excited about it, and we'll share more in the year to come.

因此，當你想到這款遊戲時，你應該想到的是 BioWare 聞名遐邇的出色 RPG 角色發展和故事情節推進，但同時又置身於一個更加精彩刺激、充滿冒險的世界，而這正逐漸成為遊戲中一個更大的類別。它將成為完全擁有的智慧財產權。我們對此感到非常興奮，明年我們會分享更多。

Thank you, Andrew.

謝謝你，安德魯。

We're ready for the next question.

我們準備好回答下一個問題了。

Justin Post, Merrill Lynch.

賈斯汀·波斯特，美林證券。

Great. Thank you. Blake, you did a really good job kind of guiding the units for Battlefield and Titanfall. I wonder just to help us think about how big those were, and digital potential, if you can give us any sense of how many units have sold through, or just the number of players in Battlefield? And Andrew, you've got Battlefront coming next year. You've mentioned a lot of new features and a single-player campaign.

偉大的。謝謝。布萊克，你在指導《戰地》和《泰坦隕落》的部隊方面做得非常出色。為了幫助我們思考這些遊戲的規模和數位潛力，您能否告訴我們《戰地》系列遊戲的銷售量，或是玩家數？安德魯，明年《星際大戰：前線》就要發售了。您提到了許多新功能和一個單人戰役模式。

Can we think about that growing versus the first one? Just wondering what your thoughts there? And then, the last one, Blake on Ultimate Team, I think the last update was $500 million or so. Just wondering if you can give us any thoughts on the size of revenue this fiscal year? Thank you.

我們能否思考一下，這種成長與第一個成長相比如何？想知道你對此有何看法？最後，關於布雷克在終極球隊的轉會，我記得上次更新的金額大約是 5 億美元。想問問您能否談談對本財年營收規模的看法？謝謝。

Yes. So let me hit the first two, and then I will let Andrew jump in, or the first and the last one. The units -- we're going to actually spend less time talking about units going forward in the future, for one real simple thing, which is the business is becoming far less important around units sold. We're very excited. We sold more units than we expected to sell in Battlefield, and we sold less units than we expected in Titanfall.

是的。那我先打前兩個，然後讓安德魯接手，或打第一個和最後一個。銷售量－從今以後，我們實際上會花更少的時間談論銷量，原因很簡單，那就是業務對銷售的重視程度正在大大降低。我們非常興奮。我們在《戰地風雲》系列遊戲中售出了比預期更多的遊戲單位，而在《泰坦殞落》系列遊戲中售出了比預期更少的遊戲單位。

The Battlefield units are on track to be one of the biggest titles in the shooter market in the world, and we're very excited about that. And that means there's a lot of people playing, and the engagement levels they're playing at, are things that -- are at a point, that we've not even seen in our past. A highly engaged audience, an incredible depth of gameplay that's going on.

《戰地》系列遊戲有望成為全球射擊遊戲市場中最熱門的遊戲之一，我們對此感到非常興奮。這意味著有很多人玩這款遊戲，而且他們的參與度已經達到了我們過去從未見過的程度。玩家群高度活躍，遊戲玩法深度令人驚嘆。

And so, you should assume that we'll give units probably upfront when we give guidance, to give people sizing, but we're going to try to spend less time talking about the units, and more time talking about the revenue associated with the game, because we think that's more important. And in terms of -- let's see -- your last question was?

因此，你們應該假設我們在給出指導意見時可能會提前給出單位數量，以便大家了解規模，但我們會盡量減少談論單位數量的時間，而更多地談論與遊戲相關的收入，因為我們認為這更重要。至於──讓我想想──你最後一個問題是？

Ultimate Team?

終極團隊？

Ultimate Team.

終極團隊。

Oh, Ultimate team, yes. So we're now tracking close to $800 million a year on Ultimate Team, between the three sports. Obviously, FIFA is the largest, followed by Madden, and then followed by hockey. But it's very encouraging at the continued excitement around that business, and our ability to continue to grow it, despite its extremely large size already.

哦，終極團隊，沒錯。所以，目前我們統計到，Ultimate Team這三項運動每年的收入接近8億美元。顯然，FIFA 是最大的遊戲，其次是 Madden，然後是冰球。但令人鼓舞的是，大家對這項業務的熱情持續高漲，我們有能力繼續發展這項業務，儘管它的規模已經非常龐大。

So on Star Wars Battlefront, again we're not in a place where we're going to give unit guidance or revenue guidance at this juncture. But here is what I would leave you with, this is going to be a big game. The first game was very well-received. It was widely regarded as a game that fulfilled people's Star Wars fantasies in ways they could never imagine.

所以，關於《星際大戰：前線》，我們目前還無法給出銷售或收入的預期。但我最後想告訴大家的是，這將會是一場重要的比賽。第一場比賽反應非常好。它被廣泛認為是一款以人們無法想像的方式滿足了他們對《星際大戰》幻想的遊戲。

But it was also a game where people asked for a lot more, and a lot more depth, and a lot more of the greatness of the game, kind of embodied. This game, again, is going to be in more locations, more game modes, more eras, more ships, ultimately including a full single player campaign which is very, very exciting. So we have every reason to believe we're delivering fans exactly what they're asking for with respect to a Star Wars game.

但同時，人們也希望這款遊戲能帶來更多，更豐富的內涵，以及更多體現遊戲偉大之處的內容。這款遊戲將會涵蓋更多地點、更多遊戲模式、更多時代、更多艦船，最終還將包含完整的單人戰役，非常非常令人興奮。因此，我們完全有理由相信，我們正在為粉絲提供他們所期望的星球大戰遊戲。

We've also had another movie since we launched the last one, and another one coming later this year, and we would expect that the global fan base for Star Wars will continue to grow. So we feel great about the game. We feel great about the overall community, and we feel great about the energy that the movie will generate in and around the launch of the game.

自從上一部電影上映以來，我們又推出了一部電影，今年稍後還將推出另一部，我們預計《星際大戰》的全球粉絲群將繼續增長。所以我們對這場比賽感覺很棒。我們對整個社區感到非常滿意，也對這部電影將在遊戲發布前後所引發的活力感到非常滿意。

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。

Great. Thanks for taking my questions. I have a couple. First off, I was hoping you could talk a little about the relationship with Respawn, in terms of the future of Titanfall? It sounds like from your comments, Andrew, that there will be a future sequel.

偉大的。謝謝您回答我的問題。我有一對。首先，我希望您能談談與Respawn的關係，以及Titanfall的未來發展方向？安德魯，從你的評論來看，似乎會有續集。

And then secondly, was hoping you could address the level of support for the Nintendo Switch, if there's been any change since the last call in terms of our R&D commitment, and any titles in development? Thank you.

其次，希望您能談談對 Nintendo Switch 的支援力度，自上次電話會議以來，我們在研發投入方面是否有任何變化，以及是否有任何正在開發的遊戲？謝謝。

So we have a great relationship with Respawn. I was actually down there with them recently, spending time with -- we're very excited about Titanfall 2. We think that game is going to sell for a really long time. And as we said in the prepared remarks, it's one of the highest rated shooters of the generation. It's also got some of the highest NPS scores across our portfolio, so people playing the game, and having a great time.

我們和Respawn的關係非常好。我最近確實和他們一起待在那裡，和他們一起度過了一段時間——我們對《泰坦隕落2》感到非常興奮。我們認為這款遊戲將會暢銷很久。正如我們在準備好的演講稿中所說，它是這一代評價最高的射擊遊戲之一。這款遊戲在我們所有遊戲中也擁有最高的 NPS 分數，所以玩家們玩得很開心。

We remain committed to that relationship. We remain committed to Titanfall, and we look forward to doing a lot more with Titanfall 2 over the year to come.

我們將繼續致力於維護這段關係。我們依然致力於《泰坦隕落》的開發，並期待在未來一年為《泰坦隕落2》做出更多貢獻。

Okay. And the Nintendo Switch?

好的。任天堂Switch呢？

The Nintendo Switch, no change. As we've announced, we're going to launch FIFA for the Nintendo Switch later this year.

任天堂Switch，沒有變化。正如我們之前宣布的那樣，我們將在今年稍後推出 Nintendo Switch 版本的 FIFA。

Blake, just to slip another one in, just to clarify, it looks like NBA LIVE was in the release slate for March in the last presentation. It does not appear in this presentation. Can you just clarify if that was a change?

布雷克，再補充一點，澄清一下，在上次的發布會上，NBA LIVE 似乎已經列入了三月份的發布計劃。它沒有出現在本次簡報中。請問這是否算是一項變更？

It was a good catch, Colin. I'll let Andrew give you the development view of NBA LIVE.

科林，你抓得真漂亮。我將讓安德魯向你介紹NBA LIVE的開發情況。

Yes, we, as everyone knows, we have been on a journey with NBA LIVE. It's something that we remain, again very committed to, with our partnership with the NBA, and want to deliver something that's truly innovative and disruptive in the marketplace. We had planned a launch in the not too distant future, with what we believe was going to be the first step towards that level of innovation and creativity to create a disruption in the marketplace.

是的，正如大家所知，我們一直在與 NBA LIVE 一起經歷一段旅程。我們依然非常致力於與 NBA 合作，希望為市場帶來真正創新和顛覆性的產品。我們計劃在不久的將來推出產品，我們相信這將是邁向創新和創造力水平的第一步，從而顛覆市場。

In all honesty, we got the game, and it's really, really good, and a lot of fun. And we feel like we are better positioned to launch that with the fullness of the NBA season ahead of us, and have decided to double down on that, add to it, and launch it as a [fall bid] later in the year.

說實話，我們玩上了這款遊戲，它真的非常棒，而且很有趣。我們覺得，隨著 NBA 賽季的全面展開，我們更有能力推出這項計劃，因此決定加倍投入，並在今年晚些時候以秋季競標的形式推出。

So you'll hear more about that, and see more coming up over the next six months. As Andrew said, we're extremely excited about it, and I've been able to beat Andrew a couple of times, as long as I am playing as Steve and Seth Curry. (laughter).

所以接下來六個月裡，你會聽到更多相關消息，也會看到更多相關內容。正如安德魯所說，我們對此感到非常興奮，只要我用史蒂夫和賽斯庫裡這兩個角色，我就能打敗安德魯好幾次。（笑聲）。

All right. Thanks, guys.

好的。謝謝各位。

Eric Sheridan, UBS.

瑞銀集團的艾瑞克·謝裡丹。

Thank you for the questions. Maybe one on mobile, just want to understand what you're seeing in terms of both player engagement and monetization on the key sports titles in the mobile format, whether you are seeing any difference between phone and tablet, in the way people are sort of engaging with those titles?

謝謝大家的提問。或許可以問問行動端的情況，我只是想了解一下在行動端主流運動遊戲中，玩家參與度和獲利情況如何，以及在手機和平板電腦上，人們玩這些遊戲的方式是否存在差異？

And then second, maybe more for Blake, but just an updated view on the way you're thinking about the balance sheet, deploying cash, looking at the M&A landscape, sort of an update on your balance sheet view? Thanks so much, guys.

其次，也許對布萊克來說更重要，但能否更新一下你對資產負債表、現金部署、併購情勢的看法，或者說，能否更新一下你對資產負債表的看法？非常感謝各位。

So two things, of monetization you were talking about there, which was across different sports titles, and then I think you layered in mobile and tablet in the end. Again, what we're seeing more broadly in mobile is that, great titles with great brands are holding their position at the top of the charts, and Madden is a great example of that. We're also seeing that the expectations of gamers now is growing, and the games need to be bigger and deeper, and offer new and interesting ways to play.

所以，關於獲利，你剛才提到了兩件事，一是不同的運動遊戲，二是最後你似乎還加入了手機和平板電腦。再說，我們在行動遊戲領域更廣泛看到的是，擁有優秀品牌的優秀遊戲一直穩居排行榜榜首，《麥登橄欖球》就是一個很好的例子。我們也看到，玩家的期望值越來越高，遊戲需要更大、更深入，並提供新的、有趣的玩法。

And what we're seeing now with Madden even in its third season, it's reaching that level of depth and breadth, and really engaging players in a big way. We are early days in the FIFA and NBA mobile games. And what we're looking at now is, while the core infrastructure was very similar to Madden, and we're very happy with their performance to date -- again, they're in line with our expectations, we are looking at sports-specific and geo-specific tuning of the feature set and the experience, that we think over the coming years we'll continue to grow those businesses, as we have done with Madden.

而我們現在看到的 Madden，即使到了第三個賽季，也已經達到了那種深度和廣度的水平，並且真正地極大地吸引了玩家。FIFA 和 NBA 手機遊戲目前還處於早期階段。我們現在看到的是，雖然核心基礎設施與 Madden 非常相似，而且我們對它們迄今為止的表現非常滿意——再次強調，它們符合我們的預期，但我們正在針對特定運動和特定地區對功能集和體驗進行調整，我們認為在未來幾年裡，我們將繼續發展這些業務，就像我們發展 Madden 一樣。

In terms of phone versus tablet -- I don't have any exact stats with me now, but we see a lot more play still happening on mobile phones versus tablets. But we do get players playing across both, and monetizing on both.

就手機與平板電腦而言——我現在手頭上沒有確切的統計數據，但我們看到手機上的遊戲量仍然遠高於平板電腦。但我們的確有玩家同時在這兩個平台上玩遊戲，並且透過這兩個平台獲利。

On the balance sheet, obviously, the great news is that our cash flow continues to grow, which means our cash balance continues to grow. We will be talking next quarter about what our next view of a share buyback program will be, because our current program will be up in May. We think we'll finish the current buyback, the $1 billion buyback right around that time. We're also, as we've talked about before, looking at everything that is out in the marketplace. Being one of the largest players in the market, we get a chance to look at virtually everything.

從資產負債表來看，顯而易見的好消息是我們的現金流持續成長，這意味著我們的現金餘額也持續成長。下個季度我們將討論我們對股票回購計畫的下一步看法，因為我們目前的計畫將於5月到期。我們認為屆時就能完成目前的10億美元回購計畫。正如我們之前討論過的，我們也在關注市場上所有現有的產品和服務。作為市場上最大的參與者之一，我們有機會接觸到幾乎所有事物。

We're very disciplined on price as we've talked about, and we want to make sure it fits the model and culture of the EA, to consider anything. Don't have anything to tell you today, other than that we'll continue to look, and we're very open to continuing to try to grow the franchise.

正如我們之前所說，我們在價格方面非常謹慎，我們希望確保它符合EA的模式和文化，才會考慮任何因素。今天沒什麼要告訴大家的，我們只會繼續尋找機會，並且非常願意繼續嘗試發展這個品牌。

But the good news is, as Andrew has discussed today with the new BioWare title, we feel like we have substantial opportunities internally, to continue to grow this business around great IP, great creative talent, and great ways to play games, that we don't even think that have fully been scratched the surface, as we've proven with Ultimate Team, but we think can be done with other franchises inside the organization.

但好消息是，正如 Andrew 今天在談到 BioWare 的新遊戲時所說，我們感覺到公司內部有很多機會，可以圍繞優秀的 IP、優秀的創意人才和優秀的遊戲方式繼續發展這項業務，我們認為這些機會甚至還沒有被完全挖掘出來，正如我們在 Ultimate Team 中證明的那樣，但我們認為也可以在公司內部的其他系列遊戲中做到這一點。

Great. Thank you.

偉大的。謝謝。

Drew Crum, Stifel Nicholas

德魯·克魯姆，史蒂費爾·尼古拉斯

Thanks, guys. Just want to ask about the fourth quarter, some of the titles and content you have scheduled to release? And as it relates to the digital revenue, you mentioned the Battlefield expansion pack late in the quarter, Mass Effect is March 21, I believe in North America, and March 23 in Europe. Given those dates, and the revenue recognition, I think you recognize digital revenue 10 to 14 days in arrears, is it possible that that gets pushed to FY18?

謝謝各位。我想問一下第四季的情況，你們計劃發布哪些遊戲和內容？至於數位營收方面，您提到了本季末推出的《戰地》擴充包，《質量效應》在北美地區應該是 3 月 21 日，在歐洲地區應該是 3 月 23 日。鑑於這些日期和收入確認方式，我認為數位收入的確認會滯後 10 到 14 天，這是否有可能推遲到 2018 財年？

And my second question relates to Titanfall. Just want to understand if you have any thoughts as to why you think it underperformed? And going forward, what the digital monetization strategy will be with that franchise? Thanks.

我的第二個問題與《泰坦隕落》有關。我只是想知道，您對它表現不佳的原因有什麼想法嗎？展望未來，該系列作品的數位化變現策略將是什麼？謝謝。

So I'll address the first one, Drew, and then Andrew can address the Titanfall question. We, our digital cut-off is typically about 5 to 7 days, depending on the calendar, more than the actual days. But so we will get some digital from the first few days of sales for Mass Effect.

那我先回答第一個問題，德魯，然後安德魯可以回答關於泰坦隕落的問題。根據日曆的不同，我們的數字截止日期通常比實際天數多 5 到 7 天。但這樣一來，我們就能從《質量效應》發售的前幾天獲得一些數位版收益。

We will get very little revenue, just because of the way we book the revenue for the DLCs on Battlefield 1. So you can assume that's close to zero, and assume Mass Effect is going to be anywhere between 30% to 50% of the lifetime of that title. And the last Mass Effect did close to 6 million units, so you'll probably see something like around 3 million units in the quarter, depending on the exact timing so.

由於《戰地1》DLC的收入結算方式，我們獲得的收入將非常少。因此，你可以假設這部分收入接近零，並假設《質量效應》的收入將佔該遊戲生命週期的30%到50%。上一部《質量效應》的銷量接近 600 萬份，所以根據具體時間，本季你可能會看到大約 300 萬份的銷量。

And on Titanfall, well, as Blake highlighted earlier, it sold less than we expected in the time frame. We're not seeing it as underperformance at this juncture. What we've demonstrated as an organization, is that with great games we can sell them for many months, and often many years.

至於《泰坦隕落》，正如布萊克之前強調的那樣，它的銷售在預期時間內低於我們的預期。我們目前並不認為這是業績不佳。我們作為一個組織已經證明，只要遊戲優秀，我們就能賣出好幾個月，甚至好幾年。

Again, look at the sales curve of Battlefield 4. We were still selling lots of units three years post, and still had nearly 10 million people playing that game right in the lead up to Battlefield 1. So the way we think about Titanfall is that we have what is one of the best games of this year, and certainly one of the best games of this generation of consoles, in what is this year's largest category. And we've got a development team who have unbelievable pedigree, and a commitment to continue to support the community. And we expect to continue to grow that community through the coming fiscal year.

再看看《戰地4》的銷售曲線。三年後我們仍然賣出了很多份，在《戰地1》發售前夕，仍然有近1000萬人在玩這款遊戲。所以我們認為《泰坦殞落》是今年最好的遊戲之一，當然也是世代主機上最好的遊戲之一，而且它還屬於今年最大的遊戲類別。我們擁有一支資歷深厚、實力雄厚的開發團隊，並且致力於持續支持社區發展。我們預計在接下來的財政年度裡，這個社區將繼續發展壯大。

Thanks, guys.

謝謝各位。

Neil Doshi, Mizuho.

尼爾·多西，瑞穗。

Great. Thanks, guys. Just a quick question on mobile, Blake. I think mobile grew around 7%, it's kind of well below the double-digit growth we've seen over the past few quarters. Any color on what drove that slow down, and whether we should kind of see that rebound back to a double-digit growth again?

偉大的。謝謝各位。布萊克，我用手機問你個問題。我認為行動端成長了約 7%，遠低於過去幾季我們看到的兩位數成長。有沒有人能透露一下導致經濟放緩的原因，以及我們是否應該看到經濟再次反彈並恢復到兩位數成長？

Yes, I think the growth in mobile, remember is driven oftentimes by when new titles come out. So you have to be careful not to get too hung up on that. And then instead, think about the broad portfolio. And so, if you get a big title coming in, and then you get a lot of activity early on, you're going to bump the level.

是的，我認為行動領域的成長，記住，往往是由新遊戲的發布所推動的。所以你要注意不要太糾結於此。然後，不妨考慮一下更廣泛的投資組合。所以，如果一款大作上線，而且早期就有很多玩家參與，那麼遊戲的等級就會提升。

I think one thing to note is, that's the largest mobile quarter we've had in our history, which is what we're really focused on, which is how do we have a continued growth of franchises inside mobile? Seeing titles like Star Wars Galaxy of Heroes grow, but also titles like SimCity BuildIt!, or Sims FreePlay, or the sports titles. Our goal is, how do we continue to build the footprint that we have on console in the sports world, also on mobile?

我認為需要注意的一點是，這是我們歷史上行動業務成長最快的一個季度，這也是我們真正關注的重點，也就是我們如何在行動領域實現特許經營業務的持續成長？我們看到像《星際大戰：銀河英雄傳》這樣的遊戲越來越受歡迎，還有像《模擬城市：建造》或《模擬市民：免費版》以及體育遊戲也越來越受歡迎。我們的目標是，如何將我們在主機運動領域的成就延續到行動領域？

We're pretty confident we can do that, but we know it takes time. So I can't predict today what the growth rate is going to look like for the full year next year. But I would say that, focus more on the annual growth, and on the size of the franchises, and really important, the stability of those franchises.

我們很有信心能夠做到這一點，但我們也知道這需要時間。因此，我今天無法預測明年全年的成長率會是多少。但我認為，應該更關注年度成長率、加盟店的規模，以及非常重要的，這些加盟店的穩定性。

And as we've talked about before, our focus is to have a very profitable mobile business, which means we're not going to over-monetize or overspend just to try to monetize, and we're trying to build long-term franchises. And we're pretty excited about where that's going.

正如我們之前討論過的，我們的重點是打造一個非常盈利的移動業務，這意味著我們不會為了盈利而過度盈利或過度支出，我們致力於建立長期的特許經營權。我們對它的發展方向感到非常興奮。

All right. Thank you.

好的。謝謝。

Eric Handler, MKM Partners

Eric Handler，MKM Partners

Yes, thanks for taking my questions. Two questions for you. First, the guidance for the fourth quarter. If you sort of parse out what was implied of last quarter's guidance, and where we are now, is much of that change, about a $0.05 impact to the downside, is a lot of that just because of Mass Effect [happen] later in the quarter, release date? Is it FX or is there's something else?

是的，謝謝您回答我的問題。我有兩個問題想問你。首先是第四季業績指引。如果你仔細分析上個季度業績指引的含義，以及我們現在的狀況，你會發現，大約 0.05 美元的下行影響，很大程度上是因為《質量效應》在本季度晚些時候發售造成的嗎？是特效嗎？還是另有其他原因？

And then secondly, just from a big picture macro perspective, overall retail had a very difficult December quarter, and GameStop included, but just all of retail in general, foot traffic was way down. And I am curious seeing that, does that maybe get you to focus more on accelerating the digital migration, and trying to get people to do more full game digital downloads? Or how do you read those tea leaves over the next one to two years?

其次，從宏觀角度來看，零售業整體在 12 月經歷了非常艱難的時期，GameStop 也未能倖免，整個零售業的客流量都大幅下降。我很好奇，這是否會促使你們更加專注於加速數位轉型，並努力讓人們更多地進行完整遊戲的數位下載？或者，你如何解讀未來一到兩年的市場走向？

Yes, so first on guidance, I remind everybody, we started the year with using -- if you prefer back to our -- translate it back to the non-GAAP guidance that we had -- in the way we've given it historically, we started the year at $3.50. We raised it to $3.65, and we just now raised it to $3.80. And so, I wouldn't get overly hung up on how that's phased by quarter.

是的，首先關於業績指引，我要提醒大家，年初我們使用的是——如果你願意的話——把它轉換回我們之前的非GAAP業績指引——按照我們以往給出的方式，年初的每股收益為3.50美元。我們先將價格提高到 3.65 美元，現在又提高到 3.80 美元。所以，我不會過度糾結於它是如何按季度分階段進行的。

We had an extremely strong third quarter, much stronger than we thought. That gives us caution around the fourth quarter. We don't want to get ahead of ourselves. And thus we've held the top line essentially flat, using those old measures or our net sales measure. But we've passed through a large portion of that on the bottom line, because we're very confident about the profitability, and the ongoing profitability of the business.

我們第三季的表現非常出色，比我們預想的要好得多。這讓我們對第四節比賽保持謹慎。我們不想操之過急。因此，無論是採用舊指標或淨銷售額指標，我們基本上都維持了營收不變。但我們已經克服了很大一部分風險，因為我們對公司的獲利能力和持續獲利能力非常有信心。

We're also investigating in the future, and so you see that in the OpEx number. That's not just for the quarter. That's for titles that are coming, in the coming years, to come both in terms of marketing and development expenses.

我們未來也會進行相關研究，所以您會在營運支出數字中看到這一點。這不僅僅指本季。這是指未來幾年即將推出的遊戲，包括行銷和開發費用。

On the digital side, I think we're focused on doing everything we can to deliver the best games, and the best experience for our consumers. If the consumer chooses to do that digitally or through physical, we don't spend a lot of time worrying about that. We're just trying to deliver great experiences.

在數位方面，我認為我們專注於盡一切努力為我們的消費者提供最好的遊戲和最好的體驗。如果消費者選擇透過數位方式或實體方式進行購買，我們不會花太多時間去擔心這件事。我們只是想提供優質的體驗。

But critical to those experiences are the ongoing live services where we're running events every week. We're bringing people back every week, and those experiences are all developed digitally, and delivered digitally. And that's where we think the future of the business continues to go.

但對於這些體驗而言，至關重要的是我們每週都會舉辦活動的持續性現場服務。我們每週都會吸引人們回來，而這些體驗都是以數位化方式開發和提供的。我們認為，這就是該產業未來的發展方向。

And so, that means less and less about individual games sold, and more and more about engagement in the games. And I don't know how that ultimately plays out to the retailers out there, but our focus is on really deepening the engagement for the consumer, and delivering that in a way, as the easiest possible way for the consumer to consume it, which is digitally.

因此，這意味著越來越少關注單一遊戲的銷量，而越來越多關注玩家參與度。我不知道這最終會對零售商產生怎樣的影響，但我們的重點是真正加深消費者的參與度，並以消費者能夠最輕鬆的方式（即數位化方式）來提供這種參與度。

Great. Thanks, Blake.

偉大的。謝謝你，布萊克。

Mike Hickey, The Benchmark.

麥克希基，《基準》。

Hey, Andrew and Blake. Congrats on your quarter. Two questions from me. Curious on the FY18 slate. The transparency that you gave us, Andrew, is that sort of a full slate now, or are there some games unannounced? There's been some recent chatter on maybe Escape 4. And I think we also sort of were thinking about Remasters as a possibility for FY18?

嗨，安德魯和布萊克。恭喜你順利完成本季工作。我有兩個問題。對2018財年的專案安排感到好奇。安德魯，你向我們透露的透明度，是指現在所有比賽都已確定，還是還有一些比賽尚未公佈？最近有一些關於《逃脫4》的討論。而且我覺得我們也考慮過在2018財年推出重製版遊戲？

And the second question, curious if you've seen, or maybe worry about physical retail over-buying product, and maybe under-appreciate share loss to full game download. If you think that's creating, or could create sort of an elevated promotional burden, as retail attempts to clean their channel? Thanks, guys.

第二個問題是，您是否注意到或擔心實體零售過度採購產品，而低估了完整遊戲下載造成的市場份額損失。如果你認為這正在造成，或者可能會造成零售商在清理管道時，促銷負擔加重，那麼你的看法是？謝謝各位。

And so, I'll take the first part. So the slate that we talked about today, you should see as our core foundational slate. There are always other things that we might do, depending upon what the market looks like, whether it is Remasters or otherwise, but you should see that as the core foundational slate. Much to the dismay of the many people who email me on a fairly regular basis, we are not presently making Escape 4. And so, that will not be in FY18.

那麼，我來回答第一部分。所以，我們今天要討論的陣容，你們應該把它看作是我們的核心基礎陣容。我們總是會根據市場情況做其他事情，無論是重製版還是其他方面，但你應該把這看作是核心基礎方案。令經常寄電子郵件給我的許多人失望的是，我們目前沒有製作《逃脫4》的計畫。因此，2018財年不會推出這款遊戲。

Despite my disappointment, that's one of my favorite titles. So in terms of, and I think to add to that, we always can add a few things during the year. It may be something gets pulled in faster than we thought, or we move something out of test in mobile more than we thought. But I think for purposes of guidance, we really wanted to give people a full understanding of the master slate that we're planning. So don't assume that there's another big title looming out there, that's going to drop into the year.

儘管我感到失望，但這仍然是我最喜歡的作品之一。所以在這方面，我認為還可以補充一點，我們一年總可以增加一些東西。可能是某些功能被引入的速度比我們預想的要快，或者我們在行動端測試階段將某些功能從測試階段移除的速度比我們預想的要快。但我認為，為了提供指導，我們確實希望讓大家全面了解我們正在計劃的總名單。所以不要以為今年還會有另一部大作問世。

In terms of the retail channel, I would remind you guys that we reserve upfront, it's the difference between our gross sales and our net sales. What you see as net sales, above that, we reserve a sales reserve, to make sure that we have plenty of money available to keep the channel clean. And that results in planned promotions during the year around specific holidays, or events, or launches, or whatever it might we.

關於零售通路，我想提醒大家，我們會預先預留一部分資金，這是我們毛銷售額和淨銷售額之間的差額。除了您看到的淨銷售額之外，我們還會預留銷售儲備金，以確保我們有足夠的資金來維護通路的暢通。因此，公司會在一年中圍繞特定的節日、活動、新品發布或其他任何情況開展有計劃的促銷活動。

And our process is to make sure we work with the retailers to keep that channel clean. So we're not worried about it. And we watch it very carefully, because it's critical to make sure that they're successful, as well as we're successful. And so, I don't think that there's any issues that are different than we've seen in the last 5 or 10 years on that.

我們的流程是確保與零售商合作，保持該通路的清潔。所以我們並不擔心。我們會非常仔細地觀察，因為確保他們成功和我們成功都至關重要。因此，我認為目前存在的問題與過去 5 年或 10 年所看到的問題並無不同。

Thanks, guys.

謝謝各位。

I think that's the last question, appreciate it. We'll talk to everyone else, or everyone in the coming months. Thanks very much.

我想這是最後一個問題了，謝謝。我們會和其他人談談，或者說，在接下來的幾個月和所有人談談。非常感謝。

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。