美商藝電 (EA) 2017 Q4 法說會逐字稿

Good afternoon. My name is Doris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q4 2017 Earnings Conference Call. (Operator Instructions) I will now turn the call over to our host, Chris Evenden, VP of Investor Relations. Sir, please go ahead.

午安.我叫多麗絲，今天我將擔任你們的會議接線生。在此，我謹代表藝電公司歡迎各位參加2017年第四季財報電話會議。（操作員指示）現在我將把電話交給我們的主持人，投資者關係副總裁克里斯·埃文登。先生，請繼續。

Thank you, Doris. Welcome to EA's Fourth Quarter Fiscal 2017 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO.

謝謝你，多麗絲。歡迎參加EA 2017財年第四季財報電話會議。今天和我一起參加電話會議的有我們的執行長 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 and our financial model to accompany our prepared remarks. After the call, we will post our prepared remarks, an audio replay of this call and a transcript.

請注意，我們的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和財務模型，以配合我們準備好的演講稿。通話結束後，我們將公佈我們準備好的演講稿、本次通話的錄音回放和文字記錄。

Note that this quarter we have added new tabs to our financial model, the list of GAAP results and the GAAP adjustments that can be used to compare them with our historical non-GAAP results. We've included tabs for fourth quarter and fiscal year results and for the guidance quarter and fiscal year. With regard to our calendar, Q1 fiscal '18 earnings call is scheduled for Thursday, July 27, 2017.

請注意，本季度我們在財務模型中添加了新的標籤頁，列出了 GAAP 結果和 GAAP 調整項，可用於將它們與我們歷史上的非 GAAP 結果進行比較。我們新增了第四季和財年業績標籤頁，以及季度和財年業績指引標籤頁。關於我們的日程安排，2018 財年第一季財報電話會議定於 2017 年 7 月 27 日星期四舉行。

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, May 9, 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 5 月 9 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, except for free cash flow, will be presented on a GAAP basis. All comparisons made during this call are against the same period and the prior year unless otherwise stated.

在本次電話會議中，除自由現金流外，所有財務指標均以公認會計準則 (GAAP) 列示。除非另有說明，本次電話會議中所有比較均與同期及上年同期進行比較。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. Our fourth quarter of FY '17 was an excellent finish to a record-breaking year for Electronic Arts. Revenue, gross margin, earnings and cash flow were all above our guidance for the fiscal year driven by strong and continuing player engagement across our portfolio of top-quality titles for console, mobile and PC. EA's games today are live services, amazing experiences that we update and evolve to deliver ongoing fun that keeps players engaged, connects them to their friends, brings them more content and grows our network. This strategy has been at the core of our digital transformation and today, our live services are some of the strongest and most vibrant in the industry.

謝謝你，克里斯。2017 財年第四季為藝電 (Electronic Arts) 創紀錄的一年畫上了圓滿的句號。由於玩家對我們主機、行動和 PC 平台高品質遊戲組合的持續強勁參與，本財年的收入、毛利率、盈利和現金流均超過了我們的預期。EA 的遊戲如今都是持續運營的服務，我們不斷更新和改進這些精彩的遊戲體驗，以提供持續不斷的樂趣，讓玩家保持參與度，將他們與朋友聯繫起來，為他們帶來更多內容，並發展我們的網絡。這項策略一直是我們的數位轉型核心，如今，我們的線上服務是業界最強大、最活躍的服務之一。

Battlefield 1 continued its outstanding start with more than 19 million players joining the game through the end of FY '17, a 50% increase over Battlefield 4 in the same period from launch. Our community of Battlefield fans is growing as new players join loyal franchise fans, driving engagement and player satisfaction levels to be among the highest in our portfolio. Our in-game Battlefield network now helps players move seamlessly from game to game in the franchise, finding their friends and connecting with the content to maximize the experience every time they play.

《戰地1》延續了其出色的開局，截至2017財年末，已有超過1900萬玩家加入遊戲，比《戰地4》同期發售玩家數量增長了50%。隨著新玩家加入忠實粉絲的行列，我們的《戰地》粉絲群不斷壯大，玩家參與度和滿意度也達到了我們旗下所有遊戲的最高水準。我們遊戲內的戰地網路現在可以幫助玩家在該系列遊戲中無縫切換，找到他們的朋友並連接到遊戲內容，從而在每次遊戲時最大限度地提高遊戲體驗。

FIFA 17 expanded the reach of the world's biggest sports gaming franchise with more than 21 million players jumping into the game through the end of FY '17. Our creative teams, with the benefit of data and analytics from our network, delivered The Journey, a new story mode in FIFA 17 that has engaged more than 12 million players to date. With story mode having brought in many new players, we also saw more of our prayers go deeper. Our FIFA Ultimate Team player base grew 13% year-over-year through the end of Q4. Ultimate Team is also the gateway to our eSports competition for both Madden NFL and FIFA. Within the broad Ultimate Team communities, more than 10 million players participated in competitive matches in the first year of our tournaments, and our global spectator audience continues to grow.

FIFA 17 擴大了全球最大運動遊戲系列的覆蓋範圍，截至 2017 財年末，已有超過 2,100 萬名玩家加入遊戲。我們的創意團隊利用我們網路的數據和分析，打造了 FIFA 17 中的全新故事模式“旅程”，迄今為止已吸引了超過 1200 萬玩家。故事模式吸引了許多新玩家，我們也看到我們的祈禱變得更加深入。截至第四季末，我們的 FIFA Ultimate Team 玩家數量年增 13%。Ultimate Team 也是我們 Madden NFL 和 FIFA 電競比賽的入口。在龐大的終極團隊社群中，我們錦標賽的第一年就有超過 1000 萬名玩家參加了競技比賽，而且我們的全球觀眾人數還在不斷增長。

On mobile, Star Wars: Galaxy of Heroes continues to tap into the passionate Star Wars fan base, maintaining one of the most engaged player communities across our entire network. With a constant cadence of in-game events and new content drops, including new Rogue One characters, the average time played per day increased to a record 162 minutes in Q4, and player satisfaction levels are reaching new highs. Across our top mobile titles, we are driving thousands of Live Events per quarter, deepening the experiences and connecting players through guilds, challenges and content to fuel their passions.

在行動端，《星際大戰：銀河英雄傳》繼續吸引著熱情洋溢的星際大戰粉絲群體，在我們整個網路中保持著最活躍的玩家社群之一。隨著遊戲內活動和新內容（包括《俠盜一號》新角色）的不斷推出，第四季玩家平均每天的遊戲時間增加到創紀錄的 162 分鐘，玩家滿意度也達到了新高。在我們最熱門的行動遊戲中，我們每季都會舉辦數千場線上活動，透過公會、挑戰和內容來加深玩家體驗，並將玩家聯繫起來，激發他們的熱情。

Our Sims franchise continue to expand one of the broadest and most demographically diverse player bases in our portfolio. The Sims 4, now 2.5 years since launch, saw monthly active players increased 33% year-over-year in Q4. With a total of 7 downloadable content packs delivered throughout the year as well as game updates that offered more choice and fan-requested features, the Sims 4 community is thriving.

我們的《模擬市民》系列遊戲持續擴大其玩家群體，成為我們產品組合中最廣泛、人口組成最多元化的遊戲之一。《模擬市民4》自發布以來已有2.5年，第四季月活躍玩家數量年增33%。《模擬市民4》社群蓬勃發展，全年共發布了7個可下載內容包，並透過遊戲更新提供了更多選擇和粉絲要求的功能。

Games as a service are reshaping our industry, and EA is positioned to lead. Our investment in EA digital platform that connects players across games, franchise and devices also provides more data from our games than ever before. With the data and capabilities of our platform, we're able to do things differently, move faster and innovate for our player communities. Amazingly created games, combined with services like Ultimate Team, our Battlefield network, multiplatform experiences and subscription programs like EA Access are the future of this industry. With every player that joins our games, every game session and every engagement in our live services, we are adding strength to EA's player network.

遊戲即服務正在重塑我們的產業，而EA已準備好引領這項變革。我們對 EA 數位平台的投資，將玩家連接起來，涵蓋不同的遊戲、系列和設備，也讓我們能夠比以往任何時候都獲得更多來自遊戲的數據。憑藉我們平台的數據和功能，我們能夠以不同的方式做事，更快地行動，並為我們的玩家社群進行創新。精心打造的遊戲，結合 Ultimate Team 等服務、我們的 Battlefield 網路、多平台體驗以及 EA Access 等訂閱計劃，代表著這個行業的未來。每一位加入我們遊戲的玩家，每一次遊戲會話，每一次參與我們的線上服務，我們都在為 EA 的玩家網路增添力量。

In FY '18, we'll deliver more thrilling experiences that broaden the reach of our major franchises and drive [deeper] engagement through more ways to play. Our EA SPORTS portfolio continues to have the biggest player community in sports games, and this year we'll add new experiences to grow that audience. Madden NFL 18 is set to be the most innovative Madden title in more than a decade, using the full Frostbite stack to deliver new modes that bring the sport to life in unprecedented ways.

在 2018 財年，我們將提供更令人興奮的體驗，擴大我們主要特許經營權的覆蓋範圍，並透過更多玩法推動（更深層次的）參與。我們的 EA SPORTS 產品組合繼續擁有體育遊戲領域最大的玩家群體，今年我們將增加新的遊戲體驗來擴大玩家群。《麥登橄欖球18》有望成為十多年來最具創新性的麥登系列作品，它利用完整的寒霜引擎技術，帶來全新的遊戲模式，以史無前例的方式將這項運動栩栩如生地展現出來。

FIFA 18 will expand on The Journey and Ultimate Team and will connect more -- to more soccer fans with FIFA as our first title on Nintendo Switch. With new NHL, NBA Live and UFC console games as well as more Live Events and content for our growing EA SPORTS player base on mobile, our multiplatform EA SPORTS portfolio is set to reach more fans around the world in FY '18.

FIFA 18 將擴展「旅程」和「終極球隊」模式，並將更多足球愛好者與 FIFA 聯繫起來——FIFA 是我們在 Nintendo Switch 上的首款遊戲。隨著新的 NHL、NBA Live 和 UFC 主機遊戲，以及更多面向不斷增長的 EA SPORTS 行動玩家群的現場賽事和內容，我們的多平台 EA SPORTS 產品組合將在 2018 財年觸達世界各地更多的粉絲。

We're also incredibly excited to bring Star Wars Battlefront II to the massive Star Wars community later this year. This game is made possible by the collaboration of 3 incredibly talented studios: DICE, Motive and Criterion, bringing together their individual strengths and building on the feedback from our passionate fans.

我們也非常興奮地宣布，《星際大戰：前線 II》將於今年稍晚帶給龐大的星際大戰玩家群。這款遊戲的誕生離不開 DICE、Motive 和 Criterion 這三家才華橫溢的工作室的通力合作，他們充分發揮各自的優勢，並採納了熱情粉絲的反饋意見。

Star Wars Battlefront II have more than 3x the content of the previous game at launch with a brand-new story, a new single-player campaign, new modes, characters, vehicles and planets from all eras in the Star Wars universe as well as a live service plan that will continue to add even more fun for the global community. Our Star Wars Battlefront II debut trailer has generated more than 16 million views across YouTube and other social platforms, and we'll have much more to share about this game in the weeks and months to come.

《星際大戰：前線 II》在發售時就擁有比前作多 3 倍的內容，包括全新的故事、全新的單人戰役、全新的模式、角色、載具以及來自星球大戰宇宙各個時代的星球，此外還有一項持續為全球玩家帶來更多樂趣的在線服務計劃。我們的《星際大戰：前線 II》首支預告片在 YouTube 和其他社群平台上的觀看次數已超過 1,600 萬次，在接下來的幾周和幾個月裡，我們將分享更多關於這款遊戲的資訊。

This will be a year of pioneering creativity across many of EA's top franchises. Every Battlefield 1 player will have more ways to play throughout the year with continual game updates, new maps and 3 more expansion packs arriving, adding new armies, regions and battlegrounds available to the whole community. We're just getting started with our live service plans for this massive game and later this year, we'll introduce new ways for players to get an even bigger Battlefield 1 experience.

這將是EA旗下眾多頂尖遊戲系列展現創新精神的一年。隨著遊戲持續更新、新地圖和 3 個擴充包的推出，所有《戰地 1》玩家將在今年獲得更多遊戲方式，這些擴充包將為整個社群添加新的軍隊、地區和戰場。我們才剛開始為這款大型遊戲推出線上服務計劃，今年晚些時候，我們將推出新的方式，讓玩家獲得更精彩的《戰地1》體驗。

Two of our other genre-leading franchises will also see new titles this year. The industry's biggest multiplatform racing franchise, Need for Speed, returns to console and PC with a brand-new title that will give racers vast customization and more freedom to race wherever they want. And on mobile, our Sims franchise has been a genre leader since launch. And this year, we're going to deliver a brand-new, deeply social experience for this wide-reaching global community.

我們旗下另外兩個領先的系列遊戲也將在今年推出新作。業界最大的多平台賽車遊戲系列《極速快感》攜全新作品回歸主機和 PC 平台，為賽車手提供豐富的自訂選項和更大的自由度，讓他們可以隨時隨地進行比賽。在行動平台上，我們的《模擬市民》系列自發布以來一直是該類型的領導者。今年，我們將為這個覆蓋面廣的全球社群帶來全新的、深度社交體驗。

Competitive Gaming and eSports will be a key growth vector for us throughout FY '18 as we expand the ways that fans can play and watch. Year 2 of our FIFA and Madden NFL championships will kick off this fall, featuring millions of competitive games through Ultimate Team, deeper partnerships with leagues and teams that add new dimensions to the tournaments and new venues for our major global championships.

在 2018 財年，隨著我們不斷拓展粉絲玩遊戲和觀看比賽的方式，競技遊戲和電競將成為我們重要的成長動力。我們的 FIFA 和 Madden NFL 錦標賽第二年將於今年秋季拉開序幕，屆時將透過 Ultimate Team 進行數百萬場競技比賽，與各大聯賽和球隊建立更深入的合作關係，為錦標賽增添新的維度，並為我們主要的全球錦標賽提供新的場地。

Later this year we'll launch our first Battlefield 1 competition, unlocking the competitive spirit that runs deep in our Battlefield community. We're also continuing to expand our broadcast reach and content portfolio for our growing spectator audience. There is global excitement for our competitions, and this year, we'll introduce our tournaments and add additional programming through more major network partnerships, including ESPN, BT Sport, Univision and more.

今年晚些時候，我們將推出首屆《戰地1》比賽，釋放我們《戰地》社群中深厚的競爭精神。我們也不斷擴大廣播覆蓋範圍和內容組合，以滿足日益增長的觀眾群體的需求。我們的比賽在全球都備受矚目，今年，我們將推出更多賽事，並透過與更多主要電視網的合作，包括 ESPN、BT Sport、Univision 等，增加更多節目。

Looking forward, we'll continue our aggressive pace of innovation through experiences that capitalize in our technology, network and creativity. We are very pleased with the progress of our new action IP from BioWare. The design is stunning, Gameplay mechanics are excellent and the action will be exhilarating. The game is built around a live service, and through our creative process, we've decided to add more to the disruptive new social designs for our players. To accommodate that, we are moving the launch date for this project into fiscal year '19.

展望未來，我們將繼續保持積極的創新步伐，透過充分利用我們的技術、網路和創造力來創造更多體驗。我們對 BioWare 的全新動作 IP 的進展感到非常滿意。設計精美，遊戲機制出色，動作場面令人興奮。這款遊戲以即時服務為核心，透過我們的創作過程，我們決定為玩家們增添更多顛覆性的全新社交設計。為了配合這項安排，我們將專案的啟動日期延後到 2019 財年。

Through FY '19 and beyond, our portfolio will continue to grow. There'll be more new experiences for our Battlefield fans. Our Star Wars action-adventure IP from Visceral will make its debut. And farther out, we'll have a new Star Wars title from our partners at Respawn. We continue to invest deeply in new IP, including the new game from BioWare and another project from our Motive studio. With Frostbite powering more of our EA SPORTS games, we'll continue to break barriers and reach sports across all platforms. And on mobile, we have titles from more of our major IP in development.

在 2019 財年及以後，我們的投資組合將持續成長。我們將為《戰地》系列的粉絲帶來更多全新體驗。我們 Visceral 開發的《星際大戰》動作冒險遊戲 IP 將會首次亮相。再往後，我們將迎來合作夥伴 Respawn 推出的全新《星際大戰》遊戲。我們將繼續大力投資新的智慧財產權，包括 BioWare 的新遊戲和我們 Motive 工作室的另一個項目。隨著 Frostbite 引擎為更多 EA SPORTS 遊戲提供支持，我們將繼續突破界限，將體育賽事推廣到所有平台。在行動端，我們正在開發更多來自我們主要IP的遊戲作品。

Electronic Arts is leading the industry with some of the most creative, sophisticated and engaging entertainment available anywhere in the world, yet we are building towards a far more powerful and connected future. As engagement and consumption patents across platforms and business models continue to evolve, we are investing in our network to keep players connected to each other and the games they love.

藝電 (Electronic Arts) 以全球最具創意、最精良、最引人入勝的娛樂產品引領產業，但我們正在建立一個更強大、更互聯的未來。隨著跨平台和商業模式的參與和消費專利不斷發展，我們正在投資我們的網絡，以使玩家能夠彼此聯繫，並與他們喜愛的遊戲保持聯繫。

Our focus on eSports continue to draw more players and spectators to the excitement of competition in our games. Our subscription services like EA Access are providing more fun and tremendous value. And with the unification of our engine and our platform as well as major advancements in deep learning, AI and social layers, we are unlocking new ways to connect players and personalize their experiences at scale. This is the future of play that we see at Electronic Arts and that we are ready to lead.

我們對電子競技的持續關注，吸引了越來越多的玩家和觀眾體驗我們遊戲中激動人心的競技氛圍。我們的訂閱服務，例如 EA Access，能夠提供更多樂趣和巨大的價值。隨著引擎和平台的統一，以及深度學習、人工智慧和社交層面的重大進步，我們正在解鎖連接玩家並大規模個性化其體驗的新方法。這就是藝電所看到的未來​​遊戲發展方向，我們也準備好引領這個方向。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. I'll start by reporting our results on a GAAP basis then use our operating measure of net sales to discuss the dynamics of our business.

謝謝你，安德魯。我將首先按 GAAP 準則報告我們的業績，然後使用我們的淨銷售額這項營運指標來討論我們業務的動態。

At the beginning of fiscal 2017 at our Investor Day, we outlined to you the long-term trajectory of our business. We said we would invest in our player network, advance our live services, grow our digital revenue and deliver a more profitable and stable business than ever before. I'm delighted to say we're delivering on all of those commitments, and we are making the right investments to continue along this trajectory.

在 2017 財年伊始的投資者日上，我們向各位概述了我們業務的長期發展軌跡。我們曾說過，我們將投資於我們的玩家網絡，推進我們的線上服務，增加我們的數位收入，並打造比以往任何時候都更加盈利和穩定的業務。我很高興地告訴大家，我們正在履行所有這些承諾，我們正在進行正確的投資，以繼續沿著這條道路前進。

Net revenue for the year was $4.8 billion; cost of revenue, $1.3 billion; and operating income of $1.2 billion. Most importantly, these results enabled us to deliver record operating cash flow of almost $1.4 billion. We also returned over $0.5 billion to shareholders through our repurchase program in fiscal 2017. Total net sales for the year were $4.9 billion, a record. Digital net sales accounted for 61% of this, up 6 percentage points year-on-year. Extra content was a record $1.3 billion, with Ultimate Team contributing $832 million.

該年度淨收入為 48 億美元；營業成本為 13 億美元；營業收入為 12 億美元。最重要的是，這些成果使我們能夠實現近 14 億美元的創紀錄經營現金流。在 2017 財年，我們也透過股票回購計畫向股東返還了超過 5 億美元。全年淨銷售額達 49 億美元，創歷史新高。數位淨銷售額佔其中的 61%，年增 6 個百分點。額外內容收入創下 13 億美元的紀錄，其中 Ultimate Team 貢獻了 8.32 億美元。

Moving on to the details of our fourth quarter. GAAP net revenue was $1.5 billion compared to $1.3 billion a year ago. Cost of revenue was $202 million, down from $226 million last year, a significant improvement on our guidance of $242 million. Operating expenses were $608 million, $17 million above our expectation, driven by an advanced writeoff of a licensing agreement. This resulted in an earnings per share of $1.81. As Chris mentioned, to compare this year's results to historically reported non-GAAP measures, please see the new tabs in the downloadable model.

接下來，我們來詳細了解第四季的情況。以美國通用會計準則計算，淨收入為 15 億美元，去年同期為 13 億美元。營業成本為 2.02 億美元，低於去年的 2.26 億美元，比我們先前預測的 2.42 億美元有了顯著改善。營運支出為 6.08 億美元，比我們的預期高出 1700 萬美元，主要原因是提前註銷了一項授權協議。這使得每股收益達到 1.81 美元。正如克里斯所提到的，要將今年的結果與歷史上報告的非GAAP指標進行比較，請參閱可下載模型中的新標籤。

Net cash provided by operating activities was $407 million. Operating cash flow for the full fiscal year was $1.38 billion, the highest in company history and 13% greater than last year's. Fiscal year 2017 capital expenditures were $123 million, resulting in free cash flow of $1.26 billion. Please see our earnings slides for further cash flow information. Our cash and short-term investments at the end of the quarter were $4.53 billion with 37% of this balance held onshore.

經營活動產生的淨現金流量為 4.07 億美元。整個財年的營運現金流為 13.8 億美元，創公司歷史新高，比上年成長 13%。2017 財年資本支出為 1.23 億美元，產生自由現金流 12.6 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。截至季末，我們的現金和短期投資為 45.3 億美元，其中 37% 的餘額持有在境內。

During the quarter, we repurchased 1.5 million shares at a cost of $125 million. Subsequent to quarter end, we completed the $1 billion 2-year buyback program we began in May 2015 with an additional $30.8 million of repurchases. Average cost per share over the 2 years of the program was $72.66. Looking forward, we announced today a new $1.2 billion 2-year stock repurchase program.

本季度，我們以 1.25 億美元的價格回購了 150 萬股股票。季度末之後，我們完成了從 2015 年 5 月開始的 10 億美元為期 2 年的股票回購計劃，並額外回購了 3,080 萬美元。該計劃兩年內的平均每股成本為 72.66 美元。展望未來，我們今天宣布了一項新的為期兩年、金額達 12 億美元的股票回購計畫。

Now turning to net sales to discuss our business drivers for the quarter. Net sales were $1.09 billion, above our guidance of $1.075 billion and 18% higher than last year. This excludes $53 million of net sales related to premium additions of Mass Effect: Andromeda that we had originally expected to capture in -- to be captured in Q4. They will now be captured in Q1.

接下來，我們將討論本季淨銷售額的成長動力。淨銷售額為 10.9 億美元，高於我們先前預期的 10.75 億美元，比去年增長 18%。這不包括與《質量效應：仙女座》高級附加內容相關的 5,300 萬美元淨銷售額，我們原本預計這筆收入將在第四季度獲得。它們現在將在第一季被捕獲。

Digital delivered $885 million of the $1.09 billion in net sales, up from $712 million last year. This growth is driven by the ongoing digital transition as more players choose digital purchases over physical as well as by our ongoing success with event-driven live services, such as FIFA Ultimate Team.

數位業務貢獻了 8.85 億美元淨銷售額（總淨銷售額為 10.9 億美元），高於去年的 7.12 億美元。這一成長得益於持續的數位轉型，越來越多的玩家選擇數位購買而不是實體購買，以及我們在 FIFA Ultimate Team 等以賽事為驅動的即時服務方面取得的持續成功。

Diving into digital net sales. Extra content and PC free-to-play contributed $405 million, up 31% over the prior year. The key element remains Ultimate Team, which grew 23% year-on-year or 29% at constant currency. Expansion packs for The Sims 4 also made a strong contribution. Our ability to engage players through live services and events continue to drive strong growth and deliver dependable ongoing sales.

深入研究數位淨銷售額。額外內容和 PC 免費遊戲貢獻了 4.05 億美元，比前一年增長了 31%。關鍵要素仍是終極團隊模式，該模式年增 23%，以固定匯率計算成長 29%。《模擬市民4》的擴充包也做出了巨大貢獻。我們透過即時服務和活動吸引玩家的能力持續推動強勁成長，並帶來可靠的持續銷售。

Our mobile business delivered $175 million in net sales, flat year-on-year. Key mobile games driving the sales in the quarter were Star Wars: Galaxy of Heroes, FIFA Online 3 mobile, NBA Live mobile and FIFA Mobile. The growth in these games was offset by a slowdown in some of our legacy titles. We're doubling down on live services and events across the mobile portfolio, and the strategy is paying off. For example, FIFA Mobile just had its best ever month since launch in October.

我們的行動業務淨銷售額為 1.75 億美元，與去年同期持平。本季推動銷售成長的主要手機遊戲包括《星際大戰：銀河英雄傳》、《FIFA Online 3 手機版》、《NBA Live 手機版》和《FIFA Mobile》。這些遊戲的成長被我們一些經典遊戲的成長放緩所抵消。我們正在加倍投入行動端的即時服務和活動，而且這項策略正在取得成效。例如，FIFA Mobile 自 10 月上線以來，剛剛創下了有史以來最好的一個月業績。

Full game download added $192 million in net sales for the quarter, up 43% year-on-year. For fiscal 2017, for the current generation of consoles, full game downloads accounted for 33% of unit sales to consumers, considerably ahead of the 29% we have forecast and 9 percentage points up year-on-year. The chief driver was the continuing evolution of consumer behavior, but some of the outperformance was driven by the shift from Star Wars Battlefront to Battlefield 1 as well as the digital performance of our catalog. As a result, we continue to believe the underlying trend is closer to 5 percentage points per year.

完整遊戲下載為本季帶來了 1.92 億美元的淨銷售額，年增 43%。2017 財年，對於當前一代遊戲主機而言，完整遊戲下載佔消費者銷售的 33%，遠高於我們預測的 29%，並且比去年同期增長了 9 個百分點。主要驅動因素是消費者行為的持續演變，但部分超額收益是由從《星際大戰：前線》到《戰地1》的轉變以及我們遊戲目錄的數位化表現所推動的。因此，我們仍然認為潛在趨勢接近每年 5 個百分點。

Finally, subscription, advertising and other digital net sales totaled $113 million, up 19% over the same period last year. EA Access and Origin Access continue to grow strongly. In conclusion, for Q4, we were able to exceed our expectations for revenue, earnings and cash flow, demonstrating the power of multiple live service revenue streams.

最後，訂閱、廣告和其他數位淨銷售額總計 1.13 億美元，比去年同期成長 19%。EA Access 和 Origin Access 持續保持強勁成長動能。總而言之，第四季度，我們在收入、獲利和現金流方面均超出了預期，這充分證明了多種即時服務收入來源的強大力量。

Now turning to our expectations for fiscal 2018. We expect sales of current generation consoles to continue to be strong with the installed base growing to 105 million consoles by the end of calendar 2017, up from 79 million the prior year. We expect PC gaming to decline slightly and the mobile market to grow in the high teens in calendar 2017.

現在來談談我們對 2018 財年的預期。我們預計現世代遊戲機的銷售將持續保持強勁，到 2017 年底，裝置量將成長至 1.05 億台，高於去年的 7,900 萬台。我們預計 2017 年 PC 遊戲市場將略有下降，而行動遊戲市場將實現 10% 以上的成長。

Guidance for fiscal 2018 is for GAAP net revenue of $5.1 billion, cost of revenue of $1.3 billion and

2018財年業績指引為：以美國通用會計準則（GAAP）計算的淨收入為51億美元，營業成本為13億美元；

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in our statement of cash flow. They do not impact our total cash and cash flow, but they do increase our operating cash flow and decrease our cash flow from financing activities. For fiscal 2017, applying the new rules would increase reported operating cash flow by $195 million and decrease financing cash flow by the same amount. A table presenting the impact is included in our earnings release.

在我們的現金流量表中。它們不會影響我們的總現金和現金流，但它們會增加我們的營運現金流，減少我們的融資活動現金流。2017 財年，應用新法規將使報告的營運現金流增加 1.95 億美元，融資現金流減少相同金額。我們的獲利報告中附有一張表格，列出了相關影響。

For fiscal 2018, applying the new rules, we expect operating cash flow to be approximately $1.6 billion. We anticipate capital expenditures to be around $120 million, which would deliver free cash flow of about $1.5 billion.

根據新規，我們預計 2018 財年的營運現金流約為 16 億美元。我們預計資本支出約為 1.2 億美元，這將帶來約 15 億美元的自由現金流。

Turning to business drivers. We anticipate net sales for the year to be $5.1 billion, up 3% year-on-year. This is driven by growth in Ultimate Team, mobile and Star Wars Battlefront II. It is offset by the success of Battlefield 1 last year and by FX. The stronger dollar represents a headwind of around $110 million to fiscal year-end net sales. Our currency assumptions are disclosed in our earnings presentation on our website.

轉向業務驅動因素。我們預計全年淨銷售額將達到 51 億美元，年增 3%。這主要得益於 Ultimate Team、行動遊戲和《星際大戰：前線 II》的成長。去年《戰地1》的成功以及FX的收益抵消了這一影響。美元走強將對本財年末淨銷售額帶來約 1.1 億美元的不利影響。我們的貨幣假設已在公司網站的獲利報告中揭露。

Segmenting the sales provides further insight into key drivers of our full year net sales guidance. Net sales of packaged goods and other is forecasted to be approximately $1.7 billion, down 10% year-on-year, driven by the shift to digital. Digital net sales are expected to contribute $3.4 billion, up 11% year-on-year.

將銷售額細分，可以更深入地了解我們全年淨銷售額預期的關鍵驅動因素。受數位轉型的影響，包裝商品及其他商品的淨銷售額預計約為 17 億美元，年減 10%。預計數位淨銷售額將貢獻 34 億美元，年增 11%。

Breaking down digital sales further. Our mobile business is expected to grow between 5% and 10% led by the new Sims experience and continued growth from FIFA Mobile, NBA Live Mobile and Star Wars: Galaxy of Heroes. Net sales from full game downloads are expected to grow 10% to 15% driven by the underlying change in consumer behavior, offset by the fact that Star Wars Battlefront may skew slightly less digital

進一步細分數位銷售。在全新模擬人生體驗的帶動下，以及 FIFA Mobile、NBA Live Mobile 和星際大戰：銀河英雄傳的持續成長，我們的行動業務預計將成長 5% 至 10%。受消費者行為潛在變化的推動，完整遊戲下載帶來的淨銷售額預計將成長10%至15%，但《星際大戰：前線》的數位版銷售量可能略低，這將抵消部分成長。

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services are in a given franchise. In fiscal 2018, we expect to see net sales of live services to grow between 10% to 15%, led by Ultimate Team and Battlefield 1.

服務屬於特定特許經營範圍。2018 財年，我們預計線上服務的淨銷售額將成長 10% 至 15%，主要成長動力來自 Ultimate Team 和 Battlefield 1。

As Andrew mentioned, we have made the decision to move our new BioWare action title out of fiscal 2018 and into fiscal 2019. We are very excited about this opportunity for new franchise, and we want to further develop the live service component.

正如 Andrew 所提到的，我們已經決定將我們新的 BioWare 動作遊戲從 2018 財年推遲到 2019 財年。我們對這個新的加盟機會感到非常興奮，並希望進一步發展線上服務部分。

Focusing on Q1, we're expecting GAAP net revenue of $1.425 billion, GAAP cost of revenue of $157 million and GAAP EPS of $1.93. We expect Q1 net sales to be $750 million, up 10% year-on-year driven by Mass Effect: Andromeda, Battlefield 1 and Ultimate Team.

聚焦第一季度，我們預計 GAAP 淨收入為 14.25 億美元，GAAP 收入成本為 1.57 億美元，GAAP 每股收益為 1.93 美元。我們預計第一季淨銷售額將達到 7.5 億美元，年增 10%，主要得益於《質量效應：仙女座》、《戰地1》和《終極團隊》的推動。

At the beginning of our year, at our Investor Day, we shared our long-term vision for the company. It provided context and framework for a very specific set of near-term goals we gave you in our annual guidance. Our fiscal 2017 performance demonstrated how our vision generates excellent financial results and supports growing our cash return to investors. But we are only just beginning to leverage the potential of our player network and event-driven live services. As we continue to do so, we will build a deeper player base and engagement, grow digital revenue and deliver a more profitable and stable business.

今年年初，在投資者日上，我們分享了公司的長期願景。它為我們在年度指導中提出的一系列非常具體的近期目標提供了背景和框架。我們在 2017 財年的業績表明，我們的願景如何帶來卓越的財務業績，並支持我們不斷提高對投資者的現金回報。但我們才剛開始利用玩家網路和賽事驅動型直播服務的潛力。隨著我們不斷努力，我們將建立更深厚的玩家基礎和更高的參與度，增加數位收入，並實現更盈利、更穩定的業務。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. We're at a powerful point in EA's journey. The investments we've made in our IP, our technology platform and our live service strategy uniquely position EA to lead in a networked world that spans more players, platforms and geographies than ever before.

謝謝你，布萊克。我們正處於EA發展歷程中的重要節點。我們在智慧財產權、技術平台和線上服務策略方面的投資，使 EA 能夠在一個比以往任何時候都覆蓋更多玩家、平台和地理的網路世界中佔據獨特的領先地位。

At our core, we are a creative company. We are game-makers that love to capture the imagination and make extraordinary entertainment possible for our players. We are also unique in that we have a unified, world-class technology platform, an engine that provide the backbone of our network. Our studio teams are leveraging more sophisticated data and insights, secure and scalable infrastructure and new game services

我們本質上是一家創意公司。我們是遊戲開發者，我們熱愛激發玩家的想像力，並為玩家創造非凡的娛樂體驗。我們的獨特之處還在於我們擁有統一的世界級技術平台，這個引擎為我們的網路提供了骨幹網路。我們的工作室團隊正在利用更複雜的數據和洞察力、安全且可擴展的基礎設施以及新的遊戲服務。

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and streaming in the future.

未來也將推出串流媒體服務。

With every experience, we are working to bring our players even closer. Constant community input is part of our creative process today, from developer feedback sessions and continuing dialogue with community influencers, to the gameplay data that helps us tune and optimize, to Community Test Environments where we can share our latest innovations. Putting our games into the hands of our players, like we will at EA PLAY in Hollywood in June, helps to keep us moving, evolving and constantly pushing for more breakthroughs. We're continually engaging, expanding and strengthening our network by keeping players at the center of everything we do at Electronic Arts.

我們致力於透過每一次經歷，拉近球員之間的距離。如今，持續不斷的社群參與已成為我們創作過程的一部分，從開發者回饋會議和與社群影響者的持續對話，到幫助我們調整和優化的遊戲數據，再到我們可以分享最新創新成果的社群測試環境。將我們的遊戲送到玩家手中，就像我們將在 6 月於好萊塢舉行的 EA PLAY 遊戲展上所做的那樣，有助於我們不斷前進、發展，並持續追求更多突破。我們始終將玩家放在藝電一切工作的核心位置，不斷拓展和加強我們的網路。

As we deliver more groundbreaking experiences and deepen the engagement of our global player base, the EA player network is how we create greater value through a connected world of play. Every day, the global community of gaming is expanding through more devices, more games and more ways to play. Our EA Player Network will enable players to navigate, to find their friends and engage in more of the experiences that matter to them most. Through persistent experiences and user interfaces like our Battlefield network, to playing and viewing eSports competitions, to discovery of new content that adds to the fun, the EA Player Network is already helping to deliver a more personal and connected gaming world for our players, and we're just getting started.

隨著我們不斷推出更多突破性體驗並加深與全球玩家群的互動，EA 玩家網路正是我們透過互聯的遊戲世界創造更大價值的方式。每天，全球遊戲社群都在透過更多的設備、更多的遊戲和更多的遊戲方式而不斷擴大。我們的 EA 玩家網路將使玩家能夠瀏覽遊戲、找到朋友並參與更多對他們來說最重要的體驗。透過持續的體驗和使用者介面（例如我們的 Battlefield 網路），到參與和觀看電競比賽，再到發現增添樂趣的新內容，EA 玩家網路已經幫助我們的玩家打造了一個更個人化和互聯的遊戲世界，而這只是個開始。

We're looking forward to another year of growth and leadership for Electronic Arts. Now Blake and I are here for your questions.

我們期待藝電在新的一年繼續保持成長和領先地位。現在我和布萊克在這裡回答你們的問題。

Operator, if we could open for questions now, please.

操作員，現在可以開始接受提問了嗎？

(Operator Instructions) Our first question is from the line of Justin Post of Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的賈斯汀·波斯特。

Blake, in your guidance you talked about gross margins looks like being up. Can you talk about the Star Wars impact there, and then maybe also how the other digital content is kind of helping the margins in the year? So kind of frame those 2 inputs this year into the gross margin outlook.

布萊克，你在指引中提到毛利率似乎有上升。能談談《星際大戰》的影響嗎？以及其他數位內容是如何幫助提升今年的利潤率的？所以，今年要把這兩個因素納入毛利率預期中。

Yes, sure, Justin. Before I do that, I wanted to make just a quick announcement about our IR team. Carolyn, who almost all of you, I think, have met or know, has been with us for 3 years and is moving to our corporate FP&A team, which is a great move for her. And we thank Carolyn for an amazing 3 years of support to all the investors and sell-side analysts. We have a new person joining the team, [Erin]. You'll get a chance to meet her in the coming months, and we look forward to having her on our team. But thanks to Carolyn. So to your question, Justin. First, if you look back to the difference between the year before, the first Star Wars, fiscal '15 and then fiscal '16, you saw a fairly muted growth in gross margin, up about half -- 50 basis points roughly. We expect a similar effect this year because of the impact of the royalty on a very large title, as we saw last time. And the comparison was, remember this year, a pretty tough comp because our gross margin was actually higher than we had originally anticipated because we sold more Battlefield than we anticipated and less Titanfall than we anticipated. Titanfall obviously has a royalty to Respawn, and we expected that, but we'd gotten a little bit more bump in gross margin. We will see gross improvement as we continue to grow the live service part of our business, Ultimate Team and other similar live services on top of existing games. But for now we're only expecting less -- a little less than 100 basis points or around 50 basis points because of that, primarily that impact on Star Wars Battlefront II.

當然可以，賈斯汀。在此之前，我想先簡單宣布一下我們的投資人關係團隊的狀況。我想你們幾乎所有人都見過或認識卡羅琳，她和我們一起工作了 3 年，現在要轉到我們公司的財務規劃與分析團隊，這對她來說是一個很好的機會。我們感謝卡羅琳三年來對所有投資者和賣方分析師的鼎力支持。我們的團隊迎來了一位新成員，[艾琳]。在接下來的幾個月裡，您將有機會見到她，我們期待她加入我們的團隊。但多虧了卡羅琳。那麼，回到你的問題，賈斯汀。首先，如果你回顧前一年，也就是第一部《星際大戰》上映的年份，以及 2015 財年和 2016 財年，你會發現毛利率增長相當緩慢，大約增長了一半——大約 50 個基點。由於版稅對銷售量巨大的作品的影響，我們預計今年也會出現類似的情況，就像上次一樣。而且，要知道今年的比較相當艱難，因為我們的毛利率實際上高於我們最初的預期，因為我們售出的《戰地》比預期的多，而《泰坦隕落》比預期的少。《泰坦隕落》顯然要向 Respawn 支付版稅，我們也預料到了這一點，但我們的毛利還是略有成長。隨著我們繼續發展業務中的線上服務部分，例如 Ultimate Team 和其他類似的線上服務（在現有遊戲的基礎上），我們將看到巨大的改進。但就目前而言，我們預期影響會更小——略小於 100 個基點，或大約 50 個基點，主要是因為《星際大戰：前線 II》受到的影響。

Our next question is from the line of Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. The first one, Blake, can you just talk a little bit about your view on eSports and kind of your eSports strategy? There are some FIFA leagues going on. How do you think about monetizing eSports the next couple of years? And then secondly, can you just talk a little bit about your expectations and guidance for FIFA Ultimate Team off of the pretty tough comps and a great performance from last year?

我有兩個問題。第一個問題，Blake，你能簡單談談你對電競的看法以及你的電競策略嗎？目前有一些國際足總聯賽正在進行中。您認為未來幾年電子競技的商業化發展方向是什麼？其次，鑑於去年FIFA Ultimate Team在競爭激烈的比賽中表現出色，您能否談談您對今年FIFA Ultimate Team的期望和指導？

Sure. I'll let Andrew address the broader eSports strategy. I think the thing to remember is it's built around Ultimate Team for our core sports games, and we'll most likely build it around in a similar style live service for non-sports games in the future, but I'll let Andrew talk a little bit about that. I'll come back on the Ultimate Team question.

當然。我會讓安德魯來談談更廣泛的電競策略。我認為需要記住的是，它是圍繞著我們核心體育遊戲的終極球隊模式構建的，未來我們很可能會以類似的方式為非體育遊戲構建實時服務模式，但我會讓安德魯來談談這方面的內容。關於終極團隊的問題，我稍後再回答。

Yes, we're very excited about our eSports strategy and what we're doing. And what we saw this year in both FIFA and Madden was significantly higher engagement and monetization inside of Ultimate Team for those competing in eSports tournaments. And again, this isn't just about the big championship tournaments. We run a whole series of events at a grassroots level, all the way up to the elite level of tournaments. And so we think about this in a similar way that we think about all sports, which is we want to make stars of all of our players, the novice player as well as the professional player. And while there will almost certainly be solid revenue generation from broadcast rights, from sponsorship, from advertising, from players and teams and the monetization of those things, the lion's share of the revenue will always be the digital transaction that exists in the ecosystem. We see that in leading eSports tournaments and leading eSports games already. And what we have seen in FIFA Ultimate Team and Madden Ultimate Team over the past 12 months confirms what our original strategy was, which was we will drive those other things, we will benefit from those other things, the lion's share of return will come from the ongoing engagement and live service component [at these] things like Ultimate Team. And you should expect as we launch other eSports games that they will also revolve around a very robust and rich digital ecosystem similar to Ultimate Team.

是的，我們對我們的電子競技策略和我們正在做的事情感到非常興奮。今年我們在 FIFA 和 Madden 中都看到，參加電競比賽的玩家在 Ultimate Team 模式中的參與度和盈利能力顯著提高。而且，這不僅僅是關於大型錦標賽。我們舉辦一系列賽事，從基層賽事到精英級別的錦標賽，應有盡有。因此，我們看待這件事的方式與我們看待所有運動的方式類似，那就是我們希望把我們所有的球員培養成明星，無論是新手球員還是職業球員。雖然廣播權、贊助、廣告、球員和球隊以及這些方面的貨幣化幾乎肯定會帶來穩定的收入，但收入的絕大部分始終是生態系統中存在的數位交易。我們已經在領先的電子競技賽事和領先的電子競技遊戲中看到了這一點。過去 12 個月我們在 FIFA Ultimate Team 和 Madden Ultimate Team 中看到的情況證實了我們最初的策略，那就是我們將推動其他事物的發展，我們將從其他事物中受益，而大部分回報將來自 Ultimate Team 等遊戲的持續參與和即時服務。你們應該可以期待，隨著我們推出其他電競遊戲，它們也將圍繞著一個非常強大且豐富的數位生態系統展開，類似於 Ultimate Team。

And in terms of guidance relative to Ultimate Team, the thing to remember that was a major driver -- 2 major drivers in FIFA this year were, first, the addition of a story mode in the game. The Journey brought new people into the game and brought those people from the game into Ultimate Team. So it grew the overall base of people playing in Ultimate Team. The second is the addition of the competitive gaming mode inside of FIFA, which as Andrew mentioned drove massive engagement in the -- around tournaments and around practicing for tournaments. Both of those styles of change we're going to try to adapt into Madden in one way or another. You'll see more of that coming in the coming months. But you can assume we've learned a lot of great lessons from FIFA. We'll try to drive Madden Ultimate Team and Madden Competitive Gaming off of similar modes. But FIFA doesn't sit still. It continues to find new ways to engage people in new modes and new excitement. And as Andrew said, we'll be evolving The Journey in FIFA, which continue to bring new people into the game, we believe. That's the core. Now our guidance doesn't anticipate anywhere near the level of growth that we actually achieved this year. We tend to do that each year with FIFA because while it's very predictable based around events, we've continued to surprise ourself on the upside. So you should trust that it's a rational number in terms of our guidance, but there is growth in there.

就 Ultimate Team 的指導而言，需要記住的一點是，今年 FIFA 的兩大主要驅動因素是，首先是遊戲中增加了故事模式。「旅程」模式為遊戲帶來了新玩家，也讓這些玩家從遊戲中加入了終極球隊模式。因此，它擴大了參與終極球隊模式的玩家群。第二點是 FIFA 中新增的競技遊戲模式，正如 Andrew 所提到的，這極大地促進了玩家參與——無論是在錦標賽中還是在為錦標賽進行練習時。我們將嘗試以某種方式將這兩種變革風格融入 Madden 遊戲中。未來幾個月你會看到更多這樣的情況。但可以肯定的是，我們已經從國際足總身上學到了很多寶貴的經驗教訓。我們將努力讓 Madden Ultimate Team 和 Madden Competitive Gaming 擺脫類似的模式。但國際足總不會坐以待斃。它不斷探索新的方式，以新​​的形式和新的樂趣吸引人們參與。正如安德魯所說，我們將不斷改進 FIFA 中的「旅程」模式，我們相信這將持續吸引新玩家加入遊戲中。這就是核心所在。現在，我們的預期遠低於我們今年實際實現的成長水平。我們每年都會對 FIFA 進行這樣的預測，因為雖然根據賽事情況來看，結果非常容易預測，但我們仍然不斷為自己帶來驚喜。所以你應該相信，就我們的指導而言，這是一個合理的數字，但其中也蘊含著成長空間。

Our next question is from the line of Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Andrew, I think the decision to add The Journey to FIFA was based on user feedback, and that seems to be yielding dividends. So what kind of user feedback have you gathered in the first iteration of Battlefront that you will be looking to add to Battlefront II? And Blake, will you give us a sense of what percent of your mobile bookings are growing with the new games and what percent of your bookings are from the legacy games that are now in decline? So wondering when we'll mathematically see a change in the growth trajectory as the mix changes.

所以安德魯，我認為在 FIFA 中加入「旅程」模式的決定是基於用戶回饋，而這似乎正在產生回報。那麼，在《星際大戰：前線》第一版中，你們收集了哪些用戶回饋，並打算將其加入《星際大戰：前線2》呢？布萊克，你能否簡要介紹一下，你的行動裝置預訂量中，有多少百分比是隨著新遊戲的成長而增加的，又有多少百分比是來自那些正在衰落的傳統遊戲？所以我想知道，隨著產品組合的變化，我們什麼時候才能在數學上看到成長軌跡發生變化。

Yes, so thank you. As we -- as you know, Battlefront I was a great game and widely regarded as the best way to fulfill your Star Wars fantasies. Frostbite really brought the Star Wars universe to life, but there were some things that a number of players asked for. A single-player campaign was probably the #1 thing that players ask for, and you heard that we'll be doing that and I'm very excited by what we're seeing there. The Motive Studio, who has a -- is a collection of developers who have a tremendous track record in building action, adventure and single-play campaigns is putting that together. They wanted things like space battles and more vehicles and more heroes and more eras and more planets. And what you heard from us is that it will have all of those things. We took the feedback very, very seriously. We've invested in a very meaningful way. And when we say we believe the game is 3x the size in terms of content, we're very serious about that. And our expectation is that the fans -- the large, engaged, passionate fan base of Star Wars fans around the world are going to love everything that we're doing.

是的，非常感謝。正如我們所知，《星際大戰：前線》是一款很棒的遊戲，被廣泛認為是滿足你對星際大戰幻想的最佳方式。Frostbite引擎確實讓《星際大戰》的世界栩栩如生，但有些玩家也提出了一些要求。單人戰役模式可能是玩家們最希望看到的，你們也聽說了我們會推出這個模式，我對目前看到的成果感到非常興奮。Motive Studio 是一家由一群在構建動作、冒險和單人遊戲戰役方面有著卓越成就的開發者組成的工作室，他們正在將這些元素融合在一起。他們想要太空戰鬥、更多載具、更多英雄、更多時代和更多星球之類的東西。我們從你們那裡了解到，它將具備所有這些特點。我們非常非常認真地對待了這些回饋意見。我們進行了非常有意義的投資。當我們說這款遊戲的內容規模是原來的三倍時，我們是非常認真的。我們期望星戰迷——遍布世界各地龐大、積極參與、充滿熱情的星球大戰粉絲群——會喜歡我們所做的一切。

And in terms of mobile, our net sales for the year were up 10% year-on-year. We're not happy with that. We think we can continue to grow that more. But I remind people that we didn't bring out NBA Live -- our NBA Mobile or our FIFA Mobile until the back half of the year, October, essentially. And we've continued to learn and tune those games around the world, so we should continue to see more growth out of those. We always -- I mean, we've had some amazing performers like The Simpsons: Tapped Out or Real Racing or Sims FreePlay that are in year 4, year 5 of their lives, and the fact that they're still going is pretty impressive relative to many mobile games. But we will see a natural decline in some of those as we add less content and move to players to new, more exciting games or new versions of those games. And so I don't know when you're going to see a more dramatic growth level. We guided to around 5% to 10% of growth for the year, but we certainly are focused on trying to drive the new Sims title, as Andrew mentioned, as well as the sports titles because we feel that, that's a fabulous formula that we've been able to develop and leverage both on the console and PC world as well as now in the mobile world.

就行動端而言，我們全年的淨銷售額年增了 10%。我們對此並不滿意。我們認為我們還可以繼續擴大這個數字。但我提醒大家，我們直到今年下半年，也就是十月份，才推出 NBA Live、NBA Mobile 或 FIFA Mobile。我們一直在學習和調整世界各地的這些比賽，所以我們應該會看到這些比賽繼續取得更大的成長。我們一直——我的意思是，我們有一些表現非常出色的遊戲，例如《辛普森家庭：Tapped Out》、《真實賽車》或《模擬市民：免費版》，它們已經運營了 4 年、5 年，而且它們還在繼續運營，這相對於許多手機遊戲來說相當令人印象深刻。但隨著我們減少內容添加，並將玩家引導至更新、更刺激的遊戲或這些遊戲的新版本，我們將看到其中一些遊戲自然而然地衰落。所以我不知道什麼時候才能看到更顯著的成長。我們預計今年的成長率為 5% 到 10%，但正如 Andrew 所提到的，我們當然會專注於推動新的《模擬市民》遊戲以及體育遊戲的發展，因為我們認為這是一個絕妙的模式，我們已經在主機和 PC 領域以及現在的移動領域開發並加以利用。

Our next question is from the line of Tom O'Shea (sic) [Tim O'Shea] with Jefferies.

我們的下一個問題來自 Tom O'Shea（原文如此）[Tim O'Shea] 與 Jefferies 的關係。

Just a few more on Star Wars Battlefront II. So the first installment sold around 13 million units in its launch window. Obviously, a very big number. Is this the right framework to use as we think about how to model Battlefront II? And then there's been a bit of confusion on how you intend to support the game post launch, and I just was hoping you might clarify what we should expect in terms of Season Pass or DLC? And then just broadly speaking at a higher level, how is anticipation for that game shaping up? What's the feedback you're seeing around the announcement of the single-player campaign and the trailer?

關於《星際大戰：前線2》還有幾點要補充。因此，第一代產品在上市初期就售出了約 1,300 萬台。顯然，這是一個非常大的數字。在思考如何為《星際大戰：前線 II》建模時，這個框架是否合適？此外，關於遊戲發售後您將如何提供支持，目前存在一些疑問，我希望您能澄清一下，在季票或DLC方面，我們應該期待些什麼？那麼，從更高的層次來看，人們對這場比賽的期望如何呢？單人戰役模式公佈和預告片發布後，你收到了哪些回饋？

So again, in terms of -- we'll start from the back. The fan anticipation has been very, very strong, 16 million organic views. That's not us kind of paying to get viewers. That is fans kind of seeking out the content. I would say the feedback has been almost entirely positive. The inclusion of a single-player campaign, the inclusion of a new heroine in Iden, space battles, new content, new heroes, new worlds, new planets, I think the feedback of that is very, very strong. As we think about the live services, nothing -- we're not talking in great deal about it now other than the game is going to be 3x the size of the original game at launch. And we also have a very, very robust live services plan that we're going to be talking about in the coming weeks and months, particularly around EA PLAY and E3 in just a few weeks’ time. And Blake...

所以，再說一遍，就此而言——我們將從後往前講。粉絲的期待非常非常高，自然觀看量已達 1600 萬次。我們不會花錢吸引觀眾。這是粉絲主動尋找內容的表現。可以說，回饋幾乎全是正面的。加入單人戰役模式、加入新女英雄伊登、太空戰鬥、新內容、新英雄、新世界、新星球，我認為玩家的回饋非常強烈。至於線上服務，目前我們還沒有過多討論，只是遊戲發佈時的大小將是原版遊戲的 3 倍。我們還有一個非常非常強大的線上服務計劃，我們將在接下來的幾週和幾個月裡討論這個計劃，尤其是在幾週後的 EA PLAY 和 E3 遊戲展期間。還有布萊克…

Yes, and I think on the unit forecast, we sold 14 million units of Battlefield -- Battlefront I in the year. It was shipped and built into our guidance as essentially the same number. Our aspirations are clearly to sell more. We think this will appeal to not just the broad Star Wars fan base, but also to the deep, heavily engaged Battlefield fan base and Battlefront fan base. And we see that as a critical part of the success of this game going forward. And as Andrew mentioned, we've got the depth and the breadth in the game that will help that.

是的，我認為根據銷量預測，我們在當年售出了 1,400 萬份《戰地：前線 I》。它以基本上相同的數位形式被運送並納入我們的指導體系中。我們的目標很明確，就是提高銷售量。我們認為這不僅會吸引廣大的《星際大戰》粉絲，還會吸引深度參與的《戰地風雲》和《星際大戰：前線》粉絲。我們認為這是這項運動未來成功的關鍵因素之一。正如安德魯所提到的，我們在遊戲方面擁有足夠的深度和廣度，這將有助於實現這一點。

Our next question is from the line of Eric Sheridan with UBS.

我們的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe 2 on mobile. Wanted to know if we could tease out a little bit about where you saw strength in mobile versus some of the legacy titles that might have been a drag on mobile, just so we could tease out some of the headwinds and tailwinds in the mobile business. And then second, any sense of marketing and how it's being impacted in terms of trying to drive mobile engagement? Is there any change there? Or you're actually leaning in, again, some of the key titles on the mobile engagement front?

手機上可能是2。想知道您能否稍微談談您認為行動端的優勢在哪裡，以及一些可能拖累行動端發展的傳統遊戲有哪些，這樣我們就能分析出行動業務面臨的一些不利因素和有利因素。其次，您認為行銷方面，以及在推動行動端用戶參與方面，行銷受到了哪些影響？情況有變化嗎？或者，你們實際上是在再次專注於行動端互動領域的一些關鍵標題？

Yes, thanks, Eric. The core product portfolio that's been there for 4 or 5 years like The Simpsons, I mentioned, have actually shrunk. Games like Sims Freeplay have stayed fairly consistent but not grown dramatically. And then things like FIFA, NBA and particularly, Galaxy of Heroes, have grown dramatically. And so I think what you'll see is as we layer in games like the new Sims game and sports games continue to grow, you'll continue to see that hopefully offset any of the shrinkage in the older portfolio. Those numbers for the older portfolios are starting to get fairly small and stable, and so I don't think you'd see a lot of headwind from that. In terms of marketing, we're continuing a very ROI-driven marketing approach. That's got a lot of discipline around it. We have a whole team led by our Chief Marketing Officer that focuses not just on our console and PC marketing, but very much on the mobile marketing. And they're driving decisions almost daily as to how to support the products. That's the beauty of the business is when something's working well, you can tune up, the daily marketing. When it's not, you can tune it down. I would say though that we remain very focused on leveraging known IP that we own or license to try to offset some of the cost of marketing, and it's allowed us to run our mobile business at a level of profitability we believe higher than most as well as driven by the fact we're spending less on ROI-driven marketing.

是的，謝謝你，艾瑞克。正如我之前提到的，像《辛普森家庭》這樣已經存在了 4 到 5 年的核心產品組合實際上已經縮減了。像《模擬市民：免費版》這樣的遊戲一直保持著相當穩定的發展，但並沒有顯著的成長。然後像 FIFA、NBA，尤其是《星際大戰：銀河英雄傳》這樣的遊戲和遊戲發展迅速。所以我認為，隨著我們不斷推出像《模擬市民》這樣的新遊戲，以及體育遊戲的持續增長，你會看到，這有望抵消舊遊戲組合的任何萎縮。老投資組合的那些數字開始變得相當小且穩定，所以我認為這不會帶來太大的不利影響。在行銷方面，我們將繼續採取以投資報酬率為導向的行銷方式。這其中蘊含著很強的紀律性。我們有一個由行銷長領導的團隊，他們不僅專注於主機和 PC 平台的行銷，而且非常重視行動平台的行銷。他們幾乎每天都在主導關於如何支援產品的決策。這就是商業的魅力所在：當某些事情進展順利時，你可以進行調整，例如日常行銷。如果不是，你可以調低音量。不過，我想說的是，我們仍然非常注重利用我們擁有或授權的已知知識產權來抵消部分營銷成本，這使我們能夠以我們認為高於大多數同行的盈利水平運營我們的移動業務，同時也得益於我們在以投資回報率為導向的營銷上的支出較少。

Our next question is from the line of Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 與 Stifel 的合作系列。

So I wonder if you guys could comment on your experience with Battlefield 1, DLC, what the conversion rate was in the March quarter and what your expectations are for fiscal '18. I believe you guys have 4 maps launching this fiscal period. And then second question is more a clarification. Your commentary on full game downloads being 9% last year, but moving back to 5%. Is that a number for the company or something you expect the industry to trend at? And if it's not for you, where would you expect it to be given the solid quarters versus Battlefield dynamic?

所以我想問大家能否談談你們玩《戰地1》和DLC的體驗，3月份季度的轉換率是多少，以及你們對2018財年的預期。我相信你們本財年將推出 4 張地圖。第二個問題更像是澄清說明。你評論說，去年完整遊戲下載量佔比為 9%，但現在回落到 5%。這是公司預期的數據，還是你認為產業發展趨勢會達到的數據？如果你不喜歡這款遊戲，考慮到《戰地》系列與《要塞英雄》系列之間的巨大反差，你認為它會在哪裡？

Yes, so thanks, Drew. The first question on Battlefield 1. We're not going to disclose the attach rates because they're becoming more -- or less and less meaningful, particularly in the world of live services. And you'll see some changes to our approach, particularly with Battlefield and Battlefront over time that makes those DLCs less important because it's ongoing content that's being delivered. I will say, you'll also see a lot of content delivered to the broad community for Battlefield, not just for the DLC owners, going forward, which I think will continue to make those numbers a little less meaningful. We're very pleased with the engagement levels on Battlefield as well as the ongoing sales of Battlefield 1, and we think that will continue on And I guess what I would say is based on having seen some of the DLCs, I would never refer to them as a map. We've got a lot of exciting stuff coming and a lot of interesting things about World War I that have yet to be even seen. In terms of full game downloads, the number surprised us because we had thought that it'd be around the 5% year-over-year growth. Some of that may simply be the consumer is shifting faster than we know or we expected. The trends can sometimes jump in dramatic ways and maybe we're starting to see that overall shift. And some of it could be product related. We do think the industry will end calendar year '17 probably above 40%. We will most likely lag that as we have historically because FIFA is such a large product and it is so global that we are operating in markets where either the ability to purchase digitally or the ability to download based on bandwidth speeds are compromised. And thus, we tend to skew a little lower on FIFA than we do on the rest of our portfolio. So we've always lagged the industry slightly, but we are excited about the potential that you're seeing the consumer possibly shift quicker to digital than we'd originally anticipated.

是的，謝謝你，德魯。關於《戰地1》的第一個問題。我們不會透露攻擊率，因為它們正變得越來越——或者說越來越不——有意義，尤其是在線上服務的世界。隨著時間的推移，你會看到我們的方法有所改變，尤其是在《戰地風雲》和《星際大戰：前線》系列中，這些 DLC 的重要性會降低，因為我們會持續推出新內容。我想說的是，未來《戰地》系列遊戲將會向廣大玩家群（而不僅僅是DLC擁有者）提供大量內容，我認為這將使這些數字的意義有所降低。我們對《戰地》系列的玩家參與度以及《戰地1》的持續銷售感到非常滿意，我們認為這種情況會持續下去。而且，根據我看過的一些DLC來看，我絕對不會稱它們為地圖。我們有很多令人興奮的內容即將推出，還有很多關於第一次世界大戰的有趣事物尚未被世人所知。就完整遊戲下載量而言，這個數字讓我們感到驚訝，因為我們原本以為同比增長率會在 5% 左右。其中一些原因可能只是消費者的變化速度比我們所知或預期的還要快。趨勢有時會發生劇烈的變化，也許我們正在開始看到這種整體轉變。其中一些可能與產品有關。我們認為，到 2017 年年底，該行業的成長率可能會超過 40%。我們很可能會像以往一樣落後於市場，因為 FIFA 是一款非常龐大的產品，而且是全球性的，我們在一些市場運營，這些市場要么無法進行數位購買，要么無法根據頻寬速度進行下載。因此，我們對 FIFA 的投資比例往往比我們投資組合中的其他產品要低。因此，我們一直略微落後於產業，但我們很高興看到消費者向數位轉型的速度可能比我們最初預期的要快。

Our next question is from the line of Andrew Uerkwitz with Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Andrew Uerkwitz。

I just got 2 quick ones. Around Battlefield 1, it seems like the excitement around the game is a little bit better than you expected. Has that changed your view on the intensity or the strategy around extra content for this fiscal year? And then could we see more in the following fiscal year to support Battlefield 1?

我剛拍了兩張速拍照片。《戰地1》發售前後，玩家們的熱情似乎比你預期的還要高。這是否改變了您對本財年額外內容的投入強度或策略的看法？那麼，在接下來的財政年度，我們能否看到更多資金來支持《戰地1》呢？

I would say it hasn't really changed our overall approach for this coming -- or this fiscal year. You may see some things you didn't actually anticipate as it evolves. But the general strategy is still based around quarterly or monthly DLCs that we put out. I do think you'll start to see that evolve next year as we get into more Competitive Gaming. And it will clearly evolve, as Andrew mentioned, around Battlefront II property that we start to evolve the services associated with DLC to make them more live service, event-driven style gameplay versus purely an additional piece of content.

我認為這並沒有真正改變我們對即將到來的——或者說本財政年度的總體方針。隨著事態發展，你可能會看到一些你意想不到的事情。但整體策略仍是以我們按季度或按月推出的DLC為基礎。我認為隨著我們更多地涉足競技遊戲領域，明年你會看到這種情況開始改變。正如 Andrew 所提到的，它顯然會圍繞著《星際大戰：前線 II》這款遊戲而發展，我們將開始發展與 DLC 相關的服務，使它們更像即時服務、事件驅動型遊戲玩法，而不僅僅是額外的內容。

On that particular comment, if I may, did it -- are you kind of leaning towards kind of...

關於你剛才那則評論，恕我直言——你是不是有點傾向…

You cut out.

你退出了。

(technical difficulty)

（技術難題）

(Operator Instructions) Our next question is from the line of Doug Creutz with Cowen and Company.

（操作說明）我們的下一個問題來自 Cowen and Company 的 Doug Creutz。

I think your revenue deferred gross -- adjusted gross margin this quarter was a bit over 81%, which is I think more than 400 basis points higher than your previous high in any quarter you reported. Obviously, you had a big digital mix this quarter, but there's been other quarters in the last couple years that you've had similar digital mix and the gross margins have been in the kind of mid-70% range. So wonder if you could talk about was there anything kind of special in this quarter that drove that gross margin so high, mix of business or anything like that.

我認為你們本季的營收遞延毛利率——調整後毛利率略高於 81%，這比你們之前任何一個季度報告的最高值都高出 400 多個基點。顯然，本季你們的數位行銷佔比很高，但過去幾年也有其他季度數位行銷佔比類似的情況，毛利率也都在 70% 左右。所以我想問一下，本季是否有任何特殊因素推動了毛利率如此之高，例如業務組合或其他類似因素。

Yes, I think primarily, the biggest driver I would say is the mix, lower royalty-bearing titles this year versus last year: Battlefield catalog, for example, versus Battlefront catalog last year. There was also -- the one thing to remember is our technology team led by Ken Moss has done an amazing job making our back-office ability to deliver digital much more efficient. We don't talk about it a lot, but it's become a continued help in our gross margin as we expand and we'll continue to drive that. That's lower cost storage, lower costs delivery, more efficient network and platform that we've built it on. It's all pretty powerful, and that continues to help us as well. And then obviously continued digital, as we've said, is also a major driver in the business, which has helped us in the quarter.

是的，我認為主要原因在於遊戲組合的變化，今年需要支付版稅的遊戲數量比去年有所減少：例如，今年的《戰地》系列遊戲數量比去年的《星際大戰：前線》系列遊戲數量有所減少。還有一點要記住的是，由 Ken Moss 領導的技術團隊在提高我們後台交付數位化服務的能力方面做得非常出色。我們很少談論它，但隨著我們業務的擴張，它已成為我們毛利率的持續助力，我們將繼續推動這一目標的實現。這是基於更低成本的儲存、更低成本的配送、更有效率的網路和平台所建構的。這一切都非常強大，而且也一直對我們有幫助。顯然，正如我們所說，持續的數位轉型也是業務發展的主要驅動力，這對我們本季的業績有所幫助。

Our next question is from the line of San Phan with Mizuho.

我們的下一個問題來自 San Phan 與瑞穗銀行的合作系列。

Two questions on my end. How far along are you in building, in stacking out Motive Studio in Canada? And how should we think about that impact to the trajectory and R&D expenses over the next few years? And then secondly, can we just get your current thoughts on what areas are most interesting to you in the industry in regards to potential M&A?

我有兩個問題。在加拿大建造 Motive Studio 的進度如何？那麼，我們該如何看待這種影響對未來幾年發展軌跡和研發支出的影響呢？其次，能否請您談談目前您對業界哪些領域在潛在併購方面最感興趣的看法？

So what was -- I'm sorry, Sam. I didn't catch the first part of your first question. Can you repeat the question?

所以到底發生了什麼事——對不起，山姆。我沒聽清楚你第一個問題的第一部分。你能再說一次問題嗎？

Sure. It's just how far along are you in building out, in stacking out the Motive Studio in Canada and basically what the impact to the trajectory in R&D?

當然。關鍵在於，您在加拿大建造和搭建 Motive Studio 的進度如何，以及這對研發軌跡會產生什麼影響？

Yes, it's good question. Thanks. We're well along the way. We've hired close to 100 people for that studio, some of the most fabulous talent I've met in many, many years. It's very exciting for us to assemble a brand-new team. We're finalizing our new office space there, which it will have both Motive people as well as the BioWare Montréal team in that same office. We still have some hiring to go, but I think for now it will be at a more gradual pace over the next couple of years as we move probably from, say, 100 to 150 or so as we go forward. So -- but it's been exciting to be able to build such a great new team. And in terms of the second piece on M&A, I think there are few large companies out there. Most of the companies are small. Many of the companies we've looked at we passed on because the valuations have been so high. But we're continuing to keep our eyes and ears open, particularly for things that can add to either games that don't have live services and we can layer live services into them, or games that could leverage our network and our scale the we don't have. And those will be big themes for us. But unfortunately, there's a -- it's not a long list of companies that are out there of scale that we can go after.

是的，問得好。謝謝。我們已經取得了很大進展。我們為那個工作室招募了近 100 人，他們是我多年來遇到的最優秀的人才。組建一支全新的團隊讓我們感到非常興奮。我們正在敲定在那裡的新辦公空間，屆時 Motive 的員工和 BioWare Montréal 團隊都將在同一個辦公室辦公。我們還有一些招募工作要做，但我認為在接下來的幾年裡，招募速度會更加緩慢，我們可能會從 100 人左右逐步增加到 150 人左右。所以——但是能夠組建這樣一支優秀的新團隊，真的令人興奮。至於併購的第二部分，我認為市場上並沒有太多大型公司。大多數公司規模都很小。我們考察過的許多公司都因為估值過高而放棄了。但我們會繼續保持警惕，特別是對於那些能夠為沒有即時服務的遊戲添加即時服務，或者能夠利用我們目前所沒有的網路和規模的遊戲，我們都可以為其添加即時服務。這些將是我們關注的重點。但不幸的是，我們可以爭取的、有規模的公司並不多。

Our next question is from the line of Mike Olson with Piper Jaffray.

我們的下一個問題來自 Mike Olson 和 Piper Jaffray。

Couple quick ones here. Despite moving out an entire title guidance, it's quite solid on a tough comp, and then your digital guidance is up nicely even with Star Wars, which last time was a bit of a drag on digital. So would you say that the biggest component of the favorable overall guide and digital guide is mostly result of strength of Battlefield 1 live services? Or would you attribute it to something else?

這裡快速問幾個問題。儘管取消了整部影片的指導方針，但在激烈的競爭中表現相當穩健，而且即使加上上次在數位版上表現略顯拖累的《星際大戰》，你的數位版指導方針也相當不錯。所以您認為，整體指南和數位指南獲得好評的最大因素主要是《戰地1》線上服務的強大實力造成的嗎？還是你會將其歸因於其他原因？

I would probably attribute it to live services in general. So not just Battlefield but the overall portfolio, both mobile and nonmobile, where we're trying to layer more live service events and seeing success. We're seeing -- obviously, we have expectations for growth across the sports portfolio, both in HD and in mobile. We do have a new UFC game, I think as everyone knows, next spring. And we have the Need for Speed game coming in. So all of those add to the growth in the year despite the fact that we have a tough comp to try to beat between Battlefield, Titanfall and the strength of FIFA this past year. So we see it as kind of growth across the whole portfolio versus dominated by 1 product or 1 new product. And we do have the new Sims game that Andrew mentioned that's coming out during the year on mobile. We don't know exactly what time of the year that will come out, but we've -- so we don't have a giant expectation in the guidance, but that's clearly in there as well.

我大概會將其歸因於一般的即時服務。所以不僅是《戰地》系列，而是整個產品組合，包括行動端和非行動端，我們都在嘗試加入更多即時服務活動，並且已經取得了成功。顯然，我們對體育產品組合（包括高清和行動裝置）的成長抱有期望。我想大家都知道，我們明年春天會推出一款新的UFC遊戲。還有《極速快感》遊戲即將推出。儘管去年我們面臨《戰地》、《泰坦隕落》和《FIFA》等強勁對手的激烈競爭，但所有這些因素都促進了今年的成長。因此，我們認為這是整個產品組合的成長，而不是由單一產品或單一新產品主導的成長。我們確實有安德魯提到的那款新的模擬市民遊戲，它將在今年內登陸行動平台。我們不知道具體會在一年中的哪個時間發布，但是——所以我們對指導意見沒有抱太大期望，但這方面的內容也很明顯。

Our next question is from the line of Mike Hickey with Benchmark.

我們的下一個問題來自 Benchmark 公司的 Mike Hickey。

Just 2 for me as well. Curious if you could give us a deeper perspective, I guess, on what's happening within BioWare. Mass Effect, I think from a quality perspective, didn't exactly hit the mark. It looks like you've now delayed the anticipated new IP, which sometimes is also tied to quality. So curious if there's any change of leadership or developer turnover (inaudible) happened internally within BioWare. And then second question, PopCap. It looks like you have some layoffs in that studio. Obviously, the studio has good IP, used to, as well as (inaudible). Curious how you see the future of PopCap, and also if you're tinkering with headcount over -- on the overall firm or any trends there we should think about through fiscal '18.

我也只買了2個。我很想知道您能否更深入地談談BioWare內部正在發生的事情。我認為，從品質角度來看，《質量效應》並沒有達到預期效果。看來你們已經推遲了備受期待的新IP的發布，而這有時也與品質有關。很好奇BioWare內部是否發生了領導層變動或開發人員更迭（聽不清楚）。第二個問題，PopCap公司。看來你們工作室要裁員了。顯然，該工作室擁有良好的知識產權，過去如此，以及（聽不清楚）。很好奇您如何看待 PopCap 的未來，以及您是否正在調整公司整體的人員編制，或者在 2018 財年我們應該考慮哪些趨勢。

So let me just make sure that was only 2 questions and not 3 or 4. The first one is what's going on with BioWare and should we read anything in from Mass Effect to the new title. So that collection of questions. The second one was what's going on at PopCap and should we read anything in there. Was there a third question about headcount overall, or is that just headcount related to PopCap?

所以讓我確認一下，是不是只有兩個問題，而不是三、四個。第一個問題是BioWare最近在忙些什麼，以及我們是否可以從《質量效應》系列中看出什麼對新作的影響。所以，這就是這些問題集。第二個問題是 PopCap 發生了什麼事，我們是否應該關注其中的內容。關於員工總數的第三個問題，還是僅指與PopCap相關的員工人數？

We lost Mike now.

我們失去了麥克。

(technical difficulty)

（技術難題）

(Operator Instructions)

（操作說明）

Okay. Well, I'll answer the first 2 and we'll go from there. The first thing is Mass Effect is an interesting title. It was in development for a really long time and represented a lot of the great things that BioWare is known for: story, size, depth, breadth, imagination. And while overall the aggregate review scores were lower than we would have liked, we did have over 100 reviewers scored the game at 80 or higher. So it represents a fan base that's very passionate, looking for very particular things and many players found exactly what they're looking for and some players did not. With that said, we believe Mass Effect: Andromeda delivers a rich, deep experience, which celebrate what makes the franchise great: wonderful, beautiful, deep, rich world, amazing combat and engaging fast-paced multiplayer. New multiplayer content is continued to be released, and new content kind of arriving overall more regularly. So we're very happy with kind of how BioWare is doing, how BioWare is treating Mass Effect. And our expectations for Mass Effect are still strong for the future and the franchise overall. In terms of the new IP, the choice to move the new IP and what happened with Mass Effect are completely unrelated. The reality is, is we have a creative process. As a company, creativity and pioneering is really important for us. Now -- innovation in games is important more now than ever. And as a leader in the industry, we see it as our responsibility to innovate. And as part of that creative process, and I get to be involved in that creative process, we recognize that there was so much more opportunity in a connected network, social world to do some things in the new BioWare game that had never been done before and we don't think anyone is going to do any time soon. But by virtue of our network, our cross-platform presence and our scale, we think we can do that. And we chose to give the team some more time to deliver against that innovation because we believe players are looking for the kinds of things that we plan to put into that game. And so we're very happy with BioWare. BioWare has continued to support Mass Effect, and the new team is doing some amazing things and you'll hear more about that in the months to come. In terms of PopCap, again, I think there's a couple of different presences for PopCap. We have an amazing PopCap team in Vancouver that built Garden Warfare 2 -- 1 and 2 on console. That game continues to do extremely well, high critical acclaim, strong engagement and strong sales over its life. So we're very happy with that team. The team's building against mobile games out of Seattle recognize that the market continues to change, that brands are really important in the mobile space, but so is focus. The notion of building lots of small things really doesn't pay out the way it does in mobile like it did just a few years ago, and their decision was to refocus and really energize around a few core PopCap IP and that drove a slight change in structure there. But you shouldn't read into anything other than we are very, very committed to PopCap and very committed to PopCap IP and very committed to bringing that wonderful IP to players across devices in the future.

好的。好，我先回答前兩個問題，我們再繼續討論其他問題。首先，《質量效應》本身就是一個很有趣的遊戲。這款遊戲開發了很長一段時間，代表了 BioWare 為人稱道的許多優秀品質：故事情節、規模、深度、廣度、想像。雖然整體評分低於我們的預期，但有超過 100 位評論員給了這款遊戲 80 分或更高的分數。所以它代表著一個非常熱情、追求特定事物的粉絲群體，許多玩家找到了他們想要的東西，而有些玩家則沒有。綜上所述，我們認為《質量效應：仙女座》提供了豐富而深刻的體驗，展現了該系列遊戲的偉大之處：精彩、美麗、深刻、豐富的世界，驚人的戰鬥和引人入勝的快節奏多人遊戲。新的多人遊戲內容持續發布，而且新內容的推出頻率總體上也更加頻繁了。所以我們對BioWare目前的做法，以及BioWare對待《質量效應》的方式，都非常滿意。我們對《質量效應》的未來以及整個系列依然抱持著很高的期望。就新IP而言，選擇遷移新IP與《質量效應》發生的事情完全無關。事實上，我們擁有一個創作過程。對我們公司而言，創造力和開拓精神至關重要。如今，遊戲領域的創新比以往任何時候都更重要。身為產業領導者，我們認為創新是我們的責任。作為創作過程的一部分（我很榮幸參與其中），我們意識到，在一個互聯互通的社交網絡世界中，有更多的機會在新版 BioWare 遊戲中做一些以前從未做過的事情，而且我們認為短期內也不會有人去做。但憑藉我們的網路、跨平台佈局和規模，我們認為我們可以做到這一點。我們選擇給團隊更多的時間來實現這項創新，因為我們相信玩家們正在尋找我們計劃加入遊戲中的那些東西。因此，我們對BioWare非常滿意。BioWare 一直在繼續支持《質量效應》，新團隊正在做一些令人驚嘆的事情，在接下來的幾個月裡你會聽到更多相關消息。至於 PopCap，我認為 PopCap 有幾種不同的存在方式。我們在溫哥華有一支非常優秀的 PopCap 團隊，他們開發了《花園戰爭 2》——主機平台上的 1 和 2。這款遊戲一直以來都表現出色，在其生命週期內獲得了極高的評價、強大的用戶參與度和強勁的銷售量。所以我們對這支隊伍非常滿意。這支來自西雅圖的團隊致力於開發行動遊戲，他們意識到市場不斷變化，品牌在行動領域非常重要，但專注同樣重要。在行動領域，開發大量小型專案的想法已經不像幾年前那樣有利可圖了，因此他們決定重新聚焦，圍繞幾個核心的 PopCap IP 全力以赴，這也導致了公司結構的一些細微變化。但你不應該過度解讀，我們只想表達我們對 PopCap 的堅定承諾，對 PopCap 的智慧財產權的堅定承諾，以及未來將這項優秀智慧財產權帶給跨裝置玩家的堅定承諾。

Our next question is from the line of Evan Wingren with Pacific Crest Securities.

我們的下一個問題來自太平洋證券公司的埃文溫格倫。

So what are your expectations for this next addition of Madden as it moves to Frostbite? And are there any potential synergies that you guys are thinking about for moving the game to that engine?

那麼，你對即將推出的、採用寒霜引擎的 Madden 系列新作有什麼期待呢？你們有沒有考慮過將遊戲遷移到該引擎後可能產生的綜效？

What Frostbite allows us to do, as you can see with -- it's allowed on FIFA is to have a much deeper experience, much better graphics, doing things inside the game that you couldn't do on the sports engine. So if you were to look at the FIFA and say, how does FIFA change year-over-year, you'll probably see similar aspects of that in Madden and we're pretty excited about it. It looks fantastic so far.

正如你在 FIFA 中看到的那樣，寒霜引擎讓我們能夠獲得更深入的遊戲體驗、更好的畫面，以及在遊戲中實現一些在傳統運動引擎中無法實現的功能。所以，如果你觀察 FIFA，問問自己 FIFA 每年是如何變化的，你可能會在 Madden 中看到類似的變化，我們對此感到非常興奮。目前看來棒極了。

And then Andrew, in your remarks you called out AI, and I'm just wondering how are you utilizing it now. And I use that term broadly. And how do you see it evolving over the next couple of years?

安德魯，你在發言中提到了人工智慧，我想知道你現在是如何利用它的。我在這裡使用這個詞的含義很廣泛。您認為它在未來幾年會如何發展？

We see kind of on 3 core vectors. Again, we make artificial humans inside of video games, and have been doing that for many decades. And the sophistication of those human beings inside of our games continues to grow. And so we have a lot of energy about how do we improve the AI of our characters inside games so that their performance is far more believable and far more human. A second vector is just how we think about pathing and difficulty inside of our games. So with the growing population of players across devices, the notion that one size fits all with respect to experience no -- is no longer relevant. And so we have a lot of work going into how we think about a dynamic experience, a dynamic and personalized experience for every single player in our network even if they play the same games with their friends on similar devices. And it's really about how do we change difficulty level, how do we change pathing, how do we provide the tools and feedback that those players need so that they can get the single best experience and ultimately engage with the game longer. And then the third vector, of course, is just how we think about recommendations and presentation of content and merchandising of content and marketing of the content that we produce to a global player base. We have deep investment going on, on all 3 vectors. We think we're leading in a number of categories. A lot of that will start to manifest itself inside of our EA Player Network. You're already seeing some of that in Ultimate Team, in our Sims games, in our Battlefield network that move you amongst experiences. And we believe that in the not-too-distant future, that's going to be a meaningful vector of growth for our business.

我們看到大約有 3 個核心向量。我們一直在電子遊戲中創造人工智慧，而且已經這樣做了幾十年了。我們遊戲中那些人類的複雜程度也不斷提高。因此，我們投入了大量精力來研究如何改進遊戲中角色的AI，使其表現更可信、更人性化。第二個向量正是我們思考遊戲中路徑和難度的方式。因此，隨著玩家群在各種裝置上不斷壯大，那種認為體驗可以一概而論的想法已經不再適用。因此，我們正在投入大量精力來思考如何為我們網路中的每位玩家打造動態、個人化的體驗，即使他們與朋友在類似的裝置上玩相同的遊戲。而這其實關乎我們如何改變難度級別，如何改變路徑，如何提供玩家所需的工具和回饋，以便他們能夠獲得最佳體驗，並最終更長時間地參與遊戲。當然，第三個面向是我們如何思考如何向全球玩家群推薦和展示內容、如何銷售內容以及如何行銷我們製作的內容。我們在所有三個方面都進行了大量投資。我們認為我們在很多方面都處於領先地位。許多這樣的變化將會在我們的EA玩家網路中逐漸顯現出來。你已經在 Ultimate Team、我們的 Sims 遊戲以及我們的 Battlefield 網路中看到了這些功能，它們能讓你在不同的體驗之間切換。我們相信，在不久的將來，這將成為我們業務成長的重要動力。

Our last question is from the line of Ray Stochel with Consumer Edge Research.

我們的最後一個問題來自 Consumer Edge Research 的 Ray Stochel。

How are you guys thinking now about the Nintendo Switch post launch? And is this in your new gen console installed base forecasts.

你們現在對任天堂Switch發售後的狀況有什麼看法？這是否包含在你們對新一代遊戲主機裝機量的預測中？

So we feel really good about it. Again, we came out early and said that we'll be supporting the Nintendo Switch with our biggest title in FIFA. We have a tremendous relationship with Nintendo and have done for many, many years and are excited by the fact that they have come out very strong and are bringing in a whole new player base into the ecosystem. We continue to be bullish on it and are looking at other titles that we might bring to the Switch. Our console number that we quoted does not include the Switch at this point. So anything that Nintendo does is additive to that number.

所以我們對此感到非常滿意。我們再次提前宣布，我們將透過旗下最重磅的遊戲 FIFA 來支援 Nintendo Switch 平台。我們與任天堂有著非常良好的關係，這種關係已經持續了很多年，我們很高興看到他們強勢回歸，並為生態系統帶來了全新的玩家群。我們仍然看好這款遊戲，並且正在尋找其他可能移植到 Switch 平台的遊戲。我們之前提到的遊戲主機數量目前不包括 Switch。所以任天堂做的任何事都會增加這個數字。

Great. Thank you, everyone. We'll see you in the coming months and talk to you next quarter. Appreciate the intention and (inaudible). Thank you.

偉大的。謝謝大家。我們將在未來幾個月與您見面，並在下個季度與您再次溝通。感謝您的好意，以及（聽不清楚）。謝謝。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。