美商藝電 (EA) 2018 Q2 法說會逐字稿

Good afternoon, my name is Jennifer, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Second Quarter 2018 Earnings Call. (Operator Instructions)

下午好，我叫詹妮弗，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2018年第二季財報電話會議。（操作說明）

Thank you. Mr. Chris Evenden, Vice President of Investor Relations, you may begin your conference.

謝謝。投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thank you, Jennifer. Welcome to EA's Second Quarter Fiscal 2018 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO.

謝謝你，珍妮弗。歡迎參加EA 2018財年第二季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson 和我們的財務長 Blake Jorgensen。

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

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

With regard to our calendar. Blake will be speaking at the UBS conference in San Francisco on Monday, November 13; the Credit Suisse conference in Scottsdale on Tuesday, November 28; and the NASDAQ conference in London on Tuesday, December 5. Our Q3 fiscal '18 earnings call is scheduled for Thursday, January 25, 2018.

關於我們的日程安排。布萊克將於11月13日星期一在舊金山舉行的瑞銀會議上發表講話；11月28日星期二在斯科茨代爾舉行的瑞士信貸會議上發表講話；以及12月5日星期二在倫敦舉行的納斯達克會議上發表講話。我們的2018財年第三季財報電話會議定於2018年1月25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, October 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 10 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.

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，本次電話會議中所做的所有比較均與去年同期進行比較。

We have changed the name of our net sales operating metric to net bookings. This came up in a recent discussion with the SEC as part of their ordinary cost periodic review of our filings. We also believe that this change will enable our industry to better align on terminology. We have not changed how it is calculated.

我們將淨銷售額營運指標的名稱改為淨預訂量。在最近與美國證券交易委員會的一次討論中，我們提到了這一點，這是他們在對我們提交的文件進行例行成本定期審查的一部分。我們也相信，這一變化將使我們行業在術語方面更好地保持一致。我們沒有改變它的計算方式。

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。

It was a strong second quarter for Electronic Arts. Excellent launches for our EA SPORTS titles and growth in our event-driven live services across all major platforms continued our momentum for the fiscal year to date. Revenue and earnings were above our guidance, highlighted by continuing digital growth and strong ongoing execution to deliver for our players around the world. The impact of the digital transformation is accelerating across the interactive entertainment industry. Players today are looking for more choice, more content and more fun in experiences that continually evolve with the way they want to play.

藝電第二季業績表現強勁。EA SPORTS 遊戲的出色發布以及我們在所有主要平台上的賽事驅動型直播服務的增長，使我們在本財年迄今為止保持了強勁的發展勢頭。營收和利潤均超出預期，這主要得益於持續的數位成長和強勁的持續執行力，從而為全球玩家提供優質服務。數位轉型對互動娛樂產業的影響正在加速擴大。現今的玩家希望獲得更多選擇、更多內容和更多樂趣，遊戲體驗也應隨著他們的遊戲方式不斷演變。

Capturing these opportunities is at the core of EA's strategy: creating extraordinary new games, content and experiences, wrapped in services, access through more platforms and more business models, and powered by innovative technologies. These are the key growth drivers that uniquely position EA to lead this industry.

抓住這些機會是 EA 策略的核心：創造非凡的新遊戲、內容和體驗，並將其融入服務、透過更多平台和更多商業模式進行訪問，同時藉助創新技術實現。這些關鍵的成長驅動因素使EA在該行業中佔據獨特的領先地位。

EA's Q2 results reflected our focus on these growth areas. Our new EA SPORTS titles drove more downloads and deep engagement, our mobile portfolio continues to strengthen and our event-driven live services continued to deliver the experiences our players want.

EA第二季的業績反映了我們對這些成長領域的關注。我們的全新 EA SPORTS 遊戲帶來了更多下載量和更深入的用戶參與，我們的行動產品組合持續增強，我們以賽事為驅動的即時服務繼續為玩家提供他們想要的體驗。

Beginning with EA SPORTS and Madden NFL 18, players are loving the combination of an emotional story mode, greater depth and more competition. We had 25% more players engaged in Madden Ultimate Team through Q2 year-over-year, and our competitive gaming player base has grown by over 30% in the same period. FIFA 18 launched in late September, reaching players across more than 50 countries and igniting the global soccer community.

從 EA SPORTS 和 Madden NFL 18 開始，玩家們就非常喜歡這種將情感豐富的故事模式、更深入的遊戲內容和更激烈的競爭相結合的遊戲方式。與去年同期相比，第二季度參與 Madden Ultimate Team 的玩家數量增加了 25%，同期我們的競技遊戲玩家數量增加了 30% 以上。FIFA 18 於 9 月下旬發布，涵蓋了 50 多個國家的玩家，並點燃了全球足球界的熱情。

The depth and precision of the Frostbite-driven gameplay are just the beginning for FIFA 18, with much more to come as programs like Squad Battles, FUT ICONS and Ones To Watch are already driving strong FIFA Ultimate Team engagement.

Frostbite引擎驅動的遊戲玩法的深度和精準度僅僅是FIFA 18的開始，未來還有更多精彩內容，例如Squad Battles、FUT ICONS和Ones To Watch等項目已經大大提升了FIFA Ultimate Team的參與度。

NBA LIVE 18 was a strong reentry into the market and continues to captivate a growing base of NBA fans. And with NHL 18, the new NHL THREES mode helped us reach an entirely new audience, with 60% more first-time EA players joined through Q2 over the previous game.

NBA LIVE 18 強勢回歸市場，並持續吸引越來越多的 NBA 球迷。而隨著 NHL 18 的推出，全新的 NHL THREES 模式幫助我們接觸到了全新的受眾群體，截至第二季度，首次加入 EA 的玩家數量比上一代遊戲增加了 60%。

This quarter was an outstanding demonstration of the ongoing opportunity for our EA SPORTS franchises to drive growth through expanded reach, new experiences and more competition.

本季出色地展現了 EA SPORTS 系列遊戲透過擴大覆蓋範圍、推出全新體驗和增加競爭來推動成長的持續機會。

On mobile, our portfolio of deep, high-quality and long-term experiences continues to strengthen in an increasingly competitive market. In Q2, Madden NFL mobile saw unique players grow significantly year-over-year as we kicked off a new season in the game. In-game events in Star Wars: Galaxy of Heroes throughout the quarter continued to drive high levels of engagement across the community. Most of these games charted in the top 10 grossing games on the App Store and Google Play dozens of times throughout the quarter. In addition, FIFA Mobile topped 113 million players life to date, and fans are anticipating our annual update to that game that comes in Q3.

在行動端，我們深度、高品質和長期體驗的產品組合在競爭日益激烈的市場中不斷增強。第二季度，隨著遊戲新賽季的開始，《麥登橄欖球》行動版玩家數量較去年同期成長顯著。本季《星際大戰：銀河英雄傳》的遊戲內活動持續推動社區高度參與。這些遊戲大多在本季數十次登上 App Store 和 Google Play 暢銷榜前十名。此外，FIFA Mobile 至今玩家人數已突破 1.13 億，粉絲們期待我們在第三季推出的年度更新。

Our communities are expanding, our players are deeply engaged, and our strategy to deliver our portfolio of mobile games that players love to spend time is showing its strength.

我們的社群正在不斷壯大，我們的玩家參與度很高，我們致力於提供玩家喜愛的行動遊戲組合的策略正在展現其優勢。

Across our portfolio, event-driven live services are enhancing the experience for players, keeping them together with friends, extending the fun and giving them choice in how they want to play. The global Battlefield community has tens of millions of unique players continuing to connect and play with their friends across different games in the franchise.

在我們的產品組合中，以活動為驅動的即時服務正在提升玩家體驗，讓他們與朋友保持聯繫，延長遊戲樂趣，並讓他們選擇自己喜歡的遊戲方式。全球戰地系列遊戲社群擁有數千萬名玩家，他們不斷與好友在不同的遊戲中互動和遊戲。

In The Sims 4, monthly average players are up more than 40% year-over-year, and anticipation is high for the console game launching in Q3. As these communities and many others in our top franchises continue to thrive, our subscription services like EA Access and Origin Access are bringing more players from across our network to join in.

《模擬市民4》的月平均玩家人數年增超過40%，玩家對這款將於第三季推出的主機遊戲充滿期待。隨著這些社群以及我們頂級系列中的許多其他社群的持續蓬勃發展，我們的訂閱服務（如 EA Access 和 Origin Access）正在吸引我們網路中更多的玩家加入。

Our subscription player base continues to grow, and you should expect us to continue driving this model to more platforms going forward.

我們的訂閱用戶群持續成長，未來我們將繼續把這種模式推廣到更多平台。

We are now well positioned for the holiday quarter. We will add momentum with 2 massive new experiences, a new event-driven live service and more competition.

我們現在已經為假日季節做好了充分準備。我們將透過兩項重大的新體驗、一項新的活動驅動型線上服務以及更多競爭來推動發展。

First, is Need for Speed Payback, launching on November 10. An all-new story drives this experience with a narrative, characters and explosive moments that will excite a broad audience of players. Combined with deep customization, a huge open world and a rich multiplayer experience, this is one of the biggest Need for Speed games ever created. Trailer views are up more than 100% over the previous title, and the community is excited to jump into this new Need for Speed.

首先是《極速快感：復仇》，將於 11 月 10 日發售。全新的故事情節、角色塑造和震撼人心的時刻將為玩家帶來全新的遊戲體驗，必能吸引廣大玩家的目光。結合深度自訂、龐大的開放世界和豐富的多人遊戲體驗，這是有史以​​來規模最大的極速快感遊戲之一。預告片觀看次數比前作增加了 100% 以上，玩家們都迫不及待地想要體驗這款全新的《極速快感》。

On November 17, Star Wars Battlefront II will launch worldwide. This is a game that is nearly 3x the size of the previous Battlefront, delivering an untold Star Wars story in our single-player campaign; multiplayer battles; and dozens of ships, settings and heroes from all 3 Star Wars eras. As you will remember, there is no season pass for Star Wars Battlefront II. Instead, our event-driven live service will be free for all players, delivering new environments, new heroes, in-game events and more to everyone in the community. This new ecosystem's post-launch content is built around player choice and designed to keep the community together and extending experience for many years to come.

11月17日，《星際大戰：前線2》將在全球發售。這款遊戲的規模幾乎是前作《星際大戰：前線》的三倍，在單人戰役中講述了一個不為人知的星球大戰故事；多人戰鬥；以及來自星球大戰三個時代的數十艘飛船、場景和英雄。你應該還記得，《星際大戰：前線2》沒有季票。相反，我們以活動為驅動的即時服務將免費向所有玩家開放，為社區中的每個人帶來新的環境、新的英雄、遊戲內活動等等。這個新生態系統的後續內容以玩家選擇為中心構建，旨在維繫社區凝聚力，並延長玩家體驗，使其在未來多年持續發展。

As we run the live service, we will continually work with our player community to ensure the player experience remains rich and balanced. This began with the beta in early October where millions of players got their first taste of 20 v 20 multiplayer, enabling us to learn a great deal and make some key adjustments to balance and progression. Now our sights are set on launch and delivering a Star Wars game like none other in scale, depth and service to fans around the world.

在營運線上服務的過程中，我們將持續與玩家社群合作，以確保玩家體驗保持豐富性和平衡性。這一切始於 10 月初的測試版，數百萬玩家首次體驗了 20 對 20 的多人遊戲，這使我們能夠了解很多信息，並對平衡性和進度進行一些關鍵調整。現在，我們的目標是推出一款規模、深度和服務都前所未有的星際大戰遊戲，為世界各地的粉絲帶來極致的體驗。

Competitive gaming will continue to grow in our portfolio in Q3, with more ways to play and watch. As you may have seen, the Madden NFL Club Championship is the first esports competition to feature a full roster of teams and players from a U.S. professional sports league, and tournaments to represent all 32 NFL teams are already underway. We have also launched the Madden Ultimate League for elite players, further expanding the Madden NFL competitive footprint for players, sponsors and broadcasters.

第三季度，競技遊戲在我們產品組合中的佔比將持續成長，我們將提供更多遊戲和觀看方式。正如你可能已經看到的，Madden NFL 俱樂部錦標賽是第一個匯集了美國職業運動聯盟所有球隊和球員的電競比賽，代表所有 32 支 NFL 球隊的錦標賽已經開始。我們還推出了精英玩家的 Madden Ultimate League，進一步擴大了 Madden NFL 競技在玩家、贊助商和廣播公司中的影響力。

On the FIFA side, we just announced the EA SPORTS FIFA Global Series that kicks off in November, a landmark ecosystem of online tournaments, official league competitions and all-star events on the road to the FIFA eWorld Cup 2018. And this spring, we'll kick off competitions in our third major franchise with Battlefield 1 Incursions, a bespoke competitive gaming environment designed in partnership with our community.

在 FIFA 方面，我們剛剛宣布了 EA SPORTS FIFA 全球系列賽，該系列賽將於 11 月啟動，這是一個具有里程碑意義的生態系統，包括線上錦標賽、官方聯賽和全明星賽事，最終目標是 2018 年 FIFA eWorld Cup。今年春天，我們將推出第三個主要係列遊戲《戰地1：入侵》，這是一個與我們的社區合作設計的客製化競技遊戲環境，我們將以此拉開我們比賽的序幕。

We're excited for the holiday quarter and to continue a strong year of innovation and leadership for our players and for Electronic Arts.

我們對即將到來的假期季節充滿期待，並將繼續為我們的玩家和藝電公司帶來強勁的創新和領導力。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew.

謝謝你，安德魯。

We're pleased with the performance of our business through the second quarter, which added strong digital growth to the dependable results we expect from our sports titles. In particular, we saw a notable shift to digital purchases in our sports titles and strong growth in our Ultimate Team of event-driven live services.

我們對第二季的業務表現感到滿意，除了體育產品一貫的穩定業績外，數位業務也實現了強勁成長。尤其值得注意的是，我們的體育類遊戲銷量明顯轉向了數位化購買，而我們的賽事驅動型直播服務「終極團隊」也實現了強勁增長。

I'll report our results on a GAAP basis then use our operational measure of net bookings to discuss the dynamics of our business. To compare this quarter's results to historically reported non-GAAP measures, please refer to the relevant tabs in our downloadable financial model.

我將按照公認會計準則報告我們的業績，然後使用我們的淨預訂量營運指標來討論我們業務的動態。若要將本季業績與歷史上報告的非GAAP指標進行比較，請參閱我們可下載的財務模型中的相關標籤。

EA's net revenue was $959 million compared to $898 million a year ago and above our guidance by $4 million. Operating expenses were $611 million, $27 million lower than our guidance, driven by the phasing of our marketing investment. GAAP operating loss was $41 million compared to an operating loss of $49 million a year ago and resulted in a loss per share of $0.07, $0.11 better than our guidance. Note that given our GAAP share results were a loss, our share count was 309 million shares. Had we reported a profit, the diluted share count would have been 312 million shares.

EA 的淨收入為 9.59 億美元，而去年同期為 8.98 億美元，比我們預期高出 400 萬美元。營運支出為 6.11 億美元，比我們預期的低 2,700 萬美元，這主要得益於我們行銷投資的分階段實施。GAAP 營業虧損為 4,100 萬美元，而去年同期營業虧損為 4,900 萬美元，每股虧損 0.07 美元，比我們的預期好 0.11 美元。請注意，鑑於我們以 GAAP 計算的股份業績為虧損，我們的股份數量為 3.09 億股。如果我們實現了盈利，稀釋後的股份數量將為 3.12 億股。

Operating cash flow for the quarter was $52 million, down $70 million from last year. The decrease was driven by timing of collections. In contrast, operating cash flow for the trailing 12 months was $1.082 billion (sic) [$1.802 billion], our strongest-ever performance measured at the end of the second quarter, and $479 million above last year's. Capital expenditures for the quarter were $30 million, resulting in a free cash flow of $22 million.

本季經營現金流為 5,200 萬美元，比去年同期減少了 7,000 萬美元。下降的原因是收款時間的變化。相較之下，過去 12 個月的經營現金流為 10.82 億美元（原文如此）[18.02 億美元]，這是我們在第二季末取得的最強勁業績，比去年同期高出 4.79 億美元。本季資本支出為 3,000 萬美元，產生的自由現金流為 2,200 萬美元。

Remember that the FASB rules associated regarding the treatment of stock-based comp have changed and this affects how our -- we classify our cash flow. However, all of these comparisons are made on a like-for-like basis. See our earnings slides for further cash flow information.

請記住，與股票選擇權補償處理相關的 FASB 規則已經改變，這會影響我們對現金流量的分類。然而，所有這些比較都是在同等條件下進行的。請參閱我們的獲利報告投影片，以了解更多現金流資訊。

During the quarter, we also repurchased 1.3 million shares at a cost of $153 million, leaving $928 million in our 2-year $1.2 billion buyback program we began in May.

本季度，我們也以 1.53 億美元的價格回購了 130 萬股股票，使我們從 5 月份開始的為期 2 年、總額 12 億美元的股票回購計畫還剩下 9.28 億美元。

Our cash and short-term investments at the end of the quarter were $4.4 billion, with 35% of this balance held onshore.

截至季末，我們的現金和短期投資為 44 億美元，其中 35% 的餘額位於境內。

Now I'd like to turn to the key drivers of our business this quarter. Net bookings for the quarter were $1.179 billion, up $81 million on the prior year and $19 million above our guidance. Exchange rates have improved over the last 12 months, but this tailwind is offset by the effect of our hedging program, resulting in a net FX headwind of $10 million compared with the year ago quarter.

現在我想談談本季我們業務的關鍵驅動因素。本季淨預訂額為 11.79 億美元，比上年同期增加 8,100 萬美元，比我們預期高出 1,900 萬美元。過去 12 個月匯率有所改善，但這利好因素被我們的對沖計劃的影響所抵消，導致與去年同期相比，淨外匯不利因素為 1000 萬美元。

Performance over guidance was primarily driven by our mobile live services, The Sims 4 and by Ultimate Team.

業績超乎預期主要得益於我們的行動即時服務、《模擬市民4》和終極球隊模式。

Digital net bookings were $579 million, up 19% on the year ago period and a new record for the second quarter. The main drivers of the increase were Battlefield 1, Ultimate Team and Madden NFL 18 full game downloads.

數位淨預訂額為 5.79 億美元，比去年同期成長 19%，創第二季新紀錄。推動成長的主要因素是《戰地1》、《終極球隊》和《麥登橄欖球18》完整版遊戲的下載量。

Digital net bookings now represent 63% of our business on a trailing 12-month basis compared to 57% in the prior year.

過去 12 個月，數位淨預訂量占我們業務的 63%，而前一年這一比例為 57%。

Looking at each of the components of this quarter's digital net bookings in turn. First, live service net bookings were up 22% year-on-year to $310 million. This increase was driven by strong growth in FIFA and Madden Ultimate Team and in Battlefield 1, FIFA Online 3 in Asia, and The Sims 4. In addition, our EA Access and Origin Access services continue to see rapid growth.

接下來，我們將逐一分析本季數位淨預訂量的各個組成部分。首先，直播服務淨預訂金額較去年同期成長 22%，達到 3.1 億美元。這項成長主要得益於 FIFA 和 Madden Ultimate Team、Battlefield 1、亞洲地區的 FIFA Online 3 以及 The Sims 4 的強勁成長。此外，我們的 EA Access 和 Origin Access 服務也持續快速成長。

Mobile delivered net bookings of $150 million, up 9% year-on-year. This was a Q2 record and also drove the trailing 12 months net bookings to a new high. Growth was primarily from Star Wars: Galaxy of Heroes and Madden Mobile.

行動端淨預訂額達 1.5 億美元，較去年同期成長 9%。這是第二季創紀錄的業績，同時也推動過去 12 個月的淨預訂量創下新高。成長主要來自《星際大戰：銀河英雄傳》和《麥登橄欖球手遊》。

Full-game PC and console downloads generated net bookings of $119 million, 28% higher than last year, driven by Madden NFL and Battlefield 1. 36% of our unit sales were digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. This compares to just 30% a year ago. FIFA 18 launched just days before the end of the quarter, but based on the first 3 weeks of sales, it was about 25% digital, up from 16% in the comparable period to FIFA 17. The digital portion of Madden sales also increased 9 percentage points year-on-year to 34%.

完整版遊戲 PC 和主機下載帶來了 1.19 億美元的淨預訂收入，比去年增長了 28%，這主要得益於《麥登橄欖球》和《戰地 1》的推動。在過去 12 個月中，Xbox One 和 PlayStation 4 平台的數位版銷售佔總銷售量的 36%，而非實體版。相比之下，一年前這一比例僅30%。FIFA 18 在本季末前幾天發布，但根據前 3 週的銷售情況來看，其數位版銷量佔比約為 25%，高於 FIFA 17 同期的 16%。Madden遊戲的數位銷售部分也較去年同期成長了9個百分點，達到34%。

Turning to guidance. Our expectations for full year GAAP revenue remains $5.075 billion. However, we're raising our earnings per share guidance for the full year to $3.63. We're raising our operating cash flow guidance from $1.575 billion to $1.6 billion. We continue to anticipate capital expenditures of around $120 million, which would deliver free cash flow of about $1.48 billion. Although our expectations for net revenue are unchanged, we are raising our guidance for net bookings from $5.1 billion to $5.15 billion, driven by the strength in Ultimate Team. The difference between GAAP net revenue and net bookings guidance is driven by revenue and deferrals.

尋求指導。我們對全年GAAP營收的預期仍為50.75億美元。不過，我們將全年每股收益預期上調至 3.63 美元。我們將營運現金流預期從 15.75 億美元上調至 16 億美元。我們繼續預期資本支出約為 1.2 億美元，這將帶來約 14.8 億美元的自由現金流。儘管我們對淨收入的預期保持不變，但由於 Ultimate Team 的強勁表​​現，我們將淨預訂金額的預期從 51 億美元上調至 51.5 億美元。GAAP淨收入與淨預訂量指引之間的差異是由收入和遞延收入造成的。

For the third quarter, we expect net revenue of $1.135 billion, cost of revenue to be $521 million, and operating expenses to be $690 million. OpEx is up year-on-year, primarily due to continued investments in existing and new genres and in existing and new live services. This results in a loss per share of $0.21 for the third quarter. Note that this is calculated using the basic share count of 309 million. Should we report a profit, the diluted share count of 313 million would be used.

第三季度，我們預計淨收入為 11.35 億美元，營業成本為 5.21 億美元，營運費用為 6.9 億美元。營運支出較去年同期成長，主要原因是持續投資於現有和新的音樂類型以及現有和新的現場服務。這導致第三季每股虧損0.21美元。請注意，這是根據 3.09 億股的基本股數計算得出的。如果我們實現獲利，將採用稀釋後的股份數量 3.13 億股。

We anticipate net bookings for the quarter to be $2 billion. This is down 3% year-on-year, with growth in live services offset by the effect of different product launches.

我們預計本季淨預訂額將達到 20 億美元。與去年同期相比下降了 3%，其中即時服務的成長被不同產品發布的影響所抵消。

Looking further ahead, our growth priorities continue to be the expansion of our live services, including the integration of our esports business across many other titles; the addition of new genres such as action; new business models like our subscription business; and to continue to deliver profitable growth in our mobile business.

展望未來，我們的成長重點仍然是擴大我們的即時服務，包括將我們的電子競技業務整合到許多其他遊戲中；增加動作等新類型；新的商業模式，例如我們的訂閱業務；以及繼續在行動業務中實現盈利增長。

The core of our fiscal 2019 is in a full slate of sports titles and their associated live services, plus new live services from Star Wars Battlefront II. We will add the next Battlefield game and move into the action genre with Anthem. We expect our subscriber base to continue to grow and our new mobile titles to benefit from players looking for deeper experiences with higher production values.

2019 財年的核心在於一系列體育遊戲及其相關的線上服務，以及來自《星際大戰：前線 II》的新線上服務。我們將推出下一款《戰地》遊戲，並以《聖歌》進軍動作遊戲領域。我們預計用戶數量將持續成長，而我們的新行動遊戲也將受益於玩家對更深入的遊戲體驗和更高製作水準的需求。

As you start to build your fiscal 2019 models, remember that our event-driven live services continue to be the bedrock of our business. Live services, including mobile live services, were nearly 1/2 of our net bookings over the last 12 months. Including our recurring sports titles and catalog sales in the calculation takes us to our total of over 75% of our annual net bookings, leaving less than 1/4 of net bookings delivered to the sale of our remaining frontline titles.

當您開始建立 2019 財年模型時，請記住，我們以事件驅動的即時服務仍然是我們業務的基石。在過去 12 個月中，包括行動即時服務在內的即時服務占我們淨預訂量的近 1/2。如果將我們經常性的體育刊物和目錄銷售也納入計算，我們的年度淨預訂總額將超過 75%，剩餘的淨預訂額中只有不到 1/4 用於銷售我們剩餘的一線刊物。

In addition, our live services are growing strongly. We forecast 10% to 15% growth in fiscal 2018, and we're tracking well ahead of that. We're excited by the progress we're making and the impact we'll have on fiscal 2019, particularly given the success we are already seeing in esports driving Ultimate Team revenues and next year's FIFA World Cup in Russia, which is sure to drive interest in soccer around the globe.

此外，我們的線上服務也在強勁成長。我們預測 2018 財年增長率為 10% 至 15%，而我們目前的進展遠遠超過了這一預期。我們對目前的進展以及我們將對 2019 財年產生的影響感到興奮，特別是考慮到我們在電子競技領域已經取得的成功推動了 Ultimate Team 的收入增長，以及明年在俄羅斯舉行的 FIFA 世界杯，這必將激發全球對足球的興趣。

In conclusion, our sports titles have once again shown their value in delivering a stable and dependable performance. In addition, this quarter demonstrates how they can also drive the digital transformation within our business, both with regard to downloads and highly enjoyable event-driven live services. As such, they offer a window into how all our games will evolve over the months and years to come.

總之，我們的體育遊戲再次證明了其在提供穩定可靠的性能方面的價值。此外，本季還表明，它們還可以推動我們業務的數位轉型，無論是在下載方面還是在非常受歡迎的活動驅動型直播服務方面。因此，它們讓我們得以一窺未來幾個月甚至幾年內所有遊戲的發展方向。

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。

Today, we reach a global connected community of more than 350 million players worldwide. In the future, we envision a global network that engages more than 1 billion people in play. Our part to achieve this is clear: continue to deliver amazing games and content across more platforms; offer dynamic services that enhance the experience; engage a global audience through competition and more content; and drive disruptive new opportunities to expand how the world plays and watches games.

如今，我們擁有遍布全球的超過 3.5 億玩家的互聯社群。展望未來，我們設想建立一個全球網絡，讓超過 10 億人參與其中。我們實現這一目標的方式很明確：繼續在更多平台上提供精彩的遊戲和內容；提供動態服務以增強體驗；透過比賽和更多內容吸引全球觀眾；並推動顛覆性的新機遇，以擴展世界玩遊戲和觀看遊戲的方式。

In each of these growth vectors, EA is uniquely positioned with a talented team, creativity and technology to lead our industry. Creating groundbreaking experiences for our players across more platforms and more geographies continues to be at our core. From visually stunning, deeply immersive gameplay Star Wars Battlefront II and our next Battlefield to our ongoing innovation in our EA SPORTS titles, we are advancing the state-of-the-art. We'll continue to expand our mobile portfolio with more high-quality experiences and games that can reach a larger audience of players around the world. We're also producing experiences that will blur the lines of how people play like our shared-world action title Anthem, and our new IP in development at Motive. Through these growing portfolio of games that push the boundaries forward, we are positioned to offer some of the most captivating expenses in all of entertainment.

在這些成長領域，EA憑藉其優秀的團隊、創造力和技術，擁有獨特的優勢，引領我們的產業。為更多平台、更多地區的玩家創造突破性體驗始終是我們的核心目標。從視覺效果驚艷、沉浸感十足的《星際大戰：前線 II》和我們即將推出的《戰地》系列遊戲，到我們在 EA SPORTS 遊戲中不斷進行的創新，我們正在推進最先進的技術。我們將繼續拓展行動產品組合，推出更多高品質的遊戲和體驗，以覆蓋全球更廣泛的玩家群。我們也在製作一些會模糊人們遊戲方式界線的體驗，例如我們的共享世界動作遊戲《聖歌》，以及我們在 Motive 正在開發的新 IP。憑藉這些不斷突破界限的遊戲組合，我們有能力提供娛樂界最引人入勝的一些體驗。

Surrounding these games are services that power the choice, connection and community that our players seek. Adventure and live services like Ultimate Team, Star Wars Battlefront II seasons and our EA SPORTS mobile titles continue to enhance and expand our games for many years of play.

這些遊戲背後是一系列服務，它們為玩家提供了他們所追求的選擇、聯繫和社群。冒險和即時服務，例如 Ultimate Team、星際大戰：前線 II 賽季以及我們的 EA SPORTS 行動遊戲，將繼續增強和擴展我們的遊戲，為玩家帶來多年的遊戲體驗。

Our global communities for The Sims and other franchises thrive on the connections, interactions and creations shared between players. And for players seeking new communities and the next great experience, our subscription services will continue to expand and remove friction in a crowded, digital world.

《模擬市民》和其他系列遊戲的全球社群蓬勃發展，離不開玩家之間分享的連結、互動和創作。對於那些尋求新社區和下一個精彩體驗的玩家來說，我們的訂閱服務將繼續擴展，並消除擁擠的數位世界中的摩擦。

Competitive gaming and esports then introduce more communities for the world to engage with our games and content. Today, our Madden NFL and FIFA tournaments are elevating competitive sports gaming to the world stage with the energy and drama of high-stakes competition.

競技遊戲和電子競技隨後將為世界各地的人們帶來更多參與我們遊戲和內容的社群。如今，我們的 Madden NFL 和 FIFA 錦標賽憑藉著高風險比賽的活力和戲劇性，將競技運動遊戲提升到了世界舞台。

Next, official competitions will ignite our Battlefield community. Competitive gaming will integrate into more of our experiences and more of our franchises in the future, continuing our focus to make stars of all our players and expanding our ecosystem of content to engage a massive esports audience.

接下來，官方賽事將點燃我們的戰地社群。未來，競技遊戲將融入我們更多的體驗和更多的系列作品中，我們將繼續致力於將所有玩家培養成明星，並擴展我們的內容生態系統，以吸引龐大的電競觀眾。

We're also building for the future, continuing to invest in our technology platform, our Frostbite engine and our Player Network to deliver this growing collection of content, wrapped in services. Our labs and central technology teams are also exploring disruptive new concepts to advance the way we play, including supergames, the notion of a metaverse and how the cloud can deliver dynamic experiences to players on every platform.

我們也在為未來發展，持續投資於我們的技術平台、寒霜引擎和玩家網絡，以提供不斷增長的內容，並將其融入各種服務中。我們的實驗室和中央技術團隊也在探索顛覆性的新概念，以推進我們的遊戲方式，包括超級遊戲、元宇宙的概念以及雲端如何為每個平台上的玩家提供動態體驗。

At EA, we believe that entertainment is a fundamental human need. We also believe that games, by their ability to drive social connection, self-actualization and competition, are the single best form of entertainment.

在EA，我們認為娛樂是人類的基本需求。我們也認為，遊戲能夠促進社交聯繫、自我實現和競爭，因此是最好的娛樂形式。

With amazing games that reach across more platforms, more geographies and more business models; with live services that provide many years of fun; with competitions that engage a global audience; and disruptive innovations that will continue to evolve the way we play, we believe EA is well positioned to be the entertainment platform of the future.

憑藉著涵蓋更多平台、更多地域和更多商業模式的精彩遊戲；提供多年樂趣的線上服務；吸引全球觀眾的比賽；以及將不斷改變我們遊戲方式的顛覆性創新，我們相信 EA 已做好充分準備，成為未來的娛樂平台。

Now Blake and I will take your questions.

現在我和布萊克將回答你們的問題。

(Operator Instructions) And our first question comes from Chris Merwin with Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的克里斯·默溫。

I just had a couple. So for digital downloads, I think you called out year-on-year changes for FIFA and Madden in excess of 5 points year-on-year, which I think has been the long-term guidance for mix shift and console revenue. Do you feel like we're reaching any sort of inflection in digital downloads? And is 5 points per year still the right way to think about that shift over time? And then just secondly, for Star Wars Battlefront, I was hoping if you could maybe talk a little bit more about how the beta went and what type of feedback you got from the community during that process, and maybe any changes that you've made to the end game modernization mechanics since the beta.

我剛吃了兩顆。所以對於數位下載，我認為你提到了 FIFA 和 Madden 的同比變化超過 5 個百分點，我認為這一直是遊戲組合變化和主機收入的長期指導方向。你覺得數位下載領域是否正迎來某種轉捩點？那麼，以每年 5 個點來衡量這種隨時間推移的變化是否仍然是正確的方法？其次，關於《星際大戰：前線》，我希望您能再多談談測試版的進展情況，以及您在此過程中從社區獲得的反饋，還有自測試版以來您對遊戲後期現代化機制所做的任何更改。

Hey, Chris, this is Blake. I'll address the digital download piece, and then I'll have Andrew do the Star Wars piece. We were very pleased and a bit surprised at the strength of digital downloads, both for FIFA and Madden. FIFA, in particular, since it's such a global game and sold in many markets where digital is not as strong as it is in some of the more mature markets. And so it's great to see the movement towards digital. And we attribute that to some digital-only promotions that we did, special digital packages as well as the continued involvement of everyone with Ultimate Team, which is 100% digital. And I think that's driving the adoption. Overall, we're continuing to see our -- the 5% number look conservative. It did last year, and it's on track to look conservative again this year. So to us, that signals that we're certainly not slowing in digital, and we might be needing inflection point where our consumers are just starting to pick up that pace. So we're very optimistic about where it's going. You clearly can see that in the gross margin differences as you look at our business year-over-year, and we'll continue to do everything we can to push the digital business.

嘿，克里斯，我是布萊克。我會先講解數位下載部分，然後再讓安德魯講解星際大戰部分。FIFA 和 Madden 的數位下載量如此強勁，我們感到非常高興，同時也有些驚訝。尤其是 FIFA，因為它是一款全球性的遊戲，在許多數位技術不如一些更成熟市場強大的市場都有銷售。因此，很高興看到數位轉型的趨勢。我們認為這要歸功於我們開展的一些僅限數位管道的促銷活動、特別的數位套餐，以及所有參與 Ultimate Team 的人員的持續投入，Ultimate Team 是 100% 數位化的。我認為這就是推動其普及的原因。整體而言，我們繼續認為 5% 這個數字比較保守。去年確實如此，今年看來也會保持保守態勢。所以對我們來說，這表明我們在數位化方面肯定沒有放慢腳步，我們可能正處於一個轉折點，我們的消費者才剛開始加快步伐。所以我們對它的發展前景非常樂觀。從我們業務逐年變化的毛利率差異中，您可以清楚地看到這一點，我們將繼續盡一切努力推動數位業務的發展。

So Star Wars Battlefront II, feedback from the beta and the added assets that we put in the marketplace have been very strong. Feedback on gameplay was very positive, the beta was very robust and probably one of the most stable betas that we've had. And again, the core reason why we put betas into the marketplace is really to test the robustness of the infrastructure and systems on which a game of this size and magnitude will run on. As we've looked at the feedback on the graphical quality, the overall gameplay and the assets around single play that we've launched since then, everything is very, very positive. There was, of course, the conversation around loot boxes which is not a Star Wars Battlefront II-specific conversation, but more one that the industry is having with players across the global community. And we are engaged in that conversation, engaging with our players on a daily basis as we think about that. There's really 2 conversations going on there. One is about value and -- in a world where a player pays $60 for a game, will there also be value in the ongoing digital ecosystem that comes for many years. When we think about value, we look at Star Wars Battlefront II and we say we start with a game that's nearly 3x the size of the last game, we take what much of the content that would've been gated behind a Season Pass, and we offer that to the community for free. So we feel very good about the overall value proposition focused on keeping the player community together. Then as we think about players that are playing the game for many years post-launch and the digital ecosystem in the event-driven live services that they participate in, it comes down to the second conversation, which is does the digital ecosystem offer the opportunity for an individual player in the community to pay to win. And balance and fairness inside of gameplay is very important to our community, and it's very important to us. And it's kind of a benchmark by which DICE builds games. And we have seen that in the many DICE games -- multi-play games we've built over the years. When we think about this, it really comes down to what are the things that you can earn, what are the things that you can buy, and how do we manage progression through that process? And while we will be making adjustments based on feedback from the beta, which is great, we'll continue a daily dialogue with our players to make ongoing adjustments for many years to come as this event-driven live services continues, we feel very good about the fact that you can earn almost everything in the game. And more importantly, key elements that drive progression can only be earned in the game. But there will be an opportunity for players who come in to also enhance and extend their experience through the ongoing digital economy. And we believe that what we've got with a core base game of 3x the size, what would have previously been gated behind Season Pass is now free for all users, with a focus on keeping the community together, and an event-driven live service that we expect will continue for many years to come that is built around player choice and focuses around a world where players can earn everything they need to progress through the game is the right way to balance this. And so we feel very good about that, and we'll continue to stay connected with our community as we move through the coming weeks, months and years.

所以，《星際大戰：前線 II》的測試版回饋以及我們在市場中添加的額外資源都非常出色。遊戲玩法方面的回饋非常積極，測試版非常穩定，可能是我們迄今為止最穩定的測試版之一。再次強調，我們將測試版推向市場的核心原因，實際上是為了測試運行如此規模和級別的遊戲所需的基礎設施和系統的穩健性。從我們收到的關於畫面品質、整體遊戲玩法以及我們之後推出的單人遊戲相關素材的回饋來看，一切都非常非常積極。當然，還有關於戰利品箱的討論，這並非《星際大戰：前線 II》特有的討論，而是整個產業與全球玩家群之間正在討論的話題。我們每天都在與球員們討論這個問題，並積極參與其中。實際上，那裡同時進行著兩場對話。一個問題關乎價值——在一個玩家花費 60 美元購買遊戲的世界裡，未來多年持續發展的數位生態系統是否也有價值。當我們思考價值時，我們會看看《星際大戰：前線 II》，我們會說，這款遊戲的規模幾乎是上一代遊戲的 3 倍，我們將原本需要季票才能獲得的內容免費提供給玩家。因此，我們對以維繫玩家社群為核心的整體價值主張感到非常滿意。然後，當我們思考那些在遊戲發布多年後仍在玩這款遊戲的玩家，以及他們參與的以活動為驅動的即時服務中的數位生態系統時，就引出了第二個問題，即數位生態系統是否為社區中的個人玩家提供了付費獲勝的機會。遊戲玩法的平衡性和公平性對我們的社群來說非常重要，對我們來說也非常重要。這算是 DICE 製作遊戲的一個基準。多年來，我們在 DICE 開發的許多多人遊戲中都看到了這一點。當我們思考這個問題時，它實際上歸結為你能得到什麼，你能購買什麼，以及我們如何管理這個過程的進展？雖然我們會根據測試版的回饋進行調整（這很好），但我們將繼續與玩家保持日常對話，以便在未來多年內不斷進行調整，因為這項以活動為驅動的即時服務將會持續下去。我們非常欣慰的是，遊戲中幾乎所有東西都可以透過努力來獲得。更重要的是，推動遊戲進程的關鍵要素只能在遊戲中獲得。但對於新加入的玩家來說，他們也有機會透過不斷發展的數位經濟來提升和擴展自己的遊戲體驗。我們相信，如今這款核心基礎遊戲的規模是之前的 3 倍，以前需要季票才能體驗的內容現在對所有用戶免費開放，我們專注於維繫社區，並提供以玩家選擇為核心、以玩家可以獲得遊戲所需一切的世界為中心、預計會持續多年的活動驅動型在線服務，這才是平衡各方利益的正確方式。因此，我們對此感到非常滿意，在接下來的幾週、幾個月和幾年裡，我們將繼續與我們的社區保持聯繫。

Your next question comes from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. Appreciate the commentary around the number of Ultimate Team players in Madden. I was curious to hear about increases in payer penetration across FIFA Ultimate Team and Madden. Kind of what has worked to bring on more players and start paying? And what do you think are the biggest hurdles or points of friction you still need to overcome? And secondly, does any -- any comments or commentary on what went on around Visceral Games and the state of the live-action creation portfolio right now?

我有2個。感謝大家對Madden終極球隊模式球員數量的評論。我很想知道 FIFA Ultimate Team 和 Madden 的付費用戶滲透率是否有提高。哪些方法有效地吸引了更多玩家並促使他們付費？你認為目前還需要克服的最大障礙或摩擦點是什麼？其次，對於 Visceral Games 發生的事情以及目前真人創作產品組合的狀況，您有什麼評論或看法嗎？

This is Blake again. I'll start on the Ultimate Team one, and Andrew can address Visceral. Ultimate Team, the #1 driver continues to be bringing more people into the base game. And we believe the single player added to Madden this year as well as the single player last year and this year in FIFA were big drivers in bringing people in, and introducing them to how to play the game as well as how to play Ultimate Team. And we found the flow of people starting to play Ultimate Team has continue to grow, and then people who realize that spending some money in Ultimate Team is actually a lot of fun, and that's continued to grow. And overall, that's been across all of the Ultimate Team sports, but it's been most prevalent in both FIFA and Madden. The other thing to remember is we're getting better and better each year at the live events that we design and run, and those events are more and more fun and bring in more people. And that, plus the fact that we build all of our esports around Ultimate Team has allowed us to continue to drive the business as everyone who's interested in esports, have played in an esports tournament, either online or in person, have to practice as well and build their Ultimate Team for the esports business, and that's what's helped drive it as well.

我是布萊克。我先來談談終極團隊模式，Andrew 可以接著說 Visceral 模式。Ultimate Team 作為排名第一的驅動力，持續吸引更多人加入基礎遊戲。我們相信，今年 Madden 新增的單人遊戲模式，以及去年和今年 FIFA 新增的單人遊戲模式，都是吸引玩家、向他們介紹遊戲玩法以及如何玩 Ultimate Team 的重要因素。我們發現，開始玩終極球隊模式的人數持續增長，然後越來越多的人意識到，在終極球隊模式中花錢實際上非常有趣，而這種趨勢也在持續增長。總的來說，這種情況在所有 Ultimate Team 運動遊戲中都存在，但在 FIFA 和 Madden 中最為普遍。另一件需要記住的事情是，我們每年在設計和舉辦的現場活動中都在不斷進步，這些活動也越來越有趣，吸引了越來越多的人參與。除此之外，我們所有的電競項目都圍繞著終極團隊模式展開，這讓我們能夠繼續推動業務發展。所有對電子競技感興趣的人，無論是在線上還是線下，都參加過電子競技比賽，他們也必須進行練習，並為電子競技業務打造自己的終極團隊，而這正是推動業務發展的原因之一。

So on Visceral, again, anytime you close a studio, it's a very, very tough decision and something that we take very seriously, and we spend a lot of time working through before we make such a decision. But it does happen from time to time as part of the creative process. And during a development process of the game that they were working on, we've been testing the game constantly with players, listening to the feedback in terms of what and how they wanted to play and really tracking that closely with fundamental shifts in the marketplace. And we are seeing an evolution in the marketplace. And it became clear to us that to deliver the experience that players wanted to come back and enjoy for a long time that we needed to pivot the design. You may have heard the conversation around single player versus multiplayer or single player versus live service, and this wasn't about that conversation. It wasn't about this was just a single-player game or needed to be a live service. It was more about how do we get to a point where the overall gameplay experience was right for players? We still believe strongly in a Star Wars IP. Star Wars Battlefront II, as you will have heard, we're very excited about. We're also very happy with some of the assets and content that was created as part of that game development. And we'll be looking at how we can better utilize that in line with fan and player expectations in the future.

所以對於 Visceral 來說，任何時候關閉一個工作室都是一個非常非常艱難的決定，我們對此非常重視，在做出這樣的決定之前，我們會花很多時間仔細考慮。但這種情況在創作過程中偶爾會發生。在他們開發這款遊戲的過程中，我們一直在與玩家一起測試遊戲，傾聽他們關於想要玩什麼以及如何玩的反饋，並密切關注市場發生的根本性變化。我們正在目睹市場格局的演變。我們逐漸意識到，為了提供玩家想要長期回歸並享受的遊戲體驗，我們需要轉變設計想法。你可能聽說過關於單人遊戲與多人遊戲或單人遊戲與線上服務遊戲的討論，但本文與此無關。重點不在於這是否是一款單人遊戲，或者是否需要成為一款線上服務遊戲。更重要的是，我們如何讓整體遊戲體驗對玩家來說恰到好處？我們仍然堅信《星際大戰》這一IP的價值。正如你們所聽說的，我們對《星際大戰：前線2》感到非常興奮。我們對遊戲開發過程中創作的一些素材和內容也感到非常滿意。我們將研究如何更好地利用這些資源，以滿足未來球迷和球員的期望。

Your next question comes from Stephen Ju with Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So I think, Blake, you previously talked about the cross-currents in your mobile business and how your older games like The Simpsons are no longer really growing as rapidly but the newer games like Galaxy of Heroes are. So can you talk about where we are in terms of that mix shift between old and new? It seems like your mobile revenue growth has accelerated for the second quarter in a row, which makes me think that the older games must now be less than 50% of the total and shrinking in terms of the overall contribution. And also, Andrew, can you update us on what the plans are for the launch of the new mobile version of The Sims?

所以，布萊克，我想你之前談到過你的行動業務中存在的各種趨勢，以及像《辛普森家庭》這樣的老遊戲不再像以前那樣快速增長，而像《銀河英雄傳》這樣的新遊戲卻在快速增長。那麼，您能否談談我們目前在新舊融合轉變方面所處的位置？看來你們的行動端營收連續第二季加速成長，這讓我覺得老遊戲的營收現在肯定不到總營收的 50%，而且整體貢獻正在下降。另外，安德魯，你能否向我們介紹《模擬市民》新行動版的發布計畫？

Yes, so I'll talk about the first part, and then I'll let Andrew get The Sims piece. Yes, clearly, The Sims is the exciting addition to the mobile business and -- for us, and we'll see that sometime in the coming spring. We also have some unannounced titles that we're working on, and so you'll see those. I think all of those will help drive the growth over the next few years, if not longer. We're -- a couple of things have been -- yes, the drag from some of the older titles have slowed, but the reality is some of those titles will just stay around for a long time because they still do great business for us. The key to our mobile business, and I think different than some other people in the industry, is we drive our business just like our console and PC business to be profitable. So we hold up high standards on profitability, we invest around marketing expenses, around a profitable model, so we don't simply try to build the mobile business in an unprofitable way like we've seen some of the people do in this market. And that's something that's not going to change. We're not going to try to drive topline growth simply with 0 profitability. That doesn't do anything for the shareholders. And so you'll see us continue to have steady growth. We've got great products coming down the path in the future. We're very excited about The Sims. I'll let Andrew talk about that.

好的，那我先講第一部分，然後讓安德魯講《模擬市民》那部分。是的，很明顯，《模擬市民》是行動遊戲領域令人興奮的新成員，對我們來說，我們將在來年春天看到這一點。我們還有一些尚未公佈的遊戲正在開發中，所以你們將會看到它們。我認為所有這些因素都將有助於推動未來幾年甚至更長時間內的成長。確實有幾件事——是的，一些老遊戲的拖累效應已經減弱，但現實情況是，其中一些遊戲還會繼續存在很長時間，因為它們仍然能為我們帶來豐厚的利潤。我們行動業務的關鍵，我認為與業內其他一些人不同的是，我們像經營主機和 PC 業務一樣經營行動業務，以實現盈利。因此，我們對盈利能力有著很高的標準，我們圍繞行銷費用和盈利模式進行投資，所以我們不會像在這個市場上看到的一些人那樣，簡單地以不盈利的方式建立行動業務。這一點是不會改變的。我們不會試圖在獲利為零的情況下實現營收成長。這對股東沒有任何好處。因此，你會看到我們繼續保持穩定成長。未來我們將推出一系列優秀的產品。我們對《模擬市民》這款遊戲感到非常興奮。我會讓安德魯來談談這件事。

So The Sims is going really well. It is still in soft launch, and we're receiving valuable feedback on the game and incorporating adjustments both in terms of kind of a core engagement profile in the game as well as how the game monetizes over time. The Sims is a very valuable brand for us, a very valuable IP. And it's a genre in which we are essentially unchallenged on any platform for that matter. And so we want to make sure that we get it right with our community, and we're seeing very strong uptick in the kind of metrics that we need. And we expect to launch it in the spring. And the good news for us, given the strength of The Sims brand, we still have The Sims free play, which is doing really well for us on mobile.

《模擬市民》玩得非常順利。遊戲目前仍處於試營運階段，我們正在收到關於遊戲的寶貴回饋，並將根據遊戲的核心參與度以及遊戲的獲利模式進行調整。《模擬市民》對我們來說是一個非常有價值的品牌，一個非常有價值的智慧財產權。而且，在這個領域，我們基本上在任何平台上都沒有受到挑戰。因此，我們希望確保與社區的合作萬無一失，我們看到我們需要的指標出現了非常強勁的成長。我們預計將於春季推出。對我們來說的好消息是，鑑於《模擬市民》品牌的強大影響力，我們仍然擁有《模擬市民》免費遊戲，而且這款遊戲在行動裝置上表現非常出色。

And I just -- since we're on The Sims, I'll just throw in one more, that, as you can see or hear from the prepared text, we've mentioned The Sims a couple of times, The Sims 4 as a major driver in the growth in the quarter. We're -- continue to be very pleased with how The Sims 4 and all the extra content has performed. And we're very excited about The Sims 4 console version that will be out later this quarter. And I think that bodes well for the overall Sims franchise, both in console, PC -- for all console, PC and mobile.

既然我們聊到了《模擬市民》，我就再補充一點，正如你從準備好的文本中看到或聽到的那樣，我們已經提到過《模擬市民》好幾次了，《模擬市民4》是本季度增長的主要驅動力。我們一直對《模擬市民4》及其所有額外內容的表現感到非常滿意。我們對《模擬市民4》主機版感到非常興奮，它將在本季稍後推出。我認為這對整個《模擬市民》系列來說都是個好兆頭，無論是在主機、PC 或行動裝置上。

Your next question comes from Ryan Gee with Barclays.

下一個問題來自巴克萊銀行的瑞安·吉。

The first one is on mobile. The acceleration and the pickup in mobile revenues that you saw this quarter, it's a nice positive. I'm glad to see that it's driven by in-app purchases. Have you guys considered the potential for mobile advertising in any of your games whether it is The Sims or other sports titles? And then if that is a meaningful contributor to your business today, could you help us quantify or think about that opportunity going forward? And then the second question is for Blake on guidance. It sounds like with the sports full-game downloads doing much better and the mobile business accelerating, then as you guys said, live services are certainly tracking ahead of your outlook, you should really see some strong digital revenue mix benefiting margins going forward. And I'm not sure that, that is really as apparent in the guidance. So it makes sense that Star Wars is a gross margin headwind for next quarter, but is there anything specific or unique about fiscal 3Q this year that's going to drive any sort of op margin deleverage that we should keep in mind?

第一個是在手機上。本季行動端收入的加速成長和回升是一個令人欣喜的正面訊號。我很高興看到它是由應用程式內購買驅動的。你們有沒有考慮過在你們的遊戲（無論是《模擬市民》還是其他運動遊戲）中加入行動廣告的可能性？如果這對您目前的業務有重要的貢獻，您能否幫助我們量化或思考未來如何把握這個機會？第二個問題是問布萊克的，關於指導方面的問題。聽起來，隨著​​體育賽事完整版下載量大幅增長，行動業務也在加速發展，正如你們所說，直播服務的發展速度肯定超過了你們的預期，未來應該會看到強勁的數位收入組合提升利潤率。我不確定這一點是否真的在指導方針中得到了充分體現。因此，《星際大戰》對下一季的毛利率構成不利影響是合理的，但今年第三財季是否有任何特殊或獨特的因素會導致營業利潤率下降，而我們應該注意這一點呢？

Okay, so first on mobile. We've been doing advertising in our mobile -- in some of our mobile games for a long time, many years. And that total advertising number's under $100 million. It is a good business. We operate on a simple principle which we will not do other mobile game advertising outside of our own games. That is different than what other companies do. Our goal is to keep people inside our network of mobile games. And so if we're going to do mobile game advertising, we would do that simply to steer people to other games inside our network. And that's not going to be advertising dollars for us. It just minimizes our outside marketing costs. But we do, do some mobile games. We have some games that we don't do advertising in. And we're continuing to look at opportunities to grow that. But the biggest challenge is most people play mobile games anonymously, and anonymous advertising is at very low CPMs versus very structured advertising that you might see out of a Google or a Facebook, where they have strong intent information on the consumer. There may be some day that we can build that. We're thinking about it in a lot of ways, but right now, it's still at a fairly base level. On the guidance, a couple of things to just look at. One is, I encourage people to go back and look over the last 5 years. I think coming out of Q2, we've always been fairly conservative on our guidance going into our largest quarter of the year, Q3. And I don't think we've had any different behavior in how we've given guidance over those last periods of time. And so I don't think there's any messaging whatsoever. I think raising our guidance by $0.10 on the bottom line is a pretty powerful raise and $50 million on the top line. And I think it's consistent with how we've operated historically and signals the positive view we have on the back half of the year. And the split between Q2 and Q3, I challenge you guys on the phone to start doing your models a little more finely and listening to us a little closer on what we tell people. We phase our revenue for you every quarter. And I think we're getting much more -- we have a much better ability to predict our revenue because of the large component of live services, and so we're probably going to be better at our guidance over time. So I'd just keep that challenge there to you.

好的，首先在手機上測試。多年來，我們一直在我們的行動應用程式——一些行動遊戲中——投放廣告。廣告總金額不到1億美元。這是一門好生意。我們的營運原則很簡單，那就是我們不會在自己的遊戲之外投放其他手機遊戲廣告。這與其他公司的做法不同。我們的目標是讓用戶留在我們的行動遊戲網路內。因此，如果我們要做行動遊戲廣告，我們的目的只是為了引導使用者玩我們網路內的其他遊戲。而這筆錢對我們來說就不是廣告收入了。這樣可以最大限度地降低我們的外部行銷成本。但我們確實也開發一些手機遊戲。我們有一些遊戲不做廣告。我們將繼續尋找發展這方面的機會。但最大的挑戰是，大多數人玩手機遊戲都是匿名的，而匿名廣告的 CPM 非常低，與 Google 或 Facebook 等平台上的結構化廣告相比，後者掌握著消費者的強大意圖訊息。或許有一天我們能建成那樣的東西。我們正在從很多方面考慮這個問題，但目前它仍處於相當基礎的階段。關於指導意見，有幾點要注意。第一，我鼓勵大家回顧過去 5 年的情況。我認為，從第二季開始，我們對一年中最重要的季度——第三季的業績預期一直都比較保守。我認為在過去的這段時間裡，我們在提供指導方面並沒有任何不同的做法。所以我覺得根本沒有任何訊息傳遞。我認為將每股收益預期上調 0.10 美元，營收預期上調 5000 萬美元，這是一個相當大的提升。我認為這與我們以往的營運方式一致，也顯示了我們對下半年的樂觀態度。至於第二季和第三季之間的差距，我建議你們這些打電話的人，在模型製作上更加精細一些，並且更仔細地聽聽我們告訴人們的內容。我們按季度分階段向您報告收入。而且我認為我們現在能更好地預測收入，因為即時服務佔了很大比例，所以隨著時間的推移，我們的預測可能會更加準確。所以，我就把這個挑戰留給你吧。

Your next question is from Justin Post with Merrill Lynch.

下一個問題來自美林證券的賈斯汀·波斯特。

First, for Blake. Q3, can you go through the puts and takes on the 3% decline in revenues? I know you had 2 big titles last year, 1 big one and 1 maybe medium one this year. Talk about maybe your expectations for Battlefront versus Battlefield? And then, Andrew, World Cup is obviously next year. You've launched FIFA. Are you thinking about that as a live services event? And how will you capture incremental users and maybe dollars around the World Cup?

首先，獻給布萊克。Q3，您能否分析一下營收下降 3% 所帶來的利弊？我知道你去年獲得了兩個重要冠軍頭銜，今年獲得了一個重要冠軍頭銜和一個中等冠軍頭銜。談談你對《星際大戰：前線》和《戰地》的期待？安德魯，世界盃顯然是明年。你已啟動FIFA。您是打算將其視為現場服務活動嗎？在世界盃期間，您將如何吸引更多用戶並可能帶來更多收入？

Yes, Justin. I think most people know that Battlefront -- excuse me, Battlefield 1 last year was a mass success for us, and we had a huge Q3 because of that. We also had Titanfall, which, while it didn't meet our original expectations, still sold very well. And so with Star Wars Battlefront II and Need for Speed, you just can't -- and Sims 4 console, you just can't comp against the strength of Battlefield 1 last year. We're looking -- it's obviously a big quarter for us. Guiding net bookings to $2 billion is huge. And the fact that it's only down 3% year-on-year, with the strength of Battlefield 1 last year, I think is a huge positive. And live services obviously continued to grow. We're seeing strength across the board there, but we still have some unknowns. We don't yet know how the Battlefront II live service will monetize. We'll find that out over the next quarter. We'll be able to give people a better sense of that in Q4 -- Q3 when we talk, but that's part of the unknown. And The Sims 4 on console, while people are very excited about it, we'll just need to see how the well that sells. So those are probably the unknowns in the mix versus last year as well as the scale differences.

是的，賈斯汀。我想大多數人都知道，《星際大戰：前線》（抱歉，應該是《戰地1》）去年取得了巨大的成功，也正因如此，我們第三季的業績非常出色。我們還有《泰坦墜落》，雖然它沒有達到我們最初的預期，但銷售仍然很好。所以，《星際大戰：前線 II》和《極速快感》根本無法與去年的《戰地 1》相提並論——《模擬市民 4》主機版也是如此。我們正在關注——這顯然是我們非常重要的一個季度。淨預訂額達到20億美元是一個巨大的目標。考慮到去年《戰地1》的強勁表現，今年僅同比下降3%我認為是一個巨大的利好。而線上服務顯然也持續成長。我們看到各方面都表現強勁，但仍有一些未知因素。我們目前還不清楚《星際大戰：前線2》的線上服務將如何獲利。我們將在接下來的一個季度找到答案。我們將在第四季——或者第三季——與大家討論時，讓大家更了解這一點，但這仍然是未知數。至於主機版的《模擬市民4》，雖然大家對此非常興奮，但我們還需要看看它的銷售量如何。所以，除了規模上的差異之外，這些可能就是與去年相比存在的未知因素。

On World Cup, we don't have any news to announce right now. But EA SPORTS, we have a long tradition of celebrating the World Cup and bringing it to life for fans, stretching back to Road to the World Cup '98. So as it gets closer, the world's largest sporting event, we'll announce more details on how we'll continue this tradition.

關於世界杯，我們目前沒有任何消息可以公佈。但 EA SPORTS 一直以來都有慶祝世界盃並為球迷們帶來精彩體驗的悠久傳統，這可以追溯到 1998 年的《通往世界盃之路》。隨著這項全球最大體育賽事的臨近，我們將公佈更多關於如何延續這項傳統的細節。

Your next question is from Eric Sheridan with UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Maybe 2. One, going back to the digital commentary from before. I wanted to understand, normally in the December quarter, you see a little bit of a mix shift back sometimes to packaged goods with gifting around the holidays. Do you think we've seen the type of tipping point where digital penetration might power through some of the seasonality we've seen around packaged goods over the last couple of years? That's number one. And then number two, just going back to the mobile business, I wanted to understand a little bit of the mix of how you think about allocating marketing dollars there between user growth versus driving more in-game monetization just to understand a little bit of how you frame ROI on the marketing spend in the mobile business.

或許是 2。第一，回到之前的數位評論。我想了解的是，通常在 12 月份，你會看到一些商品組合有所回落，節日期間的禮品包裝商品會再次興起。你認為我們是否已經看到了某種轉折點，使得數位化滲透能夠克服過去幾年包裝商品市場所受到的一些季節性波動？這是第一點。第二點，回到行動業務，我想了解你們是如何考慮在用戶成長和推動更多遊戲內貨幣化之間分配行銷資金的，以便了解你們是如何衡量行動業務行銷支出的投資回報率的。

So Eric, I'll address the packaged mix, and then Andrew can address the mobile piece. So on packaged mix, obviously, Christmas or the holidays is always going to skew towards more physical. People want to have a gift to give someone. But we do know that while Star Wars Battlefront 1 skewed more heavily than we typically see, we think Battlefront II may not skew quite as much because of the breadth of the game. It addresses some of the interest that the hard-core players wanted. It's got more. It's got space battles. Many of the things that the hard-core and the traditional first-person shooter audience played were not as strong in the first Battlefront, where -- this, there's more of it. So we might see a skew that helps bring that up a little bit, but we don't know for certain yet. We do know there were a lot of people that were both hard-core and the younger audience playing in the beta, so our sense is that we could see a slight skew. We haven't assumed a big number skew difference in our guidance, but our hope is that, that could ultimately help the margins a little bit in the quarter.

那麼，艾瑞克，我來談談包裝好的混音部分，然後安德魯可以談談行動端部分。所以，在包裝好的混合飲料中，很顯然，聖誕節或假日總是會更偏向實體飲料。人們都想送人禮物。但我們知道，雖然《星際大戰：前線 1》的玩家比例比我們通常看到的要高，但我們認為《星際大戰：前線 2》由於遊戲的廣度，玩家比例可能不會那麼高。它滿足了核心玩家的一些需求。它還有更多。裡面有太空戰鬥場面。許多硬核玩家和傳統第一人稱射擊遊戲玩家在第一部《星際大戰：前線》中玩得比較少的東西，在第二部中卻更多。所以，我們可能會看到一些偏差，這有助於稍微提高這個數值，但我們目前還不能確定。我們知道測試版中既有很多核心玩家，也有很多年輕玩家，所以我們感覺可能會出現輕微的偏差。我們在業績指引中並未假設會出現較大的數字偏差，但我們希望這最終能夠稍微改善本季的利潤率。

So in terms of mobile marketing, we've got a very finely tuned model that the teams are constantly updating to ensure, as Blake talked about earlier, we maintain the level of profitability that we believe is appropriate for our mobile business and can either drive that business profitably. And so when we think about it, most of our programmatic digital spending is around acquisition, but that's done with the profitability metric in mind and done in a world where we're trying to attract the right cohort of people who ultimately will monetize and drive ongoing profitability. We work on a more conservative approach than some people in the marketplace do. Our lifetime value model operates over a shorter time span than some people in the marketplace. And we do that simply because we believe it's better balanced to drive short-term, medium-term and long-term profitable growth of our overall portfolio of titles.

因此，在行動行銷方面，我們有一個非常精細的模型，團隊不斷更新該模型，以確保，正如 Blake 之前提到的那樣，我們能夠保持我們認為適合我們行動業務的盈利水平，並能夠推動該業務盈利增長。因此，當我們思考這個問題時，我們發現我們的大部分程序化數位支出都圍繞著獲客展開，但這都是以盈利指標為導向的，並且是在一個我們試圖吸引合適的群體，最終實現盈利並推動持續盈利的世界中進行的。我們採取的做法比市場上的某些人更保守。我們的生命週期價值模型所依據的時間跨度比市場上某些人的時間跨度要短。我們這樣做，只是因為我們相信這樣能更好地平衡我們整體產品組合的短期、中期和長期獲利成長。

I think the other thing to remember is we're trying to build mobile games that have deep and long engagement. If you look at Star Wars: Galaxy of Heroes, we know that people play for a long time and they play almost every day, and it's driven by the events that we put into the game each -- every few weeks. That's the key to the game model versus a model in which you have to feed the beast all the time with new people to keep the core users engaged. These are games that are really built around a much more engaging loop that people can play over a long period of time.

我認為需要記住的另一點是，我們正在努力打造能夠讓用戶深度沉浸、長期參與的手機遊戲。如果你看看《星際大戰：銀河英雄傳》，你會發現玩家會長時間玩這款遊戲，而且幾乎每天都玩，這都是因為我們每隔幾週就會在遊戲中推出各種活動。這就是遊戲模式與那種需要不斷用新用戶來維持核心用戶參與度的模式之間的差異。這些遊戲的設計理念是圍繞著一個更具吸引力的循環展開，人們可以長時間地玩下去。

Your next question is from Mike Olson with Piper Jaffray.

下一個問題來自Piper Jaffray公司的Mike Olson。

I had 2 questions. First, Blake, I hate to pin you down, but would you be willing to share how many units you're assuming for Star Wars Battlefront II in fiscal '18? Is that still 14 million, I think, was the previous number?

我有兩個問題。首先，布萊克，我不想追問你，但你能否透露一下你預計《星際大戰：前線 II》在 2018 財年的銷售量是多少？那還是1400萬嗎？我記得之前的數字是1400萬。

I would just say -- let me try to answer, and then I'll let you say or ask your next question, and even a third question, if you want. So we're giving guidance on units once a year at the start of the year to help people size things. We're finding units are becoming less and less meaningful to us because, obviously, there's a difference between a digital unit and a physical unit. Obviously, we've been surprised on the growth of digital units, and it's all about the live service at the end of the day as well. And so assume that any change in our unit guidance for any game, including Battlefront II, is built into our annual or quarterly guidance changes that we put in place. And so focus on the revenue guidance and not unit guidance. So now let me let you ask your next question. I'll just stay quiet until I hear it.

我會說——讓我試著回答一下，然後我再讓你問下一個問題，如果你願意的話，甚至可以問第三個問題。因此，我們每年年初都會發布單位使用指南，以幫助人們確定合適的尺寸。我們發現，單位對我們來說越來越沒有意義，因為很明顯，數字單位和實體單位之間存在差異。顯然，數位業務的成長讓我們感到驚訝，而歸根結底，這一切都與即時服務息息相關。因此，假設我們對任何遊戲（包括《星際大戰：前線 II》）的單位指導方針的任何變化，都已納入我們制定的年度或季度指導方針變更中。因此，請關注營收預期，而不是銷售預期。那現在就請你問下一個問題吧。我會保持沉默，直到聽到為止。

All right, sounds good. So you've had a lot of success with digital add-on content, but there are other areas that could have a significant impact on the business in the coming years like continued growth of full-game download mix, subscription, streaming games from the cloud. Which of those opportunities are long-term drivers that you're most focused on? Or maybe there's some others I didn't mention?

好的，聽起來不錯。你們在數位附加內容方面取得了很大的成功，但未來幾年還有其他領域可能會對業務產生重大影響，例如完整遊戲下載組合的持續成長、訂閱、從雲端串流遊戲。在您最關注的長期發展機會中，哪些才是最重要的？或許還有一些我沒提到的？

I would say all of the above. Clearly, all of those are important to us. We're actively working on the extra content piece. You can see that in the numbers that we've put up over the last few years. And we're -- as Andrew talked about on the call and his question-and-answer component around Star Wars, we spent a lot of time trying to build out a live service model for Star Wars Battlefront, and we'll see how that plays out. And you can imagine we're thinking and working on live service models on many of our other games. It's critical because that's how the consumer wants to play the games, and that's why we're driving them that way. Subscription obviously is very important to us. We've been doing a lot of work on Origin Access and EA Access. And as Andrew mentioned, you'll most likely see those on other platforms and you'll most likely see additional content coming into those subscriptions and some exciting things to come there, but we believe that's a very important way for more consumers to enjoy more games over time at a very reasonable price. And then streaming, ultimately, there's a lot of opportunity there. It may be a few years down the road, still, but that, plus things like subscription or live services go together very well. And you can imagine that we are spending a great amount of time, both in our technology world and in our games development on how games would operate in that kind of an environment. So more to come on all that, but I think all of those together, plus the base business that we have today, bodes extremely well for our business and in the industry in general. But we're very focused on how do we evolve this model over time to be as profitable as possible and as consistent and repeatable as possible. We think that's what investors want, and we think that delivers the best game services to the consumer.

我覺得以上所有說法都對。顯然，這些對我們來說都很重要。我們正在積極製作額外的內容。從我們過去幾年所獲得的數據可以看出這一點。正如 Andrew 在電話會議和圍繞《星際大戰》的問答環節中談到的那樣，我們花了很多時間嘗試為《星際大戰：前線》建立一個即時服務模式，我們將看看結果如何。您可以想像，我們正在考慮並努力將即時服務模式應用到我們的許多其他遊戲中。這至關重要，因為這是消費者想要玩遊戲的方式，這也是我們引導他們這樣做的原因。訂閱對我們來說顯然非常重要。我們一直在Origin Access和EA Access方面投入大量精力。正如 Andrew 所提到的，你很可能會在其他平台上看到這些內容，而這些訂閱服務很可能會加入更多內容，未來還會有一些令人興奮的事情發生。但我們相信，對於更多消費者來說，這是一個非常重要的方式，讓他們以非常合理的價格，並隨著時間的推移享受更多遊戲。最後，串流媒體領域也蘊藏著許多機會。雖然可能還需要幾年時間，但訂閱或直播服務等模式與此結合得非常好。你可以想像，無論是在科技領域還是在遊戲開發領域，我們都花了大量時間研究遊戲在這種環境下的運作方式。關於這些方面，以後還會有更多消息，但我認為所有這些因素加在一起，再加上我們目前擁有的基礎業務，對我們的業務以及整個行業來說，都是極其有利的。但我們非常關注如何隨著時間的推移不斷改進這一模式，使其盡可能盈利，並儘可能保持穩定和可重複性。我們認為這正是投資人所希望的，我們也認為這能為消費者提供最好的遊戲服務。

And one addition there as we think about long-term drivers, just a little extra content -- context as we think about this. You may have heard me say before one of the greatest disruptions of the consumption of entertainment media in the last 5 years has been the combination of streaming plus subscription, and that we are thinking very seriously about that. You're seeing us do work in subscription, and you've heard us talk about the work that we're doing at a technology level around the infrastructure and services that we would need to facilitate a subscription around games. And the one thing that's often lost when we have this conversation is that unlike linear media, the subscription fee paid is not the total value of what a player might expend as they enjoy the games they play inside of subscription. Because of our live service offerings, the subscription really is about onboarding a large community globally of committed, connected players who not only play the games in a subscription, but also participate in the live services. And so we believe long term, while it might take us some years to facilitate that at the kind of scale that we expect it to evolve to, in the same way that digital music and digital movies have evolved, the upside to the interactive entertainment industry is uncut by virtue of the value of live services that are born inside of a subscription.

在考慮長期驅動因素時，我們還需要補充一點內容──在思考這個問題時需要一些背景資訊。你可能之前聽我說過，過去 5 年娛樂媒體消費領域最大的變革之一就是串流媒體和訂閱模式的結合，而我們正在非常認真地考慮這一點。您已經看到我們在訂閱領域開展工作，也聽到我們談論了我們在技術層面上圍繞基礎設施和服務所做的工作，這些基礎設施和服務對於實現遊戲訂閱至關重要。我們在討論這個問題時經常忽略的一點是，與線性媒體不同，訂閱費並不是玩家在訂閱內玩遊戲時可能花費的全部價值。由於我們提供即時服務，訂閱的真正意義在於吸引全球大量忠誠、緊密聯繫的玩家，他們不僅可以玩訂閱遊戲，還可以參與即時服務。因此我們相信，從長遠來看，雖然可能需要幾年時間才能達到我們預期的發展規模，但就像數位音樂和數位電影的發展一樣，互動娛樂產業的成長潛力是巨大的，因為訂閱模式中誕生的即時服務具有巨大的價值。

Your next question comes from Tim O'Shea with Jefferies.

下一個問題來自傑富瑞集團的提姆·奧謝。

So looking at FIFA Mobile, 113 million users, a very big number. Just wondering if you could talk where that game stands today in terms of monetization? And what's the time line going forward from when it could become a real contributor? I think on console, FIFA's roughly tripled the size of Madden. Would that conceivably hold true on Mobile as well? And then can you just discuss -- second, can you discuss the launch plan to support Battlefront II? Just wondering what we should expect in terms of marketing, whether you should get any boost from around the movie marketing, and then whether there's any plan to discount the game to drive unit sales? And then finally, just a quick one for Blake. It's a follow-up to Mike's question. Just wondering if you would share how much Battlefront live services revenue is embedded in guidance.

以 FIFA Mobile 為例，用戶數達 1.13 億，這是一個非常龐大的數字。請問您能否談談這款遊戲目前的獲利狀況？那麼，從現在到它真正成為貢獻者，時間表是怎麼樣的？我認為在主機平台上，FIFA 的規模大約是 Madden 的三倍。這在行動裝置上是否也同樣適用呢？其次，您能否討論一下支持《星際大戰：前線2》的發布計畫？我想知道在行銷方面我們應該期待些什麼，能否藉助電影宣傳獲得一些推動，以及是否有任何打折促銷的計劃來促進遊戲銷售？最後，給布萊克一個簡短的提問。這是對麥克問題的後續提問。請問您能否透露《星際大戰：前線》線上服務收入在績效指引中佔比多少？

There was a lot there. Let me try and start. So FIFA Mobile, you started with 113 million users, how do we think about that with respect to Madden? What you heard from us in the prepared remarks is that Madden NFL, in its third season, continues to go from strength to strength. The reality is, is that we had, had a couple of false starts on Madden even before the first season in the current iteration of that franchise on Mobile. But in its current iteration, it's spent a great deal of time in the top 10 through Q2, and I think it was #1 on a number of days also. So very, very strong. And we're really starting to understand how to truly support and entertain a community of Madden players on mobile. FIFA, in a few weeks, will launch, again on Mobile, for its second season. And you might remember that when we launched FIFA last year, we knew that even though it followed a similar mechanic and a similar design construct in Madden, that given the global community and the nuances that exist around football or soccer globally, that we believe it was going to take some time to tune. This is a long-term play for us. Football, or soccer, is the biggest sport in the world. Mobile has more players than any other platform in the world, and we believe that this is truly a global opportunity as we think about this in the West and in the East. We are committed to this for the long term. We expect that we will see monetization grow in the coming year. But even if it took us 3 seasons in the same way it has with Madden, that would still be completely fine for us because we are growing it profitably and soccer is not getting any less popular on a global basis.

那裡有很多東西。讓我來試試。FIFA Mobile 最初擁有 1.13 億用戶，我們該如何看待它與 Madden 相比的表現？正如我們在事先準備好的演講稿中所說，《麥登橄欖球》系列遊戲在第三個賽季中繼續蓬勃發展。事實上，在當前版本的 Madden 遊戲在行動平台上的第一個賽季之前，我們已經有過幾次失敗的嘗試。但就目前版本而言，它在第二季的大部分時間都位列前十，而且我認為它還有好幾天排名第一。非常非常強。我們真的開始了解如何在行動裝置上真正支援和娛樂 Madden 玩家群體了。FIFA 將在幾週後再次登陸行動平台，開啟第二個賽季。你可能還記得，去年我們推出 FIFA 時，我們知道，儘管它遵循了與 Madden 類似的機制和設計結構，但考慮到全球社區以及足球運動在全球範圍內存在的細微差別，我們認為需要一些時間來調整。這是我們著眼於長遠的策略。足球，或者說英式足球，是世界上最受歡迎的運動。行動平台擁有比世界上任何其他平台都多的玩家，我們認為，無論在西方還是東方，這都是一個真正的全球機會。我們致力於長期推進這項工作。我們預計未來一年獲利能力將有所成長。但即便像 Madden 那樣花了 3 個賽季，對我們來說也完全沒問題，因為我們正在盈利地發展它，而且足球在全球範圍內的受歡迎程度絲毫沒有下降。

And I think to the point on triple the size, I'm not going to give you a forecast there. But what I would say is soccer is truly a global game and growing in places like China, where we may never have a console market and where PC free-to-play is not growing as fast as it once was, but mobile is continuing to grow very fast. So there's a scenario that says FIFA on mobile could be much larger than 3x Madden. And our hope is that between current FIFA on console, current FIFA on -- in the online market in Korea, Japan, and China and Southeast Asia, plus mobile could be a huge market for us.

至於規模擴大三倍這一點，我不會做出預測。但我想說的是，足球確實是一項全球性的運動，並且在中國等地不斷發展壯大。在這些地方，我們可能永遠不會有主機遊戲市場，PC 免費遊戲的成長速度也不如以前那麼快了，但行動遊戲卻繼續快速成長。所以有一種情況是，行動版 FIFA 的規模可能會是 Madden 的三倍。我們希望，結合目前主機上的 FIFA、韓國、日本、中國和東南亞的線上市場以及行動市場，FIFA 能夠成為我們一個龐大的市場。

So in terms of movie marketing around Battlefront II and do we hope to get a benefit from that, the answer is absolutely yes. That's part of the reason why we do a license to a great IP like Star Wars. What you may have noticed is that Disney had just released the first major trailer for The Last Jedi. It had really, really strong and positive feedback. They are marketing this title on a more compressed time line. And we're seeing the anticipation build for the movie in the same way we're seeing anticipation build for the game.

所以，就《星際大戰：前線 II》的電影行銷而言，我們是否希望從中受益，答案絕對是肯定的。這也是我們為什麼會獲得像《星際大戰》這樣優秀IP的授權的原因之一。你可能已經注意到，迪士尼剛剛發布了《星際大戰：最後的絕地武士》的首支主要預告片。它獲得了非常非常強烈的正面回饋。他們正在以更緊湊的時間軸推廣這款遊戲。我們看到人們對這部電影的期待與人們對這款遊戲的期待一樣高漲。

On discounting, let me just make it really clear right now so all you guys don't have anything to write about on Black Friday. We bring the game out right before Black Friday, so you will most likely not have discounts at Black Friday that we pay for. That doesn't mean that you might not see some stores choose to discount games on Black Friday out of their own pockets. We will most likely discount the game like we did last time around the movie launch, and maybe you'll even see some selected discounts around the holidays, either Thanksgiving or Christmas. That's the way the games business always has worked. And so if you see the title on discount, don't read anything into that other than the fact that, that's the way you sell games in the holidays. In terms of the live service, I can't break out the actual forecast, but I would say it's not large for Battlefront II, partially in the quarter because we'll just get it going in the quarter. And it will really start to drive the Live Events coming out of the quarter into the fourth quarter. So we really won't have a good sense of how well it's doing and how large it can be until probably at the tail end of the third quarter and really the tail end of the fourth quarter. But we'll keep you going, but it's not a position that it's a large component of the fiscal forecast or the quarter forecast.

關於折扣，我現在就得把話說清楚，免得你們在黑色星期五那天沒什麼好寫的。我們會在黑色星期五之前推出這款遊戲，所以你很可能無法享受到我們支付的黑色星期五折扣。但這並不意味著你不會看到一些商店在黑色星期五自掏腰包對遊戲進行折扣促銷。我們很可能會像上次電影上映時那樣對遊戲進行打折，而且你甚至可能會在感恩節或聖誕節等假日期間看到一些精選折扣。遊戲產業一直都是這樣運作的。所以，如果你看到某個遊戲打折，不要過度解讀，這只是假日期間遊戲銷售的一種方式。至於線上服務方面，我無法給出具體的預測，但我認為《星際大戰：前線 II》的規模不會很大，部分原因是本季我們才剛開始營運。這將真正推動本季到第四季的現場活動發展。因此，我們可能要到第三季末和第四季末才能真正了解它的發展狀況和規模。但我們會繼續跟進，但這並不意味著它在財政預測或季度預測中佔比很大。

Your next question comes from Laura Martin with Needham.

下一個問題來自 Needham 公司的 Laura Martin。

So you guys have had FIFA for about 2 decades, and I'm curious about historically when the U.S. has not been in the World Cup what the impact is on your game sales player engagement length? And then secondly, your marketing was well lower than we expected. And I'm wondering, could you give us an update? Is that a timing shift? Or should we be taking our marketing spending down next quarter as well?

你們的 FIFA 遊戲已經有大約 20 年的歷史了，我很好奇，歷史上當美國隊沒有進入世界盃時，這對你們的遊戲銷售和玩家參與時長有什麼影響？其次，你們的行銷成效遠低於我們的預期。我想問一下，您能提供我們最新進展嗎？這是時間調整嗎？或者我們下個季度也應該削減行銷支出嗎？

The marketing piece is all timing shift. I think we talked about in last quarter, we're doing marketing -- a broader marketing and different types of marketing all during the year, and so it's less concentrated around launch time. I think overall, we've brought our marketing spend down. You've seen that over the last few years, but don't assume that it's going to be down across the board in the back half of the year. So some of it might not be spent, but some -- most of it is phasing. So...

行銷策略的關鍵在於時機調整。我想我們在上個季度討論過，我們正在進行行銷——全年進行更廣泛的行銷和不同類型的行銷，因此行銷活動不再像以前那樣集中在產品發布期間。我認為總體而言，我們已經降低了行銷支出。過去幾年你可能已經看到了這種情況，但不要以為下半年所有方面都會全面下降。所以其中一部分可能不會被使用，但大部分——大部分——正在分階段使用。所以...

In terms of the World Cup, again, we're disappointed. I'm Australian, but I feel American. I've been here a long time. My kids are American, so I feel for them. Although, I might say Australia really makes the World Cup. I've lived with that dream for 43 years. The reality is that the World Cup is the world's largest sporting event, and it's followed by all people around the world who love soccer, or football, depending on what they call it where they come from. And really, does it heighten their enjoyment if their national team is participating? Of course. But we don't see people stop watching the World Cup just because their team is not there. And as you think about the U.S., in particular, we are a very multicultural country. And even now, as we think about FIFA, the most played teams are from Spain and the U.K., and the most played players are also non-American players. So we don't expect a huge impact there. But for my kids and for me, I'm disappointed that the U.S. won't be there.

就世界盃而言，我們再次感到失望。我是澳洲人，但我感覺自己是美國人。我在這裡待了很久了。我的孩子是美國人，所以我很同情他們。不過，我覺得澳洲才是世界盃真正的亮點。43年來，我一直懷抱著這個夢想。事實上，世界盃是世界上最大的體育賽事，全世界所有熱愛足球（或足球，這取決於他們所在地區對足球的稱呼）的人都會關注它。如果國家隊參賽，真的會提高他們的參賽樂趣嗎？當然。但我們並沒有看到人們因為自己的球隊沒有參賽而停止觀看世界盃。尤其是當你想到美國時，你會發現我們是一個非常多元文化的國家。即使現在，當我們想到 FIFA 時，參賽次數最多的球隊來自西班牙和英國，參賽次數最多的球員也都是非美國球員。因此，我們預計不會產生巨大影響。但就我和我的孩子而言，美國不能參加讓我感到失望。

Maybe one follow-on. So I was really intrigued by the statement that you made saying that the biggest disruption is streaming plus subscription. And you were saying that onboarding a large community of committed players lets you elevate the number of players. And I'm curious, is the value driver in your mind bringing new people onboard or getting more money from super SaaS because it's an uncapped revenue stream?

或許會有後續。所以，你關於串流媒體和訂閱模式帶來最大顛覆性變革的說法讓我非常感興趣。你之前說過，吸引大量忠實玩家加入可以提升玩家數量。我很好奇，在你看來，價值驅動因素是吸引新用戶加入，還是從超級 SaaS 中獲得更多收入，因為它是一個沒有上限的收入來源？

What we've seen out of subscriptions, as we look at this, is there's really 2 types of users of subscriptions: those that do it because the friction is so low, you'd be mad not to do it; and those who do it because they are power users. In traditional linear media, you do not get the value out of a power user by virtue of the fact that subscription value is capped. We see subscription also doing the same thing in the context of games. And we see this inside of our games is we see gamers coming and participating in our existing subscriptions because the friction is low, the quality of the games is high and the opportunity to play games that they may never have played before is just too enticing for the value proposition. We also see players who come into subscription as power players, who play multiple games and, in many cases -- I think, more than 75% of cases, played games they've never played before. They also participate in the live services of those games and drive additional incremental live service revenue on top of the subscription value. And so as we think about this on a go-forward basis, we actually think about it capturing both of those categories that you mentioned: the kind of casual user, who's looking just for access without friction; and the power user, who's looking to actually play everything and really invest a great amount of their time in the entertainment value that we provide.

我們從訂閱模式中發現，訂閱用戶其實分為兩類：一類是因為訂閱門檻很低，不訂閱簡直是瘋了；另一類是因為他們是高級用戶。在傳統的線性媒體中，由於訂閱價值有上限，你無法從高級用戶身上獲得價值。我們看到訂閱模式在遊戲領域也扮演著同樣的角色。我們在遊戲中也看到了這一點，玩家們紛紛加入並參與我們現有的訂閱服務，因為門檻低、遊戲質量高，而且有機會玩到他們以前可能從未玩過的遊戲，這對於價值主張來說實在太有吸引力了。我們也看到一些訂閱用戶是強大的玩家，他們會玩多款遊戲，而且在很多情況下——我認為超過 75% 的情況下——他們玩的遊戲是以前從未玩過的。他們還會參與這些遊戲的即時服務，並在訂閱價值之外帶來額外的即時服務收入。因此，從長遠來看，我們實際上考慮的是要涵蓋您提到的這兩個類別：一是只想輕鬆訪問的休閒用戶；二是希望真正體驗所有內容並投入大量時間享受我們提供的娛樂價值的高級用戶。

The next question comes from Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Just curious if you could give us a little bit of a range for all your titles that come out in a given year for console. What percentage of revenue is the $60 versus the add-on content live services dollars? And I know that could vary by game, but if you could sort of give us a range of how it plays out over a 2-year period. And then secondly, wondered if you could give a little perspective on the competitive gameplay that you're going to have coming out for Battlefield 1 in the spring.

我只是想問您能否大概介紹一下您每年在主機平台上推出的所有遊戲的數量範圍。60 美元的收入佔總收入的百分比，而附加內容和即時服務收入佔總收入的百分比是多少？我知道這可能會因比賽而異，但如果您能大致告訴我們兩年內的發展趨勢，那就太好了。其次，我想請您談談即將於春季推出的《戰地1》的競技遊戲玩法。

So let me hit the first one really quick. It really varies. With some titles, you'd have a 10% to 25% uplift off of the core, so 60 plus 25% of that. With some titles, it can be 125% or 150%. It also varies dramatically by region or geography because you have different spend capabilities around the world. So it's kind of hard to pare it down. Obviously, Ultimate Team's at the high end of the spectrum because it's so engaging, and we're running so many events that it just keeps people coming back. So yes, it's hard to generalize. But it's really -- we think about it as really as how do we keep engaging players? And if they're engaged, they'll probably spend some money along the way. And we want to make sure we've got people who are deeply engaged in something that they love. I'll let Andrew touch the second one real quickly, and then we'll do one more question.

那我就快速地說第一個問題吧。情況因人而異。有些遊戲在核心遊戲的基礎上可以提升 10% 到 25%，也就是 60 加上其中的 25%。有些標題的百分比可能是 125% 或 150%。由於世界各地消費能力不同，因此不同地區或地理位置的消費水準差異也很大。所以很難精簡。顯然，Ultimate Team 處於高端水平，因為它非常吸引人，而且我們舉辦了許多活動，所以人們會不斷回來參與。所以，確實很難一概而論。但我們真正思考的是如何能持續吸引玩家？如果他們訂婚了，他們可能會在過程中花一些錢。我們希望確保我們擁有的是那些全心投入自己熱愛的事業的人。我讓安德魯快速地碰一下第二個，然後我們再問最後一個問題。

So for Battlefield, we don't have any new announcements for Incursions. It's currently in closed alpha, and we're got to talk a lot more about that as the year progresses. But the things we've talked about so far is it will be a 5-on-5 player focused on contained, small-scale battle. And it's unique in the fact that it will have both infantry and vehicle combat. And the feedback from the community so far has been really, really strong and positive, and we're integrating community feedback into this game. And again, it comes off a great foundation. Battlefield is one of the great multiplayer games in our industry, and Battlefield 1 was probably the greatest multiplayer game in the first-person-shooter category last year. So we're very excited about the opportunity.

所以對於《戰地》系列，我們目前沒有任何關於「入侵」模式的新消息要公佈。目前它正處於封閉 alpha 測試階段，隨著時間的推移，我們還有很多關於它的內容需要討論。但我們目前討論的內容是，這將是一場 5 對 5 的比賽，專注於小規模的戰鬥。它的獨特之處在於它將同時包含步兵作戰和車輛作戰。到目前為止，社群的回饋非常強烈且積極，我們將社群的回饋融入這款遊戲中。而且，這一切都建立在一個非常好的基礎上。《戰地》是我們業界中最優秀的多人遊戲之一，《戰地1》可能是去年第一人稱射擊類遊戲中最棒的多人遊戲。所以我們對這個機會感到非常興奮。

And our final question comes from Mike Hickey with Benchmark.

最後一個問題來自 Benchmark 公司的 Mike Hickey。

Just a gas at asking you an accounting question, Blake, but revenue recognition on your FIFA sales, the digital was up. I think last year, you delayed the recognition of that into Q3. Is that similar this year?

布萊克，我只是好奇地問你一個會計問題，關於你的 FIFA 銷售收入確認，數位版銷售量上升了。我認為去年你們把這件事的確認時間推遲到了第三季。今年情況也類似嗎？

Yes. I mean, we don't formally delay it. We have a digital cut off that's a few days before the end of the actual end of the quarter, and that's just the way we work with our first parties. And so most of the FIFA digital revenue will come in Q3. The bulk of the revenue would either be people who pre-ordered a digital title or purchased digitally 2 or 3 days early because they were in EA Access. But almost all the regular digital purchases, both for FIFA and for Ultimate Team, are in Q3.

是的。我的意思是，我們並沒有正式推遲這件事。我們設定了一個數字截止日期，比實際季度結束時間提前幾天，這就是我們與第一方合作的方式。因此，FIFA 數位版的大部分收入將在第三季實現。大部分收入將來自預購數位版遊戲的人，或因為是 EA Access 會員而提前 2 或 3 天購買數位版遊戲的人。但幾乎​​所有常規的數位購買，無論是 FIFA 還是 Ultimate Team，都集中在第三季。

Got it. Good. One more follow-up for me. The -- I know you have to be delicate with your retail partners, your physical partners at least. But clearly, the progression here just all seems to be picking up some speed, maybe it's in selecting. Who knows? But it looks like at least GameStop is working pretty hard to compete against new game sales by introducing a subscription plan on use. So just curious of your thoughts on if, at all, that could be disruptive to new game sales for you. And also curious (inaudible) feels like maybe despite themselves, maybe there's over-ordering of product over the holiday, which maybe is a catalysts to some of the promotions that we saw last year. Curious if you can do anything to manage that, and how reactive you can be to digital promotions in response.

知道了。好的。我還有一個後續問題。我知道你必須謹慎對待你的零售合作夥伴，至少是你的實體合作夥伴。但很明顯，這裡的進展似乎正在加速，也許關鍵在於選擇。誰知道呢？但看起來 GameStop 至少正在努力透過推出訂閱計劃來與新遊戲銷售競爭。所以，我很好奇您認為這是否會對您的新遊戲銷售造成任何干擾。而且，令人好奇的是（聽不清楚）感覺，或許在他們不知情的情況下，假期期間產品訂單可能過多，這或許是去年我們看到的一些促銷活動的催化劑。想知道您是否可以採取任何措施來應對這種情況，以及您對數位促銷活動的反應速度如何。

Yes, I mean, we're -- we -- despite the fact that we've talked a lot about digital as an important part of our business, we still want to have great relationships with our physical retail partners out there, and we think we do around the world. I can't comment on GameStop's intentions relative to their new program. I don't even really have the details about it yet. But we're -- obviously, we're very cautious of how we ship into all retailers. We've always been that way. We don't want the channel to be overly full, which would create discounting or could ultimately create financial problems for smaller retailers. And we've always watched that closely, and we'll be careful again this year. The beauty of digital, as I think you were indicating, is we can be pretty fast and reactive. We can do 1-day sales. We can do special promos in certain regions or countries. We do a lot with digital in a short term that you can't necessarily do with long term. Most of our long-term plans for retailers are locked up 6 to 12 months ahead of time. And because you've got point-of-sale materials, you've got promotional flyers that go into newspapers, all those things have to be prepared. And so we set those up well in advance and work with the retailers very carefully on those.

是的，我的意思是，儘管我們一直在談論數位化是我們業務的重要組成部分，但我們仍然希望與我們在世界各地的實體零售合作夥伴保持良好的關係，而且我們認為我們在世界各地都做到了這一點。我無法評論GameStop推出這項新計畫的意圖。我甚至還不了解具體細節。但很顯然，我們對向所有零售商發貨的方式都非常謹慎。我們一直都是這樣。我們不希望通路過於擁擠，這會導致打折促銷，或者最終可能給小型零售商帶來財務問題。我們一直密切關注著這一點，今年我們也會繼續保持謹慎。正如你所指出的，數位化的優勢在於我們可以快速回應。我們可以進行一日促銷。我們可以在特定地區或國家進行特別促銷活動。我們利用數位化手段在短期內做了很多長期內未必能做的事情。我們為零售商制定的大多數長期計劃都會提前 6 到 12 個月確定下來。因為你需要準備銷售點宣傳品、報紙上的宣傳單，所有這些都需要事先準備好。因此，我們會提前做好這些安排，並與零售商非常謹慎地合作。

So with that, I'll call it quits so everyone can enjoy their Halloween. And I appreciate everyone coming on the call this time, and we'll talk to you in late January.

那麼，我就說到這裡吧，希望大家都能享受萬聖節。感謝大家這次參加電話會議，我們一月底再見。

Thank you, Jen.

謝謝你，珍。

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。