美商藝電 (EA) 2018 Q3 法說會逐字稿

Good afternoon. My name is Erica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q3 2018 Earnings Call. (Operator Instructions) Thank you. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我是 Erica，今天將擔任本次電話會議的接線生。現在，我謹代表 Electronic Arts 2018 年第三季財報電話會議，歡迎各位參加。 （接線生指示）謝謝。投資者關係副總裁 Chris Evenden 先生，您可以開始會議了。

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

謝謝艾麗卡。歡迎參加EA 2018財年第三季財報電話會議。今天與我一起參加會議的還有我們的執行長安德魯威爾遜和財務長布萊克喬根森。

Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks, an audio replay of this call, our financial model and a transcript. With regard to our calendar, our Q4 fiscal '18 earnings call is currently scheduled for Tuesday, May 8, 2018.

請注意，我們的美國證券交易委員會（SEC）文件和獲利報告可在ir.ea.com查閱。此外，我們也發布了獲利報告幻燈片，以配合我們準備好的演講稿。最後，電話會議結束後，我們將發布我們準備好的演講稿、本次電話會議的錄音回放、財務模型和會議記錄。關於日程安排，我們2018財年第四季獲利電話會議目前定於2018年5月8日（星期二）舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, January 30, 2018, and disclaims any duty to update them.

本次示範及我們的評論包含有關未來事件及本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日所述結果有重大差異的風險，請參閱我們最新的10-Q表格。藝電（Electronic Arts）於2018年1月30日作出上述陳述，並聲明不承擔更新義務。

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

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則（GAAP）列示。除非另有說明，本次電話會議中所有比較均與去年同期進行比較。

On the subject of accounting standards, effective fiscal 2019, we will adopt the new ASC 606 revenue recognition standard for GAAP net revenue. We will continue to provide the GAAP measures to enable investors to derive the management reporting metrics. We do not expect a material impact to net bookings. For more details, please see the brief qualitative overview of the impact of ASC 606 we have posted on our IR website. For additional information, also please see our 10-Q for the period ended December 31, 2017.

關於會計準則，自2019財年起，我們將採用新的ASC 606收入確認準則來確認GAAP淨收入。我們將繼續提供GAAP指標，以便投資者能夠據此得出管理報告指標。我們預計淨預訂量不會受到重大影響。更多詳情，請參閱我們投資者關係網站上發布的關於ASC 606影響的簡要定性概述。更多信息，另請參閱我們截至2017年12月31日止期間的10-Q報告。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. Q3 was a quarter defined by strong performances and important learnings for us in Electronic Arts. We love making games. It's a privilege to bring fun and entertainment to people all around the world. As we look across our games and services this quarter, we have a lot to be proud of. We brought hundreds of millions of hours of play to fans during the holiday quarter across console, mobile and PC.

謝謝克里斯。第三季對於藝電來說是個業績強勁且收穫豐富的季度。我們熱愛遊戲製作，能夠為世界各地的人們帶來歡樂和娛樂，我們深感榮幸。回顧本季，我們的遊戲和服務都取得了令人矚目的成就。在假期季節期間，我們透過主機、行動和PC平台，為玩家帶來了數億小時的遊戲體驗。

We also appreciate that our players have high expectations of us and the games we make, and that passion drives us. As we push the boundaries with every new experience, we are continually listening, learning and taking action to serve our players.

我們也深知玩家對我們以及我們開發的遊戲抱有很高的期望，而這份熱情正是我們前進的動力。在每一次新的體驗中，我們都在不斷突破界限，同時持續傾聽玩家的聲音，學習他們的知識，並採取行動，竭誠為玩家服務。

Now let me touch on Star Wars Battlefront II. This was definitely a learning opportunity. You remember that we brought 3 of our top studios together on this project, and the result was a massive game with a new Star Wars story, space battles and huge multiplayer variety. We wanted a game that would meet the needs with our vast and passionate Star Wars fan base, so we designed it with the intent of keeping the community together and a commitment to continually add content long after launch.

現在我想談談《星際大戰：前線2》。這絕對是一次寶貴的學習機會。大家應該記得，我們​​為了這個項目集結了三大頂尖工作室，最終打造了一款規模宏大的遊戲，它擁有全新的星球大戰故事、精彩的太空戰鬥以及豐富的多人遊戲模式。我們希望這款遊戲能滿足我們龐大而熱情的星際大戰粉絲群的需求，因此我們在設計之初就著眼於維繫社群凝聚力，並承諾在遊戲發售後持續更新內容。

Given the newness of this design, we knew that player feedback during the prelaunch testing period would be key. Having made adjustments based on sentiment and community data coming out of the beta and at early trials, we ultimately made the decision to pull in-game purchases out of the game prior to launch. We never intended to build an experience that could be seen as unfair or lacking clear progression so we removed the feature that was taking away from what fans were telling us was otherwise a great game.

鑑於此設計的新穎性，我們深知玩家在預發布測試階段的回饋至關重要。根據測試版和早期試玩中收集到的玩家回饋和社群數據，我們進行了調整，最終決定在遊戲正式發布前移除遊戲內購功能。我們從未打算打造一款被認為不公平或缺乏清晰成長路徑的遊戲體驗，因此我們移除了這項功能，因為它破壞了玩家回饋的優秀遊戲體驗。

We are fortunate to have such passionate players that will tell us when we get it right and when we don't. We're now working hard on more updates that will meet the needs of our players, and we hope to bring these to Battlefront II in the coming months ahead. Having made these changes before launch, Star Wars Battlefront II has been delivering fun to millions of players around the world through the holiday season and beyond. With the breadth and depth of the game, fans spent twice as much time playing Battlefront II over the previous game during the launch quarter.

我們非常幸運地擁有如此熱情的玩家，他們會告訴我們哪些地方做得好，哪些地方做得不好。我們目前正在努力開發更多更新，以滿足玩家的需求，並希望在未來幾個月內將這些更新帶給《星際大戰：前線2》。在遊戲發售前進行這些調整後，《星際大戰：前線2》在假期及之後的時間裡，為全球數百萬玩家帶來了無限樂趣。憑藉遊戲的廣度和深度，玩家在發售第一季遊玩《星際大戰：前線2》的時間是前作的兩倍。

The unique story of Iden Versio at the center of the game has drawn nearly 7% of players into the single-player campaign. Engagement has been strong in the first season of free post-launch content from The Last Jedi, and we're excited to bring new seasons to fans in FY '19. As we grow this game with more content, we believe that Star Wars fans will continue to have fantastic experiences over the long life of Battlefront II.

遊戲中以艾登·維西奧為主角的獨特故事吸引了近7%的玩家體驗單人戰役。在《星際大戰：最後的絕地武士》上線後的首個免費後續內容賽季中，玩家參與度很高，我們很高興能在2019財年為粉絲們帶來新的賽季。隨著我們不斷推出更多內容，我們相信《星際大戰：前線2》的粉絲們將在漫長的遊戲生命週期中持續獲得精彩的遊戲體驗。

Going forward, we believe that live services that include optional digital monetization, when done right, provide a very important element of choice that can extend and enhance the experience in our games. We're committed to continually working with our players to deliver the right experience in each of our games and live services.

展望未來，我們相信，如果營運得當，包含可選數位變現功能的線上服務能夠提供非常重要的選擇元素，從而拓展和提升玩家的遊戲體驗。我們將致力於持續與玩家合作，在每款遊戲和線上服務中提供最佳體驗。

Across the company, our fantastic creative teams are constantly pioneering new experiences that expand our reach and add to the unmatched depth and breadth of our portfolio of games. There were many great examples of this throughout Q3, and I'll touch on a few of them here.

本公司各部門優秀的創意團隊不斷開拓創新，打造全新體驗，拓展業務範圍，並豐富我們無與倫比的遊戲產品組合。第三季湧現許多精彩案例，我將在此介紹其中幾個。

FIFA continues to thrive as one of the world's leading entertainment properties. On console alone, our FIFA franchise had nearly 42 million players during the calendar year, and our FIFA 18 unique player base grew 10% year-over-year from launch through Q3. FIFA Mobile added another 26 million players in the quarter to its total player base, more than any other quarter in the last 12 months, and millions more joined our FIFA experiences in Korea and China this year.

FIFA 作為全球領先的娛樂品牌之一，持續蓬勃發展。光是主機平台，FIFA 系列遊戲在過去一年就擁有近 4,200 萬名玩家，而 FIFA 18 的獨立玩家數量自發性售至第三季年增 10%。 FIFA Mobile 在本季新增 2,600 萬玩家，創下過去 12 個月以來的單季新增玩家數新高。此外，今年在韓國和中國，還有數百萬玩家加入了 FIFA 的行列。

Ultimate Team is more popular than ever across our EA SPORTS titles. And in FIFA Ultimate Team, we had 12% more players year-over-year from launch through Q3. In other areas of our portfolio, Battlefield 1 now has more than 25 million unique players live to date, putting it on a similar growth trajectory as Battlefield 4's massive community.

EA SPORTS旗下所有遊戲的Ultimate Team模式都比以往任何時候都更受歡迎。 FIFA Ultimate Team模式從上線到第三季度，玩家數量較去年同期增加了12%。在其他遊戲方面，《戰地1》目前擁有超過2500萬活躍玩家，其成長軌跡與《戰地4》龐大的玩家群類似。

The Sims 4 had another extraordinary quarter as we launched our highest-performing expansion pack to date and brought the game to consoles for the first time. Both of these contributed to player base growth in our Sims 4 community of more than 35% year-over-year in Q3. Need for Speed Payback also brought new experiences to long-time fans this quarter.

《模擬市民4》在本季又取得了非凡的成績，我們推出了迄今為止表現最佳的擴充包，並首次將遊戲帶到了主機平台。這兩項舉措都促成了《模擬市民4》玩家社群在第三季年增超過35%。 《極速快感：復仇》也在本季為老玩家帶來了全新的體驗。

On mobile, we're bringing more players into our network from across the world through the unique breadth and depth of our IP. From deeply engaged fans in Star Wars Galaxy of Heroes to large long-term communities in our EA SPORTS titles to Sims FreePlay and mobile, our mobile games are reaching a wide and diverse audience and delivering years of high-value entertainment.

在行動領域，我們憑藉著獨有的廣度和深度，吸引了更多來自世界各地的玩家加入我們的網路。從《星際大戰：銀河英雄傳》的忠實粉絲，到EA SPORTS系列遊戲、《模擬市民免費版》以及其他行動遊戲的大型長期社區，我們的行動遊戲正在觸及廣泛而多元的受眾，並為他們帶來多年高品質的娛樂體驗。

Competitive gaming continues to be a major growth opportunity for us. We are bringing some of the biggest sports franchises in the world to the esports stage. And with new league partners, sponsors and broadcasters, our Madden NFL and FIFA competitions are reaching new milestones.

競技遊戲仍然是我們重要的成長機會。我們正將一些全球頂尖的運動賽事帶入電競舞台。隨著新的聯賽合作夥伴、贊助商和轉播商的加入，我們的《麥登橄欖球》和《FIFA》賽事正在取得新的里程碑式成就。

The Madden Challenge special in the CW Network was the #1 esports television broadcast in the U.S. for 2017. And our Madden Challenge live finals in December drove our largest digital viewership to date for a Madden tournament.

CW電視台的《麥登挑戰賽》特別節目是2017年美國收視率最高的電競電視節目。而我們在12月舉行的《麥登挑戰賽》現場決賽，也為我們迄今舉辦的麥登錦標賽帶來了最高的數位觀看量。

On the FIFA side, we just kicked off The Road to the eWorld Cup with the Champions Cup in Barcelona last weekend. Digital viewership was massive with more than 17 million total views. That's half of last season's total views in just our first tournament of the year. We're also a partner in leagues like the MLS, Bundesliga and more to bring competitive FIFA deep into their fan bases, expanding our global opportunity.

在FIFA方面，我們上週末在巴塞隆納舉辦了冠軍杯，正式拉開了「通往eWorld Cup之路」的序幕。數位觀看量非常驚人，總觀看次數超過1700萬。這只是我們今年的首場賽事，就達到了上季總觀看次數的一半。我們也與美國職業足球大聯盟（MLS）、德甲聯賽等聯賽合作，將FIFA競技賽事帶入他們的球迷群體，從而拓展我們的全球影響力。

Next, we're bringing competition to Battlefield with online qualifiers set to begin in Q1 FY '19. Across FIFA, Madden and Battlefield, this is going to be our biggest competitive season yet for players and spectators.

接下來，我們將把競技元素引入《戰地》系列，線上預選賽將於 2019 財年第一季開始。在 FIFA、Madden 和《戰地》三大系列中，這將是我們迄今為止規模最大的競技賽季，無論對玩家還是觀眾來說都是如此。

Looking to the quarter ahead, we're set to deliver a mix of amazing new games that will add to the breadth of our portfolio. First, later this week, we will launch UFC 3. We have a great partnership with the UFC and have worked hard over a 2-year development cycle to bring innovation across the entire game. With major UFC events coming in the months ahead, we're delivering UFC 3 at a very exciting time for the sport and its fans.

展望未來一個季度，我們將推出一系列精彩的新遊戲，進一步豐富我們的產品組合。首先，本週晚些時候，我們將發布《UFC 3》。我們與UFC建立了良好的合作關係，並在長達兩年的開發週期中不懈努力，力求在遊戲的各個方面融入創新元素。隨著未來幾個月UFC重大賽事的臨近，我們選擇在這個激動人心的時刻推出《UFC 3》，這對這項運動及其粉絲來說都意義非凡。

During the fourth quarter, we will also launch the first 2 games for our EA Originals program, Fe and A Way Out. As you remember, we started the EA Originals with a commitment to help independent developers bring unique and memorable games to the world. We can't wait to see fans come out and support these deeply talented creators and the ideas they have brought to life in these games.

第四季度，我們也將推出EA Originals計畫的首批兩款遊戲：《Fe》和《A Way Out》。如你所知，EA Originals的創立初衷是幫助獨立開發者為世界帶來獨具特色、令人難忘的遊戲。我們迫不及待地想看到粉絲們前來支持這些才華橫溢的創作者，以及他們在遊戲中呈現的創意。

Also in Q4, The Sims Mobile will launch worldwide on iOS and Android. This game is a major leap forward for the franchise, combining unique Sims magic with new dimensions of social play. Sims players are some of our most diverse and committed fans, and with games like The Sims 4 and The Sims FreePlay, we've shown how we build and deliver for these communities over many years.

同樣在第四季度，《模擬市民手機版》將在全球登陸iOS和安卓平台。這款遊戲是該系列的重大飛躍，它將《模擬市民》系列獨有的魅力與全新的社交玩法完美融合。 《模擬市民》玩家是我們最多元化、最忠實的粉絲群之一，多年來，我們透過《模擬市民4》和《模擬市民：免費版》等遊戲，展現了我們如何為這些玩家群打造和提供優質內容。

In FY '19, we will push the boundaries even further for our players with new experiences and constant innovation. It's a World Cup year. And with the largest sporting event on the planet set to reach billions of soccer fans, our EA SPORTS development teams are packing excitement into our next FIFA. Madden NFL, NHL and NBA Live will all bring new dimensions of gameplay, self-expression and social connection.

在 2019 財年，我們將透過全新的體驗和持續的創新，為玩家帶來更精彩的遊戲體驗。今年是世界盃年，這項全球規模最大的體育盛事即將吸引數十億球迷的目光，EA SPORTS 的開發團隊正全力以赴，將熱情融入下一款 FIFA 遊戲中。 《Madden NFL》、《NHL》和《NBA Live》也將帶來全新的遊戲體驗、自我表達和社交互動方式。

The Battlefield universe will grow this year with our next Battlefield title, captivating long-time fans and new players alike and adding to our Battlefield service where players can move seamlessly with their friends.

今年，隨著下一款《戰地》遊戲的推出，《戰地》宇宙將不斷壯大，吸引老玩家和新玩家，並豐富我們的《戰地》服務，讓玩家可以與好友無縫協作。

Our new IP, Anthem, is a stunning project from BioWare that will blend genres with a shared world experience that evolves around its players. Excitement for Anthem is building, and we're deeply invested in delivering a great new experience with this game when it launches in Q4 FY '19.

我們全新的IP《聖歌》（Anthem）是BioWare的又一力作，它將融合多種遊戲類型，打造一個圍繞玩家不斷演進的共享世界體驗。玩家們對《聖歌》的期待與日俱增，我們也將全力以赴，確保這款遊戲在2019財年第四季發售時，能夠為玩家帶來絕佳的全新體驗。

In addition, we plan to launch 2 new mobile games built around fan favorite IP. We'll grow in esports with competitions and broadcast content reaching more players and viewers, and we'll continue to deliver for players through our live services, including Star Wars Battlefront II, with more great content for the games they love.

此外，我們計劃推出兩款基於粉絲喜愛IP打造的全新手機遊戲。我們將透過舉辦賽事和直播內容，拓展電競業務，觸達更多玩家和觀眾。同時，我們將繼續透過包括《星際大戰：前線2》在內的線上服務，為玩家提供更多他們喜愛的遊戲內容。

This collection of amazing games and content across more platforms wrapped in live services is at the core of the network we are building for our players. With competition and subscription offerings that we will expand in new and innovative ways, we are reaching new audiences.

我們為玩家所建構的網路核心，是匯集了許多平台精彩遊戲和內容，並輔以即時服務。我們將以創新方式拓展競賽和訂閱服務，觸達更多受眾。

Our amazing creative teams, including the addition of the talented group at Respawn Entertainment, our Frostbite engine, our central technology platform and our labs groups are putting us in position to be disruptive and deliver the unexpected. We're excited to bring many more great experiences to our global network in this quarter and beyond.

我們卓越的創意團隊，包括Respawn Entertainment才華橫溢的新成員，以及我們的寒霜引擎、中央技術平台和實驗室團隊，都讓我們具備了顛覆產業格局、帶來意想不到驚喜的實力。我們期待在本季及未來為全球用戶帶來更多精彩體驗。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. Electronic Arts delivered earnings above our guidance absent a one-time impact from tax reform. Sales of Star Wars Battlefront II underperformed our expectations but event-driven live services significantly exceeded them. This speaks to the stability of a business as diverse as ours with its broad portfolio of titles and mix of business models.

謝謝安德魯。在不計入稅改帶來的一次性影響的情況下，藝電的獲利超出了我們的預期。 《星際大戰：前線2》的銷售量低於預期，但以活動為驅動的線上服務卻遠超預期。這反映了我們這樣擁有豐富遊戲產品組合和多元化商業模式的公司的穩定性。

Our reported 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.

我們依照美國通用會計準則 (GAAP) 編製的報告業績，以及淨預訂量此營運指標，都用於分析我們業務的動態。如需將本季業績與以往報告的非美國通用會計準則 (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頁。

EA's net revenue was $1.160 billion compared to $1.149 billion a year ago. Operating expenses were $680 million compared to $637 million a year ago, with the year-over-year increase primarily due to continued investments in existing and new genres and in live services.

EA的淨收入為11.6億美元，去年同期為11.49億美元。營運支出為6.8億美元，而去年同期為6.37億美元，較去年同期成長的主要原因是持續投資於現有和新的遊戲類型以及線上服務。

GAAP operating loss was $21 million compared to an operating loss of $4 million a year ago and, together with the charge from tax reform, resulted in a loss per share of $0.60 compared with $0.00 a year ago. Almost all of the year-on-year change, approximately $0.57, was due to the tax charge. Note that given our GAAP results for the loss, our share count was 308 million shares. Had we reported a profit, the diluted share count would have been 311 million shares.

以美國通用會計準則（GAAP）計算，營業虧損為2,100萬美元，去年同期為400萬美元。加上稅改帶來的費用，每股虧損為0.60美元，去年同期為0.00美元。比去年虧損的幾乎全部（約0.57美元）都歸因於稅務支出。需要注意的是，根據GAAP準則計算的虧損結果，我們的流通股數為3.08億股。如果我們獲利，稀釋後的流通股數量將為3.11億股。

Operating cash flow for the quarter was $849 million, down $288 million from last year. The decrease was driven by the timing of collections and by lower net bookings. Capital expenditures for the quarter were $24 million, resulting in a free cash flow of $825 million. Operating cash flow for the trailing 12 months was $1.514 billion. We remain on track to deliver operating cash flow of $1.6 billion for the fiscal year, which would be a new record. See our earnings slides for further cash flow information.

本季經營現金流為8.49億美元，較去年同期減少2.88億美元。減少的主要原因是收款時間表以及淨預訂量下降。本季資本支出為2,400萬美元，由此產生的自由現金流為8.25億美元。過去12個月的營運現金流為15.14億美元。我們仍有望實現本財年16億美元的營運現金流目標，將創下歷史新高。更多現金流信息，請參閱我們的盈利報告幻燈片。

During the quarter, we repurchased 1.4 million shares at a cost of $150 million, leaving $778 million in our 2-year $1.2 billion buyback program we began in May. We also paid $151 million in cash to acquire Respawn Entertainment. Our cash and short-term investments at the end of the quarter were $4.9 billion, with 36% of this balance held onshore.

本季度，我們以1.5億美元的價格回購了140萬股股票，目前仍有7.78億美元尚未用於我們於5月份啟動的為期兩年、總額12億美元的股票回購計畫。此外，我們也以1.51億美元現金收購了Respawn Entertainment。截至本季末，我們的現金及短期投資總額為49億美元，其中36%的資金位於美國境內。

Now I'd like to turn to the key drivers of our business in the quarter. Net bookings for the quarter were $1.971 billion, down $99 million on the prior year, which benefited from a strong Battlefield 1 launch. Net bookings for the quarter were $29 million below our guidance, driven by lower-than-expected sales of Star Wars Battlefront II.

現在我想談談本季業務的關鍵驅動因素。本季淨預訂額為19.71億美元，較上年同期減少9,900萬美元，主要得益於《戰地1》的強勁開局。本季淨預訂額比我們預期低2900萬美元，主要原因是《星際大戰：前線2》的銷售低於預期。

For Q3, we had expected to sell about 8 million units, but we fell short of that by less than 1 million units. However, this shortfall was significantly offset by excellent performance from our live services. The impact of FX was immaterial on the quarter.

第三季度，我們預期銷售量約800萬台，但實際銷售量比預期少了不到100萬台。不過，我們在線服務的出色表現顯著彌補了這一缺口。匯率波動對本季業績的影響微乎其微。

Digital net bookings were $1.23 billion, up 12% on a year-ago period and a new record for the third quarter. The main driver of this increase was live services, offset by lower sales of Star Wars Battlefront II compared to Battlefield 1. Digital net bookings now represents 67% of our business on a trailing 12-month basis compared to 60% in the prior year.

數位淨預訂額達12.3億美元，年增12%，創下第三季新紀錄。成長的主要驅動力是線上服務，但《星際大戰：前線2》的銷售量低於《戰地1》的部分影響。過去12個月，數位淨預訂額占我們業務總額的67%，高於去年同期的60%。

Looking at each of the components of this quarter's digital net bookings in turn. Live services' net bookings were 39% year-on-year to $787 million. The increase was driven by Ultimate Team and The Sims 4. This was a record for the third quarter. Mobile delivered net bookings of $183 million, up 5% year-on-year, also a record for the third quarter. Year-on-year growth was driven by FIFA Mobile.

讓我們逐一分析本季數位業務淨預訂額的各個組成部分。線上服務淨預訂金額較去年同期成長39%，達7.87億美元。成長主要得益於《終極球隊》（Ultimate Team）和《模擬市民4》（The Sims 4）的強勁表現。這創下了第三季的新紀錄。行動業務淨預訂額為1.83億美元，較去年成長5%，同樣創下第三季新高。年比成長主要由《FIFA Mobile》推動。

Full game PC and console downloads generated net bookings of $260 million, 27% lower than last year, driven by Star Wars Battlefront II compared to Battlefield 1 last year. This was partially offset by the underlying growth in digital downloads. Star Wars Battlefront II units on console were 28% digital, up 12 percentage points over Battlefront I 2 years ago.

完整版遊戲在PC和主機平台的下載量淨收入為2.6億美元，比去年下降27%，主要原因是《星際大戰：前線2》的銷售量遠低於去年的《戰地1》。不過，數位下載量的成長部分抵消了這一降幅。 《星際大戰：前線2》主機版銷售中，數位版佔比為28%，比兩年前的《前線1》成長了12個百分點。

Across the portfolio, 37% of our full game unit sales were digital, measured on Xbox and PlayStation 4 over the last 12 months. This compares to 32% a year ago.

在過去12個月中，我們所有遊戲產品中，透過Xbox和PlayStation 4平台銷售的完整遊戲銷售中，有37%來自數位版。相比之下，一年前的比例為32%。

Before turning to guidance, a brief note on tax reform. The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a charge of $176 million in the third quarter. The charge is preliminary and includes a tax on accumulated overseas profits and the revaluation of deferred tax assets and liabilities.

在闡述業績指引之前，先簡單說明一下稅改情形。 2017年12月生效的《減稅與就業法案》導致第三季提列了1.76億美元的費用。此費用為初步估算，包括對累計海外利潤徵收的稅款以及對遞延所得稅資產和負債的重估。

Also, while we are not changing our management reporting tax rate for fiscal 2018, we're still analyzing whether the new legislation will reduce this rate for fiscal '19. In addition, because the new tax legislation, the tax treatment for cash earned outside the United States, it provides an opportunity for us to repatriate most of our foreign earnings. During the coming months, we'll reevaluate our capital return and investment strategy, including our stock repurchase program and whether we should consider a dividend. We would like to expect -- we would expect to announce any changes on our next earnings call.

此外，雖然我們2018財年的管理階層報告稅率維持不變，但我們仍在分析新法規是否會降低2019財年的稅率。另外，由於新的稅法對美國境外現金收入的稅務處理方式有所調整，這為我們匯回大部分海外收益提供了機會。未來幾個月，我們將重新評估資本回報和投資策略，包括股票回購計畫以及是否考慮派發股利。我們預計——或者說，我們預計在下次財報電話會議上宣布任何變更。

On the guidance, we are raising our full year GAAP revenue guidance from $5.075 billion to $5.1 billion on the strength of our live services. Our guidance for full year EPS becomes $3.25. Excluding the impact of $0.48 from tax reform, this represents a $0.10 increase on our previous guidance. We are reaffirming our operating cash flow guidance of $1.6 billion.

關於業績指引，我們基於即時服務的強勁表現，將全年GAAP營收指引從50.75億美元上調至51億美元。全年每股收益指引調整為3.25美元。若不計稅改帶來的0.48美元影響，則較先前指引上調0.10美元。我們重申全年經營現金流指引為16億美元。

We continue to anticipate capital expenditures of around $120 million, which would deliver free cash flow of about $1.48 billion. We are reaffirming our guidance for net bookings at $5.15 billion but, owing to the strength of our live services, we expect this to skew more digital than originally anticipated, increasing our profitability.

我們仍預期資本支出約為1.2億美元，這將帶來約14.8億美元的自由現金流。我們重申淨預訂金額預期為51.5億美元，但由於我們線上服務的強勁表現，我們預計其中數位化業務的佔比將高於預期，從而提高我們的獲利能力。

For the fourth quarter, we expect net revenue of $1.532 billion, cost of revenue to be $234 million and operating expenses of $619 million. Q4 OpEx is up slightly from our previous expectations, driven by phasing of investments from Q3 and stock-based compensation expenses related to the Respawn acquisition. It is up year-on-year primarily due to continued investment in existing and new genres and in live services. This results in an earnings per share of $1.86 for the fourth quarter, using the diluted share count of 311 million shares.

我們預計第四季淨收入為15.32億美元，營業成本為2.34億美元，營運支出為6.19億美元。第四季營運支出略高於我們先前的預期，主要原因是第三季投資的逐步落實以及與收購Respawn相關的股權激勵支出。年比上升的主要原因是持續投資於現有和新興遊戲類型以及線上服務。基於3.11億股的稀釋後股數，我們預期第四季每股收益為1.86美元。

We anticipate net bookings for the quarter to be $1.225 billion. This is a raise on our previous expectations and up 12% year-on-year, driven by strength in live services. We continue to be excited about our opportunities for the future. Though the fourth quarter and fiscal -- through the fourth quarter of fiscal '19, we'll be launching games across 5 different genres: sports, action, shooter, real-time strategy and sim. We will launch them across 3 platforms, PC, console and mobile, and we'll reach players in all corners of the world.

我們預計本季淨預訂額將達到12.25億美元。這高於我們先前的預期，年增12%，主要得益於線上服務的強勁表現。我們對未來的發展機會依然充滿信心。在2019財年第四季度，我們將推出涵蓋五大遊戲類型的作品：運動、動作、射擊、即時策略和模擬。這些遊戲將登陸PC、主機和行動三大平台，覆蓋全球各地的玩家。

We expect full game downloads to continue to grow, and we see growth in subscriptions, extra content and in our mobile business. We expect esports will continue to drive growth in Ultimate Team as well as Battlefield and other titles. This will also grow our broadcast, sponsorship and advertising deals associated with our esports activities. This revenue -- or this diversity in portfolio, platforms, geographies and business models is the foundation of a robust business that enables us to deliver dependable cash flow.

我們預計完整遊戲下載量將持續成長，訂閱、額外內容和行動業務也將實現成長。我們預期電子競技將持續推動《終極團隊》、《戰地》及其他遊戲的成長。這也將促進我們與電競活動相關的轉播、贊助和廣告交易的成長。這種收入——或者說這種在產品組合、平台、地理和商業模式方面的多元化——是我們穩健業務的基石，使我們能夠提供可靠的現金流。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. Across the world, more people are playing more games in more geographies through more devices and more ways to connect. It's a vast and growing audience in the billions, with increasingly diverse interests and high expectations. Reaching players with the fun and meaningful experiences they seek requires the best games and content available across multiple platforms. It requires more ways to engage with that content, including competition, and it requires a strong connection to the community, the openness and dialogue that make this industry so unique and powerful in the entertainment world.

謝謝你，布萊克。在全球範圍內，越來越多的人透過更多設備和更多連接方式，在更多地區玩更多種類的遊戲。這是一個龐大且不斷成長的數十億玩家群體，他們的興趣日益多元化，期望值也越來越高。要提供玩家所追求的有趣且有意義的遊戲體驗，就需要跨平台提供最優質的遊戲和內容。這需要更多與這些內容互動的方式，包括競技遊戲，還需要與社群建立緊密的聯繫，以及那種使遊戲產業在娛樂界如此獨特和強大的開放性和對話性。

Today, EA has one of the most wide-reaching portfolios of top games and franchises in the industry. Through FY '19 and beyond, we are planning stunning new additions that will continue to grow the depth, breadth and quality of experiences we bring to fans around the world. Our DICE Studio would deliver the next Battlefield with innovation at every level, incredible stories at the core, astonishing visuals and gameplay that will captivate every Battlefield fan.

如今，EA 擁有業內最廣泛的頂級遊戲和系列作品組合之一。在 2019 財年及以後，我們計劃推出一系列令人驚豔的新作，持續提升我們為全球玩家帶來的遊戲體驗的深度、廣度和品質。我們的 DICE 工作室將打造下一代《戰地》系列作品，在各個層面進行創新，以引人入勝的故事為核心，呈現驚豔的視覺效果和遊戲玩法，必將俘獲每一位《戰地》粉絲的心。

Building on one of the strongest years ever for EA SPORTS, we're setting our sights to excite even more players and deliver even more advanced experiences with our next slate of games. Anthem will bring a rich and dramatic new world to players built from the ground up by BioWare as a new IP that we believe will reach a wide audience and foster our long-term community. We'll take major leaps in our mobile portfolio with 2 new titles set for this year and more to follow as we continue to focus on high-quality long-lasting games.

EA SPORTS 剛剛經歷了有史以來最強勁的一年，在此基礎上，我們正​​著眼於透過下一批遊戲，為更多玩家帶來激動人心的體驗，並提供更先進的遊戲體驗。 《聖歌》將為玩家帶來一個豐富而引人入勝的全新世界，它由 BioWare 從零開始打造，是一個全新的 IP，我們相信它將吸引廣泛的受眾，並促進我們長期社區的發展。我們將在行動遊戲領域取得重大突破，今年將推出兩款新作，未來也將推出更多作品，我們將繼續專注於打造高品質、歷久不衰的遊戲。

And there is so much more to come in the years ahead with new projects in development at Motive, Respawn and our other studios, as well from all games from the indie developers in our EA Originals program.

未來幾年，我們將推出更多精彩內容，包括 Motive、Respawn 和我們其他工作室正在開發的新項目，以及 EA Originals 計劃中所有獨立開發者的遊戲。

We're also creating more ways to connect with our franchises, including competitive gaming that reaches tens of millions of players and spectators. With FIFA and Madden, we've broken new ground, bringing global competition to some of the most passionate fan bases in all of sports. Now with league partnerships, broadcast partners and sponsors on board, we're driving even larger audiences with thrilling high-stakes competition.

我們也不斷拓展與旗下遊戲品牌互動的方式，包括吸引數千萬玩家和觀眾的競技遊戲。憑藉 FIFA 和 Madden 系列遊戲，我們開創了先河，將全球競技帶給了體育界最熱情洋溢的粉絲群。如今，隨著聯賽夥伴、轉播合作夥伴和贊助商的加入，我們正透過令人興奮的高風險競技賽事吸引更多觀眾。

Competitive Battlefield will open up a brand-new dimension of our esports programs beginning next fiscal year. And by the end of FY '19, we will launch competition in a fourth title as well. esports is also fueling opportunities for us in growth regions of the world, driving excitement with our players across China, Korea, the Middle East and more.

從下一財年開始，《戰地》競技模式將為我們的電競計畫開啟一個全新的維度。到2019財年末，我們也將在第四款遊戲中推出競技模式。電競也為我們在全球新興市場創造了機遇，激發了中國、韓國、中東等地區業者的熱情。

In all of this, we are leading in service of our players and strengthening the connections at the heart of our global network. We are constantly listening, learning and working to make every player experience better. With our subscription services, we're removing friction so players can enjoy more of the games they love. And in FY '19, we'll be doubling down with new offerings.

在這一切過程中，我們始終以服務玩家為先，並致力於加強全球網路的核心連結。我們不斷傾聽、學習和努力，力求提升每位玩家的遊戲體驗。透過訂閱服務，我們消除了玩家的障礙，讓他們能夠更盡情地享受自己喜愛的遊戲。在2019財年，我們將加倍投入，推出更多全新服務。

By leveraging the cloud, we're exploring ways at streaming, and other technologies will enable those experiences to be even more seamless. And through our Frostbite technology, we are pushing the boundaries in every aspect of games today.

透過利用雲端運算，我們正在探索串流媒體傳輸等技術，其他技術也將使這些體驗更加流暢。而藉助我們的寒霜引擎技術，我們正在突破當今遊戲各個方面的界限。

With an amazing collection of games and content, thrilling competitions for our global audience and a network built on the strength of our player connections, EA is uniquely positioned to lead in the expansion and evolution of this industry that we love.

憑藉豐富的遊戲和內容、面向全球玩家的激動人心的比賽以及建立在玩家聯繫基礎上的網絡，EA 擁有獨特的優勢，能夠引領我們所熱愛的這個行業的擴張和發展。

Now Blake and I are here for your questions.

現在我和布萊克在這裡回答你們的問題。

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

（操作說明）您的第一個問題來自高盛的克里斯·默溫。

So you called out live service revenue growth of 39% in the quarter, and I don't think we've seen that level of growth, quarterly growth since fiscal '15. So I was wondering if you could help us understand the components of that a bit better, in particular, what drove such a strong acceleration in growth for Ultimate Team. And then just a second question, when it comes to live services, you mentioned the learning experience that you have with Star Wars. So now when you think about how to build the digital economy for your nonsports titles, can you maybe talk a bit about how your philosophy has changed there, if at all? And are you now more focused on cosmetic items? Or do you still think [collection] mechanic can work well for a shooter or an action title?

您提到本季線上服務收入成長了39%，我認為自2015財年以來，我們還沒有見過如此高的季度成長率。所以我想請您幫我們更能理解一下其中的組成，特別是Ultimate Team成長如此強勁的原因。另外，關於線上服務，您提到了《星際大戰》的經驗。那麼現在，當您思考如何為非體育類遊戲建立數位經濟時，您能否談談您的理念是否有所改變？現在您是否更注重外觀道具？或者您仍然認為收集機制對射擊或動作類遊戲有效？

Thanks, Chris. Let me -- this is Blake. I'll start with the digital question, and I'll let Andrew answer the second one. So we were very pleased with the live service growth and the strength of it across all of the franchises. I think first and foremost, FIFA and Madden had fabulous Ultimate Team experiences during the quarter, great events driving continued deep engagement. The opportunity that we did with last year with FIFA to bring a single-player story mode into the game helped drive Ultimate Team last year and FIFA and continued that this year. The same thing occurred in Madden, as it brought more people into Madden and it brought them into Ultimate Team. That, in combination with the esports business that we've been building around Ultimate Team in those 2 properties has proven to be extremely exciting for the consumer and driving a huge level of interest in Ultimate Team and participation in Ultimate Team. Beyond those 2 properties as well as hockey, which continues to do well, and UFC is starting to grow and basketball's starting to grow around Ultimate Team. The Sims 4 added a substantial amount to extra content live services. The continuation of our successful content packages that we shipped with The Sims 4 was very strong during the quarter. And then as we brought The Sims 4 out on console, that also started that process for the console side of the equation. So we're excited about the continued future of The Sims 4 and, clearly, that in mobile down the road. Battlefield 1 continued to help monetize live services in their extra content program. And the combination of all of that really drove the massive growth in extra content during the quarter and helped balance out the business model. So -- and as I mentioned just a moment ago, competitive gaming, we believe, continues to be a big driver there going forward. We'll see that in the Battlefield franchise, I think, as Andrew mentioned. So that's the extra content piece, I'm going to let -- the live services piece. I'm going to let Andrew address the other question.

謝謝，克里斯。讓我來回答──我是布萊克。我先回答關於數位行銷的問題，第二個問題就交給安德魯來回答吧。我們對所有遊戲系列的線上服務成長及其強勁表現都非常滿意。我認為首先，FIFA 和 Madden 在本季度都推出了精彩的終極球隊模式，精彩的活動持續推動了玩家的深度參與。去年，我們為 FIFA 引入了單人故事模式，這不僅推動了去年終極球隊模式的發展，也延續了今年的勢頭。 Madden 的情況也類似，它吸引了更多球員加入 Madden，並讓他們體驗終極球隊模式。此外，我們也圍繞這兩個遊戲的終極球隊模式打造了電競業務，事實證明，這些舉措對消費者來說非常激動人心，極大地激發了玩家對終極球隊模式的興趣和參與熱情。除了這兩款遊戲之外，還有表現持續良好的冰球，UFC 也開始發展壯大，籃球也隨著 Ultimate Team 模式的推出而蓬勃發展。 《模擬市民4》為額外內容和線上服務帶來了大量成長。我們為《模擬市民4》推出的成功內容包在本季持續強勁成長。隨著《模擬市民4》登陸主機平台，主機端的銷售也隨之啟動。因此，我們對《模擬市民4》的未來充滿信心，當然，未來在行動端的發展也令人期待。 《戰地1》的額外內容項目也持續協助線上服務的獲利。所有這些因素共同推動了本季額外內容的蓬勃發展，並有助於平衡我們的商業模式。正如我剛才提到的，我們相信競技遊戲將繼續成為未來發展的重要驅動力。正如 Andrew 所提到的，我們將在《戰地》系列遊戲中看到這一點。以上就是額外內容部分，接下來是線上服務部分。另一個問題就讓安德魯來回答吧。

Thank you, and a great question. We were making it into a long-term strategy of building amazing games that offer compelling event-driven in live services and believe that digital economies can have a place in those live services as we see that accepted across the industry in our games and in other games. But I think the greatest learning is there's no single model. And it's more about how we can deliver the most engaging experience to players with new content and game updates. So for some games like The Sims, we continue to find that DLC packs do really well with the community, and that works well in that construct. We also know that when larger games like Battlefield and Star Wars Battlefront, premium content after launch is valued by the community but only where we can offer it in a world where we don't bifurcate the community. And so it comes to us being really careful and considerate in designing models for post-launch content that will be authentic and engaging but, most importantly, offer player choice. And as you see us continue to work on Star Wars Battlefront II, as you see us continue to evolve this in the broader event-driven live services across our portfolio, at the very center, really, we want to offer is choice, player choice in a world that keeps the communities together.

謝謝，問得好。我們一直致力於打造精彩的遊戲，提供引人入勝的、以事件驅動的線上服務，並將其作為長期策略。我們相信，數位經濟可以在這些線上服務中佔有一席之地，因為我們看到，無論是在我們的遊戲還是其他遊戲中，數位經濟都已被業界廣泛接受。但我認為最重要的經驗是，沒有單一的模式。關鍵在於如何透過新內容和遊戲更新，為玩家帶來最具吸引力的體驗。例如，對於《模擬市民》這樣的遊戲，我們發現DLC包在玩家群中反應很好，這與我們現有的模式非常契合。我們也知道，對於像《戰地》和《星際大戰：前線》這樣的大型遊戲，發售後的付費內容也備受玩家重視，但前提是我們必須在一個不會造成玩家群體分裂的環境中提供這些內容。因此，我們需要非常謹慎地設計發售後內容的模式，力求真實、引人入勝，但最重要的是，要為玩家提供選擇。正如您所看到的，我們繼續致力於《星際大戰：前線 II》，並不斷在我們產品組合中推進更廣泛的事件驅動型即時服務，而我們真正想要提供的核心是選擇，玩家可以在一個讓社區團結在一起的世界中做出選擇。

And your next question comes from Justin Post from BAML.

你的下一個問題來自美國銀行美林的賈斯汀波斯特。

I guess my questions will be on future titles, given some of the recent controversies. First, maybe talk about Anthem. It seems to be -- have pushed out to the fourth quarter. What's your confidence in that build, in that game? How do you think it's coming along and maybe a little bit why it was maybe delayed a little bit? And then with Star Wars having some issues versus your guidance, how do you think about that as a franchise? Can that come back in 2 years and be really strong again? And how are you thinking about that franchise?

鑑於最近的一些爭議，我想我的問題會圍繞著未來的遊戲。首先，或許可以談談《聖歌》（Anthem）。它似乎被推遲到了第四季度。您對這款遊戲的開發進度和最終版本有多大信心？您覺得它的進展如何？或許可以解釋一下它被延後的原因？另外，《星際大戰》系列在您的指導下遇到了一些問題，您如何看待這個系列？它能否在兩年內重振雄風？您對這個系列的未來有何看法？

The first thing about Anthem is regardless of kind of how it's being portrayed, we're not looking at that as a delay in the game. We've chosen to launch Anthem in Q4. And the date is really determined by portfolio-balancing considerations, not for product readiness reasons. It's tracking well on its development milestones. We're really confident of its ship date. We're really excited by the way the next Battlefield is shaping up. And it makes sense -- it probably doesn't make sense to launch Anthem right up next to it. And when you think about Anthem as a brand-new IP, we also believe it makes sense to give it its own launch window so that we can give it the focus and attention it deserves and give it some free air. In terms of Star Wars ongoing, again, we remain committed to the franchise. We think that Star Wars Battlefront II at its very core is an amazing game. The team is working diligently on updates and extra content for the live services around Star Wars Battlefront II. We expect to be -- the response, as I said in the prepared remarks, has been really strong with the content we've released so far. We expect the response to continue to be strong as we bring that content forward. And we're going to really look after that community and support and sustain that community and fulfill the commitment we made to them for a long time to come.

關於《聖歌》，首先要說明的是，無論外界如何解讀，我們並不認為《聖歌》的發表會延期。我們已決定在第四季發布《聖歌》。發布日期的確定主要出於產品組合平衡的考慮，而非產品準備就緒的考慮。目前，《聖歌》的開發進度進展順利，我們對它的發售日期充滿信心。我們對下一代《戰地》的開發前景感到非常興奮。因此，將《聖歌》緊接著發布可能並不明智。考慮到《聖歌》是一個全新的IP，我們認為為其安排一個獨立的發布窗口更為合理，這樣我們才能給予它應有的關注和重視，並讓它有充足的時間發展。至於《星際大戰》系列，我們依然致力於該系列的發展。我們認為《星際大戰：前線2》本身就是一款非常優秀的遊戲。團隊正在努力為《星際大戰：前線2》的線上服務開發更新和額外內容。正如我在事先準備好的發言稿中所說，我們預期目前為止發布的內容反應非常熱烈。隨著我們繼續推出更多內容，我們預計這種熱烈的反響還會持續下去。我們將真正關心、支持和維護這個社群，並長期履行我們對他們的承諾。

Yes, Justin, just as a reminder, we have not obviously announced products for our fiscal '20 yet but remember that we have a Star Wars action game that the team at Respawn has been working on for the last couple of years and, most likely, that would drop in fiscal '20 versus another Battlefront. We haven't decided exactly the timing for another Battlefront yet. But clearly, the next big Star Wars game would be the action game in fiscal '20.

是的，賈斯汀，提醒一下，我們尚未正式公佈2020財年的產品計劃，但請記住，Respawn團隊過去幾年一直在開發一款《星際大戰》動作遊戲，這款遊戲很可能會在2020財年發布，而不是推出新的《星際大戰：前線》。我們尚未確定新《星際大戰：前線》的具體發佈時間。但很明顯，下一款重磅《星際大戰》遊戲將是2020財年的這款動作遊戲。

And your next question comes from Stephen Ju from Crédit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So Andrew or Blake, it seems like to me FIFA Mobile presents one of the largest incremental opportunities for you, given the installed base of devices and the global popularity of soccer. So I'm wondering what drove the 26 million-player increase to the base and what you may be doing in the background to improve the game's performance. I think the dialogue today has been you guys were looking to optimize the game. I'm just wondering if you guys have turned the corner here.

所以，Andrew或Blake，在我看來，鑑於FIFA Mobile龐大的設備裝機量和足球在全球的受歡迎程度，它為你們提供了最大的成長機會之一。因此，我想知道是什麼促成了2600萬玩家數量的成長，以及你們在幕後可能採取了哪些措施來提升遊戲表現。今天我們一直在討論你們正在努力優化遊戲。我只是想知道你們是否已經取得了突破性進展。

Well, I don't know if I would say -- ever say turn the corner because it's a huge long-term plan, but we're seeing incredible improvement in the game. We're very excited about what we're seeing. But it's been on the road map that we've been talking about, the similar roadmap that Madden followed of 2- to 3-year improvement cycle in the game where we're constantly updating and then building better and better events around for the players, and that's the same approach that we're taking with FIFA. It is now trending to be our #2 or #3 game, depending on where Madden is, behind Galaxy of Heroes. But it's really moving in the right direction. We're very excited, and we're continuing to tune it almost daily. The team's incredibly committed to making this one of the largest mobile games in the world, and we think it certainly has potential. And as you can imagine, World Cup will be part of that road map going forward and some exciting things coming there as well.

嗯，我不知道是否應該說——或者說“迎來轉機”，因為這畢竟是一個龐大的長期計劃，但我們確實看到了遊戲令人矚目的進步。我們對目前的情況感到非常興奮。這始終在我們之前討論過的路線圖上，類似於《麥登橄欖球》系列遊戲遵循的2到3年改進週期，我們會不斷更新遊戲，並圍繞它打造越來越精彩的賽事，這也是我們對FIFA採取的策略。目前，FIFA的排名正在上升，有望成為我們排名第二或第三的遊戲，具體排名取決於《麥登橄欖球》的排名，僅次於《銀河英雄傳》。但它的發展方向確實非常正確。我們對此感到非常興奮，並且幾乎每天都在進行調整。團隊致力於將FIFA打造成為全球最熱門的手機遊戲之一，我們相信它絕對擁有巨大的潛力。正如你所想，世界盃將是未來發展路線圖的一部分，屆時也會有一些令人興奮的內容推出。

And your next question comes from Brian Nowak for Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

I have 2. Just the first one on the strength of the FIFA and the Madden Ultimate Team, another very good quarter. I was wondering, could you talk to the composition of that Ultimate Team live service growth between bringing new payers into the ecosystem versus ARPU? And maybe just some of the key that you see to bringing more payers into the ecosystem going forward? And the second one, kind of a bigger picture. Over the last couple of years, you've talked a lot about diversifying away from nonsports titles. And unfortunately, some of the nonsports titles have performed below expectation. As a postmortem, I guess, can you give us some examples of areas you see for opportunity to improve your ability to execute and consistently kind of deliver the titles and really drive nonsports franchises through the company?

我有兩個問題。第一個問題是基於FIFA和Madden Ultimate Team的強勁表現，又是一個非常棒的季度。我想請教一下，Ultimate Team的線上服務成長主要來自哪些方面？是吸引新付費用戶加入生態系統，還是平均每用戶收入（ARPU）成長？您認為未來吸引更多付費用戶加入生態系統的關鍵是什麼？第二個問題，更宏觀一些。過去幾年，您多次談到要拓展非體育類遊戲業務。但遺憾的是，部分非體育類遊戲的表現低於預期。作為事後分析，您能否舉例說明一下，您認為在哪些方面可以改進，從而提升非體育類遊戲的執行力，確保遊戲持續穩定地交付，並推動公司非體育類遊戲的發展？

Sure. I'll start on the Ultimate Team, and then I'll let Andrew address the second one, with the caveat of saying, the last I checked, last year's Battlefield was one of the largest Battlefields -- or was the largest Battlefield of all time. So I would probably say that might put a little question in how you phased our success rate in nonsports. So -- but to your point on live services around Ultimate Team, the biggest driver has been to continue to bring new people into the franchise. We grew the FIFA franchise this year in the low double-digits, which is, on the largest game in the world, probably one of the most amazing feats that we continue to do year in, year out through amazing innovation in the game and incredible improvement around the consumer experience, the gamer experience with the game. That, plus bringing more people into Ultimate Team, has really been the major driver. It is the single most popular way to play the game. People start to think about FIFA as really Ultimate Team more than they do the underlying game itself. It's so exciting for people because it's constantly changing, and it has new and exciting events every single week to bring people back. So it is truly a live service that's being driven every day and every week versus a single game. Madden follows that same trail as well as hockey, UFC and basketball. And all of those efforts have been on how do you bring more and more people into the Ultimate Team world versus how do you try to increase the ARPU on the people that are already there. We find that the ARPU increase happens naturally as people spend more time playing. But at the end of the day, our effort is primarily on bringing more people into the franchise through making sure they understand it, making sure they find ways to play it and enjoy it. For example, this year, we've addressed an issue where people who didn't want to play online, they still wanted to play Ultimate Team, we created a mode so they could do that. So it's ways to continue to bring people into the franchise overall as well as into Ultimate Team versus ARPU. So...

當然。我先說說終極球隊模式，然後讓安德魯回答第二個問題。不過我得先說明一點，據我所知，去年的《戰地》系列遊戲是規模最大的《戰地》系列之一——甚至可能是史上規模最大的。所以，這可能會讓你們對我們在非體育領域的成功率產生一些疑問。至於你提到的圍繞終極球隊模式的線上服務，最大的驅動力在於持續吸引新玩家加入這個系列。今年，FIFA系列遊戲的成長達到了兩位數，這對於全球最熱門的遊戲來說，或許是我們每年透過遊戲創新和對消費者體驗（也就是玩家體驗）的顯著提升而取得的最令人矚目的成就之一。而這，再加上吸引更多玩家加入終極球隊模式，才是真正的主要動力。終極球隊模式是目前最受歡迎的遊戲方式。人們開始更多地把FIFA看作是終極球隊模式，而不是FIFA遊戲本身。對玩家來說，這非常令人興奮，因為它不斷變化，每週都有新的精彩活動吸引玩家回歸。因此，它真正是一項每日每週持續更新的即時服務，而不是僅僅依靠單一遊戲。麥登橄欖球、冰球、UFC 和籃球等遊戲也遵循著同樣的模式。所有這些努力都集中在如何吸引更多玩家加入終極球隊模式，而不是如何提高現有玩家的平均每用戶收入 (ARPU)。我們發現，隨著玩家遊戲時間的增加，ARPU 會自然而然地成長。但歸根結底，我們的主要目標是透過確保玩家了解遊戲，找到適合自己的玩法並享受遊戲樂趣，從而吸引更多玩家加入這個系列。例如，今年我們解決了一個問題：有些玩家不想玩線上模式，但仍然想玩終極球隊模式，為此我們專門創建了一個模式。所以，我們關注的是如何持續吸引玩家加入整個系列以及終極球隊模式，而不是只提高 ARPU。所以…

Yes. And on to the second part the question, I echo Blake's sentiment a little bit. As I look back over the last few years and we think about The Sims, which has continued to perform year-over-year; Battlefield 1, which in its year, I think, was either -- it's certainly the biggest Battlefield and maybe the biggest shooter of that year; Plants vs. Zombies Garden Warfare, which is a new IP that has done well across 2 iterations; Dragon Age: Inquisition which, in that year, was game of the year; even if you look at Mass Effect, and while there was some polarizing sentiment in that franchise, it's actually performed really well, and player engagement is really strong; and then of course, across mobile, SimCity BuildIt, The Sims FreePlay and Star Wars: Galaxy of Heroes, all highly successful in their own markets. So as I take a 50,000-foot view and look at the breadth and depth of our portfolio across all of the games we make, and even you look at last -- in 2017 in aggregate, we were the highest reviewed publisher across our entire portfolio. So there's a lot of real goodness there. With all of that said, that doesn't mean we are perfect, and there are always learning opportunities for us. And we are a learning company. And as you look through our history over the last 3 or 4 years, there have been times we didn't quite get it right. And we have put our player-first commitment at the forefront of everything we do, and we have worked tirelessly to ensure that we're able to support and sustain them with the kinds of experiences they expect from us. And so that has meant we have changed some beta processes, we have changed some testing processes, we've changed some of the ways we've designed, and we've changed some of the ways we go to market. And as a company, we will always be learning and always evolving and always making the right changes in service of our players. But on balance, I think we've had a really, really strong run on sports and nonsports.

是的。關於問題的第二部分，我有點贊同布萊克的觀點。回顧過去幾年，想想《模擬市民》，它的表現一直逐年攀升；《戰地1》，我認為它當年絕對是最火爆的《戰地》系列遊戲，甚至可能是當年最火爆的射擊遊戲；《植物大戰殭屍：花園戰爭》，這個全新的IP在兩代作品中都取得了不錯的成績；《龍騰世紀：審判》，當年榮獲年度最佳遊戲；即使看看《質量效應》，雖然這個系列褒貶不一，但它的表現確實非常出色，玩家參與度也很高；當然，還有移動端的《模擬城市：建造》、《模擬人生：免費版》和《星際大戰：銀河英雄傳》，它們在各自的市場都取得了巨大的成功。所以，當我從宏觀角度審視我們旗下所有遊戲的廣度和深度時，你會發現，即使是去年，在2017年，我們所有遊戲的綜合評價也是最高的。這說明我們確實取得了許多成就。話雖如此，這並不意味著我們完美無缺，我們總是有學習的機會。我們是一家不斷學習的公司。回顧過去三、四年的發展歷程，我們並非完美無缺。我們始終將玩家至上的理念放在首位，並孜孜不倦地努力，確保能夠為玩家提供他們所期待的遊戲體驗。這意味著我們調整了一些測試流程、一些設計方法以及一些市場推廣策略。作為一家公司，我們將始終學習、不斷進步，並始終做出正確的改變，以更好地服務我們的玩家。但總的來說，我認為我們在體育和非體育領域都取得了非常非常出色的成績。

Your next question comes from Eric Sheridan from UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Maybe 2. One on EA Originals, how should we think about the sizing of the opportunities for those sorts of games as well as maybe the marketing support that's needed for those games versus more traditional titles that you've seen that might have had bigger budgets on both the development side and the marketing side? Second question, obviously, the World Cup in the calendar 2018, how do you think about a framing of the World Cup? What it means for FIFA broadly as a franchise, both in mobile and in nonmobile, broadly as you look out over the next 12 months?

或許可以問兩個問題。第一個是關於EA Originals，我們應該如何看待這類遊戲的市場機遇，以及它們所需的營銷支持，與那些開發和營銷預算都更高的傳統遊戲相比，它們又有哪些不同？第二個問題，顯然是關於2018年世界杯，您如何看待世界杯的格局？它對FIFA系列遊戲，包括行動端和非行動端，在未來12個月內意味著什麼？

Let me take the first one, I'll let Blake take the second part. Again, a reminder, EA Originals for us is really built on a philosophical belief that we need to encourage all forms of game development to keep the industry healthy over time. We see this in the indie music business, we see it in the indie movie business. And in a world where, today, to compete with the likes of us and some of the other players in our development publishing space, you needs hundreds of millions of dollars. And that probably means that some of the really interesting, different quirky ideas never get to make it into players' hands. And we believe that as a company with the kind of leadership position that we have that it's actually our responsibility to help those games get into the players' hands. And through the process, that probably means they're not going to be giant games in the first part of it, and we don't look at it that way. But we do believe it's our responsibility. And we think there is the chance, as we work with these great, creative developers, who are doing new and interesting and innovative things, that we may find some great new IP for the future. And as we build those relationships with those kind of indie developers, we think it's an opportunity for us to continue to push the entire industry forward and give us access to some ideas that we may not otherwise see, both inside the company or inside the industry.

讓我先說第一部分，第二部分就交給布萊克。再次強調，EA Originals 的理念源自於一個哲學信念：我們需要鼓勵各種形式的遊戲開發，才能讓整個產業長期健康發展。我們在獨立音樂界和獨立電影界都看到了這一點。如今，想要與我們這樣的公司以及其他一些遊戲開發發行商競爭，需要投入數億美元。這很可能意味著一些真正有趣、獨特、獨特的創意永遠無法與玩家見面。我們認為，作為一家擁有如此領先地位的公司，我們有責任幫助這些遊戲最終與玩家見面。在這個過程中，它們可能一開始不會成為熱門大作，我們也不這麼認為。但我們確實認為這是我們的責任。我們認為，與這些才華橫溢、富有創意的開發者合作，他們正在創作新穎有趣的作品，我們有機會發掘一些極具潛力的新IP。透過與這些獨立開發者建立合作關係，我們認為這是一個推動整個產業發展、並讓我們接觸到一些公司內部或產業內原本可能無法看到的創意的機會。

And just one final point on that from a financial standpoint, and you should assume that the financial impact is negligible. We would love these titles to become big breakout hits, and we're not saying they won't. But right now, in our guidance for the fourth quarter, we're not planning on big revenue component of it, and we provide the profitability back to the developers, so it's not really a profit issue. It's -- there's some revenue generated, but it won't be very large for the quarter. But we do think there'll be great games that live on for a long, long period of time on multiple platforms. In terms of World Cup and how we think about that, as you know, the World Cup doesn't start until the summer, so it really will fall into next year's fiscal. We'll give you some details when we give guidance around what we think the impact of that will be. But as we have in the past, we've had a long tradition of celebrating the World Cup inside of FIFA and bringing it to life for our fans. That goes all the way back, I think, to World Cup '98 where we really started it going. And we've got some exciting and fun things to announce that will come on later this spring before, obviously, the World Cup gets going. And since I'm on next year, I might as well talk a little bit about Q1, just to make sure everyone remembers a few facts from last year. We expect '19 to be a growth year for EA. We've talked about World Cup; continued strength in all of our sports titles; the emergence of the next Battlefield, which is extremely exciting, as Andrew mentioned; as well as our new IP, Anthem. All of that should turn out to be a fabulous year for EA. The one thing I'd want to remind people is all of that stuff comes past Q1. So as you're looking at Q1, remember, last year, we benefited from a $53 million deferral of Mass Effect revenue into the quarter. We shipped Mass Effect at the end of Q4, but there was a deferral on the premium revenue, which shipped fairly high profitability revenue into Q1. And we benefited as well from some one-time adjustments when we shut down our distribution center in Switzerland. And so the combination of those 2 is probably worth somewhere between $0.15 and $0.20 of EPS, so just remember that as you're thinking about the quarters. We'll, obviously, give everyone quarterly data, the type of data that we give every year when we give guidance. But I just want to keep people aware of that as you think about next year's quarter. But we're extremely excited for FIFA, for World Cup and for the year to come. It looks like it's going to be another great year for EA.

最後，從財務角度來說，還有一點需要說明，那就是財務影響可以忽略不計。我們當然希望這些遊戲能夠大獲成功，也並非斷言它們不會成功。但就目前而言，在我們對第四季度的業績預期中，我們並沒有指望這些遊戲能帶來可觀的收入，而且我們會將盈利返還給開發商，所以這並非利潤問題。雖然會產生一些收入，但不會很大。不過，我們相信會有一些優秀的遊戲能夠在多個平台上長期運作下去。至於世界盃以及我們對它的看法，正如您所知，世界盃要到夏季才會開始，所以它實際上會計入明年的財年。我們會在發布業績預期時詳細說明我們對世界盃影響的預期。但正如我們過去所做的那樣，我們一直以來都有在FIFA遊戲中慶祝世界盃的傳統，並將世界盃的精彩體驗帶給我們的球迷。我想，這一切可以追溯到1998年世界杯，我們正是從那時開始真正開啟了這項事業。我們還有一些令人興奮、有趣的消息要宣布，這些消息將在今年春季晚些時候公佈，當然，是在世界盃開幕之前。既然我已經談到了明年，不妨也簡單談談第一季的狀況，確保大家還記得去年的一些重要訊息。我們預計2019年將是EA的成長年。我們已經談到了世界盃；我們所有運動遊戲的持續強勁表現；正如安德魯所提到的，下一代《戰地》的推出令人無比興奮；以及我們的全新IP《聖歌》。所有這些都將使EA迎來輝煌的一年。我想提醒大家的是，所有這些都將在第一季之後發生。所以，在展望第一季時，請記住，去年我們受惠於《質量效應》5,300萬美元的收入遞延至第一季。我們在第四季末發布了《質量效應》，但高級版收入有所延遲，這部分收入將相當可觀的利潤傳遞到了第一季。此外，我們關閉了位於瑞士的配送中心，也從中獲得了一些一次性調整收益。因此，這兩個因素加起來可能為每股收益帶來 0.15 到 0.20 美元的收益，所以在考慮季度業績時請記住這一點。當然，我們會像每年發布業績指引時一樣，向大家提供季度數據。但我只是想提醒大家在考慮明年季度業績時注意這一點。我們對 FIFA、世界盃以及即將到來的一年都充滿期待。看來 EA 又將迎來輝煌的一年。

Your next question comes from Ben Schachter from Macquarie Research.

下一個問題來自麥格理研究部的本‧沙赫特。

A few high-level questions. One, can you just talk about how your view of esports has evolved really over the past couple of years? You used to talk about it as much more of a sort of marketing driver, and then now it has -- so that changed. Second question is just how do you think the success of PUBG has impacted your development? And why do you think it's been so successful? And then finally, Blake, any update on potential new streaming models or expectations for new platforms?

幾個比較宏觀的問題。首先，您能否談談您對電競的看法在過去幾年發生了怎樣的變化？您以前更多地把它看作是一種行銷手段，而現在——所以您的看法已經改變了。第二個問題是，您認為《絕地求生》（PUBG）的成功對您的發展有何影響？您認為它如此成功的原因是什麼？最後，Blake，關於潛在的新直播模式或對新平台的預期，您有什麼最新消息嗎？

So why don't I let Andrew talk about esports and PUBG, and then I'll talk about the last question.

那麼，不如我先讓安德魯談談電競和絕地求生，然後再回答最後一個問題。

So I think what you're seeing right now is actually our strategy around esports coming to life. I don't believe there's been a material shift for us. We always believe, at its very core, esports is going to drive tremendous engagement in our community and allow us to reach broader communities of viewers who maybe have never played our games before. And in doing so, we would see growth in the core digital businesses of the games that we'll feature in esports. And so you're seeing that right now in FIFA and Madden, and we expect to see that in Battlefield also. What's actually happening is we're getting to our milestones quicker than we had planned. And we had always believed that, over time, as we've built greater engagement, as we've built greater viewership and as we added more titles to our portfolio of competitive games, that new opportunities around media rights, broadcast rights, sponsorship rights, would also come into play for us. And we're overjoyed with the performance so far. Our Competitive Gaming group is doing spectacular work, the global player bases in FIFA and Madden, and we expect Battlefield and future titles continue to engage and play these spectacular games and put an amazing entertainment for viewers. And that just means that we're accelerating in terms of where we think other growth vectors and profitable revenue might come from over time. In terms of PUBG, again, I think what you discover in this industry is there's a lot of great vectors that drive player engagement. And one of those is just innovation in the core gameplay mechanic. And what the team, with PUBG, have done is really deliver a new level of innovation that change the way people were playing first-person shooter games. And we're very respectful and complimentary on what they've been able to do. We've seen that continue with Fortnite again, so it's clearly a mode of play that the global FPS population are interested in. And given that we have some of the best shooters in the marketplace, you might expect that we're also thinking about new and innovative ways to play. And that doesn't mean just kind of PUBG replicas inside of the Battlefield universe, but it does mean that our Battlefield teams, and I've talked a little bit about this in the prepared remarks, are looking at how they innovate in every aspect of the game, including core gameplay and map design.

所以我認為你們現在看到的，實際上是我們圍繞電競制定的策略正在逐步落地。我不認為我們的策略發生了實質的轉變。我們始終堅信，電競的核心在於能夠大大提升我們社群的參與度，並讓我們觸及更廣泛的觀眾群體，包括那些可能從未玩過我們遊戲的玩家。如此一來，我們就能促進那些將在電競項目中亮相的遊戲的核心數位業務成長。你們現在在FIFA和Madden系列遊戲中已經看到了這一點，我們也期待在Battlefield系列遊戲中看到同樣的成長。事實上，我們實現里程碑的速度比預期更快。我們一直相信，隨著時間的推移，隨著我們不斷提升用戶參與度，擴大觀眾群體，並在我們的競技遊戲組合中增加更多遊戲，媒體版權、轉播權和贊助權等方面的新機會也將隨之而來。我們對目前的表現感到非常滿意。我們的競技遊戲團隊表現出色，FIFA 和 Madden 的全球玩家群體龐大，我們預計 Battlefield 和未來的遊戲作品將繼續吸引玩家參與這些精彩的遊戲，為觀眾帶來絕佳的娛樂體驗。這意味著我們正在加速探索其他成長點和潛在的獲利來源。就 PUBG 而言，我認為在這個產業中，有許多因素可以有效提升玩家參與度。其中之一就是核心遊戲機制的創新。 PUBG 團隊真正實現了創新，改變了人們玩第一人稱射擊遊戲的方式。我們對他們的成就表示由衷的敬佩和讚賞。我們在 Fortnite 上也看到了類似的成功，這顯然是全球 FPS 玩家群感興趣的遊戲模式。鑑於我們擁有市場上一些最優秀的射擊遊戲，您或許會認為我們也在思考如何開發出新的、更創新的遊戲方式。這不僅意味著在戰地宇宙中複製 PUBG，而是意味著我們的戰地團隊（我在準備好的演講稿中也稍微談到了這一點）正在研究如何在遊戲的各個方面進行創新，包括核心玩法和地圖設計。

On the streaming question, I think as we've talked about before, we see -- as we look at the media industry, we've seen one of the greatest disruptions has been the combination of streaming plus subscriptions. We think that combination is critical. And we see the ability to have live services, which allows you to monetize on top of subscriptions, is also incredibly important. And obviously, that plays to our strength. We've built a long history already in the subscription business, and we have a long history in live services. And we think the combination of that experience, plus delivering through streaming, may be very important in this industry going forward. We've been doing some consumer streaming trials. We've done them over both cable and -- traditional streaming over cable as well as now through the use of local clients to help with streaming through data centers. We're obviously having a very successful subscription experience both on EA Access as well as Origin Access. And with it building actively, as part of the investments that we've been making, our player network through a technology infrastructure internally any that helps players transition and connect with friends, experiences -- experiencing more content across multiple platforms. We think that's important and also very important in the streaming world. And we've been working with some of the largest partners out there on potential business models for streaming. We'll continue that work, and we'll continue work on the technology side ourselves. And I'd say that between -- in the next 2 to 5 years, you'll see some major movements there with probably some testing that occurs versus the shorter side of that versus the longer side, maybe even earlier. More to come, but it's obviously something we've been trying to invest in across many different vectors, and we're extremely excited about it.

關於串流媒體問題，正如我們之前討論過的，縱觀媒體產業，我們發現最大的顛覆性變革之一就是串流媒體與訂閱模式的結合。我們認為這種結合至關重要。同時，我們也看到，提供直播服務（即在訂閱之外實現盈利）的能力同樣極為重要。顯然，這正是我們的優勢。我們在訂閱業務和直播服務領域都擁有悠久的歷史。我們認為，將這些經驗與串流媒體服務結合，對未來產業的發展至關重要。我們一直在進行一些面向消費者的串流媒體測試。我們透過有線電視和傳統的有線電視串流服務進行測試，現在也透過本地用戶端來輔助資料中心的串流傳輸。顯然，我們在EA Access和Origin Access上的訂閱體驗都非常成功。我們正在積極建立玩家網絡，這是我們持續投資的一部分。我們透過內部科技基礎設施，幫助玩家跨平台與好友互動，體驗更多內容。我們認為這非常重要，尤其是在串流媒體領域。我們一直在與一些業內最大的合作夥伴探討串流媒體的潛在商業模式。我們將繼續這項工作，並繼續在技術方面進行研發。我認為，在未來2到5年內，我們將看到一些重大進展，期間可能會進行一些測試，具體時間長短可能會有所不同，甚至可能更早。未來會有更多消息，但顯然，我們一直在多方面進行投資，對此我們感到非常興奮。

Your next question comes from Ryan Gee from Barclays.

下一個問題來自巴克萊銀行的瑞安·吉。

So we really appreciate the color on the unit sales for Star Wars. I was hoping you guys could just clarify what you're doing to restructure the MTX portion of Star Wars. And assuming that are still committed to delivering content for sale, how we should think about the time line there and maybe how meaningful Star Wars could be, the top and bottom line in year 2 of its life.

我們非常欣賞你們對《星際大戰》銷售數據的分析。我希望你們能詳細說明一下，你們正在如何重組《星際大戰》的微交易（MTX）部分。假設你們仍然致力於提供可銷售的內容，我們應該如何看待這方面的時間安排，以及《星際大戰》在營運第二年可能達到的獲利和利潤水準。

Yes. So I think as we talked about in the prepared remarks, we believe that digital economies have a place in event-driven live services. And our plan is absolutely to continue to drive and focus and deliver on that. And the teams are working on how to -- how that will fit in the context of the Star Wars Battlefront II universe. And we expect, over the next coming months, we'll have more to share on that front.

是的。正如我們在事先準備好的演講稿中所提到的，我們相信數位經濟在以事件驅動的即時服務中佔有一席之地。我們的計劃是繼續推進、專注並實現這一點。團隊正在研究如何將其融入《星際大戰：前線2》的世界觀中。我們預計，在接下來的幾個月裡，我們將在這方面分享更多消息。

Yes. And in terms of financials, Ryan, I think, as you know, we're inherently conservative in how we try to forecast. And we did not build very much revenue at all into this year's forecast for Star Wars. And while we haven't given guidance yet, as we're doing our budgets for next year internally, we're assuming that until we have a proven model that we are confident of, we're probably not going to build a lot into our budgets either, i.e. then into our guidance. More to come when we give our guidance. But don't take that as a negative in any way. It's simply conservatism around how we're trying to drive the business. As Andrew said, it's very important to us long-term because we think it's very important to how fun the games are and how people will enjoy the games. We just need to make sure we get the model exactly right.

是的。瑞恩，就財務方面而言，正如你所知，我們在預測方面一向比較保守。今年我們對《星際大戰》的收入預測幾乎沒有預留任何資金。雖然我們尚未給出業績指引，但我們正在內部製定明年的預算，我們假設在擁有一個經過驗證且令我們確信的模型之前，我們可能也不會在預算中預留太多資金，也就是不會在業績指引中預留太多資金。更多資訊將在我們發布業績指引時公佈。但請不要誤解，這絕不是壞事。這只是我們在業務發展上採取的保守策略。正如安德魯所說，這對我們的長期發展至關重要，因為我們認為這直接關係到遊戲的趣味性和玩家的體驗。我們只需要確保模型完全正確即可。

Your next question comes from Andrew Uerkwitz from Oppenheimer.

你的下一個問題來自奧本海默公司的安德魯·烏爾克維茨。

If we remove World Cup out of the equation for a second and just starting about FIFA maybe longer term, where is the opportunity in growing that franchise? Is it kind of increasing the player base, increasing ARPU? And on the gaming side, you've added a lot of new features over the past couple of years. Do you still see room for more features?

如果我們暫時把世界盃排除在外，只從長遠角度來看FIFA系列遊戲，那麼發展這個系列的機會在哪裡？是擴大玩家群體，提高每用戶平均收入（ARPU）嗎？在遊戲方面，你們在過去幾年裡添加了許多新功能。你們認為還有空間增加更多功能嗎？

Great question. And as we think about FIFA, the beauty of FIFA and the greatness of FIFA is that soccer or football in many parts of the world is the world's game and just goes from strength to strength across the globe. And so really, the opportunity with FIFA is really, really strong. And we think about it on a few key vectors. And they all involve, at first level, growing the total addressable market. So right now, we have tremendous geographic expansion opportunities. And we've talked a little bit about our China presence and how well it's doing there; the Middle East is opening up as a tremendous opportunity for FIFA; the U.S. continues to grow; Southeast Asia continues to grow; and the passion, quite frankly, across Europe continues to grow. Next, we think about this in terms of platform expansion. And as consoles continue to grow, and again, there were more consoles sold this generation than any generation before on PlayStation and Xbox. PC is kind of -- is making a resurgence for gamers, and FIFA has a very strong PC presence. We talked in our prepared remarks around mobile. And Blake talked a little bit about how we think about streaming long-term to really remove the barriers to entry to bring in more people. And then 2 of the most powerful motivators of human behavior on the planet, competition and social interaction. And so as you think about the types of games and features that we'll continue to build inside the FIFA universe, as we bring this multibillion global community of football fans together, are features that actually drive greater social interaction. As a sports fan, the thing I want to do most is interact with the sports fans. And as a competitor, the thing I want to do most is compete. And you're seeing this now around our competitive moat. But you should also expect, as we branch out in geographies and platforms and new access models like streaming and subscription, that features around social interaction and competition continue to be at the very core of what we do, and we think there's still tremendous opportunity there.

問得好。說到FIFA，它的魅力和偉大之處在於，足球在世界許多地區都是世界級運動，並且在全球範圍內持續發展壯大。因此，FIFA的發展機會確實非常巨大。我們從幾個關鍵方面來考慮這個問題。首先，所有這些都與擴大潛在市場規模有關。目前，我們擁有龐大的地域擴張機會。我們之前談到了我們在中國的業務以及它在那裡取得的良好進展；中東市場正在蓬勃發展，為FIFA帶來巨大的機遇；美國市場持續增長；東南亞市場持續增長；坦白說，歐洲各地對足球的熱情也在不斷高漲。其次，我們從平台擴張的角度來考慮這個問題。隨著遊戲主機銷售的持續成長——PlayStation和Xbox這一代主機的銷售量超過了以往任何一代——PC平台正在重新崛起，而FIFA在PC平台上也擁有非常強大的影響力。我們在事先準備好的發言稿中談到了行動端。布萊克也簡要介紹了我們如何從長遠角度考慮串流媒體，真正消除進入門檻，吸引更多用戶。他也提到了地球上人類行為的兩大最強驅動力：競爭和社交互動。因此，當我們思考如何在FIFA宇宙中持續開發遊戲和功能，將數十億全球足球迷聚集在一起時，這些功能將真正促進更深入的社交互動。身為一個運動迷，我最想做的就是與其他運動迷互動。身為競技者，我最想做的就是競技。而你現在就能看到，我們正圍繞著這競爭優勢不斷努力。但你也應該預料到，隨著我們拓展地域、平台，並推出串流媒體和訂閱等新的存取模式，圍繞著社交互動和競技的功能仍將是我們工作的核心，我們認為這方面仍然蘊藏著巨大的潛力。

Yes, and I would add to that. One of the things that's made FIFA so successful for us is the deep partnerships that we built with the leagues out there. And today, we don't have all the leagues, so we're constantly looking at what leagues are emerging, what leagues are extremely strong and where can we better partner with leagues going forward. And it's been a fabulous way to help grow the business and help grow the support of football around the globe. The leagues see us as a major way that they can market their product, their players, their teams, their stadiums. And we see it obviously as a perfect business combination for us. And so part of our growth strategy going forward, particularly in new geographies, is how do you make sure you have the leagues for those geographies. But even in mature geographies where we might not be fully exposed to all the leagues, we're trying to make sure that we're driving that. It's an incredible competitive advantage for us to be able to have those deep partnerships, and we're going to continue to try to leverage those to help grow the product across all the platforms that Andrew talked about: mobile, streaming, PC and the core console business.

是的，我還要補充一點。國際足總之所以如此成功，其中一個重要原因是我們與各大聯賽建立了深厚的合作關係。如今，我們還沒有涵蓋所有聯賽，所以我們一直在關注哪些聯賽正在崛起，哪些聯賽實力強勁，以及未來我們可以在哪些方面更好地與聯賽合作。這對於拓展事業、提升全球足球支持度來說，無疑是個絕佳的途徑。各大聯賽將我們視為推廣其產品、球員、球隊和球場的重要管道。而我們顯然也認為這是一個完美的商業組合。因此，我們未來的成長策略，尤其是在新興市場，是如何確保與這些地區的聯盟建立合作關係。即使在一些成熟的市場，我們可能還沒有完全涵蓋所有聯賽，我們也在努力推動相關領域的發展。能夠建立這些深度合作關係對我們來說是一個巨大的競爭優勢，我們將繼續努力利用這些優勢，幫助產品在 Andrew 所談到的所有平台上成長：行動、串流、PC 和核心主機業務。

Your next question comes from Mike Hickey from Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Two on loot boxes. One, sort of the ground level, curious if Disney has formulated any sort of opinion on whether they're comfortable with that sort of monetization mechanic in Battlefront or feature games. And then maybe from a higher level, how we should think about balance of risk in this sort of constrictive framework emerging around loot boxes and maybe how you think about -- if you do see that as a risk, how you think about mitigating that as a company or -- and/or as an industry?

關於戰利品箱，有兩個問題。首先，從最基本的層面來說，我很好奇迪士尼是否對《星際大戰：前線》或其他遊戲中採用這種獲利機制有任何看法。其次，從更高的層次來說，我們該如何看待戰利品箱在這種限制性框架下的風險平衡？如果你們認為這是一種風險，作為一家公司或整個產業，你們會如何考慮降低這種風險？

So first, I would choose my words carefully. You shouldn't believe everything that you read in the press. We have a tremendous relationship with Disney. We have built some amazing games together, Battlefront, Star Wars: Galaxy of Heroes and even -- and Star Wars Battlefront II. And we have been very proactive in that relationship in service of our players. And so at a point where we make the decision that we believe we have the right model for our players and our global community, I have no doubt that we will get the support of Disney on that. And again, as we look forward, the big learning is there is no one-size-fits-all when it comes to event-driven live services. But at the very core, we must always build on a foundation of player choice. And that might be the choice of whether a player engages in a particular mode or not, that might be whether a player decides to grind for something or not. But in all things, it's around providing a fair playing field where players feel they have choice. And you should expect that we will continue to drive hard against that and ensure that -- again, we didn't set out, as I said in the prepared remarks, to build a feature set that could be perceived to be anything other than fair. It's clear that we didn't get quite that balance right, but we are doubling down now to ensure that we do.

首先，我要謹慎措辭。不要輕信媒體報道。我們與迪士尼有著非常良好的合作關係。我們共同打造了一些精彩的遊戲，例如《星際大戰：前線》、《星際大戰：銀河英雄傳》以及《星際大戰：前線2》。我們一直積極主動地維護與迪士尼的合作關係，竭誠為玩家服務。因此，一旦我們認定找到了適合玩家和全球社群的模式，我相信迪士尼一定會給予支持。展望未來，我們最大的收穫是：在以活動驅動的線上服務方面，沒有放諸四海皆準的模式。但歸根究底，我們必須始終以玩家的選擇為基礎。這可能包括玩家是否選擇參與特定模式，也可能包括玩家是否選擇花時間去刷某些東西。但無論如何，關鍵在於提供一個公平的競爭環境，讓玩家覺得自己擁有選擇權。你們應該預料到，我們將繼續大力推進這項工作，並確保——正如我在事先準備好的發言稿中所說，我們一開始就沒打算構建一套可能被認為不公平的功能集。顯然，我們在這方面做得還不夠完美，但我們現在正加倍努力，確保最終能夠做到這一點。

Yes. And I'll just add, we do not believe that loot boxes and similar mechanics are a form of gambling. I think there are plenty of governments around the world that would agreed with us on that. And it's not just us, it's the entire industry. We work very carefully and closely with all of our industry partners and the ESA, the industry body, to make sure that people understand exactly what loot boxes are, exactly why they're not gambling. And we'll continue to engage in that going forward, we think that's important. And I think there's a lot of consumers that would argue the same thing based on the great experience they've had with fun games that have associated live services with them that some may be misconstruing as a loot box or a gambling mechanism.

是的。我還要補充一點，我們不認為開箱機制和類似機制屬於賭博。我相信世界上很多國家的政府都會同意我們的觀點。而且這不僅僅是我們的看法，整個產業都持相同觀點。我們與所有產業夥伴以及產業協會ESA密切合作，確保玩家們真正理解開箱機制的本質，以及為何它不屬於賭博。我們將繼續在這方面努力，我們認為這至關重要。我相信很多玩家也會認同我們的觀點，因為他們在體驗過一些有線上服務的趣味遊戲後，可能會誤以為這些服務是開箱機製或賭博機制。

Your next question comes from Mike Olson from Piper Jaffray.

下一個問題來自Piper Jaffray公司的Mike Olson。

Just 1 question for me. You mentioned full game downloads continue to grow, I guess not a surprise. So what did you say it was in December, high 30s as a percent of the mix, I think, or something like that. And what's your expectation for calendar '18? Will it be like 10 points of growth over the next year? Or should we expect more incentives from either console makers or publishers to push that trend? And then also, is it still the case that full game download is 15 to 20 points better gross margin-wise? Or has anything changed on that front?

我只有一個問題。您提到完整遊戲下載量持續成長，這我倒覺得不意外。您之前說過12月完整遊戲下載量佔總下載量的比例是多少？大概是30%以上吧？您對2018年全年的預期如何？未來一年會成長10個百分點嗎？還是說主機廠商或發行商會推出更多激勵措施來推動這股趨勢？另外，完整遊戲下載的毛利率現在仍然比實體版高出15到20個百分點嗎？還是說這方面有改變？

Yes. Nothing has changed on the margin front. We finished the year around 37% -- for the calendar year, around 37%. And as you know, we're still a little below the industry. I think the industry is getting closer to 40%. We skew a little lower due to the global nature of FIFA. And then also Battlefront II, while it came up 12 points from Battlefront I, still skewed in the high 20s versus the high 30s, primarily due to gift-giving and a younger audience base. But we see all of the right trends helping that. We still have our forecast as kind of 5-plus points a year. Obviously, we've been on the low side of that for the last couple of years. But I think at a minimum, we should see 5 points of increase each year and, hopefully, it's greater than that. We don't see a cap anytime soon because we know more and more players are realizing it's a much more convenient, easy and engaging way to play. Many players have been already buying extra content and have -- thus, have a way to have digital purchases as part of their overall gameplay. And we believe the consumer will ultimately default towards convenience, however that might be. It might be they still have a store around the corner from them, or it might be they don't, and it's easy for them to buy digitally. But you'll see us continue to do things to try to encourage people to buy digitally, and we think that's still a major key as part of the future of the business.

是的。利潤率方面沒有任何變化。我們今年的利潤率約為37%——以自然年計算，也約為37%。正如您所知，我們仍然略低於行業平均水平。我認為行業平均正在接近40%。由於FIFA的全球性，我們的利潤率略低。此外，《星際大戰：前線2》雖然比《星際大戰：前線1》提高了12個百分點，但仍然在20%以上，而《星際大戰：前線1》則在30%以上，這主要是由於贈送禮物和玩家群更年輕化所致。但我們看到所有有利的趨勢都在推動這一成長。我們仍然預測每年增長5個百分點以上。顯然，過去幾年我們的成長幅度一直低於預期。但我認為至少每年應該要成長5個百分點，希望實際成長幅度能更大。我們認為短期內不會出現成長上限，因為我們知道越來越多的玩家意識到，這是一種更方便、更輕鬆、更具吸引力的遊戲方式。許多玩家已經開始購買額外內容，因此，他們已經能夠將數位購買融入整體遊戲體驗中。我們相信，消費者最終會傾向於選擇便利的方式，無論這種便利體現在哪些方面。也許他們家附近仍然有實體店，也許沒有，但數位購買對他們來說仍然很方便。我們將繼續努力鼓勵玩家進行數位購買，我們認為這仍然是公司未來發展的關鍵。

With that, I think we're out of time. I appreciate everybody's great questions and interest. And we look forward to seeing everyone over the next few months as well as talking again at the end of our Q4 when we'll give guidance for our fiscal '19 in early May. Thank you.

時間到了，我想我們今天就到這裡。感謝大家的提問與關注。我們期待在接下來的幾個月與大家見面，也期待在第四季末再次與大家交流，屆時我們將在五月初發布2019財年的業績指引。謝謝。

Thank you so much.

太感謝了。

And this does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束，您可以掛斷電話了。