美商藝電 (EA) 2018 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Erica, and I will be your conference operator today.

我叫埃里卡，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Electronic Arts Q4 2018 Earnings Call.

在這個時候，歡迎大家參加藝電 2018 年第四季度財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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

投資者關係副總裁 Chris Evenden 先生，您可以開始了。

Thank you, Erica.

謝謝你，艾麗卡。

Welcome to EA's Fourth Quarter Fiscal 2018 Earnings Call.

歡迎來到 EA 2018 財年第四季度財報電話會議。

With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO.

今天和我一起打電話的是我們的首席執行官安德魯·威爾遜 (Andrew Wilson)；和我們的首席財務官兼首席運營官 Blake Jorgensen。

Please note that our SEC filings and our earnings release are available at ir.ea.com.

請注意，我們的 SEC 備案文件和我們的收益發布可在 ir.ea.com 上獲取。

In addition, we have posted earnings slides to accompany our prepared remarks.

此外，我們還發布了收益幻燈片以配合我們準備好的評論。

Lastly, after the call, we will post our prepared remarks, an audio replay of this call, our financial model, a transcript and an updated accounting Q&A.

最後，在電話會議結束後，我們將發布我們準備好的評論、本次電話會議的音頻重播、我們的財務模型、文字記錄和更新的會計問答。

With regard to our calendar, our Q1 fiscal '19 earnings call is scheduled for Thursday, July 26, 2018.

關於我們的日曆，我們的 19 財年第一季度財報電話會議定於 2018 年 7 月 26 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.

本演示文稿和我們的評論包括有關未來事件和公司未來財務業績的前瞻性陳述。

Actual events and results may differ materially from our expectations.

實際事件和結果可能與我們的預期存在重大差異。

We refer you to our most recent 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today.

我們建議您參考我們最近的 10-Q 討論可能導致實際結果與今天討論的結果大不相同的風險。

Electronic Arts makes these statements as of today, May 8, 2018, and disclaims any duty to update them.

Electronic Arts 於今天（2018 年 5 月 8 日）做出這些聲明，並且不承擔任何更新它們的義務。

During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis.

在此電話會議期間，除自由現金流外，財務指標將按 GAAP 原則呈現。

All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.

除非另有說明，否則本次電話會議期間進行的所有比較都是與去年同期進行的。

And with that, I'll turn the call over to Andrew.

有了這個，我會把電話轉給安德魯。

Thanks, Chris.

謝謝，克里斯。

FY '18 was a year of growth and continued transformation for Electronic Arts and a year where our commitment to putting players first grew even stronger.

18 財年是 Electronic Arts 增長和持續轉型的一年，也是我們將玩家放在首位的承諾變得更加堅定的一年。

We expanded our global player base; grew engagement in our leading games, live services and subscriptions; and continued our focus on listening and learning from our communities.

我們擴大了全球玩家群；增加對我們領先遊戲、實時服務和訂閱的參與度；並繼續專注於傾聽和向我們的社區學習。

Our revenue and earnings for Q4 and the fiscal year 2018 were above our guidance given in January, and we are well positioned for continued growth in FY '19.

我們在第四季度和 2018 財年的收入和收益高於我們在 1 月份給出的指導，我們為 19 財年的持續增長做好了充分準備。

Our strategy is to deliver a collection of amazing games and content wrapped in services with new and innovative ways to reach an expanding global audience.

我們的戰略是通過新穎和創新的方式提供一系列令人驚嘆的遊戲和包含在服務中的內容，以吸引不斷擴大的全球觀眾。

Here are a few of our achievements in the year just completed.

以下是我們在剛剛結束的一年中取得的一些成就。

Our EA SPORTS franchises: FIFA, Madden NFL, NBA Live, NHL and UFC continue to be some of the most powerful sports brands in the world.

我們的 EA SPORTS 特許經營權：FIFA、Madden NFL、NBA Live、NHL 和 UFC 仍然是世界上最強大的體育品牌之一。

In FY '18, our EA SPORTS player base grew to nearly 90 million players life to date on current generation consoles and many tens of millions more across mobile and PC.

在 18 財年，我們的 EA SPORTS 玩家群在當前世代的遊戲機上增長到近 9000 萬玩家，在移動和 PC 上的玩家人數增加了數千萬。

Our sports games are also powerful platforms for competitive gaming.

我們的體育遊戲也是競技遊戲的強大平台。

Nearly 18 million players engaged in competition across FIFA 18 and Madden NFL 18 this season, up more than 75% year-over-year, and viewership of our top level competitions continues to break records on networks and digital channels.

本賽季有近 1800 萬玩家參與了 FIFA 18 和 Madden NFL 18 的比賽，同比增長超過 75%，我們頂級比賽的收視率繼續打破網絡和數字頻道的記錄。

We are growing our reach across all platforms.

我們正在擴大我們在所有平台上的影響力。

Our Battlefield ecosystem of games has more than 54 million players life to date across current generation consoles and PC, as fans continue to play their favorite Battlefield titles for years after launch.

迄今為止，我們的戰地風雲遊戲生態系統在當前一代遊戲機和 PC 上擁有超過 5400 萬玩家，粉絲們在發布後的數年內繼續玩他們最喜歡的戰地風雲遊戲。

Our Sims community spans across generations and platforms, with more than 80 million active Sims players across PC and mobile in FY '18.

我們的《模擬人生》社區跨越不同世代和平台，18 財年在 PC 和移動設備上擁有超過 8000 萬活躍的《模擬人生》玩家。

Our Sims 4 community continues to grow nearly 4 years after launch, with a great deal more content coming to our PC players this year.

我們的《模擬人生 4》社區在發布後將近 4 年持續增長，今年我們的 PC 玩家將獲得更多內容。

Alongside the ongoing success of the Sims FreePlay, we've had strong early growth in the player base for the Sims mobile, giving us 2 games on mobile delivering the breadth of experiences that Sims fans are looking for.

除了《模擬人生 FreePlay》的持續成功，我們在《模擬人生》移動版的早期玩家群方面也取得了強勁的增長，為我們提供了 2 款移動版遊戲，提供了《模擬人生》粉絲所尋求的廣泛體驗。

FY '18 was our strongest year ever for the EA mobile portfolio.

18 財年是我們 EA 移動產品組合有史以來最強勁的一年。

Star Wars: Galaxy of Heroes continues to have one of our most committed and deeply engaged fan bases, driving player satisfaction scores to an all-time high in Q4.

《星球大戰：英雄銀河》繼續擁有我們最忠誠和參與度最高的粉絲群之一，將玩家滿意度推至第四季度的歷史新高。

Our EA SPORTS titles, SimCity BuildIt, Real Racing 3 and more continue to entertain global communities on a daily basis, and we will add more breadth and depth to our portfolio in FY '19.

我們的 EA SPORTS 遊戲、SimCity BuildIt、Real Racing 3 等每天都在繼續為全球社區帶來娛樂，我們將在 19 財年為我們的產品組合增加更多的廣度和深度。

We also help players experience more games, including innovative new IP.

我們還幫助玩家體驗更多的遊戲，包括創新的新IP。

Our EA Access and Origin Access subscriber titles continue to grow, and we've expanded Origin Access to include dozens of third-party titles in addition to EA's PC portfolio.

我們的 EA Access 和 Origin Access 訂閱者遊戲不斷增長，我們已經擴展了 Origin Access，除了 EA 的 PC 產品組合之外，還包括許多第三方遊戲。

And with our EA Originals program, we saw outstanding success with A Way Out, the innovative co-op game from Hazelight that engaged nearly 2 million players in the first 4 weeks after launch.

通過我們的 EA Originals 計劃，我們看到了 A Way Out 的巨大成功，這是 Hazelight 的創新合作遊戲，在發布後的前 4 週內吸引了近 200 萬玩家。

Through all of these examples and many more, we hold an unfaltering commitment to our communities.

通過所有這些例子以及更多例子，我們對我們的社區有著堅定不移的承諾。

We will also always push forward to innovate and create new experiences.

我們也將始終推進創新，創造新體驗。

That's in our DNA.

那是我們的 DNA。

We also continue to listen, learn and act in service to our players.

我們還繼續傾聽、學習並為我們的玩家服務。

We have a deep appreciation and commitment to our Star Wars fans.

我們對我們的星球大戰粉絲深表感謝和承諾。

And as promised, we delivered a major redesign of the progression in Star Wars Battlefront II in Q4, updating into a more linear system that our players wanted.

正如承諾的那樣，我們在第四季度對星球大戰前線 II 的進程進行了重大重新設計，更新為玩家想要的更線性的系統。

We've also brought new content modes and fan-requested updates to the game, and we have much more coming to the launch of the new movie, Solo: A Star Wars Story.

我們還為遊戲帶來了新的內容模式和粉絲要求的更新，我們還有更多內容即將推出新電影《遊俠索羅：星球大戰外傳》。

As we begin FY '19, EA is uniquely positioned to lead.

當我們開始 19 財年時，EA 處於領先地位。

Through our investments in IP, technology, competition and new ways to play, our talented teams continue to live in new experiences that will disrupt and expand the future of play.

通過我們對知識產權、技術、競爭和新遊戲方式的投資，我們才華橫溢的團隊將繼續生活在將顛覆和擴展遊戲未來的新體驗中。

There is no bigger event in sports than the World Cup, and we're excited to kick off an unprecedented year of new experiences across our FIFA franchise with our new World Cup content in FIFA 18.

體育界沒有比世界杯更盛大的賽事了，我們很高興能夠通過 FIFA 18 中全新的世界杯內容開啟 FIFA 系列前所未有的新體驗。

As we announced last week, we are bringing all the teams, matchups and so much more of the World Cup experience and making it all free for FIFA 18 players.

正如我們上周宣布的那樣，我們將帶來所有球隊、比賽以及更多的世界盃體驗，並免費提供給 FIFA 18 玩家。

Building on the momentum of World Cup, we then have some very exciting plans for FIFA 19, which we'll speak to at EA PLAY in June.

基於世界杯的勢頭，我們隨後為 FIFA 19 制定了一些非常激動人心的計劃，我們將在 6 月的 EA PLAY 上討論這些計劃。

This is a major year for EA SPORTS across all platforms with more innovation coming to Madden NFL, NBA Live and NHL as well as our EA SPORTS titles on mobile and FIFA Online 4 going live soon in China and Korea.

今年是 EA SPORTS 在所有平台上的重要一年，Madden NFL、NBA Live 和 NHL 將迎來更多創新，我們的 EA SPORTS 手機遊戲和 FIFA Online 4 也即將在中國和韓國上線。

This year, we also plan to deliver 2 massive new games: Our next Battlefield title and our new IP, Anthem.

今年，我們還計劃推出 2 款大型新遊戲：我們的下一款戰地風雲和我們的新 IP Anthem。

Both of these experiences are introducing new dynamics that begin to change the way fans interact with their games and with each other.

這兩種體驗都引入了新的動力，開始改變粉絲與遊戲以及彼此互動的方式。

With our next Battlefield game, the team at DICE is bringing the intensity of combat to life in new and unexpected ways.

在我們的下一款《戰地風雲》遊戲中，DICE 團隊將以意想不到的全新方式將激烈的戰鬥帶入生活。

Every battle is unique, and every mode brings its own challenges, from the way you interact with the environment around you to compelling single player stories to the next level of large-scale multiplayer that spans across multiple maps and modes.

每一場戰鬥都是獨一無二的，每一種模式都有自己的挑戰，從你與周圍環境的互動方式到引人入勝的單人故事，再到跨越多個地圖和模式的更高水平的大型多人遊戲。

This will be a deep and fully featured shooter, an ongoing service that will evolve with major new experiences for our community beginning right from launch.

這將是一款有深度且功能齊全的射擊遊戲，一項持續的服務，從發布之日起就會為我們的社區帶來重大的新體驗。

Building on the success of Battlefield 1 and taking inspiration from DICE's core DNA, the new game will advance the state-of-the-art for the franchise, while still delivering a signature gameplay and Battlefield moments that have captivated and grown our global community.

以《戰地風雲 1》的成功為基礎，並從 DICE 的核心 DNA 中汲取靈感，這款新遊戲將推進該系列的最先進技術，同時仍然提供吸引並發展我們全球社區的標誌性遊戲玩法和戰地風雲時刻。

Later in the fiscal year, we will launch our stunning and ambitious new IP, Anthem.

在本財年晚些時候，我們將推出令人驚嘆且雄心勃勃的新 IP Anthem。

Every dimension of this game will offer something entirely new for a wide audience of players, from a new universe with unique stories that BioWare's creating, to the cooperative gameplay, to the epic and beautiful environment that constantly evolves around players.

這款遊戲的每個維度都將為廣大玩家提供全新的東西，從 BioWare 創造的具有獨特故事的新宇宙，到合作遊戲，再到圍繞玩家不斷進化的史詩般優美的環境。

Anthem is a fundamentally social experience and will open new ways for fans to join the community and play early, enabling us to shape and refine the game with their input and feedback.

Anthem 是一種基本的社交體驗，將為粉絲開闢新的方式加入社區並儘早玩遊戲，使我們能夠根據他們的意見和反饋來塑造和完善遊戲。

We're deeply excited to launch this brand-new franchise and equally excited to work with our players to make Anthem a game they can't wait to play and share with their friends for years to come.

我們非常高興能夠推出這個全新的特許經營權，同樣很高興能與我們的玩家合作，讓 Anthem 成為一款他們迫不及待想在未來幾年與朋友分享的遊戲。

EA's mobile portfolio will continue to grow in FY '19.

EA 的移動產品組合將在 19 財年繼續增長。

In recent years, our mobile games had been some of the most engaging new games to enter the marketplace.

近年來，我們的手機遊戲一直是進入市場的一些最具吸引力的新遊戲。

We are doubling down in FY '19 with 2 new titles: Star Wars: Rise to Power and another game we'll reveal at EA PLAY, both unlike anything else in our mobile lineup today.

我們將在 19 財年加倍投入，推出 2 款新遊戲：《星球大戰：權力崛起》和我們將在 EA PLAY 上展示的另一款遊戲，這兩款遊戲都不同於我們今天的移動產品線中的任何其他遊戲。

Each game crosses into new genres with social ways designed to bring together global communities.

每款遊戲都通過旨在將全球社區聚集在一起的社交方式跨入新類型。

In competitive gaming, we continue to expand our global esports audience and viewers and players that are experiencing the thrill of high-stakes competition through FIFA and Madden NFL.

在競技遊戲中，我們繼續擴大我們的全球電子競技觀眾以及正在通過 FIFA 和 Madden NFL 體驗高風險比賽的觀眾和玩家。

This year, we will grow our competitive footprint with more franchises, events, broadcast content and sponsorship.

今年，我們將通過更多的特許經營權、活動、廣播內容和讚助來擴大我們的競爭足跡。

We'll hold our first Battlefield competition in FY '19, and we're set to bring competition to another new title later this year.

我們將在 19 財年舉行我們的第一場戰地風雲比賽，我們將在今年晚些時候為另一個新冠軍頭銜帶來比賽。

In FY '19, we will also continue to lead with innovation in our subscriptions and new technologies.

在 19 財年，我們還將繼續引領訂閱和新技術的創新。

We will introduce a new offering to one of our industry-leading subscription programs, delivering unprecedented access and value.

我們將為我們行業領先的訂閱計劃之一推出新產品，提供前所未有的訪問權限和價值。

Our advance technology development, including cloud gaming, AI and Frostbite, will enable us to create and deliver next-generation experiences at scale.

我們先進的技術開發，包括雲遊戲、AI 和 Frostbite，將使我們能夠大規模地創造和提供下一代體驗。

All of these and more continue to fuel the future of our player network that will connect players across games and devices.

所有這些以及更多內容將繼續推動我們玩家網絡的未來，該網絡將跨遊戲和設備連接玩家。

There has never been a more exciting time to be making games.

現在是製作遊戲的激動人心的時刻。

Our industry is dynamic, evolving and full of new opportunities.

我們的行業充滿活力、不斷發展並充滿新機遇。

With the updates to our organization and structure that we announced last month, EA's positioned for continued growth and leadership.

隨著我們上個月宣布的對我們組織和結構的更新，EA 定位於持續增長和領導地位。

We'll push the boundaries of entertainment in a world where change is accelerating.

我們將在一個變化加速的世界中突破娛樂的界限。

We will strive to be disruptors, shaping the future of play.

我們將努力成為顛覆者，塑造遊戲的未來。

Now I'll turn the call over to Blake.

現在我將把電話轉給布萊克。

Thanks, Andrew.

謝謝，安德魯。

Fiscal 2018 was a record year for Electronic Arts as measured against almost every major financial metric from revenue to operating income to cash flow.

2018 財年對藝電來說是創紀錄的一年，從收入到營業收入再到現金流量，幾乎所有主要財務指標都是如此。

Our success is driven by the way we have changed and continue to change our relationship with players.

我們的成功源於我們已經改變並將繼續改變我們與玩家關係的方式。

They want more depth in their favorite games and fresh content that can hold their attention year round.

他們希望更深入地了解他們最喜歡的遊戲和可以全年吸引他們注意力的新鮮內容。

As a result, we've gone from one-off interactions at a moment in time to ongoing engagements with consistently changing dynamic worlds.

因此，我們已經從某個時刻的一次性互動轉變為與不斷變化的動態世界的持續互動。

It's a situation analogous to the transition we've seen in the software-as-a-service industry.

這種情況類似於我們在軟件即服務行業中看到的轉變。

Consequently, our business already looks very SaaS-like with live services and subscription making up a greater and greater portion of our revenue.

因此，我們的業務看起來已經非常像 SaaS，實時服務和訂閱在我們的收入中所佔比例越來越大。

This has made our business much more stable and enabled us to deliver a dependable and growing cash flow to investors.

這使我們的業務更加穩定，並使我們能夠為投資者提供可靠且不斷增長的現金流。

Now I'll provide our results on a GAAP basis before using our operational metric of net bookings to discuss the dynamics of the business.

現在，在使用我們的淨預訂運營指標討論業務動態之前，我將提供我們基於 GAAP 的結果。

EA had a record year with net revenue of $5.2 billion, cost of revenue of $1.3 billion and operating income of $1.4 billion.

EA 創下了創紀錄的一年，淨收入為 52 億美元，收入成本為 13 億美元，營業收入為 14 億美元。

These results enabled us to deliver record operating cash flow of almost $1.7 billion.

這些結果使我們能夠實現創紀錄的近 17 億美元的運營現金流。

We also returned over $600 million to shareholders through our share repurchase program.

我們還通過股票回購計劃向股東返還了超過 6 億美元。

Total net bookings for the year were $5.2 billion, a record.

全年淨預訂總額為 52 億美元，創歷史新高。

Digital net bookings accounted for 68% of this, up 7 percentage points year-on-year.

數字淨預訂量佔其中的 68%，同比增長 7 個百分點。

Live services net bookings were a record $2.2 billion.

實時服務淨預訂量達到創紀錄的 22 億美元。

Net of hedges, FX was immaterial to net bookings and a slight headwind to underlying profitability.

扣除對沖後，外匯對淨預訂量並不重要，對潛在盈利能力略有不利影響。

Now moving on to the details of our fourth quarter.

現在繼續我們第四季度的細節。

GAAP net revenue was $1.6 billion, $50 million above our guidance and $55 million above our year-ago period.

GAAP 淨收入為 16 億美元，比我們的指導高出 5000 萬美元，比去年同期高出 5500 萬美元。

Cost of revenue was $233 million, in line with our guidance of $234 million and up from $202 million last year.

收入成本為 2.33 億美元，符合我們 2.34 億美元的指導，高於去年的 2.02 億美元。

Operating expenses were $596 million, $23 million below our expectations and $12 million less year-over-year.

運營費用為 5.96 億美元，比我們的預期低 2300 萬美元，同比減少 1200 萬美元。

This drove diluted earnings per share of $1.95 or $0.09 higher than guidance and $0.14 higher than last year.

這使得稀釋後每股收益比指導高出 1.95 美元或 0.09 美元，比去年高出 0.14 美元。

Net cash provided by operating activities was $615 million.

經營活動提供的現金淨額為 6.15 億美元。

Operating cash flow for the full fiscal year was a record $1.69 billion, beating our guidance of $1.6 billion and up 7% over last year's.

整個財年的運營現金流達到創紀錄的 16.9 億美元，超過了我們 16 億美元的指導，比去年增長 7%。

Fiscal year 2018 capital expenditures were $107 million, resulting in free cash flow of $1.59 billion.

2018 財年資本支出為 1.07 億美元，自由現金流為 15.9 億美元。

See our earnings slides for further cash flow information.

有關更多現金流量信息，請參閱我們的收益幻燈片。

At the end of the quarter, we held $5.33 billion in cash and short-term investments.

截至本季度末，我們持有 53.3 億美元的現金和短期投資。

During the quarter, we repurchased 1.2 million shares at a cost of $148 million.

本季度，我們以 1.48 億美元的成本回購了 120 萬股股票。

Today, we announced that we have replaced our old share repurchase program with a new $2.4 billion 2-year stock repurchase program.

今天，我們宣布我們已經用價值 24 億美元的新的 2 年期股票回購計劃取代了舊的股票回購計劃。

We returned about 38% of our free cash flow to investors in fiscal 2018.

我們在 2018 財年向投資者返還了大約 38% 的自由現金流。

This new program aims to return approximately 3/4 of our annual free cash flow.

這個新計劃旨在返還大約 3/4 的年度自由現金流。

We believe this is an appropriate target based on our current cash needs, our ability to access international cash and our desire to maintain flexibility for future growth investments.

我們認為，根據我們當前的現金需求、我們獲得國際現金的能力以及我們為未來增長投資保持靈活性的願望，這是一個合適的目標。

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

現在我想談談本季度我們業務的主要驅動力。

Net bookings were $1.26 billion, above our guidance of $1.23 billion and up from $1.09 billion last year.

淨預訂量為 12.6 億美元，高於我們 12.3 億美元的指引，高於去年的 10.9 億美元。

Digital net bookings delivered $1.05 billion of the $1.26 billion total, up from $885 million last year.

在 12.6 億美元的總預訂額中，數字淨預訂額達到了 10.5 億美元，高於去年的 8.85 億美元。

This increase was driven by our ongoing success with our live -- event-driven live services.

這一增長是由於我們在實時事件驅動的實時服務方面取得的持續成功所推動的。

Looking at each component of this quarter's digital net bookings in turn.

依次查看本季度數字淨預訂量的每個組成部分。

Live services net bookings were up 31% year-on-year to $679 million.

現場服務淨預訂量同比增長 31% 至 6.79 億美元。

The increase was driven by Ultimate Team, The Sims 4 and Battlefield 1. By adding features to broaden Ultimate Team's appeal, layering in a packed calendar of events and building esports on top of that, the team is continuing to grow fun and engaging games that players want to come back to time-after-time.

這一增長是由 Ultimate Team、The Sims 4 和 Battlefield 1 推動的。通過添加功能來擴大 Ultimate Team 的吸引力，在豐富的活動日曆中分層並在此基礎上構建電子競技，該團隊正在繼續發展有趣和引人入勝的遊戲，玩家想要一次又一次地回來。

Mobile delivered net bookings of $176 million, roughly flat year-on-year.

Mobile 的淨預訂量為 1.76 億美元，同比基本持平。

Strength in Star Wars: Galaxy of Heroes and FIFA Mobile was offset by anticipated decline in some of our older games.

星球大戰：英雄銀河和 FIFA Mobile 的實力被我們一些老遊戲的預期下滑所抵消。

Full game PC and console downloads generated $193 million, roughly flat year-on-year, driven by Star Wars Battlefront II and strength in FIFA 18, offset by the success of Battlefield 1 in the prior year.

完整遊戲 PC 和遊戲機下載產生了 1.93 億美元，與去年同期大致持平，受到星球大戰前線 II 和 FIFA 18 的推動，被前一年戰地 1 的成功所抵消。

The long-term trend towards downloading games continues.

下載遊戲的長期趨勢仍在繼續。

And across the portfolio, 39% of our full game unit sales were digital, measured on Xbox One and PlayStation 4 over the last 12 months.

在整個產品組合中，過去 12 個月在 Xbox One 和 PlayStation 4 上衡量的結果顯示，我們 39% 的完整遊戲銷量是數字的。

This compares to 33% a year ago.

相比之下，一年前這一比例為 33%。

Turning to our expectations for fiscal 2019.

談談我們對 2019 財年的預期。

We expect sales of current generation consoles from Microsoft and Sony to continue to be strong, with the installed base growing to 130 million consoles by the end of calendar 2018, from 103 million at the end of calendar 2017.

我們預計微軟和索尼當前這一代遊戲機的銷量將繼續保持強勁，到 2018 年底，安裝基數將從 2017 年底的 1.03 億台增加到 1.3 億台。

Nintendo Switch is expected to have built an installed base over 30 million by the end of the calendar year.

預計到本日曆年年底，Nintendo Switch 的裝機量將超過 3000 萬。

In dollar terms, we expect the PC gaming software market to be approximately flat and the mobile market to grow in the mid-teens in the calendar year.

以美元計算，我們預計 PC 遊戲軟件市場將大致持平，而移動市場將在日曆年中增長 15% 左右。

A note on accounting for fiscal 2019.

關於 2019 財年會計的說明。

As mentioned, we have adopted ASC 606 going forward.

如前所述，我們已經採用了 ASC 606。

This does not materially impact our net bookings metric, but it does change our GAAP reporting in several ways.

這不會對我們的淨預訂量指標產生重大影響，但它確實以多種方式改變了我們的 GAAP 報告。

Most significantly, more of our GAAP revenue will be recognized upfront, bringing GAAP reported numbers closer to our historical non-GAAP reporting.

最重要的是，我們更多的 GAAP 收入將提前確認，使 GAAP 報告的數字更接近我們歷史上的非 GAAP 報告。

Also as a result of the introduction of ASC 606, we will now be reporting most of our mobile GAAP revenue on a gross, not net basis.

此外，由於引入了 ASC 606，我們現在將按毛額而非淨額報告大部分移動 GAAP 收入。

We will continue to report the metrics that enable you to bring back to -- measures comparable to our historically reported numbers, including mobile net bookings.

我們將繼續報告使您能夠帶回的指標——與我們歷史報告的數字相當的指標，包括移動網絡預訂。

These and other issues are discussed in more detail in the expanded accounting FAQ we posted on our IR website today.

我們今天在 IR 網站上發布的擴展會計常見問題解答中更詳細地討論了這些問題和其他問題。

Primarily as a result of the changes in the U.S. tax law, we are reducing our management tax rate from 21% to 18%.

主要由於美國稅法的變化，我們將管理稅率從 21% 降低到 18%。

Guidance for fiscal 2019 is for GAAP net revenue of $5.6 billion; cost of revenue of $1.6 billion; and GAAP EPS of $3.55.

2019 財年的指引是 GAAP 淨收入為 56 億美元；收入成本為 16 億美元； GAAP 每股收益為 3.55 美元。

This outlook was prepared in accordance with the new ASC 606 standard and includes approximately $300 million of additional mobile revenue resulting from the accounting change to reporting mobile revenue on a gross, not net basis.

這份展望是根據新的 ASC 606 標準編制的，包括大約 3 億美元的額外移動收入，這是由於會計變更為按毛額而不是淨額報告移動收入而產生的。

With regard to cash flow.

關於現金流。

For fiscal 2019, we expect operating cash flow to be approximately $1.825 billion.

對於 2019 財年，我們預計運營現金流約為 18.25 億美元。

We anticipate capital expenditures of around $125 million, which would deliver free cash flow of $1.7 billion.

我們預計資本支出約為 1.25 億美元，這將帶來 17 億美元的自由現金流。

CapEx is up year-on-year as we invest in IT infrastructure for our player network and upgrade facilities, including the Respawn offices in Los Angeles.

資本支出同比增長，因為我們投資於我們的玩家網絡和升級設施的 IT 基礎設施，包括洛杉磯的 Respawn 辦公室。

Turning to business drivers.

轉向業務驅動程序。

We anticipate net bookings for the year to be $5.55 billion, up 7% year-on-year.

我們預計全年淨預訂量為 55.5 億美元，同比增長 7%。

This is driven by growth in live services, mobile and Battlefield.

這是由實時服務、移動和戰地風雲的增長推動的。

We have disclosed the phasing of net bookings through the year on our slide deck.

我們已經在我們的幻燈片上披露了全年淨預訂的分階段。

As a result of the timing of launches, we expect this year to be more back-end loaded than fiscal 2018.

由於發佈時間的原因，我們預計今年的後端負載將超過 2018 財年。

We're excited about how both Anthem and Battlefield are shaping up, and we look forward to sharing more with you about -- or more about them soon.

我們對 Anthem 和 Battlefield 的發展感到興奮，我們期待與您分享更多關於 - 或者更多關於它們的信息。

Our projections assume a benefit from FX to net bookings of over $100 million and an extra $30 million in OpEx relative to last year's rates.

我們的預測假設外匯帶來的淨預訂收益超過 1 億美元，運營支出相對於去年的匯率增加 3000 萬美元。

Both of these numbers are net of hedges.

這兩個數字都扣除了對沖。

Our currency assumptions are disclosed in our earnings presentation on our website.

我們的貨幣假設在我們網站上的收益報告中披露。

Drilling down further into the key drivers of our full year net bookings guidance.

進一步深入了解我們全年淨預訂量指南的主要驅動因素。

Net bookings for packaged goods and other are forecasted to be approximately $1.5 billion, down 9% year-on-year, driven by the shift to digital.

在向數字化轉型的推動下，包裝商品和其他商品的淨預訂量預計約為 15 億美元，同比下降 9%。

Digital net bookings are expected to contribute $4.1 billion, up 14% year-on-year.

數字淨預訂量預計將貢獻 41 億美元，同比增長 14%。

Further breaking down digital net bookings.

進一步細分數字網絡預訂。

We expect live services to grow 10% to 15%, led by Ultimate Team, The Sims 4 expansion packs for PC and console versions of the game and by growth in our subscription business.

我們預計直播服務將增長 10% 至 15%，這主要得益於終極團隊、《模擬人生 4》PC 版和遊戲機版本的擴展包以及我們訂閱業務的增長。

The World Cup will have a positive effect on FIFA Ultimate Team engagement, but remember, it's only a 4-week event split across Q1 and Q2.

世界杯將對 FIFA Ultimate Team 的參與度產生積極影響，但請記住，這只是一場為期 4 週的賽事，分為 Q1 和 Q2。

And we have modeled that accordingly in our revenue forecast.

我們在收入預測中相應地對此進行了建模。

With regards to our mobile business, The Sims Mobile launched just before the year end, and we have 2 games coming in the second half of the year.

關於我們的移動業務，《模擬人生手游》在年底前推出，下半年我們將推出 2 款遊戲。

Thus, we expect our mobile business to grow strongly of the order around 15% to 20%, led by the Sims Mobile, FIFA Mobile, Star Wars: Rise to Power and the unannounced title.

因此，我們預計我們的移動業務將在 Sims Mobile、FIFA Mobile、星球大戰：崛起和未宣布的遊戲的帶動下強勁增長 15% 至 20%。

Note that this growth forecast is based off our net bookings metric, not gross revenue or gross bookings.

請注意，此增長預測基於我們的淨預訂量指標，而不是總收入或總預訂量。

Net bookings for full game downloads are expected to grow 10% to 15%, driven by product mix and the ongoing change of consumer behavior.

在產品組合和消費者行為不斷變化的推動下，完整遊戲下載的淨預訂量預計將增長 10% 至 15%。

We continue to model an underlying shift of around 5 percentage points a year to digital.

我們繼續模擬每年約 5 個百分點向數字化的潛在轉變。

Focusing on Q1.

專注於第一季度。

We're expecting GAAP net revenue of $1.1 billion; GAAP cost of revenue of $226 million; and GAAP EPS of $0.64.

我們預計 GAAP 淨收入為 11 億美元； GAAP 收入成本為 2.26 億美元； GAAP 每股收益為 0.64 美元。

We expect Q1 net bookings to be $720 million, slightly down year-on-year.

我們預計第一季度淨預訂量為 7.2 億美元，同比略有下降。

As discussed on our last call, Q1 fiscal 2018 benefited from the deferral of over $50 million of net booking for Mass Effect: Andromeda and some other onetime events.

正如我們在上次電話會議上討論的那樣，2018 財年第一季度受益於《質量效應：仙女座》和其他一些一次性活動超過 5000 萬美元的淨預訂的推遲。

On a management reporting basis, OpEx will grow year-on-year as we continue to invest in our growth drivers.

在管理報告的基礎上，隨著我們繼續投資於我們的增長動力，運營支出將同比增長。

As we look ahead to Q2, we see growth in FIFA and mobile, particularly offset by declines in other areas, including a difficult comp against Battlefield 1's performance in fiscal 2018.

展望第二季度，我們看到 FIFA 和移動遊戲的增長，特別是被其他領域的下滑所抵消，包括與戰地風雲 1 在 2018 財年表現的艱難對比。

We discussed the idea of recurring revenues at our Analyst Day 2 years ago.

我們在 2 年前的分析師日討論了經常性收入的想法。

At the time, about 75% of our net bookings fit into this category.

當時，我們大約 75% 的淨預訂屬於此類。

Since then, we've continued to push our business in that direction.

從那時起，我們就一直朝著這個方向推動我們的業務。

And our guidance implies that 85% of our net bookings in fiscal 2019 are expected to be recurring.

我們的指導意見表明，我們 2019 財年 85% 的淨預訂預計將是經常性的。

Our drive to greater recurring revenues and cash flow will be fueled by our investments in subscriptions, live services, esports, broadcasting and cloud gaming.

我們在訂閱、直播服務、電子競技、廣播和雲遊戲方面的投資將推動我們實現更高的經常性收入和現金流。

These are all components of our player network strategy, and we look forward to updating you on our progress as we continue to pioneer their adoption.

這些都是我們玩家網絡戰略的組成部分，我們期待著在我們繼續率先採用它們的同時向您更新我們的進展。

Now I'll turn the call back to Andrew.

現在我會把電話轉回給安德魯。

Thanks, Blake.

謝謝，布萊克。

We're excited to begin another year in our journey at Electronic Arts, at a time when there is so much passion for games around the world.

我們很高興在 Electronic Arts 開啟又一年的旅程，在這個世界上對遊戲充滿熱情的時代。

As an industry, we are reaching an amazing nexus where the creative energy in game-making is intensifying and converging with technology innovation that is unlocking gateways to access delivery and sharing of gaming experiences on a global scale.

作為一個行業，我們正在建立一個驚人的聯繫，遊戲製作中的創造力正在增強，並與技術創新相融合，技術創新正在打開通往全球範圍內交付和共享遊戲體驗的大門。

Games are becoming a truly ubiquitous form of entertainment.

遊戲正在成為一種真正無處不在的娛樂形式。

We believe the best form of entertainment and through the evolutions to come, we are seeking to connect more players to amazing games and to each other.

我們相信最好的娛樂形式，並且通過未來的發展，我們正在尋求讓更多玩家接觸到精彩的遊戲並相互聯繫。

Creativity is the central strand of everything we do at EA.

創造力是我們在 EA 所做的一切的核心。

Every experience begins with creating something new and unexpected.

每一次體驗都始於創造出意想不到的新事物。

That's why you'll see new dynamics in gameplay, new social layers and new ways to interact with the worlds we create in games like Anthem, our next Battlefield and our new mobile titles.

這就是為什麼您會看到新的遊戲動態、新的社交層以及與我們在 Anthem、我們的下一個戰地和我們的新手機遊戲等遊戲中創造的世界互動的新方式。

It's powering new projects in development at Respawn, Motive, EA Vancouver, Criterion and more.

它正在為 Respawn、Motive、EA Vancouver、Criterion 等公司正在開發的新項目提供支持。

It's behind our EA Originals program and our commitment to support Indie developers with amazing ideas.

它支持我們的 EA Originals 計劃和我們用驚人的想法支持獨立開發者的承諾。

It drives us to continually evolve and update our games through live services because the creative cycle in service of our player never ends.

它驅使我們通過實時服務不斷發展和更新我們的遊戲，因為為玩家服務的創意週期永無止境。

This isn't just a creative revolution.

這不僅僅是一場創意革命。

It's also a revolution of access and choice.

這也是訪問和選擇的一場革命。

New forms of content, new consumption models and advanced technology investments are accelerating how we will reach more players in a network world and satisfy their unique needs.

新的內容形式、新的消費模式和先進的技術投資正在加速我們在網絡世界中接觸更多玩家並滿足他們獨特需求的方式。

Whether you're a player or a viewer, our competitive gaming experiences for games life FIFA, Madden NFL and more are becoming must-see programming for fans around the world.

無論您是玩家還是觀眾，我們為 FIFA、Madden NFL 等遊戲打造的競技遊戲體驗正在成為全球粉絲必看的節目。

With more games and content available to players today, subscription services like EA Access and Origin Access are continuing to build momentum.

如今，隨著越來越多的遊戲和內容可供玩家使用，EA Access 和 Origin Access 等訂閱服務正在繼續發展勢頭。

And we are pioneering new offerings that will expand how players can experience more of the best games.

我們正在開拓新產品，以擴展玩家體驗更多最佳遊戲的方式。

Looking further ahead, the culmination of subscriptions and cloud gaming capabilities, combined with our Frostbite engine and digital platform, will power the growth of our player network that scales across games, devices and geographies.

展望未來，訂閱和雲遊戲功能的頂峰，結合我們的 Frostbite 引擎和數字平台，將推動我們跨遊戲、設備和地域擴展的玩家網絡的增長。

At the center of this are our players and our global communities.

其核心是我們的玩家和我們的全球社區。

Everything we do is in service of our players, and we grow stronger in this commitment every day.

我們所做的一切都是為了我們的玩家服務，我們每天都在這一承諾中變得更加強大。

This year, we will continue to expand how we connect with our players early and often from thousands of hours with our studio teams and play testing to large-scale soft launches and early-play opportunities.

今年，我們將繼續擴大與我們的玩家早期聯繫的方式，通常從與我們工作室團隊的數千小時和遊戲測試到大規模軟啟動和早期遊戲機會。

One month from now, we'll open up our annual EA PLAY event and what has been a cultural moment for games and our communities.

一個月後，我們將開啟一年一度的 EA PLAY 活動，這對遊戲和我們的社區來說都是一個文化時刻。

We'll welcome tens of thousands of players to join us in Hollywood to go hands-on and millions more that join us online around the world to hear more about our games and services, our commitments and our plans for the future.

我們將歡迎數以萬計的玩家加入我們的好萊塢，親身體驗，並歡迎全球數以百萬計的玩家在線加入我們，以了解更多關於我們的遊戲和服務、我們的承諾和我們對未來的計劃。

At every touch point with our players in our games, in our network, in our communities and beyond, we are constantly working to bring them closer to the games they love.

在我們的遊戲、我們的網絡、我們的社區和其他地方與玩家的每一個接觸點，我們都在不斷努力讓他們更接近他們喜愛的遊戲。

In FY 19, we are set to take major steps forward towards our vision of a network future and our opportunity to connect 1 billion people in play.

在 2019 財年，我們將朝著我們的網絡未來願景邁出重要一步，並抓住機會連接 10 億遊戲玩家。

We look forward to sharing more updates with you in the months to come.

我們期待在未來幾個月與您分享更多更新。

Now Blake and I are here for your questions.

現在布萊克和我來這裡是為了你的問題。

(Operator Instructions) And your first question comes from Eric Handler with MKM Partners.

（操作員說明）您的第一個問題來自 MKM Partners 的 Eric Handler。

Just looking quickly, Blake, and I don't want to quibble about the size of your buyback, but you've got free cash flow this year of $1.7 billion and you're going to do a buyback.

快點看，布萊克，我不想對你回購的規模爭論不休，但你今年的自由現金流為 17 億美元，你將進行回購。

Assuming you do it on an even pace of $1.2 billion, so you've already -- you're already sitting on cash of about $5.3 billion or $17 a share and you'll add another $500 million or so to that.

假設你以 12 億美元的平均速度做到這一點，那麼你已經 - 你已經坐擁大約 53 億美元或每股 17 美元的現金，你將再增加 5 億美元左右。

I'm assuming you're going to repatriate a lot, so you'll definitely have a lot more cash flow to pay with -- to play with.

我假設你會大量遣返，所以你肯定會有更多的現金流來支付——可以使用。

Wondered what are your other opportunities or what you're thinking about with your excess cash.

想知道您的其他機會是什麼，或者您在考慮如何處理多餘的現金。

Well, the call is only 30 minutes gone by.

好吧，通話才過去了 30 分鐘。

And I'm already being criticized for doubling the buyback.

而且我已經因為回購加倍而受到批評。

It's amazing.

太奇妙了。

It's a high-quality problem.

這是一個高質量的問題。

I appreciate the question.

我很欣賞這個問題。

It's a good question.

這是個好問題。

Our view is, in today's world, financial flexibility has huge power to it.

我們的觀點是，在當今世界，財務靈活性具有巨大的力量。

And we want to return as much to shareholders.

我們希望盡可能多地回報股東。

We've consistently, over the last 4 years, grown that buyback fairly dramatically, and we'll continue to do that as we continue to build.

在過去的 4 年裡，我們一直在相當顯著地增加回購，我們將在繼續建設時繼續這樣做。

But we also want to maintain flexibility should something happen that we either want to deeper invest in or want to purchase something.

但我們也希望在發生某些事情時保持靈活性，我們要么想更深入地投資，要么想購買一些東西。

I'm not signaling that anything's happening.

我並不是在暗示正在發生任何事情。

I think you guys know we've been consistent in how we grow the buyback, but also try to be prudent and safe with our capital to prepare for potential opportunities down the road.

我想你們知道我們在增加回購方面一直保持一致，但也盡量謹慎和安全地使用我們的資本，為未來的潛在機會做準備。

All right.

好的。

And then just one follow-up question.

然後只有一個後續問題。

The new Star Wars mobile game, will you still be supporting Galaxy of Heroes for the complementary -- are they complementary games?

新的星球大戰手游，你還會支持英雄銀河的互補——它們是互補遊戲嗎？

And can you market between those 2 games?

你能在這兩款遊戲之間進行營銷嗎？

Yes, without a doubt.

是的，毫無疑問。

I mean, the perfect example of that is if you look at our Sims FreePlay game, which has been around for 4, 5 years, has done -- has not gone down at all with the introduction of the new Sims mobile game.

我的意思是，如果你看看我們的 Sims FreePlay 遊戲，它已經存在了 4、5 年，這就是一個完美的例子——並沒有隨著新的 Sims 手機遊戲的推出而下降。

Mobile games have -- there are so many audience members out there.

手機遊戲有——那裡有很多觀眾。

There's so many opportunities, and game styles are very different.

機會太多了，遊戲風格也大不相同。

The game style between the new Star Wars game and Galaxy of Heroes is going to be very, very different, different style audience.

新星球大戰遊戲和英雄銀河之間的遊戲風格將非常非常不同，不同風格的觀眾。

And we think both will remain extremely successful for a long period of time.

我們認為兩者都將在很長一段時間內保持極其成功。

Your next question comes from Drew Crum with Stifel, Nicolaus.

你的下一個問題來自 Drew Crum 和 Stifel，Nicolaus。

Blake, just want to ask about the guidance, net bookings growth of mid-single digits and low double-digit non-GAAP earnings growth.

布雷克，只想問一下指導，中個位數的淨預訂增長和低兩位數的非 GAAP 收益增長。

Can you talk about the lack of leverage there?

你能談談那裡缺乏影響力嗎？

Last time, you guys grew top line in the comparable rate.

上次，你們以可比的速度增長了收入。

You achieved 25% earnings growth.

您實現了 25% 的收入增長。

That was back in fiscal '16.

那是在 16 財年。

Your book tax rate is 300 basis points lower, and you're buying back more stock, which I would assume is accretive.

你的賬面稅率降低了 300 個基點，你回購了更多的股票，我認為這是增值的。

So I just want to understand the puts and takes behind the earnings growth that you're forecasting.

因此，我只想了解看跌期權並支持您預測的收益增長。

Yes, let me hit this real quick on the buyback.

是的，讓我在回購時迅速做到這一點。

We don't build the buyback into our forecast because we don't like to forecast what stock price is going to be.

我們不會將回購納入我們的預測，因為我們不喜歡預測股價會是多少。

But assuming that the buyback -- assuming the stock price is where it is today, you'd probably see 4 to 5 points of -- cents of earnings accretion going forward.

但假設回購——假設股價是今天的水平，你可能會看到 4 到 5 分——未來收益增長。

You'd probably see share count down to around 308 million by year end, in other words, if you do the math that way.

換句話說，如果你這樣算的話，到年底你可能會看到股票數量下降到 3.08 億左右。

I'd say the other issue is back in fiscal '16, we were not investing as much in the future.

我想說另一個問題回到了 16 財年，我們沒有在未來投資那麼多。

I think we were still coming through the tail end of the transformation.

我認為我們仍處於轉型的末期。

We are now investing much more heavily in the future, and you see that in our OpEx growth.

我們現在對未來進行了更多的投資，您可以在我們的運營支出增長中看到這一點。

And that's trimmed some of the earnings growth power, at least in our guidance.

這削弱了一些盈利增長動力，至少在我們的指導中是這樣。

Remember, this is guidance, not actual results.

請記住，這是指導，而不是實際結果。

And I think if you went back a couple of years, you'd see the same pattern as we've given annual guidance.

而且我認為，如果你回到幾年前，你會看到與我們給出的年度指導相同的模式。

But I do think what you heard from Andrew earlier is continued investment in both new IP as well as way people will play games in the future and the way games will be delivered in the future.

但我確實認為你之前從 Andrew 那裡聽到的是對新 IP 以及人們未來玩遊戲的方式和未來游戲交付方式的持續投資。

Investing in our network, investing in subscriptions, investing in cloud gaming, you're going to continue to hear and see those investments from us over time because we believe that's the way this business will be transformed.

投資於我們的網絡，投資於訂閱，投資於雲遊戲，隨著時間的推移，你將繼續聽到和看到我們的這些投資，因為我們相信這將是這項業務轉型的方式。

But at the same time, we're going to always look to get earnings leverage, and we think that, that model's pretty consistent with how it's been in the past.

但與此同時，我們將始終尋求獲得收益槓桿，我們認為，該模型與過去的情況非常一致。

Okay.

好的。

One more for me.

給我一個。

Just any update on the release window for Battlefield?

關於《戰地風雲》發布窗口的任何更新？

Historically, you guys have targeted October.

從歷史上看，你們的目標是十月。

Looks like a very crowded window this year.

看起來今年的窗口非常擁擠。

Any opportunity to push that out later in the December quarter?

是否有機會在 12 月季度晚些時候將其推出？

Yes.

是的。

Well, you'll hear more around E3 time frame on Battlefield.

嗯，你會在戰地風雲上聽到更多關於 E3 時間框架的信息。

You'll hear quite a bit coming up about the game and the plans for it.

您會聽到很多關於這款遊戲及其計劃的消息。

We're very excited.

我們非常興奮。

But you should assume -- back to your guidance question, you should assume that we built in the guidance some conservatism because of -- and caution because we know it's going to be a crowded third quarter for us, fourth quarter calendar year.

但是你應該假設 - 回到你的指導問題，你應該假設我們在指導中建立了一些保守主義因為 - 並且謹慎因為我們知道這對我們來說將是一個擁擠的第三季度，第四季度日曆年。

And we'll -- but the benefit that we have, I think, that we've always had is we have a very strong Battlefield community.

我們會 - 但我認為，我們一直擁有的好處是我們擁有非常強大的戰地社區。

And we think they're going to be extremely excited about this new Battlefield game.

我們認為他們會對這款新的《戰地風雲》遊戲感到非常興奮。

And we've been able to compete against others like Call of Duty in that same time frame in the past, and we will work hard to try to do that going forward.

在過去的同一時間段內，我們已經能夠與《使命召喚》等其他遊戲競爭，我們將努力爭取在未來做到這一點。

But more to come on the exact timing and a lot more about the game, which is pretty exciting.

但更多的是關於確切的時間和更多關於遊戲的信息，這非常令人興奮。

And your next question comes from Chris Merwin with Goldman Sachs.

你的下一個問題來自高盛的 Chris Merwin。

I just have a couple.

我只有一對。

First, for Blake.

首先，對於布萊克。

Even with the backdrop of Fortnite, yet another very strong quarter on live service, up about 30% year-on-year, and was it FIFA Ultimate Team and competitive gaming that were the main driving force behind that?

即使在 Fortnite 的背景下，另一個非常強勁的實時服務季度，同比增長約 30%，FIFA Ultimate Team 和競技遊戲是這背後的主要推動力嗎？

Or was there anything else that you would call out, like Star Wars MTX, which I think you brought back late in the quarter?

或者還有什麼你會叫出來的，比如我認為你在本季度末帶回來的星球大戰 MTX？

And then just a second question for Andrew.

然後是安德魯的第二個問題。

There've been some reports in the press about a couple of countries labeling loot boxes as illegal gambling and calling for the removal from games.

媒體上有一些報導稱，一些國家將戰利品箱標記為非法賭博，並要求將其從遊戲中移除。

You and I know, at FIFA, you've made some efforts to ensure that in-game currency can't be redeemed for real currency in any sort of illicit market.

你和我都知道，在 FIFA，你們已經做出了一些努力來確保遊戲貨幣不能在任何類型的非法市場上兌換成真實貨幣。

So maybe, can you update us on where talks stand with regulators on this topic and how we should think about any changes to the Ultimate Team mechanic in the affected countries?

那麼也許，您能否向我們介紹與監管機構就此主題進行的談判的進展情況，以及我們應該如何考慮受影響國家/地區終極團隊機制的任何變化？

So on the live service piece, it was Ultimate Team across FIFA, Madden and Hockey and, to a smaller extent, NBA.

因此，在現場服務方面，它是 FIFA、Madden 和 Hockey 的 Ultimate Team 以及較小程度上的 NBA。

But really, Ultimate Team #1 driver.

但實際上，Ultimate Team #1 車手。

Sims 4, #2 driver, and that's been consistent through the year.

模擬人生 4，#2 司機，這一年一直保持一致。

It's been extremely strong as we continue to add extra content to that game.

隨著我們繼續為該遊戲添加額外內容，它非常強大。

In Battlefield 1, we're at the tail end of extra content along Battlefield 1. Battlefront was not a major addition since, as you mentioned, the MTX came in very late in the quarter.

在《戰地風雲 1》中，我們處於《戰地風雲 1》額外內容的末尾。《戰地風雲》並不是主要的新增內容，因為正如您提到的，MTX 在本季度很晚才推出。

But the other thing to remember is the breadth of our extra content subscription, advertising, all the other components continue to add up and help us build that base that we've been able to build, now over $2.2 billion, is what's so great about that live service business because it continues to maintain a fairly large consistency year-over-year.

但另一件要記住的事情是我們額外內容訂閱的廣度，廣告，所有其他組件繼續加起來並幫助我們建立我們已經能夠建立的基礎，現在超過 22 億美元，這就是如此偉大現場服務業務，因為它繼續保持相當大的年復一年的一致性。

I'll let Andrew hit the loot box piece now.

我現在讓安德魯打戰利品盒。

Yes, and good question and certainly timely.

是的，問得好而且很及時。

And as you might imagine, we're working with all of the industry associations globally and with regulators in various jurisdictions and territories, many of whom we've been working with for some time and have evaluated and established that programs like FIFA Ultimate Team are not gambling.

正如您可能想像的那樣，我們正在與全球所有行業協會以及各個司法管轄區和地區的監管機構合作，我們已經與其中許多人合作了一段時間，並且已經評估並確定像 FIFA Ultimate Team 這樣的項目是不是賭博。

And we don't believe that FIFA Ultimate Team, all loot boxes are gambling.

而且我們不相信 FIFA Ultimate Team，所有的戰利品箱都是賭博。

Firstly, players always receive a specified number of items in each pack.

首先，玩家總是會在每個包中收到指定數量的物品。

And secondly, we don't provide or authorize any way to cash out or sell items of virtual currency for real-world money.

其次，我們不提供或授權任何方式來兌現或出售虛擬貨幣項目以換取現實世界的貨幣。

And there is no way we can make value assigned to fight items in game currency.

而且我們也沒有辦法用遊戲貨幣為戰鬥物品分配價值。

And while we forbid the transfer of items of in-game currency outside, we also actively seek to eliminate that where it's going on in a legal environment, and we work with regulators in various jurisdictions to achieve that.

雖然我們禁止將游戲內貨幣物品轉移到外部，但我們也積極尋求在合法環境中消除這種情況，並且我們與各個司法管轄區的監管機構合作以實現這一目標。

And so net-net, we're going to continue to push forward.

因此，net-net，我們將繼續推進。

We're always thinking about our players.

我們一直在考慮我們的球員。

We're always thinking about how to deliver these types of experiences in a transparent, fun, fair and balanced way for our players.

我們一直在思考如何以透明、有趣、公平和平衡的方式為我們的玩家提供這些類型的體驗。

And we'll continue to work with regulators around the world on it.

我們將繼續與世界各地的監管機構合作。

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

你的下一個問題來自 Colin Sebastian 和 Robert W. Baird。

First off for me, without creating a separate SKU for World Cup this time around, I wonder if you could talk a little more detail about the monetization strategy within the core game.

首先對我來說，這次沒有為世界杯創建單獨的 SKU，我想知道你是否可以更詳細地談談核心遊戲中的貨幣化策略。

And then secondly, looking at the phasing of the year in terms of revenues, it looks like the fourth quarter is expected to be similar to this past year, and I wonder what that means in terms of your expectations for Anthem given that you also have the Battlefield content in Q1 -- in Q4 as well.

然後其次，從收入的角度來看今年的階段，看起來第四季度預計與去年相似，我想知道這對你對 Anthem 的期望意味著什麼，因為你也有第一季度和第四季度的戰場內容。

Yes, I'll take the first, I'll let Blake take the second one.

是的，我會拿第一個，我會讓布萊克拿第二個。

As it relates to FIFA, what we've come to understand over the years, and many of you might remember I've worked on this franchise for a long time and built both FIFA and World Cup games, and as each year passed and digital became a more prevalent way for our players to access games and connect with each other through games, liquidity in the player base became really, really important.

與 FIFA 相關，這些年來我們逐漸了解的內容，你們中的許多人可能還記得我為這個系列工作了很長時間，製作了 FIFA 和世界杯遊戲，隨著時間的推移和數字化成為我們的玩家訪問遊戲並通過遊戲相互聯繫的一種更普遍的方式，玩家群的流動性變得非常非常重要。

And players are -- weren't wanting to opt out of one experience to play another soccer experience.

球員們 - 不想選擇退出一種體驗來玩另一種足球體驗。

So a part of why we brought the 2 experiences together in our core FIFA experience and what is the biggest sporting event in the world, the World Cup, is really to deliver on the needs and requests and motivations of our players to stay connected in a global soccer community.

因此，我們將 FIFA 的核心體驗和世界上最大的體育賽事世界杯這兩種體驗結合在一起的部分原因是為了滿足我們球員的需求、要求和動機，讓他們在全球足球社區。

And as we've announced, we're releasing all of the content, all the teams and things around the World Cup to allow people to play offline and online.

正如我們所宣布的那樣，我們將發布世界杯的所有內容、所有球隊和其他東西，讓人們可以在線下玩遊戲。

But you should expect that, for all of our players in FIFA Ultimate Team, there'll be very, very specific and interesting and entertaining and enjoying and engaging live service events in and around the World Cup.

但您應該預料到，對於我們 FIFA Ultimate Team 中的所有球員來說，在世界杯期間和周邊將會有非常非常具體、有趣、有趣、享受和參與的現場服務活動。

So on the guidance piece, a couple things I think you'll note.

所以在指南中，我想你會注意到一些事情。

We didn't use unit sales metrics for any of our titles.

我們沒有對我們的任何作品使用單位銷售指標。

And as you've heard in the past, we're trying to move away from that.

正如您過去所聽到的那樣，我們正在努力擺脫這種局面。

This is an example of how our business model has changed.

這是我們的商業模式如何改變的一個例子。

Unit sales are much less indicative of long-term franchise health due to the significant power of our event-driven live services now.

由於我們現在以事件為導向的實時服務的強大功能，單位銷售額不太能代表特許經營的長期健康狀況。

Live services component is really the bedrock of our business.

實時服務組件確實是我們業務的基石。

And while units sold to grow that are important, they become misleading in many ways to the street.

雖然出售的單位很重要，但它們在很多方面都會誤導人們。

And so we'll stay away from unit predictions for any titles going forward, unless there's some unique reason for it.

因此，除非有一些獨特的原因，否則我們將遠離任何未來標題的單位預測。

With -- in the case of Anthem, the real issue is the game will be shipped in the last quarter of the year and in the last month of that quarter.

就 Anthem 而言，真正的問題是遊戲將在今年最後一個季度和該季度的最後一個月發貨。

Meaning, we'll probably have limited restocking of the title even if it's extremely successful.

意思是，即使它非常成功，我們也可能會對標題進行有限的補貨。

Since it is new IP, we're being conservative in how we're thinking about it.

由於它是新 IP，我們對它的看法比較保守。

We're very excited about the game.

我們對這款遊戲感到非常興奮。

It's extremely unique, and I think players are going to really enjoy playing it.

它非常獨特，我認為玩家會非常喜歡玩它。

But we're careful not to put too large of a forecast in there.

但我們注意不要在其中放置太大的預測。

And clearly, it will impact this year as well as next year as we not only continue to sell more into the next year but start rolling out the live services associated with that game.

顯然，這將影響今年和明年，因為我們不僅會在明年繼續銷售更多產品，而且會開始推出與該遊戲相關的實時服務。

Your next question comes from Eric Sheridan with UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

Andrew, you talked a lot about extending gameplay as you look out for the future of gaming.

Andrew，在展望遊戲的未來時，您談到了很多關於擴展遊戲玩法的話題。

Wonder if you can give us your perspective on the title mixes and what you see at some of the key titles, especially with respect to mobile, where you can extend gameplay beyond console and PC into a mobile first world and how you think about the pace and cadence of that going forward.

想知道您是否可以告訴我們您對標題組合的看法以及您在一些關鍵標題中看到的內容，尤其是在移動設備方面，您可以將游戲玩法從主機和 PC 擴展到移動優先世界，以及您如何看待節奏以及前進的節奏。

And then following up on, I think it was, Drew's question from before for Blake, anything you want to call out in terms of the pace or cadence of R&D and marketing as we go through the year quarter-by-quarter, given the way that you laid out, sort of, revenue and bookings?

然後跟進，我想是，Drew 之前問 Blake 的問題，任何你想提出的關於研發和營銷的速度或節奏的問題，因為我們逐季度經歷了這一年，給定的方式您列出了收入和預訂量？

Just so maybe we have some guideposts to think about margin evolution as you go through the year.

這樣一來，也許我們有一些指南可以幫助您在這一年中考慮利潤率的變化。

Yes.

是的。

So let me grab the first one.

所以讓我抓住第一個。

I mean, at its very core, you've heard us talk a lot about subscription plus cloud gaming and the opportunity for those 2 things to fundamentally disrupt the way people access and enjoy games like nothing before, in much in the same way as disrupted enjoyment and engagement in movies and music.

我的意思是，就其核心而言，您已經聽到我們談論了很多關於訂閱和雲遊戲的話題，以及這兩件事有機會從根本上顛覆人們前所未有的訪問和享受遊戲的方式，就像被顛覆的方式一樣享受和參與電影和音樂。

And so we've talked about, in a 3- to 5-year time horizon, we believe that cloud gaming is going to have a -- make a meaningful contribution to the way players engage with games.

因此，我們已經討論過，在 3 到 5 年的時間範圍內，我們相信雲遊戲將對玩家參與遊戲的方式做出有意義的貢獻。

And of course what that does mean is it really doesn't matter what device you're accessing it by.

當然，這意味著您通過什麼設備訪問它真的無關緊要。

The experience that you have is governed by the size of the screen and the amount of time you have to play.

您的體驗取決於屏幕大小和您玩遊戲的時間長短。

And so everything we're building right now, we are thinking about a world where we will not be bound by device, we will not be bound by local compute or memory, but much of these experiences will exist in the cloud.

因此，我們現在正在構建的所有內容，我們都在考慮一個我們不會被設備束縛的世界，我們不會被本地計算或內存束縛，但其中大部分體驗將存在於雲端。

And you'll access them based on whatever device you have access to at the time.

您將根據當時可以訪問的任何設備訪問它們。

And we think about that at a core technology level.

我們在核心技術層面考慮這一點。

We think about that at a game design level.

我們在遊戲設計層面考慮這一點。

We also think about that as kind of how we think -- how we interact with our players and how they interact with the games.

我們也將其視為一種我們的思維方式——我們如何與玩家互動以及他們如何與遊戲互動。

And you should expect to see us, between now and that time, start to push more of our experiences, particularly ones with really large global communities to be able to interact with the experiences across devices.

你應該期待看到我們，從現在到那個時候，開始推動我們的更多體驗，特別是那些擁有真正龐大的全球社區的體驗，以便能夠與跨設備的體驗進行交互。

And you've already seen this from us with FIFA and the ability to access Ultimate Team and do a great deal of interactions with Ultimate Team through mobile and on PC and on your console experience.

你已經從我們的 FIFA 中看到了這一點，並且能夠訪問 Ultimate Team 並通過移動設備、PC 和控制台體驗與 Ultimate Team 進行大量互動。

And we look forward to driving more of that in the future.

我們期待在未來推動更多。

So on the second question.

那麼關於第二個問題。

You should assume that we'll see some phasing of R&D as -- over the year as we start to build out our games, new games.

你應該假設我們會看到研發的一些階段 - 在我們開始構建我們的遊戲，新遊戲的一年中。

We get better leverage, obviously, as the revenue grows in the third and fourth quarter on that number.

顯然，隨著第三季度和第四季度收入的增長，我們獲得了更好的槓桿作用。

But you should see, in real terms, you'd see some slow growth of that during the year.

但你應該看到，實際上，你會看到這一年的增長緩慢。

We do tend to use more part-time employees during the third quarter as we have large -- as we're gleaning into large layout -- or large new titles.

我們確實傾向於在第三季度使用更多的兼職員工，因為我們有很大的 - 因為我們正在收集大型佈局 - 或大型新標題。

You can see that in the past P&Ls in terms of the phasing.

您可以在過去的階段性損益表中看到這一點。

G&A is pretty consistent year-on-year.

G&A 與去年同期相比相當穩定。

And marketing, as you know, we're targeting around 12%.

市場營銷，如你所知，我們的目標是 12% 左右。

And so that's really dependent on titles and the marketing that we're doing ahead of a quarter around the title.

因此，這真的取決於標題和我們在圍繞標題的四分之一之前所做的營銷。

But obviously, our bigger quarters, you're going to see larger marketing spend both at the tail end of the second quarter and all through the third quarter and into the fourth quarter.

但顯然，我們更大的季度，你會在第二季度末以及整個第三季度和第四季度看到更大的營銷支出。

And your next question comes from Tim O'Shea with Jefferies.

你的下一個問題來自 Jefferies 的 Tim O'Shea。

So Andrew has talked about the future of play and how the industry will evolve over the next few years, and Blake spoke about how the revenue stream is already looking more SaaS-like.

因此，Andrew 談到了遊戲的未來以及該行業在未來幾年將如何發展，Blake 談到了收入流如何看起來更像 SaaS。

So my question is as we start to think about cloud gaming, what does the business model look like?

所以我的問題是，當我們開始考慮雲遊戲時，商業模式是什麼樣的？

Is it subscription add, full price, is it microtransactions or DLC?

是訂閱添加，全價，是微交易還是 DLC？

And with this cloud gaming offering, is that a standalone EA offering?

有了這個雲遊戲產品，這是一個獨立的 EA 產品嗎？

Or would you offer your games on a third-party platform, maybe something analogous to the current console paradigm?

或者你會在第三方平台上提供你的遊戲，也許類似於當前的遊戲機模式？

I'd just love to hear your thoughts as we think about how this industry is evolving.

在我們思考這個行業如何發展時，我很想听聽您的想法。

Yes, great question.

是的，很好的問題。

I mean, we've given a lot of thought to it and plan towards.

我的意思是，我們已經對此進行了很多思考並製定了計劃。

And again, if we look at other entertainment industries and other SaaS-like industries for guidance, what we discover is that multiple business models coexist.

同樣，如果我們以其他娛樂行業和其他類似 SaaS 的行業為指導，我們會發現多種商業模式並存。

And if I think about how I consume movies right now, I have a Comcast subscription, I have a Netflix subscription.

如果我想一想我現在是如何消費電影的，我有康卡斯特訂閱，我有 Netflix 訂閱。

I buy things on iTunes.

我在 iTunes 上買東西。

And I watch on a plane and I also watch a lot of free content through YouTube and other online mediums.

我在飛機上觀看，還通過 YouTube 和其他在線媒體觀看了很多免費內容。

What -- but what we're also discovering is that even while those multiple business models exist and our ideal here is to capture engagement and offer access through any business model on any device for all of our players in a growing global community, what we're seeing is a real move toward subscription as the best way to access content and the most friction-less way to access content and a way to build a relationship with a platform play who offers that collection of content wrapped in services.

什麼——但我們還發現，即使存在這些多種商業模式，我們的理想是通過任何商業模式在任何設備上為不斷發展的全球社區中的所有玩家提供參與和訪問，我們訂閱是訪問內容的最佳方式和最無摩擦的內容訪問方式，也是與提供包裹在服務中的內容集合的平台遊戲建立關係的一種方式。

And so our expectation is, while we will continue to offer the access to content through any known business models that our players tell us they want to utilize, we expect that consumers, much the way they have in other industries, will move towards subscription.

因此，我們的期望是，雖然我們將繼續通過我們的玩家告訴我們他們想要使用的任何已知商業模式提供對內容的訪問，但我們希望消費者，就像他們在其他行業的方式一樣，將轉向訂閱。

And that will become a far more meaningful part of our business and maybe even a majority of our business in the years to come.

這將成為我們業務中更有意義的一部分，甚至可能在未來幾年成為我們業務的大部分。

And as we think about that, we also -- we're in a unique position to offer subscription, as we're doing today, by virtue of the breadth and depth of our content and our ability to get to a large global player base of diverse cohorts, diverse backgrounds and diverse geographies.

當我們考慮到這一點時，我們也 - 我們處於提供訂閱的獨特位置，就像我們今天所做的那樣，憑藉我們內容的廣度和深度以及我們接觸龐大全球玩家群的能力不同的群體、不同的背景和不同的地域。

We also understand and appreciate, however, that even with the size of the portfolio we have, there are other elements of gameplay that will be important to a broader subscriber base as we continue to grow.

然而，我們也理解並讚賞，即使我們擁有的產品組合規模龐大，隨著我們的不斷發展，遊戲玩法的其他元素對於更廣泛的用戶群也很重要。

And what you're seeing from us now with what we're doing with our originals program is bringing new content in.

你現在從我們這裡看到的，我們正在用我們的原創項目做的是帶來新的內容。

What you're seeing from us with signing third parties is bringing new and interesting and different content in.

你從我們這裡看到的與第三方簽約的是帶來新的、有趣的和不同的內容。

You might imagine that frontline content will become an important part of that in the future, and that we might work collaboratively with other content creators and developers and publishers to ensure we have a truly robust subscription offering.

您可能會想像，一線內容在未來將成為其中的重要組成部分，並且我們可能會與其他內容創作者、開發商和出版商合作，以確保我們擁有真正強大的訂閱服務。

And a streaming approach allows, while that technology still is evolving and we know that it's -- could be 2 to 4 years away, it allows for the concept that you could play games on many different devices versus on one device typically found in your home.

流式傳輸方法允許，雖然該技術仍在不斷發展，而且我們知道它 - 可能需要 2 到 4 年的時間，但它允許你可以在許多不同的設備上玩遊戲而不是在你家里通常使用的一個設備上玩遊戲的概念.

And we may partner with people as well as work on our own technology to help deliver that.

我們可以與人合作，也可以使用我們自己的技術來幫助實現這一目標。

And as Andrew said, we think that can be delivered in many different ways, and we'll still -- many years from now, we'll have gaming across consoles, PCs, possibly streaming-enabled TVs or other devices as well as mobile devices.

正如安德魯所說，我們認為可以通過許多不同的方式提供，而且我們仍然會 - 多年後，我們將在遊戲機，個人電腦，可能具有流媒體功能的電視或其他設備以及移動設備上進行遊戲設備。

And that's the exciting part about the business.

這就是這項業務令人興奮的部分。

We think that continues to help grow the market.

我們認為這將繼續幫助市場增長。

It doesn't bifurcate the market in a negative way.

它不會以消極的方式分裂市場。

Your next question comes from Evan Wingren with KeyBanc.

您的下一個問題來自 KeyBanc 的 Evan Wingren。

Blake, just looking at the guidance, if I did my math right, you're actually implying that the units are down year-on-year within initial guidance.

布萊克，只要看看指南，如果我的數學計算正確，你實際上是在暗示單位在最初的指導範圍內同比下降。

So just trying to understand the puts and takes there given you have a favorable comp, one would think with Battlefield and Anthem obviously coming into the fray.

因此，如果你有一個有利的組合，只是試圖了解那裡的投入和投入，人們會認為戰地風雲和國歌顯然會加入競爭。

Yes, I'm not quite sure how you're doing the math to get to units being down, but maybe you can give me the details on that offline.

是的，我不太確定你是如何計算得出單位下降的，但也許你可以給我離線的詳細信息。

But we're saying a couple of things to note is you've got a whole bunch of pieces in the puzzle, that's why I don't know if you can do the math.

但我們要說的是要注意的幾件事是你在拼圖中有一大堆碎片，這就是為什麼我不知道你是否可以做數學。

Live service growth, remember, subscription growth is part of live services growth.

直播服務增長，記住，訂閱增長是直播服務增長的一部分。

And so in a subscription world, you actually may have or will have less units sold, but you'll have more consistent revenue over time.

因此，在訂閱世界中，您實際上可能已經或將會售出更少的單位，但隨著時間的推移，您將獲得更穩定的收入。

And we're expecting a few inflection points in our subscription program over this -- programs this next year, which should help drive more growth.

我們預計明年我們的訂閱計劃會出現一些拐點，這應該有助於推動更多的增長。

So that's why I'd come back to my statement earlier that said we're moving away from discussing units because it's either live service revenue or subscription revenue that you're going to tend to see growing over time, which neither of those will fill up as units in any way.

所以這就是為什麼我要回到我之前的聲明中說我們正在遠離討論單位因為它是實時服務收入或訂閱收入，你會看到隨著時間的推移而增長，而這兩者都不會填補以任何方式作為單位。

Okay.

好的。

And then just on Battlefield this year.

然後就在今年的戰地風雲中。

Could you maybe just give us a sense as to how your multiplayer approach for this game might differ from historical Battlefield games?

您能否讓我們了解一下您在這款遊戲中的多人模式與以往的《戰地風雲》遊戲有何不同？

Again, we've got lots to talk about in the weeks and months to come, and you should imagine that we will be talking at great length about it.

同樣，在接下來的幾周和幾個月裡，我們有很多話要談，你應該想像我們會談很長時間。

The DICE team has a core DNA, maybe the strongest in the industry, around multiplayer and more importantly, innovation in multiplayer.

DICE 團隊擁有核心 DNA，可能是業內最強的，圍繞多人遊戲，更重要的是，多人遊戲的創新。

They were the first team to get a 64-player multiplayer.

他們是第一支獲得 64 人多人遊戲的隊伍。

They were the first team to get to kind of destruction in multiplayer.

他們是第一支在多人遊戲中遭遇毀滅性打擊的隊伍。

And so you should imagine that, as we talked about in prepared notes, all the things that a Battlefield fan would expect out of a multiplayer game from DICE in the Battlefield universe will be there, while additional innovations in how we're thinking about the future of multiplayer in first-person shooters will also be there, both at launch and over time as part of a large service.

因此，您應該想像一下，正如我們在準備好的筆記中所討論的那樣，戰地風雲粉絲期望在戰地風雲世界中的 DICE 多人遊戲中獲得的所有東西都將存在，而我們在思考方式方面的其他創新第一人稱射擊遊戲中多人遊戲的未來也將存在，無論是在發佈時還是作為大型服務的一部分。

Watch closely in the hint.

仔細觀察提示。

More things to come.

更多的事情來了。

And your next question comes from Ray Stochel from Consumer Edge Research.

你的下一個問題來自 Consumer Edge Research 的 Ray Stochel。

In thinking about the potential of your future subscription strategies, what percentage of customers repurchase titles like FIFA or Madden every year versus new customers coming in to purchase the title?

在考慮您未來訂閱策略的潛力時，每年重新購買 FIFA 或 Madden 等遊戲的客戶與新客戶購買遊戲的百分比是多少？

And then similarly, how many people could be considered lapsed users that could come back in at a different price point or monetization strategy?

然後類似地，有多少人可以被視為可以以不同的價格點或貨幣化策略回來的流失用戶？

Yes, I don't have the exact numbers, but quite a few.

是的，我沒有確切的數字，但有不少。

I mean, since Ultimate Team has gained scale, we're north of 70% with titles like FIFA and Madden.

我的意思是，自從 Ultimate Team 規模擴大後，我們擁有 FIFA 和 Madden 等遊戲的比例超過 70%。

Pre-Ultimate Team, it goes back some time, it was often times less than 50% buyer every year.

Pre-Ultimate Team，它可以追溯到一段時間以前，每年通常只有不到 50% 的買家。

So you're seeing a much more consistent buying pattern because people want to reengage in Ultimate Team.

因此，您會看到更加一致的購買模式，因為人們希望重新加入 Ultimate Team。

People are -- 70-plus percent of the buyers are engaging in Ultimate Team so you'd expect to see that type of pattern.

人們 - 超過 70% 的買家正在參與 Ultimate Team，因此您希望看到這種模式。

We do, though, spend a lot of time on how do we bring lapsed players back in and how do we maintain a consistent world with those players.

不過，我們確實花了很多時間研究如何讓流失的玩家回歸，以及如何與這些玩家保持一致的世界。

And I think in that world, subscription will only help because they'll constantly be getting upgraded over time with their versions of the game.

而且我認為在那個世界裡，訂閱只會有所幫助，因為他們會隨著時間的推移不斷升級他們的遊戲版本。

And I think that keeps people engaged and most importantly, keeps them involved in the live service components, which makes the game more fun for everybody.

我認為這可以讓人們保持參與，最重要的是，讓他們參與到實時服務組件中，這讓遊戲對每個人來說都更有趣。

Your next question comes from Brandon Ross from BTIG.

你的下一個問題來自 BTIG 的 Brandon Ross。

More on subscription.

更多關於訂閱。

What do you think the time line is for you to immediately add your own frontline releases such as a FIFA or Battlefield or an Anthem to access an Origin?

你認為什麼時間線可以讓你立即添加你自己的前線版本，如 FIFA 或 Battlefield 或 Anthem 以訪問 Origin？

And when you speak about there being an inflection point in subscription, are you alluding to that happening this year potentially?

當你談到訂閱出現拐點時，你是在暗示今年可能會發生這種情況嗎？

I was going to ask about capital allocation afterwards.

之後我打算問一下資金配置。

Okay.

好的。

So I'm going to hit the first one, then you can ask.

所以我要打第一個，然後你可以問。

We don't have anything to announce today, but I'd just say, assume that our subscription strategy, as Andrew said, will be evolving quickly.

我們今天沒有什麼要宣布的，但我只想說，假設我們的訂閱策略，正如安德魯所說，將會迅速發展。

I think that this year and next year, you'll start to see new things in that subscription program, be it new third-party titles, potentially, at some point, frontline titles, but clearly, we'll continue to push that.

我認為今年和明年，你會開始在該訂閱計劃中看到新的東西，無論是新的第三方遊戲，在某些時候可能是前線遊戲，但很明顯，我們會繼續推動它。

We believe the platform can do all those things.

我們相信該平台可以做所有這些事情。

We also want to add more social layers into the platform and more tools, and you'll continue to see that evolution going on as well through the Origin platform.

我們還想在平台中添加更多社交層和更多工具，您將繼續通過 Origin 平台看到這種演變。

So more to come.

所以還有更多。

We're pretty excited.

我們很興奮。

Don't take my inflection point comment too literally, but you should see continued growth, and you'll probably see some spikes in growth as we add new and exciting things to the service.

不要太從字面上理解我的拐點評論，但您應該會看到持續的增長，並且隨著我們向服務中添加新的和令人興奮的東西，您可能會看到一些增長峰值。

You've got a capital allocation...

你有一個資本配置......

Yes, on capital allocation, a couple of things.

是的，在資本配置方面，有幾件事。

I think you had been considering a dividend.

我想你一直在考慮分紅。

Can you walk us through why you decided against that?

你能告訴我們你為什麼決定反對嗎？

And you mentioned leaving capital for potential opportunities.

你提到離開資本尋找潛在的機會。

What are the ideal M&A opportunities for your organization at this point, is it mobile or supplementing with studios and genres for your weaker or on the technology side?

目前對您的組織而言，理想的併購機會是什麼，是移動還是為您的弱勢或技術方面補充工作室和流派？

I'll hit that first.

我會先打那個。

It's all 3 of those things.

都是這3樣東西。

I mean, as Andrew mentioned, running a broad subscription service requires great content.

我的意思是，正如安德魯提到的那樣，運行廣泛的訂閱服務需要大量的內容。

And so we're always looking for great content and really great studios that can build that content.

因此，我們一直在尋找優秀的內容和能夠構建這些內容的真正優秀的工作室。

We partnered with Respawn for some time to get to know them.

我們與 Respawn 合作了一段時間以了解他們。

We believe they're a studio that can build, not just the great games they're building today but, great games for a long time to come.

我們相信他們是一個可以打造的工作室，不僅是他們今天正在打造的偉大遊戲，而且是未來很長一段時間內的偉大遊戲。

And so it's great studios and great partners that we can bring to the table in both mobile and console and PC, but also technology that will help us either in subscriptions or streaming.

因此，我們可以在移動設備、遊戲機和 PC 上帶來優秀的工作室和合作夥伴，同時也帶來有助於我們訂閱或流媒體的技術。

And you'll probably see some of that stuff to come.

你可能會看到其中的一些東西。

Most of it is probably more small to midsized than large because there's not that many large companies out there, but we'll look at everything.

其中大部分可能是中小型公司，而不是大型公司，因為那裡沒有那麼多大公司，但我們會考慮一切。

And we want to maintain that flexibility.

我們希望保持這種靈活性。

And that was really the primary reason for not doing a dividend, is that we felt if we started a dividend it would be much harder to stop it if there was some reason to flex up to do something larger.

這確實是不派息的主要原因，我們覺得如果我們開始派息，如果有某種理由去做更大的事情，那麼停止派息會困難得多。

And that's the reason we decided to stay with the buyback.

這就是我們決定繼續回購的原因。

We feel it's the most efficient way to do it, and it gives you the full flexibility going forward.

我們認為這是最有效的方式，它為您提供了充分的靈活性。

Your next question comes from Justin Post with Bank of America.

你的下一個問題來自美國銀行的 Justin Post。

A couple of questions.

幾個問題。

First, your live services up 31% in what could be a big Fortnite quarter.

首先，您的實時服務在《堡壘之夜》的一個重要季度中增長了 31%。

How did you factor in that competition and then the holiday competition in your guidance?

在你的指導中，你是如何將那場比賽和假期比賽考慮在內的？

And then the second thing, Overwatch league is up and running, NBA starting this month, what have you learned from esports?

然後第二件事，《守望先鋒》聯賽已經開始運行，本月開始的 NBA，你從電子競技中學到了什麼？

And would you say you're more optimistic on the opportunity?

你會說你對這個機會更樂觀嗎？

Or about the same?

還是差不多？

Yes.

是的。

So let me do the Fortnite piece, and then I'll let Andrew talk about esports.

所以讓我做 Fortnite 的部分，然後我會讓安德魯談談電子競技。

We welcome innovation in the industry.

我們歡迎行業創新。

That's what makes this business so exciting and fun to operate in.

這就是使這項業務如此令人興奮和有趣的原因。

If you look back over the 20 or 30 years, the innovation that one game team has done has been -- goes through the whole industry.

如果你回顧過去 20 或 30 年，一個遊戲團隊所做的創新已經——貫穿了整個行業。

That's fantastic.

這太妙了。

And we welcome innovators like Fortnite or PUBG that really help push everyone's thinking, and we feel that, that's great for the business as a whole.

我們歡迎像 Fortnite 或 PUBG 這樣真正有助於推動每個人思考的創新者，我們認為這對整個企業來說都很棒。

We don't feel like any one player or any one game from FIFA to Madden to Battlefield is going to capture that 100% of the marketplace.

我們認為從 FIFA 到 Madden 再到 Battlefield 的任何一個玩家或任何一款遊戲都不會佔領 100% 的市場。

It just doesn't happen that way.

它只是不會那樣發生。

And so we haven't seen a giant impact, but that's guessing around what our forecast was.

所以我們還沒有看到巨大的影響，但這是在猜測我們的預測。

We try to be conservative.

我們盡量保守。

We try to anticipate as we do with either new titles coming out or existing titles or even things we don't know about.

我們嘗試像對待即將推出的新遊戲或現有遊戲甚至我們不知道的事物一樣進行預測。

But we do think, in the case of Fortnite, it's helped grow the whole marketplace.

但我們確實認為，就 Fortnite 而言，它有助於發展整個市場。

And in particular, it's bringing younger people into the marketplace and younger people into first-person shooters, and I think that's good for the long-run health of that category for all of us in the industry, not just one player.

特別是，它將年輕人帶入市場，將年輕人帶入第一人稱射擊遊戲，我認為這對我們行業中的所有人，而不僅僅是一個玩家，都有利於該類別的長期健康發展。

And in terms of esports, we talked about this a little bit last quarter.

在電子競技方面，我們上個季度討論了一點。

I mean, we saw tremendous engagement in both our Madden league and our FIFA league, up significantly year-over-year and breaking records in both broadcast television and on digital channels.

我的意思是，我們在 Madden 聯賽和 FIFA 聯賽中都看到了巨大的參與度，同比顯著增長，並且打破了廣播電視和數字頻道的記錄。

We're going to continue to double down there.

我們將繼續在那裡加倍努力。

We've got an entire competitive gaming group that are pushing to grow that and really think about the ongoing evolution.

我們有一個完整的競爭性遊戲團隊，他們正在推動發展，並真正考慮持續的發展。

We're excited and energized by the level of inbound queries and questions and requests for involvement that we've had.

我們對我們收到的大量入站查詢、問題和參與請求感到興奮和鼓舞。

Again, we have the world's biggest game and this country's biggest game in soccer and American football.

再一次，我們有世界上最大的比賽，也是這個國家最大的足球和美式橄欖球比賽。

And there are a lot of people that really want to engage with that in order to get access to the audience that's really playing and watching our esports events there.

並且有很多人真的很想參與其中，以便接觸到真正在那裡玩和觀看我們的電子競技活動的觀眾。

Also in our prepared remarks, we talked about ongoing investment in Battlefield.

同樣在我們準備好的發言中，我們談到了對《戰地風雲》的持續投資。

Again, Battlefield has multiplayer and competition core to its DNA.

同樣，《戰地風雲》的 DNA 具有多人遊戲和競爭核心。

And we're excited about what the DICE team is doing in innovating as it relates to a competitive play in and around Battlefield.

我們對 DICE 團隊在創新方面所做的工作感到興奮，因為這與《戰地風雲》內外的競爭性遊戲有關。

And we've got another one that we're launching later this year, too, that we're yet to announce.

我們還有另一個將於今年晚些時候推出的產品，但我們尚未宣布。

So I think the macro message you're hearing from us is that we always believe this would grow engagement and grow revenue.

所以我認為你從我們這裡聽到的宏觀信息是，我們始終相信這會增加參與度並增加收入。

It's happening much quicker than we anticipated, and we're doubling down to make sure that we maintain that momentum and continue to grow engagement both from players, viewers and sponsors and broadcasters in and around our events.

它發生的速度比我們預期的要快得多，我們正在加倍努力以確保我們保持這種勢頭並繼續增加玩家、觀眾、贊助商和廣播公司在我們活動中和周圍的參與度。

Your last question comes from Stephen Ju with Crédit Suisse.

你的最後一個問題來自瑞士信貸銀行的 Stephen Ju。

Andrew, I think given what I think you and Blake have alluded to in the past with the expected time line for the ramp of FIFA Mobile and how long it took Madden Mobile to ramp, I was a little bit surprised to see Tencent recently announced the game for China.

Andrew，我想鑑於我認為你和 Blake 過去提到的 FIFA Mobile 的預期時間線以及 Madden Mobile 需要多長時間才能上線，看到騰訊最近宣布為中國而戰。

So I'm wondering if it's a different or the same version of the game and how your thinking may have evolved in terms of catching up to Madden Mobile monetization.

所以我想知道它是遊戲的不同版本還是相同版本，以及您的想法在趕上 Madden Mobile 貨幣化方面可能發生了怎樣的變化。

And also I think you called out the launch of FIFA Online 4 with Nexon and Tencent in your prepared remarks.

而且我認為你在準備好的發言中提到了與 Nexon 和騰訊一起推出 FIFA Online 4。

Can you provide us with an update on your efforts to, I guess, migrate the users from 3 to 4?

您能否向我們提供有關您將用戶從 3 遷移到 4 的努力的最新情況？

Well, there's a lot of questions there.

嗯，那裡有很多問題。

So first is FIFA, in the West, you heard in the prepared remarks, continues to grow and certainly contributed to the growth in our FIFA business this year, even in the face of some of our older titles, kind of, in decline as they were expected to be at this time line.

所以首先是國際足聯，在西方，你在準備好的發言中聽到了，它繼續增長並且肯定為今年我們的國際足聯業務的增長做出了貢獻，即使面對我們的一些較舊的頭銜，隨著它們的出現而有所下降預計在這個時間線上。

We're excited about what that team is doing and expect that, that will continue to do very well and grow this year.

我們對該團隊正在做的事情感到興奮，並期望今年會繼續做得很好並有所增長。

Particularly in a World Cup year, you should imagine that there will be a series of events and opportunities for mobile players to engage in that.

特別是在世界杯年，你應該想像會有一系列的活動和機會讓移動玩家參與其中。

We also have a game in China that we are doing with Tencent in and around FIFA Online 4 that is a China-specific execution, and we're excited about that.

我們在中國也有一款遊戲，我們正在與騰訊合作，在 FIFA Online 4 中和周圍進行，這是針對中國的執行，我們對此感到興奮。

And then we are actively transitioning across to FIFA Online 4 in both Korea and China.

然後我們正在韓國和中國積極過渡到 FIFA Online 4。

And that is going as well as we plan and it's certainly getting the full support of Nexon in Korea and fixed our marketing support in China.

這一切都按照我們的計劃進行，它肯定會得到韓國 Nexon 的全力支持，並固定我們在中國的營銷支持。

And so all in all, we're very, very happy with our performance in mobile and free-to-play in Korea and China and in the West.

所以總而言之，我們對我們在韓國、中國和西方的移動和免費遊戲表現非常非常滿意。

Great.

偉大的。

With that, we'll call it, and see everyone, if not at E3, in the near future.

有了這個，我們會稱之為，並在不久的將來與所有人見面，如果不是在 E3 上的話。

Thanks very much for your time today.

非常感謝你今天的時間。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。