美商藝電 (EA) 2018 Q4 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 Q4 2018 Earnings Call. (Operator Instructions) Thank you.

午安.我叫艾莉卡，今天我將擔任你們的會議接線生。在此，我謹代表藝電公司歡迎各位參加2018年第四季財報電話會議。（操作說明）謝謝。

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

投資者關係副總裁克里斯·埃文登先生，您可以開始了。

Thank you, Erica. Welcome to EA's Fourth Quarter Fiscal 2018 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO. 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, a transcript and an updated accounting Q&A. With regard to our calendar, our Q1 fiscal '19 earnings call is scheduled for Thursday, July 26, 2018.

謝謝你，艾麗卡。歡迎參加EA 2018財年第四季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson，以及我們的財務長兼營運長 Blake Jorgensen。請注意，我們的美國證券交易委員會文件和盈利報告可在 ir.ea.com 上查閱。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的發言稿、本次通話的錄音回放、我們的財務模型、通話記錄以及更新後的會計問答。關於我們的日程安排，我們 2019 財年第一季財報電話會議定於 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. Actual events and results may differ materially from our expectations. 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. Electronic Arts makes these statements as of today, May 8, 2018, and disclaims any duty to update them.

本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-Q 表格。Electronic Arts 於 2018 年 5 月 8 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

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

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

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

那麼，我就把電話交給安德魯了。

Thanks, Chris. 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. 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.

謝謝你，克里斯。2018 財年是藝電 (Electronic Arts) 成長和持續轉型的一年，也是我們始終將玩家放在首位的承諾更加堅定的一年。我們擴大了全球玩家群體；提高了玩家對我們領先遊戲、線上服務和訂閱的參與度；並繼續專注於傾聽和學習我們社群的意見。

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.

我們第四季和 2018 財年的營收和獲利均高於我們在 1 月給出的預期，我們已做好充分準備，在 2019 財年繼續成長。

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

我們的策略是提供一系列精彩的遊戲和內容，並透過創新方式提供服務，以觸及不斷擴大的全球受眾。以下是我們在過去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. 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.

我們的 EA SPORTS 系列遊戲：FIFA、Madden NFL、NBA Live、NHL 和 UFC 仍然是世界上最強大的運動品牌之一。在 2018 財年，我們的 EA SPORTS 玩家群成長到近 9,000 萬（截至目前為止），這些玩家主要集中在現世代的遊戲主機上，此外，在行動裝置和 PC 平台上還有數千萬玩家。

Our sports games are also powerful platforms for competitive gaming. 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.

我們的運動遊戲也是強大的競技遊戲平台。本賽季，近 1800 萬名玩家參與了 FIFA 18 和 Madden NFL 18 的比賽，同比增長超過 75%，我們頂級賽事的收視率在電視網絡和數位頻道上持續打破紀錄。

We are growing our reach across all platforms. 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.

我們正在擴大在所有平台上的影響力。截至目前，我們的《戰地》系列遊戲生態系統在當前世代主機和 PC 平台上擁有超過 5400 萬玩家，粉絲們在遊戲發布後的幾年內仍然繼續玩他們最喜歡的《戰地》系列遊戲。

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

我們的模擬市民社群跨越世代和平台，在 2018 財年，PC 和行動裝置上的活躍模擬人生玩家超過 8,000 萬。《模擬市民4》發布近4年後，我們的玩家群仍在不斷壯大，今年我們將為PC玩家帶來更多精彩內容。

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.

隨著《模擬市民免費版》的持續成功，《模擬市民》手機版的玩家群也實現了強勁的早期成長，這使得我們在手機平台上擁有了兩款遊戲，能夠提供《模擬市民》粉絲所期待的豐富體驗。

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

2018 財年是 EA 行動產品組合有史以來業績最好的一年。《星際大戰：銀河英雄傳》繼續擁有我們最忠誠、最投入的粉絲群之一，推動玩家滿意度在第四季達到歷史最高水準。

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 系列遊戲，如 SimCity BuildIt、Real Racing 3 等，每天都在為全球玩家帶來娛樂，我們將在 2019 財年進一步拓展和深化我們的產品組合。

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

我們也幫助玩家體驗更多遊戲，包括創新的新IP。我們的 EA Access 和 Origin Access 訂閱遊戲數量持續成長，我們還擴展了 Origin Access，除了 EA 的 PC 遊戲庫之外，還包含了數十款第三方遊戲。憑藉 EA Originals 項目，我們取得了巨大的成功，Hazelight 開發的創新合作遊戲《逃出生天》在發布後的前 4 週內吸引了近 200 萬名玩家。

Through all of these examples and many more, we hold an unfaltering commitment to our communities. We will also always push forward to innovate and create new experiences. That's in our DNA. We also continue to listen, learn and act in service to our players.

透過以上種種例子以及更多其他例子，我們對社區始終保持著堅定不移的承諾。我們也將始終致力於創新，創造新的體驗。這是刻在我們基因裡的。我們將繼續傾聽、學習並採取行動，為我們的球員服務。

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

我們對《星際大戰》的粉絲們懷抱著深深的感激和敬意。正如我們承諾的那樣，我們在第四季度對《星際大戰：前線 II》的遊戲進度進行了重大重新設計，更新為玩家想要的更線性的系統。我們也為遊戲帶來了新的內容模式和粉絲要求的更新，隨著新電影《星際大戰外傳：索羅》的上映，我們也將推出更多內容。

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

2019財年伊始，EA擁有獨特的領先優勢。透過我們對智慧財產權、技術、競爭和新玩法的投資，我們才華橫溢的團隊不斷體驗新的事物，這將顛覆和拓展遊戲的未來。在運動界，沒有比世界盃更大的賽事了，我們很高興能透過 FIFA 18 中的全新世界盃內容，開啟 FIFA 系列前所未有的全新體驗之年。正如我們上周宣布的那樣，我們將把所有球隊、比賽以及世界盃的更多精彩內容都帶給 FIFA 18 玩家，而且全部免費。藉著世界盃的勢頭，我們為 FIFA 19 制定了一些非常令人興奮的計劃，我們將在 6 月的 EA PLAY 上與大家分享。今年對 EA SPORTS 來說意義重大，涵蓋所有平台，Madden NFL、NBA Live 和 NHL 都將迎來更多創新，EA SPORTS 行動遊戲也將不斷推陳出新，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. Both of these experiences are introducing new dynamics that begin to change the way fans interact with their games and with each other.

今年，我們也計劃推出兩款大型新遊戲：我們的下一款​​《戰地》系列作品和我們的全新IP《聖歌》。這兩種經驗都引入了新的動態，開始改變球迷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. 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. 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.

DICE 團隊將在下一款《戰地》遊戲中，以全新且意想不到的方式，將戰鬥的激烈程度栩栩如生地展現出來。每一場戰鬥都是獨一無二的，每種模式都有其自身的挑戰，從你與周圍環境的互動方式，到引人入勝的單人遊戲故事，再到跨越多個地圖和模式的大規模多人遊戲，都帶來了不同的挑戰。這將是一款內容豐富、功能齊全的射擊遊戲，我們將持續提供服務，從遊戲上線之初就不斷為我們的社區帶來全新的體驗。

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，這款新遊戲將提升該系列的尖端水平，同時仍然提供標誌性的遊戲玩法和《戰地》的精彩瞬間，這些都吸引了並壯大了我們的全球社區。

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

在本財年晚些時候，我們將推出我們令人驚艷且雄心勃勃的全新IP——《聖歌》。這款遊戲的各個面向將為廣大玩家帶來全新的體驗，從 BioWare 創造的擁有獨特故事的全新宇宙，到合作遊戲玩法，再到圍繞玩家不斷演變的史詩般美麗環境。《聖歌》本質上是一種社交體驗，它將為粉絲開闢加入社群和提前體驗遊戲的新途徑，使我們能夠根據他們的意見和回饋來塑造和完善遊戲。我們非常興奮地推出這個全新的系列遊戲，同時也非常興奮地與玩家們一起努力，將《聖歌》打造成一款他們迫不及待想要玩，並能在未來幾年與朋友們分享的遊戲。

EA's mobile portfolio will continue to grow in FY '19. In recent years, our mobile games had been some of the most engaging new games to enter the marketplace. 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. Each game crosses into new genres with social ways designed to bring together global communities.

EA的行動遊戲產品組合將在2019財年持續成長。近年來，我們的手機遊戲一直是市場上最吸引人的新遊戲之一。我們在 2019 財年加倍投入，推出兩款新遊戲：《星際大戰：崛起》和另一款我們將在 EA PLAY 上公佈的遊戲，這兩款遊戲都與我們目前移動遊戲陣容中的任何其他遊戲都截然不同。每款遊戲都融合了新的遊戲類型，並設計了社交方式，旨在將全球社群連結起來。

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

在競技遊戲領域，我們不斷擴大全球電競觀眾和玩家群，讓他們透過 FIFA 和 Madden NFL 體驗高風險比賽的刺激。今年，我們將透過增加特許經營權、賽事、廣播內容和贊助來擴大我們的競爭影響力。

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 2019 財年舉辦首屆《戰地》系列遊戲比賽，並計劃在今年稍後推出另一款新遊戲的比賽。

In FY '19, we will also continue to lead with innovation in our subscriptions and new technologies. We will introduce a new offering to one of our industry-leading subscription programs, delivering unprecedented access and value. Our advance technology development, including cloud gaming, AI and Frostbite, will enable us to create and deliver next-generation experiences at scale. All of these and more continue to fuel the future of our player network that will connect players across games and devices.

在 2019 財年，我們將繼續在訂閱服務和新技術方面引領創新。我們將為我們行業領先的訂閱計劃之一推出一項新服務，提供前所未有的訪問權限和價值。我們在雲端遊戲、人工智慧和寒霜引擎等先進技術方面的研發，將使我們能夠大規模地創造和提供下一代體驗。所有這些以及更多因素將繼續推動我們玩家網路的未來發展，該網路將連接不同遊戲和設備上的玩家。

There has never been a more exciting time to be making games. Our industry is dynamic, evolving and full of new opportunities. With the updates to our organization and structure that we announced last month, EA's positioned for continued growth and leadership. We'll push the boundaries of entertainment in a world where change is accelerating. We will strive to be disruptors, shaping the future of play.

現在正是製作遊戲最令人興奮的時代。我們的產業充滿活力，不斷發展，蘊藏著許多新的機會。隨著我們上個月宣布的組織和結構更新，EA 已為持續成長和領先地位做好準備。我們將在這個改變加速的世界裡，不斷突破娛樂的界線。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.

現在我把電話交給布萊克。

Thanks, Andrew. 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. Our success is driven by the way we have changed and continue to change our relationship with players. They want more depth in their favorite games and fresh content that can hold their attention year round. As a result, we've gone from one-off interactions at a moment in time to ongoing engagements with consistently changing dynamic worlds. It's a situation analogous to the transition we've seen in the software-as-a-service industry.

謝謝你，安德魯。從收入、營業收入到現金流等幾乎所有主要財務指標來看，2018 財年是藝電創紀錄的一年。我們的成功源自於我們已經並將繼續改變我們與球員之間的關係。他們希望自己喜歡的遊戲能有更深入的體驗，並希望獲得能全年吸引他們注意力的新鮮內容。因此，我們已經從某一時刻的一次性互動，轉變為與不斷變化的動態世界進行持續互動。這種情況類似於我們在軟體即服務產業所看到的轉型。

Consequently, our business already looks very SaaS-like with live services and subscription making up a greater and greater portion of our revenue. This has made our business much more stable and enabled us to deliver a dependable and growing cash flow to investors.

因此，我們的業務看起來已經非常像 SaaS 模式，即時服務和訂閱在我們收入中所佔的比例越來越大。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.

現在我將按照 GAAP 準則提供我們的業績，然後再使用我們的營運指標——淨預訂量——來討論業務動態。

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. These results enabled us to deliver record operating cash flow of almost $1.7 billion. We also returned over $600 million to shareholders through our share repurchase program.

EA公司創下了歷史新高，淨收入達52億美元，營業成本為13億美元，營業收入為14億美元。這些業績使我們實現了近 17 億美元的創紀錄經營現金流。我們也透過股票回購計畫向股東返還了超過 6 億美元。

Total net bookings for the year were $5.2 billion, a record. Digital net bookings accounted for 68% of this, up 7 percentage points year-on-year. Live services net bookings were a record $2.2 billion. Net of hedges, FX was immaterial to net bookings and a slight headwind to underlying profitability.

全年淨預訂總額為 52 億美元，創歷史新高。數位淨預訂量佔其中的 68%，年增 7 個百分點。線上直播服務淨預訂金額創下 22 億美元的紀錄。扣除對沖因素後，外匯波動對淨預訂量影響不大，但對基礎獲利能力略有不利影響。

Now moving on to the details of our fourth quarter. GAAP net revenue was $1.6 billion, $50 million above our guidance and $55 million above our year-ago period. Cost of revenue was $233 million, in line with our guidance of $234 million and up from $202 million last year. Operating expenses were $596 million, $23 million below our expectations and $12 million less year-over-year. This drove diluted earnings per share of $1.95 or $0.09 higher than guidance and $0.14 higher than last year.

接下來我們來詳細了解第四季的情況。GAAP淨收入為16億美元，比我們的預期高出5,000萬美元，比去年同期高出5,500萬美元。營業成本為 2.33 億美元，與我們先前預期的 2.34 億美元相符，但高於去年的 2.02 億美元。營運支出為 5.96 億美元，比預期低 2,300 萬美元，比上年同期減少 1,200 萬美元。這使得稀釋後每股收益達到 1.95 美元，比預期高出 0.09 美元，比去年同期高出 0.14 美元。

Net cash provided by operating activities was $615 million. 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. Fiscal year 2018 capital expenditures were $107 million, resulting in free cash flow of $1.59 billion. See our earnings slides for further cash flow information.

經營活動產生的淨現金流量為 6.15 億美元。本財年經營現金流達到創紀錄的 16.9 億美元，超過了我們先前 16 億美元的預期，比去年增長了 7%。2018 財年資本支出為 1.07 億美元，產生自由現金流 15.9 億美元。請參閱我們的獲利報告投影片，以了解更多現金流資訊。

At the end of the quarter, we held $5.33 billion in cash and short-term investments. During the quarter, we repurchased 1.2 million shares at a cost of $148 million. Today, we announced that we have replaced our old share repurchase program with a new $2.4 billion 2-year stock repurchase program. We returned about 38% of our free cash flow to investors in fiscal 2018. This new program aims to return approximately 3/4 of our annual free cash flow. 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.

截至季末，我們持有現金和短期投資 53.3 億美元。本季度，我們以 1.48 億美元的價格回購了 120 萬股股票。今天，我們宣布已用一項新的 24 億美元、為期 2 年的股票回購計畫取代了我們舊的股票回購計畫。2018 財年，我們將約 38% 的自由現金流返還給了投資者。這項新計劃旨在返還我們年度自由現金流的約四分之三。我們認為，根據我們目前的現金需求、我們獲取國際現金的能力以及我們希望保持未來成長投資靈活性的願望，這是一個合適的目標。

Now I'd like to turn to the key drivers of our business this quarter. Net bookings were $1.26 billion, above our guidance of $1.23 billion and up from $1.09 billion last year. Digital net bookings delivered $1.05 billion of the $1.26 billion total, up from $885 million last year. This increase was driven by our ongoing success with our live -- event-driven live services.

現在我想談談本季我們業務的關鍵驅動因素。淨預訂額為 12.6 億美元，高於我們先前預期的 12.3 億美元，也高於去年的 10.9 億美元。數位淨預訂額為 10.5 億美元，佔總數 12.6 億美元的近一半，高於去年的 8.85 億美元。這一增長得益於我們持續成功的直播——以活動為驅動的直播服務。

Looking at each component of this quarter's digital net bookings in turn. Live services net bookings were up 31% year-on-year to $679 million. 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.

接下來，我們將逐一分析本季數位淨預訂量的各個組成部分。線上直播服務淨預訂金額較去年同期成長 31%，達到 6.79 億美元。此次成長主要得益於《終極球隊》、《模擬市民4》和《戰地1》。透過增加功能來擴大《終極球隊》的吸引力，並在此基礎上推出豐富的賽事安排和電子競技項目，該團隊不斷開發出玩家樂於一次又一次回歸的有趣且引人入勝的遊戲。

Mobile delivered net bookings of $176 million, roughly flat year-on-year. Strength in Star Wars: Galaxy of Heroes and FIFA Mobile was offset by anticipated decline in some of our older games. 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. The long-term trend towards downloading games continues. 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. This compares to 33% a year ago.

行動端淨預訂額為 1.76 億美元，與去年同期基本持平。《星際大戰：銀河英雄傳》和《FIFA Mobile》的強勁表現被我們一些老遊戲的預期下滑所抵消。完整版遊戲 PC 和主機下載收入為 1.93 億美元，與前一年基本持平，這主要得益於《星際大戰：前線 II》和《FIFA 18》的強勁表現，但被前一年《戰地 1》的成功所抵消。下載遊戲的長期趨勢仍在繼續。在過去 12 個月中，我們所有遊戲產品組合中，Xbox One 和 PlayStation 4 平台的數位版遊戲銷售佔總銷售量的 39%。相比之下，一年前這一比例為33%。

Turning to our expectations for fiscal 2019. 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.

接下來談談我們對 2019 財年的預期。我們預計微軟和索尼的現世代遊戲機的銷售將繼續保持強勁，到 2018 年底，裝置將從 2017 年底的 1.03 億台成長到 1.3 億台。

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

預計到今年底，任天堂Switch的裝置量將超過3,000萬台。以美元計，我們預期PC遊戲軟體市場在這一年將基本保持平穩，而行動市場將實現兩位數以上的成長。

A note on accounting for fiscal 2019. As mentioned, we have adopted ASC 606 going forward. This does not materially impact our net bookings metric, but it does change our GAAP reporting in several ways. Most significantly, more of our GAAP revenue will be recognized upfront, bringing GAAP reported numbers closer to our historical non-GAAP reporting.

關於 2019 財政年度會計處理的說明。如前所述，我們今後將採用 ASC 606 標準。這不會對我們的淨預訂量指標產生實質影響，但會從幾個方面改變我們的 GAAP 報告。最重要的是，我們將提前確認更多 GAAP 收入，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. 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. These and other issues are discussed in more detail in the expanded accounting FAQ we posted on our IR website today.

此外，由於 ASC 606 的引入，我們現在將以總額而非淨額為基礎報告我們的大部分行動 GAAP 收入。我們將繼續報告能夠讓您恢復到與我們歷史上報告的數字相當的指標，包括行動淨預訂量。這些問題以及其他問題在我們今天發佈在 IR 網站上的擴展會計常見問題解答中有更詳細的討論。

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

主要由於美國稅法的變化，我們將管理稅率從 21% 降低到 18%。2019 財年業績預期為：GAAP 淨收入 56 億美元；營業成本 16 億美元；GAAP 每股收益 3.55 美元。該展望是根據新的 ASC 606 標準編制的，其中包括約 3 億美元的額外行動收入，這是由於會計準則的改變，行動收入不再按淨額而是按總額來報告。

With regard to cash flow. For fiscal 2019, we expect operating cash flow to be approximately $1.825 billion. We anticipate capital expenditures of around $125 million, which would deliver free cash flow of $1.7 billion. 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.

關於現金流方面。預計 2019 財年的經營現金流約為 18.25 億美元。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。由於我們投資於玩家網路的 IT 基礎設施併升級設施（包括 Respawn 在洛杉磯的辦公室），資本支出逐年增加。

Turning to business drivers. We anticipate net bookings for the year to be $5.55 billion, up 7% year-on-year. This is driven by growth in live services, mobile and Battlefield. We have disclosed the phasing of net bookings through the year on our slide deck. As a result of the timing of launches, we expect this year to be more back-end loaded than fiscal 2018. 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.

轉向業務驅動因素。我們預計全年淨預訂金額將達到 55.5 億美元，年增 7%。這主要得益於線上服務、行動裝置和《戰地》系列遊戲的成長。我們在簡報中揭露了全年淨預訂量的分階段情況。由於產品發佈時間的原因，我們預計今年的業績將比 2018 財年更加集中在後半段。我們對《聖歌》和《戰地》的開發進展感到非常興奮，期待很快能與大家分享更多關於這兩款遊戲的資訊。

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. Both of these numbers are net of hedges. Our currency assumptions are disclosed in our earnings presentation on our website.

我們的預測假設外匯收益將為淨預訂量帶來超過 1 億美元的收益，與去年的費率相比，營運支出將增加 3,000 萬美元。這兩個數字都是扣除對沖損失後的淨值。我們的貨幣假設已在公司網站的獲利報告中揭露。

Drilling down further into the key drivers of our full year net bookings guidance. 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. Digital net bookings are expected to contribute $4.1 billion, up 14% year-on-year.

進一步深入分析我們全年淨預訂量預期的主要驅動因素。受數位轉型的影響，包裝商品和其他商品的淨預訂量預計約為 15 億美元，年減 9%。預計數位淨預訂額將貢獻 41 億美元，年增 14%。

Further breaking down digital net bookings. 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. 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. And we have modeled that accordingly in our revenue forecast.

進一步細分數位淨預訂量。我們預計線上服務將成長 10% 至 15%，主要得益於 Ultimate Team、《模擬市民 4》PC 和主機版遊戲的擴充包以及訂閱業務的成長。世界盃將對 FIFA Ultimate Team 的參與度產生積極影響，但請記住，這只是一個為期 4 週的賽事，橫跨第一季和第二季。我們已據此在收入預測中建立了模型。

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

關於我們的行動業務，《模擬市民手機版》在年底前發布，我們將在下半年推出兩款遊戲。因此，我們預期行動業務將強勁成長，增幅約 15% 至 20%，主要得益於《模擬市民手機版》、《FIFA 手機版》、《星際大戰：崛起》以及尚未公佈的遊戲。請注意，此成長預測是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. We continue to model an underlying shift of around 5 percentage points a year to digital.

受產品組合和消費者行為持續變化的推動，完整遊戲下載的淨預訂量預計將增加 10% 至 15%。我們持續預測，數位化普及率將以每年約 5 個百分點的速度持續成長。

Focusing on Q1. We're expecting GAAP net revenue of $1.1 billion; GAAP cost of revenue of $226 million; and GAAP EPS of $0.64. We expect Q1 net bookings to be $720 million, slightly down year-on-year. 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.

重點關注第一季。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。我們預計第一季淨預訂額為7.2億美元，年比略有下降。正如我們在上次電話會議上討論的那樣，2018 財年第一季受益於《質量效應：仙女座》和其他一些一次性活動的超過 5000 萬美元的淨預訂額的延期。

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

從管理報告的角度來看，隨著我們持續投資於成長驅動因素，營運支出將逐年成長。展望第二季度，我們看到 FIFA 和行動端業務有所成長，但其他領域的下滑抵消了這些成長，其中包括與 2018 財年 Battlefield 1 的表現相比，這是一個艱難的比較。

We discussed the idea of recurring revenues at our Analyst Day 2 years ago. At the time, about 75% of our net bookings fit into this category. Since then, we've continued to push our business in that direction. And our guidance implies that 85% of our net bookings in fiscal 2019 are expected to be recurring. Our drive to greater recurring revenues and cash flow will be fueled by our investments in subscriptions, live services, esports, broadcasting and cloud gaming. 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.

我們在兩年前的分析師日上討論了經常性收入的概念。當時，我們約 75% 的淨預訂量都屬於這一類。從那時起，我們就一直朝著這個方向推進業務發展。我們的預期表明，2019 財年淨預訂量中，預計有 85% 將是經常性預訂。我們將透過投資訂閱、直播服務、電子競技、廣播和雲端遊戲來推動經常性收入和現金流的成長。這些都是我們玩家網路策略的組成部分，我們期待在繼續引領這些策略的實施過程中，向您報告我們的進展。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. We're 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. 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. Games are becoming a truly ubiquitous form of entertainment. 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.

謝謝你，布萊克。我們很高興能在Electronic Arts開啟新的一年旅程，尤其是在全世界對遊戲充滿熱情的當下。作為一個行業，我們正在達到一個驚人的交匯點，遊戲製作的創造力正在增強，並與技術創新相融合，從而打開了通往全球遊戲體驗交付和分享的大門。遊戲正成為一種真正普及的娛樂形式。我們相信，最好的娛樂形式是遊戲，在未來的發展中，我們將努力將更多的玩家與精彩的遊戲以及彼此聯繫起來。

Creativity is the central strand of everything we do at EA. Every experience begins with creating something new and unexpected. 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. It's powering new projects in development at Respawn, Motive, EA Vancouver, Criterion and more. It's behind our EA Originals program and our commitment to support Indie developers with amazing ideas. It drives us to continually evolve and update our games through live services because the creative cycle in service of our player never ends.

創造力是我們EA一切工作的核心。每一次體驗都始於創造新的、意想不到的事物。因此，你會看到遊戲玩法的新動態、新的社交層面以及與我們創造的世界互動的新方式，例如《聖歌》、我們的下一款​​《戰地》以及我們的新行動遊戲。它為 Respawn、Motive、EA Vancouver、Criterion 等公司正在開發的新項目提供動力。這是我們EA Originals專案以及我們致力於支持擁有絕妙創意的獨立開發者的動力來源。這促使我們透過線上服務不斷發展和更新我們的遊戲，因為為玩家服務的創意循環永無止境。

This isn't just a creative revolution. It's also a revolution of access and choice. 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. 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. With more games and content available to players today, subscription services like EA Access and Origin Access are continuing to build momentum. And we are pioneering new offerings that will expand how players can experience more of the best games.

這不僅僅是一場創意革命。這也是一場關於獲取途徑和選擇的革命。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路世界中接觸更多參與者並滿足他們獨特需求的方式。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成為世界各地粉絲必看的節目。如今玩家可玩的遊戲和內容越來越多，EA Access 和 Origin Access 等訂閱服務也持續成長。我們正在率先推出新的產品和服務，這將拓展玩家體驗更多優秀遊戲的方式。

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，訂閱和雲端遊戲功能的最終融合，結合我們的寒霜引擎和數位平台，將推動我們的玩家網路不斷成長，並可跨遊戲、裝置和地理擴展。

At the center of this are our players and our global communities. Everything we do is in service of our players, and we grow stronger in this commitment every day. 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.

這一切的核心是我們的玩家和我們的全球社群。我們所做的一切都是為了服務我們的球員，而且我們每天都在增強這種承諾。今年，我們將繼續擴大與玩家的早期和頻繁互動方式，從與工作室團隊進行數千小時的遊戲測試，到大規模的軟啟動和搶先體驗機會。

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. 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. 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.

一個月後，我們將舉辦一年一度的 EA PLAY 活動，這對遊戲和我們的社區來說都是一個重要的文化時刻。我們將歡迎數萬名玩家來到好萊塢與我們一起親身體驗，同時歡迎全球數百萬玩家在線上加入我們，了解更多關於我們的遊戲和服務、我們的承諾以及我們未來的計劃。在遊戲、網路、社群以及其他與玩家的每一次接觸點上，我們都在不斷努力，讓玩家更接近他們所喜愛的遊戲。

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

在 2019 財年，我們將朝著建立網路未來的願景邁出重要一步，並抓住機遇，讓 10 億人參與遊戲。我們期待在接下來的幾個月與您分享更多最新消息。

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

布萊克，我只是快速看一下，我不想對你的股票回購規模吹毛求疵，但你今年的自由現金流為 17 億美元，而你卻要進行股票回購。假設你以每年 12 億美元的勻速進行投資，那麼你已經——你已經擁有大約 53 億美元的現金，也就是每股 17 美元，你還將再增加大約 5 億美元。我假設你會匯回很多錢，所以你肯定會有更多的現金流可以用來支付——可以支配。想知道你還有哪些其他機會，或者你打算如何處理你的閒置資金。

Well, the call is only 30 minutes gone by. And I'm already being criticized for doubling the buyback. It's amazing. It's a high-quality problem. I appreciate the question. It's a good question. Our view is, in today's world, financial flexibility has huge power to it. And we want to return as much to shareholders. 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. But we also want to maintain flexibility should something happen that we either want to deeper invest in or want to purchase something. I'm not signaling that anything's happening. 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.

嗯，通話才過30分鐘。我已經因為將回購規模擴大一倍而受到批評。太神奇了。這是一個高品質的問題。感謝您的提問。這是個好問題。我們認為，在當今世界，財務靈活性具有巨大的力量。我們希望盡可能回報股東。在過去的 4 年裡，我們持續大幅增加了股票回購規模，隨著我們不斷發展壯大，我們將繼續這樣做。但我們也希望保持靈活性，以防發生我們想要加大投資或購買某些東西的情況。我並沒有暗示任何事情正在發生。我想你們都知道，我們在擴大股票回購規模方面一直保持著一致性，但同時也努力謹慎地運用資金，為未來可能出現的機會做好準備。

All right. And then just one follow-up question. The new Star Wars mobile game, will you still be supporting Galaxy of Heroes for the complementary -- are they complementary games? And can you market between those 2 games?

好的。然後，我還有一個後續問題。新的《星際大戰》手機遊戲上線後，你們還會繼續支持《星際大戰：銀河英雄傳》嗎？它們是互補遊戲嗎？你能在這兩款遊戲之間進行市場推廣嗎？

Yes, without a doubt. 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. Mobile games have -- there are so many audience members out there. There's so many opportunities, and game styles are very different. The game style between the new Star Wars game and Galaxy of Heroes is going to be very, very different, different style audience. And we think both will remain extremely successful for a long period of time.

是的，毫無疑問。我的意思是，最好的例子就是我們的《模擬市民：免費版》遊戲，它已經存在了 4、5 年，但隨著新的《模擬市民》手機遊戲的推出，它的人氣絲毫沒有下降。手機遊戲擁有龐大的使用者群體。機會很多，而且遊戲風格也千差萬別。新《星際大戰》遊戲和《銀河英雄傳》的遊戲風格將會非常非常不同，面向的受眾群體也截然不同。我們認為這兩項業務都將在很長一段時間內保持巨大的成功。

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

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

Blake, just want to ask about the guidance, net bookings growth of mid-single digits and low double-digit non-GAAP earnings growth. Can you talk about the lack of leverage there? Last time, you guys grew top line in the comparable rate. You achieved 25% earnings growth. That was back in fiscal '16. Your book tax rate is 300 basis points lower, and you're buying back more stock, which I would assume is accretive. So I just want to understand the puts and takes behind the earnings growth that you're forecasting.

Blake，我想問業績指引，淨預訂量成長預計為個位數中段，非GAAP獲利成長預計為兩位數低段。你能談談那裡缺乏談判籌碼的問題嗎？上次你們的營收成長率與上次持平。您的收入成長了25%。那是2016財年的事了。您的帳面稅率降低了 300 個基點，而且您還在回購更多股票，我認為這會起到增值作用。所以我想了解你預測的獲利成長背後的利弊。

Yes, let me hit this real quick on the buyback. We don't build the buyback into our forecast because we don't like to forecast what stock price is going to be. 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. You'd probably see share count down to around 308 million by year end, in other words, if you do the math that way. I'd say the other issue is back in fiscal '16, we were not investing as much in the future. I think we were still coming through the tail end of the transformation. We are now investing much more heavily in the future, and you see that in our OpEx growth. And that's trimmed some of the earnings growth power, at least in our guidance. Remember, this is guidance, not actual results. And I think if you went back a couple of years, you'd see the same pattern as we've given annual guidance. 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. 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. 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.

是的，讓我快速地談談回購事宜。我們沒有將股票回購納入預測，因為我們不喜歡預測股價走勢。但假設股票回購成功——假設股價維持在目前的水平，那麼未來每股盈餘可能會增加 4 到 5 美分。換句話說，如果以這種計算方法，到年底股票數量可能會減少到 3.08 億股左右。我認為另一個問題是，在 2016 財年，我們對未來的投資不夠多。我認為我們當時還處於轉型期的尾聲。我們現在對未來的投資力道更大，這可以從我們的營運支出成長中看出。至少在我們的預期中，這削弱了部分獲利成長潛力。請記住，這只是指導原則，並非實際結果。我認為，如果回顧前幾年，你會發現我們每年給出的績效指引都遵循同樣的模式。但我認為你之前從安德魯那裡聽到的，是持續投資於新的智慧財產權，以及人們未來玩遊戲的方式和遊戲未來的發行方式。我們將持續投資於我們的網路、訂閱服務和雲端遊戲，隨著時間的推移，你們將會不斷聽到和看到我們的這些投資，因為我們相信，這才是這個產業轉型發展的方向。但同時，我們將始終尋求提高獲利能力，我們認為，這種模式與過去的做法非常一致。

Okay. One more for me. Just any update on the release window for Battlefield? Historically, you guys have targeted October. Looks like a very crowded window this year. Any opportunity to push that out later in the December quarter?

好的。我再來一個。請問《戰地》系列遊戲的發售日期有最新消息嗎？從歷史來看，你們的目標日期是十月。今年的窗口期看起來非常擁擠。有沒有可能把這件事延後到12月下旬？

Yes. Well, you'll hear more around E3 time frame on Battlefield. You'll hear quite a bit coming up about the game and the plans for it. We're very excited. 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. And we'll -- but the benefit that we have, I think, that we've always had is we have a very strong Battlefield community. And we think they're going to be extremely excited about this new Battlefield game. 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. But more to come on the exact timing and a lot more about the game, which is pretty exciting.

是的。關於《戰地》系列遊戲，大概會在E3遊戲展前後聽到更多消息。接下來你會聽到很多關於這款遊戲及其計劃的消息。我們非常興奮。但你應該假設——回到你提出的指導意見問題，你應該假設我們在指導意見中融入了一些保守因素，因為——並且謹慎，因為我們知道對我們來說，第三季度和本年度第四季度將會非常繁忙。而且——但我認為我們一直以來的優勢是，我們擁有一個非常強大的戰地社群。我們認為他們一定會對這款新的《戰地》遊戲感到非常興奮。過去，我們曾在同樣的時間內與《決勝時刻》等遊戲競爭，未來也會努力繼續保持這種勢頭。但關於具體時間安排以及更多遊戲相關信息，我們稍後會公佈，這非常令人興奮。

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

下一個問題來自高盛的克里斯·默溫。

I just have a couple. First, for Blake. 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? Or was there anything else that you would call out, like Star Wars MTX, which I think you brought back late in the quarter? And then just a second question for Andrew. 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. 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. 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?

我只有幾個。首先，獻給布萊克。即使在 Fortnite 大獲成功的背景下，線上服務業務又迎來了一個非常強勁的季度，同比增長約 30%，而 FIFA Ultimate Team 和競技遊戲是否是其背後的主要驅動力呢？或是有其他值得一提的嗎？例如星戰主題的微交易，我記得你們在本季末期又重新推出了這項服務？那麼，我還有一個問題想問安德魯。媒體報道稱，一些國家將遊戲中的戰利品箱定性為非法賭博，並呼籲將其從遊戲中移除。你我都清楚，FIFA 方面已經做出了一些努力，以確保遊戲內貨幣不能在任何非法市場兌換成真實貨幣。那麼，您能否向我們介紹一下與監管機構就此議題進行的談判進展情況，以及我們應該如何看待受影響國家/地區對終極團隊機制的任何更改？

So on the live service piece, it was Ultimate Team across FIFA, Madden and Hockey and, to a smaller extent, NBA. But really, Ultimate Team #1 driver. Sims 4, #2 driver, and that's been consistent through the year. It's been extremely strong as we continue to add extra content to that game. 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. 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. I'll let Andrew hit the loot box piece now.

所以在即時服務方面，FIFA、Madden 和 Hockey 的 Ultimate Team 模式得到了充分利用，NBA 的 Ultimate Team 模式則相對較少。但實際上，他是終極團隊排名第一的車手。Sims 4，2號車手，而且這成績全年都很穩定。隨著我們不斷為這款遊戲添加額外內容，它的表現一直非常強勁。在《戰地1》中，我們已經接近《戰地1》額外內容的尾聲。 《戰地：前線》並不是一個重要的新增內容，因為如你所提到的，微交易是在本季末才推出的。但另一點需要記住的是，我們額外的內容訂閱、廣告以及所有其他組成部分的廣度都在不斷增加，幫助我們建立起我們已經建立起來的超過 22 億美元的客戶基礎，這就是實時服務業務如此出色之處，因為它能夠逐年保持相當高的穩定性。現在讓安德魯去碰戰利品箱那部分吧。

Yes, and good question and certainly timely. 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. And we don't believe that FIFA Ultimate Team, all loot boxes are gambling. Firstly, players always receive a specified number of items in each pack. And secondly, we don't provide or authorize any way to cash out or sell items of virtual currency for real-world money. And there is no way we can make value assigned to fight items in game currency. 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. And so net-net, we're going to continue to push forward. We're always thinking about our players. We're always thinking about how to deliver these types of experiences in a transparent, fun, fair and balanced way for our players. And we'll continue to work with regulators around the world on it.

是的，問得好，而且問得正是時候。正如您所想，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，其中許多機構我們已經合作了一段時間，並評估和確定像 FIFA Ultimate Team 這樣的專案不屬於賭博。我們不認為 FIFA Ultimate Team 中的所有戰利品箱都是賭博。首先，玩家每次都能從每個禮包中獲得指定數量的物品。其次，我們不提供或授權任何將虛擬貨幣兌換成現實貨幣的方式。我們無法用遊戲貨幣來賦予戰鬥物品價值。雖然我們禁止將遊戲內貨幣物品轉移到外部，但我們也積極尋求在合法環境下消除這種行為，並與各個司法管轄區的監管機構合作來實現這一目標。總而言之，我們將繼續推進。我們始終心系球員。我們一直在思考如何以透明、有趣、公平和平衡的方式為玩家提供這類體驗。我們將繼續與世界各地的監管機構就此展開合作。

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

下一個問題來自羅伯特·W·貝爾德的科林·塞巴斯蒂安。

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. 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.

首先，就我個人而言，這次不單獨為世界盃創建 SKU，我想知道您能否更詳細地談談核心遊戲的獲利策略。其次，從今年的收入階段來看，第四季預計與去年同期類似，考慮到你們在第一季和第四季都有《戰地》的內容，我想知道這對你們對《聖歌》的預期意味著什麼。

Yes, I'll take the first, I'll let Blake take the second one. 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. And players are -- weren't wanting to opt out of one experience to play another soccer experience. 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. 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. 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.

是的，第一個我來，第二個讓布萊克來。就 FIFA 而言，多年來我們逐漸認識到，你們中的許多人可能還記得，我長期參與這個系列遊戲的開發，製作了 FIFA 和世界杯遊戲，隨著時間推移，數字化成為玩家獲取遊戲和通過遊戲相互聯繫的更普遍的方式，玩家群體的流動性變得非常非常重要。球員們並不想放棄一種足球體驗去體驗另一種足球體驗。因此，我們將這兩種體驗整合到我們核心的 FIFA 體驗和世界上最大的體育賽事中，部分原因是為了真正滿足我們的球員的需求、要求和動力，讓他們能夠與全球足球社區保持聯繫。正如我們宣布的那樣，我們將發布世界盃相關的所有內容、所有球隊和相關物品，以便人們可以離線和在線遊玩。但您可以期待，對於所有 FIFA Ultimate Team 玩家來說，世界盃期間及前後都會有非常、非常具體、有趣、精彩、令人愉悅且引人入勝的即時服務活動。

So on the guidance piece, a couple things I think you'll note. We didn't use unit sales metrics for any of our titles. And as you've heard in the past, we're trying to move away from that. This is an example of how our business model has changed. Unit sales are much less indicative of long-term franchise health due to the significant power of our event-driven live services now. Live services component is really the bedrock of our business. And while units sold to grow that are important, they become misleading in many ways to the street. And so we'll stay away from unit predictions for any titles going forward, unless there's some unique reason for it. 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. Meaning, we'll probably have limited restocking of the title even if it's extremely successful. Since it is new IP, we're being conservative in how we're thinking about it. We're very excited about the game. It's extremely unique, and I think players are going to really enjoy playing it. But we're careful not to put too large of a forecast in there. 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.

關於指導方面，有幾點我想你會注意到。我們沒有使用銷售指標來衡量我們所有遊戲的銷售量。正如你過去所聽到的，我們正在努力擺脫那種做法。這就是我們商業模式轉變的一個例子。由於我們以活動為導向的現場服務如今擁有強大的影響力，因此單位銷售額已不再能很好地反映特許經營的長期健康狀況。線上服務組件是我們業務的真正基石。雖然銷售的單位數量成長很重要，但它們在許多方面都會誤導市場。因此，除非有特殊原因，否則我們將不再對任何遊戲的銷售進行預測。就《聖歌》而言，真正的問題是這款遊戲將在今年最後一個季度，也就是該季度的最後一個月發售。這意味著，即使這本書非常暢銷，我們可能只能有限地補充庫存。由於這是新的智慧財產權，我們在考慮這個問題時會比較保守。我們對這款遊戲感到非常興奮。它非常獨特，我認為玩家一定會很喜歡玩。但我們會謹慎地避免做出過大的預測。顯然，這將對今年和明年都產生影響，因為我們不僅會在明年繼續銷售更多遊戲，還會開始推出與該遊戲相關的即時服務。

Your next question comes from Eric Sheridan with UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Maybe 2, if I can. Andrew, you talked a lot about extending gameplay as you look out for the future of gaming. 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. 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? Just so maybe we have some guideposts to think about margin evolution as you go through the year.

如果可以的話，也許2個。安德魯，當你展望遊戲未來時，多次談到要延長遊戲時間。想請您談談您對遊戲組合的看法，以及您對一些重點遊戲的看法，尤其是在行動領域，您認為可以將遊戲玩法從主機和 PC 擴展到行動優先的世界，以及您如何看待未來這種發展的速度和節奏。然後，我想接著之前德魯問布萊克的問題，鑑於你剛才提到的收入和預訂情況，你對研發和行銷的進度或節奏有什麼想說的嗎？這樣或許能為我們思考全年利潤率的變化提供一些指引。

Yes. So let me grab the first one. 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. 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. And of course what that does mean is it really doesn't matter what device you're accessing it by. The experience that you have is governed by the size of the screen and the amount of time you have to play. 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. And you'll access them based on whatever device you have access to at the time. And we think about that at a core technology level. We think about that at a game design level. We also think about that as kind of how we think -- how we interact with our players and how they interact with the games. 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. 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. And we look forward to driving more of that in the future.

是的。那我先拿第一個。我的意思是，從本質上講，你們已經聽我們多次談到訂閱和雲端遊戲，以及這兩項技術有可能以前所未有的方式從根本上顛覆人們獲取和享受遊戲的方式，就像顛覆人們對電影和音樂的享受和參與方式一樣。因此，我們已經討論過，在未來 3 到 5 年的時間範圍內，我們相信雲端遊戲將對玩家參與遊戲的方式做出有意義的貢獻。當然，這意味著你用什麼設備訪問它都無關緊要。你的遊戲體驗取決於螢幕大小和你的遊戲時間。因此，我們現在所建構的一切，都是在思考一個我們不再受設備限制、不再受本地運算或記憶體限制的世界，而這些體驗中的許多都將存在於雲端。您將根據當時可用的設備存取這些內容。我們是在核心技術層面考慮這個問題的。我們在遊戲設計層面會考慮這個問題。我們也認為這與我們的思考方式有關——我們如何與玩家互動，以及玩家如何與遊戲互動。從現在到那時，你們應該會看到我們開始推廣更多我們的體驗，特別是那些擁有龐大全球社群的體驗，以便用戶能夠跨裝置進行互動。你們已經從我們推出的 FIFA 遊戲中看到了這一點，玩家可以透過手機、PC 和遊戲主機體驗存取 Ultimate Team 模式，並與 Ultimate Team 進行大量互動。我們期待未來能在這方面有更大的成就。

So on the second question. 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. We get better leverage, obviously, as the revenue grows in the third and fourth quarter on that number. But you should see, in real terms, you'd see some slow growth of that during the year. 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. You can see that in the past P&Ls in terms of the phasing. G&A is pretty consistent year-on-year. And marketing, as you know, we're targeting around 12%. And so that's really dependent on titles and the marketing that we're doing ahead of a quarter around the title. 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.

那麼，關於第二個問題。你應該預料到，隨著我們開始開發現有遊戲和新遊戲，研發工作將分階段進行。顯然，隨著第三季和第四季營收的成長，我們就能更好地利用這個數字。但實際上，你應該會看到，在這一年中，它的成長速度會比較緩慢。第三季我們往往會更聘用兼職員工，因為我們有大型專案——正如我們正在努力打造大型佈局——或大型新專案。從過去的損益表中可以看出分階段實施的情形。一般及行政費用每年都比較穩定。如您所知，我們的行銷目標大約是12%。所以這真的取決於影片的片名以及我們在影片上映前一個季度所做的市場推廣活動。但很顯然，在業績較好的季度，你會看到第二季末、整個第三季以及第四季的行銷支出都會增加。

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

下一個問題來自傑富瑞集團的提姆·奧謝。

So 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. So my question is as we start to think about cloud gaming, what does the business model look like? Is it subscription add, full price, is it microtransactions or DLC? And with this cloud gaming offering, is that a standalone EA offering? Or would you offer your games on a third-party platform, maybe something analogous to the current console paradigm? I'd just love to hear your thoughts as we think about how this industry is evolving.

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，而 Blake 則談到了收入來源看起來越來越像 SaaS 模式。所以我的問題是，當我們開始考慮雲端遊戲時，它的商業模式是什麼樣的？是訂閱附加內容、全額購買、微交易還是DLC？那麼，這項雲端遊戲服務是EA的獨立產品嗎？或者您會考慮在第三方平台上發布您的遊戲，類似於目前的家用遊戲機模式？我很想聽聽你們對這個產業發展趨勢的看法。

Yes, great question. I mean, we've given a lot of thought to it and plan towards. 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. And if I think about how I consume movies right now, I have a Comcast subscription, I have a Netflix subscription. I buy things on iTunes. And I watch on a plane and I also watch a lot of free content through YouTube and other online mediums. 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. 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. 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. 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. 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. And what you're seeing from us now with what we're doing with our originals program is bringing new content in. What you're seeing from us with signing third parties is bringing new and interesting and different content in. 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.

是的，問得好。我的意思是，我們已經對此進行了深入思考並製定了計劃。同樣，如果我們從其他娛樂產業和其他類似 SaaS 的產業中尋找借鑒，我們會發現多種商業模式並存。如果我回顧一下我現在觀看電影的方式，我訂閱了 Comcast 和 Netflix 的服務。我在 iTunes 買東西。我會在飛機上看電視，也會透過 YouTube 和其他線上平台觀看很多免費內容。但我們也發現，儘管存在多種商業模式，而我們的理想是吸引用戶參與，並透過任何商業模式在任何設備上為不斷增長的全球社區中的所有玩家提供訪問權限，但我們看到的是，訂閱模式正成為訪問內容的最佳方式、最便捷的方式，以及與提供包含各種服務的內容的平台建立聯繫的方式。因此，我們預計，雖然我們將繼續透過玩家告訴我們他們想要使用的任何已知商業模式提供內容存取權限，但我們預計消費者會像在其他行業一樣，轉向訂閱模式。而這將成為我們業務中更重要的組成部分，甚至在未來幾年可能成為我們業務的大部分。考慮到這一點，我們也有獨特的優勢，能夠像今天這樣提供訂閱服務，這得益於我們內容的廣度和深度，以及我們能夠接觸到龐大的全球玩家群體，這些玩家群體具有不同的背景和地理。然而，我們也理解並意識到，即使我們擁有如此龐大的產品組合，隨著我們不斷發展壯大，遊戲中還有其他一些元素對更廣泛的訂閱用戶群體來說也很重要。現在，透過我們的原創節目，你們可以看到我們正在推出新的內容。透過與第三方簽約，我們為大家帶來了新穎、有趣且與眾不同的內容。您可以想像，前線內容在未來將成為其中的重要組成部分，我們可能會與其他內容創作者、開發者和出版商合作，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. And we may partner with people as well as work on our own technology to help deliver that. 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. And that's the exciting part about the business. We think that continues to help grow the market. It doesn't bifurcate the market in a negative way.

雖然串流媒體技術仍在發展中，我們知道它可能還需要 2 到 4 年的時間才能完全普及，但它允許玩家在許多不同的設備上玩遊戲，而不是像通常在家中那樣只能在一台設備上玩遊戲。我們可能會與他人合作，也可能開發自己的技術來幫助實現這一目標。正如安德魯所說，我們認為這可以透過多種不同的方式實現，而且多年以後，我們仍然會在遊戲主機、PC、可能還有支援串流媒體的電視或其他設備以及行動裝置上進行遊戲。這就是這個行業令人興奮的地方。我們認為這將繼續有助於市場成長。它不會對市場造成負面影響。

Your next question comes from Evan Wingren with KeyBanc.

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. 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.

布萊克，僅從這份指導方針來看，如果我的計算沒錯的話，你的意思是說，銷量同比下降，符合最初的指導目標。所以，我只是想了解一下，考慮到你擁有有利的競爭環境，以及《戰地》和《聖歌》顯然也加入了競爭，那麼其中的利弊。

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. 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. Live service growth, remember, subscription growth is part of live services growth. 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. And we're expecting a few inflection points in our subscription program over this -- programs this next year, which should help drive more growth. 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.

是的，我不太清楚你是如何計算出單位數量下降的，但也許你可以私下給我詳細解釋一下。但有幾點要注意，這其中有很多碎片，所以我不知道你是否能算出結果。請記住，即時服務成長，訂閱成長也是即時服務成長的一部分。因此，在訂閱模式下，你的產品銷售量可能會減少，但隨著時間的推移，你的收入會更加穩定。我們預計，在接下來的幾年裡，我們的訂閱計畫將迎來幾個轉折點，這將有助於推動更大的成長。所以，我再次重申我之前的說法，即我們正在不再討論銷量，因為隨著時間的推移，增長的往往是實時服務收入或訂閱收入，而這兩種收入都不會以銷量的形式體現出來。

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

好的。今年就只有《戰地風雲》系列了。能否請您簡單介紹一下，這款遊戲的多人遊戲模式與以往的《戰地》系列遊戲有何不同？

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. The DICE team has a core DNA, maybe the strongest in the industry, around multiplayer and more importantly, innovation in multiplayer. They were the first team to get a 64-player multiplayer. They were the first team to get to kind of destruction in multiplayer. 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.

再說一遍，在接下來的幾週和幾個月裡，我們有很多事情要談，你可以想像我們會就此進行深入的討論。DICE 團隊的核心 DNA 可能是業界最強大的，那就是圍繞著多人遊戲，更重要的是，圍繞著多人遊戲的創新。他們是第一個實現 64 人多人遊戲的團隊。他們是第一支在多人遊戲中達到這種破壞程度的隊伍。因此，您可以想像，正如我們在準備好的筆記中討論的那樣，所有戰地粉絲期望從 DICE 的戰地系列多人遊戲中獲得的內容都將存在，同時，我們對第一人稱射擊遊戲多人遊戲未來的思考方式也將帶來額外的創新，無論是在遊戲發佈時還是隨著時間的推移，都會作為一項大型服務的一部分而不斷推出。

Watch closely in the hint. More things to come.

仔細觀察提示。敬請期待更多內容。

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

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

在考慮未來訂閱策略的潛力時，每年有多少百分比的客戶會再次購買 FIFA 或 Madden 等遊戲，又有多少百分比的新客戶會購買這些遊戲？同樣地，有多少流失用戶可能會以不同的價格或獲利模式重新加入？

Yes, I don't have the exact numbers, but quite a few. I mean, since Ultimate Team has gained scale, we're north of 70% with titles like FIFA and Madden. Pre-Ultimate Team, it goes back some time, it was often times less than 50% buyer every year. So you're seeing a much more consistent buying pattern because people want to reengage in 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. 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. 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. 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.

是的，我沒有確切的數字，但肯定不少。我的意思是，隨著 Ultimate Team 模式規模的擴大，像 FIFA 和 Madden 這樣的遊戲，Ultimate Team 模式的使用率已經超過了 70%。在 Ultimate Team 出現之前，這種情況可以追溯到一段時間以前，每年的買家比例通常不到 50%。因此，你會看到一種更穩定的購買模式，因為人們想要重新參與終極團隊模式。超過 70% 的買家都在參與 Ultimate Team 模式，所以出現這種模式也在意料之中。不過，我們確實花了很多時間思考如何讓流失的玩家回歸，以及如何與這些玩家保持遊戲世界的一致性。我認為在那種情況下，訂閱模式只會更有幫助，因為隨著時間的推移，他們的遊戲版本會不斷升級。我認為這能讓人們保持參與度，更重要的是，能讓他們參與遊戲的即時服務部分中，讓每個人都能從中獲得樂趣。

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. 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? And when you speak about there being an inflection point in subscription, are you alluding to that happening this year potentially? I was going to ask about capital allocation afterwards.

更多訂閱資訊。您認為您需要多久才能立即將 FIFA、戰地或聖歌等一線遊戲加入 Origin 平台？當您談到訂閱模式的轉折點時，您是指今年可能會發生這種情況嗎？我原本打算之後再問關於資本配置的問題。

Okay. So I'm going to hit the first one, then you can ask. 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. 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. We believe the platform can do all those things. 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. So more to come. We're pretty excited. 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. You've got a capital allocation...

好的。所以我先打第一個，然後你再問。我們今天沒有什麼要宣布的，但我只想說，正如安德魯所說，我們的訂閱策略將會快速發展。我認為今年和明年，你會在訂閱計劃中看到一些新的東西，可能是新的第三方遊戲，也可能在某個時候是前線遊戲，但很顯然，我們會繼續推進這項計劃。我們相信該平台可以做到所有這些事情。我們也希望在平台中添加更多社交元素和更多工具，您將繼續透過 Origin 平台看到這種演變。敬請期待更多內容。我們非常興奮。不要把我說的拐點理解得太字面意思，但你應該會看到持續增長，而且隨著我們為服務添加新的、令人興奮的功能，你可能會看到一些增長高峰。您已進行資本配置…

Yes, on capital allocation, a couple of things. I think you had been considering a dividend. Can you walk us through why you decided against that? And you mentioned leaving capital for potential opportunities. 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?

是的，關於資本配置，有幾點需要說明。我認為你一直在考慮分紅。可以詳細說說為什麼決定不這麼做嗎？您也提到要留出資金以應對潛在的投資機會。目前貴公司最理想的併購機會是什麼？是行動領域，還是透過收購工作室和遊戲類型來彌補自身弱點，或者是在技術方面？

I'll hit that first. It's all 3 of those things. I mean, as Andrew mentioned, running a broad subscription service requires great content. And so we're always looking for great content and really great studios that can build that content. We partnered with Respawn for some time to get to know them. 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. 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. And you'll probably see some of that stuff to come. 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. And we want to maintain that flexibility. 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. And that's the reason we decided to stay with the buyback. We feel it's the most efficient way to do it, and it gives you the full flexibility going forward.

我先打那個。這三點都符合。我的意思是，正如安德魯所提到的，經營一項廣泛的訂閱服務需要優質的內容。因此，我們一直在尋找優質的內容和能夠製作這些內容的優秀工作室。我們與 Respawn 合作了一段時間，以便更好地了解他們。我們相信他們是一家能夠打造優秀遊戲的工作室，不僅能打造他們現在正在打造的優秀遊戲，而且能在未來很長一段時間內繼續打造優秀遊戲。因此，我們可以在行動、主機和 PC 領域引入優秀的工作室和合作夥伴，同時也能利用科技幫助我們實現訂閱或串流服務。以後你可能會看到一些類似的東西。其中大部分可能是中小型企業，而不是大型企業，因為大型企業不多，但我們會對所有企業進行考察。我們希望保持這種靈活性。而這正是我們不派發股息的主要原因，因為我們覺得，如果我們開始派發股息，那麼一旦有需要擴大規模以做更大事情的時候，就很難停止派發股息了。這就是我們決定繼續回購的原因。我們認為這是最有效的方式，並且能讓您在未來擁有充分的彈性。

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

下一個問題來自美國銀行的賈斯汀·波斯特。

A couple of questions. First, your live services up 31% in what could be a big Fortnite quarter. How did you factor in that competition and then the holiday competition in your guidance? And then the second thing, Overwatch league is up and running, NBA starting this month, what have you learned from esports? And would you say you're more optimistic on the opportunity? Or about the same?

幾個問題。首先，您的線上服務成長了 31%，這可能是 Fortnite 表現強勁的一個季度。你在製定策略時是如何考慮那場比賽以及之後的假期比賽的？其次，守望先鋒聯盟已經開賽，NBA也於本月開賽，你從電競中學到了什麼？那您對這個機會是否更加樂觀了呢？或差不多？

Yes. So let me do the Fortnite piece, and then I'll let Andrew talk about esports. We welcome innovation in the industry. That's what makes this business so exciting and fun to operate in. 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. That's fantastic. 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. 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. It just doesn't happen that way. And so we haven't seen a giant impact, but that's guessing around what our forecast was. We try to be conservative. We try to anticipate as we do with either new titles coming out or existing titles or even things we don't know about. But we do think, in the case of Fortnite, it's helped grow the whole marketplace. 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.

是的。那我先講講《要塞英雄》的部分，然後再讓安德魯談談電競。我們歡迎業界的創新。正因如此，這個行業才如此令人興奮和充滿樂趣。回顧過去二三十年，一個遊戲團隊所做的創新會影響整個產業。太棒了。我們歡迎像 Fortnite 或 PUBG 這樣的創新者，它們真正有助於推動大家的思考，我們認為這對整個產業來說都是一件好事。我們認為，從 FIFA 到 Madden 再到 Battlefield，沒有任何一位玩家或任何一款遊戲能夠 100% 佔據市場。事情並非總是如此。所以，我們還沒有看到巨大的影響，但這只是根據我們的預測所做的估計。我們盡量採取保守的做法。我們會像對待即將推出的新遊戲、現有遊戲，甚至是未知事物一樣，努力做出預測。但我們認為，就《要塞英雄》而言，它確實促進了整個市場的發展。尤其值得一提的是，它吸引了更多年輕人進入市場，吸引了更多年輕人進入第一人稱射擊遊戲領域，我認為這對整個行業（而不僅僅是某個玩家）的長期健康發展都是有益的。

And in terms of esports, we talked about this a little bit last quarter. 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. We're going to continue to double down there. We've got an entire competitive gaming group that are pushing to grow that and really think about the ongoing evolution. We're excited and energized by the level of inbound queries and questions and requests for involvement that we've had. Again, we have the world's biggest game and this country's biggest game in soccer and American football. 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. Also in our prepared remarks, we talked about ongoing investment in Battlefield. Again, Battlefield has multiplayer and competition core to its DNA. And we're excited about what the DICE team is doing in innovating as it relates to a competitive play in and around Battlefield. And we've got another one that we're launching later this year, too, that we're yet to announce. So I think the macro message you're hearing from us is that we always believe this would grow engagement and grow revenue. 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.

至於電競方面，我們上季已經稍微討論過。我的意思是，我們的 Madden 聯賽和 FIFA 聯賽都獲得了巨大的參與度，同比大幅增長，並在電視廣播和數位頻道上都打破了紀錄。我們將繼續加大在那裡的投資。我們有一個完整的競技遊戲團隊，他們致力於發展壯大這個行業，並認真思考其持續發展。我們收到的諮詢、問題和參與請求的數量之多，讓我們感到興奮和振奮。再次，我們迎來了世界上規模最大的比賽，也是我們國家規模最大的比賽——足球和美式足球。很多人都非常希望參與其中，以便接觸到真正參與和觀看我們電競賽事的觀眾。此外，在我們的演講稿中，我們也談到了對《戰地》系列遊戲的持續投資。再次強調，《戰地》系列的核心在於多人遊戲和競技模式。我們對 DICE 團隊在《戰地》系列遊戲及其周邊領域所進行的創新感到興奮。我們今年稍後還會推出另一款產品，但目前尚未公佈。所以，我認為你們從我們這裡聽到的總體訊息是，我們始終相信這將提高用戶參與度並增加收入。事情發生的速度比我們預期的要快得多，我們正在加倍努力，以確保保持這種勢頭，並繼續提高我們賽事內外玩家、觀眾、贊助商和廣播公司的參與度。

Your last question comes from Stephen Ju with Crédit Suisse.

您的最後一個問題來自瑞士信貸的 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. 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. And also I think you called out the launch of FIFA Online 4 with Nexon and Tencent in your prepared remarks. Can you provide us with an update on your efforts to, I guess, migrate the users from 3 to 4?

Andrew，考慮到你和 Blake 過去曾暗示過 FIFA Mobile 的預期上線時間，以及 Madden Mobile 上線所花費的時間，我有點驚訝地看到騰訊最近宣布這款遊戲將在中國推出。所以我想知道這是否是遊戲的不同版本，以及你們在追趕 Madden Mobile 的盈利模式方面，思路可能發生了哪些變化。而且我認為你在事先準備好的演講稿中也提到了 Nexon 和騰訊聯合推出的 FIFA Online 4。能否提供我們一下將使用者從 3 人遷移到 4 人的工作進度？

Well, there's a lot of questions there. 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. We're excited about what that team is doing and expect that, that will continue to do very well and grow this year. 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. 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. And then we are actively transitioning across to FIFA Online 4 in both Korea and China. 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. 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.

嗯，這裡面有很多問題。首先是 FIFA，正如你們在準備好的發言稿中聽到的，在西方，FIFA 繼續發展壯大，並且肯定為我們今年的 FIFA 業務增長做出了貢獻，即使我們的一些老遊戲系列在某種程度上有所下滑，正如我們在這個時間點所預期的那樣。我們對這支團隊的表現感到非常興奮，並期待他們今年能夠繼續取得非常好的成績並不斷發展壯大。尤其是在世界盃年，可以預見會有一系列活動和機會供行動玩家參與。我們也在中國與騰訊合作開發了一款基於 FIFA Online 4 的遊戲，這是專為中國市場打造的，我們對此感到非常興奮。然後，我們正在積極地將韓國和中國的玩家群過渡到 FIFA Online 4。一切進展順利，正如我們所計劃的那樣，而且肯定得到了韓國 Nexon 的全力支持，也解決了我們在中國行銷方面的問題。總而言之，我們對在韓國、中國和西方的行動裝置和免費遊戲領域的表現非常非常滿意。

Great. With that, we'll call it, and see everyone, if not at E3, in the near future. Thanks very much for your time today.

偉大的。就此打住，如果 E3 展會上見不到大家，那就期待在不久的將來與大家再次相見。非常感謝您今天抽出時間。

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

今天的電話會議到此結束。您現在可以斷開連線了。