美商藝電 (EA) 2019 Q1 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 Q1 2019 Earnings Call. (Operator Instructions)

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2019年第一季財報電話會議。（操作說明）

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

投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Erica.

謝謝你，艾麗卡。

Welcome to EA's First Quarter Fiscal 2019 Conference Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO.

歡迎參加EA 2019財年第一季電話會議。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。

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 FAQ.

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、通話記錄和更新後的常見問題解答。

With regards to our calendar, our annual shareholder meeting will be on Thursday, August 2, here in Redwood Shores, and our Q2 fiscal 2019 earnings call is scheduled for Tuesday, October 30.

關於我們的日程安排，我們的年度股東大會將於 8 月 2 日星期四在紅木海岸舉行，我們的 2019 財年第二季度收益電話會議定於 10 月 30 日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-K 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, July 26, 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-K 表格。Electronic Arts 於 2018 年 7 月 26 日發表上述聲明，並聲明不承擔更新這些聲明的義務。

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。

Note that our Q1 results reflect our adoption of ASC 606. This does not materially impact our net bookings metric, but does change our GAAP reporting in several ways. Prior periods have not been restated. For more information on this change, please see the accounting FAQ we have posted on our IR website.

請注意，我們第一季的業績反映了我們採用 ASC 606 標準的情況。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。前期數據未進行重述。有關此變更的更多信息，請參閱我們發佈在投資者關係網站上的會計常見問題解答。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thank you, Chris.

謝謝你，克里斯。

We've had a strong start to FY '19. We continued to expand our network with creative new games, launched a new mobile game on the WeChat platform and had deeply engaged communities in our live services. Revenue and earnings at Q1 were above our guidance, and we are looking forward to bringing more new experiences to our players throughout this fiscal year.

2019財年開局強勁。我們不斷透過創意新遊戲拓展網絡，在微信平台上推出了一款新的手機遊戲，並在我們的直播服務中擁有深度參與的社群。第一季的營收和利潤都超出預期，我們期待在本財年為玩家帶來更多新的體驗。

Our strategy continues to center on delivering a collection of amazing games and content, wrapped in services, with more ways to play, watch, share, create and connect that enable us to grow our global audience. Among our top titles, EA SPORTS FIFA continues to demonstrate the unique ability to engage more than 100 million players across geographies, platforms and generations. During the quarter, we launched our World Cup content update for FIFA 18, and engagement was very strong with more than 15 million unique players on PC and console alone joining in to play. In addition, we launched FIFA Mobile in China this quarter, including real-time PvP, culturalized live service design and enhanced social features. It's still early days, but this has quickly become our strongest-ever launch in the Chinese market, reaching #1 on the top downloads chart for iOS in China and showing best-in-class engagement on the WeChat platform. We have momentum across all platforms for our FIFA franchise as we have just launched our latest season update in FIFA Mobile, and FIFA 19, including the Champions League, arrives later this quarter.

我們的策略仍然是圍繞著提供一系列精彩的遊戲和內容，並將其融入各種服務中，提供更多玩遊戲、觀看、分享、創作和聯繫的方式，從而幫助我們擴大全球受眾。在我們最熱門的遊戲中，EA SPORTS FIFA 持續展現出其獨特的魅力，吸引了來自不同地區、平台和世代的超過 1 億玩家。本季度，我們推出了 FIFA 18 的世界盃內容更新，玩家參與度非常高，光是 PC 和主機平台上就有超過 1,500 萬名獨立玩家參與遊戲。此外，本季我們在中國推出了 FIFA Mobile，其中包括即時 PvP、文化化的即時服務設計和增強的社交功能。雖然現在下結論還為時過早，但這已經迅速成為我們在中國市場有史以來最強勁的一次發布，在中國 iOS 下載排行榜上名列第一，並在微信平台上展現了一流的用戶參與度。我們的 FIFA 系列遊戲在所有平台上都勢頭強勁，我們剛剛在 FIFA Mobile 中推出了最新的賽季更新，而包含冠軍聯賽的 FIFA 19 也將在本季度晚些時候推出。

From existing titles to unique new experiences, we introduced amazing content to our network throughout Q1. Our Sims 4 community grew 35% in unique players year-over-year as we continue to deliver new content packs and updates as part of our ongoing live service. With the breadth, depth and size of The Sims audience on mobile, we're now fulfilling different motivations across 2 distinct games, giving fans and newcomers alike more of what they love about the franchise.

從現有作品到獨特的全新體驗，我們在第一季為我們的網路帶來了精彩的內容。隨著我們持續推出新的內容包和更新，我們的《模擬市民4》社群的獨立玩家數量年增了35%。鑑於《模擬市民》系列在行動平台上的受眾範圍之廣、深度之深、規模之大，我們現在透過兩款截然不同的遊戲來滿足不同的玩家需求，讓粉絲和新玩家都能體驗到他們喜愛該系列遊戲的更多內容。

In another dimension of our portfolio, our EA Originals and EA Partners programs are helping indie developers reach a global audience. More than 2.6 million players experienced the co-op hit A Way Out from Hazelight through Q1, and we also launched Unravel 2, another beautiful game from Coldwood. As we strive to deliver experiences that amaze and inspire players around the world, we are continually expanding EA's portfolio.

在我們的產品組合的另一個維度上，我們的 EA Originals 和 EA Partners 計劃正在幫助獨立開發者觸及全球受眾。在第一季度，超過 260 萬玩家體驗了 Hazelight 出品的合作遊戲《A Way Out》，我們也推出了 Coldwood 出品的另一款精美遊戲《Unravel 2》。為了努力為世界各地的玩家帶來令人驚嘆和鼓舞人心的遊戲體驗，我們正在不斷擴展 EA 的產品組合。

EA PLAY, our 3-day event in early June, was a great success. Fans that joined us in Hollywood were able to go hands-on with demos and other experiences for a dozen different games, including Anthem, Battlefield V, the EA SPORTS portfolio, Command & Conquer: Rivals and more. Across the globe, fans viewed the trailers and player-generated content of our games released at EA PLAY more than 165 million times. Media and critics were also excited by what they played, with our games receiving more than 60 awards, including "Best of" awards from E3 Game Critics for Anthem, Battlefield V and FIFA 19.

EA PLAY是我們六月初舉辦的為期三天的活動，並且取得了巨大成功。來到好萊塢的粉絲們可以親身體驗十幾種不同的遊戲，包括《聖歌》、《戰地5》、《EA SPORTS》系列遊戲、《命令與征服：宿敵》等等。在全球範圍內，粉絲們在 EA PLAY 上觀看我們遊戲的預告片和玩家自製內容的次數超過 1.65 億次。媒體和評論家對他們所體驗的遊戲也感到興奮，我們的遊戲獲得了 60 多個獎項，其中包括 E3 遊戲評論家授予《聖歌》、《戰地5》和《FIFA 19》的“最佳”獎。

Beginning in late June and into early July, we conducted our first public alpha test for Battlefield V. The results exceeded our expectations, with high demand leading to 3x our planned number of participants joining the test. Feedback was highly positive, with players able to truly feel the advancements that DICE has been focused on in the gameplay. This type of early play opportunity is now foundational to our development process as a great way to engage the community and enable them to provide input we can build on as we move through development. We are planning more hands-on opportunities with Battlefield V prior to launch.

從六月下旬到七月初，我們進行了《戰地5》的首次公開 alpha 測試。結果超出了我們的預期，由於需求旺盛，參與測試的人數是我們計劃人數的三倍。玩家回饋非常積極，他們能夠真實地感受到 DICE 在遊戲玩法方面所取得的進步。這個早期遊戲機會現在已成為我們開發過程的基礎，是讓社群參與並讓他們提供意見的好方法，我們可以在開發過程中以此為基礎。我們計劃在《戰地5》正式發售前提供更多上手體驗的機會。

We're also pleased with the excitement that is going for Anthem, our new IP set to launch in February. Our EA Play demo sessions for Anthem were packed from beginning to end, and we're continuing to see great interest and anticipation from fans wanting to learn more. BioWare is building incredible depth and gameplay innovation in this new shared-world experience, and we look forward to sharing much more with our players in the months ahead, including prelaunch opportunities to jump into the game.

我們也對即將於二月推出的全新IP《聖歌》（Anthem）所獲得的關注度感到欣喜。我們在 EA Play 上舉辦的《聖歌》試玩會從頭到尾都座無虛席，我們持續看到粉絲們對這款遊戲表現出濃厚的興趣和期待，想要了解更多信息。BioWare 正在這款全新的共享世界體驗中打造令人難以置信的深度和遊戲玩法創新，我們期待在接下來的幾個月與玩家分享更多內容，包括提前體驗遊戲的機會。

As we move further into FY '19, we're continuing to push the boundaries and pioneer for our players. Origin Access Premier launches next week, a "first of its kind" subscription service, that will include unlimited access to our newest PC titles. We believe strongly in the transformative nature of subscriptions. In a network where subscriptions can reduce friction and help give players ready access to more great content, we are enabling developments from EA and beyond to bring truly amazing and immersive new experiences to a global audience. We're developing more new IP and bringing new teams to EA that can deliver more new and unique experiences. And we're continuing to work with more of the best creators across the industry to add more third-party games to our subscription services.

隨著我們進入 2019 財年，我們將繼續突破界限，為我們的玩家開拓創新。Origin Access Premier 將於下週推出，這是一項「史無前例」的訂閱服務，將提供對我們最新 PC 遊戲的無限存取權。我們堅信訂閱模式具有變革性的力量。在訂閱可以減少摩擦並幫助玩家隨時獲得更多優質內容的網路中，我們正在推動 EA 及其他公司進行開發，為全球觀眾帶來真正令人驚嘆的沉浸式新體驗。我們正在開發更多新的智慧財產權，並將新的團隊引入EA，以提供更多新穎獨特的體驗。我們將繼續與業界更多優秀的創作者合作，為我們的訂閱服務添加更多第三方遊戲。

In Q2, we will also launch new EA SPORTS titles on console and PC, major content and gameplay updates to our EA SPORTS mobile games and continued updates to FIFA Online 4.

第二季度，我們也將在主機和 PC 平台推出新的 EA SPORTS 遊戲，對 EA SPORTS 行動遊戲進行重大內容和遊戲玩法更新，並繼續更新 FIFA Online 4。

In Competitive Gaming, our franchise are uniquely fulfilling the tremendous demand, widespread appeal and longevity of traditional sports in the context of esports. Next week is the FIFA eWorld Cup Grand Final, the pinnacle of this year's competitive FIFA season, that has seen participation from more than 20 million players from 60 countries and 80% more average viewers so far over last season. Our next season of Madden NFL Competitive Gaming also kicks off this quarter, with the second year of the 32-team Madden NFL Club Championship and broadcast set for the ESPN network.

在競技遊戲中，我們的特許經營權以獨特的方式滿足了傳統體育在電子競技領域的巨大需求、廣泛吸引力和持久性。下週將舉行 FIFA eWorld Cup 總決賽，這是今年 FIFA 競技賽季的巔峰之戰，吸引了來自 60 個國家的 2000 多萬名玩家參與，平均觀眾人數比上賽季增加了 80%。我們的下一賽季 Madden NFL 競技遊戲也將在本季拉開序幕，32 支隊伍參加的 Madden NFL 俱樂部錦標賽將迎來第二年，並將在 ESPN 電視網播出。

We will continue to evolve and grow our competitive leagues and programs at an accelerated pace. With every game, every service and every experience, we are continuing to take steps towards our vision to connect 1 billion people in play. We look forward to sharing more updates in the quarters to come.

我們將繼續加快發展壯大我們的競技聯賽和項目。我們透過每一款遊戲、每項服務和每一次體驗，不斷朝著連結 10 億人的遊戲願景邁進。我們期待在接下來的幾季與大家分享更多最新消息。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew.

謝謝你，安德魯。

We started another years strongly with a first quarter beat on net bookings and on profitability. We continued to deliver our -- on our growth strategies with a focus on new genres, on China and on building new live services. This quarter at EA PLAY, we announced significant progress across all 3 vectors. We gave players a deep look at Anthem, our upcoming action game; we launched FIFA Mobile on the WeChat platform in China; and we announced Origin Access Premier, a new subscription service that will include access to EA games from the day of launch or earlier.

新一年伊始，我們便以強勁的勢頭開啟了新的一年，第一季淨預訂量和盈利能力均超出預期。我們繼續推進我們的成長策略，重點關注新類型、中國市場和打造新的直播服務。本季在 EA PLAY 大會上，我們宣佈在所有三個方面都取得了重大進展。我們讓玩家深入了解了即將推出的動作遊戲《聖歌》；我們在中國微信平台上推出了 FIFA Mobile；我們還宣布了 Origin Access Premier，這是一項新的訂閱服務，可以讓玩家從遊戲發布當天或更早開始訪問 EA 遊戲。

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

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

EA's net revenue was $1.14 billion compared to $1.45 billion a year ago and above our guidance by $57 million. Operating expenses were $622 million compared to $552 million a year ago, primarily driven by new product development as we continue to invest in new IP. Operating income was $300 million, and diluted earnings per share was $0.95, $0.31 above our guidance. Operating cash flow for the quarter was $120 million, down $56 million from last year, driven by additional investments in R&D, the timing of cash receipts and higher cash taxes. Capital expenditures for the quarter were $32 million, resulting in a free cash flow of $88 million. Operating cash flow for the last 12 months was $1.6 billion. See our earnings slides for further cash flow information.

EA 的淨收入為 11.4 億美元，而去年同期為 14.5 億美元，比我們預期高出 5,700 萬美元。營運支出為 6.22 億美元，而去年同期為 5.52 億美元，主要原因是由於我們持續投資於新的智慧財產權，導致新產品開發支出增加。營業收入為 3 億美元，稀釋後每股收益為 0.95 美元，比我們預期高出 0.31 美元。本季營運現金流為 1.2 億美元，比去年同期減少 5,600 萬美元，主要原因是研發投入增加、現金收入時間安排以及現金稅收增加。本季資本支出為 3,200 萬美元，產生自由現金流 8,800 萬美元。過去 12 個月的營運現金流為 16 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。

During the quarter, we also repurchased 2.3 million shares at a cost of $300 million, leaving $2.2 billion available on our buyback program. Our cash and short-term investments at the end of the quarter were $5 billion, up 11% year-on-year.

本季度，我們也以 3 億美元的價格回購了 230 萬股股票，使我們的股票回購計畫還剩下 22 億美元可用。截至本季末，我們的現金和短期投資為 50 億美元，年增 11%。

Now I'd like to turn to the key drivers of our business this quarter. Net bookings for the quarter were $749 million, down $26 million from the prior year, but $29 million above our guidance. The outperformance relative to guidance was driven by FIFA Online 3, A Way Out and Battlefield 1. The year-on-year delta was driven by the Mass Effect: Andromeda sales captured in the year-ago quarter, partially offset by FIFA Online 4, The Sims 4 and A Way Out.

現在我想談談本季我們業務的關鍵驅動因素。本季淨預訂額為 7.49 億美元，比上年同期減少 2,600 萬美元，但比我們的預期高出 2,900 萬美元。業績超乎預期主要得益於《FIFA Online 3》、《逃出生天》和《戰地1》的強勁表現。年增幅主要得益於去年同期《質量效應：仙女座》的銷售額，但部分被《FIFA Online 4》、《模擬市民4》和《逃出生天》的銷售額所抵消。

Digital net bookings were $693 million, up $12 million on a year-ago period. The increase was driven by FIFA Online 4, The Sims 4 and A Way Out, partially offset by Mass Effect: Andromeda. On a trailing 12-month basis, digital net bookings now represents 69% of our business compared to 63% a year ago.

數位淨預訂額為 6.93 億美元，比去年同期成長 1,200 萬美元。此次成長主要由《FIFA Online 4》、《模擬市民4》和《逃出生天》推動，但部分被《質量效應：仙女座》所抵銷。以過去 12 個月計算，數位淨預訂量目前占我們業務的 69%，而一年前這一比例為 63%。

Looking at the components of this quarter's digital bookings in turn. Live service net bookings were up 7% year-on-year to $450 million. This growth was driven by FIFA Online 4 and The Sims 4 as we looked to broaden the base of recurring revenue. Millions of people played FIFA 18 as a result of the World Cup mode in FIFA Ultimate Team. Engagements were up, players were up, but ARPU was lower than we'd expected due to the World Cup mode focus on acquiring new players. Sales of the base game rose above our expectations, and we had the highest daily active users in the game's history. We're pleased that it was so successful at both bringing back lapsed players and introducing new players to the FIFA game as the Ultimate Team, and this positions the franchise very well as we prepare to launch FIFA 19 and look to the European leagues kicking off.

接下來，我們將逐一分析本季數位預訂的組成部分。線上服務淨預訂金額較去年同期成長 7%，達到 4.5 億美元。這項成長主要得益於《FIFA Online 4》和《模擬市民4》的推出，因為我們希望擴大經常性收入的基礎。由於 FIFA Ultimate Team 中的世界盃模式，數以百萬計的人玩了 FIFA 18。參與度上升了，玩家數量也上升了，但由於世界盃模式專注於招募新玩家，ARPU 低於我們的預期。基礎遊戲的銷量超出了我們的預期，並且我們獲得了遊戲歷史上最高的每日活躍用戶數。我們很高興它成功地吸引了老玩家回歸，並透過終極球隊模式吸引了新玩家加入 FIFA 遊戲，這讓我們在準備推出 FIFA 19 並期待歐洲聯賽開賽之際，為該系列遊戲奠定了良好的基礎。

Both EA Access and Origin Access continue to grow. We reach a significant milestone in our subscription strategy next week on July 30, when we launch Origin Access Premier. We look forward to discussing its performance as we add frontline titles to the subscription.

EA Access 和 Origin Access 的使用者數量均持續成長。下週 7 月 30 日，我們將迎來訂閱策略的一個重要里程碑，屆時我們將推出 Origin Access Premier 服務。我們期待在訂閱中添加更多一線遊戲後，進一步探討其表現。

Mobile delivered net bookings of $147 million, down 2% year-on-year due to slight declines in older titles, partially offset by the ramp of FIFA Mobile in Asia. Monetization in The Sims Mobile has started slowly, consistent with prior Sims launches, and the team continues to grow the game by adding exciting new careers, activities, events and other attractive new content based on feedback from our community of millions of Sims fans. We are encouraged by the performance of FIFA Mobile on the WeChat platform in China. It's still early days, but the game delivered one of the highest-grossing days ever for any of our mobile titles and hit #1 in the iOS download charts. We worked very closely with Tencent to bring it to market, and we're taking our learnings from this into FIFA Mobile worldwide.

行動端淨預訂額為 1.47 億美元，年減 2%，主要原因是舊遊戲銷量略有下滑，但 FIFA Mobile 在亞洲的成長部分抵消了這一影響。《模擬市民手機版》的獲利模式起步緩慢，與先前的《模擬市民》遊戲發布方式一致，團隊會根據數百萬《模擬市民》粉絲社群的回饋，不斷添加令人興奮的新職業、活動、事件和其他吸引人的新內容，從而持續發展遊戲。FIFA Mobile在中國微信平台上的表現令我們感到鼓舞。雖然現在下結論還為時過早，但這款遊戲取得了我們所有行動遊戲有史以來最高的單日收入之一，並在 iOS 下載排行榜上名列第一。我們與騰訊密切合作，將其推向市場，並將從中汲取的經驗應用到全球的 FIFA Mobile 中。

Full game PC and console downloads generated net bookings of $96 million, 14% lower than last year, due to the Mass Effect: Andromeda sales captured in the year-ago quarter. 40% of our unit sales are now digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months, up from 34% a year ago.

由於《質量效應：仙女座》的銷售額計入去年同期，完整遊戲 PC 和主機下載帶來的淨預訂額為 9,600 萬美元，比去年同期下降了 14%。過去 12 個月，Xbox One 和 PlayStation 4 平台的數位產品銷售佔比已從實體產品提升至數位產品，佔 40%，高於一年前的 34%。

Now turning to guidance. We are reiterating our guidance for the full year despite the strengthening of the dollar since last quarter. At the time, exchange rates were $100 million tailwind relative to the prior year. At today's exchange rates, that has returned to 0, suggesting $100 million headwind to our net bookings guidance. However, our current guidance assumes this headwind will be offset by general weakening of the dollar through the remainder of the year or improved bookings from our business. It should also be noted that there is less risk to the bottom line because of our hedging strategy.

現在進入指導環節。儘管美元自上季以來走強，但我們仍重申全年業績預期。當時，匯率較上年同期帶來了 1 億美元的利多。以今天的匯率計算，這一數字已回落至 0，這意味著我們的淨預訂量預期將面臨 1 億美元的不利影響。然而，我們目前的預期是，這一不利因素將被美元在今年剩餘時間內的普遍走弱或我們業務預訂量的改善所抵消。還應該指出的是，由於我們採取了對沖策略，對最終利潤的影響風險較小。

We are holding our operating cash flow guidance at approximately $1.82 billion, with CapEx still expected to be $125 million, and so free cash flow will be about $1.7 billion.

我們維持營運現金流預期在 18.2 億美元左右，資本支出預計仍為 1.25 億美元，因此自由現金流約為 17 億美元。

For the second quarter, we expect net revenue of $1.27 billion, cost of revenue to be $436 million, and operating expenses of $674 million. OpEx is up 10%, driven by the continued investments in our growth strategies. This results in earnings per share of $0.48 for the second quarter.

我們預計第二季淨收入為 12.7 億美元，營業成本為 4.36 億美元，營運費用為 6.74 億美元。營運支出成長了 10%，這主要得益於我們對成長策略的持續投資。這樣一來，第二季每股收益為 0.48 美元。

We anticipate net bookings for the quarter to be $1.16 billion. This is down slightly year-on-year, driven by the strength of our Battlefield 1 sales in the prior year and the timing of the recognition of bookings in Asia as well as FX.

我們預計本季淨預訂額將達到 11.6 億美元。與去年同期相比略有下降，這主要是由於去年《戰地1》的銷售強勁，以及亞洲和外匯市場預訂確認的時間問題。

We're pleased now -- pleased with how we started the year, the progress we are making on our growth strategies and the continued growth of our recurring revenue, and there's a lot to look forward to in the coming months. We'll launch Madden NFL 19 in August and FIFA 19 at the end of September. Battlefield V is coming in October, and all 3 will be available on Origin Access Premier several days ahead of their launches. Incidentally, this is the first time in over a decade that we're making Madden available on PC. FIFA Online 4 continues to ramp in Asia as does FIFA mobile, and we are continuing to build excitement for Anthem ahead of its launch in February.

我們現在很滿意——對今年的開局、成長策略的進展以及經常性收入的持續成長感到滿意，未來幾個月也有很多值得期待的事情。我們將於 8 月推出 Madden NFL 19，9 月底推出 FIFA 19。《戰地5》將於10月發售，三款遊戲都將在發售前幾天登陸Origin Access Premier平台。順便一提，這是十多年來我們首次在 PC 平台上推出 Madden 系列遊戲。FIFA Online 4 在亞洲持續火爆，FIFA 手機版也是如此，同時我們也在為 Anthem 於 2 月的發布造勢，讓玩家們更加期待。

In esports, as Andrew mentioned, we will be concluding the EA SPORTS FIFA 18 Global Series with the final in London next week, and we have a full schedule of events coming up for FIFA, Madden and more.

正如 Andrew 所提到的，在電競方​​面，我們將於下週在倫敦舉行 EA SPORTS FIFA 18 全球系列賽的決賽，此外，我們還有一系列 FIFA、Madden 等賽事即將舉行。

Looking further into the future, we continue our pioneering work in cloud gaming and other advanced technologies.

展望未來，我們將繼續在雲端遊戲和其他先進技術領域進行開創性工作。

Now I'll turn the call back to Andrew

現在我把電話轉回給安德魯。

Thanks, Blake.

謝謝你，布萊克。

This is an amazing time to be making games and entertainment. As we saw last month at EA PLAY and E3, the energy and creativity that defines this industry continues to reach new heights. Innovation is enabling us to break through barriers, to expand the accessibility of games and grow an audience in the billions. Through more ways to play, create, compete, watch and share, the thread of social connection that is unique to games is becoming even stronger and bringing players deeper into global communities, the digital transformation to take games from finite to infinite experiences, and each day, our opportunity at EA is to turn incredible ideas into entertainment that will inspire the world to play.

現在正是製作遊戲和娛樂產品的絕佳時機。正如我們上個月在 EA PLAY 和 E3 上看到的那樣，定義這個行業的活力和創造力不斷達到新的高度。創新使我們能夠突破障礙，擴大遊戲的普及範圍，並發展數十億的受眾群體。透過更多遊玩、創作、競技、觀看和分享的方式，遊戲特有的社交聯繫變得更加緊密，將玩家更深入地融入全球社區，數位轉型將遊戲從有限的體驗帶到無限的體驗，而我們EA的每一天，都有機會將不可思議的想法轉化為娛樂，激勵全世界的人們去玩遊戲。

In this world, creativity moves quickly, and we constantly keep focus on our players. New IP and fresh new experiences are our lifeblood. In addition to amazing games coming this year like Battlefield V, Anthem, our latest EA SPORTS titles and Command & Conquer: Rivals, we have new IP development for all platforms. Across EA Worldwide Studios, Respawn is developing Star Wars Jedi: Fallen Order for FY '20 along with another new project in the pipeline. Motive is developing new IP, our mobile studios are working on several new titles, and we have more projects underway. At the foundation of every experience will be choice, fairness, value and fun that ensure we are delivering for our broad and diverse player audience.

在這個瞬息萬變的世界裡，創意不斷湧現，我們始終將注意力集中在我們的玩家身上。新的智慧財產權和全新的體驗是我們的生命線。除了今年即將推出的精彩遊戲，如《戰地5》、《聖歌》、我們最新的EA SPORTS遊戲以及《命令與征服：宿敵》之外，我們還在為所有平台開發新的IP。EA全球工作室旗下的Respawn工作室正在開發《星際大戰絕地：隕落的武士團》（Star Wars Jedi: Fallen Order），預計將於2020財年發布，此外還有另一個新項目正在籌備中。Motive 正在開發新的 IP，我們的行動工作室正在開發幾款新遊戲，我們還有更多項目正在進行中。選擇、公平、價值和樂趣將是我們所有體驗的基礎，確保我們能夠滿足廣泛且多元化的玩家群的需求。

We are also pushing the thing farther as the expansion and transformation of games continues. Subscriptions will bring more choice, reduce friction and add value in a world of ever-increasing content. And with Origin Access Premier, we are breaking new ground for the industry. esports is bringing massive audiences into the excitement of competitive gaming, and through our leading IP, we have global momentum that will continue to expand with new competitions, new broadcasts and more partners.

隨著遊戲的不斷發展與變革，我們也進一步推動這項事業。在內容日益豐富的世界中，訂閱將帶來更多選擇，減少摩擦，並增加價值。而透過 Origin Access Premier，我們正在為產業開闢新的道路。電子競技正在吸引大量觀眾體驗競技遊戲的刺激，憑藉我們領先的IP，我們擁有全球發展勢頭，並將隨著新的比賽、新的直播和更多合作夥伴的加入而不斷擴大。

Technologies like cloud gaming, advanced AI and machine learning will change the way that games are made and played. We are continuing to invest in these areas at the core of our Player Network to connect players around the world to the best entertainment and to each other.

雲端遊戲、先進人工智慧和機器學習等技術將改變遊戲的製作和遊玩方式。我們將繼續投資於玩家網路的核心領域，將世界各地的玩家與最好的娛樂內容以及彼此聯繫起來。

We're excited for the future as we seek to amaze our players and continue leading the growth and transformation of this great industry.

我們對未來充滿期待，我們將努力為玩家帶來驚喜，並繼續引領這個偉大產業的成長和轉型。

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) Your first question comes from Brian Nowak for Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的布萊恩·諾瓦克。

It's Matt Cost on for Brian. I have a few. The first is how large of a contributor was Ultimate Team to live services in the quarter? And connected to that, how are you thinking about the impact of Fortnite and trends with younger and female players? And then the second is what are you seeing as the biggest areas of dollar investment this year and into next year, obviously, between new IP, subscriptions, streaming, et cetera?

現在是馬特·科斯特替布萊恩上場。我有一些。首先，Ultimate Team 在本季對線上服務的貢獻有多大？由此引申出一個問題：您如何看待《要塞英雄》對年輕玩家和女性玩家的影響和趨勢？其次，您認為今年和明年最大的投資領域是什麼？顯然，這包括新IP、訂閱、串流媒體等等。

Yes, we -- thanks, Brian (sic) [Matt] -- or thanks -- yes, thank you. We typically don't break out Ultimate Team on a quarterly basis, but you should be able to -- you should assume that Ultimate Team is over 50% of the live services component in any one quarter and certainly in the quarter that we just closed out. And I'm going to let Andrew take a crack at the Fortnite question, if you'd like to do that.

是的，我們——謝謝，布萊恩（原文如此）[馬特]——或者謝謝——是的，謝謝你。我們通常不會按季度單獨列出 Ultimate Team 的數據，但你應該可以這樣做——你應該假設 Ultimate Team 在任何一個季度都佔到即時服務部分的 50% 以上，尤其是在我們剛結束的這個季度。如果你願意的話，我會讓安德魯來嘗試回答關於《要塞英雄》的問題。

Sure. So what we have seen is that Fortnite continues to, what we believe, expand the audience. We saw incredible engagement in our games through the quarter. As we talked about, we had over 15 million people join our World Cup mode in FIFA. And so our expectation is that as they continue to expand the audience, that provides tremendous opportunity for us going into the holiday season, particularly as we think about launching Madden and FIFA and Battlefield into what is a growing player audience.

當然。因此，我們看到的是，我們認為《要塞英雄》的觀眾群正在不斷擴大。本季我們的遊戲參與度非常高。正如我們之前提到的，有超過1500萬人參與了FIFA的世界盃模式。因此，我們預計隨著他們不斷擴大受眾群體，這將為我們進入假期季節提供巨大的機會，尤其是當我們考慮將 Madden、FIFA 和 Battlefield 推向不斷增長的玩家群體時。

Yes. And the only thing that I would add to that is without a doubt, it's been a phenomenon in the industry, and I'm sure it's taken up people's time. We have a hard time pointing to exactly where that's impacted our business, but I am sure it is taking up people's time across the industry. But we also know that, that means more and more people are brought in to play games and will enjoy games in the future, in particular, first-person shooter games down the road. Can you repeat your second part of your question? I'm sorry, I didn't write it down.

是的。我唯一要補充的是，毫無疑問，這已經成為業內的一種現象，我相信它佔據了人們大量的時間。我們很難指出這究竟對我們的業務產生了哪些影響，但我確信這正在佔用整個行業中人們的時間。但我們也知道，這意味著越來越多的人會玩遊戲，並且在未來會享受遊戲，特別是未來會喜歡上第一人稱射擊遊戲。你能再重複一下你的問題的第二部分嗎？對不起，我沒記下來。

Yes, no problem. So how are you thinking about the biggest areas of dollar investment this year into next year between new IP, subscriptions, streaming?

好的，沒問題。那麼，您認為今年到明年，在新IP、訂閱和串流媒體這幾個領域，資金投入最大的方向是什麼？

Yes. I mean, the bulk of it's driven around new IP. That's where the biggest dollar spend has been going, like building new studios and bringing in new people to help build new IP. That feeds ultimately the subscription business with more content. We are looking for extra content outside of our own IP, i.e. things like the Warner Bros. content that we bring in. And most of that content is based on -- the expenses are based on how much it's used inside of the subscription. So that's more variable in some respects. And then underlying that, is all of our network infrastructure, including security, which continues to be an important part of our spend base. And while it's not as big as our new IP development, it is critical to how we operate as a networks company now and in the future.

是的。我的意思是，大部分的驅動力都來自新的智慧財產權。資金的最大投入都流向了這些領域，例如建造新工作室和引進新人才來幫助建立新的智慧財產權。最終，這將為訂閱業務提供更多內容。我們正在尋找我們自身知識產權以外的額外內容，例如：例如華納兄弟公司我們引進的內容。而且大部分內容的費用都是根據訂閱內的使用量來計算的。所以在某些方面，這方面的變數更大。而這一切的基礎是我們所有的網路基礎設施，包括安全，這仍然是我們支出基礎的重要組成部分。雖然它不如我們的新 IP 開發專案那麼重要，但它對於我們現在和未來作為網路公司的運作方式至關重要。

The one piece I would add to that is that in terms of our digital platform, we've had a meaningfully sized team working on that over the last 5 years on ID, commerce, infrastructure, data security. And as they have continued to build on that platform, in addition to what is increased investment, we're also reprioritizing those resources against some things like subscription, like cloud gaming, like AI, like machine learning. And so while it doesn't show up as an incremental investment, by virtue of having completed a number of the broader foundational technical issues in the area of ID and commerce and data, we're able now to repurpose that talent against some of these new strategic opportunities.

我還要補充一點，就我們的數位平台而言，在過去 5 年裡，我們一直有一個規模相當大的團隊致力於識別、商務、基礎設施和資料安全等方面的工作。隨著他們繼續在該平台上發展，除了增加投資外，我們還在重新調整這些資源的優先順序，用於訂閱、雲端遊戲、人工智慧、機器學習等一些領域。因此，雖然這看起來不像是一項增量投資，但由於我們已經完成了身分識別、商業和數據領域中一些更廣泛的基礎技術問題，我們現在能夠將這些人才重新用於一些新的策略機會。

Your next question comes from Chris Merwin from Goldman Sachs.

下一個問題來自高盛的克里斯·默溫。

First, for the mobile business, I think net bookings were down only slightly year-on-year, but you had a very successful launch of FIFA Mobile in China during the quarter. Can you just help us understand the impact of that title in the quarter, how it performed relative to your expectations, and how you're thinking about it contributing for the rest of the year in the context of your guidance? And then just secondly, I know it's still very early days, but I was hoping you could talk a little bit about what you've noticed from the early adopters of the Origin front-line subscription. Are you finding that they're playing more of your games? Are they spending more in those games? Just curious how that's been progressing.

首先，就行動業務而言，我認為淨預訂量同比僅略有下降，但你們在本季在中國成功推出了 FIFA Mobile。您能否幫助我們了解該標題在本季度的影響，它的表現是否符合您的預期，以及您認為它在今年剩餘時間裡，在您的業績指引下將如何發揮作用？其次，我知道現在還處於非常早期的階段，但我希望您能談談您從 Origin 前線訂閱的早期用戶那裡觀察到的情況。你發現他們玩你的遊戲越來越多了嗎？他們在這些遊戲中投入更多資金嗎？只是好奇那件事進展如何。

Yes. I'm going to hit that first because that one's easy. We don't know yet because it doesn't get turned on until next week. We do know, though, from our EA Access experience and our Origin Access experience for non-frontline titles that we find people play twice as many games for twice as long and spend twice as much money as they did outside or before they joined the subscription. And that's what led us to believe that frontline titles would be also very advantageous to the subscription as well as help drive new users into the system. So we'll have more to say over that over the next couple of months. I think remember, we've got Madden going in, in August, FIFA in September, Battlefield in October, and then Anthem in February. Those are the 4 PC-based titles that will go into Origin Access Premier. And we really won't have a full sense of that until after all 4 of those titles are in, but we'll try to give people updates along the way to the extent that they're meaningful and new information. In terms of FIFA Mobile, we're incredibly excited, but it's still early days. The impact to the quarter was certainly above what our guidance was, but not a large number, because it is still early in that rollout. But clearly, as we stated, both the size of some of the days we saw and the chart positions we saw and probably most importantly, the feedback we're getting from the consumer as well as our partner, Tencent, all implies that we've got a very exciting future for FIFA Mobile. But I would caution everyone to be careful. We built that into our guidance for the year. We believe that it's going to be a strong contributor longer term. But as you've seen with FIFA Mobile around the globe, it takes time to build these and tune these models to get them exact so they really outperform where we've -- what we've seen historically. So more to come on that, but early days are very exciting on it.

是的。我打算先打那個，因為那個比較容易。我們還不知道，因為它要到下週才會啟用。不過，根據我們 EA Access 和 Origin Access 的經驗（針對非一線遊戲），我們發現，人們在加入訂閱服務之前或之外玩的遊戲數量是之前的兩倍，遊戲時間是之前的兩倍，花費的錢也是之前的兩倍。正是這一點讓我們相信，第一線刊物對於訂閱服務也非常有利，並有助於吸引新用戶加入該系統。所以接下來幾個月我們會就此發表更多看法。我記得，8 月會有 Madden 發售，9 月會有 FIFA 發售，10 月會有 Battlefield 發售，然後 2 月會有 Anthem 發售。以上這 4 款 PC 遊戲將加入 Origin Access Premier 服務。直到這 4 款遊戲全部發布之後，我們才能真正了解情況，但我們會盡量在過程中向大家提供有意義的新資訊。就 FIFA Mobile 而言，我們感到無比興奮，但現在還處於早期階段。對本季的影響肯定超過了我們的預期，但影響並不大，因為這項計劃的推出還處於早期階段。但正如我們所說，無論是我們看到的某些天數的規模，還是我們看到的排行榜位置，以及可能最重要的是，我們從消費者和我們的合作夥伴騰訊那裡得到的反饋，都表明 FIFA Mobile 的未來非常令人興奮。但我還是要提醒大家要小心。我們已將此納入年度指導方針。我們相信，從長遠來看，它將是一個重要的貢獻者。但正如你從世界各地的 FIFA Mobile 遊戲中看到的那樣，建立和調整這些模型需要時間，才能使它們精準無誤，從而真正超越我們過去所看到的水平。關於這方面還有更多消息，但到目前為止，進展非常令人興奮。

And your next question comes from Matthew Thornton from SunTrust.

下一個問題來自 SunTrust 銀行的 Matthew Thornton。

I guess first, when we think about the fiscal 2020 slate, you talked a little bit about the Respawn Jedi title releasing that year. Just curious, is there any room between Respawn and the sports portfolio? Is there any room for another major release? Or should we kind of block that out to fiscal '21? And then secondly, just coming back to Origin Access Premier, obviously, at EA PLAY and E3, a lot of conversations were around subscription, streaming and consolidation. I'm just curious what -- what the conversations have been like coming out of those events since you announced Origin Access Premier, just in terms of conversations with the other publishers and just industry chatter. Any color there would be helpful.

我想首先，當我們考慮 2020 財年計畫時，您曾談到 Respawn 的 Jedi 遊戲將於那一年發布。我只是好奇，Respawn 和運動遊戲業務之間還有發展空間嗎？還有空間發表另一款大型產品嗎？或者我們應該把這件事暫時擱置到 2021 財年？其次，回到 Origin Access Premier 的話題，顯然，在 EA PLAY 和 E3 上，許多討論都圍繞著訂閱、串流媒體和整合。我只是好奇，自從你們宣布 Origin Access Premier 以來，這些活動結束後，與其他發行商的對話以及業內人士的討論情況如何。任何顏色都會有所幫助。

Yes. So be careful that you don't take '20 to be literal as Andrew described it because we're not giving guidance on '20 yet. And I think Andrew did say there -- imply there are some other things coming. So more to come on that. We don't like to give everything up in the first quarter of this year. We got to deliver this year first. But trust that there's most likely other sizable titles, 1 or 2 other sizable titles coming. And you'll see as we give guidance. And we'll give some -- more color on that as we get into later this year before we ultimately give guidance at the start of next year. I don't know if you want to touch on subscription, Andrew?

是的。所以請注意，不要像 Andrew 描述的那樣，把 '20' 理解為字面意思，因為我們目前還沒有對 '20' 給出任何指導。而且我認為安德魯當時確實說過——暗示還有其他事情即將發生。關於這一點，後續還會有更多討論。我們不想在今年第一季就放棄一切。我們今年必須先完成交貨。但請相信，很可能還會有其他一些重量級作品，至少會有一兩部重量級作品即將推出。隨著我們提供指導，您就會明白。我們會在今年稍後對此進行更詳細的說明，然後在明年年初最終給出指導意見。安德魯，我不知道你是否想談談訂閱的問題？

Yes, sure. So again, coming out of EA PLAY, there was a lot of conversation on Origin Access Premier. And certainly from a gamer standpoint, the feedback was very, very positive in terms of the opportunity to access more great games at great value with reduced friction. And we expect that, that will be a big plus for gamers over time, and like all subscription businesses, will take time to build that we believe in the long-term potential of that as we have seen to be true with linear-based media like TV, movies and music. In terms of conversation we've had with other developers and publishers, I would say the feedback is mixed. I think we are in a unique position by virtue of the depth and breadth of our portfolio and the many, many, many hundreds of hours of gameplay that we can offer with our own portfolio to take this step forward for the industry. And we do believe we're leading and pioneering for the industry. Some developers and publishers that we have spoken to are very, very excited about the opportunity to access this highly engaged player base that will deliver tremendous lifetime engagement into this live service. And other developers and publishers, I would say, are in a wait-and-see approach. As I've said before, I think the greatest disruption to the consumption of entertainment media in the last 5 years is the combination of streaming plus subscription. We're starting with subscription, and we're leading from there. And we're investing with streaming -- in streaming over the long term. And my sense is that as we're able to grow the TAM as a result of this, engage players for longer with greater value at lower friction, that we'll see continued uptake and participation in services like this.

當然可以。所以，在 EA PLAY 結束後，大家對 Origin Access Premier 進行了許多討論。當然，從玩家的角度來看，回饋非常非常積極，因為他們有機會以優惠的價格玩到更多優秀的遊戲，而且阻力更小。我們預計，隨著時間的推移，這將對遊戲玩家來說是一個巨大的優勢，而且像所有訂閱業務一樣，建立這種模式需要時間，但我們相信它具有長期的潛力，正如我們在電視、電影和音樂等線性媒體中看到的那樣。就我們與其他開發者和發行商的交流而言，我認為回饋褒貶不一。我認為，憑藉我們產品組合的深度和廣度，以及我們能夠透過自身產品組合提供的數百小時的遊戲時長，我們處於一個獨特的地位，可以引領行業向前邁出這一步。我們堅信，我們正在引領和開拓這個產業。我們採訪過的一些開發人員和發行商對有機會接觸到這個高度活躍的玩家群體感到非常興奮，這將為這項線上服務帶來巨大的終身參與。而其他開發商和發行商，我認為，都在採取觀望態度。正如我之前所說，我認為過去 5 年對娛樂媒體消費造成最大衝擊的是串流媒體和訂閱的結合。我們先從訂閱模式入手，然後逐步發展。我們正在對串流媒體進行長期投資。我的感覺是，隨著我們能夠因此擴大潛在市場規模，以更低的摩擦力讓玩家更長時間地享受更大的價值，我們將會看到此類服務的持續普及和參與。

Your next question comes from Ryan Gee with Barclays.

下一個問題來自巴克萊銀行的瑞安·吉。

First one, I guess you guys significantly outperformed your earnings guidance for this quarter, but I believe the outlook for the full year remains unchanged. And I know that there's a lot still to come, so I appreciate the conservatism. But it would be great if you guys could just confirm, especially whether or not your outlook for any titles has come down since you guided back in May, specifically for Battlefield Anthem and for Ultimate Team. And then I have one follow-up.

首先，我猜你們本季的獲利遠超預期，但我認為全年的業績展望保持不變。我知道未來還有很多事情要做，所以我欣賞這種保守主義。但如果您能確認一下就太好了，特別是關於您自五月以來對某些遊戲的展望是否有所下調，特別是關於《戰地：聖歌》和《終極團隊》這兩款遊戲。然後我還有一個後續問題。

Sure. So I think you've been around for a while, Ryan. I think once in the next 5 years, we've raised guidance coming out of first quarter. First quarter is 15% of our business, and so -- and you know our conservative approach, so we tend not to do that. We have not changed our outlook on titles. I would say the caution is what I mentioned on FX. We came into the quarter and gave guidance thinking we finally have a tailwind on FX. And due to, I believe, much of the trade war chatter and maybe further chatter on Brexit, we've seen a dramatic change in both the pound and the euro as well as other underlying currencies, and that's created a headwind for us versus a tailwind. Now I think -- we're not changing our guidance because we're not certain how long that will last, but it's the overall view on the market versus a fundamental view on any specific title or business.

當然。看來你已經在這個圈子裡混了一段時間了，瑞恩。我認為在未來五年內，我們會在第一季結束後上調一次業績預期。第一季占我們業務的 15%，所以——而且你也知道我們比較保守，所以我們通常不會那麼做。我們對標題的看法沒有改變。我想說的是，謹慎的態度正如我在FX電視台提到的那樣。進入本季時，我們發布了業績指引，認為外匯市場終於迎來了順風。我認為，由於貿易戰的種種傳聞，以及可能還有關於英國脫歐的進一步傳聞，英鎊、歐元以及其他基礎貨幣都發生了劇烈的變化，這給我們帶來了逆風而不是順風。現在我認為——我們不會改變我們的指導意見，因為我們不確定這種情況會持續多久，但這是針對市場的整體看法，而不是針對任何特定股票或業務的基本面看法。

Okay, great. Makes sense. And then I guess live services was up 7% during the quarter, and I believe you guided to 10% to 15% for the full year. So it'd be great if you could help us kind of bridge those 2 growth rates together, maybe what are the puts and takes for fiscal 2Q. And then as you get out into the holidays, that's going to drive that reacceleration in the back half, whether it's going to come from live services like subscriptions in Origins? Maybe Ultimate Team or Battlefield, if you can rank order those, that would be great.

好的，太好了。有道理。然後，我猜想本季即時服務成長了 7%，我相信您曾預測全年成長將達到 10% 至 15%。所以，如果您能幫助我們把這兩個成長率連結起來，那就太好了，或許可以預測第二財季的預期和預期結果。然後，隨著假期的到來，這將推動下半年的成長加速，無論這種成長是來自 Origins 等訂閱服務？如果可以的話，給終極團隊模式或戰地模式排個名，那就太好了。

Yes, I mean, it's probably all of those. It's hard for me to rank order because we tend to give not individual live service forecasts. You should -- I think you all know, but the start of the sports season is the real peak of live services for sports, the first 2 quarters coming out for both FIFA and Madden and hockey as well and NBA for that matter. And so you tend to see that as the products are rolled out. The first quarter tends to be the slowest quarter. We actually had a lot of engagement, as Andrew mentioned and as I mentioned on the call, but less monetization just because the design of World Cup. And remember, only about half of World Cup was in the quarter versus half in the second quarter. So we're still sticking -- we don't change our guidance by sectors, but I would say we're still comfortable with the guidance that we've provided on live services. And we're very excited about where it's going, particularly that driven by esports as well as new live services that we'll start to roll out on new products as we bring them to market.

是的，我的意思是，可能以上所有原因都有。我很難進行排名，因為我們通常不會提供特定的即時服務預測。你應該知道——我想你們都知道，體育賽季的開始才是體育賽事直播服務的真正高峰，FIFA、Madden、冰球以及NBA的前兩個季度都會推出直播。因此，隨著產品的推出，你往往會看到這種情況。第一季通常是淡季。正如 Andrew 和我之前在電話會議上提到的那樣，我們實際上獲得了很高的參與度，但盈利卻相對較少，這僅僅是因為世界盃的設計所致。別忘了，世界盃只有大約一半的比賽是在四分之一決賽中進行的，而另一半比賽是在第二決賽中進行的。所以我們仍然堅持——我們不會按行業改變我們的指導方針，但我認為我們仍然對我們為即時服務提供的指導方針感到滿意。我們對它的發展方向感到非常興奮，特別是電子競技的發展以及我們將在新產品上市時推出的全新直播服務。

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 following up on that and following up again on the commentary from your prepared remarks, on live services, it was interesting to hear that you could also use it as a mechanism for user acquisition, driving user engagement. Can you give us some color about how you think about either turning the knob on monetization versus turning the dial on engagement and user growth through live services as opposed to just going purely from monetization against time spent?

或許可以接著您事先準備好的發言稿，再補充一下關於即時服務的評論，有趣的是，您也提到可以將其用作用戶獲取和提高用戶參與度的機制。您能否詳細談談您是如何看待兩種情況的：一是注重盈利，二是注重透過即時服務提升用戶參與度和成長，而不是僅根據用戶花費的時間來衡量盈利？

Thanks, Eric. I think that's a great question. And certainly, the nature of live services is transformative to our business and transformative to how we think about engagement -- acquisition and engagement of players over time. And certainly, we think a lot about the lifetime value of a player and the lifetime engagement of that player versus simply a point-to-point transaction or a point-to-point unit sale. And as we looked at World Cup and we went back and we looked at many of the previous World Cups, and I've been working on that business since 2006, what we came to understand was that typically, it was an opportunity to bring in a lot of new players and introduce a lot of new players through the spectacle and pageantry of the World Cup to the world of soccer and the world of interactive soccer through FIFA. And as we designed the mode this time around, we certainly had that in mind, and have been highly successful, I would say, in acquiring and reacquiring lapsed players as part of that engagement. What that meant to the process was that we had lower monetization than we might do typically as part of FIFA Ultimate Team, but we knew it was an opportunity to bring in a whole new group of players into FIFA more broadly and work with them over many, many years to come as they continue to play the game. And what I can say is certainly coming out of the World Cup, we have seen our core players as well as millions of our newly acquired players move back into the core FIFA Ultimate Team experience, and we're excited about launching a new game for them later this year and introducing them to new aspects of Ultimate Team certainly as those include Champions League content.

謝謝你，埃里克。我覺得這是一個很好的問題。當然，即時服務的性質正在改變我們的業務，並改變我們對用戶參與度的思考方式——即隨著時間的推移獲取和吸引玩家。當然，我們會認真考慮球員的終身價值和球員的終身參與度，而不是簡單的點對點交易或點對點單元銷售。當我們審視世界杯，回顧以往的世界杯時（我從 2006 年就開始從事這項業務），我們逐漸認識到，世界杯通常是一個機會，可以通過世界杯的盛況和盛會，將許多新玩家引入足球世界，並通過國際足聯將許多新玩家引入互動足球世界。這次我們在設計這種模式時，當然考慮到了這一點，可以說，我們在吸引和重新吸引流失玩家方面取得了巨大的成功。這意味著，與 FIFA Ultimate Team 的正常盈利水平相比，我們的盈利水平要低一些，但我們知道這是一個機會，可以更廣泛地將一大批新玩家引入 FIFA，並在未來很多年裡與他們合作，陪伴他們繼續玩這款遊戲。我可以肯定地說，世界盃結束後，我們看到核心玩家以及數百萬新玩家都回歸了 FIFA Ultimate Team 的核心體驗，我們很高興能在今年晚些時候為他們推出一款新遊戲，並向他們介紹 Ultimate Team 的新方面，其中當然包括冠軍聯賽內容。

Your next question comes from Mike Hickey with Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Just 2 little ones here. Curious if you had any potential VR monies from Battlefield V in your guidance for fiscal '19. I have a quick follow-up.

這裡只有兩個小孩。我想知道你們在 2019 財年的業績預期中是否包含了《戰地5》的潛在 VR 收入。我還有一個後續問題。

Did you mean that are we planning a VR experience for Battlefield?

你的意思是說，我們是否計劃為《戰地》系列推出VR體驗？

No, I was referring to Battle Royale.

不，我指的是大逃殺模式。

Oh, I'm sorry. I think we talked about -- yes, we talked at E3 about bringing out a Battle Royale mode for Battlefield. We haven't announced exactly when that will come out, but we did say that we would have one.

哦，對不起。我想我們討論過——是的，我們在 E3 上討論過為《戰地》系列推出大逃殺模式。我們還沒有公佈具體發佈時間，但我們確實說過我們會推出一款。

Okay, fair enough. And then it seems like for Battlefield V, you've created a fairly full value proposition, single player, all the multiplayer aspects that a franchise player would want. And now, you're adding the Battle Royale mode, which obviously is a new addition. Just curious, when you think about just how strong Battle Royale games are in terms of creating player communities or basically expanding TAM, which you've talked about before -- you're often monetizing and, of course, you have a couple of really strong incumbents with Fortnite and PUBG. So how do you think about, I guess, a tethered free-to-play Battle Royale, which appears to be what you're going to do with Battlefield V, versus a stand-alone offering at a reduced price perhaps similar to PUBG, or free-to-play offering similar to Fortnite, we could sort of maximize the TAM and monetization.

好吧，這說得有道理。而且，對於《戰地5》來說，你們似乎已經創造了一個相當完整的價值主張，包括單人遊戲和系列玩家想要的所有多人遊戲元素。現在，你們又加入了大逃殺模式，這顯然是一個新增內容。我只是好奇，當你思考大逃殺遊戲在創建玩家社群或基本上擴大潛在市場規模方面有多麼強大時（你之前也談到過這一點），你通常會進行盈利，當然，還有像 Fortnite 和 PUBG 這樣非常強大的現有玩家。所以，您覺得，像《戰地5》那樣採用捆綁式免費大逃殺模式，與像《絕地求生》那樣以較低價格獨立推出，或者像《堡壘之夜》那樣免費推出相比，哪種模式更能最大限度地提高潛在市場規模和盈利能力？

Yes, I mean, right now, we're focused on -- for Battlefield, we're focused on creating it as a mode in the game, no different than the other modes that we have in the game. We may have lots of other things that come out over time for Battlefield. I think we're really focused on how do we continually build live services around all of our games, and you'll see some of that for Battlefield in the coming months and once the game is released. I would say we're interested in possibly experimenting with an essentially free-to-play, stand-alone game that might be in a shooter genre or another genre, but I don't think that's how we're looking at the Battlefield stuff right now. But you'll see more to come on that in the coming months and years.

是的，我的意思是，目前，我們專注於——對於《戰地》系列，我們專注於將其打造為遊戲中的一種模式，與其他遊戲模式並無不同。未來我們可能會為《戰地風雲》系列推出許多其他內容。我認為我們真正關注的是如何圍繞我們所有的遊戲不斷建立即時服務，在接下來的幾個月裡，你會在《戰地》遊戲發布後看到這方面的一些成果。我想說，我們有興趣嘗試開發一款本質上免費的獨立遊戲，遊戲類型可能是射擊遊戲或其他類型，但我認為我們目前對《戰地》系列遊戲的開發方向並不是這樣。但在接下來的幾個月和幾年裡，你會看到更多相關的內容。

And what I would say about our Battlefield community is it's a growingly and diverse community who are looking for many different ways to play the game. And that might be through single player, that might be through traditional multiplayer modes, or that might be through what we discussed in a newly developed Battle Royale mode. There are also other new modes that we're developing. Again, DICE is one of our most innovative studios, who are continuing to build and look to deliver innovative multiplayer components to that game. And as we come into October, we'll be talking a lot more about this. But you should expect that we'll be delivering a full-featured game that features all of the traditional components of a Battlefield game in addition to new modalities of play, including Battle Royale, and delivered in a way that we believe people want to play, which is not just what you get at launch, but in the context of a live service over time. And we're excited about what we're able to do there.

我想說的是，我們的《戰地》社群是一個不斷成長且多元化的社區，他們正在尋找各種不同的遊戲方式。這可能是透過單人遊戲，也可能是透過傳統的多人遊戲模式，也可能是透過我們討論過的全新開發的「大逃殺」模式。我們也正在其他新模式方面進行開發。再次強調，DICE 是我們最具創新精神的工作室之一，他們一直在不斷開發並致力於為這款遊戲帶來創新的多人遊戲組件。進入十月後，我們會更多地談論這個問題。但您可以期待我們將推出一款功能齊全的遊戲，它不僅包含《戰地》系列遊戲的所有傳統元素，還加入了新的遊戲模式，包括大逃殺模式，並且我們將以我們認為玩家想要的方式呈現這款遊戲。這不僅僅是遊戲發佈時的內容，而是會隨著時間的推移，透過持續的服務不斷更新。我們對我們在那裡能夠做的事情感到興奮。

Your next question comes from Ben Schachter from Macquarie.

下一個問題來自麥格理大學的本·沙赫特。

This is Ed Alter on for Ben. Can you discuss how the commission rates paid to platform holders differ across mobile consoles, and particularly China? And then if there's any opportunities you see that you can leverage your scale to improve those rates over time?

這裡是 Ed Alter 為 Ben 報告。您能否談談不同行動遊戲平台（尤其是中國平台）向平台持有者支付的佣金率有何不同？然後，如果你發現任何可以利用自身規模優勢來逐步提高這些比率的機會，你會怎麼做？

We don't disclose that, but I think people all have a good sense of what the rates are for Apple and Google, Tencent. And it's a different model within Sony and Microsoft, but effectively, similar levels across all the Western ones. The Chinese, Eastern, Tencent and others are different, but I think most people have a perspective on that. So...

我們不會透露具體數字，但我認為大家都很清楚蘋果、谷歌和騰訊的費率是多少。索尼和微軟採用的是不同的模式，但實際上，所有西方公司的水平都差不多。中國、東方、騰訊等公司的情況各不相同，但我認為大多數人對此都有自己的看法。所以...

Your next question comes from Stephen Ju from Crédit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

Blake, I know it's early, but can you talk about the differences between the FIFA Mobile game that's available in China versus what's available everywhere else in terms of how monetization in China might be better or worse, different? Presumably, ARPU might be lower versus the Western markets, so wondering if the conversion rate to paying users is materially different. Also, can you help us think about the impact for the Champions League to the guidance parameters? Is this purely going to be just more events around the midweek games? Or are there different modes that you're planning, et cetera?

布萊克，我知道現在還早，但你能談談在中國發售的 FIFA Mobile 遊戲與在其他地區發售的 FIFA Mobile 遊戲在盈利模式方面有哪些不同嗎？例如，中國的獲利模式是更好還是更差？可以推測，ARPU（每位使用者平均收入）可能低於西方市場，因此想知道付費用戶的轉換率是否有顯著差異。另外，您能否幫我們思考歐冠聯賽對指導參數的影響？這是否僅僅意味著在周中比賽前後會舉辦更多活動？或者你們是否計劃採用其他模式等等？

So why don't I take the first part, and then I'll let Andrew do the Champions League first piece. So it's early days, and so I'm going to hold off on giving you any general statistics. But I would say in terms of how the game is different, it's much more localized than we've done in other markets. And part of that is just the uniqueness of the Chinese market and the uniqueness of the fact that many people in China don't yet know all of the intricacies and players and rules of football. And so the -- part of what we did is try to make the game much more understandable and much more Chinese-centric around how games are sometimes played. It has local content as well, which FIFA Online 4 and FIFA Online 3 do in their respective markets. And so I would say the biggest driver has been localization. But it's still too early to start sort of understanding what all of the metrics are going to be. We'll think about how we can describe that as we get a better sense of it without getting down a path of dealing with individual game metrics, which will probably drive you guys crazy. But I think all in all, the localization component that ourselves, our teams in Asia and Tencent helped on has been a huge benefit for that marketplace versus where we've been tuning internationally with the base game that we have from the West. It's -- this is a much more depth in localization than we've seen in other markets. And we did that because the opportunity and the size of the potential there is so large.

那不如我先寫第一部分，然後讓安德魯寫歐冠聯賽的第一部分。現在還處於早期階段，所以我暫時不會提供任何總體統計數據。但就遊戲的不同之處而言，我認為它比我們在其他市場推出的遊戲更加在地化。部分原因是由於中國市場的獨特性，以及中國許多人還不了解足球的所有複雜之處、球員和規則的獨特性。因此，我們所做的工作有一部分是努力讓遊戲更容易理解，並且更貼近中國玩家的玩法。它還包含在地化內容，FIFA Online 4 和 FIFA Online 3 在其各自的市場中也都有在地化內容。所以我認為最大的驅動力是本地化。但現在要了解所有指標的具體內容還為時過早。我們會思考如何更好地描述它，同時又不陷入處理單一遊戲指標的泥潭，因為那可能會讓你們抓狂。但總的來說，我認為我們、我們在亞洲的團隊以及騰訊所協助進行的本地化工作，對於該市場來說是一項巨大的優勢，而我們之前一直使用來自西方的基礎遊戲進行國際調整。這——這比我們在其他市場看到的在地化程度要高得多。我們之所以這樣做，是因為那裡的機會和潛力非常巨大。

And in terms of Champions League, for many who follow the sport, Champions League may be the most popular and powerful soccer league, if not sports league in the world, bringing together the best clubs in Europe and the best footballers in what is a magnificent tournament. And so you should expect that -- as I talked about in the prepared remarks, we have over 100 million players across platforms and games and generations in FIFA, and you should expect that we are thinking about how we can enhance and extend all of those experiences with Champions League content. That might be something as simple as what we've done in FIFA console this year and doing a completely new and progressive remix of the Champions League theme song, all the way through the manifestations in story mode and general single player and multiplayer modes, all the way through into Ultimate Team and live service events over time. We're really excited about the inclusion of the Champions League. It's the first time we've have it, I think, in over a decade. And we believe our fan base, given the popularity of that league, are going to also be very excited with how the team has delivered an interactive experience across various platforms and games.

就歐洲冠軍聯賽而言，對於許多關注這項運動的人來說，歐洲冠軍聯賽可能是最受歡迎、最有影響力的足球聯賽，甚至可能是世界上最受歡迎的體育聯賽，它匯集了歐洲最好的俱樂部和最好的足球運動員，這是一項精彩絕倫的賽事。因此，正如我在準備好的演講稿中提到的，FIFA 在各個平台、遊戲和世代中擁有超過 1 億玩家，你們應該預料到，我們正在思考如何透過冠軍聯賽內容來增強和擴展所有這些體驗。這可能就像我們今年在 FIFA 主機版中所做的那樣簡單：對冠軍聯賽主題曲進行全新的、漸進式的混音，並將其貫穿到故事模式、單人遊戲和多人遊戲模式，以及未來的終極球隊和線上服務活動中。我們非常高興歐冠聯賽能夠加入。我想，這是我們十多年來第一次擁有它。鑑於聯賽的受歡迎程度，我們相信我們的粉絲群也會對團隊在各種平台和遊戲中提供的互動體驗感到非常興奮。

And as you know, Ultimate Team is driven by the weekly events that we host. And obviously, the Champions League gives us a whole new opportunity for new events to be able to add to that roster. So it's very exciting for us. And we think this is not just a 1-year play. This is something that will continue to help evolve FIFA over time.

如您所知，Ultimate Team 的發展動力來自於我們每週舉辦的賽事。顯然，冠軍聯賽為我們提供了一個全新的機會，讓我們能夠為這個陣容增添新的賽事。所以這讓我們非常興奮。我們認為這不僅僅是一年的計劃。隨著時間的推移，這將繼續有助於FIFA的發展。

Your next question comes from Gerrick Johnson with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Gerrick Johnson。

I just want to clarify, I thought I heard Andrew say that FIFA had 100 million players. Did -- is that accurate, or is that the total EA SPORTS franchise?

我只是想澄清一下，我好像聽到安德魯說國際足總有1億名球員。——這是準確的嗎？還是說這是整個 EA SPORTS 系列遊戲？

No, that's accurate. So when you think about -- a lot of times when we talk about FIFA, we talk about FIFA in the context of console in the West. And certainly being placed in the West, it's easier to think about FIFA in that context. But remember also we're on FIFA Mobile in the West and in Asia. We have a very, very successful PC free-to-play online game in Korea, Southeast Asia and China. And as we look across the entire platform, we thought it was important that we start to think about FIFA in its true capacity across the franchise and its over 100 million players.

不，沒錯。所以當你思考的時候——很多時候當我們談論 FIFA 時，我們談論 FIFA 時都是在西方主機遊戲的背景下。當然，身處西方，更容易從這個角度來思考國際足總。但別忘了，我們在西方和亞洲都推出了 FIFA Mobile 版本。我們在韓國、東南亞和中國擁有一款非常非常成功的PC端免費線上遊戲。當我們縱觀整個平台時，我們認為有必要開始認真思考 FIFA 系列遊戲及其超過 1 億玩家的真正潛力。

Your next question comes from Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Blake, I'll preface this by saying, I'm not complaining. You purchased $300 million worth of stock in the quarter. You generated about $90 million of free cash flow. So I mean, you didn't really dip -- have to dip into your existing cash at all. At this point, what are you thinking about what it would take to maybe accelerate the buyback a little bit?

布萊克，我先聲明一下，我不是抱怨。本季您購買了價值 3 億美元的股票。您創造了約 9000 萬美元的自由現金流。我的意思是，你根本沒動用──完全沒動用你現有的現金。目前，您認為需要採取哪些措施才能稍微加快股票回購速度？

Jeez, we're only one quarter into our 2-year $2.4 billion buyback and I'm already getting requests to move it up. No surprise, and I appreciate that you've prefaced it by saying you weren't complaining. We've always focused on trying to have a systematic program, not an opportunistic program, to consistently return capital to shareholders. We target that with our board every year. We've revised it every year and increased it every year. We just brought -- started this new program, which is a doubling of our old program. And our view is we'll take that through the year, see how that performs and revisit it at the end of the year and decide if we should continue to buy back more stock or not. We are always trying to balance the need for cash for potential M&A activities or investments versus returning that cash to shareholders. We think the balance that we've hit now is about right, but we're always adjusting and thinking about that to make sure we are, at a minimum, covering dilution from share-based compensation. And our hope is that we will clearly do more than that in the coming years based on the level that we're at today.

哎呀，我們為期兩年、總額 24 億美元的股票回購計畫才進行了四分之一，就已經有人要求提前完成回購了。毫不意外，我很感激你事先說明你並非在抱怨。我們一直致力於制定係統性的計劃，而不是機會主義的計劃，以持續為股東帶來資本回報。我們每年都會與董事會討論這個問題。我們每年都對其進行修訂，並且每年都提高其金額。我們剛剛推出了這個新項目，規模是原始項目的兩倍。我們的看法是，我們將把這項策略持續到年底，看看效果如何，然後再在年底重新評估，決定是否應該繼續回購更多股票。我們一直在努力平衡潛在的併購活動或投資所需的現金與將現金回饋給股東之間的關係。我們認為目前達到的平衡點比較合適，但我們一直在調整和考慮這個問題，以確保至少能夠彌補股權激勵帶來的稀釋。我們希望，在未來幾年裡，基於我們目前的水平，我們能夠取得比這更大的成就。

So along those lines, I mean you guys have made 2 seemingly small acquisitions. One, can you give us a little bit of detail on those 2 companies that you've acquired? And secondly, are you starting to see a little bit more movement in the M&A environment?

所以，從這個角度來看，我的意思是，你們已經進行了兩次看似規模不大的收購。第一，能否詳細介紹一下您收購的這兩家公司？其次，您是否開始看到併購市場出現一些新的動向？

Unfortunately, we're not seeing a lot of movement because I think the industry is -- everyone's doing so well that no one's really forced to try to rethink their direction and staying, in most cases, in either a private position or as a stand-alone public company. That may change over time, and we're always watching that. We look at every major deal that comes through, and we have a team of people that are out in the marketplace all the time looking at players. The 2 acquisitions we did, you're correct, they're very small. The acquisition of the streaming assets from GameFly was a unique opportunity for us to buy technology that was essentially the middleware in streaming and we believe is critical to be able to stream to many different devices over time. And that's a team of people based in Tel Aviv, Israel, and they're fabulous at what they do. And it was an opportunity to buy that team and the technology that they've developed. But it was less than [$50] million. And then the second piece is a very small mobile business that we've actually been working with called Industrial Toys. I've talked to a few people that -- who thought we were getting into the toy business. So we're clearly not getting in the toy business, so don't panic. But it's a group of people, one of the original founders of the Halo series. And they've been working for us on a mobile product that -- as a work-for-hire studio. And we've been very impressed with that team, with the quality of the people and their ideas of the things they're working on. I won't yet tell you what they're working on, but you will see something in the next couple of years coming out of that studio we think is pretty innovative in the mobile space. So we're very excited. We look at a lot of mobile businesses like that for great talent and great opportunity versus buying a specific product per se. And we knew those people well because we've been partnering with them. And so those are the types of things that we'll be constantly doing, but unfortunately, most of those are fairly small and longer term in vision. But we want to make sure we keep enough dry powder in case to something change. And if we find that there aren't really any opportunities, once again, we'll go back and revisit the return to shareholders plan.

遺憾的是，我們沒有看到太多變化，因為我認為整個行業——每個人都發展得很好，所以沒有人真正被迫去重新思考自己的發展方向，在大多數情況下，他們要么保持私有狀態，要么成為一家獨立的上市公司。這種情況可能會隨著時間推移而改變，我們會一直關注這一點。我們會關注每一筆重大交易，我們有一個團隊會一直活躍在轉會市場上，考察球員。你說得對，我們進行的這兩項收購規模都很小。收購 GameFly 的串流資產對我們來說是一個獨特的機會，我們可以購買到本質上是串流媒體中間件的技術，我們認為這對於隨著時間的推移能夠向許多不同的設備進行串流媒體播放至關重要。這是一個位於以色列特拉維夫的團隊，他們非常擅長自己的工作。這是一個收購該團隊及其所開發技術的機會。但金額不到 5000 萬美元。其次，我們一直在與一家名為 Industrial Toys 的小型行動企業合作。我跟一些人聊過，他們以為我們要進軍玩具業。所以很明顯我們不會涉足玩具產業，請不要驚慌。但這其實是一群人，其中一人是《光環》系列的創始成員之一。他們一直為我們開發一款行動產品——作為一家外包工作室。我們對這個團隊印象深刻，他們的素質以及他們對所做工作的想法都讓我們讚歎不已。我現在還不能透露他們在做什麼，但未來幾年你會看到這家工作室推出一些我們認為在行動領域非常創新的產品。所以我們非常興奮。我們關注許多像這樣的行動企業，看重的是優秀的人才和巨大的發展機遇，而不是購買特定的產品本身。我們和這些人很熟，因為我們一直和他們保持合作關係。所以，這些就是我們將不斷做的事情，但不幸的是，其中大多數都比較小，而且是長期性的。但我們希望確保保留足夠的緊急儲備，以防情況改變。如果我們發現確實沒有任何機會，我們將再次重新審視股東回報計畫。

And your next question comes from Drew Crum from Stifel, Nicolaus.

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

So wondering if you'd be willing to size the annual net bookings run rate for FIFA Online 4. I think in the past, you've provided some context around the size of FIFA Online. And then separately, one of the popular features in Fortnite has been cross-platform playability. Is that something you intend to include in Battlefield V or any other EA games?

所以我想問您是否願意估算一下 FIFA Online 4 的年度淨預訂量。我記得您之前曾提供過一些關於 FIFA Online 規模的資訊。此外，Fortnite 的一大熱門功能是跨平台遊戲。你們打算把這個功能加入《戰地5》或其他EA遊戲嗎？

Sure. I think FIFA Online, we've talked about both the growth, particularly in China as well as the success in Korea. And it's still early -- too early to size what Online 4 looks like. Right now, it's tracking very similar to Online 3. And there's always a transition period because you need to tell the consumers there that their currency doesn't translate across the 2 programs. And in a few markets, we're actually running both simultaneously to allow people to move off slowly versus immediately shift them on. So trust that it's -- it's still small relative to our $5.5 billion or $5.55 billion guidance, but growing very fast, particularly in China.

當然。我認為 FIFA Online，我們已經討論過它在中國的成長，以及它在韓國的成功。現在還為時過早——現在判斷 Online 4 的樣子還為時過早。目前，它的發展軌跡與 Online 3 非常相似。而且總是會有一個過渡期，因為你需要告訴消費者，他們的貨幣在這兩個項目中無法直接轉換。在某些市場，我們實際上是同時運作這兩種方案，以便讓人們慢慢地從現有方案過渡到新方案，而不是立即讓他們轉而採用新方案。所以請相信，雖然相對於我們 55 億美元或 55.5 億美元的預期來說，它仍然很小，但成長速度非常快，尤其是在中國。

In terms of cross-platform play, again, we are seeing the same thing. And remember, we have a vision on a 3- to 5-year time horizon where a great portion of game experiences will exist in the cloud and be pushed to every device you own. And the game experience you have won't be measured by local CPU or GPU, but will be measured by screen size and session time that you have and will drive tremendous liquidity in a market -- in a player base. And I think we are to deliver very different types of experiences as a result of a cloud gaming offering. In the near term, you should also appreciate that we're looking at key franchises in terms of how we should deliver cross-platform way -- cross-platform players in a similar way that Fortnite has, especially -- some of our titles have a broad and diverse player base. Households typically have one console, so the ability to bring PC to console and console to mobile into that play experience can bring families together, can bring friends together. And we think it's an important part of our future development profile, both in terms of mobile games that we have today moving up per se to console and PC, and console and PC games being playable in mobile. And so, expect more from us on that front in the future.

在跨平台遊戲方面，我們也看到了同樣的情況。請記住，我們設想在未來 3 到 5 年內，大部分遊戲體驗將存在於雲端，並推送到您擁有的每個裝置上。而你的遊戲體驗將不再以本地 CPU 或 GPU 的效能來衡量，而是以螢幕尺寸和遊戲時間來衡量，這將為市場——也就是玩家群體——帶來巨大的流動性。我認為，雲端遊戲產品將為我們帶來截然不同的體驗。短期內，您也應該意識到，我們正在研究一些關鍵系列遊戲，探討如何以跨平台的方式推出跨平台遊戲——尤其是像 Fortnite 那樣的跨平台玩家——我們的一些遊戲擁有廣泛而多元化的玩家群。每個家庭通常只有一台遊戲機，因此能夠將 PC 連接到遊戲機，並將遊戲機連接到行動設備，從而獲得更好的遊戲體驗，這可以讓家人聚在一起，也可以讓朋友們聚在一起。我們認為這是我們未來發展規劃的重要組成部分，無論是我們目前擁有的手機遊戲本身發展到主機和 PC 平台，還是主機和 PC 遊戲能夠在手機上玩。因此，未來請期待我們在這方面取得更多進展。

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

下一個問題來自傑富瑞集團的提姆·奧謝。

So Andrew, you talk about connecting 1 billion people a day. So my question is, how does your cloud-based gaming, the streaming service, how does this contribute to expanding your addressable market and eventually connecting 1 billion people? And then, just a follow-up on FIFA Mobile, you obviously had great success in China. Just wondering how that success might impact your thinking about the opportunity that you do see in China over time. And is it reasonable that we might expect to see more of this type of launches going forward?

安德魯，你談到每天連接10億人。所以我的問題是，你們的雲端遊戲、串流媒體服務是如何幫助擴大目標市場並最終連接10億用戶的？最後，我想跟進 FIFA Mobile，你們在中國顯然取得了巨大的成功。我只是想知道，隨著時間的推移，你的成功會如何影響你對在中國看到的機會的看法。我們是否可以合理預期，未來會看到更多此類發射？

Great question. And typically, my verbiage is 1 billion people in play versus 1 billion people a day, but I guess that's the very next step beyond getting them to play with us is getting them to do it every day. And you should expect that, that would be our objective upon reaching 1 billion people in play. Certainly, we believe that cloud gaming delivers a tremendous opportunity to do that. So right now, depending on which figures you look at, but it's probably somewhere between 2 billion and 3 billion people playing games on mobile devices, so discrete experiences. They're playing for a couple of minutes a day. And where the core part of that population are playing games like Star Wars: Galaxy of Heroes for 90 minutes a day. Our belief is that over time, that player base will continue to mature. We're seeing some of that with Fortnite right now, where we're seeing mobile players move up to a PC or a console in terms of the immersiveness and complexity of that experience. And you get core players on big-screen, HD games that come down and spend more time on mobile devices. So as we think about cloud more broadly, it's about capturing more of that TAM, so expanding the TAM across our portfolio, delivering that -- delivering greater access to games, a tremendous value to our players with far lower friction. And for us, that's going to be a meaningful growth opportunity for Electronic Arts in the future.

問得好。通常，我的措辭是“10億人同時參與遊戲”而不是“每天10億人參與遊戲”，但我認為，讓他們參與遊戲之後的下一步就是讓他們每天都參與遊戲。你應該預料到，當我們的用戶數量達到10億時，這將是我們的目標。當然，我們相信雲端遊戲為此提供了絕佳的機會。所以現在，根據你查看的數據，大概有 20 億到 30 億人在行動裝置上玩遊戲，這是獨立的遊戲體驗。他們每天玩幾分鐘。而這部分人群的核心成員每天玩《星際大戰：銀河英雄傳》之類的遊戲長達 90 分鐘。我們相信，隨著時間的推移，玩家群將會不斷成熟。我們現在在《要塞英雄》中看到了這種趨勢，行動玩家為了獲得更沉浸、更複雜的遊戲體驗，開始轉向 PC 或遊戲主機平台。而且，原本在大螢幕高清遊戲上玩核心遊戲的玩家，現在會花更多時間在行動裝置上。因此，當我們更廣泛地思考雲端運算時，它的意義在於獲取更多的潛在市場規模 (TAM)，從而擴大我們產品組合的潛在市場規模，並提供更大的遊戲存取權限，以更低的摩擦為我們的玩家帶來巨大的價值。對我們來說，這將是藝電未來發展的重要機會。

And in terms of FIFA Mobile, clearly, both ourselves and Tencent have been very pleased with the progress of the title, particularly a sports title because there are not many sports titles in the marketplace. Also, you can imagine that we're having discussions with them on what other titles we might be able to put into the market. We have worked with them for some time and worked with them, obviously, on FIFA Online on the free-to-play PC game. And so we're looking at other of our mobile franchises that might work in the marketplace if they were culturalized or localized in some fashion. We're very focused on continuing to try to grow that business and grow our partnerships with both Tencent and other players there to try to build that footprint. We think it's one of the biggest growth market opportunities for us around the world, and you'll see more products in the coming years, I think. I think right now, the focus is on FIFA because it's so early, but we do think there's opportunities beyond FIFA. For example, our Need for Speed franchise has always been very popular there. The Plants vs. Zombies franchise, The Sims franchise have all been popular in China. And if there's ways to leverage what we're doing across those franchises, we'll certainly look at that.

至於 FIFA Mobile，顯然我們和騰訊都對這款遊戲的進展非常滿意，尤其是一款體育遊戲，因為市場上的體育遊戲並不多。此外，您可以想像，我們正在與他們討論我們還可以向市場推出哪些其他遊戲。我們已經和他們合作了一段時間，而且顯然，我們還在免費PC遊戲FIFA Online上和他們合作過。因此，我們正在研究其他行動特許經營項目，如果以某種方式進行文化化或在地化，它們或許能在市場上取得成功。我們非常注重繼續努力發展這項業務，並加強與騰訊和其他相關企業的合作關係，以擴大市場份額。我們認為這是我們在全球範圍內最大的成長市場機會之一，而且我認為在未來幾年你會看到更多相關產品。我認為目前大家的關注點都在 FIFA 上，因為現在還處於早期階段，但我們確實認為 FIFA 之外也存在著機會。例如，我們的《極速快感》系列遊戲在那裡一直非常受歡迎。植物大戰殭屍系列遊戲、模擬市民系列遊戲在中國都很受歡迎。如果有什麼方法可以把我們正在做的事情推廣到這些特許經營店中，我們一定會考慮的。

We also believe that as we think about subscription, subscription is a relatively nascent business model in Asia right now, more broadly. Again, it's more free-to-play model there. But what we are seeing is a rise of premium game engagement. And we also believe that as we think about Origin Access Premier and we think about the portfolio of games that we have that may traditionally not have had an audience by virtue of their business model in Asia, that there is opportunity there also.

我們也認為，就訂閱模式而言，從更廣泛的意義上講，訂閱模式目前在亞洲還是一種相對新興的商業模式。同樣，那裡的遊戲模式更偏向免費遊玩。但我們看到的是付費遊戲參與度的提升。我們也認為，當我們考慮 Origin Access Premier 以及我們擁有的遊戲組合時，這些遊戲由於其在亞洲的商業模式，可能傳統上沒有受眾，而這其中也存在機會。

And your next question comes from Justin Post with Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的賈斯汀·波斯特。

This is Ryan Goodman for Justin. I had a couple on Battlefield and then one on mobile. For Battlefield, in the commentary, it sounds like the early play tests are going pretty well. So just curious if you had any color on preorder activity to date, how that's tracking versus your expectations? And then second question on Battlefield, is more on the content release strategy. Last year with Battlefront 2, there was a little pushback with the initial player and game progression system out of the gate. So just curious, is there anything you can share with us on how you're thinking about the content release strategy or cadence with Battlefield? And then separately on mobile, just -- we're a couple of months into the pre-alpha on Command & Conquer, and you've had the rights to power pre-alpha. Just would like any feedback you're seeing there, player reception, just anything to share there.

這是瑞恩古德曼，替賈斯汀報上名。我在《戰地》裡玩過兩局，然後在手機上玩過一局。從解說來看，《戰地》系列的早期測試似乎進行得相當順利。所以，我很好奇你目前對預購情況有什麼了解，實際情況與你的預期相比如何？關於《戰地》系列的第二個問題，更多的是關於內容發佈策略。去年《星際大戰：前線 2》剛推出時，其初始玩家和遊戲進度系統遭到了一些抵制。所以我很好奇，您能否和我們分享一下您對《戰地》系列內容發布策略或節奏的看法？然後，在行動端方面，我們已經進入了《命令與征服》的 pre-alpha 測試階段幾個月了，而您也擁有了體驗 pre-alpha 測試的權利。我只是想聽聽你對那邊情況的任何回饋，例如玩家的反應等等，任何想分享的內容都可以。

Yes, we don't tend to directly comment on our unit forecast. What I'd tell you is we look at lots of different components including preorders. But preorders continue to be less and less important in a digital world, but we do observe that. We look at everything that people are saying about the game, their intent to purchase the game and communication around the game with measures of where it's going. We're happy with those. We're also excited about the number of people that played Command & Conquer coming out of E3 when we allowed people to play it. It's early days there, but what we're hearing is it is an amazingly fun game that really gets people excited, particularly in groups. And so it may have opportunities beyond just an individual game and maybe more of a group game or even these sports opportunities. So we're excited about that. And it's in full test now and being finalized, and you'll see it later this year.

是的，我們通常不會直接評論我們的銷售預測。我想告訴你的是，我們會考慮很多不同的因素，包括預購訂單。但在數位化時代，預購的重要性越來越低，我們確實觀察到了這一點。我們會觀察人們對遊戲的各種評價、他們的購買意願以及圍繞遊戲的各種交流，以此來衡量遊戲的發展方向。我們對這些結果很滿意。我們也對E3展期間允許玩家試玩《命令與征服》後，參與試玩的玩家數量感到興奮。雖然現在下結論還為時過早，但我們聽到的消息是，這是一款非常有趣的遊戲，能讓人興奮不已，尤其是在團體遊戲中。因此，它可能帶來的機會不僅限於個人比賽，還可能帶來更多團體比賽甚至體育運動的機會。我們對此感到很興奮。目前該功能正在進行全面測試和最終完善，您將在今年稍後看到它。

In terms of content delivery for Battlefield V, and you referenced Battlefront 2, our objective in Battlefront 2 is to deliver a large, full-featured experience at launch that has the opportunity for players to continue to engage in new and fresh content over time. And we've continued to deliver that. As we've talked about before, we had some issues with the progression system and the monetization system, which we've since learned from and fixed, and launched a completely new progression system in that game. And the teams continue to work. And we announced new content, including Clone Wars content, at EA PLAY. And we're encouraged by the reception that we've had as a result of that. So you should imagine that we have learned from that experience. And as we think about the launch of Battlefield V, again, our objective is to launch a spectacularly built game that is full featured with single player, with traditional multiplayer modes, and new and innovative multiplayer modes, including Battle Royale, over time. And while the base game that we launch will be large, deep and full-featured, that we also understand that players expect to play these games for many months and sometimes years later, and that we have a long-term service plan in place for the delivery of ongoing content and ongoing modes of play.

就《戰地5》的內容傳遞而言，你提到了《星際大戰：前線2》，我們在《星際大戰：前線2》中的目標是在發佈時提供龐大、功能齊全的體驗，讓玩家有機會隨著時間的推移不斷參與新的、新鮮的內容。我們一直都在這樣做。正如我們之前討論過的，我們在遊戲進度系統和盈利系統方面遇到了一些問題，我們已經從中吸取了教訓並進行了修復，並在該遊戲中推出了一個全新的進度系統。各團隊仍在繼續工作。我們在 EA PLAY 上發布了新內容，其中包括《克隆戰爭》內容。我們對由此獲得的迴響感到鼓舞。所以你應該能想像我們已經從那次經驗中學到教訓了。當我們再次考慮《戰地5》的發佈時，我們的目標是推出一款製作精良、功能齊全的遊戲，包括單人遊戲、傳統多人遊戲模式，以及隨著時間的推移不斷推出的創新型多人遊戲模式，包括大逃殺模式。雖然我們推出的基礎遊戲規模龐大、內容豐富且功能齊全，但我們也明白玩家希望在數月甚至數年後繼續玩這些遊戲，因此我們制定了長期服務計劃，以持續提供遊戲內容和遊戲模式。

Your last question comes from Evan Wingren from KeyBanc Capital Markets.

您的最後一個問題來自 KeyBanc Capital Markets 的 Evan Wingren。

Blake, you mentioned in the prepared remarks that ARPU in live services was a bit lower than you had expected on Ultimate Team. I wonder if you could just give a bit more color there in terms of what you saw in the components and how you're thinking about that going forward? And then I have a follow-up.

布萊克，你在事先準備好的演講稿中提到，Ultimate Team 的即時服務 ARPU 比你預期的要低一些。我想請您再詳細說說您在各個組件方面看到的一些情況，以及您未來對此的思考？然後我還有一個後續問題。

Yes. So to be careful, I was just in FIFA. Actually, we had a very strong Madden Ultimate Team quarter, which is rare for the first quarter. So we enjoyed that. It's not a huge business in the last quarter of the year before the football season starts. But in FIFA we've -- as Andrew mentioned, we brought a very large number of new or lapsed users into the game and into Ultimate Team. But we remind people -- and I think we've tried to temper people's enthusiasm around this when we first gave guidance, is that people oftentimes play Ultimate Team for months or years before they spend money, partially because they're learning how to play and they're having a lot of fun, and they don't really understand how much more fun they'll have if they spend a little bit of money. And so what we saw was more people in the game than we expected, but those people did not spend as much money or money at all. And our view is that, that's still a positive because we now see, post Ultimate -- or post World Cup, the Ultimate Team business continuing to grow and engage, and we think that's a real positive coming out of the World Cup.

是的。所以為了謹慎起見，我當時正在玩FIFA遊戲。事實上，我們在第一節的《麥登終極球隊》比賽中表現非常出色，這在第一節比賽中實屬罕見。我們很享受那段時光。在足球賽季開始前的最後一個季度，這並不是一項大生意。但正如 Andrew 所提到的，在 FIFA 中，我們為遊戲和終極球隊模式帶來了大量新用戶或流失用戶。但我們提醒大家——而且我認為，當我們最初提供指導時，我們已經試圖抑制人們對此的熱情——人們通常會在花錢之前玩幾個月甚至幾年的終極球隊模式，部分原因是他們在學習如何玩，並且玩得很開心，他們並不真正理解如果他們花一點錢，他們會獲得更多的樂趣。因此，我們看到參與遊戲的人數比我們預期的要多，但這些人並沒有花很多錢，甚至根本沒花錢。我們的觀點是，這仍然是一個積極的信號，因為我們現在看到，在極限運動世界盃之後，極限團隊業務繼續增長並吸引更多人參與，我們認為這是世界盃帶來的一個真正的積極影響。

And just to clarify, so you're not implying that people that do see value and pay for things in the game, that didn't actually trend worse than you thought or decline?

我再澄清一下，你的意思不是說那些認為遊戲有價值並願意付費的人，他們的消費趨勢實際上並沒有比你想像的更糟，或者說沒有下降嗎？

No. No, I think the only thing you could probably assume is that someone in Germany who really enjoyed playing Ultimate Team probably didn't play after the Germans lost. And I can't quantify that for you, but -- or U.S. people who weren't even in the market may not have played as much, but -- and that's the fun and excitement of World Cup. You have these unknown outcomes that keep people excited. But no, the core continues to engage in Ultimate Team. And now, we believe we're growing the core with some new players that came in through World Cup.

不。不，我認為你唯一能推測的就是，在德國隊輸球後，那些真正喜歡玩終極球隊模式的德國人可能就沒有再玩了。我無法量化這一點，但是——或者說，那些甚至不在市場上的美國人可能沒有踢那麼多球，但是——這就是世界盃的樂趣和刺激之處。這些未知的結果總是能讓人感到興奮。但核心成員仍持續參與終極團隊模式。現在，我們相信隨著世界盃期間引進的一些新球員，我們的核心陣容正在不斷壯大。

Got it. And the follow-up was you mentioned free-to-play and experimenting with that. Unless I have missed that, that's kind of the first I've heard you speak about that. Can you contrast that with the subscription effort that you're doing? Is the thought there that, that could be potentially moving towards a freemium-like offering? Or is it really a separate endeavor, I guess, that you're looking at? And perhaps what type of resources are you willing to put against an effort like that?

知道了。後續問題是，你提到了免費遊戲模式，並且正在嘗試這種模式。除非我錯過了什麼，否則這好像是我第一次聽你談到這件事。你能把這和你正在進行的訂閱推廣工作對比一下嗎？是否有可能朝著類似免費增值模式的方向發展？或者，我猜，你真正關注的是另一個獨立的專案？那麼，你願意投入哪些資源來對抗這樣的行動呢？

Yes, I think -- remember, we've been building free-to-play games in Asia for 10 or 15 years. We have long experience there. And FIFA Online is a great example of that, though we've had other opportunities that we've had over the years in free-to-play there. We have a free-to-play mode inside Star Wars -- or Star Wars [slow to our] business that we've run for years as well. You can either subscribe to it or have a free-to-play version. We're always looking at new models. And my implication was, don't assume that we're going to do something immediately in something like Battlefield, but you should also assume we're looking at a lot of the franchises that we have or older franchises and asking the question, "Is there an opportunity to have a free-to-play version of that?" So more to come. Nothing to announce in the next few quarters. But you'll see things -- we'll start testing sometime over the next year or so.

是的，我想——別忘了，我們在亞洲開發免費遊戲已經有 10 到 15 年的歷史了。我們在那方面經驗豐富。FIFA Online 就是一個很好的例子，儘管這些年來我們在免費遊戲領域也遇到過其他機會。我們在《星際大戰》中加入了免費遊戲模式——或者說，《星際大戰》是我們經營多年的商業模式。你可以選擇訂閱，也可以選擇免費遊玩版本。我們一直在關注新的模型。我的意思是，不要以為我們會立即在像《戰地》這樣的遊戲中有所動作，但你們也應該明白，我們正在審視我們現有的許多系列遊戲，或者說一些老系列遊戲，並提出這樣的問題：“有沒有可能推出免費版本？” 所以，敬請期待更多消息。未來幾季暫無公告。但你們將會看到一些成果——我們將在未來一年左右的時間內開始測試。

Well, great. Thank you, everyone, for your time, and we look forward to seeing everyone over the next few quarters and talking to everyone at the end of October.

太好了。感謝各位抽出時間，我們期待在接下來的幾個季度與大家見面，並在十月底與大家再次交流。

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。