美商藝電 (EA) 2019 Q2 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 Q2 2019 Earnings Conference Call. (Operator Instructions) Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

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年第二季財報電話會議。（操作員指示）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. Welcome to EA's Second Quarter Fiscal 2019 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our COO and CFO.

謝謝你，艾麗卡。歡迎參加EA 2019財年第二季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson，以及我們的營運長兼財務長 Blake Jorgensen。

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

請注意，我們的美國證券交易委員會文件和收益報告可在 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、我們的財務模型和通話記錄。

With regards to our calendar, our Q3 fiscal 2019 earnings call is scheduled for Tuesday, February 5, 2019.

關於我們的日程安排，我們 2019 財年第三季財報電話會議定於 2019 年 2 月 5 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 results and events may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, October 30, 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。實際結果和事件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 10 月 30 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. Note that our results reflect our adoption of ASC 606 as of the beginning of fiscal 2019. This doesn't materially impact our net bookings metrics 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 posted on our IR website.

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。請注意，我們的業績反映了我們從 2019 財年開始採用 ASC 606 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。

And now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. We had a strong second quarter, launching high-quality new games in our EA SPORTS franchises and delivering revenue and earnings above our guidance. With a busy and competitive holiday quarter ahead, our focus is on delivering for our players with new games, new experience in our live services and more fun and excitement across all platforms during one of the most popular times of the year for playing games.

謝謝你，克里斯。我們第二季表現強勁，在 EA SPORTS 系列遊戲中推出了高品質的新遊戲，收入和利潤都超乎預期。即將到來的假期季節競爭激烈，我們將專注於為玩家帶來新遊戲、全新的線上服務體驗，並在一年中游戲最熱門的時期之一，在所有平台上提供更多樂趣和刺激。

At EA, our strategy is to create and offer a collection of amazing games and content wrapped in compelling services with more ways to play, watch, share and connect for players around the world. In Q2, we delivered against that with 4 new games, hundreds of content updates in our live services, record viewership in our esports programs and continued expansion of the experience in our subscription services.

EA 的策略是創造並提供一系列精彩的遊戲和內容，並透過引人入勝的服務，為世界各地的玩家提供更多玩遊戲、觀看、分享和聯繫的方式。第二季度，我們實現了這一目標，推出了 4 款新遊戲，在我們的直播服務中進行了數百次內容更新，我們的電子競技節目獲得了創紀錄的觀看人數，並且我們的訂閱服務體驗也在不斷擴展。

For EA SPORTS, we released highly rated new experiences and content in Q2, including major updates and new ways to play in mobile. With FIFA 19, we set out this year to create a game that expands our core FIFA product, adding UEFA Champions League and innovative new game modes. Our objective is always to grow the audience for FIFA through content that extends and enhances the experience, and our amazing development team delivered with a game that has been critically acclaimed as one of the best games of the franchise.

對於 EA SPORTS 而言，我們在第二季度發布了備受好評的新體驗和內容，包括重大更新和行動裝置的新玩法。今年，我們以 FIFA 19 為目標，致力於打造一款擴展我們核心 FIFA 產品的遊戲，加入了歐洲冠軍聯賽和創新的新遊戲模式。我們的目標始終是透過擴展和增強遊戲體驗的內容來擴大 FIFA 的受眾群體，而我們優秀的開發團隊也確實做到了，他們開發的遊戲被廣泛認為是該系列遊戲中最好的遊戲之一。

As we have seen previously when we have delivered innovative and creative new ways to play, such as The Journey, FIFA players will jump into the new content first and over time move into Ultimate Team. So far since launch, we have more players engaging across a great breadth of modes from career mode to kickoff and tournaments.

正如我們之前所看到的，當我們推出創新且富有創意的新玩法（例如「旅程」）時，FIFA 玩家會先體驗新內容，然後隨著時間的推移過渡到終極球隊模式。自從遊戲上線以來，我們已經看到越來越多的玩家參與各種遊戲模式中，從生涯模式到開賽模式和錦標賽。

For those players that have already moved into Ultimate Team, engagement is high with more games played and more games per player on average year-over-year since launch. Players in Weekend League, our most competitive mode in FIFA Ultimate Team, have grown more than 75% year-over-year since launch. As we now ramp into our Live Events inside the service, we expect the participation in Ultimate Team will continue to grow. We designed FIFA for long-term engagement, and while Blake will talk about how some of the engagement in this new content has shifted our FUT monetization in the near term, FIFA 19 is a game that will engage a growing global community every day from now until we launch the next one and beyond.

對於已經進入終極球隊模式的玩家來說，參與度很高，自推出以來，每年玩家的平均遊戲場次和每位玩家的遊戲場次都有所增加。FIFA Ultimate Team 中最具競爭力的模式——週末聯賽的玩家數量自推出以來同比增長超過 75%。隨著我們逐步推出服務內的即時活動，我們預期終極團隊模式的參與人數將持續成長。我們設計 FIFA 的目的是為了長期吸引玩家，雖然 Blake 會談到新內容帶來的一些玩家參與度在短期內如何改變了我們的 FUT 盈利模式，但 FIFA 19 是一款能夠吸引不斷增長的全球社區的遊戲，從現在到我們推出下一款遊戲以及更遠的未來，它每天都會陪伴著玩家。

Madden NFL 19 continues to bring new players into the franchise with the most immersive NFL experience we've ever delivered. Madden Ultimate Team, including popular modes like Seasons, Solo challenges and Weekend League, are showing strong year-over-year engagement as we ramp into some of our biggest Live Events.

《麥登橄欖球19》繼續為該系列遊戲帶來新玩家，並帶來我們迄今為止最具沉浸感的NFL體驗。隨著我們即將推出一些規模最大的現場活動，《麥登終極球隊》及其熱門模式（如賽季、單人挑戰和週末聯賽）的參與度逐年攀升，表現強勁。

Across our EA SPORTS folio, NHL 19 was our highest-rated NHL game on current-generation consoles. NBA Live has been recognized by fans and critics for the unique connection to basketball culture, and FIFA Mobile daily active players increased significantly year-over-year in Q2, leading up to the new season that is set to launch on November 7.

在我們所有 EA SPORTS 遊戲中，《NHL 19》是本世代主機上評分最高的 NHL 遊戲。NBA Live 因其與籃球文化的獨特聯繫而受到球迷和評論家的認可，而 FIFA Mobile 的日活躍玩家數量在第二季度同比增長顯著，新賽季將於 11 月 7 日開始。

Excitement and engagement in our competitive gaming programs continues to grow. The 2018 FIFA eWorld Cup Final wrapped up our second FIFA esports season in August, setting records including a 4x increase in global viewership over last year and more than 20 million players participating through the course of our FIFA 18 Global Series. As we set out this quarter for our third season, FIFA esports is now a global phenomenon. We will have 3x as many major events, and we expect to launch with 15 official Football League partners holding top flight competitions, including the Bundesliga, La Liga, League One, MLS, and the world's most popular league, the Premier League.

玩家對我們競技遊戲專案的熱情和參與度持續成長。2018 年 FIFA eWorld Cup 總決賽於 8 月結束了我們的第二個 FIFA 電競賽季，創造了多項紀錄，包括全球觀眾人數比去年增長了 4 倍，以及超過 2000 萬名玩家參與了我們的 FIFA 18 全球系列賽。本季我們將迎來第三個賽季，FIFA 電競如今已成為全球現象。我們將舉辦三倍於以往的大型賽事，預計首批將有 15 家官方足球聯賽合作夥伴舉辦頂級聯賽，包括德甲、西甲、英甲、美國職業足球大聯盟以及世界上最受歡迎的聯賽——英超聯賽。

Both FIFA and Madden are proving unique multiplayer of traditional sports through the context of esports. Players who watch our esports content play more, return more frequently and are choosing to invest more. With expanded competitive ecosystems and new experiences for our players this year, we see strong potential for continued growth, including increased revenue streams through sponsorship, licensing deals with esports leaders and broadcast agreements including ESPN that continue to reach new audiences.

FIFA 和 Madden 都透過電子競技的背景，證明了傳統運動遊戲的獨特多人模式。觀看我們電競內容的玩家玩遊戲的時間更長，回歸頻率更高，並且選擇投入更多資金。今年，隨著競爭生態系統的擴展和玩家體驗的提升，我們看到了持續成長的巨大潛力，包括透過贊助、與電競領導者的授權協議以及包括 ESPN 在內的廣播協議來增加收入來源，這些協議將繼續吸引新的觀眾。

[Electronic Arts'] consoles, mobile, PC, live services are increasingly the lifeblood of the experiences that players are engaging with today. This is where games continue to evolve for our player communities and where we can continue to deliver the choice, value and fun that keeps them together with their friends over weeks, months and years. In our Sims 4 live service, fans have downloaded nearly 30 million expansion packs life-to-date and with our monthly average players continuing to grow year-over-year, we see a long future ahead for this game and its thriving community.

[藝電的]遊戲主機、行動裝置、PC、線上服務正日益成為玩家如今所體驗遊戲的生命線。在這裡，遊戲不斷發展，為我們的玩家社群服務，我們也能夠繼續提供選擇、價值和樂趣，讓玩家和朋友在數週、數月甚至數年的時間裡保持聯繫。在我們的《模擬市民4》線上服務中，粉絲們至今已下載了近3000萬個擴充包，而且我們的月平均玩家數量逐年增長，我們看到這款遊戲及其蓬勃發展的社區有著長遠的未來。

We've also learned a lot through Star Wars Battlefront II about how to construct a strong first-person shooter live service. We're now beginning to deliver fan-requested Clone Wars content, and we have more to come for the community next year. These 2 games and many more give an important view into how we are creating games today that evolve with their communities well into the future.

我們也透過《星際大戰：前線 II》學到了很多關於如何打造一款強大的第一人稱射擊遊戲線上服務的經驗。我們現在開始推出粉絲們要求的《複製戰爭》內容，明年我們也將為社群帶來更多內容。這兩款遊戲以及更多其他遊戲，讓我們得以深入了解我們今天是如何創造能夠與社區共同發展，並持續影響未來的遊戲的。

Throughout Q2, we had more than 10 million unique players engaging in our Battlefield games, building excitement for the launch of Battlefield V. On November 20, we will bring the community into a new Battlefield that has been designed from the ground up as a service. At launch, Battlefield V will be the deepest game we've ever made in the franchise, taking players into the unseen fronts, untold stories and intense combat of the world's greatest conflicts through bigger-than-ever multiplayer and gritty single-player War Stories. Then just about 2 weeks later, our Tides of War live service will begin a regular cadence of major content updates delivered to all Battlefield V players. Each chapter of the service will bring a new dimension to the experience, fundamentally changing how the game is played.

第二季度，我們的《戰地》系列遊戲吸引了超過 1,000 萬名獨立玩家參與，為《戰地5》的發布造勢。 11 月 20 日，我們將帶領玩家體驗一款從零開始設計、以服務為導向的全新《戰地》遊戲。《戰地5》發售時將是該系列遊戲中我們製作過的最深入的遊戲，它將通過規模空前的多人遊戲和扣人心弦的單人戰爭故事模式，帶領玩家進入世界最大衝突中不為人知的戰場、不為人知的故事和激烈的戰鬥。大約兩週後，我們的「戰爭浪潮」線上服務將開始定期向所有《戰地5》玩家推送重大內容更新。該服務的每個章節都會為體驗帶來新的維度，從根本上改變遊戲的玩法。

For the first 3 chapters, here's what to expect. In early December, our first chapter will launch, including a new single-player war story, a new multiplayer map, tank battles and more customization options for players. In chapter 2, we're adding co-op and new multiplayer experiences, including the favorite -- fan favorite Rush Mode. In our third chapter set for March, Firestorm Battle Royale will arrive along with another new location in Greece. Tides of War is a highly innovative new model for massive, ever-expanding Battlefield, and we're very excited to begin bringing players into Battlefield V next month.

前三章的內容大致如下。12月初，我們將推出第一章，其中包括全新的單人戰爭故事、全新的多人遊戲地圖、坦克大戰以及更多玩家自訂選項。在第二章中，我們將加入合作模式和新的多人遊戲體驗，包括最受粉絲喜愛的衝刺模式。在三月即將推出的第三章中，我們將迎來「烈焰風暴大逃殺」模式，同時也將開放希臘的另一個新地點。《戰地：戰爭浪潮》是《戰地》系列大型、不斷擴展的全新創新模式，我們非常興奮地宣布，下個月將正式開啟《戰地5》的玩家體驗。

As you saw with our announcement this morning, Command & Conquer: Rivals is set to launch worldwide for mobile players on December 4. It will also be our next official EA competitive gaming franchise with a complete ecosystem beginning to roll out in Q4, including community tournaments and a championship pro scene. This is a fast-paced, head-to-head strategy game that is easy to play, a lot of fun and perfect for competitive play. We've had great engagement and feedback in our soft launch testing and strong interest from competitive players. This is our first entry into mobile esports, and we're excited for Command & Conquer: Rivals to expand our global audience of players and spectators.

正如您今天早上在我們發布的公告中看到的，《命令與征服：宿敵》將於12月4日向全球移動玩家推出。它也將是我們下一個官方的EA競技遊戲系列，其完整的生態系統將於第四季度開始推出，包括社區錦標賽和冠軍職業賽事。這是一款節奏快、對抗性強的策略遊戲，上手簡單，樂趣十足，非常適合競技遊戲。我們在試發行階段獲得了很高的參與度和回饋，也引起了競技玩家的濃厚興趣。這是我們首次進軍行動電競領域，我們很高興《命令與征服：宿敵》能擴大我們的全球玩家和觀眾群。

Looking ahead, our focus continues to be on connecting more players to more great experiences. On February 22, BioWare will launch their stunning and ambitious shared-world game, Anthem. The team has done an outstanding job executing against their vision for a game with amazing levels of complexity, scale and innovation. Anthem has won more than 90 awards, including recognition as one of the most anticipated games of the year, and player feedback continues to be highly positive through our prelaunch testing. We can't wait to see this game come alive for fans at launch and through the long-term live services to come.

展望未來，我們將持續致力於為更多玩家帶來更多精彩體驗。2月22日，BioWare將推出其令人驚艷且雄心勃勃的共享世界遊戲《聖歌》。團隊出色地實現了他們的願景，打造了一款具有驚人複雜性、規模和創新性的遊戲。《聖歌》已獲得超過 90 項獎項，其中包括被評為年度最受期待的遊戲之一，並且在預發布測試中，玩家的反饋也一直非常積極。我們迫不及待地想看到這款遊戲在發售時以及透過未來的長期線上服務為粉絲們帶來精彩體驗。

Across multiple studios, we have new projects underway, including games from Respawn that are slated to launch by next holiday season. In our multiproduct subscription services, we are pioneering a new value model that is lowering friction for members to access new content, including more than 100 games from EA and third-party developers and publishers. We have deeply talented and creative leaders and teams across the company driven by the opportunity to put our scale behind their ideas and helping us continually push the boundaries for the global gaming community. We're looking forward to our opportunities ahead, building long-term engagement and lifetime value for players in ever-evolving live services like FIFA 19, Battlefield V, Anthem and more.

我們在多個工作室都有新項目正在進行中，其中包括 Respawn 的遊戲，這些遊戲計劃在下一個假期季節推出。在我們的多產品訂閱服務中，我們正在開創一種新的價值模式，降低會員獲取新內容的門檻，其中包括來自 EA 和第三方開發商及發行商的 100 多款遊戲。我們公司擁有眾多才華橫溢、富有創造力的領導者和團隊，他們渴望利用我們的規模優勢來實現自己的想法，並幫助我們不斷突破全球遊戲社群的界限。我們期待未來的機遇，在 FIFA 19、戰地5、聖歌等不斷發展的線上服務中，為玩家建立長期的參與度和終身價值。

Now I'll turn the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. We're pleased with the strong profitability of our business through the second quarter and particularly with the record Q2 digital net bookings. The digital transformation continues with growth in full game downloads and live services and the launch of our first frontline subscription service. I'll report our results on a GAAP basis then use our operational measures 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.

謝謝你，安德魯。我們對公司第二季強勁的獲利能力感到滿意，尤其是第二季創紀錄的數位淨預訂量。數位轉型持續推進，完整遊戲下載量和線上服務量不斷增長，同時我們也推出了首個一線訂閱服務。我將按照公認會計準則報告我們的業績，然後使用我們的淨預訂量等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 $1.286 billion, above our guidance by $16 million. Operating expenses were $610 million, $64 million lower than our guidance driven by compensation and related expenses and some phasing of marketing expenses. GAAP operating income was $258 million compared to an operating loss of $41 million a year ago and resulting in an earnings per share of $0.83, $0.35 better than our guidance. Underlying profit was much stronger than we had expected, driven by increased sales, better gross margin and lower operating expenses.

EA 的淨收入為 12.86 億美元，比我們預期高出 1,600 萬美元。營運支出為 6.1 億美元，比我們先前的預期低 6,400 萬美元，主要原因是薪酬及相關費用以及部分行銷費用的分階段實施。GAAP 營業收入為 2.58 億美元，而去年同期營業虧損為 4,100 萬美元，每股收益為 0.83 美元，比我們的預期高出 0.35 美元。受銷售額成長、毛利率提高和營運費用降低的推動，基本利潤遠超預期。

Operating cash flow for the quarter was negative $126 million, down $178 million from last year. The decrease was driven primarily by the timing of cash receipts, the timing of royalty payments and by increased tax payments. Operating cash flow for the trailing 12 months was $1.458 billion. Capital expenditures for the quarter were $31 million, resulting in a free cash flow of negative $157 million. See our earnings slides for further cash flow information.

本季經營現金流為負1.26億美元，比去年同期減少1.78億美元。下降的主要原因是現金收入的時間、特許權使用費支付的時間以及稅收支出的增加。過去 12 個月的營運現金流為 14.58 億美元。本季資本支出為 3,100 萬美元，導致自由現金流為負 1.57 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 $299 million, leaving $1.88 billion in our 2-year $2.4 billion buyback program we began in May. Our cash and short-term investments at the end of the quarter were $4.5 billion.

本季度，我們也以 2.99 億美元的價格回購了 230 萬股股票，使我們從 5 月份開始的為期 2 年、總額 24 億美元的股票回購計畫還剩下 18.8 億美元。截至季末，我們的現金和短期投資為 45 億美元。

Now I'd like to turn to the key drivers of our business this quarter. Total net bookings for the quarter were $1.222 billion, up $43 million on the prior year and $62 million above our guidance. Performance over guidance was driven primarily by full game sales of FIFA 19 and FIFA and Madden Ultimate Teams.

現在我想談談本季我們業務的關鍵驅動因素。本季淨預訂總額為 12.22 億美元，比上年同期增加 4,300 萬美元，比我們的預期高出 6,200 萬美元。業績超越預期主要得益於 FIFA 19 和 FIFA 及 Madden Ultimate Teams 的完整遊戲銷售。

Digital net bookings were $637 million, up 10% on the year-ago period and a new record for the second quarter. The main drivers of the increase were FIFA 19, FIFA and Madden Ultimate Teams. Digital net bookings now represent 69% of our business on a trailing 12-month basis compared to 63% in the prior year. This is a new record for the period.

數位淨預訂額為 6.37 億美元，比去年同期成長 10%，創第二季新紀錄。推動成長的主要因素是 FIFA 19、FIFA 和 Madden Ultimate Teams。過去 12 個月，數位淨預訂量占我們業務的 69%，而前一年這一比例為 63%。這是該時期的新紀錄。

Looking at each of the components of this quarter's digital net bookings in turn. Live services net bookings were up 6% year-on-year to $328 million, a new Q2 record. The increase was driven by FIFA, Madden and Madden Ultimate Teams and The Sims 4, offset by the effects of the transition from FIFA Online 3 to FIFA Online 4 in Asia. The Sims 4 live services are in their fourth year, continue to perform very strongly and are on track to grow 20% over fiscal 2018. In addition, our subscription services continue to grow, and we expect the launch of Battlefield V to drive additional subscriptions to our Origin Access Premier service. As a reminder, over the course of the year, our live services business is about 50% Ultimate Team; 30% other live services, such as Sims 4 expansion packs and FIFA Online 4; and 20% subscriptions, advertising and other.

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。直播服務淨預訂金額年增 6% 至 3.28 億美元，創第二季新紀錄。成長主要由 FIFA、Madden 和 Madden Ultimate Teams 以及 The Sims 4 推動，但被亞洲地區從 FIFA Online 3 過渡到 FIFA Online 4 的影響所抵消。《模擬市民4》的線上服務已進入第四年，表現依然非常強勁，預計在2018財年將成長20%。此外，我們的訂閱服務持續成長，我們預計《戰地5》的發布將推動更多用戶訂閱我們的 Origin Access Premier 服務。提醒一下，在我們全年的線上服務業務中，Ultimate Team 約佔 50%；其他線上服務約佔 30%，例如 Sims 4 擴充包和 FIFA Online 4；訂閱、廣告和其他約佔 20%。

Mobile delivered net bookings of $152 million, up 1% year-on-year with growth in our FIFA franchise on mobile mostly offset by a decline in Madden Mobile. The Madden team is working hard to turn this around, adding new social features, new game modes and competitive tournaments. We have 2 updates out already and a major update coming in December. FIFA Mobile also has a long list of new features coming.

行動端淨預訂額達 1.52 億美元，年增 1%，其中 FIFA 系列行動端的成長基本上被 Madden Mobile 的下滑所抵消。Madden團隊正在努力扭轉局面，增加了新的社交功能、新的遊戲模式和競技錦標賽。我們已經發布了兩次更新，12 月還將推出重大更新。FIFA Mobile 還有一系列即將推出的新功能。

Full game PC and console downloads generated net bookings of $157 million, 32% higher than last year, another Q2 record. Growth was driven by the ongoing shift to digital, timing of the recognition of net bookings from FIFA 19 and the earlier launch of Madden this year. The digital portion of Madden sales increased 9 percentage points year-on-year to 42%. FIFA 19 launched just days before the end of the quarter. But based on the first 3 weeks of sales, it was about 29% digital, up from 24% in the comparable period for FIFA 18. Over 42% of our unit sales were digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. This compares to just 36% a year ago.

完整遊戲 PC 和主機下載帶來的淨預訂金額為 1.57 億美元，比去年同期成長 32%，再次創下第二季紀錄。成長的驅動力來自持續的數位轉型、FIFA 19 淨預訂確認的時間以及今年 Madden 的提前發布。Madden遊戲的數位銷售部分較去年同期成長9個百分點，達到42%。FIFA 19 在本季結束前幾天發布。但根據前 3 週的銷售情況來看，數位銷售佔比約為 29%，高於 FIFA 18 同期 24% 的佔比。在過去 12 個月中，在 Xbox One 和 PlayStation 4 平台上，我們的銷售量中有超過 42% 是數位版而非實體版。相比之下，一年前這一比例僅為 36%。

Turning to guidance. Our expectation for full year GAAP revenue is $5.15 billion and earnings per share of $3.11. We expect operating cash flow of about $1.65 billion. We continue to anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.525 billion. The reduction from prior estimates is driven by lower net income and a greater balance of bookings in the fourth quarter, some of which will be collected in fiscal 2020.

尋求指導。我們預計全年GAAP收入為51.5億美元，每股收益為3.11美元。我們預計經營現金流約16.5億美元。我們繼續預期資本支出約為 1.25 億美元，這將帶來約 15.25 億美元的自由現金流。與先前的估計相比，此次下調是由於淨收入下降以及第四季度訂單餘額較大所致，其中部分訂單將在 2020 財年收回。

To reiterate our guidance from our August announcement, we anticipate net bookings of $5.2 billion. This guidance was driven by the later launch of Battlefield V, which also reduces our expectations for live services and subscription revenue in the year, the FX headwind and lower mobile net bookings. Our revised outlook is for net bookings to be roughly flat to the prior year.

重申我們在 8 月公告中的預期，我們預計淨預訂金額為 52 億美元。這項預期是由於《戰地5》的發佈時間較晚，這也降低了我們對今年線上服務和訂閱收入的預期，此外還有外匯逆風和行動端淨預訂量下降等因素。我們修訂後的預期是，淨預訂量將與上年大致持平。

We're updating our digital growth targets for the fiscal year to give you more visibility into the changes within our business. We now expect live services to be approximately flat to up 5% year-on-year with growth driven by FIFA Ultimate Team. This is lower than our original guidance primarily due to the reduced expectations for Ultimate Team, the delay of Battlefield V and the FX headwind. As Andrew mentioned, FIFA players are engaging with the new content we have added to FIFA 19, and this may be delaying the entry into FIFA Ultimate Team. However, once playing FIFA Ultimate Team, engagement metrics are up on last year.

我們正在更新本財年的數位成長目標，以便讓您更清楚地了解我們業務內部的變化。我們現在預計，線上服務收入將與去年同期持平或成長 5%，成長主要由 FIFA Ultimate Team 推動。這低於我們最初的預期，主要是由於對終極團隊模式的預期降低、《戰地5》的延期以及FX帶來的不利影響。正如 Andrew 所提到的，FIFA 玩家正在體驗我們添加到 FIFA 19 中的新內容，這可能會推遲 FIFA Ultimate Team 的發布。然而，一旦開始玩 FIFA Ultimate Team，參與度指標就會比去年上升。

We expect our mobile net bookings to be about flat year-on-year. We have a couple of titles performing below our expectations, and we've moved Star Wars: Rise to Power out of fiscal 2019. Meanwhile, Command & Conquer: Rivals is performing well in soft launch, and FIFA Mobile is off to a strong start in China.

我們預計行動端淨預訂量將與去年同期基本持平。我們有幾款遊戲的表現低於預期，因此我們將《星際大戰：崛起》從 2019 財年移出了市場。同時，《命令與征服：宿敵》在試營運階段表現良好，《FIFA Mobile》在中國也取得了強勁的開局。

Net bookings from full game downloads are expected to grow 20% to 25%. This is significantly above our original expectations, primarily driven by the strength we are seeing in Anthem, which we expect to skew strongly digital, plus the digital shifts for our other titles. We continue to model an underlying shift of around 5 percentage points a year to digital.

預計完整遊戲下載帶來的淨預訂量將成長 20% 至 25%。這遠遠超出了我們最初的預期，主要得益於《聖歌》的強勁表現（我們預計遊戲將大力轉向數位化），以及我們其他遊戲的數位轉型。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。

For the third quarter, we expect net revenue of $1.375 billion, cost of revenue to be $446 million and operating expenses of $730 million. OpEx is up year-on-year, primarily due to increased investment in R&D. The resulting -- the results in earnings per share of $0.61 for the third quarter using the diluted share count of 306 million.

第三季度，我們預計淨收入為 13.75 億美元，營業成本為 4.46 億美元，營運費用為 7.3 億美元。營運支出較去年同期上升，主要原因是研發投入增加。由此得出－第三季每股收益為 0.61 美元，採用 3.06 億股稀釋股份計算。

We anticipate net bookings for the quarter to be $1.725 billion. This is down 12% year-on-year primarily because we had 2 extra launches in Q3 last year: Need for Speed Payback and The Sims 4 for consoles. The fourth quarter will be stronger than we had originally forecast driven by higher expectations for Anthem and Command & Conquer: Rivals.

我們預計本季淨預訂額將達到 17.25 億美元。與去年同期相比下降了 12%，主要是因為我們去年第三季額外推出了兩款遊戲：《極速快感：復仇》和主機版《模擬市民 4》。第四季業績將強於我們最初的預測，主要得益於市場對《聖歌》和《命令與征服：宿敵》的預期較高。

In conclusion, we delivered a strong quarter. Our business model is robust because it is diverse with global revenues across multiple platforms, business models and geographic territories. As a result, even with the challenges this year, we expect net bookings to be roughly flat year-on-year with strong cash generation and continued growth in underlying net income. The digital transformation continues, and we're moving ahead with our growth strategies.

總之，我們本季業績表現強勁。我們的商業模式之所以穩健，是因為它具有多元化，在全球範圍內透過多個平台、商業模式和地理區域獲得收入。因此，即使今年面臨挑戰，我們預計淨預訂量將與去年同期基本持平，現金流強勁，基本淨收入將持續成長。數位轉型仍在持續，我們也在推動成長策略。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. At EA, our transformation continues in constant pursuit of the future of interactive entertainment. The very definition of a game is changing, much as it did when we went from offline to online experiences. Games are evolving from finite experiences to live services with infinite potential. These are experiences that are constantly evolving and beginning to bypass the boundaries of devices, geography and time. This is how games become an even more meaningful part of our daily lives, creating shared connections between you and your friends that exist both in-game and in the outside world. We are investing in the talent, the content and services and the technology to deliver these breakthrough experiences in our games today and in the years to come.

謝謝你，布萊克。在EA，我們不斷轉型，持續追求互動娛樂的未來。遊戲的定義正在發生變化，就像我們從線下體驗過渡到線上體驗一樣。遊戲正在從有限的體驗演變為具有無限潛力的即時服務。這些體驗不斷發展演變，並開始超越設備、地理位置和時間的限制。正因如此，遊戲才能成為我們日常生活中更有意義的一部分，在你和你的朋友之間建立起既存在於遊戲內又存在於現實世界的連結。我們正在投資人才、內容、服務和技術，以便在當今和未來幾年內為我們的遊戲帶來這些突破性的體驗。

Across the organization, we have more than 5,000 deeply talented creators in our development team. We've cultivated incredible teams in our studios that deliver that across an unmatched breadth and depth of franchises and IP. These are the teams launching Battlefield V and beginning a long-term journey with millions of players through our live service. These are the teams that continually deliver for hundreds of millions of fans across EA SPORTS, The Sims, Star Wars and more. Our Command & Conquer team is not only delivering a great new mobile game, they are also working to deliver content for the franchise's PC core. Teams across our studios, including BioWare, Respawn and Motive, are executing on their visions to bring next-generation experiences and content to life.

在整個組織內，我們的開發團隊擁有超過 5000 位才華洋溢的創作者。我們在工作室中培養了傑出的團隊，能夠以無與倫比的廣度和深度打造出眾多系列作品和智慧財產權。這些團隊將推出《戰地5》，並透過我們的線上服務與數百萬玩家開啟一段長期的旅程。這些團隊不斷為 EA SPORTS、模擬市民、星際大戰等數億粉絲帶來精彩內容。我們的《命令與征服》團隊不僅正在打造一款優秀的新手機遊戲，他們還在努力為該系列的 PC 核心遊戲提供內容。包括 BioWare、Respawn 和 Motive 在內的我們各個工作室的團隊正在努力實現他們的願景，將次世代體驗和內容變為現實。

And in other areas, we're fostering new dimensions of our creativity. We've recently launched a new internal creative council to incubate great content ideas and provide support to nascent projects, and we're advancing the work of our SEED labs team working on disruptive new game designs.

在其他領域，我們正在培養新的創造力維度。我們最近成立了一個新的內部創意委員會，旨在孵化優秀的創意內容，並為新興計畫提供支援。同時，我們也在推動 SEED 實驗室團隊的工作，該團隊致力於開發顛覆性的新遊戲設計。

We're also well positioned to lead through the rapid advancements in the technology landscape that are shaping the future of games. Engine technology, cloud, social layers, services and distributed networks are converging to unlock new possibilities. We're expanding the capabilities of Frostbite with advances in ray tracing, scalable world editing, AI and other features that are bringing next-generation experiences to life. As we shared yesterday, we've also been developing Project Atlas, bringing together Frostbite with an expanding suite of digital services into a fully integrated platform that will enable us to more efficiently create and execute on new games that deliver amazing, scalable, social and deeply interactive experiences.

我們也處於有利地位，能夠引領科技領域的快速發展，進而塑造遊戲的未來。引擎技術、雲端運算、社交層、服務和分散式網路正在融合，從而釋放新的可能性。我們正在透過光線追蹤、可擴展的世界編輯、人工智慧和其他功能的進步來擴展 Frostbite 的功能，從而將下一代體驗變為現實。正如我們昨天分享的那樣，我們也一直在開發 Project Atlas，將 Frostbite 與不斷擴展的數位服務套件整合到一個完全整合的平台中，這將使我們能夠更有效率地創建和執行新遊戲，從而提供令人驚嘆的、可擴展的、社交的和深度互動的體驗。

Cloud gaming will enable games to reach new audiences and geographies, and we're continuing development on the streaming capabilities we debuted in June and exploring the disruptive combination we see for streaming with our industry-leading subscription services. Underpinning it all will be our Player Network, enabling our players to stay connected to their friends and the content they love, wherever they are in the world. We're executing for our players today and positioning EA to lead and grow in the next evolution of games and entertainment.

雲端遊戲將使遊戲能夠觸及新的受眾和地區，我們正在繼續開發我們在 6 月推出的串流媒體功能，並探索我們認為串流媒體與我們行業領先的訂閱服務相結合所帶來的顛覆性影響。這一切的基礎是我們的玩家網絡，它能讓玩家無論身處世界何地，都能與朋友和他們喜愛的內容保持聯繫。我們正在為今天的玩家提供服務，並讓 EA 在遊戲和娛樂的下一個發展階段中保持領先地位並實現成長。

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 come from Alexia Quadrani with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Alexia Quadrani。

My question is really on the confidence you have for sort of the outlook for fiscal Q4. When you mentioned higher expectations for Anthem, I'm curious what sort of gives you confidence behind that. And also, how much certainty do you have that the delayed live services revenue will materialize on FIFA?

我的問題其實是想了解您對第四財季前景的信心。當你提到對《聖歌》有更高的期望時，我很好奇是什麼讓你如此自信。另外，您對FIFA延遲的即時服務收入最終能否實現有多大把握？

I think we're confident in both. I think everyone knows we tend to approach things fairly conservatively, and I think we've shown that in our recent guidance and results. We're -- we monitor FIFA on a daily basis and Ultimate Team on a daily basis, and we're seeing extremely good and strong metrics, as Andrew mentioned and I mentioned, around all the players who are playing. We also know how players are playing in other modes in the game, and we know the game is designed ultimately to steer them into Ultimate Team. And so we're confident that as they consume the content in FIFA, they will move into Ultimate Team. And we have a great many set of exciting events leading up to the holidays and then after the holidays. For example, this weekend, we had our Halloween events around the globe. And despite the fact of Red Dead Redemption taking up a lot of attention in the marketplace, we had one of our strongest FIFA weekends we've seen -- Ultimate Team weekends we've seen in a long time. So we're confident and we're -- but we're also careful in how we forecast. We want to make sure that we're being straightforward with investors. We're also very excited about Anthem. Andrew mentioned it was getting a lot of positive feedback. We think it's a fabulous game, and you'll see a lot more of it to come after we get out of this holiday window into early next year. And I think our original expectations of the game were probably too low, and thus we think that's important. Remember also that our assumption is we'll sell more Battlefield V in Q4 than we would've originally anticipated as we move that out by 4 weeks. And any live services associated with that game or with Anthem obviously will also benefit Q4.

我認為我們對兩者都很有信心。我想大家都知道我們做事的方式比較保守，而且我認為我們最近的業績指引和結果也證明了這一點。我們每天都會監控 FIFA 和 Ultimate Team，正如 Andrew 和我所提到的那樣，我們看到所有參賽球員的各項指標都非常出色且強勁。我們也知道玩家在遊戲的其他模式中是如何玩的，我們知道這款遊戲的最終設計目的是引導他們進入終極球隊模式。因此我們相信，隨著他們在 FIFA 中體驗到更多內容，他們也會轉而體驗 Ultimate Team。在假期前後，我們有許多精彩的活動。例如，這個週末，我們在全球各地舉辦了萬聖節活動。儘管《荒野大鏢客：救贖》在市場上吸引了大量關注，但我們迎來了有史以來最強勁的 FIFA 週末之一——也是我們很久以來見過的最強勁的終極球隊週末之一。所以我們很有信心，但我們在預測方面也很謹慎。我們希望確保對投資者坦誠相待。我們也對《聖歌》感到非常興奮。安德魯提到它收到了很多正面的回饋。我們認為這是一款非常棒的遊戲，在假期過後到明年初，你會看到更多它的內容。我認為我們最初對這款遊戲的期望可能太低了，因此我們認為這一點很重要。也要記住，我們預期《戰地5》在第四季的銷售量會比我們原先預期的要高，因為我們將發售日期延後了4週。與該遊戲或《聖歌》相關的任何線上服務顯然也會在第四季度受益。

And your next question comes from Mike Olson from Piper Jaffray.

下一個問題來自Piper Jaffray公司的Mike Olson。

I just had 2 questions. On Battlefield V, does the strength of the launches of the competitive titles in recent weeks leave you encouraged that there's a strong appetite for console titles in the current environment? Or does it leave you, I guess, concerned that gamers may be spending their budgets on those titles now? And then second, can you talk about some of the changes in creative leadership during the quarter and just how investors should be thinking about the talent that's kind of moving in and out of the business?

我只有兩個問題。關於《戰地5》，最近幾週競技遊戲的強勁表現是否讓您感到鼓舞，認為在當前環境下，玩家對主機遊戲有著強烈的需求？或者，我猜，這是否讓你擔心玩家現在可能會把預算花在這些遊戲上？其次，您能否談談本季創意領導層的一些變化，以及投資人應該如何看待公司人才的流動？

Sure. I'll take both those questions, Mike. In terms of our confidence in the Battlefield V launch with respect to other things that have happened in the industry, I think the industry is vibrant and growing and we couldn't be more excited for our Battlefield V launch. As I said in the prepared remarks, we've still got over 10 million players in our existing Battlefield games that we are in direct communication with as we go into launch. Battlefield has a tremendously rich and robust community who love those only in Battlefield moments. We're coming out with strong multiplayer, strong single player, but also the promise of a tremendous live service with content that's free for all players in the months and years to come. So I think we feel good about that, even in the context of what had been some other strong launches, and I think that's additive to what we're going to do there. In terms of creative leadership, again, as I talked about in the prepared remarks, we have over 5,000 developers in the organization. I think we've got one of the deepest and broadest benches of creative leaders. We made some changes through the quarter in service of stronger creativity in the organization as well as stronger execution across the organization. Again, as we think about the future of games, and I talked a little bit about that in my prepared remarks, we are planning for the future. We see a world where games are no longer bound by device or CPU or GPU. We see a world where they span across platforms, across business models, across geographies. And some of the visions we made during the quarter specifically around Samantha Ryan, we're bringing these types of games together who service a very particular player cohort in the context of action-adventure, RPG and simulation. And we feel very good about the level of collaboration we're going to able to achieve across that group to deliver both creativity, innovation and execution more broadly.

當然。麥克，這兩個問題我都回答。就我們對《戰地5》發售的信心而言，考慮到業內其他事件，我認為遊戲產業充滿活力，正在不斷發展，我們對《戰地5》的發售感到無比興奮。正如我在準備好的演講稿中所說，我們現有的《戰地》系列遊戲中仍然有超過 1000 萬玩家，在遊戲發布之際，我們與他們保持著直接溝通。《戰地》擁有極為豐富且活躍的玩家群，他們熱愛《戰地》帶來的精彩時刻。我們將推出強大的多人遊戲模式、強大的單人遊戲模式，同時承諾在未來幾個月甚至幾年內，為所有玩家提供免費內容，提供卓越的線上服務。所以我覺得我們對此感到滿意，即使在其他一些強勁的發布會之後，我認為這對我們接下來要做的事情來說是錦上添花。就創新領導力而言，正如我在準備好的演講稿中所提到的，我們組織內有超過 5000 名開發人員。我認為我們擁有最強大、最廣泛的創意領袖人才庫之一。本季我們進行了一些調整，旨在增強組織的創造力，並提高整個組織的執行力。再說一遍，當我們思考遊戲的未來時（我在事先準備好的發言稿中也稍微談到了這一點），我們正在為未來做規劃。我們預見到，未來的遊戲將不再受限於裝置、CPU 或 GPU。我們看到，它們跨越平台、商業模式和地理，成為一個多元化的世界。在本季度，我們圍繞 Samantha Ryan 提出了一些願景，我們將這些類型的遊戲聚集在一起，在動作冒險、角色扮演和模擬的背景下，服務於非常特定的玩家群體。我們對能夠在該團隊內部實現的協作水平感到非常滿意，這將使我們能夠更廣泛地發揮創造力、創新力和執行力。

Your next question comes from Eric Sheridan from UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Maybe one on capital. Given how much the stock has underperformed recently, I wanted to get a refreshed view on the way you guys are thinking about leverage, possibly returning capital to shareholders. And with the arsenal of ways to create equity value, how you also might be thinking about the M&A landscape?

或許是關於資本的。鑑於該股票近期表現不佳，我想聽聽你們對槓桿的看法，以及可能向股東返還資本的想法。鑑於目前有多種創造股權價值的方法，您又是如何看待併購領域的？

So good questions. Clearly, we've been active at buying back stock in the quarter. We try to pace our buybacks around the life of the program versus any certain stock price. We oftentimes don't even pay attention to the stock price on a day-to-day basis because we know there's lots of things that move the market that are well beyond our control. And so our goal is to simply allocate a certain amount of capital to buy back and then be in the market to buy back that stock every single day and hit our targets of, in this case, $2.4 billion over 2 years. In terms of M&A, we're clearly keeping our eyes open on everything that's out there. This is all about collecting great content and talent, and we're looking for ways to do that at every possible opportunity we have and we'll continue to do that. I can't predict anything at this point in time. But part of the reason that we want to leave dry powder both in the terms of cash and in terms of debt capacity, our capital structure is for the opportunity that could come to us at some point in time to be able to step in and buy and finance that or acquire talent and titles that would be helpful to our long-term vision of both subscriptions and streaming.

問得好。顯然，本季我們一直在積極回購股票。我們盡量根據專案週期來安排回購計劃，而不是根據特定的股價。我們通常根本不會關注股票的日常價格，因為我們知道有很多因素會影響市場，而這些因素是我們無法控制的。因此，我們的目標是分配一定數量的資金進行回購，然後每天都在市場上回購這些股票，並在兩年內實現我們的目標，即 24 億美元。在併購方面，我們顯然會密切注意所有相關資訊。這一切都是為了收集優質內容和人才，我們正在盡一切可能尋找方法來實現這一目標，並且我們將繼續這樣做。目前我無法預測任何事情。但我們希望在現金和債務能力方面都保留一些資金，部分原因是我們的資本結構是為了抓住未來某個時候可能出現的機會，介入並收購和融資，或者收購有助於我們長期發展訂閱和串流媒體業務的人才和作品。

And your next question comes from Laura Martin from Needham.

下一個問題來自尼德姆的勞拉·馬丁。

I need some help on mobile. So it looks to me like we have a trailing 12 months mobile fees of $93 million but a projected full year for '19 of $220 million, but mobile's growing at 1%. And can you bridge though, I thought those were rev shares on the mobile platform? How is it that the mobile fees are growing so much faster than mobile revenue? That's my first question.

我需要一些手機的幫助。所以在我看來，過去 12 個月的行動費用為 9,300 萬美元，但預計 2019 年全年為 2.2 億美元，但行動業務正以 1% 的速度成長。你能提供橋接服務嗎？我以為那些是行動平台的收入分成呢？為什麼行動通訊費用成長速度遠超過行動通訊收入成長速度？這是我的第一個問題。

Yes, I think you're probably missing possibly some deferrals as you go from non-GAAP to our management reporting numbers. The mobile platform fees are purely what we pay to the mobile platforms like Google or Apple. So essentially, that's the 30% that they take and we book 70%. We can probably go through with you offline the specific numbers, just to line them up. I think the key growth driver to remember is we'll add a new title, Command & Conquer, on December 4, we just announced this morning. That will drive substantial growth in mobile during the tail end of the third quarter or the fourth quarter and give you some of the mobile growth for the full year. But we have, as we showed in the script, adjusted our mobile full year guidance off of what we originally thought we would do to now a lower level which we believe to be around flat for the year. So that's -- the combination of all those things will probably get you back to where you would like to see in your model.

是的，我認為您可能忽略了一些遞延，因為從非GAAP準則到我們的管理報告數據，可能會有一些遞延。行動平台費用純粹是我們向谷歌或蘋果等行動平台支付的費用。所以基本上，他們拿走 30%，我們預訂 70%。我們可以私下和你核對一下具體數字，把它們對上。我認為需要記住的關鍵成長驅動因素是，我們將在 12 月 4 日推出一款新遊戲《命令與征服》，這是我們今天早上剛剛宣布的。這將推動行動業務在第三季末或第四季實現大幅成長，並帶動全年行動業務成長。但正如我們在腳本中所示，我們已經調整了全年行動業務預期，使其低於我們最初的預期，我們認為全年行動業務將保持穩定。所以，所有這些因素結合起來，很可能會讓你的模型達到你想要的效果。

Okay. And then I was really intrigued by this prior comment on Samantha Ryan where you're servicing a particular player. Is that a pivot towards looking at creating an organizational design around identifying player segments and actually targeting games, a series of games, to particular players now?

好的。然後，我對你之前關於薩曼莎·瑞恩的評論非常感興趣，你在評論中提到你正在為某個特定的球員服務。這是不是意味著組織架構的轉變，開始著眼於識別玩家群體，並針對特定玩家群體開發遊戲或一系列遊戲？

So yes, that's one piece of the puzzle. Again, we have a lot of data across our more than 350 million players in our network and certainly many more players across our mobile games that we don't know as much about. And what we have come to understand over recent years is that players are always looking to fill very specific motivations in the context of play. And some players are looking to perform different motivations at different times or on different platforms, and we've started to better understand that in terms of creating new and innovative and creative content for our players. And one of the things that we've seen particularly as we look to the future when we think about moving many of those experiences to the cloud over time, which unbounds them from the platform that they may have previously been subjected to, is that we have to start thinking about it in the context of how they fulfill those motivations over time. We've seen tremendous strength in the collaboration across our EA SPORTS portfolio, both in the context of our core game, core feature sets and the live services that we built on top of those. And part of what we've looked at in this construct is our ability to do that across action-adventure, RPG and simulation, all of whom support a collective player set who are looking to fulfill similar motivations. And you should expect over time as we continue to transform the nature of discovery purchase and enjoyment across games, that we'll continue to try and organize around player cohorts to better service their needs and support what they're looking for out of their games.

是的，這是拼圖中的一塊。再說一遍，我們擁有來自我們網路中超過 3.5 億玩家的大量數據，當然，我們行動遊戲中還有更多我們不太了解的玩家。近年來我們逐漸意識到，球員在比賽中總是尋求滿足非常具體的動機。有些玩家希望在不同的時間段或不同的平台上實現不同的目標，我們已經開始更好地理解這一點，以便為我們的玩家創造新的、創新的、有創意的內容。展望未來，當我們考慮將許多此類體驗逐漸遷移到雲端時，我們發現，這將使它們擺脫之前可能受到的平台限制，而我們必須開始從它們如何隨著時間的推移滿足這些動機的角度來思考這個問題。我們已經看到 EA SPORTS 產品組合中合作的巨大優勢，無論是在核心遊戲、核心功能集還是在此基礎上建立的線上服務方面。在這個框架下，我們研究的部分內容是我們在動作冒險、角色扮演和模擬遊戲領域實現這一目標的能力，所有這些遊戲都面向一群尋求滿足類似動機的玩家。隨著我們不斷改變遊戲中的發現、購買和享受方式，您應該會期待我們繼續嘗試圍繞玩家群體進行組織，以便更好地滿足他們的需求，並支持他們從遊戲中尋求的東西。

Your next question comes from Stephen Ju from Crédit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

Andrew, FIFA is already out and localized in China. But can you update us on what your distribution partners may be saying about changes to the approval process there and what looks like a more stringent operating environment as this might impact your ability to release other new games in the country? And Blake, the digital download gap between Madden and FIFA is up 13% based on your prepared remarks. So I guess some of this was due to greater payment friction in Europe and other factors. So is the adoption path for those users now similar to what you saw in the U.S. at the same time?

Andrew，FIFA遊戲已經在中國發行並進行了本地化。但您能否告知我們您的經銷合作夥伴對當地審批流程變化以及看似更加嚴格的營運環境有何看法？因為這可能會影響您在該國發行其他新遊戲的能力。布萊克，根據你事先準備好的發言稿，Madden 和 FIFA 之間的數位下載量差距上升了 13%。所以我覺得部分原因是因為歐洲支付摩擦較大以及其他因素造成的。那麼，這些用戶的採用路徑現在是否與您同期在美國看到的情況類似？

So sure, I'll take the first one. Right now, we have our products out in China. And because they're approved, they're in the marketplace and doing well. As far as we can tell at this stage, this should not impact our titles. FIFA Online 4 and FIFA Mobile are doing well, and the next title launch in China for us is someway off. And so our hope is that delays are fixed by then. And while we continue to monitor the situation, we don't see any direct impact right now.

好的，我要第一個。目前，我們的產品已銷往中國。因為它們獲得了批准，所以它們進入了市場，並且銷售情況良好。就目前情況來看，這應該不會對我們的遊戲作品產生影響。FIFA Online 4 和 FIFA Mobile 目前表現良好，而我們在中國推出的下一款遊戲還有一段時間。因此，我們希望屆時延誤問題能夠解決。雖然我們會繼續關注事態發展，但目前尚未看到任何直接影響。

Yes. And our understanding is it's more, through interactions with Tencent and other partners, it's more of a backlog problem than an actual, not really approving games. I think as they changed agencies, the backlog built up fairly quickly. So we don't see that as an impact for us, at least in the next year or so, as we focus mainly on FIFA. In terms of the full game download stats, we've always seen FIFA lag Madden because Madden's pretty much a domestic U.S. business where FIFA is a global business. And in many parts of the world where FIFA is shipped, the bandwidth speeds are still slow and there may be some payment issues or just payment cultures that differ. Germany, for example, tends not to use credit cards. And so we have lower full game downloads in that marketplace. That is changing, and we've seen the pace of change of FIFA track pretty much the same pace of change with the other games. It just started from a lower base. And some of it historically was due to the fact that retailers would use FIFA to drive traffic into their stores. That's starting to abate because once again, fewer and fewer people are buying physical disks. So we believe that same pace will continue and obviously, it's great to see all of our games tracking as a whole at 42%, meaning that some games are well north of that if FIFA is on the south side of that.

是的。我們透過與騰訊和其他合作夥伴的互動了解到，這更多的是一個積壓問題，而不是一個實際的、沒有真正批准的遊戲的問題。我認為隨著他們更換代理機構，積壓的工作很快就堆積起來了。因此，我們認為這不會對我們造成影響，至少在未來一年左右的時間內不會，因為我們主要專注於國際足總。就完整遊戲下載統計數據而言，我們一直看到 FIFA 落後於 Madden，因為 Madden 基本上是一個美國國內業務，而 FIFA 是一個全球業務。在世界許多發行 FIFA 遊戲的地區，頻寬速度仍然很慢，而且可能存在一些支付問題，或者只是支付文化有所不同。例如，德國人通常不使用信用卡。因此，該應用程式商店的完整遊戲下載量較低。這種情況正在改變，我們已經看到 FIFA 的變化速度與其他遊戲的變化速度基本上保持一致。它只是起步比較低而已。歷史上，部分原因是零售商會利用 FIFA 來吸引客流到他們的商店。這種情況開始有所緩解，因為購買實體光碟的人越來越少。所以我們相信這種速度還會繼續下去，顯然，看到我們所有遊戲的整體完成率達到 42% 是件好事，這意味著如果 FIFA 的完成率低於這​​個值，那麼有些遊戲的完成率則遠高於這個值。

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。

A couple of questions for me. I guess first with respect to the third quarter guidance. Wondering if you could expand on how much of a promotional environment you're baking into the outlook for the Battlefield V release. And then as a follow-up to the live services segment and the guidance, just given some concerns that still exist around user monetization maybe beginning to flatten out a bit, I wonder if you could talk about how much growth you should expect in ARPU within the individual franchises, such as FIFA and Battlefield versus growth in the user base as a driver.

我有幾個問題想問一下。首先我想談談第三季的業績預期。想請您詳細說明一下，在《戰地5》發售前景的規劃中，你們將投入多少精力來營造宣傳氛圍。然後，作為對即時服務板塊和指導的後續，鑑於用戶變現可能開始趨於平緩，仍然存在一些擔憂，我想知道您能否談談您應該預期各個系列遊戲（例如 FIFA 和 Battlefield）的 ARPU 增長多少，以及用戶群增長作為驅動因素的影響有多大。

Yes, so in terms of the promotional plans, our promotional plans are pretty consistent with what we've had in the past. With the case of Battlefield, actually we'll be -- we will not be on promotion on Black Friday because we ship that week. There may be selected retailers that choose to promote it on their own, but we're not supporting those promotions. And then we'll have the regular promotion schedule that you would see through December into the holidays. Similar things for each title, the timing is different and the retail mix will be different. But you should see promotions, both digitally and physical copies, but not that different than what we've seen historically, with the exception of the Battlefield V issue, relative to Black Friday. And we see that that's pretty consistent with past years. I mean, it's always a promotional time of the year. It drives a lot of volume, and we're very supportive of retail partners and our platform partners who want to continue to keep people engaged. In terms of the Q3 numbers, we're -- our focus is always on driving more users into the live service. That's the way to keep a very large market in place and continue to keep it very healthy. The moment you stop focusing on that, you really lose the strength of live services, which is a large marketplace where people can all play together. If you focus too much on revenue generation per person, you start to squeeze the players, and we're very careful not to do that. It happens naturally in some cases due to people's level of engagement, but we're very careful not to allow people to start to spend too much because we know they'll churn out of the business. So our goal is, as I think Andrew mentioned before, is to build really exciting, great games. We think we've done an amazing job with FIFA, probably the best FIFA we've ever built. And it's got so much content in there that, that allows people to play a long time. And if that means that they start playing Ultimate Team or playing Ultimate Team at a level a little bit later, we're fine with that as long as they're enjoying themselves in the game. We think that's what's going on during the -- and what we're seeing in the quarter. I also remind people, we didn't give new phasing for the quarter when we moved Battlefield out. We just told people what the total year's numbers were, and we left it to everyone to deliver their own phasing. And so I caution people to be overly emphasis on comparing to what they had because what they had before wasn't informed by our giving some sense to things like the mobile titles that moved out, when Command & Conquer would start, the impact of FX on the quarter and the general overall view of our business during the quarter. So just don't over-index on the 2 quarters. Focus on the full year guidance, which did not change.

是的，就促銷計劃而言，我們的促銷計劃與以往的計劃基本一致。就《戰地》系列遊戲而言，實際上我們不會在黑色星期五進行促銷，因為我們會在那週發貨。可能會有一些零售商選擇自行推廣，但我們不支持這些推廣活動。然後我們會按照常規促銷計劃進行，一直持續到 12 月假期。每款遊戲的情況都類似，但發售時間不同，零售組合也會有所不同。但你應該會看到促銷活動，包括數位版和實體版，但與我們過去看到的促銷活動不會有太大不同，除了《戰地5》在黑色星期五期間的促銷活動。我們發現這與往年的情況基本一致。我的意思是，一年到頭都是促銷季。它帶來了巨大的交易量，我們非常支持希望繼續保持用戶參與的零售合作夥伴和平台合作夥伴。就第三季的數據而言，我們的重點始終是吸引更多用戶使用正式服務。這是維持一個龐大市場並保持健康發展的方法。一旦你不再關注這一點，你就真的失去了即時服務的優勢，而即時服務是一個大型市場，人們可以在這裡一起玩遊戲。如果過度關注人均收入，就會開始擠壓玩家的利益，我們非常小心地避免這種情況發生。在某些情況下，由於人們的參與程度，這種情況會自然發生，但我們非常謹慎，不讓人們開始花費太多，因為我們知道他們會退出這項業務。所以，正如安德魯之前提到的那樣，我們的目標是打造真正令人興奮、精彩絕倫的遊戲。我們認為我們在 FIFA 的開發上做得非常出色，這可能是我們開發過的最好的 FIFA 遊戲。而且它包含的內容非常豐富，可以讓玩家長時間遊玩。如果這意味著他們開始玩終極球隊模式或玩終極球隊模式的程度要晚一些，只要他們在遊戲中玩得開心，我們就沒意見。我們認為這就是本季正在發生的事情，也是我們在本季看到的情況。我還要提醒大家，當我們把《戰地》下架時，我們並沒有為本季制定新的階段性計畫。我們只是告訴大家全年的總數字，至於分階段實施，就由每個人自己決定了。因此，我告誡大家不要過度強調與過去相比，因為他們過去所擁有的並沒有考慮到我們後來對一些因素的分析，例如移動遊戲下架、命令與征服何時開始、外匯對本季度的影響以及我們本季度的整體業務狀況。所以不要過度看重這兩個季度。請關注全年業績指引，該指引並未改變。

Your next question comes from Brian Nowak from Morgan Stanley.

下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 two. So on that point about the Battlefield delay, can you give a little bit more color, if you can, around sort of the unit potential for the game, and then bigger picture, how you think about the potential for in-game monetization in the new Battlefield compared to the prior installment? And then the second question is subscription and streaming obviously is a topic you guys have been very forward on. You recently announced Project Atlas. What do you think are sort of the key next steps needed to drive a material transition into subscription and streaming-based ecosystem?

現在是馬特·科斯特替布萊恩上場。我有兩個。關於《戰地》延期的問題，您能否再詳細談談這款遊戲在單位方面的潛力，以及從更宏觀的角度來看，您認為新款《戰地》與前作相比，在遊戲內盈利方面有哪些優勢？第二個問題是關於訂閱和串流媒體，顯然這是你們一直非常關注的話題。您最近宣布了「阿特拉斯計畫」。您認為要推動訂閱和串流生態系統進行實質轉型，接下來需要採取哪些關鍵步驟？

So why don't I start and then I'll let Andrew talk about the second question. Battlefield, the overall forecast really only changed just because of the timing. So -- and we told people that, that moved roughly 3-plus million units out of the quarter that we originally had expected, some of that into Q4 and some of it into next year's Q1. The -- what you'll find when you get in to Battlefield, and I'll leave it up to the Battlefield team to help people understand the excitement around where Battlefield is going and how that might include in-game monetization, but what I'll just say is there will be a dramatic evolving game play over time: new ways to experience it, things like fortification and reinforcements and new hardware, vehicles, weapons, gadgets and there could be exciting ways to earn those over time or possibly even purchase those over time; new experiences through the single player stories that will get rolled -- continue to be rolled out; game improvements and excitement around a Battle Royale style mode that will come in the March time frame; and a pretty exciting live service that we hope will keep people highly engaged and over time, that may include monetization opportunities to keep them even more engaged.

那不如我先來，然後讓安德魯回答第二個問題。戰場方面，整體預測的變化僅只是因為時間安排不同而已。所以——我們也告訴了人們，這使得我們原本預計的季度銷量減少了大約 300 多萬台，一部分推遲到了第四季度，一部分推遲到了明年的第一季度。——當你進入《戰地》世界後，你會發現什麼？我會把解釋權交給《戰地》團隊，讓他們來幫大家理解《戰地風雲》未來的發展方向以及其中可能包含的遊戲內獲利模式。但我可以透露的是，遊戲玩法將會隨著時間的推移而發生巨大的變化：新的遊戲體驗方式，例如防禦工事、增援部隊、新的硬體、載具、武器和裝備，玩家可以透過各種激動人心的方式逐步獲得這些內容，甚至可能最終購買它們；單人故事模式也將帶來全新的體驗——這些內容將會持續推出；遊戲本身也會得到改進，而圍繞著「大逃殺」模式的改進和令人興奮的內容也將在三月份上線；此外，我們還將推出一項非常精彩的在線服務，我們希望這項服務能夠保持玩家的高度參與度，並且隨著時間的推移，這項服務可能會包含一些盈利機會，以進一步提升玩家的參與度。

In terms of content streaming, we've talked a lot about this that the greatest disruption to consumption of entertainment media over the last 5 years has been a combination of those 2 things. Right now we're treating them on separate vectors, but ultimately expect that we will bring them together over time. We launched our first subscription what is now over 4 years ago as a catalog subscription on Xbox and then took that to PC, and we're able to get tremendous learning out of that. And what we have seen is that people who come in to that subscription -- again, by definition, a subscription is the offering of an amazing collection of high-quality content at a great consumer value proposition where there's low friction as possible. And what we've seen from people who've come in to that is they play more games, they spend more time and ultimately, they monetize higher in live services as well. We know that a great new blockbuster content adds subscribers, and we know that great catalog content retains subscribers, no different than traditional linear media. And so what we have started to do with the launch of our Origin Access Premier this year is to add frontline blockbuster content, and Battlefield V will be the first opportunity for us to truly understand that. We saw really strong uptake after Madden. But remember, Madden hadn't been on PC for nearly a decade. The PC community of Battlefield is very, very strong, and we expect to get tremendous learning out of that as we grow that. In terms of next steps, you should expect us to continue to try and aggregate more content for our players, again, always improving the collection of content and the consumer value proposition so that players can come in and play more games and spend more time. Some of that will be the creation of new content organically inside of our company. Some of it will be working with indie developers or third-party developers and publishers. And as Blake pointed out, as a long-term vision, we also expect that we would look to acquire both content, IP and talent over time. As you think about the context of streaming, we announced and demonstrated in June a streaming service that was working at EA PLAY. We continue to develop that and continue to work on making that a better experience for players. We're also working with some other third parties that you may have heard about who are developing streaming services and we believe that our service can work in conjunction with their services over time, ultimately substantially increasing the total addressable market of players that we have access to and the ability to deliver great games and experiences to. You referenced Project Atlas. That's really an ambitious plan that we've been executing against to make it easier to move these experiences to the cloud by bringing Frostbite and our collective digital platform of services together so that our game makers are able to effectively execute and deliver the types of innovative game experiences that they see players will want over the next 3 years. As you can imagine, we've had a lot of inbound requests around that platform and third parties out there who would look to -- who would love the ability to utilize that technology, that combined platform of engine plus digital services. And as we think about adding more content to our subscription over time, we also see that as a tool that would allow us to do that. So add more content to our sub through licensing and potentially acquisition, continue to develop on our streaming solutions, both as an isolated service for us as well as in conjunction with others and then bringing our combined digital platform engine and digital service and Project Atlas to help us get there faster, more quickly, more efficiently and with more innovative and creative games, both developed internally and potentially at some time, developed externally.

就內容串流媒體而言，我們已經多次討論過，過去 5 年對娛樂媒體消費造成最大衝擊的是這兩件事的結合。目前我們正將它們分別進行處理，但最終我們希望隨著時間的推移將它們結合起來。四年前，我們推出了第一個訂閱服務，當時是在 Xbox 上提供目錄訂閱，後來又將其推廣到 PC，我們從中獲得了巨大的經驗。我們看到的是，那些訂閱用戶——再次強調，訂閱的定義是提供一系列高品質的精彩內容，並以極具吸引力的消費者價值主張，盡可能減少用戶摩擦。我們從那些加入這個平台的人身上看到，他們玩更多的遊戲，花費更多的時間，最終，他們在遊戲服務中的獲利能力也更強。我們知道，一部優秀的新大片內容可以增加訂閱用戶，我們也知道，優秀的經典影片內容可以留住訂閱用戶，這與傳統的線性媒體並無不同。因此，我們今年推出 Origin Access Premier 時，就開始著手加入一線大作內容，《戰地5》將是我們真正了解這一點的第一個機會。Madden 遊戲發售後，我們看到了非常強勁的成長動能。但別忘了，《麥登橄欖球》系列遊戲已經近十年沒有登陸PC平台了。《戰地》的PC玩家群非常非常強大，我們期待在發展壯大的過程中從中獲得巨大的學習機會。至於下一步，你們可以期待我們繼續努力為玩家們聚合更多內容，不斷改進內容收集和消費者價值主張，以便玩家可以進來玩更多遊戲，花更多時間。其中一些內容將來自我們公司內部的自然創作。其中一些工作將與獨立開發者或第三方開發者和發行商合作。正如布萊克指出的那樣，從長遠來看，我們也希望隨著時間的推移，能夠收購內容、智慧財產權和人才。考慮到串流媒體的背景，我們在 6 月宣布並演示了在 EA PLAY 上運行的串流媒體服務。我們將繼續開發這項功能，並繼續努力為玩家帶來更好的體驗。我們也與一些您可能聽說過的第三方合作，他們正在開發串流媒體服務。我們相信，隨著時間的推移，我們的服務可以與他們的服務協同運作，最終大幅增加我們能夠接觸到的玩家市場總量，並使我們能夠為他們提供精彩的遊戲和體驗。您提到了阿特拉斯計畫。這是一個雄心勃勃的計劃，我們一直在努力執行，旨在透過將 Frostbite 引擎和我們集體的數位服務平台結合起來，使這些體驗更容易遷移到雲端，從而使我們的遊戲開發者能夠有效地執行和交付他們認為玩家在未來 3 年內想要的各種創新遊戲體驗。可想而知，我們收到了許多關於該平台的諮詢，也有很多第三方希望能夠利用這項技術，即引擎與數位服務結合的平台。隨著我們考慮逐步增加訂閱內容，我們也認為這是一個可以幫助我們實現這一目標的工具。因此，我們將透過授權和可能的收購為我們的訂閱用戶增加更多內容，繼續開發我們的串流解決方案，既作為我們自己的獨立服務，也與其他公司合作，然後結合我們的數位平台引擎、數位服務和 Project Atlas，幫助我們更快、更高效地實現目標，並推出更多創新和富有創意的遊戲，這些遊戲既有內部開發的，也可能在某個時候由外部開發。

Your next question comes from Raymond Stochel from Consumer Edge Research.

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

I guess a couple things on Project Atlas. So number 1 would be how are you thinking about user-generated content in games longer term? You sort of alluded to that in that Project Atlas announcement. And then secondarily, in a streaming world, can you give us a better sense as to your mobile strategy? You obviously have a number of mobile titles in development that are exclusive mobile titles. How do you think about development over time in a more cross-platform and streaming way?

我想說幾句關於Project Atlas的事情。所以第一個問題是，您如何看待遊戲中用戶生成內容的長期發展？你在Project Atlas的公告中似乎也暗示過這一點。其次，在串流媒體時代，您能否更詳細地介紹您的行動策略？顯然，你們正在開發多款獨佔行動裝置遊戲。您如何看待隨著時間推移，以更跨平台和串流媒體的方式進行開發？

Two great questions. So first, in terms of user-generated content, as we look out in the world today, some of the richest ecosystems have a robust community of creators that is delivering new content and experiences for their fellow players on a daily basis. And for us, The Sims franchise has been that since its inception. Part of what we're doing now, we're building that capability into our toolset so that game makers can implement that in future games and bring communities together. Again, in a world that we have a vision of entertaining 1 billion people in play, we are very aware that delivering against insatiable appetites of that many players across the globe is beyond the scope of just our creative organization. But in the context of having our creative organization see these great worlds and these great characters and these great stories and having AI amplify that effort in conjunction with large and robust communities of tens and potentially hundreds of millions of players creating content in large, scalable, simulated worlds, we feel like that's the future of games. We've been investing for some years against it. We're now in a place where we're ready to talk about it. And we're starting to invite people in, including these community creators, to help us really build out that robust toolset. As we think about mobile strategy going forward, again, over time, we do believe that many experiences will move to the cloud and that no longer be bound by local devices, whether it's CPU, GPU, memory or battery life and more that experiences will be governed by the screen size you have access to and the session time that you have. With that said, we also understand that there will be some players that only ever play on their mobile device and some players who spend a great or disproportionate amount of time playing on an 80-inch screen. And so that we will continue to develop experiences that are rich and robust as those native experiences today, but always with a view of allowing them to connect their experience across screens but more importantly, to connect with a global community of players regardless of which screen they access the game through. And that's a fundamental shift in how we design the architecture of games. It's also a fundamental shift in how we design the features of games. But in all things, it's about entertaining with innovative and creative experiences that you can experience based on your choice of how you want to play, but where you never feel disconnected from this global community of friends that you have.

兩個很好的問題。首先，就用戶生成內容而言，放眼當今世界，一些最豐富的生態系統擁有強大的創作者社區，他們每天都在為其他玩家提供新的內容和體驗。對我們來說，《模擬市民》系列遊戲自誕生以來就一直是這樣的。我們現在正在做的其中一部分工作，就是將這種能力建構到我們的工具集中，以便遊戲製作者可以在未來的遊戲中實現它，並將社群聚集在一起。再次強調，我們設想讓 10 億人享受遊戲的樂趣，但我們也非常清楚，要滿足全球如此眾多玩家永不滿足的需求，已經超出了我們創意團隊的能力範圍。但是，如果我們的創意團隊能夠看到這些偉大的世界、偉大的角色和偉大的故事，並且人工智慧能夠放大這些努力，再加上數千萬甚至數億玩家組成的龐大而強大的社區在大型、可擴展的模擬世界中創造內容，我們認為這就是遊戲的未來。我們多年來一直在進行反向投資。現在我們已經準備好討論這個問題了。我們開始邀請包括這些社群創作者在內的各界人士加入我們，幫助我們真正建構這套強大的工具組。展望未來的行動策略，我們相信隨著時間的推移，許多體驗將會遷移到雲端，不再受本地設備的限制，無論是 CPU、GPU、記憶體還是電池續航時間等等，體驗都將取決於您可存取的螢幕尺寸和會話時間。也就是說，我們也明白有些玩家只在行動裝置上玩遊戲，而有些玩家則會花費大量或不成比例的時間在 80 吋的螢幕上玩遊戲。因此，我們將繼續開發像如今原生體驗一樣豐富而強大的體驗，但始終著眼於讓玩家能夠跨螢幕連接他們的體驗，更重要的是，無論他們透過哪個螢幕存取遊戲，都能與全球玩家社群連結起來。這是我們在遊戲架構設計方式上的根本轉變。這也是我們在遊戲功能設計方式上的根本轉變。但歸根結底，它旨在透過創新和創造性的體驗來娛樂大眾，您可以根據自己的喜好選擇遊戲方式，但您永遠不會感到與這個全球朋友社群脫節。

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。

So one question on live services and a clarification. So live services are now expected to be up plus or minus -- plus 5%, up 5%. And I think you called out Ultimate Team as the biggest driver there, though it seems to be growing maybe single digits if the first half results are any indication. So can you help us understand in the second half why the live services overall shouldn't be up more year-over-year, just given Battlefront II and Star Wars didn't really have any [updates] last year? I think you have [the Black] coming already in December with Battlefield V this year. Is there anything we should read into kind of these emerging trajectories for Ultimate Team versus maybe [computer] MTX growth year-over-year just in those [comments?]

所以，關於線上服務，我有一個問題需要澄清。因此，預計即時服務量將上升或下降 5%——上升 5%。我認為你指出了終極團隊模式是最大的驅動因素，儘管如果上半年的結果可以作為參考的話，它的成長率可能只有個位數。那麼，鑑於《星際大戰：前線 II》和《星際大戰》去年並沒有任何更新，您能否幫助我們理解為什麼下半年整體的線上服務收入不應該比去年同期增長更多？我認為《戰地5》今年12月就會推出[黑色版本]了。我們是否應該從這些評論中解讀出一些關於終極團隊模式與（電腦）微交易業務逐年增長的新興趨勢？

Yes, so assume that we've got very little live services revenue in for either Battlefield or Anthem because they're very new. And until we understand exactly how well does it monetize, we didn't put a lot -- much of that into our forecast. We'll still see some of the transition impact on FIFA Online 4, which will continue to be a drag. And we've got a forecast for subscriptions, but we're guessing a little bit as to the uptake of premier based on the fact that we haven't yet seen the real true PC-based titles like Battlefield and Anthem. We'll have a lot better sense once we get through those. So I'd say some of it's just conservatism and forecasting and some of it is the associations that I just mentioned around live services.

是的，所以假設《戰地》或《聖歌》這兩款遊戲由於是新遊戲，我們目前獲得的線上服務收入非常少。在我們確切了解其獲利能力之前，我們並沒有投入太多精力——大部分精力都投入了我們的預測。FIFA Online 4 仍會受到一些過渡期的影響，這將繼續造成一些不便。我們對訂閱用戶數量做了預測，但對於高級會員的普及情況，我們只能根據我們還沒有看到像《戰地》和《聖歌》這樣真正的基於 PC 的遊戲這一事實進行一些猜測。等我們克服了這些困難，就會有更清楚的認知了。所以我覺得，一部分原因是保守主義和預測，一部分原因是我剛才提到的與現場服務相關的因素。

Okay. Great. And then just a quick clarification. It's been a couple years since Respawn has done anything with its flagship Titanfall franchise. But I'm not sure if I heard you guys correctly in the prepared remarks. It sounded like we should expect games, in plural, from Respawn, I suppose, next year? Did I hear that correctly? I know that you revealed Star Wars Jedi at E3. But is there anything else that we should be aware of?

好的。偉大的。最後再簡單澄清一下。Respawn已經好幾年沒有對其旗艦遊戲系列《泰坦隕落》進行任何開發了。但我不太確定我是否正確聽清了你們事先準備好的發言稿。聽起來我們明年應該可以期待Respawn推出多款遊戲了吧？我沒聽錯吧？我知道你們在E3遊戲展上公佈了《星際大戰絕地武士》。但我們還需要注意其他什麼嗎？

So you weren't coming through very loud, but I think I got what you said, which is you heard Andrew use a plural when he said games from Respawn. That's -- just consider that a little Easter egg left in the earnings call for you. We'll announce more when we get there, but we're clearly -- we've got a lot of things working with all of our studios and you should assume that there will be some things that we haven't announced that come out later in the year when we go to give guidance for next year.

所以你說話聲音不大，但我認為我聽懂了你的意思，你是說你聽到 Andrew 在說 Respawn 的遊戲時用了複數形式。這就好比——你看，這是財報電話會議中留給你的一個小彩蛋。到時候我們會公佈更多消息，但很明顯——我們正在與所有工作室合作開展很多項目，你們應該預料到，今年晚些時候，當我們發布明年的業績指引時，會有一些我們尚未公佈的內容。

And your next question comes from Brandon Ross with BTIG.

下一個問題來自 BTIG 的 Brandon Ross。

A couple of topics. First, on Anthem. Can you talk a little bit about what you're seeing there that made you raise your outlook for Anthem in your guidance? And then a follow-up on mobile. I guess growth there has really stalled. What changes need to be made to restimulate growth in mobile? And if you could just tell us how important you see mobile being to your future and if you need to make an acquisition there, potentially a larger one to improve that business.

幾個話題。首先，關於 Anthem。您能否談談您在指導工作中看到哪些情況，讓您對 Anthem 的前景有了更正面的評價？然後又在行動裝置上進行了後續跟進。我猜那裡的成長確實停滯不前了。需要做出哪些改變才能重振行動領域的成長？如果您能告訴我們您認為行動業務對您的未來有多重要，以及您是否需要在該領域進行收購，甚至可能需要更大規模的收購來改善該業務，那就太好了。

So let me start with Anthem and I'll let Andrew address the mobile fees. Anthem, it's a brand-new IP. And so when we originally forecasted it, we forecasted it at a pretty low level as we thought about -- without a lot of information, right? That was last May or April when we put that forecast together. As we've gotten deeper into the final parts of the game and we've -- and had it tested with a lot of people, clearly, the excitement is building -- it started building at E3 as people just learned what the game was and saw it. And so typically, when you're forecasting a brand-new IP, you usually start lower and then build that forecast over time, and that's essentially what we've done. We're getting excitement both internally and externally about the game. As Andrew mentioned, it's very different than anything. BioWare is built in the past. It looks stunning, and it plays extremely well. And that's what's given us more confidence around the forecast. But remember also, as I said earlier, we did not provide new phasing of forecast. So you should assume that it's not all coming from Anthem. There may be obviously stuff more from Battlefield V in Q4 than we originally were thinking in our forecast as well as the mobile title that we talked about, Command & Conquer.

那麼，我先來談談 Anthem 公司，行動費用的問題就讓 Andrew 來解答吧。《聖歌》是一個全新的IP。所以，當我們最初進行預測時，我們預測的水平相當低——因為我們當時並沒有掌握太多信息，對吧？那份預測報告是去年四、五月我們做​​的。隨著我們深入遊戲的最後部分，並且——而且我們已經讓很多人測試過——很明顯，興奮之情正在不斷高漲——這種興奮之情從 E3 遊戲展上就開始醞釀了，當時人們剛剛了解了這款遊戲是什麼，並看到了它。因此，通常情況下，在預測一個全新的 IP 時，通常會從較低的數值開始，然後隨著時間的推移逐步建立預測，而這基本上就是我們所做的。無論是公司內部還是外部，我們都對這款遊戲感到興奮。正如安德魯所說，它與任何事物都截然不同。BioWare是過去建立起來的。它外觀驚艷，而且性能極佳。正是這一點讓我們對預測更有信心。但請記住，正如我之前所說，我們沒有提供新的預測階段。所以你應該假設這些資訊並非全部來自 Anthem。顯然，第四季可能會有比我們最初預測中更多的《戰地5》內容，以及我們先前提到的手機遊戲《命令與征服》。

In terms of mobile, as Blake highlighted earlier, where there is an opportunity to bring on new teams or new IP of any category or across any platform, we're open to that right now. However, as I look at the mobile industry and the mobile top 20 or top 30 charts, it's not immediately apparent what you would go after. We've seen some fairly significant shift in the mobile marketplace from where it was even a year or 2 years ago. And it's now also pretty well understood that many of the players that were reaching some fairly serious revenue heights over the last year or 2 were also outspending their revenue and weren't profitable companies and weren't growing profitably. I think what we've always maintained across our mobile business is that we believe we have a tremendously strong portfolio of content and we were going to take the time to ensure that we delivered profitable growth over time. And while that growth has slowed this year as a result of some title shifts and title moves, we feel actually very bullish on the future. Command & Conquer, I'm very excited about. I think it's a unique and innovative new entry into the mobile genre. I think we are -- we clearly have the leading sports business, which is a business that we are committed to and we'll continue to grow. We're seeing -- we have some other products in development right now that will come out in the years to come that I think have started to play into the strength in mobile as mobile players are looking for creativity and innovation in their experience. And again, as we look at the top 10 or top 20 charts, there's also a much greater representation from China, Japan, Korea and Southeast Asia in terms of title strength. And as I look at what we're doing with Command & Conquer, which has a tremendous fan base throughout the Asia region and FIFA, I feel good about that. And so while we're always open to acquisition, I think that we also feel very good that the mobile industry is actually moving in the direction where the types of games that we make will be very, very well received.

就行動領域而言，正如 Blake 之前所強調的那樣，只要有機會引入任何類別或任何平台上的新團隊或新 IP，我們目前都持開放態度。然而，當我審視行動產業以及行動應用程式排行榜前 20 名或前 30 名時，你並不會立刻明白自己應該追求什麼。我們已經看到行動市場與一兩年前相比發生了相當大的變化。現在人們也基本上明白，在過去一兩年裡，許多收入達到相當可觀水平的玩家，其支出也超過了收入，這些公司既沒有盈利，也沒有實現盈利增長。我認為我們在行動業務方面一直堅持的一點是，我們相信我們擁有非常強大的內容組合，我們將花時間確保隨著時間的推移實現盈利增長。雖然由於一些頭銜變更和更迭，今年的成長有所放緩，但我們對未來仍然非常樂觀。我非常期待《命令與征服》。我認為它是行動遊戲領域中獨特且富有創新性的新作品。我認為我們是——我們顯然擁有領先的體育業務，這是我們致力於發展並將繼續發展的業務。我們看到——我們目前正在開發一些其他產品，這些產品將在未來幾年內推出，我認為這些產品已經開始發揮行動領域的優勢，因為行動玩家正在尋求創意和創新的遊戲體驗。此外，當我們查看前 10 名或前 20 名排行榜時，也會發現中國、日本、韓國和東南亞在遊戲標題實力方面也佔據了更大的份額。當我看到我們在《命令與征服》（在整個亞洲地區擁有龐大的粉絲群）和《FIFA》系列遊戲中所取得的成就時，我感到非常欣慰。因此，雖然我們始終對收購持開放態度，但我們也感到非常欣慰的是，行動產業的發展方向實際上是，我們製作的遊戲類型將會受到非常熱烈的歡迎。

And your next question comes from Matthew Harrigan with Buckingham Research.

下一個問題來自白金漢研究公司的馬修·哈里根。

I was just curious if you had any thoughts on the decision by Sony as well as Microsoft to do a next-gen council and how that laces into your perspective -- interlaces into your perspective on the business and the evolution toward the cloud and the continued importance of councils?

我只是好奇您對索尼和微軟決定成立下一代技術委員會有何看法，以及這與您對業務、向雲端運算發展以及技術委員會持續重要性的看法有何關聯？

So I think that there is a few articles out there and a little -- a few rumors and a little hearsay as to what they are and when they're coming and when they might be. I don't think we're in a position today to have a conversation on that. But just know that we've worked with Microsoft and Sony and Nintendo for many, many years and look forward to working with them for many, many years more even if collectively, we all seek to move either some portion or all of our experiences to the cloud.

所以我認為，關於它們是什麼、何時到來以及何時到來，已經有一些文章、一些傳聞和一些道聽途說了。我認為我們今天還不適合討論這個問題。但請大家知道，我們與微軟、索尼和任天堂已經合作了很多很多年，即使我們都希望將部分或全部體驗遷移到雲端，我們也期待在未來很多年裡繼續與他們合作。

Your last question comes from Matthew Thornton with SunTrust.

您的最後一個問題來自 SunTrust 銀行的 Matthew Thornton。

A couple clarifications, if I could. Blake, you talked about the FIFA franchise. To be clear, I mean, I guess, are frontline players and hours up year-on-year and thus we just need to get the monetization lever kind of moving here over the coming months and quarters? Or are players and hours down and thus monetization has got to work harder? That was question number one and again, I apologize if I missed that answer. Secondly, you talked a little bit about a second Respawn title next year. Would that also be in the holiday quarter? I'm not sure if you mentioned that or not or gave any color around timing. And then just finally, Andrew, you talked a lot about Project Atlas obviously. So it sounds like that might be a platform you would think about licensing out to other developers either on a per seat type of basis or a revenue share type of a basis, but building a part that's opened out to third-party monetization. I just want to make sure I understood that correctly.

如果可以的話，我想澄清幾點。布萊克，你談到了FIFA系列遊戲。說實話，我的意思是，一線玩家數量和遊戲時長是否逐年增加，因此我們需要在接下來的幾個月和幾個季度推動盈利機制的運作？或者說，玩家數量和遊戲時長都減少了，因此獲利模式需要更加努力？那是第一個問題，如果我漏掉了答案，我再次表示歉意。其次，您剛才也稍微提到了明年 Respawn 的第二款遊戲。那也屬於假日季度嗎？我不確定你是否提到過這一點，或者對時間安排有任何說明。最後，安德魯，你顯然談了很多關於阿特拉斯計劃的事情。聽起來，這可能是一個可以考慮按席位或收入分成的方式授權給其他開發者的平台，但同時也要建立一個對第三方盈利開放的部分。我只是想確認一下我理解得是否正確。

Yes, I mean, so FIFA, we -- I think we said FIFA sales were strong in the quarter. So you should assume we've done well with FIFA. We also mentioned that people were playing more modes in FIFA. We also still have quite a few people playing FIFA 18. We were successful bringing them into World Cup, and many of those have not yet converted over to FIFA 19. So it's hard to say today ultimately how it will play out because we're still early in the third quarter. So I would just say we'll see what that looks like over the next 2.5 months or 2 months as we get into the rest of the year and even into the fourth quarter. FIFA tends to sell well all through the holidays. And so it's just -- it's too early to say one way or the other what people are spending their time on or not.

是的，我的意思是，關於 FIFA，我們——我想我們說過 FIFA 在本季的銷售額表現強勁。所以你應該認為我們在FIFA計畫上做得很好。我們也提到，人們在 FIFA 中玩的遊戲模式更多了。現在還有不少人玩FIFA 18。我們成功地將它們引入了世界杯，但其中許多遊戲尚未移植到 FIFA 19 中。所以現在很難說最終結果會如何，因為我們還處於第三節比賽的初期。所以我想說，我們拭目以待，看看在接下來的兩個半月或兩個月裡，隨著今年剩餘時間的到來，甚至到了第四季度，情況會如何發展。FIFA遊戲在整個假期期間往往都很暢銷。所以現在就斷言人們把時間花在了什麼事情上還為時過早。

In terms of Project Atlas, again, when we set out on this journey, the objective was to ensure that we had industry-leading technology for our developers to build the most innovative and immersive and creative games, everything from sports games to large world simulations. And in a world where it's becoming increasingly complex to do that, we also understand that, that is hard for other people. And so as we have started talking to developers and publishers about bringing content into our subscription over time, as you might imagine, we've had a lot of inbound interest on the utilization of a technology platform like Project Atlas that would make it easier for them to create content in this growing complex world. And so while we have no locked-in plans or time lines today, we're certainly developing the technology with a view that over time, our objective is to bring the greatest collection of content together as part of our industry-leading subscriptions. And at some level, that might mean offering our technology for use by third parties so that they can do that and then ultimately put their content into our subscription.

就 Project Atlas 而言，當我們開始這段旅程時，目標是確保我們擁有業界領先的技術，讓我們的開發人員能夠建立最具創新性、沉浸感和創造性的遊戲，從體育遊戲到大型世界模擬，應有盡有。在這個越來越難以做到這一點的世界裡，我們也明白，這對其他人來說很困難。因此，正如您所料，隨著我們開始與開發者和發行商討論如何逐步將內容引入我們的訂閱服務，我們收到了很多關於利用像 Project Atlas 這樣的技術平台的諮詢，該平台可以讓他們在這個日益複雜的世界中更容易創建內容。因此，雖然我們目前還沒有確定的計劃或時間表，但我們肯定會開發這項技術，以期隨著時間的推移，我們的目標是將最豐富的內容匯集到我們行業領先的訂閱服務中。在某種程度上，這可能意味著我們將我們的技術提供給第三方使用，以便他們能夠做到這一點，然後最終將他們的內容放入我們的訂閱服務中。

And on your Respawn question, I skipped over it, we'll have more to come on that. We'll brief people as we get into the fourth quarter time frame before we run into next year's full year guidance.

關於你提到的 Respawn 的問題，我暫時略過了，我們之後會再詳細討論。我們將在進入第四季時向大家通報情況，然後再公佈明年的全年業績預期。

Thank you, everyone. Talk to everyone next quarter.

謝謝大家。下個季度和每個人都談談。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。