美商藝電 (EA) 2019 Q3 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q3 2019 Earnings Conference Call.

午安.我叫麥克，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年第三季財報電話會議。

Mr. Chris Evenden, VP 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, Mike. Welcome to EA's Third 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，麥克。歡迎參加EA 2019財年第三季財報電話會議。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 are available at ir.ea.com. In addition, we have posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks, an audio replay of this call, our financial model and a transcript. With regard to our calendar, our Q4 fiscal 2019 earnings call is scheduled for Tuesday, May 7, 2019.

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、我們的財務模型和通話記錄。關於我們的日程安排，我們 2019 財年第四季財報電話會議定於 2019 年 5 月 7 日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, February 5, 2019, and disclaims any duty to update them.

本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-Q 表格。Electronic Arts 於 2019 年 2 月 5 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. And for more information on this change, please see the accounting FAQ we have 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。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。

Thanks, Chris. The gaming industry continued to grow through the holiday quarter in our fiscal year 2019. It's been a highly competitive year with lots of great new content for players around the world.

謝謝你，克里斯。在 2019 財年假期季節期間，遊戲產業持續保持成長。今年競爭非常激烈，世界各地的玩家都體驗了許多精彩的新內容。

In the face of this competition, we had significant challenges in Q3 and did not perform up to our expectations. We expect these challenges will continue to impact our performance in Q4, which has led us to lower our full fiscal year net revenue guidance today.

面對如此激烈的競爭，我們在第三季面臨重大挑戰，業績未能達到預期。我們預計這些挑戰將繼續影響我們第四季度的業績，因此我們今天下調了全年淨收入預期。

Let me first discuss our challenges and the adjustments we are making to address them, then I'll discuss the opportunities ahead. We'll start with Battlefield V. We made some decisions on launch timing and key features of this game that we felt would improve the quality of the experience. For context, Battlefield V was designed from the beginning to offer a long-term live service. In August, we determined that we needed some more time for final adjustments to the core gameplay to fully deliver on the potential of the live service so we moved the ship date in November to accommodate those goals. Unfortunately, the later release date moved the game launch deeper into a competitive holiday window where heavy price discounting was a big factor. In addition, we also made the decision to prioritize other features, including a single-player experience at launch over a Battle Royale mode. This year, Battle Royale modes became incredibly popular in shooter games. As a result of these decisions, we struggled to gain momentum and did not meet our sales expectations for the quarter.

首先，我想談談我們面臨的挑戰以及我們為應對這些挑戰所做的調整，然後再談談未來的機會。我們先來說說《戰地5》。我們對這款遊戲的發佈時間和一些關鍵功能做出了一些決定，我們認為這些決定會提高遊戲體驗的品質。作為背景，《戰地5》從一開始就被設計成提供長期線上服務。8 月份，我們決定需要更多時間對核心遊戲玩法進行最終調整，以充分發揮線上服務的潛力，因此我們將發布日期推遲到 11 月份，以實現這些目標。不幸的是，較晚的發售日期使得遊戲上市時間進入了競爭激烈的假期銷售旺季，而大幅降價促銷是影響遊戲發售的重要因素。此外，我們也決定優先考慮其他功能，例如在遊戲發佈時優先推出單人遊戲體驗，而不是大逃殺模式。今年，大逃殺模式在射擊遊戲中變得非常流行。由於這些決定，我們難以取得發展勢頭，未能達到本季的銷售預期。

Importantly though, the Battlefield franchise is strong. More than 27 million fans have played our Battlefield games this fiscal year-to-date. Our focus is now on bringing more of these players into Battlefield V with new modes and great content through our live service. In March, we'll kick off our third chapter of updates in this game which will include, amongst other things, Firestorm Battle Royale. This will be a unique take on the Royale genre, integrating unique Battlefield characteristics, including strategic sword game play, varying objectives and vehicles. We're responding to our players in Battlefield V by delivering the content they want most into the live service on a cadence that will fuel the community with fresh, new experiences for many months to come.

但重要的是，《戰地風雲》系列遊戲依然很強大。截至目前，本財年已有超過 2,700 萬名玩家體驗過我們的《戰地》系列遊戲。我們現在的重點是透過我們的線上服務，以全新的模式和精彩的內容，吸引更多玩家加入《戰地5》。三月份，我們將開啟這款遊戲的第三階段更新，其中包括「烈焰風暴大逃殺」等內容。這將是對大逃殺遊戲類型的獨特詮釋，融合了《戰地》系列的獨特特色，包括策略性的劍術遊戲玩法、多樣化的目標和載具。我們正在積極回應《戰地5》玩家的呼聲，將他們最想要的內容以穩定的節奏添加到線上服務中，這將為社群帶來持續數月的新鮮體驗。

Next I'll touch on mobile. While the mobile market is strong and expected to continue growing nearly 10% next year, the dynamics have become increasingly challenging. The data we have indicates that the average age of top 20 titles is greater than 3 years old and that it's harder than ever for new games to break through. With our latest release, Command & Conquer: Rivals, we had positive soft launch results. But since global release, it is not driven in stores organically at the levels we anticipated. We are now working to bring more players into that game. We continue to be committed to mobile. We believe in the value of our franchise in the marketplace, and we are doubling down on these games through live services. We are also putting our best teams on bigger projects and exploring additional ways to create and iterate quickly. We have always focused on profitability in mobile, and we are evolving to better position ourselves for growth in the future.

接下來我將談談行動裝置。雖然行動市場強勁，預計明年將繼續成長近 10%，但市場動態已變得越來越具有挑戰性。我們掌握的數據顯示，前 20 名的遊戲平均年齡超過 3 年，新遊戲想要脫穎而出比以往任何時候都更加困難。我們最新發布的《命令與征服：宿敵》取得了正面的試發行結果。但自全球發售以來，其在商店的自然銷售並未達到我們預期的水平。我們正在努力吸引更多玩家加入這款遊戲。我們將繼續致力於行動端發展。我們相信我們的特許經營權在市場上的價值，我們正在透過線上服務加倍投入這些遊戲。我們也將最優秀的團隊投入更大的專案中，並探索更多快速創建和迭代的方法。我們一直專注於行動領域的獲利能力，並且我們正在不斷發展，以便更好地為未來的成長做好準備。

Our performance in Asia was also not as strong as expected through Q3. In Korea, FIFA Online 4 is performing well, with monthly average plays exceeding the trajectory of FIFA Online 3 in a similar period from launch. Given nuances in the Chinese market, our transition of FIFA Online 4 has been slower than anticipated, and FIFA Mobile is still in the early stages after launching in the market. We have long-term strategies with robust content plan for both games that, combined with the popularity and growth of soccer in the region, we believe will fuel further growth.

第三季度，我們在亞洲的業績也沒有達到預期。在韓國，FIFA Online 4 的表現良好，其月平均遊戲次數超過了 FIFA Online 3 在類似時間內的發展軌跡。鑑於中國市場的特殊性，FIFA Online 4 的過渡速度比預期慢，而 FIFA Mobile 在上市後仍處於早期階段。我們為這兩款遊戲制定了長期策略和強大的內容計劃，我們相信，結合足球在該地區日益增長的受歡迎程度，這將推動進一步的成長。

FIFA continues to be a growing business for us. In fact, we saw more units of FIFA last calendar year than any year before, and we welcomed 4 million new players into our FIFA ecosystem on console and PC. Our plan for FIFA 18 were aggressive in a World Cup year, and we ended up selling an additional 2.4 million units of FIFA 18 throughout the year with the intention of converting those plays to FIFA 19 when it launched. The conversion has been slower than planned, leading to unit sales that were effectively flat year-over-year.

國際足總對我們來說仍然是一項不斷成長的業務。事實上，去年 FIFA 的銷售量超過了以往任何一年，我們在主機和 PC 平台上迎來了 400 萬新玩家加入 FIFA 生態系統。在世界盃年，我們為 FIFA 18 制定了積極的計劃，最終在一年內額外售出了 240 萬份 FIFA 18，目的是在 FIFA 19 發佈時將這些玩家轉化為 FIFA 19 的玩家。轉換速度比計畫的要慢，導致銷量與去年同期基本持平。

In a year where there was intense competition and many iterative titles were challenged, FIFA 19 still became the best-selling console game in Europe last calendar year. Even on a flat year-over-year installed base, FIFA Ultimate Team has performed well, and it accelerated in January with our most successful Team of the Year event ever.

在競爭激烈、眾多迭代作品面臨挑戰的一年裡，FIFA 19 仍然成為去年歐洲最暢銷的主機遊戲。即使 FIFA Ultimate Team 的裝機量同比持平，其表現仍然良好，並且在 1 月份憑藉我們有史以來最成功的年度最佳陣容活動而加速增長。

Our competitive gaming programs are also adding strength to the franchise, with our expanded FIFA Global Series already garnering 80% more total minutes watched compared to last fiscal year, along with new sponsor engagements and partnerships with industry leaders, such as Ealy, Gfinity and PGL. We continue to be very positive on the strength of FIFA and FIFA Ultimate Team around the world.

我們的競技遊戲項目也為該系列賽事增添了實力，我們擴大的 FIFA 全球系列賽的總觀看時長比上個財政年度增加了 80%，此外，我們還與 Ealy、Gfinity 和 PGL 等行業領導者建立了新的贊助商合作關係。我們仍然非常看好 FIFA 和 FIFA Ultimate Team 在全球的發展動能。

We made some calculated decisions that did not work as planned in Q3. And we did not execute well in other areas of our business. Against the backdrop of a very competitive quarter, the combination of those factors led to our underperformance. While we are disappointed with the results, we understand where our challenges are, and we are deeply focused on applying the strength of our company to address them going forward.

第三季度，我們做出了一些經過深思熟慮的決定，但這些決定並沒有按計劃實施。我們在業務的其他領域也表現不佳。在競爭異常激烈的季度背景下，這些因素共同導致了我們業績不佳。雖然我們對結果感到失望，但我們了解我們面臨的挑戰，我們將全力以赴，運用公司的優勢來解決這些挑戰。

We are a learning organization. Over the last 6 months, we've made organizational changes to shape our teams against our priorities for the future. We've made operational changes to better position ourselves to effectively drive live services and serve our player communities. We've made creative changes, including the formation of a creative council to strengthen our creative decision-making. And we will continue to make refinements in each of these dimensions as we focus sharply on execution across the company. The future of the industry is strong and so is the future of Electronic Arts.

我們是一個學習型組織。在過去的6個月裡，我們進行了組織結構調整，以根據我們未來的優先事項來調整我們的團隊。我們已做出營運調整，以便更好地為玩家群體提供有效的服務，並更好地推動線上服務的發展。我們做出了一些創新性的改變，包括成立創意委員會，以加強我們的創意決策。我們將繼續在上述各個方面進行改進，同時高度重視公司各部門的執行力。產業的未來一片光明，藝電的未來也同樣光明。

As you saw yesterday, we just launched Apex Legends, a new free-to-play Battle Royale game from Respawn. This is very exciting for us. Built from the ground up to bring innovation to the genre, there are so many unique elements of Apex Legends from the characters to the game play mechanics to the team play construct. To compete in the highly competitive Battle Royale space, we also deliberately chose a different go-to-market strategy to surprise and delight players around the world. The launch yesterday was EA's biggest reveal ever by peak and current viewers, and it quickly became the #1 game on Twitch. The Respawn team has a strong plan for Apex Legends that will engage fans for a long time to come. And as the live service evolves, Respawn also plans to launch a premium game this year that is a new twist on the Titanfall universe. More to come on that in the months ahead.

正如你昨天看到的，我們剛剛推出了《Apex英雄》，這是Respawn推出的一款全新的免費大逃殺遊戲。這讓我們非常興奮。《Apex英雄》從零開始打造，旨在為該類型遊戲帶來創新，從角色到遊戲機制再到團隊合作模式，《Apex英雄》擁有許多獨特的元素。為了在競爭激烈的「大逃殺」領域中脫穎而出，我們也特意選擇了不同的市場推廣策略，以期給世界各地的玩家帶來驚喜和愉悅。昨天的發表會是EA有史以來規模最大的一次，吸引了大量觀眾，並且迅速成為Twitch上最熱門的遊戲。Respawn團隊為《Apex英雄》制定了強有力的計劃，這將使粉絲們在未來很長一段時間內都保持興趣。隨著線上服務的不斷發展，Respawn 還計劃在今年推出一款付費遊戲，為 Titanfall 世界帶來全新的詮釋。未來幾個月將對此進行更多報導。

Also this month, we will launch Anthem, BioWare's epic new game. Our teams at BioWare have put so much passion into crafting every aspect of this massive new IP. Millions of fans play more than 40 million hours of Anthem in our recent demos, and we are very pleased to see the excitement in retail and digital channels reaching higher-than-expected levels. Anthem has been on dozens of lists for the most anticipated games of 2019, and the full game launches on February 22.

本月我們也將推出 BioWare 的史詩級新作《聖歌》。BioWare 的團隊傾注了大量熱情，精心打造了這個全新大型 IP 的各個方面。在最近的演示中，數百萬粉絲遊玩《聖歌》的時間超過 4000 萬小時，我們非常高興地看到零售和數位管道的熱情達到了超出預期的水平。《聖歌》已多次入選 2019 年最受期待遊戲榜單，完整版遊戲將於 2 月 22 日正式發售。

Looking ahead to FY '20, we have a large slate of new games, beginning with some big new additions in our next FIFA title. There was great energy and excitement from NFL fans throughout this past season, and we're excited for our plans with the Madden NFL franchise. We'll continue innovating and driving our NHL and NBA Live games deep into the fabric of their respective sports. We'll have a new game for our Need for Speed fans and a new title in our PvZ shooter franchise on console and PC.

展望 2020 財年，我們有大量新遊戲即將推出，首先是下一款 FIFA 遊戲將加入一些重大新內容。上個賽季 NFL 球迷們展現了極大的熱情和興奮，我們對與 Madden NFL 系列遊戲的合作計劃感到興奮。我們將繼續創新，並將我們的 NHL 和 NBA Live 遊戲深入融入各自運動的各個方面。我們將為《極速快感》系列的粉絲們帶來一款新遊戲，並在主機和PC平台上推出《植物大戰殭屍》射擊遊戲系列的新作。

In addition to Apex Legends, another team at Respawn is set to deliver Star Wars Jedi: Fallen Order this fall. This game's development is led by the former director of the God of War series with a team of veterans from some of the industry's biggest action adventure games. It's very far along in development. And having spent time with it recently myself, it plays spectacularly well. This game truly captures the fantasy of becoming a Jedi, and we will have a lot more to share soon.

除了《Apex英雄》之外，Respawn的另一個團隊也將在今年秋天推出《星際大戰絕地：墮落的武士團》。這款遊戲的開發由《戰神》系列的前任總監領銜，團隊成員均來自業界一些最熱門的動作冒險遊戲領域。它的開發已經進行到相當深入的階段了。我最近也體驗了一段時間，感覺它的表現非常出色。這款遊戲真正捕捉了成為絕地武士的幻想，我們很快就會分享更多內容。

In FY '20, we're also set to deliver more content and new experiences in more live services than ever before. We're excited to continue building on the success of our Ultimate Team modes for EA SPORTS.

在 2020 財年，我們也將比以往任何時候都提供更多的內容和新的體驗，並涵蓋更多的即時服務。我們很高興能夠繼續在 EA SPORTS 的 Ultimate Team 模式的成功基礎上再創佳績。

Our Sims franchise continues to thrive in live services. Our Sims 4 community grew by 4.8 million unique players last year, our monthly active players continued to grow year-over-year and we just crossed $1 billion in lifetime revenue for the game. We continue to have strong expectations for The Sims going forward. And FY '20, we are bringing at least 20 new content drops and expansion packs to our Sims games across PC, mobile and console.

我們的模擬市民系列遊戲在線上服務領域持續蓬勃發展。去年，我們的《模擬市民4》社群新增了480萬獨立玩家，每月活躍玩家數量持續年增，遊戲的終身收入也剛突破了10億美元。我們對《模擬市民》的未來依然抱持著很高的期望。在 2020 財年，我們將為 PC、行動裝置和主機平台的《模擬市民》遊戲帶來至少 20 個新的內容更新和擴充包。

We'll continue to support Battlefield V and Anthem throughout the year, and Apex Legends will bring seasons of new content and much more to its players. With the breadth and depth of our live service offerings, we are focusing on delivering more of the content that resonates with our communities to drive additional upside opportunities in FY '20. This is a challenging second half of our FY '19. We are making critical adjustments to sharpen our focus on execution and to assure we are well positioned to deliver more great games and services to our players.

我們將繼續在全年支持《戰地5》和《聖歌》，《Apex英雄》也將為玩家帶來新賽季的全新內容以及更多精彩內容。憑藉我們直播服務的廣度和深度，我們正致力於提供更多能引起我們社群共鳴的內容，以在 2020 財年推動更多成長機會。這是我們2019財年下半年的挑戰。我們正在進行關鍵調整，以更加專注於執行，並確保我們能夠為玩家提供更多精彩的遊戲和服務。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. When we guided the year last May, we had high expectations for Battlefield V, we expected to grow our existing mobile titles and had anticipated launching 2 new mobile games. As Andrew outlined, it didn't play out as we planned. We decided to move Battlefield V into a difficult launch window against heavily discounted competition. And on mobile, we moved one of our titles out of the year. C&C: Rivals is also ramping slowly, and we made changes to Madden Mobile that reduced monetization. On top of this, unprecedented competition for players' time impacted the growth of our titles. However, the performance of FIFA and FIFA Ultimate Team was a bright spot, with the franchise proving extremely resilient in the face of intense competition. In addition, we set a new third quarter record for operating cash flow over the last 12 months.

謝謝你，安德魯。去年五月我們制定年度計畫時，對《戰地5》寄予厚望，希望發展現有的手機遊戲，並計畫推出兩款新的手機遊戲。正如安德魯所說，事情並沒有按照我們計劃的那樣發展。我們決定將《戰地5》的上市時間安排在一個競爭激烈的窗口期，屆時將面臨大量折扣促銷的競爭對手。在行動端，我們把其中一款遊戲從年度遊戲清單中移除。C&C：Rivals 的發展速度也很慢，我們對 Madden Mobile 進行了調整，降低了其獲利能力。除此之外，玩家時間的空前競爭也影響了我們遊戲的發展。然而，FIFA 和 FIFA Ultimate Team 的表現是一個亮點，該系列遊戲在激烈的競爭中展現了強烈的韌性。此外，我們創下了過去 12 個月第三季經營現金流的新紀錄。

I've decided to give additional details this quarter about which parts of our business are and are not performing up to our expectations. I'll report our results on a GAAP basis, then use our operational measure of net bookings to discuss the dynamics of the business. To compare this quarter's results to historically reported non-GAAP measures, please refer to the relevant tabs in our downloadable financial model.

我決定在本季度提供更多細節，說明我們業務的哪些部分達到了預期，哪些部分沒有達到預期。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營運指標來討論業務動態。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 $1.289 billion, below our guidance by $86 million. Operating expenses were $634 million, $96 million lower than our guidance, driven by variable compensation and related expenses and some phasing of marketing expenses. GAAP operating income was $242 million and resulted in an earnings per share of $0.86, $0.25 better than our guidance. Operating cash flow for the quarter was $954 million, up $105 million from last year. Operating cash flow for the trailing 12 months was $1.563 billion. Capital expenditures for the quarter were $21 million, resulting in a free cash flow of $933 million. See our earnings slides for further cash flow information.

EA的淨收入為12.89億美元，比我們預期的少了8,600萬美元。營運支出為 6.34 億美元，比我們的預期低 9,600 萬美元，主要原因是可變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 2.42 億美元，每股收益為 0.86 美元，比我們之前的預期高出 0.25 美元。本季經營現金流為9.54億美元，比去年同期增加1.05億美元。過去 12 個月的營運現金流為 15.63 億美元。本季資本支出為 2,100 萬美元，產生自由現金流 9.33 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 repurchased 3.2 million shares at a cost of $292 million, leaving $1.59 billion in our 2-year $2.4 billion buyback program we began last May. Our cash and short-term investments at the end of the quarter were $5.2 billion. Life-to-date, FIFA 19 full game unit sales are roughly flat to FIFA 18 and slightly below our expectations. We believe the underperformance was driven by the intense competition throughout the year. It is possible the success of World Cup promotions pulled FIFA 19 sales into FIFA 18 given that, during calendar 2018, we sold more copies of FIFA than ever before. Fiscal year-to-date sales of FIFA 19 are approximately 20 million units, and we sold over 3 million units of FIFA 18 this fiscal year, too. And as Andrew said, FIFA 19 was the best-selling console game in Europe in the calendar 2018.

本季度，我們以 2.92 億美元的價格回購了 320 萬股股票，使我們從去年 5 月開始的為期 2 年、總額 24 億美元的股票回購計畫還剩下 15.9 億美元。截至季末，我們的現金和短期投資為 52 億美元。截至目前，FIFA 19 完整版遊戲的銷售量與 FIFA 18 大致持平，略低於我們的預期。我們認為業績不佳是由於全年競爭激烈所造成的。世界盃促銷活動的成功有可能帶動了 FIFA 19 的銷量增長到 FIFA 18，因為在 2018 年，我們售出的 FIFA 遊戲數量比以往任何時候都多。截至目前，FIFA 19 的財年銷量約為 2,000 萬份，而 FIFA 18 在本財年也售出了超過 300 萬份。正如安德魯所說，FIFA 19 是 2018 年歐洲最暢銷的主機遊戲。

FIFA Ultimate Team delivered its best quarter ever, up 6% from last year's Q3, which was an all-time high due to the addition of esports. Although fewer people than expected have bought FIFA 19, average spend per player is up over last year's title. Madden Ultimate Team is up double digits life-to-date.

FIFA Ultimate Team 迎來了有史以來最好的一個季度，比去年第三季度增長了 6%，而去年第三季度由於電競的加入，已經創下了歷史新高。雖然購買 FIFA 19 的人數少於預期，但每位玩家的平均消費額卻比去年的遊戲上升。Madden Ultimate Team 目前為止的收益已經達到兩位數。

As Andrew discussed, the desire to make changes to Battlefield V led us to move its launch into a more difficult window, and prioritizing the single-player campaign over Battle Royale also hurt sales. As a result, we sold 7.3 million units in the quarter, about 1 million less than we comprehended by our Q3 guidance. However, people play Battlefield for a long time, and we're in this for the long haul. Battlefield 1 still has nearly 4 million active users. And Battlefield 4 has nearly 2 million, more than 5 years after its launch. When we released the Season 2 content in January, Battlefield V became the largest Battlefield game ever. And we have an exciting live services planned ahead for us, with the launch of Firestorm Battle Royale game mode in March and continuing through fiscal 2020. The live services content presents an opportunity for upside as we look to sell more copies of the base game and players invest in cosmetic changes to their characters. Battlefield V drove fewer Origin Access Premier subscriptions than we had hoped, given the difficult launch of the game. We remain committed to subscriptions, and we look forward to attracting further subscribers with the launch of Anthem. We are using the launches this year to help us drive the evolution of this service.

正如 Andrew 所討論的那樣，我們想要對《戰地5》進行一些改變，這導致我們不得不將其發佈時間推遲到一個更困難的窗口期，而優先考慮單人戰役模式而不是大逃殺模式也損害了銷售。因此，本季我們售出了 730 萬台，比我們第三季預期的銷量少了約 100 萬台。但是，人們玩《戰地》的時間很長，我們打算長期玩下去。《戰地1》目前仍有近400萬活躍用戶。《戰地4》在發售 5 年多後，銷量已接近 200 萬。今年一月我們發布第二季內容時，《戰地5》成為了有史以來規模最大的《戰地》遊戲。我們為即將到來的精彩直播服務制定了計劃，包括 3 月推出的「烈焰風暴大逃殺」遊戲模式，並將持續到 2020 財年。線上服務內容為我們提供了成長機會，因為我們希望銷售更多基礎遊戲，而玩家也會投資於角色外觀的改變。考慮到遊戲發售時的艱難處境，《戰地5》帶來的 Origin Access Premier 訂閱用戶數量低於我們的預期。我們仍然致力於訂閱模式，並期待透過推出 Anthem 來吸引更多訂閱用戶。我們將利用今年的這些發布活動來推動這項服務的演進。

We entered the year expecting strong mobile growth. But a combination of a delayed game and underperformance means the business will end the year down. The mobile market is characterized by a small number of highly successful games together with a long tail of much smaller games, many of which merely break even or actually lose money. Our focus has been and continues to be on building profitable franchises. Our business continues to be profitable, but growth is unpredictable in such a market. We continually review how we might improve the performance of this business.

年初時，我們預期行動端市場將強勁成長。但由於遊戲延期和業績不佳，該公司今年的業績將以虧損告終。行動遊戲市場的特點是少數幾款非常成功的遊戲，以及大量規模較小的遊戲，其中許多遊戲只能勉強收支平衡，甚至虧損。我們一直以來都專注於打造獲利的特許經營品牌，而這一目標將繼續保持下去。我們的業務持續獲利，但在這樣的市場環境下，成長難以預測。我們會不斷審視如何才能提高這項業務的績效。

We launched Apex Legends, a Battle Royale experience in the Titanfall universe yesterday. It's free-to-play, but in a day -- 1 day is still way too early to talk about the power of the business model. The Respawn team has executed well to deliver an innovative take on the Battle Royale genre. They've enthusiastically driven the creation of one of the few large-scale fleet of free-to-play experiences on console, and we have a great live service to come.

我們昨天推出了《Apex英雄》，這是一款以泰坦隕落宇宙為背景的大逃殺遊戲。這款遊戲是免費遊玩的，但僅僅一天——1 天的時間還不足以談論這種商業模式的力量。Respawn團隊出色地完成了任務，為大逃殺遊戲類型帶來了創新的詮釋。他們熱情地推動了主機平台上為數不多的大規模免費遊戲體驗之一的誕生，我們即將推出一項很棒的線上服務。

Digital net bookings were $1.199 billion, down 3% on the year-ago period. Strong digital sales of Battlefield V compared to Star Wars Battlefront II, which were more than offset by the decline in our mobile business and the extra game launch in last year's third quarter. Digital net bookings now represent 74% of our business on a trailing 12-month basis, a new record. This compares to 67% in the prior year.

數位淨預訂額為 11.99 億美元，比去年同期下降 3%。與《星際大戰：前線 II》相比，《戰地5》的數位銷售表現強勁，但這被行動業務的下滑以及去年第三季額外推出的遊戲所抵消。過去 12 個月，數位淨預訂量占我們業務的 74%，創歷史新高。相比之下，上一年這一比例為 67%。

Live services net bookings were down 0.4% to $784 million. FIFA Ultimate Team grew but did not offset the decline in Battlefield 1 live services and FIFA Online in Asia. Mobile delivered net bookings of $142 million, down 22% year-on-year with declines across our portfolio. We had made some changes to Madden Mobile in order to broaden its appeal, but monetization fail -- fell. We continue to work to turn this around.

線上服務淨預訂金額下降 0.4% 至 7.84 億美元。FIFA Ultimate Team 有所成長，但未能彌補 Battlefield 1 線上服務和 FIFA Online 在亞洲的下滑。行動端淨預訂額為 1.42 億美元，年減 22%，我們所有產品組合均下滑。我們對 Madden Mobile 進行了一些改動，以擴大其吸引力，但盈利模式失敗了——遊戲銷量下滑了。我們仍在努力扭轉局面。

Full game PC and console downloads generated net bookings of $273 million, 5% higher than last year. Growth was driven by the ongoing shift to digital, in particular for FIFA 19, for which sell-through is 27% digital life-to-date compared to 21% for FIFA 18 last year. Overall, 47% of our units sold were through digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. This compares to just 37% a year ago. Because Battlefield V skews much more digital than Star Wars Battlefront II, we continue to model underlying annual growth of about 5 percentage points.

完整遊戲 PC 和主機下載帶來的淨預訂金額為 2.73 億美元，比去年增長 5%。成長主要得益於數位化的持續轉變，尤其是 FIFA 19，其迄今為止的數位銷售佔比為 27%，而去年 FIFA 18 的數位銷售佔比為 21%。過去 12 個月，在 Xbox One 和 PlayStation 4 平台上，我們售出的產品中有 47% 是透過數位管道而非實體管道銷售的。相比之下，一年前這一比例僅為 37%。由於《戰地5》比《星際大戰：前線2》更偏向數位化，我們持續預測其年增率約為5個百分點。

Turning to guidance. Our expectation for full year GAAP net revenue is $4.875 billion and diluted earnings per share of $3.20. We expect operating cash flow of about $1.35 billion. We continue to anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.225 billion. We now anticipate fiscal '19 net bookings of $4.75 billion. This is below our previous expectations, based primarily on performance to date of Battlefield V, Mobile and Origin Access. We model Anthem units in the 5 million to 6 million unit range and do not model material net bookings for Apex Legends in the quarter. For the fourth quarter, we expect net revenues of $1.163 billion, cost of revenue to be $265 million and operating expenses of $715 million. OpEx is up year-on-year primarily due to the launches of 2 major titles as opposed to 1 last year and increased investment in R&D. This results in diluted earnings per share of $0.56 for the fourth quarter, using the diluted share count of 303 million. We anticipate net bookings for the quarter to be $1.17 billion. This is slightly down year-on-year, with Anthem offset by broad-based weaknesses.

尋求指導。我們預計全年 GAAP 淨收入為 48.75 億美元，稀釋後每股收益為 3.20 美元。我們預計經營現金流約13.5億美元。我們繼續預期資本支出約為 1.25 億美元，這將帶來約 12.25 億美元的自由現金流。我們現在預計 2019 財年淨預訂額為 47.5 億美元。這低於我們先前的預期，主要依據是《戰地5》移動版和Origin Access迄今的表現。我們預計 Anthem 的銷量將在 500 萬至 600 萬台之間，本季 Apex Legends 的淨預訂量沒有大幅成長。我們預計第四季淨收入為 11.63 億美元，收入成本為 2.65 億美元，營運費用為 7.15 億美元。營運支出年增主要是因為推出了兩款主要產品（去年只有一款）以及研發投入增加。根據 3.03 億股的稀釋股份數計算，第四季度稀釋後每股收益為 0.56 美元。我們預計本季淨預訂額將達到 11.7 億美元。與去年同期相比略有下降，Anthem 的業績被整體疲軟所抵消。

Our experience this quarter has reset our expectations for growth this year and next. And that means we must make some hard choices about investments. Nevertheless, this quarter has shown that we will continue to be a business with great brands that enable us to generate strong cash flow for investors.

本季的經驗重新調整了我們對今年和明年成長的預期。這意味著我們必須在投資方面做出一些艱難的選擇。儘管如此，本季的業績表明，我們將繼續保持擁有眾多優秀品牌的業務，從而為投資者創造強勁的現金流。

In fiscal 2020, we will continue to innovate in our sports titles with growth from them expected to be in the range of flat to up 5%. In particular, FIFA 20 will include some significant new features, and we plan for both FIFA and FIFA Ultimate Team to grow over the year. We will drive the Titanfall universe forward with Apex Legends live service and a premium game later in the year. We will launch Star Wars Jedi: Fallen Order, a new Plants vs. Zombies shooter and a new Need for Speed. We have modest expectations for Battlefield and Anthem live services given that they are not yet proven. We continue to refine mobile live services and work on new games. Overall, we expect net bookings to grow low single digits and the underlying profitability to grow in line with that as well. We will provide further details and a P&L forecast when we report in May.

2020 財年，我們將繼續在體育類遊戲領域進行創新，預計這些遊戲的成長將持平或成長 5%。特別是，FIFA 20 將包含一些重要的新功能，我們計劃讓 FIFA 和 FIFA Ultimate Team 在今年發展。我們將透過《Apex英雄》的線上服務和今年稍後推出的付費遊戲，推動《泰坦殞落》宇宙向前發展。我們將推出《星際大戰絕地：墮落的武士團》、一款新的《植物大戰》遊戲。殭屍射擊遊戲和一款新的《極速快感》。鑑於 Battlefield 和 Anthem 的線上服務尚未得到驗證，我們對它們的線上服務抱有較低的期望。我們將繼續改進行動端即時服務，並致力於開發新遊戲。整體而言，我們預計淨預訂量將實現個位數低成長，而潛在獲利能力也將隨之成長。我們將在五月發布財報時提供更多細節和損益預測。

To sum it up, FIFA stands out as a robust franchise through a tumultuous year in the video game industry. We are making changes to improve execution, and we're refocusing R&D investments to projects with near- to medium-term returns without impacting our long-term vision. Meanwhile, we're looking forward to giving Star Wars fans the opportunity to live the life of a Jedi in Star Wars Jedi: Fallen Order, to continue to innovate our ever-popular PvZ brand and to deliver another action-packed installment of Need for Speed.

總而言之，在電子遊戲產業動蕩的一年中，FIFA 作為一個強大的系列脫穎而出。我們正在做出改變以改善執行，並將研發投資重新集中到近期到中期回報的項目上，同時又不影響我們的長期願景。同時，我們期待讓《星際大戰絕地：墮落的武士團》中的星戰粉絲有機會體驗絕地武士的生活，繼續創新我們廣受歡迎的《植物大戰殭屍》品牌，並推出另一款充滿動作元素的《極品飛車》系列作品。

And now I'll hand the call back to Andrew to offer some final thoughts.

現在我把電話交還給安德魯，讓他發表一些最後的看法。

Thanks, Blake. The gaming industry is strong, and it continues to grow. New genres have emerged and become massively popular. Free-to-play is reaching across more platforms and geographies. Subscriptions in cloud gaming are strong future growth opportunities. And above all else, great content continues to be the lifeline of our industry.

謝謝你，布萊克。遊戲產業發展強勁，且持續成長。新的音樂類型已經出現並迅速流行起來。免費遊戲模式正在覆蓋更多平台和地區。雲端遊戲訂閱模式是未來強勁的成長機會。最重要的是，優質內容仍然是我們行業的生命線。

As Blake and I have talked about, we're experiencing a difficult second half of FY '19. We're disappointed with our underperformance. We are confident in our overall strategy, but we are making deliberate changes to our organization, our operational processes and our creative focus to address our challenges. Importantly, we are confident and excited by our incredible portfolio of strong brands, our talented teams, our commitment to live services and our pipeline of new games. We have a slate of EA SPORTS titles that have performed well even in light of increased competition this year. FIFA, in particular, continues to demonstrate its leadership as the top title in the industry, and it is growing as a business. We'll build on the continued success of our EA SPORTS portfolio with significant innovation and new ways to play in FY '20.

正如布萊克和我之前討論過的，我們正經歷著 2019 財年下半年的艱難時期。我們對自己的表現感到失望。我們對整體策略充滿信心，但為了應對挑戰，我們正在對組織架構、營運流程和創意方向進行有意識的調整。重要的是，我們對我們強大的品牌組合、我們才華橫溢的團隊、我們對線上服務的承諾以及我們正在開發的新遊戲充滿信心和興奮。即使在今年競爭加劇的情況下，我們旗下的一系列 EA SPORTS 遊戲也表現出色。尤其是 FIFA，它繼續展現出其作為業內頂級品牌的領導地位，並且其業務也在不斷發展壯大。我們將繼續鞏固 EA SPORTS 產品組合的成功，並在 2020 財年透過重大創新和新的遊戲方式再創佳績。

We have our deepest lineup of new IP in more than a decade. We're very excited about the opportunities we have with Apex Legends, Anthem and Star Wars Jedi: Fallen Order in the year ahead. We're also set to bring new games and live services content to some of our fan-favorite franchises. In FY '20, we'll have new games for our Need for Speed and PvZ shooter fans. We plan to bring a lot of great new content to the passionate and growing player base in The Sims 4, and we're focused on exciting more Battlefield players with upcoming additions to Battlefield V. We'll also double down on live services in our top mobile franchises while pushing forward with new projects and taking the necessary time to set them up for success.

我們擁有十多年來最強大的全新IP陣容。我們對未來一年在《Apex英雄》、《聖歌》和《星際大戰絕地：墮落的武士團》方面所擁有的機會感到非常興奮。我們還計劃為一些深受粉絲喜愛的遊戲系列帶來新的遊戲和線上服務內容。在 2020 財年，我們將為《極速快感》和《植物大戰殭屍》射擊遊戲的粉絲們帶來新的遊戲。我們計劃為《模擬市民4》熱情且不斷增長的玩家群帶來大量精彩的新內容，同時我們也致力於透過即將推出的《戰地5》新內容，讓更多《戰地》玩家興奮不已。此外，我們將加大對旗下熱門行動遊戲系列的持續營運投入，並推動新項目，同時確保它們獲得成功。

Our belief remains strong that the combination of subscriptions and streaming will be transformative to the future of gaming, and we are well positioned for that evolution. Earlier this fiscal year, we added a new front-line tier to our subscription offerings for PC players. And in the year ahead, we plan to offer a subscription service on another major platform. We have a lot of great content coming in FY '20, and we're excited for more players to experience it through our subscription programs across more platforms. Our industry is growing, and we know expectations for EA are high. As we take action to address our challenges, our underlying business is strong, our pipeline is robust, our teams have amazing talent, and we're confident for the future.

我們仍然堅信，訂閱和串流媒體的結合將改變遊戲產業的未來，而我們已經為這項變革做好了充分準備。在本財年早些時候，我們為 PC 玩家的訂閱服務增加了一個新的前線等級。未來一年，我們計劃在另一個主要平台上提供訂閱服務。我們在 2020 財年將推出許多精彩內容，我們很高興看到更多玩家透過我們的訂閱方案在更多平台上體驗這些內容。我們的產業正在發展，我們知道人們對企業架構的期望很高。在我們採取行動應對挑戰的同時，我們的基本業務實力雄厚，我們的產品線強大，我們的團隊擁有傑出的人才，我們對未來充滿信心。

With that, Blake and I will take your questions.

接下來，我和布萊克將回答大家的問題。

(Operator Instructions) Your first question comes from Mike Ng from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Mike Ng。

I have 2, just one for Blake and one for Andrew. Blake, you mentioned that given the more tempered view on growth for next year, EA is making some hard choices out of investments that you're making. You discussed some of the things that you're focused on, but I was just wondering if you could give us a little bit more color on areas of the business that you may be pulling back on? And then for Andrew, I was just wondering if you could talk a little bit more about the premium Battlefield title for next year? It seems that in fiscal '20, Respawn will now be operating or launching 3 titles between that one, Apex and Star Wars. Can you just talk about Respawn's capacity for that?

我有兩件，一件給布萊克，一件給安德魯。布萊克，你提到鑑於明年成長前景較為謹慎，EA 正在對你正在進行的投資做出一些艱難的選擇。您談到了您目前關注的一些方面，但我只是想知道您能否更詳細地介紹您可能正在縮減的業務領域？然後，安德魯，我想問你能不能再多談談明年的高級版《戰地》遊戲？看來在 2020 財年，Respawn 將同時經營或推出 3 款遊戲，分別是《Apex英雄》和《星際大戰》。能談談Respawn在這方面的能力嗎？

So on the investment side, our view is we need to constantly be looking at the performance of all of our different lines of business. And where those lines aren't performing as well as we want, we are focused on making some changes. We are focusing also on the pace of some of the investments. We're not changing our strategy. We're still following the notion that we're building a subscription. And in a network world that's prepared for both the existing platforms and future platforms, like streaming, it's just a question of the pace. We want to make sure that we're very focused on the most important thing, which is great content. And without great content, delivery models like subscription or platforms like streaming don't mean very much. So I think about our approach as trying to double down on making sure we're building and delivering great content and great live services experiences across console, PC and mobile.

因此，在投資方面，我們的觀點是，我們需要不斷關注我們所有不同業務線的表現。對於表現不如預期的線路，我們正專注於做一些調整。我們同時也在關註一些投資項目的進度。我們不會改變策略。我們仍然堅持建構訂閱模式的理念。在一個既能容納現有平台又能容納未來平台（如串流媒體）的網路世界中，這只是速度的問題。我們希望確保我們始終專注於最重要的事情，那就是優質的內容。如果沒有優質內容，訂閱等分發模式或串流等平台就意義不大。所以我認為我們的做法是加倍努力，確保我們在主機、PC 和行動裝置上建置和提供優質的內容和優質的即時服務體驗。

On the second point, you mentioned Battlefield. I think it was Titanfall that you're referencing. We have continued to invest in Respawn and with Respawn since the acquisition. They now have 2 fully staffed teams: one focused on the shooter genre and one focused on action adventure. They also have the benefit of a lot of EA's scale and central resources. Groups like our EA digital platform; our content development services, which is kind of content and Q&A; security publishing, et cetera. And while I don't have more to share on the particulars of what is coming for Titanfall, what I would say is Respawn are a tremendously creative team. They always anticipated that Apex Legends would be a spectacular game in the Battle Royale genre and that they would use that as a ramp point to continue to innovate and deliver a truly creative take on what Titanfall is in the premium context later on the year.

關於第二點，你提到了《戰地》。我想你指的是《泰坦隕落》吧。自收購以來，我們一直持續投資 Respawn 並與 Respawn 共同發展。他們現在擁有 2 個人員齊全的團隊：一個專注於射擊遊戲類型，一個專注於動作冒險遊戲類型。他們也可以受益於EA的規模和中央資源。例如我們的 EA 數位平台；我們的內容開發服務（包括內容和問答）；安全出版等等。雖然我沒有更多關於《泰坦隕落》未來發展細節可以分享，但我可以說的是，Respawn 是一個極具創造力的團隊。他們一直預期《Apex英雄》會成為大逃殺類型遊戲中的一款傑出作品，並以此為跳板，繼續創新，並在今年晚些時候推出真正具有創意的《泰坦隕落》高級版。

And I'll add to that, that, first, just looking at Apex Legends should give you a context of what a superior set of game developers sit in Respawn. This team of people is exceptional in the type of game they built and the innovative level of that game. And second, you'll start to see, in the next few months, glimpses of the Star Wars game. And I think you'll be blown away by what you see. We played 20-plus minutes of it last week, and it is exceptional in terms of its level of polished depth and living inside of the Star Wars world as a Jedi. I think people will be blown away by it.

我還要補充一點，首先，只要看看《Apex英雄》這款遊戲，你就能明白Respawn擁有多麼優秀的開發團隊。這個團隊非常出色，他們開發的遊戲類型和創新水準都堪稱一流。其次，在接下來的幾個月裡，你將開始看到《星際大戰》遊戲的片段。我想你一定會對你所看到的感到震撼。我們上週試玩了 20 多分鐘，它非常出色，其精良的製作和深度，以及讓玩家以絕地武士的身份沉浸在《星際大戰》的世界中，都令人印象深刻。我認為人們會被它震撼到。

Your next question comes from Justin Post from 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。

When we think about Battlefield 2 years ago, it was a runaway hit and wasn't very competitive. And then this year, obviously, Battlefield V missed. Just can you talk about a little bit how much you attribute to really the competitive dynamics versus game execution? And how can EA improve execution on its titles going forward so that you don't have misses like the last 2 years?

回想兩年前的《戰地2》，它當時可是風靡一時，競爭並不激烈。很顯然，今年《戰地5》就沒能推出。您能否稍微談談您認為真正起作用的因素是競爭動態還是遊戲執行？那麼，EA 未來該如何改進遊戲製作，才能避免重蹈過去兩年的覆轍呢？

I think it's a really good question. And I think that there is certainly an element of the market and the competitive nature of the market that amplified or magnified some of the challenges we've had. If I think about Battlefield V more holistically, I think we did not do a great job of building momentum early in the project. And I think about this not just in the context of development but I think about this in the context of our broader execution against the entire campaign. Our launch didn't resonate as strongly as we would've liked it to with players, and we were never truly able to catch up. And as our competitors continued to build momentum, whether that was Fortnite or Red Dead Redemption 2 or Call of Duty, we continued to kind of stall from where we needed to be. I think you combine that with the move of the title -- again, I think that we made the right decision to move the title in service of the quality of the game. And on balance, those that bought the game really enjoyed it, and the game was better for that move. But the combination of a poor start in our marketing campaign together with, what I think, was a longer development cycle that put us into a more competitive window and the amplification of that competitive window against some of those underperformance factors is how it resulted in Battlefield. What I can tell you is we've gone back, and we just completed our global publishing and marketing meeting for the year ahead just last week. And part of what we have done there is having far more real conversations early on, getting to the center of not just the production cycle of the game but what is the creative center and how will we bring that game to market. And you should expect that we will be more innovative and more creative around both our marketing campaigns and how we bring games to market and more diligent in our operation against execution of the project plans around development of video games on a go-forward basis. It's something we're taking very seriously across the full landscape of development.

我覺得這確實是個好問題。我認為，市場及其競爭性質確實在某種程度上加劇了我們所面臨的一些挑戰。如果從更全面的角度來看《戰地5》，我認為我們在專案初期並沒有很好地建立起勢頭。我不僅從開發的角度來思考這個問題，而且還從我們針對整個活動的更廣泛執行的角度來思考這個問題。我們的遊戲發布並沒有像我們希望的那樣引起玩家的強烈反響，我們始終未能真正趕上。當我們的競爭對手，無論是《要塞英雄》、《荒野大鏢客2》或《決勝時刻》，都在不斷壯大時，我們卻始終未能達到我們應有的高度。我認為，將這一點與遊戲標題的更改結合起來——再次強調，我認為我們為了提升遊戲品質而更改標題的決定是正確的。總的來說，購買了這款遊戲的玩家都很喜歡它，而這款遊戲也因此變得更好了。但我認為，我們行銷活動開局不利，加上開發週期較長，使我們進入了一個更具競爭力的時期，而這種競爭時期又因一些表現不佳的因素而加劇，最終導致了《戰地》的誕生。我可以告訴大家的是，我們已經回去了，就在上週，我們剛完成了來年的全球出版和行銷會議。我們所做的工作有一部分是及早進行更多真正的對話，深入了解遊戲的製作週期，以及創意中心是什麼，以及我們將如何將這款遊戲推向市場。你們應該期待我們在行銷活動和遊戲上市方式上更加創新和更有創意，並且在執行電子遊戲開發專案計劃方面更加勤奮。在整個開發過程中，我們都非常重視這個問題。

Your next question comes from Eric Handler from MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

And just a follow-up to Justin's, I think he brought up some good points. How big of an issue do you see with marketing? And do significant changes need to be made here as you think about particularly marketing in the holiday quarter? We saw you had issues several years back with Titanfall 2, despite the fact that was a good game from a ratings perspective. You had these ratings for Battlefield V. And maybe you could talk about what needs to change with marketing. Or is it just date selection? How are things going to evolve there? And then as a follow-up, maybe you could talk about -- your mobile strategy in the past has been more of choosing to go for singles and doubles. And in this environment, can singles and doubles still work? Or do you have to go for the big home runs there?

補充賈斯汀的觀點，我覺得他提出了一些很好的看法。你認為行銷方面有多大的問題？那麼，在考慮假期季節的行銷時，是否需要做出重大改變呢？幾年前我們注意到你對《泰坦隕落2》有些不滿，儘管從評分來看，它是一款不錯的遊戲。你們對《戰地5》給了這些評價。或許你們可以談談行銷方面需要做出哪些改變。或只是選擇日期？那裡的情況會如何發展？然後，作為後續問題，也許您可以談談——您過去的移動策略更多的是選擇單打和雙打。在這種環境下，單打和雙打還能繼續進行嗎？還是說你必須在那裡打全壘打？

Okay, there's a lot in there. Let me start with marketing. I think what you have seen from us is some tremendous marketing across our portfolio. It is how FIFA was able to rise in the way it did through the year. It's how our sports franchises, even in the face of stiff competition, still performed well. What I think -- when we go back and analyze what happened with Battlefield V and Titanfall 2, I think we failed to come to a true creative center of a campaign that was compelling for players, and we spent too long getting to that point. And by the time we got to launch, when we didn't have that creative center for the campaign, we had lost ground against our competitors. Our holiday quarter will always be competitive. In the past, we have competed very well. What we have seen this year is that we had some big misses early on, and they gained momentum in terms of the impact ahead of our business over time. As I just talked about with Justin's question, what we have done is gone back and built a far more robust process around how we find our creative center. It's called the reason to play. And Chris Bruzzo, our CMO, and his entire organization have restructured the entire marketing conversation from the inception of game development through full campaign. And we expect that, that will put us in a significantly better position on a go-forward basis. In the context of mobile, again, I think what you heard from us in the prepared remarks is mobile is a tremendously powerful marketplace, it's a growing marketplace, but we are seeing that it's getting harder and harder to break into that market. What we are seeing is that many, many thousands of games are launching and that only a few are finding success. And even great games are failing to break through. What we're also seeing, however, is that 2 things are becoming true. One is that additional focus on existing live titles can deliver tremendous profitability over time, and you should expect that we will do that. We're also seeing that patience is important. Some of our competitors are having their games in the market for 12 months or 18 months and building and adjusting to drive growth in that space, and you should expect that from us also. But what you did hear from us is that we'll be focusing our best teams on the big opportunities because, in order to break through, gamers expect not just a really big brand, not just innovation in game play but they expect a really big game play proposition. And part of what we'll be doing on a go-forward basis is focusing on those much bigger opportunities.

好的，裡面內容很多。讓我先從行銷說起。我認為你們已經看到了我們在整個產品組合中展現出的巨大行銷實力。這就是國際足總在過去一年中能夠取得如此成就的原因。這就是為什麼我們的體育俱樂部即使面對激烈的競爭，仍然能夠取得好成績的原因。我認為——當我們回顧並分析《戰地5》和《泰坦隕落2》的開發歷程時，我認為我們未能找到一個真正具有創意、能夠吸引玩家的戰役核心，而且我們花了太長時間才達到那個目標。等到我們正式啟動專案時，由於我們還沒有那個創意中心來負責宣傳活動，我們已經落後於競爭對手了。我們的假期銷售季度始終充滿競爭。過去，我們一直表現出色。今年我們看到的情況是，我們年初犯了一些重大錯誤，隨著時間的推移，這些錯誤對我們業務的影響越來越大。正如我剛才在回答賈斯汀的問題時提到的那樣，我們所做的就是回過頭來，圍繞著我們如何找到我們的創作中心，建立了一個更加完善的流程。這就是玩耍的理由。我們的行銷長 Chris Bruzzo 和他的整個團隊從遊戲開發的最初階段到整個行銷活動，都對整個行銷對話進行了重組。我們預計，這將使我們在未來的發展中處於更有利的地位。就行動領域而言，我認為你們從我們事先準備好的發言稿中已經聽到，行動市場是一個極其強大的市場，而且這個市場還在不斷增長，但我們看到，打入這個市場變得越來越難。我們看到的是，成千上萬的遊戲發布，但只有少數遊戲獲得了成功。即使是優秀的遊戲也難以獲得成功。然而，我們也看到，有兩件事正在變成現實。一方面，對現有熱門遊戲的額外關注可以隨著時間的推移帶來巨大的獲利能力，另一方面，我們也確實會這樣做。我們也看到耐心很重要。我們的一些競爭對手的遊戲已經上市 12 個月或 18 個月，他們不斷進行建設和調整以推動該領域的成長，你們也應該期待我們這樣做。但我們確實向你們透露，我們將把最優秀的團隊集中精力於重大機遇，因為為了取得突破，玩家們期待的不僅僅是一個真正的大品牌，不僅僅是遊戲玩法的創新，而是真正意義上的重大遊戲體驗。接下來，我們將專注於那些更大的機會。

Yes, I'll just remind people that sports, like it is in our core console and PC business, is a critical component of long-term success in mobile. I think life-to-date, we're -- we've generated over $1 billion in the sports business. And the beauty of that business is evergreen. It restarts every year, and we're trying to continue to grow that with FIFA, with Madden, with NBA around the globe. And that's the focus that we're going to continue to step into. And trust we don't step up, thinking we're going to hit a single or a double. We're always focused on trying to hit home runs, and we'll continue to do that.

是的，我只想提醒大家，運動就像在我們核心主機和PC業務中一樣，是行動領域長期成功的關鍵組成部分。我認為迄今為止，我們在體育產業已經創造了超過 10 億美元的收入。而這項事業的魅力永不過時。它每年都會重新開始，我們正努力透過 FIFA、Madden 和 NBA 等遊戲在全球範圍內繼續發展壯大。而這正是我們將持續著力推進的重點領域。而且要相信我們，不要抱著僥倖心理，以為能打出一壘安打或二壘安打。我們一直專注於爭取全壘打，我們也會繼續這樣做。

Your next question comes from Andrew Uerkwitz from Oppenheimer.

你的下一個問題來自奧本海默公司的安德魯·烏爾克維茨。

Can you talk about how cross-play, cross-progress fits into the spread across the portfolio? And then in particular, do you see it limiting either Apex or Anthem's potential? And then secondly, Andrew's talked a lot about increased competition. One way to kind of solve increased competition is M&A. So could you talk about any updated thoughts on M&A?

您能談談跨平台遊戲、跨平台遊戲如何融入整個作品集嗎？那麼，你認為這會限制《Apex英雄》或《聖歌》的潛力嗎？其次，安德魯多次談到了日益激烈的競爭。解決競爭加劇的一種方法是併購。那麼，您能否談談您對併購的最新看法？

So again, we think the cross-play, cross-progress is going to be a very important part of our future, and you should anticipate that we will be doing more in that space. What our information would suggest to us is that there isn't a tremendous amount of play across devices but that overall liquidity in any gaming community is a good and positive thing, even if it's only a few people or a small portion of the community that utilizes that. We absolutely are looking at that in the context of Apex, and we'll be looking at that across our portfolio over time. And we think about franchises with tremendously live communities, like FIFA, and think that they would absolutely benefit from cross-play and cross-progress as more and more people come into these big communities.

所以，我們認為跨平台遊戲、跨平台合作將是我們未來非常重要的一部分，你們應該預料到我們將在該領域投入更多精力。我們掌握的資訊表明，雖然跨裝置遊戲量並不大，但任何遊戲社群的整體流動性都是一件好事，即使只有少數人或社群的一小部分人利用了這一點。我們肯定會在 Apex 的背景下考慮這個問題，而且隨著時間的推移，我們會在整個產品組合中考慮這個問題。我們考慮到像 FIFA 這樣擁有龐大活躍社區的系列遊戲，並認為隨著越來越多的人加入這些大型社區，跨平台遊戲和跨平台進度共享絕對會讓他們受益匪淺。

And on the M&A front, we're always looking at virtually every opportunity that comes through. I think Respawn presents an example of how it's worked extremely well for us. We've had a great integration with their company, and we're obviously seeing the fruits of that now and will continue through the next year and longer. Our view is continue to stay close to everyone, be in dialogue. So if there is opportunities that come up, we're looking at those opportunities. We're always going to be focused on creating value for shareholders in our M&A discussions. And sometimes private companies' expectations on valuation don't match the public realities of the marketplace, particularly in this last year as public market valuations have changed dramatically for ourselves and others in the industry, that hasn't necessarily been reflected yet in some of the private market valuations. But we think over time, that might, and we want to make sure we're looking for some of the great properties that we know are out there, and we're going to continue to do that. And part of the reason we're continuing to maintain the cash balance and the capital structure that we have is to be in a position to be at the table for any of those great properties that might come to market in the future.

在併購方面，我們始終關注每一個出現的機會。我認為 Respawn 就是一個很好的例子，說明這個模式對我們來說非常有效。我們與他們公司的整合非常順利，現在我們顯然看到了成果，而且這種成果將在未來一年甚至更長時間內持續下去。我們的觀點是繼續與大家保持密切聯繫，進行對話。所以，如果有機會出現，我們會關注這些機會。在併購談判中，我們將始終專注於為股東創造價值。有時，私人公司對估值的預期與公開市場的實際情況不符，尤其是在過去一年裡，公開市場的估值對我們自己和業內其他公司而言都發生了巨大變化，而這尚未一定反映在一些私營市場的估值中。但我們認為隨著時間的推移，這種情況可能會發生，我們希望確保我們一直在尋找我們知道存在的那些優質房產，我們將繼續這樣做。我們之所以繼續維持目前的現金餘額和資本結構，部分原因是為了能夠參與未來任何可能進入市場的優質房產的競購中。

Your next question comes from Stephen Ju from Crédit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

I guess, Andrew, bigger picture, Google is working on a streaming platform. Amazon also seems to be doing the same. I would presume Apple probably has ambitions here as well. So seems like you as a content producer will have a lot more distribution outlets and optionalities from who will be wanting your content on their platform. So can you give us a perspective on how your distribution cost or, I guess, the platform royalties may change over time and how quickly that may change? And Blake, can you give us a little bit more color on where you are in transitioning the FIFA Online 3 users to FIFA Online 4, where the status is that -- where the status of that is in between Korea and China as well as what may be the latest feedback from your distribution partner in regards to the regulatory environment in China?

安德魯，我想，從更宏觀的角度來看，Google正在開發一個串流媒體平台。亞馬遜似乎也在做同樣的事情。我估計蘋果公司在這方面也有同樣的野心。所以，作為內容生產者，你將擁有更多的發行管道和選擇，因為很多平台都希望在他們的平台上發布你的內容。那麼，您能否談談您的分銷成本，或者說平台版稅，會如何隨時間變化，以及這種變化的速度會有多快？布萊克，你能否詳細介紹一下 FIFA Online 3 用戶轉檔到 FIFA Online 4 的進度？韓國和中國之間的過渡情況如何？以及你的經銷合作夥伴對中國監管環境的最新回饋是什麼？

Okay, I will take the first one. You're right, there are a number of people or a number of entities working on streaming technology. We believe that is a good thing. To the extent that we can massively increase the total addressable market of gamers and get to a point where 2.5 billion or 3 billion gamers exist, and they currently play on mobile devices, can play on almost every device they own, we think that is a great thing. We also have technology that we have been developing internally that we think will actually be able to accelerate that for our partners and accelerate our ability to reach more customers through cloud services and cloud gaming. In terms of kind of platform royalties, I think it's too early to tell. I think what we're seeing right now with some of the players in the marketplace is it seems to be a competition for who can charge content created with less money to distribute their content. I don't know where that nets out. I think that will be good for us over time. I also think that increased total addressable market, a potential for a more lucrative platform royalty structure, combined with our ability to offer a robust subscription offering to many, many hundreds of millions or even billions of players over time, represents a very, very big and strong opportunity for our future.

好的，我選第一個。你說得對，確實有不少人或機構在從事串流媒體技術的研究。我們認為這是件好事。如果我們能夠大幅擴大遊戲玩家的總潛在市場，達到 25 億或 30 億遊戲玩家的規模，並且他們目前在行動裝置上玩遊戲，幾乎可以在他們擁有的所有裝置上玩遊戲，我們認為這是一件很棒的事情。我們內部也在開發一些技術，我們認為這些技術實際上能夠加速合作夥伴的發展，並加速我們透過雲端服務和雲端遊戲觸達更多客戶的能力。至於平台版稅方面的問題，我認為現在下結論還為時過早。我認為我們現在在市場上看到的一些參與者之間的競爭，似乎是看誰能以更低的成本製作內容並收取更高的分發費用。我不知道最終結果會如何。我認為這從長遠來看對我們有利。我也認為，不斷擴大的潛在市場規模、更有利可圖的平台版稅結構，再加上我們有能力隨著時間的推移向數億甚至數十億玩家提供強大的訂閱服務，這代表著我們未來非常非常大的機會。

On Online 3 to Online 4, I think Korea is, as Andrew mentioned, moving people faster from 3 into 4 and starting to grow 4. China, we're being more cautious along with our partner, Tencent. But some of the regulatory hurdles are starting to get cleared across the industry, which I think will help us speed up that transition from 3 into 4. I was hoping that it would be fully transitioned by the end of this quarter. And clearly, if not, we think it's probably going to continue at least through the next quarter or maybe into early next year. But we do view that the long-term play there is a positive one, particularly with the growth of soccer in that marketplace.

關於從線上 3 代到線上 4 代的轉變，我認為正如 Andrew 所提到的，韓國正在加快人們從線上 3 代過渡到線上 4 代的速度，並開始發展線上 4 代。而在中國，我們和我們的合作夥伴騰訊則更加謹慎。但業界的一些監管障礙正在逐步消除，我認為這將有助於我們加快從3到4的過渡。我原本希望在本季末能夠完全完成過渡。顯然，如果不是這樣，我們認為這種情況可能會持續至少到下一個季度，甚至可能持續到明年年初。但我們認為，從長遠來看，在那裡發展前景是積極的，特別是隨著足球在該市場的發展。

Okay. So Blake, just as a clarification, when you talk about next year, a clarification, it's your fiscal year, not calendar?

好的。布萊克，我再澄清一下，當你談到明年時，指的是你的財政年度，而不是日曆年度？

Yes, fiscal year. Yes, exactly. So yes, we'll give you more update when we talk next quarter. But my hope is it's not a headwind for us next year and actually becomes a tailwind for us. Fiscal year. Thanks.

是的，財政年度。是的，正是如此。是的，我們會在下個季度會議時提供更多最新資訊。但我希望這不會成為我們明年的逆風，反而會成為我們的順風。財政年度。謝謝。

Your next question comes from Jeff Cohen from Stephens.

你的下一個問題來自史蒂芬斯大學的傑夫‧科恩。

Could you talk a little bit about what kind of operating margins we could see on the revenue that you expect from Apex Legends versus the revenue that you get from a normal upfront game sale? I would think it should be higher given that it's all digital. And then if you guys could give us some guidance in terms of maybe how to think about sizing the potential for that game, that will be great as well.

您能否談談您預期從《Apex英雄》獲得的收入與普通遊戲預售收入相比，營運利潤率會有多大的差異？考慮到它完全是數位化的，我認為價格應該更高才對。如果你們還能就如何評估這款遊戲的潛在規模提供一些指導，那就太好了。

Yes, I mean both of those are pretty hard after 1 day, only because we don't have a lot of areas to look to, to actually peg. And it's a different business than, say, our largest live services, Ultimate Team. Ultimate Team, you have people who are predisposed to spend because they bought the base game coming in. And so the payer ratios, I think as we've talked about, are much higher than what you would see in a pure free-to-play game like a mobile game where they're in single digits. Our hope is that, obviously, we have high engagement and high number of users. And the combination of those 2 things should drive what we believe is very profitable revenue. You are correct, having all-digital and having that come through, either directly on our origin platform where there's no platform fees or through third-party platforms, will help depend on what the ultimate profitability is. But I think overall, it should be very strong. It's just hard for us to size that market. More to come on that over the next couple of months as we get closer to doing guidance for next year. As I said, we put very little revenue into this quarter for it because we just didn't know. But by the time we give guidance in May, we'll have a much better sense of what we think that will be based on the number of users coming in and then those users that are spending across the live services that we'll continue to roll out.

是的，我的意思是，一天之後這兩件事都很難做到，只是因為我們沒有太多可以參考的區域，無法真正確定。而且，它與我們最大的線上服務 Ultimate Team 的業務截然不同。在 Ultimate Team 模式中，有些人因為購買了基礎遊戲，所以傾向於消費。因此，正如我們之前討論過的，付費玩家比例要高得多，遠高於像手機遊戲那樣純粹的免費遊戲，後者的付費玩家比例通常只有個位數。顯然，我們希望用戶參與度高，用戶數量多。我們認為，這兩件事結合起來應該會帶來非常可觀的利潤。您說得對，實現全數位化，無論是直接透過我們無需支付平台費用的原始平台，還是透過第三方平台，最終的獲利能力都取決於此。但我認為總體而言，它應該會非常強勁。我們很難估算這個市場的規模。接下來幾個月，隨著我們越來越接近制定明年業績指引，我們將發布更多相關資訊。正如我所說，我們本季在這方面投入的收入非常少，因為我們當時並不清楚情況。但到五月我們發布指導意見時，我們會根據新增用戶數量以及這些用戶在我們將繼續推出的即時服務中的消費情況，更好地了解我們認為的情況。

And while -- sorry, while it is early, what I can say is that in the first 24 hours, we've had over 2.5 million unique users trending fast towards 3 million unique users and nearly 600,000 peak and current users kind of in the middle of a Tuesday. So it's very early, but the response to the game has been very, very strong. We've been the #1 viewed game on Twitch since launch, and player sentiment seems to be very, very high right now.

雖然——抱歉，現在還為時過早，但我可以透露的是，在最初的 24 小時內，我們已經擁有超過 250 萬獨立用戶，並且正迅速向 300 萬獨立用戶邁進，在周二中午左右，峰值和當前用戶數接近 60 萬。現在下結論還為時過早，但這款遊戲的反應非常非常強烈。自從上線以來，我們一直是 Twitch 上觀看次數最多的遊戲，而且目前玩家的情緒似乎非常非常高漲。

Yes, the game definitely seems to be off to a strong start. Would that revenue run through the live services line in the model?

是的，這場比賽的開局確實非常強勁。該收入是否會計入模型中的即時服務收入？

Most likely, yes. So yes, you'll probably see, obviously, some growth there next year, if it's additive and successful, which we think it will be. I think, as Andrew was saying, we're very excited about it. It's just so early. We don't want to put too much into the model yet. And it's really not built -- when I gave that guidance earlier on, low single digit -- or mid to low single digits for the total business, that doesn't really anticipate a huge number for our lives service business yet.

很有可能。所以，是的，明年你很可能會看到一些成長，顯然，如果它是累進式的並且成功的話，我們認為它會成功。正如安德魯所說，我們對此感到非常興奮。現在還太早了。我們暫時不想在這個模型上投入太多精力。而且，正如我之前給出的指導意見，整個業務的成長幅度為個位數低段或個位數中低段，這實際上並沒有真正預期我們生命服務業務的成長幅度會很大。

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。

Blake, I wonder if you could just talk about the use of cash a bit more. You talked about M&A. But given where the stock is, should we think you'd be more active in buybacks? And then Andrew, maybe you could talk a bit about China. Is FIFA really the only opportunity for you guys there? Or should there be anything else? And then just any broad comments on Fortnite and how that's impacted you guys and the industry's holiday.

布萊克，我想請你再多談談現金的使用問題。你談到了併購。但鑑於目前的股價狀況，我們是否應該認為你會更積極地進行股票回購？然後安德魯，或許你可以談談中國。FIFA真的是你們在那裡唯一的出路嗎？或是有其他要求嗎？然後，請大家就 Fortnite 以及它對你們和遊戲產業假期的影響發表一些看法。

Yes, I'll start, Ben, on the buybacks. I mean we're 2/3 of the -- or 3/4 of the way through the first year of our $2.4 billion program, which is a double of the last program. We doubled our pace of buybacks, and we're tracking to that. We will, as we have done I think consistently over the last few years, review the buyback with our Board at the end of our fiscal year and determine if we should continue on the existing buyback or if we should increase it. And that will be based on what our outlook is for the future as well as the cash flow generation. We spend less time focused on what the current stock price is. We want to be in the market every single day, which we are, and track to the buyback that we made a commitment to, to the Street. And we'll look at reviewing that each quarter as the -- or each year as we -- and near the end of the fiscal year. So more to come when we give guidance again.

好的，本，我先從股票回購開始。我的意思是，我們已經完成了24億美元計畫第一年的三分之二，或者說四分之三，這個數字是上一個計畫的兩倍。我們加快了股票回購速度，目前進展順利。我們將像過去幾年一樣，在財政年度結束時與董事會一起審查回購計劃，並決定是否繼續現有的回購計劃，或是否增加回購規模。這將取決於我們對未來的展望以及現金流的產生。我們不再花那麼多時間關注目前的股價。我們希望每天都能參與市場交易，我們也確實做到了，並且會履行我們對華爾街的回購承諾。我們將每個季度（或每年）以及在財政年度結束時進行審查。所以，當我們再次提供指導時，會有更多資訊公佈。

And on China, I think as everyone would acknowledge, China is a very particular marketplace. We certainly see robust growth opportunity for FIFA. But we also know -- we did a small partnership deal around the Command & Conquer mobile game recently that is performing very, very well in China. We know that the Plants vs. Zombies brand is very strong in China as is the Need for Speed brand. And as that market continues to evolve and mature, we're seeing that brands like FIFA, brands like Need for Speed, Plants vs. Zombies, Command & Conquer and, potentially, The Sims, may have tremendous appeal there and are working through plans on how we execute against that over time.

至於中國市場，我想大家都會承認，中國是一個非常特別的市場。我們認為國際足總確實擁有強勁的成長潛力。但我們也知道——我們最近圍繞《命令與征服》手機遊戲達成了一項小型合作協議，該遊戲在中國的表現非常非常好。我們知道植物與殭屍題材品牌在中國非常強大，極速快感品牌也是如此。隨著該市場的不斷發展和成熟，我們看到像 FIFA、Need for Speed、Plants vs.《殭屍》、《命令與征服》以及《模擬市民》等遊戲可能對當地玩家有巨大的吸引力，我們正在製定計劃，以便隨著時間的推移應對這種情況。

Your next question comes from Drew Crum from Stifel.

你的下一個問題來自 Stifel 公司的 Drew Crum。

Can you talk about your expectations for live services going forward? Was fiscal 3Q the bottom? And would you expect to see improvement in the out quarters? And if so, what are some of the drivers for improvement? And I guess separately on Anthem, you were pretty upbeat coming out of the last earnings report. Being 3 weeks away from the launch, having gone through the beta testing, have your expectations for the launch changed in any way? And if so, how and why?

您能否談談您對未來線上服務的期望？財年第三季是谷底嗎？你認為其他季度的情況會有所改善嗎？如果情況屬實，那麼有哪些因素可以推動改善？另外，關於 Anthem，我想你對上一份財報相當樂觀。距離正式發布還有 3 週，並且已經完成了 beta 測試，您對正式發布的預期是否有任何改變？如果屬實，是如何實現的？為什麼？

Yes, so on live services, remember, it's a collection of items. As we mentioned, FIFA Ultimate Team was -- had its largest quarter in history in Q3, Madden's continued to grow strong. The counter is the offset in Battlefield 1 live services, which are dying down, as the tail of that live service is coming down. And we have yet to ramp up Battlefield V live services. And I don't -- as I mentioned, we don't have a large number in there for monetization on Battlefield or Anthem live services because we just don't know yet how those will perform. We're cautious that we want to not put too much revenue in until we really see that revenue, so hard to say now. Our goal is to continue to grow live services, obviously. And we think Ultimate Team still has a lot of room to grow. And some of the things that we're doing with both FIFA and Madden for next year should help continue to drive Ultimate Team growth in those 2 products as well as, and I just mentioned, possibly some upside from Apex and Battlefield V and Anthem. In terms of Anthem outlook, I think I mentioned 5 million to 6 million units, which is consistent with how we thought about it last quarter, and we're comfortable with that based on what we're seeing in the outcome of the demo. Both demos, a lot of excitement around it, a lot of interest. People are realizing it is a game that's unlike any other game they've ever played. The opportunity to work with different suits, to fly, to go into the water, I mean it is fabulous mechanics as you're playing the game. And people are enjoying it quite a bit. And so more to come as we learn more, but we think there's a great opportunity not just this year for that game but that should sell well for a long period of time as we add more content through the live service plans.

是的，所以在即時服務中，請記住，它是一個項目集合。正如我們之前提到的，FIFA Ultimate Team 在第三季度取得了歷史上最高的季度業績，而 Madden 也繼續保持強勁增長。計數器顯示的是《戰地1》線上服務的偏移量，該服務正在逐漸減少，因為線上服務的尾部正在下降。我們尚未全面提升《戰地5》的線上服務。正如我之前提到的，我們沒有為《戰地》或《聖歌》的線上服務投入大量資金用於盈利，因為我們還不知道這些服務的表現如何。我們比較謹慎，在真正看到收益之前，不想投入太多資金，所以現在很難說。很顯然，我們的目標就是繼續發展線上服務。我們認為Ultimate Team還有很大的發展空間。明年我們在 FIFA 和 Madden 中採取的一些措施應該有助於繼續推動這兩款產品中的 Ultimate Team 模式的增長，而且正如我剛才提到的，Apex、Battlefield V 和 Anthem 也可能帶來一些增長。就 Anthem 的前景而言，我想我提到過 500 萬到 600 萬台，這與我們上個季度的想法一致，而且根據我們在演示結果中看到的情況，我們對這個數字感到滿意。兩次演示都引起了很大的轟動和關注。人們逐漸意識到，這是一款與他們以往玩過的任何遊戲都截然不同的遊戲。有機會穿上不同的戰衣，飛行，下水，我的意思是，這遊戲的機制太棒了。人們都很喜歡它。隨著我們了解更多信息，後續還會有更多消息，但我們認為這款遊戲不僅今年有很好的機會，而且隨著我們通過在線服務計劃添加更多內容，它應該會在很長一段時間內暢銷。

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

下一個問題來自BMO資本市場的Gerrick Johnson。

I was hoping that you could talk about the in-game monetization strategies to be employed in Apex. Also, any metrics that you can give us on Origin Access Premier to help understand your progress there?

我希望您能談談Apex遊戲中將採用的遊戲內獲利策略。另外，您能否提供一些關於 Origin Access Premier 的指標，以幫助我們了解您在該平台上的進展？

So again, Apex is a free-to-play game. And so many players may choose to continue to play all the way through the game and earn in-game currency so that they can level up and buy new unique cosmetic items for their character or in their world. There's going to be a couple of different monetization opportunities inside of Apex. There will be a revolving direct purchase option that will allow you to buy cosmetic items and, at times, buy new legends. None of those items will give you an advancement in play, it's not a play-to-win mechanic. It's really about differentiating gameplay and differentiating how you look in a world of a big and robust community. In addition to that, there'll be Apex packs, which is similar to a loot box mechanic where, should you not wish to purchase direct, you can go in and buy items as part of the loot box mechanic. There will be no repeats in that. So there's a whole system to ensure that you always get something of value. And again, all will be cosmetic. And in places, you will get things through the loot box mechanic that are at a cheaper rate than buying them through direct purchase. The Respawn team have been very, very thoughtful around this. They've looked at a lot of great monetization strategies throughout the game industry. They've come at this with the opportunity to allow players to be able to play the entire game for free, if they so choose; to direct purchase, to get the things directly that they want, if they so choose; or to use the loot box mechanic to experience that surprise and delight with built-in buffers and backups to ensure that players always receive something of value and that players aren't getting a whole bunch of duplicates through that system. I'm actually really proud of what the team has done. And I think what we're seeing from early feedback from players is that they're on to something really special that serves a wide variety of uses. Again, we expect that many, many -- tens, maybe at some point, hundreds of millions of people will have played this game, and it was important for them to think through it very deeply to arrive at where they got to.

所以再次強調，Apex 是一款免費遊戲。因此，許多玩家可能會選擇繼續玩完整款遊戲，賺取遊戲內貨幣，以便升級並為自己的角色或遊戲世界購買新的獨特外觀物品。Apex 內部將提供幾種不同的獲利機會。將會有一個輪換的直接購買選項，允許你購買外觀道具，有時還可以購買新的傳奇角色。這些物品都不會讓你在遊戲中取得進步，這不是以贏為目標的機制。這其實關乎於龐大且活躍的社群中，如何打造差異化的遊戲玩法和獨特的視覺形象。除此之外，還有 Apex 組合包，這類似於戰利品箱機制，如果您不想直接購買，您可以進入遊戲並作為戰利品箱機制的一部分購買物品。這種情況不會重演。所以有一整套系統來確保你總是能得到有價值的東西。而且，這一切都只是表面功夫。在某些地方，你可以透過戰利品箱機制獲得比直接購買更便宜的物品。Respawn團隊在這方面考慮得非常周全。他們研究了遊戲產業中許多優秀的獲利模式。他們提供了這樣的機會：玩家可以選擇免費暢玩整個遊戲；也可以選擇直接購買，直接獲得自己想要的東西；或者使用戰利品箱機制來體驗驚喜和樂趣，同時內置的緩衝和備份機制可以確保玩家始終獲得有價值的東西，並且不會通過該系統獲得大量重複物品。我真的為團隊所取得的成就感到驕傲。我認為從玩家的早期回饋來看，他們正在開發一款非常特別的產品，用途非常廣泛。我們再次預計，會有成千上萬的人——或許在某個時候，數億人——玩過這款遊戲，對他們來說，深入思考才能得出他們最終的結論，這一點非常重要。

Your next question comes from Mike Hickey from Benchmark.

你的下一個問題來自 Benchmark 公司的 Mike Hickey。

First, I guess on Apex Legends. I guess congrats, what an awesome reveal, it's really hard to be surprised. And your marketing efforts there were -- from Respawn were definitely exceptional, buzz is high. I guess it looks like Respawn also had a fair amount of work done on the content roadmap. Hopefully, that will sustain some engagement. But I'm curious how you think maybe longer-term in extensions, mobile, Asia, esports related to Apex in the Battle Royale genre and also curious if you feel that there might be any tension between the Battlefield Battle Royale experience and the one that you just served with Apex Legends.

首先，我想說的是《Apex英雄》。我想說恭喜，真是個令人驚喜的揭曉，其實很難再感到意外了。Respawn 的行銷工作確實非常出色，反應熱烈。看來Respawn在內容路線圖方面也做了不少工作。希望這能維持一定的參與度。但我很好奇，從長遠來看，你如何看待 Apex 在大逃殺類型遊戲的擴展、行動端、亞洲市場、電競等方面的發展？我也很好奇，你是否覺得《戰地》大逃殺體驗和你剛剛體驗的《Apex英雄》之間可能有任何衝突。

Great questions. First is that Apex Legends is being built from the ground up with a view that it has the potential to engage and entertain hundreds of millions of players. And when you look at the game -- and I was watching it being streamed early today, and it's mesmerizing to watch. When you watch great players like Ninja playing the game, it's pretty special and exciting to watch and one of the more exciting games I've ever had the fortune of viewing. And so you can see very clearly, as you watch and you play the game that there are going to be opportunities to take the game in different directions over time. Esports will almost certainly be part of that. Additional game modes, the impact of additional legends over time, great new content will have an impact. As I've said earlier, we are looking at how to take the game to mobile and cross-play over time. And I also expect that this game will have tremendous value in Asia, and we're in conversations about that. Some of those conversations, as you might guess are new. We took a very deliberate strategy around how to launch this game. Again, in a world where we have not executed as well on some things through the past 6 months as I would have liked, I think that the development and marketing teams executed against this extraordinarily well, and surprised a global industry. The development team was very cautious about building a completely different game and wanted to make sure, by the time they launch this game into the marketplace, it would surprise and delight players. They're going to play it from day 1. Our marketing team were also very conscious that when you start talking about the innovative nature of this game, the core play, the sword play, the in-game mechanics, the communication system, all the things that Respawn has done, that we wanted to be very careful not to tip our hat or show our hand to the competition, we're able to come out with a truly innovative and creative game. And we also knew that to break into what is a very competitive marketplace, we had to do something truly innovative with the launch. I think the teams have done a tremendous job there. And you should expect that we have very big and robust plans for this game and that we'll branch in a lot of different directions over time.

問得好。首先，《Apex英雄》從零開始構建，旨在吸引和娛樂數億個玩家。當你觀看比賽時——我今天早些時候觀看了比賽直播——它真的非常精彩。當你觀看像 Ninja 這樣的優秀玩家玩遊戲時，你會感到非常特別和興奮，這也是我有幸觀看過的最激動人心的比賽之一。因此，當你觀看和玩這款遊戲時，你會非常清楚地看到，隨著時間的推移，會有機會將遊戲引向不同的方向。電子競技幾乎肯定會成為其中的一部分。新增的遊戲模式、更多傳奇角色的加入以及大量新內容都會產生影響。正如我之前所說，我們正在研究如何讓這款遊戲最終登陸行動平台並實現跨平台遊戲。我還預計這款遊戲在亞洲將具有巨大的價值，我們正在就此進行洽談。正如你可能猜到的那樣，其中一些對話是新的。我們為這款遊戲的發布製定了非常周密的策略。再次強調，在過去的六個月裡，我們在某些​​方面做得併不盡如人意，但我認為開發和行銷團隊在這方面做得非常出色，讓全球業界感到驚訝。開發團隊非常謹慎地打造一款完全不同的遊戲，他們希望確保這款遊戲在上市時能為玩家帶來驚喜和愉悅。他們從第一天起就會玩這款遊戲。我們的行銷團隊也非常清楚，當我們開始談論這款遊戲的創新性、核心玩法、劍術、遊戲機制、溝通系統以及Respawn所做的一切時，我們想要非常謹慎，不要向競爭對手暴露我們的實力或底牌，從而打造出一款真正創新且富有創意的遊戲。我們也知道，要打入競爭非常激烈的市場，我們必須在產品發表方面做出真正創新。我認為各隊在那裡做得非常出色。你們應該預料到，我們為這款遊戲制定了非常宏大而全面的計劃，隨著時間的推移，我們會朝著許多不同的方向發展。

Yes, Vince mentioned today in a tweet that they are planning on a premium product. We mentioned that today as well, later in our fiscal '20, that continues to evolve Titanfall universe. And I think there is a lot of exciting things on the roadmap that you'll learn more about in the coming months.

是的，Vince今天在推特上提到他們正在計劃推出高端產品。我們今天也提到過，在 2020 財年晚些時候，Titanfall 宇宙將繼續發展。我認為未來幾個月裡，我們的發展路線圖上還有很多令人興奮的內容，你會了解更多相關資訊。

And to the second part of your question around Battlefield, Firestorm. We think that these, while they sit inside the Battle Royale kind of genre, are 2 very different types of experiences. What we have seen is the community who want to play these types of games, it's hundreds of millions of people strong. We think there is an opportunity to deliver the fast-paced play that is Apex Legends and where that game goes to a big part of the community. And that also, the strategic play, the vehicle play, the things that are unique to a Battlefield Battle Royale mode will offer a differentiation of play for a different part of that community. And at some level, there may also be some crossover. But given the size of the community, given the very different types of gameplay even inside the Battle Royale genre, we believe those 2 modes can fit very well together in the community.

至於你關於《戰地：風暴》問題的第二部分。我們認為，雖然它們都屬於大逃殺類型，但卻是兩種截然不同的體驗。我們看到，想要玩這類遊戲的玩家群，人數高達數億。我們認為有機會將《Apex英雄》這種快節奏的遊戲體驗帶給廣大玩家群。此外，策略玩法、載具玩法等《戰地：大逃殺》模式獨有的元素，將為該社群的不同群體提供不同的遊戲體驗。在某種程度上，兩者之間也可能存在一些交叉點。但考慮到社群的規模，以及即使在大逃殺類型中也存在著截然不同的遊戲玩法，我們相信這兩種模式可以在社群中很好地融合在一起。

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

最後一個問題來自傑富瑞集團的提姆·奧謝。

I just want to hear your thoughts on the pros and cons of free-to-play and how full-priced games can perform in an environment where AAA content is given away for free. You obviously mentioned the intense competition. And looking at the fiscal '19 outlook for packaged goods, which seems like a decent proxy for full price, it does imply a sharp step-down here. And just maybe a follow-up, what do you think is the right mix of business models going forward? We've heard you articulate your vision around streaming, games being streamed from the cloud. We've heard you articulate a vision around subscriptions and now you had surprised us with this big free-to-play game.

我只是想聽聽你對免費遊戲的優缺點以及在 AAA 級遊戲內容免費贈送的環境下，全價遊戲表現如何的看法。你顯然提到了激烈的競爭。從 2019 財年包裝商品的展望來看（這似乎是全價商品的一個不錯代表），確實意味著這裡將大幅下降。最後，我想問一個後續問題，您認為未來合適的商業模式組合是什麼？我們已經聽您闡述了您對串流媒體的願景，即透過雲端串流遊戲。我們之前聽你闡述過關於訂閱模式的願景，現在你又為我們帶來了這款大型免費遊戲，真是令人驚喜。

Yes, I think, remember, the packaged good decline is really just that digital shift and the shift towards more and more parts of our business having live services. I think the issue around free-to-play is, to make a free-to-play game work well, you have to have a huge audience. We believe Apex has the potential of that. But there are many games out there that sell anywhere between 3 million and 7 million or 8 million units that are very successful games, but those audiences aren't big enough to support a free-to-play game like you see in mobile, for example. Typical mobile games, we see 80 million, 90 million downloads of a client. That's how you make a mobile game work and a free-to-play economics work. We always believe there's going to be multiple models, there has been for many years. Asia has been primarily free-to-play but big games and big marketplaces. But as you look at some of the more successful action-oriented games of this past year, like God of War or Spider-Man, those are games that most likely aren't free-to-play style games because they're not big enough to sustain those types of economics. And we think people will want to consume games in different ways: some through purchase, some through subscription, some through streaming purchase or streaming subscription and some through free-to-play models across many different platforms. So we think it's a great way to continue to grow the industry. We think Fortnite helped grow the industry and other free-to-play games, and this is an opportunity for us to try and participate in it.

是的，我認為，記住，包裝商品行業的衰落實際上是數位轉型以及我們業務中越來越多的部分轉向即時服務的結果。我認為免費遊戲的問題在於，要讓一款免費遊戲成功，就必須擁有龐大的受眾。我們相信Apex具備這樣的潛力。但市面上有許多遊戲銷售在 300 萬到 700 萬或 800 萬份之間，這些遊戲非常成功，但這些受眾群體還不足以支撐像手機遊戲那樣的免費遊戲模式。典型的手機遊戲，我們看到客戶端下載量達到 8,000 萬到 9,000 萬次。這就是讓手機遊戲和免費遊戲模式成功運作的方式。我們一直認為會有多種模式，多年來一直如此。亞洲主要以免費遊戲為主，但遊戲規模龐大，市場也很大。但如果你看看去年一些比較成功的動作類遊戲，像是《戰神》或《蜘蛛人》，你會發現這些遊戲很可能不是免費遊戲，因為它們的規模不夠大，無法維持這種經濟模式。我們認為人們會希望以不同的方式消費遊戲：有些人透過購買，有些人透過訂閱，有些人透過串流媒體購買或串流訂閱，有些人透過在許多不同平台上免費遊玩的模式。所以我們認為這是推動產業持續發展的絕佳途徑。我們認為 Fortnite 幫助推動了遊戲產業和其他免費遊戲的發展，這對我們來說是一個嘗試參與其中的機會。

And I hope we get a chance to talk to everybody in the coming days, and I appreciate everybody's time today. We'll talk soon. Thank you.

我希望接下來的幾天有機會和大家交流，也感謝大家今天抽出時間。我們稍後再談。謝謝。

Thank you.

謝謝。

That concludes 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。