美商藝電 (EA) 2019 Q4 法說會逐字稿

Good afternoon. My name is Natalie and I'll be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q4 2019 Earnings Conference Call.

午安.我叫娜塔莉，今天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年第四季財報電話會議。

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, Natalie. Welcome to EA's Fourth 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，娜塔莉。歡迎參加EA 2019財年第四季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson，以及我們的營運長兼財務長 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.

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。

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

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 Q1 fiscal 2020 earnings call is scheduled for Tuesday, July 30, 2019.

關於我們的日程安排，我們 2020 財年第一季財報電話會議定於 2019 年 7 月 30 日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual results and -- 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, May 7, 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。實際結果和－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 5 月 7 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 last year was a period of growth in our industry, and one of significant change as transformation accelerated and player behaviors evolved. Throughout our FY '19, we saw strength in our business and our portfolio and achieved some powerful milestones in our top games and services. We were also challenged by some things that did not go as we planned. Our learnings are helping us sharpen our execution, and we now have key opportunities to drive growth in the year ahead.

謝謝你，克里斯。過去一年是我們產業的成長期，也是改變顯著的一年，轉型加速，玩家行為不斷演變。在整個 2019 財年，我們的業務和產品組合都表現出色，並在我們最熱門的遊戲和服務方面取得了一些重要的里程碑。我們也遇到了一些計劃外的挑戰。我們的經驗教訓正在幫助我們提高執行力，我們現在擁有在未來一年推動成長的關鍵機會。

Overall, our player base grew to more than 500 million active player accounts in FY '19. This was driven by engagement in our top franchises and live services on major platforms, as well as the introduction of new IP including the free-to-play game, Apex Legends, that helped us reach new audiences around the world. I'll share a few highlights here.

2019 財年，我們的玩家總數成長到超過 5 億活躍玩家帳號。這主要得益於用戶對我們頂級遊戲系列和主要平台上的即時服務的參與，以及新IP的推出，包括免費遊戲《Apex英雄》，這些都幫助我們接觸到了世界各地的新用戶。我在這裡分享幾個重點。

The strength of our EA SPORTS business in FY '19 was powered by some of the deepest and most innovative games that we've ever delivered to our fans. In a year where we had great experiences in both FIFA 18, including World Cup content, and FIFA 19 with the UEFA Champions League, we had more than 45 million unique players in total playing FIFA games on console and PC during FY '19. More than 100 million more players engaged with our FIFA franchise on mobile and PC free-to-play during the year as well.

2019 財年 EA SPORTS 業務的強勁表現，得益於我們為粉絲們帶來了一些有史以來最深刻、最具創新性的遊戲。在 2019 財年，我們在 FIFA 18（包括世界盃內容）和 FIFA 19（包括歐洲冠軍聯賽）方面都取得了巨大的成功，共有超過 4500 萬名獨立玩家在主機和 PC 上玩 FIFA 遊戲。今年，超過 1 億玩家透過行動裝置和 PC 免費暢玩了我們的 FIFA 系列遊戲。

FIFA Ultimate Team continued to show strength, and our competitive modes like Weekend League saw engagement double year-over-year. We've had greater than 60% growth year-over-year in total unique views and more than 0.5 billion minutes watched of our FIFA Global Series content, and some of our biggest tournaments of the season are still to come. We've seen similar trends in our Madden NFL franchise. Players are staying engaged in Madden NFL for longer, and our Madden Ultimate Team business grew year-over-year and Madden Competitive Gaming is driving excitement and viewership of the franchise.

FIFA Ultimate Team 持續保持強勁勢頭，而像週末聯賽這樣的競技模式的參與度也比去年翻了一番。我們的 FIFA 全球系列賽內容的總獨立觀看次數同比增長超過 60%，觀看時長超過 5 億分鐘，而且本賽季一些最重要的賽事尚未到來。我們在《麥登橄欖球》系列遊戲中也看到了類似的趨勢。玩家在 Madden NFL 上的參與時間越來越長，我們的 Madden Ultimate Team 業務也逐年增長，Madden 競技遊戲正在推動該系列遊戲的精彩程度和收視率。

Our season-ending Madden Bowl tournament was broadcast directly from our new in-house studio here in Redwood Shores to ESPN2 and digital channels, and garnered 7 times as many peak concurrent viewers as last year's event. We're proud of how we're delivering for EA SPORTS fans on all platforms, bringing the authenticity, immersion and competition that players are looking for all year round.

我們賽季末的 Madden Bowl 錦標賽直接從我們在紅木海岸的新內部演播室向 ESPN2 和數位頻道播出，並獲得了比去年賽事高出 7 倍的峰值同時在線觀看人數。我們為能夠為所有平台上的 EA SPORTS 粉絲帶來他們全年所追求的真實感、沉浸感和競技體驗而感到自豪。

On February 4, we surprised the world with Apex Legends, an all-new free-to-play Battle Royale game from Respawn. The creativity, innovation and fun of this game set it apart immediately, and the fluid gameplay mechanics delivered a core experience with the excitement and competition that players around the world had been craving. Apex Legends is the fastest-growing new game we've ever had, quickly reaching a milestone of 50 million players and millions more have continued to join. It has also helped us tap into new player audiences, as nearly 30% of Apex Legends players are new to EA.

2月4日，我們向全世界推出了《Apex英雄》，這是一款由Respawn開發的全新免費大逃殺遊戲，令人驚喜。這款遊戲的創意、創新和趣味性使其脫穎而出，流暢的遊戲機制帶來了全球玩家一直渴望的刺激和競爭體驗。《Apex英雄》是我們迄今為止發展速度最快的新遊戲，玩家數量迅速突破5000萬大關，並且還有數百萬玩家持續加入。這也幫助我們吸引了新的玩家群，因為《Apex英雄》玩家中有近30%是EA的新玩家。

We're incredibly excited and humbled by the passion that fans around the world have for Apex Legends. We're now very focused on delivering for this massive global community with a long-term live service, including new seasons with more robust Battle Pass content, new legends and exciting evolutions to the in-game environment. We're also working aggressively to bring the game to more players in more markets and platforms around the world, including Korea, where we saw an opportunity in the market and self-published Apex Legends via Origin. We are still at the very beginning of this exciting journey with Apex Legends, and we look forward to sharing more as we go, including the first details of Season 2 at EA PLAY in June.

我們對世界各地粉絲對《Apex英雄》的熱情感到無比興奮和榮幸。我們現在非常專注於為這個龐大的全球社區提供長期的線上服務，包括推出內容更豐富的戰鬥通行證新賽季、新傳奇角色以及對遊戲內環境進行激動人心的改進。我們也積極努力，將這款遊戲帶給世界各地更多市場和平台上的更多玩家，包括韓國。我們在韓國看到了市場機遇，並透過 Origin 平台自主發行了《Apex英雄》。我們與《Apex英雄》的這段激動人心的旅程才剛開始，我們期待著隨著旅程的推進與大家分享更多內容，包括6月份在EA PLAY上公佈第二賽季的首批細節。

We also expanded the Battlefield V experience in Q4 with the arrival of Firestorm, our first battle royale mode in a Battlefield game. The DICE and Criterion teams built the biggest map in franchise history and brought signature elements of Battlefield gameplay into this 64-player survival mode. In the first week after launch, Firestorm became the biggest Battlefield live service event ever, with nearly 60% growth in active players week-over-week. We're currently in the middle of our third chapter of live service updates to Battlefield V, with more chapters set to begin in the summer and fall, each bringing more of what fans are looking for with new maps and missions. We'll showcase some of the great new experiences coming to Battlefield V at EA PLAY.

第四季度，我們還推出了“烈焰風暴”，進一步擴展了《戰地5》的遊戲體驗，這是我們在《戰地》系列遊戲中推出的第一個大逃殺模式。DICE 和 Criterion 團隊打造了該系列史上最大的地圖，並將《戰地》遊戲的標誌性元素融入這個 64 人生存模式中。在發布後的第一周，「火風暴」就成為了《戰地》系列有史以來規模最大的線上服務活動，活躍玩家數量環比增長了近 60%。我們目前正處於《戰地5》第三階段的即時服務更新中，更多階段將於夏季和秋季開始，每個階段都將帶來粉絲們所期待的新地圖和任務。我們將在 EA PLAY 上展示《戰地5》即將推出的一些精彩新體驗。

We are similarly committed to the live service for Anthem and delivering for our community in this new IP over the long term. The launch of Anthem in Q4 did not meet our expectations. However, we believe in the team at BioWare and we also believe in what they set out to achieve with this game, building a new IP and melding genres to reach a new audience.

我們同樣致力於為 Anthem 提供即時服務，並長期在這個新的 IP 平台上為我們的社區提供服務。Anthem在第四季的發布並未達到我們的預期。但是，我們相信 BioWare 團隊，也相信他們透過這款遊戲所要實現的目標：打造一個全新的 IP，融合不同的遊戲類型，從而吸引新的受眾。

Players have spent more than 150 million hours in Anthem since launch, and we've heard from them that the beauty and expanse of the world is stunning, and that traversing the environment in Javelin suits makes for amazing gameplay. However, we've also heard feedback from our community about the issues that began to manifest as the game reached scale and that they want more depth and variety in the mission modes of the game. The team is now very focused on continued improvements to the game and will then bring more content update and in-game events that will enhance and expand the Anthem experience.

自遊戲發布以來，玩家在《聖歌》中花費的時間已超過 1.5 億小時，我們從玩家那裡了解到，遊戲世界的美麗和廣闊令人驚嘆，穿著標槍機甲穿越環境也帶來了令人驚嘆的遊戲體驗。然而，我們也收到了來自社群的回饋，他們表示隨著遊戲規模的擴大，一些問題開始顯現，他們希望遊戲的任務模式能夠更加深入和多樣化。團隊目前正專注於持續改進遊戲，並將推出更多內容更新和遊戲內活動，以增強和擴展《聖歌》的遊戲體驗。

As we wrap-up FY '19, I also want to highlight the continued success of the Sims 4, which has grown every year since we launched. We launched 3 new content packs and multiple game updates for our Sims 4 community throughout the year, all of which contributed to a 35% year-over-year increase in active players and our strongest year of engagement yet for this ongoing live service. The passion of our Sims community is incredible, and we look forward to bringing them many more great experiences in the year ahead.

在 2019 財年即將結束之際，我還想重點介紹《模擬市民 4》的持續成功，自我們推出以來，它每年都在增長。我們全年為《模擬市民 4》社群推出了 3 個新內容包和多個遊戲更新，所有這些都促成了活躍玩家數量同比增長 35%，並使我們這項持續進行的線上服務取得了迄今為止最高的參與度。我們模擬市民社群的熱情令人難以置信，我們期待在未來一年為他們帶來更多精彩體驗。

Looking to FY '20, we see an exciting year ahead. Across HD platforms, mobile and PC, the global gaming audience is growing. Great games and services will continue to be at the center, and we are focused on bringing new experiences to more players on more platforms in more geographies throughout the year.

展望2020財年，我們看到了一個令人興奮的年份。在高畫質平台、行動裝置和PC端，全球遊戲玩家群正在不斷成長。優秀的遊戲和服務仍將是我們的核心，我們將致力於在全年為更多地區的更多平台上的更多玩家帶來全新的體驗。

The variety of new games and experiences that we're planning for players this year demonstrates the breadth and depth of our portfolio. We have new titles and experiences in our biggest sports franchises: FIFA, Madden NFL, NHL and NBA Live, bringing innovation and excitement to hundreds of millions of EA SPORTS fans around the world. We're set to deliver on some of the biggest requests that we've had from our communities, including new experiences and gameplay advancements that will more deeply immerse players into the world of their favorite sports.

今年我們計劃為玩家推出各種新遊戲和體驗，這充分展現了我們產品組合的廣度和深度。我們在旗下最熱門的運動遊戲系列中推出了全新的遊戲和體驗：FIFA、Madden NFL、NHL 和 NBA Live，為全球數億 EA SPORTS 粉絲帶來創新和熱情。我們將滿足玩家社群提出的一些最大要求，包括全新的體驗和遊戲玩法的改進，讓玩家更深入地沉浸在他們最喜歡的運動世界中。

For Star Wars fans, Star Wars Jedi: Fallen Order will deliver an amazing single-player adventure, launching in the same window as the movie this holiday. Need for Speed returns to consoles and PC this year, revitalizing the street race versus cops fantasy at the core of the franchise. We'll have a new Plants vs. Zombies HD shooter title, fun and irreverent as always. On mobile, we'll have new titles going into early user testing this year, ensuring that we're giving players more time to test and give feedback before we go live globally. And our support of the indie developer community will continue with Sea of Solitude.

對於《星際大戰》的粉絲來說，《星際大戰絕地：墮落的武士團》將帶來精彩的單人冒險體驗，並將在今年假期與電影同期上映。《極速快感》今年重返主機和PC平台，重振了該系列遊戲的核心——街頭賽車與警察對抗的幻想。我們將推出一款新的《植物大戰》遊戲。一款高清殭屍射擊遊戲，一如既往地有趣且不拘一格。在行動端方面，我們今年將推出一些新遊戲進行早期用戶測試，以確保在正式全球上線之前，玩家有更多的時間進行測試並提供回饋。我們將繼續支持獨立遊戲開發者社區，推出《孤獨之海》。

We are also deeply committed to our live service communities, delivering more content and more ways to play, watch and create. With the growth of Apex Legends, the team at Respawn is fully focused on live service with a cadence of big new seasonal content launches and continual update and adjustments to the experience throughout the year. We're set to deliver 20 new content drops and expansion packs this year for our thriving Sims community on console, mobile and PC.

我們也非常重視我們的線上服務社區，提供更多內容和更多遊玩、觀看和創作的方式。隨著《Apex英雄》的不斷發展，Respawn團隊全力專注於提供線上服務，全年都會推出大型新賽季內容，並不斷更新和調整遊戲體驗。今年，我們將為主機、行動裝置和 PC 平台上蓬勃發展的《模擬市民》玩家群推出 20 個新的內容更新和擴充包。

We have robust live service plans for Anthem and Battlefield V, and we'll continue delivering new content for Star Wars: Battlefront II, where our commitment to the game has enabled us to build a very strong community over time. Our competitive gaming programs will continue to be a major focus as well, with our competitive modes in FIFA and Madden, global tournament ecosystems and high-quality esports programming set to grow our audience of players, viewers and sponsors.

我們為《聖歌》和《戰地5》制定了完善的線上服務計劃，並將繼續為《星際大戰：前線2》推出新內容。我們對這款遊戲的投入使我們能夠隨著時間的推移建立一個非常強大的社群。我們的競技遊戲項目也將繼續是我們重點關注的領域，FIFA 和 Madden 的競技模式、全球錦標賽生態系統以及高品質的電競節目將擴大我們的玩家、觀眾和贊助商群體。

We are working to bring more great games and content to our players where they are. Subscriptions are a key element of this approach to provide players with more choice, and we will expand our subscription offerings to include more games and more platforms in FY '20.

我們正努力為玩家帶來更多精彩的遊戲和內容，無論他們身在何處。訂閱是為玩家提供更多選擇的關鍵要素，我們將在 2020 財年擴大訂閱服務範圍，涵蓋更多遊戲和更多平台。

In our Origins subscriptions on PC, there are over 200 games from EA and outside developers and that will continue to grow. As we announced this morning, we are bringing our EA Access console subscription to players on the Sony PlayStation 4 this summer. We're now positioned to offer a subscription on more platforms than any other publisher, and we'll look to add to that in the coming year. We have a lot ahead of us in FY '20. We're committed to our players, and we're excited to be pushing forward with our plans.

我們在 PC 上的 Origins 訂閱服務中包含 200 多款來自 EA 和其他開發人員的遊戲，而且這個數字還會繼續增長。正如我們今天早上宣布的那樣，今年夏天我們將把 EA Access 主機訂閱服務帶到索尼 PlayStation 4 玩家面前。我們現在有能力在比任何其他出版商更多的平台上提供訂閱服務，並且我們將在來年繼續擴大這一範圍。2020財年我們還有很多工作要做。我們對我們的球員充滿信心，並且很高興能夠推進我們的計劃。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. To echo Andrew's comment, the last 12 months have been a time of change for the video game industry. Nevertheless, we ended our fiscal year with strong growth driven by our live services businesses, which continue to provide a very large, stable and profitable source of net bookings. We significantly outperformed our expectations in Q4. This was, of course, largely driven by Apex Legends, but sports were also stronger than we had anticipated. Anthem underperformed our expectations.

謝謝你，安德魯。正如安德魯所說，過去 12 個月對電子遊戲產業來說是變革的時期。儘管如此，在直播服務業務的推動下，我們本財年實現了強勁增長，該業務持續提供非常龐大、穩定且盈利的淨預訂量來源。第四季我們的業績顯著超出預期。當然，這很大程度上是由《Apex英雄》推動的，但體育賽事也比我們預期的要強勁得多。Anthem的表現低於我們的預期。

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

我將按照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。

GAAP net revenue for the fiscal year was $4.95 billion, cost of revenue $1.32 billion, operating income was $996 million, delivering EPS of $3.33. These results enabled us to deliver operating cash flow of $1.55 billion and return over $1 billion to shareholders, about 83% of free cash flow through our ongoing share repurchase program.

該財年的 GAAP 淨收入為 49.5 億美元，收入成本為 13.2 億美元，營業收入為 9.96 億美元，每股收益為 3.33 美元。這些成果使我們能夠實現 15.5 億美元的營運現金流，並透過我們持續的股票回購計畫向股東返還超過 10 億美元，約佔自由現金流的 83%。

Total net bookings for the fiscal year were $4.94 billion. Digital net bookings accounted for $3.72 billion of this. Live services net bookings were a record $2.41 billion, up 10 percentage points year-on-year. Within that, Ultimate Team showed its worth as a stable source of net bookings growing 5% year-on-year.

本財年淨預訂總額為 49.4 億美元。其中，數位淨預訂額佔37.2億美元。線上直播服務淨預訂金額達到創紀錄的 24.1 億美元，年增 10 個百分點。其中，Ultimate Team 展現了其作為穩定淨預訂來源的價值，年增 5%。

Moving on to details of our fourth quarter. GAAP net revenue for the quarter was $1.24 billion, above our guidance by $75 million. Operating expenses were $766 million, $51 million above our guidance, driven by tactical marketing investments and the launch of 2 major new franchises and by variable compensation. Operating income was $196 million and resulted in earnings per share of $0.69, $0.13 better than our guidance. Operating cash flow for the quarter was $599 million, down $16 million from last year. Capital expenditures for the quarter were $35 million, resulting in a free cash flow of $564 million. See our earning slide for further cash flow information.

接下來，我們將詳細介紹第四季的情況。本季GAAP淨收入為12.4億美元，比我們預期高出7,500萬美元。營運支出為 7.66 億美元，比我們的預期高出 5,100 萬美元，主要原因是戰術行銷投資、推出 2 個主要新特許經營店以及可變薪酬。營業收入為 1.96 億美元，每股收益為 0.69 美元，比我們預期高出 0.13 美元。本季經營現金流為 5.99 億美元，比去年同期減少 1,600 萬美元。本季資本支出為 3,500 萬美元，產生自由現金流 5.64 億美元。請參閱我們的獲利情況幻燈片，以了解更多現金流資訊。

During the quarter, we repurchased 3.2 million shares at a cost of $301 million. Our cash and short-term investments at the end of the quarter were $5.45 billion.

本季度，我們以 3.01 億美元的價格回購了 320 萬股股票。截至季末，我們的現金和短期投資為 54.5 億美元。

Now I'd like to turn to the key drivers of our business this quarter. Net bookings were $1.36 billion, well above our guidance of $1.17 billion, and up from $1.26 billion last year. As mentioned, the beat was driven by Apex Legends and our sports titles, offset somewhat by Anthem. Digital net bookings were $1.19 billion, up 14% on the year ago period, driven by strong digital sales of Apex Legends and Anthem. Digital net bookings represented 75% of our business on a trailing 12-month basis, a new record. This compares to 68% in the prior year.

現在我想談談本季我們業務的關鍵驅動因素。淨預訂額為 13.6 億美元，遠高於我們先前預測的 11.7 億美元，也高於去年的 12.6 億美元。如前所述，節奏主要受《Apex英雄》和我們的運動遊戲的影響，《聖歌》則扮演了一定的角色。數位淨預訂額為 11.9 億美元，比去年同期成長 14%，這主要得益於《Apex Legends》和《Anthem》的強勁數位銷售。過去 12 個月，數位淨預訂量占我們業務的 75%，創歷史新高。相比之下，上一年這一比例為 68%。

Live services net bookings were up 24% to $845 million, primarily driven by Apex Legends. This delivered the biggest year ever for live services at EA. FIFA and Madden Ultimate Teams both closed the year very strongly.

線上服務淨預訂量成長 24% 至 8.45 億美元，主要得益於《Apex英雄》的推動。這為EA帶來了有史以來最輝煌的一年——線上服務業績。FIFA 和 Madden Ultimate Team 兩款遊戲在年底都取得了非常強勁的成績。

With regards to our subscription services, we continue to add subscribers, exceeding 3.5 million across PC and console at the end of the quarter, and we look forward to growing this meaningfully with the addition of EA Access to PlayStation 4.

就我們的訂閱服務而言，我們持續增加訂閱用戶，截至本季末，PC 和主機平台的訂閱用戶總數已超過 350 萬，我們期待隨著 EA Access 登陸 PlayStation 4，訂閱用戶數量能夠顯著增長。

Mobile delivered net bookings of $135 million, down 23% year-on-year, with declines from aging titles across our portfolio, not offset by growth in our new title, Command & Conquer: Rivals. Our mobile business remains highly profitable, delivering a contribution margin of over 40%.

行動端淨預訂額為 1.35 億美元，年減 23%，原因是我們的產品組合中一些老遊戲的預訂額下降，而我們的新遊戲《命令與征服：宿敵》的成長未能抵消這一影響。我們的行動業務依然獲利頗豐，貢獻毛利率超過 40%。

Full game PC and console downloads generated net bookings of $213 million, 10% higher than last year. Growth was driven by the launch of Anthem and by the ongoing shift to digital. Overall, 49% of our units sold through were digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. The Q4 mix benefited from the launch of Anthem, which, judging from sales so far, is the most digital game we have ever launched.

完整遊戲 PC 和主機下載帶來的淨預訂金額為 2.13 億美元，比去年增長 10%。成長主要得益於 Anthem 的推出和持續向數位轉型。過去 12 個月，在 Xbox One 和 PlayStation 4 平台上，我們售出的產品中，49% 是數位版而不是實體版。第四季業績組合受益於《聖歌》的發布，從目前的銷售情況來看，這是我們迄今為止推出的最數位化的遊戲。

Turning to our expectations for fiscal 2020. In dollar terms, we expect the gaming software market to grow 7% over calendar 2018, with mobile up 12%, console up 4% and PC flat. Guidance for 2020 is for GAAP net revenues of $5.4 billion, cost of revenue of $1.3 billion and GAAP EPS of $8.56. The forecast for GAAP EPS includes a one-time tax benefit from the internal transfer of some of our intellectual property rights to our Swiss subsidiary, where our international business is headquartered.

接下來談談我們對 2020 財年的預期。以美元計算，我們預計 2018 年遊戲軟體市場將成長 7%，其中行動端成長 12%，主機端成長 4%，PC 端持平。2020 年業績預期為：GAAP 淨收入 54 億美元，營業成本 13 億美元，GAAP 每股收益 8.56 美元。GAAP EPS 預測包括一次性稅收優惠，該優惠來自我們將部分智慧財產權內部轉移至我們的瑞士子公司，我們的國際業務總部就設在該子公司。

The final tax benefit will be at least $5 per share, but could add as much as $13 per share to GAAP EPS during Q1 fiscal 2020. We continue to forecast our management tax rate for fiscal 2020 to be 18%, and we do not expect the transfer to impact our cash taxes nor our operating cash flow.

最終的稅收優惠至少為每股 5 美元，但可能會在 2020 財年第一季為 GAAP 每股收益增加多達 13 美元。我們繼續預測 2020 財年的管理稅率為 18%，我們預計此轉讓不會影響我們的現金稅或營運現金流量。

With regards to cash flow for fiscal 2020, we expect operating cash flow to be approximately $1.575 billion. We anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.45 billion.

關於 2020 財年的現金流，我們預計經營現金流約為 15.75 億美元。我們預計資本支出約為 1.25 億美元，這將帶來約 14.5 億美元的自由現金流。

Turning to business drivers. We anticipate net bookings for the year to be $5.1 billion, up 3% year-on-year. Our projections assume a headwind from FX to net bookings of roughly $50 million. This year, we expect the headwind from FX to net income to also be roughly $50 million. Both of these numbers are net of hedges. Our currency assumptions are disclosed in our earnings presentation on our website.

轉向業務驅動因素。我們預計全年淨預訂額將達到 51 億美元，年增 3%。我們的預測假設外匯波動將對淨預訂量造成約 5000 萬美元的不利影響。今年，我們預計外匯波動對淨收入的不利影響也將達到約 5,000 萬美元。這兩個數字都是扣除對沖損失後的淨值。我們的貨幣假設已在公司網站的獲利報告中揭露。

Drilling down further into the key drivers of our full year net bookings guidance. We will launch 4 sports titles and expect units to be slightly down off of a very strong year for FIFA units, thanks to World Cup. Star Wars Jedi: Fallen Order, we are modeling in the range of 6 million to 8 million units. The new Need for Speed title, we expect to sell around 4 million units, in line with past performance of the franchise. And the upcoming Plants vs. Zombies shooter to sell in the low-single digit millions.

進一步深入分析我們全年淨預訂量預期的主要驅動因素。我們將推出 4 款運動遊戲，預計銷量會略低於 FIFA 遊戲銷售強勁的一年，這要歸功於世界盃。《星際大戰絕地：墮落的武士團》的銷量預計在 600 萬到 800 萬份之間。我們預計新款《極速快感》遊戲銷售量將達到 400 萬份左右，與該系列遊戲以往的銷售表現一致。即將推出的《植物大戰》殭屍射擊遊戲預計銷售量將達到數百萬份。

Overall, net bookings for packaged goods and other are forecasted to be approximately $1.2 billion, down 4% year-on-year, driven by the continued shift to digital. Digital net bookings are expected to contribute $3.9 billion, up 6% year-on-year. Further breaking down our digital net bookings, we expect live services to grow 10% to 15%, led by Apex Legends, FIFA Ultimate Team and the Sims 4. Turning to our subscription business, we expect subscribers to grow meaningfully from the addition of PlayStation 4 on top of some organic growth on existing platforms.

總體而言，受持續向數位轉型的影響，包裝商品和其他商品的淨預訂量預計約為 12 億美元，年減 4%。預計數位淨預訂額將貢獻 39 億美元，年增 6%。進一步細分我們的數位淨預訂量，我們預計線上服務將成長 10% 至 15%，主要得益於《Apex英雄》、《FIFA Ultimate Team》和《模擬市民4》的推動。再來看我們的訂閱業務，我們預期 PlayStation 4 的加入，加上現有平台的一些自然成長，將顯著提升訂閱用戶數量。

Apex Legends is easily the fastest-growing franchise we've ever had, and we hope to build the live service that entertains players for years to come. Given the exceptional nature of the game, it is appropriate to take a cautious approach to financial modeling. Thus, we are forecasting net bookings in the range of $300 million to $400 million.

《Apex英雄》無疑是我們迄今為止發展速度最快的系列遊戲，我們希望打造一款能讓玩家在未來幾年持續享受娛樂的線上服務。鑑於該遊戲的特殊性，採取謹慎的財務建模方法是合適的。因此，我們預測淨預訂額將在 3 億美元至 4 億美元之間。

Note that this assumes no contributions this year from any future mobile versions or a game in the Chinese market. As you build your model, remember that although the game is free to play, we incur costs for all players. As a result, you should model gross margin in the low 80 percentage range. As a live service, contribution margins are expected to be in the low 60%, above our corporate average.

請注意，這假設今年不會有任何來自未來行動版本或中國市場遊戲的貢獻。在建立模型時，請記住，雖然遊戲是免費的，但我們會為所有玩家承擔成本。因此，你應該將毛利率設定在 80% 左右。作為即時服務，預計貢獻毛利率將在 60% 左右，高於我們公司的平均水平。

We are hugely excited about the future of Apex Legends. Players love it, with a Metacritic of 89 and an extremely high Net Promoter Score. Engagement is strong and we have big plans for the legends and the world they compete in.

我們對《Apex英雄》的未來感到無比興奮。玩家們非常喜歡這款遊戲，Metacritic 評分高達 89 分，淨推薦值也極高。參與度很高，我們對這些傳奇人物以及他們所處的世界有著宏偉的計劃。

We are in advanced negotiations to bring Apex Legends to China and to mobile, and we will update you on time frames when those negotiations are concluded. We're self-publishing Apex Legends in Korea. The game offers an opportunity for us to build a direct connection with our players there, and we hope to be able to leverage this for other games.

我們正在就將《Apex英雄》引入中國市場和行動平台進行深入談判，談判結束後我們會及時通知大家具體時間安排。我們將在韓國自行發行《Apex英雄》。這款遊戲為我們提供了一個與當地玩家建立直接聯繫的機會，我們希望能夠將這種聯繫運用到其他遊戲中。

We are also forecasting further growth of our Sims 4 business off of fiscal 2019, which was its strongest year ever, including the launch year.

我們也預測，《模擬市民4》業務將在2019財年的基礎上進一步成長，2019財年是該業務有史以來表現最好的一年，包括遊戲發布的那一年。

Finally, with regards to live services, we expect FIFA Online to show year-on-year growth from Q2 onwards. With regards to our mobile business, our portfolio continues to contribute healthy profits. We will start early user testing for 2 new mobile games later this year, in line with our intent to give our games more time in soft launch, and we are not modeling any net bookings from either of those games in fiscal 2020. As a result, we expect mobile to be down around 10% to 15% in 2020, with aging titles in the west partially offsetting -- offset by strength in Asia.

最後，關於線上服務，我們預計 FIFA Online 從第二季開始將實現年比成​​長。就我們的行動業務而言，我們的產品組合繼續帶來可觀的利潤。今年晚些時候，我們將開始對兩款新的手機遊戲進行早期用戶測試，這符合我們讓遊戲有更多時間進行軟啟動的計劃，而且我們預計這兩款遊戲在 2020 財年不會有任何淨預訂量。因此，我們預計 2020 年行動遊戲市場將下降 10% 至 15%，西方市場老舊遊戲的部分影響將抵消這一影響——而亞洲市場的強勁表現將抵消這一影響。

Net bookings from full-game downloads are expected to be 5% to 10%, driven by the product mix, offset by 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佔 5% 至 10%，這主要受產品組合的影響，但每年約有 5 個百分點的市場份額向數位化轉移，將抵消這一影響。

On a management reporting basis, operating expenses will grow in the very low single-digits percent in fiscal 2020 as a result of continued tight expense control.

根據管理報告，由於持續嚴格的費用控制，2020 財年的營運費用將以非常低的個位數百分比成長。

Focusing on Q1, we're expecting GAAP net revenues of $1.1 billion, GAAP cost of revenues $188 million and GAAP EPS of $5.84. The one-time tax benefit mentioned earlier falls entirely within the first quarter.

聚焦第一季度，我們預計 GAAP 淨收入為 11 億美元，GAAP 收入成本為 1.88 億美元，GAAP 每股收益為 5.84 美元。前面提到的一次性稅優惠完全屬於第一季。

We expect Q1 net bookings to be $690 million.

我們預計第一季淨預訂額為 6.9 億美元。

Looking ahead, we will continue to build on the changes we have made to our studio organization this year, in leadership, structure and processes. We recently launched Firestorm, Battlefield V's battle royale mode and that brought over 1 million people back into the game. We continue to invest heavily in Anthem, with developers working on game quality, content, systems and game mechanics. It's great original IP and we've doubled down on the product. We are continuing to build out Apex Legends and are finding creative ways to rapidly bring it to new markets.

展望未來，我們將繼續鞏固今年以來在領導層、組織結構和流程方面對工作室組織所做的變革。我們最近推出了《戰地5》的大逃殺模式“火風暴”，這吸引了超過100萬玩家回歸遊戲。我們持續對《聖歌》進行大量投資，開發人員致力於提升遊戲品質、內容、系統和遊戲機制。這是非常棒的原創智慧財產權，我們已經加倍投入該產品。我們正在不斷完善《Apex英雄》，並尋找創意的方法，迅速將其推向新市場。

We will reach an extraordinary variety of players in our FY '20 slate. We will launch sports games, a racing game, an action title and a first-person shooter. We will add over 20 different content drops for the Sims 4. We are delivering on our commitment to players with deep live service content for Ultimate Team, Apex Legends, Anthem and Battlefield. Reflecting the industry as a whole, our games encompass premium, free-to-play, subscription and hybrid business models. The breadth of our content served us well in fiscal 2019 and positions us very well for the future.

在2020財年，我們將接觸到種類繁多的玩家。我們將推出運動遊戲、賽車遊戲、動作遊戲和第一人稱射擊遊戲。我們將為《模擬市民4》新增超過20種不同的內容更新。我們正在履行對玩家的承諾，為《終極團隊》、《Apex英雄》、《聖歌》和《戰地》等遊戲提供深度線上服務內容。與整個行業的情況類似，我們的遊戲涵蓋了付費、免費、訂閱和混合商業模式。2019 財年，我們豐富的內容為我們帶來了良好的業績，也為我們未來的發展奠定了堅實的基礎。

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，讓他做最後的總結。

Thanks, Blake. The future of this industry has never been more exciting and full of opportunity. We're deeply focused on strong execution against our FY '20 plans and delivering great entertainment for the ever-expanding audience of players around the world.

謝謝你，布萊克。這個行業的未來從未如此令人興奮，充滿機會。我們正全力以赴地執行 2020 財年計劃，為全球不斷增長的玩家群提供優質的娛樂體驗。

We're building amazing new games from powerful franchise brands, including Star Wars, FIFA, Madden, NBA, NHL, Need for Speed and Plants vs. Zombies. For tens of millions of players around the world, we have extensive plans to evolve and add to Apex Legends. Fans of Battlefield V, the Sims 4 and Anthem will have more great content and new ways to play in the year ahead.

我們正在利用強大的特許經營品牌來打造令人驚嘆的新遊戲，包括星際大戰、FIFA、麥登橄欖球、NBA、NHL、極速快感和植物大戰。殭屍。對於全球數千萬玩家而言，我們制定了廣泛的計劃，以發展和完善《Apex英雄》。《戰地5》、《模擬市民4》和《聖歌》的粉絲們在未來一年將迎來更多精彩內容和全新玩法。

We're working on new projects in mobile to join our portfolio of large-scale live services and taking the time in player testing to hone breakthrough experiences. Throughout EA Studios, our creative leaders and talented development teams are deeply focused on delivering quality and innovation to our players in each of these experiences in FY '20 and much more in the years to come.

我們正在開發新的行動項目，以加入我們的大規模即時服務組合，並花時間進行玩家測試，以創造突破性的體驗。EA Studios 的所有創意領導者和才華橫溢的開發團隊都致力於在 2020 財年為玩家帶來高品質的創新體驗，並在未來幾年繼續努力。

We're also continuing to invest in services and engine technology powering the games and experiences to meet the changing needs of players. At the core is our best-in-class technology platform, which provides the foundational services to deliver ever-evolving connected experiences at scale. In the year ahead, we are focused on optimizing our technology to our studio needs, leveraging cloud, AI and other tools to increase iteration speed for our developers and enable faster time to player for our games and our communities.

我們也持續投資於遊戲和體驗所需的服務和引擎技術，以滿足玩家不斷變化的需求。其核心是我們一流的技術平台，該平台提供基礎服務，以大規模地提供不斷發展的互聯體驗。在未來一年，我們將專注於優化我們的技術以滿足工作室的需求，利用雲端、人工智慧和其他工具來提高開發人員的迭代速度，並讓我們的遊戲和社群更快地體驗遊戲內容。

With great games and powerful services, we'll provide new ways to play, watch and compete. Competitive modes are driving some of the deepest engagement from players in FIFA and Madden. As our major esports tournaments drive viewership records, we have expanded our own broadcast production facilities, and we're continuing to partner with networks like ESPN and Twitch to reach broader audiences.

我們將透過精彩的遊戲和強大的服務，提供全新的遊戲、觀看和競技方式。在 FIFA 和 Madden 遊戲中，競技模式是玩家深度參與遊戲的主要驅動力之一。隨著我們的主要電競賽事不斷刷新收視紀錄，我們擴大了自己的廣播製作設施，並且我們繼續與 ESPN 和 Twitch 等網絡合作，以覆蓋更廣泛的受眾。

Combined with new sponsorships and great brand partners that are connecting us to more fans around the world, our opportunity in the global esports movement continues to grow. These priorities will help us meet the needs of an expanding global player base. In the year ahead, we will seek to be where more of our players are, offering our games through more platforms, through more business models and in more markets. We will deliver great games to players on console, PC and mobile in FY '20, and with more choice in premium, subscription and free-to-play models.

結合新的贊助商和優秀的品牌合作夥伴，我們將與世界各地更多的粉絲聯繫起來，我們在全球電競領域的機會也不斷增長。這些優先事項將有助於我們滿足不斷增長的全球玩家群的需求。在未來一年，我們將努力讓更多玩家看到我們的遊戲，透過更多平台、更多商業模式和更多市場提供我們的遊戲。我們將在 2020 財年為主機、PC 和行動平台的玩家帶來精彩的遊戲，並提供更多高級、訂閱和免費遊戲模式的選擇。

We are already leading in subscription services on more platforms than any other publisher, and we have plans to expand that in FY '20. And with excitement for global brands like FIFA and Apex Legends, we're also working aggressively to bring our games to new players in Asia through self-publishing and valuable partnerships. We're ready for another dynamic year of growth in the games history.

我們在訂閱服務領域已經領先其他任何出版商，涵蓋的平台數量也更多，我們計劃在 2020 財年進一步擴大這一優勢。鑑於大家對 FIFA 和 Apex Legends 等全球品牌的熱情，我們也在積極努力，透過自主發行和有價值的合作關係，將我們的遊戲帶給亞洲的新玩家。我們已經準備好迎接遊戲史上又一個充滿活力的增長之年。

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。

Natalie, we're ready for questions now.

娜塔莉，我們現在可以開始提問了。

(Operator Instructions) And our first question comes from the line of Evan Wingren of Key Capital Mark (sic) [KeyBanc Capital Markets.]

（操作員說明）我們的第一個問題來自 Key Capital Markets（原文如此）[KeyBanc Capital Markets] 的 Evan Wingren。

Just wondering on Apex Legends, if you could provide some early learnings from the game, how you're thinking about free-to-play models in future businesses?

我想問一下關於《Apex英雄》的問題，您能否分享一些從遊戲中獲得的早期經驗，以及您如何看待未來商業中的免費遊戲模式？

And then Blake, on the -- on the Apex Legends guidance for the year, if you look at the growth rates you provided for the full year for live services, it does seem like that you would expect the rest of your live service business within your guidance to be roughly flat to down slightly. Just wondering and trying to understand the moving pieces there.

然後，Blake，關於Apex Legends的年度業績預期，如果你看一下你提供的全年線上服務成長率，似乎你會預期你預期的其他線上服務業務將大致持平或略有下降。我只是好奇，想弄清楚這裡面的門道。

I'll take the first part, maybe give Blake the second part. As you heard from our prepared remarks, we're overjoyed with Apex. The game that the team at Respawn has built was met with universal praise from our global gaming community.

第一部分我來做，第二部分或許給布萊克。正如你們從我們事先準備好的演講稿中聽到的那樣，我們對 Apex 非常滿意。Respawn團隊打造的這款遊戲受到了全球遊戲社群的一致好評。

But at the same time, when you bring 50 million players or more in short order, you learn a lot of stuff. And you learn about the dynamics that come up at scale with access, with matchmaking, with cheating, with monetization, with content creation. And I'm proud to say that the Respawn team is a learning team, and they're taking all of that and rolling that back in the game experience.

但同時，當你在短時間內吸引 5000 萬或更多玩家時，你會學到很多東西。你還會了解到，隨著訪問、匹配、作弊、盈利和內容創作等問題的規模化發展，會出現哪些動態變化。我很自豪地說，Respawn 團隊是一個不斷學習的團隊，他們把所有這些經驗都融入遊戲體驗中。

As we talked about, their focus is to ensure that at the very core of the game, the foundation of the game experience continues to be unbelievable fun, exciting and fair for all players. And they have big and robust plans to fulfill -- again, something we learned what amounts to insatiable appetite for new content and new programming in the context of the game over time.

正如我們之前討論過的，他們的重點是確保遊戲的核心，也就是遊戲體驗的基礎，能夠繼續為所有玩家帶來難以置信的樂趣、刺激和公平。他們有宏大而有力的計劃來實現——我們再次了解到，隨著時間的推移，遊戲領域對新內容和新節目有著永不滿足的渴望。

With respect to how we think about that across our portfolio. Again free-to-play is a powerful business model where you can bring tremendous amounts of people into the top of the funnel and ultimately social interaction and competition form the very center of the gameplay experience. And we will almost certainly have other free-to-play experiences in our portfolio over time, where the game that we're looking to build fulfills that criteria, huge playing population and social interaction and competition at the very core of the experience.

關於我們如何看待這一點，以及它如何影響我們的投資組合。免費遊戲再次成為一種強大的商業模式，它可以將大量的人引入遊戲漏斗的頂端，最終社交互動和競爭構成遊戲體驗的核心。隨著時間的推移，我們的產品組合中幾乎肯定會有其他免費遊戲體驗，而我們正在開發的遊戲也必須滿足這些標準：龐大的玩家群、社交互動以及以競爭為核心的體驗。

But there are many other types of experiences, particularly experiences like Star Wars Jedi: Fallen Order, that don't fit well into a free-to-play model. And as we think about broad offerings across premium, free-to-play and subscription, we know that we are fulfilling broad and varied motivations of the global playing audience. And so there'll be many other games that don't fit that business model that we still believe are really, really strong opportunities for us to entertain and engage the global audience of players.

但還有許多其他類型的體驗，特別是像《星際大戰：絕地的武士》這樣的體驗，並不適合免費遊戲模式。當我們考慮提供涵蓋高級、免費遊戲和訂閱等多種服務時，我們知道我們正在滿足全球玩家廣泛而多樣的動機。因此，還有很多其他遊戲並不符合這種商業模式，但我們仍然相信它們是娛樂和吸引全球玩家的絕佳機會。

So on the second question, actually I'm not sure how you're doing your math because we do see growth across the Ultimate Team business for the year. We see growth, a small growth number for FIFA online in Asia, but most of that comes starting in Q2 as I mentioned, slight decline in our Star Wars: The Old Republic business and probably 1 or 2 other businesses where there's some offsets but, overall, we're seeing growth.

關於第二個問題，實際上我不太清楚你的計算方法，因為我們確實看到今年 Ultimate Team 業務實現了成長。我們看到了成長，FIFA 在線在亞洲的成長幅度不大，但正如我所提到的，大部分的成長是從第二季度開始。我們的《星際大戰：舊共和國》業務略有下滑，可能還有一兩項其他業務也出現了一些抵消，但總體而言，我們看到了成長。

We should see more back-end Ultimate Team growth versus front end because despite not meeting our expectations last year at World Cup, we still had a strong World Cup Ultimate Team, particularly a strong second quarter Ultimate Team year-over-year. We will see probably some challenge in Ultimate Team in the second quarter as a comp but should have a strong third quarter and fourth quarter.

我們應該會看到後端 Ultimate Team 的成長比前端成長更多，因為儘管去年世界盃上我們沒有達到預期，但我們仍然擁有一支強大的世界盃 Ultimate Team 隊伍，特別是第二季 Ultimate Team 隊伍的同比成長非常強勁。在第二節比賽中，我們可能會在終極團隊模式中遇到一些挑戰，但第三節和第四節應該會有不錯的表現。

Overall, we're looking for growth across live services across virtually all the quarters. The biggest challenge is going to be the fourth quarter where we'll be comping the first quarter of Apex from this year -- this past year.

整體而言，我們希望在幾乎所有季度都能實現線上服務的成長。最大的挑戰將是第四季度，因為我們需要將 Apex 今年第一季的業績與去年同期進行比較。

Our next question comes from the line of Brian Nowak of Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

Just on -- back on Ultimate Team, you mentioned, Blake, how FIFA and Madden closed the year very strong. I was curious if you could sort of talk to what drove that strength. And then if you sort of step back in how you think about ex China FIFA Ultimate Team growth. Just talk about sort of the keys to really reaccelerating that growth in the back half sort of beyond the comps. What's the strategy to get more and more payers and players?

剛才說到終極球隊模式，布雷克，你提到FIFA和Madden在今年的結束階段表現非常強勁。我很好奇您能否談談是什麼造就了這種力量。然後，如果你退後一步，重新思考一下前中國FIFA Ultimate Team的發展。就談談如何在下半年真正重新加速成長，超越同業水準的關鍵。如何吸引越來越多的付費用戶和玩家？

Yes. So yes I think I characterize Ultimate Team and any of our live services as driven by addition of new activities and content. Over the last 11 years, we've gotten better every year at designing events in Ultimate Team that engage players who -- and effectively they have more fun each year. And when they have more fun, they're liable to spend some more money along the way.

是的。所以，是的，我認為 Ultimate Team 和我們所有的線上服務都是由新增活動和內容驅動的。在過去的 11 年裡，我們在設計 Ultimate Team 賽事方面每年都在進步，這些賽事能夠吸引玩家參與，並且玩家每年都能從中獲得更多樂趣。當他們玩得更開心時，他們很可能會在過程中花更多的錢。

This year, for example, we added activity in the fourth quarter around young up and coming payers in global soccer and it was one of our most popular events of the year, really caught fire with people and we will clearly be continuing to tune that. In Madden, we've continued to tune events associated with esports as well as post Super Bowl around things like the combine and the draft, and they've been very popular and it's one of Madden's best years we had ever.

例如，今年第四季度，我們圍繞全球足球界冉冉升起的年輕球員增加了一些活動，這是我們今年最受歡迎的活動之一，真正引起了人們的關注，我們顯然會繼續調整這項活動。在《麥登橄欖球》中，我們持續調整與電競相關的賽事，以及超級盃之後圍繞著選秀大會和聯合試訓等活動展開的賽事，這些賽事非常受歡迎，這也是《麥登橄欖球》有史以來最好的一年之一。

And so it's really the beauty of live services is it's a daily business. The teams respond to daily data about what consumers want and what they're doing and continue with (technical difficulty). And that will be the same path we follow with Apex Legends, where we'll continue to have seasons where there will be new things -- new ways to play, new maps, new activities, new characters, new weapons.

所以，即時服務的真正魅力在於它是一項日常業務。團隊會根據消費者的需求和行為的每日數據做出反應，並繼續（技術困難）。我們將對《Apex英雄》採取同樣的做法，繼續推出賽季，每個賽季都會有新的內容——新的玩法、新的地圖、新的活動、新的角色、新的武器。

It is the beauty of the live service business that every day you wake up and think about what we can continue to add to this to make and allow people to have even more fun and deeper engagement. And that's very different than the traditional business and one which we believe is a much more predictable business and steady business over time.

即時服務產業的魅力就在於，每天醒來你都會思考我們可以為這項業務添加什麼，讓人們獲得更多樂趣和更深入的參與。這與傳統商業模式截然不同，我們認為這種模式更具可預測性，並且隨著時間的推移會更加穩定。

And our next question comes from the line of Andrew Uerkwitz of Oppenheimer.

我們的下一個問題來自奧本海默公司的安德魯·烏爾克維茨。

Andrew, a question for you. I mean obviously, we're in a new age of gaming, so things like Twitch kind of matter and helps drive marketing. But how relevant do things like that matter to you once games are launched in and out and you're driving live services?

安德魯，我有個問題想問你。我的意思是，很顯然，我們正處於遊戲的新時代，所​​以像 Twitch 這樣的平台很重要，並有助於推動行銷。但是，一旦遊戲上線和下線，並且你開始運營線上服務，這些事情對你來說有多重要？

Again, Twitch have been a valuable partner for ours and represents a significant engagement node for members of the playing community. And so I expect that Twitch will continue to be an important part of gamers' lives.

再次強調，Twitch 一直是我們的重要合作夥伴，也是遊戲社群成員的重要互動平台。因此，我預計 Twitch 將繼續成為遊戲玩家生活中重要的一部分。

In terms of Twitch viewer data or Twitch viewer numbers at any given time, it is one data point that we use. There are ebbs and flows in what streamers want to project, and there is ebbs and flows in what viewers want to see. A lot of that is around new content and new engagement models.

就 Twitch 觀眾數據或任何給定時間的 Twitch 觀眾人數而言，這是我們使用的數據點。主播想要呈現的內容有起有落，觀眾想觀看的內容也有起起伏伏。其中許多都與新內容和新的互動模式有關。

And so we would expect that as we kind of go through the year, whether that's for Apex or for FIFA, we will see ebbs and flows in Twitch viewer data. And we will match that with the broader engagement data that we see and the player sentiment that we get from interacting directly with our players and use that to overall drive what is a more enhanced and engaging and extended and expanded player experience for each member of our playing community across each one of our games.

因此，我們可以預期，隨著這一年的進行，無論是 Apex 還​​是 FIFA，Twitch 觀眾數據都會出現起伏波動。我們將把這些數據與我們看到的更廣泛的參與度數據以及我們透過與玩家直接互動獲得的玩家情緒進行匹配，並利用這些數據來推動我們所有遊戲中每個玩家社群成員獲得更增強、更具吸引力、更豐富和更廣闊的玩家體驗。

I'd add to that. Our experience in creating broadcasting content is getting better and better each year. We had a substantial investment this past year in building -- as Andrew mentioned building our own broadcast facility and the team built a world-class facility where we go directly to ESPN or other broadcasting partners that we have with the content that we've created.

我還要補充一點。我們在製作廣播內容方面的經驗每年都在不斷提高。去年我們投入了大量資金進行建設——正如 Andrew 所提到的，我們建造了自己的廣播設施，團隊建造了一個世界級的設施，我們可以直接將我們創作的內容提供給 ESPN 或其他廣播合作夥伴。

And it allows us to repurpose the studio for virtually any game we have. It's set up as a Madden studio, but we could easily do it as a FIFA studio, an Apex studio, whatever it might be. And it can be -- it's not just for creating esports tournaments, but for creating broadcast content to essentially continue the development and excitement around our games and get people engaged in it. And so you're going to continue to see more and more of that as part of what we do.

它使我們能夠將工作室重新用於我們幾乎所有的遊戲。它現在佈置成 Madden 工作室，但我們可以輕鬆地把它佈置成 FIFA 工作室、Apex 工作室，或其他任何工作室。而且它確實可以——它不僅適用於創建電子競技比賽，還適用於創建廣播內容，從而持續推動我們遊戲的發展和熱度，並讓人們參與其中。因此，你會在我們所做的工作中看到越來越多這方面的內容。

And our next question comes from the line of Eric Handler of MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Blake, wonder if you could talk a little bit about the Origin subscription service that you're having? What is your view on that business for the year? And I'm not sure how much you have to invest on a fixed cost basis at this point, but is this a profitable business, in your view, for fiscal '20?

布萊克，你能不能簡單談談你正在使用的Origin訂閱服務？您對該公司今年的業務前景有何看法？我不太清楚您目前需要投入多少固定成本，但您認為這對 2020 財年來說是一項有利可圖的業務嗎？

Without a doubt, profitable. We wouldn't be doing it if we saw it as an unprofitable business. For us, we've continued to invest in the Origin platform around network and player-related tools, ways for players to engage with games easier -- more easier discovery, better social tools around things like matchmaking, better tools around communicating.

毫無疑問，有利可圖。如果我們認為這是一項無利可圖的生意，我們就不會去做了。對我們來說，我們一直在投資 Origin 平台，圍繞著網路和玩家相關工具，讓玩家更容易參與遊戲——更便利的發現、更好的社交工具（例如配對工具）、更好的溝通工具。

And you'll continue to see that evolution over the next couple of years. So we have a long technology roadmap that our teams are focused on there, making the look, the feel and the interaction much better.

在接下來的幾年裡，你還會繼續看到這種演變。因此，我們制定了一項長期的技術路線圖，我們的團隊正專注於此，力求使外觀、感覺和互動性得到極大改善。

We're also trying to make sure we've built some of those tools that could be used on others' platforms if those other platforms don't have those tools because our goal is to replicate subscription across any available platform where we think it would benefit from a subscription.

我們也在努力確保我們建立了一些可以在其他平台上使用的工具，以防其他平台沒有這些工具，因為我們的目標是在任何我們認為可以從訂閱中受益的可用平台上複製訂閱模式。

We know consumers want to consume games that way. We've continued our experiment -- or we'll continue our experiment this year with frontline titles. We have 4 frontline titles this year, FIFA, Madden, Battlefield and Anthem. And we're continuing to collect data on exactly how that differs from the catalog titles.

我們知道消費者希望以這種方式玩遊戲。我們一直在進行這項實驗——或者說，今年我們將繼續對一線刊物進行這項實驗。今年我們有 4 款主力遊戲：FIFA、Madden、Battlefield 和 Anthem。我們正在繼續收集數據，以了解這與目錄標題究竟有何不同。

And we're continuing to add third-party content. As Andrew mentioned, we have over 200 games in our Origin Access program. And some of those from great developers like Warner Bros. or other large third-parties, and we'll continue to add those because we think that's important for consumers.

我們也會繼續加入第三方內容。正如 Andrew 所提到的，我們的 Origin Access 計畫中有超過 200 款遊戲。其中一些來自像華納兄弟這樣的大開發商。或其他大型第三方，我們將繼續增加這些第三方，因為我們認為這對消費者來說很重要。

We think our scale is far greater than anyone else in the industry, particularly scale of AAA games. And that's going to be important to building that subscription base. And the addition of Sony is going to be a huge benefit to both Sony and ourselves around how to have more people playing more games through a subscription offering.

我們認為我們的規模遠大於業內其他任何公司，尤其是 AAA 遊戲的規模。這對建立訂閱用戶群至關重要。索尼的加入對索尼和我們來說都將是一個巨大的好處，它能讓我們透過訂閱服務讓更多的人玩更多的遊戲。

So more to come, we mentioned we're over 3.5 million subscribers across the current Origin and EA Access on Microsoft platform. We think that steps up this year on both organic growth as well as on growth with Sony. But you'll probably see us approach other platforms in the future to try to have them involved. And particularly, as streaming becomes more and more prevalent in the future, we think streaming in combination with subscription could be very powerful.

還有更多消息要公佈，我們之前提到過，目前我們在微軟平台上的 Origin 和 EA Access 平台擁有超過 350 萬訂閱用戶。我們認為，今年無論在內生成長或與索尼的合作成長方面，公司都將取得進步。但未來你可能會看到我們聯繫其他平台，試著讓他們參與其中。尤其是隨著串流媒體在未來越來越普及，我們認為串流媒體與訂閱相結合可能會非常強大。

That's great. And just as a follow-up to that, I remember speaking this time last year or when you launched around E3, the hope was you felt the shooters would have a big impact on the subscription services. And obviously, Battlefield and Anthem had their issues, what do you feel is driving the subscriptions now? And as you look into fiscal '20, what's going to be the key drivers of content for those service -- for the subscription service?

那太棒了。作為後續，我記得去年這個時候，或者說你們在 E3 遊戲展前後發布遊戲的時候，你們曾希望射擊遊戲能夠對訂閱服務產生重大影響。顯然，《戰地》和《聖歌》都存在一些問題，你認為現在推動訂閱量成長的因素是什麼？展望 2020 財年，這些服務（訂閱服務）的內容關鍵驅動因素為何？

Yes, we hadn't built Madden for PC in 10-plus years, so it was probably the lowest driver because there's just not that many people playing Madden on PC. But we believe we'll continue to add to that platform because there's more people playing FIFA obviously, and many of those are starting to get a chance to play Madden because they've never played it before. And we'll see more people that are traditional shooter players play action games like Anthem and sports games that they may not have played before.

是的，我們已經超過 10 年沒有為 PC 開發 Madden 遊戲了，所以這可能是驅動因素最低的原因，因為在 PC 上玩 Madden 的人並不多。但我們相信我們會繼續在這個平台上添加內容，因為顯然玩 FIFA 的人越來越多，而且其中許多人開始有機會玩 Madden，因為他們以前從未玩過。我們將看到更多傳統射擊遊戲玩家開始玩像《聖歌》這樣的動作遊戲以及他們以前可能從未玩過的體育遊戲。

So we find that it takes time for people to get through what's in the subscription. In some ways, it's daunting. There's so many games in there. But they start to settle into a pattern in which they play games that they really enjoy and many times, they're ones they've never actually played before.

所以我們發現，人們需要時間才能看完訂閱內容。從某種程度上說，這令人望而生畏。裡面有很多遊戲。但他們逐漸形成了一種模式，即玩他們真正喜歡的遊戲，而且很多時候，這些遊戲是他們以前從未玩過的。

So we think continually adding, we'll update, obviously, this year Madden and FIFA and other titles to drive the subscription as well as third-party titles. And we'll continue to feed that content and make it easier to find that content and play with new tools for interaction between other players, and we think that will help drive the subscriptions.

所以我們認為，持續增加內容，我們今年顯然會更新 Madden 和 FIFA 等遊戲，以及第三方遊戲，以推動訂閱成長。我們將繼續提供此類內容，讓用戶更容易找到這些內容，並推出新的工具供玩家之間互動，我們認為這將有助於推動訂閱量的成長。

The other addition to this is not unlike other mere and entertainment subscriptions, is that we will use the engagement that we see inside the subscription to help us think about what new games should we partner with to bring to the sub and what new games that we should green light internally. And you will likely see us, over time, start to greenlight some smaller games that go into the subscription with a view to growing them into much larger games in the future.

此外，與其它純粹的娛樂訂閱服務類似，我們將利用訂閱用戶之間的互動情況來幫助我們思考應該與哪些新遊戲合作，為訂閱服務帶來哪些新遊戲，以及應該在內部批准哪些新遊戲。隨著時間的推移，您可能會看到我們開始批准一些較小的遊戲加入訂閱服務，以便將來將它們發展成更大的遊戲。

And so not only do we think this offers tremendous value to players from a monetary standpoint, we also think it offers tremendous value to players because that allows them to really play the games they want to play and, in the future, play games that they might otherwise never get to play but for a subscription.

因此，我們不僅認為這從金錢角度為玩家提供了巨大的價值，而且認為這為玩家提供了巨大的價值，因為這讓他們能夠真正玩到自己想玩的遊戲，並且在未來，還能玩到那些如果沒有訂閱服務就可能永遠玩不到的遊戲。

And to be clear, we're conscious that the investment in the subscription tool, the network is -- doesn't come cheap and investment in third-party content where we usually share revenue could ultimately start to cap margins in the service. We're conscious that unless we can develop a more stable business and more predictable business, it probably doesn't make sense to hurt our margins.

需要明確的是，我們意識到對訂閱工具和網路的投資並不便宜，而對第三方內容的投資（我們通常會從中分享收入）最終可能會限制服務的利潤率。我們意識到，除非我們能夠發展出更穩定、更可預測的業務，否則損害我們的利潤率可能毫無意義。

We're not going to do as some others have in the media industry, overspend or spend a dramatic amount more on content than we're delivering or building ourselves. We're going to continue to deliver and build the content that we have been in the past and look for other partners to help us deliver content and see how it plays out with the consumers.

我們不會像媒體產業的某些人那樣，過度支出，或在內容上的花費遠遠超過我們自己製作或提供的內容。我們將繼續像過去一樣提供和製作內容，並尋找其他合作夥伴來幫助我們提供內容，看看消費者會有什麼反應。

And it's now a small portion of our overall business. We think it can be a meaningful portion and ultimately impact and change the way that the financials come to -- come each year in a much more stable fashion. But we're still on that journey and we'll see how it unlocks in a world of streaming because that may dramatically change the number of people that are -- have the opportunity to play games in this method.

現在它只占我們整體業務的一小部分。我們認為這可以成為一個重要的組成部分，並最終影響和改變財務狀況的形成方式——使財務狀況每年都以更穩定的方式形成。但我們仍在探索這條道路，我們將看看它在串流媒體時代將如何發展，因為這可能會極大地改變有多少人有機會以這種方式玩遊戲。

Our next question comes from the line of Eric Sheridan, UBS.

我們的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe a broader one, away from your own subscription and streaming offering over the medium term, how are you thinking about either partnering or not with other potential streaming and subscription models that might make themselves available to the video game industry broadly as you look out against distribution and getting as wide a distribution for your product as possible?

或許可以放眼更廣闊的領域，拋開您自己的訂閱和串流媒體服務，從中長期來看，您在考慮分銷和盡可能廣泛地推廣產品時，會如何考慮與其他可能面向整個視頻遊戲行業的潛在流媒體和訂閱模式進行合作（或者不合作）？

And the second part of the question, in a world where there is some product that's free-to-play and others that are distributed via streamed models, could that mean that we end up with less marketing intensity broadly and higher ROI for the industry? Would love if you could weigh in on that as well.

問題的第二部分是，在一個有些產品是免費遊戲，而有些產品是透過串流媒體模式分發的世界裡，這是否意味著我們最終會降低整體行銷強度，並為整個產業帶來更高的投資報酬率？如果您也能就此發表一下看法，那就太好了。

Let me grab the first bit and then maybe Blake and I can share the second. We come at this with 2 guiding principles. The first guiding principle is one that has stood the test of time for Electronic Arts, which is we seek to be platform-agnostic.

讓我先拿第一塊，然後也許我和布萊克可以一起分享第二塊。我們秉持兩個指導原則來處理此事。第一個指導原則是藝電公司一直以來堅持的，那就是我們力求做到平台無關。

We have done a tremendous job since our inception of partnering with any and all platform holders that we could to deliver games in any way that we could. And part of that is as a result of our second guiding principle, which is to be where our players are and offer our players choice in how they engage.

自公司成立以來，我們一直致力於與所有可能的平台持有者合作，以各種方式提供遊戲，並取得了巨大的成功。部分原因在於我們的第二個指導原則，即與玩家保持聯繫，並提供玩家參與方式的選擇。

And so as we look out in the market, we're very excited about a number of new players coming into the industry, particularly players of scale who have the ability to dramatically increase the total addressable market of players and provide frictionless access to this tremendous entertainment that we create.

因此，當我們放眼市場時，我們對許多新進入該行業的參與者感到非常興奮，特別是那些規模較大的參與者，他們有能力大幅增加潛在玩家的總市場，並提供無縫訪問我們所創造的這種精彩娛樂內容的機會。

We will continue to found our business on these 2 guiding principles, to be platform-agnostic wherever possible and to provide player choice and be where players are at every possible moment. And we feel like that even in the context of what is likely going to be changing consumption models over time, will both be good for us as an organization and, more importantly, the best for our players over time.

我們將繼續秉持這兩個指導原則來開展業務：盡可能做到平台無關，為玩家提供選擇，並在玩家所在之處隨時隨地提供服務。我們覺得，即使考慮到消費模式可能會隨著時間推移而變化，這對我們這個組織來說既有好處，更重要的是，從長遠來看，對我們的玩家來說也是最好的。

Yes. And on the marketing side, I think in the near term there probably isn't a large impact because you're obviously trying to bring people into the subscription, which requires marketing as well as people to understand the games as we normally do.

是的。在行銷方面，我認為短期內可能不會產生太大影響，因為你顯然是要讓人們訂閱，這既需要行銷，也需要人們像往常一樣了解遊戲。

I think, over the longer term, our hope is it certainly does. If you are able to help people discover new games once they're inside the subscription, we believe that's probably less expensive to do. And most importantly, eliminates one of the big barriers for players and that is the risk of that they're not going to like the title. We do know that there are people that buy games and only play them once or twice. And they're risk adverse as to do they want to try something new.

我認為，從長遠來看，我們希望它確實能夠實現。如果你能幫助訂閱用戶發現新遊戲，我們認為這樣做成本可能更低。最重要的是，它消除了玩家的一大障礙，那就是他們可能不喜歡這款遊戲的風險。我們知道有些人買了遊戲，只玩一兩次。他們比較厭惡風險，所以不願意嘗試新事物。

When it is subscription they think that, that next game is for free. And so what we're trying to do is get people to actually break down that barrier of trial, which we believe a subscription can do and it certainly can do it at a far less cost than it is in a traditional model.

如果是訂閱制，他們就會認為下一款遊戲是免費的。因此，我們正在努力讓人們真正打破試用壁壘，我們相信訂閱模式可以做到這一點，而且它的成本肯定比傳統模式低得多。

Our next question comes from the line of Ben Schachter of Macquarie.

我們的下一個問題來自麥格理銀行的 Ben Schachter。

Congrats on a good performance for the year. When talking about the viewership thing, so when Google announced Stadia, they talked about the strategic value of YouTube for its gaming business, within that context, can you talk about how you're thinking about viewership? How you monetize it? Is it still primarily about promotion for the core or do you see more direct revenues from that? And related to that, how will your relationship with YouTube, Twitch, Facebook and the others evolve?

恭喜你今年取得了不錯的成績。當談到觀眾人數的問題，例如Google宣布推出 Stadia 時，他們談到了 YouTube 對其遊戲業務的戰略價值，在這種背景下，您能否談談您是如何看待觀眾人數的？你如何實現獲利？目前的重點仍是核心產品的推廣，還是說您認為會有更多直接的收入來源？與此相關的是，您與 YouTube、Twitch、Facebook 等平台的關係將如何發展？

And then just separately, can you talk a little bit about how political trade talks with China might impact the video game business? Is there anything that may change there?

另外，您能否單獨談談與中國的政治貿易談判可能會對電子遊戲產業產生哪些影響？那裡會有什麼變化嗎？

I'll let Andrew take the first one, and then I'll try to attempt to take the second one.

我先讓安德魯拿第一個，然後我再嘗試拿第二個。

Again, so in the context of viewership, the first thing that we're seeing is that gaming is a more meaningful part of our players' lives than it's ever been. And in addition to playing, the viewing of games is as important to them.

同樣，就觀眾人數而言，我們首先看到的是，遊戲在玩家生活中扮演的角色比以往任何時候都更重要。除了自己參與比賽之外，觀看比賽對他們來說也同樣重要。

And that's not unnatural. As human beings we've been watching people play sports for hundreds if not thousands of years. And for many people, the playing of games is very core to their competitive juices being fueled. And so we're going to see more and more that viewership trends sans participation. And it becomes a growing part of what is a player's gaming life.

這並非不自然。身為人類，我們觀看人們進行運動的歷史已經長達數百年甚至數千年。對許多人來說，玩遊戲是激發他們競爭慾望的核心方式。因此，我們將看到越來越多的收視趨勢與參與度無關。它逐漸成為玩家遊戲生活中越來越重要的一部分。

In the broader context for us, it all amounts to wonderfully great content. And part of the reason why we build our own production facility here is because we do want to ensure that the content that our players are viewing is as high a quality as it possibly could be. And ultimately, the combination of playing our games and watching our games and engaging in the vast amounts of content that we're able to create that is of deep interest to our players as gaming becomes more important to them, that will almost certainly add to the value of our overall network and our overall ecosystem in the same way that any content or media business would see value.

從更廣闊的視角來看，對我們而言，這一切都構成了非常棒的內容。我們在這裡建立自己的製作設施的部分原因，就是我們希望確保玩家觀看的內容品質盡可能高。最終，隨著遊戲對玩家變得越來越重要，玩家們玩我們的遊戲、觀看我們的遊戲以及參與我們能夠創造的大量他們非常感興趣的內容，這幾乎肯定會增加我們整個網絡和整個生態系統的價值，就像任何內容或媒體企業都會看到的那樣。

Yes, I'd add to that. We have, as Andrew mentioned, we have a great partnership with Twitch. We also have a great partnership with YouTube. We've been using those platforms for obviously working with influencers and showing our content.

是的，我還要補充一點。正如安德魯所提到的那樣，我們與 Twitch 建立了良好的合作關係。我們與 YouTube 也建立了良好的合作關係。我們一直在利用這些平台與有影響力的人合作，並展示我們的內容。

The one thing I think where we have a difference and many of the other game companies do is we also have great partnerships with many of the sports leagues. And when you think about FIFA, that's a collection of some of the biggest sports organizations in the world, people like UEFA, or Champions League and the Premier League and others, which are really global businesses now versus regional businesses they were historically.

我認為我們與其他許多遊戲公司不同的一點是，我們也與許多運動聯盟建立了良好的合作關係。而當你想到國際足總時，你會發現它匯集了世界上一些最大的體育組織，例如歐足總、冠軍聯賽、英超聯賽等等，它們現在都是真正的全球性企業，而不是歷史上曾經的區域性企業。

And so we're working with them to find ways to help them build their brands around the globe, which may be not just traditional video games, but combinations of video games and broadcasting opportunities where we're doing things like esports tournaments and others. So that's a huge potential for us down the road and we're very excited about it.

因此，我們正在與他們合作，尋找幫助他們在全球範圍內建立品牌的方法，這可能不僅限於傳統電子遊戲，還包括電子遊戲和廣播機會的結合，例如電子競技比賽等。所以這對我們來說是一個巨大的發展潛力，我們對此感到非常興奮。

In terms of China, it's a daily question in our mind when we see what tweets come out each morning. So it's hard for us to gauge. We've built what we think is a -- I see as a very strong partnership with Tencent around FIFA and other games in of the marketplace and those games are both on the PC, traditional PC platform as well as mobile platforms in China. We've built a good partnership with other payers in other parts of Asia.

就中國而言，每天早上看到推特上發布的消息時，這都是我們腦海中一個揮之不去的問題。所以我們很難判斷。我們認為，我們已經與騰訊在 FIFA 和其他遊戲領域建立了非常牢固的合作夥伴關係，這些遊戲既有 PC（傳統 PC 平台），也有中國的行動平台。我們與亞洲其他地區的其他支付方建立了良好的合作關係。

We'll continue to do that. We haven't heard anything or seen anything that would imply pressure based on any of the current trade talks. And our hope is that whatever is discussed is settled in a way which it helps us even deepen our partnerships with those players in those markets.

我們會繼續這樣做。我們沒有聽到或看到任何跡象表明，目前的貿易談判中存在任何施壓行為。我們希望，無論討論什麼，都能以一種有助於我們進一步加深與這些市場參與者合作關係的方式得到解決。

Blake, I had one quick follow-up on that. Just the negotiations around Apex entering China, how are those negotiations different than from previous titles?

布萊克，我還有一個後續問題。就Apex進入中國市場的談判而言，這些談判與之前的遊戲有何不同？

I would say not really that different. I think as we get deeper and understand the market more, we may ask for things that we didn't ask for before. But they're not all that. And just remember, Apex is, what, we're 92 days into this. And the first 30 to 40 days, we were trying to figure out how many people we could add each day on the tech side of the equation and what content they needed.

我覺得其實差別不大。我認為，隨著我們對市場的深入了解，我們可能會提出以前從未提出過的要求。但他們並非完美無缺。記住，Apex 已經進行了多久了？我們已經進行了 92 天了。在最初的 30 到 40 天裡，我們一直在努力弄清楚每天可以在技術方面增加多少人，以及他們需要什麼。

And so it's taken us time to work with potential partners and everyone wants to work with us. So you're trying to go through the partnership discussions. But overall, it's been very positive.

因此，我們花了一些時間與潛在的合作夥伴進行洽談，而每個人都想與我們合作。所以你們正在嘗試進行合作洽談。但總體而言，結果非常積極。

Our next question comes from the line of Drew Crum of Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

Blake, so the $300 million to $400 million for Apex bookings, you suggest we model for fiscal '20. Any guidance you can offer in terms of quarterly phasing there? And then separately, I think there's expectations there will be new consoles from Sony and Microsoft out over the next 12 to 18 months. How is that in any way influencing your planned R&D spend and margin guidance for fiscal '20?

Blake，所以你建議我們對 2020 財年的 Apex 預訂量進行建模，金額為 3 億至 4 億美元。關於季度分階段實施方面，您能提供一些指導嗎？另外，我認為未來 12 到 18 個月內，索尼和微軟都將推出新的遊戲主機。這在哪些方面會影響您 2020 財年的研發支出計畫和利潤率預期？

Yes. It's a good question. I would probably put more in Q2 through Q4 than in Q1. Now we've already given you Q1 guidance total so you can probably work through what it is. Because we just released our first season at the start of the quarter. We haven't announced when our next season will occur, but you would assume that it's probably at the tail end or the front of the second quarter.

是的。這是個好問題。我可能會在第二季到第四季投入比第一季更多的資金。現在我們已經給了第一季業績指引，所以你應該可以明白具體數字了。因為我們第一季度是在本季初發布的。我們還沒有宣布下個賽季何時開始，但大家可能會認為會在第二季末或初。

We assume that each -- all the new content that we add will continue to help build that revenue base. So but we're guessing a little bit because we don't have a lot of history here. So I would probably -- it's not straight line. It's probably a little more weighted to the back half of the year.

我們認為，我們添加的每一項新內容都將繼續有助於擴大收入基礎。但我們只能靠猜測，因為我們這裡沒有太多歷史資料。所以我覺得──這不是一條直線。可能下半年佔比會更高一些。

In terms of the new consoles, we're still in the discovery phase around what exactly that means. But we've tried to build our basic engine structure so it is -- can be modified for new consoles or new technology fairly easily versus having it be built from scratch. That's part of the reason we went down the path of trying to build Frostbite as one of our major engines inside the company.

至於新遊戲主機，我們目前仍處於探索階段，還不清楚它們究竟意味著什麼。但是，我們努力建造的基本引擎結構是可以輕鬆地針對新的遊戲機或新技術進行修改的，而不是從頭開始建造。這也是我們選擇將 Frostbite 引擎打造為公司主要引擎之一的部分原因。

And as a reminder, if you go back many years back, going from Gen 2 to Gen 3 was very expensive. But some of that was driven by it was the first time we went to HD versus non-HD in the games themselves, as well as going from still on very customized boxes. When we went from Gen 3 to Gen 4, our costs actually didn't go up at all. And that's because the boxes were designed to have more standardized chipsets. You didn't have the HD problem; you were already there and I think we just got better as we had better technology.

提醒一下，回到很多年前，從第二代升級到第三代是非常昂貴的。但部分原因是，這是我們第一次在遊戲本身中從高清轉向非高清，以及從仍然高度客製化的盒子轉向高清。從第三代到第四代，我們的成本實際上根本沒有增加。這是因為這些機上盒的設計採用了更標準化的晶片組。你當時並沒有高清問題；你已經達到了高清水平，我認為隨著技術的進步，我們只是做得更好了。

And so our focus is on how do we try to minimize the cost going to the next generation. We'll know more in the next, I'm guessing, 2 or 3 quarters, as we get closer to exactly what's going to be out there but our hope is that there's not a big impact.

因此，我們的重點是如何盡量減少下一代所面臨的成本。我估計在接下來的兩到三個季度裡，我們會了解更多情況，因為我們會更接近真相，但我們希望不會產生太大影響。

And our next question comes from the line of Justin Post of Merrill Lynch.

我們的下一個問題來自美林證券的賈斯汀·波斯特。

A couple questions, maybe first with Blake. Just a lot of questions on Apex momentum, obviously a very strong start, and congrats on that. But how has it been the last 45 days as far as users and usage and spend?

我先問幾個問題，或許先問布萊克。關於 Apex 的發展勢頭，有很多問題，顯然這是一個非常強勁的開局，恭喜你們。但過去 45 天的使用者數量、使用情況和支出如何呢？

And then maybe one for Andrew, 2 years now in a row where we've had the big first-person shooter holiday title underperform expectations. How much of that is due to Fortnite and other competition versus execution? And how are you thinking about Battlefield maybe 1.5 years from now just making sure that's going to be a great title?

然後也許還有安德魯，連續兩年，我們推出的大型第一人稱射擊類假日遊戲都未能達到預期表現。這其中有多少是因為《要塞英雄》和其他競爭造成的，又有多少是因為執行力不足造成的？那麼，你覺得一年半以後的《戰地》系列會是什麼樣子呢？你只是想確保它能成為一款優秀的作品？

So I would say we're still -- we're not in a place where we're going to give out a lot of metrics. You can assume that the first 30 days was off the chart, I mean, again because so many people were playing. Our average daily user base has come down slightly but there's still a lot of people playing.

所以我覺得我們目前還不處於會公佈大量指標的階段。你可以想像，前 30 天的成績肯定非常驚人，我的意思是，這再次是因為有太多人參與了遊戲。我們的日均用戶數量略有下降，但仍然有很多人在玩。

And obviously, the biggest challenge on spend is having enough things that people could spend money on. You got to create content for people to spend money on. So you probably should assume that our spend levels have come down. But we also have the new addition of the Battle Pass which, essentially, a lot of spending around Battle Pass and then people use that as their currency for some period of time, so we're learning what those spend patterns look like.

顯然，消費方面最大的挑戰是擁有足夠的可供人們花錢的東西。你必須創作內容，才能讓人願意花錢。所以，您大概可以認為我們的支出水準已經下降了。但我們也新增了戰鬥通行證，本質上，圍繞戰鬥通行證的消費很多，然後人們會在一段時間內將其作為他們的貨幣，所以我們正在了解這些消費模式是什麼樣的。

So not a lot of guidance to give you. I would say that we're still very happy with where it is. It's got a very consistent user base, and we're trying to keep people with new content and new ways to play. And that's where the biggest focus is going to be as well as continue to make sure that the players' experience gets better and better in terms of how they play, if there's any bugs in it. We've never had anything of scale at this level. I think our biggest concurrent user day in FIFA would be 1.5 million users. And here we saw concurrence that we're 5 to 10x that in some cases.

所以也給不了你太多建議。我想說，我們對現狀仍然非常滿意。它擁有非常穩定的用戶群體，我們正在努力透過新的內容和新的玩法來留住用戶。這也是我們工作的重點，我們會繼續努力，確保玩家的遊戲體驗越來越好，並修復遊戲中出現的任何漏洞。我們以前從未有過如此大規模的規模。我認為FIFA單日最高同時線上用戶數將達到150萬。在這裡，我們看到了一致的結果，在某些情況下，我們的數量是這個數字的 5 到 10 倍。

So it tests you. And so we're learning along the way but everything's worked much better than we thought. I mean it's just a question of more content. And before Andrew answers your question, I'll just make sure to remind everybody we're not going to start giving guidance for fiscal '21. We just gave guidance for fiscal '20. So...

這是在考驗你。所以，我們一路摸索學習，但一切都比我們想像的順利得多。我的意思是，這只是內容較多的問題。在 Andrew 回答你的問題之前，我只想提醒大家，我們不會開始提供 2021 財年的績效指引。我們剛發布了2020財年的業績指引。所以...

And so again, I think you're referring to Battlefront II and Battlefield V. I think that at the end of the day, we've got to create great games. And no matter what's going on in the marketplace, we have to create great games.

所以，我想你指的是《星際大戰：前線2》和《戰地5》。我認為歸根究底，我們必須創造出優秀的遊戲。無論市場情勢如何，我們都必須創造出優秀的遊戲。

I think Battlefront II on balance, and it's kind of hard to see through the midst of this, but on -- Battlefront II was a great game. We made some missteps in the context of progression and monetization, which actually clouded what was otherwise a really great game and with the ongoing commitment that the studio has had to the player community, it's now a really strong game with really strong player sentiment. And we expect that, that will continue to do well. We should've had that done at launch but we are a learning organization and we've continued to support that community.

總的來說，我認為《星際大戰：前線 II》是一款很棒的遊戲，雖然很難透過各種爭議看清這一點。我們在遊戲進度和獲利方面犯了一些錯誤，這實際上掩蓋了一款原本非常優秀的遊戲。但憑藉工作室對玩家社群的持續投入，現在它已成為一款非常強大的遊戲，並贏得了玩家的強烈喜愛。我們預計這種情況會繼續保持良好勢頭。我們本應在產品發佈時就完成這項工作，但我們是一個學習型組織，我們一直持續支持這個社群。

I think with Battlefield V, we were missing the battle royale mode at launch. I think the players really wanted that. That was certainly in the front of mind of a global FPS player community. Again, we've now launched Firestorm. We'll be talking about a 6% week-over-week engagement, and the team continues to be very committed to Battlefield as well.

我覺得《戰地5》發售時缺少了大逃殺模式。我認為球員們真的很想要那樣的比賽。這無疑是全球FPS玩家群最為關注的問題之一。我們現在再次推出了「火風暴」計劃。我們將討論每週 6% 的用戶參與度提升，團隊也持續對《戰地》系列保持高度投入。

Through all of that, other people are also going to make great games, and whether that's Fortnite or it's Red Dead Redemption 2, that's no different for us than it's been certainly for the 20 years I've been at this company, there's always competition. The good news, of course, is there's more and more players across more and more platforms across more and more business models, each and every day and more now than there have ever been.

儘管如此，其他人也會製作出很棒的遊戲，無論是《堡壘之夜》還是《荒野大鏢客2》，這對我們來說並沒有什麼不同，至少在我加入這家公司的這20年裡，競爭一直存在。當然，好消息是，每天都有越來越多的玩家湧入越來越多的平台，採用越來越多的商業模式，而且現在比以往任何時候都多。

And so we see the opportunity as being bigger and more exciting than it's ever been, but at the very core, we must execute. And everything you heard from us in our prepared remarks is that we are going through our entire studio and marketing organizations and working on ensuring that we execute against the delivery of spectacular games and very clear communication with our players to ensure that we're delivering what they want and that they know what's coming.

因此，我們認為機會比以往任何時候都更大、更令人興奮，但歸根結底，我們必須執行。你們從我們事先準備好的發言稿中聽到的所有內容都是，我們正在對整個工作室和行銷部門進行審查，努力確保我們能夠交付精彩的遊戲，並與玩家保持非常清晰的溝通，以確保我們能夠提供他們想要的東西，並讓他們知道即將發生什麼。

We'll take one last question.

我們再回答最後一個問題。

And our next question comes from the line of Ryan Gee, Barclays.

下一個問題來自巴克萊銀行的 Ryan Gee。

I guess going back to Andrew's comments on game development. A recurring item that we've seen this year with Anthem and with previous games from BioWare, were some publicly publicized technical hurdles at launch. And I think the solution has been to respond quickly and issue big day 1 or week 1 patches. And this hasn't been something isolated to just EA. I think it's something your peers are doing as well.

我想還是回到安德魯關於遊戲開發的評論上來吧。今年我們在《聖歌》以及 BioWare 之前的遊戲中所看到的一個反覆出現的問題，就是遊戲發售時出現了一些公開的技術難題。我認為解決辦法是迅速做出反應，並在第一天或第一周發布大型補丁。而這種情況並非EA獨有。我認為你的同齡人也在做同樣的事情。

But from an outsider looking in, it seems like doing this should be in the QA road map and addressed earlier before it impacts your public perception and your financial performance. So maybe provide some context on the challenges of running these big online worlds, what's being done now in the back end at EA to ensure your games play as expected at launch. And then especially with Stadia and xCloud from Microsoft adding to the complexity of games going forward, what you guys are doing now on the back end to really prepare for that future?

但從局外人的角度來看，這樣做應該納入品質保證路線圖，並在影響公眾認知和財務表現之前儘早解決。所以，或許可以介紹一下經營這些大型線上世界所面臨的挑戰，以及EA目前在後台正在採取哪些措施來確保遊戲在發佈時能夠如預期運作。尤其是隨著微軟的 Stadia 和 xCloud 的推出，未來遊戲的複雜性將進一步增加，你們現在在後台做了哪些工作來真正為未來做好準備？

So first I would say it's a very perceptive and insightful question. And the reality is it's not just an EA challenge, it's an industry-wide challenge. And as games get more complex, both depth and breadth of game experience, and you're moving from what was initially a BioWare game which will be somewhere between 40 and 80 hours of off-line play, the 40 to 80 hours of off-line play plus 100 or 200, 300 hours of elder game that happens with millions of other players at scale online.

首先，我認為這是一個非常有洞察力和見解的問題。而現實情況是，這不僅是企業架構師面臨的挑戰，而是整個產業的挑戰。隨著遊戲變得越來越複雜，遊戲體驗的深度和廣度也越來越大，你最初玩的 BioWare 遊戲，離線遊戲時間大約在 40 到 80 小時之間，而現在，這 40 到 80 小時的離線遊戲時間，再加上 100 到 200、300 小時的在線多人遊戲時間，都是與數百萬其他玩家進行的。

Traditionally what has happened with these massively online games is you would go through a seeded launch process. You would have soft launches and you have beta tests. And we've been launching these types of games in Asia. And there'll be 4 or 5 different kind of community tests that happen throughout the development process. And that brings kind of the QA component of what happens to these games at scale more forward.

傳統上，這些大型線上遊戲都會經歷一個種子用戶啟動的過程。你會進行試發布和beta測試。我們一直在亞洲推出這類遊戲。在整個開發過程中，將會進行 4 到 5 種不同的社區測試。這使得大規模遊戲的品質保證環節更加突出。

In the worst, that kind of comes in to conjugation with typically how games have been marketed. And so what we're doing now inside the organization is saying, okay, typically the way we would have marketed games like this is on this drip feed approach of releasing new content over time, build up kind of the appetite and the excitement for the game and then launch the game and it would run. As games have gotten bigger, that system isn't working as well as it has done in years gone by.

最糟糕的情況是，這與遊戲的營銷方式通常存在某種關聯。因此，我們現在在組織內部所做的就是，好吧，通常我們會採用這種逐步推出新內容的方式來行銷這類遊戲，隨著時間的推移逐步積累玩家對遊戲的渴望和興奮，然後再發布遊戲，這樣遊戲就能運行。隨著遊戲規模的擴大，這套系統已經不如往年那麼有效了。

And so what you should expect from us is that we -- it's not just about changing the development process in the game, it's not just about changing the QA process in the game, although, both of those things are being changed dramatically inside the organization right now. But it also comes down to changing how we launch games and how we roll out and you should expect that we will start the testing by soft launches the same things that you see in the mobile space right now. And it also comes down to changing how we communicate with players.

因此，你們應該期待我們——這不僅僅是改變遊戲的開發流程，也不僅僅是改變遊戲的品質保證流程，儘管這兩方面目前都在公司內部發生巨大的變化。但這也要歸結於改變我們發布遊戲的方式和推廣方式，你們應該預料到，我們將以軟發布的方式開始測試，就像你們現在在行動領域看到的那樣。歸根究底，這也需要我們改變與球員溝通的方式。

And our entire marketing organization now is moving out of presentation mode and into conversation mode and changing how we interact with players over time. So that at the day that we bring truly a global audience into play, we have strong confidence that, one, the game is ready; two, that the infrastructure can handle the game at scale; and three, that our players understand exactly what it is that they're going to be playing and how they're going to be playing both on the day of launch and over time.

現在，我們整個行銷組織正在從展示模式轉向對話模式，並隨著時間的推移改變我們與玩家互動的方式。因此，當我們真正向全球玩家推出遊戲時，我們有十足的信心：第一，遊戲已經準備就緒；第二，基礎設施能夠大規模地處理遊戲；第三，我們的玩家能夠準確地了解他們將要玩的遊戲內容以及在遊戲發布當天和之後一段時間內將如何玩。

We think that we are in a really good position with this. I think this gets really hard if you don't have scale to do this in this new world until we feel very good about it. And over time, we hope that we can lead from the front and help other developers and publishers change the way they do things as well.

我們認為我們在這方面處於非常有利的地位。我認為，在這個新世界裡，如果沒有規模來做這件事，直到我們對此感到非常滿意之前，這件事都會變得非常困難。隨著時間的推移，我們希望能夠起到帶頭作用，幫助其他開發者和發行商也改變他們的做事方式。

Great. Well, thank you everyone for taking the time today. We look forward to seeing everyone at EA PLAY in July, if not, before then -- or before June, I'm sorry. Thank you.

偉大的。謝謝大家今天抽出時間。我們期待在七月的 EA PLAY 上見到大家，如果不能的話，也希望能在那之前——或者六月之前，很抱歉。謝謝。

This concludes today's conference call. You may now disconnect. Have a great day.

今天的電話會議到此結束。您現在可以斷開連線了。祝你有美好的一天。