美商藝電 (EA) 2023 Q4 法說會逐字稿

Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Fourth Quarter and Fiscal Year-end 2023 Conference Call. I would now like to turn the conference over to Mr. Stuart Canfield, Senior Vice President, Finance and Investor Relations. Please go ahead.

下午好。我叫 Regina，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加美國藝電第四季度和 2023 財年末電話會議。我現在想將會議轉交給財務和投資者關係高級副總裁 Stuart Canfield 先生。請繼續。

Thank you. Welcome to EA's Fourth Quarter and Fiscal Year-end 2023 Earnings Call. With me today are Andrew Wilson, our CEO; and Chris Suh, our CFO; and Laura Miele, our COO. Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted detailed earnings slides to accompany our prepared remarks. Lastly, after the call, we'll post our prepared remarks, an audio replay of this call and a transcript.

謝謝。歡迎來到 EA 的第四季度和 2023 財年末收益電話會議。今天和我在一起的是我們的首席執行官 Andrew Wilson；和我們的首席財務官 Chris Suh；和我們的首席運營官 Laura Miele。請注意，我們的 SEC 備案文件和我們的收益發布可在 ir.ea.com 上獲取。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。最後，在通話結束後，我們將發布準備好的評論、本次通話的音頻重播和文字記錄。

With regards to our calendar, our first quarter fiscal 2024 earnings call is scheduled for Tuesday, August 1. As a reminder, we post a schedule of upcoming earnings calls for the fiscal year on our IR website.

關於我們的日曆，我們的 2024 財年第一季度財報電話會議定於 8 月 1 日星期二舉行。作為提醒，我們在 IR 網站上發布了本財年即將到來的財報電話會議時間表。

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, May 9, 2023, and disclaims any duty to update them.

本演示文稿和我們的評論包括有關未來事件和公司未來財務業績的前瞻性陳述。實際事件和結果可能與我們的預期存在重大差異。我們建議您參考我們最新的 10-Q 表格，討論可能導致實際結果與今天討論的結果大不相同的風險。 Electronic Arts 在 2023 年 5 月 9 日的今天做出這些聲明，並且不承擔任何更新它們的義務。

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

在此電話會議期間，除自由現金流外，財務指標將按 GAAP 原則呈現。除非另有說明，否則本次電話會議期間進行的所有比較都是與去年同期進行的。

Now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thanks, Stuart. I hope all of you are well. I want to start by sharing how inspired and proud I am of our teams. Against macro uncertainty and constant change, we navigated the year with resilience and determination. Throughout fiscal year 2023, we showed the strength of our business, delivered for our players and lived up to the promise of our values. To every EA employee, thank you.

謝謝，斯圖爾特。我希望你們都好。首先，我想分享我對我們團隊的鼓舞和自豪。面對宏觀不確定性和不斷變化，我們以韌性和決心度過了這一年。在整個 2023 財年，我們展示了我們的業務實力，為我們的玩家提供了服務，並實現了我們的價值觀承諾。感謝每一位 EA 員工。

Over the fiscal year, we executed across our business, delivering high-quality games, launching 7 new releases and providing over 450 content updates across 51 titles. Consumer appetite for interactive entertainment experiences is at an all-time high. And with our player network expanding to nearly 700 million, we delivered record engagement across some of our biggest franchises.

在本財年，我們執行了整個業務，交付了高質量的遊戲，發布了 7 個新版本，並為 51 個遊戲提供了 450 多個內容更新。消費者對互動娛樂體驗的興趣空前高漲。隨著我們的玩家網絡擴大到近 7 億，我們在一些最大的特許經營中創造了創紀錄的參與度。

EA is leading the future of interactive entertainment in a dynamic industry where new audiences, new technology and new media trends are reshaping the world around us. Consumption of sports and entertainment is accelerating, and media trends are evolving. We see these transformations as immense opportunities to do more amazing things for our people and our players.

EA 在這個充滿活力的行業中引領著互動娛樂的未來，新觀眾、新技術和新媒體趨勢正在重塑我們周圍的世界。體育和娛樂消費正在加速，媒體趨勢正在演變。我們將這些轉變視為為我們的員工和玩家做更多令人驚奇的事情的巨大機會。

As we look to the future, we're focused on delivering against 3 key strategies: building games and experiences that entertain massive online communities, creating blockbuster interactive storytelling and amplifying the power of community in and around our games with social and creative tools. Executing these strategies across the modalities of play, watch, create and connect will lay the foundation for long-term growth as we write the next great chapter of EA story.

展望未來，我們專注於實現 3 大關鍵戰略：構建娛樂大量在線社區的遊戲和體驗，創造轟動一時的互動故事，以及使用社交和創意工具在我們的遊戲中和遊戲周圍增強社區的力量。在我們書寫 EA 故事的下一個偉大篇章時，在遊戲、觀看、創建和連接的模式中執行這些策略將為長期增長奠定基礎。

Fiscal year 2023 was an amazing year for EA SPORTS FIFA with the entire ecosystem producing incredible results. Console, mobile and PC both premium and free-to-play, delivered double-digit growth in net bookings, and FIFA 23 became the best-selling title in franchise history. Our interactive experiences are at the heart of global football culture and fandom and are a testament to a strategy sharpened by 30 years of passion, creativity and innovation.

2023 財年對 EA SPORTS FIFA 來說是了不起的一年，整個生態系統都取得了令人難以置信的成果。主機、移動和 PC 付費和免費遊戲的淨預訂量實現兩位數增長，FIFA 23 成為特許經營歷史上最暢銷的遊戲。我們的互動體驗是全球足球文化和球迷的核心，也是 30 年激情、創造力和創新所磨礪出的策略的證明。

Fiscal year 2024 stands to be another important year for EA SPORTS. We will build on the massive momentum in our global football ecosystem, delivering expanded enhanced experience for fans, EA SPORTS FC. In April, we unveiled the brand identity and vision for EA SPORTS FC. By every measure, this was the biggest brand moment ever created at EA, reaching billions of potential players generating thousands of media hits within days and inspiring record positive sentiment amongst our players with the support of hundreds of partners, athletes, leagues, federations and clubs. With EA SPORTS FC, we are building a fan-first future for global football, and we cannot wait to share more in July.

2024 財年對 EA SPORTS 來說又是重要的一年。我們將在我們全球足球生態系統的巨大動力的基礎上，為球迷 EA SPORTS FC 提供更廣泛的增強體驗。 4 月，我們公佈了 EA SPORTS FC 的品牌標識和願景。無論以何種標準衡量，這都是 EA 有史以來最大的品牌時刻，在數以百計的合作夥伴、運動員、聯盟、聯合會和俱樂部的支持下，在幾天內觸及了數十億潛在玩家，產生了數千次媒體點擊率，並在我們的玩家中激發了創紀錄的積極情緒.通過 EA SPORTS FC，我們正在為全球足球打造一個粉絲至上的未來，我們迫不及待地想在 7 月分享更多內容。

Already, the world's permanent American football experience, Madden NFL delivered an extraordinary amount of content in and around the game in fiscal year 2023, driving deep engagement and becoming the best-selling title in this franchise's history on console and PC. Madden NFL 24 will build on this excitement, offering even more fun and immersive game play.

作為世界上永久性的美式足球體驗，Madden NFL 在 2023 財年為遊戲內外提供了大量內容，推動了深度參與，並成為該系列遊戲機和 PC 歷史上最暢銷的遊戲。 Madden NFL 24 將以這種興奮為基礎，提供更加有趣和身臨其境的遊戲體驗。

Our fourth quarter saw a resurgence in Apex Legends performance. Season 16 powered by massive game enhancements like a new class system transformed the way core Legends played. Our strong community of players responded favorably, lifting peak engagement more than 20% from the previous season. The resilience of Apex Legends reinforces its unique position as an IP with a power to consistently entertain players as they play, watch and compete in an evolving world. Throughout fiscal year 2023, Apex entertained an average of 20 million monthly active users. This player loyalty is fueled by responsibility to continuously expand and improve the player experience.

我們在第四季度見證了《Apex 英雄》的表現復甦。第 16 季由大量遊戲增強功能提供支持，例如新的職業系統改變了核心 Legends 的遊戲方式。我們強大的玩家社區反應良好，與上一季相比，參與度峰值提高了 20% 以上。 Apex Legends 的彈性鞏固了其作為 IP 的獨特地位，能夠在不斷變化的世界中玩耍、觀看和競爭時始終如一地為玩家提供娛樂。在整個 2023 財年，Apex 每月平均接待了 2000 萬活躍用戶。這種玩家忠誠度是由不斷擴大和改善玩家體驗的責任推動的。

No other game in the industry celebrates creativity and individuality quite like The Sims. This diverse and passionate community has fueled imagination and champion self-expression since its launch in 2014, growing to over 70 million players worldwide and counting. Our talented team at Maxis Studios is using the power of creation and connection to shape culture, developing new experiences for The Sims 4 to take entertainment to unimaginable heights.

業內沒有其他遊戲像《模擬人生》那樣頌揚創造力和個性。自 2014 年推出以來，這個多元化和充滿激情的社區激發了想像力和冠軍的自我表達，在全球範圍內發展到超過 7000 萬玩家，並且還在不斷增加。我們在 Maxis Studios 的才華橫溢的團隊正在利用創造和聯繫的力量塑造文化，為《模擬人生 4》開發新體驗，將娛樂提升到難以想像的高度。

To continually inspire the world to play, we are focused on blockbuster storytelling. Our history and leadership of bringing together culture-defining IP with interactive entertainment creates incredible opportunities to build an unrivaled portfolio bolstered by powerful collaborations. These are fundamental ways to bring more players into our global network through the lasting power that only blockbusters can deliver.

為了不斷激勵世界玩遊戲，我們專注於大片的故事講述。我們將定義文化的 IP 與互動娛樂結合在一起的歷史和領導力創造了令人難以置信的機會，以建立由強大的合作支持的無與倫比的產品組合。這些是通過只有大片才能提供的持久力量將更多玩家帶入我們的全球網絡的基本方法。

Just 11 days ago, we delivered on this priority with the launch of Star Wars Jedi: Survivor. This incredible game has received widespread positive reviews earned an 86 Metacritic score on console and has been called a Game of the Year contender by multiple press outlets. Our dev teams are working with the community around some high-end PC specs. And beyond this, it has been a strong launch. Within the first few weeks, millions of players have joined Cal Kestis and BD-1 in a rebellion against the empire. Star Wars Jedi: Survivor is storytelling at its finest, which is central to the game's success and to our creative collaboration with The Walt Disney Company and Lucasfilm. The game is pure blockbuster entertainment and fans have embraced the story of our Jedi games as a central part of the Star Wars saga, demonstrating how great interactive entertainment can grow and deepen the fandom of an incredibly powerful IP universe.

就在 11 天前，我們通過推出《星球大戰絕地武士：倖存者》來實現這一優先事項。這款令人難以置信的遊戲獲得了廣泛的正面評價，在主機上獲得了 86 分的 Metacritic 評分，並被多家媒體稱為年度遊戲競爭者。我們的開發團隊正在圍繞一些高端 PC 規格與社區合作。除此之外，這是一次強有力的發布。在最初的幾週內，數百萬玩家加入了 Cal Kestis 和 BD-1 的行列，反抗帝國。 《星球大戰絕地武士：倖存者》以最精彩的方式講述故事，這對遊戲的成功以及我們與華特迪士尼公司和盧卡斯影業的創意合作至關重要。該遊戲是純粹的娛樂大片，粉絲們將絕地武士遊戲的故事視為星球大戰傳奇的核心部分，展示了出色的互動娛樂如何能夠發展和加深強大的 IP 世界的粉絲群。

Games are the social networks of the future. To amplify the power of community, we are innovating across a set of social and creative tools in and around our games. Our strategy is to help players make new friends, build their social network and create community. These in-game social experiences were rolled out in FIFA 23. Among players that are interacting with a new feature set, engagement increased over 150%. Our data shows these innovations are driving results in our business and confirm what we know to be true: having more friends and building stronger friendships in our network leads to more time spent playing and connecting.

遊戲是未來的社交網絡。為了增強社區的力量，我們在遊戲中和遊戲周圍創新了一系列社交和創意工具。我們的策略是幫助玩家結交新朋友，建立他們的社交網絡並創建社區。這些遊戲內社交體驗在 FIFA 23 中推出。在與新功能集互動的玩家中，參與度增加了 150% 以上。我們的數據顯示這些創新正在推動我們的業務取得成果，並證實了我們所知道的事實：在我們的網絡中擁有更多朋友和建立更牢固的友誼會導致更多時間花在玩耍和聯繫上。

As a cornerstone of our priorities of growth, we will continue to implement these tools across our portfolio. With a strong close to fiscal year 2023, we are executing on our core strategies, and our focused investments are positioned to drive results across our content and services pipeline. We remain committed to capturing our biggest opportunities and delivering long-term value in our business by doing more amazing things for our players and communities.

作為我們增長重點的基石，我們將繼續在我們的產品組合中實施這些工具。隨著 2023 財年的臨近，我們正在執行我們的核心戰略，我們的重點投資定位於在我們的內容和服務管道中推動成果。我們仍然致力於通過為我們的玩家和社區做更多令人驚奇的事情來抓住我們最大的機會並在我們的業務中創造長期價值。

Now I hand the call over to Chris to provide additional details on our business.

現在，我將電話轉給克里斯，以提供有關我們業務的更多詳細信息。

Thanks, Andrew. And hello, everyone. Our fiscal year 2023 results again demonstrated the fundamental strength of our portfolio, the resiliency of our live services business model and our ability to execute in a disciplined manner. We again outgrew an uneven market, took decisive actions to sharpen our focus and finished the year with a very strong fourth quarter performance.

謝謝，安德魯。大家好。我們 2023 財年的業績再次證明了我們投資組合的基本實力、我們現場服務業務模式的彈性以及我們以有紀律的方式執行的能力。我們再次擺脫了不平衡的市場，採取了果斷的行動來集中註意力，並以非常強勁的第四季度業績結束了這一年。

Our fiscal year was highlighted by significant milestones across our portfolio. In the 6 months since launch, EA SPORTS FIFA 23 has surpassed lifetime sales of EA SPORTS FIFA 22. Apex Legends continued to engage players around the world and following our decision to make the base game free to enter in October, The Sims hit historic engagement highs with tens of millions of new players in the community.

我們的投資組合中的重要里程碑突顯了我們的財政年度。自發布以來的 6 個月內，EA SPORTS FIFA 23 的總銷量超過了 EA SPORTS FIFA 22。Apex Legends 繼續吸引著世界各地的玩家，並且在我們決定在 10 月份免費開放基礎遊戲之後，The Sims 達到了歷史性的參與度社區中數千萬新玩家的高潮。

Throughout the year, we continue to take deliberate actions to focus our company and align our business more closely with the strategic priorities that Andrew outlined, culminating with the actions we announced in late March to rationalize our games portfolio and optimize our real estate footprint. As a result, in the fourth quarter, we recognized a charge of $155 million, with the remaining charges to be recognized during the first half of fiscal 2024.

在這一年中，我們繼續採取慎重的行動來集中我們的公司，並使我們的業務更緊密地與安德魯概述的戰略重點保持一致，最終我們在 3 月下旬宣布採取行動以合理化我們的遊戲組合併優化我們的房地產足跡。因此，在第四季度，我們確認了 1.55 億美元的費用，其餘費用將在 2024 財年上半年確認。

For the fourth quarter, net bookings were $1.9 billion, up 11% or 15% in constant currency. Our results exceeded our expectations and reached a new fourth quarter high, driven by a record live services performance and strength in full game. EA SPORTS FIFA significantly outperformed as net bookings grew 31% year-over-year or up 37% in constant currency. Apex Legends also delivered a stronger quarter than anticipated as players returned for Season 16 in our fourth anniversary collection event.

第四季度，淨預訂量為 19 億美元，按固定匯率計算增長 11% 或 15%。我們的業績超出了我們的預期，創下了第四季度的新高，這得益於創紀錄的現場服務表現和全場比賽的實力。 EA SPORTS FIFA 的表現明顯優於大盤，淨預訂量同比增長 31%，按固定匯率計算增長 37%。 Apex Legends 也交付了比預期更強勁的季度，因為玩家在我們的四周年紀念活動中回歸第 16 賽季。

Our live services net bookings were $1.6 billion, up 9% or 13% in constant currency, significantly outperforming our expectations as EA SPORTS FIFA live services delivered a record quarter. FIFA Ultimate Team net bookings grew 20% year-over-year or up 26% in constant currency and saw all-time high engagement. FIFA Online 4 was up 62% or 71% in constant currency, and FIFA Mobile grew triple digits year-over-year and reached its first $100 million net bookings quarter. Apex Legends saw improved performance following a competitive third quarter, rebounding to a low single-digit year-over-year growth quarter in constant currency. And The Sims 4 exceeded expectations as a new expansion pack and free base game updates resonated with the growing community.

我們的實時服務淨預訂量為 16 億美元，按固定匯率計算增長 9% 或 13%，顯著超出我們的預期，因為 EA SPORTS FIFA 實時服務交付了創紀錄的季度。 FIFA Ultimate Team 淨預訂量同比增長 20%，按固定匯率計算增長 26%，參與度創歷史新高。 FIFA Online 4 按固定匯率計算增長了 62% 或 71%，而 FIFA Mobile 同比增長了三位數，並達到了第一個 1 億美元的淨預訂季度。在競爭激烈的第三季度之後，Apex Legends 的業績有所改善，以固定匯率計算反彈至較低的個位數同比增長季度。 《模擬人生 4》超出了預期，因為新的擴展包和免費的基礎遊戲更新在不斷壯大的社區中引起了共鳴。

Our mobile business, excluding the strong FIFA mobile results, stabilized and delivered in line with our expectations. Our strategy is focused on enhancing player experiences by connecting our largest brands across platforms, delivering blockbuster mobile experiences and optimizing our portfolio for profitable long-term growth. We delivered fourth quarter net revenue of $1.9 billion, up 3% year-over-year. Operating expenses were up 5%, excluding our fourth quarter restructuring charge. Our people costs increased as we continue to invest behind our portfolio, and we also saw higher marketing spend to support new releases. These increases were partially offset by prudent management of other variable spend.

我們的移動業務（不包括強勁的 FIFA 移動業績）穩定並符合我們的預期。我們的戰略重點是通過跨平台連接我們最大的品牌來增強玩家體驗，提供轟動一時的移動體驗並優化我們的產品組合以實現盈利的長期增長。我們在第四季度實現了 19 億美元的淨收入，同比增長 3%。運營費用增長了 5%，不包括我們第四季度的重組費用。隨著我們繼續投資於我們的產品組合，我們的人員成本增加了，而且我們還看到了更高的營銷支出來支持新版本。這些增長部分被其他可變支出的審慎管理所抵消。

Now let me talk about our full year performance. Our net bookings were $7.3 billion, down 2% or up 1% in constant currency, outperforming uneven market conditions and industry headwinds in mobile. Our net revenue was $7.4 billion for the year, and diluted EPS was $2.88. We generated $1.6 billion in operating cash flow and returned over $1.5 billion to shareholders.

現在讓我談談我們全年的表現。我們的淨預訂量為 73 億美元，按固定匯率計算下降 2% 或上升 1%，表現優於不均衡的市場條件和移動行業的逆風。我們當年的淨收入為 74 億美元，攤薄後每股收益為 2.88 美元。我們產生了 16 億美元的運營現金流，並向股東返還了超過 15 億美元。

Now let me turn to the outlook. Our fiscal year 2024 outlook reflects many of the trends we saw in fiscal year 2023. We expect engagement across the portfolio to remain very healthy and our highly reoccurring live services business to show great resilience again. We continue to operate in a competitive market with changing macro conditions. And as such, we will continue to be focused, deliberate and disciplined as we execute against our strategic priorities.

現在讓我談談前景。我們的 2024 財年展望反映了我們在 2023 財年看到的許多趨勢。我們預計整個投資組合的參與度將保持非常健康，並且我們經常出現的現場服務業務將再次顯示出強大的彈性。我們繼續在競爭激烈的市場中經營，宏觀條件不斷變化。因此，在執行我們的戰略重點時，我們將繼續保持專注、深思熟慮和紀律嚴明。

For FX, if rates remain unchanged, we expect a headwind of nearly 2 points for net bookings and 6 points for underlying profit growth, net of hedges relative to last year. We expect fiscal 2024 net bookings to be $7.3 billion to $7.7 billion, roughly flat to up 5% year-over-year or up 1% to 7% in constant currency, built on a strong foundation of our evergreen live services, growth in our massive online communities, the introduction of EA SPORTS FC and blockbuster story point through Star Wars Jedi: Survivor.

對於外匯，如果利率保持不變，我們預計淨預訂量將下降近 2 個百分點，基礎利潤增長將下降 6 個百分點（扣除對沖後相對於去年）。我們預計 2024 財年的淨預訂量將達到 73 億美元至 77 億美元，同比大致持平至增長 5%，或按固定匯率計算增長 1% 至 7%，這建立在我們常青的現場服務的堅實基礎上，我們的增長龐大的在線社區、EA SPORTS FC 的引入以及通過星球大戰絕地武士：倖存者的轟動一時的故事點。

We expect EA SPORTS FC to deliver low single-digit net bookings growth, building on its momentum growing again on top of a record fiscal year 2023. We expect cost of revenue to be $1.7 billion to $1.8 billion, reflecting gross margin expansion, driven by a mix of revenue across royalty-bearing licenses, platform and digital. We expect operating expenses to be $4.3 billion to $4.4 billion with continued focused investments in our business to drive long-term growth. As a result, we expect underlying profitability to grow faster than net bookings.

我們預計 EA SPORTS FC 將在創紀錄的 2023 財年的基礎上再次實現低個位數的淨預訂量增長。我們預計收入成本將在 17 億美元至 18 億美元之間，反映出毛利率的擴張，受到以下因素的推動跨版稅許可、平台和數字的混合收入。我們預計運營費用將達到 43 億美元至 44 億美元，並繼續專注於我們的業務投資以推動長期增長。因此，我們預計潛在盈利能力的增長速度將快於淨預訂量。

We expect operating cash flow of $1.7 billion to $1.9 billion and capital expenditures of around $275 million, which would deliver free cash flow of about $1.4 billion to $1.6 billion. The business continues to be a strong generator of cash. We expect to continue to repurchase stock under our current authorization, which expires in November 2024. We expect fiscal 2024 net revenue to be $7.3 billion to $7.7 billion and earnings per share of $3.30 to $3.81.

我們預計運營現金流為 17 億至 19 億美元，資本支出約為 2.75 億美元，這將帶來約 14 億至 16 億美元的自由現金流。該業務仍然是強大的現金來源。我們預計將繼續根據我們目前的授權回購股票，該授權將於 2024 年 11 月到期。我們預計 2024 財年淨收入為 73 億美元至 77 億美元，每股收益為 3.30 美元至 3.81 美元。

Now moving to our outlook for the first quarter. We anticipate net bookings for Q1 to be $1.5 billion to $1.6 billion, up 15% to 23% or up 19% to 27% in constant currency, primarily driven by full game sales of Star Wars Jedi: Survivor. For the first quarter, we expect net revenue of $1.8 billion to $1.9 billion, cost of revenue to be $350 million to $370 million and operating expenses of approximately $1.07 billion to $1.09 billion, resulting in earnings per share of $0.98 to $1.14.

現在轉向我們對第一季度的展望。我們預計第一季度的淨預訂量為 15 億至 16 億美元，增長 15% 至 23%，或按固定匯率計算增長 19% 至 27%，這主要是受星球大戰絕地武士：倖存者的完整遊戲銷售推動。第一季度，我們預計淨收入為 18 億美元至 19 億美元，收入成本為 3.5 億美元至 3.7 億美元，運營費用約為 10.7 億美元至 10.9 億美元，每股收益為 0.98 美元至 1.14 美元。

Our business is in a strong position propelled by strong brands, massive online communities, blockbuster storytelling and evergreen live services. Our efforts over the last year to align our teams more closely with our key priorities has led to a more focused scope of work, which will help us deliver on our multiyear growth aspirations.

在強大的品牌、龐大的在線社區、轟動一時的故事講述和常青的現場服務的推動下，我們的業務處於有利地位。我們在過去一年努力使我們的團隊與我們的主要優先事項更緊密地結合在一起，從而使我們的工作範圍更加集中，這將有助於我們實現多年的增長目標。

Now I'll hand the call back to Andrew.

現在我會把電話轉回給安德魯。

Thanks, Chris. Interactive entertainment is at an inflection point. The industry is expanding, the number of players expect to grow significantly over the coming years. The audience is becoming more diverse with cultural and generational trends accelerating content consumption. Engaging this expanding player base means reaching them on devices everywhere through disruptive technologies.

謝謝，克里斯。互動娛樂正處於一個拐點。該行業正在擴大，參與者的數量預計在未來幾年將顯著增長。隨著文化和代際趨勢加速內容消費，觀眾變得更加多樣化。吸引這個不斷擴大的玩家群意味著通過顛覆性技術在任何地方的設備上接觸他們。

For EA, these transformations represent opportunities to grow today and over the long term. We have the best talent in the industry to execute against our long-term strategy. It's through their passion and creativity that we will continue to deliver on our mission to inspire the world to play. We are focused on bringing more amazing games to more people around the world, inspiring them to build community, celebrate shared fandom and have joyful experiences. The future of entertainment is interactive, and no team is better equipped to lead this transformation than EA.

對於 EA 而言，這些轉型代表著今天和長期發展的機會。我們擁有業內最優秀的人才來執行我們的長期戰略。正是通過他們的熱情和創造力，我們將繼續履行我們的使命，激發世界的熱情。我們專注於為世界各地更多的人帶來更多精彩的遊戲，激勵他們建立社區，慶祝共同的粉絲並獲得快樂的體驗。娛樂的未來是互動的，沒有哪個團隊比 EA 更能引領這場變革。

Now Chris, Laura and I are here for your questions.

現在克里斯、勞拉和我來這裡是為了你們的問題。

Our first question will come from the line of Andrew Uerkwitz with Jefferies.

我們的第一個問題將來自 Andrew Uerkwitz 與 Jefferies 的合作。

I've got one kind of on June and then kind of a big picture question. Chris, could you help me reconcile a little bit the June guidance? I think a year ago, you had one title. In the June quarter, you have 5 this time. And then clearly, there's some strong momentum in live services. So is this cautious guide? Is this -- is there something in the live service momentum that slows down? Just a little bit more color you can give on June would be great.

我在 6 月有一個問題，然後是一個大問題。克里斯，你能幫我調和一下 6 月的指導意見嗎？我想一年前，你有一個頭銜。在 6 月季度，您這次有 5 個。然後很明顯，現場服務有一些強勁的勢頭。那麼這個指南是謹慎的嗎？這是 - 實時服務勢頭是否有所放緩？你可以在六月給多一點顏色會很棒。

Andrew, so you're talking about the -- our guide for Q1?

安德魯，所以你在談論 - 我們的第一季度指南？

Q1, yes. Yes, sir.

Q1，是的。是的先生。

Yes. Right. So specifically, our guide in Q1 is driven really by the performance of our live services business. And as you pointed out, we have some year-over-year things on new launches that are driving that performance.

是的。正確的。因此，具體來說，我們在第一季度的指南實際上是由我們的現場服務業務的表現驅動的。正如你所指出的，我們在新發布的產品上有一些同比增長的東西正在推動這種表現。

It seems like 5 games should drive more than a couple of hundred million dollars, right, if I'm doing my math right? Or is it just in -- go ahead.

看來 5 場比賽應該能帶來超過幾億美元的收入，對吧，如果我沒算錯的話？或者它只是在 - 繼續。

No, sorry. And we're happy to sort of take you through sort of line by line on that. But it is relative to the size of the launches, I think, that you're referring.

不，對不起。我們很樂意逐行帶您了解這一點。但我認為，這與您所指的發布規模有關。

Got it. Okay. That's great. Yes. And then just kind of big picture, some of the trends that I think you saw in the previous quarters around kind of weakness in smaller titles, I think you guys or some of your peers called out this idea that gamers are kind of coalescing around the biggest titles. Are you still seeing that? And then secondarily, and maybe more importantly, how has that impacted where and how you invest in future titles?

知道了。好的。那太棒了。是的。然後就是一個大局，我認為你在前幾個季度看到的一些趨勢圍繞著小型遊戲的弱點，我認為你們或你的一些同行提出了這樣的想法，即遊戲玩家正在圍繞最大的頭銜。你還看到嗎？其次，也許更重要的是，這對您投資未來游戲的地點和方式有何影響？

Yes. Thank you, Andrew. I think it's a great question. As we look at the marketplace and as we look at consumer trends, I think there's 2 things happening right now. One, which -- and both kind of end us in the same place. But I think one is more short term, and one has as much longer term -- more longer-term ramifications.

是的。謝謝你，安德魯。我認為這是一個很好的問題。當我們審視市場和消費者趨勢時，我認為現在有兩件事正在發生。一個，這 - 兩者都會讓我們在同一個地方結束。但我認為一個更短期，一個具有更長期的 - 更長期的影響。

The first is that any time through the history of our industry, that there is any kind of consumer softness or consumer trepidation around spending also macroeconomic uncertainty. What we typically see is consumers move towards the biggest brands and the biggest titles and the most recognizable experiences. And that really comes down to kind of general consumer behavior, which is they have less money that they're willing to risk against new things or smaller things or unknown things. And typically, our brands like FIFA, like Madden, like The Sims have performed very well at these times.

首先是在我們行業的歷史上，任何時候都存在消費者對支出和宏觀經濟不確定性的疲軟或恐懼。我們通常看到的是，消費者轉向最大的品牌、最大的頭銜和最知名的體驗。這實際上歸結為一種普遍的消費者行為，即他們願意為新事物或較小事物或未知事物冒險的錢較少。通常，我們的品牌，如 FIFA、Madden、The Sims，在這些時候表現非常出色。

That, however, is a moment in time. And our expectation is that as we move through this particular phase and as consumer spending continues to strengthen over time, that there will be opportunities for new titles and new brands. What -- but what we don't think that will outweigh is this movement to these broader social ecosystems that are games, games as platforms. At the very call, we are a games company, but what we are seeing is the evolution of the definition of a game.

然而，那隻是一個時刻。我們的期望是，隨著我們度過這個特定階段，隨著消費者支出隨著時間的推移不斷增強，新遊戲和新品牌將會有機會出現。什麼 - 但我們認為這不會超過這種向更廣泛的社交生態系統（即遊戲，遊戲作為平台）的運動。從一開始，我們就是一家遊戲公司，但我們看到的是遊戲定義的演變。

And you hear us talk about play, watch, create, connect. And it's really that last piece, that connection piece, that is driving the future of our business. And as we think about building FC for the future, as we think about building The Sims for the future and Battlefield and Apex and Skate and other properties in our portfolio, we really think about that in the context of building games as a platform or content as a platform to drive these long-term businesses across play, watch, create, connect. We think this will be longer-lasting than the present kind of macroeconomic climate. And certainly, that's where we're investing in meaningful parts of our time, money and resources over the coming years.

你會聽到我們談論玩耍、觀看、創造、聯繫。這真的是最後一塊，那個連接件，正在推動我們業務的未來。當我們考慮為未來構建 FC，當我們考慮為未來構建《模擬人生》以及《戰地風雲》、《Apex》和《滑板》以及我們產品組合中的其他資產時，我們確實在將游戲構建為平台或內容的背景下進行思考作為推動這些長期業務橫跨遊戲、觀看、創建和連接的平台。我們認為這將比目前的宏觀經濟環境持續更長時間。當然，這就是我們在未來幾年投入有意義的時間、金錢和資源的地方。

That's not to take away from the opportunity to launch incredible things like Jedi, which we've just done, which tell unbelievable stories in an interactive world and become a meaningful part of a bigger brand IP like we have with Star Wars. But certainly, as we balance out our investment over time, a great portion of our investment will go into these building games and experiences that entertain massive online communities. We'll then follow up with a more focused, deliberate investment against telling blockbuster interactive stories, and we think that there will be opportunity for investment over time with the extension of these social and credit tools, both for the in-game experience and beyond the game experience broadly. And you'll see us do some more of that, particularly in the world of EA SPORTS in the coming year.

這並不是要剝奪推出令人難以置信的東西的機會，比如我們剛剛完成的絕地武士，它在互動世界中講述令人難以置信的故事，並成為更大品牌 IP 的重要組成部分，就像我們在星球大戰中所擁有的那樣。但可以肯定的是，當我們隨著時間的推移平衡我們的投資時，我們投資的很大一部分將投入到這些為大型在線社區提供娛樂的建築遊戲和體驗中。然後，我們將進行更專注、更慎重的投資，而不是講述轟動一時的互動故事，我們認為，隨著這些社交和信用工具的擴展，隨著時間的推移，將會有投資機會，無論是在遊戲內體驗還是在其他方面遊戲體驗廣泛。你會看到我們做更多這樣的事情，尤其是在來年的 EA SPORTS 世界中。

(Operator Instructions) Our next question comes from the line of Benjamin Soff with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的本傑明索夫。

Just wanted to dig in a little bit on the expectations for FC. Obviously, you guys had a record year for the franchise, and you're expecting low single-digit growth in the upcoming year. So I just wanted to better understand the drivers there and if you see any challenges or execution risks that you go through the rebrand.

只是想深入了解一下對 FC 的期望。很明顯，你們在特許經營方面取得了創紀錄的一年，並且您預計來年將實現低個位數的增長。所以我只是想更好地了解那裡的驅動因素，如果你看到任何挑戰或執行風險，你會經歷品牌重塑。

I'll touch on this broadly, and I'll let Chris kind of talk a little bit more on the details of how we're forecasting and planning. First and foremost, we're coming off an extraordinary year. Football as a sport is growing globally. We think the World Cup did great things for continuing to grow the sport broadly and the fan ecosystem around the sport. I think what we've been able to do with our football franchise is really become central to the fabric of football culture, and the results that you are seeing is really demonstrative of that importance that we play in that fan football culture.

我會從廣義上談及這一點，我會讓克里斯多談談我們如何預測和規劃的細節。首先，我們度過了不平凡的一年。足球作為一項運動正在全球範圍內發展。我們認為世界杯為繼續廣泛發展這項運動和圍繞這項運動的球迷生態系統做出了巨大貢獻。我認為我們的足球特許經營權真正成為足球文化結構的核心，而你所看到的結果確實證明了我們在球迷足球文化中的重要性。

My belief and my belief all along has been that as we move through this rebrand, and certainly as we talked about in the prepared remarks, this rebrand was probably the single biggest rebrand moment in the history of the company and almost certainly the most successful by a fairly wide margin. We've never seen this kind of consumer energy and this kind of positive consumer energy around a launch of this nature, particularly for a business that we've been in for 30 years.

我的信念和我一直以來的信念是，隨著我們進行這次品牌重塑，當然正如我們在準備好的評論中所說的那樣，這次品牌重塑可能是公司歷史上最大的一次品牌重塑時刻，幾乎可以肯定是最成功的相當大的差距。在這種性質的發布中，我們從未見過這種消費者能量和這種積極的消費者能量，特別是對於我們已經從事 30 年的業務而言。

And so I continue to believe that moving through this rebrand actually presents us extraordinary opportunities for growth, and I've talked about this before and the context of what we can do for the player broadly, how we can extend the play, watch, create, connect, experience, how we can extend the relationships that we have with commercial brands that are equally valuable in football fan culture over time. And I think that as we move through this year, and you see what we're doing in the context of the game experience and what's going on around that, we feel very bullish and very confident around growth opportunities of our football business. But we're coming off a pretty big year, and it's a pretty big comp, and so I'll hand off to Chris to kind of talk you through how we're thinking about that.

因此，我仍然相信，通過這次品牌重塑實際上為我們提供了非凡的發展機會，我之前已經談過這一點，以及我們可以為玩家廣泛做些什麼的背景，我們如何擴展遊戲、觀看、創造，聯繫，體驗，我們如何能夠隨著時間的推移擴展我們與在足球迷文化中同樣有價值的商業品牌的關係。我認為，隨著我們今年的發展，你會看到我們在遊戲體驗的背景下所做的事情以及周圍發生的事情，我們對我們足球業務的增長機會感到非常樂觀和自信。但我們即將迎來非常重要的一年，這是一個非常大的組合，所以我會交給克里斯來談談我們是如何考慮的。

Yes. Thanks, Andrew. Exactly as Andrew said, we're seeing an incredible year for FIFA. We talked about it extensively on the call. Actually, FIFA for the full year across all platforms grew 20% this year in constant currency, and that's off of '22 that also grew double digits. And so the momentum in the business has been fantastic.

是的。謝謝，安德魯。正如安德魯所說，我們看到了 FIFA 令人難以置信的一年。我們在電話中廣泛討論了它。實際上，FIFA 在所有平台上全年以固定匯率計算增長了 20%，這與 22 年增長了兩位數相比有所下降。因此，該業務的發展勢頭非常好。

As we look forward into the launch of FC, as Andrew said, we're really focused on the player experience and making this a great experience. We're pleased to be able to grow the business again off of 2 consecutive years of double-digit growth.

當我們期待 FC 的發佈時，正如安德魯所說，我們真正專注於玩家體驗並使之成為一種很棒的體驗。我們很高興能夠在連續 2 年實現兩位數增長的基礎上再次實現業務增長。

Okay. Great. And then just one on the guidance. I think last quarter, you talked about mid-single-digit operating income growth. And if I'm doing my math right, I think the midpoint of your guide implies more of a low single-digit growth rate. So first of all, is that correct? And what changed? And is it FX or maybe something else?

好的。偉大的。然後只是關於指導的一個。我想上個季度，你談到了中個位數的營業收入增長。如果我沒算錯的話，我認為你指南的中點意味著更多的低個位數增長率。那麼首先，這是正確的嗎？什麼改變了？是外匯還是其他什麼？

Yes, sure. As we gave the guide at the beginning of Q4, we went through a number of planning assumptions that we shared with you in terms of what we saw in terms of player engagement and quality of games and execution. I would say the biggest difference between now and then is, honestly, the performance that we had in Q4. We had an incredibly strong Q4, exceeding our own expectations on a number of fronts that we talked about in the prepared comments. And as we look forward into '24, our outlook and our planning assumptions for '24 in many cases remain unchanged in the sense that all the things that we focus on, which is quality of games, execution and delivery of our resilient live services, those remain quite stable and consistent and unchanged. And I would say that the comp is just quite a bit higher.

是的，當然。正如我們在第 4 季度初提供的指南一樣，我們根據我們在玩家參與度、遊戲質量和執行方面所看到的情況與您分享了一些規劃假設。我想說，老實說，現在和那時最大的區別是我們在第四季度的表現。我們的第四季度表現非常強勁，超出了我們在準備好的評論中談到的許多方面的預期。當我們展望 '24 時，我們對 '24 的展望和規劃假設在許多情況下保持不變，因為我們關注的所有事情，即遊戲質量、我們有彈性的現場服務的執行和交付，這些仍然相當穩定和一致，沒有改變。我會說補償要高得多。

Your next question comes from the line of Matthew Thornton with Truist Securities.

你的下一個問題來自 Truist Securities 的 Matthew Thornton。

Maybe first one, Star Wars Jedi: Survivor, Andrew or Chris, just wondering if you can maybe give us a little bit of color -- put a little more meat on the bone, just maybe how that's faring relative to its predecessor and how to think about that title for the balance of the year.

也許是第一個，星球大戰絕地武士：倖存者，安德魯或克里斯，只是想知道你是否可以給我們一點顏色——在骨頭上多放一點肉，也許它相對於它的前身有什麼進展以及如何想想今年餘下時間的標題。

And then just secondly, on mobile, we've got The Lord of the Rings title here in the first quarter. Curious how material you think that can be to the full year. And mobile more broadly, it looks like it's starting to perk up a little bit or stabilize a little bit. Maybe just a little more color on what you're seeing in that market as we head into fiscal '24.

其次，在移動設備上，我們在第一季度獲得了指環王稱號。好奇你認為這對全年來說有多重要。從更廣泛的角度來看，移動領域似乎開始振作起來或穩定下來。當我們進入 24 財年時，您在該市場上看到的可能只是多了一點顏色。

Yes. On the Jedi piece, and I'll let Chris touch on Lord of The Rings, maybe Laura can give you a little bit more color on the launch of that and what we expect. On Jedi, again, we're overjoyed. We made the bold decision to move the title 6 weeks to give the team the opportunity to really get to the quality of games they wanted. And of course, as you heard in our prepared remarks, the quality has been very, very strong, and many are proclaiming is going to be a game of the year contender. And certainly, playing it and speaking to people who are playing it, it represents incredible storytelling in the Star Wars universe. And so I think we're building on where we were with Jedi: Fallen Order. And we're -- and it's certainly been a very strong launch for us. It was very early. I think we're 11 days in at this point. We're in a different kind of market dynamic, but I would tell you it's pacing very strongly against our expectations and against Jedi: Fallen Order.

是的。關於 Jedi 的作品，我會讓 Chris 談談指環王，也許 Laura 可以給你更多關於它的發布和我們期待的顏色。在 Jedi 上，我們再次喜出望外。我們做出了大膽的決定，將冠軍頭銜提前 6 週，讓團隊有機會真正達到他們想要的遊戲質量。當然，正如您在我們準備好的評論中所聽到的那樣，質量非常非常好，許多人宣稱這將是年度最佳遊戲的競爭者。當然，播放它並與玩它的人交談，它代表了星球大戰宇宙中令人難以置信的故事講述。因此，我認為我們是在《絕地武士：墮落武士團》的基礎上再接再厲。而且我們 - 這對我們來說肯定是一個非常強大的發布。時間還早。我認為此時我們已經進行了 11 天。我們處於一種不同的市場動態中，但我會告訴你，它的步伐與我們的預期和絕地：墮落武士團背道而馳。

Great. The only thing I'd add to what Andrew said about Star Wars is that as exactly as we said, we're incredibly excited about the launch. This is a title that we expect to contribute to our financial performance for a very long time. And so we're in early days.

偉大的。對於安德魯所說的關於星球大戰的內容，我唯一要補充的是，正如我們所說的那樣，我們對發布感到非常興奮。我們希望在很長一段時間內為我們的財務業績做出貢獻。所以我們還處於早期階段。

In terms of The Lord of the Rings mobile launch, again, another title we're very pleased at in terms of the quality of the game and the expectations around it. We are being modest and prudent in terms of the underlying implied financial performance within our guide, consistent with what we've talked about in terms of launches of some of our other titles over the last couple of quarters.

就《指環王》移動版的發布而言，我們對遊戲的質量和對它的期望再次感到非常滿意。就我們指南中的潛在隱含財務業績而言，我們保持謙虛和審慎，這與我們在過去幾個季度發布的其他一些遊戲中所談到的一致。

Our next question will come from the line of Clay Griffin with MoffettNathanson.

我們的下一個問題將來自 Clay Griffin 和 MoffettNathanson 的台詞。

I had a question on Apex. I just -- I noted that Overwatch is experimenting with its first kind of IP crossover collaboration, what have you. Correct me if I'm wrong, it has not been a lever that Apex has really pulled. So I'm curious just to get your sense of the pros and cons of maybe going down that road. I don't know if it makes strategically for Apex, but just kind of the broader point is just trying to better understand kind of what you guys want to do with Apex in terms of monetization or engagement as it relates to those types of activities.

我對 Apex 有疑問。我只是 - 我注意到 Overwatch 正在試驗其第一種 IP 交叉合作，你有什麼。如果我錯了，請糾正我，這並不是 Apex 真正拉動的槓桿。所以我很好奇，只是想讓你了解走這條路的利弊。我不知道它是否對 Apex 有戰略意義，但更廣泛的一點是，試圖更好地理解你們想在貨幣化或參與方面用 Apex 做什麼，因為它與這些類型的活動相關。

Yes. I think what you've heard from us, and certainly the performance in Q4 is testament to this, is Apex is one of the strongest franchise in our industry and certainly one of our strongest franchise when we talk about content as a platform, a game experience as a platform, Apex is certainly front and center as we think about our business model. We have a substantial player base with incredible retention. And as is the nature of these free-to-play environment, there are ebbs and flows. And I think what is unique to Apex is its ability to engage and reengage through those ebbs and flows.

是的。我想你從我們這裡聽到的，當然第四季度的表現證明了這一點，Apex 是我們行業中最強大的特許經營權之一，當我們談論內容作為平台，遊戲時肯定是我們最強大的特許經營權之一作為平台的經驗，Apex 在我們考慮我們的商業模式時無疑是前沿和中心。我們擁有龐大的玩家基礎，而且留存率令人難以置信。正如這些免費遊戲環境的本質一樣，有潮起潮落。而且我認為 Apex 的獨特之處在於它能夠通過這些潮起潮落進行參與和重新參與。

We're going to continue to invest in the IP broadly, both geographically from a platform, extending [models that] play, extending story. And for what it's worth, I don't think anything is off the table. I think that as we think about game IP today, it's kind of like comic book IP of 20 or 30 years ago. This is the IP that Gen Z and Gen Alpha perhaps identify mostly with, and I think the opportunities for us to continue to grow and expand and stretch the nature of the experiences that we're able to offer to our global player base over the next decade and beyond is unfettered.

我們將繼續廣泛地投資 IP，無論是從地理上還是從平台上，擴展 [models that] 播放，擴展故事。對於它的價值，我認為沒有什麼是不可能的。我認為，當我們今天思考遊戲 IP 時，它有點像 20 或 30 年前的漫畫 IP。這是 Z 世代和 Alpha 世代可能最認同的 IP，我認為我們有機會繼續發展、擴展和擴展我們能夠在未來為全球玩家群提供的體驗的本質十年及以後是無拘無束的。

Our next question comes from the line of Mario Lu with Barclays.

我們的下一個問題來自 Mario Lu 與 Barclays 的對話。

This is [Joey] on for Mario. Two, if I can. So is there any color you can provide on your mobile revenue outlook in fiscal '24 that's embedded within the guide? And then separately, for EA SPORTS FC, I appreciate the call-out on the slides that fiscal '24 bookings anticipates low single-digit growth for the title. Are you expecting any margin benefit that will flow down to the bottom line now that the FIFA license has gone?

這是馬里奧的[喬伊]。兩個，如果可以的話。那麼，在指南中嵌入的 24 財年移動收入前景中，您是否可以提供任何顏色？然後，對於 EA SPORTS FC，我很欣賞幻燈片上的標註，即 24 財年的預訂預計該遊戲的低個位數增長。既然 FIFA 許可證已經消失，您是否期望任何利潤收益會流向底線？

Let me address your first question. I'll start there and then I sort of missed the first part of your second question, so if you could repeat that here in a second. But in terms of the mobile growth for next year, our expectations are that mobile business in aggregate will be down year-on-year after FY '23, a large part of that related to the decision to sunset the Apex mobile title, and so that obviously is in the comparable for '23. It won't be in the comparable for '24, and that's a big piece of the mobile business revenue performance expectation for '24. And can you go ahead and repeat your second question? I missed the first part of it.

讓我回答你的第一個問題。我將從那裡開始，然後我有點錯過了你第二個問題的第一部分，所以如果你能在一秒鐘內在這裡重複一遍。但就明年的移動增長而言，我們預計移動業務總量將在 23 財年之後同比下降，其中很大一部分與取消 Apex 移動頭銜的決定有關，因此這顯然與 23 年的水平相當。它不會與 24 年相比，這是 24 年移動業務收入業績預期的很大一部分。你能繼續重複你的第二個問題嗎？我錯過了它的第一部分。

Yes, yes. Got it. So are you guys just expecting any sort of margin benefit that will flow down to the bottom line without the FIFA license for EA SPORTS FC?

是的是的。知道了。那麼，如果沒有 EA SPORTS FC 的 FIFA 許可，你們是否只是期待任何形式的利潤收益會流向底線？

Got it. Okay. It's FC. I missed the part which game you're referring to. So thank you for that clarification. As we think about the transition to FC, we really are focused on the player experience and making this transition, a great one for our fans around the world. We are going to invest behind that across our brand, rebrand launching as well. And so as you think about the total economics of the business, I would not anticipate it being materially different year-on-year.

知道了。好的。是FC。我錯過了你所指的遊戲部分。謝謝你的澄清。當我們考慮向 FC 過渡時，我們真正關注的是玩家體驗並進行這種過渡，這對我們全世界的粉絲來說都是一個偉大的轉變。我們將在整個品牌中進行投資，同時進行品牌重塑。因此，當您考慮業務的總體經濟狀況時，我預計它與去年同期相比不會有重大差異。

Mario, I'd just like to add some context -- a little bit more context maybe on how we're thinking about mobile -- our mobile growth and even our future beyond this coming year. I mean clearly, we've all have seen mobile grow in the past decade from $11 billion to $106 billion globally, which is massive and significant. But what we'd like to share is that the industry pursued that growth with the philosophy of user acquisition or development for that matter at any cost. And how we're looking at things now is that, that era is over. The economics didn't make sense, and we were really focused on -- the industry was kind of focused on the wrong things.

馬里奧，我只想補充一些背景——更多關於我們如何看待移動的背景——我們的移動增長，甚至是我們明年以後的未來。我的意思很明確，在過去十年中，我們都看到全球移動市場從 110 億美元增長到 1060 億美元，這是巨大而重要的。但我們想分享的是，該行業以不惜任何代價獲取或開髮用戶的理念追求這種增長。而我們現在看待事物的方式是，那個時代已經結束了。經濟學沒有意義，我們真的專注於——這個行業有點專注於錯誤的事情。

How we are looking at it and how we -- what we're prioritizing and our new management kind of a refined approach is around profitable growth. So this means equal attention to top line and bottom line in the market and our business dynamics. It's easy, clearly, to focus on top line and just look at that growth area. But when we look at our business and our new management approach, we have seen mobile profitability across our portfolio in the last 2 to 3 years increase. And specifically, when we look at Glu, we've increased 3x from FY '22 to FY '23 and our profitability. So we're really pleased that under our management and how we're thinking about things that we are still focused on growing the overall business in a profitable way.

我們如何看待它以及我們如何 - 我們的優先事項和我們新的管理方式的改進方法是圍繞盈利增長。因此，這意味著對市場的頂線和底線以及我們的業務動態給予同等關注。很明顯，很容易關注頂線，只看那個增長領域。但是，當我們審視我們的業務和新的管理方法時，我們發現過去 2 到 3 年我們產品組合的移動盈利能力有所提高。具體來說，當我們查看 Glu 時，我們的盈利能力從 22 財年到 23 財年增長了 3 倍。因此，我們真的很高興在我們的管理下以及我們如何思考我們仍然專注於以盈利方式發展整體業務的事情。

Now a couple of things. Andrew mentioned and have outlined incredibly well about this connected ecosystem and our connected communities. Mobile is going to play a meaningful role in that. When we look at our FIFA success, which we've talked a lot about in this call already, but it's just so strong and it's been such a meaningful contributor to the overall ecosystem, players that play FIFA HD and mobile generate a far higher daily average revenue than FIFA players who only play on just one platform. So we know that there's a meaningful contribution that mobile can play in the overall ecosystem.

現在有幾件事。 Andrew 提到並概述了這個互聯的生態系統和我們的互聯社區。移動將在其中發揮重要作用。當我們看到 FIFA 的成功時，我們已經在本次電話會議中談了很多，但它是如此強大，它對整個生態系統做出瞭如此有意義的貢獻，玩 FIFA HD 和手機的玩家每天產生的收益要高得多平均收入高於僅在一個平台上玩遊戲的 FIFA 玩家。所以我們知道移動可以在整個生態系統中發揮有意義的貢獻。

The second area that we're spending a lot of time in is our existing live services. So we talked about earlier about that we launched The Lord of the Rings game clearly. And that has really modeled after our Star Wars: Galaxy of Heroes game, which has generated nearly $1.5 billion over the lifetime. When we look at the market and we evaluate what's working, when you look at the top chart in mobile, the top 10 charts in mobile, only 2 entrants have come in the last 2 years. Everything else has been there for quite a long time.

我們花費大量時間的第二個領域是我們現有的實時服務。所以我們之前清楚地談到了我們推出了指環王遊戲。這確實模仿了我們的《星球大戰：英雄銀河》遊戲，該遊戲在整個生命週期中創造了近 15 億美元的收入。當我們審視市場並評估行之有效的方法時，當您查看移動領域的頂級圖表時，移動領域前 10 名的圖表，在過去 2 年中只有 2 個進入者。其他一切都已經存在了很長時間。

So we see a pretty significant runway and continued growth potential in our existing life services. We have Plants vs. Zombies. We have Sims. We have Design Home. Clearly, we have FIFA. We have Tap Sports. We have a really meaningful live service business that we see a really strong runway and still, again, and growing that in a profitable way.

因此，我們在現有的人壽服務中看到了一條非常重要的跑道和持續增長的潛力。我們有植物大戰殭屍。我們有模擬人生。我們有設計之家。顯然，我們有 FIFA。我們有 Tap Sports。我們有一個真正有意義的現場服務業務，我們看到了一條非常強大的跑道，並且仍然以盈利的方式再次發展。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的 Eric Sheridan。

And maybe if I could go back to ask another big picture. One, obviously, there continues to be a lot of debate in the industry about distribution and content companies and vertical versus horizontal scale in the industry. Andrew, I want to know as we get deeper into 2023 and even against some of your longer-term thoughts, how are you thinking about scale, both from a distribution standpoint and from a content creation standpoint and how that factors back into possible capital allocation for the company over the medium term.

也許我可以回去問另一張大圖。第一，很明顯，行業內關於發行和內容公司以及行業的垂直與水平規模的爭論仍在繼續。安德魯，我想知道，隨著 2023 年的深入，甚至與你的一些長期想法相反，你如何看待規模，無論是從分銷的角度還是從內容創作的角度，以及這如何影響可能的資本配置從中期來看，對公司而言。

Great question. As you might imagine, we spent a great deal of energy thinking through this puzzle. I think on balance that what we have done as a company over the last 40 years has navigated various distribution modalities from cartridge to disk -- floppy disk to cartridge, cartridge to disc, disc to digital, digital to live service. And our expectation is that we'll continue to evolve, and we think we're at the forefront of that, particularly as you think about our live services business.

很好的問題。正如您所想像的那樣，我們花了很多精力來思考這個謎題。我認為，總的來說，我們作為一家公司在過去 40 年中所做的工作已經駕馭了從盒帶到磁盤的各種分銷模式——軟盤到盒帶、盒帶到光盤、光盤到數字、數字到實時服務。我們的期望是我們將繼續發展，我們認為我們處於最前沿，特別是當您考慮我們的現場服務業務時。

When we think about scale broadly, I think there are 3 core elements to scale. One is the scale of our network, the amount of players that we interact with each year and each month. And as we talked about in the prepared remarks, we've just hit 700 million, which is an extraordinary amount of people and represents some of the greatest scale in and around our industry.

當我們從廣義上考慮規模時，我認為規模有 3 個核心要素。一是我們網絡的規模，每年和每個月與我們互動的玩家數量。正如我們在準備好的評論中談到的那樣，我們剛剛達到 7 億，這是一個非常多的人，代表了我們行業內和周圍的一些最大規模。

The second area of scale, of course, is meaningful IP. And what we've discovered over time is that our biggest brands continue to get bigger as we invest in them and this year as we take more ownership over our football brand with FC, but certainly FC and Apex and The Sims and Battlefield and Need for Speed and so many of our great brands that there's a level of portfolio scale that gives us optionality for the future that most in our industry or an entertainment broadly, just simply don't have the benefit of.

第二個規模領域，當然是有意義的IP。隨著時間的推移，我們發現我們最大的品牌隨著我們對它們的投資而不斷壯大，今年我們通過 FC 獲得了更多的足球品牌所有權，當然還有 FC 和 Apex 以及 The Sims 和 Battlefield 以及 Need for Speed 和我們眾多的偉大品牌，以至於我們的投資組合規模水平為我們提供了未來的選擇權，而我們行業中的大多數人或廣泛的娛樂業都沒有從中受益。

But there's another element of our business that I think is the most important, and that's our people. The scale of teams that we have that can deliver titles and content and live services year in, year out and has continue to do that through the ebbs and flows of our industry and through the dramatic consumer trend changes and distribution changes and platform changes. Many other companies have tried. Not many have succeeded as it turns out. And as we look to the future and as we see that interactive entertainment is becoming a more and more important part of entertainment broadly, I think that our team scale is actually one of our greatest strengths. Our ability to launch the number of EA SPORTS games and updates every year, our ability to take Apex to 200 million people, our ability to take The Sims to 70 million people, our ability to bring Battlefield back in an entirely new way in the future and reinvent and rethink what Skate might be as a consumer connection platform around Skate culture.

但我認為我們業務的另一個要素是最重要的，那就是我們的員工。我們擁有的團隊規模可以年復一年地提供標題和內容以及實時服務，並且通過我們行業的潮起潮落以及通過戲劇性的消費者趨勢變化和分銷變化以及平台變化繼續這樣做。許多其他公司已經嘗試過。事實證明，沒有多少人成功。展望未來，當我們看到互動娛樂正成為廣泛娛樂中越來越重要的一部分時，我認為我們的團隊規模實際上是我們最大的優勢之一。我們有能力每年推出大量 EA SPORTS 遊戲和更新，我們有能力將 Apex 帶給 2 億人，我們有能力讓模擬人生帶給 7000 萬人，我們有能力在未來以全新的方式帶回戰地風雲重塑和重新思考滑板作為圍繞滑板文化的消費者連接平台可能是什麼。

There are very few companies, if any, in our industry or in entertainment more broadly that can do that at the scale that we can do it. And it's inherent in who we are as a company. We invest deeply in it, in the culture of our organization in really supporting creators. And I think that as we move forward in entertainment that the combination of our network, our IP and, more importantly, our teams gives us the kind of scale that means that we have unbelievable opportunities for growth and certainly opportunities for success as we embark in what will be a new competitive marketplace.

在我們的行業或更廣泛的娛樂行業中，很少有公司（如果有的話）能夠以我們可以做到的規模做到這一點。這是我們作為一家公司所固有的。我們在這方面投入了大量資金，在我們組織的文化中真正支持創作者。而且我認為，隨著我們在娛樂領域的發展，我們的網絡、我們的 IP，更重要的是，我們的團隊的結合為我們提供了規模，這意味著我們擁有令人難以置信的增長機會，當然也有機會在我們踏上成功的道路上取得成功。什麼將是一個新的競爭市場。

Your next question comes from the line of Stephen Ju with Crédit Suisse.

你的下一個問題來自 Stephen Ju 與 Crédit Suisse 的對話。

Okay. So Andrew, as I hear you talk about the connected ecosystem as well as blockbuster franchises, it seems like the complexity to develop a really successful franchise is only ratcheting higher. And hence, there is probably a higher level of risk around all these projects as well. So do you think you will allow development teams in, say, the nonsports games, not longer lead times to make sure the quality is high and the risk to franchise damage is minimal?

好的。所以安德魯，當我聽到你談論互聯生態系統以及大片特許經營權時，似乎開發真正成功的特許經營權的複雜性只會越來越高。因此，所有這些項目也可能存在更高級別的風險。那麼，您是否認為您會允許開發團隊在非體育遊戲中不再需要更長的準備時間來確保高質量並且將特許經營權受損的風險降到最低？

Yes. I think it's a great question, and I go back to some of the comments we made earlier, which is as we think about the notion of a game, the definition is evolving pretty dramatically. And so when we think about time for development, it's not just the creation of a world or the development of characters or the telling of a story. It's really about how do we build this as a platform that drives long-term live service business over a 10-plus year period. And I think as we think about supporting and investing in and growing our creating capabilities, our development capabilities, our studio capabilities, that's really where we're investing meaningfully.

是的。我認為這是一個很好的問題，我回到我們之前發表的一些評論，即當我們思考遊戲的概念時，定義正在發生相當大的變化。因此，當我們考慮開發時間時，不僅僅是創造一個世界或發展角色或講述一個故事。這實際上是關於我們如何將其構建為一個平台，以在 10 多年的時間裡推動長期的實時服務業務。我認為，當我們考慮支持、投資和發展我們的創造能力、我們的開發能力、我們的工作室能力時，這才是我們真正有意義投資的地方。

And on balance, yes, we will give them more time, and we will let them evolve how they build and what they build and how they launch their games over time. But it's really not just about the complexity of games. It's really about the changing nature of what it is that we're building, but more importantly, the changing nature of how we derive value from that development over the long term. And so where we once built games in 1 year or 2 years and then monetize them over 5 weeks or 5 months, now games as a platform are taking longer, but the benefits are exponentially greater.

總的來說，是的，我們會給他們更多的時間，讓他們隨著時間的推移改進他們構建的方式、構建的內容以及發布遊戲的方式。但這真的不僅僅是遊戲的複雜性。這實際上是關於我們正在構建的東西不斷變化的性質，但更重要的是，我們如何從長期發展中獲得價值的不斷變化的性質。因此，我們曾經在 1 年或 2 年內製作遊戲，然後在 5 週或 5 個月內將其貨幣化，現在遊戲作為一個平台需要更長的時間，但收益卻呈指數級增長。

And what we're seeing out of FC; and what we're seeing out of Apex; what we're seeing out of The Sims, which again launched in 2014, is meaningful return over a decade's long life cycle. And as we set ourselves up for the future, that's going to be a meaningful part of how we invest in our company, how we invest in the content and service that we provide to players and how we support our development teams to do that.

我們從 FC 中看到了什麼；以及我們從 Apex 中看到的；我們從 2014 年再次推出的《模擬人生》中看到的是在長達十年的生命週期中有意義的回報。當我們為未來做好準備時，這將成為我們投資公司、投資我們提供給玩家的內容和服務以及我們如何支持我們的開發團隊做到這一點的重要組成部分。

Your next question will come from the line of Mike Hickey with Benchmark.

您的下一個問題將來自 Mike Hickey 與 Benchmark 的合作。

Just 2 for me. First one, just how you're thinking about industry consolidation, assuming acquisition deal gets brought here, what you think the implications are for the broader industry and on consolidation, Andrew? Second question, not intended to be softball question here, but curious on AI and development, thinking about opportunities, challenges, winners, losers. It seems like you guys have been very proactive here. Already starting to see the success of AI on development, but just curious what you're doing today, the success you're finding, early learnings and how you think about a step-up growth opportunity over the long term.

對我來說只有2個。第一個，你是如何考慮行業整合的，假設收購交易被帶到這裡，你認為這對更廣泛的行業和整合有什麼影響，安德魯？第二個問題，這裡不是壘球問題，而是對人工智能和發展的好奇，思考機會、挑戰、贏家、輸家。看來你們在這裡非常主動。已經開始看到 AI 在開發方面的成功，但只是想知道您今天在做什麼、您正在尋找的成功、早期學習以及您如何看待長期的提升增長機會。

Yes, great questions. Let me touch on the first part, and then I'll hand over to Laura to provide a little bit more detail on the AI part in terms of what we're doing. So first, as it relates to consolidation, I'm sure you recognize this is a question I get asked a lot. I almost am never allowed to answer that question as it turns out. What I would say is I don't know what's going to happen with Activision and Microsoft. Again, we continue to be Microsoft's biggest partner. I think we're the #1 publisher on their platform. So whether that deal goes through or not is not really material to us broadly. We think we have the scale, again, back to our network, our IP and our talent to continue to navigate the future and lead the future of entertainment and compete in a marketplace regardless of whether that deal goes through or not.

是的，很好的問題。讓我談談第一部分，然後我將交給勞拉，根據我們正在做的事情，提供更多關於人工智能部分的細節。因此，首先，由於它與整合有關，我相信你認識到這是一個我經常被問到的問題。事實證明，我幾乎從來沒有被允許回答這個問題。我要說的是，我不知道動視和微軟會發生什麼。同樣，我們仍然是微軟最大的合作夥伴。我認為我們是他們平台上排名第一的發行商。因此，這筆交易是否通過對我們來說並不重要。我們認為我們有規模，再次回到我們的網絡、我們的知識產權和我們的人才，以繼續駕馭未來，引領娛樂的未來，並在市場上競爭，無論交易是否通過。

Longer term, will there be industry consolidation? Will there be broader entertainment consolidation? If I was predicting the future over the long term, I would say that's an almost certainty at some level. I would love for us to have the scale to be a meaningful consolidator in that space. I think that we have tremendous assets with respect to the future of entertainment. But as it stands today, I think that we're indifferent as to whether that goes through or not. We feel like we have an incredible strategy. We feel like we have an incredible opportunity. And whether it goes through or not, we will continue to be the #1 publisher on the Microsoft platform.

長期來看，是否會出現行業整合？會有更廣泛的娛樂整合嗎？如果我是在預測長期的未來，我會說這在某種程度上幾乎是確定的。我希望我們有規模成為該領域有意義的整合者。我認為我們在娛樂的未來方面擁有巨大的資產。但就目前的情況而言，我認為我們對是否通過與否無動於衷。我們覺得我們有一個不可思議的策略。我們覺得我們有一個難以置信的機會。無論是否通過，我們都將繼續成為 Microsoft 平台上排名第一的發行商。

As it relates to AI, I think that, again, as an industry, we're probably going to be one of the greatest beneficiaries of AI broadly. I think that it will allow us to do what we currently do more efficiently. It will allow us to actually do more things as we think about being creators, our ability to use AI to augment our incredible teams and create even more entertainment for an audience that has an insatiable appetite for what we're doing. And then ultimately, to allow AI to help our players and our fans create content in our world represents significant opportunity for us.

就人工智能而言，我認為，作為一個行業，我們可能會成為人工智能的最大受益者之一。我認為這將使我們能夠更有效地做我們目前所做的事情。它將使我們能夠真正做更多的事情，因為我們考慮成為創造者，我們有能力使用人工智能來增強我們令人難以置信的團隊，並為對我們正在做的事情有著永不滿足的胃口的觀眾創造更多的娛樂。最後，讓 AI 幫助我們的玩家和粉絲在我們的世界中創造內容對我們來說是一個重要的機會。

One of the things that we are also very cognizant of is there are also fears around AI. Of course, the fear of displacement of the workforce is something that we read a lot about and we talk a lot about. And as we think about every revolution over the course of time from the agriculture revolution through the industrial revolution and on, there has been displacement of the workforce in the near term and then meaningful increases in workforce opportunities over the longer term. And our hope is that AI represents the same opportunity, and we're working very closely inside of our company to ensure that our people benefit in that way and actually facilitate them to do more things.

我們也非常清楚的一件事是，人們也對人工智能感到恐懼。當然，對勞動力流失的恐懼是我們經常閱讀和談論的事情。當我們思考從農業革命到工業革命及以後的時間進程中的每一次革命時，勞動力在短期內發生了流離失所，然後在長期內勞動力機會顯著增加。我們希望人工智能代表同樣的機會，我們在公司內部密切合作，以確保我們的員工以這種方式受益，並真正促進他們做更多的事情。

Of course, then there is the notion of ownership of data and who owns the output of these AI models. And we have the benefit being around for 40 years and having extraordinary amounts of data from which we can use, and Laura will talk a little bit more about that.

當然，還有數據所有權的概念以及誰擁有這些 AI 模型的輸出。我們受益於 40 年的歷史，擁有大量可供我們使用的數據，Laura 將對此進行更多討論。

And then lastly, of course, it's this notion of what about people -- bad actors using AI. And I think what our plan will be is to work with others in our industry, others in entertainment, others in technology and others in governments and regulators over time to help the laws keep up with the pace of AI so that help consumers, our players, our fans aren't subjected to bad actors and fraudulent behavior as a result of AI in our industry.

最後，當然，這是關於人的概念——使用 AI 的不良行為者。我認為我們的計劃是隨著時間的推移與我們行業的其他人、娛樂業的其他人、技術的其他人以及政府和監管機構的其他人合作，幫助法律跟上人工智能的步伐，從而幫助消費者和我們的玩家，我們的粉絲不會因為我們行業中的人工智能而受到不良行為者和欺詐行為的影響。

Yes. Mike, great questions. And Andrew, you framed it, framed the AI picture incredibly well. There's a few things I can add. Clearly, AI has been a cornerstone of innovation for years, and we have a rich history at EA with AI. I mean as we look at this next wave of innovation and technology, we see it to be a powerful accelerator for key areas in our business. And as Andrew mentioned, we are incredibly optimistic actually about our unique competitive advantage given our scale, given our data.

是的。邁克，很好的問題。安德魯，你把它框起來，把人工智能圖片框起來非常好。我可以添加一些內容。很明顯，AI 多年來一直是創新的基石，我們在 EA 擁有豐富的 AI 歷史。我的意思是，當我們審視下一波創新和技術浪潮時，我們認為它是我們業務關鍵領域的強大加速器。正如安德魯所說，鑑於我們的規模和數據，我們實際上對我們獨特的競爭優勢非常樂觀。

Inputs into AI models will create differentiation, protecting our data for having protected IP that we can create generative content from. We have a rich library and history of assets. So we really like how we're positioned. And also keep in mind that we have great partnerships, and we talked a lot about FC today. We are -- we did a partnership with La Liga, and there's Hawkeye data that we're able to use in our game that is not going to be available -- open -- in an open public marketplace. Again, we really like our position and the advantage that we have given our history and who we are.

對 AI 模型的輸入將創造差異化，保護我們的數據以獲得受保護的 IP，我們可以從中創建生成內容。我們擁有豐富的圖書館和資產歷史。所以我們真的很喜歡我們的定位。還要記住，我們有很好的合作夥伴關係，我們今天談了很多關於 FC 的事情。我們是 - 我們與西甲聯賽建立了合作夥伴關係，並且我們可以在我們的遊戲中使用鷹眼數據，這些數據不會在開放的公共市場上提供 - 開放。再一次，我們真的很喜歡我們的地位和優勢，我們給我們的歷史和我們是誰。

And we're thinking about the advantage of this next wave of technology as the accelerator in game development for players and player experience and then as we also think about truly live services at scale. So in game development, you would imagine the velocity of content, creative iteration is going to be advantaged greatly by having really smart content tools. Andrew mentioned the creator content life-like animation, real-time text to speech for players and what that will mean for them and the experiences they have. As we think about live game support at scale, there's going to be some really great imagery detection, issue detection, economic modeling that we're going to be able to apply as we continue to grow these connected ecosystem. So we are pretty optimistic and excited and inspired about this new wave of AI. Again, we have a rich history of it, and we're very optimistic about the years ahead and what it means to our business.

我們正在考慮下一波技術的優勢，作為玩家和玩家體驗的遊戲開發加速器，然後我們也在考慮真正大規模的實時服務。所以在遊戲開發中，你可以想像內容的速度，創意迭代將通過擁有真正智能的內容工具而獲得極大的優勢。 Andrew 提到創作者內容栩栩如生的動畫、為玩家提供的實時文本轉語音以及這對他們和他們的體驗意味著什麼。當我們考慮大規模的實時遊戲支持時，隨著我們繼續發展這些互聯的生態系統，我們將能夠應用一些非常棒的圖像檢測、問題檢測、經濟建模。因此，我們對這一新的人工智能浪潮非常樂觀、興奮和鼓舞。同樣，我們擁有豐富的歷史，我們對未來幾年及其對我們業務的意義非常樂觀。

Our final question will come from the line of Doug Creutz with TD Cowen.

我們的最後一個問題將來自 Doug Creutz 和 TD Cowen。

Just wondered if you could give an update on how the various projects that are associated with the Battlefield IP are progressing and maybe how that plays into some of the things you said earlier about giving your big franchises time to gestate so that they're great when they come out.

只是想知道您是否可以提供有關與《戰地風雲》IP 相關的各種項目進展情況的最新信息，以及這可能如何影響您之前所說的關於讓您的大型特許經營權有時間醞釀的一些事情，以便它們在他們出來了。

Yes. I mean we don't have any date announcements or future announcements, if that's the question, certainly this time. What I'd say is I think we've put together an extraordinary creative leadership team. I know we've got the team gathering actually this week in Sweden. I had to call this morning with some of the leadership, and they're very bullish on how that's progressing. I think we've got extraordinary confidence in that team and extraordinary confidence in the progress they're making against the future of that franchise.

是的。我的意思是我們沒有任何日期公告或未來公告，如果這是問題的話，當然是這次。我要說的是，我認為我們組建了一支非凡的創意領導團隊。我知道實際上這週我們在瑞典舉行了團隊聚會。今天早上我不得不打電話給一些領導層，他們非常看好這方面的進展。我認為我們對這支球隊非常有信心，對他們為球隊的未來所取得的進步充滿信心。

And I come back to we're not just building a game. We're building a platform, content as a platform, to drive live services over the decades to come. And so as we continue to move through this process and becomes appropriate, we'll share more about the future of Battlefield. But it is firmly implanted in that first pillar of our strategy: building games and experiences that attract and entertain massive online communities across platforms, across business models, across geographies. And we think that Battlefield is going to be a meaningful part of our future. And we'll share more time and share more as time progresses.

我回過頭來，我們不僅僅是在製作遊戲。我們正在構建一個平台，以內容為平台，以推動未來幾十年的直播服務。因此，隨著我們繼續推進這一過程並變得合適，我們將分享更多關於《戰地風雲》的未來。但它牢牢植根於我們戰略的第一支柱：構建遊戲和體驗，吸引和娛樂跨平台、跨商業模式、跨地域的大量在線社區。我們認為《戰地風雲》將成為我們未來的重要組成部分。隨著時間的推移，我們將分享更多的時間和分享更多的內容。

That was our last question. Thank you for being with us. Thank you again to all of our extraordinary teams who delivered an unbelievable Q4 in the face of some macro uncertainty. And we've set us up for a very, very strong FY '24. And of course, congratulations to the Jedi team having just launched an extraordinary blockbuster inside one of the biggest IPs on the planet. See you all next quarter.

這是我們的最後一個問題。感謝您與我們在一起。再次感謝我們所有非凡的團隊，他們在面臨一些宏觀不確定性的情況下交付了令人難以置信的第四季度。我們已經為一個非常非常強大的 24 財年做好了準備。當然，祝賀 Jedi 團隊剛剛在這個星球上最大的 IP 之一中推出了一部非凡的大片。下個季度見。

And that concludes today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。謝謝大家的加入。您現在可以斷開連接。