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.

午安.我是 Regina，今天將擔任本次電話會議的接線生。現在，我謹代表藝電（Electronic Arts）歡迎各位參加2023財年第四季及全年業績電話會議。接下來，我將把會議交給資深副總裁兼財務及投​​資者關係主管 Stuart Canfield 先生。請他發言。

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。歡迎參加EA 2023財年第四季及全年財報電話會議。今天與我一同出席的有：執行長Andrew Wilson、財務長Chris Suh以及營運長Laura Miele。請注意，我們的美國證券交易委員會（SEC）文件和財報可在ir.ea.com查閱。此外，我們也發布了詳細的財報投影片，以配合我們準備好的發言稿。最後，會議結束後，我們將發布我們的演講稿、本次會議的錄音回放以及會議文字稿。

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.

關於我們的日程安排，2024 財年第一季財報電話會議定於 8 月 1 日星期二舉行。提醒各位，我們會在投資者關係網站上公佈本財年即將舉行的財報電話會議日程。

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.

本次演示及我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的10-Q表格。藝電（Electronic Arts）於2023年5月9日作出上述陳述，並聲明不承擔更新這些陳述的義務。

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

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則（GAAP）列示。除非另有說明，本次電話會議中所有比較均與去年同期進行比較。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

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。希望你們一切都好。首先，我想表達我對我們團隊的敬佩和自豪。面對宏觀經濟的不確定性和持續的變化，我們憑藉著韌性和決心度過了這一年。在2023財年，我們展現了業務的實力，為玩家帶來了精彩的遊戲體驗，並實踐了我們的價值觀。在此，我要感謝每一位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，我們各項業務均取得了顯著成效，交付了高品質的遊戲，推出了7款新作，並在51款遊戲中進行了超過450次內容更新。消費者對互動娛樂體驗的需求達到了前所未有的高度。隨著玩家群擴展至近7億，我們一些最熱門的遊戲系列也創下了用戶參與度的新紀錄。

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引領著互動娛樂的未來，身處一個瞬息萬變的行業，新的受眾、新的技術和新的媒體趨勢正在重塑我們周圍的世界。體育和娛樂的消費正在加速成長，媒體趨勢也不斷演變。我們認為這些變革蘊藏著巨大的機遇，能夠為我們的員工和玩家創造更多精彩體驗。

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，我們將專注於三大關鍵策略：打造能夠娛樂龐大線上社群的遊戲和體驗；創造轟動一時的互動故事；以及利用社交和創意工具，增強遊戲內外社群的力量。在遊玩、觀看、創作和互動等各個方面貫徹這些策略，將為我們譜寫EA下一個輝煌篇章的長期發展奠定基礎。

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來說是輝煌的一年，整個生態系統都取得了令人矚目的成就。主機、行動和PC平台，無論是付費遊戲或免費遊戲，淨預訂量都實現了兩位數的成長，《FIFA 23》更成為了該系列史上最暢銷的作品。我們的互動體驗是全球足球文化和球迷群體的核心，也是我們30年來秉持的熱情、創造力和創新精神不斷完善的策略的有力證明。

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而言注定是另一個重要的年份。我們將乘著全球足球生態系統的強勁勢頭，為球迷帶來更豐富、更優質的EA SPORTS FC體驗。今年4月，我們正式發布了EA SPORTS FC的品牌形象與願景。無論從哪個角度來看，這都是EA有史以來規模最大的品牌發布活動，短短幾天內便觸達了數十億潛在玩家，獲得了數千次媒體曝光，並在數百家合作夥伴、運動員、聯賽、協會和俱樂部的支持下，激發了玩家們前所未有的積極情緒。透過EA SPORTS FC，我們正在建立一個以球迷為中心的全球足球未來，我們迫不及待地想在7月與大家分享更多精彩內容。

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.

作為全球最受歡迎的美式足球遊戲，《麥登橄欖球》在2023財年推出了大量遊戲內外內容，大大提升了玩家參與度，並成為該系列在主機和PC平台上銷量最高的作品。 《麥登橄欖球24》將在此基礎上更進一步，帶來更精彩刺激、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.

第四季度，《Apex英雄》表現強勁反彈。第16賽季憑藉著全新的職業系統等一系列重大遊戲優化，徹底改變了核心英雄的玩法。我們強大的玩家社群對此反應熱烈，高峰活躍度較上季提升超過20%。 《Apex英雄》的韌性鞏固了其作為一款IP的獨特地位，它能夠持續為玩家帶來娛樂體驗，無論玩家是在遊戲中游玩、觀看比賽還是在競技，都能感受到遊戲的魅力。在2023財年，《Apex英雄》平均每月有2,000萬活躍用戶。玩家的忠誠度源自於我們不斷拓展、提升玩家體驗的責任感。

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.

業界沒有哪一款遊戲能像《模擬市民》一樣如此頌揚創造力和個性。自2014年推出以來，這個多元化且充滿熱情的玩家群激發了無限想像力，並倡導自我表達，如今已擁有超過7000萬全球玩家，且人數還在不斷增長。我們Maxis Studios的優秀團隊正利用創造和連結的力量來塑造文化，為《模擬市民4》開發全新體驗，將娛樂體驗提升到前所未有的高度。

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.

為了持續激發全球玩家的玩樂熱情，我們專注於打造震撼人心的故事。我們擁有將具有文化影響力的IP與互動娛樂相結合的悠久歷史和領先地位，這為我們構建無與倫比的產品組合創造了絕佳機遇，並輔以強大的合作關係。這些都是透過只有震撼人心的作品才能帶來的持久影響力，吸引更多玩家加入我們全球網路的根本途徑。

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，我們實現了這個優先事項，推出了《星際大戰絕地：倖存者》。這款精彩的遊戲獲得了廣泛的好評，在主機平台上獲得了86分的Metacritic評分，並被多家媒體譽為年度最佳遊戲的有力競爭者。我們的開發團隊正在與玩家社群合作，探討一些高階PC配置方案。除此之外，遊戲的發布也取得了巨大的成功。在短短幾週內，數百萬玩家加入了卡爾凱斯蒂斯和BD-1的行列，共同對抗帝國。 《星際大戰絕地：倖存者》擁有最精彩的故事敘述，這正是遊戲成功的關鍵，也是我們與華特迪士尼公司和盧卡斯影業創意合作的基石。這款遊戲堪稱純粹的娛樂盛宴，粉絲們也欣然接受了我們絕地系列遊戲的故事，並將其視為《星際大戰》傳奇的重要組成部分，這充分展現了優秀的互動娛樂如何能夠發展壯大並深化一個極具影響力的IP宇宙的粉絲群體。

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路。為了增強社群的力量，我們正在遊戲內外的一系列社交和創意工具中進行創新。我們的策略是幫助玩家結交新朋友、拓展社交網絡並創造社群。這些遊戲內的社交體驗已在 FIFA 23 中推出。在體驗過新功能的玩家中，參與度提升了 150% 以上。我們的數據顯示，這些創新正在推動業務成長，並印證了我們早已知曉的真理：擁有更多朋友並在我們的網路中建立更牢固的友誼，能夠帶來更多遊戲時間和互動交流的時間。

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.

作為我們成長策略的基石，我們將繼續在我們的產品組合中應用這些工具。 2023財年即將圓滿結束，我們正穩步推進核心策略，重點投資將推動內容和服務管道的績效成長。我們將繼續致力於抓住最大機遇，並透過為玩家和社群創造更多精彩內容，為業務帶來長期價值。

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

現在我把電話交給克里斯，讓他詳細介紹我們的業務。

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財年的業績再次展現了我們產品組合的穩健實力、即時服務業務模式的韌性以及我們嚴謹的執行能力。我們再次克服了市場波動帶來的挑戰，採取果斷措施明確業務重點，並以非常強勁的第四季度業績為這一年畫上了圓滿的句號。

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.

本財年，我們旗下各遊戲組合都取得了顯著里程碑式的成就。 EA SPORTS FIFA 23 自售以來僅 6 個月，其累計銷量就已超過 EA SPORTS FIFA 22。 Apex Legends 持續吸引全球玩家，而隨著我們在 10 月決定將基礎遊戲免費開放，The Sims 的玩家參與度也創下歷史新高，新增玩家數千萬。

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.

在過去一年中，我們持續採取審慎措施，使公司業務更加聚焦安德魯提出的戰略重點，並最終在3月下旬宣布了精簡遊戲產品組合和優化房地產佈局的舉措。因此，我們在第四季確認了1.55億美元的費用，剩餘費用將在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.

第四季淨預訂額達19億美元，較去年成長11%，以固定匯率計算成長15%。我們的業績超乎預期，創下第四季新高，這主要得益於創紀錄的線上服務表現和完整遊戲的強勁成長。 EA SPORTS FIFA表現特別突出，淨預訂額年增31%，以固定匯率計算成長37%。 Apex Legends也取得了超乎預期的季度佳績，玩家們在賽季16以及我們四周年慶典活動中的回歸為Apex Legends帶來了強勁的勢頭。

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.

我們的線上服務淨預訂金額達到16億美元，年增9%（以固定匯率計算成長13%），遠超預期，其中EA SPORTS FIFA線上服務創下季度新高。 FIFA Ultimate Team淨預訂金額較去年同期成長20%（以固定匯率計算成長26%），用戶參與度也創下歷史新高。 FIFA Online 4成長62%（以固定匯率計算成長71%），FIFA Mobile年增三位數，並首次實現季度淨預訂額突破1億美元。 Apex Legends在經歷了競爭激烈的第三季度後表現有所改善，按固定匯率計算實現了個位數的同比增長。 The Sims 4也超出預期，新的擴充包和免費的基礎遊戲更新受到了不斷壯大的玩家群體的歡迎。

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.

剔除FIFA Mobile的強勁表現，我們的行動業務趨於穩定，業績符合預期。我們的策略重點在於透過整合旗下各大品牌，打造跨平台的爆款行動遊戲體驗，並優化產品組合以實現長期獲利成長，進而提升玩家體驗。第四季淨收入達19億美元，年增3%。不計入第四季重組費用，營運支出成長5%。由於我們持續增加對產品組合的投資，人力成本增加；此外，為支持新遊戲發布，行銷支出也有所提高。這些成長部分被對其他可變支出的審慎管理所抵銷。

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業績。我們的淨預訂金額為73億美元，年減2%，以固定匯率計算成長1%，這一成績優於市場波動和行動產業面臨的逆風。全年淨收入為74億美元，攤薄後每股收益為2.88美元。我們創造了16億美元的經營現金流，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.

現在讓我談談展望。我們對2024財年的展望與2023財年的許多趨勢相符。我們預計整個產品組合的客戶互動將保持良好勢頭，而我們高頻率的即時服務業務也將再次展現出強大的韌性。我們仍然身處競爭激烈的市場，宏觀環境也不斷在變化。因此，我們將繼續保持專注、審慎和嚴謹的態度，貫徹執行我們的策略重點。

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.

外匯方面，如果匯率保持不變，我們預計淨預訂量將面臨近2個百分點的下行壓力，扣除對沖後的基礎利潤增長將面臨6個百分點的下行壓力（與去年相比）。我們預計2024財年淨預訂量將達73億美元至77億美元，與上年基本持平或成長5%，以固定匯率計算則成長1%至7%。這一增長得益於我們持續發展的線上服務、龐大線上社群的成長、EA SPORTS FC的推出以及《星際大戰絕地：倖存者》帶來的重磅劇情。

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 (sic) [$1.670 billion to $1.750 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 (sic) [$4.295 billion to $4.415 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.

我們預期EA SPORTS FC的淨預訂量將實現個位數低成長，延續其在2023財年創紀錄成長動能的基礎上持續成長。我們預期營收成本為17億至18億美元（原文如此，應為16.7億至17.5億美元），反映出毛利率的提升，這主要得益於包括特許權使用費授權、平台和數位業務在內的多元化收入來源。我們預期營運支出為43億至44億美元（原文如此，應為42.95億至44.15億美元），我們將繼續專注於業務投資，以推動長期成長。因此，我們預計基礎獲利能力將以高於淨預訂量的速度成長。

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.

我們預計營運現金流為17億至19億美元，資本支出約為2.75億美元，將帶來約14億至16億美元的自由現金流。公司持續保持強勁的現金流。我們預計將在現有授權範圍內繼續回購股票，該授權將於2024年11月到期。我們預計2024財年淨收入為73億至77億美元，每股收益為3.30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 (sic) [$1.825 billion to $1.925 billion], cost of revenue to be $350 million to $370 million and operating expenses of approximately $1.07 billion to $1.09 billion (sic) [$1.065 billion to $1.085 billion], resulting in earnings per share of $0.98 to $1.14.

現在來看看我們對第一季的展望。我們預期第一季淨預訂額為15億至16億美元，年增15%至23%，以固定匯率計算則成長19%至27%，主要得益於《星際大戰絕地：倖存者》完整版遊戲的銷售。第一季度，我們預期淨收入為18億至19億美元（原文如此，應為18.25億至19.25億美元），營業成本為3.5億至3.7億美元，營運費用約為10.7億至10.9億美元（原文如此，應為10.65億至10.85億美元），每股收益9億美元（原文如此，應為10.65億至10.85億美元），每股收益9億美元至預計1.41.41.41.41.41.41.41.98.014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.

憑藉強大的品牌、龐大的線上社群、引人入勝的故事情節和經久不衰的即時服務，我們的業務發展勢頭強勁。過去一年，我們致力於讓團隊與關鍵優先事項更加緊密地結合，從而實現了更加聚焦的工作範圍，這將有助於我們實現多年成長目標。

Now I'll hand the call back to Andrew.

現在我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轉折點。這個行業正在擴張，預計未來幾年玩家數量將顯著成長。隨著文化和世代趨勢的演變，受眾群體也變得越來越多元化，這加速了內容消費。要吸引不斷成長的玩家群體，就意味著要透過顛覆性技術，在各種裝置上觸達他們。

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EA而言，這些轉型代表當下及長遠發展的機會。我們擁有業界頂尖人才，能夠有效執行我們的長期策略。正是憑藉著他們的熱情和創造力，我們將繼續履行「激勵世界暢玩遊戲」的使命。我們致力於為全球更多玩家帶來更多精彩遊戲，激勵他們建立社群，分享共同的嗜好，並享受遊戲帶來的快樂體驗。互動娛樂是娛樂的未來，而EA無疑是引領這場變革的最佳團隊。

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

現在克里斯、蘿拉和我在這裡回答你們的問題。

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

我們的第一個問題將來自傑富瑞集團的安德魯烏爾克維茲。

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.

我有一個關於六月的問題，還有一個比較宏觀的問題。克里斯，你能幫我解釋一下六月的業績指引嗎？我記得一年前，你們只發布了一個新遊戲。而今年六月的季度，你們發布了五個。而且很明顯，線上服務業務發展勢頭強勁。那麼，這份指引是謹慎的嗎？線上服務業務的成長動能是否會放緩？如果你能再詳細解釋一下六月的情況，那就太好了。

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

安德魯，所以你指的是——我們第一季的指南？

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，沒錯。具體來說，我們第一季的業績指引主要取決於我們線上服務業務的表現。正如您所指出的，我們新推出的服務數量同比增長，這也推動了業績成長。

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.

5款遊戲應該可以帶來幾億美元的收入，對吧？如果我沒錯的話？還是說只是個大概數字？ ——繼續吧。

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，抱歉。我們很樂意逐條為您講解。但我想，您指的是發射規模的大小。

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?

明白了。好的。太好了。是的。然後，從宏觀角度來看，我認為你們在前幾個季度觀察到的一些趨勢，例如小型遊戲表現疲軟，你們或你們的同行都提到過，玩家似乎正在聚集在最熱門的遊戲周圍。你們現在仍然看到這種趨勢嗎？其次，也許更重要的是，這會對你們未來投資的遊戲類型和方式產生怎樣的影響？

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。我覺得這個問題問得很好。當我們觀察市場和消費者趨勢時，我認為目前有兩種情況正在發生。第一種情況——實際上這兩種情況最終都會把我們引向同一個方向——但我認為第一種情況更偏向短期影響，而第二種情況則具有更長遠的影響。

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，縱觀我們行業的歷史上，每當消費者出現消費疲軟或對支出猶豫不決的情況，以及宏觀經濟的不確定性時，我們通常看到的是，消費者會轉向最大的品牌、最熱門的遊戲和最知名的遊戲體驗。這其實源自於一種普遍的消費行為，即他們願意承擔的風險更少，不願嘗試新產品、小眾產品或未知產品。而通常情況下，像FIFA、Madden和The Sims這樣的品牌在這種時期表現都非常出色。

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，這只是歷史長河中的一個階段。我們預計，隨著我們度過這個特定階段，以及消費者支出持續走強，將會湧現更多新遊戲和新品牌。但我們認為，遊戲朝向更廣泛的社交生態系統（即遊戲平台）的轉變，將無法撼動這一趨勢。我們本質上是一家遊戲公司，但我們目睹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.

你經常聽到我們談論玩樂、觀看、創作和連結。而真正驅動我們業務未來發展的，正是最後一點——連結。當我們思考如何打造未來的FC、未來的《模擬市民》、未來的《戰地》系列、未來的《Apex英雄》系列、未來的《滑板》系列以及我們投資組合中的其他作品時，我們始終將遊戲或內容視為一個平台，以此來推動這些涵蓋玩樂、觀看、創作和連接的長期業務發展。我們認為，這種模式將比目前的宏觀經濟環境更具持久性。當然，在未來幾年，我們也會將大量的時間、資金和資源投入到這個領域。

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.

這並非要否定推出像《星際大戰：絕地大反攻》這樣精彩作品的機會——我們剛剛完成了《星際大戰：絕地大反攻》的開發，它在一個互動世界中講述了令人難以置信的故事，並成為像《星際大戰》這樣更龐大品牌IP的重要組成部分。當然，隨著時間的推移，我們會平衡投資，其中很大一部分將用於開發能夠娛樂龐大線上社群的遊戲和體驗。之後，我們將進行更專注、更有針對性的投資，專注於打造爆款互動故事。我們認為，隨著這些社交和積分工具的擴展，無論是在遊戲內體驗還是更廣泛的遊戲外體驗中，未來都將有更多投資機會。明年，尤其是在EA SPORTS領域，您將會看到我們在這方面取得更多進展。

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

（操作員指示）我們的下一個問題來自德意志銀行的 Benjamin Soff。

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.

我想稍微了解一下你們對FC的預期。顯然，你們的球隊去年取得了創紀錄的成績，並且預計來年將保持個位數低成長。所以我想更了解背後的驅動因素，以及你們在進行品牌重塑時是否預見任何挑戰或執行風險。

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.

我會大致談談這個主題，然後讓克里斯更詳細地講解一下我們的預測和規劃。首先，我們剛經歷了非凡的一年。足球這項運動在全球範圍內蓬勃發展。我們認為世界盃對這項運動的整體發展以及圍繞這項運動的球迷生態系統都起到了巨大的推動作用。我認為，我們透過足球俱樂部真正融入了足球文化的核心，而你們現在看到的成績也充分證明了我們在球迷足球文化中扮演的重要角色。

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.

我一直以來都堅信，隨著我們推進此次品牌重塑，正如我們在準備好的發言稿中所提到的，這次品牌重塑可能是公司歷史上規模最大的一次，而且幾乎可以肯定地說，也是迄今為止最成功的一次，而且成功幅度相當大。我們從未見過如此強大的消費者群體，尤其是在我們這個已經深耕30年的行業中，消費者對此次品牌重塑如此高的熱情和積極性。

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，此次品牌重塑實際上為我們帶來了絕佳的成長機會。我之前也談到過這一點，以及我們能為廣大球迷做些什麼，如何拓展他們的觀賽、互動、交流和體驗，以及如何隨著時間的推移，深化我們與那些在足球迷文化中同樣重要的商業品牌的合作關係。我認為，隨著今年的推進，以及大家看到我們在比賽體驗方面所做的工作和圍繞比賽體驗的種種變化，我們對足球業務的成長機會充滿信心。但我們剛剛經歷了一個相當重要的年份，而且今年的基數也相當大，所以我將把麥克風交給克里斯，讓他來為大家講解一下我們是如何看待這個問題的。

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，FIFA 今年取得了令人矚目的成績。我們在電話會議上對此進行了深入探討。事實上，FIFA 今年所有平台的全年營收以固定匯率計算成長了 20%，而 2022 年的成長也達到了兩位數。因此，FIFA 的業務發展勢頭非常強勁。

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.

展望FC的上線，正如Andrew所說，我們真正關注的是玩家體驗，力求打造卓越的遊戲體驗。我們很高興能夠在連續兩年實現兩位數成長的基礎上，再次推動業務發展。

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，太好了。還有一個關於業績指引的問題。我記得上個季度您提到營業收入將實現中等個位數成長。如果我沒算錯的話，您給出的業績指引中位數似乎意味著更低的個位數成長率。首先，我的理解對嗎？是什麼原因導致的？是匯率波動還是其他因素？

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。正如我們在第四季度初發布的指南中所述，我們分享了一些關於玩家參與度、遊戲品質和執行情況的規劃假設。坦白說，現在和那時最大的差別在於我們第四季的業績。我們第四季的表現非常強勁，在許多方面都超出了我們先前的預期，這些方面我們在先前的報告中已經提到過。展望2024年，我們的展望和規劃假設在許多方面保持不變，因為我們關注的所有方面，例如遊戲品質、執行情況以及我們穩定可靠的線上服務的交付，都將保持穩定和一致。我認為，競爭格局只是更加激烈了。

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.

或許可以先說說《星際大戰絕地：倖存者》，安德魯或克里斯，只是想問你們能不能給我們介紹一下這款遊戲——多說說它和前作相比表現如何，以及你們對這款遊戲在今年剩餘時間裡的表現有何看法。

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，在行動端，我們第一季推出了《魔戒》遊戲。我很想知道您認為這款遊戲對全年業績的影響有多大。總的來說，行動端市場似乎開始略有回升或趨於穩定。在進入2024財年之際，能否請您更詳細地談談您對該市場的看法？

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《星際大戰絕地：墮落的武士團》，我會讓克里斯來談談《魔戒》，或許蘿拉可以更詳細地介紹一下它的發售情況以及我們的預期。關於《星際大戰絕地：墮落的武士團》，我們再次感到無比欣喜。我們做出了一個大膽的決定，將遊戲發售日期推遲了六週，以便讓團隊有機會真正打造出他們想要的遊戲品質。當然，正如您在我們事先準備好的演講稿中聽到的那樣，遊戲的品質非常非常出色，許多人都認為它將成為年度最佳遊戲的有力競爭者。而且，透過親身體驗和與玩家交流，我們確實感受到它在《星際大戰》宇宙中展現了令人驚嘆的敘事能力。所以我認為，我們在《星際大戰絕地：隕落的武士團》的基礎上更進一步。而且，它對我們來說無疑是一次非常成功的發售。發售時間很短，目前為止才過了11天。我們現在所處的市場環境有所不同，但我可以告訴你，它的發展速度遠遠超出了我們的預期，也超出了《星際大戰絕地：墮落的武士團》的預期。

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.

太好了。關於《星際大戰》，我唯一想補充的是，正如我們之前所說，我們對這款遊戲的發布感到無比興奮。我們預計這款遊戲將在很長一段時間內為我們的財務表現做出貢獻。所以，現在還處於早期階段。

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.

關於《魔戒》手遊的發布，我們對遊戲的品質和玩家的預期都非常滿意。我們在業績指引中對這款遊戲的潛在財務表現持謹慎保守的態度，這與我們過去幾季對其他遊戲發布情況的預期一致。

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 的討論。

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.

我有一個關於Apex的問題。我注意到《鬥陣特攻》正在嘗試首次與其他IP進行跨界合作。如果我沒記錯的話，Apex似乎並沒有真正採取類似的策略。所以我很好奇，想聽聽你們對Apex是否也該走這條路的看法，以及其中的利弊。我不知道這在策略上對Apex是否有利，但更廣泛地說，我只是想更好地了解你們在Apex的盈利模式或用戶參與度方面，以及與這類活動相關的具體計劃。

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。我認為你們從我們這裡聽到的，以及第四季度的業績都證明了這一點，Apex是我們行業中最強大的系列之一，當然，當我們把內容和遊戲體驗視為一個平台時，Apex無疑是我們商業模式的核心。我們擁有龐大的玩家群，而且玩家留存率極高。正如這類免費遊戲環境的本質一樣，玩家數量會有起伏。我認為Apex的獨特之處在於它能夠在這些起伏中持續吸引和留住玩家。

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.

我們將繼續全面投資IP，包括從地域拓展平台、擴展遊戲模式、延伸故事線等等。而且，我認為一切都有可能。如今的遊戲IP，有點像二、三十年前的漫畫IP。這或許是Z世代和Alpha世代最能產生共鳴的IP，我認為在未來十年乃至更長的時間裡，我們擁有無限的機遇，可以不斷發展壯大，拓展並豐富我們能夠為全球玩家提供的體驗。

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

我們的下一個問題來自 Mario Lu 與巴克萊銀行的對話。

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?

我是[Joey]，代表Mario發言。如果可以的話，我想問兩個問題。您能否就2024財年行動端收入展望提供一些具體訊息，這些資訊已包含在指南中？另外，關於EA SPORTS FC，我注意到幻燈片中提到，預計2024財年該遊戲的預訂量將實現個位數低成長。隨著FIFA授權的終止，您是否預期利潤率會因此有所提升，並最終轉化為淨利潤？

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.

讓我先回答你的第一個問題。我先從這裡開始，然後我好像沒聽到你第二個問題的第一部分，所以你能再重複一次嗎？關於明年的行動業務成長，我們預計2023財年之後，行動業務整體將年減，這很大程度上是因為我們決定停止經營Apex行動遊戲，所以這顯然會影響到2023年的數據。 2024年的數據將不再受其影響，這也是我們對2024年行動業務收入預期的重要因素。你能再重複一次你的第二個問題嗎？我沒聽到第一部分。

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，明白了。所以你們是期望EA SPORTS FC在沒有FIFA授權的情況下，不會有任何利潤成長，從而直接影響到最終收益嗎？

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.

明白了。好的。是FC。我之前沒注意到你指的是哪一款遊戲。謝謝你的解釋。在考慮向FC過渡時，我們非常注重玩家體驗，力求讓全球玩家都能享受到一次完美的過渡。我們將為此投入大量資源，包括品牌重塑和新版本的發布。所以，從整體業務經濟效益來看，我預期不會有與往年相比的實質變化。

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.

馬裡奧，我想補充一些背景資訊——或許可以更詳細地談談我們對行動端的看法——行動端的成長，甚至是未來一年後的發展。我的意思是，很明顯，我們都見證了過去十年來行動端市場規模從全球 110 億美元成長到 1,060 億美元，這是一個巨大的飛躍。但我們想強調的是，過去整個產業追求成長的理念是用戶獲取或發展不惜一切代價。而我們現在認為，那個時代已經結束了。這種模式在經濟上行不通，我們當時關注的重點──整個產業關注的重點──其實是錯誤的方向。

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.

我們看待問題的方式，以及我們優先考慮的事項，還有我們新管理層採取的更為精細化的方法，都圍繞著獲利成長。這意味著我們在市場和業務動態方面，對營收和利潤給予同等的關注。顯然，只專注於營收成長很容易，但當我們審視我們的業務和新的管理方法時，我們發現過去兩到三年裡，我們所有行動業務的獲利能力都有所提升。特別是Glu，從2022財年到2023財年，我們的獲利能力成長了三倍。因此，我們非常高興地看到，在我們的管理下，我們仍然專注於以盈利的方式實現整體業務成長。

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.

現在有幾點需要說明。 Andrew 已經非常出色地闡述了我們這個互聯的生態系統和社群。行動端將在其中扮演重要角色。回顧 FIFA 的成功，我們已經在這次電話會議中多次提及，它表現非常強勁，對整個生態系統做出了巨大貢獻。同時玩 FIFA HD 和行動版的玩家，其日均收入遠高於只在單一平台上玩 FIFA 的玩家。因此，我們知道行動端在整個生態系中可以發揮重要作用。

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.

我們投入大量時間的第二個領域是現有的線上服務。正如我們之前提到的，我們推出了《魔戒》遊戲。這款遊戲的模式很大程度上借鑒了我們的《星際大戰：銀河英雄傳》，後者在其生命週期內創造了近15億美元的收入。當我們審視市場並評估哪些策略行之有效時，你會發現，在行動遊戲排行榜前十名中，只有兩款遊戲是近兩年才進入榜單的。其他所有遊戲都已經存在很長時間了。

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，我們看到現有線上服務業務擁有相當可觀的發展空間和持續成長潛力。我們有《植物大戰殭屍》、《模擬市民》、《家居設計》、《FIFA》以及《Tap Sports》。我們擁有真正意義上的線上服務業務，我們看到了其強勁的發展前景，並且能夠繼續以盈利的方式實現成長。

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艾瑞克·謝裡丹。

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.

或許我可以再問一個更宏觀的問題。首先，很顯然，業內關於發行和內容公司以及垂直規模與水平規模的爭論仍在繼續。安德魯，我想知道，隨著我們進入2023年，即使與你的一些長期想法相悖，你如何看待規模問題，包括從發行和內容創作的角度來看，以及這如何影響公司中期可能的資本配置。

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.

問得好。正如您所想，我們為此投入了大量精力。總的來說，我認為過去40年來，我們公司在各種分銷模式上都取得了成功，從磁帶到磁碟——從軟碟到磁帶，從磁帶到磁碟，從磁碟到數位版，再到數位版到即時服務。我們期望能夠繼續發展，並且我們認為我們正處於這一領域的前沿，尤其是在即時服務業務方面。

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.

當我們從宏觀角度思考規模時，我認為規模包含三個核心要素。首先是我們網路的規模，也就是我們每年和每月互動的使用者數量。正如我們在事先準備好的發言稿中提到的，我們的用戶數量剛剛突破7億，這是一個驚人的數字，代表著我們行業乃至週邊地區規模最大的之一。

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.

當然，規模的第二個面向是具有影響力的智慧財產權。隨著時間的推移，我們發現，隨著我們對旗下最知名品牌的投入，這些品牌也不斷壯大。今年，我們透過收購足球品牌FC獲得了更多所有權，但FC、Apex、模擬市民、戰地、極品飛車以及我們眾多其他優秀品牌，都讓我們擁有了相當可觀的品牌組合規模，這為我們未來的發展提供了更多選擇，而我們行業乃至整個娛樂行業的絕大多數公司都無法企及。

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.

但我認為我們業務中最重要的另一個要素是我們的人才。我們擁有龐大的團隊，能夠年復一年地交付遊戲、內容和線上服務，並且在行業風雲變幻、消費者趨勢、分銷渠道和平台格局的劇烈變化中始終保持著這種水準。許多其他公司也嘗試過，但最終成功的寥寥無幾。展望未來，隨著互動娛樂在更廣泛的娛樂領域中扮演越來越重要的角色，我認為我們團隊的規模實際上是我們最大的優勢之一。我們每年都能推出大量的EA SPORTS遊戲和更新，我們能讓《Apex英雄》擁有2億用戶，我們能讓《模擬市民》擁有7000萬用戶，我們未來還能以全新的方式讓《戰地》系列回歸，並重新定義《滑板》作為滑板文化消費者連接平台的意義。

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.

在我們的產業乃至整個娛樂產業，幾乎沒有任何一家公司能像我們一樣做到如此規模的事。這源自於我們公司的本質。我們對此投入巨大，並將支持創作者融入公司文化中。我認為，隨著娛樂產業的不斷發展，我們的網路、智慧財產權以及更重要的——我們的團隊，將賦予我們巨大的規模優勢，這意味著我們擁有難以置信的成長機會，也必將為我們在新競爭激烈的市場中取得成功創造無限可能。

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

你的下一個問題來自瑞士信貸的 Stephen Ju。

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。安德魯，我聽你談到了互聯生態系統以及熱門系列遊戲，似乎開發一個真正成功的系列遊戲的複雜性只會越來越高。因此，所有這些項目的風險可能也更高。那麼，你認為你會允許開發團隊（例如非體育類遊戲）延長開發週期，以確保遊戲品質高，並將對系列遊戲造成的損害風險降到最低嗎？

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，我想回到我們之前的一些討論，那就是當我們思考遊戲的概念時，它的定義正在發生巨大的變化。因此，當我們考慮開發時間時，它不僅僅是創造一個世界、塑造角色或講述一個故事。它真正關注的是如何將其建構成一個能夠驅動長達十年甚至更久的長期線上服務業務的平台。我認為，當我們考慮支持、投資和發展我們的創作能力、開發能力和工作室能力時，這才是我們真正進行有意義投資的領域。

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不斷改進遊戲的開發方式、開發內容以及發布方式。但這不僅關乎遊戲本身的複雜性，更重要的是，關乎我們所開發內容的不斷變化，以及我們從中長期獲取價值的方式也在不斷變化。過去，我們開發遊戲需要一到兩年時間，然後用五週或五個月的時間來實現盈利；而現在，遊戲作為一個平台，開發週期更長，但收益也呈指數級增長。

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》、Apex英雄以及2014年推出的《模擬市民》中看到的，是長達十年的生命週期中帶來的豐厚回報。展望未來，這將成為我們公司投資、內容和服務開發以及開發團隊支援工作的重要組成部分。

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

你的下一個問題將來自 Benchmark 公司的 Mike Hickey。

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.

我只有兩個問題。第一個問題，安德魯，您如何看待產業整合？假設收購交易真的發生，您認為這對整個產業以及整合會產生什麼影響？第二個問題，並非想問一些無關緊要的小問題，而是我對人工智慧和開發領域很感興趣，想了解其中的機會、挑戰、贏家和輸家。你們似乎在這方面非常積極主動。人工智慧在開發領域已經開始取得成功，但我很好奇你們目前在做什麼，取得了哪些成功，有哪些初步經驗，以及你們如何看待長期的加速成長機會。

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，問得好。我先簡單談談第一部分，然後把麥克風交給蘿拉，讓她更詳細地介紹我們在人工智慧方面的工作。首先，關於整合，我相信你們也知道我常被問到這個問題。但實際上，我幾乎從來沒有機會回答過這個問題。我想說的是，我不知道動視和微軟最終會如何發展。再次強調，我們仍然是微軟最大的合作夥伴。我認為我們是微軟平台上排名第一的發行商。所以，無論這筆交易最終是否達成，對我們來說都無關緊要。我們相信，憑藉我們的規模、人脈、智慧財產權和人才，無論這筆交易最終是否達成，我們都能繼續引領未來，開拓娛樂產業的未來，並在市場競爭中立於不敗之地。

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.

長遠來看，產業會整合嗎？娛樂業會更廣泛地整合嗎？如果讓我預測未來，我會說在某種程度上這幾乎是必然的。我希望我們能夠擁有足夠的規模，成為這個領域中舉足輕重的整合者。我認為我們在娛樂業的未來擁有巨大的優勢。但就目前而言，我們並不在意整合是否會發生。我們感覺我們擁有一個絕佳的策略，也擁有一個絕佳的機會。無論整合是否發生，我們都將持續維持微軟平台上的領先發行商地位。

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.

就人工智慧而言，我認為，作為一個產業，我們很可能成為人工智慧廣泛應用的最大受益者之一。我認為它將使我們能夠更有效率地完成目前的工作。當我們思考作為內容創作者的角色時，它將使我們能夠做更多的事情，利用人工智慧來增強我們優秀的團隊，並為那些對我們作品有著永不滿足的渴望的觀眾創造更多娛樂內容。最終，讓人工智慧幫助我們的玩家和粉絲在我們的世界中創造內容，這對我們來說是一個巨大的機會。

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，人工智慧也存在一些擔憂。當然，關於勞動力被取代的擔憂，我們經常看到，也經常討論。回顧歷史上每一次變革，從農業革命到工業革命，我們都看到短期內勞動力被取代，但長期來看，就業機會都會顯著增加。我們希望人工智慧也能帶來同樣的機會，為此，我們公司內部正在緊密合作，確保員工能夠從中受益，並真正幫助他們創造更多機會。

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，接下來還有資料所有權的問題，以及這些人工智慧模型的輸出結果歸誰所有。我們擁有40年的發展歷史，累積了大量數據，這是我們的優勢所在，勞拉稍後會詳細談談這一點。

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，當然還有人會面臨這樣的問題──不法份子利用人工智慧作惡。我認為我們的計劃是與業內其他公司、娛樂界、科技界以及政府和監管機構合作，逐步完善法律法規，使其跟上人工智能發展的步伐，從而保護消費者、我們的玩家和粉絲免受人工智能在行業中滋生的不法分子和欺詐行為的侵害。

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，麥克，問得好。安德魯，你對人工智慧的闡述非常精彩。我還有幾點要補充。顯然，人工智慧多年來一直是創新的基石，而EA在人工智慧領域也擁有豐富的經驗。展望下一波創新和技術浪潮，我們認為它將成為我們業務關鍵領域的強大加速器。正如安德魯所提到的，鑑於我們的規模和數據，我們對自身獨特的競爭優勢充滿信心。

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.

輸入到人工智慧模型中的數據將帶來差異化優勢，保護我們的數據，因為我們擁有受保護的智慧財產權，可以從中創建生成式內容。我們擁有豐富的資源庫和歷史資產。所以我們對目前的市場定位非常滿意。此外，我們擁有強大的合作夥伴關係，今天我們也專注於了足球俱樂部（FC）。我們與西甲聯賽建立了合作關係，並能夠將鷹眼數據應用於我們的遊戲中，而這些數據不會在公開市場上公開取得。再次強調，我們對目前的市場定位以及我們憑藉自身歷史和品牌所擁有的優勢感到非常滿意。

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.

我們正在思考，下一代技術如何加速遊戲開發，提升玩家體驗，並協助我們實現真正意義上的大規模即時服務。在遊戲開發方面，您可以想像，借助真正聰明的內容工具，內容創作和迭代速度將會大大提升。 Andrew 提到了創作者可以製作栩栩如生的動畫，以及為玩家提供即時文字轉語音功能，並闡述了這些功能對玩家及其體驗的意義。展望大規模即時遊戲支持，我們將能夠應用一些非常強大的影像檢測、問題檢測和經濟建模技術，並不斷建立互聯生態系統。因此，我們對這波人工智慧新浪潮充滿信心、興奮和鼓舞。我們擁有豐富的人工智慧應用經驗，並且對未來幾年以及人工智慧對我們業務的意義充滿信心。

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

最後一個問題將由 Doug Creutz 和 TD Cowen 提出。

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.

我想問一下，您能否介紹一下與《戰地》IP相關的各個項目的進展情況，以及這與您之前提到的“給大型系列遊戲時間醞釀，使其在推出時達到最佳狀態”的觀點有何關聯。

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，目前我們沒有任何日期或未來計劃的公佈，如果這是你們的問題的話，至少這次沒有。我想說的是，我認為我們已經組建了一支非常優秀的創意領導團隊。我知道球隊本周正在瑞典開會。今天早上我跟一些領導通了電話，他們對目前的進展非常樂觀。我們對這個團隊以及他們為這個系列的未來所取得的進展充滿信心。

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.

我再次強調，我們不僅僅是在開發一款遊戲，我們是在建立一個平台，一個以內容為核心的平台，旨在為未來幾十年的持續營運服務提供動力。隨著我們不斷推進這一進程，時機成熟時，我們會分享更多關於《戰地》系列未來的資訊。但它始終牢牢紮根於我們策略的第一支柱：打造能夠吸引並娛樂龐大線上社群的遊戲和體驗，這些社群可以跨越平台、商業模式和地理。我們相信，《戰地》系列將是我們未來發展的重要部分。隨著時間的推移，我們會分享更多相關資訊。

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。感謝各位的參與。再次感謝我們所有傑出的團隊，在宏觀經濟情勢不明朗的情況下，他們依然取得了令人難以置信的第四季業績。我們已為2024財年打下了堅實的基礎。當然，也要祝賀絕地團隊，他們剛剛推出了一部基於全球最熱門IP之一的非凡鉅作。下個季度再見！

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

今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。