美商藝電 (EA) 2024 Q1 法說會逐字稿

Good afternoon. My name is Josh, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts First Quarter Fiscal Year 2024 Conference Call.

下午好。我叫喬什，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加藝電 2024 財年第一季度電話會議。

I would now like to turn the conference over to Ms. Katie Burke, Director Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監凱蒂·伯克女士。請繼續。

Thank you. Welcome to EA's First Quarter Fiscal Year 2024 Earnings Call. With me today are Andrew Wilson, our CEO; Stuart Canfield, our CFO; and Laura Miele, President of EA Entertainment, Technology and Central Development.

謝謝。歡迎參加 EA 2024 財年第一季度財報電話會議。今天和我在一起的有我們的首席執行官安德魯·威爾遜 (Andrew Wilson)； Stuart Canfield，我們的首席財務官；以及 EA 娛樂、技術和中央開發部總裁 Laura Miele。

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 will post our prepared remarks and audio replay of this call and a transcript.

請注意，我們的 SEC 文件和收益報告可在 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講話、本次通話的音頻重播以及文字記錄。

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

關於我們的日曆，我們的 2024 財年第二季度財報電話會議定於 11 月 1 日星期三舉行。作為提醒，我們在我們的 IR 網站上發布了本財年即將舉行的財報電話會議的時間表。

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-K 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, August 1, 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。我們建議您參閱我們最新的表格 10-K，以討論可能導致實際結果與今天討論的結果存在重大差異的風險。藝電公司於今日（2023 年 8 月 1 日）做出這些聲明，並且不承擔任何更新這些聲明的義務。

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

在本次電話會議中，除自由現金流之外的財務指標將根據公認會計原則（GAAP）提供。請參閱我們的收益幻燈片以了解更多信息。除非另有說明，本次電話會議過程中進行的所有比較均與上一年同期進行。

Now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thanks, Katie. It's great to be here with all of you. To begin, I want to welcome Stuart Canfield, who most of you already know. I have worked with Stuart for nearly 2 decades. He has been a trusted partner and valuable leader through many of the biggest transformations at Electronic Arts. I'm excited to be working with Stuart as our new Chief Financial Officer, driving multiyear growth and unlocking long-term value.

謝謝，凱蒂。很高興能和大家在一起。首先，我想歡迎斯圖爾特·坎菲爾德，你們大多數人都認識他。我和 Stuart 一起工作了近 20 年。在藝電的許多重大轉型中，他一直是值得信賴的合作夥伴和有價值的領導者。我很高興能與斯圖爾特一起擔任我們新任首席財務官，推動多年增長並釋放長期價值。

It was a record Q1 for EA with net bookings of $1.6 billion, up 21% year-over-year, driven by sustained momentum across the entire EA SPORTS FIFA ecosystem and the launch of Star Wars Jedi: Survivor. During the quarter, we executed across our business, launching 5 new high-quality titles, while providing over 145 content updates across 37 titles. Our teams continue to create the entertainment and experiences that inspire, engage and connect hundreds of millions of players. To every EA employee, for all that you do for our communities, thank you.

在整個 EA SPORTS FIFA 生態系統的持續發展勢頭以及《星球大戰絕地：倖存者》的推出的推動下，EA 第一季度的淨預訂額達到了創紀錄的 16 億美元，同比增長 21%。本季度，我們在整個業務範圍內執行了任務，推出了 5 款新的高質量遊戲，同時為 37 款遊戲提供了超過 145 項內容更新。我們的團隊不斷創造娛樂和體驗，激勵、吸引和聯繫數億玩家。感謝每一位 EA 員工為我們社區所做的一切。

EA SPORTS FIFA had the biggest Q1 in our company's history. The franchise continues to deliver compelling content to our growing community, driving strong engagement and accelerating net bookings growth. FIFA Ultimate Team engaged tens of millions of fans, and daily average users grew 15%. FIFA Mobile attracted over 65 million new players in the quarter alone. FIFA Online produced double-digit growth across monthly, weekly and daily average users. These remarkable results are a testament to our incredible teams executing against our strategy sharpened by 30 years of passion, innovation and leadership in interactive football.

EA SPORTS FIFA 迎來了我們公司歷史上規模最大的第一季度。該特許經營權繼續為我們不斷增長的社區提供引人注目的內容，推動強大的參與度並加速淨預訂的增長。 《FIFA Ultimate Team》吸引了數千萬粉絲，日均用戶增長了 15%。僅本季度《FIFA Mobile》就吸引了超過 6500 萬新玩家。 《FIFA Online》的月度、週度和日均用戶數實現了兩位數增長。這些非凡的成果證明了我們令人難以置信的團隊正在執行我們的戰略，而我們的戰略是通過 30 年來在互動足球領域的熱情、創新和領導力而強化的。

Star Wars Jedi: Survivor is pure blockbuster entertainment rooted in a timeless culture-defining IP. Our team at Respawn proudly launched this title to critical acclaim and commercial success. Millions of players have already engaged with the game, making this one of the biggest events in the Star Wars galaxy this year. Thanks to the strength of this legendary franchise and community demand, our development team has committed to bringing this Jedi experience to PlayStation 4 and Xbox One. Over the coming year, we will harness the community's passion and capitalize on key Star Wars franchise moment to drive continued engagement for this incredible game.

《星球大戰絕地：倖存者》是一款純粹的娛樂大片，植根於永恆的文化定義 IP。我們 Respawn 團隊自豪地推出了這款遊戲，獲得了一致好評和商業成功。數以百萬計的玩家已經參與了這款遊戲，這使得這成為今年星球大戰星系中最大的活動之一。得益於這款傳奇系列的強大實力和社區需求，我們的開發團隊致力於將這款絕地武士體驗帶到 PlayStation 4 和 Xbox One 上。在接下來的一年裡，我們將利用社區的熱情並利用《星球大戰》系列的關鍵時刻來推動這款令人難以置信的遊戲的持續參與。

Since going free to enter, the Sims 4 continues to reach a broader global audience, welcoming over 4 million new players in the quarter. In addition to continuing to deliver new content and experiences to expand the Sims 4, the Maxis team is developing a new, innovative parallel experience that will ignite the imaginations of the next generation of players.

自免費進入以來，《模擬人生 4》繼續吸引了更廣泛的全球受眾，本季度迎來了超過 400 萬新玩家。除了繼續提供新的內容和體驗來擴展《模擬人生 4》之外，明訊團隊還在開發一種全新的創新並行體驗，這將激發下一代玩家的想像力。

In Q1, our mobile business delivered ahead of our expectations, driven by outperformance across our broad portfolio, including FIFA Mobile, Star Wars: Galaxy of Heroes and The Sims FreePlay. Over the last year, we have focused and refined our approach to mobile. We're excited to see the results as we continue to drive the long-term profitable growth.

第一季度，我們的移動業務超出了我們的預期，這得益於我們廣泛的產品組合（包括《FIFA Mobile》、《星球大戰：銀河英雄》和《模擬人生 FreePlay》）的出色表現。去年，我們重點關注並完善了我們的移動方法。我們很高興看到我們繼續推動長期盈利增長的結果。

During the quarter, we launched Lord of The Rings: Heroes of Middle-Earth. Based on strong metrics, the team is tuning and balancing the game to scale user acquisition and promotion in the coming months.

在本季度，我們推出了《指環王：中土英雄》。基於強有力的指標，團隊正在調整和平衡遊戲，以在未來幾個月內擴大用戶獲取和推廣規模。

Apex Legends is one of the strongest franchises and live services in the industry with 18 million active monthly players and an impressive retention rate of over 70%. After a highly successful 16th season, we launched Season 17 in May with new variations of gameplay and monetization. While this new season did not meet our financial expectations, the team has implied important learnings including new game mechanics to engage and retain players, which are already generating momentum. We will continue to reinforce the strength of this franchise by introducing new modes of play and investing in regional marketing as well as culturalization in key markets.

《Apex Legends》是業內最強大的特許經營權和實時服務之一，每月有 1800 萬活躍玩家，留存率高達 70% 以上。在第 16 季取得巨大成功後，我們於 5 月推出了第 17 季，其中包含了新的遊戲玩法和盈利方式。雖然這個新賽季沒有達到我們的財務預期，但團隊已經吸取了重要的教訓，包括吸引和留住玩家的新遊戲機制，這已經產生了動力。我們將通過引入新的遊戲模式並投資於區域營銷以及主要市場的文化化來繼續增強該系列的實力。

Looking forward, I've never been more excited for what's to come as we head into the biggest sports season in our company's history.

展望未來，當我們進入公司歷史上最盛大的體育賽季時，我對即將發生的事情感到前所未有的興奮。

As the world's preeminent interactive American football experience, Madden NFL continues to deliver higher engagement year-over-year, an indicator of future success. This franchise is one of the most powerful IPs in all of sports and is at the center of football culture, bringing the community together in our game and beyond. We are building on a tidal wave of community excitement after the reveal of Josh Allen as Madden NFL 24's cover athlete. This completely new experience will offer more fun, more immersive gameplay and, for the first time ever, cross-play to amplify the power of community as we build a connected multi-platform ecosystem around American football.

作為全球卓越的互動式美式足球體驗，《Madden NFL》的參與度逐年提高，這是未來成功的指標。該系列是所有體育運動中最強大的 IP 之一，並且處於足球文化的中心，將社區在我們的遊戲內外聚集在一起。喬什·艾倫 (Josh Allen) 擔任《Madden NFL 24》封面運動員的消息曝光後，我們正掀起一股社區興奮浪潮。隨著我們圍繞美式足球建立一個互聯的多平台生態系統，這種全新的體驗將提供更有趣、更身臨其境的遊戲玩法，並且有史以來第一次通過交叉遊戲來放大社區的力量。

On July 13, we unveiled our vision for a new era of global football with EA SPORTS FC 24. Alongside this amazing title, we announced advancements of FC Mobile and FC Online in Asia as well as new experiences, FC Tactical Mobile and FC Pro esports. This was the biggest reveal we've ever had, generating almost double the positive worldwide response to FIFA 23's debut. Over 2.5 million people have watched the event live and on demand so far, an amazing celebration for the global football community.

7 月13 日，我們通過EA SPORTS FC 24 公佈了全球足球新時代的願景。除了這款令人驚嘆的遊戲外，我們還宣布了FC Mobile 和FC Online 在亞洲的進展以及新體驗、FC Tactical Mobile和FC Pro 電子競技。這是我們有史以來最重大的揭曉，全球範圍內對《FIFA 23》首次亮相的積極反應幾乎翻了一番。迄今為止，已有超過 250 萬人觀看了賽事直播和點播，這對全球足球界來說是一次令人驚嘆的慶祝活動。

To secure a fan-first future for FC, we have announced new long-term, global partnerships with UEFA, The Premier League, LaLiga, Frauen-Bundesliga, Liga F and many more. With these recent announcements, alongside our existing and ongoing network of partnerships, the game will showcase 19,000 fully-licensed footballers, 700 squads, 30 leagues and the biggest competitions. As a result, FC 24 is the most authentic, interactive football experience ever created. It's also a massive leap forward in gameplay innovation with a trio of cutting-edge technologies, HyperMotionV, PlayStyles by Opta and a revolutionized Frostbite engine. The highly anticipated release of FC 24 in September is the first giant step forward towards realizing a multi-experienced global platform capable of connecting over 1 billion fans.

為了確保 FC 的球迷至上的未來，我們宣布與歐足聯、英超聯賽、西甲聯賽、德甲聯賽、F 聯賽等建立新的長期全球合作夥伴關係。通過這些最近的公告，以及我們現有和持續的合作夥伴網絡，該遊戲將展示 19,000 名完全許可的足球運動員、700 支球隊、30 個聯賽和最大的比賽。因此，FC 24 是有史以來最真實、互動的足球體驗。這也是遊戲玩法創新方面的一次巨大飛躍，採用了 HyperMotionV、Opta 的 PlayStyles 和革命性的 Frostbite 引擎這三項尖端技術。備受期待的 FC 24 於 9 月發布，是朝著實現能夠連接超過 10 億粉絲的、擁有豐富經驗的全球平台邁出的第一步。

To do more extraordinary things for our people, players and communities, our teams are building the strongest pipeline in the history of EA to drive multiyear growth. Over the next few years, we will launch numerous experiences that grow and deepen the fandom of our legendary IP.

為了為我們的員工、玩家和社區做更多非凡的事情，我們的團隊正在打造 EA 歷史上最強大的渠道，以推動多年增長。在接下來的幾年裡，我們將推出眾多體驗，以擴大和加深我們傳奇 IP 的粉絲群體。

Our multi-year targeted investments toward our biggest opportunities include global titles like blockbuster storytelling from Dragon Age, incredible skateboarding gameplay and social connection from skate and a revival of EA SPORTS College Football that celebrates the action, culture and tradition of the sport like never before. We're also hard at work on a new experience from The Sims that will transform what players can do with creativity, a sprawling action adventure Iron Man game, a reimagination of Battlefield as a truly connected ecosystem and the expansion of the Apex Legends universe across platforms, geographies and modalities of play. The most recent reveal of our Black Panther project set in a massive, explorable universe marks the latest chapter of EA's collaboration with Disney and the Marvel Games team.

我們針對最大機會進行的多年針對性投資包括《龍騰世紀》中的熱門故事講述等全球遊戲、《Skate》中令人難以置信的滑板遊戲玩法和社交聯繫，以及EA SPORTS College Football 的複興，以前所未有的方式慶祝這項運動的行動、文化和傳統。我們還在努力開發《模擬人生》的新體驗，它將改變玩家的創造力，這是一款龐大的鋼鐵俠動作冒險遊戲，將《戰地》重新構想為一個真正互聯的生態系統，並將《 Apex 英雄》宇宙擴展到了各個領域平台、地域和遊戲方式。我們最新發布的《黑豹》項目以一個巨大的、可探索的宇宙為背景，標誌著 EA 與迪士尼和漫威遊戲團隊合作的最新篇章。

To drive player engagement and deliver return for our shareholders, we will build unrivaled IP-driven platforms that entertain massive online communities, tell blockbuster stories and amplify the power of community in and around our games. Being thoughtful and deliberate around feature sets, launch timing and quality will lead to long-term profitability as we invest in our vision and lead the future of entertainment.

為了提高玩家參與度並為股東帶來回報，我們將建立無與倫比的 IP 驅動平台，為廣大在線社區提供娛樂，講述轟動的故事，並增強遊戲內外社區的力量。當我們投資於我們的願景並引領娛樂的未來時，圍繞功能集、發佈時機和質量進行深思熟慮和深思熟慮將帶來長期盈利能力。

Now I'll hand the call over to Stuart to provide additional details on our business.

現在我將把電話轉給斯圖爾特，以提供有關我們業務的更多詳細信息。

Thanks, Andrew, and hello to everyone. I'm honored to be on my first earnings call in my new role as Chief Financial Officer. Throughout my 20-year career at EA, I have been and continue to be inspired by our talented teams and the entertainment experiences they create for our players. I'm excited by our future, and I have a great conviction that our strategy and teams will help us achieve our ambitions to lead the future of entertainment.

謝謝安德魯，大家好。我很榮幸能夠以首席財務官的新身份參加我的第一次財報電話會議。在我在 EA 的 20 年職業生涯中，我一直並繼續受到我們才華橫溢的團隊以及他們為玩家創造的娛樂體驗的啟發。我對我們的未來感到興奮，並且堅信我們的戰略和團隊將幫助我們實現引領娛樂未來的雄心壯志。

Turning to our business. We continue to see healthy engagement and new player acquisition across our portfolio and have started the year strong. Today, we are reaffirming our full year net bookings outlook.

轉向我們的業務。我們繼續看到我們的產品組合中健康的參與度和新玩家的獲取，並在今年開始表現強勁。今天，我們重申全年淨預訂量展望。

I'll now speak to our Q1 results. Net bookings were $1.6 billion, up 21% year-over-year or 25% in constant currency, primarily driven by continued strength in the EA SPORTS FIFA and the release of Star Wars Jedi: Survivor. This is the second record quarter in a row for EA SPORTS FIFA, with year-over-year growth accelerating from Q4, as this entire franchise continues to demonstrate the strategic potential of a connected massive online community.

我現在將談談我們第一季度的業績。淨預訂額為 16 億美元，同比增長 21%，按固定匯率計算增長 25%，這主要是由於 EA SPORTS FIFA 的持續強勁以及《星球大戰絕地：倖存者》的發行推動。這是 EA SPORTS FIFA 連續第二個創紀錄的季度，從第四季度開始，同比增長加速，因為整個系列繼續展示了互聯的大型在線社區的戰略潛力。

Our full game net bookings were $401 million, up 143% year-over-year or 152% in constant currency, primarily driven by the release of Star Wars Jedi: Survivor. As Andrew noted, the title was a critical success with performance in line with our expectations. Based on the strength of the IP, the engaging gameplay and new ways to bring the title to players, Star Wars Jedi: Survivor will continue to deliver long-term value.

我們的全部遊戲淨預訂量為 4.01 億美元，同比增長 143%，按固定匯率計算增長 152%，這主要是受到《星球大戰絕地：倖存者》發行的推動。正如安德魯所指出的，該遊戲取得了重大成功，其表現符合我們的預期。基於IP的實力、引人入勝的遊戲玩法以及將游戲帶給玩家的新方式，《星球大戰絕地：倖存者》將繼續提供長期價值。

Our live services were up 4% year-over-year or 7% in constant currency. Even in a quarter with such strength in full game, live services, which demonstrates a highly resilient reoccurring business model, was 75% of total net bookings. With ongoing innovation in EA SPORTS FIFA, Ultimate Team remains a material growth engine for our live service business with strength across acquisition, engagement and monetization.

我們的實時服務同比增長 4%，按固定匯率計算增長 7%。即使在完整遊戲如此強勁的一個季度，直播服務也佔總淨預訂量的 75%，這展示了高度彈性的重複業務模式。隨著 EA SPORTS FIFA 的不斷創新，Ultimate Team 仍然是我們直播服務業務的重要增長引擎，在收購、參與度和貨幣化方面均具有優勢。

In mobile, net bookings were up 3% year-over-year or 5% in constant currency, excluding the impact of lapping the sunset of Apex Mobile. We continue to make material progress across our portfolio as we manage our business for long-term profitability. FIFA Mobile delivered record Q1 net bookings, almost doubling from the prior year, driven by historic levels of player engagement and new player acquisition. And although early in our launch, initial metrics are promising for our new title, Lord of the Rings: Heroes of Middle-Earth.

在移動領域，淨預訂量同比增長 3%，按固定匯率計算增長 5%，不包括 Apex Mobile 衰落的影響。在我們管理業務以實現長期盈利的過程中，我們繼續在我們的投資組合中取得實質性進展。在玩家參與度達到歷史最高水平和新玩家招募的推動下，《FIFA Mobile》第一季度淨預訂量創歷史新高，幾乎比上年翻了一番。儘管我們還處於發布初期，但我們的新遊戲《指環王：中土英雄》的初步指標還是充滿希望的。

Apex Legends is a highly successful original IP for EA with a strong community of loyal core players. This quarter, net bookings were below expectations largely driven by underperformance from Season 17. As an evergreen live service that is constantly evolving, our teams continue to innovate on content and introduce new modes of play to engage a broader base of players across different geographies. To echo Andrew, we will continue to invest behind the talented team at Respawn to drive long-term expansion and growth of the franchise.

Apex Legends 是 EA 非常成功的原創 IP，擁有強大的忠實核心玩家社區。本季度，淨預訂量低於預期，主要是由於第17 季的表現不佳。作為一項不斷發展的常青直播服務，我們的團隊不斷在內容上進行創新，並引入新的遊戲模式，以吸引不同地區的更廣泛玩家群體。為了呼應安德魯，我們將繼續投資於 Respawn 的才華橫溢的團隊，以推動該系列的長期擴張和增長。

On a GAAP basis, we delivered Q1 net revenue of $1.9 billion, up 9% year-over-year. Operating expenses were roughly flat and below our expectations as we shifted marketing spend for new releases, primarily EA SPORTS FC to later in the year. As a result, earnings per share was $1.47, up 32% year-over-year.

按 GAAP 計算，我們第一季度淨收入為 19 億美元，同比增長 9%。由於我們將新版本（主要是 EA SPORTS FC）的營銷支出轉移到了今年晚些時候，運營費用大致持平並低於我們的預期。結果，每股收益為 1.47 美元，同比增長 32%。

We delivered operating cash flow of $359 million, one of our largest ever Q1 results, and returned $377 million to shareholders through share buybacks and dividends. And on a trailing 12-month basis, free cash flow is up 2% year-over-year.

我們實現了 3.59 億美元的運營現金流，這是我們有史以來最大的第一季度業績之一，並通過股票回購和股息向股東返還了 3.77 億美元。在過去 12 個月的基礎上，自由現金流同比增長 2%。

Now turning to guidance. Let me start by sharing our assumptions as we think about Q2. First, our guidance assumes continuing momentum in our existing global football business in addition to a strong launch for EA SPORTS FC late in the quarter. Second, we are taking a more measured approach for Apex Legends as the team applies learnings from Season 17 and introduces new modes of play across various markets. Third, we plan to heavily invest ahead of the launch of the fan platform for the global football community, EA SPORTS FC. And finally, as a reminder, net of hedges relative to last year, we continue to expect FX headwinds.

現在轉向指導。讓我首先分享我們在考慮第二季度時的假設。首先，我們的指導假設除了 EA SPORTS FC 在本季度末的強勁推出外，我們現有的全球足球業務將繼續保持增長勢頭。其次，我們正在對《Apex Legends》採取更加審慎的方法，因為團隊應用了第 17 賽季的經驗教訓，並在各個市場引入了新的遊戲模式。第三，我們計劃在全球足球社區粉絲平台 EA SPORTS FC 推出之前進行大量投資。最後，提醒一下，扣除去年的對沖後，我們繼續預計外匯逆風。

As a result of these assumptions, we expect Q2 net bookings of $1.7 billion to $1.8 billion, down 3% to up 3% or down 2% to up 4% in constant currency.

基於這些假設，我們預計第二季度淨預訂量為 17 億至 18 億美元，按固定匯率計算，下降 3% 至增長 3%，或下降 2% 至增長 4%。

For the second quarter, we expect GAAP net revenue of $1.825 billion to $1.925 billion and cost of revenue to be $430 million to $450 million.

對於第二季度，我們預計 GAAP 淨收入為 18.25 億美元至 19.25 億美元，收入成本為 4.3 億美元至 4.5 億美元。

We expect GAAP operating expenses in Q2 to be between $1.11 billion and $1.12 billion, up 9% to 10%, driven by marketing investment noted earlier. And we expect earnings per share to be approximately $0.72 to $0.89.

我們預計第二季度 GAAP 運營支出將在 11.1 億美元至 11.2 億美元之間，增長 9% 至 10%，這得益於之前提到的營銷投資。我們預計每股收益約為 0.72 至 0.89 美元。

Now turning to the full year. We are reaffirming our full year net bookings guidance range of $7.3 billion to $7.7 billion, roughly flat to up 5% or up 1% to up 6% in constant currency.

現在轉向全年。我們重申全年淨預訂指導範圍為 73 億美元至 77 億美元，按固定匯率計算大致持平至增長 5% 或增長 1% 至增長 6%。

We are revising our GAAP operating expenses guidance to $4.25 billion to $4.37 billion, driven largely by reductions in stock-based compensation. As a result, our earnings per share guidance range is now $3.42 to $3.92.

我們正在將 GAAP 運營支出指引修訂為 42.5 億美元至 43.7 億美元，這主要是由於股票薪酬的減少。因此，我們的每股收益指導範圍目前為 3.42 美元至 3.92 美元。

We are reaffirming our guidance for our other full year metrics. 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.

我們重申對其他全年指標的指導。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。

To conclude, our strong first quarter is a testament to our incredible brands, our evergreen live services and our ability to deliver compelling entertainment to hundreds of millions of players around the world. As we make progress around aligning our teams behind our biggest long-term opportunities, we will continue to stay focused, disciplined and agile to deliver multiyear growth.

總而言之，我們第一季度的強勁表現證明了我們令人難以置信的品牌、我們常青的直播服務以及我們為全球數億玩家提供引人入勝的娛樂的能力。隨著我們在讓我們的團隊支持我們最大的長期機遇方面取得進展，我們將繼續保持專注、紀律和敏捷，以實現多年增長。

Now I'll hand the call back to Andrew.

現在我將把電話轉回給安德魯。

Thanks, Stuart. EA is set to launch some of the world's most anticipated and celebrated games and experiences. At a time when our growing global community are choosing games as their first form of entertainment and primary way to stay connected with friends through shared fandom, the value and opportunity of creating interactive entertainment has never been greater.

謝謝，斯圖爾特。 EA 將推出一些全球最受期待和最著名的遊戲和體驗。當我們不斷壯大的全球社區選擇遊戲作為他們的第一娛樂形式以及通過共享粉絲與朋友保持聯繫的主要方式時，創造互動娛樂的價值和機會從未如此之大。

With our exceptional teams and unrelenting commitment to execution, our world-class IP and technological advancements that will accelerate and expand our ability to deliver new levels of creativity and innovation, EA is building towards incredible growth in the years to come.

憑藉我們卓越的團隊和對執行的不懈承諾，我們世界一流的知識產權和技術進步將加速和擴展我們提供新水平的創造力和創新的能力，EA 正在未來幾年實現令人難以置信的增長。

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

現在斯圖爾特、勞拉和我在這裡回答你們的問題。

(Operator Instructions) Our first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的埃里克·謝里丹（Eric Sheridan）。

When we look at the mobile performance in the quarter, I wanted to get your perspective on where we are in the cycle of recovery in mobile more broadly. Obviously, mobile was an area that struggled as we moved out of the pandemic and dealt with some of the challenges from the IDFA headwinds from Apple's privacy changes. And as we get deeper into 2023 and we think about growth and investing behind mobile into 2024 calendar, just more interested in how your perspectives have changed about mobile as part of the broader mix of the portfolio.

當我們審視本季度的移動業績時，我想了解您對我們在更廣泛的移動復甦週期中所處位置的看法。顯然，隨著我們走出疫情大流行並應對蘋果隱私變化帶來的 IDFA 逆風帶來的一些挑戰，移動領域一直舉步維艱。隨著我們深入 2023 年，我們會考慮 2024 年移動領域的增長和投資，我們更感興趣的是您對移動領域作為更廣泛的投資組合的一部分的看法發生了怎樣的變化。

Thanks, Eric. Let me take the first part of that, and then I'll hand off to Stuart. I think that we have always believed that mobile is an incredibly valuable platform for us, not just in the context of being the world's largest gaming platform and our ability to generate return from blockbuster IP that is mobile native, but also our ability to use mobile as a tool for acquiring new users to our broader ecosystems of play. And you're seeing that happen around what will be FC later this year, what is currently fit from what will be FC later in this year. And we're also starting to see that as we build out towards other blockbuster ecosystems around our biggest IP.

謝謝，埃里克。讓我先講第一部分，然後交給斯圖爾特。我認為我們一直相信移動設備對我們來說是一個非常有價值的平台，不僅是因為我們是世界上最大的遊戲平台，而且我們有能力從移動原生的熱門IP 中獲得回報，而且還因為我們有能力使用移動設備作為為我們更廣泛的遊戲生態系統吸引新用戶的工具。你會看到這種情況發生在今年晚些時候的 FC 周圍，目前的情況與今年晚些時候的 FC 相符。當我們圍繞我們最大的知識產權構建其他重磅生態系統時，我們也開始看到這一點。

As I think about the business broadly, we spent a lot of time and a lot of energy over the last 12 months, really rightsizing the cost profile of our mobile business and really driving for great efficiency and higher levels of engagement and monetization across our very broad portfolio. And certainly through Q1, we're seeing results ahead of our expectations.

我從廣義上考慮業務，在過去12 個月裡，我們花費了大量的時間和精力，真正調整了我們移動業務的成本狀況，並真正推動了整個我們的效率和更高水平的參與度和貨幣化。廣泛的投資組合。當然，在第一季度，我們看到的結果超出了我們的預期。

Our sense is that we will have growth from here, but it is a different mobile market that we're going into. Things do take longer from launch to scale in size. And certainly, we think the biggest opportunities are almost certainly around our big, broad IP-driven ecosystems.

我們的感覺是，我們將從這裡開始增長，但我們正在進入一個不同的移動市場。事情從啟動到規模擴大確實需要更長的時間。當然，我們認為最大的機會幾乎肯定是圍繞我們龐大、廣泛的知識產權驅動的生態系統。

Eric, just to add on a couple of points there on the financial side. Obviously, we talked to in Q1 outside of the Apex headwinds, which will be there for several quarters as we lap the sunset of the title. Obviously, we're up 3% and 5% at constant currency as we saw in the script.

埃里克，我想補充一下財務方面的幾點。顯然，我們在第一季度討論了 Apex 逆風之外的情況，當我們結束冠軍頭銜時，這種逆風將持續幾個季度。顯然，正如我們在腳本中看到的那樣，按固定匯率計算，我們分別上漲了 3% 和 5%。

I think how do we preface that Q-over-Q? We're seeing, to the point in the script, overperforming expectations on some of our key titles we called out Galaxy of Heroes. We talked to FIFA. We continue to roll out on Lord of The Rings and Heroes of Middle-Earth and expect that to continue to grow through subsequent quarters. We are expecting and have guided to a 1% growth in Q2 as well. So overall, we saw a stabilization in Q4. We saw acceleration in terms of the GAAP Q-over-Q in terms of decline year-over-year, and we feel well positioned behind the strategy levers that Andrew just laid out.

我想我們該如何為 Q-over-Q 做序言呢？我們看到，就劇本中的觀點而言，我們稱之為《英雄銀河》的一些關鍵遊戲的表現超出了預期。我們與國際足聯進行了交談。我們將繼續推出《指環王》和《中土英雄》，並預計後續幾個季度的銷量將繼續增長。我們預計並指導第二季度增長 1%。總體而言，我們在第四季度看到了穩定。我們看到 GAAP 環比同比下降加速，而且我們感覺自己在安德魯剛剛提出的戰略槓桿背後處於有利地位。

You front ran my follow-up on how mobile and traditional play might integrate on a title like EA FC.

你前面發表了我的後續文章，內容是如何將移動遊戲和傳統遊戲整合到 EA FC 這樣的遊戲中。

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

我們的下一個問題來自克萊·格里芬和莫菲特·內桑森的對話。

I wondered if, Andrew, I appreciate the context in terms of the pipeline, I guess, wanted to get perhaps an update on college football. There's a lot of things going on in terms of licensing and just wondering if you could just give us a sense of where that title is, I suppose. And then on FIFA, I wanted to ask, the daily active number. Just wanted to get a sense of to drill down if you might be able to give us some sense of monetization impacts in the quarter at Ultimate Team.

我想知道，安德魯，我是否欣賞管道方面的背景，我猜，是否想了解大學橄欖球的最新情況。在許可方面發生了很多事情，我想你是否可以讓我們了解一下該標題的位置。然後在國際足聯上，我想問一下每日活躍人數。只是想了解一下您是否能夠讓我們了解 Ultimate Team 本季度的貨幣化影響。

Okay. Great. Let me take the college football piece, and I'll hand off to Stuart to think about FIFA in the quarter. The team is making incredible progress around college football. Again, we have a long history and an incredible legacy around building this great game in terms of the context of American football, in addition to our very, very famous and culturally relevant Madden franchise. College football has always played a meaningful part in gameplay in this country. The team is doing an incredible job building out what would be the future of college football. Game players are really coming together and really capturing all of the action and pageantry and the difference in college football versus the NFL. I feel very confident in what the team is doing.

好的。偉大的。讓我來談談大學橄欖球的部分，然後我將把本季度的 FIFA 交給 Stuart 來思考。該隊在大學橄欖球方面取得了令人難以置信的進步。再說一次，除了我們非常非常著名且與文化相關的《Madden》系列之外，我們在美式足球背景下打造這款偉大的遊戲也擁有悠久的歷史和令人難以置信的遺產。大學橄欖球在這個國家的比賽中一直扮演著重要的角色。該團隊正在為大學橄欖球的未來做出令人難以置信的工作。遊戲玩家真正聚集在一起，真正捕捉到大學橄欖球與 NFL 的所有動作和場面以及差異。我對團隊正在做的事情非常有信心。

We're certainly -- we're working through the license situation broadly. And as of now, we've got many, if not most, of the schools' license as part of our licensing platform. And we'll continue to work with the various governing bodies of the sport in the country and some key third-party partners that we have around how and when to include college athletes themselves into the game, and we'll work very closely with them. But I'm confident that this will be an incredible reemergence of our college football experience, that it will capture all the action and pageantry driven by the schools and all that goes on with the schools and the conduct of this game. And I do believe that we'll find a place where we can work in lockstep with the athletes for inclusion in the game as well.

當然，我們正在廣泛解決許可問題。截至目前，我們已經擁有許多（如果不是大部分）學校的許可證作為我們許可平台的一部分。我們將繼續與該國體育運動的各個管理機構以及我們擁有的一些主要第三方合作夥伴合作，討論如何以及何時將大學運動員本身納入比賽中，我們將與他們密切合作。但我相信，這將是我們大學橄欖球經歷的一次令人難以置信的再現，它將捕捉到學校推動的所有行動和盛況，以及學校和這場比賽的進行所發生的一切。我確實相信我們會找到一個可以與運動員同步工作的地方，以便他們也參與到比賽中。

And Clay, with regards to specifically a question on FIFA, I think I'll just frame it first. I think the second successive record quarter for us with the franchise, the growth was across all platforms. We alluded to mobile net bookings almost doubling Q-over-Q. We saw double-digit growth collectively across all forms, full game through Ultimate Team, mobile and FO4 for one of our most successful quarters in FIFA.

克萊，關於國際足聯的具體問題，我想我會先提出這個問題。我認為我們的特許經營權連續第二個創紀錄的季度，所有平台都有增長。我們提到移動網絡預訂量幾乎比上一季度翻了一番。我們在所有形式上都實現了兩位數的增長，通過 Ultimate Team、移動設備和 FO4 進行完整遊戲，這是我們在 FIFA 中最成功的季度之一。

That's great. And just to drill down, again, the daily active increases, is that a function of frequency or new player or growth? How should we think about that?

那太棒了。再次深入研究，每日活躍度的增加是頻率、新玩家或增長的函數嗎？我們應該如何思考這個問題？

On the daily side, that's really referencing a couple of pieces. One on the mobile side, in particular, as the team have continued to drive reoccurring frequency in content drops. We used to have a much larger spaced out live service consideration. Now the teams are bringing much greater frequency and therefore greater engagement by virtue, and you're also seeing that evolve itself through the bookings and the overall performance of the mobile SKU.

在日常方面，這實際上引用了幾件作品。尤其是在移動端，因為該團隊繼續提高內容丟失的重複頻率。我們曾經有一個更大的間隔現場服務考慮。現在，團隊憑藉更高的頻率和更高的參與度，您還可以看到它通過移動 SKU 的預訂和整體性能不斷發展。

One thing I would add there on mobile broadly and on live services broadly is that given that we have this broad portfolio of live services across console, across PC free-to-play, across mobile, we brought in some incredible mobile native talent with our Glu acquisition with Golf Clash. We're starting to really reconcile how to effectively drive these live services at scale. And that includes both how we build core game mechanics, how we build new modalities of play on top of those core game mechanics, how we drive user acquisition and how we really build modalities of play and live events on a more regular basis to drive extraordinary retention in our franchises.

我要在移動設備和直播服務上補充的一件事是，鑑於我們擁有跨主機、跨 PC 免費遊戲、跨移動設備的廣泛直播服務組合，我們引入了一些令人難以置信的移動原生人才與Golf Clash 一起收購Glu。我們開始真正協調如何有效地大規模推動這些實時服務。這包括我們如何構建核心遊戲機制，我們如何在這些核心遊戲機制之上構建新的遊戲模式，我們如何推動用戶獲取，以及我們如何真正構建遊戲和現場活動模式以更定期地推動非凡保留我們的特許經營權。

And what you're seeing in our football franchise broadly across console, PC free-to-play and mobile and we're starting to see in the conduct of even the learnings that we've had with Apex coming out of Season 17 and what we're doing in and around mobile, really embedding this great learning that we've had as we brought new talent into the organization. And as we, as an organization, have learned to run these live services at scale, our expectation is this will continue to be a strong tailwind for us as the nature of the industry continues to change, and we operate in this new version of our industry at scale.

你在我們的足球系列遊戲中看到了廣泛的內容，包括遊戲機、PC 免費遊戲和移動設備，我們甚至開始看到我們在第 17 季中從《Apex》中學到的經驗以及什麼我們正在移動領域及其周圍開展工作，真正將我們在為組織引入新人才時所學到的偉大知識融入其中。作為一個組織，我們已經學會了大規模運行這些實時服務，我們的期望是，隨著行業性質的不斷變化，這將繼續成為我們的強大推動力，並且我們在新版本的服務中運營。產業規模化。

Our next question comes from the line of Andrew Uerkwitz with Jefferies.

我們的下一個問題來自 Andrew Uerkwitz 和 Jefferies 的對話。

I just have one short-term, one long-term question. On the short-term side, you called out Apex' weakness here quite substantially in your prepared remarks, but you kept your full year guide. Is something else kind of making up for it? Or is the weakness just not that bad? But just any comment there on how to reconcile the comments around Apex and the yearly guide.

我只有一個短期問題和一個長期問題。在短期方面，您在準備好的講話中相當多地指出了 Apex 的弱點，但您保留了全年指南。有其他東西可以彌補嗎？或者弱點並沒有那麼嚴重？但只是關於如何協調 Apex 和年度指南周圍的評論的任何評論。

Yes. So first, let me talk about Apex a little bit, and Laura can probably even provide some more detail. Again, this is this extraordinary franchise, which has continued to grow and is one of the great franchise in our industry right now and has its ebbs and flows, and we've seen its ebbs and flows. And again, if I go back to my previous comment, as a company that has been running live services at scale now for nearly 2 decades, we launched our first live service with FIFA Online back in 2006, we've seen these ebbs and flows in and around our live services. And certainly, we've seen that in the context of Apex.

是的。首先，讓我稍微談談 Apex，勞拉甚至可以提供更多細節。再說一遍，這是一個非凡的特許經營權，它一直在持續增長，是目前我們行業中最偉大的特許經營權之一，並且有它的潮起潮落，我們已經看到了它的潮起潮落。再說一遍，如果我回到之前的評論，作為一家已經大規模運行直播服務近20 年的公司，我們早在2006 年就通過FIFA Online 推出了第一個直播服務，我們已經看到了這些潮起潮落我們的現場服務及其周圍。當然，我們已經在 Apex 的背景下看到了這一點。

And so we come off a record level Season 16, the team made some really interesting and creative and innovative changes in 17. That didn't meet our expectations. It's also relevant to note that we went into a very competitive quarter. We -- a few things are happening now. One is the team has worked diligently to make very quick changes and respond to community feedback and community reaction and the performance of Season 17, and we're already starting to see momentum as we go through our current quarter.

因此，我們在第 16 季取得了創紀錄的水平，團隊在第 17 季做出了一些非常有趣、有創意和創新的改變。這沒有達到我們的預期。值得注意的是，我們進入了一個競爭非常激烈的季度。我們——現在正在發生一些事情。一是團隊一直在努力工作，做出非常快速的改變，並對社區反饋和社區反應以及第 17 季的表現做出回應，並且在當前季度我們已經開始看到勢頭。

But this is the nature of our business today, is that we will continue to innovate at the very cutting edge of entertainment. Many of those things will work. And by virtue of the collective learning of our organization, we will almost certainly learn faster than others in the industry. But that doesn't mean that there won't be some ebbs and flows. And as we think about the long-term day of the franchise, we factor that in.

但這就是我們今天業務的本質，我們將繼續在娛樂的最前沿進行創新。其中許多事情都會起作用。憑藉我們組織的集體學習，我們幾乎肯定會比業內其他人學得更快。但這並不意味著不會出現一些潮起潮落。當我們考慮特許經營權的長期發展時，我們會考慮到這一點。

Thank you, Andrew, for the question. Just to add on to what Andrew was saying, I think he covered it well as far as how we think about live services, experimentation, learning and responding to players. We also -- as we talked about in the opening statement, we have one of the most premier shooter developers in Respawn and in our ability and their strength in optimizing for the shooter audience. That huge strength we have has also provided a pretty significant opportunity for us as we think about new game modes and more accessibility for a broader player base.

謝謝安德魯提出的問題。只是為了補充安德魯所說的內容，我認為他很好地闡述了我們如何看待實時服務、實驗、學習和響應玩家。正如我們在開場白中談到的，我們擁有 Respawn 中最優秀的射擊遊戲開發商之一，我們有能力和他們在針對射擊遊戲受眾進行優化方面的實力。當我們考慮新的遊戲模式和為更廣泛的玩家群提供更多可訪問性時，我們擁有的巨大優勢也為我們提供了相當重要的機會。

So think about us being incredibly strong with core shooter players. Again, 18 million active monthly players, over 70% retention, and we have a runway with more players around the world as the team thinks about more accessible modes, bringing in things such as bots to help new player experience and first-time player experiences. So there's a big focus on that.

所以想想我們在核心射手玩家方面的實力是非常強大的。同樣，每月有1800 萬活躍玩家，留存率超過70%，並且我們在世界各地擁有更多玩家的跑道，因為團隊正在考慮更易於訪問的模式，引入機器人等東西來幫助新玩家體驗和首次玩家體驗。所以人們非常關注這一點。

The second area, I would say, on Apex that the team is really focused on is just the geographic expansion. So we've had success in North America and Asia, and we are going to continue to evolve our strength there and look at culturalization, marketing areas of focus in other parts of the world to continue our growth. So again, good success and then more to come in that area.

我想說，在 Apex 上，團隊真正關注的第二個領域就是地理擴張。因此，我們在北美和亞洲取得了成功，我們將繼續發展我們在那裡的實力，並著眼於世界其他地區的文化化、營銷重點領域，以繼續我們的增長。再說一遍，取得了良好的成功，並且該領域還將取得更多成功。

And then -- and we have opportunity in the third part of monetization and converting within the gameplay still. So even though we're 17 seasons in and 4.5 years in, we still see opportunity on monetization in areas such as IP integration, brand partnerships, evolving some of these heirlooms we have for the legends are specific to individual legends and we are looking at creating opportunities for these heirlooms and artifacts to span across all legends to appeal to broader players. So we see still significant opportunity and growth in the franchise. And I think the team has a really good grasp and have their head around where we're prioritizing and what their focus is.

然後 - 我們在第三部分的貨幣化和遊戲內轉換方面仍然有機會。因此，儘管我們已經播出了17 季，已經過去了4.5 年，但我們仍然看到了在IP 整合、品牌合作夥伴關係、發展我們擁有的一些傳家寶等領域的貨幣化機會，因為傳奇人物是特定於個人傳奇人物的，我們正在尋找為這些傳家寶和文物創造機會跨越所有傳奇，以吸引更廣泛的玩家。因此，我們認為特許經營權仍然存在巨大的機會和增長。我認為團隊非常清楚地掌握了我們的優先順序以及他們的重點是什麼。

Andrew, just to cover for you the financial specific question upfront as well. If I back off everything Andrew and Laura just noted, I'm just thinking about, obviously, we entered the year with a more measured approach given the prior Q3 and Q4. We know Q3 is a natural competitive window for us. Inside of how we split the year on H1, obviously, we've got record FIFA performance across the franchise. And obviously, mobile is ahead of our expectations. And you should think about Q4 from a seasonality perspective, Apex being one of our stronger quarters as well. So that's how ultimately it balances back in terms of the range on the guide.

安德魯，我也只是提前向您介紹財務方面的具體問題。如果我放棄安德魯和勞拉剛才提到的一切，我只是想，顯然，考慮到之前的第三季度和第四季度，我們以更加謹慎的方法進入了這一年。我們知道第三季度對我們來說是一個自然的競爭窗口。顯然，在我們如何劃分上半年的情況下，我們在整個系列中取得了創紀錄的 FIFA 表現。顯然，移動技術超出了我們的預期。您應該從季節性角度考慮第四季度，Apex 也是我們表現強勁的季度之一。這就是它最終在指南上的範圍方面達到平衡的方式。

Got it. That's super helpful. And then just kind of a long-term question maybe for Laura and Stuart. Is -- Andrew did a great job of kind of outlining the pipeline, and I think it's safe to say we're deep enough in a post-COVID world, where maybe development is getting back to normal. Where do we stand on that? And as you kind of think about -- the old, soft guidance, I think, was kind of -- the goal was every year, high single-digit growth, double-digit bottom line growth. Are we getting back to the point where that's going to be normal again? Or is there -- should we expect some still lingering impacts from game delays and COVID and work from home and whatnot?

知道了。這非常有幫助。對於勞拉和斯圖爾特來說，這可能是一個長期問題。安德魯在概述管道方面做得很好，我認為可以肯定地說，我們已經深入到了後新冠世界，也許發展正在恢復正常。我們對此持什麼立場？正如你所想的那樣——我認為舊的軟指導是——目標是每年實現高個位數增長、兩位數底線增長。我們會回到正常的狀態嗎？還是說——我們是否應該預期比賽延遲、新冠疫情以及在家工作等造成的一些仍然揮之不去的影響？

Yes. Thanks, Andrew. We just recently reorganized our company into 2 divisions of entertainment and sports, and we think that there is significant growth potential still in both areas. And with a vertical focus in our entertainment business, which I am currently leading, we see significant growth potential in the development of these connected game ecosystems, as Andrew outlined, in action blockbuster titles as we talked about Marvel with our Black Panther and Iron Man and Star Wars games as well.

是的。謝謝，安德魯。我們最近剛剛將公司重組為娛樂和體育兩個部門，我們認為這兩個領域仍然有巨大的增長潛力。隨著我目前領導的娛樂業務的垂直發展，我們看到了這些互聯遊戲生態系統發展的巨大增長潛力，正如安德魯在動作大片中所概述的那樣，當我們談論漫威與我們的黑豹和鋼鐵俠時還有星球大戰遊戲。

So we see a really strong combination in our strategy around these connected games and these blockbuster action games, and I would say that this is a new evolution of our strategy. So to say that we would go back to development as we once knew it, I think that we are looking forward and continue to reinvent and evolve our development approach and practices based on the opportunity, based on our new strategy and based on the new structure of our organization.

因此，我們看到圍繞這些聯網游戲和這些熱門動作遊戲的戰略非常強大的結合，我想說這是我們戰略的新演變。所以說，我們將回到我們曾經知道的發展方向，我認為我們正在期待並繼續根據機遇、新戰略和新結構重塑和發展我們的發展方法和實踐我們組織的。

And Andrew, just to kind of look back on the long-term financial thinking, I think, as you know, obviously, we expensed versus capitalized, and we've been in an investment cycle as we build out the multiyear pipeline that Andrew referenced in his script.

安德魯，回顧一下長期的財務思維，我認為，正如你所知，顯然，我們是支出與資本化，而且當我們建立安德魯提到的多年管道時，我們一直處於投資週期在他的劇本中。

I think in terms of is it going to be sort of normalized, I think we'll continue to map through sort of timing and sequencing for both those releases. You should expect us to start to talk to that towards the back end of the calendar year early into the next calendar year. And we know we'll give more sort of credence to timing. We want to make sure that we are really clear with our development teams and get into the quarter levels we expect. But you should expect us to get to ultimately with that multiyear pipe sort of more step functional change in the future.

我認為就這是否會標準化而言，我認為我們將繼續規劃這兩個版本的時間和順序。您應該期待我們在今年年底到下一個日曆年早些時候開始討論這個問題。我們知道我們會更加相信時機。我們希望確保我們的開發團隊真正清楚並達到我們預期的季度水平。但你應該期望我們最終能夠在未來實現多年的管道式更多步驟的功能變化。

Our next question comes from the line of Matthew Cost with Morgan Stanley.

我們的下一個問題來自馬修·科斯特 (Matthew Cost) 與摩根士丹利 (Morgan Stanley) 的對話。

I guess starting maybe with Andrew and Laura. Can you talk a little -- in a little more detail about the decision to reorganize the studios into the entertainment and the sports segments and what you'll be able to do differently and better now that you couldn't do before? And then I have one follow-up.

我想也許從安德魯和勞拉開始。您能否更詳細地談談將工作室重組為娛樂和體育部門的決定，以及您現在可以做哪些以前無法做到的、不同的、更好的事情？然後我有一個後續行動。

Yes. Let me start there, and then Laura can come in and kind of share a little about how she's thinking about the entertainment part of the company. Again, we've had this -- we aren't as a company, first and foremost, around our plays. We have over 700 million in our network, and they're spending more and more time with us. And as we think about the future, serving those players in a world where they choose interactive entertainment as their first form of entertainment and they choose the games and experiences that they play as the #1 way to connect and stay connected with their friends.

是的。讓我從這裡開始，然後勞拉可以進來分享一下她對公司娛樂部分的看法。再說一次，我們已經遇到了這一點——我們首先不是一家公司，圍繞我們的遊戲。我們的網絡中有超過 7 億用戶，他們與我們在一起的時間越來越多。當我們思考未來時，為這些玩家提供服務，他們選擇互動娛樂作為他們的第一娛樂形式，他們選擇他們玩的遊戲和體驗作為與朋友聯繫和保持聯繫的第一方式。

And as we think about the future of entertainment, for us when we drive towards entertaining and engaging that audience of 700 million that we hope grows well beyond 1 billion to 2 billion over the course of time, we wanted to really think about how best to serve those players. And while we're almost absolutely -- almost certainly have crossover between players who play FC and Apex and Need for Speed and Madden, the nature of development and the nature of how those games are built and developed is very different and is getting more different as time passes.

當我們思考娛樂業的未來時，當我們致力於娛樂和吸引7 億觀眾（我們希望隨著時間的推移，這一數字將遠遠超過10 億至20 億）時，我們想要真正考慮如何最好地為那些玩家服務。雖然我們幾乎絕對——幾乎肯定玩《FC》、《Apex》、《極品飛車》和《Madden》的玩家之間存在交叉，但開發的本質以及這些遊戲的構建和開發方式的本質是非常不同的，而且越來越不同。隨著時間流逝。

And what we wanted to get to as we continue to scale the company, as we continue to scale our franchises and scale the live services that are born from those franchises, get to a place where we were able to empower our creative leaders even more than we have been. We've been on a move over the last 5 or 6 years to really give more power to our creative leaders to build and grow and drive their businesses with the direct connection that they have with our players. And we want -- this was the very next evolutionary step in that process and really about giving them more creative autonomy, business autonomy as they are most deeply connected and directly connected to these networks of players and these communities of players that they play with, and it was really about getting to an accelerated level of decision-making and an accelerated level of development.

隨著我們繼續擴大公司規模，隨著我們繼續擴大我們的特許經營權並擴大這些特許經營權所產生的實時服務，我們希望達到的目標是，我們能夠為我們的創意領導者提供比我們已經。在過去的五六年裡，我們一直在採取行動，真正賦予我們的創意領導者更多的權力，讓他們通過與我們玩家的直接聯繫來建立、發展和推動他們的業務。我們希望——這是該過程中的下一個進化步驟，實際上是給予他們更多的創造性自主權和業務自主權，因為他們與這些玩家網絡以及與他們一起玩的玩家社區有最深入的聯繫和直接聯繫，這實際上是為了加快決策水平和加速發展水平。

I think we're already starting to see the benefits of that. We've outlined our strategy very clearly. We believe that the future of entertainment is interactive. We believe that any large-scale entertainment company will need to understand and appreciate and be able to develop in the conduct of interactive entertainment for these audiences that are choosing what we do as their first form.

我認為我們已經開始看到這樣做的好處。我們已經非常清楚地概述了我們的戰略。我們相信娛樂的未來是互動的。我們相信，任何大型娛樂公司都需要理解、欣賞並能夠為這些選擇我們做的第一形式的觀眾提供互動娛樂，並能夠發展。

And as we think about that building out these platforms that deliver experiences and entertain massive online communities, its ability to tell blockbuster interactive stories and its ability to harness the power of these communities, not just inside the game, but outside the game, and as we look at what's going on with FC right now, as we think about a reimagined Madden, as we think about the reemergence of college football and all that's happening across our EA SPORTS portfolio, we're seeing accelerated moves towards that.

當我們考慮構建這些提供體驗和娛樂大規模在線社區的平台時，它有能力講述轟動的互動故事，也有能力利用這些社區的力量，不僅在遊戲內部，而且在遊戲之外，並且作為當我們思考《Madden》的重新構想、大學橄欖球的重新崛起以及我們EA SPORTS 產品組合中發生的所有事情時，我們會看到FC 目前正在發生的事情，我們正在加速實現這一目標。

As I think about what's happening in Laura's organization and the speed at which the Respawn team has been able to respond in the context of what's happening in Apex season 17 as we move towards Apex Season 18, as we think about what's happening for Battlefield and what's happening for The Sims, I'm really excited because I think we're already seeing the clock speed of our organization increase. And my sense is that will mean that we will build more things, better things, higher-quality things that entertain more people around the world over time.

當我想到勞拉的組織中發生的事情以及重生團隊在我們邁向Apex 第18 賽季時在Apex 第17 賽季發生的情況下能夠做出反應的速度時，當我們想到《戰地》中發生的事情以及正在發生的事情時對於《模擬人生》來說，我真的很興奮，因為我認為我們已經看到我們組織的時鐘速度有所提高。我的感覺是，這意味著我們將建造更多、更好、更高質量的東西，隨著時間的推移，為世界各地的更多人帶來歡樂。

Yes. Very well said. And to layer on to what Andrew has outlined is that we are -- think about we are such a talent-centric company. And when you have the incredible talent and development leadership that we do, that we're lucky to have at Electronic Arts, oftentimes, as leaders we evaluate and look at how can we remove barriers, help the speed at which they develop and how they show it for our players.

是的。說得好。安德魯概述的是，我們是一家以人才為中心的公司。當你擁有我們所擁有的令人難以置信的人才和開發領導力時，我們很幸運能夠在藝電擁有這樣的人才和開發領導力，作為領導者，我們經常評估並研究如何消除障礙，幫助他們加快發展速度以及他們如何向我們的玩家展示一下。

So we are incredibly focused on lifting up and removing friction for our talent so they can show up for our players every day. And we've talked about it a lot on this call about being a live service company and having content and updates in learning and turning and tweaking and using our levers to show up for our players and optimize that.

因此，我們非常專注於提升和消除我們人才的摩擦，以便他們每天都能為我們的球員展現。我們在這次電話會議上多次討論了作為一家實時服務公司，在學習、轉向和調整方面提供內容和更新，並使用我們的槓桿向我們的玩家展示並優化它。

That requires a vertical -- more vertical organization. And it requires as little friction and as much connection to go-to-market ideas, go-to-market strategies, commercial thinking around how we show up for players as well as the game design, as well as technology. So the more we can integrate that, the faster we can accelerate the potential of our growth. And candidly, the more unleashed and untethered our talent feels, and it's a far more gratifying experience for them, we believe.

這需要一個垂直的——更加垂直的組織。它需要盡可能少的摩擦和盡可能多的與上市想法、上市策略、圍繞我們如何向玩家展示的商業思維以及遊戲設計和技術的聯繫。因此，我們整合得越多，我們就能越快地加速我們的增長潛力。坦率地說，我們相信，我們的人才越能得到釋放和不受束縛，這對他們來說是一次更令人滿意的經歷。

And I will just tell you, too. On the entertainment side, we were just focused incredibly like lasers on execution. And so we know we have great talent. We know we have these incredible brands in Skate, Sims, Apex, Battlefield, Marvel, Star Wars. We know we have the makings of incredible product experiences. Now we have to have heads down, execute, help the teams, move as quickly as they can, accelerate that through technology and support and let them run so we can get to this growth that we know we are capable of in the coming years.

我也會告訴你。在娛樂方面，我們就像激光一樣專注於執行。所以我們知道我們擁有出色的人才。我們知道我們在《滑板》、《模擬人生》、《Apex》、《戰地》、《漫威》、《星球大戰》中擁有這些令人難以置信的品牌。我們知道我們擁有令人難以置信的產品體驗的條件。現在我們必須埋頭苦幹，執行，幫助團隊，盡快行動，通過技術和支持加速這一進程，讓他們運行，這樣我們才能實現我們知道在未來幾年有能力實現的增長。

Great. And then just quickly on M&A. There was a small mobile gaming M&A deal in the news today, which is the first time that something like that, I feel like has come across the radar in a while. Is there more opportunity? Are things -- are conversations maybe restarting in terms of potential acquisitions that have been paused over the past year or 2? And do you see opportunity to do more? Or with Glu and Playdemic and Codemasters, you feel like you've kind of brought in what you need to bring in for now?

偉大的。然後快速進行併購。今天的新聞中出現了一筆小型移動遊戲併購交易，我覺得這是第一次出現這樣的事情。還有更多的機會嗎？就過去一兩年暫停的潛在收購而言，對話是否可能會重新啟動？您是否看到了做更多事情的機會？或者通過 Glu、Playdemic 和 Codemasters，您覺得您已經引入了目前需要引入的內容？

I think right now, we feel very good about who we are as a company and the capabilities and talent and teams and IP we have across the organization, and we have a very clear strategy and an even clearer pipeline for growth across IP and across platforms. That being said, I think we're always looking for great opportunities to drive even more growth and entertain even more people through great games and experiences in IP, and we'll continue to work and look at that over the course of time. But it's not something right now that we're actively engaged in.

我認為現在，我們對我們作為一家公司的身份以及我們在整個組織中擁有的能力、人才、團隊和知識產權感到非常滿意，並且我們有非常明確的戰略和更清晰的跨知識產權和跨平台增長渠道。話雖這麼說，我認為我們一直在尋找絕佳機會，通過出色的遊戲和 IP 體驗來推動更多增長並娛樂更多人，隨著時間的推移，我們將繼續努力並關注這一點。但這不是我們現在積極參與的事情。

Our next question comes from the line of Colin Sebastian with Baird.

我們的下一個問題來自科林·塞巴斯蒂安和貝爾德的對話。

Great, and congrats again to Laura and Stuart. I guess, first, just following up on Apex. Maybe to put a finer point on some of the changes, Andrew, and Laura, you talked about with the game. Is the expectation that we'll see in Season 18, some of that improvement in an engagement given the game mechanics and the monetization there? And then secondly, just on Star Wars, just kind of curious to learn more about the plan and the expectations as we look to see that extend in terms of the lifetime of the franchise as well as live services. I think more detail there might be useful as well.

太棒了，再次祝賀勞拉和斯圖爾特。我想，首先，只是跟進 Apex。也許為了更好地闡述一些變化，安德魯和勞拉，你們在遊戲中談到了這一點。考慮到遊戲機制和貨幣化，我們是否期望在第 18 季中看到參與度有所改善？其次，就《星球大戰》而言，我們很想了解更多有關該計劃和期望的信息，因為我們希望看到特許經營權的生命週期以及現場服務的延長。我認為更多細節也可能有用。

Thanks, Colin. I'll take the Apex question, and then we can talk about the broader Star Wars piece next. On Apex, the way to think about it is when you -- when we have these live services, and I laid out the areas of expansion of new addressable audiences and players, geographic expansion and then monetization conversion mechanics that will evolve over time, we think about and look at the Apex development cycle and, candidly, most live services cycles as short, mid and long term. So you will see some -- we will see some adjustments and changes in Season 18. And we expect to see even bigger, more impactful changes in 19 and 20 and into the future for the following year.

謝謝，科林。我將回答 Apex 問題，然後我們接下來可以討論更廣泛的星球大戰部分。在Apex 上，思考這個問題的方法是，當我們擁有這些實時服務時，我列出了新的可尋址受眾和玩家的擴展領域、地理擴展以及將隨著時間的推移而發展的貨幣化轉換機制，我們坦率地說，將 Apex 開發週期以及大多數實時服務週期視為短期、中期和長期。所以你會看到一些——我們會在第18 季中看到一些調整和變化。我們預計在第19 季和第20 季以及下一年的未來會看到更大、更有影響力的變化。

So again, there's a lot the team can do and what they have levers on. And then there are some things, such as modes or changes in mechanics, that just take a longer runway to develop.

再說一次，團隊可以做很多事情，他們可以做很多事情。還有一些事情，例如模式或機制的變化，需要更長的跑道來開發。

And then on Star Wars, just for my clarity, were you referring to the Star Wars: Jedi franchise or Star Wars broadly as we think about the future of the IP and our ability to tell these incredible blockbuster stories in the Galaxy of Star Wars?

然後，關於《星球大戰》，為了我清楚起見，當我們思考IP的未來以及我們在《星球大戰》銀河系中講述這些令人難以置信的大片故事的能力時，您指的是《星球大戰：絕地》系列還是廣義的《星球大戰》？

Yes, Andrew, I guess, leveraging the strength of the recent Star Wars games, mobile as well as Jedi and how you foresee that over time, turning into a broader franchise with live services and ongoing engagement.

是的，安德魯，我想，利用最近的《星球大戰》遊戲、移動遊戲和《絕地武士》的優勢，以及你如何預見隨著時間的推移，將變成一個更廣泛的特許經營，提供實時服務和持續參與。

Yes. We don't have anything to announce today, but we have an incredible partnership with Disney and Lucas. We've had incredible success in that partnership across the Battlefront and the Star Wars: Jedi franchise and absolutely with Star Wars: Galaxy of Heroes. Our teams are always thinking about what are new experiences that we might be able to create. Certainly, I would love to see more in the Jedi franchise over time, it's just this extraordinary game that tells us extraordinary story -- and certainly, again, we may be a little biased.

是的。我們今天沒有什麼要宣布的，但我們與迪士尼和盧卡斯有著令人難以置信的合作夥伴關係。我們在《前線》和《星球大戰：絕地》系列以及《星球大戰：英雄銀河》的合作中取得了令人難以置信的成功。我們的團隊一直在思考我們可以創造哪些新體驗。當然，隨著時間的推移，我希望在《絕地》系列中看到更多內容，正是這款非凡的遊戲向我們講述了非凡的故事——當然，我們可能還是有點偏見。

But our sense based on the feedback that we're getting from our community and the quality of that product, it's one of the great beats in the Star Wars Galaxy this year and will likely continue to be a very meaningful part of that Galaxy for many years to come. And certainly, as we bring it to PlayStation 4 and Xbox One, we think there'll be another little bump there for the franchise.

但根據我們從社區獲得的反饋以及該產品的質量，我們的感覺是，這是今年《星球大戰銀河》中最精彩的節拍之一，並且對於許多人來說，它可能會繼續成為該銀河中非常有意義的一部分未來幾年。當然，當我們把它帶到 PlayStation 4 和 Xbox One 時，我們認為該系列還會有另一個小進步。

And so nothing to announce there other than we have an incredible relationship with Disney. We've had incredible success so far in that partnership. And to the extent that we can find new opportunities to execute against new experiences, including live services as part of that partnership, we will explore them.

因此，除了我們與迪士尼有著令人難以置信的關係之外，沒有什麼可宣布的。到目前為止，我們在這種夥伴關係中取得了令人難以置信的成功。如果我們能夠找到新的機會來執行新的體驗，包括作為合作夥伴關係一部分的實時服務，我們將探索它們。

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

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

Maybe 2 if I could. I guess, first, anything you can say or talk about just in terms of what the early indicators are telling you around the FC launch? Obviously, I still know we have a lot of the marketing still in front of us. I think the title has a couple more early access days this quarter than it did last year. But just kind of anything that the early indicators are telling you?

如果可以的話，也許 2 個。我想，首先，關於 FC 發布的早期指標，您可以說或談論什麼嗎？顯然，我仍然知道我們還有很多營銷工作要做。我認為該遊戲本季度的搶先體驗日比去年多了幾天。但早期指標告訴你的是什麼？

And then just secondly, as we think about the back half of the year, just curious like any ebbs and flows that you would call out. I think you were really helpful in the prepared comments around FIFA strength and Apex needing some work throughout the year. So I think that's pretty well understood. But you've also called out a bunch of other things, Star Wars: Jedi coming to prior gen consoles. I'm not sure if that's this year or further out. You talked about a Sims parallel experience. I think we've got a FIFA Mobile major update coming later this year. So I guess just outside of the frontline release, like any other ebbs and flows that we should be cognizant of for the back half of the year?

其次，當我們思考下半年時，就像你所說的任何潮起潮落一樣好奇。我認為您對有關 FIFA 實力和 Apex 全年需要一些工作的準備評論非常有幫助。所以我認為這很好理解。但你也提到了很多其他的事情，比如《星球大戰：絕地武士》將登陸上一代遊戲機。我不確定是今年還是更遠的將來。你談到了模擬人生的平行經歷。我認為我們將在今年晚些時候推出《FIFA Mobile》的重大更新。所以我想就在前線發布之外，就像我們下半年應該認識到的任何其他潮起潮落一樣？

Yes. Great question. I would think about this probably in 3 buckets. The first is the launch went incredibly well. And certainly, that was the first moment we talked about FC. We've been building towards this for some time and working incredibly closely with our partners in a very directly connected way with our global community across console, across PC, across mobile, across geographies.

是的。很好的問題。我可能會從三個方面來考慮這個問題。首先是發布進行得非常順利。當然，那是我們第一次談論 FC。一段時間以來，我們一直在為此努力，並與我們的合作夥伴以非常直接的方式與我們的全球社區跨控制台、跨 PC、跨移動設備、跨地域密切合作。

So the launch went incredibly well and was nearly double the positive performance of the launch versus FIFA 23, which in and of itself had achieved some records in terms of its launch awareness and its launch access. So our expectation there is very, very strong that we've hit the right tone. We've built incredible relationships with partners so that we have all of the right license content. Everything we had before, plus more. We've got game teams across console, PC and mobile that are all innovating at the very front line to make sure that this is not just a change of symbol, but it is, in fact, a symbol of change. And so if I combine what's happening with -- what happened at the launch and the feedback and performance of that with what we're doing in the game, we feel very good about that element.

因此，這款遊戲的發布進展非常順利，幾乎是《FIFA 23》的積極表現的兩倍，而《FIFA 23》本身在發布認知度和發布訪問量方面都創下了一些記錄。因此，我們非常非常強烈地希望我們已經找到了正確的基調。我們與合作夥伴建立了令人難以置信的關係，因此我們擁有所有正確的許可內容。我們以前擁有的一切，還有更多。我們擁有跨主機、PC 和移動設備的遊戲團隊，他們都在第一線進行創新，以確保這不僅僅是符號的變化，而且實際上是變革的象徵。因此，如果我將發佈時發生的事情以及反饋和性能與我們在遊戲中所做的事情結合起來，我們對這個元素感覺非常好。

The second element I would point you towards is just the performance of the franchise broadly. We've highlighted this many times before. One of the greatest predictors of future success is both recency and depth of engagement. And on both of those fronts, the existing franchise continues to perform exceptionally well. Again, what we said in the script was it just had its second record quarter in a row. And even as typically you would see that starting to wane as there's not much going on in the world of football right now, at least cup football but for the Women's World Cup, which is doing great things in Australia, New Zealand, we would typically start to see the business wane at this point. And we're not -- we're seeing still really strong engagement and regular engagement from our community. And so that in and of itself is probably one of the greatest predictors of future success.

我要向您指出的第二個要素是特許經營權的整體表現。我們之前已經多次強調過這一點。未來成功的最大預測因素之一是新近度和參與深度。在這兩個方面，現有的特許經營權繼續表現出色。同樣，我們在劇本中所說的是，它剛剛連續第二個創紀錄的季度。即使你通常會看到這種情況開始減弱，因為目前足球世界沒有太多事情發生，至少是杯賽，但對於女足世界杯，這在澳大利亞、新西蘭取得了巨大的進展，我們通常會此時開始看到業務衰退。但我們並沒有——我們看到我們的社區仍然有很強的參與度和定期參與度。因此，這本身可能是未來成功的最大預測因素之一。

And then third, as we highlighted in the script, we've got a giant marketing budget against this. If you're on mobile or PC free-to-play, you will wake up and your existing experience will now be FC, and you will get all of the new benefits of that. And if you're on console, we're going to be spending a meaningful amount of money. Certainly, more than we ever have done before. We are taking no risk on that front to make sure everybody that loves football in the world understands what FC is, how it applies to them and that it's coming in September.

第三，正如我們在劇本中強調的那樣，我們對此有巨額的營銷預算。如果您在移動設備或 PC 上免費玩遊戲，那麼當您醒來時，您現有的體驗現在將變成 FC，並且您將獲得其中的所有新優勢。如果你使用的是遊戲機，我們將花費大量的資金。當然，比我們以前做過的更多。我們在這方面不會冒任何風險，以確保世界上每個熱愛足球的人都了解 FC 是什麼、它如何適用於他們以及它將於 9 月推出。

And so net of all of that, I think that if you take into account our launch, plus the quality of the games that we're making across platforms, you take into account the current engagement and recency and regularity of that engagement, and you take into account that we are literally rallying the entire company behind this launch more than we ever have in the 40 years of the company's history around any launch, we feel very good about it.

因此，除此之外，我認為如果你考慮到我們的發布，再加上我們跨平台製作的遊戲的質量，你就會考慮到當前的參與度以及該參與度的新近度和規律性，並且你考慮到我們真正團結了整個公司來支持這次發布，比公司 40 年曆史上任何一次發布都多，我們對此感覺非常好。

Matt, just to add on to Andrew. Just a couple of things to think about. I think are important as you think about the financial guidance. Not, obviously, we will have dynamics in timing between Q2, hence the guide, and later in the year, particularly to the investment around FC, obviously, heavily Q2 prelaunched focus.

馬特，只是補充一下安德魯。有幾件事需要考慮。當你考慮財務指導時，我認為這很重要。顯然，我們不會在第二季度（因此指南）和今年晚些時候之間的時間安排上有動態，特別是圍繞 FC 的投資，顯然，第二季度預啟動的重點。

Also you should start to think about, to your point on FC, how we nuance the timing and recognition of revenue between Q2 and Q3. Worth noting that the licensing structure will transition back half of the year versus front half of the year. And obviously, we had a heavier launch slate last year in the back half of the year. So we can work through that with you all in the call downs, but just note there's definitely ebbs and flows in timing. And particularly point that to Q2, in particular, as you look at the EPS we put out and how that resonates year-on-year.

此外，您還應該開始考慮，就您在 FC 上的觀點而言，我們如何細微差別第二季度和第三季度之間收入的時間安排和確認。值得注意的是，許可結構將在下半年與上半年發生轉變。顯然，我們在去年下半年推出了更重的產品。因此，我們可以與大家一起解決這個問題，但請注意，時間上肯定會有起伏。尤其是第二季度，當你看看我們公佈的每股收益以及它與去年同期相比有何反響時。

Our next question comes from the line of Benjamin Soff with Deutsche Bank.

我們的下一個問題來自德意志銀行的本傑明·索夫。

You guys referenced that your margins today are reflective of some investments in long-term projects, and I'm just wondering if you guys could help us a little bit better understand the impact there and maybe what margins might look like in more of a steady state.

你們提到你們今天的利潤反映了對長期項目的一些投資，我只是想知道你們是否可以幫助我們更好地了解那裡的影響，以及在更穩定的情況下利潤可能會是什麼樣子狀態。

And then secondly, would you anticipate any changes in consumer spending if student debt payments were to resume at scale?

其次，如果學生債務償還大規模恢復，您預計消費者支出會發生什麼變化嗎？

Ben, I'll tackle the second maybe the first one. I think obviously, we're not going to create any guidance or direction on margin structure on a steady-state, go-forward. I think I'd just point you to the fact that, obviously, we've had depressed margins we've continued to invest and expensed as we go. We do expect to get back to levels prior to a couple of years ago as we step that margin through.

本，我將解決第二個也許是第一個。我認為顯然，我們不會在穩定的、向前發展的情況下就利潤結構制定任何指導或方向。我想我只想向您指出這樣一個事實：顯然，我們的利潤率很低，但我們仍在繼續投資和支出。隨著我們逐步實現這一利潤率，我們確實預計會回到幾年前的水平。

As you think about as we bring some of those titles to bear in the future, both from an owned IP perspective and some of the scale of Battlefield and we think about the business models that will come with other titles around Sims and Skate, you should expect that to flow down and be accretive from a margin level as we step through in the future years.

當你想到我們在未來推出其中一些遊戲時，無論是從自有知識產權的角度還是《戰地》的一些規模，以及我們考慮圍繞《模擬人生》和《滑板》的其他遊戲所帶來的商業模式，你應該預計隨著我們在未來幾年的發展，利潤率將會下降並從利潤水平開始增加。

As I -- I don't know that I can comment specifically on student debt or what might happen there. What I would say is this, though. Entertainment is a fundamental human need, and it has been since the beginning of time. As we look at the emerging generations of consumers, including students, they're choosing interactive entertainment as their first form of entertainment.

至於我——我不知道我可以具體評論學生債務或那裡可能發生的事情。不過，我想說的是。娛樂是人類的基本需求，自古以來就是如此。當我們觀察包括學生在內的新興一代消費者時，他們選擇互動娛樂作為他們的第一種娛樂形式。

There's a couple of reasons for that. One, it is way more engaging than maybe what traditional entertainment was. Two, it helps you connect with friends and stake in it with friends. So the nature of the relationships that you build through your consumption of these entertainment properties is significantly more rewarding on a personal basis than watching a movie ever was. And I love movies.

這有幾個原因。第一，它比傳統娛樂更具吸引力。第二，它可以幫助您與朋友聯繫並與朋友一起參與。因此，就個人而言，通過消費這些娛樂產品建立的關係比看電影更有價值。我喜歡電影。

But three, the most important thing is it represents the best value entertainment. Even as you think about our incredible scale and the incredible financial performance and growth that we have ahead of us, at an individual consumer level, it still represents the best value entertainment on the planet on a per hour basis of entertainment.

但第三，最重要的是它代表了最好的娛樂價值。即使您考慮到我們令人難以置信的規模以及令人難以置信的財務業績和增長，在個人消費者層面上，它仍然代表著地球上每小時娛樂價值最高的娛樂。

And so I'm not sure what will happen with student debt. But my sense is as we continue to see our industry grow, as we continue to see our company grow, as we continue to scale the nature of experiences that we deliver to our consumers and the level of entertainment and connection that provides them, that regardless of what happens in that area, we will continue to be their first choice for entertainment.

所以我不確定學生債務會發生什麼。但我的感覺是，隨著我們不斷看到我們的行業不斷發展，隨著我們不斷看到我們的公司不斷發展，隨著我們不斷擴大我們為消費者提供的體驗的性質以及為他們提供的娛樂和聯繫的水平，無論無論該地區發生什麼，我們仍將是他們娛樂的首選。

Our last question comes from the line of David Karnovsky with JPMorgan.

我們的最後一個問題來自摩根大通的大衛·卡諾夫斯基。

Last quarter, it was noted that players were concentrating their spend on major franchises. Just wanted to see first if there was any update to that. And then Andrew, in your commentary, you highlighted a goal for Apex has an experience across platforms. I'm assuming that includes mobile as well. So can you speak to how you envision, potentially relaunching that title on phones and how the approach could differ to the prior game.

上個季度，人們注意到玩家將支出集中在主要特許經營權上。只是想先看看是否有任何更新。然後安德魯，在您的評論中，您強調了 Apex 擁有跨平台體驗的目標。我假設這也包括移動設備。那麼您能否談談您的設想，可能會在手機上重新推出該遊戲，以及該方法與之前的遊戲有何不同。

Yes. So let me touch on the first part. I do think we continue to see big titles getting bigger and live services getting bigger. And certainly, as a company with a broad portfolio of large-scale IP and large-scale live services, we believe that we will be long-term beneficiaries of that trend.

是的。讓我談談第一部分。我確實認為我們會繼續看到大遊戲變得越來越大，直播服務也越來越大。當然，作為一家擁有廣泛的大型IP和大型直播服務組合的公司，我們相信我們將成為這一趨勢的長期受益者。

We do -- that doesn't mean that we won't build smaller titles over the course of time. There are these incredible stories that we believe should be told in the context of entertainment. We are focusing our investments so that we can build a cost base around those that's appropriate, but we're also really getting behind our biggest opportunities. And as we've talked about our strategy and building these experiences that entertain massive online communities, our expectation is that will be a large scale growth driver for us.

我們確實這麼做了，但這並不意味著我們不會隨著時間的推移開發較小的遊戲。我們認為這些令人難以置信的故事應該在娛樂的背景下講述。我們正在集中投資，以便能夠圍繞合適的成本建立基礎，但我們也真正抓住了我們最大的機會。當我們談論我們的戰略並構建這些娛樂大規模在線社區的體驗時，我們的期望是這將成為我們大規模增長的動力。

But when thought about the right way, games like Dragon Age and Jedi can tell truly blockbuster stories and really break into that top category of games. I think what we see today is the mid-tier and lower games that maybe did pretty well through COVID because people had a lot of spare time. They're the parts of the industry that really aren't doing and performing as well. And as we think about our future, you should expect that we will continue to focus our investments and our energy and our resources against these big opportunities because we do believe that is where the industry is trending.

但當考慮到正確的方式時，像《龍騰世紀》和《絕地武士》這樣的遊戲可以講述真正轟動的故事，並真正躋身頂級遊戲類別。我認為我們今天看到的是中低端遊戲，它們在新冠疫情期間可能表現得很好，因為人們有很多空閒時間。他們是行業中確實表現不佳的部分。當我們思考我們的未來時，您應該期望我們將繼續將我們的投資、精力和資源集中在這些巨大機遇上，因為我們確實相信這就是行業的趨勢。

David, I'll take the Apex mobile question. As Vince and the team evaluate and look at, again, the runway and potential that we have on the franchise beyond the short midterm that I've outlined today, we see really strong potential in further storytelling, in additional modalities in genre play. Remember, Apex is set in the Titanfall world. There's a lot of demand and interest in this universe.

David，我將回答 Apex 移動問題。當文斯和團隊再次評估和審視我今天概述的短期中期之後我們在特許經營上擁有的跑道和潛力時，我們看到了進一步講故事和類型遊戲的其他模式的巨大潛力。請記住，《Apex》以《泰坦天降》世界為背景。這個宇宙有很多需求和興趣。

So as we -- as they evaluate and we look at where the opportunities are, we are looking at new genres, we're looking at potential new platforms. And we are looking at, as I mentioned earlier, the geographic expansion. So nothing to announce today, but all things are not only under consideration, but a meaningful part of our strategy for the future of the brand.

因此，當我們——當他們評估並尋找機會所在時，我們正在尋找新的類型，我們正在尋找潛在的新平台。正如我之前提到的，我們正在考慮地理擴張。所以今天沒有什麼可宣布的，但所有的事情不僅都在考慮之中，而且是我們品牌未來戰略的有意義的一部分。

Okay. Thank you very much for being with us today, and thank you for all of your questions. Once again, I want to express my deepest appreciation to our incredible teams for delivering a record Q1. We look forward to updating you next quarter on November 1 after what I think is going to be a biggest EA SPORTS season ever, including Madden 24 and, of course, our highly anticipated launch of EA SPORTS FC 24. Thank you so much. Have a great day.

好的。非常感謝您今天接受我們的採訪，也感謝您提出的所有問題。我想再次向我們令人難以置信的團隊表示最深切的感謝，感謝他們在第一季度創造了創紀錄的成績。我們期待在11 月1 日下個季度為您帶來最新消息，我認為這將是EA SPORTS 有史以來最盛大的賽季，其中包括《Madden 24》，當然還有我們備受期待的EA SPORTS FC 24的發布。非常感謝。祝你有美好的一天。

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

今天的會議到此結束。感謝大家的加入。您現在可以斷開連接。