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.

午安.我是Josh，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2024財年第一季業績電話會議。

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

現在我將會議交給投資者關係總監凱蒂·伯克女士。請開始吧。

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財年第一季財報電話會議。今天與我一同出席的有：執行長安德魯威爾森；財務長史都華坎菲爾德；以及EA娛樂、技術與中央開發總裁勞拉米勒。

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，我們的美國證券交易委員會（SEC）文件和獲利報告可在ir.ea.com查閱。此外，我們也發布了詳細的獲利報告投影片，以配合我們準備好的演講稿。最後，電話會議結束後，我們將發布我們準備好的演講稿、本次電話會議的錄音回放以及會議文字稿。

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.

關於我們的日程安排，2024財年第二季財報電話會議定於11月1日星期三舉行。再次提醒，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-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.

本次示範及我們的評論包含有關未來事件及本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日討論結果有重大差異的風險，請參閱我們最新的10-K表格。藝電（Electronic Arts）於2023年8月1日作出上述陳述，並聲明不承擔更新義務。

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.

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。詳情請參閱我們的獲利報告投影片。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, 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。很高興能和大家聚在一起。首先，我要歡迎史都華‧坎菲爾德，相信大家對他都很熟悉。我和史都華共事近二十年了。在藝電（Electronic Arts）經歷的許多重大變革中，他一直是值得信賴的合作夥伴和傑出的領導者。我很高興能與史都華共事，他擔任我們的新任財務官，我們將攜手推動公司未來多年的成長，並創造長期價值。

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.

EA第一季業績創歷史新高，淨預訂額達16億美元，年增21%，主要得益於EA SPORTS FIFA生態系統的持續成長動能以及《星際大戰絕地：倖存者》的發布。本季度，我們各項業務均取得了顯著進展，推出了5款全新優質遊戲，同時為37款遊戲提供了超過145次內容更新。我們的團隊持續致力於創造能夠激勵、吸引和連結數億玩家的娛樂體驗。在此，我們衷心感謝每一位EA員工為我們的社區所做的一切。

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 創下了公司史上第一季的最佳表現。該系列遊戲持續為我們不斷成長的玩家群提供引人入勝的內容，有效提升了用戶參與度，並加速了淨預訂量的成長。 FIFA Ultimate Team 吸引了數千萬玩家，每日均活躍用戶成長了 15%。光是第一季度，FIFA Mobile 就吸引了超過 6,500 萬名新玩家。 FIFA Online 的月均、週均和日均活躍用戶均實現了兩位數的成長。這些卓越的成績充分證明了我們傑出的團隊在執行策略方面的卓越貢獻，而這項策略的發展也凝聚了我們在互動足球領域 30 年來的熱情、創新和領導地位。

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.

《星際大戰絕地：倖存者》是一款純粹的娛樂大片，它根植於一個歷久不衰、定義文化的經典IP。我們Respawn團隊自豪地推出了這款遊戲，並獲得了評論界和商業上的雙重成功。數百萬玩家已經沉浸其中，使其成為今年星球大戰宇宙中最盛大的事件之一。憑藉這一傳奇系列的強大影響力以及玩家社群的強烈需求，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平台。在接下來的一年中，我們將充分利用玩家社群的熱情，並抓住星際大戰系列的關鍵時刻，持續推動這款精彩遊戲的玩家群不斷增長。

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.

自免費發布以來，《模擬市民4》持續吸引更廣泛的全球玩家群體，光是本季就新增了超過400萬名玩家。除了不斷推出新內容和體驗來拓展《模擬市民4》之外，Maxis團隊還在開發一種全新的、創新的平行體驗，旨在激發新一代玩家的想像。

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，我們的行動業務表現超乎預期，這主要得益於旗下眾多遊戲的優異表現，包括《FIFA Mobile》、《星際大戰：銀河英雄傳》和《模擬市民免費版》。過去一年，我們專注於行動業務並不斷優化策略。我們期待看到這些成果，並將繼續推動長期獲利成長。

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.

本季度，我們推出了《魔戒：中土英雄》。根據各項指標的良好表現，團隊正在對遊戲進行調整和平衡，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英雄》是業界最強大的遊戲系列之一，擁有1800萬月活躍玩家和超過70%的驚人留存率。在成功經營第16季後，我們在5月推出了第17季，帶來了全新的遊戲玩法和獲利模式。雖然新賽季的盈利並未達到預期，但團隊從中汲取了寶貴的經驗，包括開發新的遊戲機制來吸引和留住玩家，這些新機制已經開始產生積極影響。我們將繼續透過推出新的遊戲模式、加大對區域行銷和重點市場文化建設的投入，來鞏固《Apex英雄》的領先地位。

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，我們即將迎來公司史上規模最大的運動賽季，我對此感到無比興奮。

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.

作為全球首屈一指的互動美式橄欖球遊戲，《麥登橄欖球》的玩家參與度逐年攀升，這預示著它未來的成功。該系列遊戲是體育界最具影響力的IP之一，也是橄欖球文化的核心，它將玩家社群凝聚在遊戲內外。在喬許艾倫被宣佈為《麥登橄欖球24》封面球星後，玩家社群的熱情空前高漲，我們正以此為契機，打造全新的遊戲體驗。這款全新的遊戲將帶來更多樂趣、更沉浸式的遊戲體驗，並首次實現跨平台聯機，從而增強社群的力量，我們將圍繞美式足球建立一個互聯互通的多平台生態系統。

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，我們發布了EA SPORTS FC 24，開啟了全球足球的新時代。除了這款精彩的遊戲，我們也宣布了FC Mobile和FC Online在亞洲地區的更新，以及全新的FC Tactical Mobile和FC Pro電競體驗。這是我們迄今為止最大的發表會，其全球反應幾乎是FIFA 23發佈時的兩倍。目前已有超過250萬人觀看了直播和點播，這對全球足球愛好者來說無疑是一場盛大的慶祝。

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》系列遊戲擁有以球迷為中心的未來，我們宣布與歐足總、英超聯賽、西甲、德甲女足聯賽、法甲女足聯賽等眾多機構達成新的長期全球合作關係。憑藉這些最新公告，以及我們現有的合作夥伴網絡，遊戲將呈現19,000名獲得完整授權的足球員、700支球隊、30個聯賽以及各大頂級賽事。因此，《FC 24》將成為迄今為止最真實、最具互動性的足球體驗。它也憑藉HyperMotionV、Opta PlayStyles以及革命性的寒霜引擎這三項尖端技術，在遊戲玩法創新方面實現了巨大飛躍。備受期待的《FC 24》將於9月正式發布，這是我們朝著打造一個能夠連結超過10億球迷的多元化全球平台邁出的重要一步。

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、玩家和社群帶來更多非凡體驗，我們的團隊正在建立EA歷史上最強大的產品線，以推動未來多年的成長。未來幾年，我們將推出許多精彩內容，進一步拓展並深化我們傳奇IP的粉絲群。

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.

我們針對最具潛力的項目進行了多年定向投資，其中包括《龍騰世紀》系列的全球熱門大作，其故事情節引人入勝；《滑板》系列遊戲帶來精彩絕倫的滑板遊戲體驗和社交互動；以及EA SPORTS大學橄欖球的複興之作，以前所未有的方式展現這項運動的精彩、文化和傳統。此外，我們也正在全力開發《模擬市民》的全新體驗，它將徹底改變玩家的創造力；一款規模宏大的動作冒險遊戲《鋼鐵人》；將《戰地》系列重新構想為一個真正互聯的生態系統；以及將《Apex英雄》的世界擴展到各個平台、地區和遊戲模式。最近，我們公佈了《黑豹》項目，該項目設定在一個龐大的可探索宇宙中，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.

為了提升玩家參與度並為股東創造回報，我們將打造無與倫比的IP驅動型平台，為龐大的線上社群提供娛樂體驗，講述引人入勝的故事，並增強遊戲內外社群的力量。我們將深思熟慮地規劃功能、發佈時間和質量，從而實現長期盈利，同時投資於我們的願景，引領娛樂業的未來。

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

現在我將把電話交給斯圖爾特，讓他提供更多關於我們業務的細節。

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。我很榮幸能以財務長的身份參加我的首次財報電話會議。在EA的20年職業生涯中，我們才華橫溢的團隊以及他們為玩家創造的娛樂體驗一直激勵著我，並將繼續激勵著我。我對我們的未來充滿信心，並堅信我們的策略和團隊將幫助我們實現引領娛樂產業未來的宏偉目標。

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.

接下來談談我們的業務。我們旗下所有產品/服務都持續保持良好的用戶互動和新用戶成長勢頭，並且今年開局強勁。今天，我們重申全年淨預訂量預期。

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.

接下來我將介紹我們第一季的業績。淨預訂額為16億美元，年增21%，以固定匯率計算成長25%，主要得益於EA SPORTS FIFA系列遊戲的持續強勁表現以及《星際大戰絕地：倖存者》的發布。這是EA SPORTS FIFA系列遊戲連續第二季創下業績新高，年成長速度較第四季有所加快，整個系列遊戲持續展現龐大的線上社群所蘊含的戰略潛力。

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.

我們遊戲總淨預訂額為 4.01 億美元，年增 143%，以固定匯率計算成長 152%，主要得益於《星際大戰絕地：倖存者》的發布。正如 Andrew 指出的那樣，這款遊戲獲得了巨大的成功，其表現符合我們的預期。憑藉強大的 IP 實力、引人入勝的遊戲玩法以及將遊戲帶給玩家的全新方式，《星際大戰絕地：倖存者》將持續創造長期價值。

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.

我們的線上服務年增 4%，以固定匯率計算成長 7%。即使在完整遊戲表現如此強勁的季度，線上服務（展現出極強的韌性和持續盈利能力）仍佔總淨預訂量的 75%。隨著 EA SPORTS FIFA 的持續創新，Ultimate Team 仍然是我們線上服務業務的重要成長引擎，在用戶獲取、互動和獲利方面均表現出色。

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.

在行動端，淨預訂量年增3%，若不計入Apex Mobile停服的影響，則以固定匯率計算成長5%。我們持續在產品組合中取得實質進展，並致力於實現長期獲利。 FIFA Mobile第一季淨預訂量創歷史新高，幾乎是去年同期的兩倍，這主要得益於玩家參與度和新玩家獲取量均達到歷史新高。此外，儘管我們的新作《魔戒：中土英雄》尚處於上線初期，但初步指標顯示其前景可觀。

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英雄》是EA旗下非常成功的原創IP，擁有龐大的忠實核心玩家群。本季淨預訂量低於預期，主要原因是第17季表現不佳。作為一款持續更新的線上服務遊戲，我們的團隊不斷創新內容，推出新的遊戲模式，以吸引更多來自不同地區的玩家。正如Andrew所說，我們將繼續投資Respawn的優秀團隊，推動系列的長期發展與壯大。

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.

以美國通用會計準則（GAAP）計算，我們第一季淨收入為19億美元，年增9%。由於我們將新遊戲（主要是EA SPORTS FC）的行銷支出推遲到下半年，營運支出基本上持平，低於預期。因此，每股收益為1.47美元，年增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3.59億美元的經營現金流，這是我們有史以來最高的季度業績之一，並透過股票回購和分紅向股東返還了3.77億美元。過去12個月的自由現金流年增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.

現在來說說業績展望。首先，我想分享我們對第二季業績的假設。第一，我們假設現有全球足球業務將繼續保持成長勢頭，同時EA SPORTS FC將在第二季末強勢上線。第二，我們對Apex Legends採取了更為穩健的策略，團隊正在吸取第17賽季的經驗教訓，並在各個市場推出新的遊戲模式。第三，我們計劃在面向全球足球社區的球迷平台EA SPORTS FC上線前進行大量投資。最後，提醒大家，扣除對沖收益後，我們預期仍將面臨匯率波動帶來的不利影響。

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，我們預計第二季淨預訂額為 17 億美元至 18 億美元，以固定匯率計算，年減 3% 至年增 3%，年減 2% 至 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.

我們預計第二季 GAAP 淨收入為 18.25 億美元至 19.25 億美元，營收成本為 4.3 億至 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GAAP營運費用將在11.1億美元至11.2億美元之間，年增9%至10%，主要受前文所述行銷投入的影響。我們預計每股收益約為0.72美元至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.

現在展望全年。我們重申全年淨預訂金額預期範圍為73億美元至77億美元，以固定匯率計算，大致持平或成長5%，或成長1%至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.

我們已將GAAP營運費用預期調整為42.5億美元至43.7億美元，主要原因是股權激勵支出減少。因此，我們目前的每股盈餘預期區間為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預期。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。

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，我們強勁的第一季業績充分證明了我們卓越的品牌實力、經久不衰的線上服務以及我們為全球數億玩家提供精彩娛樂體驗的能力。隨著我們持續推進團隊合作，全力把握最重要的長期發展機遇，我們將繼續保持專注、嚴謹和敏捷，以實現多年的持續成長。

Now I'll hand the call back to Andrew.

現在我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.

謝謝你，斯圖爾特。 EA即將推出一些全球最受期待和讚譽的遊戲和體驗。如今，我們不斷成長的全球玩家群選擇遊戲作為首選娛樂方式，並透過共同的愛好與朋友保持聯繫，因此，創造互動娛樂的價值和機會也達到了前所未有的高度。

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努力，以及世界一流的智慧財產權和技術進步，EA 將加速並擴大我們實現更高水準的創造力和創新能力，並在未來幾年實現令​​人難以置信的成長。

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

現在，我和史都華、蘿拉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 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.

當我們回顧本季行動端的表現時，我想了解您對行動端整體復甦週期的看法。顯然，在疫情結束後，行動端經歷了一段艱難時期，同時也面臨IDFA協議帶來的挑戰，以及蘋果隱私權政策變更帶來的不利影響。隨著2023年進入尾聲，我們開始考慮2024年行動端的成長和投資，因此我更想了解您對行動端在整體投資組合中的地位的看法發生了哪些變化。

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。我先說第一部分，然後交給史都華。我認為我們一直都認為行動平台對我們來說極為寶貴，這不僅體現在我們作為全球最大的遊戲平台，能夠從原生行動平台的熱門IP中獲得收益，也體現在我們能夠利用行動平台為我們更廣泛的遊戲生態系統吸引新用戶。你現在就能看到，今年稍後即將推出的FC（Fantasy Capital）以及目前正在開發中的FC（Fantasy Capital）都體現了這一點。而且，隨著我們圍繞最熱門的IP建立其他熱門生態系統，我們也開始看到這種趨勢。

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.

從整體業務角度來看，過去12個月我們投入了大量時間和精力，真正優化了行動業務的成本結構，並致力於提升我們廣泛產品組合的效率、用戶參與度和盈利能力。第一季至今，我們的業績確實超出了預期。

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.

我們認為未來會有成長，但我們進入的是一個截然不同的行動市場。從產品發佈到規模化發展確實需要更長時間。而且，我們認為最大的機會幾乎肯定在於我們龐大且廣泛的、以智慧財產權為驅動的生態系統。

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.

艾瑞克，關於財務方面，我再補充幾點。顯然，我們在第一季度討論的是在Apex遊戲停服後，不受其不利因素影響的情況下進行的，而這些不利因素將持續幾個季度，因為這款遊戲即將退役。正如我們在報告中提到的，以固定匯率計算，我們的業績成長了3%到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.

我想我們該如何引出季度環比業績呢？如劇本中所提到的，我們的一些重點遊戲，像是《銀河英雄傳》，表現超乎預期。我們也談到了《FIFA》。我們正在持續推出《魔戒》和《中土英雄》，並預計它們將在接下來的幾季繼續成長。我們預計第二季也將實現1%的成長，並且先前也已給出相關指引。因此，總體而言，我們在第四季度看到了穩定。我們看到，以GAAP準則計算的季度環比同比下降幅度有所加快，但我們感覺，在Andrew剛才闡述的戰略框架下，我們已做好充分準備。

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

你搶先一步提出了關於行動端和傳統遊戲模式如何在 EA FC 這類遊戲中融合的後續問題。

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

我們的下一個問題來自 Clay Griffin 與 MoffettNathanson 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.

安德魯，我想問，考慮到你對整個計畫流程的了解，我或許想了解一下大學橄欖球的最新進展。目前授權方面有很多事情正在處理，我想請你簡單介紹一下這個專案目前的進度。另外，關於FIFA，我想問每日活躍用戶數。我想深入了解一下，你是否可以透露一下本季Ultimate Team模式的獲利情況？

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，太好了。我來負責大學橄欖球部分，這部分交給斯圖爾特，讓他負責FIFA。團隊在大學橄欖球方面取得了令人矚目的進展。我們擁有悠久的歷史和輝煌的成就，致力於打造這款偉大的遊戲，尤其是在美式足球領域，此外，我們還有非常有名且具有文化影響力的《麥登橄欖球》系列遊戲。大學橄欖球在美國的體育運動中一直扮演著重要的角色。團隊正在努力建立大學橄欖球的未來，做得非常出色。遊戲開發者們正在齊心協力，真正捕捉到大學橄欖球的精彩時刻、盛況以及它與NFL之間的差異。我對團隊的工作充滿信心。

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.

我們當然正在全面處理授權事宜。目前，我們已經獲得了大部分學校的授權，並將其納入我們的授權平台。我們將繼續與國內各體育管理機構以及一些重要的第三方合作夥伴密切合作，探討如何以及何時讓大學生運動員參與比賽。我相信，這將是大學橄欖球體驗的精彩復興，它將展現學校推動的所有精彩賽事和盛況，以及學校在比賽組織和進行過程中所展現的一切。我也相信，我們能夠找到一個與運動員緊密合作的方案，讓他們也能參與比賽。

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FIFA的具體問題，我想先簡單概括一下。 FIFA系列遊戲連續第二季創下紀錄，所有平台都實現了成長。我們之前提到過，行動裝置的淨預訂量比上季幾乎翻了一番。從完整遊戲到終極球隊模式，再到行動裝置和FO4，所有平台都實現了兩位數的成長，這是我們FIFA系列遊戲史上最成功的季度之一。

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?

太好了。再深入探討一下，每日活躍用戶數的成長，是與造訪頻率、新玩家數量還是用戶成長有關？我們該如何看待這個問題？

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.

就日常營運而言，這主要涉及兩個方面。一方面是行動端，團隊一直在努力提高內容發布頻率。過去，我們的即時服務發布間隔要長得多。現在，團隊提高了發布頻率，因此用戶參與度也更高，這也體現在預訂量和行動裝置的整體表現上。

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.

關於行動端和線上服務，我想補充一點：鑑於我們擁有涵蓋主機、PC免費遊戲和行動端的廣泛線上服務組合，我們透過收購Glu及其旗下的《高爾夫衝突》項目，引入了一些非常優秀的行動端原生開發人才。我們正在逐步探索如何有效地大規模運作這些線上服務。這包括如何建立核心遊戲機制，如何在這些核心機制之上建立新的遊戲模式，如何吸引用戶，以及如何更頻繁地推出各種遊戲模式和線上活動，從而顯著提升我們旗下遊戲的玩家留存率。

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.

在我們的足球系列遊戲中，無論是主機、PC免費遊戲還是行動平台，我們都看到了這一點。我們也開始從Apex英雄第17賽季的經驗中汲取教訓，並將其運用到我們在行動平台及週邊地區的工作中。隨著我們不斷引進新人才，這些寶貴的經驗也得到了充分的體現。我們作為一個組織，已經學會如何大規模地運作這些線上服務。我們預計，隨著產業格局的不斷變化，以及我們在新產業格局下大規模運營，這將繼續成為我們強勁的發展動力。

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

我們的下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

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。短期方面，您在準備好的演講稿中相當詳細地指出了Apex的這個弱點，但您仍然保留了全年指南。是不是有其他因素彌補了這一點？或者說這個弱點其實沒有那麼嚴重？您能否解釋一下，您是如何解釋先前對Apex的評價和年度指南之間的矛盾之處的？

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，我想簡單談談Apex，Laura或許可以提供更多細節。 Apex是一個非凡的系列遊戲，它持續發展壯大，是目前業界最優秀的系列遊戲之一，當然，它也經歷過起伏，而我們也見證了這些起伏。再說一遍，作為一家營運線上服務近20年的公司（我們早在2006年就推出了首個線上服務FIFA Online），我們見證了線上服務本身以及相關領域的種種起伏。當然，在Apex的營運過程中，我們也看到了這些起伏。

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.

在第16賽季創下紀錄之後，球隊在第17賽季做出了一些非常有趣、創意和創新的改變。然而，這些改動並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。現在，有幾件事正在發生。首先，團隊一直在努力快速做出調整，回應社群的回饋和反應，並根據第17季的表現進行改進。隨著本季的推進，我們已經開始看到一些積極的勢頭。

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.

但這就是我們如今產業的本質，我們將持續在娛樂產業的最前沿進行創新。其中許多創新都會奏效。憑藉我們組織的集體學習能力，我們幾乎肯定會比業內其他公司學習得更快。但這並不意味著不會出現一些起伏。在考慮特許經營的長期發展時，我們會將這些因素納入考量。

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.

謝謝安德魯的提問。我只想補充一下安德魯剛才的發言，我認為他已經很好地闡述了我們對線上服務、實驗、學習和回應玩家的思考方式。正如我們在開場白中提到的，我們擁有像Respawn這樣頂尖的射擊遊戲開發商，我們和他們在優化射擊遊戲體驗方面都擁有強大的實力。這種巨大的優勢也為我們提供了非常重要的機遇，讓我們能夠思考如何開發新的遊戲模式，並讓更多玩家輕鬆上手。

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，想想我們在核心射擊遊戲玩家群中擁有多麼強大的實力。我們擁有1800萬月活躍玩家，留存率超過70%，而且隨著團隊考慮推出更多易於上手的遊戲模式，例如引入機器人等功能來幫助新玩家和首次體驗遊戲的玩家，我們還有很大的發展空間，可以吸引更多來自世界各地的玩家。因此，我們非常重視這方面。

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.

我認為Apex團隊重點關注的第二個領域是地域擴張。我們在北美和亞洲都取得了成功，我們將繼續鞏固在這些地區的優勢，並著眼於文化融合和行銷，以推動世界其他地區的持續成長。所以，我們已經取得了不錯的成績，未來在這個領域還會有更大的成就。

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——我們在遊戲內獲利和轉換方面還有第三個機會。雖然我們已經運營了17個賽季，4.5年，但我們仍然在IP整合、品牌合作等領域看到了盈利機會，例如我們為傳奇角色設計的傳家寶目前僅限於特定角色使用，我們正在探索如何讓這些傳家寶和神器能夠被所有傳奇角色使用，從而吸引更廣泛的玩家群體。因此，我們看到這個系列仍然擁有巨大的發展潛力和成長空間。我認為團隊對我們的優先事項和重點方向有著非常清晰的認知。

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.

Andrew，我先回答你關於財務方面的具體問題。如果我忽略Andrew和Laura剛才提到的所有內容，我只想說，鑑於之前的第三季度和第四季度，我們今年採取了更為穩健的策略。我們知道第三季是我們天然的競爭窗口期。就我們上半年的業績安排而言，FIFA系列遊戲整體表現創下歷史新高。而且，行動端的表現也超出了我們的預期。你應該從季節性的角度來考慮第四季度，Apex也是我們業績表現較好的季度之一。所以，最終，這些因素共同作用，才使得我們的績效指引得以平衡。

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?

明白了，這很有幫助。接下來我想問蘿拉和史都華一個比較長期的問題。安德魯很好地概述了整個流程，我認為我們可以說，我們已經進入後疫情時代相當深入的階段，開發工作可能正在逐步恢復正常。那麼，我們目前的情況如何呢？想想之前我們給出的比較寬鬆的預期，目標是每年達到接近兩位數的利潤成長。我們現在是否已經恢復到可以達到這個目標的階段了？或者說，我們是否應該預料到遊戲延期、疫情、居家辦公等等因素仍然會對我們產生一些持續的影響？

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。我們最近剛把公司重組為娛樂和體育兩大部門，我們認為這兩個領域都還有巨大的成長潛力。我目前負責的娛樂業務專注於垂直領域，我們看到了這些互聯遊戲生態系統發展的巨大增長潛力，正如安德魯所提到的，例如我們之前討論的漫威的《黑豹》和《鋼鐵人》以及《星球大戰》系列遊戲，這些動作大片都蘊藏著巨大的增長空間。

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，圍繞著這些互聯遊戲和這些熱門動作遊戲，我們的策略形成了非常強大的組合。我認為這是我們策略的全新演進。與其說我們會回到過去熟悉的開發模式，不如說我們著眼於未來，並會根據機會、基於我們的新策略以及基於我們新的組織架構，不斷革新和改進我們的開發方法和實踐。

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規劃，我認為，正如你所知，我們顯然是將支出計入費用而不是資本化，而且我們一直處於投資週期中，因為我們正在構建安德魯在他的腳本中提到的多年計劃。

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，就發布流程是否會趨於規範化而言，我們會繼續規劃這兩個版本的發佈時間和順序。預計我們會在今年年底到明年年初期間開始討論這個問題。我們知道，我們會更重視發佈時間。我們希望確保與開發團隊溝通清晰，並達到我們預期的季度發布水準。但最終，我們能夠透過多年計劃，在未來實現更階段性的功能變更。

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

我們的下一個問題來自摩根士丹利的馬修·科斯特。

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.

我想或許可以先從安德魯和蘿拉開始。你們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，以及現在你們能夠做哪些以前做不到的事情，從而做得更好？我還有一個後續問題。

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。我先從這裡開始，然後勞拉可以進來，簡單談談她對公司娛樂業務的看法。我們一直強調──作為一家公司，我們首先關注的並非遊戲。我們的用戶網路擁有超過7億用戶，他們花在我們平台上的時間也越來越多。展望未來，我們致力於服務這些玩家，讓他們在一個將互動娛樂作為首選娛樂方式，並將遊戲和體驗作為與朋友聯繫和保持聯繫的首要途徑的世界裡，更好地服務他們。

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.

當我們思考娛樂的未來時，我們希望能夠吸引並娛樂目前7億的觀眾群體（我們希望這個群體最終能增長到10億甚至20億），因此我們一直在思考如何才能更好地服務這些玩家。雖然玩《極限競速》（FC）和《Apex英雄》（Apex英雄）以及《極速快感》（Need for Speed）和《麥登橄欖球》（Madden）的玩家幾乎肯定會有重疊，但這些遊戲的開發方式和構建方式截然不同，而且隨著時間的推移，這種差異還會越來越大。

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.

隨著公司規模的不斷擴大，隨著旗下遊戲品牌和衍生線上服務的持續發展，我們希望能夠進一步賦能我們的創意領導者。在過去五、六年裡，我們一直在努力賦予創意領導者更大的權力，讓他們能夠利用與玩家的直接聯繫，建立、發展並推動業務成長。我們希望——這正是這一進程中的下一個進化階段——賦予他們更大的創意自主權和業務自主權，因為他們與玩家網絡和玩家社群的聯繫最為緊密、最為直接。我們希望能夠加快決策速度和發展步伐。

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種做法帶來的好處。我們已經非常清晰地闡述了我們的策略。我們相信，娛樂的未來在於互動。我們相信，任何大型娛樂公司都需要理解、重視並能夠為那些選擇我們這類娛樂方式作為首選的受眾群體開發互動娛樂服務。

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.

當我們思考如何建立這些平台，為龐大的線上社群提供體驗和娛樂，如何講述轟動一時的互動故事，如何利用這些社群的力量（不僅在遊戲內，也在遊戲外），當我們 FC 目前的發展狀況，思考如何重新構想 Madden，思考大學橄欖球的複興以及 EA SPORTS 產品組合中正在發生的一切時，我們看到這些方向加速這個方向。

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.

當我思考勞拉的組織正在發生的事情，以及Respawn團隊在Apex第17賽季和即將到來的第18賽季中迅速做出反應的能力時，同時考慮到《戰地》和《模擬人生》的發展，我真的非常興奮，因為我認為我們已經看到我們組織的運作速度正在加快。我的感覺是，這意味著我們將開發更多、更好、更高品質的作品，隨著時間的推移，為世界各地更多的人帶來娛樂。

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，說得非常好。我還要補充安德魯的觀點，我們是一家非常重視人才的公司。我們很幸運，藝電擁有如此傑出的人才和優秀的培育領導團隊。身為領導者，我們經常評估並思考如何消除障礙，幫助他們更快成長，並讓他們更好地為玩家展現自己的實力。

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，我們非常注重提升和消除人才隊伍中的障礙，讓他們每天都能為玩家提供優質服務。在這次電話會議上，我們也多次談到，作為一家提供即時服務的公司，我們需要不斷更新內容，持續學習、調整和改進，並利用各種資源來更好地服務玩家，優化服務體驗。

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.

這需要一種垂直整合——更垂直的組織結構。它需要盡可能減少摩擦，並加強與市場推廣理念、市場推廣策略、圍繞我們如何服務玩家的商業思維、遊戲設計以及技術之間的聯繫。因此，我們越能整合這些要素，就能越快釋放成長潛力。坦白說，我們的員工越能感受到自由和無拘無束，我們相信，這對他們來說也是一種更令人滿意的體驗。

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.

我還要告訴你們，在娛樂方面，我們全神貫注，像雷射一樣精準執行。我們知道我們擁有優秀的人才，也知道我們擁有滑板、模擬市民、Apex英雄、戰地、漫威、星際大戰這些知名品牌。我們知道我們具備打造卓越產品體驗的潛力。現在，我們必須埋頭苦幹，高效執行，幫助團隊盡可能快速地推進，透過技術和支援加速發展，讓他們放手去做，這樣我們才能在未來幾年實現我們有能力達到的成長目標。

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?

好的。然後簡單談談併購。今天新聞裡出現了一筆小型行動遊戲併購交易，感覺這是近段時間以來第一次有這類消息傳出。是否還有更多機會？過去一兩年暫停的潛在收購談判是否正在重啟？您認為還有機會進行更多收購嗎？或者說，收購了 Glu、Playdemic 和 Codemasters 之後，您覺得目前已經收購了足夠多的公司？

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.

我認為目前我們對公司本身的發展現狀、能力、人才、團隊以及遍布整個組織的智慧財產權都非常滿意，我們擁有非常清晰的策略，以及在智慧財產權和跨平台發展方面更加明確的成長計畫。話雖如此，我們始終在尋找能夠透過優秀的遊戲和體驗，在智慧財產權領域推動更大成長、娛樂更多玩家的絕佳機會，我們將持續關注並努力尋找這樣的機會。但目前我們還沒有積極進行這方面的工作。

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

我們的下一個問題來自 Colin Sebastian 與 Baird 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.

太好了，再次恭喜勞拉和史都華。首先，我想跟進一下關於《Apex英雄》的問題。安德魯和蘿拉，你們之前提到過一些遊戲改動，我想更詳細地談談。考慮到遊戲機制和獲利模式，我們是否期待在第18賽季看到一些提升，從而增強玩家的參與度？其次，關於《星際大戰》，我很想了解更多關於該系列的計劃和預期，以及它將如何延續到整個系列的生命週期，包括線上服務方面。我認為這方面也需要更多細節。

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。我先回答關於Apex的問題，之後我們再來聊聊更廣泛的星戰相關話題。關於Apex，我們可以這樣理解：當我們推出這些線上服務時——我已經闡述了拓展新受眾群體和玩家、地域擴張以及隨著時間推移不斷演進的盈利模式——我們會從短期、中期和長期三個維度來思考和評估Apex的開發週期，坦白說，大多數在線服務的開發週期也是如此。所以你會看到一些——我們會在第18賽季看到一些調整和變化。我們預計在第19和20賽季以及未來一年將會出現更大、更具影響力的變化。

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.

所以，團隊能做的事情很多，他們也掌握了許多控制權。但有些事情，例如遊戲模式或機制的改變，則需要更長的開發週期。

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?

關於《星際大戰》，為了確認一下，您指的是《星際大戰：絕地武士》系列，還是泛指《星際大戰》系列？我們是在思考這個IP的未來，以及我們有能力在《星際大戰》的銀河系中講述這些精彩絕倫的大片故事嗎？

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《星際大戰》遊戲（包括手機遊戲和《絕地武士》）的優勢，以及你如何預見到隨著時間的推移，它會發展成為一個擁有實時服務和持續互動的更廣泛的系列。

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。我們今天沒有什麼可以宣布的，但我們與迪士尼和盧卡斯影業有著非常棒的合作關係。我們在《星際大戰：前線》和《星際大戰：絕地武士》系列，以及《星際大戰：銀河英雄傳》中都取得了巨大的成功。我們的團隊一直在思考可以創造哪些全新的遊戲體驗。當然，我個人非常希望看到《星際大戰：絕地武士》系列未來能有更多作品問世，這款遊戲本身就非常出色，講述了一個非凡的故事——當然，我們可能有點偏愛它。

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.

但根據我們從玩家群獲得的反饋以及產品本身的質量，我們認為它是今年《星際大戰》系列中最精彩的作品之一，並且很可能在未來很多年裡繼續成為該系列的重要組成部分。當然，當我們把它帶到 PlayStation 4 和 Xbox One 平台時，我們相信會為這個系列帶來另一個小小的飛躍。

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.

所以，除了我們與迪士尼保持著非常好的合作關係之外，沒有其他要宣布的。迄今為止，我們在合作中取得了巨大的成功。我們將盡一切可能尋找新的機會，推出新的體驗，包括將即時服務納入合作範圍。

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

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，我想說兩點。首先，關於FC的早期發布，您有什麼想說的嗎？當然，我知道我們還有很多市場推廣工作要做。我覺得這款遊戲本季的搶先體驗時間比去年多了幾天。但您能說說目前為止的早期跡象嗎？

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，展望下半年，我很好奇您認為有哪些值得關注的趨勢和變化。您之前關於FIFA系列遊戲實力以及Apex英雄需要改進的準備發言非常有幫助，我想大家對此都比較了解。您也提到了一些其他內容，例如《星際大戰：絕地大反攻》將登陸上一代主機平台。我不確定這是今年還是更晚。您也提到了《模擬市民》的平行體驗。我想FIFA Mobile今年稍後也會迎來重大更新。所以，除了這些重頭戲之外，下半年還有哪些值得我們關注的趨勢與改變呢？

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，問得好。我會從三個方面來考慮這個問題。首先，遊戲發布非常成功。當然，那也是我們第一次談到FC。我們為此已經籌備了一段時間，並與合作夥伴緊密合作，透過主機、PC、行動端以及全球各地的社區，以非常直接的方式進行溝通。

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.

所以這次發售非常成功，表現幾乎是FIFA 23發售時的兩倍，而FIFA 23本身在發售時的知名度和銷售都創下了紀錄。因此，我們對這次發售充滿信心，相信我們已經找到了正確的方向。我們與合作夥伴建立了牢固的關係，確保擁有所有適當的授權內容。不僅保留了之前的所有內容，還增加了更多。我們的主機、PC和行動遊戲團隊都在最前線進行創新，確保這不僅僅是換個名字，而是真正意義上的變革。所以，綜合發售時的表現、玩家的回饋和實際表現，以及我們在遊戲中所做的努力，我們對這方面非常有信心。

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.

我想強調的第二個因素是整個特許經營權的整體表現。我們之前已經多次強調這一點。預測未來成功的關鍵因素之一是用戶參與度的近期性和深度。在這兩方面，現有特許經營權都持續表現優異。正如我們在文案中提到的，它剛剛連續第二個季度創下紀錄。通常情況下，由於目前足球界賽事不多，至少盃賽如此，而女足世界盃在澳洲和紐西蘭舉辦得非常成功，我們通常會看到這種勢頭開始減弱。但我們並沒有看到這種情況——我們看到社區仍然保持著非常強勁且穩定的參與。因此，這本身可能就是預測未來成功的關鍵因素之一。

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，正如我們在腳本中所強調的，我們為此投入了巨額行銷預算。如果您是行動裝置或PC端的免費玩家，您醒來後就會發現，您現有的遊戲體驗將升級為FC，並且您將獲得所有新的福利。如果您是主機玩家，我們將投入大量資金。當然，這比我們以往任何一次都多。我們在這方面毫不猶豫，確保全世界所有熱愛足球的人都能了解FC是什麼，它如何與他們相關，以及它將於9月上線。

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，綜上所述，我認為，如果你考慮到我們的發布，加上我們在各個平台上製作的遊戲質量，考慮到當前的參與度、參與度的時效性和規律性，再加上我們實際上比公司40年曆史上任何一次發布都更加調動整個公司的力量來支持這次發布，我們對此感到非常滿意。

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，我補充一下安德魯的觀點。有幾點需要考慮，我認為在你考慮財務指引時很重要。顯然，第二季（因此有了這份指引）和今年稍後的時間安排會有差異，尤其是在FC相關的投資方面，顯然，第二季之前的投資重點是產品上市前的準備工作。

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.

另外，關於FC，您也應該開始考慮一下，我們如何在第二季和第三季之間調整收入確認的時間和方式。值得注意的是，授權結構的過渡期將從上半年延長至下半年。顯然，去年下半年我們的產品發布計畫更為密集。我們可以在電話會議上和大家一起探討這個問題，但請記住，時間安排肯定會有起伏變化。尤其是在第二季度，當您查看我們公佈的每股收益以及它與去年同期相比的變化時，這一點尤其重要。

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班傑明‧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，目前的利潤率反映了對一些長期項目的投資，我想知道你們能否幫助我們更好地理解這些投資的影響，以及在更穩定的狀態下利潤率可能會是什麼樣子。

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

其次，如果學生貸款償還大規模恢復，您預期消費者支出會有任何變化嗎？

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，我先回答第二個問題，或許第一個問題可以先回答。顯然，我們不會就未來的穩定利潤率結構給出任何指導或方向。我只想指出，我們目前的利潤率確實較低，但我們一直在持續投資併計入相關費用。我們預計隨著利潤率逐步回升，最終會恢復到幾年前的水準。

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.

考慮到我們未來會把其中一些遊戲帶到市場，無論是從自有IP的角度，還是像《戰地》系列那樣的規模，以及《模擬人生》和《滑板》等其他遊戲的商業模式，你應該可以預期，隨著我們在未來幾年逐步推進，這些收益將會向下傳遞，並在利潤率層面帶來成長。

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.

至於學生債務問題，我不太好意思具體評論，也不知道未來可能的發展趨勢。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。我們觀察一下包括學生在內的新一代消費者，他們正將互動娛樂作為首選的娛樂方式。

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.

原因有二。首先，它比傳統娛樂方式更具吸引力。其次，它能幫助你與朋友建立聯繫，並與他們共同參與其中。因此，透過這些娛樂方式建立起來的人際關係，在個人層面上比看電影更有價值。而我本人也熱愛電影。

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，也是最重要的一點，它代表了最具性價比的娛樂體驗。即使考慮到我們驚人的規模、令人矚目的財務表現以及未來巨大的成長潛力，就單一消費者而言，它仍然是全球每小時娛樂體驗中最具性價比的選擇。

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.

因此，我不確定學生債務問題最終會如何發展。但我的感覺是，隨著我們行業的持續增長，隨著我們公司的持續發展，隨著我們不斷提升為消費者提供的體驗質量以及娛樂和互動水平，無論該領域未來發生什麼，我們都將繼續是他們娛樂的首選。

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 David Karnovsky。

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，我們注意到玩家將消費集中在熱門系列遊戲上。我想先了解一下這方面是否有任何更新。另外，Andrew，你在評論中提到Apex的目標是打造跨平台體驗。我猜這其中也包括行動平台。那麼，你能否談談你對在手機上重新推出這款遊戲的設想，以及新版本與之前版本在行動端會有哪些不同之處？

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。那麼，讓我先談談第一部分。我認為我們會看到大型遊戲和線上服務規模不斷擴大。當然，作為一家擁有眾多大型IP和大型線上服務的公司，我們相信我們將長期受益於此趨勢。

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.

沒錯——但這並不意味著我們以後不會開發一些規模較小的專案。我們相信，有很多精彩的故事應該以娛樂的形式呈現。我們正在集中投資，以便圍繞這些項目建立合理的成本結構，同時也全力支持我們最大的發展機會。正如我們之前討論過的，我們的策略是打造能夠娛樂龐大線上社群的體驗，我們預計這將成為我們大規模成長的主要驅動力。

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.

但如果換個角度思考，《龍騰世紀》和《星際大戰絕地：絕地大反攻》這樣的遊戲完全可以講述真正意義上的鉅作故事，躋身頂級遊戲行列。我認為我們今天看到的，是那些在疫情期間表現不錯的中低端遊戲，因為人們當時有很多空閒時間。這些遊戲才是遊戲產業中真正表現不佳的部分。展望未來，我們將繼續把投資、精力和資源集中投入這些重大機會中，因為我們相信這才是產業的發展方向。

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.

大衛，我來回答關於Apex手遊的問題。文斯和他的團隊正在評估並審視Apex系列在短期中期計畫之外的發展前景和潛力，我們看到了在故事拓展和遊戲模式創新方面的巨大潛力。別忘了，Apex的背景設定在泰坦隕落的世界觀下。這個宇宙擁有極高的需求和關注。

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.

所以，在我們評估並尋找機會的過程中，我們正在關注新的遊戲類型和潛在的新平台。正如我之前提到的，我們也在考慮地域擴張。今天沒有什麼可以宣布的，但所有這些不僅都在考慮之中，而且都是我們品牌未來策略的重要組成部分。

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。非常感謝各位今天能來參加我們的節目，也感謝大家提出的所有問題。再次感謝我們出色的團隊，他們創造了創紀錄的第一季業績。我們期待在11月1日發布下一季的最新消息，屆時我們將迎來EA SPORTS有史以來最精彩的一個賽季，其中包括《麥登橄欖球24》以及備受期待的《EA SPORTS FC 24》。非常感謝大家。祝大家今天愉快。

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。