美商藝電 (EA) 2024 Q2 法說會逐字稿

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

我叫麗莎，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加藝電 2024 財年第二季財報電話會議。

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

我現在將會議交給投資者關係總監凱蒂·伯克女士主持。請繼續。

Thank you. Welcome to EA's Second Quarter Fiscal Year 2024 Earnings Call. With me today are Andrew Wilson, our CEO; and Stuart Canfield, our CFO. 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. .

謝謝。歡迎參加 EA 2024 財年第二季財報電話會議。今天和我在一起的有我們的執行長安德魯威爾森 (Andrew Wilson)；以及我們的財務長 Stuart Canfield。請注意，我們的 SEC 文件和收益報告可在 ir.ea.com 上取得。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。 。

Lastly, after the call, we will post our prepared remarks, an audio replay of this call and a transcript. With regards to our calendar, our third quarter fiscal year 2024 earnings call is scheduled for Tuesday, January 30. As a reminder, we post the schedule of upcoming earnings calls for the fiscal year on our IR website.

最後，在通話結束後，我們將發布準備好的演講、通話的音訊重播和文字記錄。關於我們的日曆，我們的 2024 財年第三季財報電話會議定於 1 月 30 日星期二舉行。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-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, November 1, 2023, and disclaims any duty to update them. 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.

本簡報和我們的評論包括有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。我們建議您參閱最新的表格 10-Q，以討論可能導致實際結果與今天討論的結果有重大差異的風險。藝電公司於今天（2023 年 11 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。在本次電話會議中，除自由現金流以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資訊。除非另有說明，本次電話會議過程中所進行的所有比較均與去年同期進行。

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. It was a strong Q2 for EA as we delivered results above our expectations. We are making great progress against our strategy to build massive online communities, tell blockbuster stories and amplify the power of social connection to drive multiyear growth and unlock long-term value in service of our people, our players and our shareholders.

謝謝，凱蒂。很高興能和大家在一起。對於 EA 來說，第二季表現強勁，因為我們交付的業績超出了我們的預期。我們的策略正在取得巨大進展，即建立龐大的線上社群、講述轟動的故事並放大社交聯繫的力量，以推動多年增長並釋放為我們的員工、玩家和股東服務的長期價值。

All our teams through passion and creativity continue to deliver interactive entertainment and experiences that engage and inspire hundreds of millions of people as part of our communities inside our global network. To everyone at EA, thank you. During the quarter, EA SPORTS continued to expand its position as a leader of the future of sports fandom as we launched 2 of the world's most celebrated interactive experiences at the heart of sports culture. EA SPORTS Madden NFL 24 and EA SPORTS FC 24. These titles represent foundational drivers of growth in the biggest sports year in our company's history.

我們所有的團隊都充滿熱情和創造力，並繼續提供互動娛樂和體驗，吸引和激勵全球網路社群中的數億人。感謝 EA 的每一個人，謝謝你們。本季度，EA SPORTS 繼續擴大其作為體育迷未來領導者的地位，我們在體育文化的核心推出了兩項世界上最著名的互動體驗。 EA SPORTS Madden NFL 24 和 EA SPORTS FC 24。這些遊戲代表了我們公司歷史上最盛大的體育年中成長的基本驅動力。

In Madden NFL, we have delivered the preeminent interactive American football experience for decades. We know it's essential for today's [fan] as NFL broadcast growing popularity and reach to connect with their friends and celebrate their passion for the sport beyond what happens on the field each and every day. Through our Madden NFL franchise, we make this possible in ways no one else can through awesome game play, deep social connection and a 365-day immersion in the sport for so many people with so many different motivations and expressions of their fandom.

在《Madden NFL》中，我們幾十年來一直提供卓越的互動美式足球體驗。我們知道這對當今的[球迷]來說至關重要，因為NFL 廣播越來越受歡迎，並與他們的朋友聯繫並慶祝他們對這項運動的熱情，而不僅僅是球場上每天發生的事情。透過我們的《Madden NFL》系列，我們透過精彩的遊戲玩法、深厚的社交聯繫以及365 天沉浸在這項運動中的方式，以其他人無法做到的方式，為眾多有著不同動機和粉絲表達方式的人們實現這一目標。

On console and PC, Madden NFL 24 delivered an immersive experience with elevated realism, control and gameplay. This has energized our core franchise players while modes like Superstar are bringing new players to this already giant community. Madden NFL 24 is off to a strong start with almost 10% more players in the title year-over-year and driving over 10% growth in weekly average users. During the quarter, Madden Mobile had more players diving into the game year-over-year, growing the community over 20% and delivering double-digit growth in weekly active users.

在遊戲機和 PC 上，《Madden NFL 24》以更高的真實感、控制力和遊戲玩法提供了身臨其境的體驗。這激發了我們的核心特許經營玩家的活力，而像《超級明星》這樣的模式正在為這個已經龐大的社區帶來新玩家。 《Madden NFL 24》開局強勁，該遊戲的玩家數量同比增加了近 10%，並帶動每周平均用戶增長超過 10%。本季度，《Madden Mobile》的玩家數量逐年增加，社群規模成長超過 20%，每週活躍用戶數達到兩位數成長。

As we continue to expand our American football ecosystem, our teams also ushered in a new era for Global Football at the end of the quarter. The successful launch of EA SPORTS FC represents a profound achievement. We have reimagined and expanded one of the largest franchises in the world, setting new standards of authenticity, innovation and social interaction. This cutting-edge multiexperience ecosystem spans console, PC, mobile and free-to-play with a groundbreaking game in FC 24, advancements of FC Mobile and FC Online in Asia and a new global esports program in FC Pro. Fans across geographies and generations are playing, connecting and celebrating in and around these incredible immersive experiences.

隨著我們不斷擴大美式足球生態系統，我們的球隊也在本季末迎來了全球足球的新時代。 EA SPORTS FC 的成功推出代表著一項深遠的成就。我們重新構想並擴大了世界上最大的特許經營權之一，設定了真實性、創新和社交互動的新標準。這一尖端的多重體驗生態系統涵蓋遊戲機、PC、行動裝置和免費遊戲，其中包括 FC 24 中的突破性遊戲、FC Mobile 和 FC Online 在亞洲的進步以及 FC Pro 中的全新全球電競項目。不同地域、不同世代的粉絲都在這些令人難以置信的沉浸式體驗中玩耍、交流和慶祝。

Coming off a record-setting Season 23 performance amidst 2 World Cups, FC is set to deliver growth this year and beyond. Fan reception of FC has been extraordinary, expanding our already thriving global football community. Within the first 4 weeks after worldwide launch, over 14.5 million fans have played FC 24 on console and premium PC, including double-digit growth in new players. FC Mobile has established new franchise records with over 2 million people installing the game on the first day, over $5 million in the first 3 days and over $11 million in the first 10 days. FC Online continues to grow across all engagement metrics, while players have truly embraced FC Pro with a record number of registrations. FC represents a giant leap forward as we aspire to more deeply connect and grow the world's largest football community to 1 billion fans and beyond.

FC 在 23 賽季的兩屆世界盃中創下了創紀錄的表現，預計今年及以後將實現增長。 FC 的球迷接待非常出色，擴大了我們已經蓬勃發展的全球足球社區。在全球發布後的前 4 週內，已有超過 1,450 萬粉絲在主機和高階 PC 上玩過《FC 24》，其中新玩家數量呈現兩位數增長。 FC Mobile 創造了新的特許經營記錄，首日安裝遊戲的人數超過 200 萬人，前 3 天超過 500 萬美元，前 10 天超過 1100 萬美元。 FC Online 的所有參與度指標持續成長，而玩家也以創紀錄的註冊數量真正擁抱 FC Pro。 FC 代表了一次巨大的飛躍，我們渴望與 10 億甚至更多球迷更深入地聯繫和發展世界上最大的足球社區。

The successful launch of FC shows our portfolio strategy at work. We are now able to accelerate creativity and innovation across platforms, geographies and business models, expand our football experiences across play, watch, create and connect and inspire and entertain even more fans around the world. We are in an extraordinary position to further collaborate with more amazing partners to grow FC as a culture phenomenon.

FC 的成功推出表明我們的投資組合策略正在發揮作用。我們現在能夠加速跨平台、地理和商業模式的創造力和創新，擴展我們在比賽、觀看、創造和聯繫方面的足球體驗，並激勵和娛樂世界各地的更多球迷。我們處於非常有利的位置，可以與更多出色的合作夥伴進一步合作，將 FC 發展為一種文化現象。

FC is more than just a game, this is just the beginning. Halfway through the year, our sports teams, the very best in the business, have delivered an unprecedented slate of amazing content. This story continues into Q3 as EA SPORTS NHL 24 and EA SPORTS UFC 5 have already launched to critical acclaim. The EA SPORTS WRC launch is also just 2 days away.

FC不僅僅是一款遊戲，這只是一個開始。今年過半，我們業內最優秀的運動隊伍交付了前所未有的令人驚嘆的內容。這個故事一直持續到第三季度，EA SPORTS NHL 24 和 EA SPORTS UFC 5 已經推出並廣受好評。距離 EA SPORTS WRC 發表會也只有 2 天了。

Looking ahead, exciting updates tied to the biggest moments of the sports season will fuel momentum across our titles through the rest of the fiscal year and beyond. As we build out our multi-platform ecosystems with FC Tactical releasing in 2024 and EA SPORTS College Football coming next summer. As we continue to build ecosystems around our biggest IP, we are prioritizing the massive online communities of our always-on live service to lay a broad foundation for future launches and strong growth for the business. Through the expanding world's characters and storylines that we deliver, people everywhere come together to celebrate their love of games, cherish community and forge lifelong friendships.

展望未來，與體育賽季最重要時刻相關的令人興奮的更新將在本財年剩餘時間及以後推動我們的遊戲發展勢頭。隨著我們建立多平台生態系統，FC Tactical 將於 2024 年發布，EA SPORTS College Football 將於明年夏天發布。隨著我們繼續圍繞我們最大的 IP 建立生態系統，我們將優先考慮始終在線服務的龐大在線社區，為未來的發布和業務的強勁增長奠定廣泛的基礎。透過我們提供的不斷擴展的世界角色和故事情節，世界各地的人們聚集在一起慶祝他們對遊戲的熱愛，珍惜社區並建立終生的友誼。

Apex Legends is a leader in its category, with top game quality and gripping content. In Q2, Season 18 entertained and energized players driving improvement in monetization over the prior season. We recognize the franchise exists in a competitive environment and, looking forward, our team at Respawn is focused on doing even more incredible things for players, engaging the community and deepening the franchise in exciting ways to drive growth. Starting with yesterday's launch of Season '19 featuring dynamic game updates and content integration with music industry icon, Post Malone.

Apex Legends 是該類別中的領導者，擁有頂級的遊戲品質和扣人心弦的內容。在第二季度，第 18 季為玩家帶來了娛樂性和活力，推動了盈利能力比上一季有所提高。我們認識到該系列存在於競爭激烈的環境中，展望未來，我們在Respawn 的團隊將專注於為玩家做更多令人難以置信的事情，吸引社區並以令人興奮的方式深化系列以推動增長。從昨天推出的 Season '19 開始，該季的特色是動態遊戲更新以及與音樂產業偶像 Post Malone 的內容整合。

The Sims 4 community is celebrating creativity and culture and growing across generations. Maxis is using data insights and deep connections with the community to create fan favorite content. New players as well as weekly average users are up double digits year-over-year. The team is committed to entertaining and inspiring our Sims 4 Free with an increasing amount of new content as they work on a parallel expanded experience in The Sims universe.

《模擬市民 4》社群正在慶祝創造力和文化，並在代代相傳中不斷成長。明訊正在利用數據洞察和與社群的深入聯繫來創建粉絲喜愛的內容。新玩家以及每周平均用戶數較去年同期成長兩位數。該團隊致力於透過不斷增加的新內容來娛樂和啟發我們的《模擬市民 4 免費版》，同時他們致力於在《模擬市民》宇宙中並行擴展體驗。

Just last month, we launched Season 6 for Battlefield 2042, and our community is responding positively driving record engagement on steam. This illustrates the strength today and long-term potential of the franchise. Through innovation and creativity, our teams continue to support this huge community of fans while building towards the future of Battlefield.

就在上個月，我們推出了《戰地 2042》第六季，我們的社區做出了積極響應，推動了 Steam 上的參與度創紀錄。這說明了該特許經營權今天的實力和長期潛力。透過創新和創造力，我們的團隊將繼續支持這個龐大的粉絲社區，同時建立《戰地》的未來。

Live services are the foundation of our business. Through the first half of the year, we have delivered an impressive amount of content across new games and over 285 game updates. As our teams create even more incredible entertainment, players will find more joy, more inspiration and deeper connection, powering engagement and expanding our communities. Across geographies and business models, we are driving growth today and over the long term. While being mindful of current events and varying global macro consumer outlooks, our seasoned teams of leaders and world-class teams are focused on doing what they do best, delivering amazing games and services for players everywhere. As we continue to invest in our vision to lead the future of entertainment, we remain thoughtful and deliberate, focusing on our largest opportunities.

即時服務是我們業務的基礎。今年上半年，我們發布了大量新遊戲內容和超過 285 個遊戲更新。隨著我們的團隊創造出更多令人難以置信的娛樂內容，玩家將找到更多的快樂、更多的靈感和更深入的聯繫，從而增強參與並擴大我們的社區。跨越地域和商業模式，我們正在推動當前和長期的成長。在關注時事和不斷變化的全球宏觀消費者前景的同時，我們經驗豐富的領導團隊和世界一流的團隊專注於做他們最擅長的事情，為世界各地的玩家提供令人驚嘆的遊戲和服務。當我們繼續投資於引領娛樂未來的願景時，我們保持深思熟慮和深思熟慮，並專注於我們最大的機會。

Over the next few years, our teams will innovate and expand our biggest IP as we build platforms and ecosystems to connect massive online communities that celebrate fandom across the world, inspire and engage our players through blockbuster storytelling and continue to create experiences that amplify our communities through social connection.

在接下來的幾年裡，我們的團隊將創新和擴展我們最大的IP，建立平台和生態系統來連接大規模的在線社區，慶祝世界各地的粉絲群體，透過轟動的故事講述激勵和吸引我們的玩家，並繼續創造擴大我們社區的體驗透過社交聯繫。

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資訊。

Thank you, Andrew, and hello, everyone. Our strong Q2 performance delivered results exceeding our expectations across net bookings and EPS. We saw growth in our player network with healthy engagement driving strength in our EA SPORTS portfolio, highlighted by the successful launches of EA SPORTS Madden NFL 24 and EA SPORTS FC 24.

謝謝你，安德魯，大家好。我們強勁的第二季業績在淨預訂量和每股盈餘方面超出了我們的預期。我們看到我們的玩家網絡不斷增長，健康的參與度推動了 EA SPORTS 產品組合的發展，尤其是 EA SPORTS Madden NFL 24 和 EA SPORTS FC 24 的成功推出。

For the second quarter, net bookings were $1.82 billion, up 4% year-over-year or 5% in constant currency, which exceeded our expectations for both full game and live services. Our full game net bookings were $691 million, up 9% year-over-year or up 10% in constant currency, driven by strength in our Q2 EA SPORTS releases. Live services net bookings were $1.13 billion, up 1% year-over-year or 2% in constant currency.

第二季淨預訂量為 18.2 億美元，年增 4%，以固定匯率計算成長 5%，超出了我們對完整遊戲和直播服務的預期。我們的全部遊戲淨預訂額為 6.91 億美元，年增 9%，以固定匯率計算成長 10%，這得益於我們第二季 EA SPORTS 發布的強勁表現。直播服務淨預訂額為 11.3 億美元，較去年同期成長 1%，以固定匯率計算成長 2%。

On a trailing 12-month basis, live services were 73% of our business, demonstrating the resiliency of our evergreen live services business model. EA SPORTS Madden NFL 24 delivered a strong launch in the quarter with net bookings up 6% year-over-year as exciting new in-game innovations continue to drive growth across player acquisition and engagement. As Andrew noted, the momentous transition to EA SPORTS FC was a huge achievement for EA.

在過去 12 個月的基礎上，即時服務占我們業務的 73%，證明了我們常青的即時服務業務模式的彈性。 EA SPORTS Madden NFL 24 在本季度表現強勁，淨預訂量同比增長 6%，令人興奮的遊戲內創新繼續推動玩家獲取和參與度的增長。正如 Andrew 所指出的，向 EA SPORTS FC 的重大過渡對於 EA 來說是一項巨大的成就。

In Q2, our total global football business significantly exceeded our expectations. Net bookings grew 41% year-over-year driven by continued momentum of FIFA 23, including triple-digit Mobile net bookings growth and strong demand for the release of EA SPORTS FC 24. The launch had a tremendous start highlighted by healthy retention of our core cohort, strong acquisition of new and reactivated players, greater demand for Deluxe Editions of FC 24 and the benefit of 4 extra days of early access.

第二季度，我們的全球足球業務總量大幅超出了我們的預期。受《FIFA 23》持續成長勢頭的推動，淨預訂量同比增長 41%，其中包括三位數的移動淨預訂量增長以及對 EA SPORTS FC 24 發行的強勁需求。核心群體、新玩家和重新激活玩家的強勁成長、對FC 24 豪華版的更大需求以及額外4 天搶先體驗的好處。

In the first 4 weeks, FC Ultimate Team was up high single digits on a year-on-year basis. Apex Legends, though down on a year-over-year basis, delivered net bookings above our expectations with Season 18 driving greater anticipated player acquisition and monetization. Apex Legends remained one of the strongest franchises in the industry and will continue to invest to engage a broader base of players and drive long-term growth as the talented teams at Respawn introduce innovations and new offerings like in Season 19.

在前 4 週內，FC Ultimate Team 年比成長了高個位數。 《Apex 英雄》雖然同比下降，但其淨預訂量超出了我們的預期，第 18 季推動了預期的玩家獲取和貨幣化。 《Apex 英雄》仍然是業界最強大的系列之一，並將繼續投資以吸引更廣泛的玩家群體，並隨著Respawn 的才華橫溢的團隊推出像第19 季那樣的創新和新產品，推動長期成長。

Moving to our GAAP results. We delivered net revenue of $1.91 billion, up 1% year-over-year. Operating expenses came in below our expectations reflecting savings and the phasing of some marketing spend into the holiday period as we continue to make progress against focusing and rationalizing our investments. On a year-over-year basis, OpEx was up 7%, primarily driven by the incremental investment behind the launch of EA SPORTS FC.

轉向我們的 GAAP 結果。我們實現淨收入 19.1 億美元，年增 1%。營運費用低於我們的預期，反映出我們在集中投資和合理化投資方面繼續取得進展，從而節省了開支，並在假期期間分階段進行了一些行銷支出。營運支出較去年同期成長 7%，主要得益於 EA SPORTS FC 推出後的增量投資。

Our GAAP earnings per share was $1.47, up 37% year-over-year including $0.34 from a onetime noncash tax benefit. Operating cash flow in the quarter was $112 million, including benefit from lower cash taxes. On a trailing 12-month basis, free cash flow was a record $2 billion, up 28% year-over-year. And we returned $376 million to shareholders through dividends and our ongoing share repurchase program.

我們的 GAAP 每股收益為 1.47 美元，年增 37%，其中包括來自一次性非現金稅收優惠的 0.34 美元。本季的營運現金流為 1.12 億美元，其中包括現金稅降低所帶來的收益。過去 12 個月的自由現金流達到創紀錄的 20 億美元，年增 28%。我們透過股利和持續的股票回購計畫向股東返還了 3.76 億美元。

Now turning to guidance. To start, I'd like to recap the context and assumptions behind our full year net bookings guidance range, which remain unchanged. First, we expect healthy player engagement across our portfolio, even as we continue to operate amidst a highly competitive market and a varying macro backdrop. Second, for EA SPORTS FC, we continue to expect low single-digit growth for the full year even as we lap record FIFA 23 performance, which included the impact of World Cup events. Third, FX continues to remain volatile. If rates remain unchanged, we expect a 2-point headwind to net bookings and 6-point headwind to underlying profitability net of hedges relative to last year.

現在轉向指導。首先，我想回顧一下我們全年淨預訂指導範圍背後的背景和假設，該指導範圍保持不變。首先，即使我們繼續在競爭激烈的市場和不斷變化的宏觀背景下運營，我們也期望我們的投資組合有健康的玩家參與度。其次，對於 EA SPORTS FC，我們仍然預計全年將實現低個位數成長，儘管我們創下了《FIFA 23》的表現記錄（其中包括世界盃賽事的影響）。三是外匯持續波動。如果利率保持不變，我們預計與去年相比，淨預訂量將面臨 2 個百分點的阻力，扣除對沖後的基本獲利能力將面臨 6 個百分點的阻力。

And finally, we continue to be focused, deliberate and disciplined on our investments as we execute against our long-term growth opportunities. Our full year net bookings outlook remains unchanged at $7.3 million to $7.7 billion, roughly flat to up 5% year-over-year or up 1% to up 7% in constant currency. Our full year GAAP net revenue outlook of $7.3 billion to $7.7 billion and our cost of revenue outlook of $1.67 billion to $1.75 billion also remain unchanged.

最後，我們在抓住長期成長機會的同時，繼續專注、審慎和嚴格地進行投資。我們對全年淨預訂量的展望保持不變，為 730 萬美元至 77 億美元，大致持平至同比增長 5%，或按固定匯率計算增長 1% 至增長 7%。我們全年 GAAP 淨收入預期為 73 億美元至 77 億美元，營收成本預期為 16.7 億美元至 17.5 億美元，也維持不變。

As we continue to manage and prioritize investments across our portfolio, we are lowering our guidance for operating expenses to $4.21 billion to $4.33 billion down 2% to up 1% year-over-year, which we also expect to help drive improvements in our underlying profitability. We are increasing our GAAP earnings per share guidance to $4.10 to $4.66, up 42% to 62% year-over-year, reflecting operational savings and the onetime tax benefit noted earlier.

隨著我們繼續管理和優先考慮整個投資組合的投資，我們將營運支出指導下調至42.1 億美元至43.3 億美元，年減2% 至成長1%，我們也希望這將有助於推動我們的基礎業務的改善盈利能力。我們將 GAAP 每股盈餘指引提高至 4.10 美元至 4.66 美元，年增 42% 至 62%，反映了營運成本節省和先前提到的一次性稅收優惠。

We are raising our guidance range for operating cash flow by $250 million to $1.95 billion to $2.1 billion. We are lowering our capital expenditures outlook to $250 million driven by deliberate decisions to optimize our real estate footprint. And we now expect free cash flow of $1.7 billion to $1.85 billion, up 27% to 38% on a year-over-year basis.

我們將營運現金流指引範圍提高了 2.5 億美元，至 19.5 億美元至 21 億美元。出於優化房地產佈局的深思熟慮的決定，我們將資本支出前景下調至 2.5 億美元。我們目前預計自由現金流為 17 億至 18.5 億美元，年增 27% 至 38%。

Please see our earnings slides and press release for further cash flow information.

請參閱我們的收益幻燈片和新聞稿，以了解更多現金流資訊。

Turning to the third quarter outlook. We expect net bookings to be $2.25 million to $2.45 billion, down 4% to up 5% year-over-year or down 2% to up 6% at constant currency. For EA SPORTS FC 24, we expect modest growth given the World Cup comparable noted earlier. And in Apex Legends, we continue to take a more measured approach as our teams introduced more new modes of play and content offerings. We expect GAAP net revenue of $1.83 billion to $2.03 billion, cost of revenue of $495 million to $535 million, and operating expenses of approximately $1.05 billion to $1.11 billion. This results in GAAP earnings per share of $0.75 to $1.01 up 3% to 38% year-over-year.

轉向第三季展望。我們預計淨預訂量為 225 萬美元至 24.5 億美元，年減 4% 至成長 5%，或以固定匯率計算下降 2% 至成長 6%。對於 EA SPORTS FC 24，考慮到前面提到的世界盃可比性，我們預計會有適度成長。在《Apex 英雄》中，隨著我們的團隊推出更多新的遊戲模式和內容，我們將繼續採取更審慎的方法。我們預計 GAAP 淨收入為 18.3 億美元至 20.3 億美元，收入成本為 4.95 億美元至 5.35 億美元，營運費用約為 10.5 億美元至 11.1 億美元。這導致 GAAP 每股收益為 0.75 美元至 1.01 美元，年增 3% 至 38%。

In closing, EA delivered a strong Q2 performance ahead of our expectations driven by EA SPORTS launches and strong player engagement across our diverse portfolio of games and services. Looking forward, our teams are committed to delivering high-quality experiences for our players and building upon the momentum in our business, especially as we head into the holiday period. We continue to make progress in aligning around our strategic opportunities. We remain proactive and focused and disciplined in our investments to deliver multiyear growth.

最後，由於 EA SPORTS 的推出以及我們多樣化的遊戲和服務組合中玩家的積極參與，EA 在第二季度的表現超出了我們的預期。展望未來，我們的團隊致力於為玩家提供高品質的體驗，並鞏固我們的業務勢頭，尤其是在我們進入假期期間。我們在圍繞戰略機會進行調整方面不斷取得進展。我們在投資中保持積極主動、專注和自律，以實現多年成長。

Now I'll hand it back to Andrew.

現在我會把它交還給安德魯。

Thanks, Stuart. Our industry is growing as more people around the world dive into the sports, brands, storytelling and legendary IP they love most. The definition of a game is also expanding beyond play as fans are watching, creating content and making deep social connections in and around interactive experiences. How games are being made is changing as well. Advancements in generative AI are accelerating the speed of development boosting creativity, innovation, transforming what we can deliver, bringing bigger, broader games and experiences to an even larger global audience. The value and opportunity of delivering deeply interactive entertainment has never been greater. Our talented team's industry-leading technology, world-class IP and growing global network of players position EA as a leader of the future of entertainment.

謝謝，斯圖爾特。隨著世界各地越來越多的人投身於他們最喜愛的運動、品牌、故事敘述和傳奇 IP，我們的行業正在不斷發展。遊戲的定義也超越了遊戲的範疇，因為粉絲可以在互動體驗中觀看、創造內容並建立深入的社交連結。遊戲的製作方式也在改變。生成式人工智慧的進步正在加快發展速度，促進創造力和創新，改變我們所能提供的服務，為更多的全球受眾帶來更大、更廣泛的遊戲和體驗。提供深度互動娛樂的價值和機會從未如此巨大。我們才華橫溢的團隊、行業領先的技術、世界一流的 IP 和不斷增長的全球玩家網絡使 EA 成為未來娛樂業的領導者。

Now Stuart and I are here for your questions.

現在史都華和我在這裡回答你們的問題。

Lisa, we're ready for our first question.

麗莎，我們準備好回答第一個問題了。

(Operator Instructions). We'll take our first question from Matthew Cost with Morgan Stanley.

（操作員說明）。我們將回答摩根士丹利的馬修‧科斯特提出的第一個問題。

I guess, on the launch of EA FC, I guess what were the areas where you were most pleased with the launch versus last year and the areas where maybe you saw the room for the most improvement? And are you still on track to hit the low single-digit growth of the franchise year-on-year that you had spoken about at the beginning of the year?

我想，在 EA FC 推出時，我想與去年相比，您對這次推出最滿意的領域是什麼，以及您認為有最大改進空間的領域是什麼？你們是否仍有望實現年初提到的低個位數年成長？

Thanks for the question. I would tell you, we are almost universally happy with the launch. Taking on this launch was a big challenge for us, was a challenge for the nature of the game that our teams had to make across platforms, across console, PC, mobile and free-to-play game that's mostly in Asia. We wanted this to be a symbol of change, not just a change of symbol. And I think the teams have done an extraordinary job in delivering the most authentic, immersive, socially connected football experience ever, certainly that we've ever made.

謝謝你的提問。我想告訴你，我們幾乎普遍對這次發布感到滿意。接受這次發布對我們來說是一個巨大的挑戰，這是對遊戲性質的挑戰，我們的團隊必須跨平台、跨主機、PC、行動和免費遊戲（主要在亞洲）製作。我們希望這是改變的象徵，而不僅僅是像徵的改變。我認為這些團隊在提供有史以來最真實、最身臨其境、最具有社交聯繫的足球體驗方面做得非常出色，當然也是我們創造的。

I think our marketing teams have done a tremendous job in ensuring that the world's population of football fans understands the transition has happened, understands the benefits of that transition and understands why this represents not the end, but the very beginning. What is going to be an incredible journey of football fandom for our fans and for our partners globally. I think that if you really sat down with our developers or our marketers or our partners, there are always things we can do better, and we're always learning, but on balance, I would say we feel very, very proud of what we've achieved so far.

我認為我們的行銷團隊做了巨大的工作，確保全世界的球迷了解這一轉變已經發生，了解這種轉變的好處，並了解為什麼這代表的不是結束，而是開始。對於我們的球迷和全球合作夥伴來說，這將是一次令人難以置信的足球迷之旅。我認為，如果你真的與我們的開發人員、行銷人員或我們的合作夥伴坐下來，我們總是可以做得更好，而且我們總是在學習，但總的來說，我想說，我們對我們所做的感到非常非常自豪到目前為止已經取得了成就。

It's only early, but certainly, all the signs are incredibly positive, and the feedback is also incredibly positive. And we feel good about where we think the franchise is going from a performance standpoint. Stuart, do you have some more?

雖然現在還為時過早，但可以肯定的是，所有跡像都非常積極，反饋也非常積極。從表現的角度來看，我們對球隊的發展前景感到滿意。斯圖爾特，你還有更多嗎？

Yes, Matt, I'll just add just to clarify. So yes, we remain track for the low single-digit growth that we represented. I think 2 important pieces of context. Yes, we're off to a great start to Andrew's point earlier, we obviously saw strength in Q2. And obviously, importantly, we're seeing -- we're up high single digits year-on-year through the first 4 weeks on our live service business. Caveat being, we remain prudent as we head into Q3 and Q4. As you remember from last year, we saw record Q4 across our business, up 31%, but we still feel confident and on track for low single-digit growth for the rest of the year.

是的，馬特，我只是補充一下以澄清。所以，是的，我們仍然追蹤我們所代表的低個位數成長。我認為有兩個重要的背景。是的，對於安德魯早些時候的觀點，我們有了一個良好的開端，我們顯然在第二季度看到了實力。顯然，重要的是，我們看到——在前 4 週，我們的直播服務業務同比增長了高個位數。需要注意的是，在進入第三季和第四季時，我們仍然保持謹慎態度。正如您去年所記得的那樣，我們的第四季度業務增長了 31%，創歷史新高，但我們仍然充滿信心，並有望在今年剩餘時間內實現低個位數增長。

Our next question, please.

請我們下一個問題。

We'll take our next question from Benjamin Soff with Deutsche Bank.

我們將接受德意志銀行本傑明·索夫的下一個問題。

Another one on FC again, really strong launch so far, so that's encouraging. I'm wondering if you anticipate that the pacing of sales for this game will be similar to prior years. Or if you'd expect any changes to that trend as a result of the rebrand, maybe either more front-end loaded because of some excitement or longer tail because it might take time for some of the marketing to reach people.

FC 又推出了另一款產品，到目前為止，發布勢頭非常強勁，所以這是令人鼓舞的。我想知道您是否預計這款遊戲的銷售節奏將與前幾年相似。或者，如果您預計該趨勢會因品牌重塑而發生任何變化，可能會因為一些興奮而增加前端負載，或者因為某些行銷可能需要時間才能到達人們手中而導致尾部更長。

Yes. I think Stuart can kind of talk about how we're planning that. I think what we're doing right now is we're planning for both of those potential outcomes. We feel very good about the launch so far. We've certainly brought in a meaningful amount of net new fans and net new players in the ecosystem, which is always an incredible sign and prediction for the future. We also know we still have a meaningful amount of people playing the previous game.

是的。我認為史都華可以談談我們是如何計劃的。我認為我們現在正在做的是我們正在為這兩個潛在的結果進行規劃。到目前為止，我們對此次發布感覺非常好。我們確實在生態系統中引入了大量的淨新粉絲和淨新玩家，這始終是一個令人難以置信的跡象和對未來的預測。我們也知道仍有大量玩家在玩上一款遊戲。

And as we're starting to see, and it's less about the FC transition and more about our live service business in general. As we think about live services, we're seeing the transition from one launch to the next be a little bit more organic. And certainly, as we have supported the live services right up until the new launch. There's often very good reason for people to continue playing the previous game. And so I do believe that we brought in new fans through an incredible game experience and incredible marketing, but we also recognize that we still have a meaningful population playing the previous game, and we're now working very deliberately and diligently to bring those over to FC and continue to grow the base of FC on a go-forward basis.

正如我們開始看到的，這與 FC 轉型無關，更多的是與我們的整體直播服務業務有關。當我們考慮即時服務時，我們發現從一次發佈到下一次發布的過渡更加有機。當然，因為我們一直支援即時服務，直到新產品發佈為止。人們通常有充分的理由繼續玩之前的遊戲。所以我確實相信我們透過令人難以置信的遊戲體驗和令人難以置信的行銷吸引了新粉絲，但我們也認識到我們仍然有大量玩前一款遊戲的玩家，我們現在正在非常謹慎和勤奮地努力將這些玩家吸引過來到 FC 並繼續在前進的基礎上擴大 FC 的基礎。

Yes, Ben, just on phasing, I think you've seen a great start. So naturally you've seen us pull forward a little bit through Q2 in the first 3 weeks, which is natural and part of the strategy as we launched FC. We expect Q3 to operate broadly in a similar manner as we progress through both season and the real world and heading into holiday. We expect Q4 will be more of a tougher comp in part because we have the World Cup pickup from players that flow through into Q4. So macro, yes, stronger start, consistent through Q3 and more of a flat consistency around Q4 given the comp on the prior year.

是的，本，就階段而言，我認為你已經看到了一個很好的開始。因此，很自然地，您會看到我們在前 3 週內在第二季度取得了一些進展，這是很自然的，也是我們推出 FC 時策略的一部分。我們預計，隨著季節和現實世界的進展以及假期的到來，第三季將以類似的方式大致運作。我們預計第四季的比賽將更加艱難，部分原因是我們有來自世界盃的球員進入第四季。因此，從宏觀上看，是的，開局強勁，整個第三季度保持一致，考慮到上一年的比較，第四季度前後更加穩定。

Got it. And then on Apex, can you just talk a little bit more about what resonated with players for Season 18 and some of the drivers you see to generate growth for this franchise over the long term?

知道了。然後在 Apex 上，您能多談談第 18 季中哪些因素引起了玩家的共鳴，以及您認為能夠為該系列帶來長期增長的一些驅動因素嗎？

Yes. The team continues to develop incredible content and they're very deeply connected with their fan community. And what we've started to see is different types of content, more dynamic content, more content that has application across legends versus being legend specific and different chase mechanics inside the game. Again, there's a deeply committed community, a deeply engaged community and when they come in and see these chase mechanics, it really drives ongoing engagement. And so my expectation is the team will continue to test and learn and continue to innovate and evolve the experience in line with community needs and community demands and community expectations. But what we've seen so far is very positive results to the more dynamic nature of the event and the offers that they've been pushing into the experience.

是的。團隊繼續開發令人難以置信的內容，並且他們與粉絲社群有著非常深厚的聯繫。我們開始看到不同類型的內容、更動態的內容、更多跨傳奇應用程式的內容，而不是特定於傳奇的內容以及遊戲內不同的追逐機制。再說一次，有一個深度投入的社區，一個深度參與的社區，當他們進來看到這些追逐機制時，它確實推動了持續的參與。因此，我的期望是團隊將繼續測試和學習，並根據社區需求和社區期望繼續創新和發展體驗。但到目前為止，我們所看到的活動的動態性以及他們一直在體驗中推出的優惠都取得了非常積極的成果。

We'll take our next question from Eric Handler with ROTH MKM.

我們將接受 ROTH MKM 的 Eric Handler 提出的下一個問題。

Andrew, now that you're not shackled with some of the FIFA restrictions that you have on EA FC, I wonder if you could give a little perspective on what the impact was on revenue for sponsorship and advertising or maybe the impact from promotions?

安德魯，現在您不再受到國際足總對 EA FC 的一些限制的束縛，我想知道您是否可以就贊助和廣告收入或促銷活動的影響提供一些看法？

Well, it's still really early as we think about the future of this franchise. We are just getting started. But as we talked before, our orientation by transitioning to FC was really about how do we work with more partners around the world in a way they want to work with us. And that's both leagues, teams, players, competitions and commercial partners. It was really about how do we expand the modalities of play inside the game to do new and interesting things for a growing fan base, how to expand engagement opportunities outside the game, how do we really develop FC as a football fan platform, not just an interactive gaming experience and how do we move really, really quickly.

好吧，我們現在考慮這個系列的未來還為時過早。我們才剛開始。但正如我們之前所說，我們過渡到 FC 的方向實際上是關於我們如何以他們希望與我們合作的方式與世界各地的更多合作夥伴合作。這包括聯賽、球隊、球員、比賽和商業合作夥伴。這實際上是關於我們如何擴展遊戲內的遊戲方式，為不斷增長的球迷群體做新的、有趣的事情，如何擴大遊戲外的參與機會，我們如何真正將FC 發展為足球迷平台，而不僅僅是互動式遊戲體驗以及我們如何快速移動。

We think that with the partner structure that we have now and the many partners that we have around us with the deep connection we have with the community and the investments that we've been making in and around development across the entire ecosystem; console, PC, mobile, free-to-play and beyond the bounds of the game, is that these things will start to manifest over the coming months, over the coming seasons and over the coming years.

我們認為，憑藉我們現在擁有的合作夥伴結構以及我們周圍的眾多合作夥伴，我們與社區的深厚聯繫以及我們在整個生態系統的發展中和周圍進行的投資；主機、PC、行動、免費遊戲以及超越遊戲的界限，這些事情將在未來幾個月、未來賽季和未來幾年開始顯現。

That's great. And then just as a follow-up, can you maybe talk a little bit about some of the real estate strategies that you're sort of working through right now?

那太棒了。作為後續行動，您能否談談您目前正在製定的一些房地產策略？

Eric, I'll chime in here a little bit. We [signed this out], and we talked about the restructuring heading out of our Q4 last year. And we continue just to sort of optimize both how we build going forward in both our current footprint today. So ongoing exercise for us, we continue to look at that as we work through the future of work.

艾瑞克，我插話一下。我們[簽署了此協議]，並討論了去年第四季的重組。我們將繼續優化我們目前的足跡。因此，我們正在進行持續的鍛煉，我們在未來的工作中將繼續關注這一點。

Thank you. Operator, our next question, please.

謝謝。接線員，請我們下一個問題。

(Operator Instructions) We'll take our next question from David Karnovsky with JPMorgan.

（操作員說明）我們將接受摩根大通的 David Karnovsky 提出的下一個問題。

Maybe just one for Stuart. On the operating cash flow outlook, you're taking it up, I think, $250 million on a relatively unchanged operating income outlook. Can you just walk through the puts and takes of that? Are there one-off benefits or should we look at this as an underlying improvement in your conversion?

也許只是斯圖爾特的一個。就營運現金流前景而言，我認為，在營運收入前景相對不變的情況下，您將接受 2.5 億美元。能簡單介紹一下其中的執行過程嗎？是否有一次性的好處，或者我們應該將其視為轉換率的根本改善？

Thanks, Dave, for the question. In short, yes, we've got a couple of one-off benefits we talked about in the script before. So we have obviously naturally have improved operating foundations and flow of cash benefit from interest we're seeing by virtue of the record cash flow we talked to in our narrative.

謝謝戴夫提出的問題。簡而言之，是的，我們有一些我們之前在腳本中討論過的一次性好處。因此，我們顯然自然而然地改善了營運基礎，並且憑藉我們在敘述中談到的創紀錄的現金流，我們看到了利息帶來的現金流量。

And then secondly, yes, we're obviously seeing some one-time tax benefits that are flowing through giving us that lift you're talking about, which is $250 million. In addition, we're also obviously changing free cash flow as well to the question before from Eric as we pulled down some of our capital future strategy on investment to increase that up as well. So yes, one-time benefits tied around tax and obviously, some operating benefits picked up by having greater cash at hand that's driving greater interest for us.

其次，是的，我們顯然看到了一些一次性稅收優惠正在為我們帶來你所說的2.5億美元的提升。此外，我們顯然也在改變自由現金流以及艾瑞克之前提出的問題，因為我們取消了一些資本未來投資策略以增加自由現金流。所以，是的，一次性福利與稅收掛鉤，顯然，一些營運效益是透過手頭上有更多現金而獲得的，這為我們帶來了更大的興趣。

Thank you. Operator, our next question, please.

謝謝。接線員，請我們下一個問題。

We'll take our next question from Brian Fitzgerald with Wells Fargo.

我們將回答富國銀行布萊恩·菲茨傑拉德的下一個問題。

When you think about FC seasonality of spend, has that dynamic shifted any when you look at annual cohorts. We just asked if FIFA engagement was surprisingly robust all the way up to FC launch and with these new FC play modalities, Pro, Tactical, Mobile, Online, how do you see that impacting spend seasonality, maybe similar along with play styles, all these levers should just broaden out that engagement and spend as well, right?

當您考慮 FC 支出的季節性時，當您查看年度隊列時，這種動態是否發生了變化？我們只是問，在FC 推出之前，FIFA 的參與度是否出人意料地強勁，並且有了這些新的FC 遊戲模式，專業、戰術、移動、在線，您如何看待這對支出季節性的影響，可能與遊戲風格類似，所有這些槓桿應該擴大參與度和支出，對嗎？

Yes. I mean that is our assumption. I mean, this is the biggest sport in the world, and it's growing exponentially. It's growing meaningfully in this country as well, but also globally, it continues to grow. And as we think about the football fan community kind of growing into being of gaming age, we see an opportunity to serve them across a bunch of different vectors.

是的。我的意思是這是我們的假設。我的意思是，這是世界上最大的運動，而且它正在呈指數級增長。它在這個國家也正在有意義地增長，而且在全球範圍內，它也在繼續增長。當我們想到足球迷社群正在成長為遊戲時代時，我們看到了透過一系列不同的方式為他們提供服務的機會。

And so as we think about the value of FC as a platform, it really comes down to 3 things. One is, how many people are in the network and playing, how much time are they playing in the context of that engagement and how deep are the connections they have with those that they play with? And as you look at our strategy as we roll that out across platforms, across modalities, across geographies and across business models, everything we are doing, we are looking to pull on those levers that bring more fans into the community and give them more opportunities to engage deeply with the experiences that we create and connect more meaningfully with the friends that they enjoy those experiences with.

因此，當我們思考 FC 作為平台的價值時，它實際上可以歸結為三件事。一是，有多少人在網路中玩遊戲，他們在參與環境中玩了多少時間，以及他們與一起玩的人的聯繫有多深？當你看到我們跨平台、跨模式、跨地域和跨商業模式推出這項策略時，我們正在做的一切，我們希望利用這些槓桿，將更多粉絲帶入社區，並為他們提供更多機會深入參與我們創造的體驗，並與享受這些體驗的朋友建立更有意義的聯繫。

And what that has meant is just an overall expansion of the opportunity, both in terms of how many people are in the community broadly and the overall seasonality of spend has been elongated throughout the year. And so we're seeing far more consistent spend throughout the year because it's not just about the connection to a season of football. It's about a deep connection to the friends they share the love of that season of football with, and that love is 365 days a year.

這意味著機會的整體擴大，無論是社區中的人口數量還是全年支出的整體季節性都被延長了。因此，我們看到全年的支出更加穩定，因為這不僅僅是與足球賽季的連結。這是與朋友之間的深厚聯繫，他們共同熱愛那個賽季的足球，而這種愛是一年 365 天的。

And so as we think about building this out both in the context of FC, in the context of American football, in the context of our broader EA SPORTS portfolio and in the context of our other big -- giant IP, Apex, Sims, Battlefield, you should expect that we will look to replicate this across the portfolio as we invest deeply in these opportunities to bring global communities of gamers together and give them opportunity to engage more deeply in the experiences they love and connect more meaningfully with their friends that they enjoy the experiences with.

因此，當我們考慮在 FC、美式足球、我們更廣泛的 EA SPORTS 產品組合以及我們其他大型 IP、Apex、Sims、Battlefield 的背景下構建這一項目時，你應該期望我們會在整個產品組合中複製這一點，因為我們深入投資這些機會，將全球遊戲玩家社群聚集在一起，讓他們有機會更深入地參與他們喜歡的體驗，並與他們的朋友建立更有意義的聯繫。享受與的經歷。

Thank you. Operator, next question, please.

謝謝。接線員，請下一個問題。

We'll take our next question from Eric Sheridan with Goldman Sachs.

我們將回答高盛的艾瑞克·謝裡丹提出的下一個問題。

Maybe 2 questions, if I can. First, we continue to have a debate with investors about the recession resilience versus of gaming overall as an industry. I was curious what you're seeing in terms of spending habits on the consumer side of the equation across your portfolio of IP and what it tells you in terms of resilience versus resistance to potential in consumer volatility from a spending side when you think about the interactive entertainment landscape, number one.

如果可以的話，也許有兩個問題。首先，我們持續與投資者就遊戲產業整體的經濟衰退復原能力進行辯論。我很好奇您在整個智慧財產權組合中的等式中消費者方面的消費習慣方面看到了什麼，以及當您考慮時，它告訴您從支出方面的彈性與對消費者波動潛力的抵抗力方面得到了什麼互動娛樂景觀，第一。

And then number two, it's really interesting to see the new user growth around the Madden franchise, where there's been sort of a geographic component to that IP over time because of the sport itself. How do you think about building more audience scale and size in Madden over the long term? What were some of the key learnings from this year that you have to take into future years?

第二，看到《Madden》系列的新用戶成長真的很有趣，隨著時間的推移，由於這項運動本身，該 IP 已經有了一定的地理成分。從長遠來看，您如何看待《Madden》中擴大觀眾規模和規模的問題？今年您學到的一些重要經驗教訓有哪些值得您在未來幾年中學習？

Well, Eric, 2 great questions. I will try and cover them as best as I can and Stuart, please add details as we go. I think that when we think about recessionary predictions and the industry broadly, typically as an industry we have. I don't want to say, be recession-proof, but we have been more resilient than many industries have been and that's really because of 2 key things; one, entertainment is a fundamental human need. It's very important to us as a species. And two, the form of entertainment that we offer to our communities represents incredible value even where there is constrained spending.

嗯，艾瑞克，有兩個很好的問題。我會盡力涵蓋它們，Stuart，請在我們進行過程中添加詳細資訊。我認為，當我們廣泛思考衰退預測和整個產業時，通常是我們所擁有的產業。我不想說要抵禦經濟衰退，但我們比許多產業更具彈性，這其實是因為兩個關鍵因素：第一，娛樂是人類的基本需求。作為一個物種，這對我們來說非常重要。第二，我們為社區提供的娛樂形式即使在支出有限的情況下也具有令人難以置信的價值。

As we look at the market today and we look across our portfolio, I think it probably is pretty consistent with what we see across the industry, which is the big games where there is deep engagement and deep social connection continue to benefit across our portfolio. And we are -- but we do see different kind of spend patterns on a geo basis. There are some markets that are showing a little more softness than others relative to some of the growth that we're seeing across the world. We've heard others speak to some of the softness in market in Europe. We've certainly seen some of that across our portfolio. But in aggregate, on a global basis, we're seeing growth.

當我們審視今天的市場和我們的投資組合時，我認為這可能與我們在整個行業中看到的情況非常一致，即具有深度參與和深厚社交聯繫的大型遊戲繼續使我們的投資組合受益。我們確實看到了不同地區的支出模式。相對於我們在全球範圍內看到的一些成長，有些市場比其他市場表現得更疲軟。我們聽到其他人談到歐洲市場的疲軟。我們確實在我們的投資組合中看到了其中的一些情況。但總的來說，在全球範圍內，我們看到了成長。

As we think about Madden broadly, again, I just -- I think we have been partners with the NFL for the best part of 30 years. Our teams work very, very closely with the NFL and the NFL Players Association and more importantly, NFL fans, football fans in this country and beyond the boundaries of this country. And the NFL is growing globally, and we see the NFL doing an incredible job of growing the sport and what our teams have been doing is building out again, thinking about these game experiences not just as one-off, one-time experiences, but mechanisms to fulfill many motivations of sports fans and football fans.

當我們廣泛地思考《Madden》時，我想，30 年來我們一直是 NFL 的合作夥伴。我們的球隊與 NFL 和 NFL 球員協會，更重要的是，與這個國家和國外的 NFL 球迷、橄欖球迷密切合作。 NFL 正在全球範圍內發展，我們看到NFL 在發展這項運動方面做了令人難以置信的工作，我們的團隊一直在做的事情是再次建設，將這些比賽體驗不僅僅視為一次性的體驗，而是滿足運動迷和足球迷多種動機的機制。

And those might be core gaming moments, those might be more play trade moments, they might be more casual moments, they might be more arcade-like moments or they might just be moments to connect with other fans of the community. And what you're seeing from our teams right now is a deep commitment to fulfilling the needs and motivations of what is a growing fan community for American football in this country and beyond. And I expect that we'll continue to work with the NFL and the NFL Players Association, our partners and the community broadly to continue to grow the business.

這些可能是核心遊戲時刻，那些可能是更多的遊戲交易時刻，它們可能是更休閒的時刻，它們可能是更像街機的時刻，或者它們可能只是與社區其他粉絲聯繫的時刻。您現在從我們的團隊中看到的是，我們堅定地致力於滿足國內外日益增長的美式足球球迷群體的需求和動力。我希望我們將繼續與 NFL 和 NFL 球員協會、我們的合作夥伴和社區廣泛合作，繼續發展業務。

Thank you. That ends our call. Andrew, do you have a few closing words?

謝謝。我們的通話就這樣結束了。安德魯，你有幾句話結束嗎？

Thank you all for being with us and for the great questions. Once again, I want to express my deepest appreciation to our incredible teams for delivering a really strong Q2. We look forward to updating you next quarter on January 30.

感謝大家與我們在一起並提出了很好的問題。我想再次向我們令人難以置信的團隊表示最深切的感謝，感謝他們交付了非常強大的第二季。我們期待在下個季度 1 月 30 日為您提供最新消息。

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

謝謝。今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。