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.

我是Lisa，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加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.

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 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。今天與我一同出席的有我們的執行長Andrew Wilson和財務長Stuart Canfield。請注意，我們的美國證券交易委員會（SEC）文件和財報可在ir.ea.com查閱。此外，我們也發布了詳細的財報投影片，以配合我們準備好的發言稿。

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，電話會議結束後，我們將發布準備好的演講稿、本次電話會議的錄音回放以及文字記錄。關於我們的日程安排，2024財年第三季財報電話會議定於1月30日（星期二）舉行。再次提醒，我們會在投資者關係網站上發布本財年即將舉行的財報電話會議日程。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, 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.

本次演示及我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。請參閱我們最新的10-Q表格，以了解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（Electronic Arts）於2023年11月1日作出上述陳述，並聲明不承擔更新義務。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。更多信息，請參閱我們的盈利報告幻燈片。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. 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。很高興能和大家聚在一起。 EA第二季業績強勁，超乎預期。我們正朝著建立龐大線上社群、講述引人入勝的故事、增強社交聯繫的力量這一策略穩步邁進，以推動多年增長，並為我們的員工、玩家和股東創造長期價值。

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.

我們所有團隊憑藉著熱情和創造力，持續為全球網路內的數億用戶打造互動娛樂體驗，吸引並激勵他們。在此，我們向EA的每一位成員致以衷心的感謝。本季度，EA SPORTS繼續鞏固其作為未來體育迷領導者的地位，並在體育文化的核心地帶推出了兩款備受矚目的互動體驗：EA SPORTS Madden NFL 24和EA SPORTS FC 24。這兩款遊戲是我們公司歷史上體育領域最輝煌的一年中，推動公司成長的基石。

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《麥登橄欖球》系列遊戲中，我們數十年來一直致力於提供卓越的互動美式足球體驗。我們深知，隨著NFL賽事日益普及，球迷需要與朋友互動，分享他們對這項運動的熱愛，而不僅限於賽場上的比賽。透過《麥登橄欖球》系列遊戲，我們以其他任何遊戲都無法比擬的方式，透過精彩的遊戲玩法、深度社交互動以及全年365天沉浸式的遊戲體驗，讓眾多擁有不同球迷動機和表達方式的玩家都能盡情享受這項運動。

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.

在主機和PC平台上，《麥登橄欖球24》憑藉其更高的真實感、操控性和遊戲性，為玩家帶來了沉浸式的遊戲體驗。這不僅激發了核心玩家的熱情，也為這個龐大的玩家群（例如「超級巨星」模式）吸引了更多新玩家。 《麥登橄欖球24》開局強勁，玩家數量較去年同期成長近10%，周平均活躍用戶數也成長超過10%。本季，《麥登橄欖球手遊》的玩家數量也較去年同期成長，玩家群體成長超過20%，週活躍用戶數也實現了兩位數的成長。

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.

隨著我們不斷拓展美式足球生態系統，我們的團隊也在本季末開啟了全球橄欖球的新紀元。 EA SPORTS FC 的成功發布是一項意義非凡的成就。我們重新構想並擴展了全球最熱門的系列遊戲之一，樹立了真實性、創新性和社交互動的新標竿。這一前沿的多體驗生態系統涵蓋主機、PC、行動和免費平台，其中包括突破性的 FC 24 遊戲、亞洲地區 FC Mobile 和 FC Online 的升級，以及全新的全球電競項目 FC Pro。來自世界各地、不同年齡層的球迷們正在這些令人驚嘆的沉浸式體驗中暢玩遊戲、互動交流、共同慶祝。

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.

在經歷了創紀錄的第23季以及兩屆世界盃的洗禮後，FC有望在今年及未來繼續保持成長勢頭。 FC的玩家反應熱烈，進一步壯大了我們本已蓬勃發展的全球足球社群。在全球發布後的前4週內，已有超過1450萬玩家在主機和高階PC平台上體驗了FC 24，其中新玩家數量實現了兩位數的成長。 FC Mobile也創造了新的系列紀錄：首日安裝量超過200萬，前3天收入超過500萬美元，前10天收入超過1100萬美元。 FC Online的各項用戶參與度指標持續成長，而FC Pro也獲得了玩家的廣泛認可，註冊人數創下新高。 FC的推出標誌著我們邁出了重要一步，我們渴望與全球最大的足球社群建立更深的聯繫，並將其發展壯大到10億甚至更多。

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的成功推出充分展現了我們投資組合策略的效能。現今，我們能夠跨平台、跨地域、跨商業模式地加速創意與創新，拓展足球體驗，涵蓋比賽、觀賽、創作、互動等各個方面，從而激勵和娛樂全球更多球迷。我們擁有得天獨厚的優勢，能夠與更多優秀的合作夥伴攜手，將FC打造為文化現象。

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 不只是一款遊戲，這只是個開始。年中，我們業界頂尖的運動團隊已經推出了一系列前所未有的精彩內容。這支熱潮將在第三季繼續上演，EA SPORTS NHL 24 和 EA SPORTS UFC 5 已經發布，並廣受好評。 EA SPORTS WRC 也即將在兩天後發布。

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，與運動賽季精彩賽事緊密相關的令人興奮的更新將推動我們旗下所有遊戲在本財年剩餘時間乃至更長時間內持續發展。隨著《FC Tactical》將於2024年發布，《EA SPORTS College Football》將於明年夏季推出，我們將持續打造多平台生態系統。在圍繞我們最強大的IP構建生態系統的同時，我們將優先發展我們全天候在線服務的龐大在線社區，為未來的遊戲發布和業務的強勁增長奠定堅實的基礎。透過我們不斷擴展的遊戲世界，以及其中豐富多彩的角色和故事情節，世界各地的人們將齊聚一堂，共同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英雄》憑藉其一流的遊戲品質和引人入勝的內容，在同類遊戲中脫穎而出。第二季度，第18賽季以其精彩的內容和活力四射的體驗，帶動了玩家的積極參與，並推動了遊戲盈利能力較上賽季的提升。我們深知該系列遊戲身處競爭激烈的市場環境，展望未來，Respawn團隊將致力於為玩家帶來更多驚喜，加強社群互動，並以激動人心的方式深化遊戲內容，從而推動成長。而這一切，都始於昨日正式上線的第19賽季，該賽季帶來了動態的遊戲更新，並與音樂界巨星Post Malone進行了內容整合。

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》社群正在蓬勃發展，跨越世代，不斷壯大。 Maxis 運用數據洞察和與社群的深度互動，打造深受玩家喜愛的遊戲內容。新玩家數量和周平均用戶數均實現了兩位數的同比增長。團隊致力於透過不斷推出的新內容，為《模擬市民4》的玩家帶來娛樂和靈感，同時也努力建構一個更豐富的《模擬市民》世界體驗。

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，玩家社群反應熱烈，Steam平台上的用戶參與度創下新高。這充分展現了該系列遊戲目前的強勁勢頭和長遠發展潛力。我們的團隊將透過創新和創造力，持續支持龐大的玩家群體，同時為《戰地》系列的未來發展奠定基礎。

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.

線上服務是我們業務的基石。今年上半年，我們推出了大量精彩內容，涵蓋全新遊戲和超過 285 款遊戲更新。隨著我們的團隊不斷打造更多精彩的娛樂體驗，玩家將獲得更多樂趣、靈感和更深層的聯結，從而提升用戶參與度並壯大我們的社群。無論身處何地，無論採用何種商業模式，我們都在推動當下及長遠發展。在密切關注當前情勢和全球宏觀消費前景變化的同時，我們經驗豐富的領導團隊和世界一流的團隊始終專注於自身的核心優勢，為全球玩家提供卓越的遊戲和服務。我們將繼續投資於引領娛樂產業未來的願景，並保持審慎穩健的策略，專注於我們最大的發展機會。

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，我們的團隊將不斷創新和擴展我們最大的IP，建立平台和生態系統，連接龐大的線上社區，在全球範圍內慶祝粉絲文化，透過精彩的故事情節激勵和吸引我們的玩家，並繼續創造透過社交聯繫來增強我們社區的體驗。

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。

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.

謝謝安德魯，大家好。我們第二季的強勁業績超出預期，淨預訂量和每股盈餘均達到預期。玩家群不斷壯大，玩家的積極參與推動了EA SPORTS產品組合的成長，其中EA SPORTS Madden NFL 24和EA SPORTS FC 24的成功發布尤為突出。

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.

第二季淨預訂金額為18.2億美元，年增4%，以固定匯率計算成長5%，皆超出我們對完整遊戲和線上服務的預期。其中，完整遊戲淨預訂額為6.91億美元，較去年同期成長9%，以固定匯率計算成長10%，主要得益於EA SPORTS第二季遊戲發行的強勁表現。線上服務淨預訂金額為11.3億美元，較去年成長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.

過去12個月，線上服務占我們業務的73%，這充分展現了我們持續發展的線上服務商業模式的韌性。 EA SPORTS Madden NFL 24在本季度取得了強勁的開局，淨預訂量同比增長6%，令人興奮的全新遊戲內創新持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的重大轉型對EA而言是一項巨大的成就。

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整體表現遠超預期。淨預訂量年增 41%，主要得益於 FIFA 23 的持續強勁增長，其中行動端淨預訂量實現了三位數增長，以及 EA SPORTS FC 24 發售時的強勁需求。 FC 24 的發售開局非常成功，核心用戶群保持良好留存率，新用戶和重新激活用戶數量顯著增長，FC 24 豪華版需求旺盛，並且玩家還能享受額外 4 天的搶先體驗。

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.

在賽季開始的前四周，FC Ultimate Team 的玩家數量比去年同期增長了接近兩位數。 Apex Legends 雖然同比有所下降，但其淨預訂量超出預期，第 18 季的推出推動了預期的玩家獲取和獲利成長。 Apex Legends 仍然是業內最強勁的系列之一，我們將繼續投資以吸引更廣泛的玩家群體，並推動其長期成長。 Respawn 的優秀團隊將持續推出創新內容和新服務，例如在第 19 季中推出的那些。

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.

接下來是我們的GAAP業績。我們實現淨收入19.1億美元，年增1%。營運支出低於預期，這反映了成本節約以及部分行銷支出分攤到假日季，我們持續推動投資的集中化和合理化。與去年同期相比，營運支出成長7%，主因是EA SPORTS FC的推出增加了投資。

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%，其中包括一次性非現金稅收優惠帶來的0.34美元收益。本季經營現金流為1.12億美元，其中包括現金稅負降低所帶來的收益。過去12個月的自由現金流達到創紀錄的20億美元，年增28%。我們透過分紅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.

現在談談業績展望。首先，我想回顧我們全年淨預訂量預期範圍的背景和假設，這些預期保持不變。首先，我們預計旗下所有遊戲的玩家參與度將保持良好，即便我們仍在競爭激烈的市場和不斷變化的宏觀經濟環境下運作。其次，對於EA SPORTS FC，我們仍然預計全年將實現個位數低成長，即便我們已超越了FIFA 23創下的業績紀錄（該紀錄包含了世界盃賽事的影響）。第三，匯率波動依然存在。如果匯率不變，我們預期淨預訂量將比去年下降2個百分點，扣除避險後的基礎獲利能力將比去年下降6個百分點。

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，我們將持續保持專注、審慎和嚴謹的投資策略，掌握長期成長機會。全年淨預訂金額預期維持不變，為730萬美元至77億美元，與上年基本持平或成長5%，以固定匯率計算成長1%至7%。全年GAAP淨收入預期為73億美元至77億美元，收入成本預期為16.7億美元至17.5億美元，兩者均維持不變。

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.

隨著我們持續管理和調整投資組合中的各項投資，我們將營運支出預期下調至42.1億美元至43.3億美元，年減2%至成長1%，我們預計此舉也將有助於提升我們的基本獲利能力。我們將GAAP每股收益預期上調至4.10美元至4.66美元，年增42%至62%，主要得益於營運成本的節省以及先前提及的一次性稅收優惠。

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.

我們將營運現金流量預期範圍調高2.5億美元至19.5億美元至21億美元。由於我們採取了優化房地產佈局的措施，我們將資本支出預期下調至2.5億美元。目前，我們預期自由現金流為17億美元至18.5億美元，年增27%至38%。

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

請參閱我們的獲利報告投影片和新聞稿，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.

接下來展望第三季。我們預計淨預訂額為225萬美元至24.5億美元，年減4%至成長5%，以固定匯率計算則下降2%至成長6%。鑑於前文提及的世界盃同期業績，我們預期EA SPORTS FC 24將實現溫和成長。而對於Apex Legends，隨著團隊推出更多新的遊戲模式和內容，我們將繼續採取更穩健的策略。我們預計GAAP淨收入為18.3億美元至20.3億美元，營業成本為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。由此，GAAP每股收益預計為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.

綜上所述，EA第二季度業績表現強勁，超出預期，這主要得益於EA SPORTS遊戲的發布以及玩家在我們多元化遊戲和服務組合中的積極參與。展望未來，我們的團隊將繼續致力於為玩家提供高品質的遊戲體驗，並鞏固業務發展勢頭，尤其是在即將到來的假期季節。我們將繼續推進戰略佈局，並不斷取得進展。我們將保持積極主動、專注投入，並嚴格把控投資，以實現多年持續成長。

Now I'll hand it back to Andrew.

現在我把它還給安德魯。

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歡的運動、品牌、故事和傳奇IP，我們的產業正在蓬勃發展。遊戲的定義也超越了單純的遊玩，粉絲們不僅觀看遊戲，也參與內容創作，並在互動體驗中建立深厚的社交連結。遊戲的製作方式也在不斷改變。生成式人工智慧的進步正在加速遊戲開發，激發創造力和創新力，改變我們所能提供的內容，為更廣泛的全球受眾帶來更豐富、更豐富的遊戲和體驗。提供深度互動娛樂的價值和機會前所未有。我們才華橫溢的團隊擁有業界領先的技術、世界一流的IP以及不斷壯大的全球玩家網絡，這使得EA成為未來娛樂產業的領導者。

Now Stuart and I are here for your questions.

現在我和史都華在這裡回答你們的問題。

Lisa, we're ready for our first question.

麗莎，我們準備問第一個問題了。

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

（操作說明）我們先來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?

我想問的是，在EA ​​FC發布之際，您覺得與去年相比，哪些方面最令您滿意？哪些方面您認為還有很大的進步空間？您年初時曾提到過，該系列遊戲的銷量能夠實現個位數的同比增長，現在看來，這個目標是否仍然在按計劃進行？

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.

感謝你的提問。我想說，我們對這次發布幾乎完全滿意。這次發布對我們來說是一個巨大的挑戰，因為這款遊戲的性質決定了我們的團隊需要跨平台開發，包括主機、PC、行動裝置以及主要面向亞洲市場的免費遊戲。我們希望它成為一個改變的象徵，而不僅僅是一個符號的改變。我認為團隊做得非常出色，他們創造了有史以來最真實、最沉浸、最具社交性的足球體驗，至少是我們迄今為止製作過的所有遊戲中最好的。

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得非常出色，他們確保了全世界的足球迷都理解這次轉型已經發生，理解轉型帶來的益處，並明白這並非終點，而是新的開始。對於我們的球迷和全球合作夥伴而言，這將是一段精彩的足球之旅。我相信，如果你和我們的開發人員、行銷人員或合作夥伴坐下來深入交流，你會發現我們總有可以做得更好的地方，我們也一直在學習。但總的來說，我對迄今為止的成就感到非常非常自豪。

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?

現在下結論還為時過早，但所有跡像都表明情況非常樂觀，收到的回饋也同樣非常積極。從表現的角度來看，我們對這個系列的未來發展方向感到非常滿意。斯圖爾特，你還有什麼要補充的嗎？

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，Matt，我補充一下，以作澄清。是的，我們仍然保持著先前預期的個位數低成長。我認為有兩點重要的背景資訊需要說明。正如Andrew之前提到的，我們開局良好，第二季表現強勁。而且，更重要的是，我們的線上服務業務在前四周實現了接近兩位數的同比增長。需要注意的是，在進入第三季和第四季之際，我們仍將保持謹慎。如您所知，去年第四季我們各項業務都創下了歷史新高，成長了31%，但我們仍然對今年剩餘時間保持個位數低成長充滿信心。

Our next question, please.

請問下一個問題。

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

接下來，我們將回答來自德意志銀行的本傑明·索夫提出的問題。

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又來了，目前為止發售情況非常強勁，令人鼓舞。我想知道您是否預期這款遊戲的銷售節奏會和往年類似？或者您認為品牌重塑後，銷售趨勢會有什麼改變嗎？例如，初期銷售量會因為玩家的熱情而大幅成長，或是銷售尾聲會更長，因為部分行銷活動可能需要時間才能觸及玩家。

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。我覺得史都華可以談談我們的計劃。目前我們正在做的，是同時應對這兩種可能的結果。到目前為止，我們對遊戲的發布非常滿意。我們確實為遊戲生態系統帶來了相當數量的新粉絲和新玩家，這始終是一個極好的跡象，也是對未來的良好預兆。我們也知道，仍然有相當數量的玩家在玩之前的遊戲。

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.

正如我們逐漸看到的，這與其說是《FC》的轉型，不如說是我們整體線上服務業務的發展趨勢。在思考線上服務時，我們發現從一個版本到下一個版本的過渡更加自然流暢。當然，我們一直持續支援線上服務，直到新版本發布。玩家通常有充分的理由繼續玩之前的遊戲。因此，我相信我們透過卓越的遊戲體驗和出色的行銷吸引了新玩家，但我們也意​​識到，仍然有相當數量的玩家在玩之前的遊戲。我們現在正有條不紊地努力將他們吸引到《FC》中，並持續擴大《FC》的玩家群。

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，就階段性發展而言，我認為我們已經取得了一個不錯的開局。自然而然地，你會看到我們在第二季的前三週略有加速，這很正常，也是我們推出FC時策略的一部分。我們預計第三季的運作方式大致類似，隨著賽季的進展和現實世界的變化，以及假期的臨近，情況也會如此。我們預計第四季的競爭會更加激烈，部分原因是世界盃期間球員的回歸會延續到第四季。所以從宏觀角度來看，是的，開局強勁，第三季保持穩定，而考慮到去年的競爭情況，第四季的穩定性會比較平緩。

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?

明白了。那麼關於《Apex英雄》，您能否再詳細談談第18季中哪些內容引起了玩家的共鳴，以及您認為哪些因素能夠推動該系列遊戲的長期發展？

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。團隊一直在開發精彩的內容，並且與粉絲社群保持著非常緊密的聯繫。我們已經開始看到不同類型的內容，更具動態性的內容，更多適用於所有傳奇角色而非僅限於特定傳奇角色的內容，以及遊戲中不同的追逐機制。再次強調，這是一個高度投入、積極參與的社區，當他們體驗到這些追逐機制時，會大大激發他們的持續參與。因此，我期待團隊能夠持續測試、學習，並根據社群的需求和期望不斷創新和改進遊戲體驗。到目前為止，我們看到的是，這種更具動態性的活動以及他們推出的各種優惠活動都取得了非常積極的成果。

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

接下來，我們將回答 ROTH MKM 的 Eric Handler 提出的問題。

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?

Andrew，既然你不再像在 EA FC 中那樣受到 FIFA 的一些限制，我想知道你是否可以談論這對贊助和廣告收入的影響，或者對促銷活動的影響？

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.

嗯，現在討論這個系列的未來還為時過早，我們才剛起步。但正如我們之前所說，我們轉型為FC的真正目的是為了更好地與世界各地的合作夥伴攜手，並以他們希望的方式合作。這包括聯賽、球隊、球員、賽事以及商業夥伴。我們真正關注的是如何拓展遊戲內的玩法，為不斷增長的球迷群帶來新鮮有趣的體驗；如何拓展遊戲外的互動機會；如何將FC真正發展成為一個足球迷平台，而不僅僅是一個互動遊戲體驗平台；以及我們如何快速發展。

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，憑藉我們目前的合作夥伴結構，以及我們周圍的眾多合作夥伴，再加上我們與社區的深厚聯繫，以及我們在整個生態系統（包括主機、PC、移動、免費遊戲以及遊戲之外的領域）的開發和相關投資，這些都將在未來幾個月、幾個賽季和幾年內開始顯現成效。

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?

太好了。那麼，作為後續問題，您能否談談您目前正在研究的一些房地產策略？

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，我再補充幾句。我們（簽署了這份文件），去年第四季末我們討論了重組事宜。我們一直在努力優化未來的發展模式，包括我們目前的業務規模。所以，這對我們來說是一項持續的工作，我們會繼續關注並探索未來的工作模式。

Thank you. Operator, our next question, please.

謝謝。接線員，請問我們下一個問題是什麼？

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

（操作員說明）接下來，我們將回答摩根大通的 David Karnovsky 提出的問題。

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?

或許可以問史都華一個問題。關於營運現金流展望，我認為你們在營運收入展望基本上保持不變的情況下，增加了2.5億美元。能詳細解釋一下其中的利弊嗎？這其中是否存在一次性收益，還是應該將其視為你們轉換率提升的根本原因？

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.

謝謝戴夫的提問。簡而言之，是的，我們之前在腳本中提到過一些一次性收益。因此，很顯然，由於我們之前提到的創紀錄現金流，我們的營運基礎和現金流都得到了改善，這主要得益於利息收入。

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，我們確實看到了一些一次性的稅收優惠，這些優惠為我們帶來了您提到的2.5億美元的提振。此外，正如Eric先前提出的問題，我們也調整了自由現金流，因為我們減少了一些未來資本策略的投資，以增加自由現金流。所以，是的，一次性的稅收優惠，以及手頭現金增加帶來的營運收益，都對我們產生了積極的影響。

Thank you. Operator, our next question, please.

謝謝。接線員，請問我們下一個問題是什麼？

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

接下來，我們將回答來自富國銀行的布萊恩·菲茨傑拉德提出的問題。

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?

考慮到 FIFA FC 的消費季節性，從年度數據來看，這種動態是否有所改變？我們剛剛詢問了 FIFA 的玩家參與度是否一直保持強勁，直至 FC 正式上線。隨著 FC 新增的職業模式、戰術模式、行動模式和線上模式等玩法，您認為這些會如何影響消費的季節性？或許遊戲風格也會對消費季節性產生類似的影響，所有這些因素都應該會擴大玩家的參與和消費金額，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。足球是世界上規模最大的運動，而且正在呈指數級增長。它不僅在國內發展迅猛，在全球也持續成長。考慮到足球迷群體正在逐漸步入遊戲時代，我們看到了從多個方面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點。第一，有多少人參與其中並進行遊戲；第二，他們在遊戲中投入了多少時間；第三，他們與一起遊戲的人之間的聯繫有多深。當我們審視我們的策略，並將其推廣到各個平台、各種模式、各個地區和各種商業模式時，我們所做的一切都是為了找到能夠吸引更多粉絲加入社區、讓他們有更多機會深度參與我們創造的遊戲體驗、並與一起享受這些體驗的朋友們建立更有意義的聯繫的關鍵因素。

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.

這意味著整體機會擴大了，無論是社區人口數量，還是消費的季節性特徵都得到了延長，全年消費週期也隨之延長。因此，我們看到全年消費更加穩定，因為這不僅僅關乎某個賽季的足球比賽，更關乎他們與朋友們之間深厚的情感紐帶，這份熱愛貫穿全年365天。

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、更廣泛的 EA SPORTS 產品組合以及我們其他大型 IP（如 Apex、模擬人生、戰地）的背景下構建這一模式時，您應該預料到，我們將尋求在整個產品組合中復制這一模式，因為我們將大力投資於這些機會，將全球遊戲玩家聚集在一起，讓他們有機會更有意義的體驗

Thank you. Operator, next question, please.

謝謝。接線員，請問下一個問題？

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

接下來，我們將回答高盛集團的艾瑞克‧謝裡丹提出的問題。

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，我想問兩個問題。首先，我們一直在和投資人討論遊戲產業整體在經濟衰退中的韌性問題。我很好奇，在您旗下所有IP中，您觀察到消費者的消費習慣如何？從互動式娛樂產業的角度來看，這些消費習慣如何反映出其在應對潛在消費波動方面的韌性？

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?

其次，Madden系列遊戲的新用戶成長確實很有意思，隨著時間的推移，由於這項運動本身的緣故，該IP的用戶群體也逐漸呈現出一定的地域性特徵。您認為從長遠來看，Madden如何進一步擴大受眾規模？今年有哪些關鍵經驗需要總結並運用到未來幾年？

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.

好的，埃里克，兩個好問題。我會盡力回答，斯圖爾特，請你隨時補充細節。我認為，當我們思考經濟衰退預測以及整個產業時，通常來說，我們這個產業……我不想說我們完全不受經濟衰退的影響，但我們確實比許多產業更具韌性，這主要歸功於兩點：第一，娛樂是人類的基本需求。它對我們這個物種來說至關重要。第二，我們為社區提供的娛樂形式即使在消費受限的情況下也具有巨大的價值。

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.

當我們審視當今市場以及我們的投資組合時，我認為這與整個行業的趨勢基本一致，即那些能夠帶來深度參與和深度社交互動的大型遊戲，在我們投資組合中持續受益。我們也觀察到，不同地區的消費模式有差異。與全球整體成長相比，某些市場的成長略顯疲軟。我們聽到一些人提到歐洲市場有疲軟的跡象。我們當然也在我們的投資組合中看到了類似的現象。但總體而言，從全球範圍來看，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.

當我們從更宏觀的角度思考《麥登橄欖球》系列遊戲時，我想說的是——我們與NFL的合作關係已經持續了近30年。我們的團隊與NFL、NFL球員協會以及更重要的NFL球迷——無論是在美國還是在其他國家的橄欖球球迷——都保持著非常緊密的聯繫。 NFL正在全球蓬勃發展，我們看到NFL在推廣這項運動方面做出了卓越的貢獻。而我們的團隊所做的，正是在不斷拓展遊戲體驗，將這些遊戲體驗視為滿足運動迷和橄欖球迷多種需求的機制，而不僅僅是一次性的活動。

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，也可能是玩家互動交流的時刻，可能是更休閒的時刻，可能是更像街機遊戲的時刻，也可能只是與其他球迷交流互動的時刻。而你現在從我們的團隊身上看到的，正是我們致力於滿足美國乃至全球日益壯大的美式足球球迷群體的需求和動力。我期待我們能夠繼續與NFL、NFL球員協會、我們的合作夥伴以及廣大球迷攜手合作，共同推動業務的持續成長。

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

謝謝。通話到此結束。安德魯，你還有什麼要補充的嗎？

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.

感謝各位的參與和提出寶貴的問題。再次衷心感謝我們出色的團隊，他們出色地完成了第二季的業績。我們期待在1月30日向大家報告下個季度的業績。

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

謝謝大家。今天的會議到此結束。感謝各位的參與，現在可以斷開連結了。