美商藝電 (EA) 2024 Q4 法說會逐字稿

Good afternoon. My name is Bovis, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Fourth Quarter and Fiscal Year-End 2024 Earnings Conference Call. I would like to turn the conference over to Mr. Andrew Uerkwitz, Vice President, Investor Relations. Please go ahead.

午安.我叫Bovis，今天將擔任各位的會議主持人。現在，我歡迎各位參加藝電公司2024財年第四季及全年業績電話會議。接下來，我將把會議交給投資人關係副總裁Andrew Uerkwitz先生。請開始。

Thank you. Welcome to EA's Fourth Quarter and Fiscal 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. Lastly, after the call, we will post our prepared remarks and audio replay of this call and a transcript.

謝謝！歡迎參加 EA 2024 財年第四季及財報電話會議。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，我們向美國證券交易委員會 (SEC) 提交的文件和財報可在 ir.ea.com 上取得。此外，我們也發布了詳細的財報投影片，與我們的準備好的發言稿一起發布。最後，電話會議結束後，我們將發布我們的準備好的演講稿、本次電話會議的音訊回放和文字記錄。

With regards to our calendar, our first quarter fiscal year 2025 earnings call is scheduled for Tuesday, July 30. As a reminder, we post a schedule of upcoming earnings calls for the fiscal year on our IR website.

就我們的日曆而言，我們的 2025 財年第一季財報電話會議定於 7 月 30 日星期二舉行。提醒一下，我們會在 IR 網站上發布本財年即將召開的收益電話會議的時間表。

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, May 7, 2024, and disclaims any duty to update them.

本簡報及我們的評論包含關於公司未來事件和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，其中討論了可能導致實際結果與今日討論結果存在重大差異的風險。藝電 (Electronic Arts) 截至今日（2024 年 5 月 7 日）做出這些陳述，並且不承擔更新這些陳述的任何義務。

During this call, the financial metrics, with the exception of free cash flow and non-GAAP operating margin, will be presented on a GAAP basis. For more information on our non-GAAP operating margin, please see our earnings slides and the FAQ document available on our Investor Relations website. All comparisons made in the course of this call are against the same period in the prior year unless otherwise stated.

在本次電話會議中，除自由現金流量和非公認會計準則營業利潤率外，所有財務指標均以公認會計準則 (GAAP) 計算。如需了解更多關於我們非公認會計準則營業利潤率的信息，請參閱我們的收益幻燈片和投資者關係網站上的常見問題解答 (FAQ)。除非另有說明，本次電話會議中的所有比較均與去年同期進行比較。

Now I'll turn the call over to Andrew Wilson.

現在我將電話轉給安德魯威爾森。

Thanks, Andrew. In FY '24, we entertained and connected hundreds of millions of people around the world. I'm inspired by how our teams continue to create and deliver more innovative content and deeper experiences than ever.

謝謝，安德魯。 2024財年，我們為全球數億人帶來了娛樂和連結。我們的團隊持續創造和提供比以往更具創新性的內容和更深入的體驗，這讓我深受鼓舞。

Before I dive into our results, I want to talk about the accelerating transformations across the entertainment landscape and how we have been navigating and leading through change. Firstly, consumer retention and spend are increasingly consolidated in top franchises. As live services deliver fresh content, players are going deeper and spending more time with their friends in blockbuster experiences. For example, in North America, engagement for the top 10 franchises have increased their market share since fiscal 2022.

在深入探討我們的業績之前，我想先談談娛樂產業正在加速的轉型，以及我們如何引領改變。首先，頂級系列遊戲的玩家留存率和消費額度日益集中。隨著線上服務不斷提供新鮮內容，玩家的沉浸感越來越強，也花更多時間與好友一起體驗精彩作品。例如，在北美，自2022財年以來，排名前十的系列遊戲的市佔率均有所提升。

For a company that has some of the biggest IP in the world, this trend presents an incredible opportunity to evolve as an industry leader. It is against this backdrop that we have built our 3 strategic pillars around entertaining and engaging massive online communities, telling blockbuster stories and harnessing the power of community in and around our games.

對於一家擁有全球頂級IP的公司來說，這一趨勢為其發展成為行業領導者提供了絕佳的機會。正是在這樣的背景下，我們建構了三大戰略支柱：娛樂和吸引龐大的線上社群、講述精彩故事以及利用遊戲內外社群的力量。

Secondly, players and fans are increasingly looking to us to deliver the entertainment they want today and tomorrow, bigger, bolder, more connected experiences where they can play, watch, create and connect like never before. As players' needs and motivations expand, we continue to sharpen our focus. Across this past fiscal year, we took proactive steps to further empower our creative leaders by realigning our investments, organization and portfolio in support of our largest growth opportunities. As we have demonstrated several times in the past by building some of the world's largest franchises, when we rally behind a shared goal, EA delivers more creativity, more connection and more cutting-edge experiences for players and fans.

其次，玩家和粉絲越來越期待我們提供他們現在和未來想要的娛樂內容，以及更宏大、更大膽、更連結的體驗，讓他們能夠以前所未有的方式遊玩、觀看、創作和互動。隨著玩家需求和動機的不斷增長，我們將繼續聚焦於此。在過去的財年，我們積極主動地調整投資、組織架構和產品組合，以支持我們最大的成長機遇，從而進一步賦予我們的創意領導者。正如我們過去多次打造全球一些最大型遊戲系列所展現的那樣，當我們團結一致，共同追求目標時，EA 就能為玩家和粉絲帶來更具創造力、更緊密的聯繫和更前沿的體驗。

The most recent example of this is the incredible launch of our multi-platform experience, EA SPORTS FC, which was a truly profound moment for our players, our teams and our partners. This milestone as well as our execution across this fiscal year demonstrates how EA is leading the future of entertainment. I'm excited to share more details about our development pipeline, innovative experiences and new revenue streams at our Investor Day this September in New York.

最近的例子就是我們令人矚目的多平台遊戲 EA SPORTS FC 的發布，這對我們的玩家、團隊和合作夥伴來說都是一個意義深遠的時刻。這一里程碑以及我們整個財年的業績表現，彰顯了 EA 如何引領娛樂業的未來。我很高興在今年九月於紐約舉行的投資者日上，分享更多關於我們開發項目、創新體驗和新收入來源的細節。

Our teams at EA SPORTS are the best in the business, delivering awesome game play, innovation and unmatched authenticity to fire the passion and imagination of hundreds of millions of players and fans. FY '24 was the biggest EA SPORTS year in our history, a year in which we launched 8 titles across the year, including the highly successful launch of our own brand, EA SPORTS FC. Players are connecting, competing and celebrating global football with their friends, driving strong engagement across FC's multi-platform experiences. In FY '24, our global football franchise grew net bookings by high teens, a remarkable year, considering the prior year benefited from significant tailwinds related to the World Cup.

EA SPORTS 團隊擁有業界頂尖的團隊，致力於提供精彩的遊戲體驗、創新和無與倫比的真實感，激發億萬玩家和粉絲的熱情和想像。 2024 財年是 EA SPORTS 史上最輝煌的一年，全年共推出了 8 款遊戲，其中包括大獲成功的自有品牌 EA SPORTS FC。玩家們與好友們連結、競技，共同慶祝全球足球盛事，這推動了 FC 多平台體驗的強勁參與度。 2024 財年，我們的全球足球系列遊戲淨預訂量增長了 15% 以上，考慮到上一年受益於世界盃帶來的強勁利好，這一年可謂意義非凡。

During calendar 2023, there were billions of matches played across FC experiences, and the franchise's astounding success goes far beyond game play. Our massive global football community watched more than 1 billion hours of content in and around our game, game play videos, pitch notes and e-sports in addition to content produced by our community.

2023年，FC系列遊戲的比賽場次已達數十億，而該系列的驚人成功遠不止於遊戲本身。我們龐大的全球足球社群觀看了超過10億小時的遊戲內容，包括遊戲影片、球場筆記、電競以及社群自製內容。

These many interactions on and off platform meaningfully increase in-game engagement, which drives stronger retention and ultimately, greater levels of monetization. What we know when we look at play behavior in our games, as players spend more time with their friends, they play more, they play for longer, and this engagement leads to more in-game spend. With the successful launch of EA SPORTS FC, our focus was twofold: delivering innovation in game play with HyperMotionV, new features and improvements across all modes of play for our core players while continuing to expand the game's reach through the acquisition of new players and reengagement of lapsed players.

這些平台內外的互動顯著提升了遊戲內參與度，從而提高了玩家留存率，並最終提升了獲利水準。透過觀察玩家在遊戲中的行為，我們發現，隨著玩家與好友相處時間的增加，他們玩遊戲的時間也會更長，遊戲時長也會更長，而這種參與度又會帶來更高的遊戲內消費。隨著EA SPORTS FC的成功發行，我們的重點是雙重的：透過HyperMotionV創新遊戲玩法，為核心玩家提供所有遊戲模式的新功能和改進，同時透過吸引新玩家和重新吸引流失玩家來持續擴大遊戲的覆蓋範圍。

Our go-forward strategy is anchored in building a platform that enables us to deepen our connection with players, lead the future of immersion by bringing the real world of sport and our experiences closer together and expanding the tools, modalities and partnerships to drive enhanced socialization, self-expression and creation for sports fans. We've engaged with partners like Nike, Pepsi, Uber Eats and Beats over the last year and will continue to do so, integrating them into match day experiences and providing them with a platform to deeply connect with our global audience. We are also building to unlock new multifaceted sponsorship and advertising opportunities.

我們的未來策略是建立一個平台，使我們能夠加深與球員的聯繫，引領沉浸式體驗的未來，將現實世界與我們的體驗更緊密地結合起來，並擴展工具、模式和合作夥伴關係，以增強體育迷的社交、自我表達和創造力。過去一年，我們與耐吉、百事可樂、Uber Eats 和 Beats 等合作夥伴進行了合作，並將繼續這樣做，將他們融入比賽日體驗中，為他們提供一個與全球觀眾深度聯繫的平台。我們也正在努力開拓新的多方面贊助和廣告機會。

FC is more than just a game. It's the world's leading digital football fan platform, and this is just the beginning.

FC不僅僅是一款遊戲，它是全球領先的數位足球迷平台，而這只是一個開始。

Year after year, Madden NFL unites fans and athletes through interactive experiences that fuel passion, connection and creativity. No one can match Madden's unparalleled authenticity in American football. Our talented teams pushed more innovation in a Madden NFL 24, more modalities of play and amazing content throughout the season, leading to the highest selling installment for Madden since the early 2000s and record overall net bookings.

年復一年，《Madden NFL》透過互動體驗將粉絲和運動員凝聚在一起，激發他們的熱情、連結和創造力。 《Madden》在美式足球領域擁有無與倫比的真實性，無人能及。我們才華橫溢的團隊在整個賽季中不斷創新，為《Madden NFL 24》增添了更多遊戲模式和精彩內容，最終成就了自21世紀初以來《Madden》系列的最高銷量，並創下了總淨預訂量的新高。

Further innovation in live service events has led to deep ongoing engagement well beyond the NFL season, especially with younger audiences as we've seen increases in weekly active users into and following the Super Bowl. Most recently, excitement has continued through the NFL Draft as top picks were dropped into Ultimate Team in real time. We see this excitement leading us right into an incredible Madden NFL 25.

直播服務活動的進一步創新，在NFL賽季結束後仍持續保持著深度互動，尤其是在年輕觀眾群體中，我們看到超級碗比賽期間和比賽結束後的每週活躍用戶都在增長。最近，NFL選秀的火爆程度持續提升，頂級選秀權即時加入終極球隊（Ultimate Team）。我們看到，這種熱情正引領我們走向精彩絕倫的《Madden NFL 25》。

To expand the American football experience, this summer, we are launching the highly anticipated EA SPORTS College Football 25, bringing new innovations, always-on social connection and unrivaled immersion. This awesome experience will feature all 134 football bowl subdivision schools, more than 11,000 college athletes, the iconic traditions and pageantry of the United States' biggest college sport and unparalleled game play to inspire the fandom of millions of fans. This is the next step in a multiyear plan to further evolve and grow our American football experiences into a connected ecosystem to more deeply engage and expand an already thriving community.

為了拓展美式足球體驗，今年夏天，我們將推出備受期待的 EA SPORTS College Football 25，帶來全新創新體驗、始終在線的社交連接和無與倫比的沉浸感。這項精彩的體驗將涵蓋所有 134 所碗賽分區學校、超過 11,000 名大學運動員，展現美國最大規模大學運動的標誌性傳統和盛況，以及無與倫比的比賽體驗，激發數百萬球迷的熱情。這是我們多年計劃的下一步，該計劃旨在進一步發展我們的美式足球體驗，使其成為一個互聯的生態系統，從而更深入地吸引和拓展本已蓬勃發展的社區。

We see incredible opportunities ahead for us across our sports business. As we continue to build ecosystems around our biggest communities, we are also prioritizing our owned IP in the rest of our broad portfolio, which are among the most deeply engaging and culturally relevant entertainment properties in the world. Since its surprise smash hit release in 2019, the HD title of Apex Legends has surpassed $3.4 billion in lifetime net bookings. In FY '24, we focused on building features and improving quality of the experience to drive long-term engagement positioning us for future revenue growth.

我們看到體育業務未來蘊藏著巨大的機會。我們繼續圍繞最大的社區建立生態系統，同時也在廣泛的投資組合中優先考慮自有IP，這些IP是全球最具吸引力和文化相關性的娛樂資產之一。自2019年意外發布以來，高清版《Apex英雄》的累計淨預訂量已超過34億美元。在2024財年，我們專注於建立功能並提升體驗質量，以推動長期用戶參與，為未來的收入成長做好準備。

For example, we finished the year with significant changes to the mechanics of our popular ranked mode. We engage with the community, increased transparency and thoughtfully addressed their feedback and as a result, saw dramatic improvements in player sentiment across the world, improving 29 points. We have also prioritized expanding Apex' appeal, making it more approachable for new and more casual players with improved onboarding and simplified modes of play like 3 strikes and straight shot. Looking to the future, we'll continue to invest in broadening the audience by building upon the epic characters and storytelling of this world that go beyond the current Battle Royale.

例如，我們在年末對備受歡迎的排位模式機制進行了重大調整。我們積極與社群互動，提升了透明度，並認真採納了玩家的回饋，最終全球玩家情緒顯著提升，提升了29個百分點。我們也優先提升了《Apex英雄》的吸引力，透過改進新手引導和簡化「三振出擊」和「直擊」等遊戲模式，使其更容易被新玩家和休閒玩家接受。展望未來，我們將持續投入，透過打造超越現有大逃殺模式的史詩級角色和劇情，進一步拓展玩家群。

The passion of The Sims community remains strong as the franchise powers towards its 25th anniversary. Since its launch in 2014, The Sims 4 has surpassed 85 million players with FY '24 up double digits year-over-year. The Sims Online and The Sims Mobile combined have been downloaded over 500 million times. This is already one of the largest communities in the world, and we believe this hugely successful franchise has the potential to become one of the largest creative platforms in entertainment.

隨著《模擬市民》系列即將迎來25週年紀念，玩家社群的熱情依然高漲。自2014年推出以來，《模擬市民4》玩家數量已超過8,500萬，2024財年年增兩位數。 《模擬市民Online》和《模擬市民遊記》的總下載量已超過5億次。這已經是全球最大的社群之一，我們相信，這個極其成功的系列有潛力成為娛樂領域最大的創意平台之一。

An early proof point of the platform's evolution is the hundreds of moons of user-generated content items that were shared in this fiscal year. Looking ahead, we are committed to entertaining and inspiring our loyal and engaged Sims 4 fans through over 15 content updates over the coming year while working on multiple experiences in The Sims universe to leverage user-generated content to deepen our community and expand our audience.

本財年分享的數百個用戶生成內容項目是平台不斷發展的一個早期證明。展望未來，我們將致力於在未來一年透過超過 15 個內容更新來娛樂和激勵我們忠實的《模擬市民 4》粉絲，同時致力於打造《模擬市民》宇宙中的多種體驗，利用用戶生成內容來深化我們的社區並擴大我們的受眾群體。

With each immersive action pack season of Battlefield 2042, players have made it clear that they wanted an even deeper experience. Our teams have listened to the community, have learned valuable lessons and are driving to the future. Motive, armed with cutting-edge Frostbite technology and compelling storytelling, is joining DICE, Criterion and Ripple Effect to build a Battlefield universe across connected multiplayer and single-player experiences. This is the largest Battlefield team in franchise history. A few weeks ago, I was visiting with the teams, and I couldn't be more excited about what they showed and what we were able to play.

隨著《戰地2042》每個沉浸式動作包賽季的推出，玩家們都明確表示他們想要更深入的體驗。我們的團隊傾聽社區的意見，汲取寶貴的經驗教訓，並致力於未來發展。 Motive 工作室憑藉尖端的寒霜技術和引人入勝的劇情，將與 DICE、Criterion 和 Ripple Effect 攜手，共同構建一個涵蓋多人聯機和單人遊戲體驗的《戰地》世界。這是《戰地》系列史上規模最大的團隊。幾週前，我拜訪了這些團隊，我對他們展示的內容以及我們能夠體驗到的內容感到非常興奮。

Turning to mobile. We are heads down on bringing together mobile and HD franchise leadership for EA SPORTS FC, Madden NFL and The Sims while also continuing to make strategic investments in stand-alone mobile titles. Mobile is the largest platform in our industry; and with our teams aligned and more empowered than ever, we see growth opportunities in this part of our business over time.

轉向移動領域。我們正全力整合EA SPORTS FC、Madden NFL和The Sims的行動和高畫質系列領導團隊，同時持續對獨立行動遊戲進行策略性投資。行動平台是我們行業最大的平台；隨著我們團隊的整合和比以往任何時候都更強大的授權，我們預見到這一業務領域將隨著時間的推移而出現成長機會。

I will now turn it over to Stuart for more detail on FY '24 with additional color on the near-term industry outlook and incremental detail and metrics around our confidence in FY '26 and FY '27.

現在，我將把話題交給斯圖爾特，讓他詳細介紹 24 財年的情況，包括近期行業前景的更多細節，以及我們對 26 財年和 27 財年的信心的增量細節和指標。

Thanks, Andrew, and good afternoon, everyone. As Andrew spoke to earlier, we have been on a journey to transform our business to meet the needs of an evolving industry landscape, which has seen players develop new engagement behaviors and demands. To meet these changing plan needs, we've been deliberate over the last fiscal year to prioritize our investments, streamline our portfolio and align our teams and organization behind our biggest strategic opportunities. Overall, these changes set us up to deliver accelerated growth from the core business while building the foundational blocks to expand and deepen both engagement and monetization into the emerging interactive entertainment categories of create, watch and connect.

謝謝，安德魯，大家下午好。正如安德魯之前所說，我們一直在進行業務轉型，以滿足不斷變化的行業格局的需求，玩家的參與行為和需求也隨之發展。為了滿足這些不斷變化的計劃需求，我們在過去一年中精心規劃了投資優先級，精簡了產品組合，並協調了我們的團隊和組織，以應對我們最重要的策略機會。總而言之，這些變革使我們能夠加速核心業務的成長，同時建立基礎模組，以擴展和深化新興互動娛樂類別（即「創作、觀看和連結」）的參與度和獲利能力。

Turning first to fiscal year 2024, EA delivered strong earnings growth and record cash flow in a highly competitive market. Our results were highlighted by the hugely successful rebrand for EA SPORTS FC and growth across our largest sports franchises with both global football and Madden franchises delivering record net bookings results. For the fiscal year, we delivered total net bookings of $7.43 billion, up 1% year-over-year or up 3% in constant currency. Full game net bookings of $2.01 billion, up 11% year-over-year or 12% in constant currency was driven by the release of Star Wars Jedi: Survivor and our EA SPORTS portfolio. We launched 4 new non-annual sports titles in FY '24, strengthening our EA SPORTS brand as it further expands fandom across one of the largest platforms in the world.

展望 2024 財年，在競爭激烈的市場中，EA 實現了強勁的獲利成長和創紀錄的現金流。我們業績的亮點包括 EA SPORTS FC 品牌重塑的巨大成功以及我們最大的體育特許經營權的增長，全球足球和 Madden 特許經營權均創造了創紀錄的淨預訂業績。在本財年，我們的總淨預訂額為 74.3 億美元，年增 1%，以固定匯率計算成長 3%。完整遊戲的淨預訂額為 20.1 億美元，年增 11%，以固定匯率計算成長 12%，這得益於《星際大戰絕地：倖存者》和我們 EA SPORTS 產品組合的發布。我們在 24 財年推出了 4 款新的非年度運動遊戲，加強了我們的 EA SPORTS 品牌，因為它進一步擴大了在全球最大平台之一上的粉絲群。

Live services net bookings was $5.43 billion, down 2% year-over-year or down 1% in constant currency. Excluding the impact of the sunset of Apex Mobile, live service net bookings was about flat year-over-year. Strength in live services was driven by high-teens growth year-over-year in our global football franchise, fueled by FC Ultimate Team and FC Mobile but was offset by declines in Apex Legends.

線上服務淨預訂量為54.3億美元，較去年同期下降2%，以固定匯率計算下降1%。剔除Apex Mobile停服的影響，線上服務淨預訂量年比基本持平。線上服務強勁成長得益於我們全球足球系列遊戲的同比高雙位數成長，其中FC Ultimate Team和FC Mobile的貢獻尤為突出，但被Apex Legends的下滑所抵消。

Moving to our GAAP results. We delivered net revenue of $7.56 billion, up 2% year-over-year. Cost of revenue was $1.71 billion, down 5% year-over-year, driven by lower royalties and lower acquisition-related expenses resulting in a gross margin of 77.4% for the year, an improvement of 150 basis points. As we continue to operate with focus and discipline, GAAP operating expenses were $4.33 billion, up 1% year-over-year driven predominantly by incremental marketing spend to support our new releases and launch of EA SPORTS FC.

談到我們的GAAP業績。我們的淨收入為75.6億美元，年增2%。收入成本為17.1億美元，年減5%，主要得益於版稅和收購相關費用的降低，導致全年毛利率達到77.4%，提升了150個基點。由於我們持續保持專注和紀律，GAAP營運支出為43.3億美元，年成長1%，這主要得益於我們為支援新遊戲發行和EA SPORTS FC的推出而增加的行銷支出。

Our GAAP earnings per share was $4.68, which included $64 million of restructuring and related charges, significantly outpacing our original expectations, growing 63% year-over-year. Operating cash flow of $2.32 billion, a record for our fiscal year, delivered considerable improvement and accelerated growth year-over-year. Capital expenditures for the year were $199 million, below our original $275 million guide as we further rationalized our real estate investment and footprint over the year. This resulted in a record year for free cash flow of $2.12 billion, up 58% year-over-year. This includes a onetime cash tax savings of approximately $150 million. Over the year, we returned $1.51 billion to shareholders through buybacks and dividends.

我們的GAAP每股收益為4.68美元，其中包括6,400萬美元的重組及相關費用，大幅超出我們最初的預期，年增63%。營運現金流達到23.2億美元，創下本財年新高，實現了顯著改善，並實現了同比增長加速。由於我們進一步合理化了全年的房地產投資和佈局，本年度資本支出為1.99億美元，低於我們最初設定的2.75億美元指引。這使得全年自由現金流創下21.2億美元的紀錄，年增58%。這其中包括約1.5億美元的一次性現金稅節省。全年我們透過回購和派息向股東返還了15.1億美元。

Moving to fourth quarter results. Total net bookings for the fourth quarter was $1.67 billion, down 14% year-over-year in both actual and constant currency. Full game net bookings for the quarter was $259 million, driven by slate timing, and live services for the quarter was $1.41 billion.

回顧第四季業績。第四季淨預訂總額為16.7億美元，以實際匯率和固定匯率計算，較去年同期下降14%。受遊戲上線時間的影響，本季完整遊戲淨預訂金額為2.59億美元，線上服務淨預訂金額為14.1億美元。

As a reminder, we expected Q4 net bookings to be impacted by 8 points related to slate timing. We also provided a wider guidance range to account for the dynamics of Apex Legends and EA SPORTS FC, which faced difficult comparable periods. In Apex Legends, we saw elevated engagement and monetization trends early in the quarter. As the quarter progressed, monetization returned to prior norms while player sentiment and engagement remains strong. FC Mobile and Online declined year-over-year as they faced record comparables in the prior year period fueled by World Cup tailwinds. However, FC Ultimate Team lapping a record 20% growth in Q4 FY '23, again grew year-over-year delivering low single-digit growth.

提醒一下，我們預計第四季淨預訂量將受到與遊戲上線時間相關的8個百分點的影響。我們還提供了更廣泛的預期範圍，以反映《Apex 英雄》和 EA SPORTS FC 的動態，這兩款遊戲在可比時期都經歷了艱難的時期。在《Apex 英雄》中，我們在本季初看到了參與度和貨幣化趨勢的提升。隨著季度的推進，貨幣化恢復到了先前的正常水平，而玩家情緒和參與度依然強勁。由於受世界盃利好因素的推動，FC 行動版和線上版的可比收入在去年同期創下了歷史新高，因此同比有所下降。然而，《FC Ultimate Team》在2023財年第四季創下了20%的成長紀錄，再次實現了同比低個位數成長。

We delivered net revenue of $1.78 billion down 5% year-over-year. Cost of revenue was $357 million, which translated to a gross margin of 79.9%, up 380 basis points year-over-year, as we benefited from lower royalties and change in deferred net revenue related to product mix. GAAP operating expenses for the quarter was $1.19 billion, down 5% year-over-year from lower restructuring-related charges. GAAP EPS for the quarter was $0.67. We delivered operating cash flow of $580 million in the quarter and free cash flow of $529 million.

我們的淨收入為17.8億美元，年減5%。收入成本為3.57億美元，毛利率為79.9%，年增380個基點，這得益於特許權使用費的降低以及與產品組合相關的遞延淨收入的變化。本季GAAP營運費用為11.9億美元，由於重組相關費用的降低，年減5%。本季GAAP每股收益為0.67美元。本季我們的營運現金流為5.8億美元，自由現金流為5.29億美元。

Now let me turn to our outlook. In FY '25, we expect to again drive results in a highly dynamic market, delivering fiscal year growth, strong cash flow and enhanced return on capital. We expect to do this despite a lighter slate through new releases of iconic and fan favorite IP, continued execution and growth in our core live services, and by staying focused and disciplined against our strategic growth initiatives.

現在，我來談談我們的展望。在2025財年，我們預計將在高度活躍的市場中再次推動業績成長，實現財年成長、強勁的現金流和更高的資本回報率。儘管遊戲發行計畫有所減少，但我們仍希望透過推出標誌性和粉絲喜愛的新IP、持續執行和成長我們的核心線上服務，以及保持對策略成長計畫的專注和嚴謹，來實現這一目標。

Our Q1 FY '25 outlook reflects many of the trends we saw in Q4 2024 related to slate timing and atypical seasonality as we lap difficult comps year-over-year. We expect the quarter to be impacted by a 15 point headwind related to release and content timing versus prior year due to 3 additional title launches. Live services, including EA SPORTS FC and Apex Legends, will continue to face difficult comparable periods. As a reminder, Q1 FY '24 was the largest Q1 in company history for our global football franchise.

我們對2025財年第一季的展望反映了我們在2024財年第四季看到的許多趨勢，這些趨勢與遊戲發行時機和非典型季節性有關，因為我們在逐年比較困難的業績。由於新增3款遊戲的發布，我們預計本季將受到與發行和內容時機相關的15個百分點的不利影響。包括EA SPORTS FC和Apex Legends在內的線上服務將繼續面臨可比較時期的艱難考驗。需要提醒的是，2024財年第一季是我們全球足球系列史上業績最好的第一季。

We expect net bookings for Q1 to be $1.15 billion to $1.25 billion, down 27% to down 21% year-over-year. We expect net revenue of $1.575 billion to $1.675 billion, cost of revenue to be $240 million to $250 million, and operating expenses were approximately $1.065 billion to $1.085 billion resulting in earnings per share of $0.73 to $0.90.

我們預計第一季淨預訂額為11.5億美元至12.5億美元，年減27%至21%。我們預計淨營收為15.75億美元至16.75億美元，營收成本為2.4億美元至2.5億美元，營運支出約10.65億美元至10.85億美元，每股收益為0.73美元至0.90美元。

Now moving to our outlook for FY '25. We expect fiscal year net bookings of $7.3 billion to $7.7 billion down 2% to up 4% year-over-year, with mid-single-digit growth in our core live services business, partially offset by fewer title launches, lighter catalog contributions and headwinds from our mobile business related to portfolio optimization decisions taken over the last 6 months. Excluding our sunset titles, we expect mobile to be up low single digit.

現在來看看我們對2025財年的展望。我們預計本財年淨預訂量將在73億美元至77億美元之間，同比下降2%至增長4%，核心線上服務業務將實現中等個位數增長，但部分抵消了新發行影片數量減少、目錄貢獻度下降以及過去六個月移動業務因投資組合優化決策而受到的阻力。不計已停產影片，我們預期行動業務將實現低個位數成長。

Turning to GAAP. We expect net revenue of $7.1 billion to $7.5 billion. We expect GAAP operating expenses to be $4.35 billion to $4.44 billion, flat to up 2% year-over-year as focused investment to drive growth is largely balanced by less marketing spend and acquisition-related expenses. We expect GAAP operating margin to be 18% to 20.6%. We expect non-GAAP operating margin to be 29.6% to 31.7%. The impact from change in deferred net revenue is expected to be approximately 200 to 170 basis points. We expect fiscal year GAAP EPS of $3.34 to $4. We expect our business to continue to be a strong generator of cash with operating cash flow of $2.05 billion to $2.25 billion and capital expenditures of around $200 million, which would deliver free cash flow of about $1.85 billion to $2.05 billion, roughly flat year-over-year when excluding the onetime cash tax benefit noted earlier.

轉向GAAP。我們預計淨收入為71億美元至75億美元。我們預期GAAP營運費用為43.5億美元至44.4億美元，較去年同期持平或成長2%，因為用於推動成長的重點投資基本上被較少的行銷支出和收購相關費用所抵銷。我們預期GAAP營運利潤率為18%至20.6%。我們預期非GAAP營運利潤率為29.6%至31.7%。遞延淨收入變動的影響預計約為200至170個基點。我們預計本財年GAAP每股收益為3.34美元至4美元。我們預計，我們的業務將繼續成為強勁的現金產生者，營運現金流為 20.5 億美元至 22.5 億美元，資本支出約為 2 億美元，這將帶來約 18.5 億美元至 20.5 億美元的自由現金流，如果不包括前面提到的一次性現金稅收優惠，則與去年同期基本持平。

Expanding upon the long-term financial framework we introduced last quarter, we are introducing non-GAAP operating margin guidance through FY '27. We believe this best reflects our confidence in accelerating growth, ability to expand margins and grow cash flows. Moreover, it provides greater transparency around the impact of our strategy and future pipeline for our shareholders. By FY '27, we expect our GAAP operating margin to expand an additional 300 to 350 basis points, and we expect our non-GAAP operating margin to expand another 150 to 200 basis points. We do not expect any additional impact from change in deferred net revenue. Please refer to our slides and FAQs for further information.

基於我們上季推出的長期財務框架，我們將推出截至2027財年的非公認會計準則 (Non-GAAP) 營業利潤率指引。我們相信，這最能反映我們對加速成長、提升利潤率和增加現金流的信心。此外，它還能為股東提供更清晰的透明度，讓他們了解我們策略的影響和未來產品線。到2027財年，我們預期GAAP營業利潤率將再成長300至350個基點，非GAAP營業利潤率將再成長150至200個基點。我們預計遞延淨收入的變動不會帶來任何額外影響。更多信息，請參閱我們的幻燈片和常見問題解答。

Our conviction in expanding margins and accelerating growth leads us to increase our stock repurchase program and extend it by an additional year. Returning capital to shareholders is an important priority for us. Our Board has authorized a stock repurchase program of $5 billion over the next 3 years. We expect $1.5 billion to be returned in FY '25 with the remainder scaling with growth in our business across FY '26 and FY '27.

我們堅信利潤率的提升和成長的加速，因此我們擴大了股票回購計劃，並將其延長一年。向股東返還資本是我們的首要任務。董事會已批准未來三年實施50億美元的股票回購計畫。我們預計25財年將回購15億美元，剩餘金額將隨著26財年和27財年業務的成長而成長。

In closing, as we look ahead to our September Investor Day, I'm excited to share more on our ongoing value creation framework with insights into the growth drivers across our core business and upcoming releases from our development pipeline as well as our key strategic priorities to harness the power of our community.

最後，展望九月投資者日，我很高興與大家分享更多關於我們正在進行的價值創造框架的信息，包括我們核心業務的成長動力、即將發布的開發產品以及我們利用社區力量的關鍵戰略重點。

Now I'll hand it back over to Andrew.

現在我將把麥克風交還給安德魯。

Thank you, Stuart. 25 years ago, there were dozens of major independent publishers in the video game space. Today, there are only a handful, and we have an incredible competitive advantage with the excellence of our creative talent, our production strength, our broad portfolio of incredible IP, including EA SPORTS and our massive player network. With these enviable strengths, we are well positioned to grow the industry and increase our market share. As we leverage the capabilities of AI, we believe it will further supercharge these differentiators.

謝謝你，斯圖爾特。 25年前，電子遊戲領域有幾十家主要的獨立發行商。如今，只剩下屈指可數的幾家。我們憑藉著卓越的創意人才、強大的製作實力、包括EA SPORTS在內的眾多優秀IP組合以及龐大的玩家網絡，擁有了令人難以置信的競爭優勢。憑藉這些令人羨慕的優勢，我們完全有能力推動產業發展，提升市場佔有率。隨著我們充分利用人工智慧的能力，我們相信它將進一步增強這些差異化優勢。

Through decades of experience and leadership, we have led through multiple transformations in our industry. Now we have an incredible opportunity in service of our players, communities and shareholders to lead through the one taking place right now.

憑藉數十年的經驗和領導力，我們引領業界經歷了多次轉型。現在，我們擁有一個絕佳的機會，能夠服務我們的玩家、社群和股東，引領業界度過當前正在發生的變革。

Now Stuart and I are here for your questions.

現在，史都華和我在這裡回答大家的提問。

(Operator Instructions) Our first question comes from the line of Matthew Cost of Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的馬修·科斯特。

This is Dave on for Matt. Just a quick housekeeping question. It looks like in the new non-GAAP guidance, you're providing us a better bridge to what we're already doing in our model. So if I'm following correctly, we can now take the new non-GAAP operating margin and add or subtract for the change in deferred. So if I'm doing the math correctly, does that bring us to an operating margin on net bookings of 31.6% to 33.4%? And then I guess just as a quick follow-up, if you could speak more to why the change in disclosure.

我是 Dave，接替 Matt 的節目。我只想問一個簡單的問題。看起來，在新的非 GAAP 指引中，您為我們提供了更好的銜接點，讓我們更能理解我們模型中現有的內容。如果我沒記錯的話，我們現在可以採用新的非 GAAP 營業利潤率，並加上或減去遞延費用的變動。如果我沒記錯的話，這是否意味著淨預訂業務的營業利潤率會在 31.6% 到 33.4% 之間？然後，我想再問一下，您能否詳細解釋為什麼披露方式會改變？

Dave, many thanks for the question. It's Stuart. Let me just quickly step back and talk about why now and why the change. We know that video game companies take different approaches with regards to capitalizing software costs. As you know, we don't capitalize software cost, and we expense as we go into the P&L. Thus, we thought it was important that by bringing this measure, it helps you better understand our business as we move forward, in particular, as we think about the pipeline in '26 and '27 and as a way for us to clearly demonstrate the conviction in the strategy and the direction that we see the business going forward into the future.

Dave，非常感謝你的提問。我是Stuart。讓我簡單回顧一下，談談為什麼現在以及為什麼要做出改變。我們知道，電子遊戲公司在軟體成本資本化方面採取不同的方法。如你所知，我們不會將軟體成本資本化，而是在計入損益表時將其作為費用。因此，我們認為引入這項指標非常重要，它有助於你更好地理解我們未來的業務發展，尤其是在我們考慮26年和27年的產品線時，也有助於我們清晰地展示我們對戰略的堅定信念以及我們對未來業務發展方向的判斷。

Based on your assessment and using the adjustment for the change in deferred revenue, yes, you are correct. And what I would tell you is a couple of pieces. One is that, obviously, you see expansion in FY '25, which is suddenly driven by our licensing changes, revenue mix through the year and the ongoing focus and discipline around cost as you look at the '25 guide and the framework of OpEx around net bookings; and then secondly, as we outlined in the prepared remarks, you'll see FY '26 and '27 expansion, driven by the pipeline as we start to bring to market through those later years and continue to enable us to drive return in the core business and importantly, still investing in the future. I'd also add that around all of that conviction and for using that metric, that would obviously have also announced the increased stock repurchase program, which is, again, another really meaningful signal in conjunction with this metric of where we see the business moving in the later years.

根據您的評估，並使用遞延收入變動的調整，是的，您說得對。我想告訴您幾點。首先，您顯然會看到25財年的成長，這突然受到我們授權許可變更、全年收入結構以及持續關注成本和控制（正如您在25財年指南和圍繞淨預訂的運營支出框架中看到的）的推動；其次，正如我們在準備好的評論中概述的那樣，您會看到26財年和27財年的成長，這受我們在後期幾年開始將產品推向市場的管道驅動，並將繼續使我們能夠推動核心業務的回報，更重要的是，我們仍在投資未來。我還要補充一點，圍繞所有這些信念以及使用這一指標，顯然也應該宣布增加股票回購計劃，這再次與該指標相結合，再次表明了我們未來幾年業務發展方向的另一個非常有意義的信號。

Our next question comes from the line of Chris Schoell of UBS.

我們的下一個問題來自瑞銀的 Chris Schoell。

I appreciate you've been facing very difficult comps. But can you give us some color on what you're assuming for some of your larger franchises, including Apex and FC in fiscal '25? And it appears the midpoint of the guidance is similar to your prior growth commentary. But anything you would flag that has changed relative to last earnings call in regard to your expectations for next year?

我理解您最近面臨非常艱難的業績預測。您能否透露一下，您對一些大型特許經營權（包括Apex和FC）在2025財年的預期？目前看來，預期的中位數與您先前的成長預期相似。但是，關於您對明年的預期，與上次財報電話會議相比，您認為有哪些變化？

Thanks, Chris. Firstly, I'll take the last question first. No, no material expectation shift from the framework that we outlined back in January. To your second question around broader assumption, I think it would be important to think about the phasing of how we're thinking through the year. Obviously, we put out Q1 and you'll see the challenging sort of headwinds around the title comps and slate from last year, which is really driven around we had those extra titles from before. As you think through the rest of the year and how we build out the business, obviously, we look to Q2, and we see obviously the addition of college football and we expect an overall aggregated growth around our American football business.

謝謝，克里斯。首先，我先回答最後一個問題。不，與我們一月份概述的框架相比，預期沒有發生任何實質的變化。關於你關於更廣泛假設的第二個問題，我認為重要的是要思考我們全年的分階段規劃。顯然，我們公佈了第一季財報，你會看到去年圍繞冠軍爭奪和賽程安排的挑戰性阻力，這實際上是因為我們之前獲得了一些額外的冠軍。當你思考今年剩餘的時間以及我們如何擴展業務時，顯然，我們展望了第二季度，我們顯然看到了大學橄欖球的加入，我們預計美式足球業務的整體成長。

You would expect that we continue to see growth in both our core live service business, and we talked to in the prepared remarks that we see that outpacing the market in sort of mid-single-digit growth. You'd expect the FC that has grown for us. And again, we grew FC again last year in '24. We expect that FC 25 bring both new innovations, and we continue to grow that franchise through next year.

你們可以預料到，我們的核心直播服務業務將繼續成長，正如我們在準備好的發言中所提到的，我們認為該業務的成長速度將超過市場平均水平，達到中等個位數。你們可以預料到，FC 業務也已經成長了。而且，我們在去年（2024 年）再次實現了 FC 業務的成長。我們預計 FC 25 將帶來新的創新，並且我們明年將繼續發展該業務。

In terms of Apex, we saw great engagement and retention from players in Q4. We continue to invest behind the franchise and expect to see some advancements and innovations in new seasons over the next couple of seasons in front of us that would start to continue to believe we drove growth back into the franchise through FY '25. That overall brings us to the profile we've put out, which is, again, low single-digit bookings growth for the year in a lighter release slate but offset by growth in our core life service business.

就《Apex》而言，我們在第四季度看到了玩家的參與度和留存率。我們將繼續投資該系列遊戲，並期待在接下來的幾季中看到新一季的進步和創新，這將使我們繼續推動該系列遊戲在2025財年實現成長。總體而言，這符合我們先前公佈的預期：由於發行量較少，今年預訂量仍保持低個位數成長，但核心生活服務業務的成長抵消了這一成長。

And if I can just fit in one more quick one just regarding the stock repurchase program. How did you think about accelerating the buyback versus other capital allocation opportunities you had at your disposal?

關於股票回購計劃，我能否再快速問一句？相較於您現有的其他資本配置機會，您是如何考慮加速回購的？

Yes, great question. I think the first thing I would just say is our dividend remains unchanged. The second part is you want to kind of reinforce from the stock repurchase program sort of 3 validations through it. One is aligning the length of the program with the framework we're putting out in terms of the extended guidance we gave around the new disclosure metric. Secondly, I want to emphasize that the authorization obviously being bigger than our current one at $2.6 billion rising to $5 billion and basically sending a signal we want to continue to scale that through the approach of a stock repurchase plan, which obviously gives us continued value, in our mind, back to shareholders and obviously flexibility as we scale through the next 2 or 3 years.

是的，這個問題問得好。我想首先要說的是，我們的股息保持不變。其次，你需要透過三項驗證來強化股票回購計畫。首先，要將計劃的期限與我們發布的框架（即圍繞新資訊揭露指標給出的擴展指引）相一致。其次，我想強調的是，授權金額顯然比我們目前的26億美元要大，將增至50億美元，這基本上傳遞了一個訊號，我們希望透過股票回購計畫的方式繼續擴大規模。在我們看來，這顯然能持續為股東創造價值，並在未來2到3年內提供彈性。

(Operator Instructions) We will take our next question from Mr. Eric Handler of ROTH MKM.

（操作員指示）我們將回答 ROTH MKM 的 Eric Handler 先生提出的下一個問題。

You have a big live services bucket; and yes, we can decipher how much is PC and console versus mobile. But I'm wondering, if you could break it up between, let's say, sports, action shooter and casual, how would -- like how would that break down in terms of percentages?

你們的直播服務規模很大；是的，我們可以估算出PC和主機平台與行動平台的份額。但我想知道，如果你們能把它分成運動類、動作射擊類和休閒類，那麼就以百分比來劃分，會是怎樣的呢？

Eric, this is Stuart. We're not going to break down directly the splits the cost of the live service business. As a reminder, the live service category encompasses not only sort of sports, also incorporates mobile, incorporates other parts of our business whether it's our subscription business from EA Play and other parts that comprise live services, a heavily aggregated category across multiple levers we have by virtue of the portfolio and the strategy we carry today.

艾瑞克，我是史都華。我們不會直接細分直播服務業務的成本。需要提醒的是，直播服務類別不僅涵蓋體育賽事，還包括行動端，以及我們業務的其他部分，無論是EA Play的訂閱業務，還是構成直播服務的其他部分。根據我們目前的投資組合和策略，直播服務是一個涵蓋多個槓桿的、高度聚合的類別。

Obviously, we think that through our massive online communities, they're our largest components as we come through that live service piece. When you think about FC, Sims and Apex, that's comprising the biggest 3 of those massive online communities. We look to add obviously college football this year; and obviously, Madden accompanies that inside of that envelope.

顯然，我們認為，透過我們龐大的線上社區，它們是我們實現即時服務的最大組成部分。想想《FC》、《模擬市民》和《Apex》，它們構成了我們龐大線上社群中最大的三個。我們今年顯然計劃添加大學橄欖球；而《Madden》顯然也與此相關。

We also see naturally a mobile business that wraps inside of that live service number, and we've talked to that we see -- outside of the portfolio rationalization, we see low single-digit growth in that business through next year. They're kind of the big compositions that we see around that service business that makes up 73% today and ultimately gives us the flexibility and agility to be convicted in the future as we layer on both the pipeline and our strategic objectives.

我們也自然而然地看到了行動業務，它包含在即時服務業務中，而且我們已經討論過，除了投資組合合理化之外，我們預計到明年該業務將保持低個位數成長。這些是我們圍繞服務業務看到的大型組成部分，目前佔比73%，最終將賦予我們靈活性和敏捷性，使我們能夠在未來根據通路和策略目標進行分層時更有信心。

Yes. I might just add, one of the great differentiators of our company is actually the breadth of our live services. So if you look at FY '24 as we come into FY '25, at the very center of our FY '24 was this incredible rebranding of FC and the launching and growth of that even as we lapped a World Cup year. We had Madden, again, a live service that grew and reached record levels of revenue. We had our biggest EA SPORTS year. I would argue that EA SPORTS may be one of the greatest global multisport media brands in the world and certainly has greater fandom than most other brands that it competes with.

是的。我想補充一點，我們公司最大的差異化優勢之一實際上在於我們直播服務的廣度。所以，如果你回顧2024財年即將進入2025財年，你會發現，2024財年的核心工作就是FC的品牌重塑，以及即使在世界盃年期間，FC的推出和成長依然令人矚目。我們再次推出了《Madden》直播服務，這項服務發展迅速，收入創下歷史新高。我們也迎來了EA SPORTS業務最輝煌的一年。我認為EA SPORTS可能是全球最偉大的綜合體育媒體品牌之一，而且它的粉絲群肯定比大多數競爭對手都要大。

We had double-digit growth in the community on The Sims, which, again, target a very, very different demographic of players. And when we look at the many hundreds of millions of shared user-generated content items, you are seeing the evolution of that live service into a broader community creation platform.

《模擬市民》的社群規模實現了兩位數成長，而這款遊戲的目標玩家群也截然不同。當我們回顧數億用戶分享的原創內容時，你會看到這項即時服務正在演變成一個更廣泛的社群創作平台。

We continue to build resilience into Apex. And as a community sentiment, that grew 29 points over the last fiscal year; and as we're primed to continue to grow and expand that live service, we have great opportunity. And again, as I talked about in the prepared remarks, I've just spent a whole bunch of time with the collective Battlefield team playing what they're building, and it is going to be another tremendous live service.

我們持續增強Apex的韌性。社區情緒在上一財年增加了29個百分點；隨著我們準備繼續發展和擴展這項上線服務，我們面臨著巨大的機會。正如我在準備好的發言中提到的，我剛剛花了大量時間與《戰地》團隊一起體驗他們正在打造的遊戲，這將是另一項精彩的上線服務。

And if you really use FC as the blueprint and you think about across platforms, across modalities, across business models, across geographies and also branching fans beyond the bounds of the traditional game to create truly a football fan platform that really extends the magnitude of the live service, this really is at the very center of our strategy when we talk about building content and experiences that entertain and engage massive online communities. And so as we think about this going forward, we believe this differentiates us from the marketplace in video games, certainly in the marketplace in entertainment and really positions us for real growth against what these emerging generations are looking for in the context of their entertainment consumption.

如果你真的以FC為藍圖，並考慮跨平台、跨模式、跨商業模式、跨地域，並將球迷群體拓展到傳統遊戲之外，打造一個真正的足球迷平台，真正拓展直播服務的廣度，那麼，當我們談到打造娛樂性內容和體驗，並吸引龐大的在線社區時，這確實是我們戰略的核心。因此，當我們展望未來時，我們相信，這將使我們在電子遊戲市場，尤其是在娛樂市場中脫穎而出，並真正讓我們在新興一代娛樂消費需求的背景下實現真正的成長。

Our next question comes from the line of Andrew Marok from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯公司的安德魯馬羅克。

Maybe one on Apex if I could. Since it was a limited time mode back in 2020, Respawn has kind of always been pretty adamant that the solo mode was never going to come back to Apex just by players clamoring for it because it didn't mesh with their view of player behavior. So with that mode coming back in season 21 for a long time for a limited time mode, I guess what changed? Is that part of the easier onboarding that you were referring to in the prepared remarks or something you're leaning into based on player signals?

如果可以的話，或許我會在 Apex 上放一個。由於它在 2020 年還是一個限時模式，Respawn 一直堅持認為單人模式永遠不會回歸 Apex，只是因為玩家們強烈要求回歸，因為它不符合他們對玩家行為的看法。所以，既然該模式在第 21 季以限時模式回歸了很長一段時間，我想這其中發生了什麼變化？這是您在準備好的發言中提到的更容易上手的部分原因，還是您根據玩家回饋傾向於採取的某種方式？

Well, again, I think what the Respawn team has done and continue to do incredibly well is really work in a very transparent, open way with the community. Again, this is an incredible community of hundreds of millions of players. Retention is very high. They're a very vocal community and the Respawn team, may be better than many other teams in the industry, works very closely with that community.

嗯，我再次強調，我認為Respawn團隊一直以來做得非常出色，並且將繼續做得非常好，那就是以非常透明、開放的方式與社區合作。這是一個擁有數億玩家的不可思議的社群。玩家留存率非常高。他們是一個非常積極主動的社區，Respawn團隊可能比業內許多其他團隊做得更好，他們與這個社區的合作非常緊密。

And I think what we're starting to see is the evolution of both the player personality, the Apex player personality, Apex is a game and how Respawn serves that community broadly. And this will be one of those steps. But you shouldn't imagine that this is the sum total of those steps as we really think about both expansion and modalities at play for Apex, when we think about deculturalization on a geographic basis to attract new and more deeply engaged global communities. And as we think -- as we look to what the Respawn team is doing over time, we believe that this will be a cornerstone of our live service business for many, many years to come.

我認為我們開始看到的是玩家個性的演變，Apex 玩家的個性，Apex 本身是一款遊戲，以及 Respawn 如何廣泛服務於該社群。這將是其中一步。但你不應該認為這就是所有步驟的總和，因為我們真正考慮的是 Apex 的擴張和模式，我們考慮在地理基礎上進行去文化化，以吸引新的、參與度更高的全球社區。當我們思考——當我們回顧 Respawn 團隊一直以來所做的一切時，我們相信這將成為我們未來許多年在線服務業務的基石。

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

我們的下一個問題來自 RW Baird 的 Colin Sebastian。

I guess, first on the mobile segment, kind of broadly understand the different puts and takes on that with the pipeline but also just trying to understand a little bit better the underlying growth expectations for the mobile segment of the industry, EA's market share expectations as you look out to fiscal '26 and '27 in that segment and what the key drivers are there. And then apologies if I missed this, Stuart, but just in terms of that fiscal '26, '27 outlook, how should we think about the step-up between those years into '26 and into '27 if that contemplates any changing dynamics around the competitive landscape next year?

我想，首先，關於行動領域，大致了解不同的產品線，以及產業對行動領域的潛在成長預期，以及EA在2026和2027財年的市佔率預期，以及其中的關鍵驅動因素。斯圖爾特，如果我漏掉了這一點，請原諒。但就2026和2027財年的展望而言，如果考慮到明年競爭格局的變化，我們該如何看待2026和2027財年之間的成長？

Yes, great question. Let me start with kind of the mobile macro. As you've heard from us before, mobile is a very important platform to us. We've spent the last number of years really focusing on our mobile business and driving meaningful profitability in that area of the business, which hasn't always been the traditional shape of the mobile business in the industry.

是的，這個問題問得好。我先從宏觀的行動業務開始。正如你之前所說，行動平台對我們來說非常重要。過去幾年，我們一直專注於行動業務，並在該領域實現了可觀的盈利，而這並非行業內移動業務的傳統模式。

As we look forward, our expectation is over the next 12 months or so, we probably have low to mid-single-digit growth in the mobile market overall, but it's still -- the mobile market remains a fairly high risk opportunity that requires significant user acquisition cost to kind of ramp a new mobile game. And so when we kind of couple what are increasingly longer development cycles in mobile, sometimes 2 to 3 years, and we hear stories of 5, 6, 7 years in the marketplace, meaningful user acquisition spend and a long ramp time once you get to market, mobile isn't an easy market to capitalize on.

展望未來，我們預計未來12個月左右，行動市場整體可能會實現低至中等個位數的成長，但行動市場仍然是一個風險較高的市場，需要投入大量的用戶獲取成本才能推動一款新行動遊戲的推廣。因此，考慮到行動遊戲的開發週期越來越長，有時需要2到3年，甚至有些遊戲在市場上需要5、6、7年，大量的用戶獲取成本以及進入市場後的漫長的推廣時間，移動市場並非一個容易盈利的市場。

With that being said, we feel like our mobile business is in a very good position given its profitability. We'll be leaning into our massive online communities around FC, around Madden, around The Sims [gate] will be mobile native. And we'll also be looking at opportunities to invest in a very limited number of mobile native titles that we believe have breakout potential.

話雖如此，考慮到我們的行動業務的盈利能力，我們認為它目前處於非常有利的地位。我們將專注於FC、Madden和模擬市民等遊戲的龐大線上社區，並將遊戲移植到行動平台上。我們也會尋找機會投資少數我們認為具有突破潛力的行動原生遊戲。

Colin, with regard to your second question, we basically -- in my prepared remarks, we framed up the range of growth we expect to see through '26 and '27, so a range through that entire period. We referenced it through the new non-GAAP operating margin disclosure we made, and we are referencing expanding 150 to 200 basis points on the '25 platform that we just put out. So intent there is to demonstrate the growth acceleration in both '26 to '27 as we think about growth driven by sort of growth in the core business from -- to expand player acquisition, engagement, retention.

科林，關於你的第二個問題，我之前準備好的發言稿中，我們大致列出了我們預計在2026年和2027年實現的增長區間，也就是整個期間的增長區間。我們參考了新的非公認會計準則營業利潤率揭露，並指出在剛發布的2025年基礎上，我們的利潤率將提高150到200個基點。因此，我們的目標是展示2026年到2027年的成長加速，因為我們考慮的是核心業務的成長，包括擴大玩家獲取、參與度和留存率。

We know the live services, to Andrew's answer on the call [a second], how we continue to expand both growth through the releases and our ongoing business. The new IP we've talked to in the pipeline, that continues to give us lever and growth on top in the later years. And as we see leverage from the cost structure, our investment all relates down to that non-GAAP operating margin expansion through '26 and '27.

我們了解即時服務，正如安德魯在電話會議上回答的那樣（稍等片刻），我們知道如何透過發布新版本和持續運營的業務來持續擴大成長。我們討論過的、正在籌備中的新IP，在未來幾年將繼續為我們帶來槓桿和成長。正如我們從成本結構中看到槓桿一樣，我們的投資都與2026年和2027年非公認會計準則下的營業利潤率成長息息相關。

Our next question comes from the line of Mike Hickey from Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Mike Hickey。

Andrew, you had some pretty interesting comments recently at a conference talking about sort of efficiency and expansion with AI. I think you gave one example where you're talking about building out game environments like stadiums. You said that process went from 6 months to 6 weeks so pretty incredible efficiency step-up. Just curious how you're thinking about further deploying AI on other development processes, other games, other platforms like mobile. You talked about the duration of development on mobile. Maybe there are some efficiencies there. And then as a follow-up, just curious on the generative AI and PC in key franchises like SPORTS, Battlefield, Sims, the opportunity you see there over time.

安德魯，你最近在一個會議上發表了一些非常有趣的評論，討論了人工智慧的效率和擴展性。我記得你舉了一個例子，像是建構體育場之類的遊戲環境。你說這個過程從6個月縮短到了6週，效率提升非常驚人。我很好奇你是如何考慮在其他開發流程、其他遊戲、其他平台（例如行動平台）上進一步部署人工智慧的。你提到了行動平台的開發時長。也許行動平台確實能提高效率。接下來，我很好奇生成式人工智慧在PC端和SPORTS、戰地、模擬市民等關鍵遊戲領域的應用，以及你隨著時間的推移在這些領域看到的機會。

Yes. Great question. First is we're still very early in the AI evolution or at least the generative AI evolution. As a company, we've been deeply tied to AI since our inception. It has been the very center of all of the games that we create, replicating human intelligence in the context of a game play experience. But certainly, as we think about the wave of generative AI today and as it merges into artificial general intelligence, broadly, we're still very early. But the things I talked about in the conference was really both twofold: one, how do we get more efficient and the stat I used was we've moved from being able to create stadiums from 6 months to 6 weeks. And my expectation is that will continue to shrink over time. Maybe even more profound than that was we went from -- when we build a game and we have animation and run cycles. So in FIFA 23, we had 36 run cycles, which gave you kind of believability of human performance inside of that game.

是的，這個問題問得好。首先，我們仍處於人工智慧進化的早期階段，或至少是生成式人工智慧進化的早期階段。作為一家公司，我們自成立以來就與人工智慧緊密相連。它一直是我們所有遊戲的核心，在遊戲體驗中複製人類智慧。當然，考慮到當今生成式人工智慧的浪潮，以及它與通用人工智慧的融合，總的來說，我們仍然處於非常早期的階段。我在會議上討論的內容其實有兩個面向：第一，我們如何提高效率。我使用的數據是，我們已經將建造體育場館的時間從6個月縮短到了6週。我預計這個時間會隨著時間的推移而不斷縮短。也許比這更深刻的是我們過去在開發遊戲時，有動畫和運行週期的改變。在《FIFA 23》中，我們有36個運行週期，這讓你對遊戲中人類的表現有了一定的可信度。

When we launched FC 24, we had 1,200 run cycles and so again, starting to add to the individuality and uniqueness of each player and delivering our players more immersion in the game, a more engaging experience that is more true to what they watch on television on a Sunday afternoon. And so as we think about the first pillar of generative AI for us, we're really looking at how can it make us more efficient, how can it give our developers more power, how can it give them back more time and allow them to get to the fun more quickly.

當我們推出《FC 24》時，我們擁有1200個運行週期，因此，我們再次開始增強每個玩家的個性和獨特性，為玩家提供更沉浸的遊戲體驗，更引人入勝的遊戲體驗，更貼近他們週日下午在電視上觀看的比賽。因此，當我們思考生成式人工智慧的第一個支柱時，我們真正關注的是它如何讓我們更有效率，如何賦予我們的開發人員更多能力，如何讓他們節省更多時間，讓他們更快地享受遊戲的樂趣。

When we think about that, our expectation is that there is meaningful opportunity for us. We've done analysis across all of our development processes. And right now, based on our early assessment, we believe that more than 50% of our development processes will be positively impacted by the advances in generative AI. And we've got teams across the company really looking to execute against that.

當我們思考這一點時，我們期望這對我們來說是一個有意義的機會。我們已經對所有開發流程進行了分析。目前，根據我們的早期評估，我們相信超過50%的開發流程將受到生成式人工智慧進步的正面影響。我們公司上下的團隊都在積極地推動這項進程。

The second phase for us, of course, is how do we further expand our games? How do we build bigger worlds with more characters and more interesting story lines? And if efficiency starts to really take place over the next 1 to 3 years, our expectation is that, over a 3- to 5-year time horizon, we will be able to, as part of our massive online communities and blockbuster storytelling, build bigger, more immersive worlds that engage more players uniquely around the world. And we think about that on a 3- to 5-year time horizon. And perhaps on a 5-year-plus time horizon, we think about how do we take all of those tools we create and offer those to the community at large so that we can actually get new and interesting and innovative and different types of game experiences, again, not to replace what we do but to augment, enhance, extend, expand the nature of what interactive entertainment can be in much the way YouTube did for traditional film and television.

當然，我們的第二階段是如何進一步擴展我們的遊戲？如何建構更大的世界，擁有更多角色和更有趣的故事情節？如果效率在未來1到3年內真正開始提升，我們預計在未來3到5年內，我們將能夠結合我們龐大的線上社群和熱門故事，建立更大、更具沉浸感的世界，以獨特的方式吸引更多全球玩家。我們以3到5年的時間跨度來思考這個問題。或許，在未來5年或更久的時間跨度內，我們會思考如何將我們創造的所有工具提供給整個社區，從而真正獲得全新、有趣、創新且不同類型的遊戲體驗。再次強調，我們並非要取代我們現有的遊戲，而是要增強、拓展、擴展互動娛樂的本質，就像YouTube對傳統電影和電視所做的那樣。

One of the great advantages, of course, we have is we do have 40 years of data. And so as I think about efficiency over 1 to 3 years, expansion over 3 to 5 years, transformation on a 5-year time horizon, it's actually very plausible that with 40 years of owned data that we have to feed into these models, we actually might be able to accelerate that time frame. And I would tell you, there was a real hunger amongst our developers to get to this as quickly as possible because, again, the holy grail for us is to build bigger, more innovative, more creative, more fun games more quickly so that we can entertain more people around the world on a global basis at a faster rate.

當然，我們最大的優勢之一就是我們擁有40年的數據。因此，當我思考1到3年的效率提升、3到5年的擴張以及5年時間範圍內的轉型時，我認為，將40年的自有數據輸入到這些模型中，我們完全有可能加快這個進度。而且我想說，我們的開發人員真的渴望盡快實現這一目標，因為我們的目標就是更快地打造更大、更具創新性、更具創意、更有趣的遊戲，以便我們能夠以更快的速度在全球範圍內為更多玩家帶來娛樂。

Our final question comes from the line of Eric Sheridan of Goldman Sachs.

我們的最後一個問題來自高盛的艾瑞克·謝裡丹。

Maybe 2 parter if I can to Andrew. From a big picture standpoint, if you take a step back, I'd love to get your take on 2 themes we continue to hear about across the gaming landscape: one, the market opportunity for more dynamic ad insertion across more traditional AAA games across different formats and how you think that might be revenue opportunity over the medium to long term; and the second, we've seen fairly successful examples recently of IP adaptation out of the gaming landscape into the broader media landscape. What's your current thinking about that IP adaptation landscape going forward and what that might sit as a market opportunity for EA?

如果可以的話，我想和安德魯聊聊第二部分。從宏觀角度來看，如果您退一步思考，我很想聽聽您對遊戲領域中我們經常聽到的兩個主題的看法：第一，在不同格式的傳統3A遊戲中插入更動態的廣告的市場機會，以及您認為這可能如何在中長期帶來收入機會；第二，我們最近看到了一些相當成功的IP改編案例，這些IP改編從遊戲領域延伸到更廣泛的媒體領域。您目前對IP改編的未來前景有何看法？這對EA來說可能是個什麼樣的市場機會？

Let me start with the second part of your question, then I'll move into the first part of your question. Second part, what you've heard from us for some time now is, as we work with our global communities of players and we really listen to what they're looking for, what they hope to do is really interact and engage with their favorite IP, which, as it turns out, is the biggest IP in the world, many of which sit within our portfolio, they want to both play, create, watch and connect. And so our expectation on a go-forward basis is that, even as we expand the definition of play and the types of things you can do in the context of these interactive worlds, that as we bring in more creation opportunity in these worlds, that in and of itself will also spawn more watch.

我先回答你問題的第二部分，然後再回答第一部分。第二部分，你最近聽到我們說，我們與全球玩家社群合作，認真傾聽他們的需求，他們希望與他們最喜歡的IP進行真正的互動和互動。事實證明，這些IP是世界上最大的IP，其中許多都在我們的產品組合中。他們希望既能遊玩，又能創造，還能觀看，還能互相連結。因此，我們對未來的期望是，即使我們擴展了「玩」的定義以及在這些互動世界中可以做的事情的類型，隨著我們在這些世界中引入更多的創造機會，這本身也會催生更多的觀看體驗。

Watch traditionally, of course, is, well, do we make a movie, do we make a television show. And our expectation is that we will see more of that. But in addition to that, we expect that we'll see many, many billions of hours of content created by our communities both in the context of what goes on inside the game and in the context of what goes on outside the game. And of course, the most important part of that will be the ability for players to connect with each other in the context of play, create and watch.

當然，傳統的觀看體驗指的是，嗯，我們拍電影還是電視影集？我們期望看到更多這樣的內容。但除此之外，我們也預計，我們的社群將創造數十億小時的內容，既包括遊戲內的內容，也包括遊戲外的內容。當然，其中最重要的部分是玩家能夠在遊戲、創作和觀看的過程中相互連結。

And so while we look at what's going on in the industry right now, we see the fact that gaming IP is now manifesting inside of film and television and is topping those charts in addition to topping the interactive entertainment charts. Our expectation as we build out our portfolio is that we will get that benefit. That will be a tailwind for us. But in addition to that, we're really thinking about how we engage our players across the expansion of the play, inviting them to connect and expand and extend and enhance the worlds that we create.

因此，當我們審視產業現狀時，我們發現遊戲IP如今已在影視領域嶄露頭角，不僅在互動娛樂領域名列前茅，還在影視領域名列前茅。我們建構投資組合的期望是能夠從中獲益。這對我們來說將是一大助力。但除此之外，我們也在認真思考如何在遊戲的擴展過程中吸引玩家，邀請他們與我們創造的世界建立聯繫，拓展、延伸、提升。

The watch element, that constant, we talked about billions of hours watched in FC alone. You should imagine that is also across Madden and The Sims and Battlefield and Apex but really built on a deep sense of social connection. And that's something that a company like us has a unique ability to deliver for our players that maybe hasn't been the case with traditional entertainment companies.

觀看元素，這個不變的元素，我們之前提到過，僅在FC平台上，玩家的觀看時間就達到了數十億小時。你可以想像，在《Madden》《模擬市民》《戰地》和《Apex》等遊戲中，觀看時間也達到了數十億小時，但這實際上是建立在深厚的社交聯繫之上的。像我們這樣的公司擁有獨特的能力，能夠為玩家提供這種服務，而傳統娛樂公司或許做不到。

To answer your question on advertising broadly, again, I think it's still early on that front. And we have looked over the course of our history to be very thoughtful about advertising in the context of our play experiences. But again, as we think about the many, many billions of hours spent, both playing, creating, watching and connecting and where much of that engagement happens to be on the bounds of a traditional game experience, our expectation is that advertising has an opportunity to be a meaningful driver of growth for us.

就你關於廣告的廣泛問題，我再次強調，我認為現在還為時過早。縱觀公司發展歷程，我們一直非常重視遊戲體驗背景下的廣告投放。但考慮到玩家在遊戲、創作、觀看和互動方面花費的數十億小時，而這些參與恰好又局限於傳統遊戲體驗，我們期望廣告有機會成為我們重要的成長驅動力。

We'll be very thoughtful as we move into that, but we have teams internally in the company right now looking at how do we do very thoughtful implementations inside of our game experiences. But more importantly, as we start to build community and harness the power of community beyond the bounds of our games, how do we think about advertising as a growth driver in those types of experiences?

在推進這項進程時，我們會非常慎重，但目前公司內部已經有團隊正在研究如何在遊戲體驗中實現這些周到的實現。但更重要的是，隨著我們開始建立社區，並在遊戲之外發揮社區的力量，我們如何看待廣告作為這類體驗的成長動力？

Okay. Well, thank you all for being here, and thank you for the great questions. I want to extend my deepest appreciation to our teams for their passion, their hard work and commitment in delivering an incredible year.

好的。感謝大家的光臨，也感謝大家提出的精彩問題。我要向我們的團隊致以最深切的謝意，感謝他們的熱情、辛勤工作和奉獻精神，讓我們度過了精彩的一年。

To close, I'm extremely excited about what our future holds. I look forward -- and look forward to sharing more about our pipeline and longer-term strategy to drive growth at our Investor Day in New York later in the year. Thank you so much.

最後，我對我們的未來充滿期待。我期待著——也期待在今年稍晚於紐約舉行的投資者日上，與大家分享更多關於我們產品線和長期成長策略的資訊。非常感謝！

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。感謝大家的參與，現在可以斷開連結了。