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，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加藝電第四季和 2024 財年終收益電話會議。我想將會議交給投資者關係副總裁 Andrew Uerkwitz 先生。請繼續。

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 第四季和 2024 財年財報電話會議。今天和我在一起的有我們的執行長安德魯威爾森 (Andrew Wilson)；以及我們的財務長 Stuart Canfield。請注意，我們的 SEC 文件和收益報告可在 ir.ea.com 上取得。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。最後，在通話結束後，我們將發布準備好的演講、本次通話的音訊重播以及文字記錄。

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.

關於我們的日曆，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。

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.

本簡報和我們的評論包括有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。我們建議您參閱最新的表格 10-Q，以討論可能導致實際結果與今天討論的結果有重大差異的風險。藝電公司於今日（2024 年 5 月 7 日）做出這些聲明，並且不承擔任何更新這些聲明的義務。

During this call, the financial metrics, with the exception of free cash flow 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，除自由現金流和非公認會計原則營業利潤率外的財務指標將根據公認會計原則提出。有關我們的非公認會計準則營業利潤率的更多信息，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文件。除非另有說明，本次電話會議過程中所進行的所有比較均與去年同期進行。

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

現在我將把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。在 24 財年，我們為世界各地數億人帶來娛樂和連結。我們的團隊如何持續創造和提供比以往更多的創新內容和更深入的體驗，這讓我深受啟發。

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.

在深入探討我們的結果之前，我想先談談整個娛樂領域的加速變革，以及我們如何引導和引領變革。首先，頂級特許經營店的消費者留任率和支出日益鞏固。隨著直播服務提供新鮮內容，玩家會更加深入，並花更多時間與朋友一起享受精彩的體驗。例如，在北美，自 2022 財年以來，排名前 10 的特許經營商的市場份額有所增加。

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.

對於一家擁有世界上最大的智慧財產權的公司來說，這種趨勢提供了一個發展成為行業領導者的絕佳機會。正是在這種背景下，我們圍繞著娛樂和參與大型線上社群、講述轟動的故事以及利用遊戲內外社群的力量建立了三大戰略支柱。

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，球員和球迷越來越希望我們能夠提供他們今天和明天想要的娛樂，更大、更大膽、更互聯的體驗，讓他們能夠以前所未有的方式玩耍、觀看、創造和聯繫。隨著玩家的需求和動機不斷擴大，我們將繼續加強我們的焦點。在過去的財年中，我們採取了積極主動的措施，透過重新調整我們的投資、組織和投資組合來進一步增強我們的創意領導者的能力，以支持我們最大的成長機會。正如我們過去透過打造一些全球最大的系列遊戲所多次證明的那樣，當我們齊心協力實現一個共同目標時，EA 就會為玩家和粉絲帶來更多創造力、更多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.

最近的一個例子是我們令人難以置信的多平台體驗 EA SPORTS FC 的推出，這對我們的玩家、我們的團隊和我們的合作夥伴來說是一個真正意義深遠的時刻。這一里程碑以及我們在本財年的執行情況表明 EA 如何引領娛樂業的未來。我很高興能在今年九月於紐約舉行的投資者日分享有關我們的開發管道、創新經驗和新收入來源的更多詳細資訊。

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.

我們 EA SPORTS 的團隊是業內最優秀的團隊，他們提供精彩的遊戲玩法、創新和無與倫比的真實性，激發數億玩家和粉絲的熱情和想像。 24 財年是 EA SPORTS 史上規模最大的一年，我們全年推出了 8 款遊戲，其中包括非常成功地推出了我們自己的品牌 EA SPORTS FC。球員可以與朋友聯繫、競爭和慶祝全球足球，從而推動 FC 多平台體驗的強大參與度。 24 財年，我們的全球足球特許經營權的淨預訂量增長了十幾歲，考慮到前一年受益於世界盃相關的巨大推動力，這是非凡的一年。

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 年期間，FC 體驗中進行了數十億場比賽，該系列的驚人成功遠遠超出了遊戲本身。除了我們社群製作的內容外，我們龐大的全球足球社群還觀看了超過 10 億小時的比賽內容、比賽影片、球場說明和電競內容。

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.

平台內外的大量互動有效地提高了遊戲內的參與度，從而提高了留存率，並最終提高了貨幣化水平。當我們觀察遊戲中的遊戲行為時，我們知道，隨著玩家與朋友相處的時間越來越多，他們玩的時間也越來越多，玩的時間也越來越長，而這種參與度會帶來更多的遊戲內支出。隨著EA SPORTS FC 的成功推出，我們的重點是雙重的：透過HyperMotionV 提供遊戲玩法創新，為我們的核心玩家提供跨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參與來繼續擴大遊戲的影響力流失的玩家。

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.

我們的前進策略立足於建立一個平台，使我們能夠加深與運動員的聯繫，透過將現實的體育世界和我們的經驗更緊密地結合在一起，並擴展工具、模式和合作夥伴關係來推動增強的社交化，從而引領沉浸式的未來，為運動迷提供自我表達和創造。去年，我們與 Nike、Pepsi、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，並為他們提供一個與全球觀眾深入聯繫的平台。我們也致力於釋放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。它是世界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》透過互動體驗將球迷和運動員團結在一起，激發熱情、連結和創造力。在美式足球中，沒有人能與《麥登》無與倫比的真實性相提並論。我們才華橫溢的團隊在整個賽季中推動《Madden NFL 24》的更多創新、更多的遊戲方式和令人驚嘆的內容，使《Madden》創下了自2000 年代初以來最高的銷量，並創下了總淨預訂量的紀錄。

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帶來了 NFL 賽季結束後的持續深入參與，尤其是年輕觀眾，因為我們已經看到進入和關注超級碗的每週活躍用戶有所增加。最近，隨著狀元秀實時進入終極球隊，整個 NFL 選秀都令人興奮不已。我們看到這種興奮感引導我們進入令人難以置信的《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.

為了擴展美式足球體驗，今年夏天，我們推出備受期待的 EA SPORTS College Football 25，帶來全新創新、始終在線的社交聯繫和無與倫比的沉浸感。這場精彩的體驗將涵蓋所有 134 所橄欖球碗分區學校、超過 11,000 名大學運動員、美國最大的大學運動的標誌性傳統和盛況以及無與倫比的比賽，以激發數百萬球迷的熱情。這是多年計劃的下一步，旨在進一步發展和發展我們的美式足球體驗，使其成為一個互聯的生態系統，以更深入地參與和擴大已經蓬勃發展的社區。

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.

我們看到我們的體育業務面臨著難以置信的機會。在我們繼續圍繞我們最大的社區構建生態系統的同時，我們也在我們廣泛的投資組合的其餘部分中優先考慮我們擁有的知識產權，這些知識產權是世界上最具吸引力和文化相關性的娛樂財產之一。自 2019 年出人意料地大受歡迎以來，高清遊戲《Apex Legends》的終身淨預訂量已超過 34 億美元。在 24 財年，我們專注於建立功能和提高體驗質量，以推動長期參與，為我們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，我們在這一年結束時對流行的排名模式的機制進行了重大改變。我們與社群互動，提高了透明度，並深思熟慮地處理了他們的回饋，結果發現世界各地的玩家情緒有了顯著改善，提高了 29 個百分點。我們還優先考慮擴大 Apex 的吸引力，透過改進的入門和簡化的遊戲模式（如 3 次打擊和直擊），使其更適合新玩家和更休閒的玩家。展望未來，我們將繼續投資擴大受眾範圍，以超越當前大逃殺的世界的史詩人物和故事敘述為基礎。

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》系列迎來 25 週年紀念日，社區的熱情依然強勁。自 2014 年推出以來，《模擬市民 4》的玩家數量已超過 8,500 萬，其中 24 財年年增兩位數。 《模擬市民 Online》和《模擬市民行動版》的總下載量已超過 5 億次。這已經是世界上最大的社區之一，我們相信這個非常成功的特許經營權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.

該平台發展的早期證據是本財年共享的數百個用戶生成的內容項目。展望未來，我們致力於在未來一年內透過超過15 項內容更新來娛樂和激勵我們忠實且積極參與的《模擬市民4》粉絲，同時致力於《模擬市民》宇宙中的多種體驗，利用用戶生成的內容來深化我們的社群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.

在《戰地 2042》的每個沉浸式動作包賽季中，玩家都明確表示他們想要更深入的體驗。我們的團隊聽取了社區的意見，吸取了寶貴的經驗教訓，並正在邁向未來。 Motive 配備了尖端的 Frostbite 技術和引人入勝的故事講述，將與 DICE、Criterion 和 Ripple Effect 一起構建跨互聯多人和單人體驗的《戰地》宇宙。這是《戰地》系列史上規模最大的球隊。幾週前，我拜訪了各支球隊，我對他們的表現和我們能夠發揮的能力感到非常興奮。

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。我們正致力於將 EA SPORTS FC、Madden NFL 和 The Sims 的行動和高清特許經營領導地位結合起來，同時繼續對獨立行動遊戲進行戰略投資。移動是我們產業最大的平台；隨著我們的團隊比以往更團結、更強大，隨著時間的推移，我們看到了這部分業務的成長機會。

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，我將把它交給 Stuart，以了解有關 24 財年的更多詳細信息，以及有關近期行業前景的更多信息以及圍繞我們對 26 財年和 27 財年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，這使得參與者發展了新的參與行為和需求。為了滿足這些不斷變化的計劃需求，我們在上一財年一直深思熟慮，確定了投資的優先順序，簡化了我們的投資組合，並調整了我們的團隊和組織，以支持我們最大的戰略機會。總體而言，這些變化使我們能夠實現核心業務的加速成長，同時建立基礎模組，以擴展和深化對創造、觀看和連接等新興互動娛樂類別的參與和貨幣化。

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.

首先進入 2024 財年，EA 在競爭激烈的市場中實現了強勁的獲利成長和創紀錄的現金流。 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凸顯了我們的業績，其中全球足球和 Madden 特許經營權均創造了創紀錄的淨預訂量結果。本財年，我們實現淨預訂總額 74.3 億美元，年增 1%，以固定匯率計算成長 3%。受《星際大戰絕地：倖存者》和 EA SPORTS 產品組合的推動，整個遊戲淨預訂量達到 20.1 億美元，同比增長 11%，按固定匯率計算增長 12%。我們在 24 財年推出了 4 款新的非年度運動遊戲，進一步增強了我們的 EA SPORTS 品牌，進一步擴大了全球最大平台之一的粉絲群。

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.

直播服務淨預訂額為 54.3 億美元，年減 2%，以固定匯率計算下降 1%。排除 Apex Mobile 退出的影響，直播服務淨預訂量較去年同期持平。直播服務的實力是由我們的全球足球系列產品的同比增長推動的，而 FC Ultimate Team 和 FC Mobile 的推動卻被《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.

轉向我們的 GAAP 結果。我們實現淨收入 75.6 億美元，年增 2%。收入成本為 17.1 億美元，年減 5%，受特許權使用費和收購相關費用下降的推動，全年毛利率為 77.4%，提高了 150 個基點。隨著我們繼續專注、嚴格地運營，GAAP 營運費用為 43.3 億美元，年增 1%，這主要是由於支持我們新版本和 EA SPORTS FC 推出的營銷支出增加所致。

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 萬美元的重組和相關費用，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，創本財年最高紀錄，實現了顯著改善並同比加速成長。今年的資本支出為 1.99 億美元，低於我們最初的 2.75 億美元指導，因為我們在這一年中進一步合理化了我們的房地產投資和足跡。今年的自由現金流達到創紀錄的 21.2 億美元，年增 58%。這包括一次性現金稅收節省約 1.5 億美元。一年來，我們透過回購和股利向股東返還 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.

轉向第四季業績。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年減 14%。在預定時間的推動下，本季的全部遊戲淨預訂額為 2.59 億美元，本季的直播服務金額為 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，我們預計第四季度淨預訂量將受到與預定時間相關的 8 個點的影響。我們還提供了更廣泛的指導範圍，以考慮 Apex Legends 和 EA SPORTS FC 的動態，這兩家公司都面臨著困難的可比時期。在《Apex Legends》中，我們在本季初看到了參與度和獲利趨勢的上升。隨著本季的進展，貨幣化恢復到先前的正常水平，而玩家情緒和參與度仍然強勁。 FC行動和線上業務同比下降，因為在世界盃的推動下，它們在去年同期面臨創紀錄的可比性。然而，FC Ultimate Team 在 23 財年第 4 季實現了創紀錄的 20% 成長，比去年同期再次實現低個位數成長。

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.

我們實現淨收入 17.8 億美元，年減 5%。收入成本為 3.57 億美元，毛利率為 79.9%，年成長 380 個基點，因為我們受益於特許權使用費的下降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，年減 5%，原因是重組相關費用減少。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.

現在讓我談談我們的前景。在 25 財年，我們預計將在高度活躍的市場中再次取得成果，實現財年成長、強勁的現金流和更高的資本回報率。儘管情況較輕，但我們仍希望透過新發布標誌性且深受粉絲喜愛的 IP、持續執行和發展我們的核心直播服務以及保持專注和嚴格執行我們的策略性成長計劃來實現這一目標。

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 25 財年第一季的展望反映了我們在 2024 年第四季看到的許多與時間安排和非典型季節性相關的趨勢，因為我們逐年進行了困難的比較。我們預計，由於另外 3 款遊戲的發布，本季將受到與去年相比與發布和內容時間相關的 15 個百分點的逆風影響。包括 EA SPORTS FC 和 Apex Legends 在內的直播服務將繼續面臨類似的困難時期。謹此提醒，24 財年第一季是我們全球足球特許經營公司史上規模最大的第一季。

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量為 11.5 億美元至 12.5 億美元，年減 27% 至 21%。我們預計淨收入為 15.75 億美元至 16.75 億美元，收入成本為 2.4 億美元至 2.5 億美元，營運費用約為 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.

現在轉向我們對 25 財年的展望。我們預計本財年淨預訂量將達到73 億至77 億美元，年減2% 至成長4%，我們的核心直播服務業務將實現中個位數成長，但部分被遊戲發行量減少、目錄貢獻減少和我們行動業務的不利因素與過去 6 個月採取的投資組合優化決策有關。不包括我們的日落遊戲，我們預計行動業務將成長低個位數。

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.

轉向公認會計準則。我們預計淨收入為 71 億美元至 75 億美元。我們預計 GAAP 營運支出為 43.5 億美元至 44.4 億美元，年持平或成長 2%，因為推動成長的重點投資在很大程度上被行銷支出和收購相關支出的減少所平衡。我們預期 GAAP 營業利潤率為 18% 至 20.6%。我們預期非 GAAP 營業利潤率為 29.6% 至 31.7%。遞延淨收入變化的影響預計約為 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大的現金來源，營運現金流為20.5 億至22.5 億美元，資本支出約為2 億美元，這將帶來約18.5 億至20.5 億美元的自由現金流，與去年同期基本持平- 年，不包括前面提到的一次性現金稅收優惠。

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.

在我們上季度推出的長期財務框架的基礎上，我們將推出截至 27 財年的非 GAAP 營業利潤率指引。我們相信，這最好地反映了我們對加速成長、擴大利潤率和增加現金流的能力的信心。此外，它還為我們的股東提供了關於我們的策略和未來管道的影響的更大透明度。到 27 財年，我們預計 GAAP 營業利潤率將再擴大 300 至 350 個基點，我們預計非 GAAP 營業利潤率將再擴大 150 至 200 個基點。我們預計遞延淨收入的變動不會產生任何額外影響。請參閱我們的投影片和常見問題以獲取更多資訊。

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.

我們對擴大利潤和加速成長的信念促使我們增加股票回購計畫並將其再延長一年。向股東返還資本是我們的首要任務。我們的董事會已批准在未來 3 年內實施 50 億美元的股票回購計畫。我們預計 25 財年將獲得 15 億美元的回報，其餘部分將隨著我們 26 財年和 27 財年業務的成長而擴大。

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，在我們展望九月投資者日之際，我很高興能分享更多有關我們持續價值創造框架的信息，深入了解我們核心業務的成長動力、我們開發管道中即將發布的版本以及我們的關鍵戰略優先事項利用我們社區的力量。

Now I'll hand it back over to Andrew.

現在我會把它交還給安德魯。

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，電玩領域有數十家主要獨立發行商。如今，這樣的公司屈指可數，但憑藉卓越的創意人才、製作實力、廣泛的令人難以置信的 IP 組合（包括 EA SPORTS 和龐大的玩家網絡），我們擁有令人難以置信的競爭優勢。憑藉這些令人羨慕的優勢，我們有能力發展行業並增加我們的市場份額。當我們利用人工智慧的能力時，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，我們引領了業界的多次轉型。現在，我們有一個難以置信的機會來為我們的玩家、社群和股東服務，以領導目前正在發生的事情。

Now Stuart and I are here for your questions.

現在史都華和我在這裡回答你們的問題。

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

（操作員指令）我們的第一個問題來自摩根士丹利的馬修·科斯特（Matthew Cost）。

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.

這是戴夫為馬特代言的。只是一個簡單的內務問題。看來在新的非公認會計準則指導中，您為我們提供了一個更好的橋樑，以實現我們已經在模型中所做的事情。因此，如果我沒理解錯的話，我們現在可以採用新的非 GAAP 營業利潤率，並加上或減去遞延變動。那麼，如果我計算正確的話，我們的淨預訂營業利潤率是否會達到 31.6% 至 33.4%？然後我想作為一個快速的後續行動，如果你能多談談為什麼披露會發生變化。

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.

戴夫，非常感謝你的提問。是斯圖爾特。讓我快速退後一步，談談為什麼現在以及為什麼要改變。我們知道電玩公司在軟體成本資本化方面採取不同的方法。如您所知，我們不會將軟體成本資本化，而是在計入損益表時進行支出。因此，我們認為，透過採取這項措施，它可以幫助您在我們前進的過程中更好地了解我們的業務，特別是當我們考慮26 和27 年的管道時，並作為我們清楚地展示我們的業務的一種方式，這一點很重要。

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化的調整，是的，您是對的。我要告訴你的是幾件事。一個是，顯然，你會看到25 財年的擴張，這是由我們的許可變化、全年收入組合以及圍繞成本的持續關注和紀律所突然推動的，當你查看25 財年指南和運營支出框架時淨預訂；其次，正如我們在準備好的發言中概述的那樣，您將看到26 財年和27 財年的擴張，這是由管道推動的，因為我們開始在後來的幾年中將產品推向市場，並繼續使我們能夠推動核心回報商業，更重要的是，仍在投資未來。我還想補充一點，圍繞所有這些信念和使用該指標，顯然還會宣布增加股票回購計劃，這又是與我們看到的業務發展方向的指標相結合的另一個真正有意義的信號在後來的歲月裡。

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

我們的下一個問題來自瑞銀集團 (UBS) 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?

我很感激你一直面臨著非常困難的比賽。但您能給我們一些關於您對一些較大的特許經營權（包括 25 財年的 Apex 和 FC）的假設嗎？該指導意見的中點似乎與您先前的成長評論類似。但與上次財報電話會議相比，您對明年的預期有何變化？

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，我們在一月份概述的框架沒有發生重大預期變化。對於圍繞更廣泛的假設的第二個問題，我認為重要的是要考慮我們在這一年中如何思考的分階段。顯然，我們推出了第一季度，你會看到去年的冠軍陣容和名單面臨著具有挑戰性的逆風，這實際上是因為我們之前擁有了那些額外的冠軍。當你思考今年剩下的時間以及我們如何發展業務時，顯然，我們期待第二季度，我們顯然看到大學橄欖球的增加，我們預計美式足球業務的整體整體成長。

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.

您可能會期望我們的核心直播服務業務繼續成長，我們在準備好的評論中談到，我們認為其成長速度超過了市場的中個位數成長。你會期待 FC 為我們成長。去年，我們在 24 年再次發展了 FC。我們預計 FC 25 將帶來這兩項新的創新，並且我們將在明年繼續發展該系列。

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良好參與和保留率。我們繼續對特許經營權進行投資，並期望在接下來的幾個賽季中看到新賽季的一些進步和創新，這將開始繼續相信我們在 25 財年推動了特許經營權的增長。總體而言，這使我們得出了我們所發布的概況，即今年的預訂量增長較低，但發布清單較輕，但被我們核心生活服務業務的增長所抵消。

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?

如果我能再快速補充一份有關股票回購計畫的內容。與您擁有的其他資本配置機會相比，您如何看待加速回購？

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，很好的問題。我想我要說的第一件事是我們的股息保持不變。第二部分是你想透過它來加強三個股票回購計畫的驗證。一是使計劃的長度與我們根據新披露指標提供的擴展指南所推出的框架保持一致。其次，我想強調的是，這次授權顯然比我們目前的26 億美元要大，增加到50 億美元，基本上發出了一個信號，我們希望透過股票回購計畫的方式繼續擴大規模，這顯然為我們帶來了持續的價值在我們看來，隨著我們在未來 2 到 3 年的擴張，我們應該回歸股東，並保持明顯的靈活性。

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

（操作員說明） 我們將接受 ROTH MKM 的 Eric Handler 先生的下一個問題。

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?

您有一個很大的即時服務桶；是的，我們可以算出 PC 和遊戲機與行動裝置的差距有多大。但我想知道，如果你可以將其分為運動、動作射擊遊戲和休閒遊戲，那麼如何以百分比來劃分？

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.

埃里克，這是斯圖爾特。我們不會直接細分直播服務業務的成本分攤。提醒一下，直播服務類別不僅涵蓋體育運動，還包含移動，包含我們業務的其他部分，無論是 EA Play 的訂閱業務還是直播服務的其他部分，這是一個跨多個槓桿的高度聚合類別憑藉我們今天的投資組合和策略。

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，當我們透過即時服務時，它們是我們最大的組成部分。當你想到 FC、Sims 和 Apex 時，它們構成了這些大型線上社群中最大的 3 個。我們希望今年明顯增加大學橄欖球；顯然，《Madden》在信封內附有該內容。

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.

我們也自然地看到了包含在即時服務號碼中的行動業務，並且我們已經談到了我們所看到的——除了投資組合合理化之外，我們預計到明年該業務的個位數增長較低。它們是我們在服務業務中看到的大型組合，目前佔 73%，最終為我們提供了靈活性和敏捷性，以便我們在未來對管道和策略目標進行分層時確定。

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，我們公司最大的區別之一實際上是我們即時服務的廣度。因此，如果你看看24 財年，當我們進入25 財年時，你會發現24 財年的核心是FC 令人難以置信的品牌重塑，以及在我們度過了世界盃年時的推出和發展。我們再次推出了《Madden》，這是一項不斷成長並達到創紀錄收入水準的直播服務。我們度過了 EA SPORTS 最盛大的一年。我認為 EA SPORTS 可能是世界上最偉大的全球綜合運動媒體品牌之一，並且肯定比競爭對手的大多數其他品牌擁有更多的粉絲。

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.

我們的《模擬市民》社群實現了兩位數的成長，遊戲的目標受眾群體非常非常不同。當我們查看數以億計的共享用戶生成的內容項目時，您會看到該即時服務正在演變為更廣泛的社區創建平台。

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 的彈性。社區情緒比上一財年增加了 29 個百分點；當我們準備好繼續發展和擴大即時服務時，我們有很好的機會。再次，正如我在準備好的發言中談到的那樣，我剛剛花了很多時間與集體《戰地》團隊一起玩他們正在構建的東西，這將是另一場巨大的現場服務。

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.

如果你真的以足球俱樂部為藍圖，並考慮跨平台、跨模式、跨商業模式、跨地域，以及將球迷擴展到傳統遊戲的範圍之外，從而創建一個真正的足球迷平台，真正擴展足球迷的規模即時服務，當我們談論建立娛樂和吸引大規模線上社群的內容和體驗時，這確實是我們策略的核心。因此，當我們思考這一點時，我們相信這使我們有別於視頻遊戲市場，尤其是娛樂市場，並且真正使我們能夠根據這些新興一代在娛樂消費的背景下尋求真正的增長。

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 (Raymond James) 的安德魯馬洛克 (Andrew Marok)。

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，也許可以在 Apex 上做一個。由於這是 2020 年的限時模式，Respawn 一直非常堅定地認為單人模式永遠不會因為玩家的強烈要求而回到 Apex，因為它不符合他們對玩家行為的看法。那麼，隨著該模式在第 21 季以限時模式回歸很長一段時間，我猜發生了什麼變化？這是您在準備好的評論中提到的更容易入職的一部分，還是您根據玩家訊號傾向於的內容？

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.

好吧，我再說一遍，我認為 Respawn 團隊已經所做的並將繼續做得非常出色，實際上是以非常透明、開放的方式與社區合作。再說一次，這是一個擁有數億玩家的令人難以置信的社區。保留率非常高。他們是一個非常有發言權的社區，而 Respawn 團隊可能比業內許多其他團隊更好，並且與該社區合作非常密切。

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、Apex 玩家個性、Apex 是一款遊戲以及 Respawn 如何廣泛服務於社群的演變。這將是這些步驟之一。但你不應該想像這就是這些步驟的總和，因為我們真正考慮的是 Apex 的擴張和模式，當我們考慮在地理基礎上進行去文化化以吸引新的、更深入參與的全球社區時。正如我們所想，當我們審視 Respawn 團隊隨著時間的推移所做的事情時，我們相信這將成為我們未來許多年即時服務業務的基石。

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，首先在行動領域，廣泛了解管道中的不同投入和承擔，但也只是試圖更好地了解該行業移動領域的潛在增長預期，EA 的市場份額預期為您可以關注該細分市場的26財年和27 財年以及其中的關鍵驅動因素。然後，如果我錯過了這一點，斯圖爾特，我很抱歉，但就 26、27 財年的前景而言，如果考慮到周圍的任何變化動態，我們應該如何考慮進入 26 和 27 年間的升級明年的競爭格局如何？

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，很好的問題。讓我從移動巨集開始。正如您之前從我們那裡聽說的，行動裝置對我們來說是一個非常重要的平台。在過去的幾年裡，我們一直專注於我們的行動業務，並在該業務領域推動有意義的盈利能力，而這並不總是該行業移動業務的傳統形式。

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，我們的預期是在未來12 個月左右的時間裡，行動市場總體上可能會實現低至中個位數的成長，但行動市場仍然是一個相當高的風險機會，需要大量的資金投入。因此，當我們將移動領域越來越長的開發週期（有時是2 到3 年）結合起來時，我們聽到市場上5 年、6 年、7 年的故事，有意義的用戶獲取支出以及一旦你進入市場就需要很長的爬坡時間。

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，鑑於其盈利能力，我們認為我們的行動業務處於非常有利的位置。我們將依靠我們圍繞 FC、Madden、The Sims 的大型線上社群 [gate] 將是移動原始的。我們還將尋找機會投資數量非常有限的行動原生遊戲，我們認為這些遊戲具有突破潛力。

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，我們基本上 - 在我準備好的發言中，我們制定了我們期望在 26 年和 27 年看到的增長範圍，因此是整個時期的增長範圍。我們透過新的非公認會計準則營業利潤率揭露來引用它，並且我們引用了我們剛剛推出的 25 平台上擴大 150 至 200 個基點的內容。因此，我們的目的是展示 26 年至 27 年的成長加速，因為我們認為成長是由核心業務的成長所驅動的——擴大玩家的獲取、參與度和保留率。

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，安德魯在電話中的回答[第二]，我們如何透過發布和我們正在進行的業務繼續擴大成長。我們正在討論的新IP將在接下來的幾年中繼續為我們提供槓桿和成長。正如我們從成本結構中看到的槓桿作用一樣，我們的投資全部與截至 26 年和 27 年的非 GAAP 營業利潤率擴張有關。

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

我們的下一個問題來自 Benchmark 公司的 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.

Andrew，您最近在一次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。我認為您舉了一個例子，其中您正在談論建立體育場等遊戲環境。你說這個過程從 6 個月縮短到 6 週，效率的提升非常令人難以置信。只是好奇您如何考慮在其他開發流程、其他遊戲、其他平台（例如行動裝置）上進一步部署人工智慧。您談到了行動開發的持續時間。也許那裡有一些效率。然後作為後續行動，只是對 SPORTS、Battlefield、Sims 等關鍵系列中的生成式 AI 和 PC 感到好奇，隨著時間的推移，你會看到其中的機會。

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。很好的問題。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有著緊密的聯繫。它是我們創建的所有遊戲的核心，在遊戲體驗的背景下複製人類智慧。但當然，當我們思考今天的生成人工智慧浪潮以及它融入通用人工智慧時，總的來說，我們還處於早期階段。但我在會議上談到的事情實際上是雙重的：一是我們如何提高效率，我使用的統計數據是我們已經從能夠建造體育場的時間從 6 個月縮短到了 6 週。我的預期是，隨著時間的推移，這個數字將繼續縮小。也許比我們的經歷更深刻——當我們建立遊戲時，我們有動畫和運行週期。因此，在《FIFA 23》中，我們有 36 個運行週期，這讓您可以在遊戲中看到人類表現的可信度。

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，我們進行了1,200 個運行週期，如此一來，我們開始增加每個玩家的個性和獨特性，並讓我們的玩家更加沉浸在遊戲中，獲得更真實的體驗，更接近他們在電視上觀看的內容在一個週日的下午。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使我們變得更有效率，如何為我們的開發人員提供更多的權力，如何給他們更多的時間並讓他們能夠更快地享受樂趣。

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.

當我們想到這一點時，我們的期望是我們有有意義的機會。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 AI 進步的正面影響。我們整個公司的團隊都在真正尋求針對這一點的執行。

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？我們如何建立一個擁有更多角色和更有趣故事情節的更大世界？如果在未來 1 到 3 年內真正開始提高效率，我們的期望是，在 3 到 5 年的時間範圍內，作為我們龐大的在線社區和轟動的故事講述的一部分，我們將能夠建立更大、更身臨其境的世界，吸引世界各地更多獨特的玩家。我們會在 3 到 5 年的時間範圍內考慮這個問題。也許在 5 年多的時間範圍內，我們會考慮如何利用我們創建的所有工具並將其提供給整個社區，以便我們能夠真正獲得新的、有趣的、創新的和不同類型的遊戲體驗再次強調，不是要取代我們所做的事情，而是要增強、增強、延伸、擴大互動娛樂的本質，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，我們擁有的一大優勢是我們擁有 40 年的數據。因此，當我考慮 1 到 3 年的效率、 3 到 5 年的擴張、 5 年時間範圍內的轉型時，實際上很有可能，我們必須將 40 年的自有數據輸入到這些模型中，我們實際上也許能夠加快這個時間框架。我想告訴你，我們的開發人員非常渴望盡快實現這一目標，因為我們的聖杯是更快地建立更大、更具創新性、更有創意、更有趣的遊戲，以便我們能夠在全球範圍內以更快的速度招待更多的人。

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，也許可以和安德魯合作2個。從大局的角度來看，如果您退後一步，我很想聽聽您對我們在整個遊戲領域不斷聽到的兩個主題的看法：一是在更傳統的AAA 遊戲中插入更動態的廣告的市場機會不同的形式以及您認為這可能是中長期收入機會的方式；其次，我們最近看到了 IP 改編從遊戲領域進入更廣泛的媒體領域的相當成功的例子。您目前對未來 IP 改編前景有何看法？

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.

讓我從你問題的第二部分開始，然後我將進入你問題的第一部分。第二部分，一段時間以來您從我們這裡聽到的是，當我們與全球玩家社群合作時，我們真正傾聽他們的需求，他們希望做的是真正與他們最喜歡的遊戲進行互動和互動事實證明，這是世界上最大的IP，其中許多都在我們的投資組合中，他們想要玩、創造、觀看和聯繫。因此，我們對未來的期望是，即使我們擴展了遊戲的定義以及您在這些互動世界的背景下可以做的事情的類型，當我們在這些世界中帶來更多的創造機會時，本身也會催生更多的觀看。

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，傳統的觀看方式是，我們製作電影，我們製作電視節目。我們期望我們會看到更多這樣的情況。但除此之外，我們預計我們將看到我們的社群在遊戲內和遊戲外發生的情況下創建的數十億小時的內容。當然，其中最重要的部分是玩家在遊戲、創造和觀看的背景下相互聯繫的能力。

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，當我們審視當前行業正在發生的事情時，我們看到這樣一個事實：遊戲 IP 現在正在電影和電視中體現，除了在互動娛樂排行榜上名列前茅之外，還在這些排行榜上名列前茅。當我們建立我們的投資組合時，我們的期望是我們將獲得這種好處。這對我們來說將是順風。但除此之外，我們確實在考慮如何在遊戲的擴展中吸引玩家，邀請他們連結、擴展、擴展和增強我們創造的世界。

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，這個常數，我們談論了僅在《FC》中觀看的數十億小時。你應該想像，這也存在於《Madden》、《模擬市民》、《戰地》和《Apex》中，但實際上是建立在深厚的社交連結之上的。像我們這樣的公司擁有獨特的能力為我們的玩家提供傳統娛樂公司所沒有的能力。

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.

再次廣泛地回答你關於廣告的問題，我認為這方面還處於早期階段。我們回顧了我們的歷史進程，在我們的遊戲體驗背景下對廣告進行了深思熟慮。但同樣，當我們考慮到花了數十億個小時來玩、創造、觀看和聯繫，並且其中大部分參與恰好在傳統遊戲體驗的範圍內時，我們的期望是廣告有機會成為我們成長的有意義的驅動力。

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?

當我們進入這個階段時，我們會非常深思熟慮，但我們公司內部的團隊現在正在研究如何在我們的遊戲體驗中進行非常深思熟慮的實作。但更重要的是，當我們開始建立社群並利用社群的力量超越我們的遊戲界線時，我們如何看待廣告作為這些類型體驗的成長動力？

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。好的，謝謝大家來到這裡，也謝謝你們提出的好問題。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，為我們帶來了令人難以置信的一年。

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，我對我們的未來感到非常興奮。我期待並期待在今年晚些時候在紐約舉行的投資者日分享更多有關我們的產品線和長期戰略的信息，以推動增長。太感謝了。

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

謝謝。今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。