美商藝電 (EA) 2025 Q1 法說會逐字稿

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Electronic Arts first-quarter fiscal year 2025 earnings conference call.

午安.我叫羅布，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 2025 財年第一季財報電話會議。

I would now like to turn the conference over to Mr. Andrew Uerkwitz, Vice President Investor Relations. Please go ahead.

現在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 first-quarter fiscal 2025 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, an audio replay of this call, and a transcript.

謝謝。歡迎參加 EA 2025 財年第一季財報電話會議。今天和我在一起的有我們的執行長安德魯威爾森 (Andrew Wilson)；以及我們的財務長 Stuart Canfield。請注意，我們的 SEC 文件和收益報告可在 ir.ea.com 上取得。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。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 Investor Day is scheduled for Tuesday, September 17, and our second-quarter fiscal year 2025 earnings call is scheduled for Tuesday, October 29. As a reminder, we post the schedule of upcoming earnings calls for the fiscal year on our IR website.

關於我們的日曆，我們的投資者日定於9 月17 日星期二，我們的2025 財年第二季財報電話會議定於10 月29 日星期二。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-K for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, July 30, 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。我們建議您參閱我們最新的表格 10-K，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。 Electronic Arts 截至今天（2024 年 7 月 30 日）做出這些聲明，並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. Hello, everyone, and good afternoon. We started our FY25 strong. We beat our net bookings guidance, and we executed across our business as we entertained and connected hundreds of millions of people around the world.

謝謝，安德魯。大家好，下午好。我們 25 財年開局強勁。我們超越了網路預訂指導，並在整個業務中執行，為世界各地數億人提供娛樂和聯繫。

Throughout Q1, we drove progress along our three strategic priorities of entertaining and engaging massive online communities, telling blockbuster stories, and harnessing the power of community in and around our games. This progress paves the way for growth in Q2 and beyond.

在整個第一季度，我們在三個策略重點方面取得了進展，即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部和周圍社群的力量。這項進展為第二季及以後的成長鋪平了道路。

I'm thankful and inspired by the continued incredible work of our fantastic teams to deliver the entertainment that our global community of players wants today and tomorrow. Our focus continues to center around entertaining more players for more time across more geographies. And we believe there are secular tailwinds in social media and sports that favor our enviable position as a company that will drive sustainable, long-term growth built across the engagement modalities of play, create, watch, and connect.

我對我們出色的團隊持續做出的令人難以置信的工作表示感謝並受到啟發，為我們的全球玩家社群提供今天和明天想要的娛樂。我們的重點仍然是在更多地區為更多玩家提供更多時間的娛樂。我們相信，社交媒體和體育領域存在長期的順風車，這有利於我們作為一家公司的令人羨慕的地位，這將推動在遊戲、創造、觀看和聯繫等參與方式上建立的可持續、長期增長。

A fundamental truth of the human experience is that people have always come together through sports to compete, collaborate, and celebrate community. Today, EA SPORTS experiences are advancing this truth through incredible authenticity, innovation, and immersion. We are becoming increasingly ingrained in the fabric of sports culture and fandom as our audiences look to us for cutting-edge ways to connect with the sport they love and to share that passion with their friends and families all year long. Sport leagues the world over trust us as a powerful, longstanding partner, as we work together to engage, entertain, and inspire fans across generations and geographies. This is a huge opportunity for our players, our partners and our stockholders.

人類經驗的一個基本事實是，人們總是透過體育走到一起來競爭、合作和慶祝社區。如今，EA SPORTS 體驗正在透過令人難以置信的真實性、創新和沈浸感來推進這一真理。我們在體育文化和體育迷中變得越來越根深蒂固，因為我們的觀眾期待我們以最先進的方式與他們喜愛的運動建立聯繫，並全年與他們的朋友和家人分享這種熱情。世界各地的運動聯盟都相信我們是強大的長期合作夥伴，我們共同努力吸引、娛樂和激勵跨世代、跨地域的球迷。這對我們的玩家、合作夥伴和股東來說都是一個巨大的機會。

We believe the lines between traditional sports consumption and interactive sports entertainment will continue to blur as hundreds of millions of fans increasingly connect with their favorite athletes, clubs, and competitions through EA SPORTS. This quarter, in EA SPORTS FC 24, our exceptional teams celebrated real-life football events on console, PC, and mobile, with UEFA EURO 2024 and CONMEBOL Copa America 2024 driving even better than expected monetization. We also released a high-quality, heart-racing title in F1 '24 as the sport's current season delivers high levels of drama and competition.

我們相信，隨著數億粉絲越來越多地透過 EA SPORTS 與他們喜愛的運動員、俱樂部和比賽建立聯繫，傳統體育消費和互動體育娛樂之間的界限將繼續模糊。本季度，在EA ​​SPORTS FC 24 中，我們傑出的團隊在遊戲機、PC 和行動裝置上慶祝了現實生活中的足球賽事，其中2024 年歐洲盃和2024 年南美洲盃的獲利表現甚至超出了預期。我們也在《F1 '24》中發布了一款高品質、扣人心弦的遊戲，因為這項運動本賽季的戲劇性和競爭性都很高。

We blurred the lines in Madden NFL 24, connecting real-life cultural events to in-game experiences with live content that fuels deeper engagement. We were onsite for the NFL draft to support the immediate inclusion of rookie players into Madden NFL 24, resulting in an expanded social experience as they played live in front of millions of fans before even stepping on the field.

我們模糊了《Madden NFL 24》中的界限，透過直播內容將現實生活中的文化活動與遊戲體驗聯繫起來，從而促進更深入的參與。我們在 NFL 選秀現場支持新秀球員立即加入《Madden NFL 24》，從而擴大了他們在上場之前就在數百萬球迷面前進行現場比賽的社交體驗。

Our teams are also engineering moments that ignite the football fan community with unique and valuable content that extends the in-game experience, like our collaboration to bring leading sports personality Pat McAfee into the game, the special Michael Vick edition, or our in-game Ring of Honor event.

我們的團隊還透過獨特而有價值的內容來設計時刻，以擴展遊戲內的體驗來點燃足球迷社區，例如我們合作將領先的體育名人帕特·邁克菲帶入遊戲、邁克爾·維克特別版或我們的遊戲內榮譽之戒活動。

These intentional experiences and live content, combined with deep and innovative gameplay, drove more time spent and increased engagement in our community and drove momentum and growth in the quarter. This speaks not just to how central the franchise is to the very fabric of American professional football but also how our games are such a unique and valuable expression of fandom that combines the authenticity of the real-world sport, deep innovation and gameplay, and creative content that energizes and engages communities, leading to further growth in our business.

這些有意的體驗和即時內容，再加上深入和創新的遊戲玩法，推動了我們在社群中花費更多時間和參與度，並推動了本季的勢頭和成長。這不僅說明了特許經營權對於美國職業橄欖球的結構有多重要，也說明了我們的遊戲如何成為球迷群體的獨特而有價值的表達，將現實世界運動的真實性、深度創新和遊戲玩法以及創意結合在一起。

As we continue to build massive online communities across our entire sports business, we are equally focused on prioritizing our owned IP across our broad entertainment portfolio, which contains some of the deepest and most relevant properties in the world. Apex Legends is an important part of our story. Q1 was largely in line with our expectations, and our commitment to evolving and learning is a foundational part of our strategy to return Apex Legends to growth.

隨著我們繼續在整個體育業務中建立大規模的線上社區，我們同樣專注於在我們廣泛的娛樂產品組合中優先考慮我們擁有的知識產權，其中包含世界上一些最深入和最相關的資產。 《Apex 英雄》是我們故事的重要組成部分。第一季基本上符合我們的預期，我們對發展和學習的承諾是我們讓《Apex Legends》恢復成長策略的基礎部分。

During the quarter, our teams continued to introduce changes to this multibillion-dollar franchise as they test and iterate in the lead-up to Seasons 22, 23, and beyond, where they will deliver even more content and bigger advancements, spread across geographies and new modes of play. We continue to engage and inspire fans across the massive Sims 4 community as we roll out more content updates to this beloved franchise.

在本季度，我們的團隊在第22 季、第23 季及以後的準備過程中進行測試和迭代時，繼續對這個價值數十億美元的系列進行更改，他們將提供更多內容和更大的進步，分佈在各個地區和地區。隨著我們為這個深受喜愛的系列推出更多內容更新，我們將繼續吸引和激勵廣大《模擬市民 4》社群的粉絲。

Q1 saw healthy engagement throughout the community with excitement building for the launch of the Lovestruck Pack as a throwback to original Sims games with classic items. We are committed to entertaining our loyal Sims 4 fans with 15-plus updates over the coming year while working on introducing multiple new experiences into the Sims universe over the coming years. We expect all of this to grow our community and deepen engagement with user-generated content serving as a growth multiplier to the franchise overall.

第一季度，整個社區都積極參與，並為推出 Lovestruck Pack 感到興奮，作為對帶有經典物品的原始模擬人生遊戲的回歸。我們致力於在未來一年內透過 15 多項更新來娛樂我們忠實的《模擬市民 4》粉絲，同時致力於在未來幾年為《模擬市民》宇宙引入多種新體驗。我們希望所有這些都能擴大我們的社區，並加深與用戶生成內容的互動，從而成為整個特許經營權的成長乘數。

As Season 7 of Battlefield 2042 wraps up, one thing is clear; each season of the game has shown our team's unique ability to listen, learn, and draw inspiration from the community to deepen connection with the franchise. Players continue to be passionate about the Battlefield franchise, which has surpassed over 25 million players over the last 12 months. The community is energized by what our teams are doing and excited for what comes next.

隨著《戰地 2042》第七季的結束，有一件事是明確的：每個賽季的比賽都展示了我們團隊獨特的傾聽、學習和從社區中汲取靈感的能力，以加深與球隊的聯繫。玩家們仍然對《戰地》系列充滿熱情，在過去 12 個月裡，該系列的玩家數量已超過 2500 萬。社區因我們團隊正在做的事情而充滿活力，並對接下來發生的事情感到興奮。

This is not just one of our top priorities, it is also one of the most ambitious projects in our history. We have brought together the very best team, coupled with the resources and technology they need to deliver an epic Battlefield experience.

這不僅是我們的首要任務之一，也是我們歷史上最雄心勃勃的項目之一。我們匯集了最優秀的團隊，以及他們提供史詩般的《戰地》體驗所需的資源和技術。

I am excited about what is to come next as we continue to make progress across our strategic priorities. As I look to Q2, our sports-packed quarter began with a bang, the successful debut of EA SPORTS College Football 25. This is a monumental moment for EA SPORTS. We are returning to a sport we love, reimagined for a new generation of platforms, breaking new ground with athletes through the world's largest single-sport NIL program, and delivering an experience that has absolutely ignited college football fans both long-time and new, around the US and across the world.

隨著我們繼續在策略重點方面取得進展，我對接下來發生的事情感到興奮。當我展望第二季度時，我們充滿體育運動的季度開始了，EA SPORTS College Football 25 成功亮相。我們正在回歸一項我們熱愛的運動，為新一代平台重新構想，透過世界上最大的單項運動 NIL 計劃與運動員一起開闢新天地，並提供絕對點燃大學橄欖球迷的體驗，無論是長期的還是新的，美國各地和世界各地。

Our multi-year journey to College Football 25 reflects the vision, leadership, and deep determination of our teams, and it is also a testament to the amazing support that we have received from universities, partners, athletes, and fans. Thank you all for helping us make this possible.

我們多年的大學橄欖球 25 之旅反映了我們團隊的遠見、領導力和堅定決心，也證明了我們從大學、合作夥伴、運動員和球迷那裡得到的驚人支持。感謝大家幫助我們實現這個目標。

This new College Football experience is an impressive creative and technological achievement. Creating 150 unique stadiums and over 11,000 player likenesses couldn't be done without EA's deep history of being a technology leader and by our incredibly passionate and talented teams harnessing the power of AI and machine learning to deliver truly amazing entertainment.

這種新的大學橄欖球體驗是一項令人印象深刻的創意和技術成就。如果沒有EA 作為技術領導者的悠久歷史，以及我們充滿熱情和才華橫溢的團隊利用人工智慧和機器學習的力量來提供真正令人驚嘆的娛樂，就不可能創建150 個獨特的體育場和超過11,000 個玩家肖像。

We are also giving players the tools to shape their own experience through Team Builder, an extensive creation and customization UGX suite that enables players to create their own teams, jersey combinations, logos, field designs, and more, and then publish and share their creations within the game. To date, we've already seen nearly 1 million teams created by our players, many of which can now be enjoyed by others in the game, deepening social connections and increasing engagement in our community.

我們還為玩家提供了透過Team Builder 塑造自己體驗的工具，Team Builder 是一個廣泛的創建和自訂UGX 套件，使玩家能夠創建自己的球隊、球衣組合、徽標、場地設計等，然後發布和分享他們的創作遊戲內。到目前為止，我們已經看到近 100 萬支由玩家創建的團隊，其中許多團隊現在可以供遊戲中的其他人使用，從而加深了社交聯繫並提高了社區的參與度。

College Football continues to elevate EA SPORTS leadership in American football by creating valuable new opportunities for sports fans. The community has embraced our groundbreaking EA SPORTS MVP Bundle of the deluxe editions of EA SPORTS College Football 25 and Madden NFL 25, demonstrating the appetite amongst core fans of the sport for both high-quality NFL and college football experiences.

College Football 為體育迷創造寶貴的新機會，並繼續提升 EA SPORTS 在美式足球領域的領導地位。社群已經接受了我們開創性的 EA SPORTS College Football 25 和 Madden NFL 25 豪華版 MVP 套裝，展示了這項運動的核心粉絲對高品質 NFL 和大學橄欖球體驗的興趣。

To further build momentum in our American football ecosystem, the 2025 edition of Madden NFL will significantly push the franchise forward. The title will deliver enhanced audio and visuals, an all-new version of FieldSENSE, and innovative physics technology, getting players even closer to the action with their favorite NFL superstars. With two unique yet complementary products in the market, this is a huge step forward in significantly growing our American football community. This is just the beginning of what we are going to be able to deliver for fans for the United States' biggest sport.

為了進一步增強我們美式足球生態系統的動力，2025 年版《Madden NFL》將大大推動該系列的發展。遊戲將提供增強的音訊和視覺效果、全新版本的 FieldSENSE 以及創新的物理技術，讓玩家更接近他們最喜歡的 NFL 超級巨星的動作。市場上有兩種獨特但互補的產品，這是顯著發展我們的美式足球社區的一大進步。這只是我們為美國最大的運動愛好者提供的服務的開端。

Following a historic brand relaunch embraced by players, fans, and partners the world over, EA SPORTS FC 25 is going to be a giant step forward. On top of the existing strength of this global franchise, we see many more opportunities to grow its reach, engagement, and impact. We are forecasting franchise growth in FY25. FC 25 will feature more innovation, as well as more realistic and authentic gameplay driven by enhanced tactical sophistication using AI and real-world footballing data.

繼受到世界各地玩家、粉絲和合作夥伴歡迎的歷史性品牌重新推出後，EA SPORTS FC 25 將向前邁出一大步。除了該全球特許經營權的現有實力之外，我們還看到了更多擴大其影響力、參與度和影響力的機會。我們預計 2025 財年特許經營業務將會成長。 FC 25 將採用更多創新，以及透過使用 AI 和真實世界足球數據增強的戰術複雜度驅動的更現實和真實的遊戲玩法。

It will also introduce an entirely new, deeply-social 5v5 experience called Rush available across all major modes in the game, and a new content capture and creation tool. In total, our entire FC platform will be a bigger, deeper set of experiences at the center of football fandom and culture of the world's game.

它還將引入一種全新的、深度社交的 5v5 體驗，稱為“Rush”，適用於遊戲中的所有主要模式，以及新的內容捕獲和創建工具。總而言之，我們的整個 FC 平台將成為足球迷和世界足球文化中心的更大、更深入的體驗。

Looking beyond the second quarter, we continue to make progress across our pipeline to deliver on our strategy. We further engaged and connected with the massive online community of skate. as we introduced fans to the lore of San Vansterdam with new gameplay revealed at Summer Game Fest.

展望第二季度之後，我們將繼續在整個管道上取得進展，以實現我們的策略。我們進一步與龐大的線上滑板社群互動和聯繫。我們在夏季遊戲節上發布了新遊戲玩法，向粉絲們介紹了聖范斯特丹的傳說。

We also unveiled the blockbuster storytelling of Dragon Age: The Veilguard, an epic experience based in an expansive world, filled with arresting visuals, and introducing a cast of diverse, complex characters, and incredible combat, all tied together by a rich single-player narrative.

我們也揭曉了《龍騰世紀：面紗衛兵》的轟動故事情節，這是一種基於廣闊世界的史詩體驗，充滿了引人注目的視覺效果，並引入了多樣化、複雜的角色和令人難以置信的戰鬥，所有這些都透過豐富的單人遊戲連結在一起敘述。

We are committed to delivering more excitement, exploration, creation, and connection for more players and fans across generations, platforms, and geographies. And we will achieve this through our passionate and talented teams, our world-class IP, and our ability to drive innovation through our deep expertise in technology, which will accelerate our innovation and our development velocity.

我們致力於為跨世代、跨平台、跨地域的更多玩家和粉絲提供更多刺激、探索、創造和聯繫。我們將透過我們充滿熱情和才華橫溢的團隊、我們世界一流的智慧財產權以及我們透過深厚的技術專業知識推動創新的能力來實現這一目標，這將加快我們的創新和發展速度。

Now, I'd like to hand it off to Stuart for a deeper dive into our business.

現在，我想將其交給 Stuart，讓他更深入地了解我們的業務。

Thanks, Andrew, and good afternoon, everyone. We've had a great start to FY25 with Q1 results beating our own expectations on both the top and bottom line as we continue to execute on our strategy and drive progress in delivering against our long-term financial framework of accelerating growth, delivering operating leverage, and increasing cash flow.

謝謝安德魯，大家下午好。我們在25 財年有了一個良好的開端，第一季的業績在營收和利潤方面都超出了我們自己的預期，因為我們繼續執行我們的策略，並在實現加速成長、提供營運槓桿的長期財務框架方面取得進展。

Foundational to this execution has been our focus investment in our talented teams to support our growth initiatives and deliver amazing experiences to our fans. Early indicators of this momentum include the outstanding reception for EA SPORTS College Football 25, the promising early signs across both EA SPORTS and Madden NFL 25 and EA SPORTS FC 25 plus the announcement of the Dragon Age: The Veilguard release in the fall. As momentum builds, we feel confident in achieving our fiscal-year guidance.

這項執行的基礎是我們對才華橫溢的團隊的重點投資，以支持我們的發展計劃並為我們的粉絲提供令人驚嘆的體驗。這一勢頭的早期跡象包括《EA SPORTS College Football 25》的出色反響、《EA SPORTS》、《Madden NFL 25》和《EA SPORTS FC 25》的早期跡象，以及《龍騰世紀：面紗衛士》將於秋季發布的消息。隨著勢頭增強，我們對實現財政年度指導充滿信心。

Now turning to our Q1 results. Our net bookings results were above our expectations as our teams delivered more content for larger audiences, resulting in greater-than-anticipated engagement and monetization in our core live services.

現在轉向我們的第一季業績。我們的淨預訂結果超出了我們的預期，因為我們的團隊為更多觀眾提供了更多內容，從而導致我們的核心直播服務的參與度和貨幣化程度超出預期。

We also initiated our previously announced enhanced stock repurchase program plan, which is projected to return $5 billion over the next three years, aligning with our progress towards achieving our long-term financial objectives. In the quarter, we saw total net bookings of $1.26 billion. As a reminder, our prior-year period benefited from more releases and a World Cup tailwind to our global football business.

我們也啟動了先前宣布的強化股票回購計劃，預計在未來三年內回報 50 億美元，與我們實現長期財務目標的進展保持一致。本季度，淨預訂總額為 12.6 億美元。提醒一下，我們去年同期受益於更多的發布和世界盃對我們全球足球業務的推動。

Full game net bookings was $168 million as we compare to three full game title releases from a year ago: Star Wars Jedi: Survivor, EA SPORTS PGA Tour, and Super Mega Baseball 4. Our live services and other net bookings was $1.09 billion, highlighted by EA SPORTS Madden NFL 24 outperformance in the quarter. The greater-than-expected results from the EA SPORTS Madden NFL 24 are a strong proof point in the power of thriving community in and around our games.

與一年前發行的三款完整遊戲《星際大戰絕地：倖存者》、EA SPORTS PGA Tour 和Super Mega Baseball 4 相比，完整遊戲淨預訂額為1.68 億美元。淨預訂額為10.9 億美元EA SPORTS Madden NFL 24 本季表現出色。 EA SPORTS Madden NFL 24 超出預期的結果有力地證明了我們的遊戲及其周邊社區蓬勃發展的力量。

During the quarter, we saw sustained momentum late in the title cycle with both weekly averages [users] in Ultimate Team and total net bookings up double digits year over year. As Andrew spoke to earlier, our intentional focus on delivering fun gameplay, real-world connection, and compelling live content year-round is foundational to driving deeper engagement and expanding our communities as we build platforms in and around our games.

在本季度，我們看到了冠軍週期後期的持續勢頭，Ultimate Team 的周平均[用戶]和總淨預訂量同比都增長了兩位數。正如安德魯之前所說，我們全年致力於提供有趣的遊戲玩法、現實世界的聯繫和引人入勝的直播內容，這是我們在遊戲內和遊戲周圍構建平台時推動更深入的參與和擴大社區的基礎。

Apex Legends' year-over-year decline improved sequentially and came in line with our expectations. The team remains focused on investing behind and delivering against a year-long strategy of meaningfully updating the experiences in Seasons 22, 23, and beyond.

《Apex Legends》的年減幅環比有所改善，符合我們的預期。該團隊仍然專注於投資和實施為期一年的策略，以有意義地更新第 22 季、第 23 季及以後的體驗。

Turning to the EA SPORTS FC franchise. Results came in better than expected but down for the quarter against double-digit growth in the prior-year period, which benefited from tailwinds relating to the World Cup. It's worth noting that like today, our new EA SPORTS FC franchise is up mid-single digits versus the prior version.

轉向 EA SPORTS FC 特許經營權。業績優於預期，但與去年同期的兩位數成長相比，本季業績有所下降，這得益於世界盃相關的利好因素。值得注意的是，就像今天一樣，我們的新 EA SPORTS FC 特許經營權比之前的版本上漲了中個位數。

EA SPORTS FC Mobile delivered a record Q1 net bookings result benefiting from double-digit growth in spender acquisition as a result of gameplay improvements and real-life events. FC Mobile is the blueprint for our mobile strategy grounded in leveraging the expanded access points offered by the mobile platform to continue to grow our largest franchises.

EA SPORTS FC Mobile 第一季淨預訂量創歷史新高，得益於遊戲玩法改進和現實生活中的活動帶來的消費者獲取量實現兩位數增長。 FC Mobile 是我們行動策略的藍圖，其基礎是利用行動平台提供的擴展存取點來繼續發展我們最大的特許經營權。

On a GAAP basis, we delivered Q1 net revenue of $1.66 billion, down 14% year over year. As a reminder, year-over-year declines were driven primarily by slate timing of full game releases. GAAP operating expenses were $1.03 billion, up 2% year over year, primarily driven by focused investments in teams supporting our largest growth opportunities. As a result, earnings per share was $1.04.

以 GAAP 計算，我們第一季淨收入為 16.6 億美元，年減 14%。需要提醒的是，同比下降主要是由於完整遊戲發布的時間表造成的。 GAAP 營運費用為 10.3 億美元，年成長 2%，主要是由於對支持我們最大成長機會的團隊進行重點投資所推動的。結果，每股收益為 1.04 美元。

We delivered operating cash flow of $120 million in the quarter. On a trailing 12-month basis, free cash flow is $1.86 billion, up 3% year over year. In the first quarter, we returned $425 million to stockholders through stock buybacks and dividends, a 13% year-over-year increase as we implemented our new stock repurchase program.

本季我們實現了 1.2 億美元的營運現金流。過去 12 個月的自由現金流為 18.6 億美元，較去年同期成長 3%。第一季度，我們透過股票回購和股息向股東返還 4.25 億美元，由於我們實施了新的股票回購計劃，年增 13%。

Now, turning to guidance. Q2 is an action-packed EA SPORTS quarter, with one successful launch down and two of our biggest launches in Madden NFL 25 and FC 25 coming up. We are also releasing new experiences in some of our largest franchises, like Season 22 for our Apex Legends fans. These efforts underpin our expectation to deliver our largest Q2 net bookings quarter in our history.

現在，轉向指導。第二季度是 EA SPORTS 的一個充滿動感的季度，我們成功發布了一款遊戲，並且即將推出兩款最大的遊戲《Madden NFL 25》和《FC 25》。我們還在一些最大的系列中發布了新體驗，例如為 Apex Legends 粉絲提供的第 22 季。這些努力鞏固了我們實現史上最大的第二季淨預訂的預期。

Let me break down some of the assumptions that are incorporated into our guidance. First, we have seen an incredible start to EA SPORTS College Football 25 with record week-one engagement for our sports franchises in North America and positive Ultimate Team momentum. We are only 11 days post-launch, but we are very excited about the opportunity to significantly grow our American football community.

讓我來分解一下納入我們指南的一些假設。首先，我們看到 EA SPORTS College Football 25 取得了令人難以置信的開局，我們在北美的體育特許經營商的第一周參與度創紀錄，並且終極團隊的積極勢頭。距離發布僅 11 天，但我們對有機會大幅發展我們的美式足球社群感到非常興奮。

Second, we look forward to the launch of EA SPORTS Madden NFL 25, as we continue to deliver a differentiated and outstanding NFL experience following a record-setting EA SPORTS Madden NFL 24. Third, we expect a strong launch to EA SPORTS FC 25 at the end of the quarter, setting up the franchise to grow over EA SPORTS FC 24 for the full year, with new ways to play, tactical improvements, and a revamped social experience expected to drive healthy engagement in our largest community.

其次，我們期待 EA SPORTS Madden NFL 25 的推出，繼創紀錄的 EA SPORTS Madden NFL 24 之後，我們將繼續提供差異化本且出色的 NFL 體驗。季度末，該系列將在全年超過EA SPORTS FC 24，透過新的遊戲方式、戰術改進和改進的社交體驗，預計將推動我們最大社區的健康參與。

Fourth, we remain prudent in our approach to Apex Legends as the team introduces new innovations and game mechanics to the community with Season 22. And lastly, if rates remain unchanged, we expect minimal impact from FX.

第四，我們對《Apex 英雄》的態度保持謹慎，因為團隊在第 22 季中向社群引入了新的創新和遊戲機制。

As a result of these assumptions, we expect Q2 net bookings of $1.95 billion to $2.05 billion, up 7% to up 13% year-over-year, or up 8% to up 13% in constant currency. For the second quarter, we expect GAAP net revenue of $1.9 billion to $2 billion and cost of revenue to be $420 million to $450 million. We expect GAAP operating expenses in Q2 to be between $1.19 billion and $1.2 billion, up 10% to 11% year over year, driven primarily by restructuring-related charges and continued investment behind our long-term growth opportunities.

基於這些假設，我們預計第二季淨預訂量為 19.5 億美元至 20.5 億美元，年增 7% 至 13%，或以固定匯率計算成長 8% 至 13%。對於第二季度，我們預計 GAAP 淨收入為 19 億美元至 20 億美元，收入成本為 4.2 億美元至 4.5 億美元。我們預計第二季的 GAAP 營運費用將在 11.9 億美元至 12 億美元之間，年增 10% 至 11%，這主要是由重組相關費用以及我們長期成長機會背後的持續投資所推動的。

We expect earnings per share to be approximately $0.76 to $0.93. As a reminder, we benefited from a $92 million one-time tax benefit recognized in the year-ago period, and we expect to incur $65 million in restructuring charges related to our February restructuring event.

我們預計每股收益約為 0.76 至 0.93 美元。提醒一下，我們受益於去年同期確認的 9,200 萬美元一次性稅收優惠，並且我們預計將產生與 2 月份重組事件相關的 6,500 萬美元重組費用。

Now, turning to the full year. To date, our execution has been strong, and we expect our momentum to continue as we have seen fantastic player response across EA SPORTS branded titles. We are excited about our upcoming FY25 slate, including EA SPORTS titles, Madden NFL 25, and FC 25, and Dragon Age: The Veilguard.

現在，轉向全年。迄今為止，我們的執行力一直很強勁，我們預計我們的勢頭將繼續下去，因為我們看到 EA SPORTS 品牌遊戲的玩家反應非常好。我們對 2025 財年即將推出的遊戲感到非常興奮，包括 EA SPORTS 遊戲、Madden NFL 25、FC 25 以及 Dragon Age: The Veilguard。

We remain focused on executing these title releases and delivering our core live services. As a result, we are reaffirming our fiscal year 2025 net bookings guidance range of $7.3 billion to $7.7 billion, [down 2% to up 4%] year over year. We are reaffirming our guidance for our other full-year metrics.

我們仍然專注於執行這些遊戲的發布並提供我們的核心即時服務。因此，我們重申 2025 財年淨預訂指引範圍為 73 億美元至 77 億美元，年減 2% 至成長 4%]。我們重申對其他全年指標的指導。

Our first-quarter results are a testament to our incredible brands and our talented teams, who are delivering experiences that continue to grow and engage our communities through innovative and interactive experiences. We saw this execution in our ability to sustain EA SPORTS Madden NFL 24 momentum through the quarter, deliver healthy engagement in our global football business, and continue to improve our mobile business, which remains an important entry point for our largest franchises.

我們第一季的業績證明了我們令人難以置信的品牌和才華橫溢的團隊，他們正在提供不斷發展的體驗，並透過創新和互動體驗吸引我們的社群。我們看到了這種執行力，我們有能力在整個季度維持EA SPORTS Madden NFL 24 的勢頭，在我們的全球足球業務中提供健康的參與，並繼續改善我們的行動業務，這仍然是我們最大的特許經營權的重要切入點。

Looking forward, we expect to continue to invest with sharpened focus behind our three strategic pillars as we position ourselves for accelerated growth in FY26 and beyond. Our teams look forward to sharing more on our long-term growth opportunities and initiatives at our Investor Day on September 17.

展望未來，我們預計將繼續集中投資於我們的三大戰略支柱，為 2026 財年及以後的加速成長做好準備。我們的團隊期待在 9 月 17 日的投資者日上分享更多有關我們長期成長機會和舉措的​​資訊。

Now, I'll hand it back to Andrew.

現在，我將把它交還給安德魯。

Thanks, Stuart. Our strong Q1 demonstrated the determination of our teams and the resiliency of our business. Traditional entertainment is being challenged as consumer preferences change and technology continues to disrupt business models.

謝謝，斯圖爾特。第一季的強勁表現證明了我們團隊的決心和業務的彈性。隨著消費者偏好的變化和技術不斷顛覆商業模式，傳統娛樂正在受到挑戰。

We are in a fundamentally different position. We have already navigated our shift in distribution. Consumption is only growing and becoming more concentrated in our franchises, and we are unlocking new business models. 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 a massive player network. With these enviable strengths, we are well positioned to grow the industry and increase our market share.

我們的處境根本不同。我們已經完成了分銷的轉變。消費只會成長，並且越來越集中在我們的特許經營中，我們正在解鎖新的商業模式。憑藉卓越的創意人才、製作實力、包括 EA SPORTS 在內的廣泛的令人難以置信的 IP 組合以及龐大的玩家網絡，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。

And now Stuart and I will take your questions.

現在史都華和我將回答你們的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. Maybe two bigger-picture ones, if I can. You've talked a lot in the last year about how Madden had become more global in scope. Can you talk a little bit about how you plan on building on that momentum with Madden as a franchise as we look out over the next 12 to 18 months to continue to build scale from a global perspective?

非常感謝您提出問題。如果可以的話，也許有兩個更大的圖景。去年，您多次談到《Madden》如何在全球變得更加全球化。您能談談您計劃如何透過《Madden》系列來鞏固這一勢頭嗎？

And the second question would be on EA FC. Obviously, last year was an interesting year, because you were moving the brand around and having to execute against that. What are some of the key learnings from the rebranding exercise you went through 12 months ago that are sort of informing how you also continue to build scale around EA FC and how the product might change in the years ahead? Thanks so much.

第二個問題是關於 EA FC 的。顯然，去年是有趣的一年，因為你正在改變品牌並必須執行它。您從 12 個月前的品牌重塑活動中獲得了哪些重要經驗，這些經驗可以告訴您如何繼續圍繞 EA FC 擴大規模，以及該產品在未來幾年可能會發生怎樣的變化？非常感謝。

Okay. There's a lot in there. Two great questions on. First, let me touch on Madden. I think as you reference global, you think about international geographies, and certainly, we're pushing hard there. And the NFL is doing an incredible job of building a fan base internationally. They're doing more and more games internationally every year. Our athletes are leaning into their fan bases internationally every year.

好的。裡面有很多東西。兩個很好的問題。首先，讓我談談《麥登》。我認為當你提到全球時，你會想到國際地理，當然，我們正在努力推動這個領域。 NFL 在建立國際球迷基礎方面做得非常出色。他們每年都會在國際上製作越來越多的遊戲。我們的運動員每年都在向國際粉絲群傾斜。

But as we think about Madden growth, it's not just about geographic growth. It is about demographic growth. It is about platform growth and ultimately will be growth driven by new and interesting business models.

但當我們思考《Madden》的成長時，它不僅僅與地域成長有關。這是關於人口增長。它與平台成長有關，最終將是由新的、有趣的商業模式驅動的成長。

And so as you look at our Madden experiences broadly, while we've continued to build out modalities for the core and to ensure that we continue to fulfill the needs and motivations of our core players who've been with us for many, many years, a lot of what you're also starting to see, including new modes that we brought in in recent years are attracting new younger players. You also see what we're doing with Madden Mobile and the constant evolution of that franchise in its mobile incarnation.

因此，當您廣泛審視我們的《Madden》體驗時，我們會繼續為核心構建模式，並確保我們繼續滿足與我們合作多年的核心玩家的需求和動機，你也開始看到很多東西，包括我們近年來來引入的新模式，正在吸引新的年輕玩家。您還可以看到我們在《Madden Mobile》上所做的事情以及該系列在行動版本中的不斷發展。

As we look forward, we do think about this. We think that the combination of Madden plus College will overall grow our football community. We're already seeing that this year with the start of College Football in Q2. We think that brings in both younger players and new players that either have never played Madden or have not played Madden for a couple of years.

當我們展望未來時，我們確實會考慮這個問題。我們認為 Madden 和 College 的結合將全面發展我們的足球社區。隨著今年第二季大學橄欖球賽的開始，我們已經看到了這一點。我們認為這會帶來年輕玩家和從未玩過《Madden》或幾年沒有玩《Madden》的新玩家。

You'll see us invest meaningfully in new modalities of play that are really interesting, particularly in a social connection context for these new younger fans that are coming into our football experiences. You'll see us start to develop more and more modalities of play across devices, including mobile. And over the course of time, you should also expect us to branch into new and different business models that we expect will expand our audience.

你會看到我們對真正有趣的新比賽方式進行了有意義的投資，特別是在為這些即將進入我們足球體驗的新年輕球迷提供的社交聯繫環境中。您將看到我們開始開發越來越多的跨裝置（包括行動裝置）的遊戲方式。隨著時間的推移，您也應該期待我們開拓新的、不同的商業模式，我們希望這些模式能擴大我們的受眾。

This is the biggest game in this country by a wide margin, i.e., American football, both in the context of college and the NFL. We know the sport is growing internationally by virtue of access that fans have to the sport now through cable and streaming. And we know that our games, both EA SPORTS College Football 25 and the upcoming Madden 25 are a meaningful way that fans around the world get to come and experience their fandom, share their fandom with their friends, and grow their fandom over time. And so our expectation is that this is just the first step in how we grow our football community.

這是這個國家最大的比賽，即美式足球，無論是在大學還是在 NFL 中。我們知道，由於球迷現在可以透過有線電視和串流媒體觀看這項運動，這項運動正在國際上發展。我們知道，我們的遊戲《EA SPORTS College Football 25》和即將推出的《Madden 25》都是一種有意義的方式，讓世界各地的粉絲可以來體驗他們的粉絲群體，與朋友分享他們的粉絲群體，並隨著時間的推移擴大他們的粉絲群。因此，我們的期望是，這只是我們發展足球社區的第一步。

To get to your second part on EA SPORTS FC, again, I was just wanted to thank our teams again across development, marketing, our many license partners, the many athletes that form the recenter of that game. It was truly an extraordinary relaunch of that franchise and has put us in a position to grow.

再次回到 EA SPORTS FC 的第二部分，我只是想再次感謝我們的開發團隊、行銷團隊、我們的眾多授權合作夥伴以及構成該遊戲最新成員的眾多運動員。這確實是該系列的一次非凡的重新推出，並使我們能夠成長。

And as we went through that transformation and we talk to you about that, we talked about our ability to expand game play into areas they were otherwise unable to do. We talked about expanding the commercial relationships with big global sports brands that we're unable to work with.

當我們經歷這種轉變並與您談論這一點時，我們談論了我們將遊戲玩法擴展到他們無法做到的領域的能力。我們討論了擴大與我們無法合作的全球大型運動品牌的商業關係。

We talked about expanding beyond the bounds of traditional play, i.e., doing things with our fans that are outside the 11-on-11 game. And so we've got 5-on-5 that's coming into FC this year. And we talked about moving much, much faster in the context of how we develop and evolve the experience over time.

我們討論了超越傳統比賽的範圍，即與球迷一起做 11 對 11 比賽之外的事情。所以今年我們將在 FC 中推出 5 對 5 的比賽。我們討論了在我們如何隨著時間的推移開發和發展體驗的背景下，更快地前進。

And so many of those lessons were learned through that process. Our objective was to do more in game. Our objective was to do more with commercial partners. Our objective was to do more beyond the bounds of the game, and our objective was to move really, really quickly at the speed of the cultural evolution that is happening in our world. And I would say our teams did an extraordinary job in doing that.

透過這個過程我們學到了很多教訓。我們的目標是在遊戲中做得更多。我們的目標是與商業合作夥伴一起做更多事情。我們的目標是做更多超出遊戲範圍的事情，我們的目標是真正非常快地跟上我們世界正在發生的文化進化的速度。我想說我們的團隊在這方面做得非常好。

And much of the learning we got was that we're headed in exactly the right direction. So as you look at FC this year, we are expanding modalities of play. As you look at the many things we're doing with new commercial partners that are expanding what people can do inside the game and outside the game -- and later this year, you'll see us do more and more beyond the bounds of the game. We're going to talk more about that at our Investor Day in September.

我們得到的大部分教訓是，我們正朝著正確的方向前進。因此，當你看看今年的 FC 時，我們正在擴展比賽方式。當你看到我們與新的商業合作夥伴正在做的許多事情時，這些事情正在擴展人們在遊戲內和遊戲外可以做的事情- 今年晚些時候，你會看到我們做的事情越來越多，超出了遊戲的範圍。我們將在九月份的投資者日上更多地討論這一點。

But the biggest thing we've been able to do since the rebrand is just move much, much faster. And I know that is great for our teams, but more importantly, that's really, really good for our players globally.

但自品牌重塑以來，我們能做的最重要的事情就是行動得更快。我知道這對我們的球隊來說很棒，但更重要的是，這對我們全球的球員來說真的非常好。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Hi, everybody, thanks for taking the questions. I guess sticking with American football for a little bit here, when we think about Ultimate Team for the College Football game, is there any potential for cannibalization of Madden Ultimate Team just as a function of how successful College Football has been with those 5 million players in the game?

大家好，感謝您提問。我想在這裡繼續關注美式足球，當我們考慮大學橄欖球比賽的 Ultimate Team 時，Madden Ultimate Team 是否有可能被蠶食，就像大學橄欖球在這 500 萬球員中取得的成功一樣在遊戲裡？

Obviously, you can buy a copy of each game relatively easily, but in hours spent in College Football Ultimate Team is an hour that you can't spend in Madden Ultimate Team. So how should we expect those two to interact? Is there potential for cannibalization? That's question one.

顯然，您可以相對輕鬆地購買每場比賽的副本，但在《College Football Ultimate Team》中花費的時間是您在《Madden Ultimate Team》中無法花費的一個小時。那我們該如何期望這兩者相互作用呢？是否存在蠶食的潛能？這是問題一。

And then question two is just you called out AI and ML efficiencies in the process of developing the College Football game. I'm wondering if there's anything that you'd call out in particular where you were able to speed up a process or do something faster, higher level of quality, because of some of those applications of AI? Thank you.

第二個問題是您在開發大學橄欖球比賽的過程中提到了人工智慧和機器學習的效率。我想知道您是否會特別指出，由於人工智慧的某些應用，您能夠加快流程或更快、更高品質地完成某些事情？謝謝。

Great questions. First, let me touch on the Madden plus College. Again, as we went into this, as we looked to reinvent and relaunch College Football after over a decade, a few things are true. One is there's more football fans broadly in this country than there has ever been.

很好的問題。首先，讓我來談談《Madden plus College》。再說一遍，當我們進入這個話題時，當我們希望在十多年後重新發明和重新啟動大學橄欖球時，有一些事情是正確的。一是這個國家的球迷比以往任何時候都多。

Two, College Football in and of itself has grown dramatically since we were in the marketplace with the game over 10 years ago. And the combination of those two things led us to believe that these two products or these two services would be complementary in nature and that in fact, College would bring in new players to the overall community and actually bring players back who hadn't been with us for some time.

第二，自從十多年前我們將這項運動推向市場以來，大學橄欖球本身就已經取得了巨大的發展。這兩件事的結合使我們相信這兩種產品或這兩種服務在本質上是互補的，事實上，學院將為整個社區帶來新玩家，並實際上把那些沒有加入過的玩家帶回來。

It's very early, but I would tell you our thesis has so far been proven correct. We have grown the community overall. There's been a meaningful percentage of players who have come in through the college experience, are new to us, or haven't been with us for over two years.

現在還很早，但我想告訴你，我們的論文到目前為止已被證明是正確的。我們整體發展了社區。有很大比例的球員是透過大學經驗進來的，對我們來說是新人，或者已經兩年多沒有加入我們了。

And the second thing is that the MVP Bundle, the combination of Madden and College as a pre-order, performed ahead of our expectations and is doing really, really well. And while pre-orders are an imperfect metric, they are typically directionally sound. And that would suggest to us that the broad complementary nature of College plus Madden is proving out.

第二件事是 MVP 捆綁包（《Madden》和《College》的預購組合）的表現超出了我們的預期，並且表現非常非常好。雖然預訂量是一個不完美的指標，但它們通常是有方向性的。這向我們表明，《College》和《Madden》的廣泛互補性正在得到證明。

As it relates to Ultimate Team specifically, one of the things that our teams have done really well is actually think through, what does it mean for a player who plays both College and plays Madden, and how do we give them value across both of those gameplay experiences? And ultimately, how do we make those experiences greater than the sum of their parts? Again, we're coming into the Madden season off the back of an incredibly strong Madden 24, incredibly strong engagement in the off-season -- in the traditional football off-season, which for us typically is demonstrative of good forward progress against the next iteration.

因為它與 Ultimate Team 特別相關，我們的團隊做得非常好的事情之一實際上是思考，這對於既玩大學又玩 Madden 的玩家意味著什麼，以及我們如何在這兩個方面賦予他們價值遊戲體驗？最終，我們如何讓這些體驗大於各個部分的總和？再說一次，我們在《Madden 24》令人難以置信的強大背景下進入《Madden》賽季，在休賽期的參與度令人難以置信——在傳統的足球休賽期，這對我們來說通常表明我們在對抗下一次迭代。

Madden 25 is going to be the best Madden we've ever made. I know I say that every year, but the teams continue to outdo themselves, including a whole bunch of new modes and new ways to play combined with a whole new set of players that have come into the community through College Football that will be providing a path -- if they haven't already bought the MVP Bundle -- a path from College into Madden and building gameplay experiences that are not only complementary from the ability to purchase both but are complementary from the ability to experience both.

《Madden 25》將是我們製作過的最好的《Madden》。我知道我每年都會這麼說，但球隊不斷超越自己，包括一大堆新模式和新比賽方式，以及通過大學橄欖球進入社區的全新球員，這將提供路徑——如果他們還沒有購買MVP 捆綁包——一條從大學到Madden 的路徑，並建立遊戲體驗，這些體驗不僅與購買兩者的能力互補，而且與體驗兩者的能力互補。

And so again, it's early days in our Q2. College is off to an incredible start. Pre-orders in Madden are off to a really strong start. Our expectation of the two will be complementary over time.

再說一遍，現在還處於第二季的早期階段。大學有了一個令人難以置信的開始。 《Madden》的預購開局非常強勁。隨著時間的推移，我們對兩者的期望將是互補的。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Great. Thank you. So fiscal 1Q came in ahead of your expectations, and fiscal 2Q guidance also seem stronger than where the Street was prior to today. Can you just help us think through why we didn't see that flow through to the full-year outlook? And is it fair to say you were trending toward the higher end of your prior range?

偉大的。謝謝。因此，第一財季的表現超出了您的預期，第二財季的指引似乎也比華爾街今天之前的預期更強。您能否幫助我們思考為什麼我們沒有看到這一點滲透到全年展望？可以公平地說，您正趨向於先前範圍的高端嗎？

And you also cited strong soccer performance contributing to the fiscal 1Q beat -- recognized it was towards the end of the quarter, but can you help us size the uplift you think Copa and EURO provided and might not repeat as we look forward. Thank you.

您還提到了強勁的足球表現對第一財季的業績做出了貢獻——承認那是在本季度末，但您能否幫助我們衡量您認為美洲杯和歐洲杯帶來的提升，但我們期待的可能不會重複。謝謝。

Hi, Chris. Thanks for the questions. Just stepping back, I think, yes, we're building great momentum when we think about the guidance coming out of Q1. We just talked a little bit at length around Q2 with Andrew's commentary a second ago on how we're thinking about framing up the quarter. We've also reflected the continued progress we're seeing and the momentum we're building and the return to growth by default of that guide range inside of Q2.

嗨，克里斯。感謝您的提問。退一步來說，我認為，是的，當我們考慮第一季的指導時，我們正在建立巨大的勢頭。我們剛剛就第二季度的情況進行了一些詳細的討論，安德魯在一秒鐘前發表了評論，討論了我們如何考慮如何建立本季。我們還反映了我們所看到的持續進展、我們正在建立的勢頭以及在第二季度內默認恢復增長的指導範圍。

And also I think, it's reflective of the momentum that we're building as we deliver on the long-term financial framework we're laying out, which accelerated growth, increasing operating leverage and driving cash back to shareholders. We think inside of Q2 -- obviously, we reflected the combination of an aggregate growth in football. We do believe FC -- although only having one week inside the quarter -- does continue to grow on live services. And we'll assess where full game goes as we tackled the transition last year and brought players into the game upfront.

我還認為，這反映了我們在實現我們正在製定的長期財務框架時所建立的勢頭，該框架加速了增長，提高了營運槓桿並將現金返還給股東。我們認為第二季的內部——顯然，我們反映了足球整體成長的結合。我們確實相信 FC（儘管本季只有一周）的直播服務確實會繼續成長。當我們去年解決了過渡問題並讓玩家提前進入遊戲時，我們將評估整個遊戲的發展方向。

We are being prudent and pragmatic around how we see Apex over the first six weeks and the last six weeks of Season 21 as we head into Season 22. And that's the first time that we've seen two American football titles launch in the same quarter as you think about both the sales curve of College over the next sort of two to five weeks and secondly, how we see players engage in time, both between Madden and College as we weigh out the Q2 guide.

當我們進入第22 賽季時，我們對《Apex》在第21 賽季的前六週和最後六週的看法持謹慎和務實的態度。推出當你考慮《College》在接下來的兩到五週內的銷售曲線時，其次，當我們權衡第二季度指南時，我們如何看待玩家在《Madden》和《College》之間的時間投入。

As we think about the full year, I'm reiterating -- obviously, we're literally four months into the year -- we have both Madden FC and Dragon Age still ahead of us. We do expect by phasing to continue to show growth in and build growth out through the full year. But obviously, we'll look to come back in our next earnings once we get through those major release at this point.

當我們考慮全年時，我重申——顯然，今年已經過去四個月了——我們還有《Madden FC》和《龍騰世紀》。我們確實預計全年將分階段繼續呈現成長並建構成長。但顯然，一旦我們完成了這些主要發布，我們將在下一次收益中回歸。

Cory Carpenter, JP Morgan.

科里·卡彭特，摩根大通。

Great. Thanks for the question. Wanted to ask about the video game actor strike. How would you frame the potential risk of disruption to the business broadly in the near term? And then specifically at what point could this start to have an impact on your release schedule? Thank you.

偉大的。謝謝你的提問。想問一下電玩演員罷工的事。您如何界定近期業務普遍中斷的潛在風險？那麼具體在什麼時候這會開始對您的發佈時間表產生影響？謝謝。

So let me first say we deeply value our talented actors, who are an important part of the work we do to deliver the incredible entertainment experiences that our players enjoy around the world. We're working very closely -- this is not an EA-specific situation; this is an industry-specific situation -- and we're working diligently to negotiate at the table.

首先我要說的是，我們非常重視才華橫溢的演員，他們是我們為世界各地的玩家提供令人難以置信的娛樂體驗的工作的重要組成部分。我們正在非常密切地合作——這不是 EA 特有的情況；這是一個行業特有的情況——我們正在努力進行談判。

The way it works now in terms of our product, specifically, is that the strike is limited to games commencing production after September 2023, including live service games. So we don't expect any near-term disruption to any of the games we have in development, any of the live services we're currently running on.

具體來說，現在就我們的產品而言，罷工僅限於 2023 年 9 月之後開始製作的遊戲，包括即時服務遊戲。因此，我們預計我們正在開發的任何遊戲以及我們目前正在運行的任何即時服務不會在短期內受到任何干擾。

That being said, we're committed to continue to bargain in good faith and are hopeful that the parties can expediently resolve our issues at the bargaining table. But we're not anticipating any significant short-term impact at EA.

話雖如此，我們致力於繼續真誠地進行談判，並希望各方能夠在談判桌上迅速解決我們的問題。但我們預期 EA 不會產生任何重大的短期影響。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Thanks for taking my questions. Two, if I could, please. First, can you remind us of some of the factors that go into the decision to release or not to release a game on both previous gen and current gen consoles and how those factors maybe are set up for your big five franchises? Maybe thinking of College Football on Gen 9 only and Madden on Gen 8 and Gen 9, but some features only on Gen 9. Thanks.

感謝您回答我的問題。兩個，如果可以的話，請。首先，您能否提醒我們一些決定在上一代和當前一代遊戲機上發布或不發布遊戲的因素，以及如何為您的五大系列遊戲設定這些因素？也許只考慮第 9 代上的《大學橄欖球》和第 8 代和第 9 代上的《Madden》，但某些功能僅適用於第 9 代。

It's not a perfect science, I would say. On balance, it comes down to where we expect the player base to show up at a scale that makes supporting the platform make financial sense for us. It is not a zero cost to support each generation of platform. And typically, as we think about where the player communities are showing up at the greatest level, that's where we're supporting those platforms.

我想說，這不是一門完美的科學。總的來說，這取決於我們期望玩家群體的規模，讓支持該平台對我們來說具有經濟意義。支援每一代平台並不是零成本。通常，當我們考慮玩家社群在哪裡表現出最高水準時，這就是我們支持這些平台的地方。

Typically what has happened is our larger franchises have had more dispersed platform engagement by virtue of the fact that they are more geographically diverse, and different geographies evolve at different rates across those platform generations. Many of the smaller franchise or the franchises that don't represent our biggest, those plays typically are migrating much more quickly to new platforms.

通常發生的情況是，我們較大的特許經營商擁有更加分散的平台參與度，因為它們在地理上更加多樣化，並且不同地區在這些平台上以不同的速度發展。許多較小的特許經營權或不代表我們最大的特許經營權的特許經營權通常會更快地遷移到新平台。

And as you think about a property like College in particular, something that hasn't been on the platforms for the last 10 years, we really made the decision to be forward-looking on that and really developing -- the team worked incredibly hard on College. And if you've read any of the reviews on College, what they've been able to do on these new platforms is truly extraordinary, and the uptake that we've seen across the new platforms would suggest that the platform decisions we made were the right ones.

尤其是像 College 這樣的資產，在過去 10 年裡一直沒有出現在平台上，我們真的決定在這方面保持前瞻性並真正開發——團隊非常努力地工作大學。如果您讀過 College 上的任何評論，您會發現他們在這些新平台上所做的事情確實非常出色，而且我們在新平台上看到的採用率表明我們所做的平台決策是正確的。

There was a question earlier around AI as it related to College, and the reality is we had an incredible team working on this, but we had to get 11,000 new star player heads into the game. For those that don't track our industry or track our sports games in particular, we typically, in any given year, will develop about 500 to 1,000 star heads inside of one of our games. And over the course of a platform generation, through the hand tooling of that, we ultimately fill out the full roster of star heads in our games. And of course, there were ebbs and flows in that.

早期有一個關於人工智慧的問題，因為它與大學有關，而現實是我們有一支令人難以置信的團隊致力於此，但我們必須讓 11,000 名新的明星玩家參與遊戲。對於那些不追蹤我們的行業或特別追蹤我們的體育比賽的人，我們通常會在任何一年中在我們的遊戲中培養大約 500 到 1,000 個明星頭像。在平台世代的過程中，透過手工工具，我們最終填寫了遊戲中的完整明星名單。當然，其中也有潮起潮落。

But as we were launching College on a new generation of platforms to a new generation of fans with the world's largest single sport NIL deal, where image was a really important part of the process, getting 11,000 star heads into the game was a top priority for us. The reality is our teams are incredible and built workflows to facilitate that, but they were amplified and accelerated through AI and machine learning.

但是，當我們透過全球最大的單項運動 NIL 協議在新一代平台上向新一代粉絲推出 College 時，形像是整個過程中非常重要的一部分，因此讓 11,000 名明星參與遊戲是我們的首要任務。現實是，我們的團隊非常出色，並建立了工作流程來促進這一點，但它們透過人工智慧和機器學習得到了放大和加速。

And we were able to take in a whole plethora of photo imagery across 11,000 players and build workflows out where AI and machine learning would generate head and our very talented artists would be able to come in and touch up and enhance those heads versus having to go through the full head development programs. In the absence of AI we simply would not have been able to deliver College Football at the level we did, even though we've given the team many, many years in development.

我們能夠接收 11,000 名玩家的大量照片圖像，並建立工作流程，人工智慧和機器學習將生成頭部，我們非常有才華的藝術家將能夠介入並修飾和增強這些頭部，而不必離開通過完整的頭部開發計劃。如果沒有人工智慧，我們根本無法提供我們所達到的大學橄欖球水平，儘管我們已經為球隊投入了很多很多年的發展時間。

And so to answer both of those questions, typically, when we think about past gen versus future gen, it comes down to geographic dispersion and it comes down to community dispersion, and it comes down to where we think the greatest game play will happen. And as it relates to College specifically, it was a decision that we made because we were really building the franchise for the future. It was the first time we had done it in 10 years and the level of gameplay and the level of visual fidelity that we did was a combination of many years of work of our incredible teams amplified and accelerated by AI, something that we just wouldn't have been able to do as little as two or three years ago.

因此，為了回答這兩個問題，通常，當我們考慮上一代與未來一代時，這取決於地理分散性和社區分散性，以及我們認為最偉大的遊戲將發生在哪裡。因為它與大學具體相關，所以這是我們所做的決定，因為我們確實是在為未來打造特許經營權。這是我們10 年來第一次做到這一點，我們所做的遊戲水平和視覺保真度水平是我們令人難以置信的團隊多年工作的結合，透過人工智慧放大和加速，這是我們不願意做的事情。

Really helpful. Thank you for the detail. And if I could sneak one in, I got to ask my quarterly Apex question. Wanted to touch on that player reception to the Apex Battle Pass changes. I guess what does that reaction say about the Apex players' ability to bear further monetization? And how does it kind of inform your approach going forward? Thank you.

真的很有幫助。謝謝你的詳細資料。如果我能偷偷進來，我就得問我的季度 Apex 問題。我想談談玩家對 Apex Battle Pass 變化的接受程度。我想這種反應說明了 Apex 玩家承受進一步貨幣化的能力是什麼？它對你今後的方法有何影響？謝謝。

Yeah. I mean, first, I would say we're really excited for the upcoming Season 22 and 23 of Apex. The Respawn team has been working diligently on all the things that are going in, profound improvements in game play and modalities of play, and geographic culturalization.

是的。我的意思是，首先，我們對即將到來的《Apex》第 22 和 23 季感到非常興奮。 Respawn 團隊一直在努力致力於所有正在發生的事情，在遊戲玩法和遊戲方式以及地理文化方面進行了深刻的改進。

These seasons will be bigger and more content rich than usual. And we're giving our teams the time to create -- to develop those updates. And our expectation is that our players will receive them incredibly well.

這些季節將比平常更大、內容更豐富。我們給我們的團隊時間來創建和開發這些更新。我們的期望是我們的玩家會非常好地接受它們。

As we think about Battle Pass specifically is that -- so we just take a step back. The team is always iterating and innovating to bring about the best experience for our players. Our intention this time around was really to improve the overall value and experience across our Battle Pass offerings for our players. And we wanted to kind of make sure that things were approachable, realistic and accessible for our global community.

當我們特別考慮戰鬥通行證時，我們只是退後一步。團隊一直在迭代和創新，為玩家帶來最好的體驗。這次我們的目的實際上是為了提高我們為玩家提供的 Battle Pass 產品的整體價值和體驗。我們希望確保這些事情對我們的全球社區來說是平易近人、現實且容易理解的。

That being said, even as we iterate through that, our Respawn team listened and learned and is meaningfully connected with that community. And as it became apparent that the community had real feedback around how we are dealing with some of those aspects of Battle Pass, the team was able to react and make those changes dramatically.

話雖這麼說，即使我們一再強調這一點，我們的 Respawn 團隊仍然傾聽並學習，並與社群建立了有意義的聯繫。很明顯，社群對我們如何處理 Battle Pass 的某些方面有了真實的回饋，團隊能夠做出反應並做出巨大的改變。

I don't think this speaks to a broader monetization overall for the franchise. I don't think this speaks to the community's propensity to want to spend in the context of their ongoing live service experience that is Apex. I just think it was one of those moments where we made a series of really positive changes. And in search of ongoing iteration around how we deliver those changes, we did some things that community weren't aligned with. And we've been able to realign with them, and our expectation as we move towards 22 and 23 is that the community will be incredibly receptive to what, we believe, are going to be two seasons of incredible content.

我不認為這意味著該系列的整體貨幣化範圍更廣泛。我認為這並不代表社群願意在 Apex 持續的即時服務體驗中進行消費。我只是認為這是我們做出一系列真正積極改變的時刻之一。為了圍繞如何交付這些變更進行持續迭代，我們做了一些社群不同意的事情。我們已經能夠與他們重新協調，當我們走向第 22 季和第 23 季時，我們的期望是社區將非常容易接受我們相信這將是兩季令人難以置信的內容。

Andrew, just to add on quickly to that -- just to talk about the financial framework we're using, just to kind of reiterate -- although we saw those declines year over year, they were in line with our expectations for the foundation of Q1. We have put in place -- as you think about the Q2 guide, given the strength I talked to in the whole framework for EA, a more measured outlook, particularly as we introduce new innovations and game mechanics Andrew just alluded to, coming into Season 22 and 23.

安德魯，我想快速補充一下——只是談談我們正在使用的財務框架，只是想重申一下——儘管我們看到了逐年下降的情況，但它們符合我們對基礎設施的預期。正如你所想到的第二季度指南，考慮到我在EA 整個框架中談到的實力，我們已經制定了更加謹慎的前景，特別是當我們引入安德魯剛剛提到的新創新和遊戲機制時，即將進入賽季22和23。

We do think the comps obviously naturally get easier through the second half and back end of the year. Still a long way to go in the year, but know that we have been more moderate in Q2 as we come through that guidance.

我們確實認為下半年和年底的比賽顯然會自然變得更容易。今年還有很長的路要走，但要知道，在我們完成這項指導時，我們在第二季變得更加溫和。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. Thanks for taking my questions. And Andrew, maybe just to start off higher level, one question we get quite frequently from investors really is trying to understand at an industry level the relatively, I guess, sluggish growth trends the past few years. We talked a lot about competition over time and money, but are there other dynamics at work that you would highlight that are external to EA that could then turn into catalyst or bring some oxygen into the demand side of the market?

偉大的。感謝您回答我的問題。安德魯，也許只是從更高的層面開始，我們經常從投資者那裡得到的一個問題實際上是試圖在行業層面上理解過去幾年相對緩慢的成長趨勢。我們談論了很多關於時間和金錢的競爭，但是您是否會強調 EA 外部的其他動態，然後可以變成催化劑或為市場的需求方帶來一些氧氣？

And then my second question is on the Sims franchise and appreciate some of the updates there. And as one of the tentpole franchises and brands, hoping to hear a bit more about how you think about growth there, for example, reducing friction to bring in more players or expanding onto other platforms or other initiatives? That would be very helpful. Thank you.

我的第二個問題是關於《模擬市民》系列的，我很欣賞那裡的一些更新。作為支柱特許經營權和品牌之一，希望聽到更多關於您如何看待那裡的增長，例如，減少摩擦以吸引更多玩家或擴展到其他平台或其他計劃？這將非常有幫助。謝謝。

Great questions. The macro -- as we think about the industry broadly, and I speak to this more about the industry than I do around Electronic Arts specifically, is that we did see some pretty meaningful peaks coming through COVID around both play and watch in the context of our interactive entertainment industry. As a company, we've continued to grow out of COVID; that hasn't been true for the whole industry. And so, certainly I think there's some impact there.

很好的問題。宏觀上——當我們廣泛地思考這個行業時，我更多地談論這個行業，而不是具體圍繞電子藝界，我們確實看到了一些非常有意義的峰值，透過新冠疫情，在遊戲和觀看方面出現了一些非常有意義的高峰。作為一家公司，我們在新冠疫情中不斷成長；整個行業的情況並非如此。所以，我當然認為這會產生一些影響。

We also see -- and I've talked about this in past calls -- we are seeing kind of a secular shift happening in the context of our industry, and that is a movement towards the biggest franchises in the industry; franchises that facilitate an expanded definition of play, the ability for the community to come and create content that extends and enhances their experience, the ability to go and watch that content. What we see now is 25%, 30% of all engagement in our industry is actually watching content, not just playing content. Incidentally, that correlates to monetization at nearly the same levels as playing does over the course of time.

我們也看到——我在過去的電話會議中已經談到過這一點——我們看到我們行業的背景正在發生某種長期的轉變，那就是朝著行業內最大的特許經營權邁進；特許經營權可以促進遊戲的擴展定義，社區能夠創造擴展和增強他們的體驗的內容的能力，以及觀看該內容的能力。我們現在看到的是，我們行業中 25%、30% 的參與度實際上是在觀看內容，而不僅僅是玩內容。順便說一句，這與貨幣化的相關性幾乎與隨著時間的推移而玩遊戲的相關性相同。

And connection is becoming a really, really important part. As I watch our community play inside of our games, the modality of play that involves deep connection with their friends is becoming more and more important.

連結正在成為一個非常非常重要的部分。當我觀察我們的社群在遊戲中玩耍時，與朋友建立深厚聯繫的遊戲方式變得越來越重要。

And so I do think as we look at the industry broadly, not all of the industry has been making that transition at the same rate. I do believe Electronic Arts has been working diligently against that transition. If you look at our three strategic pillars, two of the three are about massive online communities and enhancing the power of communities beyond the bounds of games.

因此，我確實認為，當我們廣泛審視該行業時，並非所有行業都以相同的速度進行這種轉變。我確實相信藝電一直在努力應對這一轉變。如果你看看我們的三個策略支柱，三個戰略支柱中的兩個是關於大規模線上社群和增強遊戲範圍之外的社群力量。

And we've been investing meaningfully in those. And you're starting to see that come about in the context of what you see inside of College Football, what you'll see inside of Madden, what you'll see inside of FC, certainly what we're building into the Sims -- we've talked a little bit about that being at the very center of what Battlefield is doing. And of course, with the many hundreds of people who play Apex, that sense of connection and community is important there as well.

我們一直在這些方面進行有意義的投資。你會開始在大學橄欖球中看到的內容、Madden 中看到的內容、FC 中看到的內容，當然還有我們在《模擬市民》中構建的內容中看到這一點 - - 我們已經討論了《戰地》所做工作的核心內容。當然，對於有數百人玩《Apex》的人來說，這種連結感和社群感也很重要。

And so I do believe as we continue to move through this transition and games fulfill motivations and needs of our players beyond play, we will see more hours spent in the context of our broader communities, both playing more, creating more, watching more, and connecting more. And our centers we look at the shifts now around broader entertainment with our industry in particular, and within our industry, our franchises in particular will benefit disproportionately as Gen Z and Gen Alpha continue to grow and age up, and fulfill their entertainment needs through interactive games as their first form of entertainment.

因此，我確實相信，隨著我們繼續經歷這一轉變，並且遊戲滿足了玩家在遊戲之外的動機和需求，我們將看到在更廣泛的社區背景下花費更多的時間，玩得更多，創造更多，觀看更多，並且連結更多。我們的中心著眼於更廣泛的娛樂領域的變化，特別是我們的行業，在我們的行業內，隨著Z 世代和Alpha 一代繼續成長和變老，我們的特許經營權將獲得不成比例的受益，並透過互動滿足他們的娛樂需求遊戲作為他們的第一娛樂方式。

Sims 4 specifically, again, as we've talked about, we're committed to -- continually to evolve the Sims 4 experience with over 15 updates in the coming year. And we're already starting to see new social things come into that, new marketplace things come into that, and new user-generated content opportunities come into the Sims 4. And the Sims team is committed to continue to evolve that.

特別是《模擬市民 4》，正如我們所討論的，我們致力於在來年透過超過 15 次更新來不斷改進《模擬市民 4》的體驗。我們已經開始看到新的社交事物出現，新的市場事物出現，新的用戶生成內容機會出現在《模擬市民 4》中。

Beyond that -- and not a lot to talk about today, and we'll talk more about this at the earnings Investor Day in September -- is we are looking to add to that universe and really build out that community globally. And you should think about that in the context of more social interaction across the Sims community and more platform expansion, and modality-of-play expansion. And so while the teams will continue to advance and expand Sims 4, we will also be adding new experiences that bring deep social connection, and broader platform expansion in key geographies around the world.

除此之外——今天沒有太多可談的，我們將在九月的收益投資者日上更多地討論這一點——我們正在尋求添加到這個宇宙中，並真正在全球範圍內建立這個社區。你應該在模擬市民社群中更多的社交互動、更多的平台擴展和遊戲方式擴展的背景下考慮這一點。因此，在團隊將繼續推進和擴展《模擬市民 4》的同時，我們也將添加新的體驗，帶來深厚的社交聯繫，並在全球主要地區進行更廣泛的平台擴展。

Clay Griffin, Moffett Nathanson.

克萊·格里芬，莫菲特·內森森。

Thanks for taking the question. This is a follow-up to the conversation on industry. Andrew, how has your thinking evolved on free-to-play as a monetization strategy in this HD world versus the multi-modal monetization you've -- success you've had with EA Sports. Just getting back to this topic of industry growth, do you feel like free-to-play has at least in some part been dilutive to industry pricing power or maybe gamers' perception of value?

感謝您提出問題。這是工業對話的後續內容。 Andrew，與您在 EA Sports 的成功相比，您在高清世界中將免費遊戲作為貨幣化策略的想法是如何演變的？回到產業成長這個話題，您是否覺得免費遊戲至少在某種程度上削弱了產業定價能力或遊戲玩家的價值認知？

The short answer is no. I mean, free-to-play game started in Asia what is probably two decades ago now or a little more and certainly started to take -- form meaningfully in the West probably in the last decade. The industry has continued to grow broadly across both the traditional premium category and the free-to-play category. And certainly, as you think about mobile coming into that ecosystem, that is almost double the industry overall, and that's primarily a free-to-play mechanic.

最簡潔的答案是不。我的意思是，免費遊戲開始於亞洲，可能是二十年前或更早的事，而且肯定是在過去十年中開始在西方形成有意義的形式。該行業在傳統付費類別和免費遊戲類別中持續廣泛增長。當然，當你想到移動進入該生態系統時，這幾乎是整個行業的兩倍，而且這主要是一種免費機制。

So as we think about this, when -- in the context of building massive online community, certainly right now, there's about 3 billion people who consider themselves gamers or players around the world, many are looking to fulfill different needs and motivations as part of their play experience, depending on what platform and what geography they come from. Our orientation right now is to support all business models. And if you look at our biggest franchises, FC being the biggest, of course, we have modalities of play across premium, across free-to-play, across live service, across console, across PC, across mobile, and that franchise has grown every platform, every modality of play and across every business model since we brought that in.

因此，當我們思考這一點時，在建立大規模線上社群的背景下，當然是現在，全世界大約有 30 億人認為自己是遊戲玩家或玩家，許多人正在尋求滿足不同的需求和動機，作為他們的遊戲體驗，取決於他們來自哪個平台和地理位置。我們現在的方向是支持所有的商業模式。如果你看看我們最大的特許經營權，FC 是最大的，當然，我們擁有跨付費遊戲、跨免費遊戲、跨實時服務、跨主機、跨PC、跨移動設備的遊戲模式，而且該特許經營權已經成長自從我們引進以來，每一個平台、每一種遊戲方式和每一種商業模式。

So as we think about American football, as we think about Apex, as we think about Battlefield, as we think about the Sims, our belief is that if we're building out for a global player base of over 3 billion players and we're looking to build communities in and around our biggest IP of many hundreds of millions of players, our ability to utilize free-to-play as a mechanism to reach more people on console, PC, and mobile and then offer different monetization opportunities whether that's in small increments, whether that's in Battle Passes or whether that's in full premium purchases, that will likely drive meaningful growth, not just for the industry but for our company.

因此，當我們想到美式足球、想到《Apex》、想到《戰地》、想到《模擬市民》時，我們的信念是，如果我們要打造一個擁有超過 30 億玩家的全球玩家基礎，那麼我們「我們希望在擁有數億玩家的最大IP 中及其周圍建立社區，我們有能力利用免費遊戲作為一種機制來接觸更多遊戲機、PC 和移動設備上的用戶，然後提供不同的盈利機會，無論是以小幅增量，無論是戰鬥通行證還是全額溢價購買，都可能會推動有意義的成長，不僅對產業而且對我們公司。

So thank you for all of the -- all being here and for all of your great questions. Again, I want to extend my deepest appreciation to our teams for their passion, their hard work, and their commitment in delivering an incredible quarter. And I must add from college campuses and NFL fields across the US to the hallowed soccer pitches around the world, football is back. This is going to be a big football quarter for us. In my humble opinion, this is the most exciting, energizing time of the year for sports fandom.

感謝大家來到這裡，感謝大家提出的好問題。我想再次向我們的團隊致以最深切的謝意，感謝他們的熱情、辛勤工作以及他們為交付令人難以置信的季度所做的承諾。我必須補充一點，從美國各地的大學校園和 NFL 球場到世界各地的神聖足球場，橄欖球又回來了。這對我們來說將是一個重要的足球季度。以我的拙見，這是體育迷一年中最令人興奮、最充滿活力的時刻。

With that, I'll close by saying I'm extremely excited about what our future holds and look forward to sharing more about our pipeline and longer-term strategy to deliver growth to all of our shareholders at our Investor Day on September 17 in New York City. Thank you for being with us.

最後，我要說的是，我對我們的未來感到非常興奮，並期待在 9 月 17 日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，以便為所有股東帶來增長。約克市。感謝您與我們同在。

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

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。