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接線生。此時此刻，我謹代表藝電公司歡迎各位參加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.

現在我將把會議交給投資者關係副總裁安德魯·烏爾克維茨先生。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。今天陪我一起的有我們的執行長安德魯威爾森和我們的財務長史都華坎菲爾德。請注意，我們的美國證券交易委員會（SEC）文件和獲利報告可在ir.ea.com網站上查閱。此外，我們也發布了詳細的獲利報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的演講稿、本次通話的錄音回放和文字記錄。

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.

關於我們的日程安排，我們的投資者日定於 9 月 17 日星期二舉行，2025 財年第二季財報電話會議定於 10 月 29 日星期二舉行。再次提醒，我們會在公司投資者關係網站上公佈本財年即將舉行的財報電話會議日程。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-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.

本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-K 表格。Electronic Arts 於 2024 年 7 月 30 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

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

本次電話會議中，除自由現金流量及非GAAP營業利潤率外，所有財務指標均將以GAAP準則列示。有關我們非GAAP營業利潤率的更多信息，請參閱我們投資者關係網站上的收益幻燈片和常見問題解答文檔。除非另有說明，本次電話會議中所做的所有比較均與去年同期進行比較。

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

現在我將把電話交給安德魯威爾森。

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.

謝謝你，安德魯。大家好，下午好。我們2025財年開局強勁。我們超額完成了淨預訂目標，並且在業務的各個方面都取得了成功，為全球數億人提供了娛樂和聯繫。

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.

在第一季度，我們朝著三大戰略重點取得了進展，即娛樂和吸引龐大的線上社群、講述轟動性的故事以及利用我們遊戲內外的社群力量。這項進展為第二季及以後的成長奠定了基礎。

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.

我由衷感謝並深受鼓舞，我們優秀的團隊一直在努力工作，為我們全球玩家群提供他們現在和未來想要的娛樂內容。我們始終致力於在更多地區為更多玩家提供更長的娛樂體驗。我們相信，社群媒體和體育領域的長期發展趨勢有利於我們公司取得令人羨慕的地位，我們將推動永續的長期成長，這種成長建立在遊戲、創作、觀看和聯繫等各種參與模式之上。

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真理是，人們總是透過體育運動走到一起，進行比賽、合作和慶祝社區。如今，EA SPORTS 的體驗透過令人難以置信的真實性、創新性和沈浸感，進一步印證了這個真理。隨著我們的觀眾期待我們以創新的方式與他們所熱愛的運動建立聯繫，並全年與他們的朋友和家人分享這種熱情，我們正日益融入體育文化和粉絲群體之中。世界各地的運動聯盟都信任我們，視我們為強大而長期的合作夥伴，我們共同努力，吸引、娛樂和激勵不同世代和地域的球迷。這對我們的球員、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，我們優秀的團隊在主機、PC 和行動裝置上慶祝了現實生活中的足球賽事，其中 UEFA EURO 2024 和 CONMEBOL Copa America 2024 的盈利甚至超過了預期。我們還發布了一款高品質、令人心跳加速的 F1 '24 遊戲，因為這項運動的當前賽季帶來了高水平的戲劇性和競爭性。

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.

我們在《麥登橄欖球24》中模糊了現實生活中的文化事件與遊戲體驗之間的界限，透過即時內容激發更深層的參與感。我們親自到 NFL 選秀現場，支持新秀球員立即加入 Madden NFL 24，從而擴大了他們的社交體驗，因為他們甚至在踏上球場之前就已經在數百萬球迷面前進行現場比賽。

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.

我們的團隊也在精心策劃能夠點燃足球迷社區激情、提供獨特且有價值的內容，從而擴展遊戲體驗的時刻，例如我們與體育界知名人士帕特·麥卡菲合作，將他引入遊戲，推出邁克爾·維克特別版，或者舉辦遊戲內的“榮譽之環”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.

這些精心設計的體驗和即時內容，加上深度創新的遊戲玩法，促使用戶在我們的社群中花費更多時間，提高參與度，並推動了本季的成長動能。這不僅說明了該系列遊戲在美國職業橄欖球運動中的核心地位，也說明了我們的遊戲是如何以獨特而寶貴的方式表達粉絲文化的，它結合了現實世界體育運動的真實性、深度創新和遊戲玩法，以及能夠激發和吸引社區的創意內容，從而推動我們業務的進一步增長。

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.

在我們繼續在整個體育業務範圍內建立龐大的線上社群的同時，我們也同樣專注於優先發展我們廣泛的娛樂產品組合中的自有知識產權，這些產品組合包含世界上一些最深刻、最相關的知識產權。《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，我們致力於不斷發展和學習，這是我們讓《Apex英雄》重回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.

本季度，我們的團隊繼續對這個價值數十億美元的系列遊戲進行測試和迭代，為第 22、23 賽季及以後的賽季做準備，屆時他們將提供更多內容和更大的進步，覆蓋更多地區並推出新的遊戲模式。我們將繼續為這款備受喜愛的系列遊戲推出更多內容更新，以吸引和激勵龐大的《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，社群參與度很高，大家對即將推出的「戀愛包」充滿期待，該包將向最初的模擬人生遊戲致敬，並包含經典物品。我們致力於在未來一年內透過 15 次以上的更新來娛樂我們忠實的《模擬市民 4》粉絲，同時在未來幾年內努力為《模擬市民》世界引入多種新的體驗。我們期望這一切都能壯大我們的社區，加深用戶與用戶生成內容的互動，從而對整個特許經營權的增長起到倍增作用。

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》第七賽季的結束，有一件事很明確：遊戲的每個賽季都展現了我們團隊獨特的傾聽、學習和從社區汲取靈感的能力，從而加深了與該系列遊戲的聯繫。玩家們對《戰地風雲》系列遊戲的熱情依然不減，該系列遊戲在過去 12 個月中玩家數量已超過 2,500 萬。社區對我們團隊的工作充滿熱情，並對接下來的發展感到興奮。

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.

這不僅是我們最重要的任務之一，也是我們歷史上最具雄心壯志的項目之一。我們匯聚了最優秀的團隊，並配備了所需的資源和技術，打造史詩級的《戰地》體驗。

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.

我對我們未來在各項策略重點領域取得進展充滿期待。展望第二季度，我們體育賽事豐富的季度以一場精彩的開端拉開序幕，EA SPORTS 大學橄欖球 25 取得了成功首秀。這對EA SPORTS來說是一個具有里程碑意義的時刻。我們正在回歸我們熱愛的運動，為新一代平台重新構想，透過全球最大的單項運動 NIL 計畫與運動員們一起開闢新天地，並帶來一種體驗，這種體驗已經徹底點燃了美國乃至全世界新老大學橄欖球球迷的熱情。

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.

我們歷經多年才走到今天，這體現了我們團隊的遠見卓識、領導才能和堅定決心，也證明了我們從大學、合作夥伴、運動員和球迷那裡獲得了巨大的支持。感謝大家的幫助，讓這一切成為可能。

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.

這種全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 深厚的技術領先地位和我們充滿熱情和才華的團隊利用人工智慧和機器學習的力量來創造真正令人驚嘆的娛樂體驗，創造 150 個獨特的體育場和超過 11,000 個球員形像是不可能的。

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.

我們也透過「團隊建構器」為玩家提供塑造自身體驗的工具。 「團隊建立器」是一個功能強大的 UGX 創建和自訂套件，玩家可以創建自己的球隊、球衣組合、標誌、場地設計等等，然後在遊戲中發布和分享他們的作品。到目前為止，我們已經看到玩家創建了近 100 萬支隊伍，其中許多隊伍現在可以被遊戲中的其他玩家使用，從而加深了社交聯繫，提高了我們社群的參與度。

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.

大學橄欖球項目透過為體育迷創造寶貴的新機會，不斷提升 EA SPORTS 在美式足球領域的領導地位。社區對我們突破性的 EA SPORTS MVP 捆綁包（包含 EA SPORTS College Football 25 和 Madden NFL 25 的豪華版）表示熱烈歡迎，這表明這項運動的核心粉絲對高質量的 NFL 和大學橄欖球體驗有著強烈的渴望。

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發展勢頭，《麥登橄欖球》2025版將大大推動該系列遊戲向前發展。遊戲將帶來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，讓玩家與他們最喜歡的 NFL 超級巨星一起更近距離地感受比賽。市場上出現了兩款獨特而互補的產品，這對於大幅發展我們的美式足球社群來說是一個巨大的進步。這只是我們能夠為美國最受歡迎運動的球迷帶來更多精彩內容的開端。

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.

在經歷了歷史性的品牌重塑，並受到全球玩家、粉絲和合作夥伴的熱烈歡迎之後，EA SPORTS FC 25 將是向前邁出的一大步。除了這個全球品牌現有的強大實力之外，我們還看到了更多擴大其覆蓋範圍、提升參與度和增強影響力的機會。我們預測2025財年特許經營業務將實現成長。FC 25 將帶來更多創新，以及更逼真、更真實的遊戲體驗，這得益於人工智慧和真實足球數據帶來的戰術複雜性的提升。

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，可在遊戲的所有主要模式中使用，以及一個新的內容捕捉和創作工具。總而言之，我們的整個 FC 平台將成為足球迷文化和世界足球運動核心的一套更大、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.

展望第二季之後，我們將繼續在各個產品線取得進展，以實現我們的策略目標。我們進一步與龐大的滑板線上社群互動和聯繫，並在夏季遊戲節上透過公佈新的遊戲玩法，向粉絲們介紹了 San Vansterdam 的背景故事。

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.

我們也揭開了《龍騰世紀：面紗守衛》的宏大故事，這是一個以廣闊世界為背景的史詩級體驗，充滿了引人入勝的視覺效果，並引入了形形色色、複雜的人物角色和精彩的戰鬥，所有這些都透過豐富的單人遊戲敘事聯繫在一起。

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.

我們致力於為不同世代、平台和地理的更多玩家和粉絲帶來更多刺激、探索、創造和聯繫。我們將透過充滿熱情和才華橫溢的團隊、世界一流的智慧財產權以及憑藉深厚的技術專長推動創新的能力來實現這一目標，這將加速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，我想把話題交給斯圖爾特，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.

謝謝你，安德魯，大家下午好。2025 財年開局良好，第一季業績在營收和利潤方面均超出預期，我們將繼續執行策略，並朝著加速成長、實現營運槓桿和增加現金流的長期財務框架目標邁進。

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.

實現這一目標的基礎在於我們對優秀團隊的重點投資，以支持我們的成長計劃並為我們的粉絲帶來精彩的體驗。這一勢頭的早期跡象包括 EA SPORTS College Football 25 的出色反響，EA SPORTS 和 Madden NFL 25 以及 EA SPORTS FC 25 的良好早期跡象，以及 Dragon Age: The Veilguard 將於秋季發布的消息。隨著發展動能不斷增強，我們有信心實現本財年的目標。

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.

現在來看我們第一季的業績。由於我們的團隊為更多受眾提供了更多內容，我們的淨預訂量超出了預期，從而在我們核心的直播服務中實現了超出預期的參與度和盈利。

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，預計在未來三年內將帶來 50 億美元的回報，這與我們實現長期財務目標的進展一致。本季度，我們的淨預訂總額為 12.6 億美元。需要提醒的是，去年同期，我們受益於更多產品的發布以及世界盃對我們全球足球業務帶來的利好。

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.

與一年前發布的三款完整遊戲（《星際大戰絕地：倖存者》、《EA SPORTS PGA巡迴賽》和《超級棒球4》）相比，本作的完整遊戲淨預訂額為1.68億美元。我們的直播服務和其他淨預訂額為 10.9 億美元，其中 EA SPORTS Madden NFL 24 在本季度表現出色。EA SPORTS Madden NFL 24 取得的超出預期的成績，有力地證明了遊戲內外蓬勃發展的社區的力量。

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.

本季度，我們看到遊戲週期後期持續保持成長勢頭，Ultimate Team 的每周平均用戶數和總淨預訂量均同比增長兩位數。正如 Andrew 之前所說，我們始終致力於提供有趣的遊戲玩法、真實的連接以及全年引人入勝的即時內容，這對於推動更深層次的參與和擴大我們的社群至關重要，因為我們將在遊戲內外建立平台。

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英雄》的年減幅度環比有所改善，符合我們的預期。團隊將繼續專注於投資並落實為期一年的策略，即在第 22、23 季及以後對遊戲體驗進行有意義的更新。

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.

接下來是EA SPORTS FC系列遊戲。業績優於預期，但與去年同期兩位數的成長相比有所下降，去年同期的成長得益於世界盃帶來的利多因素。值得注意的是，與今天一樣，我們新的 EA SPORTS FC 系列遊戲銷量比之前的版本增長了個位數百分比。

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 第一季淨預訂量創下歷史新高，這得益於遊戲玩法改進和現實生活中的活動帶來的用戶獲取量兩位數增長。FC Mobile 是我們行動策略的藍圖，該策略旨在利用行動平台提供的更廣泛的存取點，繼續發展我們最大的特許經營業務。

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.

以美國通用會計準則計算，我們第一季淨收入為 16.6 億美元，年減 14%。需要提醒的是，年減主要是由於完整遊戲的發售時間安排所致。GAAP 營運費用為 10.3 億美元，年增 2%，主要原因是重點投資支持我們最大成長機會的團隊。因此，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分紅向股東返還了 4.25 億美元，年增 13%，這得益於我們實施了新的股票回購計畫。

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，我們來談談指導。第二季度對於 EA SPORTS 來說是一個充滿動作的季度，我們已經成功發布了一款遊戲，接下來還有兩款最重要的遊戲《麥登橄欖球 25》和《FC 25》即將發布。我們也在一些最受歡迎的系列遊戲中推出新的體驗，例如為我們的《Apex英雄》粉絲推出的第 22 季。這些努力鞏固了我們實現公司史上第二季淨預訂量最高紀錄的預期。

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.

讓我來解釋一下我們指導方針中包含的一些假設。首先，EA SPORTS College Football 25 取得了令人難以置信的開局，北美地區的體育遊戲系列在第一周的參與度創下了紀錄，Ultimate Team 模式也發展勢頭良好。雖然上線才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 的發布，我們將繼續在創紀錄的 EA SPORTS Madden NFL 24 之後，提供與眾不同且卓越的 NFL 體驗。第三，我們預計 EA SPORTS FC 25 將在本季末強勢上市，為該系列遊戲在全年超越 EA SPORTS FC 24 奠定基礎。新的遊戲方式、戰術改進和改進的社交體驗有望推動我們最大社區的健康發展。

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，隨著團隊在第 22 季向社區引入新的創新和遊戲機制，我們對 Apex Legends 仍保持謹慎的態度。最後，如果利率不變，我們預期外匯波動的影響微乎其微。

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額為 19.5 億美元至 20.5 億美元，年增 7% 至 13%，以固定匯率計算成長 8% 至 13%。我們預計第二季 GAAP 淨收入為 19 億美元至 20 億美元，營收成本為 4.2 億美元至 4.5 億美元。我們預計第二季 GAAP 營運支出將在 11.9 億美元至 12 億美元之間，年增 10% 至 11%，主要原因是與重組相關的費用以及對長期成長機會的持續投資。

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 美元至 0.93 美元。需要提醒的是，我們去年同期獲得了 9,200 萬美元的一次性稅收優惠，並且我們預計將產生與 2 月重組事件相關的 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，讓我們展望全年。到目前為止，我們的執行力很強，我們預計這種勢頭會繼續下去，因為我們在 EA SPORTS 品牌遊戲中看到了玩家們的熱烈反響。我們對即將到來的 2025 財年計畫感到非常興奮，其中包括 EA SPORTS 遊戲、Madden NFL 25、FC 25 和 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.

我們將繼續專注於完成這些遊戲的發行和提供我們的核心線上服務。因此，我們重申 2025 財年淨預訂量預期範圍為 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預期。

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卓越的品牌和才華橫溢的團隊，他們透過創新和互動體驗，不斷為社區帶來成長和參與的體驗。我們從 EA SPORTS Madden NFL 24 在本季度保持增長勢頭、在全球橄欖球業務中實現健康的參與度以及繼續改進移動業務（移動業務仍然是我們最大系列的重要切入點）的能力中看到了這一點。

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，我們將持續加強投資力度，更加專注於三大戰略支柱，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日的投資者日上與大家分享更多關於我們長期成長機會和舉措的​​資訊。

Now, I'll hand it back to Andrew.

現在，我把它還給安德魯。

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.

謝謝你，斯圖爾特。第一季強勁的業績展現了我們團隊的決心和我們業務的韌性。隨著消費者偏好的改變和技術的不斷顛覆商業模式，傳統娛樂正面臨挑戰。

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.

我們現在的處境截然不同。我們已經完成了分銷管道的轉型。消費不斷成長，並日益集中在我們的加盟店中，我們正在開拓新的商業模式。我們擁有令人難以置信的競爭優勢，這得益於我們卓越的創意人才、強大的生產能力、包括 EA SPORTS 在內的廣泛且令人驚嘆的知識產權組合，以及龐大的玩家網絡。憑藉這些令人羨慕的優勢，我們有能力發展壯大產業並提高市場佔有率。

And now Stuart and I will take your questions.

現在我和史都華將回答大家的問題。

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

謝謝。現在開始問答環節。（操作說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

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?

非常感謝您回答這個問題。如果可以的話，也許可以考慮兩個更宏觀的視角。在過去一年裡，你多次談到 Madden 系列遊戲的全球影響力是如何擴大的。能否談談您計劃如何利用 Madden 系列遊戲目前的成長勢頭，在未來 12 到 18 個月內繼續從全球角度擴大其規模？

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，去年是很有趣的一年，因為你們正在調整品牌定位，並且必須根據調整後的定位來執行策略。12 個月前您進行的品牌重塑活動中，有哪些關鍵經驗教訓對您如何繼續擴大 EA FC 的規模以及該產品在未來幾年可能會發生哪些變化起到了指導作用？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。裡面內容很多。兩個很好的問題。首先，我想談談《麥登橄欖球》。我認為，提到全球，你會想到國際地理，當然，我們正在努力朝著這個方向發展。NFL在國際上建立球迷群體方面做得非常出色。他們每年在國際上舉辦的比賽越來越多。我們的運動員每年都在積極利用他們在國際上的粉絲群。

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 的發展時，它不僅僅關乎地理上的發展。這關乎人口成長。這關乎平台的發展，最終將由新穎有趣的商業模式驅動發展。

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，從更廣闊的視角來看，雖然我們一直在不斷完善核心玩家的遊戲模式，以確保我們能夠繼續滿足多年來一直陪伴我們的核心玩家的需求和動力，但你也開始看到，近年來我們推出的新模式正在吸引更多年輕的新玩家。你還可以看到我們在 Madden Mobile 上所做的工作，以及該系列遊戲在行動版上的不斷發展。

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.

展望未來，我們確實會考慮這個問題。我們認為，Madden 和大學橄欖球的結合將全面發展我們的橄欖球社區。今年第二季大學橄欖球賽的開賽已經印證了這一點。我們認為這既能吸引年輕玩家，也能吸引從未玩過 Madden 遊戲或已經好幾年沒玩過 Madden 遊戲的新玩家。

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遊戲模式進行有意義的投資，尤其是在社交聯繫方面，以吸引這些加入我們足球體驗的新的年輕球迷。你會看到我們開始在各種裝置（包括行動裝置）上開發越來越多的遊戲模式。隨著時間的推移，您也應該期待我們拓展新的、不同的商業模式，我們期望這些模式能擴大我們的受眾群體。

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.

就大學橄欖球和 NFL 而言，這無疑是美國最重要的運動。我們知道，由於粉絲們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不斷發展壯大。我們知道，無論是 EA SPORTS College Football 25 還是即將推出的 Madden 25，我們的遊戲都是世界各地的球迷體驗他們的熱愛、與朋友分享他們的熱愛並隨著時間的推移而發展壯大他們的熱愛的一種有意義的方式。因此，我們預期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.

關於你提到的 EA SPORTS FC 的第二部分，我再次想感謝我們開發、行銷團隊、眾多授權合作夥伴以及眾多運動員，正是他們讓這款遊戲得以成功。這確實是對該品牌的一次非凡的重啟，也讓我們處於發展壯大的位置。

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時，我們也會和你們談論這件事，我們談到了我們有能力將遊戲玩法擴展到他們原本無法涉足的領域。我們討論瞭如何拓展與我們目前無法合作的大型全球運動品牌之間的商業關係。

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.

我們討論瞭如何突破傳統比賽的界限，即與我們的球迷一起做一些 11 對 11 比賽之外的事情。所以今年足球比賽中將引入 5 對 5 的對抗模式。我們也討論瞭如何以更快的速度發展和完善用戶體驗。

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.

而正是在這個過程中，我們學到了許多經驗教訓。我們的目標是在遊戲中做得更多。我們的目標是與商業夥伴進行更多合作。我們的目標是超越遊戲的界限，我們的目標是以我們世界正在發生的文化演變的速度，非常非常快地前進。我認為我們的團隊在這方面做得非常出色。

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.

我們從中得到的大部分經驗是，我們正朝著完全正確的方向前進。所以，今年在足球方面，我們正在拓展比賽模式。看看我們與新的商業夥伴合作的眾多活動，這些活動正在拓展人們在遊戲內外可以做的事情——今年晚些時候，你會看到我們越來越多地超越遊戲的界限。我們將在九月的投資者日上詳細討論這個問題。

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，我們所能做到的最大事情就是行動速度大大加快。我知道這對我們的球隊來說是件好事，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，感謝大家回答問題。我想我們還是先談談美式足球吧。當我們考慮大學橄欖球遊戲的終極球隊模式時，鑑於大學橄欖球遊戲擁有 500 萬玩家，它是否有可能蠶食 Madden 終極球隊模式的市場份額？

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，你可以相對容易地買到每款遊戲，但是玩《大學橄欖球終極球隊》所花費的時間，是玩《麥登橄欖球終極球隊》所無法花費的時間。那我們應該預期這兩個人會如何互動呢？是否存在同類相食的可能性？這是第一個問題。

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.

第二個問題就是你提到的大學橄欖球遊戲開發過程中人工智慧和機器學習的效率。我想知道，在哪些方面，人工智慧的應用能夠特別加快流程或以更快的速度、更高的品質完成某項工作？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.

問得好。首先，我想談談 Madden Plus College。再說一遍，當我們著手這項工作，當我們試圖在十多年後重塑和重啟大學橄欖球時，有幾件事是真實的。其一是，這個國家的足球迷數量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，大學橄欖球運動本身自我們十多年前進入市場以來已經取得了巨大的發展。這兩件事結合起來，讓我們相信這兩種產品或這兩種服務本質上是互補的，事實上，學院將為整個社區帶來新的參與者，並讓一些一段時間沒有和我們在一起的參與者回歸。

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.

現在下結論還為時過早，但我可以告訴你，到目前為止，我們的論點已被證明是正確的。我們促進了社區的整體發展。相當一部分球員是透過大學經驗加入我們的，或是新來的，或是在我們隊待的時間還不到兩年。

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.

第二點是，MVP 組合包（Madden 和 College 的組合包，預購版）的表現超出了我們的預期，而且賣得非常好。雖然預購量並非完美的衡量標準，但通常來說，它能起到一定的方向性作用。這向我們表明，大學橄欖球和麥登橄欖球的廣泛互補性正在得到驗證。

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.

就 Ultimate Team 而言，我們團隊做得非常出色的一點是，他們認真思考了對於既玩大學橄欖球又玩 Madden 的玩家來說意味著什麼，以及我們如何才能讓他們在這兩種遊戲體驗中獲得價值。最終，我們如何讓這些經驗產生大於其各部分總和的效果？同樣，我們帶著《麥登橄欖球24》的強勁勢頭進入了新賽季，在休賽期也獲得了非常高的參與度——在傳統的橄欖球休賽期，這通常表明我們在下一代遊戲開發方面取得了良好的進展。

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.

《麥登橄欖球25》將會是我們製作過的最好的《麥登橄欖球》系列遊戲。我知道我每年都這麼說，但各個團隊都在不斷超越自我，包括推出大量新模式和新玩法，以及通過大學橄欖球進入社區的一大批新玩家，這將為他們提供一條從大學橄欖球到 Madden 的途徑——如果他們還沒有購買 MVP 捆綁包的話——並打造出一種遊戲體驗，這種體驗不僅可以從購買兩者中得到補充體驗，而且可以從兩者中得到補充體驗。

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.

所以，我們第二季才剛開始。大學生活開局精彩可期。《麥登橄欖球》的預購活動開局非常強勁。我們預期這兩者會隨著時間的推移而互補。

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

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。所以，第一財季的業績超出了您的預期，第二財季的業績指引似乎也比華爾街先前的預期更樂觀。您能否幫我們分析一下，為什麼我們沒有在全年展望中看到這種趨勢？可以說，你的趨勢正朝著先前範圍的高端發展嗎？

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.

您還提到足球賽事的出色表現對第一財季業績超預期做出了貢獻——我知道這發生在季度末，但您能否幫我們評估一下您認為美洲杯和歐洲杯帶來的提振作用，以及未來可能不會重現的提振作用？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。謝謝大家的提問。退一步講，我認為，是的，考慮到第一季的業績指引，我們正在累積強大的發展勢頭。我們剛剛就第二季度進行了一番比較深入的討論，安德魯剛才也發表了評論，談到了我們如何考慮如何規劃本季。我們也反映了我們所看到的持續進展和我們正在建立的勢頭，以及第二季度業績指引範圍內的成長勢頭。

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.

而且我認為這也反映了我們在落實我們所製定的長期財務框架的過程中所取得的進展，這加速了成長，提高了營運槓桿，並將現金回饋給了股東。我們認為第二季度——顯然，我們反映了足球整體成長的綜合因素。我們相信，儘管 FC 在本季度只有一周的時間，但它在實際服務中仍會繼續增長。我們將評估完整比賽的發展方向，就像我們去年應對轉型並讓球員進入前場比賽一樣。

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.

在第 21 季的前六週和後六週，以及即將進入第 22 季之際，我們對 Apex 的看法將採取謹慎務實的態度。這是我們第一次看到兩款美式足球遊戲在同一季度推出，因為我們需要考慮兩到五週內大學橄欖球遊戲的銷售曲線，以及玩家在《麥登橄欖球》和大學橄欖球遊戲之間的互動時間，以便我們制定第二季度業績指南。

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.

展望全年，我再次重申——顯然，現在才過了四個月——我們還有《麥登橄欖球》和《龍騰世紀》兩款遊戲等著我們。我們預計透過分階段實施，將在全年持續實現成長並逐步擴大成長。但很顯然，在完成目前這些重大產品發表後，我們會在下一份財報中再做詳細介紹。

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。想問一下關於電子遊戲演員罷工的事。您如何看待近期內業務可能面臨的整體中斷風險？那麼，具體來說，這種情況會在什麼時間點開始對你們的發布計畫產生影響呢？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.

首先我想說，我們非常重視我們才華橫溢的演員，他們是我們工作的重要組成部分，他們為我們世界各地的玩家帶來令人難以置信的娛樂體驗。我們正在密切合作——這不是EA特有的情況；這是行業特有的情況——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.

就我們的產品而言，目前的具體情況是，罷工僅限於 2023 年 9 月之後開始製作的遊戲，包括線上服務遊戲。因此，我們預計在短期內不會對我們正在開發的任何遊戲或我們目前正在運行的任何線上服務造成任何干擾。

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.

儘管如此，我們仍致力於繼續本著誠意進行談判，並希望雙方能夠在談判桌上迅速解決我們的問題。但我們預計EA不會受到任何重大的短期影響。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

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.

謝謝您回答我的問題。如果可以的話，請給我兩個。首先，您能否提醒我們一下，在決定是否在上一代主機和本世代主機上發布遊戲時，需要考慮哪些因素？而這些因素對於您的五大系列遊戲來說又是如何設定的呢？或許是指大學橄欖球遊戲僅限第 9 世代主機平台，而麥登橄欖球遊戲則同時支援第 8 世代和第 9 世代主機平台，但某些功能僅限第 9 世代主機平台。謝謝。

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.

我認為，這並非一門完美的科學。總的來說，這取決於我們預期玩家群體規模達到什麼程度，才能使支持該平台對我們來說在經濟上有意義。支援每一代平台都不是零成本的。通常情況下，當我們思考玩家社群最活躍的平台時，我們就會支援這些平台。

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.

通常情況下，我們規模較大的加盟店由於地理分佈更加分散，因此其平台參與度也更加分散，而不同地域在平台發展過程中，其發展速度也各不相同。許多規模較小的特許經營權或並非我們​​最大特許經營權的特許經營權，其遊戲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.

特別是像 College 這樣的項目，在過去 10 年裡都沒有出現在平台上，我們真的決定要著眼未來，認真開發——團隊在 College 項目上付出了巨大的努力。如果你讀過任何關於大學的評論，你會發現他們在這些新平台上所取得的成就確實非同凡響，而我們在新平台上看到的用戶成長也表明，我們當初做出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.

之前有人問過關於人工智慧與大學教育的關係，事實上，我們有一個非常棒的團隊在研究這個問題，但我們必須把 11,000 個新的明星球員頭像添加到遊戲中。對於那些不關注我們行業或特別關注我們體育遊戲的人來說，我們通常每年都會在我們的一款遊戲中開發大約 500 到 1000 個明星頭像。經過一代又一代平台的迭代，透過手工打造，我們最終得以完善遊戲中所有明星角色的陣容。當然，這其中也有起伏。

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，當我們在新一代平台上向新一代粉絲推出 College 時，我們獲得了全球最大的單項體育 NIL 協議，而形像是這一過程中非常重要的一部分，因此，讓 11,000 位明星的頭像出現在遊戲中是我們的首要任務。事實上，我們的團隊非常出色，並建立了促進這一目標的工作流程，但人工智慧和機器學習進一步增強和加速了這些工作流程。

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.

我們能夠收集 11,000 名球員的大量照片圖像，並建立工作流程，讓 AI 和機器學習生成頭部，然後我們才華橫溢的藝術家可以對這些頭部進行潤色和增強，而無需完成完整的頭部開發程序。如果沒有人工智慧，即使我們投入了多年的時間進行團隊開發，我們根本無法將大學橄欖球比賽辦到我們目前的水平。

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，要回答這兩個問題，通常來說，當我們考慮上一代主機與下一代主機時，最終取決於地理分佈、社區分佈以及我們認為最精彩的遊戲體驗將在哪裡發生。而就大學而言，我們做出這個決定是因為我們真的在為未來打造這個品牌。這是我們十年來第一次做到這一點，我們所達到的遊戲水平和視覺保真度水平，是我們傑出團隊多年努力的成果，再加上人工智慧的增強和加速，這在兩三年前是根本不可能的。

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。謝謝你提供的詳細資訊。如果我能偷偷問一個問題，我就可以問我每季的 Apex 問題了。我想談談玩家對Apex戰鬥通行證改動的反應。我想，這種反應說明了Apex玩家對進一步獲利模式的承受能力如何？這又將如何影響你未來的做法呢？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。首先，我想說我們非常期待Apex英雄的第22季和第23季。Respawn 團隊一直在努力改進遊戲玩法和玩法模式，以及地理文化。

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.

這些賽季的規模和內容都會比以往更加豐富。我們正在給團隊時間去創造——去開發這些更新。我們預計我們的球員會非常喜歡它們。

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.

當我們具體思考戰鬥通行證時，我們只想退後一步。團隊不斷迭代創新，力求為玩家帶來最佳體驗。我們這次的真正目的是提高我們戰鬥通行證產品的整體價值和玩家體驗。我們希望確保我們的全球社群能夠理解、接受並利用這些內容。

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.

即便如此，即便我們仍在不斷迭代改進，Respawn 團隊也一直在傾聽和學習，並與社群保持有意義的聯繫。當社群對我們如何處理戰鬥通行證的某些方面提出了切實的回饋時，團隊能夠迅速做出反應並做出重大改變。

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.

我認為這並不能說明該系列遊戲的整體獲利模式有更廣泛的問題。我不認為這能說明玩家群在 Apex 這款持續經營的遊戲體驗中願意消費的傾向。我覺得那是我們做出一連串正向改變的時刻之一。為了不斷改進我們實現這些改變的方式，我們做了一些社群並不認同的事情。我們已經能夠與他們重新達成一致，我們預計，隨著第 22 季和第 23 季的到來，社區將非常樂於接受我們認為將是兩季精彩內容的節目。

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.

Andrew，我再補充一點——談談我們正在使用的財務框架，重申一下——儘管我們看到這些同比下降，但它們符合我們對第一季基礎的預期。鑑於我之前提到的EA整體框架的優勢，以及我們引入安德魯剛才提到的新創新和遊戲機制（即將進入第22和23賽季），我們已經制定了第二季度指南，並採取了更加穩健的展望。

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.

我們認為，到了下半年和下半年，比賽難度自然會降低。今年還有很長一段時間，但要知道，隨著我們逐步實現預期目標，我們在第二季採取了更穩健的策略。

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。謝謝您回答我的問題。安德魯，或許我們可以先從更高的層次談起。我們經常收到投資者提出的一個問題，他們想了解過去幾年行業相對緩慢的成長趨勢。我們討論了很多關於時間和金錢方面的競爭，但除了EA之外，還有其他動態因素在起作用嗎？這些因素可能會成為催化劑，或為市場需求方帶來一些活力？

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，我很欣賞你們的一些更新。作為旗艦系列和品牌之一，我們很想聽聽您是如何看待成長的，例如，減少阻力以吸引更多玩家，或擴展到其他平台或其他舉措？那將非常有幫助。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.

問得好。從宏觀角度來看——當我們從更廣泛的角度思考整個行業時（我更多地是從整個行業的角度來談論這個問題，而不是具體到藝電公司），我們確實看到，在新冠疫情期間，互動娛樂行業的遊戲和觀看都出現了一些相當有意義的高峰。作為一家公司，我們已經從新冠疫情中持續發展壯大；但整個產業的情況並非如此。所以，我認為這肯定會產生一定的影響。

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——我在之前的電話會議中也談到過——我們正在看到行業內發生一種長期的轉變，那就是向行業內最大的特許經營模式發展；這些特許經營模式促進了遊戲定義的擴展，讓社區能夠創造內容來擴展和增強他們的體驗，並能夠觀看這些內容。我們現在看到的是，我們行業中 25% 到 30% 的用戶參與實際上是在觀看內容，而不僅僅是播放內容。順便一提，隨著時間的推移，這與遊戲盈利水平幾乎處於同一水平。

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.

而人際關係正變得越來越重要。當我觀察我們社群成員在遊戲中的表現時，我發現與朋友建立深厚連結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，我認為從整個產業來看，並非所有產業都在以相同的速度進行轉型。我相信藝電公司一直不遺餘力地阻止這種轉變。如果你看一下我們的三大戰略支柱，其中兩項都與龐大的線上社群以及增強社群的力量有關，使其超越遊戲的界限。

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.

我們一直在這些領域進行大量投資。而且你開始看到這種情況出現在大學橄欖球、麥登橄欖球、FC，當然還有我們正在模擬的遊戲中——我們已經談到，這正是戰地系列的核心。當然，對於數百名玩家來說，《Apex英雄》的連結感和社群感也同樣重要。

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，我相信隨著我們繼續推動這項轉型，遊戲能夠滿足玩家在遊戲之外的動機和需求，我們將看到玩家在更廣泛的社群中花費更多的時間，包括玩遊戲、創作、觀看和交流。我們正在關注更廣泛的娛樂產業，特別是我們產業的轉變。在我們產業內部，隨著 Z 世代和 Alpha 世代不斷成長和成熟，互動遊戲成為他們滿足娛樂需求的第一選擇，我們的特許經營權尤其會從中受益匪淺。

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.

具體到《模擬市民 4》，正如我們之前討論過的，我們致力於不斷改進《模擬市民 4》的體驗，並在未來一年內推出超過 15 次更新。我們已經開始看到新的社交元素、新的市場元素以及新的用戶生成內容機會進入《模擬市民 4》。Sims團隊致力於繼續改進這一點。

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——今天沒什麼好說的，我們會在 9 月的投資者日報發布會上詳細討論——我們正在尋求擴大這個領域，並真正在全球範圍內發展壯大這個社區。你應該從模擬市民社群更廣泛的社交互動、平台的擴展以及遊戲方式的擴展的角度來考慮這個問題。因此，在團隊繼續推進和擴展《模擬市民4》的同時，我們也將添加新的體驗，帶來更深層的社交聯繫，並在全球主要地區更廣泛地擴展平台。

Clay Griffin, Moffett Nathanson.

克萊·格里芬，莫菲特·納坦森。

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?

感謝您回答這個問題。這是對先前關於行業話題討論的後續。Andrew，在這個高清時代，你對免費遊戲作為一種盈利策略的看法，與你在 EA Sports 取得的多模式盈利策略相比，發生了怎樣的變化？回到產業成長這個話題，您是否覺得免費遊戲模式至少在某種程度上削弱了產業的定價權，或是影響了玩家對價值的認知？

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.

簡而言之，答案是否定的。我的意思是，免費遊戲起源於亞洲，大概是二十年前或更久以前，而真正開始在西方形成有意義的形式，大概是在過去十年裡。該行業在傳統付費遊戲類別和免費遊戲類別中都持續廣泛增長。當然，當你考慮到行動裝置進入這個生態系統時，它幾乎是整個產業的兩倍，而且這主要是一種免費遊戲機制。

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，當我們思考這個問題時，在建立龐大的線上社群的背景下，當然現在全世界大約有 30 億人認為自己是遊戲玩家，許多人希望根據他們所在的平台和地理位置，在他們的遊戲體驗中滿足不同的需求和動機。我們目前的目標是支援所有商業模式。如果你看看我們最大的系列作品，當然，FC 是最大的，我們有多種遊戲模式，涵蓋付費遊戲、免費遊戲、線上服務、主機遊戲、PC 遊戲、行動遊戲，而且自從我們推出以來，該系列作品在每個平台、每種遊戲模式和每種商業模式下都取得了增長。

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.

所以，當我們思考美式橄欖球、Apex、戰地、模擬人生時，我們相信，如果我們面向全球超過30億玩家的龐大用戶群，並希望圍繞我們擁有數億玩家的最大IP構建社區，那麼我們利用免費遊戲機制在主機、PC和移動設備上觸達更多用戶，並提供不同的盈利機會（無論是小額、戰鬥通行證還是對公司有意義，整個公司都有意義的內容，整個行業都可能對我們來說，整個盈利能力也是如此，整個公司都有意義的內容，整個行業都可能對我們來說，整個盈利能力也對我們而言，整個公司都有意義、成功的企業

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.

所以，感謝各位的到來，也感謝大家提出的所有精彩問題。再次，我要向我們的團隊表達最深切的感謝，感謝他們的熱情、辛勤工作和奉獻精神，使我們取得瞭如此出色的季度業績。我還要補充一點，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，橄欖球回來了。這將是對我們來說至關重要的一節比賽。依我拙見，對於運動迷來說，這是一年中最令人興奮、最令人振奮的時刻。

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，我想說，我對我們的未來充滿期待，並期待在9月17日於紐約市舉行的投資者日上，與大家分享更多關於我們的產品線和長期策略，以期為所有股東帶來成長。謝謝你們的陪伴。

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

今天的會議到此結束。感謝各位的參與。您現在可以斷開連線了。