美商藝電 (EA) 2025 Q2 法說會逐字稿

Good afternoon. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts second-quarter Fiscal Year 2025 earnings conference call. I would now like to turn the conference over to Mr. Andrew Uerkwitz, Vice President, Investor Relations. Please go ahead.

午安.我叫約翰，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 財年第二季財報電話會議。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 second-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 財年第二季財報電話會議。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、通話的音訊重播和文字記錄。

With regards to our calendar, our third quarter fiscal 2025 earnings call is scheduled for February 4, 2025. As a reminder, we post the schedule of upcoming earnings calls for the fiscal year on our IR website. 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.

關於我們的日曆，我們的 2025 財年第三季財報電話會議定於 2025 年 2 月 4 日舉行。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。

We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, October 29, 2024, and disclaims any duties to update them. During this call, the financial metrics, with the exception of free cash flow and non-GAAP operating margins will be presented on a GAAP basis. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated. Now, I'll turn the call over to Andrew Wilson.

我們建議您參閱最新的表格 10-Q，以討論可能導致實際結果與今天討論的結果有重大差異的風險。 Electronic Arts 截至今天（2024 年 10 月 29 日）做出這些聲明，並且不承擔任何更新這些聲明的義務。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外的財務指標將根據公認會計原則提出。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。現在，我將把電話轉給安德魯威爾森。

Thanks, Andrew. Good afternoon. EA's strong fiscal year continues as we again overdelivered in the quarter and raised our full year guidance. Our success this quarter driven by the depth and quality of our portfolio and content delivered by our amazing teams highlights the increasing momentum across our business and progress against our strategic vision. At our recent Investor Day, we shared the vision for our company's role in shaping the future of entertainment. We provided more clarity on how we are executing across our three strategic pillars.

謝謝，安德魯。午安. EA 繼續保持強勁的財年勢頭，我們在本季再次超額交付並提高了全年指引。我們本季的成功得益於我們的產品組合的深度和品質以及我們出色的團隊提供的內容，突顯了我們整個業務的成長勢頭以及我們戰略願景的進展。在最近的投資者日上，我們分享了我們公司在塑造娛樂業未來方面所扮演的角色的願景。我們更清楚地說明了我們如何執行三大戰略支柱。

Creating content and experiences that entertain and engage massive online communities, telling blockbuster stories and having the power of community in around and beyond our games. For the near term, we shared how our creative teams are leveraging our production strength and broad portfolio of IP to build and engage some of the biggest online communities on the planet across the modalities of play, create, watch, and connect. We showed how we will tell blockbuster stories through bigger worlds, more nuanced characters and deeply innovative gameplay. We have an incredible opportunity to extend new modalities of play, introduced new tools to create and share and establish more ways to connect with more players for more time across more geographies to drive meaningful growth in our business.

創造娛樂和吸引大規模線上社群的內容和體驗，講述轟動的故事，並在我們的遊戲內外發揮社群的力量。就短期而言，我們分享了我們的創意團隊如何利用我們的製作實力和廣泛的知識產權組合，以遊戲、創造、觀看和聯繫的方式建立和吸引全球一些最大的線上社群。我們展示瞭如何透過更大的世界、更細緻的角色和深度創新的遊戲玩法來講述轟動的故事。我們有一個難以置信的機會來擴展新的遊戲方式，引入新的工具來創建和分享，並建立更多的方式來與更多的玩家在更多的地區聯繫更多的時間，從而推動我們業務的有意義的增長。

For the medium term, we shared the first steps we are taking to expand beyond the bounds of our games to more deeply engage our current fans and build new audiences. Considering the size of our community, the depth of our engagement and the strength of our brand, we are starting with EA Sports. We shared early looks at how we are leveraging our data, technology and expertise to build new tools for simulations and community-driven creation as well as new experiences that bring real and virtual sports fandom together in the EA Sports app. As the industry continues its fundamental shift in how fans are consuming content and interacting with their favorite leagues, teams and players by choosing more social, interactive and immersive experiences we believe we are well positioned to capture more share of sports fandom.

就中期而言，我們分享了我們為拓展遊戲範圍以更深入地吸引現有粉絲並建立新受眾而採取的第一步。考慮到我們社群的規模、參與度和品牌實力，我們從 EA Sports 入手。我們分享瞭如何利用我們的數據、技術和專業知識來構建用於模擬和社區驅動的創作的新工具以及將真實和虛擬體育迷聚集在 EA Sports 應用程序中的新體驗的早期觀點。隨著行業在球迷消費內容以及透過選擇更多社交、互動和身臨其境的體驗與他們喜愛的聯賽、球隊和球員互動方面繼續發生根本性轉變，我們相信我們處於有利地位，可以贏得更多體育迷的份額。

And lastly, for the longer term, we believe generative AI has potential to greatly expand, transform and create new entertainment experiences. We believe this means all new business opportunities rooted in social connection and self-expression. We aspire to accelerate and enable creators to build new ways to play, create, watch and connect that are unimagined today. Coming back to this quarter, it was driven by the breadth of our portfolio and the overperformance of our guidance by our sports franchises.

最後，從長遠來看，我們相信生成式人工智慧有潛力大幅擴展、轉型和創造新的娛樂體驗。我們相信這意味著所有新的商業機會都植根於社交聯繫和自我表達。我們渴望加速並使創作者能夠建立當今無法想像的新的遊戲、創造、觀看和聯繫。回到本季度，這是由我們投資組合的廣度以及我們的體育特許經營權的指導表現出色所推動的。

The power of EA Sports comes from our team's unique ability to create deep rich and highly valuable IP that celebrates the biggest sport in the world. Nowhere else can players and fans dive into experiences with the excitement, get authenticity, innovation and quality that our experiences can deliver. For American football, we set out on a multiyear journey to build a massive online community to have the collective power of American football fandom and transform the way they interact with North America's biggest sport. With Madden NFL connecting real-world events with our own community-driven moments, we're extending the in-game experiences to drive engagement 365 days a year.

EA Sports 的力量來自於我們團隊獨特的能力，能夠創造豐富且極具價值的 IP，以慶祝世界上最大的運動。沒有其他地方可以讓玩家和粉絲興奮地沉浸在體驗中，獲得我們的體驗所能提供的真實性、創新性和品質。對於美式足球，我們開始了多年的旅程，建立一個龐大的線上社區，以擁有美式足球迷的集體力量，並改變他們與北美最大的運動互動的方式。透過《Madden NFL》將現實世界的活動與我們自己的社區驅動時刻聯繫起來，我們正在擴展遊戲內體驗，以提高一年 365 天的參與度。

And combined with the launch of college football this quarter, we have seen incredible success expanding our audience. New players into the community more than doubled year-over-year and represented around one-fourth of the player base. Through September, College Football 25 was not only the best-selling HD title in North America, it has also proven to be a wholly unique moment of sports culture, connection and fandom. The impressive launch with the world's largest NAL program support from universities, colleges, athletes, partners and fans has arguably become one of the biggest moments in American sports entertainment so far this year.

結合本季度大學橄欖球賽的推出，我們在擴大觀眾群體方面取得了令人難以置信的成功。進入社群的新玩家數量比去年同期增加了一倍以上，約佔玩家群的四分之一。截至 9 月份，《College Football 25》不僅是北美最暢銷的高清遊戲，而且還被證明是體育文化、聯繫和粉絲群的一個完全獨特的時刻。這次令人印象深刻的發布會得到了來自大學、學院、運動員、合作夥伴和粉絲的全球最大的 NAL 計劃的支持，可以說成為今年迄今為止美國體育娛樂界最重要的時刻之一。

Each week, conversations from a stadium to social media from broadcast boots to tailgates from dorm rooms to wherever fans are, we are seeing our experience at the epicenter of fandom around the sport. This success demonstrates our strategy at work, combining college with a long history of our success in Madden NFL, we have built the most immersive and deepest American football experience, making it part of the very fabric of the sport. With new offerings like the MVP bundle and connected modes between the titles, we have seen incredible engagement in our American football community. We have more players than ever immersed in the sport.

每週，從體育場到社交媒體，從廣播靴子到車尾門，從宿舍到球迷所在的任何地方，我們都可以在這項運動的球迷中心看到我們的經歷。這項成功證明了我們的策略，將大學與我們在《Madden NFL》中的悠久成功歷史相結合，我們創造了最身臨其境、最深入的美式足球體驗，使其成為這項運動的一部分。憑藉 MVP 捆綁包和遊戲之間的互聯模式等新產品，我們在美式足球社區中看到了令人難以置信的參與度。我們有比以往更多的球員沉浸在這項運動中。

For example, total hours played in Q2 are up over 140% year-over-year, demonstrating fans are playing both games, and we are just getting started. As you saw at Investor Day, you should expect us to continue adding new connections, more modalities, more creative tools and new community spaces beyond the field of play to continue the momentum well into the future. Now switching to EA Sports FC. As EA Sports FC enters its second year, the platform is thriving as both interactive entertainment and as a global influencer across the world's game. On a trailing 12-month basis, EA Sports FC is the largest franchise in the Western world.

例如，第二季的總遊戲時長年增超過 140%，這表明粉絲們正在玩這兩款遊戲，而我們才剛開始。正如您在投資者日所看到的那樣，您應該期待我們在遊戲領域之外繼續增加新的聯繫、更多的模式、更多的創意工具和新的社區空間，以在未來繼續保持這一勢頭。現在切換到 EA Sports FC。隨著 EA Sports FC 進入第二年，該平台作為互動娛樂和全球遊戲的全球影響力正在蓬勃發展。從過去 12 個月的數據來看，EA Sports FC 是西方世界最大的特許經營商。

With FC Mobile and FC Online, we have a truly global platform as we reach over 130% more players worldwide. These hundreds of millions of flyers across multiple entry points have joined the club, finding joy, competition, inspiration and celebration of culture and fandom along the way. We are meeting fans wherever they are on different platforms across geographies and business models. As such, we continue to drive deep engagement across our titles and saw Live services net bookings growth in the quarter year-over-year.

憑藉 FC Mobile 和 FC Online，我們擁有了一個真正的全球化平台，全球玩家數量增加了 130% 以上。這些來自多個入境點的數億乘客加入了俱樂部，一路尋找歡樂、競爭、靈感以及文化和粉絲的慶祝。無論粉絲身在何處，我們都會在不同地域、不同商業模式的不同平台上與他們見面。因此，我們繼續推動各個遊戲的深度參與，並看到本季直播服務淨預訂量年增。

We believe FC 25 is a major step forward as we build towards the future of interactive football founder. In addition to advancing all the hallmarks of an EA Sports experience, unrivaled gameplay, immersion and authenticity, FC 25 is taking an incredible leap forward in social play with Rush and new creative tools like highlighter. The deeply social 55 rush experience is loved by new and old players alike. It's been a preferred way to play by more than half of our veteran players.

我們相信 FC 25 是我們邁向互動足球創始人未來的重要一步。除了提升 EA Sports 體驗的所有特點、無與倫比的遊戲玩法、沉浸感和真實性之外，FC 25 還借助 Rush 和螢光筆等新創意工具在社交遊戲方面取得了令人難以置信的飛躍。深度社交的55衝鋒體驗深受新舊玩家的喜愛。這是我們一半以上的老玩家更喜歡的遊戲方式。

We also believe it's driving ultimate team engagement, especially those playing with friends. Matches play with friends had more than doubled year-over-year. We've witnessed that when friends play together, we see deeper engagement for longer with a positive impact on monetization. And while it's early with FC 25, these trends are continuing.

我們也相信它會推動最終的團隊參與度，尤其是與朋友一起玩的團隊。與朋友一起玩的比賽數量比去年增加了一倍以上。我們發現，當朋友一起玩時，我們會看到更深層的參與，持續時間更長，這對盈利產生積極影響。雖然 FC 25 還處於早期階段，但這些趨勢仍在繼續。

This quarter, across both American football and global football, we are making great progress across our strategy of building connected ecosystems tools for creativity and new modes of play to continue to build massive online communities. We are also able to leverage the scale, technology and breadth of our team's capability to build the most authentic experiences across the broader sports world. This month saw the launch of NHL 25 and with enhanced gameplay powered by a new technology called ICE Q that delivers the most authentic hockey experience to date. Our incredible portfolio of EA Sports experiences engage and connect hundreds of millions of fans and sit at the intersection of sports, entertainment, technology, fandom and culture.

本季度，無論是美式足球還是全球足球，我們在建立互聯生態系統工具、創造力和新遊戲模式的策略方面都取得了巨大進展，以繼續建立大規模的線上社群。我們也能夠利用我們團隊的規模、技術和廣度，在更廣闊的體育界中打造最真實的體驗。本月，NHL 25 推出，其遊戲玩法得到了增強，由名為 ICE Q 的新技術提供支持，可提供迄今為止最真實的曲棍球體驗。我們令人難以置信的 EA Sports 體驗組合吸引並連接了數億粉絲，並處於體育、娛樂、技術、粉絲群和文化的交匯點。

Across more platforms, more modalities and more geographies were delivering interactive experiences that reach more fans than anyone else in sports and we're not stopping there. We are building on this momentum and leaning into harnessing the power of this massive global community with the EA Sports app. This means more deeply engaging our core fans and welcoming and inspiring an entirely new generation of sports fans to. Our upcoming soft launch in Spain will focus on European football and benefit from our partnership with La Liga.

透過更多的平台、更多的方式和更多的地域來提供互動體驗，從而吸引比體育界其他任何人都多的粉絲，而且我們不會就此止步。我們正在利用這一勢頭，並致力於透過 EA Sports 應用程式利用這個龐大的全球社群的力量。這意味著更深入地吸引我們的核心粉絲，並歡迎和激勵全新一代的運動迷。我們即將在西班牙進行的試運行將專注於歐洲足球，並受益於我們與西甲的合作關係。

Our unique positioning in bridging real-world sports with interactive entertainment sets us apart to be able to build a feature-rich app combining sports content such as highlights, interactive live data and social features and we're able to start from a position of strength with our EA Sports audience that numbers in the hundreds of millions. Global Football is just the beginning. We plan to introduce more sports in more regions in the future through a scaled release cadence with data from each release helping to define deeply engaging future features. This marks a big step forward in our vision to make EA Sports the most valuable sports business on the planet.

我們在連接現實世界體育與互動娛樂方面的獨特定位使我們能夠構建功能豐富的應用程序，將體育內容（例如亮點、交互式實時數據和社交功能）結合起來，並且我們能夠從優勢地位開始我們的EA Sports 觀眾數以億計。全球足球只是一個開始。我們計劃未來透過擴大發布節奏在更多地區引入更多體育項目，每個版本的數據有助於定義具有深度吸引力的未來功能。這標誌著我們使 EA Sports 成為地球上最有價值的體育業務的願景向前邁出了一大步。

In the quarter, Season 22 and Apex Legends launched with significantly more new features for casual and seasoned players alike, including more modes and new map and new anti-cheat software. Following changes to the Battle Pass construct, we did not see the lift in monetization we had expected. Two things have become clear in the free-to-play FPS category. First, in the competitive landscape where brand, a strong core player base and high-quality mechanics matter more than ever, Apex has proven to be a compelling franchise for us and an industry still ward.

本季度，《Season 22》和《Apex Legends》為休閒玩家和經驗豐富的玩家推出了更多新功能，包括更多模式、新地圖和新反作弊軟體。在戰鬥通行證結構改變後，我們並沒有看到我們預期的貨幣化提升。在免費 FPS 類別中，有兩件事已經變得很明顯。首先，在品牌、強大的核心玩家基礎和高品質機制比以往任何時候都更加重要的競爭格局中，《Apex》已被證明對我們來說是一個引人注目的特許經營權，也是一個行業仍然關注的領域。

Second, to drive significant growth and reengagement, large systematic changes acquired. We will continue to focus on retention and breadth of content in service of our global community as we work towards more significant innovative changes in the future. Turning to The Sims universe. It's been nearly 25 years since the world was first introduced to this beloved franchise. Since then, more than 500 million have joined the community. As we outlined at Investor Day, The Sims will move beyond linear sequential releases with the goal to offer more options for players to engage with the brand than ever before.

其次，為了推動顯著成長和重新參與，需要進行大規模的系統性變革。在我們努力實現未來更重大的創新變革的過程中，我們將繼續專注於內容的保留和廣度，為我們的全球社區服務。轉向《模擬市民》的宇宙。自從這部深受喜愛的系列作品首次向全世界介紹以來，已經過去了近 25 年。從那時起，已有超過 5 億人加入了這個社群。正如我們在投資者日所概述的那樣，《模擬市民》將超越線性順序發布，目標是為玩家提供比以往更多的與品牌互動的選擇。

We started with rebuilding reengineering and reimagining The Sims 4. Building Sims 4 as the foundation of the franchise enables our players to continue to engage with the content that collected, created and built over the past decade and engage in new evolving experiences. This allows us to focus on creating a variety of games and experiences, deep simulation games, cozy games, social and collaborative base gameplay and mobile narrative games. The life and death expansion pack in Sims 4 is drop in October 31, and early indicators show it's trending ahead of episode 16. Starting November, a new UGX product, The Sims 4 Creator Kit designed and built by our community creators will start rolling out. Also in November, My Sims Cozy bundle launches on Nintendo Switch.

我們從重建、重新設計和重新構想《模擬市民4》開始。發展的體驗。這使我們能夠專注於創造各種遊戲和體驗、深度模擬遊戲、舒適遊戲、社交和協作基礎遊戲以及行動敘事遊戲。 《模擬市民4》的生死擴充包將於10 月31 日發布，早期指標顯示其趨勢將在第16 集之前開始。人生4 創作者套件》將開始推出。同樣在 11 月，《My Sims Cozy》捆綁包在 Nintendo Switch 上推出。

In the Sims Labs, an incubator for testing new innovations and features, players are trying a plethora of new ideas. These launches and tests this quarter are a core part of how we are investing in a massive Sims platform across more game experiences, more creative options and more ways for players and creators to connect. There's much more to come for the franchise, including a film in the works in partnership with Amazon MGM Studios. The Sims represents an incredible opportunity as it becomes an even bigger cultural icon and massive online community.

在模擬市民實驗室（一個用於測試新創新和功能的孵化器）中，玩家正在嘗試大量新想法。本季的這些發布和測試是我們投資大型模擬市民平台的核心部分，該平台提供更多遊戲體驗、更多創意選項以及更多玩家和創作者的聯繫方式。該系列還有更多精彩內容，包括與亞馬遜米高梅影業合作製作的電影。 《模擬市民》代表了一個難以置信的機會，因為它成為了一個更大的文化標誌和龐大的線上社群。

It's an amazing time at EA. And in two days, we will launch Dragon Age: The Veil guard. It's been 10 years since we launched its predecessor Game of the Year Winner Dragon Age: Inquisition. Early critic scores are strong and reflect the high-quality depth and detail in niches action pack adventure. We expect Dragon Age to be a great example of how our blockbuster storytelling engages and connect fans in truly unique ways. Looking ahead, I'm excited about what we are building towards over the next 12 and 18 months. You should expect more key developments and news around our massive online communities, including Battlefield and skate in the coming quarters.

這是 EA 的美好時光。兩天後，我們將推出《龍騰世紀：面紗守衛》。距離我們推出年度最佳遊戲的前作《龍騰世紀：審判》已經過了 10 年。早期的評論家評分很高​​，反映了小眾動作包冒險遊戲的高品質深度和細節。我們希望《龍騰世紀》成為一個很好的例子，展示我們的大片故事講述如何以真正獨特的方式吸引和聯繫粉絲。展望未來，我對我們未來 12 個月和 18 個月的目標感到興奮。您應該期待我們龐大的線上社群（包括未來幾季的《戰地》和《滑板》）有更多重要進展和新聞。

Our Q2 results represent momentum in our business as we continue to execute our strategy to drive sustainable long-term growth built across the engagement modalities of play, create, watch and connect. Now, let me turn the call over to Stuart for a deeper look into this quarter and our business overall.

我們第二季的業績代表了我們業務的勢頭，因為我們繼續執行我們的策略，推動跨遊戲、創造、觀看和聯繫等參與模式的可持續長期成長。現在，讓我將電話轉給斯圖爾特，以更深入地了解本季和我們的整體業務。

Thank you, Andrew, and hello, everyone. Building on our momentum from Q1, we delivered a record net bookings for Q2 exceeding the high end of our guidance range. Our result is a testament to our team's commitment to delivering high-quality experiences that deeply engage and entertain and global communities prior to this quarter by the strong performance of our EA SPORTS franchises. As we wrap up an incredible first half of the fiscal year, we are raising our FY '25 guidance.

謝謝你，安德魯，大家好。在第一季的勢頭基礎上，我們第二季度的淨預訂量創歷史新高，超出了我們指導範圍的上限。我們的結果證明了我們團隊致力於透過 EA SPORTS 系列的強勁表現，在本季度之前提供高品質的體驗，讓全球社區深入參與和娛樂。當我們結束令人難以置信的上半財年時，我們正在提高 25 財年的指導。

Now, as we look to the future, we remain focused on executing the strategic road map outlined at our Investor Day, delivering long-term value creation through increased scale to drive top line growth, improve margins and greater cash flow. Now turning to the quarter, Q2 net bookings was $2.08 billion, up 14% year-over-year, exceeding our expectations with the strong reception at EA Sports College Football 25. This quarter, our net bookings saw minimal impact from FX. Our full game net bookings was $832 million, up 20% year-over-year highlighted by the successful expansion of our American football ecosystem.

現在，展望未來，我們仍然專注於執行投資者日概述的策略路線圖，透過擴大規模來創造長期價值，從而推動營收成長、提高利潤率和更大的現金流。現在轉向本季度，第二季度淨預訂額為20.8 億美元，同比增長14%，超出了我們的預期，因為EA Sports College Football 25 的反響強勁。 。我們全部比賽的淨預訂額為 8.32 億美元，年增 20%，這得益於我們美式足球生態系統的成功擴展。

Our Live Services net bookings was $1.25 billion, up 10% year-over-year. This strong performance exceeds our expectations as our American football ultimately modes, delivered engaging entertainment to players across both College Football and Madden NFL. On a trailing 12-month basis, live services comprised 74% of our business. As we shared at our Investor Day, a key pillar of our long-term strategy is driving scale in our massive online communities.

我們的直播服務淨預訂額為 12.5 億美元，年增 10%。這種強勁的表現超出了我們的預期，因為我們的美式足球最終模式為大學橄欖球和《Madden NFL》的玩家提供了引人入勝的娛樂。在過去 12 個月的基礎上，即時服務占我們業務的 74%。正如我們在投資者日分享的那樣，我們長期策略的一個關鍵支柱是擴大我們龐大的線上社群的規模。

In Q2, we took a major step forward in expanding American Football with the incredibly successful launch of College Football 25 to complement our Madden NFL HD and mobile offerings. The strong performance of our MVP bundle underscores the power of an aggregated community and an expanded ecosystem of experiences. As we scale this collective life services business, we have driven significant net growth through increased engagement and the acquisition of new players with both engagement and overall spend more than doubling this quarter on a year-over-year basis. It's clear players are enjoying both experiences. And over time, we will build an ever more connected ecosystem.

第二季度，我們在拓展美式足球方面邁出了重要一步，成功推出了 College Football 25，以補充我們的《Madden NFL》高清和行動產品。我們的 MVP 套裝的強勁表現凸顯了聚合社群和擴展體驗生態系統的力量。隨著我們擴大集體生活服務業務，我們透過增加參與度和收購新參與者，推動了顯著的淨增長，本季度的參與度和總體支出同比增長了一倍多。很明顯，玩家們都很享受這兩種體驗。隨著時間的推移，我們將建立一個更互聯的生態系統。

Momentum continues in Global Football as we remain on track to grow net bookings in FY '25 over a record prior year. For the quarter, we delivered in line with our expectations as EA SPORTS FC 24 strength continued into the lead-up to the test launch of FC 25. In our new HD title, we continue to make progress on delivering engaging experiences including Rush and content in our Ultimate Team business. As a result, both spender conversion and monetization metrics improved year-over-year.

全球足球的勢頭仍在繼續，我們仍有望在 25 財年實現比上一年創紀錄的淨預訂量增長。本季度，我們的交付符合我們的預期，因為EA SPORTS FC 24 的實力在FC 25 測試發布之前持續強勁。進展在我們的終極團隊業務。因此，消費者轉換率和貨幣化指標均較去年同期有所改善。

We also saw positive results beyond HD as both FC Mobile and FC Online saw net bookings growth from increased monetization. As discussed during our Investor Day, Apex Legends net bookings fell short of our expectations for the quarter as we extended freemium access across the entirety of the first half of the season 22 Battle Pass. Following the second half release of the Battle Pass on September 17, we observed a return to spending conversion levels consistent with previous seasons. As we look forward, we have adjusted the rest of FY '25 to reflect lower engagement than expected versus our prior guidance.

我們也看到了 HD 以外的積極成果，因為 FC Mobile 和 FC Online 都因增加貨幣化而實現了淨預訂量成長。正如我們在投資者日期間討論的那樣，《Apex 英雄》本季的淨預訂量低於我們的預期，因為我們將免費增值服務擴展至第 22 季 Battle Pass 的整個上半季。 9 月 17 日下半年發布 Battle Pass 後，我們觀察到支出轉換水準恢復到與前幾個賽季一致的水平。展望未來，我們對 25 財年的剩餘時間進行了調整，以反映與我們先前的指導相比，參與度低於預期。

As Andrew mentioned, we are committed to delivering new experiences for our players with a continued focus on enhancing player engagement and retention. In The Sims, we continue to advance the franchise by delivering new player experiences that deeply engage and captivate our community. During the quarter, we launched the Repos Reward gameplay event, offering players weekly challenges that resulted in a 6% year-over-year increase in weekly active users. This event, coupled with increased engagement throughout the quarter, drove strong player demand for our catalog of content surpassing our expectations for the quarter.

正如安德魯所提到的，我們致力於為玩家提供新的體驗，並持續專注於提高玩家的參與度和保留率。在《模擬市民》中，我們透過提供深入參與和吸引我們社群的新玩家體驗來繼續推進該系列。本季度，我們推出了 Repos Reward 遊戲活動，為玩家提供每週挑戰，導致每週活躍用戶年增 6%。這項活動，加上整個季度參與度的增加，推動了玩家對我們內容目錄的強勁需求，超出了我們對本季的預期。

Looking ahead, we expect to continue to grow our community through focused updates, new experiences and user-generated content, starting with creator kits and My Sims Cozy bundle in November. Now moving to our GAAP quarterly results. We delivered Q2 net revenue of $2.03 billion, up 6% year-over-year. Gross margins increased 130 basis points, largely a result of higher digital mix and lower licensing costs.

展望未來，我們希望透過重點更新、新體驗和用戶生成的內容繼續發展我們的社區，從 11 月的創作者套件和 My Sims Cozy 捆綁包開始。現在轉向我們的 GAAP 季度業績。我們第二季淨收入為 20.3 億美元，年增 6%。毛利率成長了 130 個基點，主要是由於數位組合的提高和授權成本的降低。

Operating expenses came in below our expectations at $1.19 billion up 10% year-over-year, driven largely by expenses related to our February restructuring event and increased people costs to support strategic initiatives. Earnings per share was $1.11. As a reminder, in the year ago period, we saw a $0.34 onetime noncash tax benefit. We delivered a record Q2 result for operating cash flow of $234 million more than double the prior year period primarily due to timing of launches.

營運支出低於我們的預期，為 11.9 億美元，年增 10%，這主要是由於與 2 月份重組活動相關的支出以及支持戰略舉措的人員成本增加所致。每股收益為 1.11 美元。提醒一下，去年同期，我們獲得了 0.34 美元的一次性非現金稅收優惠。我們第二季的經營現金流創下了歷史新高，達到 2.34 億美元，是去年同期的兩倍多，這主要是由於產品發布的時機。

On a trailing 12-month basis, free cash flow reached $1.98 billion, underscoring the strength of our business. Please see our earnings slides for further cash flow information. In the second quarter, we returned $426 million to stockholders through stock buybacks and dividends. Now turning to guidance. Given our strong performance in the first half, we are raising our net bookings guidance range for FY '25 to $7.5 billion to $7.8 billion, up 1% to up 5% year-over-year. Our revised range implies a midpoint that is at the top end of our previous guidance.

過去 12 個月的自由現金流達到 19.8 億美元，凸顯了我們業務的實力。請參閱我們的收益幻燈片以了解更多現金流資訊。第二季度，我們透過股票回購和股利向股東返還 4.26 億美元。現在轉向指導。鑑於我們上半年的強勁表現，我們將 25 財年的淨預訂指引範圍提高至 75 億美元至 78 億美元，年增 1% 至 5%。我們修訂後的範圍意味著一個中點，也就是我們先前指導的上限。

Our net bookings assumptions for the second half of the year are as follows: first, as shared at Investor Day, we continue to expect our American football business to exceed $1 billion for FY '25. Second, after the successful launch of FC 25, we continue to expect our EA SPORTS FC franchise to grow over a record FY '24. Third, despite lower expectations for Apex Legends, we are on track to maintain mid-single-digit growth in our core live services. And fourth, we're maintaining our assumptions for our upcoming Dragon Age: The Veilguard launch this week and our partner title slated to launch in Q4.

我們對今年下半年的淨預訂量假設如下：首先，正如投資者日所分享的那樣，我們繼續預計 25 財年我們的美式橄欖球業務將超過 10 億美元。其次，在成功推出 FC 25 後，我們繼續預期我們的 EA SPORTS FC 系列將在 24 財年實現創紀錄的成長。第三，儘管對《Apex Legends》的期望較低，但我們的核心直播服務有望保持中個位數成長。第四，我們維持本週即將推出的《龍騰世紀：面紗衛兵》以及計劃於第四季推出的合作夥伴遊戲的假設。

Turning to our FY '25 GAAP outlook, we are raising net revenue guidance to $7.4 billion to $7.7 billion. We expect cost of revenue to be $1.53 billion to $1.56 billion. We now expect operating expenses to be approximately $4.445 billion to $4.15 billion, up 3% to 4% year-over-year. As a result, we expect GAAP operating margin to be 19.3% to 21.1%.

談到我們的 25 財年 GAAP 展望，我們將淨收入指引上調至 74 億美元至 77 億美元。我們預計收入成本為 15.3 億美元至 15.6 億美元。我們目前預計營運費用約為 44.45 億美元至 41.5 億美元，年增 3% 至 4%。因此，我們預期 GAAP 營業利潤率為 19.3% 至 21.1%。

We expect non-GAAP operating margin to be 30.7% to 32.1%. The impact from change in deferred net revenue is expected to be approximately 90 to 80 basis points. This results in a revised earnings per share of $3.82 to $4.33. We are also increasing our operating cash flow guidance to $2.075 billion to $2.275 billion. Capital expenditures now are expected to be $225 million.

我們預期非 GAAP 營業利潤率為 30.7% 至 32.1%。遞延淨收入變化的影響預計約為 90 至 80 個基點。這導致修正後的每股收益為 3.82 美元至 4.33 美元。我們也將營運現金流指引提高至 20.75 億美元至 22.75 億美元。目前資本支出預估為 2.25 億美元。

As a result, our free cash flow guidance of $1.85 billion to $2.05 billion remains unchanged. As a reminder, we had a $150 million cash tax benefit in the prior year. If rates remain unchanged from today, we expect minimal impact to net bookings from FX. For more information on the impact of FX movements, please refer to our earnings slides.

因此，我們 18.5 億至 20.5 億美元的自由現金流指引保持不變。提醒一下，我們去年獲得了 1.5 億美元的現金稅收優惠。如果利率從今天起保持不變，我們預期對外匯淨預訂的影響最小。有關外匯波動影響的更多信息，請參閱我們的收益幻燈片。

Turning to Q3, we expect net bookings of $2.4 billion to $2.55 billion, up 1% to up 8% year-over-year, largely driven by the launch of Dragon Age and continued growth in our EA Sports FC franchise. We expect the performance of our catalog and the impact from Sunset mobile titles to be a combined headwind of approximately 3%. We expect net revenue of $1.875 billion to $2.025 billion, cost of revenue to be $450 million to $480 million and operating expenses of approximately $1.1 billion to $1.15 billion resulting in earnings per share of $0.85 to $1.02. Before I turn the call over to Andrew, I want to take a moment to reiterate our confidence in our long-term financial framework, which we first introduced earlier this year and expanded upon during our Investor Day.

談到第三季度，我們預計淨預訂將達到 24 億至 25.5 億美元，年增 1% 至 8%，這主要是受到《龍騰世紀》的推出和 EA Sports FC 系列持續成長的推動。我們預計我們目錄的表現和 Sunset 行動遊戲的影響將產生約 3% 的綜合阻力。我們預計淨收入為 18.75 億美元至 20.25 億美元，收入成本為 4.5 億美元至 4.8 億美元，營運費用約為 11 億美元至 11.5 億美元，每股收益為 0.85 美元至 1.02 美元。在將電話轉給安德魯之前，我想花點時間重申我們對長期財務框架的信心，我們在今年早些時候首次推出了該框架，並在投資者日期間對此進行了擴展。

Exiting the first half of fiscal year '25, we have strong momentum, enabling us to raise our full year guidance while also building conviction in our ability to significantly outperform the market through FY '27 for net bookings growth. And as we drive increased scale in our top line, we expect material margin expansion from FY '25 through FY '27 even as we continue to invest in the future. Our robust framework for long-term value creation remains strong and we are dedicated to executing the strategic priorities and initiatives presented at our Investor Day. In closing, I also want to take a quick moment to thank those of you who joined us in person and via live stream for our Investor Day last month.

結束 25 財年上半年後，我們擁有強勁的勢頭，使我們能夠提高全年指引，同時也堅信我們有能力在 27 財年的淨預訂增長方面顯著跑贏市場。隨著我們擴大營收規模，我們預計從 25 財年到 27 財年，即使我們繼續對未來進行投資，利潤率也會大幅成長。我們穩健的長期價值創造框架仍然強大，我們致力於執行投資者日提出的策略重點和措施。最後，我還想花一點時間感謝那些親自參加並透過直播參加上個月投資者日活動的人們。

We appreciate your support and our journey as we lead the future entertainment.

感謝您的支持和我們引領未來娛樂的旅程。

In Q2, we delivered multiple high-quality launches and meaningful additions to our live services that drove great strength and momentum across our business. This all means incredible things to come as we execute across our long-term strategy. As players increasingly embrace games and experiences to play, create, watch and connect we have an incredible opportunity to build and grow more fully connected platforms to deliver more value and less friction for fans everywhere. We are building for this future today.

在第二季度，我們推出了多項高品質的產品，並對我們的即時服務進行了有意義的補充，為我們的業務帶來了巨大的力量和動力。這一切都意味著在我們執行長期策略時將會發生令人難以置信的事情。隨著玩家越來越多地接受遊戲和體驗來玩、創造、觀看和聯繫，我們有一個難以置信的機會來建立和發展更完全連接的平台，為世界各地的粉絲提供更多價值並減少摩擦。我們今天正在為這個未來而建立。

Our incredible teams utilizing cutting-edge technology continue to push the depth and breadth of what is possible in entertainment. As such, we are well positioned in service of our people, players, communities and stockholders to seize our biggest opportunities and to grow as a global leader in entertainment. And now Stuart and I are ready to take your questions.

我們令人難以置信的團隊利用尖端技術繼續推動娛樂領域的深度和廣度。因此，我們處於有利地位，可以為我們的員工、玩家、社群和股東提供服務，抓住我們最大的機遇，成長為全球娛樂領域的領導者。現在史都華和我準備好回答你們的問題了。

Thanks, Andrew. As a reminder, we will take one question and one follow-up from each analyst. With that, John, we are now ready to take the first question.

謝謝，安德魯。提醒一下，我們將從每位分析師提出一個問題和一個後續行動。約翰，我們現在準備好回答第一個問題了。

(Operator Instructions) Colin Sebastian, Baird.

（操作說明）Colin Sebastian，Baird。

Great. The growth in American football, obviously very impressive, well done with college football. I guess as one sort of follow-up, Andrew, to your plans for that. How do you capture that momentum on a long-term basis? Obviously, there's a lot of content involved in community but any more details on the product road map there that give us a little more visibility into potentially growing that on a year-over-year sustained level?

偉大的。美式足球的發展顯然非常令人印象深刻，大學橄欖球也做得很好。我想這是對你的計劃的一種後續行動，安德魯。您如何長期抓住這種勢頭？顯然，社區涉及很多內容，但產品路線圖上是否有更多詳細信息，可以讓我們對逐年持續增長的潛力有更多的了解？

And as a follow-up on the launch plans for the EA Sports app, I guess the broader opportunities in connecting video games with sports data, sports information and live sports, how should we think about the cadence of the rollout of those services? And how much maybe partnerships will play a role with that?

作為 EA Sports 應用程式推出計劃的後續，我認為將視訊遊戲與體育數據、體育資訊和體育直播連接起來有更廣泛的機會，我們應該如何考慮這些服務推出的節奏？合作關係可能會在多大程度上發揮作用？

Okay. Thank you. There's a lot in there, but great questions. First, on American football, this has been a very thoughtful, deliberate calculated rollout plan by our EA Sports team. Again, as we talked about in the prepared remarks. A big part of the evolution of our business has moved away from a product launch on an annualized basis or even a seasoned bound service as it relates to the NFL season and really moving the Madden franchise into more of a football fan platform that serves all American football fans in the connect for 365 days a year.

好的。謝謝。裡面有很多東西，但問題也很大。首先，就美式足球而言，這是我們 EA Sports 團隊經過深思熟慮、深思熟慮的推出計劃。再一次，正如我們在準備好的發言中所談到的。我們業務發展的很大一部分已經不再是按年推出產品，甚至不再是與NFL 賽季相關的經驗豐富的綁定服務，而是真正將《Madden》系列轉變為一個為所有美國人提供服務的足球迷平台。

And we've seen our teams lean into real-world events, and we've seen them build with the community, community-driven events that's allowed our fans to engage with the sport they love 365 days a year. But a few years ago, as we started to look at the potential to bring College Football back, we knew the objective wasn't to replace one game with another game, but to actually really lean into the community of football fans more broadly and build a symbiotic relationship between both Madden and College. And you've seen that play out even this season with the MVP bundle, which was one of the biggest selling single products in the packaged goods realm in the industry this year.

我們已經看到我們的團隊致力於現實世界的活動，我們也看到他們與社區一起建立社區驅動的活動，讓我們的粉絲能夠一年 365 天參與他們喜愛的運動。但幾年前，當我們開始考慮讓大學橄欖球回歸的潛力時，我們知道目標不是用一場比賽取代另一場比賽，而是真正更廣泛地融入球迷社區並建立《Madden》和《College》之間存在共生關係。即使在本季，您也可以看到 MVP 套裝的表現也同樣如此，它是今年行業包裝商品領域最暢銷的單一產品之一。

But certainly, as we start to think about team builder across the franchises as we think about Ultimate Team across the franchises, what the team is doing now is really thinking about the long-term future of this incredibly engaged football fan community across both NFL and College. We have a full team working on NFL on a go-forward basis with a view to be creative and innovative and grow that business. We have a full team working on College on a go-forward basis with the objective to build and grow that business. But the bigger opportunity for us is really to become kind of the preeminent football fan platform in this country and do that across both NFL and College and the EA SPORTS teams are working in sync with our partners, both with the NFL, the schools, the conferences and the players in college to do that on a go-forward basis in the future.

但當然，當我們開始考慮跨特許經營權的團隊建設者時，就像我們考慮跨特許經營權的終極團隊一樣，團隊現在所做的實際上是在考慮NFL 和NFL 中這個極其活躍的球迷社區的長期未來。我們擁有一支完整的團隊，致力於 NFL 的向前發展，以期發揮創造力和創新精神並發展業務。我們擁有一支完整的團隊，在不斷前進的基礎上致力於學院的發展，目標是建立和發展該業務。但對我們來說，更大的機會實際上是成為這個國家卓越的足球迷平台，並在NFL 和大學中做到這一點，而EA SPORTS 團隊正在與我們的合作夥伴同步工作，包括NFL、學校、會議和大學球員在未來的基礎上繼續做到這一點。

We've grown the business this year. We've more than doubled the players in the ecosystem, 25% of those players are new are bringing back lapsed players into our football fan community. Engagement is up meaningfully across the two products, 140% growth in engagement. And so as we look at this, this is a business firing on all cylinders.

今年我們的業務有所成長。我們已經將生態系統中的玩家增加了一倍以上，其中 25% 是新玩家，正在將流失的玩家帶回我們的球迷社群。這兩種產品的參與度顯著提高，參與度成長了 140%。因此，當我們審視這一點時，這是一項全速運轉的業務。

This is a business where our teams are really supporting the fan community better than most other sports, I think, in the industry and we're really excited by the growth that we'll be able to drive in this both in the context of play on the field, but also in the context of social engagement beyond the field of play. For the EA SPORTS app, to get to your second part of your question, again, we think this is a really exciting opportunity for us. We have hundreds of millions of sports fans that come together every day and play games in the context of FC and Madden and College and Hockey and UFC and F1 and others. And what they do right after they leave our game is they go to another platform, and they chat about the game they just had or they go to another platform, and they create content around the game they just played or they go to another platform, and they watch video of that content that they just created or that their friends created.

我認為，在這項業務中，我們的團隊比業內大多數其他體育項目都更好地支持球迷社區，我們對能夠在比賽背景下推動這方面的增長感到非常興奮不僅在賽場上，而且在賽場之外的社交活動中也是如此。對於 EA SPORTS 應用程序，再次回答您問題的第二部分，我們認為這對我們來說是一個非常令人興奮的機會。我們擁有數以億計的體育迷，他們每天聚集在一起，在 FC、Madden、College、Hockey、UFC 和 F1 等背景下玩遊戲。他們離開我們的遊戲後所做的就是轉到另一個平台，他們談論他們剛剛玩的遊戲，或者他們轉到另一個平台，他們圍繞剛剛玩的遊戲創建內容，或者他們轉到另一個平台，他們觀看他們剛剛創建的內容或他們的朋友創建的內容的影片。

We think we have an incredible opportunity to actually bring all of those things together for our fan community and remove a great deal of friction as it relates to that broader fan experience beyond the bounds of our games. The fact that we have more license partners than any other entity in the world in the connect of the real world of sport also allows us to do very interesting things that may be not possible for the traditional purveyors of sport when we think about bringing real-world sports content, real world sports highlights, real-world sports commentary into that ecosystem and allowing our fans, our existing hundred millions of fans to slam together the content they create with content from the real world of sport. And we expect that, that will actually attract more sports fans that may not even play our game today in the years ahead. We're starting with Spain.

我們認為我們有一個難以置信的機會，可以為我們的粉絲社群真正整合所有這些東西，並消除大量摩擦，因為這與我們遊戲範圍之外更廣泛的粉絲體驗有關。事實上，我們在連接現實體育世界方面擁有比世界上任何其他實體更多的許可合作夥伴，這也使我們能夠做一些非常有趣的事情，當我們考慮將現實帶入現實時，這些事情對於傳統體育供應商來說可能是不可能的。體育世界的內容結合在一起。我們預計，這實際上會吸引更多的體育迷，他們在未來幾年甚至可能不會玩我們的遊戲。我們從西班牙開始。

We have an incredible partnership with La Liga. And we've talked about that at Investor Day that allows us to bring a great deal of real-world content together with the virtual content that is born out of our game. We have as I said, we have more sports partnerships than any other entity in the world and our expectations that we'll continue to work with those partners on a global basis to really enrich the sports fan experience, not just for Global Football, but for American football and every other major sport in the world.

我們與西甲有著令人難以置信的合作關係。我們在投資者日討論過這一點，這使我們能夠將大量現實世界的內容與我們遊戲中誕生的虛擬內容結合在一起。正如我所說，我們擁有比世界上任何其他實體都多的體育合作夥伴關係，我們期望我們將繼續在全球範圍內與這些合作夥伴合作，真正豐富體育迷的體驗，不僅是為了全球足球，而是為了適用於美式足球和世界上所有其他主要運動。

The rollout will be on a kind of a phase-by-phase basis will take each step as an opportunity to serve more fans, but more importantly, learn from those fans, what features that are most compelling. What we're doing is cutting edge. It's not been done before where you bring together the totality of the sports fan experience across real and virtual. That's an exciting opportunity for us, but it also means we'll have to be very thoughtful and deliberate as we roll out over the course of time.

推出將分階段進行，將每一步視為服務更多粉絲的機會，但更重要的是，從這些粉絲那裡了解哪些功能最引人注目。我們正在做的事情是最前沿的。以前從未有人將真實和虛擬的體育迷體驗整合在一起。這對我們來說是一個令人興奮的機會，但這也意味著我們在隨著時間的推移推出時必須非常深思熟慮和深思熟慮。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅斯資本。

I wonder if you'd be willing to sort of break down your live services in terms of as you're thinking about guidance for this year between will live services for sports? Should we think about that up being double digits? And what does that mean for your non-sports business?

我想知道您是否願意在考慮今年體育直播服務之間的指導時對您的直播服務進行分類？我們應該考慮這個數字是兩位數嗎？這對您的非體育業務意味著什麼？

Eric, Stuart. Let me just let me frame a couple of things in. The most important on live services as part of raising our guidance, obviously, we passed through H1 before outperformance, which obviously incorporate elements of live service as we started and launched our over EA Sports franchise. We have said that we will continue to see live service growth be mid-single digits through the back half of the year. And you should think that's driven by a couple of key elements.

艾瑞克、史都華.讓我簡單介紹幾件事。的元素特許經營權。我們說過，到今年下半年，我們將繼續看到直播服務的成長處於中個位數。您應該認為這是由幾個關鍵要素驅動的。

One, we've stated we have two live services across both College and NFL, and we do expect our business to continue to reach over $1 billion in net bookings. We obviously expect growth in our FC franchise over a record prior year in FY '24, which incorporates our life service business as well. And we have obviously launched a full game that are different to the prior year pagination that title in Q4. And despite the pragmatism we put inside of Apex, we do expect that the holistic overall business will remain at mid-single digits with obviously a heavier mix on sports and less so on non-sports or entertainment, but net back into a growth position for the year.

第一，我們已經說過，我們在 College 和 NFL 都有兩項直播服務，並且我們確實預計我們的業務淨預訂量將繼續達到 10 億美元以上。我們顯然預計我們的 FC 特許經營權將比前一年在 24 財年創紀錄的增長，其中也包括我們的生活服務業務。顯然，我們已經推出了一款完整的遊戲，與去年第四季的標題不同。儘管我們對 Apex 抱持務實態度，但我們確實預計整體業務將保持在中個位數，其中體育業務的比重明顯加大，非體育或娛樂業務的比重減少，但淨額將回到增長狀態那一年。

Okay. And then just as a follow-up. So as you take the learnings for season 22, I believe, for Apex. How are you thinking about the next season and what you progress with in terms of the battle passes and any other types of experiences in the season?

好的。然後作為後續行動。因此，當你學習第 22 季的經驗時，我相信，《Apex》也是如此。您如何看待下個賽季？

Yes. First of all, let's talk a little about Q2. I think we tried to outline that post giving guidance previously as we talked about Investor Day. We have changed fundamentally as part of the ongoing innovation are part of the service and how we reinvigorate and bring deeper feature set into the product as we move forward. So we did make meaningful changes. We split the Battle Pass into two.

是的。首先，我們來談談Q2。我想我們之前在談論投資者日時曾試圖概述該帖子提供的指導。我們已經發生了根本性的變化，作為持續創新的一部分，是服務的一部分，也是我們在前進過程中如何重振產品並將更深入的功能集引入產品的一部分。所以我們確實做出了有意義的改變。我們將戰鬥通行證一分為二。

We actually extended the freemium entry point inside of that first period, that first split as we call out. We launched the premium aspect actually on our Investor Day, and we saw meaningful conversion get back to prior levels on the way through. We have seen a lower player engagement base of this part of the cycle and we have reflected that all the way through the rest of the year. So Andrew's earlier comments, we have an incredible IP and game inside of Apex.

我們實際上在第一個時期內延長了免費增值的切入點，正如我們所說的第一個分裂時期。我們實際上在投資者日推出了溢價方面，並且我們看到有意義的轉換在整個過程中回到了先前的水平。我們發現這部分週期的玩家參與度較低，並且我們在今年剩餘時間裡一直反映了這一點。所以安德魯之前的評論是，我們在 Apex 中有一個令人難以置信的 IP 和遊戲。

We continue to invest behind making sure we have meaningful change and systemic change inside the product as we look to the future and you expect us to see that we can start to grow the business back as we get through the latter parts of early 2016 and beyond.

我們將繼續進行投資，以確保我們在展望未來時對產品進行有意義的變革和系統性變革，並且您希望我們看到，當我們度過 2016 年初及以後的後期時，我們可以開始恢復業務成長。

I might add a little something there as we think about Apex. I think, again, along with my prepared remarks, but just a little more context, I think what we've come to understand is we look at these large-scale live service-driven free-to-play businesses, particularly with our experience in Asia and in the West. And what we have observed over the last 15 or 20 years is really two things. One is that once you reach a level of scale by virtue of a quality game with incredible mechanic, innovation, creativity and a large global player base.

當我們考慮 Apex 時，我可能會在其中添加一些內容。我想，再一次，除了我準備好的發言外，還有更多背景信息，我認為我們已經了解的是，我們正在關注這些大規模的實時服務驅動的免費業務，特別是根據我們的經驗在亞洲和西方。我們在過去 15 或 20 年中觀察到的實際上是兩件事。一是，一旦你憑藉一款具有令人難以置信的機制、創新、創造力和龐大的全球玩家基礎的優質遊戲達到了一定的規模水平。

It's very, very difficult to displace them from the top tier of games played in the world. But what is equally true is that the level of innovation and creativity has to continue to scale with the community over time to ensure you can maintain growth and not just maintain size. And so as you think about us in Apex, we're in an incredibly good position given that we have reached that very top tier. We do have an incredibly strong brand a really strong mechanic and a very committed global community.

想要將他們從世界頂級遊戲中取代是非常非常困難的。但同樣重要的是，隨著時間的推移，創新和創造力的水平必須隨著社區的發展而不斷擴大，以確保您能夠保持成長，而不僅僅是維持規模。因此，當你想到我們在 Apex 時，我們處於非常有利的位置，因為我們已經達到了最高水平。我們確實擁有一個非常強大的品牌、一個非常強大的機械師和一個非常忠誠的全球社群。

As we go forward, we'll really be investing on two vectors. The first is in the growth of our season oriented content, and what you've seen from us over the last few seasons is progressively bigger season drops each time. Very high quality has driven very high sentiment amongst our player base, and we're adding to the level of innovation and creativity on a season-by-season basis. But to Stuart's point, as we think about step function growth over the course of time, what we've also observed is a need for kind of meaningful systematic innovation in the game that fundamentally changes the way the game plays more broadly and our teams are working on that as well.

隨著我們的前進，我們實際上將在兩個方面進行投資。首先是我們以季節為導向的內容的增長，在過去的幾個季節中，您從我們身上看到的是每次季節的下降都在逐漸加大。非常高的品質在我們的玩家群中引起了非常高的情緒，我們正在逐個賽季地提高創新和創造力的水平。但就史都華的觀點而言，當我們考慮隨著時間的推移階躍函數成長時，我們也觀察到需要在遊戲中進行有意義的系統創新，從根本上改變遊戲更廣泛的運作方式，並且我們的團隊也在致力於此。

And so we do have a moment right now where we are managing the current trajectory of the business. but we believe by virtue of the strength of the brand, the size of the global community, the position we hold in the top tier of these free-to-play live service games that will be able to return that to growth in the business side over the course of time.

因此，我們現在確實需要管理目前的業務軌跡。但我們相信，憑藉品牌的實力、全球社群的規模以及我們在這些免費即時服務遊戲中的頂級地位，我們將能夠恢復業務方面的成長隨著時間的推移。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Maybe building off the back of that last explanation there. As you're going through the systematic rethink of Apex, how much of this can maybe be done fixing a part while the car is in motion? Or is this something that may require like a whole studs up rebuild and something like an Apex 2.0 might be the way to go about it rather than incremental change?

也許是在最後一個解釋的基礎上建立起來的。當您對 Apex 進行系統性重新思考時，其中有多少可以在汽車行駛時修復零件來完成？或者這可能需要像整個螺柱一樣重建，而像 Apex 2.0 這樣的東西可能是解決這個問題的方法，而不是增量更改？

It's a really good question and probably beyond the scope of this conversation. But what I would say is that typically, what we have seen again, in the context of live service driven games at scale is the version two thing has almost never been as successful as the version one thing. And so actually, the objective right now is to ensure that we are continuing to support the global player base that we have and deliver the new innovative creative content on a season-by-season basis, as well as build these other things, but build them in a way that players do not have to give up the progress that they've made or the investment that they have put into the existing ecosystem.

這是一個非常好的問題，可能超出了本次對話的範圍。但我想說的是，通常情況下，我們再次看到，在大規模即時服務驅動遊戲的背景下，第二版幾乎從未像第一版那樣成功。事實上，現在的目標是確保我們繼續支持我們擁有的全球玩家基礎，並逐季提供新的創新創意內容，以及構建這些其他東西，但構建玩家不必放棄他們所取得的進步或他們對現有生態系統的投資。

Anytime we call a global player community to have to choose between the investments they've made to date and future innovation creativity, that's never a good place to put our community in. And so our objective will be to continue to innovate in the core experience, and you're seeing that from season to season now as our seasons get progressively bigger, and we're changing kind of key modalities at play within those seasons and then build additional opportunities for engagement in different modalities of play beyond what the current core mechanic delivers. And we think we can do those two things together, and we don't believe we have to separate the experience in order to do so. But again, the team is working through this now.

每當我們要求全球玩家社群必須在他們迄今為止所做的投資和未來的創新創造力之間做出選擇時，這絕不是放置我們社群的好地方。方面進行創新，你會看到，隨著我們的賽季逐漸變大，我們正在改變這些賽季中的關鍵比賽模式，然後為參與超出當前核心的不同比賽模式創造更多機會機械師提供。我們認為我們可以一起做這兩件事，我們不認為我們必須將體驗分開才能做到這一點。但同樣，團隊現在正在解決這個問題。

Great. And then maybe one quick one on Veilguard, if I could. I have seen some very strong reviews so far. But as far as you can tell, what drives that kind of breakout of success we've seen in some single-player fantasy games in the last couple of years? And how do you feel that Veilguard might compare along those lines?

偉大的。如果可以的話，然後也許可以快速介紹一下面紗守衛。到目前為止，我已經看到了一些非常強烈的評論。但據您所知，是什麼推動了我們在過去幾年中在一些單人奇幻遊戲中看到的這種突破性成功？你覺得面紗衛兵在這些方面相比如何？

I certainly think Veilguard has breakout potential. Again, 10 years ago, Dragon Age: Inquisition one Game of the Year and was a very strong performer for us in the conduct of our business. This is entertainment. And so while much of our business has moved to live service moment-to-moment, deliver innovation and creativity for a deeply engaged community over the course of time. this opportunity to bring in incredibly high quality, creative storytelling set in amazing world with rich characters living out those stories you're able to capture that moment in entertainment success almost certainly follows.

我當然認為 Veilguard 具有突破潛力。十年前，《龍騰世紀：審判》再次成為年度最佳遊戲，並且在我們的業務發展方面表現非常出色。這是娛樂。因此，雖然我們的大部分業務已經轉向即時服務，但隨著時間的推移，為深度參與的社群提供創新和創造力。幾乎肯定會有機會在令人驚嘆的世界中帶來令人難以置信的高品質、創造性的故事敘述，豐富的人物生活在這些故事中，您幾乎肯定會捕捉到娛樂成功的那一刻。

And we see that in the context of movies, and we're seeing in the context of TV seasons, and we see in the context of video games. When we think about what we have with Veilguard right now, we have a storage studio in BioWare. We have a storied IP and Dragon Age. We have a team that took extra time to make sure the world was rich and the characters were interesting and the story was compelling I think we're going into a market that has limited competition for this category of game given some of the moves that have happened across the broader industry.

我們在電影的背景下看到了這一點，我們在電視劇季的背景下看到了這一點，我們在電子遊戲的背景下看到了這一點。當我們思考 Veilguard 現在擁有的東西時，我們在 BioWare 中有一個儲存工作室。我們有一個傳奇的IP和龍騰世紀。我們有一個團隊花了額外的時間來確保世界是豐富的，角色是有趣的，故事是引人入勝的，我認為我們正在進入一個對此類遊戲的競爭有限的市場，因為一些動作已經發生在更廣泛的行業。

And so while I think it's too early to predict the outcome the critical reviews have been incredibly strong. The team feels really energized by what they have delivered. And my sense is that, yes, it has breakout capabilities.

因此，雖然我認為現在預測結果還為時過早，但批評性的評論卻非常強烈。團隊對他們所交付的成果感到非常充滿活力。我的感覺是，是的，它具有突破性的能力。

Andrew, just to add for that. Just on the back of Andrew's comments, obviously, we feel with positioning probably well for the purpose of how we think about the back half of the year, we maintained our original assumptions for the game at this point.

安德魯，只是補充一下。顯然，在安德魯的評論後面，我們覺得對於我們如何看待下半年的目的來說，我們的定位可能很好，此時我們維持了對遊戲的最初假設。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Stuart, using the midpoint of your guidance range, I believe, implies a bookings acceleration in fiscal 4Q relative to fiscal 3Q. Can you just help us think through the drivers there? I recognize there's a partner title, but any incremental color would be helpful. And then maybe just one on the football franchise. I appreciate the stats you gave on a total football basis. But any further details you can give regarding College football's impact on Madden to date? And how do you expect that dynamic to evolve going forward?

我認為史都華使用指導範圍的中點意味著第四財季的預訂量相對於第三財季有所加速。你能幫我們想想那裡的司機嗎？我知道有一個合作夥伴頭銜，但任何增量顏色都會有幫助。然後也許只是足球特許經營權中的一個。我很欣賞你提供的關於足球總體數據的統計數據。但您能提供有關迄今為止大學橄欖球對《Madden》影響的更多詳細資訊嗎？您預計這種動態未來會如何發展？

So first of all, so as we outlined before in the macro framework, we obviously passed through H1 performance through the full year, which means, by implication, we're expecting the balance here to deliver on our expectations with some puts and takes on key properties. As you think about the quarterly phasing is always important to remember, we have differences between release slates, obviously, seasonality and title launches would change some of that mix and some of those comparable year-on-year look back in past quarters where it's World Cup. 18 months ago, we have a new title launch in Q4 this year, we didn't have before.

首先，正如我們之前在宏觀框架中概述的那樣，我們顯然全年都經歷了上半年的表現，這意味著，我們預計這裡的平衡將透過一些看跌期權和看跌期權來實現我們的預期關鍵屬性。當你考慮季度分階段時，記住這一點總是很重要的，我們在發布日期之間存在差異，顯然，季節性和標題發布會改變其中的一些組合，並且其中一些可比的同比回顧過去幾個季度的世界杯子。 18 個月前，我們在今年第四季推出了一款以前沒有的新遊戲。

So have to take you through some of the puts and takes around the phasing between Q3 and Q4 as we see that occur. On the overall American football business, we feel incredibly convicted that performance that we saw inside of Q2. Obviously, to a somewhat Andrew's commentary earlier, we had strong performance from both NPV College and obviously, the overall broader exist American football. And we expect both of that to -- both of the properties to still continue as part existed through the back half of the year by virtue of the raised midpoint that we put inside the guidance.

因此，我們必須帶您了解第三季和第四季之間的一些看跌期權和看跌期權，正如我們所看到的那樣。就整個美式足球業務而言，我們對第二季度看到的表現感到難以置信。顯然，根據安德魯先前的評論，我們在 NPV 學院和整個美式足球方面都表現出色。我們預計，由於我們在指導中提出了上調的中點，這兩項資產仍將在今年下半年繼續存在。

Doug Creutz, TD Cowen.

道格·克羅伊茨，TD·考恩。

You mentioned Dragon Age: Inquisition earlier, and I think it's fair to say that since then, BioWare has had a somewhat challenging decade with a lot of turnover management. And and some titles that didn't work as well as they would have liked. What have you done? What is LoRa done over the past several years to put BioWare into a position to ship a strong title like Veilguard? And what does this say about the future of BioWare from here?

你之前提到過《龍騰世紀：審判》，我認為可以公平地說，從那時起，BioWare 經歷了一個充滿挑戰的十年，並進行了大量的人員流動管理。還有一些遊戲的效果並不如他們所希望的那麼好。你做了什麼？ LoRa 在過去幾年中做了哪些工作，讓 BioWare 能夠推出像 Veilguard 這樣強大的遊戲？這對 BioWare 的未來意味著什麼？

It's a really good question. And there's a great deal of things that have happened. First, I would say, as we look back over Bioware, BioWare has been across a number of different studios and build a number of different types of games Anthem is probably the one that people remember most for not really living up to the expectations of what a BioWare game should be. And while that is almost certainly true what I'd remind people is it was also by we're trying to do something very, very different than what would typically be known as a BioWare game.

這是一個非常好的問題。已經發生了很多事情。首先，我想說的是，當我們回顧Bioware 時，BioWare 已經跨越了許多不同的工作室並開發了許多不同類型的遊戲《聖歌》可能是人們最記得的一款遊戲，因為它並沒有真正要達到人們的期望BioWare 遊戲應該是這樣。雖然這幾乎肯定是真的，但我要提醒人們的是，我們也在嘗試做一些與通常被稱為 BioWare 遊戲非常非常不同的事情。

It was really about building different mechanics and different models at play into a BioWare world. And while the reviews at the time actually heralded the world as being incredibly rich and wonderful and high fidelity and traversing that world being great and something like character is being super interesting the pieces of the puzzle just didn't quite come together in the way that I think BioWare had hoped. A big shift happened after that, which was by we're really returning to BioWare type games, really returning to BioWare's strength.

這實際上是為了在 BioWare 世界中建立不同的機制和不同的模型。雖然當時的評論實際上預示著這個世界是令人難以置信的豐富、美妙和高保真度，並且穿越這個世界是偉大的，而且像角色這樣的東西是非常有趣的，但拼圖的各個部分並沒有完全按照這樣的方式組合在一起。之後發生了一個重大轉變，那就是我們真正回歸 BioWare 類型的遊戲，真正回歸 BioWare 的優勢。

And what's happened subsequently since Anthem is the BioWare team has really rallied around what made BioWare a fan favorite studio and a fan favorite brand and the types of games they make incredibly rich world, incredibly nuanced characters really powerful and compelling stories with comradery and friendship and relationships and decisions that matter in the context of gameplay. And I think it's really been that return to what made BioWare great and giving the studio the time to really deliver against what makes BioWare great in the context of the Dragon Age world is what amounts to a game like Dragon Age: The Veilguard.

自《聖歌》以來，BioWare 團隊真正團結起來，圍繞著BioWare 成為粉絲最喜愛的工作室和粉絲最喜愛的品牌的原因，以及他們製作的遊戲類型極其豐富的世界、極其細緻入微的角色、真正強大的、引人入勝的故事、同志情誼和友誼以及在遊戲過程中重要的關係和決策。我認為真正是回歸了 BioWare 的偉大之處，並讓工作室有時間真正兌現 BioWare 在《龍騰世紀》世界背景下的偉大之處，這相當於《龍騰世紀：面紗守衛》這樣的遊戲。

Okay. Well, thank you all for being here, and thank you for your excellent questions. It's been a great opportunity to continue to talk through the progress we are making on the strategic vision we shared at Investor Day. It's truly an inspiring time for our company, and we're focused more than ever as we continue to lean into our biggest opportunities. We're in an extraordinary position to continue growing, innovating and leading for the future of entertainment. Thank you all, and speak to you next quarter.

好的。好的，謝謝大家來到這裡，也謝謝你們提出精彩的問題。這是一個很好的機會，可以繼續討論我們在投資者日分享的策略願景方面所取得的進展。對於我們公司來說，這確實是一個鼓舞人心的時刻，我們比以往任何時候都更加專注，並繼續抓住最大的機會。我們處於一個非凡的位置，可以繼續發展、創新和引領娛樂業的未來。謝謝大家，下個季度再和你們談談。

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。