美商藝電 (EA) 2025 Q3 法說會逐字稿

Good afternoon.

午安.

My name is JL, and I will be your conference operator today.

我叫 JL，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Electronic Arts third quarter fiscal year 2025 earnings conference call.

現在，我歡迎大家參加電子藝界 2025 財年第三季財報電話會議。

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

現在，我想將會議交給投資者關係副總裁 Andrew Uerkwitz 先生。

Please go ahead.

請繼續。

Thank you.

謝謝。

Welcome to EA's third quarter fiscal 2025 earnings call.

歡迎參加 EA 2025 財年第三季財報電話會議。

With me today are Andrew Wilson, our CEO; and Stuart Canfield, our CFO.

今天與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。

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.

請注意，我們的 SEC 文件和收益報告可在 ir.ea.com 上查閱。此外，我們也發布了詳細的收益幻燈片來配合我們準備好的發言。

Lastly, after the call, we will post our prepared remarks, an audio replay of this call, and a transcript.

最後，通話結束後，我們將發布我們準備好的評論、本次通話的音訊回放和一份記錄。

With regards to our calendar, our fourth quarter fiscal 2025 earnings call is scheduled for May 6, 2025.

就我們的日曆而言，我們的 2025 財年第四季財報電話會議定於 2025 年 5 月 6 日舉行。

As a reminder, we posted scheduled upcoming earnings calls for the fiscal year on our IR website.

提醒一下，我們在 IR 網站上發布了本財年預定的即將召開的收益電話會議。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company.

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。

Actual events and results may differ materially from our expectations.

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.

請您參閱我們最新的 10-Q 表，其中討論了可能導致實際結果與今天討論的結果大不相同的風險。

Electronic Arts makes these statements as of today, February 4, 2025, and disclaims any duty to update them.

電子藝界於 2025 年 2 月 4 日作出這些聲明，並且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.

在本次電話會議中，除自由現金流和非 GAAP 營業利潤率之外的財務指標將按照 GAAP 基礎呈現。

All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.

本次電話會議中進行的所有比較均與去年同期進行，除非另有說明。

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

現在我將電話轉給安德魯威爾森。

Thanks, Andrew.

謝謝，安德魯。

Good afternoon.

午安.

I want to start by thanking our teams.

首先我要感謝我們的團隊。

In Q3, they shared their creativity, dedication and innovation with the world through high-quality games and experiences.

在第三季度，他們透過高品質的遊戲和體驗與世界分享他們的創造力、奉獻精神和創新能力。

Our relentless focus on execution and delivery ensures we continue to bring incredible sports experiences and blockbuster entertainment to hundreds of millions of players and fans around the world.

我們堅持不懈地專注於執行和交付，確保我們繼續為全球數億玩家和粉絲帶來令人難以置信的體育體驗和大片娛樂。

However, Q3 was not the financial performance we wanted or expected.

然而，第三季的財務表現並不如我們所願或預期。

We know as a leader in global entertainment, great titles, even when built and delivered with polished execution can sometimes miss our financial expectations.

我們知道，身為全球娛樂產業的領導者，優秀的作品，即使是經過精心製作和交付，有時也可能達不到我們的財務預期。

So let me provide more context on the quarter and share actions taken to build momentum as we head in the new fiscal year.

因此，讓我提供更多有關本季度的背景信息，並分享我們在進入新財年之際為增強勢頭而採取的行動。

Our blockbuster storytelling strategy is built on three strategic objectives: first, create an authentic story experience for the core audience; second, build innovative groundbreaking features; and third, emphasize high-quality launches across both PC and console.

我們大片的故事敘事策略建立在三個策略目標之上：第一，為核心觀眾創造真實的故事體驗；二是打造創新引領型特色。第三，強調在PC和主機上推出高品質的遊戲。

In order to break out beyond the core audience, games need to directly connect to the evolving demand of players who increasingly seek shared world features and deeper engagement alongside high-quality narratives in this beloved category.

為了突破核心受眾群體，遊戲需要直接滿足玩家不斷變化的需求，這些玩家越來越多地尋求共享世界功能和更深入的參與度，以及這個深受喜愛的遊戲類別中的高品質敘事。

Dragon Age had a high-quality launch and was well reviewed by critics and those who played.

《龍騰世紀》的發布品質很高，受到評論家和玩家的一致好評。

However, it did not resonate with a broad enough audience in this highly competitive market.

然而，在這個競爭激烈的市場中，它並沒有引起足夠廣泛受眾的共鳴。

Now let me dive deeper into the context around EA Sports FC's temporary underperformance and the immediate actions taken.

現在，讓我更深入地探討一下 EA Sports FC 暫時表現不佳的背景以及所採取的緊急行動。

FC started Q3 in a strong position.

FC 在 Q3 中處於強勢地位。

It had a high-quality and stable launch. It won Sports Game of the Year and preorders engagement. And player monetization were each up year-over-year, leading the net bookings in October that were up double digits year-over-year.

它的發布品質很高，而且很穩定。它贏得了年度最佳體育遊戲獎並獲得預訂參與。玩家貨幣化逐年上升，帶動 10 月淨預訂量較去年同期成長兩位數。

However, this momentum did not sustain through the quarter.

然而，這一勢頭未能維持整個季度。

Two contributing factors to performance downside were soft top-of-funnel acquisition and lapsed engagement later in the quarter.

導致業績下滑的兩個因素是漏斗頂端的客戶獲取不佳以及本季後期參與度下降。

While early acquisition started out strong, post-launch acquisition cohorts waited longer in the cycle to acquire the new title as many stayed in prior iterations.

雖然早期購買勢頭強勁，但發布後的購買群體在周期中等待了更長的時間才購買新遊戲，因為許多人仍停留在先前的版本。

Combined plays in our full HD experiences were flat year-over-year.

我們的全高清體驗的綜合播放量與去年同期相比持平。

This mix shift and slower new player acquisition accounted for about half of the title's underperformance versus expectations.

這種組合轉變和新玩家獲取速度放緩是該遊戲表現不如預期的原因之一。

Solid than expected engagement made up most of the rest.

其餘大部分都是比預期更強勁的參與度。

We're constantly shooting the game to drive a competitive and engaging experience.

我們不斷拍攝遊戲以帶來競爭性和吸引力的遊戲體驗。

This year, after a number of key changes to gameplay, we started to hear more feedback than usual around specific issues with balance from one of our most competitive cohorts. This resulted in lower-than-expected engagement into the end of the quarter.

今年，在對遊戲玩法進行了一些重大改變之後，我們開始從我們最具競爭力的隊伍中聽到比平時更多的有關具體平衡問題的反饋。這導致本季末的參與度低於預期。

We took the time to listen and validate what we were hearing and implemented some significant changes to the gameplay experience and corresponding progression and rewards and a large update that went live for players on January 16, just before the launch of our Team of the Year event. These actions were a success as we've seen a strong response to the title update and our event as well as positive gameplay sentiment indicators from our community.

我們花時間傾聽並驗證我們所聽到的內容，並對遊戲體驗和相應的進程和獎勵進行了一些重大改變，並在 1 月 16 日（就在我們的年度最佳團隊活動啟動之前）向玩家發布了一個大型更新。這些行動是成功的，因為我們看到了對標題更新和我們的活動的強烈反響，以及來自社區的積極的遊戲情緒指標。

Following the gameplay update and our popular Team of the Year event, we have reactivated over 2 million Ultimate Team players with all acquisition cohorts experiencing positive trends.

在遊戲玩法更新和我們廣受歡迎的年度最佳團隊活動之後，我們重新激活了超過 200 萬終極團隊玩家，所有收購群體都呈現出積極的趨勢。

Player retention rates surpassed our expectations and saw record title weekly active users over the events weekend.

玩家留存率超出了我們的預期，活動週末的每週活躍用戶創下了歷史新高。

Together, these markets are leading networking to be up year-over-year for the two-week event.

綜合來看，這些市場正引領為期兩週的活動網絡年成長。

Our live service drives billions of hours of fan engagement annually, and we're constantly updating and fine-tuning both gameplay and our programs to meet ongoing feedback and evolving expectations from our community.

我們的即時服務每年吸引數十億小時的粉絲參與，我們不斷更新和微調遊戲玩法和程序，以滿足社群的持續反饋和不斷變化的期望。

Individually, these FC play dynamics would not have materially impacted our quarter.

就個別情況而言，這些 FC 比賽動態不會對我們本季產生重大影響。

In fact, these are part of the normal course of managing and growing our live service business.

事實上，這些都是我們管理和發展現場服務業務的正常流程的一部分。

However, the convergence of these dynamics became a material source of downside requiring our immediate and comprehensive response.

然而，這些動態的匯聚成為了負面因素的重大根源，需要我們立即採取全面的應對措施。

We consider this to be a temporary moment not structural. Our global football franchise net bookings have grown over 70% over the last five fiscal years, making it one of the biggest sports entertainment properties in the world.

我們認為這只是暫時現象，而非結構性現象。過去五個財年，我們的全球足球特許經營淨預訂量增加了 70% 以上，使其成為世界上最大的體育娛樂資產之一。

To put this year in perspective, FY25 is still expected to be the second biggest year for the franchise.

放眼今年，2025 財年預計仍將是該特許經營業務的第二大年。

Given this context around our Q3 results, we remain confident that our strategy, focusing on entertaining massive online communities, selling blockbuster stories, and harnessing the power of community remains on track.

考慮到我們第三季的業績背景，我們仍然相信，我們的策略仍在順利推進，即專注於娛樂大型線上社群、銷售暢銷書故事和利用社群力量。

Now let me provide more color on the rest of our portfolio.

現在，讓我進一步介紹一下我們投資組合的其餘部分。

The power of EA Sports comes from our team's unique ability to create deep, rich, and highly valuable IP where our players fully emerge themselves in the action, phantom, and culture of their favorite sport.

EA Sports 的力量來自於我們團隊獨特的能力，能夠創造深度、豐富且極具價值的 IP，讓我們的玩家能夠完全沉浸在他們最喜歡的運動的動作、幻影和文化中。

No one else can fan experience the depth, authenticity and quality that our sports titles deliver.

其他任何人都無法體驗到我們的體育賽事所帶來的深度、真實性和品質。

With an incredible year, we're just beginning to unlock the immense opportunity within our growing American football ecosystem.

經歷了令人難以置信的一年，我們才剛開始在不斷發展的美式足球生態系統中發掘巨大的機會。

The number of players is up double digits year-over-year as our expanded offerings strengthen and build on the passion of our community. Our teams continue to deliver compelling content across the ecosystem seamlessly introducing players to new experiences.

隨著我們不斷擴展的產品範圍並增強了社群的熱情，玩家數量比去年同期增長了兩位數。我們的團隊將繼續在整個生態系統中提供引人注目的內容，並無縫地為玩家帶來新的體驗。

This quarter, we saw players in Ultimate Team grow by double digits as we deepen player engagement and connection.

本季度，隨著我們加深玩家參與度和聯繫，我們看到 Ultimate Team 的玩家數量增加了兩位數。

We continue to build momentum into FY26 as we come off what we believe will be a record year for EA Sports.

我們將繼續為 26 財年保持強勁勢頭，我們相信 2026 年將是 EA Sports 創紀錄的一年。

The real-life college season has culminated in its first 12 team national championship, and we have announced that College Football 26 will launch this summer.

現實生活中的大學賽季已落下帷幕，迎來了首個 12 支球隊的全國冠軍，我們宣布大學橄欖球 26 將於今年夏天推出。

EA Sports, the NFL, and the NFLPA continue to partner to grow the sport and reach new fans around the world through our unrivaled Madden NFL franchise. Together with our partners, we are fully focused on our strategy to continue to forge our two American football titles into a massive online community where players can connect, celebrate their fandom, and harness powerful tools to create content.

EA Sports、NFL 和 NFLPA 繼續合作，透過我們無與倫比的 Madden NFL 系列發展這項運動，並在世界各地吸引新的粉絲。我們與合作夥伴一道，全力專注於我們的策略，繼續將我們的兩款美式足球遊戲打造成一個龐大的在線社區，讓玩家可以相互聯繫、慶祝他們的粉絲身份，並利用強大的工具來創造內容。

We are also building all new innovative models of social play with more access points to further engage and entertain core, new, and casual players.

我們也正在建立全新的創新社交遊戲模式，提供更多的存取點，以進一步吸引和娛樂核心玩家、新玩家和休閒玩家。

While we continue to invest and focus on our core FC business, we are also building towards a bold vision for the future, delivering for hundreds of millions of global fans through a connected ecosystem of experiences, including new modalities of play.

在我們繼續投資和專注於我們的核心足球俱樂部業務的同時，我們也在建立大膽的未來願景，透過互聯的體驗生態系統（包括新的遊戲模式）為全球數億球迷提供服務。

For example, we are developing an entirely new world within the FC platform built around groundbreaking gameplay and cutting-edge tools for social connection and content creation.

例如，我們正在 FC 平台內開發一個全新的世界，這個世界圍繞著突破性的遊戲玩法和用於社交聯繫和內容創作的尖端工具而構建。

We are leaning into next-level ways to engage fans and the world's biggest port across the FC platform through play, create, watch and connect.

我們正傾向於透過遊戲、創作、觀看和連結等更高層次的方式，在 FC 平台上吸引粉絲和世界上最大的港口。

In service of our players and fans, we are also pushing beyond the boundaries of our sports franchises.

為了服務我們的球員和球迷，我們也在不斷超越體育特許經營的界限。

Yesterday, we shared that we reached an agreement to acquire TRACAB technologies.

昨天，我們分享了我們達成收購 TRACAB 技術的協議的消息。

Data is at the center of every meaningful advancement in sports today. And this group has developed best-in-class optical sports tracking, real-time volumetric data capture technology, and analysis capabilities that can extend EA Sports' lead, accelerating how we deliver more authentic, deeply immersive gameplay that mirrors the fluidity and excitement of real-world athletes and competition.

數據是當今體育界每項有意義的進步的核心。該團隊開發了一流的光學運動追蹤、即時體積數據捕捉技術和分析能力，這些技術可以擴大 EA Sports 的領先地位，加速我們提供更真實、更具沉浸感的遊戲體驗，以反映現實世界運動員和比賽的流暢度和刺激性。

Longer term, TRACAB's capabilities also help us accelerate against our bold vision for the EA Sports app to be the world's leading interactive sports platform following a successful initial regional trial in Q3.

從長遠來看，繼第三季成功進行初步區域試驗之後，TRACAB 的功能也能幫助我們加速實現 EA Sports 應用成為世界領先互動運動平台的大膽願景。

Through a culmination of TRACAB's real-time data technology and our proprietary game engine, we can enable completely new opportunities for fans to create and share real-world sports content in their own way, reimagining highlights, generating casual and complex game simulations, and watching broadcast alternatives on demand.

透過結合 TRACAB 的即時數據技術和我們專有的遊戲引擎，我們可以為運動迷提供全新的機會，讓他們以自己的方式創造和分享現實世界的體育內容，重新構想精彩片段，生成休閒和複雜的遊戲模擬，並按需觀看廣播替代方案。

We're working to make the EA Sports app, the new frontier for interactive sports fan and beyond games, and we look forward to sharing more about our plans in the months ahead.

我們正在努力將 EA Sports 應用程式打造為互動體育迷及其他遊戲的新前沿，我們期待在未來幾個月分享更多有關我們的計劃。

This is one of several bold new steps in our ecosystem plans to engage players and fans across more geographies in around and beyond our games. That together with our core experience gives us confidence in the future of EA Sports.

這是我們生態系統計劃中幾個大膽的新舉措之一，旨在吸引更多地區的玩家和粉絲參與我們的遊戲。這與我們的核心經驗相結合，使我們對 EA Sports 的未來充滿信心。

As we look beyond sports, we've never had a stronger pipeline of entertainment experiences.

除了體育以外，我們從未擁有過如此強大的娛樂體驗管道。

We continue to execute across the portfolio, and the next two years will prove to be an incredibly exciting time for EA and our players.

我們將繼續執行整個投資組合，未來兩年對 EA 和我們的玩家來說將是一個令人難以置信的令人難以置信的時刻。

Yesterday's announcement of Battlefield Labs is a key development in our ongoing expansion of massive online communities. Battlefield Labs is launching at a crucial moment in our development journey at a scale that allows us to test and refine the game with a community in a way that's unprecedented for Battlefield.

昨天宣布的「戰地實驗室」是我們持續擴張大型線上社群的重要進展。戰地實驗室的成立正值我們開發歷程的關鍵時刻，其規模使我們能夠以前所未有的方式與社群一起測試和改進戰地遊戲。

This is about embracing a modern, more dynamic approach to development, one that acknowledges how the market has shifted, how player expectations have evolved, and how we show up for our players in ways to deliver a truly next-level experience.

這是關於採用一種現代的、更具活力的開發方法，這種方法承認市場如何變化、玩家期望如何演變，以及我們如何以各種方式向玩家展示，以提供真正的更高水平的體驗。

This latest news from our teams is a crucial step towards Battlefield's release in FY26.

我們團隊發布的最新消息對於《戰地》在 2026 財年發布邁出了關鍵一步。

These are exciting times for the Sims as well with the cultural icon celebrating its 25th birthday this year.

對於《模擬市民》來說，這也是令人興奮的時刻，因為今年這場文化偶像正迎來 25 歲生日。

New updates and features are driving engagement across a massive community of players.

新的更新和功能正在推動龐大玩家社群的參與。

A great proof point of our ongoing strategy at work is the launch of the first two creative kids ever designed by our top influencers and content creators.

我們持續實施的策略的一個很好的證明就是推出了有史以來最有影響力的人物和內容創造者設計的首批兩款創意兒童玩具。

These kits marked the first time that a full collection of in-game assets have been crafted by creators and officially published by the Sims development team. This is a great step on a path to building a global creator platform in the Sims.

這些套件標誌著創作者首次製作完整的遊戲資產集並由模擬人生開發團隊正式發布。這是在《模擬市民》中建構全球創作者平台的一大步。

Following the console play test this month, SCAPE remains on track for launch this year across PC, console, and mobile, introducing a fresh community-driven model for gaming with native cross-platform and cross progression.

繼本月進行主機遊戲測試之後，SCAPE 將按計劃於今年在 PC、主機和行動裝置上推出，並推出全新的社群驅動遊戲模式，具有原生跨平台和跨進程的功能。

Additionally, as we continue to make progress across our strategy to use AI to transform how we deliver entertainment of the world, we recently made the strategic decision to unify our central technology functions under a single Chief Technology Officer, Matt Thomlinson.

此外，隨著我們在利用人工智慧改變我們向世界提供娛樂的方式的策略方面不斷取得進展，我們最近做出了戰略決策，將我們的核心技術職能統一到一位首席技術官馬特·湯姆林森 (Matt Thomlinson) 的領導下。

This alignment reinforces our commitment to embedding technology at the core of our business strategies and operations, enabling us to drive innovation, expand our creative canvas, build bigger and bolder experiences, and deepen our connections as a community-driven entertainment company.

這種一致性加強了我們將技術融入業務策略和營運核心的承諾，使我們能夠推動創新，拓展我們的創意空間，打造更廣闊、更大膽的體驗，並深化我們作為社區驅動型娛樂公司的連結。

Matt has been instrumental in shaping the technology strategies and infrastructure that empower our teams to create and collaborate.

馬特在製定技術策略和基礎設施方面發揮了重要作用，這些策略和基礎設施使我們的團隊能夠創造和協作。

I greatly look forward to working with him as our CEO.

我非常期待與他作為我們的執行長一起共事。

We believe the fundamental long-term outlook of our business is strong as we further sharpen our focus on entertaining and connecting more people for more time across the world.

我們相信，隨著我們進一步將重點放在娛樂和讓全球更多人有更多時間聯繫上，我們業務的基本長期前景是強勁的。

EA's creative talent, production strength, broad IP, and technology leadership powered the execution of our vision to deliver more excitement, creation, and connection for our global network of plays and fans. Looking to FY26 and beyond, we are taking bold steps across our sports and entertainment portfolio to shape the future of interactive entertainment.

EA 的創意人才、製作實力、廣泛的 IP 和技術領導力幫助我們實現願景，為我們的全球玩家和粉絲網絡帶來更多刺激、創造力和聯繫。展望26財年及以後，我們將在體育和娛樂領域邁出大膽的步伐，塑造互動娛樂的未來。

And now I'll turn the call over to Stuart for a deeper look into the quarter and our business.

現在我將把電話轉給斯圖爾特，讓他深入了解本季和我們的業務。

Thank you, Andrew, and hello, everyone.

謝謝你，安德魯，大家好。

To echo Andrew's remarks, Q3 was not the quarter we expected.

與安德魯的言論一致，第三季並不像我們預期的那樣。

But despite the impact to our near-term results, our long-term outlook remains unchanged.

儘管對我們的短期業績產生了影響，但我們的長期前景仍保持不變。

Our teams remain focused on -- feedback, continually adapting our games and services to reflect evolving player preferences in addition to refining our portfolio to deliver sustainable growth.

我們的團隊始終專注於回饋，不斷調整我們的遊戲和服務以反映不斷變化的玩家偏好，並完善我們的產品組合以實現永續成長。

Today, we're announcing our plans for a $1 billion accelerated stock repurchase in addition to our current $375 million per quarter program, bringing total stock repurchases to $2.5 billion were in the first year of our $5 billion authorization.

今天，我們宣布除了目前每季 3.75 億美元的計劃之外，還將進行 10 億美元的加速股票回購計劃，使我們 50 億美元授權第一年的股票回購總額達到 25 億美元。

This action reinforces our strategy and commitment to returning capital to stockholders.

此舉強化了我們向股東返還資本的策略和承諾。

It also demonstrates our confidence in our long-term growth outlook supported by our strong balance sheet and cash flow generation.

這也表明，我們對於長期成長前景充滿信心，這得益於我們強勁的資產負債表和現金流創造。

We remain committed to advancing our strategic initiatives while effectively balancing business investment, we're returning capital to stockholders.

我們將繼續致力於推進我們的策略性舉措，同時有效平衡業務投資，並向股東返還資本。

Now turning to the quarter.

現在轉向本季。

In Q3, net bookings was $2.2 billion, down 6% year-over-year.

第三季度，淨預訂額為 22 億美元，年減 6%。

Dragon Age: The Veilguard underperformed -- the competitive dynamics of the single-player RPG market and EA Sports FC 25 started strong but softened through the holiday period.

《龍騰世紀：面紗守衛》表現不佳——單人角色扮演遊戲市場和 EA Sports FC 25 的競爭態勢一開始強勁，但在假期期間有所減弱。

We saw minimal impact from FX within the quarter.

我們發現本季外匯帶來的影響極小。

Within total net bookings, full game was $633 million, down 3% year-over-year and live services and other was $1.58 billion, down 8% year-over-year. On a trailing 12-month basis, live services are 74% of our business.

在總淨預訂量中，整款遊戲為 6.33 億美元，年減 3%，現場服務和其他為 15.8 億美元，年減 8%。在過去 12 個月中，現場服務占我們業務的 74%。

Let me start with Dragon Age: The Veilguard.

讓我先從《龍騰世紀：面紗守衛》開始。

Historically, blockbuster storytelling has been the primary way our industry bought beloved IP to players.

從歷史上看，大片敘事一直是我們產業向玩家推廣心愛 IP 的主要方式。

The game's financial performance highlights the evolving industry landscape and reinforces the importance of our actions to reallocate resources towards our most significant and highest potential opportunities.

遊戲的財務表現凸顯了不斷變化的行業格局，並強調了我們將資源重新分配到最重大、潛力最大的機會的重要性。

Now I'd like to provide further insights into the quarterly dynamics in Global Football that Andrew shared earlier.

現在，我想進一步深入了解安德魯之前分享的全球足球季度動態。

Following two consecutive fiscal years of double-digit net bookings growth, our global football franchise saw a mid-single-digit decline year-over-year in Q3.

在連續兩個財年實現兩位數的淨預訂量增長之後，我們的全球足球特許經營權在第三季度同比出現了中等個位數的下降。

The softer-than-expected results in HD was only partially offset by continued growth in FC Mobile.

HD 業務的表現低於預期，但被 FC Mobile 業務的持續成長部分抵銷。

The HD underperformance was a result of two key factors.

HD 表現不佳是由兩個關鍵因素造成的。

Firstly, software acquisition which led to lower-than-expected full game sales of FC 25. Despite having 40 million players across our catalog of HD titles, our December promotional events to drive conversion, fell short of expectations and historical rates as players remain engaged with prior versions of the game.

首先，軟體收購導致《FC 25》完整遊戲銷量低於預期。

Secondly, as Andrew mentioned, we saw faster unusual engagement churn in a competitive cohort as the quarter progressed.

其次，正如安德魯所提到的，隨著本季的發展，我們發現競爭群體中的異常參與度流失速度加快。

Despite having positive key metrics early in the quarter, this player group's engagement was down high single digits, mirroring our net bookings decline.

儘管本季初的關鍵指標呈現積極態勢，但該玩家群體的參與度卻下降了個位數，反映了我們的淨預訂量的下降。

While we regularly manage these factors within live service, their combination had a compounding effect.

雖然我們在即時服務中定期管理這些因素，但它們的結合產生了複合效應。

Faster unusual engagement churn, coupled with lower acquisition credit pressure on lower funnel performance.

更快的異常參與度流失，加上更低的獲取信用壓力對漏斗下部的表現。

Our live service model's greater strength is our ability to experiment, tweak, respond and deliver changes for our players.

我們的即時服務模式的更大優勢在於我們能夠為玩家嘗試、調整、回應和提供變化。

Our January 16 gameplay update launched ahead of our marquee Team of the Year event is a prime example of this adaptability.

我們在 1 月 16 日推出的遊戲更新是在年度最佳團隊活動之前推出的，就是這種適應性的典型例子。

Since the game pay release, we have seen a significant turnaround in momentum with competitive cohorts trending towards prior year levels with net bookings up year-over-year during the event.

自遊戲付費發布以來，我們看到了勢頭的明顯轉變，競爭群體趨向於前幾年的水平，活動期間的淨預訂量同比增長。

We remain confident in the sustainable long-term growth of Global Football as we continue to refine the experience, expanding opportunities and build toward an even brighter future for the franchise.

我們對於全球足球的長期永續發展充滿信心，我們將繼續完善經驗，擴大機遇，為特許經營打造更光明的未來。

Within Global Football for Q3, FC Mobile saw a double-digit increase in new players, engagement and monetization year-over-year.

在第三季的全球足球比賽中，FC Mobile 的新玩家數量、參與度和貨幣化數量同比均實現了兩位數的成長。

FC Online was up slightly as strong promotional content drove monetization.

由於強勁的促銷內容推動了貨幣化，FC Online 略有上漲。

The expansion of our American football community has continued to see strength with weekly active users and total unique spenders up double-digit year-over-year in the quarter.

我們的美式足球社群擴張持續保持強勁勢頭，本季每週活躍用戶數和總獨立消費者數較去年同期成長了兩位數。

In Apex Legends, net bookings were down year-over-year in the quarter but performed in line with our expectations.

在《Apex Legends》中，本季的淨預訂量較去年同期下降，但表現符合我們的預期。

The Sims franchise delivered year-over-year net bookings growth in Q3 as we continue to broaden the franchise by delivering focused updates and new player experiences that deeply engage and captivate our community.

隨著我們繼續透過提供有針對性的更新和新的玩家體驗來擴大特許經營範圍，以深入參與和吸引我們的社區，《模擬市民》系列在第三季度實現了同比增長。

During the quarter, we launched two new credit kits in the Sims 4, and the launch of the MySims: Cozy Bundle outperformed our expectations.

在本季度，我們在《模擬市民 4》中推出了兩個新的信用套件，而《我的模擬市民：舒適套裝》的推出超出了我們的預期。

With MySims: Cozy Bundle, we saw over 50% of those who purchased the game were new game as we expanded our offerings on the Switch platform.

透過《MySims: Cozy Bundle》，我們發現購買遊戲的用戶中有超過 50% 都是新遊戲，因為我們擴展了 Switch 平台上的產品範圍。

Now moving to our GAAP quarterly results.

現在轉到我們的 GAAP 季度業績。

We delivered Q3 net revenue of $1.88 billion, down 3% year-over-year.

我們第三季的淨營收為 18.8 億美元，年減 3%。

Gross margins increased 300 basis points, largely a result of lower licensing costs.

毛利率增加了 300 個基點，主要由於許可成本的降低。

Operating expenses came in below our expectations of $1.05 billion, flat to the prior year.

營業費用低於我們預期的 10.5 億美元，與前一年持平。

Earnings per share was $1.11, up 4% year-over-year.

每股收益為 1.11 美元，年增 4%。

We delivered operating cash flow of $1.18 billion for the quarter, down 7% year-over-year.

本季度，我們的營運現金流為 11.8 億美元，年減 7%。

On a trailing 12-month basis, operating cash flow reached $2.11 billion and free cash flow reached $1.89 billion as our business continues to be a strong generator of cash.

在過去 12 個月中，我們的業務繼續成為強勁的現金創造者，營運現金流達到 21.1 億美元，自由現金流達到 18.9 億美元。

Please see our earnings slides for further cash flow information.

請參閱我們的收益幻燈片以獲取更多現金流資訊。

In the third quarter, we returned $425 million to stockholders through stock repurchases and dividends.

第三季度，我們透過股票回購和股利向股東返還了4.25億美元。

Now turning to guidance.

現在轉向指導。

Two weeks ago, we updated our FY25 guidance.

兩週前，我們更新了 FY25 指引。

I want to outline the assumptions underpinning our outlook.

我想概述一下我們觀點背後的假設。

First, our American football business remains on track to surpass $1 billion in net bookings for FY25.

首先，我們的美式足球業務仍有望在 2025 財年實現超過 10 億美元的淨預訂。

Second, we will base our expectations to include lower contributions from Dragon Age: The Veilguard.

其次，我們將根據《龍騰世紀：面紗守衛》的較低貢獻來制定我們的預期。

Third, let me walk through our assumptions for Global Football.

第三，讓我闡述我們對全球足球的假設。

As mentioned, our Global Football net bookings in Q3 saw a mid-single-digit decline year-over-year.

如上所述，我們第三季的全球足球淨預訂量比去年同期下降了中等個位數。

As we exited Q3, HD experience saw double-digit declines year-over-year in net bookings during December and the early weeks of January.

隨著我們退出第三季度，HD Experience 在 12 月和 1 月初的淨預訂量比去年同期出現了兩位數的下降。

However, following the January 16 gameplay update and the launch of Team of the Year, we saw strong term resulting in a return to year-over-year growth during the event.

然而，繼 1 月 16 日的遊戲更新和年度最佳團隊的推出之後，我們看到了強勁的表現，導致活動期間恢復了同比增長。

Despite this positive trend, our FY25 guidance at the midpoint adopts a prudent approach, anticipating a low double digit booking in global football franchise net bookings for Q4.

儘管呈現正面趨勢，但我們對 2025 財年中期指引採取了審慎態度，預計第四季度全球足球特許經營淨預訂量將達到低兩位數。

With that said, we remain optimistic and the potential for continued momentum given Team of the Year's performance, the start of our Future Stars event and other upcoming events and updates this quarter.

話雖如此，考慮到年度最佳團隊的表現、未來之星活動的開始以及本季即將舉辦的其他活動和更新，我們仍然保持樂觀，並有潛力繼續保持這種勢頭。

Our approach is measured as our teams learned Q3 and continue to bring updates to the game, monitor player feedback and deliver experiences that sustain engagements.

我們的團隊在第三季度吸取了教訓，並不斷為遊戲帶來更新、監控玩家回饋並提供維持參與度的體驗，我們的方法是經過衡量的。

And fourth, beyond global football, our core live services assumptions remained largely unchanged.

第四，除了全球足球之外，我們的核心直播服務假設基本上保持不變。

These changes to our underlying assumptions have shaped our revised guidance range, which we shared on January 22.

這些對我們基本假設的改變影響了我們修訂後的指導範圍，我們在 1 月 22 日分享了這些指導範圍。

As a reminder, we expect FY25 net bookings to be $7 billion to $7.15 billion, down 6% to down 4% year-over-year.

提醒一下，我們預計 25 財年的淨預訂額為 70 億美元至 71.5 億美元，年減 6% 至 4%。

Turning to our FY25 GAAP outlook.

談談我們的 FY25 GAAP 展望。

We are lowering net revenue guidance to $7.25 billion to $7.4 billion.

我們將淨收入預期下調至 72.5 億美元至 74 億美元。

We expect the cost of revenue to be $1.48 billion to $1.49 billion.

我們預計收入成本為 14.8 億美元至 14.9 億美元。

We now expect operating expenses to be approximately $4.38 billion to $4.39 billion, up 1% year-over-year.

我們現在預計營運費用約為 43.8 億美元至 43.9 億美元，年增 1%。

As a result, we expect GAAP operating margin to be 19.2% to 20.5%.

因此，我們預計 GAAP 營業利潤率將達到 19.2% 至 20.5%。

We expect non-GAAP operating margin to be 30.5% to 31.6%.

我們預期非公認會計準則營業利益率為 30.5% 至 31.6%。

The impact from change in deferred net revenue is expected to be approximately negative 250 to negative 240 basis points.

遞延淨收入變化的影響預計約為負 250 至負 240 個基點。

This results in a revised earnings share of $3.90 to $4.25. We're also adjusting our operating cash flow guidance to $1.8 billion to $1.9 billion.

這導致收益份額修改為 3.90 美元至 4.25 美元。我們也將營運現金流預期調整至 18 億美元至 19 億美元。

Capital expenditures are still expected to be $225 million, resulting in free cash flow guidance of $1.575 billion to $1.675 billion.

資本支出預計仍為 2.25 億美元，導致自由現金流預期為 15.75 億美元至 16.75 億美元。

As a reminder, we had a onetime cash tax benefit of $150 million in the prior year.

提醒一下，我們去年獲得了 1.5 億美元的一次性現金稅收優惠。

If rates remain unchanged from today, we expect minimal impact to net bookings from FX.

如果利率從今天起保持不變，我們預計外匯淨預訂量受到的影響將很小。

For more information on the impact of FX movements, please refer to our earnings slides.

有關外匯變動影響的更多信息，請參閱我們的收益幻燈片。

At the end of Q4, we expect net bookings of $1.444 billion to $1.594 billion, down 13% to down 4% year-over-year, largely driven by declines in Global Football and Apex Legends, partially offset by the release of split fiction.

在第四季末，我們預計淨預訂額為 14.44 億美元至 15.94 億美元，年減 13% 至 4%，主要受《全球足球》和《Apex 英雄》收入下滑影響，但部分被分裂小說的發布所抵消。

We expect net revenue of $1.682 billion to $1.832 billion, cost of revenue to be $305 million to $315 million, and operating expenses of approximately $1.112 billion to $1.122 billion, resulting in earnings per share of $0.65 to $1.

我們預計淨收入為 16.82 億美元至 18.32 億美元，收入成本為 3.05 億美元至 3.15 億美元，營運費用約為 11.12 億美元至 11.22 億美元，每股收益為 0.65 美元至 1 美元。

Now before I hand over to Andrew, I want to take a moment to discuss our long-term financial framework, which we shared last year.

現在，在將時間交給安德魯之前，我想花點時間討論我們去年分享的長期財務框架。

Our multiyear outlook is designed to provide the flexibility needed to effectively manage two critical drivers of success, gain development timelines and market dynamics.

我們的多年展望旨在提供所需的靈活性，以有效管理成功的兩個關鍵驅動因素，即獲得發展時間表和市場動態。

With a strong run-up of new experiences, including EA Sports College Football 26, Battlefield and SCAPE, we are positioned to return to growth in FY26.

隨著 EA Sports College Football 26、戰地和 SCAPE 等一系列新體驗的強勁發展，我們有望在 2026 財年恢復成長。

Beyond FY26, we will continue to expand our current franchises while also bringing blockbuster storytelling to market.

在26財年之後，我們將繼續擴大現有的特許經營權，同時將大片故事推向市場。

Additionally, we will make measured progress beyond our games as we continue to scale our sports app advertising and sponsorship opportunities.

此外，隨著我們繼續擴大體育應用程式廣告和贊助機會，我們將在遊戲之外取得穩步進展。

Altogether, we believe these initiatives will drive both top line growth and margin expansion through FY27 and into the future as we outlined at our September Investor Day.

總而言之，我們相信這些舉措將推動整個 27 財年及未來的營收成長和利潤率擴大，正如我們在 9 月投資者日所概述的那樣。

We'll look forward to providing further updates on FY26 in May and remain focused on disciplined execution, prioritize capital allocation and strategic investments that drive value for our players, employees and stockholders.

我們期待在 5 月提供有關 FY26 的進一步更新，並繼續專注於嚴格的執行，優先考慮資本配置和策略投資，為我們的玩家、員工和股東創造價值。

Now I'll hand back to Andrew.

現在我將麥克風交還給安德魯。

Thank you, Stuart.

謝謝你，斯圖爾特。

Exceptional effort and post execution don't always generate the results we aim for.

非凡的努力和後續的執行並不總是產生我們期望的結果。

The actions we have taken demonstrate the focus and determination of our teams and the deep resiliency of our business.

我們採取的行動體現了我們團隊的專注和決心以及我們業務的強大韌性。

The very definition of entertainment is rapidly changing.

娛樂的定義本身正在迅速改變。

Now more than ever, our success as a company will come from anticipating and exceeding player expectations to deliver innovative experiences that engage, entertain and connect people everywhere across an ever-evolving landscape.

現在，我們作為一家公司的成功比以往任何時候都更依賴預測並超越玩家的期望，從而提供創新的體驗，在不斷變化的環境中吸引、娛樂和聯繫世界各地的人們。

Thank you.

謝謝。

And now Stuart and I will answer your questions.

現在史都華和我來回答你們的問題。

Like Andrew said, we're ready to take your questions.

正如安德魯所說，我們已經準備好回答您的問題。

We'll take one question and one follow-up from each analyst.

我們將回答每位分析師的一個問題和一個後續問題。

With that, we are now ready for the first question.

這樣，我們現在就可以回答第一個問題了。

(Operator Instructions) Andrew Marok, Raymond James.

（操作員指示）安德魯·馬羅克（Andrew Marok），雷蒙德·詹姆斯（Raymond James）。

Maybe one on the aspect of FC around the slower-than-anticipated acquisition.

或許是 FC 方面關於收購速度比預期慢的原因之一。

Do you have any sense of the drivers behind the slower uptake of the current year title?

您是否認為導致今年該頭銜受歡迎程度下降的原因是什麼？

Is it anything maybe to do with market structure like a console generation transition effect or maybe something like people hearing negative feedback in the community and deciding to hold off on purchase for a little bit?

這是否與市場結構有關，例如遊戲機世代轉換效應，或者可能是人們聽到社群中的負面回饋並決定暫時推遲購買？

Great question.

好問題。

Thank you.

謝謝。

First off, let me reiterate, this was not the quarter that we wanted or expected and underperformance in our business, particularly on a [tentpole] franchise like FC, we take very, very seriously.

首先，讓我重申一下，這不是我們想要或預期的季度，我們的業務表現不佳，特別是像 FC 這樣的（主打）系列，我們對此非常非常重視。

As I think about answering the question, the thing I want to reiterate that's important is this will still be an incredibly big FC.

當我考慮回答這個問題時，我想重申的重要一點是，這仍然將是一個非常大的 FC。

It will, in all likelihood, be the second largest FC in the history of the franchise coming off two years of record growth.

在經歷了兩年創紀錄的增長之後，它很有可能成為該球隊歷史上第二大足球俱樂部。

I actually think that's a big part of why we may have seen the EA, at least in the acquisition level in the business.

事實上，我認為這在很大程度上解釋了為什麼我們可能會看到 EA，至少在業務的收購層面上是如此。

As we look across the industry, it's not unnatural for these massive online communities or live service-driven businesses to see ebbs from time to time.

放眼整個產業，這些大規模的線上社群或現場服務驅動的業務不時出現衰退是很正常的。

Typically, they are of a significantly greater magnitude than what we experienced with FC, be that as it may, when you have a franchise as big as FC is, even a small deviation from our expectations can have a pretty dramatic impact on our quarter as we saw in Q3.

通常情況下，它們的幅度都比我們在 FC 身上經歷的要大得多，儘管如此，當你擁有像 FC 這樣大的特許經營權時，即使與我們的預期有微小的偏差，也會對我們的季度產生相當大的影響，就像我們在第三季度看到的那樣。

As we look at the top of the funnel, again, we had over 40 million people playing across iterations and I think we had an exceptional game in '23 with two World Cups and the December World Cup in the year, which brought in a lot of new players.

當我們再次查看漏斗頂部時，我們有超過 4000 萬人在各個版本中玩遊戲，我認為我們在 23 年推出了一款出色的遊戲，當年舉辦了兩屆世界杯和 12 月的世界杯，吸引了許多新玩家。

We then had the launch of our owned brand, EA Sports FC that we invested meaningfully behind at a marketing level to bring in new players.

隨後，我們推出了自己的品牌 EA Sports FC，並在行銷層面進行了大力投資，以吸引新的玩家。

And at some level, I think that many of those players were very satisfied with the games that we're playing.

從某種程度上來說，我認為很多玩家對我們所玩的遊戲感到非常滿意。

And one of the things that we recognize is that we have to do a better job of bringing those new players across.

我們認識到的一件事是，我們必須更好地吸引這些新球員。

Our latest version of FC is far and away the best version that we've ever built.

我們的最新版本的 FC 是迄今為止我們建造的最好的版本。

It won Game of the Year and widely regarded across almost all cohorts to be an exceptional game.

它贏得了年度最佳遊戲獎，並被幾乎所有群體廣泛認為是一款傑出的遊戲。

And we just have to do better at bringing our players who are in the ecosystem across to the new version.

我們只需要做得更好，讓生態系統中的玩家適應新版本。

And certainly, with the work that the team has done since then, we've seen meaningful progress on that metric.

當然，透過團隊自那時以來所做的工作，我們已經看到該指標取得了有意義的進展。

The second part of it that we talked about inside of the prepared remarks is the highly competitive cohort that lap later into the quarter.

我們在準備好的發言中討論的第二部分是本季後期競爭激烈的群體。

And again, as we think about managing these massive online communities and these live service-driven businesses, we're always tweaking based on player feedback.

再說一次，當我們考慮管理這些龐大的線上社群和這些即時服務驅動的業務時，我們總是根據玩家的回饋進行調整。

Again, we have an incredible player community across the globe that invest meaningful amounts of time in these experiences.

再次強調，我們在全球擁有令人難以置信的玩家社區，他們在這些體驗上投入了大量的時間。

This year, we started to hear kind of as the quarter progressed that the tuning of the gameplay, particularly for this highly competitive cohort felt more defensively focused than past iterations.

今年，隨著季度的進展，我們開始聽到遊戲玩法的調整，特別是針對這個競爭激烈的群體，比過去的版本更注重防禦性。

And they were asking for a more open aggressive attacking version of football.

他們要求踢出一種更開放、更具攻擊性的足球。

Our teams do what our teams do best, which is listen closely to the core community and validated what they were hearing and then began to tweak and tune and test gameplay in advance of what was perhaps the most major gameplay update we've ever done in the history of the franchise, ahead of our January 16 event.

我們的團隊做著我們最擅長的事情，那就是密切傾聽核心社群的意見，驗證他們所聽到的內容，然後在 1 月 16 日活動之前開始對遊戲玩法進行調整和測試，這可能是我們在這款遊戲歷史上做過的最重大的遊戲玩法更新。

The good news for us, and certainly the good news for our player community is that game update was very well received by that core cohort.

對我們來說是個好消息，當然對我們的玩家社群來說也是個好消息，那就是遊戲更新受到了核心玩家的熱烈歡迎。

And again, combined with the activities that we were undertaking to bring players in past iterations across, we saw incredible momentum going into the Team of the Year event.

再次，結合我們在過去的版本中為吸引玩家而開展的活動，我們看到年度最佳團隊活動有著令人難以置信的勢頭。

Just some core stat as we came out of that weekend, we had record net bookings for the Team of the Year event.

根據那個週末發布的一些核心數據，我們為年度最佳團隊賽事創下了淨預訂記錄。

We had record weekly active users over the events weekend.

活動週末，我們的每週活躍用戶數創下了歷史新高。

Prior to the update, our competitive cohort engagement was down high single digits, post uptake, clearly trending back prior to prior year levels.

在更新之前，我們的競爭群體參與度下降了個位數，但更新後，明顯回到了前幾年的水平。

We had positive trends across all cohorts and not just that highly competitive cohort, but we started to see all cohorts come across.

我們在所有群體中都看到了積極的趨勢，而不僅僅是競爭激烈的群體，但我們開始看到所有群體都出現這種趨勢。

We reactivated 2 million ultimate team players with all acquisition cohorts experienced positive trends.

我們重新啟動了 200 萬終極團隊玩家，所有收購群體都呈現正面的趨勢。

And we're still seeing that momentum progress into this past weekend Future Stars event.

我們仍然看到這種勢頭在上週末的未來之星活動中繼續前進。

So again, not the quarter that we wanted or expected, not unnatural for massive online communities to have these ebbs.

所以，這並不是我們想要或預期的一個季度，對於大型線上社群來說，出現這樣的低迷並不罕見。

I think our teams demonstrated their commitment to our player base and the resilience of their business in both targeting acquisition top of funnel and engagement deeper into the experience and the momentum that we see coming out of these events going into the rest of the quarter and into FY26 feels very strong to us.

我認為我們的團隊展現了他們對玩家群的承諾和業務的彈性，既瞄準漏斗頂端的收購，也深入體驗參與，我們看到這些活動在本季度剩餘時間和 26 財年帶來的勢頭非常強勁。

Perhaps I'll let Stuart add a little bit from a financial standpoint.

或許我會讓史都華從財務的角度補充一點。

Andrew, just to kind of wrap that out a little bit how we think about that's reflecting in the Q4 guide.

安德魯，我們來稍微總結一下我們的想法，看看這在第四季度指南中是如何體現的。

We did put into the script that we did reflect through low double-digit declines at the midpoint.

我們確實在腳本中反映了中點的低兩位數下降。

As you heard Andrew just talk through some of those stats, and we obviously did the pre-announcement, we were 4 days into Team of the Year.

正如你所聽到安德魯剛才談論的一些統計數據，而且我們顯然也做了預先宣布，我們已經進入年度最佳團隊評選的第四天了。

It represents roughly 25% of the quarter, and we saw net bookings significantly trend up year-over-year for the event.

它約佔本季的 25%，而且我們發現該活動的淨預訂量比去年同期大幅上升。

So just flagging here that not concerning the guide is that if that momentum should continue through the next 6-odd weeks at the end of the quarter through the events and all the actions we have planned that would not be factored into that midpoint.

因此，這裡要指出的是，與指南無關的是，如果這種勢頭能夠在本季度末的未來 6 週內持續下去，那麼我們計劃的所有活動和行動都不會被計入中點。

And that it should provide momentum for us Q4 and then heading into FY26.

這將為我們的第四季度以及進入 26 財年提供動力。

Well, thank you for that.

好吧，謝謝你。

Really appreciate the detail there.

真的很感謝那裡的細節。

And if I could maybe sneak in one more really quick.

如果我可以再偷偷地做一次的話。

Of course, still very early, but how has that community reception to the Battlefield Labs announcement then relative to your expectations or hopes?

當然，現在還為時過早，但相對於你的期望或希望，社區對戰地實驗室公告的接受程度如何？

And how the last couple of battlefield releases inform this prelaunch cycle, looks like you're bringing players along in a more meaningful fashion than usual?

最近的幾次戰場發布是如何為這次預發布週期提供資訊的？

Yes.

是的。

Another great question.

又一個好問題。

I would say the response to the play test and the Battlefield Labs initiative has been overwhelmingly positive and well beyond our expectations, which is great.

我想說，對遊戲測試和戰地實驗室計畫的反應非常積極，遠遠超出了我們的預期，這很好。

It's demonstrative of just the fan love out there for this storage franchise.

這充分體現了粉絲們對這個儲存系列的熱愛。

There's really two big reasons why our team is taking this approach.

我們的團隊採取這種方法主要有兩個原因。

The first is, as I think you talk about, there is some trepidation amongst the core community as to what this battlefield will be.

首先，我想正如您所說，核心社群對於這個戰場將會是什麼樣子感到有些擔憂。

Battlefield is this incredible franchise at unbelievable scale with destruction and vehicles and all kinds of things and as much loved in the community.

戰地系列是一部令人難以置信的系列遊戲，其規模令人難以置信，其中有毀滅性的場面、載具和各種各樣的東西，深受社區玩家的喜愛。

The last two iterations of Battlefield have not resonated as strongly and have been found wanting by meaningful parts of the community globally.

《戰地》的最後兩個版本並沒有引起強烈的反響，並且被全球遊戲社群中的一些重要人士認為有缺陷。

And so we do appreciate and understand that there is some trepidation there.

因此，我們確實理解並明白那裡存在著一些擔憂。

And this development team, the biggest development team we've ever had is committed to working very closely with our players to ensure that they understand what we're doing, they feed into the tuning and balancing at scale of this game.

這個開發團隊是我們迄今最大的開發團隊，他們致力於與玩家密切合作，確保他們了解我們在做什麼，並為這款遊戲的大規模調整和平衡做出貢獻。

The second reason is it is the biggest Battlefield we will ever build or at least we have ever built to date.

第二個原因是，這是我們將要建造的最大的戰場，或至少是我們迄今為止建造的最大的戰場。

It exists on an incredible scale, both in terms of breadth and depth of gameplay in terms of access points in terms of that you can play this game.

無論從遊戲玩法的廣度和深度，還是從玩這個遊戲的接入點來看，它的規模都是令人難以置信的。

And a big part of the modern development process that the team is taking is to test and tune everything to ensure that even as we launch something of this scale, it launches both stable and secure.

團隊所採取的現代開發流程的很大一部分是對一切進行測試和調整，以確保即使我們推出這種規模的產品，它也能穩定且安全地推出。

And I think the combination of those two things is driving this initiative, which is Battlefield Labs, and the way the community has responded has been very positive to date.

我認為這兩件事的結合推動了戰地實驗室這項計劃，到目前為止，社區的反應非常積極。

Doug Creutz, TD Cowen.

道格·克魯茲（Doug Creutz），TD Cowen。

I was wondering if you could talk about how the kind of Apex Legends work is going to getting it back to where you want it to be.

我想知道您是否可以談談《Apex Legends》的運作方式將如何讓它回到您希望的狀態。

I know back in August, you thought some of the initiatives that you've taken?

我知道早在八月份，您就考慮過採取一些什麼措施？

And just kind of what's the progress update, what's worked, what hasn't worked and where do you see things going from here?

那麼目前進展如何？

I guess, this incredibly storied franchise.

我想，這是一部有著令人難以置信的傳奇色彩的系列電影。

I know I speak so lovingly and partially about all of our franchise.

我知道我對我們整個特許經營權的評價都是非常有愛心和偏見的。

I, too, believe we have some of the great franchises in entertainment and I know our teams are incredibly committed to them in service of our player communities.

我也相信我們擁有娛樂業中的一些偉大特許經營權，並且我知道我們的團隊非常致力於為我們的玩家社群提供服務。

Apex has got a great new launches in our industry over the last decade and has been loved by that core cohort.

過去十年來，Apex 在我們的行業中推出了許多出色的新產品，並受到核心客戶的喜愛。

We've had over 200 million people play the game.

我們的遊戲玩家已經超過 2 億。

However, the trajectory of the business of that franchise has not been headed in the direction that we have wanted for some time.

然而，一段時間以來，該特許經營的業務發展軌跡並沒有朝著我們所希望的方向發展。

And I think you highlight we have been trying, tuning and testing many things in the context of the ongoing support of the community.

我認為您強調了我們在社區持續支持的背景下嘗試、調整和測試許多事情。

As we think about Apex today, I really think about the development happening across three core vectors.

當我們今天思考 Apex 時，我真正思考的是三個核心向量中正在發生的發展。

The first is how do we continue to support this incredible community that plays the game day in and day out, which numbers tens of million of people.

首先，我們如何繼續支持這個每天玩遊戲的數千萬人的不可思議的社區。

And that's both quality of life anti-cheat and all of the things that make the core experience great as well as the creation of new content for that community.

這既可以提高生活質量，又可以防止作弊，使核心體驗更加出色，還可以為社區創造新的內容。

And we continue to try and test and develop more and great content for that community.

我們將繼續嘗試為該社群測試和開發更多精彩的內容。

And I would say we have seen some progress in that, but probably not as much as we would have liked.

我想說我們在這方面看到了一些進展，但可能沒有我們所希望的那麼多。

The second phase, I think I've talked about this before, is we do believe there will be a time where we need to do a more meaningful update of Apex as a broad game experience. and the team is diligently working on that.

第二階段，我想我之前談過這個問題，我們確實相信有一天我們需要對 Apex 進行更有意義的更新，以提供更廣泛的遊戲體驗。而團隊正在努力實現這一目標。

You should imagine we probably wouldn't drop that on top of a Battlefield launch.

你應該想像一下，我們可能不會在戰地發布會上放棄它。

And so from a timing standpoint, our thinking right now is that that would exist post Battlefield.

因此從時間角度來看，我們現在的想法是，這將在《戰地》之後存在。

And then on a longer-term time horizon, again, these franchises that exist at this level and have this much fan love don't come along all that often.

然後從更長遠的時間範圍來看，這些達到這種水平並擁有如此多粉絲喜愛的球隊並不常見。

What I think we've demonstrated as a company is an ability to build franchises that last 10, 20, 30 years and growing.

我認為，我們公司已經展現出打造持續 10 年、20 年、30 年且不斷發展的特許經營的能力。

Our expectation is that Apex will be also one of those franchises and that some time on a longer-term time horizon, there will be an even bigger, more meaningful update to that broader game experience and Apex 2.0, if you will.

我們的預期是，Apex 也將成為其中一個系列，並且從更長遠的時間範圍來看，將會對更廣泛的遊戲體驗和 Apex 2.0 進行更大、更有意義的更新。

This will not be the final incarnation of Apex.

這不會是 Apex 的最終版本。

So the team remains incredibly committed.

因此團隊依然保持著高度的投入。

We continue to invest behind the core community who continues to play the numbers in the tens of millions of players.

我們持續投資核心社區，讓數千萬玩家繼續遊戲。

We do believe that there should be a more major update that will probably happen after a Battlefield launch just in terms of timing and the team is diligently working through what that would be.

我們確實相信，在戰地發布後應該會有更重大的更新，就時間而言，團隊正在努力研究更新內容。

And then longer term, our expectation is that we'll continue to expand what this franchise is and how we support a core community of highly competitive players and new communities that want to come and experience all the greatness that Apex has to offer.

從長遠來看，我們期望繼續擴大這個系列，並支持具有高度競爭力的玩家的核心社群和想要體驗 Apex 所提供的所有偉大功能的新社群。

I'll just wrap a couple of things on the financials and the one I think Andrew just outlined.

我只想談一些財務方面的事情，以及安德魯剛才概述的事情。

Q3 was largely in line with expectations we set out, albeit down year-on-year.

儘管第三季的業績同比有所下降，但基本上符合我們的預期。

We have started to see some sequential improvement with strength in sort of player conversion and monetization.

我們已經開始看到玩家轉換率和貨幣化程度的持續改善。

The content enhancements and some of the changes in the Battle Pass have started to shift where we're seeing more spend uptick against the Battle Pass in previous seasons as we've come through '18 through '21.

戰鬥通行證的內容增強和一些變化已經開始發生變化，從18年到21年，我們看到前幾季戰鬥通行證的支出增加。

The outlook for Q4 remains largely unchanged at this point.

目前，第四季的前景基本保持不變。

And we obviously look forward to Season 24 next week.

我們當然期待下週的第 24 季。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Appreciate the update on Battlefield timing.

感謝戰場時間的更新。

Seemingly, the industry pipeline could be crowded with a number of major titles being released this year.

看起來，由於今年將發布多部大片，業界籌備工作可能會十分擁擠。

Can you just remind us how the pipeline for your peers influences your willingness to launch titles in close proximity?

您能否提醒我們一下，同行的管道如何影響您在近期推出遊戲的意願？

And maybe just one more industry question.

也許這只是一個行業問題。

Given the anticipation for the new Switch console, any thoughts on what opportunity this might present for your IP and the ability to expand a level of collaboration beyond what you've done today?

鑑於人們對新款 Switch 遊戲機的期待，您認為這會為您的 IP 帶來什麼機會，以及擴大您今天所做的合作層次的能力嗎？

Great question.

好問題。

Certainly, we exist in a competitive marketplace.

當然，我們存在於一個競爭激烈的市場中。

I've had the great force of being in this company for 25 years, and we have done a great job of competing with all of our great franchises over time.

我在這家公司工作了 25 年，獲得了巨大的動力，長期以來，我們在與所有優秀特許經營商的競爭中取得了出色的成績。

That being said, we've invested -- bring this Battlefield in any battlefield before it.

話雖如此，我們已經投入了——將這個戰場帶到之前的任何戰場。

We have four studios.

我們有四個工作室。

We've had a meaningful amount of time.

我們度過了一段有意義的時光。

We're looking for this to be the biggest battlefield we've ever made.

我們希望這成為我們迄今打造的最大戰場。

And we, of course, want to make sure that we launch that into a window where we can deliver on the fullness of the promise of what Battlefield can be and grow the community to a level that is commensurate with the size of the game that we're making.

當然，我們希望確保能夠在適當的時機推出這款遊戲，以便充分兌現《戰地風雲》的承諾，並將社群發展到與我們製作的遊戲規模相稱的水平。

I do believe that this year might be a nuance to year relative to competition.

我確實相信，今年對於競爭來說可能是個微妙的一年。

There may be some things happening in the year that may cause us to think differently about our launch timing.

今年可能會發生的一些事情導致我們對發佈時間有不同的看法。

We have an FY26 launch window that the team is targeting.

我們團隊的目標是 FY26 發布窗口。

We believe the game will be great and REIT at that time.

我們相信屆時遊戲將會非常精彩並且還會有房地產投資信託 (REIT)。

But if we got close to that time frame and believe that this wasn't going to be a great window for us, then we would take a look at what an alternate window might be that would give us the appropriate time, energy and player acquisition opportunity for this battlefield to be all that it needed to be.

但如果我們接近那個時間範圍並認為這對我們來說不是一個很好的機會，那麼我們就會看看是否有另一個機會，可以為我們提供適當的時間、精力和玩家獲取機會，讓這個戰場達到它所需要的狀態。

And Chris, just to add on to that, I think it's important to say, it's partly why we've discussed and shared the multiyear framework that we laid out last year to account to give us the flexibility to think about a potential range of growth rates that could occur depending on market dynamics and timing that Andrew alluded to for our own pipeline.

克里斯，我想補充一點，我認為有必要說一下，這也是我們討論和分享去年制定的多年期框架的部分原因，以便讓我們能夠靈活地思考可能出現的增長率範圍，這取決於市場動態和安德魯提到的我們自己的渠道的時間安排。

We'll obviously give greater clarity in FY26 guidance on our Q4 call.

我們顯然會在第四季電話會議上對 26 財年指引做出更清晰的說明。

But the growth is really built sort of around the conviction we have around the pipeline.

但成長實際上是建立在我們對管道的信心之上的。

If you think about we expect FC to rebound through next year.

如果你想想，我們預計 FC 明年將會反彈。

We obviously have College Football we just announced in January coming out in the summer.

顯然，我們有大學橄欖球賽，我們在一月份剛剛宣布，該賽事將於夏季推出。

We have an exciting year sort of the lifestyle brands.

我們度過了令人興奮的生活方式品牌之年。

We've talked to scape and obviously continue to expand on the Sims.

我們已經與 scape 進行了交談，顯然會繼續擴展《模擬市民》。

We just talked with Battlefield as Andrew a second ago.

剛才我們剛剛以安德魯 (Andrew) 的身份與 Battlefield 進行了交談。

And obviously, we'll continue to balance all of that with the industries like we have overhead.

顯然，我們將繼續平衡所有這些以及我們的間接費用。

But I think it's important to remind that we have that multiyear framework out is what we remain committed and aligned against.

但我認為，有必要提醒大家，我們已經制定了多年期框架，這是我們始終致力於並堅持的目標。

And again, growth in '26, but that range of growth will depend on timing.

並且，26 年會再次成長，但成長範圍將取決於時間。

And then to the second part of your question around a new console, any time a new console comes into the marketplace, that's of a benefit to us.

然後關於你關於新遊戲機的第二部分問題，每當有新遊戲機進入市場時，這對我們都是有益的。

It gives us the ability to access and acquire new players Typically, we've had franchises performed very well on Nintendo platforms.

它使我們能夠接觸並獲得新玩家。

Certainly, our expectation is that products like FC and Madden and others might find real energy on the platform as they have done in the past.

當然，我們期望像 FC、Madden 等產品能夠像過去一樣在該平台上找到真正的活力。

When you think about something like the Sims and the MySims: Cozy Bundle, which performed well ahead of our expectations, 50% of all players were new to EA.

想想《模擬市民》和《我的模擬市民：舒適套裝》之類的遊戲吧，它們的表現遠遠超出了我們的預期，其中 50% 的玩家都是 EA 的新玩家。

That represents a great opportunity for us.

這對我們來說是一個絕佳的機會。

So again, nothing in our models at this juncture, but our expectation is that any time a great new console comes into the marketplace that gives us access to new players and new communities that we have the IP that will benefit from that.

所以，再說一次，目前我們的模型中沒有任何內容，但我們的預期是，任何時候一個優秀的新遊戲機進入市場，我們都可以接觸到新的玩家和新的社區，我們擁有的 IP 將從中受益。

Clay Griffin, MoffettNathanson.

克萊格里芬、莫菲特內森森。

Great.

偉大的。

Sorry, I've got some technical issues, so I apologize if this has been asked.

抱歉，我遇到了一些技術問題，如果有人問到這個問題，我深感抱歉。

But Andrew, I wanted to come back to FC, if I could.

但是安德魯，如果可以的話，我想回到 FC。

You spoke very positively about Rush in October.

您在十月對 Rush 的評價非常正面。

Understanding that engagement has sort of slipped beyond what you guys thought throughout the quarter.

了解到整個季度的參與度已經超出了你們的想像。

But just curious, just if you could provide some context around how that mode, the introduction of that mode might have played a role in the trends that you saw or maybe just kind of general commentary about how you think that mode evolves from here?

但只是好奇，您是否可以提供一些關於該模式的背景信息，該模式的引入可能在您所看到的趨勢中發揮了什麼作用，或者只是關於您認為該模式將如何從現在開始演變的一般性評論？

And then I've got a follow-up.

然後我有一個後續行動。

Yes.

是的。

Great question.

好問題。

One of the advancements of rush over what had been a similar type of mode, and I think there may have been some confusion outside of the FC community.

與曾經的類似模式相比，FC 的其中一個進步是快速發展，我認為 FC 社群之外可能會出現一些困惑。

Volta, which was a small-sided football mode was very separate.

Volta 是一種小型足球模式，非常獨特。

Rush actually permeated many different aspects of the game.

Rush實際上滲透到了遊戲的許多不同方面。

It turns out it's the second most played mode in the game, and it actually hasn't been diluted to monetization.

事實證明，這是遊戲中第二受歡迎的模式，並且實際上並沒有被貨幣化。

Overall, we believe that ultimately, it will be additive to monetization.

總的來說，我們相信，最終它將對貨幣化有所補充。

I truly believe that what the team is doing there investing in fast pace, socially driven gameplay is a meaningful part of the advancement of the franchise and certainly the platform beyond what has been typical 11 on 11 competition, and the community has responded very well to that.

我堅信，團隊對快節奏、社交驅動的遊戲玩法的投資，對於該系列遊戲的發展具有重要意義，而且該平台無疑超越了典型的 11 對 11 競賽，社區對此的反響也非常好。

Again, I would come back to, I believe that we can attribute the softness in Q3 to top-of-funnel acquisition that we've been targeting meaningfully since then and seeing very positive trends and some gameplay balancing and tuning that the teams addressed in that meaningful player update right before the January 16 event, of which has also generated very positive trends.

我再次強調，我認為我們可以將第三季度的疲軟歸因於我們自那時起就一直致力於的漏斗頂端獲取，並且看到了非常積極的趨勢以及團隊在 1 月 16 日活動之前的有意義的玩家更新中解決的一些遊戲平衡和調整，這也產生了非常積極的趨勢。

And so overall, I think Rush is a net positive to the franchise, both now and certainly over the long term.

所以總的來說，我認為 Rush 對球隊來說是一個積極的信號，無論是現在還是長期。

Great.

偉大的。

And then I had read some interesting theories on server delay -- sync and just sort of the general kind of server availability and cashing as perhaps causing you guys some issues here in FC 25.

然後，我讀了一些關於伺服器延遲的有趣理論——同步以及一般的伺服器可用性和兌現，這可能會導致你們在 FC 25 中遇到一些問題。

I certainly would not have suspected that to be a meaningful year-over-year driver per se.

我當然不會懷疑這本身會成為同比增長的一個有意義的推動因素。

But can you speak to that idea?

但你能談談這個想法嗎？

And if that's true, what needs to get fixed and on what timeline?

如果是這樣，那麼需要修復什麼問題？

Certainly, again, we listen and interact with all members of our community, our role is always to serve every aspect that ensure a high quality, stable, secure game experience.

當然，我們再次傾聽並與社區的所有成員互動，我們的角色始終是服務於各個方面，確保高品質、穩定、安全的遊戲體驗。

From our standpoint, the data that we see would suggest that this is an incredibly stable FC at least as stable and likely more stable than FCs in the past.

從我們的角度來看，我們看到的數據表明，這是一個非常穩定的 FC，至少與過去的 FC 一樣穩定，甚至可能更穩定。

That doesn't mean that server issues don't happen from time to time and that we don't need to go and address them.

但這並不意味著伺服器問題不會時常發生，也不代表我們不需要解決這些問題。

That's generally in the normal course of business.

這通常是正常的業務流程。

And I would say it's very low in terms of overall player impact and quality of life within the player experience.

我想說的是，從玩家的整體影響力以及玩家體驗的生活品質來看，它非常低。

Mike Hickey, Benchmark Company.

麥克·希基（Mike Hickey），Benchmark Company。

Andrew And Stuart, thanks for taking my question.

安德魯和斯圖爾特，感謝你們回答我的問題。

Just to -- one, it's good to see here that you expect growth for fiscal '26.

首先，很高興看到您預計 26 財年將實現成長。

Just curious if you think you can grow that year without the release of Battlefield.

我只是好奇，你是否認為即使沒有《戰地》的發布，你們那一年也能實現成長。

The second question on College Football, massive success to you and your teams.

第二個問題是關於大學橄欖球的，祝你和你的球隊取得巨大的成功。

And also, I think there was the feeling that there's a fair amount of pent-up demand that may have been driving sort of outsized growth from that game.

此外，我認為有這樣一種感覺，即有相當多被壓抑的需求可能推動了該遊戲的超額成長。

So just curious how you think about the ability to grow College Football in fiscal '26, maybe your American football, I guess, overall now as an ecosystem.

所以我很好奇你如何看待在 26 財年發展大學橄欖球的能力，或者說，現在美式足球總體上已經成為了一個生態系統。

Mike, I'll take the first part and sort of the broader context.

麥克，我將講第一部分並介紹更廣泛的背景。

Yes, in short, we expect the growth in to be part of the broader pipeline initiative, which obviously includes Battlefield even would exclude Battlefield.

是的，簡而言之，我們預計成長將成為更廣泛的通路計畫的一部分，其中顯然包括《戰地》，甚至排除《戰地》。

When you think about some of the things I just outlined earlier, also we expect to continue to build with FC.

當您考慮我之前概述的一些事情時，我們也希望繼續與 FC 一起建置。

Certainly, as we head towards a World Cup year in North America towards the back end of the fiscal and into '27.

當然，隨著我們即將迎來北美世界盃年，也就是本財年末和27年。

We've talked about the launch of SCAPE through the summer.

我們已經討論過今年夏天推出 SCAPE 的事情了。

The continued expansion we've outlined for Sims and we talked to some of that on the call today as we continue to expand the audience and platforms that we address -- of college returning in the summer of '26.

我們已經為 Sims 概述了持續的擴展，我們在今天的電話會議上討論了其中的一些內容，因為我們將繼續擴大受眾和我們針對的平台——大學將在 26 年夏天回歸。

We look to build on that, both through the American football ecosystem across both Madden and College.

我們希望在此基礎上進一步發展，透過 Madden 和 College 的美式足球生態系統。

I know that we continue to push on that live services across the rest of the portfolio in the year.

我知道，今年我們將繼續在其他產品組合中推廣即時服務。

So yes, again, coming back to before, we do expect to grow in '26.

是的，再次回到之前，我們確實預計 26 年會成長。

We are cognizant there may be a range of that scale of growth.

我們認識到這種成長規模可能會有一個範圍。

Hence, we pushed through that multiyear framework through '26 and '27 kind of smooth out the element of timing, obviously set a benchmark where we believe we can drive the business over the next 12 to 24 months.

因此，我們在 26 年和 27 年推行了這個多年框架，以平滑時間因素，顯然設定了一個基準，我們相信我們可以在未來 12 到 24 個月內推動業務發展。

On college, yes, it was an exceptional year on college and there was almost certainly meaningful pent-up demand in the context of people coming into that.

關於大學，是的，這是特殊的一年，而且對於進入大學的人來說，幾乎可以肯定存在著有意義的被壓抑的需求。

But a few things are also true.

但有些事情也是真的。

One is that when you put 12,000 young athletes into the game, they are incredible ambassadors for franchise they are part of.

一是，當你讓 12,000 名年輕運動員投入比賽時，他們就會成為自己所屬球隊的傑出大使。

Two, the sport of College football is reaching new heights as we see the mechanisms of what's happening at a conference level and a college football championship level, our expectation is the sport in and of itself is going to continue to grow.

二，隨著我們看到聯賽級別和大學橄欖球錦標賽級別的機制，大學橄欖球運動正在達到新的高度，我們預計這項運動本身將繼續發展。

When combined with what's happened with the year also continues to grow, and we're now seeing it grow into new days and new categories, certainly as part of Amazon, the Christmas Day games of Netflix were an incredible boom for the NFL.

結合今年發生的事情，這一數字還在繼續增長，我們現在看到它發展到新的日子和新的類別，當然作為亞馬遜的一部分，Netflix 的聖誕節比賽對 NFL 來說是一個令人難以置信的繁榮。

So when we think about American football in totality and our ability to deliver games, content experiences that has the power and the passion of that American football community across both college and the NFL, where both of those sports are growing meaningfully.

因此，當我們從整體上考慮美式足球以及我們提供比賽和內容體驗的能力時，我們會發現這兩項運動都具有大學和 NFL 美式足球社區的力量和熱情。

And we get a compounding effect by really merging the communities together and allowing them to move seamlessly through both products and grow on a year-over-year basis, both in the context of competition, but also in collaboration deep social connection and user-generated content creation.

透過將社群真正地融合在一起，允許他們無縫地在兩種產品之間移動，並在競爭的基礎上，以及在深度社交聯繫和用戶生成內容創作的合作中，我們獲得了複合效應。

We actually believe that we're at the very early stages of what could be our next great massive online community, one that will continue to grow in the way that FC has done over the past few years.

我們確實相信，我們正處於下一個偉大的大規模線上社群的早期階段，這個社群將像 FC 過去幾年所經歷的那樣繼續發展。

So net-net, we feel very good about where we're at with College Football and our ability to grow the overall American Football business on a year-over-year basis.

所以總體而言，我們對大學橄欖球的現狀以及逐年增長整體美式橄欖球業務的能力感到非常滿意。

Thanks.

謝謝。

Okay.

好的。

So well, thank you all for your excellent questions.

好吧，謝謝大家提出的優秀問題。

As you've heard me say, interactive entertainment is constantly evolving, shaped by changing player expectations.

正如你們所聽到的，互動娛樂正在不斷發展，並隨著玩家期望的變化而變化。

Our teams remain agile highly focused and adaptable responding swiftly to market dynamics and player feedback.

我們的團隊保持敏捷、高度專注和適應性強，能夠快速回應市場動態和玩家回饋。

Looking ahead, we've never had a stronger pipeline of entertaining experiences, including the launch of Battlefield and SCAPE in FY26.

展望未來，我們從未擁有過如此強大的娛樂體驗管道，包括26財年推出的《戰地》和《SCAPE》。

We're accelerating our vision for the EA Sports app, and we continue to see significant opportunities to expand our EA Sports franchises.

我們正在加速實現 EA Sports 應用程式的願景，並且我們繼續看到擴大 EA Sports 系列的重大機會。

The future has never been more exciting, and we are confident in our ability to deliver sustainable growth drive long-term value for our stockholders and most importantly, create incredible experiences that players across the world lab.

未來從未如此令人興奮，我們有信心實現永續成長，為股東帶來長期價值，最重要的是，為全球玩家創造令人難以置信的體驗。

Thank you.

謝謝。

We look forward to talking to you next quarter.

我們期待下個季度與您交談。

That concludes today's meeting for joining.

今天的入會會議到此結束。

You may now disconnect.

您現在可以斷開連線。