美商藝電 (EA) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts fourth quarter and fiscal year 2025 earnings conference call.

女士們、先生們，午安。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加藝電公司第四季和2025財年財報電話會議。

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

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

Thank you. Welcome to EA's fourth quarter and fiscal year 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 財年第四季和財報電話會議。今天和我一起的還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。最後，通話結束後，我們將發布我們準備好的發言、本次通話的音訊回放和一份文字記錄。

With regards to our calendar, our first quarterly fiscal year 2026 earnings call is scheduled for July 29, 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 in the future financial performance of the company. Actual events and results may differ materially from our expectations.

就我們的日曆而言，我們的 2026 財年第一季財報電話會議定於 2025 年 7 月 29 日舉行。提醒一下，我們會在 IR 網站上發布本財年即將召開的收益電話會議的時間表。本簡報和我們的評論包括有關公司未來財務表現的未來事件的前瞻性陳述。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, May 6, 2025, and disclaims any duty to update them. 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. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.

我們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。電子藝界於 2025 年 5 月 6 日做出這些聲明，並且不承擔更新這些聲明的任何義務。在本次電話會議中，除自由現金流量和非公認會計準則營業利潤率之外的財務指標將按照公認會計準則呈現。除非另有說明，本次電話會議中的所有比較均與去年同期進行比較。

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

現在我將電話轉給安德魯威爾森。

Thank you, Andrew. Good afternoon, everyone. I want to start by recognizing the incredible efforts of our teams. Throughout FY25, they delivered high-quality games that entertained and connected hundreds of millions of people around the world. It is because of their strong execution and unwavering focus that we were able to deliver Q4 results that significantly exceeded our expectations, highlighted by a reacceleration of growth in EA Sports FC, continued momentum in American Football, double-digit net bookings growth in The Sims and the highly successful launch of Split Fiction. These successes illustrate the increasing momentum in our business as we continue to deliver against our strategic road map.

謝謝你，安德魯。大家下午好。首先我要讚揚我們團隊所做的傑出努力。在整個25財年，他們推出了高品質的遊戲，為全球數億人帶來了娛樂和聯繫。正是由於他們強大的執行力和堅定不移的專注力，我們才能夠取得大大超出預期的第四季度業績，其中最突出的是《EA Sports FC》的增長再次加速、《American Football》的持續發展勢頭、《The Sims》的淨預訂量實現兩位數增長，以及《Split Fiction》的推出大獲成功。這些成功表明，隨著我們繼續按照策略路線圖前進，我們的業務勢頭日益增強。

Let me review Q4 and the year. Through deep community engagement, innovative content and agile execution, we reignited momentum in EA SPORTS FC after a temporary slowdown in Q3. The January gameplay update, which was the biggest live service update we've ever launched in FC combined with outreach to our player community and our Team of the Year event resulted in a true, brand-building moment with our fans. Feedback was overwhelmingly positive on the faster pace of gameplay and reward tuning. The regular cadence of updates, events and highly valued content releases that follow throughout the quarter continued this strong momentum.

讓我回顧一下第四季和今年的情況。透過深入的社區參與、創新的內容和敏捷的執行，我們在第三季暫時放緩之後重新點燃了 EA SPORTS FC 的發展勢頭。一月份的遊戲更新是我們在 FC 中推出的最大的即時服務更新，結合我們與玩家社群的聯繫以及年度最佳團隊活動，為我們的粉絲帶來了真正的品牌建立時刻。對於更快的遊戲節奏和獎勵調整的回饋非常積極。整個季度定期發布的更新、活動和高價值內容延續了這一強勁勢頭。

As a result, net bookings came in well above expectations with player engagement up double digits following the January update. Specifically, our competitive cohort engagement returned to more normalized levels and ended the quarter up year-over-year. FC Mobile continues to exceed our expectations with engagement and acquisition up year-over-year as a result of our continued focus on hyperculturalization, web store launched last quarter driving more meaningful net bookings and our successful Team of the Year program.

因此，自一月更新以來，淨預訂量遠高於預期，玩家參與度也上升了兩位數。具體來說，我們的競爭對手參與度恢復到了更正常的水平，並且本季的參與度同比增長。由於我們持續專注於超文化化，FC Mobile 的參與度和收購率同比增長，繼續超越我們的預期，上個季度推出的網路商店推動了更有意義的網路預訂量，以及我們成功的年度團隊計畫。

New player acquisition and daily active users were up over 20% year over year. FC Mobile remains a key strategic initiative to grow the reach of our global football franchise. A great demonstration of how we're growing our audience through FC Mobile is the fact that our four largest mobile markets, including territories across the Middle East and Southeast Asia are different from our four largest HD markets.

新玩家獲取量和每日活躍用戶數較去年同期成長超過 20%。FC Mobile 仍然是擴大我們全球足球特許經營影響力的重要策略舉措。一個很好的例子就是我們如何透過 FC Mobile 擴大我們的受眾群體，那就是我們的四個最大的行動市場（包括中東和東南亞地區）與我們四個最大的高清市場不同。

Not only is our Global Football business regularly the top video game in the Western Hemisphere, it is also one of the largest sports entertainment platforms in the world. Q4 was a strong finish to an incredible year for our American football ecosystem. Players across Madden NFL and College Football across console and PC grew double digits and hours played up 68% leading to net bookings of over $1 billion, up over 70% year over year. This quarter, American Football continued to perform well beyond the college season ending National Championship in January and the Super Bowl in February.

我們的全球足球業務不僅經常成為西半球最熱門的電玩遊戲，也是世界上最大的運動娛樂平台之一。對於我們的美式足球生態系統而言，第四季為不可思議的一年畫上了圓滿的句點。《Madden NFL》和《College Football》在主機和 PC 上的玩家數量均實現了兩位數增長，遊戲時長增長了 68%，淨預訂額超過 10 億美元，同比增長超過 70%。本季度，美式足球繼續表現出色，超越了 1 月大學賽季結束的全國錦標賽和 2 月的超級盃。

Post-season engagement and monetization continue to play a more meaningful role as players and fans look to us for their sports entertainment in the off-season. For example, the recent NFL draft was a prime opportunity to continue to connect Madden NFL and College Football through high-value, timely content to generate ongoing engagement connect with our fans 365 days a year and drive player retention as we head into the next fiscal year.

隨著球員和球迷在休賽期向我們尋求體育娛樂，季後賽的參與和貨幣化繼續發揮更有意義的作用。例如，最近的 NFL 選秀是一個絕佳的機會，透過高價值、及時的內容繼續將 Madden NFL 和大學橄欖球聯繫起來，以產生持續的參與度，全年 365 天與我們的粉絲保持聯繫，並在進入下一個財政年度時提高球員的保留率。

In addition, UFC 5, F1 24 and NHL 25 delivered consistent quality and deepened player connection across the portfolio. The EA Sports app currently in soft launch with La Liga in Spain is delivering positive early indicators of engagement and retention, reinforcing our vision to grow into the world's leading interactive sports platform.

此外，UFC 5、F1 24 和 NHL 25 在整個產品組合中提供了一致的品質並加深了玩家之間的聯繫。EA Sports 應用程式目前正在西班牙與西甲聯賽進行試運行，並在參與度和留存率方面取得了積極的早期指標，這強化了我們成長為世界領先的互動體育平台的願景。

Looking ahead, we plan to broaden our reach into additional markets with new strategic partners, while steadily enhancing the app experience through expanded features and more personalized content. Our focus remains on driving daily engagement, fostering community interaction and supporting long-term global growth. We have a number of unique opportunities to expand reach for EA Sports.

展望未來，我們計劃與新的策略合作夥伴一起拓展更多市場，同時透過擴展功能和更個人化的內容穩步提升應用程式體驗。我們的重點仍然是推動日常參與、促進社區互動和支持長期全球成長。我們擁有許多獨特的機會來擴大 EA Sports 的影響力。

For instance, FC Mobile will play a key role in deepening player engagement, starting with a recently announced partnership with Apple and MLS around integrated streaming and cross-platform fandom with the first match streaming next week. EA is always on experiences and real-time responsiveness truly demonstrate the commitment of our teams and the resilience and structural advantage of our business.

例如，FC Mobile 將在深化玩家參與度方面發揮關鍵作用，首先是最近宣布與 Apple 和 MLS 合作，圍繞整合串流媒體和跨平台粉絲互動，並將於下週進行首場比賽串流直播。EA 始終注重體驗和即時回應，真正體現了我們團隊的承諾以及我們業務的彈性和結構優勢。

Nowhere was this more evident than in our sports franchises across Q4. Titles like EA SPORTS FC and Madden NFL align with the rhythm of global competition, keeping fans connected year-round. This led to the biggest net bookings year ever for EA Sports. FY25 was also a pivotal year for our entertainment pipeline, setting up a significant period of growth and innovation for EA, our players and our fans.

第四季的體育特許經營業務最明顯地體現了這一點。EA SPORTS FC 和 Madden NFL 等遊戲與全球比賽的節奏保持一致，讓粉絲們全年保持聯繫。這使得 EA Sports 的淨預訂量創下了歷史新高。25 財年也是我們娛樂產品線的關鍵一年，為 EA、我們的玩家和粉絲奠定了重要的成長和創新時期。

As we celebrated the 25th birthday of The Sims, the franchise delivered double-digit year-over-year growth in net bookings in Q4. This growth reflects successful player reengagement and the continued impact of our strategy to expand the global audience and elevate community connection. Highlights included the release of a new expansion pack, Businesses & Hobbies, the return of The Sims 1 and 2 and the release of Creator-Made kits. This marks the best fourth quarter net bookings performance for the franchise ever and paves the way for a continued expansion of The Sims universe over the next several years.

在我們慶祝《模擬市民》 25 歲生日之際，該系列遊戲在第四季度的淨預訂量同比增長了兩位數。這一增長反映了玩家的成功重新參與以及我們擴大全球受眾和提升社區聯繫的策略的持續影響。亮點包括新擴充包《商業與嗜好》的發布、《模擬市民 1》和《模擬市民 2》的回歸以及 Creator-Made 套件的發布。這是該系列遊戲有史以來第四季度淨預訂量的最佳表現，並為未來幾年《模擬市民》宇宙的持續擴張鋪平了道路。

Q4 also saw a strong launch of a new IP in Split Fiction from Hazelight Studios. This incredible title overperformed our expectations, capturing global attention and to date has reached nearly 4 million units sold. This success is proof that shared experiences paired with great stories and varied gameplay have the power to break through and capture the imaginations of people around the world.

第四季度，Hazelight Studios 也強勢推出了新 IP《Split Fiction》。這款令人難以置信的遊戲超出了我們的預期，引起了全球的關注，迄今為止銷量已接近 400 萬份。這項成功證明，共享的體驗加上精彩的故事和多樣化的遊戲玩法具有突破的力量，可以吸引世界各地人們的想像。

This quarter was a strong finish to a pivotal year where we acted decisively realigning resources, managing costs and focusing on our biggest opportunities. We took important learnings from Q3 to sharpen our operational discipline, strengthen execution across the business and deliver long-term value for our players, communities and stockholders. As we look to the next two years and beyond, we are positioned for strong growth driven by expansion across our live services new game launches and building global fandom through new experiences.

本季是我們關鍵一年的圓滿結束，在這一年中，我們果斷採取行動，重新調整資源，管理成本，並專注於我們最大的機會。我們從第三季吸取了重要的教訓，以加強我們的營運紀律，增強整個業務的執行力，並為我們的玩家、社群和股東創造長期價值。展望未來兩年及以後，我們將透過擴展我們的即時服務、推出新遊戲以及透過新體驗建立全球粉絲群，實現強勁成長。

In FY26, we are launching two of our most iconic franchises, Skate and Battlefield. Built as a dynamic live service, Skate is designed to grow alongside its community, offering new ways to express creativity, style and progression over time. With early access planned for FY26, we're focused on delivering a fun, authentic foundation that we can build on for years to come.

在 2026 財年，我們將推出兩個最具代表性的系列遊戲《Skate》和《Battlefield》。Skate 是一種動態的現場服務，旨在與社區一起成長，隨著時間的推移提供表達創造力、風格和進步的新方式。我們計劃在 2026 財年推出早期版本，專注於提供一個有趣、真實的基礎，以便我們在未來幾年內繼續發展。

Turning to Battlefield. We're taking a modern player first approach to building, testing and marketing this next level experience. Through Battlefield Labs, the biggest play testing initiative in franchise history, we're engaging players earlier and more meaningfully than ever before, testing at scale and validating core gameplay experiences to deliver something truly special for our players.

轉向戰場。我們採用現代玩家優先的方法來建立、測試和行銷這種更高層次的體驗。透過《戰地實驗室》——該系列歷史上最大的遊戲測試計劃，我們比以往更早、更有意義地吸引玩家，進行大規模測試並驗證核心遊戲體驗，為我們的玩家提供真正特別的東西。

Through our play sessions with a core group of Battlefield players across Europe and North America, we've completed thousands of hours of gameplay and the response has far exceeded expectations. Over 600,000 players have signed up for labs to date alongside an amazing 350 million views of the Battlefield content since our announcement. Based on this incredible global demand, we're expanding labs by inviting more players across Europe and North America and will begin to include Asia. This marks a key milestone as therefore, a full, worldwide launch backed by the largest Battlefield team in our history and grounded in community collaboration we remain firmly on track for an FY26 release with a major global reveal later this summer.

透過與歐洲和北美戰地核心玩家進行遊戲，我們已經完成了數千小時的遊戲時間，並且反應遠遠超出了預期。自我們宣布以來，迄今為止已有超過 60 萬名玩家註冊了實驗室，同時《戰地》內容的瀏覽量已達到驚人的 3.5 億次。基於這項驚人的全球需求，我們正在擴大實驗室，邀請更多來自歐洲和北美的玩家，並將開始將亞洲納入其中。這標誌著一個關鍵的里程碑，因此，在我們歷史上最大的戰地團隊的支持下，以社區合作為基礎，我們將堅定地按計劃在 FY26 上發布，並在今年夏天晚些時候進行重大的全球發布。

As we look to the future of The Sims, our vision is to continue to build the franchise into one of the world's most powerful creative platforms with self-expression, social connection and user-generated content converge in exciting new ways. In FY26, we will continue to empower a new generation of creators and players to shape culture, community and commerce through The Sims like never before.

展望《模擬市民》的未來，我們的願景是繼續將該系列打造為世界上最強大的創意平台之一，以令人興奮的新方式融合自我表達、社交聯繫和用戶生成內容。在26財年，我們將繼續賦能新一代創作者和玩家，以前所未有的方式透過《模擬市民》塑造文化、社群和商業。

Looking further ahead, we plan to transform the franchise into a unified ecosystem across games, marketplaces and social spaces. We also believe there are more record years to come for EA SPORTS. The immense opportunity around our global football and American football franchises is that these real live sports are growing in popularity every year, giving us an inherent multiplier of the total addressable market.

展望未來，我們計劃將該系列轉變為一個跨遊戲、市場和社交空間的統一生態系統。我們也相信 EA SPORTS 未來還會創造更多紀錄。我們的全球足球和美式足球特許經營權的巨大機會在於，這些真實的現場運動每年都越來越受歡迎，為我們帶來了整個可尋址市場的內在倍增。

This is a unique advantage for us to naturally grow our core player base while greatly expanding our audience. Across FC, Madden NFL and College Football, we will continue to focus on our unrivaled core gameplay through innovation and bold moves like the recent acquisition of TRACAB that we expect to progress how we deliver more authentic, immersive gameplay than ever before.

這對我們來說是一個獨特的優勢，讓我們能夠自然地擴大我們的核心玩家群，同時大大擴大我們的受眾群體。在 FC、Madden NFL 和 College Football 中，我們將繼續透過創新和大膽舉措（例如最近收購 TRACAB）專注於我們無與倫比的核心遊戲玩法，我們希望這將幫助我們提供比以往更加真實、身臨其境的遊戲體驗。

As we look to expand our audiences, we will use this data to build new ways to play, more ways to connect and empower our players with new tools to create and share. Over the next several years, you should expect more milestone moments as we work to engage our football fans through EA SPORTS FC, Madden NFL and College Football.

當我們尋求擴大我們的受眾時，我們將使用這些數據來建立新的遊戲方式、更多的聯繫方式，並為我們的玩家提供新的工具來創造和分享。在接下來的幾年裡，隨著我們努力透過 EA SPORTS FC、Madden NFL 和 College Football 吸引我們的足球迷，您應該會期待更多里程碑時刻。

Our relaunch of College Football 25 was only the first step in this multiyear growth strategy for American Football. For example, this experience grew our audience by adding over 5 million new fans to the ecosystem. Looking ahead, our deeper integration between Madden NFL and College Football is setting the stage for a unified, massive online community. Our American football ecosystem is following the playbook of our hugely successful global football franchise, positioning it for long-term success.

我們重新推出《大學橄欖球 25》只是美式足球多年成長策略的第一步。例如，這項體驗為我們的生態系統帶來了超過 500 萬新粉絲，從而擴大了我們的受眾。展望未來，我們將對 Madden NFL 和 College Football 進行更深入的整合，為建立一個統一的、龐大的線上社群奠定基礎。我們的美式足球生態系統遵循我們極為成功的全球足球特許經營的策略，為其長期成功做好準備。

In Global Football, we've already achieved milestone growth with FC Mobile and FC Online, two key drivers expanding our global reach. Looking ahead, the 2026 World Cup represents a major acquisition opportunity and the next defining moment for the franchise, rooted in deep social connection. All of this gives us confidence in the long-term success of our bigger sports franchises.

在全球足球領域，我們憑藉 FC Mobile 和 FC Online 實現了里程碑式的成長，這兩個關鍵驅動力擴大了我們的全球影響力。展望未來，2026 年世界盃代表著重大的收購機會，也是球隊的下一個決定性時刻，其根源在於深厚的社會連結。所有這些都讓我們對大型運動特許經營的長期成功充滿信心。

Across our sports portfolio and beyond, we are on track to deliver growth through new experiences, deeper integration across platforms, more robust community creation tools and the EA Sports app. I also want to take a moment to talk about how AI is powering our future. We view AI as a powerful accelerator of creativity, innovation and player connection.

在我們的體育產品組合及其他領域，我們都有望透過新的體驗、跨平台的更深層整合、更強大的社群創建工具和 EA Sports 應用程式實現成長。我還想花點時間談談人工智慧如何為我們的未來提供動力。我們將人工智慧視為創造力、創新和玩家聯繫的強大加速器。

Across our teams, we're investing in new workflows and capabilities to integrate AI to enhance how we build, scale and personalize experiences, from dynamic in-game worlds to delivering authentic athlete and team likenesses at incredible scale, our developers are using AI to push the boundaries of what's possible in design, animation and storytelling helping us deliver deeper, more immersive game play. This is about amplifying the power of this technology to unlock new possibilities for the future of interactive entertainment.

在我們的團隊中，我們正在投資新的工作流程和功能，以整合人工智慧，從而增強我們構建、擴展和個性化體驗的方式，從動態的遊戲世界到以令人難以置信的規模提供真實的運動員和球隊形象，我們的開發人員正在使用人工智能來突破設計、動畫和講故事的界限，幫助我們提供更深入、更身臨其境的遊戲體驗。這是為了增強這項技術的力量，為互動娛樂的未來開啟新的可能性。

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，讓他更深入地了解本季和我們的業務。

Thanks, Andrew, and good afternoon, everyone. FY25 was a year of focused execution as we prioritize our highest impact initiatives and continued realigning our investments around our long-term growth framework. That focus was particularly evident in our fourth quarter, where we saw accelerating momentum heading into FY26. Q4 outperformance was driven by exceptional execution from our EA SPORTS FC teams with the January gameplay update and targeted community-driven tuning.

謝謝，安德魯，大家下午好。25 財年是專注執行的一年，我們優先考慮影響最大的舉措，並繼續圍繞長期成長框架調整投資。這一重點在我們的第四季尤為明顯，我們看到進入 26 財年的成長勢頭正在加速。第四季的優異表現得益於我們 EA SPORTS FC 團隊的出色表現，包括一月份的遊戲更新和有針對性的社群驅動調整。

This resulted in a significant rebound in engagement and monetization. Combined with sustained strength in American Football beyond the end of the season, and the breakout success of Split Fiction, we expanded margins, generated strong free cash flow and returned over $1 billion to stockholders for enhanced repurchase program and dividends. This performance reinforces the execution of our teams and the resilience of our business model and resulted in a strong close to FY25.

這導致參與度和貨幣化的顯著反彈。結合賽季結束後美式足球的持續強勁表現以及《Split Fiction》的突破性成功，我們擴大了利潤率，產生了強勁的自由現金流，並向股東返還了超過 10 億美元，用於加強回購計劃和股息。這項業績增強了我們團隊的執行力和業務模式的彈性，並為 25 財年帶來了強勁的收官。

Turning to FY25 results. We delivered net bookings of $7.36 billion, down 1%. Our expanded American Football ecosystem surpassed $1 billion in net bookings, up over 70% year over year. Growth was offset by impact from slate timing and softness in Apex Legends. Full game net bookings was $2.02 billion, up 1%, driven by strength in EA SPORTS College Football 25 and new blockbuster releases, including Split Fiction and Dragon Age: The Veilguard, which offset prior year contributions from Star Wars Jedi: Survivor and softness in FC 25 full game sales.

轉向 FY25 業績。我們的淨預訂量為 73.6 億美元，下降 1%。我們擴展的美式足球生態系統的淨預訂量超過 10 億美元，年增超過 70%。成長被《Apex Legends》的上市時機和疲軟表現所抵消。完整遊戲淨預訂額為 20.2 億美元，成長 1%，這得益於 EA SPORTS《大學橄欖球 25》和新大片的強勁發行，包括《Split Fiction》和《龍騰世紀：面紗守衛》，抵消了去年《星際大戰：倖存者》的貢獻和《大學橄欖球 25》完整遊戲銷售的疲軟。

Live services net bookings was $5.34 billion, down 2%, reflecting an approximate 4 points headwind from Apex Legends in addition to an approximate three points headwind from the December and January softness in Fc Ultimate Team. These headwinds were partially offset by the strength of American Football. Moving to our GAAP results. We delivered net revenue of $7.46 billion, down 1%. Cost of revenue decreased by 10% to $1.54 billion, driving a gross margin of 79.3% and an improvement of nearly 200 basis points, driven in part by lower licensing fees.

現場服務淨預訂量為 53.4 億美元，下降 2%，反映了《Apex Legends》約 4 個百分點的逆風，以及《Fc Ultimate Team》12 月和 1 月的疲軟約 3 個百分點的逆風。這些不利因素被美式足球的強勁表現部分抵消。轉向我們的 GAAP 結果。我們的淨收入為 74.6 億美元，下降 1%。收入成本下降 10% 至 15.4 億美元，毛利率達 79.3%，增加近 200 個基點，部分原因是授權費用降低。

Operating expenses were $4.4 billion, up 2% with increases in people costs, largely offset by cost savings in other areas of the business. Our earnings per share was $4.25. We delivered our second highest fiscal year operating cash flow result of $2.08 billion as the business continues to be a strong generator of cash. Capital expenditures was $221 million, resulting in free cash flow of $1.86 billion. For the year, we returned 145% of our free cash flow or $2.7 billion to stockholders through our accelerated stock repurchase program and normal course buybacks and dividends.

營運費用為 44 億美元，成長 2%，原因是人力成本增加，但很大程度上被業務其他領域的成本節約所抵消。我們的每股收益為 4.25 美元。由於業務繼續成為強勁的現金產生者，我們實現了第二高的財年營運現金流結果，即 20.8 億美元。資本支出為 2.21 億美元，產生 18.6 億美元的自由現金流。今年，我們透過加速股票回購計畫和正常回購和股利向股東返還了 145% 的自由現金流，即 27 億美元。

Please see our earnings slides for further cash flow information. Turning to Q4 performance. We delivered net bookings of $1.8 billion, up 8%, exceeding our January revised guidance by double digits as we rebuilt momentum across the quarter. Full game net bookings were $384 million, up 48%, driven by the successful launch of Split Fiction with units sold nearly double our expectations.

請參閱我們的收益幻燈片以獲取更多現金流資訊。轉向第四季的表現。隨著我們在整個季度重建勢頭，我們實現了 18 億美元的淨預訂金額，成長 8%，超出 1 月修訂後的預期兩位數。整個遊戲的淨預訂金額為 3.84 億美元，成長 48%，這得益於《Split Fiction》的成功推出，其銷量幾乎是我們預期的兩倍。

Live services and other net bookings were $1.42 billion, up 1% exceeding our revised guidance on the strength in FC Ultimate Team, College Football Ultimate Team and The Sims. Now turning to key franchise performances in the fourth quarter.

現場服務和其他淨預訂額為 14.2 億美元，增長 1%，超過了我們根據 FC Ultimate Team、College Football Ultimate Team 和 The Sims 的實力修訂後的預期。現在來談談第四季主要特許經營的表現。

In Global Football, engagement and monetization rebounded following the January '16 gameplay update. After the gameplay update, FC Ultimate Team posted high single-digit net bookings growth in constant currency fueled by strong reengagement for our competitive cohort. FC Mobile saw double-digit growth in net bookings ahead of our expectations with the web store accounting for mid-single-digit percentage of the overall total.

在全球足球中，自 2016 年 1 月遊戲玩法更新以來，參與度和貨幣化均有所反彈。遊戲玩法更新後，FC Ultimate Team 的淨預訂量以固定匯率計算實現了高個位數增長，這得益於我們競技玩家群的強勁重新參與。FC Mobile 的淨預訂量實現了兩位數成長，超出了我們的預期，其中網路商店佔總預訂量的中個位數百分比。

FC Mobile continues to be an important contributor to global reach and engagement as we expand and deepen our presence in top geographies that differ from our HD title, particularly in Southeast Asia and the Middle East. In American football, late cycle engagement trends remain strong in the ecosystem with the Q4 average for weekly active users higher than the fiscal year average.

隨著我們擴大和深化我們在不同於高清遊戲的頂級地區的影響力，特別是東南亞和中東地區，FC Mobile 繼續成為全球影響力和參與度的重要貢獻者。在美式足球領域，生態系中後期參與趨勢依然強勁，第四季度每週活躍用戶平均值高於財年平均值。

In the quarter, College Football Ultimate Team significantly outperformed with average net bookings per spender, more than 50% above expectations, driven by high-impact content drops like REWIND and names of the game. Madden NFL 25 acquisition also exceeded our expectations, driven by expanded platform reach as well as strong late holiday demand for the title relative to prior quarters. The Sims franchise delivered over 30% net bookings growth in Q4, driven by the 25th birthday celebrations that reignited player engagement and accelerated reengagement across the community.

本季度，大學橄欖球終極球隊 (College Football Ultimate Team) 的表現顯著優於預期，平均每位消費者的淨預訂量超出預期 50% 以上，這得益於 REWIND 和比賽名稱等高影響力內容的推出。《Madden NFL 25》的收購也超出了我們的預期，這得益於平台覆蓋範圍的擴大以及與前幾個季度相比假期後期對該遊戲的強勁需求。《模擬市民》系列遊戲第四季淨預訂量成長超過 30%，這得益於 25 週年慶典重新激發了玩家的參與度並加速了整個社區的重新參與。

The rerelease of legacy titles, combined with target updates aligned to our broader franchise road map, drove higher attach rates, particularly among casual spenders. On a GAAP basis, we delivered net revenue of $1.9 billion, up 7%. Cost of revenue was $368 million, resulting in a gross margin of 80.6%, supported by favorable digital mix. Operating expenses were $1.13 billion, down 5% as we lap a comparable period that include a $61 million restructuring and related charge.

舊版遊戲的重新發布，加上與我們更廣泛的特許經營路線圖一致的目標更新，推動了更高的附加率，尤其是在休閒消費者中。根據 GAAP 標準，我們的淨收入為 19 億美元，成長 7%。收入成本為 3.68 億美元，毛利率為 80.6%，這得益於良好的數字組合。營運費用為 11.3 億美元，下降 5%，因為我們經歷了包括 6,100 萬美元重組和相關費用的可比時期。

Earnings per share was $0.98, up 46%, driven by net revenue growth and improved operating leverage. Operating cash flow was $549 million, with capital expenditures of $54 million we delivered free cash flow of $495 million. Now moving to our outlook. We expect fiscal year net bookings of $7.6 billion to $8 billion up 3% to 9% year over year. Our assumptions for FY26 reflects four key factors. First, we expect Batterfield launched in the fiscal year. Second, we expect growth to be driven by our EA Sports portfolio, The Sims franchise and the launch of Battelfield and Skate. Third, While FX remains volatile, our guide assumes an approximate 1 point headwind from FX. Please see our earnings slides for more detail on our currency assumptions.

每股收益為 0.98 美元，成長 46%，主要得益於淨收入成長和營運槓桿提高。營運現金流為 5.49 億美元，資本支出為 5,400 萬美元，實現自由現金流 4.95 億美元。現在轉向我們的展望。我們預計本財年淨預訂額將達到 76 億美元至 80 億美元，年增 3% 至 9%。我們對 26 財年的假設反映了四個關鍵因素。首先，我們預計 Batterfield 將於本財年推出。其次，我們預期成長將由我們的 EA Sports 產品組合、《模擬市民》系列以及《Battelfield》和《Skate》的推出所推動。第三，儘管外匯市場依然波動，但我們的指南預計外匯市場將出現約 1 個百分點的逆風。請參閱我們的收益幻燈片以了解有關我們的貨幣假設的更多詳細資訊。

And fourth, we expect an approximate 5 points headwind from catalog and Apex Legends. In regards to these headwinds, first, our catalog is seeing near-term pressure as we transition to a more focused slate, anchored around massive online communities and select blockbuster storytelling investments. As a result, catalog is now a smaller contributor to total net bookings than historically, and we expect this shift to weigh on year-over-year comparisons in the year as our portfolio continues its structural transition.

第四，我們預計目錄和 Apex Legends 將帶來約 5 個百分點的逆風。關於這些不利因素，首先，隨著我們轉向更專注的片單，以大規模線上社群和精選的重磅故事投資為基礎，我們的目錄在短期內面臨壓力。因此，目錄現在對總淨預訂量的貢獻比歷史上要小，我們預計，隨著我們的投資組合繼續進行結構轉型，這種轉變將對今年的同比比較產生影響。

Second, while Apex Legends' traction in line with our expectations for the past two quarters, our FY26 guide assumes an approximately 40% year over year decline in net bookings. We expect stronger headwinds in the first half of the fiscal year, followed by more moderate declines in the back half.

其次，雖然《Apex Legends》的吸引力符合我們對過去兩季的預期，但我們的 FY26 指南假設淨預訂量年減約 40%。我們預計本財年上半年將面臨更強勁的逆風，下半年將出現較為溫和的下滑。

We continue to focus on delivering for our core players and investing in the long-term evolution of the franchise. Turning to GAAP. We expect net revenue of $7.1 billion to $7.5 billion. We expect GAAP operating expenses to be $4.47 billion to $4.57 billion, up 2% -- up 4% year over year predominantly related to Battlefield marketing.

我們將繼續致力於為核心玩家提供服務並投資於特許經營的長期發展。轉向 GAAP。我們預計淨收入為 71 億美元至 75 億美元。我們預期 GAAP 營運費用為 44.7 億美元至 45.7 億美元，年增 2% 至 4%，主要與戰地行銷有關。

We expect GAAP operating margin to be 16.3% to 18.9%. We expect non-GAAP operating margin to be 27.2% to 29.2%. The impact from change in deferred net revenue is expected to be approximately 480 to 440 basis points. We expect GAAP EPS of $3.09 to $3.79. We reiterate our financial margin framework through FY27, with margin expansion underpinned by continued live services growth, multiple new plan releases, a World Cup in the summer of 2026 and a milestone moment at EA SPORTS FC. We expect operating cash flow between $2.2 billion and $2.4 billion, with capital expenditures expected to be relatively flat to the prior year at $225 million. We expect to deliver free cash flow of $1.975 billion to $2.175 billion, up 6% to 17%.

我們預期 GAAP 營業利潤率為 16.3% 至 18.9%。我們預計非公認會計準則營業利潤率將達到 27.2% 至 29.2%。遞延淨收入變化的影響預計約為 480 至 440 個基點。我們預計 GAAP EPS 為 3.09 美元至 3.79 美元。我們重申了 2027 財年的財務利潤框架，利潤率的擴大得益於持續的現場服務增長、多項新計劃的發布、2026 年夏季的世界杯以及 EA SPORTS FC 的里程碑時刻。我們預計營運現金流在 22 億美元至 24 億美元之間，資本支出預計與前一年持平，為 2.25 億美元。我們預計自由現金流將達到 19.75 億美元至 21.75 億美元，成長 6% 至 17%。

We remain committed to a strong return of capital program with our goal to return at least 80% of free cash flow with stock repurchases and dividends through FY27. Now turning to our Q1 guidance. We expect net bookings for Q1 to be $1.175 billion to $1.275 billion, down 7% to up 1%. As is typical for Q1, this reflects seasonally lower contributions from our EA Sports portfolio. Included in our outlook is an approximate 5 point headwind from Apex Legends, which we anticipate will continue at a similar rate through the first half of the fiscal year. We also expect an additional 2 point headwind from catalog.

我們將繼續致力於強勁的資本回報計劃，我們的目標是到 27 財年透過股票回購和股息返還至少 80% 的自由現金流。現在轉向我們的第一季指引。我們預計第一季淨預訂額為 11.75 億美元至 12.75 億美元，下降 7% 至成長 1%。與第一季的典型情況一樣，這反映了我們的 EA Sports 投資組合的季節性貢獻較低。我們的展望包括來自《Apex Legends》約 5 個百分點的阻力，我們預計該阻力將在本財年上半年以類似的速度持續下去。我們也預計目錄將帶來額外的 2 點逆風。

As a reminder, we expect some of these headwinds in addition to challenging year-over-year comparisons to also weigh on Q2 with growth accelerating in the back half of the year, driven by the typical seasonality of our EA SPORTS franchises as well as our anticipated Battlefield launch. For Q1, we expect live services excluding Apex Legends to grow low single digits, led by growth in our EA SPORTS portfolio.

提醒一下，我們預計除了同比挑戰之外，這些不利因素也會對第二季度造成壓力，由於 EA SPORTS 系列遊戲的典型季節性以及我們預期的戰地發布，下半年的增長將會加速。對於第一季度，我們預計除《Apex Legends》之外的直播服務將實現低個位數成長，這主要得益於 EA SPORTS 產品組合的成長。

In particular, EA sports FC is showing positive net booking momentum through the early weeks of Q1. That said, we're taking a measured view of the quarter overall as team in the season, Q1's largest event remains in progress.

尤其是 EA Sports FC 在第一季初期就呈現出積極的淨預訂動能。話雖如此，我們對整個季度都持謹慎的看法，因為本賽季的團隊，Q1 最大的賽事仍在進行中。

Turning to GAAP. We expect net revenue of $1.55 billion to $1.65 billion, cost of revenue to be $265 million to $285 million and operating expenses of approximately $1.11 billion to $1.12 billion, up 7% to 8%. Roughly half of this year-over-year increase is related to continued investments in line with Q4 for the other primary driver expense growth being costs associated with resource reprioritization. We expect earnings per share of $0.49 to $0.66.

轉向 GAAP。我們預計淨收入為 15.5 億美元至 16.5 億美元，收入成本為 2.65 億美元至 2.85 億美元，營運費用約為 11.1 億美元至 11.2 億美元，成長 7% 至 8%。這一同比增長約有一半與第四季度的持續投資有關，另一個主要驅動費用增長的是與資源重新排序相關的成本。我們預計每股收益為 0.49 美元至 0.66 美元。

To close, FY25 was a year of focused execution. We delivered strong performance across our biggest franchises, expanded margins, generated over $2 billion in operating cash flow and returned $2.7 billion to stockholders. As we enter FY26 and FY27, we do so from a position of strength and a business structurally positioned for growth and margin expansion led by sustained leadership in EA SPORTS, The Sims, Battlefield, skate, and unannounced new releases.

總而言之，25 財年是專注執行的一年。我們在最大的特許經營業務中表現出色，提高了利潤率，產生了超過 20 億美元的經營現金流，並向股東返還了 27 億美元。當我們進入 26 財年和 27 財年時，我們憑藉著實力和業務結構優勢，在 EA SPORTS、模擬人生、戰地、滑板和未公佈的新版本的持續領導下，實現了成長和利潤擴張。

Our multiyear growth trajectory remains firmly underway, consistent with what we shared at Investor Day and our conviction in our financial margin framework remains unchanged. We remain focused on disciplined investment, operational agility and delivering strong returns.

我們的多年成長軌跡仍然穩步前進，與我們在投資者日分享的內容一致，我們對財務保證金框架的信念保持不變。我們仍然專注於嚴謹的投資、靈活的營運和豐厚的回報。

Now I'll hand the call back to Andrew.

現在我將把電話交還給安德魯。

Thank you, Stuart. FY25 was a pivotal year for Electronic Arts, a year defined by creative breakthroughs, stronger player connection and meaningful progress across our portfolio. We sharpened our focus, delivered bold new experiences and laid the groundwork for an even more ambitious future.

謝謝你，斯圖爾特。25 財年是藝電的關鍵一年，這一年的特點是創造性的突破、更強大的玩家聯繫以及我們投資組合的有意義的進步。我們更加專注，提供大膽的新體驗，為更雄心勃勃的未來奠定基礎。

As we look ahead, we are confident in a strong slate of upcoming releases, our strategy to invest in our biggest long-term opportunities and our focused well-tested execution approach. With leading IP, transformative technology, a global network of passionate players and the best creative talent in the industry, EA is uniquely positioned to lead in a rapidly evolving world. We know that road ahead may bring near-term economic uncertainty, but our focus, adaptability and strategic clarity gives us the tools to thrive. This is an important moment for our company, and we've never been more optimistic about what comes next.

展望未來，我們對即將發布的一系列強勁產品、投資於最大長期機會的策略以及專注且經過充分測試的執行方法充滿信心。憑藉領先的智慧財產權、變革性技術、全球熱情玩家網路以及業界最優秀的創意人才，EA 在快速發展的世界中佔據著獨特的領先地位。我們知道未來的道路可能會帶來短期的經濟不確定性，但我們的專注力、適應性和策略清晰度為我們提供了蓬勃發展的工具。這對我們公司來說是一個重要的時刻，我們對接下來的發展從未如此樂觀。

Thank you. And now Stuart and I are here for your questions.

謝謝。現在史都華和我在這裡回答大家的問題。

(Event Instructions)

（活動須知）

With that, Abby, we are now ready for our first question.

艾比，現在我們可以回答第一個問題了。

(Operator Instructions)

（操作員指示）

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特。

I guess one to start for Andrew. When you think about the temporary slowdown that you saw in FC and then the efforts evidently very successful to turn it around in January. What ultimately were the main issues in retrospect, how did you fix them? What changes in the game were the most effective to fix them? And how will that impact how you'll approach future FC games? And then I have one follow-up.

我想這是安德魯的開始。當您想到 FC 中出現的暫時放緩，以及 1 月份扭轉這種局面的努力顯然非常成功時。回想起來，主要問題最終是什麼？您是如何解決的？遊戲中的哪些變化可以最有效地解決這些問題？這將如何影響您對未來 FC 遊戲的態度？然後我還有一個後續問題。

Thank you, Matt. Great question. I think if we take two or three steps back now and really look at the total situation, I think the first thing to recognize is it's actually not unnatural for franchises of this size, this scale and this level of enduring strength to have momentary lags from time to time, the kind of ebbs and flows of a live service business.

謝謝你，馬特。好問題。我認為，如果我們現在退後兩三步，真正審視一下整體情況，那麼首先要認識到的是，對於這種規模、這種範圍和這種持久實力的特許經營來說，時不時地出現短暫的滯後，就像現場服務業務的起伏一樣，這其實並不罕見。

As we look at a lot of large-scale global franchises coming out of COVID, many of them had prolonged slowdowns at 40%, 50% of the annual revenue before kind of clawing some back and some never really made it back to where they were. So it's not an unnatural thing that we had to deal with. Again, we didn't expect that FC would go through that, but it did. And so then we started to think about, well, why would that have happened? And why did it happen at that time?

我們看到許多大型全球特許經營企業在經歷了新冠疫情後，其中許多企業經歷了長期的放緩，年收入下降了 40% 到 50%，之後才有所回升，而有些企業則再也沒有真正恢復到原來的水平。所以這不是我們必須處理的不自然的事情。再說一次，我們沒有想到 FC 會經歷這樣的事情，但它確實發生了。於是我們開始思考，為什麼會發生這樣的事情？為什麼那時會發生這樣的事情？

The first is, we've been growing exceptionally well year-over-year throughout the history of the franchise, but certainly through COVID and since COVID. And so we grew a lot. We brought in a lot of new players during COVID and grew the business meaningfully. And coming out of COVID many franchises kind of took that moment to have a little slowdown or a prolonged slowdown in some cases.

首先，在整個特許經營歷史上，我們的年復一年都保持著異常良好的成長勢頭，尤其是在新冠疫情期間以及新冠疫情之後。因此我們成長了很多。在疫情期間，我們引進了許多新玩家，業務得到了顯著成長。在疫情結束後，許多特許經營店的經營狀況有所放緩，在某些情況下甚至出現了長期放緩。

We did not. And part of the reason was we rolled straight into a World Cup, which, as we know, is always a great acquisition and engagement opportunity for the franchise. Then as we go back to history, sometimes we would see some momentary softness coming out of the World Cup. This time, we rolled straight into an FC rebrand. And that was a very large concerted effort across the entire franchise, both in the context of development in the context of marketing and in the context of partnerships that we were working through and working with to relaunch our football franchise under our own brand, EA SPORTS FC. And so that was really why we hadn't seen any slowdown at that point.

我們沒有。部分原因是我們直接進入了世界杯，眾所周知，這對球隊來說是一個很好的收購和參與機會。然後，當我們回顧歷史時，有時我們會看到世界盃出現一些短暫的疲軟。這次，我們直接進入了 FC 品牌重塑。這是整個特許經營過程中非常大的協同努力，無論是在開發方面，還是在行銷方面，以及在我們正在努力建立的合作夥伴關係方面，我們都在努力以我們自己的品牌 EA SPORTS FC 重新推出我們的足球特許經營權。這就是我們當時沒有看到任何放緩的原因。

So again, not unnatural. That's why we think we had the timing that we did. Then it came down to what was really driving it. And there was two things. We've talked about this a few times since then, but there are really two things. One was given how many new players we've brought into the franchise over the preceding three years and the level of engagement we have driven, we didn't see the same migration track from the outgoing title to the incoming title. The good news for us at that time, of course, was that we weren't losing people out of the ecosystem.

所以，這並非不自然。這就是為什麼我們認為我們掌握了時機。然後就到了真正推動這項進程的因素。有兩件事。從那時起我們已經討論過這個問題幾次了，但實際上只有兩件事。其中一個原因是，考慮到我們在過去三年中為該系列帶來了多少新玩家，以及我們所推動的參與度，我們沒有看到從即將推出的遊戲到即將推出的遊戲出現相同的遷移軌跡。當然，當時對我們來說的好消息是，我們的生態系統中並沒有失去一些人。

They just weren't moving from FC 24 to FC 25 at the same rate they had in the past or certainly at the same rate that we've seen early in the launch window. The second piece was, as our core cohort, our core competitive cohort got deeper into the game experience, they started to give us feedback that it was more defensively tuned than they would otherwise like. And some of the score lines that we're seeing and some of the gameplay tactics that were being used weren't conducive to the kind of outcomes that they typically would be looking for in their highly competitive play.

他們只是沒有以過去的速度從 FC 24 轉移到 FC 25，或者肯定沒有以我們在發射視窗初期看到的相同速度轉移。第二點是，隨著我們的核心玩家群、我們的核心競爭玩家群對遊戲體驗的深入了解，他們開始向我們回饋說，遊戲的防禦性調整比他們原本希望的要強。我們看到的一些比分線和所使用的一些遊戲策略並不利於他們在高度競爭的比賽中獲得通常所尋求的結果。

Again, this wasn't across the entire cohort of the game. For the most part, it was very well received. It was sports game of the year. It was very highly rated. And for all but our very core cohort, they thought the game was exactly as it should be. But this competitive cohort is very important to us. We work very closely with them. And as they got deeper into the gameplay, they felt that it wasn't really tuned in the way that they would like.

再次強調，這並不是針對整個遊戲群體而言的。總體而言，它受到了熱烈歡迎。這是年度最佳體育比賽。它的評價非常高。除了我們的核心玩家群之外，其他人都認為這款遊戲正是它應該的樣子。但這個有競爭力的群體對我們來說非常重要。我們與他們密切合作。隨著他們對遊戲玩法的深入了解，他們發現遊戲並沒有按照他們想要的方式進行調整。

So as we came through Q3, we listened, we learned, and we really had two tracks of action that we had to take. The first track was really incentivizing players to move from '24 to '25 and that was a very deliberate personal marketing program against cohorts that were still engaged deeply in '24 that we believed we're going to really enjoy the '25 experience and we spoke to them individually in digital channels and really personalize the marketing to them in order to incent them to make the transition.

因此，當我們進入第三季時，我們傾聽、學習，我們確實必須採取兩種行動。第一條軌道是真正激勵玩家從 '24 轉向 '25，這是一個非常刻意的個人營銷計劃，針對那些仍然深度參與 '24 的群體，我們相信我們會真正享受 '25 的體驗，我們通過數字渠道與他們單獨交談，並真正為他們提供個性化的營銷，以激勵他們進行轉變。

And certainly, we saw meaningful transition. And as we came into Q4, we're seeing more normalized levels between '24 and '25 that we would have seen in years gone by. The second track, which was a far more involved track, was our development team spent countless hours interacting with that core community, listening to them, evaluating their feedback, corroborating that feedback with what they were seeing in gameplay and then build out the most robust gameplay update that we've ever done in the history of the franchise and launched that with our biggest event of the season to that point.

確實，我們看到了有意義的轉變。進入第四季度，我們發現 24 年至 25 年之間的水平比過去幾年更加正常化。第二個軌道是更複雜的軌道，我們的開發團隊花費了無數的時間與核心社區互動，傾聽他們的意見，評估他們的反饋，將這些反饋與他們在遊戲中看到的內容進行證實，然後構建出我們有史以來最強大的遊戲玩法更新，並將其作為本賽季迄今為止最大的活動推出。

And again, feedback was overwhelmingly positive. That core cohort came back into the game at normalized levels and engaged deeply and we ended the year up year-over-year. And so as we look through that, the learning for us is this is, one, it's not unnatural for there to be ebbs and flows in these massive online live service businesses. We had delayed our ebb by virtue of COVID, the World Cup and then an FC launch. The second thing is that as we've done that, we need to make sure that we're working very closely with our core cohort and marketing to each of the cohorts individually to ensure they understand the benefits of the incoming title.

再次，反饋非常積極。核心玩家群以正常水平重返遊戲並深入參與，我們在今年的業績同比增長。因此，當我們仔細研究這個問題時，我們得到的教訓是，首先，這些大規模的線上直播服務業務出現起伏並不罕見。由於新冠疫情、世界盃以及隨後的足球俱樂部成立，我們推遲了衰退的步伐。第二件事是，當我們這樣做的時候，我們需要確保我們與我們的核心群體密切合作，並針對每個群體進行單獨的營銷，以確保他們了解即將推出的遊戲的好處。

As we look into our FY26 launches, you should imagine that not only will be working very, very closely with our core cohorts, around the tuning and balancing and polishing of the game, we also took a lot of learning with how we incentivize players to move from one year's version to the next year's version. And certainly, we come out of Q4 with incredible momentum, and we come into FY26 feeling very good about the future of the franchise at this scale.

當我們研究 2026 財年的發佈時，您應該想像，我們不僅會與我們的核心團隊非常密切地合作，圍繞遊戲的調整、平衡和完善，而且還進行了大量學習，了解如何激勵玩家從一年的版本轉移到下一年的版本。確實，我們以令人難以置信的勢頭走出了第四季度，進入 26 財年時，我們對該規模的特許經營的未來感到非常樂觀。

Great. And then, Stuart, if I could ask about some commentary in the press release, there's a comment in here about continued growth in live services and the launch of some new nonannual titles in fiscal '27. Is that consistent with the long-term growth profile that you shared during the Investor Day in September, or you expected to consistently outperform the video game market?

偉大的。然後，斯圖爾特，如果我可以問新聞稿中的一些評論，這裡有一條評論是關於現場服務的持續增長以及 27 財年推出一些新的非年度遊戲。這是否與您在 9 月投資者日期間分享的長期成長前景一致，或者您預計其表現將持續優於電玩市場？

Yeah. I think the commentary in the prepared remarks is really help continue unpack the conviction we have in the framework we put out for Investor Day and give a little bit more context on layering behind the various components and pieces. I think if you see the FY26 and the guidance we just put out, you can start to see the power and the model that we have today, as you look at margin expansion capability, the cash flow numbers, plus 6 to plus 17 What you see there is us continue to build out how we drive growth in both components, both on the top line through growth and that continuing through our core business, so our live service, massive online communities.

是的。我認為準備好的評論確實有助於繼續闡明我們在投資者日提出的框架中的信念，並為各個組成部分和部分背後的層次提供更多背景資訊。我認為，如果您看到 FY26 和我們剛剛發布的指導，您就可以開始看到我們今天擁有的力量和模型，當您查看利潤擴張能力、現金流數字時，加上 6 到加上 17，您會看到我們繼續構建如何推動兩個組成部分的增長，既通過增長的在線增長，又通過我們的核心業務，即我們繼續構建如何推動兩個組成部分的增長，既通過增長的在線組成部分，又通過我們的核心業務，即我們的實時服務和增長

And secondly, I want to be clear that, obviously, inside of that between '26 and '27 will also be additional titles from our pipeline. But yes, to our point, we've reiterated, we remain on track for the margin framework that we laid out back on Investor Day.

其次，我想明確一點，顯然，在 2026 年至 2027 年期間，我們還將推出更多作品。但是的，就我們的觀點而言，我們已經重申，我們仍然按照投資者日制定的保證金框架進行。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe I can ask a 2-parter on Battlefield. Given the approach you took to sort of have the game out in the community, sort of in a beta test over multiple quarters now, what have been some of the key learnings about how to position Battlefield for creative and commercial success? And how would you compare some of those learnings to prior versions of the games and what you might have learned from bringing the game to market in prior years?

也許我可以問《戰地》的兩部分內容。鑑於你們在社群中推出遊戲的方式，即經過多個季度的 Beta 測試，關於如何讓《戰地》獲得創意和商業上的成功，你們有哪些關鍵的經驗教訓？您如何將這些經驗與遊戲的早期版本進行比較，以及您在前幾年將遊戲推向市場時可能學到了什麼？

And the second part would be, is there any way to identify how to think about the growth investments behind Battlefield that may be aligned with the title's launch in the fiscal '26 guidance just so we can line up elements of supporting growth against the potential for the franchise.

第二部分是，是否有辦法確定如何考慮《戰地》背後的成長投資，這些投資可能與 26 財年指南中該遊戲的發布保持一致，以便我們能夠將支持成長的要素與該系列遊戲的潛力結合起來。

Let me take the first part of that, and then I'll hand it off to Stuart for the second part. This Battlefield, as we've said many times, is the biggest battlefield we've ever made. And of course, you would expect us to say that, but we've certainly had the biggest team behind it, and we've given them as much time as they need to get to real quality aligned with our core Battlefield community. If you go back through our Battlefield all the way back to Battlefield 4, I might argue that we've released incredible games every time. They've always been high quality. We've always worked closely with the community, but we haven't always worked as closely as we should have.

讓我先講第一部分，然後我會把第二部分交給史都華。這個戰場，正如我們多次所說的，是我們迄今為止製作的最大的戰場。當然，你會期望我們這麼說，但我們背後確實有最大的團隊，我們也給了他們足夠的時間來達到與我們的核心戰地社群一致的真正品質。如果您回顧我們的《戰地》系列，一直到《戰地 4》，我可能會說我們每次都發布了令人難以置信的遊戲。它們的品質一直都很高。我們一直與社區密切合作，但我們的合作並不總是達到應有的程度。

We haven't always really worked to help them understand the things that we're building and for us to understand the things that they really want out of a Battlefield. We know that when we get it right, Battlefield is a giant franchise and often the biggest shooter in the year. And so this time, we wanted to ensure that, one, our player base and our global community had a better understanding of the things that we were building and how we're building and some of the approaches that we're taking to building.

我們並不總是真正努力幫助他們了解我們正在建造的東西，也讓我們了解他們真正想要從戰場中得到的東西。我們知道，當我們正確操作時，《戰地》將會成為一個龐大的系列遊戲，並且經常成為年度最偉大的射擊遊戲。因此這一次，我們想要確保，首先，我們的玩家群體和全球社群能夠更好地了解我們正在建立的東西、我們如何建構以及我們採取的一些建構方法。

But more importantly, we wanted them to have the ability to feed back on map construction, weapon lineup, progression, all of the things that make Battlefield great at Battlefield scale. And given that this is the biggest Battlefield ever, there was really no other way to go about that other than Battlefield labs in the way we have. And I would tell you, we've been overwhelmed by the feedback not just the positive feedback that our players are giving us around what we're doing, how we're doing it, the scale and nature of what we're doing, but also just their willingness to deeply engage with us through this process.

但更重要的是，我們希望他們能夠對地圖構建、武器陣容、進程等所有使《戰地》在《戰地》規模上變得出色的因素進行反饋。鑑於這是有史以​​來規模最大的戰地，除了我們現有的戰地實驗室之外，真的沒有其他方法可以實現這一目標。我想告訴你，我們對這些回饋感到非常驚喜，不僅是玩家們對我們所做的事情、我們如何做、我們所做的事情的規模和性質給予的正面回饋，還有他們願意在這個過程中與我們深入互動。

Hundreds of thousands of people have weighed into this and really given us feedback that is going to help us tune and balance this incredible scale game. And as we now -- as we move into the next phase, we'll start to open up to a wider audience, bringing in more across North America and Europe and starting with Asia. And so again, this is all about two things. One is helping our community understand the nature of the things that we're building, but more important, have us understand the things that they want out of this game and ensuring we're tuning and balancing and polishing in a way that is aligned with their expectations. And we know when we get that right, the opportunities is incredibly large.

成千上萬的人參與了此事並給予了我們回饋，這將有助於我們調整和平衡這款驚人的遊戲。現在，隨著我們進入下一階段，我們將開始向更廣泛的受眾開放，吸引更多來自北美和歐洲的受眾，並從亞洲開始。所以，這又與兩件事有關。一是幫助我們的社群了解我們正在建立的東西的性質，但更重要的是，讓我們了解他們希望從這個遊戲中得到什麼，並確保我們以符合他們期望的方式進行調整、平衡和完善。我們知道，只要我們做對了，機會就會變得無比巨大。

All right. To your second question, if we think about unique investments this year versus last year and how we think about growth investment around Battlefield. We called out, obviously, our OpEx structure this year remains flat outside of the go-to-market cost of Battlefield, which obviously unique versus the prior year. As you know, we expense as we go. So predominantly, the R&D incremental this year is slight versus material, which is just costs that continue to increment themselves as we get closer to some aspects of game development that come later in the cycle as we release.

好的。對於你的第二個問題，如果我們考慮今年與去年相比的獨特投資以及我們如何看待圍繞戰地的成長投資。我們明確指出，除了《戰地》的上市成本外，我們今年的營運支出結構保持平穩，這顯然與去年相比有所不同。如您所知，我們採用即用即付的方式。因此，今年的研發增量與材料成本相比很小，這只是成本繼續增加，因為我們越來越接近遊戲開發的某些方面，這些方面在我們發布後會出現在周期的後期。

We should also assume that we continue to invest behind the product post launch, which will be incremental in the year. But overall, I would (inaudible) you that the biggest change year-over-year as the go-to-market costs, which we've called out as the only dominant driver investment structure for us. Outside of that, we've managed to continue to reallocate, continue to be disciplined in how we capture costs against our product and our strategy. and we'll continue to do so quarter over the quarter.

我們也應該假設我們會在產品發布後繼續進行投資，而這筆投資在今年將會逐步增加。但總的來說，我認為（聽不清楚）同比最大的變化是上市成本，我們稱之為我們唯一主要的驅動投資結構。除此之外，我們也設法繼續重新分配，繼續嚴格控制如何根據我們的產品和策略取得成本。而我們將繼續這樣做。

Doug Creutz, TD cowen.

道格·克魯茲（Doug Creutz），TD Cowen。

I just wondering if you could talk a bit about how to think about American Football in the coming year. Obviously, College football '25 you had a huge amount of pent-up demand, and that could create a tough comp depending on a lot of things. But just how are you guys thinking about the puts and takes for that franchise fiscal year and how to think about potential growth?

我只是想知道您是否可以談談對來年美式足球的看法。顯然，25 年大學橄欖球賽有大量被壓抑的需求，這可能會造成一場艱難的比賽，這取決於許多因素。但你們究竟是如何考慮特許經營財政年度的利弊以及如何考慮潛在的成長？

Yeah. I'll start just in terms of an overarching strategy for American football, and then I'll let Stuart kind of lean into more in the forecast and projection. The good news for us is American Football in the context of both NFL and college continues to grow in both fandom and engagement broadly.

是的。我將從美式足球的整體戰略開始，然後讓史都華更參與預測和預計。對我們來說，好消息是，無論是在 NFL 還是大學，美式足球的粉絲數量和參與度都在不斷增長。

And so our expectation is that overall, the sports will grow and typically where we deliver in line with fans expectations, we have the benefit of that growth and that acts as a multiplier for us. And we certainly expect that in the context of American football on a go-forward basis. We have a big ambition around building the largest football community in this country and really being a leading digital football fan platform through interactive entertainment.

因此，我們期望體育運動總體上能夠發展，並且通常當我們的表現符合球迷的期望時，我們就會從這種發展中受益，這對我們來說是一種倍增效應。我們當然期望美式足球能夠繼續向前發展。我們的目標是打造這個國家最大的足球社區，並透過互動娛樂真正成為領先的數位足球迷平台。

The launch of College Football in this past year was just the first step. And again, I acknowledge that there was almost certainly pent-up demand, having not launched the franchise for 10 years. But I'd also say, given the quality of the game that our team built, given the level of engagement that we had from the fan base, those fans don't love college football any less this year than they did last year.

去年推出的大學橄欖球項目只是第一步。我再次承認，由於該系列已經 10 年沒有推出，因此幾乎肯定存在被壓抑的需求。但我還要說，考慮到我們球隊所打造的比賽質量，考慮到球迷的參與度，球迷們對大學橄欖球的熱愛今年不會比去年減少。

And certainly, as we look forward now to building much deeper connection between college and the NFL product this year and then building out much bigger social ecosystems around the combined franchise in future years, our expectation that we will continue to grow this business in line with the growth of the sport and benefit from the ongoing uptake of young fans with interactive entertainment.

當然，我們期待今年在大學和 NFL 產品之間建立更深層次的聯繫，並在未來幾年圍繞合併後的特許經營權建立更大的社交生態系統，我們期望我們將繼續隨著這項運動的發展而發展這項業務，並通過互動娛樂從年輕球迷的不斷青睞中受益。

And Doug, to your second part of your question, you should think that we've been pretty prudent and balanced for many of the reasons that kind of you outlined and Andrew built on. We know, obviously, last year was a record year. It's absolutely a tough comp. And we would expect that Q2 likely could be a tougher comp base on the pent-up demand for College Football as well.

道格，關於你問題的第二部分，你應該認為我們已經非常謹慎和平衡，原因有很多，正如你概述的，安德魯也基於這些原因。我們知道，顯然，去年是創紀錄的一年。這絕對是一場艱難的比賽。我們預計，由於大學橄欖球的市場需求被壓抑，第二季的競爭可能會更加激烈。

We also expect to continue to build on learnings given it's year two, how do we see the mix play out between the titles, how do we think about the incredible service that we saw continue for College and the opportunity for that next year. So overall, in the guidance, as is general across the entire guidance for the fiscal year, we've been pretty pragmatic and balanced. To Andrew's point expectations, both this year and beyond continue to drive growth through this franchise.

我們也希望在第二年的基礎上繼續學習，我們如何看待各個頭銜之間的混合，我們如何看待學院繼續提供的令人難以置信的服務以及明年的機會。因此，總體而言，在指導中，就像整個財政年度的指導一樣，我們非常務實和平衡。正如安德魯所期望的那樣，今年及以後，該特許經營權將繼續推動成長。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Maybe a two-part question. Appreciate you're now guiding in a very dynamic macro environment. To the extent the economy does soften, what areas of your business do you believe are most macro-sensitive. And any learnings from history that you would point to?

這可能是一個由兩部分組成的問題。感謝您現在在非常動態的宏觀環境中提供指導。如果經濟確實出現疲軟，您認為您業務中的哪些領域對宏觀經濟最為敏感。您能從歷史中學到什麼嗎？

And second question, we've seen your peers announce games at higher price points. How do you think about the pricing power for your own IP? And could we see you take a similar approach with your own key franchises going forward?

第二個問題，我們看到你們的同行發布了更高價位的遊戲。您如何看待自有IP的定價權？我們是否可以看到您今後對自己的主要特許經營權採取類似的方法？

Great questions. The first on the macro, I think having been in this company now for 25 years, I've had the great fortune of navigating many twists and turns in the macro environment. What has typically been the case is our industry, and in particular, our company, and more specifically, our biggest franchises, have not been immune, but they've been incredibly resilient through even macro challenging times.

很好的問題。首先是關於宏觀，我想，我已經在這家公司工作了 25 年，非常幸運地經歷了宏觀環境中的許多曲折。通常的情況是，我們的行業，特別是我們的公司，更具體地說，我們最大的特許經營店，都未能倖免，但即使在宏觀挑戰時期，它們也表現出了令人難以置信的韌性。

Typically, we've seen our biggest franchises perform very well, and there's really good reason for that. Entertainment is a fundamental human need. It's been with us since the beginning of time. At this point in time, our form of entertainment is the first form of entertainment for much of the global population, and that grows every year as our industry continues to grow, and we represent incredible value.

通常情況下，我們最大的特許經營權表現非常好，這是有充分理由的。娛樂是人類的基本需求。自古以來它就一直伴隨著我們。目前，我們的娛樂形式是全球大部分人口的首選娛樂形式，隨著我們行業的持續增長，這種娛樂形式每年都在增長，我們代表著不可思議的價值。

When you think about the amount of money, a game cost, the amount of money it costs to extend and enhance that over the course of 365 days of play, it still represents incredible value to get that entertainment fixed. And so while we are always prudent and pragmatic and thoughtful as we navigate macro uncertainty, we do believe that if we continue to deliver incredible entertainment experiences, we continue to invest behind our biggest franchises that remember, aren't just about entertainment, but are also about connection.

當你考慮到遊戲成本、在 365 天的遊戲過程中擴展和增強遊戲所需的金額時，修復該娛樂功能仍然具有不可思議的價值。因此，雖然我們在應對宏觀不確定性時始終保持謹慎、務實和深思熟慮，但我們確實相信，如果我們繼續提供令人難以置信的娛樂體驗，我們就會繼續投資於我們最大的特許經營權，請記住，這不僅僅關乎娛樂，還關乎聯繫。

This is where people spend their best time with their best friends where they connect with them every day to enjoy their best moments of the day that even in a world where we may not be immune from a meaningful macroeconomic downtime, we do believe that we will be resilient and we do believe that we can grow over the course of time through that. In terms of pricing power, again, our business is very different today than it was even just 10 years ago.

在這裡，人們與最好的朋友共度美好時光，每天與他們聯繫，享受一天中最美好的時光，即使在一個我們可能無法免受重大宏觀經濟衰退影響的世界裡，我們也相信我們會有韌性，我們相信我們可以隨著時間的推移而成長。就定價權而言，我們今天的業務與 10 年前相比有很大不同。

In a world where everything we did 10 years ago was about selling shiny disks and plastic boxes in retail shelves, well, that's still a part of our business. It's a significantly smaller part of our business, and we now have pricing represented everything from free to play all the way to deluxe editions and beyond.

十年前，我們所做的一切都是在零售貨架上銷售閃亮的磁碟和塑膠盒，但這仍然是我們業務的一部分。這是我們業務中很小的一部分，現在我們的定價涵蓋了從免費版到豪華版及更高版本的所有價格。

At the end of the day, whether we're doing something that costs a dollar or we're doing something that costs $10 or we're doing something that costs $100, our objective is always to deliver incredible quality and exponential value for our player base. And what we've discovered over the course of time is whether we can marry quality and value together our business is strong, resilient and continues to grow.

歸根結底，無論我們所做的事情花費一美元，還是花費十美元，還是花費一百美元，我們的目標始終是為我們的玩家群體提供令人難以置信的品質和指數級的價值。隨著時間的推移，我們發現，如果我們能夠將品質和價值結合在一起，我們的業務就會變得強大、有彈性並持續成長。

And Chris, just to close quickly. From a guidance perspective, we put out, we have reflected no changes in the current strategy at this point.

克里斯，我們快點結束吧。從指導角度來看，我們指出，目前我們尚未反映出當前策略的任何變化。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Now that the big major expected release has moved out of fiscal '26 in the industry. I guess how do you see the rest of the gaming industry positioning potential releases over the next few months? And how does that impact your thoughts on the competitive landscape for the Battlefield launch window and subsequent performance expectations?

現在，業界預計的重大發布已經超出了 26 財年的範圍。我想您如何看待遊戲產業其他公司在未來幾個月內定位潛在發布的遊戲？這對您對《戰地風雲》發布窗口的競爭格局和後續性能預期的看法有何影響？

I'm not sure I can comment on the rest of the industry and their launches or launch timing other than to say, typically today, games take many years to build and develop. And it's unlikely that if you weren't already ready to launch in this window, it may be hard to get ready and take advantage of what might be otherwise a less competitive window than we may have anticipated earlier.

我不確定我是否可以對行業中的其他公司及其發布或發佈時間發表評論，只能說，如今，遊戲通常需要很多年的時間來建立和開發。如果您尚未準備好在此視窗中啟動，那麼可能很難做好準備並利用這個可能比我們之前預期的競爭力更低的視窗。

Relative to Battlefield, what we have said all along is we've been building towards a window that we thought made the most sense of Battlefield. but we wouldn't launch into a window that we thought truncated the value that we've invested into the franchise or the value that we think our players will derive from it once they jump in and start playing.

相對於《戰地》，我們一直在說，我們一直在建構一個我們認為最能體現《戰地》意義的窗口。但我們不會選擇那種我們認為會削弱我們對該系列遊戲的投資價值或我們認為我們的玩家一旦加入並開始遊戲就會從中獲得的價值的窗口。

I think now without going too far, we believe that window is clearer than it was before, and we feel very good about launching Battlefield in FY26.

我認為現在無需走太遠，我們相信窗口比以前更加清晰，我們對在 26 財年推出戰地感到非常滿意。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

Maybe, Stuart, you're guiding to some fairly impressive operating leverage in fiscal 2026. Can you just talk about what's specifically driving that? And if there's anything in particular you'd want to call out? And then I had a follow-up for Andrew.

斯圖爾特，也許你正在引導 2026 財年實現一些相當令人印象深刻的經營槓桿。能談談具體是什麼原因導致這現象的發生嗎？還有什麼特別想說的嗎？然後我對安德魯進行了跟進。

Yeah. Thanks, James. I think it's what we alluded to before, and we are trying to indicate through the Investor Day, it's really the power of incredible IP at scale through a massive online community construct like Battlefield, also bringing skate. And the ability for us that we've been carrying the cost of Battlefield into multiple studios over a four year period already within the P&L. So as you start to bring these IP to scale and get to market, we get to accelerate the top line at incredibly high margins. So the owned IP, Battlefield for instance has a high PC penetration. So both of those enable us to get meaningful leverage from the business.

是的。謝謝，詹姆斯。我認為這就是我們之前提到的，我們試圖透過投資者日表明，它確實是透過像 Battlefield 這樣的大規模線上社群建構而產生的令人難以置信的 IP 力量，同時也帶來了滑板。我們有能力在四年內將《戰地》的成本分攤到多個工作室的損益表中。因此，當您開始擴大這些 IP 的規模並進入市場時，我們就能以極高的利潤率加速營業收入的成長。因此，自有 IP，例如《戰地》，在 PC 上的普及率很高。因此，這兩者都使我們能夠從業務中獲得有意義的槓桿作用。

We've also continued to be very disciplined around our investment structure. We've been deliberately continuing to make decisions on a regular basis that reallocate and reprioritize capital and so is our strategic growth model. You can see that as we continue to hold that investment structure, which we appreciate has been a headwind over the last two or three years, now you're starting to see that investment structure pay up in the growth and importantly, the leverage of the business.

我們也繼續嚴格控制我們的投資結構。我們一直在有意識地定期做出重新分配和重新確定資本優先順序的決策，我們的策略成長模式也是如此。您可以看到，隨著我們繼續堅持這種投資結構，我們知道這種投資結構在過去兩三年中一直是一種阻力，但現在您開始看到這種投資結構在業務成長以及更重要的是業務槓桿方面獲得回報。

And you should think that if we continue to have strength and expand beyond that guidance range, you'll see that leverage continue. And it's not that disaligned from the cash that I just talked to earlier on the question on the call, where you get plus 6% to plus 17%, is an incredible alignment and proxy that you see in terms of how we get growth across the business. So that is the power of the model we have. It's the virtue of expensing investments along the way. But most importantly, it's the own license state of those and the scale through service we can bring against them.

你應該認為，如果我們繼續保持實力並超越指導範圍，你就會看到這種影響力繼續存在。這與我剛才在電話會議上談到的現金並沒有太大的偏差，你可以看到現金增加了 6% 到 17%，這是一個令人難以置信的一致性和代表，就我們如何實現整個業務的成長而言。這就是我們模型的力量。這是沿途支出投資的優點。但最重要的是，這些公司本身的許可狀態以及我們可以為他們提供的服務規模。

That's helpful. And then, Andrew, could you just talk about how you're planning to market Madden versus CFP this year along with the MVP bundle? Just interested to hear your perspective on how important overall bundling is for your sports strategy going forward.

這很有幫助。然後，安德魯，你能談談今年你計劃如何推廣 Madden 與 CFP 以及 MVP 捆綁包嗎？只是想聽聽您對整體捆綁對於未來體育策略的重要性的看法。

I think what we recognize is that there is a great many fans who love both College Football and the NFL and this is an opportunity for them to participate in both. It was a very successful bundle last season. At one time, it was one of the most -- we had Madden in the top 10, and we had College and we had the bundle. Our expectation is that this year, there will also be a number of players, maybe even more players that choose to jump into both college and the NFL, and we will look to provide that opportunity for our player base.

我想我們意識到，有很多球迷既熱愛大學橄欖球，也熱愛 NFL，這對他們來說是一個參與這兩項運動的機會。這是上個賽季非常成功的捆綁銷售。有一段時間，它是最受歡迎的遊戲之一——我們的《Madden》位列前十，我們有《College》，還有捆綁遊戲。我們預計今年將會有一批球員，甚至更多的球員選擇同時進入大學和 NFL，我們將努力為我們的球員提供這樣的機會。

Otherwise, we'll continue to drive Madden, we'll continue to drive College. But remember, the biggest part of our overarching strategy here is to build out the largest American football fan community in this country and be the leading digital football fan platform, and we believe we can do that through college football, through Madden and through the ongoing social ecosystem we built around those two franchises that make it make even more sense for our player base to play both even if they aren't currently thinking about doing so.

否則，我們將繼續推動 Madden，我們將繼續推動 College。但請記住，我們總體策略的最大部分是打造這個國家最大的美式足球迷社區，並成為領先的數位足球迷平台，我們相信我們可以透過大學足球、透過 Madden 以及透過我們圍繞這兩個特許經營權建立的持續社交生態系統來實現這一目標，這使得我們的玩家群體更有意義地同時玩這兩個遊戲，即使他們目前沒有考慮這樣做。

Eric Handler, Roth Capital Partners.

漢德勒 (Eric Handler)，羅斯資本合夥公司 (Roth Capital Partners)。

I wonder if you could talk about a little bit about the monetization impact of the World Cup. I know past couple of World Cups, there's been some like delayed gratification because the World Cup brings people in, they don't necessarily spend right away, but then they spend later. How do we think about the trajectory with the World Cup? And then also, do you think with the World Cup next year in North America, what do you think that impact might have on the game itself?

我想知道您是否可以談談世界盃的貨幣化影響。我知道過去幾屆世界盃都存在一些延遲滿足的情況，因為世界盃會吸引人們前來，他們不一定會立即消費，但稍後會消費。我們如何看待世界盃的發展軌跡？另外，您認為明年在北美舉行的世界盃會對比賽本身產生什麼影響？

Thank you for the question. Again, we've seen different outcomes of the World Cup over many, many World Cups and having been deeply involved with what was our FIFA franchise and our FC franchise since 2004, I've seen many -- the full spectrum of outcomes. One thing is almost certainly true and consistent through every one, which is that when the world is thinking about football, that's great for our business, where we can offer the opportunity for fans to come together, compete, collaborate and celebrate the world of football in the context of our franchise, that's a great benefit to our business.

謝謝你的提問。再說一次，我們已經在許多屆世界盃上看到了不同的結果，並且自 2004 年以來，我一直深度參與我們的 FIFA 特許經營和 FC 特許經營，我已經看到了各種各樣的結果。幾乎可以肯定的是，每個人都一致認同一件事，那就是當全世界都在關注足球時，這對我們的業務來說是一件好事，我們可以為球迷提供機會，讓他們聚集在一起，競爭、合作，在我們的特許經營背景下慶祝足球世界，這對我們的業務來說是一個巨大的好處。

It almost certainly is a great acquisition tool for us. It's absolutely a great engagement tool for us. And over the course of time, it also works out to drive growth in the business. Relative to it being in North America, the last time we came through a World Cup, we actually grew our player base here by 50%. And so we think that's a really big opportunity for us certainly, as the sport grows globally, it also grows here in North America. And with the tournament happening here and our ability to activate it deeply in and around the celebration of football in the context of our game and our game community, we think there is real upside there.

對我們來說，它幾乎肯定是一個很好的收購工具。對我們來說這絕對是一個很棒的參與工具。隨著時間的推移，它也能推動業務成長。相對於北美來說，上次我們參加世界盃時，這裡的球員數量實際上增加了 50%。因此，我們認為這對我們來說無疑是一個巨大的機會，隨著這項運動在全球範圍內的發展，它在北美也同樣發展。隨著錦標賽在這裡舉行，我們有能力在我們的比賽和遊戲社區的背景下，在足球慶祝活動中深入地激活它，我們認為這確實有好處。

Certainly, over the course of time as we grow through '26 through '27 into '28, again, this is the biggest sport in the world. It continues to grow every year. We will be using all opportunities to celebrate global football, and we'll do that across console, PC and more importantly, we're doing that more in mobile, which gives us growth in new markets and new territories even where they're not hosting the World Cup.

當然，隨著時間的推移，從 26 年到 27 年再到 28 年，這項運動再次成為世界上最大的運動。它每年都在持續增長。我們將利用一切機會慶祝全球足球，我們將在遊戲機、個人電腦上進行這項活動，更重要的是，我們將在行動裝置上進行更多活動，這使我們在新市場和新地區實現成長，即使在沒有舉辦世界盃的地方也是如此。

Well, thank you all for joining us today and for your thoughtful questions. As we wrap FY25, this year stands out as a powerful reflection of our momentum and connection with players. The success of College Football and the continued strength of FC drove another record year for EA Sports. The Sims closed the year with its strongest ever performance, reaffirming its place as a cultural icon and a vibrant platform for creativity and community.

好吧，感謝大家今天的參與以及提出深思熟慮的問題。隨著我們結束 25 財年，這一年有力地體現了我們的發展勢頭以及與玩家的聯繫。《大學美式足球》的成功和《FC》的持續強勁推動 EA Sports 再創紀錄。《模擬市民》以史上最強勁的表現結束了這一年度，再次確立了其作為文化偶像以及創意和社區活力平台的地位。

With a robust pipeline, we see the next two years as an important inflection point for our business. We couldn't be more excited about what we're building towards and our position for growth. Thanks again. We look forward to speaking next quarter.

憑藉強大的產品線，我們認為未來兩年​​將成為我們業務的重要轉捩點。我們對我們正在建立的目標和我們的成長地位感到無比興奮。再次感謝。我們期待下個季度的對話。

And ladies and gentlemen, that concludes today's call, and we thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝大家的參與。您現在可以斷開連線。