美商藝電 (EA) 2022 Q2 法說會逐字稿

Good afternoon. My name is Ashley, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q2 Fiscal 2022 Earnings Conference Call. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我是Ashley，今天將擔任本次電話會議的接線生。現在，我謹代表藝電（Electronic Arts）歡迎各位參加2022財年第二季財報電話會議。投資者關係副總裁Chris Evenden先生，您可以開始您的會議了。

Thanks, Ashley. Welcome to EA's Second Quarter Fiscal 2022 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO.

謝謝，Ashley。歡迎參加EA 2022財年第二季財報電話會議。今天與我一同參加會議的還有我們的執行長Andrew Wilson和財務長Blake Jorgensen。

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, our financial model and a transcript.

請注意，我們的美國證券交易委員會（SEC）文件和獲利報告可在ir.ea.com查閱。此外，我們也發布了詳細的獲利報告投影片，以配合我們準備好的演講稿。最後，電話會議結束後，我們將發布我們準備好的演講稿、本次電話會議的錄音回放、財務模型和會議記錄。

With regards to our calendar, our fiscal Q3 2022 earnings call is scheduled for Tuesday, February 1. And as a reminder, we posted the schedule of our entire fiscal year of upcoming earnings calls on our IR website.

關於我們的日程安排，2022財年第三季財報電話會議定於2月1日星期二舉行。另外提醒一下，我們已在投資者關係網站上發布了本財年所有即將舉行的財報電話會議的日程安排。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-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, November 3, 2021, and disclaims any duty to update them.

本次示範及我們的評論包含有關未來事件及本公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今日討論結果有重大差異的風險，請參閱我們最新的10-Q表格。藝電（Electronic Arts）於2021年11月3日作出上述陳述，並聲明不承擔更新義務。

During this call, the financial metrics, with the exception of free cash flow, 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. And now I'll turn the call over to Andrew.

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則（GAAP）列示。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。現在我將把電話會議交給安德魯。

Thanks, Chris. I hope all of you are well and staying healthy. Let me begin with a big thank you to our teams who continue to work from home and do amazing things for our players.

謝謝克里斯。希望你們一切安好，身體健康。首先，我要衷心感謝我們所有在家工作、為球員做出卓越貢獻的團隊成員。

I also want to extend a warm welcome to everyone at Playdemic, who are now officially part of our Electronic Arts team. We're thrilled to have them on board, adding to our continued strength in sports and mobile.

我還要熱烈歡迎Playdemic的所有成員，他們現在正式成為EA團隊的一員。我們非常高興他們的加入，這將進一步增強我們在體育和移動領域的實力。

Q2 FY '22 was the strongest second quarter in the history of Electronic Arts. We are growing with our leading franchises, new launches and live services, all performing well during the quarter, and our acquisitions are driving additional growth beyond our core business.

2022財年第二季是藝電史上業績最強勁的第二季。我們的領先遊戲系列、新遊戲發布和線上服務均實現了成長，這些業務在本季度均表現出色；此外，我們的收購也推動了核心業務以外的額外成長。

With more than 500 million unique active accounts, we are connecting players all over the world to each other through more of their favorite content. As a result, net revenue, net bookings and EPS were above our Q2 guidance. And we are now raising our full year net revenue, net bookings and EPS guidance for the second time this fiscal year.

我們擁有超過5億個獨立活躍帳戶，透過更多玩家喜愛的遊戲內容，將世界各地的玩家連結起來。因此，第二季淨收入、淨預訂量和每股盈餘均超出預期。我們決定本財年第二次調高全年淨收入、淨預訂量和每股盈餘預期。

Our core strategy is built on 4 key opportunities: The creation of amazing games and content, tools for the community to engage more deeply with our experiences, the aggregation and distribution of content and experiences to an aggregated audience across platforms, business models and geographies, and harnessing the power of the social ecosystems in and around our games. As part of this, we are executing against 3 growth drivers in FY '22: expanding our blockbuster franchises, building on our leadership in sports; and growing live services across our portfolio. I'll focus my comments on these today.

我們的核心策略建立在四大關鍵機會之上：打造精彩的遊戲和內容；提供工具，讓社區能夠更深入地參與到我們的體驗中；將內容和體驗聚合並分發給跨平台、跨商業模式、跨地域的廣大受眾；以及充分利用我們遊戲內外的社交生態系統。為此，我們在2022財年將著力推動三大成長驅動因素：拓展我們的熱門遊戲系列；鞏固我們在體育領域的領先地位；以及發展我們旗下所有遊戲的線上服務。今天，我將重點闡述這些內容。

With our talented creative teams, powerful IP and platform reach, we continue to grow leading blockbuster franchises. Experiences like EA SPORTS FIFA, Apex Legends, Madden NFL, Battlefield and The Sims are some of the most prominent and powerful properties in all of entertainment.

憑藉我們才華橫溢的創意團隊、強大的IP和廣泛的平台覆蓋，我們不斷打造領先的爆款遊戲系列。 EA SPORTS FIFA、Apex Legends、Madden NFL、Battlefield 和 The Sims 等遊戲都是娛樂界最傑出、最具影響力的作品之一。

Apex Legends continues to grow as one of the top franchises in the industry, a brand-new IP that has scaled to more than 100 million players and is closing in on $1 billion in net bookings annually. Season 9 and Season 10 each respectively set new marks for the highest active players in Season 1, and Q2 was the biggest quarter of in-game spending in Apex that we've had to date.

《Apex英雄》作為業界頂尖遊戲系列之一，持續發展壯大。這款全新的IP擁有超過1億玩家，年淨收入逼近10億美元。第九季和第十季分別刷新了第一季的活躍玩家人數紀錄，而第二季也是《Apex英雄》迄今遊戲內消費最高的季度。

Apex has grown beyond the game as well. It was one of the most watched titles on Twitch during the quarter with more than 130 million hours of Season 10 content watched to date, up nearly 40% from the previous season. As the success of Apex Legends continues, it demonstrates how we are building long-term ecosystems in and around our biggest franchises. At its core is outstanding gameplay, embedded in an immersive world of lore and characters that continues to expand.

《Apex英雄》的影響力早已超越了遊戲本身。在本季度，它是Twitch上觀看次數最多的遊戲之一，第十季的內容觀看時長迄今已超過1.3億小時，比上個賽季增長了近40%。隨著《Apex英雄》的持續成功，它展現了我們如何圍繞旗下最熱門的遊戲系列構建長期的生態系統。其核心在於卓越的遊戲玩法，並將其融入一個引人入勝、不斷擴展的背景故事和角色世界中。

Seasons of new content and in-game events like the recent collection events keep the experience fresh for new and returning players. We've introduced new experiences like the squad-based arenas and recently added a ranked mode. The Apex Legends esports ecosystem is growing as well, with the second year of Apex Legends Global Series now underway. Apex is moving from strength to strength, and we will add to that when we bring Apex Legends to mobile platforms later this year.

持續更新的遊戲內容和遊戲內活動，例如最近的收集活動，讓新舊玩家都能保持新鮮感。我們推出了諸如小隊競技場等全新體驗，最近也新增了排位賽模式。 《Apex英雄》的電競生態系統也不斷發展壯大，第二屆《Apex英雄》全球系列賽現已拉開序幕。 《Apex英雄》正蓬勃發展，我們將在今年稍後將《Apex英雄》帶到行動平台，屆時它將更上一層樓。

Battlefield, another of our blockbuster properties, is beloved by tens of millions of fans. Ahead of our upcoming Battlefield 2042 launch this month, 7.7 million players participated in the Battlefield 2042 Open Beta in October, including 3.1 million during the early access period, which is the largest early access event we've ever had. Betas are an opportunity to take an early version of the game still in development, bring in a large audience into the experience and test and learn ahead of launch. With a small slice of the game in our Open Beta, we brought players into the full-scale 128-player combat and many of the only in Battlefield moments that make this franchise so special. The engagement and feedback from players also helped our teams with areas of the gameplay to polish and refine as we move towards launch.

《戰地》系列是我們另一款備受矚目的熱門遊戲，擁有數千萬粉絲。在即將於本月推出的《戰地2042》正式上線之前，10月份共有770萬玩家參與了《戰地2042》的公開測試，其中310萬玩家參與了搶先體驗階段，這是我們迄今為止規模最大的搶先體驗活動。測試版讓我們有機會將仍在開發中的遊戲早期版本帶入大眾視野，並在正式發布前進行測試和改進。透過公開測試，我們向玩家展示了遊戲的一小部分內容，讓他們體驗了128人規模的完整戰鬥，以及許多令《戰地》系列如此獨特的經典時刻。玩家的參與和回饋也幫助我們的團隊在遊戲玩法方面進行優化和改進，為正式發布做好準備。

We've now revealed all 3 of the games pillars: All-Out Warfare with 128-player multiplayer in Conquest and Breakthrough modes. Battlefield Portal, a new way to play that has the community very excited to create their own Battlefield experiences, and Hazard Zone with completely new squad-focused combat and tactical gameplay that fans are going to love. We're looking forward to players getting to all of these experiences when the full Battlefield 2042 launches from November 19.

我們現已揭曉遊戲的三大支柱：全面戰爭模式，支持128名玩家參與征服和突破兩種多人遊戲模式；戰地傳送門，一種全新的遊戲方式，讓玩家社區興奮不已，可以創造屬於自己的戰地體驗；以及危險區域模式，帶來全新的小隊作戰和戰術玩法，相信粉絲們一定會喜歡。我們期待玩家們在11月19日《戰地2042》正式發售時體驗所有這些內容。

Through FY '22, we continue to grow our leadership in sports through new games, acquisitions and new areas of expansion. Our global football or soccer, for us in the North America, franchise continues to be one of the leading game properties in the world with approximately 100 million players across all platforms in the first 6 months of the fiscal year.

在2022財年，我們將繼續透過推出新遊戲、收購和拓展新領域來鞏固我們在體育領域的領先地位。我們的全球足球（在北美地區稱為「足球」）遊戲系列仍然是全球領先的遊戲之一，在財年上半年，所有平台上的玩家數量約為1億。

EA SPORTS FIFA 22, which launched at the very end of Q2, is off to the strongest start in franchise history. The innovation in our new HyperMotion technology revolutionized gameplay and is inspired, engaged and grown the community.

EA SPORTS FIFA 22 於第二季末發布，取得了該系列史上最強勁的開局。我們全新的 HyperMotion 技術革新了遊戲玩法，激發了玩家的熱情，並壯大了玩家群。

Total players are up 16% and new to franchise players are up nearly 50% year-over-year from launch, with net bookings also up significantly year-over-year from launch. We're seeing growth across the game with Ultimate Team engagement up 15% year-over-year and more players coming into Volta and Career Modes.

與上線以來相比，玩家總數增加了 16%，新加入特許經營模式的玩家數量增加了近 50%，淨預訂量也較上線前大幅增加。我們看到遊戲各方面都在成長，終極球隊模式的參與度年增了 15%，更多玩家也加入了 Volta 和生涯模式。

There is strength in all areas of our global football franchise, including mobile, where later this fiscal year, we will bring new modes, new features and improved gameplay to FIFA Mobile, creating our most rewarding mobile football experience to date.

我們在國際足球特許經營的各個領域都實力雄厚，包括行動端。在本財年晚些時候，我們將為 FIFA Mobile 帶來新的模式、新的功能和改進的遊戲玩法，打造迄今為止最令人滿意的行動足球體驗。

For nearly 30 years, EA SPORTS has been driven to create the best global football franchise in the world. Moving forward, we're in a position to drive greater growth in line with the continued expansion and popularity of the sport. With the talent of our development teams, our robust portfolio of more than 300 license partners, including the Premier League, UEFA, CONMEBOL, the Bundesliga, LaLiga, Serie A, the MLS, FIFPro and many more and our expertise in growth areas including esports and mobile. EA SPORTS is ready to activate across the full spectrum of the football world.

近30年來，EA SPORTS始終致力於打造全球最佳足球遊戲系列。展望未來，隨著足球運動的持續發展和日益普及，我們已做好充分準備，推動業務實現更大成長。憑藉我們才華橫溢的開發團隊、超過300家授權合作夥伴（包括英超聯賽、歐足聯、南美足聯、德甲聯賽、西甲聯賽、意甲聯賽、美國職業足球大聯盟、國際職業足球運動員聯合會等）以及我們在電競和移動遊戲等新興領域的專業知識，EA SPORTS已準備好在足球世界的各個領域大展拳腳。

We have opportunities in new modalities of play and new social experiences that will bring up more fans together. As the sport grows, we have opportunities to expand cultural and lifestyle experiences through brand partnerships and content that our fans want more of in and around their game. And we will continue to lead with the most innovative games on more platforms, bringing the full breadth of the sport to the forefront from grassroots football to more of women's leagues, teams and players.

我們擁有開發全新遊戲模式和社交體驗的機遇，這將使更多球迷聚集在一起。隨著這項運動的發展，我們有機會透過品牌合作和球迷渴望在比賽內外體驗的更多內容，拓展文化和生活方式體驗。我們將繼續引領潮流，在更多平台上推出最具創新性的遊戲，將這項運動的方方面面都展現出來，從草根足球到更多女子聯賽、球隊和球員。

We are more confident than ever about our bright future of football, and we will grow our franchise's leadership with our partners around the world.

我們比以往任何時候都更相信足球的美好未來，我們將與世界各地的合作夥伴一起，鞏固我們俱樂部的領導地位。

We are continually investing in innovation, creativity and authenticity to bring EA SPORTS games closer to the heart of real world sports and fans. Engagement in Madden NFL 22 has grown each week of this NFL season as players jump into the refresh franchise mode and Madden Ultimate Team to connect and compete with their friends. We've grown the F1 business year-over-year as F1 2021 from Codemasters continues to bring in more plans and keep fans engaged in one of the most intense F1 title fights in years.

我們持續投資創新、創意和真實性，力求讓EA SPORTS遊戲更貼近現實世界的運動賽事和球迷。隨著球員們紛紛湧入煥然一新的球隊模式和Madden Ultimate Team，與好友互動競技，《Madden NFL 22》的玩家參與度在本賽季NFL中每週都在增長。 F1業務也逐年攀升，Codemasters開發的《F1 2021》不斷推出更多計劃，讓球迷們持續關注近年來最激烈的F1冠軍爭奪戰之一。

NHL 22 launched in October, just as the NHL season began, with a new next-generation console experience delivering a dramatic new visual and gameplay leap for hockey fans.

NHL 22 於 10 月發布，恰逢 NHL 賽季開始，這款全新的次世代主機遊戲為冰球愛好者帶來了視覺和遊戲玩法的巨大飛躍。

With a portfolio that now spans global football, American football, basketball, hockey, baseball, golf, UFC fighting and racing, no other entertainment provider in the world has the reach across top-level leagues, teams and partners as EA SPORTS. We have the unique opportunity to bring together these properties and passionate fan communities enabling social connections through more innovative experiences and content.

EA SPORTS 的產品組合涵蓋全球足球、美式足球、籃球、冰球、棒球、高爾夫、UFC格鬥和賽車等眾多體育項目，在全球頂級聯賽、球隊和合作夥伴中擁有無可比擬的影響力，其他任何娛樂供應商都無法與之匹敵。我們擁有得天獨厚的優勢，能夠將這些運動和充滿熱情的粉絲群匯聚一堂，透過更具創新性的體驗和內容，促進彼此間的社交互動。

Expanding live services across our portfolio, particularly in mobile is our third growth driver for FY '22. In Q2, we closed the acquisition of Playdemic, creators of the massively successful Golf Clash mobile game. We're looking forward to combining our strength to continue the success of Golf Clash as a live service, and bringing the Clash Mechanic to more of our sports franchises, where our licenses and expertise will enable us to create some great new experiences.

拓展我們產品組合中的線上服務，尤其是在行動領域，是我們2022財年的第三大成長動力。第二季度，我們完成了對Playdemic的收購，該公司是風靡全球的手機遊戲《高爾夫衝突》（Golf Clash）的開發商。我們期待整合雙方優勢，將《高爾夫衝突》的成功延續到線上服務中，並將「衝突機制」引入我們更多的運動遊戲系列。憑藉我們的授權和專業知識，我們將能夠創造一些全新的精彩體驗。

Our EA Mobile teams also continued to drive success in live services, including Star Wars: Galaxy of Heroes, which surpassed 100 million players live to date in Q2.

我們的 EA Mobile 團隊在線上服務方面也持續取得成功，包括《星際大戰：銀河英雄傳》，該遊戲在第二季至今的線上玩家人數已超過 1 億。

Through the collective talent of the Glu Mobile, Playdemic and EA Mobile teams, we have built a powerful mobile-native organization within EA. This group is sharply focused on accelerating growth in our portfolio of more than 15 top mobile live services as well as introducing new experiences that take our powerful IP, including Battlefield into the expanding mobile audience.

憑藉 Glu Mobile、Playdemic 和 EA Mobile 團隊的集體智慧，我們在 EA 內部打造了一支強大的行動原生團隊。該團隊專注於加速我們旗下 15 款頂級行動線上服務的成長，並推出全新體驗，將包括《戰地》系列在內的強大 IP 帶給不斷增長的行動用戶群。

The opportunities in front of us are exciting. We feel great about the position we are in, with strong leaders, including our new Chief Operating Officer managing company-wide operations, creative leaders joining our management team, and our new Chief Experience Officer leading our efforts to grow social ecosystems, all supporting our amazing teams as we drive growth into the next era of interactive entertainment.

我們面前的機會令人振奮。我們對目前的情況感到非常滿意，我們擁有強大的領導團隊，包括新任首席營運官負責公司整體運營，富有創造力的領導者加入我們的管理團隊，以及新任首席體驗官領導我們發展社交生態系統，他們都在為我們優秀的團隊提供支持，共同推動互動娛樂邁向新時代。

Now I'll turn the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. We had a strong beat this quarter, primarily driven by our live services, led by Apex Legends and FIFA Ultimate Team. We closed our acquisition of Playdemic at the end of the quarter, adding both a highly profitable mobile title and a blueprint for new sports titles in our broad portfolio. We delivered net revenue of $1.83 billion and net bookings of $1.85 billion. Net bookings were $126 million above our guidance, making it our largest Q2 ever and more than double the level of last year's. We're raising our guidance again for the second time this year based on our confidence of our franchises and live services through the remainder of the year.

謝謝安德魯。本季我們業績遠超預期，主要得益於我們的線上服務，尤其是《Apex英雄》和《FIFA Ultimate Team》的出色表現。我們在季度末完成了Playdemic的收購，不僅為我們豐富的產品組合增添了一款高獲利的行動遊戲，也為我們未來的運動遊戲開發奠定了基礎。我們實現了18.​​3億美元的淨收入和18.5億美元的淨預訂。淨預訂額比預期高出1.26億美元，創下我們有史以來第二季業績的最高紀錄，是去年同期的兩倍多。基於對旗下遊戲和線上服務在今年剩餘時間內的良好表現充滿信心，我們今年第二次上調了業績預期。

EA SPORTS FIFA 21 performed exceptionally well through its product cycle with engagement in its last couple of months up very significantly on FIFA 20. Keeping fans engaged drove strong retention from FIFA 21 into FIFA 22. We're off to the strongest start ever with the new title. Full game sales and FIFA Ultimate Team are both up double digits year-on-year based on the first 3 weeks of sales.

EA SPORTS FIFA 21 在整個產品週期中表現卓越，最後幾個月的用戶參與度較 FIFA 20 有顯著提升。維持玩家的參與度是 FIFA 21 成功吸引玩家續訂 FIFA 22 的重要因素。新作的開局也創下了歷史新高。根據前三週的銷售數據，完整版遊戲銷售量和 FIFA Ultimate Team 模式的銷售量均實現了兩位數的年成長。

Apex Legends net bookings were up over 150% year-on-year. There was some benefit from having 2 collection events this quarter, but even so, the underlying growth rate is clearly extremely strong. Apex has delivered over $1.6 billion in net bookings life-to-date and we're well ahead of our expectations for the year. To launch an original IP and steadily build it into a franchise of this magnitude is exceptional, and I'd like to recognize the Respawn team for their creativity, deep understanding of the player base and for their excellent execution, which can be seen again this week with the successful launch of Season 11.

《Apex英雄》的淨預訂量年增超過150%。雖然本季舉辦的兩場收藏活動帶來了一定的收益，但即便如此，其根本成長率依然非常強勁。 《Apex英雄》迄今的淨預訂量已超過16億美元，遠超過我們今年的預期。能夠推出一個原創IP並穩步將其發展成為如此規模的系列遊戲，實屬不易。我要特別感謝Respawn團隊的創造力、對玩家群的深刻理解以及出色的執行力，本週第11季的成功上線再次證明了這一點。

Although we continue to watch closely, we have not seen a slowdown in engagement or spend on our games as countries such as the U.K. emerge from lockdown. Digital represents 62% of full game units sold through on a trailing 12-month basis, up 6 percentage points from last year. The strong digital mix for full game sales, aided by growth in live services pushed underlying gross margins significantly above last year's. Operating expenses, which include recent acquisition costs, came in slightly below our expectations.

儘管我們持續密切關注，但隨著英國等國家逐步解除封鎖，我們並未發現用戶參與度或遊戲消費放緩。過去12個月，數位版遊戲銷售佔完整遊戲銷售量的62%，較去年同期成長6個百分點。完整遊戲銷售中強勁的數位版佔比，以及線上服務的成長，推動基礎毛利率顯著高於去年同期水準。包括近期收購成本在內的營運費用略低於預期。

So now turning to guidance. We now expect fiscal 2022 GAAP revenue to be $6.925 billion, cost of revenue to be $1.848 billion and earnings per share of $2.03, up from our original expectations of $1.34. Remember that this EPS calculation does not factor in future buybacks under our 2-year $2.6 billion share repurchase program.

現在來看業績指引。我們預計2022財年GAAP營收為69.25億美元，營收成本為18.48億美元，每股收益為2.03美元，高於先前預期的1.34美元。請注意，此每股盈餘計算並未計入我們為期兩年、總額26億美元的股票回購計畫。

We're raising our net booking guidance for the year by $225 million to $7.625 billion. This is driven by outperformance so far this year, plus ongoing strength from Apex and FIFA and just under $100 million from 6 months of Playdemic. This is partially offset by pressure on some of our mobile titles, including product changes and IDFA impacts and some moves elsewhere in our portfolio.

我們將全年淨預訂金額預期調高2.25億美元至76.25億美元。這項上調主要得益於今年迄今的優異表現，以及《Apex英雄》和《FIFA》的持續強勁成長，還有《Playdemic》上線6個月帶來的近1億美元收入。但部分成長被我們一些行動遊戲面臨的壓力所抵消，包括產品調整、IDFA的影響以及我們產品組合中其他一些遊戲的調整。

Our expectations for Battlefield are roughly unchanged from the time of our last call. We started the year already forecasting strong organic growth and now we're $325 million ahead of that, having raised guidance twice. More specifics are in the downloadable model we post on our website.

我們對《戰地》系列的預期與上次電話會議時基本保持不變。年初我們就預測該系列將實現強勁的內生成長，而現在，我們已兩次上調業績預期，目前營收比預期高出3.25億美元。更多詳情請參閱我們網站上發布的可供下載的模型。

We've also raised our guidance for operating cash flow by $100 million to $1.95 billion, with capital expenditures reduced to around $200 million this year, which would deliver free cash flow of about $1.75 billion. See our earnings slides and press release for further cash flow information.

我們已將經營現金流預期調高1億美元至19.5億美元，同時將今年的資本支出減少至約2億美元，將帶來約17.5億美元的自由現金流。更多現金流信息，請參閱我們的盈利報告幻燈片和新聞稿。

As noted last quarter, CapEx is at an elevated level for a couple of years as we invest in our employee work environment and new offices around the globe.

正如上個季度所指出的，由於我們將投資於員工的工作環境和全球各地的新辦公室，資本支出將在未來幾年內保持在較高水準。

For the third quarter, we expect GAAP net revenue of $1.75 billion. Cost of revenue to be $625 million and operating expenses of $1.1 billion. This results in an earnings per share of $0.02 for the third quarter. Remember, GAAP EPS is driven by GAAP revenue deferrals, which is a very large number in Q3.

我們預計第三季GAAP淨收入為17.5億美元，收入成本為6.25億美元，營運費用為11億美元。由此計算，第三季每股收益為0.02美元。請注意，GAAP每股盈餘受GAAP收入遞延的影響，而第三季的遞延金額非常大。

We expect Q3 financial 2022 net bookings to be $2.625 billion, up over 9% on last year's Q3, which it should be noted included last year the launch of FIFA 21 and was the largest quarter ever for Q3 in the company's history. The games in live service teams are driving continued growth in our franchises. And we have Battlefield launching in just over a week. Our broad portfolio of games and live services position us well for a strong holiday season with growth drivers in place for this year, next year and beyond.

我們預計2022財年第三季淨預訂金額將達到26.25億美元，較去年同期成長超過9%。值得注意的是，去年同期包含了FIFA 21的發布，並且是公司歷史上第三季業績最高的季度。線上服務團隊的遊戲正在推動我們旗下遊戲系列的持續成長。此外，《戰地》系列也將在一週後正式上線。我們豐富的遊戲和線上服務組合使我們能夠更好地迎接強勁的假期季，並為今年、明年及未來的成長奠定了堅實的基礎。

Now I'll hand the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. The holiday quarter is always an exciting time. We're looking forward to delivering amazing entertainment and connecting hundreds of millions of players around the world to each other through our games and live services in the months ahead.

謝謝布萊克。假期總是令人興奮的。在接下來的幾個月裡，我們期待透過我們的遊戲和線上服務，為大家帶來精彩的娛樂體驗，並將全球數億玩家連結起來。

I want to take the opportunity here to say thank you again to our incredible teams at Electronic Arts. Their commitment to creativity and innovation and service to our players is second to none. And every day, it is inspiring to work alongside such talented and dedicated people. It's been a strong year-to-date, and we're confident in our plans to drive continued growth in the years ahead.

我想藉此機會再次感謝藝電（Electronic Arts）的傑出團隊。他們對創意、創新以及為玩家提供的服務堪稱一流。每天與如此才華洋溢、兢兢業業的人們並肩工作，都令人倍感鼓舞。今年迄今為止，我們取得了令人矚目的成績，並且對未來幾年持續成長的計畫充滿信心。

Now Blake and I are here for your questions.

現在我和布萊克在這裡回答你們的問題。

(Operator Instructions) Your first question comes from Mike Ng with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Mike Ng。

I just have 2. First, I was just wondering if you could provide us an update on your outlook for some of your new mobile titles like Apex Legends and Battlefield.

我只有兩個問題。首先，我想問一下您能否向我們介紹一下您對一些新手機遊戲（例如 Apex Legends 和 Battlefield）的展望。

And then second, I was just wondering if you could offer some thoughts on the FIFA license, how aggressively will you negotiate for that? And what are some of the contingencies that you have planned for that one?

其次，我想問您對國際足總授權的看法，您會如何積極地進行談判？您為此準備了哪些緊急應變方案？

Yes. Let me start with the mobile, and then I'll let Andrew answer the FIFA question. We have not put into our guidance virtually any revenue for either Apex Mobile or Battlefield Mobile this year. Apex Mobile is currently in test in multiple countries around the world. And we never quite know exactly when we're going to get out of test markets, but we're very pleased with the progress so far, which means we could bring it out earlier, but I would say that most of it is really focused on next year which we think is a positive since this year is so strong. It will continue to help next year. And I would put Battlefield in that same category.

是的。我先說手機遊戲，然後讓安德魯回答FIFA的問題。我們今年的業績預期中幾乎沒有包含Apex Mobile或Battlefield Mobile的收入。 Apex Mobile目前正在全球多個國家進行測試。我們無法確切知道何時結束測試市場，但我們對目前的進展感到非常滿意，這意味著我們有可能提前發布。不過，我認為我們目前的大部分精力都集中在明年，考慮到今年的強勁表現，我們認為這是一個積極的信號。這將繼續對明年的業績有所幫助。 Battlefield的情況也類似。

Yes. And I would just cover off. The metrics that we're getting out of those games continues to be very strong. And so we continue to be confident about the opportunity around both of them.

是的。我只想補充一點。我們從這些比賽中獲得的各項指標依然非常出色。因此，我們對這兩場比賽的機會仍然充滿信心。

And with respect to license negotiation, I would start by saying we have great relationships with all of our partners, all 300 of them, including FIFA. As we think about the future of football, we think the future is very bright. We think we are part of the very fabric of the culture of football globally, an important part of kind of fandom for football. And when we kind of interact with our hundreds of millions of football fans, they tell us they want more cultural brand involvement from across the globe. They want more modalities of play inside the game, which go beyond just straight 11 on 11 football.

關於授權談判，首先我想說，我們與所有合作夥伴，包括國際足總在內的300家，都保持著良好的關係。展望足球的未來，我們認為前景非常光明。我們認為自己是全球足球文化的重要組成部分，也是足球迷群體中不可或缺的一部分。當我們與數億球迷互動時，他們告訴我們，他們希望在全球有更多文化品牌參與其中。他們希望在比賽中看到更多不同的玩法，而不僅僅是傳統的11人制足球。

They want more digital experiences outside the game, esports, NFTs broader sports consumption. And they want us to move really, really quickly. And so I would tell you, as we think about the future of football, we think it's very bright. We're going to work with our global collection of partners that we feel best enable us to do that. And we'll continue our conversation with each and every one of them to the extent that they're aligned with that objective.

他們希望在遊戲之外，例如電子競技、NFT以及更廣泛的運動消費領域，獲得更多數位體驗。他們希望我們能夠迅速行動。因此，展望足球的未來，我們認為前景非常光明。我們將與全球合作夥伴攜手，共同實現這一目標。我們將繼續與每位合作夥伴保持溝通，確保他們的意見與我們的願景相符。

Your next question is from Andrew Uerkwitz with Jefferies.

下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

I just have 2 questions for you. The first one is, how should we think about Apex Legends live services and maybe even a comment or 2 on Battlefield's live services as we kind of head through the holiday and to next year. Is it just a matter of more content, better efficiency on monetization? Or how should we think about the live services there?

我只有兩個問題想問你。第一個問題是，在假期臨近、明年即將來臨之際，我們該如何看待《Apex英雄》的線上服務，以及《戰地》系列的線上服務？這只是增加內容、提高獲利效率的問題嗎？或者我們應該如何看待它們的線上服務？

Yes, I think -- what I talked about in the prepared remarks is that the Apex Legends team has really been very thoughtful and deliberate about the development, and the building of this live service and the community support is the very beginning. And it starts with core gameplay. And what we've seen them be able to do is bringing more players each and every season and kind of our week active and our monthly active players has grown throughout the cycle so far. They add new modalities of play, so things like rank modes and arenas. They add new events that are important and kind of more deeply engage the community.

是的，我認為——我在準備好的演講稿中也提到過——《Apex英雄》團隊在開發過程中確實非常用心，他們從一開始就致力於建立這個線上服務，並積極維護社群支援。而這一切都始於核心遊戲玩法。我們看到，他們每個賽季都能吸引更多玩家，而且到目前為止，我們的周活躍玩家和每月活躍玩家數量都在持續增長。他們不斷推出新的遊戲模式，例如排位賽和競技場。他們也會舉辦一些重要的新活動，讓社區成員更深入參與其中。

And so I think that as we think about live service on a go-forward basis, you should expect that thing to continue to be thoughtful and deliberate, they'll continue to build out modalities of play, they'll continue to create more content, but also really work with the community on community level events, which really drive the most engagement over time. And we continue to be very confident this is going to be a really, really strong global franchise for us for at least a decade.

因此，我認為，展望未來，在考慮線上服務時，我們應該期待它繼續保持深思熟慮和周密規劃，他們會繼續拓展遊戲模式，持續創作更多內容，同時也會真正與社區合作舉辦社區活動，因為這些活動能夠真正長期提升玩家參與度。我們仍然非常有信心，這至少在未來十年內將是一個非常強大的全球性品牌。

Got it. And then just as a second question, Andrew, and just kind of high level, you're pretty forward-thinking CEO when it comes to technology. How do you see things like play to earn opportunities within the video game space? There seems to be a bit of an argument on whether that's good or bad for gaming.

明白了。安德魯，我還有一個問題，想先從宏觀層面探討一下。您在科技領域是一位非常有遠見的CEO。您如何看待像「邊玩邊賺」這樣的模式在電子遊戲領域帶來的機會？目前似乎存在一些爭議，有人認為這種模式對遊戲產業是好是壞。

Anything that brings more people in and engages those people for more time in the context of the game entertainment will create, I think it's a good thing over time. I think that is the very foundation of our live services. I think the play to earn or the NFT conversation is still really, really early, and there's a lot of conversation. And there's at some level, a lot of hype about it. I do think it will be an important part of our -- of the future, of our industry on a go-forward basis. But it's still early to kind of figure out how that's going to work.

任何能夠吸引更多玩家並讓他們在遊戲娛樂中停留更長時間的事物，從長遠來看都是好事。我認為這正是我們線上服務的基石。我認為「邊玩邊賺」或NFT的討論還處於非常早期的階段，雖然有很多討論，也引發了不少熱議。我確實認為，在未來的發展中，它將成為我們行業的重要組成部分。但現在要弄清楚它具體如何運作還為時過早。

I feel good about our position with respect to that. I mean, as a company, we have been leaders in the creation of digital content that has real collectible value in the embedding of that content as part of live services. What we know about collection over time is the collectability is far more valuable to the collector where the collected item has utility. And I think that in the context of the games that we create and the live services that we offer, collectible digital content is going to play a meaningful part in our future. So still early to tell, but I think we're in a really good position, and you should expect us to kind of think more innovatively and creatively about that on a go-forward basis.

我對我們在這方面的定位感到樂觀。我的意思是，作為一家公司，我們一直致力於打造具有真正收藏價值的數位內容，並將這些內容嵌入到我們的線上服務中。我們深知，隨著時間的推移，收藏的價值遠高於物品本身的實用性。我認為，在我們開發的遊戲和提供的線上服務中，可收藏的數位內容將在未來發揮重要作用。雖然現在下結論還為時過早，但我認為我們處於非常有利的位置，而且你們可以期待我們在未來在這方面進行更多創新和創造性的思考。

Your next question is from Doug Creutz with Cowen.

下一個問題來自 Cowen 公司的 Doug Creutz。

In your commentary, you alluded to some softness in the mobile market. I was wondering if you could just talk a little bit more about what you're seeing. Some of what your peers have sort of reported numbers that would suggest there was some sequential softening in the market. Do you think it's due to IDFA? Do you think there's different dynamics in play with kind of pandemic restrictions easing in mobile versus console? Any color you can give would be helpful.

您在評論中提到行動遊戲市場出現了一些疲軟跡象。我想請您詳細談談您觀察到的情況。一些同行公佈的數據似乎顯示市場出現了周期性疲軟。您認為這與IDFA有關嗎？您認為隨著疫情限制措施的逐步解除，行動遊戲和主機遊戲市場的發展是否有差異？您的任何見解都將不勝感激。

Sorry, go ahead, Andrew.

抱歉，請繼續，安德魯。

Yes. Blake, go ahead.

是的，布萊克，請講。

No. You can go ahead.

不，你可以繼續。

Yes, I was going to say, I think that when we look across our mobile portfolio, we feel like we're in a really good position on a go-forward basis. We've got strong teams. We've got strong IP. We've got a huge network of players, and we've got global reach. And we're already seeing the value of that when you think about our ability to kind of offer EA IP for our Glu Mobile folks or our Playdemic folks to start thinking about new and interesting experiences.

是的，我正想說，我認為當我們審視我們的行動業務組合時，我們感覺我們在未來的發展前景非常有利。我們擁有強大的團隊、強大的IP、龐大的玩家網絡以及全球影響力。我們已經看到了這些優勢的價值，例如我們可以將EA的IP提供給Glu Mobile或Playdemic的團隊，讓他們開始思考如何開發新穎有趣的遊戲體驗。

I do think we've seen some softness in some of our games particularly those that rely a little bit more on user acquisition. I think that we'll work through that over time. Again, creative talent, great IP, huge network of players and global reach will allow us kind of work through that and find a path through that. But net-net, I think that there is a little IDFA, but nothing that has us concerned about our ability to continue to grow our mobile business over time.

我確實認為我們的一些遊戲，特別是那些更依賴用戶獲取的遊戲，出現了一些疲軟的跡象。我相信隨著時間的推移，我們會克服這些困難。再次強調，我們擁有優秀的創意人才、出色的IP、龐大的玩家群和全球影響力，這些都將幫助我們克服這些挑戰，並找到前進的方向。總而言之，我認為IDFA（國際數位媒體博覽會）確實存在一些問題，但這些問題並不會讓我們擔心能否繼續發展行動業務。

Yes. And Doug, I would say, don't underestimate that in any -- I mean, we did 4 acquisitions in 1 year. There are always challenges to integration of acquisitions, and sometimes those challenges are we change plans inside the businesses. There are things that we may not have anticipated or fully understood. And so some of that is impacting. None of it is troublesome. None of it is long-term in our mind, and we're doing a great job in the integration. It just happened also quickly. You can't plan exactly when acquisitions are going to happen.

是的。道格，我想說，千萬別低估這一點——我的意思是，我們一年內完成了四項收購。收購整合總是會面臨挑戰，有時這些挑戰體現在我們調整業務內部計畫。有些事情我們可能沒有預料到，或者沒有完全理解。所以，其中一些確實會產生影響。但這些都不是什麼大問題。在我們看來，這些都不是什麼長期問題，而且我們在整合方面做得非常好。只是這一切發生得太快了。你不可能準確地規劃收購何時發生。

We're very excited about the Glu team and the Playdemic team, as Andrew mentioned in his comments. And I think going forward, we're in a really good position. And I think, for us, the biggest opportunity is -- and this is an obvious one, and that is, how do we take our existing sports licenses and the talent that the Glus and the Playdemics have in the sports side and drive new sports products through their talent base and/or have them help our talent drive better products across those licenses. And it's a huge opportunity for us.

正如安德魯在評論中提到的，我們對Glu團隊和Playdemic團隊都非常興奮。我認為展望未來，我們處於非常有利的地位。對我們而言，最大的機會——這一點顯而易見——在於如何利用我們現有的體育授權以及Glu和Playdemic在體育領域的人才，透過他們的資源開發新的體育產品，或者讓他們幫助我們的人才開發出更好的產品。這對我們來說是一個巨大的機會。

Obviously, in FIFA but also in Madden and PGA in other areas where we can either augment their games, add to their games or add new games. And so that's why we're so excited about the acquisitions and not all that worried about any, any short-term softness in the business.

顯然，在FIFA、Madden和PGA等其他領域，我們都能增強、擴展或推出新的遊戲。因此，我們對這些收購感到如此興奮，並且不太擔心業務短期內的任何疲軟。

Your next question is from Alexia Quadrani with JPMorgan.

下一個問題來自摩根大通的 Alexia Quadrani。

This is David on for Alexia. Just with Battlefield, maybe you could discuss the key learnings from the beta. How much should we read into participation for the early access period as an indicator of demand? And I wonder if you just had any comment on the risk of, if any, of releasing the game a week prior to Black Friday, I think this was somewhat of a challenge for the game in 2018.

這裡是David，代表Alexia。關於《戰地》系列，您能否談談從測試版中獲得的主要經驗？我們該如何看待搶先體驗階段的參與度，並將其作為衡量市場需求的指標？另外，我想問您是否對在黑色星期五前一周發布遊戲的風險有什麼看法？我認為這在2018年對這款遊戲來說是一個不小的挑戰。

Yes. So I think -- on balance, the feedback from the beta was overwhelmingly positive. I think there was some conversation around some elements of the beta, which is not unnatural in a beta. And we've been able to take that feedback around those constructive elements and really implement that in the game. And I think what we had talked about with the community is, it was an earlier build of the game that we used for the beta as the team continued to work and tune and polish the final build for the game. So we feel really good about that.

是的。總的來說，我認為測試版的回饋絕大多數都是正面的。測試版中也出現了一些討論，這在測試階段是很正常的。我們已經採納了這些建設性的回饋意見，並將它們真正融入遊戲中。我們之前也曾和社群溝通過，測試版使用的是遊戲的早期版本，團隊在測試期間會不斷調整和完善最終版本。所以我們對此感到非常滿意。

I think when you think about the early access numbers and the engagement numbers overall, you should read that as tremendous demand. The game is very appealing. The setting is very appealing. The modalities of play, the innovation and creativity that guys and the other teams that work on that game have put into the game is something that the community is receiving very, very well and is really, really excited about.

我認為，結合搶先體驗版的玩家數量和整體參與度來看，這足以說明市場需求非常強勁。這款遊戲極具吸引力，其設定也十分吸引人。遊戲玩法豐富多樣，開發團隊和其他相關人員所展現的創新和創造力也深受玩家喜愛，並引發了玩家們極大的熱情。

I wouldn't read too much into the week before Black Friday. I get that on a calendar basis, it looks the same as Battlefield V, I would tell you though, leading in the Battlefield V, we did not see the level of demand we are seeing now. We did not have the level of innovation in the game that we have now. We didn't have new platform technology driving a high fidelity game experience that we have now.

我不建議過分解讀黑色星期五前一周的情況。我知道從日曆上看，它和《戰地5》的銷售週期差不多，但我必須說，在《戰地5》發售前，我們並沒有看到現在這樣的需求。當時的遊戲創新程度遠不及現在。我們也沒有像現在這樣，借助全新的平台技術打造出如此高保真的遊戲體驗。

And so net-net, coming out of the beta, we feel very good about player demand. And the team has been working very hard on tuning and polishing and filing the game where we feel really good about the game that the community is going to get to play on day 1.

總而言之，經過測試階段，我們對玩家的需求感到非常滿意。團隊一直在努力調整、完善和完善遊戲，我們相信社群在遊戲正式上線首日就能體驗到高品質的遊戲。

And the team also has wonderful plans for the future live service that start with this notion of portal and really engaging our players deeply in the ability to kind of create their own Battlefield experiences. And so we feel very good and confident about the future of Battlefield at this stage.

團隊對未來的線上服務也有著美好的規劃，這些規劃都圍繞著「門戶」的概念展開，旨在讓玩家能夠深入體驗並創造屬於他們自己的《戰地》遊戲體驗。因此，現階段我們對《戰地》的未來充滿信心。

Yes. The other thing I'd remember about Black Friday is that, in years past, there may have been 5x more games in the marketplaces there will be this year. We already know that many games have been postponed. And so the calendar is nowhere near as crowded, which means the need for discounting is nowhere near as high.

是的。關於黑色星期五，我想提醒大家的是，往年市場上的遊戲數量可能是今年的五倍。我們已經知道很多遊戲都延期了。因此，今年的遊戲發售日程遠沒有以前那麼擁擠，這意味著折扣力道也遠沒有以前那麼大。

Second is -- and more importantly is that, as we talked about, we're now running over 60-plus percent digital downloads and a game like Battlefield skews even more to PCs, which means the download numbers is going to be even higher. And what that allows us to do is make short-term price changes if we need to, but we don't have to cut big deals with retailers like we used to do historically. And I think that will bode well for us from ability to sell through a lot of games as well as not have to discount those games dramatically.

其次，也是更重要的一點，正如我們之前討論的，我們現在超過60%的遊戲都是透過數位下載發行的，而像《戰地》這樣的遊戲在PC平台上的銷量佔比更高，這意味著下載量還會更高。這讓我們能夠在必要時進行短期價格調整，而無需像過去那樣與零售商達成巨額交易。我認為這對我們大有裨益，因為我們能夠更快地售出大量遊戲，而無需大幅降價。

Your next question is from Colin Sebastian with Baird.

下一個問題來自 Baird 公司的 Colin Sebastian。

A couple from me as well. Apex performance looks really strong. The season updates are driving a lot of usage and monetization growth. But I'm curious beyond those updates and the mobile extensions, is it fair to say that you don't really see a need still for a bigger refresh or sequel to either Apex or the Legacy franchise?

我也有幾個想法。 Apex 的表現看起來非常強勁。賽季更新極大地推動了用戶數量和獲利成長。但我很好奇，除了這些更新和行動裝置擴充功能之外，你們是否真的認為 Apex 或 Legacy 系列遊戲目前沒有必要進行更大規模的更新或推出續作？

And then secondly, I might have missed it, but I didn't see commentary on fiscal '23 growth in the release which I think you had included last quarter.

其次，可能是我錯過了，但我沒有在新聞稿中看到關於 2023 財年增長的評論，而我認為你們上個季度已經包含了這部分內容。

Let me take the first and I'll let Blake take the second part.

第一部分我來做，第二部分讓布萊克來做。

Perfect. That's what I was just going to say.

太好了。我正想說這個呢。

Yes. I'll just say we continue to believe -- again, I go back to Respawn as a team, have been very deliberate and thoughtful about developing and building this franchise and nurturing and growing the community and their engagement over time. And actually, I think we're just at the beginning. I think there's such tremendous upside in all that we're doing both in the existing experience on existing platforms and as we expand to mobile. But again, I have nothing to announce to you today. But when you think about the broader ecosystem of the experiences we plan to offer, I wouldn't discount the notion of adding more modalities of play or even more traditional modalities of play to that experience over time.

是的。我只想說，我們始終堅信——再次強調，Respawn團隊一直以來都非常謹慎和深思熟慮地開發和構建這個系列，並隨著時間的推移培育和發展社區，提升玩家的參與度。實際上，我認為我們才剛起步。我認為我們所做的一切都蘊藏著巨大的潛力，無論是在現有平台上的現有體驗，或是在向行動端的拓展中。但今天我沒有什麼好宣布的。不過，考慮到我們計劃提供的更廣泛的體驗生態系統，我不會排除未來增加更多遊戲模式，甚至是更傳統的遊戲模式的可能性。

Yes. And I would just note, Colin, the number of characters that are now in the game versus on day 1 are dramatically different. It just gives you a sense of how that game is continuing to evolve, not to mention the ways to play, the modalities, the maps and so forth.

是的。柯林，我還要指出一點，現在遊戲裡的角色數量和遊戲剛上線時相比已經發生了巨大的變化。這足以說明這款遊戲一直在不斷發展，更不用說遊戲玩法、模式、地圖等等方面的變化了。

On the '23 question, I think you know this because we've been talking about this business for a long time. We typically don't even start talking about '23 until our third quarter, and we don't really give guidance until the end of our fourth quarter. What I will tell you is we are very optimistic about '23, and that's possibly what we're trying to signal today is that optimism and excitement.

關於2023年的問題，我想您應該知道，因為我們一直在討論這個業務。通常情況下，我們直到第三季才會開始談論2023年，而且要到第四季末才會給予業績指引。我可以告訴您的是，我們對2023年非常樂觀，而這或許正是我們今天想要傳達的訊息——樂觀與興奮。

And I think the thing to remember is over 70% of our business is now live services. And that comprises of things like Ultimate Team, Apex Mobile, The Sims, it is the special sauce of what we do. It is bring people together, make sure that they're part of a social network and then continue to serve them content that keeps them engaged and what they love. And that is different than many other companies in the industry.

我認為需要記住的是，我們超過70%的業務現在都來自線上服務。這包括像Ultimate Team、Apex Mobile、The Sims這樣的遊戲，它們是我們業務的精髓所在。我們的目標是將玩家聚集在一起，確保他們融入社交網絡，然後持續為他們提供他們喜愛且能讓他們保持參與度的內容。這與業內許多其他公司截然不同。

We've always tried to help people understand about the breadth of our franchises. And when you think about live services in combination with our sports franchises, which have come out every year at the same time, basically, for -- mainly this is the life of this company. And we've built incredible live services around those sports franchises, which makes it a much safer business model than having to go build something from scratch and hope you get it out on time.

我們一直致力於幫助大家了解我們旗下遊戲的豐富性。想想看，我們的體育遊戲每年都會在同一時期推出，而直播服務幾乎每年都會同步上線——這基本上就是我們公司的命脈所在。我們圍繞著這些體育遊戲打造了卓越的直播服務，這比從零開始開發並祈禱能按時發布要穩健得多。

And when you then broaden that across The Sims and mobile titles and then add live services to new titles like Battlefield that don't have real live services today, you have a much more stable and growing business for the future. So we're very confident in growth for next year independent of any one pile because of that live service component of our business, and we're very excited about what that means going forward and the ability for us to continue to add and evolve those live services to be even bigger over time.

當我們將這種模式擴展到《模擬市民》和行動遊戲領域，並為像《戰地》這樣目前還沒有真正意義上的線上服務的新遊戲添加線上服務時，我們就能擁有一個更穩定且持續成長的未來業務。因此，我們對明年的成長充滿信心，這主要得益於我們業務中的線上服務部分。我們對未來的發展前景以及我們能夠不斷擴展和完善這些線上服務，使其規模日益壯大的能力感到非常興奮。

Your next question is from Martin Yang with Oppenheimer.

您的下一個問題來自奧本海默公司的馬丁楊。

I have 2. Number one is on FIFA or sports games with collection elements in general. How do you think about maybe maintaining the value of player investments and making their annual investments into the microtransactions more enduring over perhaps a longer time? And I have a second question.

我有兩個問題。第一個問題是關於FIFA或其他有收集元素的運動遊戲。您認為如何維持玩家投入的價值，並讓他們每年在微交易上的投入更具持久性，從而延長遊戲體驗？第二個問題。

Do you want to give us the second question, then we will answer them.

你想問第二個問題嗎？我們會回答的。

We'll answer them both.

我們會回答這兩個問題。

So the second question is on your -- maybe a detailed rationale of elevating the studio GMs on to executive leadership team. I think that's quite unique for a AAA publisher. Maybe help us understand what are the benefits and what exactly they will do to in their decision-making and how they are getting involved with the executive leadership team?

第二個問題是關於您－能否詳細解釋一下將工作室總經理提升到高階主管團隊的理由？我認為這對於一家3A級發行商來說相當獨​​特。能否幫助我們理解這樣做的好處，以及他們將在決策中扮演什麼角色，還有他們如何參與高階主管團隊的工作？

Both really good questions. I think about -- as we think about digital collectibles, particularly in our sports games, again, it's different across different franchise. And so collectability has different value over time. And collectability in games like FIFA and Madden and NHL is really built on driving value through the traditional sports season. I think your question is, is there an opportunity, particularly as we think about NFTs and other digital ecosystem to expand that value over time?

這兩個問題都很好。我想，當我們思考數位收藏品，尤其是在運動遊戲中，不同系列遊戲的情況各不相同。因此，收藏價值會隨著時間而改變。像是 FIFA、Madden 和 NHL 這類遊戲的收藏價值，實際上是建立在傳統賽季期間的價值驅動之上的。我認為你的問題是，尤其是當我們考慮 NFT 和其他數位生態系統時，是否存在機會來隨著時間的推移提升這種價值？

I think the short answer to that is, yes. I mean the slightly longer answer to that is we need to work and make sure we continue to appropriately tune and balance the experience for our players, and we're always looking to give our players more value in the experiences they enjoy, and you are seeing that based on the growing engagement in the game and a growing spending, they're getting that value. But we will continue as we have evolved the ultimate team experience over the last decade, we will continue to look for ways to add value for our players.

我認為簡而言之，答案是肯定的。更詳細地說，我們需要努力確保持續調整和平衡玩家的遊戲體驗，我們始終致力於提升玩家的遊戲體驗價值。從玩家參與度和消費額的成長來看，他們確實獲得了這種價值。過去十年，我們一直在不斷改進團隊遊戲體驗，並將繼續尋找提升玩家價值的方法。

To your second question around elevating studio GMs, for me, it's a very pragmatic choice. When I think about the growth vectors for us as a company inside of our industry, there is extraordinary games and content. There were tools to more deeply engage the community. There's the aggregation and distribution of that content migrated to audience. And there is the ecosystem born out of the engagement of that content but exists beyond the bounds of the traditional game experience.

關於你提出的第二個問題，即提升工作室總經理的職位，我認為這是一個非常務實的選擇。當我們思考公司在產業內的發展方向時，我們會發現，我們擁有卓越的遊戲和內容，也擁有能夠更深入地與玩家社群互動的工具，以及能夠將這些內容聚合並分發給目標受眾的管道。此外，基於這些內容而誕生的生態系統，其存在範圍遠超傳統遊戲體驗的範疇。

At the end of the day, every one of those value drivers starts with the games and the content that we create. And so for me, it was really saying to our creative leaders, "I want to make sure that you are in a strategic conversation that's going to help us drive growth as a company." I think it is a very central strand of DNA of who we are.

歸根結底，所有這些價值驅動因素都源自於我們創造的遊戲和內容。因此，對我而言，我真正想告訴我們的創意領導者：「我希望確保你們參與到能夠幫助公司實現成長的策略對話中來。」我認為這是我們企業文化的核心組成部分。

They have demonstrated unbelievable leadership in our company in support of our employees and in support of our fans and in the creation of amazing games and content. And this is a recognition that the next phase of growth of this company is going to be born out of innovation and creativity across those 4 vectors, but it will all start with that content. And as leaders of the teams that create that content, I felt it was important to have them in the conversation.

他們展現了公司令人難以置信的領導力，不僅支持我們的員工和粉絲，還創造了許多精彩的遊戲和內容。這表明，公司下一階段的成長將源自於這四個方面的創新和創造力，而這一切都始於內容。身為內容創作團隊的領導者，我認為讓他們參與對話中來至關重要。

Your next question is from Clay Griffin with MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 Clay Griffin。

I wanted to come back to Battlefield. You've talked about there being a strong free-to-play component within Battlefield ultimately. So I guess, putting aside the mobile extension, do you have a better sense of what that might look like now? Or do you need to see the engagement with the various game modes, I guess, post launch? And I've got a follow-up.

我想回歸《戰地》系列。您之前提到過，《戰地》最終會包含強大的免費遊戲元素。所以我想，暫且不談行動裝置擴展，您現在對免費遊戲模式的構想是否更清晰了？還是說您需要觀察一下各種遊戲模式在正式上線後的參與度？我還有一個後續問題。

Yes. When we think about all of our games and our big blockbuster franchises like Apex, like FIFA, like Madden, like Battlefield, like The Sims, we're always thinking about innovation and creativity at its core, how do we build that out in the modalities of play? How do we think about that across platform? How do we think about the extension of those experiences? And business model is one piece of that puzzle.

是的。當我們思考我們所有的遊戲，以及像Apex、FIFA、Madden、Battlefield、The Sims這樣的大作系列時，我們始終將創新和創造力視為核心，思考如何在遊戲模式中實現這一點？如何跨平台實現這一點？如何拓展這些體驗？而商業模式只是其中的一個環節。

I think when we look at our Battlefield franchise today, we've acknowledged that it probably makes sense to have a free-to-play component to that overall ecosystem in the future. Job number one was truly a reinvention of the action shooter category. And I think that's what they have sought to do. And that's what they've achieved through this 128-player multiplayer giant expansion, more deep engagement in creativity through portal mode and innovative new modes in and around the game. I think the next phase of that is going to be the launch of the Battlefield Mobile title. And then as we continue to expand that -- and that in and of itself will serve tens of millions of players. I think as we then think about further expanding the play of those over time, free-to-play will make sense for the franchise, but it's not the focus right now.

我認為，當我們審視如今的《戰地》系列時，我們已經意識到，未來在這個整體生態系統中加入免費遊戲模式或許是合理的。首要任務是真正重塑動作射擊遊戲類型。我認為他們一直致力於此。而他們也透過這次支援128名玩家的大型多人遊戲擴充包、透過傳送門模式更深入地激發玩家的創造力，以及在遊戲內外推出的創新模式，實現了這一目標。我認為下一步將是推出《戰地》手遊。隨著我們不斷擴展這款遊戲——它本身就能服務數千萬玩家——我認為，當我們考慮如何進一步拓展這些遊戲內容時，免費遊戲模式對這個系列來說將是合理的，但這並非我們目前的重點。

Great. And then, I guess, if you look at Battlefield historically, I guess, my sense is that the community has, as a general rule, not always maybe embraced cosmetic customization to the extent that we've seen in other games. I guess the question is, is that a fair assessment? And if so, I guess, how do you think about kind of monetization without kind of reverting back to kind of a DLC type monetization account that might fracture the player base?

很好。然後，我想，如果你回顧《戰地》系列的歷史，我的感覺是，總體而言，玩家群體對外觀自訂的接受程度可能不如其他遊戲。我想問的是，這種評價是否合理？如果合理，那麼，你認為應該如何獲利，才能避免回到那種可能導致玩家群體分裂的DLC付費模式呢？

Yes. I'm not sure the notion of not being engaged in cosmetic content. It's a fair assessment. I think that Battlefield Premium, some number of years ago was kind of an innovation in the category that really extended the game experience out 12, 18, 24 months. I think we saw deep engagements from the community in that. I think what we also saw though was we didn't get all of the community to engage deeply in that and some parts of the community want to engage in kind of a different profile. And so we did away with premium, and we've been kind of working with the community since then on different ways to extend and enhance the experience through live service.

是的。我不確定“不參與外觀內容”這種說法是否正確。這確實是一個合理的評價。我認為幾年前的《戰地》高級版在同類服務中算得上是一種創新，它確實將遊戲體驗延長了12、18甚至24個月。我認為我們看到了社區的深度參與。但我們也發現，並非所有社群成員都深度參與其中，部分成員希望以不同的方式參與遊戲。因此，我們取消了高級版，並從此開始與社群合作，探索透過線上服務來擴展和增強遊戲體驗的各種方法。

I feel good about what the team has planned now. I feel like it gives everybody in the community, which is probably bigger than 40 million players right now, an opportunity we extend -- enhance their experience and engage in a way that makes sense for them but doesn't kind of bifurcate or trifurcate the community in any way. So I think that this is a great community. I think they have a core community. I think the franchise is beloved amongst them. I think what we're seeing, even having been out of the market for 3 years, is demand and appeal continue to be incredibly high. And I'm excited about what we're going to launch with the game, but even more excited by the plans the team has the community to grow and expand that experience for global player base.

我對團隊目前的計劃感到非常滿意。我覺得這能為社區中的每個人——目前可能超過4000萬玩家——提供一個機會，讓他們能夠以一種對他們來說合理的方式提升遊戲體驗並參與其中，同時又不會以任何方式造成社區分裂。所以我認為這是一個很棒的社區。我認為他們擁有一個核心社區。我認為這個系列深受他們喜愛。我認為即使遊戲已經停產三年，我們看到的仍然是極高的需求和吸引力。我對即將推出的遊戲內容感到興奮，但我更興奮的是團隊為社群制定的發展計劃，以及為全球玩家群拓展和豐富遊戲體驗的計劃。

Your next question is from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的馬裡奧·盧。

My question is on the FIFA preview pack. So in the past, I believe roughly 1/3 of Ultimate Team players were payers. So any color you can share on how the payer conversion has improved via this new mechanism? And secondly, do you think this method of monetization is specific to player pack? Or can it be transferred to other titles like into Apex pass, for example?

我的問題是關於FIFA預覽包的。過去，我記得Ultimate Team模式中大約有三分之一的玩家是付費玩家。您能否分享一下，透過這個新機制，付費玩家的轉換率是否有提升？其次，您認為這種獲利模式僅限於球員包嗎？還是可以應用在其他遊戲中，例如Apex通行證？

Yes. I don't have the specific metrics on payer conversion that I can share today. Other than to say what we have seen in the combination of all of the new advancements with Ultimate Team, including one element, which is the preview packs, we've seen higher engagement and higher monetization overall.

是的。我今天無法分享具體的付費用戶轉換率數據。不過，我想說的是，結合Ultimate Team的所有新功能（包括預覽包），我們看到用戶參與度和整體獲利能力都有提升。

And as we've kind of rolled that out, what we've seen is that we've converted a different level of spend or a different type of spend on the Codemasters preview packs. And so what's clear to us is this is a really fun and new and innovative and creative way through our growing player community to engage with the most popular mode in the game. And we'll continue to kind of evolve and offer new things. And as I said earlier, we're always trying to figure out a way to offer new few points of value for our players and new reasons for them to engage and connect with their friends through the experience.

隨著我們逐步推廣這項服務，我們發現玩家在Codemasters預覽包上的消費額度和消費類型發生了變化。因此，我們清楚地認識到，這是一種非常有趣、新穎、創新且富有創意的方式，能夠讓我們不斷成長的玩家群體參與遊戲中最受歡迎的模式。我們將繼續改進並推出新的內容。正如我之前所說，我們一直在努力尋找方法，為玩家提供新的價值點，並讓他們有新的理由參與其中，並透過遊戲體驗與朋友互動。

The notion of could it evolve into other areas, I think the short answer is, absolutely. I think what we're seeing is that the supplies in the light of the traditional supplies mechanic continues to be something that is really fun and rewarding for a big part of the player base. And then there's another group of players that want to think differently about how they extend and enhance their experience.

至於它是否會擴展到其他領域，我認為答案是肯定的。我們看到的是，傳統的物資機制仍然能為很大一部分玩家帶來樂趣和成就感。同時，還有一部分玩家希望以不同的方式拓展和提升他們的遊戲體驗。

And you should expect that we'll take the learnings from FIFA across the portfolio and learning from elsewhere in the portfolio, things like our mobile business and things like Apex Legends and kind of bring that back into our sports franchises. And so part of the benefit of having the breadth and depth of the portfolio that we have across sports and action and lifestyle and having 0.5 billion players in our network, engaging deepening experiences that we offer is that we get tremendous learning across the portfolio. And we're going to look to continue to do great things for our players as we learn from franchise to franchise.

你們可以期待，我們將從 FIFA 中汲取的經驗應用到整個產品組合，也會從其他業務領域（例如我們的行動業務和《Apex英雄》）中汲取經驗，並將這些經驗運用到我們的運動遊戲系列中。我們擁有涵蓋體育、動作和生活方式等廣泛而深入的產品組合，擁有 5 億玩家，並提供引人入勝、不斷深入的體驗，這讓我們能夠從各個產品系列中獲得巨大的經驗。我們將繼續努力，從各個產品系列中學習，為我們的玩家帶來更多精彩內容。

Your next question is from Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Two questions for you. First, on Apex Legends, I'm curious, I think it was a year or so ago, you were starting to talk a little bit more about localization for the game. I wonder if you could give us a little update there and how that's impacted engagement or bookings or whatever.

我有兩個問題想問您。首先，關於《Apex英雄》，我很好奇，大概一年前，您開始多談遊戲的在地化問題。我想請您簡單介紹一下這方面的最新進展，以及在地化對玩家參與度、預訂量或其他方面的影響。

And then secondly, I think it's been a couple of quarters since we've heard much about The Sims franchise. I wonder if you could talk a little bit about what's happening with that franchise. Is it still on a growth trajectory? And where are you seeing innovation there?

其次，我想我們已經好幾個季度沒有聽到關於《模擬市民》系列的消息了。我想請您談談這個系列目前的狀況。它是否仍然保持成長勢頭？您認為它有哪些創新之處？

Good. Andrew?

好的。安德魯？

I thought you might grab that one, Blake, sorry.

我以為你會拿下那件東西，布萊克，抱歉。

I thought, I lost you guys.

我當時想，我跟你們失去聯繫了。

Normally, I just point him across the table or he points at me. On the Apex Legends, I'll start there and then Andrew can talk a little bit about The Sims. We continue to work on how and why Apex works in certain markets. And there are certain markets that it is unbelievable the strength of the franchise, where we haven't really done much other than localize the language. Japan is a great example of that. And so the team has been working hard, particularly on the mobile build of the game to be able to localize it more to how people want to play the game in those markets.

通常情況下，我會指指桌子對面的他，或是他指指我。關於《Apex英雄》，我會先從它開始，然後安德魯可以簡單聊聊《模擬市民》。我們一直在研究《Apex英雄》在某些市場的成功原因和機制。在某些市場，這個系列的實力令人難以置信，而我們除了語言在地化之外，並沒有做太多其他工作。日本就是一個很好的例子。因此，團隊一直在努力，尤其是在行動裝置版本方面，力求更好地在地化遊戲，使其更符合這些市場玩家的遊戲體驗。

Now you want to be careful that you don't bifurcate the game in too many ways, but there may be some ways cosmetically or beyond language adjustments to make the game more powerful in those markets. And you should have seen that -- assume that's an ongoing process. It is hard to see and hard for us to carve that out as part of the financials. But trust that part of the reason that the business continues to grow is that we are doing that, and you'll see much more of that as the mobile build starts to go broad in the world where we're entering markets where people have not played the game on console or PC because those aren't available to them.

現在，你需要注意不要過度細分遊戲，但或許可以透過一些介面調整或語言以外的方式，增強遊戲在這些市場的競爭力。你應該已經注意到這一點——這應該是一個持續進行的過程。我們很難將其單獨納入財務報表，也很難看到具體效果。但請相信，業務持續成長的部分原因在於我們正在這樣做。隨著行動版在全球的推廣，你會看到更多這樣的舉措。我們將進入一些玩家之前從未在主機或PC上玩過這款遊戲的市場，因為這些平台對他們來說並不普及。

And so part of the markets that we're testing right now are those types of markets, where this is a new game for them. And so we're watching very closely as to how people play that and react to that. Do they have positive or negative reactions to certain characters, for example, of certain types of gameplay. And that's part of why we want to take our time to make sure we test the mobile build around the world because that's where it's the most powerful and where the most upside exists.

因此，我們目前正在測試的部分市場正是那些對他們來說是一款全新遊戲的市場。所以我們正在密切關注玩家的遊玩方式和反應。例如，他們對某些角色或某些遊戲玩法是持正面還是負面的態度。這也是為什麼我們希望花時間在全球測試行動版本的原因之一，因為行動平台才是這款遊戲最具潛力、成長空間最大的平台。

Yes. And on The Sims, again, The Sims is one of the great franchise of our industry and exists in a category where we have very little competition is lifestyle category. The Sims continue to do well with all engagement metrics up year-over-year. I think Q2 bookings were up 32% year-over-year.

是的。再說《模擬市民》，《模擬市民》是我們產業中最優秀的系列遊戲之一，而且它所處的生活風格遊戲領域競爭非常激烈。 《模擬市民》的各項用戶參與度指標均較去年同期成長，表現依然強勁。我認為第二季的預訂量年增了32%。

In July, we released Cottage Living, our 11th expansion pack, which quickly became one of the most popular packs we've ever done and drove performance well above our internal forecast for the franchise. So I just, I think this is a growing player base in The Sims. I think the franchise continue to grow. And I would tell you, again, we had a lot to talk about other than The Sims today. We'll come back and share more in the future. But that team continues to think about how to grow their franchise even more than this day in a category and with a player base that is very different from the rest of our portfolio.

7月份，我們發布了第11個擴展包“鄉村生活”，它迅速成為我們有史以來最受歡迎的擴展包之一，其表現遠超我們內部對該系列的預期。所以我認為，《模擬市民》的玩家群正在不斷壯大，該系列也將繼續發展。我還要再次強調，今天除了《模擬市民》之外，我們還有很多其他主題可以聊。未來我們會分享更多。但團隊仍在思考如何在一個與我們其他遊戲截然不同的領域，在一個擁有獨特玩家群的遊戲中，進一步拓展《模擬市民》系列。

Your next question is from Stephen Ju with Credit Suisse.

下一個問題來自瑞士信貸的Stephen Ju。

Just kind of building on the Apex Mobile commentary just now. Just wondering if you can give us an update on a more granular level on the cross-pollination -- pollinization, I guess, between your newly acquired mobile development studios with the EA brands. I think we're all raring to go to watch EA expand a FIFA audience to 2 billion plus given the footprint of football/soccer. So just I understand the do no harm for the newly acquired studios, but you have to be thinking about the multiple iterations of FIFA or I guess, EAFC as it might be known in the future. So just an update if you can on what you might be doing in terms of the integration there?

我剛剛是在討論Apex Mobile，所以想再補充一點。我想問一下，您能否更詳細地介紹一下您新收購的行動遊戲開發工作室與EA旗下品牌之間的合作情況？考慮到足球/足球運動的龐大用戶群，我們都非常期待看到EA將FIFA的受眾擴展到20億以上。我理解EA希望對新收購的工作室不會造成任何損害，但您也應該考慮到FIFA的多次迭代，或者未來可能會推出的EAFC。所以，如果您方便的話，能否透露一下您在整合方面正在採取哪些措施？

Yes. Great question. Again, it's still relatively early for these integrations. And Playdemic is really, really early. But what I would tell you is, as we've thought about this, we really think about it across 3 vectors, right, which is the core creative teams and how to best get value there, and we have built a single mobile organization out of our EA Mobile team, Playdemic and Glu under Jeff Karp, who's an industry veteran that has more than a decade in mobile leadership and is really rethinking and building a strong forward-looking strategy around mobile for us.

是的，問得好。再次強調，這些整合目前仍處於相對早期階段。 Playdemic 的整合更是處於非常非常早期的階段。但我可以告訴你的是，我們一直在思考這個問題，主要從三個方面著手：首先是核心創意團隊，以及如何最大程度地發揮他們的價值；其次，我們已經將 EA Mobile 團隊、Playdemic 和 Glu 整合到一個統一的移動組織中，由 Jeff Karp 領導。 Jeff Karp 是一位擁有十多年在行動領域領導經驗的業界資深人士，他正在為我們重新思考並建立一個強而有力的、面向未來的行動策略。

The second element is IP. And when we did these acquisitions, we talked about both sport and lifestyle, tap sports, Baseball, Golf clash, Design Home, Covet Fashion, FIFA, Madden, UFC, Hockey, The Sims. And so part of what Blake was doing about before as we start to think about the integration, we have gone through and we're working with those teams and say, okay, we're working on this thing. It probably doesn't make that much sense to build that game when you could take that engine and apply to the FIFA business. The Tap Sports engine or the golf clash engine to football -- European football or American portfolio. And we're in that planning phase right now. And I would say the teams themselves are really excited to take that core underlying technology and really apply to franchises and have global reach and global strength.

第二個要素是智慧財產權。在進行這些收購時，我們討論過運動和生活風格遊戲，例如 Tap Sports、棒球、高爾夫衝突、家居設計、時尚潮流、FIFA、麥登橄欖球、UFC、冰球和模擬人生。所以，正如 Blake 之前所說，當我們開始考慮整合時，我們已經與這些團隊合作，並表示：「我們正在研究這個項目。與其開發一款遊戲，不如直接將引擎應用到 FIFA 業務中。將 Tap Sports 引擎或高爾夫衝突引擎應用到足球——無論是歐洲足球還是美國足球——中。」我們目前正處於規劃階段。我想說，這些團隊本身也對能夠運用這些核心底層技術，並將其應用於各個系列遊戲，從而擁有全球影響力和全球實力感到非常興奮。

The third is just kind of our network of players and how we start to work across that. Glu has a tremendous advertising engine. And we're starting to think about how to take that advertising engine across our player network into our other products. We're already starting to see -- see that benefit?

第三點就是我們的玩家網路以及我們如何開始在這個網路中開展工作。 Glu 擁有強大的廣告引擎。我們正在考慮如何將這個廣告引擎從我們的玩家網路擴展到我們的其他產品。我們已經開始看到──看到了其中的好處嗎？

And then things like reach, we've already been able to launch Tap Sports Baseball into Japan. And so some early wins in what is still an early phase of integration. But I'm really encouraged by what Jeff is doing as a leader of this business, what I think we're going to get out of mobile first talent, unbelievable portfolio of IP, a network of 0.5 billion players and global reach. And I think you should watch this space because there's lots of great things coming over the next 12, 24, 36 months in the space of mobile.

再例如市場覆蓋範圍，我們已經成功在日本推出了Tap Sports Baseball。雖然整合工作仍處於早期階段，但我們已經取得了一些初步的成功。傑夫身為這家公司的領導者，他所做的一切都讓我倍感鼓舞。我相信，憑藉我們行動優先的人才隊伍、令人難以置信的IP組合、覆蓋5億玩家的網絡以及全球影響力，我們將取得巨大的成就。我認為大家應該密切關注這個領域，因為在未來12、24甚至36個月內，行動領域將會湧現出許多令人興奮的新事物。

Your next question is from Jamie Bass with Berenberg.

下一個問題來自貝倫貝格銀行的傑米·巴斯。

I was actually going to ask a couple of things about mobile, but those have kind of been covered now. So one question remaining, which is to do with -- it's been with the commentary from results among your peers about the potential for wage inflation among developers over the coming year. Could you just give a bit of color on how you're thinking on the cost side? Are you worried about increasing headcount and the potential costs associated with that?

我本來想問幾個關於行動端的問題，不過這些內容現在都已經討論過了。所以還剩最後一個問題，是關於——根據同行們對未來一年開發者薪資可能上漲的評論——您能否談談您對成本方面的看法？您是否擔心增加員工人數以及由此可能產生的成本？

Go head, Blake, sorry.

布萊克，你繼續吧，抱歉。

I was just going to say, we always spend time thinking about that and trying to manage it as best as possible. I think there's no doubt that there's going to be some wage inflation. The bulk of what -- if you're looking at our P&L, the bulk of what you see in terms of increases in OpEx are due to the fact that we brought new people into the company through acquisitions as well as through new hires. I don't see a substantial wage inflation pressure, but we are always conscious of it and trying to manage that.

我正想說，我們一直在思考這個問題，並且盡力做到最好。我認為工資上漲是不可避免的。如果你看一下我們的損益表，就會發現營運支出成長的大部分原因是我們透過收購和新招聘為公司引進了新員工。我並不認為薪資上漲會帶來巨大的壓力，但我們始終關注這個問題，並努力控制。

And I would just say, I think we are committed as an organization to be very thoughtful about compensation for all of our people to ensure that we keep pace with the market and that they are fairly rewarded for the amazing work they do. And so far, we have been able to do that really well, and I think we'll continue to do that in the future.

我想說的是，我認為我們作為一個組織，致力於認真考慮所有員工的薪酬，以確保我們與市場保持同步，並讓他們因其出色的工作而獲得公平的回報。到目前為止，我們在這方面做得非常好，我相信未來我們也會繼續維持下去。

Your last question is from Andrew Marok with Raymond James.

您的最後一個問題來自 Raymond James 的 Andrew Marok。

One on the content cadence for Apex. So Respawn has been clear about their intention to limit crunch and is settled into kind of the quarterly season releases. Is 1 season every 3 months kind of the magic time frame for players and for Respawn? Or is it the case where staffing up could potentially increase the velocity of season launches?

關於Apex的內容更新節奏，Respawn已經明確表示會限制加班，並採用了季度賽季更新的模式。對於玩家和Respawn來說，每三個月一個賽季是否是一個理想的周期？或者說，增加人手是否有可能加快賽季的發布速度？

Yes. It's an ongoing question. I think there's no straight answer to that. I think there's -- we've had a lot of questions of the Respawn since it's a very inception of Apex Legends launch. As I continue to say, that team has been very deliberate and very thoughtful and works very closely with the community. They have, in fact, staffed up dramatically. They've got more people in L.A. They've got another team in Vancouver that continues to work on the game and grow and develop more content.

是的，這確實是個老生常談的問題。我覺得這個問題沒有標準答案。自從《Apex英雄》上線以來，我們就被問到很多關於Respawn的問題。正如我一直強調的，這個團隊一直非常謹慎周全，並且與社區保持著密切的合作。事實上，他們的人員規模已經大幅擴充。他們在洛杉磯增加了人手，也在溫哥華組建了另一個團隊，繼續致力於遊戲的開發和拓展，並推出更多內容。

I would say I think this team more than just about any other team in our company and perhaps the industry, they have a very deep understanding of the player base and the community, and they are building for the long term. And so the short answer is, could we deliver more content? Possibly. Does that make sense? Maybe.

我認為，這支團隊比我們公司甚至整個行業中的任何其他團隊都更了解玩家群體和社區，而且他們著眼於長遠發展。所以，簡而言之，我們還能提供更多內容嗎？也許可以。這樣說你明白嗎？也許吧。

But what I do is I trust that team to be very close to their community and very thoughtful about how they build and develop that content over time. And that will mean sometimes it’s every 3 months, sometimes it will be longer and sometimes it will be shorter. But what we have seen them do and demonstrate now since the very inception is their ability to maintain player sentiment to continue to hire the best talent into their organization and continue to grow the business over time. And I think that they will continue to do that for many, many years in the future.

但我相信這個團隊會與他們的社群保持緊密聯繫，並且會認真思考如何隨著時間的推移建立和發展內容。這意味著有時是每三個月一次，有時會更長，有時則會更短。但從一開始，我們就看到他們有能力維繫玩家的熱情，從而不斷招募最優秀的人才加入他們的團隊，並持續發展壯大業務。我認為他們未來很多年都會繼續保持這種勢頭。

So with that, we'll wrap up the call there. Thank you, everyone, for joining us and for the great questions. Be well, and we'll speak with you again next quarter. Have a great day. Bye-bye.

那麼，今天的電話會議就到此結束。感謝各位的參與與提出的精彩問題。祝大家一切順利，我們下個季度再見。祝您今天愉快。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。