美商藝電 (EA) 2022 Q1 法說會逐字稿

Good afternoon. My name is Christina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Electronic Arts Q1 Fiscal 2022 Earnings Conference Call. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我是克里斯蒂娜，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加2022財年第一季財報電話會議。投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Christina. Welcome to EA's First Quarter Fiscal 2022 Earnings Call. With me today from their homes are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO.

謝謝，克里斯蒂娜。歡迎參加EA 2022財年第一季財報電話會議。今天與我一起在家參加會議的有我們的執行長安德魯威爾遜，以及我們的財務長兼營運長布萊克喬根森。

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'll post our prepared remarks and 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、財務模型以及會議文字稿。

With regards to our calendar: our Q2 fiscal 2022 earnings call is scheduled for Wednesday, November 3. And as a reminder, we posted schedule of our entire fiscal year of upcoming earnings calls on our IR website.

關於我們的日程安排：我們 2022 財年第二季財報電話會議定於 11 月 3 日星期三舉行。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 includes -- and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-K for a discussion of risks that could cause actual results to differ materially from those discussed today. And Electronic Arts makes these statements as of today, August 4, 2021, and disclaims any duty to update them.

本次簡報包含—且我們的評論包含—有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。請參閱我們最新的10-K表格，以了解可能導致實際結果與今天討論的結果有重大差異的風險。藝電（Electronic Arts）於2021年8月4日作出上述陳述，並聲明不承擔更新這些陳述的義務。

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 than is otherwise stated.

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，本次電話會議中所有比較均與去年同期進行比較。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. I hope all of you are continuing to stay healthy. I want to start out today by thanking all of our amazing teams across Electronic Arts, who continue to create and deliver so many great experiences for our players during this unprecedented period.

謝謝克里斯。希望大家都能繼續保持健康。今天首先，我要感謝藝電所有優秀的團隊，感謝他們在這段前所未有的時期裡，依然為玩家們創造並帶來瞭如此多精彩的遊戲體驗。

It's been an exciting few months since our last call. We've unveiled Battlefield 2042. We've launched F1 2021. We've showed what is coming with our next Madden NFL and FIFA titles. We had a fantastic EA Play Live event with great fan response, and we've announced the acquisition of Playdemic, which is another step in our strategy of continued leadership in sports and growing in mobile. Integration efforts with the teams at Codemasters, Glu Mobile and Metalhead are going well, and we're pleased to be building a lot of anticipation through the summer for our upcoming games and content.

自上次通話以來，這幾個月可謂精彩。我們發布了《戰地2042》，推出了《F1 2021》，也展示了即將推出的《麥登橄欖球》和《FIFA》系列新作。我們成功舉辦了EA Play Live活動，並獲得了粉絲的熱烈迴響。此外，我們也宣布收購Playdemic，這是我們在運動遊戲領域持續保持領先地位並拓展行動遊戲業務策略的另一個重要舉措。與Codemasters、Glu Mobile和Metalhead團隊的整合工作進展順利，我們很高興能夠為即將推出的遊戲和內容在整個夏季營造出濃厚的期待氛圍。

Looking at our first quarter of fiscal 2022, we delivered very strong results. Even as the world took steps towards opening back up, we deepened engagement and connections for players in and around our games. And we see this trend going well into the future. Our talented teams are delivering experiences that hundreds of millions of players want to play, and our new launches, leading games and live services all performed very well during the quarter. Execution against our long-term strategy continues to power growth in our business. Revenue, net bookings and EPS were all above our guidance for Q1. We are raising our full year net revenue, net bookings and EPS guidance today, and we are also forecasting our biggest second quarter ever.

回顧2022財年第一季，我們取得了非常強勁的業績。即便全球逐步重啟經濟，我們依然深化了玩家在遊戲內外的互動與連結。我們預計這一趨勢將持續下去。我們才華橫溢的團隊正在打造數億玩家夢寐以求的遊戲體驗，而我們的新遊戲、熱門遊戲和線上服務在本季都表現出色。長期策略的有效執行持續推動著我們的業務成長。第一季的營收、淨預訂量和每股盈餘均超出預期。今天，我們上調了全年淨收入、淨預訂量和每股收益預期，並預測第二季將創歷史新高。

Our long-term strategy is focused on 4 key opportunities: the continued creation of great games and content with a focus on mobile, tools for the community to drive deeper engagement with our content; the aggregation and distribution of content and services to more platforms, business models and geographies, and harnessing the power of the social ecosystems in and around our games. As part of this, in FY '22, we continue to execute against 3 key growth drivers: building on our leadership in sports; growing our blockbuster franchises; and expanding live services across our portfolio, including mobile.

我們的長期策略聚焦於四大關鍵機會：持續打造優質遊戲和內容，尤其專注於行動端；開發社群工具，以促進用戶與我們內容的深度互動；將內容和服務聚合並分發至更多平台、商業模式和地理；以及充分利用遊戲內外的社交生態系統。作為策略的一部分，在2022財年，我們將繼續推動三大關鍵成長驅動因素：鞏固我們在體育領域的領先地位；發展我們的熱門遊戲系列；以及拓展包括行動端在內的全線線上服務。

EA SPORTS continues to extend its leadership position through the global strength of our franchises and growing portfolio. More than 140 million players have engaged with our EA SPORTS games over the last 12 months. At the center of this, our FIFA franchise is growing around the world. Over 31 million players have joined FIFA 21 on console and PC since launch, and FIFA Ultimate Team continues to engage more soccer fans, with FUT Matches up 48% year-over-year in Q1. In China, FIFA Online 4 set all-time records for monthly, weekly and peak daily active players, driving new records for our business there. On a global basis, FIFA is growing as part of the social fabric of soccer, and we are connecting players through our games and live services on more platforms and more geographies than ever.

EA SPORTS憑藉其遊戲系列的全球實力和不斷增長的產品組合，持續鞏固其市場領先地位。過去12個月，超過1.4億玩家體驗了EA SPORTS的遊戲。其中，FIFA系列在全球範圍內蓬勃發展。自FIFA 21發售以來，已有超過3,100萬名玩家在主機和PC平台加入遊戲，FIFA Ultimate Team也持續吸引更多足球愛好者，第一季FUT比賽數量較去年同期成長48%。在中國，FIFA Online 4的月活躍玩家數、週活躍玩家數和每日活躍玩家高峰均創歷史新高，也為我們在中國的業務帶來了新的突破。在全球範圍內，FIFA正逐漸融入足球運動的社交生活，我們透過遊戲和線上服務，在比以往任何時候都更多的平台和地區連接著玩家。

We've also launched F1 2021, the first F1 experience to be part of our EA SPORTS portfolio in nearly 20 years. With an incredibly high-quality game that has won praise from fans and critics, F1 2021 is bringing fans into the excitement of the sport during one of the most memorable seasons in recent history. Sales were up significantly year-over-year, and total active players have grown by nearly 10% since launch over last year's game, demonstrating the power that comes from the amazing team at Codemasters, a great game, and our EA distribution and marketing strength. Momentum continues to build for F1, which like soccer is one of the few truly global sports, and we see a major opportunity to continue growing the franchise to reach a larger audience of players and viewers.

我們也推出了《F1 2021》，這是近20年來EA SPORTS旗下首款F1遊戲。憑藉其卓越的遊戲品質，《F1 2021》贏得了玩家和評論家的一致好評，讓玩家在近年來最令人難忘的賽季之一中體驗到這項運動的激情。遊戲銷量較去年同期成長顯著，自發性售以來活躍玩家總數比去年成長了近10%，這充分展現了Codemasters團隊的出色實力、優秀的遊戲製作以及EA強大的發行和行銷能力所帶來的巨大成功。 F1的發展勢頭持續強勁，它和足球一樣，是為數不多的真正意義上的全球性運動之一。我們看到了巨大的發展機遇，可以繼續擴大F1系列的影響力，觸及更廣大的玩家和觀眾群。

Later this summer, we will begin launching our strong next-gen slate for EA SPORTS, that includes Madden NFL 22 with new experiences in franchise mode and The Yard; FIFA 22, which is already showing very strong demand metrics as our new HyperMotion technology powers innovation throughout the game; NHL coming to next-gen consoles for the first time; and EA SPORTS PGA TOUR, the only game where you can exclusively play all 4 of golf's major tournaments, The Masters at Augusta National, The Open Championship, the U.S. Open Championship, and The PGA Championship. We're also thrilled to be back in the baseball business with Super Mega Baseball and MLB Tap Sports on mobile, and we look forward to sharing more from those teams in the future.

今年夏季晚些時候，我們將陸續推出EA SPORTS強大的次世代遊戲陣容，其中包括：《Madden NFL 22》，其特許經營模式和“The Yard”模式將帶來全新體驗；《FIFA 22》，這款遊戲憑藉我們全新的HyperMotion技術，在各個方面都展現出強勁的市場需求；首次登陸這款遊戲憑藉我們全新的HyperMotion技術，在各個方面都展現出強勁的市場需求；首次登陸這款遊戲以及《NHL》世代主機的《 SPORTS》； TOUR》，這款遊戲囊括了高爾夫四大滿貫賽事——奧古斯塔國家高爾夫俱樂部大師賽、英國公開賽、美國公開賽和PGA錦標賽。此外，我們也很高興能夠重返棒球領域，推出行動平台的《Super Mega Baseball》和《MLB Tap Sports》，並期待未來與大家分享更多相關消息。

With the strength of our industry-leading EA SPORTS teams, the addition of talent and expertise from Glu, Codemasters, Metalhead and soon Playdemic as well as partnerships with international developers, we have exciting plans to create more EA SPORTS experiences for fans around the world to play, watch and connect.

憑藉我們行業領先的 EA SPORTS 團隊的實力，以及來自 Glu、Codemasters、Metalhead 和即將加入的 Playdemic 的人才和專業知識，以及與國際開發商的合作，我們制定了激動人心的計劃，為世界各地的粉絲創造更多 EA SPORTS 體驗，讓他們可以玩遊戲、觀看比賽和進行交流。

Our second growth driver is building blockbuster entertainment properties around our IP. This year, this is led by Apex Legends and Battlefield, 2 of the leading franchises in their category. Apex Legends continues to accelerate as one of the top titles in the industry. During Season 9, we've averaged more than 13 million weekly active players. We've set a new record for peak daily players across all seasons, and the 3 latest in-game events have driven the highest player counts for events to date. In every season and event, the Respawn team is constantly innovating, trying new things and gathering feedback to evolve the live service. And as a result, player engagement and investment continues to grow. Respawn is now expanding the game beyond battle royale with new experiences like Arenas, which has brought new and lapsed players into the game and opens the door for deeper esports opportunities. With so much excitement in the community for the future of Apex Legends, we see outstanding growth ahead for this powerful global franchise.

我們的第二個成長動力是圍繞我們的IP打造爆款娛樂產品。今年，領銜的是《Apex英雄》和《戰地》系列，這兩款遊戲都是各自領域的佼佼者。 《Apex英雄》作為業界頂尖遊戲之一，持續加速發展。在第九季，我們的周活躍玩家平均超過1300萬。我們創下了所有賽季日活躍玩家高峰的新紀錄，而最近三次遊戲內活動也吸引了迄今為止最高的玩家數量。在每個賽季和活動中，Respawn團隊都在不斷創新，嘗試新事物，並收集回饋以改善遊戲服務。因此，玩家的參與度和投入度持續成長。 Respawn現在正將遊戲拓展到大逃殺模式之外，推出競技場等全新體驗，這不僅吸引了新玩家和流失玩家回歸，也為更深層的電競發展打開了大門。鑑於社群對《Apex英雄》未來充滿期待，我們相信這款強大的全球系列遊戲將迎來輝煌的成長。

During Q1, we revealed Battlefield 2042, and the energy and excitement from fans around the world has been incredible. Since the reveal on June 9, our Battlefield trailers and content have cumulatively generated more than 210 million views to date across all channels. These record viewership levels contributed to Battlefield 2042 being the most talked-about title in the industry during a busy month of June and created a record high sentiment among the Battlefield fan community.

第一季度，我們正式發布了《戰地2042》，全球玩家的熱情和興奮之情令人難以置信。自6月9日發布以來，我們的《戰地》系列預告片和相關內容在所有管道的累積觀看量已超過2.1億次。如此驚人的觀看量使得《戰地2042》在6月這個遊戲發售旺季成為業界最受關注的作品，並在《戰地》粉絲群中掀起了前所未有的熱潮。

More recently, we introduced Battlefield Portal, a new community-driven experience in Battlefield 2042. This new pillar of the game puts the power in the hands of players to seamlessly create their own experiences from all the things they love in Battlefield, easily mixing and matching eras, maps, weapons and unique gameplay scenarios that can then be shared with the community. It's an entirely new level of freedom in Battlefield, and fans have been very energized with the possibilities to create, discover and share things that are completely new and unexpected. We are poised to deliver a truly next-gen Battlefield this holiday with unprecedented innovation, massive scale and amazing gameplay, and we have more to share about the game through the summer.

最近，我們在《戰地2042》中推出了全新的社群驅動體驗－戰地傳送門。這款遊戲新支柱賦予玩家強大的自主權，讓他們能夠無縫地將《戰地》系列中所有他們喜愛的元素融合在一起，輕鬆打造屬於自己的遊戲體驗。玩家可以自由組合不同的時代、地圖、武器和獨特的遊戲場景，並將這些內容分享給社群。這為《戰地》系列帶來了前所未有的自由度，粉絲們也對這種創作、發現和分享全新且意想不到內容的可能性感到無比興奮。我們已做好準備，在這個假期為大家帶來一款真正意義上的次世代《戰地》遊戲，它將擁有前所未有的創新、宏大的規模和精彩絕倫的遊戲體驗。我們將在整個夏季持續分享更多關於這款遊戲的資訊。

There is enduring power to the franchisees and IP that we are building. The launch of Mass Effect Legendary Edition, the remaster of the first 3 Mass Effect games, reignited the passion of fans around the world, driving sales performance well above our expectations. Star Wars Jedi: Fallen Order coming to the Xbox Series X and PlayStation 5 was also a moment for new and returning players to jump into that amazing game. We're continuing to invest in both of these franchises as well as more of our amazing IP.

我們正在打造的系列作品和IP擁有持久的生命力。 《質量效應：傳奇版》（Mass Effect Legendary Edition）——前三部《質量效應》遊戲的重製版——的發布，重新點燃了全球粉絲的熱情，銷量遠超預期。 《星際大戰絕地：墮落的武士團》（Star Wars Jedi: Fallen Order）登陸Xbox Series X和PlayStation 5平台，也讓新舊玩家有機會體驗這款精彩的遊戲。我們將繼續投資這兩個系列，以及我們更多優秀的IP。

Our third growth driver is live services, a core strength and continuing growth opportunity for us, and mobile is now a significant part of this. With the addition of Glu, our portfolio now spans more than 15 top mobile live services and we will add the top sports mobile title in the industry with Golf Clash when Playdemic joins EA. The breadth and diversity of our mobile live services now spans multiple major genres, including casual, sports, RPG, lifestyle and racing.

我們的第三大成長動力是即時服務，這是我們的核心優勢和持續成長機遇，而行動端如今已成為其中的重要組成部分。隨著 Glu 的加入，我們的產品組合現已涵蓋超過 15 款頂級行動即時服務，而隨著 Playdemic 加入 EA，我們將把業內頂尖的體育類行動遊戲《高爾夫衝突》（Golf Clash）也納入麾下。我們行動即時服務的廣度和多樣性現已涵蓋多種主要類型，包括休閒、運動、角色扮演、生活方式和競速遊戲。

Over the past year, we've expanded our mobile-native talent. And with their leadership, we are now growing these titles to reach new and broader audiences on a global scale. We're also delivering our blockbuster franchises to mobile players, including Apex Legends and Battlefield experiences rolling out for mobile later this year. With the ability to bring new teams together with EA's powerful IP, we are building mobile into a growth center for Electronic Arts with long-running live services at the core of our strategy.

過去一年，我們不斷壯大行動端原生遊戲人才隊伍。在他們的領導下，我們正努力拓展這些遊戲，使其在全球觸及更廣泛的新用戶群。我們也將旗下熱門遊戲系列帶給行動玩家，包括今年稍後推出的《Apex英雄》和《戰地》系列行動版。憑藉EA強大的IP資源和強大的團隊整合能力，我們正將行動端打造成為EA的成長中心，並將長期營運的線上服務作為我們策略的核心。

Underpinning these growth drivers are the fact that games, and particularly our portfolio experiences at Electronic Arts, are creating social connection for more and more people around the world. More than 0.5 billion players are coming together through the social networks formed in and around our games, and we see this continuing to grow. With some of the most talented teams in the industry, a deep pipeline of innovative experience in established and new IP, new content partnerships and more ways to connect and experience play, we are positioning our business for continued growth and leadership this year and beyond.

這些成長動力源自於遊戲，尤其是藝電旗下遊戲產品，正在為世界各地越來越多的人創造社交連結。超過5億玩家透過我們遊戲內外的社群網路聚集在一起，我們預計這一趨勢還將持續成長。憑藉業內頂尖的團隊、豐富的創新經驗儲備（涵蓋成熟和新興IP）、全新的內容合作關係以及更多連接和體驗遊戲的方式，我們正為今年及未來持續增長和保持行業領先地位做好準備。

Now I'll turn the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. We delivered a big beat this quarter, primarily driven by outperformance from 2 high-quality new games, our Mass Effect Legendary Edition, and It Takes Two, the second title from our partnership with Hazelight Studios. It Takes Two launched at the very end of the prior quarter and showed considerable strength through Q1. Live services also performed better than expected, led by continued growth in Apex Legends. As a result, we delivered net revenue of $1.55 billion and net bookings of $1.34 billion.

謝謝安德魯。本季我們業績遠超預期，主要得益於兩款高品質新遊戲的出色表現：《質量效應：傳奇版》和與Hazelight Studios合作推出的第二款遊戲《It Takes Two》。 《It Takes Two》在上一季末發布，並在第一季展現出強勁的勢頭。線上服務也表現超乎預期，《Apex英雄》的持續成長尤為突出。最終，我們實現了15.5億美元的淨收入和13.4億美元的淨預訂。

Given the extraordinary engagement driven by the blockbuster -- by the lockdown a year ago and the fact that last year's quarter had 14 weeks compared to this year's 13, to deliver results within 5% of last year's record sales is an incredible testament to the strength of our game teams and our ability to deliver games and extra content from our ongoing live services. The extra week last year Q1 alone is worth more than the year-on-year difference. Notably, even against the unique circumstances of a year ago, Apex Legends grew strongly in the quarter and remains on track to grow organically more than 20% this year with the mobile launch as an upside.

鑑於這款熱門遊戲帶來的非凡用戶參與度——考慮到一年前的疫情封鎖以及去年第一季有14周而今年只有13週的情況——我們能夠取得與去年創紀錄銷售額相差不到5%的成績，這充分證明了我們遊戲團隊的實力以及我們通過持續運營服務提供遊戲和額外內容的能力。光是去年第一季多出的一周就足以彌補同比的差距。值得注意的是，即使在去年特殊情況下，《Apex英雄》在本季依然實現了強勁成長，隨著行動版的推出，預計今年有機成長率將超過20%。

Because of the impact of the pandemic on year-on-year over comparisons, it's helpful to compare this quarter with the pre-COVID Q1 fiscal 2020 to better understand underlying growth. On that basis, FIFA Ultimate Team is up 47%; Madden Ultimate Team, up 115%; equivalent to CAGRs of 21% and 47%, respectively. Similarly, sales, including Codemasters from our broad portfolio of catalog titles are up 55%, a CAGR of 25%. Mobile, excluding our Glu acquisition, is also up 16% organically over the same period 2 years ago.

由於疫情對年比數據的影響，將本季與疫情前的2020財年第一季進行比較，有助於更了解潛在的成長情況。在此基礎上，FIFA Ultimate Team成長了47%，Madden Ultimate Team成長了115%，複合年增長率分別為21%和47%。同樣，包括Codemasters在內的我們旗下眾多遊戲的銷售額成長了55%，複合年增長率為25%。行動端業務（不包括我們收購的Glu）的有機成長也達到了16%，與兩年前同期相比。

We have also made considerable progress on our strategic goals as we started to integrate Codemasters, completed the acquisitions of Glu Mobile and Metalhead and announced our agreement to acquire Playdemic. These acquisitions substantially increase our sports and mobile footprint and offer the opportunity to bring new sports to formats pioneered by MLB Tap Sports Baseball, Super Mega Baseball and Golf Clash. We only launched F1 2021 a few weeks ago, but we're already seeing sell-through up more than 20% over last year's addition, thanks to another great game from the Codemasters team, leveraged by our global commercial operation.

我們在策略目標方面也取得了顯著進展，包括開始整合 Codemasters、完成對 Glu Mobile 和 Metalhead 的收購，以及宣布收購 Playdemic 的協議。這些收購大幅提升了我們在體育和行動領域的市場份額，並為我們提供了將新的運動項目引入 MLB Tap Sports Baseball、Super Mega Baseball 和 Golf Clash 等遊戲平台的機會。 F1 2021 僅在幾週前發布，但憑藉 Codemasters 團隊的又一力作以及我們全球商業運營的助力，其銷量已比去年同期增長超過 20%。

We have created a historically strong strategic position for the company with a strong and growing core of live service supplemented by additional growth opportunities in sports opened up by the acquisition plus blockbuster releases, as demonstrated by the community reaction to our upcoming Battlefield 2042.

我們為公司打造了歷史上強大的戰略地位，擁有強大且不斷增長的核心在線服務，並通過收購和熱門遊戲的發布，為體育領域帶來了額外的增長機會，即將推出的《戰地2042》獲得了社區的熱烈反響，這證明了這一點。

Digital represents 58% of our full game units sold through on a trailing 12-month basis, up 6 percentage points from last year. Operating expenses, which include recent M&A costs, came in slightly below our expectations.

過去12個月，數位版遊戲銷售占我們完整遊戲銷售量的58%，較去年同期成長6個百分點。包括近期併購成本在內的營運費用略低於預期。

Now turning to guidance. We now expect fiscal 2022 GAAP revenue to be $6.85 billion, cost of revenue to be $1.921 billion and earnings per share of $1.58, up from $1.34. Our guidance does not include any estimate for Playdemic, given that, that acquisition has not yet closed. And remember, this EPS calculation does not factor in future buybacks under our 2-year $2.6 billion share repurchase program.

現在來看業績展望。我們預計2022財年GAAP營收為68.5億美元，營收成本為19.21億美元，每股收益為1.58美元，高於先前預期的1.34美元。鑑於Playdemic的收購尚未完成，我們的業績展望未包含對Playdemic的任何預估。此外，請注意，此每股盈餘的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 $100 million to $7.4 billion based on performance from full game sales this quarter, supported by ongoing confidence in our live services. It's very rare that we raise guidance this early in the year. And I would note that despite the clear strength of player interest so far, it is too soon to raise our unit expectations for Battlefield 2042. As a result, the stronger product mix we are now anticipating for this year, we are raising our expectations for underlying profitability and more specifics are in the downloadable model that we post on our website.

基於本季完整遊戲銷售的良好表現，以及對我們線上服務的持續信心，我們將全年淨預訂預期上調1億美元至74億美元。我們很少在年初就上調預期。需要指出的是，儘管玩家目前表現出濃厚的興趣，但現在提高《戰地2042》的銷售預期還為時過早。因此，鑑於我們預計今年產品組合將更加強勁，我們也提高了對基礎獲利能力的預期，更多詳情請參閱我們網站上發布的下載模型。

Underlying the strength of our strategic position, I would briefly note that even with the strength we expect for fiscal 2022, we expect growth in the mid- to high-single digits in fiscal 2023. We've also raised our guidance for operating cash flow by $100 million to $1.85 billion. With capital expenditures remaining around $250 million, that would deliver free cash flow of about $1.6 billion. See our earnings slides and press release for further cash flow information.

為了凸顯我們強大的戰略地位，我想簡要指出，即使考慮到我們對2022財年的強勁預期，我們預計2023財年仍將保持中高個位數的成長。此外，我們將經營現金流預期上調了1億美元，達到18.5億美元。在資本支出維持在2.5億美元左右的情況下，這將帶來約16億美元的自由現金流。更多現金流信息，請參閱我們的盈利報告和新聞稿。

For the second quarter, we expect GAAP net revenue of $1.775 billion, cost of revenue to be $518 million and operating expenses of $1.030 billion. This results in an earnings per share of $0.36 for the second quarter. We expect Q2 fiscal 2012 net bookings to be $1.725 billion, which would make it our largest Q2 ever, driven by the launch of FIFA, continued growth of Apex Legends, plus Mobile, F1, Madden and The Sims. This is up 90% on a year ago quarter.

我們預計第二季GAAP淨收入為17.75億美元，營業成本為5.18億美元，營運費用為10.3億美元。由此計算，第二季每股收益為0.36美元。我們預計2012財年第二季淨預訂將達到17.25億美元，這將使我們第二季業績創歷史新高，主要得益於FIFA的發布、Apex Legends的持續成長，以及行動遊戲、F1、Madden和The Sims等遊戲的強勁表現。這一數字較去年同期成長了90%。

With another great quarter under our belts, we're looking forward to the launches of our sports titles this quarter and Battlefield 2042 in time for the holidays. And our strategic position has never been stronger, with growth drivers in place for this year, next year and beyond.

又一個季度業績斐然，我們期待本季體育遊戲的發布，以及趕在假期前推出《戰地2042》。我們的策略地位也從未如此穩固，今年、明年甚至未來都已製定了成長計畫。

I'd like to announce one thing, and that is our Chief Accounting Officer, Ken Barker, has decided to retire from EA. Many of you know Ken. He has interacted with investors and the buy-side and sell-side for years. Ken has done an amazing job as a Chief Accounting Officer over the last 18 years as well as supporting 3 CEOs and the management team during his time at the company. In addition, he has been a fantastic business partner for me over the last 9 years. He has developed an amazing team of people that support our business and exceptional leaders that will be able to carry on his strong support of the company.

我想宣布一件事，那就是我們的首席會計官肯·巴克（Ken Barker）決定從EA退休。你們中的許多人都認識肯。多年來，他一直與投資者、買方和賣方保持著密切的聯繫。在過去的18年中，肯作為首席會計官表現出色，並在公司任職期間為三位執行長和管理團隊提供了支援。此外，在過去的9年中，他一直是我非常棒的商業夥伴。他培養了一支優秀的團隊來支持我們的業務，並培養了一群傑出的領導者，他們將繼承他的衣缽，繼續為公司提供強有力的支持。

Ken's groomed a very strong person to take over the Chief Accounting Officer role, Eric Kelly, who I think many of you also know. Eric also has been with EA for 18 years in all of our key markets around the world, Europe, Asia and North America. And he has all the skills and strengths to fill the very large shoes that Ken has worn for years. We're lucky that Ken has agreed to assist in the transition over the next 9 months. So he'd be with us until after we close our fiscal year. And I thank Ken for his amazing commitment to EA and his fantastic partnership.

肯培養了一位非常優秀的人選來接任首席會計官一職，他就是埃里克·凱利，我想你們中的許多人也都認識他。艾瑞克已經在EA工作了18年，足跡遍佈我們在全球所有主要市場——歐洲、亞洲和北美。他完全有能力和實力勝任肯多年來一直承擔的重任。我們很幸運，肯同意在接下來的9個月協助我們完成過渡工作。他將一直陪伴我們到本財政年度結束。我衷心感謝肯對EA的卓越貢獻以及他與我們之間出色的合作關係。

So with that, I'll turn it back to Andrew. We lost Andrew.

那麼，接下來我要把話題轉回安德魯身上。我們失去了安德魯。

Sorry. Minor glitch. Thank you, Blake. I'd like to echo your thoughts and sentiments and say thank you, Ken, for all of your outstanding contributions to Electronic Arts. We'll miss you.

抱歉，出了點小故障。謝謝你，布萊克。我也想表達我同樣的看法，肯，感謝你為藝電的傑出貢獻。我們會想念你的。

As I started this call, I again want to thank our teams for everything they continue to do in service of our players around the world. Thanks to their efforts, we're bringing hundreds of millions of players together through our games and live services like Apex Legends. We're delivering great new experiences like F1 2021 and Mass Effect Legendary Edition, and we have even more amazing content to come.

在本次電話會議開始前，我再次衷心感謝我們的團隊，感謝他們為全球玩家所做的一切。正因為有了他們的努力，我們才能透過《Apex英雄》等遊戲和線上服務，將數億玩家聚集在一起。我們正在推出《F1 2021》和《質量效應：傳奇版》等精彩的新體驗，未來將有更多令人驚豔的內容上線。

It's been a strong start to our fiscal year. Our growth drivers, leadership in sports, building blockbuster franchises and growing live services, including mobile, are accelerating our business, and we're well positioned for continued growth this year and beyond.

本財年開局強勁。我們在體育領域的領先地位、打造重磅特許經營項目以及發展包括行動端在內的實時服務等增長動力，正在加速我們的業務發展，我們已做好充分準備，迎接今年及未來持續增長。

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 the line of Eric Handler with MKM Partners.

（操作員說明）您的第一個問題來自 MKM Partners 的 Eric Handler。

The first question, real quickly with F1. I wonder if you could compare how marketing for the game has changed on a year-over-year basis. And then I've got a follow-up to that.

第一個問題，關於F1，簡單問一下。我想請您比較一下這款遊戲的行銷策略逐年變化的情況。之後我還有一個後續問題。

Yes. I would tell you, I just think that when you think about how we go to market with our games, we have global reach. We have extraordinarily digital capabilities and kind of data-driven marketing processes that allows us to better target both existing players, lapsed players and potential new players. And I think what we've been able to do as an organization is take that strength, partner that with an extraordinary game team at Codemasters and what is also a spectacular game in the middle of an F1 season that is more interesting than any season in recent history with the competition between Hamilton and Verstappen kind of hotting up. And the combination of all those things together has meant that we've seen growth in the franchise and expect to be able to continue to grow that franchise over time.

是的。我會說，我認為當我們思考如何推廣我們的遊戲時，我們擁有全球影響力。我們擁有卓越的數位化能力和數據驅動的行銷流程，這使我們能夠更好地定位現有玩家、流失玩家和潛在新玩家。我認為我們作為一個組織所做的，就是將這種優勢與Codemasters的優秀遊戲團隊相結合，再加上這款同樣精彩的遊戲，恰逢F1賽季中期，而本賽季漢密爾頓和維斯塔潘之間的競爭也愈演愈烈，比近年來任何一個賽季都更加精彩。所有這些因素的結合，意味著我們看到了該系列遊戲的成長，並且我們預計未來將能夠繼續推動該系列遊戲的發展。

Great. And then I assume -- should we assume this year there's going to be live services for F1? And was there any consequential live services with last year game?

太好了。那我假設－我們是否可以假設今年會有F1的即時服務？去年的遊戲中是否有任何重要的即時服務？

It would -- this game is early in the partnership between Codemasters and EA SPORTS. So a lot of how we think about the future live service of that business and sustaining that community and that fan base and play base over time is going to continue to evolve. There is some this year but not as extensive as certainly we think we will get to over the course of time.

確實如此——這款遊戲是Codemasters和EA SPORTS合作的早期階段。因此，我們對未來業務的持續運作、如何維繫社群、粉絲群和玩家群的思考將會不斷發展演變。今年已經有一些舉措，但肯定不如我們預期的那麼全面，我們會在未來逐步實現。

Your next question comes from the line of Andrew Uerkwitz with Jefferies.

你的下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

Blake, I know you want to briefly mention it, but I want to see if you could go into a bit more color. Typically, you don't kind of give plus 1 year guidance out or -- so when you're thinking about growing mid-double digits for next fiscal year, could you give us any color on how that's going to be achieved? Is it more of the same? But any additional color to help us kind of piece together how we should think about that growth rate.

布萊克，我知道你想簡單提一下，但我還是想聽聽你更詳細的說法。通常情況下，你不會給出長達一年的業績指引，所以當你考慮下一財年實現兩位數中段的增長時，你能具體說說將如何實現嗎？是沿用之前的模式嗎？或者你能提供一些額外的信息，幫助我們更好地理解這個增長率嗎？

Sorry. I was on mute. Sorry about that. So what I was saying is, first and foremost, focus on the acquisitions that we've done. And those, on their own, will create substantial uptick in both top line growth and bottom line growth as we look at continuing to fuel those acquisitions and then use those talent bases to start to build out new titles that we can add to our overall portfolio.

抱歉，我剛才靜音了。不好意思。我剛才想說的是，首先，也是最重要的，要關注我們已經完成的收購。這些收購本身就能顯著提升我們的營收和利潤，因為我們將繼續推動這些收購，並利用這些人才儲備來開發新的遊戲，從而豐富我們的整體產品組合。

Second, think about Apex Mobile. We've said that we have very little in this year. We're in test market, and we should be out in the global markets in China next year, if not earlier. That could be a huge driver in profitability going forward. We have the potential of live services around Battlefield as well as a Battlefield mobile game coming up. And we clearly have other games planned, such as a Need for Speed or others that are coming, which you'll hear more about in the future. But you can imagine. We try to operate the business on a 5-year cadence if not longer, and we're thinking about how do we generate growth each year, both organic and through acquisitions. And I would tell you I think we are in a better position than we've ever seen before.

其次，想想Apex Mobile。我們說過，今年我們的計畫非常有限。目前我們正處於測試階段，預計明年，甚至可能更早，就會在中國等全球市場推出。這可能會成為未來獲利能力的巨大驅動力。我們也有潛力圍繞著《戰地》系列推出線上服務，以及一款即將推出的《戰地》手遊。我們顯然還有其他遊戲計劃，例如《極速快感》系列或其他即將推出的遊戲，未來你們會聽到更多消息。但你們可以想像，我們盡量以五年甚至更長的周期來經營業務，並且正在思考如何實現每年的成長，包括內生成長和收購。我認為我們現在的處境比以往任何時候都要好。

Got it. I appreciate that, considering it's so far out. The next question -- and I'll bring it back to current times. Could you walk us through the pushes and takes of how we should think about the impact FIFA has on this quarter versus what it will have on the December quarter considering the shift in launch date?

明白了。考慮到距離發售還有很長時間，我很感激。下一個問題——我會把它拉回當下。您能否解釋一下，考慮到發售日期的調整，我們應該如何看待FIFA對本季和12月季的影響？

Yes. So I know not everyone on the street has seen this, and it's not clear for a lot of people. We'll ship FIFA on technically October 1, which means we actually ship it a little earlier for people who are part of our subscription program, for example. But we will capture some revenue, as we've shown in our guidance for this quarter in Q2. we'll also capture revenue in Q3. And usually, the first 1 to 2 quarters of FIFA are the biggest quarters because people are building their ultimate teams. And so we'll see strong growth both this quarter and next quarter off of FIFA with the shift being that it's dropping in Q2, which last year, it only dropped in Q3 when we started it, but it should make a huge difference. And for the full year, obviously, we wouldn't have generated -- or said that we were going to grow for a full year and increase our guidance if we weren't confident about FIFA as well as other products.

是的。我知道並非所有人都了解這一點，很多人也不清楚。 FIFA 的正式發售日期是 10 月 1 日，這意味著對於訂閱用戶等群體，我們會提前一些時間發售。正如我們在第二季的業績預期中所展示的，我們將在第二季獲得部分收入，第三季也會獲得收入。通常來說，FIFA 發售後的前一到兩個季度是收入最高的，因為玩家都在組建自己的夢幻球隊。因此，FIFA 在本季度和下個季度都會帶來強勁的成長，但與去年不同的是，FIFA 在第二季度開始發售時，其收入下降是在第三季度，而今年的下降幅度應該會非常顯著。至於全年業績，顯然，如果我們對 FIFA 以及其他產品沒有信心，我們就不會預測全年成長並提高業績預期。

Your next question comes from the line of Benjamin Kraft (sic) [Bryan Kraft] with Deutsche Bank.

你的下一個問題來自德意志銀行的 Benjamin Kraft（原文如此）[Bryan Kraft]。

Was hoping you could provide a little bit more color on the Dead Space franchise and what you guys are expecting from the reboot there.

希望你能詳細介紹一下《死亡空間》系列，以及你們對重啟版有什麼期待。

And secondly then, on the name, image and likeness development? And maybe to what extent do you think including realized college athletes is something that you guys are focused on. And from a development perspective, how quickly could you add that to one of your games versus using generic players?

其次，關於姓名、形象和肖像權開發方面，你們在多大程度上重視使用已成名的大學運動員？從開發角度來看，與使用普通球員相比，在遊戲中加入這些球員需要多長時間？

Two great questions. Having just provided a very small trailer on Dead Space, there's -- or a sweet preview on Dead Space, there's no lot more I can share about that. It's a little ways out yet, but the studio has taken it on. What I can say is it's one of the great games from our catalog. There has been extraordinary demand to bring it back for existing players and next generation of players, and we're excited to kind of add that to the portfolio over time. And we'll be able to share more as development continues. But I would just -- I would close on that point by saying it was one of the most demanded titles for us, maybe just after Skate, which we've also announced we're bringing back, and the response was very positive to the announcement that we're back in development.

兩個很好的問題。我剛剛發布了一個關於《死亡空間》的簡短預告片，或者說是一個精彩的預覽，關於這款遊戲我能透露的資訊不多。距離正式發售還有一段時間，但工作室已經著手開發了。我可以肯定的是，它是我們遊戲庫中非常優秀的作品之一。老玩家和新一代玩家都強烈要求我們重新推出這款遊戲，我們也很高興能逐步將它加入我們的產品組合中。隨著開發的推進，我們會分享更多資訊。最後我想說的是，它是我們收到呼聲最高的遊戲之一，可能僅次於《滑板》（我們也宣布將重新開發這款遊戲），而且玩家對我們重啟開發的消息反響非常積極。

Around name, image and likeness, again, we believe that we can build an extraordinary college football game in the absence of name, image and likeness in partnership with the schools and in partnership with the conferences, and we're looking to do that. I also believe with what we have seen most recently in and around name, image and likeness that is very plausible and likely very possible for us to integrate name, image and likeness with athletes according to whatever rule sets may emerge as to how they may engage with us in that context. And we are building the architecture of the game with a database structure so that if and when that comes online, we'll be able to add that to the game very seamlessly.

關於姓名、形象和肖像權，我們相信，即使不使用姓名、形象和肖像權，我們也能與各大學和聯盟合作，打造一款卓越的大學橄欖球遊戲，而我們也正致力於此。同時，根據我們近期在姓名、形象和肖像權領域所觀察到的情況，我認為，根據未來可能出台的規則，將姓名、形象和肖像權與運動員結合起來是完全可行的。我們正在建立遊戲的資料庫架構，以便在相關技術上上線後，能夠非常無縫地將其添加到遊戲中。

And your next question comes from the line of Mike Hickey with Benchmark.

你的下一個問題來自 Benchmark 的 Mike Hickey。

Great quarter, guys. Awesome. Blake, that was exciting to see. Two questions. First one on FIFA Ultimate Team, look like in the quarter, maybe subsequent, you tested some Preview Packs, which was sort of an alternative to loot boxes. So just curious sort of your learnings there from that test event.

夥計們，這季度太棒了！布雷克，看到你表現真是令人興奮。我有兩個問題。第一個是關於FIFA Ultimate Team的，看起來你們在這個季度（或許是接下來的幾季）測試了一些預覽包，這算是戰利品箱的替代方案。所以我想了解你們從這次測試活動中獲得了哪些經驗。

And the second question, just looking at the competitive landscape on FIFA. It looks like PES is shifting to eFootball free to play PC? So just curious how you're thinking about how that sort of changed in the competitive environment.

第二個問題，就FIFA的競技格局而言，PES似乎正在向免費PC遊戲eFootball轉型？所以我想知道您如何看待這種變化對競技環境的影響。

Yes, 2 great questions. On Preview Packs, the short answer is it was very well received by the community. Our FIFA Ultimate team are always working very closely with our community of players. FIFA Ultimate Team is the most played mode in that game by a wide margin. And we're always working to offer new and innovative and creative ways to engage, connect with your friends, connect with the world of football and build your ultimate team. Preview Packs, as I said, was well received. We saw an increase in engagement, and we saw a higher rate of conversion of spenders. I would say it was coming down towards the end of the season. So some of this data has to be taken in that context. But the team is committed to continue to innovate in and around the offers and the programs that we put together for our players and believe that we can continue to grow that business over time.

是的，兩個好問題。關於預覽包，簡而言之，它受到了玩家社群的熱烈歡迎。我們的 FIFA Ultimate 團隊一直與玩家社群保持著密切的聯繫。 FIFA Ultimate Team 是該遊戲中玩家人數最多的模式，遙遙領先。我們始終致力於提供創新且富有創意的方式來吸引玩家，與好友互動，融入足球世界，並打造屬於自己的終極球隊。正如我所說，預覽包廣受好評。我們看到了玩家參與度的提升，以及消費轉換率的提升。我想說的是，賽季末期轉換率有所下降。因此，我們需要結合當時的實際情況來解讀這些數據。但團隊致力於持續創新，不斷改進我們為玩家提供的優惠和項目，並相信我們能夠隨著時間的推移不斷發展這項業務。

With respect to Pro Evolution Soccer changes its name to eFootball and going through to play, we've seen this happen before. I would tell you we're very committed to our soccer business. We're very committed to our player base. We continue to grow that player base. We've listened to our community over the years, and we've gone out and got much of the license content that underpins an authentic football game exclusively and continue to invest deeply not just in modes of play but in core gameplay to ensure that we're delivering the best possible experience for our global player base. And what you heard me talk about in the prepared remarks is as a result of the innovation in and around HyperMotion, we're seeing extremely strong demand for the upcoming version of FIFA, and engagement in that franchise continues to grow.

關於實況足球更名為eFootball以及後續的遊戲開發，我們之前也曾經遇到過這種情況。我想說的是，我們對足球業務和玩家群都非常重視，並且一直在努力擴大玩家群。多年來，我們一直傾聽玩家社群的聲音，並獨家獲得了許多支撐真實足球遊戲的授權內容。我們持續投入巨資，不僅開發遊戲模式，更注重核心遊戲機制，以確保為全球玩家提供最佳的遊戲體驗。正如我在之前的演講中提到的，由於HyperMotion的創新，我們看到了玩家對即將推出的FIFA新版本極其強勁的需求，並且該系列遊戲的參與度也在不斷提升。

So again, competition is always good. We're always very closely cognizant of what competition is doing. But our commitment is to our player base and delivering the most comprehensive, broad-based, authentic football game on the planet. And we believe we have the best team to do that, and we'll look to continue to do that over time.

所以，競爭總是好事。我們始終密切注意競爭對手的動向。但我們始終致力於服務好玩家群，打造全球最全面、最廣泛、最真實的足球遊戲體驗。我們相信我們擁有實現這一目標的最佳團隊，我們將繼續努力，爭取在未來繼續保持這一目標。

Your next question comes from the line of Matthew Thornton with Truist Securities.

你的下一個問題來自 Truist Securities 的 Matthew Thornton。

Maybe 2, if I could, and these are actually things you hit on in earlier questions. I guess just coming back to, Blake, on the commentary for next year, I'm just curious if that guidance is dependent on any big, frontline title. Obviously, this year, you've got Battlefield. I'm curious if that's dependent on any larger title for next year. Somewhat relatedly, I'm curious thoughts around Battlefield. Does that franchise still aspire to be in every other year release type of a cadence in a normal world? Just curious if there have any updated thoughts there.

如果可以的話，也許可以選兩個，這些其實也是你之前問題裡提到的。布萊克，回到你對明年遊戲的展望，我只是好奇這個方向是否取決於今年是否有哪款重磅大作。顯然，今年有《戰地》系列。我想知道明年是否也會有類似的重磅作品。另外，我也想了解《戰地》系列。在正常情況下，這個系列是否仍堅持每隔一年推出新作的節奏？我只是好奇你們對此是否有任何新的進展。

And then just finally around some of the collegiate sports given some of the changes going on there, I'm curious if there's any interest around basketball with NBA Live, a little bit dormant here. I'm wondering if there's any pivot in any interest there?

最後，考慮到大學運動的一些變化，我很好奇大家對NBA Live籃球遊戲是否還有興趣，它目前似乎有點冷清。我想知道大家對NBA Live的興趣是否有回升？

Yes. All good questions. I would say next year -- and this is a testament to our business. Next year is a collection of great franchises all coming to play and new franchises. So new franchises in mobile, new franchises across our business, in places like F1 and other driving games and new franchises or existing franchises that we will bring back that -- like NCAA or PGA Golf that we've talked about.

是的，都是很好的問題。我想說的是，明年——這也證明了我們業務的實力——將會有一系列優秀的系列遊戲和新系列遊戲上線。包括行動端的新系列遊戲，以及我們業務各個領域的新系列遊戲，例如F1和其他賽車遊戲，還有一些我們將會重新推出的經典系列遊戲，例如我們之前提到的NCAA和PGA高爾夫。

And you know what? We've always tried to build the business on a collection of great titles, not one title because one title always poses risk. And so our view is a collection of the titles with great live services associated with them -- and you're going to see that over the next -- not just next year but for the next many years to come. That's how we've tried to build our business. And I think you'll hear more about it. We're not trying to give guidance right now on next year. But we did say in our prepared remarks that we're confident of growth going forward even after an incredible growth there -- year this year and last year. And we feel like we're on a really good path to continue to try to grow this business, and we're seeing the great reception for our products in the marketplace.

你知道嗎？我們一直致力於打造一系列優質遊戲，而不是依賴單一遊戲，因為單一遊戲總是存在風險。所以我們認為，應該打造一系列擁有優質配套服務的優質遊戲——而且你會在未來幾年，不僅是明年，而是未來很多年，看到這一點。這就是我們一直以來打造業務的方式。我想你會聽到更多相關資訊。我們現在不打算對明年的業績做出預測。但我們在事先準備好的演講稿中提到，即使經歷了去年和今年的驚人成長，我們仍然對未來的成長充滿信心。我們感覺我們正走在一條非常正確的道路上，能夠繼續發展這項業務，我們看到了市場上對我們產品的巨大反響。

So more to come on that. We'll give you guys more details as we get closer. We know that's what you want. But you should just trust that we're confident that we're seeing and we're planning both top line and bottom line growth going forward. And now I don't remember your next 2 questions. So...

關於這一點，我們稍後會提供更多資訊。隨著時間推移，我們會公佈更多細節。我們知道這是你們想要的。但請相信，我們有信心併計劃在未來實現營收和利潤的雙重增長。現在我記不清你們接下來的兩個問題了。所以…

Let me jump in on do we think Battlefield will return to an every other year launch, I would say -- I think that is our orientation. But more importantly, I think you should think about Battlefield as a service what we announced -- what we're doing for the launch of this game is really revolutionizing and reinventing what -- all our epic scale warfare is in the context of gameplay. In addition to that, we've heard us announce Battlefield Portal, which really starts to lean into user-generated content and will drive deep long-term engagement in the game.

關於《戰地》系列是否會回歸兩年一作的模式，我想說──這確實是我們的發展方向。但更重要的是，我認為你們應該把《戰地》看作一項服務。正如我們之前宣布的，我們為這款遊戲的發布所做的，是對我們所有史詩級戰爭遊戲玩法的徹底革新和重塑。此外，我們也宣布了《戰地》入口網站（Battlefield Portal），它將真正開始重視用戶生成內容，並推動玩家在遊戲中進行深度、長期的參與。

And while we've announced Hazard Zone is the a name. We haven't disclosed a lot about what's going on there, and you'll hear more about that in the coming months, you should understand that this really forms the foundation for what we believe the future of a live service around Battlefield is, which over time will include a mobile launch, will include some free-to-anchor components and really change the nature of what happens from launch to launch. So that while -- and every other year launch probably makes sense as we think about it today. We're really focused on 365-day engagement in the franchise at a platform level across any device that consumers may want to play on.

雖然我們已經宣布「危險區域」是新名稱，但我們還沒有透露太多關於該區域的具體內容，未來幾個月我們將公佈更多資訊。需要說明的是，這實際上奠定了我們對《戰地》系列未來持續服務模式的基礎，該模式將逐步擴展到行動端，包含一些免費內容，並真正改變每次更新的模式。因此，我們認為每隔一年推出一次新版本是合理的。我們真正關注的是，無論玩家使用何種設備，都能在平台上全年無休地體驗《戰地》系列遊戲。

Then I think your -- the other part of your question was name, image and likeness college sports and does that open up an opportunity on basketball. I would tell you our focus right now is football. But what you've also heard us talk about is really building on our strength in sports. We believe this is a unique strength for us. We're the leading company when it comes to delivering multiple high-quality sports across -- at global scale, and it would not be a match for us in a world where we start to develop more into college football to start expand that to other college sports as well.

那麼，我認為您問題的另一部分是關於姓名、形象和肖像權在大學體育領域的應用，以及這是否會為我們在籃球領域帶來機會。我想告訴您，我們目前的重點是橄欖球。但您也聽到我們談到，我們正在大力鞏固我們在運動領域的優勢。我們相信這是我們獨一無二的優勢。我們是全球領先的高品質體育賽事內容提供商，在全球範圍內提供多種體育賽事內容。如果我們在大學橄欖球領域取得更大發展，那麼將這項服務擴展到其他大學運動項目將是對我們最大的挑戰。

Your next question comes from the line of Mario Lu with Barclays.

你的下一個問題來自 Mario Lu 與巴克萊銀行的合作。

First one is on Battlefield. So you mentioned you're not updating your unit sales estimate for the title, quite the positive response to sales. So I just wanted to hear your thoughts on in terms of in-app purchases with an upcoming title. How should we frame the opportunity with that new monetization channel as historically [was only monetized through CSD]?

首先是關於《戰地風雲》系列。您提到您不會更新該遊戲的銷售預估，因為銷售情況相當不錯。所以我想聽聽您對即將推出的遊戲內購的看法。我們該如何看待這個新的獲利管道，畢竟以往的獲利模式只有CSD（內容銷售）？

Yes. What I would say is that don't take our comments on not updating the guidance on Battlefield in any way as a negative. It is -- we ultimately expose the world to Battlefield later than we normally would do. Normally, we do it through early June, E3 or maybe even earlier than that, and we did it in early July. So we're trying to make sure we pace the disclosure about what's in the game to people and then measure our demand off of that. But we're feeling very, very positive about it. And we wouldn't have raised our full year guidance if we didn't feel that was a potential for us, and I think it's an upside for the company longer term during the year.

是的。我想說的是，請不要把我們沒有更新《戰地》系列遊戲的業績預期解讀為負面消息。我們最終向玩家展示《戰地》的時間比平常晚了一些。通常情況下，我們會在六月初、E3遊戲展之前，甚至更早的時候發布，而這次我們是在七月初。所以我們正在努力控制遊戲內容的揭露節奏，並以此衡量市場需求。但我們對這款遊戲充滿信心。如果我們不認為它有這樣的潛力，我們就不會提高全年業績預期，而且我認為這對公司來說是一個長期的利好因素。

You're going to hear a lot more over the next couple of months about Battlefield live services, in-game monetization and so forth. I can't tell you all that now, but trust that the team is working very hard on this, and they have some very unique ideas about what we can continue to do, as Andrew just said, to create this as a long-term interaction with our consumers versus simply selling a game this year. And we want to build a long-term relationship as we have with Battlefield users for a long time. Portal is a perfect example of how that works, and you'll see more of that and more details about that over the next couple of months.

接下來的幾個月裡，你會聽到更多關於《戰地》系列線上服務、遊戲內獲利模式等等方面的消息。我現在還不能透露全部細節，但請相信團隊正在為此努力，他們有一些非常獨特的想法，正如安德魯剛才所說，我們希望與玩家建立長期的互動關係，而不僅僅是今年銷售一款遊戲。我們希望像與《戰地》玩家長期合作一樣，建立長期的合作關係。 《傳送門》就是一個很好的例子，未來幾個月你會看到更多關於《傳送門》及其相關細節的資訊。

Great. Thanks, Blake. And just one on mobile. In terms of the acquisition of Playdemic, that makes a lot of strategic spend given that you're building down in support. Can you talk about just the near- and long-term synergies we should expect from this acquisition?

太好了，謝謝布萊克。關於行動端，就我而言，考慮到你們正在下放支援力度，收購 Playdemic 是一筆相當可觀的策略支出。您能否談談我們應該從這次收購中獲得哪些近期和長期的綜效？

Well, I would say with all of our acquisitions that we've done -- we've done 4 now if you include Playdemic, which is not yet closed, you're going to see clearly some synergies, synergies in terms of management teams, synergies in terms of go-to-market strategies, marketing strategies and so forth. Most of these companies are smaller. They are exceptional in how they develop games. But as you've seen with F1 already, we've been able to drive more sales than what we've seen historically with that business, and we'll continue to do that across all of the portfolio of companies.

嗯，我想說，就我們目前完成的所有收購而言——如果算上尚未完成的Playdemic，我們已經完成了四項收購——您將會看到明顯的協同效應，包括管理團隊、市場推廣策略、營銷策略等等方面的協同效應。這些公司大多規模較小，但它們在遊戲開發方面非常出色。正如您已經看到的F1項目，我們已經實現了比以往更高的銷售額，而且我們將繼續在所有旗下公司中實現這一目標。

I would say in the case of Playdemic and in the case of Glu, Tap Sports Baseball and Metalhead with their baseball game and Playdemic's golf game, we are going to leverage their strengths as best as possible to try to find ways to create more and better casual games in mobile -- on mobile than we have in the past. And that's not to say that we haven't done a good job on mobile. We have, but the potential that we have -- if you look at what Playdemic's done, the potential we have with something like a global FIFA game or a global Madden game where we already have the licenses, there is huge upside.

我想說，就Playdemic、Glu、Tap Sports Baseball和Metalhead（他們的棒球遊戲）以及Playdemic的高爾夫遊戲而言，我們將盡可能地發揮他們的優勢，努力在行動平台上開發更多更好的休閒遊戲——比我們過去在行動平台上做得更好。這並不是說我們過去在行動遊戲領域做得不好。我們做得不錯，但我們擁有的潛力——看看Playdemic的成就，再看看我們已經擁有授權的全球版FIFA或全球版Madden遊戲——就會發現巨大的發展空間。

I can't give you what those numbers look like yet. But I will tell you that the reason we did these deals was to try to make sure we brought the talent in and that could help us expand our capabilities on more casual sports games around the globe and more casual games in general around the globe. And we're pretty excited about it. And I'd tell you, the mobile teams have worked very closely with the new teams at Playdemic or Glu or Metalhead or Codemasters, and they've come up with some amazing ideas on what we could do together.

我現在還不能透露具體數字。但我可以告訴你，我們達成這些交易的目的是為了引進人才，從而幫助我們拓展在全球範圍內開發更多休閒體育遊戲以及其他休閒遊戲的能力。我們對此感到非常興奮。而且我可以告訴你，我們的行動遊戲團隊與Playdemic、Glu、Metalhead或Codemasters的新團隊密切合作，他們提出了許多關於我們可以如何合作的絕妙想法。

Next question comes from the line of Jamie Bass with Berenberg.

下一個問題來自 Jamie Bass 與 Berenberg 的對話。

Two questions from me, please. Firstly, it looks like engagement is still holding up very well. But are you seeing any sort of different trends in markets where restrictions eased more versus markets where there's still more a lockdown element?

我有兩個問題。首先，看起來用戶參與度依然很高。但是，在限制措施放鬆較多的市場和仍處於封鎖狀態的市場中，您是否觀察到任何不同的趨勢？

And then secondly, with the F1 game, that looks like it's been very well received through reviews and everything. Is that so far going in terms of sales and engagement? Is that going broadly how you expected it? Or is there any outperformance versus your internal expectations?

其次，關於F1遊戲，從評論來看，反應非常好。就目前的銷售量和用戶參與度而言，情況如何？整體上是否符合您的預期？或者說，是否有超越您內部預期的表現？

Yes. I would say just on the F1 game, I think we've exceeded our expectations. There's no negative on the F1 team because they are exceptional. It was could we quickly -- I mean we didn't own the business for that long. So could we quickly integrate the teams, our marketing and publishing efforts to try and drive that business as fast as we did? That's probably where we might have had some questions. And actually, we've well exceeded that. And it's to the testament of an exceptional game development team that was able to produce the right assets, to produce the right marketing materials to help us drive this business and the teams working together.

是的。就F1遊戲而言，我認為我們已經超出了預期。 F1團隊本身沒有任何問題，因為他們非常出色。問題在於我們能否迅速——畢竟我們接手這項業務的時間並不長——迅速整合各個團隊、行銷和發行工作，以如此快的速度推動業務發展。這或許是我們當時的一些顧慮。但實際上，我們已經遠遠超出了預期。這要歸功於我們卓越的遊戲開發團隊，他們能夠製作出合適的素材和行銷資料，幫助我們推動業務發展，也得益於各團隊的通力合作。

And you know what? I think we don't get enough credit for that. But EA is a bunch of people who really can work well together. And we do a great job of working with other parts of our company. And when we bring in acquisitions, we work well with them. And I think the poster child there is you look at Respawn and you look at what's happened with Apex. This is a team effort. And Respawn has obviously driven the amazing development of Apex, but they've partnered with us extremely well to drive what is now -- it's coming up to almost $2 billion in business over 2 years. That's unheard of in our industry. And I'm not sure we get enough credit for it. I don't really care. But at the end of the day, it is amazing what our teams are able to do.

你知道嗎？我覺得我們在這方面得到的讚譽還不夠。 EA 的團隊成員之間合作非常默契。我們與其他部門的協作也做得非常好。收購新公司後，我們也能與他們保持良好的合作關係。最好的例子就是 Respawn，看看 Apex 的發展歷程。這完全是團隊合作的成果。 Respawn 無疑推動了 Apex 的驚人發展，但他們與我們合作得也非常好，才成就瞭如今的成就——兩年內營收接近 20 億美元。這在業界是聞所未聞的。我不確定我們是否得到了足夠的讚譽。我其實並不在意。但歸根結底，我們團隊所取得的成就令人驚嘆。

I would tell you, to your earlier part of the question, we've tried to put together great marketing for all of the companies that we've acquired, and it doesn't -- it happens quick. And F1 has been a great example of that, and you have to have great products to do that. And so I would tell you that the combination of great teams and great marketers is really powerful in this industry, and I think we've been able to prove that we can do that across all the acquisitions that we've done in the last 4 or 5 years.

關於你之前的問題，我想說的是，我們一直努力為所有收購的公司打造出色的行銷，但這並非一朝一夕就能實現的。 F1 就是一個很好的例子，而要做到這一點，你必須擁有優秀的產品。因此，我認為在這個行業，優秀的團隊和優秀的營銷人員相結合的力量非常強大，而且我認為我們已經證明，在過去四五年裡的所有收購中，我們都能做到這一點。

Yes. And I would jump in. On your point around restrictions and are we seeing anything different, I would tell you given the rollercoaster nature of opening up and shutting down and lockdowns and various restrictions that are happening in various geographies and territories globally, it's almost hard to track at this juncture who is open and who is closed. What I would tell you, though, in aggregate, is we have seen strength across our business, across all territories regardless of being open or closed. I think the performance this quarter is a testament to that.

是的，我也想補充一點。關於您提到的限制措施以及我們是否看到任何變化，鑑於全球各地不同區域和地區不斷經歷的開放與關閉、封鎖以及各種限制措施，目前很難準確判斷哪些地區已經開放，哪些地區仍然關閉。但總體而言，無論開放與否，我們所有地區的業務都保持強勁成長。我認為本季的業績就是最好的證明。

And at some level, this is largely due to what we see in our games is it's not just about a connection to content that people may be able to forgo in the context of returning to school or returning to work or returning to kind of general life. It's about connections to friends that they had prior to playing and they made during playing that people keep coming back to. And as we think about building ongoing interactive entertainment experiences, this is why you hear us leading into the social ecosystems in and around our games because this is what drives longevity and it's what drives deepening engagement in our business. And so I think what we're seeing right now is the world is in different phases in different places. But on aggregate, engagement in and around our games continues to be extremely strong.

在某種程度上，這很大程度上是因為我們在遊戲中看到的現象：人們不僅僅與遊戲內容建立聯繫——這種聯繫在他們重返校園、重返工作崗位或回歸日常生活時或許可以暫時放下——更重要的是，他們與遊戲前就已結識的朋友以及在遊戲過程中建立的聯繫，這些聯繫會讓他們不斷回歸。當我們思考如何建構持續的互動娛樂體驗時，這就是為什麼我們會在遊戲內外建立社交生態系統，因為這就是維繫遊戲生命週期和加深用戶參與度的關鍵所在。所以我認為，目前世界各地正處於不同的階段，但整體而言，我們遊戲內外的用戶參與度依然非常高。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

It's Matt on for Brian. Two, if I could. So just on the strength of Apex in the quarter, obviously, the comp was extremely hard. So that's a pretty impressive feat. Are there any specific initiatives or pieces of content or geographies that you would call out that have sort of been the source of that outperformance year-on-year for Apex.

我是Matt，替Brian發言。如果可以的話，我想說兩點。首先，僅就Apex本季的強勁表現而言，顯然，同期業績競爭非常激烈。所以這確實是一項令人印象深刻的成就。您能否特別指出一些具體的舉措、內容或地區，它們是Apex業績年增率的關鍵因素？

And then just secondly, on the mobile side, we've heard from some peers in the mobile gaming space that they've seen very little impact to their ROI on advertising after the recent changes to App Tracking on iOS and others who've said they've seen sort of an increase in UA spend being necessary? I'm wondering what experience you guys are having on the mobile side there.

其次，在行動端方面，我們從一些行動遊戲領域的同行那裡了解到，iOS 應用追蹤機制最近的改動對他們的廣告投資回報率影響甚微；而另一些同行則表示，他們發現用戶獲取方面的支出似乎有所增加。我想了解各位在行動端有哪些經驗。

Let me jump in on Apex and then maybe Blake could hit the kind of the mobile ad piece. The only thing I would tell you is it's not just any one thing. I think what I talked about in my prepared remarks is the very detailed nature that the Respawn team and the Apex team takes the ongoing development of this experience and the support of their growing global communities. And it's really about -- on any given day, it's really thinking about what enhancement, extensions, innovations they can add to core gameplay, that moment-to-moment gameplay. There is -- how can they think about new modalities of play like arenas, which changes kind of the broader rule set of how you engage in that moment-to-moment gameplay. And how do they add content with the legend and with all of the extra stuff in and around that, that drives more interest.

讓我先說《Apex英雄》，然後Blake或許可以談談行動廣告方面的問題。我只想說，這並非一蹴可幾。我在準備的演講稿中提到的是，Respawn團隊和《Apex英雄》團隊非常注重遊戲體驗的持續開發，以及對不斷壯大的全球玩家社群的支持。他們每天都在思考如何為核心玩法，也就是遊戲中的每一刻，加入增強功能、擴展內容和創新元素。他們會思考如何發展新的遊戲模式，例如競技場，這會改變玩家參與遊戲的整體規則。他們也會思考如何透過傳奇角色以及相關的各種額外內容來吸引更多玩家的興趣。

And I think what we're seeing now is that team really started to deeply understand using data and using a close relationship they have with the community, continue to enhance gameplay, continue to add modalities of play and continue to double down on a really interesting, unique content that the community really gravitates towards. And I think as you think about that in the context, we're now taking that new geographies and new platforms. This is why we're so confident in the ongoing strength of that franchise.

我認為我們現在看到的是，團隊真正開始深入理解如何利用數據，並利用與社群的緊密聯繫，不斷改進遊戲玩法，不斷增加新的遊戲模式，並持續打造真正吸引社群的有趣且獨特的內容。我認為，考慮到這一點，我們現在正將這些內容拓展到新的地域和平台。這就是我們對該系列遊戲持續發展充滿信心的原因。

Yes. And what I would say on the advertising side is right or wrong, we've never had a large advertising business. It covers around $100 million a year. Part of that is our strategy that we have not wanted people to leave our network. And if you look at most advertising on mobile, it's for other mobile games. And what that means is you're willing to allow people to leave their network to go play somewhere else.

是的。至於廣告方面，我想說的是，不管對錯，我們從來沒有大規模的廣告業務。每年的廣告預算大約只有1億美元。部分原因是我們的策略是不想讓使用者離開我們的平台。如果你看看行動端的廣告，你會發現它們大多是為其他手機遊戲投放的。這意味著我們願意讓用戶離開我們的平台去玩其他遊戲。

We're working with Glu right now and with Playdemic on their views on advertising, and we may change our views over time. We think it's important -- in no way take my comments of saying we don't think that it's a very profitable business and we should stay close to it, but it has not been a huge part of our business historically. So it's upside for us down the road, if that's where we want to go.

我們目前正在與 Glu 和 Playdemic 就廣告業務展開合作，我們的觀點可能會隨著時間推移而改變。我們認為這很重要——我的意思絕不是說我們認為廣告業務不賺錢，或者我們不應該繼續深耕於此，只是從歷史上看，它在我們業務中所佔的比重並不大。所以，如果我們想繼續發展，這在未來對我們來說是一個有利可圖的領域。

And more to come on that. We're just -- we're still in the learning stage relative to how we managed advertising in the past. We know the current rules, new rules make it even more challenging. And so we're trying to figure out what are the right ways to do advertising free-to-play world where people are willing to pay via an advertising app or an advertising video or whatever it is versus pay to play the game. And we'll see how that plays out over time.

關於這一點，我們之後還會做更多說明。我們目前還在學習階段，跟以往的廣告管理方式相比，我們還在摸索階段。我們了解現行規則，但新規則讓情況變得更具挑戰性。因此，我們正在努力尋找在免費遊戲模式下進行廣告投放的正確方法，讓玩家願意透過廣告應用程式、廣告影片或其他方式付費，而不是直接付費玩遊戲。我們會觀察這種模式最終的效果。

Yes. The one thing I would add there is while it hasn't been a giant business for us, what we have seen as Glu has kind of joined us is they actually have been significantly better at monetizing through advertising than we have been. They come with some really strong underlying technology. They come with really strong underlying expertise. And our sense is while it's still early, our sense is the combination of that technology, that expertise, our broader base of portfolio and the global reach it has likely means there's upside opportunity for us even in [today's] world.

是的。我想補充一點，雖然這並非我們目前的主要業務，但自從 Glu 加入我們之後，我們發現他們在廣告變現方面確實比我們做得更好。他們擁有非常強大的底層技術和豐富的專業知識。我們認為，雖然現在還處於早期階段，但結合他們的技術、專業知識、我們更廣泛的產品組合以及全球影響力，即使在當今世界，我們仍然擁有巨大的發展潛力。

Your next question comes from the line of Gerrick Johnson with BMO Capital Markets.

你的下一個問題來自 BMO 資本市場的 Gerrick Johnson。

So last quarter, you said that guidance did not include potential synergies from Glu and Codemasters, and now you've had 3 months to integrate. It sounds like you've identified some F1, for instance, not just cost synergies but some revenue synergies there. So your guidance, you increased about 1 quarter beat and then $0.01. So what synergies have you identified? And are they now included in your guidance?

所以上個季度您說過，業績指引並未包含來自 Glu 和 Codemasters 的潛在協同效應，現在您已經有三個月的時間來整合了。聽起來您已經確定了一些 F1 等級的協同效應，例如，不僅是成本協同效應，還有一些收入協同效應。因此，您的業績指引上調了大約一個季度，每股收益也增加了 0.01 美元。那麼，您確定了哪些協同效應？現在它們是否已包含在您的業績指引中？

So no cost synergies are included in our guidance. Clearly, revenue synergies are occurring as they occur. As you pointed out, we did better at F1 than we thought we would. Those are harder to predict. But we haven't yet implanted cost synergies in our OpEx line. For example, changes in executives, changes in staffing, changes -- either positive or negative. You should assume that there are going to be some changes, and we will layer those into guidance over the next 3 to 6 months. We've been very focused on making sure we're bringing the company in as successful as possible and then determining what is the right way to drive synergies. But I would tell you is -- there are potential large synergies across all of the acquisitions we've made, which would normally happen, but we'll see more of those over the next few quarters, and we will try to keep everyone apprised of that.

因此，我們的業績指引中並未包含成本綜效。顯然，所得綜效正在逐步顯現。正如您所指出的，我們在F1的業績表現超出預期。這類協同效應更難預測。但我們尚未將成本綜效納入營運支出（OpEx）的考量範圍。例如，高階主管變動、人員調整等，無論好壞，都可能帶來影響。您應該預料到會有一些變動，我們將在未來3到6個月內將這些變動納入績效指引。我們一直專注於確保公司盡可能順利地完成合併，然後再確定推動綜效的最佳途徑。但我可以告訴您的是——我們所有收購項目都存在潛在的巨大協同效應，這在正常情況下是必然的，但未來幾個季度我們將看到更多此類協同效應，我們會盡力讓大家了解最新情況。

Okay. Great. And last year, when you launched your sports games. There were cardboard cutouts in the stands. This year, we're going to have full stands with fans in the stands. How much of a lift do you think it provides your games with sports actually happening and people in the stands?

好的，太棒了。去年你們推出運動遊戲的時候，看台上只有紙板人像。今年，我們將啟用真正的觀眾席，讓球迷們坐在那裡。你認為，真正的體育賽事和現場觀眾會為遊戲帶來多大的提升？

Well, I'll let Andrew answer that, but I hope we actually get to real people in the stands because we might go the other way right now. So who knows?

嗯，這個問題還是讓安德魯來回答吧，但我希望我們真的能吸引到現場觀眾，因為現在的情況可能恰恰相反。所以，誰知道呢？

That was going to be my point. It's hard to understand exactly where the world is going to go. I think it's unlikely that we have events without fans in the stadiums, and we may just see some protocols around masks and/or testing and/or vaccination. But our hope, as sports fan, is that we get fans back in stadiums.

這正是我要說的。很難準確預測世界將走向何方。我認為不太可能出現沒有觀眾的體育賽事，我們或許會看到一些關於口罩、檢測和/或疫苗接種的防疫措施。但身為體育迷，我們當然希望看到球迷重返賽場。

I think what you saw us do last year was really leading to the fact that for many people, we were sport at a time where it's really hard to engage or consume support more broadly. That did, in fact, allow us to grow both the amount of people playing our games and the engagement they had. I don't know that we can quantify what that means when everyone really gets to live the fullness of sports on a day-to-day, week-to-week, month-to-month, season-to-season basis, but it will inevitably have a positive uplift to just overall fan and player sentiment and will almost certainly drive deeper engagement in our games. And our teams will look to build stronger connection between what has happened in the real world of sport and what is happening in our games. So net-net, notwithstanding any further challenges around the pandemic, it's almost certainly a positive for us.

我認為去年我們所做的事情，實際上促成了這樣一個事實：在如今這個很難廣泛參與或獲得支持的時期，對許多人來說，我們成為了體育運動的代表。這確實讓我們能夠增加遊戲玩家的數量和他們的參與度。我不知道當每個人都能真正地、日復一日、週復一周、月復一月、賽季復一賽季地體驗體育運動的全部意義時，我們該如何量化，但這無疑會提升球迷和玩家的整體情緒，並且幾乎肯定會推動他們更深入地參與到我們的遊戲中。我們的團隊也將努力加強現實世界運動賽事與遊戲內容之間的連結。所以總而言之，儘管疫情可能帶來一些新的挑戰，但這幾乎肯定對我們來說是件好事。

Your next question comes from the line of Andrew Marok with Raymond James.

你的下一個問題來自 Andrew Marok 與 Raymond James 的合作。

I wanted to drill down a bit on Ultimate Team. And is there anything to call out there maybe on newer players that have come into the ecosystem over the last 12 to 18 months? How is that cohort's behavior compared to more established cohorts? And has there been any notable difference in newer player behavior from things like reopening?

我想更深入地探討終極球隊模式。過去12到18個月裡，有沒有什麼新玩家加入這個生態系統，他們的行為有什麼值得注意的地方？與老玩家群相比，他們的行為有何不同？新玩家的行為是否因為諸如伺服器重新開放之類的事件而發生了顯著變化？

Yes. I would say that we always have newer players come in as the game grows. Newer players will take steps towards getting more and more involved in Ultimate Team. They don't get involved immediately on day 1, one, because they got to understand how to play it; two, they got to become part of a social network that's also playing it. And once that happens, we start to see growth.

是的。隨著遊戲的發展，總會有新玩家加入。新玩家會逐步深入參與終極球隊模式。他們不會在第一天就立刻投入，原因有二：一是他們需要了解遊戲規則；二是他們需要融入一個同樣在玩這款遊戲的社交圈。一旦這些條件都具備了，我們就能看到玩家數量的成長。

And so we see growth during the season. We haven't seen a lot of change in that pre-COVID or post-COVID because it is a way for people to have a social interaction around something that they're really interested in doing. And so we know we've grown the overall franchise across all of Ultimate Teams. We've grown the overall franchises around the underlying games. And those are the 2 biggest drivers for us to continue to drive Ultimate Team participation and engagement, which ultimately results in Ultimate Team spending in some way or another.

因此，我們看到賽季期間的成長。疫情前後，這種成長趨勢並沒有太大變化，因為人們可以透過參與自己真正感興趣的事情來進行社交互動。我們知道，Ultimate Team 的整體規模已經擴大，圍繞著各個遊戲平台的玩家數量也增加了。這兩點是我們持續推動 Ultimate Team 參與度和互動度提升的兩大主要動力，最終會以某種方式轉化為 Ultimate Team 的消費。

And so I think we're pretty confident that even during the COVID crisis, we continue to see people get more and more engaged. Some of that's driven by the fact that people are simply not at work and physical position. They may be working from home, but a lot of it is also the excitement around what we're seeing in the global soccer seasons that we've seen over the last couple of years because there's been a lot of excitement, a lot of player movement, and that's what gets people really pumped up about playing Ultimate Team.

所以我覺得我們相當有信心，即使在新冠疫情危機期間，人們的參與度也持續上升。部分原因是人們不在工作場所，而是在家辦公，但很大程度上也源於過去幾年全球足球賽季的精彩紛呈，球員流動頻繁，這些都激發了人們對玩Ultimate Team的熱情。

Yes. And just some little detail I would add in there. Again, when we think about Ultimate Team as a -- it's a long-term balanced way to connect with your friends in and around the sport. And it has become that and it's certainly the most played mode in FIFA and very strong in lot of franchises. As we think about this, 2/3 of people who play Ultimate Team don't actually buy packs and only 9 out of 10 packs are opened with earned coins. And so we're always trying to ensure that constant balance of engagement and enjoyment of our player community.

是的。我還要補充一點。我們把Ultimate Team看成是一種長期、平衡的方式，讓玩家與運動圈內外的朋友保持聯繫。它確實做到了這一點，無疑是FIFA系列中最受歡迎的模式，在許多系列遊戲中也都非常受歡迎。我們注意到，Ultimate Team的玩家中有三分之二實際上並不購買卡包，而且只有十分之九的卡包是用玩家賺取的金幣打開的。因此，我們一直在努力確保玩家社群的參與度和樂趣之間保持平衡。

And what we saw with Preview Packs was we saw a higher incidence of new players coming into Ultimate Team and we saw high conversion of those new players in and around buying packs and participating in the digital ecosystem. So again, long term, we think that, that model will continue to grow. We think that is a means of connection to your friends and connections to the sport you love and continue to grow. And our teams are going to continue to look for interesting and new and innovative and creative ways that allow people to really more deeply engage, and Preview Packs is one of those examples.

我們從預覽包中發現，新玩家加入Ultimate Team的比例顯著提高，而且這些新玩家在購買預覽包和參與數位生態系統方面的轉換率也很高。因此，我們認為從長遠來看，這種模式將會持續發展。我們認為這是一種與朋友以及自己熱愛的運動保持聯繫並不斷發展的途徑。我們的團隊將繼續尋找有趣、新穎、創新且富有創意的方式，讓玩家能夠更深入地參與其中，「預覽包」就是其中一個例子。

Chris, we got time for one more question? Or is that it?

克里斯，我們還有時間再問一個問題嗎？還是就到此為止了？

No, I think that's it. So if you just want to close the call now or at time put me out.

不，我想就到此為止了。所以，如果你現在想結束通話，或是想什麼時候結束通話，都可以。

Well, thank you everybody for your interest and good questions, and we look forward to interacting with you over the next couple of months. And hopefully, we all get to see each other in person one of these days soon. So -- but I appreciate it.

非常感謝大家的關注與提出的好問題，我們期待在接下來的幾個月與大家互動交流。也希望不久的將來我們都能有機會見面。總之，非常感謝。

Thank you all. Stay well.

謝謝大家。祝大家身體健康。

This concludes today's conference call. Thank you for your participation. 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。