美商藝電 (EA) 2021 Q4 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q4 2021 Earnings Conference Call.

午安.我叫麥克，今天我將擔任你們的會議接線生。在此，我謹代表藝電公司歡迎各位參加2021年第四季財報電話會議。

Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

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, Mike. Welcome, everyone, to EA's Fourth Quarter Fiscal 2021 Earnings Call. With me from their homes today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO. Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we've posted earnings slides to accompany our prepared remarks. Lastly, after the call, we'll post our prepared remarks, an audio replay of this call, our financial model and a transcript.

謝謝你，麥克。歡迎各位參加EA 2021財年第四季財報電話會議。今天透過網路連線與我連線的有我們的執行長 Andrew Wilson，以及我們的財務長兼營運長 Blake Jorgensen。請注意，我們的美國證券交易委員會文件和盈利報告可在 ir.ea.com 上查閱。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的發言稿、本次通話的錄音回放、我們的財務模型和通話記錄。

Once again, I'd like to direct you to the earnings slides this quarter. They now contain the metrics and color that we've historically included in Blake's remarks. With regards to our calendar, our Q1 fiscal 2022 earnings call is scheduled for Wednesday, August 4. And as a reminder, we post the schedule of our entire year of upcoming earnings calls on our IR website.

我再次提醒各位，請查看本季的財報投影片。現在它們包含了我們歷來在布萊克的演講中包含的指標和色彩。關於我們的日程安排，2022財年第一季財報電話會議定於8月4日星期三舉行。再次提醒大家，我們會在投資者關係網站上公佈全年即將舉行的財報電話會議日程。

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, May 11, 2021, and disclaims any duty to update them.

本次演示和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。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-Q 表格。Electronic Arts 於 2021 年 5 月 11 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated. Now I'll turn the call over to Andrew.

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，本次電話會議中所做的所有比較均與去年同期進行比較。現在我把電話交給安德魯。

Thanks, Chris. I hope this finds all of you staying healthy and well. I want to start today by saying welcome to our newest teammates from Codemasters, Glu Mobile and Metalhead Software. We're very excited to have added these incredibly talented teams to the EA family, and we're looking forward to creating some amazing new experiences together.

謝謝你，克里斯。希望你們一切安好。首先，我想歡迎 Codemasters、Glu Mobile 和 Metalhead Software 的新隊友們加入我們的團隊。我們非常高興能將這些才華橫溢的團隊納入 EA 大家庭，並期待與他們一起創造一些令人驚嘆的新體驗。

FY '21 was a record year for Electronic Arts. Engagement in our games continues to expand worldwide, leading industry transformation and fueling demand from a new generation of players that will continue for years to come. We delivered 13 new games in FY '21 and welcomed more than 42 million new players to our network of more than 500 million unique accounts. The tremendous engagement across our leading live services is a powerful demonstration our players are coming together and forming social networks through our experiences.

2021財年是藝電創紀錄的一年。我們的遊戲在全球範圍內持續發展壯大，引領產業變革，並激發新一代玩家的需求，這種需求將在未來幾年持續成長。我們在 2021 財年推出了 13 款新遊戲，並迎來了超過 4,200 萬名新玩家加入我們超過 5 億個獨立帳戶的網路。我們領先的線上服務所獲得的巨大參與度有力地證明了我們的玩家正在透過我們的遊戲體驗聚集在一起，形成社交網路。

We drove net bookings growth of more than $600 million above our original guidance for the fiscal year and achieved bottom line results significantly ahead of our expectations. Our teams continue to deliver for our players despite the challenges of the pandemic, and our execution of long-term strategies to create exceptional high-quality experiences, drive growth through our leading live services and expand our reach to more players are continuing to build strength in our business.

本財年，我們的淨預訂量成長超過預期 6 億美元，比我們最初的預期高出許多，最終的獲利也遠超預期。儘管面臨疫情帶來的挑戰，我們的團隊依然為玩家提供優質服務，我們執行長期策略，創造卓越的高品質體驗，透過領先的線上服務推動成長，並擴大服務範圍，惠及更多玩家，這些舉措都在不斷增強我們業務的實力。

As we look forward to FY '22, we are accelerating, powered by organic growth in our existing business, development of new businesses and layering growth from recent acquisitions. We're forecasting growth in FY '22. Our net bookings guidance reflects 18% year-over-year growth to $7.3 billion. This includes organic growth in our core business and the addition of Glu, Codemasters and Metalhead acquisitions. From this position of strength, we are also investing in the future of our business, and we expect to continue to grow underlying profitability.

展望 2022 財年，我們將加速發展，這得益於現有業務的有機成長、新業務的開發以及近期收購帶來的成長。我們預測2022財年將實現成長。我們的淨預訂量預期年增 18%，達到 73 億美元。這包括我們核心業務的有機成長，以及對 Glu、Codemasters 和 Metalhead 的收購。憑藉這一優勢地位，我們也投資於公司的未來，並期望繼續提高基本獲利能力。

I want to spend time today on 3 primary growth drivers for us in FY '22, expanding the EA SPORTS business, growing our Apex Legends and Battlefield franchises and our mobile growth strategy. We have a foundational strategy for growing these blockbuster brands that we are applying here, best-in-class premium experiences, deeply engaging live services that create social networks in our games and expansion of more platforms, new business models and new geographies.

今天我想花點時間談談我們在 2022 財年的 3 個主要成長驅動因素：擴大 EA SPORTS 業務、發展我們的 Apex Legends 和 Battlefield 系列遊戲以及我們的行動成長策略。我們擁有發展這些熱門品牌的基礎策略，並正在將其應用於此，包括提供一流的優質體驗、深度互動的即時服務，在我們的遊戲中創建社交網絡，以及擴展到更多平台、新的商業模式和新的地域。

The model is how we've got FIFA, Apex Legends, Madden NFL and The Sims into some of the most successful global live service businesses in the industry, and we are applying it as a blueprint across our franchises. As the undisputed leader in sports games, EA SPORTS is moving from strength to strength as we grow our current business and include more sports and reach new audiences. In FY '21, our EA SPORTS games brought players together at record levels. Our EA SPORTS FIFA experiences continue to engage more than 100 million players worldwide.

正是這種模式，讓我們將 FIFA、Apex Legends、Madden NFL 和 The Sims 打造成了業內最成功的全球線上服務企業，我們正在將其作為藍圖應用於我們所有的系列作品中。作為體育遊戲領域無可爭議的領導者，EA SPORTS 隨著現有業務的成長、體育項目的拓展以及新受眾群體的增加，正不斷發展壯大。在 2021 財年，我們的 EA SPORTS 遊戲吸引了創紀錄數量的玩家。我們的 EA SPORTS FIFA 遊戲體驗持續吸引全球超過 1 億玩家。

More than 20 million players played FIFA Ultimate Team in the last year, and FIFA Ultimate Team matches were up an incredible 180%. Madden NFL had its biggest year ever, and games across our EA SPORTS portfolio continue to acquire more players than ever before. We'll now build on that strength with a massive year of innovation and expansion. All of our new EA SPORTS games in FY '22 are designed for next-gen console platforms including FIFA, Madden, NHL and EA SPORTS PGA TOUR, our return to golf that is set for Q4 of this year.

去年有超過 2,000 萬名玩家玩了 FIFA Ultimate Team，FIFA Ultimate Team 的比賽場次更是驚人地成長了 180%。《麥迪遜橄欖球》迎來了有史以來最輝煌的一年，EA SPORTS旗下所有遊戲也持續吸引著比以往任何時候都多的玩家。接下來，我們將以此優勢為基礎，在創新和擴張的一年再創佳績。我們在 2022 財年推出的所有 EA SPORTS 新遊戲都是為次世代主機平台設計的，包括 FIFA、Madden、NHL 和 EA SPORTS PGA TOUR，這是我們重返高爾夫領域的力作，預計將於今年第四季度發布。

We're very excited by the opportunity to deliver for baseball fans around the world with the addition of Super Mega Baseball from Metalhead Software and MLB Tap Sports Baseball on mobile from the

我們非常高興有機會透過新增 Metalhead Software 的 Super Mega Baseball 和 MLB Tap Sports Baseball 行動版，為世界各地的棒球迷帶來精彩的遊戲體驗。

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EA SPORTS is also publishing the highest-rated sports franchise in the world with F1 2021, our first title from our recently completed Codemasters acquisition. And with the combined expertise of the Glu and EA teams focused on engaging more sports fans, we plan to grow our sports mobile business by over 50% this year.

EA SPORTS 也將發行全球評分最高的運動遊戲系列 F1 2021，這是我們最近完成 Codemasters 收購後推出的首款遊戲。憑藉 Glu 和 EA 團隊的綜合專業知識，我們致力於吸引更多體育迷，並計劃今年將我們的體育移動業務增長超過 50%。

We continue to see the consumption of sports move from linear to interactive, representing a major growth opportunity for us, spanning more sports and more platforms, especially mobile. From premium experiences to live services to mobile, EA SPORTS is in an unparalleled position to achieve more players with new ways to play, watch and connect. With Apex Legends and Battlefield, we have 2 leading franchises in that category. We are positioned for continued growth in FY '22 through new launches, expansion of mobile and preparing for the addition of new business models that will expand our total addressable audience.

我們持續看到體育消費從線性轉向互動，這對我們來說是一個巨大的成長機會，涵蓋更多體育項目和更多平台，尤其是行動平台。從高階體驗到即時服務再到行動端，EA SPORTS 擁有無可比擬的優勢，能夠透過全新的遊戲、觀看和互動方式吸引更多玩家。《Apex英雄》和《戰地》是該領域的兩大領先系列。我們已做好準備，透過新產品發布、行動端擴張以及準備增加新的商業模式，在 2022 財年實現持續成長，這將擴大我們的目標受眾群體。

Apex Legends is one of the most successful games in the market today. We now have more than 100 million unique players in the game on console and PC, with player engagement growing globally at incredible levels throughout the last year and we are forecasting continued growth. Season 8 saw well over 12 million weekly active users, the highest levels we've seen since Season 1 in 2019. We're also seeing explosive growth for Apex in Asia, especially in Japan, where it has grown significantly in the last 3 quarters.

《Apex英雄》是目前市面上最成功的遊戲之一。目前，我們在主機和 PC 平台上的獨立玩家數量已超過 1 億，過去一年中，全球玩家參與度以驚人的速度成長，我們預計未來將繼續成長。第 8 季的每週活躍用戶超過 1200 萬，這是自 2019 年第 1 季以來最高的水平。我們也看到 Apex 在亞洲，尤其是日本，實現了爆炸式增長，過去三個季度增長顯著。

As Respawn continues to deliver more new content and evolve the main game this year, we are also beginning regional beta testing of Apex Legends Mobile. This is a new experience designed specifically for touchscreens, which we expect to launch worldwide later this fiscal year. Apex Legends continues to have tremendous momentum and is growing in every dimension. We are forecasting close to 20% year-over-year growth to $750 million in net bookings for Apex Legends in FY '22, with significant potential for upside this year and beyond as we launch the mobile game.

今年，隨著 Respawn 繼續推出更多新內容並持續發展主遊戲，我們也開始對 Apex Legends Mobile 進行區域性 beta 測試。這是專為觸控螢幕設計的全新體驗，我們預計將在本財年稍後在全球推出。《Apex英雄》持續保持強勁的發展勢頭，並在各方面不斷壯大。我們預測，Apex Legends 在 2022 財年的淨預訂量將年增近 20%，達到 7.5 億美元，隨著行動遊戲的推出，今年及以後還有很大的成長潛力。

We are realizing the next phase of growth in our vision for Battlefield with 2 new experiences launching in FY '22. Three world-class studios, DICE Stockholm, Criterion and DICE LA and our technology team in Gothenburg now form our largest ever Battlefield development team. They are working in lockstep to deliver the definitive next-gen experience for Battlefield fans.

我們正在實現《戰地》系列發展願景的下一個階段，並將在 2022 財年推出 2 款全新體驗。三個世界一流的工作室，DICE Stockholm、Criterion 和 DICE LA，以及我們在哥德堡的技術團隊，現在組成了我們有史以來最大的《戰地》開發團隊。他們正齊心協力，為《戰地》系列粉絲打造終極次世代體驗。

The game has everything fans love about Battlefield: epic scale, all-out warfare, unexpected moments and game-changing destruction. And it takes it all to the next level through the power of next-gen consoles and PCs. We're excited to reveal the game to fans next month and share a lot more about the game throughout this summer. We also have a Battlefield game for mobile platforms in development and industrial toys in close partnership with DICE. Built from the ground up for mobile, the game is going into early testing now, and we're looking forward to players around the world getting a hand on this innovative Battlefield experience later in FY '22.

這款遊戲擁有粉絲們喜愛《戰地》系列的一切元素：史詩般的規模、全面戰爭、意想不到的時刻以及改變戰局的破壞。而藉由次世代遊戲主機和PC的強大效能，這一切更上一層樓。我們很高興下個月能向粉絲們公佈這款遊戲，並在今年夏天分享更多關於這款遊戲的資訊。我們也正在開發一款面向行動平台的《戰地》遊戲，並與 DICE 密切合作開發工業玩具。這款遊戲從零開始為行動裝置打造，目前正在進行早期測試，我們期待世界各地的玩家在 2022 財年晚些時候體驗到這款創新的《戰地》遊戲。

As I mentioned before, our strategy is to grow Battlefield as we have with our other blockbuster franchises like FIFA and Apex. Best-in-class gameplay, deeply engaging live service, a new mobile experience and more ways to play that we'll introduce to reach more players all over the world.

正如我之前提到的，我們的策略是像發展 FIFA 和 Apex 等其他熱門系列遊戲一樣發展 Battlefield 系列。一流的遊戲體驗、深度互動的線上服務、全新的行動體驗以及更多我們將推出的遊戲方式，以吸引世界各地的更多玩家。

Throughout FY '22, we will continue transforming mobile into a growth center for our business. With the recent reorganization and hiring of new leadership and talent into our EA Mobile teams, we are in a position to maximize our leading mobile live services, including Star Wars: Galaxy of Heroes and Sims and Real Racing by growing player acquisition, deepening engagement and player investment and driving new opportunities in non-Western markets.

在整個 2022 財年，我們將繼續把行動業務打造成為我們業務的成長中心。隨著近期 EA Mobile 團隊的重組和新領導層及人才的加入，我們能夠最大限度地發揮我們領先的行動即時服務（包括《星際大戰：銀河英雄傳》和《模擬市民》以及《真實賽車》）的優勢，透過增加玩家獲取量、加深玩家參與度和投入，以及在非西方市場創造新機會。

We'll grow in sports model with innovation in our leading franchises, including FIFA, Madden and UFC as well as the addition of MLB Tap Sports Baseball to our mobile sports portfolio. We expect our 2 biggest shooter franchises to launch on mobile for the first time in FY '22, which is another demonstration of our multi-platform strategy for leading global franchises. With the addition of Glu late into our EA Mobile growth plans, we expect to more than double our Mobile business to $2 billion in annual net bookings within the next 3 years.

我們將透過在包括 FIFA、Madden 和 UFC 在內的領先系列遊戲以及將 MLB Tap Sports Baseball 添加到我們的行動體育產品組合中，實現體育模式的創新發展。我們預計旗下兩大射擊遊戲系列將於 2022 財年首次登陸行動平台，這再次證明了我們打造全球領先系列的多平台策略。隨著 Glu 加入我們 EA Mobile 的成長計劃，我們預計在未來 3 年內，行動業務的年度淨預訂額將翻一番以上，達到 20 億美元。

We have a year of strong growth ahead in FY '22, and we see many more opportunities as we continue to lead in the expansion and transformation of the industry. We have a very clear long-term growth strategy for our biggest blockbuster franchises. This is the foundation of our business, and you're seeing us grow all major platforms and business models. We're thrilled to have the team from Codemasters, Glu and Metalhead join the Electronic (technical difficulty) and together, we expect to develop many games and experiences that will delight our growing player base and be catalysts for growth in the years to come.

2022 財年我們將迎來強勁成長的一年，隨著我們繼續引領產業的擴張和轉型，我們看到了更多機會。我們為旗下最賣座的系列電影制定了非常清晰的長期成長策略。這是我們業務的基礎，你們也看到了我們所有主要平台和商業模式的發展。我們非常高興 Codemasters、Glu 和 Metalhead 的團隊加入 Electronic（技術難題），我們期待與他們攜手開發許多遊戲和體驗，為我們不斷增長的玩家群體帶來歡樂，並成為未來幾年發展的催化劑。

We have a deep pipeline of new content, including new franchises and new IP, deeper focus on mobile games and experiences that will lean into user-generated content. We're also continuing to invest in opportunities where we have differentiated ability to reach and engage more players, including our growing subscription service and our esports content and competitions that will expand in scope this year.

我們擁有豐富的全新內容儲備，包括新的系列作品和新的IP，更專注於行動遊戲和體驗，並將專注於用戶生成內容。我們也持續投資於我們擁有差異化能力去接觸和吸引更多玩家的機會，包括我們不斷增長的訂閱服務以及今年將擴大規模的電競內容和比賽。

The 3 growth drivers that I've focused on today, expanding our EA SPORTS portfolio, growing our blockbuster shooter franchises and the transformation of our Mobile business provide clear growth and significant upside for Electronic Arts in FY '22 and beyond. We're excited to bring some amazing new games and content to our players and viewers around the world this year. Now I'll turn the call over to Blake.

我今天重點介紹的三大成長驅動因素，即擴大 EA SPORTS 產品組合、發展我們的熱門射擊遊戲系列以及行動業務轉型，將為 Electronic Arts 在 2022 財年及以後帶來明顯的增長和巨大的上升空間。今年，我們很高興能為世界各地的玩家和觀眾帶來一些精彩的新遊戲和內容。現在我把電話交給布萊克。

Thanks, Andrew. We delivered a big beat this quarter, driven by live services, primarily and extraordinary performance by Apex Legends. GAAP net revenue was $1.35 billion and net bookings of $1.49 billion, which were new records for Q4. Andrew gave you Apex's phenomenal engagement stats. As a result of this engagement, Apex delivered its largest net bookings quarter on record. It also delivered the best day, the best 24-hour period, the best week, the best month and best in-game event.

謝謝你，安德魯。本季我們取得了遠超預期的業績，主要得益於線上服務，尤其是《Apex英雄》的出色表現。GAAP淨收入為13.5億美元，淨預訂額為14.9億美元，均為第四季新紀錄。Andrew 向你展示了 Apex 驚人的使用者參與度統計數據。由於此次合作，Apex 實現了有史以來最大的季度淨預訂量。它還創造了最佳的一天、最佳的 24 小時、最佳的一周、最佳的一個月和最佳的遊戲內活動。

We suggested it would deliver over $1 billion in life-to-date net bookings by the end of the quarter. It actually passed that milestone with half of the quarter to go. Apex Legends delivered over $600 million for the year, well above our original expectations of $300 million to $400 million. Importantly, Apex Legends steadily grew through the year. While Apex surely benefited from a stay-at-home tailwind, the upwards trajectory is driven by the game teams and the content they are delivering. That is the strength -- that is, this strength is structural, to the point Season 8 was the first season built by a new content team we put together in Vancouver, proving our ability to scale resources on our fastest-growing franchise.

我們預測，到本季末，其累計淨預訂額將超過 10 億美元。實際上，在季度還剩一半的時候，它就已經達到了這個里程碑。《Apex英雄》年度營收超過6億美元，遠超過我們最初預期的3億至4億美元。重要的是，《Apex英雄》在這一年中穩步成長。雖然 Apex 肯定受益於居家隔離的順風，但其上升趨勢是由遊戲團隊和他們所提供的內容所推動的。這就是我們的優勢——也就是說，這種優勢是結構性的，以至於第 8 季是我們溫哥華新組建的內容團隊製作的第一季，證明了我們有能力在我們成長最快的系列節目中擴展資源。

Our 2 major shooter franchises, Apex Legends and Battlefield, and our ongoing strength in the Ultimate Team provides a tremendous foundation for growth in FY '22. The addition of Glu and Codemasters accelerates this to 18% revenue growth year-on-year.

我們的兩大射擊遊戲系列《Apex英雄》和《戰地》，以及我們在終極團隊模式中持續保持的實力，為2022財年的成長奠定了巨大的基礎。Glu 和 Codemasters 的加入使這一數字加快至同比增長 18%。

I'll go through the details of our guidance in a moment. First though, I thought I'd start with a quick look at what we achieved in fiscal 2021. We closed out the year with $5.63 billion in net revenue. We delivered net bookings of $6.19 billion, the highest in our history and about $640 million above our original expectations. Underlying profit was also an all-time record, as was full year operating cash flow of $1.93 billion.

我稍後會詳細介紹我們的指導方針。不過首先，我想快速回顧一下我們在 2021 財年的成就。我們全年淨收入達56.3億美元。我們實現了 61.9 億美元的淨預訂金額，創歷史新高，比我們最初的預期高出約 6.4 億美元。基本利潤也創下歷史新高，全年經營現金流達 19.3 億美元。

Of that $6.19 billion in net bookings, $4.6 billion was live services. There couldn't be a more dramatic illustration of the way the business has evolved, with our focus on engagement and ongoing entertainment now generating 3/4 of our net bookings. To give some perspective, that $4.6 billion is equivalent to the sale of around 130 million copies of console games.

在61.9億美元的淨預訂額中，有46億美元來自現場服務。這再也沒有比這更戲劇性的例子來說明業務的發展方式了，我們專注於互動和持續的娛樂活動，現在這些活動為我們帶來了 3/4 的淨預訂量。為了讓大家有個概念，46 億美元相當於約 1.3 億份主機遊戲的銷售量。

Digital represents 62% of our full game units sold in fiscal 2021 for consoles, up 13 percentage points from last year.

2021 財年，數位版遊戲占我們主機平台完整遊戲銷售量的 62%，比前一年成長 13 個百分點。

Turning to Q4, specifically. The beat was driven by live services, primarily Apex Legends and FIFA Ultimate Team. Mobile also beat our expectations, driven by outperformance from Star Wars: Galaxy of Heroes and SimCity BuildIt. Operating expenses came in slightly above our expectations for the quarter, driven by acquisition-related expenses.

具體來說，我們來看第四季。遊戲節奏主要由線上服務驅動，尤其是《Apex英雄》和《FIFA終極球隊》。行動端的表現也超出了我們的預期，這主要得益於《星際大戰：銀河英雄傳》和《模擬城市：建造》的出色表現。受收購相關費用的影響，本季營運支出略高於我們的預期。

Now turning to guidance. We expect fiscal 2022 GAAP revenue to be $6.8 billion, cost of revenue to be $1.828 billion and earnings per share of $1.34. Remember that this EPS calculation does not factor in future buybacks under our 2-year $2.6 billion share repurchase program. We expect operating cash flows of $1.75 billion and capital expenditures to be around $250 million, which would deliver free cash flow of around $1.5 billion.

現在進入指導環節。我們預計 2022 財年 GAAP 營收為 68 億美元，營收成本為 18.28 億美元，每股收益為 1.34 美元。請記住，此每股盈餘計算並未考慮我們為期 2 年、金額達 26 億美元的股票回購計畫下的未來回購。我們預計營運現金流為 17.5 億美元，資本支出約為 2.5 億美元，這將帶來約 15 億美元的自由現金流。

Cash flow is down year-on-year, primarily due to tax integration costs associated with the acquisitions. The level of these costs reflect the strength of the IP Glu and Codemasters have developed and bring to EA. CapEx is up temporarily with office build-outs in Bucharest, Los Angeles, Orlando and the United Kingdom. See our earnings slides and press release for further cash flow information.

現金流較去年同期下降，主要原因是收購相關的稅務整合成本。這些成本水準反映了 Glu 和 Codemasters 為 EA 開發和帶來的 IP 的實力。資本支出暫時增加，用於在布加勒斯特、洛杉磯、奧蘭多和英國的辦公室建設。有關現金流的更多信息，請參閱我們的收益報告幻燈片和新聞稿。

We expect fiscal 2022 net bookings to be $7.3 billion, up about 18% over fiscal 2021. We expect to continue to drive strong organic growth in Apex Legends in fiscal 2022 and expand the franchise to new platforms with the launch of Apex Mobile in the back half of the year. In sports, we expect FIFA and Madden to be strong and we're launching a new PGA Tour golf game. F1 2021, developed by Codemasters, and which now sits under the EA SPORTS banner as well, will launch on July 16.

我們預計 2022 財年淨預訂額將達到 73 億美元，比 2021 財年成長約 18%。我們預計在 2022 財年將繼續推動 Apex Legends 的強勁內生成長，並在下半年隨著 Apex Mobile 的推出，將該系列遊戲擴展到新的平台。在運動遊戲方面，我們預計 FIFA 和 Madden 系列遊戲將表現出色，同時我們也將推出一款新的 PGA 巡迴賽高爾夫遊戲。由 Codemasters 開發，現已歸 EA SPORTS 旗下的 F1 2021 將於 7 月 16 日發布。

And of course, rounding out the year for our shooter franchises is the launch of Battlefield in the holiday season. Because this is the first time we're forecasting Glu and Codemasters, we took a very conservative posture on net bookings from those businesses. In addition, we're not yet modeling any synergies from the 2 acquisitions. For fiscal 2022, we've assumed simple addition of their existing businesses into EA. Revenue and synergies will come further out as we (technical difficulty) with Glu Mobile expertise to build out a suite of new casual mobile games, leverage our sports know-how with Codemasters' F1 franchise and others, and implement a holistic strategy for racing games.

當然，為我們的射擊遊戲系列畫下圓滿句點的，是假日季推出的《戰地》系列。因為這是我們第一次預測 Glu 和 Codemasters 的業績，所以我們對這兩家公司的淨預訂量採取了非常保守的態度。此外，我們目前尚未對這兩項收購產生的綜效進行建模。對於 2022 財年，我們假設將其現有業務簡單地併入 EA。隨著我們（技術困難）利用 Glu Mobile 的專業知識打造一系列新的休閒手機遊戲，利用我們在 Codemasters 的 F1 系列和其他遊戲方面的體育知識，並實施賽車遊戲的整體戰略，收入和協同效應將會進一步顯現。

Meanwhile, OpEx this year will be impacted by some onetime costs associated with the acquisitions. We're also leaning heavily into our biggest franchises, with increased R&D investments and marketing ahead of key launches from Battlefield and Apex Mobile. We expect these near-term investments to pay off in years to come. For the quarter, we now expect GAAP net revenue of $1.475 billion, cost of revenue to be $287 million and operating expenses of $955 million. This results in an earnings per share of $0.24 for the first quarter.

同時，今年的營運支出將受到與收購相關的一些一次性成本的影響。我們也大力發展旗下最熱門的系列遊戲，在《戰地》和《Apex 手遊》等重要遊戲發售前加大研發投入與行銷力道。我們預計這些短期投資將在未來幾年獲得回報。我們現在預計本季 GAAP 淨收入為 14.75 億美元，收入成本為 2.87 億美元，營運費用為 9.55 億美元。這樣一來，第一季每股收益為 0.24 美元。

We anticipate net bookings for the first quarter to be $1.25 billion. We expect Apex Legends' momentum will carry through to fiscal 2022. We've seen the game already. We believe our financial model of Battlefield may be conservative. And we're looking forward to player reaction when we reveal this game next month.

我們預計第一季淨預訂額為 12.5 億美元。我們預計《Apex英雄》的成長動能將推遲到2022財年。我們已經看過這場比賽了。我們認為我們對《戰地》的財務模型可能過於保守。我們期待下個月公佈這款遊戲時玩家們的反應。

In addition, we're very excited for the franchise as a whole as we add new platforms and business models. We expect strong organic growth this year, growth that is further accelerated by the addition of talented teams at Codemasters and Glu and Metalhead. It is an exciting time for Electronic Arts. Now I'll hand it back to Andrew.

此外，隨著我們不斷增加新的平台和商業模式，我們對整個系列的發展感到非常興奮。我們預計今年將實現強勁的內生成長，而Codemasters、Glu和Metalhead等優秀團隊的加入將進一步加速這一成長。對於藝電來說，這是一個令人興奮的時刻。現在我把它還給安德魯。

Thanks, Blake. As we wrap up our remarks here, I want to share our heartfelt congratulations to Respawn Entertainment. The team achieved another amazing milestone last month when they received the gaming industry's first Academy Award for documentary short subject, Colette, which was released within the Medal of Honor: Above and Beyond VR experience. Congratulations to Vince, Dusty, Peter and the entire team. It is a truly outstanding achievement and such an incredible recognition of the creativity and passion for groundbreaking work that all of our teams put into our games.

謝謝你，布萊克。在我們結束發言之際，我想向 Respawn Entertainment 表示衷心的祝賀。上個月，該團隊取得了另一個驚人的里程碑，他們憑藉紀錄短片《柯萊特》獲得了遊戲產業的第一個奧斯卡獎，該短片在《榮譽勳章：超越巔峰》VR體驗中發布。恭喜文斯、達斯蒂、彼得以及整個團隊。這是一項真正傑出的成就，也是對我們所有團隊在遊戲開發中投入的創造力和突破性工作的熱情的高度認可。

Games will begin -- are bringing joy to more players around the world than ever before, and our experiences are bringing hundreds of millions of players together. Our business has never been stronger. We have clear growth drivers accelerating our trajectory in FY '22, and our acquisitions are new catalysts for growth.

遊戲即將開始——為世界各地的玩家帶來前所未有的快樂，我們的遊戲體驗將數億玩家聚集在一起。我們的業務從未如此強勁。我們有明確的成長動力，將在 2022 財年加速我們的發展軌跡，而我們的收購則是新的成長催化劑。

As we continue building blockbuster brands with best-in-class live services that reach and connect players on more platforms and in more geographies around the world, we see significant upside for Electronic Arts this year and in the years to come. Thank you to our teams for their incredible work delivering for our clients every day. Now Blake and I are here for your questions.

隨著我們不斷打造擁有頂尖即時服務的熱門品牌，觸達並連接全球更多平台和地區的玩家，我們看到藝電今年以及未來幾年都有著巨大的成長潛力。感謝我們的團隊每天為客戶提供優質服務，他們付出了巨大的努力。現在我和布萊克在這裡回答你們的問題。

(Operator Instructions) Your first question comes from Colin Sebastian from Baird.

（操作說明）您的第一個問題來自 Baird 公司的 Colin Sebastian。

First off, Blake, it looks like services on console and PC increased almost 40% in fiscal Q4, if I have the apples-to-apples numbers there right. So curious how you expect that portion of the business to track in Q1 and in the next fiscal year? And then secondly, Andrew, within core EA, it sounds like you have a pretty ambitious road map for new releases and live ops. So I'm curious if you have the studio structure and the development team and resources in place now where you're comfortable with in order to execute on that pipeline. Or are there still some gaps that need to be filled in?

首先，Blake，如果我沒理解錯的話，第四財季主機和 PC 平台的服務成長了近 40%。我很想知道您預計該業務部分在第一季和下一個財政年度的發展情況如何？其次，Andrew，就EA核心業務而言，聽起來你們對新版本發布和線上運營製定了一個相當雄心勃勃的路線圖。所以我很好奇，你們現在是否已經具備了足夠的架構、開發團隊和資源，能夠順利地執行這個流程。或者說，是否還有一些空白需要填補？

Thanks, Colin. It's Blake. We've seen across-the-board live services increases. Clearly, Apex has driven a huge change in that business. It's up dramatically year-over-year. In the fourth quarter alone, year-over-year, it's up 145%. And the way we've done that, as you know, is continue to add amazing content, amazing characters, amazing things for people to play, and it's engaging more and more people all the time.

謝謝你，科林。是布萊克。我們看到所有類型的線上服務都出現了增長。顯然，Apex 為這個行業帶來了巨大的變革。與去年同期相比，增幅顯著。僅第四季度，年成長就達到了 145%。如你所知，我們實現這一目標的方式是不斷添加精彩的內容、精彩的角色、精彩的遊戲內容，讓玩家們樂在其中，這也一直在吸引越來越多的人。

While COVID, as horrible as it has been, brought a lot of people into gaming. And what we've done is try to do our best to bring more and more people into social networks around the games they love, be it sports, be it a shooter game, be it The Sims. And that's what we've been able to leverage over time, and those people stay in those social networks because they enjoy the game and enjoy the people they're playing with.

雖然新冠疫情非常可怕，但也讓很多人開始玩遊戲。我們所做的就是盡最大努力，讓越來越多的人加入他們喜愛的遊戲相關的社交網絡中，無論是體育遊戲、射擊遊戲還是模擬人生。而這正是我們能夠長期利用的優勢，這些人之所以留在這些社群網路中，是因為他們喜歡這款遊戲，也喜歡和他們一起玩遊戲的人。

And so we see, across all of our live services, Ultimate Team, Apex, The Sims, all of our mobile games that has helped us get the confidence that we could give a guidance that we just provided for next year. And I think you're going to continue to see that as a huge part of our business. It's going to be a huge part of the industry's business, as we've already seen, but it will continue on for us, and we'll continue to add to that with new content, new ways to play, new opportunities for people to deeply get connected with other people that like what they like to do.

因此，我們看到，在我們所有的線上服務中，包括 Ultimate Team、Apex、The Sims 以及我們所有的手機遊戲，這幫助我們獲得了信心，可以給出我們剛剛提供的明年發展指導。我認為你將會繼續看到，這仍然是我們業務的重要組成部分。正如我們已經看到的，它將成為行業業務的重要組成部分，而且對我們來說，它還會繼續發展，我們將繼續透過新的內容、新的玩法、新的機會，讓人們與志同道合的人建立更深的聯繫。

And on the second question, great question. We feel really good about our studio organization. As you heard in the prepared remarks and you've heard me talk about before, over the last year, we really reorganized our mobile group. We brought in new leadership both at the very top of the organization and throughout the organization who really bring great mobile expertise and experience and knowledge and know-how and, of course, bringing in Codemasters -- bringing in Glu Mobile to that group puts us in a really, really strong position for an increased focus on mobile where we see tremendous growth opportunity.

第二個問題，問得好。我們對工作室的組織架構非常滿意。正如你們在準備好的演講稿中聽到的，也正如我之前談到的，在過去一年裡，我們對移動團隊進行了徹底的重組。我們在公司最高層和整個公司都引入了新的領導層，他們帶來了非常優秀的行動專業知識、經驗、知識和技能。當然，引入 Codemasters——將 Glu Mobile 加入到這個團隊中，使我們處於非常非常有利的地位，可以更加專注於行動領域，我們看到了巨大的成長機會。

Across the rest of our studio structure, I also feel really, really good about our leadership and all of our creative talent there. Again, we've brought in Codemasters, which are some of the leading racing developers in the world, and you'll see more from us around our holistic racing strategy. But F1 is already looking really, really strong for this year.

就我們工作室的其他架構而言，我對我們的領導階層和所有創意人才都感到非常非常滿意。我們再次引入了 Codemasters，他們是世界領先的賽車遊戲開發商之一，你們將看到我們圍繞整體賽車戰略的更多成果。但今年的F1賽事看起來已經非常非常精彩了。

And we've been recruiting, over the last 12 to 18 months, some amazing industry-leading talent. Some of those have been announced, some [haven't been] announced yet, but we have a very ambitious growth plan ahead, and we feel really good about the structure we have in place. Of course, we'll always be tuning and balancing that over time, but I feel blessed and lucky to have the creative leadership and the creative talent that we do to achieve the things that we have planned.

在過去的 12 到 18 個月裡，我們一直在招募一些業界頂尖的優秀人才。有些計劃已經公佈，有些計劃尚未公佈，但我們有一個非常雄心勃勃的成長計劃，我們對我們現有的架構感到非常滿意。當然，我們會不斷調整和平衡，但我感到很幸運，擁有如此富有創造力的領導和人才來實現我們計劃中的事情。

Your next question comes from Stephen Ju from Credit Suisse.

下一個問題來自瑞士信貸的Stephen Ju。

Okay. So Andrew, Blake, I think investors have been waiting for the audience unlock from mobile for some time now, particularly as it comes to your larger franchises. So can you talk about the initial integration plans with the good folks at Glu and what that might look like from a franchise-by-franchise standpoint? So what are the opportunities to get you to 1 plus 1 to be more than 2 so that you'll break your forecasting guidance parameters that's going to be greater than just a straightforward addition of these on to EA's existing results?

好的。所以安德魯、布萊克，我認為投資者們已經等待行動端用戶群釋放一段時間了，尤其是在你們的大型系列作品方面。那麼，您能否談談與 Glu 的各位人士的初步整合計劃，以及從各個加盟店的角度來看，整合計劃可能會是什麼樣子？那麼，有哪些機會能讓 1 加 1 大於 2，從而突破預測指導參數的限制，使其大於簡單地將這些參數加到 EA 現有結果上的結果呢？

I would say from a philosophical standpoint, our orientation around Glu is to protect and amplify, ensure that we protect the creative integrity, the cultural integrity of that organization. They've been very, very successful in developing great games like Design Home and Tap Sports Baseball and many others. But we also want to give them access to our IP, to our technology, to our market -- our global marketing reach and the network of 500 million unique accounts that we have. We think that the combination of those 2 things represents an extraordinary opportunity.

從哲學角度來看，我認為我們圍繞 Glu 的方向是保護和增強，確保我們保護組織的創造力完整性和文化完整性。他們開發了像《Design Home》和《Tap Sports Baseball》等眾多優秀遊戲，並且取得了巨大的成功。但我們也希望讓他們能夠接觸到我們的智慧財產權、我們的技術、我們的市場——我們的全球行銷網絡以及我們擁有的 5 億個獨立帳戶。我們認為這兩件事結合起來，代表著一個絕佳的機會。

But at the same time, also been working on our organic -- on the EA model team around our organic growth. And you've heard me talk about significant increase in investment in our shooter franchise, a relaunch of Madden and UFC, aggressive plans around The Sims and a number of other properties, including Battlefield and Apex Legends. And so our sense is with the reorganization and focus on mobile, bringing in Glu to the organization with kind of a protect and amplify orientation and the collective growth plans that we have and investment that we're making, we have tremendous upside opportunity at a time where brands are breaking through more strongly than most anything else in the mobile market.

但同時，我們也一直在努力發展我們的有機成長——EA 模型團隊圍繞著我們的有機成長開展工作。你們也聽我說過，我們將大幅增加對射擊遊戲系列的投資，重新推出 Madden 和 UFC，並圍繞 The Sims 和其他一些產品（包括 Battlefield 和 Apex Legends）制定積極的計劃。因此，我們認為，透過重組和專注於行動領域，將 Glu 引入公司，採取保護和放大的策略，以及我們制定的集體成長計畫和正在進行的投資，我們擁有巨大的發展機會，而此時品牌在行動市場上的突破力度遠超其他任何事物。

Your next question comes from Brian Fitzgerald from Wells Fargo.

下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Maybe a bit of a follow-on to Stephen's question, and that's around -- with all the M&A activity you've seen on the mobile side, AppLovin and Machine Zone and then they also just bought Adjust, and then you guys with Glu and Zynga with Chartboost, is the mobile piece, the advertising piece of that and the cross-platform piece, is that an initiative that's going to kind of catalyze a more vertically integrated approach to the business, a more holistic and robust approach to consumer engagement on how you monetize those guys, lifetime value yield perspective? Are you missing anything on the ad tech side, do you think, from your kind of holistic mobile approach?

也許可以稍微補充一下 Stephen 的問題，那就是——鑑於你們在移動領域看到的所有併購活動，例如 AppLovin 和 Machine Zone，以及他們剛剛收購的 Adjust，還有你們收購 Glu 和 Zynga 的 Chartboost，移動端、廣告端以及跨平台端，這些舉措是否會促進業務的垂直整合，以及在如何實現用戶更強大方面，消費者採取更全面的方式？您認為在您這種整體性的行動策略中，廣告科技方面是否遺漏了什麼？

Yes. I would say it's too early to say on ad tech. We know there's a lot of changes going on in the market as you guys know. And we'll watch closely as to how those changes may impact advertising inside of mobile games. We also know that most mobile game advertising is for other mobile games, and we've always wanted to try to keep people in our own network, right or wrong, but that's been our focus.

是的。我認為現在對廣告技術下結論還為時過早。正如你們所知，我們知道市場正在發生很多變化。我們將密切關注這些變化將如何影響行動遊戲內的廣告。我們也知道，大多數手機遊戲廣告都是針對其他手機遊戲的，我們一直想努力把用戶留在我們自己的網路中，不管對錯，但這始終是我們的關注點。

I think the near-term opportunity is really the talent that these teams have that could impact our own franchises and the IP that we have with those franchises. So building more casual games, for example, building new sports games, I think that's where we were most excited about Glu and the reason we bought them. And I think longer term, over the next couple of years as we see how the ad business changes, we might be more aggressive there. But really, this is about building new franchises with great talent.

我認為近期真正的機會在於這些球隊擁有的人才，他們可能會對我們自己的球隊以及我們與這些球隊共同擁有的智慧財產權產生影響。所以，例如，開發更多休閒遊戲，開發新的運動遊戲，我認為這就是我們對 Glu 最興奮的地方，也是我們收購他們的原因。而且我認為從長遠來看，在接下來的幾年裡，隨著廣告業的變化，我們可能會在這方面採取更積極的策略。但實際上，這關乎於用優秀人才打造新的品牌。

Your next question comes from Alexia Quadrani from JPMorgan.

下一個問題來自摩根大通的 Alexia Quadrani。

Can you elaborate on the success, the tremendous success you've seen in Apex Legends? I mean is it a core group of players planning the game more and more season after season? Or have you notably expanded the player base as well? And any update on time line of Apex for China?

您能否詳細談談您在《Apex英雄》中看到的巨大成功？我的意思是，是不是有一個核心玩家群體，他們年復一年地不斷規劃比賽？或者你們也顯著擴大了玩家群？Apex在中國的上線時程有任何更新嗎？

I would say, as we look at the data on Apex Legends, we have seen, from season to season, what the Apex Legends team have been able to do is grow pretty much every meaningful metric around the business. The amount of players, the amount of time players spend, the amount of connections players have on the game, the amount of touch points the players have and, of course, revenue generation from that growing player base.

我想說，當我們查看《Apex英雄》的數據時，我們發現，從一個賽季到另一個賽季，《Apex英雄》團隊所取得的成就是，幾乎所有與業務相關的重要指標都實現了成長。玩家數量、玩家花費的時間、玩家在遊戲中建立的連結數量、玩家接觸點數量，當然還有不斷成長的玩家群所帶來的收入。

I think as we project forward, what they have done from the very beginning is ensure that they always protect the gaming community, that they're very close and listen to the gaming community and offering all that community wants. The day-to-day retention is off the charts for free-to-play game, and that's why we're confident in projecting future growth around both the existing business and of course, Apex Mobile.

我認為展望未來，他們從一開始就致力於保護遊戲社區，與遊戲社區保持密切聯繫並傾聽他們的意見，提供社區想要的一切。這款免費遊戲的日常用戶留存率非常高，因此我們有信心預測未來現有業務以及 Apex Mobile 的發展前景。

And what we've talked about is releasing or soft-launching Apex Mobile later this year. As is the nature of mobile games, we have a series of closed beta tests, open beta tests and then soft launches to ensure we're appropriately treating the metrics. We've now got big numbers in our plan this year forth, Blake can comment more on that. But what we've really done is apply the same orientation the team has had around the core franchise, which is let's make sure we get the gameplay right, let's make sure we get the event strategy around the gameplay right and let's make sure we're listening to players and delivering on what players want out of that experience. That has grown every meaningful metric of Apex Legends every single season since launch. And our expectation is that we'll also be able to grow that in the same way in mobile.

我們討論的內容是在今年稍後發布或試營運 Apex Mobile。行動遊戲的特性決定了我們需要進行一系列的封閉測試、公開測試和試發行，以確保我們能夠適當地處理各項指標。我們今年的計劃中有很多數字，布萊克可以就此做更多評論。但我們真正做的，是將團隊圍繞核心系列所秉持的相同理念應用到這款遊戲中，那就是確保遊戲玩法正確，確保圍繞遊戲玩法制定的活動策略正確，並確保我們傾聽玩家的意見，滿足玩家對遊戲體驗的期望。自遊戲上線以來，每個賽季《Apex英雄》的各項重要指標都實現了成長。我們預計，我們也能夠在行動端以同樣的方式成長。

Yes. And we've put -- as I think Andrew mentioned in his prepared remarks, we put relatively little revenue in for Apex Mobile in this coming year because you don't know exactly when you will release a mobile game. You want to make sure you test it, tune it and then release it at the right time, and that's globally, including China.

是的。正如安德魯在他準備好的演講稿中提到的那樣，我們今年在 Apex Mobile 上投入的收入相對較少，因為你無法確切地知道何時會發布一款手機遊戲。你要確保對它進行測試、調整，然後在適當的時機發布，這要面向全球，包括中國。

We believe there are some huge markets for Apex Mobile, as Andrew also mentioned. Japan is one of our largest markets for the console and PC game and the Switch game. And so we believe it will be a huge market for mobile. So we'll prioritize some of those markets. But we also know people love the game all around the world. So more to come on that. I would just trust that we have not put a large number in our forecast for Apex Mobile yet because of some of those unknowns.

正如 Andrew 也提到的那樣，我們認為 Apex Mobile 有一些巨大的市場。日本是我們主機遊戲、PC遊戲和Switch遊戲最大的市場之一。因此，我們相信行動市場將會非常龐大。因此，我們將優先考慮其中一些市場。但我們也知道，世界各地的人們都熱愛這款遊戲。關於這一點，後續還會有更多討論。我只能說，由於存在一些未知因素，我們還沒有在 Apex Mobile 的預測中給出很大的數字。

Your next question comes from Mike Ng from Goldman Sachs.

你的下一個問題來自高盛的吳先生。

I was just wondering if you could elaborate a little bit on the comment about how the new EA SPORTS are designed for next-gen. What does that enable from a pricing perspective? And then separately, I think you made similar comments around Battlefield as well. For Battlefield specifically, will that be available for both current-gen and next-gen?

我只是想請您詳細解釋一下關於EA SPORTS新遊戲如何為次世代主機設計的評論。從定價角度來看，這會帶來什麼影響？另外，我覺得你之前也對《戰地》系列遊戲發表過類似的評論。具體到《戰地》系列，這個功能會同時適用於本世代主機和次世代主機嗎？

So yes, so Battlefield will be available for both current-gen and next-gen as well our sports titles. The reference specifically from our prepared remarks was around the nature of gameplay. What we can do with fidelity of the game, what we can do with physics, artificial intelligence and the immersive nature of the game, and in the case of Battlefield, what we can do with respect to the amount of plays that we can have in the game, and the nature of destruction in those only in Battlefield moments that are truly next-gen opportunities that we're able to do in the context of our next-gen franchises because of the increased processing power and memory and output of the new consoles.

是的，《戰地》系列遊戲以及我們的運動遊戲都將同時登陸本世代和次世代主機平台。我們事先準備好的發言稿中特別提到的是遊戲玩法的本質。我們能做的，包括提升遊戲的保真度、物理效果、人工智慧以及遊戲的沉浸感；就《戰地》系列而言，我們能做的，包括增加遊戲次數，以及在《戰地》系列中獨有的破壞效果，這些都是真正的次世代機遇，而我們之所以能夠在次世代遊戲系列中實現這些，是因為新主機的處理能力、記憶體和輸出能力的提升。

We're really excited about what that means for our products. If you look back through the history of our industry, every time we are able to deliver high-fidelity, more meaningfully immersive products as a result of increased processing power as platform transitions, we've been able to grow the market dramatically. And sports and games like Battlefield have been leaders on that every platform generation shift. And we're excited by the fact our entire EA SPORTS portfolio and Battlefield will be developed specifically around features for next-gen plays.

我們對這將對我們的產品產生的影響感到非常興奮。回顧我們產業的歷史，每次平台轉型帶來的處理能力提升，使我們能夠提供高保真、更具沉浸感的產品時，我們都能夠大幅拓展市場。體育和像《戰地》這樣的遊戲一直引領著每一次平台世代的更迭。令我們興奮的是，我們整個 EA SPORTS 產品組合和《戰地》系列遊戲都將圍繞次世代遊戲功能進行專門開發。

Great. And just a follow-up, if I may. I was just wondering if you could talk a little bit more about Ultimate Team live services content in the quarter and if you have any outlook for the year. Are there any notable events that you'll be rolling out? And sorry if I missed it, but did you talk about Ultimate Team growth in the quarter?

偉大的。如果可以的話，我再補充一點。我想問一下，您能否再詳細談談本季 Ultimate Team 的即時服務內容，以及您對今年的展望？你們近期會推出哪些值得關注的活動？如果我錯過了，請見諒，請問您在本季度談到了Ultimate Team的成長情況嗎？

Yes. We didn't call out Ultimate Team growth in the coming quarter, which we don't typically do. We just talked about Ultimate Team growth in last quarter, which year-over-year, it was up 30%. The team has done an amazing job across all sports to find ways to continue to innovate and add new events. And that's what's always drives -- it brings people into Ultimate Team and drives people to play Ultimate Team. And we've gotten better and better at that over the life of the product, and we'll continue to do that and we have optimism for the coming year and many years to come around all the sports' Ultimate Teams because we will continue to innovate on those and look for new ways for people to play them.

是的。我們沒有在下一季預測 Ultimate Team 的成長，這與我們通常的做法不同。我們剛剛討論了上個季度的終極團隊模式成長情況，與去年同期相比成長了 30%。該團隊在所有體育項目中都做得非常出色，不斷尋找創新和增加新賽事的方法。而這正是它的驅動力——它吸引人們加入終極球隊模式，並驅使人們玩終極球隊模式。在產品生命週期內，我們在這方面做得越來越好，我們將繼續這樣做，我們對未來一年以及未來許多年所有運動的終極團隊都充滿信心，因為我們將繼續在這方面進行創新，並尋找人們參與這些遊戲的新方法。

(Operator Instructions) Your next question comes from Mario Lu from Barclays.

（操作員說明）您的下一個問題來自巴克萊銀行的 Mario Lu。

Great. I have one on Apex and one on Battlefield. So the first one on Apex. I know it's only been a week since that launch, but can you comment on how the second permanent mode arena is performing versus your expectations? And do you expect this mode to kind of bring in more new players or just increasing the engagement of existing?

偉大的。我在Apex上有一個帳號，在戰地上有一個帳號。所以，第一個是在Apex上。我知道距離上線才一周，但您能否評價一下第二個永久模式競技場的表現是否符合您的預期？你認為這種模式會吸引更多新玩家，還是只會提高現有玩家的參與度？

It's still too early to tell in terms of macro numbers other than the demand was pretty incredible first week and out to the point where we had a few stability issues in the community. We're able to resolve those very quickly. Just the nature of demand was so extraordinary. In terms of do we expect that just to engage more existing players by bringing new plays, I think we believe both of those things will happen. What you have seen from the Apex team each and every season, and whether it's launching new maps, new characters or new modalities of play, every season has grown both players and the engagement of the existing player base and the player investment that comes from those 2 things.

就宏觀數據而言，現在下結論還為時過早，但第一週的需求非常驚人，甚至導致社區出現了一些穩定性問題。我們能夠很快解決這些問題。需求的性質實在太特殊了。至於我們是否期望透過引入新玩法來吸引更多現有玩家，我認為我們相信這兩件事都會發生。你們從 Apex 團隊每個賽季的表現中都看到了這一點，無論是推出新地圖、新角色還是新的遊戲模式，每個賽季都增加了玩家數量，提高了現有玩家群體的參與度，以及由此帶來的玩家投入。

And so it's too early to tell other than to say, Season 8 was the biggest season since Season 1 in 2019. And Season 9 as of right now looks like it will be bigger than Season 8, meaningfully so. And we're very excited about what these new modes will do. And you should expect many more new modes from Apex over the coming years.

所以現在下結論還為時過早，但可以肯定的是，第八季是自 2019 年第一季以來最精彩的一季。就目前來看，第九季的規模將會比第八季更大，而且差距會非常顯著。我們對這些新模式將帶來的效果感到非常興奮。未來幾年，Apex 將會推出更多新模式，敬請期待。

Great. And then on the one on Battlefield, the new mobile title that's coming in late fiscal '22, I believe it's developed by Industrial Toys. So can you provide some background on how you decided to choose that studio versus partnering with one of the Chinese companies like Tencent or NetEase?

偉大的。然後是關於《戰地》系列的，這款新的手機遊戲將於 2022 財年末推出，我相信它是由 Industrial Toys 開發的。那麼，您能否介紹一下當初為什麼決定選擇這家工作室，而不是與騰訊或網易等中國公司合作？

Great question. Industrial Toys, we acquired some number of years ago now. It's led by the original team who helped create [Hi-Lo] as a franchise and then had gone on to work in a number of kind of mobile companies. And we're really committed to building a truly innovative experience around first-person shooter mechanics. When we met the team, we just thought they were an incredible team. They had really unbelievable design ideas. And when we talked with them about the opportunity to work on Battlefield, they were as excited as we were.

問得好。工業玩具，是我們幾年前收購的。它由幫助創建 [Hi-Lo] 特許經營權的原班人馬領導，之後他們又在多家行動公司工作過。我們致力於圍繞第一人稱射擊遊戲機制打造真正創新的體驗。當我們見到這個團隊時，我們就覺得他們是一支非常棒的團隊。他們的設計理念真是令人難以置信。當我們和他們談到參與《戰地》計畫的機會時，他們和我們一樣興奮。

And so we brought that team to the company a while ago now. They've been working a number of -- of a number of years through a number of cycles, and we've got to a place where we're really, really excited about the mechanic. It's a different kind of shooting mechanic to our Apex Legends. We believe they will speak to 2 very different markets, both of which have tremendous upside and tremendous opportunity for us, and both games are coming from really talented studios.

所以，我們不久前就把那支團隊招進公司了。他們已經努力了好幾年，經歷了很多周期，現在我們對這個機制感到非常非常興奮。它和我們的《Apex英雄》的射擊機制截然不同。我們相信這兩款遊戲將面向兩個截然不同的市場，這兩個市場都蘊藏著巨大的發展潛力和巨大的機遇，而這兩款遊戲都出自才華橫溢的工作室。

Your next question comes from Mike Hickey from Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Just curious again on Battlefield here. If you see an opportunity to annualize the premium experience, obviously, you've done well with that in sports. And prior to Battlefield, I think you had some experience with the Battle Royale. I'm curious if that's still a consideration for you and for the franchise moving forward.

我只是對戰地系列遊戲有點好奇。如果你看到了將高級體驗年度化的機會，顯然，你在體育領域已經在這方面取得了成功。在玩《戰地》之前，我想你已經有一些玩大逃殺遊戲的經驗了。我很想知道，對於你和該系列的未來發展而言，這是否仍然是一個需要考慮的因素。

Nothing to announce at the moment on either an annualized (technical difficulty) Battlefield and/or the nature of the modes in the upcoming Battlefield game. We're going to talk about a lot around that in the months to come starting next month with our reveal trailer, which I had the chance of seeing the work in progress last week. And it is incredible. What the team has been able to do in the context of next-generation consoles and epic-scale battles, unbelievable player count, destruction (inaudible) is really incredible. And there's some very innovative and creative modes for the future of the franchise.

目前對於年度版（技術難度）《戰地》遊戲和/或即將推出的《戰地》遊戲的模式性質，沒有任何可以公佈的內容。接下來的幾個月裡，我們將圍繞這個主題展開許多討論，從下個月的揭曉預告片開始，我上週有機會看到了預告片的製作過程。真是不可思議。在次世代主機和史詩級規模的戰鬥、難以置信的玩家數量、破壞效果（聽不清楚）的背景下，該團隊所取得的成就真是令人難以置信。該系列遊戲的未來發展方向還有一些非常創新且富有創意的模式。

The other thing that you should know and I talked about in the prepared remarks is we do have a blueprint, which is how do we start with a AAA premium experience that is truly innovative in its category? How do we build out live service for long-term engagement? And then how do we think about modalities of play in business models to further extend our reach and penetration of that game on a global basis across platforms, across geographies, across business models?

還有一點你們應該知道，我在準備好的演講稿中也提到過，那就是我們確實有一個藍圖，那就是我們如何才能打造出真正具有創新性的 AAA 級高端體驗？我們如何建構能夠實現長期用戶互動的即時服務？那麼，我們該如何思考商業模式中的遊戲方式，才能進一步擴大我們在全球範圍內跨平台、跨地域、跨商業模式的遊戲覆蓋範圍和滲透率呢？

And so you'll hear a lot more from us in the months ahead. But I would just -- I would finish by saying we're really excited about Battlefield. Everything I've seen in the game is spectacular. And I think it's going to be an amazing relaunch of that franchise this year and lead us into an incredible live service for the future.

因此，在接下來的幾個月裡，你們會聽到我們更多的消息。但我最後想說的是，我們對《戰地》系列遊戲真的非常興奮。我在遊戲中看到的一切都非常精彩。我認為今年該系列遊戲將會迎來一次驚人的重啟，並引領我們走向未來精彩的線上服務。

Yes. And Mike, you know that we believe that won't give the Battlefield fans many ways to play and let them play for a long time. And I think you'll see that in what we'll talk about in the future. It is an opportunity to extend the Battlefield experience for people because it is such an engaged community.

是的。麥克，你知道我們認為那樣做不會給《戰地》系列的粉絲們提供太多遊戲方式，也不會讓他們長時間玩下去。我想你會從我們未來要談論的內容中看到這一點。這是一個讓玩家體驗更多《戰地》系列遊戲內容的機會，因為這是一個非常活躍的社群。

I'd love to tell you what I said when I saw the trailer last week, but I would -- I can't because we'll get censored. But it's -- to emphasize Andrew's point, I think people are going to be really blown away. And I'll tell you, on (inaudible), it is even more spectacular. But it will be great on the either consoles, but it's going to be very exciting, I think.

我很想告訴你我上週看到預告片時說了什麼，但是——我不能，因為我們會被審查。但是——為了強調安德魯的觀點——我認為人們真的會被震撼到。我還要告訴你，在（聽不清楚）上，它更加壯觀。但無論在哪個主機平台上，它都會很棒，我覺得會非常精彩。

Nice. Excited to play it. Last question for me. I think last call, you noted that development of Battlefield was ahead of expectations. Obviously, you've seen it, it's exciting. Maybe buzz is building. But at the same time, it looks like (inaudible) or Criterion, that studio to do additional work with the base. I'm just curious on the decision to do that and what your plans are for need for speed in the future.

好的。很期待玩這款遊戲。最後一個問題。我記得上次通話中，您提到《戰地》系列的開發進度超出了預期。顯然，你已經看到了，這很精彩。或許熱度正在上升。但同時，看起來像是（聽不清楚）或 Criterion，那個工作室要對基礎進行額外的工作。我只是好奇你們做出這個決定的原因，以及你們未來對《極速快感》系列有什麼計畫。

Yes. There was 2 things at play here. One is we have incredible ambition around Battlefield. We've got DICE Stockholm, DICE LA, Criterion, our technology team in Gothenburg and our entire Frostbite team, quite honestly, focused on making this the best possible Battlefield that can be. We've made tremendous progress. The teams have admirable ambition to be truly creative and innovative experience. And having Criterion who have delivered some of the most amazing experiences in our history and have worked really closely with DICE in the past, come together to help realize the fullness of that ambition was just a no-brainer for us this year.

是的。這裡有兩個因素在起作用。第一，我們對《戰地》系列遊戲有著遠大的抱負。坦白說，我們有 DICE 斯德哥爾摩團隊、DICE 洛杉磯團隊、Criterion 工作室、我們在哥德堡的技術團隊以及我們整個 Frostbite 團隊，都致力於將這款遊戲打造成最好的《戰地》系列作品。我們取得了巨大的進步。這些團隊擁有令人欽佩的雄心壯志，渴望獲得真正具有創造力和創新性的經驗。今年，讓 Criterion 加入我們，共同實現這一宏偉目標，對我們來說是理所當然的。 Criterion 曾經為我們帶來歷史上一些最令人驚嘆的體驗，過去也曾與 DICE 密切合作過。

What has also happened, of course, is we had acquired Codemasters and a number of new racing games, including the F1 franchise, which is shaping up to be really strong this year. And it was an opportunity for us to really think more broadly about our holistic racing strategy. Need for Speed will absolutely be a meaningful part of our future. We actually think there is -- with the culmination of EA and Codemasters, we can actually expand and extend and enhance an interesting franchise. But those 2 things together meant that having Criterion work on Battlefield this year was absolutely the right choice for us.

當然，我們也收購了 Codemasters 和一些新的賽車遊戲，包括 F1 系列，該系列今年有望取得非常強勁的成績。這讓我們有機會更全面地思考我們的整體賽車策略。《極速快感》絕對會成為我們未來發展的重要部分。我們認為確實有這樣的可能——隨著 EA 和 Codemasters 的強強聯合，我們能夠真正擴展、延伸和提升一個有趣的系列作品。但這兩點結合起來意味著，今年讓 Criterion 來開發《戰地》對我們來說絕對是正確的選擇。

Yes. And Mike, you know that Criterion actually delivered (inaudible) associated with or flying associated with Battlefront I and Battlefront II. They've worked very closely with DICE for a long time. And they are experts in driving flying, the things that are really hard to do. And so it's not the first time that we pulled them into projects and they love it. They love to be able, and this -- we've tried to create a culture where people want to work together. And I think that's what you're seeing here versus some other idea that, well, something must be wrong. No, no, this is an opportunity (technical difficulty) talent in at the right time. And we always are measuring how that might impact future schedules. But as Andrew said, with the addition of Codemasters, we have a plethora of driving game opportunities right now that we can go after, and Criterion will continue to work on those going forward.

是的。麥克，你知道 Criterion 實際上交付了與《星際大戰：前線 I》和《星際大戰：前線 II》相關的（聽不清楚）或飛行。他們與DICE有著非常密切的合作關係，已經持續很久了。他們是駕駛飛機的專家，而駕駛飛機是真正困難的事。所以這並非我們第一次讓他們參與項目，而且他們也很喜歡。他們喜歡這種能力，而我們也努力創造一種讓人們願意一起工作的文化。我認為這就是你在這裡看到的，而不是另一種想法，即，嗯，肯定出了什麼問題。不，不，這是一個機會（技術難題），在適當的時機引入人才。我們一直在評估這可能會對未來的日程安排產生怎樣的影響。但正如 Andrew 所說，隨著 Codemasters 的加入，我們現在有很多賽車遊戲的機會可以去爭取，Criterion 也將繼續致力於這些遊戲的開發。

Your next question comes from Drew Crum from Stifel.

你的下一個問題來自 Stifel 公司的 Drew Crum。

Wondering if you'd be willing to discuss the pipeline for Glu and what's contemplated in fiscal '22 net bookings guidance. They previously planned to release a new Deer Hunter game and Table & Taste. And then separately, Blake, I think you mentioned some onetime expenses related to the Codemasters and the Glu acquisitions. Are those cash or noncash? And is it embedded in the 70% non-GAAP EPS growth that you're forecasting? And if not, what's the disconnect between that and the 18% net bookings growth that you're forecasting?

想請您討論一下 Glu 的發展規劃以及 2022 財年淨預訂量預期。他們之前計劃發布一款新的《獵鹿人》遊戲和《餐桌與美食》。另外，布萊克，我想你提到了一些與收購 Codemasters 和 Glu 相關的一次性支出。是現金還是非現金？這是否已包含在您預測的 70% 非 GAAP 每股盈餘成長中？如果不是這樣，那麼這和你預測的18%淨預訂量成長之間有什麼脫節呢？

Yes. We basically took their forecast that we used when we did the acquisition, which were fairly consistent with what they had done in the past. We didn't -- we wanted to make sure we didn't overinflate those. We wanted to make sure we were pretty consistent with how they have talked about their (technical difficulty). So you should assume they're pretty similar to what you've seen historically.

是的。我們基本上採用了他們在收購時所做的預測，這些預測與他們過去的做法相當一致。我們沒有——我們想確保不會過度膨脹這些數值。我們希望確保我們與他們談論（技術難題）的方式保持相當一致。所以你應該假設它們與你歷史上看到的情況非常相似。

In terms of the onetime costs, they are cash costs. They are, in most cases, there might be some tax or R&D capitalization that occurs that will go into our P&L. But at the end of the day, the core cost in OpEx are things like deal fees, legal fees, closing fees, integration fees. And those impact mainly the first quarter and not the full year.

就一次性成本而言，它們都是現金成本。大多數情況下，可能會有一些稅收或研發資本化，這些都會計入我們的損益表。但歸根究底，營運支出中的核心成本是交易費、法律費用、結算費、整合費等。而這些影響主要集中在第一季度，不會持續全年。

But there will be longer term a -- on our GAAP EPS, there will be some accounting for acquisitions that are collection of buying in of IP, which is a positive, right, because they have great IP; some amortization of intangibles related to the acquisition and some onetime cash tax charges that may impact cash taxes and cash flow. The other 2 that I mentioned most likely will not impact cash flow.

但從長遠來看，我們的 GAAP 每股盈餘將受到一些會計處理的影響，這些會計處理涉及收購知識產權，這是積極的，因為它們擁有優秀的知識產權；收購相關的一些無形資產攤銷，以及一些可能影響現金稅和現金流的一次性現金稅費。我提到的另外兩項很可能不會影響現金流。

So -- but we wanted to make sure we were transparent about that. I would not worry about it because I think we will be able to continue to grow these businesses and generate higher returns off the businesses than they have in the past. And as I said, we did not put into our forecast any of the synergies associated with those acquisitions yet. More to come on that in a couple -- next couple of quarters. It just -- we literally just closed Glu, what, a few weeks ago and Codemasters a month ago. So we're just getting to a point where we truly understand what the integrations are going to look like, what the cash and noncash charges will look like. We'll keep everyone informed.

所以——但我們想確保在這方面保持透明。我不會為此擔心，因為我認為我們能夠繼續發展這些業務，並從中獲得比過去更高的回報。正如我所說，我們尚未將這些收購帶來的綜效納入我們的預測中。接下來幾季會有更多相關資訊。我們就在幾週前關閉了 Glu，一個月前關閉了 Codemasters。所以我們現在才真正開始了解整合的具體形式，以及現金和非現金費用的具體情況。我們會及時向大家通報最新情況。

I would say it is not a big swing in the year on a non-GAAP side. It's only a swing on the GAAP EPS side just because of the way the accounting works for acquisition.

我認為，就非GAAP準則而言，今年的波動幅度並不大。GAAP EPS 出現波動只是因為收購的會計處理方式不同。

Your next question comes from Andrew Uerkwitz from Jefferies.

下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

Just 2 quick ones. The first one, how should we read into EA PLAY moving into July from June? Lots of reasons why that could be moved back. Just curious how you're thinking about that and the future of marketing for your titles. And then secondly, it sounds like Battlefield and your future sports franchises are really trying to take advantage of next-gen consoles. How should we think about, obviously, some games that have tried doing that struggled on previous consoles for being too ambitious. How should we think about those titles relative to the 2 different generation of consoles?

就兩個簡單的問題。第一個問題是，我們該如何解讀 EA PLAY 從 6 月延後到 7 月這項決定？有很多原因可能導致該計劃延期。我只是好奇您對此有何看法，以及您對貴公司遊戲未來的行銷策略有何展望。其次，聽起來《戰地》和你們未來的運動遊戲系列真的想充分利用次世代主機。顯然，我們應該如何看待一些嘗試這樣做的遊戲，它們在以前的主機上因為過於雄心勃勃而舉步維艱。我們該如何看待這些遊戲與兩代不同遊戲主機之間的關係？

Yes. On EA PLAY, I think that typically, E3 governed the key promotional time frame across most of the industry happened in June. Given COVID and virtual marketing and the nature of these things, I think we've been able to kind of think about what's the most appropriate time line for us. And given the launch schedules in our games, we feel like July is the right time frame from that.

是的。EA PLAY 展會，我認為通常來說，E3 展會主導了整個行業的關鍵宣傳時間，而 E3 展會則在六月舉行。考慮到新冠疫情、虛擬行銷以及這些事物的本質，我認為我們已經能夠思考出最適合我們的時間表是什麼。考慮到我們遊戲的發布計劃，我們覺得7月份是合適的發佈時間。

But what I'd also say is, as we talked about, you'll hear a lot from our build in June. And we'll kind of ramp up to that July. So it's not like you won't hear anything from us until July. The July time frame, just optimally time for our title launches, better suits us. We've showed up in June in the past because the whole industry has at that time. But with the world that we live in now, we have greater flexibility to do what's more relevant for our business.

但我還想說的是，正如我們之前討論過的，你們將會聽到很多關於我們六月建設的消息。我們會逐步推進，直到七月。所以並不是說要等到七月你們才會收到我們的消息。7 月的時間安排正好是我們遊戲發布的最佳時間，對我們來說更合適。過去我們也曾在六月參展，因為那時整個產業都會參展。但就我們目前所處的世界而言，我們有了更大的靈活性，可以去做對我們的業務更相關的事情。

With respect to current-generation versus next-generation titles or maybe we should say current-generation versus past-generation platform titles, this is (technical difficulty) we have done exceptionally well for decades. I have a great fortune of growing up in this company and building games on multiple generations. And I think when you think about our infrastructure around our Frostbite team, our digital services teams and our game teams who have unbelievable experience gaining the very best out of the past generation consoles to ensure that even as we move to the next generation, we're getting more and more out of the old generation platforms. And so those games are going to look great.

就當前世代遊戲與次世代遊戲，或者我們應該說當前世代遊戲與上世代平台遊戲而言，這（技術難度）是我們幾十年來做得非常出色的一點。我非常幸運能在這家公司成長，並參與開發多代遊戲。我認為，當你想到我們圍繞著 Frostbite 團隊、數位服務團隊和遊戲團隊的基礎設施時，你會發現，他們擁有令人難以置信的經驗，能夠充分利用上一代遊戲主機，從而確保即使我們邁向下一代，也能從舊一代平台獲得更多收益。所以這些遊戲畫面一定會很棒。

When we think about new platform generations, again, with the advances that we make in Frostbite, with the advances that we make in our digital ecosystem and with the advances that we're making at a feature design level with the new unlocks that come from power, the games on next-generation consoles are going to be extraordinary. And remember, we've already launched FIFA and Madden on those platforms. It's only going into year 2 of those. And we gained a lot of learning with our other franchises as we move into the second year of the platform.

當我們展望新一代平台時，考慮到我們在寒霜引擎方面取得的進步，我們在數位生態系統方面取得的進步，以及我們在功能設計層面上取得的進步，以及性能提升帶來的全新解鎖，下一代主機上的遊戲將會非常出色。別忘了，我們已經在這些平台上推出了 FIFA 和 Madden 遊戲。這才進入第二年。隨著平台進入第二年，我們從其他加盟店也學到了很多。

Yes. The only other thing I would add to that is, remember, if our business is approaching 70-plus percent live services, what is critical is getting people into a franchise because once they're in a franchise or in a social network with other people that love the same thing they do and that means they'll engage in a live service, which means they're going to stay longer, they may spend, but most importantly, it becomes something that they do for a long time because it is that network that holds them together.

是的。我唯一要補充的是，記住，如果我們的業務接近70%以上的是實時服務，那麼關鍵在於讓人們加入加盟店，因為一旦他們加入加盟店或加入一個與其他熱愛同樣事物的人組成的社交網絡，這意味著他們會參與實時服務，這意味著他們會停留更長時間，他們可能會消費，但最重要的是，這會成為他們長期從事這個網絡的事業，正是因為這個網絡將他們聯繫在一起。

You love football, you want to engage in football with all the people that love the same thing you do, the same team, the same league, whatever it might be. So part of the logic around building out the subscription platform on multiple vehicles is making sure we're continuing to bring people (technical difficulty) services, which we know people will love over time to play.

你熱愛足球，你想和所有熱愛足球的人一起參與其中，支持同一支球隊，參加同一個聯賽，無論是什麼。因此，在多輛車上建立訂閱平台的部分邏輯是確保我們能夠繼續為人們提供（技術難度）服務，我們知道隨著時間的推移，人們會喜歡這些服務。

Your next question comes from Matthew Thornton from Truist Securities.

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

Maybe a couple of quick ones from me. First on Apex, you talked about obviously layering in mobile growth. I guess if we think about just the base game this year, do you expect growth in the base game, maybe just driven by the full year of the launch on Apex? Any color there.

我可能也會快速地寫幾句。首先在 Apex 上，您顯然談到了行動成長的分層。我想，如果我們只考慮今年的基礎遊戲，你認為基礎遊戲會成長嗎？這或許只是因為 Apex 全面上線一年所推動的？那裡有什麼顏色？

Secondly, as it relates to Battlefield, I don't know if you can maybe give us any context as to how you're thinking about that in the fiscal '22 guidance maybe relative to prior precedent for the game. Again, any color there. And then just lastly, I'm not sure if you'd be willing to bite, but on any developments or progress you'd be willing to talk about as it relates to maybe the out-year pipeline in several of the titles that you've disclosed and discussed in the past.

其次，關於《戰地》系列遊戲，我不知道您能否就您在 2022 財年業績指引中如何考慮該遊戲，以及該遊戲之前的先例，提供一些背景信息。再說一遍，任何顏色都可以。最後，我不知道您是否願意透露，但對於您過去披露和討論過的幾款遊戲的未來一年開發計劃，您是否願意談談任何進展或新進展？

Well, I'll start. What I would say is in our guidance, you know we're traditionally conservative. So in our guidance for Battlefield, we have a lot of expectations, a lot of excitement, but I would tell you we don't have a number that is unachievable there. I think we clearly can achieve it and we hope to exceed it because we know that the Battlefield title is going to be very strong.

那我先來。我想說的是，在我們的指導方針中，你知道，我們歷來都是保守的。所以，對於《戰地》系列，我們有很多期望，也充滿期待，但我可以告訴你們，我們並沒有設定任何無法實現的目標。我認為我們完全可以實現這個目標，而且我們希望超越它，因為我們知道《戰地》系列將會非常成功。

Apex, we've seen growth year -- or quarter-over-quarter basically since it started, and we have high confidence that the team can continue to do that even before the mobile product comes out. And mobile obviously will accelerate that. And I think as we said earlier, we don't have a giant number in there for mobile this year because we don't -- it's hard to predict exactly when it goes live and monetizes.

自 Apex 成立以來，我們看到它實現了逐年或逐季的成長，我們非常有信心，即使在行動產品推出之前，團隊也能繼續保持這種成長勢頭。而行動裝置顯然會加速這一進程。正如我們之前所說，今年我們在行動端方面沒有給出很大的數字，因為我們很難準確預測它何時上線並實現盈利。

So I think we're (technical difficulty) if you look at our forecast, it's a large forecast, probably the biggest that we've ever done. But I would say there's still conservatism in that forecast around both mobile, Battlefield and other titles where we are all focused on trying to grow them. I can't remember what your third question was, so I apologize.

所以我覺得我們（技術上遇到了困難），如果你看我們的預測，這是一個很大的預測，可能是我們做過的最大的預測。但我認為，無論是行動遊戲、戰地系列或其他我們目前都致力於發展的遊戲，這種預測仍然比較保守。我記不清你的第三個問題是什麼了，很抱歉。

It was around out-year content and would we buy from that.

當時的問題是，我們會考慮要購買哪些年度內容。

Yes.

是的。

So what I would offer is I think that what we talked about earlier was we had been recruiting amazing talent into the organization from across the industry. We feel really, really good about our best strength both in the context of mobile and the context of our HD organization, and you've also seen us growing in really good ways in Asia. We've talked about a college football game. We've talked about a state game. We've talked about a new game from Motive. We've talked about new packs. We've talked about a number of new FIFA titles from our mobile group and new mobile titles in Asia.

所以我想說的是，我認為我們之前討論過的一點是，我們一直在從整個行業中招募優秀的人才加入公司。我們對自身在行動領域和高清組織方面的優勢感到非常非常滿意，而且您也看到了我們在亞洲取得了非常好的發展。我們聊了一場大學橄欖球賽。我們討論過州級比賽。我們討論過 Motive 的一款新遊戲。我們已經討論過新禮包了。我們已經討論過我們行動團隊推出的多款新的 FIFA 遊戲以及亞洲地區的新行動遊戲。

I would tell you that we still feel really good and really strong about all of those. They are tracking as we believe they had, including a new title coming out of BioWare. So nothing new to give you beyond that other than we still feel very confident in our outgoing -- our out-year portfolio. And we also have some other things that we're kind of incubating that we think will further add to them in the years to come.

我想告訴你，我們對所有這些仍然感到非常滿意和充滿信心。他們正在按計劃推進，正如我們所認為的那樣，其中包括 BioWare 即將推出的一款新遊戲。除此之外，沒有什麼新的消息可以告訴大家，我們仍然對我們的未來一年的投資組合充滿信心。我們還有一些其他項目正在醞釀中，我們認為這些項目將在未來幾年進一步豐富它們。

Your next question comes from Todd Juenger from Sanford Bernstein.

你的下一個問題來自桑福德·伯恩斯坦研究所的托德·尤恩格。

I appreciate you squeezing me in here at the end, which is perfect for this question. I think -- I guess I'm struck, having been sitting here listening, that the issue of how consumers will behave as we move through this next year and beyond has barely been discussed, especially given the fact that you're in a position on the calendar where you're giving us -- thank you for a year forward. So I guess I just wanted to visit that briefly. And just given everything you've observed and learned during this, have you -- do you want to just share with us what your underlying assumptions are in your guidance for however consumers are going to change their lives as we move through this? And have you basically concluded that it doesn't matter that much to your own success? Or how should we be thinking about that? I appreciate it.

感謝您在最後擠出時間讓我回答這個問題，這真是太好了。我覺得——我想我感到震驚的是，坐在這裡聽了這麼久，消費者在未來一年及以後的行為方式這個問題幾乎沒有被討論過，尤其考慮到你們現在正處於一個重要的位置，那就是——感謝你們為我們帶來新的一年。所以我想我只是想去那裡簡單參觀一下。鑑於您在此期間的觀察和學習，您是否願意與我們分享一下，在指導消費者如何改變他們的生活方面，您的基本假設是什麼？你是否已經得出結論，這對你的成功並沒有那麼重要？或者我們應該如何看待這個問題？謝謝。

Yes. We -- go ahead. Sorry, Andrew.

是的。我們——繼續。對不起，安德魯。

I'll let Blake kind of put some further things around this. But I would say pre-pandemic, we had seen 2 fundamental secular trends. Social interaction was moving in digital to digital and the consumption of sport entertainment was moving from linear to interactive. So that was already happening. What happened through COVID was those 2 secular trends were accelerated exponentially. And we saw almost all interaction happen digitally and almost all consumption of sport and much of entertainment was done through interactive forms versus linear forms.

我會讓布萊克再補充一些相關內容。但我認為，在疫情爆發之前，我們已經看到了兩個基本的長期趨勢。社交互動正從數位化轉向數位化，體育娛樂的消費也從線性轉向互動。所以這種情況已經發生了。新冠疫情使得這兩個長期趨勢呈指數級加速發展。我們看到幾乎所有的互動都是數位化的，幾乎所有的體育消費和大部分娛樂活動都是透過互動形式而不是線性形式進行的。

As we project forward, we don't see that going backwards in any means or way. In fact, we think it will continue to grow stronger as we've really established social networks inside of our games and inside of our network. And we're really offering players a more intimate way to connect with the sports and leagues and teams and entertainment content they love. So we think about the growth of our business.

展望未來，我們認為這種情況不會以任何方式倒退。事實上，我們認為隨著我們在遊戲和網路內部真正建立社交網絡，它將繼續發展壯大。我們確實為玩家提供了一種更親密的方式來與他們喜愛的運動、聯賽、球隊和娛樂內容建立聯繫。所以我們會考慮公司的發展。

We think -- we don't think anything ever goes back to where it was before. We think this growth continues. There will, of course, be some changes as various parts of the world moves through the post-pandemic stages. But this notion of social interaction moving from physical to digital and the consumption of sport entertainment moving from linear to interactive, we don't think that goes back, and we think that underpins and it's foundational to the ongoing strength of our business going forward.

我們認為──我們不認為任何事情都能回到從前的狀態。我們認為這種成長勢頭還會持續。當然，隨著世界各地逐步進入後疫情時代，情況也會有所改變。但我們認為，社交互動從實體轉向數字，體育娛樂消費從線性轉向互動，這種趨勢是不可逆轉的，我們認為，這正是我們業務持續發展的基礎和根本。

Yes. I'd just add to that. We obviously know that our Q1 last year was extremely strong because that was when everyone essentially went home and many people even didn't work, right? So clearly, we benefited from that. But if you look at Q2 through Q4 of last year, what you saw is still strength, not strength of Q1 but still strength every quarter, beating guidance every quarter, unbelievable strength across Ultimate Team, Apex and others.

是的。我還要補充一點。我們當然知道，去年第一季業績非常強勁，因為當時基本上所有人都回家了，很多人甚至都沒上班，對吧？顯然，我們從中受益匪淺。但如果你看看去年第二季度到第四季度，你會發現業績依然強勁，雖然不如第一季強勁，但每個季度都保持強勁，每個季度都超出預期，Ultimate Team、Apex 等遊戲都展現出了令人難以置信的強勁勢頭。

And to Andrew's point, we were able to steer people into games and social networks that were very (technical difficulty) for them and they stayed around. And we're seeing that trend going forward. And even if we all go back to, maybe someday, normal life, which we all hope, we believe we've brought a lot of new people into games and into social networks that they want to be in and they enjoy being in and will continue to play in. So we -- no one quite knows how to predict COVID going forward, but we're very confident that we have done something that we never anticipated at the start of last year. But it has worked to our advantage to bring people into games that they love and networks that they love and we think that will help us long term.

正如 Andrew 所說，我們能夠引導人們進入對他們來說技術難度很高的遊戲和社交網絡，而且他們還留了下來。而且我們看到這種趨勢還會持續下去。即使我們所有人都能回到，也許有一天，恢復正常生活（這也是我們都希望的），我們相信我們已經為遊戲和社交網絡帶來了很多新玩家，他們喜歡加入其中，並且會繼續玩下去。所以——雖然沒有人能準確預測 COVID-19 的未來發展，但我們非常有信心，我們已經做到了去年年初我們從未預料到的事情。但這對我們有利，因為它能讓人們參與他們喜愛的遊戲和社交網路中，我們認為這將對我們長遠發展有所幫助。

So with that, I think that was our last question. We appreciate everybody's constant attention and help and look forward to seeing people hopefully in person one day, but if not, by Zoom. So thank you for everybody taking your time today.

那麼，我想這就是我們的最後一個問題了。我們感謝大家一直以來的關注和幫助，並期待有一天能與大家見面，如果不行，也可以透過 Zoom 見面。感謝大家今天抽出時間。

Thank you, all.

謝謝大家。

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。您現在可以斷開連線了。