美商藝電 (EA) 2021 Q3 法說會逐字稿

Good afternoon. My name is David, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q3 Fiscal 2021 Earnings Conference Call.

午安.我叫大衛，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財年第三季財報電話會議。

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, David. Welcome to EA's Third Quarter Fiscal 2021 Earnings Call. With me from their homes today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO.

謝謝你，大衛。歡迎參加EA 2021財年第三季財報電話會議。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。

Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks, an audio replay of this call, our financial model and a transcript. Once again, I'd like to direct you to the earnings slides this quarter. They now contain the metrics and color that we historically have included in Blake's remarks.

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。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。

With regards to our calendar, our Q4 fiscal 2021 earnings call is scheduled for Tuesday, May 11. As a reminder, we post our entire year of earnings calls on our IR website.

關於我們的日程安排，2021財年第四季財報電話會議定於5月11日星期二舉行。再次提醒，我們會在投資者關係網站上發布全年的財報電話會議記錄。

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, February 2, 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 2 月 2 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.

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。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. I hope this finds all of you well and staying healthy amidst the ongoing pandemic. This continues to be a record-breaking year for Electronic Arts. We've delivered net bookings and earnings above our guidance each quarter, and we are raising guidance today for the remainder of FY '21.

謝謝你，克里斯。希望大家一切安好，在疫情持續蔓延的情況下保持健康。對藝電公司來說，今年依然是個創紀錄的一年。我們每季的淨預訂量和收益都超過了預期，因此我們今天上調了 2021 財年剩餘時間的業績預期。

After starting this fiscal year with guidance for $5.55 billion in net bookings, we're now expecting to achieve nearly $6.1 billion in net bookings for the full year. And we are projecting growth in our business to continue next fiscal year. We're delivering exceptional high-quality experiences across the unmatched breadth and depth of our portfolio. We are driving growth through our live services, and we are reaching new players by bringing our content and subscription to more platforms.

本財年伊始，我們預計淨預訂額為 55.5 億美元，現在我們預計全年淨預訂額將接近 61 億美元。我們預計下一財年業務將持續成長。我們憑藉無與倫比的產品組合的廣度和深度，提供卓越的高品質體驗。我們透過直播服務推動成長，並透過將內容和訂閱服務推廣到更多平台來吸引新用戶。

Drilling down on these growth drivers. EA SPORTS is at the core of the sports experience for hundreds of millions of fans. More and more people, especially younger Gen Z players, are now defining their sports fandom through the games they play like FIFA, Madden, NHL and UFC. In the past fiscal year, we've had more than 230 million people engaged with our EA SPORTS franchises and content. We delivered 6 new high-quality sports games in FY '21, including FIFA 21 and Madden NFL 21, on the new Xbox Series X and PlayStation 5, ushering in a new generation of sports games.

深入分析這些成長驅動因素。EA SPORTS 是數億運動迷體育體驗的核心。越來越多的人，尤其是年輕的 Z 世代玩家，現在透過他們玩的 FIFA、Madden、NHL 和 UFC 等遊戲來定義他們對運動的熱愛。在過去的財政年度中，超過 2.3 億人參與了我們的 EA SPORTS 系列遊戲和內容。我們在 2021 財年推出了 6 款全新高品質運動遊戲，包括 FIFA 21 和 Madden NFL 21，分別登陸 Xbox Series X 和 PlayStation 5 平台，開啟了體育遊戲的新時代。

FIFA continues to grow on every platform. We set a new record of nearly 6 million daily active players in FIFA Ultimate Team in December, and FUT matches have grown a staggering 177% year-over-year. FIFA Online 4 in Korea has had higher player acquisition in every quarter of this year compared to last year. And we now have nearly 21 million players in FIFA Mobile Asia.

FIFA 在各個平台上持續發展壯大。12 月，FIFA Ultimate Team 的每日活躍玩家數量創下近 600 萬的新紀錄，FUT 比賽數量比去年增加了驚人的 177%。與去年相比，FIFA Online 4 在韓國今年的每季玩家獲取量都有所成長。目前FIFA Mobile亞洲區擁有近2,100萬名玩家。

We are driving growth across our EA SPORTS portfolio. Madden NFL has more players engaged in the franchise than ever before. NHL engagement is up 13% year-over-year. And since launch, UFC 4 has consistently had 20% more daily players than our previous game.

我們正在推動EA SPORTS產品組合的整體成長。《麥迪遜橄欖球》系列遊戲的玩家數量比以往任何時候都多。NHL 的參與度年增了 13%。自發布以來，《UFC 4》的每日玩家數量一直比我們之前的遊戲高出 20%。

EA SPORTS is at the center of innovation, both in our games as well as how fans are connecting through our games to their friends and to the sports they love. For example, in a year where an in-person Pro Bowl event was not possible, we worked with our NFL partners to create the first-ever virtual Pro Bowl in Madden NFL 21. This was a groundbreaking experience for fans, where playing Madden actually helped to select 2 Pro Bowl players.

EA SPORTS 始終處於創新中心，無論是在我們的遊戲方面，還是在粉絲如何透過我們的遊戲與他們的朋友以及他們所熱愛的運動聯繫起來方面。例如，在無法舉辦線下職業碗比賽的年份，我們與 NFL 合作夥伴共同打造了 Madden NFL 21 中的首個虛擬職業碗。對球迷來說，這是一次突破性的體驗，玩《麥登橄欖球》遊戲竟然能夠幫助選出 2 位職業碗球員。

The Pro Bowl itself then took place in Madden NFL 21 with Deshaun Watson and Kyler Murray leading teams of NFL stars in highly entertaining broadcast that aired on Twitch, the NFL Network and NFL social channels last Sunday. Now the Super Bowl is just a few days away, and we're preparing new content in and outside non-NFL for the increasing number of players engaging with our franchise around the NFL's championship game. Events like this year's Pro Bowl demonstrate how real-world sports experiences are evolving to become interactive, and you can expect to see us continue to lead here.

職業碗比賽則在《麥登橄欖球21》中進行，德肖恩·沃特森和凱勒·穆雷分別帶領NFL球星隊，在Twitch、NFL Network和NFL社交頻道上進行了精彩紛呈的直播，上週日播出。現在距離超級盃只有幾天了，我們正在為越來越多的玩家準備 NFL 冠軍賽期間與我們球隊互動的新內容，這些玩家可能來自 NFL 以外的其他領域。像今年的職業碗這樣的賽事表明，現實世界的體育體驗正在朝著互動化的方向發展，您可以期待我們繼續引領這一領域。

Our fans are telling us that they want more of what EA SPORTS can deliver. They're playing more of our games than ever before. They're spending more time with our content. And they're connecting with each other, the players and teams and sports they love through our experiences.

我們的粉絲告訴我們，他們想要更多 EA SPORTS 能提供的產品。他們玩我們遊戲的次數比以往任何時候都多。他們花更多時間瀏覽我們的內容。他們透過我們的經歷，將彼此、他們所熱愛的球員、球隊和運動連結起來。

We are now set to build on our leadership position with an aggressive expansion planned for EA SPORTS. We have important announcements we are making today and more that we expect to make in the weeks ahead that will lead to more great games and content for fans and significant new growth to our company.

我們現在準備好透過對 EA SPORTS 的積極擴張計劃，鞏固我們的領先地位。今天我們將發布一些重要公告，未來幾週還將發布更多公告，這些公告將為粉絲帶來更多精彩的遊戲和內容，並為我們公司帶來顯著的新成長。

We have a major global expansion of our soccer business underway. As the scale of our EA SPORTS FIFA player audience expands, including a growing Gen Z population, we will offer more great content on more platforms with our long-standing partners across all the top leagues and teams in the sport. We are bringing FIFA Online to new territories, including Russia, Poland and Turkey, with a combined audience of 80 million players. We are also accelerating our focus on mobile with 6 new soccer mobile experiences in development today for different regions and genres.

我們正在進行足球業務的全球大規模擴張。隨著 EA SPORTS FIFA 玩家群體規模的擴大，包括不斷增長的 Z 世代群體，我們將與長期合作夥伴攜手，在更多平台上提供更多優質內容，涵蓋所有頂級聯賽和球隊。我們將 FIFA Online 帶到包括俄羅斯、波蘭和土耳其在內的新地區，這些地區共有 8,000 萬名玩家。我們也正在加快對行動端的投入，目前正在為不同地區和類型開發 6 款全新的足球行動遊戲體驗。

EA SPORTS is the premier partner for football organizations, leagues and teams around the world. And today, we are announcing that EA SPORTS FIFA will continue to be the exclusive home of UEFA Champions League football. As part of our renewed partnership with UEFA, we'll also be launching new EA SPORTS competitions, and we'll have even more news in this space in the months ahead.

EA SPORTS 是世界各地足球組織、聯賽和球隊的首選合作夥伴。今天，我們宣布 EA SPORTS FIFA 將繼續獨家代理歐洲冠軍聯賽足球賽事。作為我們與歐足總重新建立合作夥伴關係的一部分，我們還將推出新的 EA SPORTS 比賽，未來幾個月我們將在這個領域發布更多消息。

We're bringing new types of experiences to market that will expand the genre. In partnership with KLab, we are developing a groundbreaking new mobile experience inspired by the Japanese market, which we believe will have global appeal.

我們將為市場帶來全新的體驗類型，這將拓展該領域。我們與 KLab 合作，正在開發一款受日本市場啟發、突破性的全新行動體驗，我們相信它將具有全球吸引力。

We're thrilled to announce today that EA SPORTS is returning to college football. So many fans have been asking us to please bring back college football video games. Their passion for this top-selling sports franchise has never wavered. We love college football as well, and today, we're very excited to say, yes, we are coming back. We have started work on an all-new next-gen experience, working closely with our exclusive licensing partners at CLC to include the universities, logos, venues and gameday traditions that fans know and love in college football.

我們今天非常興奮地宣布，EA SPORTS 將重返大學橄欖球賽場。很多球迷都要求我們重新推出大學橄欖球電子遊戲。他們對這個暢銷體育系列的熱情從未動搖過。我們也熱愛大學橄欖球，今天，我們非常興奮地宣布，是的，我們要回來了。我們已開始著手打造全新的次世代體驗，與我們的獨家授權合作夥伴 CLC 緊密合作，將大學橄欖球中球迷們熟知和喜愛的大學、標誌、場館和比賽日傳統融入其中。

We will grow the EA SPORTS portfolio to include experiences in more sports for more fans around the world. In the weeks and months ahead, we'll make more announcements about our expansion in a different sport, including at least one new experience that will launch next fiscal year.

我們將拓展 EA SPORTS 產品組合，納入更多體育項目，為世界各地的更多粉絲帶來更多體驗。在接下來的幾週和幾個月裡，我們將發布更多關於我們在其他體育項目擴張的公告，其中包括至少一個將於下一個財政年度推出的新體驗。

We're also incredibly excited to build a racing powerhouse with our proposed acquisition of Codemasters. These are amazing teams that we know very well, and we are adding significantly to our racing portfolio to drive growth. FORMULA ONE is one of the few truly global sports and is already seeing unprecedented growth in worldwide fandom, including in North America and Asia. We believe the combination of EA SPORTS and Codemasters can take the game franchise to an even greater level. We are awaiting the results of Codemasters shareholder vote on our offer, which we anticipate having tomorrow, February 3.

我們非常興奮能夠透過收購 Codemasters 來打造賽車遊戲巨頭。這些都是我們非常了解的優秀車隊，我們正在大幅擴充賽車業務，以推動成長。一級方程式賽車是少數真正的全球性運動之一，其粉絲數量已在全球範圍內出現前所未有的增長，包括北美和亞洲地區。我們相信 EA SPORTS 和 Codemasters 的合併能夠將該遊戲系列提升到更高的水平。我們正在等待 Codemasters 股東對我們收購要約的投票結果，預計將於明天，即 2 月 3 日進行投票。

With the strength of our EA SPORTS franchises and these announcements today, we are in a position to deliver the world's best sports games and content. We intend to leverage our capabilities in this space to grow to more sports and more experiences, reaching larger audiences in more markets all over the world. These announcements today are just the beginning. For 230 million EA SPORTS players and viewers, we are providing a social network that enables them to experience more of the sport they love with their friends. We believe we can grow to 500 million players and viewers in EA SPORTS experiences over the next 5 years.

憑藉 EA SPORTS 系列遊戲的強大實力以及今天發布的這些公告，我們有能力提供世界上最好的運動遊戲和內容。我們計劃利用我們在這一領域的能力，拓展到更多體育項目和更多體驗，觸及世界各地更多市場的更廣泛受眾。今天發布的這些公告只是個開始。我們為 2.3 億 EA SPORTS 玩家和觀眾提供了一個社交網絡，讓他們能夠與朋友一起體驗更多他們所熱愛的運動。我們相信，在未來 5 年內，EA SPORTS 的玩家和觀眾人數可以成長到 5 億。

The future of entertainment is interactive, and the future of sports will continue to blur the lines between live sports and immersive and engaging new experiences. EA SPORTS is at the center of this convergence. And in collaboration with our amazing league partners, we are prepared to accelerate the future of sports entertainment.

娛樂的未來是互動式的，體育的未來也將繼續模糊現場體育賽事與沉浸式、引人入勝的新體驗之間的界線。EA SPORTS 處於這一融合的核心。我們與優秀的聯盟夥伴攜手，準備加速體育娛樂的未來發展。

In addition to EA SPORTS, we are driving growth through our portfolio of more than 20 top live services. I'll give 2 examples from our deep roster of wholly owned IP. We are at the 2-year anniversary of the launch of Apex Legends. And with 30% growth in new players year-over-year, its success is accelerating. The unique seasons of live service content delivered by our talented Respawn team are expanding the Apex audience, bringing in more players with great storytelling and engaging in-game events.

除了 EA SPORTS 之外，我們也透過旗下 20 多項頂級直播服務推動成長。我將舉出我們眾多自主智慧財產權中的兩個例子。今天是《Apex英雄》上線兩週年紀念日。隨著新玩家數量逐年增加 30%，其成功正在加速。我們才華橫溢的 Respawn 團隊打造的獨特賽季即時服務內容正在擴大 Apex 的受眾群體，透過精彩的故事情節和引人入勝的遊戲內活動吸引更多玩家。

Competitive play in Apex Legends is also reaching and entertaining more viewers with recent events in November driving new viewership and watch time records. This is an outstanding live service business that continues to grow across multiple dimensions. Launching the game on Steam is bringing new PC players. We will launch on the Nintendo Switch on March 9, and we'll expand further with our Apex mobile game rolling out in FY '22.

Apex Legends 的競技比賽也吸引了更多觀眾，11 月的賽事更是創下了新的收視率和觀看時長紀錄。這是一個卓越的線上服務企業，在多個方面持續發展壯大。在Steam上發布這款遊戲為PC玩家帶來了新的玩家。我們將於 3 月 9 日在 Nintendo Switch 上推出遊戲，並將在 2022 財年透過推出 Apex 手機遊戲進一步擴展業務。

The Sims 4 has grown every year since launch. As we expand the experience, more new and relevant content, we engage a diverse and growing audience spanning players of all ages and demographics. Life to date, more than 33 million people have now played The Sims 4. And daily, weekly and monthly average players in the game all reached all-time highs for the third quarter in December. Our Maxis just delivered a tenth expansion pack for The Sims 4, and we see continued growth for our Sims business in FY '22.

自發布以來，《模擬市民4》每年都在成長。隨著我們不斷拓展體驗，推出更多新的、相關的內容，我們吸引了涵蓋各個年齡層和不同背景的玩家的多元化且不斷增長的受眾群體。截至目前，已有超過 3,300 萬人玩過《模擬市民 4》。該遊戲的日均、週均和月均玩家人數在 12 月的第三季均創下歷史新高。Maxis 剛剛發布了《模擬市民 4》的第十個擴充包，我們預計《模擬市民》業務將在 2022 財年繼續成長。

We have the ability to bring games to every platform, and we are driving continuing expansion of our total addressable market. Mobile continues to be a key opportunity for us. Games like Star Wars: Galaxy of Heroes continue to be deeply engaging for players and very successful businesses, and we have plans to aggressively grow our mobile portfolio.

我們有能力將遊戲帶到所有平台上，我們正​​在不斷擴大我們的潛在市場。行動端仍然是我們重要的機會所在。像《星際大戰：銀河英雄傳》這樣的遊戲對玩家來說仍然極具吸引力，並且取得了巨大的商業成功，我們計劃大力拓展我們的行動遊戲產品組合。

We're also expanding our lead in subscriptions. The groundbreaking integration of our EA PLAY service with Microsoft Game Pass has accelerated our subscription business, with nearly 13 million players now active in our service across 4 platforms: Xbox, PlayStation, Steam and our EA client. With more players valuing the subscription model and with our scale across platforms and content, we are building a strong growing business with recurrent revenue.

我們在訂閱方面的領先優勢也在不斷擴大。我們將 EA PLAY 服務與 Microsoft Game Pass 進行了突破性的整合，加速了我們的訂閱業務發展，目前已有近 1300 萬玩家活躍在我們的服務中，涵蓋 Xbox、PlayStation、Steam 和 EA 用戶端這 4 個平台。隨著越來越多的玩家重視訂閱模式，以及我們在各個平台和內容上的規模優勢，我們正在打造一個擁有持續收入的強勁成長型業務。

We also have new streaming players joining our network through Xbox cloud gaming, with Game Pass Ultimate and other partners. And we are committed to advancing cloud as a meaningful part of the future of the gaming ecosystem.

我們還有新的串流媒體玩家透過 Xbox 雲端遊戲、Game Pass Ultimate 和其他合作夥伴加入我們的網路。我們致力於將雲端運算發展成為遊戲生態系統未來的重要組成部分。

FY '21 has been a year of outstanding growth while working through the challenges of the ongoing pandemic. Our execution continues to be strong even with our employees working from home, and we expect that most will continue to do so through September. The creativity and innovation of our talented teams is enabling us to deliver more great experiences in our leading franchises and live services. We have a deep and robust pipeline of new content with more than 35 new games in various levels of incubation and development for the future.

2021財年是公司在克服持續疫情帶來的挑戰的同時，實現卓越成長的一年。即使員工在家辦公，我們的執行力依然強勁，我們預期大多數員工在九月仍將繼續在家辦公。我們才華橫溢的團隊的創造力和創新精神使我們能夠在領先的特許經營和現場服務中提供更多優質體驗。我們擁有豐富且強大的新內容儲備，未來將有超過 35 款新遊戲處於不同程度的孵化和開發階段。

We're looking forward to sharing a lot more about our FY '22 plans in the months ahead, including our next Battlefield experience, which will mark a return to all-out military warfare. The game takes full advantage of the power of next-generation platforms to bring massive immersive battles to life with more players than ever before. Featuring maps with unprecedented scale, the next edition of Battlefield takes all the destruction, player agency, vehicle and weapon combat that the franchise is known for and elevate it to another level. The team is focused and the game is ahead of our internal milestones. We will reveal the game in the spring and deliver defined Battlefield experience for our players in the 2021 holiday season.

我們期待在接下來的幾個月裡與大家分享更多關於我們 2022 財年計劃的信息，包括我們的下一個戰場體驗，這將標誌著全面軍事戰爭的回歸。遊戲充分利用了次世代平台的強大功能，實現了前所未有的大規模沉浸式戰鬥，玩家人數也比以往任何時候都多。《戰地》系列的下一代作品擁有前所未有的地圖規模，將該系列作品聞名遐邇的破壞、玩家自主性、載具和武器戰鬥提升到了一個新的水平。團隊目標明確，遊戲進度已超前於我們的內部里程碑。我們將在春季公佈這款遊戲，並在 2021 年假期為玩家帶來完整的《戰地》體驗。

Games helped fill a great need in people's lives through 2020. Our franchise is aware so many around the world are coming for connection, entertainment and inspiration. We're looking forward to delivering more great experiences for hundreds of millions of people engaging with us and driving continued growth in our business through Q4 and into FY '22.

2020年，遊戲幫助人們滿足了生活中的一大需求。我們的加盟店意識到，世界各地的許多人都來這裡尋求交流、娛樂和靈感。我們期待為數億與我們互動的人們帶來更多精彩體驗，並在第四季度和 2022 財年推動業務持續成長。

Now I'll turn the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. We delivered net bookings well above our expectations this quarter. The beat was driven by our live services, led by outperformance in Ultimate Team and Apex Legends. We delivered GAAP net revenue of $1.7 billion and record net bookings of $2.4 billion.

謝謝你，安德魯。本季我們的淨預訂量遠超預期。此次業績成長主要得益於我們的即時服務，其中 Ultimate Team 和 Apex Legends 的出色表現尤為突出。我們實現了 17 億美元的 GAAP 淨收入和創紀錄的 24 億美元淨預訂。

We've built our live services for longevity. FIFA and Madden have both been around for decades. Measured over the last 10 fiscal years, the FIFA franchise has grown at a cumulative annual growth rate of nearly 50% and Madden at nearly 60%.

我們打造的線上服務旨在長期穩定運作。FIFA 和 Madden 都已經存在幾十年了。過去 10 個財政年度的累積成長率顯示，FIFA 系列遊戲的年均累積成長率接近 50%，而 Madden 系列遊戲的年均累積成長率接近 60%。

The Sims 4 is on track for its sixth consecutive year of growth and Apex Legends for its second at the beginning of what we hope will be a similar long run for this title. I'd reiterate and amplify here that we expect Apex to deliver well over $500 million in net bookings this year compared to our original expectations of $300 million to $400 million.

《模擬市民4》預計將連續第六年實現成長，《Apex英雄》也即將迎來連續第二年的成長，我們希望這款遊戲也能保持類似的長期成長動能。我在此重申並強調，我們預計 Apex 今年的淨預訂將遠超 5 億美元，而我們最初的預期是 3 億至 4 億美元。

The Apex team has really embraced the playfulness of the characters and gameplay. The team has focused on having more fun in the craft of building and experimenting with new modes and ways to explore the APEX universe and characters. This has been paying off with a compound average growth rate of 14% per season as measured from season 2. That's equivalent to an annual -- compounded annual growth rate of about 65%.

Apex團隊真正融入了角色和遊戲玩法的趣味性。團隊專注於在遊戲製作過程中獲得更多樂趣，並嘗試新的模式和方式來探索 APEX 世界和角色。從第二季開始，這種策略已經取得了成效，每季複合平均成長率達到 14%。這相當於年複合成長率約 65%。

With regards to the sports opportunity, in particular, we estimate the worldwide sports video game software segment is about $7 billion on console and PC today. It's grown by about 13% annually since 2016. We're the leader in that segment and are now applying our full focus to the spectrum of sports opportunities from casual to core.

就體育遊戲市場而言，我們估計目前全球主機和PC上的體育電玩軟體市場規模約為70億美元。自 2016 年以來，其年增長率約為 13%。我們是該領域的領導者，現在正全力以赴地致力於從休閒運動到核心運動的各種體育機會。

The global gaming market for sports is presently about $4.3 billion in size and growing fast at about 24% a year. We're barely scratching the surface of this massive opportunity. But we have a lot of projects in flight, and you'll hear more about our activities here in the year to come.

全球體育遊戲市場目前規模約為 43 億美元，並以每年約 24% 的速度快速成長。我們僅僅觸及了這個巨大機會的冰山一角。但我們有很多專案正在進行中，在接下來的一年裡，你會聽到更多關於我們在這裡開展的活動的資訊。

Operationally, we're in working in challenging times, but we've been able to lean into the advantages that come with our scale to deliver games of quality with remarkably little impact on timing. This quarter, we launched FIFA 21, NHL 21, Need for Speed Hot Pursuit Remastered and Medal of Honor: Above and Beyond. We also extended FIFA and Madden to PlayStation 5 and Xbox Series X and Star Wars Jedi: Fallen Order to Stadia and added our EA PLAY services to Microsoft Game Pass. We continued a packed schedule of live events for Ultimate Team across FIFA, Madden and NHL. We launched Season 7 for Apex and launched Season 8 today. We launched the Snowy Escapes package for The Sims.

在營運方面，我們正處於充滿挑戰的時期，但我們能夠充分利用規模優勢，在對時間影響極小的情況下交付高品質的遊戲。本季度，我們推出了 FIFA 21、NHL 21、極品飛車：熱力追蹤重製版和榮譽勳章：超越巔峰。我們還將 FIFA 和 Madden 遊戲擴展到了 PlayStation 5 和 Xbox Series X，將《星際大戰絕地：墮落的武士團》擴展到了 Stadia，並將我們的 EA PLAY 服務添加到了 Microsoft Game Pass 中。我們繼續為 FIFA、Madden 和 NHL 的 Ultimate Team 舉辦了一系列精彩的現場活動。我們推出了Apex英雄的第7季，今天又推出了第8季。我們推出了《模擬市民》的「雪境仙蹤」擴充包。

The step function jump in digital sales prompted by COVID appeared resilient with digital representing 62% of units sold through in the quarter, up 13 percentage points from last year. Mobile showed its third consecutive quarter of year-on-year growth with outperformance across the board this quarter, led by Star Wars: Galaxy of Heroes and FIFA Mobile. We'll have much more to say about our mobile strategy later this year, and we continue to be excited about the games we currently have in play.

受新冠疫情影響，數位銷售出現了階躍式成長，這種成長動能似乎依然強勁。本季度，數位銷售佔總銷售額的 62%，比去年同期成長了 13 個百分點。行動端連續第三個季度實現同比增長，本季所有遊戲均表現優異，其中《星際大戰：銀河英雄傳》和《FIFA Mobile》表現尤為突出。今年晚些時候，我們將對我們的行動策略發表更多評論，我們對目前正在進行的遊戲項目仍然感到非常興奮。

Operating expenses came in materially below our expectations, primarily driven by the phasing of marketing investments. We hit a new record in trailing 12-month operating cash flow of $2.06 billion. The quarter was very close to our record for quarterly cash flow, which we delivered back in Q3 fiscal 2017 with the help of Battlefield 1. Needless to say, we're excited about the potential for the next Battlefield in Q3 next fiscal year.

營運費用遠低於我們的預期，主要原因是行銷投資分階段進行。我們過去 12 個月的經營現金流創下新紀錄，達到 20.6 億美元。本季現金流非常接近我們創下的季度現金流紀錄，該紀錄是在 2017 財年第三季憑藉《戰地1》實現的。毋庸置疑，我們對下一財年第三季即將推出的下一部《戰地》遊戲充滿期待。

Our expectations for full year GAAP revenue was $5.6 billion, cost of revenue to be $1.447 billion and earnings per share of $2.54. Remember that our guidance EPS calculation does not factor in future buybacks under our recently announced 2-year $2.6 billion share repurchase program. We are reaffirming our operating cash flow guidance of $1.85 billion. We continue to anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.725 billion. Please see our earnings slides and press release for further cash flow information.

我們對全年 GAAP 收入的預期為 56 億美元，收入成本為 14.47 億美元，每股收益為 2.54 美元。請記住，我們的每股盈餘預期計算並未考慮我們最近宣布的為期 2 年、金額達 26 億美元的股票回購計畫下的未來回購。我們重申先前的營運現金流預期為 18.5 億美元。我們繼續預計資本支出約為 1.25 億美元，這將帶來約 17.25 億美元的自由現金流。請參閱我們的獲利報告投影片和新聞稿，以了解更多現金流資訊。

We're raising our net bookings expectations for the year to be $6.075 billion, up $125 million from our prior guidance. This is driven by continued strength in our live services, particularly FIFA and Apex Legends. It is $525 million above our expectations at the start of the year despite the changes we made to the product slate during the year. We expect this year to be 13% over prior year, even with a lighter release slate versus the prior year and an FX headwind of about $55 million.

我們將今年的淨預訂預期上調至 60.75 億美元，比先前的預期高出 1.25 億美元。這主要得益於我們線上服務的持續強勁表現，特別是 FIFA 和 Apex Legends。儘管我們在這一年中對產品陣容進行了調整，但實際銷售額仍比年初的預期高出 5.25 億美元。我們預計今年的票房將比去年成長 13%，即使今年上映的影片數量比前一年少，並且面臨約 5,500 萬美元的外匯不利影響。

For the fourth quarter, we now expect GAAP net revenue of $1.317 billion, cost of revenue to be $302 million and operating expenses of $837 million. This results in a loss per share of $0.07 for the fourth quarter. We anticipate net bookings for the fourth quarter to be $1.375 billion, which is an increase of $75 million over our prior guidance.

我們現在預計第四季度 GAAP 淨收入為 13.17 億美元，收入成本為 3.02 億美元，營運費用為 8.37 億美元。這導致第四季每股虧損0.07美元。我們預計第四季度淨預訂額將達到 13.75 億美元，比我們先前預期的增加 7,500 萬美元。

We've built a foundation for growth in fiscal 2022. We have successfully brought new people into our ecosystem. We're providing great content for people who want to spend more time there. We've been working hard on new titles and new platforms. We expect this to deliver significant organic growth in fiscal 2022.

我們為2022財年的成長奠定了基礎。我們已成功將新成員引入我們的生態系統。我們為那些想在那裡消磨更多時間的人提供優質內容。我們一直在努力開發新遊戲和新平台。我們預計這將為 2022 財年帶來顯著的內生成長。

Formal guidance will follow in our Q4 call, but I can tell you now that the Battlefield team is doing an incredible job. They're way ahead of where they were in product -- prior product cycles, on track for their earliest feature complete in franchise history. Meanwhile, the live service teams for FIFA, Apex Legends, The Sims and Madden all continue to outdo themselves. And of course, we'll have other surprises that we'll reveal when the time is right.

正式的業績指引將在第四季電話會議上公佈，但我現在可以告訴大家，《戰地》團隊的工作非常出色。他們在產品方面遠遠領先於先前的產品週期，並有望實現該系列歷史上最早完成的功能。與此同時，FIFA、Apex Legends、The Sims 和 Madden 的線上服務團隊都在不斷超越自我。當然，我們也會準備其他驚喜，時機成熟時會一一揭曉。

Now I'll hand the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. Strong execution throughout FY '21 has brought us to this point, and the drivers of future growth are foundational to our business. Our teams are creating amazing high-quality games and content for more players around the world than ever before. Our live services that extend and enhance these experiences are keeping players engaged over the long term. And we are transforming our business for continued expansion, growing our portfolio and enabling ways for players to connect with each other and engage deeply with their favorite content. We're looking forward to a strong Q4 and a year of continued growth in FY '22.

謝謝你，布萊克。2021 財年的強勁執行力使我們取得了今天的成就，而未來成長的驅動力是我們業務的基礎。我們的團隊正在為比以往更多的全球玩家打造精彩的高品質遊戲和內容。我們提供的即時服務能夠擴展和增強這些體驗，從而長期保持玩家的參與。我們正在轉型業務，以實現持續擴張，擴大產品組合，並為玩家提供相互聯繫和深入參與他們喜愛內容的方式。我們期待第四季業績強勁，並期待2022財年繼續保持成長。

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 Brian Nowak with Morgan Stanley.

（操作員說明）您的第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 you guys put out a statement last month that you have multiple Star Wars games still in development. I'm just curious if you can give us an update on those franchises and what we should expect from 2023 forward.

現在是馬特替布萊恩上場。如果可以的話，我希望有兩個。你們上個月發表聲明稱，目前還有多款《星際大戰》遊戲正在開發中。我只是好奇您能否向我們介紹這些特許經營權的最新情況，以及我們從 2023 年起應該期待些什麼。

And then just the second one is at the point that you guys kind of came into the beginning of fiscal Q3, it was on the tail end of the summer. It felt like parts of the country had partially reopened before locking down again. So I just wonder what the experience you saw over the course of Q3 was in terms of had people churned out at the beginning, then came back into gaming as other entertainment options became more restricted. Or what did you see in user behavior over the course of the last quarter?

第二個問題是，你們差不多進入了第三財季，當時正值夏季末期。感覺這個國家的部分地區在再次封鎖之前已經部分重新開放了。所以我想知道，在第三季度，你觀察到的情況是怎麼樣的？例如，一開始有多少人流失，然後隨著其他娛樂選擇受到更多限制，又有多少人重新回到遊戲產業？或者，您在上個季度觀察到了用戶行為的哪些變化？

Yes. So let me jump into that in the context of Star Wars. We won't be announcing new things here. But what I would say is if you look at our history with Star Wars, we've had a long and very profitable relationship, first, with Lucasart and then with -- or Lucasfilm and then with Lucasfilm as part of Disney. We have generated a number of great franchises, Star Wars: Knights of the Old Republic, Galaxy of Heroes, Battlefront, Jedi: Fallen Order and most recently, Squadrons. That represents over $3 billion life-to-date net bookings and 52 million games sold. And Galaxy of Heroes is a $1 billion franchise.

是的。那麼，讓我以《星際大戰》為例來探討一下這個問題。我們不會在這裡發布任何新消息。但我想說的是，如果你回顧我們與《星際大戰》的歷史，我們與盧卡斯影業（Lucasfilm）建立了長期且非常有利可圖的合作關係，首先是與 Lucasart，然後是與盧卡斯影業，再後來是與迪士尼旗下的盧卡斯影業。我們打造了許多優秀的系列作品，例如《星際大戰：舊共和國武士》、《星際大戰：銀河英雄傳》、《星際大戰：前線》、《星際大戰：絕地的武士團》，以及最近的《星際大戰：戰機中隊》。這相當於迄今為止超過 30 億美元的淨預訂額和 5,200 萬份遊戲銷售量。《銀河英雄傳》是一部價值10億美元的系列電影。

As we've established the very strong part of that franchise, you should expect that we will continue to invest in those as well as some new experiences across platforms for the future.

既然我們已經建立了該系列產品中非常強大的部分，那麼您可以期待我們未來將繼續投資於這些部分，以及跨平台的一些新體驗。

With respect to engagement more broadly, I think that we've seen strong engagement throughout the last year. Blake and I have both been relatively conservative, I think, as we look to the future at each moment in time, but we feel good about where engagement has been. And we feel -- we now feel more confident that the increased engagement we've seen in our experiences is likely to continue on a go-forward basis.

就更廣泛的參與度而言，我認為在過去一年中，我們看到了強烈的參與。我認為，我和布萊克在展望未來時都比較保守，但我們對目前的訂婚感到滿意。我們現在更有信心，我們在實踐中看到的參與度提升趨勢可能會持續下去。

Blake, I don't know if you have any more to add to that.

布萊克，我不知道你是否還有什麼要補充的。

No. I would say clearly, looking at Q3 in terms of live services and 24% growth year-over-year of live services should prove only one simple thing, which is engagement is stronger than we have ever seen. It is spectacular. And it's because we're fulfilling the social connection between people who love the same things, be it some sport, The Sims, Apex. Whatever it is, we figured out how to make that happen. And you don't see growth on $1.5 billion of revenue without knowing that that's what's driving the engagement and the social networks of what we've created. And that's the secret sauce of what we've done.

不。可以肯定地說，從第三季即時服務來看，即時服務年增 24%，這只能證明一件事，那就是用戶參與度比以往任何時候都更高。真是太壯觀了。這是因為我們正在滿足那些熱愛相同事物的人之間的社交聯繫，無論是運動、模擬人生還是Apex英雄。不管是什麼，我們都想辦法實現了。如果你不知道正是這 15 億美元的收入推動了我們所創建的用戶的參與度和社交網路的發展，你就無法看到這 15 億美元的收入帶來的成長。這就是我們成功的秘訣。

Your next question comes from the line of Michael Ng with Goldman Sachs.

你的下一個問題來自高盛的吳恩達（Michael Ng）第一線員工。

Great. I just have 2. First, just on Battlefield. With first-person shooters using free-to-play game mode to expand the top funnel, could you talk a little bit about your ambition to do something like that with Battlefield? Is there anything you could share with us about the content road map?

偉大的。我只有兩個。第一個是在《戰地》遊戲中。第一人稱射擊遊戲利用免費遊戲模式來擴大使用者群體，您能否談談您是否也想在《戰地》系列遊戲中採用類似的模式？關於內容規劃路線圖，您能否和我們分享一些資訊？

And then my second question is just on the NCAA deal. For those of us who weren't around when you guys were doing -- I think Football 14 was the last one. Could you just give us some parameters in terms of what the units for -- unit demand for that game was like? Is that a good way to think about some of the future NCAA games that you'll do going forward?

我的第二個問題是關於NCAA的交易。對我們這些沒趕上你們做這些事的人來說──我想《足球14》是最後一部了。能否提供一些參數，例如這款遊戲的單位需求量是多少？這種思考方式對於你未來將要報道的一些 NCAA 比賽來說是否不錯？

On Battlefield, we don't have anything more to share with you at this point other than we believe that it's going to usher in a new generation for Battlefield games and Battlefield fans, and we'll be taking -- benefiting from the full power of next-gen platforms. And you should imagine that we're looking across all forms of the experience to ensure that this is exactly the game that Battlefield fans want to play and the game that we believe will drive growth in the Battlefield franchise. But more on that to come in the month ahead, and we're excited to share more on that at the appropriate time.

關於《戰地》系列，目前我們沒有什麼可以和大家分享的，只是我們相信它將為《戰地》遊戲和《戰地》粉絲開啟一個新時代，我們將充分利用次世代平台的強大性能。你應該能想像到，我們正在考慮所有形式的體驗，以確保這正是《戰地》粉絲想要玩的遊戲，也是我們相信能夠推動《戰地》系列遊戲發展的遊戲。但更多詳情將在接下來的一個月公佈，我們很高興在適當的時候與大家分享。

With respect to our college football game, again, this was kind of part of my past life leading EA SPORTS. It was a really strong game. It was a fan favorite game. It sold tens of millions of units over its life. And we expect that it will continue to be a really strong fan favorite game. It's measured by the amount of e-mails I get in my inbox each week requesting us to bring back this game.

至於我們的大學橄欖球比賽，這在某種程度上是我過去領導 EA SPORTS 的經歷的一部分。這是一場非常精彩的比賽。這是一場深受粉絲喜愛的遊戲。在其生命週期內，該車型售出了數千萬輛。我們預計它將繼續是一款深受粉絲喜愛的遊戲。這是透過我每週收到的、要求我們重新推出這款遊戲的電子郵件數量來衡量的。

I think that we could look to the past as a factor for the future. But I'd also say that I think college football, as a fan, audience has grown dramatically since we launched the last game in 2013. I also think the nature of gameplay has changed dramatically as we think about the future of sports, and you heard us speak to the conversion of sports and entertainment more broadly. And so we're excited to bring that back in the years ahead.

我認為我們可以從過去吸取經驗教訓，作為展望未來的參考。但我也想說，身為球迷，我認為自 2013 年我們推出上一場比賽以來，大學橄欖球的觀眾群已經大幅成長。我也認為，隨著我們對運動未來的思考，遊戲玩法的本質發生了巨大的變化，你們也聽到了我們更廣泛地談論體育和娛樂的轉變。因此，我們很高興能在未來幾年將它重新帶回來。

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。

I have one on Apex and one on FIFA Mobile. So the first one, Apex, very excited for the Nintendo Switch version coming out in March. So with close to 80 million Switches sold worldwide and the fact that Japan is the game's #2 market, can you help us frame the Switch opportunity to the franchise reaching $1 billion in annual bookings versus growth coming from organic and mobile?

我在Apex上有一個帳號，在FIFA Mobile上也有一個帳號。所以，第一款遊戲是《Apex英雄》，非常期待3月即將推出的Nintendo Switch版本。鑑於 Switch 在全球的銷量接近 8000 萬台，而且日本是該遊戲的第二大市場，您能否幫助我們分析 Switch 為該系列遊戲帶來的機遇，使其年預訂量達到 10 億美元，而不是來自自然增長和移動端的增長？

And then secondly, on FIFA Mobile, can you expand a bit more on the current strategy in growing that title? I believe you mentioned there are 6 different FIFA games. Are they going to be similar with each other, just being localized for each region? Or are they completely separate games? And why not just have one title tied to the console, PC version like Madden?

其次，關於 FIFA Mobile，您能否詳細介紹一下目前發展該遊戲的策略？我記得你曾提到有6款不同的FIFA遊戲。它們之間會很相似，只是針對不同地區進行在地化調整嗎？或者它們是完全不同的遊戲？為什麼不只推出一款遊戲，同時支援主機和PC平台，就像《麥登橄欖球》一樣呢？

Yes. So I'll start with Apex and then Andrew may want to jump on, on FIFA. So on Apex, clearly, as you said, Japan is the second-largest market for Apex, which is very exciting for us. And we know that it's one of the largest markets for the Nintendo Switch. And that's the reason we decided to put it out on Nintendo Switch. But we also know that Nintendo Switch is a global business, not just a Japanese business.

是的。所以我先玩Apex，然後Andrew可能會想上FIFA。所以，正如你所說，很明顯，日本是 Apex 的第二大市場，這讓我們非常興奮。我們知道，它是任天堂Switch最大的市場之一。這就是我們決定在 Nintendo Switch 上發布這款遊戲的原因。但我們也知道，任天堂Switch是一家全球性企業，而不僅僅是一家日本企業。

We think the combination of Nintendo Switch, Apex plus mobile Apex will be very powerful. We believe mobile Apex will be in soft launch sometime in the next 3 to 4 months and hopefully gets into the marketplace quickly.

我們認為 Nintendo Switch、Apex 加上行動版 Apex 的組合將會非常強大。我們相信行動版 Apex 將在未來 3 到 4 個月內進行試運營，並有望迅速進入市場。

Obviously, it will take longer to get into the market in China because of some of the regulatory issues. But in the rest of the world, we don't see those issues happening. But we also want to make sure it is the exact product that we want. I think the team is very dedicated to making sure the product is the perfect product for a global market. But they've learned a lot from Japan. They've learned a lot from character development and so forth in that market, and we think that will continue to help us.

顯然，由於一些監管問題，進入中國市場需要更長的時間。但在世界其他地方，我們並沒有看到這些問題發生。但我們也想確保它正是我們想要的產品。我認為團隊非常致力於確保產品成為全球市場的完美產品。但他們從日本學到了很多。他們從該市場的角色塑造等方面學到了很多東西，我們認為這將繼續對我們有所幫助。

And let's all remember, less than 2 years ago, no one knew this product existed. Today, it's over $1 billion. We think there is a huge upside to this product over time, and I just encourage people to keep focused on that because we don't have a mobile product today. We don't have a Switch product today. There are still other platforms around the world that we might go on. This is an opportunity that will last for a very long time, and we're trying to build it for the long range, not just a 1-year blip. So we're very excited about it.

讓我們都記住，不到兩年前，沒有人知道這款產品的存在。如今，這個數字已經超過10億美元。我們認為這款產品從長遠來看具有巨大的發展潛力，我鼓勵大家繼續關注這一點，因為我們目前還沒有行動產品。我們目前沒有Switch產品。世界上還有其他一些平台我們可以使用。這是一個可以持續很長時間的機會，我們正在努力打造一個長遠發展的項目，而不僅僅是曇花一現的一年。所以我們對此感到非常興奮。

With that, Andrew, I'll throw it over to you on the FIFA question.

那麼，安德魯，關於國際足總的問題，我就交給你來回答了。

Yes. On FIFA, I think the best way to think about this is soccer is the world's largest sport by a wide margin. Mobile is the world's largest gaming platform also, as it turns out, by a wide margin in terms of magnitude of players. What we know about soccer as we travel around the world and what we know about mobile as we look at the growing player base is that soccer means different things to different people in different markets. And certainly, as we look at the magnitude of players that come into the mobile ecosystem, they're often looking for different types of experiences with respect to subject matter that they love.

是的。關於國際足聯，我認為最好的理解方式是，足球是世界上規模最大的運動，而且遙遙領先其他運動。事實證明，行動端也是全球最大的遊戲平台，玩家數量遙遙領先。我們在世界各地旅行時對足球的了解，以及我們在觀察不斷增長的玩家群時對行動技術的了解，都表明足球對不同市場的不同人群來說意味著不同的東西。當然，當我們審視進入行動生態系統的玩家數量時，他們往往會在自己喜愛的主題方面尋求不同類型的體驗。

And so as we look at our FIFA business, building off the strength of our licensing relationships on a global basis, we think there is an opportunity to deliver a number of different experiences across the mobile platform from different geographies and different player cohorts based on what they're looking for. And we think that represents a tremendous growth opportunity for us.

因此，當我們審視我們的 FIFA 業務時，基於我們在全球範圍內強大的授權關係，我們認為有機會根據不同地區和不同玩家群體的需求，在行動平台上提供多種不同的體驗。我們認為這對我們來說是一個巨大的發展機會。

Your next question comes from the line of Ryan Gee with Bank of America.

你的下一個問題來自美國銀行的 Ryan Gee。

First on live services. So I think the last quarter was down 7% year-over-year. This quarter was up, I think, 28%. But given the timing shift for some of the sports games, I don't know that either quarter is really that representative. So I was hoping you could clarify what the right cadence is for Ultimate Team since FIFA and Madden launched and how much live services this quarter may have benefited from subscriptions and Game Pass partnerships with Microsoft [is like]?

率先上線直播禮拜。所以我認為上一季比去年同期下降了7%。我認為，本季成長了 28%。但考慮到一些體育比賽的時間安排有所調整，我認為這兩個季度的數據都不太具有代表性。所以我希望您能解釋一下，自從 FIFA 和 Madden 發布以來，Ultimate Team 的合適節奏是什麼，以及本季線上服務從訂閱和與微軟的 Game Pass 合作中受益有多大？

Yes. I would say, Ryan -- thanks for the question. I'd say the impact on subscriptions is relatively a rounding error. I would say year-over-year growth of 24% would imply that it's a pretty strong business. And last year, based on what I'm looking -- the numbers I'm looking at wasn't down. It was up year-over-year. It's been up year-over-year every year for I don't know how many years.

是的。瑞恩，我想說──謝謝你的提問。我認為對訂閱量的影響可以忽略不計，幾乎可以忽略不計。我認為，24%的年增長率意味著這是一家相當強勁的企業。而去年，根據我所看到的——我看到的數字——並沒有下降。與去年同期相比有所成長。多年來，它每年都比上年增長，我也不知道有多少年了。

So it is extremely strong, and it's strong across almost all of our live services: FIFA, Apex, Madden, Medal of Honor and Sims. And even Hockey had one of the best quarters they've seen in years. And so what I would try to remember is the bulk of our business this quarter is still live services. And we're seeing incredible growth across it year-over-year. And subscription, while there's nice growth, it's still very small compared to the overall live services growth across all of the games.

所以它非常強大，而且在我們幾乎所有的線上服務中都表現出色：FIFA、Apex、Madden、榮譽勳章和模擬人生。就連冰球比賽也打出了近年來最精彩的一節。因此，我想提醒大家的是，本季我們業務的大部分仍然是線上服務。我們看到，該領域每年都實現了驚人的成長。訂閱業務雖然成長勢頭良好，但與所有遊戲整體的線上服務成長相比，仍然非常小。

Okay. Yes, I was referring to the down last quarter because there was timing of FIFA for live services down year-over-year, but I get your point nonetheless.

好的。是的，我指的是上個季度的下滑，因為 FIFA 的直播服務同比有所下降，但我明白你的意思。

The other question was really just -- could you kind of give us -- with the new next-gen consoles out there in the market, can you give us maybe your high-level observations on consumer response and how the pace of adoption has been relative to your expectations and whether those that now have the console, the new one, have exhibited any different purchase behavior, time spent, engagement versus the prior gen? That would be great.

另一個問題其實是——您能否給我們一些建議——隨著新一代遊戲主機上市，您能否就消費者的反應以及其普及速度是否符合您的預期，以及那些已經擁有新主機的玩家，與上一代主機相比，在購買行為、遊戲時間和參與度方面是否表現出任何不同的情況，給出一些高層次的觀察？那太好了。

So I think that...

所以我認為…

Andrew?

安德魯？

Yes. On balance, it's probably a better question for Microsoft and Sony at this point. I think it's too early to tell for us. I mean anecdotally, what we know to be true is demand is extraordinarily high for both consoles and that retailers, both digital and physical, are struggling to keep them in stock. What we've seen is the games that we've been able to build on those platforms are really, really strong.

是的。總的來說，這個問題現在或許更適合微軟和索尼去思考。我覺得現在下結論還太早。我的意思是，根據一些軼事來看，我們知道事實是，這兩款遊戲機的需求都非常高，零售商（包括數位零售商和實體零售商）都在努力保持庫存充足。我們看到的是，我們能夠在這些平台上開發的遊戲都非常非常出色。

And as I look to the games that we're going to be able to build on those platforms on a go-forward basis, I'm really excited about the new innovations and creativity and gameplay we're going to be able to deliver. And inevitably, I think that is going to offer a more engaging and immersive experience for our players that will ultimately see growth both in players overall and the time spent in our games.

展望未來我們將能夠在這些平台上開發的遊戲，我非常興奮，因為我們將能夠帶來新的創新、創意和遊戲玩法。不可避免地，我認為這將為我們的玩家提供更具吸引力和沈浸感的體驗，最終將促進玩家總數和玩家在我們遊戲上花費時間的成長。

Your next question comes from the line of Todd Juenger with Sanford Bernstein.

你的下一個問題來自托德·尤恩格和桑福德·伯恩斯坦的系列文章。

I've also got 2, one on basketball and one on the broad topic of social. Just if you talk about the expansion of sports and lots of dimensions, noticeably absent was any mention of NBA or basketball. I just wondered if you could comment on your sort of latest thinking on that. And in particular, maybe college basketball might be a particular opportunity white space there. That certainly has a large fan base and wonder if that is a potential way for you guys to get back in the basketball business in a big way.

我還有兩本，一本是關於籃球的，另一本是關於社會這個廣泛的話題。如果談到體育運動的擴張和許多方面，明顯缺少對NBA或籃球的任何提及。我只是想問您能否就您最近對這方面的想法發表一下看法。尤其是大學籃球領域，或許存在著一個特別大的機會空白。這確實擁有龐大的粉絲群體，我想知道這是否是你們重返籃球界並大展拳腳的潛在途徑。

Second question on the broad topic of social. It's a pretty broad question. I'll try and make it short. But I think the word social was mentioned in your prepared remarks multiple times. Surely, we all could agree that the convergence of what we call gaming and social is happening in front of our eyes, Fortnite, Roblox. Just wondered how you think about, as you evolve your portfolio of games, what that means for your evolution, where your biggest opportunities are to take advantage of that. To me, clearly, The Sims is an obvious place that comes to mind. Are you proactively doing anything to be more sort of aggressive in pursuing that aspect of gaming?

第二個問題是關於社會這個廣泛的話題。這是一個相當廣泛的問題。我盡量長話短說。但我認為你在事先準備好的發言稿中多次提到了「社會」這個詞。我們當然都可以認同，我們所說的遊戲和社交的融合正在我們眼前發生，例如 Fortnite 和 Roblox。我只是想知道，隨著你不斷拓展遊戲產品組合，你如何看待這對你的發展意味著什麼，以及你最大的機會在哪裡可以利用這些機會。對我來說，《模擬市民》顯然是一個顯而易見的例子。你是否積極主動地採取一些措施，以更積極地追求遊戲方面的成功？

Two great questions. First off, no announcement on basketball to make today. I would say 2 things. One, I think we underperformed on basketball over the last number of years, and that's been very disappointing to us. With that said, we continue to have a really good relationship with the NBA and remain committed to basketball long term. And you should imagine that we are thinking through the best ways for us to use the strength of our business, the strength of our technology and the amazing creativity of our teams to deliver really cool, new, innovative experiences for basketball fans.

兩個很好的問題。首先，今天沒有關於籃球方面的消息要宣布。我想說兩點。第一，我認為過去幾年我們在籃球方面的表現低於預期，這讓我們非常失望。儘管如此，我們與NBA仍然保持著非常良好的關係，並將繼續長期致力於籃球事業。你應該能想像到，我們正在思考如何才能最好地利用我們公司的優勢、我們技術的優勢以及我們團隊驚人的創造力，為籃球迷帶來真正酷炫、新穎、創新的體驗。

With respect to social, in general, the short answer is yes. Part of what we have recognized now is that our players, particularly over the last year, have been using our games as ways to remain connected with their friends even while they are apart. And you may have heard me say this before, but social interaction is moving from physical to digital more broadly for the Gen Z population. And the consumption of sport and entertainment is moving from linear to interactive for the Gen Z population, and we kind of sit at the very intersection of those 2 secular trends.

就社會層面而言，簡而言之，答案是肯定的。我們現在認識到，尤其是在過去一年裡，我們的玩家一直在利用我們的遊戲與朋友保持聯繫，即使他們分開兩地。你可能以前聽我說過，但對於 Z 世代人群來說，社交互動正在從實體層面轉向數位化層面。對於 Z 世代來說，體育和娛樂的消費方式正在從線性轉向互動，而我們恰好處於這兩種長期趨勢的交匯點。

And so what we've started to do is really build around our content to ensure that we are providing more social opportunities for our fans and the Madden, Pro Bowl over the weekend was one such example of how we can take our game at the center of a social ecosystem and build around that for fans, both fans who play our games and fans who interact with plays of our games.

因此，我們開始圍繞我們的內容進行構建，以確保我們為粉絲提供更多的社交機會。上週末的 Madden Pro Bowl 就是一個例子，它展示了我們如何將遊戲置於社交生態系統的中心，並圍繞它為粉絲構建，包括玩我們遊戲的粉絲和與我們遊戲片段互動的粉絲。

When we think about our sports franchises, when we think about Apex, when we think about The Sims, when we think about mobile on a go-forward basis, we think there is a tremendous opportunity for us to build more into that and deliver on the social interaction our fans are asking for. And you should expect us to talk more about that in the future as we think about community, commentary, social interaction, competition, all wrapped in the data that our Gen Z fans are using on a day-to-day basis to play our games.

當我們思考我們的體育特許經營權、Apex、模擬人生以及未來的行動領域時，我們認為這是一個巨大的機會，讓我們能夠在此基礎上進行更多開發，並滿足粉絲們所要求的社交互動。未來，我們將更多地談論社群、評論、社交互動、競爭等話題，所有這些都融入到我們的 Z 世代粉絲每天用來玩我們遊戲的數據中。

Your next question comes from the line of Mike Hickey with Benchmark Company.

你的下一個問題來自 Benchmark 公司的 Mike Hickey。

Congrats on the quarter, guys. Just 2 as well. The first one on your BioWare studio. It looked like you've had a few more executives turn over there. I think Casey and Mark left the studio. Can you update us on the executive leadership of BioWare and the product road map from those guys? Would be helpful.

恭喜各位，本季業績圓滿完成。只有2個。這是你在BioWare工作室的第一個。看來你們那邊又有幾位高階主管換人了。我想凱西和馬克離開了錄音室。能否介紹一下BioWare的高階主管以及他們的產品路線圖？會有幫助的。

And then on Star Wars, obviously, that license is not exclusive. It seems like you'd probably be doing less years. How do you think about sort of realigning your development resources? And broadly speaking, how do you think about licensed IP versus owned IP in the sort of nonsports category?

至於《星際大戰》，很顯然，該授權並非獨家授權。這樣看來，你可能只需要服刑幾年。您如何考慮重新調整您的研發資源？總的來說，您如何看待非體育領域的授權知識產權與自有知識產權？

Two great questions. First off, on BioWare, again, that is an incredible studio filled with incredible people who do incredible work. And I think that from the outside wall, there have been some blips in their delivery over the last couple of years, but that has come as a result of them pushing deeply into innovation and creativity. And we feel very, very confident about their future road map, and we've talked about games like Dragon Age and Mass Effect in their future.

兩個很好的問題。首先，再次強調BioWare，那是一家非常棒的工作室，裡面有很多非常棒的人，他們創作出了非常棒的作品。我認為，從外部來看，他們在過去幾年的表現確實出現了一些小問題，但這都是因為他們大力推動創新和創造力的結果。我們對他們的未來發展路線圖非常有信心，我們也討論過他們未來會推出像《龍騰世紀》和《質量效應》這樣的遊戲。

With respect to Casey and Mark leaving, again, both good friends of mine. We have tremendous respect for both of them. But this happens in the natural course of creative organizations from time to time. And we feel very, very good about the ongoing leadership of that studio and the many people who come to work every day to deliver great innovation and creativity.

關於 Casey 和 Mark 的離開，他們都是我的好朋友。我們非常尊重他們兩位。但這種情況在創意型組織的發展過程中時常發生。我們對這家工作室的持續領導以及每天來這裡工作、帶來卓越創新和創造力的眾多員工感到非常非常滿意。

We look forward to sharing more about what's coming from BioWare in the near future. And you will have just seen our Mass Effect trilogy Legendary Edition announced, and that has been extraordinarily well received by BioWare fans. And so we're encouraged by what that studio will continue to deliver.

我們期待在不久的將來與大家分享更多關於BioWare即將推出的產品的資訊。你們剛才應該已經看到了我們宣布推出《質量效應》三部曲傳奇版，而這款遊戲也受到了 BioWare 粉絲的熱烈歡迎。因此，我們對工作室未來將繼續帶來的成果感到鼓舞。

In terms of Star Wars, I don't think you should imagine that the fact that some other people will build some Star Wars games is going to change our commitment to that IP or our ability to build the appropriate number of games. And as I said before, we've had a long partnership with Disney, both before our exclusive period that gave us a great opportunity to really establish some very strong franchises like Battlefront, like Star Wars: Galaxy of Heroes, like Jedi: Fallen Order, like Squadrons. You should expect us to continue to invest in our Star Wars relationship. It's been very profitable, to this point, over $3 billion in net bookings, and we're excited by what we'll be able to do in the future.

就《星際大戰》而言，我認為你不應該認為其他人會製作一些《星際大戰》遊戲會改變我們對該IP的投入或我們製作足夠數量遊戲的能力。正如我之前所說，我們與迪士尼有著長期的合作關係，在我們獨家合作期之前，我們曾有機會真正建立一些非常強大的系列作品，例如《星際大戰：前線》、《星際大戰：銀河英雄傳》、《星際大戰絕地：隕落的武士團》和《星際大戰：戰機中隊》。你們應該預料到我們會繼續加大對《星際大戰》合作關係的投入。到目前為止，這項業務盈利頗豐，淨預訂超過 30 億美元，我們對未來能夠取得的成就感到興奮。

But you shouldn't read this as necessarily us building the less titles. I think what you should take from us more broadly as a company is that we believe in our ability to execute and deliver great, high-quality, deeply engaging content for our fans across both our sports business, our wholly owned IP business and our licensed partnership business like the one we have with Star Wars. And we feel confident and comfortable that we're going to be able to deliver great games for the future.

但這並不意味著我們一定會減少遊戲數量。我認為，作為一家公司，你們應該更廣泛地了解的是，我們相信我們有能力為我們的粉絲提供優質、引人入勝的內容，涵蓋我們的體育業務、我們完全擁有的知識產權業務以及我們與《星球大戰》等授權合作業務。我們充滿信心，相信未來能為大家帶來精彩的遊戲。

Your next question comes from the line of Drew Crum with Stifel.

你的下一個問題來自 Drew Crum 與 Stifel 的合作系列。

A question on Codemasters as it relates to your commentary on sports and the accompanying growth rates by platform. How has racing as a genre performed? And how quickly would you intend to ramp live services on the Codemasters titles?

關於 Codemasters，我想問一個與您對體育賽事的評論以及各平台相應的增長率有關的問題。賽車遊戲作為一種遊戲類型表現如何？你們打算以多快的速度推出Codemasters旗下遊戲的線上服務？

My second question for Sims to your guidance. So last year, with fiscal 3Q earnings, you suggested that fiscal '22 growth would accelerate with the next-gen consoles and Battlefield serving as the key drivers. Maybe fast forward to today, your comp will presumably be much higher than where you thought it would be. But you still have those 2 pieces in place, plus you're adding Codemasters, and you've talked about a number of initiatives with FIFA and Apex today. So given that, is accelerating growth in fiscal '22 remotely possible?

我的第二個問題想請教Sims。所以去年，在公佈第三財季收益時，您曾表示，隨著次世代遊戲主機和《戰地》系列遊戲成為關鍵驅動力，2022 財年的成長將會加速。也許快轉到今天，你的薪水很可能會比你預想的要高得多。但你們仍然保留了這兩個部分，再加上 Codemasters 的加入，而且今天你們還談到了與 FIFA 和 Apex 的一些合作計劃。有鑑於此，2022財年加速成長是否還有可能？

Yes. Let me -- Drew, let me start with the second question. We wouldn't come out and say that accelerating growth was possible, but we're confident of it -- if we weren't confident of it. I mean what we're saying is we believe that the trends that we see in this year's business will continue. We have Battlefield next year, and we haven't actually even put in place what we think Codex -- or Codemasters could deliver because the deal is not closed yet.

是的。讓我——德魯，讓我先回答第二個問題。我們不會公開宣稱加速成長是可能的，但我們對此充滿信心——如果我們沒有信心的話。我的意思是，我們認為今年商業中出現的趨勢將會持續下去。明年我們將推出《戰地風雲》系列新作，但我們實際上還沒有確定 Codex（或 Codemasters）能帶來什麼，因為交易尚未完成。

And so we're clearly thinking and saying we see -- coming off of the year in which we started at $5.55 billion, we're now telling people we're close to $6.1 billion in revenue. And we're telling people we're going to grow again next year. I think you guys should take that as an incredible level of commitment and confidence on where the business is going, absent even additions from nonorganic growth because we spilled out, this is organic growth we're talking about. And so I would get people -- I'd be very focused on that.

因此，我們明確地認為，從年初的 55.5 億美元開始，我們現在告訴大家，我們的收入已經接近 61 億美元。我們告訴大家，明年我們將繼續發展壯大。我認為你們應該把這看作是對公司發展方向的極大投入和信心，這還不包括非有機成長帶來的成長（因為我們已經溢出了），我們談論的是有機成長。所以我會去招人——我會非常專注於此。

There is a lot of spin right now in the marketplace around the fact that we decided to capitalize part of the GILTI tax regimes, R&D expenses in our fourth quarter to try to get behind it because we had a strong year. And so the reason we have a fourth quarter that shows a GAAP -- not a non-GAAP, but a GAAP decline in EPS is purely getting ahead of what is going to be a tax cost for every company out there that gets hit by GILTI. And we're trying to be aggressive and stay in front of that. But the cash impact of that is minimal. And we think in a year in which we are already well above our EPS and our earnings, it was the exact right thing to do.

目前市場上有許多關於我們決定將部分 GILTI 稅收制度和研發費用資本化，以彌補去年業績強勁成長的傳言。因此，我們第四季每股盈餘（EPS）出現GAAP（而非非GAAP）下降的原因，純粹是為了提前應對GILTI（全球無形資產低稅收入）將為每家公司帶來的稅收成本。我們正努力採取積極主動的策略，並始終保持領先地位。但由此造成的現金流影響微乎其微。我們認為，在今年我們已經遠遠超過每股盈餘和獲利預期的情況下，這樣做是完全正確的。

And I'm not sure why everyone wants to spin on that, but I would dig in a little bit, ask the questions and make sure you understand what that really means. I know that's not the question you asked. But I want to make sure it's clear to everybody that that's exactly what's going on right now.

我不明白為什麼大家都想就此展開討論，但我建議你深入探究一下，提出問題，確保你理解這究竟意味著什麼。我知道這不是你問的問題。但我希望確保每個人都清楚，這正是現在正在發生的事情。

Now Codex (sic) [Codemasters] on its own could be a nice addition to the company. We know that they have some incredible franchises. The F1 franchise is so nascent. It's a new franchise for them. We know if you're based in the U.S., there's very little F1 racing going on in the U.S. And yet we know that the owners of F1 would like to build an F1 business in the U.S.

現在 Codex（原文如此）[Codemasters] 本身可能就是公司的一個不錯的補充。我們知道他們擁有一些非常成功的特許經營權。F1系列賽事仍處於起步階段。對他們來說，這是一個全新的特許經營項目。我們知道，如果你在美國，你會發現美國幾乎沒有F1賽事。然而我們也知道，F1的擁有者們希望在美國發展F1業務。

We know that there's still expansion around the globe. It is probably one of the best growth opportunities there is and the reason that we're willing to pay what we were willing to pay for it, on top of the fact that the DiRT franchise, the GRID franchise, all of their franchises are incredible games, but none of them have actually taken advantage of a large publishing organization and a marketing muscle that we're able to deliver. And we think that has growth to it, not to mention the talent that's in that organization that could continue to help our Need for Speed business or our Real Racing business. It could be very powerful.

我們知道全球仍有擴張空間。這可能是目前最好的成長機會之一，也是我們願意為此支付相應價格的原因。此外，DiRT 系列、GRID 系列以及他們所有的系列遊戲都非常出色，但它們都沒有真正利用我們能夠提供的龐大發行機構和強大的行銷實力。我們認為它還有發展潛力，更不用說該組織中的人才可以繼續幫助我們的《極速快感》業務或《真實賽車》業務。它可能威力非常強大。

So we know it is not a FIFA-sized business, but we know there is incredible opportunity to own essentially all of the driving business there is. So with that passionate answer, I've forgotten what your other question was. So...

所以我們知道它不是像國際足總那樣規模龐大的企業，但我們知道，擁有幾乎所有汽車駕駛業務的機會非常巨大。聽了你那熱情洋溢的回答，我已經忘記你之前的問題是什麼了。所以...

The racing genre, yes, how racing has performed as a category.

是的，指的是賽車遊戲類型，也就是賽車遊戲作為一個類別所取得的表現。

Well, you know what, we know that every year, we put out a Need for Speed, it does extremely well. It's one of those kind of games that if mom goes into the store or goes online and doesn't want her son or daughter to be playing something that might look a little too competitive or might be too sports-oriented, driving has always been an incredible opportunity in the marketplace. And we know it's not going to be the size of FIFA, but we believe that there is a huge potential, particularly as you think about the growth of the underlying franchises that we might be able to help drive. And that's why we're so excited about it.

你知道嗎，我們知道每年我們推出的《極速快感》系列遊戲都非常暢銷。如果媽媽走進商店或上網，不希望她的兒子或女兒玩一些看起來太具競爭性或太偏向體育的遊戲，那麼駕駛類遊戲一直是市場上的絕佳機會。我們知道它不會像 FIFA 那樣規模龐大，但我們相信它有巨大的潛力，特別是考慮到我們或許能夠幫助推動的基礎特許經營權的成長。這就是我們如此興奮的原因。

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. One, just touching back on Codemasters again and then just one on some of the FIFA mobile and online initiatives. On Codemasters, can you talk maybe just conceptually about what cadence could look like in that genre? Because obviously, you already have Need for Speed in the docket for next year. But is that a genre where you could conceivably see a track title plus a rally title plus a street title every year? Or does that get too crowded? I'm just kind of curious how you're thinking about cadence maybe just conceptually because I know that the deal is not closed yet.

如果可以的話，也許會給2個。首先，再簡單回顧一下 Codemasters，然後簡單談談 FIFA 的一些行動和線上專案。關於 Codemasters，您能否從概念上談談該類型遊戲中節奏感可能會是什麼樣子？很顯然，你們明年的遊戲計畫裡已經有《極速快感》了。但是，在這個類型中，每年都有賽道冠軍、拉力賽冠軍和街頭冠軍三種類型的比賽嗎？或者那裡會不會太擁擠？我只是有點好奇你對節奏的看法，可能只是概念上的，因為我知道這筆交易還沒有最終敲定。

And then just secondly, and I apologize if you hit on this. The initiatives around FIFA Mobile, the 6 games in development as well as the PC online for expansion to more markets, any time line color you could provide and kind of when that commences, when it starts, when we start to see developments and how fast that kind of happens? Any color there would be helpful.

其次，如果這個問題讓你感到不舒服，我深感抱歉。關於 FIFA Mobile 的各項舉措，包括正在開發的 6 款遊戲以及 PC 線上遊戲，以拓展到更多市場，您能否提供一些時間表，例如何時開始、何時啟動、何時開始看到進展以及進展速度如何？任何顏色都會有所幫助。

Yes. So let me -- on Codemasters, it's still early -- too early for us to kind of be able to outline all of that. Again, the deal hasn't closed yet. But as I think about this as an opportunity, I start with the fact that we will be able to bring together all of the greatest racing talent in our industry or most of the great racing talent in our industry.

是的。所以讓我說——關於 Codemasters，現在還為時過早——我們還無法概括所有細節。再次強調，這筆交易尚未完成。但當我把這看作一個機會時，首先想到的是，我們將能夠把業內所有最優秀的賽車人才，或者說業內大部分最優秀的賽車人才聚集在一起。

When I think about taking that collection of talent and pointing them at Need for Speed, pointing them at FORMULA ONE, pointing them at GRID, pointing them at DiRT and thinking about how all of that might happen with regular launches of those titles with really strong live services wrapped around them, which we don't yet see in the Codemasters games, all powered by the leverage of the marketing organization that we have behind us, I think the opportunity is really, really strong.

當我想到要把這些人才聚集起來，讓他們去開發《極速快感》、《一級方程式》、《GRID》、《塵埃》系列遊戲，並思考如何透過定期發布這些遊戲，並圍繞它們推出強大的線上服務（這是我們在 Codemasters 的遊戲中還沒有看到的），再加上我們背後強大的行銷團隊的支持，我認為機會真的非常大。

And so you should imagine that as we think about this, Need for Speed, which is already one of the leading racing franchises that we launch every other year, we think there might be opportunities around growth of releases and certainly growth of that title. We think that F1 plus live service plus our marketing muscle is a profound opportunity. And we think that GRID and DiRT also represent great new additions to our portfolio. But the big win here is bringing together what we believe is going to be the greatest collection of racing talent in the industry.

所以你應該能想像到，當我們考慮這個問題時，《極速快感》已經是我們每隔一年推出的領先賽車遊戲系列之一，我們認為在遊戲發布數量和該系列遊戲本身的增長方面可能存在機會。我們認為，F1賽事加上即時服務以及我們強大的行銷能力，蘊藏著巨大的機會。我們認為 GRID 和 DiRT 也是我們產品組合中非常棒的新成員。但最大的勝利在於，我們匯聚了業界最優秀的賽車人才。

With respect to FIFA, all of these things are in play. You will have seen, and we talked about this, even our existing FIFA Mobile game has grown year-over-year. Our FIFA Mobile Asia game continues to expand and has grown year-over-year. We are working with KLab in Japan on a Japanese-inspired game, folks on the Japanese market that we believe will have global appeal. But Jeff Karp has come into our mobile organization. We've consolidated that organization. We brought all of sports and all other mobile titles together, and we have identified sport and particularly soccer as a really, really big global opportunity.

就國際足總而言，所有這些因素都在起作用。你們已經看到了，我們也討論過，即使是我們現有的 FIFA Mobile 遊戲也逐年成長。我們的 FIFA Mobile 亞洲版遊戲持續發展壯大，並且逐年成長。我們正在與日本的 KLab 合作開發一款受日本文化啟發的遊戲，面向日本市場，我們相信這款遊戲將具有全球吸引力。但傑夫·卡普已經加入我們的行動部門。我們已經整合了該組織。我們將所有體育項目和其他所有行動遊戲整合在一起，並已將體育，特別是足球，視為一個真正巨大的全球機會。

As a background, Jeff at one time ran marketing for EA SPORTS many, many years ago. On leaving EA, he ran a number of mobile companies and has come back and is having a tremendous impact on that business. And so no more announcements specifically today, but you should expect over the next year or 2 that we're going to roll out growth in this business.

傑夫的背景是，很多年前他曾在 EA SPORTS 擔任行銷主管。離開EA後，他經營了多家行動公司，現在又回來了，並且對這項業務產生了巨大的影響。因此今天不會再有具體公告，但預計在未來一兩年內，我們將在該業務領域推出成長計畫。

(Operator Instructions) Your next question comes from the line of Andrew Marok with Raymond James.

（操作員說明）您的下一個問題來自 Raymond James 的 Andrew Marok。

With the news on FIFA today, I guess if we could just get some of your updated thoughts on how you're thinking about the market opportunity for FIFA and Madden and Stadia. And to the extent that it's relevant, are there any learnings to take away from Jedi on the platform so far that could be brought to sports?

鑑於今天 FIFA 的相關新聞，我想請您談談您對 FIFA、Madden 和 Stadia 的市場機會的最新看法。如果相關的話，從 Jedi 在平台上的表現來看，我們能從中汲取哪些經驗教訓，並將其應用到運動中呢？

And then second, as Apex expands, it really just has the one core game mode right now. And as you're looking into options like Switch and mobile, could that potentially expand? And in that case, would that put increased overlap with Battlefield on the table?

其次，隨著 Apex 的擴展，它目前實際上只有一個核心遊戲模式。既然你們正在考慮 Switch 和行動裝置等選項，那麼未來是否有可能擴大規模？那麼，這是否會增加《戰地》系列與《戰地》系列的重疊部分呢？

On FIFA, Madden and Stadia, again, this is early. We believe that cloud is going to have a tremendously positive impact on total addressable market in our industry over the long term. And we also think that cloud is going to offer all kinds of new innovation and creativity about the types of games we can build where we can harness the power of cloud compute, compute at the edge and 5G networks that drive latency-free gameplay in between those 2 end points. And so when we think about Stadia right now, it's really about working with our cloud partners to innovate and lead in what we believe is going to be a meaningful future for our industry over time.

關於 FIFA、Madden 和 Stadia，目前還處於早期階段。我們相信，從長遠來看，雲端運算將對我們行業的潛在市場總量產生巨大的正面影響。我們也認為，雲端運算將為我們建立各種類型的遊戲帶來新的創新和創造力，我們可以利用雲端運算、邊緣運算和 5G 網路的力量，在這兩個端點之間實現無延遲的遊戲體驗。因此，我們現在想到 Stadia，實際上是與我們的雲端合作夥伴合作，進行創新並引領我們認為對產業未來發展意義重大的方向。

With respect to Apex, no announcements here. I would just come back to Respawn are amazingly creative as a studio. They've built unbelievable games both in the content of Titanfall Apex and more recently, Jedi: Fallen Order. As we continue to expand that -- they're on their eighth -- they've just launched their eighth season. Every season adds new characters and new gameplay and at some point, new maps. You should imagine that, that team is thinking about how to further expand that universe over time, and we'll be excited to share more about that in the future.

關於Apex，目前沒有任何公告。我只想說，Respawn工作室的創造力令人驚嘆。他們打造了令人難以置信的遊戲，無論是《泰坦殞落：Apex》的內容，還是最近的《星際大戰絕地：隕落的武士團》。隨著我們不斷擴大規模——他們已經做到第八季了——他們剛剛推出了第八季。每個賽季都會增加新角色、新玩法，而且在某個時候還會增加新地圖。您可以想像，團隊正在思考如何隨著時間的推移進一步擴展這個宇宙，我們將來會很高興與大家分享更多相關資訊。

Your next question comes from the line of Tyler Parker with Keybanc Capital Markets.

你的下一個問題來自 Keybanc Capital Markets 的 Tyler Parker。

Just wanted one more question on college football. Without student athlete images and likeness this time, it's going to look a bit different than historically. So I'm curious what we know historically about gamers' motivations. Are they going in there to play their favorite players or play their favorite teams? How is that going to look? And how do you expect them to react to a game that doesn't have necessarily student athlete names and likeness in there?

我還想問一個關於大學橄欖球的問題。這次沒有學生運動員的形象和肖像權，看起來會和以往有所不同。所以我很好奇，從歷史角度來看，我們對遊戲玩家的動機了解多少。他們是去跟自己喜歡的球員比賽，還是去跟自己喜歡的球隊比賽？那會是什麼樣子呢？你覺得他們會對一款遊戲中沒有學生運動員姓名和肖像的遊戲作何反應？

You might remember that our last game also didn't have student name and likeness. The game has always been built on the power of the relationship that fans have with their colleges. We'll have over 100 colleges, all of the logos and kits and stadiums and on-field pageantry that makes college football great. And we are very excited and believe that we can build a really compelling college football game with all of those components in partnership with schools across the country. And the response that we've had to the announcement kind of ratifies that excitement. And so you should hear more from us on that in the months ahead.

你可能還記得，我們​​上一款遊戲也沒有使用學生姓名和肖像。這項運動一直以來都建立在球迷與他們所支持的大學之間的緊密聯繫之上。我們將擁有超過 100 所大學，所有讓大學橄欖球如此精彩的標誌、球衣、體育場和場上盛況。我們非常興奮，並相信透過與全國各地的學校合作，我們可以利用所有這些元素來打造一款真正引人入勝的大學橄欖球遊戲。而我們收到的反響也印證了這種興奮之情。因此，在接下來的幾個月裡，您應該會聽到我們在這方面發布更多消息。

Your next question comes from the line of Eric Handler with MKM Partners.

你的下一個問題來自 MKM Partners 的 Eric Handler。

I actually got 2 questions. First, Blake, I think you did touch on a GAAP basis, but your fourth quarter non-GAAP guidance for operating expenses is like 719 -- $718 million, $719 million, which is a huge step-up from last year's third quarter and a step-up from the normally big third quarter. So what's really driving that increase? And should that carry over into next year as well? And then I have a follow-up question for Andrew.

實際上我收到了兩個問題。首先，布萊克，我認為你確實提到了 GAAP 準則，但你對第四季度非 GAAP 營運支出的預期是 7.19 億美元——7.18 億美元、7.19 億美元，這比去年第三季度有了巨大的增長，也比通常較大的第三季度有了增長。那麼，真正推動這項成長的因素是什麼呢？這種情況會延續到明年嗎？然後我還有一個後續問題要問安德魯。

Yes. So think about it, Eric, as a couple of things. One is we've continued to try to do everything possible to support our workforce in a work-from-home mode and COVID support. And so you can assume that some portion of those expenses are associated with that and maybe expenses that would drift into next year.

是的。艾瑞克，你可以從兩方面來考慮這個問題。一方面，我們一直在盡一切可能支持我們的員工在家辦公，並為新冠疫情提供支援。因此，您可以假設其中一部分費用與此有關，而有些費用可能會延續到明年。

Second is we are having -- obviously, we're having one of the best years we've ever had. And what does that mean for us? It means we want to take advantage of the strength in our organization and the ability to hire people, particularly when other companies are not able to do that. And we think this is a unique opportunity for us to go out and continue to try to grow great teams.

其次，很顯然，我們正經歷有史以來最好的一年。這對我們意味著什麼？這意味著我們希望利用我們組織的優勢和招募人才的能力，尤其是在其他公司無法做到這一點的情況下。我們認為這是一個難得的機會，讓我們能夠走出去，繼續努力打造優秀的團隊。

I mean to give you a simple example. It's not like we have a group of people just sitting around doing nothing that are waiting to build college football. We're going to need to grow a team to do that. We think it's the right thing to do. We, I think, manage the economics of our teams well. But we're going to continue to hire people, particularly in a time in which we've been able to prove to our employees and those people who see our employees that we are a great place to work. And so that's driving some of the uptick in expenses that you're seeing.

我打算給你舉個簡單的例子。這並不是說我們有一群人閒著沒事幹，等著來建造大學橄欖球隊。我們需要組建一個團隊來完成這項工作。我們認為這樣做是對的。我認為，我們對團隊的經濟狀況管理得很好。但我們會繼續招募員工，尤其是在我們已經向員工和看到我們員工的人證明我們是一個很棒的工作場所的這段時間。因此，這就是導致您看到的支出成長的部分原因。

And then I would just go back in history and look at, okay, how good were we at always forecasting OpEx? Are we that good at it? Probably not.

然後我會回顧歷史，看看我們過去在預測營運支出方面做得如何？我們真的那麼擅長嗎？可能不會。

So with that, I'll turn it to Andrew for your second question.

那麼，接下來就交給安德魯回答你的第二個問題。

Andrew, one big picture question here. When you look at the success Roblox has seen this year, and obviously, Minecraft has been a huge hit, do you think any of your content could translate well to sort of a user-generated platform?

安德魯，這裡有一個比較宏觀的問題。看看 Roblox 今年的成功，以及 Minecraft 的巨大成功，你認為你的內容能否很好地轉移到用戶生成內容的平台上？

Great question. And the short answer is yes. And again, Sims has been a user-generated platform since its inception. And we've seen creation and sharing on that platform, maybe not to the extent of a Minecraft or a Roblox certainly, but as we look at the Maxis team, that's certainly something that is front and center to how they think about that franchise.

問得好。簡而言之，答案是肯定的。而且，《模擬市民》自誕生以來就是一個使用者生成內容的平台。我們已經看到該平台上出現了創作和分享現象，雖然可能沒有像 Minecraft 或 Roblox 那樣的程度，但當我們觀察 Maxis 團隊時，就會發現這無疑是他們思考該系列遊戲時最重視的事情之一。

We're also thinking about this in the context of some of our new experiences, and we have an entire group inside the company right now focused on player agency and creation at a player level. And as we roll out those experience over time, you should expect that some of those will be kind of bound to a gain in the way that Minecraft is that -- Sims and Maxis would be a great example of that. And some of those will be platform level.

我們也在思考這個問題，並將其融入我們的一些新體驗中。目前，公司內部有一個專門的團隊，致力於提升玩家層面的自主性和創造力。隨著我們逐步推出這些體驗，您應該預料到其中一些體驗會像《我的世界》一樣帶來收益——《模擬市民》和 Maxis 就是一個很好的例子。其中一些將是平台級別的。

Again, we have some great game development tools, and we think over time, there might be an opportunity to share those with our communities and allow them to create new content with those tools over time. It's certainly a developing area of our industry. It's something that Gen Z players are really gravitating towards. And when we think about developing a social network for Gen Z plays around each of our major franchises, we think about user-generated content as a very central strand of the DNA of those experiences in those communities.

我們擁有一些很棒的遊戲開發工具，我們認為隨著時間的推移，或許有機會與我們的社群分享這些工具，並讓他們隨著時間的推移使用這些工具來創建新的內容。這無疑是我們產業中一個正在發展的領域。這是Z世代玩家真正嚮往的東西。當我們考慮圍繞我們每個主要係列遊戲為 Z 世代開發社交網路時，我們認為用戶生成的內容是這些社群體驗 DNA 中非常核心的一部分。

No further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

目前沒有其他問題。女士們、先生們，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。