美商藝電 (EA) 2021 Q1 法說會逐字稿

Good afternoon. My name is Daphne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q1 2021 Earnings Conference Call. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我是達芙妮，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加2021財年第一季財報電話會議。投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Daphne. Welcome to EA's First 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，達芙妮。歡迎參加EA 2021財年第一季財報電話會議。今天和我一起在家參加會議的有我們的執行長安德魯威爾遜，以及我們的財務長兼營運長布萊克喬根森。

Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we've 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.

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

With regards to our calendar, our Annual Shareholder Meeting will take place next week on Thursday, August 6, and will be a virtual audio-only meeting due to the ongoing health concerns and physical distance requirements related to the COVID-19 pandemic. Our Q2 fiscal 2021 earnings call is scheduled for Thursday, November 5.

關於我們的日程安排，由於新冠肺炎疫情持續蔓延，需要保持社交距離，我們的年度股東大會將於下週四（8月6日）舉行，屆時將以線上音頻會議的形式進行。我們的2021財年第二季財報電話會議定於11月5日（週四）舉行。

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-K for a discussion of risks that could cause material -- actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, July 30, 2020, and disclaims any duty to update them.

本次示範及我們的評論包含有關未來事件及本公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。請參閱我們最新的10-K表格，以了解可能導致實際結果與今天討論的內容有重大差異的風險。藝電（Electronic Arts）於2020年7月30日作出上述陳述，並聲明不承擔更新這些陳述的義務。

During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis. All comparisons made in the course of this call are against the same period in the prior year 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. First off, I hope that all of you listening today are well and that you and your families are in good health. This is an unprecedented time, and it was an unprecedented first quarter for our business at Electronic Arts, with extraordinary growth in our games and live services and record financial performance. I'll speak to both of those in a moment, but first let me touch on our efforts to continue supporting our teams through the evolving COVID-19 situation.

謝謝，克里斯。首先，我希望今天所有收聽節目的朋友都一切安好，也祝福你們和家人身體健康。這是一個前所未有的時期，對於藝電（Electronic Arts）來說，今年的第一季也是前所未有的，我們的遊戲和線上服務都實現了非凡的成長，財務表現也創下了歷史新高。稍後我會詳細談談這兩方面，但首先我想談談我們為應對不斷變化的 COVID-19 疫情情勢所做的努力，以及我們如何繼續為團隊提供支援。

I'm incredibly proud of our amazing teams at Electronic Arts. The ingenuity, creativity, and determination of all of our talented people is making it possible for us to continue delivering all the great games and content to players, even as almost all of us continue to work from home. The wellbeing of our people is our top priority, and to keep everyone as safe as possible, the vast majority of us at EA will be working from home at least through the remainder of the calendar year. These are challenging times for everyone managing through the pandemic's effect on their personal and professional lives. We're helping however we can with support and resources, including quarterly payments to assist our people with work-from-home costs and care needs, a pandemic care leave program, additional services for mental and physical health, and more.

我為藝電（Electronic Arts）的優秀團隊感到無比自豪。正是我們所有才華橫溢的員工的智慧、創造力和決心，讓我們能夠在幾乎所有員工居家辦公的情況下，繼續為玩家帶來精彩的遊戲和內容。員工的福祉是我們的首要任務，為了盡可能保障所有人的安全，藝電絕大多數員工至少在今年剩餘的時間裡都將居家辦公。疫情對每個人的個人生活和職業生涯都造成了影響，每個人都面臨挑戰。我們將盡一切努力提供支援和資源，包括按季度發放補貼，幫助員工支付居家辦公費用和照顧需求；設立疫情照顧假；提供額外的身心健康服務等等。

In addition to the ongoing challenges of the pandemic, these last few months have brought forward important cultural conversations around racial and social injustice, harassment and misconduct. We've long held equality, inclusion and diversity at the center of our beliefs at Electronic Arts, and as a company, we've made our positions clear and demonstrated with our actions that we have a long-term commitment to making a positive impact in our world.

除了持續的新冠疫情帶來的挑戰之外，過去幾個月也引發了種族和社會不公、騷擾和不當行為等重要文化議題的討論。長期以來，藝電始終將平等、包容和多元化視為公司核心價值觀，我們已明確表明立場，並以實際行動證明我們致力於長期為世界帶來正面影響。

As we've shared previously, our business focus continues to be on our key growth drivers, delivering amazing games and content, offering live services that extend and enhance the experience, and connecting more players across more platforms and ways to play. In our first quarter of FY '21, engagement was exceptionally strong across our portfolio. We launched new games, delivered incredible growth in our live services, and welcomed tens of millions of new players into the EA network since the beginning of April. This drove the biggest first quarter in EA history, with net bookings and operating cash flow both setting new records. As a result, we are raising our full year FY '21 net revenue and net bookings guidance today.

正如我們先前所分享的，我們的業務重點依然是關鍵成長驅動因素：提供精彩的遊戲和內容，提供能夠擴展和提升遊戲體驗的線上服務，以及連接更多平台和更多遊戲方式的玩家。在2021財年第一季度，我們旗下所有遊戲的玩家參與度都異常強勁。我們推出了新遊戲，線上服務實現了驚人的成長，並且自4月初以來，EA網路新增了數千萬玩家。這推動了EA史上業績最佳的第一季度，淨預訂量和營運現金流均創下新紀錄。因此，我們今天上調了2021財年全年淨收入和淨預訂量預期。

We've seen tremendous growth over the last 4 months in our business and across the industry. As EA, we sit at the intersection of 2 fundamental secular trends that have become increasingly clear. First, social interactions in our world are moving from physical to digital. And second, the consumption of sports and entertainment is moving from linear to interactive. We've seen both of these trends accelerate during the COVID-19 period. Tens of millions of new players have come into our games, and we also have many players returning to our franchises after some time away. In addition to higher engagement from our existing players, these new and returning players are now deeply engaged in our live services, establishing new play patterns and building new friendships in our games. So while there are unknowable aspects to this period of time we are in, and it may be difficult to predict the patterns of new and returning players, we expect these trends to continue during and after the pandemic. We remain committed to continuing to innovate in this space, keeping EA at the forefront of providing social interaction and interactive entertainment to a wide global audience.

過去四個月，我們的業務以及整個產業都取得了巨大的成長。身為EA，我們正處於兩大基本長期趨勢的交會點，而這兩大趨勢也日益清晰。首先，我們世界的社交互動正從線下轉向線上。其次，體育和娛樂的消費方式正從線性轉向互動式。我們看到，在新冠疫情期間，這兩大趨勢都在加速發展。數千萬新玩家加入了我們的遊戲，同時，許多老玩家在離開一段時間後也重返我們的遊戲系列。除了現有玩家參與度的提高，這些新舊玩家現在也深入參與我們的線上服務中，在遊戲中建立新的遊戲模式並結交新的朋友。因此，儘管我們所處的時期存在一些不可預測的因素，預測新舊玩家的模式也可能比較困難，但我們預期這些趨勢將在疫情期間及之後持續下去。我們將繼續致力於在該領域進行創新，使EA始終處於為全球廣大玩家提供社交互動和互動娛樂的最前沿。

I'll share a few highlights here that capture what our teams delivered for players in Q1. We launched 2 new games to players during the quarter. Command & Conquer Remastered, which was incredibly well-received by fans and critics and became a top selling title on Origin and Steam, as well as Burnout Paradise Remastered on the Nintendo Switch. Our teams also delivered over 30 new content updates for our console and PC titles, including two major game expansions, as well as more than 50 updates to our mobile games. All of this, and the continued development of our upcoming titles for FY '21 and beyond, was completed with our teams working from home.

我在這裡分享一些亮點，概括一下我們團隊在第一季為玩家帶來的成果。本季我們推出了兩款新遊戲：《命令與征服：重製版》，這款遊戲廣受玩家和評論家好評，並在Origin和Steam平台都取得了暢銷成績；以及登陸Nintendo Switch平台的《火爆狂飆：天堂重製版》。我們的團隊也為主機和PC遊戲推出了超過30個全新內容更新，其中包括兩個大型遊戲擴充包，並為行動遊戲推出了超過50個更新。所有這些工作，以及我們為2021財年及以後即將推出的遊戲的持續開發，都是在團隊成員居家辦公的情況下完成的。

Apex Legends continues its momentum as an exceptional live service, building on strong performance through the last several quarters and bringing even more players together in the game. Q1 saw the most game sessions played and highest revenue total since the launch quarter for Apex, and engagement in Season 5 reached the highest levels since our first new season of content. Creative in-game events continue to be a huge draw for our Apex community, and the most recent event, Lost Treasures, had more than 96 million hours played in the first 2 weeks. We're bringing Apex to players on the Switch and Steam, and we're excited to introduce cross-play later this year so more players can engage and play together with their friends.

《Apex英雄》作為一款卓越的線上服務遊戲，持續保持強勁勢頭，在過去幾季的出色表現基礎上，吸引了更多玩家加入遊戲。第一季度，《Apex英雄》的遊戲長度和總收入均創下自上線以來的最高紀錄，第五季的玩家參與度也達到了自首個新賽季以來的最高水平。創意十足的遊戲內活動持續吸引《Apex英雄》社群的玩家，最近推出的「失落的寶藏」活動在短短兩週內就獲得了超過9600萬小時的遊戲時長。我們將《Apex英雄》帶到Switch和Steam平台，並期待在今年稍後推出跨平台聯機功能，讓更多玩家能夠與好友一起暢玩。

The world has an insatiable appetite for sports, and for the experiences that EA SPORTS delivers in our games. With real world sports disrupted, EA SPORTS has become the center of the emotional connection to sports, and we've brought millions of new, returning and existing players into their own personal sports stories through our games.

全世界對運動以及EA SPORTS遊戲所帶來的體驗都充滿著永不滿足的熱情。在現實世界體育賽事受到衝擊的情況下，EA SPORTS已成為連結人們與體育情感紐帶的中心，我們透過遊戲，讓數百萬新老玩家沉浸在他們專屬的體育故事中。

Player acquisition of new and returning players in FIFA grew more than 100% year-over-year in Q1, with more than 7 million joining during the quarter. There are now -- these are now among our most engaged groups of players, demonstrating commitment and longevity in our FIFA live service. FIFA in Asia grew significantly year-over-year in Q1 as well, with FIFA Online 4 now engaging nearly 30 million players to date.

第一季度，FIFA 新玩家和回歸玩家的加入量年增超過 100%，當季新增玩家超過 700 萬。這些玩家群目前是我們最活躍的玩家群之一，展現了他們對 FIFA 線上服務的忠誠度和長期參與。 FIFA 在亞洲地區第一季也實現了顯著的同比增長，FIFA Online 4 目前已吸引近 3,000 萬名玩家。

Madden NFL 20 also had an incredible Q1, building on what is already the biggest year ever for our Madden franchise. Player acquisition in Madden NFL grew nearly 140% year-over-year in Q1, and virtually every measure of Madden Ultimate Team engagement is up more than double over last year.

《麥登橄欖球20》第一季也取得了驚人的成績，延續了麥登系列遊戲有史以來最輝煌的一年。第一季度，《麥登橄欖球》的球員獲取量年增近140%，幾乎所有衡量麥登終極球隊模式參與度的指標都比去年翻了一番以上。

The Sims continues to resonate with more players around the world. The Sims 4 now has more than 30 million players life-to-date across all platforms, and daily, weekly and monthly active player totals in the game all reached record highs for a first quarter. Our Sims mobile games had an excellent Q1 as well. The creative and inclusive nature of The Sims experience on any device is truly unique in all of gaming, and we're especially proud of the way it helps players find community and express themselves during culturally challenging times.

《模擬市民》持續在全球吸引越來越多的玩家。 《模擬市民4》目前在所有平台上的總玩家人數已超過3000萬，且遊戲的每日活躍玩家數、週活躍玩家數和月活躍玩家數在第一季均創下歷史新高。我們的《模擬市民》手機遊戲在第一季也取得了優異的成績。 《模擬市民》在任何裝置上都能帶來極具創意和包容性的遊戲體驗，這在所有遊戲領域都是獨一無二的。我們尤其為它在文化挑戰時期幫助玩家找到歸屬感和表達自我的方式感到自豪。

During Q1, we also launched nearly 30 titles on the Steam platform. Bringing our games to Steam enables us to substantially grow our PC audience. Our Origin business grew 75% year-over-year as well, and by opening up the ability for Steam and Origin players to play together, we're now positioned to harness the full power of the PC community. Bringing titles to Steam is also foundational to our EA subscription service that will go live on the platform later this summer. In addition, the total number of players in our subscriptions on Origin, Xbox One and PS4 grew quarter-over-quarter, with new players coming into our services to experience more great games.

第一季度，我們也在Steam平台上發表了近30款遊戲。將遊戲帶到Steam平台，使我們能夠大幅拓展PC玩家群。 Origin平台的業務也實現了75%的年成長。透過開放Steam和Origin玩家同場競技的功能，我們現在能夠充分發揮PC玩家社群的潛力。將遊戲帶到Steam平台也是我們EA訂閱服務的基礎，該服務將於今年夏季晚些時候在該平台上線。此外，Origin、Xbox One和PS4平台的訂閱玩家總數也較上季成長，更多新玩家加入我們的服務，體驗更多精彩遊戲。

It was an unprecedented quarter of growth. Looking forward, we're also seeing strong engagement in Q2. Although it is difficult to predict ongoing levels of growth in this environment, we have grown our player base during this period and added value to our network. Our EA SPORTS live services are acting as social networks for sports fans around the world, and the strength of those connections will grow as real sports seasons return. Players in our communities for The Sims, Apex, Star Wars and more are building relationships through our games, and we expect them to be with us for a long time to come.

這是一個前所未有的成長季度。展望未來，我們預期第二季用戶參與度也將維持強勁成長。儘管在當前環境下難以預測持續成長的水平，但我們在此期間擴大了玩家群體，並提升了我們網路的價值。 EA SPORTS 的即時服務正成為全球運動迷的社交網絡，隨著真實運動賽季的回歸，這些連結的強度將會進一步增強。我們旗下《模擬市民》、《Apex英雄》、《星際大戰》等遊戲的玩家社群正在透過遊戲建立聯繫，我們期待他們能長期陪伴我們。

Building on this strength, we have exciting new titles and content coming in Q2 and beyond, including Rocket Arena which we just launched with Final Strike Games. We showcased many of these new experiences in our EA Play Live broadcast in June, where our audience grew significantly year-over-year, and the trailers and videos that we debuted have been watched more than 31 million times. We will begin launching our new EA SPORTS games starting in August. Nowhere else in the world can sports fans find the breadth and depth of interactive experiences like the ones in our EA SPORTS portfolio this year. With UFC 4 launching on August 14, we've got something for every fight fan, an amazing roster of fighters, tremendous customization, brand new environments, and more fluid gameplay, all making this the most authentic MMA game we've ever created.

憑藉這一優勢，我們將在第二季及以後推出一系列令人興奮的新遊戲和內容，包括我們剛剛與 Final Strike Games 合作推出的 Rocket Arena。我們在六月的 EA Play Live 直播中展示了許多此類全新體驗，我們的觀眾人數同比增長顯著，首發的預告片和視頻觀看次數已超過 3100 萬次。我們將從八月開始陸續推出全新的 EA SPORTS 遊戲。今年，EA SPORTS 遊戲組合將為體育迷帶來全球其他任何地方都無法比擬的豐富而深入的互動體驗。 UFC 4 將於 8 月 14 日發售，我們為每位格鬥迷都準備了精彩內容：強大的格鬥選手陣容、豐富的自訂選項、全新的遊戲場景以及更加流暢的遊戲體驗，所有這些都將使之成為我們迄今為止打造的最真實的 MMA 遊戲。

Madden NFL 21 is then set to launch on August 28. On top of major gameplay innovation, a new campaign mode, and more of the Superstar X-Factor abilities that fans love, we're bringing creative and innovative new ways to play Madden that build on the strength of our NFL partnership.

《麥登橄欖球21》將於8月28日發售。除了重大的遊戲玩法創新、全新的戰役模式以及更多球迷喜愛的超級巨星X因素能力外，我們還將帶來富有創意和創新性的全新麥登遊戲玩法，進一步鞏固我們與NFL的合作關係。

We have more people than ever before playing and connecting through FIFA, and when FIFA 21 launches on October 9, the world's leading football experience will expand with more ways to play with friends. VOLTA SQUADS and FUT Co-Op will bring new social dimensions to the game, and we're also delivering the most comprehensive update to Career Mode that we've ever released.

現在玩 FIFA 和透過 FIFA 進行互動的人數比以往任何時候都多，而當 FIFA 21 於 10 月 9 日發佈時，這款全球領先的足球遊戲體驗將透過更多與好友一起玩的方式得到擴展。 VOLTA SQUADS 和 FUT Co-Op 將為遊戲帶來全新的社交維度，我們也將推出迄今為止最全面的生涯模式更新。

NHL 21 launches October 16, and we're excited about the great work from our NHL team this year and we'll share more about that soon. Then in the holiday season, EA SPORTS will also lead the way on the new PlayStation 5 and Xbox Series X. Next-generation versions of FIFA 21 and Madden 21 will bring the next level of innovation and interactive sports experiences to fans with the launch of the new consoles. This will be a great year of new games and content for sports fans around the world.

《NHL 21》將於10月16日發售，我們對NHL團隊今年的出色工作感到非常興奮，並將很快分享更多相關資訊。此外，在即將到來的假期季節，EA SPORTS也將引領PlayStation 5和Xbox Series X的趨勢。隨著新主機的發布，《FIFA 21》和《Madden 21》的次世代版本將為玩家帶來更高水準的創新和互動體育體驗。對於全球體育迷來說，這將是充滿新遊戲和新內容的一年。

With our cloud-based broadcasting platform for esports operating at global scale, we delivered 85% more esports broadcast content in the last 4 months than we did in all of calendar year 2019. Demand for our FIFA, Apex Legends and Madden esports content across major networks is unprecedented. And the great entertainment we are providing is bringing more players and viewers into new experiences with our games. We're now significantly expanding and diversifying our content for the rest of this year. Our plans are to deliver 3x as many broadcasted events in FY '21 over last year, spanning linear and digital broadcasts, with more athlete, celebrity and fan competitions, in addition to global esports ecosystems for Apex Legends, FIFA and Madden.

憑藉我們面向全球營運的雲端電競直播平台，過去四個月的電競直播內容量比2019年全年成長了85%。各大電視網對我們FIFA、Apex Legends和Madden電競內容的需求空前高漲。我們提供的精彩娛樂內容正吸引更多玩家和觀眾體驗我們遊戲的全新樂趣。今年剩餘時間裡，我們將大幅擴展並豐富我們的內容。我們計劃在2021財年推出比前一年多三倍的直播賽事，涵蓋傳統電視和數位電視直播，並舉辦更多運動員、名人以及粉絲參與的比賽，同時為Apex Legends、FIFA和Madden打造全球電競生態系統。

We also just launched The Sims Spark'd on TBS and Buzzfeed, our first-ever reality competition TV show. Seamlessly integrating entertaining player stories and gameplay, alongside weekly challenges for the Sims 4 players, it's an entirely new and unique way to create competition. It shows the innovation we can bring to the esports space with our franchises, and we're very excited by the fan reaction to date.

我們最近也在TBS和Buzzfeed上推出了《模擬市民：火花》（The Sims Spark'd），這是我們的首個真人競技電視節目。節目巧妙地融合了玩家的精彩故事和遊戲玩法，以及面向《模擬市民4》玩家的每週挑戰，開創了一種全新的、獨特的競技模式。它展現了我們旗下遊戲系列在電競領域的創新能力，我們對目前為止粉絲的反應感到非常興奮。

We're also very pleased with the response to our new Star Wars: Squadrons game from Motive Studios set to launch on October 2. This is going to be the game for anyone that's ever had the fantasy of piloting a Star Wars starfighter, with a deep level of immersion built by our teams in collaboration with Disney and Lucasfilm. We're excited to add another all-new experience to the portfolio of amazing Star Wars titles we've delivered to fans, especially one that opens up new dimensions like full VR support and cross-play.

我們對Motive Studios開發的全新遊戲《星際大戰：戰機中隊》即將於10月2日發售的消息感到非常高興。這款遊戲將滿足所有夢想駕駛星際大戰星際戰機的玩家，我們的團隊與迪士尼和盧卡斯影業攜手打造了極致的沉浸式體驗。我們很高興能為我們為粉絲們帶來的眾多精彩星球大戰遊戲作品再添新成員，尤其是這款遊戲還開闢了全新的維度，例如完整的VR支持和跨平台聯機。

Our business is strong and it's been an amazing start to the year. These are challenging times amidst the pandemic, and we are deeply appreciative of all that our teams are doing to continually innovate and deliver for our players and push the boundaries of interactive entertainment every step of the way even while working from home. We also have to thank all of our players for their support. We're humbled to see so many using our games and our network as a way to connect with their friends and families during this time. There is much more to come from us at Electronic Arts in FY '21.

我們的業務表現強勁，今年開局也十分出色。疫情期間，我們面臨著許多挑戰，但我們衷心感謝所有團隊的辛勤付出，他們即使在家辦公，也始終堅持創新，不斷為玩家帶來優質內容，並不斷突破互動娛樂的界限。我們也要感謝所有玩家的支持。在這個特殊時期，看到這麼多玩家透過我們的遊戲和平台與親朋好友保持聯繫，我們深感榮幸。 2021財年，藝電（Electronic Arts）將推出更多精彩內容。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. We saw extraordinary levels of player engagement through the first quarter, far higher than we even ever expected or had forecasted in May. And it proved more resilient than we had expected. Engagement was broad-based, with net bookings for live services at extraordinary levels for FIFA, Madden, Apex Legends, The Sims and our mobile titles. And with increased sales of our games across the breadth of our entire catalog, we connected with more people to the games they want and to each other. All this was reflected in our results, with record Q1 highs in net revenue, net bookings, live services and cash flow.

謝謝安德魯。第一季玩家參與度達到了前所未有的高度，遠遠超出我們五月的預期和預測。而且，這種高參與度也比我們預想的更具韌性。玩家參與度涵蓋面廣，FIFA、Madden、Apex Legends、The Sims 以及我們的行動遊戲的線上服務淨預訂量均創歷史新高。隨著我們所有遊戲銷售的成長，我們讓更多玩家找到了他們想玩的遊戲，也讓他們彼此之間建立了聯繫。所有這些都體現在我們的業績中，第一季淨收入、淨預訂量、線上服務和現金流均創歷史新高。

I'll report the specifics of our results on a GAAP basis, then use our operational measures of net bookings to discuss the dynamics of our business. Before I get to the numbers, let me remind everyone of the 3 reporting changes we implemented this quarter and discussed in our last quarter call. First, we now present GAAP net revenues in the income statement as one item, rather than as product and service. Second, we report mobile bookings gross of platform fees, instead of net. And finally, we updated the presentation of net bookings by composition to focus on full game and live services sales. Our historical results have been recast for comparability.

我將先按美國通用會計準則 (GAAP) 報告我們的具體業績，然後使用淨預訂量這項營運指標來探討我們業務的動態。在公佈具體數字之前，我想提醒大家注意我們本季實施的三項報告變更，這些變更我們在上個季度的電話會議上也討論過。首先，我們現在將 GAAP 淨收入作為損益表中的一個項目列示，而不是像以前那樣將其分為產品和服務兩個項目。其次，我們報告行動端預訂量時，會保留平台費用，而不是扣除平台費用後的淨額。最後，我們更新了淨預訂量按構成部分的列示方式，重點關注完整遊戲和線上服務的銷售額。為了便於比較，我們已對歷史業績進行了重述。

EA's net revenue was $1.46 billion compared to $1.21 billion a year ago, and above our guidance by $239 million. Operating expenses were $700 million compared to $607 million a year ago. This was above our expectations, driven by variable compensation due to our strong performance in the quarter, as well as COVID-related costs and lower attrition. Operating income was $471 million compared to $415 million a year ago and above our expectations. Diluted earnings per share was $1.25 as well above our expectations of $0.93, driven by the topline beat. Operating cash flow for the quarter was $378 million, up $220 million from last year. Capital expenditures for the quarter were $38 million, resulting in a free cash flow of $340 million. Operating cash flow for the last 12 months was $2.02 billion, a new record. See our earnings slides for further cash flow information. Our cash and short-term investments at the end of the quarter were $5.96 billion, up 15% year-on-year.

EA的淨收入為14.6億美元，高於去年同期的12.1億美元，超出預期2.39億美元。營運支出為7億美元，高於去年同期的6.07億美元。這超出了我們的預期，主要得益於本季強勁業績帶來的可變薪酬、新冠疫情相關成本以及較低的人員流失率。營業收入為4.71億美元，高於去年同期的4.15億美元，也超出了我們的預期。稀釋後每股收益為1.25美元，遠高於我們預期的0.93美元，主要得益於營收超出預期。本季經營現金流為3.78億美元，較去年同期成長2.2億美元。本季資本支出為3,800萬美元，由此產生的自由現金流為3.4億美元。過去12個月的營運現金流為20.2億美元，創歷史新高。更多現金流信息，請參閱我們的盈利報告幻燈片。截至本季末，我們的現金和短期投資為 59.6 億美元，年增 15%。

Now, I'd like to turn to the key drivers of our business this quarter. Net bookings for the quarter were $1.39 billion, up $608 million from the prior year, and $390 million above our guidance, driven by strength across the board, with strong performance from our core franchises and live services. The currency headwind net of hedges was $42 million year-on-year. Live services and other net bookings were $1.103 billion, up $416 million from the prior year. This extraordinary result is a consequence of the years of work we've invested in building teams, processes and content for our titles, which delivered strength across our portfolio. FIFA, Madden, Apex Legends, and The Sims all grew very strongly. Ultimate Team was up 70% on a like-for-like basis, adjusting for the timing of Ultimate Team events, for the extra week in the quarter, and for currency. With Lost Treasures, Apex Legends presented its most engaging event ever, and delivered its biggest season since launch. And, as Andrew mentioned, The Sims 4 exceeded 30 million users life-to-date, and Q1 net bookings more than doubled year on year. Mobile was up 32%, with success across our portfolio led by Star Wars: Galaxy of Heroes, which had the best quarter since 2018. The game has now generated over $1 billion in lifetime bookings. FIFA Mobile, SimCity, The Sims Free Play and more showed growth of a similar magnitude.

現在，我想談談本季我們業務的關鍵驅動因素。本季淨預訂額為13.9億美元，較上年同期成長6.08億美元，超出預期3.9億美元，這得益於整體強勁的業績表現，尤其是我們核心遊戲系列和線上服務的出色發揮。扣除對沖成本後，匯率不利影響較去年同期下降4,200萬美元。線上服務及其他淨預訂額為11.03億美元，較上年同期成長4.16億美元。這項卓越業績源自於我們多​​年來在團隊建立、流程優化和遊戲內容開發方面的投入，這些投入推動了我們整個產品組合的強勁成長。 《FIFA》、《麥登橄欖球》、《Apex英雄》和《模擬市民》均實現了強勁成長。 《終極團隊》模式的年成長率高達70%（已根據終極團隊活動的時間安排、本季多出的一周以及匯率因素進行了調整）。 《Apex英雄》的「失落的寶藏」活動是該系列有史以來最具吸引力的活動，也是自遊戲上線以來規模最大的賽季。正如安德魯所提到的，《模擬市民4》累計用戶已突破3,000萬，第一季淨預訂量年增超過一倍。行動端業務成長32%，其中《星際大戰：銀河英雄傳》表現尤為突出，創下自2018年以來的最佳季度業績。遊戲累計預訂量已超過10億美元。 《FIFA Mobile》、《模擬城市》、《模擬市民：免費版》等遊戲也實現了類似的成長。

Full game net bookings were $287 million, up $192 million from the prior year. 52% of our unit sales are now digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. Net bookings for packaged goods and for the full-game digital downloads almost tripled. This was primarily driven by our deep catalog.

完整遊戲淨預訂額達 2.87 億美元，較上年增長 1.92 億美元。過去 12 個月，Xbox One 和 PlayStation 4 平台的數位版銷售量佔比已達 ​​52%，遠超實體版。實體版和完整遊戲數位下載版的淨預訂金額幾乎增加了三倍，這主要得益於我們豐富的遊戲庫。

A brief note on financial reporting before we go on to guidance. People are playing our games for longer as a result of the amazing content provided on our live services teams and the social connections they make within our games. So for GAAP reporting, we're increasing the period of time over which we recognize the portion of our net revenue. This begins in our second quarter, only affects GAAP revenue, and only affects the timing of recognition, not total net revenue. We estimate that it will move the recognition of approximately $300 million in GAAP net revenue from fiscal 2021 into fiscal 2022. It does not affect net bookings or operating cash flow.

在進行業績展望之前，先簡單說明財務報告方面的問題。由於我們的線上服務團隊提供的精彩內容以及玩家在遊戲內建立的社交聯繫，玩家在我們遊戲上的時間越來越長。因此，根據美國通用會計準則（GAAP），我們將延長確認部分淨收入的週期。此調整從第二季開始，僅影響GAAP收入，且僅影響確認時間，不影響淨收入總額。我們預計，這將把約3億美元的GAAP淨收入從2021財年延至2022財年確認。這項調整不會影響淨預訂量或營運現金流。

Now, turning to guidance. Due to the significant outperformance during the quarter, we are increasing both our net revenue and net bookings guidance for the full year. In doing so, we had to balance the significant boost we saw in Q1 and the confidence we have in our games and live services against the unknowable macroeconomic environment for the rest of the fiscal year. We are taking a cautious view that assumes that we will continue to see a modest tailwind to engagement, driven in part by continued shelter-in-place orders. This is offset by a weaker economy or could be weaker economies around the world and the slightly later sports launches. There are reasons for optimism. For example, we've added tens of millions of players to the EA Player Network since the beginning of April. As Andrew mentioned, FIFA alone attracted 7 million new players on console in the last quarter, and more people are playing FIFA now at this time in -- than any previous cycle. This is significant, in that people have played the game recently are more likely to buy the new one. New players are building networks of friends in our games as they play. Engagement in FIFA and Madden continue to be massively above where we would normally expect them to be. Nevertheless, we haven't launched a major title since the pandemic struck, so it's too early to draw general conclusions.

現在，我們來談談業績展望。由於本季業績表現顯著超出預期，我們提高了全年淨收入和淨預訂量預期。做出這項調整，我們需要權衡第一季業績的顯著成長以及我們對遊戲和線上服務的信心，同時也要考慮本財年剩餘時間宏觀經濟環境的不確定性。我們採取謹慎的態度，認為用戶參與度將繼續保持溫和成長，部分原因是持續的居家隔離令。但全球經濟疲軟（或可能疲軟）以及體育賽事發佈時間略有延遲，將抵消這一成長。不過，我們也有理由保持樂觀。例如，自4月初以來，EA玩家網路新增了數千萬玩家。正如Andrew所提到的，光是FIFA一款遊戲在上個季度就在主機平台吸引了700萬新玩家，而且目前FIFA的玩家數量也超過了以往任何週期。這點意義重大，因為近期玩過該遊戲的玩家更有可能購買新作。新玩家在遊戲過程中會建立起自己的好友網路。 FIFA 和 Madden 系列遊戲的玩家參與度持續遠超預期。然而，自疫情爆發以來，我們尚未推出任何大型遊戲，因此現在下結論還為時過早。

Our business is strong and our games are on track. Hopefully, our base case around the uncertain economic will prove to be too cautious. Thus, our expectations for full-year GAAP revenue are now $5.625 billion, cost of revenue to be $1.483 billion, and earnings per share of $2.97. We are raising our operating cash flow guidance by $275 million to $1.85 billion. We continue to anticipate capital expenditures of around $125 million, which would deliver free cash flow of $1.725 billion.

我們的業務表現強勁，遊戲開發也進展順利。我們希望先前基於經濟不確定性的基本預期過於保守。因此，我們目前預計全年GAAP營收為56.25億美元，營收成本為14.83億美元，每股收益為2.97美元。我們將營運現金流預期調高2.75億美元至18.5億美元。我們仍預期資本支出約為1.25億美元，將帶來17.25億美元的自由現金流。

A note on OpEx before moving onto the business drivers. The increase from our prior guidance is mainly driven by variable compensation plus higher-than-expected headcount, due to lower turnover during this difficult period. We're continuing to invest in our growth drivers, and, in particular, we're increasing the number of mobile titles we have in development. We now expect net bookings for the year to be $5.950 billion, $400 million above our prior guidance. Versus last year, this factors in an FX headwind of about $100 million. And, as you build your model, note that we are also forecasting a fall in interest rates of about $80 million compared to last year as we mentioned in our last quarterly earnings call.

在討論業務驅動因素之前，先簡單說明一下營運支出 (OpEx)。營運支出較先前預期有所增加，主要原因是浮動薪酬以及因疫情期間人員流動率下降而導致的員工人數超出預期。我們將繼續投資於成長驅動因素，特別是正在開發中的行動遊戲數量。我們現在預計全年淨預訂量將達到 59.5 億美元，比先前預期高出 4 億美元。與去年相比，這項預測已考慮了約 1 億美元的匯率不利因素。此外，正如我們在上一季財報電話會議上提到的，我們還預測利率將比去年下降約 8000 萬美元，這也會對您建立模型有所幫助。

For the second quarter, we now expect GAAP net revenue of $1.125 billion, cost of revenue to be $280 million, and operating expenses of $755 million. This results in earnings per share of $0.21 for the second quarter. We anticipate net bookings for the second quarter to be $875 million. The significant year-on-year variance is driven by the move of FIFA 21 from Q2 to Q3, and by the later launch of Madden NFL 21 in Q2, which we have previously announced. The change in mix for Q2 weighs on gross margin for the quarter. Madden stays in Q2, but has less live services opportunity than in prior years by virtue of starting later, and FIFA moves to the beginning of Q3.

我們目前預計第二季GAAP淨收入為11.25億美元，營業成本為2.8億美元，營運費用為7.55億美元。由此計算，第二季每股收益為0.21美元。我們預計第二季淨預訂額為8.75億美元。同比顯著變化的主要原因是FIFA 21從第二季度推遲到第三季度發布，以及我們此前已宣布的Madden NFL 21在第二季度推遲發布。第二季產品組合的變化對該季度的毛利率造成了影響。 Madden NFL 21雖然仍在第二季發布，但由於發佈時間較晚，其線上服務機會較往年有所減少；而FIFA 21則推遲到第三季初發布。

With regard to live services, remember that we're focused on engagement ahead of new product launches, so expect lower bookings at that point of the cycle. See the phasing that we provide in our quarterly presentations on our IR website. You'll see that the smaller Q2 is more than offset by a much larger Q3, and a slightly larger Q4.

關於即時服務，請記住，我們目前專注於新產品發布前的用戶互動，因此預計該階段的預訂量會較低。您可以在我們投資者關係網站上的季度報告中查看具體的階段安排。您會發現，第二季的預訂量雖然較低，但第三季大幅成長，第四季也略有成長，足以彌補第二季的不足。

As we approach 6 months working from home, we are finding ways to continue to deliver great games and services. We're excited to showcase the incredible efforts of our Madden and FIFA, NHL and UFC teams have done through the upcoming -- as they lead into the upcoming launches, and by the work of all of our live services teams. The shelter-in-place orders have so far been a strong tailwind for our business, as players look for safe and social entertainment in these difficult times. A macroeconomic headwind in the second half seems very likely. Nevertheless, our ability to deliver high quality AAA and indie titles for our players, combined with the incredible success of our ongoing live services and increased reach across platforms and geographies enables us to continue to deliver for players and investors.

居家辦公已近六個月，我們一直在尋找方法，以確保能夠持續提供優質的遊戲和服務。我們很高興向大家展示 Madden、FIFA、NHL 和 UFC 團隊在即將到來的新遊戲發布前所付出的卓越努力，以及所有線上服務團隊的辛勤付出。居家隔離令目前為止對我們的業務發展起到了積極的推動作用，因為玩家們在當前艱難時期都在尋求安全且具有社交性的娛樂方式。下半年宏觀經濟情勢的不利因素似乎很有可能出現。儘管如此，我們依然能夠為玩家提供高品質的 AAA 級遊戲和獨立遊戲，加上我們持續營運的線上服務取得了巨大成功，並且我們的覆蓋範圍不斷擴大，覆蓋平台和地域範圍不斷拓展，這些都使我們能夠繼續為玩家和投資者帶來價值。

Now I'll turn the call back to Andrew.

現在我把電話轉回給安德魯。

Thanks, Blake. These past few months have been unlike anything we've ever experienced. It was an extraordinary quarter for games and for Electronic Arts. Our business is strong. We've just had the largest first quarter in the history of the company, with tremendous engagement from existing, new and returning players. We are well positioned to build on that strength. We will continue to deliver more amazing games and content, including new EA SPORTS titles, more groundbreaking fun esports content, Star Wars: Squadrons launching in October, and more. We'll continue to extend and enhance the experiences in our live services on all platforms, from console to PC to mobile. And our focus on connecting more players across more platforms will continue, as we bring our subscription to Steam, integrate our games with Stadia, expand support for cross-play, and reach more platforms with our games, including the next-gen consoles coming later this year. It's also increasingly apparent that COVID-19 could be with us for some time. Keeping all of our teams safe is our first priority. They are the true strength of Electronic Arts, and their commitment and courage during the challenges of recent months has been deeply inspiring. Not only have they continued to develop and launch games from home. Our employees have supported nearly 1,000 different charities in the last 3 months, including tens of thousands of hours of volunteer time. Their contributions to COVID relief efforts and racial justice organizations, along with matching funds and additional contributions from EA, have totaled more than $3 million to date. In this environment, supporting our teams, building our culture, and striving to amplify the positive impacts of play in our communities around the world has never been more important. We look forward to sharing more updates with you in the quarters ahead. Be well and stay healthy.

謝謝布萊克。過去的幾個月是我們前所未有的經驗。對於遊戲產業和藝電來說，這都是一個非凡的季度。我們的業務表現強勁。我們剛經歷了公司史上業績最好的第一季度，新舊玩家的參與度都非常高。我們已做好充分準備，在此基礎上繼續發展壯大。我們將繼續推出更多精彩的遊戲和內容，包括全新的EA SPORTS遊戲、更多突破性的趣味電競內容、10月推出的《星際大戰：戰機中隊》等等。我們將持續擴展並提升所有平台（從主機到PC再到行動裝置）的線上服務體驗。我們將繼續致力於連接更多平台上的玩家，我們將把訂閱服務帶到Steam平台，整合我們的遊戲與Stadia平台，擴大跨平台遊戲支持，並將我們的遊戲推廣到更多平台，包括今年晚些時候即將推出的次世代主機。同時，我們也越來越清楚地意識到，新冠疫情可能會持續一段時間。保障所有團隊成員的安全是我們的首要任務。他們是藝電真正的力量源泉，在過去幾個月的挑戰中，他們的奉獻精神和勇氣令人深受鼓舞。他們不僅在家中持續開發和發布遊戲，在過去的三個月裡，我們的員工還支持了近1000個不同的慈善機構，貢獻了數萬小時的志工服務。他們為新冠疫情救助和種族正義組織提供的捐款，加上藝電的配捐和其他額外捐款，迄今總額已超過300萬美元。在這樣的環境下，支持我們的團隊、建立我們的企業文化，並努力擴大遊戲在全球社區的正面影響，顯得特別重要。我們期待在接下來的幾季與您分享更多最新進展。祝您一切安好，身體健康。

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 Mario Lu with Barclays.

（操作員說明）您的第一個問題來自 Mario Lu 與巴克萊銀行的對話。

I have 1 on FIFA and then 1 on Star Wars. So the first one on FIFA what they're releasing now in fiscal 3Q. Although it was previously announced, this shift does drive fiscal 2Q guidance to come in below the Street. So can you help quantify how much of the shift this cause in terms of bookings? Any other dynamics to keep in mind going forward? And should we expect FIFA 22 to now be back in a normal fiscal 2 release quarter?

我預訂了一款FIFA遊戲，還有一款星際大戰遊戲。 FIFA遊戲現在定在第三財季發售。雖然之前已經宣布過，但這次調整確實導致第二財季的業績預期低於市場預期。你能幫我量化一下這次調整對預訂量的影響嗎？未來還有哪些因素需要注意？我們是否可以期待FIFA 22回歸正常的第二財季發售安排？

Yes. It's a good question, and I appreciate you asking. The entire delta is FIFA. Nothing else is going on. As we've tried to be pretty clear about that, I don't think people have necessarily heard that, but that's the entire delta. We've also not changed the back half of the year guidance down. So you should assume we are planning and we will make up anything we might have missed during the quarter or the 2 quarters.

是的，問得好，感謝你的提問。所有業績下滑都與FIFA有關，沒有其他因素。我們已經盡量把這一點說清楚了，但我想大家可能還沒完全理解，這就是全部業績下滑的原因。我們也沒有下調下半年的業績預期。所以，你可以認為我們正在製定計劃，並且會彌補本季或前兩個季度可能出現的任何業績缺口。

The other thing I would just want to remind people is that it's all event -- Ultimate Team's all event-driven. That means that there may be some events that roll into next year, which actually strengthen next year as well as this year. We made a simple decision, which is we wanted to give both the FIFA and Madden team a couple of extra weeks to final and what has been the most difficult situation we've ever lived through, which is building games from home. We are incredibly impressed with what they've been able to do and how they've been able to innovate the game within this context. And so our view is -- our hope is that most investors aren't focused on each quarter, they're focused on the full year. We just raised guidance by $400 million. And I remind people in the history of both Andrew and I running the company, we have only raised guidance in the first quarter once. So you guys all know our conservative approach and how we're always cautious.

我還要提醒大家一點，Ultimate Team 的所有活動都是由賽事驅動的。這意味著有些活動可能會延續到明年，實際上也會對明年和今年的發展起到積極作用。我們做了一個簡單的決定，那就是給 FIFA 和 Madden 團隊額外幾週的時間來完善遊戲，而我們正經歷著前所未有的挑戰——在家中開發遊戲。他們能夠取得這樣的成績，以及在如此特殊的情況下對遊戲進行創新，都讓我們印象深刻。因此，我們希望大多數投資者不要只專注於每個季度，而是專注於全年業績。我們剛剛將業績預期上調了 4 億美元。我要提醒大家，在我和 Andrew 共同經營公司的歷史上，我們只在第一季調漲過一次業績預期。所以大家都了解我們一貫的保守作風和謹慎態度。

We also mentioned today that we know there is and if we went after things that is not economic risk in the back half of the year, I'd like to know that, but we all know there's economic risk. And so I think I would take our raising of guidance and not lowering guidance in the back half of the year even after moving FIFA and Madden is a pretty positive signal. And I think Andrew and I both mentioned in the call, the other thing, which was we are continuing to see engagement and monetization levels higher than we've normally seen during the -- where we currently are in the second quarter. And I'm not telling you that, that's going to change the second quarter or we would have changed guidance because we just don't know yet. But remember, the unbelievably high monetization we saw in Q1 does not drop off a cliff. It will slowly decline as we all go back to a normal life. But if you ask many of us, that might be 6 months, 9 months or 2 years.

我們今天也提到過，我們知道有經濟風險，如果我們追求的專案在下半年不存在經濟風險，我希望能夠確定這一點，但我們都知道經濟風險是存在的。因此，我認為，即使在調整了FIFA和Madden的銷售策略之後，我們仍然上調而非下調下半年業績預期，這是一個相當積極的信號。我認為我和Andrew在電話會議中都提到了另一點，那就是我們持續看到用戶參與度和盈利水平高於往年同期水平——也就是我們目前所處的第二季度。我並不是說這會改變第二季的業績，否則我們早就調整業績預期了，因為我們現在還無法確定。但請記住，我們在第一季看到的驚人獲利水準不會斷崖式下跌。隨著我們逐漸恢復正常生活，獲利水準會緩慢下降。但如果你問我們很多人，這可能需要6個月、9個月甚至2年的時間。

And what we also mentioned, which I think is the most important component is as people rejoin or join as a new member of a social network around the game, they tend not to leave. And so this should ultimately long-term benefit our business. And it's just -- the problem for us is we've never lived through this before, and none of us have, you guys haven't either. And so we don't have a road map to be able to help us, be able to predict exactly what it's going to look like. And so we're trying to be transparent. We're trying to be straightforward. And we're trying to be optimistic because we are optimistic, but we're also trying to be realistic that we know that there's economic strains out there around the world that could ultimately come back to impact our business or anybody's business.

我們之前也提到過，我認為這是最重要的一點：當人們重新加入或作為新成員加入圍繞遊戲建立的社交網絡時，他們往往不會離開。因此，從長遠來看，這應該會對我們的業務有利。但問題在於──我們以前從未經歷過這種情況，我們所有人都沒有，你們也沒有。所以我們沒有現成的路線圖來幫助我們，也無法準確預測未來會是什麼樣子。因此，我們努力保持透明，並努力坦誠。我們努力保持樂觀，因為我們本來就很樂觀，但我們也努力保持現實，因為我們知道，世界各地都存在著經濟壓力，這些壓力最終可能會影響到我們的業務，或任何人的業務。

So sorry to go on about the question, but I think we want to try and make sure we're -- people are understanding that it's both FIFA and -- Madden and FIFA Ultimate Team that are moving. But other than that, we're not signaling anything else other than we made a decision. And we made it some time ago because we announced it some time ago. So we wanted to give the teams a few extra weeks to make sure that the product was exceptional when it came out the door, and we're confident that that's what it's going to be.

很抱歉就這個問題一直糾纏不休，但我想確保大家明白，這次調整涉及的是FIFA、Madden和FIFA Ultimate Team。除此之外，我們沒有透露任何其他信息，只是說我們已經做出了決定。而我們做出這個決定已經有一段時間了，因為我們之前也宣布過。所以我們想給各個團隊幾週的時間來確保產品上市時達到卓越的品質，我們相信最終的結果會令人滿意。

Now your second question, sorry, I went on too long in the first question. So I forgot your second question.

現在回答你的第二個問題，抱歉，我回答第一個問題太久了，所以忘記回答你的第二個問題了。

No, no, that's great. I have a second one. That's very helpful, Blake. So the second one is on Star Wars. Can you provide some color behind the decision process regarding pricing Squadrons at $40 with no additional MTX. So I do think no, all the games are not pretty equal. So overall, I'm surprised how the standard has been for $60 video games in the last 15 years. So why go $40 all-in and not free-to-play? Or just in general, what are your thoughts on potentially pricing next-gen titles at the higher price points, $70 instead of $60?

不，不，太好了。我還有第二個問題。這很有幫助，布萊克。第二個問題是關於《星際大戰》的。可以詳細說說《星際大戰：戰機中隊》定價40美元且不包含額外微交易的決策過程嗎？我的確認為，並非所有遊戲都一樣。總的來說，我很驚訝過去15年裡60美元遊戲的標準竟然如此之高。那麼，為什麼選擇40美元的全包價格而不是免費遊戲呢？或者更廣泛地說，你對次世代遊戲定價更高（例如70美元而不是60美元）有什麼看法？

Yes. And I guess I'll have Andrew just sort of help out on this as well because it's important to hear from both of us. I mean we always look at the games, and we want to make sure we are providing the greatest value for our players. And games all have different scale. And most of our games right now have huge scale. We designed this game to really focus on what we heard from consumers, which is one of their greatest fantasies and that's to be able to fly a X-wing fighter or a TIE fighter and be in a dog fight. And so it doesn't have the breadth of some of our games, but it is still an incredible game. And so that's why we chose to price it at a slightly lower level to also allow access to as many people as possible who had that Star Wars fantasy. I'll let Andrew jump in and talk about how we view pricing long term. But I think you've seen us over the years differentiate pricing on lots of games. We've differentiated pricing on things like Plants vs Zombies games because we knew that they were skewed to younger audiences, for example, or maybe didn't have the depth of all of the game modes that you might see in an Ultimate or a FIFA or a Madden. Andrew, do you want to add to that?

是的。我想我也會讓安德魯來幫忙，因為聽聽我們兩個的意見很重要。我的意思是，我們一直在關注遊戲，確保為玩家提供最大的價值。每款遊戲的規模都不一樣。我們目前大多數的遊戲規模都非常龐大。我們設計這款遊戲的初衷是真正關注我們從玩家那裡聽到的回饋，也就是他們最大的夢想之一：駕駛X翼戰機或TIE戰機進行空戰。所以，這款遊戲的規模可能不如我們的其他一些遊戲那麼宏大，但它仍然是一款非常棒的遊戲。因此，我們選擇將其定價略低一些，以便讓盡可能多的懷抱星戰夢想的玩家都能體驗到它。接下來，我請安德魯來談談我們對長期定價的考量。但我想，這些年來，你們也已經看到我們對許多遊戲都採取了不同的定價策略。我們對《植物大戰殭屍》這類遊戲採取了差異化定價策略，因為我們知道這類遊戲的目標受眾比較年輕，或者遊戲模式的深度不如《終極橄欖球》、《FIFA》或《麥登橄欖球》等遊戲。安德魯，你還有什麼要補充的嗎？

Yes. I would start with what are the player motivations we're trying to fulfill and what are the expectations of those player groups in fulfillment of those motivations. And I think that we start there long before we ever get to price points. And as you've seen from us, we have games across the spectrum of pricing, whether that's free-to-play or at $60 or at $60 with an additional live service or as part of our subscription offerings. And at the end of the day, as we think about it, we start with a player, we start with the motivations and expectations that they have, and we build out the game. In this case, this is a very deep and immersive game and that $40 felt like the right price points, given the breadth of the game. Very proud of what we're doing. We wanted it to be a wholly self-contained experience that was deeply emerging in that fantasy.

是的。我會先考慮我們想要滿足玩家的哪些需求，以及這些玩家群對滿足這些需求的期望是什麼。我認為，在考慮價格之前，我們應該先從這裡著手。正如你所看到的，我們的遊戲定價涵蓋了各種類型，無論是免費遊戲、售價 60 美元的遊戲，還是售價 60 美元並包含額外線上服務的遊戲，亦或是訂閱服務。歸根究底，我們始終以玩家為中心，從他們的需求和期望出發，建構遊戲。就這款遊戲而言，它非常深入且引人入勝，考慮到遊戲的廣度，40 美元的價格似乎很合適。我們為自己的成果感到非常自豪。我們希望它能成為一個完全獨立的體驗，讓玩家沉浸在那個奇幻世界中。

As we think about pricing more broadly, I would come back to that position, which is we start with what are the player motivations we're trying to fulfill, what are the expectations that players have around depth and breadth and live service in any given experience, and we build from there. As we think about this year, you've seen what we've done as we've announced that we will offer the ability for players to transition free of charge from existing generation of console titles to the next-generation of console titles for FIFA and Madden. We did that and we set out to build the best PlayStation 4, Xbox One experience as we could as well as the most innovative and creative experiences for Xbox Series X and PlayStation 5. And what we wanted for our players this year because what they asked for was the smoothest possible transition that meant that they could jump into the game when it launched on existing platforms and then move into the next platform as it made sense for them later on in the year. And that has been our focus this year. And we will continue to kind of look at this over time.

當我們更廣泛地思考定價問題時，我會回到之前的立場，那就是我們首先要考慮的是玩家的需求，以及他們對遊戲體驗的深度、廣度和線上服務的期望，然後以此為基礎進行製定。回顧今年，我們已經宣布將為FIFA和Madden系列遊戲的玩家提供免費從本世代主機平台過渡到次世代主機平台的服務。我們不僅實現了這一點，還致力於打造最佳的PlayStation 4和Xbox One遊戲體驗，以及最具創新性和創造性的Xbox Series X和PlayStation 5遊戲體驗。今年，玩家們希望獲得盡可能流暢的過渡體驗，這意味著他們可以在遊戲登陸現有平台時立即開始遊戲，然後根據自身情況在今年稍後過渡到下一個平台。這正是我們今年的工作重點。我們將持續關注並改進這一點。

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。

And glad to hear everybody is relatively well. Can I ask, if you don't mind, just thinking through the changes in real estates and the sports titles. I know that was probably a production driven decision. But when we're looking at the real-live physical sports leagues around the world, especially in the states, obviously there's a lot of uncertainty about the timing and shape of their seasons this year and next. And just wondering how that maps to the release of your games and the events in the live services and how much it matters. For instance, if there was no NFL season in the fall or if it had to be stopped in the halfway through, how does that matter to your games, how should we think about that? I know it's sort of a broad hypothetical, but there's so much uncertainty there. So I guess the underlying question is how much does whatever happens as live sports affect how we should think about and expect people to engage with and spend money in your games? And I have a follow-up.

很高興聽到大家都還算健康。請問，如果您不介意的話，我想了解房地產市場和體育賽事方面的變化。我知道這可能是出於製作上的考量。但是，當我們審視世界各地的線下體育聯賽，尤其是美國的聯賽時，很明顯，今年和明年的賽季時間和形式都存在著很大的不確定性。我想知道這會對你們的遊戲發布和線上服務中的賽事產生怎樣的影響，以及這種影響有多大。例如，如果秋季沒有NFL賽季，或者賽季中途被迫中斷，這對你們的遊戲會有什麼影響？我們該如何看待這個問題？我知道這只是一個比較廣泛的假設，但其中確實存在許多不確定因素。所以，我想問的根本問題是，線下體育賽事的狀況究竟會在多大程度上影響我們對玩家參與遊戲和消費的預期？我還有一個後續問題。

Yes. So what I would -- well, go ahead, go ahead, Andrew.

是的。所以，我會——好吧，請繼續，安德魯。

Sorry, I would just -- I would start with kind of 2 things. One is, my sense is that we will have sports of some shape or form in the real-world over time. The second thing is regardless of whether we do or we don't, sports fans have an insatiable appetite for sports day in, day out, week in, week out, month in, month out. And what you heard us talk about in the prepared remarks and what you have seen in Q1 is we've been able to fulfill that insatiable appetite for sports with our games. And there's really -- when we think about our sports games, we think about it on 2 vectors. One is the connection, the emotional connection to real world of sports and all that's happening with the players and teams and the leagues that you love. The other is we provide you a tool set that features those players, teams and the leagues that you love, but allows you to tell your own personal sports stories. And what you saw from us this past quarter is we really leaned into that. And we actually augmented that some. So while we provided opportunities and events so that you might tell your own personal sports stories with your friends and your rivals, we also dropped in about additional esports content, celebrity content and esports and celebrity competitions. And what we've seen is that we've been able to uphold and fulfill the motivations of sports fans and the needs of sports fans and allow them to remain connected to the sports they love. And I would tell you, I think that we are comfortable doing that for as long as it needs to. And then to the extent that sports come back online, we believe that's a further accelerator to our business.

抱歉，我只想先說兩點。第一，我認為隨著時間的推移，現實世界中總是會以某種形式存在體育運動。第二，無論我們是否保留運動，運動迷對運動的熱情始終不減，日復一日，週復一周，月復一月。正如你們在準備好的發言稿中聽到的，以及你們在第一季所看到的，我們已經透過遊戲滿足了這種對運動的無限熱情。實際上，當我們思考體育遊戲時，我們從兩個方面著手。一是與現實世界運動的聯繫，以及與你所熱愛的球員、球隊和聯盟的情感連結。二是我們提供一套工具，其中包含你所熱愛的球員、球隊和聯賽，並允許你講述你自己的體育故事。你們在上個季度看到的是，我們真正重視了這一點，並且實際上也對其進行了一些擴展。因此，在提供各種機會和活動，讓您可以與朋友和對手分享您個人的運動故事的同時，我們也加入了更多電競內容、名人內容以及電競與名人的比賽。我們發現，我們能夠滿足運動迷的熱情和需求，讓他們與自己熱愛的運動賽事保持聯繫。我認為，只要有必要，我們就會繼續這樣做。而且，我們相信，隨著體育賽事逐漸恢復線上，這將進一步加速我們的業務發展。

Yes. And what I said in the remarks was Ultimate Team in the quarter was up 70%. I don't think we've ever seen a growth like that. And as part of that, we know, for example, Madden Ultimate Team was up over 300%. And there was no sports -- live sports going on at any point in the time during that quarter. And I think Andrew made the point, and I would just stress this as when people are sports fans, remember they are sports fans connected to a social network. No one plays a fantasy sport game alone. No one plays Ultimate Team alone. They play with each other. And that means that it builds off of the social network more than anything else. And so in the absence of sports, people double down and are excited. And so while we always want live sports to go on because it helps feed the engagement and excitement around the business. We also know sports fans are not going to stop being sports fans if the underlying sports stops. And I think the first quarter proves that better than anything we've ever seen. And so we hope sports is back because we all love sports, and we want to engage in it. I'd prefer not to watch sports with an empty stadium. But at the end of the day, it's better than no sports at all. And our games allow people that continued engagement with something that they really love. And I would tell you, that extends well beyond sports, right? I mean, you might ask, well, if there's no Star Wars content in the next 6 months because movie studios are shut down or TV studios are shut down, does that hurt your business? No, no, it goes just the opposite, which is, if you're a Star Wars fan, you want to find every single opportunity to engage in Star Wars. And that's why we saw growth of Star Wars Jedi: Fallen Order, growth of our Star Wars online business and continued growth of the catalog of Battlefield 1 -- or Battlefront I and Battlefront II during the quarter. It's -- when you're Star Wars fan, you want Star Wars, and you got to get it somewhere. So that's why we keep coming back to -- this is an incredible opportunity for us. But at the same time, we also understand that we don't -- we can't predict the future. And so we're always careful of trying to predict the future, but we do see a huge opportunity.

是的。正如我在演講中提到的，Ultimate Team在本季成長了70%。我認為我們從未見過如此高的成長。例如，Madden Ultimate Team的成長超過了300%。而且，本季沒有任何體育賽事——任何形式的現場體育賽事都沒有進行。我認為Andrew的觀點已經表達清楚了，我也想強調這一點：體育迷是社群網路上的運動迷。沒有人會獨自玩夢幻運動遊戲，也沒有人會獨自玩Ultimate Team。他們會和其他人一起玩。這意味著，它更依賴社交網路。因此，在沒有體育賽事的情況下，人們反而更加投入，更加興奮。雖然我們始終希望現場體育賽事能夠繼續進行，因為它有助於提升用戶參與度和業務熱度，但我們也知道，即使體育賽事本身停止了，體育迷們也不會停止熱愛體育。我認為第一季的數據比我們以往見過的任何數據都更好地證明了這一點。所以我們希望體育賽事能夠恢復，因為我們都熱愛體育，都想參與其中。我當然不想在空蕩蕩的體育場觀看比賽。但說到底，總比完全沒有體育賽事好。我們的遊戲讓人們能夠繼續參與他們真正熱愛的事物。而且我要說的是，這遠遠超出了體育的範疇，對吧？我的意思是，你可能會問，如果未來六個月因為電影製片廠或電視台關閉而沒有《星際大戰》的內容，這會對你們的業務造成影響嗎？不，恰恰相反，如果你是《星際大戰》的粉絲，你會想辦法抓住每一個機會參與《星際大戰》的世界。這就是為什麼我們看到《星際大戰絕地：墮落的武士團》銷量成長，我們的《星際大戰》線上業務成長，以及《戰地1》（或《星際大戰：前線1》和《星際大戰：前線2》）遊戲庫在本季度持續成長的原因。如果你是《星際大戰》的粉絲，你就渴望《星際大戰》，而你必須找到途徑來獲取它。所以這就是為什麼我們一直強調——這對我們來說是一個絕佳的機會。但同時，我們也明白我們無法預測未來。因此，我們始終謹慎地避免試圖預測未來，但我們確實看到了巨大的機會。

If you don't mind, just 1 follow-up. Somebody's got to ask the M&A question that you get every quarter. So maybe I'll go this quarter and just it seems more right than ever, given your cash balance and the cash generation and the value of your currency, there's at least one big asset we know of that is believed to be in the market. Just wondering your disposition toward the thought and the appeal of acquisition, how you are thinking through that given where the industry sits right now and anything you'd share on that?

如果你不介意，我還有一個後續問題。每個季度都會有人問您關於併購的問題，總得有人問。鑑於貴公司的現金餘額、現金流以及貨幣價值，這季度似乎比以往任何時候都更適合進行併購。我們知道貴公司至少有一項大型資產正在市場上出售。我想了解您對收購的想法和吸引力有何看法，考慮到目前行業的情況，您是如何考慮併購的？有什麼想分享的嗎？

Yes. Juenger, what I would say there is, it is very rare that we don't get a chance to look at anything that's up for sale. I mean, you can imagine, people call us and say, we're thinking about selling this business or we're thinking about selling ourselves. We are a place that a lot of people want to come as a long-term home if they decide to sell the business. So we get to look at almost everything. I can't comment on any specific acquisition other than what I will tell you is, as we've said, you've seen in the past, where we've done the best is where we have long-term relationships with people and we're really trying to buy great talent versus games. And I think Respawn is a classic example of that. We were able to bring them into the fold, give them incredible support, and it was all driven by the fact that they had incredible talent. It wasn't about Titanfall, that's no offense to Titanfall. It's become an amazing game and we'll maybe see Titanfall at some point, sometime down the road, but it was really about the team. And it starts at the top with Vince but it goes all the way through the whole organization. So we're always looking at that. We'll always continue to look at that. We would hope we can find more. Our hope was that some of the challenges in our broad world economy would actually make people think and understand that being subscale is difficult. But at the same time, as you've seen from our results, I think everybody is going to do well in the next couple of quarters in our industry. And so it might take some time, but trust that we are more interested than ever because we see talent and building great new franchises as critical to the long-term growth of the business.

是的。 Juenger，我想說的是，我們幾乎總有機會考察任何待售項目。我的意思是，你可以想像，人們會打電話給我們，說他們正在考慮出售公司，或者他們正在考慮出售自己。很多人如果決定要賣公司，都希望我們能成為他們長期的歸宿。所以我們幾乎有機會考察所有項目。除了我們之前說過的，你也看到了，我們做得最好的地方在於我們與合作夥伴建立了長期的合作關係，而我們真正想要的是優秀的人才，而不是遊戲本身。我無法對任何具體的收購發表評論。 Respawn 就是一個典型的例子。我們成功地將他們納入麾下，並給予了他們極大的支持，而這一切都源自於他們擁有傑出的人才。這與《泰坦隕落》無關，我這麼說並非對《泰坦隕落》有任何冒犯之意。這款遊戲已經發展得非常出色，我們或許會在未來的某個時候看到《泰坦隕落》，但這真的要歸功於整個團隊。這始於文斯麥克曼，但貫穿整個組織。所以我們一直在關注這一點，並且會一直關注下去。我們希望能夠發現更多人才。我們希望全球經濟面臨的一些挑戰能讓人們思考並理解，規模較小的公司發展起來是多麼艱難。但同時，正如你們從我們的業績中看到的那樣，我認為未來幾季我們行業的每個人都會發展得很好。所以這可能需要一些時間，但請相信，我們比以往任何時候都更加關注，因為我們認為人才和打造優秀的新系列對於公司的長期發展至關重要。

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。

So I believe I heard you guys said, Ultimate Team was up 70% year-over-year. I believe that's revenue. Can you remind us what that growth rate looked like going into shelter in place? And here we are, end of July, how it looks kind of quarter-to-date? And then I have a follow-up.

我記得你們說過，Ultimate Team 的營收年增了 70%。請問在疫情封鎖之前，這個成長率是多少？現在都七月底了，這個季度至今的情況如何？我還有一個後續問題。

Yes. I mean, I don't know off the top of my head, remember, but I think we were bouncing between high single digits and low double digits, maybe mid-double digits, like between 15% and 20%. I mean, we were having a strong Ultimate Team quarter. If you go to the fourth quarter, if you go back and look at the transcripts, you could probably see it, I just don't have it in front of me. But I mean, this is off the charts different, right? I mean it is exceptional. And particularly for games like Madden, where normally, the soft spot in a game like that, where we really come out of the Super Bowl, and there's only a few places where you can kind of continue to drive engagement on around things like the Draft and the Combine. And you would expect this year, maybe because many of those things were not done in person that might have hurt Ultimate Team. But remember, the team, a couple of years ago, started working on changing and adding new modes to the game and improving, and it really came to play in the past year. So we were seeing super strength in both Madden base game and Madden Ultimate Team coming into the quarter, and it just continued to get stronger and stronger.

是的。我的意思是，我記不太清了，但我覺得我們的上座率一直在個位數高位和兩位數低位之間波動，可能是兩位數中段，大概在15%到20%之間。我的意思是，我們Ultimate Team模式的上一節表現非常強烈。如果你去看第四節的比賽紀錄，或是回頭看看比賽錄影，你大概就能看出來，只是我現在手邊沒有錄影。但我的意思是，這次的情況完全不同，對吧？這真是太反常了。尤其是像Madden這樣的遊戲，通常來說，這類遊戲的薄弱環節，也就是我們在超級盃之後，只有少數幾個地方可以繼續透過選秀和聯合試訓等活動來提升玩家參與度。你可能會覺得今年情況更糟，也許是因為許多活動都無法離線進行，這可能對Ultimate Team模式造成了影響。但別忘了，幾年前，團隊就開始著手改進遊戲，增加新的遊戲模式，並不斷優化遊戲體驗，而這些努力在過去一年裡真正得到了回報。因此，我們在進入本季度時，無論是《麥登橄欖球》基礎版還是《麥登橄欖球》終極球隊模式，都看到了強勁的勢頭，而且這種勢頭還在持續增強。

I think the other thing is that all the Ultimate Team teams stepped up to think about what new events could they run in a world of stay at home or work from home or whatever it might be. And so they doubled down on social and really drove opportunities in a world in which there was no sports. But as I said in the last question, sports fans were looking for their sports excitement and fix essentially to be able to play. And so you saw that in our esports calendar. As Andrew mentioned, we completely doubled down on esports even though we had to do it all from a virtual broadcasting facility versus our own broadcasting facility. And our team did an amazing job of creating some incredible content. And I'll just give you a personal example. When I see my wife watching a Madden esports tournament and cheering on TV, I know -- because she's a massive sports fan, I know we've hit the right tone with consumers. We're delivering for consumers what they want.

我認為另一點是，所有Ultimate Team的隊伍都積極思考，在居家隔離、居家辦公或其他類似情況下，他們可以舉辦哪些新的賽事。因此，他們加倍投入社群媒體，在體育賽事停擺的當下，真正抓住了機會。但正如我在上一個問題中提到的，體育迷們仍然渴望獲得體育帶來的熱情和滿足感，他們本質上就是想參與比賽。所以，你在我們的電競賽事日程中就能看到這一點。正如Andrew所提到的，我們全力投入電競，儘管我們只能透過虛擬直播平台而非我們自己的直播場地進行直播。我們的團隊出色地完成了工作，創作出了一些精彩的內容。我舉個我自己的例子。當我看到我的妻子在電視上觀看Madden電競比賽並為他們加油時，我知道——因為她是一位狂熱的運動迷——我們找到了消費者想要的那種感覺。我們正在為消費者提供他們想要的東西。

So what we've seen so far, as I mentioned on the call earlier, we saw this peak of massive engagement in the April, May time frame, and that slowly declined as some people have gone back to work or to their offices. But it is still well above what we've normally seen, particularly at this time of the year, which is the slowest time as we move from one sports event to the next. And I can't tell you how that's going to look for the rest of the quarter or for the rest of the year. But remember, we know we've got a lot of new people into the game. A lot of people are engaging in Ultimate Team and the sports franchises. And we don't think that shuts off overnight and maybe never shuts off. And we hope that will give us longer term growth. But that will ultimately be a question when we start talking about next year's guidance and all those things that we normally do. But don't take our conservatism in any way on guidance going forward as saying anything about the games and about engagement, it's all about the economy at the end of the day. And you guys tell me, you saw the GDP numbers this morning. Are you confident the economy is going to be strong for the next 6 to 12 months? I just don't know. That's the thing that weighs on us the most. And yet at the same time, we know that the engagement in our games has never been higher. To see The Sims up 110% year-over-year, I mean, that's driven by a lot of new people and lapse players coming into The Sims. And we know with The Sims, remember, it's grown every year for the last 6 years. That means that people who come in don't churn out. They get engaged and then they continue to engage in all the content that's been produced and the new content. And that's where we get pretty excited.

正如我之前在電話會議上提到的，我們目前看到的是，4月和5月期間用戶參與度達到了高峰，之後隨著一些人重返工作崗位或辦公室，參與度逐漸下降。但即便如此，目前的參與度仍然遠高於往年同期水平，尤其是在每年的這個時候，因為體育賽事一個接一個，這段時間通常是淡季。我無法預測本季剩餘時間或今年剩餘時間的趨勢。但請記住，我們知道有很多新玩家加入了遊戲。很多人都在參與終極團隊模式和運動賽事。我們認為這種勢頭不會在一夜之間消失，甚至可能永遠不會消失。我們希望這能帶來長期的成長。但這最終將是我們討論明年業績預期以及其他相關事宜時需要考慮的問題。但請不要將我們未來業績預期的保守態度誤解為對遊戲和用戶參與度的任何擔憂，歸根結底，一切都取決於經濟狀況。你們今天早上都看了GDP數據，對未來6到12個月的經濟狀況有信心嗎？說實話，我也不確定。這才是最讓我們擔憂的問題。但同時，我們也知道，我們遊戲的玩家參與度達到了前所未有的高度。 《模擬市民》的玩家數量年增了110%，這主要得益於大量新玩家的加入以及一些老玩家的回歸。要知道，《模擬市民》在過去六年每年都在成長。這意味著，新玩家不會輕易流失。他們會積極參與遊戲，並持續體驗我們製作的所有內容，包括新推出的內容。這讓我們感到非常振奮。

So sorry, a bigger answer to your question than you probably wanted, but we're -- I want to make sure everyone understands. We are prudent, we are conservative, as you guys all know, and yet at the same time, we are unbelievably optimistic about the business, even though we got here via a really difficult time around the world.

非常抱歉，我可能要回答你的問題，但我想確保每個人都能理解。正如你們所知，我們謹慎保守，但同時，我們對公司的未來充滿信心，儘管我們是在一段全球局勢極其艱難的時期走到今天的。

No, that saved for me from asking several questions and then getting hard time for asking too many. So maybe I'll just finish with 1 question on FIFA. So the 7 million players that you guys added sequentially coming into FIFA, can you shed some light on who these players are? Are they kind of casual French players just looking for something to fill time, not spending, not converting? Or are they the ones that you've seen payer conversion, ARPU in line with your legacy hardcore players that have been in there basically since FY '11 playing FIFA Ultimate Team. Anything you can say about the new players you're reactivating?

不，這樣我就不用問太多問題，免得被人刁難了。所以，關於FIFA，我最後只問一個問題。你們陸續新增了700萬FIFA玩家，能不能透露一下這些玩家的狀況？他們是那種只想找點東西消磨時間、不花錢也不付費的休閒法國玩家嗎？還是說，他們的付費轉換率和ARPU值已經跟你從2011財年就開始玩FIFA Ultimate Team的老牌核心業者持平了？關於這些重新啟動的玩家，你們有什麼想說的嗎？

Yes. It's hard to say. And Andrew, you can add to this. It just -- it's just early, right? So you want to see a pattern over time. But Andrew, go ahead and jump in.

是的，很難說。安德魯，你也補充一下。現在還早，對吧？所以你需要觀察一段時間內的規律。安德魯，你儘管說吧。

Yes. I would say -- and you heard this a little bit in my prepared remarks. But it is early. The 7 million is made up of lapsed players, players haven't been with us for a season and some completely new players. What I would tell you is, while it is early, and it is a little bit difficult to predict future behavior on these cohorts at this juncture, they are performing like some of our strongest and most engaged groups in the game. And I think that's testament to the fact that this game does facilitate its connection to friends, in connection to the sport and a live service that sits within that game is now so intrinsic to the experience and a big part of the joy that players get. And what the teams have done through this last quarter is spectacular in terms of their ability to entertain existing players, lapsed returning players and the new players and we're seeing those groups come together and perform in the same way that are traditionally very highly engaged strong play groups have. So we're -- to Blake's point, it's early, it's not easy to predict, but the early signs are very strong and we're very optimistic about what this means for the FIFA community long term.

是的。我想說——你們在我之前的發言稿裡也略有提及——但現在下結論還為時過早。這700萬玩家中既有流失玩家，也有已經離開我們一個賽季的玩家，還有一些全新的玩家。我想說的是，雖然現在下結論還為時過早，而且目前很難預測這些玩家群體未來的行為，但他們的表現堪比我們遊戲中一些最活躍、最投入的群體。我認為這證明了這款遊戲確實能夠促進玩家與朋友、與運動之間的聯繫，而遊戲內建的線上服務如今已成為遊戲體驗中不可或缺的一部分，也是玩家獲得樂趣的重要來源。上個季度，各隊在維繫現有玩家、回歸玩家和新玩家方面都做得非常出色，我們看到這些群體團結一致，展現出了與傳統上那些高度活躍的玩家群體相同的水平。所以，正如布萊克所說，現在還為時過早，很難預測，但早期跡象非常強烈，我們對這對國際足總社群的長期意義非常樂觀。

Your next question, he's already in queue, Mr. Michael Ng.

你的下一個問題，他已經在排隊了，Michael Ng 先生。

I just have 2. The first is, I was wondering if you could just expand on your capital allocation plans, which you put on pause, at least with the buyback last quarter. Do you have plans to authorize a new buyback? And then the second question is, could you talk a little bit about how the 7 million additional players that you added sequentially in FIFA informs your expectation for FIFA 21 unit sales this year? Is it clear that, that should be up year-over-year from a units perspective because of the enlarged player base?

我只有兩個問題。第一個問題是，您能否詳細說明一下您的資本配置計畫？您暫停了該計劃，至少在上個季度的股票回購之後是如此。您是否計劃批准新的股票回購？第二個問題是，您能否談談FIFA系列遊戲新增的700萬玩家對今年FIFA 21的銷售預期有何影響？玩家基數擴大後，銷售量是否會較去年同期成長？

Yes. I mean, we're always assuming that if we bring new players in, we can most likely increase the player base and the future purchases. I would say right now, as you can see, we didn't take our guidance down for the back half of the year. We simply moved FIFA 2 weeks and that's a quarterly change. So I wouldn't take any of that as a message that we have moved or changed our forecast either way. It's just -- it's still too early to say on that. And so more to come, I think by the time we get to our second quarter earnings, we'll have a much better sense of do we think guidance is going to go up or down based on where both FIFA, Madden and Hockey are all -- Hockey and UFC are tracking. But we're very optimistic about all those.

是的。我的意思是，我們一直都認為，如果我們能吸引新玩家，就很有可能擴大玩家群體，並促進未來的購買。正如你所看到的，我們並沒有下調下半年的業績預期。我們只是將FIFA的發佈時間延後了兩週，這只是一個季度調整。所以，我並不認為這意味著我們已經調整或改變了預測。現在下結論還為時過早。我認為，到第二季財報發佈時，我們會根據FIFA、Madden和Hockey（包括Hockey和UFC）的銷售情況，更清楚地判斷業績預期是上調還是下調。但我們對所有這些遊戲都非常樂觀。

On capital allocation, we paused our program because we felt like at the time, it was -- we didn't pause it. I mean, sorry, we didn't restart a new program because we were at the end of our old program. We felt like it was not the right time to send a message, both externally as well as internally into our company that we were starting a new program until we got through this pandemic and had a little bit of feeling about how things would look in the future. And I think we're closer now. I can't tell you when we would restart a program. There is no doubt that there is a commitment to have a program. It's really a timing issue and it's a timing issue driven by the COVID situation. And I think that's pretty consistent with almost every company out there. There's only a couple of companies that have started new programs in the last quarter. And so that's the answer. There's no change in our thinking. We believe we want to effectively and always be returning capital to shareholders. As you saw, we had the greatest cash flow we've ever had as a company over the last 12 months. We know that we should be returning some of that on a large portion to the shareholders. And so expect you'll hear something from us in the future. I just can't predict exactly when that's going to happen.

關於資本配置，我們暫停了先前的計劃，因為我們當時覺得──我們並沒有暫停。我的意思是，抱歉，我們並沒有因為舊計劃即將結束就重啟新計劃。我們覺得，在疫情過去、對未來情勢有更清晰的認識之前，無論是對外還是對內，都不是時候宣布我們將啟動新計劃。我認為現在情況已經好轉。我無法告訴你何時會重啟計畫。毫無疑問，我們仍然致力於推進這項計劃。這確實是一個時機問題，而且是由新冠疫情造成的。我認為這幾乎與所有公司的情況都一致。上個季度只有少數幾家公司啟動了新計畫。所以這就是答案。我們的想法沒有改變。我們始終致力於有效地向股東返還資本。如您所見，在過去12個月裡，我們公司擁有了有史以來最高的現金流。我們知道，我們應該將其中很大一部分回饋給股東。因此，未來您肯定會聽到我們的消息。但我無法準確預測具體時間。

And your last question comes from the line of Brian Nowak with Morgan Stanley.

你的最後一個問題來自摩根士丹利的布萊恩諾瓦克。

It's Matt on for Brian. So can you talk a little bit about the difference in behavior, if any, that you're seeing between your users in the U.S. and Europe? I know we've spent a lot of time in the Q&A talking about potential phasing and how it's kind of obviously really hard to tell the sort of retention and behavior you're going to see on players at this stage. But to some extent, some -- many European countries are a little bit ahead of North America in terms of where they are reopening post COVID. So are you seeing a market difference in the behavior of those users? Are they dropping off more? And one of your competitors talked last week about seeing weakness in Europe relative to the U.S.? And is that something that is consistent with what you're seeing? And then I have a follow-up.

我是Matt，替Brian回答。您能否談談您觀察到的美國和歐洲用戶行為差異（如果有的話）？我知道我們在問答環節花了很多時間討論可能的階段性措施，以及在這個階段很難預測玩家的留存率和行為。但在某種程度上，許多歐洲國家在疫情後重新開放方面比​​北美領先一些。那麼，您是否觀察到這些用戶的行為有市場差異？他們的流失率是否更高？您的一個競爭對手上週提到，他們在歐洲的用戶表現不如美國，這與您觀察到的情況一致嗎？我還有一個後續問題。

Yes. What I would say is, one, I'll let Andrew jump in here, but trends are -- if you see a trend for a week, you should be really careful because it may not be a trend for 3 or 4 weeks. And the European economies are all going through very different swings. Spain is obviously going through another jump in COVID cases. And so you want to be really careful. Also, every game is different. So the trends in FIFA aren't going to necessarily match the trends in whoever the competitor was that they said was slowing or versus any other game. So I'll let Andrew jump in and he's going to say something, it sounds like.

是的。我想說的是，首先，我讓安德魯插話，但趨勢——如果你看到某種趨勢持續了一周，你一定要非常謹慎，因為它可能在三四周內就不再是趨勢了。而且歐洲各國的經濟波動幅度都很大。西班牙顯然正在經歷新冠病例的另一個激增。所以你一定要非常小心。此外，每場比賽的情況都不一樣。因此，FIFA 的趨勢未必能與那些被認為正在放緩的競爭對手的趨勢相符，也未必能與其他任何比賽的趨勢相符。所以，我請安德魯插話，聽起來他接下來會說些什麼。

No. I would just say, I would echo Blake's comments. I would also point to the performance of FIFA throughout last quarter, and we saw tremendous engagement through the quarter. And I think Blake spoke to kind of a peak and that we've seen some change in that, but the engagement through FIFA and our other games has been very, very strong throughout the entire quarter and continues even now to be much, much stronger than it would be typically at this time of the year. And so to Blake's point, I think it's too early to tell what we have seen in our games is continued strong engagement. And we believe that, that's because we are providing, particularly as it relates to FIFA in Europe, that emotional connection to football that was missing. And what we saw is football came back online, at least somewhat in Europe, is that further bolstered that emotional connection to the sport that our FIFA game was able to provide. So too early to tell, but we've seen continued strong engagement even in Europe as they -- as some of those markets have gone back online.

不，我只想說，我同意布萊克的觀點。我還想指出FIFA在上個季度的表現，我們看到了整個季度極高的用戶參與度。我認為布萊克提到的是用戶參與度達到頂峰，之後出現了一些變化，但FIFA以及我們其他遊戲的用戶參與度在整個季度都非常非常強勁，而且即使到了現在，也比往年同期要高得多。所以，正如布萊克所說，現在斷言我們遊戲中的用戶參與度持續強勁還為時過早。我們相信，這是因為我們，尤其是在歐洲的FIFA遊戲中，為用戶提供了一種先前缺少的與足球的情感聯繫。我們看到，隨著足球賽事在歐洲部分地區恢復，這進一步增強了FIFA遊戲所能提供的與這項運動的情感連結。所以現在下結論還為時過早，但即使在歐洲，隨著一些市場恢復運營，我們也看到了持續強勁的用戶參與度。

Great. And then just on the topic of working from home, obviously, we're much further in now to the process of everyone getting up the curve of learning how to operate in this environment. Have you learned anything new? Are there any changes the way that you guys are thinking about having your workforce, working from home, any new challenges. I know there were some public comments from some people that respond that maybe there were some challenges that they hadn't anticipated with Apex. Just any thoughts that you have there?

好的。說到居家辦公，顯然，現在大家都逐漸適應這種工作方式。你們有沒有學到什麼新東西？你們在員工居家辦公有什麼想法上的改變嗎？有沒有遇到什麼新的挑戰？我知道有些人公開表示，Apex在這方面遇到了一些他們之前沒有預料到的挑戰。你們對此有什麼看法嗎？

Yes. I would -- again, we're all -- I mean, everybody on this call is working from home and there are many great benefits to working from home as it turns out. We've cut down our permute time tremendously. We don't travel as much. So we have the opportunity to spend more time with our families. And in some cases, I think we are significantly more productive in a work-from-home environment as it relates to our efficiency levels. At the same time, I think we would all acknowledge that there are other components of work from home that are very challenging. Home schooling is challenging. The mental and emotional well-being can be challenged if you're spending all your time in 1 place. I think as an organization, we've remained committed to our employees. We are providing financial assistance, mental and physical and emotional assistance. We're offering flexibility in work hours wherever possible and offering caregiver leave as members of our employee base think about home schooling or caring for family and loved ones. I think there's a lot of things that we've learned. I don't think we'll ever go back exactly to the way things were. But at the same time, I don't think we would ever move to a place where the entire workforce would work from home. I do believe there is a kinetic energy that come from putting creative people together in a building, at least for some part of the time. And again, we're just a few months into this. As I said in my prepared remarks, we will likely -- in all likelihood and what we've communicated to employers that we'll be -- most of us will be work from home through the rest of this calendar year, at which point we'll reevaluate. And that we are being very open in our dialogue and communication with employees. And to the extent that there are things that we can do to help them through this process or to the extent that there might be longer term changes that we might make, we're opening up that dialogue and having those conversations now. So not much a share at this point in terms of long-term changes other than there will likely be some, but those some probably won't involve the entire workforce staying work from home forever.

是的。我再次強調，我們所有人——我的意思是，在座的各位都在家辦公，事實證明，在家辦公有很多好處。我們大大縮短了通勤時間，出差也減少了，因此我們有了更多時間陪伴家人。在某些情況下，我認為在家工作的效率更高。同時，我們也都意識到，在家工作也存在一些挑戰。例如，在家輔導孩子學習就很有挑戰性。如果所有時間都待在同一個地方，身心健康也會受到影響。我認為，作為一家公司，我們始終致力於為員工提供支援。我們提供經濟援助、心理和情感方面的支持，盡可能提供靈活的工作時間，並為需要在家輔導孩子學習或照顧家人和親人的員工提供照顧假。我認為，我們從中吸取了很多經驗教訓。我認為我們永遠無法完全回到過去的樣子。但同時，我也不認為我們會完全轉向所有員工都居家辦公的模式。我相信，讓富有創意的人聚集在一棟辦公大樓裡，至少在一段時間內，能夠激發出一種獨特的活力。而且，我們才剛開始幾個月。正如我在準備好的演講稿中所說，我們很可能——而且我們也已經向雇主傳達了這一信息——今年剩餘的時間裡，我們大多數人都會居家辦公，屆時我們會重新評估情況。我們與員工保持著非常開放的對話和溝通。無論我們能做些什麼來幫助他們度過這段時期，或者我們可能會做出哪些長期的改變，我們都會主動展開對話，進行討論。所以就目前而言，除了可能會有一些長期變化之外，並沒有太多關於長期變化的跡象，但這些變化可能不會涉及整個員工隊伍永遠在家工作。

Yes. And the only thing I'd add to that is, I just remind people to go back, and on net bookings, our live services was $1.103 billion, up $416 million from the prior year. Most of our revenue for the quarter was live services. And live services require people to be doing something every single day. We're running events every week. We're developing new characters. We're developing new content. We're changing things. We're managing security, managing monetization. That is as hard as game development is the fact that we have proven in the quarter that we could show live services growth like we have. I mean, Andrew and I, every morning wake up and realize we are unbelievably blessed with an incredible workforce that has figured out how to do this. Because once again as I said earlier, there's no playbook that how do you run live -- how do you run Ultimate Team or Apex from home. No one's ever did that. And it just shows the strength of this organization and the commitment that people have to drive the business in ways that they've never thought they could. And that's pretty powerful. And so for anybody who's over-indexing on us moving FIFA out of the second quarter to third quarter, I just suggest, go back and just think about $1.1 billion in live services in the quarter. That is amazing. And so that's why I think we're trying to send the signal to people is we don't like the fact that we had to get here for the -- via the COVID virus, but we've proven that this is something that's really special.

是的。我唯一要補充的是，我提醒大家回顧一下，我們的線上服務淨收入達到了11.03億美元，比去年同期成長了4.16億美元。本季我們大部分收入都來自線上服務。而線上服務需要我們每天都投入精力。我們每週都會舉辦活動，開發新角色，開發新內容，不斷調整，還要管理安全、管理獲利。這和遊戲開發一樣困難，但我們在本季度已經證明，我們能夠實現線上服務如此強勁的成長。我和安德魯每天早上醒來都會意識到，我們擁有一支令人難以置信的優秀團隊，他們找到了完成這項工作的方法，我們真是太幸運了。因為正如我之前所說，沒有現成的方案可以教你如何在家中經營線上服務——例如《終極團隊》或《Apex英雄》。以前從來沒有人這樣做過。這充分展現了我們組織的實力，以及員工們以他們從未想過的方式推動業務發展的決心。這非常了不起。所以，對於那些過度強調我們會把FIFA的業績從第二季推遲到第三季的人，我建議他們回想一下，想想我們本季11億美元的線上服務收入。這簡直令人難以置信。因此，我認為我們想向大家傳達的訊息是：我們不喜歡因為新冠疫情而走到今天這一步，但我們已經證明，這的確是一項非常特別的成就。

So with that, I'll end the call and look forward to seeing everyone or talking to everyone in person, maybe someday soon or maybe a year from now, who knows. But we appreciate everybody's interest and time. And I know it's a busy day of earnings, so it's tough for teams. But thank you, guys, for your good questions as always and listening in. We'll talk to you next quarter.

那麼，我就說到這裡，結束今天的電話會議。期待能與大家見面或面對面交流，也許不久的將來，也許一年以後，誰知道呢。感謝大家的關注和抽出時間。我知道今天是財報發布日，大家都很忙，所以對各個團隊來說都很不容易。但還是要感謝大家一如既往地提出好問題，並且認真聆聽。我們下個季度再見。

Thank you. Do well.

謝謝。祝你一切順利。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。