美商藝電 (EA) 2026 Q1 法說會逐字稿

Good afternoon. My name is Sarah, and I will be your conference operator at this today. At this time, I would like to welcome everyone to the Electronic Arts first-quarter fiscal year 2026 conference call. I would now like to send the conference over to Mr. Andrew Uerkwitz, Vice President, Investor Relations. Please go ahead.

午安.我叫莎拉，今天我將擔任你們的會議主持人。現在，我歡迎大家參加藝電 2026 財年第一季電話會議。現在，我想將會議交給投資者關係副總裁 Andrew Uerkwitz 先生。請繼續。

Thank you. Welcome to EA's first-quarter fiscal year 2026 earnings call. With me today are Andrew Wilson, our CEO; and Stuart Canfield, our CFO. Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted detailed earnings slides to accompany our prepared remarks.

謝謝。歡迎參加 EA 2026 財年第一季財報電話會議。今天與我一起的有我們的執行長 Andrew Wilson 和我們的財務長 Stuart Canfield。請注意，我們的美國證券交易委員會 (SEC) 文件和收益報告可在 ir.ea.com 取得。此外，我們也發布了詳細的收益幻燈片，以配合我們準備好的演講稿。

Lastly, after the call, we will post our prepared remarks, an audio replay of this call and a transcript. With regards to our calendar, our second-quarter fiscal year 2026 earnings call is scheduled for October 28, 2025. As a reminder, we post the schedule of upcoming earnings calls for the fiscal year on our IR website.

最後，通話結束後，我們將發布我們準備好的發言、本次通話的音訊回放和一份文字記錄。就我們的日曆而言，我們的 2026 財年第二季財報電話會議定於 2025 年 10 月 28 日舉行。提醒一下，我們會在 IR 網站上發布本財年即將召開的收益電話會議的時間表。

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.

本簡報和我們的評論包括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。

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, July 29, 2025, and disclaims any duty to update them.

我們請您參閱我們最新的 10-Q 表，其中討論了可能導致實際結果與今天討論的結果大不相同的風險。電子藝界於 2025 年 7 月 29 日做出這些聲明，並且不承擔任何更新這些聲明的義務。

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

在本次電話會議中，除自由現金流量和非公認會計準則營業利潤率外，其他財務指標將以公認會計準則為基礎呈現。除非另有說明，本次電話會議中的所有比較均與去年同期進行比較。現在，我將電話轉給安德魯威爾森。

Good afternoon everyone and thank you for joining us. I want to start by acknowledging the incredible creativity, dedication, and drive of our global teams. Thanks to their outstanding work, we delivered a strong first quarter to start FY26, landing above the high end of our guidance.

大家下午好，感謝大家的參與。首先，我要讚揚我們全球團隊令人難以置信的創造力、奉獻精神和動力。由於他們的出色工作，我們在 2026 財年第一季取得了強勁的業績，超過了我們預期的高端。

This quarter's performance highlights EA's unique position in the industry, the immense creativity of our teams, unmatched production capabilities, world class IP, and the breadth of our global player network. These differentiators power execution strength across geographies, platforms, genres, and business models as we continue to demonstrate the durability and momentum of our business.

本季的業績凸顯了 EA 在業界的獨特地位、我們團隊的巨大創造力、無與倫比的生產能力、世界級的 IP 以及我們全球玩家網絡的廣度。這些差異化因素增強了我們跨地域、平台、類型和商業模式的執行力，讓我們繼續展現業務的持久性和發展動能。

When we look at our portfolio of massive (technical difficulty) communities from Global Football to American Football to The Sims, we are seeing our core communities of players more deeply engaged and staying with us for longer. This is the result of deliberate sustained focus. Years of commitment to our biggest opportunities are now compounding as we scale our communities and expand our reach.

當我們審視從全球足球到美式足球再到模擬市民的龐大（技術難度）社群組合時，我們發現我們的核心玩家社群參與度更高，並且與我們在一起的時間更長。這是刻意持續關注的結果。隨著我們擴大社區規模和擴大影響力，多年來對最大機會的承諾不斷加深。

Looking ahead, we are entering the most exciting release cycle in EA's history, scaling our massive online communities and pushing the boundaries of interactive entertainment. This year brings the highly anticipated launch of Battlefield 6 and continued innovation across EA Sports with FC, Madden NFL, and NHL. We will continue to expand The Sims iconic franchise and launch skate as the foundation of a new creator-driven platform rooted in street culture.

展望未來，我們正進入 EA 歷史上最令人興奮的發布週期，擴大我們龐大的線上社群並突破互動娛樂的界限。今年，備受期待的《戰地 6》正式發布，EA Sports 也透過《戰地風雲》、《Madden NFL》和《NHL》繼續進行創新。我們將繼續擴展《模擬市民》標誌性系列，並推出滑板作為植根於街頭文化的全新創作者驅動平台的基礎。

Today, EA is delivering incredible games and experiences that set us apart. And looking ahead, I couldn't be more excited as our teams continue to shape the future of interactive entertainment.

如今，EA 正在推出讓我們與眾不同的精彩遊戲和體驗。展望未來，我感到無比興奮，因為我們的團隊將繼續塑造互動娛樂的未來。

Now let me walk you through our first quarter. Our EA Sports business continues to be a pillar of strength, fueled by innovation, authenticity, and deep fan connection. In Global Football, player engagement remains strong, with net bookings up year over year, with FC Online up double digits and FC Mobile having a record quarter.

現在讓我帶您了解我們的第一季。我們的 EA 運動業務繼續成為我們的力量支柱，這得益於創新、真實性和與粉絲的深厚聯繫。在全球足球領域，玩家參與度依然強勁，淨預訂量年增，其中 FC Online 成長兩位數，FC Mobile 創下季度紀錄。

Community events like Team of the Season, Immortals, and Shapeshifters created high-impact engagement across HD and mobile. FC Mobile led engagement with over 50 million installs and DAU growth year over year, underscoring our ability to scale live content effectively and grow globally across platforms.

「賽季最佳團隊」、「不朽者」和「變形者」等社群活動在高清和行動裝置上產生了高影響力的參與度。FC Mobile 的安裝量超過 5,000 萬次，DAU 也逐年成長，這突顯了我們有效擴展直播內容和跨平台全球發展的能力。

A highlight this quarter was the integration of select matches from Apple's MLS Season Pass into FC Mobile, bridging a real-world football with interactive entertainment. This success across Global Football is an ongoing result of our focus of listening and responding to our players.

本季的一大亮點是將 Apple MLS Season Pass 中的精選比賽整合到 FC Mobile 中，將現實世界的足球與互動娛樂融為一體。全球足球的成功是我們持續傾聽和回應球員意見的結果。

As we turn to FC 26, we are leaning into this community-centric approach as a key driver of the title's pre-launch campaign. This approach been well received by our core player base, and early indicators are very positive leading up to a worldwide launch on September 26.

當我們轉向 FC 26 時，我們傾向於採用以社群為中心的方法作為遊戲預發布活動的主要驅動力。這種方法得到了我們核心玩家群體的一致好評，並且在 9 月 26 日全球發布之前，早期指標非常積極。

Our FC strategy is the blueprint for building and growing massive online communities across our EA Sports franchises and beyond. By seamlessly integrating content across console, PC, and mobile, we're not only engaging core players but also scaling to new geographies and fan bases. It's grounded in expanding how fans play, create, watch, and connect, bringing them closer to the sports they love through deeply immersive, socially driven experiences.

我們的 FC 策略是在我們的 EA Sports 系列及其他領域建立和發展大型線上社群的藍圖。透過無縫整合控制台、PC 和行動裝置上的內容，我們不僅吸引了核心玩家，而且還擴展到新的地區和粉絲群。它致力於拓展球迷的玩耍、創造、觀看和聯繫的方式，透過深度沉浸式、社交驅動的體驗讓他們更接近他們喜愛的運動。

Building on our collaboration with Apple through F1 The Movie, we merged cinematic content with our interactive F1 experience. This partnership amplified excitement and extended the reach of EA Sports F1 25. Coupled with innovative gameplay advancements from refined physics and handling to an enhanced career mode, the title delivered a 27% year-over-year increase in net bookings.

透過 F1 The Movie 與 Apple 合作，我們將電影內容與互動式 F1 體驗融合在一起。此次合作增強了玩家的熱情並擴大了 EA Sports F1 25 的影響力。加上從精細的物理和操控到增強的職業模式等創新的遊戲玩法進步，該遊戲的淨預訂量同比增長了 27%。

Our partnerships in both FC and F1 offered fans new ways to connect with these global sports, strengthening cultural relevance, deepening emotional connection, and showcasing how the fusion of real-world sports action, blockbuster storytelling, and immersive gameplay drives growth and engagement.

我們在 FC 和 F1 領域的合作為粉絲提供了與這些全球體育賽事建立聯繫的新方式，增強了文化相關性，加深了情感聯繫，並展示了現實世界體育動作、大片故事敘述和沈浸式遊戲玩法的融合如何推動增長和參與。

In Q1, our American football ecosystem continued to demonstrate strength with sustained engagement and year-round momentum across Madden NFL and College Football. Building on that foundation, the high-quality launch of College Football 26 marked an exciting next step, earning strong reviews and enthusiastic reception from the community while delivering authenticity, immersion, and innovative gameplay to a passionate community of players.

在第一季度，我們的美式足球生態系統繼續展現出強勁實力，在《Madden NFL》和《College Football》中持續參與並保持全年增長勢頭。在此基礎上，《大學橄欖球 26》的高品質發布標誌著令人興奮的下一步，贏得了社群的強烈評價和熱烈歡迎，同時為熱情的玩家社群帶來了真實性、沉浸感和創新的遊戲玩法。

Following an extraordinary 2025 title reintroduction fueled by a decade of pent-up demand, we expect College Football to settle into a more normal demand curve while establishing its place as a core franchise in our portfolio and across the industry. While it's early, College Football 26 is delivering strong competitive cohort retention. As a result, we are seeing deeper engagement in Ultimate Team versus prior year life-to-date.

在十年被壓抑的需求推動下，2025 年重新推出的非凡冠軍頭銜之後，我們預計大學橄欖球將進入更正常的需求曲線，同時確立其作為我們投資組合和整個行業的核心特許經營權的地位。儘管還處於早期階段，但《大學橄欖球 26》已經實現了強大的競技群體保留率。因此，與去年同期相比，我們看到 Ultimate Team 的參與度更加深入。

This momentum sets the stage for the next Madden NFL launching worldwide August 14, powered by a new AI-driven system trained on NFL game data. Madden NFL 26 delivers adaptive QB and coaching strategies, enhanced gameplay through an expanded physics engine, and deeper, more authentic experiences across fan-favorite modes and stadium atmospheres. As the real-world seasons start, we will continue to build a connected year-round experience that celebrates the full spectrum of American football fandom.

這一勢頭為 8 月 14 日在全球推出的下一款《Madden NFL》奠定了基礎，該遊戲將由基於 NFL 比賽數據訓練的全新 AI 驅動系統提供支援。《Madden NFL 26》提供自適應的 QB 和教練策略，透過擴展的實體引擎增強遊戲體驗，並在球迷最喜歡的模式和體育場氛圍中提供更深入、更真實的體驗。隨著現實世界賽季的開始，我們將繼續打造一個全年互聯的體驗，以慶祝美式足球迷們的全方位熱情。

Our long-term partnerships across our College, NFL, FC, F1, UFC, and NHL franchises are some of the most valuable in sports entertainment, and we're continuing to unlock their ever-growing potential. These iconic sports look to EA SPORTS to more deeply and directly connect fans with their favorite teams and athletes through new ways to play, create, watch, and connect across our experiences.

我們與大學、NFL、FC、F1、UFC 和 NHL 特許經營權的長期合作夥伴關係是體育娛樂領域最有價值的合作夥伴關係之一，我們將繼續釋放其不斷增長的潛力。這些標誌性運動希望 EA SPORTS 能夠透過全新的遊戲、創作、觀看和聯繫方式，讓粉絲與他們最喜歡的球隊和運動員更深入、更直接地建立聯繫。

Whether it's bringing real-world content into our games, amplifying highlights through creator tools, or building new social touchpoints around the biggest moments in sport, these partnerships are our powerful engine for deeper engagement and cultural connection.

無論是將現實世界的內容引入我們的遊戲，透過創作者工具放大亮點，還是圍繞體育界最重要的時刻建立新的社交接觸點，這些合作夥伴關係都是我們進行更深入參與和文化聯繫的強大引擎。

EA SPORTS' growth doesn't just reflect the world of sports, it's helping to shape it. Through mobile expansion, creative tools, and deepening fandom, we are building massive online communities across what we believe will become the most valuable sports business in the world.

EA SPORTS 的成長不僅反映了體育世界的發展，也有助於塑造體育世界。透過行動擴展、創意工具和深化的粉絲群，我們正在建立龐大的線上社區，我們相信這將成為世界上最有價值的運動產業。

Beyond sports, our broader entertainment portfolio remains a key growth driver for EA, driven by blockbuster IP, creative excellence, and vibrant communities. Apex Legends performed well across the quarter. Q1 saw sequential growth and engagement driven by strong player retention.

除了運動之外，我們更廣泛的娛樂產品組合仍然是 EA 的主要成長動力，這得益於重磅 IP、卓越的創意和充滿活力的社群。Apex Legends 整個季度表現良好。第一季度，受強勁玩家保留率的推動，遊戲體驗和參與度均持續成長。

The current season, Prodigy, also marked a notable rise in player satisfaction driven in part by the positive reception of new Legend Sparrow, whose popularity spans all skill levels across the community. We expect momentum to continue as the team operates with agility and focus on what matters most to the community, evolving gameplay, listening to players, and strengthening the core experience that defines Apex as a best-in-class live service.

在當前賽季中，Prodigy 也標誌著玩家滿意度的顯著上升，部分原因是新傳奇麻雀的積極反響，其受歡迎程度涵蓋了社區中各個技能水平的玩家。我們預計，隨著團隊靈活運作並專注於社群最重要的事情、改進遊戲玩法、傾聽玩家的意見並加強將 Apex 定義為一流即時服務的核心體驗，這種勢頭將繼續下去。

Our next season, Apex Legends: Showdown, is launching next week with an all-new way to play. Looking ahead, we remain firmly on track to launch Skate and Battlefield 6 this year.

我們的下一季《Apex Legends：Showdown》將於下週推出，帶來全新的遊戲方式。展望未來，我們仍將堅定地按計畫在今年推出《Skate》和《戰地 6》。

We've reached over a million registered players for the Skate playtest as we prepare for launch. Following the incredible player response to the Battlefield 6 reveal trailer last week, we are just days away from ushering in a new era for the franchise.

在準備發布《滑板》遊戲測試時，我們的註冊玩家已經超過一百萬。繼上週《戰地 6》預告片引起玩家熱烈反響之後，我們即將迎來系列的新時代。

This Thursday, fans can tune in live for a massive multiplayer showcase, our most ambitious reveal yet, featuring epic maps and modes and a behind-the-scenes look with developers. Immediately following, top content creators around the world will stream the first-ever Battlefield 6 gameplay from live events in Los Angeles, Berlin, Paris, and London, with a special event in Hong Kong the following weekend.

本週四，粉絲們可以現場觀看大型多人遊戲展示，這是我們迄今為止最雄心勃勃的展示，其中包括史詩般的地圖和模式以及開發人員的幕後花絮。緊接著，世界各地的頂級內容創作者將在洛杉磯、柏林、巴黎和倫敦的現場活動中首次直播《戰地 6》遊戲，並於接下來的周末在香港舉辦一場特別活動。

Battlefield 6 has been built to supercharge a passionate community and ignite a new generation of fans. From day one, we've been deeply focused on delivering the experience players have been asking for, iconic all-out warfare, innovative destruction, unmatched scale, and more.

《戰地 6》的打造旨在激發玩家社群的熱情並點燃新一代粉絲的熱情。從第一天起，我們就致力於提供玩家所要求的體驗，標誌性的全面戰爭、創新的破壞、無與倫比的規模等等。

With the global launch ahead, Battlefield 6 is poised to become a cornerstone of our vision for dynamic, continually expanding experiences where community engagement shapes the future of play. Our company vision and strategy is in full flight, focused, dynamic, and built for scale.

隨著全球發行的臨近，《戰地 6》將成為我們實現動態、不斷擴展的體驗願景的基石，社群參與將塑造遊戲的未來。我們的公司願景和策略是全面推進、重點突出、充滿活力和規模化的。

We're delivering across our first strategic pillar of building massive online communities, Global Football and American Football, blockbuster shooters, and creator-powered ecosystems. These aren't just growth areas. They are massive online communities at scale, powering our business today and accelerating our ambition to build in, around, and beyond our games. This is EA, connected, creator-led, and defining the future of interactive entertainment. With that, I'll turn it over to Stuart for a closer look at our financial performance.

我們正在實現我們的第一個戰略支柱，即建立大規模線上社群、全球足球和美式足球、大片射擊遊戲以及創作者驅動的生態系統。這些不僅僅是成長領域。它們規模龐大，為今天的業務提供動力，並加速我們在遊戲內部、周圍和超越遊戲進行構建的雄心。這就是 EA，互聯互通、由創作者主導，並定義互動娛樂的未來。說完這些，我將把任務交給斯圖爾特，讓他仔細審視我們的財務表現。

Thanks Andrew, and good afternoon, everyone. We delivered a great start to FY26 with Q1 results ahead of our expectations. Our outperformance reflects continued execution across our portfolio, highlighted by our Global Football, Star Wars, and Apex Legends franchises. With strong momentum and a compelling slate of upcoming launches, we are well positioned to deliver against our FY26 outlook and long-term margin framework.

謝謝安德魯，大家下午好。我們 26 財年開局良好，第一季業績超乎預期。我們的優異表現反映了我們整個投資組合的持續表現，其中最突出的是我們的全球足球、星際大戰和 Apex Legends 系列。憑藉強勁的發展勢頭和一系列引人注目的即將推出的產品，我們已做好準備，實現 2026 財年的前景和長期利潤框架。

In Q1, we delivered net bookings of $1.3 billion, up 3%, exceeding the high end of our guidance range. We saw strong contributions from Split Fiction and Global Football and better-than-expected performance from catalog and Apex Legends.

第一季度，我們的淨預訂金額達到 13 億美元，成長 3%，超過了我們預期範圍的上限。我們看到 Split Fiction 和 Global Football 做出了巨大貢獻，而 Catalog 和 Apex Legends 的表現也比預期好。

Full game net bookings were $214 million, up 27%, led by ongoing momentum from Split Fiction and a resurgence in Star Wars Battlefront II. Live services net bookings were $1.08 billion, down 1%. Excluding Apex Legends, whose impact was 2 points better than we'd originally expected, live services grew in the low single digits, underscoring the resilience and ongoing growth of our core franchises led by Global Football.

整款遊戲的淨預訂額為 2.14 億美元，成長 27%，這得益於《Split Fiction》的持續成長勢頭以及《星際大戰前線 II》的復甦。現場服務淨預訂額為 10.8 億美元，下降 1%。不包括《Apex Legends》（其影響比我們最初預期高出 2 個百分點），直播服務的增長幅度較低，凸顯了以 Global Football 為首的核心系列的韌性和持續增長。

Now, turning to key franchise performances in the quarter. Global Football grew net bookings mid-single digits year over year with Q4 momentum carrying into the quarter. Results exceeded our expectations, highlighted by healthy engagement through live events and new player mechanics. Our teams continue to evolve the experiences in our largest franchise through new features, community-focused content, and offerings like Premium Pass as we deliver long-term value for our players.

現在，我們來談談本季主要特許經營的表現。全球足球的淨預訂量同比增長了中個位數，第四季度的勢頭延續到了本季度。結果超出了我們的預期，突顯出透過現場活動和新玩家機制實現的健康參與。我們的團隊透過新功能、以社群為中心的內容以及 Premium Pass 等產品不斷改進我們最大系列遊戲的體驗，為玩家提供長期價值。

FC Mobile outperformed expectations again this quarter, with localized campaigns and growing web store adoption, fueling momentum through our Team of the Season event. As Andrew noted, FC Mobile continues to expand our reach across new geographies while driving feature innovation and deeper engagement.

本季度，FC Mobile 的表現再次超出預期，透過在地化的宣傳活動和不斷增長的網路商店採用，以及透過我們的「賽季最佳團隊」活動所激發的勢頭。正如安德魯所指出的，FC Mobile 在推動功能創新和更深入的參與的同時，繼續擴大我們在新地區的影響力。

For example, in Q1, we began work to unify Southeast Asia under a single SKU, streamlining operations while advancing our strategy to deliver hyperlocalized content at scale. As we look across Global Football, with growth across HD, FC Mobile, and FC Online, we are confident in our ability to drive durable growth in our largest franchise.

例如，在第一季度，我們開始致力於將東南亞統一在單一 SKU 下，簡化運營，同時推進大規模提供超本地化內容的策略。放眼全球足球，隨著 HD、FC Mobile 和 FC Online 的成長，我們有信心推動我們最大的特許經營權的持久增長。

Apex Legends delivered encouraging momentum in Q1. Net bookings were flat sequentially, driven by strong operational execution, content innovation, and the successful introduction of Legend Locker. Engagement trends improved significantly, fueled by strong retention, particularly among new and casual players, establishing a solid foundation for Q2 and the upcoming Season 26.

Apex Legends 在第一季表現出令人鼓舞的勢頭。受強勁的營運執行、內容創新以及 Legend Locker 的成功推出的推動，淨預訂量環比持平。參與度趨勢顯著改善，這得益於強勁的留存率，尤其是新玩家和休閒玩家，為第二季和即將到來的第 26 季奠定了堅實的基礎。

Moving to our GAAP results, we delivered net revenue of $1.67 billion, up 1%. The cost of revenue was $279 million, resulting in a gross margin of 83.3%, down 90 basis points due to strong performance from royalty-bearing titles such as Split Fiction.

根據我們的 GAAP 業績，我們的淨收入為 16.7 億美元，成長 1%。收入成本為 2.79 億美元，毛利率為 83.3%，由於《Split Fiction》等版稅作品的強勁表現，毛利率下降了 90 個基點。

Operating expenses were $1.12 billion, up 9%, primarily driven by increased people costs as we make focused strategic investments to fuel our growth priorities and near-term launches. As a result, earnings per share was $0.79.

營運費用為 11.2 億美元，成長 9%，主要原因是我們進行有針對性的策略投資以推動我們的成長重點和近期發布，導致人力成本增加。結果每股收益為 0.79 美元。

For Q1, operating cash flow was $17 million. On a trailing twelve-month basis, it was $1.98 billion and free cash flow was $1.75 billion. We returned $423 million to shareholders during the quarter through buybacks and dividends. Please see our earnings slides for further cash flow information.

第一季的經營現金流為 1,700 萬美元。過去十二個月，數字為 19.8 億美元，自由現金流為 17.5 億美元。本季我們透過回購和股利向股東返還了 4.23 億美元。請參閱我們的收益幻燈片以獲取更多現金流資訊。

Now, let me walk through outlook. We're building on a solid foundation from Q1, carrying positive momentum into Q2. We are well positioned for an exciting back half of FY26, which is underpinned by upcoming launches within EA SPORTS and growing anticipation around Battlefield 6.

現在，讓我來介紹一下展望。我們在第一季奠定了堅實的基礎，並將積極的勢頭帶入第二季。我們已為 2026 財年下半年的精彩表現做好了準備，這得益於 EA SPORTS 即將推出的新遊戲以及人們對《戰地 6》日益增長的期待。

For Q2, we expect net bookings to be $1.8 billion to $1.9 billion, down 13% to down 9%. This includes a 4-point headwind related to phasing of the EA SPORTS FC Deluxe Edition content, which will largely be recognized in Q3. Our deliberate change in approach is part of our community-centric strategy to deliver more value for players over a longer period of time.

對於第二季度，我們預計淨預訂額為 18 億美元至 19 億美元，下降 13% 至 9%。這包括與 EA SPORTS FC 豪華版內容分階段相關的 4 點阻力，這將在第三季得到基本體現。我們刻意改變方法，這是我們以社區為中心的策略的一部分，旨在為玩家在更長時間內提供更多價值。

Additionally, our guidance assumes the following. First, last year's launch of EA SPORTS College Football 25 delivered an exceptionally strong quarter that reflected pent-up demand for the fan-favorite franchise. This drove an atypical phasing of net bookings with around 50% of units sold occurring in the first week.

此外，我們的指導假設如下。首先，去年推出的 EA SPORTS College Football 25 取得了異常強勁的季度業績，反映了人們對這款深受粉絲喜愛的遊戲的強烈需求。這導致淨預訂量出現非典型階段，約有 50% 的銷售量發生在第一週。

This year, we're approaching the title with a more normalized demand curve, similar to our broader sports titles' historical patterns, leading to a tougher comp for frontline sales. While it's still early, we're encouraged by strong retention, positive player sentiment, and healthy live service performance.

今年，我們以更規範化的需求曲線來對待該遊戲，類似於我們更廣泛的體育遊戲的歷史模式，從而導致一線銷售的競爭更加激烈。雖然現在還為時過早，但強勁的留存率、積極的玩家情緒以及健康的即時服務表現令我們感到鼓舞。

As a result, we expect College Football full game sales to be a headwind in the quarter, partially offset by the growth of Madden NFL 26. Putting it all together, we expect the American football ecosystem to be an 8-point headwind year over year for the quarter, with the ecosystem returning to growth in the second half of the fiscal year.

因此，我們預計《大學橄欖球》完整版遊戲的銷售將在本季遭遇阻力，但《Madden NFL 26》的成長將部分抵消這一影響。綜合考慮所有因素，我們預計本季美式足球生態系統將年減 8 個百分點，但本財年下半年生態系統將恢復成長。

Second, with FC 26, we've applied key learnings from last year and sharpened our focus on driving deeper engagement and value for our core community. Early sentiment has been encouraging, reflecting strong alignment with our community. With the title launching the last week in the quarter, we remain appropriately measured in our near-term assumptions.

其次，在 FC 26 中，我們運用了去年的主要經驗，並更加重視為我們的核心社群帶來更深入的參與和價值。早期的情緒令人鼓舞，反映出我們與社區的緊密聯繫。由於該書於本季最後一周推出，我們對近期的假設仍然保持適當的衡量。

Third, in the remainder of our portfolio, we expect the momentum we saw in Q1 to continue, including for Apex Legends and catalog. And finally, if rates remain unchanged, we expect a 1-point tailwind from FX.

第三，對於我們投資組合的剩餘部分，我們預計第一季看到的勢頭將會持續下去，包括《Apex Legends》和目錄。最後，如果利率保持不變，我們預計外匯將帶來 1 點的順風。

Starting to GAAP, we expect net revenue of $1.75 billion to $1.85 billion, cost of revenue to be $430 million to $450 million, and operating expenses of approximately $1.215 billion to $1.235 billion, up 3% to up 4%. Year-over-year increases in operating expenses are primarily driven by marketing related to upcoming launches, notably Battlefield 6. We expect earnings per share of $0.29 to $0.46.

根據 GAAP，我們預計淨營收為 17.5 億美元至 18.5 億美元，營收成本為 4.3 億美元至 4.5 億美元，營運費用約為 12.15 億美元至 12.35 億美元，成長 3% 至 4%。營運費用的同比增長主要由於即將發布的遊戲相關的營銷，尤其是《戰地 6》。我們預計每股收益為 0.29 美元至 0.46 美元。

To close, we're encouraged by the strong start to the fiscal year, with Q1 results demonstrating focused execution and the strength of our diverse, resilient IP portfolio. Looking ahead, we're building on this momentum with a robust slate of upcoming releases, Madden NFL 26, FC 26, NHL 26, Skate, and Battlefield 6. That positions us well to deepen player engagement, expand our audience, and deliver our fiscal year guidance, which remains unchanged.

最後，我們對本財年的強勁開局感到鼓舞，第一季的業績證明了我們專注的執行力以及我們多樣化、有彈性的智慧財產權組合的實力。展望未來，我們將延續這一勢頭，推出一系列強勁的遊戲，包括《Madden NFL 26》、《FC 26》、《NHL 26》、《Skate》和《Battlefield 6》。這使我們能夠加深玩家參與度、擴大受眾群體並實現保持不變的財政年度指導。

We continue to take a disciplined approach to capital allocation, prioritizing investment behind our largest franchises. At the same time, we're making progress against our long-term financial framework, expanding scale, improving operating leverage, and laying the foundation for durable multi-year growth. Now, I'll hand the call back to Andrew.

我們繼續採取嚴謹的資本配置方式，優先投資於我們最大的特許經營權。同時，我們正在根據長期財務框架取得進展，擴大規模，提高經營槓桿，為多年持久成長奠定基礎。現在，我將把電話交還給安德魯。

Thank you, Stuart. I want to reiterate how energized I am by the progress we're making and the opportunities that lie ahead. Our momentum is the result of years of intentional investment and focused execution across our massive online communities in Global Football, American Football, Battlefield, and The Sims.

謝謝你，斯圖爾特。我想重申，我們所取得的進展和未來的機會讓我充滿活力。我們的勢頭源於多年來在全球足球、美式足球、戰地和模擬市民等龐大線上社群的刻意投資和專注執行。

As we look forward, we are just beginning to unlock the full potential of our strategy. We're expanding our approach to blockbuster storytelling, building bigger worlds and deeper character-driven experiences that connect players to our IP in powerful new ways, and we're innovating around community beyond the bounds of play by launching new tools and platforms that amplify user-generated experiences, social connection, and participation in the broader fandom of our games.

展望未來，我們才剛開始發揮戰略的全部潛力。我們正在擴展大片敘事方式，建立更大的世界和更深層的角色驅動體驗，以強大的新方式將玩家與我們的 IP 聯繫起來，並且我們正在透過推出新工具和平台來創新遊戲之外的社區，以擴大用戶生成的體驗、社交聯繫和對我們遊戲的更廣泛粉絲群的參與。

We're shaping what comes next, where play, create, watch, and connect converge in more immersive, interactive, and transformative ways than ever before. This is the future of entertainment, and EA is leading the way. Now Stuart and I are here for your questions.

我們正在塑造未來，遊戲、創造、觀看和連結將以比以往更具沉浸感、互動性和變革性的方式融合在一起。這是娛樂業的未來，而 EA 正在引領這一潮流。現在史都華和我在這裡回答大家的提問。

Thanks Andrew. We will take one question, and one follow up from each analyst. With that, Sarah, we are now ready for our first question.

謝謝安德魯。我們將回答每位分析師的一個問題和一個後續問題。莎拉，現在我們可以回答第一個問題了。

(Operator Instructions) Doug Creutz, TD Cowen.

（操作員指示）Doug Creutz，TD Cowen。

Hey, thank you. Hey, thank you. I just wondered if you could talk about your thoughts about full game pricing. Nintendo has put an $80 price point out there. Microsoft did, but then they've pulled it back. And presumably that does impact how they're going to price Call of Duty this fall. So when you think about your games, in particular Battlefield, where do you see yourself landing in terms of the $70 versus the $80 price point? Thanks.

嘿，謝謝你。嘿，謝謝你。我只是想知道您是否可以談談您對完整遊戲定價的看法。任天堂已將該款產品的售價定為 80 美元。微軟確實這麼做了，但是後來他們又撤回了。這可能確實會影響他們今年秋季對《決勝時刻》的定價。那麼，當您考慮您的遊戲，特別是《戰地》時，您認為 70 美元和 80 美元的價位會如何？謝謝。

So, I'll start and I'll let Stuart kind of lean into that a little bit more. We're not looking to make any changes on pricing at this stage, but that's in the construct of -- we already offer a fairly broad pricing scheme across our various products. When you think about everything from free-to-play through to our premium products and our deluxe editions, our orientation is always to capture the full spectrum of pricing so that we can serve players in the best way possible and offer them the greatest value. We'll continue to look at opportunities to deliver great value to our players through various pricing schemes over the course of time, but no dramatic changes planned yet.

那麼，我先開始，然後讓史都華稍微深入一點。目前我們並不打算對定價做出任何改變，但我們已經為各種產品提供了相當廣泛的定價方案。當您考慮從免費遊戲到我們的高級產品和豪華版的所有內容時，我們的方向始終是捕捉全方位的定價，以便我們能夠以最好的方式為玩家服務並為他們提供最大的價值。我們將繼續尋找機會透過各種定價方案為我們的玩家提供巨大的價值，但目前還沒有計劃做出重大改變。

And Doug, just to kind of wrap that, we haven't factored in any different approach in pricing through the current fiscal year and current guidance. And given the size of our live service, we continue to be very focused on LTV for us across our player base and to Andrew's point, operating through a wide spectrum of pricing, but no change in our guidance for '26 at this point.

道格，總結一下，我們在本財年和當前指導中沒有考慮任何不同的定價方法。鑑於我們線上服務的規模，我們將繼續高度關注整個玩家群的 LTV，正如 Andrew 所說，我們將透過廣泛的定價範圍進行運營，但目前我們對 26 年的指導沒有變化。

Great. Thank you.

偉大的。謝謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks. Good afternoon, everybody. Really good to hear about the Apex improvements, I guess. First off, I was curious what live services growth was in the quarter excluding Apex. Sorry if I missed that earlier. And then thinking about the healthier trends you're seeing across the portfolio. And with some of the positive feedback we're hearing on Battlefield gameplay and the strong interest in Skate trials, are your expectations for those newer releases changing at all as you work through the year? Thank you.

謝謝。大家下午好。我想，聽到有關 Apex 改進的消息真是太好了。首先，我很好奇本季（不包括 Apex）的現場服務成長如何。如果我之前沒有註意到的話，很抱歉。然後思考一下您在整個投資組合中看到的更健康的趨勢。我們聽到了一些關於《戰地》遊戲玩法的積極反饋以及對滑板試玩的濃厚興趣，隨著您一年的工作進展，您對這些新版本的期望是否會有所改變？謝謝。

Well, I'll quickly tackle the first one. On the Apex, we had a low single-digit growth on live service outside of Apex. I just want to kind of walk back a little bit to Apex and reiterate that obviously we set out this year with a meaningful assumption of headwinds. We also improved that by 2 points inside the quarter.

好吧，我先快速解決第一個問題。在 Apex 上，我們在 Apex 以外的即時服務上實現了低個位數成長。我只是想稍微回顧一下 Apex 的情況，並重申我們今年顯然對逆風做出了有意義的假設。我們在本季度還提高了 2 分。

We've actually shifted that through Q2 as well as we continue to look for momentum. And you would expect that that original 5 points we talked to was really H1 loaded with improving comps as we get through the back half of the year. So in effect, we've accelerated improvement right through H1. And as we think about the rest of the year, we're well positioned on Apex.

我們實際上已經透過第二季度改變了這一狀況，並且我們將繼續尋找動力。並且，您可能會認為，我們最初談到的 5 點實際上是在下半年隨著業績的改善而出現的 H1 成長。因此實際上，我們已經在整個上半年加速了改進。當我們考慮今年剩餘時間時，我們在 Apex 上處於有利地位。

Eric Handler, ROTH Capital Partners.

漢德勒 (Eric Handler)，羅仕證券資本合夥公司 (ROTH Capital Partners)。

Good afternoon. You gave some really good color about -- with FC, with mobile and online. Wondered if you could talk a little bit about the cohort spending and how that's progressed with the Ultimate Team.

午安.您給了一些非常好的說明——使用 FC、行動和線上。想知道您是否可以談談同類支出以及 Ultimate Team 的進展。

In terms of cohort spending on FC, we continue to be focused heading into '26. We saw a strong pickup inside of Q1 with the key cohorts that we built out from back into Q4. As you think about '26, we continue to see the ability for us to lean into those cohorts to be in different modes to play, but also more importantly, as we continue to expand the user base across the franchise.

就 FC 的群體支出而言，我們將繼續關注 26 年。我們看到，隨著我們在第四季度建立的關鍵群體的出現，第一季出現了強勁增長。當你想到 26 時，我們繼續看到我們有能力依靠這些群體以不同的模式進行遊戲，但更重要的是，我們將繼續擴大整個系列的用戶群。

We think about things like Rush. We've tried different ways to integrate value for players through things like Premium Pass. And as we look to think through both FC Online and Mobile to continue to drive greater reach across the product from a global perspective.

我們考慮像 Rush 這樣的事情。我們嘗試了不同的方式來透過諸如 Premium Pass 之類的方式為玩家整合價值。我們希望透過 FC Online 和 Mobile 來繼續從全球視角推動產品的更大覆蓋範圍。

So continuing to see strong engagement, strong retention through the core cohorts, seeing that continue through Q1. Obviously, it's been a core and critical focus for us as we start to bring forth enhancements around the game as we head into FY26 and take the learnings from last year.

因此，我們繼續看到核心群體的強烈參與度和強烈保留度，並且這種趨勢將持續到第一季。顯然，隨著我們進入 26 財年並吸取去年的經驗教訓，我們開始對遊戲進行改進，這已成為我們關注的核心和關鍵焦點。

That's helpful Stuart. Thanks. Just as a follow-up, you did -- the full-year guidance is unchanged. However, for your bookings in constant currency terms, it's now 102 basis points lower. Now there's always some puts and takes, but I wonder if there was anything that you know you could point to for that differential.

這很有幫助，斯圖爾特。謝謝。正如您所說的那樣——全年指導保持不變。然而，以固定匯率計算的預訂，現在低了 102 個基點。現在總是存在一些得失，但我想知道您是否知道可以指出這種差異的原因。

No, I mean, obviously, if you remember back when we originally set the guidance, we were in a position where FX was a 1-point headwind. So we've obviously seen, albeit at first quarter and a relatively small part of the fiscal year, and at this point haven't changed or rolled through that FX, obviously being incredibly volatile.

不，我的意思是，顯然，如果你還記得我們最初設定指導時的情況，我們當時的處境是 FX 處於 1 點逆風的境地。因此，我們顯然已經看到，儘管是在第一季和財政年度相對較小的一部分，但目前為止還沒有改變或滾動外匯，顯然是非常不穩定的。

We also did put inside the script, if we did see FX rates continue to stay as they are unchanged through the rest of the fiscal year, that will continue to drive tailwinds for us on the way through. So difficult to call at this point. We had small FX tailwinds inside Q1, but it would be a more meaningful shift for us now. We're H2 loaded by virtue of our revenue scale this year. So tailwinds to come should the rates stay the same and obviously shifted from a 1-point headwind in our original guide.

我們也在腳本中加入了這樣的內容：如果我們看到外匯匯率在本財年剩餘時間內繼續保持不變，那麼這將繼續為我們帶來順風。此時很難做出決定。我們在第一季遇到了一些外匯方面的小順風，但對我們來說現在這將是一個更有意義的轉變。憑藉今年的營收規模，我們已為下半年做好了準備。因此，如果利率保持不變，那麼未來將會出現順風，並且顯然與我們最初的指南中的 1 點逆風不同。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

Great, thanks for the question. Andrew, could you just talk about the marketing strategy for Battlefield and how it differs from prior versions of the game? And then Stuart, on the same topic, could you just talk about how you're thinking about the timing and the magnitude of that marketing investment? Thank you.

太好了，謝謝你的提問。安德魯，你能談談《戰地風雲》的行銷策略以及它與之前版本的遊戲有何不同嗎？然後斯圖爾特，關於同一話題，您能否談談您如何考慮行銷投資的時機和規模？謝謝。

Yeah, great question. Thank you. Certainly you're going to see a lot more in a couple of days. We've been investing more behind this Battlefield than any Battlefield product before it. And really the big reason for that is this isn't just a product, we're really building out Battlefield as a platform. And you'll hear a lot more about this in just two days' time and you'll see a lot more about it in two days' time. And all will become more clear about the nature of our investment over the last four years with four studios building against this launch to date.

是的，很好的問題。謝謝。當然，幾天後你會看到更多。我們對這款 Battlefield 遊戲的投入比之前任何一款 Battlefield 產品都要多。而真正重要的原因是這不僅僅是一個產品，我們實際上是在將戰地打造為一個平台。只需兩天的時間，您就會聽到更多有關此內容的消息，也會看到更多有關此內容的資訊。到目前為止，已有四個工作室圍繞著這一目標進行建設，因此，我們過去四年來的投資性質將變得更加清晰。

As we've thought about marketing the product, again, we're going to get right behind it. We're all in as a company on it. You may have seen the release trailer just a week or so ago. That was very well received.

當我們考慮行銷該產品時，我們將會全力支持它。我們全公司都參與其中。您可能在大約一周前就看過該發布的預告片。這受到了熱烈歡迎。

Of course, it's just a release trailer. Most of our gamers are sitting there waiting for the big reveal that comes in a couple of days. We have hundreds of creators and influencers flying into LA and to destinations around the world. They'll spend all day with the product tomorrow, and they'll begin streaming that product out to their fan bases on Thursday.

當然，這只是一個發布預告片。我們的大多數玩家都在等待幾天後的重大揭曉。我們有數百名創作者和有影響力的人飛往洛杉磯和世界各地。他們明天會花一整天時間關注該產品，並在週四開始向粉絲群推送該產品。

And we're really excited about that because in addition to the various pieces of the overall experience that players have been seeing as part of Battlefield Labs, which again was a very new way for us to really gain alignment with the community around the development of this product, this platform, this will be the first time people really see the true scale of what we've been building and get sneak peeks at what's to come.

我們對此感到非常興奮，因為除了玩家在戰地實驗室中看到的各種整體體驗之外，這對我們來說也是一種與社區就該產品和該平台的開發真正達成一致的方式，這也是人們第一次真正看到我們一直在構建的東西的真實規模，並搶先了解未來的發展。

And with regards to timing around the investment, you should expect from the last full-year guidance range, we said our OpEx growth was predominantly driven by investment in new launches, in particular around Battlefield.

關於投資時機，您應該從上一年度全年指導範圍中預期，我們表示，我們的營運支出成長主要受到新產品的投資推動，尤其是圍繞戰地的投資。

When you think about the phasing and how that plays, you'll notice that in the Q2 quarter, we're up over mid-single digits on OpEx, which is predominantly driven by -- starting to build out the go-to-market campaign, increased investment and resourcing as you bring the title close to commercial launch, the Battlefield Labs event, and even the event that Andrew just referenced coming up in two days' time.

當你考慮階段性及其運作方式時，你會注意到，在第二季度，我們的營運支出增長了中個位數，這主要是由於以下因素推動的：開始開展上市活動，隨著遊戲接近商業發布而增加投資和資源，戰地實驗室活動，甚至安德魯剛才提到的兩天后即將舉行的活動。

So more front-loaded into Q2. We'll continue to see investment into Q3 and beyond as we start to outline more around the product in the coming days.

因此，第二季將投入更多資金。隨著我們在未來幾天開始對產品進行更多概述，我們將繼續看到對第三季及以後的投資。

Mike Hickey, The Benchmark Company.

麥克希基（Mike Hickey），The Benchmark Company。

Congrats guys on a strong quarter. Thanks for taking our questions. Just two quick ones. I'm curious how you're thinking about the competitive setup this year between Battlefield and Call of Duty. Obviously, there's the rumored October 10 release date, which looks like it's very well positioned, if true, but just sort of curious.

恭喜大家本季表現強勁。感謝您回答我們的問題。只需簡單兩句話。我很好奇你如何看待今年《戰地》和《決勝時刻》之間的競爭格局。顯然，有傳言稱該片將於 10 月 10 日發布，如果屬實，這個日期看起來非常合適，但只是有點令人好奇。

How you're thinking about the competitive profile overall? And then, I guess similar in tone, curious about this new Rematch game, Andrew, came out about a month ago. I think it did about 5 million units. Obviously, it's more casual-focused, not a simulation. But do you think that there's any competitive pressure here potentially on your EA SPORTS FC release at the end of September? Thanks, guys.

您如何看待整體的競爭狀況？然後，我想語氣上是相似的，對這款新的 Rematch 遊戲感到好奇，Andrew，大約一個月前問世的。我認為它的銷量約為 500 萬台。顯然，它更注重休閒，而不是模擬。但是您是否認為 9 月底發布的 EA SPORTS FC 可能會帶來任何競爭壓力？謝謝大家。

Yeah, great questions on both. First, we feel very good about the competitive slate relative to Battlefield this year. Certainly, we believe that the game we've built and all the modes around it are very in line with fan expectations around the world, both existing Battlefield fans and new-to-the-franchise fans that we're seeing coming in based on trailer views and what we expect to come through based on our release event in the next couple of days.

是的，這兩個問題都很好。首先，我們對今年《戰地風雲》的競技情況感到非常滿意。當然，我們相信，我們所打造的遊戲以及圍繞遊戲的所有模式都非常符合世界各地粉絲的期望，無論是現有的《戰地》粉絲，還是根據預告片觀看次數以及我們預計在未來幾天的發布活動中會出現的新粉絲。

So we've spent a lot of time and a lot of energy ensuring that this Battlefield is the Battlefield that the community expects, and then some. And so given that, relative to what we're seeing in the marketplace, we feel very, very good about our launch window. And again, shameless plug. Just two days from now you'll hear all about it. So please tune in.

因此，我們花費了大量的時間和精力來確保這個戰場是社區所期待的戰場，甚至更多。因此，鑑於我們在市場上看到的情況，我們對我們的發布窗口感到非常非常滿意。再次，無恥的推銷。兩天後你就會聽到有關此事的全部消息。因此請繼續關注。

As it relates to Rematch, relative to FC, I would tell you, like every great sports team, we love competition. We come to work every day to compete. That's been true for all of our games, especially our sports games, for the best part of 30 or 40 years.

至於與 Rematch、與 FC 有關，我想告訴你，就像每一支偉大的運動隊伍一樣，我們熱愛競爭。我們每天上班都是為了競爭。過去 30 或 40 年來，我們的所有遊戲，尤其是體育遊戲，都是如此。

I think competition makes us better. We're always watching what the competition does. We're always evaluating where there are new needs being met for new players. And we're always looking to work that into the offerings that we have for players.

我認為競爭會讓我們變得更好。我們始終關注著競爭對手的動向。我們始終在評估哪裡可以滿足新玩家的新需求。我們始終致力於將其融入我們為玩家提供的服務中。

When I think about what we do in FC across the magnitude of licenses that we have, the reach of geographies that we operate the game in, the platforms, the business models, the modes; I feel very good about our competitive ability in the context of soccer.

當我想到我們在足球聯賽中所做的事情，包括我們所擁有的許可證數量、我們經營遊戲的地理範圍、平台、商業模式和模式時，我對我們在足球領域的競爭能力感到非常滿意。

We never rest on our laurels. We never sit back with arrogance and pretend we don't have to be thoughtful about what's going on in the marketplace and what new players might want out of the next football experience that they want to play. But net-net, I think we have the greatest football creation team on the planet. And I'm encouraged not just by what they're building this year.

我們從不滿足於現狀。我們從來不會傲慢地袖手旁觀，假裝我們不需要深思熟慮市場上正在發生的事情以及新球員在下一場足球比賽中可能想要得到什麼。但總的來說，我認為我們擁有世界上最偉大的足球創作團隊。我感到鼓舞的不僅僅是他們今年所取得的成就。

And certainly, the demand metrics around FC 26 are very strong, as I said in the prepared remarks. But I'm equally as excited about what they're building in years to come as we think about an upcoming World Cup and the many new social platform features that we've teased in past conversations.

當然，正如我在準備好的發言中所說，FC 26 周圍的需求指標非常強勁。但當我們想到即將到來的世界盃以及我們在過去的對話中提到的許多新的社交平台功能時，我對他們在未來幾年的建設同樣感到興奮。

Thanks, guys. Good luck.

謝謝大家。祝你好運。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Maybe just two on American football. What has been the consumer receptivity this year to sort of bundling the products together between Madden [NFL and EA], and how that might arc as a theme to go to market over the long term based on what you might be seeing this year?

非常感謝您回答這些問題。也許只有兩個關於美式足球的。今年消費者對於 Madden（NFL 和 EA）產品捆綁銷售的接受程度如何？根據您今年的觀察，這種捆綁銷售將如何成為長期市場推廣的主題？

And then in terms of the global scope for the Madden game, you talked a fair bit about that last year during the NFL season as there was more global attention on the game and there's more games being played overseas this year. How do you think about the potential for Madden to be more of a global franchise over time? Thanks so much.

然後就《Madden》遊戲的全球範圍而言，您在去年 NFL 賽季期間談論了很多，因為這款遊戲受到了更多的全球關注，而且今年在海外舉行的比賽也更多了。您認為《Madden》隨著時間的推移有潛力成為全球特許經營系列嗎？非常感謝。

Yeah, great question. You know what we've been talking about since the launch of College Football last year is that we really truly believe this is an American football ecosystem. As we look at the sports broadly, the NFL continues to be 90%-plus of the highest-rated broadcasts in this country.

是的，很好的問題。您知道，自去年推出大學橄欖球以來，我們一直在談論的是，我們真的相信這是一個美式足球生態系統。從廣泛的角度來看，NFL 仍然佔據著該國收視率最高的 90% 以上的體育賽事。

College football continues to grow and certainly as it becomes more professional in nature, the expectation is that fandom will continue to grow and the product itself will continue to improve and really take its place alongside the NFL. As we think about our college football product, our NFL product, and all of the things that we do in between those two things, we believe it will act as a multiplier effect.

大學橄欖球運動持續發展，隨著其性質越來越職業化，人們期望它的粉絲數量會繼續增長，產品本身也會不斷改進，並真正與 NFL 並駕齊驅。當我們考慮我們的大學橄欖球產品、我們的 NFL 產品以及我們在這兩件事之間所做的所有事情時，我們相信它將發揮乘數效應。

As a brand, EA SPORTS has had the benefit of nearly 40 years of working symbiotically with sports to both help grow the sport and have the sport help grow our business. And we feel very good about how that will work in the context of NFL and our college property.

作為一個品牌，EA SPORTS 已與體育界緊密合作了近 40 年，既幫助體育界發展，也讓體育界幫助我們的業務成長。我們對這項舉措在 NFL 和我們大學財產的背景下如何發揮作用感到非常滿意。

One part of that, of course, is the dual purchase of those two products. It was very successful last year. We expect it will continue to be well received by our fan base this year. But as we think medium term to longer term, we have a vision to do significantly more in the context of connecting those two experiences and really harnessing the full power of football fandom.

當然，其中一部分是同時購買這兩種產品。去年非常成功。我們預計今年它將繼續受到粉絲的熱烈歡迎。但從中期和長期來看，我們的願景是在連結這兩種體驗並真正發揮足球迷的全部力量方面做得更多。

And again, in the same way we have teased with FC. We've also teased this in the context of American football of this broader social ecosystem where you can come not just to compete, not just to collaborate, but also to celebrate your fandom.

再次，就像我們之前對 FC 所做的那樣。我們也在美式足球的更廣泛的社會生態系統的背景下對此進行了探討，在這裡你不僅可以來競爭，不僅可以來合作，還可以來慶祝你的粉絲身份。

And so as we look over the medium to long term, we believe there's incredible growth opportunity in the American football ecosystem broadly, almost certainly in this country, but also as we see the NFL doing more and more internationally.

因此，從中長期來看，我們相信美式足球生態系統有著令人難以置信的成長機會，幾乎肯定是在美國，我們也看到 NFL 在國際上做得越來越好。

Having just returned from Australia and having all of my friends ask me about NFL, I can testify that yes, the fandom around the world is truly growing. In the same way we've seen growth of FC in North America as the sport's grown here. You remember in the last World Cup, North American sales grew 50%. I actually expect that we should start to see, over the course of time, growth in demand around the Madden product in particular and perhaps also the college product internationally.

我剛從澳洲回來，所有的朋友都問我關於 NFL 的問題，我可以證明，是的，世界各地的 NFL 粉絲群確實在不斷增長。正如足球運動在北美蓬勃發展一樣，我們也看到了足球聯賽在北美的發展。您記得在上屆世界盃上，北美的銷售額成長了 50%。我實際上預計，隨著時間的推移，我們應該開始看到對 Madden 產品的需求成長，或許還有國際上對大學產品的需求成長。

Thank you.

謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Thank you for taking my question. Maybe in a similar vein to the last question. Now that you've had more than a full cycle to collect the data, how distinct are the player bases between College Football and Madden? And how important is it to kind of keep them as distinct-feeling experiences when someone actually plays the game?

感謝您回答我的問題。可能與上一個問題類似。現在您已經完成了一個多周期的資料收集，那麼《大學橄欖球》和《Madden》的玩家群有何不同？當人們真正玩遊戲時，保持這些獨特的感覺體驗有多重要？

I'd like to say the fan bases are hundreds of millions strong, but what we do know is there's meaningful crossover. But there is real expectation of differentiation between the two experiences. And if you read any of the feedback that we're getting on the launch of College Football this year, it's being recognized that how we are manifesting the individuality of what College Football is and all the pageantry and what happens across 150 schools and the various playbooks that are used in College Football relative to the NFL. And then what -- the spectacle of what the NFL brings in the context of Madden.

我想說粉絲群有數億之多，但我們確實知道存在有意義的交叉。但人們確實期望這兩種體驗能夠有所區別。如果你讀過我們今年推出大學橄欖球時收到的任何回饋，你就會知道，我們體現了大學橄欖球的個性，以及 150 所學校的盛況和比賽內容，以及相對於 NFL，大學橄欖球使用的各種戰術手冊。然後是什麼——NFL 在 Madden 的背景下帶來了什麼奇觀。

So I think that even as we continue to build experiences that are more deeply connected and offer fans an opportunity to engage deeply in both, we will always maintain the differentiation between what is the core experience, not just on what happens on the field, but the essence of what the sport delivers to fans.

因此我認為，即使我們繼續建立聯繫更緊密的體驗，並為球迷提供深入參與的機會，我們也將始終保持核心體驗之間的差異化，這不僅僅是球場上發生的事情，而是運動為球迷帶來的本質。

And that will almost always be a little different amongst college and the NFL. But our belief is that in the context of the two games that we make and all of the social features and ecosystem we build around it, that we can both capture that individuality and meet the needs of players across the two franchises.

而大學和 NFL 之間的情況幾乎總是會有些不同。但我們相信，在我們製作的兩款遊戲以及我們圍繞它構建的所有社交功能和生態系統的背景下，我們既可以捕捉到這種個性，又可以滿足兩個系列玩家的需求。

Great, thank you. Maybe just a quick follow-up there. We saw some of the reports earlier in the month about a potential return to college basketball. So I guess in the context of your undeniable success with College Football so far, how are you viewing the broader basketball ecosystem as an opportunity, since you haven't had a pro game in a few years? Thank you.

太好了，謝謝。也許只是快速跟進一下。本月早些時候，我們看到了一些關於可能重返大學籃球的報導。因此，我想，鑑於您迄今為止在大學橄欖球方面取得的無可否認的成功，由於您已經有幾年沒有參加過職業比賽了，您如何看待更廣泛的籃球生態系統作為一個機會？謝謝。

Yeah, great question. We can't say too much about it yet, but if I think about the opportunity, going back to where we are in College Football, college sports are some of the most vibrant fan bases in the world. And that trickles over to basketball.

是的，很好的問題。我們現在還不能透露太多，但如果我考慮這個機會，回到我們現在的大學橄欖球運動，大學運動是世界上最具活力的球迷群體之一。這也影響了籃球。

Certainly, we're seeing momentum of fandom in college basketball also continue to grow. Fans, athletes, universities pour their passion into these sports. And it is that passion that makes them special. It's what makes the games different, for the first part of your question.

當然，我們看到大學籃球球迷的熱情也持續增長。球迷、運動員、大學都對這些運動傾注了熱情。正是這種熱情讓他們變得特別。對於你問題的第一部分，這就是遊戲的不同之處。

But with that comes high expectations and a demand for deeply authentic experiences, capturing the action on the field or the court, representing the energy, pageantry, the traditions, and celebrating unique sights and sounds and stories of every school and rivalry.

但隨之而來的是很高的期望和對深度真實體驗的需求，捕捉球場上的動作，展現活力、盛況和傳統，並慶祝每個學校和對手的獨特視覺、聲音和故事。

We feel like we deliver that incredibly well with College Football. A 140 schools represented the bowls, the playoffs, the trophies. I think the groundbreaking NIL program that we were able to activate, ensuring more than 11,000 student-athletes could be included and compensated in the game. It's a great representation of how we think about college sports.

我們覺得我們在大學橄欖球比賽中表現得非常好。140 所學校代表隊參加碗賽、季後賽和獎盃賽。我認為我們能夠啟動的開創性的 NIL 計劃確保超過 11,000 名學生運動員能夠參與比賽並獲得補償。它很好地體現了我們對大學運動的看法。

We'd love to do the same for basketball all 350 programs, men's and women's teams, the iconic traditions and rivalries, and of course March Madness. So for us, college sports broadly is an exciting opportunity. We feel like we've done a really strong job and are going to remain committed to doing that in the context of College Football.

我們希望為所有 350 個籃球項目、男子和女子球隊、標誌性的傳統和競爭，當然還有瘋狂三月，做同樣的事情。因此對我們來說，大學體育運動總體上是一個令人興奮的機會。我們覺得我們已經做得非常出色了，並且將繼續致力於在大學橄欖球的背景下做到這一點。

We believe that with what we've done with the teams, the technology, and our commitment around College Football, we'd have a great ability to do the same for college basketball. And as we look to try and activate against that opportunity, we'll be able to share more.

我們相信，憑藉我們在球隊、技術以及對大學橄欖球的承諾方面所做的努力，我們完全有能力為大學籃球做出同樣的貢獻。當我們嘗試抓住這個機會時，我們將能夠分享更多資訊。

Great, thank you.

太好了，謝謝。

Corey Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Good afternoon. Thanks for the question. There's been some significant changes to App Store economics following the Apple-Epic ruling a few months ago. Curious, does this change your thinking at all around the mobile opportunity or perhaps open up new ways for you to engage with players on the mobile platform? And perhaps related to that, any update you can provide on the EA SPORTS app would be helpful. Thank you.

午安.謝謝你的提問。幾個月前蘋果與 Epic 的裁決之後，App Store 的經濟狀況發生了一些重大變化。我很好奇，這是否會改變您對行動機會的看法，或者是否為您在行動平台上與玩家互動開闢了新的方式？也許與此相關，您在 EA SPORTS 應用程式上提供的任何更新都會有所幫助。謝謝。

Yeah, there have been some real changes. Our orientation has always been to meet fans where they are. That has meant that we've delivered experiences on console, on PC, and on mobile. It's meant that we've delivered monetization for those experiences through both third-party and our own stores.

是的，確實發生了一些變化。我們的宗旨始終是去粉絲所在的地方與他們見面。這意味著我們已經在遊戲機、PC 和行動裝置上提供了體驗。這意味著我們已經透過第三方和我們自己的商店實現了這些體驗的貨幣化。

As we think about these emerging opportunities, we're going to continue to meet fans where they are. And to the extent that we can offer fans extraordinary experiences and remove the friction for them to invest in that, we will do so. But not to the detriment of the fan experience.

當我們考慮這些新興機會時，我們將繼續在粉絲所在的地方與他們見面。只要我們能夠為粉絲提供非凡的體驗並消除他們投資的阻力，我們就會這樣做。但這不會損害粉絲的體驗。

Encourage that a little bit onto that, obviously we don't yet break out the contributions, but I think what you heard us start to say, and to Andrew's point a second ago, is we want to continue to make sure that we create a frictionless experience, obviously meeting players certainly by territory and countries.

鼓勵大家稍微注意這一點，顯然我們還沒有公佈具體的貢獻，但我想你聽到我們開始說的話，以及安德魯剛才的觀點是，我們希望繼續確保我們創造一種無摩擦的體驗，顯然會根據地區和國家來滿足玩家的需求。

And we've noted before that four of the top five territories in mobile are completely distinct and different from the HD properties. And by virtue of the infrastructure from an economic perspective in those countries where web stores are applicable for us in particular, or different bespoke ways for us to reach those players and create a frictionless funding mechanic, we'll obviously try and drive that.

我們之前已經注意到，行動領域排名前五的地區中有四個與高清領域截然不同。從經濟角度來看，在那些網路商店特別適合我們的國家，憑藉其基礎設施，或者透過不同的客製化方式讓我們接觸到這些玩家並創建一種無摩擦的融資機制，我們顯然會嘗試並推動這一點。

It will naturally have a greater contribution to us on overall profitability. And you started to see us within FC be far more expansive in this approach and to great success thus far. But again, back to Andrew's point, we'll continue to make sure that it's the right experience and the right platform mechanic for us to monetize. So obviously, we'll look for that opportunity as we continue to expand globally.

這自然會對我們的整體獲利能力產生更大的貢獻。您開始看到我們在 FC 內部以這種方法更加廣泛地開展工作，並且迄今為止取得了巨大的成功。但是，再次回到安德魯的觀點，我們將繼續確保它是正確的體驗和正確的平台機制，以便我們可以實現盈利。因此，顯然，我們會在繼續全球擴張的過程中尋找這樣的機會。

Okay, well thank you everyone for joining us and for your thoughtful questions. We've had a great start to FY26 and we're seeing real strength across the portfolio as we execute against our strategy that's delivering momentum as we go into the rest of the year.

好的，非常感謝大家的參與以及提出深思熟慮的問題。我們在 2026 財年取得了良好的開端，隨著我們按照策略執行，我們看到整個投資組合都展現出真正的實力，這為我們進入今年剩餘時間提供了動力。

I'd also like to say, please tune in in two days to see our Battlefield reveal. I know you have many questions. A great many of those will be answered, and you may leave with some more questions. But almost all of them, I hope, will be positive in nature. So thank you very much, and we will see you next quarter.

我還想說，請在兩天後收看我們的戰場揭秘。我知道你有很多疑問。其中許多問題都會得到解答，但您可能會留下更多問題。但我希望，幾乎所有這些改變都是正面的。非常感謝您，我們下個季度再見。

That concludes today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。