美商藝電 (EA) 2020 Q4 法說會逐字稿

Good afternoon. My name is Suzanne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q4 2020 Earnings Conference Call. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我是蘇珊娜，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加2020年第四季財報電話會議。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。

Thank you, Suzanne. Hi, everyone, and welcome to EA's Fourth Quarter Fiscal 2020 Earnings Call. With me from their homes today are Andrew Wilson, our CEO; and Blake Jorgensen, our COO and CFO.

謝謝蘇珊娜。大家好，歡迎參加EA 2020財年第四季財報電話會議。今天透過網路連線參加會議的有我們的執行長安德魯威爾遜，以及營運長兼財務長布萊克喬根森。

Please note that our SEC filings, our earnings release, our financial model and our earnings slides are available at ir.ea.com. We will post an audio replay, a copy of these prepared remarks and a transcript after the call.

請注意，我們的美國證券交易委員會文件、獲利報告、財務模型和獲利簡報均可在ir.ea.com上查閱。電話會議結束後，我們將發布錄音回放、本次發言稿副本和文字記錄。

With regards to our calendar, our Q1 fiscal 2021 earnings call is scheduled for Thursday, July 30, 2020. Many of the usual opportunities we have to meet with investors, such as conferences, are unavailable at this time. We're building out a program of virtual tours to reach as many of you as possible over the coming weeks and months directly and through partnering with sell-side analysts.

關於我們的日程安排，2021財年第一季財報電話會議定於2020年7月30日（星期四）舉行。目前，我們許多與投資者會面的常規機會，例如會議，都無法進行。我們正在製定一系列線上活動計劃，以便在未來幾週和幾個月內，透過與賣方分析師合作以及直接開展的方式，盡可能多地與各位投資者進行交流。

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. And note in particular that these forward-looking statements may be affected by risks related to the COVID-19 pandemic. We refer you to our most recent Form 10-Q and our earnings release for a discussion of risks, including those related to COVID-19, that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, May 5, 2020, and disclaims any duty to update them.

本次演示及我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。尤其需要注意的是，這些前瞻性陳述可能受到與新冠肺炎疫情相關的風險的影響。關於可能導致實際結果與今天討論的結果存在重大差異的風險（包括與新冠肺炎疫情相關的風險），請參閱我們最新的10-Q表格和盈利報告。藝電（Electronic Arts）於2020年5月5日發布上述聲明，並聲明不承擔更新這些聲明的義務。

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。

And now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. This is a challenging time for everyone. As global citizens, we are all enduring a period of great uncertainty and continuing to fight the spread of the coronavirus pandemic. We're here to report on our quarterly results for the fourth quarter of fiscal year 2020, and Blake and I will speak to those. However, our focus, first and foremost, has been on the health and well-being of our teams and their families during the COVID-19 situation. I'll start by sharing a little about our actions to support our employees around the world.

謝謝，克里斯。對每個人來說，這都是一段充滿挑戰的時期。身為全球公民，我們都在經歷一段充滿不確定性的時期，並持續對抗新冠病毒疫情的蔓延。我們今天在這裡報告2020財年第四季的業績，我和布萊克將就此進行講解。然而，在新冠疫情期間，我們始終將團隊成員及其家人的健康和福祉放在首位。首先，我將簡要介紹我們為支持全球員工所採取的措施。

We have an internal COVID-19 task force that has been tracking and making decisions on a daily basis since January to keep our teams safe, including early decisions to restrict business travel, cancel events and close our Shanghai and Seoul facilities. By mid-March, we shifted nearly all of our global workforce to work from home in response to the growing threat of the pandemic. Through this transition, we've put a heavy focus on ensuring our people have everything they need to balance the challenges of work and home life during stay-at-home orders and physical distancing.

自一月以來，我們成立了內部新冠疫情應對小組，每天追蹤疫情動態並做出相應決策，以保障團隊成員的安全，其中包括早期限製商務旅行、取消活動以及關閉上海和首爾的辦公室。到三月中旬，鑑於疫情威脅日益加劇，我們已將全球幾乎所有員工的辦公模式調整為居家辦公。在此過渡期間，我們始終高度重視確保員工擁有平衡工作與生活所需的一切資源，以應對居家隔離和維持社交距離所帶來的挑戰。

We continue to be in a work-from-home status for all of our locations outside of Shanghai. We have detailed protocols to evaluate our readiness to return in each of our offices when the time is right, accounting for guidance from health authorities and government, the comfort level of our employees and preparation of our facilities for continued physical distancing. We're planning for the return to take place over an extended period, and we make -- as we make longer-term changes to our locations and practices in response to the pandemic. We will continue to do everything we need to support our teams as we go forward.

除上海以外，我們所有辦公地點目前仍實施居家辦公。我們制定了詳細的方案，以便在時機成熟時評估各辦公室的復工準備情況，評估內容包括衛生部門和政府的指導意見、員工的舒適度以及辦公場所為保持社交距離所做的準備。我們計劃在較長一段時間內逐步恢復線下辦公，並會根據疫情發展情況，對辦公地點和運作方式做出長期調整。我們將竭盡所能，為團隊提供支援。

Moving to our results. We finished a strong year for Electronic Arts with fourth quarter and full year revenue and earnings above our previously raised guidance. The innovation that we are delivering to players across the breadth of our games and live services continues to drive strength in our business. I'll touch on a few examples from the year.

接下來談談我們的業績。藝電(Electronic Arts)今年表現強勁，第四季和全年營收及獲利均超出先前上調的預期。我們持續為玩家帶來涵蓋遊戲和線上服務的創新體驗，這進一步推動了業務成長。我將舉幾個例子來說明今年的表現。

EA SPORTS is a pillar of our portfolio and continues to bring more players together. FIFA is one of the biggest and most engaging entertainment franchises in the world. With approximately 100 million players engaging globally in our FIFA franchise, more than 25 million unique players have joined FIFA 20 so far with VOLTA opening up an entirely new dimension of the game and FIFA Ultimate Team continue to grow as the most popular mode. FIFA Online in Asia also continues its momentum, significantly outperforming our expectations.

EA SPORTS 是我們產品組合的支柱，並持續吸引更多玩家。 FIFA 是全球最受歡迎、最具吸引力的娛樂品牌之一。 FIFA 系列遊戲在全球擁有約 1 億玩家，其中 FIFA 20 目前已吸引超過 2500 萬獨立玩家加入，VOLTA 模式為遊戲開闢了全新的維度，而 FIFA Ultimate Team 模式也持續增長，成為最受歡迎的模式。 FIFA Online 在亞洲也維持強勁的發展勢頭，表現遠超預期。

Madden NFL is a cultural icon in football, gaming and entertainment, and it just had its biggest year ever. We took a new approach to launching and rolling out new modes of play in Madden NFL 20, and the result was the highest engagement levels in franchise history.

《麥登橄欖球》是橄欖球、遊戲和娛樂界的文化標誌，而它剛剛經歷了有史以來最輝煌的一年。我們在《麥登橄欖球20》中採用了全新的方式推出和推廣新的遊戲模式，最終實現了該系列歷史上最高的用戶參與度。

Apex Legends was the most downloaded free-to-play game on PS4 in 2019 and continues to grow as an innovative long-term service for players. It's been continually recognized as one of the best multi-player experiences available. And with each new season of content, Respawn had been delivering more of what players love from lore to new legends to in-game events.

《Apex英雄》是2019年PS4平台下載量最高的免費遊戲，並持續發展成為一款創新且永續的玩家服務。它一直被公認為最佳多人遊戲體驗之一。隨著每個新賽季內容的推出，Respawn工作室不斷為玩家帶來更多他們喜愛的內容，從遊戲背景故事到全新傳奇角色，再到各種遊戲內活動，應有盡有。

Before COVID-19 stay-at-home orders began, season 4 was already outperforming each of the 2 prior seasons, and the Old Ways Event in April has become the most successful ever for Apex. Our Apex esports tournaments have generated approximately 2x the average viewing audience of other top esports leagues. Respawn have added more teams in our development organization to work on great new content, and we continue to have a strong focus on the thriving Apex Legends community.

在新冠疫情居家隔離令生效之前，第四賽季的表現就已經超越了前兩個賽季，而四月份的「舊日之道」活動更是成為了Apex英雄史上最成功的賽事。我們的Apex電競錦標賽的平均觀眾人數約為其他頂級電競聯賽的兩倍。 Respawn已在開發部門增設了更多團隊，致力於打造精彩的新內容，我們也將繼續高度重視蓬勃發展的Apex英雄社群。

Star Wars Jedi: Fallen Order is one of the breakout titles of the last several years. More than 10 million unique players have joined the game since launch, a rare achievement for a first title in an entirely new franchise. It's a meticulously well-crafted game, and it continues to give fans a deeply engaging and original Star Wars experience.

《星際大戰絕地：墮落的武士團》是近幾年最熱門的遊戲之一。自發性售以來，已有超過1000萬獨立玩家加入遊戲，這對於一個全新系列的首款作品來說實屬罕見。這款遊戲製作精良，持續為粉絲帶來引人入勝、獨具特色的星際大戰體驗。

The Sims 4 inspires an entirely different gaming audience and one that continues to grow. It provides a completely unique experience from anything else in the market, and FY '20 was its biggest year since launch. In every quarter this year, monthly average players in the Sims 4 were higher than the previous year. Our Sims community is diverse and highly creative, and our success continues to be built on delivering a wide variety of content and ways to engage for players with very different interests.

《模擬市民4》吸引了截然不同的遊戲玩家群體，而且這個群體還在不斷壯大。它為玩家提供了市場上獨一無二的遊戲體驗，2020財年更是自遊戲發售以來業績最輝煌的一年。今年每個季度，《模擬市民4》的月均玩家數量都超過了去年同期。我們的《模擬市民》玩家社群多元化且極富創造力，而我們持續取得成功，正是源自於我們不斷為擁有不同興趣嗜好的玩家提供豐富多元的內容和互動方式。

With more people staying at home in the fourth quarter, we did see rise in usage and engagement levels in many of our games. We're humbled to see people wanting to connect through our games during this time, in part, has been made possible by the amazing work of our teams and our technology investments across the company. For more than 5 years, we've been investing in a single technology infrastructure architecture and digital platform as we accelerate into a digital world. That's enabled us to provide mobility for our employees in this environment and maintain strong productivity.

第四季居家辦公人數增加，我們旗下多款遊戲的使用者使用率和參與度也隨之提升。我們深感榮幸，看到大家在這個特殊時期依然選擇透過我們的遊戲進行交流，這在一定程度上要歸功於我們團隊的卓越工作以及公司在技術方面的持續投入。五年來，我們不斷投資建構統一的技術基礎架構架構和數位化平台，加速邁向數位化時代。這使我們能夠在當前環境下為員工提供靈活的工作方式，並保持高效的生產力。

But the real story is the people of Electronics Arts. We have such tremendously talented, dedicated and determined teams. They've come together in the strongest and most inspiring way through this pandemic response period in service of each other and in service of our players. And as a result, we have been able to adapt and scale in this changing environment where engagement in our games has reached new peaks and continues at elevated levels through the current quarter to date.

但真正值得稱讚的是藝電的員工。我們擁有才華洋溢、盡責、意志堅定的團隊。在應對疫情的這段時間裡，他們以最強大、最鼓舞人心的方式團結在一起，互相扶持，也竭誠為玩家服務。正因如此，我們才能適應不斷變化的環境並實現規模化發展，遊戲參與度也達到了新的高峰，並且在本季度至今仍保持著高位增長。

We've had a deep focus on our players through this time, our amazing studio teams have delivered great live service content while working from home, including FIFA Ultimate Team events, Madden Ultimate Team content, the NFL Draft and new additions to Star Wars: Galaxy of Heroes. We also launched our stay-at-home play together initiative to do some special things for our players as shelter-in-place orders began to take effect in March.

在此期間，我們始終將玩家放在首位。在我們優秀的團隊居家辦公期間，依然為玩家們帶來了精彩的線上服務內容，包括FIFA Ultimate Team賽事、Madden Ultimate Team內容、NFL選秀以及《星際大戰：銀河英雄傳》的全新內容。此外，隨著3月居家隔離令的生效，我們也推出了「居家同樂」活動，為玩家們準備了一些特別的驚喜。

Thanks to the dedicated work of our teams and our partners, we've delivered dozens of stay and play programs to date from special community live streams and giveaways to athletes and celebrities playing our games with fans. Our sports teams launched a fully cloud-based broadcasting platform that allows us to produce high-quality esports content with competitors, hosts and production staff all safely at home. We've since conducted major online tournaments for Apex Legends, Madden NFL 20, FIFA Online 4 and FIFA 20, including the FIFA Stay and Play Cup, a $1 million charity tournament for COVID-19 relief that brought together top European clubs and footballers and aired in more than 100 countries. We've now executed or plan to execute in the coming months more than 100 celebrity, athlete, community and charity online esports events.

感謝我們團隊和合作夥伴的辛勤付出，迄今為止，我們已成功舉辦了數十場「居家暢玩」活動，包括特別的社區直播、贈品活動，以及運動員和名人與粉絲一起暢玩我們的遊戲。我們的運動團隊推出了完全基於雲端的直播平台，使我們能夠讓參賽者、主持人以及製作人員在家中安全地製作高品質的電競內容。此後，我們舉辦了多場大型線上賽事，涵蓋《Apex英雄》、《麥登橄欖球20》、《FIFA Online 4》和《FIFA 20》，其中包括「FIFA居家暢玩杯」。這項獎金高達100萬美元的慈善賽事旨在為新冠疫情救助籌集資金，匯聚了歐洲頂級俱樂部和足球運動員，並在100多個國家播出。目前，我們已經舉辦或計劃在未來幾個月舉辦超過100場名人、運動員、社區和慈善性質的線上電競賽事。

The global crisis has also been hitting local communities very hard, and we've increased the funding in our charitable match program to support local organizations around the world. Our teams have also been doing extraordinary things to help in their communities, from sourcing quantities of personal protective equipment for health care workers to food drives and much more, and we're supporting them in any way we can. I want to say a huge thanks again to the people of Electronic Arts in making all of this possible. Because of their fast and determined work, we've responded well to this global challenge, and we're in a good position to continue connecting more players through great games and content and supporting our communities when and where they need it most.

這場全球危機也為各地社區帶來了沉重打擊，我們已增加慈善配捐計畫的資金，以支持世界各地的當地組織。我們的團隊也一直在為社區做出非凡的貢獻，從為醫護人員籌集大量個人防護裝備到組織食品捐贈等等，我們都在盡一切努力為他們提供支持。我要再次衷心感謝藝電（Electronic Arts）的所有員工，是他們的努力讓這一切成為可能。正是由於他們迅速而堅定的工作，我們才能有效應對這場全球挑戰，並有能力繼續透過優秀的遊戲和內容連結更多玩家，並在社群最需要的時候為他們提供支持。

Looking to FY '21, we are growing our portfolio of high-quality and innovative new games. We are planning to launch 14 new titles to play this fiscal year. That includes 4 new EA SPORTS titles, FIFA, Madden, NHL and 1 more unannounced sports title, all of which deliver on the mix of creativity, authenticity and quality that sets EA SPORTS apart. EA SPORTS will also lead for us on the next-generation consoles this year, and we're excited to share more about the breakthroughs in those experiences soon.

展望2021財年，我們將持續擴充高品質、創新遊戲陣容。本財年，我們計畫推出14款全新遊戲，其中包括4款EA SPORTS新作、FIFA、Madden、NHL以及一款尚未公佈的運動遊戲。所有遊戲都將秉承EA SPORTS一貫的創意、真實性和高品質，力求完美融合。 EA SPORTS今年也將持續引領次世代主機遊戲的發展，我們期待盡快與大家分享更多相關突破性體驗。

Our FY '21 plans also include 4 more games drawing on the breadth of our IP from Command & Conquer Remastered to unannounced games for console and PC. We'll have more games from indie developers launching this year through EA partners and 2 new mobile titles leveraging top IP that will bring to players worldwide.

我們2021財年的計畫還包括四款新遊戲，涵蓋了我們豐富的IP資源，從《命令與征服：重製版》到尚未公佈的主機和PC遊戲。今年，我們將透過EA合作夥伴推出更多獨立開發者的遊戲，以及兩款利用頂級IP打造的全新行動遊戲，為全球玩家帶來精彩體驗。

With our team's expertise in live services, we're also building some of the biggest ongoing experiences in the industry. We have a lot more for the growing Apex Legends community this year, starting next week with Season 5. Maxis will continue delivering Sims 4 content that empowers self-expression and fuels the creativity of our diverse player audience.

憑藉我們團隊在線上服務方面的專業知識，我們正在打造業內一些最大的持續性體驗。今年，我們將為不斷壯大的《Apex英雄》社群帶來更多精彩內容，第五季將於下周正式開啟。 Maxis 將持續推出《模擬市民4》內容，鼓勵玩家表達自我，激發我們多元化玩家群的創造力。

In addition, our new EA SPORTS games will continue delivering fans daily connection to sports through our live services even if the real-world leagues and teams aren't back in action yet. And we are also working to bring more content to FIFA Online and Apex Legends in Asia that will excite our current players and welcome new ones.

此外，即使現實世界中的聯賽和球隊尚未恢復比賽，我們的全新EA SPORTS遊戲也將繼續透過我們的直播服務，為球迷提供每日的體育賽事互動。同時，我們也努力為亞洲地區的FIFA Online和Apex Legends帶來更多精彩內容，以期讓現有玩家興奮不已，並吸引更多新玩家加入。

This year, we plan to grow our communities across more platforms and ways to play. Building on our announcement with Google Stadia last week, we plan to bring our games to more digital distribution channels. We'll take our subscription service to a fourth platform in Steam, and we're also planning to deliver for more Nintendo fans with multiple EA games set to launch on Nintendo Switch this year.

今年，我們計劃在更多平台和遊戲方式上拓展我們的社群。繼上周宣布與 Google Stadia 合作之後，我們計劃將遊戲帶到更多數位發行管道。我們將把訂閱服務擴展到第四個平台——Steam，同時，我們也計劃為更多任天堂粉絲帶來驚喜，今年將在 Nintendo Switch 上推出多款 EA 遊戲。

As we begin FY '21, our outlook for the year is strong. We also know there is uncertainty ahead as COVID-19 situation continues to unfold. Factors like macroeconomic challenges, the status of sports seasons, unknown impacts to our business partners and long-term impacts to our productivity in a global work-from-home environment are among the areas we will be watching closely and could affect both player behavior and our ability to deliver on our planned time lines.

2021財年伊始，我們對全年的前景充滿信心。但我們也意​​識到，隨著新冠疫情的持續發展，未來仍有許多不確定性。宏觀經濟挑戰、體育賽事安排、對業務夥伴的未知影響以及全球居家辦公環境下對我們生產力的長期影響等因素，都將是我們密切關注的重點，它們可能會影響球員的行為以及我們按計劃完成任務的能力。

We are thankful for the extraordinary people that we have Electronic Arts and for their dedication to each other, to our players, to our communities and our company. Now I'll turn the call over to Blake.

我們感謝藝電公司所有傑出的員工，感謝彼此之間、對玩家、對社群、對公司的奉獻。現在，我將把電話交給布萊克。

Thanks, Andrew. We had a strong year, but it is impossible for me to reflect on the past 12 months without acknowledging that we are all currently going through a very difficult time, and I hope that you and those close to you are healthy and safe.

謝謝你，安德魯。我們過去一年成績斐然，但回顧過去12個月，我必須承認，我們目前都正經歷著一段非常艱難的時期，我希望你和你的親人都健康平安。

I'd like to focus on the impacts we're seeing in our business. First and foremost, we are concerned for the safety and well-being of our people. Andrew has given you a brief introduction to the measures we have taken and continue to take. Teams across the company have shown extraordinary innovation in meeting the challenges of delivering games from home. Developing a game from home inevitably carries risks, and we haven't yet solved all those problems. But for example, we just had a very successful FIFA Ultimate Team Birthday event. Apex Legends Season 5 is about to launch, and we expect to see the next Sims expansion; and Command & Conquer Remastered to both launch in June as scheduled. Learning from this period will forever change the way we work at EA.

我想重點談談疫情對我們業務的影響。首先，我們最關心的是員工的安全和福祉。 Andrew 已經簡要地介紹了我們已經採取和正在採取的措施。公司各團隊在應對居家遊戲開發挑戰方面展現了非凡的創新能力。居家開發遊戲不可避免地有風險，我們尚未解決所有問題。但例如，我們剛剛成功舉辦了一場 FIFA Ultimate Team 的周年慶活動。 《Apex英雄》第五季即將上線，我們預計《模擬市民》的下一個擴充包以及《命令與征服：重製版》都將按計畫在六月發布。從這段時期汲取的經驗教訓將永遠改變 EA 的工作方式。

Secondly, there is a question as to how this might affect how players behave. From Andrew, you've heard that people are playing our games a lot more, and we've seen a corresponding large rise in live service revenues that continues today. Our results this quarter proved the value of the live service path that we've been on now for a decade. The breadth and depth of our live services give us tremendous flexibility at times like this to meet player needs in a variety of ways.

其次，這或許會對玩家的行為產生影響。正如安德魯所說，玩家玩我們遊戲的時間明顯增多，我們也看到線上服務收入大幅成長，而且這一趨勢至今仍在持續。本季度的業績證明了我們過去十年堅持的線上服務模式的價值。我們線上服務的廣度和深度讓我們在當前情況下擁有極大的靈活性，並能夠以多種方式滿足玩家的需求。

The closure of physical retail has not yet affected the sales of full games with sales actually above where we would have expected them to be at this time of the year. This suggests that people who want a game are finding a title in our catalog and downloading a digital copy or ordering a physical copy online. In addition, the shift to digital since the last recession reduces both the impact of store closures and of inventory risk. Physical game sales comprised 84% of our annual net bookings in fiscal 2009 compared to only 20% last year.

實體零售店的關閉尚未影響到完整遊戲的銷售，銷售量實際上高於我們預期同期水準。這表明，想要玩遊戲的玩家會在我們的遊戲目錄中找到心儀的作品，然後下載數位版或線上訂購實體版。此外，自上次經濟衰退以來，向數位化的轉型降低了實體店關閉的影響以及庫存風險。 2009財年，實體遊戲銷售額占我們年度淨預訂的84%，而去年這一比例僅20%。

Turning to our results. I'll report them on a GAAP basis, then use our operational measures of net bookings to discuss the business dynamics. To compare results to historically reported non-GAAP measures, please refer to the relevant tabs in our downloadable financial model.

接下來談談我們的業績。我將先按照美國通用會計準則（GAAP）進行報告，然後使用淨預訂量等營運指標來探討業務動態。如需將績效與以往報告的非GAAP指標進行比較，請參閱我們可下載的財務模型中的相關標籤頁。

GAAP net revenue for the fiscal year was $5.54 billion; cost of revenue, $1.37 billion. Operating income was $1.45 billion, delivering an EPS of $10.30, including onetime tax benefit of $5.97 that we previously discussed. These results enabled us to deliver free cash flow of $1.66 billion.

本財年GAAP淨收入為55.4億美元；營業成本為13.7億美元。營業收入為14.5億美元，每股收益為10.30美元，其中包括我們之前討論過的5.97美元一次性稅收優惠。這些業績使我們實現了16.6億美元的自由現金流。

Total net bookings for the fiscal year were $5.21 billion, up 5.4% year-on-year. At constant currency, growth would have been over 7%. Digital net bookings accounted for $4.05 billion of this. Live services net bookings were $2.78 billion, up 15% year-on-year driven by strength across our business.

本財年淨預訂總額為52.1億美元，較去年同期成長5.4%。以固定匯率計算，增幅將超過7%。其中，數位業務淨預訂額為40.5億美元。直播服務淨預訂金額為27.8億美元，較去年同期成長15%，主要得益於我們各項業務的強勁成長。

Moving on to the details of our fourth quarter. GAAP net revenues for the quarter were $1.39 billion, above our guidance by $62 million. Operating expenses were $717 million, slightly less than what we guided. Operating income was $401 million and resulted in earnings per share of $1.43, $0.38 better than our guidance. Operating cash flow for the quarter was $498 million, down $101 million from last year, driven by increased royalties and cash taxes paid. Capital expenditures for the quarter were $40 million, resulting in a free cash flow of $458 million. You can see this in our earnings slide for further cash flow information.

接下來是第四季的詳細情況。本季GAAP淨收入為13.9億美元，超出預期6,200萬美元。營運支出為7.17億美元，略低於預期。營運利潤為4.01億美元，每股收益為1.43美元，比預期高出0.38美元。本季營運現金流為4.98億美元，較去年同期減少1.01億美元，主要原因是特許權使用費和現金稅款支出增加。本季資本支出為4000萬美元，自由現金流為4.58億美元。更多現金流信息，請參閱我們的收益報告幻燈片。

During the quarter, we repurchased 2.7 million shares at a cost of $291 million. Since quarter end, we have completed our 2-year $2.4 billion repurchase program. Due to the uncertainty of the markets and in the economy, management and the Board have chosen to postpone a review of our capital return plans until next quarter. Let me emphasize that this is a precaution. Our business today is extremely strong.

本季度，我們以2.91億美元的價格回購了270萬股股票。自季度末以來，我們已完成為期兩年的24億美元股票回購計畫。鑑於市場和經濟情勢的不確定性，管理層和董事會決定將資本回報計畫的審查推遲到下個季度。我要強調的是，這只是一項預防措施。我們目前的業務非常強勁。

Our cash and short-term investments at the end of the quarter were $5.74 billion. Our balance sheet is very strong. With regards to debt, we have $1 billion in senior notes with $600 million maturing in March 2021 and $400 million due in 2026. Our debt equates to significantly less than the fiscal 2020 free cash flow.

截至本季末，我們的現金及短期投資總額為57.4億美元。我們的資產負債表非常穩健。債務方面，我們有10億美元的優先票據，其中6億美元將於2021年3月到期，4億美元將於2026年到期。我們的債務總額遠低於2020財年的自由現金流。

Now I'd like to turn to the key drivers of our business in the quarter. Net bookings were $1.21 billion, well above our guidance of $1.15 billion, driven by our digital business. Digital net bookings were $1.12 billion with the beat versus expectations driven by The Sims 4 and Apex Legends. Digital net bookings represent 78% of our business on a trailing 12-month basis, a new record. This compares to 75% in the prior year. Live service net bookings were $789 million. The year-on-year decrease is driven by the massive launch of Apex Legends a year ago offset by growth across the rest of our live services. Ultimate Team grew strongly throughout fiscal 2020.

現在我想談談本季我們業務的關鍵驅動因素。淨預訂金額為12.1億美元，遠超我們先前11.5億美元的預期，主要得益於我們的數位業務。數位業務淨預訂金額為11.2億美元，超出預期主要歸功於《類比市民4》和《Apex英雄》。過去12個月，數位業務淨預訂金額占我們總業務的78%，創歷史新高。相比之下，上年同期這一比例為75%。線上服務淨預訂額為7.89億美元。年比下降的主要原因是去年《Apex英雄》的大規模上線，但其他線上服務的成長抵消了這一影響。 Ultimate Team在2020財年實現了強勁成長。

Mobile delivered net bookings of $138 million, up 2% year-on-year driven by our sports titles in Asia. Full game PC and console downloads generated net bookings of $190 million, down 11% from last year driven by the launch of Anthem in the year-ago quarter partially offset by the ongoing shift to digital. Overall, 49% of our units sold through were digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months, and we continue to model underlying growth at 5 percentage points per year.

行動端淨預訂額達 1.38 億美元，年增 2%，主要得益於我們在亞洲的運動遊戲表現。 PC 和主機平台完整遊戲下載帶來的淨預訂金額為 1.9 億美元，年減 11%，主要原因是去年同期《聖歌》（Anthem）的發布，但部分被持續的數位轉型所抵消。總體而言，在過去 12 個月中，Xbox One 和 PlayStation 4 平台售出的遊戲中，49% 為數位版而非實體版，我們預計其年增長率仍將保持在 5 個百分點。

Looking ahead to the next 12 months. We are focused first and foremost on supporting our people, helping them cope with the world in which we find ourselves. Second, we are focused on enabling them to deliver the new content we're providing to our players through live services and the new games we have on our slate.

展望未來12個月，我們的首要任務是支援員工，協助他們應對當前狀況。其次，我們將致力於賦能員工，讓他們能夠透過線上服務和即將推出的新遊戲，為玩家提供全新的內容。

The market outlook is uncertain, but we're basing our modeling on the gaming software market growing in mid-single digits in calendar 2020 with mobile up 7%, console up 5% and PC up 5% in dollar terms. In addition, although our sports live services are continuing -- are currently performing extremely well, it's not yet known when professional sports might resume nor what the impact on our business might be if that takes some time. In the meantime, our esports activities are providing to be popular competitive outlets for football, soccer and hockey fans.

市場前景不明朗，但我們的模型預測是，2020年遊戲軟體市場將以中等個位數成長，其中行動端成長7%，主機端成長5%，PC端成長5%（以美元計）。此外，儘管我們的體育賽事直播服務仍在繼續，且目前表現非常出色，但職業體育賽事何時恢復尚不明朗，如果恢復需要一段時間，將會對我們的業務產生何種影響也難以預料。同時，我們的電競活動已成為足球、橄欖球和冰球球迷熱衷的競技平台。

There are also risks associated with our ability to deliver new games, and the guidance I'm about to provide is predicting -- are predicted on the title slate as outlined in the earnings presentation on our website. Note that this slide only identifies those titles that are already announced. As we have previously stated, our FY '21 revenue forecast includes additional titles from both EA and third-party studios, which will be announced in the coming quarters. We're not seeing material impact on our FY '21 title slate, but that could change, and the risk is higher for third-party titles where we have less control.

我們交付新遊戲的能力也存在風險，我即將提供的預測是基於我們網站收益報告中列出的遊戲陣容。請注意，此投影片僅列出了已公佈的遊戲。正如我們之前所述，我們對2021財年收入的預測包含了EA和第三方工作室的更多遊戲，這些遊戲將在未來幾季公佈。我們預計2021財年的遊戲陣容不會受到實質影響，但情況可能會發生變化，而且對於我們控制力較弱的第三方遊戲，風險更高。

Finally, with regard to potential impacts of a recession. The video game market has historically proven resilient as players have seen games as a relatively inexpensive form of entertainment. Nevertheless, future economic indicators are extremely weak and may affect our business.

最後，關於經濟衰退的潛在影響。電子遊戲市場歷來展現出較強的韌性，因為玩家一直將遊戲視為一種相對廉價的娛樂方式。然而，未來的經濟指標極為疲軟，可能會對我們的業務造成影響。

Before I get to the numbers, let me also discuss 3 changes we are making with regards to our reporting. First, we will present GAAP net revenue in the income statement as one item rather than as product and service. Secondly, we will report mobile bookings gross of platform fees instead of net to align with industry practice. Finally, we're updating the presentation of net bookings by composition to focus on full game and live service sales in line with the direction we continue to drive the business. We've published more details on our IR website.

在介紹具體數字之前，我想先談談我們在報告方面所做的三個調整。首先，我們將把GAAP淨收入在損益表中作為一個單獨的項目列出，而不是像以前那樣分別列出產品和服務。其次，為了與行業慣例保持一致，我們將報告行動端預訂收入（不含平台費用），而不是淨額。最後，我們將更新淨預訂收入的組成，重點放在完整遊戲和線上服務銷售，以符合我們持續的業務發展方向。更多詳情已發佈在我們的投資者關係網站上。

Guidance for fiscal 2021 is for GAAP net revenue of $5.525 billion, cost of revenue at $1.382 billion and GAAP EPS of $3.35. As you compare with last year, remember, fiscal '20's GAAP EPS included a onetime tax benefit of $5.97 per share. We continue to forecast our management tax rate for the fiscal 2021 to be 18%.

2021財年業績指引：GAAP淨收入55.25億美元，營業成本13.82億美元，GAAP每股收益3.35美元。與前一年相比，請注意2020財年的GAAP每股收益包含一次性稅收優惠5.97美元。我們繼續預測2021財年管理層稅率為18%。

With regards to cash flow for fiscal 2021, we expect operating cash flow to be approximately $1.575 billion. We anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.45 billion. Free cash flow is down slightly year-on-year with higher underlying profits more than offset by higher cash taxes and higher variable compensation and lower interest income.

關於2021財年的現金流，我們預期經營活動產生的現金流約為15.75億美元。我們預計資本支出約為1.25億美元，這將帶來約14.5億美元的自由現金流。自由現金流較去年同期略有下降，這是由於基本利潤成長被更高的現金稅、更高的可變薪資和更低的利息收入所抵消。

Turning to business drivers. We anticipate net bookings for the year to be $5.55 billion, up 3.3% year-on-year on a like-for-like basis. Growth is primarily driven by live services plus strong sports launches and a broad portfolio of partner titles. Our projections assume a headwind from FX to net bookings of roughly $60 million, although we note that exchange rates are likely to be more volatile in the near term as the result of market uncertainties induced by the pandemic. Both of these numbers are net of hedges. Our currency assumptions are disclosed in our earnings presentation on our website.

接下來談談業務驅動因素。我們預計全年淨預訂金額將達到55.5億美元，年增3.3%（以可比口徑計算）。成長主要得益於直播服務、強勁的體育賽事上線以及豐富的合作夥伴遊戲產品組合。我們的預測假設匯率波動將對淨預訂金額造成約6,000萬美元的不利影響，但我們也注意到，由於疫情帶來的市場不確定性，短期內匯率波動可能會更加劇烈。以上兩項數據均已扣除對沖收益。我們的匯率假設已在公司網站的獲利報告中揭露。

Drilling down further into the key drivers of our full year net bookings guidance, we expect live services and other to be $3.85 billion in fiscal 2021, up 7% compared to fiscal 2020. And full game net bookings to be $1.7 billion, down almost 5% year-on-year. Finally, with live services, we expect mobile to deliver net bookings of $721 million in fiscal 2001 (sic) [2021], up 1% on a like-for-like basis.

深入分析全年淨預訂金額預期關鍵驅動因素，我們預計2021財年線上服務及其他營收將達到38.5億美元，較2020財年成長7%。完整遊戲淨預訂金額預計為17億美元，年減近5%。最後，就線上服務而言，我們預期行動端在2021財年（原文如此）的淨預訂額將達到7.21億美元，年增1%。

On a management reporting basis, operating expenses will grow 2% during fiscal 2021, reflecting tight expense controls in the face of macroeconomic uncertainties. We expect Q1 net bookings to be $1 billion. While we're seeing very strong engagement in net bookings growth to date, we're only a month into the quarter, and our current levels of engagement and monetization could subside as stay-at-home orders are eased and lifted. In addition, the swing factors discussed above in these unprecedented times are potentially huge, impossible to forecast and beyond our control. Thus, we're taking a more cautious view than normal.

根據管理層報告，2021財年營運費用將成長2%，這反映了我們在宏觀經濟不確定性背景下對費用的嚴格控制。我們預計第一季淨預訂額將達到10億美元。儘管迄今為止淨預訂成長勢頭強勁，但本季才剛開始一個月，隨著居家隔離令的逐步解除，目前的參與度和獲利水平可能會有所下降。此外，在上述前所未有的情況下，各種潛在波動因素可能非常巨大，難以預測，也超出我們的控制範圍。因此，我們採取了比以往更為謹慎的態度。

As usual, we have presented the quarterly phasing of our net bookings in our earnings presentation. Note that this year, the phasing includes the effect of revenue recognition from the games we are launching for the current generation of consoles that can also be upgraded free for the next generation. We've made a preliminary estimate of that impact in the phasing, but it should be noted that this will not affect net bookings for the full year nor cash flow, just the timing of recognition.

與往年一樣，我們在財報報告中公佈了季度淨預訂金額的確認時間。需要注意的是，今年的確認時間包含了我們為當前世代主機推出的遊戲（這些遊戲也可以免費升級到下一代主機）的收入確認影響。我們已對此影響進行了初步估算，但需要說明的是，這不會影響全年的淨預訂額或現金流，只會影響收入確認的時間。

I'll finish by personally thanking everybody at the company for rising to the challenge. Every one of you have shown energy and ingenuity to enable us to deliver games and content at a time when players want them the most. Thank you.

最後，我要親自感謝公司的每一位員工，感謝你們迎接挑戰。你們每個人都展現了充沛的精力和創造力，使我們能夠在玩家最需要的時候提供遊戲和內容。謝謝你們。

With that, I'll hand it back to Andrew.

然後，我就把它還給安德魯了。

Thanks, Blake. We feel very fortunate at Electronic Arts to have the opportunity to bring games and entertainment to people around the world. That's true every day, but it's especially true during his unprecedented situation. Our ability to fulfill important motivations to players, inspiration, escape, social connection, competition, creation and learning has brought more people to connect and spend time in our games in the recent weeks and months of COVID-19 stay-at-home orders. We've seen games be a source of joy for hundreds of millions of players. We will now look to be delivering for these players for a long time to come.

謝謝布萊克。在藝電，我們非常榮幸有機會為世界各地的人們帶來遊戲和娛樂。這一點每天都是如此，但在當前這個前所未有的特殊時期更是如此。我們能夠滿足玩家的重要需求——激發靈感、逃離現實、社交互動、競技、創造和學習——這使得在新冠疫情居家隔離的幾周和幾個月裡，更多的人選擇加入我們的遊戲，並投入時間體驗遊戲。我們見證了遊戲為數億玩家帶來快樂。我們將繼續努力，在未來很長一段時間內為這些玩家提供優質的遊戲體驗。

Our focus continues to be on delivering great games and content through the breadth and depth of our portfolio in our ongoing live services and by connecting more players through our games via more distribution channels and platforms.

我們將繼續專注於透過我們豐富而深入的產品組合，在持續的線上服務中提供優質的遊戲和內容，並透過更多的分銷管道和平台，將更多玩家與我們的遊戲連接起來。

With the incredible determination of our teams, we've been able to keep producing new experiences from our homes around the world. And as we continue to work through this global challenge, we plan to continue delivering a lot of new games, new experiences and exciting ways to play this year.

憑藉著我們團隊令人難以置信的決心，我們得以在全球各地居家辦公的同時，持續打造全新的遊戲體驗。在我們繼續應對這項全球挑戰的同時，我們計劃在今年繼續推出許多新遊戲、新體驗和令人興奮的遊戲方式。

How we live, work and play will undoubtedly be changed by the COVID-19 pandemic. We're humbled that games have been part of how people are coming together. We'll continue to serve our people, our players and our local communities by helping them in any way that we can.

新冠疫情無疑將改變我們的生活、工作和娛樂方式。我們深感榮幸，遊戲能成為人們團結協作的重要方式之一。我們將繼續竭盡所能，為我們的人民、玩家和當地社區提供服務。

To everyone listening into this call, please be safe and be well. Now Blake and I are here for your questions.

各位收聽本次通話的朋友，請注意安全，保重身體。現在我和布萊克將回答大家的問題。

(Operator Instructions) And your first question comes from the line of Matthew Thornton with SunTrust.

（操作說明）您的第一個問題來自 SunTrust 的 Matthew Thornton。

Maybe 2 if I could. You guys have talked a little bit about Battlefield being pushed out to fiscal '22. Wonder if you'd maybe just give us any other color or comments or thoughts on other kind of pipeline projects as we look out in the out years. And then secondly, on Apex, just wondering if you could give us any incremental thoughts or color around the launch on mobile, the progress in China, any minimum guarantees that might fall into this year. Any color you can offer there would be helpful.

如果可以的話，我想問兩個問題。你們之前曾提到《戰地》系列遊戲會延後到2022財年發售。我想問你們能否就未來幾年其他項目的進展情況，提供一些資訊或想法。其次，關於《Apex英雄》，我想了解行動端的發布情況、中國市場的進展，以及今年可能達成的最低目標。任何相關資訊都將對我們很有幫助。

Let me take the kind of out year projects and maybe Apex in Asia. First, I would say, Battlefield is progressing very, very well. We're excited by what the team's doing. And again, in the context of the work-at-home environment, they have been truly inspirational in how they've continued to develop great entertainment in the context of our Battlefield universe. I'm excited for when next year comes.

讓我談談明年的項目，或許還有亞洲地區的《Apex英雄》。首先，我想說的是，《戰地》系列進展非常順利。我們對團隊的工作成果感到非常興奮。而且，在居家辦公的環境下，他們依然能夠持續發展出精彩的《戰地》宇宙內容，這真的非常鼓舞人心。我很期待明年的到來。

In terms of specific announcements around what might be coming in the out years, I would tell you that we don't have anything to announce today. But more broadly, you should imagine that we're going to continue to invest heavily in our EA SPORTS-branded properties, bringing some new properties back over the coming years. We've talked before about having new IP in development, both for console and PC and for mobile. We're excited about that.

至於未來幾年可能會有哪些具體消息公佈，我今天想告訴大家的是，我們沒有任何可以宣布的內容。但總的來說，大家可以想像我們將繼續大力投資EA SPORTS品牌旗下的遊戲，並在未來幾年內推出一些新的遊戲作品。我們之前也提到過，我們正在開發一些新的IP，涵蓋主機、PC和行動平台。對此我們感到非常興奮。

And I'd also say we've got a number of new incubation products that are starting to come together that are looking exciting for the future as well. So I don't think we've ever had as robust a pipeline of content ahead of us as we have right now. I don't think we've ever had the level of execution that we're seeing around the development and launch of content and the management of ongoing live services than we have right now. And while there are always challenges and interesting hurdles that we face delivering great interactive entertainment experiences, I would tell you, I'm very excited by what I see more so than I have been for our pipeline for a long time.

而且，我還想說，我們還有一些正在孵化的新項目正在逐步成型，它們的未來發展前景令人振奮。所以，我認為我們從未像現在這樣擁有如此強大的內容儲備。我認為，我們在內容開發、發布以及持續營運服務的管理方面，也從未像現在這樣有效率。雖然在提供卓越的互動娛樂體驗的過程中，我們總是會面臨挑戰和有趣的難題，但我必須說，我對目前的內容儲備感到非常興奮，這種興奮程度已經很久沒有過了。

With respect to Apex, I think it falls into that category. I -- we don't have anything specific to announce beyond what we've already talked about other than to say I just saw the results of our Season 5 trailer for Apex today. So we dropped it. It has a 99% approval rate and is the top trending video on YouTube games today. That, in conjunction with some game players we saw in our Apex mobile title, I feel very excited about that franchise overall.

關於Apex，我認為它屬於這一類。除了之前已經討論過的內容之外，我們沒有什麼具體的消息要宣布，只想說我今天剛看到了Apex第五季預告片的成績。預告片的好評率高達99%，並且是今天YouTube遊戲頻道最熱門的影片。再加上我們在Apex手遊中看到的一些玩家的回饋，我對整個Apex系列都非常興奮。

Yes. Just to add, trust that we are well along the way with our partner in Asia on Apex mobile and PC. We're very excited about what's going on. And we have a very, very small number in there for this fiscal year. So I don't see any risk if that takes longer, but the partner's working very hard to get it out as fast as possible. And I echo what Andrew just said. If you check out the trailer on Season 5, I think what you'll see is we continue to evolve this live service.

是的。補充一點，請相信我們與亞洲合作夥伴在Apex行動端和PC端的合作進展順利。我們對目前的進展感到非常興奮。本財年我們只投入了非常非常少的資金。所以即使開發時間延長，我認為也不會有任何風險，但我們的合作夥伴正在全力以赴，爭取盡快推出。我完全同意Andrew剛才的說法。如果你看了第五季的預告片，你會發現我們一直在不斷改進這項線上服務。

And remember, this is a live service. That's why it's so exciting. And we're adding interesting, exciting new content. And then as you look at the trailer, remember, the team did a huge part of this game from home, and I think that's an important message that shouldn't be ignored because it is not easy. And what we've proven to ourselves, we didn't think it was possible, but it's proving that, at least so far, we know there's risks going forward, but it's amazing what the teams have been able to do working apart from each other from home. And just check out the trailer.

記住，這是一項即時服務。正因如此，它才如此令人興奮。我們會不斷加入精彩的新內容。當你觀看預告片時，請記住，團隊成員在家中完成了這款遊戲的大部分工作，我認為這是一個不容忽視的重要訊息，因為這絕非易事。我們已經證明了，我們之前認為這是不可能的，但至少目前來看，它證明了這一點。我們知道未來仍存在風險，但團隊成員在家遠距協作所取得的成就令人驚訝。快來看看預告片吧。

The next question comes from the line of Eric Sheridan of UBS.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Hope everyone in the team is safe and well. Maybe 2 questions. I think investors have struggled with sort of understanding maybe the rate of change of engagement and monetization. Is there a way to sort of frame either specific titles or across your portfolio what you've seen in March and April versus what historical trends have been in January and February before the new normal? And then a bigger picture question, are there learnings you're getting from this period in March and April that are informing the way you're thinking about either product development or ways in which to tie engagement and monetization more broadly together as you think about the long-term future for gaming.

希望團隊裡的每個人都平安健康。我有兩個問題。我認為投資人可能很難理解用戶參與度和獲利能力的變化速度。您能否針對特定遊戲或整個投資組合，分析三月和四月的情況，並將其與疫情前一月和二月的歷史趨勢進行比較？另外，從更宏觀的角度來看，您從三月和四月的經歷中獲得了哪些經驗，這些經驗是否會影響您未來的產品開發思路，或者如何更廣泛地將用戶參與度和盈利能力結合起來，從而更好地規劃遊戲行業的長期發展？

So let me start with the first part, and then Andrew can probably talk a little bit about the development piece. I think as most people know, we -- our back half of this year, unlike last year, didn't have any new titles. We obviously benefited from follow-on sales for Jedi: Fallen Order, which were strong, but it was really a live service quarter for us.

那麼，我先從第一部分說起，之後安德魯可以再談開發方面。我想大多數人都知道，今年下半年，與去年不同，我們沒有任何新遊戲推出。當然，《星際大戰絕地：墮落的武士團》的後續銷量非常強勁，這讓我們受益匪淺，但對我們來說，這實際上是一個以服務型遊戲為主的季度。

And as you can see from the numbers, it exceeded our expectations and our guidance substantially. The big drivers on that are Apex, the Ultimate Team businesses across the board and our catalog of great titles. And people always underestimate the power of 2 things inside of EA: the catalog and live services. And we continue to build more and more live services that engage people socially and bring people to -- or allow people to enjoy things that they love. In a world where there was no sports, we became sports for people. And if you look at our business across Madden, FIFA, hockey, it's incredible, the level of engagement we saw and obviously, the level of revenue growth we saw during that time frame.

正如您從數據中看到的，我們的業績遠遠超出預期和指導。這主要得益於Apex、Ultimate Team系列遊戲以及我們豐富的遊戲庫。人們總是低估EA內部兩大要素的力量：遊戲庫和線上服務。我們不斷開發更多能夠促進社交互動、吸引玩家並讓他們享受自己喜愛內容的線上服務。在體育賽事匱乏的年代，我們成為了人們的運動平台。縱觀我們在Madden、FIFA和冰球等領域的業務，我們見證了令人難以置信的用戶參與度，以及同期營收的顯著成長。

Madden, on its own, was the biggest Madden year we have ever seen and the biggest Madden Ultimate Team year we have ever seen and much of that due to the amazing work the game teams did in building Madden with incredible new modes and components to it and a ton of fun and then pushing that into Ultimate Team as well. But I think people always need to understand the stability of our business is driven by this incredible machine that we've built around live services and the underlying strength of our portfolio and our long and large catalog. Andrew, I'll let you jump in on development.

單就《麥登橄欖球》而言，它就創下了我們有史以來最輝煌的一年，也是《麥登橄欖球》終極球隊模式（Ultimate Team）最輝煌的一年。這很大程度上要歸功於遊戲團隊的辛勤付出，他們為《麥登橄欖球》打造了令人驚嘆的全新模式和組件，帶來了無窮的樂趣，並將這些元素完美地融入了終極球隊模式。但我認為，大家始終需要明白，我們業務的穩定性源自於我們圍繞線上服務所建構的強大體系，以及我們豐富的產品組合和龐大的遊戲庫。安德魯，接下來就交給你來談談開發方面的問題了。

Yes. And so I would take it in 3 categories. One, are there any metrics that we could point to just kind of speak to the level of elevation we've seen? I would tell you that FIFA hours watched in April were up 135% over last April and are up 115% for Madden. Our esports TV broadcast hours in the U.S. in April were up 250% over last year, and April alone was 30% bigger than all of calendar year 2019. So we're seeing tremendous engagement in the unbelievable creativity and innovation that our teams are delivering.

是的。我會從三個方面來談。首先，有沒有什麼指標可以反映我們所看到的提升幅度？我可以告訴你，4月FIFA的觀看時間比去年4月增加了135%，Madden的觀看時間也增加了115%。 4月我們在美國電競電視轉播的時長比去年同期成長了250%，光4月就比2019年全年成長了30%。所以，我們看到了玩家對我們團隊展現出的驚人創造力和創新能力的極大關注。

As we think about this on a go-forward basis, I think about it in 2 buckets. One is just how do we think about building games going forward and how do we think players will engage as things start to return to normal. Again, I would take this opportunity to celebrate the creativity and ingenuity of our teams. They have been truly inspirational in how they have come together and how they work and build games and create games and deliver epic entertainment to our global audience of players.

展望未來，我主要從兩個方面來考慮。一方面，我們該如何構思未來的遊戲開發，以及隨著一切逐漸恢復正常，玩家將如何參與其中。另一方面，我想藉此機會讚揚我們團隊的創造力和才智。他們齊心協力，精益求精，打造出精彩的遊戲，為全球玩家帶來極致的娛樂體驗，他們的努力令人敬佩。

We had already, over the last 5 years, started to move towards a distributed development model. We utilize the best creative talent in a number of different regions around the world to come together and build spectacular entertainment for players. I think what we have learned through this process is that there are new areas of innovation and creativity that we can unlock in a distributed model and some of the foundations that our teams are building in the context of developing games, of developing motion capture, of developing commentary, of filing games are going to be really helpful for us on a go-forward basis.

過去五年，我們已開始轉型為分散式開發模式。我們匯集全球各地頂尖的創意人才，共同為玩家打造精彩的娛樂體驗。我認為，透過這個過程，我們了解到分散式模式能夠開拓全新的創新和創意領域。我們的團隊在遊戲開發、動作捕捉、解說和遊戲歸檔等方面所建構的基礎，將對我們未來的發展大有裨益。

I also spoke to, in the prepared remarks, about how our esports teams have built a fully cloud-based broadcast model. Again, we have a wonderful facility at our head office, and we'll use other people's facilities to bring people together and broadcast esports events. But we've been able to deliver hundreds and hundreds of hours of esports content completely remotely with host, broadcasters, players and fans all safely at home. I believe this will accelerate our ability to develop and deliver amazing esports content to a global audience and continue to fulfill the insatiable appetite that is absolutely there that we're seeing right now.

在事先準備好的演講稿中，我也談到了我們的電競團隊如何建立了一個完全基於雲端的直播模式。我們總部擁有完善的設施，我們也會利用其他機構的設施，將大家聚集在一起，直播電競賽事。我們已經能夠完全遠端提供數百小時的電競內容，主持人、播音員、選手和粉絲都可以安全地待在家中。我相信這將加快我們開發和提供精彩電競內容的速度，讓全球觀眾能夠更好地享受電競帶來的樂趣，並持續滿足我們目前所看到的觀眾對電競內容的旺盛需求。

As it relates to gamers, again, I think it's too early to tell, but a few things we know are true. One is that games fulfill these core motivations that we have, the ones I talked about in the prepared remarks, like inspiration and escape and social connection and competition and creation and learning, better than just about any other form of entertainment on the planet. And there are many, many new players who are coming and discovering just how wonderful games are and the joy of games and how spectacular they can bring people together. And our expectation is that people having invested this time and relationships with friends through new games they're playing will continue to drive engagement over the long term. And our objective, of course, is to fully support them as they move through this COVID-19 phase and ensure that we are able to continue to fulfill the motivations they have even as we get on the other side of this.

至於遊戲玩家，我認為現在下結論還為時過早，但有幾點是確定的。首先，遊戲能夠滿足我們內心深處的那些需求，也就是我在準備的發言稿中提到的那些，例如靈感、逃避現實、社交、競爭、創造和學習，其效果幾乎優於地球上任何其他娛樂形式。而且，越來越多的新玩家正在加入遊戲，他們正在發現遊戲的魅力、樂趣以及遊戲如何將人們凝聚在一起。我們期望，玩家們透過玩新遊戲投入的時間和精力，以及與朋友建立的聯繫，能夠持續推動遊戲的長期發展。當然，我們的目標是在疫情期間全力支持他們，並確保即使在疫情結束後，我們也能繼續滿足他們的這些需求。

And your next question comes from the line of Laura Martin of Needham.

你的下一個問題來自尼德姆的勞拉·馬丁。

So it sort of sounds, Andrew, from a lot of your comments that we're getting nice TAM expansion. You said Sims 4 had a new and different audiences from your other games, and then you said Apex Legends esports was up twofold audiences. I guess my question is do you think that one of the unintended consequences of COVID-19 is we're going to get more gender diversity and a faster move out of sort of passive programming into sort of more interactive or more lean forward programming that you guys benefit from. And then, Blake, for you, Andrew was just talking about these maybe more distributed -- pivot towards more distributed you've been working on for the last 5 years. Could you talk through what the impact on the P&L would be over -- maybe in 2021, a little further out maybe than the COVID-disruptive period and how much money that might save on the P&L if we do move to a distributed talent base system?

安德魯，從你的許多發言來看，我們似乎正在迎來不錯的市場規模擴張。你說《模擬市民4》吸引了與你們其他遊戲不同的新受眾，也提到《Apex英雄》電競的受眾翻了一番。我想問的是，你認為新冠疫情帶來的一個意想不到的後果是，我們會迎來更多元化的性別群體，並更快地從被動式節目製作轉向更具互動性或更積極主動的節目製作，而你們也會從中受益嗎？布萊克，安德魯剛才提到了你們過去五年一直在推進的分散式人才庫模式。能談談這種模式對損益表的影響嗎？例如在2021年，也就是疫情爆發後一段時間，如果我們真的轉向分散式人才庫，大概可以節省多少成本？

Yes. Let me grab the first one and then I'll hand off to Blake. First and foremost, what we have tried to do as a company is build a broad and deep portfolio that speaks to and entertains a diverse global population. And you see that across our sports titles and Battlefield-like titles and Sims titles and Apex titles that give you different experiences across different platforms, across different business models and different geographies. And that has been the very core of our strategy at Electronics Arts.

是的。我先拿第一個，然後交給布萊克。首先，我們公司一直努力打造一個涵蓋廣泛、內容豐富的遊戲產品組合，以滿足全球不同人群的需求並為他們帶來娛樂。這點體現在我們的運動遊戲、戰地系列遊戲、模擬市民系列遊戲以及Apex英雄系列遊戲中，這些遊戲在不同的平台、不同的商業模式和不同的地域都能提供不同的遊戲體驗。這正是藝電（Electronic Arts）策略的核心所在。

And what we're seeing through this period of time is, as more people come to recognize the true joy of interactive entertainment, the true joy of gaming even as I think linear media has also benefited through this time, I do believe that engagement will be more consistent in the interactive industry over time. I do believe we're seeing new players come in who maybe hadn't played before and who are experiencing the goodness that comes from connecting with friends in a truly interactive environment through games. We're excited about that. We're excited to deliver new and interesting and innovative and creative entertainment to fans. And we're very happy to see that the core strategy of a broad and deep portfolio that speaks to and entertains a global diverse audience is answering the needs of the global community at this time.

在此期間，我們看到，隨著越來越多的人認識到互動娛樂的真正樂趣，遊戲的真正樂趣——儘管我認為傳統媒體也從中受益——我相信互動行業的參與度會隨著時間的推移而更加穩定。我相信，我們看到一些以前從未玩過遊戲的新玩家加入進來，他們正在體驗透過遊戲在真正的互動環境中與朋友交流所帶來的美好感受。我們對此感到非常興奮。我們很高興能為粉絲們帶來新穎、有趣、創新且富有創意的娛樂內容。我們非常欣慰地看到，我們打造廣泛而深入的產品組合，以滿足全球多元化受眾的需求，這項核心策略正在滿足全球社群此刻的需要。

Yes. In terms of the expense side, it's really still early to tell. We know for the next at least 2 quarters, the quarter we're in now and the following quarter, we will see virtually no travel and entertainment expenses that we would normally see. We're obviously -- both gamescom and E3 have been canceled. Many of the industry events that typically we would bring people together or our own internal events where we would have brought people together were canceled. So obviously, we'll see some savings there.

是的。就支出方面而言，現在下結論還為時過早。我們知道至少在接下來的兩個季度，也就是當前季度和下個季度，我們將幾乎不會有任何往常的差旅和招待費用。顯然，科隆遊戲展和E3遊戲展都取消。許多我們通常會舉辦的行業活動，以及我們內部的聚會活動也都被取消了。所以很明顯，我們會省下一些開支。

We don't really have a full sense on what the future will bring a year from now, but I know we will think differently about how we operate, how many people we have in certain offices, what that looks like. That could actually change expenses in a negative way. I hope not. I don't think that's what we're focused on. We hope that we can actually have more people working from home that changes expenses to a positive. But it's early days to say, but I know at least in the near term we will see some savings. And we've tried to reflect that in some of our guidance, but we don't really have a sense of how long this will go.

我們目前還無法完全預測一年後的未來，但我知道我們會重新思考營運方式，例如某些辦公室的員工人數以及整體佈局。這可能會導致支出增加，我希望不會。我認為這不是我們關注的重點。我們希望能夠讓更多員工居家辦公，進而降低支出。現在下結論還為時過早，但我知道至少在短期內我們會看到一些成本節約。我們也在部分業績預期中體現了這一點，但我們無法預測這種情況會持續多久。

We're currently working on plans as to how we would bring people back into offices and what the pace would be. We're not going to bring everybody back on day 1. And I think most companies are going through the same thing. But I do think, in this year, we're probably in a better position for not having large OpEx because we're not hiring as much and we're not spending as much on things like travel. But I do think the unknown is really the following years going forward.

我們目前正在製定計劃，安排員工返回辦公室，並確定具體的進度。我們不會在第一天就讓所有人回來。我認為大多數公司都在經歷同樣的情況。但我認為，今年我們或許能更好地控制營運支出，因為我們減少了招聘，也降低了差旅等方面的開支。但我認為，未來幾年的發展才是真正的未知數。

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

你的下一個問題來自 Benchmark 公司的 Mike Hickey。

Two on M&A. Just curious if you're, I guess, more interested on potential deals here considering the current environment or if you're seeing more opportunities emerge to partner or acquire smaller game companies. And then the second question, obviously, the gaming business is already looking good compared to the traditional media business. But now I guess considering how you and some of your peers are performing, player engagement's strong and the ability to continue to create content from home, as you said, is significant, kind of cyclical to economic downturn, do you think this could sort of, I guess, reshape the perception of your business from potentially larger media companies or otherwise and that's the catalyst for potential acquisitions over time?

關於併購，我有兩個問題。首先，我很好奇，考慮到目前的市場環境，您會更關注潛在的交易，還是更傾向於與小型遊戲公司合作或收購它們？其次，顯然，與傳統媒體產業相比，遊戲產業目前的發展勢頭良好。但考慮到您和一些同行的業績表現，玩家參與度很高，正如您所說，能夠在家中持續創作內容非常重要，這與經濟衰退週期密切相關。您認為這是否會改變大型媒體公司或其他機構對貴公司的看法，並最終促成潛在的收購？

Yes. It's -- Mike, it's hard to say. I mean right now we're working, obviously, as we've talked about with a lot of third-party companies for titles for the coming -- this year and following years. So that's a -- for us, we stay very close to them, and we're doing everything possible we can to support those companies in a tough position. But at the same time, companies that do have games in the market are obviously doing well, similar to what you're seeing with us and other public companies. So I don't know if it's turning a catalyst to M&A.

是的。麥克，這很難說。我的意思是，目前我們正在與許多第三方公司合作，正如我們之前討論過的，為今年和未來幾年開發遊戲。所以對我們來說，我們與他們保持著非常密切的聯繫，並且正在盡一切可能支持這些處境艱難的公司。但同時，那些已經擁有遊戲產品的公司顯然發展得很好，就像你看到的我們和其他上市公司的情況一樣。所以我不知道這是否會成為併購的催化劑。

We do feel like this will continue longer term to emphasize the fact that scale is incredibly important in this business, and maybe that turns into something which helps us with M&A going forward. We're -- our model right now is just really simple, which is stay close to all the companies we know. It's harder because you can't go meet with them face to face, but stay close to them on the phone, on Zoom, wherever it is, and make sure you're supportive because we believe, longer term, that helps us potentially become a deeper partnership with them. And that's about all I can say now, and we'll see how that plays out over time.

我們認為這種情況會持續更長時間，凸顯規模在這個產業的重要性，或許這也能幫助我們未來的併購活動。我們目前的模式非常簡單，就是與我們認識的所有公司保持密切聯繫。這確實比較困難，因為我們無法與他們面對面交流，但我們會透過電話、Zoom 等各種方式與他們保持聯繫，並確保給予支持，因為我們相信，從長遠來看，這有助於我們與他們建立更深的合作關係。目前我只能說這麼多，讓我們拭目以待。

And our next question comes from the line of Alexia Quadrani of JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

This is Zilu Pan on for Alexia. We were just wondering if you can give us a sense of what you think spending might trend after stay-at-home orders get lifted. Any patterns you might be seeing in countries that have already eased restrictions? And then just as a follow-up, are there any concerns that the sports games might get a little stale without live sports events resuming in time for the fall releases?

這裡是潘子祿，為您帶來Alexia的報道。我們想請您談談，您認為居家隔離令解除後，消費趨勢可能會如何改變？您在已經放寬限制的國家觀察到了哪些模式？另外，還有一個後續問題，如果秋季新遊戲發售前無法及時恢復線下體育賽事，您是否擔心體育遊戲會變得有些乏味？

Yes. It's too early for us to be able to really assess any places where regulations have lifted because I mean shanghai is probably -- China's probably the only place we're starting to see that, so it's early. I don't -- I think you should assume our costs won't change versus what they've been historically. The real question is going to be do we benefit from slower hiring and less travel during the coming few quarters. And I think we will, and that's built into our guidance. But I don't have a sense of does that last another year or more. So I think that will take some time for us to really better understand that.

是的。現在評估哪些地方已經解除管制還為時過早，因為上海可能是——或許是中國唯一一個開始出現這種情況的地方，所以現在下結論還為時過早。我認為——我認為你應該假設我們的成本不會像以往那樣改變。真正的問題是，未來幾季招募放緩和差旅減少是否對我們有利。我認為我們會受益，這一點也已納入我們的業績預期。但我無法判斷這種情況會持續一年或更久。所以，我認為我們需要一些時間才能真正更好地了解這一點。

As both Andrew and I said on the call, our focus is on how do we hold together our team. We do not want to have to reduce what we believe is one of the greatest teams in the industry, and that's our #1 focus. And I think everybody aligns with that. And they understand, okay, we will do everything we can to not spend to make sure that, that happens.

正如我和安德魯在電話會議上所說，我們的重點是如何留住我們的團隊。我們不想裁減我們認為業界最優秀的團隊之一，這是我們的首要任務。我認為大家都認同這一點。他們也明白，我們會盡一切努力節省開支，確保這一點得以實現。

In terms of the sports calendar, I mean, the biggest unknown for us right now is 2 things. The economy, what really happens to the economy over time. Today, we see our core audience spending because they're at home more. But does that change over time? And then the second challenge is what's the impact if the sports calendar does not start up at some period of time. We know, today, people are engaging with sports because that's what they love to do. If you are a sports fan, it doesn't stop. And so the only way they're getting their sports engagement is through our games, and that's a huge benefit for us. But we don't know because there's no precedent on this, is what happens long term if any of the sports seasons get delayed even further. But we do believe that everything we're seeing now and everything we're seeing particularly in esports is we can be a huge factor in helping people socialize and do what they love around the sport they love.

就體育賽事安排而言，我們目前最大的未知數有兩個。一是經濟情勢，也就是經濟未來會如何發展。如今，我們的核心受眾因為待在家裡的時間更多而增加了消費。但這種情況會隨著時間而改變嗎？第二個挑戰是，如果體育賽事在某個時期無法恢復，會產生什麼影響。我們知道，如今人們參與運動是因為他們熱愛這項運動。如果你是運動迷，你的熱情永不消退。因此，他們參與體育賽事的唯一途徑就是透過我們的遊戲，這對我們來說是一個巨大的優勢。但我們不知道，因為沒有先例，如果任何體育賽季進一步推遲，長期來看會發生什麼。但我們相信，我們現在看到的一切，尤其是在電子競技領域看到的一切，都表明我們可以發揮重要作用，幫助人們圍繞他們熱愛的體育運動進行社交和做他們熱愛的事情。

And don't forget the social part because, remember, people don't sit and watch a sports game alone. They sit and watch a sports game and interact with all their friends that they know engage in that sport. And what we're doing is we're enabling that to happen through our games and through the watching of esports online. So we hope that, that bodes for a great season going forward, but we've never been at a time like this before. And so that's why you're hearing any caution from us.

別忘了社交因素，因為人們不會獨自觀看體育比賽。他們會和所有參與這項運動的朋友一起觀看比賽並互動。而我們正在做的，正是透過我們的遊戲和線上觀看電競比賽，讓這一切成為可能。所以我們希望這預示著接下來的賽季會很精彩，但我們從未經歷過這樣的時期。因此，我們才會保持謹慎。

And I would echo Blake's caution, but I would also point to the amazing work our teams have done in the past and have been doing over the last couple of months. We have a long history of creating spectacular sports content that's not actually directly dependent or reliant on the real world of sports, Ultimate Scream, team of the partial season in FIFA, Zero Chill in Madden, Ultimate Freeze in Madden Mobile. Our teams are very close to the playing communities. They interact with them deeply on a daily basis and have been truly creative and innovative how they have put things together and delivered the experiences to players through the last few months to ensure that those players remain connected to the players, the teams, the leagues and the fans that they love to spend time with. I actually believe that there is an opportunity for us to continue to do that for players even if sports are delayed or don't make it back this year.

我同意布萊克的謹慎態度，但我也想指出我們團隊過去以及過去幾個月所做的出色工作。我們一直以來都致力於創作精彩的體育內容，這些內容並非直接依賴現實世界的體育賽事，例如FIFA的「終極尖叫」（Ultimate Scream）、FIFA的「賽季部分賽程」（Party Season）、Madden的「零度寒意」（Zero Chill）以及Madden Mobile的「終極凍結」（Ultimate Freeze）。我們的團隊與玩家群保持著非常緊密的聯繫。他們每天都與玩家進行深入的互動，並在過去幾個月裡，以極具創意和創新的方式將各種內容整合起來，為玩家帶來精彩的體驗，確保玩家能夠與他們喜愛的球員、球隊、聯賽和球迷群體保持聯繫。我相信，即使體育賽事延長或今年無法恢復，我們仍然有機會繼續為玩家提供這樣的內容。

And your next question comes from the line of Alex Giaimo of Jefferies.

你的下一個問題來自傑富瑞集團的 Alex Giaimo。

I was hoping to just get a general update on your relationship with the NFL. We saw a competitor agree to publish non-simulated NFL games. So I guess the question is do you think there's any risk that the NFL opens up its simulated license at some point. And then sticking to sports, sorry if I missed this earlier. But was there any update as to your plans with the NBA Live franchise?

我原本想了解您與NFL關係的最新進展。我們看到一家競爭對手同意發行非模擬的NFL遊戲。所以我想問的是，您認為NFL未來是否有可能開放其模擬遊戲的授權？另外，關於體育方面，如果我之前錯過了，請見諒。您與NBA Live系列的合作計畫有最新進展嗎？

I would -- again, I would point to the year we just had with Madden NFL, the single biggest year in the franchise, a truly innovative, developed game and an innovatively launched game in the context of how the team, the development team came together and built new experiences, targeting new and younger players in the context of NFL football and how our marketing teams kind of launched those experiences in multiple launches and target those multiple groups of different players. And the result is the best year in Madden history. I would tell you, our relationship with the NFL was very, very strong. We look forward to building NFL games for many years to come. And what you should expect from us over time is that we will continue to build out our NFL football offerings, both in the context of building on the Madden platform.

我想再次強調，我們剛剛過去的這一年是《麥登橄欖球》系列遊戲史上最輝煌的一年，它是一款真正具有創新性的遊戲，開發和發行方式也極具創新性。開發團隊齊心協力，打造了全新的遊戲體驗，目標受眾是NFL橄欖球運動中的新玩家和年輕玩家。我們的市場團隊也透過多次發布，精準觸達了不同玩家群體，最終取得了《麥登橄欖球》系列史上最輝煌的一年。我可以負責任地說，我們與NFL的合作關係非常牢固。我們期待在未來多年繼續開發NFL遊戲。未來，我們將持續拓展NFL橄欖球遊戲產品線，並在《麥登橄欖球》平台上持續創新。

Again, when you think about gamers the biggest -- one of the most important things to them is a sense of community and being part of such a big community like the Madden community, whether they're playing frontline 11-on-11 simulation football or whether they're playing the fast knockout modes that we launched this year or whether they start to play some of the new modes that we plan to deliver in the future on console, on PC and on mobile. So we're excited about our football future and believe that it will continue to be a strong part of our portfolio and a really strong offering for football fans for many years to come.

再說一遍，對遊戲玩家來說，最重要的莫過於社群歸屬感，以及成為像 Madden 這樣的大型社群的一份子。無論他們是在玩 11 對 11 的模擬橄欖球比賽，還是體驗我們今年推出的快節奏淘汰賽模式，亦或是嘗試我們計劃未來在主機、PC 和行動平台上推出的新模式，都能感受到社群的溫暖。因此，我們對橄欖球的未來充滿信心，並相信它將繼續成為我們產品組合中的重要組成部分，並在未來幾年為橄欖球迷們提供極具吸引力的遊戲體驗。

With respect to NBA Live, nothing more to announce at this time other than I would also tell you we have a great relationship with the NBA. We've been partners with them for a very long time. I've personally spent time with the NBA at the most senior levels talking about innovative new ways to deliver new interactive content to NBA fans that maybe aren't engaging in games today. And we'll have more to share on that in the coming months.

關於NBA Live，目前暫無其他消息可以公佈，但我還要告訴大家，我們與NBA保持著良好的合作關係。我們與NBA的合作由來已久。我自己曾多次與NBA高層代表會面，探討如何以創新方式為那些目前可能不參與比賽的NBA球迷提供全新的互動內容。未來幾個月，我們將分享更多相關資訊。

Our next question comes from the line of Drew Crum of Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

Blake, wondered if you could deconstruct the performance of live services during the quarter, understanding that the Apex comp was difficult. What were some of the puts and takes on the 7% decline? And I apologize if I missed any commentary on Ultimate Team. And then separately, can you just comment on your expectations for your mobile business to be up 1% in fiscal '21 against the market? You're forecasting to be up 7%.

Blake，我想請你分析一下本季線上服務的表現，考慮到Apex的比較數據比較困難。對於7%的下滑，你有什麼看法？如果我錯過了你對Ultimate Team的任何評論，請見諒。另外，你能否單獨談談你對2021財年行動業務成長1%的預期（你預測是成長7%）？

Yes. Sure. Thanks. Good questions. So on live services, almost all of the delta was driven by Apex Legends. And remember, we came out of the gate last -- or last February, excuse me, on fire, like you never would have believed, right? And so a massive business. And then we settled into a regular cadence, and we've been able to grow that each quarter through all the seasons that we've had, and we're feeling very good about that.

是的，當然，謝謝。問得好。就線上服務而言，幾乎所有的成長都來自《Apex英雄》。別忘了，我們去年二月（抱歉，應該是去年二月）一炮而紅，勢頭之猛，簡直超乎想像，對吧？所以當時業務規模非常龐大。之後我們逐漸穩定下來，每個季度都實現了成長，這讓我們非常滿意。

The second piece is we -- as the sports calendar shut down, we made the decision to move the -- what is the -- it's called the FUT Birthday, FIFA Ultimate Team Birthday event from the end of March into the first 2 weeks of April. And it was really driven by trying to pace out sports content knowing that there was no sports content in the world. And so -- but it's one of the biggest events of the year. And so you can imagine that also impacted the year as we went from Q4 compared to previous year Q4. Those were the 2 biggest drivers.

第二點是，由於體育賽事停擺，我們決定將原定於三月底舉行的FIFA Ultimate Team（FUT）生日慶祝活動推遲到四月的前兩週。這樣做主要是因為考慮到當時全球體育賽事幾乎全部停擺，我們想合理安排體育內容的發布節奏。 FUT生日慶典是全年最重要的賽事之一。因此，您可以想像，與去年同期相比，第四季的調整也對今年的業績產生了影響。以上就是兩個主要原因。

On the positive side, Madden both live service, the Ultimate Team has been on fire, which in the February, March time frame is rare because it's post the Super Bowl but it's been very strong. FIFA Online 4 in Korea was very strong. Remember, we -- I think we said in the last earnings call, we shut off FIFA Online 3 in Korea. We're still running both FIFA Online 3 and FIFA Online 4 in China at this point. But as we shut off FIFA Online 3 in Korea, we saw massive growth in FIFA Online 4. And so that's kind of the puts and takes. And then on top of that, I would say, Sims 4 continues to be the title that just doesn't stop. And I think as Andrew mentioned in his previous comments, it has continued to grow quarter after quarter after quarter. It is an incredible team, an incredible product and amazing engagement. And so you can say, put it all on the Apex last year, unbelievable benefit and then the FIFA move of the FUT birthday in the quarter.

積極的一面是，《麥登橄欖球》的線上服務和終極球隊模式都非常火爆，這在二三月份這個超級碗之後的時間段實屬罕見，但確實非常強勁。韓國的《FIFA Online 4》也表現非常出色。記得嗎？我想我們在上次財報電話會議上說過，我們關閉了韓國的《FIFA Online 3》。目前，我們仍在營運中國地區的《FIFA Online 3》和《FIFA Online 4》。但隨著我們在韓國關閉《FIFA Online 3》，《FIFA Online 4》的用戶數出現了大幅成長。這就是我們目前所看到的利弊。除此之外，我想說，《模擬市民4》依然是一款勢頭強勁的遊戲。正如安德魯之前提到的，它的用戶數量每季都在持續成長。這要歸功於優秀的團隊、一款出色的產品以及極高的用戶參與度。所以你可以說，去年把所有資源都投入到 Apex 上，獲得了難以置信的好處，然後 FIFA 在本季度推出了 FUT 週年慶活動。

Mobile, the way we've approached mobile for the year in terms of our guidance is we basically have assumed that mobile titles will stay in soft launch much longer than they have historically. And so we have relatively little new mobile growth from new products in the year. Our hope is that we can exceed that, but that's how we've built our guidance because we know the mobile industry continues to get harder and harder. And that means people are keeping mobile titles in soft launch for longer and longer to try to tune them.

就行動端而言，我們今年的業績預期基本是假設行動遊戲的試發行階段會比以往更長。因此，我們預期今年行動端新產品帶來的成長相對較少。我們希望能夠超越預期，但我們之所以這樣制定業績預期，是因為我們知道行動產業競爭日益激烈。這意味著開發者會延長行動遊戲的試發行階段，以便不斷優化調整。

The good news is that we still have a strong set of mobile titles today that are highly profitable. You look at Star Wars: Galaxy of Heroes, for example, continues to perform extremely well. Things like SimCity continue to perform extremely well. And while we're not growing dramatically, we're still extremely profitable across those titles, and our hope is the new titles that we have in the mix will get out of soft launch faster than we anticipate and possibly help us generate something above what we forecast for the year.

好消息是，我們目前仍擁有一批獲利能力強勁的行動遊戲。例如，《星際大戰：銀河英雄傳》的表現依然非常出色。像《模擬城市》這樣的遊戲也持續保持極高的水準。雖然我們的成長速度並不迅猛，但這些遊戲的獲利能力依然非常強勁。我們希望即將推出的新遊戲能比預期更快結束試運營，並有可能幫助我們實現超出年度預期的獲利目標。

Our next question comes from the line of Andrew Uerkwitz from Oppenheimer.

我們的下一個問題來自奧本海默公司的安德魯·烏爾克維茨。

One kind of big picture one very near term, a big picture question. With so many different new platforms to launch on, should we expect sort of the cadence between titles to kind of lengthen and going forward, kind of dig into the catalog and find things that either could be brought back to life or remastered? Or how does the broader platform strategy affected -- how should we think about it affecting future game development?

一個是宏觀層面的問題，另一個是短期問題。宏觀層面的問題：隨著許多新平台的湧現，我們是否應該預期遊戲發布週期會延長，並在未來深入挖掘遊戲庫，尋找可以復活或重製的遊戲？或者說，更廣泛的平台策略會如何影響——我們該如何看待它對未來遊戲開發的影響？

And then my second question probably is more for Blake. Could you -- if you could give us some color on sort of almost -- has the sports titles seen any sort of deterioration at all relative to the other titles through the month of April at all? Or how should we think about the guidance on a going-forward basis of how you're [building] sort of recession, no sports, lots of sports? So maybe [any] part of the day when you think sports are coming back?

我的第二個問題可能更想問布萊克。您能否簡單說明一下，四月體育類刊物相對於其他刊物，銷量是否有所下滑？或者，在經濟衰退、體育賽事停擺或體育賽事恢復正常的情況下，我們該如何看待您未來的業績預測？您認為體育賽事何時會恢復正常？

Yes. Okay. Andrew, you want to start with the first one?

好的。安德魯，你想從第一個開始嗎？

Yes, absolutely. I would say the strength of Electronic Arts is built on our ability to be platform agnostic. We have been able -- throughout our history, we've been able to get to more platforms with more titles of higher quality than most everyone else in the industry. It is a position we're very proud of, and we continue to drive against that. 6 or 7 years ago, we anticipated there to be many more new platforms we would have to build on over time and that ultimately the cloud would also emerge as its own platform across a number of different companies or portals.

是的，絕對是這樣。我認為藝電的優點在於我們能夠跨平台開發。縱觀我們的發展歷程，我們始終能夠比業內大多數公司在更多平台上推出更多高品質的遊戲。我們為此感到非常自豪，並將繼續努力保持這一優勢。六、七年前，我們就預見未來會有更多新的平台需要我們開發，最終雲端平台也會發展成一個獨立的平台，並被許多公司或入口網站所利用。

And part of the reason we moved the organization to a single digital platform, single ID, single commerce, single data, single infrastructure, single security and we moved the organization to a single engine in Frostbite was in anticipation of this so that as these new platforms come online, we're able to get to them more quickly and more efficiently and at higher quality than maybe our competitors can who are working on multiple platforms and multiple engines and actually really use our scale to our advantage in our ability to do that. And what you're seeing from us now is our ability to get to console and new consoles and PC and Steam and Stadia and mobile, and you should expect that we have -- and Switch. And you should expect that we will continue to look to deliver great content on any and all new platforms that we think have the ability to reach critical mass of gamers.

我們之所以將組織遷移到單一的數位平台、單一的識別系統、單一的商務平台、單一的資料平台、單一的基礎設施和單一的安全系統，並將組織遷移到寒霜引擎，部分原因就是為了應對這種情況。這樣，當這些新平台上線時，我們就能比那些在多個平台和多個引擎上運營的競爭對手更快、更有效率、更高品質地實現目標，並真正利用我們的規模優勢來實現這一點。現在，你們可以看到我們有能力將遊戲移植到主機、新一代主機、PC、Steam、Stadia 和行動平台，你們可以期待我們也能做到——當然還有 Switch。你們可以期待我們將繼續努力，在所有我們認為能夠觸及足夠多玩家的新平台上提供優質內容。

In the context of overall time between games, I think it's different by game. What we know to be true is that games are getting bigger and more complex in development, but they're also entertaining significantly more players on each release basis and holding onto those players for much, much longer through ongoing engagement in live services and social interaction.

就遊戲之間的總間隔時間而言，我認為不同遊戲的情況各不相同。我們知道的是，遊戲的開發規模越來越大，也越來越複雜，但同時，每次發布新作都能吸引更多玩家，並透過持續的線上服務和社交互動，讓玩家更長時間地留在遊戲中。

And so as we think about our broader portfolio, you'll continue to see us launch games on an annualized basis. Our sports games would be a good example there. You'll continue to see us launch games on a multiyear basis. Things like Battlefield or some of our titles out of Dragon Age would be a good example of that. You'll continue to see us think about games on a 5- and 6-year time horizon. The Sims, which launched again over 5 years ago and continues to grow every year through extra content and live services, would be an example of that. And then you'll see us launch true platform games like Apex Legends, which we expect will have -- continue to grow over the next decade.

因此，當我們審視我們更廣泛的產品組合時，您會看到我們繼續以年度為單位推出遊戲。我們的體育遊戲就是一個很好的例子。您還會看到我們繼續以多年周期推出遊戲。例如《戰地》系列或我們《龍騰世紀》系列中的一些作品。您也會看到我們繼續以5到6年的時間跨度來考慮遊戲。 《模擬市民》就是一個例子，它在5年前重新推出，並透過額外內容和線上服務每年持續成長。此外，您還會看到我們推出像《Apex英雄》這樣的真正平台遊戲，我們預計它將在未來十年持續成長。

So again, I would come back to I feel good about how we have moved the company on a technology basis. That puts us in a position to reach as many players as possible across geographies, across platforms, across business models, across genres as this global playing audience continues to expand.

所以，我再次強調，我對公司在技術層面的進展感到非常滿意。這使我們能夠涵蓋盡可能多的玩家，無論他們身處何地、使用何種平台、採用何種商業模式、玩何種類型的遊戲，隨著全球玩家群體的不斷擴大，我們都能更好地滿足他們的需求。

Yes. And I'll try to address your second part of your question. First, I would just remind everybody, which I think you all know, but we've just finished a year in which we raised guidance 3 times and delivered on that with beats every time. We just put out guidance for next year -- or this year, coming year that we're in right now, in probably the most uncertain time that we've ever faced, and yet -- and we've cautioned everyone and we've put caveats on everything. And I don't know what's going to transpire, but we were still willing to come out and put out guidance that we thought would grow both top line and bottom line year-over-year.

是的。我會盡量回答你問題的第二部分。首先，我想提醒大家，我想大家都知道，我們剛剛結束了一年的業績預期，期間我們三次上調業績預期，並且每次都超出預期。我們剛剛發布了明年的業績預期——或者說，是今年的業績預期，也就是我們現在所處的這個可能前所未有的不確定時期——儘管如此，我們還是發布了業績預期，並且對所有事項都提出了警告和附加條件。我不知道未來會發生什麼，但我們仍然願意發布業績預期，我們認為這將實現營收和利潤的同比增長。

Look at Q1. The largest Q1 in the history of the company was $0.31 in EPS, and we just provided you guidance for $0.70 in EPS. And that could -- the business could fall off the cliff tomorrow, and we would be dead wrong. But I think all of you know how Andrew and I and all of our teams have been very conservative. I would think about that as you're thinking about the year forward.

看看第一季。公司歷史上業績最好的第一季每股收益是0.31美元，而我們剛剛給出的預期是每股收益0.70美元。當然，公司業績明天也可能斷崖式下跌，我們的預期就完全錯了。但我相信大家都知道，我和安德魯以及我們所有的團隊一直都非常保守。在展望未來一年時，請大家把這一點考慮進去。

So with that, wonderful soliloquy, however you say that, we will end the call, and I appreciate everybody. And most important, make sure your families are healthy, you're spending time with them and you all stay healthy as well because we need to have you guys around to help us in the marketplace. So thank you.

好了，說完這番精彩的獨白，不管你怎麼說，我們通話就到此為止，感謝大家。最重要的是，請確保你們的家人健康，多花時間陪伴他們，也請大家保持健康，因為我們需要你們在市場上幫助我們。謝謝大家。

Be well. Stay healthy. Stay safe. Thank you.

祝您一切安好，身體健康，注意安全。謝謝。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束，您可以掛斷電話了。