美商藝電 (EA) 2020 Q3 法說會逐字稿

Good afternoon. My name is Shantel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q3 Fiscal 2020 Earnings Conference Call.

午安.我叫珊特爾，今天我將擔任你們的會議接線生。在此，我謹代表藝電公司歡迎各位參加2020財年第三季財報電話會議。

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

投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Shantel. Welcome to EA's Third Quarter Fiscal 2020 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our COO and CFO.

謝謝你，珊特爾。歡迎參加EA 2020財年第三季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Andrew Wilson，以及我們的營運長兼財務長 Blake Jorgensen。

Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we've posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks and audio replay of this call, our financial model and a transcript.

請注意，我們的美國證券交易委員會文件和盈利報告可在 ir.ea.com 上查閱。此外，我們也發布了收益報告投影片，以配合我們準備好的演講稿。最後，通話結束後，我們將發布我們準備好的發言稿、本次通話的錄音回放、我們的財務模型和通話記錄。

With regards to our calendar, our Q4 fiscal 2020 earnings call is scheduled for Tuesday, May 5, 2020. This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today. Electronic Arts makes these statements as of today, January 30, 2020, and disclaims any duty to update them.

關於我們的日程安排，我們 2020 財年第四季財報電話會議定於 2020 年 5 月 5 日星期二舉行。本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的 10-Q 表格。Electronic Arts 於 2020 年 1 月 30 日發表上述聲明，並聲明不承擔更新這些聲明的任何義務。

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

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則 (GAAP) 列示。除非另有說明，本次電話會議中所做的所有比較均與去年同期進行比較。

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. It was an excellent third quarter for Electronic Arts. With new games like the outstanding Star Wars Jedi: Fallen Order as well as our dynamic live services for FIFA, Madden NFL, Apex Legends and The SIMS 4, we delivered unmatched depth and breadth to players over the holiday season. As a result, our revenue and earnings for Q3 were above our guidance, growing significantly year-over-year for the quarter. We're raising our full year guidance for the second time this fiscal year, and we are on track to post a very strong year against our original projections for FY '20.

謝謝你，克里斯。對於藝電來說，第三季表現出色。憑藉《星際大戰絕地：墮落的武士團》等傑出的新遊戲，以及我們為 FIFA、Madden NFL、Apex Legends 和 The SIMS 4 提供的動態線上服務，我們在假期期間為玩家帶來了無與倫比的深度和廣度。因此，我們第三季的營收和利潤均超出預期，較去年同期成長顯著。本財年，我們第二次上調了全年業績預期，並且我們預計在 2020 財年取得比最初預期更強勁的業績。

What we delivered to players in Q3 reflects the breadth and strength of our business, our focus on quality experiences and a deep commitment to execution. We're growing our IP portfolio with more great, new games. Our live services are among the most popular and highest performing in the industry, and we're expanding to more distribution channels so we can connect more players to the games they love. As a result, players are deeply engaged in our top games, sentiment scores are strong, and we are building momentum in the growth areas of our business. I'll touch on a few highlights here.

我們在第三季為玩家提供的服務體現了我們業務的廣度和實力，我們對高品質體驗的關注以及對執行的堅定承諾。我們正在不斷擴充我們的IP產品組合，推出更多優秀的新遊戲。我們的線上服務是業界最受歡迎、表現最好的服務之一，我們正在拓展更多分銷管道，以便讓更多玩家玩到他們喜愛的遊戲。因此，玩家們對我們的熱門遊戲投入了大量精力，玩家情緒評分很高，我們在業務成長領域也正在積蓄力量。我在這裡簡要介紹幾個要點。

Our portfolio of Star Wars games across all platforms has never been stronger. Star Wars Jedi: Fallen Order was the action-adventure game that fans were looking for this holiday season. Respawn delivered an expertly crafted, high-quality experience with outstanding gameplay that thrilled players made many of the game of the year lists and sold beyond our projections for the quarter. In addition to Jedi: Fallen Order, the quality of the Star Wars Battlefront II experience is shining through as well. Two years and dozens of content updates later spanning all 3 trilogies and more, critics have rereviewed the game to high scores, player sentiment is exceptional, and the Celebration edition helped to drive performance of Battlefront II that was significantly above our Q3 expectations. Our communities in both Star Wars: Galaxy of Heroes and Star Wars: The Old Republic are thriving as well. The power of the Star Wars franchise continues to endure and grow across generations and geographies, and we look forward to continuing our momentum with Disney and Lucasfilms.

我們在所有平台上的星球大戰遊戲陣容從未如此強大。《星際大戰絕地：墮落的武士團》是粉絲們在這個假期期待已久的動作冒險遊戲。Respawn 精心打造了一款高品質的遊戲體驗，其出色的遊戲玩法令玩家興奮不已，不僅入選了許多年度最佳遊戲榜單，而且本季度的銷量也超出了我們的預期。除了《星際大戰絕地：墮落的武士團》之外，《星際大戰：前線2》的遊戲體驗品質也同樣令人矚目。兩年過去了，遊戲進行了數十次內容更新，涵蓋了所有 3 個三部曲及更多內容，評論家們對遊戲進行了重新評價，並給予了高分，玩家的評價也非常好，而慶典版則幫助推動了《星球大戰：前線 II》的業績，使其遠遠超出了我們第三季度的預期。我們在《星際大戰：銀河英雄傳》和《星際大戰：舊共和國》中的社區也蓬勃發展。《星際大戰》系列的魅力跨越世代和地域，持續成長，我們期待與迪士尼和盧卡斯影業繼續保持這一勢頭。

It's nearly 1 year since we took the industry by storm with Apex Legends, and the strength and opportunity of this IP and live service continued to grow. Apex is an outstanding example of the innovation across our portfolio. Seasons of new content are coming at a regular cadence for the growing global community. Season 3 was bigger than Season 2 with higher peaks in daily active users. Within those seasons, in-game events are engaging players with content and challenges that show the imagination and creativity that we are continually pouring into the experience. We're also expanding the Apex universe with more ways to play and watch. We have plans to reach more platforms in FY '21, and there's a lot of excitement in the esports community for the Apex Legends Global Series that is now underway. We're pleased to have Lenovo as an official sponsor for Apex competitive gaming, joining Gillette, Snickers, Pizza Hut and other major brands and broadcast networks partnering with us on our esports portfolio.

距離我們以《Apex英雄》席捲業界已經過了近一年，這款IP和線上服務的實力和機會仍在成長。Apex 是我們產品組合中創新理念的一個傑出範例。面向不斷成長的全球使用者群體，新內容將以固定的節奏定期推出。第三季比第二季規模更大，每日活躍用戶高峰更高。在這些賽季中，遊戲內活動透過各種內容和挑戰吸引玩家，展現了我們不斷傾注於遊戲體驗中的想像和創造力。我們也在拓展 Apex 的世界觀，提供更多遊玩和觀看的方式。我們計劃在 2021 財年拓展更多平台，目前正在進行的 Apex Legends 全球系列賽在電競界引起了極大的熱情。我們很高興聯想成為 Apex 競技遊戲的官方贊助商，與吉列、士力架、必勝客和其他主要品牌及廣播網絡一起，與我們攜手打造我們的電競產品組合。

It's been a great year for EA SPORTS around the world. Madden NFL 20 and FIFA 20 are both demonstrating how exciting and fresh our sports games can be for new and established fans alike. Madden NFL 20 is our most successful game ever in the franchise, setting multiple records for player engagement and the highest net bookings through a holiday quarter. Our FIFA franchise also grew year-over-year in Q3. VOLTA FOOTBALL brought all new dimension to FIFA 20, and the updates to FIFA Ultimate Team have been deeply engaging for fans with fight matches up nearly 40% year-over-year from launch through Q3.

對EA SPORTS來說，今年是全球碩果累累的一年。《麥登橄欖球20》和《FIFA 20》都向新舊玩家展示了我們的運動遊戲可以多麼令人興奮和耳目一新。《麥登橄欖球20》是我們該系列遊戲中最成功的一款，在玩家參與度和假日季度淨預訂量方面都創下了多項紀錄。我們的 FIFA 系列遊戲在第三季也實現了年成長。VOLTA FOOTBALL 為 FIFA 20 帶來了全新的維度，而 FIFA Ultimate Team 的更新也深深吸引了球迷，從發佈到第三季度，比賽數量同比增長了近 40%。

FIFA 20 is also the #1 most engaged title in our subscription services. We're now getting ready to launch 2 major additions to the FIFA 20 experience with the prestigious South American club tournaments, CONMEBOL Libertadores and CONMEBOL Sudamericano as well as the eLibertadores, a new expansion to our FIFA 20 Global Series esports competitions. In addition to South America, Asia is another growth market for our FIFA franchise, with FIFA online up significantly year-over-year in Q3.

FIFA 20 也是我們訂閱服務中使用者參與度最高的遊戲。我們現在正準備為 FIFA 20 體驗推出 2 項重大新增內容，分別是享有盛譽的南美俱樂部錦標賽 CONMEBOL Libertadores 和 CONMEBOL Sudamericano，以及 eLibertadores，這是我們 FIFA 20 全球系列電子競技比賽的新擴展。除了南美洲，亞洲也是我們 FIFA 系列遊戲的另一個成長市場，FIFA 線上遊戲在第三季度同比增長顯著。

In other dimensions of our portfolio, we now have more than 20 million unique players worldwide in The Sims 4 life-to-date. Our eighth expansion pack for the game, Discover University, continue to demonstrate the creative ways we can add to this experience for our amazing Sims community, as did the surprise addition of The Child from The Mandalorian series on Disney Plus just before the holidays. Meanwhile, PvZ: Battle for Neighborville and Need for Speed Heat both brought fun and new experiences to fans around the world.

在我們的產品組合的其他方面，截至目前，《模擬市民4》在全球擁有超過2000萬名獨立玩家。我們為遊戲推出的第八個擴充包「大學生活」繼續向我們了不起的模擬人生社群展示我們能夠以各種富有創意的方式豐富遊戲體驗，就像在假期前夕，迪士尼+上驚喜地加入了《曼達洛人》系列中的「孩子」一樣。同時，《植物大戰殭屍：花園戰爭》和《極速快感：熱焰》都為世界各地的粉絲帶來了樂趣和全新的體驗。

Our people are our greatest resource at Electronic Arts, and this year has been a demonstration of how the creativity and technical expertise of our teams working together around the world allows us to deliver an unmatched breadth of entertainment to players. From FIFA to Star Wars, Apex to Madden, The Sims to Need for Speed and more, we have the titles that fans around the world recognize and love to play. The addition of great new games and experiences is also vital to growth, and we're excited to do that in the year ahead through more of our own IP with partner and indie content and some more surprises to come.

在藝電，我們的人才是我們最大的資源。今年充分展現了我們全球團隊的創造力和技術專長如何攜手合作，為玩家帶來無與倫比的娛樂體驗。從 FIFA 到星際大戰，從 Apex 到 Madden，從模擬市民到極速快感等等，我們擁有世界各地粉絲熟知並喜愛的遊戲。不斷推出優秀的新遊戲和體驗對於發展也至關重要，我們很高興在未來一年裡透過更多我們自己的IP、合作夥伴和獨立遊戲內容以及一些即將到來的驚喜來實現這一點。

Live services are delivering value for players and continuing growth for our business. Our teams are among the best in the industry. It is constantly building on feedback to expand and enhance the experience for players. The content updates and in-game events in Ultimate Team, creative and original new seasons in Apex Legends that expand the game and its characters, new content in The Sims 4 that continues to add player choice and more content across our top mobile titles around the world, live services will continue to be a key focus and growth driver for us in Q4 and the year ahead.

線上服務為玩家帶來價值，並推動我們的業務持續成長。我們的團隊是業界最優秀的團隊之一。它不斷根據玩家回饋進行改進，以擴展和增強玩家體驗。Ultimate Team 的內容更新和遊戲內活動，Apex Legends 中擴展遊戲及其角色的創意原創新賽季，The Sims 4 中不斷增加玩家選擇的新內容，以及我們在全球頂級移動遊戲中提供的更多內容，這些在線服務將繼續成為我們第四季度和未來一年的重點和增長動力。

With the strength of our IP and live services, we're well positioned for growth as the audience expands and diversifies into new forms of content. We are bringing our games and IP to new regions, including continued mobile growth in Asia and plans to launch Apex Legends in China. With our subscription services now available on 3 major platforms and coming to Steam in FY '21, we're expanding our leadership in high-value, low-friction subscriptions for more players.

憑藉我們強大的智慧財產權和即時服務，隨著受眾群體不斷擴大並向新的內容形式多元化發展，我們已做好充分準備迎接成長。我們將把我們的遊戲和IP帶到新的地區，包括亞洲行動市場的持續成長，以及在中國推出Apex Legends的計畫。我們的訂閱服務現已在 3 個主要平台上推出，並將於 2021 財年登陸 Steam，我們將擴大我們在高價值、低摩擦訂閱領域的領先地位，為更多玩家提供服務。

And with FIFA and Madden continuing to grow as leading esports properties, we're bringing Apex Legends competition to the global stage, and we have exciting plans for new content in esports as we move into the next fiscal year. We're looking forward to finishing this year strong, delivering for players and continuing our growth into FY '21.

隨著 FIFA 和 Madden 繼續發展成為領先的電子競技項目，我們將 Apex Legends 比賽帶到全球舞台，並且隨著我們進入下一個財政年度，我們還有令人興奮的電子競技新內容計劃。我們期待今年能強勢收官，為玩家帶來精彩表現，並在 2021 財年繼續保持成長動能。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. EA successfully launched 3 games last quarter: Need for Speed Heat; Plants vs. Zombies: Battle for Neighborville; and, of course, Star Wars Jedi: Fallen Order. That brings the total for calendar 2019 to 8. Launching 8 major games at quality in a year is a substantial undertaking, but that number only tells part of the story. For example, Battlefield V, we launched a whole new theater of war with maps, vehicles, weapons and more, driving a major shift in engagement. For Star Wars Battlefront II, we introduced game-changing heroes, fan-favorite reinforcements, exotic plants -- planets and epic new ways to play across 3 cinematic eras. For Apex Legends, we launched 3 seasons of content, including 3 new legends, 5 in-game events, 3 town takeovers and a whole new map of 6 new game modes. Delivering quality entertainment at this level testifies to how well the teams are aligned across the company in a way in which we unite to achieve our goals. And it works. We had another great quarter, with record net bookings and live services as a whole and in FIFA and Madden Ultimate Teams in particular. Apex Legends is having a fantastic season, and we delivered a new hit with the launch of Star Wars Jedi: Fallen Order. As a result, we generated record operating cash flow over the last 12 months.

謝謝你，安德魯。EA 上個季度成功推出了 3 款遊戲：《極品飛車：熱焰》；《植物大戰殭屍》；《殭屍：鄰里之戰》；當然還有《星際大戰絕地：墮落的武士團》。這使得 2019 年的總遊戲數量達到了 8 款。一年內推出 8 款高品質的大型遊戲是一項艱鉅的任務，但這只說明了部分情況。例如，在《戰地5》中，我們推出了全新的戰場，包括地圖、載具、武器等等，從而推動了遊戲方式的重大轉變。在《星際大戰：前線 II》中，我們引入了改變遊戲規則的英雄、粉絲最喜愛的增援部隊、奇特的植物——星球，以及跨越 3 個電影時代的全新史詩級玩法。對於《Apex英雄》，我們推出了3個賽季的內容，包括3個新傳奇角色、5個遊戲內活動、3次城鎮佔領以及一張包含6種新遊戲模式的全新地圖。能夠提供如此高品質的娛樂內容，證明了公司各團隊之間的高度協作，以及我們團結一致實現目標的決心。而且它奏效了。我們又迎來了一個非常棒的季度，淨預訂量和整體即時服務均創下歷史新高，FIFA 和 Madden Ultimate Teams 尤其如此。《Apex英雄》本季表現出色，而《星際大戰絕地：墮落的武士團》的推出也帶來了一款新的熱門遊戲。因此，我們在過去 12 個月中創造了創紀錄的經營現金流。

EA's net revenue was $1.593 billion and operating expenses were $724 million. GAAP operating income was $361 million and resulted in earnings per share of $1.18, $0.26 better than our guidance. The year-on-year increase in OpEx was largely driven by variable compensation, which flexes up and down depending on company performance against plan. Remember that the true-up in Q3 last year was negative that, combined with a positive true-up this year, creates a $58 million swing year-on-year. There was also underlying growth in R&D as we continue to invest in game development.

EA的淨收入為15.93億美元，營運支出為7.24億美元。GAAP 營業收入為 3.61 億美元，每股收益為 1.18 美元，比我們預期高出 0.26 美元。營運支出年增主要是由於浮動薪酬，浮動薪酬會根據公司績效與計畫的對比情況上下浮動。請記住，去年第三季的調整為負值，加上今年的正值調整，導致年比波動達 5,800 萬美元。隨著我們對遊戲開發的持續投入，研發方面也實現了潛在成長。

Operating cash flow for the quarter was $1.104 billion, up $150 million last year. Operating cash flow for the trailing 12 months was a record at $1.898 billion. Capital expenditures for the quarter were $28 million, resulting in a free cash flow of $1.076 billion. See our earnings slides for further details on this information.

本季經營現金流為 11.04 億美元，比去年同期增加 1.5 億美元。過去 12 個月的經營現金流創歷史新高，達到 18.98 億美元。本季資本支出為 2,800 萬美元，產生自由現金流 10.76 億美元。請參閱我們的收益報告投影片，以了解更多詳情。

During the quarter, we repurchased 3.1 million shares at a cost of $300 million -- $305 million. We've now returned to shareholders over $2 billion of the $2.4 billion in our 2-year buyback program that we began in May 2018. We will announce our future plans on our May earnings call.

本季度，我們以 3 億美元至 3.05 億美元的價格回購了 310 萬股股票。我們已將 20 億美元以上的資金返還給股東，這是我們自 2018 年 5 月開始實施的為期兩年的股票回購計劃中 24 億美元的部分。我們將在五月的財報電話會議上公佈未來的計畫。

Our cash and short-term investments at the end of the quarter were $5.6 billion. Total net bookings for the quarter were $1.978 billion, up 23% on the prior year despite a $39 million FX headwind. Sales of Star Wars Jedi: Fallen Order significantly beat our expectations. We had forecast 6 million to 8 million units for the fiscal year, but to hit the high end of that in the third quarter, and now we anticipate selling around 10 million units in the fiscal year, a very strong result for a single-player action game.

截至季末，我們的現金和短期投資為 56 億美元。儘管受到 3,900 萬美元的外匯不利影響，但本季淨預訂總額仍達到 19.78 億美元，比上年同期成長 23%。《星際大戰絕地：墮落的武士團》的銷量遠超我們的預期。我們先前預測本財年銷量為 600 萬至 800 萬份，但第三季就達到了預期上限，現在我們預計本財年銷量將達到 1000 萬份左右，對於一款單人動作遊戲來說，這是一個非常強勁的成績。

Madden NFL 20 is delivering the best performance in Madden's more than 30-year history. Average selling prices were strong across the portfolio with discounts smaller and applied later in the year.

《麥登橄欖球20》取得了麥登系列30多年歷史的最佳表現。整個投資組合的平均售價表現強勁，折扣幅度較小，且折扣實施時間較晚。

Diving into digital net bookings. Digital net bookings were $1.444 billion, up 20% on a year ago period. Digital net bookings now represent 77% of our business on a trailing 12-month basis. This compares to 74% in the prior year. Live service net bookings were up 27% to $993 million. Nothing illustrates the changing nature of our business model like the growth of our live services, and $993 million is an all-time high. Growth was led by Apex Legends but closely followed by double-digit growth in FIFA and Madden Ultimate Teams. Growth in FIFA Online in Asia was also extremely strong.

深入了解數位網路預訂。數位淨預訂額為 14.44 億美元，比去年同期成長 20%。過去 12 個月，數位淨預訂量占我們業務的 77%。相比之下，上一年這一比例為74%。線上服務淨預訂金額成長 27%，達到 9.93 億美元。沒有什麼比我們的即時服務的成長更能說明我們商業模式的改變，9.93 億美元創歷史新高。《Apex英雄》引領了成長，但《FIFA》和《Madden Ultimate Team》緊隨其後，實現了兩位數的成長。FIFA Online 在亞洲的成長也非常強勁。

Mobile book delivered net bookings of $134 million, down 6% year-over-year but above our expectations, driven by titles across the breadth of our portfolio, particularly in Asia. Including our IP-licensed deals, such as the one for Command & Conquer: Red Alert in China, Mobile is up year-on-year at constant currency. With many promising titles in incubation at EA, we are excited about the opportunities ahead for us in the mobile market.

行動圖書淨預訂額為 1.34 億美元，年減 6%，但高於我們的預期，這主要得益於我們產品組合中各類圖書的強勁表現，尤其是在亞洲市場。如果算上我們在中國獲得的 IP 授權交易，例如《命令與征服：紅色警戒》的授權交易，行動業務以固定匯率計算年增。EA 旗下有許多很有前景的遊戲正在開發中，我們對行動遊戲市場未來的發展機會感到非常興奮。

Full game PC and console downloads generated net bookings of $317 million, 16% higher than last year. Growth was driven by increased game sales plus 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. This compares to 47% a year ago. We continue to model underlying annual growth of around 5 percentage points for digital.

完整遊戲 PC 和主機下載帶來的淨預訂金額為 3.17 億美元，比去年增長 16%。成長主要得益於遊戲銷售增加以及持續向數位轉型。過去 12 個月，在 Xbox One 和 PlayStation 4 平台上，我們售出的產品中，49% 是數位版而不是實體版。相比之下，一年前這一比例為 47%。我們繼續預測數位業務的年增長率約為 5 個百分點。

Turning to guidance. We expect full year GAAP net revenue to be $5.475 billion and for diluted earnings per share to be $9.90. We expect operating cash flow of about $1.725 billion. We continue to anticipate capital expenditures of around $140 million, which would deliver free cash flow of about $1.585 billion, $135 million above where our expectations were at the start of the year. We now anticipate fiscal 2020 net bookings of $5.15 billion, up $25 million over our prior guidance and up $50 million from where we started the year.

尋求指導。我們預計全年GAAP淨收入為54.75億美元，稀釋後每股收益為9.90美元。我們預計經營現金流約為17.25億美元。我們繼續預期資本支出約為 1.4 億美元，這將帶來約 15.85 億美元的自由現金流，比我們年初的預期高出 1.35 億美元。我們現在預計 2020 財年淨預訂額為 51.5 億美元，比我們之前的預期增加 2,500 萬美元，比年初的預期增加 5,000 萬美元。

For the fourth quarter, we expect net revenue of $1.325 billion, cost of revenue to be $257 million and operating expenses of $724 million. OpEx is down year-on-year, reflecting the 2 new IPs we launched last year. This results in a diluted earnings per share of $1.05 for the fourth quarter, using the diluted share count of 293 million shares.

我們預計第四季淨收入為 13.25 億美元，營業成本為 2.57 億美元，營運費用為 7.24 億美元。營運支出較去年同期下降，這反映了我們去年推出的 2 個新 IP。根據 2.93 億股的稀釋股份數計算，第四季度稀釋後每股收益為 1.05 美元。

We anticipate net bookings for the quarter to be $1.152 billion. This is slightly down year-on-year, with broad-based strength this year offset by the massive launch quarter for Apex Legends and Anthem last year.

我們預計本季淨預訂額將達到 11.52 億美元。與去年同期相比略有下降，今年整體強勁的成長被去年《Apex英雄》和《聖歌》的巨大發布季度所抵消。

Looking forward to fiscal 2021, our goal is to continue to grow net bookings and underlying profitability even as we invest in new platforms. We anticipate live services to be the primary growth driver, followed by the launch of new content across a broad range of genres. We're launching 4 sports titles, including new games in our blockbuster FIFA and Madden franchises, 4 other titles that draw from the breadth of our IP, and we'll also publish 4 titles globally from smaller developers. Finally, we expect 2 new mobile titles to make it into soft launch.

展望 2021 財年，我們的目標是在投資新平台的同時，持續提高淨預訂量和潛在獲利能力。我們預計直播服務將成為主要的成長動力，其次是推出涵蓋廣泛類型的新內容。我們將推出 4 款運動遊戲，包括我們熱門 FIFA 和 Madden 系列的新遊戲，4 款取材自我們廣泛 IP 的其他遊戲，我們還將在全球發行 4 款來自小型開發商的遊戲。最後，我們預計會有兩款新的手機遊戲進入試營運階段。

We expect growth to accelerate in fiscal 2022 as we leverage the growing base of next-generation consoles with the launch of a new Battlefield. This is on top of the launches of FIFA 22 and Madden NFL 22, plus new and ongoing live services and other titles. We create long-term value by growing strong live services, launching new content and expanding our reach. This broad-based model reduces our dependency on individual titles, decreases risks and enables us to deliver financial results for our shareholders through a constant stream of high-quality entertainment for our players.

我們預計，隨著新一代遊戲主機用戶群的不斷擴大以及新《戰地》遊戲的推出，2022 財年的成長速度將會加快。除了 FIFA 22 和 Madden NFL 22 的發布，以及新的和持續的線上服務和其他遊戲之外，還有其他內容。我們透過發展強大的即時服務、推出新內容和擴大影響力來創造長期價值。這種廣泛的模式降低了我們對單一遊戲的依賴，降低了風險，並使我們能夠透過不斷為玩家提供高品質的娛樂內容，為股東帶來財務回報。

Now I'll hand the call back to Andrew to offer some final thoughts.

現在我把電話交還給安德魯，讓他做最後的總結。

Thanks, Blake. We're delivering for our players, and our business is growing. Our foundation is great IP that excites and engages hundreds of millions of players. We've added to the breadth and depth of our portfolio with great games like Star Wars Jedi: Fallen Order and the innovation in FIFA, Madden, and our ongoing franchises is helping us reach new fans and grow our total player base. We're looking forward to delivering more amazing games from our top franchises, new IP, new partner and indie titles and some other surprises in FY '21 and beyond.

謝謝你，布萊克。我們為玩家提供了優質服務，我們的業務也不斷發展壯大。我們的基礎是能夠激發數億玩家興趣並吸引他們的優秀智慧財產權。我們透過《星際大戰絕地：墮落的武士團》等優秀遊戲豐富了我們的產品組合，而 FIFA、Madden 以及我們正在開發的系列遊戲的創新，也幫助我們吸引了新的粉絲，並擴大了我們的玩家群。我們期待在 2021 財年及以後推出更多來自我們頂級系列的精彩遊戲、新的 IP、新的合作夥伴和獨立遊戲，以及其他一些驚喜。

Live services extend and enhance the experience for players in their favorite games and enables strong ongoing growth for our business. We design experiences for longevity, creating communities where our players love to connect, share and compete with friends for months and years to come. Our live services for Apex Legends, EA SPORTS Ultimate Team, The Sims 4, Star Wars and more continue to grow in player engagement and will bring more great creative content and in-game events to those communities throughout the year ahead.

線上服務擴展並增強了玩家在他們喜愛的遊戲中的體驗，並為我們的業務帶來了強勁的持續成長。我們致力於打造持久的遊戲體驗，創造讓玩家在未來幾個月甚至幾年內都能與朋友聯繫、分享和競爭的社群。我們為《Apex英雄》、《EA SPORTS終極團隊》、《模擬市民4》、《星際大戰》等遊戲提供的線上服務在玩家參與度方面持續成長，並將於未來一年為這些社群帶來更多精彩的創意內容和遊戲內活動。

Great games and strength in live services also position us well in additional growth areas. New consoles are coming, and we'll be ready to leave with some of our top titles. Our esports portfolio will expand to 4 franchises this year with content designed for a wide audience and a growing range of sponsors.

優秀的遊戲和強大的線上服務能力也使我們在其他成長領域佔據了有利地位。新主機即將上市，我們將帶著一些最受歡迎的遊戲來做好迎接新主機的準備。今年，我們的電競產品組合將擴展到 4 個特許經營項目，內容將面向廣泛的受眾，並吸引越來越多的贊助商。

We're continuing to add to the value of our subscription offerings, reaching more play through more distribution channels and expanding to audiences in more geographies with IP that they can't wait to play. It's an exciting time of growth in the interactive entertainment industry, and a great time to be making amazing games and bringing them to more players around the world.

我們將持續提升訂閱服務的價值，透過更多通路吸引更多玩家，並將他們迫不及待想要體驗的IP推廣到更多地區的受眾。互動娛樂產業正處於令人興奮的發展時期，也是製作精彩遊戲並將其帶給世界各地更多玩家的好時機。

Now Blake and I are here for your questions.

現在我和布萊克在這裡回答你們的問題。

(Operator Instructions)

（操作說明）

Your first question comes from Andrew Uerkwitz with Oppenheimer & Co.

你的第一個問題來自奧本海默公司的安德魯·烏爾克維茲。

Looking at the past 2 Star Wars games, one was a massive multiplayer, one was obviously a big single player. Seems like sales numbers initially are roughly the same, but one's got live services, one doesn't. How has that shaped the way you think about future game design as we head into the next console with a big focus on live services?

回顧過去的2款《星際大戰》遊戲，一款是大型多人遊戲，另一款顯然是大型單人遊戲。乍一看，兩家公司的銷售額大致相同，但一家提供即時服務，另一家則沒有。隨著下一代遊戲主機將更加重視線上服務，這種概念如何影響了你對未來遊戲設計的思考？

Great, great question. And part of the reason why we have this breadth and depth in our portfolio is because as the player base continues to grow, so do their motivations. As we think about making games, we think about the motivations of why people want to play: inspiration, escape, social connection, creation, self-improvement, all these types of things.

好問題，問得好。我們之所以擁有如此廣泛而深入的產品組合，部分原因是隨著玩家群不斷成長，他們的動機也不斷增強。當我們思考如何製作遊戲時，我們會思考人們玩遊戲的動機：獲得靈感、逃避現實、社交連結、創造、自我提升等等。

And as we start to look at the broader player base, and we think about each of the cohorts within that, we're looking to build experiences that satisfy their needs and motivations. And what we've come to understand, particularly with Star Wars, is it's a really, really big fan base. And while social interaction, competition and multiplayer is really important for a large portion of that fan base, what we have seen through the last quarter is that also is that inspiration and escape model, that living the Jedi journey, the Jedi story. As we think about this on a go-forward basis, you should imagine that we will continue with the breadth and depth across the IP in order to meet the needs and motivations of that broad player base.

當我們開始關注更廣泛的玩家群體，並思考其中的每個群體時，我們希望創造能夠滿足他們的需求和動機的體驗。我們逐漸了解到，尤其是《星際大戰》，它擁有非常非常龐大的粉絲群。雖然社交互動、競爭和多人遊戲對很大一部分粉絲來說非常重要，但我們在過去一個季度看到的是，它也是一種靈感和逃避模式，一種體驗絕地之旅、體驗絕地故事的方式。從長遠來看，我們應該繼續拓展和深化IP，以滿足廣大玩家的需求和動機。

And if I could just ask one follow-up. As we think about live services but also more distribution channels, more -- easier, hopefully, cheaper marketing. Should we expect you -- expect EA to launch more than 8 games when we look out 3, 4, 5 years? Or it's kind of like the -- 8 a good number?

如果可以的話，我再問一個後續問題。我們不僅要考慮即時服務，還要考慮更多的通路，以及更便利、更經濟的行銷方式。我們是否應該期待 EA 在未來 3、4、5 年內推出超過 8 款遊戲？或者有點像——8是個好數字嗎？

I would start by saying 8 is a lot. If you think about the various game launches across the industry, there are not many companies that can come together and launch that kind of breadth at that kind of quality with that strength of execution. And so we feel really good about that number. The other thing that's important to understand is, this also has a layering effect. So as we've launched games that have live services that last 1, 2, 3, and in some cases, 4 and 5 years, the build that we get over time and the predictability and longevity in our revenue stream is really, really strong. And so I think 8's probably a pretty good number. Some years, there might be a few more of that, some it might be a few less than that, but we feel really good.

首先我想說的是，8個很多。如果你回顧一下整個遊戲產業中各種各樣的遊戲發布，你會發現很少有公司能夠齊心協力，以如此強大的執行力推出如此廣泛、如此高品質的遊戲。所以我們對這個數字非常滿意。另一點要理解的是，這也有疊加效應。因此，隨著我們推出的遊戲擁有持續 1 年、2 年、3 年，甚至在某些情況下長達 4 年和 5 年的線上服務，我們隨著時間的推移所獲得的成長，以及收入來源的可預測性和持久性，都非常非常強大。所以我認為 8 應該是一個相當不錯的數字。有些年份可能會多一些，有些年份可能會少一些，但我們感覺真的很好。

The other thing that we're starting to see is that with the reach and the network power that we have, with subscriptions and our ability to reach players in this high-value, low-friction business model, we now have a lot of other third parties and indies coming to speak with us about distribution of their content. And so while I feel really good about our capacity to continue to execute and deliver great, high-quality content and potentially more than many others in the industry, we're also going to have the opportunity to reach our player base with these very new and interesting titles from third-party and indie developers.

我們也開始看到，憑藉我們擁有的影響力、網路實力、訂閱服務以及在這種高價值、低摩擦的商業模式下接觸玩家的能力，現在有很多第三方和獨立開發者來和我們洽談內容分發事宜。因此，雖然我對我們繼續製作和提供優質內容的能力感到非常滿意，而且我們可能比業內許多其他公司做得更好，但我們也將有機會透過第三方和獨立開發者推出的這些非常新穎有趣的遊戲來吸引我們的玩家群。

Yes. And what I would add to Andrew's comment is, remember, one of the major strengths of our business is a deep catalog. And the deep catalog is based on not just this year's games or last year's games but maybe even games from 2 or 3 or 4 years ago. And we sometimes see north of $1 billion in catalog sales in the following year. That's very powerful to us. It's very profitable. And it is critical in continuing to maintain the brands that we have built. And fans will come into games at many different levels, either through direct purchase or through subscriptions. And that deep bench is something that creates a lot of value, which I'm not sure people always think about as we're thinking about the value of the overall business.

是的。我還要補充安德魯的評論是，請記住，我們業務的一大優勢是擁有豐富的商品目錄。而且，這個龐大的遊戲庫不僅包括今年的遊戲或去年的遊戲，甚至包括 2 年前、3 年前或 4 年前的遊戲。我們有時會在第二年看到超過 10 億美元的目錄銷售額。這對我們來說意義重大。它非常有利可圖。這對於繼續維護我們已經建立的品牌至關重要。粉絲可以透過多種不同方式參與遊戲，包括直接購買或訂閱。而這種深厚的人才儲備創造了很大的價值，我不確定人們在考慮整個業務的價值時是否總是會考慮到這一點。

Your next question comes from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

It's Matt on for Brian. Congrats on the quarter. The first one is just on the Mobile business. It seems like you made some great progress, obviously, on constant currency growing year-on-year. Can you talk about sort of what you're seeing in that business, and maybe any thoughts you're having on potentially partnering with other mobile app developers. And some of your competitors have seen some success recently following the strategy like that, particularly in terms of going in markets like Asia. And then if you could, just quickly an update on Project Atlas.

現在是馬特替布萊恩上場。恭喜你本季取得佳績。第一個例子只涉及行動業務。顯然，你們在固定匯率逐年成長方面取得了巨大進展。您能否談談您在這個行業中觀察到的情況，以及您對與其他行動應用程式開發人員合作的潛在想法？最近，你們的一些競爭對手透過類似的策略取得了一些成功，尤其是在進軍亞洲等市場方面。然後，如果可以的話，請您簡要介紹 Atlas 專案的最新進展。

Yes. So obviously, rolling mobile out in China, you need to have a partner. And we're -- as we've said in the prepared remarks today that we're working with a partner there, and we're very excited about the opportunity. That partner is also helping us develop a mobile Apex for the globe. And we'll -- more to come on that in terms of timing, but that's also a big upside for us. We have not built a lot into our forecast for next year on that because the timing is always uncertain. But we do believe that there's a lot of opportunity there. Obviously, we'll also do a PC version of Apex in China through that same partner. But we will selectively use partners where possible. We have some great studios. We think we can continue to build great games. But where possible, where a partner can either increase the time to market or help us in markets where we don't necessarily have the ability to go to market ourselves, like China, we will use partners. And more to come on Apex and any other titles that might fit in that.

是的。很顯然，在中國推出行動業務，你需要一個合作夥伴。正如我們今天在準備好的演講稿中所說，我們正在與那裡的合作夥伴一起合作，我們對這個機會感到非常興奮。該合作夥伴也在幫助我們開發面向全球的行動端 Apex 平台。至於時間安排方面，我們稍後會詳細說明，但這對我們來說也是一個很大的優勢。由於時間總是不確定的，因此我們在明年的預測中並沒有過多考慮這方面因素。但我們相信那裡蘊藏著許多機會。顯然，我們也會透過同一合作夥伴在中國推出 Apex 的 PC 版本。但我們會盡可能有選擇地與合作夥伴攜手合作。我們有一些很棒的工作室。我們相信我們能夠繼續開發出優秀的遊戲。但是，如果合作夥伴能夠加快產品上市速度，或幫助我們進入我們自己不一定有能力進入的市場（例如中國），我們就會選擇與合作夥伴合作。未來還會有更多關於Apex以及其他可能符合這一主題的遊戲的內容。

Just a couple of other thoughts. We've talked in previous calls about kind of a 3-pronged strategy around mobile, the first pillar being an underlying belief that we were not monetizing our mobile games at a level that maybe some of the best-of-breed inside the industry had and that we were going to have a real focus on that. I would tell you our studio leadership team has brought some really, really high-powered, compelling leaders from the broader mobile industry into the company. They are coming in and working with our teams, and just changing a philosophy around how we think about the creation of really compelling content and the monetization of that content. And we're starting to see that pay out. And you should expect that we'll continue to focus in that area and get more out of the existing mobile titles that actually performed really well in the marketplace and we, maybe, haven't been as focused on.

還有幾點想法。我們在之前的電話會議中討論過圍繞移動端的三管齊下的戰略，第一個支柱是我們一直以來都認為，我們的移動遊戲盈利水平可能不如業內一些頂尖公司，因此我們將真正專注於此。我可以告訴你，我們工作室的領導團隊已經從更廣泛的行動產業引進了一些非常有實力、非常有魅力的領導者。他們加入我們的團隊，與我們的團隊一起工作，改變了我們對創作真正引人入勝的內容以及如何實現內容變現的理念。我們現在開始看到成效了。你們應該期待我們將繼續專注於這個領域，並從現有的、在市場上表現非常出色的行動遊戲中獲得更多收益，而我們可能還沒有給予足夠的重視。

The second pillar has been -- we are a game development company. We have spectacular IP that has mobile appeal and mobile application. And we have a number of mobile titles in development that I'm actually very excited about. Two of which, as we said in the prepared remarks, will go into soft launch in the next year or so, and there might be some others that get in a little earlier as well.

第二個支柱是──我們是一家遊戲開發公司。我們擁有極具行動吸引力的出色知識產權和行動應用程式。我們正在開發一些手機遊戲，我對此感到非常興奮。正如我們在準備好的演講稿中所說，其中兩項將在未來一年左右的時間內進行試運營，可能還有一些其他產品也會提前推出。

And then, third, we continue to look at opportunities for partnership and acquisition. There's not a lot of those out there as it turns out, but we're trying to make sure that we're in every conversation. So we do -- mobile continues to be a focus for us, and we do believe there's a growth opportunity ahead.

第三，我們將繼續尋找合作和收購的機會。事實證明，這類對話並不多，但我們正在努力確保參與每一次對話。所以，我們確實如此——行動端仍然是我們的重點，我們相信未來會有成長機會。

Yes. And on Project Atlas, the other part of your question, you'll continue to hear more from us about streaming and other components of Atlas. We're in tight connection and conversations with all of the players that are doing streaming. We're very excited about where it's going and the potential as well as how we can continue to improve the tools that people use inside of the subscription models that we've put in place.

是的。至於您問題的另一部分——Project Atlas，我們將繼續向您介紹有關串流媒體和 Atlas 其他組件的更多資訊。我們與所有進行直播的選手保持密切聯繫和溝通。我們對其發展方向和潛力感到非常興奮，也期待我們能夠繼續改進人們在我們已建立的訂閱模式中使用的工具。

So a simple reminder. Our goal is to be on every platform and to offer our great products to consumers wherever they want to play them as long as we can play -- provide them at a quality level that we're comfortable with. So you're going to hear and see a lot more in the next coming year.

簡單提醒一下。我們的目標是涵蓋所有平台，只要我們能夠提供優質產品，無論消費者在哪裡玩，我們都能為他們提供——並保證產品品質達到我們滿意的水平。所以，在接下來的一年裡，你將會聽到並看到更多相關內容。

Your next question comes from Raymond Stochel with Consumer Edge Research.

下一個問題來自 Consumer Edge Research 的 Raymond Stochel。

Is there anything that you can discuss as far as VOLTA? Can you give us an update on monetization for VOLTA? And then any more details on FIFA Ultimate Team being up double digits this call? Is that like-for-like as far as launch -- first launch? And then what would be driving that growth?

關於VOLTA，您有什麼可以討論的嗎？能否提供一下VOLTA的商業化進展？那麼，關於FIFA Ultimate Team在本次電話會議中實現兩位數成長，還有什麼更多細節嗎？就發布而言，是指首次發布嗎？那麼，推動這種成長的因素又是什麼呢？

We're very happy with VOLTA. VOLTA brought in a whole set of new players and engaged them in new and interesting ways. As we've also talked about a lot in past calls, as we think about building live services, we really think about building engagement first and monetization to follow. As I say, I think that -- what the team did with VOLTA this year is really, really strong. They've taken some great learning from feedback they've received from the community, and we'll continue to build on that in the years to come. And while we don't have any announcements yet on monetization, a lot of player feedback is that they would also like to see the opportunity to extend and enhance that VOLTA experience in a way they do with other live services. So we're excited about what that might bring.

我們對VOLTA非常滿意。VOLTA引入了一大批新的參與者，並以新穎有趣的方式讓他們參與其中。正如我們在之前的電話會議中多次談到的那樣，當我們考慮建立即時服務時，我們首先考慮的是建立用戶參與度，然後才是盈利。正如我所說，我認為——球隊今年在 VOLTA 上的表現非常出色。他們從社群收到的回饋中汲取了許多寶貴的經驗，我們將在未來幾年繼續以此為基礎。雖然我們目前還沒有關於盈利模式的任何公告，但許多玩家的反饋是，他們也希望有機會像其他線上服務那樣，擴展和增強 VOLTA 的體驗。所以我們對它可能帶來的結果感到興奮。

And what I would say on Ultimate Team, and this is not just FIFA, this is Madden and this is NHL and our other games. The thing you need to remember on Ultimate Team is, we continue to refine and improve the weekly or monthly events that we're running on Ultimate Team that bring people into play. People won't play Ultimate Team if they're not having fun. And so the key is how do you build an event that they're going to have fun competing and interacting. It's a social network, and it's all about the design of events. And I think the team continues to get better and better every year, either refining existing events or adding new events. And that's what really drives the overall monetization in Ultimate Team across all of our sports. And it's the thing that people sometimes don't understand when it comes to live services, that it's not about the monetization. It's about how do you create fun for people to be able to come in and enjoy social connection and that competition with others. And that's what really drives that across all of our live services.

而我想說的是，在終極球隊模式中，這不僅僅是 FIFA，還有 Madden、NHL 以及我們的其他遊戲。在 Ultimate Team 中，你需要記住的是，我們會不斷改進和完善我們在 Ultimate Team 上舉辦的每週或每月活動，以吸引人們參與其中。如果玩Ultimate Team模式不開心，玩家就不會玩。所以關鍵在於如何打造一個讓他們在比賽和互動中都能感到快樂的活動。這是一個社交網絡，它專注於活動策劃。我認為團隊每年都在不斷進步，要么改進現有賽事，要么增加新賽事。而這正是推動我們所有運動項目終極團隊模式整體獲利的真正動力。人們有時不理解的是，對於即時服務而言，關鍵不在於獲利。關鍵在於如何創造樂趣，讓人們能夠進來享受社交聯繫和與他人競爭的樂趣。而這正是我們所有線上服務真正發揮作用的驅動力。

Your next question comes from Gerrick Johnson with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Gerrick Johnson。

Two questions. First, gross margin. Maybe you could provide us with the puts and takes, the bridge from last year to this year. And then also on the other titles that you did have guidance for, any update to that guidance for those titles.

兩個問題。首先是毛利率。或許您可以提供我們今年的收支情況，也就是從去年到今年的過渡情況。此外，對於您之前發布過指導意見的其他遊戲，這些遊戲的指導意見是否有任何更新？

Yes. So gross margin's really simple. We sold more Madden, more FIFA and more Star Wars Jedi than we expected. And all 3 of those are royalty properties, so we had to pay royalty on them. Royalty gets booked in gross margin. That's a good problem to have. I'd take that all day long because, obviously, it's driving the overall business and the profitability of the business. So nothing more than that. It's pretty straightforward.

是的。所以毛利率的計算其實很簡單。我們賣出的《麥登橄欖球》、《FIFA》和《星際大戰絕地武士》遊戲都比預期要多。而且這三項都是特許權使用費財產，所以我們必須為此支付特許權使用費。版稅計入毛利。這是個幸福的煩惱。我非常樂意接受這樣的結果，因為很明顯，這推動了公司的整體業務發展和獲利能力。僅此而已。很簡單。

I don't think we have any new news on guidance for anything else. Obviously, we've tried to give people some sense of what next year looks like. As I said in my prepared remarks, we would like to -- our goal is to drive both top line and bottom line guidance, and we think we've set up a slate of properties for next year to do that. And we've also provided people the knowledge that Battlefield's coming the year after that, which should also drive growth the following year. And we see that as a big positive for, as we've said, the continued plan to try to have a strong growth, top line, bottom line cash flow as we go forward.

我認為我們目前沒有關於其他任何方面指導意見的新消息。顯然，我們已經努力讓人們對明年的情況有所了解。正如我在準備好的演講稿中所說，我們希望——我們的目標是推動營收和利潤雙雙成長，我們認為我們已經為明年制定了一系列計劃來實現這一目標。我們也讓大家知道《戰地風雲》系列遊戲將在後年推出，這也應該會推動第二年的成長。正如我們所說，我們認為這是一個很大的利好，有助於我們繼續推動計劃，努力實現強勁的成長、營收成長和淨利潤成長。

Your next question comes from Alex Giaimo with Jefferies.

下一個問題來自傑富瑞集團的 Alex Giaimo。

Hoping to dig into Apex aspirations a bit more without getting too bogged down into the F '20 or F '21 guide specifically, how should investors be thinking broadly about the growth aspirations for that franchise? I think you've mentioned in the past that you view it as a 10-year franchise and it's obviously early, but should we think about it sort of as a modest straight-line grower moving forward? Or is it a bit more lumpy? And then just given the free-to-play nature of that game, hoping you can just update us on how the profitability of Apex compares to the broader profitability of EA as a whole.

希望能夠更深入了解 Apex 的發展願景，而不必過於糾結於 2020 年 F 或 2021 年 F 指南的具體內容，投資者應該如何從宏觀角度看待該系列產品的成長願景？我認為你之前提到過，你把它看作是一個為期 10 年的特許經營項目，現在顯然還處於早期階段，但我們是否應該把它看作是一個穩步增長的項目呢？還是它表面有點凹凸不平？鑑於遊戲的免費遊玩性質，希望您能向我們介紹 Apex 的盈利能力與 EA 整體盈利能力相比如何。

Yes, it's good questions. I mean, as I think Andrew said, we're just getting into our 1-year anniversary in the game, which is fantastic. We've been very pleased with where the game is. The team has done an amazing job of continuing to innovate and add content and also leverage an incredibly engaged audience to try to feed them and give them things that they wanted to continue to play in the game and excitement and surprise. We will continue that journey no different than we've done with live services. You -- people sometimes forget, Ultimate Team was like an $8 million business 12 years ago.

是的，問得好。我的意思是，就像安德魯說的那樣，我們即將迎來遊戲開發一周年紀念日，這真是太棒了。我們對遊戲目前的狀況非常滿意。團隊在不斷創新和添加內容方面做得非常出色，並且利用了極其活躍的受眾群體，努力滿足他們的需求，並給他們提供他們想在遊戲中繼續玩的東西，以及興奮和驚喜。我們將繼續推進這項工作，就像我們之前開展現場服務一樣。你們—人們有時會忘記，Ultimate Team 在 12 年前是一個價值 800 萬美元的生意。

And our goal is to always be innovating and improving over time to try to grow the business, and that's how we're thinking about Apex. And we've continued to bolster the team with new talent, new live service talent, but also make sure that the existing team is very focused on how they're building out the business and rewarded for their great efforts there. I mean it's just an incredible job they've done. It's hard for us to predict. If you would have asked us a month ago, 6 months ago, we probably wouldn't have known. And we still don't know, but our goal is to continue to grow that business and to maintain.

我們的目標是不斷創新和改進，以期發展業務，這就是我們對 Apex 的思考方式。我們不斷吸收新人才，尤其是線上服務人才，來壯大團隊，同時也確保現有團隊能夠專注於業務拓展，並因其在業務拓展方面的巨大努力而獲得獎勵。我的意思是，他們做得太棒了。我們很難預測。如果一個月前、六個月前你問我們，我們可能也不知道。我們目前還不知道結果，但我們的目標是繼續發展並維持這項業務。

But when we come to our May guidance, we'll try to give some people some sense of it. What we are -- we're going to stop talking about monthly or weekly or daily active users because I'm not sure what anyone can do with that information. And if anyone questions that, I -- they go back 7.5 years ago to my very first quarter at the company where I said, "We will take away metrics that don't make sense for investors." And we're not necessarily trying to hold back any information. We're not signaling anything. We just realized that we want to make sure you're not doing something with numbers that don't make sense. We'll try to give you as best guidance as we can. We want to grow the business. We think it's got a long history to it, but more to come, and we're very excited and very optimistic about where the opportunities can go with Apex.

但當我們發布五月的指導意見時，我們會盡量讓一些人對此有所了解。我們將不再討論每月活躍用戶、週活躍用戶或每日活躍用戶，因為我不確定任何人能利用這些資訊做什麼。如果有人對此提出質疑，我可以告訴他們－早在7.5年前我加入公司的第一個季度，我就說過：「我們會剔除那些對投資人沒有意義的指標。」我們並不是故意隱瞞任何資訊。我們沒有發出任何訊號。我們剛剛意識到，我們需要確保您沒有對一些不合理的數字進行操作。我們會盡力為您提供最好的指導。我們希望發展壯大公司。我們認為它有著悠久的歷史，但未來還有更多發展空間，我們對 Apex 的未來發展前景感到非常興奮和樂觀。

And just a small add. At a game level, as we look at the industry and the games that have actually lasted a decade or more, things like League of Legends, things like CS: GO, things like Dota 2 that continue to engage huge populations of players around the world. There's really kind of 3 core pillars of those games: really compelling and identifiable characters; a truly compelling world; and competitive skill-based, highly social game plan that continues to evolve and emerge over time as players continue to get better in the game. They are the 3 core tent poles of Apex Legends as a game. And as we think about the year -- the next year and the year after and we add new geographies and we add new platforms, again, as we -- as Blake said, it's hard to predict exactly how that will grow. But our belief is that we have growth ahead, and we're very, very encouraged and excited by the fact that the team gets better and better at answering needs of the players. Season 3 was bigger than Season 2. We expect Season 4 will grow again, and we're excited about what will come.

補充一點。從遊戲層面來看，當我們審視整個產業以及那些已經持續了十年或更長時間的遊戲時，例如《英雄聯盟》、《CS:GO》和《Dota 2》，這些遊戲仍然吸引著世界各地大量的玩家。這些遊戲其實有三大核心支柱：引人入勝且易於辨識的角色；一個真正引人入勝的世界；以及基於競技技巧、高度社交化的遊戲策略，隨著玩家在遊戲中不斷進步，這種策略也會不斷發展和演變。它們是《Apex英雄》這款遊戲的三大核心支柱。當我們展望未來一年、下一年以及後年，當我們拓展新的地域和平台時，正如布萊克所說，很難準確預測它將如何發展。但我們相信未來還有很大的發展空間，而且團隊越來越能滿足球員的需求，這讓我們感到非常鼓舞和興奮。第三季比第二季規模更大。我們預計第四季會繼續擴大，我們對即將到來的內容感到興奮。

Yes. And you mentioned our comments in the past around we're trying to build a long-term franchise. At the end of the day, we would much rather have something that lasts for many, many years doesn't -- is not a boom and bust. And that's how we're trying to design the business. The team is very aligned with that. And if it can turn into, essentially, an annual shooter for us as part of our franchises, we think that adds huge value to the overall company. So that's how we're looking at it and how we're approaching it. And we think everyone's aligned around that, and more to come.

是的。你之前也提到過，我們正在努力打造一個長期的特許經營品牌。歸根究底，我們更希望擁有能持續很多很多年的東西，而不是曇花一現的東西。這就是我們嘗試設計業務的方式。團隊對此非常認同。如果它能發展成為我們特許經營權的一部分，並最終成為我們的年度射擊遊戲，我們認為這將為整個公司帶來巨大的價值。這就是我們看待這個問題的方式，也是我們處理這個問題的方法。我們認為大家在這一點上都達成了共識，未來還會有更多共識出現。

Your next question comes from Jeff Cohen with Stephens.

下一個問題來自史蒂芬斯公司的傑夫·科恩。

Could you talk about how big of a driver Jedi: Fallen Order was for new subscribers to Origin Access? And then broadly, just can you talk about how churn has trended within your subscription products?

您能否談談《星際大戰絕地：隕落的武士團》對 Origin Access 新用戶的吸引力有多大？然後，您能否大致談談貴公司訂閱產品中的客戶流失趨勢？

Yes. So remember that it's the premier subscription that gets frontline titles, which is only part of the overall Origin Access model and not in the Sony or Microsoft program. Obviously, it added to it, but it's early days. So it's hard to understand if people came in and then went out because they're still playing the game. We have not seen big changes in churn. It's been a big question for us because we don't have titles coming in every single month from our portfolio. So you're always going to wonder about churn. But it's -- we're continuing to grow the subscription business on Origin as well as on our partners. And we think any time we've added new content, that drives people in. Even -- we believe when we put Jedi in the regular subscription, which will be still months from now, we're sure that, that will also bring people in.

是的。所以請記住，只有高級訂閱才能獲得一線遊戲，這只是 Origin Access 整體模式的一部分，而不是索尼或微軟的計劃的一部分。顯然，這起了一定作用，但現在下結論還為時過早。所以很難理解為什麼有人進來又出去，因為他們還在玩遊戲。我們沒有看到客戶流失率有重大變化。這對我們來說一直是個大問題，因為我們的作品庫並非每個月都有新作品推出。所以你總是會關注客戶流失率。但是，我們正在繼續發展 Origin 平台以及合作夥伴平台上的訂閱業務。我們認為，每次添加新內容都會吸引人們注意。即使——我們相信，當我們把 Jedi 加入到常規訂閱中時（雖然這還要幾個月的時間），我們確信，那也會吸引人們加入。

And the most important part is -- what we found out is people actually come in for certain titles. We know this because we watch the data before they join the subscription and after. And we find out they play titles that they've never played before and then start playing them a lot. So we've reduced the barrier of trial. They don't have to go and buy the game, they actually get a chance to just try it inside the subscription. And that's a huge win as we start to build people into new either games or genres or sports that they've never played before because it only increases the growth of their interest in playing great games.

而最重要的一點是──我們發現人們其實是衝著某些特定的標題來的。我們知道這一點，是因為我們在他們加入訂閱之前和之後都觀察了數據。我們發現他們會玩一些以前從未玩過的遊戲，然後開始頻繁地玩這些遊戲。因此，我們降低了試驗門檻。他們不必去購買遊戲，實際上他們可以透過訂閱服務直接試玩。這對人們來說是一次巨大的勝利，因為我們開始引導他們接觸他們以前從未玩過的新遊戲、新類型或新運動，這只會增加他們對玩優秀遊戲的興趣。

Your next question comes from Matthew Thornton with SunTrust.

下一個問題來自 SunTrust 的 Matthew Thornton。

Without getting into maybe any specific dates or even titles, specifically, maybe to give us a little more update just on kind of how you're feeling about the pipeline maybe relative to where we were 6, 12 months ago, the products that are out there across the various studios. Any color there would be helpful. And then just coming back to Sims and Apex in particular, Blake, I think you had talked about those franchises doing, call it, $300 million to $400 million for the year. Are those still reasonable ending points for those franchises?

不談具體日期或標題，或許可以讓我們更詳細地了解一下您對目前產品線的感受，與 6 個月、12 個月前相比，以及各個工作室目前推出的產品情況。任何顏色都會有所幫助。然後，布萊克，我們再回到《模擬市民》和《Apex英雄》的話題上來，我想你之前說過，這些系列遊戲一年的收入大概在3億到4億美元之間。這些仍然是這些系列作品合理的結局嗎？

Yes. I would say they're definitely reasonable franchise -- points for those franchises, and both are doing -- continue to do well. The Sims added an expansion pack in the fall that has done extremely well. And it is just an amazing business that continues to grow as more and more people come in. And then those people go backwards buy expansion packs from history as well as buy the new expansion packs, and it just builds on that social network that we've effectively created inside The Sims. And we'll see similar behavior with Apex, even though it's not expansion packs. More and more people come in each season and start to gain excitement around what they're seeing and build around the social network.

是的。我認為它們絕對是合理的特許經營權——這些特許經營權值得肯定，而且它們都做得很好——繼續保持良好勢頭。《模擬市民》在秋季推出了擴充包，銷售量非常好。而且，隨著越來越多的人加入，這家企業還在不斷發展壯大，真是令人驚嘆。然後這些人會回頭購買過去版本的擴充包，也會購買新的擴充包，這進一步鞏固了我們在《模擬市民》中有效創建的社交網路。即使 Apex 不是擴充包，我們也會看到類似的現象。每個季度都有越來越多的人加入，他們開始對所看到的內容感到興奮，並圍繞社交網路建立聯繫。

No more color yet on the forward-looking. Obviously, you can assume that the base set of sports games will be in every year. Obviously, next year, we're going to -- we've said we'd most likely add at least 1 new sports game. And we have some third-party games we will have in for next year. And a couple of things that we haven't yet announced. But as we said earlier, we're very focused on growing both top line and bottom line, both next year and the following year as well as future years. But I just want to give people a sense that we've got a fairly extensive set of titles that people should get pretty comfortable on going forward.

未來展望方面還沒有更多細節。顯然，你可以假設每年都會有基本的體育遊戲。顯然，明年我們將——我們說過我們很可能會至少增加一款新的運動遊戲。明年我們也會推出一些第三方遊戲。還有一些事情我們尚未公佈。但正如我們之前所說，我們非常注重提高營收和利潤，無論是明年、後年或未來幾年。但我只是想讓大家感受到，我們有相當豐富的遊戲系列，大家以後應該會比較熟悉這些遊戲。

And obviously, we're also working on a lot of our famous franchises that will come in the future, plus some continued new franchises that we'll continue to add and live services associated with all those.

顯然，我們也在努力開發許多未來將推出的知名系列遊戲，以及一些我們將繼續添加的新系列遊戲，以及與所有這些遊戲相關的即時服務。

Yes. Just as a kind of an add to that, again, we benefit from a large number of very well-established studios with great teams with a track history of delivering really high-quality content. So as we think about Maxis and BioWare and Motive and DICE LA and Respawn and our EA SPORTS studios, there are titles in various stages of development across all of those studios and more. I also talked about a number of mobile titles, a couple of which will come in to soft launch next year. But I would tell you, I'm more excited now about our mobile pipeline than I have been for a number of years. And again, I would say also that mobile is an unpredictable marketplace and it's very challenging. And all companies have discovered that. But I feel better about what I'm seeing coming out of our mobile studios now than I have for a number of years. And so we feel very good about the long-term trajectory of where our studios are going and the amount of games and new and creative IP that we have in the pipeline.

是的。除此之外，我們也受惠於許多實力雄厚的成熟工作室，這些工作室擁有優秀的團隊，並且在製作高品質內容方面有著良好的業績記錄。所以，當我們想到 Maxis、BioWare、Motive、DICE LA、Respawn 以及我們的 EA SPORTS 工作室時，所有這些工作室以及更多工作室都有處於不同開發階段的遊戲。我還談到了一些手機遊戲，其中幾款將於明年進行試營運。但我可以告訴你，我現在對我們的行動產品線的興奮程度比過去幾年都要高。我再次強調，行動市場是一個難以預測且充滿挑戰的市場。所有公司都發現了這一點。但我現在對我們移動工作室的成果感到滿意，比過去幾年都要好。因此，我們對工作室的長期發展軌跡以及我們正在籌備的遊戲數量和新的創意IP感到非常滿意。

Yes. And you guys kind of imagine, and you've seen this historically in console transitions. As new consoles come out -- I don't want to get ahead of our great partners, Microsoft and Sony, but you should assume that the power of those consoles are going to be a lot better than the power of the existing consoles, which means a really simple thing, we can do a lot more. And so you will start to see things over the next couple of years that we're doing with games that will blow people's minds. And that's the fun part of this business because we are going to see so much innovation not just with us but across the whole industry. And that's why you've seen growth across the software business as part of this overall video game business in every single console cycle over the last, what, 20-plus years. And so that's where people sometimes get hung up. They get too focused on the short term and not think about what's transpired historically. And the power of the new consoles is going to be substantially greater than the existing consoles, which means we can just do a lot more. And it's going to be fun and great to see how our existing games will evolve like a FIFA or a Madden, but also see how new games will evolve or be developed under that much higher power.

是的。你們可以想像一下，而且在主機過渡時期也確實看到過這種情況。隨著新主機的推出——我不想搶在我們偉大的合作夥伴微軟和索尼前面，但你們應該預料到，這些主機的性能將比現有主機的性能好得多，這意味著一件很簡單的事情，我們可以做更多的事情。因此，在接下來的幾年裡，你們將會看到我們在遊戲領域所做的一些事情，這些事情將會讓人們大吃一驚。這就是這個行業最有趣的地方，因為我們將會看到很多創新，不僅在我們公司，而且在整個產業。這就是為什麼在過去的二十多年裡，每個遊戲主機週期中，軟體業務都作為整個視訊遊戲業務的一部分實現了成長。所以，人們有時會在這裡卡住。他們過度關注短期利益，而忽略了歷史發展。新遊戲機的性能將比現有遊戲機強大得多，這意味著我們可以做更多的事情。看到我們現有的遊戲如何像 FIFA 或 Madden 一樣發展演變，以及在更高的權力下新遊戲如何發展演變或開發，將會是一件很有趣、很棒的事情。

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

下一個問題來自美國銀行的瑞安·吉。

A couple on live services. So first, very encouraged by the outperformance of Star Wars Jedi from Respawn. So you guys now have a large player base into which you could generate some additional revenue. So what is the opportunity ahead, either for -- to generate live services revenue from that in fiscal '22 and/or maybe some sort of add-on content pack for that game? And then as it relates to live services from Ultimate Team, the sequential acceleration to double digits last quarter. Are you guys able to see how much of that is a function of just easier year-over-year comps to the Ultimate Team business versus execution getting players further down the conversion funnel and getting higher spend out of existing payers?

一對正在直播的夫妻。首先，Respawn 開發的《星際大戰絕地武士》表現出色，令我非常鼓舞。所以你們現在擁有龐大的玩家群體，可以從中獲得一些額外的收入。那麼，未來的機會是什麼呢？是在 2022 財年透過該遊戲產生即時服務收入，還是推出某種附加內容包？至於 Ultimate Team 的即時服務，上個季度實現了兩位數的環比增長。你們能否看出，這其中有多少是由於與 Ultimate Team 業務相比，年度比較更容易實現，又有多少是由於執行力不足，導致玩家轉換率下降，以及現有付費用戶消費額增加？

Yes, let me hit the Ultimate Team one first, and then maybe Andrew can address the Star Wars Jedi. Ultimate Team really has benefited from more people and more engagement versus, once again, trying to change the ARPU in some fashion. We're very conscious about not trying to get people to spend beyond what their spend levels are. And so the best way to get people is to get people to spend in that is to engage in better and more events that they're excited in. And so as I said earlier, the team has been very good at trying to design new events, add new events and keep people really excited about playing versus trying to get more money out of on any single event. And I think that's been our biggest single driver, plus growing the overall base of FIFA over time and the number of people that are into Ultimate Team. I mean we're -- more and more people play Ultimate Team. And we think that's very engaging for them. But it's not all that different than what you see in traditional sports where people are highly engaged with the underlying sport. These are hard-core sports fans and this is what they want to do, and that's why they engage in Ultimate Team.

好的，我先說說終極團隊模式，然後安德魯或許可以談談星際大戰絕地武士。Ultimate Team 真正受益於更多的人和更高的參與度，而不是再次試圖以某種方式改變 ARPU。我們非常注意不讓人們的消費超出他們的承受能力。因此，吸引人們消費的最佳方法是讓他們參與更多、更精彩的活動，讓他們感到興奮。正如我之前所說，團隊一直非常擅長設計新賽事、增加新賽事，並讓人們對比賽保持真正的熱情，而不是試圖從任何單一賽事中賺取更多金錢。我認為這是我們最大的單一驅動力，再加上 FIFA 整體用戶群的不斷擴大以及 Ultimate Team 玩家數量的成長。我的意思是，越來越多的人玩終極球隊模式。我們認為這對他們來說非常有吸引力。但這與傳統運動中人們高度投入這項運動本身的情況並沒有太大區別。這些都是鐵桿體育迷，這就是他們想做的事，所以他們才會參與終極球隊模式。

On Star Wars, no announcements of anything at this point. But what I would say is, you're right, we have a very, very strong player base, a very engaged player base who feel like what they've just had the ability to experience as one of the most compelling Star Wars experiences of their life of any formal media. I would also highlight, it is a single-play game. So any kind of live service or additional content would be different than what we would see in an Ultimate Team or an Apex Legends what -- that this team who is working on this is one of the most creative teams in our company and certainly in the industry who are thinking about where to take this journey next for players that love this style of play. We're excited by what we're going to come up with. And in the meantime, I also think that this will be one of the strongest catalog sellers for this company over the next -- over the coming years and will almost certainly help continue to grow our subscription as it moves into our various subscription offers across platforms.

關於《星際大戰》，目前還沒有任何消息公佈。但我想說的是，你說得對，我們擁有非常非常強大的玩家群體，一個非常活躍的玩家群體，他們覺得他們剛剛體驗到的，是他們一生中在任何正式媒體形式中最具吸引力的星球大戰體驗之一。我還要強調一點，這是一款單人遊戲。因此，任何形式的即時服務或額外內容都將與我們在終極團隊或Apex英雄中看到的內容有所不同——負責這項工作的團隊是我們公司乃至整個行業中最具創造力的團隊之一，他們正在思考如何帶領喜歡這種遊戲風格的玩家繼續前進。我們對即將取得的成果感到興奮。同時，我認為在未來幾年，這將是該公司最強勁的目錄銷售產品之一，幾乎肯定有助於我們繼續發展訂閱業務，因為它將擴展到我們在各個平台上的各種訂閱服務中。

Your next question comes from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的馬裡奧·盧。

Two questions on my end. One on the Switch and one on Sims. So Nintendo today announced that the Switch exceeded 52 million units shipped worldwide, which is similar or more than the Xbox One. So therefore, should we expect that to publish more titles on the switch going forward? As I understand, currently, there's only 3 EA titles on the platform, including Unravel, Fe, and the legacy version of FIFA. And then secondly, on The Sims, the success of Sims 4 is very intriguing to me since the industry is filled with multiplayer experiences. And Facebook recently actually announced that they're coming out with Horizon, a social experience in VR. That kind of reminds me of the Sims online which launched 18 years ago. So any thoughts on relaunching an online version of the franchise given its large popularity?

我有兩個問題。一個在Switch上，一個在模擬市民裡。任天堂今天宣布，Switch 全球出貨量已超過 5,200 萬台，與 Xbox One 的出貨量持平或更高。那麼，我們是否可以期待該公司未來會在 Switch 平台上發布更多遊戲呢？據我了解，目前該平台上只有 3 款 EA 遊戲，包括 Unravel、Fe 和 FIFA 的舊版本。其次，就《模擬市民》系列而言，《模擬市民4》的成功讓我非常感興趣，因為遊戲產業充斥著多人遊戲體驗。Facebook 最近宣布即將推出 Horizo​​n，這是一款 VR 社交體驗產品。這讓我想起了18年前推出的《模擬市民》網路版。鑑於該系列遊戲廣受歡迎，您有沒有考慮過重新推出其線上版本？

So let me hit the Switch question, and then I'll go to Andy on the question on Sims. So we are very pleased with how well Nintendo has done with Switch. I mean it is -- people love the platform. They enjoy it, it's great. And remember, there are a lot of people that have both an Xbox and a Switch or a PlayStation and a Switch because it, in many ways, provides a different experience, particularly a way to access great Nintendo software. We are always looking and discussing with Nintendo what else we can put on the platform. And as you can imagine, as the platform grows, our interest in adding content grows for that platform. But we're also conscious of the fact that the top-selling titles, by a long shot, are all Nintendo software, which is fabulous software, but it helps us balance sort of the realities of how big our markets can be there. But trust that we're looking at that. You will hear some more things in the future about what we're putting on the platform, and we're very pleased with how it's grown alongside the growth of both Sony and Microsoft's platforms.

那麼，我先回答關於 Switch 的問題，然後再請 Andy 回答關於模擬市民的問題。所以我們對任天堂在Switch上的表現非常滿意。我的意思是，確實如此——人們喜歡這個平台。他們很喜歡，這很棒。請記住，許多人同時擁有 Xbox 和 Switch，或 PlayStation 和 Switch，因為在許多方面，這提供了不同的體驗，尤其是一種獲取優秀的任天堂軟體的方式。我們一直在與任天堂探討和討論還能在平台上添加哪些內容。可以想像，隨著平台的發展，我們對在該平台上添加內容的興趣也越來越大。但我們也意​​識到，銷量最高的遊戲絕大多數都是任天堂的軟體，這些軟體固然很棒，但這也能幫助我們平衡一下我們在這些市場規模究竟有多大的現實。但請相信我們正在關注此事。未來你們還會聽到更多關於我們在平台上推出的內容的消息，我們非常高興看到它與索尼和微軟的平台一起成長。

Great question on the Sims. A little known fact, I guess, for many, the Sims will be 20 next week. And that Maxis team and the teams that have been part of Maxis over the years continue to deliver unbelievably innovative and creative content for a constantly growing Sims community globally.

關於模擬市民的這個問題問得好。我想，對很多人來說，一個鮮為人知的事實是，《模擬市民》下週就滿20歲了。多年來，Maxis 團隊以及所有曾隸屬於 Maxis 的團隊，持續為全球不斷成長的模擬市民群提供令人難以置信的創新和創意內容。

As we think about The Sims, again, I referenced the motivations of why we play games earlier: inspiration, escape, social interaction, creation, self-improvement, competition. Typically, what the Sims has done is really focused on fulfilling the motivations of inspiration, escape, creation, self-improvement, these stuff, and not necessarily focused as much on social interaction and competition.

當我們再次思考《模擬市民》時，我之前提到我們玩遊戲的動機：靈感、逃避現實、社交互動、創作、自我提升、競爭。通常來說，《模擬市民》系列遊戲真正關注的是滿足玩家的靈感、逃避現實、創造、自我提升等動機，而不太關注社交互動和競爭。

But a few things are, in fact, true over the years. One is that The Sims community has continued to grow, and with the broader social platforms, continue to connect with each other and share what they do in and around the game they play. And we've seen that manifest in games like Sims FreePlay, which was a more social experience for us. And we're also seeing that the competition nature of The Sims is also rising up. And we're seeing people compare and contrast not competition in the traditional sports sense, but how they create and what they create and how they use their imaginations and what they're able to build inside of their Sims universes.

但多年來，有些事情的確是正確的。一方面，《模擬市民》社群持續發展壯大，隨著更廣泛的社群平台的出現，玩家們繼續相互聯繫，分享他們在遊戲內外所做的事情。我們已經在《模擬市民：免費版》等遊戲中看到了這一點，它為我們帶來了更具社交性的體驗。我們也看到，《模擬市民》的競爭性也正在增強。我們看到人們比較和對比的不是傳統體育意義上的競爭，而是他們在模擬人生世界中的創作方式、創作內容、如何運用想像力以及他們所能建構的東西。

And so as Maxis continues to think about The Sims for a new generation across platforms in a cloud-enabled world, you should imagine that while we will always stay true to our inspiration, escape, creation, self-improvement, motivations, that this notion of social interaction and competition like the kind of things that were actually present in The Sims FreePlay -- sorry, in The Sims online many, many years ago, that they will start to become part of the ongoing Sims experience in the years to come. We're very excited. This is a game that it really doesn't have any competition in its category for delivering and fulfilling these motivations for players, and we think it's a tremendous growth opportunity for us for many, many years to come.

因此，隨著 Maxis 繼續思考如何在雲端世界中跨平台地為新一代玩家打造《模擬市民》，您可以想像，雖然我們將始終忠於我們的靈感、逃避現實、創造、自我提升和動機，但這種社交互動和競爭的概念，就像多年前《模擬人生：免費版》（抱歉，是多年前的《模擬人生：線上版》中實際存在的模擬人生：免費版的模擬人生將在未來幾年的《模擬人生》中持續存在。我們非常興奮。這款遊戲在同類遊戲中真正沒有競爭對手，它能夠滿足玩家的這些需求，我們認為它在未來很多年都將為我們帶來巨大的發展機會。

And the one thing that we have with The Sims that we have with all of our games, but probably the most with The Sims is its incredibly engaged community. And The Sims team has done an amazing job interacting with the community and trying to understand what they want. And so it allows us to develop expansion packs, additions, whatever it is, or game approaches, that is really coming from the community, and we will continue to encourage that. So as we see interest or demand that allows us to go chase that as we develop the product. And I think that's an amazing thing that you don't necessarily have in all games, and The Sims is a leader there for us, and it makes it such a fabulous opportunity to continue to feed what the community wants.

我們所有遊戲都擁有《模擬市民》的一大特點，但《模擬市民》在這方面可能最為突出，那就是它擁有一個極其活躍的社群。《模擬市民》團隊在與玩家社群互動並努力了解他們的需求方面做得非常出色。因此，這使我們能夠開發擴充包、附加內容，無論是什麼，或遊戲方法，而這些實際上都來自社區，我們將繼續鼓勵這種做法。因此，一旦我們發現市場興趣或需求，我們就會在產品開發過程中順應這種興趣或需求。我認為這是許多遊戲所不具備的，而《模擬市民》在這方面堪稱典範，它為我們提供了一個絕佳的機會，讓我們能夠繼續滿足玩家社群的需求。

Your next question comes from Mike Ng with Goldman Sachs.

下一個問題來自高盛的Mike Ng。

I just had one on unit sales. If you look at full game downloads plus packaged goods, it looked like that was up $168 million year-on-year. And it seems like the key moving parts for Star Wars, Need for Speed more than offsetting Battlefield V. I was just wondering if there are any other factors to consider whether those were catalog sales being better or worse or pricing or the digital shift impacting unit sales that could help us think about things that may have impacted units for the quarter?

我剛剛做了一個關於單位銷售的測試。如果把完整遊戲下載量加上實體週邊產品來看，似乎比去年同期成長了 1.68 億美元。看起來《星際大戰》和《極速快感》的關鍵因素對《戰地5》的影響超過了其他遊戲。我只是想知道是否還有其他因素需要考慮，例如實體目錄銷售情況的好壞、定價或數位轉型對銷售的影響，這些因素可以幫助我們思考可能影響本季銷售的因素？

Yes. Well, clearly, digital sales continues to grow. I would -- I'd say, remember, Star Wars tends to skew a little lower digitally than our average titles just because a lot of the gifting that goes on at holidays. And live services, obviously, was a big driver. But if you thought -- if you think about sort of our expectations, as we mentioned, we overdelivered on Star Wars, we probably underdelivered slightly on Plants vs. Zombies, but that's one that will sell well over a long period of time, so -- in a relatively small title, so that wasn't a big driver. And then Need for Speed's kind of as we expected. We did, as I mentioned in my prepared remarks that, this year, we had stronger pricing than we have in the past, and we did discounts later in the season than we did in the past. And that was part of our strategy, but it also helped across the board as we're -- as you look at overall revenue.

是的。顯然，數位銷售額持續成長。我想說的是，記住，《星際大戰》的數位版銷量往往比我們一般的電影要低一些，這主要是因為節日期間人們經常會把電影當作禮物送人。顯然，即時服務是一個重要的驅動因素。但如果你想想——如果你想想我們的期望，正如我們提到的，我們在《星際大戰》上的表現超出了預期，那麼我們在《植物大戰》上的表現可能略低於預期。雖然是殭屍題材，但這款遊戲應該會在很長一段時間內暢銷，所以——作為一款相對小眾的遊戲，這並不是主要驅動因素。然後，《極速快感》的表現基本上也符合我們的預期。正如我在準備好的演講稿中提到的，今年我們的定價比以往更優惠，而且折扣活動也比以往更晚推出。這是我們策略的一部分，而且對我們整體收入也有幫助。

Your next question comes from Drew Crum with Stifel.

你的下一個問題來自 Stifel 公司的 Drew Crum。

Can you update us on the progress you've made with FIFA Online 4 in China during the current fiscal year and how big of a role that plays on growth for fiscal '21 and when you get back to the, I think, $200 million annual run rate? And then, separately, with some of the management changes you've made at DICE, and I guess, specifically, Vince becoming the director of the LA office, how involved will he in Respawn be with the development of the next Battlefield game?

能否向我們介紹一下本財年FIFA Online 4在中國的進展情況，以及它在2021財年的增長中發揮了多大的作用，以及何時才能恢復到我認為的2億美元年收入水平？另外，考慮到你在 DICE 做出的一些管理層變動，特別是 Vince 成為洛杉磯辦事處的負責人，他將在 Respawn 參與下一款《戰地》遊戲的開發程度如何？

Yes. So quickly on the on FIFA Online, we're still running both FIFA Online 3 and FIFA Online 4 in China. That has not impacted the business that much. In fact, we're pretty close to getting back to our historical level. We've shut off FIFA Online in Korea. And FIFA Online 4 there has responded very well. We had strong growth year-over-year in the quarter for that, and it was mainly driven by Korea. We will play it over the next few quarters as to when and how we're going to shut it down in China. But we're conscious that we don't want to disrupt the consumer there. And right now, both Online 4 and Online 3 are doing well in that marketplace. So more to come on that, but we're pretty close to back to where we were, and we're really excited about the growth that's coming off of FIFA Online 4, both in Southeast Asia and in Korea that we're seeing and even in China. So more to come there, but that's kind of the quick answer.

是的。所以，關於 FIFA Online，我們目前在中國仍然同時經營 FIFA Online 3 和 FIFA Online 4。這並沒有對業務造成太大影響。事實上，我們已經非常接近恢復到歷史水準了。我們已關閉韓國地區的 FIFA Online 服務。FIFA Online 4 在那裡的反應非常好。該季度我們實現了同比增長，這主要得益於韓國市場的強勁增長。接下來幾個季度，我們將根據情況決定何時以及如何在中國關閉疫情封鎖。但我們意識到，我們不想擾亂那裡的消費者。目前，Online 4 和 Online 3 在該市場中都表現良好。關於這一點，我們還有更多消息要公佈，但我們已經非常接近恢復到之前的狀態了，我們對 FIFA Online 4 在東南亞、韓國甚至中國的成長感​​到非常興奮。所以之後還會有更多內容，但這就是簡單的回答。

Good question on Vince and Battlefield V. You might recall that we announced that Vince was leading a creative council for the organization. What this creative council does, it kind of operates like a brain's trust like what's happening at Pixar and really brings creative leaders across the company together to review and comment, be constructive and help and provide insight across the broad set of creative initiatives that we have going on. And Vince is very proactive in that and very involved in that, and that's having a tremendous impact across the company and helping us drive this, kind of, aligned, focused push against both quality and execution.

關於Vince和《戰地5》的問題問得好。你可能還記得我們宣布過Vince將領導組織的創意委員會。這個創意委員會的角色類似於皮克斯的智囊團，它真正地將公司各部門的創意領導者聚集在一起，審查和評論，提出建設性意見，並就我們正在進行的各種創意計劃提供幫助和見解。Vince 在這方面非常積極主動，並且非常投入，這給整個公司帶來了巨大的影響，並幫助我們推動這種協調一致、重點突出的、在品質和執行方面都取得進步的努力。

With him taking on DICE LA, traditionally, DICE LA have been supporting DICE Stockholm, but they have a great creative team there and great creative leadership and have also been incubating some other things, and we're very excited about those things, and Vince will be deeply involved in those as he takes on leadership of that.

隨著他接管 DICE LA，傳統上 DICE LA 一直支持 DICE Stockholm，但他們擁有一支優秀的創意團隊和優秀的創意領導層，並且一直在孵化一些其他項目，我們對此感到非常興奮，Vince 將深入參與其中，因為他將領導這些項目。

And then with the leadership change that we made in Stockholm, we've got really strong traction against the next Battlefield game. I'm really -- I talked about this last call. I'm really excited about what that team is doing. And [David Rota], who is leading the studios in Europe now, is also having a really strong impact, and the team is going to do some pretty amazing things.

隨著我們在斯德哥爾摩進行的領導層變更，我們在下一款《戰地》遊戲的開發上獲得了非常強勁的動力。我真的——我上次通話時談到了這件事。我非常興奮能參與這個團隊的工作。現在領導歐洲工作室的 [David Rota] 也發揮了非常強大的作用，團隊將會做出一些非常了不起的事情。

Your next question comes from Mike Hickey with Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Andrew, Blake, Chris, congrats on the quarter. Had one on Vince. You kind of answered it, but maybe go a layer deeper. Obviously, he's a super talented guy. I mean his success in the shooters genre is truly remarkable with Medal of Honor, Call of Duty, Titanfall, Apex Legends. Obviously, he founded Respawn. I guess just your thoughts on Respawn x Vince, how that studio continues to behave and the leadership there? And then the new DICE Studio, it sounds like they're going to rebrand that or rename it. You mentioned that perhaps he's inheriting some games in development there, predevelopment, preproduction. But curious if we can look forward to sort of a AAA game from Vince in the shooters genre emerging 2 to 3 years. And then, I guess, broadly speaking, in the new consoles, Blake, great to hear your excitement on new consoles coming to the market and what that means, I share that. It's also seemingly a good time to come out with new IP. So thoughts, I guess, broadly on how you think about new IP on the front end of the console cycle.

Andrew、Blake、Chris，恭喜你們本季取得佳績。跟文斯打了一架。你已經算是回答了這個問題，但或許可以更深入地探討一下。顯然，他是個非常有才華的人。我的意思是，他在射擊遊戲領域的成功確實令人矚目，例如《榮譽勳章》、《決勝時刻》、《泰坦隕落》和《Apex英雄》。很明顯，他創立了Respawn工作室。我想問你對Respawn工作室和Vince的關係有什麼看法，包括這家工作室目前的運作方式以及領導層的情況？至於新的 DICE 工作室，聽起來他們打算對其進行品牌重塑或更名。你提到他可能接手了一些正在開發中的遊戲，包括前期開發和前期製作階段。但我很好奇，我們是否可以期待 Vince 在 2 到 3 年內推出 AAA 級射擊遊戲。然後，總的來說，關於新遊戲機，布萊克，很高興聽到你對即將上市的新遊戲機及其意義感到興奮，我也有同感。現在似乎也是推出新IP的好時機。所以，我想問大家，對於主機遊戲週期初期的新IP，你們有什麼看法？

Yes. Just to be clear, Vince hasn't stopped working at Respawn. He's still running Respawn. We're asking him to do more. And part of what Laura Miele has been doing is trying to make sure Vince has all the resources that he needs. And so giving him the chance to oversee DICE LA also gives him the opportunity to pull resources into the Respawn team if he needs to. So there are probably -- I don't know how many new IP ideas we're incubating. So more to come on all of that. Everyone's pretty excited. But I don't want anyone to be mistaken that expanding Vince's remit means in any way that he's not overseeing Respawn. He's got a great team there. He's got a great management team there. We continue to bolster that team. But he is still very helpful every day at Respawn as well as helpful across our entire portfolio.

是的。需要澄清的是，Vince並沒有停止在Respawn的工作。他仍在經營Respawn工作室。我們要求他做得更多。勞拉·米勒所做的工作有一部分是努力確保文斯擁有他需要的所有資源。因此，讓他有機會監督 DICE LA，也讓他有機會在需要時將資源調入 Respawn 團隊。所以，可能——我不知道我們正在孵化多少新的智慧財產權創意。關於這些方面，後續還會有更多內容。大家都非常興奮。但我不想讓任何人誤以為擴大文斯的職權範圍就意味著他沒有以任何方式監督 Respawn。他手下有一支很棒的團隊。他擁有一支非常優秀的管理團隊。我們將繼續加強該團隊的實力。但他每天仍然在 Respawn 提供很大的幫助，而且對我們整個產品組合也很有幫助。

So we're very excited about he and the whole team and as to how they've integrated into the company. It's never easy to be a small company and get acquired by a big company. And I think what the Respawn team, hopefully, has found out is that we're actually not bad guys and we're pretty fun to work with. Bad people, sorry, I didn't mean to say bad guys because Laura's a really good girl -- lady.

所以我們對他和整個團隊以及他們融入公司的方式感到非常興奮。對一家小公司來說，被一家大公司收購從來都不是一件容易的事。我希望Respawn團隊已經發現，我們其實不是壞人，而且和我們一起工作非常有趣。壞人，抱歉，我不是想說壞傢伙，因為蘿拉真的是個好女孩──好女士。

But I just want people to know. I mean we try to leverage -- and it's not just Vince, it's people across our entire portfolio. We try to leverage our best sports experts, our best managers wherever they are. And that we've got a collection of quite a few of those people, and that's why we can continue to produce the games that we produce every year.

但我只是想讓大家知道。我的意思是，我們努力發揮優勢——而且不僅僅是 Vince，而是我們整個投資組合中的每個人。我們努力發揮我們最優秀的體育專家和最優秀的管理人員的作用，無論他們身在何處。我們擁有相當多的這類人才，這就是為什麼我們能夠繼續每年製作遊戲的原因。

You don't put out the best -- the biggest sports games in the world year-after-year on time and on budget if you don't have amazing people doing that. So -- and Chris is telling me I got to shut it off because we're out of time. But there was one last -- what was one part of your question, Mike, that we didn't get to? Oh, we lost you. All right. All right, everyone. Thank you.

如果沒有優秀的人才，你就無法年復一年地按時按預算製作出世界上最好的、規模最大的體育賽事。所以——克里斯告訴我，我得關掉它，因為時間到了。但還有一個問題──麥克，你的問題中還有哪一部分我們沒來得及討論？哦，我們把你弄丟了。好的。好了，各位。謝謝。

Thank you.

謝謝。

Talk to everyone next quarter.

下個季度和每個人都談談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。