美商藝電 (EA) 2020 Q2 法說會逐字稿

Good afternoon. My name is Brandy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q2 Fiscal '20 Earnings Conference Call. Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

午安.我叫布蘭迪，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財年第二季財報電話會議。投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Brandy. Welcome to EA's Second 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，布蘭迪。歡迎參加EA 2020財年第二季財報電話會議。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 have posted earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks, an audio replay of this call, our financial model and a transcript. With regards to our calendar, our Q3 fiscal 2020 earnings call is scheduled for Thursday, January 30, 2020.

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。關於我們的日程安排，我們 2020 財年第三季財報電話會議定於 2020 年 1 月 30 日星期四舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations, and 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, October 29, 2019, and disclaims any duty to update them.

本次演示和我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異，請參閱我們最新的 10-Q 表格，以了解可能導致實際結果與今天討論的結果有重大差異的風險。Electronic Arts 於 2019 年 10 月 29 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. We continued a strong FY '20 with an excellent second quarter. Our latest EA SPORTS titles are captivating a growing global player base, and deep engagement in these titles and our ongoing live services fueled our continued momentum through Q2. As a result, our revenue and earnings per share exceeded our expectations for Q2, and we are raising our full year guidance today.

謝謝你，克里斯。我們在2020財年延續了強勁的勢頭，第二季業績尤為出色。我們最新的 EA SPORTS 遊戲吸引了越來越多的全球玩家，玩家對這些遊戲的深度參與以及我們持續提供的線上服務，推動了我們在第二季度的持續成長勢頭。因此，我們第二季的營收和每股盈餘都超出預期，今天我們上調全年業績預期。

At Electronic Arts, we are focused on creating amazing new games and content, offering live services that extend and enhance the experience, and reaching more players when and where they want to play. I'll share a few highlights here on how we delivered against these focus areas during Q2.

在藝電，我們專注於創造精彩的新遊戲和內容，提供擴展和增強體驗的即時服務，並在玩家想要玩遊戲的時間和地點觸達更多玩家。我將在這裡分享一些我們在第二季度如何實現這些重點領域的亮點。

First, let's cover our new games. EA SPORTS is innovating for a growing audience of fans. Madden NFL 20 is off to an outstanding start, growing year-over-year in player engagement, units sold and Ultimate Team. The excellent core gameplay and fresh new experiences in franchise mode are delivering for our loyal fans, while Superstar X-Factors and the all-new Superstar KO mode are resonating with the broader football community. With the launch that began earlier in the preseason and a second major beat at the NFL Kickoff weekend that brought more players into the game, we delivered growth across the board in Madden. Unique players were up 12% year-over-year in Q2. Games played in franchise mode more than doubled to over 100 million in the same period, and Madden Ultimate Team players are up nearly 20% year-over-year. Our Madden competitive gaming season has kicked off as well. Our major tournaments are aligned to key moments in the NFL season. We have a groundbreaking virtual stadium rights partner, and other major brands are partnering with us throughout the Madden NFL 20 Championship Series.

首先，我們來介紹一下我們的新遊戲。EA SPORTS 不斷創新，以滿足日益增長的粉絲群的需求。《麥登橄欖球20》開局表現出色，玩家參與、銷售和終極球隊模式均較去年同期成長。出色的核心玩法和特許經營模式中的全新體驗正在為我們忠實的粉絲帶來驚喜，而超級巨星 X 因素和全新的超級巨星 KO 模式也引起了更廣泛的足球社區的共鳴。憑藉季前賽早期的推廣和 NFL 開幕週末的第二次重大突破，吸引了更多玩家加入遊戲，我們在 Madden 中實現了全面增長。第二季獨立玩家數量較去年同期成長 12%。同期，特許經營模式的遊戲場次增加了一倍多，超過 1 億場；Madden Ultimate Team 玩家數量同比增長近 20%。我們的 Madden 競技遊戲賽季也已經開始了。我們的大型賽事與 NFL 賽季的關鍵時刻相吻合。我們擁有突破性的虛擬體育場館版權合作夥伴，其他主要品牌也在整個 Madden NFL 20 冠軍系列賽中與我們合作。

Innovation in FIFA 20 is also deeply engaging fans and bringing new players into the franchise. Total players in FIFA were up nearly 15% year-over-year in Q2. And with the addition of VOLTA FOOTBALL street soccer experience, new-to-franchise players have grown 7% year-over-year.

FIFA 20 的創新也深深吸引了球迷，並吸引了新的玩家加入這個系列遊戲。第二季 FIFA 玩家總數較去年同期成長近 15%。隨著 VOLTA FOOTBALL 街頭足球體驗的加入，新加入特許經營模式的球員數量同比增長了 7%。

Enhancements to the core gameplay and Ultimate Team are also reengaging more franchise veterans, with unique players in FIFA Ultimate Team growing 22% over last year. People are playing more FIFA than ever before, with total in-game matches up more than 30% year-over-year. And as players continue to engage in the FIFA 20 experience and Ultimate Team, our FIFA 20 global series is kicking off in November, with millions set to compete in our unparalleled 9-month worldwide esports competition. Last season, more than 800 million minutes of FIFA esports content were watched. And with sponsors like Adidas and others breaking new ground with us this year, we're excited to reach an expanding audience with more great content.

核心遊戲玩法和終極球隊模式的改進也重新吸引了更多系列老玩家，FIFA 終極球隊模式的獨立玩家數量比去年增長了 22%。人們玩 FIFA 的時間比以往任何時候都多，遊戲內對局總數較去年同期成長超過 30%。隨著玩家們繼續體驗 FIFA 20 和 Ultimate Team，我們的 FIFA 20 全球系列賽將於 11 月拉開序幕，屆時將有數百萬玩家參加我們這場無與倫比的 9 個月全球電競比賽。上個賽季，FIFA 電競內容的觀看時間超過 8 億分鐘。今年，有了像阿迪達斯這樣的贊助商和其他贊助商與我們一起開拓新領域，我們很高興能夠透過更多優質內容觸及不斷擴大的受眾群體。

We also saw growth across our broader EA SPORTS portfolio. With innovations in NHL 20 delivering for hockey fans, Hockey Ultimate Team grew year-over-year in Q2. FIFA Online in Korea had some of our strongest ever months on PC, and we're also seeing growth in China. FIFA Mobile has been downloaded more than 250 million times life-to-date, following the launch of our latest season that includes 650 new in-game events. It was a very strong Q2 for EA SPORTS, and we're excited to build on that momentum throughout FY '20.

我們也看到EA SPORTS旗下其他產品組合也實現了成長。由於 NHL 20 的創新為冰球球迷帶來了樂趣，Hockey Ultimate Team 在第二季度實現了同比增長。FIFA Online 在韓國 PC 端取得了有史以來最好的成績，我們在中國也看到了成長。自最新賽季推出以來，FIFA Mobile 的下載量已超過 2.5 億次，該賽季新增了 650 項遊戲內活動。EA SPORTS 在第二季業績非常強勁，我們很高興能夠在整個 2020 財年保持這一勢頭。

Q2 also showed the strength of our ongoing live services. In Apex Legends, we continue to deepen our long-term investment in the game and its community. With each successive season of new content, we are building, adding to the experience and learning. For the first season in March, we launched the Battle Pass and began the regular introduction of new legends. In the second season in July, we brought more content and map update, rank leagues and larger events.

第二季也展現了我們持續營運的線上服務的強勁實力。在《Apex英雄》中，我們將繼續加大對遊戲及其社群的長期投入。隨著每一季新內容的推出，我們都在不斷積累，為體驗和學習增添價值。在三月的第一個賽季中，我們推出了戰鬥通行證，並開始定期推出新的傳奇角色。在七月份的第二個賽季中，我們帶來了更多內容和地圖更新、排名聯賽和更大規模的賽事。

The third season, which launched in October, is our biggest yet, with an entirely new map, amazing events like the Halloween-themed content in the game now and much more to come. Weekly average player peaks in Season 3 are significantly above our Season 2 peaks, and we're continuing to bring new players into the game. Apex Legends is a major long-term franchise for us. Since launch, we've significantly expanded the team working on the game, and it continues to grow. Our pipeline of future content is packed with really fun experiences that will be delivered through upcoming seasons and a regular cadence of updates for the community.

第三季於 10 月推出，是迄今為止最大的賽季，擁有全新的地圖、精彩的活動（例如遊戲中現在的萬聖節主題內容），以及更多即將推出的內容。第三季的每周平均玩家峰值明顯高於第二賽季的峰值，而且我們還在不斷吸引新玩家加入遊戲。《Apex英雄》是我們一項重要的長期計畫。自遊戲發布以來，我們大幅擴充了遊戲開發團隊，團隊仍在不斷壯大。我們未來的內容計劃中包含了許多非常有趣的體驗，這些體驗將透過即將到來的賽季和定期更新的方式帶給社區。

With the Apex Legends community now growing past 70 million players, we're focused on expanding the mobile new platforms and new geographies as well as launching an Apex-competitive gaming program that we'll share details on soon.

隨著 Apex Legends 社群玩家數量超過 7,000 萬，我們正專注於拓展行動新平台和新地區，並推出 Apex 競技遊戲計劃，我們將很快分享相關細節。

The Sims 4 also continues to be an incredible long-term live service with a growing audience. Monthly average players are up more than 40% year-over-year in The Sims 4, and engagement across the franchise has led The Sims to surpass $5 billion in lifetime sales. The Sims continues to be one of the great franchise in gaming, and we have plans to bring new experiences to its amazing players for a long time to come.

《模擬市民4》也持續保持著令人難以置信的長期營運服務模式，擁有不斷成長的受眾群體。《模擬市民4》的月平均玩家人數年增超過 40%，整個系列的玩家參與度也使得《模擬市民》的終身銷售額超過 50 億美元。《模擬市民》一直是遊戲界最偉大的系列之一，我們計劃在未來很長一段時間內繼續為廣大玩家帶來新的體驗。

We are also reaching new milestones as we seek to bring great games and services to more players on more platforms. The launch of EA Access on PlayStation 4 significantly grew our subscriber base through the course of Q2. We also announced this morning of our plans to bring EA Access to Steam on PC, adding a fourth platform where players will be able to connect and get the benefits and value of our subscription service. This is a unique and exciting partnership with Valve that will enable us to bring PC players in the Steam and Origin communities together.

我們也不斷取得新的里程碑，努力為更多平台上的更多玩家帶來優秀的遊戲和服務。EA Access 在 PlayStation 4 上的推出，在第二季大幅增加了我們的訂閱用戶數量。今天上午，我們還宣布了將 EA Access 帶到 PC 平台 Steam 的計劃，這將增加第四個平台，玩家可以透過該平台連接並獲得我們訂閱服務的好處和價值。這是與 Valve 建立的獨特而令人興奮的合作夥伴關係，它將使我們能夠將 Steam 和 Origin 社群的 PC 玩家聚集在一起。

Having more players connect through our games whenever and wherever they want to play will be a continuing focus for us. We look forward to sharing more announcements about other platforms in the coming months.

我們將持續致力於讓更多玩家隨時隨地透過我們的遊戲進行遊戲。我們期待在未來幾個月內分享更多關於其他平台的消息。

For our holiday quarter of FY '20, we're delivering great new games and content across our portfolio. First, the irreverent new Plants vs. Zombies: Battle for Neighborville launched 2 weeks ago to praise from fans and critics, and we're looking forward to the holidays for this family-friendly game.

在 2020 財年假期季，我們將推出涵蓋我們所有產品的精彩新遊戲和內容。首先，是那部不敬的新《植物大戰殭屍》。《殭屍：鄰里之戰》兩週前發布，受到了粉絲和評論家的好評，我們期待這款適合全家遊玩的遊戲能在假期期間大受歡迎。

In early November, Need for Speed Heat arrives for racing fans, blending street racing by day and underground racing by night, all with a deep customization that fans expect. Players have been getting primed through the new Need for Speed Heat Studio mobile app launched this summer where they've already customized more than 7 million cars, which can be loaded straight into the game at launch.

11月初，《極速快感：熱焰》將為賽車迷帶來白天的街頭賽車和夜晚的地下賽車，並帶來粉絲們所期待的深度自訂功能。玩家們透過今年夏天推出的全新《極速快感：熱焰》行動應用程式做好了準備，他們已經客製化了超過 700 萬輛汽車，這些汽車可以在遊戲發佈時直接載入到遊戲中。

Then on November 15, Star Wars Jedi: Fallen Order arrives worldwide. This game is coming to market at such an amazing time. From the launch of Star Wars: Galaxy's Edge at Disney theme parks to the upcoming Disney Plus series The Mandalorian, to ongoing games like Galaxy of Heroes, Battlefront II and The Old Republic, to the culmination of the Skywalker Saga in the upcoming film, Star Wars: The Rise of Skywalker, this is a year unlike any other for hundreds of millions of Star Wars fans out there.

然後，11月15日，《星際大戰絕地：墮落的武士團》將在全球發售。這款遊戲上市的時機真是太棒了。從迪士尼主題樂園的「星際大戰：銀河邊緣」的開幕，到即將推出的 Disney+ 劇集《曼達洛人》，再到《星際大戰：銀河英雄傳》、《星際大戰：前線 II》和《星際大戰：舊共和國》等正在進行的遊戲，以及即將上映的電影《星際大戰：天行者崛起》中天行者傳奇的最終章，對於數億星戰都是與以往任何一年的最終故事。

The one fantasy that many of those fans have been telling us they want is to experience the journey of becoming a Jedi, and we're set to deliver that with Jedi: Fallen Order. The Respawn team had been pouring their passion into creating this new gaming partnership with Lucasfilms, with characters old and new and a story that is now an authentic part of the Star Wars universe. It's going to be a thrilling adventure to play, and with more than 140 million views to date of trailers and videos for the game, the community is eager to jump into Star Wars Jedi: Fallen Order in just a few more weeks.

許多粉絲告訴我們，他們想要體驗成為絕地武士的旅程，而我們將透過《星際大戰絕地：墮落的武士團》來實現這一願望。Respawn 團隊傾注了大量熱情，與盧卡斯影業建立了新的遊戲合作關係，遊戲中既有老角色也有新角色，故事也成為了《星際大戰》宇宙中真實的一部分。這將是一場激動人心的冒險之旅，迄今為止，該遊戲的預告片和視頻觀看次數已超過 1.4 億次，玩家社區迫不及待地想在幾週後體驗《星球大戰絕地：隕落的武士團》。

The holidays will also be a busy season for players in our large services. Our Battlefield V players will able to jump into the expansive new Pacific theater, a major addition to the game that includes new factions, maps, weapons and vehicles, starting 2 days from now. And at Apex Legends, our EA SPORTS franchises, The Sims 4, Anthem and Star Wars: Battlefront II, our communities will all have new content and new experiences to dive into during the holiday quarter.

假期對於我們大型伺服器的玩家來說也將是一個繁忙的時期。從兩天後開始，我們的《戰地5》玩家將能夠進入廣闊的新太平洋戰場，這是遊戲的重大更新，包括新的陣營、地圖、武器和載具。在《Apex英雄》以及我們的EA SPORTS旗下遊戲系列《模擬市民4》、《聖歌》和《星際大戰：前線2》中，我們的玩家社群都將在假期期間體驗到全新的內容和體驗。

Moving further ahead, I want to share a few thoughts in FY '21 and our plans for the continued growth of Electronic Arts. We reach a massive global audience of players with our games today, and we have a core business fueled by live services that continues to grow. Next year, we will build on that with a full slate of new EA SPORTS experiences, including new titles that we are adding to our EA SPORTS portfolio.

展望未來，我想分享我對 2021 財年的一些想法，以及我們對 Electronic Arts 持續發展的計劃。如今，我們的遊戲擁有龐大的全球玩家群體，而我們以持續成長的線上服務為核心業務。明年，我們將在此基礎上推出一系列全新的 EA SPORTS 體驗，包括我們將添加到 EA SPORTS 產品組合中的新遊戲。

New consoles are always an opportunity to drive more innovation in our EA SPORTS games as our fans are eager to begin experiencing a new generation of play. That will include our plans for NBA Live. With great support from the NBA and the NBA Players Association, we have been working on an innovative new direction for our game timed with the All-Star weekend, and experiences are around new ways for players to engage, connect and create through basketball.

新遊戲主機總是能為 EA SPORTS 遊戲帶來更多創新，因為我們的粉絲渴望體驗新一代的遊戲體驗。這其中就包括我們對 NBA Live 的計畫。在 NBA 和 NBA 球員工會的大力支持下，我們一直在努力為我們的比賽開闢一個創新的新方向，配合全明星週末，旨在為球員們提供參與、聯繫和透過籃球進行創造的新體驗。

Now with greater understanding of the new platforms and what they can power, bringing social connection, accessibility and player creativity to the forefront, we feel we can go so much further with the new design, so we've decided not to ship NBA Live game in FY '20. Instead we're expanding our vision for NBA Live and continuing to work closely with our NBA and NBA Players Association partners on this new project that we'll share more details on next year.

現在，我們對新平台及其功能有了更深入的了解，這些平台將社交聯繫、可訪問性和玩家創造力推到了前台，我們覺得我們可以在新設計方面走得更遠，因此我們決定不在 2020 財年發布 NBA Live 遊戲。相反，我們將拓展 NBA Live 的願景，並繼續與 NBA 和 NBA 球員工會的合作夥伴緊密合作，共同推動這個新項目。明年我們將分享更多細節。

Our live services will grow -- will continue to grow and enhance the experience in our major franchises. We're expanding our Apex Legends team to deliver our content plans for FY '21, and we'll reach new audiences through mobile and across Asia. We have ongoing growth expectations for The Sims 4, with new expansion and all new ways to engage and grow the community.

我們的線上服務將會發展壯大—並將持續發展壯大，提升我們主要加盟店的體驗。為了實現 2021 財年的內容計劃，我們將擴充 Apex Legends 團隊，並透過行動端和亞洲地區觸達新的受眾群體。我們對《模擬市民4》的未來發展抱持著持續成長的預期，包括推出新的擴充包以及全新的方式來吸引和發展社群。

Our Battlefield franchise and its community are also a major focus for us, and we'll add new content and new ways to play Battlefield V in FY '21. Targeting new innovation that will be enabled by next-gen platforms and a growing installed base on the new consoles, our next Battlefield game is set for FY '22.

我們的《戰地》系列遊戲及其社群也是我們關注的重點，我們將在 2021 財年為《戰地風雲》添加新內容和新的遊戲方式。為了利用次世代平台和不斷增長的新主機裝置容量來實現創新，我們的下一款​​《戰地》遊戲計劃於 2022 財年推出。

We also have plans for new experiences that we've not yet announced for next year, new titles and new IP for multiple platforms. Introducing new games will always be at our core, and we look forward to exciting players with unexpected new titles in FY '21.

我們也計劃在明年推出一些尚未公佈的新體驗，包括多個平台的新遊戲和新IP。推出新遊戲始終是我們的核心目標，我們期待在 2021 財年為玩家帶來意想不到的新遊戲。

We will also be driving new opportunities to connect with more players through expansion from our subscription services, new platforms, cloud gaming and more. We are confident in the continued growth of our business at Electronic Arts through FY '20, FY '21 and beyond. We have a big holiday quarter ahead of us, and we're excited to continue a strong year.

我們也將透過拓展訂閱服務、新平台、雲端遊戲等方式，創造新的機會與更多玩家建立連結。我們對藝電公司在 2020 財年、2021 財年及以後的業務持續成長充滿信心。我們即將迎來一個繁忙的假期季節，我們很高興能夠延續今年的強勁勢頭。

Now I'll hand the call over to Blake.

現在我把電話交給布萊克。

Thanks, Andrew. The strong results this quarter illustrate the power of our focus on live services and in our core franchises. Games are evolving and the way people play them is changing. We had great launches for both FIFA and Madden, and the core story is dominated by live services that engage players over extended periods of time. Live service strength in Ultimate Team, The Sims 4, Apex Legends and FIFA Online drove performance significantly above last year. I'll report our results on a GAAP basis, then use our operational measure of net bookings to discuss the dynamics of our business.

謝謝你，安德魯。本季強勁的業績表明，我們專注於即時服務和核心業務的策略取得了成功。遊戲不斷發展，人們玩遊戲的方式也在改變。FIFA 和 Madden 的發布都非常成功，其核心故事以能夠長時間吸引玩家的線上服務為主。Ultimate Team、The Sims 4、Apex Legends 和 FIFA Online 的穩定運行推動業績顯著高於去年。我將按照公認會計準則報告我們的業績，然後使用我們的淨預訂量營運指標來討論我們業務的動態。

To compare this quarter's results to historically reported non-GAAP measures, please refer to the relevant tabs in our downloadable financial model.

若要將本季業績與歷史上報告的非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。

EA's net revenue was $1.348 billion, above our guidance by $33 million. Operating expenses were $675 million, $4 million lower than our guidance. GAAP operating income was $268 million compared to an operating income of $258 million a year ago and resulted in an earnings per share of $2.89, $0.29 better than our guidance. As a reminder, $2.11 of the earnings were driven by the tax benefit we disclosed previously. Underlying profit was much stronger than we had expected driven by increased sales, lower operating expenses and a richer digital mix.

EA 的淨收入為 13.48 億美元，比我們預期高出 3,300 萬美元。營運支出為 6.75 億美元，比我們預期的低 400 萬美元。GAAP 營業收入為 2.68 億美元，而去年同期營業收入為 2.58 億美元，每股收益為 2.89 美元，比我們之前的預期高出 0.29 美元。再次提醒，先前揭露的稅收優惠帶來了 2.11 美元的收益。受銷售成長、營運費用降低和數位化產品組合更豐富等因素推動，基本利潤遠超預期。

Operating cash flow for the quarter was $37 million, up $163 million from last year. The increase was driven primarily by higher profit and faster collections. Operating cash flow for the trailing 12 months was $1.748 billion, $290 million above last year. Capital expenditures for the quarter were $27 million, resulting in a free cash flow of $10 million. See our earnings slides for further cash flow information.

本季經營現金流為 3,700 萬美元，比去年同期成長 1.63 億美元。成長的主要原因是利潤增加和收款速度加快。過去 12 個月的營運現金流為 17.48 億美元，比去年同期增加了 2.9 億美元。本季資本支出為 2,700 萬美元，產生自由現金流 1,000 萬美元。請參閱我們的獲利報告投影片，以了解更多現金流資訊。

During the quarter, we also repurchased 3.3 million shares at a cost of $306 million, leaving $674 million available in our buyback program. Our cash and short-term investments at the end of the quarter were $4.9 billion.

本季度，我們還以 3.06 億美元的價格回購了 330 萬股股票，使我們的回購計畫中還剩下 6.74 億美元可用。截至季末，我們的現金和短期投資為 49 億美元。

Now I'd like to turn to the key drivers of our business this quarter. Total net bookings for the quarter were $1.277 billion, up $55 million on the prior year and $47 million above our guidance. Performance over guidance was driven by broad strength across our portfolio, with notable growth in live services.

現在我想談談本季我們業務的關鍵驅動因素。本季淨預訂總額為 12.77 億美元，比上年同期增加 5,500 萬美元，比我們的預期高出 4,700 萬美元。業績超越預期主要得益於我們投資組合的整體強勁表現，尤其是即時服務業務的顯著成長。

Net bookings -- net digital bookings were $790 million, up 24% on the year ago period and a new record for the second quarter driven by growth across numerous live service offerings as well as an increase in full game digital downloads. Digital net bookings represented 78% of our business on a trailing 12-month basis compared to 69% in the prior year.

淨預訂量－淨數位預訂量為 7.9 億美元，比去年同期成長 24%，創第二季新紀錄，這主要得益於眾多線上服務產品的成長以及完整遊戲數位下載量的增加。過去 12 個月，數位淨預訂量占我們業務的 78%，而前一年這一比例為 69%。

Looking at each of the components of this year's digital -- for this quarter's digital net bookings in turn. Live service net bookings were up 50% year-on-year to $493 million, another new Q2 record. The increase was driven by Apex Legends; Ultimate Team in Madden, FIFA and NHL; the Sims 4; and FIFA Online partially offset by the tail of Battlefield 1 DLC.

接下來，我們將逐一分析今年數位業務的各個組成部分——以及本季的數位淨預訂量。直播服務淨預訂金額較去年同期成長 50%，達到 4.93 億美元，再次創下第二季新紀錄。成長主要由《Apex英雄》、Madden、FIFA和NHL的終極球隊模式、《模擬市民4》以及FIFA Online推動，但部分被《戰地1》DLC的尾聲所抵消。

EA Access is off to a great start on PlayStation. Ultimate Team net bookings grew strongly this year, year-over-year for both Madden and FIFA. Even adjusting for the fact that Madden had an extra week in the quarter, both Madden and FIFA benefited from early access sales on PlayStation through EA Access, both were up double-digit percentages over last year. Notably, given that we launched VOLTA FOOTBALL and FIFA 20 and it immediately became the #2 mode in the game behind only Ultimate Team, weekly average users for FIFA Ultimate Team still grew 15% year-on-year.

EA Access 在 PlayStation 平台上的開局非常成功。今年，Madden 和 FIFA 的 Ultimate Team 淨預訂量均實現了強勁同比增長。即使考慮到 Madden 在本季度多出了一周，Madden 和 FIFA 都受益於 EA Access 在 PlayStation 上的提前購買，兩者的銷量都比去年增長了兩位數百分比。值得注意的是，儘管我們推出了 VOLTA FOOTBALL 和 FIFA 20，並且它立即成為遊戲中僅次於 Ultimate Team 的第二大模式，但 FIFA Ultimate Team 的每周平均用戶數仍然同比增長了 15%。

Mobile delivered net bookings of $122 million, down 20% year-on-year driven by aging titles. The segment outperformed our expectations driven by new content in Star Wars: Galaxy of Heroes. FIFA Mobile China, FIFA Online 4 Mobile, Madden Mobile and Star Wars: Galaxy of Heroes all grew this quarter. And subsequent to quarter end, Star Wars: Galaxy of Heroes had its second biggest day ever.

行動端淨預訂額為 1.22 億美元，年減 20%，主要原因是部分遊戲內容老化。受《星際大戰：銀河英雄傳》新內容的推動，該板塊表現超乎預期。本季度，FIFA Mobile China、FIFA Online 4 Mobile、Madden Mobile 和 Star Wars: Galaxy of Heroes 的用戶數量均有所增長。季度末之後，《星際大戰：銀河英雄傳》迎來了有史以來第二高的單日銷售。

Full game PC and console downloads generated net bookings of $175 million, 11% higher than last year, another Q2 record. The digital portion of Madden sales increased 9 percentage points year-on-year to 51%. FIFA launched just days before the end of the quarter, but based on the first 3 weeks of sales, it was about 34% digital, up from 29% in the comparable period for FIFA '19. Overall, 50% of our unit sales were digital rather than physical, measured on Xbox One and PlayStation 4 over the 12 months prior to September 30. This compares to just 42% a year ago.

完整遊戲 PC 和主機下載帶來的淨預訂金額為 1.75 億美元，比去年同期成長 11%，再次創下第二季紀錄。Madden遊戲的數位銷售部分較去年同期成長9個百分點，達到51%。FIFA 遊戲在季度末前幾天發布，但根據前 3 週的銷售情況來看，其數位版銷量佔比約為 34%，高於 FIFA '19 同期 29% 的銷量佔比。整體而言，截至 9 月 30 日之前的 12 個月內，我們在 Xbox One 和 PlayStation 4 上的銷售量佔總銷售量的 50%，而非實體銷售量。相比之下，一年前這一比例僅為 42%。

Turning to guidance. Our expectations for full year GAAP revenue is $5.41 billion and earnings per share of $9.57. As a reminder, $5.74 of this is driven by the tax benefit we disclosed previously. We expect operating cash flow of about $1.625 billion, $50 million above our prior expectations. We continue to anticipate capital expenditures of around $125 million, which would deliver free cash flow of about $1.5 billion.

尋求指導。我們預計全年GAAP收入為54.1億美元，每股收益為9.57美元。再次提醒，其中 5.74 美元來自我們先前披露的稅收優惠。我們預計經營現金流約為 16.25 億美元，比我們之前的預期高出 5,000 萬美元。我們繼續預期資本支出約為 1.25 億美元，這將帶來約 15 億美元的自由現金流。

With regards to business drivers, we've raised our net bookings outlook for the year to $5.125 billion. Live services remain strong, and we continue to expect Apex Legends and The Sims to both deliver net bookings in the $300 million to $400 million range. We're not passing through the full beat, primarily as the FX headwinds has increased significantly and we pushed NBA Live 20 and Respawn's VR Medal of Honor title out of the year. Together, these headwinds amount for -- to approximately $100 million against our original expectations for net bookings.

關於業務驅動因素，我們將今年的淨預訂預期上調至 51.25 億美元。線上服務依然強勁，我們繼續預期《Apex英雄》和《模擬市民》的淨預訂額都將達到3億至4億美元。我們並沒有完全按計劃進行，主要是因為 FX 的不利因素顯著增加，我們把 NBA Live 20 和 Respawn 的 VR 榮譽勳章遊戲推遲到了今年之後。綜合來看，這些不利因素導致我們淨預訂金額比最初預期減少約 1 億美元。

For the third quarter, we expect net revenue of $1.51 billion; cost of revenue to be $482 million; and operating expenses of $733 million. OpEx is up year-on-year driven by the negative adjustments of variable compensation a year ago. This results in earnings per share of $0.92 for the third quarter, using the diluted share count of 295 million shares.

第三季度，我們預計淨收入為 15.1 億美元；營業成本為 4.82 億美元；營業費用為 7.33 億美元。營運支出較去年同期上升，主要原因是去年同期可變薪酬的負面調整。根據 2.95 億股的稀釋股份數計算，第三季每股收益為 0.92 美元。

We anticipate net bookings for the quarter to be $1.94 billion. This is up 21% year-on-year driven by live services, particularly Apex Legends and Ultimate Team, and because we have 2 launches in the quarter this year versus 1 last year. We released the launch trailer for Star Wars Jedi: Fallen Order this morning, and the early reaction appears extremely positive. We're excited to bring this action title to Star Wars fans on November 15 and continue to model sales in the range of 6 million to 8 million units. We are modeling Need for Speed Heat to perform similarly to previous titles in that franchise, with unit sales of 3 million to 4 million units.

我們預計本季淨預訂額將達到 19.4 億美元。受線上服務（尤其是 Apex Legends 和 Ultimate Team）的推動，以及今年本季推出 2 款遊戲而去年同期僅推出 1 款遊戲，因此同比增長 21%。今天早上我們發布了《星際大戰絕地：墮落的武士團》的發布預告片，目前的初步反應似乎非常積極。我們很高興能在 11 月 15 日將這款動作遊戲帶給《星際大戰》的粉絲們，並繼續預測銷量將在 600 萬至 800 萬份之間。我們預計《極速快感：熱焰》的銷售量將與系列先前的作品類似，達到 300 萬至 400 萬份。

Looking further ahead, I'd like to expand on the view Andrew gave you into our fiscal 2021 slate. We're doubling down on live services combined with our core franchises. We're investing in Apex Legends as our shooter in fiscal 2021. We expect to drive growth in all of our major live services next year, including Ultimate Team, Apex Legends, FIFA Online and The Sims. And we continue to grow our subscription business. We believe Apex growth will be driven in part by the continued expansion of content and by the launch of the service on new platforms, geographies and on mobile.

展望未來，我想進一步闡述安德魯向我們介紹的 2021 財年計畫。我們將加倍投入直播服務，並將其與我們的核心特許經營業務相結合。我們將在 2021 財年投資《Apex英雄》作為我們的射擊遊戲。我們預計明年所有主要線上服務都將成長，包括 Ultimate Team、Apex Legends、FIFA Online 和 The Sims。我們的訂閱業務也在持續成長。我們相信，Apex 的成長將部分得益於內容的持續擴展，以及在新平台、新地區和行動裝置上推出該服務。

As Andrew noted, The Sims is now a $5 billion franchise for us and it continues to grow driven by new content and new platforms. Mobile growth will be driven by the ramp of our new Plants vs. Zombies title, sports on mobile, including FIFA Mobile in Asia and Apex Legends, offset by aging titles elsewhere in our portfolio.

正如安德魯所指出的，《模擬市民》現在對我們來說是一個價值 50 億美元的系列遊戲，在新的內容和新平台的推動下，它仍在不斷發展壯大。行動端的成長將由我們新的 Plants vs.殭屍遊戲、行動運動遊戲（包括亞洲的 FIFA Mobile 和 Apex Legends）被我們產品組合中其他一些老舊遊戲所抵消。

With regards to additional product launches in fiscal 2021, we will add at least one more sports title to our annual slate. We'll launch Medal of Honor VR title. We'll deliver some exciting remasters of fan favorites, including the Command & Conquer game we've already disclosed. And we have 2 new unannounced EA partners titles coming from third party developers. In addition, we have other unannounced titles in the FY '21 slate. We will give you specifics nearer the time.

關於 2021 財年的其他產品發布計劃，我們將在年度產品陣容中增加至少一款體育類遊戲。我們將推出《榮譽勳章》VR遊戲。我們將推出一些粉絲最愛的遊戲的激動人心的重製版，包括我們已經公佈的《命令與征服》遊戲。我們還有兩款由第三方開發商製作的、尚未公佈的EA合作夥伴新作即將推出。此外，我們2021財年還有其他尚未公佈的遊戲項目。臨近活動日期我們會提供具體細節。

Overall, we expect to drive growth in net bookings and underlying profits for fiscal 2021. We will provide formal guidance on our Q4 call, as usual. Growth in fiscal 2022 will be led by a new and very exciting Battlefield title.

總體而言，我們預計 2021 財年淨預訂量和基礎利潤將實現成長。我們將照例在第四季財報電話會議上提供正式指引。2022 財年的成長將主要由一款全新且非常令人興奮的《戰地》系列遊戲引領。

I introduced the quarter by discussing how player preferences have changed the way we build and deliver games. We're investing in games that people play for longer and engage with much more deeply. For example, the number of matches played in FIFA per player has grown nearly 10% year-on-year, and we expect VOLTA to grow that still further.

本季開始，我探討了玩家偏好如何改變了我們建構和交付遊戲的方式。我們投資開發的遊戲，玩家可以玩更長時間，參與度更高。例如，每位球員在 FIFA 遊戲中進行的比賽場次同比增長了近 10%，我們預計 VOLTA 將進一步推動這一增長。

Similarly, the time spent playing matches in Madden NFL is up by almost 2 -- or 1/3. We expect this strategy and focus will continue to drive growth and profitability for the company through the remainder of this year and beyond.

同樣，玩《麥登橄欖球》比賽的時間也增加了近 2 倍，也就是三分之一。我們預計，這項策略和重點將繼續推動公司在今年剩餘時間和未來實現成長和獲利。

With that, I'll turn the call back to Andrew.

這樣，我就把電話轉回給安德魯了。

Thanks, Blake. It's a great time to be part of the interactive entertainment industry. The excitement throughout the community for new experiences and innovation shows how games, more than any other form of entertainment, can bring people together. Billions of people from every corner of the world bring their passion to play, connect, compete and share through games. Making that possible is what drives every single one of us at Electronic Arts.

謝謝你，布萊克。現在正是投身互動娛樂產業的絕佳時機。整個社區對新體驗和創新的熱情表明，遊戲比任何其他形式的娛樂更能將人們聚集在一起。來自世界各地的數十億人透過遊戲來表達他們對遊戲的熱情，進行娛樂、交流、競爭和分享。讓這一切成為可能，正是藝電公司每位員工的動力。

Amazing games are the core of our business growth. We have a powerful and diverse portfolio of games across genres, fulfilling a breadth of motivations for our players. From escape in Star Wars Jedi: Fallen Order, to competition through EA SPORTS, to social connection in Battlefield V and more, creativity fuels our future and our studios have many more new experiences in development. New IP at Motive; new projects at DICE, BioWare and Maxis and Criterion; new mobile titles; new titles for EA SPORTS; new Indian third-party developer titles, all that will continue to excite and grow our global audience.

優秀的遊戲是我們業務成長的核心。我們擁有涵蓋各種類型的強大且多元化的遊戲產品組合，能夠滿足玩家廣泛的遊戲需求。從《星際大戰絕地：隕落的武士團》中的逃脫，到 EA SPORTS 中的競技，再到《戰地5》中的社交互動等等，創造力驅動著我們的未來，我們的工作室正在開發更多新的體驗。Motive 的新 IP；DICE、BioWare、Maxis 和 Criterion 的新項目；新的行動遊戲；EA SPORTS 的新遊戲；印度第三方開發人員的新遊戲，所有這些都將繼續激發並擴大我們的全球受眾。

Live services extend and enhance the experiences of those games. Apex Legends, FIFA, The Sims 4, Galaxy of Heroes and more of our top franchises have thriving global communities spanning hundreds of millions of players. We've been pioneers in this space, building on years of expertise and success to deliver continuously evolving experiences fueled by new content, in-game events and fan-requested updates.

線上服務擴展並增強了這些遊戲的體驗。《Apex英雄》、《FIFA》、《模擬市民4》、《銀河英雄傳》以及我們更多頂級遊戲系列都擁有蓬勃發展的全球社區，玩家數量達數億。我們一直是這個領域的先驅，憑藉著多年的專業知識和成功經驗，不斷提供由新內容、遊戲內活動和粉絲要求的更新所推動的不斷發展的體驗。

Competitive gaming adds another dimension to the experience to play and watch, and we're building on our strength here with more of our franchises set to enter esports in the coming months. As players around the world play their favorite games for longer periods of time, robust live services will continue to be vital to the experience and a growth driver for our business.

競技遊戲為玩家和觀眾的體驗增添了新的維度，我們將在未來幾個月內讓更多旗下戰隊進軍電競領域，進一步鞏固我們在這一領域的優勢。隨著世界各地的玩家玩他們最喜歡的遊戲的時間越來越長，強大的線上服務將繼續對遊戲體驗至關重要，並成為我們業務成長的驅動力。

Reaching more players on more platforms is always a key driver for us. New consoles, cloud gaming and more platform choices will continue to expand the addressable audience. We're thrilled to be bringing the EA and Steam communities together through the EA Access subscription, and we're working to reach more platforms in the near future. As cloud gaming continues to develop, through Project Atlas we are testing games streamed on public cloud infrastructure to ensure we are at the forefront of this developing space. We're also very excited to continue working with our first-party partners on their new platforms, where we'll be well positioned to deliver some outstanding new experiences beginning next year.

觸達更多平台上的更多玩家始終是我們的關鍵驅動力。新遊戲主機、雲端遊戲和更多平台選擇將繼續擴大目標受眾。我們很高興能夠透過 EA Access 訂閱服務將 EA 和 Steam 社群聚集在一起，並且我們正在努力在不久的將來覆蓋更多平台。隨著雲端遊戲的不斷發展，我們透過 Project Atlas 測試在公有雲基礎設施上串流的遊戲，以確保我們處於這一新興領域的前沿。我們也很高興能夠繼續與我們的第一方合作夥伴在他們的新平台上合作，從明年開始，我們將能夠更好地提供一些卓越的新體驗。

With some of the most talented, creative and passionate teams in the industry, we are building momentum. Our focus on making great games and live services for more players around the world has never been stronger.

我們擁有業內一些最有才華、最有創造力、最有熱情的團隊，正在積蓄力量。我們致力於為世界各地的更多玩家打造優秀的遊戲和線上服務，這項決心從未如此堅定。

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) And your first question comes from the line of Eric Sheridan with UBS.

（操作員說明）您的第一個問題來自瑞銀集團的 Eric Sheridan。

Maybe 2, if I can. On the live services commentary, I just want to make sure we are understanding the key messages on how much of the doubling down on live services has to do with the existing franchises versus how we should think about the key to investment you might make against new franchises where you see pockets of the industry where you can extend in the live services and broaden out the portfolio looking out over the next couple of years. That's number one.

如果可以的話，也許2個。關於直播服務的評論，我只想確保我們理解關鍵訊息，即加倍投入直播服務有多少與現有特許經營權有關，以及我們應該如何考慮對新特許經營權進行投資的關鍵，在這些新特許經營權中，您可以看到行業中一些可以擴展直播服務並在未來幾年內擴大投資組合的領域。這是第一點。

And Andrew, on your comment on EA SPORTS, I'm just curious what you mean by the potential to broaden out the portfolio there as well. We saw a headline today about the NCAA and possible compensation of athletes. That's an area where you guys have historically had some success going back to the football title from years ago. How should we think about the opportunity around broadening out EA SPORTS as well?

安德魯，關於你對 EA SPORTS 的評論，我很好奇你說的擴大產品組合的潛力是什麼意思。今天我們看到一篇關於NCAA和運動員可能獲得補償的新聞標題。你們在這個領域歷來都取得過一些成功，可以追溯到多年前的足球冠軍。我們該如何看待拓展 EA SPORTS 業務所帶來的機會？

So let me take the live service one first, Eric. We have invested heavily in live services over the past 10 years. Obviously, we're seeing the benefits of that today with titles like Ultimate Team across all our sports and The Sims. Obviously, Apex is a new live service which we will invest heavily in to try to continue to grow that business. We view that as a annual shooter franchise effectively. And we're trying to build that as a 10-year business, not a 1-year or 2-year business. And we're very excited about the road map that the Respawn team has put in place.

艾瑞克，那我就先回答直播服務的問題吧。過去十年，我們對即時服務進行了大量投資。顯然，如今我們已經從各種運動遊戲（如 Ultimate Team）和《模擬市民》等遊戲中看到了這種模式帶來的好處。顯然，Apex 是一項全新的即時服務，我們將投入大量資金，努力繼續發展這項業務。我們認為這實際上是一款年度射擊遊戲系列作品。我們努力將其打造成為一家能夠持續經營 10 年的企業，而不是一家只能經營 1 年或 2 年的企業。我們對Respawn團隊制定的路線圖感到非常興奮。

Beyond that, obviously, FIFA Online in Asia is critical. We're now seeing, as we move from FIFA Online 3 to FIFA Online 4 in Korea, rapid growth. We're still operating both platforms, Online 3 and Online 4 in China. And over time, we'll move to a single platform there. But we feel like we're out of the woods on the bad comp from last year and so we're starting to see good growth there.

除此之外，FIFA Online 在亞洲的重要性顯而易見。我們現在看到，隨著韓國從 FIFA Online 3 過渡到 FIFA Online 4，用戶數量正在快速成長。我們目前仍在中國經營 Online 3 和 Online 4 這兩個平台。隨著時間的推移，我們將遷移到單一平台。但我們感覺已經擺脫了去年糟糕的業績比較帶來的影響，因此我們開始看到良好的成長勢頭。

And we're looking at how do we expand live services across every single one of our titles that can be as successful or more successful than what we see on our sports titles and Sims and Apex. That includes titles like Battlefield titles, the action genre like Anthem. And you'll continue to see improvements across that, and we're excited about where that could go. It is how people want to play games. It is where we think we have a skill set that is different than many of the other game companies, and we think we can continue to be very successful there.

我們正在研究如何將即時服務擴展到我們所有的遊戲中，使其取得與體育遊戲、模擬市民和Apex遊戲一樣成功甚至更大的成功。其中包括《戰地》系列遊戲，以及《聖歌》等動作遊戲。您將會看到這方面持續改進，我們對未來的發展方向感到興奮。這就是人們想要玩遊戲的方式。我們認為我們在這一領域擁有與其他許多遊戲公司不同的技能，我們認為我們可以繼續在這一領域取得巨大成功。

On the EA SPORTS point, there are a number of EA SPORTS games that we've worked on or developed or published over the years. Some of those sports, we're seeing strong resurgence, strong growth, and we're investing back in. It's an area of key strength for us as a business, and our EA SPORTS teams have demonstrated an ability to truly engage a global population of sports fans.

關於 EA SPORTS，多年來我們參與開發、製作或發行過許多 EA SPORTS 遊戲。我們看到其中一些體育項目正在強勁復甦，發展勢頭良好，因此我們正在重新投資。作為一家企業，這是我們的優勢領域，我們的 EA SPORTS 團隊已經展現出真正吸引全球運動迷的能力。

With respect to NCAA sports in general, yes, we have been in that business before as well. We saw the news today as did you. We had fed into the NCAA working group. That news today was new to us. We're still digesting it. We would anticipate that there are still a number of things that would have to happen over the coming years before we'll be able to get back into that business, but certainly we're watching closely.

就 NCAA 體育賽事而言，是的，我們以前也涉足過這個行業。今天我們和你們一樣都看到了新聞。我們曾向NCAA工作小組提供意見。今天這則新聞對我們來說是新的。我們還在消化這件事。我們預計，在未來幾年內，還有很多事情需要發生，我們才能重返這個行業，但我們當然會密切關注。

Your next question comes from the line of Michael Olson with Piper Jaffray.

你的下一個問題來自邁克爾·奧爾森和派珀·傑弗裡的對話。

You guys talked a lot about what's coming in fiscal '21. I thought it might just be helpful to summarize fiscal '21 and how you kind of comp incremental titles launching in fiscal '20. So just kind of rattling through it: Growth for Apex Legends; FIFA Online in Asia will grow; Ultimate Team for both Madden and FIFA grow; Sims, I'm not sure if you are implying growth there or not; a new sports title, Command & Conquer, NBA Live, Gears of War VR, 2 new partner titles and maybe a couple of other titles that you can't announce right now. Does that sounds correct? Or was there anything I missed or got incorrect?

你們談了很多關於2021財年即將發生的事情。我認為總結一下 2021 財年的情況，以及如何比較 2020 財年推出的新遊戲，可能會有所幫助。我簡單地說：Apex Legends 將會成長；FIFA Online 在亞洲將會成長；Madden 和 FIFA 的 Ultimate Team 模式將會成長；Sims，我不確定你是不是在暗示它也會成長；一款新的運動遊戲，Command & Conquer， Live，Gears of WarNBA，兩款新的合作遊戲，可能還有幾款你現在還不能公佈的遊戲。這樣說對嗎？或者我遺漏了什麼或說錯了什麼？

Yes. No, we were implying growth for the Sims as well. We've continued to grow that title every year for the -- since it was shipped, what, 7 years ago and we feel that, that continues on. We've got a really robust plan for continued growth. And there may be some other remasters that we do along the Command & Conquer line that we just haven't announced yet. But that -- we believe all that yields a pretty exciting fiscal '21. And effectively, what we're doing is giving you some guidance on fiscal '22 knowing that a Battlefield is coming then.

是的。不，我們也是暗示《模擬市民》系列遊戲也會發展壯大。自 7 年前推出以來，我們每年都在不斷提升該遊戲的銷量，我們認為這種勢頭還會繼續下去。我們制定了一項非常完善的持續成長計畫。我們可能還會推出一些其他《命令與征服》系列的重製版，但目前還沒有公佈。但我們相信，所有這些都將帶來令人振奮的 2021 財年。實際上，我們這樣做是為了在《戰地》遊戲即將推出之際，為 2022 財年提供一些指導。

And remember, the goal of Battlefield for '22 is to really take advantage of a larger installed base of the new consoles. Bringing out Battlefield next year where the new console base is fairly small doesn't really give justice to the potential of the title. And so that's part of our driver in moving the title into fiscal '22. So think about it as multiyear growth model that we just tried to lay out for people and we're pretty excited about it.

記住，《戰地風雲》2022 年的目標是充分利用新遊戲主機更大的用戶基數。明年推出《戰地》系列遊戲，而新主機用戶群相對較小，這並不能真正展現這款遊戲的潛力。因此，這也是我們將冠軍頭銜推遲到 2022 財年的部分原因。所以，你可以把它看作是我們剛剛嘗試向大家闡述的一個多年成長模型，我們對此感到非常興奮。

Okay. And then just to follow up on that. It sounds like you're implying Apex Legends will grow and fill kind of some of the hole that not having the Battlefield will create. I know it's hard to quantify, but kind of qualitatively, how much of the growth in Apex next year is dependent on getting the game approved in China and having success with the title on mobile as well?

好的。然後，我想就此做個後續說明。聽起來你的意思是說，《Apex英雄》將會發展壯大，並填補《戰地》系列停駛後留下的一些空白。我知道這很難量化，但從定性角度來看，Apex 明年的成長有多少取決於該遊戲在中國獲得批准以及在行動裝置上取得成功？

Yes. So it's hard to predict when you get approval in China, so we don't know. So I would assume that in Apex China, console -- or a PC game is probably at the tail end of the year, if not even the following year. We think we've got a faster pace on mobile globally, ex China. So we would hope to see that in the year as well, sometime during the year.

是的。因此，很難預測何時能在中國獲得批准，所以我們也不知道。因此，我認為 Apex 中國版的主機遊戲——或者 PC 版——可能要等到今年年底，甚至可能要等到明年。我們認為，除中國以外，我們在全球行動領域的發展速度更快。所以我們希望今年也能看到這種情況，最好是在年內的某個時候。

It really depends on how long we keep it in soft launch. But we're obviously including those as we think about growth, but the bulk of that growth is probably '22 versus '21, where we'll really start to gain traction there.

這主要取決於我們試發布階段要持續多久。但我們在考慮成長時顯然會把這些因素考慮在內，但大部分成長可能來自 2022 年與 2021 年的對比，屆時我們將真正開始取得進展。

Your next question comes from the line of Alexia Quadrani with JPMorgan.

你的下一個問題來自摩根大通的 Alexia Quadrani。

This is David on for Alexia. Just within your live services results, is it possible to quantify at all the contribution that you've seen from subscription in the quarter? And maybe how should we think about trajectory of subscriptions going forward just following the partnership with Valve you announced this morning?

這裡是David，為您報道Alexia。僅從你們的即時服務業績來看，能否量化一下本季訂閱業務的貢獻？那麼，在您今天早上宣布與 Valve 建立合作關係之後，我們應該如何看待訂閱模式未來的發展軌跡？

Yes. I mean subscriptions -- I mean live services is so large. The subscription is still a relatively small portion of that. We are around 5 million subscribers now and have grown much faster on the Sony platform than we did in the early days of the Microsoft platform. Obviously, there are more consoles out there now, so that helps it. But the Sony platform has grown well beyond our expectations, and we're very excited. And they've been a great partner for us.

是的。我的意思是訂閱服務——我的意思是即時服務規模非常龐大。訂閱費用仍然只佔其中相對較小的一部分。我們現在擁有約 500 萬訂閱用戶，在索尼平台上的成長速度比我們在微軟平台早期成長的速度快得多。顯然，現在市面上的遊戲機更多了，這對遊戲機的發展很有幫助。但索尼平台的發展遠遠超出了我們的預期，我們感到非常興奮。他們一直是我們的好夥伴。

As Andrew mentioned, we're continuing to drive subscriptions across as many platforms as we can. We want to go where the gamers play. And clearly, that was the driver of the Valve, Steam approach. What we found is that subscribers engage more and spend more money at the end of the day. It's why it's such a great business model. They're very sticky. They tend to stay in the subscriptions longer. And they're looking for great content and they find games they've never played before and then start to monetizing those games. And that's the reason we're so optimistic about it. But it's still a relatively smaller portion of the overall business because, obviously, in the quarter, almost $500 million of revenue. The big dominators there are Apex and Ultimate Team and followed by The Sims and FIFA Online in Asia. But it is -- it continues to be an important part of the overall live services business.

正如安德魯所提到的，我們正在繼續盡可能地在多個平台上推動訂閱用戶成長。我們想去遊戲玩家玩遊戲的地方。顯然，這就是 Valve 和 Steam 採取這種策略的驅動力。我們發現，訂閱用戶最終的參與度更高，消費金額也更高。這就是為什麼它是如此優秀的商業模式。它們非常粘。他們往往會更長時間地保持訂閱狀態。他們尋找優質內容，找到自己以前從未玩過的遊戲，然後開始透過這些遊戲獲利。這就是我們對此如此樂觀的原因。但這仍然是整體業務中相對較小的一部分，因為很明顯，該季度收入接近 5 億美元。亞洲地區最大的遊戲是 Apex 和 Ultimate Team，其次是 The Sims 和 FIFA Online。但它仍然是整個線上服務業務的重要組成部分。

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

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

I appreciate all of the details you guys have given on the call so far. A couple of quick things hoping you could help out with. One thing that was not mentioned was Titanfall 3. Has that been sort of integrated now into Apex Legends? Is that still being looked at as a separate title?

感謝各位在通話中提供的所有細節資訊。有幾件事想請您幫忙。但有一點沒有提到，那就是《泰坦隕落3》。現在它是否已經以某種方式整合到《Apex英雄》中了？它目前仍被視為一個獨立的標題嗎？

It certainly could be a separate title in the future. We really want to keep the team hyper-focused on Apex because we see there's so much opportunity there. But so I can't give you a sense of if and when it will come, but we're -- it's still a great brand and we certainly won't forget about it down the road.

未來它很有可能成為一個獨立的遊戲標題。我們真心希望團隊能高度專注於 Apex，因為我們看到了那裡蘊藏著巨大的機會。所以我無法告訴你它是否以及何時會到來，但我們——它仍然是一個偉大的品牌，我們當然不會在未來忘記它。

Okay. And then 2 other quick follow-ups. When you talk about doubling down on live services for next year, you've obviously been focusing on live services for a while, but is anything changing with regards to the amount of spending that you guys are doing? Or anything financially with the model as you do -- as you double down on these live services?

好的。然後還有兩個簡短的後續問題。你們提到明年將加倍投入線上服務，顯然你們已經專注於線上服務一段時間了，但是你們在投入金額方面有什麼變化嗎？或者像你現在這樣，在財務方面也採取同樣的策略──例如加倍投入這些即時服務？

Yes. I think there's really 3 core changes. One is we're seeing players want to play and engage more. Again, over the last 24, 36 months or even a little longer than that, you've seen us focus deeply on live service and drive engagement into our games, and you saw that through last year. We're seeing that pay off this year.

是的。我認為核心變化主要有三點。一方面，我們看到玩家們想要玩得更投入，參與度更高。再說，在過去的 24、36 個月甚至更長的時間裡，你們都看到了我們非常重視線上服務，並致力於提升玩家對我們遊戲的參與度，去年你們也看到了這一點。今年我們已經看到了成效。

And so as we look forward, we're seeing players have even greater intention to spend more time into those games. And so there's really -- there's 2 other broad changes. One is just how we develop the core features inside that game, and we're doubling down on those types of features that allow players to fulfill those core motivations that drive the live service, social interaction, competition, self-improvement, creation, those things that really drive a live service business. And then we're doubling down on the teams, both in terms of development and marketing, in terms of how we bring those things to market.

因此，展望未來，我們看到玩家們更有意願投入更多時間到這些遊戲中。所以實際上還有——還有另外兩個重大變化。一方面是我們如何開發遊戲中的核心功能，另一方面是我們正在加倍投入這些功能，讓玩家能夠滿足推動線上服務發展的核心動機，例如社交互動、競爭、自我提升、創造等等，這些都是真正推動線上服務業務發展的因素。然後，我們將在研發和行銷方面加大對團隊的投入，以改善我們如何將這些產品推向市場。

What you've seen this year is a willingness for us to do things slightly differently. If you take what we did with Madden this year, we launched the game earlier and we held another whole set of content for a different audience and marketed that differently and targeted that differently and released that around kickoff. And we're seeing tremendous success as a result of that. And so not only will we build and double down on the actual development of the feature set, we're also going to be speaking and communicating and marketing the content differently to gamers across the board.

今年你們看到的是我們願意以略微不同的方式做事。以我們今年在 Madden 遊戲上的做法為例，我們提前發布了這款遊戲，並為不同的受眾群體準備了另一套完整的內容，採用了不同的營銷方式和目標定位，並在賽季開始前後發布了這些內容。因此，我們取得了巨大的成功。因此，我們不僅會加倍投入實際的功能開發中，還會以不同的方式與所有遊戲玩家溝通、溝通和推廣內容。

And part of it is changing the talent mix. So we're bringing in more people that have live service expertise. I think there's probably no one in the world that has better live service expertise than we do in sports. But you need to make sure you're bringing in talent that can support a team like Apex, support Battlefield teams, so forth. And that's important because the talent mix is very different, and we've been successful in recruiting some fabulous people into those teams, and we'll continue to focus on that.

其中一部分是改變人才構成。因此，我們正在引進更多具有即時服務專業知識的人員。我認為在體育領域，世界上可能沒有人比我們擁有更專業的直播服務技術。但你需要確保你引進的人才能夠支持像 Apex 這樣的團隊，支持像 Battlefield 這樣的團隊等等。這一點很重要，因為人才組成非常不同，我們已經成功地為這些團隊招募了一些非常優秀的人才，我們將繼續專注於此。

Your next question comes from the line of Stephen Ju with Crédit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

So Andrew, I just wanted to dig in a little bit more in terms of the decision-making process that went into Battlefield skipping a year here. So -- and just wondering whether this is a conscientious decision to shift the direction of the franchise? Or is this more of a resource-constraint decision? And should we still be thinking about this franchise as something that is still a 2-year or maybe even a 3-year cycle release? Or maybe more like a perpetual service like what you may have been intending to do with Anthem?

所以安德魯，我只是想更深入地了解《戰地風雲》系列跳過一年推出新作的決策過程。所以——我只是想知道這是否是經過深思熟慮後做出的改變系列作品發展方向的決定？或者，這更多的是一個資源受限的決定？我們是否應該繼續將這個系列電影視為一個每 2 年甚至 3 年推出一部的周期？或者更像是像您之前打算對 Anthem 做的那樣，提供一項永久性服務？

Good question. So it's not about resource constraints. I'll say that upfront. But it was a very thought-through decision for us, and there was a few factors that came into play.

問得好。所以這不是資源限制的問題。我先說明這一點。但這是我們經過深思熟慮後做出的決定，其中考慮了幾個因素。

The first is that we still see a burgeoning opportunity with Battlefield V. And as I talked about in the prepared remarks, we're about to launch a whole new theater of war with the Pacific theater, and the team is still really thinking about how they can continue to drive that service on a go-forward basis. And so we think there's opportunities still inside the Battlefield V experience as it was built as a base live service from the beginning.

首先，我們仍然看到《戰地5》蘊藏著巨大的發展機會。正如我在準備好的演講稿中提到的，我們即將推出全新的太平洋戰區，團隊仍在認真思考如何繼續推動這項服務向前發展。因此我們認為，《戰地5》的遊戲體驗中仍然存在著許多機會，因為它從一開始就被設計成一個以線上服務為基礎的遊戲。

The second is we now effectively have an annualized shooter at Apex Legends, and we see tremendous growth opportunity. That game continues to engage, as we talked about in the prepared remarks, now over 70 million players. And as Blake talked about, we have opportunity to take that into other regions and to other platforms. And we think there's a tremendous growth opportunity on that and want to make sure that we give that the airtime that it deserves.

第二點是，我們現在實際上已經擁有了一款年貨射擊遊戲《Apex英雄》，我們看到了巨大的成長機會。正如我們在準備好的演講稿中所提到的，這款遊戲仍然吸引超過 7,000 萬名玩家。正如布萊克所說，我們有機會將它推廣到其他地區和其他平台。我們認為這方面蘊藏著巨大的成長機會，並希望確保給予它應有的關注。

And then third, as we thought about building for the next Battlefield, Battlefield has always been cutting-edge and leading-edge both in terms of visual fidelity and in gameplay and in multiplayer play. And as the team really began working against that, it became apparent to us that launching into the next-gen platforms was going to offer tremendous opportunity for innovation. But we really wanted to give the installed base some opportunity to grow and believe that, in combination with the first 2 things I talked about, launching Battlefield in FY '22 is a really strong move for us and presents us with an opportunity for a strong 2 years of growth.

第三，當我們考慮開發下一款《戰地》遊戲時，《戰地》系列在視覺保真度、遊戲玩法和多人遊戲方面一直都是尖端和領先的。隨著團隊真正開始著手解決這個問題，我們逐漸意識到，進入下一代平台將為創新提供巨大的機會。但我們確實希望給已安裝的用戶群一些發展機會，並且相信，結合我剛才提到的前兩點，在 2022 財年推出《戰地》對我們來說是一個非常強有力的舉措，並為我們提供了未來兩年強勁增長的機會。

In terms of the overall franchise direction, I don't think you should read into this a dramatic change in franchise direction, other than it will be driven around live service as is the nature of our industry now. It will be cutting edge. It will be high-fidelity. It will be doing things in the context of multiplay and social play and competition that Battlefield at this point have not done, and we do believe it will be a really, really exciting title in FY '22.

就特許經營的整體方向而言，我認為你不應該將此解讀為特許經營方向的重大改變，只是它將像我們行業現在的性質一樣，圍繞實時服務展開。這將是尖端科技。它將是高保真音質。它將在多人遊戲、社交遊戲和競技方面做一些《戰地》系列目前還沒有做過的事情，我們相信它將是 2022 財年一款非常非常令人興奮的遊戲。

The other thing, Stephen, is a lot of investors I don't think fully appreciate the depth of our catalog business. As Andrew mentioned Battlefield V, we want to continue to have that as a critical part of our catalog.

史蒂芬，還有一點，我認為很多投資者並沒有充分認識到我們目錄業務的深度。正如 Andrew 所提到的《戰地5》，我們希望它繼續作為我們產品目錄中的重要組成部分。

You all might be surprised, but we have sold over 33 million copies of Star Wars Battlefront I and Battlefront II combined. That's a huge tail for our business going forward. And so we're very conscious as to how we think about staging when our games come out. And I think people get used to the annual cadence of sports, which works really well in sports. But we want to be careful on some of these other franchises that we give them the long life that they deserve inside our business and can generate great returns for us over a long period of time.

你們可能會感到驚訝，但我們已經賣出了超過 3,300 萬份《星際大戰：前線 I》和《星際大戰：前線 II》。這將對我們未來的業務發展產生巨大的正面影響。因此，我們在考慮遊戲發佈時的宣傳推廣方式時，會格外用心。我認為人們已經習慣了體育賽事的年度節奏，這在運動中非常有效。但我們希望對其他一些特許經營權保持謹慎，給予它們在我們公司內部應有的長久發展，並使其能夠在較長的時間內為我們帶來豐厚的回報。

Your next question comes from the line of Robert Berg with Berenberg.

你的下一個問題來自羅伯特·伯格與貝倫貝格的關係。

I'm really looking to dig a bit deeper into VOLTA and some of the early trends you may be seeing there, particularly interested in 2 areas. I guess the first, just clearly you've seen excellent Ultimate Team KPIs in the period. But how much time are players spending in VOLTA versus your expectations? Is it any more or less?

我真的很想深入了解 VOLTA 以及您可能在那裡看到的一些早期趨勢，尤其對以下兩個方面感興趣。我想第一個原因是，很明顯，你在這段時間內取得了非常出色的終極團隊 KPI。但玩家在 VOLTA 上花費的時間是否符合您的預期？是更多還是更少？

And also interested in the appeal with any of some of the vanity items. Have you noticed particular interest in customizing? Any thoughts on selling coins here? And a quick follow-on question, if I can. Really strong Ultimate Team player growth, but in your opinion, was any of this due to VOLTA or just general underlying growth there?

我對一些梳妝用品的吸引力也很感興趣。您是否注意到人們對個人化客製化特別感興趣？大家對在這裡賣硬幣有什麼想法嗎？如果可以的話，我還有一個後續問題。Ultimate Team 玩家數量成長非常強勁，但您認為這其中有多少是由於 VOLTA 機制，還是只是玩家數量本身的成長？

There was a lot in there. I will do my best. First, we're very happy with VOLTA. But again, what we've talked about over the years is our objective around our future franchise more broadly is really to think about FIFA as a platform and how can we build features that attract new audiences to the game. We did that with The Journey, with story mode for a number of years. We did that with the World Cup content last year, and we're doing that with VOLTA this year, with the expressed purpose of bringing new fans into the game and reigniting the passions of lapsed fans who maybe not have played FIFA for some time.

裡面東西很多。我會盡我所能。首先，我們對VOLTA非常滿意。但是，多年來我們一直在討論的是，我們未來系列遊戲的整體目標是真正將 FIFA 視為一個平台，並思考如何建立能夠吸引新玩家的功能。我們在《旅程》中也這樣做過，推出了故事模式好幾年。去年我們透過世界盃內容實現了這一點，今年我們透過 VOLTA 也實現了這一點，其明確目的是吸引新玩家加入遊戲，並重新點燃那些可能已經很久沒有玩 FIFA 的玩家的熱情。

As a result of that, [see as] we talked about in the prepared remarks, VOLTA is the second most played mode in the game. And so -- and games across the board, engagement across the board is up in FIFA. So we're very, very happy about that.

因此，正如我們在準備好的演講稿中所提到的，VOLTA 是遊戲中第二受歡迎的模式。因此，FIFA 遊戲整體參與度和用戶參與度都提高了。所以，我們對此感到非常非常高興。

In terms of what impact that has on Ultimate Team, what we do continually discover is that Ultimate Team has a mode, with these core motivations of collection and competition and social interaction at the very core, often are where players ultimately find they're spending most of their time. And so even as we brought players into the game around The Journey, even as we brought players into the game around the World Cup content last year and even as we bring players into the game around VOLTA this year, we do see a positive impact that has on Ultimate Team over time as players come together with their friends and engage in what is one of the most fun parts of the FIFA experience.

就這對終極球隊模式的影響而言，我們不斷發現，在終極球隊模式中，以收集、競爭和社交互動為核心動機的模式，往往是玩家最終花費最多時間的模式。因此，即使我們透過「旅程」模式將玩家引入遊戲，即使我們去年透過世界盃內容將玩家引入遊戲，即使我們今年透過 VOLTA 模式將玩家引入遊戲，我們確實看到隨著時間的推移，這對 Ultimate Team 產生了積極的影響，因為玩家可以與朋友一起參與 FIFA 體驗中最有趣的部分之一。

And so our expectation is that it will continue to drive that growth, that Ultimate Team -- that all the work done in Ultimate Team in and of itself drove growth, but the combination of that in bringing new fans through VOLTA, effectively drove our Ultimate Team performance. And you should expect that we'll continue to think about our FIFA franchise and our Madden franchise in this way around building new modes that bring people in and then helping them find their friends in the modes they love the most.

因此，我們期望它能繼續推動成長，Ultimate Team——Ultimate Team 本身所做的一切工作都推動了成長，但透過 VOLTA 吸引新粉絲的結合，有效地推動了我們的 Ultimate Team 表現。你們應該期待我們繼續以這種方式思考我們的 FIFA 系列和 Madden 系列，即建立新的模式來吸引人們參與，然後幫助他們在他們最喜歡的模式中找到朋友。

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

你的下一個問題來自 Drew Crum 與 Stifel 的合作系列。

So you guys have talked extensively on the audience metrics for Apex. And you noted the weekly players were outperforming close to Season 3 launch versus Season 2. Can you comment on the monetization trends you're seeing there maybe that gives you some conviction around growth in fiscal '21? And then I guess separately, could you update us on your plans with Google Stadia?

你們已經就Apex的受眾指標進行了深入的討論。您注意到第三季初期每週玩家數量超過了第二個賽季。您能否談談您觀察到的獲利趨勢，這或許能讓您對2021財年的成長更有信心？另外，您能否單獨向我們介紹一下您與 Google Stadia 的合作計畫？

Sure. So I'll start on the first one and then Andrew can talk about Google. So I think the key as you're thinking -- we're seeing positive monetization trends. We're excited about where it's going, and that's why we reiterated where -- what our original guidance was.

當然。那我先講第一個，然後安德魯可以講谷歌。所以我覺得關鍵正如你所想——我們看到了正面的獲利趨勢。我們對其發展方向感到興奮，因此我們重申了最初的指導方針。

The key with Apex, as any live service, is test and learn, test and learn. So as Andrew described, we are continuing to add new events in each season to try to understand the spending patterns and what people like to spend money on and how much they'll spend. And we'll then tune those events over time. So there's going to be holiday-themed events like the Halloween events that's going on now. There are going to be competitive-style events. There are going to be gameplay-style events and then events associated with new characters or as you saw in this season, a new map.

Apex 的關鍵，就像任何即時服務一樣，在於不斷測試和學習，不斷測試和學習。正如安德魯所描述的那樣，我們每季都會繼續增加新的活動，以了解消費模式以及人們喜歡把錢花在什麼地方以及他們會花多少錢。然後我們會隨著時間的推移對這些事件進行調整。所以將會有一些節日主題活動，例如現在正在進行的萬聖節活動。將會有一些競技賽事。將會有遊戲玩法類型的活動，以及與新角色相關的活動，或者像你在本賽季看到的那樣，與新地圖相關的活動。

All of that is along the lines of continuing to try to grow and build the number of players, the weekly average users, the frequency of play and the monetization that falls out of all those combined together. And that is a process that we've done over the last 11 years in Ultimate Team. And I think we've gotten pretty good at it, and we're pretty excited about how we're doing that with Apex. So more to come, but I think we're heading in a very positive path there. On the Stadia update?

所有這些都是為了繼續努力增加玩家數量、每周平均用戶數、遊戲頻率以及所有這些因素結合起來所帶來的獲利能力。而這正是我們在過去 11 年的終極團隊模式中一直在做的事。我認為我們在這方面做得相當不錯，我們對使用 Apex 實現這一目標的方式感到非常興奮。所以還有更多內容要講，但我認為我們正朝著非常積極的方向前進。Stadia 更新了嗎？

Yes. On Stadia, no updates right now on Stadia. We've got some [alt] things coming, both in terms of our own test that we're running as part of Project Atlas on the public infrastructure that we're being very happy about and with some other cloud partners who are launching some things in the not-too-distant future.

是的。Stadia平台目前暫無更新。我們有一些[alt]產品即將推出，包括我們自己作為Project Atlas的一部分在公共基礎設施上運行的測試（我們對此非常滿意），以及一些其他雲端合作夥伴將在不久的將來推出的新產品。

Your next question comes from the line of Mario Lu with Barclays.

你的下一個問題來自 Mario Lu 與巴克萊銀行的合作。

Couple of questions, one on FIFA and one on Mobile. We're glad to hear that FIFA Ultimate Team bookings is still expected to grow double digits next year. And you mentioned VOLTA the #2 mode, but I don't believe you currently monetize in that mode as all the cosmetic items can only be earned by playing versus spending money. So is there a possibility in the future to include a Battle Pass or some friendly monetization mechanism in this mode as well? And then on mobile, any overall thoughts on partnering with overseas companies like Tencent or NetEase to help develop your mobile titles? And would that be included in your bucket of 2 titles from third parties next year?

兩個問題，一個關於FIFA，一個關於手機。我們很高興聽到 FIFA Ultimate Team 的預訂量預計明年仍將有兩位數成長。你提到了 VOLTA 模式（排名第二），但我認為你們目前並沒有在這個模式中獲利，因為所有裝飾性物品都只能透過遊戲獲得，而不能花錢購買。那麼未來是否有可能在這個模式中加入戰鬥通行證或其他友善的獲利機制呢？那麼在行動端方面，對於與騰訊或網易等海外公司合作開發行動遊戲，您有什麼整體想法？那它會包含在你明年計劃引進的兩款第三方遊戲中嗎？

So on VOLTA, yes. We're seeing strong engagement in the visual content and the aesthetic content. We don't have a focus on the monetization of that content this year as we have done over the years. The first objective is to attract new players. I think we've done that very well so far. The second objective is just to drive deep engagement of that player base over time. And then typically, once you put those 2 things together, it ultimately drives monetization, but that's not our focus this year.

所以，在VOLTA上，是的。我們看到用戶對視覺內容和美學內容的參與度很高。今年我們不會像往年一樣，把重點放在內容變現。首要目標是吸引新玩家。我認為到目前為止我們做得非常好。第二個目標是隨著時間的推移，提高玩家群體的深度參與。通常情況下，一旦將這兩件事結合起來，最終就能實現盈利，但這並不是我們今年的重點。

And just a couple of clarifications on your second question. So we said double-digit growth in the quarter for FIFA, not for next year. I don't know what we're doing for next year. We're very excited that we can continue to grow it. That's what we said, but we didn't give any sort of sizing on any of the products for next year. I will say that the double-digit growth is a healthy double-digit growth. So I'm not talking about 11% here or 10%. We're talking about healthy double-digit growth across both FIFA and Madden, and we're very excited about the continuation of that, and we're just reporting on that in the quarter.

關於你的第二個問題，我還有幾點需要澄清。所以我們說的是國際足總本季兩位數的成長，而不是明年兩位數的成長。我不知道我們明年要做什麼。我們非常高興能夠繼續發展壯大它。我們確實這麼說了，但是我們沒有給出明年任何產品的尺寸資訊。我認為，兩位數的成長是健康的兩位數成長。所以我說的不是 11% 或 10%。FIFA 和 Madden 兩款遊戲都實現了兩位數的健康成長，我們對這種成長勢頭的持續感到非常興奮，本季我們將對此進行匯報。

And in terms of the other 2 titles, those are third-party console PC titles we were speaking of, not mobile titles. But you should assume that, obviously, for Apex Mobile in China, we would use a third party. And I think as we've said, we're considering using a third party for Apex Mobile globally because, obviously, there could be some ability to have some economies of scale there by using one partner maybe.

至於另外兩款遊戲，我們說的是第三方主機和PC遊戲，不是手機遊戲。但顯然，對於中國的 Apex Mobile 來說，我們會使用第三方服務。正如我們之前所說，我們正在考慮在全球範圍內使用第三方來運營 Apex Mobile，因為很明顯，透過與一個合作夥伴合作，或許可以實現一些規模經濟效益。

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

你的下一個問題來自美國銀行的 Ryan Gee。

Two quick ones, if I may. So if you look at revenue from packaged goods and full game downloads, it looks like that was down a little bit year-over-year, but you guys did report FIFA and Madden were up nicely in the double digits. So can you just explain the disconnect between sales of new games, revenue being down and some of your new releases being up year-over-year? Was there any pressure on ASPs? Or was the catalog weaker? That's the first question. And then I have a follow-up.

可以的話，請容許我快速回答兩個問題。所以，如果你看一下包裝商品和完整遊戲下載的收入，看起來同比略有下降，但你們報道說 FIFA 和 Madden 的收入都實現了兩位數的增長。那麼，您能否解釋一下新遊戲銷售和收入下降，而部分新遊戲銷售卻是年增的原因？應用服務提供者（ASP）面臨壓力嗎？或者說，是產品目錄品質較差？這是第一個問題。然後我還有一個後續問題。

Yes. So full game downloads is actually up year-over-year, 11%, so -- to 175 million from 157 million a year ago. The strength in that was driven by Madden and FIFA. Remember, there's only a few days in FIFA. And remember as well, FIFA, we did not shift Gen 3 FIFA this year. It's the first year we've stopped selling Gen 3 FIFA. So you can imagine there was some downward pressure on Gen 3. We also added PS4 into the subscription. And so you can imagine there was also some people playing FIFA through the subscription. And so to still see growth with those factors is pretty impressive.

是的。因此，完整遊戲下載量實際上同比增長了 11%，從一年前的 1.57 億次增長到 1.75 億次。這種強勁勢頭是由 Madden 和 FIFA 推動的。記住，FIFA 比賽只有短短幾天時間。還有，FIFA，別忘了我們今年並沒有對第三代FIFA進行任何改變。這是我們首次停止銷售第三代FIFA遊戲。所以你可以想像，第三代主機當時面臨一定的下行壓力。我們也將PS4也納入了訂閱服務範圍。所以你可以想像，也有一些人透過訂閱服務玩FIFA遊戲。因此，在存在這些因素的情況下還能保持成長，這相當令人印象深刻。

We are seeing -- obviously, some of the older titles probably are dropping off even though they tend to sell well as full game downloads, but they're always an age on those. So something like a FIFA '18 that someone might still buy as a full game download because they wanted the World Cup mode, you're seeing less of that. But overall, we saw growth across all the core franchise, led by FIFA and Madden.

我們看到——顯然，一些老遊戲可能正在逐漸減少，儘管它們作為完整遊戲下載版往往賣得很好，但它們畢竟已經有些年頭了。所以像 FIFA '18 這樣的遊戲，有些人可能仍然會購買完整版下載，因為他們想要體驗世界盃模式，這種情況現在越來越少見了。但總體而言，我們看到所有核心系列產品都實現了成長，其中以 FIFA 和 Madden 為首。

Okay. That's helpful. So it sounds like it maybe is more helpful for us to look at subscription plus packaged goods revenue, plus full game downloads revenue because people are shifting in and out of each bucket year-over-year. So maybe that's a better way to look at your business going forward?

好的。那很有幫助。所以，聽起來我們或許應該把訂閱收入加上實體商品收入，再加上完整遊戲下載收入，這樣可能會更有幫助，因為人們每年都在不斷地在不同的收入類別之間流動。所以，這或許是展望未來業務發展的更好方式？

Yes. I think the other thing to remember is we're now over 50% of full games being sold digitally. You have to imagine that if you're a retailer out there, you are buying less full games. And historically, the business was built on you sold in a huge amount of games and then those sold out over a long period of time and you oftentimes had to support that with marketing or sales reserves. That business has changed dramatically. Retailers are either buying less or maybe not even in business. And that's because people are buying things digitally, but that flattens the sales curve in some way for some of these games. And I think you'll see that across the entire industry, not just with us.

是的。我認為還需要記住的一點是，現在超過 50% 的完整遊戲都是透過數位方式銷售的。試想一下，如果你是零售商，你現在購買的完整遊戲數量肯定減少了。從歷史上看，這項業務的建立是靠銷售大量的遊戲，然後這些遊戲會在很長一段時間內售罄，而你通常需要用行銷或銷售儲備金來支持這一點。這個行業已經發生了翻天覆地的變化。零售商要么減少了進貨量，要么可能已經倒閉了。這是因為人們都在購買數位版商品，但這在某種程度上拉平了某些遊戲的銷售曲線。我認為你會在整個行業中看到這種情況，而不僅僅是我們公司。

Okay. Great. And then just my second question is related to DICE and Battlefield. So they're not going to have a title next year. Is it fair to assume that they will still have something for next year as you think about the Star Wars Battlefront franchise, if that could be a project for next year?

好的。偉大的。我的第二個問題與DICE和戰地系列遊戲有關。所以他們明年肯定拿不到冠軍。考慮到《星際大戰：前線》系列遊戲，如果明年還有可能推出新項目，那麼假設他們明年還會推出新作品是否合理？

And why would any project that you do have next year, would you not want that to benefit from the new console launches? As you mentioned that Battlefield 6, or what you might call it, will benefit from a larger installed base. And why wouldn't you just hold titles out, everything till fiscal '22?

那麼，你明年的任何項目，難道不想從新遊戲主機的發布中受益嗎？正如你所提到的，《戰地6》（或你可能稱之為《戰地6》）將會受益於更大的使用者群體。為什麼不乾脆把所有頭銜都延後到 2022 財年再頒發？

Yes. So I think there's a couple of things going on there. One is we're not announcing anything else that DICE is doing in specifics for next year. But you should imagine with the number of live services in play, that we'll continue to support those. And Blake talked earlier about the ongoing strength of Battlefront II, and I referenced the ongoing strength of Battlefield V.

是的。所以我覺得這裡面可能有兩個原因。第一，我們不會公佈DICE明年具體要進行的任何其他活動。但您可以想像，鑑於目前運行的服務數量眾多，我們將繼續支援這些服務。布萊克之前談到了《星際大戰：前線 II》的持續強勁勢頭，而我則提到了《戰地 V》的持續強勁勢頭。

As we think about balancing the portfolio around titles launched next year and titles that will get the greatest boost of later on, what we have seen is a great propensity for sports games players to play across both generations of titles, and we've seen that lift.

當我們考慮如何平衡明年即將推出的遊戲和未來將獲得最大增長的遊戲的產品組合時，我們發現體育遊戲玩家有很大的傾向，他們會在兩個世代的遊戲之間進行遊戲，而且我們也看到了這種增長。

And some of the things that we really want to do in the Battlefield franchise as it relates to the new fidelity that will really show up well inside the Battlefield game, we'd like to have a deep installed base for. So it really comes down to balancing a whole range of different things across our portfolio, but we feel very good about the opportunity to grow the business next year and have a Battlefield title in FY '22 that will grow there well and deliver on what our fan expectations will be for a Battlefield game on next-gen platforms.

在《戰地》系列遊戲中，我們真正想做的一些事情，例如提升遊戲畫面質量，使其在《戰地》遊戲中得到很好的展現，我們希望這些事情能夠擁有龐大的用戶群體。所以，關鍵在於平衡我們產品組合中的各種不同事物，但我們對明年發展業務的機會感到非常樂觀，並且相信在 2022 財年推出的《戰地》系列遊戲將會發展良好，並滿足粉絲對次世代平台上《戰地》遊戲的期望。

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

你的下一個問題來自高盛的吳恩達（Michael Ng）第一線員工。

I just had 2, if I could. The first is just on Madden. Could you comment a little bit about how Madden compares to FIFA from a engagement and content and monetization perspective and whether you see the opportunity to close the gap there in the next few years? And second, with The Rise of Skywalker being the last Star Wars movie until 2022, can you talk about how the timing of theatrical content affects your Star Wars strategy going forward, if at all?

如果可以的話，我只想吃兩個。第一個問題只出現在 Madden 遊戲中。您能否從用戶參與、內容和盈利模式等方面，談談 Madden 與 FIFA 的比較情況，以及您是否認為在未來幾年內有機會縮小這方面的差距？其次，《星際大戰：天行者的崛起》是 2022 年之前最後一部星際大戰電影，您能否談談戲院上映時間對您未來的星際大戰策略有何影響（如果有的話）？

So the Madden metrics are actually very similar to the FIFA metrics, with one exception that the Madden metrics monetize better than FIFA because it's primarily a U.S.-based sport and FIFA is very global. And so you obviously have economic differences. So the ARPU effectively is higher in the U.S. But the number of people who play Ultimate Team are very similar. The number of people who spend in Ultimate Team are very similar. And the timing of how people play relative to the sports season is similar.

所以，Madden 的指標實際上與 FIFA 的指標非常相似，唯一的區別是 Madden 的指標比 FIFA 更能帶來收益，因為 Madden 主要是一項美國本土運動，而 FIFA 則是一項全球性運動。所以你們之間顯然存在著經濟分歧。因此，美國的實際每用戶收入較高，但玩終極球隊模式的人數卻非常相似。在Ultimate Team中消費的人數非常接近。人們玩遊戲的時間安排與運動賽季的關係也類似。

The other thing that FIFA has and Madden doesn't have is that FIFA is a longer season, right? You get a full 9-plus months, where you're not getting that long of a season in Madden. But we've done a good job of extending the events post the Super Bowl to try to keep people engaged around the combine and the draft and all those things that transpire, and we're stretching that engagement out. And so -- but even with hockey, we see similar patterns across Ultimate Team.

FIFA 比 Madden 更勝一籌的另一個特點是，FIFA 的賽季更長，對吧？你可以享受整整 9 個月以上的遊戲時間，而 Madden 遊戲的賽季時間並沒有那麼長。但是，我們在超級盃之後很好地延長了相關活動，努力讓人們持續關注選秀聯合訓練營、選秀大會以及所有相關活動，我們正在延長這種參與。所以——即使在冰球比賽中，我們也能在終極球隊模式中看到類似的模式。

It's really at the end of the day, the revenue is driven by: one, the size of the game, obviously, FIFA larger because it's a global game; and two, by the local economics around how much people are willing to spend relative to their overall spend patterns. The second question...

歸根結底，收入取決於：第一，遊戲規模，顯然，FIFA 規模更大，因為它是一款全球性遊戲；第二，當地經濟狀況，人們願意在遊戲上花費多少錢，以及這與他們的整體消費模式有何關係。第二個問題…

On the Star Wars piece, so while The Rise of Skywalker is the last in this particular film set, Disney have talked about having extraordinarily robust plans around that franchise over time. What we talked about was The Mandalorian coming with Disney Plus, the new movie and Galaxy's Edge in theme parks. And so our expectation is that in partnership with Disney, we will get the benefits of the ongoing plans around the continued development and provision of great content experiences for Star Wars fans for many years to come.

關於《星際大戰》系列，雖然《星際大戰：天行者的崛起》是該系列電影的最後一部，但迪士尼曾表示，他們將在未來圍繞該系列制定非常完善的計劃。我們討論的內容包括《曼達洛人》在 Disney+ 上的播出、新電影以及主題樂園裡的「銀河邊緣」。因此，我們期望透過與迪士尼的合作，在未來的許多年裡，能夠從持續開發和提供精彩的星戰內容體驗的計劃中受益，造福星戰迷。

And we have time for one final question. Your question comes from the line of Mike Hickey with Benchmark Company.

我們還有時間回答最後一個問題。你的問題來自 Benchmark 公司的 Mike Hickey。

I think that was Season 2 last quarter, Blake, you gave a little bit more granularity on active players. You said 8 million to 10 million weekly after Season 2. Curious if you could update that. It sounds like it's higher. I just want to confirm that.

我覺得那是第二季上個季度的事了，布萊克，你對活躍球員的情況做了更詳細的介紹。你之前說過第二季之後每週的收視人數會達到800萬到1000萬。請問你能更新一下這個數字嗎？聽起來好像更高了。我只是想確認一下。

And then on your $300 million to $400 million for the year that you reiterated, can you give us some perspective where you're trending within that range as we sort of set the stage for growth for fiscal '21? Then I have a quick follow-up.

關於您重申的 3 億至 4 億美元的年度目標，您能否為我們提供一個視角，說明您目前在該範圍內的發展趨勢，以便我們為 2021 財年的增長奠定基礎？然後我還有一個簡短的後續問題。

I can't give you any more than the range. But I'll just remind people that $300 million to $400 million is a small portion of $5.125 billion. So don't overindex on it because if it was 3.25 versus 3.75, $375 million versus $400 million, I don't think that's going to make or break a year.

我只能告訴你範圍了。但我只想提醒大家，3億到4億美元只是51.25億美元的一小部分。所以不要過度看重它，因為如果是 3.25 對 3.75，3.75 億美元對 4 億美元，我認為這不會決定一年的成敗。

In terms of the user profile, I think Andrew mentioned that was very similar. Weekly average users still in that 8 million to 10 million range. We're very happy with that. That's extremely robust and one of the largest games that we've ever seen inside our portfolio and that continues on. So very engaged community and you'll continue to see us add things that drive engagement like esports and obviously, more content. And we feel like it's tracking as we would have hoped.

關於使用者畫像，我認為 Andrew 提到過這一點，兩者非常相似。每周平均用戶數仍在 800 萬到 1000 萬之間。我們對此非常滿意。這款遊戲非常強大，是我們產品組合中規模最大的遊戲之一，而且這種情況還在持續。所以，我們的社群參與度非常高，你們會看到我們不斷加入能夠提升參與度的內容，像是電子競技，當然還有更多的內容。我們感覺到它的發展正如我們所希望的那樣。

Good, good. I guess the second question from me is as you sort of give us a perspective of '21, '22 fiscal, didn't you see anything BioWare -- from BioWare or Star Wars? Curious if you had any Star Wars-related IP games in development for console, PC over the next couple of years. Or if you that think -- or we should just assume that likely is going to expire? And then on BioWare, I think Dragon Age has been a rumor, but any thoughts on that studio post-Anthem looking at future releases?

好，好。我想問的第二個問題是，當你展望 2021 和 2022 財年時，你有沒有看到任何 BioWare 的產品——無論是來自 BioWare 還是《星際大戰》？想問你們未來幾年有沒有打算開發主機或PC平台的星際大戰相關IP遊戲？或者你認為——或者我們應該假設它很可能會過期？至於BioWare，我覺得《龍騰世紀》系列一直只是個傳聞，但對這家工作室在《聖歌》之後的未來作品有什麼看法呢？

Yes, I mean you should assume that there's -- Dragon Age out there. We've talked about it publicly that it's in the works. It probably comes after fiscal '22. But we typically don't give multiyear guidance this early in the year, or multiyear guidance period. So I don't want to start giving '23 guidance now that I've started to hint on '22. But you should assume it's out there and plans are underway for that product as well as some other products.

是的，我的意思是，你應該假設有《龍騰世紀》這樣的遊戲存在。我們已經公開談論過，這件事正在籌備中。可能要等到 2022 財年之後。但我們通常不會在年初就給予多年期業績指引，也不會給予多年期業績指引。既然我已經開始暗示 2022 年的情況，我就不想現在開始給 2023 年的指導意見了。但你應該假設它已經面世，並且正在籌劃該產品以及其他一些產品。

There are some other Disney stuff that might drop into -- Star Wars stuff that might drop into '22 or maybe even earlier, but more to come on that. We're still highly engaged around the Disney license. Believe it or not, we are close to $1 billion on Star Wars: The Old Republic revenue from the start of its history. It's a business that just keeps on going. And we like those types of businesses, and we're going to continue to layer those in. And clearly, Star Wars is a part of that process.

還有一些迪士尼的內容可能會加入進來——比如星球大戰的內容可能會在 2022 年甚至更早的時候加入，但關於這方面還有更多消息。我們仍然非常關注迪士尼的授權事宜。信不信由你，《星際大戰：舊共和國》自推出以來，收入已接近 10 億美元。這是一個持續經營的行業。我們喜歡這類企業，我們將繼續逐步增加這類企業的數量。很顯然，《星際大戰》也是這過程的一部分。

All right. Thank you, everyone. We'll talk to everybody either between now and the end of next quarter or at the end of next quarter.

好的。謝謝大家。我們將在下個季度末之前或下個季度末與所有人進行對話。

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。