美商藝電 (EA) 2022 Q4 法說會逐字稿

Good afternoon. My name is Charlie and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Fourth Quarter 2022 Earnings Conference Call.

午安.我是查理，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加2022年第四季財報電話會議。

Mr. Chris Evenden, Vice President, 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。

Thank you, operator. Welcome to EA's Fourth Quarter Fiscal 2022 Earnings Call. With me today are Andrew Wilson, our CEO; and Chris Suh, our CFO.

謝謝接線生。歡迎參加EA 2022財年第四季財報電話會議。今天與我一同出席的有我們的執行長Andrew Wilson和財務長Chris Suh。

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.

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

With regards to our calendar, our Q1 fiscal 2023 earnings call is scheduled for Tuesday, August 2. And as a reminder, we post the schedule of our entire year of upcoming earnings calls on our IR website.

關於我們的日程安排，2023財年第一季財報電話會議定於8月2日星期二舉行。再次提醒大家，我們會在投資者關係網站上公佈全年即將舉行的財報電話會議日程。

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, May 10, 2022, and disclaims any duty to update them.

本次演示及我們的評論包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。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。藝電（Electronic Arts）於2022年5月10日作出上述陳述，並聲明不承擔更新這些陳述的義務。

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

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

Now I'll turn the call over to Andrew.

現在我把電話交給安德魯。

Thanks, Chris. I hope all of you are well. I want to start by thanking our incredible teams at Electronic Arts. We have the most talented people in the industry who, every day, demonstrate passion, creativity and determination.

謝謝，克里斯。希望你們一切都好。首先，我要感謝藝電公司（Electronic Arts）的傑出團隊。我們擁有業界最優秀的人才，他們每天都展現出熱情、創造力和決心。

I'd also like to extend a warm welcome to Chris Suh. Chris joined us in March as our new Chief Financial Officer. He is an exceptionally qualified leader, and I'm looking forward to our partnership as we drive our next phase of growth.

我還要熱烈歡迎克里斯·蘇（Chris Suh）加入我們。克里斯於三月加入我們，擔任財務長。他是一位資歷卓越的領導者，我期待與他攜手合作，共同推動公司進入下一個發展階段。

EA delivered profitable growth in FY '22, a record year in every important measure of our business: total players, engagement in our games and live services, net bookings and underlying profit. We grew our global network of players to more than 580 million unique active accounts, fueled by new players joining titles including EA SPORTS FIFA, Apex Legends and The Sims and new players that we welcomed from our acquisitions.

EA在2022財年實現了獲利成長，各項重要業務指標均創歷史新高，包括玩家總數、遊戲及線上服務的參與度、淨預訂量和基礎利潤。我們的全球玩家網路已擴展至超過5.8億個獨立活躍帳戶，這得益於EA SPORTS FIFA、Apex Legends和The Sims等遊戲的新玩家加入，以及我們收購遊戲後新增的玩家。

The strength of our broad IP portfolio, our creative talent -- together with highly reoccurring revenue streams -- continues to supercharge growth in our business. We delivered $7.515 billion in net bookings and underlying profit grew more than 20%. It was a record year, and our talented teams rose to the challenge in a big way to inspire and entertain hundreds of millions of engaged players worldwide.

我們強大的IP組合、卓越的創意人才以及穩定的收入來源，持續推動業務的快速成長。我們實現了75.15億美元的淨預訂額，基礎利潤成長超過20%。這是創紀錄的一年，我們才華橫溢的團隊出色地應對了挑戰，為全球數億玩家帶來了精彩的遊戲體驗。

Games are now central to people's lives, and younger audiences have more power as consumers. Gen Alpha, Gen Z and Millennials are digital natives and they are gaming-first generations. They see gaming as their #1 choice for entertainment. The consumption of entertainment and sport is deeply social, with players across our network using games to stay connected to friends and to express themselves.

遊戲如今已成為人們生活中的重要部分，而年輕一代作為消費者擁有更大的話語權。阿爾法世代、Z世代和千禧世代都是數位原住民，他們也是遊戲世代。他們將遊戲視為首選娛樂方式。娛樂和運動的消費具有很強的社交性，我們網路中的玩家透過遊戲與朋友保持聯繫，並表達自我。

The future of entertainment is interactive, and we derive strength from 3 structural advantages: our IP, our incredible talent and our growing network of players deeply engaged in our live services.

娛樂的未來在於互動，而我們的優勢源自於三大結構性優勢：我們的智慧財產權、我們傑出的人才以及我們不斷成長的、深度參與我們即時服務的玩家網路。

First, our IP. Everything begins with amazing games, and we continue to invest in one of the most powerful IP portfolios in all of entertainment. Apex Legends will expand in every dimension going from strength to strength. New gameplay is coming to the console and PC live service; our new mobile service launches globally this month; and the grand finale of the 2022 Apex Legends Global Series for esports is in July. EA SPORTS & Racing are set to grow significantly in FY '23. We have 6 new EA SPORTS titles this year with more in development. Our pipeline for this year and future years features big, beloved IP that we cannot wait for players to experience, including Need for Speed, Dead Space, Star Wars, The Sims, Skate, our Bioware franchises and Lord of the Rings. Our 2 new studios in Seattle are working on new projects, our Motive studio has an unannounced title in development, and we have more underway across our global studio teams.

首先，說說我們的IP。一切都始於精彩的遊戲，我們持續投資於娛樂界最強大的IP組合之一。 《Apex英雄》將在各方面不斷擴張，持續發展壯大。主機與PC平台即將推出全新遊戲玩法；我們的全新行動服務將於本月全球上線；2022年《Apex英雄》全球系列賽總決賽將於7月舉行。 EA SPORTS和賽車業務將在2023財年實現顯著成長。今年我們將推出6款全新的EA SPORTS遊戲，還有更多遊戲正在開發中。我們今年和未來幾年的遊戲陣容包括許多備受玩家喜愛的知名IP，我們迫不及待地想讓玩家體驗它們，其中包括《極速快感》、《死亡空間》、《星際大戰》、《模擬市民》、《滑板》、BioWare系列以及《魔戒》。我們在西雅圖的兩個新工作室正在開發新項目，我們的Motive工作室正在開發一款尚未公佈的遊戲，此外，我們全球各工作室團隊還有更多項目正在進行中。

Next, we have the best talent in the world. Making amazing games starts with incredible game makers. Innovating across our business, our people make Electronic Arts a great place to work, from delivering safe and secure platforms, to telling exciting stories and developing our next generation of creators. We are a collective team of leaders who together deliver one of the broadest portfolios in the industry, every year, while continuing to pioneer new experiences. We are proud of our distinctive talent from across the many parts of EA for continuing to deliver more exceptional games and content at scale.

其次，我們擁有全球頂尖的人才。打造精彩遊戲始於傑出的遊戲製作人。我們的員工在公司各個業務領域不斷創新，使藝電成為理想的工作場所，從提供安全可靠的平台，到講述引人入勝的故事，再到培養下一代創作者。我們是一個由領導者組成的團隊，每年共同打造業界最豐富的遊戲產品組合之一，並不斷開拓創新體驗。我們為藝電各部門的傑出人才感到自豪，他們持續大規模地交付更多卓越的遊戲和內容。

Finally, we have a large growing network of players deeply engaged in our live services. To provide a sense of scale, we have more daily, weekly and monthly active players across our entire portfolio. FIFA Mobile recorded its biggest quarter ever with unique new players surging nearly 80% year-over-year, and Apex Legends is amongst the top live service games in the industry. As we look ahead, we're investing in ways for fans to have amazing shared experiences together, whether that's by playing, watching or creating. Through our console, PC and mobile live services; through esports; through other original content; and with the tools that unleash the creativity of our players, we will grow what are already some of the world's largest and most engaged entertainment communities.

最後，我們擁有一個龐大且不斷成長的玩家網絡，他們深入參與我們的線上服務。為了讓您更直觀地了解規模，我們旗下所有遊戲的每日活躍玩家、週活躍玩家和月活躍玩家數量均大幅增加。 FIFA Mobile 創下了有史以來最高的季度業績，新增獨立玩家數量年增近 80%，而 Apex Legends 也躋身業內頂尖的線上服務遊戲之列。展望未來，我們將持續投資，致力於為粉絲打造精彩的共享體驗，無論是遊戲、觀看或創作。透過我們的主機、PC 和行動裝置線上服務；透過電子競技；透過其他原創內容；以及借助能夠激發玩家創造力的工具，我們將進一步發展壯大我們目前已是全球規模最大、參與度最高的娛樂社群之一。

Earlier today, we announced that starting next fiscal year, our football experiences will move under a new EA SPORTS FC brand. This is such an exciting moment for us and for our fans. We've just had our biggest year ever for EA SPORTS FIFA games, building on nearly 30 years of connected experiences for players across more than 150 million unique accounts. With more than 300 license partners, 30 leagues and federations, 700 teams and 19,000 athletes, the future of global football is huge. We're excited to grow EA SPORTS FC. It will be the only place that fans can play in the UEFA Champions League, CONMEBOL Libertadores, the Premier League, Bundesliga, Serie A, LaLiga, MLS and many others.

今天早些時候，我們宣布從下一個財年開始，我們的足球體驗將遷移到全新的 EA SPORTS FC 品牌下。這對我們和我們的球迷來說都是一個令人興奮的時刻。 EA SPORTS FIFA 系列遊戲剛剛經歷了有史以來最輝煌的一年，這建立在我們近 30 年來為超過 1.5 億個獨立帳戶的玩家打造的互聯體驗之上。我們擁有超過 300 家授權合作夥伴、30 個聯賽和協會、700 支球隊以及 19,000 名運動員，全球足球的未來充滿無限可能。我們很高興能夠發展壯大 EA SPORTS FC。它將成為球迷體驗歐冠聯賽、南美解放者杯、英超聯賽、德甲聯賽、意甲、西甲、美國職業足球大聯盟 (MLS) 等眾多聯賽的唯一平台。

Our global football franchise has long been at the forefront of innovation. From the first isometric playing angles, to online play, Ultimate Team and Women's Teams -- the first narrative story mode with The Journey, to VOLTA, to Hypermotion -- we have repeatedly delivered new ways to play the game. We're thankful for the many great years of partnership with FIFA, and we are looking forward to delivering another full EA SPORTS FIFA game later this year, filled with great features and World Cup content. Then the new era begins next year with EA SPORTS FC. With a total addressable market of more than 3.5 billion football and soccer fans worldwide, EA SPORTS FC will be the authentic, inclusive and immersive global entertainment property at the epicenter of football fandom.

我們的全球足球遊戲系列一直走在創新前線。從最初的等距視角，到線上遊戲、終極球隊和女子球隊模式——從首個敘事故事模式“旅程”，到VOLTA模式，再到Hypermotion技術——我們不斷推陳出新，為玩家帶來全新的遊戲體驗。我們感謝與FIFA多年來的鼎力合作，並期待在今年稍後推出另一款完整的EA SPORTS FIFA遊戲，其中包含眾多精彩功能和世界盃內容。明年，EA SPORTS FC將開啟全新篇章。 EA SPORTS FC擁有超過35億的全球足球愛好者市場，將成為足球迷心中真實、包容且沉浸式的全球娛樂平台。

We have amazing games we've built around powerful IP, made by incredibly talented teams. We have a network of more than 0.5 billion player accounts. We have outstanding engagement in our games and live services, fueled by social connection and shared experiences. With these strengths at our core, FY '23 is set to be a year of innovation, growth and leadership for Electronic Arts.

我們擁有基於強大IP打造的精彩遊戲，這些遊戲均出自才華橫溢的團隊之手。我們擁有超過5億玩家帳號的網路。我們的遊戲和線上服務擁有極高的用戶參與度，這得益於社交互動和共同體驗。憑藉這些核心優勢，2023財年必將成為藝電（Electronic Arts）創新、成長和引領潮流的一年。

Now I hand the call over to Chris.

現在我把電話交給克里斯。

Thanks, Andrew, and good afternoon, everyone.

謝謝你，安德魯，大家下午好。

As Andrew said, FY '22 was a record year with net bookings that exceeded $7.5 billion. This is more than $200 million ahead of our original guidance, driven by growing player engagement across our broad portfolio of live services and games. We grew both net bookings and underlying profit by over 20% for the full year. Operating cash flow for the year was $1.9 billion, nearly $150 million above our original guidance; and we returned almost $1.5 billion to shareholders. These results speak to the power of our diverse portfolio and to the durability and consistency of a live services business founded on deep player engagement.

正如安德魯所說，2022財年是創紀錄的一年，淨預訂額超過75億美元。這比我們最初的預期高出2億美元以上，主要得益於玩家在我們廣泛的線上服務和遊戲組合中的參與度不斷提高。全年淨預訂額和基礎利潤均成長超過20%。全年經營現金流為19億美元，比我們最初的預期高出近1.5億美元；我們向股東返還了近15億美元。這些業績體現了我們多元化產品組合的強大實力，以及基於深度玩家參與的線上服務業務的持久性和穩定性。

For the fourth quarter, net bookings were $1.75 billion, up 18% from the prior year and reaching a new Q4 high even with the action we took to cease sales in Russia and Belarus during the quarter. Live services net bookings grew 14% year-on-year.

第四季淨預訂額為17.5億美元，較上年同期成長18%，創下第四季新高，即便我們在本季停止了在俄羅斯和白俄羅斯的銷售活動。線上服務淨預訂金額較去年同期成長14%。

We delivered Q4 net revenue of over $1.8 billion, ahead of our expectations and up 36% year-on-year. Underlying profit was well above our expectations.

我們第四季淨收入超過18億美元，超出預期，年增36%。基本利潤也遠超預期。

Q4 operating expenses came in lower than our expectations, driven by the timing of some marketing and sales activities. We are continuing to prioritize our investments into our best long-term growth opportunities while also remaining agile to realize cost savings and implement efficiencies where appropriate.

第四季營運支出低於預期，主要受部分行銷和銷售活動時間安排的影響。我們將繼續優先投資於最具長期成長潛力的項目，同時保持靈活，在適當情況下實現成本節約和效率提升。

We generated $444 million in operating cash flow during the quarter and returned a further $373 million to shareholders through dividends and our ongoing share repurchase program.

本季我們產生了 4.44 億美元的經營現金流，並透過股利和持續的股票回購計畫向股東返還了 3.73 億美元。

Now let me talk about our full year performance. Live services net bookings grew 17% year-on-year to nearly $5.4 billion and made up over 71% of our total business. Full game sales were up 34% to $2.1 billion.

現在讓我來談談我們全年的業績。線上服務淨預訂金額較去年同期成長17%，達到近54億美元，占我們總業務的71%以上。完整遊戲銷售額成長34%，達到21億美元。

Our healthy live services growth was driven by strength across our broad-based portfolio, most notably by Apex Legends and FIFA. Apex Legends is up over 40% for the year, taking it past the $2 billion milestone in lifetime net bookings. Season 12 finished yesterday and was the most successful ever. And of course, Apex Legends Mobile is performing well in test and is close to launch. FIFA 22 is the most successful FIFA ever launched to date with net bookings up double digits.

我們穩健的線上服務成長得益於旗下許多遊戲的強勁表現，尤其是《Apex英雄》和《FIFA》。 《Apex英雄》今年以來成長超過40%，累計淨預訂額突破20億美元大關。第12賽季已於昨日結束，並創下史上最佳戰績。當然，《Apex英雄》手遊版測試表現良好，即將正式上線。 《FIFA 22》也是迄今為止最成功的《FIFA》系列作品，淨預訂金額實現了兩位數成長。

Full game sales growth was similarly diverse, with Battlefield, FIFA 22, Madden NFL, It Takes Two, F1 and Mass Effect Legendary Edition all important contributors.

完整遊戲的銷售成長也同樣呈現多樣化，《戰地風雲》、《FIFA 22》、《麥登橄欖球》、《It Takes Two》、《F1》和《質量效應：傳奇版》都是重要的貢獻者。

On console, digital represented 65% of full game units sold through, up 3 percentage points from last year.

在主機遊戲領域，數位版遊戲佔完整遊戲銷售量的 65%，比去年成長了 3 個百分點。

In mobile, we passed the billion-dollar milestone this year with nearly $1.2 billion in net bookings. As a result of great work by our teams, our return on advertising spend is now roughly back to where it was before the IDFA changes. And now we're looking to maintain that ROAS level as we scale spend back to the level it was before and as we continue to learn and to adapt to market changes.

在行動端，我們今年的淨預訂額突破了十億美元大關，接近12億美元。由於團隊的出色工作，我們的廣告支出回報率（ROAS）已基本恢復到IDFA變更前的水平。現在，我們正努力在將廣告支出恢復到變更前水平的同時，保持這一ROAS水平，並持續學習和適應市場變化。

Across our full portfolio, 12 titles contributed $100 million or more to net bookings in FY '22.

在我們全部產品組合中，有 12 部作品在 2022 財年貢獻了 1 億美元或以上的淨預訂額。

Now let me turn to FY '23. As Andrew laid out, we're entering the year from a position of strength. We're experiencing strong engagement across our live services, have great early indicators for our mobile launches, see continued momentum in our annual sports titles and have a strong slate of console titles scheduled for the second half.

現在讓我們展望一下2023財年。正如安德魯所說，我們以強勁的勢頭進入新的一年。我們的線上服務用戶參與度很高，行動端遊戲的早期發布也預示著良好的發展前景，年度體育遊戲持續保持增長勢頭，並且下半年還有一系列優秀的家用機遊戲即將推出。

We expect fiscal '23 net bookings to be $7.9 billion to $8.1 billion, up 5% to 8% versus FY '22, driven by growth in live services, particularly in mobile, and supported by the strong launch slate in the second half. Three key drivers of our mobile growth in FY '23 are: the launch of Apex Legends Mobile; growth in FIFA Mobile; and the launch of Lord of the Rings: Heroes of Middle-earth later in the year.

我們預計2023財年淨預訂額將達到79億美元至81億美元，較2022財年增長5%至8%，主要得益於線上服務（尤其是行動端）的成長，以及下半年一系列強勁的新遊戲發布。 2023財年行動裝置成長的三大關鍵驅動因素是：Apex Legends Mobile的發布；FIFA Mobile的成長；以及Lord of the Rings: Heroes of Middle-earth將於年內稍後發布。

FX is a headwind of nearly 3 points, net of hedges, relative to last year, for both net bookings and underlying profit, which puts our net bookings guidance in constant currency at 8% to 10%. Additionally, the impact of the stoppage of Russia sales is 1 percentage point to net bookings and 2 points to underlying profit. Adjusted for these factors, we continue to see healthy underlying performance, which illustrates the durability of our portfolio of live services.

匯率波動對淨預訂量和基礎利潤均構成近3個百分點的不利影響（扣除對沖因素後），與去年同期相比，這使得我們以固定匯率計算的淨預訂量預期為8%至10%。此外，俄羅斯銷售業務的停滯對淨預訂量和基礎利潤分別造成1個百分點和2個百分點的影響。經過調整後，我們依然看到穩健的基礎業績，這反映了我們現有服務組合的持久性。

We expect cost of revenue to be $2.02 billion to $2.065 billion, in part reflecting the anticipated strong growth of our mobile business.

我們預計收入成本為 20.2 億美元至 20.65 億美元，部分原因是預計我們的行動業務將強勁成長。

We expect operating expenses to be $4.2 billion to $4.315 billion. This is driven by investment in user acquisition for our 2 major mobile launches and adding talent to our development teams to deliver the live services and title slates we have in development for FY '24, FY '25 and beyond.

我們預計營運支出將在 42 億美元至 43.15 億美元之間。這主要是由於我們為兩款主要行動應用程式的上線投入用戶獲取資金，以及為我們的開發團隊增添人才，以交付我們正在開發的 2024 財年、2025 財年及以後的線上服務和遊戲項目。

Also note that we've increased the management tax rate used by our long-term model from 18% to 19%, primarily due to U.S. tax rules published in January.

另請注意，由於美國於 1 月發布了新的稅收規定，我們已將長期模型中使用的管理稅率從 18% 提高到 19%。

We expect operating cash flow of $1.6 billion to $1.65 billion and capital expenditures of around $200 million, which would deliver free cash flow of about $1.4 billion to $1.45 billion. The business continues to be a strong generator of cash, although the year-on-year number is down slightly, primarily due to timing as our biggest non-sports launch is coming in Q4, with collections in FY '24 and also because our tax rate has increased.

我們預計營運現金流為16億至16.5億美元，資本支出約2億美元，將帶來約14億至14.5億美元的自由現金流。儘管同比略有下降，但該業務依然是強勁的現金流創造者。下降的主要原因是時間安排，因為我們最大的非體育類產品將於第四季度上市，預計在2024財年收款，此外，稅率的提高也是原因之一。

We continue to be committed to growing our cash return program and announced today that we're increasing our dividend by 12% from $0.17 to $0.19 per share payable each quarter. We expect to continue to repurchase stock under our current authorization, and we will revisit it closer to the expiration in November of 2022.

我們始終致力於發展現金回報計劃，並於今日宣布將每股股息提高12%，從0.17美元增至0.19美元，每季派發。我們預計將繼續在現有授權範圍內回購股票，並將在2022年11月授權到期前再次評估相關事宜。

We expect fiscal '23 GAAP revenue to be $7.6 billion to $7.8 billion and earnings per share of $2.79 to $2.87.

我們預計 2023 財年 GAAP 營收為 76 億至 78 億美元，每股收益為 2.79 美元至 2.87 美元。

We anticipate net bookings for the first quarter to be $1.2 billion to $1.25 billion. As a reminder, in the prior year, we had a number of new game launches in Q1, whereas this Q1 is primarily live services with only F1 22 launching on console and PC later this quarter. In contrast, this coming Q2 has a profile very similar to last year's Q2 with launches of Madden and FIFA, plus some live services growth, offset by some Ultimate Team net bookings phasing into Q3.

我們預計第一季淨預訂額為12億至12.5億美元。需要指出的是，去年第一季我們推出了多款新遊戲，而今年第一季則以線上服務為主，僅有F1 22將於本季稍後登陸主機和PC平台。相比之下，即將到來的第二季度與去年第二季度的情況非常相似，將推出Madden和FIFA系列遊戲，並伴隨線上服務的成長，但部分Ultimate Team的淨預訂額將分攤到第三季度，以抵消部分增長。

For the first quarter, we expect GAAP net revenue of $1.675 billion to $1.725 billion, cost of revenue to be $309 million to $321 million and operating expenses of approximately $1.013 billion. This results in earnings per share of $0.76 to $0.85 for the quarter.

我們預計第一季GAAP淨收入為16.75億美元至17.25億美元，營業成本為3.09億美元至3.21億美元，營運費用約為10.13億美元。由此推算，該季每股收益為0.76美元至0.85美元。

To conclude, EA delivered another record year, well ahead of our original guidance, driven by strong player engagement across our diverse portfolio of titles. Looking forward, we are capitalizing on the strength to invest in our future. We expect to outgrow the market, to show resilience through uncertain times, building on the foundation of live services and our broad portfolio to deliver growth over the long term.

總而言之，EA 又創下了一個創紀錄的年份，遠超乎我們最初的預期，這主要得益於玩家對我們豐富遊戲組合的積極參與。展望未來，我們將充分利用這項優勢，並加大對未來的投資。我們期望能夠超越市場平均水平，在充滿不確定性的時期展現出強大的韌性，並以持續的線上服務和廣泛的遊戲組合為基礎，實現長期成長。

Now I'll hand the phone back to Andrew.

現在我把手機還給安德魯。

Thanks, Chris.

謝謝你，克里斯。

As we kick off FY '23, we are investing for growth from a position of strength. With a portfolio of amazing IP, the best talent and a growing network of highly engaged players, we are scaling to deliver new experiences on more platforms across more geographies. Our total addressable market is expanding, and secular trends are driving more consumption of interactive entertainment. Our games are deeply social, and we will continue to build on our strength as we invest to grow our biggest franchises to connect with more players in the future. We have a clear vision, a clear strategy and we have a spectacular team ready to deliver in FY '23 for hundreds of millions of players, viewers and creators around the world.

2023財年伊始，我們正以強勁的實力為基礎，加大投資以實現成長。憑藉一系列卓越的IP、頂尖的人才以及不斷成長的活躍玩家群，我們正積極拓展業務，在更多平台、更多地區為玩家帶來全新的遊戲體驗。我們的潛在市場正在不斷擴大，而長期趨勢也推動了互動娛樂消費的成長。我們的遊戲具有高度的社交性，我們將繼續鞏固自身優勢，並加大投資，發展旗下最熱門的遊戲系列，以便在未來與更多玩家建立聯繫。我們擁有清晰的願景、明確的策略，以及一支卓越的團隊，已做好充分準備，在2023財年為全球數億玩家、觀眾和創作者帶來精彩的內容。

Now Chris and I are here for your questions.

現在我和克里斯在這裡回答你們的問題。

(Operator Instructions) Your first question comes from the line of Omar Dessouky with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Omar Dessouky。

It kind of looks like excluding the FX, you guys increased your guidance versus the mid to high single digits, excluding the FX and Russia that is, versus the high, mid-single digits that you had communicated on the third quarter call. First of all, is that the case? And second, has it become more clear since the third quarter call that the churn among gamers who joined during COVID lockdowns has run its course and that average revenue per paying user will remain near the highs seen during the pandemic as 2022 unfolds?

看起來，剔除外匯因素後，你們提高了業績預期，從之前的個位數中高段（剔除外匯和俄羅斯因素）上調，而此前你們在第三季度財報電話會議上給出的個位數中高段的預期則有所提高。首先，情況確實如此嗎？其次，自第三季財報電話會議以來，是否更加明確地表明，在新冠疫情封鎖期間加入遊戲的玩家流失已經結束，並且隨著2022年的到來，每位付費用戶的平均收入將保持在疫情期間的高位附近？

Great. Thank you for the question. I'll start with the first part first and then I'll turn it over to Andrew and he can comment as well on the second part of your question. So from a guidance perspective, your math is correct. Normalizing for the impact of the strengthening U.S. dollar, which we articulated was 3 points on net bookings as well as the impact of the decision taken in Russia, that effectively puts the equivalent guide more in the high single digits equivalency, which is slightly above the signal that we gave in the last earnings call. So it is indicative of how we finished the quarter with strong player engagement, and we feel good about the outlook.

好的，謝謝你的提問。我先回答第一部分，然後把第二部分的問題交給安德魯，讓他也說。從業績指引的角度來看，你的計算是正確的。考慮到美元走強的影響（我們之前提到過，美元走強對淨預訂量的影響為3個百分點），以及俄羅斯相關決策的影響，實際的業績指引會達到接近兩位數的水平，略高於我們在上次財報電話會議上給出的預期。這顯示我們本季末玩家參與度很高，我們對未來前景感到樂觀。

And as it relates to player engagement and the value that we see from that over the course of time, I think what you've heard from us throughout COVID is that players sought out our games in the beginning for entertainment reasons, but they stay deeply engaged in them beyond just entertainment. They really saw games as a means of deep social connection with their atomic unit of friends. And this is that 4 or 5 friends that you spend a great deal of your social time with. What we have seen even as we are moving past COVID and that people are returning to work and returning to live and returning to school is our engagement has continued to be very, very strong, and in many cases, across some of our franchises at record levels. Given the level of entertainment that we're developing and delivering, given the value of social interaction as part of those experiences, we think this is going to be a continued driver for growth for us.

至於玩家參與度以及我們從中獲得的長期價值，我認為在新冠疫情期間，我們一直強調玩家最初是為了娛樂而選擇我們的遊戲，但他們對遊戲的投入遠不止於此。他們真正將遊戲視為與核心好友建立深厚社交聯繫的途徑。這裡的「核心好友」指的是四、五個經常一起度過大部分社交時光的朋友。即使疫情逐漸過去，人們重返工作崗位、恢復正常生活、重返校園，我們也看到玩家參與度依然非常高，在許多情況下，我們部分遊戲系列的參與度甚至達到了歷史新高。鑑於我們開發和提供的娛樂體驗水平，以及社交互動在這些體驗中的重要價值，我們認為這將繼續推動我們的成長。

Your next question comes from the line of David Karnovsky with JPMorgan.

你的下一個問題來自摩根大通的 David Karnovsky。

Andrew, just on the FIFA license. I was wondering if you could just discuss a little bit more the decision to forgo that and how are you kind of thinking about potential risk given the brand shift, but then also for the upside in terms of how ending the license kind of frees you up for certain revenue opportunities than in the past would have been restricted.

安德魯，關於FIFA授權的問題。我想請你詳細談談放棄該授權的決定，以及考慮到品牌轉變可能帶來的風險，你是如何看待這些風險的，同時也想談談終止授權帶來的好處，例如它能讓你獲得一些過去受限的收入機會。

Yes. Great question. And as you will have seen from our press release today and sort of letting FIFA affirm some things on their own website, we've been working through this. We're very excited about the future of football. We have, as you heard in the prepared remarks, over 300 licenses that deliver the content and form the experience that we deliver to players that's most meaningful for them. We've got over 150 million players across unique accounts. And so when we think about the future of football right now, we've really made this decision on the basis of being able to deliver experiences that our players wanted.

是的，問得好。正如您從我們今天的新聞稿以及國際足總在其官網上確認的一些內容中所看到的，我們一直在努力解決這個問題。我們對足球的未來充滿信心。正如您在準備好的演講稿中聽到的，我們擁有超過300項授權，這些授權能夠提供內容，並為玩家打造對他們而言最有意義的體驗。我們擁有超過1.5億個獨立帳戶。因此，當我們展望足球的未來時，我們做出這個決定，正是基於能夠為玩家提供他們想要的體驗。

They told us they wanted more modalities of play. They told us they wanted to see more commercial partners in the game that are representative and authentic to the broad global world of football. They're telling us they want us to move beyond just the core experience and really build out this digital football experience. And they tell us they want us to move really, really fast.

他們告訴我們，他們想要更多樣化的遊戲模式。他們告訴我們，他們希望看到更多能夠代表全球足球世界、具有真實性的商業夥伴。他們告訴我們，他們希望我們超越核心體驗，真正建構起完整的數位化足球體驗。他們也告訴我們，他們希望我們以最快的速度行動。

And so as we move through this, again, we are deeply grateful of our relationship with FIFA for nearly 30 years and deeply respectful of the partnership. And we've worked closely together as 2 organizations to ensure that we can deliver the biggest FIFA this year that we've ever delivered, featuring World Cup content from both the Men's World Cup and the Women's World Cup for the first time ever. And we worked to do that because we believe that's important to our fans. And beyond that, we're excited to work with our 300-plus partners and all the new partners that we're going to have the opportunity to work with to deliver what we believe will be the greatest digital football experience available and sit at the very epicenter of football fandom globally.

因此，在推進這項工作的過程中，我們再次由衷感謝與國際足總近30年的合作關係，並對此深表敬意。我們兩家代理商緊密合作，確保今年能夠呈現有史以來規模最大的國際足球聯賽事，首次同時推出男足世界盃和女足世界盃的精彩內容。我們努力做到這一點，是因為我們相信這對我們的球迷至關重要。此外，我們很高興能夠與300多家現有合作夥伴以及所有即將加入的新合作夥伴攜手合作，共同打造我們認為最棒的數位足球體驗，使其成為全球足球迷的焦點。

Okay. Maybe just a follow-up, and you touched on it a little bit, but how do you think specifically about marketing the EA SPORTS FC brand? And would there be initial bumps in advertising costs or could you just mostly take advantage of that lack of a license fee?

好的。也許可以再追問一下，您剛才也稍微提到了，但您具體是如何考慮EA SPORTS FC品牌的市場推廣的？初期廣告成本會不會比較高？還是說您可以主要利用無需支付授權費的優勢？

Yes. I think it's a little early to tell yet. We're certainly being very thoughtful and deliberate about that. The important thing to understand though is that as you travel around the world and you meet with players who really are deeply engaged with our game, for a player in the U.K., the most important thing to them is the Premier League. For a player in Germany, the most important thing to them is the Bundesliga. And in Spain it's LaLiga and so on and so forth as you go around the world.

是的。我覺得現在下結論還太早。我們當然會對此進行非常慎重的考慮。但重要的是要明白，當你走遍世界各地，與那些真正熱愛足球的球員交流時，你會發現，對於英國球員來說，最重要的聯賽是英超；對於德國球員來說，最重要的聯賽是德甲；在西班牙則是西甲，以此類推，世界各地都是如此。

What we're focused on right now is building very unique experiences for each of those fans and each of those markets. And what you've seen today is many of our partners come out in support of our ability to do this for our fans. And so certainly, any time you change the name of a product, you must be very thoughtful and we'll certainly have to think about marketing that front. But what gives us confidence as we move in this next phase of growth is that we are working with the partners and the content that our fans love and relate to most directly in the markets in which they do it.

我們目前的工作重點是為每位粉絲和每個市場打造獨一無二的體驗。今天大家也看到了，我們的許多合作夥伴都公開支持我們為粉絲做到這一點。當然，任何時候更改產品名稱都必須慎重考慮，我們也必須認真思考如何進行市場推廣。但讓我們對下一階段的成長充滿信心的是，我們正在與合作夥伴攜手，在粉絲最愛、最能引起共鳴的市場中，直接打造他們喜愛的內容。

Your next question comes from the line of Benjamin Soff with Deutsche Bank.

你的下一個問題來自德意志銀行的班傑明‧索夫。

I wanted to dig into the mobile business a bit. You've got Apex on mobile coming out soon. The FIFA Mobile revamp seems to be doing really well. You announced the new Lord of the Rings game and doing some other stuff on the sports side. So really the question is, how are you guys thinking about the mobile growth opportunity in general? And how has your outlook changed, if at all, since giving that longer-term growth target for the business last year?

我想深入了解行動業務。你們的行動版《Apex英雄》即將上線。 FIFA Mobile的改版似乎也進展順利。你們也宣布了新的《魔戒》遊戲，並在運動領域開展了一些其他項目。所以，我的問題是，你們如何看待行動業務的整體成長機會？自從去年公佈了業務的長期成長目標以來，你們的看法是否有所改變？

Yes, great question. I mean, we remain very excited about the opportunity in mobile. It continues to be the single biggest gaming platform in the world with a TAM of 3.5 billion players. And so that's just, to have that kind of TAM access is just extraordinary for us as game makers and delivering live services to that audience.

是的，問得好。我的意思是，我們仍然對行動領域的機會感到非常興奮。行動平台仍是全球最大的遊戲平台，潛在用戶高達35億人。對於我們這些遊戲開發商來說，能夠接觸到如此龐大的用戶群體，並向他們提供即時服務，這簡直太棒了。

We're seeing really good metrics around Apex Legends right now in test, and that will launch later this year. FIFA had its biggest quarter ever. I think had a surge of 80% in users. And Lord of the Rings is coming from what has been our strongest mobile studio, Capital Games, who build these type of games and have done so well for us and have such an avid fan following.

目前《Apex英雄》的測試數據非常出色，將於今年稍後正式上線。 《FIFA》迎來了史上最佳季度，用戶數量激增了80%。 《魔戒》則出自我們最強大的行動遊戲工作室Capital Games之手，他們擅長開發這類遊戲，一直以來都表現出色，並擁有眾多忠實粉絲。

So as we think about moving forward in mobile, we think that the brands that we have, the expertise that we have, that we've built organically internally and that we've acquired through recent mobile acquisitions represents a really strong opportunity for us over the long term. Remember, when you launch these games, they last for 5-plus years as live services. And what you're seeing this year is 3 big launches for us in addition to our existing portfolio, which is incredibly strong, and we're going to invest behind that for the long term.

因此，展望未來在行動領域的發展，我們認為我們擁有的品牌、專業知識，以及我們內部自主研發和近期透過行動收購獲得的資源，為我們提供了長期發展的巨大機會。要知道，這些遊戲一旦上線，就會作為線上服務持續運作五年以上。今年，除了我們現有的強大產品組合之外，我們還將推出三款重磅遊戲，並將繼續為此進行長期投資。

Got it. And then maybe just a quick follow-up on F1. I believe this upcoming title is the first game in the series that you guys really were able to put your fingerprints on since the acquisition. So can you talk a little bit more about your plans for the franchise, the types of innovation you're bringing to the game?

明白了。接下來我想簡單問一下關於F1的問題。我相信這款即將推出的新作是你們收購F1以來，真正參與製作的第一款F1系列遊戲。所以，能否詳細談談你們對這個系列的未來規劃，以及你們為遊戲帶來的創新之處？

Yes. And that team is an extraordinary team and has always built an incredibly high-quality game. That was really the impetus for the acquisition to bring that into the EA SPORTS brand portfolio. F1, as you may have seen, if you follow the sport, is an all-time high in fandom. We had an extraordinary season last year between Hamilton and Verstappen. We're seeing an incredible season this year with Ferrari leading in the Constructors' Championship and Leclerc and others really pushing Verstappen. And so in our world, if you get to a place where sports fandom is high in engagement and the core sport is high, and then you couple that with an extraordinary development team who have a history and track record of building extremely high-quality products and then you layer in EA SPORTS' marketing power and global reach, we think there's incredible opportunity there. And we think that business is going to go from strength to strength.

是的。而且這支團隊非常出色，一直以來都打造出極為高品質的遊戲。這正是我們收購他們，將其納入EA SPORTS品牌組合的真正動力。如果你有在關注F1這項運動，你可能已經注意到，它的粉絲數量達到了歷史新高。去年，漢彌爾頓和維斯塔潘之間的競爭異常激烈，精彩可期。今年，法拉利車隊在車隊積分榜上領先，勒克萊爾和其他車手也給維斯塔潘帶來了不小的壓力，F1的賽季同樣精彩。因此，在我們看來，如果一項運動的粉絲參與度很高，核心賽事本身也很受歡迎，再加上一支擁有打造高品質產品歷史和卓越業績的傑出開發團隊，以及EA SPORTS強大的行銷能力和全球影響力，那麼我們相信其中蘊藏著巨大的商機。我們相信，這項業務將會蒸蒸日上。

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'm curious to think about the marketing investment that you're going to be spending on Apex Legends for mobile and then you got Lord of the Rings and you're still in the relatively early stages with FIFA for mobile. Should we be thinking about the investment sort of negating a lot of the revenue that comes in from these titles and really, you look to grow the player base in fiscal '23 and then you think about margin expansion in fiscal '24?

我很好奇你們打算在行動版《Apex英雄》上投入多少行銷資金，再加上《魔戒》系列，以及目前還處於早期階段的行動版《FIFA》，這些投入是否會抵消一部分遊戲帶來的收入？你們的目標是在2023財年擴大玩家群體，然後在2024財年提升利潤率嗎？

I think that's a good way to think about it. The reality is, any time we develop a game and launch a game, there is a combination of development cost and marketing cost to kind of get to launch and get to that critical mass of players and a sequencing of that. It's very different in mobile than it is in traditional console experiences. Traditional console experience, of course, you can spend in development for 2, 3, 4, in some cases, 5 years, and there's an exceptional amount of development spend upfront. And then the marketing spend proportion of that is much lower.

我覺得這樣想挺好的。事實上，我們開發和發布一款遊戲，都需要投入開發成本和行銷成本，才能最終成功發布，並累積到足夠的玩家群體，這其中也包含一系列的環節。行動遊戲和傳統主機遊戲的開發模式截然不同。傳統主機遊戲的開發週期通常長達2年、3年、4年，甚至5年，前期投入的開發經費非常龐大。而行銷成本在開發中所佔的比例則要低得多。

In mobile, the cost of development is lower to get to launch. The acquisition spend early on to supercharge a new launch is higher. But remember, these are live services. And what we're doing is we're driving a golden cohort at the beginning of the launch, and that cohort will continue to deliver return that we build on over time for the course of the next 5-plus years. And so early on, you see margin compression in the context of mobile. Over the course of time, you see margin accretion and margin expansion and these live services become global communities of players that continue to play for 5-plus years; and in some cases, as long as a decade.

在行動領域，開發成本較低，也更容易推向市場。早期用於加速新產品發布的用戶獲取投入也更高。但請記住，這些都是持續營運的服務。我們所做的，是在產品發布初期打造一個黃金用戶群體，而這個群體將在未來五年甚至更長時間內持續帶來收益，並在此基礎上不斷增長。因此，在行動領域，早期階段的利潤率可能會下降。但隨著時間的推移，利潤率會逐漸提升，這些持續運作的服務最終會發展成為全球玩家社區，這些玩家會持續使用五年以上，在某些情況下，甚至長達十年。

Yes. Maybe I could just add on to that, Eric. As you have a chance to go through the model and the guidance that we gave, you'll see that it's implied in the guidance and the cost structure, it is the point that, to reiterate the points that Andrew made, we're excited about our opportunity in mobile. It represents an enormous TAM opportunity. We're excited about what we have in store for this year. It is a different margin profile, especially in the short term. But as Andrew pointed out, once we get to scale, we see great revenue and profit opportunity, and we're really excited about the opportunity ahead.

是的。或許我可以補充一點，艾瑞克。當你仔細閱讀我們提供的模型和指導意見時，你會發現，指導意見和成本結構中都隱含著這一點。重申安德魯的觀點，我們對行動領域的機會感到非常興奮。它代表著巨大的潛在市場規模。我們對今年的發展充滿期待。移動領域的利潤率結構有所不同，尤其是在短期內。但正如安德魯指出的，一旦我們實現規模化，我們看到了巨大的營收和利潤成長機會，我們對未來的機會充滿信心。

Great. And then just as a follow-up, I believe you said, Andrew, 6 new sports titles this year. I wonder if you could give a little color on that. Are these mobile titles? Are these new PC, console games? What can you tell us there?

太好了。還有一個後續問題，安德魯，我記得你說過今年會有6款新的運動遊戲。我想請你詳細介紹一下。這些是手機遊戲嗎？還是新的PC或主機遊戲？你能透露一些資訊嗎？

So it's the cast of characters that you would expect from us plus F1. So that's our FIFA product. That's NHL. That's Madden NFL. That's F1. We've got a new golf game. I'm trying to think now. You've caught me off guard. And Super Mega Baseball, which was an acquired property. So yes, and that's across console, PC and in some cases, mobile.

所以，除了我們一貫的陣容，還有F1。這就是我們的FIFA產品。這是NHL。這是Madden NFL。這是F1。我們還有一款新的高爾夫球遊戲。我現在努力回想一下。你問得我有點措手不及。還有Super Mega Baseball，它是我們收購的IP。是的，這些遊戲涵蓋主機、PC，在某些情況下也包括行動平台。

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。

I want to drill down a little bit more on Apex Legends. You're lapping a 40%-plus comp but also launching on mobile. What are your expectations for franchise net bookings in fiscal '23? And will you make any changes to the cadence of live services or content drops across the franchise now that this will be on mobile?

我想更深入地探討《Apex英雄》。你們的競爭對手比你們高出40%以上，而且你們還推出了行動版。你們對2023財年該系列遊戲的淨預訂有何預期？既然遊戲已經登陸行動平台，你們是否會對整個系列的線上服務或內容發布節奏做出任何調整？

Yes. No. It's a great question. Thank you for the question. As you rightly pointed out, Apex Legends had a terrific year in FY '22 across both financial metrics, but also all the player engagement data that Andrew spoke to. And so we're really excited about how we finish the year, coming out of that with a lot of momentum.

是的，也不完全是。這是一個很好的問題。謝謝你的提問。正如你所指出的，《Apex英雄》在2022財年取得了非常出色的成績，無論是財務指標還是Andrew提到的玩家參與度數據都表現優異。因此，我們對本財年的表現充滿信心，並期待帶著強勁的勢頭結束這一年。

We do have profitable growth planned again in FY '23. It's a large franchise for us. It's a big business. And so we'll see continued growth on that on the console and on the HD side. In addition to that, with the Apex mobile launch, we are anticipating this to be one of the most exciting launches that we've had on mobile ever. And so the combination of that indicates a lot of optimism and strength for the Apex mobile or Apex Legends business all up.

我們計劃在2023財年再次獲利成長。 Apex Legends對我們來說是一個重要的系列，也是一項龐大的業務。因此，我們預期主機平台和高清平台都將持續成長。此外，隨著Apex Legends手遊的發布，我們預計這將是我們迄今為止在行動平台上最令人興奮的發布之一。綜上所述，這些因素共同表明我們對Apex Legends手遊或Apex Legends整體業務充滿信心，並擁有強勁的發展勢頭。

And in terms of the cadence of content drops and experience updates and events, again, the Respawn team and the Apex team have demonstrated over the course of the last 2-plus years an extraordinary connection with their community. And they've been able to figure out exactly when and how to make drops and things that the community wants and needs. And so we don't have a hard and fast rule in terms of which drops will happen when. We really allow the team to work deep with the community. But I think as the franchise continues to grow and as we move on mobile and launch and grow on a global basis, I think it's reasonable to believe that over the course of time, there'll be more and more content launched into the world and a new season starting today, which off the back of a record Season 12, we expect will continue to do well. I know Newcastle is the new legend, is widely regarded as going to be one of the great legends inside the game experience.

至於內容更新、體驗升級和活動的節奏，Respawn 團隊和 Apex 團隊在過去兩年多的時間裡，與玩家社群建立了非凡的聯繫。他們能夠精準地掌握社區的需求，並找到合適的更新時間和方式。因此，我們並沒有硬性規定更新的具體時間。我們真正允許團隊與社區進行深入的合作。但我認為，隨著 Apex 系列的不斷發展壯大，隨著我們進軍行動平台，並在全球範圍內推出和發展，未來會有越來越多的內容上線。今天，新賽季正式開啟，而第 12 季也取得了創紀錄的成功，我們預計新賽季將繼續保持良好的勢頭。我知道紐卡斯爾是新加入的傳奇角色，他被廣泛認為是遊戲體驗中最偉大的傳奇角色之一。

Your next question comes from the line of Colin Sebastian with Baird.

你的下一個問題來自 Colin Sebastian 與 Baird 的對話。

Welcome, Chris. Maybe just a quick follow-up to the last question, first off. I guess there may be some changes to the release of Legends going forward on Apex. So curious how you think that might impact engagement or each of the contributions from stories going forward. And then the other question is, despite these results, I wonder, Andrew, what you think the impact has been on growth from the persistent short supplies of consoles and GPU chips, et cetera? And what's also factored in the outlook from that perspective?

歡迎，克里斯。首先，我想就上一個問題做一個簡短的後續。我猜Apex英雄的發布機制未來可能會有所調整。所以，我很想知道你認為這會對玩家參與度以及未來劇情的貢獻產生怎樣的影響。另外，安德魯，儘管取得了這些成績，但你認為主機和GPU晶片等持續短缺對成長產生了怎樣的影響？從這個角度來看，還有哪些因素影響了未來的發展前景？

Yes. So let me touch on the first 2 and then I'll let Chris take the outlook piece. Again, I think that each time the team releases new content, new events, we see growing engagement and have demonstrated an extraordinary ability to really understand the things that are going to drive ongoing engagement for our community. So I wouldn't expect that we would see any decline in engagement with more content, quite the opposite. I think as we go to more platforms and we build out our engagement model over the course of time, I think that we'll see a growing audience, and I think we'll see growing engagement. And that has been our experience so far.

是的。那我先簡單談談前兩點，然後讓克里斯來談談展望。我認為，每次團隊發布新內容、舉辦新活動，我們都會看到用戶參與度不斷提升，並且展現出了非凡的能力，能夠真正理解哪些因素能夠持續推動我們社群的活躍度。因此，我不認為隨著內容的增多，用戶參與度會下降，恰恰相反。我認為，隨著我們拓展到更多平台，並隨著時間的推移不斷完善我們的互動模式，我們會看到受眾群體不斷擴大，用戶參與度也會不斷提高。而這正是我們目前的經驗。

In terms of supply chain shortages, again, we've just come off a record year. We beat on almost every measure, even in the face of what is almost certainly supply chain shortages around consoles and chipsets and graphics cards and these types of things. It's hard to know how much bigger that would be. I have to imagine with more consoles out there and more PCs and more graphics cards that our results may have been even better, but we're very happy with the results we have, and we look forward to as supply chain issues start to ease and more consoles end up in the marketplace and more graphics cards and more PC availability that more gamers will have access to higher-quality machines and that ultimately will drive engagement for us. If you go back through the course of time, at each platform transition, at each technology evolution, the gaming TAM and the gaming community broadly has grown. And so I think this only represents upside for us.

就供應鏈短缺而言，我們剛剛經歷了創紀錄的一年。幾乎在所有指標上，我們都取得了超出預期的成績，即便是在主機、晶片組、顯示卡等產品幾乎肯定面臨供應鏈短缺的情況下。很難說如果情況好轉，我們的業績會提升多少。我猜想，如果有更多的主機、PC和顯示卡上市，我們的業績可能會更好，但我們對目前的成績非常滿意。我們期待隨著供應鏈問題的緩解，隨著更多主機、顯示卡和PC進入市場，更多玩家能夠獲得更高品質的設備，這最終將提升我們的用戶參與度。回顧歷史，每一次平台更迭、每一次技術革新，遊戲市場規模和整個遊戲社群都在成長。因此，我認為這對我們來說只有好處。

I'll just add on to Andrew's good summation. From a market standpoint, from the composition of our business, I think this is one of the things that really sort of illustrates the resilience of the live services business model, which with 71% of our business or over 71% of our business in FY '22, and it will grow as a share of our business next year, especially with the launches of mobile. And so from one standpoint, we feel good about that. And that's all embedded into the guide that you heard us talk about at length. Specific to the console market, we are anticipating Gen 5 console units to be up year-on-year, and that will also be an added tailwind to the business all in all.

我只想補充一下安德魯的精彩總結。從市場角度來看，從我們業務的組成來看，我認為這正好體現了線上服務商業模式的韌性。在2022財年，線上服務占我們業務的71%甚至更多，明年這一比例也將持續成長，尤其是在行動端產品發表後。因此，從某個角度來看，我們對此充滿信心。這些內容都已包含在我們之前詳細討論過的指南中。具體到主機市場，我們預計第五代主機的銷售量將同比增長，這將對整體業務發展起到積極的推動作用。

Your next question comes from the line of Andrew Uerkwitz with Jefferies.

你的下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

Charlie, I think he dropped off the line. So we can move to the next one.

查理，我覺得他掉線了。所以我們可以進行下一個了。

Your next question comes from the line of Matthew Thornton with Truist Securities.

你的下一個問題來自 Truist Securities 的 Matthew Thornton。

Andrew and Chris, a couple of interrelated ones, if I could. I'm going to ask a question that was asked earlier but in a little bit of a different way. Since you guys talked about mid to high single-digit bookings growth last quarter, as you've alluded to, there's a lot of incremental headwinds. So my first question is, is there anything that's changed in the slate as you think about fiscal '23 versus kind of what you were thinking 3 months ago? That's question one.

Andrew 和 Chris，如果可以的話，我想問兩個相關的問題。我想問一個之前有人問過的問題，不過我換個方式問。你們上個季度提到預訂量成長了中高個位數，正如你們所暗示的，這意味著有很多不利因素。所以我的第一個問題是，與三個月前相比，你們在展望 2023 財年時，計畫方面是否有任何變化？這是我的第一個問題。

Question number two, the slate talked about a major IP in the fourth quarter. I'm just curious if there's a reason why that would sit better in fiscal 4Q as opposed to the traditional holiday quarter in 3Q where you typically might put a big piece of IP. Any thoughts there?

第二個問題，方案中提到第四季會有一項重要的智慧財產權項目。我很好奇，為什麼這項專案放在第四財季比放在傳統的第三財季（通常是假日季）更合適？大家有什麼想法嗎？

And then just finally on, and maybe, Andrew, you could talk a little bit about just the work-from-home transition to back to office, how that's playing into productivity and how that maybe gives you confidence that you could kind of release these titles because you do have quite a few in the back half of the year, including in 4Q. So I'm just curious your level of comfort with that based on what you're seeing in the productivity trends.

最後，安德魯，或許你可以談談居家辦公過渡到重返辦公室對生產力的影響，以及這是否讓你更有信心發布這些新書，因為你在下半年，包括第四季度，確實有很多新書要出版。所以我很好奇，根據你觀察到的生產力趨勢，你對這些新書的發布有多大把握。

Okay. So there was a lot in there.

好的。裡面內容很多。

Three parts.

分為三部分。

I think the first one was, do we anticipate slate change as an additional element as we kind of have got from third quarter through fourth quarter. The short answer to that is no. We continue to believe our slate is strong.

我認為第一個問題是，我們是否預計從第三季度到第四季度，陣容會發生變化。簡而言之，答案是否定的。我們仍然認為我們的陣容很強大。

I think the second question was, we've got a major IP in the fourth quarter and why not do that in the holiday quarter. And I would say 2 things to that. One is we want to get to the highest quality games we possibly can. We're committed to quality. We're committed to giving our development teams all the time they need to build great games and deliver those to a global audience.

我認為第二個問題是，我們第四季有一個重要的IP，為什麼不在假期檔推出呢？對此我有兩點看法。第一，我們希望打造盡可能最高品質的遊戲。我們致力於品質。我們致力於給予開發團隊充足的時間，讓他們能夠打造出優秀的遊戲，並呈現給全球玩家。

Underlying that, I'd also highlight, though, that the nature of our business is changing. As Chris pointed out, 71% of our business is coming from live services. And so these traditional launch windows that have been so important in our industry for the longest time aren't as relevant now in a world where players are playing our games day in, day out, week in, week out, month in, month out. And so the combination of the changing nature of engagement, consumption of our games and our deep desire to give our teams all the time they need to get to the best possible game experience really is what's driving that Q4 launch.

不過，我還要強調一點，我們業務的本質正在改變。正如克里斯指出的，我們71%的業務來自線上服務。因此，在玩家日復一日、週復一周、月復一月地玩我們遊戲的時代，那些長期以來對我們行業至關重要的傳統發布窗​​口已經不再那麼重要了。玩家參與度和遊戲消費方式的改變，以及我們希望給予團隊充足的時間來打造最佳遊戲體驗的強烈願望，正是推動我們選擇在第四季度發布新遊戲的真正原因。

And then I think the last part of your question was around work-from-home and how is that looking. And I would say, it's still early. We're seeing more and more people back into offices. Again, there are still waves of COVID out there, and we're seeing some rising numbers in certain geographies. And good news is, is the severity of infection or the severity of symptoms from infections seems to be much lower than the initial waves and phase of COVID. So I think that's good just for humanity broadly. And certainly, we're seeing a return to office kind of moving through its general iteration.

然後，我認為你問題的最後一部分是關於居家辦公室的現狀。我想說，現在還處於早期階段。我們看到越來越多的人回到辦公室。當然，新冠疫情仍在持續，某些地區的感染人數也增加。好消息是，感染的嚴重程度或症狀的嚴重程度似乎遠低於新冠疫情初期。我認為這對整個人類來說都是好事。當然，我們看到人們重返辦公室的進程正在逐步推進。

In terms of confidence that I have in launching the games through the year, I have strong confidence largely because having done this for 2 years, we launched more content than any other developer and publisher of video games through this time. And our teams have demonstrated unbelievable tenacity and unbelievable wherewithal. And we've really harnessed the power of our platform technology to continue to deliver games even while working from home. So as people come back together and we get to see more collaboration, I think things get easier. But even if that ends up being a little slower than we would hope, given the ingenuity of our teams, I still have strong confidence in our ability to launch our full slate of high-quality titles this year. I think that was all of them.

就我今年的遊戲發布計劃而言，我信心十足，這主要是因為過去兩年我們在這方面做得非常出色，同期發布的內容數量超過了任何其他遊戲開發人員和發行商。我們的團隊展現出了驚人的韌性和非凡的才能。我們充分利用了平台技術的強大功能，即使在居家辦公的情況下也能持續交付遊戲。隨著大家逐漸恢復線下辦公，合作增多，我相信一切都會變得更加順暢。即便最終進度可能比我們預期的稍慢一些，但鑑於我們團隊的創造力，我仍然對我們今年推出所有高品質遊戲充滿信心。我想這就是全部內容了。

I think you got them.

我覺得你都明白了。

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

你的下一個問題來自 Benchmark 公司的 Mike Hickey。

Great results, guys. First question, I guess, just on the economy. It's been a while, I think, Andrew, since the business has sort of been hit with a recession. So whether or not we go into recession, who knows? How do you think about sort of your player community holding up now that you're pretty much service versus premium, digital versus physical? Would you imagine sort of mix shift if we do get a recession here or pullback in discretionary spend towards free-to-play? Just want to get the puts and takes on your player community and then how you factor that into your guidance? And then I have a follow-up.

各位，業績很棒。我的第一個問題，想問經濟情勢。安德魯，我覺得你們的業務已經很久沒有受到經濟衰退的影響了。至於會不會再陷入衰退，誰也說不準。你們現在主要以服務型遊戲為主，而不是付費遊戲，數位版遊戲和實體版遊戲也各有側重，你覺得你們的玩家群目前的狀況如何？如果真的出現經濟衰退，或是玩家的可支配支出減少，轉向免費遊戲，你們覺得遊戲組合會發生什麼樣的變化？我想了解一下你們對玩家群體的看法，以及你們是如何將這些資訊納入績效預測的。之後我還有一個後續問題。

Yes. It was a little jumbled, Mike. I'm sorry, but I think that the gist of the question was, with the macroeconomic climate out there, and I think you mentioned the notion of recession, how do we think about that? How do we think about building our plan and probably specifically you're thinking around OpEx. I think, and Chris can weigh in here as well, we've been very thoughtful about this as we're embarking on the year ahead. And certainly, there are people way smarter than us who were kind of predicting what will be the macroeconomic outcome over the course of time.

是的，麥克，我剛才說得有點亂。抱歉，但我認為問題的要點是，鑑於當前的宏觀經濟狀況，以及你提到的經濟衰退，我們應該如何看待這個問題？我們應該如何制定計劃？特別是關於營運支出方面。我認為，克里斯也可以補充一點，在展望未來一年之際，我們一直在認真思考這個問題。當然，也有很多比我們聰明得多的人一直在預測宏觀經濟未來的走向。

Here's what we see. We see we're coming out of a year with record performance. We're seeing our network grow dramatically and engagement grow dramatically. And we're seeing our games used not just for entertainment, but also for social interaction and social connection. So that gives us confidence in the underlying fundamentals of our business over the long term.

我們看到，我們剛結束了業績創紀錄的一年。我們的用戶網路和用戶參與度都實現了顯著成長。而且，我們的遊戲不僅用於娛樂，還用於社交互動和建立社交聯繫。這讓我們對公司業務的長期發展充滿信心。

As we look back over previous times where there may have been challenged consumer spending, our industry and our games specifically have actually done very, very well for 2 reasons. One, entertainment really is a fundamental human need. And two, the form of entertainment we deliver is extremely high value to consumers given that you get thousands of hours of engagement when you play one of our games. And so our expectation is that even in an environment of macro challenge that our industry and our games will continue to do well.

回顧以往消費支出可能面臨挑戰的時期，我們的產業，尤其是我們的遊戲，實際上都表現出色，原因有二。首先，娛樂的確是人類的基本需求。其次，我們提供的娛樂形式對消費者而言價值極高，因為玩家在玩我們的遊戲時可以獲得數千小時的沉浸式體驗。因此，我們預計即使在宏觀環境充滿挑戰的情況下，我們的產業和遊戲也將繼續保持良好的發展勢頭。

One of the other things that we have, where we've gone back and really looked at this, though, and you study it, is you discover that companies that can invest from a position of strength going into an environment like the one seemingly we're moving into actually benefit disproportionately as you come out of that.

我們也發現，經過一番研究，你會發現，那些能夠從自身優勢地位出發，進入類似我們目前所處的這種環境的公司，在走出這種環境時，實際上會獲得不成比例的收益。

And so I think if you take in the fact that we have a growing network, growing engagement, record performance, our games fulfill both entertainment and social interaction, that if you look back in history, our industry has performed very well at times like this. And when you take the strength of our business and our ability to invest against new titles this year as well as titles we develop for the out-years, we feel like we've put ourselves in a really strong position even if we were going into a challenging macro headwind.

因此，我認為，考慮到我們不斷成長的用戶網路、日益活躍的用戶互動、創紀錄的業績，以及我們的遊戲兼具娛樂性和社交互動性，回顧歷史，我們所在的行業在類似時期往往表現出色。再加上我們強大的業務實力，以及我們今年對新遊戲和未來幾年開發的遊戲進行投資的能力，即使面臨嚴峻的宏觀逆風，我們也感覺自己處於非常有利的地位。

With that being said, we have built flexibility into the plan. You should know that we will be extraordinarily disciplined around costs as we move through this. And that should there be something unforeseen to us, that we have levers in our model that will allow us to adjust. But we do believe it is best of us to invest from a position of strength as we go into this market.

話雖如此，我們的計畫也留有彈性。您應該知道，在整個過程中，我們將嚴格控製成本。如果出現任何我們無法預見的情況，我們的模式中也設有相應的調整機制。但我們仍然認為，在這個市場中，從自身實力出發進行投資才是最佳選擇。

Well, I think, Andrew, that was good.

嗯，我覺得，安德魯，那很好。

Okay. Sounds good. Second question, Microsoft, hope you can hear me. Microsoft and Sony were sort of, that was the rumor, flirting with the idea of adding advertisements into free-to-play game experiences maybe as a way to sort of help developers monetize their player community. And of course, you guys, you go way back to Burnout Paradise as sort of infamous for trying the idea on the billboards in that game. So obviously, this idea has created a lot of debate within the player community. But just sort of curious your thoughts on whether or not ad monetization in free-to-play games is something that you think can be meaningful and then how you sort of balance that with the player experience.

好的，聽起來不錯。第二個問題，微軟，希望你們聽得到。有傳言說，微軟和索尼似乎正在考慮在免費遊戲中加入廣告，或許是為了幫助開發者實現玩家社群的獲利。當然，你們早在《火爆狂飆：天堂》中就嘗試過這種做法，並在遊戲中加入了廣告牌，這在當時可謂臭名昭著。顯然，這個想法在玩家群中引發了激烈的爭論。我很好奇你們認為在免費遊戲中加入廣告獲利模式是否有意義，以及你們如何平衡廣告與玩家體驗之間的關係。

Yes. And so for us, I think you finish there where we start, which is the player experience. We want to ensure that the player experience is the best possible player experience that we can provide. And that's why you've seen us kind of test various models over the course of time. Some have continued and some we have stopped on the basis of really upholding the best possible player experience we can.

是的。所以對我們來說，我認為最終還是回到了起點，那就是玩家體驗。我們希望確保玩家體驗是我們所能提供的最佳體驗。正因為如此，您會看到我們隨著時間的推移測試了各種不同的模式。有些模式我們繼續沿用，有些則因為要真正維護最佳玩家體驗而被我們放棄。

What we've seen generally though in entertainment media and even in games, particularly in mobile games right now, you see that there is a place for advertising when done right. And there is a portion of the community that when given the choice will participate in advertising where it benefits their gameplay experience.

不過，我們通常看到的是，在娛樂媒體乃至遊戲領域，尤其是在目前的手機遊戲中，廣告如果運用得當，是可以發揮作用的。而且，如果廣告能夠提升他們的遊戲體驗，一部分玩家也願意參與其中。

I think we've learned some of this from Glu as we brought Glu into our organization. And we've seen this across the industry. And so you should expect that we would continue to kind of test different things, ensuring first and foremost that we uphold the best possible player experience. But where there is an audience that given the choice would like to engage with advertising, they have the ability to do so. We want to make that available to them.

我認為，自從我們把 Glu 引入公司以來，我們從中汲取了一些經驗。而且，我們在整個產業也看到了類似的現象。因此，您可以預料到，我們會繼續嘗試各種不同的方法，首先確保的是為玩家提供最佳體驗。但如果部分用戶願意選擇是否參與廣告互動，我們也會讓他們擁有這樣的機會。我們希望為他們提供這種選擇。

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

下一個問題來自巴克萊銀行的馬裡奧·盧。

The first one is on the FIFA title this year. I believe you guys are already testing cross-play support in FIFA 22. So I presume that they come in '23. So what is the impact of cross-play essentially in terms of player engagement? And then similarly, can you remind us what the magnitude of uplift was from including a World Cup mode within FIFA?

第一個問題是關於今年的FIFA遊戲。我相信你們已經在FIFA 22中測試跨平台聯機功能了。所以我估計FIFA 23會正式推出這項功能。那麼，跨平台聯機功能對玩家參與度究竟有何影響？另外，能否請你們回顧FIFA中加入世界盃模式後，玩家參與度提升了多少？

Let me start on the World Cup mode with FIFA. And again, in the context of live service, we're always balancing the investment of time and the investment of dollars on the community. And at any given point in time, based on what's going on in the world of that game and in this case, in the world of football and the gameplay community, we will look to leverage new content and new events and new experiences either to drive greater engagement and provide new interesting things for players to do or it might be a monetization opportunity.

讓我先從FIFA的世界盃模式說起。再次強調，在持續營運的背景下，我們始終在平衡對社區的時間投入和資金投入。在任何特定時間點，根據遊戲世界（就此而言，是足球世界和遊戲社群）的動態，我們都會考慮利用新的內容、新的賽事和新的體驗，來提升玩家參與度，為玩家提供更多有趣的新內容，或從中尋找獲利機會。

You might recall the last time we did the World Cup, it was an extraordinary engagement opportunity. And I don't have the numbers at the tip of my fingers. But if I remember rightly, we brought 12 million or 13 million people back into the game who had lapsed out of the game through World Cup content and drove incredible engagement through the event and then, of course, as part of the ongoing live service, continue to grow the business over the course of time. We will think about it this year in the same context. We're always thinking about our player community and always thinking about the balance between the investment of time and the investment of dollars, all in service of a more positive and more immersive and a more entertaining player experience.

您或許還記得我們上次舉辦世界杯，那是一次絕佳的互動機會。我一時想不起具體數字，但如果我沒記錯的話，我們透過世界盃內容吸引了1200萬到1300萬曾經離開遊戲的玩家回歸，並在賽事期間實現了驚人的用戶參與度。當然，作為持續營運服務的一部分，我們也會在一段時間內繼續發展業務。今年，我們將秉持同樣的理念。我們始終關注玩家社區，並不斷權衡時間投入和資金投入之間的平衡，最終目標是為玩家帶來更積極、更沉浸、更精彩的遊戲體驗。

In terms of the value of cross-play, I don't think we have any specific data on that yet out of FIFA. In other franchises is certainly where you get greater liquidity in the franchise and friends can play with each other across devices. That's always a good thing for players. But remember, in our FIFA experience, which has 30-plus million people playing across console and PC, it's already a highly liquid community and every platform already has more enough players to sustain the ongoing player experience. But certainly, as we think about the future of all of our franchises, we want to get to a place where the entire community can play together, and that will be part of our driver as we move forward.

就跨平台遊戲的價值而言，我認為我們目前還沒有來自FIFA的具體數據。在其他系列遊戲中，跨平台遊戲無疑能提升遊戲的流動性，讓好友們可以跨裝置線上玩。這對玩家來說當然是好事。但請記住，FIFA目前在主機和PC平台擁有超過3000萬玩家，其社群流動性已經非常高，每個平台都有足夠的玩家來維持遊戲體驗的持續發展。當然，在展望所有系列遊戲的未來時，我們希望最終能夠實現所有玩家都能一起遊戲，這將是我們未來發展的重要驅動力之一。

Great. And then just one on Battlefield, I'm just curious if there's any updates on that franchise. I know you guys previously mentioned you're willing to kind of invest more into the franchise in the long term. But has that mindset changed in the past few weeks given the lack of resurgence from the latest update?

太好了。關於《戰地》系列，我只是想問一下，這個系列有沒有什麼新的進展？我知道你們之前說過願意在未來對這個系列進行更多投資。但鑑於最近幾週更新後並沒有出現明顯的復甦跡象，你們的想法是否有所改變呢？

No. And again, we take a long view here. This is one of the great franchises in our industry, built by one of the great teams in our industry. And our expectation is that we'll continue to grow and be a really important part of our portfolio for many, many years to come.

不。我們再次強調，我們著眼於長遠。這是我們行業中最優秀的特許經營品牌之一，由我們行業中最優秀的團隊之一打造。我們期望它能持續發展，並在未來許多年成為我們投資組合中非常重要的一部分。

We've got incredible leadership over that team now. They're rethinking the development process from the ground up and really using kind of the Vince Zampella/Respawn model of get to the fun as quickly as possible. They've been doing thousands of updates for the community working on quality of life and really getting the core game right. I think there's still more work for us to do there, and the team is committed to doing that work for the community. And beyond that, once we get to a place where we feel like we're in the right place with the core experience and with the core game, then you should expect us to invest and grow beyond where the game is at today.

我們現在擁有一支非常優秀的團隊。他們正在從根本上重新思考開發流程，並真正運用了Vince Zampella/Respawn的模式，力求盡快讓玩家體驗遊戲的樂趣。他們已經為社群進行了數千次更新，致力於提升遊戲體驗，並真正完善遊戲的核心內容。我認為我們在這方面還有更多工作要做，團隊也致力於為社區完成這些工作。此外，一旦我們覺得遊戲的核心體驗和核心內容都達到了理想狀態，那麼你們就可以期待我們投入更多資源，讓遊戲在現有基礎上更進一步。

Your next question comes from the line of Doug Creutz with Cowen.

你的下一個問題來自 Doug Creutz 與 Cowen 的合作系列。

I think on the last call you'd indicated that the Battlefield mobile game was close to going into closed beta. And at least at one point, you seem to indicate it might be a fiscal '23 launch. Can you just kind of update on where that is, how the closed beta go? And how you're feeling about timing for the title at this point?

我記得上次通話時您提到《戰地》手遊即將進入封閉測試階段。而且您似乎也曾暗示過，這款遊戲可能會在2023財年上線。您能否更新一下目前的進度，封閉測試進行得如何？以及您現在對這款遊戲的發佈時間有何看法？

Yes. Right now, I think we're looking at going into further testing at the end of May and then subject it to the metrics and the data that we've seen and the engagement we've seen. We might look toward the end of this year, beginning of next year for a global launch. Remember, in mobile, it all really comes down to the tuning and balancing once we go into kind of that closed beta phase.

是的。目前，我們計劃在五月底進行更深入的測試，然後根據我們收集到的指標、數據以及用戶互動情況進行評估。我們可能會在今年年底或明年年初進行全球發布。記住，在行動端，一旦進入封閉測試階段，一切都取決於調整和平衡。

We don't have any money in FY '23 right now against that title. So if it was to launch in the year, that would be an upside potential for us. And we want to give ourselves the opportunity to ensure that the game has all the soft launch and closed beta that it needs in order to tune and balance. But having played the game, I can tell you, I think that we're excited for the potential.

目前我們在2023財年還沒有任何資金投入這款遊戲。所以如果它能在今年發售，對我們來說將是一筆潛在的收益。我們希望確保遊戲能夠進行充分的試玩和封閉測試，以便進行必要的調整和平衡。不過，就我個人體驗過這款遊戲之後，我可以告訴你，我們對它的潛力感到非常興奮。

Your next question comes from the line of Jamie Bass with Berenberg.

你的下一個問題來自 Jamie Bass 與 Berenberg 的合作系列。

I just got a couple if that's okay. Firstly, you were talking about the positive sort of metrics within mobile coming back to the levels they were at pre-IDFA. Two things on that. Firstly, could you give us sort of an indication of what your expectations are for the key core franchises as in not bringing in Apex mobile and the stuff you already had within the mobile franchise. And then second question is on the more boring topic on developer cost inflation or wage inflation. Do you have sort of an outlook for what you're expecting this year in terms of new hires, whether you're expecting a certain percentage in terms of how much actually you need to pay to bring on new developers?

我剛收到幾個問題，可以嗎？首先，您剛才提到行動端的一些正面指標正在恢復到IDFA之前的水平。關於這一點，我有兩點想問。第一，您能否大致說明一下您對核心遊戲系列的預期，例如除了Apex Mobile之外，目前在行動端已有的遊戲系列。第二個問題是關於開發者成本或薪資上漲這個比較枯燥的議題。您對今年的新進員工招募有什麼預期？您是否預計需要支付多少費用才能招募到新開發者？

Maybe I'll start with the second one and then we'll move back to the first one. Certainly, I think the competition for great talent has always been incredibly high in our industry, and that's no different now. When we think about hiring new talent and we talk to candidates, they really make employment decisions based on 4 key vectors: what is the work they're going to do; who are the people they're going to do it with; of course, what is going to be the compensation; and their opportunity to learn and grow.

或許我會先從第二個問題開始，然後再回到第一個問題。當然，我認為我們這個行業對優秀人才的競爭一直都非常激烈，現在也不例外。當我們考慮招募新人才並與候選人交談時，他們做出就業決定主要基於四個關鍵因素：他們將要從事的工作內容；他們將與哪些人一起工作；當然，還有薪酬待遇；以及他們的學習和發展機會。

And as we lean into hiring, we really lean into all 4 of those vectors and try and create a culture where this is a great place to make games. And we were able to hire record numbers in FY '22 even amidst what was already a very competitive marketplace. We expect to continue hiring. I think that we've been recognized by a number of surveys as an extraordinary place to work and we've really focused on the culture of our company and ensuring that we are a great place to come and create games.

隨著我們加強招募力度，我們真正關注這四個方面，並努力創造一種讓這裡成為遊戲開發理想之地的企業文化。即使在競爭異常激烈的市場環境下，我們在2022財年仍然實現了創紀錄的招募人數。我們預計未來將繼續招募。我認為，許多調查都認可我們是一個卓越的工作場所，我們一直致力於打造公司文化，確保這裡成為遊戲開發的理想之地。

That doesn't mean we won't be challenged in the marketplace. I think it's going to be more and more challenged. But so far, we have not had trouble hiring incredible talent. And we brought in some amazing new creators and people across our business, quite frankly, through FY '22.

但這並不意味著我們在市場上不會面臨挑戰。我認為挑戰只會越來越大。但到目前為止，我們在招募優秀人才方面一直都很順利。坦白說，在2022財年，我們為公司各部門引進了一些非常優秀的新創意人才。

And on your question specifically, as I commented in my comments, in my prepared remarks about the IDFA changes, it is something we're still working through. We have seen some positive movement toward reaching the levels pre-IDFA. And we feel optimistic that we're sort of through the tougher part of it, and we feel good about the outlook from here.

關於您提出的具體問題，正如我在準備好的演講稿中提到的，IDFA 的變化是我們仍在努力解決的問題。我們已經看到一些積極的進展，正在朝著 IDFA 實施前的水平邁進。我們樂觀地認為，最艱難的階段已經過去，對未來的前景充滿信心。

And that brings us to the end of the call today. I'll catch up with you afterwards, Jamie. So I was just going to say, that brings us to the end of the call today. So thanks, everyone, for your time, and we look forward to speaking to you in the next quarter. Thank you so much. Thank you all.

今天的電話會議到此結束。傑米，之後我會再聯絡你。我剛才想說的是，今天的電話會議到此結束。感謝大家抽出時間，我們期待下個季度與大家再次交流。非常感謝。謝謝大家。

And this concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。