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.

下午好。我的名字是查理，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加電子藝界 2022 年第四季度收益電話會議。

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

投資者關係副總裁 Chris Evenden 先生，您可以開始會議了。

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.

謝謝你，接線員。歡迎參加 EA 的 2022 財年第四季度財報電話會議。今天和我在一起的是我們的首席執行官安德魯·威爾遜；和我們的首席財務官 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 SEC 文件和我們的收益發布可在 ir.ea.com 上找到。此外，我們已經發布了收益幻燈片，以配合我們準備好的評論。最後，在電話會議之後，我們將發布我們準備好的評論、這次電話會議的音頻重播、我們的財務模型和成績單。

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.

關於我們的日曆，我們的 2023 財年第一季度財報電話會議定於 8 月 2 日星期二舉行。作為提醒，我們在 IR 網站上發布了全年即將舉行的財報電話會議的時間表。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. 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.

本演示文稿和我們的評論包括有關未來事件和公司未來財務業績的前瞻性陳述。實際事件和結果可能與我們的預期大相徑庭。我們向您推薦我們最近的 10-Q 表格，以討論可能導致實際結果與今天討論的結果大不相同的風險。 Electronic Arts 於 2022 年 5 月 10 日發布這些聲明，並且不承擔任何更新這些聲明的義務。

During this call, the financial metrics, with the exception of free cash flow, 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.

在本次電話會議期間，除自由現金流外的財務指標將按公認會計原則呈現。除非另有說明，否則在本次電話會議期間進行的所有比較均與上一年同期進行。

Now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

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。我希望你們都很好。首先，我要感謝 Electronic Arts 令人難以置信的團隊。我們擁有業內最有才華的人，他們每天都表現出熱情、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 Chris Suh。 Chris 於 3 月加入我們，擔任新任首席財務官。他是一位非常合格的領導者，我期待著我們的合作夥伴關係，因為我們推動了我們下一階段的增長。

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 22 財年實現了盈利增長，這是我們業務各項重要指標的創紀錄年份：玩家總數、對我們遊戲和直播服務的參與度、淨預訂量和基本利潤。在 EA SPORTS FIFA、Apex Legends 和 The Sims 等新玩家加入遊戲的推動下，我們將全球玩家網絡擴大到超過 5.8 億個獨立活躍賬戶，以及我們從收購中歡迎的新玩家。

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.

我們廣泛的 IP 組合的實力、我們的創意人才 - 以及頻繁出現的收入流 - 繼續推動我們業務的增長。我們實現了 75.15 億美元的淨預訂，基本利潤增長了 20% 以上。這是創紀錄的一年，我們才華橫溢的團隊迎接挑戰，極大地激發和娛樂了全球數億參與玩家。

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.

遊戲現在已成為人們生活的核心，年輕觀眾作為消費者擁有更大的權力。 Gen Alpha、Gen Z 和千禧一代是數字原住民，他們是遊戲第一代。他們將游戲視為娛樂的第一選擇。娛樂和體育的消費是深度社交的，我們網絡中的玩家使用遊戲與朋友保持聯繫並表達自己。

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.

娛樂的未來是互動的，我們從 3 個結構性優勢中獲得力量：我們的 IP、我們令人難以置信的人才和我們不斷增長的玩家網絡，他們深入參與我們的直播服務。

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，我們的IP。一切都從精彩的遊戲開始，我們將繼續投資於所有娛樂領域最強大的 IP 組合之一。 Apex Legends 將在各個維度上不斷擴展。新玩法即將登陸主機和PC直播服務；我們的新移動服務本月在全球推出； 2022 Apex Legends 全球電競系列賽的總決賽將於 7 月舉行。 EA SPORTS & Racing 將在 23 財年顯著增長。今年我們有 6 個新的 EA SPORTS 遊戲，還有更多正在開發中。我們今年和未來幾年的管道包含我們迫不及待地想讓玩家體驗的大型 IP，包括《極品飛車》、《死亡空間》、《星球大戰》、《模擬人生》、《滑板》、我們的 Bioware 特許經營權和《指環王》。我們在西雅圖的 2 個新工作室正在開發新項目，我們的 Motive 工作室有一個未宣布的頭銜正在開發中，我們的全球工作室團隊正在進行更多工作。

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，我們擁有世界上最優秀的人才。製作出色的遊戲始於出色的遊戲製作者。通過我們的業務創新，我們的員工使 Electronic Arts 成為一個理想的工作場所，從提供安全可靠的平台到講述激動人心的故事和培養我們的下一代創作者。我們是一個由領導者組成的集體團隊，他們每年共同提供業內最廣泛的產品組合之一，同時繼續開拓新體驗。我們為我們來自 EA 各個部門的獨特人才感到自豪，他們繼續大規模地提供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，我們擁有龐大的不斷增長的玩家網絡，他們深入參與我們的直播服務。為了提供規模感，我們在整個投資組合中擁有更多的每日、每周和每月活躍玩家。 FIFA Mobile 創下了有史以來最大的季度記錄，新玩家數量同比增長近 80%，Apex Legends 是業內頂級的現場服務遊戲之一。展望未來，我們正在投資各種方式，讓粉絲們可以通過玩耍、觀看或創作來共同擁有令人驚嘆的共享體驗。通過我們的控制台、PC 和移動直播服務；通過電子競技；通過其他原創內容；借助釋放玩家創造力的工具，我們將發展已經成為世界上最大、參與度最高的娛樂社區。

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，我們宣布從下一財年開始，我們的足球體驗將轉移到一個新的 EA SPORTS FC 品牌之下。這對我們和我們的粉絲來說都是一個激動人心的時刻。我們剛剛度過了 EA SPORTS FIFA 遊戲有史以來最重要的一年，我們為超過 1.5 億個獨立賬戶的玩家提供了近 30 年的互聯體驗。擁有 300 多個許可合作夥伴、30 個聯賽和聯合會、700 支球隊和 19,000 名運動員，全球足球的未來是巨大的。我們很高興能夠發展 EA SPORTS FC。這將是球迷可以在歐洲冠軍聯賽、南美解放者聯盟、英超聯賽、德甲聯賽、意甲聯賽、西甲聯賽、美國職業足球大聯盟和許多其他聯賽中踢球的唯一場所。

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.

我們的全球足球專營權長期以來一直處於創新的前沿。從第一個等距遊戲角度，到在線遊戲、Ultimate Team 和 Women's Teams——The Journey 的第一個敘事故事模式，再到 VOLTA，再到 Hypermotion——我們一再提供新的遊戲玩法。我們感謝與 FIFA 多年來的良好合作關係，我們期待在今年晚些時候推出另一款完整的 EA SPORTS FIFA 遊戲，其中充滿了出色的功能和世界杯內容。然後新時代從明年開始，EA SPORTS FC。 EA SPORTS FC 在全球擁有超過 35 億足球和足球迷的總目標市場，將成為足球迷中心的真實、包容和身臨其境的全球娛樂資產。

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.

我們圍繞強大的 IP 構建了令人驚嘆的遊戲，由非常有才華的團隊製作。我們擁有超過 5 億玩家賬戶的網絡。在社交聯繫和共享體驗的推動下，我們在遊戲和現場服務中擁有出色的參與度。以這些優勢為核心，23 財年將成為 Electronic Arts 創新、成長和領導力的一年。

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，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，22 財年是創紀錄的一年，淨預訂額超過 75 億美元。由於我們廣泛的直播服務和遊戲組合中玩家參與度不斷提高，這比我們最初的指導高出 2 億多美元。我們全年的淨預訂量和基本利潤均增長了 20% 以上。全年經營現金流為 19 億美元，比我們最初的指導高出近 1.5 億美元；我們向股東返還了近 15 億美元。這些結果說明了我們多元化產品組合的力量，以及建立在深度玩家參與基礎上的實時服務業務的持久性和一致性。

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.

第四季度，淨預訂額為 17.5 億美元，比去年同期增長 18%，達到第四季度的新高，即使我們在該季度採取了停止在俄羅斯和白俄羅斯的銷售的行動。直播服務淨預訂量同比增長 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.

我們第四季度的淨收入超過 18 億美元，超出了我們的預期，同比增長 36%。基本利潤遠高於我們的預期。

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.

由於一些營銷和銷售活動的時間安排，第四季度的運營費用低於我們的預期。我們將繼續優先考慮我們對最佳長期增長機會的投資，同時保持敏捷以實現成本節約並在適當的情況下實施效率。

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.

我們在本季度產生了 4.44 億美元的運營現金流，並通過股息和我們正在進行的股票回購計劃向股東返還了 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.

現在讓我談談我們全年的表現。直播服務淨預訂量同比增長 17%，達到近 54 億美元，占我們總業務的 71% 以上。完整遊戲銷售額增長 34% 至 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.

我們健康的直播服務增長得益於我們基礎廣泛的產品組合的實力，尤其是 Apex Legends 和 FIFA。 Apex Legends 全年增長超過 40%，超過了 20 億美元的終生淨預訂量里程碑。第 12 季昨天結束，是有史以來最成功的。當然，Apex Legends Mobile 在測試中表現良好，即將推出。 FIFA 22 是迄今為止推出的最成功的 FIFA，淨預訂量達到兩位數。

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.

完整遊戲的銷售增長同樣多樣化，戰地、FIFA 22、Madden NFL、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.

在遊戲機上，數字版佔完整遊戲銷量的 65%，比去年增加了 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.

在移動領域，我們今年以近 12 億美元的淨預訂量突破了 10 億美元的里程碑。由於我們團隊的出色工作，我們的廣告支出回報現在大致回到了 IDFA 更改之前的水平。現在，我們希望保持 ROAS 水平，因為我們將支出規模恢復到以前的水平，並且隨著我們繼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.

在我們的全部產品組合中，12 款遊戲為 22 財年的淨預訂量貢獻了 1 億美元或更多。

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.

現在讓我談談 23 財年。正如安德魯所說，我們正以強勢的姿態進入這一年。我們的直播服務參與度很高，我們的移動發布有很好的早期指標，我們的年度體育項目繼續保持勢頭，下半年計劃推出大量遊戲機遊戲。

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 23 財年的淨預訂量將在 79 億美元至 81 億美元之間，比 22 財年增長 5% 至 8%，這主要得益於直播服務（尤其是移動服務）的增長，並受到下半年強勁發布計劃的支持。我們在 23 財年的移動增長的三個主要驅動力是： Apex Legends Mobile 的推出； FIFA Mobile 的增長；以及今年晚些時候推出的《指環王：中土英雄》。

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.

相對於去年，對於淨預訂和基本利潤，外匯是近 3 個點（扣除對沖）的逆風，這使我們的淨預訂指引按固定匯率計算在 8% 至 10% 之間。此外，停止俄羅斯銷售對淨預訂量的影響為 1 個百分點，對基本利潤的影響為 2 個百分點。調整這些因素後，我們繼續看到健康的基本表現，這說明了我們的實時服務組合的持久性。

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，部分反映了我們移動業務的預期強勁增長。

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.

我們預計運營費用為 42 億美元至 43.15 億美元。這是由我們的 2 個主要移動發布的用戶獲取投資以及為我們的開發團隊增加人才來提供我們在 24 財年、25 財年及以後開發的實時服務和標題板推動的。

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，我們已將長期模型使用的管理稅率從 18% 提高到 19%，這主要是由於 1 月份公佈的美國稅收規則。

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.

我們預計運營現金流為 16 億美元至 16.5 億美元，資本支出約為 2 億美元，這將帶來約 14 億美元至 14.5 億美元的自由現金流。該業務繼續成為強大的現金產生者，儘管同比數字略有下降，這主要是由於我們最大的非體育項目將於第四季度推出，在 24 財年進行收藏，而且還因為我們的稅收率增加了。

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.

我們將繼續致力於發展我們的現金回報計劃，今天宣布我們將每季度支付的股息從每股 0.17 美元提高到 0.19 美元，增幅為 12%。我們預計將在我們目前的授權下繼續回購股票，我們將在接近 2022 年 11 月到期時重新審視它。

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 23 財年 GAAP 收入為 76 億美元至 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.

我們預計第一季度的淨預訂量為 12 億至 12.5 億美元。提醒一下，在上一年，我們在第一季度推出了許多新遊戲，而這個第一季度主要是現場服務，本季度晚些時候僅在控制台和 PC 上推出了 F1 22。相比之下，即將到來的第二季度的概況與去年第二季度非常相似，推出了 Madden 和 FIFA，加上一些直播服務的增長，被一些 Ultimate Team 的淨預訂量逐步進入第三季度所抵消。

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.

對於第一季度，我們預計 GAAP 淨收入為 16.75 億美元至 17.25 億美元，收入成本為 3.09 億美元至 3.21 億美元，運營費用約為 10.13 億美元。這導致本季度每股收益為 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，在我們多元化遊戲組合的強大玩家參與度的推動下，EA 再次創造了創紀錄的一年，遠遠超過了我們最初的指導。展望未來，我們將利用實力投資於我們的未來。我們希望超越市場，在不確定的時期表現出韌性，在實時服務和我們廣泛的產品組合的基礎上實現長期增長。

Now I'll hand the phone back to Andrew.

現在我會把電話還給安德魯。

Thanks, Chris.

謝謝，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.

在我們啟動 '23 財年時，我們正在從實力的位置進行投資以實現增長。憑藉令人驚嘆的 IP、最優秀的人才和不斷增長的高度參與玩家網絡，我們正在擴大規模，在更多地區的更多平台上提供新體驗。我們的總目標市場正在擴大，長期趨勢正在推動更多的互動娛樂消費。我們的遊戲具有很強的社交性，我們將繼續加強我們的實力，同時投資發展我們最大的特許經營權，以便在未來與更多玩家建立聯繫。我們有清晰的願景、清晰的戰略，我們擁有一支出色的團隊，準備在 23 財年為全球數億玩家、觀眾和創作者提供服務。

Now Chris and I are here for your questions.

現在克里斯和我來這裡是為了你的問題。

(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?

看起來排除了外匯，你們增加了你的指導而不是中高個位數，不包括外彙和俄羅斯，也就是說，與你在第三季度電話會議上傳達的高、中個位數相比。首先，是這樣嗎？其次，自第三季度電話會議以來，是否更清楚地表明，在 COVID 鎖定期間加入的遊戲玩家的流失已經結束，隨著 2022 年的展開，每位付費用戶的平均收入將保持在大流行期間的高點附近？

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.

偉大的。感謝你的提問。我將首先從第一部分開始，然後將其交給 Andrew，他也可以對您問題的第二部分發表評論。所以從指導的角度來看，你的數學是正確的。美元走強的影響正常化，我們闡述了淨預訂量的 3 個百分點以及俄羅斯做出的決定的影響，這實際上使等效指南更多地處於高個位數等值水平，略高於我們在上次財報電話會議中給出的信號。因此，這表明我們如何以強大的玩家參與度完成了本季度，我們對前景感覺良好。

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.

由於它與玩家參與度以及我們在一段時間內從中看到的價值有關，我認為您在整個 COVID 期間從我們那裡聽到的是，玩家一開始是出於娛樂原因尋找我們的遊戲，但他們深深地留在了從事他們不僅僅是娛樂。他們真的把遊戲看作是與他們的基本朋友建立深度社交聯繫的一種方式。這就是與您共度大量社交時間的 4 或 5 個朋友。即使我們正在超越 COVID 並且人們正在重返工作崗位並重返生活並重返學校，我們所看到的是，我們的參與度仍然非常非常強大，並且在許多情況下，我們的一些特許經營權記錄在案水平。鑑於我們正在開發和提供的娛樂水平，鑑於社交互動作為這些體驗的一部分的價值，我們認為這將成為我們增長的持續動力。

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

您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，就在國際足聯執照上。我想知道您是否可以多討論一下放棄這一決定的決定，以及考慮到品牌轉變，您如何考慮潛在風險，但也考慮到終止許可證如何讓您自由的好處與過去相比，某些收入機會將受到限制。

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。好問題。正如你們今天從我們的新聞稿中看到的那樣，讓國際足聯在他們自己的網站上確認一些事情，我們一直在努力解決這個問題。我們對足球的未來感到非常興奮。正如您在準備好的評論中所聽到的，我們擁有 300 多個許可證，這些許可證提供內容並形成我們為玩家提供的對他們最有意義的體驗。我們擁有超過 1.5 億名不同帳戶的玩家。因此，當我們現在考慮足球的未來時，我們確實做出了這個決定，因為我們能夠提供我們球員想要的體驗。

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的遊戲方式。他們告訴我們，他們希望在比賽中看到更多對廣泛的全球足球世界具有代表性和真實性的商業合作夥伴。他們告訴我們，他們希望我們超越核心體驗，真正構建這種數字足球體驗。他們告訴我們，他們希望我們行動得非常非常快。

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，在我們度過難關之際，我們再次對我們與國際足聯近 30 年的關係深表感謝，並對這種夥伴關係深表敬意。我們作為兩個組織密切合作，以確保我們能夠在今年提供有史以來最大規模的 FIFA，其中首次包含男足世界杯和女足世界杯的世界杯內容。我們努力做到這一點，因為我們相信這對我們的粉絲很重要。除此之外，我們很高興與我們的 300 多個合作夥伴以及我們將有機會合作的所有新合作夥伴合作，提供我們認為將是可用的最棒的數字足球體驗，並坐在全球足球迷的中心。

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。也許只是一個後續，你稍微觸及了它，但你如何具體考慮營銷 EA SPORTS FC 品牌？廣告費用會不會出現最初的上漲，或者您是否可以主要利用缺乏許可費的優勢？

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。我認為現在說還為時過早。我們當然對此非常深思熟慮。不過要了解的重要一點是，當您環遊世界並遇到真正深入參與我們比賽的球員時，對於英國球員來說，對他們來說最重要的是英超聯賽。對於一名德國球員來說，對他們來說最重要的就是德甲聯賽。在西班牙，當你環遊世界時，它就是西甲等等。

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.

我們現在關注的是為每個粉絲和每個市場打造非常獨特的體驗。你今天看到的是，我們的許多合作夥伴都站出來支持我們為粉絲做這件事的能力。因此，可以肯定的是，任何時候您更改產品名稱時，您都必須非常周到，我們當然必須考慮在這方面進行營銷。但是，在我們進入下一個增長階段時，讓我們充滿信心的是，我們正在與合作夥伴以及我們的粉絲最喜歡和最直接相關的內容合作，這些內容在他們從事這項工作的市場中進行。

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

您的下一個問題來自德意志銀行的 Benjamin Soff。

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?

我想深入研究一下移動業務。您的移動版 Apex 即將推出。 FIFA Mobile 的改造似乎做得非常好。你宣布了新的指環王遊戲，並在體育方面做了一些其他的事情。所以真正的問題是，你們如何看待移動增長機會？自去年為該業務制定長期增長目標以來，您的前景有何變化（如果有的話）？

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，很好的問題。我的意思是，我們仍然對移動領域的機會感到非常興奮。它仍然是世界上最大的單一遊戲平台，擁有 35 億玩家。就這樣，擁有這種 TAM 訪問權限對於我們作為遊戲製作者並向觀眾提供實時服務來說是非同尋常的。

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.

我們現在正在測試中看到關於 Apex Legends 的非常好的指標，並將於今年晚些時候推出。國際足聯迎來了有史以來最大的一個季度。我認為用戶激增了 80%。而《指環王》來自我們最強大的移動工作室 Capital Games，他們開發了這類游戲，為我們做得很好，擁有如此狂熱的粉絲。

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，當我們考慮在移動領域向前發展時，我們認為我們擁有的品牌、我們擁有的專業知識、我們在內部有機建立的以及我們通過最近的移動收購獲得的對我們來說是一個非常強大的機會。長期。請記住，當您發布這些遊戲時，它們會作為實時服務持續 5 年以上。你今年看到的是除了我們現有的產品組合之外，我們還推出了 3 個大型產品，這些產品組合非常強大，我們將長期投資於這方面。

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?

知道了。然後也許只是對 F1 的快速跟進。我相信這個即將推出的遊戲是自收購以來你們真正能夠留下指紋的系列中的第一款遊戲。所以你能多談談你的特許經營計劃，你為遊戲帶來的創新類型嗎？

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。那支球隊是一支非凡的球隊，總是創造出令人難以置信的高質量遊戲。這確實是此次收購將其帶入 EA SPORTS 品牌組合的動力。正如您可能已經看到的那樣，如果您關注這項運動，那麼 F1 的狂熱度將達到歷史最高水平。去年我們在漢密爾頓和維斯塔潘之間度過了一個非凡的賽季。今年我們看到了一個令人難以置信的賽季，法拉利在車隊積分榜上領先，勒克萊爾和其他人真正推動了維斯塔潘。所以在我們的世界裡，如果你到達了一個體育迷參與度高且核心運動高的地方，然後你將與一個非凡的開發團隊結合起來，他們擁有構建極高品質產品的歷史和記錄然後你再加入 EA SPORTS 的營銷能力和全球影響力，我們認為那裡有難以置信的機會。我們認為業務將不斷發展壯大。

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

您的下一個問題來自 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?

我很想知道您將在 Apex Legends 移動版上花費的營銷投資，然後您獲得了指環王，而您仍處於移動版 FIFA 的相對早期階段。我們是否應該考慮投資否定這些遊戲帶來的大量收入，並且真的，您希望在 23 財年擴大玩家群，然後考慮在 24 財年擴大利潤率？

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.

我認為這是一個很好的思考方式。現實情況是，任何時候我們開發一款遊戲並發布一款遊戲，都會有開發成本和營銷成本的結合，才能發布並獲得足夠數量的玩家，並對其進行排序。它在移動設備中與在傳統控制台體驗中非常不同。當然，傳統的控制台體驗，您可以在開發上花費 2、3、4 年，在某些情況下甚至 5 年，而且前期開發花費非常多。然後營銷支出的比例要低得多。

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.

在移動端，開發成本較低。早期增加新產品發布的收購支出更高。但請記住，這些是實時服務。我們正在做的是，我們在發布之初就推動了一個黃金隊列，這個隊列將繼續為我們在接下來的 5 年多的時間裡提供我們所建立的回報。很早之前，您就會看到移動環境中的利潤壓縮。隨著時間的推移，您會看到利潤增加和利潤擴大，這些現場服務成為全球玩家社區，持續玩 5 年以上；在某些情況下，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。也許我可以補充一點，埃里克。當您有機會了解我們提供的模型和指導時，您會看到指導和成本結構中隱含了它，這就是重申 Andrew 提出的觀點的重點，我們很興奮關於我們在移動領域的機會。它代表了巨大的 TAM 機會。我們對今年的存儲感到興奮。這是一個不同的保證金狀況，尤其是在短期內。但正如安德魯指出的那樣，一旦我們擴大規模，我們就會看到巨大的收入和利潤機會，我們對未來的機會感到非常興奮。

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?

偉大的。然後作為後續行動，我相信你說過，安德魯，今年有 6 個新的運動項目。我想知道你是否可以給它一點顏色。這些是手機遊戲嗎？這些是新的PC、主機遊戲嗎？你能告訴我們什麼？

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.

所以這是您期望我們加上 F1 的角色陣容。這就是我們的 FIFA 產品。那是NHL。那是麥登 NFL。那是F1。我們有一個新的高爾夫遊戲。我現在正在努力思考。你讓我措手不及。還有超級超級棒球，這是收購的財產。所以，是的，這是跨控制台、PC 以及在某些情況下，移動設備。

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

您的下一個問題來自 Drew Crum 和 Stifel 的系列。

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?

我想深入了解 Apex Legends。您正在完成 40% 以上的比賽，同時也在移動設備上發布。您對 23 財年的特許經營淨預訂量有何期望？既然這將在移動設備上進行，您是否會對整個系列的實時服務或內容下降的節奏做出任何改變？

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。不，這是一個很好的問題。感謝你的提問。正如您正確指出的那樣，Apex Legends 在 22 財年的財務指標以及 Andrew 採訪的所有玩家參與度數據都表現出色。因此，我們對我們如何結束這一年感到非常興奮，並以很大的勢頭從中脫穎而出。

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.

我們確實計劃在 23 財年再次實現盈利增長。這對我們來說是一個很大的特許經營權。這是一項大生意。因此，我們將看到控制台和高清方面的持續增長。除此之外，隨著 Apex 移動版的發布，我們預計這將是我們在移動版上進行過的最激動人心的發布之一。因此，這兩者的結合表明 Apex 移動或 Apex 傳奇業務的發展充滿了樂觀和力量。

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.

在內容掉落和體驗更新和活動的節奏方面，Respawn 團隊和 Apex 團隊在過去 2 年多的時間裡再次展示了與他們社區的非凡聯繫。他們已經能夠準確地弄清楚何時以及如何製作社區想要和需要的物品和物品。因此，我們沒有硬性規定什麼時候會發生掉落。我們真的允許團隊與社區深入合作。但我認為隨著特許經營權的不斷發展以及我們在移動設備上的發展以及在全球範圍內的發布和發展，我認為有理由相信隨著時間的推移，將會有越來越多的內容髮佈到世界上，並且從今天開始的新賽季，在創紀錄的第 12 賽季之後，我們預計將繼續表現良好。我知道紐卡斯爾是新的傳奇，被廣泛認為將是遊戲體驗中的偉大傳奇之一。

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

您的下一個問題來自 Colin Sebastian 和 Baird。

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。也許只是對最後一個問題的快速跟進，首先。我猜想在 Apex 上發布的 Legends 可能會有一些變化。很好奇你認為這可能會如何影響參與度或未來故事的每一個貢獻。然後另一個問題是，儘管有這些結果，我想知道，安德魯，你認為遊戲機和 GPU 芯片等持續供應短缺對增長的影響是什麼？從這個角度來看，前景中還考慮了哪些因素？

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。所以讓我談談前 2 個，然後讓 Chris 來看看前景。同樣，我認為每次團隊發布新內容、新活動時，我們都會看到參與度不斷提高，並展示了一種非凡的能力，能夠真正理解那些將推動我們社區持續參與的事物。所以我不認為我們會看到更多內容的參與度下降，恰恰相反。我認為隨著我們進入更多平台並隨著時間的推移建立我們的參與模式，我認為我們會看到越來越多的觀眾，我認為我們會看到越來越多的參與。到目前為止，這就是我們的經驗。

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.

在供應鏈短缺方面，我們剛剛結束了創紀錄的一年。我們幾乎在每一項措施上都取得了勝利，即使面對幾乎可以肯定的是圍繞遊戲機、芯片組和顯卡以及這些類型的東西的供應鏈短缺。很難知道那會有多大。我不得不想像，如果有更多的遊戲機、更多的 PC 和更多的顯卡，我們的結果可能會更好，但我們對我們的結果非常滿意，我們期待隨著供應鏈問題開始緩解和更多的遊戲機最終進入市場，更多的顯卡和更多的 PC 可用性，更多的遊戲玩家將可以使用更高質量的機器，最終將推動我們的參與。如果你回顧過去，在每一次平台轉換、每一次技術演進中，遊戲 TAM 和遊戲社區都在廣泛發展。所以我認為這對我們來說只是有利的一面。

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.

我將補充 Andrew 的精彩總結。從市場的角度來看，從我們的業務構成來看，我認為這是真正說明實時服務業務模式的彈性的事情之一，在我們的業務中占我們業務的 71% 或超過 71% '22，明年它將作為我們業務的一部分增長，尤其是隨著移動設備的推出。所以從一個角度來看，我們對此感覺很好。這一切都嵌入到您聽到我們詳細討論的指南中。具體到遊戲機市場，我們預計第 5 代遊戲機單元將同比增長，這也將為整個業務帶來額外的順風。

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

您的下一個問題來自 Jefferies 的 Andrew Uerkwitz。

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

查理，我想他掉線了。所以我們可以進入下一個。

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

您的下一個問題來自 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.

如果可以的話，安德魯和克里斯，兩個相互關聯的人。我要問一個早先提出的問題，但方式有點不同。自從你們談到上個季度中高個位數的預訂增長以來，正如你們所暗示的那樣，有很多增量逆風。所以我的第一個問題是，當您考慮 23 財年與您 3 個月前的想法相比時，您的計劃是否有任何變化？那是問題一。

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，石板談到了第四季度的一個主要IP。我只是好奇是否有理由說明這在第 4 財季會比在第 3 季度的傳統假日季度表現更好，因為傳統的假日季度通常可能會投入大量 IP。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.

然後最後，也許，安德魯，你可以談談從在家工作到回到辦公室的過渡，這如何影響生產力，以及這可能如何讓你相信你可以釋放這些頭銜，因為你在下半年確實有很多，包括在第四季度。因此，根據您在生產力趨勢中看到的情況，我只是好奇您對此的滿意程度。

Okay. So there was a lot in there.

好的。所以里面有很多。

Three parts.

三個部分。

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的情況是，我們將板岩變化作為一個額外的元素。對此的簡短回答是否定的。我們仍然相信我們的陣容很強大。

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，我們在第四季度有一個主要的 IP，為什麼不在假日季度這樣做。我會說兩件事。一是我們希望盡可能獲得最高質量的遊戲。我們致力於質量。我們致力於為我們的開發團隊提供構建出色遊戲並將其交付給全球觀眾所需的所有時間。

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，在此基礎上，我還要強調，我們的業務性質正在發生變化。正如 Chris 所指出的，我們 71% 的業務來自實時服務。因此，這些在我們行業中長期以來一直非常重要的傳統發布窗口，現在在一個玩家日復一日、周復一周、月復一月地玩我們的遊戲的世界中不再那麼重要了.因此，不斷變化的參與性質、我們的遊戲消費以及我們渴望為我們的團隊提供獲得最佳遊戲體驗所需的所有時間的強烈願望的結合，確實是推動第四季度發布的真正原因。

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在家工作的，看起來怎麼樣。我想說，現在還為時過早。我們看到越來越多的人回到辦公室。再一次，那裡仍然有新冠病毒的浪潮，我們在某些地區看到了一些上升的數字。好消息是，感染的嚴重程度或感染症狀的嚴重程度似乎遠低於 COVID 的初始波和階段。所以我認為這對人類來說是廣泛的。當然，我們看到回歸辦公室的方式正在經歷其一般迭代。

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.

就我對全年發布遊戲的信心而言，我有很強的信心，主要是因為在這 2 年裡，我們在這段時間裡發布的內容比任何其他視頻遊戲開發商和發行商都多。我們的團隊表現出令人難以置信的堅韌和令人難以置信的財力。我們確實利用了我們平台技術的力量，即使在家工作也能繼續提供遊戲。因此，隨著人們重新聚在一起，我們可以看到更多的合作，我認為事情會變得更容易。但即使這最終比我們希望的要慢一點，考慮到我們團隊的聰明才智，我仍然對我們今年推出全系列高質量遊戲的能力充滿信心。我想這就是全部。

I think you got them.

我想你得到了他們。

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

您的下一個問題來自 Benchmark Company 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.

偉大的結果，伙計們。第一個問題，我想，只是關於經濟。安德魯，我認為已經有一段時間了，因為該業務受到了經濟衰退的打擊。那麼我們是否會陷入衰退，誰知道呢？你如何看待你的玩家社區現在你的服務與高級、數字與實體之間的關係？如果我們在這裡確實遇到經濟衰退或可自由支配的支出向免費遊戲方向回落，你會想像某種混合轉變嗎？只是想了解您的玩家社區，然後您如何將其納入您的指導？然後我有一個跟進。

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。有點混亂，邁克。很抱歉，但我認為問題的要點是，在宏觀經濟環境存在的情況下，我認為你提到了衰退的概念，我們如何看待這個問題？我們如何考慮制定我們的計劃，可能特別是您正在考慮運營支出。我認為，克里斯也可以在這裡權衡，在我們開始新的一年時，我們對此進行了非常深思熟慮。當然，有些人比我們聰明得多，他們可以預測隨著時間的推移宏觀經濟的結果會怎樣。

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.

這就是我們所看到的。我們看到我們正在以創紀錄的表現結束這一年。我們看到我們的網絡急劇增長，參與度也在急劇增長。我們看到我們的遊戲不僅用於娛樂，還用於社交互動和社交聯繫。因此，這使我們對長期業務的基本面充滿信心。

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.

當我們回顧過去可能受到挑戰的消費者支出時，我們的行業和我們的遊戲實際上做得非常非常好，原因有兩個。一，娛樂確實是人類的基本需求。第二，我們提供的娛樂形式對消費者來說具有極高的價值，因為您在玩我們的一款遊戲時可以獲得數千小時的參與度。所以我們的期望是，即使在宏觀挑戰的環境中，我們的行業和我們的遊戲也將繼續表現良好。

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.

我們擁有的另一件事是，我們回過頭來真正研究過這一點，然後你研究它，你會發現那些可以從實力地位投資的公司進入一個看起來像我們這樣的環境'當你從中走出來時，實際上會獲得不成比例的好處。

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.

所以我認為如果你考慮到我們擁有不斷增長的網絡、不斷增長的參與度、創紀錄的表現，我們的遊戲滿足了娛樂和社交互動，如果你回顧歷史，我們的行業在這樣的時候表現得非常好.當你利用我們的業務實力和我們今年投資新遊戲以及我們為未來開發的遊戲的能力時，我們覺得我們已經把自己置於一個非常強大的位置，即使我們要進入具有挑戰性的宏觀逆風。

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，我們已經在計劃中建立了靈活性。您應該知道，在我們進行此過程時，我們將在成本方面受到非常嚴格的約束。如果有一些我們無法預料的事情，我們的模型中有可以讓我們進行調整的槓桿。但我們確實相信，當我們進入這個市場時，最好從實力位置進行投資。

Well, I think, Andrew, that was good.

嗯，我認為，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，希望你能聽到我的聲音。微軟和索尼有點像，這就是謠言，他們想在免費遊戲體驗中添加廣告，這可能是幫助開發者從他們的玩家社區中獲利的一種方式。當然，你們可以回到倦怠天堂，因為在那場比賽的廣告牌上嘗試這個想法而臭名昭著。很明顯，這個想法在玩家社區中引起了很多爭論。但只是有點好奇你對免費遊戲中的廣告貨幣化是否有意義的想法，然後你如何平衡玩家體驗。

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，我認為你在我們開始的地方完成了，這就是玩家體驗。我們希望確保玩家體驗是我們可以提供的最佳玩家體驗。這就是為什麼您會看到我們隨著時間的推移測試各種模型。有些繼續，有些我們已經停止，因為我們盡可能地維護最好的玩家體驗。

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.

我們通常在娛樂媒體甚至遊戲中看到的情況，尤其是現在的手機遊戲中，你會看到如果做得好，廣告就有一席之地。並且有一部分社區在獲得選擇時會參與廣告，這有利於他們的遊戲體驗。

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.

我認為當我們將 Glu 引入我們的組織時，我們已經從 Glu 那裡學到了一些東西。我們已經在整個行業中看到了這一點。所以你應該期望我們會繼續測試不同的東西，首先確保我們堅持最好的玩家體驗。但是，如果有觀眾願意選擇參與廣告，他們就有能力這樣做。我們希望向他們提供這一點。

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里奧·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?

第一個是今年的國際足聯冠軍。我相信你們已經在 FIFA 22 中測試了交叉遊戲支持。所以我認為它們會在 23 年推出。那麼交叉遊戲在玩家參與度方面的影響是什麼？然後類似地，你能提醒我們在 FIFA 中加入世界杯模式帶來的提升幅度有多大？

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.

讓我從 FIFA 的世界杯模式開始。再說一次，在現場服務的背景下，我們總是在時間投資和社區資金投資之間取得平衡。在任何給定的時間點，根據該遊戲世界中正在發生的事情，在這種情況下，在足球世界和遊戲社區中，我們將尋求利用新內容、新事件和新體驗來推動更大的參與度並為玩家提供新的有趣的事情，或者這可能是一個貨幣化機會。

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.

您可能還記得我們上次舉辦世界杯時，那是一次非凡的參與機會。而且我沒有指尖上的數字。但是，如果我沒記錯的話，我們將 1200 萬或 1300 萬的人帶回了比賽，他們通過世界杯內容退出了比賽，並通過賽事推動了令人難以置信的參與度，當然，作為正在進行的現場服務的一部分，隨著時間的推移繼續發展業務。今年我們將在同樣的背景下考慮它。我們一直在考慮我們的玩家社區，一直在考慮時間投資和金錢投資之間的平衡，所有這些都是為了提供更積極、更身臨其境和更有趣的玩家體驗。

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.

就交叉遊戲的價值而言，我認為我們還沒有國際足聯的任何具體數據。在其他特許經營中，您可以在特許經營中獲得更大的流動性，並且朋友可以跨設備互相玩。這對球員來說總是一件好事。但請記住，在我們的 FIFA 體驗中，有 30 多萬人在主機和 PC 上玩遊戲，它已經是一個高度流動的社區，每個平台都已經擁有足夠多的玩家來維持持續的玩家體驗。但可以肯定的是，當我們考慮所有特許經營權的未來時，我們希望到達一個整個社區都可以一起玩的地方，這將成為我們前進的動力的一部分。

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?

偉大的。然後只有一個關於戰地的，我只是好奇該特許經營是否有任何更新。我知道你們之前提到過，從長遠來看，你們願意在特許經營上投入更多。但是，由於最新更新缺乏復甦，這種心態在過去幾周是否發生了變化？

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，再一次，我們在這裡放眼長遠。這是我們行業中最偉大的特許經營權之一，由我們行業中最偉大的團隊之一建立。我們的期望是，我們將繼續增長，並在未來很多很多年裡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.

我們現在對那支球隊擁有令人難以置信的領導力。他們正在從頭開始重新思考開發過程，並真正使用 Vince Zampella/Respawn 模型來盡快獲得樂趣。他們一直在為社區進行數千次更新，致力於提高生活質量並真正讓核心遊戲變得正確。我認為我們還有更多工作要做，團隊致力於為社區做這項工作。除此之外，一旦我們到達了一個我們覺得我們在核心體驗和核心遊戲方面處於正確位置的地方，那麼你應該期望我們投資並超越今天的遊戲水平。

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

您的下一個問題來自 Doug Creutz 與 Cowen 的對話。

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?

我認為在上次電話會議上，您曾表示《戰地風雲》手機遊戲即將進入封閉測試階段。至少在某一時刻，您似乎暗示這可能是 23 財年的推出。你能更新一下封閉測試版的進展嗎？在這一點上，你對標題的時機有何看法？

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。現在，我認為我們正在考慮在 5 月底進行進一步的測試，然後根據我們看到的指標和數據以及我們看到的參與度對其進行測試。我們可能會在今年年底，明年年初進行全球發布。請記住，在移動設備中，一旦我們進入封閉測試階段，這一切都真正歸結為調整和平衡。

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.

我們現在在 23 財年沒有任何錢來對抗這個頭銜。因此，如果它在今年推出，那對我們來說將是一個上行潛力。我們希望給自己一個機會，以確保遊戲具有調整和平衡所需的所有軟發布和封閉測試版。但是在玩了遊戲之後，我可以告訴你，我認為我們對潛力感到興奮。

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

您的下一個問題來自 Jamie Bass 和 Berenberg 的台詞。

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?

如果可以的話，我只買了一對。首先，您說的是移動領域的積極指標回到了 IDFA 之前的水平。有兩件事。首先，您能否告訴我們您對關鍵核心特許經營權的期望是什麼，例如不引入 Apex 移動以及您在移動特許經營中已經擁有的東西。然後第二個問題是關於開發商成本通脹或工資通脹的更無聊的話題。你對今年新員工的預期有什麼看法嗎？你是否預計需要支付一定的百分比來吸引新的開發人員？

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.

也許我會從第二個開始，然後我們會回到第一個。當然，我認為在我們的行業中，對優秀人才的競爭一直非常激烈，現在也不例外。當我們考慮招聘新人才並與候選人交談時，他們實際上是根據 4 個關鍵向量做出聘用決定：他們將要做什麼工作；他們將與誰合作；當然，補償將是多少；以及他們學習和成長的機會。

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.

當我們傾向於招聘時，我們真的傾向於所有這 4 個向量，並嘗試創造一種文化，讓這裡成為製作遊戲的好地方。即使在已經非常競爭的市場中，我們也能夠在 22 財年僱用創紀錄的人數。我們希望繼續招聘。我認為我們已經被許多調查認可為一個非凡的工作場所，我們真正專注於我們公司的文化，並確保我們是一個來創造遊戲的好地方。

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.

這並不意味著我們不會在市場上受到挑戰。我認為它將面臨越來越多的挑戰。但到目前為止，我們在招聘令人難以置信的人才方面沒有遇到任何困難。坦率地說，到 22 財年，我們在我們的業務中引入了一些了不起的新創作者和人才。

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.

特別是關於你的問題，正如我在評論中評論的那樣，在我準備好的關於 IDFA 變更的評論中，我們仍在努力解決這個問題。我們已經看到一些朝著達到 IDFA 之前水平的積極進展。我們感到樂觀，我們正在經歷其中最艱難的部分，我們對這裡的前景感覺良好。

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.

這使我們結束了今天的電話會議。傑米，之後我會趕上你的。所以我只想說，這使我們今天的電話會議結束。因此，感謝大家抽出寶貴的時間，我們期待在下個季度與您交談。非常感謝。謝謝你們。

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。謝謝大家的參與。您現在可以斷開連接。