美商藝電 (EA) 2023 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

你好，謝謝你的支持。我叫 Regina，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加藝電 2023 年第三季度收益電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Chris Evenden, Vice President, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Chris Evenden 先生。請繼續。

Thank you. Welcome to EA's Third Quarter Fiscal 2023 Earnings Call. With me today are Andrew Wilson, our CEO; Chris Suh, our CFO; and Laura Miele, our COO. Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted detailed earnings slides to accompany our prepared remarks. Lastly, after the call, we will post our prepared remarks and audio replay of this call, our financial model and a transcript.

謝謝你。歡迎來到 EA 2023 財年第三季度財報電話會議。今天和我在一起的是我們的首席執行官 Andrew Wilson；我們的首席財務官 Chris Suh；和我們的首席運營官 Laura Miele。請注意，我們的 SEC 備案文件和我們的收益發布可在 ir.ea.com 上獲取。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。最後，在電話會議結束後，我們將發布我們準備好的此次電話會議的評論和音頻重播、我們的財務模型和文字記錄。

With regards to our calendar, our Q4 fiscal 2023 earnings call is scheduled for Tuesday, May 9. As a reminder, we post the schedule of our entire fiscal year of upcoming earnings calls on our IR website.

關於我們的日曆，我們的 2023 財年第四季度財報電話會議定於 5 月 9 日星期二舉行。提醒一下，我們在 IR 網站上發布了即將到來的整個財年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, January 31, 2023, and disclaims any duty to update them. 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存在重大差異。我們建議您參考我們最新的 10-Q 表格，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 於今天（2023 年 1 月 31 日）做出這些聲明，並且不承擔任何更新它們的義務。在此電話會議期間，除自由現金流外，財務指標將按 GAAP 原則呈現。除非另有說明，否則本次電話會議期間進行的所有比較都是與去年同期進行的。

Now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thanks, Chris. During Q3, EA entertained hundreds of millions of fans through our games and multi-platform live services. Our teams delivered high-quality experiences reaching global communities, providing 128 content updates across 36 titles. We launched 2 new AAA releases, NHL 23 in October and Need for Speed Unbound in December, both earning strong reception and positive reviews. The just-released Dead Space has also earned high praise from fans and critics alike, being dubbed a new benchmark for remix and even one of the best games of all time.

謝謝，克里斯。在第三季度，EA 通過我們的遊戲和多平台直播服務吸引了數億粉絲。我們的團隊為全球社區提供了高質量的體驗，為 36 個遊戲提供了 128 個內容更新。我們發布了 2 個新的 AAA 版本，10 月的 NHL 23 和 12 月的極品飛車：無極限，都獲得了強烈的反響和正面評價。剛剛發布的《死亡空間》也獲得了粉絲和評論家的一致好評，被譽為 Remix 的新標杆，甚至是有史以來最好的遊戲之一。

We drove record engagement during the quarter on some of our biggest franchises, even surpassing historical highs delivered over the last several years. Our player network also continues to grow, now over 650 million. While we delivered for our players, and engagement was strong in the quarter, the macro environment remains challenging and impacted Q3 results. During the quarter, we took measured action to reduce our expenses, and we continue to exercise cost discipline, further focusing our investments in key areas of growth. As we navigate the short term, we remain focused on what fuels our business, delivering high-quality entertainment and driving strong engagement across our global work.

我們在本季度推動了一些最大特許經營權的創紀錄參與，甚至超過了過去幾年的歷史高位。我們的玩家網絡也在持續增長，現已超過 6.5 億。雖然我們為我們的玩家提供了服務，並且本季度的參與度很高，但宏觀環境仍然充滿挑戰並影響了第三季度的業績。在本季度，我們採取了有節制的行動來減少開支，我們繼續執行成本紀律，進一步將投資集中在關鍵的增長領域。在短期內探索時，我們仍然專注於推動我們業務發展的因素，提供高質量的娛樂活動並推動我們在全球工作中的強大參與度。

The passion and enthusiasm for interactive entertainment continues to grow. For more and more people around the world, games are a cherished and authentic way to stay connected with the people they care about, build community and find joy through shared experiences. Across all of entertainment, people are diving deeper and engaging further with their favorite franchises. EA SPORTS FIFA is at the heart of global football culture. And once again, we delivered strong engagement in Q3 across our entire ecosystem.

人們對互動娛樂的熱情和熱情不斷增長。對於世界各地越來越多的人來說，遊戲是一種珍貴而真實的方式，可以與他們關心的人保持聯繫、建立社區並通過分享體驗找到快樂。在所有娛樂領域，人們都在更深入地探索並進一步參與他們最喜歡的特許經營權。 EA SPORTS FIFA 是全球足球文化的核心。再一次，我們在整個生態系統的第三季度實現了強大的參與度。

Year-to-date net bookings from a FIFA franchise has grown 4% or 15% at constant currency. FIFA 23 is pacing to be the biggest title in franchise history, delivering record engagement in Q3. In North America alone, unit sales are up over 50% year-over-year. FIFA Mobile engagement was up triple digits in Q3, and FIFA Online in Asia is hitting the highest monthly active users in years. This engagement fueled strong financial performance.

年初至今，國際足聯特許經營權的淨預訂量以固定匯率計算增長了 4% 或 15%。 FIFA 23 有望成為球隊歷史上最大的冠軍頭銜，在第三季度創造了創紀錄的參與度。僅在北美，單位銷售額同比增長超過 50%。 FIFA Mobile 的參與度在第三季度增長了三位數，而 FIFA Online 在亞洲的月度活躍用戶數創下多年來的新高。這種參與推動了強勁的財務業績。

We have incredible momentum in our global football ecosystem. For 30 years, we've been leaders in interactive football and collaborated with the most extensive network of partners spanning the globe. Our games are interwoven with the fabric of football fandom, averaging 300 million hours of gameplay every month. We are unbelievably excited to take this energy into the future with our EA SPORTS FC brand where we'll deliver even more for fans as part of an expanding experience with endless ways to play, watch, create and connect through their love of football.

我們的全球足球生態系統擁有令人難以置信的發展勢頭。 30 年來，我們一直是互動足球領域的領導者，並與遍布全球的最廣泛的合作夥伴網絡展開合作。我們的遊戲與足球迷交織在一起，平均每個月有 3 億小時的遊戲時間。我們非常高興能夠通過我們的 EA SPORTS FC 品牌將這種能量帶入未來，我們將為球迷提供更多，作為不斷擴展的體驗的一部分，通過他們對足球的熱愛來玩、觀看、創造和聯繫。

Madden NFL is the world's preeminent interactive American football experience and one of the most powerful franchises in sports. We continue to invest in innovation to drive engagement and growth across this mega franchise. Madden NFL 23 had a solid holiday quarter driven by Ultimate Team, and Madden NFL Mobile launched a new season and multiple in-game events, further powering engagement. With big moments ahead, like Super Bowl LVII and Team of the Year, Madden NFL continue to entertain millions of fans.

Madden NFL 是世界上卓越的互動式美式足球體驗，也是體育界最強大的特許經營權之一。我們繼續投資於創新，以推動這一大型特許經營的參與度和增長。在 Ultimate Team 的推動下，《Madden NFL 23》假期季度表現穩健，而《Madden NFL Mobile》推出了新賽季和多項遊戲內活動，進一步推動了參與度。隨著即將到來的重要時刻，如超級碗 LVII 和年度最佳球隊，Madden NFL 繼續為數百萬球迷提供娛樂。

Our EA SPORTS and racing teams are the best in the business. The convergence of sport and entertainment is picking up pace. Through our investments in technology and new experiences, we will continue to push the boundaries and blur the lines between the digital and physical by empowering players to come together, express their fandom and build online communities both in and around our games. Our owned IP franchises are some of the most deeply engaging and culturally relevant entertainment properties in the world with mega franchises like Apex Legends and The Sims. Apex Legends historically had a quieter Q3 as the live service model ebbs and flows against a seasonally crowded launch slate this time of year. Moving into Q4, we're already seeing a rise in engagement as we approach the game's 4-year anniversary and the launch of a new season, bringing highly anticipated updates and fresh content. Apex is one of the few IPs in its genre with proven endurance to engage and reengage players as they play, watch and compete.

我們的 EA SPORTS 和賽車隊是業內最好的。體育和娛樂的融合正在加快步伐。通過我們對技術和新體驗的投資，我們將繼續突破界限，模糊數字和物理之間的界限，讓玩家能夠聚集在一起，表達他們的狂熱，並在我們的遊戲中和遊戲周圍建立在線社區。我們擁有的 IP 特許經營權是世界上一些最具吸引力和文化相關性的娛樂資產，擁有 Apex 英雄和模擬人生等大型特許經營權。 Apex Legends 歷來有一個安靜的第三季度，因為實時服務模式在每年這個時候季節性擁擠的發布名單上起伏不定。進入第 4 季度，隨著我們接近遊戲 4 週年和新賽季的推出，我們已經看到參與度有所上升，帶來了備受期待的更新和新鮮內容。 Apex 是同類游戲中為數不多的 IP 之一，在玩家玩遊戲、觀看遊戲和比賽時經得起考驗，能夠吸引和重新吸引玩家。

The Sims is also evolving and growing as a live service. In Q3, we took the base game free to enter and welcomed over 10 million new players into the community, driving strong engagement. Our teams are gearing up to add more collaborative ways to further empower our community to unleash their imaginations.

《模擬人生》也在作為一項實時服務不斷發展壯大。在第三季度，我們讓基礎遊戲免費進入，並迎來了超過 1000 萬新玩家進入社區，推動了強大的參與度。我們的團隊正準備添加更多協作方式，以進一步賦予我們的社區以釋放他們的想像力。

We have incredible opportunities ahead. To do more extraordinary things and service our players and our people, we are making deliberate decisions and reallocating investments to prioritize our biggest growth areas, building global online communities around our biggest franchises, telling incredible interactive stories and harnessing the power of our social ecosystem to create meaningful connections. Our teams are deeply committed to delivering incredible experiences for our players.

我們面前有難以置信的機會。為了做更多非凡的事情並為我們的玩家和員工提供服務，我們正在做出慎重的決定並重新分配投資以優先考慮我們最大的增長領域，圍繞我們最大的特許經營權建立全球在線社區，講述令人難以置信的互動故事並利用我們社交生態系統的力量建立有意義的聯繫。我們的團隊堅定地致力於為我們的玩家提供令人難以置信的體驗。

As part of this commitment, we have made the player-first decision to move Star Wars Jedi: Survivor's launch date to April 28. The game is a creative and innovative leap forward going further into the experience of a Jedi, delivering more content, more exploration and more fun. Anticipation for the game is incredibly high, and the Respawn team known around the world for delivering top quality entertainment is focusing on the final polish stage to enhance performance, stability and, most importantly, the player experience. Giving the team these extra few weeks to deliver the best experience for our players will not only result in a high-quality game, but puts us in the best position to grow the long-term value of the franchise.

作為這一承諾的一部分，我們做出了玩家至上的決定，將《星球大戰絕地：倖存者》的發布日期推遲到 4 月 28 日。這款遊戲是一次創造性和創新性的飛躍，進一步向絕地武士的體驗邁進，提供更多內容，更多探索和更多樂趣。對這款遊戲的期待之高令人難以置信，以提供頂級娛樂體驗而聞名於世的 Respawn 團隊正專注於最後的潤色階段，以提高性能、穩定性，最重要的是，玩家體驗。給團隊額外的幾週時間，為我們的玩家提供最好的體驗，這不僅會帶來高質量的遊戲，而且會讓我們處於提升特許經營權長期價值的最佳位置。

We're also making strategic decisions around 2 mobile titles: Apex Legends Mobile won Game of the Year on both iPhone and Android. Despite this strong start, the ongoing experience was not going to meet the expectations of our players. After months of working with our development partner, we have made the mutual decision to sunset this version of the game. We've learned a great deal and have plans to reimagine a connected Apex Mobile experience in the future. It is through these learnings, combined with a clear franchise strategy, that we've also made the decision to stop the development of the current Battlefield mobile title. We know our community values a deeply connected ecosystem, and our team is focused on delivering the best unified cross-platform experience for our players. Everything we do is designed to inspire the world to play. As a company, our teams have demonstrated that with the culture of creativity, innovation and resilience, we can grow through transformative periods of change and lead the future of entertainment.

我們還圍繞 2 款手機遊戲做出了戰略決策：Apex Legends Mobile 在 iPhone 和 Android 上贏得了年度最佳遊戲。儘管開局良好，但持續的體驗並不能滿足我們玩家的期望。在與我們的開發夥伴合作數月之後，我們共同決定停止該版本的遊戲。我們學到了很多東西，併計劃在未來重新構想互聯的 Apex Mobile 體驗。正是通過這些學習，結合明確的特許經營戰略，我們還決定停止開發當前的《戰地風雲》手游。我們知道我們的社區重視緊密聯繫的生態系統，我們的團隊專注於為我們的玩家提供最佳的統一跨平台體驗。我們所做的一切都是為了激發世界的熱情。作為一家公司，我們的團隊已經證明，憑藉創造力、創新和韌性的文化，我們可以在變革的變革時期成長並引領娛樂的未來。

As we look ahead, our teams remain focused and disciplined as we reshape our investments toward a future of accelerated content generation, increased direct player engagement and deeply connected ecosystems to bring more people into our global community. We are taking strategic actions to evaluate our cost structure as we navigate through the current macro environment. With our exceptional talent, our broad portfolio of amazing IP and massive player network, we remain committed to delivering long-term value in our business.

展望未來，我們的團隊將保持專注和紀律，因為我們將投資重塑為加速內容生成、增加直接玩家參與和深度連接的生態系統以將更多人帶入我們的全球社區。我們正在採取戰略行動來評估我們在當前宏觀環境中的成本結構。憑藉我們卓越的人才、我們廣泛的令人驚嘆的 IP 組合和龐大的玩家網絡，我們將繼續致力於為我們的業務創造長期價值。

Now I'll turn the call over to Chris.

現在我會把電話轉給克里斯。

Thank you. As Andrew shared, we delivered strong engagement and high-quality titles again in Q3. Nevertheless, our results were mixed relative to our expectations.

謝謝你。正如 Andrew 分享的那樣，我們在第三季度再次提供了強大的參與度和高質量的遊戲。然而，相對於我們的預期，我們的結果喜憂參半。

Based on Q2 trends and leading indicators, we had built our Q3 guidance on 4 key underlying assumptions: first, that our player network would continue to expand, and engagement metrics remain healthy; second, we would see strong momentum for FIFA, our global football franchise; third, that we would release high-quality new games into the market; and finally, that Apex would experience its typical seasonal low in Q3.

基於 Q2 趨勢和領先指標，我們根據 4 個關鍵的基本假設建立了 Q3 指南：首先，我們的玩家網絡將繼續擴大，參與度指標保持健康；其次，我們將看到我們的全球足球特許經營權 FIFA 的強勁勢頭；第三，我們將向市場推出高質量的新遊戲；最後，Apex 將在第三季度經歷其典型的季節性低點。

While these assumptions were directionally correct, net bookings came in short of our expectations. We achieved new highs in our player network, sustained healthy engagement trends and delivered a record quarter for the entire EA SPORTS FIFA franchise. However, the performance of new games, despite strong reviews and of the Apex franchise, was below the levels we had anticipated, reflecting the challenging market dynamics. Recognizing the softer net bookings trend, we proactively took focused measures during the quarter to reduce our costs and lessen the impact on our underlying profitability.

雖然這些假設在方向上是正確的，但淨預訂量低於我們的預期。我們的玩家網絡達到了新高，保持了健康的參與趨勢，並為整個 EA SPORTS FIFA 系列創造了創紀錄的季度。然而，儘管好評如潮，新遊戲和 Apex 系列的表現仍低於我們的預期水平，反映出充滿挑戰的市場動態。認識到疲軟的淨預訂量趨勢，我們在本季度積極採取有針對性的措施來降低成本並減輕對我們潛在盈利能力的影響。

Now let's go through the quarter in detail. Net bookings for the third quarter were $2.3 billion, down 9% or 5% in constant currency, driven largely by a tough comp as we lap the launch of Battlefield 2042 and by Apex performance, partially offset by strength across the entire FIFA ecosystem and the launch of Need for Speed Unbound. Madden NFL 23 was level with a very strong quarter last year. Our live services net bookings were down 1% year-over-year or up 3% in constant currency. Growth at constant currency was driven by strength in FIFA, with rapid growth occurring in FIFA Online 4 and FIFA Mobile. On a trailing 12-month basis, live services were 75% of our business.

現在讓我們詳細了解一下這個季度。第三季度的淨預訂量為 23 億美元，按固定匯率計算下降 9% 或 5%，這主要是由於我們在《戰地風雲 2042》發佈時的艱難競爭以及 Apex 的表現所推動，部分被整個 FIFA 生態系統的實力和推出《極品飛車：無界》。 Madden NFL 23 與去年非常強勁的季度持平。我們的現場服務淨預訂量同比下降 1%，按固定匯率計算增長 3%。 FIFA 的實力推動了固定匯率的增長，其中 FIFA Online 4 和 FIFA Mobile 實現了快速增長。在過去 12 個月的基礎上，實時服務占我們業務的 75%。

We delivered Q3 net revenue of $1.9 billion, up 5% year-over-year. Operating expenses were down 3% year-over-year or flat on a constant currency basis driven by lower marketing spend as we lap the Battlefield 2042 launch. Further, we reduced cost by just over $60 million by moderating our hiring and prioritizing our variable spend in the quarter. Operating cash flow in the quarter was $1.1 billion, and we returned $377 million to shareholders through dividends and our ongoing share repurchase program.

我們在第三季度實現了 19 億美元的淨收入，同比增長 5%。由於《戰地風雲 2042》發佈時營銷支出減少，運營支出同比下降 3% 或持平（按固定匯率計算）。此外，我們通過在本季度減少招聘和優先考慮可變支出，將成本降低了 6000 萬多美元。本季度的運營現金流為 11 億美元，我們通過股息和正在進行的股票回購計劃向股東返還了 3.77 億美元。

Now moving to guidance. As we navigate an uncertain market, I'd like to share more context about how we set our Q4 guidance. First and most important, we expect we will continue to execute well on the 2 most important drivers of our long-term success and growth, strong player engagement and the production of high-quality games like the just released and well-reviewed Dead Space. Second, we are confident that EA SPORTS FIFA will sustain and build on the strong momentum that we exited Q3 with. And third, based on our Q3 launch results, we're taking a more measured approach for the highly anticipated Q4 launches.

現在轉向指導。當我們在一個不確定的市場中航行時，我想分享更多關於我們如何制定第四季度指南的背景信息。首先也是最重要的是，我們預計我們將繼續在推動我們長期成功和增長的兩個最重要的驅動因素、強大的玩家參與度以及製作高質量遊戲（如剛剛發布且廣受好評的《死亡空間》）方面表現出色。其次，我們相信 EA SPORTS FIFA 將維持並鞏固我們在第三季度結束時的強勁勢頭。第三，根據我們第三季度的發布結果，我們正在為備受期待的第四季度發布採取更加謹慎的方法。

Next, we are committed to operational excellence and being disciplined in our investment decisions. The actions we've taken during Q3 will reduce our total H2 operating expenses by approximately $140 million. In addition, we will continue to work to prioritize spend broadly, evaluate our real estate footprint and focus our investments on our best long-term growth opportunities. And finally, our Q4 guidance reflects the player-first decision to shift the launch of Star Wars Jedi: Survivor to Q1 of FY '24. It's important to note that while it changes the timing of reported net bookings, it does not change the overall lifetime economics, nor our expectations around free cash flow for Q4 or FY '24.

接下來，我們致力於卓越運營並在我們的投資決策中遵守紀律。我們在第三季度採取的行動將使我們的 H2 總運營費用減少約 1.4 億美元。此外，我們將繼續努力優先考慮廣泛的支出，評估我們的房地產足跡，並將我們的投資集中在我們最好的長期增長機會上。最後，我們的第四季度指南反映了將《星球大戰絕地：倖存者》的發佈時間轉移到 24 財年第一季度的玩家優先決定。重要的是要注意，雖然它改變了報告淨預訂的時間，但它不會改變整個生命週期的經濟狀況，也不會改變我們對第四季度或 24 財年自由現金流的預期。

Now on to our guidance for the fourth quarter. We are revising our Q4 net bookings guidance to $1.675 billion to $1.775 billion, which reflects the shift of Star Wars Jedi: Survivor to Q1, our decision to sunset Apex Mobile and updated expectations based on Q3 trends, in particular, for launches happening in the quarter. We expect GAAP net revenue of $1.7 billion to $1.8 billion. We expect operating expenses to be $1.075 billion to $1.085 billion for the quarter, approximately $80 million lower than our previous expectation, reflecting our ongoing efforts to prioritize and focus our investment. As a result, we expect earnings per share of $0.05 to $0.20 for the fourth quarter. This Q4 guidance results in fiscal year net bookings of $7.07 billion to $7.17 billion. We're also revising our guidance for operating cash flow as a result of the updated net bookings guidance to $1.4 billion to $1.45 billion, With capital expenditures of about $200 million, that results in free cash flow of about $1.2 billion to $1.25 billion. For further details on our fiscal '23 guidance, including our GAAP guidance, please see our press release.

現在談談我們對第四季度的指導。我們正在將我們的第四季度淨預訂量指引修改為 16.75 億美元至 17.75 億美元，這反映了星球大戰絕地：倖存者到第一季度的轉變，我們決定停止 Apex Mobile 並根據第三季度趨勢更新了預期，特別是對於發生在四分之一。我們預計 GAAP 淨收入為 17 億至 18 億美元。我們預計本季度的運營費用為 10.75 億美元至 10.85 億美元，比我們之前的預期低約 8000 萬美元，反映出我們不斷努力確定投資的優先順序和重點。因此，我們預計第四季度每股收益為 0.05 美元至 0.20 美元。該第四季度指引導致本財年淨預訂額為 70.7 億美元至 71.7 億美元。由於更新後的淨預訂指導至 14 億美元至 14.5 億美元，我們還將我們的運營現金流指導修改為 14 億美元至 14.5 億美元，資本支出約為 2 億美元，這導致自由現金流約為 12 億美元至 12.5 億美元。有關我們的 23 財年指南的更多詳細信息，包括我們的 GAAP 指南，請參閱我們的新聞稿。

Before handing it back to Andrew, I'd like to provide a few early thoughts on our fiscal 2024. As we look to next year, we see the main drivers of our business being our durable broad portfolio of live services, our newly rebranded EA SPORTS FC franchise, Star Wars Jedi: Survivor, plus additional titles we will announce in due course. Excluding the impact of FX, we expect mid-single-digit growth on net bookings and low double-digit growth on underlying profitability. If rates remain unchanged from today, that would equate to mid-single-digit growth for both top and bottom line.

在將其交還給安德魯之前，我想就我們的 2024 財年提供一些初步想法。展望明年，我們認為我們業務的主要驅動力是我們持久的廣泛實時服務組合，我們新更名的 EA SPORTS FC 特許經營權、星球大戰絕地武士：倖存者，以及我們將在適當時候公佈的其他遊戲。排除外彙的影響，我們預計淨預訂量將實現中個位數增長，潛在盈利能力將實現低兩位數增長。如果利率從今天起保持不變，那將相當於收入和利潤的中等個位數增長。

Our business is anchored by incredible brands, evergreen live services, high-quality games and a growing player network. We will be focused on our investments as we build and scale our business, all while delivering amazing experiences for our players.

我們的業務以令人難以置信的品牌、常青的現場服務、高質量的遊戲和不斷增長的玩家網絡為基礎。在我們建立和擴展我們的業務時，我們將專注於我們的投資，同時為我們的玩家提供驚人的體驗。

Now I'll hand the call back to Andrew.

現在我會把電話轉回給安德魯。

Thanks, Chris. We drove incredible engagement and delivered high-quality experiences in the quarter. As Chris shared, we are being disciplined and focused on what we can control to fuel our biggest growth opportunities. We are confident in our vision for the future. And with our exceptional talent, proven IP and growing player network, EA is operating from a position of strength. Our audiences have an insatiable appetite for interactive entertainment and are engaging more deeply with the experiences they love. The future of entertainment is interactive, and no team is better equipped than EA to deliver amazing games and content to inspire the world to play.

謝謝，克里斯。我們在本季度推動了令人難以置信的參與並提供了高質量的體驗。正如克里斯分享的那樣，我們受到紀律處分，專注於我們可以控制的事情，以推動我們最大的增長機會。我們對未來的願景充滿信心。憑藉我們卓越的人才、久經考驗的 IP 和不斷增長的玩家網絡，EA 的運營處於有利地位。我們的觀眾對互動娛樂有著永不滿足的胃口，並且更深入地參與到他們喜愛的體驗中。娛樂的未來是互動的，沒有哪個團隊比 EA 更有能力提供精彩的遊戲和內容來激發全世界的興趣。

Now Chris, Laura and I are here for your questions.

現在克里斯、勞拉和我來這裡是為了你們的問題。

Regina, we're ready for questions now.

里賈納，我們現在準備好提問了。

(Operator Instructions) Our first question will come from the line of Andrew Uerkwitz with Jefferies.

（操作員說明）我們的第一個問題將來自 Andrew Uerkwitz 與 Jefferies 的合作。

I wanted to -- I would hope you could provide a little bit more color, trying to reconcile some of the comments from the press release and slide deck and your comments here. On the one hand, it seems like certain titles are doing extraordinarily well, FIFA, Sims. But then in your guidance, you're kind of update the expectations for Q4 based, in particular, around launches and games in Q4. So it kind of implies maybe the smaller, medium-sized titles aren't performing. So one, I was just curious if that's true; and two, what gives you the confidence that it's mostly macro and not competitive pressures across the broader industry?

我想——我希望你能提供更多的顏色，試圖協調新聞稿和幻燈片中的一些評論以及你在這裡的評論。一方面，某些遊戲似乎做得非常好，例如 FIFA、Sims。但是在你的指導中，你有點更新了對第四季度的期望，特別是圍繞第四季度的發布和遊戲。因此，這有點意味著較小的中型遊戲可能沒有表現。所以，我只是很好奇這是不是真的；第二，是什麼讓你相信這主要是宏觀的，而不是整個行業的競爭壓力？

Sure. Andrew, this is Chris. I can take this one. So in my prepared commentaries, I talked about what we saw in Q3. And the specific trend I'd point to is the fact that -- and we talked about strong player engagement and strong and high-quality titles, but I also talked about the fact that the highly rated titles didn't perform to the level that we would expect it based on historical expectations for a title of that caliber. So we're taking some of those learnings. And I do think that when we look at all the data and we analyze what we saw in terms of demand and results, we do believe that, that's a reflection of the overall market conditions that we saw continue to mount throughout the quarter, and we've taken those learnings, and we've applied those into the Q4 guidance.

當然。安德魯，這是克里斯。我可以拿這個。因此，在我準備好的評論中，我談到了我們在第三季度看到的情況。我要指出的具體趨勢是——我們談到了強大的玩家參與度和強大而高質量的遊戲，但我也談到了一個事實，即高評價的遊戲並沒有達到我們希望它基於對這種口徑頭銜的歷史期望。所以我們正在學習其中的一些知識。而且我確實認為，當我們查看所有數據並分析我們在需求和結果方面看到的內容時，我們確實相信，這反映了我們在整個季度看到的持續增長的整體市場狀況，我們我們吸取了這些經驗，並將其應用到第四季度指南中。

Got it. And then just on the mobile side, what kind of learnings are you kind of taking from Apex Mobile? Because it was Game of the Year, but clearly, struggled with a little bit of engagement. Is it who made it? Is it the game -- it's just too PC-based? Could you share kind of the learnings that you've taken away to determine why to cancel this one and cancel the Battlefield title?

知道了。然後就移動端而言，您從 Apex Mobile 中學到了什麼樣的知識？因為它是年度最佳遊戲，但很明顯，它在參與度上遇到了一些困難。是誰做的？是遊戲——它太基於 PC 了嗎？你能分享一下你從中學到的東西，以確定為什麼要取消這個和取消戰地風雲標題嗎？

Yes. Great question. And I do believe we've learned a great deal as we've gone through this. And certainly, this game was in development for a long period of time as the expectation for the size and scale and complexity of mobile games continues to grow as the platform continues to mature over time.

是的。很好的問題。我相信我們在經歷這一切的過程中學到了很多東西。當然，這款遊戲已經開發了很長一段時間，因為隨著平台的不斷成熟，人們對手機遊戲的規模和復雜性的期望也在不斷增長。

As we look at it, we really kind of compartmentalize into a few key categories. First, as you point out, this was a really good game built by really good teams and it won Game of the Year on both Apple and Android devices, which is an extraordinary achievement, given the amount of games that are made. But a couple of things also were true inside of that. One is there is a level of immersion and complexity to Apex gameplay in particular, which is very much about what Apex is about, verticality of gameplay and team-based play, that didn't translate quite as well to mobile devices as we had hoped. I think we've learned a great deal from that.

在我們看來，我們確實將其劃分為幾個關鍵類別。首先，正如您所指出的，這是一款由非常優秀的團隊打造的非常優秀的遊戲，它在 Apple 和 Android 設備上都獲得了年度最佳遊戲獎，考慮到製作的遊戲數量，這是一項了不起的成就。但其中也有幾件事是真實的。一是 Apex 遊戲玩法具有一定程度的沉浸感和復雜性，這在很大程度上與 Apex 的意義、遊戲玩法的垂直性和基於團隊的玩法有關，這並沒有像我們希望的那樣很好地轉化為移動設備.我認為我們從中學到了很多東西。

Second is the game wallet really engaged the core deeply, and it actually attracted a lot of new users, which we think speaks volumes for the future success potential of the franchise. It didn't retain the more casual user at the rate that we needed it to. And in a game that relies a lot on team play and competitive play, liquidity of the overall player base is really, really important as you think about the future experience for players over time.

其次是遊戲錢包真正深入地吸引了核心，它實際上吸引了很多新用戶，我們認為這充分說明了特許經營未來的成功潛力。它沒有以我們需要的速度留住更隨意的用戶。在一個非常依賴團隊合作和競爭性遊戲的遊戲中，隨著時間的推移，考慮到玩家未來的體驗，整體玩家群的流動性真的非常重要。

And then third, I think the mobile market continues to be challenging, and we certainly saw -- we launched into what was a softer mobile market and with some changing and evolving kind of player personalities as we move through. So as we think about this on a go-forward basis, we take those learnings, and we apply the real strength, which is we know Apex has incredible demand from both the core users and new more casual users. We know that we have the underlying ingredients to make an incredible game. We need to be thoughtful about the nature of the core game mechanics and the retention mechanics that we build into the game over time. And most importantly, as we look at the mobile market, the biggest new launches that are seeing the most success are the ones that are deeply connected to the broader franchise where there's not always cross-play, but there's certainly cross-progression and a feeling that they're part of a single unified community and a single unified game experience.

第三，我認為移動市場仍然充滿挑戰，我們當然看到了——我們進入了一個較為疲軟的移動市場，並且隨著我們的發展，一些不斷變化和不斷發展的玩家個性。因此，當我們在前進的基礎上思考這個問題時，我們吸取了這些經驗教訓，並運用了真正的力量，我們知道 Apex 對核心用戶和新的更多臨時用戶都有不可思議的需求。我們知道我們擁有製作一款令人難以置信的遊戲的基本要素。我們需要考慮核心遊戲機制的性質，以及我們隨著時間的推移構建到遊戲中的留存機制。最重要的是，當我們審視移動市場時，最成功的最大新發布是那些與更廣泛的特許經營權密切相關的產品，這些特許經營權並不總是交叉遊戲，但肯定有交叉進展和感覺他們是單一統一社區和單一統一遊戲體驗的一部分。

And so as we think about that for the future, that will be very, very important as we reimagine Apex Mobile. And certainly, as we had those learnings from Apex Mobile and we were developing into Battlefield mobile, we anticipated that while Battlefield had also been in development for some time and was making good progress, given the construct of that game, it also was probably going to run into some of the same challenges. And rather than continue to push against that, we wanted to come back, take a breath, reset and really think about the broader franchise strategy and allow the leadership to build a true cross-platform immersive game experience around a reimagined battlefield in the future. Both of these things represent strong learning opportunities for us. And both of these things represent an ability for us as a company to lean into 2 great franchises in a way that the mobile market is more aligned to for the future.

因此，當我們考慮未來時，這將非常非常重要，因為我們會重新構想 Apex Mobile。當然，由於我們從 Apex Mobile 中學到了這些知識，並且我們正在開發戰地風雲移動版，我們預計雖然戰地風雲也已經開發了一段時間並且取得了良好的進展，但考慮到該遊戲的結構，它也可能會遇到一些相同的挑戰。而不是繼續反對它，我們想回來，深呼吸，重新設置並真正思考更廣泛的特許經營戰略，並允許領導層圍繞未來重新想像的戰場打造真正的跨平台沉浸式遊戲體驗。這兩件事對我們來說都是很好的學習機會。這兩件事都代表了我們作為一家公司的能力，以移動市場更適合未來的方式向 2 個偉大的特許經營傾斜。

Your next question will come from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題將來自高盛的 Eric Sheridan。

Maybe building on Andrew's question. I want to come back first to mobile. How do you think about the array of type of content you have on the mobile side? And how much of it is potentially exposed to sort of casual play that might act in a more sort of hyper sort of volatile mode as consumer monetization might be volatile, depending on what happens with the consumer spending going forward versus maybe some of your sports titles in mobile that have a very different trajectory from a spend perspective? So I want to sort of broaden out the conversation to what you're actually seeing on the spend side across an array of mobile that really runs the gamut first.

也許建立在安德魯的問題之上。我想先回到移動端。您如何看待您在移動端擁有的一系列內容類型？以及其中有多少可能會暴露於某種休閒遊戲中，這種休閒遊戲可能會以一種更極端的波動模式運行，因為消費者貨幣化可能會波動，這取決於未來消費者支出與您的某些體育賽事相比會發生什麼從支出的角度來看，在移動領域有非常不同的軌跡？因此，我想將對話範圍擴大到您在真正首先運行色域的一系列移動設備的支出方面實際看到的內容。

And then second, I think we've seen a lot of folks in the industry talk about pushing titles out of '22 now and into '23 and calendar '23 and maybe even into calendar '24. Is there a broader theme emerging around getting titles right before they launch? Or are there elements where you need to see the console cycle possibly maybe deeper into what it's happened over the last couple of years to maybe see the success you want to see with some of the titles? How should we think about the broader narrative around content being pushed out across the industry and with you guys idiosyncratically?

其次，我認為我們已經看到業內很多人都在談論將標題從現在的 22 年推出到 23 年和 23 年的日曆，甚至可能是 24 年的日曆。是否有更廣泛的主題圍繞著在遊戲發布前做好準備而出現？或者是否存在您需要查看主機週期的元素，可能更深入地了解過去幾年發生的事情，以便看到您希望通過某些遊戲看到的成功？我們應該如何考慮圍繞整個行業以及與你們不同尋常的內容推出的更廣泛的敘述？

Okay. Two solid questions. Let me start, and then maybe Chris and Laura can provide some color as we get in. First off, on mobile, I think a few things that we start with, and certainly, I think, we think through on a daily basis, which is while the mobile market continues to be a very challenging market to find success in, it also continues to be the world's largest gaming platform and certainly has the ability to attract more players than any other platform. And so for us, it will always be a very important part of our go-forward franchise strategy. When we think about mobile broadly, we really think about the titles fitting into 2 key categories. The first category is what you speak to in the context of sports, but it's also true for Sims and Apex and Battlefield and will be true for Skate, which is how is it part of a broader cross-platform global community of play and how do we unite and unify global communities of players around their core IP regardless of where they play on PC, mobile or console. This, for us, represents probably our strongest opportunity in mobile and certainly where you'll see us begin to really invest.

好的。兩個紮實的問題。讓我開始，然後也許 Chris 和 Laura 可以在我們進入時提供一些顏色。首先，在移動設備上，我認為我們開始的一些事情，當然，我認為，我們每天都在思考，這雖然移動市場仍然是一個非常難以取得成功的市場，但它也仍然是世界上最大的遊戲平台，並且肯定比任何其他平台都具有吸引更多玩家的能力。所以對我們來說，這將永遠是我們前進的特許經營戰略的一個非常重要的部分。當我們從廣義上考慮移動設備時，我們真正考慮的是適合 2 個關鍵類別的遊戲。第一類是你在體育背景下所說的，但它也適用於模擬人生、Apex 和戰地風雲，也適用於滑板，這就是它如何成為更廣泛的跨平台全球遊戲社區的一部分，以及它如何我們圍繞他們的核心 IP 團結和統一全球玩家社區，無論他們在 PC、移動設備或遊戲機上玩什麼。對我們來說，這可能代表了我們在移動領域最強大的機會，當然你會看到我們開始真正投資的地方。

And when you look at what's been happening with FIFA, up triple digits, it's really as we've started to bring the mobile title closer to the core franchise and start to operate it as a singular business with a unified player community around the world. It's how we're building for Scape. It's how going to build for the future of The Sims. And with these decisions around Apex and Battlefield, it's also how we'll build for those franchises. That represents an extraordinary opportunity for us to attract a much bigger global community to our biggest IP. It represents an opportunity to grow monetization on the mobile platform, but it also represents an opportunity to provide alternative ways for our existing core audiences who plan console and PC to play when they're away from those core devices they have. And as we look at the mobile market on a go-forward basis, we think that, that will be where we'll find real strength for that part of our business.

當你看看 FIFA 發生的事情時，增長了三位數，這真的是因為我們已經開始讓移動遊戲更接近核心特許經營權，並開始將其作為一個單一的業務來運營，並在全球擁有一個統一的玩家社區。這就是我們為 Scape 構建的方式。這是為《模擬人生》的未來打造的方式。圍繞 Apex 和戰地風雲做出這些決定，這也是我們為這些特許經營權打造的方式。這對我們來說是一個難得的機會，可以吸引更大的全球社區使用我們最大的知識產權。它代表了在移動平台上增加貨幣化的機會，但它也代表了一個機會，可以為我們現有的核心受眾提供替代方式，這些核心受眾計劃在離開他們擁有的核心設備時玩遊戲機和 PC。當我們展望未來的移動市場時，我們認為，這將是我們為這部分業務找到真正優勢的地方。

The other part is the stand-alone mobile-native titles. And we have a number of titles that continue to perform exceptionally well. Star Wars: Galaxy of Heroes, The Sims, some of the titles that we got as part of our Glu acquisition, Golf Clash. And we'll continue to invest in those as well. But you should expect that as we think about the future, we're going to really layer investment into our bigger franchise play. We'll continue to drive the long-term value of our existing stand-alone mobile titles, and we'll probably invest less in new startup stand-alone titles just because we think that's probably not where we will find strength in the industry over time.

另一部分是獨立的移動原生遊戲。我們有許多遊戲繼續表現出色。星球大戰：英雄銀河、模擬人生，以及我們通過收購 Glu 獲得的一些遊戲，Golf Clash。我們也將繼續投資於這些。但你應該預料到，當我們考慮未來時，我們將真正對更大的特許經營業務進行投資。我們將繼續推動現有獨立移動遊戲的長期價值，我們可能會減少對新的初創獨立遊戲的投資，因為我們認為這可能不是我們在行業中找到優勢的地方時間。

To hit your second part around title launches, and certainly, I think we're hearing more about that across the industry. And I just -- I'd separate what you are hearing from us with everything you're hearing around the industry broadly. While it might be -- it might make sense to kind of draw a broader narrative, I think for us, as we look at it, we launched a number of titles in Q3 and Q4, certainly, with Dead Space and Need for Speed and NHL, some of our smaller titles, and FIFA and Madden. We've launched an incredible amount of titles on time and at tremendous high quality.

關於標題發布的第二部分，當然，我認為我們在整個行業中聽到了更多關於它的信息。我只是 - 我會將您從我們這裡聽到的內容與您在整個行業中聽到的所有內容分開。雖然它可能 - 畫出更廣泛的敘述可能有意義，但我認為對我們來說，正如我們所看到的那樣，我們在第三季度和第四季度推出了許多遊戲，當然，包括《死亡空間》和《極品飛車》以及NHL、我們的一些較小的遊戲、FIFA 和 Madden。我們按時並以極高的質量推出了數量驚人的遊戲。

I think what we saw with Jedi was this is an incredibly large game. It's both immersive and creative and innovative. And the team just has come down the homestretch and really want to get to quality. And when we think about quality, quality is really a combination of 3 things: innovation, creativity and polish. And that last element, polish, the removal of bugs, the removal of potential play frustrations is as important as the innovation and creativity itself.

我認為我們在《絕地武士》中看到的是這是一款非常大的遊戲。它既身臨其境又富有創意和創新。團隊剛剛走到最後階段，真的很想提高質量。當我們考慮質量時，質量實際上是三件事的結合：創新、創造力和拋光。最後一個元素，潤色，消除錯誤，消除潛在的遊戲障礙與創新和創造力本身一樣重要。

And so as we look at our future, we feel that we've been executing extremely well to this point around the titles and the title updates that we've been launching. We also feel incredibly bullish and positive around the trajectory of Jedi. And when the team came and sat down and said, hey, if you let us have just a few more weeks, we think we can deliver even higher quality. We really wanted to get behind and support them. After all, this is an incredible team that with the first iteration of the franchise that they launched, they broke all kinds of records. They are deeply committed to the franchise, deeply committed to our partners at Disney and deeply committed to our players. And we really wanted to get behind them and support it, especially as it will not impact the overall health of the franchise. In fact, it will not only allow us to deliver better quality, but almost certainly increase the lifetime value of the franchise over time.

因此，當我們展望未來時，我們覺得到目前為止，我們在我們推出的遊戲和遊戲更新方面做得非常好。我們也對 Jedi 的發展軌跡感到難以置信的樂觀和積極。當團隊過來坐下來說，嘿，如果你再給我們幾週的時間，我們認為我們可以提供更高質量的產品。我們真的很想支持他們。畢竟，這是一支令人難以置信的團隊，在他們推出的特許經營權的第一次迭代中，他們打破了各種記錄。他們堅定地致力於特許經營權，堅定地致力於我們在迪士尼的合作夥伴，並堅定地致力於我們的玩家。我們真的很想支持他們並支持它，尤其是因為它不會影響特許經營的整體健康狀況。事實上，它不僅能讓我們提供更好的質量，而且隨著時間的推移幾乎肯定會增加特許經營權的生命週期價值。

Your next question will come from the line of Stephen Ju with Credit Suisse.

你的下一個問題將來自瑞士信貸的 Stephen Ju。

Okay. So Andrew, you do have a bit of a setback in the transition to mobile given the developments across Apex and Battlefield. So naturally, this makes us worry a little bit more about how Glu was coming along because the thesis at the time of the acquisition was to bring some of the success it has had in the more, shall we say, the casual source franchises and exporting that dynamic of FIFA, Madden, et cetera. So can you update us on your progress there? I guess FIFA Online 4 up triple digits, that's a pretty remarkable result. And presumably, a lot of that is due to the World Cup. So what do you think the Nexon [and/or] the Tencent team are doing right to properly monetize the World Cup? And I think -- I guess, shall we say, the last 4 to 8 years, we have not had sort of an equivalent amount of growth in FIFA around the World Cup? So I'm just wondering if there are some learnings or best practices that you can export out of Korea and China into West for the World Cup.

好的。所以安德魯，鑑於 Apex 和戰地風雲的發展，你在向移動設備的過渡中確實遇到了一些挫折。所以很自然地，這讓我們更加擔心 Glu 的發展情況，因為收購時的論點是帶來它在更多方面取得的一些成功，我們可以說，臨時來源特許經營權和出口FIFA、Madden 等的動態。那麼你能告訴我們你在那裡的進展嗎？我猜 FIFA Online 4 增長了三位數，這是一個非常了不起的結果。據推測，這在很大程度上要歸功於世界杯。那麼，您認為 Nexon [和/或] 騰訊團隊在將世界杯適當貨幣化方面做得對嗎？而且我認為 - 我想，我們可以說，在過去的 4 到 8 年裡，我們在 FIFA 世界杯期間沒有獲得同等數量的增長嗎？所以我只是想知道是否有一些學習或最佳實踐可以從韓國和中國出口到西方國家參加世界杯。

Stephen, this is Laura. I'm going to take the Glu Mobile question. As Andrew framed earlier, we still perceive the mobile market to be significant. It's a $100 billion market. It's where Gen Z and Gen alpha play. It's a platform they prefer. It's also a significant platform in growth geographies around the world where we are looking to expand our franchises. So incredibly important market.

斯蒂芬，這是勞拉。我要回答 Glu Mobile 問題。正如 Andrew 之前所描述的那樣，我們仍然認為移動市場非常重要。這是一個價值 1000 億美元的市場。這是 Z 世代和 alpha 世代發揮作用的地方。這是他們喜歡的平台。它也是全球增長地區的重要平台，我們正在尋求擴大我們的特許經營權。如此重要的市場。

And as it relates to Glu, we see those genres and markets in the shooter category, the sports category, the casual creation category where females primarily play. So -- and of course, the Glu content fits very well into these genres and these categories in the mobile market that are still growing and where we still see a strong connection. Glu is fully integrated into EA and EA's mobile teams now. And so as we think about our future of Sims, we, of course, consider cupboard fashion, design home as part of that ecosystem, as Andrew has referenced. We think about Tap Sports and the potential that we have globally around our sports business, those are a meaningful part of our growth there. We also have had some strong talent, some good tech, have been integrated into our overall EA mobile business. So the integration and the transition has happened, and we really consider and look at the mobile business within EA in a very whole way.

由於它與 Glu 相關，我們在射擊類、運動類、女性主要玩的休閒創作類中看到了這些類型和市場。所以 - 當然，Glu 內容非常適合移動市場中的這些類型和這些類別，這些類型和類別仍在增長並且我們仍然看到強大的聯繫。 Glu 現在已完全集成到 EA 和 EA 的移動團隊中。因此，當我們考慮《模擬人生》的未來時，我們當然會將櫥櫃時尚、家居設計視為該生態系統的一部分，正如安德魯所提到的那樣。我們考慮了 Tap Sports 以及我們在全球範圍內圍繞體育業務的潛力，這些是我們在那裡增長的重要組成部分。我們也有一些強大的人才，一些優秀的技術，已經整合到我們整個 EA 移動業務中。因此，整合和過渡已經發生，我們真正以非常全面的方式考慮和審視 EA 的移動業務。

And then as we think about FIFA broadly and, more importantly, as we think about FC, and you think about the growth in that business, I think we should think about it on 3 vectors: the first factor, of course, is World Cup. And certainly, we saw very strong growth in our business coincide with the World Cup. The good news about the World Cup, and we've been tracking this for many, many World Cups, as you might imagine, is it's not a moment in time. It actually establishes new fans and brings more people to football. And while we had some incredible matches during this World Cup, and we saw incredible final that pitted Messi versus Mbappe. What that does is establish a whole new set of fans for football on a go-forward basis. And so while certainly, World Cup was a boost for us, we expect that, that will create an ongoing benefit over the course of time.

然後，當我們廣泛地考慮 FIFA，更重要的是，當我們考慮 FC，以及您考慮該業務的增長時，我認為我們應該從 3 個方面來考慮它：第一個因素，當然是世界杯.當然，我們的業務在世界杯期間實現了非常強勁的增長。關於世界杯的好消息，正如您可能想像的那樣，我們一直在跟踪很多很多世界杯，這不是一個及時的時刻。它實際上建立了新的球迷，並為足球帶來了更多的人。雖然我們在本屆世界杯期間進行了一些令人難以置信的比賽，但我們看到了令人難以置信的決賽，梅西對陣姆巴佩。這樣做的目的是在前進的基礎上建立一整套新的足球迷。因此，當然，世界杯對我們來說是一個推動力，我們預計，隨著時間的推移，這將創造持續的利益。

The second part of the growth, though, wasn't just about World Cup, it was the incredible titles that our teams launched. And certainly with what we did in the core FIFA franchise, it was our biggest and most innovative FIFA yet with all that we did in around FIFA Mobile, which was up triple digits, and all the new event content that we put into FIFA online and how we really tied that community together into a global football ecosystem into woven into the fabric of football fandom. That's a really important part of growth. And what we're seeing now is that we have fans coming into the experience, not just about experiencing one event or one team or one league, but fans coming to the experience really to share their love and passion for football with their fans and really to put it on the line against their rivals. And so as we think about what the teams have been able to do, we expect that, that will continue to drive more growth for us over time.

不過，增長的第二部分不僅僅是世界杯，而是我們球隊推出的令人難以置信的冠軍頭銜。當然，我們在 FIFA 核心系列中所做的一切，是我們迄今為止最大和最具創新性的 FIFA，我們在 FIFA Mobile 中所做的一切，增長了三位數，以及我們在 FIFA 在線和我們如何真正將這個社區聯繫在一起，形成一個全球足球生態系統，並融入足球迷的結構中。這是增長的一個非常重要的部分。我們現在看到的是，我們有球迷參與體驗，不僅僅是體驗一項賽事、一支球隊或一個聯賽，而是球迷們真正來到體驗是為了與他們的球迷分享他們對足球的熱愛和熱情，真正把它放在對抗他們的競爭對手的線上。因此，當我們考慮團隊能夠做的事情時，我們預計隨著時間的推移，這將繼續為我們帶來更多的增長。

The third one is football more broadly. And if you really track what's going on in the world, football in every part of the world is growing. It was growing before the World Cup, and it's certainly growing post the World Cup. Premier League, La Liga, League One, MLS, all these leagues are growing in popularity globally. And if you look at what happened for us, we nearly doubled our units in North America. That represents a significant opportunity for us. It is incredibly sports-hungry market.

第三個是更廣泛的足球。如果你真的追踪世界上正在發生的事情，世界各地的足球都在發展。它在世界杯之前就在增長，而且在世界杯之後肯定也在增長。 Premier League、La Liga、League One、MLS，所有這些聯賽在全球範圍內越來越受歡迎。如果你看看我們發生了什麼，我們在北美的單位幾乎翻了一番。這對我們來說是一個重要的機會。這是一個非常渴望運動的市場。

And so if you take those 3 things and then you roll that into EA SPORTS FC that we will launch later this year where we have significantly more control over the nature of the experience and the things that we can do for fans, we can work more closely together with our partners at a league level, at a team level, at a player level. We think that well beyond this World Cup and certainly through many World Cups to come, the growth in football for us represents an extraordinary opportunity.

因此，如果您將這三件事納入我們將在今年晚些時候推出的 EA SPORTS FC 中，我們將對體驗的本質以及我們可以為粉絲做的事情有更多的控制權，我們可以做更多的工作與我們的合作夥伴在聯盟層面、團隊層面、球員層面緊密合作。我們認為，除了本屆世界杯之外，當然還有未來的許多世界杯，足球的發展對我們來說是一個難得的機會。

Your next question will come from the line of Omar Dessouky with Bank of America.

你的下一個問題將來自美國銀行的 Omar Dessouky。

In the past, you've given high-level assumptions as to your expectations for the growth of the PC and console video game software market. And I was wondering if you have assumptions for 2023 as to how much they might grow?

過去，您對 PC 和遊戲機視頻遊戲軟件市場的增長預期給出了高層次的假設。我想知道您是否對 2023 年它們可能增長多少有假設？

I don't know that we have given direct assumptions on those markets in time. We may have represented some market data that had been shared with us over time. We don't have anything to share specifically at this moment other than what I would say is what we're hearing from our partners, particularly in console, is that a lot of the constraints around their ability to get product to market is pretty much behind us and that we should expect a fairly strong console supply in the coming quarter and the quarters through the rest of this year. So that represents a great opportunity for us. We don't yet know how to quantify that. We know that we've been selling into what has been a relatively constrained console market. The demand is incredibly high.

我不知道我們是否及時對那些市場給出了直接假設。我們可能代表了一些隨著時間的推移與我們共享的市場數據。目前我們沒有什麼可以特別分享的，除了我想說的是我們從我們的合作夥伴那裡聽到的，特別是在主機方面，他們將產品推向市場的能力受到了很多限制。在我們身後，我們應該期待下一季度和今年剩餘時間的季度供應相當強勁。所以這對我們來說是一個很好的機會。我們還不知道如何量化它。我們知道我們一直在向相對受限的遊戲機市場銷售產品。需求高得令人難以置信。

The good news for us is we continue to launch quality software. And you combine that with what we believe will be unconstrained supply of consoles, we think that positions us well in the coming year with respect to our core HD market.

對我們來說，好消息是我們將繼續推出優質軟件。並且您將其與我們認為不受限制的遊戲機供應相結合，我們認為這將在來年為我們的核心高清市場做好準備。

Okay. And for Chris, so if I just look at the full year guide of around maybe a midpoint about $7.1 billion and about $7.75 billion, which is the guide you guys gave last quarter. I see a difference of $650 million. If I were to subtract this quarter versus your guidance, and I would get about $500 million of pushout. That -- and of course, the Apex Legends. So if I subtract $130 million for the underperformance in the quarter and then, let's say, $20 million or so for underperformance or cancellation of Apex Legends or sunsetting of Apex Legends, I get about $500 million left. And obviously, that $500 million subtraction is not entirely Star Wars. So I was wondering if you could break that down for us. So how much of that roughly $500 million that I'm seeing is Star Wars versus FX impact versus the PC console titles that you think might be softer in Q4? And especially on FX, it looks like the British pound and the euro are up about 10 points versus when you guided in November, which would suggest that FX impact should have been positive.

好的。對於克里斯，所以如果我只看一下全年指南，大概是中點大約 71 億美元和大約 77.5 億美元，這是你們上個季度給出的指南。我看到了 6.5 億美元的差異。如果我將這個季度減去你的指導，我將獲得大約 5 億美元的推出。那——當然還有《Apex 英雄》。因此，如果我減去本季度表現不佳的 1.3 億美元，然後，比方說，2000 萬美元左右的表現不佳或 Apex 英雄的取消或 Apex 英雄的日落，我會剩下大約 5 億美元。顯然，這 5 億美元的減法並不完全是星球大戰。所以我想知道你是否可以為我們分解一下。那麼，在我看到的大約 5 億美元中，有多少是星球大戰與 FX 的影響，與您認為在第四季度可能更軟的 PC 遊戲機遊戲相比？尤其是在外匯方面，英鎊和歐元看起來比你在 11 月份指導時上漲了約 10 個點，這表明外匯影響應該是積極的。

Okay. Got it. I think I followed all your numbers, Omar. So let me see if I can help. So I think directionally, if I followed your math, your math is sort of (inaudible), if I could put it that way. The drivers for Q4 and consequently for the full year are, in fact, the exact drivers that I talked about previously, which is, first and foremost, the shift of Jedi from Q4 and into Q1 of FY '24. That's the most significant impact on the Q4 number.

好的。知道了。奧馬爾，我想我遵循了你所有的數字。所以讓我看看我能不能幫上忙。所以我有方向地思考，如果我遵循你的數學，你的數學有點（聽不清），如果我可以那樣說的話。事實上，第四季度乃至全年的驅動因素正是我之前談到的確切驅動因素，首先是絕地從第四季度轉移到 24 財年的第一季度。這是對第四季度數字的最重大影響。

Secondly, as you pointed out, the performance in Q3 relative to our guidance. That's the next one. And then by extension of that, which Andrew asked as well earlier, which was whether we take in terms of learnings from Q3 and how are we applying the current macro environment and the current market conditions against what we know to be high-quality launches in Q4. And that's part of the equation as well into Q4. And then the fourth one, as you pointed out, is the sunsetting of Apex Mobile. So those are the 4 primary -- I think you have the 4 primary drivers and that equates to the revision in the guidance in Q4.

其次，正如您所指出的，第三季度的表現相對於我們的指導。那是下一個。然後進一步擴展，Andrew 早些時候也問過，我們是否吸取了第三季度的經驗教訓，以及我們如何將當前的宏觀環境和當前的市場條件應用於我們所知道的高質量發布Q4.這也是第四季度等式的一部分。然後第四個，正如你所指出的，是 Apex Mobile 的落幕。所以這些是 4 個主要驅動因素——我認為你有 4 個主要驅動因素，這相當於第四季度指南中的修訂。

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

你的下一個問題將來自德意志銀行的本傑明索夫。

I was wondering if we could dig a little bit deeper into the trends that you're seeing in Apex. And within that context, what's your view on whether or not the industry is getting more competitive as a whole in addition to the macro environment getting a little bit weaker? And then I just wanted to see what you guys thought about whether or not this is a franchise we should expect to continue to grow in the future given your early color for fiscal '24.

我想知道我們是否可以更深入地了解您在 Apex 中看到的趨勢。在這種背景下，除了宏觀環境變得有點疲軟之外，您如何看待整個行業的競爭是否變得更加激烈？然後我只是想看看你們是怎麼想的，鑑於你們對 24 財年的早期色彩，這是否是我們應該期望在未來繼續增長的特許經營權。

Yes. So I think that as we talked about in the prepared remarks, Apex is traditionally a little quieter in Q3 as the live service ebbs and flows with launch slate of new titles around the holiday. I think this was a very strong launch holiday slate, including FIFA, which performed very well during the World Cup. And certainly, there were some competitive titles that were very strong that had been very weak in prior years, quite frankly. And so there was probably a little built-up demand around some of those competitive titles.

是的。因此，我認為正如我們在準備好的評論中所談到的那樣，Apex 傳統上在第三季度會稍微安靜一些，因為實時服務會在假期前後隨著新遊戲的推出而起伏不定。我認為這是一個非常強大的發布假期名單，包括 FIFA，它在世界杯期間表現非常出色。當然，坦率地說，有些競爭性的遊戲非常強大，但在前幾年卻很弱。因此，圍繞其中一些競爭性遊戲的需求可能會有所增加。

And so while -- the franchise still performed incredibly well, just not quite as well as we had expected based on our projection of where the competitive landscape would be. And we're already starting to see a resurgence of engagement in the franchise, which is again typical of Apex. And we're coming up to a 4-year anniversary, and we've got a seasoned launch update coming. And we feel very, very good about where the franchise is going. I believe the franchise will continue to grow. We've got a lot of new things that we can do. While mobile isn't going to be the growth vector today, it will be a growth vector in the future. There's new geographic expansion that we will go to. There will be modalities at play that the team will -- additional modalities at play that the team will investigate over the course of time.

因此，雖然 - 特許經營權仍然表現得非常好，只是不如我們根據我們對競爭格局的預測所預期的那樣好。而且我們已經開始看到特許經營權的參與復蘇，這又是 Apex 的典型特徵。我們即將迎來 4 週年紀念日，我們即將推出經驗豐富的發布更新。我們對特許經營權的發展方向感到非常非常滿意。我相信特許經營權將繼續增長。我們有很多新的東西可以做。雖然移動不會成為今天的增長載體，但它將成為未來的增長載體。我們將進行新的地理擴張。團隊將使用一些模式——團隊將在一段時間內調查的其他模式。

As we've always said, we think about this as at least a 10-year franchise. We're just coming up to the fourth anniversary. It's an incredibly successful franchise. Our community is very dedicated to it, very highly engaged. Our expectation is that we'll have a strong quarter, but we're also being very deliberate around how we plan for the quarter given what we've just seen in Q3 around the macro.

正如我們一直所說的，我們將其視為至少 10 年的特許經營權。我們即將迎來四周年。這是一個非常成功的特許經營權。我們的社區對此非常投入，參與度非常高。我們的預期是我們將有一個強勁的季度，但鑑於我們剛剛在第三季度看到的宏觀宏觀情況，我們也非常謹慎地圍繞我們如何計劃本季度。

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。

So you still have a very deep development pipeline going on. So I'm curious with the cost cuts that you've made, are these temporary cost cuts? Are they permanent cost cuts? And as I think about what you said about an early read for next year of sort of mid-single-digit revenue and bottom line growth, does that mean with these cost cuts, maybe you can get to a flat operating margin year-over-year?

所以你仍然有一個非常深入的開發管道。所以我很好奇你所做的成本削減，這些是臨時的成本削減嗎？它們是永久性的成本削減嗎？當我想到你所說的關於明年中個位數收入和底線增長的早期閱讀時，這是否意味著通過這些成本削減，也許你可以獲得持平的營業利潤率 -年？

Eric, this is Chris. I'll sort of take your questions, I think, together in -- I think it sort of thematically hits on similar things. So let me just talk about sort of our approach to what we've talked about on the call, which is really focusing our investments into our best long-term growth opportunities.

埃里克，這是克里斯。我想，我會把你的問題放在一起——我認為它在主題上涉及類似的事情。因此，讓我談談我們在電話會議上談到的一些方法，這實際上是將我們的投資集中在我們最好的長期增長機會上。

I think what you see that we did in Q3 and Q4 as well as the inferences of what we're going to continue to do in '24 is a reflection of us continue to be very disciplined about how we view and really prioritize how we view our growth opportunities. And so they don't -- we've been very deliberate and very careful to continue to invest in those things that will bring long-term growth and really being very disciplined about the pace of hiring and some of the variable spend that applied to our -- given the business that we see in the second half of the year.

我認為你看到我們在第三季度和第四季度所做的事情以及我們將在 24 世紀繼續做的事情的推論反映了我們繼續非常嚴格地看待我們的看法並真正優先考慮我們的看法我們的成長機會。所以他們沒有 - 我們一直非常謹慎和謹慎地繼續投資那些將帶來長期增長的東西，並且在招聘速度和一些適用於我們的 - 考慮到我們在今年下半年看到的業務。

As we look forward into '24, I think -- again, just doing the math on the early guide that I gave, if we're able to achieve the guidance or the preliminary direction that I gave of mid-single-digit top line with better-than-that improvement on operating line, it would be margin improvement year-on-year in '24 versus '23 for sure.

當我們展望 24 年時，我想——再一次，如果我們能夠實現我給出的中個位數頂線的指導或初步方向，只需對我給出的早期指南進行數學計算如果運營線的改善比那更好，那麼 24 年的利潤率肯定會比 23 年有所改善。

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

您的下一個問題將來自 Benchmark Company 的 Mike Hickey。

Just two for me. Thanks for the early look on your fiscal '24 growth opportunity. Just curious if you could speak to sort of the degree perhaps and the longevity of the macro pressure you're seeing on your players, if you think it's going to get worse before it gets better or how you think about the potential for a recession and job losses and how that plays into your '24 guidance, the early look that you gave us. And then the second question, obviously, you didn't give the number, but I think the FIFA license was rumored to be around $150 million annually. Curious if all that money has been spent as you sort of budget '24 in terms of rights fees with the other partners and maybe incremental marketing spend or do you think there's some cushion there in your forward fiscal in terms of potential savings?

對我來說只有兩個。感謝您及早了解您的 24 財年增長機會。只是好奇你是否可以談談你在球員身上看到的宏觀壓力的程度和持續時間，如果你認為它會在變得更好之前變得更糟，或者你如何看待經濟衰退的可能性和失業以及它如何影響你的 24 年指導，你給我們的早期觀察。然後是第二個問題，很明顯，你沒有給出數字，但我認為 FIFA 許可證據傳每年約為 1.5 億美元。想知道在與其他合作夥伴的權利費和可能的增量營銷支出方面，您是否已經將所有這些錢都花在了 24 年的預算中，或者您認為您的遠期財政在潛在節省方面有一些緩衝嗎？

Yes. I could take -- certainly take that one. Our -- as we talked about, we're operating at the time when there is greater uncertainty and greater unpredictability in the market. And we saw that in Q3.

是的。我可以——當然可以接受那個。我們——正如我們所談到的，我們在市場上存在更大的不確定性和更大的不可預測性的時候運營。我們在第三季度看到了這一點。

As we look forward into FY '24, I would say that the early direction we gave assumes really based on the best information we have now, which is we're not in the business of forecasting markets or GDP or macro. But we do know the trends that we see now that we exited Q3 with and that we're seeing entering Q4. And so I would say that the best way to think about FY '24 is that it -- the underlying market assumptions that neither a material improvement, nor a material worsening in that macro environment that we're operating in. And then obviously, as we continue to go on and get closer to the quarters, we'll have more certainty with the out quarters that we're looking at.

當我們展望 24 財年時，我想說的是，我們給出的早期方向實際上是基於我們現在擁有的最佳信息，即我們不從事預測市場、GDP 或宏觀經濟的業務。但我們確實知道我們現在看到的趨勢，即我們退出第三季度並看到進入第四季度。因此，我想說，考慮 24 財年的最佳方式是——潛在的市場假設，即我們所處的宏觀環境既沒有實質性改善，也沒有實質性惡化。然後很明顯，作為我們繼續前進並接近四分之一，我們將對我們正在尋找的四分之一有更多的確定性。

In terms of the FIFA math associated with the license fees, the way that I would encourage you to think about it is that in FY '24, it's such an important transition year for what is our biggest franchise. And our focus is really about making sure that we build the greatest experience in terms of bringing the players along with us on the journey. It never has been solely about the profit margins associated with this transition. And so we're completely focused on making the transition and the launch of EA SPORTS FC really fantastic experience for players.

就與許可費相關的 FIFA 數學而言，我鼓勵您考慮的方式是，在 24 財年，對於我們最大的特許經營權來說，這是一個非常重要的過渡年。我們的重點實際上是確保我們在讓玩家與我們一起踏上旅程方面建立最好的體驗。它從來不僅僅是關於與這種轉變相關的利潤率。因此，我們完全專注於讓 EA SPORTS FC 的過渡和發佈為玩家帶來真正美妙的體驗。

The one piece I would add to that around that and concur with Chris, it's not so much about what did we pay FIFA or what won't we pay FIFA in the future. I think that we will invest meaningfully into the franchise to grow it through this phase. Again, we have really said this is not just about a change of the sign on the front of the game, but a real sign of change in terms of what we offer to players over time. And we do believe that we can offer a bigger, more comprehensive, more immersive global football fan experience within our games and beyond the bounds of our games, working with our great partners around the world.

我要補充一點並同意克里斯的觀點，這與我們向 FIFA 支付了什麼或我們將來不會向 FIFA 支付什麼無關。我認為我們將對特許經營權進行有意義的投資，以使其在這個階段得到發展。再一次，我們真的說過，這不僅僅是遊戲正面標誌的變化，而是隨著時間的推移我們為玩家提供的服務發生變化的真正標誌。我們相信，通過與我們在世界各地的優秀合作夥伴合作，我們可以在我們的比賽中和比賽之外提供更大、更全面、更身臨其境的全球球迷體驗。

And as we think about investing in that in '24 and maybe even deeply in '25, we believe it will pay meaningful dividends over the course of time. This is a franchise that we've been investing in for 30 years. I couldn't be more excited about the next 30 years of the franchise and what we'll be able to do. And so I think our focus right now is really how do we set ourselves up to realize the fullness of the potential of developing the preeminent interactive football fan community in the world.

當我們考慮在 24 年甚至 25 年深入投資時，我們相信隨著時間的推移它將帶來可觀的回報。這是我們投資了 30 年的特許經營權。對於未來 30 年的特許經營權以及我們將能夠做的事情，我感到無比興奮。因此，我認為我們現在的重點實際上是我們如何讓自己充分發揮發展全球卓越的互動足球迷社區的潛力。

Your next question will come from the line of Matthew Cost with Morgan Stanley.

你的下一個問題將來自 Matthew Cost 與 Morgan Stanley 的對話。

Just on some of the commentary about mobile. You've talked about some challenges in the mobile game industry and some macro headwinds. I guess at this point, we're a fair bit over the way maybe a year into weakness in the mobile market. Are you seeing a real differentiation in terms of the stickiness and the predictability of your players on the PC and console side versus mobile? That's question one. And then the second one is just, can you quantify the guidance impact of delaying Star Wars into the next fiscal year?

只是關於移動的一些評論。你談到了手機遊戲行業的一些挑戰和一些宏觀逆風。我想在這一點上，我們已經過了移動市場疲軟的一年。您是否看到 PC 端和主機端玩家與移動端玩家的粘性和可預測性有真正的區別？這是第一個問題。然後第二個是，你能量化將星球大戰推遲到下一財年的指導影響嗎？

Matt, on the mobile stickiness, as you said, we measure certainly by engagement. And I would say it varies across the mobile experiences we have. As we've discussed, our strategy and how we are thinking about the future is really around how the mobile platform can contribute to the overall connected ecosystems of franchises. And what we're seeing is, as Andrew mentioned, as players play on the go, as Gen Z and Gen alpha market -- addressable market expands as every year goes by, it's going to be very important for us to show up on the right platforms for the right moments and right experiences.

馬特，關於移動粘性，正如你所說，我們當然通過參與度來衡量。我會說它因我們擁有的移動體驗而異。正如我們所討論的那樣，我們的戰略以及我們對未來的思考方式實際上是圍繞移動平台如何為特許經營的整體互聯生態系統做出貢獻。我們看到的是，正如安德魯提到的那樣，隨著玩家在旅途中玩遊戲，隨著 Z 世代和阿爾法世代市場——可尋址市場每年都在擴大，這對我們來說非常重要合適的平台適合合適的時刻和合適的體驗。

So we're seeing -- and some of our -- as we discussed on FIFA Mobile is we have significant engagement and significant acquisition into this franchise because of the mobile game that we have. And that's why we're really looking at the incredible assets that we have around casual creator games for our Sims products, our sports games and really dial that up to connect into the ecosystem because they can be a meaningful contributor of new players, engagement and connection into a high-def experience.

所以我們看到 - 以及我們的一些 - 正如我們在 FIFA Mobile 上討論的那樣，由於我們擁有的手機遊戲，我們對這個特許經營權有重要的參與和重要的收購。這就是為什麼我們真的在為我們的模擬人生產品、體育遊戲尋找圍繞休閒創作者遊戲的令人難以置信的資產，並真正撥通這些資產以連接到生態系統，因為它們可以成為新玩家、參與度和參與度的有意義的貢獻者。連接成高清體驗。

Great. And Matt, let me jump in on the question about the guidance. So as we've talked about in some form and some of the other questions, the move of Jedi to Q1 is the most material driver of the Q4 guidance revision, and it's a significant part of the full year revision as well, depending on which lens that you're taking looking at the guidance numbers. Again, just again, reiterating that from a lifetime economic standpoint, the move to Q1 is better for the overall game, the ecosystem and for the brand. And again, importantly, given the timing of the original launch in March versus now in April, it doesn't change our cash flow forecast for Q4, nor for FY '24.

偉大的。 Matt，讓我談談有關指南的問題。因此，正如我們以某種形式和其他一些問題所討論的那樣，將 Jedi 轉移到 Q1 是 Q4 指南修訂的最重要驅動因素，它也是全年修訂的重要組成部分，具體取決於哪個您正在使用的鏡頭 查看指導編號。再次重申，從終生經濟的角度來看，進入 Q1 對整個遊戲、生態系統和品牌來說更好。再一次，重要的是，考慮到 3 月份最初發布的時間與 4 月份相比，它不會改變我們對第四季度和 24 財年的現金流預測。

Our final question will come from the line of David Karnovsky with JPMorgan.

我們的最後一個問題將來自摩根大通的 David Karnovsky。

Chris, you noted your forward view is based on trends currently or where you exited Q3, but wondering if maybe you could speak just to the phasing of kind of the economic impact through the fiscal third quarter. Did you see player engagement or monetization kind of change at all? Was there anything specific to [cover up] holiday period? And then just given the news around Apex and Battlefield, any update on Lord of the Rings? Are there still plans to launch this game? Anything you can say around the soft launch.

克里斯，你注意到你的前瞻性觀點是基於當前的趨勢或你退出第三季度的地方，但想知道你是否可以只談談第三財季經濟影響的分階段。您是否看到了玩家參與度或貨幣化的變化？ [掩蓋]假期有什麼特別的嗎？然後剛剛給出有關 Apex 和戰地的新聞，指環王的任何更新？是否還有推出這款遊戲的計劃？關於軟啟動，您可以說任何話。

Great. Okay. And I'll start and then turn it over to Laura to talk about Lord of the Rings. It -- the shape of the quarter -- and I think in some of the materials we talked about how uncertainty mounted throughout the course of the quarter, and I think that's probably a good reflection of what we saw. And it is a quarter where the results were mixed, where we were continuing to watch the strength in FIFA, the strength in FIFA that occurred throughout the quarter, in particular at the end of the quarter. And then we were also watching the performance of these high-quality titles and how they launch and the market reception to that and both from a player and a reviewer as well as a monetization standpoint.

偉大的。好的。我會先開始，然後交給勞拉談談指環王。它 - 本季度的形狀 - 我認為在一些材料中我們談到了整個季度過程中不確定性是如何增加的，我認為這可能很好地反映了我們所看到的情況。這是一個結果喜憂參半的季度，我們繼續關注 FIFA 的實力，FIFA 的實力在整個季度都出現了，尤其是在本季度末。然後我們還從玩家和評論者以及貨幣化的角度觀察了這些高質量遊戲的表現以及它們的發布方式和市場接受度。

So I'd say we were understanding, absorbing and analyzing different data points throughout the course of the quarter. But as I talked about, in particular, the things that led to our performance in Q3 and the extension of that into Q4 were specifically related to high-quality launches and the pattern, I would say, of recognition of what you would expect in terms of return versus launches of that caliber, and that was very specific to the titles that launched on those dates in the quarter as well as just the macro, I would say, market gravity that we saw across smaller titles throughout the quarter.

所以我想說我們在整個季度中都在理解、吸收和分析不同的數據點。但正如我所說，特別是導致我們在第三季度的表現以及將其擴展到第四季度的事情與高質量的發布和模式有關，我會說，對你所期望的認可回報與該口徑發布的比較，這對於本季度那些日期發布的遊戲以及宏觀而言非常具體，我想說，我們在整個季度的較小遊戲中看到的市場引力。

David, to answer your question about Lord of the Rings. As a reminder, this is a team that created Star Wars: Galaxy of Heroes, which has been one of our most successful mobile games. We're over $1 billion in net bookings on that. They are currently actively working on Lord of the Rings. They're in soft launch currently. And so we expect a full launch on that mobile game this coming year.

大衛，回答你關於指環王的問題。提醒一下，這是一個創造了星球大戰：英雄銀河的團隊，它一直是我們最成功的手機遊戲之一。我們在這方面的淨預訂額超過 10 億美元。他們目前正在積極開髮指環王。他們目前處於軟啟動階段。因此，我們預計該手機遊戲將在明年全面推出。

Okay. So thank you all for joining us for this quarter. We appreciate the support. We appreciate the good questions and the engagement today, and we'll speak to you next quarter.

好的。因此，感謝大家加入我們這個季度。我們感謝您的支持。我們感謝今天的好問題和參與，我們將在下個季度與您交談。

That will conclude today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。謝謝大家的加入。您現在可以斷開連接。