美商藝電 (EA) 2023 Q2 法說會逐字稿

Good afternoon. My name is Julianne, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Electronic Arts Second Quarter Fiscal Year 2023 Earnings Conference Call.

下午好。我叫 Julianne，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加電子藝界 2023 財年第二季度收益電話會議。

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. Welcome to EA's Second Quarter Fiscal 2023 Earnings Call. With me today are Andrew Wilson, our CEO; Chris Suh, our CFO; and Laura Miele, our COO.

謝謝你。歡迎參加 EA 的 2023 財年第二季度財報電話會議。今天和我在一起的是我們的首席執行官安德魯·威爾遜；我們的首席財務官 Chris Suh；和我們的首席運營官 Laura Miele。

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. With regards to our calendar, our Q3 fiscal 2023 earnings call is scheduled for Tuesday, January 31. As a reminder, we post the schedule of our entire fiscal year of upcoming earnings calls on our IR website.

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，在電話會議之後，我們將發布我們準備好的評論和這次電話會議的音頻回放、我們的財務模型和成績單。關於我們的日曆，我們的 2023 財年第三季度財報電話會議定於 1 月 31 日星期二舉行。提醒一下，我們在 IR 網站上發布了我們整個財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, November 1, 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。自 2022 年 11 月 1 日起，Electronic Arts 發表這些聲明，並且不承擔任何更新它們的義務。

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。

And now I'll turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thanks, Chris. It's great to be here with you all. We delivered solid performance across our business in Q2, driven by our EA SPORTS portfolio and our multi-platform live services business. our broad IP, exceptional talent and growing player network of more than 600 million are the foundation of strength and stability in an uneven macro environment.

謝謝，克里斯。很高興和大家在一起。在我們的 EA SPORTS 產品組合和多平台直播服務業務的推動下，我們在第二季度的業務表現穩健。我們廣泛的 IP、卓越的人才和不斷增長的超過 6 億的玩家網絡是在不平衡的宏觀環境中保持實力和穩定的基礎。

During Q2, we launched premier sports games and provided over 120 content updates on 35 titles across our global catalog. Our teams are deeply committed to delivering amazing games and entertainment that inspire fans to play, create, watch and forge enduring social connections.

在第二季度，我們推出了一流的體育遊戲，並為我們全球目錄中的 35 款遊戲提供了 120 多項內容更新。我們的團隊致力於提供令人驚嘆的遊戲和娛樂，激髮粉絲玩、創造、觀看和建立持久的社交聯繫。

Our broad IP portfolio is unrivaled in the gaming industry. Foundational to our leadership is EA SPORTS, with breadth and depth of partnerships that allow us to continue delivering deeply immersive experiences to fuel long-term growth.

我們廣泛的 IP 組合在遊戲行業中是無與倫比的。 EA SPORTS 是我們領導力的基礎，它擁有廣度和深度的合作夥伴關係，使我們能夠繼續提供深度沉浸式體驗，以推動長期增長。

Our global football business demonstrates the power of a multi-platform ecosystem, with a massive community engaging through multiple experiences. In Q2, we delivered our biggest EA SPORTS FIFA console and PC launch in history. In addition, in FIFA Mobile, daily, weekly and monthly active players were up more than 100% year-over-year. And our free-to-play FIFA Online service in Asia delivered record performance.

我們的全球足球業務展示了多平台生態系統的力量，擁有通過多種體驗參與的龐大社區。在第二季度，我們推出了史上最大的 EA SPORTS FIFA 遊戲機和 PC 版。此外，在《FIFA Mobile》中，每日、每周和每月活躍玩家同比增長超過 100%。我們在亞洲的免費 FIFA Online 服務也創造了創紀錄的表現。

Now the entire global football community across our ecosystem will benefit from the unique holiday timing of the World Cup. Next week, we'll launch new World Cup content into FIFA 23, FIFA Mobile and FIFA Online, designed to attract, engage and entertain players throughout the tournament and beyond.

現在，我們生態系統中的整個全球足球社區都將受益於世界杯獨特的假期時間。下週，我們將在《FIFA 23》、《FIFA Mobile》和《FIFA Online》中推出新的世界杯內容，旨在在整個比賽期間及之後吸引、吸引和娛樂球員。

For nearly 30 years, we've delivered the biggest and highest quality football games to fans all over the world. Across our ecosystem, we've built the world's largest football community with our players, 19,000 athletes, 700 teams, 30 leagues and federations, and more than 300 partners.

近 30 年來，我們為全世界的球迷提供了規模最大、質量最高的足球比賽。在我們的生態系統中，我們已經與我們的球員、19,000 名運動員、700 支球隊、30 個聯賽和聯合會以及 300 多個合作夥伴建立了世界上最大的足球社區。

As we now move into the future with EA SPORTS FC, we have even greater opportunity to engage the global audience of 3.5 billion football fans. Players will continue to experience everything they love about our games today. The modes, leagues, competitions, clubs, athlete, brands and more. We'll push the technical boundaries for even greater innovation, immersion and authenticity. And through more platforms and new modalities, we will reach new football fans all around the world, bringing them into our global community. This is what EA SPORTS FC is all about. In this unique year, with our biggest-ever console and PC title, a deeply engaging worldwide mobile experience, our online PC services in Asia, and now with men's and women's World Cup content coming, we are in an incredible position to unlock a truly extraordinary future with EA SPORTS FC.

隨著我們現在與 EA SPORTS FC 一起邁向未來，我們有更大的機會與全球 35 億足球迷的觀眾互動。今天，玩家將繼續體驗他們喜愛的我們遊戲的一切。模式、聯賽、比賽、俱樂部、運動員、品牌等等。我們將突破技術界限，實現更大的創新、沉浸感和真實性。通過更多平台和新模式，我們將接觸到世界各地的新球迷，將他們帶入我們的全球社區。這就是 EA SPORTS FC 的全部意義所在。在這個獨特的一年裡，憑藉我們有史以來最大的遊戲機和 PC 遊戲、極具吸引力的全球移動體驗、我們在亞洲的在線 PC 服務，以及現在隨著男女世界杯內容的到來，我們處於一個令人難以置信的位置，可以解鎖真正的EA SPORTS FC 的非凡未來。

As the consumption of entertainment and sport converge and grow, EA SPORTS offers fans immersive experiences like no other, an ability to play, create, watch and connect with friends and the sports they love 365 days a year. Now more than ever, Madden NFL is deeply ingrained into the fabric of NFL fandom, reaching broader entertainment audiences. With the sport of F1 continuing its growth trajectory, especially in the U.S., we are well positioned to expand the total addressable market for our F1 franchise. We have more than 200 million players engaged in our EA SPORTS games. As we look to the future of FC, Madden NFL, F1, NHL, UFC, PGA Tour and more, we will continue growing these ecosystems to reach new fans, expand to new experiences and create more social connectivity to fuel the enjoyment of sport.

隨著娛樂和體育消費的融合和增長，EA SPORTS 為粉絲們提供了獨一無二的沉浸式體驗，讓他們能夠一年 365 天玩、創造、觀看和與朋友以及他們喜愛的運動保持聯繫。現在，Madden NFL 比以往任何時候都更深入地融入 NFL 粉絲的結構，接觸到更廣泛的娛樂觀眾。隨著 F1 運動繼續其增長軌跡，尤其是在美國，我們已做好準備擴大我們 F1 特許經營權的總潛在市場。我們有超過 2 億玩家參與我們的 EA SPORTS 遊戲。當我們展望 FC、Madden NFL、F1、NHL、UFC、PGA 巡迴賽等的未來時，我們將繼續發展這些生態系統，以吸引新的球迷，拓展新的體驗並創造更多的社交聯繫，以激發體育運動的樂趣。

Our owned IP franchises continue to be among the most deeply engaging and culturally relevant entertainment properties in the world. Apex Legends is driving massive growth in emerging markets, and the team continues to build its content, universe, characters and storylines across multiple platforms and experiences. As we expand our console, PC and mobile experiences, Apex has captured the imagination of our global community beyond play. Not only are they playing, watching and competing, they're captivated by the lore, the worlds and storylines in and outside the game. We are just getting started and believe Apex will be one of the most important IPs in the world.

我們擁有的 IP 特許經營權繼續成為世界上最具吸引力和文化相關性的娛樂資產之一。 Apex Legends 正在推動新興市場的大規模增長，該團隊繼續跨多個平台和體驗構建其內容、宇宙、角色和故事情節。隨著我們擴展我們的控制台、PC 和移動體驗，Apex 已經抓住了我們全球社區的想像力。他們不僅在玩耍、觀看和競爭，而且還被遊戲內外的傳說、世界和故事情節所吸引。我們才剛剛起步，相信 Apex 將成為世界上最重要的 IP 之一。

Engagement in our Sims franchise continues to grow with millions of players unleashing their imaginations, full of creativity, humor and individuality, both in-game and across the entire ecosystem. We expect engagement to grow with The Sims 4 base game recently becoming free to enter. Looking ahead, our team is working on a new creative platform for our Sims community, giving them more collaborative ways to play, create, connect and share stories with their friends.

隨著數以百萬計的玩家在遊戲中和整個生態系統中發揮他們的想像力，充滿創造力、幽默感和個性，對我們模擬人生系列的參與度繼續增長。我們預計隨著《模擬人生 4》基礎遊戲最近可以免費進入，參與度將會增加。展望未來，我們的團隊正在為我們的模擬人生社區開發一個新的創意平台，為他們提供更多的協作方式來玩、創造、聯繫並與朋友分享故事。

In Q2, we also announced an exciting long-term, multi-game collaboration with Marvel, joining forces with a culture-defining powerhouse to expand our entertainment offerings. From our EA SPORTS league partners to Disney's Star Wars and Marvel universes and more, we're partnering to grow our global communities, build value together and co-create the future of entertainment.

在第二季度，我們還宣布與漫威展開激動人心的長期多遊戲合作，與文化定義強國聯手擴展我們的娛樂產品。從我們的 EA SPORTS 聯盟合作夥伴到迪士尼的星球大戰和漫威宇宙等等，我們正在合作發展我們的全球社區，共同創造價值並共同創造娛樂的未來。

Our player network of more than 600 million worldwide continues to grow. The unique value of this network is our ability to create new communities and meaningful connections that matter. In fact, more than 3/4 of EA players engage with gaming content beyond the game itself, reading, watching and creating content and engaging in social conversations through shared fandom. With EA SPORTS FC, Apex, The Sims, Skate and more, all poised to fuel fun and social connection, our growing network will continue adding long-term value.

我們在全球擁有超過 6 億玩家的網絡繼續增長。該網絡的獨特價值在於我們能夠創建重要的新社區和有意義的聯繫。事實上，超過 3/4 的 EA 玩家參與遊戲本身之外的遊戲內容，閱讀、觀看和創建內容，並通過共享的粉絲群參與社交對話。借助 EA SPORTS FC、Apex、The Sims、Skate 等，所有這些都準備好激發樂趣和社交聯繫，我們不斷發展的網絡將繼續增加長期價值。

As we look ahead, our talented teams are focused on building extraordinary experiences that drive deep engagement to grow our communities and reach new audiences, particularly Gen Z and Gen Alpha, who are turning to games as their preferred choice for entertainment and social connection. Games continue to be one of the fastest-growing forms of entertainment and the social networks of the future. We're in the privileged position of creating what people love doing more than anything else with their friends and family. Through our broad IP, our creative talent and our growing network of players, we are well positioned to lead the future of entertainment and deliver long-term value.

展望未來，我們才華橫溢的團隊專注於打造非凡的體驗，推動深度參與以發展我們的社區並接觸新的受眾，特別是 Z 世代和 Alpha 世代，他們將游戲作為娛樂和社交聯繫的首選。遊戲仍然是增長最快的娛樂形式之一，也是未來的社交網絡。我們處於創造人們最喜歡與朋友和家人一起做的事情的特權地位。通過我們廣泛的 IP、我們的創意人才和不斷增長的玩家網絡，我們有能力引領娛樂的未來並提供長期價值。

Now I'll turn the call over to Chris.

現在我將把電話轉給克里斯。

Thanks, and hello to everyone. As Andrew said, we had another solid quarter. Driven by our EA SPORTS portfolio and our multi-platform live services business. And importantly, engagement from our players around the globe across both platforms and our broad portfolio of games continued to be strong, fueling our resilient live services business and enabling us to deliver on our commitments even as we navigate through an uneven environment.

謝謝，大家好。正如安德魯所說，我們還有一個穩定的季度。由我們的 EA SPORTS 產品組合和我們的多平台直播服務業務推動。重要的是，我們在兩個平台上的全球玩家和我們廣泛的遊戲組合的參與度繼續保持強勁，推動了我們有彈性的直播服務業務，使我們即使在不平衡的環境中導航也能兌現我們的承諾。

Net bookings for the second quarter were $1.75 billion and in line with our expectations, down 5% or 2% in constant currency due to the timing of the F1 launch with the strength in console and PC offsetting mobile. Our live services net bookings were also in line with our expectations, down 3% year-on-year or flat in constant currency due to the timing of the FIFA launch, offset by strength elsewhere in the business.

第二季度的淨預訂額為 17.5 億美元，符合我們的預期，由於 F1 推出的時機以及控制台和 PC 抵消移動設備的優勢，按固定匯率計算下降了 5% 或 2%。我們的現場服務淨預訂量也符合我們的預期，由於國際足聯的推出時間，同比下降 3% 或按固定匯率計算持平，但被其他業務的實力所抵消。

On a trailing 12-month basis, live services were 73% of our business. And with regard to full game sales, digital sales accounted for 66% of units sold through, up 5 percentage points from last year.

在過去 12 個月的基礎上，實時服務占我們業務的 73%。而在完整遊戲銷量方面，數字銷量佔總銷量的 66%，比去年上升了 5 個百分點。

Our EA SPORTS portfolio was the highlight and driver of Q2 net bookings. We saw strength across the entire FIFA franchise in the quarter, further demonstrating the power of our multi-platform ecosystem. FIFA net bookings grew 6% in constant currency, and we saw engagement increase significantly across all platforms. As Andrew mentioned, we delivered a record launch on FIFA 23. In the first 4 weeks, FIFA 23 sell-through unit sales were up 10% versus the comparable period for FIFA 22 and FUT players are up 6%. With the launch of Madden 23, Madden Ultimate Team players and net bookings are both up double digits year-on-year.

我們的 EA SPORTS 產品組合是第二季度淨預訂量的亮點和驅動力。我們在本季度看到了整個 FIFA 特許經營權的實力，進一步展示了我們多平台生態系統的力量。以固定匯率計算，FIFA 淨預訂量增長了 6%，我們看到所有平台的參與度都顯著增加。正如安德魯所說，我們在 FIFA 23 上發布了創紀錄的發布。在前 4 週，FIFA 23 的銷售單位銷售額與 FIFA 22 的可比期間相比增長了 10%，FUT 玩家增長了 6%。隨著 Madden 23 的推出，Madden Ultimate Team 的球員和淨預訂量均同比增長兩位數。

We delivered Q2 net revenue of $1.9 billion, in line with our expectations, and with a higher mix of console and PC-based revenue, gross margins and underlying profit were well above our expectations.

我們實現了 19 億美元的第二季度淨收入，符合我們的預期，並且基於控制台和 PC 的收入組合更高，毛利率和基本利潤遠高於我們的預期。

Operating expenses were up 2% on last year, in line with our expectations, as we continue to take a disciplined approach to investing in our development teams and new product launches. Operating cash flow for the quarter was negative $112 million, and we returned $378 million to shareholders through dividends and our ongoing share repurchase program. On a trailing 12-month basis, operating cash flow is up 26% year-on-year.

運營費用比去年增長 2%，符合我們的預期，因為我們繼續採取嚴格的方法來投資我們的開發團隊和新產品發布。本季度的經營現金流為負 1.12 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 3.78 億美元。在過去 12 個月的基礎上，經營現金流量同比增長 26%。

Now turning to guidance. We are providing an updated guidance range today, primarily due to the persistent FX rate environment. Just over half of our sales are generated outside of the U.S., and the U.S. dollar strengthened between 7% and 15% versus our largest foreign currencies when compared to rates at the time of our initial FY '23 guidance. As a result, we now expect an FX impact of approximately $200 million versus our initial full year net bookings guide, as the impact will grow in our second half and into FY '24 at current exchange rates.

現在轉向指導。我們今天提供更新的指導範圍，主要是由於持續的外匯匯率環境。與我們最初的 23 財年指導時的匯率相比，我們一半以上的銷售額是在美國以外產生的，美元兌我們最大的外幣匯率上漲了 7% 到 15%。因此，我們現在預計與我們最初的全年淨預訂指南相比，外匯影響約為 2 億美元，因為按當前匯率計算，這種影響將在我們的下半年和 24 財年增長。

Beyond FX, our business fundamentals remain healthy, with strong player engagement trends across our platforms and franchises. We expect strength from our console and PC game franchises to offset most of the impact of the current mobile market softness. In particular, we expect to see the momentum of the FIFA 23 launch carry into the second half, aided by excitement surrounding the World Cup.

除了外匯，我們的業務基本面保持健康，在我們的平台和特許經營權中擁有強大的玩家參與趨勢。我們預計我們的主機和 PC 遊戲特許經營權的實力將抵消當前移動市場疲軟的大部分影響。特別是，我們預計 FIFA 23 發布的勢頭將延續到下半場，這得益於圍繞世界杯的興奮。

With these factors considered, we are revising our full year net bookings guidance to $7.65 billion to $7.85 billion, up 2% to 4% year-on-year, or 6% to 9% in constant currency.

考慮到這些因素，我們將全年淨預訂量指引修訂為 76.5 億美元至 78.5 億美元，同比增長 2% 至 4%，或按固定匯率計算增長 6% 至 9%。

We expect fiscal '23 GAAP revenue to be $7.55 billion to $7.75 billion and expect cost of revenue to be $1.845 billion to $1.89 billion, below our prior range, reflecting the gross margin benefit from the revenue mix shift due to the relative strength of our console and PC franchises.

我們預計 '23 財年 GAAP 收入為 75.5 億美元至 77.5 億美元，預計收入成本為 18.45 億美元至 18.9 億美元，低於我們之前的範圍，這反映了由於我們控制台的相對實力導致收入組合轉變帶來的毛利率收益和 PC 特許經營權。

We continue to be disciplined in our spend while also carefully prioritizing investments to fuel our long-term growth, and we expect operating expenses to be $4.245 billion to $4.295 billion.

我們繼續嚴格控制支出，同時謹慎優先投資以推動我們的長期增長，我們預計運營費用將在 42.45 億美元至 42.95 億美元之間。

Accordingly, our updated GAAP earnings per share guidance is now higher, at $3.11 to $3.34. Importantly, our expectations for underlying profitability for the year remain unchanged, even after accounting for the FX headwinds.

因此，我們更新後的 GAAP 每股收益指引現在更高，為 3.11 美元至 3.34 美元。重要的是，即使考慮到外匯不利因素，我們對今年基本盈利能力的預期仍保持不變。

We are also reaffirming our guidance for operating cash flow, at $1.6 billion to $1.65 billion, with capital expenditures of about $200 million that results in free cash flow of about $1.4 billion to $1.45 billion. Please see our earnings slides and press release for further cash flow information.

我們還重申我們對運營現金流的指導，為 16 億至 16.5 億美元，資本支出約為 2 億美元，導致自由現金流約為 14 億至 14.5 億美元。請參閱我們的收益幻燈片和新聞稿以獲取更多現金流信息。

Turning to the quarter. We expect Q3 '23 net bookings to be $2.425 billion to $2.525 billion, driven by our annualized franchises, plus the launch of Need for Speed Unbound on December 2. For the third quarter, we expect GAAP net revenue to be $1.825 billion to $1.925 billion, cost of revenue to be $560 million to $580 million and operating expenses of approximately $1.08 billion to $1.09 billion. This results in earnings per share of $0.43 to $0.59 for the third quarter.

轉向季度。我們預計 23 年第三季度的淨預訂額為 24.25 億美元至 25.25 億美元，這得益於我們的年度特許經營權以及 12 月 2 日推出的極品飛車無界。對於第三季度，我們預計 GAAP 淨收入為 18.25 億美元至 19.25 億美元，收入成本為 5.6 億美元至 5.8 億美元，運營費用約為 10.8 億美元至 10.9 億美元。這導致第三季度每股收益為 0.43 美元至 0.59 美元。

To summarize, our solid second quarter results again demonstrate the power of the EA model. We carry momentum into the second half. FIFA is off and running with the World Cup set to accelerate engagement. Need for Speed Unbound is ready for launch and a strong slate is queued up for Q4. We've extended the Apex franchise to mobile, enabling us to reach more people in more geographies than ever before, and expect it to continue to grow over time. And with The Sims 4 now free to enter, we look forward to welcoming more players than ever into this beloved franchise.

總而言之，我們穩健的第二季度業績再次證明了 EA 模型的力量。我們將勢頭帶入下半場。國際足聯已經關閉並開始運行世界杯，以加速參與。 《極品飛車：無界》已準備好發布，第四季度的陣容強大。我們已將 Apex 特許經營權擴展到移動設備，使我們能夠接觸到比以往更多地區的更多人，並期望它隨著時間的推移繼續增長。隨著《模擬人生 4》現在免費進入，我們期待著比以往任何時候都歡迎更多玩家加入這個深受喜愛的系列。

With our strong pipeline, healthy engagement trends, durable and highly reoccurring live services model and a continued focus on discipline and execution, we are well positioned for the future.

憑藉我們強大的管道、健康的參與趨勢、持久且高度重複的現場服務模式以及對紀律和執行的持續關注，我們為未來做好了準備。

Now I'll hand it back over to Andrew.

現在我會把它交還給安德魯。

Thanks, Chris. In Q2, EA delivered strong engagement and deeply immersive experiences across our portfolio with new EA SPORTS titles and multi-platform live services powering the business. We have a deep slate of new titles set for the second half of the year. Entertainment is a fundamental human need. And in this dynamic environment, we are focusing on our strengths, providing amazing games and live services that inspire the world to play. With our incredible talent, our growing player network and more people than ever engaging and connecting through games, we are excited to lead and create the future of entertainment.

謝謝，克里斯。在第二季度，EA 通過新的 EA SPORTS 遊戲和為業務提供動力的多平台直播服務，在我們的產品組合中提供了強大的參與度和深度沉浸式體驗。我們為下半年準備了大量新遊戲。娛樂是人類的基本需求。在這個充滿活力的環境中，我們專注於發揮我們的優勢，提供令人驚嘆的遊戲和現場服務，激發全世界的玩家參與其中。憑藉我們令人難以置信的人才、不斷增長的玩家網絡以及比以往更多的人通過遊戲參與和聯繫，我們很高興能夠領導和創造娛樂的未來。

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

現在，克里斯、勞拉和我在這里為您解答問題。

(Operator Instructions) Our first question comes from Matthew Cost from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Matthew Cost。

I have 2 here. So in an environment where, Andrew, you mentioned, obviously, things are changing, consumers are under pressure. Are you observing any changes in the behavior of users? For example, are people perhaps prioritizing buying a copy of FIFA, so maybe spending less on the Ultimate Team? Or is there anything that you've noticed that's starting to shift in the behavior of your users?

我這裡有2個。因此，在一個環境中，安德魯，你提到，顯然，事情正在發生變化，消費者面臨壓力。您是否觀察到用戶行為的任何變化？例如，人們是否會優先購買 FIFA 的副本，因此可能會減少在 Ultimate Team 上的花費？或者您是否注意到有什麼東西開始改變用戶的行為？

And then secondly, on the pipeline, I think the fourth quarter is still showing a major title that doesn't have a specific name to it yet. Should we interpret that as there's a title that's tentatively slated for the fourth quarter, but it could potentially be pushed out? Just any color you can add there?

其次，在籌備中，我認為第四季度仍在展示一個還沒有具體名稱的主要標題。我們是否應該將其解釋為暫時定於第四季度的標題，但它可能會被推出？你可以在那裡添加任何顏色嗎？

Yes. Great questions. First one on user behavior. I think the one thing to reinforce is we are seeing extraordinary engagement across our business, particularly in our key titles like FIFA and like Apex and like The Sims. And remember, this extraordinary engagement of what was already extraordinary engagement coming through COVID and many had believed that we were going to see meaningful changes, a meaningful drop-off to our engagement post-COVID as the world kind of went mostly back to normal. And we haven't seen that yet. We've continued to see really strong engagement across our products. And certainly, with the launch of FIFA and Madden, both of which are up, and the ongoing strength in Apex and The Sims, we feel really good about the future.

是的。好問題。第一個關於用戶行為。我認為需要加強的一件事是，我們在整個業務中都看到了非凡的參與度，特別是在我們的關鍵遊戲中，如 FIFA、Apex 和模擬人生。請記住，這種通過 COVID 帶來的非凡參與已經是非凡的參與，許多人相信我們將看到有意義的變化，隨著世界基本恢復正常，我們的參與在 COVID 後有意義的下降。我們還沒有看到。我們繼續在我們的產品中看到真正強大的參與度。當然，隨著《FIFA》和《Madden》的推出，兩者都在上升，以及《Apex》和《模擬人生》的持續實力，我們對未來感覺非常好。

What we do want to say, though, is that we're going to be very deliberate as we move through the back half of the year. We've got an extraordinary slate through the back half. We feel very good about that slate. But it's hard to ignore all of the narrative around us and some of the commentary around what might be challenging macroeconomic times, particularly in Europe that seems to be dealing with that more dramatically so far than the U.S.

不過，我們確實想說的是，在我們度過下半年時，我們將非常慎重。我們有一個非凡的石板通過後半部分。我們對那個石板感覺很好。但很難忽視我們周圍的所有敘述，以及一些關於可能對宏觀經濟時代構成挑戰的評論，特別是在歐洲，迄今為止似乎比美國更積極地應對這一問題。

As it stands right now, we haven't seen meaningful shifts in behavior. We expect that we will grow, but we also want to be very thoughtful, focused and deliberate as we move through this environment. Because if it gets really bad, I don't think anybody is immune, but I think what we've demonstrated is that we're unbelievably resilient and why we're focused on building incredible games and driving deep engagement with our community, which so far is working really, really well for us.

就目前而言，我們還沒有看到行為上的有意義的轉變。我們期望我們會成長，但我們也希望在我們在這個環境中移動時非常周到、專注和深思熟慮。因為如果情況真的很糟糕，我認為沒有人能倖免，但我認為我們已經證明了我們具有令人難以置信的彈性，以及為什麼我們專注於打造令人難以置信的遊戲並推動與我們的社區的深入互動，這到目前為止，對我們來說真的非常非常好。

On the second point around the title, you shouldn't read anything into that other than the nature of marketing in our industry has meaningfully changed over the past 5 or 6 years. You might remember when we launched Apex Legends, we didn't tell anybody about it until about 48 hours before the community get to play it. And as we continue to see the shift -- the big shift, of course, in the recent decade was a move from television to digital. We've moved into more targeted digital and now we're moving in a more targeted timing around digital.

關於標題的第二點，除了我們行業的營銷性質在過去 5 或 6 年中發生了有意義的變化之外，您不應該閱讀任何內容。您可能還記得，當我們推出 Apex Legends 時，我們直到社區開始玩它之前的大約 48 小時才告訴任何人。隨著我們繼續看到這種轉變——當然，最近十年的重大轉變是從電視轉向數字。我們已經轉向更有針對性的數字化，現在我們正在圍繞數字化轉向更有針對性的時機。

And so for each franchise, our development teams and marketing teams come together and think through what is the most appropriate time to begin meaningfully communicating with our community around what titles are coming. And so we feel really good about our slate. We feel really good about that particular title as it turns out actually really, really good. But it just -- our teams right now are still working through the appropriate timing for launching and marketing, communicating around that title.

因此，對於每個特許經營權，我們的開發團隊和營銷團隊都會聚在一起，思考什麼是最合適的時間，開始與我們的社區就即將推出的遊戲進行有意義的溝通。所以我們對我們的名單感覺非常好。我們對那個特定的標題感覺非常好，因為它實際上非常非常好。但它只是 - 我們的團隊現在仍在努力通過適當的時間發布和營銷，圍繞這個標題進行溝通。

Our next question comes from Benjamin Soff from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Benjamin Soff。

So pretty exciting stuff with the Marvel partnership. I was wondering if you guys could maybe talk a little bit more about what that might mean for the long-term growth for your business. And the press release referenced at least 3 games, I believe. So what do you think some of the things that your partner might be looking for as they evaluate whether or not to extend this partnership to additional games?

與 Marvel 的合作非常令人興奮。我想知道你們是否可以多談談這對你們業務的長期增長可能意味著什麼。我相信，新聞稿至少提到了 3 款遊戲。那麼您認為您的合作夥伴在評估是否將這種合作關係擴展到其他遊戲時可能正在尋找的一些東西？

Thanks, Benjamin. Great question. When we think about our growth potential in our portfolio, we certainly consider the games that we create, the world, the characters. We also look at the expansion of our player community and the diversity of players that we can bring in. When you think about the breadth of our portfolio from real-world sports to our original IP, including Sims, Apex, Battlefield, Skate, Need for Speed, we also have licensed IP. You think about Star Wars, Lord of the Rings, and of course, now, Marvel, as you mentioned.

謝謝，本傑明。好問題。當我們考慮投資組合的增長潛力時，我們當然會考慮我們創造的遊戲、世界和角色。我們還關注我們玩家社區的擴展以及我們可以引入的玩家的多樣性。當您考慮我們的產品組合從現實世界的運動到我們的原始 IP 的廣度時，包括模擬人生、Apex、戰地、滑板、極品對於速度，我們還擁有許可 IP。你想到了星球大戰、指環王，當然還有現在的漫威，就像你提到的那樣。

So we consider this licensed IP, an incredibly important component of expanding, diversifying and casting our net wider to bring new players in. And when we looked at our Star Wars business, as an example, we brought millions of players into our community. And what we realized and have seen is that over 40% of those players have gone on to play other games in our portfolio. So we consider adding licensed IP as a pretty significant engagement model to our overall community as we grow.

因此，我們認為這個授權 IP 是擴展、多樣化和擴大我們的網絡以吸引新玩家進入的一個非常重要的組成部分。當我們以星球大戰業務為例時，我們將數百萬玩家帶入了我們的社區。我們意識到並看到的是，超過 40% 的玩家繼續玩我們投資組合中的其他遊戲。因此，隨著我們的成長，我們考慮將許可 IP 作為一種非常重要的參與模式加入到我們的整個社區中。

And we're just thrilled to welcome the Marvel partners into our creative teams, and we're incredibly confident that we're going to build meaningful content for our fans. We have generally approached these types of creative partnerships kind of away from the contract. We don't want it to be a transactional partnership, [really] embrace a creative partnership and co-create together. And we've seen great success in our past, and we expect no difference for the future with Marvel.

我們很高興歡迎漫威合作夥伴加入我們的創意團隊，我們非常有信心為我們的粉絲打造有意義的內容。我們通常會在合同之外接觸這些類型的創造性合作夥伴關係。我們不希望它成為一種交易夥伴關係，[真的] 擁抱創造性的伙伴關係並共同創造。我們在過去看到了巨大的成功，我們預計漫威的未來不會有什麼不同。

Our next question comes from Omar Dessouky from Bank of America.

我們的下一個問題來自美國銀行的 Omar Dessouky。

I'd like to ask about your 4 objectives of play, create, watch and social, and how they're going to affect your business long term. And then I have a follow-up. So the first question is, are these initiatives you need to undertake in order to keep pace with the growth in the video game industry or exceed growth in the video game industry? And as you build out these features around your core franchises, sort of 5 years out, by what factor could they help your core franchises grow? And then I have a follow-up.

我想問一下您的 4 個目標，即遊戲、創作、觀看和社交，以及它們將如何長期影響您的業務。然後我有一個跟進。所以第一個問題是，為了跟上視頻遊戲行業的增長或超越視頻遊戲行業的增長，您需要採取這些舉措嗎？當您圍繞您的核心特許經營權構建這些功能時，大約 5 年後，它們可以通過什麼因素幫助您的核心特許經營權發展？然後我有一個跟進。

Yes. Great question. So as we think about the 4 key vectors of opportunity for us, play, create, watch and connect. The first thing to -- as we look at existing network of players, over 600 million, as we look at new onboarding players in the kind of Gen Z and Gen Alpha populations, what we discover is the first thing that they are expecting from us is that we expand play.

是的。好問題。因此，當我們思考機會的 4 個關鍵向量時，玩耍、創造、觀看和聯繫。首先——當我們查看現有的超過 6 億玩家網絡時，當我們查看 Z 世代和 Alpha 世代人群中的新入職玩家時，我們發現他們對我們的第一期望是是我們擴大發揮。

So when I started building games this industry over 20 years ago, we were primarily playing single-player games or on-the-couch games. We then moved from single-player to multiplayer, off-line to online, one-on-one to one-versus-many. We've seen these ongoing inflection points that have expanded the nature of play.

所以當我在 20 多年前開始開發這個行業的遊戲時，我們主要玩的是單人遊戲或沙發遊戲。然後我們從單人遊戲轉向多人遊戲，從離線遊戲轉向在線遊戲，從一對一轉向一對多。我們已經看到了這些持續的轉折點，這些轉折點擴大了遊戲的性質。

I think as we are looking now and as you look at what we're doing in and around our games, like FIFA, like Madden, like The Sims, like Apex and many others, is we are expanding the modalities of play beyond what might have been a traditional mechanic within -- in a game. And as we continue to drive these franchises forward, we start asking ourselves what happens in FC when you're not playing on the pitch? What happens in The Sims when you leave your home and go to someone else's home? What happens in Apex when you move beyond the existing map or the existing modality of play? And so every time we offer an expanded player option, what we do see is it attracts more people and it drives deeper engagement in the franchise.

我認為，正如我們現在看到的那樣，當你看到我們在遊戲中和周圍所做的事情時，比如 FIFA、Madden、The Sims、Apex 和許多其他遊戲，我們是否正在將游戲模式擴展到可能的範圍之外一直是遊戲中的傳統機制。隨著我們繼續推動這些球隊向前發展，我們開始問自己，當你不在場上比賽時，FC 會發生什麼？當你離開家去別人家時，《模擬人生》中會發生什麼？當您超越現有地圖或現有遊戲模式時，Apex 會發生什麼？因此，每次我們提供擴展的球員選項時，我們確實看到它吸引了更多的人，並推動了對特許經營的更深入參與。

Also, as we look at these generations, of course, you don't have to look very far to see that created such a big and important part of all entertainment, particularly games. And as you look at YouTube and TikTok and Snap and others over the past 5 or 10 years, we've seen this become an even more important part of entertainment and social connection amongst these audiences. And as we think now about -- even if we go back as far as creating things in The Sims and only in Battlefield moment and sharing highlights from FIFA, and now the ability for players to come in and move things around in the world as a first step, create new things and put them into the world as a second step, and really create new aspects of these worlds as a third step, what we see again is that more than half of our community engages in player-created content.

此外，當我們看到這些世代時，當然，您不必看得很遠就能看到它創造了所有娛樂，尤其是遊戲中如此重要的一部分。在過去 5 年或 10 年中，當您查看 YouTube、TikTok 和 Snap 等其他公司時，我們已經看到這已成為這些觀眾之間娛樂和社交聯繫中更為重要的部分。正如我們現在所想的那樣——即使我們回溯到在《模擬人生》中創造東西，而且只在《戰地風雲》中分享來自 FIFA 的精彩片段，現在玩家可以作為第一步，創造新事物並把它們放到世界上作為第二步，真正創造這些世界的新方面作為第三步，我們再次看到的是，我們社區中超過一半的人從事玩家創造的內容。

And so it attracts and it onboards new players. I watch my 7-year-old son get introduced to new games because he's watching created content on YouTube for the games that we make and, quite frankly, some of the games that our competitors make. And so this notion of creativity and the ability to engage the community to create is a really important part of our future, both in the expansion of our worlds to fuel the insatiable appetite for content that our global community of players has, but also to deepen engagement.

因此，它吸引並吸引了新玩家。我看著我 7 歲的兒子接觸新遊戲，因為他在 YouTube 上觀看為我們製作的遊戲以及坦率地說是我們的競爭對手製作的一些遊戲創建的內容。因此，這種創造力的概念和讓社區參與創造的能力是我們未來的一個非常重要的組成部分，既可以擴展我們的世界，以激發我們全球玩家社區對內容的永不滿足的需求，也可以加深訂婚。

Again, and as part of that, watch is becoming a really important part. We get 2 billion or 3 billion hours of play in FIFA a year, and we get nearly as much of that watching FIFA game play. The same is true for Apex. We're seeing this grow more and more across our ecosystem.

同樣，作為其中的一部分，手錶正成為一個非常重要的部分。我們每年在 FIFA 上玩 20 億或 30 億小時，其中觀看 FIFA 遊戲的時間幾乎一樣多。 Apex 也是如此。我們看到這種情況在我們的生態系統中越來越多。

And then finally, we're seeing connections that are formed amongst 4 and 5 and 6 people, these atomic units as part of these global communities that are the most meaningful connections. These players are spending 90 minutes, 2 hours a day together, playing the games together and then sharing that content beyond the traditional boundaries of games. And so as we think about our opportunities across these 4 vectors, we really think about it, which of these things are going to allow us to attract more people? We think it's very reasonable to believe that we can entertain 1 billion people in play. And we think about these things in the context of driving deeper engagement in the overall ecosystem, being it's very reasonable to believe that we can get that 1 billion people to engage with us for at least an hour a day.

最後，我們看到了在 4、5 和 6 個人之間形成的聯繫，這些原子單位是這些全球社區的一部分，是最有意義的聯繫。這些玩家每天花 90 分鐘、2 小時在一起，一起玩遊戲，然後分享超越傳統遊戲界限的內容。因此，當我們思考我們在這 4 個向量中的機會時，我們真的會思考，這些東西中的哪一個可以讓我們吸引更多的人？我們認為我們可以在遊戲中娛樂 10 億人是非常合理的。我們在推動整個生態系統更深入參與的背景下考慮這些事情，因為相信我們可以讓這 10 億人每天至少與我們互動一個小時是非常合理的。

And what we know about our business is that people spend money where they spend their time and provided we offer incredible innovation, incredible creativity, incredible quality and incredible value that, that will ultimately present extraordinary opportunities for financial growth for us in the future.

我們對我們業務的了解是，人們在他們花費時間的地方花錢，只要我們提供令人難以置信的創新、令人難以置信的創造力、令人難以置信的質量和令人難以置信的價值，這最終將為我們未來的財務增長帶來非凡的機會。

Okay. A wonderful answer. So it sounds like you're really at the forefront of innovation rather than this just being table stakes for the video game industry of the future. My second -- correct me if I'm wrong. My second question is, in the past, like in 2017, you've said that you spend about 25% of your R&D budget on new IP, things that may never see the light of day. So based on fiscal '22, that would be around $400 million to $500 million. First of all, is that kind of still the case? And second of all, as you build out the tool sets necessary to achieve play, create, watch and social, should we think about incremental R&D spend on top of that? Or will the kind of additional expenses to create out those tool sets and initiatives be part of that 25% or even the existing budgets within existing franchises?

好的。一個美妙的答案。所以聽起來你真的處於創新的最前沿，而不僅僅是未來視頻遊戲行業的賭注。我的第二個 - 如果我錯了，請糾正我。我的第二個問題是，在過去，就像在 2017 年一樣，您曾說過您將大約 25% 的研發預算用於新 IP，這些事情可能永遠不會出現。因此，根據 22 財年，這將是大約 4 億到 5 億美元。首先，這種情況仍然存在嗎？其次，當您構建實現遊戲、創造、觀看和社交所需的工具集時，我們是否應該考慮在此之上增加研發支出？或者創建這些工具集和計劃的額外費用是否會成為這 25% 甚至現有特許經營權中現有預算的一部分？

Yes. Great question. The first thing to acknowledge is, and I've talked about 20%, 25% in the past. One, it's not a static number. It changes over time based on what's going on in our various incubation and development and production pipelines. As we think about investing, the primary investment for us is always going to be building incredible games. And for us, that really falls in 2 key categories. Building out these global online gaming communities around our biggest IP: FC, Battlefield, Apex, The Sims, Madden, Skate is coming down the pipe. And so that's one category investment for us. And a lot of that 20%, 25% goes into new modalities of play and you create in and around those ecosystems that are very proven, very stable and represent extraordinary opportunities for growth.

是的。好問題。首先要承認的是，我過去談過 20%、25%。一，它不是一個靜態的數字。它會根據我們各種孵化、開發和生產管道中發生的事情而隨時間而變化。當我們考慮投資時，我們的主要投資始終是打造令人難以置信的遊戲。對我們來說，這確實屬於兩個關鍵類別。圍繞我們最大的 IP 構建這些全球在線遊戲社區：FC、Battlefield、Apex、The Sims、Madden、Skate 即將推出。所以這對我們來說是一類投資。而這 20%、25% 中的很多都進入了新的遊戲模式，你在那些非常成熟、非常穩定並代表非凡增長機會的生態系統中和周圍創造。

The second area is around building these worlds and creating these characters and tell these amazing stories, both in our owned IP and in the IP of our partners as we co-create the future of entertainment. And we really think about interactive storytelling as the future form of storytelling that most consumers will choose as their first form of entertainment. And a chunk of that 20%, 25% goes into those things, things that we do with our partners at Disney across Star Wars and Marvel will fall into that category.

第二個領域是圍繞構建這些世界、創造這些角色並講述這些驚人的故事，無論是在我們自己的 IP 中，還是在我們合作夥伴的 IP 中，我們共同創造娛樂的未來。我們真的認為交互式講故事是未來的講故事形式，大多數消費者會選擇作為他們的第一種娛樂形式。而這 20%、25% 的一部分用於這些事情，我們與迪士尼合作夥伴在星球大戰和漫威中所做的事情將屬於這一類。

The third category, which is a much smaller category, but probably represents one of the biggest long-term upside opportunities is how do we think about deriving value from the power of our network beyond the bounds of the traditional game experience? We've got 600 million, we're going to go to 1 billion. I hope that we get to 2 billion people in our network, and they spend 1.5 hours a day in our games, and then they spend another 90 minutes a day doing things outside of our games, but that are deeply connected to the games that they play.

第三類是一個小得多的類別，但可能代表了最大的長期上行機會之一，即我們如何考慮從我們網絡的力量中獲取價值，超越傳統遊戲體驗的界限？我們有 6 億，我們將達到 10 億。我希望我們的網絡中有 20 億人，他們每天花 1.5 小時在我們的遊戲中，然後他們每天再花 90 分鐘在我們的遊戲之外做事，但這與他們所玩的遊戲密切相關玩。

And what is our opportunity there? And one such opportunity might be, how do we disrupt the consumption of sport, how do we really think about sport from an interactive viewpoint? If you start in one of our games, but you are a deep sports fan, what other things might we be able to do with you with our partners that would fuel your sports fandom? And while that's a relatively small investment for us today, it does represent a pretty significant upside to the expansion of what we're able to do with our global network of players and fans around the world over the course of the next 3 to 5 years.

我們在那裡的機會是什麼？一個這樣的機會可能是，我們如何擾亂體育消費，我們如何從互動的角度真正思考體育？如果您從我們的某場比賽開始，但您是一位忠實的體育迷，我們還可以與我們的合作夥伴一起做哪些其他事情來激發您的體育迷？雖然這對我們今天來說是一筆相對較小的投資，但它確實代表了我們在未來 3 到 5 年內能夠利用我們在世界各地的全球球員和球迷網絡做的事情的一個相當大的好處。 .

As we think about investment more broadly, you shouldn't imagine that this is deep incremental investment. This is about really focusing our existing investment in the right areas. And part of what we have to do as a company always is be very deliberate, very disciplined and very focused on how we invest. And because we're in the entertainment business, we have to acknowledge that not everything we do will work or at least work exactly as we planned. And we have to be very ready to move and shift and reshape our organization and the investment that we put into it to drive that future.

當我們更廣泛地考慮投資時，你不應該認為這是深度增量投資。這是關於真正將我們現有的投資集中在正確的領域。作為一家公司，我們必須做的部分事情始終是非常慎重、非常自律並非常專注於我們的投資方式。而且因為我們從事娛樂行業，我們必須承認，並非我們所做的一切都會奏效，或者至少不會完全按照我們的計劃進行。我們必須準備好移動、轉變和重塑我們的組織以及我們為推動未來而投入的投資。

So you shouldn't expect some giant new incremental spend, but you should expect us to continue to move investment around our company and where we feel like there are really big upside opportunities in the area of global online communities, in the area of interactive storytelling, in the area of harnessing the power of our network beyond the bounds of a traditional gaming experience. And where we believe that we have very strong likelihood of success and growth, we will invest behind those things.

所以你不應該期待一些巨大的新增量支出，但你應該期待我們繼續圍繞我們的公司進行投資，我們認為在全球在線社區領域，在交互式故事講述領域，確實存在巨大的上行機會，在利用我們網絡的力量超越傳統遊戲體驗的領域。在我們相信我們有很大的成功和增長可能性的地方，我們將投資於這些事情。

Our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

I hope everyone on the team is well. Maybe just on the mobile front. We've obviously gotten a lot of questions from investors. There's been sort of the last 12 to 15 months of headwinds that have been created by Apple's privacy changes. But obviously, there's a long-tailed opportunity to get mobile right, especially AAA games on mobile over the medium to long term, and there's been a lot of capital allocated towards M&A in mobile. How are you thinking about investing behind mobile? Mobile continuing to grow as a percentage of the mix and how to navigate some of the maybe challenges in terms of growing the user base and monetizing in-game that mobile continues to face in this environment?

我希望團隊中的每個人都很好。也許只是在移動方面。我們顯然從投資者那裡得到了很多問題。過去 12 到 15 個月以來，蘋果的隱私變化帶來了一些不利因素。但很明顯，移動端有一個長期的機會，尤其是中長期的移動端 AAA 遊戲，並且有大量資金用於移動端的併購。您如何考慮在移動設備背後進行投資？移動在組合中的比例繼續增長，以及如何應對移動在這種環境下繼續面臨的用戶群增長和遊戲內貨幣化方面的一些可能挑戰？

Thanks, Eric. Great question. We see mobile remaining one of the largest platforms in the games business, and it represents a pretty significant growth path for us, particularly with our large franchises. So there's a couple of parts of how to think about this. And we are looking at mobile as an expansion in multiplayer on our big franchises such as FIFA, Apex. As an example, when we look at our FIFA mobile business, 75% of our FIFA mobile players exist outside of Europe and North America. So that's significant reach and global impact for our FIFA mobile game.

謝謝，埃里克。好問題。我們認為移動仍然是遊戲業務中最大的平台之一，這對我們來說是一條非常重要的增長路徑，特別是對於我們的大型特許經營權。所以有幾個部分是如何思考這個問題的。我們正在將移動視為我們大型特許經營權（如 FIFA、Apex）的多人遊戲擴展。例如，當我們查看我們的 FIFA 移動業務時，我們 75% 的 FIFA 移動播放器存在於歐洲和北美之外。因此，這對我們的 FIFA 手機遊戲具有重大影響力和全球影響力。

So we continue to believe that the mobile business will be -- will contribute to these big online communities that Andrew has talked about and has discussed in our vision and strategy and be a multiplier for these gaming ecosystems for players. And when we think about a post-ATT world or post-IDFA world, what's most meaningful is having these large communities and well-known brands for strong reach. And so we are confident in our position to have an impact beyond some of the challenges that some are experiencing in a post-ATT world.

因此，我們仍然相信移動業務將——將為安德魯在我們的願景和戰略中談到並討論過的這些大型在線社區做出貢獻，並成為這些玩家遊戲生態系統的倍增器。當我們考慮後 ATT 世界或後 IDFA 世界時，最有意義的是擁有這些大型社區和知名品牌以獲得強大的影響力。因此，我們有信心在我們的立場上產生影響，超越一些人在後 ATT 世界中遇到的一些挑戰。

As we think about our acquisitions and our stand-alone business, we continue to see strength in games such as Galaxy, Star Wars Galaxy of Heroes. And when we look at Glu, our Glu acquisition, that is -- some of those properties such as Design Home, Covet Fashion, we believe are going to be strong contributors to our lifestyle Sims sort of business. Then we also have the Tap Sports business that clearly we have big strength in sports. And so we continue to believe that those will contribute to our strategic growth path as we head into the future.

當我們考慮我們的收購和我們的獨立業務時，我們繼續看到銀河、星球大戰英雄銀河等遊戲的實力。當我們查看 Glu 時，我們對 Glu 的收購，即 Design Home、Covet Fashion 等一些屬性，我們相信這將成為我們生活方式類模擬業務的重要貢獻者。然後我們還有 Tap Sports 業務，顯然我們在體育方面有很大的實力。因此，我們繼續相信，隨著我們走向未來，這些將有助於我們的戰略增長路徑。

So yes, there have been headwinds in the mobile market, and we continue to believe that mobile as a platform will provide the global player reach for our big franchises. And we believe with our big community, it will continue to help us with some of our stand-alone mobile games with our large communities and big brands.

所以是的，移動市場一直存在逆風，我們仍然相信移動作為一個平台將為我們的大型特許經營權提供全球玩家的影響力。我們相信，在我們的大社區中，它將繼續幫助我們與我們的大社區和大品牌一起開發一些獨立的手機遊戲。

Our next question comes from Mario Lu from Barclays.

我們的下一個問題來自巴克萊的 Mario Lu。

The first one is on FIFA. Just wondering if you could help double quick on the main factors that attributed to the 10% unit growth year-on-year? Is it the new features such as cross-play? Is it the upcoming World Cup content? Anything you can point to there would be helpful.

第一個是在國際足聯上。只是想知道您是否可以幫助將導致單位同比增長 10% 的主要因素快速翻一番？是交叉播放等新功能嗎？是即將到來的世界杯內容嗎？您可以指出的任何內容都會有所幫助。

Yes, I think that the first one around our business there is we live in a symbiotic relationship with a real world of football. And the real world of football continues to grow. This is the world's game. It's the greatest game on the planet. There might be some that would argue with me on that front. But certainly, as you travel around the world, there are more fans of this sport than pretty much any other sport on the planet, and it continues to grow, and the engagement by virtue of technology advancements around access to content continues to fuel growth in the sport itself.

是的，我認為圍繞我們的業務的第一個是我們與現實的足球世界共生。足球的真實世界還在繼續發展。這是世界的遊戲。這是這個星球上最偉大的遊戲。可能有人會在這方面與我爭論。但可以肯定的是，當你環遊世界時，這項運動的粉絲比地球上幾乎任何其他運動都要多，而且它還在繼續增長，並且由於圍繞內容訪問的技術進步，參與度繼續推動運動本身。

As you then think about what our teams do in the context of innovation and creativity in modes, and this is our biggest FIFA yet, and we're delivering across all of the key leagues and teams and competitions in the world, and we're doing it at incredibly high quality, and we're really working closely with our fan base to understand how they want to experience interactive football through our game around the content that they love the most.

當你想一想我們的球隊在模式創新和創造力的背景下所做的事情時，這是我們迄今為止最大的 FIFA，我們正在為世界上所有的主要聯賽、球隊和比賽提供服務，我們正在以令人難以置信的高質量進行，我們正在與我們的粉絲群密切合作，以了解他們希望如何通過我們的遊戲圍繞他們最喜歡的內容體驗互動足球。

And so as we look through -- over the last nearly 30 years, this is what this team has continued to do year in, year out. It has continued to grow year-over-year, and it really is the double multiplier of the growth of the sport itself, combined with a team dedicated to innovation and creativity around that sport, working in lockstep with a growing global community. And our expectation is that as we think forward to FC that we're going to be able to do even more of this, both in the context of immersion and authenticity of the very core of the sport as well as the expansion of what the overall experience can embody for football fans around the world.

因此，當我們回顧過去的近 30 年時，這就是這支球隊年復一年地繼續做的事情。它每年都在持續增長，它確實是這項運動本身增長的雙倍乘數，再加上一支致力於圍繞這項運動進行創新和創造力的團隊，與不斷發展的全球社區同步工作。我們的期望是，當我們展望 FC 時，我們將能夠做更多的事情，無論是在這項運動核心的沉浸感和真實性的背景下，還是在整體的擴展方面。經驗可以為世界各地的足球迷們體現。

Great. And then just a second one on mobile, specifically on Apex Mobile. Just curious how it's progressing versus your internal expectations. And are there any early learnings that could be applied to other franchises like Battlefield that will ultimately be brought to mobile as well?

偉大的。然後是移動設備上的第二個，特別是 Apex Mobile。只是好奇它的進展與您的內部期望相比如何。是否有任何早期學習可以應用於其他特許經營，比如戰地，最終也會被帶到移動設備上？

Thanks for the question. As I mentioned in the mobile response earlier, mobile continues to contribute to the overall growth of some of our biggest franchises and brands. And that is certainly the case with Apex Mobile for the overall Apex brand. We're seeing player and geographic expansion in Southeast Asia, Middle East, Latin America. That is exactly how we had hoped for and what we were expecting.

謝謝你的問題。正如我在之前的移動響應中提到的，移動繼續為我們一些最大的特許經營權和品牌的整體增長做出貢獻。對於整個 Apex 品牌而言，Apex Mobile 肯定就是這種情況。我們看到東南亞、中東、拉丁美洲的玩家和地域擴張。這正是我們所希望的，也是我們所期待的。

Now we are 24 weeks into our launch. And while we've delivered a strong experience, the rating on the App Store is quite strong, and we're proud of the quality of the game. And our core players have connected with it quite well. We are now focused on improving our retention for our more casual players, and that is definitely an area of focus for us and an area of improvement. And this is very much a natural part of the cycle and process as we bring these games to market. And we believe and we know that Apex Mobile will continue to help us drive the growth for the overall Apex mobile brand and franchise in the coming years.

現在我們已經推出 24 週了。雖然我們提供了出色的體驗，但 App Store 上的評分相當高，我們為遊戲的質量感到自豪。我們的核心玩家已經與它建立了很好的聯繫。我們現在專注於提高我們對休閒玩家的留存率，這絕對是我們關注的一個領域，也是一個需要改進的領域。當我們將這些遊戲推向市場時，這是周期和過程中非常自然的一部分。我們相信並且我們知道 Apex Mobile 將在未來幾年繼續幫助我們推動整個 Apex 移動品牌和特許經營的增長。

Our next question comes from Andrew Uerkwitz from Jefferies.

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

Let me ask a couple of questions. I guess Andrew and maybe Laura can chime in here. When you talk about kind of the 4 big initiatives around social and whatnot, it seems like The Sims and maybe Skate are solidly in kind of all 4 of those categories. Could you talk a little bit about how that kind of game design process goes as you try to figure out how to incorporate user-generated content and maybe a marketplace and maybe some sort of social fabric that overlays those types of games versus maybe what expectations are going to be from gamers who might think they just want to play a skate game or just want to play kind of a housebuilding game?

讓我問幾個問題。我猜 Andrew 和 Laura 可以在這裡插話。當你談到圍繞社交和諸如此類的 4 大舉措時，似乎《模擬人生》和也許 Skate 確實屬於所有這 4 個類別。你能談談這種遊戲設計過程是如何進行的，因為你試圖弄清楚如何整合用戶生成的內容，也許是一個市場，也許是某種覆蓋這些類型遊戲的社交結構，而不是期望是什麼會來自那些可能認為他們只是想玩滑板遊戲或只是想玩一種房屋建築遊戲的遊戲玩家？

Yes. I mean it's a longer and more complicated question than I probably have time for today, but I would tell you the way we think about it is really around player motivations. And when we design for a game, we're really thinking about what motivations are we trying to fulfill. And you've got one group that -- and I kind of go with a crude kind of cohort grouping. You got one group who simply want to fuel the motivation of escape. They want to be able to disappear from the world they live in day-to-day and immerse themselves in a new world, and that be the sum total of their experience. And that's a really important thing for them. And we have to think about that across the breadth of our portfolio.

是的。我的意思是這是一個比我今天可能有的時間更長、更複雜的問題，但我會告訴你我們思考它的方式實際上是圍繞玩家動機。當我們為遊戲設計時，我們真的在考慮我們試圖實現的動機。你有一個小組——我有點喜歡粗略的隊列分組。你有一群人只是想激發逃跑的動力。他們希望能夠從他們日常生活的世界中消失，沉浸在一個新的世界中，這就是他們經歷的總和。這對他們來說非常重要。我們必須在我們投資組合的廣度上考慮這一點。

There might be another group who says, "Hey, I want to be able to -- I want to play -- I want to immerse myself in this world, but I want to do it with a core group of friends. And I want to bring them in." We call this an atomic unit. We see this amongst players in groups of kind of 4 or 5. These are the strongest connections we see in our network. And really, the experience they have is around doing things in the context of this group environment with 4 or 5 people.

可能會有另一組人說，“嘿，我想能夠——我想玩——我想讓自己沉浸在這個世界中，但我想和一群核心朋友一起做。我想把他們帶進來。”我們稱之為原子單位。我們在 4 或 5 人一組的玩家中看到了這一點。這些是我們在網絡中看到的最強連接。實際上，他們的經驗是在 4 或 5 人的團隊環境中做事。

There's another group who says, "Hey, I want to do this thing. I might do it by myself, I might do it with other people, but I really want to very quickly be able to share everything I'm doing with the outside world, I want to capture cool moves I do, I want to be able to capture cool things I build and I want to share that almost immediately with the outside world through social media and other platforms." And it's really kind of an ad hoc thing, and it's not very polished, but it's just like, look, what I'm doing, and it's think about it like a kid on the playground who just has to somersault on the -- look, watch me. And so we're fueling that motivation.

還有一個小組說，“嘿，我想做這件事。我可能會自己做，我可能會和其他人一起做，但我真的很想很快能夠與外界分享我所做的一切世界，我想捕捉我所做的很酷的動作，我希望能夠捕捉我創造的很酷的東西，我想通過社交媒體和其他平台幾乎立即與外界分享。”這真的是一種臨時性的東西，它不是很精緻，但它就像，看，我在做什麼，它就像一個在操場上必須翻筋斗的孩子——看， 看著我。因此，我們正在激發這種動力。

And then we have a fourth group who really wants to create and curate and share their content in a highly polished format, and that we see in the context of The Sims. And we'll certainly see it in the context of Skate, and we're seeing that kind of start to rise up in things that people want out of our FC experience and our Madden experience and certainly has been and will continue to be part of our Battlefield experience over time.

然後我們有第四組，他們真的想以高度精美的格式創建、策劃和分享他們的內容，我們在《模擬人生》的背景下看到了這一點。我們肯定會在 Skate 的背景下看到它，我們看到人們希望從我們的 FC 體驗和我們的 Madden 體驗中得到這種東西，並且肯定已經並將繼續成為其中的一部分隨著時間的推移，我們的戰場體驗。

And so really, when we think about designing and building these things, we start with a player first, and we start with what are the motivations they're trying to fulfill. And then we look to build tools that seamlessly and without friction, fulfill those motivations for them in the best way possible. And what we are seeing is that we're able to fulfill motivations across that full spectrum of cohorts, and that's why our network is growing so rapidly, that's why our engagement is continuing to be strong, and that's why people are spending more time in our games and using this as a platform to build deep enduring connections with their friends.

所以真的，當我們考慮設計和建造這些東西時，我們首先從玩家開始，我們從他們試圖實現的動機開始。然後我們希望構建無縫且沒有摩擦的工具，以盡可能最好的方式滿足他們的這些動機。我們看到的是，我們能夠滿足所有群體的動機，這就是我們的網絡增長如此迅速的原因，這就是我們的參與度繼續保持強勁的原因，這就是人們花更多時間在我們的遊戲，並以此為平台與他們的朋友建立深厚的持久聯繫。

Got it. That's helpful. And then as I think about some of the kind of less -- some of the games that maybe have less of that, when I think about the single player -- the single player stuff you're building. Is some of the motivation there at the end of the day, somewhat financial where -- my guess is the predictability of the success of whether it's the licensed IP or maybe some of the stuff out of BioWare where you can -- where it's easier to kind of do the math on the ROI and it's just more predictable and you feel there's a need for those types of gains every single year?

知道了。這很有幫助。然後當我想到一些更少的東西——一些可能更少的遊戲，當我想到單人遊戲時——你正在構建的單人遊戲。歸根結底，是否有一些動機，在某種程度上是財務上的-我的猜測是成功的可預測性，無論是許可IP還是BioWare的一些東西，你可以-在哪裡更容易對投資回報率進行數學計算，它更具可預測性，您覺得每年都需要這些類型的收益嗎？

Again, entertainment has been built on the creation of worlds, the development of characters and telling the story since time began, and we've experienced it in different forms over time. We had to go to the theater, then we would read about it, then we listened to it on the radio and then we watch it in the movie, then we watch it on television. They always experience that through games. And it is how we entertain ourselves first and foremost, as we think about these great storytelling opportunities. And so again, as a publicly-traded company, we're always thinking about the financial return of the things that we do. But as we think about the full breadth of the consumption of sports and entertainment, these deep social experiences are very much about how we enjoy entertainment. But the creation of worlds and development characters and telling of stories is kind of the central life blood of the entertainment more broadly.

同樣，自古以來，娛樂就建立在世界的創造、角色的發展和故事的講述之上，隨著時間的推移，我們以不同的形式體驗了它。我們必須去劇院，然後我們會讀到它，然後我們在收音機裡聽它，然後我們在電影中看它，然後我們在電視上看它。他們總是通過遊戲體驗到這一點。當我們考慮這些偉大的講故事的機會時，這也是我們首先娛樂自己的方式。同樣，作為一家上市公司，我們一直在考慮我們所做事情的財務回報。但當我們考慮到體育和娛樂消費的全部廣度時，這些深刻的社交體驗與我們如何享受娛樂息息相關。但更廣泛地說，世界的創造、人物的發展和故事的講述是娛樂的核心生命血液。

And as we think about this, it's not just about predictability because, again, there are being c(expletive) worlds and c(expletive) characters and c(expletive) stories being told. And so we work with our partners and we work with our own IP to do things in a truly compelling way, and we think it represents an extraordinary business opportunity as we don't believe that humanity is going to turn its back on the nature of storytelling. As we look to the future, the nature of storytelling is almost certainly going to be interactive.

當我們考慮到這一點時，這不僅僅是關於可預測性，因為還有 c（髒話）世界和 c（髒話）角色和 c（髒話）故事被講述。因此，我們與我們的合作夥伴和我們自己的 IP 合作，以一種真正令人信服的方式做事，我們認為這代表了一個非凡的商機，因為我們不相信人類會背棄人類的本性評書。展望未來，講故事的本質幾乎肯定是互動的。

Our next question comes from Eric Handler from MKM Partners.

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

Wonder if you could talk a little bit about your decision to give the Lord of the Rings mobile game a bit more time in soft launch given the current mobile market conditions. Right now, in this post-IDFA world, is it just too challenging to find good ROI channels to launch a new game on a mass market level? What is it you're seeing there? And then secondly, can you maybe talk about your decision to take The Sims to free-to-play model?

考慮到當前的移動市場狀況，想知道您是否可以談談您決定讓指環王手機遊戲有更多時間進行軟發布的決定。現在，在這個後 IDFA 的世界裡，找到好的 ROI 渠道來推出一款面向大眾市場的新遊戲是否太具有挑戰性了？你在那裡看到的是什麼？其次，您能否談談您決定將《模擬人生》轉為免費模式的決定？

Eric, so we put the Lord of the Rings mobile game in the market and then soft-launched a few months ago, and it's being developed by the same team that created one of our most successful mobile games in Star Wars Galaxy of Heroes. And I would say it's actually a very normal part of our process to go out, to soft-launch and allow our community and player feedback to inform how we're thinking about game development. So we consider this to be a pretty normal natural part of our cycle and aren't seeing anything unnecessarily unusual. And the game needs more time. We need more time to continue to flesh out our progression loops, to simplify our -- for (inaudible) our first-time user experiences. And we're confident that we will get to market soon with the game.

Eric，所以我們將《指環王》手機遊戲投放市場，然後在幾個月前進行了軟啟動，它由同一團隊開發，該團隊在《星球大戰：英雄聯盟》中創造了我們最成功的手機遊戲之一。我想說的是，這實際上是我們流程中非常正常的一部分，進行軟啟動並讓我們的社區和玩家反饋來告知我們如何考慮遊戲開發。所以我們認為這是我們週期中非常正常的自然部分，並沒有看到任何不必要的異常。而且比賽需要更多時間。我們需要更多時間來繼續充實我們的進度循環，以簡化我們的——因為（聽不清）我們的首次用戶體驗。我們相信我們很快就會將這款遊戲推向市場。

And as you mentioned, having a big brand like Lord of the Rings and a great creative partner, they're seeing good success in this franchise right now. It's going to help us in a post-ATT world. So in partnership with our big online community that we have and a big Lord of the Rings brand and a healthy soft launch so we can get the game metrics and the game play right, we will come to market when the time is right for the game and for our players.

正如你所提到的，擁有像《指環王》這樣的大品牌和出色的創意合作夥伴，他們現在在這個系列中看到了巨大的成功。它將在後 ATT 世界中為我們提供幫助。因此，通過與我們擁有的大型在線社區、大型指環王品牌和健康的軟發布合作，我們可以獲得遊戲指標和正確的遊戲玩法，我們將在適合遊戲的時間進入市場和我們的球員。

And on The Sims, again, it's nearly 10 years old now. I mean there are people who are going to want to play The Sims 4. It's nearly 10 years old now. When we think about -- there's a bunch of people who want to play that game who may not have even been born when we launched the game. And while we have a community of many tens of millions of people playing, we recognize the opportunity to really open up and bringing anyone who wants to experience The Sims 4.

在《模擬人生》上，它現在已經快 10 年了。我的意思是有些人想要玩模擬人生 4。它現在已經快 10 歲了。當我們想到——有很多人想玩那個遊戲，他們可能在我們發布遊戲時還沒有出生。雖然我們擁有一個擁有數千萬玩家的社區，但我們認識到有機會真正開放並讓任何想要體驗《模擬人生 4》的人都能體驗。

As we look to the last 12 months, about 90% of all revenue was from extra content, not the base game. And so as we think about the future, as we think about the evolution of The Sims experience and really bringing in more people to enjoy what The Sims offers the playing community, we felt that this was the right time. And I commend the team for really making this happen and really supporting their community. And what we've seen on balance is the community has been very thankful for this, very supportive of this and is looking forward to welcoming what we hope is many millions more into that ecosystem overall.

回顧過去 12 個月，大約 90% 的收入來自額外內容，而不是基礎遊戲。因此，當我們思考未來，思考《模擬人生》體驗的演變以及真正讓更多人享受《模擬人生》為遊戲社區提供的東西時，我們認為這是正確的時機。我讚揚團隊真正做到了這一點並真正支持他們的社區。總的來說，我們看到的是社區對此非常感謝，非常支持，並期待著歡迎我們希望有數百萬人進入整個生態系統。

Our next question comes from Stephen Ju from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

Okay. And I think this is a topic that we've explored before, but with what looks like the sequel for Sims under development. I thought I'd bring this up again. And I think this, for lack of a better word, I guess, the lower and the body of work that exists in Sims 4 because, as you say, the game is like 10 years old now, and there's a lot of content that you've released over the years. And should we be thinking about how Sims 5 when it's released, may feel a little bit empty? And I think this is something that we worried about in the -- for Battlefield in the past. So what can we do as we think about sequels and follow-ups generally? Does this mean that things need to spend more time and development for that additional content? How should we think about that?

好的。我認為這是我們之前探討過的一個話題，但看起來像是正在開發中的《模擬人生》的續集。我想我會再次提出這個問題。而且我認為這是因為沒有更好的詞，我猜是模擬人生 4 中存在的較低和主體的工作，因為正如你所說，遊戲現在已經有 10 年曆史了，而且有很多內容你'已經發布了這些年。我們是否應該考慮一下《模擬人生 5》在發佈時會覺得有點空虛？而且我認為這是我們過去擔心的——對於戰地。那麼，當我們考慮續集和後續行動時，我們能做些什麼呢？這是否意味著事情需要花費更多的時間和開發來獲得額外的內容？我們應該怎麼想？

Yes, it's a really good question, and I appreciate you using Sims as an example, but I think the question is probably broader than just The Sims. And I would say that there's not a one-size-fits-all answer to this question. Certainly, as we think about some of our iterative titles that we do each and every year, our objective is to build enough content and enough innovation and enough creativity that delivers extraordinary value for the amount that our community invests in each of those titles. And we have been very successful in doing that, and we commit many hundreds of people on those franchises to ensure that we deliver all of those things, particularly value to our community, to fulfill the expectations they have for what a new title would bring.

是的，這是一個非常好的問題，我很欣賞你以模擬人生為例，但我認為這個問題可能比模擬人生更廣泛。我想說，這個問題沒有一個萬能的答案。當然，當我們考慮我們每年都在做的一些迭代遊戲時，我們的目標是構建足夠的內容、足夠的創新和足夠的創造力，從而為我們社區對每個遊戲的投資提供非凡的價值。我們在這方面做得非常成功，我們在這些特許經營權中投入了數百人，以確保我們提供所有這些東西，特別是對我們社區的價值，以滿足他們對新遊戲帶來的期望。

We have other things like the titles that come out of BioWare that really is about giving them time to build out these worlds and create these characters and tell these stories in a new innovative and creative way. Without using The Sims as an example, but using things like Skate as a potential example and maybe others in our franchise, there's also an opportunity, in some cases, to have an existing experience continue while layering in a new modality of that experience on top. And certainly, what we're going to see with Skate is you're going to be able to get in there and you're going to be able to skate and do all the things that we've been able to do in Skate games in the past. But there's a whole new modality around creation and social connection that's going to be a meaningful part of that game going forward.

我們還有其他的東西，比如來自 BioWare 的遊戲，真正是讓他們有時間來構建這些世界，創造這些角色，並以一種新的創新和創造性的方式講述這些故事。不以 The Sims 為例，而是以 Skate 之類的潛在示例以及我們特許經營中的其他示例為例，在某些情況下，還有機會在繼續現有體驗的同時將這種體驗的新模式分層.當然，我們將在 Skate 中看到的是你將能夠進入那裡，你將能夠滑冰並做我們在滑板遊戲中能夠做的所有事情在過去。但是圍繞創造和社交聯繫有一種全新的模式，這將成為未來游戲的一個有意義的部分。

And so to answer your question, I think that we're looking at every franchise in its own stead, and we're asking ourselves, what is the right thing to do with respect to this franchise? Some of our iterative franchise is about getting just the right amount of people into a team to deliver innovation and creativity. For some like a BioWare franchise is about giving time to really build out these worlds, characters and storylines. And for other franchises like Skate, and certainly, as we think about the future of Sims, it's how do we hold on to all of the goodness of the existing franchise and layer in new modalities and extensions of how you play these games for a growing and changing and evolving diverse community around the world.

所以為了回答你的問題，我認為我們正在審視每一個特許經營權，我們在問自己，對於這個特許經營權，什麼是正確的做法？我們的一些迭代特許經營權是為了讓適當數量的人進入團隊以提供創新和創造力。對於一些像 BioWare 特許經營權這樣的人來說，就是要花時間真正構建這些世界、角色和故事情節。對於像 Skate 這樣的其他特許經營權，當然，當我們考慮模擬人生的未來時，這就是我們如何保持現有特許經營權的所有優點，並為你如何玩這些遊戲的新模式和擴展層以不斷增長以及世界各地不斷變化和發展的多元化社區。

This question comes from Doug Creutz from Cowen and Company.

這個問題來自 Cowen and Company 的 Doug Creutz。

I was wondering if you could talk about WILD HEARTS a little bit. I think, normally, when you guys have partner titles, they tend to be lower-priced indie titles. But this -- I think, correct me if I'm wrong, is coming to market at a $70 price point. So -- should we think of the opportunity set here the way that we would think about it for a AAA title sort of in general? And is this a game you think has franchise potential down the line?

我想知道你是否可以談談WILD HEARTS。我認為，通常情況下，當你們擁有合作夥伴遊戲時，它們往往是價格較低的獨立遊戲。但是這個——我想，如果我錯了，請糾正我，以 70 美元的價格進入市場。那麼——我們是否應該像考慮一般 AAA 頭銜那樣考慮這裡設置的機會？這是一款您認為具有特許經營潛力的遊戲嗎？

Yes. So first thing I would say just to differentiate there. I think what we have had is EA Originals, which were lower-priced titles. This was an initiative that we developed some years ago really to support the indie community and the industry growth opportunity overall. What we were seeing in the industry was these indie developers were kind of building these very cool games. They didn't have the means to get into market in a big way and they didn't have the ability to continue on because the business model wasn't working for them, at least for their first title.

是的。所以我要說的第一件事就是在那里區分。我認為我們擁有的是 EA Originals，它們是價格較低的遊戲。這是我們幾年前開發的一項舉措，旨在支持獨立社區和整個行業的增長機會。我們在業界看到的是這些獨立開發者正在開發這些非常酷的遊戲。他們沒有辦法大規模進入市場，也沒有能力繼續前進，因為商業模式不適合他們，至少對於他們的第一個頭銜來說是這樣。

And what we did at that time was go into the community and say, "All right, let's handpick some really great teams who are building some really cool games around really cool IP. Let's help -- let's fund development for them. Let's get them distribution and let's give them the profits on the back end so that they can come together and build an even bigger game a second time around."

我們當時所做的是進入社區並說，“好吧，讓我們挑選一些非常優秀的團隊，他們正在圍繞非常酷的 IP 構建一些非常酷的遊戲。讓我們幫助 - 讓我們為他們的開發提供資金。讓我們得到他們分發，讓我們在後端給他們利潤，這樣他們就可以聚在一起，第二次打造一個更大的遊戲。”

Most of those have been smaller, lower-priced titles. However, in the history and -- I've been in this company 22 years. We have a long and rich history of co-developing, co-publishing and distributing AAA full-priced IP, all the way back for as long as I can remember. We don't do as much of it anymore just because there's not as much of it out there that we think really fits the bill and is it a AAA quality bar that we believe can deliver against the expectations of these global communities at a full price point.

其中大多數都是較小的、價格較低的遊戲。然而，在歷史上——我已經在這家公司工作了 22 年。從我記事起，我們在共同開發、共同發布和分發 AAA 全價 IP 方面有著悠久而豐富的歷史。我們不再做那麼多了，只是因為沒有那麼多我們認為真正符合要求的東西，而且它是一個 AAA 質量酒吧，我們相信它可以以全價提供這些全球社區的期望觀點。

We think WILD HEART is one. I mean I would tell you, it started with what felt like a pretty small idea for us internally. And every time we saw the product, we were wowed and mesmerized by what they were doing. The Monster Hunter genre is a relatively new genre. It exploded. It is ripe for innovation and creativity and expansion. And what we see the team doing is all of the things that the community is asking for in the genre. And so -- and the response so far has been really, really strong. And so I don't want to get out over my skis on this one. But I would tell you, I saw it. I think it's incredible. The community has seen it, they think it's incredible. How big it can be? We don't quite know yet, but I think there's a path for this to be a really, really cool opportunity for us, for the development team and for the community at large.

我們認為 WILD HEART 就是其中之一。我的意思是我會告訴你，它始於我們內部的一個很小的想法。每次我們看到產品，我們都會被他們所做的事情所震撼和迷住。怪物獵人類型是一個相對較新的類型。它爆炸了。創新、創造和擴張的時機已經成熟。我們看到團隊所做的就是社區在該類型中所要求的所有事情。所以——到目前為止，反應非常非常強烈。所以我不想在這個滑雪板上跳出我的滑雪板。但我會告訴你，我看到了。我認為這太不可思議了。社區已經看到了，他們認為這太不可思議了。它可以有多大？我們還不太清楚，但我認為這對於我們、開發團隊和整個社區來說都是一個非常非常酷的機會。

Our last question will come from Colin Sebastian from Baird.

我們的最後一個問題將來自 Baird 的 Colin Sebastian。

I have a couple of follow-up questions. I guess first, Andrew, I just wanted to talk about the approach to World Cup this year, how that differs from the prior Cup given some of the challenges last time around on the core franchise. And then on live services, if you wouldn't mind providing a little more color on engagement and monetization trends for Apex, just given this has been such a big part of the portfolio growth over the past few years. Are you satisfied with the trends there? And how do you expect those KPIs to trend with the launch of new content this quarter?

我有幾個後續問題。我想首先，安德魯，我只是想談談今年世界杯的方法，考慮到上一次核心球隊面臨的一些挑戰，這與上屆世界杯有何不同。然後在實時服務方面，如果您不介意為 Apex 提供更多關於參與度和貨幣化趨勢的色彩，因為這是過去幾年投資組合增長的重要組成部分。你對那裡的趨勢滿意嗎？隨著本季度新內容的推出，您預計這些 KPI 將如何變化？

Yes. Let me grab the first part around World Cup, and then I'll let Chris speak to kind of engagement trends and those types of things around Apex. First, I might challenge the idea that we had troubles with the World Cup last time. But I might be biased. Again, I think we brought in and brought back about 12 million players back into the franchise with World Cup content. It was one of our highest engagement opportunities of that year. I think there may have been externally some expectations on higher revenue at that time. What you might remember we talked about was we believed it was a really strong engagement opportunity. We use it to bring people into the franchise and back to the franchise, and we projected and predicted that it would drive growth in the out-years beyond the World Cup. And of course, that has happened each and every year since that World Cup.

是的。讓我抓住世界杯的第一部分，然後讓 Chris 談談參與趨勢和 Apex 周圍的那些類型的事情。首先，我可能會質疑我們上次在世界杯上遇到麻煩的想法。但我可能有偏見。再一次，我認為我們通過世界杯內容引進並帶回了大約 1200 萬球員重返球隊。這是我們當年參與度最高的機會之一。我認為當時外部可能對更高的收入有一些期望。您可能還記得我們談到的是我們相信這是一個非常強大的參與機會。我們用它來將人們帶入球隊並重返球隊，我們預計並預測它將推動世界杯之後的未來幾年的增長。當然，自那屆世界杯以來，每年都會發生這種情況。

So we feel really, really bullish on what this World Cup can do for us. What I would say without going into broad details is it is more deeply integrated into the mode. It was more kind of an add-on adjunct to the product. Last time, it was very cool. It was great content. It was World Cup. What we -- what the team has done this time is we take that content and embed it more deeply into the overall experience of the game. And our expectation is that while it will bring people into the franchise and back to the franchise, it will also drive even deeper engagement over time. And we think that is good for the long-term prospects of the product, particularly as we launch FC next year. To build and grow that community to its absolute greatest possible point at this juncture is a great opportunity for us.

所以我們真的非常非常看好本屆世界杯能為我們做些什麼。我想說的是，它更深入地融入了模式。它更像是產品的附加附件。上次，它非常酷。這是很棒的內容。那是世界杯。我們——團隊這次所做的是我們將這些內容更深入地嵌入到遊戲的整體體驗中。我們的期望是，雖然它將把人們帶入特許經營權並重新回到特許經營權，但隨著時間的推移，它還將推動更深入的參與。我們認為這有利於產品的長期前景，尤其是在我們明年推出 FC 時。在這個關頭建立和發展這個社區，使其達到絕對最大的可能對我們來說是一個很好的機會。

Great. And I'll jump in, Colin, and talk a little bit about our engagement. As we've talked about on this call, we're seeing -- we're in this enviable position of seeing healthy engagement trends across the breadth of our business. We talked a lot about FIFA. But Apex is another one where we're very pleased with the state of player engagement with Apex. We've grown that business, as you know, in a very short period of time into a substantial business. As Andrew talked about, it's one of the great IPs in entertainment. We're seeing very stable engagement. We continue to grow the franchise. We feel great about the upcoming releases of new innovation into the game. It continues to be an important franchise for us, and we'll continue to invest behind it as well as see growth now and into the future.

偉大的。科林，我會插嘴談一談我們的訂婚。正如我們在本次電話會議上所討論的那樣，我們看到 - 我們處於令人羨慕的位置，看到我們業務範圍內的健康參與趨勢。我們談了很多關於國際足聯的事情。但是 Apex 是另一個我們對玩家參與 Apex 的狀態非常滿意的地方。如您所知，我們在很短的時間內將這項業務發展成為一項重要業務。正如安德魯所說，它是娛樂界最偉大的 IP 之一。我們看到非常穩定的參與度。我們繼續發展特許經營權。我們對即將發布的遊戲中的新創新感到非常高興。它對我們來說仍然是一個重要的特許經營權，我們將繼續對其進行投資，並看到現在和未來的增長。

And that's all the time...

這就是所有的時間......

For today. I was going to say the same thing. Thank you to all for being with us today.

今天。我想說同樣的話。感謝大家今天與我們在一起。

And that's all the time we have for questions. This does conclude today's conference call. Thank you for joining us. You may now disconnect.

這就是我們提出問題的所有時間。這確實結束了今天的電話會議。感謝您加入我們。您現在可以斷開連接。