美商藝電 (EA) 2023 Q1 法說會逐字稿

Good afternoon. My name is Josh and I'll be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts First Quarter Fiscal Year 2023 Earnings Conference Call. Mr. Chris Evenden, Vice President, Investor Relations, you may begin your conference.

午安.我是Josh，今天將擔任本次電話會議的接線生。現在，我謹代表藝電（Electronic Arts）歡迎各位參加2023財年第一季財報電話會議。投資者關係副總裁Chris Evenden先生，您可以開始您的會議了。

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

謝謝。歡迎參加EA 2023財年第一季財報電話會議。今天與我一同出席的有：執行長Andrew Wilson、財務長Chris Suh和營運長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 propose our prepared remarks, an audio replay of this call, our financial model and a transcript.

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

With regards to our calendar, our Q2 fiscal '23 earnings call is scheduled for Tuesday, November 1. As a reminder, we posted a schedule of our entire fiscal year of upcoming earnings calls on our IR website. 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.

關於我們的日程安排，2023財年第二季財報電話會議定於11月1日（星期二）舉行。再次提醒，我們已在投資者關係網站上發布了本財年所有即將舉行的財報電話會議日程。本次演示及我們的發言包含有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。

We refer you to our most recent Form 10-K 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, August 2, 2022, 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.

有關可能導致實際結果與今天討論的結果有重大差異的風險，請參閱我們最新的10-K表格。藝電（Electronic Arts）於2022年8月2日發布上述聲明，並聲明不承擔更新這些聲明的義務。本次電話會議中，除自由現金流外，所有財務指標將依美國通用會計準則（GAAP）列示。

All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated. Now I'll turn the call over to Andrew.

除非另有說明，本次通話中所有比較均與去年同期進行比較。現在我將把通話交給安德魯。

Thanks, Chris. It's great to be here with you all. We delivered a strong performance across our business in Q1. Our broad IP portfolio, our amazing talent and our growing network of players deeply engaged in our live services, all serve as unique structural advantages, especially as we navigate the fluidity of the macro environment.

謝謝克里斯。很高興能和大家聚在一起。第一季度，我們各項業務都取得了強勁的業績。我們豐富的智慧財產權組合、傑出的人才以及不斷成長的、深度參與我們即時服務的玩家網絡，都構成了我們獨特的結構性優勢，尤其是在我們應對瞬息萬變的宏觀環境時。

What we recognize there is more uncertainty in the market, our teams are focused on what they do best, delivering amazing games and services that keep our players engaged, connected and inspired as we take entertainment and play to the next level. Our portfolio of sports and owned IP franchises continues to power resilience and longevity in our business. EA SPORTS and Racing is growth center with franchises that are at the heart of our sports fandom is becoming increasingly interactive. F1 '22 sales are up double digits launch to date and the sport continues to boom, especially with younger fans.

我們意識到市場存在更多不確定性，因此我們的團隊專注於自身最擅長的領域，致力於打造卓越的遊戲和服務，讓玩家保持參與、互動和靈感，並將娛樂和遊戲體驗提升到新的高度。我們豐富的運動和自有IP系列產品組合持續為公司業務的韌性和長遠發展提供動力。 EA SPORTS和賽車遊戲是成長中心，其核心系列產品深受運動迷喜愛，互動性也日益增強。 F1 '22的銷售自售以來已實現兩位數成長，這項運動也持續蓬勃發展，尤其是在年輕粉絲群中。

Our EA SPORTS FIFA franchise is exceptionally strong on a global basis, with record business for Q1 in Asia, significant growth in mobile with DAUs up another 10% over last quarter and FUT engagement growing nearly 40% year-over-year, which is well above the industry average. We're going from strength to strength in EA SPORTS, including Madden NFL 23 just weeks away and our most expansive FIFA game ever coming this fall.

EA SPORTS FIFA 系列遊戲在全球範圍內表現異常強勁，第一季在亞洲市場創下銷售紀錄，行動端也實現了顯著增長，每日活躍用戶數較上季度增長 10%，FUT 模式的參與度同比增長近 40%，遠高於行業平均水平。 EA SPORTS 的發展勢頭強勁，即將推出的 Madden NFL 23 和我們迄今為止最大的 FIFA 遊戲也將在今年秋季面世。

Sports is the ultimate evergreen form of entertainment and our new cross-media partnership with La Liga perfectly illustrates how we continue to innovate at the forefront of sport, media and interactive content.

體育是永不過時的娛樂形式，我們與西甲聯賽的全新跨媒體合作完美地展現了我們如何在體育、媒體和互動內容領域不斷創新。

With these multi-faceted collaborations, we are able bring the most authentic experiences to fans and expand into new ways to watch, create, compete, connect and participate in sport across platforms, business models, and geographies. Our owned IP franchises are some of the most deeply engaging and culturally relevant entertainment properties in the world. Apex Legends is a leading multi-platform franchise with our live service on console and PC driving massive ongoing engagement and a new mobile game that is delivering on our early expectations.

透過這些多方面的合作，我們能夠為粉絲帶來最真實的體驗，並拓展觀看、創作、競技、互動和參與體育賽事的新方式，涵蓋不同的平台、商業模式和地理。我們擁有的IP系列是全球最具吸引力和文化影響力的娛樂項目之一。 《Apex英雄》是一款領先的多平台遊戲，其主機和PC端的線上服務持續吸引大量玩家，而全新的行動遊戲也達到了我們預期的目標。

Engagement in our Sims franchise is also outperforming the market with content that resonates for a broad and diverse audience. We have a proven ability to grow successful long-term live services across our portfolio with ongoing engagement that drives resiliency, reoccurring revenue and lifetime value for our business.

我們的《模擬市民》系列遊戲憑藉著能引起廣泛多元受眾共鳴的內容，其用戶參與度也優於市場平均。我們擁有在旗下所有遊戲中成功打造長期穩定營運服務的能力，持續的用戶互動能夠提升業務韌性，帶來持續的收入和終身價值。

Through all of these experiences, our large global network has grown to nearly 600 million. Every day, our players are forging new friendships and social connections. And with the scale of our network and our team's ability to utilize our data, we can understand where, how and what our audiences are playing today and where they want to go next.

憑藉這些經驗，我們龐大的全球網路已發展到近 6 億用戶。每天，我們的玩家都在建立新的友誼和社交聯繫。憑藉我們龐大的網路規模以及團隊運用數據的能力，我們可以了解用戶目前在哪裡、如何以及玩什麼遊戲，以及他們下一步的喜好。

We continue to see Gen Alpha and Gen Z turning to games as their primary form of entertainment, consuming more content than any generation of the past. They love playing with friends. They stay connected with family. And they're creating content at every turn, both in and around their entire gaming experience.

我們持續看到阿爾法世代和Z世代將遊戲作為主要的娛樂方式，他們消費的遊戲內容比以往任何一代都多。他們喜歡和朋友一起玩遊戲，與家人保持聯繫，並且在遊戲體驗的各個方面都在創造內容。

Whether they play games from our expansive EA SPORTS portfolio to fuel their fandom, enjoy the intensity and competition of Apex Legends or seek adventure in games such as Star Wars Jedi, the next generations of consumers use the power of play to fully immerse and express themselves, to build deeper, more meaningful connections with the communities they identify with and where they feel they belong.

無論他們玩我們豐富的 EA SPORTS 遊戲組合中的遊戲來滿足他們的粉絲熱情，享受 Apex Legends 的緊張刺激和競爭，還是在 Star Wars Jedi 等遊戲中尋求冒險，新一代消費者都利用遊戲的力量來完全沉浸其中並表達自我，與他們認同的社區建立更深層次、更有意義的聯繫，並在他們感到歸屬的地方找到自己的位置。

They're using games like the Sims to unleash their personal and creative autonomy, building characters and new stories with their friends. Delivering games that fuel creativity where players can join, compete and interact with each other through social and immersive experiences is an exciting growth lever for Electronic Art as we continue to expand and diversify our portfolio and build global online communities spanning more geographies. Games are the social networks of the future.

他們正利用《模擬市民》之類的遊戲來釋放個人創造力，與朋友一起創造角色，譜寫新的故事。對於藝電而言，提供能夠激發創造力的遊戲，讓玩家透過沉浸式的社交體驗參與其中、相互競爭和互動，是令人興奮的成長動力。我們將繼續拓展和豐富產品組合，建構覆蓋更多地區的全球線上社群。遊戲是未來的社交網路。

Leading in this highly competitive market requires a strong focus on people. We continue to invest in our culture and in fueling our talent pipeline. The best character artists, animators, graphic designers, data scientists, engineers and many more talented creators are all joining our team to level up their careers with award-winning franchises and studios.

在這個競爭激烈的市場中保持領先地位，需要高度重視人才。我們持續投資於企業文化建設和人才培育。頂尖的角色藝術家、動畫師、平面設計師、資料科學家、工程師以及眾多其他才華橫溢的創作者都加入了我們的團隊，希望在屢獲殊榮的系列作品和工作室中實現職業生涯的飛躍。

From career development and wellness programs to workplace experiences and technology that inspires collaboration and innovation, we strive to make Electronic Arts a great place to work and grow. Through our IP, our talent and our growing network of players, we are adding strength and long-term value to our business.

從職業發展和員工福利計劃，到激發協作與創新的工作體驗和技術，我們致力於將藝電打造成為一個理想的工作和成長之地。憑藉我們的智慧財產權、人才以及不斷成長的玩家網絡，我們正在為公司注入實力，創造長期價值。

Even with short-term uncertainties, interactive entertainment will continue to evolve and grow, and we are in a very strong position. Now I'll turn the call over to Chris.

即使短期內存在不確定性，互動娛樂仍將持續發展壯大，我們目前處於非常有利的地位。現在我將把電話交給克里斯。

Thanks, Andrew. As Andrew said, we had another strong quarter driven by continued healthy engagement from our vast player network across our broad portfolio of live services and games.

謝謝安德魯。正如安德魯所說，由於我們龐大的玩家網路在我們廣泛的線上服務和遊戲組合中持續保持良好的活躍度，我們又迎來了一個強勁的季度。

Net bookings for the first quarter exceeded our expectations, coming in at $1.3 billion, driven by our FIFA franchise and the F1 '22 launch. Compared to the prior year, net bookings were down 3% or 1% in constant currency, driven by 2 game launches last year compared to 1 this year, offset by strength in the FIFA franchise, the acquisition of Playdemic and the launch of Apex Legends Mobile.

第一季淨預訂金額超出預期，達到13億美元，主要得益於FIFA系列遊戲和F1 '22的發布。與去年同期相比，淨預訂額下降3%（以固定匯率計算下降1%），主要原因是去年同期發布了兩款遊戲，而今年只有一款。不過，FIFA系列遊戲的強勁表現、對Playdemic的收購以及Apex Legends Mobile的發布抵消了部分影響。

Our live services net bookings grew 8% year-on-year or 10% in constant currency, again, demonstrating the resiliency of the highly reoccurring revenue stream. On a trailing 12-month basis, live services were 73% of our business. And with regard to full game sales, digital sales accounted for 65% of units sold through, up 4 percentage points from last year.

我們的線上服務淨預訂量年增 8%，以固定匯率計算成長 10%，再次證明了這個高重複性收入來源的韌性。過去 12 個月，線上服務占我們業務的 73%。在完整遊戲銷售方面，數位版銷售佔總銷售量的 65%，比去年成長 4 個百分點。

We delivered Q1 net revenue of $1.77 billion, also above our expectations. And with the higher mix of console-based revenue, gross margins and underlying profit were also well above our expectations. We saw strength across the entire FIFA franchise during the quarter, particularly with FIFA Online 4 and FIFA Mobile.

我們第一季淨收入達17.7億美元，超出預期。由於主機平台營收佔比提高，毛利率和基礎利潤也遠超預期。本季FIFA系列遊戲整體表現強勁，尤其是FIFA Online 4和FIFA Mobile。

FIFA Online 4 hit a new high engagement and FIFA Mobile delivered its biggest net bookings quarter ever. FIFA 22 is the largest FIFA ever, life to date with regard to net bookings. F1 '22 net bookings also materially outperformed our expectations, and the franchise has become a dependable driver of growth, having delivered double-digit growth for each of the last 4 years.

FIFA Online 4 的用戶參與度創下新高，FIFA Mobile 也實現了有史以來最高的季度淨預訂量。 FIFA 22 是迄今為止淨預訂量最高的 FIFA 系列遊戲。 F1 '22 的淨預訂量也遠超預期，該系列遊戲已成為可靠的成長引擎，連續四年保持兩位數的成長。

Andrew highlighted the success of our owned IP games, exemplified by Apex Legends, which saw double-digit net bookings growth again in Q1. Apex Legends Mobile had a successful launch during the quarter, making Apex Legends, a leading multi-platform global franchise.

Andrew重點強調了我們自有IP遊戲的成功，以《Apex英雄》為例，該遊戲在第一季再次實現了兩位數的淨預訂量增長。 《Apex英雄》手遊版在本季也成功上線，讓《Apex英雄》成為領先的多平台全球系列遊戲。

Operating expenses were up 11% on last year, in line with our expectations as we continue to invest in our development teams and new product launches. Operating cash flow for the quarter was negative $78 million, and we returned to further $373 million to shareholders through dividends and our ongoing share repurchase program.

營運支出較去年同期成長11%，符合預期，因為我們持續投資於研發團隊和新產品發表。本季營運現金流為負7,800萬美元，我們透過分紅和持續的股票回購計畫向股東返還了3.73億美元。

Turning now to guidance. We are maintaining our full year net bookings guidance of $7.9 billion to $8.1 billion, up 5% to 8% year-on-year or 8% to 11% in constant currency. Now let me give a little bit more color within this range.

現在來說說業績指引。我們維持全年淨預訂金額指引為79億美元至81億美元，年增5%至8%，以固定匯率計算成長8%至11%。接下來，我將對這一區間進行更詳細的說明。

First, based on current exchange rates, we see nearly $100 million of incremental net bookings headwind within our full year guidance or about 1 point of growth, which mostly impacts the second half of our year. As rates remain quite volatile, we'll provide a more current update in our Q2 earnings call about the expected half 2 impact.

首先，根據目前的匯率，我們預計全年淨預訂量將受到近1億美元的不利影響，相當於約1個百分點的成長，主要影響下半年的業績。由於匯率波動較大，我們將在第二季財報電話會議上提供下半年預期影響的最新資訊。

Second, we're seeing some shifts within our business. We expect the strong Q1 results in our EA SPORTS and Racing portfolio to continue offsetting the anticipated impact of an overall softer mobile market. This mix shift has a positive benefit to gross margins and therefore, minimizes the likely increased impact of FX on our underlying profitability.

其次，我們的業務正在發生一些變化。我們預計EA SPORTS和賽車遊戲產品組合在第一季的強勁業績將繼續抵消整體行動市場疲軟帶來的預期影響。這種產品組合的調整對毛利率有利，因此可以最大限度地降低匯率波動對我們基本獲利能力可能造成的更大影響。

We expect fiscal '23 GAAP revenue to be $7.6 billion to $7.8 billion and cost of revenue to be $2.02 billion to $2.065 billion. Our expectations for operating expenses are unchanged at $4.2 billion to $4.315 billion and we anticipate earnings per share of $2.79 to $2.87.

我們預計2023財年GAAP營收為76億美元至78億美元，營收成本為20.2億美元至20.65億美元。我們對營運支出的預期維持不變，為42億美元至43.15億美元，預計每股收益為2.79美元至2.87美元。

Our guidance for operating cash flow also remains unchanged at $1.6 billion to $1.65 billion. With capital expenditures of about $200 million, that would deliver free cash flow of about $1.4 billion to $1.45 billion. See our earnings slides and press release for further cash flow information.

我們對經營現金流的預期維持不變，仍為16億至16.5億美元。加上約2億美元的資本支出，預計將產生約14億至14.5億美元的自由現金流。更多現金流信息，請參閱我們的盈利報告幻燈片和新聞稿。

Turning to the quarter. We expect Q2 fiscal '23 net bookings to be $1.725 billion to $1.775 billion, driven by the launch of Madden 23 on August 19 and FIFA 23 on September 30. Both Madden and FIFA benefit from having built decades-long relationships with their passionate player communities and broader sports ecosystems, and we're seeing strong prelaunch momentum for these reliably well-performing titles.

展望本季。我們預計2023財年第二季淨預訂金額將在17.25億美元至17.75億美元之間，主要得益於8月19日《麥登橄欖球23》和9月30日《FIFA 23》的發布。麥登和FIFA都受益於與各自充滿熱情的玩家群體和更廣泛的體育生態系統建立的數十年合作關係，我們看到這兩款表現始終良好的遊戲在發布前就展現出了強勁的勢頭。

For the second quarter, we expect GAAP net revenue of $1.85 billion to $1.9 billion, cost of revenue to be $467 million to $480 million and operating expenses of approximately $1.036 billion to $1.041 billion. This results in earnings per share of $0.78 to $0.86 for the quarter.

我們預計第二季GAAP淨收入為18.5億美元至19億美元，營業成本為4.67億美元至4.8億美元，營運費用約為10.36億美元至10.41億美元。由此推算，該季每股收益為0.78美元至0.86美元。

Our strong first quarter reflects the continued healthy engagement for our vast player network across our broad portfolio. We're confident in our ability to execute with discipline, navigating through a more uneven market with a robust half 2 slate and the durable power of our live services model to deliver continued growth in fiscal '23.

我們強勁的第一季業績反映了我們龐大玩家網路在我們廣泛產品組合中持續保持的健康活躍度。我們有信心憑藉嚴謹的執行力，在市場波動加劇的情況下，憑藉穩健的下半年產品陣容和我們持續的線上服務模式，在2023財年實現持續成長。

Now I'll hand the call back over to Andrew.

現在我把電話轉回給安德魯。

Thanks, Chris. It's been a good start to the year. While the macro outlook remains fluid, every one of us at Electronic Arts is focused on the things we can control. Even amidst market uncertainty, more people than ever before are turning to games as the primary choice for entertainment.

謝謝克里斯。今年開局不錯。雖然宏觀經濟前景依然不明朗，但我們藝電的每個人都專注於我們所能掌控的事情。即便市場充滿不確定性，越來越多的人仍然選擇遊戲作為主要的娛樂方式。

This is what they love to do more than anything else, and it's how they want to connect and share experiences with people around the world. With gaming so central to our lives today, EA is uniquely well positioned with a broad demographic reach of our portfolio, and the strongest content pipeline in our history.

這是他們最熱愛的事情，也是他們希望與世界各地的人們建立聯繫、分享體驗的方式。如今遊戲在我們的生活中佔據著舉足輕重的地位，EA憑藉其產品組合廣泛的受眾群體和史上最強大的內容儲備，擁有得天獨厚的優勢。

Leveraging the talent of the best teams in the industry, we are poised to lead this next chapter of entertainment and to continue building long-term value in our company.

憑藉著業內最優秀團隊的才能，我們已準備好引領娛樂業的下一個​​篇章，並繼續為公司創造長期價值。

As we move into the Q&A portion of the call, I want to take a moment to welcome Laura Miele. As Chief Operating Officer, Laura has a deep connection to our business from game creation and our studios to revenue generation and our commercial organization. Laura will join us to add her strategic perspective and insights on the business.

在進入問答環節之前，我想先歡迎勞拉·米勒 (Laura Miele) 的到來。作為首席營運官，勞拉與我們公司的業務有著深厚的聯繫，從遊戲開發、工作室營運到營收成長和商業組織，她都參與其中。勞拉將為我們帶來她對公司業務的策略視角和獨到見解。

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

現在克里斯、蘿拉和我在這裡回答你們的問題。

(Operator Instructions) Your first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Eric Sheridan。

Maybe 2 big picture questions, if I can, Andrew. First, with where we are in the console cycle and how there's still to be a low supply chain and logistic challenges globally, can you talk a little bit about your current thinking on this console cycle versus historical precedents and how you plan on sort of building the organization on the content side to why and when we get to sort of mass deployment of the next-generation of consoles? Would love your view on that first.

安德魯，如果可以的話，我想問兩個比較宏觀的問題。首先，鑑於我們目前所處的主機週期階段，以及全球供應鏈和物流方面仍然存在的挑戰，您能否談談您目前對本世代主機週期的看法，以及您如何看待歷史先例，併計劃如何在內容方面構建組織架構，以及我們何時才能大規模部署下一代主機？我很想先聽聽您的看法。

And then obviously, on the mobile gaming side, we continue to see a lot of challenges on distribution and go-to-market and monetization. Can you talk a little bit about your efforts to realign the organization for this sort of new world order for mobile and how you think about capitalizing on that opportunity over the next couple of years?

顯然，在行動遊戲領域，我們在分送、市場推廣和獲利模式方面仍面臨諸多挑戰。您能否談談貴公司為適應這種行動遊戲新格局所做的組織調整，以及您如何計劃在未來幾年抓住這一機會？

Yes. Thanks, Eric. Two great questions. I'm going to get a bunch, I'm going to hand off to Laura a little bit on mobile structure. She's been working very closely with the team on how we're thinking about that future.

是的，謝謝艾瑞克。兩個好問題。我還有很多問題要問，關於行動架構方面，我會先交給勞拉簡單講一下。她一直在和團隊密切合作，探討我們如何展望未來。

In terms of console cycle, first, we're still really early in this console cycle. So our expectation, typically, our console partners think about console cycles on a 10-year time horizon. And so we're still really early. And while there are some supply chain constraints, I think what we're hearing from our partners is that we feel like they're going to ease up towards the back half and certainly into next year.

就主機週期而言，首先，我們目前仍處於主機週期的早期階段。通常情況下，我們的主機合作夥伴會以十年為一個週期來考慮主機週期。因此，我們現在還處於非常早期的階段。雖然供應鏈方面有一些限制，但我認為我們從合作夥伴那裡了解到，這些限制會在下半年以及明年逐漸緩解。

But the most important thing that we're seeing is demand is off the charts. And I think we heard Microsoft say they're in as good a position as they've ever been in terms of their console sales and their console demand. And we also know that Sony consoles are in deep demand.

但我們看到最重要的一點是，市場需求已經爆棚。我想我們也聽到微軟表示，就遊戲機的銷售和需求而言，他們目前處於前所未有的有利地位。我們也知道，索尼的遊戲機需求量非常大。

And as the supply chain starts to ease, our expectation is that more and more people pick up that next console. So as we think about what is the next 8 years of this cycle, you should expect that we'll continue to invest deeply in our existing owned IP, in our EA SPORTS portfolio, but you should also expect that as we get through that cycle, we're investing deeper into our slate to have a stronger pipeline down the back half of the cycle.

隨著供應鏈逐漸恢復正常，我們預期會有越來越多的人選擇購買新一代遊戲主機。因此，展望未來八年的發展週期，我們將繼續增加對現有自有IP和EA SPORTS遊戲組合的投入，同時，隨著週期的推進，我們也會加大對現有遊戲項目的投入，以確保在周期後半段擁有更強大的產品線。

And the good news about that for game is when we have a cycle that goes for this long and we're able to invest on this time horizon, the quality of the software and the nature of the experience we are able to deliver gets better every single year. And so we're looking at this in the same way we have in the past.

對遊戲產業來說，好消息是，當一個週期如此之長，並且我們能夠在這個時間跨度內進行投資時，我們能夠提供的軟體品質和體驗品質每年都會提高。因此，我們看待這個問題的方式與過去一樣。

Now I think your next question on mobile is also a really important one because what we also know, as these cycles continue, is mobile play is a big part, PC continues to play a big part. Over time, cloud gaming will also play a big part. And so we're layering other mechanisms for this global community of 3.5 billion people who currently play games to interact with the content and services we provide.

我認為你接下來關於行動端的問題也非常重要，因為我們知道，隨著這些週期的持續，行動端遊戲佔據了很大一部分，PC端也依然佔據著重要地位。隨著時間的推移，雲端遊戲也將扮演重要角色。因此，我們正在建立其他機制，讓目前全球35億遊戲玩家能夠與我們提供的內容和服務互動。

At a macro level, mobile continues to be the world's largest gaming platform, 3.5 billion people. It's hard to imagine any other platform having that kind of reach. For us, we also see that it gives us reach in markets where we typically haven't been as strong.

從宏觀層面來看，行動平台仍是全球最大的遊戲平台，擁有35億用戶。很難想像還有哪個平台能達到如此龐大的使用者群體。對我們而言，行動平台也讓我們得以觸及一些我們以往實力較弱的市場。

And as we've talked about, our FIFA mobile business growing on mobile, we've actually seen the majority of that growth happened in markets where typically we have not been able to monetize that experience in the same way given the limited penetration of consoles or the premium model in those markets.

正如我們之前討論過的，我們的 FIFA 行動業務在行動端不斷成長，而實際上，大部分成長都發生在那些我們通常無法以同樣方式實現盈利的市場，因為這些市場的主機普及率有限，或者缺乏高端模式。

So long term, we continue to believe that mobile is going to represent an incredibly strong opportunity for us for -- on a global basis, about 50% of the gaming industry, it's about 17% of our business. So that represents tremendous upside for us.

所以從長遠來看，我們仍然相信行動端將為我們帶來巨大的發展機會——在全球範圍內，行動端約佔遊戲產業的50%，占我們業務的17%左右。因此，這對我們來說意味著巨大的成長潛力。

And so what Laura has really been working with the team on, particularly with our most recent acquisitions, is how can we build one single mobile organization that's really targeted at the future, a future where brands really matter, network really matters and incredible teams really matter. And I'd hand over to Laura to add a little bit more detail.

因此，勞拉一直在與團隊合作，尤其是在我們最近的收購中，致力於打造一個真正面向未來的單一行動組織，一個品牌、網路和卓越團隊都至關重要的未來。接下來，我將把麥克風交給蘿拉，請她再詳細闡述。

Yes. Thanks, Andrew, and thanks, Eric, for the question. We have successfully integrated Glu and Playdemic into our business into one mobile organization that is actually seeing growth year-over-year, and we continue to expect to see that in the coming years.

是的。謝謝 Andrew 和 Eric 的提問。我們已成功將 Glu 和 Playdemic 整合到我們的業務中，形成一個行動端組織，而該組織目前正實現逐年成長，我們預計未來幾年也將繼續保持這一成長勢頭。

And as Andrew mentioned, there's an outside strategic value that mobile brings to our portfolio. It has a significant contribution and impact on the ecosystems of our big franchises. So one example we've discussed the success of FIFA Mobile. And when we look at our player profile, 46% of our FIFA mobile players were located in Asia Pacific and Latin America compared to just 28% for our HD players. So we see this as a significant expansion of the overall ecosystem for these big brands that we have.

正如安德魯所提到的，行動端為我們的產品組合帶來了外部策略價值。它對我們旗下各大遊戲品牌的生態系統產生了重大影響。例如，我們之前討論過FIFA Mobile的成功。當我們分析玩家群體時，會發現FIFA Mobile玩家中有46%來自亞太地區和拉丁美洲地區，而高清版玩家的比例僅為28%。因此，我們認為這顯著擴展了我們旗下這些大品牌的整體生態系統。

It's also an amazing entry point for one of the largest growth drivers for us with Gen Z and Gen Alpha players. And of course, as Andrew mentioned, it's a dominant engagement platform for emerging markets. And then as we think about cross-platform play also for our franchises.

對我們而言，這也是一個絕佳的切入點，可以吸引Z世代和Alpha世代玩家，而這正是我們最大的成長動力之一。當然，正如Andrew所提到的，它也是新興市場中一個主導的互動平台。此外，我們也會考慮如何讓我們的遊戲系列實現跨平台遊戲。

So we are optimistic, not just about the individual mobile business, but the strategic impact mobile brings to our overall growth plans that we have for the future.

因此，我們不僅對行動業務本身持樂觀態度，而且對行動業務為我們未來的整體成長計畫帶來的策略影響也持樂觀態度。

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

你的下一個問題來自摩根大通的 David Karnovsky。

Just to follow up on Chris' commentary for a softer mobile market in the back half, I think that's how I heard it.

關於克里斯提到的下半年行動市場疲軟的評論，我想我聽到的也是這樣。

Can you maybe just walk through some of the drivers of that? Is that something specifically in your pipeline or is that more related to broader factors like the economy or UA challenges at some of the platforms?

能否具體談談造成這種情況的原因？這是您產品線中的具體問題，還是更多地與經濟狀況或某些平台的用戶獲取挑戰等更廣泛的因素有關？

Yes. I think we're seeing some macro mobile slowdown, at least that's what we're hearing about. Our model establishes is built on a basis that we'll see some slowdown in the macro mobile market. Again, our mobile business on balance is doing very well inside of this and so we're confident in our core business, and we're confident in our core franchises. But we are seeing kind of a macro slowdown.

是的。我認為我們正在經歷行動市場整體成長放緩，至少我們目前聽到的說法是這樣。我們的商業模式正是建立在行動市場整體成長放緩的預期之上的。不過，就整體而言，我們的行動業務表現非常出色，因此我們對核心業務和核心產品充滿信心。但我們確實看到了整體成長放緩的趨勢。

And I think there's probably a few different reasons for that. One is, I think the market is still working through IDFA and how to deal with that. Again, in a world that we have brands that matter and a strong network of players an incredible technology. We feel like that we're able to navigate that very well.

我認為這可能有多種原因。首先，我認為市場仍在適應IDFA以及如何應對它。其次，在這個擁有重要品牌、強大的玩家網絡和先進技術的世界裡，我們感覺我們能夠很好地駕馭這一切。

Two, I think we're dealing with some tough COVID comps, mobile benefited greatly through COVID. And three, if you've traveled it all over the summer, I think the world is on vacation. And so if you speak to any of the travel companies, they will tell you they're seeing unprecedented levels of travel. And I think that might also have some impact.

第二，我認為我們正面臨一些嚴峻的新冠疫情挑戰，行動端在疫情期間受益匪淺。第三，如果你整個夏天都在旅行，你會發現全世界都在度假。所以，如果你和任何一家旅行社交談，他們都會告訴你，他們正經歷前所未有的旅行高峰。我認為這也可能會產生一定的影響。

Long term, though, when we come back to this, it represents 3.5 billion players. It represents a way for us to access players in markets that our traditional business does not. We think that the future is going to lend itself to big important entertainment brands and brands that exist across platforms and we think the overall ecosystem will be strong.

但從長遠來看，當我們回過頭來看這個問題時，它代表著35億玩家。它為我們提供了一種進入傳統業務無法觸及的市場的方式。我們認為，未來將有利於大型重要娛樂品牌和跨平台品牌的發展，我們相信整個生態系統將會非常強大。

And so while we never want to go into a market overly confident, we always want to use strong discipline with how we plan for the market. We're confident in our business. But even as we hear about some softness in the market, we just want to account for that as we move into the second half of the year.

因此，雖然我們絕不想過於自信地進入市場，但我們始終堅持以高度自律的態度來製定市場計劃。我們對自身業務充滿信心。但即便我們聽到一些市場疲軟的消息，我們也希望在進入下半年時將此因素納入考量。

Okay. Maybe I can just also follow up with one about economic risk more broadly. I think we've tended to think historically PC console games is kind of recession resistant just given the cost on a per hour basis of the content. But wondering how you think that kind of dynamic holds up today, just given the industry has shifted so much towards live services, but then also increasing player engagement for things like subscription.

好的。或許我還可以再問一個關於更廣泛的經濟風險的問題。我們一直以來都認為，鑑於PC和主機遊戲內容的每小時成本，它們在某種程度上能夠抵禦經濟衰退的影響。但我想知道，在如今這個行業已經轉向線上服務，並且玩家對訂閱等模式的參與度不斷提高的情況下，您認為這種模式是否仍然適用。

Yes. I think it's a great question. Typically, as we've looked through past macro challenges, our industry has done extremely well relative to everything else that's going on around it, even relative to other forms of entertainment.

是的，我覺得這是一個很好的問題。通常來說，回顧以往的宏觀挑戰，我們這個產業相對於其他產業，甚至相對於其他娛樂形式，都表現得非常出色。

There's a few reasons for that. One, it's highly interactive and it's deeply engaging and represents extraordinary value for money. Two, entertainment is kind of a fundamental human need. And even as humanity has dealt with many challenges through its course, entertainment has always risen to the top at something that has brought us together.

原因有幾點。首先，它互動性強，引人入勝，而且物超所值。其次，娛樂是人類的基本需求之一。儘管人類歷史上面臨過許多挑戰，但娛樂始終是維繫人與人之間連結的重要連結。

As we think about the business now versus the last macro challenges that we may have faced, I think the good news with live services is that we have more people engaging in our games for more time and more deeply connected to each other. All of those things speak to, I think, real strength of the nature of the live service business that we operate in today.

當我們回顧當前業務與以往面臨的宏觀挑戰時，我認為線上服務帶來的好處在於，更多玩家能夠更長時間地參與我們的遊戲，彼此之間的聯繫也更加緊密。所有這些都體現了我們如今所處的線上服務業務的真正優勢。

I think there is one open question if we were to have one which is in a world where you can engage deeply without spending, how we will see spending through this period in the connects of live services.

我認為，如果要提出一個問題，那就是在一個無需消費即可深度參與的世界裡，我們將如何看待這段時期即時服務中的消費行為。

What I said in the prepared remarks is what we're focused on is the things that we can really control, which is driving deep engagement because what we know about engagement in our business, particularly in the context of our live services, is over the lifetime of an experience.

我在準備好的演講稿中提到，我們關注的是我們真正能夠控制的事情，那就是推動深度參與，因為我們對業務參與的了解，尤其是在我們的實時服務方面，是貫穿整個體驗生命週期的。

If we can continue to drive really strong engagement across the portfolio and across our 600 million strong community, but the lifetime that we protected over time.

如果我們能夠繼續在整個投資組合和我們6億人口的社區中推動真正強大的參與度，那麼我們就能保護我們隨著時間的推移而實現的生命週期。

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

你的下一個問題來自傑富瑞集團的安德魯·烏爾克維茨。

A couple of questions here. The first one, probably for Laura, but just generally, COVID obviously impacted the way people played games, but it also impacted greatly how games were being made. We've seen a ton of -- a lot of delays in the industry.

這裡有幾個問題。第一個問題可能問勞拉，但總的來說，新冠疫情顯然影響了人們玩遊戲的方式，也大大影響了遊戲的製作方式。我們看到遊戲產業出現了大量的延期。

Where do you think we're at? Are we to a point where delays will become fewer and fewer? Like how do you feel about making games today in the current environment?

你覺得我們現在處於什麼階段？我們是否已經到了遊戲延期越來越少的階段？例如，你對在當前環境下製作遊戲有何感想？

Andrew, thanks for the question. Really great question. A couple of things. Yes, we did see initially some disruptions and how our teams make games. But I will say, and I've said so many times, I am just blown away by the ingenuity and creativity of our teams and how they have adapted to get to not only a more productive place but a highly creative place and how they're creating games.

安德魯，謝謝你的提問。真是個好問題。有幾點想說。是的，我們最初確實遇到了一些問題，影響了團隊的遊戲開發。但我必須說，而且我已經說過很多次了，我被我們團隊的獨創性和創造力深深折服，他們不僅提高了效率，還激發了創造力，最終打造出如此優秀的遊戲作品。

And so we've seen a lot of progress actually in how the rhythm and how our teams have created operating systems and processes around how to create games. And that said, we are seeing more people come back to the office. We are here in our office in our headquarters right now in person. And so -- and we've been traveling around visiting studios. Andrew was in the U.K. last week visiting our Racing teams there.

因此，我們看到在遊戲開發節奏以及團隊如何圍繞遊戲開發建立作業系統和流程方面，確實取得了很大的進展。同時，我們也看到越來越多的人回到辦公室。我們現在就在總部辦公室辦公。此外，我們也一直在各地走訪各個工作室。安德魯上週去了英國，拜訪了我們在那裡的賽車團隊。

So we're seeing more people come back. And we're also seeing people adapt to productivity and environments that are more meaningful and productive for them and for their creativity.

所以我們看到越來越多的人回歸工作崗位。同時，我們也看到人們正在適應更有利於他們發揮創造力、提高工作效率的工作環境。

So I would say that what we've learned is that having people and teams in place in the beginning of a production cycle for development, and then usually, at the end as we final has become critical. And our teams have adapted incredibly well on the production side, and sometimes it's more meaningful for them to be in the office together and sometimes they are more productive from home.

所以我想說，我們學到的是，在產品開發週期的初期，以及通常在產品最終交付階段，配備足夠的人員和團隊至關重要。我們的團隊在生產方面適應得非常好，有時大家一起在辦公室工作更有意義，有時在家工作效率更高。

So we're seeing a really strong adaptation to how the teams are developing. So we believe we are in our new rhythm, and we're continuing to evolve that as time goes on. We also have seen a really strong demand in people joining our company. People choose to work with companies that they have a strong value and moral attachments to as well as clearly compensation is really important, but people really want to have a connection -- emotional and personal connection to where they are.

所以我們看到團隊發展方式正在發生非常強烈的轉變。我們相信我們已經進入了新的節奏，並且會隨著時間的推移而不斷發展和完善。我們也看到，公司對人才的需求非常旺盛。人們選擇加入那些他們認同其價值觀和道德理念的公司，當然，薪酬也很重要，但人們真正渴望的是與公司建立情感和個人聯繫。

And we've seen a really strong demand and desire to work here. So we're seeing a really good options for us to bring new talent in, and we're seeing our teams and infrastructure adapt to a new work environment.

我們看到了非常強勁的需求和強烈的求職意願。因此，我們有許多很好的機會來引進新人才，同時我們的團隊和基礎設施也在適應新的工作環境。

Got it. No, I really appreciate that color, Laura. Switching over to thinking about kind of medium- to long-term growth. You guys, I believe, I mean, you've announced or we've speculated that there's quite a few single player games coming. How should we think about growth from that vector.

明白了。不，蘿拉，我真的很喜歡這個顏色。接下來我們來談談中長期成長。你們好像已經宣布過，或者我們之前也猜測過，會有不少單人遊戲即將推出。我們該如何看待從這個角度來看的成長呢？

Should these be bigger in scale so that they'll each kind of comp one after another nicely? Or is it a quantity game where you launch one big one and then we get a couple after that. How should we think about comping the single-player games going forward as we build our models over the next couple of years?

這些遊戲的規模是否應該更大，以便它們能夠一個接一個地順利推出？還是應該採取數量取勝的策略，先推出一款大型遊戲，然後再推出幾款後續遊戲？在未來幾年建立我們的模式時，我們應該如何考慮單人遊戲的競爭策略？

Yes. And maybe Chris could add some detail on the model. The way we think about this is really less about which game and more about which motivations to these games fulfill. So what we know about our players is on balance, they have these call motivations, inspiration, escape, social connection, competition, self-improvement, creation, these things that bring us together as players of games.

是的。或許克里斯可以補充一些關於這個模型的細節。我們思考這個問題的方式，與其說是關注哪款遊戲，不如說是關注這些遊戲滿足了玩家的哪些動機。我們對玩家的了解是，總的來說，他們的動機包括：尋求靈感、逃避現實、社交、競爭、自我提升、創造等等，正是這些因素將我們這些遊戲玩家連結在一起。

And the creation of worlds and the building of characters and the telling of stories is really important in the fulfillment of some of those motivations. So when we think about our portfolio and we think about building it out, we really think about it on 2 key vectors. One, how can we tell incredible stories and two, how can we build tremendous online communities and then how do we bring those 2 things together.

創造世界、塑造角色、說故事，對於實現這些目標至關重要。因此，當我們思考如何建立和拓展我們的作品集時，我們主要從兩個關鍵方面著手：第一，如何講述精彩的故事；第二，如何建立龐大的線上社群；以及如何將這兩者結合起來。

So the way -- when you look at our portfolio, what you should be looking for is how are we doing that? How we build in these worlds and telling new stories, how we're developing global online communities and how we're bringing those 2 things together for the fulfillment of motivations. And what we see when we get that is one, we grow network and two, we grow the amount of time that plays in our network spend in and around our games.

所以，當你查看我們的作品集時，你應該關注的是我們是如何做到這一點的？我們如何建立這些世界並講述新的故事，我們如何發展全球線上社區，以及我們如何將這兩者結合起來以實現目標。當我們做到這一點時，我們發現：第一，我們擴大了用戶網路；第二，我們增加了用戶在我們遊戲內外花費的時間。

And as we think about single-player games, we think it's a really, really important part of the overall portfolio that we deliver in the fulfillment of those core motivations. And the way we'll plan for it over time is really just looking at our community and looking at how they're spending their time and looking at where motivations may or may not be fulfilled and we'll look to supplement that with the addition of new online games, new multi-player games and new single-player games.

當我們考慮單人遊戲時，我們認為它是我們整體產品組合中非常重要的一部分，能夠滿足玩家的核心需求。我們未來的規劃方式是密切關注我們的玩家社區，了解他們的時間分配情況，以及哪些遊戲能夠滿足他們的需求，並在此基礎上，透過增加新的線上遊戲、多人遊戲和單人遊戲來完善現有內容。

Yes, Andrew. And maybe if I could just add on top of that. Andrew, our Andrew here explained it well. But as we think about the model impact and the financial impact of that.

是的，安德魯。或許我可以補充一點。安德魯，我們這位安德魯解釋得很好。但當我們思考這種模式的影響以及由此產生的財務影響時…

I mean, I think the first thing to always keep in mind is that live services still encompasses on a trailing 12-month basis, over 70% of our business. And that has been a proven very reliable, highly reoccurring revenue stream, and that will still be the predominant driver in our P&L long term.

我的意思是，我認為首先要記住的是，在過去12個月中，即時服務仍然占我們業務的70%以上。而且，這已被證明是一個非常可靠、高度可重複的收入來源，並且從長遠來看，它仍將是我們損益表的主要驅動力。

Second, we've talked a lot about the areas of investment that we're making, and that's both in the live service as well as some of the single title launches that you've seen. And so over the course of time, we'll continue to invest in our long-term growth. We'll continue to invest in the ongoing stable performance of our live services business, and there'll be some puts and takes along the way.

其次，我們已經多次談到我們的投資領域，包括線上服務以及你們看到的一些單款遊戲的發布。因此，隨著時間的推移，我們將繼續投資於我們的長期成長。我們將繼續投資於線上服務業務的持續穩定發展，當然，在過程中也會有一些調整和取捨。

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

你的下一個問題來自美國銀行的奧馬爾·德蘇基。

You mentioned that Apex Legends Mobile was successful versus your expectations. And I wanted to double-click on that. By what measures would you consider Apex Legends Mobile launch successful? And is bookings one of those measures?

您提到《Apex英雄》手遊的成功超出了您的預期。我想就此再追問一下。您認為《Apex英雄》手遊的成功發佈體現在哪些方面？預訂量是否也包含在內？

And then have you launched Apex Legends Mobile in all the geographies that you've intended? And how should we think about the second half advertising intensity of Apex Legends Mobile compared to what we've seen so far, especially in light of your comments on a weaker mobile environment in the second half. And then I have a follow-up.

那麼，你們是否已在所有計劃的地區推出了《Apex英雄》手遊？鑑於你們先前提到下半年行動端市場環境可能較為疲軟，我們該如何看待《Apex英雄》手遊下半年的廣告投放力道與上半年相比的變化？我還有一個後續問題。

Omar, well, first, yes, we are pleased with the launch of the game that has met our expectations for the quarter. And what we saw with Apex Legends on console, as we all know, is it was a massive uptake in the beginning and then followed by stabilization and really steady growth over the life cycle of the game, and we expect the same of this title on mobile.

奧馬爾，首先，是的，我們對遊戲的發布非常滿意，它達到了我們本季的預期。眾所周知，主機版《Apex英雄》在初期取得了巨大的成功，隨後用戶數量趨於穩定，並在整個生命週期內保持了穩步增長。我們預計這款遊戲在行動端也會有同樣的表現。

And in fact, this is the pattern seen by many mobile shooters. There are many years of revenue and return generation to be had, particularly when you look at the shooter category and we expect the same thing to be true for Apex Mobile.

事實上，許多手機射擊遊戲都遵循著類似的模式。這類遊戲擁有多年的獲利和回報空間，尤其是在射擊遊戲領域，我們預期《Apex英雄》手遊也將如此。

And keep in mind, we are currently in week 8. So many years ahead, and we are in week 8, just getting started. One thing we know is we're very good at listening to our community, and we know how to respond to the needs of players and then the game dynamics that are required to respond.

請記住，我們現在才進行到第八週。未來還有很長一段時間，而我們現在才剛開始。我們知道的一點是，我們非常善於傾聽社群的聲音，我們知道如何回應玩家的需求，以及為了滿足這些需求，遊戲需要做出哪些相應的調整。

And keep in mind as well, we have an incredible team on this. We have Respawn, who is just best in class in the business for shooters. We have a meaningful mobile infrastructure now to execute globally with the additions of Glu and Playdemic and our mobile organization. And we also have an exceptional partnership with Tencent. So we are -- we've met our expectations, we're encouraged and we also know we have a significant runway ahead of us on this title.

此外，別忘了我們擁有一支非常優秀的團隊。我們有Respawn，他們在射擊遊戲領域絕對是業界翹楚。隨著Glu、Playdemic以及我們行動團隊的加入，我們現在擁有了強大的行動基礎設施，可以面向全球進行開發。而且，我們與騰訊也建立了卓越的合作關係。所以，我們已經達到了預期目標，這讓我們倍感鼓舞，我們也深知這款遊戲還有很長的路要走。

As it relates to advertising, we are again, looking at advertising as a dimension of our mobile business, though this is one that is primarily going to be focused on the internal game monetization. And that's how we're looking at the optimization of return on our investment in Apex.

關於廣告方面，我們再次將廣告視為行動業務的一個維度，但這次主要著重於遊戲內部的獲利模式。這就是我們優化在Apex專案上投資報酬率的方式。

Okay. I guess in the context of this weakening mobile macro environment for the second half, and kind of a stable expense guide, does your stable expense guide assume more or less or the same investment in mobile user acquisition?

好的。我想，在下半年行動端宏觀環境疲軟，且支出計畫相對穩定的背景下，你們的穩定支出計畫是假設在行動用戶獲取方面的投入增加、減少還是保持不變？

For Apex, we are -- it is -- we're holding it steady. So we are not changing our outlook on our investment or the return. So we're holding that for now. But again, as we -- the great thing about the mobile business is it's quite dynamic, and we're able to use multiple levers as it relates to game changes, evaluate engagement and evaluate the return that we're seeing. But at this time, we aren't changing our outlook on our investment or the revenue return that we get from that.

對於Apex，我們目前維持現狀。因此，我們不會改變對投資或回報的預期。目前我們將繼續保持這項策略。但正如我們所說，行動業務的優勢在於其動態性，我們可以利用多種手段來調整遊戲規則，評估用戶參與度和投資回報。但就目前而言，我們不會改變對投資或預期收益的預期。

Okay. And just a quickie again on Apex Legends PC console this time. Does your guide for the full year include any kind of effect from competition of new shooters that may be launching this fall?

好的。這次再簡單問一下關於《Apex英雄》PC版的問題。你們的年度攻略是否考慮了今年秋天可能推出的新射擊遊戲帶來的競爭影響？

No. The way I would think about that, Omar, is that our guide takes into account what we view as the overall market conditions, Apex Legends had double-digit growth again in Q1. We're anticipating the full year to continue to grow on that very important franchise, and it does take into account both the things that we control from an execution standpoint as well as what we view as the market conditions, and that's all factored into the guidance that you heard.

不。奧馬爾，我的看法是，我們的業績指引考慮了我們對整體市場狀況的看法。 《Apex英雄》第一季再次實現了兩位數的成長。我們預計這款非常重要的遊戲系列將全年持續成長，而且我們的業績指引既考慮了我們可控的執行因素，也考慮了我們對市場狀況的看法，所有這些都已納入了您剛才聽到的業績指引中。

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

你的下一個問題來自 Mario Lu 與巴克萊銀行的合作。

Just a follow-up on Apex. With the mobile game coming out mid-quarter, did it have any impact, if any, on the console PC version in terms of bookings and users? In other words, did growth kind of pickup or slowdown post the mobile launch.

關於Apex英雄，我有個後續問題。手遊版在季度中期上線，對主機PC版的預訂量和用戶數量有影響嗎？換句話說，手遊版上線後，主機PC版的成長是加速了還是放緩了？

Mario, thanks for the question. It's so early to be candid. But what we are seeing is we are seeing tens of millions of new players coming into Apex, and we're seeing a significant impact in geographies and growth in geographies as far as penetration of the brand and the experience that are expanding the Apex brand in places that the high def and PC console didn't necessarily.

馬裡奧，謝謝你的提問。坦白說，現在下結論還為時過早。但我們目前看到的是，數千萬新玩家湧入Apex，而且在品牌滲透率和遊戲體驗方面，Apex在各個地區都產生了顯著的影響，並在高清和PC主機遊戲尚未覆蓋的地區實現了品牌擴張。

So it's, again, more expansion into emerging markets and a lot of new players coming into the brand that we're optimistic about. But it's early days for us to understand to see how things will play out. We have a new season coming on the high def and PC game in about a few weeks here. And so we will study and understand the impact that mobile has had on that. So more to come in our next earnings potentially on the context around the impact on the overall business.

所以，我們再次強調，我們將進一步拓展新興市場，並吸引更多新進業者加入，對此我們持樂觀態度。但現在判斷最終結果還為時過早。幾週後，我們將推出高清PC版遊戲的新賽季。屆時，我們將研究行動端對新賽季的影響。關於行動端對整體業務的影響，我們將在下次財報中詳細闡述。

Great. That's helpful. And just one on FIFA. You guys mentioned the whole franchise was strong during the quarter. Was there anything in particular that drove the strength in FIFA Online.

太好了，這很有幫助。關於FIFA，我還有一個問題。你們提到整個FIFA系列在本季表現都很強勁。 FIFA Online的強勢表現主要體現在哪些方面？

And then can you guys remind us once the FIFA license rolls off, like what happens to these kind of persistent games like FIFA Online and FIFA Mobile? Is it just a simple kind of rename or how is that going to work?

那麼，當FIFA授權到期後，你們能否提醒我們一下，像FIFA Online和FIFA Mobile這類持續運作的遊戲會怎麼樣？只是簡單改個名字嗎？還是會有其他更具體的運作方式？

Yes. So I'll have Laura take the first part on just the performance in the quarter and then I'll talk a little bit more broadly about how we think about the franchise going forward.

是的。那麼，我會先讓勞拉談談本季的表現，然後我會更廣泛地談談我們對球隊未來發展的看法。

Yes. So on FIFA Online 4 performance, the studio has studied and strongly focused for the last few years on efforts to improve the gameplay feel. And this has really started to pay off in player sentiment.

是的。在FIFA Online 4的效能方面，工作室在過去幾年進行了深入研究，並專注於提升遊戲體驗。而這些努力也確實開始在玩家的回饋中得到回報。

So we continue to deepen our relationship with our players, and we have strong partners as we go to market in Asia and we're factoring the feedback into the game development. We're also seeing improved marketing and the growth of popularity of Global Football in Korea, which has had a big impact on the business.

因此，我們不斷加深與玩家的關係，並在進軍亞洲市場時擁有強大的合作夥伴，同時我們也將玩家的回饋融入遊戲開發中。此外，我們還看到行銷的改進以及全球足球在韓國日益增長的人氣，這對我們的業務產生了巨大的影響。

And more broadly, as we said, we're going to launch the most expensive FIFA ever this year. I think it's extraordinary and demand is really strong. I was just in Europe, but I was bumping into young kids, and they'd find out I was doing that already preordered FIFA, which was extraordinary. I think we're seeing growth in the sport -- of course, we've got a World Cup here. And so our belief is that this is going to be a very strong year for our FIFA business.

更廣泛地說，正如我們所說，今年我們將推出史上最貴的FIFA遊戲。我認為這非常了不起，而且市場需求非常強勁。我剛去過歐洲，在那裡我碰到了一些年輕人，他們發現我已經預購了FIFA遊戲，這真是太不可思議了。我認為這項運動正在蓬勃發展——當然，世界盃也在這裡舉行。因此，我們相信今年FIFA業務將會非常強勁。

What -- the way that -- and without going broadly into the mechanics of our relationship with FIFA or contracts or what have you, what you should expect is that we will launch the most expansive FIFA ever, we will then continue to sell that in the market and we have the ability to continue to do that. And then we will begin launching the EA SPORTS FC brand more deliberately and more broadly in the market, beyond, again, what we did earlier this year where we had nearly 200 of our 300 partners came out and promoted the EA SPORTS FC brand as a brand that we all collectively own, the 300 partners, Electronic Arts and our community of many hundreds of millions of players around the world.

——具體來說——在不深入探討我們與FIFA的關係機制、合約或其他細節的情況下，你們可以期待的是，我們將推出有史以來規模最大的FIFA遊戲，並持續在市場上銷售，而且我們有能力做到這一點。之後，我們將更有計劃、更廣泛地在市場上推廣EA SPORTS FC品牌，超越我們今年早些時候的做法。當時，我們300家合作夥伴中的近200家參與了EA SPORTS FC品牌的推廣活動，將其打造為我們共同擁有的品牌，包括300家合作夥伴、EA以及我們遍布全球的數億玩家社群。

And so while the name of the game will change the nature of the experience and the connection that players have to the game, to the leagues and teams they love and to the players they play with and play against in the community that's many hundreds of strong. None of that changes. We'll invest strongly into that and we're very excited about what that future will bring. And again, we announced our new La Liga partnership which is going to expand on the nature of things we can do. And you remember, as we've talked about this through, we have been deeply grateful for our partnership with FIFA, which has existed for nearly 30 years, and we've built a tremendous business together.

因此，雖然遊戲名稱的改變會改變遊戲體驗的本質，以及玩家與遊戲、他們所熱愛的聯賽和球隊、以及與他們一起比賽和對抗的數百名玩家組成的龐大社區之間的聯繫，但這些都不會改變。我們將大力投資於此，並對未來充滿期待。此外，我們宣布了與西甲聯賽的全新合作關係，這將拓展我們能夠開展的業務範圍。正如我們之前討論過的，我們一直對與國際足總近30年的合作關係深表感激，我們共同打造了一項卓越的業務。

But we've been very excited in every conversation we've had about the types of things we're going to be able to do with our partners and for our community in the context of the blurring of the lines of football fandom between linear and interactive, what we do in the virtual world, and what we do in the real world, what we watch on television, what we experience in game and what we've announced with La Liga is just the first step of that.

但是，在與合作夥伴以及我們的社區就足球迷群體中線性與互動界限的模糊化進行的每一次對話中，我們都感到非常興奮。我們在虛擬世界中的活動與在現實世界中的活動，我們在電視上觀看的內容，我們在遊戲中體驗的內容，都融合在一起。而我們與西甲宣布的合作只是第一步。

And you should imagine that we'll continue to build and expand on this opportunity to truly bring together what is the largest global football community around a brand that we all own together, EA SPORTS FC.

您可以想像，我們將繼續利用這個機會，真正將全球最大的足球社群聚集到我們共同擁有的品牌 EA SPORTS FC 周圍。

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

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

Yes. Wondering if you could talk about 2 franchises. First, with F1 showing growth on a year-over-year basis, this is your second year now with the title. Anything you're doing differently from a marketing perspective to -- or just a game perspective to drive the improved numbers there?

是的。我想請您談談兩個系列遊戲。首先，F1系列遊戲銷量逐年成長，今年是你們開發系列的第二年。從行銷或遊戲本身的角度來看，你們在哪些方面做了不同的嘗試來提升銷售？

And then secondly, with regards to the Sims, I think you just had your first expansion pack in about a year, maybe talk about what's been going on there.

其次，關於《模擬市民》，我想你們大概一年前才推出了第一個擴充包，也許可以聊聊這段時間以來發生的事情。

Sorry. Thanks, Eric, for the question. I was muted there. We remain incredibly bullish and excited about the F1 business. And I would say that the development teams have integrated well into Electronic Arts. And I think that they're seeing some of the benefits of our scale globally.

抱歉。謝謝埃里克的提問。我剛才被靜音了。我們仍然對F1業務充滿信心和熱情。而且我認為，開發團隊已經很好地融入了藝電（Electronic Arts）。我相信他們也正在感受到我們全球規模帶來的好處。

And certainly, when you look at our marketing and commercial divisions, I mean we've had some of the developers actually comment and note the global footprint and reach and impact they've been able to have through our presence that we have with our marketing teams, commercial teams and commercial partnerships that they just haven't been able to benefit from before.

當然，當你審視我們的行銷和商業部門時，你會發現一些開發商確實評論並指出，透過我們的行銷團隊、商業團隊和商業合作夥伴關係，他們獲得了全球影響力，這是他們以前無法從中受益的。

So we're seeing strong development impact from the leadership we have here probably mostly in this year's release, and we are very optimistic about some of the dimensions of the game that we're going to bring to market in the years ahead. And then just the strength EA SPORTS brand and the really strong marketing and commercial teams that we have.

所以我們看到，我們現有的領導階層對遊戲開發產生了顯著的影響，尤其體現在今年的版本中。我們對未來幾年將要推向市場的遊戲內容也充滿信心。此外，EA SPORTS 品牌的強大實力以及我們擁有的強大的行銷和商業團隊也功不可沒。

And for the Sims question, you mentioned, so we -- one of my favorite things about the Sims business is how healthy and strong it is. We actually released game packs, content and expansion packs several a year. So we are persistently connected to our players in that community. And we are pretty excited about how strong and the size of this business after about 10 years, we've had the Sims 4 brand out.

至於你提到的《模擬市民》的問題，我最喜歡《模擬市民》業務的一點就是它非常健康且強勁。我們每年都會發布好幾個遊戲包、內容包和擴充包。所以我們與玩家社群保持著持續的聯繫。在《模擬市民4》品牌推出近10年後，我們對這個業務的強大和規模感到非常興奮。

So this is something that we persistently put content into the player community, and we'll continue to do that for the years to come.

所以我們會持續不斷地為玩家社群提供內容，而且在未來的幾年裡，我們也會繼續這樣做。

Your next question comes from Mike Hickey with The Benchmark Company.

下一個問題來自 Benchmark 公司的 Mike Hickey。

Chris, congrats on the quarter. 2 questions. First question, sort of broad ranging here, but really exciting news, at least for me. And I think the community on state and your decision, your team's decision to move from a sort of premium plus live service release to what it looks like a pure free-to-play live service.

克里斯，恭喜你本季業績出色。我有兩個問題。第一個問題比較廣泛，但對我來說，這確實是個令人興奮的消息。我認為社群對你們團隊的決定以及你們從付費加付費服務的模式轉向現在這種純粹的免費線上服務模式感到很興奮。

So just kind of curious, qualitative or quantitative, the decision-making process to move from what was sort of a, I think, kind of highly anticipated premium launch to a pure free-to-play there's sort of a quality level or a unit expectation that is sort of part of the process there to move to pure free-to-play.

所以，我很好奇，無論是定性還是定量，從之前備受期待的付費發布模式轉向純粹的免費遊戲模式的決策過程，是否存在某種質量水平或單位預期，這是轉向純粹免費遊戲模式過程的一部分。

And if this is sort of maybe the beginning of seeing this in other genres, sort of those lower tier sports games that sort of the 3 million to 5 million units, whether it's auto racing or MMA then maybe better live services in this market versus premium? And I have a follow-up.

如果這或許預示著這種趨勢將在其他遊戲類型中出現，例如那些銷量在300萬到500萬份之間的低端體育遊戲，無論是賽車還是綜合格鬥，那麼在這個市場中，更好的在線服務或許比付費模式更有優勢？我還有一個後續問題。

Yes, great question. I'll start, and then I'll hand over to Laura, who's been working deeply with the team. The first thing, as I was saying earlier, we really see growth in our future built on 2 key vectors: One, the ability to create worlds and characters and tell stories and that was to build a really large global online communities.

是的，問得好。我先來，然後把麥克風交給蘿拉，她一直和團隊密切合作。首先，正如我之前所說，我們認為未來的發展主要基於兩個關鍵面向：一是創造世界、塑造角色、說故事的能力，二是建立一個真正龐大的全球線上社群。

When we look at Skate, I think what happened is our ambitions have continued to grow. As you've seen what the team has been able to do around that experience, I think we continue to see opportunity. Skateboarding is kind of a cultural language for many generations. It transcends so many things, certainly geography and as we think about the ability to bring a global community of youth together through the language of skateboarding, we think this represents one of the biggest and strongest opportunities we have to build a global online community deeply engaged in a world that involves creativity both from us and from them experiencing what starts out as skateboarding and almost certainly reaches more deeply into the cultural sensibilities of a generation.

當我們審視滑板運動時，我認為我們所取得的成就體現在我們不斷增長的雄心壯誌上。正如你所看到的，團隊圍繞著滑板運動所取得的成就，也讓我們看到了持續的機會。滑板運動對許多世代來說都是一種文化語言。它超越了許多界限，當然也包括地域。當我們思考如何透過滑板運動這一語言將全球青年群體聚集在一起時，我們認為這代表著我們擁有的最大、最強大的機會之一，可以建立一個深度參與的全球在線社區，讓參與者沉浸在一個充滿創造力的世界中——這個世界既包含我們自身的創造力，也包含他們體驗滑板運動的樂趣，而滑板運動幾乎肯定會深入到一代人的文化情感之中。

So as we thought about that, we really took a step back and evaluated how best we deliver that. And Laura has been working with the teams on how they've thought through that puzzle.

所以，在思考這個問題時，我們認真地退後一步，評估瞭如何才能最好地實現它。勞拉一直在與各個團隊合作，探討他們是如何解決這個問題的。

So one of the most important growth potential that we have as a company is how we show up for Gen Z and Gen Alpha players how they socially connect, how they consume content. So there's been a significant focus from the team on this.

因此，作為一家公司，我們最重要的成長潛力之一在於如何更好地服務Z世代和Alpha世代玩家，了解他們的社交方式和內容消費習慣。所以，團隊一直以來都非常重視這一點。

And I'll talk about the team for a minute. We have some of the original creative leaders from the original Skate franchise. So much of the DNA and goodness that people loved about skate exists in the team. And then we also brought in someone Daniel McCulloch, who ran at the Xbox Live platform. So he deeply understands art and nuance of social connection, social engagement and how to nurture a community.

接下來我想簡單介紹一下我們的團隊。我們團隊裡有幾位來自初代《滑板》系列的創意核心成員。大家喜愛《滑板》的許多精髓和優點都傳承給了我們。此外，我們也邀請了丹尼爾·麥卡洛克（Daniel McCulloch）加入，他曾負責Xbox Live平台的營運。他對藝術、社交連結的微妙之處、社交互動以及如何培養社群有著深刻的理解。

And third, I think that skate -- back in the days skate was a bit even ahead of its time. It was -- a lot of the core motivation around our skate experience was around creative self-expression and in social connection and competition. And we are bringing that to life in the biggest way we possibly can. So more to come on this. We are in community testing now, we're very close to this skate community to get feedback, and we're pretty optimistic about how we're going to be coming to market soon.

第三，我認為滑板──在過去，滑板運動甚至可以說是超前於時代。它的核心動力很大程度上源於創造性的自我表達、社交互動和競技。而我們正在盡力將這些理念完美地呈現出來。關於這一點，敬請期待更多消息。我們目前正在進行社群測試，與滑板社群保持密切聯繫，以便收集回饋，我們對即將上市的產品充滿信心。

Nice. Second question, Andrew, a bit awkward here, but bear with me. The sort of subsequent to your last call, there was a media article that came out sort of related to consolidation and sort of framed you as persistently pursuing a sale, which was, I think, kind of somewhat unsettling or at least puzzling to the investment community, our clients and you get a lot of questions on it.

好的。第二個問題，安德魯，這個問題可能有點尷尬，但請您耐心聽我說完。上次通話之後，媒體發表了一篇關於行業整合的文章，文章似乎把你描述成一直在尋求出售，我認為這讓投資界和我們的客戶感到有些不安，或者至少感到困惑，你也因此收到了很多疑問。

So just curious if you can sort of provide some framework around that or clarification or sort of your motivation to run a stand-alone company or otherwise.

所以，我只是好奇您能否就此提供一些框架或解釋，或說明您創辦獨立公司的動機或其他原因。

First, I'm sure you don't expect me to comment on rumors and speculation from some small red media outlets. But be that as it may, I would tell you, I think we are in an incredible position. We're soon to be the largest stand-alone independent developer and publisher of interactive entertainment in the world.

首先，我知道你們肯定不會指望我對一些小報媒體的謠言和猜測發表評論。但即便如此，我還是要說，我認為我們正處於一個非常有利的位置。我們很快就會成為全球最大的獨立互動娛樂開發商和發行商。

I think we have the most incredible teams in our industry and the planet. As Laura spoke to earlier, we're attracting more and more incredible creative talent we have a community that's 600 million strong that is growing and certainly, we're well on our way to aspirations of being able to engage 1 billion people in play across the planet.

我認為我們擁有業界乃至全球最優秀的團隊。正如勞拉之前所說，我們正在吸引越來越多傑出的創意人才，我們擁有一個6億人口的龐大社區，而且還在不斷壯大。當然，我們正朝著讓全球10億人參與遊戲的目標穩步邁進。

I think we're growing across platforms, we're growing across business models, and we're growing across geographies. And in a world where gaming is becoming more important to the lives of Gen Z and Gen Alpha, who will be the leading generation in terms of consumption, entertainment for the future, I don't think we could be in a stronger position as a stand-alone company.

我認為我們在各個平台、各種商業模式和各個地域都在發展壯大。在遊戲對Z世代和Alpha世代（他們將是未來消費和娛樂的主導群體）的生活變得越來越重要的今天，作為一家獨立公司，我認為我們不可能處於更有利的地位了。

Our objective always and my objective as CEO of this company is always to take care of our people, our players and our shareholders. And should there ever be a way for us to do that differently than the way we're doing it today, I, of course, have to be open to that. But I would tell you today, we feel very, very confident and excited for our future.

我們的目標，也是我身為公司執行長的目標，始終是照顧好我們的員工、球員和股東。如果將來有其他方法可以實現這一目標，我當然會持開放態度。但今天我可以告訴大家，我們對未來充滿信心與期待。

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

你的下一個問題來自 Doug Creutz 與 Cowen 的合作系列。

Since the last conference call, you guys announced Star Wars Jedi: Survivor. Your fiscal Q4 big IP title is still unspecified in your current guidance. I'm just wondering if -- since you've announced Star Wars, do we assume that, therefore, that isn't the Star Wars game or should we not assume anything?

自上次電話會議以來，你們宣布了《星際大戰絕地：倖存者》。你們目前的業績指引中仍然沒有明確指出第四財季的重磅IP遊戲是什麼。我想問的是──既然你們已經宣布了《星際大戰》，我們是否可以假設它不是《星際大戰》遊戲，還是說我們不應該妄下任何結論？

I think the advice would be do not assume anything. We will name the titles and fill in the blanks at the appropriate time.

我認為應該建議的是不要妄下斷言。我們會在適當的時候公佈職位名稱並補充完整資訊。

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

提問時間到此結束。今天的電話會議到此結束。感謝各位的參與。您可以斷開連線了。