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.

下午好。我叫喬希，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 財年第一季度收益電話會議。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 First Quarter fiscal 2023 Earnings Call. With me today are Andrew Wilson, our CEO; Chris Suh, our CFO; and Laura Miele, our COO.

謝謝你。歡迎參加 EA 2023 財年第一季度財報電話會議。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 propose our prepared remarks, an audio replay of this call, our financial model and a transcript.

請注意，我們的 SEC 文件和我們的收益發布可在 ir.ea.com 上找到。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。最後，在電話會議之後，我們將提出我們準備好的評論、這次電話會議的音頻重播、我們的財務模型和成績單。

With regards to our calendar, our 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.

關於我們的日曆，我們的 23 財年第二季度財報電話會議定於 11 月 1 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。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。

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.

我們向您推薦我們最近的 10-K 表格，以討論可能導致實際結果與今天討論的結果大不相同的風險。 Electronic Arts 自 2022 年 8 月 2 日起發表這些聲明，並且不承擔任何更新這些聲明的義務。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。

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，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。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 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。很高興和大家在一起。我們在第一季度的業務表現強勁。我們廣泛的 IP 組合、我們驚人的人才和不斷增長的參與者網絡，深入參與我們的直播服務，都具有獨特的結構優勢，尤其是當我們駕馭宏觀環境的流動性時。

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.

我們認識到市場上存在更多不確定性，我們的團隊專注於他們最擅長的事情，提供令人驚嘆的遊戲和服務，讓我們的玩家在娛樂和遊戲更上一層樓時保持參與、聯繫和啟發。我們的體育和自有 IP 特許經營權組合繼續增強我們業務的彈性和壽命。 EA SPORTS and Racing 是增長中心，擁有特許經營權，是我們體育迷的核心，互動性越來越強。迄今為止，F1 '22 的銷售額增長了兩位數，這項運動繼續蓬勃發展，尤其是年輕的粉絲。

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.

我們的 EA SPORTS FIFA 特許經營權在全球範圍內異常強勁，第一季度亞洲業務創紀錄，移動業務顯著增長，DAU 比上一季度再增長 10%，FUT 參與度同比增長近 40%，這很好高於行業平均水平。我們將在 EA SPORTS 中不斷壯大，包括幾週後的 Madden NFL 23 以及我們今年秋季推出的最廣泛的 FIFA 遊戲。

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.

體育是終極的常青娛樂形式，我們與西甲新的跨媒體合作完美地展示了我們如何在體育、媒體和互動內容的前沿持續創新。

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.

通過這些多方面的合作，我們能夠為球迷帶來最真實的體驗，並拓展到跨平台、商業模式和地域觀看、創造、競爭、聯繫和參與體育運動的新方式。我們擁有的 IP 特許經營權是世界上最具吸引力和文化相關性的娛樂資產之一。 Apex Legends 是領先的多平台特許經營權，我們在控制台和 PC 上的實時服務推動了大規模的持續參與，並推出了一款符合我們早期預期的新手機遊戲。

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.

參與我們的模擬人生特許經營的內容也超越了市場，其內容引起了廣泛而多樣化的觀眾的共鳴。我們已經證明有能力在我們的投資組合中發展成功的長期實時服務，並通過持續參與來推動我們業務的彈性、經常性收入和生命週期價值。

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.

通過所有這些經驗，我們龐大的全球網絡已發展到近 6 億人。每天，我們的玩家都在建立新的友誼和社交關係。憑藉我們網絡的規模和我們團隊利用數據的能力，我們可以了解我們的觀眾今天在哪裡、如何以及玩什麼，以及他們下一步想去哪裡。

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.

我們繼續看到 Gen Alpha 和 Gen Z 將游戲作為他們的主要娛樂形式，消費的內容比過去任何一代都多。他們喜歡和朋友一起玩。他們與家人保持聯繫。他們在每一個轉折點都在創造內容，無論是在他們的整個遊戲體驗中還是圍繞著他們的整個遊戲體驗。

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.

無論他們玩我們廣泛的 EA SPORTS 產品組合中的遊戲來激發他們的粉絲，享受 Apex Legends 的強度和競爭，還是在星球大戰絕地等遊戲中尋求冒險，下一代消費者都可以利用遊戲的力量來充分沉浸和表達自己，與他們認同的社區以及他們認為屬於哪裡的社區建立更深入、更有意義的聯繫。

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.

他們使用模擬人生這樣的遊戲來釋放他們的個人和創造性自主權，與朋友一起建立角色和新故事。隨著我們繼續擴大和多樣化我們的產品組合併建立跨越更多地區的全球在線社區，提供能夠激發創造力的遊戲，讓玩家可以通過社交和沈浸式體驗相互加入、競爭和互動，這對 Electronic Art 來說是一個令人興奮的增長槓桿。遊戲是未來的社交網絡。

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處於領先地位需要高度關注人。我們將繼續投資於我們的文化，並為我們的人才儲備提供動力。最優秀的角色藝術家、動畫師、平面設計師、數據科學家、工程師和更多有才華的創作者都將加入我們的團隊，通過屢獲殊榮的特許經營權和工作室提升他們的職業生涯。

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.

從職業發展和健康計劃到激發協作和創新的工作場所體驗和技術，我們努力使 Electronic Arts 成為一個工作和成長的好地方。通過我們的知識產權、我們的人才和不斷增長的玩家網絡，我們正在為我們的業務增加實力和長期價值。

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.

即使存在短期的不確定性，互動娛樂也將繼續發展壯大，我們處於非常有利的地位。現在我將把電話轉給克里斯。

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 Andrew 所說，由於我們龐大的玩家網絡在我們廣泛的直播服務和遊戲組合中的持續健康參與，推動了我們又一個強勁的季度。

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.

在我們的 FIFA 特許經營權和 F1 '22 推出的推動下，第一季度的淨預訂量超過了我們的預期，達到 13 億美元。與去年相比，淨預訂量按固定匯率計算下降了 3% 或 1%，這是由於去年推出了 2 款遊戲而今年只有 1 款，但被 FIFA 特許經營權的實力、收購 Playdemic 和推出 Apex Legends 所抵消移動的。

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.

我們的直播服務淨預訂量同比增長 8%，或按固定匯率計算增長 10%，再次證明了高重複性收入流的彈性。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 65%，比去年上升了 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.

我們實現了 17.7 億美元的第一季度淨收入，也超出了我們的預期。由於基於遊戲機的收入比例較高，毛利率和基本利潤也遠高於我們的預期。我們在本季度看到了整個 FIFA 特許經營權的實力，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 達到了新的高參與度，FIFA Mobile 實現了有史以來最大的淨預訂量季度。 FIFA 22 是迄今為止最大的 FIFA 淨預訂量。 F1 '22 的淨預訂量也大大超出了我們的預期，特許經營已成為可靠的增長動力，在過去 4 年中每年都實現了兩位數的增長。

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 強調了我們自有 IP 遊戲的成功，例如 Apex Legends，該遊戲在第一季度再次實現兩位數的淨預訂量增長。 Apex Legends Mobile 在本季度成功推出，使 Apex Legends 成為領先的多平台全球特許經營權。

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.

隨著我們繼續投資於我們的開發團隊和新產品發布，運營費用比去年增長了 11%，符合我們的預期。本季度的經營現金流為負 7800 萬美元，我們通過股息和正在進行的股票回購計劃向股東返還了 3.73 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.

現在轉向指導。我們維持 79 億美元至 81 億美元的全年淨預訂量指引，同比增長 5% 至 8%，或按固定匯率計算增長 8% 至 11%。現在讓我在這個範圍內多一點顏色。

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，在我們的全年指導或大約 1 個增長點內，我們看到近 1 億美元的增量淨預訂逆風，這主要影響了我們今年的下半年。由於利率仍然相當波動，我們將在第二季度財報電話會議中提供有關預期第二季度影響的最新更新。

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，我們看到我們的業務發生了一些變化。我們預計我們的 EA SPORTS 和 Racing 產品組合的強勁第一季度業績將繼續抵消整體疲軟移動市場的預期影響。這種組合轉變對毛利率有積極的好處，因此可以最大限度地減少外匯對我們潛在盈利能力的可能增加的影響。

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 23 財年 GAAP 收入為 76 億美元至 78 億美元，收入成本為 20.2 億美元至 20.65 億美元。我們對運營費用的預期保持在 42 億美元至 43.15 億美元不變，我們預計每股收益為 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指導也保持不變，為 16 億美元至 16.5 億美元。資本支出約為 2 億美元，這將帶來約 14 億至 14.5 億美元的自由現金流。有關更多現金流信息，請參閱我們的收益幻燈片和新聞稿。

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.

轉向季度。我們預計，在 8 月 19 日發布的 Madden 23 和 9 月 30 日發布的 FIFA 23 的推動下，23 財年第二季度的淨預訂額將達到 17.25 億美元至 17.75 億美元。Madden 和 FIFA 都受益於與熱情的球員社區建立了長達數十年的關係和更廣泛的體育生態系統，我們看到這些性能可靠的遊戲在發布前的勢頭強勁。

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.

對於第二季度，我們預計 GAAP 淨收入為 18.5 億美元至 19 億美元，收入成本為 4.67 億美元至 4.8 億美元，運營費用約為 10.36 億美元至 10.41 億美元。這導致本季度每股收益為 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.

我們強勁的第一季度反映了我們廣泛的投資組合中龐大的玩家網絡的持續健康參與。我們相信我們有紀律地執行的能力，通過一個更加不平衡的市場，以強勁的半 2 板和我們的現場服務模式的持久力量在 23 財年實現持續增長。

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

現在我將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。這是一個良好的開端。雖然宏觀前景仍然不穩定，但 Electronic Arts 的每個人都專注於我們可以控制的事情。即使在市場不確定的情況下，越來越多的人將游戲作為娛樂的主要選擇。

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.

這是他們最喜歡做的事情，也是他們想要與世界各地的人們聯繫和分享經驗的方式。由於遊戲在我們今天的生活中如此重要，EA 憑藉我們產品組合的廣泛人口覆蓋面和我們歷史上最強大的內容管道處於獨特的有利地位。

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.

憑藉業內最優秀團隊的人才，我們已準備好引領娛樂業的新篇章，並繼續為我們公司創造長期價值。

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.

當我們進入電話的問答部分時，我想花一點時間歡迎 Laura Miele。作為首席運營官，Laura 與我們的業務有著深厚的聯繫，從遊戲創作和我們的工作室到創收和我們的商業組織。 Laura 將加入我們，以添加她對業務的戰略觀點和見解。

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) 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.

如果可以的話，也許是兩個大問題，安德魯。首先，關於我們在主機週期中的位置，以及全球供應鍊和物流方面的低水平挑戰，您能否談談您目前對這個主機週期的想法與歷史先例以及您如何計劃構建內容方面的組織為什麼以及何時開始大規模部署下一代遊戲機？首先會喜歡你對此的看法。

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?

然後很明顯，在移動遊戲方面，我們繼續看到分銷、上市和貨幣化方面的許多挑戰。您能否談談您為重新調整組織以適應這種新的移動世界秩序所做的努力，以及您如何看待未來幾年利用這一機會？

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，埃里克。兩個很好的問題。我會得到一堆，我將把一些關於移動結構的事情交給勞拉。她一直在與團隊密切合作，探討我們對未來的看法。

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，我們還處於這個主機週期的早期階段。因此，我們通常期望我們的主機合作夥伴會在 10 年的時間範圍內考慮主機週期。所以我們還很早。雖然存在一些供應鏈限制，但我認為我們從合作夥伴那裡聽到的是，我們覺得他們將在後半部分放鬆，而且肯定會持續到明年。

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.

但我們看到的最重要的事情是需求超出了圖表。而且我認為我們聽到微軟說他們在遊戲機銷售和遊戲機需求方面的地位與以往一樣好。我們也知道索尼遊戲機的需求量很大。

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.

隨著供應鏈開始放鬆，我們的期望是越來越多的人選擇下一個控制台。因此，當我們考慮這個週期的下一個 8 年時，您應該期望我們將繼續深入投資於我們現有的自有 IP、我們的 EA SPORTS 產品組合，但您也應該期望隨著我們度過那個週期，我們正在對我們的名單進行更深入的投資，以便在周期的後半段擁有更強大的管道。

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.

關於遊戲的好消息是，當我們有一個持續這麼長時間的周期並且我們能夠在這個時間範圍內進行投資時，軟件的質量和我們能夠提供的體驗的性質每次都會變得更好單年。因此，我們以與過去相同的方式看待這個問題。

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.

現在我認為您關於移動設備的下一個問題也是一個非常重要的問題，因為我們也知道，隨著這些週期的繼續，移動遊戲是一個重要部分，PC 繼續發揮重要作用。隨著時間的推移，雲遊戲也將發揮重要作用。因此，我們正在為這個擁有 35 億人的全球社區分層其他機制，這些人目前正在玩遊戲，以與我們提供的內容和服務進行交互。

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.

在宏觀層面上，移動仍然是全球最大的遊戲平台，擁有 35 億人。很難想像任何其他平台都有這種影響力。對我們來說，我們還看到它使我們能夠進入我們通常不那麼強大的市場。

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.

正如我們所討論的，我們的 FIFA 移動業務在移動設備上不斷增長，我們實際上已經看到大部分增長發生在市場上，由於遊戲機的滲透率有限，我們通常無法以同樣的方式將這種體驗貨幣化或這些市場中的高級模型。

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.

從長遠來看，我們仍然相信移動將為我們帶來難以置信的強大機遇——在全球範圍內，約佔遊戲行業的 50%，約占我們業務的 17%。所以這對我們來說代表著巨大的好處。

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，Laura 真正與團隊合作的，尤其是我們最近的收購，是我們如何建立一個真正面向未來的單一移動組織，一個品牌真正重要、網絡非常重要和令人難以置信的團隊的未來事情。我會交給勞拉來添加更多細節。

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。謝謝安德魯，謝謝埃里克的問題。我們已經成功地將 Glu 和 Playdemic 整合到我們的業務中，成為一個實際實現逐年增長的移動組織，我們繼續期望在未來幾年看到這種情況。

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.

正如安德魯所說，移動為我們的產品組合帶來了外部戰略價值。它對我們大型特許經營的生態系統有重大貢獻和影響。舉一個例子，我們討論了 FIFA Mobile 的成功。當我們查看球員檔案時，46% 的 FIFA 移動球員位於亞太地區和拉丁美洲，而我們的高清球員只有 28%。因此，我們認為這是對我們擁有的這些大品牌的整體生態系統的重大擴展。

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.

對於我們擁有 Z 世代和 Alpha 世代玩家的最大增長動力之一來說，這也是一個了不起的切入點。當然，正如安德魯所說，它是新興市場的主要參與平台。然後當我們為我們的特許經營考慮跨平台遊戲時。

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，我們不僅對單個移動業務感到樂觀，而且對移動對我們未來整體增長計劃的戰略影響感到樂觀。

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

您的下一個問題來自摩根大通的 David Karnovsky。

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

只是為了跟進克里斯關於後半部分移動市場疲軟的評論，我想這就是我聽到的。

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?

你能不能簡單介紹一下其中的一些驅動因素？這是您的管道中的特定內容，還是與某些平台上的經濟或 UA 挑戰等更廣泛的因素更相關？

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。我認為我們正在看到一些宏觀移動放緩，至少這是我們所聽到的。我們建立的模型建立在我們將看到宏觀移動市場放緩的基礎上。同樣，我們的移動業務總體上在這方面做得很好，因此我們對我們的核心業務充滿信心，我們對我們的核心特許經營權充滿信心。但我們看到宏觀經濟放緩。

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.

我認為這可能有幾個不同的原因。一是，我認為市場仍在通過 IDFA 以及如何處理它。同樣，在我們擁有重要品牌和強大的玩家網絡的世界中，這是一項令人難以置信的技術。我們覺得我們能夠很好地導航。

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，我認為我們正在處理一些艱難的 COVID 組合，移動通過 COVID 受益匪淺。第三，如果你整個夏天都在旅行，我認為世界正在度假。因此，如果您與任何一家旅遊公司交談，他們都會告訴您，他們看到了前所未有的旅行水平。我認為這也可能會產生一些影響。

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.

不過，從長遠來看，當我們回到這一點時，它代表了 35 億玩家。它代表了我們進入傳統業務所沒有的市場參與者的一種方式。我們認為未來將適合大型重要娛樂品牌和跨平台存在的品牌，我們認為整個生態系統將是強大的。

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，雖然我們從不想進入一個過於自信的市場，但我們總是希望在我們如何規劃市場時使用嚴格的紀律。我們對我們的業務充滿信心。但即使我們聽說市場有些疲軟，我們也只是想在進入下半年時考慮到這一點。

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。也許我也可以更廣泛地跟進一個關於經濟風險的問題。我認為從歷史上看，考慮到內容的每小時成本，我們傾向於認為 PC 主機遊戲具有一定的抗衰退性。但想知道你認為這種動態在今天是如何保持的，因為該行業已經向實時服務轉變瞭如此之多，但隨後也增加了玩家對訂閱等事物的參與度。

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。我認為這是一個很好的問題。通常，當我們審視過去的宏觀挑戰時，我們的行業相對於周圍發生的其他一切，甚至相對於其他娛樂形式而言，都做得非常好。

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.

有幾個原因。一，它是高度互動的，它非常吸引人，代表著非凡的物有所值。第二，娛樂是人類的一種基本需求。即使人類在其發展過程中應對了許多挑戰，娛樂也總是在將我們聚集在一起的事情上名列前茅。

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.

當我們考慮現在的業務與我們可能面臨的最後一個宏觀挑戰時，我認為直播服務的好消息是我們有更多的人參與我們的遊戲，時間更長，彼此之間的聯繫更緊密。我認為，所有這些都說明了我們今天運營的直播服務業務的真正實力。

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.

我認為有一個懸而未決的問題，如果我們要在一個無需花費就可以深入參與的世界中，我們將如何看待這一時期在實時服務連接中的花費。

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.

我在準備好的評論中所說的是，我們關注的是我們可以真正控制的事情，這正在推動深度參與，因為我們對業務參與的了解，特別是在我們的實時服務的背景下，已經結束了一生的經歷。

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.

如果我們能夠繼續推動整個投資組合和我們 6 億強大社區的真正強大參與，但隨著時間的推移我們保護的生命週期。

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

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

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，可能是 Laura，但總的來說，COVID 顯然影響了人們玩遊戲的方式，但它也極大地影響了遊戲的製作方式。我們已經看到了該行業的大量延遲。

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?

你認為我們在哪裡？我們是否到了延誤會越來越少的地步？比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，謝謝你的問題。真是個好問題。有幾件事。是的，我們最初確實看到了一些干擾以及我們的團隊如何製作遊戲。但我會說，而且我已經說過很多次了，我只是被我們團隊的獨創性和創造力以及他們如何適應不僅是一個更有生產力的地方而且是一個高度創造性的地方以及他們如何重新創造遊戲。

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，我們在節奏以及我們的團隊如何圍繞如何創建遊戲創建操作系統和流程方面實際上已經看到了很多進展。也就是說，我們看到越來越多的人回到辦公室。我們現在就在我們總部的辦公室。所以——我們一直在參觀工作室。安德魯上週在英國訪問了我們在那裡的賽車隊。

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.

所以我們看到更多的人回來了。我們還看到人們適應了對他們和他們的創造力更有意義和更有生產力的生產力和環境。

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.

所以我想說的是，我們所學到的是，在開發生產週期的開始就讓人員和團隊就位，然後通常在我們最終的最後階段就變得至關重要。我們的團隊在製作方面適應得非常好，有時他們一起在辦公室更有意義，有時他們在家更有效率。

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.

因此，我們看到了對團隊發展方式的非常強烈的適應。因此，我們相信我們處於新的節奏中，並且隨著時間的推移我們將繼續發展。我們也看到了對加入我們公司的人員的強烈需求。人們選擇與他們有強烈價值和道德依戀的公司合作，顯然薪酬非常重要，但人們真的希望與他們所在的地方建立聯繫——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.

我們已經看到了在這里工作的非常強烈的需求和願望。因此，我們看到了一個非常好的選擇來引進新人才，我們看到我們的團隊和基礎設施適應了新的工作環境。

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.

知道了。不，我真的很欣賞這種顏色，勞拉。轉向考慮中長期增長。你們，我相信，我的意思是，你們已經宣布或者我們推測會有相當多的單人遊戲即將推出。我們應該如何考慮從那個向量的增長。

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?

這些是否應該在規模上更大，以便它們能很好地逐個比較？或者它是一個數量遊戲，你推出一個大的，然後我們得到幾個。在未來幾年構建模型時，我們應該如何考慮未來的單人遊戲？

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。也許克里斯可以在模型上添加一些細節。我們思考這個問題的方式實際上不是關於哪款遊戲，而是更多關於這些遊戲的動機是什麼。所以我們對玩家的了解是平衡的，他們有這些所謂的動機、靈感、逃避、社交聯繫、競爭、自我提升、創造，這些將我們作為遊戲玩家聚集在一起的東西。

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.

世界的創造、人物的塑造和故事的講述對於實現其中一些動機非常重要。因此，當我們考慮我們的投資組合併考慮構建它時，我們真的會考慮兩個關鍵向量。一，我們如何講述令人難以置信的故事，二，我們如何建立龐大的在線社區，然後我們如何將這兩件事結合在一起。

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.

因此，當您查看我們的投資組合時，您應該尋找的是我們如何做到這一點？我們如何在這些世界中建立並講述新故事，我們如何發展全球在線社區，以及我們如何將這兩件事結合在一起以實現動機。當我們得到它時，我們看到的是一，我們擴大了網絡，二，我們增加了在我們的網絡中玩遊戲的時間。

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，我們認為這是我們為實現這些核心動機而提供的整體產品組合中非常非常重要的一部分。隨著時間的推移，我們計劃的方式實際上只是看看我們的社區，看看他們如何度過他們的時間，看看動機可能會或可能不會得到滿足，我們將尋求通過添加來補充它新的在線遊戲、新的多人遊戲和新的單人遊戲。

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。也許如果我能在此之上添加。安德魯，我們的安德魯在這裡解釋得很好。但是當我們考慮模型影響和財務影響時。

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，我認為要始終牢記的第一件事是，在過去的 12 個月內，實時服務仍然包含我們業務的 70% 以上。事實證明，這是一個非常可靠、反復出現的收入來源，從長遠來看，這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，我們已經談了很多關於我們正在投資的領域，這既包括現場服務，也包括你看到的一些單一遊戲發布。因此，隨著時間的推移，我們將繼續投資於我們的長期增長。我們將繼續投資於我們直播服務業務的持續穩定表現，並且在此過程中會有一些看跌期權。

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

您的下一個問題來自美國銀行的 Omar Dessouky。

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 Legends Mobile 的成功超出了您的預期。我想雙擊它。您認為 Apex Legends Mobile 發布成功的標準是什麼？預訂是這些措施之一嗎？

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.

然後，您是否在您計劃的所有地區推出了 Apex Legends Mobile？與我們目前所見相比，我們應該如何看待 Apex Legends Mobile 下半年的廣告強度，尤其是考慮到您對下半年移動環境較弱的評論。然後我有一個跟進。

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，嗯，首先，是的，我們很高興這款遊戲的推出達到了我們對本季度的預期。眾所周知，我們在主機上看到的 Apex Legends 是一開始的大規模吸收，然後在遊戲的生命週期中穩定並真正穩定增長，我們希望這個標題在移動的。

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.

而事實上，這也是很多手游玩家看到的模式。有很多年的收入和回報，特別是當你看到射擊遊戲類別時，我們預計 Apex Mobile 也是如此。

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，我們目前處於第 8 週。未來很多年，而我們處於第 8 週，才剛剛開始。我們知道的一件事是我們非常善於傾聽我們的社區，我們知道如何響應玩家的需求以及響應所需的遊戲動態。

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.

請記住，我們在這方面擁有一支令人難以置信的團隊。我們有 Respawn，它是射擊遊戲行業中的佼佼者。隨著 Glu 和 Playdemic 以及我們的移動組織的加入，我們現在擁有了一個有意義的移動基礎設施，可以在全球範圍內執行。我們還與騰訊建立了卓越的合作夥伴關係。所以我們 - 我們已經達到了我們的期望，我們受到鼓勵，我們也知道我們在這個標題上還有一條重要的跑道。

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.

由於它與廣告相關，我們再次將廣告視為我們移動業務的一個維度，儘管這主要集中在內部遊戲貨幣化上。這就是我們如何優化我們對 Apex 的投資回報。

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。我猜在下半年移動宏觀環境轉弱的背景下，以及一種穩定的費用指南，您的穩定費用指南是否假設或多或少或相同的移動用戶獲取投資？

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 - 它是 - 我們保持穩定。因此，我們不會改變我們對投資或回報的看法。所以我們暫時保留它。但同樣，我們 - 移動業務的偉大之處在於它非常動態，並且我們能夠使用與遊戲變化相關的多個槓桿，評估參與度並評估我們所看到的回報。但目前，我們並沒有改變我們對投資或從中獲得的收入回報的看法。

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。這次只是在 Apex Legends PC 控制台上快速瀏覽。您的全年指南是否包括今年秋天可能推出的新射手競爭的任何影響？

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，我的想法是，我們的指南考慮到了我們認為的整體市場狀況，Apex Legends 在第一季度再次實現了兩位數的增長。我們預計全年將在這個非常重要的特許經營權上繼續增長，它確實考慮到了我們從執行角度控制的事情以及我們認為的市場狀況，這一切都被考慮到了你聽到的指導。

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

您的下一個問題來自巴克萊銀行的馬里奧·盧。

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.

只是 Apex 的後續行動。手游在季中問世，是否對主機版 PC 版的預訂量和用戶產生了影響？換句話說，移動發布後增長是回升還是放緩。

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.

馬里奧，謝謝你的提問。坦誠相見為時尚早。但我們看到的是，我們看到數以千萬計的新玩家進入 Apex，我們看到了對地域和地域增長的重大影響，就品牌的滲透和正在擴展 Apex 品牌的體驗而言高清和PC控制台不一定的地方。

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.

因此，我們再次看好新興市場的更多擴張以及許多新玩家進入該品牌。但我們現在了解事情將如何發展還為時過早。大約幾週後，我們將迎來高清和 PC 遊戲的新賽季。因此，我們將研究並了解移動設備對此的影響。因此，在我們的下一個收益中可能會出現更多關於對整體業務影響的背景。

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.

偉大的。這很有幫助。只有一個在國際足聯。你們提到整個球隊在本季度都很強勁。有什麼特別的東西推動了 FIFA Online 的實力。

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?

然後你們能在FIFA許可證到期後提醒我們嗎，比如FIFA Online和FIFA Mobile等這類持久游戲會發生什麼？它只是一種簡單的重命名還是如何工作？

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。所以我會讓勞拉首先談談本季度的表現，然後我會更廣泛地談談我們對球隊未來的看法。

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。因此，在《FIFA Online 4》的性能方面，該工作室在過去幾年中一直在研究並重點關注改善遊戲體驗的努力。這已經真正開始在玩家情緒中得到回報。

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，我們繼續加深與玩家的關係，我們在進入亞洲市場時擁有強大的合作夥伴，我們正在將反饋納入遊戲開發。我們還看到韓國的營銷改進和全球足球受歡迎程度的增長，這對業務產生了重大影響。

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，我們將在今年推出有史以來最昂貴的 FIFA。我認為這是非凡的，需求非常強勁。我剛剛在歐洲，但我遇到了年幼的孩子，他們會發現我正在做已經預訂的 FIFA，這非常了不起。我認為我們正在看到這項運動的發展——當然，我們在這裡舉辦了世界杯。因此，我們相信今年對於我們的 FIFA 業務來說將是非常強勁的一年。

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.

什麼 - 方式 - 並且沒有廣泛討論我們與 FIFA 或合同的關係機製或你有什麼，你應該期待的是我們將推出有史以來最廣泛的 FIFA，然後我們將繼續在市場，我們有能力繼續這樣做。然後我們將開始在市場上更刻意、更廣泛地推出 EA SPORTS FC 品牌，再次超越我們今年早些時候所做的，我們有近 200 家合作夥伴中的 300 家出來宣傳 EA SPORTS FC 品牌作為我們共同擁有的品牌、300 家合作夥伴、Electronic Arts 以及我們由全球數億玩家組成的社區。

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，雖然遊戲的名稱將改變體驗的性質，以及玩家與遊戲、他們喜愛的聯賽和球隊以及他們在數百名強大社區中一起比賽和對抗的球員之間的聯繫.這些都沒有改變。我們將對此進行大力投資，我們對未來會帶來什麼感到非常興奮。再一次，我們宣布了我們新的西甲合作夥伴關係，這將擴大我們可以做的事情的性質。你還記得，正如我們討論過的那樣，我們非常感謝我們與 FIFA 的合作夥伴關係，這種合作關係已經存在了近 30 年，我們共同建立了一個巨大的業務。

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，在線性和線性之間的足球迷界限模糊的背景下，我們在每次對話中都非常興奮，我們將能夠與我們的合作夥伴和我們的社區做些什麼類型的事情。互動，我們在虛擬世界中所做的事情，我們在現實世界中所做的事情，我們在電視上觀看的內容，我們在遊戲中的體驗以及我們在西甲聯賽中宣布的內容只是第一步。

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.

你應該想像我們將繼續建立和擴大這個機會，真正將最大的全球足球社區圍繞我們共同擁有的品牌 EA SPORTS FC 聚集在一起。

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

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

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。想知道你是否可以談論 2 個特許經營權。首先，隨著 F1 的同比增長，這是您獲得冠軍頭銜的第二年。從營銷的角度來看，你正在做什麼不同的事情——或者只是從遊戲的角度來推動那裡的數字提高？

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《模擬人生》，我認為你在大約一年內剛剛擁有了你的第一個擴展包，也許可以談談那裡發生了什麼。

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.

對不起。謝謝，埃里克，這個問題。我在那裡啞口無言。我們對 F1 業務仍然非常樂觀和興奮。我想說的是，開發團隊已經很好地融入了 Electronic Arts。我認為他們看到了我們在全球範圍內規模的一些好處。

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，當您查看我們的營銷和商業部門時，我的意思是我們已經讓一些開發人員實際評論並註意到他們通過我們的營銷所擁有的全球足跡、影響力和影響力他們以前無法從中受益的團隊、商業團隊和商業合作夥伴關係。

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.

因此，我們在這裡的領導層可能主要在今年的發布中看到了強大的開發影響，我們對未來幾年將推向市場的遊戲的某些方面非常樂觀。然後是 EA SPORTS 品牌的實力以及我們擁有的真正強大的營銷和商業團隊。

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.

對於模擬人生的問題，你提到過，所以我們 - 我最喜歡模擬人生業務的一件事是它是多麼健康和強大。實際上，我們每年都會發布幾個遊戲包、內容和擴展包。因此，我們一直與該社區中的玩家保持聯繫。大約 10 年後，我們對這項業務的強大和規模感到非常興奮，我們已經推出了模擬人生 4 品牌。

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.

所以這是我們堅持將內容放入玩家社區的東西，我們將在未來幾年繼續這樣做。

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

您的下一個問題來自 Benchmark Company 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，祝賀本季度。 2個問題。第一個問題，範圍很廣，但確實令人興奮，至少對我來說。我認為社區關於狀態和你的決定，你的團隊決定從一種高級加直播服務版本轉變為看起來像純粹的免費直播服務。

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.

所以只是有點好奇，定性或定量，決策過程從某種，我認為，從備受期待的高級發佈到純粹的免費遊戲，有某種質量水平或單位期望這是轉向純免費遊戲的過程的一部分。

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.

如果這可能是在其他類型中看到這種情況的開始，比如那些 300 萬到 500 萬台的低端體育遊戲，無論是賽車還是綜合格鬥，那麼這個市場上的直播服務可能比高端遊戲更好?我有一個後續行動。

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，很好的問題。我會開始，然後我會交給一直與團隊深入合作的勞拉。首先，正如我之前所說，我們確實看到未來的增長建立在兩個關鍵向量之上：一個是創造世界和人物以及講述故事的能力，那就是建立一個非常龐大的全球在線社區。

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.

當我們看 Skate 時，我認為發生的事情是我們的野心不斷增長。正如您所看到的團隊圍繞這種體驗所做的事情，我認為我們繼續看到機會。滑板是一種文化語言，代代相傳。它超越了很多東西，當然是地理，當我們考慮通過滑板語言將全球青年社區聚集在一起的能力時，我們認為這是我們必須建立一個深度參與的全球在線社區的最大和最強大的機會之一在一個涉及我們和他們的創造力的世界裡，他們從滑板開始，幾乎可以肯定地更深入地了解一代人的文化感受。

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.

因此，當我們考慮到這一點時，我們真的後退了一步，並評估了我們如何最好地實現這一點。勞拉一直在與團隊合作，研究他們是如何解決這個難題的。

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，我們擁有的最重要的增長潛力之一是我們如何向 Z 世代和 Alpha 世代玩家展示他們如何進行社交聯繫，如何消費內容。因此，團隊對此非常重視。

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.

我會談談球隊一分鐘。我們有一些來自最初 Skate 特許經營權的原創創意領袖。人們喜愛滑板的許多 DNA 和優點都存在於團隊中。然後我們還請來了在 Xbox Live 平台上運行的 Daniel McCulloch。因此，他深刻理解社會聯繫、社會參與以及如何培育社區的藝術和細微差別。

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——在過去的日子裡，滑板甚至有點超前。那是——我們滑板體驗的很多核心動機是圍繞創造性的自我表達以及社會聯繫和競爭。我們正在以盡可能最大的方式將其變為現實。所以還有更多的事情要做。我們現在正在進行社區測試，我們非常接近這個滑板社區以獲取反饋，我們對我們將如何很快進入市場非常樂觀。

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，這裡有點尷尬，但請耐心等待。在你上次打電話之後，有一篇與整合有關的媒體文章，並在某種程度上將你定性為堅持出售，我認為這有點令人不安或至少對投資感到困惑社區，我們的客戶，你會收到很多關於它的問題。

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.

所以只是好奇你是否可以圍繞它提供一些框架或澄清或你經營一家獨立公司的動機或其他方式。

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，我相信你不會指望我對一些紅色小媒體的謠言和猜測發表評論。但無論如何，我會告訴你，我認為我們處於一個令人難以置信的位置。我們很快將成為世界上最大的獨立獨立開發商和互動娛樂發行商。

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.

我認為我們擁有行業和地球上最令人難以置信的團隊。正如勞拉早些時候所說，我們正在吸引越來越多令人難以置信的創意人才，我們擁有一個 6 億強大的社區，而且還在不斷增長，當然，我們正在朝著能夠讓 10 億人參與其中的願望邁進星球。

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.

我認為我們正在跨平台成長，我們正在跨商業模式成長，我們正在跨地域成長。在一個遊戲對 Z 世代和 Alpha 世代的生活變得越來越重要的世界裡，他們將成為未來消費和娛樂方面的領先一代，我不認為我們可以作為一個更強大的獨立的公司。

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.

我們的目標和我作為這家公司首席執行官的目標始終是照顧我們的員工、我們的球員和我們的股東。如果我們有辦法以不同於我們今天的方式來做這件事，我當然必須對此持開放態度。但我今天要告訴你，我們對我們的未來感到非常、非常自信和興奮。

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

您的下一個問題來自 Doug Creutz 與 Cowen 的對話。

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《星球大戰絕地：倖存者》。您當前的指導中仍未指定您的第四季度財政大 IP 標題。我只是想知道，既然你宣布了《星球大戰》，我們是否因此假設那不是《星球大戰》遊戲，或者我們不應該假設什麼？

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

我認為建議是不要假設任何事情。我們將在適當的時候命名標題並填空。

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.

我們一直都有提問的時間。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。