美商藝電 (EA) 2020 Q1 法說會逐字稿

Good afternoon. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Q1 2020 Earnings Conference Call.

午安.我叫克莉絲汀，今天將擔任本次電話會議的接線生。現在，我謹代表藝電公司歡迎各位參加2020年第一季財報電話會議。

Mr. Chris Evenden, VP of Investor Relations, you may begin your conference.

投資者關係副總裁克里斯·埃文登先生，您可以開始您的會議了。

Thanks, Christine. Welcome to EA's First Quarter Fiscal 2020 Earnings Call. With me on the call today are Andrew Wilson, our CEO; and Blake Jorgensen, our CFO and COO.

謝謝，克里斯汀。歡迎參加EA 2020財年第一季財報電話會議。今天與我一同參加會議的還有我們的執行長安德魯威爾遜，以及我們的財務長兼營運長布萊克喬根森。

Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we posted earnings slides to accompany our prepared remarks. Lastly, after this call, we will post our prepared remarks, an audio replay of this call, a financial model, a transcript and an update to the accounting FAQ.

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，我們也發布了獲利報告幻燈片，以配合我們準備好的演講稿。最後，在本次電話會議結束後，我們將發布我們的發言稿、本次電話會議的錄音回放、財務模型、會議記錄以及會計常見問題解答的更新版本。

With regards to our calendar, our Annual Shareholder Meeting will take place on Thursday, August 8, here in Redwood Shores and our Q2 fiscal 2020 earnings call is scheduled for Tuesday, October 29.

關於我們的日程安排，我們的年度股東大會將於 8 月 8 日星期四在紅木海岸舉行，我們的 2020 財年第二季度收益電話會議定於 10 月 29 日星期二舉行。

This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-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, July 30, 2019, and disclaims any duty to update them.

本次示範及我們的評論包含有關未來事件及本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。有關可能導致實際結果與今日討論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2019年7月30日作出上述陳述，並聲明不承擔更新義務。

During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis. All comparisons made in the course of this call are against the same period in the prior year unless otherwise stated.

本次電話會議中，除自由現金流外，所有財務指標均以美國通用會計準則（GAAP）列示。除非另有說明，本次電話會議中所有比較均與去年同期進行比較。

Now, I'll turn the call over to Andrew.

現在，我把電話交給安德魯。

Thanks, Chris. We delivered a strong start to FY '20. Players were deeply engaged in our top franchises with growing communities reaching new peaks of engagement fueled by content and in-game events in our live services. As a result, our operating results significantly exceeded our expectations for the first quarter. We're thrilled by the great experiences that players are having in our games, and we're looking forward to delivering a lot more throughout the fiscal year.

謝謝克里斯。 2020財年開局強勁。玩家們對我們的熱門遊戲系列展現了極大的熱情，不斷壯大的玩家群在我們的線上服務內容和遊戲內活動的推動下，活躍度達到了新的高峰。因此，我們第一季的營運表現遠超預期。玩家們在我們的遊戲中獲得瞭如此精彩的體驗，我們感到非常欣慰，並期待在接下來的財年中為大家帶來更多驚喜。

Interactive entertainment continues to grow and expanding global player base

互動娛樂持續成長，全球玩家群不斷擴大。

(technical difficulty)

（技術難題）

and tailwinds for the industry. With this backdrop, the core drivers of growth for EA are the depth and breadth of our portfolio and IP, our expertise in live services, our leadership in subscriptions and competitive gaming that expands our reach and drives deeper engagement. We're also continually strengthening our foundation of great talent and technology. I'll touch on some of these drivers with a few highlights here.

以及產業發展的順風。在此背景下，EA成長的核心驅動力在於我們產品組合和IP的深度和廣度、我們在線上服務方面的專業知識、我們在訂閱和競技遊戲領域的領先地位，這些都擴大了我們的用戶覆蓋範圍並提升了用戶參與度。我們也不斷加強我們優秀的人才和技術基礎。接下來，我將重點介紹其中的一些驅動因素。

Let's start with Apex Legends. We have a massive global audience continuing to engage in this high-quality free-to-play experience. Apex has tremendous gameplay at its core and we've built it to have longevity as a live service that will continue to drive engagement over time.

我們先來談談《Apex英雄》。這款高品質的免費遊戲擁有龐大的全球玩家群體，他們持續活躍在遊戲中。 《Apex英雄》的核心玩法非常出色，我們將其打造為一款能夠長期運作的線上服務，從而不斷提升玩家的參與度。

In our live service, we're delivering seasons of new content, a collection of new content and updates that begin to roll out at the start of each season and continue throughout the course of several weeks and months. We launched Season 2 in early July, including a robust Battle Pass offering, a new character and additions to the environment. And to date, it had outperformed our expectations with significant growth in daily and weekly active players. In each season, there are in-game events that are additional drivers of engagement such as the event coming in the next few weeks that will bring new content and deliver one of the most fan-requested features since the launch of Apex. There will be more updates and in-game experiences in the weeks to come for Season 2 and Season 3 is shaping up to be even bigger. All of these elements, the fantastic core gameplay, seasons of new content and additional in-game events are designed to continually excite and engage the Apex community over the long term.

在我們的線上服務中，我們將推出一系列全新內容，每個賽季都會陸續上線一系列新內容和更新，並持續數週甚至數月。我們在七月初推出了第二個賽季，其中包括豐富的戰鬥通行證、一位新角色以及遊戲環境的更新。迄今為止，第二季的表現遠超預期，每日活躍玩家和周活躍玩家數量均實現了顯著成長。每個賽季都會有遊戲內活動來進一步提升玩家參與度，例如即將於未來幾週推出的活動，該活動將帶來全新內容，並推出自《Apex英雄》上線以來玩家呼聲最高的功能之一。在接下來的幾周里，第二賽季還將推出更多更新和遊戲內體驗，而第三賽季的規模預計會更大。所有這些元素，包括精彩的核心玩法、賽季更新和額外的遊戲內活動，都旨在長期持續地激發和吸引《Apex英雄》社群的玩家。

We're also expanding into additional growth opportunities for Apex Legends. Esports will bring new drivers of social interaction and competition to the Apex ecosystem. Interest from teams, broadcast partners and sponsors is strong and we've had great success with our first exhibition event, including a competition at the ESPYS that was broadcast on ESPN and ABC. We'll have around 8 teams from around the world participating in our first official competition in September. Our plan is to bring Apex Legends to China and a worldwide mobile launch are also on course, and we will share more on our plans in the future.

我們也積極拓展《Apex英雄》的更多成長機會。電子競技將為《Apex英雄》生態系統帶來全新的社交互動和競技動力。各戰隊、轉播合作夥伴和贊助商都表現出濃厚的興趣，我們的首場表演賽也取得了巨大成功，其中包括在ESPY頒獎典禮上舉辦的比賽，該比賽在ESPN和ABC電視台播出。 9月份，我們將舉辦首場正式比賽，屆時將有來自世界各地的約8支戰隊參賽。我們計劃將《Apex英雄》引入中國市場，全球行動版的發布也在按計劃進行中，未來我們將分享更多相關資訊。

In our EA SPORTS portfolio, our franchises like Madden NFL and FIFA are delivering for core fans, innovating to reach new players and leading our growth in esports.

在我們的 EA SPORTS 產品組合中，像 Madden NFL 和 FIFA 這樣的系列遊戲正在為核心粉絲提供服務，不斷創新以吸引新玩家，並引領我們在電競領域的成長。

Looking first at Madden NFL. We continue to see deep year-round engagement in the franchise. Live service events and tie-in content with the NFL Draft drove growth in new players joining Madden NFL 19 in Q1 and also deepened engagement in Madden Ultimate Team.

首先來看《麥登NFL》。我們看到該系列遊戲全年都保持著很高的玩家參與度。線上服務活動和與NFL選秀相關的連動內容推動了《麥登NFL 19》第一季新玩家數量的成長，同時也加深了玩家對《麥登終極球隊》模式的參與。

We're now just days away from launching Madden NFL 20. The innovation in this year's game like the new Superstar X-Factor abilities, new personalized career campaign and the more fluid core gameplay are all designed to appeal to new and existing football fans.

距離《麥登橄欖球20》的發布僅剩幾天。今年遊戲中的創新之處，例如全新的超級巨星X因素能力、全新的個人化職業生涯模式以及更流暢的核心遊戲玩法，都是為了吸引新舊橄欖球迷。

Madden NFL esports also continue to drive growing viewership. Players in our Madden NFL competitive ecosystem engaged 4x more than noncompetitors last season and our events drove record broadcast and digital viewership. We're now looking to build on that success with the Madden NFL 20 Championship Series. We have partnered with all 32 NFL teams, our competitions are aligned with key big NFL season and we're welcoming major sponsors, including Pizza Hut, SNICKERS and Starbucks.

Madden NFL 電競項目持續推動觀眾人數的成長。上個賽季，參與 Madden NFL 競技生態系統的玩家參與度是一般玩家的四倍，我們的賽事也創下了電視和數位平台收視率的新紀錄。現在，我們正計劃透過 Madden NFL 20 冠軍系列賽再創佳績。我們與全部 32 支 NFL 球隊達成合作，賽事安排與 NFL 賽季的關鍵節點相契合，並且我們迎來了包括必勝客、士力架和星巴克在內的主要贊助商。

Finally, the latest season of our fan favorite Madden NFL Mobile game launches tomorrow. And this year, the game is bringing back some of the classic modes that fans love as well as new innovation in social call play and customization. Through great experiences on console and PC, the ever-popular Madden NFL Mobile game and our leading esports programming, Madden NFL continues to reach and engage a wide audience of fans.

最後，備受玩家喜愛的《麥登橄欖球》手遊最新賽季將於明日正式上線。今年，遊戲不僅回歸了玩家們鍾愛的經典模式，還在社交互動和自訂方面進行了創新。憑藉主機和PC平台的出色體驗、廣受歡迎的《麥登橄欖球》手遊以及我們領先的電競項目，《麥登橄欖球》持續吸引並維繫著龐大的玩家群。

Our FIFA franchise had a strong -- had a very strong Q1 with players deeply engaged in our Ultimate Team live service. Our biggest in-game event, Team of the Season, had more than 3 million players logging into FUT daily to play, the highest daily levels we've ever seen for this event. Esports of FIFA is exploding as well with our competitive modes growing faster than any other mode in FUT. Momentum is strong across our entire FIFA esports ecosystem and next week's FIFA eWorld Cup finals will be the culmination of a season that has engaged 17 official lead partners, players from 20 different nations, more than 30 live events and more than 60 million total views to date.

我們的FIFA系列遊戲在第一季表現強勁，玩家們對我們的終極球隊（Ultimate Team）線上服務投入了大量精力。我們最大的遊戲內活動——賽季最佳陣容（Team of the Season）——每天有超過300萬玩家登入FUT參與，創下了該活動有史以來的最高日活躍玩家數量。 FIFA的電競業務也蓬勃發展，我們的競技模式成長速度超過了FUT中的任何其他模式。整個FIFA電競生態系統都呈現出強勁的發展勢頭，下週的FIFA eWorld Cup決賽將為本賽季畫上圓滿的句號。本季至今，我們已與17家官方合作夥伴攜手，吸引了來自20個不同國家的玩家參與，舉辦了超過30場線下活動，累計觀看量超過6000萬次。

Looking ahead to September, FIFA 20 is set to expand our FIFA platform with a brand-new dimension of the game for players who want more personalization, customization and community. VOLTA FOOTBALL brings a street style of experience to the franchise where players can build their own characters, express themselves and play different forms of the sport in different environments around the world. That's in addition to major advancements in the core experience designed to deliver the most authentic football gameplay we've ever produced.

展望九月，FIFA 20 將為渴望更多個人化、客製化和社群互動體驗的玩家帶來全新的遊戲維度，進一步拓展我們的 FIFA 平台。 VOLTA FOOTBALL 將街頭足球風格融入 FIFA 系列，玩家可以創造自己的角色，展現自我，並在世界各地不同的環境中體驗各種形式的足球運動。此外，遊戲的核心體驗也得到了重大提升，旨在提供我們迄今為止最真實的足球遊戲體驗。

FIFA 20 will have an unmatched breadth of top leagues, teams and players included in the game, a continuing differentiator of the authenticity in our FIFA franchise. Our licensing program is built on the strength of multiyear relationships and careful consideration of the most important players, teams and leagues that our fans love to see in the game. From console to PC, to our FIFA Mobile games in the West and China, to our FIFA Online offerings in Asia, FIFA continues to be the way that hundreds of millions of players around the world come together in their shared passion for soccer.

《FIFA 20》將囊括前所未有的眾多頂級聯賽、球隊和球員，延續了FIFA系列遊戲真實性的獨特優勢。我們的授權計畫建立在多年合作關係的基礎上，並經過慎重考慮，確保遊戲中出現球迷最愛的球員、球隊和聯賽。從主機到PC，從西方和中國的FIFA Mobile遊戲到亞洲的FIFA Online，FIFA始終是全球數億玩家匯聚一堂，共同分享足球熱情的平台。

Our Sims 4 live service also continues to be a rich and rewarding experience for our players and a strong platform for growth. The Sims 4 continues to be one of the great owned IP success stories of our portfolio and we are planning for FY '20 to be our biggest year yet of new content. Knowing that, we gave more fans a chance to get into the game through a 1-week promotion in May to download the base game for free. Almost 7 million players downloaded the game during that time. In addition to the base game promotion, total expansion and game pack downloads also increased 55% year-over-year in Q1. We launched our seventh expansion pack, Island Living, in late June and has already become one of the best selling packs for The Sims 4. We are fortunate to have an incredibly vibrant and creative Sims community on console, PC and mobile, and we are continuing to double down on this amazing franchise to reach new players and open up exciting new dimensions of The Sims this year.

我們的《模擬市民4》線上服務持續為玩家帶來豐富且充滿樂趣的遊戲體驗，並為其發展奠定了堅實的基礎。 《模擬市民4》一直是我們旗下最成功的自有IP之一，我們計劃在2020財年推出迄今為止最豐富的一年。為此，我們在5月進行了為期一週的促銷活動，讓更多玩家有機會免費下載遊戲本體。活動期間，近700萬玩家下載了遊戲。除了遊戲本體的促銷活動外，第一季擴充包和遊戲包的總下載量也較去年同期成長了55%。我們在6月下旬推出了第七個擴充包“島嶼生活”，該擴充包已成為《模擬市民4》最暢銷的擴充包之一。我們非常榮幸在主機、PC和行動平台上擁有一個充滿活力且極富創造力的《模擬市民》玩家社區，我們將繼續加大對這一優秀系列的投入，以吸引更多新玩家，並在今年開啟《模擬市民》的全新篇章。

Subscription services are expanding across the industry as well. We're a pioneer and a leader in this space, having just launched our subscription on a third major platform with EA Access on the Sony PlayStation 4. We believe subscriptions can be transformative to the player experience and the gaming industry over the long term as they offer tremendous value and choice to players and greater flexibility in the games we bring to market. Our PC subscription already includes more than 220 games, 140 of which are from third-party developers. We are continually adding to this with new games from EA, from indie developers seeking to expand their reach through our EA Originals program and from our third-party partners ready to reach more players through our services. We're also working to expand our subscriptions to even more platforms.

訂閱服務正在整個行業中蓬勃發展。作為這一領域的先驅和領導者，我們剛剛在索尼 PlayStation 4 平台上推出了 EA Access 訂閱服務，這已是我們在第三個主流平台上推出的服務。我們相信，從長遠來看，訂閱服務能夠徹底改變玩家體驗和遊戲產業，因為它能為玩家提供巨大的價值和選擇，並讓我們在遊戲開發方面擁有更大的靈活性。我們的 PC 訂閱服務目前已包含超過 220 款遊戲，其中 140 款來自第三方開發人員。我們不斷擴充遊戲陣容，包括 EA 的全新遊戲、透過 EA Originals 專案尋求拓展受眾的獨立開發商遊戲，以及準備透過我們的服務接觸更多玩家的第三方合作夥伴遊戲。我們也正在努力將訂閱服務擴展到更多平台。

Mobile continues to be a growth opportunity for us. Live services are a key aspect of our mobile business with franchises like Madden Mobile, FIFA Mobile and The Sims continuing to drive strong ongoing engagement.

行動業務持續為我們帶來成長機會。即時服務是我們行動業務的關鍵組成部分，像《麥登橄欖球手遊》、《FIFA 足球手遊》和《模擬市民》這樣的熱門遊戲持續推動著用戶保持強勁的參與度。

Star Wars: Galaxy of Heroes has grown to nearly 80 million players launch-to-date. Galaxy of Heroes has the most deeply engaged community of all of our mobile games and we plan to continue delivering great new content and in-game events to grow the audience this year. We've also just started pre-alpha testing for Plants vs. Zombies 3. In a market where discovering an acquisition can be challenging, Plants vs. Zombies is one of the most beloved brand in gaming. To date, we've had more than 1 billion downloads worldwide of PvZ games in mobile and we're looking forward to bringing something new to fans around the world. We're continuing to prototype and develop more bespoke mobile projects as well as new concept for cross-platform play. The mobile space is complex and competitive and our focus is on bringing more innovation and unique new experiences to mobile players.

《星際大戰：銀河英雄傳》自上線以來玩家數已接近8,000萬。在所有行動遊戲中，《銀河英雄傳》擁有最活躍的玩家社區，我們計劃在今年繼續推出精彩的新內容和遊戲內活動，以擴大玩家群。此外，我們剛剛啟動了《植物大戰殭屍3》的預Alpha測試。在現今這個收購機會難得的市場，《植物大戰殭屍》是遊戲界最受歡迎的品牌之一。迄今為止，《植物大戰殭屍》系列行動遊戲的全球下載量已超過10億次，我們期待為世界各地的粉絲帶來全新的體驗。我們正在持續開發更多客製化的行動項目，以及跨平台遊戲的新概念。行動遊戲市場競爭激烈且充滿挑戰，我們將專注於為行動玩家帶來更多創新和獨特的全新體驗。

In addition to the franchises and live services that I've already mentioned, we'll be delivering many other new experiences to players throughout the remainder of this fiscal year. NHL 20 is launching in Q2 with hundreds of gameplay advancements as well as new competitive and multiplayer modes. We'll take the wraps off our new Need for Speed game heading into Gamescom in a few weeks. We have a Plants vs. Zombies shooter title coming to console and PC later this year. And the excitement and anticipation for Star Wars Jedi: Fallen Order has been strong coming out of EA PLAY in E3 where the game received 45 award nominations and great vibes from the player community. Respawn's track record speaks for the high-quality games they develop and they have created a brand-new Star Wars story that will be a lot of fun to play when it launches this holiday.

除了我之前提到的系列遊戲和線上服務之外，在本財年剩餘的時間裡，我們還將為玩家帶來許多其他全新體驗。 《NHL 20》將於第二季發布，屆時將帶來數百項遊戲性改進以及全新的競技和多人遊戲模式。幾週後，我們將在科隆遊戲展上正式發表全新的《極速快感》遊戲。此外，我們還將在今年稍後推出《植物大戰殭屍》射擊遊戲，登陸主機和PC平台。而《星際大戰絕地：墮落的武士團》在E3遊戲展的EA PLAY環節中獲得了45項獎項提名，並贏得了玩家社群的熱烈反響，玩家們對此遊戲充滿期待。 Respawn工作室以往的成就足以證明他們開發遊戲的卓越品質，他們打造的全新《星際大戰》故事也必將在今年假期檔期為玩家帶來精彩紛呈的遊戲體驗。

From the core game to live services that extend and enhance experience, to new ways to engage through subscriptions and competitive gaming, our focus continues to be on strong execution and delivering innovation, quality and fun for players at every turn. We're fortunate to have some of the greatest and most creative talent in the industry driving our effort to continually learn and improve. With robust, best-in-class technology powering our efforts, we're also in a position to scale and evolve with the changing needs of our players.

從核心遊戲到拓展和提升遊戲體驗的線上服務，再到透過訂閱和競技遊戲等方式拓展玩家參與度的新途徑，我們始終專注於高效執行，力求在每個環節都為玩家帶來創新、品質和樂趣。我們非常榮幸能擁有業界頂尖的創意人才，他們推動著我們不斷學習和進步。憑藉著強大且一流的技術實力，我們也能根據玩家不斷變化的需求進行擴展和發展。

Now, I'll turn the call over to Blake.

現在，我把電話交給布萊克。

Thanks, Andrew. We delivered operating results significantly above our expectations this quarter. And at high level, those results were driven by broad strength across our core franchises. Apex Legends continues to delight players and we are pleased with the impact of Season 2 since its launch on July 2. This quarter's result demonstrates how the power of our portfolio strategy, combined with extra content, deliver strong results even in relatively quiet quarters.

謝謝安德魯。本季我們的營運業績遠超預期。整體而言，這主要得益於我們核心產品線的強勁表現。 《Apex英雄》持續受到玩家的喜愛，我們對7月2日第二季上線以來的成效感到滿意。本季的業績表明，即使在相對淡季，我們強大的產品組合策略加上豐富的內容，也能帶來強勁的業績。

I'll report the specifics of our results on a GAAP basis, then use our operational measure of net bookings to discuss the dynamics of our business. To compare this quarter's results to historically reported non-GAAP measures, please refer to the relevant tabs in our downloadable financial model.

我將先按美國通用會計準則 (GAAP) 報告我們的具體業績，然後使用淨預訂量這項營運指標來探討我們業務的動態。如需將本季業績與以往報告的非美國通用會計準則 (非 GAAP) 指標進行比較，請參閱我們可下載的財務模型中的相關標籤頁。

EA's net revenue was $1.21 billion compared to $1.14 billion a year ago and above our guidance by $79 million. Operating expenses were $607 million compared to $622 million a year ago, primarily driven by lower sales and marketing, partially offset by continued investment in new IP. This was significantly below our forecast, driven by timing of advertising spend. Operating income was $415 million compared to $300 million a year ago and above our expectations. Diluted earnings per share was $4.75, up over 400% year-on-year. Underlying EPS was well above our expectations, driven by net bookings, gross profit and operating expenses. Operating cash flow for the quarter was $158 million, up $38 million from last year. Capital expenditures for the quarter were $45 million, resulting in a free cash flow of $113 million. Operating cash flow for the last 12 months was $1.59 billion. See our earnings slides for further cash flow information.

EA的淨收入為12.1億美元，高於去年同期的11.4億美元，超出我們預期7,900萬美元。營運支出為6.07億美元，低於去年同期的6.22億美元，主要原因是銷售和行銷支出下降，部分被對新IP的持續投資所抵銷。這一數字遠低於我們的預期，主要受廣告支出時間安排的影響。營業收入為4.15億美元，高於去年同期的3億美元，超出我們的預期。稀釋後每股收益為4.75美元，較去年同期成長超過400%。基本每股收益遠超預期，主要得益於淨預訂量、毛利和營運支出。本季經營現金流為1.58億美元，較去年同期增加3,800萬美元。本季資本支出為4,500萬美元，由此產生的自由現金流為1.13億美元。過去12個月的營運現金流為15.9億美元。更多現金流信息，請參閱我們的盈利報告幻燈片。

During the quarter, we also repurchased 3.2 million shares at a cost of $305 million, leaving $979 million available in our buyback program. Our cash and short-term investments at the end of the quarter were $5.19 billion, up 4% year-on-year.

本季度，我們也以3.05億美元的價格回購了320萬股股票，使我們的股票回購計畫中還剩下9.79億美元可用資金。截至本季末，我們的現金和短期投資為51.9億美元，年增4%。

Now, I'd like to turn to the key drivers of our business this quarter. Net bookings for the quarter were $743 million, approximately flat year-on-year. It was $53 million above our guidance, driven by strength across the board with strong performance from our core franchises and live services. Digital net bookings were $701 million, up $8 million on a year-ago period. On a trailing 12-month basis, digital net bookings now represent 76% of our business compared to 69% a year ago.

現在，我想談談本季我們業務的關鍵驅動因素。本季淨預訂額為7.43億美元，與去年同期基本持平。這一數字比我們之前的預期高出5300萬美元，主要得益於整體強勁的業績表現，尤其是我們核心特許經營業務和直播服務表現突出。數位淨預訂金額為7.01億美元，比去年同期成長800萬美元。過去12個月，數位淨預訂額占我們業務總額的76%，而去年同期這一比例為69%。

Looking at each of the components of this quarter's digital bookings in turn. First, live service net bookings were up 12% year-on-year to $504 million, led by Apex Legends and The Sims 4. FIFA Ultimate Team was up 11% year-on-year at a constant currency or 5% at actual exchange rates.

讓我們逐一分析本季數位預訂的各個組成部分。首先，線上服務淨預訂金額年增12%至5.04億美元，主要得益於《Apex英雄》和《模擬市民4》的強勁表現。 《FIFA Ultimate Team》以固定匯率計算年增11%，以實際匯率計算年增5%。

Diving into the detail, Season 2 launched for Apex Legends at the beginning of Q2 and we're pleased with its performance with regard to both sales and engagement. We will continue to add content during the quarter with a major event in mid-August, and Season 3 will begin next quarter. We are also increasing investments in content development and marketing to continue to drive growth in Apex Legends.

具體來說，《Apex英雄》第二季已於第二季初上線，我們對它的表現，無論是在銷售量或用戶參與度方面，都非常滿意。本季我們將繼續推出新內容，並在八月中旬舉辦一場大型活動，第三季將於下季開啟。同時，我們也在增加對內容開發和行銷的投入，以持續推動《Apex英雄》的成長。

FIFA Online outperformed our expectation. FIFA Online 4 performed well in Korea and Southeast Asia where we have fully transitioned from FIFA Online 3 to FIFA Online 4. Meanwhile, FIFA Online 3 outperformed our expectations in China, and we are positioned well for switching over to FIFA Online 4.

FIFA Online 的表現超乎預期。 FIFA Online 4 在韓國和東南亞地區表現出色，我們已在這些地區全面從 FIFA Online 3 過渡到 FIFA Online 4。同時，FIFA Online 3 在中國的表現也超乎預期，我們已做好充分準備過渡到 FIFA Online 4。

Finally, as Andrew mentioned, The Sims 4 base game promotion delivered nearly 7 million new installs, and we remain on track to have the fifth consecutive year of growth in The Sims 4 following its launch in 2014.

最後，正如 Andrew 所提到的，《模擬市民 4》基礎遊戲的推廣帶來了近 700 萬的新安裝量，我們仍然有望在 2014 年《模擬市民 4》發布後連續第五年實現增長。

Mobile delivered net bookings of $122 million, down 17% year-on-year, driven by aging titles. Although down year-on-year, Star Wars: Galaxy of Heroes outperformed our expectation and maintains a highly engaged user base, leading us to be optimistic about performance and a huge year for the Star Wars franchise with new TV shows, movie and theme park launches.

行動端淨預訂額為 1.22 億美元，年減 17%，主要受舊遊戲的影響。儘管同比有所下滑，《星際大戰：銀河英雄傳》的表現仍超出預期，並保持了較高的用戶活躍度，這讓我們對《星際大戰》系列的整體表現持樂觀態度，並期待今年隨著新劇集、電影和主題公園的推出，該系列將迎來輝煌的一年。

Full game PC and console downloads generated net bookings of $75 million, down 22% year-on-year due to last year's launch of A Way Out and FIFA 18 World Cup promotions in the quarter. 47% of our unit sales are now digital rather than physical, measured on Xbox One and PlayStation 4 over the last 12 months. Although this is up 7 percentage points year-on-year, we continue to model an annual shift of 5 percentage points, given how strongly digital Anthem -- strongly the digital side of Anthem was during the launch last quarter.

完整版遊戲PC和主機下載帶來的淨預訂金額為7,500萬美元，較去年同期下降22%，主要原因是去年同期推出了《逃出生天》（A Way Out）以及FIFA 18世界盃的推廣活動。過去12個月，Xbox One和PlayStation 4平台的數位版銷售量佔比已達47%，而非實體版。儘管這一比例同比增長7個百分點，但考慮到《聖歌》（Anthem）數位版在上個季度發售時表現強勁，我們預計其年度增長率將達到5個百分點。

Before discussing guidance, I'd like to highlight that there were 3 income tax events in the quarter that impacted our GAAP Q1 results and our full year GAAP guidance. Please refer to our press release for those -- for details on those tax events.

在討論業績指引之前，我想強調本季有三項所得稅事項影響了我們第一季的GAAP業績以及全年GAAP業績指引。有關這些稅務事項的詳細信息，請參閱我們的新聞稿。

As a result, we expect to recognize a $1.7 billion benefit in the fiscal year, which is $200 million better than we included in our guidance last quarter, although the phasing of the benefits between Q1 and Q2 has changed since we gave that guidance. $1.08 billion of this amount was recognized in the first quarter and the remaining $620 million will be recognized when the Swiss tax rates change, which we expect to occur in the second quarter. We do not expect the above events to impact our FY '20 operating cash flow or our management tax rate for fiscal 2020.

因此，我們預期本財年將確認17億美元的收益，比上季預期高出2億美元。儘管自我們發布預期以來，收益在第一季和第二季之間的確認時間有所調整。其中10.8億美元已在第一季確認，剩餘的6.2億美元將在瑞士稅率調整後確認，我們預計稅率調整將在第二季發生。我們預期上述事件不會影響我們2020財年的營業現金流量或管理層稅率。

Now turning to guidance. Except for the increase of our tax benefit of $200 million or $0.66 a share on GAAP EPS, we are reiterating our guidance for the full year. We continue to expect The Sims 4 and Apex Legends to each deliver net bookings in the $300 million to $400 million range. We are holding our operating cash flow guidance at approximately $1.575 billion, with CapEx still expected to be $125 million and free cash flow of around $1.45 billion.

現在談談業績指引。除了稅收優惠增加2億美元（相當於以GAAP準則計算每股收益增加0.66美元）外，我們重申全年業績指引。我們仍預期《模擬市民4》和《Apex英雄》的淨預訂量將在3億至4億美元之間。我們維持全年營運現金流指引在15.75億美元左右，資本支出預計仍為1.25億美元，自由現金流約14.5億美元。

For the second quarter, we continue to expect net revenue of $1.315 billion, cost of revenue to be $407 million and operating expenses of $679 million. This results in earnings per share of $2.60 for the second quarter. We anticipate net bookings for the quarter to be $1.23 billion. We're very excited about the Madden NFL launch and the upcoming Apex Legends event and the launch of FIFA 20 with VOLTA FOOTBALL at the end of the quarter.

我們預計第二季淨收入為13.15億美元，營業成本為4.07億美元，營運費用為6.79億美元。由此，第二季每股收益為2.60美元。我們預計本季淨預訂額為12.3億美元。我們對《麥登橄欖球》的發布、即將到來的《Apex英雄》活動以及本季末推出的包含VOLTA FOOTBALL的《FIFA 20》感到非常興奮。

We over-delivered this quarter as a result of the performance of our core franchises. These evergreen live services provide a tremendously solid base for our business and enable us to invest in new opportunities to innovate and to take risks. We are unique among our peers in this and it is no consequence that we are a leader in cloud gaming, subscriptions and in the strength of our player networks.

本季我們業績超預期，主要得益於我們核心業務的優異表現。這些常青線上服務為我們的業務奠定了極其穩固的基礎，使我們能夠投資新的創新機會並承擔風險。我們在同行中獨樹一幟，這並非偶然，因為我們在雲端遊戲、訂閱服務以及強大的玩家網路方面都處於領先地位。

People will only engage with our games if they have fun playing them, and we continue to invest in keeping them fun, whether it's in major innovations such as VOLTA FOOTBALL in FIFA or new modes, events and legends in Apex Legends or even adding laundry to The Sims 4. We aim to give players content they want to play. If we're successful in that, we're successful as a business.

只有當玩家覺得我們的遊戲好玩時，他們才會參與其中。因此，我們持續投入資源，力求讓遊戲保持趣味性，無論是像FIFA中的VOLTA FOOTBALL這樣的重大創新，還是Apex Legends中的新模式、新活動和新傳奇角色，甚至是《模擬人生4》中加入洗衣功能。我們的目標是為玩家提供他們想玩的遊戲內容。如果我們能做到這一點，我們的業務也就成功了。

The combination of core plus innovation plus fun will drive our success through the year. Coming up in August, we have more live services for our newest franchise, Apex Legends, and the latest installment in one of our most storied Madden NFL. FIFA 20 launches right at the end of the quarter. The following quarter, we have a new IP, Star Wars Jedi: Fallen Order. Simultaneously, we continue to invest in more new IP and new technologies and new business models.

核心業務、創新和趣味性的結合將推動我們全年取得成功。 8 月份，我們將為最新系列遊戲《Apex英雄》推出更多線上服務，並推出旗下最負盛名的《麥登橄欖球》系列最新作品。 《FIFA 20》將於本季末發布。下個季度，我們將推出全新IP《星際大戰絕地：隕落的武士團》。同時，我們將持續投資開發更多新IP、新技術和新商業模式。

We believe we have the right ingredients in place to deliver fun for our players and success for our business. And I look forward to reporting on our progress to you next quarter.

我們相信，我們已具備為玩家帶來樂趣、為公司帶來成功的必要條件。我期待在下個季度向您報告我們的進展。

Now, I'll turn the call back to Andrew.

現在，我把電話轉回給安德魯。

Thanks, Blake. The world loves to play games. As the global gaming audience continues to grow and spend more time with the games they love, interactive entertainment is an increasingly important part of our daily life. At the heart of this is social connection, the unique ability that games have to connect and inspire players to be part of a shared experience. New platforms, new technologies and new ways to engage will continue to fuel growth for the industry. And through these opportunities, we are positioning EA to lead.

謝謝你，布萊克。全世界都熱愛遊戲。隨著全球遊戲玩家群不斷壯大，他們花在自己喜愛的遊戲上的時間也越來越多，互動娛樂在我們日常生活中扮演越來越重要的角色。其核心在於社交連接，遊戲擁有將玩家聯繫起來並激勵他們參與共享體驗的獨特能力。新的平台、新技術和新的互動方式將繼續推動產業發展。而正是憑藉這些機遇，我們正努力讓EA成為業界領導者。

It begins with great games that can fulfill the motivations of a diverse global player base. We continue to invest across our portfolio to deliver the depth, breadth and quality of experiences that players seek. Our top titles across sports, simulation, shooters and racing connect hundreds of millions of players on console, PC and mobile. We create experiences in some of the most popular owned IP in the industry, including The Sims, Battlefield, Need for Speed and Plants vs. Zombies. We've introduced powerful new IP like Apex Legends and we are building new licensed experiences like Star Wars Jedi: Fallen Order. Our pipeline is full of innovative new projects for our current franchises, new IP and plans to revisit some of our fan favorite brands as we continually work to bring more high-quality games to our players across a growing number of platforms and devices.

一切始於能夠滿足全球多元化玩家群需求的優秀遊戲。我們持續投資於旗下所有遊戲，力求提供玩家所追求的深度、廣度和品質。我們在體育、模擬、射擊和競速等領域的頂級作品，連接主機、PC和行動平台上的數億玩家。我們打造了業界最受歡迎的自有IP，例如《模擬市民》、《戰地風雲》、《極速快感》和《植物大戰殭屍》。我們推出了像《Apex英雄》這樣強大的全新IP，並且正在開發像《星際大戰絕地：墮落的武士團》這樣的全新授權遊戲。我們的開發計畫中充滿了針對現有系列的創新項目、全新的IP，以及重啟一些深受玩家喜愛的品牌的計畫。我們將不斷努力，為玩家在越來越多的平台和設備上帶來更多高品質的遊戲。

Live services enable us to build powerful communities where players come together and continue to share in the experiences they love. We've had great success building deeply engaged long-term communities in Ultimate Team, The Sims, Battlefield, Star Wars and more. And now, we're adding that with our massive player base in Apex Legends. Each live service is different, designed uniquely for the community it serves. They also enable us to continually learn from our players, their feedback and their motivations so we can drive more innovation and creative exploration in the future.

線上服務讓我們能夠建立強大的玩家社區，讓玩家們聚集在一起，並持續分享他們喜愛的遊戲體驗。我們在《終極團隊》、《模擬市民》、《戰地》、《星際大戰》等遊戲中都成功地打造了一個深度參與的長期社群。現在，我們正將此模式應用於《Apex英雄》龐大的玩家群。每項線上服務都獨具特色，專為服務對象社群量身打造。它們也讓我們能夠持續從玩家、他們的回饋和動機中學習，從而在未來推動更多創新和創意探索。

Interactive entertainment today transcends the act of playing a game. New ways to engage like esports are becoming just as important. With FIFA and Madden, we have the largest esports ecosystem in sports games, and Apex Legends is going to be a major new addition to the global competitive gaming scene this year. We believe that our games can make competition accessible to everyone with the opportunities to bring competitive play to more of our franchises. And we look forward to delivering for more players, viewers, sponsors and broadcasters around the world.

如今，互動娛樂已超越了單純的遊戲行為。諸如電子競技等新型互動方式正變得同樣重要。憑藉 FIFA 和 Madden，我們擁有運動遊戲領域規模最大的電競生態系統，而 Apex Legends 也將成為今年全球競技遊戲領域的重要新成員。我們相信，我們的遊戲能夠讓每個人都能參與競技，並有機會將競技玩法引入更多遊戲系列。我們期待為世界各地的更多玩家、觀眾、贊助商和轉播商帶來精彩體驗。

With games becoming an increasingly important part of our lives, subscriptions offer compelling new value proposition for players. Other industries have demonstrated how subscriptions fundamentally shift consumer behavior. We consume more television content in different ways because of video subscriptions. We consume more music in different ways because of music subscription services. We believe the same is happening with games where subscriptions can offer access to great content at great value with tremendously low friction. When combined with cloud streaming, the barriers are lowered even further, making it even more compelling to jump into new games and connect with new communities.

隨著遊戲在我們生活中扮演的角色日益重要，訂閱模式為玩家提供了極具吸引力的全新價值主張。其他行業已經證明，訂閱模式從根本上改變了消費者的行為。由於影片訂閱，我們以不同的方式觀看更多電視內容；由於音樂訂閱服務，我們以不同的方式欣賞更多音樂。我們相信，遊戲領域也正在發生同樣的變化，訂閱模式能夠以​​極低的門檻，提供物超所值的優質內容。當與雲端串流媒體結合時，門檻進一步降低，讓玩家更有動力去體驗新遊戲，並融入新的社群。

The subscription opportunity is powerful for both players and game creators, and we're continuing to invest in our leading services on console and PC.

訂閱模式對玩家和遊戲開發者都極具吸引力，我們將繼續投資於主機和 PC 平台上的領先服務。

In addition to more great games, passionate global communities and new ways to engage, there will be more transformative shifts on the horizon. The content push of progress and innovation is what sets this industry apart from every other form of entertainment. With our teams of incredibly talented developers, artists and engineers, we are working to drive creativity, quality and fun through every aspect of the player experience now and in the future. We look forward to sharing more updates in the months to come.

除了更多精彩的遊戲、充滿熱情的全球社群和全新的互動方式之外，未來還將迎來更多改變。內容上的不斷進步和創新，正是遊戲產業區別於其他所有娛樂形式的關鍵。我們擁有才華洋溢的開發人員、藝術家和工程師團隊，致力於在玩家體驗的各個層面，無論現在或將來，都力求提升遊戲的創意、品質和樂趣。我們期待在未來幾個月與大家分享更多最新消息。

Now, Blake and I are here for your questions.

現在，我和布萊克將回答你們的問題。

(Operator Instructions) And your first question comes from the line of Stephen Ju from Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Stephen Ju。

So Andrew, Blake, it seems like FIFA Online is on a recovery path right now, but this game is still distributed only in Korea, China and Southeast Asia. And I think we have talked about this many times before, the opportunity should be global. So can you tell us where you stand between either FIFA Mobile or other things you may be doing in the background? Because it seems like the demand for this game should be multiples of the audience that you are reaching right now.

所以，安德魯、布萊克，FIFA Online 似乎正在復蘇，但這款遊戲目前仍然只在韓國、中國和東南亞地區發行。我想我們之前也多次討論過這個問題，它的機會應該是面向全球。所以，你們能否談談你們目前在 FIFA Mobile 還是其他正在籌備的項目上的想法？因為這款遊戲的潛在需求應該是你們目前覆蓋用戶群的數倍。

So again, I think we think about FIFA as a platform that brings together soccer fans or football fans depending on which country you're from together to share in their passion for the game. In any given market, that might mean going to them in different ways with different games on different platforms or different business models. Right now, we entertain probably a couple hundred million people. We see an opportunity for growth there certainly, but when you think about the offering that we have across console, PC and mobile through premium, through live services like Ultimate Team, through access to the game in subscription and free-to-play on mobile and PC in Asia, we feel like that we -- we feel like we have really strong offerings for a global player base.

所以，我認為FIFA是一個平台，它將來自不同國家的足球迷聚集在一起，共同分享對這項運動的熱情。在任何特定的市場，這可能意味著我們會透過不同的平台、不同的遊戲或不同的商業模式，以不同的方式觸達用戶。目前，我們擁有數億用戶。我們當然看到了成長的機會，但考慮到我們在主機、PC和行動平台上提供的服務，包括高級會員服務、Ultimate Team等線上服務，以及在亞洲地區行動端和PC端的訂閱和免費遊戲模式，我們認為我們已經為全球玩家提供了非常強大的產品。

You should imagine that we're always thinking about how we can attract more users to the platform. That's why we are working on VOLTA for this year. We think that that's going to bring in a whole new range of players who love the game but want a different type of play than the traditional 11-on-11. And as we think about more focus going to mobile over time, we also expect that we'll continue to grow that business.

您應該明白，我們一直在思考如何吸引更多用戶加入我們的平台。這就是我們今年開發 VOLTA 的原因。我們相信 VOLTA 將吸引一大批熱愛足球但又想體驗不同於傳統 11 對 11 比賽模式的球員。隨著我們逐步加大對行動端的投入，我們也期待行動業務能持續成長。

The next question comes from the line of Mike Ng from Goldman Sachs.

下一個問題來自高盛的吳宇森。

I'd like to better understand how you're tracking against your $300 million to $400 million bookings guidance for Apex Legends and The Sims. How much did you realize in the quarter? Are you about 25% of the way there? And how should we think about the phasing throughout the rest of the year?

我想更清楚地了解你們《Apex英雄》和《模擬市民》的預訂量與3億至4億美元的預期目標之間的差距。本季你們實際實現了多少？是否完成了目標的25%左右？我們該如何規劃今年剩餘時間的進度？

Well, the -- I think as we said last quarter, you should expect that the first quarter was smaller than the remaining 3 quarters, Q2 through Q4, because we were still, one, experimenting; and 2, we didn't have as much content. Clearly, quarter 2 has more content in it. We talked today about a major event that's coming in a few weeks in August that will clearly continue to drive the engagement and content, which tends to drive monetization. And you should assume -- Andrew mentioned that Q3 will have even more than Q2, so we're going to continue to build that. I would assume that the back 3 quarters of the year are probably all about the same size based on what we know today and larger than the first quarter. That's all I can really tell you because it's just early days and we're only 1 month into -- or less than 1 month into Season 2 right now. But everything's tracking to plan or better for us, and so we're very confident on the $300 million to $400 million on Apex.

嗯，正如我們上個季度所說，第一季的規模應該小於第二季度到第四季度，原因有二：一是我們仍在進行試驗；二是我們的內容儲備不足。顯然，第二季的內容更加豐富。我們今天討論了八月份即將舉行的一項重大活動，這項活動顯然會持續推動用戶參與和內容成長，而內容成長往往是獲利的主要驅動力。安德魯提到第三季的內容會比第二季更多，所以我們會繼續努力。根據我們目前掌握的信息，我預計今年後三個季度的規模應該大致相同，並且會大於第一季。目前我只能透露這麼多，因為現在還處於初期階段，我們才剛開始第二季一個月——或者說不到一個月。但一切都在按計劃進行，甚至比預期更好，所以我們對Apex的3億到4億美元的收入目標非常有信心。

Obviously, Sims, we've called out that it's in the same range of $300 million to $400 million. We didn't do that before, but we wanted to remind people that our business is not based on Apex Legends alone. It's very important to us, but it's still a relatively small part of our overall business. And franchises like The Sims have been continually producing that range of revenues because we run them as a live service. And we want to make sure people understand, we have confidence in building a live service around Apex and that will continue to grow over time and we'll continue to update you as we learn more.

顯然，《模擬市民》系列，我們之前也提到過，其收入在3億到4億美元之間。我們之前沒有這樣做過，但我們想提醒大家，我們的業務並非只依賴《Apex英雄》。它對我們來說非常重要，但它在我們整體業務中所佔的比重仍然相對較小。像《模擬市民》這樣的系列遊戲之所以能夠持續創造這樣的收入，是因為我們採用的是線上服務模式。我們希望大家明白，我們有信心圍繞《Apex英雄》打造一個線上服務模式，並且這個模式會隨著時間的推移不斷發展壯大，我們會隨著了解更多資訊而持續更新。

But we know we've got amazing engagement. We have 8 million to 10 million people on a weekly basis playing the game. That's huge for us on almost any game that we see. And we'll continue to take advantage of that, keep them engaged and playing everyday.

但我們知道我們的用戶參與度非常高。每週有 800 萬到 1000 萬人玩我們的遊戲。這在幾乎所有遊戲中都是一個驚人的數字。我們將繼續利用這項優勢，讓他們保持活躍，每天都能玩到遊戲。

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

你的下一個問題來自 Baird 的 Colin Sebastian 的一條線。

(technical difficulty)

（技術難題）

For me as well. First, on Apex, I was wondering more specifically what you see in reengagement with some of the early players in terms of what has drawn them back into the game?

我也一樣。首先，關於Apex英雄，我想更具體地了解一下，你如何看待一些早期玩家的回歸，是什麼吸引他們重返遊戲？

And then secondly, Sony made some comments today on third-party software sales, reducing their outlook a little bit. Was just hoping for any color from your end in terms of the preorder environment for some of the titles or the retail environment overall.

其次，索尼今天就第三方軟體銷售發表了一些評論，略微下調了預期。我只是想從您那裡了解一些遊戲的預購情況或整體零售環境。

Yes. I'll hit the second piece. Andrew wants to talk about the Apex engagement, if you want.

好的，我來說第二部分。安德魯想談談Apex項目，如果你願意的話。

Yes. I would just come back to the comments that Blake just shared. And we have between 8 million to 10 million people engaging in this game on a week-by-week basis. That is large by any measure. It makes it one of the -- probably the most engaging games. We have continued to see great fan sentiment inside that game. And we expect to continue to grow that audience over time. Again, when we think about Apex Legends, we set out to build something with longevity. And at the very core is a great gameplay experience. And we know that long-term engagement involves the ongoing release of new content and the ongoing running of events, both of which the team at Respawn are doing with great success, but the very core of that is a great gameplay experience. And we're building this in a way that we expect to continue to grow and continue to be a meaningful part of our business for a long time to come. And the sign of engagement that we see today lead us to believe that's possible.

是的。我想再強調一下Blake剛才分享的觀點。我們這款遊戲每週的活躍玩家數量在800萬到1000萬之間。無論從哪個角度來看，這都是一個龐大的數字。這使它成為——或許是——最吸引玩家的遊戲之一。我們持續感受到玩家對這款遊戲的熱情。我們也預期隨著時間的推移，玩家群會繼續成長。再次強調，當我們構思《Apex英雄》時，我們的目標是打造一款具有長遠生命力的遊戲。而其核心在於提供卓越的遊戲體驗。我們知道，要保持玩家的長期參與度，就需要不斷發布新內容和舉辦各種活動，Respawn團隊在這兩方面都做得非常出色，但這一切的核心仍然是提供卓越的遊戲體驗。我們正在以一種能夠持續發展並長期成為我們業務重要組成部分的方式來打造這款遊戲。而我們今天看到的玩家參與度也讓我們相信，這是完全有可能實現的。

Yes. We think about this as almost like an annual title. We will continue to innovate that game and evolve that game over time and hope to believe -- I believe that we have a 10-year run ahead of us or if not more. There's so much potential and ways to change that game over time and add to that game. We think that there's just huge potential in that and that's how we're managing it.

是的。我們幾乎把它看作是一款年度遊戲。我們會不斷創新，隨著時間的推移不斷改進和完善這款遊戲，我相信——甚至可能更久——我們至少還能運作十年。這款遊戲潛力巨大，有很多方法可以隨著時間的推移而改變和擴展。我們認為它蘊藏著巨大的潛力，而我們也正是這樣管理它的。

We -- in terms of the news around Sony, I have not seen the Sony news so I don't know exactly what they said. We're not seeing any softness in our demand metrics around our titles. And thus, the reason that we reconfirmed our guidance for the full year.

關於索尼方面的消息，我沒有看到索尼的新聞稿，所以不清楚他們具體說了什麼。我們目前沒有看到旗下遊戲的需求指標出現任何疲軟跡象。因此，我們重申了全年的業績預期。

Your next question comes from the line of Matthew Thornton from SunTrust.

你的下一個問題來自 SunTrust 銀行的 Matthew Thornton。

Blake, maybe one for you and then one for Andrew, if I could quickly. Blake, just in terms of the other guidepost for the year, you talked about Apex, you talked about Sims. I think last quarter you gave us a couple more guidepost around mobile down 10% to 15%, some of the frontline unit assumptions as well. Just curious if there's any changes in those kind of assumptions versus 3 months ago.

布萊克，如果可以的話，我想先問你一個問題，然後再問安德魯一個問題。布萊克，關於今年的其他一些關鍵指標，你提到了Apex和Sims。我記得上個季度你也給了一些關於行動端下降10%到15%的指標，以及一些第一線部門的預期。我只是好奇，這些預期和三個月前相比是否有任何變化。

And then, Andrew, maybe if you could just talk just really quickly about the VOLTA mode within FIFA and how you're thinking about that impacting engagement? But also monetization, how we should kind of think through that? Any color there would be helpful.

然後，安德魯，你能不能簡單談談FIFA中的VOLTA模式，以及你認為它會如何影響玩家參與度？還有獲利模式，我們該如何考慮這個問題？任何見解都會很有幫助。

So no changes on guidance. We're pretty consistent with all of the numbers that we provided at the start of the year. And all the metrics that we've seen are leading towards that and we're feeling confident about it.

所以，業績指引沒有改變。我們基本上保持年初公佈的數據一致。所有指標都指向這個目標，我們對此充滿信心。

And on VOLTA, again, I go back to some earlier comments, is we do see FIFA like a platform and we do see our opportunity to bring together hundreds of millions of football fans around the world to experience football in a way that is meaningful to them. We do that across platforms. We do that through business models. We do that through different access models and different play models. And what we recognized with the platform at this juncture was that there was a lot of really hard-core football in there. And we expect that, that will continue to be the most meaningful part for much of the FIFA playing community.

關於VOLTA，我再次重申先前的觀點，我們確實將FIFA視為一個平台，並看到了將全球數億球迷聚集在一起，以對他們而言有意義的方式體驗足球的機會。我們透過各種平台、商業模式、不同的存取模式和不同的遊戲模式來實現這一點。我們在這個階段意識到，這個平台蘊含著大量真正核心的足球內容。我們預計，這將繼續是FIFA玩家群中最具意義的部分。

But there was also a whole group of football fans that wanted a more casual style of play. And we built that model to attract new fans. And what we have seen over time, as we have put new modes in the game, and I will use The Journey, our story-based mode that we did a few years ago now, when we started that mode, is that it brings in a whole new set of players that come in to fulfill different motivations in the game. And ultimately, they become part of the community and the richness of that community and typically move into the more competitive modes in the game like FIFA Ultimate Team and the competitive esports modes inside of Ultimate Team. And so we think about VOLTA that way.

但也有相當一部分足球迷想要更休閒的遊戲方式。我們正是基於這種理念打造了遊戲模式，以吸引新玩家。隨著時間的推移，我們發現，隨著遊戲模式的不斷更新，例如幾年前推出的「旅程」故事模式，它吸引了一群全新的玩家，他們出於不同的遊戲動機加入遊戲。最終，他們融入了社區，豐富了社區的內涵，並逐漸參與到更具競技性的模式中，例如FIFA Ultimate Team以及Ultimate Team中的競技電競模式。這就是我們對VOLTA模式的理解。

So our expectation is not that there will be an impact on monetization over the long term, but rather we are growing the aggregate size of the FIFA community. And that typically, what happens as we grow that community is those players become part of it, become enriched by it and then move more deeper into other modes in the game like Ultimate Team and our competitive esports modes.

因此，我們預期長期來看，這不會對獲利模式產生影響，而是會擴大FIFA玩家群的整體規模。通常情況下，隨著玩家群的壯大，這些玩家會融入其中，從中受益，然後更深入地體驗遊戲中的其他模式，例如終極球隊模式和我們的競技電競模式。

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

你的下一個問題來自 Benchmark 公司的 Mike Hickey。

I guess on Apex, I've got a ton of questions. I'll try to limit it to a couple. But I was hopeful -- I mean, given the sort of profile of the game, the competitive aspects of it, esports is sort of a no-brainer. It's great to see you guys start to move forward to your first, I guess, [state of mind] in September, but maybe some more color in terms of how big esports could be in terms of driving engagement, monetization and maybe overall player feel for Apex.

關於Apex，我有很多問題想問。我盡量只問幾個。但我一直很樂觀——我的意思是，考慮到這款遊戲的定位和競技性，進軍電競幾乎是必然的。很高興看到你們在九月開始朝著最初的目標邁進，但或許可以更詳細地談談電競在提升玩家參與度、盈利能力以及改善玩家對Apex的整體體驗方面能發揮多大的作用。

And then, I guess, just another add-on, mobile in China, is this still a possibility in '20? Or is this more of a fiscal '21 event now in terms of expanding insulated opportunities on that game?

然後，我想，再補充一點，在中國推出行動版遊戲，這在 2020 年還有可能嗎？或者說，就擴大遊戲的獨立營運機會而言，這更像是 2021 財年的事了？

Yes. Let me hit the mobile one real quick and I'll let talk Andrew talk about esports. We did not put anything in our annual guidance for either mobile globally for Apex in China and that's because we are still obviously working with a partner but we don't have timing set up, but I would assume it's a '21 event in both cases. We'll give you more knowledge or more input as the quarters go on this year as to how that timing will evolve, but right now, I would assume nothing in '20.

是的。我先簡單說說行動端的狀況，然後讓安德魯談談電競。我們今年的年度業績預期中沒有包含全球行動端和中國Apex賽事的任何消息，因為我們仍在與合作夥伴合作，但具體時間尚未確定。不過我估計，無論是行動端還是電競，都會在2021年推出。隨著今年季度的推進，我們會提供更多關於具體時間安排的信息，但就目前而言，我預計2020年不會有任何相關消息。

On esports, again, what we see around the esports community more broadly is the most successful titles are those that have very, very large global player bases where social interaction and competition are at the very core of the experience. And again, I go back to Apex Legends is built as a really, really unbelievable phenomenal game in the first-person shooter category, which has, as its core motivation, both competition and social interaction. And of course, it has a million-strong global audience. So we feel very good about its appeal and its application to an esport. We've also had a series of events and our -- and we'll have our first competition featuring 80 teams later in the year.

就電子競技而言，我們從更廣泛的電競社群觀察到，最成功的遊戲往往擁有非常龐大的全球玩家群體，而社交互動和競技體驗是其核心所在。再次強調，《Apex英雄》是一款非常非常出色的第一人稱射擊遊戲，其核心動力正是競技和社交互動。當然，它在全球擁有百萬級玩家。因此，我們對它的吸引力以及它在電競領域的應用前景感到非常樂觀。我們已經舉辦了一系列活動，我們將在今年稍後舉辦首屆有80支隊伍參賽的比賽。

And as we think about engagement, again, as we've talked about with FIFA and Madden, engagement of competitive gaming players is typically 4x to 7x higher than noncompetitive players. So our expectation is that not only will the esports component help fuel the existing community and drive higher engagement there, but it will ultimately attract new players and new viewers and new spectators and drive higher engagement there as well. So we feel like it's going to be a very important part of the global community over the long term.

當我們思考用戶參與度時，正如我們之前在FIFA和Madden遊戲中討論的那樣，競技遊戲玩家的參與度通常是非競技玩家的4到7倍。因此，我們預期電子競技不僅能促進現有社群的發展並提升其參與度，最終還能吸引新的玩家、觀眾和觀眾群體，並進一步提升他們的參與度。所以我們相信，從長遠來看，它將成為全球社區中非常重要的一部分。

Your next question comes from the line of Gerrick Johnson from BMO Capital.

你的下一個問題來自 BMO Capital 的 Gerrick Johnson。

I guess the obvious question no one's asked yet, bookings should be by $50 million, EPS by $0.30, gross margin by 240 basis points, so why no increase in full year guidance?

我想還有一個顯而易見但還沒有人問過的問題：預訂量應該增加 5000 萬美元，每股收益應該增加 0.30 美元，毛利率應該增加 240 個基點，那麼為什麼不提高全年業績預期呢？

Yes. I mean it's a good question. I think we've only raised guidance coming out of the first quarter probably once in my tenure here. And it's rare because it's such a small part of the overall year. I would -- if you look at the phasing that we do in our guidance, we basically just dumped it into the fourth quarter, not for any real reason other than that's supportive. It's no -- it's almost all catalog and we just don't know, but it's still small enough that we wanted to at least remain conservative in how we forecast. And based on what transpires in Q2, we'll then decide if we should change guidance or not, but that -- it wasn't much more complicated than that.

是的，這確實是個好問題。在我任職期間，我們大概只在第一季上調過一次業績預期。這很罕見，因為第一季在全年中所佔比例很小。如果你看看我們業績預期的分階段安排，你會發現我們基本上把業績預期都放在了第四季度，這並非出於其他原因，只是因為這樣比較有利。這幾乎全部來自我們無法預估的目錄銷售，但規模仍然很小，所以我們至少想在預測上保持保守。我們會根據第二季的實際情況來決定是否調整業績預期，但事情就是這麼簡單。

Okay. Can I just dig into the gross margin for a second? That outperformed by 240 basis points, so what drove that?

好的。可以稍微深入探討一下毛利率嗎？它比預期高出240個基點，這是什麼原因造成的？

So we have done a faster and better job than we expected on controlling the online cost of revenue, particularly with Apex, but continue across all of our platforms. When we first started Apex, remember that you have millions of people playing, so they can be expensive games to operate, and we called that out in our Q4 earnings conference call. The team led by our CTO, Ken Moss, has worked hard to try to continue to bring down those costs through either different partners or simply how we're operating the game, and I think we've done better than we thought. And we had a bigger digital quarter than we actually expected. We tend to play in around 5% growth of full game downloads, for example, and it was higher this year -- or this quarter. And our digital business was stronger than we had expected, so that really drove it across the board.

因此，我們在控制線上收入成本方面做得比預期更快更好，尤其是在《Apex英雄》上，而這一趨勢也延續到了我們所有平台。要知道，《Apex英雄》最初上線時，擁有數百萬玩家，營運成本自然不低，我們在第四季財報電話會議上也提到了這一點。由技術長Ken Moss領導的團隊一直努力透過不同的合作夥伴以及改進遊戲營運方式來降低成本，我認為我們做得比預期更好。而且，我們的數位業務季度業績也超出了預期。例如，我們通常的完整遊戲下載量成長率在5%左右，而今年——或者說本季——的成長率更高。我們的數位業務表現也比預期強勁，這確實全面推動了業績成長。

Your next question comes from the line of Ray Stochel from Consumer Edge Research.

你的下一個問題來自 Consumer Edge Research 的 Ray Stochel。

Not just about Apex, but across all of your content that you're building, how are you thinking about the cadence of updates? Do you think players these days have expectations for a faster content drop cadence than prior? And do you think those expectations are too high now? And what changes do you need to make to hit or come close to those elevated expectations?

不僅是《Apex英雄》，而是你們正在開發的所有內容，你們是如何考慮更新節奏的？你們認為現在的玩家是否期望比以前更快的內容發布頻率？你們認為這些期望現在是否過高？為了達到或接近這些更高的期望，你們需要做出哪些改變？

I think it's a really good question, certainly one that we see and hear a lot. The reality is we build games for a lot of different communities, and every single community is different. Some communities, of course, like a FIFA community, have a natural cadence of events that occur in the real world that we tie things to, and that makes sense for that community. A community like The Sims has a longer cadence flow. Again, we're set to have the biggest year in terms of content release this year, and we've continued to grow that franchise since launch, but it is not typically a weekly cadence of content because it doesn't make sense for that community. If we think of a game like Apex, again, it is, at its core, a great game, and so a lot of the ongoing engagement exist because it's built as a great competitive game. And so when we think about that, we think about seasons not as a onetime event, but seasons as kind of a kick-off -- as a series of events that happen kind of over weeks and months of time.

我認為這確實是個好問題，我們經常看到和聽到類似的問題。事實上，我們為許多不同的社群開發遊戲，而每個社群都各不相同。當然，有些社群，例如FIFA社群，其遊戲內容與現實世界中發生的事件有著自然的聯繫，我們會將遊戲內容與之關聯起來，這對該社區來說很合理。而像《模擬市民》這樣的社群，其內容更新的節奏則更長。今年，我們預計將迎來內容發布量最大的一年，而且自遊戲發布以來，我們也一直在持續發展這個系列，但它通常不會每週都推出新內容，因為這對該社區來說並不合理。以《Apex英雄》為例，它本質上就是一款優秀的遊戲，因此它能持續吸引大量玩家，正是因為它是一款優秀的競技遊戲。所以，當我們考慮賽季時，我們並非將其視為一次性活動，而是將其視為一個開端——一系列持續數週甚至數月的事件。

We feel really good about where we're at with Season 2 on Apex. We think that we're learning as we go. Again, this is -- remember, FIFA Ultimate Team, we started this what is now over 10 years ago. It started very small. We've got much better at engaging with the community over that period of time. And now, Ultimate Team is this tremendous business for us. The same is true for The Sims, which launched in 2014. We get smarter and better in terms of understanding how to fulfill the motivations and the desires of our players. And we expect that we'll continue to learn and get better with Apex as well.

我們對Apex第二季的進展非常滿意。我們認為自己是在不斷學習進步。別忘了，FIFA Ultimate Team我們已經營運超過10年了。它最初規模很小。在這段時間裡，我們與社區的互動能力有了顯著提升。如今，Ultimate Team已成為我們非常成功的事業。 2014年推出的《模擬市民》也是如此。我們不斷學習，越來越了解如何滿足玩家的動機和需求。我們相信，在Apex方面，我們也會繼續學習和進步。

One thing that we do try and avoid is that we end up purely as a content furnace with our games. We try and make games that have great gameplay that engage at their very core, and then we're able to build on engagement and fulfill motivations with additional content and additional events. But we try and avoid wherever possible finding ourselves in a position where content is the only means of driving engagement because we just feel it's harder to build longevity with that type of model over time. And we've learned that through over 10 to 15 years of live service experience.

我們努力避免讓遊戲淪為純粹的內容生產機。我們力求打造擁有出色遊戲玩法、能夠從核心層面吸引玩家的遊戲，然後透過額外的內容和活動來鞏固玩家的參與度並滿足他們的需求。但我們盡可能避免讓內容成為驅動玩家參與的唯一手段，因為我們認為這種模式難以長期維持玩家的忠誠度。這是我們在10到15年的線上服務經驗中總結出來的。

Your next question comes from the line of Jeff Cohen from Stephens.

你的下一個問題來自史蒂芬斯大學的傑夫‧科恩。

Thanks for the incremental color on The Sims. It feels like that franchise would be one that would do really well on the Nintendo Switch. So I'm curious how you guys determine which platforms you'd bring the game to or games to? And is there any reason why you wouldn't want to bring that one on there?

感謝你們對《模擬市民》系列的逐步完善。感覺這個系列很適合登陸任天堂Switch平台。所以我很好奇你們是如何決定要將遊戲移植到哪些平台的？又有什麼原因讓你們不想把這款遊戲移植到Switch上呢？

Any time we're evaluating platform conversations, we are really looking at a couple of things. One, does the game really fit the profile of that platform in terms of the control or the community ecosystem? Two, do we think the community playing on that platform would appreciate the game to go there? Or would they prefer to play it somewhere else?

每次評估平台合作意圖時，我們主要關注兩點。第一，這款遊戲在操控方式或社群生態系統方面是否真正符合該平台的特性？第二，我們認為在該平台上玩遊戲的玩家群是否會樂意看到這款遊戲登陸該平台？還是他們更傾向在其他平台玩？

We have a lot of data that would suggest a great many Switch owners also own a PlayStation 4 or an Xbox One or a PC and very often choose to play the games that we make on those platforms even though they have a Switch and they enjoy a lot of great content on the Switch. And so there's always an evaluation process that goes on a case-by-case basis. And I wouldn't say that The Sims would never go to the Switch, but I think we're doing really, really well attracting Sims players. As we said, we did the promotion in the last couple of months and brought in 7 million new Sims players that we expect will engage in that community on a platform that is really tailored to user-generated content, creativity and customization.

我們掌握大量數據表明，許多Switch玩家也擁有PlayStation 4、Xbox One或PC，而且他們經常選擇在這些平台上玩我們開發的遊戲，即使他們擁有Switch，並且Switch上也有很多精彩的內容。因此，我們始終會根據具體情況進行評估。我並不認為《模擬市民》永遠不會登陸Switch，但我認為我們在吸引《模擬市民》玩家方面做得非常出色。正如我們所說，在過去的幾個月裡，我們進行了推廣活動，吸引了700萬新的《模擬市民》玩家，我們預計他們會在一個真正以用戶生成內容、創造力和自定義為核心的平台上積極參與社區活動。

Your next question comes from the line of Todd Juenger from Sanford Bernstein.

你的下一個問題來自桑福德·伯恩斯坦的托德·尤恩格的詩句。

Can I visit just a little bit at Respawn, just the resource question? It's something we get from investors a fair amount. And so obviously that studio is being taxed with some really important stuff. So I guess would love to hear your thoughts on how resourced the Apex Legends effort is, either in terms of bodies or dollars or whatever you can say? And where did that come from? And did any of that get pulled from the Star Wars effort? And just to reassure us that you've got enough on all of that. And why don't I leave at that? It's a pretty broad question.

可以稍微問一下Respawn工作室一些資源上的問題嗎？我們從投資者那裡獲得了相當多的資金。顯然，工作室目前承擔著一些非常重要的項目。所以我很想聽聽您對《Apex英雄》計畫資源配備的看法，無論是人員、資金或其他方面。這些資源來自哪裡？其中是否有從《星際大戰》項目中挪用的？我想確認一下，您對這些問題的了解是否足夠。我就問到這裡吧，這個問題比較廣泛。

Okay. Good question. I would offer a few pieces of feedback that I think will make you feel better about life. The first is that there are multiple teams at Respawn, very different teams as well. Again, Apex Legends is a fast-paced multiplayer first-person shooter and has a bespoke team specific to that type of game. This is the team that had worked on Call of Duty many years ago, had launched Titanfall, and now Apex Legends. So this is very much their particular skill set. The Star Wars Jedi: Fallen Order team is a completely different type of team led by Stig, who had been a game director on God of War, and it's all about the single player journey fantasy of being a Jedi. And so they have 2 discrete teams. And there's actually a third team at Respawn as well working on some new things.

好的，問得好。我想提供一些建議，希望能讓你感覺好一點。首先，Respawn 內部有多個團隊，而且每個團隊的風格都截然不同。例如，《Apex英雄》是一款快節奏的多人第一人稱射擊遊戲，它有一個專門負責這類遊戲的團隊。這個團隊多年前曾參與《決勝時刻》的開發，推出了《泰坦隕落》，現在又負責《Apex英雄》。所以，這完全是他們的專長所在。 《星際大戰絕地：墮落的武士團》的團隊則完全不同，由曾擔任《戰神》遊戲總監的 Stig 領導，專注於打造玩家扮演絕地武士的單人冒險故事。所以，他們有兩個獨立的團隊。此外，Respawn 內部還有第三個團隊正在開發一些新專案。

In addition to that, this is where scale matters in this industry. In Electronic Arts, we have a very large central group that can provide art, engineering and design help if needed across the company, and we have a number of live services teams also across the company that are well-suited for the creation of new content. And so the combination of individual teams inside Respawn that are individually staffed with their specific games in mind and the global scale of EA and the central resources that we have to help across art and engineering, we feel very, very good about our ability to sustain the needs of our global player base.

除此之外，規模在這個產業至關重要。在藝電（Electronic Arts），我們擁有一個龐大的中央團隊，可以根據需要為整個公司提供美術、工程和設計方面的支援。此外，我們還有多個遍佈公司各處的線上服務團隊，非常適合創建新內容。因此，結合Respawn內部各個團隊的人員配備和對特定遊戲的專注，以及藝電的全球規模和我們擁有的中央資源，我們完全有能力滿足全球玩家的需求。

We've also pulled teams from outside of Respawn to provide them resources on development if they wish to do so -- as Respawn wishes to do so. We have a large DICE team in LA, for example. We have a large live services team in Vancouver. And what we've tried to do is perfect our organization to be able to work long distance as well as in the middle of a studio. And so we've given them the opportunity to pull on any resources they want. And they're very, very conscious about how to make sure they've built the best game and they use the resources very effectively to do that, but they -- there's no shortage of resources relative to what they need.

我們也從Respawn外部抽調團隊，為他們提供開發資源，前提是Respawn也願意這麼做。例如，我們在洛杉磯有一個龐大的DICE團隊，在溫哥華有一個龐大的線上服務團隊。我們努力完善組織架構，使其既能遠端協作，也能在工作室內部高效工作。因此，我們讓他們有機會調動所需的任何資源。他們非常清楚如何打造最好的遊戲，並且有效率地利用資源來實現這一目標，而且——相對於他們的需求而言，資源絕對充足。

Your next question comes from the line of Eric Sheridan from UBS.

你的下一個問題來自瑞銀集團的艾瑞克‧謝裡丹。

Maybe another big picture question. As you think medium to long term on the shift you're trying to execute on towards more subscription services and cloud-based distribution models, how do you also think about allocating resources against that longer-term goal versus maybe the shorter to medium-term transition where the industry could go through another console cycle next year and how you think about aligning resources and assets inside the company against both those transitions?

或許可以再問一個更宏觀的問題。當您考慮中長期轉型，即向更多訂閱服務和基於雲端的分發模式轉型時，您如何看待資源分配，以實現這一長期目標，以及短期到中期的轉型（例如，行業明年可能再次經歷主機更新換代），您又該如何考慮在公司內部協調資源和資產，以適應這兩種轉型？

Another good question. And so I would start with it doesn't matter what the platform or the distribution model or the business model. What matters is that we build great games. And we are doubling down and working with great diligence across our studio organization to ensure our teams have everything they need to build great games. And that will continue to be our focus near-term, medium-term and long-term.

又是一個好問題。首先，我想說的是，平台、發行模式或商業模式都無關緊要。重要的是我們能打造出出色的遊戲。我們正在加倍努力，工作室上下齊心協力，確保我們的團隊擁有打造出色遊戲所需的一切資源。這將繼續是我們近期、中期和長期的工作重點。

In addition to that, again, given the scale of this company and the leadership of our CTO, Ken Moss, and what we've talked about with Project Atlas some months ago, is we're also investing for the future to ensure we don't find ourselves out of position. As a company, we started to invest in our digital platform over 5 years ago. I think we're still the only developer publisher with a unique ID system that carries with our players regardless of game or platform they play on. We have a single data scheme and data platform across the company and single infrastructure in security and transaction engine and these types of things.

此外，鑑於我們公司的規模、技術長 Ken Moss 的領導能力，以及幾個月前我們與 Project Atlas 討論的內容，我們也在為未來進行投資，以確保我們不會落後於時代。作為一家公司，我們早在五年前就開始投資我們的數位平台。我認為我們仍然是唯一擁有唯一 ID 系統的開發人員兼發行商，該系統能夠伴隨所有玩家，無論他們玩什麼遊戲或使用什麼平台。我們在全公司範圍內採用統一的資料方案和資料平台，並在安全性和交易引擎等方面採用統一的基礎設施。

So we've been working on this model for some number of years to ensure that we are ready for the future. Now, as we think about cloud and subscription, again, we went out -- we bought a small company out of Israel that really gave us a head start in how we think about cloud fabric. We've been working on learning an organizational structure around subscription. And so we feel really good about our future there.

所以，我們多年來一直在研究這個模式，以確保我們為未來做好準備。現在，當我們考慮雲端運算和訂閱模式時，我們再次出手——我們收購了一家以色列的小公司，這確實讓我們在構建雲端架構方面搶佔了先機。我們一直在努力學習圍繞訂閱模式的組織架構。因此，我們對未來的發展充滿信心。

But at the end of the day, we continue to be focused on making great games. We have seen the value of great games in games like FIFA and Madden and The Sims and Apex Legends, and we expect that we will continue deliver great games and -- but ensure that we have the technology backbone there to when the industry is ready.

但歸根究底，我們始終專注於打造優秀的遊戲。我們已經從《FIFA》、《麥登橄欖球》、《模擬市民》和《Apex英雄》等遊戲中看到了優秀遊戲的價值，我們希望繼續推出優秀的遊戲，同時也要確保我們擁有足夠的技術支撐，以便在行業準備就緒時能夠及時跟上。

Yes. I think we've obviously been doing tests and learning along the way. So we started with our subscription on EA Access on Microsoft. We've learned a lot from that. Obviously, rolled out on Origin. And then, as Andrew mentioned earlier, we just rolled out on Sony. And each of those rollouts have gotten easier and easier because we understand the technology better, but more importantly, what the consumer wants. And so it becomes more of the muscle memory of the company versus having to start a new initiative from scratch.

是的。我認為我們顯然一直在進行測試，並在過程中不斷學習。我們最初在微軟的EA Access平台上推出了訂閱服務，從中累積了許多經驗。之後，我們又在Origin平台上推出了這項服務。正如Andrew之前提到的，我們最近又在索尼平台上推出了。每一次的推廣都越來越順利，因為我們對科技的理解越來越深入，但更重要的是，我們了解了消費者的需求。因此，這逐漸成為公司的一種“肌肉記憶”，而不是每次都要從零開始。

We're working hard on moving -- building games for next year on Gen 5. I think it's obvious. I think everybody in the industry is doing that. As has happened in the past, not all games come out on Gen 5 immediately. And obviously, with games like Madden, you'd probably bring the Gen 5 game out when the Gen 5 console ships, not when Madden itself ships, but we'll be ready on Gen 5. We're very excited about it and we've been working on it for some time.

我們正在努力推進第五世代主機遊戲的開發，為明年做準備。我認為這顯而易見，業內人士都在這樣做。正如以往的經驗，並非所有遊戲都會立即登陸第五世代主機。顯然，像《麥登橄欖球》這樣的遊戲，其第五世代版本可能會在第五世代主機發售時推出，而不是在遊戲本身發售時推出。但我們會做好迎接第五世代主機的準備。我們對此感到非常興奮，並且已經為此努力了一段時間。

Your next question comes from the line of Alex Giaimo from Jefferies.

你的下一個問題來自傑富瑞集團的 Alex Giaimo。

I was just curious if we can get your updated thoughts on the overall mobile strategy. It looks like mobile bookings were down another 17% year-over-year. I know a lot of that is due to the aging of some legacy titles. So maybe just provide some color on what you're seeing there. And then with all of the smaller mobile developers out there, is this a sector where M&A might make sense?

我只是想了解您對整體行動策略的最新看法。看起來行動端預訂量較去年同期又下降了17%。我知道這很大程度上是由於一些老遊戲上線時間較長造成的。所以，您能否就此談談您的觀察？另外，考慮到目前市場上有許多小型行動遊戲開發商，併購在這個領域是否有意義？

Yes. A good question and either -- we've not had a material shift from our stated strategy over the last couple of quarters. I think we continue to see the mobile industry grow. It's a very meaningful part of the revenue profile, of the [contribution], but it's also extraordinarily competitive and it's very tough and we've seen a lot of large-scale mobile games and mobile companies in pretty serious decline over the last 6 to 12 months. We have a mobile business that still has an operating contribution of 40%. So it's very, very profitable as a mobile business. And we've held on to that and we feel very good about that.

是的，問得好。過去幾個季度，我們的策略並沒有實質的改變。我認為行動產業仍在持續成長。它在我們營收結構中佔據了非常重要的地位，貢獻巨大，但同時競爭也異常激烈，非常艱難。過去6到12個月裡，我們看到許多大型行動遊戲和行動公司都出現了相當嚴重的下滑。我們的行動業務目前仍貢獻了40%的營運收入，獲利能力非常強。我們保持了這一優勢，對此我們感到非常滿意。

But if we think about our strategy, I would talk about it in 3 core categories. One is that we have some tremendous games in live service mode, and what we're seeing is the average age of the top titles on mobile is actually getting older as those games scale and it's harder and harder to break in. So when you look at games that we have like Star Wars: Galaxy of Heroes or Madden Mobile or FIFA globally, we feel very good about our ability to grow those live services over time and really work hard to ensure that we're filling -- fulfilling the community.

但如果我們思考我們的策略，我會從三個核心面向來談。首先，我們有一些非常優秀的線上服務型遊戲，我們發現，隨著行動裝置熱門遊戲規模的擴大，它們的平均年齡實際上正在增​​長，新遊戲想要脫穎而出也變得越來越難。所以，看看我們旗下的遊戲，例如《星際大戰：銀河英雄傳》、《麥登橄欖球手遊》或全球範圍內的《FIFA》，我們對這些線上服務型遊戲的持續發展能力非常有信心，並且我們會努力確保滿足玩家社群的需求。

The second element of that is, is that we are in a world where acquisition of new players is really, really tough and it's really hard to break into the mobile charts. We're really focusing on our IP that we believe has real resonance inside the community, and again, like Plants vs. Zombies, which has been downloaded over 1 billion times, is absolutely a candidate there. And you should expect that we will focus on our IP that we think can break out in what is otherwise a very costly acquisition market.

第二個因素是，我們身處在一個新玩家取得極為困難的世界，想要打入行動遊戲排行榜更是難上加難。我們正全力打造那些我們認為在玩家群中擁有真正影響力的IP，例如下載量超過10億次的《植物大戰殭屍》，它絕對是其中的佼佼者。大家可以預見，我們會專注於那些我們認為能夠在這個取得成本極高的市場中脫穎而出的IP。

And then third, I think you are right. There are a number of smaller mobile companies out there who have the capacity to build some great games but maybe don't have the marketing firepower to actually break into the market or the network of players that we have that they could access. And I think there will be an opportunity for some M&A over time. I don't think that's an easy path, but we're certainly out there and talking to a number of different players about how we might accelerate their otherwise senior objectives.

第三，我認為你說得對。市面上有許多規模較小的行動遊戲公司，他們有能力開發出很棒的遊戲，但可能缺乏足夠的行銷實力來真正打入市場，或者無法像我們一樣觸及到龐大的玩家群。我認為隨著時間的推移，併購的機會將會出現。我知道這並非易事，但我們確實正在積極與多家公司洽談，探討如何幫助他們加速實現原本較為重要的目標。

Yes. If you had to think about it on priorities, I mean clearly, as we mentioned, we'll have a new Plants vs. Zombies game, a high priority for us; Apex going mobile, and that's globally a high priority for us. And FIFA and Madden remain super high priorities because they're 2 of our largest games. And as we talked about earlier, the global opportunity for FIFA, including China, is very large. And so we're spending a lot of time there and we'll continue to do that.

是的。如果要按優先順序來考慮，很明顯，正如我們之前提到的，我們會推出一款新的《植物大戰殭屍》遊戲，這對我們來說是重中之重；《Apex英雄》的行動版也在全球範圍內備受關注。 《FIFA》和《麥登橄欖球》依然是我們的重中之重，因為它們是我們最熱門的兩款遊戲。正如我們之前討論的，《FIFA》在全球，包括中國市場，擁有巨大的發展潛力。因此，我們投入了大量精力，並且會繼續這樣做。

Your next question comes from the line of Clay Griffin from Deutsche Bank.

你的下一個問題來自德意志銀行的克萊·格里芬。

Blake, I just want to follow-up on what you talked about in terms of learnings coming out of -- on Microsoft EA Access and just if we can get an update on what you're seeing in terms of user behavior. I know it's early days with Sony, but what you're seeing there, relative willingness to engage with live services on those platforms. Any color there would be helpful.

布萊克，我想就你之前提到的微軟EA Access專案的一些經驗教訓做個後續跟進，也想了解一下你觀察到的用戶行為方面的情況。我知道索尼那邊的情況還比較早期，但你觀察到的用戶對這些平台上的即時服務的參與意願如何？任何相關資訊都會很有幫助。

Yes. I mean what we first saw and has pretty much stayed true across almost all of the platforms is that people ended up playing twice as many games as they did before they joined the service, which is kind of a no-brainer because that's what you would typically see, say, on a Netflix or a Spotify or others because you've reduced some of the friction of trial essentially. But we also find that people played their games a lot longer, meaning they found a game that they really enjoy playing that they didn't know about. And so it's the discovery aspects of where a service goes which helps a lot. And then if it has a live service on it like in Ultimate Team, they start to spend more money than they did before they went into the service. And part of that might be subscription behavior where oftentimes people think they're getting things for free and are willing to spend on them, and sometimes they just -- they found something they didn't know that they wanted to play and they get deeply engaged in it. And so we're trying to reduce the friction of trial to see new games and to learn about things that they didn't know or didn't want to spend money on getting in by giving them an amazing economic value to start a subscription, and that's stayed true across all of the platforms.

是的。我的意思是，我們最初觀察到的現象，幾乎在所有平台上都得到了驗證，那就是用戶加入服務後玩遊戲的數量是之前的兩倍。這其實並不奇怪，因為在Netflix、Spotify或其他類似平台上，用戶通常會看到這種情況，因為試用門檻降低了。但我們也發現，用戶玩遊戲的時間變長了，這意味著他們找到了自己真正喜歡玩但之前不了解的遊戲。所以，服務的發現功能非常重要。如果服務包含像Ultimate Team這樣的即時服務，用戶開始比加入服務前花費更多。這部分原因可能是訂閱行為，因為人們常常認為自己可以免費獲得某些東西，所以願意為此付費；有時，他們只是——發現了一款自己之前不知道但很喜歡玩的遊戲，然後就沉迷其中。因此，我們試圖減少用戶試玩新遊戲和了解他們之前不知道或不想花錢體驗的內容的阻力，透過提供極具吸引力的訂閱經濟價值來吸引他們，這一點在所有平台上都得到了體現。

And the one other piece is that you were going to wrestle within any subscription is how do you manage the churn over time and you've got to curate dropping content into the subscriptions at a fairly predictable rate so people will stay in. And we've been trying to do that by bringing third-party content in to help fill in the places where we don't have content because we don't necessarily have content every quarter. And we're thinking about how games might even change in terms of how they're developed over time to better match subscriptions. So you have more to come, but we're in a really good position. We have more subscribers than any other service in the industry by a long shot and I think a lot better experience base because of that.

另一個關鍵點在於，任何訂閱模式都會面臨如何控制使用者流失的問題。你需要以相對穩定的頻率向訂閱用戶推播內容，才能留住他們。我們一直在嘗試透過引入第三方內容來彌補內容上的不足，因為我們並非每季都會更新內容。我們也在思考如何調整遊戲開發方式，使其更能契合訂閱模式。未來還有更多計劃，但我們目前處境非常有利。我們的訂閱用戶數量遠超業內其他任何服務，我認為正因如此，我們擁有更優質的用戶體驗。

Your last question comes from the line of Brian Nowak from Morgan Stanley.

你的最後一個問題來自摩根士丹利的布萊恩諾瓦克。

I have 2. The first one is you talked a little bit about resource allocation, kind of going back to a couple of the earlier questions, the one from Eric. Can you talk to us a little bit about what percentage of the overall R&D budget or headcount is sort of being attributed toward new potential franchises and new IP just so that investors would kind of get an idea for what could be in the pipeline as we head into 2021 and beyond?

我有兩個問題。第一個問題是，您剛才談到了資源分配，這有點像是回到之前幾個問題，例如Eric提出的問題。您能否跟我們談談，在整體研發預算或人員配置中，有多少比例的資金用於開發新的潛在產品和新的智慧財產權？這樣投資人就能了解我們在2021年及以後可能會有哪些項目在籌備中。

And then the second one, on NBA Live, just philosophical thoughts about potentially going free-to-play on that.

然後是第二個問題，關於 NBA Live，只是關於這款遊戲可能轉為免費遊玩的一些哲學思考。

Why don't I start with the first one? I'll let Andrew take the NBA question. We would say, as a rough allocation, it's probably 20% of our R&D budget. That's always hard because do you call VOLTA new IP? We certainly do internally, but it was part of this -- the FIFA team that have developed and evolved that product versus a brand-new IP from scratch that we may be working on, like an Anthem, for example. We try to do both where we're evolving games with new IP and new gameplay modes, but we also try to make sure when we're thinking about games for 2000 -- our fiscal '25 and '26 and '27, way out, where there may be a small group of people starting to ideate and generate the concepts, but you don't scale it up for a couple of years until you really get it to a status or a place where you think you are ready to build the game. But we've always kind of mixed it that way. And it's a balance between inside game teams, as I mentioned, as well as stand-alone teams that we're developing that didn't exist before. But we're comfortable with that mix.

不如我先從第一個問題開始吧？ NBA的問題就讓安德魯來回答。粗略估計，這大概占我們研發預算的20%。這總是很難說，因為VOLTA算不算新的IP呢？我們內部當然是這麼認為的，但它屬於FIFA團隊開發和改進產品的一部分，而我們可能正在開發一個全新的IP，例如像《聖歌》這樣的遊戲。我們嘗試兩者兼顧，一方面用新的IP和新的遊戲模式來改進現有遊戲，另一方面，當我們考慮2000年的遊戲——也就是我們2025、2026和2027財年——的時候，可能只有一小群人開始構思和提出概念，但不會大規模開發，至少要等幾年時間，直到真正達到可以開發遊戲的階段。我們一直以來都是這樣結合的。正如我之前提到的，這需要在內部比賽團隊和我們正在組建的、以前不存在的獨立團隊之間取得平衡。我們對這種組合感到滿意。

Yes. On NBA, we've seen some speculation but -- around free-to-play, but we don't have anything to share at this time. Our game team has been working hard. As a company and as an EA SPORTS brand, we remain committed to basketball and our partners, the NBA and the NBA Players Association. And our game keeps getting better and better every year, and we'll be excited to bring NBA Live 20 to market soon.

是的。關於NBA，我們看到了一些猜測——例如免費遊戲模式，但目前我們沒有任何消息可以透露。我們的遊戲團隊一直在努力工作。作為一家公司，作為EA SPORTS旗下的品牌，我們始終致力於籃球運動以及我們的合作夥伴——NBA和NBA球員工會。我們的遊戲每年都在不斷進步，我們期待NBA Live 20早日上市。

All right. Well, thank you, everyone. We'll talk to everyone either during the quarter as we see you around the country. Appreciate all your interest. And we'll also talk to you next quarter at the earnings call. Thanks.

好的。謝謝大家。我們會在本季與大家見面交流，如果碰巧在全國各地見到你們，我們會和大家聊聊。感謝大家的關注。我們下個季度也會在財報電話會議上和大家見面。謝謝。

Thank you.

謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。