Take-Two Interactive Software Inc (TTWO) 2022 Q3 法說會逐字稿

Greetings. Welcome to the Take-Two Q3 Full Year 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 2022 年第三季度全年財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Nicole Shevins, Senior Vice President of IR and Corporate Communications. You may begin.

現在，我將把會議轉交給您的主持人 Nicole Shevins，他是 IR 和企業傳播高級副總裁。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the third quarter of fiscal year 2022 ended December 31, 2021. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer; Karl Slatoff, our President; and Lainie Goldstein, our Chief Financial Officer. We will be available to answer your questions during the Q&A session following our prepared remarks.

下午好。感謝您參加我們的電話會議，討論我們截至 2021 年 12 月 31 日的 2022 財年第三季度業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；我們的總裁卡爾·斯拉托夫；和我們的首席財務官 Lainie Goldstein。在我們準備好的評論之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements. Actual operating results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are described in our filings with the SEC, including the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, including the risks summarized in the section entitled Risk Factors.

在我們開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中做出的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述基於我們管理層的信念以及我們所做的假設和我們目前可獲得的信息。我們沒有義務更新這些前瞻性陳述。基於各種因素，實際經營結果可能與這些前瞻性陳述有很大差異。這些重要因素在我們提交給 SEC 的文件中進行了描述，包括公司最近的 10-K 表格年度報告和 10-Q 表格季度報告，包括標題為“風險因素”一節中總結的風險。

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons are year-over-year. Additional details regarding our actual results and outlook are contained in our press release, including the items that our management uses internally to adjust our GAAP financial results in order to evaluate our operating performance. Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure. In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com.

我還想指出，除非另有說明，否則我們今天將討論的所有數字都是 GAAP，所有比較都是同比。我們的新聞稿中包含有關我們的實際結果和前景的其他詳細信息，包括我們的管理層在內部用於調整我們的 GAAP 財務結果以評估我們的經營業績的項目。我們的新聞稿還包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。此外，我們在網站上發布了一張幻燈片，直觀地展示了我們的業績和財務前景。我們的新聞稿和提交給 SEC 的文件可從我們的網站 take2games.com 獲得。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon and thank you for joining us today. I'm pleased to report that we delivered another strong quarter, highlighted by net bookings of $866 million, which exceeded our expectations and increased 6% over the prior year. Our outstanding holiday season results were driven by our new and existing titles as well as strong, ongoing engagement from our player communities that continue to immerse themselves in their favorite experiences and exciting new content updates.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地報告，我們實現了又一個強勁的季度，淨預訂額達到 8.66 億美元，超出了我們的預期，比去年增長了 6%。我們出色的假日季業績得益於我們的新遊戲和現有遊戲，以及來自玩家社區的強大持續參與，他們繼續沉浸在他們最喜歡的體驗和激動人心的新內容更新中。

We continue to position our company to deliver on its long-term pipeline, build scale and gain market share. During the quarter, we grew our pool of creative talent with the addition of more than 300 developers. This includes our highly complementary acquisitions of elite3d and Roll7. Based in Valencia, Spain, elite3d is one of the world's leading creative studios that is dedicated to innovative 2D and 3D artwork for the interactive entertainment industry. elite3D will form a second office for 2K's 31st Union studio and serve as a new publishing location for 2K's Global Services Division.

我們將繼續定位我們的公司，以實現其長期管道、擴大規模並獲得市場份額。在本季度，我們增加了 300 多名開發人員，增加了我們的創意人才庫。這包括我們對elite3d 和Roll7 高度互補的收購。 Elite3d 總部位於西班牙瓦倫西亞，是世界領先的創意工作室之一，致力於為互動娛樂行業提供創新的 2D 和 3D 藝術品。 Elite3D 將為 2K 的 31st Union 工作室組建第二個辦公室，並作為 2K 全球服務部門的新出版地點。

Roll7 is the BAFTA award-winning studio behind OlliOlli World, which is launching tomorrow. Going forward, the team will help support Private Division's mission to bring games to market from the industry's top creative studios as well as to broaden the label's portfolio of owned intellectual property and internal development capabilities.

Roll7 是 OlliOlli World 背後的 BAFTA 獲獎工作室，該工作室將於明天推出。展望未來，該團隊將幫助支持 Private Division 的使命，即將行業頂級創意工作室的遊戲推向市場，並擴大該品牌的自有知識產權組合和內部開發能力。

Our most significant recent development was our agreement to combine with Zynga, which we expect to close during the first quarter of our fiscal 2023. We're very excited by the prospect of this transformative combination, which will significantly diversify our business; establish us as a leader in mobile, the fastest-growing segment of the interactive entertainment industry; and greatly enhance our positioning as one of the world's top 3 pure-play publishers of interactive entertainment.

我們最近最重要的發展是我們同意與 Zynga 合併，我們預計將在 2023 財年第一季度完成合併。我們對這種變革性合併的前景感到非常興奮，這將使我們的業務顯著多樣化；使我們成為互動娛樂行業增長最快的移動領域的領導者；並大大提升我們作為全球三大純互動娛樂發行商之一的定位。

We believe there will be tremendous strategic and financial benefits for our company and we've already identified $100 million of annual cost synergies that we expect to achieve within the first 2 years post-closing and over $500 million of annual revenue opportunities that we can deliver over time. We look forward to welcoming the teams at Zynga into the Take-Two family in the coming months.

我們相信這將為我們的公司帶來巨大的戰略和財務收益，我們已經確定了我們預計在交易完成後的頭兩年內實現的 1 億美元的年度成本協同效應以及我們可以提供的超過 5 億美元的年收入機會隨著時間的推移。我們期待在未來幾個月內歡迎 Zynga 的團隊加入 Take-Two 大家庭。

Turning to our third quarter results. Our better-than-expected performance was driven primarily by Grand Theft Auto: The Trilogy -- The Definitive Edition, Red Dead Redemption 2 and Red Dead Online and NBA 2K22. NBA 2K22 continued to exceed our expectations. And according to the [MPT Group], it was the #1 selling title in the U.S. across all new releases in calendar 2021. In addition, the game achieved a new franchise record for experiencing the largest number of users in the shortest amount of time. This performance helped solidify NBA 2K's legacy as the top basketball simulation experience in our industry with over 8 million units sold-in to date worldwide.

轉向我們的第三季度業績。我們好於預期的表現主要是由俠盜獵車手三部曲——最終版、荒野大鏢客救贖 2 和荒野大鏢客在線以及 NBA 2K22 推動的。 NBA 2K22 繼續超出我們的預期。根據 [MPT Group] 的說法，它是 2021 年日曆中所有新發行的美國銷量第一的遊戲。此外，該遊戲還創下了在最短的時間內體驗最多用戶的新特許經營記錄.這一性能有助於鞏固 NBA 2K 作為業內頂級籃球模擬體驗的傳統，迄今為止全球已售出超過 800 萬台。

Players remain deeply engaged, and an average of 1.9 million users are playing the game every day, which is up 10% compared to NBA 2K21 in the same period last year. This helped drive better-than-expected recurrent consumer spending growth of 10% year-over-year even as we face challenging comparisons from the Gen 9 launch of the game last November. In addition, NBA 2K22 experienced an 8% increase in total in-game purchasers and a 30% increase in new-to-franchise spenders. 2K expanded the brand's addressable market further with the launch of NBA 2K22 Arcade Edition for Apple Arcade. The title continues to sit at the top of the Arcade's top game chart and has an average score of 4.7 out of 5 across more than 35,000 ratings.

玩家保持深度參與，平均每天有 190 萬用戶在玩這款遊戲，與去年同期的 NBA 2K21 相比增長了 10%。這有助於推動高於預期的經常性消費者支出同比增長 10%，儘管我們面臨著與去年 11 月推出的第 9 代遊戲相比具有挑戰性的比較。此外，《NBA 2K22》的遊戲內購買者總數增加了 8%，新加盟的玩家增加了 30%。隨著 Apple Arcade 的 NBA 2K22 Arcade Edition 的推出，2K 進一步擴大了該品牌的潛在市場。該標題繼續位居 Arcade 頂級遊戲排行榜的首位，在超過 35,000 個評分中平均得分為 4.7 分（滿分 5 分）。

We continue to be pleased with the ongoing innovation that Visual Concepts brings to the series annually and look forward to seeing how they'll deliver new experiences to NBA 2K in the future.

我們繼續對 Visual Concepts 每年為該系列帶來的持續創新感到高興，並期待看到他們將如何在未來為 NBA 2K 提供新體驗。

Sales of Grand Theft Auto V continue to be strong, and to date, the title has sold-in more than 160 million units worldwide. Since its launch in 2013, Grand Theft Auto V has remained within the top 5 best-selling titles for each calendar year across the Americas, including the U.S., and over 50 major territories across Europe, the Middle East, Africa and Asia Pacific.

Grand Theft Auto V 的銷量持續強勁，迄今為止，該遊戲在全球的銷量已超過 1.6 億部。自 2013 年推出以來，《俠盜獵車手 V》在包括美國在內的美洲以及歐洲、中東、非洲和亞太地區的 50 多個主要地區的每個日曆年中一直保持在前 5 名最暢銷的遊戲中。

2021 marked another excellent year for Grand Theft Auto Online with the title matching 2020's record-setting monthly audience size. Grand Theft Auto Online's engagement was driven by an array of free content updates, including new events around Halloween, new vehicles and clothing options for the race creator, and the contract update featuring Grammy award-winning artist, legendary producer in this year's Super Bowl halftime show headliner, Dr. Dre, which were all released during the third quarter. In particular, the contract broke new ground for Grand Theft Auto Online from a design standpoint with its deep story elements and increased access for solo players while also advancing Rockstar Games' unique ability to innovate through incorporating elements of pop culture and music into their experiences.

2021 年是 Grand Theft Auto Online 又一個出色的一年，其標題與 2020 年創紀錄的每月觀眾人數相匹配。 Grand Theft Auto Online 的參與是由一系列免費內容更新推動的，包括萬聖節前後的新活動、為比賽創作者提供的新車輛和服裝選擇，以及格萊美獎得主藝術家、今年超級碗中場休息的傳奇製作人的合同更新節目的頭條新聞 Dr. Dre 均在第三季度發布。特別是，從設計的角度來看，該合同為 Grand Theft Auto Online 開闢了新天地，其深刻的故事元素和增加了單人玩家的訪問量，同時還通過將流行文化和音樂元素融入他們的體驗來提升 Rockstar Games 的獨特創新能力。

The update also features co-op story missions with Grand Theft Auto V Protagonist Franklin and sidekick Lamar's playable characters; a new social space, Record A Studios, where players were able to hang out with Dr. Dre and special guests; a new radio station hosted by global pop stars Rosalia and Arca, called Motomami Los Santos, named after Rosalia's forthcoming album; updates to 2 existing radio stations from L.A. DJ royalty, DJ Pooh and Big Boy; 6 exclusive new tracks by Dr. Dre, which officially released to streaming services this past Friday; and new purchasable properties, vehicles and more.

該更新還包含與俠盜獵車手 V 主角富蘭克林和夥伴拉馬爾的可玩角色的合作故事任務；一個新的社交空間，Record A Studios，玩家可以在這裡與 Dr. Dre 和特別嘉賓一起閒逛；由全球流行歌星 Rosalia 和 Arca 主持的新電台，名為 Motomami Los Santos，以 Rosalia 即將發行的專輯命名；更新來自洛杉磯 DJ 皇室成員、DJ Pooh 和 Big Boy 的 2 個現有廣播電台； Dr. Dre 的 6 首獨家新曲目，於上週五正式發佈到流媒體服務；以及可購買的新房產、車輛等。

In addition, Rockstar Games celebrated the 20th anniversary with the launch of Grand Theft Auto III with the release of Grand Theft Auto: The Trilogy -- The Definitive Addition for current and prior-gen consoles and PC via the Rockstar Games Launcher with the title significantly exceeding our commercial expectations.

此外，Rockstar Games 通過推出 Grand Theft Auto III 慶祝成立 20 週年，並通過 Rockstar Games Launcher 發布了 Grand Theft Auto: The Trilogy -- The Definitive Addition，適用於當前和上一代遊戲機和 PC，標題顯著超出我們的商業預期。

Red Dead Redemption 2 also had an excellent quarter. The title's outperformance was primarily driven by strong holiday sales and to date, it has sold-in nearly 43 million units worldwide. In addition, Red Dead Online outperformed our expectations due to strong sales of Red Dead Redemption 2 and the continued influx of new players alongside a series of updates, including the fourth installment of the Quick Draw Club, All Hallows' Call to Arms, The Halloween Pass 2 and Holiday Call to Arms.

Red Dead Redemption 2 也有出色的季度表現。該遊戲的出色表現主要得益於強勁的假日銷售，迄今為止，它已在全球售出近 4300 萬台。此外，Red Dead 在線模式的表現超出了我們的預期，原因是 Red Dead Redemption 2 的強勁銷售以及新玩家的持續湧入以及一系列更新，包括快速抽獎俱樂部的第四部分、All Hallows' Call to Arms、The Halloween Pass 2和Holiday Call to Arms。

2K and Gearbox Software expanded our popular Borderland series further with the release of Borderlands 3 Ultimate Edition. Our teams also rereleased the 2013 fan favorite, Tiny Tina's Assault on Dragon Keep: A Wonderlands One-Shot Adventure on a stand-alone basis, which exceeded our expectations and is helping set the stage for next month's eagerly anticipated launch of Tiny Tina's Wonderlands.

隨著《無主之地 3》終極版的發布，2K 和 Gearbox Software 進一步擴展了我們廣受歡迎的《無主之地》系列。我們的團隊還重新發布了 2013 年粉絲最喜歡的單機版《小蒂娜突襲龍堡：仙境一擊冒險》，這超出了我們的預期，並為下個月備受期待的小蒂娜仙境發布奠定了基礎。

During the third quarter, recurrent consumer spending rose 2% over last year, which was in line with our expectations of a slight increase and accounted for 57% of net bookings. Our ability to captivate and deeply engage audiences with our offerings remains a distinguishing characteristic of our enterprise. NBA 2K and Grand Theft Auto Online were the largest contributors to recurrent consumer spending, and many of our free-to-play offerings were notable drivers as well.

第三季度，經常性消費支出比去年增長 2%，符合我們的小幅增長預期，占淨預訂量的 57%。我們用我們的產品吸引和深入吸引觀眾的能力仍然是我們企業的一個顯著特徵。 NBA 2K 和 Grand Theft Auto Online 是經常性消費者支出的最大貢獻者，我們的許多免費遊戲產品也是顯著的推動力。

Nordeus delivered a strong quarter as its newly released Top Eleven 2022 achieved record-high seasonal net bookings, driven by new features, gameplay improvements and enhanced live operations. Two Dots (sic) [Dots Two] posted record net bookings results, attributable to additional in-game events, curated seasonal content and successful marketing activations. Dragon City and Monster Legends performance was driven by enhanced live operations, new event types and strong seasonal content.

Nordeus 的季度表現強勁，其新發布的 Top 11 2022 在新功能、遊戲改進和增強的現場運營的推動下實現了創紀錄的季節性淨預訂量。 Two Dots (sic) [Dots Two] 發布了創紀錄的淨預訂結果，這歸功於額外的遊戲內活動、策劃的季節性內容和成功的營銷活動。 Dragon City 和 Monster Legends 的表現受到增強的現場運營、新的活動類型和強大的季節性內容的推動。

2K launched Season 8 for WWE SuperCard, which has now been downloaded more than 25 million times and remains 2K's highest-grossing mobile game. NBA 2K Online in China outperformed our expectations. The title remains the #1 online PC sports game in the region with over 55 million registered users.

2K 為 WWE SuperCard 推出了第 8 季，該遊戲現已下載超過 2500 萬次，仍然是 2K 收入最高的手機遊戲。 《NBA 2K Online》在中國的表現超出了我們的預期。該遊戲仍然是該地區排名第一的在線 PC 體育遊戲，註冊用戶超過 5500 萬。

Turning to our outlook. As a result of our third quarter outperformance, along with our updated forecast for the balance of the year, we are once again raising our guidance for fiscal year 2022 and we now expect to achieve net bookings of $3.37 billion to $3.42 billion. Lainie will provide more details shortly.

轉向我們的前景。由於我們第三季度的出色表現，以及我們對今年餘額的更新預測，我們再次提高了對 2022 財年的指導，我們現在預計將實現 33.7 億美元至 34.2 億美元的淨預訂。 Lainie 將很快提供更多細節。

Looking ahead, we remain highly optimistic about the future of the interactive entertainment industry and our multiyear growth trajectory. We have the strongest and most diverse pipeline in our company's history, comprised of new intellectual properties as well as sequels to many of our beloved franchises. We look forward to delivering many of these titles in the coming months and beyond.

展望未來，我們對互動娛樂行業的未來和我們多年的增長軌跡保持高度樂觀。我們擁有公司歷史上最強大、最多樣化的管道，包括新的知識產權以及我們許多心愛的特許經營權的續集。我們期待在未來幾個月及以後交付許多此類游戲。

We're also confident that we can emerge as an even stronger player within our industry and deliver long-term value for our shareholders following the anticipated closing of our transaction with Zynga. With greater scale, extensive synergies and a more diversified portfolio of industry-leading titles, we believe that together, our 2 companies will far exceed our individual goals. We'd like to thank all of our stakeholders for their continued support.

我們也有信心，在我們與 Zynga 的預期交易完成後，我們可以成為行業內更強大的參與者，並為我們的股東創造長期價值。憑藉更大的規模、廣泛的協同效應和更多元化的行業領先遊戲組合，我們相信，我們兩家公司的合作將遠遠超過我們各自的目標。我們要感謝所有利益相關者的持續支持。

I'll now turn the call over to Karl.

我現在把電話轉給卡爾。

Thanks, Strauss. I'd like to thank our teams for delivering another outstanding quarter driven by their continued commitment to excellence and dedication to our business.

謝謝，施特勞斯。我要感謝我們的團隊在他們對卓越的持續承諾和對我們業務的奉獻的推動下又交付了一個出色的季度。

I'll start by discussing our announced offerings planned for the remainder of this fiscal year. Tomorrow, Private Division and our recently acquired Roll7 Studio will launch OlliOlli World on Nintendo Switch, Xbox and PlayStation consoles and Steam. This skateboard and action performer has been eagerly awaited by fans and received significant critical praise for its unique art style and tight gameplay mechanics. Reviews for OlliOlli World have been extremely positive with multiple sites recommending or calling the title an essential purchase, with the game currently scoring an 85 on OpenCritic and 84 on Metacritic. We're thrilled to add this popular series to our portfolio and to pursue exciting new projects with the talented team at Roll7.

我將首先討論我們計劃在本財年剩餘時間內發布的產品。明天，Private Division 和我們最近收購的 Roll7 Studio 將在 Nintendo Switch、Xbox 和 PlayStation 遊戲機以及 Steam 上推出 OlliOlli World。這位滑板和動作表演者一直受到粉絲們的熱切期待，並因其獨特的藝術風格和嚴密的遊戲機製而受到好評。 OlliOlli World 的評論非常積極，多個網站推薦或稱其為必不可少的購買項目，該遊戲目前在 OpenCritic 上獲得 85 分，在 Metacritic 上獲得 84 分。我們很高興將這個受歡迎的系列添加到我們的產品組合中，並與 Roll7 的才華橫溢的團隊一起追求令人興奮的新項目。

In early March, 2K and Visual Concepts will launch WWE 2K22, which we believe will set a new benchmark in quality for the series. The game offers more features and enhancements than any prior WWE 2K release, including a redesigned gameplay engine, new controls, foundational improvements, upgraded visuals and an array of features specifically requested by our passionate player base. WWE 2K22 will hit different, giving players complete control over the game's universe, including a new look and feel, accessible but challenging gameplay and significant replay value.

3 月初，2K 和 Visual Concepts 將推出 WWE 2K22，我們相信這將為該系列設定新的質量基準。與之前的 WWE 2K 版本相比，該遊戲提供了更多的功能和增強功能，包括重新設計的遊戲引擎、新的控件、基礎改進、升級的視覺效果以及我們熱情的玩家群特別要求的一系列功能。 WWE 2K22 將與眾不同，讓玩家可以完全控制遊戲的世界，包括全新的外觀和感覺、可訪問但具有挑戰性的遊戲玩法和重要的重玩價值。

Rey Mysterio, one of the most renowned and respected WWE icons of all time, will grace the cover of this year's game in true Lucha Libre fashion. We can't wait for players to step into the ring with WWE 2K22 and experience all the groundbreaking enhancements on which our teams have been tirelessly working.

Rey Mysterio，有史以來最著名和最受尊敬的 WWE 偶像之一，將以真正的 Lucha Libre 時尚為今年遊戲的封面增光添彩。我們迫不及待地等待玩家們加入 WWE 2K22 並體驗我們團隊一直在不懈努力的所有突破性增強功能。

On March 15, Rockstar Games will launch Grand Theft Auto V for PlayStation 5 and Xbox Series S and X, bringing the blockbuster entertainment experience to an unprecedented third-console generation. This new release features new graphics, modes -- features new graphic modes with up to 4K resolution, up to 60 frames per second, texture and draw distance upgrades, HDR options and rate tracing as well as faster loading times, immersive 3D audio, platform-specific features and much more. We are also excited for new players to join the thriving Grand Theft Auto Online community on the latest hardware when the stand-alone offering is released in March, with Grand Theft Auto Online free on PlayStation 5 for the first 3 months.

3 月 15 日，Rockstar Games 將推出適用於 PlayStation 5 和 Xbox Series S 和 X 的 Grand Theft Auto V，將轟動一時的娛樂體驗帶到前所未有的第三代遊戲機。這個新版本具有新的圖形、模式——具有高達 4K 分辨率、高達每秒 60 幀的新圖形模式、紋理和繪製距離升級、HDR 選項和速率跟踪以及更快的加載時間、沉浸式 3D 音頻、平台- 特定功能等等。我們也很高興看到新玩家在 3 月發布獨立產品時加入蓬勃發展的俠盜獵車手在線社區，使用最新硬件，前 3 個月在 PlayStation 5 上免費提供俠盜獵車手在線模式。

PlayStation 4 and Xbox One players eager to continue their journey on the newest generation of hardware will be able to transfer both the Grand Theft Auto V Story Mode progress and their current Grand Theft Auto Online characters and progression to PlayStation 5 and Xbox Series X and S with a one-time migration at launch.

渴望在最新一代硬件上繼續他們旅程的 PlayStation 4 和 Xbox One 玩家將能夠將 Grand Theft Auto V 故事模式進度以及他們當前的 Grand Theft Auto Online 角色和進度轉移到 PlayStation 5 和 Xbox Series X 和 S在啟動時進行一次性遷移。

On March 25, 2K and Gearbox Software will launch an exciting delay tree from the Borderlands universe, Tiny Tina's Wonderlands, the highly anticipated fantasy-fueled and all new take on the looter shooter genre. During the game awards in December, 2K debuted a story trailer introduced on stage by members of Tiny Tina's Wonderlands' all-star celebrity cast. On the heels of the star-studded event, player segment for Tiny Tina's Wonderlands is at an all-time high. We expect the segment to continue to build as we grant access to media and content creators for extended previews and reviews and reveal new gameplay details in the coming weeks. We are looking forward to wrapping up our fiscal year with this tent-pole release.

3 月 25 日，2K 和 Gearbox Software 將推出來自無主之地宇宙的激動人心的延遲樹，Tiny Tina's Wonderlands，備受期待的奇幻遊戲和搶劫射擊遊戲類型的全新演繹。在 12 月的遊戲頒獎典禮上，2K 首次推出了由 Tiny Tina's Wonderlands 全明星名人演員在舞台上介紹的故事預告片。在星光熠熠的賽事之後，Tiny Tina's Wonderlands 的玩家群體達到了歷史最高水平。隨著我們授予媒體和內容創作者的訪問權限以進行擴展預覽和評論，並在未來幾週內揭示新的遊戲細節，我們預計該細分市場將繼續發展。我們期待著用這個帳篷桿發布結束我們的財政年度。

Looking ahead to fiscal year 2023. Rockstar Games will launch Grand Theft Auto: The Trilogy -- The Definitive Edition for iOS and Android devices in the first half of calendar 2022. 2K and Firaxis Games remain deeply immersed in the development of Marvel's Midnight Suns, one of our most exciting upcoming releases, which will launch this fall. The team is diligently working to add more story content, cinematics and overall polish to the game. Given the immense global popularity and cross-media presence of the Marvel Universe, coupled with Firaxis Games' proven success in creating deeply immersive games, we believe this title has the potential to appeal to a broad audience that will enjoy experiencing some of comics' most legendary heroes in all new way.

展望 2023 財年。Rockstar Games 將於 2022 年上半年推出適用於 iOS 和 Android 設備的《俠盜獵車手：三部曲》最終版。2K 和 Firaxis Games 仍然深入參與漫威午夜太陽的開發，我們最激動人心的即將發布的版本之一，將於今年秋季推出。團隊正在努力為遊戲添加更多故事內容、過場動畫和整體潤色。鑑於漫威宇宙在全球範圍內的巨大知名度和跨媒體影響力，再加上 Firaxis Games 在創造深度沉浸式遊戲方面的成功經驗，我們相信這款遊戲有可能吸引更多喜歡體驗漫畫的廣大觀眾。全新的傳奇英雄。

Private Division and Intercept Games remain hard at work on Kerbal Space Program 2, the next iteration in our beloved space exploration simulation series. We'll have more to share about our fiscal 2023 pipeline in the coming months and during our fourth quarter call in May.

Private Division 和 Intercept Games 仍在努力開發 Kerbal Space Program 2，這是我們心愛的太空探索模擬系列的下一個迭代。在接下來的幾個月和 5 月的第四季度電話會議上，我們將分享更多關於 2023 財年管道的信息。

Turning to eSports. The NBA 2K League is gearing up for its fifth season, which will provide a thrilling tournament-centric structure, including 3-on-3 gameplay, amateur teams versus NBA2K League teams and a significantly higher price pool. On February 26, fans can tune in to the league's Twitch and YouTube channels to watch its draft on live stream.

轉向電子競技。 NBA 2K 聯賽正在為第五個賽季做準備，這將提供一個以錦標賽為中心的激動人心的結構，包括 3 對 3 比賽、業餘球隊與 NBA2K 聯賽球隊以及顯著更高的價格池。 2 月 26 日，球迷們可以收看聯盟的 Twitch 和 YouTube 頻道，在直播中觀看其選秀。

In keeping with its ongoing commitment to women in eSports, last month, the League held its third annual Women in Gaming Development Camp and brought together top amateur female NBA 2K players to compete alongside and learn from League players and coaches and to participate in off-court development sessions focused on amplifying the voices in women in gaming.

為了兌現其對電子競技女性的持續承諾，上個月，聯盟舉辦了第三屆年度女性遊戲發展訓練營，匯集了頂級的業餘 NBA 2K 女性選手，與聯盟選手和教練一起競爭並向他們學習，並參加非球場發展會議的重點是擴大女性在遊戲中的聲音。

In closing, we believe there is a vast potential for our company to continue captivating and engaging audiences around the world by delivering the very best entertainment experiences. The next few months represent an exciting time for Take-Two as we release many of our new titles and prepare for a transformative combination with Zynga, which brings with it a diverse portfolio of titles, impressive data science capabilities, industry-leading publishing and live operations, a massive customer database and their leading advertising platform, Chartboost. Together, we expect to benefit from substantial costs in publishing synergies while also unlocking significant new revenue streams and reaching new audiences around the world. As we capitalize on these and other opportunities, we believe we will deliver long-term value for our shareholders.

最後，我們相信我們公司有巨大的潛力通過提供最好的娛樂體驗來繼續吸引和吸引世界各地的觀眾。接下來的幾個月對 Take-Two 來說是一個激動人心的時刻，因為我們發布了許多新遊戲，並準備與 Zynga 進行變革性組合，Zynga 將帶來多樣化的遊戲組合、令人印象深刻的數據科學能力、行業領先的出版和直播運營、龐大的客戶數據庫及其領先的廣告平台 Chartboost。我們希望共同從出版協同效應的巨額成本中受益，同時還可以釋放重要的新收入來源並接觸世界各地的新受眾。隨著我們利用這些機會和其他機會，我們相信我們將為股東創造長期價值。

I'll now turn the call over to Lainie.

我現在把電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss our third quarter results and then review our financial outlook for our fiscal year 2022 and fourth quarter. Please note that additional details regarding our actual results and outlook are contained in our press release.

謝謝，卡爾，大家下午好。今天，我將討論我們的第三季度業績，然後回顧我們對 2022 財年和第四季度的財務展望。請注意，我們的新聞稿中包含有關我們實際結果和展望的更多詳細信息。

As Strauss mentioned, our holiday results were outstanding driven by strong engagement across our key franchises. Net bookings were $866 million, which was above our guidance of $800 million to $850 million and up 6% as compared to last year. Our outperformance was primarily driven by Grand Theft Auto: The Trilogy -- The Definitive Addition, Red Dead Redemption 2 and Red Dead Online and NBA 2K22.

正如施特勞斯所提到的，我們的假期業績非常出色，這得益於我們主要特許經營權的強大參與度。淨預訂額為 8.66 億美元，高於我們 8 億至 8.5 億美元的指引，與去年相比增長 6%。我們的出色表現主要是受到俠盜獵車手三部曲——最終加成、荒野大鏢客救贖 2 和荒野大鏢客在線以及 NBA 2K22 的推動。

During the period, recurring consumer spending increased 2% compared to our outlook of a slight increase and accounted for 57% of total net bookings. Digitally delivered net bookings increased 12%, which was above our outlook of a 5% increase and accounted for 88% of the total. Our outperformance was primarily due to higher-than-expected digitally delivered full game sales. During the quarter, 63% of console game sales were delivered digitally, up from 56% last year.

在此期間，經常性消費者支出增長了 2%，而我們的預期略有增長，佔總淨預訂量的 57%。數字化交付的淨預訂量增長了 12%，高於我們預期的 5%，佔總預訂量的 88%。我們的出色表現主要是由於數字化交付的完整遊戲銷售額高於預期。本季度，63% 的主機遊戲銷售以數字方式交付，高於去年的 56%。

GAAP net revenue increased 5% to $903 million, and cost of goods sold increased 1% to $350 million. Operating expenses increased by 18% to $399 million, primarily driven by higher personnel and stock-based compensation expenses; the addition of Nordeus and the revaluation of its earn-out; partially offset by lower marketing expense. GAAP net income was $145 million or $1.24 per share as compared to $182 million or $1.57 per share in the third quarter last year. We ended the quarter with approximately $2.5 billion of cash and short-term investments.

GAAP 淨收入增長 5% 至 9.03 億美元，銷售成本增長 1% 至 3.5 億美元。運營費用增長 18% 至 3.99 億美元，主要是由於人事和股票薪酬支出增加；增加 Nordeus 並重新評估其收益；部分被較低的營銷費用所抵消。 GAAP 淨收入為 1.45 億美元或每股 1.24 美元，而去年第三季度為 1.82 億美元或每股 1.57 美元。我們以大約 25 億美元的現金和短期投資結束了本季度。

Turning to our guidance. I'll begin with our full fiscal year expectations. We are raising our net bookings outlook range to $3.37 billion to $3.42 billion. This is up from our prior outlook of $3.3 billion to $3.4 billion due to our third quarter outperformance, along with our updated forecast for the fourth quarter. The largest contributors to net bookings are expected to be: NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Borderlands 3 and Grand Theft Auto: The Trilogy -- The Definitive Edition. We expect the net bookings breakdown from our label to be roughly 50% 2K, 40% Rockstar Games and 10% Private Division and T2 Mobile Games. We forecast our geographic net booking split to be about 60% United States and 40% international.

轉向我們的指導。我將從我們對整個財年的預期開始。我們將淨預訂前景範圍提高至 33.7 億美元至 34.2 億美元。由於我們第三季度的出色表現以及我們對第四季度的更新預測，這高於我們之前的 33 億美元至 34 億美元的預期。預計淨預訂量的最大貢獻者將是：NBA 2K、俠盜獵車手在線和俠盜獵車手 V、Red Dead Redemption 2 和 Red Dead Online、Borderlands 3 和俠盜獵車手：三部曲——最終版。我們預計，我們品牌的淨預訂量細分約為 50% 的 2K、40% 的 Rockstar Games 和 10% 的 Private Division 和 T2 手游。我們預測我們的地理淨預訂份額約為美國的 60% 和國際的 40%。

We now expect recurrent consumer spending to decline by 5% compared to our prior outlook of a 6% decline and represents 65% of net bookings, which is in line with last year. We now project digitally delivered net bookings to decrease by approximately 3% compared to our prior outlook of a 4% decline. 90% of our net bookings are expected to be digital, slightly above 89% last year. Our forecast assumes that 69% of console game sales will be delivered digitally, up from 64% last year.

我們現在預計經常性消費者支出將下降 5%，而我們之前預測的下降 6%，占淨預訂量的 65%，與去年持平。我們現在預計數字交付的淨預訂量將減少約 3%，而我們之前預測的下降 4%。預計我們 90% 的淨預訂將是數字化的，略高於去年的 89%。我們的預測假設 69% 的主機遊戲銷售將以數字方式交付，高於去年的 64%。

We expect to generate more than $400 million in non-GAAP adjusted unrestricted operating cash flow, and we plan to deploy approximately $170 million for capital expenditures. We are raising our GAAP net revenue outlook to $3.41 billion to $3.46 billion, and we now expect cost of goods sold to range from $1.52 billion to $1.54 billion.

我們預計將產生超過 4 億美元的非 GAAP 調整後的無限制經營現金流，我們計劃部署約 1.7 億美元用於資本支出。我們將 GAAP 淨收入預期提高至 34.1 億美元至 34.6 億美元，我們現在預計銷售成本將在 15.2 億美元至 15.4 億美元之間。

Total operating expenses are expected to range from $1.48 billion to $1.49 billion, which at the midpoint represents a 23% increase over the prior year. This increase includes investments in marketing, personnel, IT and research and development that will help us deliver our expansive multiyear pipeline. It also reflects the addition of Nordeus and a full year of Playdots as well as an increase in stock compensation expense. Our operating expense expectations are slightly above our prior guidance, primarily driven by the transaction costs associated with our anticipated combination with Zynga.

總運營費用預計在 14.8 億美元至 14.9 億美元之間，中點比上年增長 23%。這一增長包括對營銷、人員、IT 和研發的投資，這些投資將幫助我們交付龐大的多年管道。它還反映了 Nordeus 和 Playdots 全年的增加以及股票補償費用的增加。我們的運營費用預期略高於我們之前的指導，主要受與我們與 Zynga 的預期合併相關的交易成本驅動。

We expect GAAP net income to range from $361 million to $373 million or $3.10 to $3.20 per share. For management reporting purposes, we expect our tax rate to be 16% for the remainder of fiscal 2022.

我們預計 GAAP 淨收入將在 3.61 億美元至 3.73 億美元或每股 3.10 美元至 3.20 美元之間。出於管理報告目的，我們預計 2022 財年剩餘時間內的稅率為 16%。

Now moving to our guidance for the fiscal fourth quarter. We project net bookings to range from $808 million to $858 million compared to $785 million in the fourth quarter last year. The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, which includes Grand Theft Auto V for PlayStation 5 and Xbox Series X and S, Tiny Tina's Wonderlands, Red Dead Redemption 2 and Red Dead Online, Grand Theft Auto: The Trilogy -- The Definitive Edition and WWE 2K22. We project recurrent consumer spending to be down 3% compared to last year and digitally delivered net bookings to increase slightly.

現在轉到我們對第四財季的指導。我們預計淨預訂量在 8.08 億美元至 8.58 億美元之間，而去年第四季度為 7.85 億美元。淨預訂量的最大貢獻者預計將是 NBA 2K、俠盜獵車手在線和俠盜獵車手 V，其中包括適用於 PlayStation 5 和 Xbox Series X 和 S 的俠盜獵車手 V、Tiny Tina's Wonderlands、Red Dead Redemption 2 和 Red Dead在線，俠盜獵車手：三部曲——權威版和 WWE 2K22。我們預計經常性消費者支出將比去年下降 3%，而數字化交付的淨預訂量將略有增加。

Our forecast assumes that 77% of console game sales will be delivered digitally, up from 74% last year. We expect GAAP net revenue to range from $835 million to $885 million and cost of goods sold to range from $380 million to $406 million. Operating expenses are expected to range from $389 million to $399 million. At the midpoint, this represents a 30% increase over last year, driven primarily by higher marketing expenses to support our fourth quarter release slate, the addition of Nordeus, and transaction costs associated with our anticipated combination with Zynga. GAAP net income is expected to range from $53 million to $65 million or $0.46 to $0.56 per share.

我們的預測假設 77% 的主機遊戲銷售將以數字方式交付，高於去年的 74%。我們預計 GAAP 淨收入將在 8.35 億美元至 8.85 億美元之間，商品銷售成本在 3.8 億美元至 4.06 億美元之間。運營費用預計在 3.89 億美元至 3.99 億美元之間。在中點，這比去年增加了 30%，這主要是由於支持我們第四季度發布計劃的營銷費用增加、Nordeus 的加入以及與我們與 Zynga 的預期組合相關的交易成本。 GAAP 淨收入預計在 5300 萬美元至 6500 萬美元或每股 0.46 美元至 0.56 美元之間。

Looking ahead, we have many exciting projects underway across all of our labels, and we plan to make continued investments next year to prepare for some of our major launches. With our incredible portfolio of creative assets, our significant growth opportunities, including our robust pipeline and our strong balance sheet, we remain highly confident in our long-term growth trajectory and our ability to deliver shareholder value.

展望未來，我們所有品牌都有許多令人興奮的項目正在進行中，我們計劃明年繼續投資，為我們的一些主要發布做準備。憑藉我們令人難以置信的創意資產組合、重要的增長機會，包括我們強大的管道和強大的資產負債表，我們對我們的長期增長軌跡和我們為股東創造價值的能力充滿信心。

Before I turn the call back over to Strauss, I'd like to reiterate that we are very excited about our anticipated combination with Zynga. We believe that the proposed transaction will not only bring together our highly complementary portfolios but will also significantly increase Take-Two's scale and provide many new growth opportunities.

在我將電話轉回 Strauss 之前，我想重申一下，我們對與 Zynga 的預期結合感到非常興奮。我們相信，擬議的交易不僅將整合我們高度互補的投資組合，還將顯著增加 Take-Two 的規模並提供許多新的增長機會。

As we disclosed in our January 10 announcement, we expect the combined business to deliver a 14% compound annual growth rate for the 3-year period from our fiscal 2021 through 2024, excluding any of the proposed transactions, revenue opportunities or any future acquisitions.

正如我們在 1 月 10 日的公告中披露的那樣，我們預計合併後的業務將在 2021 財年至 2024 財年的 3 年期間實現 14% 的複合年增長率，不包括任何擬議的交易、收入機會或任何未來的收購。

In terms of next steps, we expect to file our joint S-4, which includes the proxy statement and prospectus, with the SEC in late February or early March, and our stockholder voting will occur in the spring. We continue to expect the transaction to close in the first quarter of our fiscal year 2023.

就下一步而言，我們預計將在 2 月底或 3 月初向美國證券交易委員會提交我們的聯合 S-4，其中包括代理聲明和招股說明書，我們的股東投票將在春季進行。我們繼續預計該交易將在我們 2023 財年的第一季度完成。

Thank you. I'll now turn the call back to Strauss.

謝謝你。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for delivering another outstanding quarter. And to our shareholders, I want to express our appreciation for your continued support.

謝謝，萊妮和卡爾。我代表我們的整個管理團隊，感謝我們的同事們帶來了另一個出色的季度。對於我們的股東，我想對您一直以來的支持表示感謝。

We'll now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question is from Mario Lu with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Mario Lu。

Maybe first on NBA 2K. You guys mentioned that DAUs and bookings were up 10% year-on-year. So just wondering if you could dig a little bit deeper into whether this growth was due to macro-based factors or new modes within the game. Anything that you can point to that suggests that this growth is sustainable long term?

也許首先是在 NBA 2K 上。你們提到 DAU 和預訂量同比增長 10%。所以只是想知道你是否可以更深入地挖掘一下這種增長是由於基於宏觀的因素還是遊戲中的新模式。您能指出的任何事情表明這種增長是可持續的長期嗎？

Mario, it's Karl. I'm not sure that there's any real macro issues that are going on that I would attribute to the game. I'm sure -- obviously, the NBA is having -- is incredibly successful and is having growth. So that always helps. And we're thrilled with that partnership.

馬里奧，是卡爾。我不確定是否存在任何真正的宏觀問題，我會將其歸因於遊戲。我敢肯定——很明顯，NBA正在擁有——非常成功並且正在成長。所以這總是有幫助的。我們對這種夥伴關係感到興奮。

The game's just great. I mean the game is really out of the gate performed fantastically well. I think people are reacting, first and foremost, to the quality of the game and also to the expansive amount of content in the game. And we're just really focused on driving engagement.

遊戲簡直太棒了。我的意思是這場比賽真的非常出色。我認為人們首先對遊戲的質量以及遊戲中大量的內容做出反應。我們只是真正專注於推動參與。

And I think every year, the team at Visual Concepts and 2K continues to add more and more content, more modes and actually enable those modes to work more seamlessly together with innovations such as the city, neighborhood, et cetera. So really for us, it's about the quality of the game and driving engagement through offering more and more and better content. And that's really what we see driving growth.

而且我認為每年，Visual Concepts 和 2K 的團隊都會繼續添加越來越多的內容、更多模式，並且實際上使這些模式能夠與城市、社區等創新更加無縫地協同工作。所以對我們來說，這關乎遊戲的質量和通過提供越來越多更好的內容來推動參與度。這就是我們看到的推動增長的真正原因。

And we're not finished. I mean there's -- we're not nowhere near saturation point at this point. There's a lot of greenfield in front of us. And as long as we continue to deliver on the quality of the content, then we expect the growth to continue for the foreseeable future.

我們還沒有完成。我的意思是——在這一點上，我們離飽和點還很遠。我們面前有很多綠地。只要我們繼續提供高質量的內容，那麼我們預計在可預見的未來會繼續增長。

Got it. And then maybe one on GTA. So yes, playing devil's advocate here a little bit. So one of the main drivers of outperformance this quarter, you guys mentioned, was The Trilogy. But I believe there were a number of bugs launched that affected gameplay. So one, has this issue been fixed? And then two, more importantly, has there been any changes made to the QA process to ensure that this does not happen to future launches such as GTA Enhanced next month and the next entry in the series thereafter?

知道了。然後可能是 GTA 上的一個。所以，是的，在這裡扮演魔鬼的擁護者。因此，你們提到，本季度表現優異的主要驅動因素之一是三部曲。但我相信已經發布了一些影響遊戲玩法的錯誤。那麼問題來了，這個問題解決了嗎？然後是兩個，更重要的是，是否對 QA 流程進行了任何更改，以確保未來的發布不會發生這種情況，例如下個月的 GTA 增強版和之後的系列中的下一個條目？

Thanks for the question. Yes, we are totally focused on quality here. And we always want to deliver the best possible experience. Very occasionally, we fall short. And I think The Trilogy was an example of that. And the title was launched with some issues. We've addressed many of them. There are more fixes to come. And going forward, we remain highly focused on quality, and we are exceedingly confident in all of our upcoming releases.

謝謝你的問題。是的，我們在這裡完全專注於質量。我們始終希望提供最好的體驗。非常偶爾，我們達不到要求。我認為三部曲就是一個例子。標題發佈時存在一些問題。我們已經解決了其中許多問題。還有更多的修復。展望未來，我們仍然高度關注質量，我們對即將發布的所有版本都非常有信心。

Our next question is from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matthew Cost。

So I guess on the 14% CAGR guidance, I think it implies something like $9 billion of revenue for the combined entity in fiscal '24. I guess that seems to imply a pretty significant amount of top line growth kind of for the core Take-Two business, excluding Zynga. So I guess what would you call out as kind of the biggest, most important drivers over the next 2 years to get to that higher revenue base? And which are the most important ones to get there?

所以我猜在 14% 的複合年增長率指導下，我認為這意味著合併後的實體在 24 財年的收入約為 90 億美元。我想這似乎意味著核心 Take-Two 業務的頂線增長相當可觀，不包括 Zynga。所以我想你會說什麼是未來兩年內最大、最重要的驅動因素，以達到更高的收入基礎？哪些是最重要的到達那裡？

And then I just guess, secondarily on Zynga. You've talked about the opportunity to drive revenue synergies by maybe using the tools at Zynga to bring some of your tent-pole IPs on to mobile in a bigger way than they have been in the past. How long do you think that would take? What does it look like? How much investment would it take to get there?

然後我只是猜測，其次是 Zynga。您談到了通過使用 Zynga 的工具以比過去更大的方式將您的一些支柱 IP 帶入移動設備來推動收入協同效應的機會。你認為這需要多長時間？它是什麼樣子的？到那裡需要多少投資？

Matthew, I'll start with the 14% CAGR. And when we're talking about Take-Two's pipeline of titles, we haven't given any detail deeper than that, but we have been talking about the growth of our pipeline over the last couple of years and the 20 titles per year that we've been growing over time. And that's really what's in those numbers. And we talked about more immersive core titles and how we were supporting the pipeline of title, and that's really where that growth is coming from.

馬修，我將從 14% 的複合年增長率開始。當我們談論 Take-Two 的遊戲系列時，我們沒有提供任何比這更深入的細節，但我們一直在談論我們在過去幾年中管道的增長以及我們每年推出的 20 款遊戲'隨著時間的推移一直在增長。這就是這些數字中的真正含義。我們談到了更多身臨其境的核心遊戲，以及我們如何支持遊戲的管道，而這正是增長的來源。

And with regard to bringing Take-Two's core intellectual property to mobile with Zynga's help, look, we think that's one of many great opportunities. We've already said that we expect to achieve $100 million in cost synergies annually over the next couple of years. Additionally, we've identified at least $500 million of annual run rate revenue synergies, many of which are unrelated to new game launches, many of which are unrelated to bringing Take-Two IP to mobile.

關於在 Zynga 的幫助下將 Take-Two 的核心知識產權帶入移動領域，我們認為這是眾多絕佳機會之一。我們已經說過，我們希望在未來幾年內每年實現 1 億美元的成本協同效應。此外，我們已經確定了至少 5 億美元的年運行率收入協同效應，其中許多與新遊戲的發布無關，其中許多與將 Take-Two IP 帶入移動設備無關。

However, that is an opportunity. And while we haven't identified any heroics within there, we do think it's an interesting opportunity on a selective basis in the coming years. The actual investment is not significant compared to our core investment in console and PC IP.

然而，這是一個機會。雖然我們還沒有發現其中的任何英雄事蹟，但我們確實認為這是未來幾年有選擇的有趣機會。與我們對主機和PC IP的核心投資相比，實際投資並不顯著。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

I guess, first off, I'm just wondering for -- if you have any industry-level observations on the quarter that just passed. Several high-profile new releases in the industry underperformed expectations. Just wondering if you -- if there was a common denominator that you saw that might explain that or if they were really just title-specific.

我想，首先，我只是想知道——如果你對剛剛過去的季度有任何行業層面的觀察。業內幾個備受矚目的新版本表現低於預期。只是想知道您是否 - 如果您看到了一個可以解釋這一點的共同點，或者它們是否真的只是特定於標題。

And then secondly, on the mobile business, and I know we're looking past the close of the acquisition, but just curious to learn a little bit more about the road map for converting a bunch of your really strong console and PC franchises to mobile, how quickly you think that can develop?

其次，在移動業務方面，我知道我們正在回顧收購的結束，但只是想了解更多關於將一堆真正強大的控制台和 PC 特許經營權轉換為移動設備的路線圖，你認為這能發展多快？

Thanks for your question. Look, this is -- it's really hard to make hits in any entertainment industry. It's really hard to make hit video games. And now and then, we fall short; and now and then, our competitors fall short. We don't believe there's any trend in the industry. We just think that, over time, as entertainment industries mature, consumers' expectations always increase, and they should. So it's always our goal to do better with each iteration of a franchise or with each launch of a new intellectual property.

謝謝你的問題。看，這是 - 在任何娛樂行業都很難取得成功。製作熱門視頻遊戲真的很難。時不時地，我們功虧一簣；有時，我們的競爭對手會功虧一簣。我們不相信這個行業有任何趨勢。我們只是認為，隨著時間的推移，隨著娛樂行業的成熟，消費者的期望值總是會增加，而且應該如此。因此，我們的目標始終是在特許經營權的每次迭代或新知識產權的每次推出時做得更好。

And one of the things we're really proud of in our track record is with regard to our franchises, and we have 11 franchises, for example, that have sold over 5 million units with an individual release, each iteration has always sold more than the prior iteration, which is not always true for the industry and lately has really not been true for the industry, but it is true for us. But it will only remain true for us if we continue to focus on quality mightily. And that's job #1 around here.

在我們的業績記錄中，我們真正引以為豪的一件事是關於我們的特許經營權，例如，我們有 11 個特許經營權，單次發行的銷量超過 500 萬套，每次迭代的銷量總是超過之前的迭代，對於行業來說並不總是如此，最近對於行業來說確實不是這樣，但對我們來說卻是這樣。但是，如果我們繼續大力關注質量，這對我們來說仍然是正確的。這就是這裡的工作#1。

In terms of bringing Take-Two's core intellectual properties to mobile, that remains a very interesting opportunity. As I said earlier, we've identified around $500 million of annual run rate revenue synergies to be achieved in the coming years in the combination with Zynga in addition to $100 million of annual run rate cost synergies. And only a small portion of those synergies on the revenue side are attributable to new releases based on core Take-Two IP.

在將 Take-Two 的核心知識產權帶入移動設備方面，這仍然是一個非常有趣的機會。正如我之前所說，除了 1 億美元的年度運營成本協同效應外，我們已經確定了未來幾年與 Zynga 的結合將實現約 5 億美元的年度運營收入協同效應。在收入方面，只有一小部分協同效應可歸因於基於核心 Take-Two IP 的新版本。

So we have not identified any heroics. We know it will take some time. The financial investment in the context of our investing in the console and PC titles is not significant because obviously, the creation of a mobile title is not as heavy a lift. Equally, the hit ratios are not as strong in the mobile space. So I think we have a sober view of where we can go in the future. And we're really excited that we think Zynga's extraordinary developers and their extraordinary publishing abilities will enhance our ability to bring core intellectual property to the mobile market.

所以我們還沒有發現任何英雄事蹟。我們知道這需要一些時間。在我們投資主機和 PC 遊戲的背景下，財務投資並不重要，因為很明顯，創建移動遊戲並沒有那麼重。同樣，移動領域的命中率也不高。所以我認為我們對未來的發展方向有清醒的認識。我們真的很興奮，我們認為 Zynga 非凡的開發人員和他們非凡的發布能力將增強我們將核心知識產權帶入移動市場的能力。

Our next question is from Doug Creutz with Cowen & Co.

我們的下一個問題來自 Cowen & Co. 的 Doug Creutz。

A couple of questions on RCS. First, if you could just confirm what the RCS growth rate would have been on an organic basis without Nordeus. And then secondly, just to remind, I know that Tiny Tina is shipping with a premium addition that includes access to the season pass. How will that impact your RCS bookings in the fiscal fourth quarter?

關於 RCS 的幾個問題。首先，如果您能確認沒有 Nordeus 的情況下，RCS 的有機增長率會是多少。其次，提醒一下，我知道 Tiny Tina 附帶了一個高級附加功能，其中包括訪問季票。這將如何影響您在第四財季的 RCS 預訂？

RCS, I don't -- we didn't -- we don't break that out with Nordeus. So it's -- for the quarter, we had 2% up versus slight increase, but I don't have it broken out without Nordeus. But in total, for the year, we expect RCS to be slightly down by about 5%, and we originally expected it to be 15%. So RCS has been pretty strong for the year and beating our expectations for the year so far. So we're pretty happy with the performance for RCS for the year.

RCS，我沒有——我們沒有——我們沒有與 Nordeus 打破這一點。所以它是 - 對於本季度，我們有 2% 的增長而略有增長，但如果沒有 Nordeus，我就沒有突破。但總的來說，今年我們預計 RCS 將小幅下降約 5%，我們最初預計為 15%。因此，RCS 這一年的表現相當強勁，到目前為止超出了我們對這一年的預期。所以我們對 RCS 這一年的表現非常滿意。

And for Tiny Tina's, we're not breaking out the premium addition and how much that will impact RCS. So we're not giving that level of detail either.

而對於 Tiny Tina's，我們不會詳細說明額外的附加功能以及這將對 RCS 產生多大影響。所以我們也沒有給出那個級別的細節。

Well, I'm not asking for details, just conceptually, if you sell a premium edition pass that $30 incremental buy-up, presumably, some of that does benefit your RCS revenue in the quarter, correct?

好吧，我不是在問細節，只是從概念上講，如果您出售 30 美元增量購買的高級版通行證，大概其中一些確實有利於您在本季度的 RCS 收入，對嗎？

Some of it will be added into the RCS.

其中一些將被添加到 RCS 中。

Our next question is from Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer。

I was under the impression that GTA V Enhanced is not available for purchase yet. Can you confirm that? And how do you think about the pricing strategy for the GTA Enhanced relative to GTA V Premium? Do you intend to use pricing to differentiate the different value proposition between the upcoming Enhanced Edition and the current edition?

我的印像是 GTA V 增強版還不能購買。你能證實嗎？你如何看待 GTA Enhanced 相對於 GTA V Premium 的定價策略？您是否打算使用定價來區分即將推出的增強版和當前版本之間的不同價值主張？

So the GTA Enhanced, so the next-gen version of GTA V are not, in fact, available for purchase yet, but they will be. And in terms of pricing, we haven't discussed any pricing models around those new releases.

所以 GTA 增強版，所以 GTA V 的下一代版本實際上還沒有可供購買，但他們會。在定價方面，我們還沒有討論圍繞這些新版本的任何定價模型。

So conceptually, how would you market the Enhanced Edition versus the Premium Edition? So besides the graphic changes and content, is there any reasons you would give the upcoming potential buyers to purchase the Premium Edition also?

所以從概念上講，您將如何營銷增強版與高級版？那麼除了圖形變化和內容之外，您還有什麼理由讓即將到來的潛在買家也購買高級版？

Yes. It's an enhanced version for Gen 9 consoles, and there will be a lot of upgrades and plenty of reason to purchase it. And Rockstar, obviously, will be talking about that in the marketing materials.

是的。它是第 9 代遊戲機的增強版，會有很多升級和購買它的充分理由。顯然，Rockstar 將在營銷材料中談到這一點。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

Share with us where the company is in terms of returning to the office or studio and your confidence in your label's ability to hit the title count you presented in the slide deck? Do you see ongoing work-from-home as a risk to that?

與我們分享公司在返回辦公室或工作室方面的情況，以及您對您的品牌有能力達到您在幻燈片中展示的標題數量的信心嗎？您是否認為正在進行的在家工作會帶來風險？

And then separately, I think in past quarters, you guys have said that you expect fiscal '23 to see a re-acceleration in growth. Does that guidance still hold?

然後分開，我認為在過去的幾個季度中，你們曾說過，你們預計 23 財年的增長會重新加速。該指導是否仍然有效？

Yes. So look, return-to-office is sort of location by location question depending on the state of affairs in each location and what the local authorities are saying. And obviously, we comply with all local regulations. The expectation is that we're either back now or we will be back in the coming months. In any case, the company has proven that we can be very effective without regard to where people are working from. We've had great success in the context of remote work. And while I think all of us are anxious to get back to the office as soon as we possibly can, we're also mindful of the science and the circumstances.

是的。所以看，返回辦公室是一個地點問題，具體取決於每個地點的事態和地方當局的說法。顯然，我們遵守所有當地法規。期望是我們要么現在回來，要么我們將在未來幾個月內回來。無論如何，該公司已經證明，無論人們在哪里工作，我們都可以非常有效。我們在遠程工作方面取得了巨大成功。雖然我認為我們所有人都渴望盡快回到辦公室，但我們也注意到科學和環境。

We haven't had a quality lapse. We haven't had a timing lapse. We haven't had a financial lapse, and we don't expect to.

我們沒有質量過失。我們沒有時間流逝。我們沒有出現財務失誤，我們也不希望出現這種情況。

So in terms of fiscal year '23, so it's a little early for us to start to give detailed guidance for next year, but we plan to share that on our year-end earnings call in May. But what I can tell you that on a stand-alone basis, we do continue to believe that we will achieve sequential net bookings growth in fiscal year 2023, driven by some of the exciting releases that our labels have been working on. And at the same time, we will make continued investments next year in marketing, talent, in IT and space expansion as we prepare for some of the major launches that our teams have underway, which we project will enable us to deliver record levels of operating performance in the next few years.

因此，就 23 財年而言，我們現在開始為明年提供詳細指導還為時過早，但我們計劃在 5 月的年終收益電話會議上分享這一點。但我可以告訴你的是，在獨立的基礎上，我們仍然相信我們將在 2023 財年實現連續淨預訂量增長，這得益於我們標籤一直在努力的一些令人興奮的版本。與此同時，我們將在明年繼續投資於營銷、人才、IT 和空間擴張，為我們的團隊正在進行的一些重大發布做準備，我們預計這將使我們能夠實現創紀錄的運營水平未來幾年的表現。

Our next question is from Matthew Thornton with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Matthew Thornton。

Obviously, it's been -- fiscal 2022 has been interesting year. And Strauss, I was just wondering if we can get maybe your latest thoughts on maybe where we are in terms of reopening. Obviously, we had data privacy changes that had some impact on the mobile sector. Just kind of your thoughts as to maybe where we are there.

顯然，2022 財年是有趣的一年。施特勞斯，我只是想知道我們是否可以得到你關於我們在重新開放方面的最新想法。顯然，我們的數據隱私更改對移動行業產生了一些影響。只是你的想法，也許我們在那裡。

And then just hiring and retention has been challenging. And I don't think that's gaming-specific thing. I think that's broad-brush. But just curious to get your kind of latest take on some of those countervailing forces this year.

然後只是招聘和保留一直具有挑戰性。而且我不認為這是特定於遊戲的事情。我認為這是粗略的。但只是想知道你今年對其中一些反補貼力量的最新看法。

Well, in terms of reopening, as I just said, certain of our offices are fully open. Others will be opening in the coming months, depending on what happens in the marketplaces. We will listen to local authorities. We will pay attention to the science, and we're mostly sensitive to the health and well-being of our colleagues around the world. However, my belief is that we will largely be back in office within the next couple of months.

好吧，就重新開放而言，正如我剛才所說，我們的某些辦公室是完全開放的。其他將在未來幾個月內開放，具體取決於市場上發生的情況。我們將聽取地方當局的意見。我們將關注科學，我們對世界各地同事的健康和福祉最為敏感。但是，我相信我們將在接下來的幾個月內基本恢復工作。

But I think the broader point is that working remotely has not been an issue for the company in terms of quality or performance. So we'd all love to be back in the office. Our team today, who is on this call, we're all together in the office today, and we like it that way.

但我認為更廣泛的一點是，就質量或績效而言，遠程工作對公司來說並不是問題。所以我們都想回到辦公室。我們今天的團隊，誰在這個電話上，我們今天都在辦公室裡，我們喜歡這樣。

In terms of data privacy, we have not had any issues coming out from the change in IDFA. And we have an extraordinary customer database. And in the combination with Zynga, we expect to have more than 1 billion customer records, which gives us some massive opportunity from a marketing point of view despite the change in IDFA. So we feel just fine about being able to market and, at the same time, to maintain customers' privacy, which is an important value of ours.

在數據隱私方面，我們沒有因 IDFA 的變化而出現任何問題。我們有一個非凡的客戶數據庫。在與 Zynga 的結合中，我們預計將擁有超過 10 億條客戶記錄，儘管 IDFA 發生了變化，但從營銷的角度來看，這為我們提供了一些巨大的機會。因此，我們對能夠進行營銷並同時維護客戶的隱私感到滿意，這是我們的重要價值。

With regard to hiring, we brought on 300 new developers in the quarter. We continue to grow and grow rapidly, and that's been a good news story because we think people really like working at this company. And with regard to retention, it's an even better story. I think we have one of the lowest attrition rates in the industry, if not the lowest. I know our attrition rate is about half that of the industry average. We earn the right to say that every single day. We're really proud of our culture. It's of paramount importance to us.

在招聘方面，我們在本季度招聘了 300 名新開發人員。我們繼續快速成長，這是一個好消息，因為我們認為人們真的很喜歡在這家公司工作。關於留存率，這是一個更好的故事。我認為我們的員工流失率是業內最低的之一，如果不是最低的話。我知道我們的流失率大約是行業平均水平的一半。我們每天都有權這麼說。我們真的為我們的文化感到自豪。這對我們來說至關重要。

Strauss, just one point of clarification, I guess, on the reopening point. I was kind of curious, maybe from the player side, just where you think we are in terms of engagement trends. Are we kind of back to a "norm"? I'm just kind of curious your latest thoughts there.

施特勞斯，我想，只是澄清一點，關於重新開放點。我有點好奇，也許是從玩家的角度來看，你認為我們在參與趨勢方面所處的位置。我們是不是回到了“常態”？我只是有點好奇你最近的想法。

Yes. I think -- I don't think we're seeing enhanced demand because of the pandemic. I think we're seeing normalized demand at this point.

是的。我認為 - 我認為我們並沒有因為大流行而看到需求增加。我認為我們現在看到了正常化的需求。

Our next question is from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

We wanted to ask about the platforms a little bit, maybe like Stadia. Google is reportedly diminishing the gaming focus there. And maybe they just never had enough critical mass in terms of subs. Is there just a limit in terms of, hey, market opportunity for that type of device or experience or yet another platform in the market? Maybe gamers are more excited about enhanced versions for the Gen 9 platforms versus cost.

我們想稍微了解一下平台，比如 Stadia。據報導，谷歌正在減少那裡的遊戲重點。也許他們只是在潛艇方面從來沒有足夠的臨界質量。嘿，這種類型的設備或體驗或市場上的另一個平台的市場機會是否存在限制？也許遊戲玩家更喜歡 Gen 9 平台的增強版本而不是成本。

And then maybe a related topic, how do you view the recent market activity and the notion of exclusive titles or features of release Windows? Is cross-platforming really just diminishing the need -- actually, the ability to have exclusives?

然後可能是一個相關的話題，您如何看待最近的市場活動以及發布 Windows 的獨家標題或功能的概念？跨平台真的只是減少了需求——實際上，是擁有獨占的能力嗎？

On the first point, look, there's always a marketing story du jour in this business, and we're usually very sober about them. And a couple of years ago, the marketing story du jour was how cloud gaming would completely transform the industry and multiply demand by 20x. And what we said on these calls was we'd love to subscribe to that view, but we didn't subscribe to that view, that we thought streaming and cloud distribution was super interesting but probably wouldn't change the market size materially. And that's exactly what we've seen. It's super interesting, and it's not changing the market size materially.

首先，看，這個行業總是有一個營銷故事，我們通常對它們非常清醒。幾年前，當前的營銷故事是雲遊戲如何徹底改變行業並將需求增加 20 倍。我們在這些電話會議上所說的是我們很樂意訂閱該觀點，但我們沒有訂閱該觀點，我們認為流媒體和雲分發非常有趣，但可能不會實質性地改變市場規模。這正是我們所看到的。這非常有趣，它並沒有實質性地改變市場規模。

So there's broad distribution for our products now for those who want them. And I don't think that anything will occur on the platform side that will significantly change the marketplace going forward. The marketplace will change by virtue of putting out hits or not putting out hits. And I think you alluded to that. So as between platform-driven growth or product-driven growth, I'm going with product-driven growth, which means those who are great will do great and those who are good will have problems.

因此，我們的產品現在為那些需要它們的人提供了廣泛的分銷渠道。而且我認為平台方面不會發生任何會顯著改變未來市場的事情。市場將因推出熱門或不推出熱門而發生變化。我認為你提到了這一點。所以在平台驅動增長和產品驅動增長之間，我說的是產品驅動增長，這意味著好的人會做得很好，好的人會有問題。

Hard for me to opine about exclusive titles. I think in the event that a platform company acquires a label and that label's intellectual property, one could imagine those titles becoming exclusive in certain circumstances. I think outside of that, it's less likely, although there may be short-term exclusivity deals still as there always have been. And I do think cross-platform play is the wave of the future, and you're going to see more and more because consumers will demand it.

我很難對獨家標題發表意見。我認為，如果一家平台公司收購了一個標籤和該標籤的知識產權，人們可以想像這些標題在某些情況下會成為獨家產品。我認為除此之外，可能性較小，儘管可能仍然像往常一樣存在短期獨家交易。而且我確實認為跨平台遊戲是未來的潮流，你會看到越來越多，因為消費者會要求它。

Our next question is from Benjamin Soff with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Benjamin Soff。

I'd like to ask a little bit about RCS. It was sort of in line with your expectations, whereas over the past few quarters, you posted more meaningful outperformance. So the question is, were there any surprises, either positive or negative, that impacted RCS this quarter? And I've got a follow-up after that.

我想問一些關於 RCS 的問題。這有點符合您的預期，而在過去幾個季度中，您的表現更有意義。所以問題是，本季度是否有任何影響 RCS 的驚喜，無論是正面的還是負面的？在那之後我有一個後續行動。

So for RCS this quarter, NBA 2K22 outperformed as well as Red Dead Online, and GTA Online was in line with our strong expectations. We had some mobile titles that were modestly -- came in below our expectations. So net-net, we were slightly above our expectations. But when we had forecasted for this quarter, we knew that Q2 we had been so much higher. So we put some strong expectations on the page. So that's why we didn't over-exceed as much as we did last quarter.

所以對於本季度的 RCS，《NBA 2K22》和《荒野大鏢客 Online》的表現均優於《GTA 在線模式》，符合我們的強烈預期。我們有一些適度的移動遊戲 - 低於我們的預期。所以淨淨，我們略高於我們的預期。但是當我們對本季度進行預測時，我們知道第二季度的數據要高得多。因此，我們對頁面提出了一些強烈的期望。所以這就是為什麼我們沒有像上個季度那樣過度超過。

Got it. And then just how should we think about the trajectory of margins for the business over time? Specifically, what are the puts and takes that we should be mindful of as you guys bring to market a much larger number of games in the coming years?

知道了。然後我們應該如何考慮隨著時間的推移業務的利潤率軌跡？具體來說，當你們在未來幾年將更多遊戲推向市場時，我們應該注意哪些看跌期權？

So in terms of our bottom line margins, our expectation is as we build scale for the business is for our bottom line margins to continue to expand. So this year and next year, we have some investments that we're doing in terms of our operating expenses to drive our top line in terms of our organic growth and our pipeline of titles, as we've been talking about.

因此，就我們的底線利潤率而言，我們的預期是隨著我們為業務建立規模，我們的底線利潤率將繼續擴大。因此，正如我們一直在談論的那樣，今年和明年，我們在運營費用方面進行了一些投資，以推動我們在有機增長和遊戲渠道方面的收入。

And as that continues to build, our expectations are for our bottom line margins to continue to expand. And we've seen that on years where we've had some big hits, and we continue to expect to have those. And we expect to have some record years in the next couple of years. And with that, we would expect to see our bottom line margins expand.

隨著這種情況的繼續發展，我們的期望是我們的底線利潤率將繼續擴大。我們已經看到，在我們取得了一些大熱門的幾年裡，我們繼續期待擁有這些。我們預計在接下來的幾年裡會有一些創紀錄的年份。有了這個，我們希望看到我們的底線利潤率擴大。

Our next question is from Eric Handler with MKM Partners.

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

I wanted to talk a little bit about Red Dead Redemption 2. It looks like you sold on a quarter-over-quarter basis, an incremental 4 million units, your best quarter in a little bit of -- quite some time. I'm curious, was there anything special that led to that increase in unit sales? Or was this sort of seasonality around the holidays?

我想談談 Red Dead Redemption 2。看起來你的銷量環比增加了 400 萬台，這是你在很長一段時間內最好的季度。我很好奇，是否有什麼特別的原因導致銷量增加？或者是假期前後的這種季節性？

And secondly, I'm just curious what you're seeing from new cohort spending on Red Dead Online versus sort of existing cohort spending?

其次，我只是好奇你從 Red Dead 在線模式的新隊列支出與現有隊列支出的對比中看到了什麼？

So for Red Dead Redemption 2, we had a lot of holiday promos during the Christmas season, and that really drove a lot of the units as well as we had a series of updates. So a lot of people were playing the game. So that really drove a lot of those units. And in terms of the new cohort spending, we don't have any real details on that.

所以對於 Red Dead Redemption 2，我們在聖誕節期間推出了很多節日促銷活動，這確實推動了很多單位，我們也進行了一系列更新。所以很多人都在玩這個遊戲。所以這真的推動了很多這樣的單位。就新的隊列支出而言，我們沒有任何真正的細節。

Our next question is from Mike Hickey with The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Mike Hickey。

Congrats on the quarter, guys. Just 2. I'm not sure if you have given us the [engine] on this, but the GTA Trilogy for mobile, is that free-to-play? Or is that a premium offering?

祝賀本季度，伙計們。只是 2。我不確定你是否給了我們[引擎]，但是移動版 GTA 三部曲是免費的嗎？或者這是一個優質的產品？

And then second question, just looking at sort of Microsoft's acquisition of Activision, maybe Sony's acquisition of -- or excuse me, acquisition of Bungie, thinking about sort of the rise of subscription plans over time, thinking sort of 3 to 5 years, how you think that sort of changes the competitive landscape, maybe in particular for sort of the mid-lane budget gains if they can still be competitive outside of that subscription plan that's obviously going with a lot of content.

然後第二個問題，看看微軟對動視的收購，也許是索尼收購——或者對不起，收購 Bungie您認為這會改變競爭格局，尤其是對於中線預算收益而言，如果它們在顯然包含大量內容的訂閱計劃之外仍然具有競爭力的話。

So we haven't discussed pricing for Trilogy for mobile yet. And on the competitive landscape, hard to know really. I think there are probably puts and calls. I think assuming the Microsoft acquisition of Activision closes, that means there'll be really 2 very powerful leading pure-play interactive entertainment companies, and we'll be one of them. And I think that probably means there are some advantages in terms of attracting talent and being able to invest in really great experiences and to market them powerfully.

所以我們還沒有討論移動版 Trilogy 的定價。而在競爭格局上，真的很難知道。我認為可能有看跌期權和看漲期權。我認為，假設微軟完成對動視的收購，這意味著將有兩家非常強大的領先純互動娛樂公司，我們將成為其中之一。我認為這可能意味著在吸引人才和能夠投資於真正偉大的體驗並有力地推銷它們方面有一些優勢。

At the same time, a platform enterprise having an even more robust product slate, there will be benefits. And again, perhaps there'll be some detriments. I think we're very focused on that which we can control, and we tend not to spend a lot of time worrying about things that are out of our control. What's within our control is making hits. And as long as we maintain our approach, which is try to be the most creative, the most innovative and the most efficient company in the business, as long as we focus mightily on quality, we'd do well. And if we have a lapse, if we miss a step, if we divert our attention from that strategy, we don't do as well. So we have our work cut out for us, and we're focused on that work.

同時，平台企業擁有更強大的產品板，也會有好處。再說一次，也許會有一些不利因素。我認為我們非常專注於我們可以控制的事情，我們往往不會花很多時間擔心我們無法控制的事情。我們能控制的就是成功。只要我們堅持我們的方法，即努力成為業內最具創造力、最具創新性和最高效的公司，只要我們非常注重質量，我們就會做得很好。如果我們有失誤，如果我們錯過了一步，如果我們把注意力從那個策略上轉移開，我們就不會做得那麼好。因此，我們為我們完成了工作，我們專注於這項工作。

Our next question is from Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Strauss and Karl, I want to put you on a spot a little bit. It seems like there has been and continues to be a lot of potential for Private Division publishing opportunities for the company, but there doesn't seem to be a ton of studios out there that you may want to look to acquire maybe. So can you square that dynamic with us? Is it just that access to capital is easy and for the most part, these independent studios value their freedom and maybe want to remain that way?

所以施特勞斯和卡爾，我想稍微說明一下。似乎私人部門的出版機會一直存在並且將繼續存在很大潛力，但似乎沒有大量的工作室可供您尋求收購。那麼你能與我們保持一致嗎？僅僅是因為獲得資金很容易，而且在大多數情況下，這些獨立工作室重視他們的自由並且可能希望保持這種狀態嗎？

Well, the good news is that Private Division's business model doesn't require us to own the studios we're in business with. In fact, to the contrary. Private Division was set up to offer fantastic publishing marketing services and financing to creators who want to stay independent of the larger enterprises. And Michael Worosz and the team have done a great job building a business that does just that.

好消息是 Private Division 的商業模式並不要求我們擁有與我們有業務往來的工作室。事實上，恰恰相反。 Private Division 的成立旨在為希望獨立於大型企業的創作者提供出色的出版營銷服務和融資。 Michael Worosz 和他的團隊在建立一家能夠做到這一點的企業方面做得非常出色。

At the same time, we are able to own certain intellectual properties like Kerbal Space Program. And we've just announced that we've acquired Roll7, which makes OlliOlli World, which is being launched tomorrow incidentally and has great Metacritic scores on Switch, and we couldn't be more excited about it.

同時，我們能夠擁有某些知識產權，例如 Kerbal Space Program。我們剛剛宣布我們已經收購了 Roll7，這使得 OlliOlli World 成為明天順便推出的產品，並且在 Switch 上的 Metacritic 評分很高，我們對此感到無比興奮。

So I think right now, Private Division is able really to offer opportunities for those who want to stay independent and opportunities for those who want to be part of the Private Division system. We obviously have plenty of capital to deploy when the opportunity presents itself to own intellectual property. And the sky is the limit. It's still early days for Private Division. We're really excited about what will come in the future.

所以我認為現在，私人部門確實能夠為那些想要保持獨立的人提供機會，並為那些想要成為私人部門系統一部分的人提供機會。當擁有知識產權的機會出現時，我們顯然有大量資金可以部署。天空是極限。私人部門還處於早期階段。我們對未來會發生什麼感到非常興奮。

(Operator Instructions) Our next question is from Andrew Marok with Raymond James.

（操作員說明）我們的下一個問題來自 Andrew Marok 和 Raymond James。

With the performance of the contract so far and its greater emphasis on single player, I guess, how does that inform your road map for future GTA Online content releases? And does it necessarily say anything about the appetite for single-player experiences more broadly?

到目前為止，合同的表現以及對單人遊戲的更加重視，我想，這對您未來 GTA 在線模式內容髮布的路線圖有何影響？它是否一定會更廣泛地說明對單人遊戲體驗的興趣？

There was a time when a couple of our competitors were taking a position that single player was dead. We never took that position. We know that there's a role for single player. I believe there will be a role going forward. Then there are certain games that are meant to be only multiplayer experiences.

有一段時間，我們的幾個競爭對手認為單人玩家已經死了。我們從未擔任過那個職位。我們知道單人遊戲是有作用的。我相信未來會有一個角色。還有一些遊戲只能是多人遊戲體驗。

Rockstar is known for its storytelling. And yes, Rockstar's also known for these fantastic open-world experiences. They clearly do both really well. And the contract shows, as you just said, that consumers are really excited about Rockstar's storytelling ability. And at the same time, we had a great quarter with Grand Theft Auto Online. So there's a lot of excitement there. So the answer is sort of all of the above.

Rockstar以其講故事而聞名。是的，Rockstar 也以這些奇妙的開放世界體驗而聞名。他們顯然都做得很好。正如您剛才所說，合同表明，消費者對 Rockstar 的講故事能力感到非常興奮。與此同時，我們在 Grand Theft Auto Online 上度過了一個很棒的季度。所以那裡有很多興奮。所以答案是以上所有。

Our next question is from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

Just to follow up on a GTA Trilogy question from earlier. I believe work for the game was largely outsourced. And I think you've noted for remaster support sometimes that that's from a resource standpoint. My question is, does the experience with Trilogy lead you to rethink this model at all? Or is this just an isolated case?

只是為了跟進之前的 GTA 三部曲問題。我相信游戲的工作主要是外包的。而且我認為您有時會從資源的角度注意到重新製作支持。我的問題是，三部曲的經歷是否會讓你重新思考這個模型？或者這只是一個孤立的案例？

We've had precious few quality lapses at this company. So any time that we've fallen short from a quality point of view, it has been an isolated case, and we aim to keep it that way. However, we're not changing our business model.

在這家公司，我們很少有質量失誤。因此，任何時候我們從質量的角度來看都達不到要求，這只是一個孤立的案例，我們的目標是保持這種狀態。但是，我們不會改變我們的商業模式。

Our next question is from Clay Griffin with MoffettNathanson LLC.

我們的下一個問題來自 Clay Griffin 和 MoffettNathanson LLC。

Strauss, on the Zynga M&A call, you noted kind of one of the key strategic benefits of the deal that now you can address a market that was previously not available to you, i.e. outside of kind of the console market, the high end kind of AAA gaming. I suppose like, how do you view that taking shape? I mean, obviously, that market has access to mobile games now. It seems like implicit in that assumption is that you feel that there's demand for kind of what we might call the core Take-Two game experience. But just curious if you view kind of the experiences and the gains that you're thinking about when you think about that market opportunity, if there's any kind of delineation between what you do now, obviously, with AAAs and mobile. Is there a white space kind of in between those 2 things where you think that's where the real opportunity is?

Strauss，在 Zynga 併購電話會議上，您提到了該交易的關鍵戰略優勢之一，即現在您可以解決以前無法進入的市場，即在遊戲機市場之外，高端類型AAA 遊戲。我想，你如何看待這種情況？我的意思是，很明顯，這個市場現在可以接觸到手機遊戲了。似乎隱含在這個假設中的是，你覺得需要一種我們可能稱之為核心 Take-Two 遊戲體驗的東西。但只是好奇，當您考慮市場機會時，您是否會看到您正在考慮的經驗和收益，如果您現在所做的事情之間存在任何類型的劃分，顯然，AAA 和移動設備。在你認為真正的機會所在的這兩件事之間是否存在空白？

Clay, it's Karl. I think, look, we've been big supporters and big fans of the mobile market for quite some time. I think that's exhibited in our acquisition strategy over the past few years and obviously with our announced acquisition of Zynga. So it's actually -- it's really exciting for us. And it's not just about the casual space or the mid-core space or the core space. We actually think the mobile market has got room for all the above as it relates to that. It's becoming more sophisticated. The technology is getting better. There's more cross-platform opportunities. There are more examples of the market for mid-core and core franchises having success.

克萊，是卡爾。我想，看，我們一直是移動市場的忠實支持者和忠實粉絲已經有一段時間了。我認為這體現在我們過去幾年的收購戰略中，很明顯，我們宣布收購 Zynga。所以它實際上 - 這對我們來說真的很令人興奮。這不僅僅是關於休閒空間或中核空間或核心空間。我們實際上認為移動市場已經為上述所有方面提供了空間，因為它與此相關。它變得越來越複雜。技術越來越好。有更多的跨平台機會。中核心和核心特許經營市場取得成功的例子更多。

Obviously, Call of Duty is a perfect example of that, Fortnite as well. So we really do think that there's an opportunity for us to play along the entire spectrum of mobile opportunities, which is hyper-casual, which we've never really been involved with that much, to casual to mid-core to even core experiences.

顯然，《使命召喚》就是一個完美的例子，《堡壘之夜》也是如此。所以我們確實認為我們有機會在整個移動機會範圍內進行遊戲，這是我們從未真正參與過的超休閒遊戲，從休閒到中核甚至是核心體驗。

And look, down the line, I mean one of the benefits of cloud, should that ever come about, which we do hope that it is, is that it does take some of the stress off of the remote device and allows a lot of the intelligence to be done in the cloud. And that enables folks to us to tap into that market all the more easier. In other words, you don't have to buy a console or a high-end PC in order to play sophisticated games. So we really don't think there's any limitation at all in the mobile space for any of our content, whether it be all the way from hyper-casual to our most core assets.

看，下線，我的意思是雲的好處之一，如果它真的出現，我們確實希望它是，它確實減輕了遠程設備的一些壓力，並允許很多智能在雲端完成。這使我們的人們更容易進入這個市場。換句話說，您不必為了玩複雜的遊戲而購買遊戲機或高端 PC。因此，我們真的認為我們的任何內容在移動領域都沒有任何限制，無論是從超休閒到我們最核心的資產。

Makes sense. And do you think that, that takes shape primarily by the way in the way of live services games? Or do you feel like that there's obvious opportunity in kind of the Red Dead Redemption type games as well?

說得通。你認為這主要是通過現場服務遊戲的方式形成的嗎？還是你覺得 Red Dead Redemption 類型的遊戲也有明顯的機會？

Yes. I don't -- look, obviously, most of the mobile space right now is more in the live services business. So there's clearly an opportunity there. But I wouldn't say that single-player story content doesn't have a role in mobile either. Again, I wouldn't count out either one of those categories.

是的。我不 - 顯然，現在大部分移動空間更多地屬於實時服務業務。所以那裡顯然有機會。但我不會說單人故事內容在移動設備中也沒有作用。同樣，我不會排除其中任何一個類別。

We have reached the end of the question-and-answer session, and I will now turn the call over to Strauss Zelnick, Chairman and CEO, for closing remarks.

我們的問答環節已經結束，我現在將把電話轉給董事長兼首席執行官 Strauss Zelnick 做閉幕詞。

Thanks so much for joining today. We are really grateful to all of our colleagues for delivering another stellar quarter and for the great outlook going forward. Thank you to our shareholders for your continued support, and have a great evening.

非常感謝您今天加入。我們非常感謝我們所有的同事提供了另一個出色的季度和未來的美好前景。感謝股東們一直以來的支持，祝您度過一個愉快的夜晚。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。