Take-Two Interactive Software Inc (TTWO) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Take-Two Q1 Fiscal Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. Please go ahead.

大家好，歡迎來到 Take-Two Q1 2022 財年財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給你的主持人，投資者關係和企業傳播高級副總裁 Nicole Shevins。請繼續。

Good afternoon. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2022 ended June 30, 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 6 月 30 日的 2022 財年第一季度業績。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 Karl Slatoff；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.

在我們開始之前，我想提醒大家，根據聯邦證券法，本次電話會議期間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。

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.

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美國證券交易委員會的文件中有所描述，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”的部分中總結的風險。

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons for 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.

我還想指出，除非另有說明，否則我們今天要討論的所有數字都是 GAAP 和所有同比比較。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，包括我們的管理層在內部使用的項目來調整我們的 GAAP 財務結果以評估我們的經營業績。

Our press release also contains a reconciliation of any non-GAAP financial measures to the most comparable GAAP measure. In addition, we have posted to our website a slide deck that digitally presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com.

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，我們還在我們的網站上發布了一個幻燈片，以數字方式展示我們的結果和財務前景。我們的新聞稿和向美國證券交易委員會提交的文件可從我們的網站 take2games.com 獲取。

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

現在我會把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today.

謝謝，妮可。下午好，感謝您今天加入我們。

I'm pleased to report that fiscal year 2022 is off to a great start, highlighted by first quarter net bookings of $711 million, which exceeded our expectations. As the world has moved toward a safer, new normal, we experienced strong engagement trends across most of our core franchises.

我很高興地報告，2022 財年開局良好，第一季度淨預訂額為 7.11 億美元，超出了我們的預期。隨著世界朝著更安全的新常態邁進，我們在大多數核心特許經營中都經歷了強烈的參與趨勢。

During the period, we took multiple steps to enhance our organization over the long term. We invested further in talent and core infrastructure, which are important areas to support our expansive multiyear pipeline. Mobile remains a key growth opportunity, and we believe that our acquisition of Nordeus will enhance meaningfully our talents and expertise in this area. With a larger mobile footprint, we've integrated Socialpoint, Playdots and Nordeus into T2 Mobile Games. This structure will enable us to realize cost synergies, leverage expertise and share best practices across our mobile teams. I'm also proud that we deepened our focus on corporate responsibility, and we've recently made several key hires to lead our efforts regarding diversity, equity and inclusion.

在此期間，我們採取了多項措施來長期加強我們的組織。我們進一步投資於人才和核心基礎設施，這是支持我們不斷擴大的多年管道的重要領域。移動仍然是一個重要的增長機會，我們相信我們對 Nordeus 的收購將顯著增強我們在這一領域的人才和專業知識。憑藉更大的移動足跡，我們已將 Socialpoint、Playdots 和 Nordeus 集成到 T2 移動遊戲中。這種結構將使我們能夠實現成本協同效應、利用專業知識並在我們的移動團隊中共享最佳實踐。我也感到自豪的是，我們加深了對企業責任的關注，並且我們最近聘用了幾名重要人員來領導我們在多元化、公平和包容方面的努力。

Turning to our first quarter results. Our better-than-expected performance was primarily driven by Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, and Borderlands 3. For nearly 8 years, Grand Theft Auto V and Grand Theft Auto Online have redefined the creative and cultural influence of interactive entertainment, setting new standards for multiple generations of consumers and gaming platforms. Sales of Grand Theft Auto V were significantly above our expectations once again, and the title has now sold in more than 150 million units.

轉向我們的第一季度業績。我們好於預期的業績主要受到俠盜獵車手在線模式和俠盜獵車手 V、荒野大鏢客救贖 2 和荒野大鏢客在線模式以及無主之地 3 的推動。近 8 年來，俠盜獵車手 V 和俠盜獵車手在線模式重新定義了互動娛樂的創意和文化影響力，為多代消費者和遊戲平台設定了新標準。 Grand Theft Auto V 的銷量再次大大超出我們的預期，該遊戲現已售出超過 1.5 億台。

Rockstar Games continued to keep its massive player base engaged with new content updates for Grand Theft Auto Online, including 8 new stunt races, 7 new arenas for Deadline mode and regular in-game bonuses and incentives. This helped drive the title to its second highest first quarter on record for player audience in its third consecutive quarter of player growth. In comparison to the first quarter of fiscal 2020, Grand Theft Auto Online achieved a 72% increase in its audience size, a 77% increase in new players and significant growth in recurring consumer spending.

Rockstar Games 繼續通過 Grand Theft Auto 在線模式的新內容更新保持其龐大的玩家群參與度，包括 8 個新的特技比賽、7 個新的截止日期模式競技場以及常規的遊戲內獎勵和獎勵。這有助於推動該遊戲在連續第三個季度的玩家增長中創下第一季度玩家觀眾數第二高的記錄。與 2020 財年第一季度相比，俠盜獵車手 Online 的觀眾規模增長了 72%，新玩家增長了 77%，經常性消費者支出顯著增長。

In addition, Rockstar Games continued to captivate and engage audiences with Red Dead Redemption 2, which exceeded our expectations and has now sold in more than 38 million units. Red Dead Online also enjoyed a strong quarter, thanks to new content offerings, including 8 new horse races and a creative array of bonuses and incentives. The game experienced strong performance as compared to the first quarter of fiscal 2020, including 18% growth in its audience size, 26% growth in new players and outstanding growth in recurrent consumer spending. This performance was driven by both strong ongoing game sales and the continued influx of new players from the stand-alone version of Red Dead Online.

此外，Rockstar Games 繼續通過 Red Dead Redemption 2 吸引和吸引觀眾，這超出了我們的預期，現已售出超過 3800 萬套。得益於新內容的推出，包括 8 場新賽馬以及一系列富有創意的獎金和獎勵，Red Dead 在線模式也迎來了一個強勁的季度。與 2020 財年第一季度相比，該遊戲表現強勁，包括觀眾規模增長 18%、新玩家增長 26% 以及經常性消費者支出的顯著增長。這一業績是由強勁的持續遊戲銷售和單機版 Red Dead 在線模式的新玩家持續湧入推動的。

Turning to our sports offerings. NBA 2K21 has sold in over 11 million units and remains the #1 sports title in the U.S. NBA 2K's community continues to be highly engaged with more than 2.7 million users playing daily. As compared to last year, the game experienced 13% growth in first-time spenders and nearly 30% growth in returning players. We see a significant opportunity to grow the franchise further over the next few years as we provide unique and innovative experiences throughout the game.

轉向我們的體育產品。 NBA 2K21 已售出超過 1100 萬套，並且仍然是美國排名第一的體育遊戲。NBA 2K 社區繼續高度參與，每天有超過 270 萬用戶在玩遊戲。與去年相比，該遊戲的首次玩家增長了 13%，回訪玩家增長了近 30%。隨著我們在整個遊戲中提供獨特和創新的體驗，我們看到了在未來幾年進一步發展特許經營權的重要機會。

PGA TOUR 2K21 continues to exceed our expectations and expand its audience. In June, 2K and HB Studios launched a community-driven program that allows the top golf course designers from around the world to create and submit ideas for inclusion in the game's online playlist. This program is enhancing the game's vast replayability while also driving player engagement and growing its global community.

PGA TOUR 2K21 繼續超出我們的預期並擴大了觀眾群。 6 月，2K 和 HB Studios 推出了一項社區驅動計劃，讓來自世界各地的頂級高爾夫球場設計師可以創建和提交想法，以將其納入遊戲的在線播放列表。該計劃正在增強遊戲的巨大可重玩性，同時還推動玩家參與並發展其全球社區。

Borderlands 3 had a strong quarter. During the period, 2K and Gearbox Software released the Director's Cut add-on, providing new missions, characters, daily and weekly challenges and unique rewards. The game was also supported with an array of new free content offerings that gave players more ways to perfect and expand their arsenals.

Borderlands 3 有一個強勁的季度。在此期間，2K 和 Gearbox Software 發布了 Director's Cut 附加內容，提供了新的任務、角色、每日和每週的挑戰以及獨特的獎勵。該遊戲還得到了一系列新的免費內容產品的支持，這些內容產品為玩家提供了更多的方式來完善和擴展他們的武器庫。

2K and Firaxis Games launched Sid Meier's Civilization VI Anthology on Windows PC, providing the ultimate package for players that have yet to experience the award-winning, critically-acclaimed strategy title. The Anthology includes the base game, all previously released DLC, the Rise and Fall and Gathering Storm expansions as well as the popular New Frontier Pass. Civilization VI has sold in more than 11 million units, outperforming its predecessor at the same point in its life cycle. Later this year, 2K and Firaxis Games will celebrate the 30th anniversary of the Civilization franchise, and I'd like to congratulate our teams on this incredible milestone.

2K 和 Firaxis Games 在 Windows PC 上推出了席德梅爾的《文明 VI Anthology》，為尚未體驗這款屢獲殊榮、廣受好評的戰略遊戲的玩家提供終極套裝。 Anthology 包括基礎遊戲、所有先前發布的 DLC、Rise and Fall 和 Gathering Storm 擴展以及流行的 New Frontier Pass。 《文明 VI》已售出超過 1100 萬台，在其生命週期的同一時間點上表現優於其前身。今年晚些時候，2K 和 Firaxis Games 將慶祝文明系列 30 週年，我要祝賀我們的團隊取得了這個令人難以置信的里程碑。

Kerbal Space Program, which has sold in over 5 million units, celebrated its 10-year anniversary in June. To mark the milestone, Private Division released a short documentary video detailing the achievements of the title as well as its impact on the aerospace industry.

Kerbal Space Program 已售出超過 500 萬台，於 6 月慶祝其成立 10 週年。為紀念這一里程碑，Private Division 發布了一段簡短的紀錄片視頻，詳細介紹了該稱號的成就及其對航空航天業的影響。

One of our key strategic priorities is to provide new and innovative ways for audiences to stay engaged with our titles and the communities built around them after their initial launch. During the first quarter, recurrent consumer spending declined 25%, which was better than our expectations of a 30% decline and accounted for 69% of net bookings.

我們的關鍵戰略重點之一是為觀眾提供新的創新方式，讓他們在首次發布後繼續參與我們的遊戲和圍繞它們建立的社區。第一季度，經常性消費者支出下降 25%，好於我們預期的下降 30%，占淨預訂量的 69%。

Overall, all evidence suggests that media consumption patterns are beginning to stabilize to a new normal. And while down from the highs of the previous year, recurrent consumer spending in our products has leveled off and remained significantly higher than the first quarter of fiscal 2020.

總體而言，所有證據都表明媒體消費模式開始穩定到新常態。雖然低於上一年的高點，但我們產品的經常性消費者支出已經趨於平穩，並且仍遠高於 2020 財年第一季度的水平。

The largest contributors to recurrent consumer spending in the period were NBA 2K and Grand Theft Auto Online. We also experienced strong performance across many of our free-to-play offerings.

這一時期經常性消費者支出的最大貢獻者是 NBA 2K 和俠盜獵車手在線。我們在許多免費遊戲中也體驗到了強勁的表現。

Monster Legends and Dragon City exceeded our expectations with sequential top line growth compared to the fourth quarter of fiscal 2021. This performance was driven by strong live ops, successful feature releases and significant marketing investments.

與 2021 財年第四季度相比，Monster Legends 和 Dragon City 的營收環比增長超出了我們的預期。這一業績是由強大的現場運營、成功的功能發布和重大營銷投資推動的。

Two Dots celebrated its seventh anniversary in June. The title performed well with positive momentum continuing from the second half of fiscal 2021.

兩點在 6 月慶祝成立七週年。從 2021 財年下半年開始，該遊戲表現良好，勢頭良好。

WWE SuperCard has now been downloaded over 24 million times and remains 2K's highest-grossing mobile title. The franchise has had strong performance with the last 12 months marking its sixth consecutive year of growth.

WWE SuperCard 現已被下載超過 2400 萬次，並且仍然是 2K 收入最高的移動遊戲。該特許經營權在過去 12 個月中表現強勁，標誌著其連續第六年實現增長。

Following our acquisition of Nordeus, we're encouraged by the performance of and the potential for Top Eleven, including its use of seasonal live ops and new features.

在我們收購 Nordeus 之後，我們對 Top Eleven 的表現和潛力感到鼓舞，包括它使用季節性實時操作和新功能。

NBA 2K Online in China outperformed our expectations. The title remains the #1 online PC sports game in the region with nearly 54 million registered users.

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，擁有近 5400 萬註冊用戶。

Turning to our outlook. We're reiterating our prior guidance of $3.2 billion to $3.3 billion in net bookings for fiscal 2022. As we continue to develop our pipeline, there has been movement in some of our planned releases, including 2 of our immersive core titles shifting to later in fiscal 2022 than our prior guidance had contemplated. Our approach has always been to allow our labels to determine when projects are ready to bring to market to ensure the best quality and overall experience for players.

轉向我們的前景。我們重申我們先前對 2022 財年淨預訂量 32 億美元至 33 億美元的指導。隨著我們繼續開發我們的管道，我們的一些計劃發布已經發生了變化，包括我們的 2 個沉浸式核心遊戲將轉移到稍後的2022 財年超出我們之前的指導預期。我們的方法一直是讓我們的唱片公司確定項目何時準備好推向市場，以確保為玩家提供最佳質量和整體體驗。

As Karl will discuss in greater detail, we're excited about our pipeline and the impact of our new releases will have on our business and financial profile in the years to come. We believe that we'll achieve sequential growth in fiscal 2023 and establish new record levels of operating results over the next few years.

正如 Karl 將更詳細地討論的那樣，我們對我們的管道感到興奮，我們的新版本將在未來幾年對我們的業務和財務狀況產生影響。我們相信，我們將在 2023 財年實現連續增長，並在未來幾年創造新的經營業績記錄水平。

Looking ahead, we remain highly optimistic about the future of the interactive entertainment sector and our competitive positioning. As we leverage our many advantages, our leading talent, focus on creativity, incredible portfolio of owned IP and strong balance sheet, we believe that Take-Two is well positioned to drive long-term growth and shareholder value.

展望未來，我們對互動娛樂行業的未來和我們的競爭定位保持高度樂觀。由於我們利用我們的眾多優勢、我們領先的人才、專注於創造力、令人難以置信的自有知識產權組合和強大的資產負債表，我們相信 Take-Two 能夠很好地推動長期增長和股東價值。

I'll now turn the call over to Karl.

我現在將電話轉給 Karl。

Thanks, Strauss. I'd like to thank our team for a strong start to the year and their continued dedication to our business.

謝謝，施特勞斯。我要感謝我們的團隊今年的良好開端以及他們對我們業務的持續奉獻。

We continue to believe that fiscal year 2022 will be a year of investments, as marked by our recent acquisitions of Nordeus and Dynamixyz. We are thrilled to have both teams join our family, and we will continue to evaluate organic and inorganic opportunities to enhance our organization.

我們仍然相信 2022 財年將是投資的一年，我們最近對 Nordeus 和 Dynamixyz 的收購就是標誌。我們很高興兩個團隊都加入我們的大家庭，我們將繼續評估有機和無機機會以增強我們的組織。

I'll now discuss our recent releases. Rockstar Games continued to provide an array of free content for their vast and growing online communities. In June, Rockstar released 7 new arenas for the fan-favorite Deadline mode for Grand Theft Auto Online. This was followed by the Los Santos Tuners update, the game's major summer launch in July, which delivered an action-packed street racing-themed update into Grand Theft Auto Online. The update introduced elements of the tuner car culture to the game world, including the LS Car Meet, a new, heavily requested shared social space for players to get together to modify their personal vehicles, watch others modify their Tuner vehicles in real time, race and test various vehicles on an underground test track and much more.

我現在將討論我們最近的版本。 Rockstar Games 繼續為其龐大且不斷發展的在線社區提供一系列免費內容。 6 月，Rockstar 為 Grand Theft Auto 在線模式中深受粉絲喜愛的 Deadline 模式發布了 7 個新競技場。緊隨其後的是 Los Santos Tuners 更新，該遊戲於 7 月在夏季發布的主要版本，為 Grand Theft Auto 在線模式帶來了精彩紛呈的街頭賽車主題更新。該更新將調諧器汽車文化的元素引入遊戲世界，包括 LS Car Meet，這是一個新的、需求量很大的共享社交空間，玩家可以聚在一起修改他們的個人車輛，觀看其他人實時修改他們的調諧器車輛，比賽在地下測試跑道上測試各種車輛等等。

In addition, the Los Santos Tuners update features 6 epic new robbery contracts, 6 new race types, 10 new highly customizable vehicles, collectible USB sticks offering a new way to hear music from Moodymann and Seth Troxler and a host of quality-of-life updates, including a new customizable radio station wheel.

此外，Los Santos Tuners 更新包含 6 個史詩般的新搶劫合同、6 種新種族類型、10 種高度可定制的新車輛、可收藏的 U 盤提供了一種聆聽 Moodymann 和 Seth Troxler 音樂的新方式以及一系列生活質量更新，包括一個新的可定制的電台輪。

The launch of the Los Santos Tuners set new records for Grand Theft Auto Online, including the largest number of players and the highest level of net bookings for both day 1 and during the opening week for any update in Grand Theft Auto Online's history.

Los Santos Tuners 的推出創造了 Grand Theft Auto 在線模式的新記錄，包括 Grand Theft Auto 在線模式歷史上任何更新的第一天和開放週的最大玩家數量和最高淨預訂量。

Looking ahead, the upcoming launch of the expanded and enhanced versions of Grand Theft Auto Online for PlayStation 5 and Xbox Series X and S systems this November will allow for higher top speeds for select vehicles across these more powerful systems.

展望未來，即將於今年 11 月推出適用於 PlayStation 5 和 Xbox Series X 和 S 系統的 Grand Theft Auto Online 的擴展和增強版本將使選定車輛在這些更強大的系統上具有更高的最高速度。

In July, Rockstar Games released the Bloody Money (sic) [Blood Money] update for Red Dead Online. The update introduced a series of criminal-themed opportunities; complex new missions, including the game's first train robbery; and The Quick Draw Club, a series of 4 distinct, rapid-fire passes featuring criminal-themed unlockable rewards, bonuses and more. Blood Money's success, along with the additional influx of new players thanks to the launch of the stand-alone version of Red Dead Online, led to the highest number of players on day 1 for any update in Red Dead Online history.

7 月，Rockstar Games 發布了 Red Dead 在線模式的 Bloody Money (sic) [Blood Money] 更新。該更新引入了一系列以犯罪為主題的機會；複雜的新任務，包括遊戲中的第一次火車搶劫；以及 The Quick Draw Club，一系列 4 個不同的快速通行證，具有犯罪主題的可解鎖獎勵、獎金等。 Blood Money 的成功，以及由於 Red Dead 在線模式單機版的推出而帶來的新玩家的額外湧入，導致 Red Dead 在線模式歷史上所有更新的第一天玩家人數最多。

Fiscal 2022 is an exciting year for Take-Two as we embark on our multiyear strategy to deliver a slate of releases more robust than any other time in our company's history. While there has been some movement in our pipeline, including 2 of our immersive core titles shifting to later this fiscal year, we remain highly optimistic about our plans, including the introduction of several new franchises.

2022 財年對 Take-Two 來說是激動人心的一年，因為我們開始實施多年戰略，以交付比公司歷史上任何時候都更強大的一系列版本。雖然我們的管道有一些變化，包括我們的 2 個沉浸式核心遊戲轉移到本財年晚些時候，但我們仍然對我們的計劃保持高度樂觀，包括推出幾個新的特許經營權。

I'll now discuss details on our upcoming announced offerings for this year. On August 13, Private Division will launch Hades on physical disc for PlayStation and Xbox consoles. Developed by Supergiant Games, Hades is a rouge-like dungeon crawler in which players seek freedom by battling their way through the treacherous Underworld of Greek myth. The physical retail edition will come with additional items for collectors, including a compendium booklet featuring the art of the game and a code to download its soundtrack. We are excited to launch Hades, which previously won over 50 Game of the Year awards and earned impressive aggregate scores of 93 and 94 on Metacritic and OpenCritic, respectively.

我現在將討論我們即將宣布的今年產品的詳細信息。 8 月 13 日，Private Division 將在 PlayStation 和 Xbox 遊戲機的物理光盤上推出 Hades。由 Supergiant Games 開發的 Hades 是一款類似胭脂的地下城探索遊戲，玩家可以在希臘神話中險惡的地下世界中奮力殺出一條血路，尋求自由。實體零售版將為收藏家提供額外的物品，包括一本介紹遊戲藝術的綱要手冊和下載其配樂的代碼。我們很高興推出《Hades》，它曾贏得 50 多個年度最佳遊戲獎項，並分別在 Metacritic 和 OpenCritic 上獲得令人印象深刻的總分 93 分和 94 分。

In addition, during the second quarter, Private Division will launch Murder on Eridanos, the second add-on content offering for The Outer Worlds for the Nintendo Switch.

此外，在第二季度，Private Division 將推出 Murder on Eridanos，這是 Nintendo Switch 為 The Outer Worlds 提供的第二個附加內容。

On September 10, 2K and Visual Concepts will once again set the standard for basketball simulations as they have done for the past 20 years with the launch of NBA 2K22 for PlayStation and Xbox consoles, Switch and PC. Featuring best-in-class visual presentation and player AI, historic teams and a wide variety of hoops experiences, NBA 2K22 will place the entire basketball universe in the player's hands.

9 月 10 日，2K 和 Visual Concepts 將再次為籃球模擬設定標準，正如他們在過去 20 年所做的那樣，推出適用於 PlayStation 和 Xbox 遊戲機、Switch 和 PC 的 NBA 2K22。 NBA 2K22 擁有一流的視覺呈現和球員 AI、歷史悠久的球隊和各種各樣的籃球體驗，將把整個籃球世界掌握在球員手中。

Global phenomenon and 2-time NBA All-Star, Luka Doncic, will grace the cover of the Standard Edition and Cross-Gen Digital Bundle, while NBA legends Kareem Abdul-Jabbar, Dirk Nowitzki and Kevin Durant will be featured on the premium NBA 75th Anniversary Edition.

全球現象級人物和兩屆 NBA 全明星球員盧卡·東契奇將登上標準版和跨代數字捆綁包的封面，而 NBA 傳奇人物卡里姆·阿卜杜勒-賈巴爾、德克·諾維茨基和凱文·杜蘭特將出現在 NBA 第 75 屆優質版中週年紀念版。

In North America, players can purchase a special version of the Standard Edition featuring 6-time WNBA All-Star and WNBA Champion, Candace Parker, on the cover, available exclusively through GameStop and EB Games. Parker's appearance is a milestone for the NBA 2K series, marking the first female cover athlete in the history of the franchise.

在北美，玩家可以通過 GameStop 和 EB Games 購買特別版的標準版，封面是 6 次 WNBA 全明星和 WNBA 冠軍坎迪斯帕克。帕克的出現是 NBA 2K 系列的一個里程碑，標誌著該系列歷史上第一位女性封面運動員。

In Japan, players can also purchase a special version of the Standard Edition that will feature Washington Wizards Rui Hachimura, a rising star who was the first Japanese player to not only be drafted in the first round in 2019, but also to reach the NBA Playoffs.

在日本，玩家還可以購買特別版的標準版，其中將包含華盛頓奇才隊的冉冉升起的新星八村塁，他是第一位不僅在 2019 年第一輪被選中，而且還進入 NBA 季后賽的日本球員.

The NBA 75th Anniversary Edition and Cross-Gen Digital Bundle will feature cover artwork painted by renowned Atlanta-based artist, Charly Palmer, whose Civil Rights series appeared on the cover of TIME Magazine in July 2020.

NBA 75 週年紀念版和 Cross-Gen Digital Bundle 將採用著名亞特蘭大藝術家查理·帕爾默 (Charly Palmer) 繪製的封面藝術作品，他的民權系列作品曾於 2020 年 7 月登上《時代》雜誌的封面。

This fall, Private Division will introduce Kerbal Space Program Enhanced Edition for PlayStation 5 and Xbox Series X and S. The title will benefit from multiple hardware advancements, which will provide upgraded resolution, increased frame rate, advanced shaders, better textures and additional performance improvements. Players who already own Kerbal Space Program Enhanced Edition for Gen 8 consoles will be eligible for a free upgrade to the new version of the game upon its release.

今年秋天，Private Division 將推出適用於 PlayStation 5 和 Xbox Series X 和 S 的 Kerbal Space Program Enhanced Edition。該遊戲將受益於多項硬件改進，這將提供升級的分辨率、更高的幀速率、高級著色器、更好的紋理和額外的性能改進.已經擁有 Kerbal Space Program Enhanced Edition for Gen 8 遊戲機的玩家將有資格在遊戲發佈時免費升級到新版本。

On November 11, Rockstar Games will launch the expanded and enhanced version of Grand Theft Auto V and Grand Theft Auto Online - Standalone for Gen 9 consoles. Rockstar Games will have more details to share about these eagerly anticipated launches in the coming months.

11 月 11 日，Rockstar Games 將推出 Grand Theft Auto V 和 Grand Theft Auto Online - Standalone 的擴展增強版，適用於 Gen 9 遊戲機。 Rockstar Games 將在未來幾個月內分享更多關於這些備受期待的發布的詳細信息。

This winter, Private Division will release Roll 7's OlliOlli World digitally for PlayStation and Xbox consoles, Nintendo Switch and PC. The title has received outstanding initial feedback from early media impressions, including praise for its bold new direction, unique art style, standout soundtrack and improve game play mechanics.

今年冬天，Private Division 將為 PlayStation 和 Xbox 遊戲機、Nintendo Switch 和 PC 發布 Roll 7 的 OlliOlli World 數字版。該遊戲從早期媒體印像中獲得了出色的初步反饋，包括對其大膽的新方向、獨特的藝術風格、出色的配樂和改進的遊戲機制的讚譽。

During the fourth quarter, 2K and Gearbox Software will launch an exciting new franchise. Tiny Tina's Wonderlands is an epic adventure full of whimsy, wonder and high-powered weaponry set in an unpredictable fantasy world where magic, broadswords and bullets collide. It is an entirely new game and a full stand-alone experience with a rich, story-driven co-op campaign for up to 4 players as well as repeatable end-game content. In addition, later this month, 2K will unveil details of another exciting new franchise planned for launch during this fiscal year.

在第四季度，2K 和 Gearbox Software 將推出令人興奮的新特許經營權。 Tiny Tina's Wonderlands 是一場史詩般的冒險，充滿奇思妙想、奇蹟和強大的武器，設置在一個魔法、大刀和子彈碰撞的不可預知的奇幻世界中。這是一款全新的遊戲，是一款完整的單機體驗，具有豐富的、故事驅動的合作戰役，最多可支持 4 名玩家，以及可重複的最終遊戲內容。此外，本月晚些時候，2K 將公佈計劃在本財年推出的另一個激動人心的新特許經營權的詳細信息。

During fiscal 2020 -- '22, WWE 2K22 will mark the rebirth of our popular wrestling series. We are very excited about the team's fresh approach to the franchise, including an array of enhancements and new features. 2K and Visual Concepts have shared a series of behind the scenes videos of their work on WWE 2K22, including entrance and move animations as well as motion capture and facial scanning with much more to come.

在 2020 財年 -- '22 期間，WWE 2K22 將標誌著我們廣受歡迎的摔跤系列的重生。我們對團隊對特許經營權的全新方法感到非常興奮，包括一系列增強功能和新功能。 2K 和 Visual Concepts 分享了他們在 WWE 2K22 中工作的一系列幕後視頻，包括入口和移動動畫以及動作捕捉和麵部掃描，還有更多內容。

Turning to mobile. We are pleased to expand our offerings, especially given the strong momentum in this market segment. Players can look forward to new releases this year, which our teams will have more to share about in the coming months. In addition, our labels continue to invest in technology and new games that they plan to deliver during the next few years.

轉向手機。我們很高興擴大我們的產品範圍，特別是考慮到這一細分市場的強勁勢頭。玩家可以期待今年的新版本，我們的團隊將在未來幾個月內分享更多內容。此外，我們的唱片公司繼續投資於他們計劃在未來幾年推出的技術和新遊戲。

Turning to eSports. The NBA 2K League kicked off its fourth season on May 19 that will include on September 4 -- that will conclude on September 4, with the league finals delivered by Door Dash. This season, games have been airing live on the League's Twitch and YouTube channels and are also available on eGG Network in Southeast Asia, ESRevolution, Loco in India, Sport1 in Europe and Dash Radio. The League continues to grow its audience with more than 2 million followers on its social media platforms and nearly 470 million video views.

轉向電子競技。 NBA 2K 聯賽於 5 月 19 日開始了其第四個賽季，其中包括 9 月 4 日 - 將於 9 月 4 日結束，聯賽決賽由 Door Dash 提供。本賽季，比賽在聯盟的 Twitch 和 YouTube 頻道上直播，也可在東南亞的 eGG Network、印度的 ESRevolution、Loco、歐洲的 Sport1 和 Dash Radio 上觀看。聯賽的觀眾人數不斷增加，其社交媒體平台上擁有超過 200 萬粉絲，視頻觀看次數接近 4.7 億次。

We are excited about the League's recent announcement that its 2021 playoffs will take place at the Mavs Gaming Hub in Dallas, marking the first time that in-person games will be offered since the 2019 NBA 2K League Finals in New York City. Looking ahead, we believe that the NBA 2K League has the long-term potential to enhance engagement and to be a driver of profits for our company.

我們很高興聯盟最近宣布其 2021 年季后賽將在達拉斯的小牛隊遊戲中心舉行，這標誌著自 2019 年紐約市 NBA 2K 聯賽總決賽以來首次提供現場比賽。展望未來，我們相信 NBA 2K 聯盟具有提高參與度並成為我們公司利潤驅動力的長期潛力。

In closing, we are optimistic about the multiyear growth trajectory ahead of us. We are positioning our business for growth and enhancing our enterprise by investing in talent and infrastructure. With our robust pipeline of titles and content updates, we are confident that we can establish new record levels of operating performance over the next several years.

最後，我們對未來多年的增長軌跡持樂觀態度。我們通過投資於人才和基礎設施來定位我們的業務以實現增長和增強我們的企業。憑藉我們強大的標題和內容更新管道，我們有信心在未來幾年內創造新的運營績效記錄水平。

I'll now turn the call over to Lainie.

我現在將電話轉給 Lainie。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss our first quarter results and then review our financial outlook for the second quarter and fiscal year 2022. 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，我將討論我們的第一季度業績，然後回顧我們對第二季度和 2022 財年的財務展望。請注意，有關我們實際業績和展望的更多詳細信息包含在我們的新聞稿中。

As Strauss mentioned, fiscal 2022 is off to a strong start with our first quarter operating results exceeding our expectations. Net bookings were $711 million, which was above our guidance of $625 million to $675 million and marked our second highest Q1 on record. Our outperformance was primarily driven by Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online and Borderlands 3.

正如 Strauss 所提到的，2022 財年開局良好，我們第一季度的經營業績超出了我們的預期。淨預訂量為 7.11 億美元，高於我們 6.25 億美元至 6.75 億美元的指導值，是我們第一季度的第二高記錄。我們的出色表現主要受 Grand Theft Auto Online 和 Grand Theft Auto V、Red Dead Redemption 2 以及 Red Dead Online 和 Borderlands 3 的推動。

During the period, overall engagement exceeded our expectations. Recurrent consumer spending declined 25% as compared to our outlook of a 30% decline and accounted for 69% of total net bookings. Our outperformance was primarily driven by Grand Theft Auto Online as well as the addition of Nordeus.

在此期間，整體參與度超出了我們的預期。與我們預測的下降 30% 相比，經常性消費者支出下降了 25%，佔總淨預訂量的 69%。我們的出色表現主要得益於俠盜獵車手在線以及 Nordeus 的加入。

Digitally delivered net bookings declined 26% as compared to our outlook of a 30% decline and accounted for 96% of the total. This result was better than our outlook primarily due to the outperformance of recurrent consumer spending. During the quarter, 73% of console game sales were delivered digitally, up from 71% last year.

與我們預測的下降 30% 相比，數字交付的淨預訂量下降了 26%，佔總數的 96%。這一結果好於我們的預期，主要是由於經常性消費者支出表現出色。本季度，73% 的主機遊戲銷售額是通過數字方式交付的，高於去年的 71%。

GAAP net revenue declined 2% to $813 million, while cost of goods sold decreased 31% to $330 million. Operating expenses increased by 15% to $313 million, primarily driven by higher personnel and stock compensation expenses as well as the addition of Playdots and Nordeus. And GAAP net income was $152 million or $1.30 per share as compared to $89 million or $0.77 per share in the first quarter last year. We ended the quarter with over $2.5 billion of cash and short-term investments.

GAAP 淨收入下降 2% 至 8.13 億美元，而銷售成本下降 31% 至 3.3 億美元。運營費用增加 15% 至 3.13 億美元，這主要是由於人員和股票補償費用增加以及 Playdots 和 Nordeus 的增加。 GAAP 淨收入為 1.52 億美元或每股 1.30 美元，而去年第一季度為 8900 萬美元或每股 0.77 美元。我們在本季度結束時擁有超過 25 億美元的現金和短期投資。

Turning to our guidance, I'll begin with our full fiscal year expectation. As Strauss mentioned, we are reiterating our net bookings outlook range of $3.2 billion to $3.3 billion. While our first quarter results outperformed our expectations and our acquisition of Nordeus will benefit the year, this is being offset by some changes to our release schedule, including moving 2 of our immersive core titles to later in fiscal 2022 than our prior guidance had contemplated. We continue to be very excited about our pipeline and the next phase of growth that it presents for our company.

談到我們的指導，我將從我們整個財政年度的預期開始。正如 Strauss 提到的，我們重申我們的淨預訂前景範圍為 32 億美元至 33 億美元。雖然我們第一季度的業績超出了我們的預期，而且我們對 Nordeus 的收購將使今年受益，但這被我們發佈時間表的一些變化所抵消，包括將我們的 2 款沉浸式核心遊戲推遲到 2022 財年晚些時候，而不是我們之前的指導預期。我們繼續對我們的管道及其為我們公司帶來的下一階段增長感到非常興奮。

The largest contributor 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 as well as some of our new releases that are yet to be announced. We expect the net bookings breakdown from our labels to be roughly 55% 2K, 35% Rockstar Games and 10% Private Division and T2 Mobile Games.

預計淨預訂量的最大貢獻者是 NBA 2K、俠盜獵車手在線模式和俠盜獵車手 V、荒野大鏢客救贖 2 和荒野大鏢客在線模式，以及我們尚未公佈的一些新遊戲。我們預計我們品牌的淨預訂量大約為 55% 2K、35% Rockstar Games 和 10% Private Division 和 T2 Mobile Games。

We forecast a geographic net bookings split to be about 60% United States and 40% international. As a result of our outperformance in Q1 as well as the addition of Nordeus, we now expect recurrent consumer spending to decline by 9% compared to our prior outlook of a 15% decline versus fiscal 2021. As a percentage of net bookings, recurrent consumer spending is expected to be relatively flat versus last year and represent 65% of total net bookings.

我們預測淨預訂量的地域分佈約為 60% 美國和 40% 國際。由於我們在第一季度的出色表現以及 Nordeus 的加入，我們現在預計經常性消費者支出將下降 9%，而我們之前的預期是與 2021 財年相比下降 15%。經常性消費者支出占淨預訂量的百分比支出預計與去年持平，佔總淨預訂量的 65%。

We now project digitally delivered net bookings to decrease by approximately 6% as compared to our prior outlook of an 8% decline. As a percentage of our business, digital is projected to represent 90%, slightly above 89% last year. Our forecast assumes that 74% of console game sales will be delivered digitally, up from 64% last year.

我們現在預計數字交付的淨預訂量將下降約 6%，而我們之前的預測是下降 8%。作為我們業務的百分比，數字預計將佔 90%，略高於去年的 89%。我們的預測假設 74% 的主機遊戲銷售額將以數字方式交付，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. The increase over our prior guidance relates to the acquisition of 2 office buildings in the U.K. to support our business in the region. We continue to expect GAAP net revenue to range from $3.14 billion to $3.24 billion while we now expect cost of goods sold to range from $1.4 billion to $1.44 billion.

我們預計將產生超過 4 億美元的非 GAAP 調整後無限制經營現金流，我們計劃部署約 1.7 億美元用於資本支出。超出我們先前指導的增加與在英國收購 2 座辦公樓以支持我們在該地區的業務有關。我們繼續預計 GAAP 淨收入在 31.4 億美元至 32.4 億美元之間，而我們現在預計銷售成本在 14 億美元至 14.4 億美元之間。

Total operating expenses are expected to range from $1.48 billion to $1.5 billion, representing at the midpoint a 23% increase over the prior year. This increase reflects significant investments in marketing, personnel, stock compensation and IT expenses to bring our expansive multiyear pipeline to market as well as incremental expenses due to the addition of Nordeus and a full year of Playdots.

總運營費用預計在 14.8 億美元至 15 億美元之間，中間值比上年增長 23%。這一增長反映了在營銷、人員、股票薪酬和 IT 費用方面的重大投資，以將我們廣泛的多年管道推向市場，以及由於增加 Nordeus 和全年 Playdots 而增加的費用。

And we expect GAAP net income to range from $229 million to $259 million or $1.95 to $2.20 per share. For management reporting purposes, we expect our tax rate to be 16% throughout fiscal 2022.

我們預計 GAAP 淨收入為 2.29 億美元至 2.59 億美元或每股 1.95 至 2.20 美元。出於管理報告的目的，我們預計整個 2022 財年的稅率為 16%。

Now moving to our guidance for the fiscal second quarter. We project net bookings to range from $815 million to $865 million compared to $958 million in the second quarter last year. Our guidance reflects the continued challenging comparisons from last year due to COVID-19. 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, Dragon City, Top Eleven and Two Dots. We project recurrent consumer spending to decline by approximately 11% and digitally delivered net bookings to decline by approximately 5%. Our forecast assumes that 64% of console game sales will be delivered digitally, up from 57% last year.

現在轉向我們對第二財季的指導。我們預計淨預訂量在 8.15 億美元至 8.65 億美元之間，而去年第二季度為 9.58 億美元。我們的指導意見反映了由於 COVID-19 而從去年開始進行的持續具有挑戰性的比較。預計淨預訂量的最大貢獻者是 NBA 2K、俠盜獵車手在線和俠盜獵車手 V、荒野大鏢客救贖 2 和荒野大鏢客在線、龍城、十一強和兩點。我們預計經常性消費者支出將下降約 11%，數字交付的淨預訂量將下降約 5%。我們的預測假設 64% 的主機遊戲銷售額將以數字方式交付，高於去年的 57%。

We expect GAAP net revenue to range from $740 million to $790 million and cost of goods sold to range from $323 million to $349 million. Operating expenses are expected to range from $368 million to $378 million. At the midpoint, this represents a 27% increase over last year, driven primarily by higher marketing, personnel, IT and research and development costs as well as the inclusion of Playdots and Nordeus. And GAAP net income is expected to range from $41 million to $53 million or $0.35 to $0.45 per share.

我們預計 GAAP 淨收入在 7.4 億美元至 7.9 億美元之間，銷售成本在 3.23 億美元至 3.49 億美元之間。運營費用預計在 3.68 億美元至 3.78 億美元之間。從中點來看，這比去年增長了 27%，這主要是由於更高的營銷、人員、IT 和研發成本以及 Playdots 和 Nordeus 的加入。 GAAP 淨收入預計在 4100 萬美元至 5300 萬美元之間，即每股 0.35 美元至 0.45 美元。

In closing, our first quarter results demonstrate the health of our business and the incredible execution from our talented colleagues across the world. As we capitalize on our industry's strong talent, combined with our unique business drivers, we believe that our company will deliver significant long-term growth and margin expansion for our shareholders.

最後，我們第一季度的業績證明了我們業務的健康狀況以及我們在世界各地才華橫溢的同事令人難以置信的執行力。由於我們利用行業的強大人才，結合我們獨特的業務驅動力，我們相信我們公司將為我們的股東帶來顯著的長期增長和利潤增長。

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

謝謝。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 a strong start to the year. And to our shareholders, I'd like to express our appreciation for your continued support. We'll now be happy to take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們的整個管理團隊，感謝我們的同事為今年帶來了良好的開端。對於我們的股東，我想對你們一直以來的支持表示感謝。我們現在很樂意回答您的問題。操作員？

(Operator Instructions) Your first question comes from the line of Mario Lu with Barclays.

（操作員說明）您的第一個問題來自 Mario Lu with Barclays。

So being the first of the major game publishers to report earnings this quarter, I wanted to hear your thoughts regarding the recent developments within the industry on gender and equality. If you could share Take-Two's stance on this issue and if there's anything you can share in terms of impacts or change [does] expected to be within the company would be greatly appreciated.

因此，作為本季度第一家報告收益的主要遊戲發行商，我想听聽您對行業內最近在性別和平等方面的發展的看法。如果您可以分享 Take-Two 在這個問題上的立場，並且如果您有任何可以分享的影響或預期在公司內部發生的變化 [does]，我們將不勝感激。

Thanks for the question. Look, our most important asset here is our people because they create everything that we're able to bring to consumers. We're an asset-light business. We are a business of intellectual property. And our strategy, our stated strategy has always been to be the most creative, the most innovative and the most efficient company in the business.

謝謝你的問題。看，我們在這裡最重要的資產是我們的員工，因為他們創造了我們能夠帶給消費者的一切。我們是一家輕資產企業。我們是一家知識產權公司。而我們的戰略，我們既定的戰略始終是成為業內最具創造力、最具創新性和最高效的公司。

Diversity is key to our success. We need to have a diverse perspective and diverse voices in order to create that quality. So it starts at the top. Our Board of Directors is diverse with respect to gender, race and skill set. Our management team is exceedingly diverse from a gender perspective. And our voices as a result are diverse.

多元化是我們成功的關鍵。我們需要有不同的視角和不同的聲音來創造這種品質。所以它從頂部開始。我們的董事會在性別、種族和技能組合方面多元化。從性別角度來看，我們的管理團隊極為多元化。因此，我們的聲音是多種多樣的。

But we're not stopping there. We're also reaching into the community to create a broader, more diverse pool from which we can recruit and our competitors can recruit going forward. So we work together in company-sponsored service projects and the communities in which we operate. We encourage individual volunteerism and giving through philanthropic and matching donation programs. We support organizations that are focused on enhancing diversity. We increased the Canada pool through scholarships to design students, contributions to organizations providing STEM opportunities to children in underserved communities. And delivering interview training and career counseling to young adults. And this crosses genders. But in many instances, we're also focused on young females as well.

但我們並沒有就此止步。我們也在深入社區，以創建一個更廣泛、更多樣化的人才庫，我們可以從中招聘，我們的競爭對手也可以從中招聘。因此，我們在公司贊助的服務項目和我們經營所在的社區中共同努力。我們鼓勵個人誌願服務，並通過慈善和匹配捐贈計劃進行捐贈。我們支持專注於增強多樣性的組織。我們通過為設計學生提供獎學金、向為服務欠缺社區的兒童提供 STEM 機會的組織捐款來增加加拿大人才庫。並為年輕人提供面試培訓和職業諮詢。這跨越了性別。但在許多情況下，我們也關注年輕女性。

So we're trying to do the right thing from the top of the company at the Board level to the management team, to even creating a pool from which we can recruit a long time into the future. And even so, I'm sure there's much more that we can do.

因此，我們正努力從董事會層面的公司高層到管理團隊做正確的事情，甚至創建一個人才庫，我們可以從中招募長期人才。即便如此，我相信我們能做的還有很多。

Great. That's -- glad to hear it. And just 1 question for Lainie on the COVID impact and on recurrent consumer spending in the quarter. Recurrent consumer spending declined 25% versus your guidance, down 30%, which is a smaller beat than usual. So given that fiscal 1Q was the first full quarter of comping sheltering in place last year, can you give us a little bit more color in terms of how user engagement trended throughout the quarter? Did things get better or worse? And any additional color would be helpful.

偉大的。很高興聽到這個消息。對於 Lainie，只有一個關於 COVID 影響和本季度經常性消費者支出的問題。與您的指導相比，經常性消費者支出下降了 25%，下降了 30%，降幅小於往常。因此，鑑於第一財季是去年第一個完整的補償庇護季度，您能否就整個季度的用戶參與度趨勢向我們提供更多信息？事情變得更好還是更糟？任何額外的顏色都會有所幫助。

So Mario, it's definitely in line with what our expectations were. It's a little bit better. We saw better performance in GTA Online than we expected. We also have the addition of Nordeus, which also helped our recurrent consumer spending in the quarter. So we definitely are seeing the engagement in line with what we had expected. So there really isn't any change than what we had guided to from the beginning of the year.

所以馬里奧，這絕對符合我們的預期。好一點了。我們在 GTA 在線模式中看到的表現比我們預期的要好。我們還增加了 Nordeus，這也有助於我們在本季度的經常性消費者支出。因此，我們肯定看到參與度符合我們的預期。因此，與我們從年初開始指導的內容相比，確實沒有任何變化。

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

你的下一個問題來自高盛的 Mike Ng。

Great. I also just have 2. First, could you talk a little bit about how the success of GTA V and GTA Online informs your interest -- or sorry, the interest levels for GTA enhanced edition and how that could perform?

偉大的。我也只有 2 個。首先，您能否談談 GTA V 和 GTA 在線模式的成功如何激發您的興趣——或者抱歉，GTA 增強版的興趣水平及其表現如何？

And then second, just as a housekeeping item, I was just wondering if you're willing to provide the actual growth numbers for GTA Online and Red Dead Online in the quarter. And also, your assumptions, at least directionally, for those businesses in the September quarter guidance for RCS.

其次，作為一項日常事務，我只是想知道您是否願意提供本季度 GTA 在線模式和 Red Dead 在線模式的實際增長數據。而且，你的假設，至少是方向性的，在 RCS 的 9 月季度指導中對這些企業的假設。

Thanks, Mike. In terms of our expectations about any upcoming release, apart from what we've given guidance, I don't tend to give any more color than that. Grand Theft Auto V and Grand Theft Auto Online have been out now for some 8 years, and the performance has consistently been vastly better than our expectations. I have no doubt that the enhanced edition will delight consumers. I have no doubt that it will be absolutely extraordinary. How it will perform? Hard to say. This is now the third generation in which the title has existed. I'm an optimist, and I find that you never want to bet against Rockstar Games. So I'm looking forward to the release. And Lainie will take the second question.

謝謝，邁克。就我們對任何即將發布的版本的期望而言，除了我們給出的指導之外，我不會給出更多的顏色。 Grand Theft Auto V 和 Grand Theft Auto Online 現已推出約 8 年，性能一直遠遠好於我們的預期。我毫不懷疑增強版會讓消費者滿意。我毫不懷疑這將是絕對非凡的。它將如何表現？很難說。現在已經是第三代了。我是一個樂觀主義者，我發現您永遠不想與 Rockstar Games 打賭。所以我很期待發布。 Lainie 將回答第二個問題。

So for GTA Online in Q2, our expectations are for it to be up in the quarter due to the update that is just released. We didn't have an update last year. It's a difficult comp because of COVID, but since we had this update, we expect it to be up versus last year. And for Red Dead Online, since it's a difficult comp, we expect it to be slightly up, but -- due to the update, but not as up as GTA Online versus last year.

因此，對於第二季度的 GTA 在線模式，由於剛剛發布的更新，我們預計它會在本季度有所增長。我們去年沒有更新。由於 COVID，這是一個困難的比賽，但自從我們進行了這次更新後，我們預計它會比去年有所提高。對於 Red Dead 在線模式，由於它是一個困難的組合，我們預計它會略有上升，但是——由於更新，但不會像 GTA 在線模式與去年相比上升。

Your next question comes from the line of Matthew Thornton with Truist Securities.

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

Maybe 2 quick ones. First, just on the delays, you called out the 2 immersive core titles. It sounded like maybe there might be some other stuff as well. I'm just curious if there's any slippage, without getting into specifics, around some of the other new mobile titles or extensions kind of planned for the year. Any color there.

也許2個快速的。首先，就延遲而言，您提出了 2 個身臨其境的核心遊戲。聽起來可能還有其他一些東西。我只是很好奇今年計劃推出的其他一些新移動遊戲或擴展是否有任何延誤，恕不贅述。那裡有任何顏色。

And then just secondly, I think you just talked a little bit about kind of engagement trends given the pandemic normalization. It sounds like things are trending kind of as you thought 3 months ago. I don't want to put words in your mouth, but I think that's the interpretation there. The other change in the quarter was obviously around the Apple ATT change, IDFA changes and the impact on the mobile side of the business. So I'm just curious on the mobile side of the business if you saw any impact there or I guess how that tracked relative to your expectation when we all sat here 3 months ago. Any color there would be great.

其次，我想你剛剛談到了在大流行正常化的情況下的某種參與趨勢。聽起來事情的趨勢就像你 3 個月前想的那樣。我不想把話放在你嘴裡，但我認為這就是那裡的解釋。本季度的另一個變化顯然是圍繞 Apple ATT 變化、IDFA 變化以及對移動端業務的影響。因此，我只是想知道您是否在業務的移動方面看到了任何影響，或者我猜想這與我們 3 個月前坐在這裡時的預期相符。任何顏色都會很棒。

Thanks, Matthew. We don't have any other expectations of delays. So we've got -- we've mentioned what we have as we always do. In terms of how things are trending post pandemic, if you call this post pandemic, and I hope we can, it remains to be seen, the trend is almost exactly what we anticipated and what we've talked about now for over a year, which is we expected postpandemic demand to be higher than prepandemic demand and lower than the demand during the pandemic, which stands to reason because people have, in many ways, returned to normal in most of the world. That remains to be seen. As to what will come in the future, I'm hopeful that, that will continue.

謝謝，馬修。我們對延遲沒有任何其他期望。所以我們已經 - 我們一如既往地提到了我們擁有的東西。就大流行後的趨勢而言，如果你稱之為大流行後，我希望我們可以，還有待觀察，這種趨勢幾乎正是我們所預期的，也是我們一年多來一直在談論的，也就是說，我們預計大流行後的需求將高於大流行前的需求，但低於大流行期間的需求，這是有道理的，因為世界上大部分地區的人們在許多方面已經恢復正常。這還有待觀察。至於未來會發生什麼，我希望那會繼續下去。

But clearly, there's been a systemic shift in favor of interactive entertainment. It's now the #1 entertainment vertical. It's something like $180 billion market. It's a diverse market in terms of gender. It's a diverse market in terms of age. So we couldn't be more optimistic about the market than we are.

但很明顯，系統性轉變有利於互動娛樂。它現在是排名第一的娛樂垂直領域。這相當於 1800 億美元的市場。就性別而言，這是一個多元化的市場。就年齡而言，這是一個多元化的市場。因此，我們對市場的看法再樂觀不過了。

And in terms of IDFA, it's still early days. It remains to be seen. We have not seen any negative impact on our business. And I think that's really because we're big enough that we have lots of access to data. We have a consolidated consumer database across all of our labels, which is very robust. And if you have enough of your own data and you have solid data analytics teams, which we have both at the corporate level and at the label level, then a great deal of the information can be found in other ways. And you can do appropriate marketing that protects consumers' privacy without the resources that we had before from Apple. So we're in a good place so far with regard to that change, but it is still early.

就 IDFA 而言，現在還處於早期階段。它還有待觀察。我們沒有看到對我們的業務有任何負面影響。我認為這真的是因為我們足夠大，我們可以訪問很多數據。我們在所有品牌中都有一個統一的消費者數據庫，非常強大。如果你有足夠的自己的數據，並且你有可靠的數據分析團隊，我們在公司層面和標籤層面都有，那麼可以通過其他方式找到大量信息。你可以進行適當的營銷來保護消費者的隱私，而無需我們之前從 Apple 獲得的資源。因此，到目前為止，就這一變化而言，我們處於一個很好的位置，但現在還為時過早。

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

你的下一個問題來自 Andrew Uerkwitz 與 Jefferies 的合作。

I just have 2 quick ones. First one, I think, is for Lainie. Could you -- on the increased marketing spend, is the delay affect the way you're going to go to market with these titles? And then secondly, has the return on marketing spend changed over the last several years? Has it gotten better, gotten worse? Any color there to kind of -- on how marketing has affected game sales would be useful.

我只有 2 個快速的。第一個，我想，是給萊妮的。您能否 - 關於增加的營銷支出，延遲是否會影響您將這些標題推向市場的方式？其次，過去幾年營銷支出的回報率是否發生了變化？它變得更好了，變得更糟了嗎？那裡的任何顏色 - 關於營銷如何影響遊戲銷售都會有用。

So the increase on the marketing hasn't really changed. There's a little bit of timing change from Q1 into the rest of the year. And there's a little bit of shift out of the year into next year, but that's being offset by some additional costs due to the acquisition of Nordeus into the year. So there is a little bit of an increase of the overall operating expense in the year versus previous guidance. So it's a reduction of a little bit of marketing, offset by the Nordeus expense.

所以營銷的增加並沒有真正改變。從第一季度到今年剩餘時間，時間上有一些變化。並且有一點點從今年轉移到明年，但是由於今年收購 Nordeus 而導致的一些額外成本抵消了這一點。因此，與之前的指導相比，今年的整體運營費用略有增加。所以它減少了一點營銷，被 Nordeus 的費用抵消了。

And in terms of the return on marketing spend, I wouldn't say there's better or worse. I would say that we're a little bit more targeted on how we're spending our marketing. So I'd say we were getting a better return because we're able to really see how we're spending the marketing in a better way with better analytics over the last few years. But the spend continues to be a strong spend in order to do the best marketing for our titles, especially also with the mobile titles as well.

就營銷支出的回報而言，我不會說有好有壞。我會說我們更有針對性地關注我們如何花費我們的營銷。所以我想說我們獲得了更好的回報，因為我們能夠真正看到我們在過去幾年中如何通過更好的分析以更好的方式進行營銷。但為了對我們的遊戲進行最好的營銷，尤其是手機遊戲，這筆支出仍然是一筆可觀的支出。

Got it. And then, Strauss, I just want to go back to the first question a bit. I mean have some of the issues popped up? And have other competitors made you guys kind of rethink how you -- some of your policies, procedures? And then kind of along those lines, I believe employee turnover is already -- excuse me, you guys have a history of low turnover because people enjoy working at Take-Two. Is that still the case? Is turnover is still pretty low?

知道了。然後，施特勞斯，我只想稍微回到第一個問題。我的意思是有一些問題突然出現了嗎？其他競爭對手是否讓你們重新思考你們的一些政策和程序？然後沿著這些思路，我相信員工流動率已經 - 對不起，你們有低流動率的歷史，因為人們喜歡在 Take-Two 工作。現在還是這樣嗎？營業額還很低嗎？

Thanks for the question. Look, let's just pause at the -- inclusion, diversity and common decency is of paramount importance to everyone here and specifically highly important to me and has been for the 14 years that we've been around. This is nothing new for us. The culture of the company is well-known and well-known internally and reasonably well-known externally. All that said, we can always do better. And I think we're known to be people who always want to be doing better and never want to rest on our laurels.

謝謝你的問題。看，讓我們暫停一下——包容、多樣性和共同體面對在座的每個人都至關重要，對我來說尤其重要，我們已經存在了 14 年。這對我們來說並不是什麼新鮮事。公司文化是家喻戶曉的，對內知名，對外合理知名。儘管如此，我們總能做得更好。而且我認為我們是眾所周知的人，他們總是想做得更好，從不想固步自封。

We don't think that fostering an appropriate environment is a single set of actions or reflects 1 day in a new cycle. We think it's a constant process of introspection and improvement. There are always ways that we and the industry can do better. We'll listen to our colleagues, and we'll work on this area over time.

我們不認為培養適當的環境是一組單一的行動或反映新周期中的一天。我們認為這是一個不斷反省和改進的過程。我們和整個行業總有辦法做得更好。我們會聽取我們同事的意見，我們會隨著時間的推移在這個領域開展工作。

But I want to be very specific because you asked the question about what we do around here and what we've always done. The first is, and I'll say it in as black and white a way as I can, we will not tolerate harassment or discrimination or bad behavior of any kind. We never have. We set those expectations when people come on board here through our code of conduct and our anti-harassment and antidiscrimination policies, all of which our colleagues are required to review and sign when they're hired. All of our colleagues take anti-harassment training at hire and biannually after that. And we make it clear through the training and through our policy that if anyone does experience any inappropriate contact, there are multiple avenues to report that, and they'll never be retaliated against for doing so. Those options include the management chain, anyone in HR, an anonymous complaint by phone or online through our third-party hotline and website reporting tools.

但我想說得非常具體，因為你問了我們在這裡做什麼以及我們一直在做什麼的問題。首先，我會盡可能以黑白分明的方式說出來，我們不會容忍任何形式的騷擾、歧視或不良行為。我們從來沒有。當人們加入這裡時，我們通過我們的行為準則和反騷擾和反歧視政策設定了這些期望，我們的同事在被雇用時必須審查並簽署所有這些政策。我們所有的同事在受僱時和之後每半年接受一次反騷擾培訓。我們通過培訓和我們的政策明確表示，如果任何人確實遇到任何不當接觸，可以通過多種途徑報告，他們絕不會因此而遭到報復。這些選項包括管理鏈、人力資源部門的任何人、通過我們的第三方熱線和網站報告工具通過電話或在線進行匿名投訴。

Take-Two has a director of diversity and inclusion, and that (inaudible) includes developing, executing and leading a global DE&I strategy, and that supports our business objectives. We also have multiple employee resource groups inside the company, and we have more growing all the time, which gives us all a thrill. So that's what we're up to very specifically. Again, is there more that we could do? I'm certain there is. Do we feel like we're in a pretty good place? We're grateful that we do feel that way right now.

Take-Two 有一名多元化和包容性主管，這（聽不清）包括制定、執行和領導全球 DE&I 戰略，並支持我們的業務目標。我們在公司內部也有多個員工資源組，而且我們一直在成長，這讓我們都很興奮。所以這就是我們非常具體的工作。再一次，我們還能做些什麼嗎？我確定有。我們覺得我們處在一個很好的地方嗎？我們很感激我們現在確實有這種感覺。

In terms of retention, our turnover rate is roughly half of the industries. That's been true for about the past 18 months. There have been times when it's been about 70% of industry levels. It's been trending down at a time when I think, in general, turnover is trending up. So we feel good about that. And that's another measure of how we're doing, so we focus on it.

在保留方面，我們的離職率大約是行業的一半。在過去的 18 個月裡，情況一直如此。曾經有過大約 70% 的行業水平。在我認為總的來說營業額呈上升趨勢的時候，它一直呈下降趨勢。所以我們對此感覺很好。這是我們如何做的另一種衡量標準，所以我們專注於它。

Your next question comes from the line of Martin Yang with Oppenheimer & Co.

你的下一個問題來自 Oppenheimer & Co. 的 Martin Yang。

My first one is about how you account for the shifts in business models and player taste for games that have a much longer development cycle than a typical annual release is. And how much input does your central organization have in those directional changes on the market?

我的第一個是關於你如何解釋商業模式的變化和玩家對開發週期比典型的年度發佈時間長得多的遊戲的喜好。您的中央組織對市場的這些定向變化有多少投入？

I'm not sure I entirely follow your question. The development cycles for our core immersive releases are still significant. It takes some time to make what we hope will be the best titles in the business. And development cycles are not getting shorter for core immersive releases, and I wouldn't necessarily expect them to.

我不確定我是否完全理解你的問題。我們核心沉浸式版本的開發週期仍然很重要。製作我們希望成為業內最好的作品需要一些時間。核心沉浸式版本的開發週期並沒有變短，我不一定期望它們會變短。

I think what's changed is that in between big releases, we continue to engage consumers with add-on content and with opportunities to engage in online versions of the game in certain instances and multiplayer opportunities as well. So that's what created recurrent consumer spending. But much more importantly, recurrent consumer spending reflects consumer activity and engagement. But that doesn't really change development cycles. So did I miss your question in some way?

我認為改變的是，在大版本之間，我們繼續通過附加內容吸引消費者，並在某些情況下有機會參與遊戲的在線版本和多人遊戲機會。這就是創造經常性消費者支出的原因。但更重要的是，經常性消費者支出反映了消費者的活動和參與度。但這並沒有真正改變開發週期。那麼我是否以某種方式錯過了您的問題？

No, I think you answered it. I have a follow-up for Lainie. In terms of the marketing plan for the year, particularly around expanded and enhanced version for GTA, do you treat that game release as a brand-new game around the marketing and campaigns around it? Or do you -- how do you see this enhanced version marketing leading to the release?

不，我想你已經回答了。我有萊妮的後續行動。就今年的營銷計劃而言，特別是圍繞 GTA 的擴展和增強版本，您是否將游戲發布視為圍繞其營銷和活動的全新遊戲？或者你 - 你如何看待這種導致發布的增強版營銷？

It wouldn't be marketed as a brand-new game. There certainly is marketing around the game, but it wouldn't be as if it's a brand-new release of a GTA property.

它不會作為一款全新的遊戲進行營銷。遊戲肯定有營銷，但它不會像 GTA 財產的全新版本。

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

你的下一個問題來自摩根士丹利的 Brian Nowak。

It's Matt on for Brian. I have 2. So Strauss, you made a comment about seeing signs of stabilization in media consumption patterns. Obviously, it's under -- I understood your comments about how you expected to come to a lower rate post pandemic than you saw during the pandemic. But I guess what are the things that you're seeing right now that are giving you confidence that you're seeing stabilization as opposed to sort of being midway through sort of the normalization process with a floor at some lower level?

這是馬特為布賴恩。我有 2。所以施特勞斯，你發表了關於看到媒體消費模式穩定跡象的評論。顯然，它是——我理解你關於你如何期望大流行後的利率低於大流行期間的評論。但我想你現在看到的是什麼讓你有信心看到穩定，而不是處於某種較低水平的正常化過程的中途？

And then the second question is just on the reorganization of the mobile studios. Are there any new capabilities or new goals for that organization now that you're centralizing all the studios under 1 umbrella? Is there anything that's new that's possible on the mobile side of the business because of that?

然後第二個問題是關於移動工作室的重組。現在您將所有工作室集中在一個傘下，該組織是否有任何新功能或新目標？因此，在業務的移動端有什麼新的可能嗎？

Matt, so in terms of the stabilization of media consumption patterns, really, what we're seeing is we can just see it in the numbers. Obviously, we don't have the same kind of wind in our backs as we did during the pandemic itself. But now that the pandemic is hopefully over, certainly, people are getting back to normal. We're experiencing what we expected, but we're also seeing instances like, for example, when the new movies came out for GTA Online, we're seeing record engagement. So that in itself shows you that the sort of the moderation that we've seen is really coming to an end because people are engaging when the content is released, and they're engaging in a very significant way. So that gives us a lot of confidence that we may be past the, I guess, you call them headwinds of losing the tailwinds of the pandemic, and we moved on to where the titles are behaving as we would expect in a more normalized environment. So we can see it in the numbers themselves.

馬特，就媒體消費模式的穩定而言，我們所看到的是我們可以從數字中看到這一點。顯然，我們的背後沒有大流行期間那樣的風。但現在大流行有望結束，當然，人們正在恢復正常。我們正在經歷我們所期望的，但我們也看到了一些例子，例如，當新電影出現在 GTA 在線模式時，我們看到了創紀錄的參與度。因此，這本身就向您表明，我們所看到的那種節制實際上即將結束，因為人們在內容髮佈時參與其中，並且他們以非常重要的方式參與。因此，這給了我們很大的信心，我們可能已經過去了，我猜，你稱之為失去大流行順風的逆風，我們繼續前進到標題在更正常化的環境中表現得像我們預期的那樣。所以我們可以在數字本身中看到它。

In terms of centralizing the studios and mobile under 1 umbrella, we do expect that there will be synergies across the organizations. Each of these studios has got something to bring in terms of expertise, whether it's data analytics, whether it's different ways to create content. There are a lot of things that they can learn from each other, and bringing them together under 1 management umbrella really gives us the ability -- not to mention also consumer data, really gives us the ability to pursue best practices across the entire organization. So yes, we do expect there to be synergies based on this reorganization.

就將工作室和移動設備集中在一個保護傘下而言，我們確實希望各組織之間能夠產生協同效應。這些工作室中的每一個都可以帶來一些專業知識，無論是數據分析，還是不同的內容創建方式。他們可以互相學習很多東西，將他們聚集在一個管理傘下真的給了我們能力——更不用說消費者數據了，真的讓我們有能力在整個組織中追求最佳實踐。所以是的，我們確實希望在這次重組的基礎上產生協同效應。

(Operator Instructions) Your question comes from the line of Gerrick Johnson with BMO Capital Markets.

（操作員說明）您的問題來自 BMO Capital Markets 的 Gerrick Johnson。

First, I'm just wondering why these titles were delayed.

首先，我只是想知道為什麼這些標題會被延遲。

We needed more time to polish them and make sure that they're the best titles they possibly can be.

我們需要更多時間來完善它們並確保它們是最好的遊戲。

Okay. So no COVID-related delay then?

好的。那麼沒有與 COVID 相關的延遲嗎？

No, our team has been incredibly productive throughout the pandemic. And even though we have a lot of work going on at home, productivity is high.

不，我們的團隊在整個大流行期間的工作效率令人難以置信。儘管我們在家裡有很多工作要做，但生產率還是很高的。

Okay. Great. And is Nordeus accretive?

好的。偉大的。 Nordeus 有增生作用嗎？

Yes. Nordeus is an accretive acquisition for us.

是的。 Nordeus 對我們來說是一次增值收購。

Your next question comes from the line of Clay Griffin with MoffettNathanson.

你的下一個問題來自 Clay Griffin 和 MoffettNathanson 的台詞。

Strauss, I noted Sony's Jim Ryan specifically calling out Chinese demand for PlayStation 5. You've been bullish on the long-term opportunity in China in the sense that it opens up to Western content. At the same time, there's obviously been a lot of concern on a regulatory shift in China in the space. I'd love to just get your current thoughts on the Chinese market and how you think Take-Two is positioned to participate in that market over time.

Strauss，我注意到索尼的 Jim Ryan 特別指出了中國對 PlayStation 5 的需求。你一直看好中國的長期機遇，因為它向西方內容開放。與此同時，對於中國在該領域的監管轉變顯然存在很多擔憂。我很想知道您目前對中國市場的看法，以及您認為 Take-Two 如何定位參與該市場。

It's a great market for us. We have the #1 PC online sports title in China with 54 million registered users. NBA 2K Online continues to grow in China. We also have console titles for China, and we have titles that are being approved. We have great relationships in China with Tencent and others. And so we think there's plenty of upside going forward.

這對我們來說是一個很好的市場。我們擁有中國排名第一的 PC 在線體育賽事，擁有 5400 萬註冊用戶。 NBA 2K Online 在中國繼續發展。我們也有面向中國的主機遊戲，我們有正在批准中的遊戲。我們在中國與騰訊和其他公司有著良好的關係。因此，我們認為未來還有很多上升空間。

Your next question comes from the line of Brian Fitzgerald with Wells Fargo.

你的下一個問題來自富國銀行的 Brian Fitzgerald。

From Socialpoint to Playdots to Nordeus, you guys have always been really highly disciplined in terms of M&A activity. We wanted to ask what you're seeing in terms of valuations on the mobile side of things. Or are platform changes like Apple is doing with AT&T, is that making it increasingly harder, Strauss, to your point for small publishers and studios to compete? Is that making it more frothy in terms of the -- just the general environment for acquisitions?

從 Socialpoint 到 Playdots 再到 Nordeus，你們在併購活動方面一直非常嚴格。我們想問一下您對移動端估值的看法。還是像 Apple 對 AT&T 所做的那樣的平台變化，這是否讓小型發行商和工作室的競爭變得越來越困難，施特勞斯？就收購的一般環境而言，這是否使它變得更加泡沫？

We haven't seen any change in the market yet, and valuations remain frothy, I think, because of the growth of the sector and enthusiasm around the sector. However, our discipline has really paid off in the past 14 years. Knock wood, we haven't made a failed acquisition. Our acquisitions are accretive, usually right away. Sometimes it could take a little bit of time. But we're happy that we've done every deal that we've done. We did miss out on a few that we wish we had done, but frankly, not all that many.

我們還沒有看到市場有任何變化，我認為，由於該行業的增長和對該行業的熱情，估值仍然存在泡沫。然而，我們的紀律在過去 14 年中確實得到了回報。敲木頭，我們還沒有進行過失敗的收購。我們的收購是增值的，通常是立竿見影的。有時可能需要一點時間。但我們很高興我們完成了我們所做的每一筆交易。我們確實錯過了一些我們希望我們已經完成的事情，但坦率地說，並沒有那麼多。

I think you raised a good point, which is over time, will it be harder for smaller companies to compete in the space? And I think that will be true. The answer will be yes with regard to both mobile and console. The resources required are significant. The risk profile is significant. And the history of the entertainment business is that over time, those that are very creative become very successful. Those that are very successful become bigger. Those that are bigger have the opportunity to acquire smaller enterprises. And as long as the focus remains on creativity, innovation and efficiency and as long as the culture that has made the company successful in the first place is maintained, there's an opportunity for continued success even with scale. And that's certainly how we see ourselves and how we envision our future.

我認為你提出了一個很好的觀點，隨著時間的推移，小公司會更難在這個領域競爭嗎？我認為那會是真的。對於移動端和主機端，答案都是肯定的。所需的資源是巨大的。風險狀況很重要。娛樂業的歷史是，隨著時間的推移，那些非常有創意的人變得非常成功。那些非常成功的會變得更大。較大的企業有機會收購較小的企業。只要重點仍然放在創造力、創新和效率上，只要讓公司首先取得成功的文化得以保持，即使規模擴大，也有機會繼續取得成功。這當然是我們看待自己和展望未來的方式。

Your next question comes from the line of Drew Crum with Stifel.

您的下一個問題來自 Stifel 的 Drew Crum 系列。

Okay. So just going back to GTA Online, can you talk about your expectations for the fiscal year? Lainie, I know you said you're expecting growth in fiscal 2Q. You have the stand-alone version coming in November. So with that in place, can GTA Online grow this year?

好的。那麼回到 GTA 在線模式，您能談談您對本財年的期望嗎？ Lainie，我知道你說過你預計第二財季會出現增長。您將在 11 月推出獨立版本。那麼有了這些，GTA 在線模式今年能否增長？

And then separately, I know you guys don't like to guide on specific titles, but on Hades, it looks like you had a limited release previously but managed to ship 1 million plus copies, very high metascore. Can you talk about maybe at a high level what your expectations are for that game and prospects for commercial success?

然後分別，我知道你們不喜歡指導特定的標題，但在 Hades 上，看起來你們之前有一個有限的版本，但設法出貨超過 100 萬份，非常高的元分數。你能談談你對這款遊戲的期望以及商業成功的前景嗎？

Drew, for GTA Online, our expectations for the full year is for it to moderate. So for the full year, we expect moderation of the trends that benefited us from the industry last year due to COVID and the sheltering at home. So Q1 was down versus last year. [We've now] beat our expectations. And Q2 is going to be up because of the update, which is doing really well. So we do expect Q3 and Q4 right now to be down. But GTA Online always surprises us. So it's still early in the year, so we'll see what happens. But right now, we do have our expectations as it being moderating for the year.

德魯，對於 GTA 在線模式，我們對全年的預期是溫和。因此，對於全年，我們預計去年由於 COVID 和居家隔離而使我們受益於該行業的趨勢會有所緩和。所以第一季度與去年相比有所下降。 [我們現在]超出了我們的預期。由於更新，第二季度將會上升，這非常好。所以我們確實預計第三季度和第四季度現在會下降。但 GTA 在線模式總能給我們帶來驚喜。所以現在還早，所以我們看看會發生什麼。但現在，我們確實有我們的期望，因為它在今年有所緩和。

And in terms of Hades, look, I mean in a lot of ways, this is one of the ideal projects for Private Division. I mean we founded the Division based on our effort to hook up with some of the best independent developers in the world. And I would certainly categorize Supergiant as one of those. Hades obviously has had its significant critical and commercial success to date with the digital release. And we're really excited to be part of it on the physical side.

就 Hades 而言，看，我的意思是在很多方面，這是 Private Division 的理想項目之一。我的意思是，我們成立該部門的基礎是我們努力與世界上一些最優秀的獨立開發人員建立聯繫。我當然會將 Supergiant 歸類為其中之一。迄今為止，Hades 的數字版本顯然已經取得了重大的關鍵和商業成功。我們真的很高興能在身體方面參與其中。

And we think there's a significant market for that title that has just started. They have sold a good number of copies, but there's a lot of upside for us. So we're thrilled to be in business with Supergiant. We think there's a great amount of upside for us, and we're looking forward to the release.

我們認為該遊戲的巨大市場才剛剛起步。他們已經售出了很多份，但對我們來說還有很多好處。所以我們很高興能與 Supergiant 開展業務。我們認為我們有很大的上升空間，我們期待著發布。

Your next question comes from the line of Benjamin Soff with Deutsche Bank.

你的下一個問題來自德意志銀行的本傑明索夫。

Just one, if I could. I was just wondering how you guys think about the subscription model in gaming and where and if you see an opportunity there for you guys.

一個，如果可以的話。我只是想知道你們如何看待遊戲中的訂閱模式，以及你們在哪里以及是否看到了你們的機會。

Yes. Our views remain unchanged. We think that a subscription model can make sense for deep catalog titles, but it doesn't really make sense for frontline titles. And for any business model that makes sense in the entertainment business, it has to work for the creators of the entertainment as well as the consumers of the entertainment. And I think catalog can make sense for the publishers. It can make sense for consumers who are avid, who really want access to a lot of product.

是的。我們的觀點保持不變。我們認為訂閱模式對深度目錄標題有意義，但對一線標題並沒有真正意義。對於任何在娛樂行業有意義的商業模式，它都必須為娛樂的創造者和娛樂的消費者服務。而且我認為目錄對出版商來說很有意義。對於狂熱的、真正想要獲得大量產品的消費者來說，這很有意義。

But if you're getting into frontline product, then the economics are much more difficult to make sense of. And remember, consumers who are involved with interactive entertainment have different consumption patterns than those involved with linear entertainment. Linear entertainment consumers consume something like 150 hours of programming a month. That's probably well over 100 different titles. In the case of interactive entertainment, consumers are consuming something like 45 hours a month, and that may be 1, 2, 3, 4 titles, but it's certainly not 100 titles.

但如果你進入一線產品，那麼經濟學就更難理解了。請記住，參與互動娛樂的消費者與參與線性娛樂的消費者有著不同的消費模式。線性娛樂消費者每月消費大約 150 小時的節目。這可能超過 100 個不同的標題。就互動娛樂而言，消費者每月花費大約 45 小時，可能是 1、2、3、4 個標題，但肯定不是 100 個標題。

So from a consumer point of view, it's not clear that a subscription model really makes sense for the bulk of consumers. That remains to be seen. We're open-minded. We have made catalog titles available for subscription services. Very occasionally, we've made frontline titles available as well. But we do see this more as a catalog offering than a frontline offering.

因此，從消費者的角度來看，訂閱模式對大多數消費者是否真的有意義尚不清楚。這還有待觀察。我們思想開放。我們已經為訂閱服務提供了目錄標題。偶爾，我們也會提供前線遊戲。但我們確實更多地將其視為目錄產品，而不是一線產品。

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

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

Two questions. First, with regards to the untethering of Red Dead Redemption Online, now that you've had this for a little while, I'm just curious, what are you finding with the game in terms of widening the funnel? Is it bringing new people in that's helping to sell more units of Red Dead Redemption 2? Anything -- any color you can give us would be great.

兩個問題。首先，關於 Red Dead Redemption 在線模式的解綁，既然你已經玩了一段時間了，我很好奇，你在擴大漏斗方面對遊戲有何發現？引入新人是否有助於銷售更多 Red Dead Redemption 2？任何東西——任何你能給我們的顏色都會很棒。

It's been good news. We've added players. It's been good for the main game. It's been good for Red Dead Online. I think the timing was excellent. Again, I think you can do almost anything from a marketing point of view if you're mindful of creating appropriate marketing windows.

這是個好消息。我們增加了球員。這對主要遊戲來說很好。這對 Red Dead 在線模式來說很好。我認為時機非常好。同樣，我認為如果您注意創建適當的營銷窗口，那麼從營銷的角度來看，您幾乎可以做任何事情。

Great. And then just as a follow-up. I'm curious with COVID ebbs and flows, are your developers still completely working at home? Are you -- have you brought them back in-house at all? Or where do you stand there?

偉大的。然後作為後續行動。我很好奇 COVID 的潮起潮落，您的開發人員是否仍然完全在家工作？你 - 你有沒有把它們帶回內部？或者你站在哪裡？

It's a mix. People are back at work in China, for example, and other parts of the globe. We have some people back at work at offices in the U.S. as well. We are very mindful of what's going on. Our colleague's safety and health comes first. And thankfully, everyone's highly productive wherever they are.

這是一個混合。例如，人們在中國和全球其他地方重返工作崗位。我們也有一些人回到美國的辦公室工作。我們非常注意正在發生的事情。我們同事的安全和健康是第一位的。值得慶幸的是，無論身在何處，每個人的工作效率都很高。

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

您的下一個問題來自 The Benchmark Company 的 Mike Hickey。

Congrats on the quarter, guys. Two from me. First one, it looks like subsequent quarter end, you started using some DMCA takedown requests to remove (inaudible). Just sort of curious the catalyst for doing that and sort of the feedback from the player community.

恭喜這個季度，伙計們。我的兩個。第一個，看起來像是下個季度末，您開始使用一些 DMCA 刪除請求來刪除（聽不清）。只是有點好奇這樣做的催化劑以及來自玩家社區的反饋。

The second question is on the collegiate opportunity. It seems like you sort of have a new frontier here for college sports and athletes. And sort of, I guess, your thoughts there and any consideration in your pipeline.

第二個問題是關於大學機會。看起來你在這里為大學運動和運動員開闢了一個新領域。我想，有點像你的想法和你的管道中的任何考慮。

In terms of takedowns, we're pretty flexible, frankly. That said, if the economy is threatened or if there's bad behavior, and we know how to define that, then we would issue a takedown notice. I'm sorry, what was your second question, Mike?

坦率地說，在刪除方面，我們非常靈活。也就是說，如果經濟受到威脅或存在不良行為，並且我們知道如何定義，那麼我們會發出刪除通知。對不起，邁克，你的第二個問題是什麼？

Second question is just on the collegiate opportunity, Strauss, for sports and athletes or games.

第二個問題只是關於大學機會，施特勞斯，關於運動和運動員或遊戲。

And the opportunity with regard to what, just so I understand your question.

機會是什麼，所以我理解你的問題。

NBA. Obviously, college basketball would be pretty sweet, I think, too. Just sort of, I guess, expansion opportunities for your game portfolio or working with athletes maybe for marketing or [game from last year]?

NBA。顯然，我認為大學籃球也會很甜蜜。只是，我想，擴展你的遊戲組合的機會，或者與運動員合作可能是為了營銷或 [去年的遊戲]？

I'm not sure how to answer it. And so I'm going to be judicious and probably not going to answer it. I will note that we were in business many years ago with the NCAA, and we know longer are. And we're always looking for opportunities to grow our business and our sports business.

我不知道該如何回答。所以我會很明智，可能不會回答這個問題。我會注意到，我們在很多年前就與 NCAA 開展業務，而且我們知道時間更長。我們一直在尋找機會來發展我們的業務和體育業務。

Your next question is a follow-up from Matthew Thornton with Truist Securities.

你的下一個問題是 Matthew Thornton 與 Truist Securities 的後續行動。

Your next follow-up comes from Gerrick Johnson with BMO Capital Markets.

您的下一篇跟進來自 BMO 資本市場的 Gerrick Johnson。

You were in a special time here with next-gen consoles rolling out, and you have -- GTA and NBA both have new titles coming out that will take advantage of those consoles. Are you finding more deferral of those titles in general, waiting for those next versions and the rollout of those consoles?

你在這裡度過了一個特殊的時間，次世代遊戲機正在推出，而且你已經 - GTA 和 NBA 都有新的遊戲即將推出，這些遊戲將利用這些遊戲機。一般來說，您是否發現這些遊戲有更多延期，等待下一個版本和這些遊戲機的推出？

It's awfully hard to measure something like that, but demand for NBA 2K has been very strong this year. We've had a great year. We've sold in over 11 million units. And certainly, ongoing demand for Grand Theft Auto V has been huge. We've sold in over 150 million units. So I'm not sure we've seen -- I'm not sure we could measure it in any case. I don't know -- we have to do tailored research and it still wouldn't tell us anything that we could do differently. But I remain of the view that the enhanced edition of Grand Theft Auto V will be highly appealing to consumers with next-gen platforms or now current-gen platforms. But that remains to be seen.

很難衡量這樣的事情，但今年對 NBA 2K 的需求非常強勁。我們度過了美好的一年。我們已售出超過 1100 萬台。當然，對 Grand Theft Auto V 的持續需求是巨大的。我們已售出超過 1.5 億台。所以我不確定我們是否已經看到 - 我不確定我們是否可以在任何情況下對其進行衡量。我不知道——我們必須進行量身定制的研究，它仍然不會告訴我們任何我們可以做的不同的事情。但我仍然認為，俠盜獵車手 V 的增強版將對擁有下一代平台或當前平台的消費者極具吸引力。但這還有待觀察。

Your next question is a follow-up from Matthew Thornton with Truist Securities.

你的下一個問題是 Matthew Thornton 與 Truist Securities 的後續行動。

Just 2 quick follow-ups. I guess staying on new consoles for a second. I'm just curious how you're thinking about supply as we head into the holiday season. And obviously, we've got the next-gen Grand Theft Auto releasing. I'm just kind of curious of the latest thoughts around console supply and demand.

只需 2 次快速跟進。我想在新遊戲機上停留一秒鐘。我只是想知道在我們進入假期時您如何考慮供應。顯然，我們已經發布了下一代俠盜獵車手。我只是對有關控制台供需的最新想法感到好奇。

And then just secondly, you guys have talked a lot about the pipeline numbers of releases for fiscal '23 and fiscal '24. You've talked about expecting sequential growth in fiscal '23. And you've talked about getting to new record operating results in the outyears as well. I'm just curious if that last comment pertain to that window, that fiscal '23 to fiscal '24 window, or if I'm reading too much into that.

其次，你們談了很多關於 23 財年和 24 財年發布的管道數量。您談到了預期 23 財年的連續增長。你也談到了在未來幾年內獲得新的經營業績記錄。我只是好奇最後一條評論是否與那個窗口有關，那個 23 財年到 24 財年的窗口，或者我是否對此讀得太多了。

We know that demand for consoles remains high. That's not in doubt. We're hopeful that supply will be enhanced by year-end, and it will be in a good place. But most importantly, the demand is there. And in terms of the pipeline, yes, we said we expected sequential growth in fiscal '23, and we expect to set new operating records in the coming years. And we still have both of those expectations.

我們知道對遊戲機的需求仍然很高。這是毫無疑問的。我們希望到年底供應會增加，而且會處於一個好的位置。但最重要的是，需求就在那裡。就管道而言，是的，我們說過我們預計 23 財年會出現連續增長，我們預計將在未來幾年創造新的運營記錄。我們仍然有這兩種期望。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to Strauss Zelnick for closing remarks.

女士們，先生們，我們的問答環節已經結束。我想將電話轉回給 Strauss Zelnick 以作結束語。

Thank you so much for joining us today. I want to, as always, emphatically thank all of our colleagues all around the world who delivered these great results. And it has been a challenging time to deliver the results. And our team shows up and does their best work every day, and work continues to pay off. We're so grateful. We're also grateful to our shareholders who have been so supportive over these years. And I want to wish you all a happy, healthy and safe remainder of the summer. Thanks for joining us.

非常感謝您今天加入我們。我想一如既往地衷心感謝我們在世界各地取得這些偉大成果的所有同事。交付結果一直是一個充滿挑戰的時期。我們的團隊每天都會出現並儘力而為，並且工作會繼續得到回報。我們非常感激。我們也感謝這些年來一直支持我們的股東。我希望大家度過一個快樂、健康、平安的暑假。感謝您加入我們。

Ladies and gentlemen, this does conclude today's conference. You may disconnect your lines at this time. Thank you all for your participation.

女士們，先生們，今天的會議到此結束。此時您可以斷開線路。謝謝大家的參與。