Take-Two Interactive Software Inc (TTWO) 2021 Q3 法說會逐字稿

Greetings, and welcome to the Take-Two Q3 Fiscal Year '21 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎參加 Take-Two Q3 財政年度 '21 收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. Thank you, Nicole, you may begin.

現在我很高興向您介紹主持人 Nicole Shevins，她是投資者關係和企業傳播高級副總裁。謝謝你，妮可，你可以開始了。

Good afternoon. I recently joined Take-Two, and I'd like to thank you for joining our conference call to discuss our results for the third quarter of fiscal year 2021 ended December 31, 2020. I'm thrilled to join the team and look forward to working with all of you.

下午好。我最近加入了 Take-Two，感謝您參加我們的電話會議，討論我們截至 2020 年 12 月 31 日的 2021 財年第三季度業績。我很高興加入團隊並期待與你們所有人一起工作。

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.

今天的電話會議將由 Take-Two 的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。

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.

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。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 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.

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按公認會計原則計算的，所有比較都是按年進行的。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。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。

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.

此外，我們還在我們的網站上發布了一張幻燈片，直觀地展示了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。

I'd like to welcome Nicole to our team, and I'm confident that she'll enhance our Investor Relations efforts going forward.

我歡迎妮可加入我們的團隊，我相信她會加強我們未來的投資者關係工作。

On behalf of our entire management team, I'd like to acknowledge those who've been and continue to be affected by the global pandemic. No words can bring comfort to those who've suffered. However, we do remain hopeful that better days lie ahead and that we all may return to and enjoy our lives as we once did. We remain immensely grateful to frontline workers who are caring selflessly for those in need, ensuring the vaccines are being delivered and administered and helping the world navigate further these troubling times.

我謹代表我們的整個管理團隊，向那些已經並將繼續受到全球大流行病影響的人表示感謝。任何言語都無法安慰受苦的人。然而，我們仍然希望更好的日子就在前方，我們都可以回到過去，享受我們曾經做過的生活。我們仍然非常感謝前線工作人員無私地照顧有需要的人，確保疫苗的交付和管理，並幫助世界進一步渡過這些令人不安的時代。

Turning to Take-Two, due to an incredibly strong holiday season coupled with our ability to provide consistently the highest quality entertainment experiences, especially as many individuals continue to shelter at home, Take-Two delivered operating results that significantly exceeded our expectations. The outperformance of Grand Theft Auto Online, Grand Theft Auto V, NBA 2K, the Mafia Definitive Editions of Mafia: Trilogy and Red Dead Redemption 2 reflects our development team's boundless passion, creativity and commitment to captivate and engage audiences.

談到 Take-Two，由於假期旺盛，加上我們始終如一地提供最高質量娛樂體驗的能力，尤其是在許多人繼續待在家裡的情況下，Take-Two 的經營業績大大超出了我們的預期。 Grand Theft Auto 在線模式、Grand Theft Auto V、NBA 2K、Mafia Definitive Edition of Mafia：Trilogy 和 Red Dead Redemption 2 的出色表現反映了我們的開發團隊對吸引和吸引觀眾的無限熱情、創造力和承諾。

In the history of the entertainment industry, there's perhaps no experience that's more loved, more expansive, more critically-acclaimed and more successful than Rockstar Games' Grand Theft Auto. Grand Theft Auto V remains one of the most iconic titles ever released and continues to exceed our expectations, having sold in over 140 million units. In fact, in calendar 2020, more copies of Grand Theft Auto V were sold than in any other year except for 2013 when it first launched on PlayStation 3 and Xbox 360. In addition, recurrent consumer spending on Grand Theft Auto Online outperformed our third quarter forecast and grew 28% year-over-year.

在娛樂業的歷史上，也許沒有比 Rockstar Games 的俠盜獵車手更受喜愛、更廣泛、更受好評和更成功的體驗了。 Grand Theft Auto V 仍然是有史以來最具標誌性的遊戲之一，並且繼續超出我們的預期，銷量超過 1.4 億部。事實上，在 2020 年，除了 2013 年首次在 PlayStation 3 和 Xbox 360 上推出外，Grand Theft Auto V 的銷量比其他任何一年都多。此外，Grand Theft Auto Online 的經常性消費者支出超過了我們第三季度的表現預測，同比增長 28%。

In December, Rockstar Games released Grand Theft Auto Online's biggest update to date, the Cayo Perico Heist. Featuring a radical new approach to heist design as well as a new tropical island to explore, the Cayo Perico Heist is an all-new Grand Theft auto Online adventure in which players can choose to take on a heist with a crew of up to 4 or, for the first time, plan, prepare and execute the daring island heist all on their own. Notably, more than 50% of those playing the Cayo Perico Heist are engaging with this as a new single-player experience. Cayo Perico Heist also introduces an array of exciting new weapons and vehicles, a new virtual night club and social space for players to get together and experience the world's best DJs, plus a host of updates across the entire world.

12 月，Rockstar Games 發布了 Grand Theft Auto Online 迄今為止最大的更新，即 Cayo Perico Heist。 Cayo Perico Heist 採用全新的搶劫設計方法以及一個可供探索的新熱帶島嶼，是一款全新的俠盜獵車手在線冒險遊戲，玩家可以選擇與最多 4 人或 4 人的船員一起進行搶劫，第一次獨自計劃、準備和執行大膽的島嶼搶劫。值得注意的是，超過 50% 的玩 Cayo Perico Heist 的人都將其作為一種新的單人遊戲體驗。 Cayo Perico Heist 還引入了一系列令人興奮的新武器和車輛、一個新的虛擬夜總會和社交空間，供玩家聚在一起體驗世界上最好的 DJ，以及全世界的一系列更新。

In addition, overall engagement with Grand Theft Auto Online continues to set new benchmarks, as the title had more players in every month and for the entirety of calendar 2020 than in any other year since its launch. 2020 also marked Grand Theft Auto Online's highest participation rate ever by both new players and reactivated players who returned to experience Rockstar Games array of new content offerings. Grand Theft Auto Online is expected to achieve a new net bookings record in fiscal 2021.

此外，與 Grand Theft Auto 在線模式的整體互動繼續設定新的基準，因為這款遊戲在每個月和整個 2020 年的玩家人數超過自推出以來的任何其他年份。 2020 年還標誌著 Grand Theft Auto Online 的新玩家和重新激活的玩家參與率達到有史以來的最高水平，他們返回體驗 Rockstar Games 的一系列新內容。 Grand Theft Auto Online 預計將在 2021 財年創下新的淨預訂記錄。

Red Dead Redemption 2 also outperformed and, to date, has sold in over 36 million units worldwide. In December, Rockstar Games released a stand-alone version of Red Dead Online on PlayStation 4, Xbox One and PC that, for the first time, allows new players who do not already own Red Dead Redemption 2 to experience everything Red Dead Online has to offer, including access to all future content updates. Players also have the option to unlock Red Dead Redemption 2's story mode via an array -- via an additional purchase.

Red Dead Redemption 2 也表現出色，迄今為止，全球銷量已超過 3600 萬套。 12 月，Rockstar Games 在 PlayStation 4、Xbox One 和 PC 上發布了 Red Dead 在線模式的單機版，首次讓尚未擁有 Red Dead Redemption 2 的新玩家體驗 Red Dead 在線模式的一切優惠，包括訪問所有未來的內容更新。玩家還可以選擇通過陣列解鎖 Red Dead Redemption 2 的故事模式——通過額外購買。

In addition, during the quarter, Rockstar Games released an array of content updates for Red Dead Online, including new legendary animals and sightings missions for the Naturalist role; action-packed new missions for the Bounty Hunter role, with the addition of the prestigious Bounty Hunter License, plus Outlaw Pass #4 and an assortment of new clothing, weapons, enhancements and more. As a result of these offerings, engagement with Red Dead Online reached new heights, and there were more players including more new players in the month of December than in any other month since its beta launch in 2018. In addition, Red Dead Online grew its audience and had more overall players in calendar 2020 than 2019. Rockstar Games will continue to support both Red Dead Online and Grand Theft Auto Online with more content updates throughout calendar 2021 to keep new and returning players excited and engaged.

此外，在本季度，Rockstar Games 發布了 Red Dead 在線模式的一系列內容更新，包括新的傳奇動物和博物學家角色的目擊任務；賞金獵人角色的動作豐富的新任務，增加了享有盛譽的賞金獵人執照，加上 Outlaw Pass #4 和各種新服裝、武器、增強功能等。由於這些產品，Red Dead 在線模式的參與度達到了新的高度，12 月份的玩家數量超過了自 2018 年測試版推出以來的任何其他月份。此外，Red Dead 在線模式還擴大了其與 2019 年相比，2020 年的觀眾人數和總體玩家數量都在增加。Rockstar Games 將繼續支持 Red Dead 在線模式和俠盜獵車手在線模式，並在整個 2021 日曆年更新更多內容，讓新老玩家保持興奮和參與。

Another beloved franchise that's both a perennial favorite among consumers and an integral contributor to our ongoing success is NBA 2K from 2K and Visual Concepts. Renowned for being our industry's leading basketball simulation series, each year, NBA 2K continues to reinvent how people experience basketball and its rich culture and influence. NBA 2K21 once again raised the bar for the series and was our first offering that was built from the ground up for next-generation consoles. The title boasts groundbreaking technological advancements, new modes and many exclusive, robust features. To date, NBA 2K21 has exceeded our expectations and has sold in over 8 million units across all platforms.

2K 和 Visual Concepts 的 NBA 2K 是另一個備受消費者喜愛的特許經營權，它既是消費者常年的最愛，也是我們不斷取得成功的不可或缺的貢獻者。作為我們行業領先的籃球模擬系列而聞名，每年，NBA 2K 都會繼續重塑人們體驗籃球及其豐富文化和影響力的方式。 NBA 2K21 再次提高了該系列的標準，這是我們為次世代遊戲機打造的第一款產品。該標題擁有突破性的技術進步、新模式和許多獨特、強大的功能。迄今為止，《NBA 2K21》超出了我們的預期，在所有平台上的銷量已超過 800 萬套。

In addition, during the third quarter, net bookings for the NBA 2K series grew 48%, and recurring consumer spending significantly exceeded our expectations, growing 67%. Furthermore, consumer engagement with NBA 2K remains incredibly strong across daily active users, MyCAREER users and MyTeam users. Moreover, NBA 2K21 users have been more deeply engaged with the game with average games played per user up 14% as compared to NBA 2K20 in the same period. During the quarter, 2K expanded further the breadth of its NBA 2K offerings with the releases of NBA's SuperCard and NBA 2K Mobile Season 3 for iOS and Android devices.

此外，在第三季度，NBA 2K 系列的淨預訂量增長了 48%，經常性消費者支出顯著超出我們的預期，增長了 67%。此外，日常活躍用戶、MyCAREER 用戶和 MyTeam 用戶對 NBA 2K 的消費者參與度仍然非常高。此外，與同期的 NBA 2K20 相比，NBA 2K21 用戶的遊戲參與度更高，每位用戶玩的平均遊戲數增加了 14%。本季度，2K 發布了適用於 iOS 和安卓設備的 NBA SuperCard 和 NBA 2K Mobile Season 3，進一步擴大了其 NBA 2K 產品的範圍。

During the third quarter, 2K bolstered our initial offerings for PlayStation 5 and Xbox Series X with our beloved shooter-looter title, Borderlands 3. The title was fully optimized for next-generation consoles, making mayhem bigger and bolder than ever before. All players who own or purchase the game on prior consoles will be able to download the new platform upgrade within the same console family for free. This free upgrade will add several exclusive features, including 4K resolution at 60 frames per second in single player and online co-op, plus support for 3 and 4 players split screen co-op. Borderlands 3's launch for next-generation platforms was well-received, and we've seen the game's user base grow steadily. 2K is supporting the title with in-game events and new content, including the release of the Designer's Cut, which is the first of 2 offerings as part of the Season Pass 2 for all versions of the game.

在第三季度，2K 為 PlayStation 5 和 Xbox Series X 推出了我們深受喜愛的射擊掠奪遊戲《無主之地 3》，為我們的初始產品提供了支持。這款遊戲針對下一代遊戲機進行了全面優化，讓混亂比以往任何時候都更大、更大膽。所有在之前的遊戲機上擁有或購買該遊戲的玩家都可以免費下載同一遊戲機系列中的新平台升級。此次免費升級將增加多項獨家功能，包括單人遊戲和在線合作遊戲中每秒 60 幀的 4K 分辨率，以及對 3 人和 4 人分屏合作遊戲的支持。 Borderlands 3 面向次世代平台的推出廣受好評，我們看到該遊戲的用戶群穩步增長。 2K 通過遊戲內活動和新內容支持該遊戲，包括 Designer's Cut 的發布，這是遊戲所有版本的 Season Pass 2 的 2 個產品中的第一個。

Our third quarter results were also enhanced by a variety of other offerings led by the Mafia Definitive Editions and Mafia: Trilogy, the WWE series, Sid Meier's Civilization VI and PGA Tour 2K21. Driving engagement with our titles after initial launch remains among our most important long-term growth and margin opportunities and is a key strategic priority of our organization. We now support virtually all our new releases with innovative offerings to achieve this goal. That said, we're highly mindful that, first and foremost, we're an entertainment company, and we're in the service of our audience. We strive to give consumers more of what they love in the ability to stay captivated and engaged within their favorite experiences and passionate communities. To that end, during the third quarter, we released an array of free and paid add-on content for our popular hit releases, including Kerbal Space Program, PGA Tour 2K21, Sid Meier's Civilization VI and WWE 2K battlegrounds.

我們第三季度的業績也因《黑手黨終極版》和《黑手黨：三部曲》、WWE 系列、席德梅爾的文明 VI 和 PGA 巡迴賽 2K21 等各種其他產品而得到提升。在首次發布後推動用戶參與度仍然是我們最重要的長期增長和利潤機會之一，也是我們組織的關鍵戰略重點。我們現在通過創新產品支持幾乎所有新版本以實現這一目標。也就是說，我們非常清楚，首先也是最重要的是，我們是一家娛樂公司，我們為觀眾服務。我們努力為消費者提供更多他們喜歡的東西，讓他們能夠在他們最喜歡的體驗和充滿激情的社區中保持著迷和參與。為此，在第三季度，我們發布了一系列熱門熱門遊戲的免費和付費附加內容，包括 Kerbal Space Program、PGA Tour 2K21、Sid Meier's Civilization VI 和 WWE 2K battlegrounds。

During the third quarter, recurrent consumer spending exceeded our expectations, growing 30%, which was double our original outlook and accounted for 58% of net bookings. In addition to NBA 2K, Grand Theft Auto Online and Red Dead Online, the recurrent consumer spending was enhanced by the following offerings: Social Point live games, including Dragon City, Monster Legends, Word Life, World Chef and Tasty Town, outperformed during the third quarter and exceeded expectations. Live games delivered new fresh content, events and experiences to boost engagement and enhance players' enjoyment, and net bookings grew 39%. The studio continues to invest in its broad and innovative pipeline of new games planned for launch in the coming years.

第三季度，經常性消費者支出超出我們的預期，增長 30%，是我們原先預期的兩倍，占淨預訂量的 58%。除了《NBA 2K》、《俠盜獵車手》在線模式和《荒野大鏢客》在線模式之外，經常性消費者支出還因以下產品而得到提升：社交積分直播遊戲，包括 Dragon City、Monster Legends、Word Life、World Chef 和 Tasty Town，在三季度超預期。現場遊戲提供了新鮮的內容、活動和體驗，以提高參與度和玩家的樂趣，淨預訂量增長了 39%。該工作室繼續投資於其計劃在未來幾年推出的廣泛而創新的新遊戲管道。

Playdots completed the rollout of their biggest feature update of the year for their popular Two Dots title, including competitive leaderboards. This update played a key role in driving average revenue per daily active user, up 12% as compared with the second quarter of fiscal '21. Two Dots is now experiencing its highest player conversion rates ever as a result of these new and expanded live-ops features, which continue to perform very well. We expect Playdots to be a significant contributor to our results and expect growth over the long term.

Playdots 為其廣受歡迎的 Two Dots 遊戲完成了今年最大的功能更新，包括競爭排行榜。與 21 財年第二季度相比，此次更新在推動每日活躍用戶平均收入增長 12% 方面發揮了關鍵作用。由於這些新的和擴展的實時操作功能，兩點現在正經歷著有史以來最高的玩家轉化率，這些功能繼續表現良好。我們預計 Playdots 將對我們的業績做出重大貢獻，並期待長期增長。

WWE SuperCard also outperformed during the third quarter, growing 16%. During the period, 2K launched season 7 of this popular free-to-play sports entertainment mobile game. The title has now been downloaded more than 22 million times and remains 2K's highest grossing mobile title. And NBA 2K Online in China grew 49% and remains a significant contributor to our results. The title is the #1 PC online sports game in China with more than 51 million registered users. Add-on content grew 8% and outperformed expectations, led by offerings for the Borderlands Series and Sid Meier's Civilization VI.

WWE SuperCard 在第三季度也表現出色，增長了 16%。期間，2K 推出了這款流行的免費體育娛樂手機遊戲的第 7 季。該遊戲現已被下載超過 2200 萬次，並且仍然是 2K 最暢銷的移動遊戲。 NBA 2K 在線在中國增長了 49%，仍然是我們業績的重要貢獻者。該遊戲是中國排名第一的 PC 在線體育遊戲，擁有超過 5100 萬註冊用戶。附加內容增長了 8%，超出了預期，其中主要是《無主之地》系列和《席德梅爾的文明 VI》。

As a result of our better-than-expected third quarter performance and increased forecast for the remainder of the year, we're once again raising our outlook for fiscal year 2021, and we expect to achieve record net bookings of $3.37 billion to $3.42 billion.

由於我們第三季度的業績好於預期以及對今年剩餘時間的預測上調，我們再次上調了 2021 財年的展望，我們預計淨預訂量將達到創紀錄的 33.7 億美元至 34.2 億美元.

In closing, Take-Two is exceedingly well-positioned to capitalize further on the positive trends of our industry to pursue our core mission to become the most innovative, creative and efficient entertainment company in the world and to deliver growth and returns for our shareholders over the long term.

最後，Take-Two 處於非常有利的地位，可以進一步利用我們行業的積極趨勢來追求我們的核心使命，成為世界上最具創新性、創造力和效率的娛樂公司，並為我們的股東帶來增長和回報從長遠來看。

I'll now turn the call over to Karl.

我現在將電話轉給 Karl。

Thanks, Strauss. I'd like to begin by recognizing the ongoing work of our teams around the world, who continue to deliver incredible results that are a testament to Take-Two's unwavering commitment to quality, our deeply rooted culture of collaboration and a singular drive to achieve our goals. Our unique ability to captivate and engage audiences has never been more evident nor more important than in these challenging times, and we remain immensely grateful to our player communities for making our games part of their lives.

謝謝，施特勞斯。我想首先表彰我們在世界各地的團隊正在進行的工作，他們繼續提供令人難以置信的成果，這證明了 Take-Two 對質量的堅定承諾、我們根深蒂固的協作文化以及實現我們目標的獨特動力目標。在這個充滿挑戰的時代，我們吸引和吸引觀眾的獨特能力從未像現在這樣明顯和重要，我們仍然非常感謝我們的玩家社區讓我們的遊戲成為他們生活的一部分。

I'll now discuss our recent and upcoming releases. On January 27, 2K released the fourth roster update for WWE 2K Battlegrounds, which adds to the game's outrageous in-and-out-of-the-ring action. The update, which features many popular superstars and legends, including Chyna, Mark Henry, Christian and more. On Wednesday, 2K will release the fifth update that will feature even more fan favorites, and they will share details shortly.

我現在將討論我們最近和即將發布的版本。 1 月 27 日，2K 發布了 WWE 2K Battlegrounds 的第四次花名冊更新，增加了遊戲令人髮指的場內場外動作。此次更新包含許多受歡迎的超級巨星和傳奇人物，包括 Chyna、Mark Henry、Christian 等。週三，2K 將發布第五次更新，其中包含更多粉絲喜愛的內容，他們將很快分享詳細信息。

On January 28, 2K and Firaxis Games released the Vietnam and Kublai Khan pack for Sid Meier's Civilization VI as part of the new Frontier Pass for Playstation 4, Xbox One, Nintendo Switch and PC. Each pack in this pass features new civilizations and leaders and is also available for individual purchase. The final Frontier Pass pack will be released next month, and 2K will have more to share about that in the coming weeks.

1 月 28 日，2K 和 Firaxis Games 發布了席德梅爾的文明 VI 的越南和忽必烈包，作為 Playstation 4、Xbox One、Nintendo Switch 和 PC 的新 Frontier Pass 的一部分。此通行證中的每個包都包含新的文明和領導者，也可以單獨購買。最終的 Frontier Pass 包將在下個月發布，2K 將在未來幾週內分享更多相關信息。

In addition, last week, Private Division launched their beloved space simulation, Kerbal Space Program, on Tencent's WeGame platform in China. We are very pleased to build upon our successful partnership with Tencent and believe that releasing Kerbal Space Program on WeGame represents a great opportunity to expand the global community and bolster our offerings in China.

此外，上週，Private Division 在中國騰訊的 WeGame 平台上推出了他們鍾愛的太空模擬遊戲《Kerbal Space Program》。我們很高興與騰訊建立成功的合作夥伴關係，並相信在 WeGame 上發布 Kerbal Space Program 是擴大全球社區和加強我們在中國的產品的絕佳機會。

On February 10, Private Division and Obsidian Entertainment will release the Outer World's Peril on Gorgon, the first narrative-led expansion for the critically-acclaimed, darkly humorous sci-fi RPG for the Nintendo Switch. The expansion was released previously for Playstation 4, Xbox One and PC and is available individually or as a discount as part of the Outer Worlds Expansion Pass, which will also include the Outer Worlds Murder on Eridanos, the second expansion set to launch on PlayStation 4, Xbox One and PC this fiscal year, and on Nintendo Switch later in calendar 2021.

2 月 10 日，Private Division 和 Obsidian Entertainment 將發布 Outer World's Peril on Gorgon，這是 Nintendo Switch 廣受好評的黑色幽默科幻角色扮演遊戲的首個敘事主導擴展包。該擴展包之前已針對 Playstation 4、Xbox One 和 PC 發布，可單獨購買或作為 Outer Worlds Expansion Pass 的一部分以折扣價提供，其中還將包括 Eridanos 上的 Outer Worlds Murder，這是將在 PlayStation 4 上推出的第二個擴展包, 本財政年度的 Xbox One 和 PC，以及 2021 年晚些時候在 Nintendo Switch 上。

This spring, 2K will release the Director's Cut, the new add-on content for Season Pass 2 for Borderlands 3 that will be available for all released versions of the game. The Director's Cut add-on will include new missions, in-game content and behind-the-scenes extras.

今年春天，2K 將發布導演剪輯版，這是無主之地 3 季票 2 的新附加內容，將適用於該遊戲的所有已發行版本。導演剪輯版附加內容將包括新任務、遊戲內內容和幕後花絮。

On behalf of our team, I would like to congratulate Gearbox Software on their recently announced merger with Embracer. This marks an exciting new chapter in the studio's history, and we look forward to continuing our successful partnership with Gearbox, including the long-term publishing relationship for the Borderlands franchise going forward and some unannounced projects that will be revealed over time.

我謹代表我們的團隊祝賀 Gearbox Software 最近宣布與 Embracer 合併。這標誌著工作室歷史上激動人心的新篇章，我們期待與 Gearbox 繼續成功的合作夥伴關係，包括 Borderlands 特許經營權的長期出版關係以及一些將隨時間公佈的未宣布項目。

Throughout the year, Rockstar Games will continue to support both Grand Theft Auto Online and Red Dead Online, with more content updates to keep new and returning players excited and engaged. In addition, during the second half of calendar 2021, Rockstar Games will bring the blockbuster hit, Grand Theft Auto V, to the latest generation of consoles. The new versions will feature a range of technical improvements, visual upgrades and performance enhancements to take full advantage of the latest hardware, making the game more beautiful and more responsive than ever.

全年，Rockstar Games 將繼續支持 Grand Theft Auto 在線模式和 Red Dead 在線模式，並提供更多內容更新，讓新老玩家保持興奮和參與。此外，在 2021 年下半年，Rockstar Games 將把重磅炸彈 Grand Theft Auto V 帶到最新一代的遊戲機上。新版本將進行一系列技術改進、視覺升級和性能增強，以充分利用最新的硬件，使遊戲比以往更美觀、響應更快。

For the expanded community of Grand Theft Auto Online, the journey through this ever-evolving world will continue on the latest generation consoles with additional new updates, including content that is exclusive to the new consoles and PC. There will also be a new stand-alone version of Grand Theft Auto Online coming in the second half of calendar 2021, which will be available for free exclusively on PlayStation 5 during the first 3 months. Rockstar Games will share more details on the new versions of Grand Theft Auto V in the months ahead.

對於 Grand Theft Auto 在線模式的擴展社區，在這個不斷發展的世界中的旅程將在最新一代的遊戲機上繼續進行，並提供額外的新更新，包括新遊戲機和 PC 獨有的內容。 2021 年下半年還將推出新的 Grand Theft Auto Online 單機版，前 3 個月將在 PlayStation 5 上獨家免費提供。 Rockstar Games 將在未來幾個月內分享有關新版 Grand Theft Auto V 的更多詳細信息。

Turning to e-sports, the NBA 2K League is gearing up for its fourth season that will take place later this year. After a series of program tournaments and a first-of-its-kind league combine during the fall, the league is currently prepping for this year's upcoming player draft. As part of the league's continued commitment to identifying the best players in the world, this off season, the league is hosting a series of online qualifying events for international players and will award draft eligibility to top performers from each event. In addition, I'm pleased to share that for the second consecutive year, the NBA 2K League was given top honors at the Tempest Awards as part of the annual e-sports business summit. I'd like to congratulate League President, Brendan Donohue, and his team on these honors. We remain very excited about the continued success and growth of the NBA 2K League, which has the long-term potential to enhance engagement and to be a driver of profits for our company.

談到電子競技，NBA 2K 聯盟正在為將於今年晚些時候舉行的第四個賽季做準備。在秋季舉行了一系列項目錦標賽和首個聯盟聯合會之後，聯盟目前正在為今年即將到來的球員選秀做準備。作為聯盟繼續致力於確定世界上最好的球員的一部分，這個休賽期，聯盟將為國際球員舉辦一系列在線資格賽，並將向每場比賽中表現最好的球員授予選秀資格。此外，我很高興地與大家分享，NBA 2K 聯盟連續第二年在年度電競商業峰會的暴風雨獎中獲得最高榮譽。我要祝賀聯盟主席 Brendan Donohue 和他的團隊獲得這些榮譽。我們仍然對 NBA 2K 聯盟的持續成功和發展感到非常興奮，它具有提高參與度並成為我們公司利潤驅動力的長期潛力。

Looking ahead, our organization is currently undertaking numerous initiatives that we believe will add scale to our business and drive continued success. As an entertainment company, our lifeblood is our world-renowned creative talent and portfolio of owned intellectual property. With nearly 4,900 colleagues around the world in our development studios that are home to some of the most commercially and critically successful brands in our industry, we are significantly expanding the breadth and depth of our offerings and currently have the largest, most diverse long-term product pipeline in our history. While we are excited by the potential of these future releases, we are still pursuing our goal of creating a more consistent release schedule and increasing our development capacity.

展望未來，我們的組織目前正在採取多項舉措，我們相信這些舉措將擴大我們的業務規模並推動持續成功。作為一家娛樂公司，我們的命脈是我們享譽全球的創意人才和自有知識產權組合。我們的開發工作室在世界各地擁有近 4,900 名同事，這些工作室擁有我們行業中一些商業上最成功和最成功的品牌，我們正在顯著擴大我們產品的廣度和深度，目前擁有最大、最多樣化的長期合作夥伴。我們歷史上的產品線。雖然我們對這些未來版本的潛力感到興奮，但我們仍在追求創建更一致的發佈時間表和提高我們的開發能力的目標。

To that end, we continually explore both organic and inorganic opportunities and maintain a highly disciplined approach to ensure that our investments will be accretive to our shareholders and consistent with our strategy. In addition, we have always maintained a willingness to explore and experiment with new markets and business models that can both expand the reach of our content and broaden the scope of our audience. We are investing prudently to enhance our global infrastructure and resources that support our creative endeavors, including data analytics and in-game engagement with players. Through all these efforts, we believe that Take-Two is poised to generate growth and margin expansion over the long term.

為此，我們不斷探索有機和無機機會，並保持高度紀律的方法，以確保我們的投資將增加股東的收益並符合我們的戰略。此外，我們一直保持探索和試驗新市場和商業模式的意願，這些新市場和商業模式既可以擴大我們內容的影響範圍，也可以擴大我們的受眾範圍。我們正在謹慎投資以加強我們的全球基礎設施和資源，以支持我們的創造性努力，包括數據分析和與玩家的遊戲內互動。通過所有這些努力，我們相信 Take-Two 有望在長期內實現增長和利潤率擴張。

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 third quarter results and then review our financial outlook for the fourth quarter and fiscal year 2021. 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，我將討論我們第三季度的業績，然後回顧我們對第四季度和 2021 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。

Net bookings were $814 million. This result exceeded our outlook of $675 million to $725 million, driven primarily by the outperformance of Grand Theft Auto Online and Grand Theft Auto V, the Mafia Definitive Editions and Mafia: Trilogy, NBA 2K and Red Dead Redemption 2. Digitally-delivered net bookings declined by 4% as compared to our outlook of a 15% decline and accounted for 82% of the total. This result exceeded our outlook, primarily due to the outperformance of recurrent consumer spending. Our third quarter results last year benefited from the launches of Red Dead Redemption 2 on PC and the Outer Worlds. During the third quarter, 56% of sales of console games were delivered digitally, up from 44% last year. Recurrent consumer spending grew 30% as compared to our outlook of 5% growth and accounted for 58% of total net bookings. This growth was driven primarily by Grand Theft Auto Online and NBA 2K.

淨預訂額為 8.14 億美元。這一結果超出了我們預期的 6.75 億美元至 7.25 億美元，這主要是由於 Grand Theft Auto Online 和 Grand Theft Auto V、黑手黨終極版和黑手黨：三部曲、NBA 2K 和 Red Dead Redemption 2 的出色表現。與我們預測的下降 15% 相比下降了 4%，佔總數的 82%。這一結果超出了我們的預期，主要是由於經常性消費者支出表現出色。我們去年第三季度的業績得益於 Red Dead Redemption 2 在 PC 和 Outer Worlds 上的發布。第三季度，56% 的主機遊戲銷售額是通過數字方式交付的，高於去年的 44%。與我們 5% 的增長預期相比，經常性消費者支出增長了 30%，佔總淨預訂量的 58%。這一增長主要是由 Grand Theft Auto Online 和 NBA 2K 推動的。

GAAP net revenue was $861 million, and cost of goods sold was $346 million. Operating expenses increased by 7% to $339 million due primarily to the addition of Playdots, higher personnel costs and IT expenses, partially offset by lower marketing expenses. And GAAP net income grew 11% to $182 million or $1.57 per share as compared to $164 million or $1.43 per share in the third quarter last year. Our GAAP net income benefited from $40.6 million of realized and unrealized gains on a long-term investment.

GAAP 淨收入為 8.61 億美元，銷售成本為 3.46 億美元。運營費用增長 7% 至 3.39 億美元，這主要是由於 Playdots 的增加、人員成本和 IT 費用的增加，部分被較低的營銷費用所抵消。 GAAP 淨收入增長 11% 至 1.82 億美元或每股 1.57 美元，而去年第三季度為 1.64 億美元或每股 1.43 美元。我們的 GAAP 淨收入受益於 4060 萬美元的長期投資已實現和未實現收益。

We ended the quarter with $2.42 billion of cash and short-term investments. Not included in this balance is the cash portion of our offer to acquire Codemasters, which was included in restricted cash. Had this amount not been considered still restricted as of December 31, our cash and short-term investments for the quarter end would have been $2.7 billion. As of January 13, 2021, the offer lapsed, and the cash was no longer restricted.

我們以 24.2 億美元的現金和短期投資結束了本季度。此餘額中不包括我們收購 Codemasters 的要約中的現金部分，該現金部分包含在受限現金中。如果截至 12 月 31 日這一數額不被視為仍受限制，我們本季度末的現金和短期投資將達到 27 億美元。至2021年1月13日，優惠失效，現金不再受限。

Now to our guidance, starting with the fiscal fourth quarter. We project net bookings to range from $602 million to $652 million compared to $729 million in the fourth quarter last year. Last year's fourth quarter benefited from the recognition of higher license fees from digital partners to provide free downloads of certain games on their platform and from the launch of Borderlands 3 on Steam. This decline is also due to the initial surge in digital downloads at the onset of shelter-at-home orders in March 2020. Therefore, we expect digitally-delivered net bookings to be down approximately 10%. Digital is projected to represent 93% of total net bookings, which is in line with last year. Forecast assumes that 73% of console game sales will be delivered digitally, up from 63% last year.

現在我們的指導，從第四財季開始。我們預計淨預訂量在 6.02 億美元至 6.52 億美元之間，而去年第四季度為 7.29 億美元。去年第四季度受益於數字合作夥伴承認更高的許可費以在其平台上免費下載某些遊戲以及在 Steam 上推出 Borderlands 3。這一下降也是由於 2020 年 3 月居家避難訂單開始時數字下載量的最初激增。因此，我們預計數字交付的淨預訂量將下降約 10%。數字預計佔總淨預訂量的 93%，與去年持平。預測假設 73% 的主機遊戲銷售額將以數字方式交付，高於去年的 63%。

We project recurrent consumer spending to be up approximately 5% due to continued engagement in our titles. Virtual currency is driving this increase and is partially offset by lower add-on content due to last year's launch of the second DLC for Borderlands 3. But the largest contributors to net bookings are expected to be NBA 2K21, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Social Point's mobile games, Two Dots, Borderlands 3 and Sid Meier's Civilization VI.

由於繼續參與我們的遊戲，我們預計經常性消費者支出將增加約 5%。虛擬貨幣推動了這一增長，但由於去年推出了 Borderlands 3 的第二個 DLC，因此附加內容減少部分抵消了這一增長。但淨預訂量的最大貢獻者預計是 NBA 2K21、Grand Theft Auto Online 和 Grand Theft Auto V、Red Dead Redemption 2 和 Red Dead Online、Social Point 的手機遊戲、Two Dots、Borderlands 3 和 Sid Meier 的 Civilization VI。

We expect GAAP net revenue to range from $702 million to $752 million and cost of goods sold to range from $267 million to $293 million. Operating expenses are expected to range from $316 million to $326 million. At the midpoint, this represents a 32% increase over last year driven primarily by higher marketing and research and development expenses and the addition of Playdots. And GAAP net income is expected to range from $102 million to $113 million or $0.88 to $0.98 per share. For management reporting purposes, we expect our tax rate to be 16% throughout fiscal 2021.

我們預計 GAAP 淨收入在 7.02 億美元至 7.52 億美元之間，銷售成本在 2.67 億美元至 2.93 億美元之間。運營費用預計在 3.16 億美元至 3.26 億美元之間。從中點來看，這比去年增長了 32%，這主要是由於更高的營銷和研發費用以及 Playdots 的增加。 GAAP 淨收入預計在 1.02 億美元至 1.13 億美元或每股 0.88 至 0.98 美元之間。出於管理報告的目的，我們預計整個 2021 財年的稅率為 16%。

We are again increasing our full year outlook, which now includes record net bookings and operating results. This will be the fifth consecutive year that these 2 metrics have grown. Our net bookings outlook range is now $3.37 billion to $3.42 billion, up from our previous guidance of $3.15 billion to $3.25 billion and original guidance of $2.55 billion to $2.65 billion. This is being driven by our third quarter outperformance along with an updated forecast for the fourth quarter, which has improved primarily due to higher recurrent consumer spending from Grand Theft Auto Online and NBA 2K as well as strong performance from Grand Theft Auto V and Red Dead Redemption 2. We expect growth from the prior year from NBA 2K, Grand Theft Auto Online and Grand Theft V and Social Point's mobile games to be offset primarily by lower results from Borderlands 3.

我們再次上調全年展望，其中現在包括創紀錄的淨預訂量和經營業績。這將是這兩個指標連續第五年增長。我們的淨預訂前景範圍現在為 33.7 億美元至 34.2 億美元，高於我們之前 31.5 億美元至 32.5 億美元的指導和 25.5 億美元至 26.5 億美元的最初指導。這是由我們第三季度的出色表現以及對第四季度的最新預測推動的，第四季度的預測有所改善，這主要是由於俠盜獵車手在線和 NBA 2K 的經常性消費者支出增加以及俠盜獵車手 V 和荒野大鏢客的強勁表現Redemption 2. 我們預計 NBA 2K、Grand Theft Auto Online 和 Grand Theft V 以及 Social Point 手機遊戲較上年的增長將主要被 Borderlands 3 的業績下滑所抵消。

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, Social Point's mobile games, Borderlands 3, Sid Meier's Civilization VI, the Mafia Definitive Editions and Mafia: Trilogy and PGA Tour 2K21. We expect the net bookings breakdown from our labels to be roughly 55% 2K, 35% Rockstar Games and 10% Private Division, Social Point and Playdots. And we forecast our geographic net bookings split to be about 60% United States and 40% international. We now project digitally-delivered net bookings to increase by approximately 20% as compared to our prior outlook of 15% growth. As a percentage of our business, digital is projected to represent 87% of net bookings, up from 82% last year.

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、Social Point 的手機遊戲、無主之地 3、席德梅爾的文明 VI、黑手黨終極版和黑手黨：三部曲和 PGA 巡迴賽 2K21。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、Social Point 和 Playdots。我們預測我們的地理淨預訂量將在美國約佔 60%，國際約佔 40%。我們現在預計數字交付的淨預訂量將增長約 20%，而我們之前的預測為 15%。作為我們業務的一部分，數字業務預計將占淨預訂量的 87%，高於去年的 82%。

Our forecast assumes that 63% of console game sales will be delivered digitally, up from 55% last year. We now expect recurrent consumer spending to grow by approximately 45% as compared to our prior outlook of 30% growth and to represent approximately 64% of net bookings as compared to 51% last year. Growth is being driven primarily by NBA 2K, Grand Theft Auto Online, the addition of Playdots and Social Point's mobile games.

我們的預測假設 63% 的主機遊戲銷售額將以數字方式交付，高於去年的 55%。我們現在預計經常性消費者支出將增長約 45%，而我們之前的預期為增長 30%，並且占淨預訂量的約 64%，而去年為 51%。增長主要由 NBA 2K、俠盜獵車手 Online、Playdots 和 Social Point 手機遊戲的加入推動。

We are increasing our non-GAAP adjusted unrestricted operating cash flow outlook to more than $750 million, up from our prior outlook of more than $650 million. We plan to deploy approximately $75 million for capital expenditures. We expect GAAP net revenue to range from $3.24 billion to $3.29 billion and cost of goods sold to range from $1.52 billion to $1.55 billion. Total operating expenses are expected to range from $1.22 billion to $1.23 billion. At the midpoint, this represents a 9% increase over the prior year driven by the addition of Playdots, higher headcount, IT, research and development expense and charitable contributions, partially offset by lower marketing expenses. And we expect GAAP net income to range from $472 million to $484 million or $4.08 to $4.18 per share.

我們將我們的非 GAAP 調整後無限制經營現金流量前景從我們之前的超過 6.5 億美元的前景提高到超過 7.5 億美元。我們計劃部署大約 7500 萬美元用於資本支出。我們預計 GAAP 淨收入在 32.4 億美元至 32.9 億美元之間，銷售成本在 15.2 億美元至 15.5 億美元之間。總運營費用預計在 12.2 億美元至 12.3 億美元之間。從中點來看，由於 Playdots 的增加、員工人數增加、IT、研發費用和慈善捐款的增加，這比上一年增長了 9%，但部分被較低的營銷費用所抵消。我們預計 GAAP 淨收入在 4.72 億美元至 4.84 億美元之間，即每股 4.08 美元至 4.18 美元。

In closing, we are very pleased with the ongoing momentum that we have experienced so far in fiscal 2021, including our expectations to deliver both record net bookings and operating results for the full year. We remain extremely confident in our long-term growth trajectory and our ability to deliver shareholder value driven by our key competitive advantages, our incredible portfolio of creative assets, our strong fundamentals and healthy balance sheet and, of course, our industry-leading talent.

最後，我們對 2021 財年迄今所經歷的持續勢頭感到非常高興，包括我們對全年實現創紀錄的淨預訂量和經營業績的預期。我們對我們的長期增長軌跡和我們通過我們的主要競爭優勢、我們令人難以置信的創意資產組合、我們強大的基本面和健康的資產負債表，當然還有我們行業領先的人才，驅動股東價值的能力仍然非常有信心。

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 their hard work, commitment to excellence and for delivering another outstanding quarter. To our shareholders, I want to express our appreciation for your continued support.

謝謝，萊妮和卡爾。我謹代表我們的整個管理團隊，感謝我們的同事們的辛勤工作、對卓越的承諾以及又一個出色的季度。對於我們的股東，我要感謝您一直以來的支持。

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 comes 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。

Great. So I have one high-level strategy and M&A question and the second one on GTA. So the first one, you guys mentioned more copies of GTA V sold in 2020 than any year since launch, and then similarly, Red Dead Online saw more players in December since launch. So it seems like you guys are benefiting well on the trend that gamers are gravitating towards the largest gaming franchises. So that being said, curious to hear what your overall view is on growing your core franchises and potentially expanding them into new platforms and business models versus expanding your portfolio with new IP, either organically or through M&A. And I have a follow-up.

偉大的。所以我有一個高級戰略和併購問題，第二個關於 GTA。所以第一個，你們提到了 2020 年 GTA V 銷量超過自發布以來的任何一年，然後類似地，Red Dead 在線模式自發布以來在 12 月吸引了更多玩家。所以看起來你們在遊戲玩家被吸引到最大的遊戲特許經營權的趨勢中受益匪淺。話雖如此，很想听聽您對發展核心特許經營權並有可能將其擴展到新平台和商業模式與通過有機或通過併購擴展您的新 IP 投資組合的總體看法。我有一個後續行動。

Great. Thanks, Mario. It's sort of all of the above. So it's exciting that we have these extraordinary franchises that keep captivating and engaging consumers many years after launch. And the reason that that's occurring is, first of all, the initial quality, which is unmatched in our business. And second, because our labels, both Rockstar Games and 2K, continue to deliver content on an ongoing basis that further causes captivation and engagement. And if we keep doing that, then we'll continue, we think, to have similar results.

偉大的。謝謝，馬里奧。以上都是。因此，令人興奮的是，我們擁有這些非凡的特許經營權，這些特許經營權在推出多年後仍能吸引和吸引消費者。發生這種情況的原因首先是初始質量，這在我們的業務中是無與倫比的。其次，因為我們的品牌，包括 Rockstar Games 和 2K，會持續不斷地提供內容，從而進一步引起人們的關注和參與。如果我們繼續這樣做，那麼我們認為，我們將繼續取得類似的結果。

I think you're right that consumers get really comfortable with and excited by specific franchises. And if you keep delivering great content, they will maintain their involvement on an ongoing basis. We're seeing that in all forms of the entertainment business. At the same time, we always have to create new titles, both new iterations of existing beloved franchises and new intellectual property. And if we don't do that, then we're burning the furniture. So to that end, in the next 5 years, we expect to bring 93 new releases to market, which is more than double what our development capacity was just a few years ago. So we're both excited by the continued growing engagement in our existing entities as well as what the future can bring with new releases.

我認為你是對的，消費者對特定的特許經營感到非常滿意和興奮。如果您繼續提供出色的內容，他們將持續參與。我們在所有形式的娛樂業務中都看到了這一點。與此同時，我們總是必須創造新的遊戲，既有現有深受喜愛的特許經營權的新迭代，也有新的知識產權。如果我們不這樣做，那麼我們就是在燒家具。因此，為此，在未來 5 年內，我們預計將向市場推出 93 個新版本，這是我們幾年前的開發能力的兩倍多。因此，我們對現有實體的持續增長以及新版本的未來會帶來什麼感到興奮。

Great. And then the second question on GTA Online, you guys mentioned over half of your players did the recent heist solo. So I'm presently surprised that number, since more and more players are playing games as a means of social connection. So how did that percentage compare versus your internal expectations? And does that change how you view single-player opportunity even in an existing online environment like GTA Online?

偉大的。然後是關於 GTA 在線模式的第二個問題，你們提到超過一半的玩家最近單人搶劫。所以我目前對這個數字感到驚訝，因為越來越多的玩家將玩遊戲作為社交聯繫的一種方式。那麼這個百分比與您的內部預期相比如何？即使在 GTA 在線模式這樣的現有在線環境中，這是否會改變您對單人遊戲機會的看法？

Well, no, this wasn't coincidental. I mean the folks at Rockstar Games intended to create a powerful single-player experience, a story-driven experience. And Rockstar has always been known for great stories and great single-player experiences and then developed, in addition, a massive multiplayer opportunity over the past years. And I think it's a reminder, not that we needed one, that Rockstar Games can do both of those things at the highest possible level of execution in our business.

嗯，不，這不是巧合。我的意思是 Rockstar Games 的人們打算創造一種強大的單人遊戲體驗，一種故事驅動的體驗。 Rockstar 一直以出色的故事和出色的單人遊戲體驗而聞名，然後在過去幾年中開發了巨大的多人遊戲機會。而且我認為這是一個提醒，而不是我們需要一個提醒，Rockstar Games 可以在我們的業務中以盡可能高的執行水平來完成這兩件事。

There was a -- I think it was an argument just a couple of years ago, not around here, not in this shop, but in some of our competitors' offices that single player is dead, that it's all about multiplayer. We didn't believe that. I said specifically and publicly that we didn't believe that. Our labels don't believe that, and we deliver an array of experiences that range from hyper-casual mobile to the most complex, the most robust single-player and multiplayer experiences, and we intend to continue doing that.

有一個 - 我認為這是幾年前的爭論，不是在這裡，不是在這家商店，而是在我們的一些競爭對手的辦公室裡，單人遊戲已經死了，這都是關於多人遊戲的。我們不相信。我特別公開地說，我們不相信。我們的品牌不相信這一點，我們提供了一系列體驗，從超休閒移動到最複雜、最強大的單人和多人體驗，我們打算繼續這樣做。

Our next question comes from Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

Great. I just want to talk about how the success of GTA 5 units this year as well as any learnings from the stand-alone Red Dead Online experience informs your view about what GTA enhanced edition and the standalone GTA Online should look like or will look like next year and perhaps how it should perform.

偉大的。我只想談談今年 GTA 5 單元的成功以及從獨立的 Red Dead 在線模式體驗中學到的任何知識如何讓您了解 GTA 增強版和獨立的 GTA 在線模式應該是什麼樣子或接下來會是什麼樣子年，也許它應該如何表現。

Well, I really appreciate the sentiment behind the question, but I'd sort of put in the category of how high is up. We don't tend to speculate, and we haven't offered any initial guidance for next fiscal year either. So we'll sharpen our pencil in the coming months, and of course, we'll create initial guidance, and that will reflect partially that performance. But in general, if history is any guide, it will be very successful indeed, and that wouldn't surprise me.

好吧，我真的很欣賞這個問題背後的情緒，但我會把它歸入多高的範疇。我們不傾向於推測，我們也沒有為下一財年提供任何初步指導。因此，我們將在接下來的幾個月裡削尖我們的鉛筆，當然，我們將創建初步指導，這將部分反映出這種表現。但總的來說，如果以史為鑑，它確實會非常成功，這不會讓我感到驚訝。

Great. I can certainly appreciate that. And just as another question, could you talk a little bit about the Music Locker experience within GTA online? Obviously, it's -- it feels like it's somewhat unique. Is there an opportunity for Rockstar or 2K to incorporate even more, I guess, for a lack of better words, real-world elements or real-world partners into virtual worlds like GTA Online?

偉大的。我當然能理解這一點。還有一個問題，你能談談 GTA 在線模式中的 Music Locker 體驗嗎？顯然，它——感覺它有點獨特。我猜 Rockstar 或 2K 是否有機會在虛擬世界（如 GTA 在線模式）中加入更多，因為缺乏更好的詞彙、現實世界元素或現實世界合作夥伴？

It's Karl speaking. Yes, obviously, the Music Locker experience is very unique. It's a terrific application in GTA. Music has always been a really, really important part of the Grand Theft Auto franchise, and it will continue to be. It's always been part of the culture of the Grand Theft Auto franchise, and people have explored and enjoyed and found new music through the franchise over and over again. I don't want to speculate about what's in Rockstar's plans as it relates to music, but rest assured, music has always been and will always be a large part of what GTA is all about.

是卡爾在說話。是的，顯然，Music Locker 體驗非常獨特。這是 GTA 中的一個了不起的應用程序。音樂一直是俠盜獵車手系列中非常非常重要的一部分，並將繼續如此。它一直是 Grand Theft Auto 特許經營文化的一部分，人們通過特許經營一遍又一遍地探索、享受和發現新音樂。我不想推測 Rockstar 在音樂方面的計劃，但請放心，音樂一直並將永遠是 GTA 的重要組成部分。

Our next question comes from Colin Sebastian with Robert W. Baird.

我們的下一個問題來自 Colin Sebastian 和 Robert W. Baird。

Great. Two questions for me. First off, as you look back at the pricing strategy for NBA over the holidays, is it safe to say you feel that that was the right strategy? And I guess does it set a new bar for AAA frontline content on next-gen platforms?

偉大的。我有兩個問題。首先，當你回顧假期期間 NBA 的定價策略時，可以肯定地說你認為這是正確的策略嗎？我想它是否為下一代平台上的 AAA 一線內容設置了新的標準？

And then secondly, bigger picture, just given the ongoing industry consolidation, Strauss, and the interest you've shown in participating in that activity, are you seeing still compelling opportunities out there in the market even as competition for deals seems pretty intense and valuations look like they're also on the rise? Any commentary there would be helpful.

其次，從更大的角度來看，考慮到正在進行的行業整合，Strauss，以及您對參與該活動表現出的興趣，您是否仍然看到市場上仍有誘人的機會，即使交易競爭似乎非常激烈且估值看起來他們也在上升？那裡的任何評論都會有所幫助。

Yes. In terms of frontline pricing for NBA 2K21, I think that worked out very much as expected and as planned. It's a premium offering at the highest possible level. The title was built from the ground up for next-gen. It's the first title here that has been created that way, and the acceptance by consumers has been nothing short of extraordinary. The title sold in over 8 million units. Now we haven't talked about pricing on other titles, so it'd be premature to discuss that. We'll talk about that on a title-by-title basis going forward.

是的。就 NBA 2K21 的一線定價而言，我認為這非常符合預期和計劃。這是最高級別的優質產品。標題是為下一代從頭開始構建的。這是這裡第一個以這種方式創建的遊戲，消費者的接受度非比尋常。該標題的銷量超過 800 萬套。現在我們還沒有討論其他遊戲的定價，所以現在討論這個還為時過早。我們將逐個標題地討論這個問題。

In terms of consolidation, you've seen a lot of deals out there. Most recently, Embracer is merging with Gearbox, a company near and dear to our heart, and we're grateful that we'll still be in business with Gearbox and they'll still be working with us on Borderlands and other titles. We acquired Playdots just a few months ago, and we're excited about how that deal has gone. We lost the Codemasters deal to our friends out West. That was disappointing but reflects our discipline in such matters. So there is an awful lot going on.

在整合方面，你已經看到了很多交易。最近，Embracer 正在與 Gearbox 合併，這是一家我們非常親近的公司，我們很高興我們仍將與 Gearbox 開展業務，他們仍將與我們合作開發 Borderlands 和其他遊戲。幾個月前我們收購了 Playdots，我們對這筆交易的進展情況感到興奮。我們把 Codemasters 交易輸給了西部的朋友。這令人失望，但反映了我們在此類問題上的紀律。所以發生了很多事情。

I tend to agree, Colin, that pricing can be pretty heavy, and we have a stated strategy and a disciplined approach. It served us well. We have yet to make an acquisition that hasn't worked out. We're looking for great teams, great intellectual property and for an arrangement that would be accretive to shareholder value. And we will look for that and at times aggressively, but we have sort of a firm -- we have a firm grasp on a hand calculator in one hand and on our approach, strategy and tactics in the other.

科林，我傾向於同意，定價可能非常高，而且我們有明確的戰略和嚴格的方法。它對我們很有幫助。我們尚未進行尚未成功的收購。我們正在尋找優秀的團隊、優秀的知識產權以及能夠增加股東價值的安排。我們會尋找這一點，有時會積極進取，但我們有點堅定——我們一方面牢牢掌握手頭計算器，另一方面牢牢掌握我們的方法、戰略和戰術。

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

我們的下一個問題來自 Cowen & Co 的 Doug Creutz。

You've always been known for -- Take-Two has been known for putting out some of the deepest and most complex games in the market. And there's been a debate, I think, emerging in the industry about whether the current pace of AAA game development is sustainable, both I think for getting games out the door and then the sense that live services are becoming more and more of an arms race in terms of who can put the most content out the quickest. There was a competing game that came out recently that was highly anticipated where I think it was a clear case of that studio's reach exceeding their grasp. What have you been doing and what are you doing sort of operationally, structurally, to make sure that your ability to keep raising the bar on your entertainment experiences doesn't run a file of some of these issues?

你一直以 - Take-Two 因推出市場上一些最有深度和最複雜的遊戲而聞名。我認為，業界正在爭論當前的 AAA 遊戲開發速度是否可持續，我認為這既是為了將游戲推向市場，又是為了讓現場服務變得越來越像軍備競賽就誰可以最快發布最多內容而言。最近推出了一款備受期待的競爭性遊戲，我認為這很明顯表明該工作室的影響力超出了他們的控制範圍。你一直在做什麼，你在做什麼，在操作上，結構上，以確保你不斷提高娛樂體驗標準的能力不會運行其中一些問題的文件？

Well, first of all, you never want to sit back and just say we've always been able to do it, it's totally fine, it will be fine going forward. We're always looking over our shoulders. We're always trying to figure out what we can do better. We're, I think, the most self-critical group I've ever run into.

好吧，首先，你永遠不想坐下來說我們一直都能做到，這很好，未來會很好。我們總是小心翼翼。我們一直在努力找出我們可以做得更好的地方。我認為，我們是我遇到過的最自我批評的群體。

How do we maintain our commitment to quality? By making sure that our creative teams pursue what they're passionate about and don't pursue something they're not passionate about and by maintaining operational and financial discipline at the same time. And the effect of that is that we can have long development cycles, and we've been criticized for that. But I think the case that you're alluding to reflects the fact that you're always better served to wait for perfection, if you can create perfection, and all of our labels are seeking perfection. And we don't always succeed. Sometimes we fall short, but that's the goal. And if anything, these times cause us to sharpen our minds further and sharpen our discipline further and try harder.

我們如何保持對質量的承諾？通過確保我們的創意團隊追求他們熱衷的事物而不追求他們不熱衷的事物，同時保持運營和財務紀律。這樣做的結果是我們可能會有很長的開發週期，我們因此受到了批評。但我認為你提到的情況反映了這樣一個事實，即如果你能創造完美，你總是最好等待完美，而我們所有的標籤都在尋求完美。而且我們並不總是成功。有時我們做不到，但這就是目標。如果說有什麼不同的話，那就是這些時間讓我們更加敏銳地思考，進一步磨練我們的紀律，並更加努力地嘗試。

So yes, it's great that Rockstar Games continues to put out add-on content and additional content for Grand Theft Auto Online and for Red Dead Online. But they put out material that they really believe in, that they're passionate about and that is of the highest possible quality. And that means we're not on a weekly cadence and we're not going to be and it means we don't necessarily know the exact release date. But what we do know is if we will wait for it to be as close to perfect as anything can be. And that's true at 2K, and that's true at Social Point, and that's true at Private Division, And that's an unwavering commitment, and it's part of our strategy, and it comes from the top of the company. And we are prepared to accept the results when we fall short in terms of timing or when we sometimes spend a little more than we would like because it always pays off.

所以，是的，Rockstar Games 繼續為 Grand Theft Auto 在線模式和 Red Dead 在線模式推出附加內容和附加內容真是太棒了。但是他們推出了他們真正相信的材料，他們對這些材料充滿熱情並且具有最高質量。這意味著我們不是每週一次的節奏，我們也不會，這意味著我們不一定知道確切的發布日期。但我們所知道的是，我們是否會等待它盡可能接近完美。在 2K 是這樣，在 Social Point 也是這樣，在 Private Division 也是這樣，這是堅定不移的承諾，是我們戰略的一部分，而且來自公司高層。當我們在時間上不夠時，或者當我們有時花費比我們想要的多一點時，我們準備好接受結果，因為它總是有回報的。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

Strauss, I wanted to dig a little more into the 93 pipeline number you mentioned earlier tonight again. I think it's very similar to what you guys said last year. So I guess the question is, is this the same 93 titles we had a year ago? Or are some being shut down and you have new ones in there?

Strauss，我想再次深入了解你今晚早些時候提到的 93 號管道。我認為這與你們去年所說的非常相似。所以我想問題是，這是我們一年前擁有的 93 個遊戲嗎？還是有些被關閉了，你有新的在那裡？

And then just so we can kind of better understand, how do we think about breaking that apart any way you'd like to between categories, between mobile, between AAA, between more mid-tier games? Just how should we think about what's in this 93 titles?

然後我們可以更好地理解，我們如何考慮以您喜歡的方式在類別之間、移動設備之間、AAA 之間、更多中端遊戲之間打破它？我們應該如何看待這 93 個標題中的內容？

Hi, Brian. It's Karl. I'll take this one. So to answer the first part of the question, the 93 titles that we put out there was a snapshot. It was a moment in time, and we really haven't given any updates on that since then. Of course, things move in and out all the time. It hasn't really been that long since then, so you can't really expect that there's going to be a significant amount of movement. But I can tell you, for sure, there are some things that have fallen out and some things that are back in. But generally speaking, these are still pretty good numbers in general. But again, we do expect that this pipeline will be fluid as we get things through various milestones, so it will be changing over time. But we haven't provided any additional updates other than the 93 initial announcement that we made.

嗨，布萊恩。是卡爾。我要這個。因此，為了回答問題的第一部分，我們在那裡發布的 93 個標題是一個快照。這是一個及時的時刻，從那以後我們真的沒有給出任何更新。當然，事情總是進進出出。從那以後並沒有那麼久，所以你不能真的期望會有大量的運動。但我可以肯定地告訴你，有些東西已經掉了，有些東西又回來了。但總的來說，這些仍然是相當不錯的數字。但同樣，我們確實希望隨著我們通過各種里程碑來實現這一目標，這條管道將是流暢的，因此它會隨著時間的推移而變化。但是，除了我們發布的 93 初始公告之外，我們沒有提供任何其他更新。

And just to break it down a little bit for you in terms of what comprises that 93, so on a high level, 63 of those titles, of the 93, we would consider core gaming experiences, and 17 of them are sort of mid-core, arcade-style experiences, and 13 of them are what we consider to be casual experiences. About half of them, 47 of the titles, are from existing IP or sequels, and the rest of them are for our new intellectual properties. So we are making investments in new IP, very important. Strauss spoke about that earlier.

就 93 款遊戲的組成部分為您稍微細分一下，所以在高層次上，在 93 款遊戲中，我們會考慮核心遊戲體驗的 63 款，其中 17 款屬於中等水平核心的街機風格體驗，其中 13 種是我們認為的休閒體驗。其中大約一半，即 47 個標題，來自現有 IP 或續集，其餘部分是我們的新知識產權。因此，我們正在對新 IP 進行投資，這一點非常重要。施特勞斯早些時候談到了這一點。

And then in terms of platforms, 72 of the 93 titles are planned for console, PC or streaming, including 7 of those that will also be available on mobile. So that would leave 21 that are on the list specifically for mobile. And also, from a business model perspective, 67 of the 93 are -- they required to be purchased, and 26 are completely free-to-play. So that's the breakdown as it was the last time we did it, but we do expect that that will be moving around as we go deeper into that pipeline and over the next few years.

然後在平台方面，93 款遊戲中有 72 款計劃用於主機、PC 或流媒體，其中 7 款也將在移動設備上提供。因此，列表中還剩下 21 個專門針對移動設備。而且，從商業模式的角度來看，93 款遊戲中有 67 款需要購買，26 款完全免費。所以這就是我們上次這樣做的故障，但我們確實希望隨著我們深入研究該管道以及在未來幾年內，這種情況將會發生變化。

Our next question comes from Bryan Kraft with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

Would love to understand, at this point, your latest thinking about the mobile gaming opportunity for you in terms of what kinds of IP and games are likely to succeed, how much capital and resources it makes sense to put behind mobile and what the broader strategy is going forward in the mobile space.

很想知道，在這一點上，您對移動遊戲機會的最新想法是什麼類型的 IP 和遊戲可能會成功，在移動背後投入多少資金和資源是有意義的，以及更廣泛的戰略是什麼正在移動領域向前發展。

It's Karl again. So obviously, the mobile component of our business is becoming more and more important with our acquisition of Social Point and Dots, so we are very committed to it. Not to mention mobile activity at our label levels, specifically at 2K with WWE SuperCard, et cetera, and some NBA properties. So we are highly invested in the mobile business, and we expect that it'll be an even growing part of our investment going forward.

又是卡爾。很明顯，隨著我們收購 Social Point and Dots，我們業務的移動部分變得越來越重要，因此我們非常致力於此。更不用說我們品牌級別的移動活動，特別是 2K 的 WWE SuperCard 等，以及一些 NBA 資產。因此，我們對移動業務進行了大量投資，我們預計它會成為我們未來投資中不斷增長的一部分。

But it really does boil -- our strategy boils down to a few components. And the first really is it focuses around new -- creating new IP for the mobile space, and that's around our Social Point and Playdots business. So it's IP that's created specifically for the mobile environment. And we've been investing in that, obviously, over the past couple years, specifically through M&A, but also now organically now that we've got a pretty sizable platform between those 2 acquisitions.

但它確實沸騰了——我們的戰略歸結為幾個組成部分。首先是它專注於新的——為移動領域創造新的 IP，這就是我們的 Social Point 和 Playdots 業務。所以它是專門為移動環境創建的 IP。很明顯，在過去的幾年裡，我們一直在投資於此，特別是通過併購，但現在我們在這兩次收購之間已經有了一個相當大的平台。

The second component is bringing our core franchises to the mobile platforms. So these are our games that are more or less ports, so they could be slight variations of games, existing content that exists. So we've done that quite successfully for many, many years, and we'll continue to do so where it's appropriate.

第二個組成部分是將我們的核心特許經營權帶到移動平台。所以這些是我們的遊戲或多或少是端口，所以它們可能是遊戲的細微變化，存在的現有內容。因此，多年來我們已經非常成功地做到了這一點，並且我們將在適當的時候繼續這樣做。

And then the third component is really just bringing our core -- is integrating a mobile experience with our core experiences. So these are things like companion apps, which we've done effectively with Red Dead Redemption, we did it with Mafia. So we've done it with a number of our franchises where you can have a separate mobile experience that you can use, and it can be used to enhance your core experience pretty much at the same time or maybe off-line or when you're not in front of your television set or your console. So those are really the components of our strategy, but obviously, it's a growing part of the industry. We're very tapped into it, and we're investing more and more.

然後第三個組成部分實際上只是帶來了我們的核心——將移動體驗與我們的核心體驗相結合。所以這些都是類似配套應用程序的東西，我們已經在 Red Dead Redemption 中有效地做到了，我們在 Mafia 中做到了。因此，我們已經通過我們的許多特許經營權做到了這一點，您可以在其中擁有可以使用的獨立移動體驗，並且它可以用於幾乎同時或離線或當您他們不在您的電視機或控制台前。所以這些確實是我們戰略的組成部分，但顯然，它是行業中不斷增長的一部分。我們非常了解它，並且我們正在投資越來越多。

(Operator Instructions) Our next question is from Matthew Thornton with Truist Securities.

（操作員說明）我們的下一個問題來自 Truist Securities 的 Matthew Thornton。

Maybe 2, if I could, maybe for either Strauss or Karl. First one is just higher level. You referred to the pipeline, the 93 projects a little bit earlier. I'm just wondering if there's any color you can offer just as to how we're kind of progressing. And maybe it's a little bit early, but just any incremental thoughts as to what the linearity is shaping up to look like there? Any color around the pipeline would be helpful there.

也許 2，如果可以的話，也許是施特勞斯或卡爾。第一個只是更高級別。你之前提到了管道，93 個項目。我只是想知道您是否可以提供關於我們進展情況的任何顏色。也許現在有點早，但是關於線性正在形成的樣子有什麼漸進的想法嗎？管道周圍的任何顏色都會在那裡有所幫助。

And then just secondly, PGA Tour, it's a fairly small game, but it was well-reviewed, so it looks like it was successful by all accounts. I'm curious if that was successful enough or large enough where it could actually become a recurring title and join NBA and WWE in that regard. Any thoughts there.

其次，PGA 巡迴賽，這是一個相當小的遊戲，但它得到了很好的評價，所以看起來它從各方面來說都是成功的。我很好奇這是否足夠成功或足夠大，以至於它實際上可以成為一個經常性的冠軍頭銜，並在這方面加入 NBA 和 WWE。那裡有任何想法。

So on the first part of the pipeline, I really don't have more information I can give you in terms of the pace of that pipeline and when these titles are coming out. But rest assured, you will be hearing a lot more about that in the coming months and as we talk about our release schedule. So unfortunately, I don't have any more to give you on that.

因此，在管道的第一部分，關於管道的速度以及這些標題何時出現，我真的沒有更多信息可以給你。但請放心，在接下來的幾個月裡，當我們談論我們的發佈時間表時，您會聽到更多關於它的信息。所以不幸的是，我沒有更多的東西可以給你了。

And then in terms of the PGA Tour 2K, we are incredibly excited about that -- the performance of that title. And I'd like to say that we're not surprised, but I am personally a little bit surprised. We -- it's done fantastically well. We've sold around 2 million units or so, which is a fantastic result, and we're just really getting started. So we do think that there's a future in this franchise for us. We haven't really announced much about what specifically that means. But without a doubt, this is something that we feel like it merits investment from our side, and it's something that we can really turn into a very profitable and exciting franchise for us going forward for many years.

然後就 PGA Tour 2K 而言，我們對此感到非常興奮——這個冠軍的表現。我想說我們並不感到驚訝，但我個人有點驚訝。我們 - 它做得非常好。我們已經售出大約 200 萬台，這是一個了不起的結果，而我們才真正開始。所以我們確實認為這個特許經營權對我們來說是有未來的。關於這具體意味著什麼，我們還沒有真正宣布太多。但毫無疑問，這是我們認為值得我們投資的東西，而且我們可以真正將其變成一個非常有利可圖且令人興奮的特許經營權，讓我們繼續前進很多年。

Our next question comes from Benjamin Black with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Benjamin Black。

Great. So obviously, the gaming category as a whole has benefited from these extended stay-at-home provisions. But as we look to calendar '21, I'd be curious to hear what data points or trends you're seeing that could give us some confidence in the sustainability of some of the trends we're seeing today.

偉大的。很明顯，整個遊戲類別都受益於這些延長的居家規定。但是當我們展望 21 年日曆時，我很想知道您看到的哪些數據點或趨勢可以讓我們對我們今天看到的一些趨勢的可持續性有信心。

And then secondly, I was wondering if you could talk a little bit more about the decision to disaggregate Red Dead Online from the core game. What are some of the key findings you have there? And curious to hear how Red Dead Online is faring relative to GTA Online at a comparable stage of its life cycle.

其次，我想知道你是否可以多談談將 Red Dead 在線模式從核心遊戲中分離出來的決定。你在那裡有哪些主要發現？並且很想知道 Red Dead 在線模式在其生命週期的可比階段相對於 GTA 在線模式的表現如何。

Sorry, on the first question, I'm hard-pressed to know what data that would be, except that we continue to do very well and engagement is very high. We had not planned in our numbers for the fourth quarter to see growth driven by the pandemic. That has not been our approach. But of course, we continue to outperform and the net bookings that we're guiding to for the fiscal now are $800 million higher than our original guidance. So we're grateful for the growth.

抱歉，關於第一個問題，我很難知道那會是什麼數據，除非我們繼續做得很好並且參與度很高。我們沒有計劃在第四季度的數字中看到大流行推動的增長。這不是我們的做法。但當然，我們繼續跑贏大市，我們現在指導的本財年淨預訂量比我們最初的指導高出 8 億美元。所以我們感謝增長。

I think under any circumstances, post-pandemic, and hopefully, there will be post-pandemic, demand will be higher than pre-pandemic demand. I think it's quite clear that there's been a systemic shift in favor of interactive entertainment. And Activate, a media consultancy, confirmed that. But I don't know whether there'll be some falloff as people are out and about and doing things outside of the home. It wouldn't surprise me if there were. But as long as we continue to deliver great experiences, I think we'll see continued growth. What was your second question again?

我認為在任何情況下，大流行後，希望大流行後，需求將高於大流行前的需求。我認為很明顯，系統性轉變有利於互動娛樂。媒體諮詢公司 Activate 證實了這一點。但我不知道隨著人們外出走動並在戶外做事，是否會有所下降。如果有的話，我不會感到驚訝。但只要我們繼續提供出色的體驗，我認為我們就會看到持續增長。你的第二個問題是什麼？

Second question was really around the decision to disaggregate Red Dead Online. And also how Red Dead Online now is faring relative to GTA Online at the comparable stage of its life cycle.

第二個問題實際上是關於分解 Red Dead 在線模式的決定。還有 Red Dead 在線模式在其生命週期的可比階段相對於 GTA 在線模式的表現如何。

So they're very different titles, and they're really not comparable in any way. They're both massive hits. And the decision, I think, was based on offering more opportunities to engage with the title. The title has been in market for some time, and Rockstar has shown a willingness to experiment with different marketing models, all in an effort to enhance the size of the audience and to increase customer engagement and enjoyment. And I think it's working out really well, and I'm looking forward to seeing how Grand Theft Auto Online fares when it, too, is available as a stand-alone experience in fiscal '22.

所以它們是非常不同的標題，而且它們在任何方面都沒有可比性。他們都是大熱門。我認為，這個決定是基於提供更多參與遊戲的機會。該遊戲已經上市一段時間了，Rockstar 表現出嘗試不同營銷模式的意願，所有這些都是為了擴大受眾規模並增加客戶參與度和樂趣。而且我認為它的效果非常好，我期待看到 Grand Theft Auto Online 在 22 財年作為獨立體驗提供時的票價。

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

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

Congrats on an incredible quarter and guide. I know it's early, but as we sort of think about fiscal year '22 here, obviously, you've got a lot of momentum in your live service. And it looks like the step-up here in engagement is going to be lasting. You do have some visibility on the pipeline. Obviously, you have more. I'm just curious if you think you can grow in fiscal year '22. And sort of if you can't exactly answer that, maybe just keys to growth. Obviously, growth is generally a good thing we're looking forward to.

祝賀一個令人難以置信的季度和指南。我知道現在還早，但當我們在這裡考慮 22 財年時，顯然，您的現場服務勢頭強勁。看起來參與度的提高將是持久的。您確實對管道有一些了解。顯然，你有更多。我只是好奇你是否認為你可以在 22 財年實現增長。如果你不能準確回答這個問題，也許只是增長的關鍵。顯然，增長通常是我們期待的好事。

Then the second question is the work-from-home scenario duration has continued to sort of extend here and just sort of curious the impact that has had on the developer culture and productivity when you look sort of in the medium term of your pipeline.

那麼第二個問題是，在家工作的場景持續時間在這裡繼續延長，只是好奇當你看起來處於管道的中期時，它對開發人員文化和生產力產生的影響。

Mike, so for fiscal year '22, at this point, it's a little early for us to advise fiscal '22 guidance. We're also currently in the process of completing our detailed budget for fiscal '22. And as you know, we typically guide to the next fiscal year when we report our fourth quarter earnings in May. But it's important to keep in mind that this is clearly a record year for us, partly driven by the benefit of individuals sheltering at home, and it remains to be seen how long these trends will go on.

邁克，所以對於 22 財年，在這一點上，我們建議 22 財年指導還為時過早。我們目前還在完成 22 財年的詳細預算。如您所知，我們通常會在 5 月份報告第四季度收益時指導下一個財政年度。但重要的是要記住，這對我們來說顯然是創紀錄的一年，部分原因是個人在家中避難所帶來的好處，而且這些趨勢將持續多久還有待觀察。

And when we originally projected sequential growth for fiscal '22 versus fiscal '21, our fiscal '21 guidance was projecting a decrease from fiscal 2020. And now we're expecting record net bookings for fiscal '21, which represents 30% growth over our original guidance and year-over-year growth compared to fiscal '20. Also, we expect record adjusted unrestricted operating cash flow over $750 million, which is more than double our original estimate. So we'll see in May. We'll give you a little bit of an update at that point, so that's when we'll give you some more details on '22.

當我們最初預測 22 財年與 21 財年的連續增長時，我們的 21 財年指導預計會比 2020 財年有所下降。現在我們預計 21 財年的淨預訂量將創紀錄，比我們的增長 30%與 20 財年相比，原始指導和同比增長。此外，我們預計調整後的無限制經營現金流量將超過 7.5 億美元，是我們最初估計的兩倍多。所以我們將在五月看到。那時我們會給你一些更新，所以那時我們會給你更多關於'22的細節。

And Mike, with regard to working from home, I can't predict how much longer that will be the case. We follow what government requirements and suggestions are, and we follow the science and the facts. Some of our offices are open. No one is obligated to come to the office if they're uncomfortable in doing so. That said, we've been extraordinarily productive. Our IT team did an A+ job making remote work possible for our company. We've moved over to remote work within a week of needing to shelter at home. And we haven't missed a beat, not even -- not at all. We had one title that was delayed, Kerbal Space Program 2, and that was it. And more importantly, the quality of our releases has been extraordinary.

邁克，關於在家工作，我無法預測這種情況會持續多久。政府有什麼要求和建議，我們就听什麼，我們就講科學，講事實。我們的一些辦公室是開放的。如果他們感到不舒服，沒有人有義務來辦公室。也就是說，我們的工作效率非常高。我們的 IT 團隊做了出色的工作，使我們公司的遠程工作成為可能。在需要在家避難的一周內，我們已經轉移到遠程工作。我們沒有錯過任何一個節拍，甚至——一點也沒有。我們有一個遊戲被推遲了，Kerbal Space Program 2，僅此而已。更重要的是，我們發布的內容質量非凡。

You -- I appreciate the question about culture. I think it's actually difficult to build a culture in a remote work environment. But I don't think it's impossible to do that when you've already gotten to know each other, when you built a powerful company with a powerful business model and a powerful team. I think, to the contrary, in a challenging time, everyone pulled together and knew that it was our collective job to make sure the company didn't have any issues and, in fact, continued to grow, and that's exactly what happened.

你——我很欣賞關於文化的問題。我認為在遠程工作環境中建立文化實際上很困難。但我認為，當你們已經相互了解，當你們建立了一家擁有強大商業模式和強大團隊的強大公司時，這並不是不可能的。我認為，恰恰相反，在充滿挑戰的時期，每個人都齊心協力，知道確保公司沒有任何問題是我們的集體工作，事實上，公司會繼續發展，而這正是發生的事情。

But -- and so in any case, I think morale may actually be stronger, but it's not something that can or should last forever, and it has been taxing. And I think people are actually working harder at home than they did in offices even though there is no commute. I think it creates a lot of challenges, and I'm looking forward to it ending. So no, you're not -- we're not one of those companies where we believe like, "Oh, this is a great idea, everyone will just work from home." I think certain people may be able to work from home more if that's truly their interest. I think generally speaking, we'll benefit from being together as a group.

但是 - 所以無論如何，我認為士氣實際上可能會更強，但這不是可以或應該永遠持續下去的東西，而且它一直在徵稅。而且我認為，即使沒有通勤，人們實際上在家裡比在辦公室更努力地工作。我認為它帶來了很多挑戰，我期待它的結束。所以不，你不是——我們不是那些我們相信的公司之一，“哦，這是個好主意，每個人都會在家工作。”我認為某些人可能會更多地在家工作，如果這真的是他們的興趣的話。我認為總的來說，我們會從作為一個團隊在一起中受益。

Our next question comes from Eric Handler with MKM Partners.

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

Thinking about the Grand Theft Auto franchise and the fact that you've now sold over 140 million units of the game, and granted, there's probably some overlap where people have more than one copy of the game, but it seems like there is a huge audience of people that have probably never played GTA IV or any of the other prior GTA games that came out before that. And I just wonder, how do you think about -- obviously, there's a huge appetite for GTA content. And what's your perspective there in terms of thinking about remastering prior games?

考慮到 Grand Theft Auto 特許經營權以及您現在已經售出超過 1.4 億份遊戲的事實，當然，人們擁有多個遊戲副本可能存在一些重疊，但似乎有一個巨大的可能從未玩過 GTA IV 或之前推出的任何其他 GTA 遊戲的觀眾。我只是想知道，你怎麼看——顯然，人們對 GTA 內容有著巨大的胃口。在考慮重新製作以前的遊戲方面，你有什麼看法？

It's a great and encouraging question. I'm kind of inclined to leave it more as a statement than a question, and any updates on our release schedule will come from Rockstar Games.

這是一個偉大而鼓舞人心的問題。我更傾向於把它作為一個陳述而不是一個問題，我們發佈時間表的任何更新都將來自 Rockstar Games。

Our next question comes from Stephen Ju with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Stephen Ju。

Strauss, over the last few years, I think the industry has gone from needing to acquire customers with massive advertising campaigns every time there was a new iteration of a game to that was set up where you are in front of your user base all the time. And you just called out, I think, in a prior answer, captivation and engagement with what is now basically a perpetual service model. So do you anticipate, going forward, potentially further operating margin benefits due to what might be a decreased need for marketing spend?

Strauss，在過去的幾年裡，我認為這個行業已經從每次有新的遊戲迭代時都需要通過大規模的廣告活動來吸引客戶，轉變為你一直在用戶群面前的設置.我認為，您剛剛在之前的回答中大聲疾呼，對現在基本上是永久服務模式的迷戀和參與。那麼，由於營銷支出需求的減少，您是否預計未來可能會進一步提高營業利潤率？

And I guess building on one of the M&A questions earlier, and this is definitely not an either/or question, but do you think your time and Take-Two's capital are probably better served adding to the teams you already have at Rockstar or 2K, where there already seems to be a pretty good culture of excellence there?

我猜是基於之前的一個併購問題，這絕對不是一個非此即彼的問題，但你認為你的時間和 Take-Two 的資本可能更適合加入你在 Rockstar 或 2K 已有的團隊，那裡似乎已經有了相當不錯的卓越文化？

It's a -- thank you for the question. I don't think you're going to see a reduction in our marketing spend because we're launching new iterations of existing franchises, and we're launching new intellectual property in a highly competitive market, and I think we'll continue to spend to support those releases. So I don't think you'll see leverage there. Where you see leverage, though, of course, is when you sell more units. So if you make bigger hits, and we make bigger hits than anyone else in the market, then obviously, you're amortizing that marketing spend across a larger number of units.

這是一個 - 謝謝你的問題。我不認為你會看到我們的營銷支出減少，因為我們正在推出現有特許經營權的新迭代，並且我們正在競爭激烈的市場中推出新的知識產權，我認為我們會繼續花費來支持這些版本。所以我認為你不會在那裡看到槓桿作用。當然，當你賣出更多單位時，你就會看到槓桿作用。因此，如果你取得了更大的成功，而我們取得了比市場上任何其他公司都大的成功，那麼很明顯，你正在將營銷支出分攤到更多的單位上。

So a marketing spend as a percent of your net bookings can be lower to the extent that you have greater success, and that's certainly our goal. And in that event, of course, we'd have higher operating margins. And you've seen that reflected in the growth in our operating margins, as you've seen the growth in our hits in the last 14 years. And I would hope that that would continue, but it will be entirely driven by whatever success we have or don't have.

因此，營銷支出占淨預訂量的百分比可以降低到您取得更大成功的程度，這當然是我們的目標。當然，在那種情況下，我們的營業利潤率會更高。你已經看到這反映在我們營業利潤率的增長上，正如你在過去 14 年中看到我們點擊量的增長一樣。我希望這種情況會繼續下去，但這將完全取決於我們取得或未取得的成功。

I think where you can have a little more confidence around growth in the margins would be in the shift to digital distribution, which is inexorable and which is happening. And digitally-distributed products were 82% of our net bookings in the quarter, and we think that the world is heading towards more than that, and that will help our margins as well as our competitors' margins.

我認為你可以對利潤增長更有信心的地方是向數字分銷的轉變，這是不可避免的，而且正在發生。數字分銷產品占我們本季度淨預訂量的 82%，我們認為世界正在朝著這個方向發展，這將有助於我們和競爭對手的利潤率。

Also, of course, our recurrent consumer spending is higher margin because the cost associated with the content that drives recurrent consumer spending is lower than the cost related to an initial large release. So to the extent that we continue to deliver add-on content to beloved titles, which is our goal, you could see an increase in operating margins coming from that as well. But again, that's reliant upon creating hits, and that won't occur if we don't create more hits. So everything comes down to creating bigger and bigger hits, and that's our goal and our strategy.

此外，當然，我們的經常性消費者支出的利潤率更高，因為與推動經常性消費者支出的內容相關的成本低於與初始大量發布相關的成本。因此，就我們繼續為心愛的遊戲提供附加內容（這是我們的目標）而言，您也可以看到運營利潤率的增長也來自於此。但同樣，這取決於創造點擊率，如果我們不創造更多點擊率，那將不會發生。所以一切都歸結為創造越來越大的成功，這就是我們的目標和戰略。

His building.

他的大樓。

Sorry. And I think on your second question, thanks for the reminder, Karl, it's all of the above. We're adding to the teams at 2K and at Rockstar as they work on more properties and bigger properties. We are adding to the teams at Social Point and Private Division selectively as we work on new properties, and we have shown a willingness to acquire companies and add that way as well very, very selectively. So we're a growth business, and you'll see that on our headcount. I'm hopeful that our headcount essentially goes to production capacity, engineering capacity and doesn't go to fixed corporate overhead.

對不起。我想關於你的第二個問題，感謝 Karl 的提醒，以上都是。我們正在增加 2K 和 Rockstar 的團隊，因為他們致力於更多和更大的財產。在我們開發新物業時，我們正在有選擇地增加 Social Point 和 Private Division 的團隊，並且我們已經表現出收購公司的意願，並且非常非常有選擇地以這種方式增加。所以我們是一家成長型企業，你會在我們的員工人數上看到這一點。我希望我們的員工人數主要用於生產能力、工程能力，而不是用於固定的公司間接費用。

Our last question comes from Ryan Gee with Bank of America.

我們的最後一個問題來自美國銀行的 Ryan Gee。

First one for Lainie, we're about a month away from last year when most of us were all sent indoors, and we saw that increased demand for gaming content. So just so we're all on the same page here, do you mind refreshing us how much maybe GTA Online, NBA 2K Online -- I mean NBA 2K perhaps outperformed your expectations in the March quarter last year -- or maybe it's actually more in the June quarter? But if you could try and quantify that so that we can have our model set up accordingly, that would be fantastic.

Lainie 的第一個，距離去年我們大多數人都被送到室內還有大約一個月的時間，我們看到對遊戲內容的需求增加了。所以我們都在同一個頁面上，你介意讓我們更新一下 GTA 在線模式、NBA 2K 在線模式——我的意思是 NBA 2K 可能在去年的三月季度超出了你的預期——或者實際上可能更多在六月季度？但是，如果您可以嘗試對其進行量化，以便我們可以相應地設置我們的模型，那就太棒了。

And then a question for either Strauss or Karl, you guys acquired Ruffian Games -- or Rockstar acquired Ruffian late last year. I believe that they have a history in the shooter category with the Halo franchise specifically. So are they coming on board to broaden Rockstar's reach to genres like that? Or what role do you anticipate they'll play in the future of that studio, either supporting or more of a lead development role?

然後是 Strauss 或 Karl 的問題，你們收購了 Ruffian Games——或者 Rockstar 去年年底收購了 Ruffian。我相信他們在射擊類游戲方面有著悠久的歷史，尤其是 Halo 系列。那麼他們加入是為了擴大 Rockstar 對此類類型的影響力嗎？或者您預計他們將在該工作室的未來扮演什麼角色，支持或更多的主導開發角色？

We're thrilled to welcome the Ruffian team to Rockstar Games and to Take-Two, and we think they're an extraordinarily talented team, and we're looking forward to them becoming a part of Rockstar Games. And beyond that, there'll be more announcements in due time.

我們很高興歡迎 Ruffian 團隊加入 Rockstar Games 和 Take-Two，我們認為他們是一支非常有才華的團隊，我們期待他們成為 Rockstar Games 的一員。除此之外，還會在適當的時候發布更多公告。

And Ryan, on the title-by-title on the -- for the fourth quarter last year, I don't have that information in front of me, but we can follow up with you on that. But all of our titles, I think, overperformed in that quarter. But on a title-by-title basis, it was a significant overachievement, specifically on GTA Online and for NBA 2K.

瑞安，關於去年第四季度的逐個標題，我面前沒有這些信息，但我們可以跟進你的情況。但我認為，我們所有的遊戲在那個季度都表現出色。但在逐個遊戲的基礎上，這是一個顯著的超越，特別是在 GTA 在線模式和 NBA 2K 上。

Well, thank you all very much for joining us today. Obviously, we're really proud of what the entire team has achieved. The results are extraordinary, and all of us are so grateful to our colleagues around the world. And of course, we're grateful to you for joining us today. Thanks so much.

非常感謝大家今天加入我們。顯然，我們為整個團隊所取得的成就感到非常自豪。結果是非凡的，我們所有人都非常感謝我們在世界各地的同事。當然，我們感謝您今天加入我們。非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful evening.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。祝你度過一個美好的夜晚。