Take-Two Interactive Software Inc (TTWO) 2013 Q4 法說會逐字稿

Greetings, and welcome to the Take-Two Fourth Quarter Fiscal Year 2013 Earnings Call.

您好，歡迎參加 Take-Two 2013 財年第四季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question and answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Hank Diamond, Senior Vice President of Investor Relations and Corporate Communications for Take-Two Interactive.

現在我很高興向您介紹主持人漢克·戴蒙德 (Hank Diamond)，他是 Take-Two Interactive 投資者關係和企業傳播高級副總裁。

Thank you Mr. Diamond, you may begin.

謝謝戴蒙德先生，您可以開始了。

Good afternoon.

午安.

Welcome, and thank you for joining Take-Two's Conference Call to discuss its results for the fourth quarter and fiscal year 2013 ended March 31, 2013.

歡迎並感謝您參加 Take-Two 的電話會議，討論截至 2013 年 3 月 31 日的第四季度和 2013 財年業績。

Today's call will be lead by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer, Karl Slatoff, our President, and Lainie Goldstein, our Chief Financial Officer.

今天的電話會議將由 Take-Two 董事長兼執行長 Strauss Zelnick、總裁 Karl Slatoff 和財務長 Lainie Goldstein 主持。

We will be available to answer your questions during the Q&A session following our prepared remarks.

在我們準備好的發言之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that the statements made during this call that are not historical facts are considered forward-looking statements under Federal Securities Laws.

在開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中所做的非歷史事實的陳述被視為前瞻性陳述。

These forward-looking statements are based on the beliefs of our Management, as well as assumptions made by and information currently available to us.

這些前瞻性陳述是基於我們管理階層的信念以及我們所做的假設和我們目前可獲得的資訊。

We have no obligation to update these forward-looking statements.

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.

由於多種因素，實際經營結果可能與這些前瞻性陳述有顯著差異。

These important factors are described in our filings with the SEC, including the Company's Annual Report on Form 10-K for the Fiscal Year Ended March 31, 2012.

這些重要因素在我們向 SEC 提交的文件中進行了描述，包括公司截至 2012 年 3 月 31 日的財政年度 10-K 表格年度報告。

These documents may be obtained from our website at www.take2games.com.

這些文件可以從我們的網站 www.take2games.com 取得。

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

我還想指出，除非另有說明，我們今天討論的所有數字都是非公認會計原則的。

Please refer to our Earnings Release, which is posted at www.take2games.com for a GAAP to non-GAAP reconciliation and further explanation.

請參閱我們發佈在 www.take2games.com 上的收益發布，以了解 GAAP 與非 GAAP 的對帳及進一步說明。

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

現在，我將把電話轉給施特勞斯。

Thanks Hank.

謝謝漢克。

Good afternoon, and thanks for joining us today.

下午好，感謝您今天加入我們。

I'm pleased to report that Take-Two delivered strong revenue growth, and solid non-GAAP earnings for both the fourth quarter and fiscal 2013.

我很高興地報告，Take-Two 在第四季度和 2013 財年實現了強勁的收入成長和穩定的非 GAAP 收益。

These results were driven by robust demand for our new releases, catalog titles, and expanding portfolio of digitally delivered offerings.

這些結果是由對我們的新版本、目錄標題和不斷擴大的數位交付產品組合的強勁需求所推動的。

While many in our sector have faced serious challenges, we continue to benefit from a focus on our core strategic values, creativity, innovation, and efficiency.

儘管我們行業的許多人面臨嚴峻的挑戰，但我們繼續受益於對核心策略價值、創造力、創新和效率的關注。

During the past year, our world class creative teams released some of the industry's most captivating and groundbreaking entertainment experiences.

在過去的一年裡，我們的世界級創意團隊發布了一些業界最具吸引力和開創性的娛樂體驗。

Our unwavering commitment to quality enables our titles to attract and delight audiences time and time again.

我們對品質堅定不移的承諾使我們的作品能夠一次又一次地吸引和取悅觀眾。

This results in near term hits and sustainable catalog value, which create ongoing profits and long term returns for our shareholders.

這會帶來近期的成功和可持續的目錄價值，從而為我們的股東創造持續的利潤和長期回報。

Fiscal 2013 began with the release of Rockstar Games Max Payne 3. This gritty, action-packed third person shooter received excellent reviews, and introduced multi-player game play for the first time to this popular franchise.

2013 財年，Rockstar Games 發行了《馬克思佩恩 3》。

The title delivered Rockstar's signature cinematic style of action and storytelling, while redefining the genre with revolutionary advances in targeting and animation.

遊戲展現了 Rockstar 標誌性的電影動作和故事風格，同時透過定位和動畫方面的革命性進步重新定義了這一類型。

Max Payne 3 has sold in over 4 million units to date, and continues to attract new fans.

《馬克思佩恩 3》迄今已售出超過 400 萬份，並持續吸引新粉絲。

Borderlands 2 remains on track to become the highest selling release in the history of 2K, with approximately 6 million units sold in to date and counting.

《無主之地 2》預計將成為 2K 史上銷量最高的遊戲，迄今已售出約 600 萬份，並且還在增加。

The title received fantastic reviews, yielding a 90 average metacritic score, and won more than 55 editorial awards.

該書獲得了好評，metacritic 平均得分為 90 分，並贏得了超過 55 項編輯獎。

Borderlands 2 was the largest contributor to our digitally delivered revenue last year, based on high demand for the game's innovative downloadable add-on content, as well as full game downloads.

《無主之地 2》是去年我們數位化收入的最大貢獻者，因為人們對該遊戲創新的可下載附加內容以及完整遊戲下載的需求很高。

NBA 2K13 won more than 38 editorial honors, including numerous Sports Game of the Year awards, and quickly became the most profitable sports title in the history of 2K.

《NBA 2K13》贏得了超過 38 項編輯榮譽，包括許多年度體育遊戲獎項，並迅速成為 2K 歷史上最賺錢的體育遊戲。

This is the 12th consecutive year in which we delivered the top ranked NBA simulation game, and the third consecutive release to the franchise to sell in more than 5 million units.

這是我們連續 12 年推出排名第一的 NBA 模擬遊戲，也是系列遊戲連續第三年銷售超過 500 萬張。

The performance of NBA 2K13 has been enhanced by record digital sales for the franchise, including virtual goods.

NBA 2K13 的業績因係列產品（包括虛擬商品）創紀錄的數位銷售而得到提升。

The team at Visual Concepts continues to raise the bar for excellence with each annual release of the series.

Visual Concepts 團隊每年都會發布該系列，並不斷提高卓越標準。

XCOM Enemy Unknown re-imagines one of the industry's most beloved franchises as a unique turn based strategy game.

《XCOM 未知敵人》將業界最受歡迎的系列之一重新打造為獨特的回合製策略遊戲。

Developed by 2K's Firaxis Games studio, XCOM Enemy Unknown was one of the highest rated releases of 2012, achieving a near 90 average metacritic score, and winning an impressive 18 Game of the Year awards.

由 2K 的 Firaxis Games 工作室開發的《XCOM 未知敵人》是 2012 年評分最高的遊戲之一，平均 Metacritic 得分接近 90 分，並贏得了 18 項年度遊戲獎項，令人印象深刻。

The title has generated particularly strong digitally delivered sales, and it's opened the door for future brand extensions, which Karl will discuss.

該遊戲帶來了特別強勁的數位銷售，並為未來的品牌擴展打開了大門，卡爾將對此進行討論。

We wound up the fiscal year with the eagerly anticipated launch of BioShock Infinite.

我們以萬眾矚目的《生化奇兵：無限》的推出結束了本財年。

The highest rated release of 2013 so far, with a terrific 94 average metacritic score.

這是 2013 年迄今評分最高的版本，metacritic 平均得分高達 94 分。

Critics have universally praised BioShock Infinite, with the Associated Press calling it, quote, a new standard for video game storytelling, and NBC news declaring it, quote, a masterpiece.

評論家普遍稱讚《生化奇兵：無限》，美聯社稱其為視頻遊戲敘事的新標準，NBC 新聞則稱其為傑作。

The title's already a commercial success with over 3.7 million units sold into date, and record first month sell-through for the franchise.

該遊戲已經取得了商業上的成功，迄今已售出超過 370 萬份，並創下了該系列首月的銷售記錄。

BioShock Infinite will be supported by an array of downloadable add-on content, and we're already seeing solid attach rates for its season pass.

《生化奇兵：無限》將得到一系列可下載附加內容的支持，我們已經看到其季票的穩定附加率。

I'd like to congratulate Ken Levine and the team at Irrational Games, as well as the team at 2K for turning this launch into a major tent pole event for our Company and the industry.

我要祝賀 Ken Levine 和 Irrational Games 的團隊以及 2K 的團隊將這次發布變成了我們公司和整個行業的重大活動。

I'd like to take a moment to commend everyone at 2K for consecutively launching four of the past year's most critically a acclaimed titles.

我想花點時間讚揚 2K 的每個人，他們在過去的一年裡連續推出了四款最受好評的遊戲。

That's simply an outstanding achievement.

這簡直就是一項了不起的成就。

It bears noting that since its founding in 2005, 2K has flourished to become a home for some of our industry's top talent and most important franchises.

值得注意的是，自 2005 年成立以來，2K 蓬勃發展，成為業界一些頂尖人才和最重要特許經營權的家園。

Moreover, 2K's success has played an integral role in our diversification, growth, and ability to deliver consistent profits.

此外，2K 的成功對我們的多元化、成長和提供持續利潤的能力發揮了不可或缺的作用。

Our Fiscal 2013 results also benefited from robust sales of catalog titles, particularly Rockstar Games iconic Grand Theft Auto IV, and Red Dead Redemption, as well as the profitable release of Major League Baseball 2K13.

我們 2013 財年的業績也得益於目錄遊戲的強勁銷售，尤其是 Rockstar Games 標誌性的《俠盜獵車手 IV》和《荒野大鏢客》以及《美國職棒大聯盟 2K13》的盈利發行。

In addition to delivering stronger financial results, we continued to execute on our strategic objectives during the past year.

除了實現更強勁的財務業績外，我們在過去的一年中繼續執行我們的策略目標。

We further diversified our business across distribution channels, expanded our offerings for new platforms and geographies, and enhanced our portfolio of industry-leading franchises.

我們進一步實現跨分銷管道的業務多元化，擴大了新平台和地區的產品範圍，並增強了我們行業領先的特許經營產品組合。

We remain keenly judicious and analytical in our approach, mindfully balancing increased risk with increased reward.

我們在方法上保持敏銳的審慎性和分析性，謹慎地平衡增加的風險和增加的回報。

To that end, we expanded aggressively our digitally delivered offerings for both traditional and emerging platforms, which are contributing significantly to our growth and profitability.

為此，我們積極擴展了針對傳統和新興平台的數位交付產品，這對我們的成長和獲利能力做出了重大貢獻。

Most of our new releases are now available for digital download on the day of launch, and all of our fiscal 2013 triple A releases are being supported by innovative downloadable add-on content.

我們的大多數新版本現在都可以在發布當天進行數位下載，並且我們所有 2013 財年 AAA 版本都得到創新的可下載附加內容的支援。

We're also now receiving high margin revenue from M Game purchases of virtual goods, both in front line titles such as NBA 2K13, and in mobile and online titles, many of which are free to play.

我們現在也從 M Game 購買虛擬商品中獲得高利潤收入，包括《NBA 2K13》等一線遊戲以及行動和線上遊戲，其中許多遊戲都是免費的。

During Fiscal 2013, we generated record digitally delivered revenue, which accounted for 22% of our total.

2013 財年，我們創造了創紀錄的數位交付收入，佔總收入的 22%。

We broadened our mobile slate with core releases including Max Payne mobile, Borderline's Legends, NBA 2K13, and Grand Theft Auto Vice City.

我們透過核心版本拓寬了我們的行動版，包括《馬克思佩恩》行動版、《Borderline's Legends》、《NBA 2K13》和《俠盜獵車手：罪惡都市》。

Casual releases such as Herd, Herd, Herd and GridBlock, and our first mobile social game for Japan, NBA 2K All Stars.

休閒遊戲包括 Herd、Herd、Herd 和 GridBlock，以及我們在日本推出的首款行動社交遊戲 NBA 2K All Stars。

We continue to believe that interactive entertainment for mobile platforms, especially tablets, represents an important emerging growth opportunity, and we have numerous projects in our pipeline, some of which Karl will discuss later.

我們仍然相信，行動平台（尤其是平板電腦）的互動娛樂代表著一個重要的新興成長機會，我們有許多專案正在醞釀中，Karl 將在稍後討論其中一些專案。

We have also made substantial progress developing online games for Asian markets.

我們在為亞洲市場開發線上遊戲方面也取得了實質進展。

NBA 2K online, developed in partnership with Tencent, launched commercially in China in October.

與騰訊合作開發的《NBA 2K Online》於 10 月在中國上線。

Usage and player engagement with the game continue the game momentum.

遊戲的使用率和玩家參與度延續了遊戲的勢頭。

And according to Q2 games, it's now among the Top 10 most played PC games in Internet cafes in China.

根據Q2遊戲統計，它現已躋身中國網咖最受歡迎的PC遊戲前十名。

Pro Baseball 2K, developed in partnership with Nexon Corporation launched commercially in Korea on May 2nd.

與 Nexon Corporation 合作開發的 Pro Baseball 2K 於 5 月 2 日在韓國上市。

The game offers an authentic Korean pro baseball simulation experience based on the MLB 2K engine.

遊戲基於 MLB 2K 引擎提供真實的韓國職棒模擬體驗。

And finally, we revealed that the massively multi-player online game that 2K is developing in partnership with XL Games is based on our successful Civilization franchise.

最後，我們透露 2K 與 XL Games 合作開發的大型多人線上遊戲是基於我們成功的《文明》系列。

Civilization online will be released initially in Korea, and production is being led by online gaming luminary Jake Song.

《文明 Online》將首先在韓國發行，製作由網路遊戲傑出人物 Jake Song 領導。

It's one of the most exciting and ambitious online game development initiatives in the region.

這是該地區最令人興奮和雄心勃勃的線上遊戲開發計劃之一。

We're highly enthusiastic about the opportunity for online projects to augment our core business with a relatively stable higher margin revenue stream over time.

我們非常熱衷於線上專案的機會，隨著時間的推移，透過相對穩定的較高利潤收入流來增強我們的核心業務。

In February, we acquired the exclusive worldwide rights to publish the popular WWE franchise across all major platforms and distribution channels.

2 月，我們獲得了在所有主要平台和分銷管道上發行熱門 WWE 特許經營權的全球獨家權利。

We believe there's an untapped opportunity to enhance further the performance of this profitable franchise by leveraging 2K's superb development and marketing resources, which have made our NBA 2K brand an annual hit.

我們相信，透過利用 2K 卓越的開發和行銷資源，有一個尚未開發的機會來進一步提高這個獲利特許經營的業績，這些資源使我們的 NBA 2K 品牌成為年度熱門產品。

WWE is already contributing to our results with WWE 13.

WWE 已經透過《WWE 13》為我們的成績做出了貢獻。

I'm pleased to note that 2013 marks the 20th anniversary of Take-Two, and today our Company stands in a stronger position than at any other time in our history.

我很高興地註意到，2013 年是 Take-Two 成立 20 週年，今天我們公司的地位比歷史上任何時候都更強大。

Although we've come very far, we believe that some of our most successful times are ahead.

儘管我們已經走了很遠，但我們相信我們最成功的時代就在前方。

Interactive entertainment is a cyclical business.

互動娛樂是一個週期性產業。

Our industry appears poised to enter an exciting growth period, driven by the upcoming launches of the Next Generation consoles, as well as the increasing popularity of emerging mobile and online platforms.

在即將推出的下一代遊戲機以及新興行動和線上平台的日益普及的推動下，我們的行業似乎準備進入一個令人興奮的成長時期。

With our world class creative teams, diverse portfolio of the highest quality franchises in the business, cutting edge technology, and strong balance sheet, Take-Two has all of the assets required to capitalize on these opportunities.

憑藉我們世界一流的創意團隊、業內最優質特許經營的多樣化組合、尖端技術和強大的資產負債表，Take-Two 擁有利用這些機會所需的所有資產。

Fiscal 2014 promises to be one of our best years ever, highlighted by the upcoming launch of Grand Theft Auto V in September.

2014 財年有望成為我們有史以來最好的一年，即將於 9 月推出的《俠盜獵車手 V》更是凸顯了這一點。

We also have an extraordinary pipeline of titles in development for Next Generation platforms, including groundbreaking new intellectual property and releases from our proven franchises.

我們還擁有一系列正在為下一代平台開發的遊戲，包括突破性的新智慧財產權和我們經過驗證的特許經營權的發行。

As a result, our current outlook is to be profitable on a non-GAAP basis in fiscal 2015, and for the foreseeable future.

因此，我們目前的預期是在 2015 財年以及可預見的未來（以非公認會計準則計算）獲利。

I'll now turn the call over to Karl.

我現在將電話轉給卡爾。

Thanks Strauss.

謝謝施特勞斯。

I'd like to begin by giving an update on our recent releases, and development pipeline for fiscal year 2014.

首先我想介紹一下我們最近發布的最新版本以及 2014 財年的開發計劃。

As mentioned earlier, mobile gaming is an area of increased focus for our Company.

如前所述，行動遊戲是我們公司日益關注的領域。

These offerings generally require much smaller development teams, budgets, and timelines than console releases.

這些產品通常需要比控制台版本小得多的開發團隊、預算和時間表。

However, the passion and desire we require of our creative talent to captivate audiences remains a constant.

然而，我們對創意人才吸引觀眾的熱情和渴望始終如一。

I'd now like to highlight some of our recent and upcoming mobile releases.

現在我想重點介紹我們最近和即將發布的一些行動版本。

Firaxis Games, 2K's renowned studio behind our Civilization and XCOM franchises, has been hard at work on several new titles for the iOS enabled mobile devices.

Firaxis Games 是 2K 旗下《文明》和《幽浮》系列遊戲的著名工作室，一直致力於為支援 iOS 的行動裝置開發多款新遊戲。

The first is Haunted Hollow.

第一個是鬼谷。

A free to play strategy title which can be enjoyed by families, strategy buffs, and horror enthusiasts alike.

一款免費策略遊戲，家庭、策略愛好者和恐怖愛好者都可以享受。

The game launched on May 2nd, and the response has been very positive, with game sites such as [Scapathigo] raving that quote, 2K and Firaxis want their players to party.

遊戲於 5 月 2 日推出，反應非常積極，[Scapathigo] 等遊戲網站都對這句話讚不絕口，2K 和 Firaxis 希望他們的玩家能夠參加派對。

Second, is Sid Meier's Ace Patrol.

第二個是席德梅爾的王牌巡邏隊。

An original title created by the legendary game designer himself, which immersed its players in strategic World War I air combat scenarios.

由傳奇遊戲設計師親自創作的原創遊戲，讓玩家沉浸在戰略性的第一次世界大戰空戰場景中。

This free to play title released on May 9th, and offers the high quality of 3D strategy experience that players expect from Sid Meier and Firaxis.

這款免費遊戲於 5 月 9 日發布，提供玩家期望從 Sid Meier 和 Firaxis 獲得的高品質 3D 策略體驗。

Anticipation for the title is high, with Wall Street Journal noting that Ace Patrol marks one of Take-Two's, quote, biggest steps in its efforts to become an influential player in the mobile market.

人們對這款遊戲的期望很高，《華爾街日報》指出，《Ace Patrol》標誌著 Take-Two 為成為行動市場有影響力的玩家而邁出的最大的一步。

And finally, we will release our critically acclaimed console and PC title XCOM Enemy Unknown for iOS this Summer.

最後，我們將在今年夏天發布 iOS 版廣受好評的遊戲機和 PC 遊戲《XCOM 未知敵人》。

XCOM Enemy Unknown was one of the highest rated releases of 2012, and the iOS version will offer a full experience to mobile gamers.

《XCOM 未知敵人》是 2012 年評價最高的版本之一，iOS 版本將為行動遊戲玩家提供完整的體驗。

We'll have more mobile titles to discuss in the coming months.

在接下來的幾個月裡，我們將有更多的行動遊戲可供討論。

Turning to our console and PC releases.

轉向我們的控制台和 PC 版本。

This year, we'll have several new downloadable add-on content offerings from Borderlands 2 and BioShock Infinite, that will further immerse players in these incredibly popular and successful titles.

今年，我們將推出《無主之地 2》和《生化奇兵：無限》的幾款新的下載附加內容，這將進一步讓玩家沉浸在這些非常受歡迎和成功的遊戲中。

Consumers who took advantage of our season pass savings will be amongst the first to expand their experiences in Pandora and Columbia with even more game play content.

利用我們季票優惠的消費者將是第一批透過更多遊戲內容來擴展潘朵拉和哥倫比亞體驗的消費者。

To date, we have announced new content launching for Borderlands 2, tomorrow and on June 25th.

到目前為止，我們已宣布將於明天和 6 月 25 日推出《無主之地 2》的新內容。

Building on the success of Sid Meier's Civilization V, Gods and Kings Expansion Pack, which was released last Summer, 2K will release Sid Meier's Civilization V, Brave New World on July 9th.

繼去年夏天發布的《席德·梅爾的文明 V：眾神與國王》擴充包取得成功之後，2K 將於 7 月 9 日發布《席德·梅爾的文明 V：美麗新世界》。

This second expansion pack for the award winning Civilization V will provide new depth and re-playability through the introduction of international trade, as well as a focus on culture and diplomacy.

屢獲殊榮的文明 V 的第二個擴充包將透過引入國際貿易以及對文化和外交的關注來提供新的深度和可重玩性。

On August 20th, 2K Marin, the studio behind BioShock 2, will expand our successful XCOM franchise with the release of The Bureau, XCOM Declassified.

8 月 20 日，《生化奇兵 2》的製作公司 2K Marin 將推出《The Bureau, XCOM Declassified》，以拓展我們成功的 XCOM 系列。

Set in 1962 at the height of the Cold War, this third person tactical shooter tells the story of the founding of the top secret XCOM organization.

這款第三人稱戰術射擊遊戲以 1962 年冷戰最激烈的時期為背景，講述了絕密 XCOM 組織的成立故事。

We're very excited about Marin's vision for this title, the result of which is a narrative driven experience that will challenge players unlike any other third person tactical shooter.

我們對 Marin 對這款遊戲的願景感到非常興奮，其結果是一種敘事驅動的體驗，它將對玩家提出不同於任何其他第三人稱戰術射擊遊戲的挑戰。

Turning to what many in our industry are predicting to be the biggest and most important launch of the current console generation, Grand Theft Auto V is on track for its planned worldwide release launch on September 17th.

業界許多人預測，《俠盜獵車手 V》將是當前世代遊戲機中規模最大、最重要的一次發布，《俠盜獵車手 V》預計將於 9 月 17 日在全球發布。

Rockstar Games recently released three new character trailers to an overwhelmingly positive response from both fans and media.

Rockstar Games 最近發布了三款新角色預告片，並獲得了粉絲和媒體的熱烈回應。

In addition, two weeks ago, the game was demoed for press, and the resulting coverage has been exceptional.

此外，兩週前，該遊戲向媒體進行了演示，引起的報導非常熱烈。

It's worth noting that people are responding not only to the game's vast size and scope, but also to its innovative three character structure and hyped mission design, which offer immense opportunities for game play and storytelling that should raise the bar not only for this franchise, but for all interactive entertainment.

值得注意的是，人們不僅對遊戲的巨大規模和範圍做出反應，而且對其創新的三角色結構和大肆宣傳的任務設計做出反應，這為遊戲玩法和講故事提供了巨大的機會，這不僅會提高該系列的標準，但適用於所有互動娛樂。

Rockstar Games continues to prove that they have the passion and skill to take meaningful creative risks with one of the world's biggest entertainment brands.

Rockstar Games 不斷證明他們有熱情和能力與全球最大的娛樂品牌之一一起承擔有意義的創意風險。

We're confident that the team at Rockstar North is creating something genuinely special, and look forward to the game's release in September.

我們相信 Rockstar North 團隊正在創造真正特別的東西，並期待遊戲在 9 月發布。

On October 1st, NBA 2K14 will return to the hardwood, and Visual Concepts is poised to once again raise the bar in sports gaming with the number one basketball video game franchise for more than a decade.

10 月 1 日，《NBA 2K14》將重返硬木版，Visual Concepts 準備憑藉十多年來排名第一的籃球電玩系列再次提高體育遊戲的標準。

In October 29th, 2K will put gamers in the squared circle with some of the biggest names in sports entertainment today with the launch of WWE 2K14.

10 月 29 日，2K 將推出《WWE 2K14》，讓玩家與當今運動娛樂界的一些大腕齊聚一堂。

The title promises to build on the successful franchise which we recently acquired.

該遊戲有望建立在我們最近獲得的成功特許經營權的基礎上。

I'd now like to take a moment to discuss the upcoming E3 show in Los Angeles.

我現在想花點時間討論一下即將在洛杉磯舉行的 E3 展會。

This year, our labels will not have a booth on the show floor.

今年，我們的品牌將不會在展會上設立展位。

Both Rockstar Games and 2K have instead decided to focus their marketing and PR efforts on a series of events throughout the Spring and Summer.

Rockstar Games 和 2K 都決定將行銷和公關工作的重點放在整個春季和夏季的一系列活動上。

Our team, however, will be present at the show, and we look forward to seeing many of you there.

然而，我們的團隊將出席展會，我們期待在那裡見到你們。

As stated earlier by Strauss, today Take-Two is better positioned for consistent profitability than at any other time in its history.

正如 Strauss 早些時候所說，今天 Take-Two 比歷史上任何時候都更有能力實現持續盈利。

We've built one of the strongest intellectual property portfolios in our industry, including nine franchises, with individual titles that have sold in 5 million units or more.

我們已經建立了業內最強大的智慧財產權組合之一，其中包括 9 個特許經營權，其中單一產品的銷售量已達到 500 萬套或更多。

Fueled by our existing portfolio of franchises and ongoing initiatives to develop new intellectual property, we have an extensive pipeline of unannounced core titles in development for multiple platforms, including NextGen consoles.

在我們現有的特許經營組合和持續開發新知識產權的舉措的推動下，我們擁有大量未宣布的核心遊戲，正在為多個平台（包括 NextGen 遊戲機）開發。

We plan to support many of these releases with downloadable add-on content, and other incremental revenue opportunities.

我們計劃透過可下載的附加內容和其他增量收入機會來支援其中許多版本。

In addition, we have numerous titles in development for mobile and online platforms, which range from core gaming to more casual and social experiences.

此外，我們也正在為行動和線上平台開發眾多遊戲，範圍從核心遊戲到更休閒和社交體驗。

And finally, we have our online initiative in Asia, which are expected to contribute growing revenue and profits in 2014.

最後，我們在亞洲推出了線上計劃，預計將在 2014 年貢獻不斷增長的收入和利潤。

In closing, I'd like to join Strauss in congratulating and thanking all of our employees for delivering such fantastic titles and results this year.

最後，我想與施特勞斯一起祝賀並感謝我們所有的員工今年取得瞭如此出色的頭銜和成績。

We are highly optimistic about our long term outlook, and are confident that our best days are still yet to come.

我們對我們的長期前景非常樂觀，並相信我們最好的日子尚未到來。

Thanks, and I'd now like to turn the call over to Lainie.

謝謝，我現在想把電話轉給萊妮。

Thanks Karl, and good afternoon everyone.

謝謝卡爾，大家下午好。

Today I'll review our results for the fourth quarter and full year fiscal 2013, and then discuss our outlook for the first quarter and full year fiscal 2014.

今天我將回顧我們 2013 財年第四季和全年的業績，然後討論我們對 2014 財年第一季和全年的展望。

All of the numbers I'll be providing today are non-GAAP results from continuing operations, and all comparisons are year-over-year unless otherwise stated.

我今天提供的所有數字都是持續營運的非公認會計準則結果，除非另有說明，所有比較都是逐年比較。

Our press release provides a reconciliation of our GAAP to non-GAAP measurements.

我們的新聞稿提供了我們的 GAAP 與非 GAAP 衡量標準的協調表。

Starting with our results for the fourth quarter, net revenue increased 105% to $303.1 million.

從第四季的業績開始，淨收入成長了 105%，達到 3.031 億美元。

This exceeded our outlook range of $235 million to $285 million, due to the blockbuster release of BioShock Infinite along with strong sales of catalog titles and digitally delivered offerings.

由於《生化奇兵：無限》的重磅發布以及目錄標題和數位交付產品的強勁銷售，這超出了我們 2.35 億美元至 2.85 億美元的預期範圍。

Catalog sales accounted for 25% of net revenue, lead by Grand Theft Auto IV, Red Dead Redemption, and Sid Meier's Civilization V. Revenue from digitally delivered content grew 192% year-over-year, and accounted for 27% of net revenue.

目錄銷售佔淨收入的25%，其中《俠盜獵車手IV》、《荒野大鏢客：救贖》和《席德·梅爾的文明V》領先。的27%。

The largest contributors were offerings of Borderlands 2, BioShock Infinite, the Grand Theft Auto franchise, and NBA 2K13.

貢獻最大的是《無主之地 2》、《生化奇兵：無限》、《俠盜獵車手》系列和《NBA 2K13》。

In addition, continuing sales of NBA 2K13 and Borderlands 2, along with the release of Major League Baseball's 2K13, also contributed meaningfully to our fourth quarter results.

此外，《NBA 2K13》和《無主之地 2》的持續銷售，以及美國職棒大聯盟《2K13》的發布，也對我們第四季的業績做出了重大貢獻。

Gross margin increased 27.7 percentage points to 49.6%, due primarily to lower license expense as a result of the expiration of our previous contract with Major League Baseball.

毛利率成長 27.7 個百分點，達到 49.6%，這主要是由於我們與美國職棒大聯盟之前的合約到期導致許可費用減少。

Operating expenses were approximately $105 million, up about $22 million.

營運費用約 1.05 億美元，增加約 2,200 萬美元。

The principal driver was higher marketing expenses to support BioShock Infinite.

主要推動因素是支持《生化奇兵：無限》的行銷費用增加。

Interest and other expense increased to $2.9 million, due primarily to the absence of a gain on sale recorded in the prior year's fiscal fourth quarter.

利息和其他費用增加至 290 萬美元，主要是由於上一財年第四季沒有記錄銷售收益。

And non-GAAP net income was $42.9 million or $0.38 per diluted share, as compared to a net loss of $50.9 million or $0.60 per share in fiscal fourth quarter 2012.

非 GAAP 淨利潤為 4,290 萬美元，即稀釋後每股收益 0.38 美元，而 2012 財年第四季的淨虧損為 5,090 萬美元，即每股 0.60 美元。

This result significantly exceeded our outlook range of $0.10 to $0.25 per share.

這一結果大大超出了我們每股 0.10 美元至 0.25 美元的預期範圍。

On a GAAP basis, we reported net income from continuing operations of $21.2 million or $0.23 per share.

根據 GAAP 計算，我們報告的持續經營淨利潤為 2,120 萬美元，即每股 0.23 美元。

Turning now to our results for the full year.

現在談談我們全年的業績。

Net revenue increased 48% to $1.2 billion.

淨收入成長 48%，達到 12 億美元。

This significant growth was driven primarily by our robust slate of fiscal 2013 releases, lead by Borderlands 2, NBA 2K13, BioShock Infinite, and Max Payne 3, along with higher sales of catalog titles from the Grand Theft Auto franchise, and record sales of digitally delivered content.

這一顯著的成長主要是由於我們在2013 財年推出的一系列遊戲（以《無主之地2》、《NBA 2K13》、《生化奇兵：無限》和《馬克思佩恩3》為首）的強勁成長，以及《俠盜獵車手》系列目錄遊戲銷售的增加以及創紀錄的數位版銷售所推動。

Revenue from digitally delivered content grew 148% to a record $264 million.

數位交付內容的收入成長了 148%，達到創紀錄的 2.64 億美元。

The largest contributors were offerings of Borderlands 2, the Grand Theft Auto franchise, and NBA 2K13.

貢獻最大的是《無主之地 2》、《俠盜獵車手》系列和《NBA 2K13》。

Gross margin was 42.2%, up 5.6 percentage points from prior year.

毛利率為42.2%，較上年提高5.6個百分點。

The increase is due to lower license expense resulting from the expiration of our previous contract with Major League Baseball, along with the strong performance of our fiscal 2013 releases.

這一增長是由於我們之前與美國職棒大聯盟的合約到期而導致的許可費用降低，以及我們 2013 財年發布的產品的強勁表現。

Operating expenses were approximately $467 million, up about $115 million over the prior year.

營運費用約 4.67 億美元，比前一年增加約 1.15 億美元。

The principal driver was higher marketing expenses to support our larger slate of fiscal 2013 releases.

主要驅動因素是為支持我們 2013 財年發布的更多產品而增加的行銷費用。

Interest and other expense increased to $12.5 million, due to the full year impact of the convertible notes that we issued in November of 2011, and the absence of a gain on sale recorded in the prior year.

由於我們於 2011 年 11 月發行的可轉換票據對全年的影響，以及上一年沒有記錄銷售收益，利息和其他費用增加至 1,250 萬美元。

And non-GAAP net income was $33.1 million or $0.36 per diluted share, as compared to net loss of $59.4 million or $0.71 per share in fiscal 2012.

非 GAAP 淨利潤為 3,310 萬美元，即稀釋後每股收益 0.36 美元，而 2012 財年淨虧損為 5,940 萬美元，即每股 0.71 美元。

On a GAAP basis we reported a net loss from continuing operations of $31.2 million or $0.36 per share.

根據 GAAP 計算，我們報告的持續經營淨虧損為 3,120 萬美元，即每股 0.36 美元。

As previously disclosed, both our GAAP and non-GAAP results for the year include a $15 million negative impact from a one-time contractual obligation, which was recorded in the first quarter.

正如先前披露的，我們今年的 GAAP 和非 GAAP 業績都包括一次性合約義務造成的 1500 萬美元的負面影響，該影響記錄在第一季。

Turning to some key items from our balance sheet, at March 31, 2013, as compared to December 31, 2012, our cash balance decreased to $402.5 million.

轉向資產負債表中的一些關鍵項目，截至 2013 年 3 月 31 日，與 2012 年 12 月 31 日相比，我們的現金餘額減少至 4.025 億美元。

Our accounts receivable balance increased to $189.6 million, primarily reflecting receivables associated with the release of BioShock Infinite near the end of the fourth quarter.

我們的應收帳款餘額增加至 1.896 億美元，主要反映了與第四季末發布《生化奇兵：無限》相關的應收帳款。

Inventory was relatively flat at $30.2 million, and software development costs and licenses increased to $294.2 million, reflecting the development efforts around our pipeline of upcoming releases.

庫存相對持平，為 3020 萬美元，軟體開發成本和許可增加到 2.942 億美元，反映了我們圍繞即將發布的版本的開發工作。

Now I'll review our financial outlook for the first quarter and fiscal 2014, which is provided on a non-GAAP basis.

現在我將回顧我們對第一季和 2014 財年的財務展望，這是根據非公認會計原則提供的。

Starting with the full year, we expect to deliver significant growth in both revenue and earnings, driven by the launch of Grand Theft Auto V, which is planned for September 17, 2013.

從全年開始，我們預計在《俠盜獵車手 V》（計劃於 2013 年 9 月 17 日推出）的推動下，收入和盈利將實現顯著增長。

Our initial outlook is for net revenue to range from $1.75 billion to $1.85 billion, and net income to range from $2.05 to $2.30 per share.

我們最初的預期是淨收入在 17.5 億美元到 18.5 億美元之間，每股淨利潤在 2.05 美元到 2.30 美元之間。

Turning to the details of our full year outlook, our expected revenue range assumes the on time release of the titles we have planned for launch during fiscal 2014.

談到我們全年展望的細節，我們的預期收入範圍假設我們計劃在 2014 財年推出的遊戲能夠按時發布。

We expect the revenue break down from our labels to be roughly 65% from Rockstar and 35% from 2K.

我們預計來自唱片公司的收入大約有 65% 來自 Rockstar，35% 來自 2K。

We expect our geographic revenue split to be about 50% United States and 50% international.

我們預計我們的地理收入分配將約為 50% 美國和 50% 國際。

We expect gross margins in the low 40%s.

我們預計毛利率將在 40% 以下。

Total operating expenses are expected to increase by approximately 3%, primarily due to additional staffing at our studios to support our release schedule.

總營運費用預計將增加約 3%，主要是由於我們工作室需要增加人員來支持我們的發行計劃。

Selling and marketing expense is expected to be about 15% of net revenue based in the mid point of our outlook range.

根據我們展望範圍的中位數，銷售和行銷費用預計將佔淨收入的 15% 左右。

And we project interest and other expense of approximately $12.5 million, tax expense of about $11 million, and fully diluted shares of approximately 122 million, which includes 8 million of participating shares for our un-vested stock based compensation awards, and 26 million shares representing the potential dilution from our convertible notes under the if converted method of accounting.

我們預計利息和其他費用約為1,250 萬美元，稅務費用約為1,100 萬美元，完全稀釋後的股票約為1.22 億股，其中包括800 萬股用於我們未歸屬股票薪酬獎勵的參與股票，以及2600萬股代表根據轉換會計方法，我們的可轉換票據的潛在稀釋。

Turning to the first quarter, we expect non-GAAP revenue to range from $100 million to $125 million, and non-GAAP net loss to range from $0.55 to $0.70 per share.

談到第一季度，我們預計非 GAAP 收入將在 1 億美元至 1.25 億美元之間，非 GAAP 淨虧損將在每股 0.55 美元至 0.70 美元之間。

The majority of our revenue in the first quarter is expected to come from Grand Theft Auto franchise, BioShock Infinite, NBA 2K13, and Borderlands 2. We expect first quarter gross margins in the mid to upper 40%s.

我們第一季的大部分收入預計將來自《俠盜獵車手》系列、《生化奇兵：無限》、《NBA 2K13》和《無主之地2》。左右。

Total operating expenses are expected to decrease by approximately 26% from the prior year's first quarter, driven primarily by lower sales and marketing expense and the absence of the $15 million one-time contractual obligation recognized in the first quarter last year.

預計總營運費用將比去年第一季減少約 26%，這主要是由於銷售和行銷費用減少以及去年第一季確認的 1500 萬美元一次性合約義務的消失。

Selling and marketing expense is expected to be about 40% of net revenue, based in the mid point of our outlook range.

基於我們展望範圍的中位數，銷售和行銷費用預計將佔淨收入的 40% 左右。

Our first quarter outlook also reflects interest and other expense of approximately $3 million, tax expense of about $3 million, and a share count of approximately 87 million.

我們第一季的展望也反映了約 300 萬美元的利息和其他費用、約 300 萬美元的稅務費用以及約 8,700 萬股的股票數量。

In closing, we are pleased to have delivered three consecutive quarters of strong revenue, growth, and profits.

最後，我們很高興連續三個季度實現強勁的收入、成長和利潤。

These results enable us to overcome our first quarter loss, and deliver solid non-GAAP earnings for the full year.

這些業績使我們能夠克服第一季的虧損，並實現全年穩健的非公認會計原則收益。

I would like to join Strauss and Karl in congratulating our employees on their outstanding creative and operational achievements, which make our financial results possible.

我想與施特勞斯和卡爾一起祝賀我們的員工所取得的傑出創意和營運成就，正是這些成就使我們的財務表現成為可能。

We will continue to balance our creative drive with a disciplined approach to operational efficiency and capital allocation to drive long term returns for our shareholders.

我們將繼續平衡我們的創造力與嚴格的營運效率和資本配置方法，為股東帶來長期回報。

Thank you.

謝謝。

Now I'll turn the call back to Strauss.

現在我將把電話轉回施特勞斯。

Thanks Karl and Lainie.

謝謝卡爾和萊妮。

On behalf of our entire Management team, I'd like to thank our employees for their stellar work in delivering outstanding results this past year, and for setting the stage for what I believe will be one of the most exciting chapters in our history.

我謹代表我們整個管理團隊，感謝我們的員工在過去一年中出色的工作，取得了出色的業績，並為我相信將是我們歷史上最激動人心的篇章之一奠定了基礎。

And to our shareholders, I want to express our gratitude for your continued support and belief in our vision.

對於我們的股東，我想對你們對我們願景的持續支持和信任表示感謝。

We'll now take your questions.

我們現在將回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Eric Handler with MKM Partners.

艾瑞克漢德勒 (Eric Handler) 與 MKM 合作夥伴。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

I know you don't like to talk about specific games, but if you could look in the aggregate, what type of uplift or the overall percentage of revenue that you are getting from digital components of games like for Borderlands and BioShock?

我知道您不喜歡談論特定的遊戲，但如果您能從總體上看，您從《無主之地》和《生化奇兵》等遊戲的數位組件中獲得了哪些類型的提升或總體收入百分比？

And all your other top games the contributions you're getting from digital side there or maybe also the mobile uplift as well too?

您從數位方面獲得的所有其他頂級遊戲的貢獻，或者也可能是行動方面的提升？

We don't disclose the break out.

我們不會透露突破情況。

We do talk about the fact that digitally delivered revenue in the quarter was 27% of our net revenue, so it's quite meaningful.

我們確實談到了一個事實，即本季的數位交付收入占我們淨收入的 27%，因此這是非常有意義的。

But the reason that it's not something we cover, is it's really not relevant.

但它不是我們討論的原因是它確實不相關。

Our view is that we should make our products available to our consumers wherever they are, however they want to receive it without regard to platforms.

我們的觀點是，我們應該向消費者提供我們的產品，無論他們身在何處，無論他們希望以何種方式接收產品，而無需考慮平台。

And whether something is delivered on a disc or ephemerally, is really a detail and should be a detail for us.

無論某些內容是透過光碟交付還是短暫交付，這確實是一個細節，對我們來說也應該是一個細節。

We want to be where the consumers are.

我們希望成為消費者所在的地方。

Okay, thank you.

好的謝謝。

Ben Schachter with Macquarie.

本·沙克特與麥格理。

Hello guys, congratulations on the quarter and the year.

大家好，恭喜本季和本年度。

Three quick questions for you.

向您提出三個簡單問題。

One, thank you for the guidance post FY 2014, I'm talking about FY 2015 and beyond.

第一，感謝您對 2014 財年的指導，我說的是 2015 財年及以後的情況。

I think that's very helpful.

我認為這非常有幫助。

I was wondering if you could just walk through what gives you the confidence to be able to give that guidance now?

我想知道您是否可以簡單介紹一下是什麼讓您有信心現在能夠提供指導？

And the second question is something I don't think we've talked about a lot publicly, but that's your cash balance.

第二個問題是我認為我們沒有經常公開討論的問題，但這是你的現金餘額。

Historically, it's never been that big.

從歷史上看，它從來沒有這麼大過。

I was wondering if you could talk about what that cash balance may look like by the end of FY 2014, and any potential plans for that cash?

我想知道您能否談談 2014 財年末的現金餘額情況，以及該現金的任何潛在計劃？

And then finally, the 1Q guidance relatively low especially given that BioShock had a great release, I was wondering why the 1Q guidance might not be a little higher given potential reorders on BioShock?

最後，第一季的指導相對較低，特別是考慮到《生化奇兵》有一個很棒的版本，我想知道為什麼考慮到《生化奇兵》的潛在重新訂購，第一季的指導可能不會更高一點？

Thanks.

謝謝。

So Ben, in terms of the foreseeable future, our outlook is based on a multi-year plan which currently projects ongoing profitability for the Company.

因此，本，就可預見的未來而言，我們的前景是基於一項多年計劃，該計劃目前預計公司將持續盈利。

And then in addition, our development pipeline, which extends out even further gives us confidence in our ability to be consistently profitable over the long term.

此外，我們的開發管道進一步延伸，讓我們對長期持續獲利的能力充滿信心。

So that's really what that backs that number up.

所以這才是這個數字的真正支撐。

In terms of our cash balance, we don't share our projections for our cash going forward.

就我們的現金餘額而言，我們不會分享對未來現金的預測。

But we do plan to be cash positive this year, as you can see by our earnings.

但我們確實計劃今年實現現金正數，正如您從我們的收益中看到的那樣。

In terms of the use of the cash, it's really in line with how we look at our cash balance now and we look for our opportunities for acquisitions, investing in our current pipeline or other titles that make sense for us.

就現金的使用而言，這確實符合我們現在對現金餘額的看法，我們正在尋找收購機會，投資於我們目前的管道或其他對我們有意義的項目。

As well as in Asia, some of our online titles there.

以及在亞洲，我們的一些線上遊戲也在那裡。

And then we also would look to do -- we announced a share repurchase, and if that makes sense for us we definitely would do that as well.

然後我們也會考慮這樣做——我們宣布了股票回購，如果這對我們有意義，我們肯定也會這樣做。

Could you repeat your third question for me?

你能重複一下你的第三個問題嗎？

Just the Q1 guide, it just seems a little bit low relative to how strong the quarter ended, and particularly with BioShock.

僅第一季指南，相對於本季結束時的強勁表現而言，它似乎有點低，尤其是《生化奇兵》。

Wondering why Q1 guidance couldn't be higher given potential for BioShock reorders and some other things that are going on for the quarter?

想知道為什麼考慮到《生化奇兵》重新訂購的可能性以及本季正在發生的其他一些事情，第一季的指導不能更高？

Well we definitely do have BioShock reorders scheduled for the quarter, and the lifetime units for that title we have increased our expectations for that.

嗯，我們確實在本季度安排了《生化奇兵》的重新訂購，並且我們提高了對該遊戲的終身單位的期望。

But we also have no major new titles releasing during the quarter.

但本季我們也沒有發布任何主要的新遊戲。

So a lot of the revenue is from our catalog which has lower imagines.

所以很多收入來自於我們想像的較低的目錄。

And we also have some significant marketing costs for some future releases, as well as for some already released titles in the quarter.

我們也為一些未來的版本以及本季已經發布的一些遊戲帶來了一些巨大的行銷成本。

Great.

偉大的。

Well thank you, and good luck.

好的，謝謝你，祝你好運。

Justin Post with Merrill Lynch.

賈斯汀·波斯特與美林證券。

Great.

偉大的。

I believe you said 65% of revenues in fiscal 2014 from Rockstar, which equates to somewhere around $1.1 billion to $1.5 billion.

我相信你說的是 2014 財年 65% 的營收來自 Rockstar，相當於 11 億至 15 億美元左右。

Can you tell us what else besides GTA will be supporting that number?

您能告訴我們除了 GTA 之外還有什麼可以支持這個數字嗎？

Do you expect a lot of catalog for Rockstar?

您預計 Rockstar 會有很多目錄嗎？

And then maybe Strauss, could you tell us what kind of presence you might have at E3, if any?

然後斯特勞斯，您能告訴我們您在 E3 上可能會以什麼樣的方式出現嗎？

Thank you.

謝謝。

On the 65% from Rockstar, it would be for the GTA release as well as our strong catalog.

Rockstar 的 65% 將用於 GTA 版本以及我們強大的目錄。

And then for E3, he asked -- ?

然後對於 E3，他問——？

I'm sorry I missed that question.

很抱歉我錯過了這個問題。

Justin, I'm sorry, can you repeat that question regarding E3?

Justin，抱歉，您能重複一下 E3 的問題嗎？

Sure.

當然。

Just kind of what kind of presence you expect to have this year, and what's kind of your just overall philosophy towards that show of having a big presence?

您希望今年有什麼樣的亮相？

Thanks.

謝謝。

Justin, it's Karl.

賈斯汀，我是卡爾。

As I said in my remarks, we don't plan to have a booth on the floor this year but we will be there.

正如我在發言中所說，我們今年不打算在現場設立展位，但我們會在那裡。

2K and Rockstar have other events, marketing and PR events planned over the Summer.

2K 和 Rockstar 計劃在夏季舉辦其他活動、行銷和公關活動。

So -- but our philosophy on the show is that we like the show.

所以——但我們對這個節目的理念是我們喜歡這個節目。

We've participated in meaningful way in the show.

我們以有意義的方式參與了演出。

It's a great place for the industry to get together, and we're highly supportive of it.

這是一個行業聚會的好地方，我們非常支持它。

This year it just didn't make sense for us at the same level.

今年，這對處於同一水平的我們來說沒有意義。

All right.

好的。

Great, thank you.

太好了謝謝。

Mike Olson Jr.

小邁克·奧爾森

with Piper Jaffrey.

與派珀·賈弗里。

Hello, good afternoon.

你好，下午好。

One of the assumptions that many people make about transitioning a new console platform is that there will be a related uptick in development expense.

許多人對過渡新的控制台平台做出的假設之一是開發費用將會相應增加。

But we haven't necessarily heard that from others in this space.

但我們不一定從這個領域的其他人那裡聽到這一點。

Could you just share your thoughts on what you expect for any impact on development expense for NextGen consoles?

您能否分享一下您對下一代遊戲機開發費用的預期影響的想法？

And then another one related to marketing around GTA5.

然後另一件事與 GTA5 周圍的營銷有關。

Just any thoughts around kind of how you're going to be marketing it?

關於如何行銷它有什麼想法嗎？

And then maybe talking high level about the role that you think marketing plays in the industry today given the sort of concentration of big budget titles that we're going to see arriving this Fall and holiday.

然後，考慮到我們將在今年秋天和假期看到的大預算遊戲的集中度，也許可以高層次地談論您認為行銷在當今行業中所扮演的角色。

Thanks.

謝謝。

Thanks.

謝謝。

We haven't talked specifically about development expense.

我們還沒有具體討論開發費用。

You're right that historically as new platforms that enable new work are launched, development expenses have indeed gone up.

你是對的，從歷史上看，隨著支援新工作的新平台的推出，開發費用確實會增加。

We're fortunate that we are also able to take our top quality titles and deliver strong revenues from those titles, and therefore deliver profitability.

我們很幸運，我們也能夠獲得高品質的遊戲，並從這些遊戲中獲得強勁的收入，從而實現盈利。

So, one of the three tenants of our strategic approach here is efficiency, and we aim to be the most efficient Company in the business, and that includes development spending.

因此，我們策略方法的三個要素之一就是效率，我們的目標是成為業界最有效率的公司，其中包括開發支出。

So it's a major area of focus for us.

所以這是我們關注的一個主要領域。

Our goal is to deliver the highest quality titles, and to market them as effectively if not more effectively than anyone else, which leads me to answer your question about marketing.

我們的目標是提供最高品質的遊戲，並像其他人一樣有效地行銷它們，這讓我回答你關於行銷的問題。

Grand Theft Auto and other titles -- and look, I'm really proud of our worldwide marketing and sales operation.

俠盜獵車手和其他遊戲 - 看，我對我們的全球行銷和銷售業務感到非常自豪。

I think over and over again we've proven that that's a major strategic asset, and there are only fewer than a handful of companies in the industry who have [it].

我認為我們已經一次又一次地證明這是一項重要的策略資產，而業內擁有它的公司屈指可數。

Every time we release a major title, we have to innovate.

每次我們發布一款大作時，我們都必須進行創新。

Because basically, when we market something in an innovate way, the industry takes notice.

因為基本上，當我們以創新的方式行銷某些東西時，業界就會注意到。

And frankly when our competitors do, we take notice.

坦白說，當我們的競爭對手這樣做時，我們會注意到。

So we have some tricks up our sleeve going forward.

因此，我們有一些未來的技巧。

I'm not going to discuss them today, you'll see them as they unfold.

我今天不打算討論它們，當它們展開時你會看到它們。

But marketing is obviously a crucial part of what makes us as successful as we have been and intend to continue to be.

但行銷顯然是我們取得成功並打算繼續取得成功的關鍵部分。

Thank you.

謝謝。

Daniel Ernst with Hudson Square Research.

哈德遜廣場研究中心的丹尼爾恩斯特。

Yes, good evening.

是的，晚上好。

Thanks for taking my call.

感謝您接聽我的電話。

Two questions if I might.

如果可以的話，有兩個問題。

First, an observation.

首先，觀察。

In your Press Release, you noted that Grand Theft Auto IV continues to be a primary driver of catalog sales, which suggests to me that the title or franchise has a lot longer lags than maybe one might expect.

在您的新聞稿中，您指出《俠盜獵車手 IV》仍然是目錄銷售的主要推動力，這對我來說表明該遊戲或特許經營的滯後期比人們預期的要長得多。

So, my question on Grand Theft Auto, is if you look at the slate of titles coming out after GTA, what is your -- can you just give us a sense of how you're thinking about DLC or add-on content?

所以，我關於《俠盜獵車手》的問題是，如果你看看《GTA》之後推出的一系列遊戲，你能告訴我們你是如何看待 DLC 或附加內容的嗎？

Obviously you're not going to give a specific plan here, but how you're thinking about keeping a business relationship with the customers that love your game after the core game is launched.

顯然，您不會在這裡給出具體的計劃，而是在核心遊戲推出後，您如何考慮與喜愛您遊戲的客戶保持業務關係。

And then the second question on development expense also.

然後是關於開發費用的第二個問題。

If you look back six years ago at this time, we didn't have an opportunity to put on titles like you guys produce on a flip phone, and today there's a lot of platforms that maybe address what you do.

如果你回顧六年前的這個時候，我們沒有機會在翻蓋手機上推出像你們這樣製作的遊戲，而今天有很多平台可能可以解決你們所做的事情。

What does the distribution of your R&D spend look like for NextGen consoles versus supporting old Gen consoles and versus mobile?

與支援舊一代遊戲機和行動裝置相比，下一代遊戲機的研發支出分佈如何？

How that kind of development budget, if you have even total dollar, where does it go?

這樣的開發預算怎麼樣，如果你有總美元，它會花在哪裡？

Does it go to mobile or where does it go to supporting the core business?

是轉向行動領域還是支援核心業務？

Thanks.

謝謝。

Yes, thanks Daniel.

是的，謝謝丹尼爾。

For our triple A releases of late, we've offered downloadable content for all of those releases.

對於我們最近的 3A 版本，我們為所有這些版本提供了可下載的內容。

So clearly, trying to keep the customers engaged, trying to keep the games in their hands, and most importantly trying to delight our customers remains our primary focus.

顯然，努力讓客戶參與其中，努力將遊戲掌握在他們手中，最重要的是努力取悅我們的客戶仍然是我們的首要關注點。

And the reason we've done as well as we have, is that despite the ups and downs in the marketplace our scores remain high and we keep giving customers what they want.

我們之所以能取得如此出色的成績，是因為儘管市場有起有落，但我們的分數仍然很高，我們不斷為客戶提供他們想要的東西。

So whether that means downloadable content, whether that means companion Apps on other devices, whether that means in game goods, whether that means free to play opportunities, we're ecumenical.

因此，無論這是否意味著可下載的內容，是否意味著其他設備上的配套應用程序，是否意味著遊戲商品，是否意味著免費玩機會，我們都是普世的。

We want to be where the customer is, and on whatever device he or she uses, wherever he or she is all over the world.

我們希望客戶在哪裡，無論他或她使用什麼設備，無論他或她在世界各地。

And that's our stated strategy, and we intend to keep on doing it.

這就是我們既定的策略，我們打算繼續這樣做。

So we haven't made any specific announcements with regard to downloadable content for future releases, but historically we have been there.

因此，我們尚未就未來版本的可下載內容發布任何具體公告，但從歷史上看，我們一直在這樣做。

In terms of development expense, we do not break it out among platforms as you'd imagine.

在開發費用方面，我們並沒有像你想像的那樣在平台之間進行細分。

Our big console tent pole releases are very costly compared to some of our other releases, but we have not broken out those line items.

與我們的其他一些版本相比，我們的大型控制台帳篷桿版本非常昂貴，但我們尚未細分這些項目。

Thanks.

謝謝。

Doug Cruise with Cowen and Company.

道格·克魯斯與考恩及其公司。

Yes, thanks.

對了謝謝。

I just wonder if you could verify that the guidance you've given for fiscal 2014 is just predicated on the titles that you announced today for fiscal 2014.

我只是想知道您是否可以驗證您為 2014 財年提供的指導是否僅以您今天宣布的 2014 財年的標題為基礎。

That there's not anything that's critical to that guidance that you haven't announced yet.

沒有任何對該指南至關重要的內容是您尚未宣布的。

Thanks.

謝謝。

There are some unannounced titles in fiscal 2014's guidance, however they're not very material to the overall outlook for the year.

2014 財年的指導中有一些未公佈的內容，但它們對於今年的整體前景來說並不是很重要。

Okay, perfect, thank you.

好的，完美，謝謝。

Mike Hickey with National Alliance Securities.

國家聯盟證券公司的麥克希基。

Hello guys, congrats on the quarter, and thanks for taking my question.

大家好，恭喜本季，感謝您提出我的問題。

Just curious on Rockstar, it has been pacing about one big game per year.

只是對 Rockstar 感到好奇，它每年都會推出一款大型遊戲。

Should we continue to think that's how they're going to perform here at fiscal 2015 and beyond?

我們是否應該繼續認為這就是他們在 2015 財政年度及以後的表現？

We haven't talked about how they're going to perform going forward, but putting out one massive tent pole title a year takes an enormous amount of effort, and it's worked very well with Rockstar so far.

我們還沒有討論他們未來將如何表現，但每年推出一個大型冠軍頭銜需要付出巨大的努力，而且到目前為止與 Rockstar 合作得非常好。

Okay.

好的。

And then just curious Strauss, what you think on NextGen software pricing.

然後斯特勞斯很好奇您對下一代軟體定價的看法。

I pre ordered GDA5 today at $60, it's pretty close to next Gen consoles coming out.

我今天以 60 美元的價格預購了 GDA5，它與即將推出的下一代遊戲機非常接近。

Do you think you're going to have a premium to where current Gen is currently priced?

您認為您的價格會比當前世代的價格更高嗎？

Or how do you think that's going to impact current Gen pricing, I guess is what I'm getting at.

或者你認為這將如何影響當前的一代定價，我想這就是我的意思。

The government doesn't take kindly to me talking about pricing, so we tend not to talk about our pricing.

政府不喜歡我談論定價，所以我們往往不談論我們的定價。

We do offer a premium product.

我們確實提供優質產品。

Yes, you do.

是的你是。

Okay, and then last question just curious on WWE, obviously it's always been, from what I can tell, a pretty good game here.

好吧，最後一個問題只是對 WWE 感到好奇，顯然，據我所知，這裡一直是一場相當不錯的比賽。

And I think the marketing benefits a lot from the WWE.

我認為 WWE 的營銷受益匪淺。

What were you thinking strategically on that?

您對此有何戰略思考？

Is there other drivers, is there ancillary products, or something else you can do with it?

是否有其他驅動程序，是否有輔助產品，或者您可以用它做其他事情？

And I'm curious where the breakeven is on that game.

我很好奇該遊戲的損益平衡點在哪裡。

We're really excited about being in business with WWE.

我們對與 WWE 開展業務感到非常興奮。

I was just at their massive event, and it was extraordinary.

我剛剛參加了他們的大型活動，那真是非同尋常。

I think there were 90,000 fans in the arena, and it was raining.

我想球館裡有 9 萬名球迷，當時正在下雨。

And it's an amazing franchise that pleases the whole family, and we're delighted to be in business with WWE.

這是一個令人驚嘆的特許經營權，讓全家人都滿意，我們很高興與 WWE 合作。

We're working as closely as possible with the development team and with the WWE folks in Stanford.

我們正在與開發團隊以及史丹佛大學的 WWE 人員盡可能密切合作。

And our aim is to put out an A plus product and give it an A plus marketing that's utterly consistent with the franchise.

我們的目標是推出一款 A+ 產品，並為其提供與特許經營完全一致的 A+ 行銷。

We think the demographics are sound and growing, and we couldn't be more thrilled.

我們認為人口統計數據良好且不斷增長，我們對此感到非常興奮。

As far as our financial expectations, I think you know that generally speaking we try not to enter into arrangements unless we have a good deal of confidence that they're going to be profitable.

就我們的財務預期而言，我想您知道，一般來說，除非我們對這些安排能夠盈利有很大的信心，否則我們盡量不進行安排。

Thanks guys, good luck.

謝謝大家，祝你好運。

(Operator Instructions)

（操作員說明）

Brian Fitzgerald with Jefferies.

布萊恩·菲茨傑拉德和杰弗里斯。

Thanks guys.

多謝你們。

A couple questions on mobile platforms.

關於移動平台的幾個問題。

Do you see any differentiation in terms of trends on Android versus iOS maybe in emerging markets?

您認為新興市場中 Android 與 iOS 的趨勢有什麼不同嗎？

And then as you think about marketing around those products and around emerging markets, is there -- can you give us any color on how that differentiates from your marketing programs for the console-based games?

然後，當您考慮圍繞這些產品和新興市場進行行銷時，您能給我們介紹一下這與您針對主機遊戲的行銷計劃有何不同嗎？

Thanks.

謝謝。

Yes, there are -- market by market there obviously are trends Android versus iOS.

是的，每個市場顯然都有 Android 與 iOS 的趨勢。

iOS is a very powerful domestic platform, Android tends to be a more powerful international platform.

iOS是一個非常強大的國內平台，Android往往是一個更強大的國際平台。

But again, our strategy is to make our titles available for all these platforms, and to be ecumenical about it.

但同樣，我們的策略是讓我們的遊戲可在所有這些平台上使用，並對此保持普世態度。

When we don't have to make a bet, we don't want to make a bet.

當我們不必打賭時，我們就不想打賭。

Occasionally we do, especially with regard to consoles.

有時我們會這樣做，尤其是在遊戲機方面。

But with regard to the mobile platforms, we're pretty much able to support everything that's out there.

但就行動平台而言，我們幾乎能夠支援現有的所有平台。

As you'd imagine, our marketing expenses have to be tailored to the economic opportunity.

正如您所想的，我們的行銷費用必須根據經濟機會進行調整。

The bulk of the economic opportunity that faces our Company now is driven by our triple A console titles, and the catalog related thereto.

我們公司現在面臨的大部分經濟機會是由我們的 3A 遊戲機遊戲及其相關目錄驅動的。

So that's where our marketing expenses go.

這就是我們的行銷費用的去向。

As mobile titles grow in importance, I'm sure we'll be competitive with our marketing spend.

隨著行動遊戲的重要性日益增強，我確信我們的行銷支出將具有競爭力。

But, we are not big believers in the if we build it they will come strategy in business.

但是，我們不太相信如果我們建立了它，他們就會制定商業策略。

We tend to be a little more grounded than that, and our view is we want to make sure that there is a market, and then we want to satisfy and delight the market.

我們往往比這更腳踏實地，我們的觀點是我們希望確保有市場，然後我們希望滿足並取悅市場。

We do not see it as an opportunity for us to go build a market.

我們不認為這是我們建立市場的機會。

Great, thanks, Strauss.

太好了，謝謝，施特勞斯。

Stephen Ju with Credit Suisse.

瑞士信貸的 Stephen Ju。

Hello Strauss.

你好施特勞斯。

I see you had mentioned that the upcoming new consoles in your release slate, is there anything you can share in terms of the cost of quarter gained between platforms?

我看到您提到過您的發布清單中即將推出的新遊戲機，就平台之間獲得的季度成本而言，您有什麼可以分享的嗎？

Either down quarter or up quarter as you might think it's appropriate?

您認為合適的是下降季度還是上升季度？

And do you it will be a relatively straightforward process or something time more consuming based on the feedback from your development teams?

根據開發團隊的回饋，您認為這將是相對簡單的過程還是更耗時的過程？

Thanks.

謝謝。

Yes, look there's nothing straightforward about making what we hope will be the standard bearers of the industry.

是的，看起來，要讓我們希望成為業界的標準承擔者並不是一件簡單的事。

And there's no question that developing for what will be NextGen will be complicated, and for the type of titles we do will be costly.

毫無疑問，下一代遊戲的開發將會很複雜，而且我們所做的遊戲類型的成本也會很高。

That said, we have a very strong balance sheet, and we align our business with our costs.

也就是說，我們擁有非常強大的資產負債表，而且我們的業務與成本保持一致。

And one of our three strategic objectives is to be the most efficient Company in the business.

我們的三個策略目標之一是成為業界最有效率的公司。

And we haven't talked specifically about the cost profile of NextGen releases, and we don't aim to do that now.

我們還沒有具體討論下一代版本的成本概況，而且我們現在也不打算這樣做。

But we are exceedingly mindful of costs.

但我們非常關注成本。

And we are hopeful that over time, there will be some efficiencies as we support every platform that's out there, but it's too early to say that that will be the case.

我們希望隨著時間的推移，當我們支援現有的每個平台時，效率將會提高，但現在說這種情況還為時過早。

Thanks.

謝謝。

Mr. Zelnick, we have no further questions at this time.

澤爾尼克先生，我們目前沒有其他問題。

I would now like to turn the floor back over to you for additional or closing comments.

現在我想將發言權交還給您，請您發表補充意見或結束語。

Well thanks everyone for joining us.

非常感謝大家加入我們。

We're thrilled to be able to deliver such good news across-the-board, whether it's our last quarter's results, last year's results, or guidance for this year, or our outlook for the future.

我們很高興能夠全面發布這樣的好消息，無論是我們上個季度的業績、去年的業績、今年的指導，還是我們對未來的展望。

We're also pleased that our strategic initiatives are coming along so effectively.

我們也很高興我們的策略性舉措能夠如此有效地實施。

We're grateful to our shareholders for their support.

我們感謝股東的支持。

And first and foremost, to our creative teams, our marketing teams, our distribution teams, and the business teams that make it all happen, so thanks very much.

首先，非常感謝我們的創意團隊、行銷團隊、發行團隊以及使這一切得以實現的業務團隊。

Ladies and gentlemen this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。