Take-Two Interactive Software Inc (TTWO) 2023 Q1 法說會逐字稿

Greetings, and welcome to Take-Two's First Quarter Fiscal Year 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications.

問候，歡迎參加 Take-Two 2023 財年第一季度電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將會議轉交給您的主持人 Nicole Shevins，投資者關係和企業傳播高級副總裁。

Good afternoon. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2023 ended June 30, 2022. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer; Karl Slatoff, our President; and Lainie Goldstein, our Chief Financial Officer. We will be available to answer your questions during the Q&A session following our prepared remarks.

下午好。感謝您參加我們的電話會議，討論我們截至 2022 年 6 月 30 日的 2023 財年第一季度的業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；我們的總裁卡爾·斯拉托夫；和我們的首席財務官 Lainie Goldstein。在我們準備好的評論之後，我們將在問答環節回答您的問題。

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

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

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons are year-over-year. Additional details regarding our actual results and outlook are contained in our press release, including the items that our management uses internally to adjust our GAAP financial results in order to evaluate our operating performance. Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure.

我還想指出，除非另有說明，否則我們今天將討論的所有數字都是 GAAP，所有比較都是同比。我們的新聞稿中包含有關我們的實際結果和前景的其他詳細信息，包括我們的管理層在內部用於調整我們的 GAAP 財務結果以評估我們的經營業績的項目。我們的新聞稿還包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。

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，我們在網站上發布了一張幻燈片，直觀地展示了我們的業績和財務前景。我們的新聞稿和提交給 SEC 的文件可從我們的網站 take2games.com 獲得。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that fiscal 2023 is off to a great start, highlighted by first quarter net bookings of $1 billion. Our performance demonstrates the quality of our games and our ability to engage audiences across the globe despite the impacts of various macroeconomic and geopolitical factors.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地報告，2023 財年開局良好，第一季度淨預訂額為 10 億美元。儘管受到各種宏觀經濟和地緣政治因素的影響，我們的表現證明了我們遊戲的質量以及我們吸引全球觀眾的能力。

This has been a milestone period in the history of our company as we closed our combination with Zynga. This transaction firmly establishes Take-Two's position as one of the largest pure-play interactive entertainment companies in the world. We're home to the industry's top creative talent, and we own and control an exceptional, diverse portfolio of intellectual properties encompassing all key platforms and genres.

這是我們公司歷史上的一個里程碑時期，因為我們完成了與 Zynga 的合併。此次交易牢固地確立了 Take-Two 作為全球最大的純互動娛樂公司之一的地位。我們擁有業內頂尖的創意人才，我們擁有並控制著涵蓋所有關鍵平台和類型的卓越、多樣化的知識產權組合。

We're exceedingly optimistic about the long-term growth potential for the mobile industry as well as our ability to create greater shareholder value as a combined entity. Over the past few months, we've made significant progress in our integration efforts. Zynga, which is being run by the label's President, Frank Gibeau, established its ongoing leadership structure. Alongside Frank, we're fortunate to have numerous proven senior executives who will be instrumental in overseeing Zynga's day-to-day operations and taking our combined mobile business to the next level of success.

我們對移動行業的長期增長潛力以及我們作為合併實體創造更大股東價值的能力極為樂觀。在過去的幾個月裡，我們的整合工作取得了重大進展。 Zynga 由品牌總裁 Frank Gibeau 管理，建立了持續的領導結構。與 Frank 一起，我們很幸運擁有眾多久經考驗的高級管理人員，他們將在監督 Zynga 的日常運營並將我們的合併移動業務提升到新的成功水平方面發揮重要作用。

The integration of our corporate functions and systems has been tracking well, and we're pleased that our day 1 plans were executed seamlessly with no disruptions to our business operations or player communities. While it's still early, we're confident that we can realize $100 million of annual cost synergies within 2 years post-close, and we're exploring additional areas of efficiencies. Our creative teams are in active discussions about potential projects, and we remain committed to delivering over $500 million of annual net bookings opportunities over time.

我們公司職能和系統的整合一直在跟踪良好，我們很高興我們的第一天計劃無縫執行，沒有中斷我們的業務運營或玩家社區。雖然現在還為時過早，但我們有信心在交易結束後的 2 年內實現 1 億美元的年度成本協同效應，並且我們正在探索其他提高效率的領域。我們的創意團隊正在積極討論潛在項目，並且我們將繼續致力於提供超過 5 億美元的年度淨預訂機會。

There are several meaningful drivers in mobile that we believe our teams can begin to activate this fiscal year, including implementing new bold beats driven by new content and other live service enhancements, user acquisition optimization, creating a centralized library for development technologies and tools, enhancing the monetization of in-game advertising, and continuing to invest in our ad tech platform with Chartboost.

我們相信我們的團隊可以在本財年開始激活移動領域的幾個有意義的驅動因素，包括實施由新內容和其他實時服務增強驅動的新大膽節拍、用戶獲取優化、為開發技術和工具創建集中庫、增強遊戲內廣告的貨幣化，並通過 Chartboost 繼續投資於我們的廣告技術平台。

Over the intermediate and long term, our vision is to introduce mobile games for some of our most popular and proven intellectual properties that have the potential to be greatly additive to our financial profile. We've observed positive signs that some mobile players are looking for more sophisticated and immersive content, and we look forward to participating in this trend that should continue for the foreseeable future. We also see a tremendous opportunity to establish more meaningful presence in key mobile-first emerging markets.

從中長期來看，我們的願景是為我們一些最受歡迎和經過驗證的知識產權引入手機遊戲，這些知識產權有可能極大地增加我們的財務狀況。我們觀察到一些積極的跡象表明，一些移動玩家正在尋找更複雜、更身臨其境的內容，我們期待參與這種在可預見的未來應該會持續的趨勢。我們還看到了在移動優先的新興市場建立更有意義的存在的巨大機會。

Turning to our first quarter results on a pre-combination basis. Our net bookings of $731 million were within our previously stated outlook range led by the outperformance of NBA 2K22 and WWE 2K22. Zynga's offerings complemented our results significantly for the period. NBA 2K22 continued to dominate as the industry's leading basketball game with sell-in of over 12 million units to date, exceeding the series sell-in from the prior year. During the first quarter, engagement with the title remained strong with average games played per user increasing 16% year-over-year.

在預組合的基礎上轉向我們的第一季度業績。由於 NBA 2K22 和 WWE 2K22 的出色表現，我們 7.31 億美元的淨預訂量在我們之前陳述的展望範圍內。 Zynga 的產品在此期間顯著補充了我們的業績。 NBA 2K22 繼續作為業界領先的籃球遊戲佔據主導地位，迄今為止銷量超過 1200 萬台，超過了上一年的系列銷量。在第一季度，該遊戲的參與度保持強勁，每位用戶的平均遊戲量同比增長 16%。

In addition, NBA 2K22 arcade addition remains the #1 game in Apple Arcade since its launch in October 2021 and downloads of NBA 2K Mobile remained robust driven by the Courtside Pass updates and content surrounding the NBA playoffs and finals. Our partnership with the NBA remains incredibly strong, and we look forward to the launch of NBA 2K23 in September.

此外，自 2021 年 10 月推出以來，新增的 NBA 2K22 街機遊戲仍然是 Apple Arcade 中排名第一的遊戲，並且由於 Courtside Pass 更新和圍繞 NBA 季后賽和總決賽的內容，《NBA 2K Mobile》的下載量保持強勁。我們與 NBA 的合作夥伴關係仍然非常牢固，我們期待在 9 月推出 NBA 2K23。

Throughout the first quarter, 2K and Visual Concepts released a series of DLC packs to support WWE 2K22, which brought even more fan favorite superstars into the ring for what has been hailed by critics and consumers alike as our best WWE offering in the series. Engagement with the title has been outstanding, with more than 330 million in-game matches played and over 8.5 million hours of WWE 2K22 content viewed on Twitch. We greatly value our partnership with the WWE, and we're thrilled about the long-term opportunity to grow the franchise further together.

在整個第一季度，2K 和 Visual Concepts 發布了一系列支持 WWE 2K22 的 DLC 包，這讓更多粉絲最喜歡的超級巨星加入了這個被評論家和消費者稱讚為我們在該系列中最好的 WWE 產品的圈子。該遊戲的參與度非常高，在 Twitch 上進行了超過 3.3 億場比賽，觀看了超過 850 萬小時的 WWE 2K22 內容。我們非常重視與 WWE 的合作夥伴關係，我們很高興有機會共同進一步發展特許經營權。

Rockstar Games capitalized on the momentum from last quarter's releases of Grand Theft Auto V for PlayStation 5 and Xbox series X and S, Grand Theft Auto Online standalone and the launch of GTA+ as the experience continues to captivate players. Latest generation console players of Grand Theft Auto Online grew over 40% this quarter and are monetizing at a rate 36% higher than players in the previous generation. GTA+, the premium membership available exclusively on those consoles, has seen consistent growth since launch. The GTA Online community remains strong and its audience size is operating in the new normal that is 49% higher than the pre-pandemic first quarter of fiscal 2020.

Rockstar Games 充分利用了上季度發布的 PlayStation 5 和 Xbox 系列 X 和 S 的 Grand Theft Auto V、獨立版 Grand Theft Auto Online 以及推出 GTA+ 的勢頭，因為體驗繼續吸引玩家。 Grand Theft Auto Online 的最新一代遊戲機玩家本季度增長超過 40%，貨幣化速度比上一代玩家高出 36%。 GTA+ 是這些遊戲機獨有的高級會員，自推出以來一直保持增長。 GTA Online 社區依然強大，其觀眾規模正處於新常態，比 2020 財年第一季度大流行前高出 49%。

Sales of Grand Theft Auto V also remained strong. And to date, the title has sold-in nearly 170 million units. With development of the next entry in the Grand Theft Auto series well underway, the Rockstar Games team is determined once again to set creative benchmarks for the series, our industry and for all entertainment just as the label has done with every one of their frontline releases.

Grand Theft Auto V 的銷售也保持強勁。迄今為止，該遊戲已售出近 1.7 億部。隨著 Grand Theft Auto 系列的下一個作品的開發工作順利進行，Rockstar Games 團隊再次下定決心為該系列、我們的行業和所有娛樂設定創意基準，就像該品牌在其前線版本中所做的那樣.

We were also pleased with the performance of Red Dead Redemption 2, which continues to expand its audience and to date, has sold-in more than 45 million units worldwide. Tiny Tina's Wonderlands exceeded our expectations and continued to sustain healthy player engagement due in part to its robust post-launch content, which will continue throughout the fiscal year. The title has resonated with core fans and new audiences with nearly 40% of players having never before played a Borderlands title. Additionally, Tiny Tina's Wonderlands launched on Steam in June alongside its previously released DLC offerings.

我們也對 Red Dead Redemption 2 的表現感到滿意，它繼續擴大其受眾範圍，迄今為止，全球銷量已超過 4500 萬部。 Tiny Tina's Wonderlands 超出了我們的預期，並繼續保持健康的玩家參與度，部分原因在於其強大的發布後內容，這將在整個財政年度繼續。該遊戲引起了核心粉絲和新觀眾的共鳴，近 40% 的玩家從未玩過無主之地遊戲。此外，Tiny Tina's Wonderlands 與之前發布的 DLC 產品一起於 6 月在 Steam 上推出。

Also in June, 2K and Supermassive Games launched The Quarry, an all-new horror narrative game, where every choice, big or small, shapes your story and determines who lives to tell the tale. The title launched to strong reviews with NPR declaring it this summer's best horror game and Variety calling at every horror fan's dream video game.

同樣在 6 月，2K 和 Supermassive Games 推出了全新的恐怖敘事遊戲 The Quarry，在這裡，無論大小，每一個選擇都會塑造你的故事，並決定誰來講述這個故事。 NPR 宣布它為今年夏天最好的恐怖遊戲，而 Variety 則呼籲每個恐怖粉絲的夢想視頻遊戲，該遊戲受到了強烈的評價。

And Private Division released Void Riders, the first expansion for their critically acclaimed skateboarding action titled OlliOlli World from Roll 7. The expansion earned an 87 on OpenCritic, which was even higher than the base game's excellent review scores. Private Division will share more details regarding the game's second expansion later this year.

Private Division 發布了 Void Riders，這是他們廣受好評的滑板動作 OlliOlli World from Roll 7 的第一個擴展包。該擴展包在 OpenCritic 上獲得了 87 分，甚至高於基礎遊戲的出色評論分數。 Private Division 將在今年晚些時候分享有關遊戲第二次擴展的更多細節。

Recurrent consumer spending rose 48% and accounted for 73% of net bookings. This was significantly above our prior guidance due to the inclusion of Zynga for part of the quarter, which was not included previously as well as outperformance from our core portfolio.

經常性消費支出增長 48%，占淨預訂量的 73%。這大大高於我們之前的指導，因為在本季度的部分時間裡包含了 Zynga，而之前沒有包括在我們的核心投資組合中。

During the period, Zynga continued to experience strength in player engagement and retention, and we believe that we're maintaining our healthy market share on a global basis. Additionally, we delivered significant growth in advertising net bookings, which was offset by some pressure on in-app purchases due to current macroeconomic conditions and seasonality.

在此期間，Zynga 在玩家參與度和留存率方面繼續表現強勁，我們相信我們在全球範圍內保持著健康的市場份額。此外，我們實現了廣告淨預訂量的顯著增長，這被當前宏觀經濟狀況和季節性因素導致的應用內購買壓力所抵消。

Some key highlights of our mobile offerings during the quarter include Harry Potter: Puzzles & Spells featured an in-game event to celebrate the cinematic release of Fantastic Beasts: The Secrets of Dumbledore. Empires & Puzzles introduced the game's fifth season, Dynasty of Dunes. Zynga Poker released the Omaha update giving players a new way to enjoy the popular game. Words with Friends introduced Clubs, a new feature that expands the game's social experience by offering shared spaces that players can enjoy together. Rollic launched 11 games in the quarter and Colors Runners! reached the #1 top-free downloaded games position in the U.S. App Store in June.

本季度我們的移動產品的一些主要亮點包括《哈利波特：拼圖與咒語》的遊戲內活動，以慶祝《神奇動物：鄧布利多的秘密》的電影上映。帝國與謎題介紹了遊戲的第五季沙丘王朝。 Zynga Poker 發布了 Omaha 更新，為玩家提供了一種享受流行遊戲的新方式。 Words with Friends 引入了俱樂部，這是一項新功能，通過提供玩家可以一起享受的共享空間來擴展遊戲的社交體驗。 Rollic 在本季度推出了 11 款遊戲和 Colors Runners！ 6 月在美國 App Store 中排名第一的免費下載遊戲。

Turning to our outlook. We now expect to deliver net bookings of $5.8 billion to $5.9 billion, which includes Zynga for part of the year. Our pipeline for the year continues to look very strong, and we're excited to expand significantly our mobile presence with a best-in-class platform. Our new forecast also takes into account some movement in our release slate for the year, foreign currency pressures and macroeconomic uncertainty. Lainie will provide more detail shortly.

轉向我們的前景。我們現在預計將提供 58 億至 59 億美元的淨預訂量，其中包括 Zynga 的部分時間。我們今年的管道看起來仍然非常強勁，我們很高興能夠通過一流的平台顯著擴展我們的移動業務。我們的新預測還考慮了我們今年發布計劃的一些變動、外匯壓力和宏觀經濟的不確定性。 Lainie 將很快提供更多細節。

Looking ahead, our long-term vision is clearer than ever, and we believe that our combination with Zynga will enable us to capitalize better on the evolving dynamics of the interactive entertainment industry. As we deliver our expansive, diverse pipeline and pursue the vast opportunities that we've identified through our combination with Zynga, we see a path to engage even greater audiences around the world, grow our scale and enhance our margins.

展望未來，我們的長期願景比以往任何時候都更加清晰，我們相信我們與 Zynga 的結合將使我們能夠更好地利用互動娛樂行業不斷發展的動態。隨著我們提供廣泛、多樣化的管道並尋求通過與 Zynga 的結合發現的巨大機會，我們看到了一條吸引全球更多受眾、擴大規模和提高利潤的途徑。

I'll now turn the call over to Karl.

我現在把電話轉給卡爾。

Thanks, Strauss. I'd like to begin by thanking our teams for a great start to the year driven by their tireless passion, creativity and commitment to deliver the best entertainment experiences in the world. I'll now discuss our recent releases.

謝謝，施特勞斯。首先，我要感謝我們的團隊在他們孜孜不倦的熱情、創造力和致力於提供世界上最好的娛樂體驗的推動下，取得了良好的開端。我現在將討論我們最近發布的版本。

On July 7, 2K and Supermassive Games launched an update to the popular horror experience, The Quarry, which introduced several new features, including Wolf Pack, a new online multiplayer mode where the host can invite other players to help shape the story as a collaborative group. In addition, all 6 episodes of the Bizarre Yet Bonafide podcast featured in The Quarry are now available in-game and in their entirety. The podcast, which was previously available only on select streaming platforms, follows 2 fictional paranormal investigators as they delve into the troubling secrets of The Quarry.

7 月 7 日，2K 和 Supermassive Games 推出了流行恐怖體驗 The Quarry 的更新，其中引入了幾個新功能，包括 Wolf Pack，這是一種新的在線多人遊戲模式，主機可以邀請其他玩家幫助塑造故事作為協作團體。此外，The Quarry 中的 Bizarre Yet Bonafide 播客的所有 6 集現在都可以在遊戲中完整觀看。該播客以前僅在特定的流媒體平台上提供，跟隨 2 位虛構的超自然現象調查員深入研究 The Quarry 令人不安的秘密。

On July 19, 2K and Visual Concepts released the fifth and final DLC pack for WWE 2K22 entitled The Whole Dam Pack. The update features pop culture icon, Machine Gun Kelly; social media megastar, Logan Paul; and high-flying, hard-hitting WWE Hall of Famer, Rob Van Dam, alongside franchise debuts from LA Knight, Xia Li, Commander Azeez and Sarray. We are very proud to have delivered such a stellar WWE offering this year and to support the title with our fans' most beloved superstars.

7 月 19 日，2K 和 Visual Concepts 發布了 WWE 2K22 的第五個也是最後一個 DLC 包，名為 The Whole Dam Pack。更新以流行文化偶像 Machine Gun Kelly 為特色；社交媒體巨星洛根·保羅；以及高飛、強硬的 WWE 名人堂成員 Rob Van Dam，以及來自 LA Knight、Xia Li、指揮官 Azeez 和 Sarray 的球隊首秀。我們非常自豪能夠在今年提供如此出色的 WWE 產品，並與我們粉絲最喜愛的超級巨星一起支持這個冠軍頭銜。

On July 26, Rockstar Games continued to grow and evolve the world of Grand Theft Auto Online across all platforms with the launch of the Criminal Enterprises, a sweeping update, bringing new business prospects for criminal careers plus new elaborate Contact Missions, auto showrooms to test drive and purchase vehicles, and many other upgrades rolling out all summer long. The update also delivers highly requested experience improvements as well as increased payouts across a range of game play, offering players more choices and freedom as they climb their way up the criminal ranks.

7 月 26 日，Rockstar Games 在所有平台上繼續發展和發展 Grand Theft Auto Online 世界，推出了全面更新的犯罪企業，為犯罪職業帶來了新的商業前景，以及新的精心設計的聯絡任務、汽車展廳進行測試駕駛和購買車輛，以及整個夏天推出的許多其他升級。該更新還提供了高度要求的體驗改進以及在一系列遊戲中增加的支出，為玩家提供更多選擇和自由，因為他們在犯罪行列中攀升。

We remain incredibly excited about our pipeline for fiscal 2023 and beyond. On August 16, Private Division and Roll 7 will release Rollerdrome, a brand-new, third-person single-player shooter. This stylish high-octane game combines adrenaline-fueled skate stunts with intense combat in a retro-futuristic world. The title will be available on Steam and for PlayStation Plus members for an introductory price just under $20, after which it will retail for $29.99. Additionally, PlayStation Plus premium members will be able to play a free trial of the game when it launches.

我們對 2023 財年及以後的管道仍然非常興奮。 8 月 16 日，Private Division 和 Roll 7 將發布全新的第三人稱單人射擊遊戲 Rollerdrome。這款時尚的高辛烷值遊戲將刺激腎上腺素的滑板特技與復古未來世界中的激烈戰鬥相結合。該遊戲將在 Steam 和 PlayStation Plus 會員上以略低於 20 美元的入門價格發售，之後零售價為 29.99 美元。此外，PlayStation Plus 高級會員將能夠在遊戲發佈時免費試玩遊戲。

On September 9, 2K and Visual Concepts will launch NBA 2K23, the next offering from our industry-leading NBA series. Phoenix Suns' shooting guard, 3-time NBA All-Star and 2021-'22 Kia All-NBA First Team selection, Devin Booker, is featured on this year's Standard Edition and cross-gen Digital Deluxe Edition. The iconic Michael Jordan appears on the cover of the NBA 2K23 Michael Jordan Edition and the brand-new NBA 2K23 Championship Edition, which retails for $149.99 and delivers incredible value by including a 12-month subscription to the NBA League Pass for the first time.

9 月 9 日，2K 和 Visual Concepts 將推出 NBA 2K23，這是我們行業領先的 NBA 系列的下一個產品。菲尼克斯太陽隊的得分後衛、3 次 NBA 全明星球員和 2021-'22 起亞全明星陣容一隊入選者德文·布克在今年的標準版和跨世代數字豪華版中亮相。標誌性的邁克爾·喬丹出現在 NBA 2K23 邁克爾·喬丹版和全新 NBA 2K23 冠軍版的封面上，零售價為 149.99 美元，並首次包含 12 個月的 NBA 聯盟通行證訂閱，帶來難以置信的價值。

In the U.S. and Canada, players can purchase the WNBA Edition as a GameStop exclusive featuring Phoenix Mercury Superstar, Diana Taurasi, along with Seattle Storm legend, Sue Bird. 2K has partnered with Every Kid Sports to support greater representation of females in basketball with a $100,000 donation that will enable girls across the U.S. to participate in youth sports. 2K will reveal more details on NBA 2K23 in the coming weeks.

在美國和加拿大，玩家可以購買 WNBA 版作為 GameStop 獨家發售的鳳凰水星巨星戴安娜·陶拉西和西雅圖風暴傳奇人物蘇·伯德。 2K 與 Every Kid Sports 合作，通過捐贈 100,000 美元支持更多女性參與籃球運動，這將使美國各地的女孩能夠參與青少年運動。 2K 將在未來幾週內透露更多關於 NBA 2K23 的細節。

We've made the decision to move back the launch timing of Marvel's Midnight Suns to ensure the teams at Firaxis Games and 2K deliver the best possible experience for our fans. The title will launch later this year on Windows PC, Xbox Series X and S and PlayStation 5. The Xbox One, PlayStation 4 and Nintendo Switch versions will follow at a later date.

我們已決定推遲 Marvel 的 Midnight Suns 的發佈時間，以確保 Firaxis Games 和 2K 的團隊為我們的粉絲提供最佳體驗。該遊戲將於今年晚些時候在 Windows PC、Xbox Series X 和 S 以及 PlayStation 5 上推出。Xbox One、PlayStation 4 和 Nintendo Switch 版本將在稍後推出。

During the fourth quarter, Private Division and Intercept Games will launch Kerbal Space Program 2 on PC. The game's dedicated community can look forward to more information about the game and its new features from the title's ongoing gameplay reveal video series.

在第四季度，Private Division 和 Intercept Games 將在 PC 上推出 Kerbal Space Program 2。該遊戲的專門社區可以期待有關該遊戲的更多信息以及該遊戲正在進行的遊戲玩法揭示視頻系列中的新功能。

2K's teams at Visual Concepts and HB Studios remain hard at work on their upcoming launches of WWE 2K23 and PGA TOUR 2K23. 2K will have more to share on these annual sports offering shortly.

2K 在 Visual Concepts 和 HB Studios 的團隊仍在為即將推出的 WWE 2K23 和 PGA TOUR 2K23 努力工作。 2K 很快將在這些年度體育產品上分享更多內容。

Zynga has a handful of games that are currently in soft launch with more on the horizon, and we expect some of these titles will begin launching worldwide in our next fiscal year. This includes Star Wars Hunters, which is continuing to regularly roll out new content updates and features as it progresses through to a more mature phase of soft launch and strategic territories. At the same time, Rollic will continue to release a high volume of mobile titles as it has done previously.

Zynga 有幾款遊戲目前處於軟發布階段，還有更多遊戲即將推出，我們預計其中一些遊戲將在我們的下一財年開始在全球推出。這包括《星球大戰獵人》，隨著它進入更成熟的軟發布和戰略領域階段，它會繼續定期推出新的內容更新和功能。與此同時，Rollic 將繼續像以前一樣發布大量的移動遊戲。

Turning to eSports. The NBA 2K League Championships tip off will take place in Indianapolis at the Pavilion at Pan Am with 3v3 play August 17 through the 20th and 5v5 play August 24 through the 27th. We remain excited about the continued success and growth of the NBA 2K League.

轉向電子競技。 NBA 2K 聯賽冠軍賽將於 8 月 17 日至 20 日在印第安納波利斯的泛美館舉行，3v3 比賽和 8 月 24 日至 27 日的 5v5 比賽。我們仍然對 NBA 2K 聯賽的持續成功和發展感到興奮。

In closing, we believe that our company today is the strongest and most diverse it has ever been with approximately 11,000 of the industry's best and brightest talent and most exciting and commercially successful portfolio of owned intellectual property and the ability to deliver deeply captivating and engaging entertainment experiences on any platform anywhere in the world. We believe that we are well positioned to deliver long-term value for our shareholders.

最後，我們相信，我們今天的公司是有史以來最強大、最多元化的公司，擁有大約 11,000 名業內最優秀和最聰明的人才，擁有最令人興奮和商業上成功的自有知識產權組合，以及提供引人入勝和引人入勝的娛樂的能力在世界任何地方的任何平台上體驗。我們相信我們有能力為股東創造長期價值。

I'll now turn the call over to Lainie.

我現在把電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss the key highlights from our first quarter before reviewing our financial outlook for the fiscal year 2023 and second quarter. Please note that our first quarter results include Zynga's financial performance for 39 days of the quarter, which impacts the comparability of our results relative to last year as well as to our prior guidance, which did not include the contribution from Zynga.

謝謝，卡爾，大家下午好。今天，我將討論我們第一季度的主要亮點，然後再回顧我們對 2023 財年和第二季度的財務展望。請注意，我們的第一季度業績包括 Zynga 本季度 39 天的財務業績，這會影響我們的業績與去年的可比性以及我們之前的指導，其中不包括 Zynga 的貢獻。

Also, any references to Take-Two's pre-combination results are referring to our financial performance, excluding the acquired Zynga business. Additional details regarding our actual results and outlook are contained in our press release.

此外，任何對 Take-Two 合併前結果的引用均指我們的財務業績，不包括收購的 Zynga 業務。我們的新聞稿中包含有關我們實際結果和展望的更多詳細信息。

As Strauss mentioned, this was a momentous quarter for our organization as we closed our transaction with Zynga and made significant progress on our integration efforts. Our teams created detailed plans to realize at least $100 million of annual cost synergies. And we continue to expect approximately $50 million to be achieved within the first 12 months post-close.

正如 Strauss 所說，這對我們的組織來說是一個重要的季度，因為我們完成了與 Zynga 的交易，並在我們的整合工作上取得了重大進展。我們的團隊制定了詳細的計劃，以實現至少 1 億美元的年度成本協同效應。我們繼續預計將在交易完成後的前 12 個月內實現約 5000 萬美元的收益。

The largest opportunities include reducing duplicative corporate overhead and contracts, consolidating systems, rationalizing our real estate footprint and leveraging Zynga's marketing functions across our other mobile titles. We are also exploring additional areas of efficiencies.

最大的機會包括減少重複的公司開銷和合同、整合系統、合理化我們的房地產足跡以及在我們的其他移動遊戲中利用 Zynga 的營銷功能。我們還在探索其他提高效率的領域。

At the same time, we delivered strong first quarter results driven by net bookings of $1 billion. On a pre-combination basis, our net bookings were $731 million, which grew 3% compared to last year and was within our guidance range of $700 to $750 million.

與此同時，我們在 10 億美元的淨預訂額推動下實現了強勁的第一季度業績。在合併前的基礎上，我們的淨預訂額為 7.31 億美元，與去年相比增長了 3%，在我們 700 至 7.5 億美元的指導範圍內。

The movement in foreign currency exchange rates negatively impacted our net bookings by approximately 1%. We were also pleased with Zynga's contribution for part of the quarter. With consumers today navigating various macroeconomic and geopolitical factors, we believe that our financial performance truly demonstrates the resiliency of our business model driven by the incredible quality of our games and the significant value that our interactive entertainment experiences provide our players.

外匯匯率的變動對我們的淨預訂量產生了約 1% 的負面影響。我們也對 Zynga 在本季度部分時間的貢獻感到滿意。隨著當今消費者在各種宏觀經濟和地緣政治因素中駕馭，我們相信我們的財務表現真正證明了我們的業務模式的彈性，這是由我們令人難以置信的遊戲質量和我們的互動娛樂體驗為我們的玩家提供的重要價值所驅動的。

During the period, the current consumer spending rose 48% and accounted for 73% of net bookings. This is significantly above our prior guidance due to the inclusion of Zynga for part of the quarter as well as the outperformance of our pre-combination portfolio led by NBA 2K22, Tiny Tina's Wonderlands and Top Eleven.

期內，當期消費支出增長48%，占淨預訂量的73%。這大大高於我們之前的預期，因為本季度的部分時間包含 Zynga，以及我們由 NBA 2K22、Tiny Tina's Wonderlands 和 Top 11 領導的組合前產品組合的出色表現。

Digitally delivered net bookings increased 41% and accounted for 95% of the total. During the quarter, 77% of console games sales were delivered digitally, up from 73% last year. GAAP net revenue increased 36% to $1.1 billion and cost of revenue increased 32% to $436 million, which included a $20 million impairment charge related to our decision not to proceed with further development of a title from an unannounced new franchise.

數字交付的淨預訂量增長了 41%，佔總數的 95%。本季度，77% 的主機遊戲銷售以數字方式交付，高於去年的 73%。 GAAP 淨收入增長 36% 至 11 億美元，收入成本增長 32% 至 4.36 億美元，其中包括 2000 萬美元的減值費用，這與我們決定不繼續從未宣布的新特許經營權進一步開發遊戲有關。

Operating expenses increased by 125% to $704 million primarily driven by the addition of Zynga and a full quarter of Nordeus, business acquisition costs, and higher personnel and marketing expenses. And our GAAP net loss was $104 million or $0.76 per share, which was largely impacted by $117 million of amortization of acquired intangibles and $165 million of business acquisition costs.

運營費用增長 125% 至 7.04 億美元，主要是由於 Zynga 和整個季度 Nordeus 的加入、業務收購成本以及更高的人員和營銷費用。我們的 GAAP 淨虧損為 1.04 億美元或每股 0.76 美元，這在很大程度上受到了 1.17 億美元的收購無形資產攤銷和 1.65 億美元的業務收購成本的影響。

Our GAAP net loss benefited from a reversal of expense of approximately $48 million related to forfeitures of the previously granted stock awards. In the first quarter last year, our GAAP net income was $152 million or $1.30 per share.

我們的 GAAP 淨虧損受益於與沒收先前授予的股票獎勵有關的大約 4800 萬美元的費用沖銷。去年第一季度，我們的 GAAP 淨收入為 1.52 億美元或每股 1.30 美元。

Our management tax rate for the period was 18% as compared to 15% in the prior year as a result of our combination with Zynga. On a pre-combination basis, our management results, excluding the impact of the Zynga transaction, exceeded the high end of our guidance range by $0.06 despite the impairment charge taken during the quarter and the higher tax rate. We ended the quarter with over $1.3 billion of cash and short-term investments and $3.3 billion of debt.

由於我們與 Zynga 的合併，我們在此期間的管理稅率為 18%，而上一年為 15%。在合併前的基礎上，我們的管理業績（不包括 Zynga 交易的影響）超出了我們指導範圍的高端 0.06 美元，儘管在本季度計入了減值費用並且稅率更高。我們在本季度結束時擁有超過 13 億美元的現金和短期投資以及 33 億美元的債務。

Turning to our guidance. I'll begin with our full fiscal year expectations. As Strauss mentioned, we are initiating new guidance that includes our combination with Zynga for approximately 10 months of our fiscal year. We now expect to deliver net bookings of $5.8 billion to $5.9 billion. Our assumptions take into consideration some shifts in our pipeline for the year as well as movement in foreign exchange rates and the uncertain macroeconomic backdrop.

轉向我們的指導。我將從我們對整個財年的預期開始。正如施特勞斯所說，我們正在啟動新的指導方針，其中包括我們與 Zynga 的合併，為期大約 10 個月的財政年度。我們現在預計將實現 58 億至 59 億美元的淨預訂量。我們的假設考慮了我們今年管道的一些變化以及外匯匯率的變動和不確定的宏觀經濟背景。

The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Empires & Puzzles, Rollic's hypercasual mobile portfolio, Toon Blast and Red Dead Redemption 2 and Red Dead Online.

淨預訂量的最大貢獻者預計將是 NBA 2K、俠盜獵車手在線和俠盜獵車手 V、Empires & Puzzles、Rollic 的超休閒移動產品組合、Toon Blast 和 Red Dead Redemption 2 以及 Red Dead 在線模式。

We expect the net bookings breakdown from our labels to be 45% Zynga, which includes the former T2 mobile titles, 37% 2K, 17% Rockstar Games and 1% Private Division. We forecast our geographic net bookings split to be about 60% United States and 40% international.

我們預計我們品牌的淨預訂量細分為 45%，其中包括前 T2 手機遊戲、37% 的 2K、17% 的 Rockstar Games 和 1% 的 Private Division。我們預測我們的地理淨預訂量將占美國的 60% 和國際的 40%。

We now expect recurrent consumer spending to grow approximately 110% and represent 77% of total net bookings. Our digitally delivered net bookings are expected to grow by approximately 80% and represent 96% of net bookings. Our forecast assumes that 74% of console game sales will be delivered digitally, up from 68% last year.

我們現在預計經常性消費者支出將增長約 110%，佔總淨預訂量的 77%。我們以數字方式交付的淨預訂量預計將增長約 80%，占淨預訂量的 96%。我們的預測假設 74% 的主機遊戲銷售將以數字方式交付，高於去年的 68%。

We expect to generate more than $700 million in non-GAAP adjusted unrestricted operating cash flow, and we expect to deploy approximately $135 million for capital expenditures. We expect GAAP net revenue to range from $5.73 billion to $5.83 billion and cost of revenue to range from $2.74 billion to $2.79 billion, which includes approximately $700 million of amortization of acquired intangibles.

我們預計將產生超過 7 億美元的非 GAAP 調整後的無限制經營現金流，我們預計將部署約 1.35 億美元用於資本支出。我們預計 GAAP 淨收入將在 57.3 億美元至 58.3 億美元之間，收入成本將在 27.4 億美元至 27.9 億美元之間，其中包括約 7 億美元的收購無形資產攤銷。

Total operating expenses are expected to range from $3.37 billion to $3.38 billion as compared to $1.5 billion last year. This increase reflects the inclusion of Zynga, business acquisition costs and higher personnel, marketing and IT expenses, which is slightly offset by our anticipated cost synergies for the year. And we expect a GAAP net loss ranging from $398 million to $438 million or $2.50 to $2.75 per share, which assumes a basic share count of 159.2 million shares. We expect our management tax rate to be 18% throughout the year.

預計總運營費用將在 33.7 億美元至 33.8 億美元之間，而去年為 15 億美元。這一增長反映了包含 Zynga、業務收購成本以及更高的人員、營銷和 IT 費用，這被我們預期的本年度成本協同效應略微抵消。我們預計 GAAP 淨虧損在 3.98 億美元至 4.38 億美元或每股 2.50 美元至 2.75 美元之間，假設基本股數為 1.592 億股。我們預計全年的管理稅率為 18%。

Now moving to our guidance for the fiscal second quarter. We project net bookings to range from $1.5 billion to $1.55 billion compared to $985 million in the second quarter last year. The largest contributor to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Empires & Puzzles, Rollic's hypercasual mobile portfolio and Toon Blast. We project recurrent consumer spending to grow approximately 85% and digitally delivered net bookings to increase 70%. Our forecast assumes that 73% of console game sales will be delivered digitally, up from 65% last year.

現在轉到我們對第二財季的指導。我們預計淨預訂量將在 15 億美元至 15.5 億美元之間，而去年第二季度為 9.85 億美元。淨預訂量的最大貢獻者預計將是 NBA 2K、俠盜獵車手在線和俠盜獵車手 V、Empires & Puzzles、Rollic 的超休閒移動產品組合和 Toon Blast。我們預計經常性消費者支出將增長約 85%，數字化交付的淨預訂量將增長 70%。我們的預測假設 73% 的主機遊戲銷售將以數字方式交付，高於去年的 65%。

We expect GAAP net revenue to range from $1.37 billion to $1.42 billion and cost of revenue to range from $700 million to $719 million, which includes approximately $200 million of amortization of acquired intangibles.

我們預計 GAAP 淨收入將在 13.7 億美元至 14.2 億美元之間，收入成本將在 7 億美元至 7.19 億美元之間，其中包括約 2 億美元的收購無形資產攤銷。

Operating expenses are expected to range from $849 million to $859 million. At the midpoint, this represents a 125% increase over last year. This increase reflects the inclusion of Zynga and business acquisition costs as well as higher marketing and personnel expenses, which we believe will be slightly offset by the realization of some of our anticipated cost synergies. And GAAP net loss is expected to range from $144 million to $160 million or $0.86 to $0.96 per share, which assumes a basic share count of 166.4 million shares.

運營費用預計在 8.49 億美元至 8.59 億美元之間。在中點，這比去年增加了 125%。這一增長反映了包含 Zynga 和業務收購成本以及更高的營銷和人員費用，我們認為這些費用將被我們預期的一些成本協同效應的實現略微抵消。假設基本股數為 1.664 億股，GAAP 淨虧損預計在 1.44 億美元至 1.6 億美元或每股 0.86 美元至 0.96 美元之間。

In closing, we had a great start to the year. We believe that our combination with Zynga will enhance our positioning as one of the top interactive entertainment companies in the world. As our teams continue to leverage the core competencies from Zynga's publishing platform, we believe that we will be able to engage our player base more deeply, add new dimensions to our existing portfolio, and deliver significant long-term growth and margin expansion for our shareholders.

最後，我們有一個良好的開端。我們相信，我們與 Zynga 的合併將提升我們作為全球頂級互動娛樂公司之一的定位。隨著我們的團隊繼續利用 Zynga 發布平台的核心競爭力，我們相信我們將能夠更深入地吸引我們的玩家群，為我們現有的產品組合增加新的維度，並為我們的股東帶來顯著的長期增長和利潤增長.

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

謝謝你。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I would like to thank our colleagues for delivering an excellent start to the year. And to our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊，感謝我們的同事為今年帶來了良好的開端。對於我們的股東，我想對您一直以來的支持表示感謝。我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question comes from Eric Handler with MKM Partners.

（操作員說明）我們的第一個問題來自 MKM Partners 的 Eric Handler。

Two questions. First, Lainie, I wonder if you could sort of size the changes in guidance in terms of how we might have been thinking about Marvel's Midnight Suns versus what's changed with FX and macro.

兩個問題。首先，Lainie，我想知道你是否可以根據我們可能對漫威的午夜太陽的思考方式與 FX 和宏觀的變化來衡量指導的變化。

So for the difference in the pre-combination business, we had some shifts in the pipeline for the year, and then there was a movement in the foreign exchange rates. And then there's also the uncertain macroeconomic backdrop. So I would say that the shifts in our pipeline were the most meaningful to our numbers.

因此，對於預組合業務的差異，我們在今年的管道中有一些變化，然後外匯匯率發生了變化。還有不確定的宏觀經濟背景。所以我想說，我們管道中的變化對我們的數字最有意義。

So I would say we had some titles that moved within the year. And that was Marvel Midnight Suns and then there was an unannounced title that moved out of the year as well. So I would say, definitely the pipeline changes, that were the most meaningful to the change in the guidance.

所以我想說我們有一些標題在一年內移動。那就是漫威午夜太陽，然後還有一個未宣布的頭銜也離開了這一年。所以我想說，管道的變化肯定是對指導變化最有意義的。

Great. And then, Strauss, I wondered if you could talk a little bit about the state of the mobile industry right now. There has been a little bit of headwinds with growth for the industry in this year and wondering as you look at Zynga's portfolio and combining it with your portfolio, how fast can you integrate sort of the ad network. Are things changing relative to what you were thinking maybe at the time the acquisition closed or maybe even when you first made the acquisition?

偉大的。然後，施特勞斯，我想知道你是否可以談談移動行業現在的狀況。今年該行業的增長遇到了一些阻力，當您查看 Zynga 的產品組合併將其與您的產品組合結合時，您會想知道您能以多快的速度整合某種廣告網絡。相對於你在收購結束時的想法，或者甚至在你第一次進行收購時的想法，事情是否正在發生變化？

Thanks, Eric. There's a lot there. We are seeing some softness in the mobile market. The good news is, I think, we're doing better than most, if not, all. And I think we're seeing an offsetting increase in our market share.

謝謝，埃里克。那裡有很多。我們看到移動市場有些疲軟。好消息是，我認為，我們做得比大多數人都好，如果不是，全部。而且我認為我們看到我們的市場份額出現了抵消性的增長。

I think the reason we're seeing probably a bit more softness in mobile than in console is, in console, to participate, you have to buy. And in mobile, by definition, you're in a free-to-play environment. You can play without paying. And if you are feeling the pinch of inflation, specifically with regard to nondiscretionary expenditures like fuel and food, you could imagine that if you're playing the game, you might choose to spend a bit less or spend a bit less frequently.

我認為我們在移動設備上看到的可能比在主機上更軟的原因是，在主機上，要參與，你必須購買。根據定義，在移動設備中，您處於免費遊戲環境中。你可以不付錢玩。如果你感受到通貨膨脹的壓力，特別是燃料和食物等非自由支配支出，你可以想像，如果你在玩這個遊戲，你可能會選擇少花錢或少花錢。

That said, we think Zynga's highly diverse portfolio of terrific games is a meaningful offset. And as I said, I think we're outperforming the market. That's our belief. We're also seeing growth in advertising revenues. And because I think we under-index in advertising, that's an opportunity that will be offsetting to the broader market even if we see ongoing softness.

話雖如此，我們認為 Zynga 高度多樣化的精彩遊戲組合是一個有意義的抵消。正如我所說，我認為我們的表現優於市場。這就是我們的信念。我們還看到廣告收入的增長。而且因為我認為我們在廣告方面的指數不足，即使我們看到持續疲軟，這個機會也會抵消更廣泛的市場。

But as you know, we always call it the way we see it. And what we're seeing is, overall, some softness in the marketplace. When you have 50% of big bank economists saying we think we might be in a recession in the next quarter or 2, my attitude is the market believes we're in a recession right now, and as a consumer-facing company, we are seeing some softness.

但如你所知，我們總是以我們看到的方式稱呼它。我們看到的是，總體而言，市場有些疲軟。當你有 50% 的大銀行經濟學家說我們認為我們可能在下一季度或第二季度陷入衰退時，我的態度是市場認為我們現在正處於衰退之中，作為一家面向消費者的公司，我們正在看到一些柔軟。

With regard to the integration, I'm not sure you asked about how it's going, but it's going really well; and we expect to meet or exceed our cost synergy expectations both in terms of magnitude and timing. And more importantly, we fit really well together culturally. And I think all of us at Zynga and now all of us at Take-Two are very excited about the combination, the way things are going and how well the teams do fit together. And we had a sense of that during the diligence period, but it's always nice to know post-closing that that's the case.

關於整合，我不確定你問它進展如何，但進展非常順利；我們希望在規模和時間方面達到或超過我們的成本協同預期。更重要的是，我們在文化上非常契合。我認為 Zynga 的所有人以及現在 Take-Two 的所有人都對這種組合、事情的進展方式以及團隊的配合程度感到非常興奮。我們在盡職調查期間對此有所了解，但很高興知道在結束後就是這種情況。

And I think you alluded to whether we can sort of create one broader integrated platform. As you know, T2 Mobile Games has been folded into the Zynga division, which is operated by Frank Gibeau and his team, highly independently. And one of their key priorities is to create an integrated platform that will bring the best out in all of our games, so enhance our acquisition and enhance our conversion, enhance our retention, enhance our lifetime value and also enhance, as I said, our advertising revenue. Zynga has a proprietary ad tech platform driven by their Chartboost division. And we're excited about what that can bring to Zynga and also bring to all of Take-Two.

我認為您提到我們是否可以創建一個更廣泛的集成平台。如您所知，T2 手游已併入 Zynga 部門，由 Frank Gibeau 及其團隊高度獨立運營。他們的主要優先事項之一是創建一個集成平台，讓我們的所有遊戲都發揮出最佳水平，從而提高我們的用戶獲取和轉化率，提高我們的留存率，提高我們的終生價值，並且正如我所說，我們的廣告收入。 Zynga 擁有一個由其 Chartboost 部門驅動的專有廣告技術平台。我們對它能給 Zynga 和 Take-Two 帶來的東西感到興奮。

Our next question comes from Matthew Thornton with Truist Securities.

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

Maybe two if I could. First one, Lainie, I've been wondering if you'd be able to give us what the RCS percentage of bookings was for legacy Take-Two for the quarter. I think it was 73% total with Zynga. I'm curious kind of what that number was without for the quarter.

如果可以的話，也許兩個。第一個，Lainie，我一直想知道你能否告訴我們本季度傳統 Take-Two 的 RCS 預訂百分比是多少。我認為 Zynga 總共是 73%。我很好奇這個季度沒有這個數字。

And then just secondly, Strauss, any movement in the out-year pipeline. If we think about how things are progressing and developing, I guess what's your general sense about progress maybe when we last talked 3 months ago? That would be helpful.

其次，施特勞斯，年度管道中的任何動作。如果我們想想事情是如何進展和發展的，我猜你對進展的總體感覺是什麼，也許當我們在 3 個月前最後一次談話時？那會很有幫助。

In terms of the RCS for the pre-combination, we're not really breaking that out anymore. We're really looking at the business overall as one business. But I can tell you that we did outperform on NBA 2K22, Tiny Tina's Wonderlands and Top Eleven versus our guidance for the quarter. So those 3 titles did better than we had expected.

就預組合的 RCS 而言，我們並沒有真正打破它。我們確實將整個業務視為一項業務。但我可以告訴你，我們在《NBA 2K22》、《Tiny Tina's Wonderlands》和《Top 11》中的表現確實優於我們本季度的指導。所以這三個標題的表現比我們預期的要好。

And in terms of the pipeline, yes, as Lainie mentioned, we did have a number of titles that have been shifting around that affected our pipeline and some of our results for fiscal '23.

就管道而言，是的，正如萊尼所說，我們確實有一些一直在變化的遊戲，這影響了我們的管道和我們 23 財年的一些結果。

Generally speaking, we obviously don't take these shifts lightly. We have seen them before. The most important thing for us is always to put up the best game we possibly can because that's what builds franchise value and ultimately, that's what drives the success of our organization. So it's worth the wait. Typically, that is the best economic decision that we can make.

一般來說，我們顯然不會掉以輕心。我們以前見過他們。對我們來說，最重要的事情始終是盡可能地提供最好的遊戲，因為這就是建立特許經營價值的原因，最終，這就是推動我們組織成功的原因。所以值得等待。通常，這是我們可以做出的最佳經濟決策。

And I would say that I'd characterize the pipeline shifts as well these things do move around and you may have -- that may affect a specific year. It does -- hasn't really changed at all our overall perspective on the growth in the intermediate and long term.

而且我會說我會描述管道變化以及這些事情確實會發生變化，你可能會 - 這可能會影響特定的年份。它確實 - 並沒有真正改變我們對中長期增長的總體看法。

Our next question comes from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matthew Cost。

I have 2. So I guess just kind of following up on the Chartboost point. I think you mentioned in the prepared remarks and then just now in the Q&A about leveraging those marketing capabilities inside Zynga across other titles. I guess what are you envisioning that looks like? And is that something that can be used to promote titles or cross-promote titles on PC and console in addition to mobile?

我有 2 個。所以我想只是跟進 Chartboost 點。我想你在準備好的評論中提到了，然後在 Q&A 中提到了在 Zynga 中將這些營銷能力用於其他遊戲。我猜你想像的是什麼樣的？除了移動設備之外，這是否可以用於在 PC 和控制台上推廣或交叉推廣遊戲？

And then just on the commentary, I think, in the press release about the $500 million of synergies, now that you kind of have your hands dirty, you've gotten under the hood with Zynga, do you have a sense of how long it will take to establish feasibility and start working through those projects to get a sense of how long they might take? Is it a 5-year process to get those done? What might that timing look like?

然後就評論而言，我認為，在關於 5 億美元協同效應的新聞稿中，既然你有點弄髒了，你已經了解了 Zynga，你知道它有多長嗎？將需要建立可行性並開始研究這些項目以了解它們可能需要多長時間？完成這些工作需要 5 年的時間嗎？那個時機可能是什麼樣子？

Thanks. Look, I think to the extent that Zynga succeeds in building a robust ad tech platform, then it will affect all of our live services businesses, not just Zynga's live services businesses. And we're really optimistic about that.

謝謝。看，我認為 Zynga 成功構建了一個強大的廣告技術平台，那麼它將影響我們所有的直播服務業務，而不僅僅是 Zynga 的直播服務業務。我們對此非常樂觀。

To be clear, we haven't baked any of that into our cost synergy expectations. And as you know, we've not included our revenue synergy expectations in our forward-looking projections. So that's all upside if we're able to achieve that. But I feel very good about the exercise. And yes, it will cross over to the entire company's live services offerings.

需要明確的是，我們沒有將任何這些納入我們的成本協同預期。如您所知，我們並未將我們的收入協同效應預期納入我們的前瞻性預測。因此，如果我們能夠實現這一目標，這一切都是有利的。但我對這項運動感覺很好。是的，它將跨越整個公司的實時服務產品。

In terms of the timing for new projects, very hard to call that now. There's a lot of excitement internally. We're working on a lot of interesting potential ideas. And certainly, the development for mobile is much quicker than it is for console. But it would be premature to state a particular time. And of course, all product announcements do come from our labels.

就新項目的時間安排而言，現在很難說。內心有很多激動。我們正在研究許多有趣的潛在想法。當然，移動端的開發速度要比主機端快得多。但現在說具體時間還為時過早。當然，所有產品公告都來自我們的標籤。

Our next question comes from Mario Lu with Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

Great. The first one is just a follow-up on the full year guidance, the updated one with Zynga. I was hoping if you could help kind of clarify what items are kind of moved around within the Zynga side. I know that Star Wars Hunters got pushed back. Sounds like macro weakness deepened a little bit. So any other color you can provide in terms of the Zynga side would be great.

偉大的。第一個只是對全年指南的跟進，是 Zynga 的更新指南。我希望你能幫助澄清在 Zynga 方面移動了哪些項目。我知道星球大戰獵人被推遲了。聽起來宏觀疲軟稍微加深了一點。因此，就 Zynga 方面而言，您可以提供的任何其他顏色都會很棒。

Sure. There were some movements in their pipeline. There was some changes in the FX rate. The Russia sales were removed from their financials; and then also, there was some overall ad market that the ad market has experienced some pressure. So those are most of the changes that we saw in our numbers over the last few months.

當然。他們的管道中有一些動作。外匯匯率發生了一些變化。俄羅斯的銷售從他們的財務中刪除；此外，還有一些整體的廣告市場，廣告市場受到了一定的壓力。因此，這些是我們在過去幾個月中在數據中看到的大部分變化。

Okay. And then a follow-up on the recurring consumer spending. I just wanted to make sure, for mobile advertising revenue, that's all included, right, in RCS? Or is that categorized somewhere else?

好的。然後是對經常性消費者支出的跟進。我只是想確定，對於移動廣告收入，這些都包含在 RCS 中嗎？還是在其他地方分類？

Yes, it is indeed.

是的，確實如此。

Our next question comes from Doug Creutz with Cowen.

我們的下一個問題來自 Doug Creutz 和 Cowen。

First, I was just wondering if you're willing to share what Zynga's pro forma rev would have been for the entire quarter. And then secondly, Google is implementing some advertising formatting changes. And there's been some speculation that this could negatively impact the hypercasual ad business. Just wondering what your take is on that. Do you see any risk there? Is it something you think you can manage through?

首先，我只是想知道你是否願意分享 Zynga 整個季度的備考版本。其次，谷歌正在實施一些廣告格式更改。有人猜測這可能會對超休閒廣告業務產生負面影響。只是想知道你對此有何看法。你覺得那裡有什麼風險嗎？這是您認為可以解決的問題嗎？

We're going to manage their business as one combined entity, so therefore, we're not going to break out the Zynga piece for the quarter. So it's not been our practice to break out our results for the -- with our prior acquisitions. So we're not going to do that here as well.

我們將把他們的業務作為一個合併的實體來管理，因此，我們不會在本季度打破 Zynga 的部分。因此，通過我們之前的收購來打破我們的結果並不是我們的做法。所以我們也不會在這裡這樣做。

And with regard to a change in ad formats with Google, I don't have a point of view yet about how that may or may not affect us. I would say we're not concerned at the moment.

關於谷歌廣告格式的變化，我還沒有關於這可能會或可能不會影響我們的觀點。我會說我們目前並不擔心。

Our next question comes from Omar Dessouky with Bank of America.

我們的下一個問題來自美國銀行的 Omar Dessouky。

Two questions. So just a little bit of clarification on the business plan for Chartboost specifically. Could you clarify whether you're intending to turn that into a third-party broker advertising network that cross promotes third-party games on third-party ad inventory similar to companies like ironSource, AppLovin or Unity or it's more of an internal advertising technology tool? That's my first question.

兩個問題。因此，只需稍微澄清一下 Chartboost 的業務計劃。您能否澄清一下您是否打算將其轉變為第三方經紀人廣告網絡，在類似於 IronSource、AppLovin 或 Unity 等公司的第三方廣告庫存中交叉推廣第三方遊戲，或者它更像是一種內部廣告技術工具?這是我的第一個問題。

So in terms of Chartboost, Chartboost does actually deal with third parties today. We certainly haven't announced any changes. But that is one area that we're very excited about.

因此，就 Chartboost 而言，Chartboost 目前確實與第三方打交道。我們當然沒有宣布任何變化。但這是我們非常興奮的一個領域。

Look, the bigger the business is, the more valuable the platform is going to be. It's going to be certainly valuable from a tech perspective internally. But we think it's a great product and whether or not it's got great growth prospects to the third-party market remains to be seen, but that's certainly something that we're -- that is under consideration.

看，業務越大，平台就越有價值。從內部技術的角度來看，這肯定是有價值的。但我們認為這是一款很棒的產品，它是否對第三方市場有很大的增長前景還有待觀察，但這當然是我們正在考慮的事情。

Okay. And then the second question is with regards to the mobile game market and specifically the Zynga assets. If you think about what your outlook for the growth in the expense base was in January when you announced the acquisition versus what you're guiding today, is it about the same? Is it significantly lower given that in the first half the mobile video game market seems to have not performed terribly well?

好的。然後第二個問題是關於手機遊戲市場，特別是 Zynga 資產。如果您考慮一下您在 1 月份宣布收購時對支出基數增長的展望與您今天所指導的相比，是否大致相同？鑑於上半年移動視頻遊戲市場似乎表現不佳，它是否顯著降低？

In terms of the changes in the -- in our guidance, it's -- when we're looking at our OpEx, there's an increase in terms of our expenses from Zynga but then also in terms -- against our guidance. We have some lower marketing and some lower headcount expenses due to less new hires due to timing. So that's the big changes between our operating expenses between this guidance and last guidance.

就 - 在我們的指導中的變化而言，當我們查看我們的運營支出時，Zynga 的費用有所增加，但隨後也有 - 與我們的指導相反。由於時間安排導致新員工減少，我們的營銷和人員費用有所減少。這就是我們在本指南和上次指南之間的運營費用之間的重大變化。

And on the revenue side, there -- obviously, there are some things that happen in the short term that Lainie and Strauss have always spoken about that can affect what our expectations are, where they are today in the short run versus where they were in January. But overall, our mid- to long-term prospects, growth prospects for the business have not changed. We're so very excited about the prospects.

在收入方面，很明顯，Lainie 和 Strauss 一直談到的一些短期內發生的事情會影響我們的預期，它們在短期內所處的位置與它們所處的位置一月。但總體而言，我們的中長期前景、業務增長前景沒有改變。我們對前景感到非常興奮。

Our next question comes from Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer。

My first question is on your investments into the development resources in the future. Can you maybe talk about your plan for mobile or for Zynga, particularly versus rest of more PC and console facing part of Take-Two in terms of headcount increase or any other support infrastructure you have in plan after integration?

我的第一個問題是關於您未來對開發資源的投資。您能否談談您對移動設備或 Zynga 的計劃，特別是在員工人數增加或集成後計劃中的任何其他支持基礎架構方面，與其他更多面向 Take-Two 的 PC 和控制台的部分相比？

I think the good news is that we have a very robust team now. We have 11,000 colleagues around the world, and we have the ability to pursue a very ambitious program of development and publishing. And at the same time, we're a growth business, and we expect to continue to grow.

我認為好消息是我們現在擁有一支非常強大的團隊。我們在全球擁有 11,000 名同事，我們有能力追求一個雄心勃勃的開發和出版計劃。同時，我們是一家成長型企業，我們希望繼續增長。

So we don't have expectations that we will significantly increase our headcount anytime soon. At the same time, assuming we grow in the way we expect to, and we have an expectation to grow very significantly in the next 3 years, I assume we will increase our development headcount somewhat.

因此，我們不期望我們會在短期內大幅增加員工人數。同時，假設我們以我們預期的方式增長，並且我們預計未來 3 年增長非常顯著，我認為我們將在一定程度上增加我們的開發人員數量。

One more question if I may. Can you maybe give us more details on the pipeline shift in Take-Two? Is there more conventional reasons, like the game is not ready? Or is there any macro factors play into that decision in terms of you feel that market isn't ready for the game, you want to wait until the broader consumer spending environment becomes more friendly to the games released?

如果可以，還有一個問題。您能否向我們提供有關 Take-Two 的管道轉移的更多詳細信息？有沒有更常規的原因，比如游戲還沒有準備好？或者是否有任何宏觀因素影響了這個決定，你覺得市場還沒有為遊戲做好準備，你想等到更廣泛的消費者消費環境對發布的遊戲更加友好？

Yes. I mean it really is simply that the game is -- to the extent that we're moving games -- shifting later, which is when we have pipeline shifts, that's typically the case. We typically don't move games up. But that is really based on whether the game is in development.

是的。我的意思很簡單，就是遊戲——就我們正在移動遊戲的程度而言——稍後移動，也就是當我們進行管道移動時，通常情況就是這樣。我們通常不會升級遊戲。但這實際上取決於遊戲是否正在開發中。

We would not hold a game that's ready to release based on any overall economic trend or something going on in the market. Potentially, we would maybe move a game a week or 2, depending on -- for marketing windows. But generally speaking, when the game is ready, that's when we release it.

我們不會持有一款基於任何整體經濟趨勢或市場上發生的事情準備發布的遊戲。潛在地，我們可能會在一周或兩週內移動一款遊戲，具體取決於營銷窗口。但一般來說，當遊戲準備好時，就是我們發布它的時候。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of quick ones. Maybe rifting on that macro theme. For a long time, we've accepted the narrative that gaming spend is really resilient in a recession because of the low cost per hour of entertainment. But at the same time, the model has shifted towards digital and RCS. Strauss, you hit upon mobile consumer discretionary, mobile advertising. How resilient do you think overall RCS consumer PC would be if we came into more of a macro environment? It seems that would be a little more resilient than free-to-play type of models on the mobile side.

幾個快速的。也許在那個宏觀主題上出現裂痕。長期以來，我們一直接受這樣一種說法，即由於每小時娛樂成本較低，遊戲支出在經濟衰退中確實具有彈性。但與此同時，該模型已轉向數字化和 RCS。 Strauss，您碰上了移動非必需消費品移動廣告。如果我們進入更宏觀的環境，您認為整體 RCS 消費類 PC 的彈性有多大？這似乎比移動端的免費遊戲類型更具彈性。

And then a quick follow-up, kind of an odd question. Does -- your PGA TOUR business, is it seeing any impact from the live tour and the noise around that?

然後是一個快速跟進，有點奇怪的問題。你的美巡賽業務是否受到現場巡迴賽和周圍噪音的影響？

So on your first point, I've been asked about the potential impact of a recession on our business since I started with these conference calls some 15 years ago. And over and over again, I said I don't believe the entertainment business is recession proof or even necessarily recession resistant.

因此，關於您的第一點，自從大約 15 年前我開始參加這些電話會議以來，我一直被問及經濟衰退對我們業務的潛在影響。我一遍又一遍地說，我不相信娛樂業能抵禦衰退，甚至不一定能抵禦衰退。

And I think we're seeing now the decline in consumer spending and increase in inflation will have an impact on the industry. You've seen it from our report today and from our competitors' reports as well. I think conceptually, the impact is probably greater on free to play for the reasons that I said earlier in the call, that you can play those titles without spending money. And you may just decide to spend less frequently or less in aggregate.

而且我認為我們現在看到消費者支出的下降和通貨膨脹的增加將對行業產生影響。您已經從我們今天的報告以及我們競爭對手的報告中看到了這一點。我認為從概念上講，免費遊戲的影響可能更大，因為我之前在電話會議中說過，你可以在不花錢的情況下玩這些遊戲。而且您可能只是決定減少花費或減少總花費。

With regard to a console experience, you have to buy the game to play. And so I think if you want the title, you're going to buy it. And as you point out, it's a very good value for consumers.

關於主機體驗，您必須購買遊戲才能玩。所以我認為如果你想要這個頭銜，你就會買它。正如你所指出的，這對消費者來說是一個非常好的價值。

And on your second point, no, we haven't seen any impact on our ongoing sales or engagement with PGA TOUR based on, as you put it, the noise around this new offering.

關於你的第二點，不，我們沒有看到任何影響我們持續的銷售或與 PGA TOUR 的互動，正如你所說的，圍繞這個新產品的噪音。

Our next question comes from Matti Littunen with Bernstein.

我們的下一個問題來自 Matti Littunen 和 Bernstein。

A question on IDFA. Now you pointed out your outperformance on mobile. Now just wondering if the Chartboost stack that Zynga has would have helped you perhaps navigate some of the headwinds that some of your mobile peers have pointed out regards to IDFA. So could that user acquisition advantage maybe help there with the outperformance?

關於 IDFA 的問題。現在您指出了您在移動設備上的出色表現。現在想知道 Zynga 擁有的 Chartboost 堆棧是否能幫助您克服一些移動同行指出的有關 IDFA 的不利因素。那麼這種用戶獲取優勢是否可能有助於實現出色的表現？

And then just to check on that macro pressure on the business, are there any interesting geographic trends in terms of differences, for example, between the U.S. market and elsewhere as you look at those macro headwinds you're seeing so far this year?

然後只是為了檢查業務的宏觀壓力，在差異方面是否有任何有趣的地理趨勢，例如，當你看到今年迄今為止看到的宏觀逆風時，美國市場和其他地方之間的差異？

Look, the change in IDFA is the new reality. And we've been operating within that new reality for some time. I do think that our massive consumer database gives us a benefit in that we have all kinds of in-house proprietary information that will help us with our marketing. I do think that the ad tech platform that Zynga has and is building further, including Chartboost, will help us, as I said earlier, do even better. I don't -- I'm really not concerned about this post-IDFA world.

看，IDFA 的變化是新的現實。我們已經在這個新現實中運作了一段時間。我確實認為我們龐大的消費者數據庫給我們帶來了好處，因為我們擁有各種內部專有信息，可以幫助我們進行營銷。正如我之前所說，我確實認為 Zynga 擁有並正在進一步構建的廣告技術平台（包括 Chartboost）將幫助我們做得更好。我不——我真的不關心這個後 IDFA 世界。

And in terms of the macro trends, no, the world tends to kind of move in lockstep on an economic basis. So we don't see any particular geographic changes that meaningfully influence our company.

就宏觀趨勢而言，不，世界傾向於在經濟基礎上步調一致。因此，我們沒有看到任何對我們公司產生有意義影響的特定地理變化。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe I'll ask a big picture one. Strauss, we're coming up on the beginning of the third year of this console cycle at the end of this year. Any thoughts about what you've seen from new console adoption and what it's meant for overall gaming habits among your users? And how do you think longer term about aligning some of your more interesting content until we get much deeper into the penetration curve because this console cycle has been very different because of elements around the supply chain dynamic?

也許我會問一張大圖。施特勞斯，我們將在今年年底迎來這個主機週期第三年的開始。您對新遊戲機的採用有何看法，以及它對用戶的整體遊戲習慣有何影響？您如何長期考慮調整一些更有趣的內容，直到我們更深入地了解滲透曲線，因為這個控制台週期由於供應鏈動態的因素而非常不同？

I think you nailed it. It's hard to call what's going on because it would normally be early 3 years in, but it has been because of the incredible supply constraints. What we have seen though is when people are buying new consoles, they're highly engaged. So the users, for example, of GTA V who are on new gen are much more engaged than prior gen users.

我想你搞定了。很難說發生了什麼，因為通常是在 3 年前，但這是由於令人難以置信的供應限制。但我們看到的是，當人們購買新遊戲機時，他們的參與度很高。因此，例如 GTA V 的新世代用戶比前一代用戶參與度更高。

Now that may simply be because they have new machines, and they're excited about them. But it may also be, and it wouldn't surprise me if this were the case, that because the new consoles offer a better experience, it's a more engaging experience. And that historically has been the case, that our business has grown coincident with the growth and exploitation of increasingly robust technology. And I would expect that to continue for some time to come.

現在這可能只是因為他們有新機器，而且他們對它們感到興奮。但也有可能，如果是這樣的話，我也不會感到驚訝，因為新遊戲機提供了更好的體驗，這是一種更具吸引力的體驗。從歷史上看，我們的業務與日益強大的技術的發展和開發同步發展。我預計這種情況會持續一段時間。

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

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

Congrats on the quarter and congrats on your acquisition, pretty exciting. Two questions for me. First on your new mobile games from existing IP, are we -- are you sort of thinking casual spin-offs here, like a Red Dead Poker or GTA Casino? Are you thinking more core mobile game releases off your IP?

恭喜本季度，恭喜你的收購，非常令人興奮。我有兩個問題。首先是關於您現有 IP 的新手機遊戲，我們是否會考慮在這裡製作休閒衍生遊戲，例如 Red Dead Poker 或 GTA 賭場？您是否正在考慮通過您的 IP 發布更多核心手機遊戲？

If it is core, do you feel like you have the resources now that you've added Zynga to make kind of core mobile games? Or would you need to be in a position to hire or create new teams or partner? That's sort of the first question.

如果是核心，你覺得加入Zynga做核心手游有沒有資源？或者您是否需要能夠僱用或創建新的團隊或合作夥伴？這是第一個問題。

And the second question on Gen Z and Gen Alpha, besides being very youthful, when you think about your biggest IP and where you've had the most last year over the decades, curious what you think your biggest opportunities and challenges are for sort of this emerging new generation of gamers.

第二個關於 Z 世代和 Alpha 世代的問題，除了非常年輕之外，當你想到你最大的 IP 以及過去幾十年來你擁有最多的地方時，好奇你認為你最大的機遇和挑戰是什麼？這個新興的新一代遊戲玩家。

So thanks, Mike, for your comments and your question. With regard to the creation of new mobile titles based on legacy Take-Two IP, it remains to be seen what those expressions will look like. It'll be driven by the passion and the talent of the teams.

所以，謝謝你，邁克，你的評論和你的問題。關於基於傳統的 Take-Two IP 創建新的移動遊戲，這些表達會是什麼樣子還有待觀察。這將由團隊的激情和才能驅動。

And to your question regarding whether Zynga has the ability to do that development in-house, I think the answer is unquestionably they do. Zynga has many number of talented studios all around the world. That distinguishes Zynga from virtually all other mobile developers and publishers. And it's one of the things that we found most exciting about the company, now the label.

對於你關於 Zynga 是否有能力在內部進行開發的問題，我認為答案是毫無疑問的。 Zynga 在世界各地擁有許多才華橫溢的工作室。這使得 Zynga 與幾乎所有其他移動開發商和發行商不同。這是我們發現公司最令人興奮的事情之一，現在是標籤。

In terms of the next generation of gamers, I mean the evidence is that they play more. They're more engaged and they play more. And that makes sense because what was new technology 15 years ago, to them, is just part of the landscape. They've grown up and it's like fish in water. People -- kids start playing with smartphones as early as they can play with blocks.

就下一代遊戲玩家而言，我的意思是有證據表明他們玩得更多。他們更投入，他們玩得更多。這是有道理的，因為 15 年前的新技術對他們來說只是景觀的一部分。他們長大了，就像水中的魚。人——孩子們在玩積木時就開始玩智能手機。

So I have to believe that interactive entertainment will continue to grow disproportionately to the rest of the audiovisual entertainment businesses. There's ongoing evidence that is and will remain the fastest-growing segment within the entertainment industry. And I think this next generation will just put a finer and finer point on that.

所以我必須相信互動娛樂將繼續與其他視聽娛樂業務不成比例地增長。不斷有證據表明，現在並將繼續是娛樂行業中增長最快的部分。而且我認為下一代只會對此提出越來越好的觀點。

In terms of what we have to give them to engage them, that is still the same, which is the highest quality entertainment experience that is available on the face of the earth. And that's our job. That's our mission, and that's what drives us all every day.

就我們必須為他們提供什麼來吸引他們而言，這仍然是一樣的，這是地球上可獲得的最高質量的娛樂體驗。這就是我們的工作。這是我們的使命，也是我們每天的動力。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

Maybe for Strauss or Karl. Guys, are you seeing any changes with the development cycle? And specifically, has COVID in any way elongated the time it takes to complete a game? And is that something that could put the development pipeline at risk? And then separately, guys, what is the company's plan around debt reduction for fiscal '23?

也許是為施特勞斯或卡爾。伙計們，您是否看到開發週期有任何變化？具體來說，COVID是否以任何方式延長了完成遊戲所需的時間？這是否會使開發管道面臨風險？然後，伙計們，公司在 23 財年減少債務的計劃是什麼？

So in terms of development cycles, I think development cycles are ever changing. And obviously, it varies game by game. The games are getting bigger. They're getting more complicated. There's new technology out there that we can avail ourselves to. So -- and all of that's a learning process. And that learning curve is often very steep.

所以就開發週期而言，我認為開發週期是不斷變化的。顯然，它因遊戲而異。遊戲越來越大。他們變得越來越複雜。那裡有我們可以利用的新技術。所以——所有這些都是一個學習過程。而且學習曲線通常非常陡峭。

And -- but I would say there's nothing specific about the changing development cycles that we haven't seen before. It's just that the games are bigger and they're more complicated and there's more to do. And that's actually what makes our business so exciting.

而且——但我想說的是，對於我們以前從未見過的不斷變化的開發週期，沒有什麼特別的。只是遊戲更大，更複雜，還有更多工作要做。這實際上就是讓我們的業務如此令人興奮的原因。

In terms of debt reduction, we have a strong cash flow. The business will be generating a lot of cash this year. So we look at paying down as much debt it makes sense to at the end of the year, but at the same time, we look at acquisition opportunities as well. So if there's something that makes sense for us to buy during the year, we would also look to do that. So I'd love to see what it looks like at the end of the year based on what the needs are during the rest of the year.

在減債方面，我們擁有強勁的現金流。該業務今年將產生大量現金。因此，我們著眼於在年底償還盡可能多的債務，但與此同時，我們也關注收購機會。因此，如果我們在這一年中有什麼對我們有意義的購買，我們也會考慮這樣做。因此，我很想根據今年剩餘時間的需求來看看年底的情況。

Our next question is from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

Just following up on mobile advertising at Zynga. I think you mentioned you were up year-over-year. Given the overall mobile environment is seeing macro pressure, just wondering how you kind of reconcile that with the advertising gains? Is that about market share?

只是跟進 Zynga 的移動廣告。我想你提到你每年都在增長。鑑於整體移動環境正在面臨宏觀壓力，只是想知道您如何將其與廣告收益相協調？這和市場份額有關嗎？

And then wanted to see if you could just speak to the decision to delay the full launch of Star Wars Hunters beyond its initial time line. And is that game still slated for a cross-platform just because the platform is listed as TBA in the release?

然後想看看你是否可以談談將《星球大戰獵人》的全面發布推遲到最初的時間線之外的決定。並且該遊戲是否仍會因為該平台在發行版中被列為 TBA 而被定為跨平台？

So in terms of the advertising business, yes, the overall advertising market, generally speaking, has experienced year-over-year declines due to ad tech consolidation and the lower spend on digital advertising. Our advertising revenues have -- the growth has decelerated from the last quarter, but they grew notably versus last year. And we believe we outperformed the industry trends. We expect this trend to improve over the course of the year with natural seasonality and optimizations we're making in our network mix and pricing.

因此，就廣告業務而言，是的，總體而言，由於廣告技術整合和數字廣告支出減少，整體廣告市場經歷了同比下降。我們的廣告收入 - 增長比上一季度有所放緩，但與去年相比增長顯著。我們相信我們的表現優於行業趨勢。我們預計這一趨勢將在一年中隨著自然季節性和我們在網絡組合和定價方面的優化而有所改善。

So what was the second question? Yes, in terms of the Star Wars Hunters delay, it really is just a matter of making sure that the game is delivered at the highest possible quality, and we have not changed anything around platforms.

那麼第二個問題是什麼？是的，就《星球大戰獵人》的延遲而言，這實際上只是確保遊戲以盡可能高的質量交付的問題，我們沒有對平台進行任何更改。

Our next question is from Andrew Marok with Raymond James.

我們的下一個問題來自 Andrew Marok 和 Raymond James。

Two for me, please. Given the Criminal Enterprises in the last [2] GTA Online expansions have been received pretty well, how should we be thinking about the GTA Online content pipeline or philosophy as development on the next premium GTA ramps and resources are reallocated? And then second, could softness in the ad market create opportunities for lower-cost marketing or change marketing strategies ahead of some of your frontline releases?

請給我兩個。鑑於最近 [2] GTA Online 擴展包中的犯罪集團受到了好評，我們應該如何考慮 GTA Online 內容管道或理念，因為下一個高級 GTA 坡道的開發和資源被重新分配？其次，廣告市場的疲軟能否為低成本營銷創造機會，或者在你的一些前線發布之前改變營銷策略？

Thank you. The Rockstar Games has been supplying ongoing content updates for Grand Theft Auto Online since its release in 2013. The most recent one was well received, and they continue to put out terrific content. Any announcements about upcoming properties do come from the labels. So we don't tend to talk about them here.

謝謝你。自 2013 年發布以來，Rockstar Games 一直在為 Grand Theft Auto Online 提供持續的內容更新。最近的一次受到好評，他們繼續推出精彩的內容。任何關於即將推出的房產的公告都來自標籤。所以我們不傾向於在這裡談論它們。

And the great question about advertising cost and I think it's a fair one, which is if you're seeing softness in the market, does that mean you can market your titles more cheaply going forward, and the answer is we might see some minor adjustment in the cost profile. But at the end of the day, we spend a lot to support our console -- big console launches. And I don't think that softness in the ad market would probably have a material impact on that.

還有一個關於廣告成本的好問題，我認為這是一個公平的問題，如果你看到市場疲軟，這是否意味著你可以更便宜地推銷你的標題，答案是我們可能會看到一些小的調整在成本概況中。但歸根結底，我們花了很多錢來支持我們的遊戲機——大型遊戲機的發布。而且我認為廣告市場的疲軟可能不會對此產生重大影響。

Our next question is from Clay Griffin with MoffettNathanson.

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

Notwithstanding the impact of the higher ASP on the championship edition of 2K, I'm just wondering if you're seeing any material change in mix as we head into this kind of preorder window. I guess in light of some of the softness in free-play mobile, I guess the question begs, do you have any flexibility to maybe go a bit more aggressively with bundled virtual currency in the preorder window?

儘管較高的 ASP 對 2K 冠軍版產生了影響，但我只是想知道，當我們進入這種預購窗口時，您是否看到混音有任何重大變化。我想鑑於免費遊戲手機的一些軟性，我想問題是，您是否有任何靈活性可以在預購窗口中更積極地使用捆綁虛擬貨幣？

Yes. I think -- I don't know that there's anything specifically in the market that would change our philosophy on how we package our product. I think we always are trying new models and new pricing -- prices to try to optimize the situation. But I don't really see a market-driven specific opportunity arising. But you'll see us experimenting all the time.

是的。我認為——我不知道市場上有什麼特別的東西會改變我們包裝產品的理念。我認為我們一直在嘗試新的模式和新的定價——價格試圖優化這種情況。但我並沒有真正看到市場驅動的特定機會出現。但你會看到我們一直在試驗。

And no real change in mix versus last year normalizing for this Championship Edition?

與去年相比，這個冠軍版的正常化並沒有真正的變化？

There'll be some mix -- changes in mix, but we haven't really talked about it at this point.

會有一些混合——混合的變化，但我們現在還沒有真正談論它。

We have reached the end of the question-and-answer session. I'd like to turn the call back over to Strauss Zelnick for closing comments.

我們已經到了問答環節的尾聲。我想將電話轉回 Strauss Zelnick 以結束評論。

We'd just like to thank you all for joining us. We're really proud of how the company is performing. Our combination with Zynga is off to a terrific start culturally, financially, strategically and creatively. And I want to reiterate my appreciation to our colleagues all around the world. We'll be talking to all of them tomorrow in our various town hall meetings. These results are thanks to their hard, dedicated and creative work. Thank you all.

我們只想感謝大家加入我們。我們為公司的表現感到非常自豪。我們與 Zynga 的結合在文化、財務、戰略和創意方面有了一個了不起的開端。我想再次感謝我們在世界各地的同事。明天我們將在各種市政廳會議上與他們所有人交談。這些成果歸功於他們的辛勤、專注和創造性的工作。謝謝你們。

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

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。