Take-Two Interactive Software Inc (TTWO) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Take-Two Interactive Software Second Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

下午好，歡迎參加 Take-Two Interactive Software 2023 財年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to our host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. Thank you. You may begin.

我現在將把會議轉交給我們的主持人 Nicole Shevins，她是投資者關係和企業傳播高級副總裁。謝謝你。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the second quarter of fiscal year 2023 ended September 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 9 月 30 日的 2023 財年第二季度業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；我們的總裁卡爾·斯拉托夫；和我們的首席財務官 Lainie Goldstein。在我們準備好的評論之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws.

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。

These forward-looking statements are based on the beliefs of our management as well as assumptions made by 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.

這些前瞻性陳述是基於我們管理層的信念以及我們目前可獲得的信息所做的假設。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.

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。

Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure. In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com. And now, I'll turn the call over to Strauss.

我們的新聞稿還包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。此外，我們在網站上發布了一張幻燈片，直觀地展示了我們的業績和財務前景。我們的新聞稿和提交給 SEC 的文件可從我們的網站 take2games.com 獲得。現在，我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that we delivered another consecutive quarter of solid results with net bookings of $1.5 billion. We experienced healthy player engagement, driven by exciting new game releases, post-launch content updates and bold beats for many of our mobile offerings, even as consumers continue to navigate the effects 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，我們連續一個季度取得了穩健的業績，淨預訂額為 15 億美元。在激動人心的新遊戲發布、發布後內容更新和我們許多移動產品的大膽節拍的推動下，我們體驗到了健康的玩家參與度，即使消費者繼續應對各種宏觀經濟和地緣政治因素的影響。

We made excellent progress with our integration of Zynga, and we remain highly optimistic about the vast long-term growth potential for the mobile industry, which is expected to reach over $160 billion in gross bookings within the next 4 years. Some of our key achievements in the period include: we successfully reached our 100-day integration milestone at the end of August. Zynga's President, Frank Gibeau and his leadership team have evaluated our mobile portfolio, including existing games and titles in development, and they've identified numerous opportunities to enhance our performance.

我們在整合 Zynga 方面取得了出色的進展，我們對移動行業的巨大長期增長潛力保持高度樂觀，預計未來 4 年總預訂量將超過 1600 億美元。我們在此期間的一些主要成就包括： 我們在 8 月底成功地達到了 100 天的整合里程碑。 Zynga 的總裁 Frank Gibeau 和他的領導團隊評估了我們的移動產品組合，包括正在開發的現有遊戲和遊戲，他們發現了許多提高我們績效的機會。

These initiatives include reorganizing several teams, sharing development tools, resources and best practices across our mobile studios, conceptualizing new bold beats and leveraging Zynga's highly valuable publishing platform, which is now even stronger following the recent acquisition of Storemaven. We're also starting to expand our direct-to-consumer efforts more meaningfully across our mobile portfolio further to enhance profitability.

這些舉措包括重組多個團隊，在我們的移動工作室共享開發工具、資源和最佳實踐，構思新的大膽節拍以及利用 Zynga 極具價值的發布平台，該平台在最近收購 Storemaven 後變得更加強大。我們還開始在我們的移動產品組合中更有意義地擴大直接面向消費者的努力，以進一步提高盈利能力。

We remain committed to delivering $500 million of annual net bookings opportunities over time. The Zynga team has been working with our other labels to explore potential creative projects. As part of this process, we've identified certain underrepresented genres in our mobile portfolio that we believe we can pursue more aggressively over time. Our efforts to deliver cost synergies are tracking extremely well, and we're now confident that we can achieve over $100 million of annual savings within the first 2 years post close.

隨著時間的推移，我們仍然致力於提供 5 億美元的年度淨預訂機會。 Zynga 團隊一直在與我們的其他唱片公司合作，探索潛在的創意項目。作為此過程的一部分，我們已經確定了我們的移動產品組合中某些代表性不足的類型，我們相信隨著時間的推移我們可以更加積極地追求這些類型。我們實現成本協同效應的努力進展順利，我們現在有信心在交易結束後的頭兩年內每年節省超過 1 億美元。

I'd like to thank Frank, his leadership team and all of our new colleagues at Zynga once again for helping to make our combination happen so seamlessly. We're thrilled to have Zynga as part of our Take-Two family.

我要再次感謝 Frank、他的領導團隊和 Zynga 的所有新同事，感謝他們幫助我們實現瞭如此無縫的結合。我們很高興 Zynga 成為 Take-Two 大家庭的一員。

Turning to our second quarter results. Our net bookings performance was within our guidance range, led by Grand Theft Auto V, which exceeded our expectations and to date has sold more than 170 million units worldwide. Starting July 26, Grand Theft Auto Online launched its latest major update, The Criminal Enterprises, introducing expanded gameplay across the criminal careers of executives, bikers, nightclub owners and gun-runners as well as the opportunity to work with federal agents to uncover a criminal conspiracy in the new Operation Paper Trail series of contact missions.

轉向我們的第二季度業績。我們的淨預訂業績在我們的指導範圍內，由俠盜獵車手 V 領銜，超出了我們的預期，迄今為止已在全球售出超過 1.7 億輛。從 7 月 26 日開始，Grand Theft Auto Online 推出了其最新的重大更新“犯罪企業”，在高管、摩托車手、夜總會老闆和槍手的犯罪生涯中引入了擴展的遊戲玩法，並有機會與聯邦特工合作揭發犯罪分子新的 Operation Paper Trail 系列接觸任務中的陰謀。

The update also featured a range of new vehicles and more, including the new Community Series, showcasing some of the most fun and unique experiences created by players across the globe. This major update also delivered a host of overall improvements to the gameplay experience, including increased payouts across a wide array of activities and several other player-requested features. The Criminal Enterprises was very well received, and we've seen millions of players engaging with significant new features such as the ability to run cell missions and private lobbies, new weapon wheel controls and more.

此次更新還包含了一系列新車和更多內容，包括新的社區系列，展示了全球玩家創造的一些最有趣和最獨特的體驗。這一重大更新還對遊戲體驗進行了一系列整體改進，包括增加各種活動的支出以及其他一些玩家要求的功能。犯罪集團非常受歡迎，我們已經看到數百萬玩家參與了重要的新功能，例如執行單元任務和私人大廳的能力、新的武器輪控制等等。

In addition, Rockstar Games GTA+ subscription service continues to grow its members who enjoy a rotation of numerous exclusive in-game benefits, including vehicles, upgrades and gear every month. On September 9, 2K and Visual Concepts successfully launched NBA 2K23 with the title earning an 80-plus Metacritic grading at launch and is receiving praise for raising the bar on the top-selling sports title in the U.S. To date, NBA 2K23 has sold in nearly 5 million units, alongside significant growth in virtual currency sales and a higher average selling price compared to NBA 2K22.

此外，Rockstar Games GTA+ 訂閱服務的會員人數不斷增加，他們每月可輪流享受眾多獨家遊戲內福利，包括載具、升級和裝備。 9 月 9 日，2K 和 Visual Concepts 成功推出 NBA 2K23，該遊戲在發佈時獲得了 80 多分的 Metacritic 評分，並因提高了美國最暢銷體育遊戲的標準而受到讚譽。迄今為止，NBA 2K23 已售出近 500 萬台，與《NBA 2K22》相比，虛擬貨幣銷量顯著增長，平均售價更高。

Player engagement has been very strong with more than 2 million daily active users and 4% growth in average days played. We believe that NBA 2K23 will continue to grow its audience as the title provides a year-round experience for its fervent community of players throughout the world. I'd like to congratulate the teams of 2K and Visual Concepts for once again delivering such a stellar basketball experience.

玩家參與度非常高，日活躍用戶超過 200 萬，平均遊戲天數增長 4%。我們相信 NBA 2K23 將繼續增加其觀眾人數，因為該遊戲為其遍布全球的狂熱玩家社區提供了全年的體驗。我要祝賀 2K 和 Visual Concepts 的團隊再次提供如此出色的籃球體驗。

The franchise's momentum extends beyond the core console experience, with NBA 2K22 Arcade Edition for Apple Arcade remaining the #1 game on the platform, and our recent launch of NBA 2K23 Arcade Edition offering many new features and improvements. Furthermore, NBA 2K Online continues to be the #1 PC online sports game in the country with nearly 59 million registered users.

該系列的發展勢頭超越了核心遊戲機體驗，Apple Arcade 的 NBA 2K22 Arcade Edition 仍然是該平台上排名第一的遊戲，我們最近推出的 NBA 2K23 Arcade Edition 提供了許多新功能和改進。此外，NBA 2K Online 繼續成為該國排名第一的 PC 在線體育遊戲，擁有近 5900 萬註冊用戶。

Red Dead Redemption 2 is continuing to impress, with sell-in of more than 46 million units worldwide to date and more active players in the second quarter than we've seen for the comparable period in previous years. 2K supported WWE 2K22 and Tiny Tina's Wonderlands, the final downloadable content packs for each title, which were made available individually and as part of the game's season passes.

Red Dead Redemption 2 繼續給人留下深刻印象，迄今為止，全球銷量超過 4600 萬台，第二季度的活躍玩家數量超過了我們在往年同期看到的數量。 2K 支持 WWE 2K22 和 Tiny Tina's Wonderlands，這是每個標題的最終可下載內容包，可單獨提供，並作為遊戲季票的一部分提供。

During the quarter, recurrent consumer spending rose 76% and accounted for 80% of net bookings. Zynga continues to experience strong engagement among its active players and we believe that we're maintaining our market share globally. Our mobile business delivered mid-teens growth in advertising bookings on a year-over-year basis, outperforming the broader industry. At the same time, in-app purchases continue to be under some pressure due to current macroeconomic conditions.

本季度，經常性消費支出增長 76%，占淨預訂量的 80%。 Zynga 繼續在其活躍的參與者中體驗到強大的參與，我們相信我們正在保持我們在全球的市場份額。我們的移動業務實現了廣告預訂量的同比增長，超過了整個行業。與此同時，由於當前的宏觀經濟狀況，應用內購買繼續面臨一定壓力。

Some key highlights of our mobile offerings during the quarter include: the Rollic business remained very strong and exceeded our plan. Notably, Rollic surpassed 2 billion lifetime downloads worldwide and have now launched 19 titles that have reached #1 or #2 most downloaded game position in the U.S. App Store. Several of Zynga's title-celebrated milestones, included the second anniversary of Harry Potter Puzzles & Spells, the tenth anniversary of Farmville and the 15th anniversary of Zynga Poker. Each of these anniversaries was supported with an array of in-game events and unique content offerings.

本季度我們移動產品的一些主要亮點包括： Rollic 業務仍然非常強勁，超出了我們的計劃。值得注意的是，Rollic 在全球的終身下載量已超過 20 億次，現已推出 19 款遊戲，在美國 App Store 中的下載量排名第一或第二。 Zynga 的幾個著名里程碑，包括《哈利波特拼圖與咒語》兩週年、Farmville 十週年和 Zynga Poker 15 週年。每一個週年紀念日都得到了一系列遊戲內活動和獨特的內容產品的支持。

Zynga unveiled several high-profile brand integrations, including Social Point's partnership with AMC Networks' the Walking Dead and Dragon City and Monster Legends. CSR2's debut of Pagani's new multimillion dollar Utopia hypercar, and Game of Thrones Slots Casino launched a new in-game event, Week of the Dragon in conjunction with HBO's new hit fantasy series, House of the Dragon.

Zynga 公佈了幾項備受矚目的品牌整合，包括 Social Point 與 AMC Networks 的《行屍走肉》和《龍城》以及《怪物傳奇》的合作。 CSR2 首次亮相的帕加尼價值數百萬美元的新烏托邦超級跑車，以及權力的遊戲老虎機賭場推出了一項新的遊戲內活動，龍週與 HBO 的新熱門幻想系列，龍之屋。

Turning to our outlook. We now expect to deliver net bookings of $5.4 billion to $5.5 billion in fiscal 2023. Our reduced forecast reflects shifts in our pipeline, fluctuations in FX rates and a more cautious view of the current macroeconomic backdrop, particularly in mobile. Lainie will provide more detail on our outlook shortly. Despite these headwinds and their effect on our guidance for the year, we remain highly confident in our diverse and extensive development pipeline that we expect will deliver a sequential growth and record performance over the next several years.

轉向我們的前景。我們現在預計 2023 財年的淨預訂量將達到 54 億美元至 55 億美元。我們下調的預測反映了我們的管道變化、匯率波動以及對當前宏觀經濟背景（尤其是移動領域）更為謹慎的看法。 Lainie 將很快提供有關我們前景的更多詳細信息。儘管存在這些不利因素及其對我們今年指導的影響，但我們仍然對我們多樣化和廣泛的開發管道充滿信心，我們預計這些管道將在未來幾年內實現連續增長和創紀錄的業績。

Take-Two has a proven strategy, a consistent track record of success, driven by our core tenets. We aspire to be the most creative, the most innovative and most efficient entertainment company in the world. As we strive to capitalize on the numerous opportunities ahead of us, we're committed to creating significant long-term value for our shareholders. I'll now turn the call over to Karl.

Take-Two 擁有一個行之有效的戰略，在我們的核心原則的推動下，始終如一的成功記錄。我們立志成為世界上最具創意、最具創新性和最高效的娛樂公司。在我們努力利用擺在我們面前的眾多機會時，我們致力於為我們的股東創造重大的長期價值。我現在把電話轉給卡爾。

I'd like to begin by thanking our teams for delivering another strong quarter, which reflects our ability to captivate and engage audiences consistently by delivering the highest-quality entertainment experiences across all platforms. And I'll discuss our recent releases. On October 14, 2K and HB Studios launched PGA Tour 2K23, the latest entry in our golf simulation franchise, a positive community sentiment and great critical acclaim, including GameSpot coining the title the Best Simulation Golf Game Ever Made.

首先，我要感謝我們的團隊帶來了又一個強勁的季度，這反映了我們通過在所有平台上提供最高質量的娛樂體驗來持續吸引和吸引觀眾的能力。我將討論我們最近發布的版本。 10 月 14 日，2K 和 HB Studios 推出了 PGA Tour 2K23，這是我們高爾夫模擬系列的最新作品，獲得了積極的社區情緒和好評，其中包括 GameSpot 創造了有史以來最佳模擬高爾夫遊戲的稱號。

PGA Tour 2K23 features golf icon and all-time sports great Tiger Woods, and celebrate his legacy by introducing him as both the playable in-game Pro and an Executive Director who advised the games development team. The game features several new additions and improvements, including an enhanced roster of male and female pros, the ability to play as NBA legends, Michael Jordan and Steph Curry, a top golf mode, a deeper array of personalization options and gear, license courses and the ability to design original courses and multiplayer offerings. HB Studios will continue to support the game with additional pros and courses as well as seasonal updates in the Club House pass.

PGA Tour 2K23 以高爾夫偶像和體育史上的偉大人物老虎伍茲為特色，並通過將他介紹為可玩的遊戲專業人士和為遊戲開發團隊提供建議的執行董事來慶祝他的遺產。該遊戲具有多項新增和改進功能，包括增強的男女職業球員名單、扮演 NBA 傳奇人物、邁克爾喬丹和斯蒂芬庫裡的能力、頂級高爾夫模式、更深入的個性化選項和裝備、執照課程和設計原創課程和多人遊戲產品的能力。 HB Studios 將繼續通過額外的專業和課程以及俱樂部會所通行證中的季節性更新來支持遊戲。

On October 21, 2K and Gearbox Software released new tales from the Borderlands, a choice-based narrative adventure game that is a successor to the beloved Telltale Games title. The franchise has always been an incredible canvas for storytelling, and we are pleased to add this new offering to the portfolio.

10 月 21 日，2K 和 Gearbox Software 發布了《無主之地》的新故事，這是一款基於選擇的敘事冒險遊戲，是深受喜愛的 Telltale Games 遊戲的繼承者。特許經營一直是講故事的絕佳畫布，我們很高興將這一新產品添加到產品組合中。

On November 2, Private Division and Roll7 released Finding the Flowzone, the second and final DLC expansion for the critically acclaimed skateboarding action platform OlliOlli World. The release has received praise from critics, including Eurogamer, who commended Finding the Flowzone as a (inaudible) this magnificent game and stating that the expansion is completely rad.

11 月 2 日，Private Division 和 Roll7 發布了《Finding the Flowzone》，這是廣受好評的滑板動作平台 OlliOlli World 的第二個也是最後一個 DLC 擴展包。該版本受到了包括 Eurogamer 在內的評論家的稱讚，他們稱讚《尋找流域》是一款（聽不清）這款宏偉的遊戲，並表示該擴展包完全是 rad。

Now I will discuss our announced offering for the balance of fiscal 2023 and beyond. On December 2, 2K and Firaxis Games will launch Marvel's Midnight Suns 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. In support of the upcoming launch, 2K has produced 5 short videos that are being released weekly on Marvel Entertainment's YouTube channel, which provides the back story of how the game's lead character Lillis became the mother of demons and how superheroes like Blade, Magik, Ghostrider, and Nico Minoru came together to form the young core of the Midnight Suns. 2K will have more to share on the game in the coming weeks.

現在我將討論我們宣布的 2023 財年及以後的餘額。 12 月 2 日，2K 和 Firaxis Games 將在 Windows PC、Xbox Series X 和 S 以及 PlayStation 5 上推出 Marvel 的午夜太陽。Xbox One、PlayStation 4 和 Nintendo Switch 版本將在稍後推出。為了支持即將推出的遊戲，2K 製作了 5 個短視頻，每週在 Marvel 娛樂的 YouTube 頻道上發布，其中提供了遊戲主角莉莉絲如何成為惡魔之母的背景故事，以及 Blade、Magik、Ghostrider 等超級英雄如何，和 Nico Minoru 一起組成了 Midnight Suns 的年輕核心。在接下來的幾週內，2K 將在遊戲中分享更多內容。

During the fourth quarter, 2K and Visual Concepts will launch WWE 2K23. Building upon the success of 2K22, which had nearly 450 million matches played and 10 million hours of game content viewed on Twitch, fans can look forward to the series, once again, redefining interactive entertainment within the SquaredCircle. We are grateful to have such a supportive and collaborative partnership with WWE, and 2K will have more to share about WWE 2K23 in the coming months.

在第四季度，2K 和 Visual Concepts 將推出 WWE 2K23。在 2K22 的成功基礎上，該遊戲在 Twitch 上進行了近 4.5 億場比賽並觀看了 1000 萬小時的遊戲內容，粉絲們可以期待該系列再次重新定義 SquaredCircle 內的互動娛樂。我們很高興能與 WWE 建立如此支持和合作的伙伴關係，並且 2K 將在未來幾個月內分享更多關於 WWE 2K23 的信息。

On February 24, Private Division and Intercept Games will launch Kerbal Space Program 2, the sequel to the beloved rocket building sim. An early access for PC on Steam, Epic Games Store and other digital storefronts. KSP2 will bring an array of content at the launch of early access, making this the most digitally impressive KSP game yet. The game will also feature improved tutorials and user onboarding to provide players with the necessary knowledge to excel at space flight. Built from the ground up, KSP2 will also introduce the ability to customize and paint vehicles, leading to deeper personalization and expression in every build. Those who purchased KSP2 and early access will help inform the future development of the game by providing feedback directly to Intercept Games leading up to the full launch of the title. We can't wait for the incredibly passionate KSP community to take flight in this new entry to the series.

2 月 24 日，Private Division 和 Intercept Games 將推出 Kerbal Space Program 2，這是深受喜愛的火箭建造模擬遊戲的續集。在 Steam、Epic Games Store 和其他數字店面搶先體驗 PC 版。 KSP2 將在搶先體驗發佈時帶來一系列內容，使其成為迄今為止最令人印象深刻的數字化 KSP 遊戲。該遊戲還將提供改進的教程和用戶入門，為玩家提供在太空飛行中表現出色的必要知識。 KSP2 從頭開始構建，還將引入定制和塗裝車輛的能力，從而在每個構建中實現更深層次的個性化和表達。那些購買 KSP2 和搶先體驗的人將通過直接向 Intercept Games 提供反饋來幫助了解遊戲的未來發展，直到遊戲全面推出。我們迫不及待地期待著令人難以置信的熱情 KSP 社區在這個系列的新條目中起飛。

Throughout the balance of the fiscal year, Rockstar Games will continue to support Grand Theft Auto Online with additional major content updates alongside popular annual seasonal themed offerings and more. In mobile, Zynga's Wallet Studio will continue to release a consistent cadence of titles, while the labels of other studios remain hard at work on a variety of offerings, including several titles that are currently in soft launch and expected to release in fiscal year 2024.

在本財年餘下的時間裡，Rockstar Games 將繼續支持 Grand Theft Auto 在線模式，提供額外的主要內容更新以及流行的年度季節性主題產品等。在移動領域，Zynga 的 Wallet Studio 將繼續以一致的節奏發布遊戲，而其他工作室的唱片公司仍在努力開發各種產品，包括目前處於軟發布階段並預計將於 2024 財年發布的幾款遊戲。

Turning to eSports. The NBA 2K League is currently gearing up for its sixth season, which will tip off in spring 2023. Last month, the League announced a landmark agreement with Australia's National Basketball League to launch an expansion team, NLB Oz Gaming. Not only is this the first time an Australian professional sports league has joined a global sports league but it also marks our third expansion team from outside of North America. We remain very excited about the continued growth and success of the NBA 2K League.

轉向電子競技。 NBA 2K 聯盟目前正在為其第六個賽季做準備，該賽季將於 2023 年春季開始。上個月，聯盟宣布與澳大利亞國家籃球聯盟達成一項具有里程碑意義的協議，將組建一支擴張團隊 NLB Oz Gaming。這不僅是澳大利亞職業體育聯盟第一次加入全球體育聯盟，而且也標誌著我們在北美以外的第三支擴張團隊。我們仍然對 NBA 2K 聯賽的持續發展和成功感到非常興奮。

In closing, we believe that Take-Two is home to the best talent in our industry across all segments of interactive entertainment. With an expanding portfolio of the most exciting and commercially successful own intellectual property and the ability to deliver deeply engaging and captivating entertainment experiences to a broad array of audiences around the world, we believe that we are well positioned to deliver long-term value for our shareholders. I'll now turn the call over to Lainie.

最後，我們相信 Take-Two 是我們行業所有互動娛樂領域最優秀人才的家園。憑藉不斷擴大的最令人興奮和商業成功的自有知識產權組合，以及為全球廣泛的觀眾提供引人入勝和引人入勝的娛樂體驗的能力，我們相信我們有能力為我們的長期價值創造股東。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 second quarter before reviewing our guidance for fiscal year 2023 and our third quarter. Please note that our second quarter results include our combination with Zynga, which affects the comparability of our results relative to last year. Additional details regarding our actual results and outlook are contained in our press release.

謝謝，卡爾，大家下午好。今天，我將討論我們第二季度的主要亮點，然後再回顧我們對 2023 財年和第三季度的指導。請注意，我們第二季度的業績包括我們與 Zynga 的組合，這會影響我們的業績與去年的可比性。我們的新聞稿中包含有關我們實際結果和展望的更多詳細信息。

As Strauss mentioned, our combination with Zynga is tracking very well, from the progress we are making against our integration milestones with the net bookings and cost synergy realization that we are working towards and our highly complementary company cultures. We have great confidence that over the long term, our portfolio is poised to benefit from the significant expected growth in mobile gaming, evolving player dynamics towards more immersive mobile content and our massive combined scale, which will enable our teams to cross-promote titles and build stronger tools to connect with new users.

正如施特勞斯所提到的，我們與 Zynga 的結合進展順利，從我們在整合里程碑方面取得的進展、我們正在努力實現的淨預訂和成本協同效應以及我們高度互補的公司文化。我們非常有信心，從長遠來看，我們的產品組合將受益於移動遊戲的預期顯著增長、向更身臨其境的移動內容髮展的玩家動態以及我們龐大的綜合規模，這將使我們的團隊能夠交叉推廣遊戲和構建更強大的工具來與新用戶建立聯繫。

During the quarter, we identified additional cost savings opportunities, and we now feel confident that we can deliver over $100 million of annual synergies within the first 2 years post close. We're also evaluating other efficiencies across our core businesses while ensuring that we have the appropriate resources to deliver on our significant growth prospects.

在本季度，我們發現了額外的成本節約機會，我們現在有信心在交易結束後的頭 2 年內實現超過 1 億美元的年度協同效應。我們還在評估我們核心業務的其他效率，同時確保我們擁有適當的資源來實現我們顯著的增長前景。

Our second quarter results were solid and we delivered net bookings of $1.5 billion, which was within our prior guidance range. Movement in foreign currency exchange rates negatively affected our net bookings by approximately 1%. With consumers navigating ongoing macroeconomic uncertainties, we believe that our financial performance truly demonstrates the incredible quality of our games and the significant value that our interactive entertainment experiences provide to our players.

我們第二季度的業績穩健，我們實現了 15 億美元的淨預訂，這在我們之前的指導範圍內。外幣匯率變動對我們的淨預訂量產生了約 1% 的負面影響。隨著消費者應對持續的宏觀經濟不確定性，我們相信我們的財務表現真正展示了我們遊戲的令人難以置信的質量以及我們的互動娛樂體驗為我們的玩家提供的重要價值。

During the period, recurrent consumer spending rose 76% and accounted for 80% of net bookings. NBA 2K and Rollic's hyper-casual mobile portfolio outperformed our plans, while we experienced some softness across other parts of our portfolio as the interactive entertainment industry faced continued headwinds. Digitally delivered net bookings increased 62% and accounted for 94% of the total. During the quarter, 73% of console game sales were delivered digitally, up from 65% last year. GAAP net revenue increased 62% to $1.4 billion, and cost of revenue increased 56% to $714 million.

期內，經常性消費支出增長 76%，占淨預訂量的 80%。 NBA 2K 和 Rollic 的超休閒移動產品組合超出了我們的計劃，而由於互動娛樂行業面臨持續的逆風，我們的產品組合的其他部分經歷了一些疲軟。數字交付的淨預訂量增長了 62%，佔總數的 94%。本季度，73% 的主機遊戲銷售以數字方式交付，高於去年的 65%。 GAAP 淨收入增長 62% 至 14 億美元，收入成本增長 56% 至 7.14 億美元。

Operating expenses increased by 144% to $932 million, primarily driven by the addition of Zynga, business acquisition and higher personnel costs, which was partly offset by lower console and PC marketing expenses. And GAAP net loss was $257 million or $1.54 per share, which was impacted by $320 million of amortization of acquired intangibles and $37 million of business acquisition costs. Our management tax rate for the third was 18% as compared to 16% in the prior year as a result of our combination with Zynga. We ended the quarter with over $1.3 billion of cash and short-term investments and $3.3 billion of debt.

運營費用增長 144% 至 9.32 億美元，主要受 Zynga 的加入、業務收購和人員成本增加的推動，這部分被控制台和 PC 營銷費用的減少所抵消。 GAAP 淨虧損為 2.57 億美元或每股 1.54 美元，受到 3.2 億美元收購無形資產攤銷和 3700 萬美元業務收購成本的影響。由於我們與 Zynga 的合併，我們第三年的管理稅率為 18%，而上一年為 16%。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 revising our guidance. We now expect to deliver net bookings of $5.4 billion to $5.5 billion. Approximately 70% of the downward revision reflects lower expectations for our mobile business and shifts in our release slate, while the balance reflects an updated view for the rest of our portfolio based on current business trends across the interactive entertainment industry. Our guidance reflects $50 million of FX headwinds.

談到我們的指導，我將從我們的整個財年預期開始。正如施特勞斯所說，我們正在修改我們的指導。我們現在預計將提供 54 億至 55 億美元的淨預訂量。大約 70% 的向下修正反映了對我們移動業務的預期降低和我們發布計劃的變化，而其餘部分則反映了基於互動娛樂行業當前業務趨勢對我們其他產品組合的更新看法。我們的指引反映了 5000 萬美元的外匯逆風。

The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Empires & Puzzles, Rod's hypercasual mobile portfolio, Toon Blast and Red Dead Redemption 2 and Red Dead Online. We expect the net bookings breakdown from our labels to be 45% Zynga, which includes our former Take-Two mobile titles, 36% 2K, 18% Rockstar Games and 1% Private Division. We forecast our geographic net booking split to be about 60% United States and 40% international.

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、Rod 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。我們預計我們標籤的淨預訂量將佔 Zynga 的 45%，其中包括我們以前的 Take-Two 手機遊戲、36% 的 2K、18% 的 Rockstar Games 和 1% 的 Private Division。我們預測我們的地理淨預訂份額約為美國的 60% 和國際的 40%。

We now expect recurrent consumer spending to grow by approximately 90% and represent 77% of total net bookings. Our digitally delivered net bookings are expected to grow by approximately 70% and represent 96% of the total. Our forecast assumes that 75% of actual game sales will be delivered digitally, up from 68% last year. We expect to generate more than $650 million in non-GAAP adjusted unrestricted operating cash flow. And we're expected to deploy approximately $150 million for capital expenditures.

我們現在預計經常性消費者支出將增長約 90%，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 70%，佔總預訂量的 96%。我們的預測假設 75% 的實際遊戲銷售將以數字方式交付，高於去年的 68%。我們預計將產生超過 6.5 億美元的非 GAAP 調整後的無限制經營現金流。我們預計將部署大約 1.5 億美元用於資本支出。

We expect GAAP net revenue to range from $5.41 billion to $5.51 billion and cost of revenue to range from $2.61 billion to $2.64 billion, which includes approximately $694 million of amortization of acquired intangibles. Total operating expenses are expected to range from $3.4 billion to $3.42 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 we anticipate will be slightly offset by our expected cost synergies.

我們預計 GAAP 淨收入將在 54.1 億美元至 55.1 億美元之間，收入成本將在 26.1 億美元至 26.4 億美元之間，其中包括約 6.94 億美元的收購無形資產攤銷。與去年的 15 億美元相比，總運營費用預計在 34 億美元至 34.2 億美元之間。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，我們預計這些費用將被我們預期的成本協同效應略微抵消。

In light of the current economic backdrop, we continue to monitor our costs prudently to find potential areas of savings this year while being mindful of the resources we need to support a robust multiyear release schedule. And we expect the GAAP net loss ranging from $631 million to $674 million or $3.95 to $4.22 per share, which assumes a basic share count of 159.8 million shares. Our revised forecast includes an increase in amortization for intangible assets acquired from Zynga based on updated valuation estimates. We expect (inaudible) to be 18% throughout the year.

鑑於當前的經濟背景，我們將繼續謹慎監控我們的成本，以尋找今年的潛在節省領域，同時注意支持穩健的多年發布計劃所需的資源。我們預計 GAAP 淨虧損介於 6.31 億美元至 6.74 億美元或每股 3.95 美元至 4.22 美元之間，假設基本股數為 1.598 億股。我們修訂後的預測包括根據更新的估值估計從 Zynga 收購的無形資產的攤銷增加。我們預計（聽不清）全年為 18%。

Now moving to our guidance for the fiscal third quarter. We project net bookings to range from $1.41 billion to $1.46 billion compared to $866 million in the third quarter last year. The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Empires & Puzzles, Rock's hyper casual mobile portfolio and Toon Blast. We project recurrent consumer spending to grow approximately 125% and digitally delivered net bookings to increase approximately 80%.

現在轉到我們對第三財季的指導。我們預計淨預訂額將在 14.1 億美元至 14.6 億美元之間，而去年第三季度為 8.66 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、Rock 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 125%，數字化交付的淨預訂量將增長約 80%。

Our forecast assumes that 72% of console game sales will be delivered digitally, up from 63% last year. We expect GAAP net revenue to range $1.43 billion to $1.48 billion and cost of revenue to range from $690 million to $710 million, which includes approximately $198 million of amortization of acquired intangibles. Operating expenses are expected to range from $897 million to $907 million. At the midpoint, this represents a 126% increase over last year. This increase reflects the inclusion of Zynga, business acquisition costs and higher marketing, which we believe will be slightly offset by the realization of some of our anticipated cost synergies and cost-saving efforts. And GAAP net loss is expected to range from $142 million to $160 million or $0.85 to $0.95 per share, which assumes a basic share count of 167.7 million shares.

我們的預測假設 72% 的主機遊戲銷售將以數字方式交付，高於去年的 63%。我們預計 GAAP 淨收入將在 14.3 億美元至 14.8 億美元之間，收入成本將在 6.9 億美元至 7.1 億美元之間，其中包括約 1.98 億美元的收購無形資產攤銷。運營費用預計在 8.97 億美元至 9.07 億美元之間。在中點，這比去年增加了 126%。這一增長反映了 Zynga 的加入、業務收購成本和更高的營銷成本，我們認為這將被我們預期的一些成本協同效應和成本節約努力的實現略微抵消。假設基本股數為 1.677 億股，GAAP 淨虧損預計在 1.42 億美元至 1.6 億美元或每股 0.85 美元至 0.95 美元之間。

In closing, we continue to focus on our execution against an uncertain economic backdrop, and we are highly optimistic about our future growth trajectory. Our long-term development pipeline is stronger than ever, and we're excited to deliver a high profile of sequels and engaging new properties that have the potential to enhance our financial profile even further.

最後，我們繼續專注於在不確定的經濟背景下執行，我們對未來的增長軌跡高度樂觀。我們的長期開發渠道比以往任何時候都更加強大，我們很高興能夠提供高調的續集並吸引有可能進一步提升我們的財務狀況的新物業。

At the same time, we are confident in our ability to create significant shareholder value as we continue our integration of Zynga by collaborating on new creative projects, leveraging our combined scale, unlocking greater potential from the mobile platform and entering new business models and geographies. Thank you. I'll now turn the call back to Strauss.

與此同時，我們對通過合作開展新的創意項目、利用我們的綜合規模、釋放移動平台的更大潛力以及進入新的商業模式和地區來繼續整合 Zynga 的能力充滿信心。謝謝你。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for delivering another solid quarter. 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。我代表我們的整個管理團隊，感謝我們的同事們提供了又一個穩健的季度。對於我們的股東，我想對您一直以來的支持表示感謝。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。

Wonder if you could just give us a little bit of insight into the mobile business. Do you feel like we're sort of close to a stabilization for that business? And we've been hearing everything -- a lot of different things about what's going on in mobile now, specifically top games are doing well, it's the smaller games that are having some problems. Are you seeing issues with maintaining DAUs or is it spending? Any insight you can give would be greatly appreciated.

想知道您是否可以讓我們對移動業務有所了解。你覺得我們的業務接近穩定了嗎？我們已經聽到了一切——關於現在移動領域正在發生的很多不同的事情，特別是頂級遊戲表現良好，小型遊戲存在一些問題。您是否發現維護 DAU 存在問題，或者是否在支出？您可以提供的任何見解將不勝感激。

Look, engagement is very stable. We got a lot of terrific hit titles at Zynga. It's what we like about the company. Unlike many mobile businesses of this kind of scale, our bookings are not concentrated in 2 or 3 titles. We have more than 10 big titles and more coming. So engagement is incredibly solid. We are seeing some pressure on in-game spending.

看，訂婚很穩定。我們在 Zynga 獲得了很多很棒的熱門遊戲。這就是我們喜歡這家公司的地方。與許多這種規模的移動業務不同，我們的預訂並不集中在2或3個標題上。我們有 10 多個大標題，還有更多即將推出。因此，參與度非常穩固。我們看到遊戲內支出面臨一些壓力。

We also have a great story in advertising bookings because our advertising bookings are up mid-double digits year-over-year. And so there are plenty of bright spots in the business as well. The most important spot, people love mobile games. They love our mobile games, they continue to play them. And we're seeing no significant change in engagement across our titles.

我們在廣告預訂方面也有一個很好的故事，因為我們的廣告預訂量同比增長了兩位數。因此，該業務也有很多亮點。最重要的一點，人們喜歡手機遊戲。他們喜歡我們的手機遊戲，他們會繼續玩。而且我們看到我們的遊戲的參與度沒有顯著變化。

In terms of what I expect to change, look, it's very hard to say. I think that's -- it's anyone's guess what the economy will do. My own opinion, and it's really just 1 person's opinion, as we're looking -- we should be looking at 3 to 6 more months of downward pressure. And I expect by the end of '23, we'll be in good shape.

就我期望改變的內容而言，看，很難說。我認為這是 - 任何人都在猜測經濟會做什麼。我自己的意見，實際上只是 1 個人的意見，正如我們正在研究的那樣——我們應該再考慮 3 到 6 個月的下行壓力。我預計到 23 年底，我們會處於良好狀態。

Great. That's helpful. I wonder, just as a follow-up, it looks like just going between your company presentations, it looks like your pipeline of games from fiscal '23 to fiscal '25 is unchanged. Is that a pretty fair assessment?

偉大的。這很有幫助。我想知道，作為後續行動，它看起來就像在您的公司演示之間進行，看起來您從 23 財年到 25 財年的遊戲管道沒有變化。這是一個相當公平的評價嗎？

It is. We have 87 titles coming across mobile, PC and console. And it's the most robust pipeline we've ever had certainly and one would argue, one of the most robust pipelines in the industry.

這是。我們有 87 款遊戲橫跨移動設備、PC 和遊戲機。它肯定是我們曾經擁有的最強大的管道，有人會爭辯說，這是業內最強大的管道之一。

Our next question comes from Andrew Uerkwitz with Jefferies.

我們的下一個問題來自 Jefferies 的 Andrew Uerkwitz。

I guess there's a lot of frustration. You had the S-4 out earlier in the year. We've gotten 2 cuts here. And the move in the pipeline around is part of the blame. What -- is there anything you guys can share that gives you confidence that there's going to be growth next year, especially in the core Take-Two? It looks like part of the cut is half 2K, if I'm doing my math right. So just curious, what is giving you that confidence or anything you can share that gives us the confidence to go along with it here?

我想有很多挫敗感。你在今年早些時候推出了 S-4。我們在這裡砍了 2 次。管道中的移動是部分原因。什麼——你們有什麼可以分享的，讓你們相信明年會有增長，尤其是在核心的 Take-Two 方面？如果我的數學計算正確的話，剪輯的一部分看起來是 2K 的一半。所以只是好奇，是什麼給了你這種信心，或者你可以分享的任何東西讓我們有信心在這裡接受它？

It's driven by the pipeline, of course. So we know what the release schedule is and we feel really good about it. And if we didn't, we wouldn't call for a sequential growth and record results in the next 3 years. But I understand the frustration. And look, we call it as we see it and I think we're known for that. Had we expected where we were right now, then we wouldn't be guiding down. We're guiding down because things have materialized in a way that's different than our expectations. Some of that is related to pipeline, but frankly, not most of it. Most of it's related to mobile, significant amount of FX as well. But there have been some modest pipeline shifts. The good news is those titles are, of course, coming.

當然，它是由管道驅動的。所以我們知道發佈時間表是什麼，我們對此感覺非常好。如果我們不這樣做，我們就不會要求在未來 3 年內實現連續增長和創紀錄的業績。但我理解這種沮喪。看，我們稱它為我們所看到的，我認為我們為此而聞名。如果我們預期我們現在在哪裡，那麼我們就不會向下引導。我們正在向下指導，因為事情的實現方式與我們的預期不同。其中一些與管道有關，但坦率地說，不是大部分。其中大部分與移動相關，也與大量外匯有關。但是有一些適度的管道轉移。好消息是，這些頭銜當然即將到來。

Got it. And then if I could just throw 1 follow-on there. You guys are known for quality and I'm sure a lot of the delays or shifts are related to polish. But is there something you guys are seeing that's -- it's just too much going on? Just kind of just walk us through kind of the thought process behind it. It just seems like -- was COVID a bigger impact? This will be, I think, 2 or 3 years now with record pipeline and so far, just we're all being patient here.

知道了。然後，如果我可以在那裡拋出 1 個後續。你們以質量著稱，我敢肯定很多延誤或轉變都與拋光有關。但是你們是否看到了一些事情——發生的事情太多了？只是讓我們了解一下它背後的思考過程。看起來——COVID的影響更大嗎？我認為，這將是 2 或 3 年，現在有了創紀錄的管道，到目前為止，我們都在這裡耐心等待。

I understand the concern and I understand the question as well. No, we're not seeing any productivity issues, for example. We definitely have very high quality expectations in the [bands], and that's reflected in the fact that we're performing across the board. So this company is a hit factory. We haven't had a disappointing release in as long as I can remember. And that's honestly the most important thing.

我理解這個問題，我也理解這個問題。不，例如，我們沒有看到任何生產力問題。我們肯定對 [樂隊] 有非常高的質量期望，這反映在我們全面表現的事實中。所以這家公司是一家熱門工廠。只要我記得，我們就沒有發布過令人失望的版本。老實說，這是最重要的事情。

So we would much rather -- if you have to choose, I'd much rather have the situation we're in, which is we've had some delays and we have had to revise down guidance. I'll choose that any day over taking some flops. That's really the key in this business. We've had issues -- I mean, we've been around here long enough to remember them. Where in the past, we had delays in titles and it was ultimately always worth waiting for because when we got to the other side, the results were delivered, and the small amount of the time delay didn't ultimately matter in the context of the results that we were able to deliver. I'm hopeful that will be the case here as well.

所以我們更願意——如果你必須選擇，我更願意有我們所處的情況，即我們有一些延遲，我們不得不修改指導。我會選擇任何一天而不是失敗。這確實是這項業務的關鍵。我們遇到過問題——我的意思是，我們已經在這裡待了足夠長的時間來記住它們。在過去，我們在標題方面有延遲，最終總是值得等待，因為當我們到達另一邊時，結果已經交付，而少量的時間延遲最終在我們能夠交付的結果。我希望這裡也是如此。

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 could just go back to the mobile business for a minute. In terms of what you've learned about the mobile business over the last 12, 15 months, some of before the close and since the close in Zynga, how do you think about what you need to build for the long term versus some of the elements of change that you can see on some of the distribution platforms from Apple and Google, and how that might impact what you need to build and scale on either the acquisition front or the monetization front for the long term?

也許我可以回到移動業務一分鐘。就您在過去 12 個月、15 個月（包括 Zynga 收盤前和收盤以來的一些）中了解的移動業務而言，您如何看待您需要構建的長期內容與一些您可以在 Apple 和 Google 的一些分銷平台上看到哪些變化元素，以及這可能會如何影響您在收購方面或貨幣化方面長期需要構建和擴展的內容？

It's Karl. So really, what it means to us, what we're working on building is Zynga and this is what's happening obviously well before we merged with the company. As we're working on building the mobile platform. And one of the most exciting things and obviously, Zynga has got some amazing forever franchises and some great IPs and some good titles and some great titles coming out.

是卡爾。所以說真的，這對我們來說意味著什麼，我們正在努力打造的是 Zynga，這顯然是在我們與公司合併之前發生的事情。因為我們正在努力構建移動平台。最令人興奮的事情之一，顯然，Zynga 已經獲得了一些令人驚嘆的永久特許經營權和一些偉大的 IP，一些優秀的遊戲和一些優秀的遊戲即將問世。

But a huge part of the value is that platform and the ability to manage the customer life cycle very effectively. And you can see the company investing in that over time and we continue to invest that. And as we bring together the databases across our entire company, that power of data management, particularly in the context of IDFA and some of the challenges that privacy rules may present to us, the better your data, the broader your data set and the better the bigger and broader your platform and the more capabilities you have in your platform will enable you to mitigate those effects. And we're already seeing some of that.

但價值的很大一部分在於該平台以及非常有效地管理客戶生命週期的能力。隨著時間的推移，您可以看到公司對此進行投資，我們將繼續投資。當我們將整個公司的數據庫整合在一起時，數據管理的力量，特別是在 IDFA 和隱私規則可能給我們帶來的一些挑戰的背景下，您的數據越好，您的數據集越廣泛，效果就越好您的平台越大越廣，平台中的功能越多，您就可以減輕這些影響。我們已經看到了其中的一些。

And that's been a focus for Zynga for quite some time, and we're going to continue to invest in that. You saw it with the acquisition of (inaudible), the acquisition of Storemaven, but also bringing all of the Zynga portfolio and the new Take-Two portfolio onto the centralized Zynga platform is going to yield significant results for us.

很長一段時間以來，這一直是 Zynga 關注的焦點，我們將繼續在這方面進行投資。您在收購（聽不清）、收購 Storemaven 以及將所有 Zynga 產品組合和新的 Take-Two 產品組合引入集中式 Zynga 平台時看到了這一點，這將為我們帶來顯著的成果。

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 2, if I could. One for Strauss. Strauss, you talked about sequential years of growth and a record performance. I guess the question there is, what are you alluding to? Is that EBITDA, earnings per share, margins? Any meat you can kind of put on that would be helpful.

也許2，如果可以的話。一個給施特勞斯。施特勞斯，你談到了連續幾年的增長和創紀錄的表現。我想問題是，你在暗示什麼？那是EBITDA，每股收益，利潤率嗎？任何你可以放的肉都會有幫助。

And then just second 1 for Lainie. Lainie, I think you called out $50 million in -- I interpreted that as incremental currency headwind impacting the full year guide, but you also alluded to pipeline moving around. Could you quantify what that impact is and kind of what that is for the year?

然後是萊尼的第二名。 Lainie，我認為你已經籌集了 5000 萬美元——我將其解釋為影響全年指南的增量貨幣逆風，但你也提到了管道的移動。您能否量化這種影響是什麼以及這一年的影響是什麼？

Yes. What I was referring to is top and bottom line so net bookings and income, however you describe EBITDA as a handy measure.

是的。我指的是頂線和底線，因此淨預訂量和收入，但是您將 EBITDA 描述為一種方便的衡量標準。

Yes. And for the full year, I mentioned that about 70% of the downward revision is the mobile business and the release slate together, and about $50 million is for the FX currency headwinds.

是的。而對於全年，我提到大約 70% 的向下修正是移動業務和發布計劃，其中約 5000 萬美元用於外匯貨幣逆風。

And is there any color on what slipped in the pipeline? And I'm sorry if I missed that.

管道中滑落的東西有什麼顏色嗎？如果我錯過了，我很抱歉。

Sure. For -- the changes in release schedule, there are several changes that happened during the quarter. So there was 1 mobile title from 2K that moved and [Gen 8] and Switch versions of the Marvel Midnight Suns moved into fiscal '24. And also KSP2 has now shifted to early access this year, so those are the major changes in the release schedule.

當然。對於 - 發佈時間表的變化，本季度發生了一些變化。因此，有 1 個來自 2K 的移動遊戲移動了，[Gen 8] 和 Switch 版本的 Marvel Midnight Suns 進入了 24 財年。而且今年 KSP2 現在已經轉為搶先體驗，所以這些是發佈時間表的主要變化。

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。

Just on the PC console business, are you seeing a divergence between the performance of Grand Theft Auto and NBA 2K, specifically where NBA 2K RCS is outperforming Grand Theft Auto? And if so, can you give any more color on the player and consumption dynamics you're seeing in GTA?

就 PC 遊戲機業務而言，您是否發現 Grand Theft Auto 和 NBA 2K 之間的表現存在差異，特別是 NBA 2K RCS 的表現優於 Grand Theft Auto？如果是這樣，您能否為您在 GTA 中看到的玩家和消費動態提供更多色彩？

And then on the mobile side, you highlighted how the advertising business is hanging in there and growing a fair bit better than in-app purchases. Do you expect the advertising to materially outperform in-app purchases over the next couple of quarters? The reason I ask is because presumably, a lot of those ad dollars are coming from other game companies. And then I wonder if eventually that feels the pain from in-app purchases across the industry going down.

然後在移動端，你強調了廣告業務是如何在那裡掛起的，並且比應用內購買要好得多。您是否預計廣告在接下來的幾個季度中會顯著超過應用內購買？我問的原因是因為大概這些廣告收入中有很多來自其他遊戲公司。然後我想知道最終是否會感受到整個行業應用內購買下降的痛苦。

Yes. Thanks for your questions. Look, GTA Online and NBA 2K are very different animals. GTA Online has been around for nearly 10 years. It's beloved by a massive audience. GTA V, the underlying title has sold in more than 170 million units. NBA 2K is an annualized release, and so we get an annual snapshot of how virtual currency is doing. Engagement is very high indeed. Virtual currency is up in NBA 2K23.

是的。感謝您的提問。看，GTA 在線模式和 NBA 2K 是非常不同的動物。 GTA 在線模式已經存在近 10 年了。深受廣大觀眾的喜愛。 GTA V，底層標題已售出超過 1.7 億台。 NBA 2K 是年度發布，因此我們每年都會獲得有關虛擬貨幣表現的快照。參與度確實很高。虛擬貨幣在 NBA 2K23 中出現了。

The mobile advertising business, look, these are 2 different businesses and the vast majority of our net bookings at Zynga comes from in-app purchases still. So yes, we expect the growth rate in advertising probably to exceed the growth rate in in-app purchases, certainly for the next year. Beyond that, I think it's too early to say.

移動廣告業務，看，這是兩個不同的業務，我們在 Zynga 的絕大多數淨預訂仍然來自應用內購買。所以是的，我們預計廣告的增長率可能會超過應用內購買的增長率，肯定是在明年。除此之外，我認為現在說還為時過早。

Our next question comes from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

Maybe just taking -- backing up to the last question, asking more broadly. With your guidance update and the impact from more cautious macro backdrop, if you isolate your console PC business, can you discuss if in any way you change your view on RCS for this part of the business, so excluding multiple? And then separately, can you talk about the decision to close Playdots? And is this, in any way, factors into that $100 million-plus of cost synergies that accompanied the Zynga transaction?

也許只是採取 - 支持最後一個問題，提出更廣泛的問題。隨著您的指導更新和更加謹慎的宏觀背景的影響，如果您孤立您的控制台 PC 業務，您能否討論您是否以任何方式改變您對這部分業務的 RCS 的看法，因此不包括多個？然後另外，你能談談關閉 Playdots 的決定嗎？無論如何，這是否會影響 Zynga 交易帶來的超過 1 億美元的成本協同效應？

So for RCS, we did lower our expectations. Most of it was for mobile since our prior guidance assumed that mobile would experience some improvement in the second half of the year. But we no longer expect that since the current data for the industry and our real-time performance has shown that we think it will lower in the second half of the year. But we are also assuming some softer performance for several of our large nonmobile titles that are meaningful contributors to RCS. So that's why our expectations for RCS are to come down in the second half of the year.

所以對於 RCS，我們確實降低了我們的期望。其中大部分是針對移動設備的，因為我們之前的指導假設移動設備在下半年會有所改善。但我們不再期望，因為當前行業數據和我們的實時表現表明，我們認為它會在下半年走低。但我們也假設我們的幾個大型非移動遊戲的性能會有所下降，這些遊戲對 RCS 做出了有意義的貢獻。這就是為什麼我們對 RCS 的期望在下半年下降的原因。

And with regard to Playdots, we've relocated the operations of our successful game, Two Dots to another studio. And yes, that was driven by the integration benefits that we felt we could achieve.

關於 Playdots，我們已將我們成功的遊戲 Two Dots 的運營轉移到另一個工作室。是的，這是由我們認為可以實現的集成優勢驅動的。

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。

Wanted to ask about mobile. With the full year guidance, 70% of it coming from mobile but Rollic outperformed in the second quarter. So is there some main factors you can point to that separates Rollic from the rest of the mobile portfolio. Is it being kind of immune to IDFA? Is it competition? And then lastly, just curious to hear your thoughts on potentially leveraging the success of Rollic with perhaps cross promotion to other mobile games?

想問一下手機。在全年的指導下，其中 70% 來自移動設備，但 Rollic 在第二季度表現出色。那麼，您是否可以指出將 Rollic 與其他移動產品組合區分開來的一些主要因素。它對 IDFA 有免疫力嗎？是競爭嗎？最後，只是想听聽您對可能利用 Rollic 的成功並可能交叉推廣到其他手機遊戲的想法？

So Mario, 70% is mobile and the movement in the release schedule, so it's a combination of both of those 2 items. So it's not only mobile. But you're right, Rollic did outperform in Q2 so that business is doing really well.

所以馬里奧，70% 是移動的，並且在發佈時間表中移動，所以它是這兩個項目的組合。所以它不僅是移動的。但你是對的，Rollic 在第二季度確實表現出色，因此業務表現非常好。

And some of the reasons (inaudible) for Rollic doing well is obviously, it's an advertising-driven business, and it had some success from an advertising perspective, both in terms of efficiency and inventory availability. And also, it's just given the nature of the hypercasual business. It's not necessarily reliant as much on targeted advertising. So it's a little bit easier to grow your UA in that context because -- where you have situations like IDFA doesn't necessarily fit the Rollic business or the hypercasual business in the same way that it would in the normal [mobile] business. I'm sorry, I missed the second question. What was that, about cross-promotion?

Rollic 做得好的一些原因（聽不清）顯然是，它是一個廣告驅動的業務，從廣告的角度來看，它在效率和庫存可用性方面都取得了一些成功。而且，它只是考慮到超休閒業務的性質。它不一定依賴有針對性的廣告。因此，在這種情況下發展你的 UA 會更容易一些，因為在你遇到像 IDFA 這樣的情況時，它不一定適合 Rollic 業務或超休閒業務，就像在正常 [移動] 業務中那樣。對不起，我錯過了第二個問題。那是什麼，關於交叉推廣？

Yes, the question was your thoughts on potentially leveraging the success of Rollic to cross-promote (inaudible) you that as an acquisition channel other [mobile].

是的，問題是您對可能利用 Rollic 的成功來交叉推廣（聽不清）您作為其他 [移動] 的獲取渠道的想法。

Yes, there are certainly opportunities to do that. You can make an argument that it's a different kind of a customer. I think there's obviously overlap. There may be some differences. But the fact that you've got a large funnel of players coming into your database always going to be something that's going to help your UA strategy across your entire enterprise and specifically on the mobile side of the business.

是的，當然有機會這樣做。你可以論證它是不同類型的客戶。我認為顯然有重疊。可能存在一些差異。但是，您有大量玩家進入您的數據庫這一事實總是會幫助您在整個企業中製定 UA 戰略，特別是在業務的移動端。

Our next question comes from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

Just regarding the $500 million of revenue synergies with Zynga, which you reiterated, any early opportunities you're seeing across your portfolio to execute on this? And then Lainie, you mentioned other potential cost opportunities that could come up. Is that something that's factored into your guide or would that be incremental to it?

就您重申的與 Zynga 的 5 億美元收入協同效應而言，您在投資組合中看到的任何早期機會執行此操作？然後萊妮，你提到了可能出現的其他潛在成本機會。這是您的指南中考慮的內容還是會增加它？

Yes. On the first question, yes, there are a number of early opportunities that we've identified, including our approach directly to the consumer on the mobile business, which is pretty exciting and could generate material benefits. And we're working on a number of properties as well. It will take longer to bring some titles to market but that's super exciting.

是的。關於第一個問題，是的，我們已經發現了許多早期機會，包括我們在移動業務上直接面向消費者的方法，這非常令人興奮並且可以產生物質利益。我們也在開發一些屬性。將一些遊戲推向市場需要更長的時間，但這非常令人興奮。

And in terms of the operating expense synergies, we do have some of the synergies with Zynga included in our guide. But in terms of the other areas of efficiencies, we don't have those in our guide yet. We have some ideas that we're looking at. So like on a multiyear basis, we're evaluating our real estate footprint as we adopt flexible work policies. We're also looking at identifying some core functions that we can centralize across our labels, determining the necessity of some various opened to hire positions and also negotiating some vendor contracts more effectively across the company. So those are additional opportunities that we're seeing in our cost structure. So we'll be looking at achieving those in the next year or so.

在運營費用協同效應方面，我們的指南中確實包含了與 Zynga 的一些協同效應。但就其他效率領域而言，我們的指南中還沒有這些。我們有一些我們正在研究的想法。因此，就像在多年的基礎上一樣，我們正在評估我們的房地產足跡，因為我們採用了靈活的工作政策。我們還在考慮確定一些我們可以集中在我們的標籤中的核心功能，確定一些不同的招聘職位的必要性，並在整個公司更有效地談判一些供應商合同。因此，這些是我們在成本結構中看到的額外機會。因此，我們將著眼於在明年左右實現這些目標。

Our next question comes from Doug Creutz with Cowen.

我們的下一個問題來自 Doug Creutz 和 Cowen。

Just to tie a couple of things that have already been said together. You mentioned that you've been assuming that mobile would improve in the back half of the year and now you're not assuming that. Is it simply to say that you thought it would get better and it isn't or that it's actually continued to deteriorate since the last call?

只是為了把已經說過的幾件事聯繫在一起。您提到您一直假設移動設備會在今年下半年有所改善，但現在您沒有假設。是否只是說您認為情況會好轉而事實並非如此，或者自上次通話以來它實際上繼續惡化？

It's the former.

是前者。

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 NBA 2K's ASP trends. You mentioned there's some year-over-year improvement. Can you maybe dig into details on what contributed to the ASP improvement?

我的第一個問題是關於 NBA 2K 的 ASP 趨勢。你提到有一些逐年改善。您能否深入了解促成 ASP 改進的原因？

We came out with a Championship Edition this year. Every year, we do different marketing packages or different SKUs. We had a particularly successful 1 this year that features some very prominent basketball players, and that carries a much higher average selling price and that's affecting the ASP. So it really is just sort of -- it's the SKU mix of the title.

今年我們推出了冠軍版。每年，我們都會做不同的營銷套餐或不同的 SKU。今年我們有一個特別成功的 1，其中有一些非常傑出的籃球運動員，而且平均售價要高得多，這影響了 ASP。所以它真的只是——它是標題的 SKU 組合。

Got it. And then a follow-up question regarding your mobile synergy. Is there any milestones you could share with us updating where the teams are at? Are new teams being formed to build mobile game space on your core IP? Is there any games in aviation phase or any other milestones will be appreciated.

知道了。然後是關於您的移動協同作用的後續問題。您是否可以與我們分享任何里程碑以更新團隊的位置？是否正在組建新團隊以在您的核心 IP 上構建移動遊戲空間？是否有任何航空階段的遊戲或任何其他里程碑將不勝感激。

Yes. We don't have anything specific to announce right now. And I assume your question is really related -- as it relates to releasing Take-Two IP or games, yes. Because obviously, there's a lot of other smaller things we can do with leads, et cetera, and also just the efficiencies about bringing the companies together, T2 Mobile and Zynga -- the acquired Zynga component.

是的。我們現在沒有任何具體的消息要宣布。我認為您的問題確實相關——因為它與發布 Take-Two IP 或遊戲有關，是的。因為很明顯，我們可以用潛在客戶等做很多其他較小的事情，還有將兩家公司合併在一起的效率，T2 Mobile 和 Zynga - 收購的 Zynga 組件。

But yes, there are a lot of conversations going on. There are a lot of ideas flowing back and forth. We don't have anything to announce right now, but those conversations are going very well and they're exciting. When it materializes, it's difficult to assess. The creative process is a very specific process and some of them take longer than others. And the most important thing is that we have game concepts that make sense from a commercial perspective but also from a brand perspective. So the teams are having those conversations for now. So stay tuned.

但是，是的，有很多對話正在進行。有很多想法來回流動。我們現在沒有什麼要宣布的，但這些對話進展順利，令人興奮。當它實現時，很難評估。創作過程是一個非常具體的過程，其中一些過程比其他過程需要更長的時間。最重要的是，我們擁有從商業角度和品牌角度都有意義的遊戲概念。所以團隊現在正在進行這些對話。所以請繼續關注。

Our next question comes from Matti Littunen with Bernstein.

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

First question on NBA units. So it sounds like, if I heard correctly, that the unit number so far is very similar to what you said a year ago. So could you just confirm, has it been broadly similar? Has there been any slight growth or decline on that? And then on the live services revenue, could you give us any color in terms of how that revenue is currently split between MyCAREER and MyTEAM and maybe how that's trending over time?

第一個關於 NBA 單位的問題。所以聽起來，如果我沒聽錯的話，到目前為止的單位編號與你一年前所說的非常相似。所以你能確認一下，它是否大致相似？是否有任何輕微的增長或下降？然後在直播服務收入方面，您能否就收入目前在 MyCAREER 和 MyTEAM 之間的分配方式以及隨著時間的推移趨勢如何？

Yes. It's roughly the same number of units year-over-year and virtual currency spending is up. And we don't split out the spending in the different modes for the purpose of this call.

是的。與去年同期相比，單位數量大致相同，虛擬貨幣支出也在增加。我們並沒有為了這次電話會議的目的而將不同模式的支出分開。

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。

Lainie, you talked to this a little bit. But in terms of labor, how do you think about things improving as the market cools off a bit for tech employees? And how are you thinking about headcount growth and retention from here? Does the cooling labor market give you any leverage in terms of getting developers back to the office? Does that help things? Any color there would be great.

萊妮，你談了一點。但就勞動力而言，隨著市場對科技員工的冷卻，你如何看待情況有所改善？您如何看待這裡的員工人數增長和保留？在讓開發人員重返辦公室方面，冷卻的勞動力市場是否給了你任何籌碼？這有幫助嗎？任何顏色都會很棒。

Well, we don't really look at our relations with our colleagues as one of leverage, so we probably wouldn't describe it through that lens. I do think that it's probably going to become easier to hire people when a lot of tech businesses are laying people off. We don't expect a rip and we don't have a hiring freeze. We're always judicious about the people we bring on board. We pride ourselves on being highly efficient, and we believe we are highly efficient now.

好吧，我們並沒有真正將我們與同事的關係視為一種槓桿作用，所以我們可能不會通過那個鏡頭來描述它。我確實認為，當許多科技企業裁員時，招聘人員可能會變得更容易。我們不希望出現裂痕，我們也沒有凍結招聘。我們總是對我們帶來的人保持審慎。我們以高效而自豪，我們相信我們現在非常高效。

So I do think that this may make it somewhat easier to hire really talented people, but we wouldn't use these times to apply leverage. We believe that we have great relationships with our workforce and those are terribly important to us.

所以我確實認為這可能會讓僱傭真正有才華的人變得更容易一些，但我們不會利用這些時間來施加影響。我們相信我們與我們的員工有很好的關係，這些對我們來說非常重要。

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。

My question is about mobile advertising efficiency. How has mobile advertising efficiency in the September quarter trended versus the March and the June quarters, especially at Zynga? And what are your go-forward assumptions for the December and March quarter? And what I mean by advertising efficiency is the kind of in-app purchase bookings divided by the advertising spend?

我的問題是關於移動廣告效率的。與 3 月和 6 月季度相比，9 月季度的移動廣告效率趨勢如何，尤其是在 Zynga？您對 12 月和 3 月季度的未來假設是什麼？我所說的廣告效率是指應用內購買預訂量除以廣告支出嗎？

Just to be clear, you define advertising efficiency as in-app purchases divided by advertising spend?

為了清楚起見，您將廣告效率定義為應用內購買除以廣告支出？

Yes, or the reciprocal of that. So like the total advertising spend as a percentage of bookings. Sorry, I should have said it that way.

是的，或者它的倒數。比如總廣告支出佔預訂量的百分比。對不起，我應該那樣說的。

Right. So I think, look, we don't break -- we're not necessarily breaking that out specifically and I'm not sure that I would characterize that as efficiency, but it certainly would be an interesting measure to look at. And as we said before, we've experienced pretty strong growth in our advertising business and we've had some pressure on in-app purchases. So it stands to reason that, that ratio would probably be going more in favor of the advertising business versus in-app purchases.

正確的。所以我認為，看，我們沒有打破 - 我們不一定要專門打破它，我不確定我是否會將其描述為效率，但這肯定是一個有趣的衡量標準。正如我們之前所說，我們的廣告業務增長非常強勁，我們在應用內購買方面也面臨一些壓力。因此，有理由認為，與應用內購買相比，該比例可能更傾向於廣告業務。

That isn't necessarily a long-term trend. That's just something that we're seeing in the short run. We fully expect in-app purchases to come back at one point in the future. As Strauss said before, a little hard to gauge that when that may happen, but that is our expectation. So those ratios, I don't believe are necessarily going to be fixed over time or necessarily moving in a specific direction again, depending on what happens in the broader market.

這不一定是長期趨勢。這只是我們在短期內看到的。我們完全預計應用內購買會在未來某個時候回歸。正如施特勞斯之前所說，有點難以判斷什麼時候會發生，但這是我們的預期。因此，我認為這些比率不一定會隨著時間的推移而固定，也不一定會再次朝著特定的方向發展，這取決於大盤的情況。

Okay. And just a follow-up on that would be, have you changed which channels you're using for user acquisition for mobile, specifically for Zynga? Or how do you, for example, concentrate your spend in specific channels? Has that changed at all?

好的。只是跟進一下，您是否更改了用於移動用戶獲取的渠道，特別是 Zynga？或者，例如，您如何將支出集中在特定渠道上？這完全改變了嗎？

Yes, I don't think the mix in terms of where we're spending concentrating has changed dramatically based on anything that we've seen in the market. You can certainly expect that day-to-day, quarter-to-quarter, month-to-month, you're going to see variations depending on where media opportunities exist. So I'm sure you're going to see some variation depending on what happens in specific media outlets. But I don't see a broader trend that's pushing us towards any particular asset versus another.

是的，根據我們在市場上看到的任何情況，我認為我們的支出集中度並沒有發生巨大變化。您當然可以預期，每天、每季度、每月，您會看到不同的媒體機會存在的地方。因此，我相信您會看到一些變化，具體取決於特定媒體渠道發生的情況。但我沒有看到更廣泛的趨勢將我們推向任何特定資產而不是另一種資產。

Our next question comes from Mike Hickey with Benchmark.

我們的下一個問題來自 Benchmark 的 Mike Hickey。

The first 1 is on your guidance for '23. I mean, obviously, a couple of revisions here. Do you feel like you're sort of being conservative enough? Obviously, a lot of uncertainty on the macro mobile, but is there still downside risk and where would that be? And then on '24, you said growth sequentially. You've given us some data on the S-4 and I think on your presentation with Zynga.

第一個是您對 23 年的指導。我的意思是，顯然，這裡有幾個修訂。你覺得你有點保守嗎？顯然，宏觀移動存在很多不確定性，但是否仍然存在下行風險？那會在哪裡？然後在 24 年，您說按順序增長。您已經向我們提供了一些有關 S-4 的數據，我認為您在 Zynga 上的演示。

Street's looking for $8 billion in revenue, [7 59] in ETFs. Obviously, that's a pretty big step-up. Guessing it's coming from premium as mobile is slowing here. Obviously, live service is not great. Is it just 1, 2, 3 titles on premium or any sort of granularity, I guess, on the '24 growth would be great. And then the second question is on the very unfortunate GTA leak. Just curious how you and your teams are sort of managing through that impact, if you feel that there's a residual advantage or not and how you sort of move forward and think about timing.

Street 正在尋找 80 億美元的收入，[7 59] 在 ETF 中。顯然，這是一個相當大的進步。猜測它來自溢價，因為這裡的移動速度正在放緩。顯然，現場服務不是很好。我想，在 24 年的增長中，它只是 1、2、3 個高級標題還是任何形式的粒度都會很棒。然後第二個問題是關於非常不幸的 GTA 洩漏。只是好奇你和你的團隊是如何應對這種影響的，如果你覺得還有剩餘的優勢，以及你是如何前進並考慮時間安排的。

So in terms of the guidance for '23 on being conservative or still downside risk, we always guide based on what we know at the time that we know it. So I wouldn't say they're conservative or a risk either way. I feel like we gave the best information that we have at the time that we have it. So it's what we know right now. And hopefully, the -- it gets better, but that's what we feel the numbers are at this time.

因此，就 23 年關於保守或仍存在下行風險的指導而言，我們始終根據我們當時所知道的情況進行指導。所以我不會說他們是保守的或有風險的。我覺得我們提供了當時我們擁有的最好的信息。所以這就是我們現在所知道的。希望，它會變得更好，但這就是我們目前認為的數字。

And in terms of the CAGR and the fiscal -- the numbers that were in the S-4, we generally do not provide long-term growth targets in our normal course of business. We only did that previously because of the pending combination with Zynga. And as you know, the fluidity in our business because of the changes in the shifts in the release slate can happen, it really doesn't make sense for us to give long-term numbers on a regular basis. So we've never really done that in the past.

就複合年增長率和財政——S-4 中的數字而言，我們通常不會在我們的正常業務過程中提供長期增長目標。我們之前只是因為與 Zynga 的未決組合才這樣做。如您所知，由於發布計劃的變化可能會導致我們業務的流動性發生，我們定期提供長期數據確實沒有意義。所以我們過去從未真正這樣做過。

But we're really continuing to be very excited about our pipeline of the strong titles that we had, and we have many large-scale projects underway. So the potential of the titles in the pipeline, that has not changed at all. We remain highly confident that they're going to deliver us sequential years of growth and record performance in the next few years. So that hasn't changed. So we really feel great about our numbers in the next few years, as we said.

但我們真的對我們擁有的強大遊戲的管道感到非常興奮，並且我們正在進行許多大型項目。因此，正在籌備中的頭銜的潛力根本沒有改變。我們仍然非常有信心，他們將在未來幾年為我們帶來連續幾年的增長和創紀錄的業績。所以這沒有改變。因此，正如我們所說，我們對未來幾年的數字感到非常滿意。

And with regard to the leak, it was terribly unfortunate and we take those sorts of incidents very seriously indeed. There's no evidence that any material assets were taken, which is a good thing. And certainly, the leak won't have any influence on development or anything of the sort. But it is terribly disappointing and causes us to be ever more vigilant on matters relating to cybersecurity.

關於洩密，這非常不幸，我們確實非常重視此類事件。沒有證據表明任何物質資產被掠奪，這是一件好事。當然，洩漏不會對開發或任何類似的事情產生任何影響。但這非常令人失望，並使我們對與網絡安全有關的問題更加警惕。

Our next question comes from Clay Griffin with MoffettNathanson.

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

I guess 2. It seems like the legacy Take-Two mobile gains are holding in a bit better than the legacy Zynga. I guess, what would you attribute that to? Is it just kind of a life cycle of where those titles are relative to kind of when IDFA (inaudible) dropped?

我猜是 2。似乎傳統的 Take-Two 移動收益比傳統的 Zynga 更好一些。我想，你會把它歸因於什麼？這只是這些標題與 IDFA（聽不清）下降時間相關的生命週期嗎？

And then secondly, just curious, Strauss, I think Phil Spencer was talking about Game Pass and essentially implying that they were nearing saturation, I guess, relative to kind of where the Xbox console installed base is. Just curious if your thoughts about subscription models relative to the traditional premium window have changed over time? I think his comments generally, I think, could be characterized as lining up maybe with your view of the value proposition for a subscription product.

其次，只是好奇，施特勞斯，我認為菲爾斯賓塞在談論遊戲通行證，基本上暗示他們接近飽和，我猜，相對於 Xbox 控制台安裝基礎的位置。只是好奇您對相對於傳統高級窗口的訂閱模式的看法是否隨著時間而改變？我認為他的評論通常可以被描述為與您對訂閱產品價值主張的看法一致。

So in terms of the legacy Take-Two mobile business versus the Zynga business, I wouldn't necessarily -- I mean, again, we don't really disclose that so I don't think there's any really way for anyone to see that behavior. But I can tell you that we wouldn't look at it that way because there are certain games within the Take-Two legacy portfolio and the games in the Zynga portfolio, some are doing better than others and some are doing great, some are not doing as well. So there's a lot of variation within the portfolio itself. So I wouldn't necessarily characterize it as the T2 mobile businesses are doing better than Zynga or vice versa. It's not really how we look at the business anymore.

因此，就傳統的 Take-Two 移動業務與 Zynga 業務而言，我不一定——我的意思是，再說一次，我們並沒有真正披露這一點，所以我認為任何人都無法真正看到這一點行為。但我可以告訴你，我們不會這樣看，因為在 Take-Two 傳統產品組合和 Zynga 產品組合中的某些遊戲，有些比其他遊戲做得更好，有些做得很好，有些則不然也在做。所以投資組合本身有很多變化。因此，我不一定將其定性為 T2 移動業務比 Zynga 做得更好，反之亦然。這不再是我們看待業務的方式了。

It's all one, it's all Zynga. It's managed by the Zynga team and we have a lot of great titles.

合而為一，全是 Zynga。它由 Zynga 團隊管理，我們有很多很棒的遊戲。

Yes. And we're specifically hoping that with the T2 mobile titles, and we're starting to see some of this collaboration happening that we're going to be -- they're going to be able to benefit from the power of the Zynga mobile platform, which has some really interesting opportunities for us to be more efficient and opportunistic in the consumer life cycle management.

是的。我們特別希望 T2 移動遊戲能夠實現這一點，並且我們開始看到我們將要進行的一些合作——他們將能夠從 Zynga 移動的強大功能中受益平台，它為我們提供了一些非常有趣的機會，可以讓我們在消費者生命週期管理中更加高效和投機取巧。

And on the subscription side, look, we've been very cooperative with both Sony and Microsoft on their subscription offerings when it makes sense for us. And my own views have not changed at all since I first started talking about subscription, which is now, I want to say, probably 4 years ago. The interactive entertainment business is very different than the linear entertainment business. People consume far fewer hours of interactive entertainment in a given month than they do of linear entertainment.

在訂閱方面，看，在對我們有意義的情況下，我們一直與索尼和微軟在訂閱產品上非常合作。自從我第一次開始談論訂閱以來，我自己的觀點根本沒有改變，現在，我想說，可能是 4 年前。互動娛樂業務與線性娛樂業務有很大不同。與線性娛樂相比，人們在一個月內消耗的互動娛樂時間要少得多。

And within that consumption, there are far fewer titles consumed in interactive entertainment than there are with linear entertainment. So I, at least, pose the question as to whether subscription makes as much sense for interactive entertainment as it does for linear entertainment and registered some skepticism, which I still hold.

在這種消費中，互動娛樂消費的遊戲數量遠少於線性娛樂消費。因此，至少我提出了一個問題，即訂閱對於交互式娛樂是否與線性娛樂一樣有意義，並提出了一些懷疑，我仍然持有。

I think the second area of skepticism was whether it made sense, and this is a rhetorical question because I think the answer is no, to offer frontline titles (inaudible) with titles on a subscription service. I don't think that ever made sense. I still don't think it makes sense. And I believe that it's now becoming obvious that it doesn't make sense. It's just a lost opportunity for the publisher.

我認為懷疑的第二個領域是它是否有意義，這是一個修辭問題，因為我認為答案是否定的，在訂閱服務上提供帶有標題的前線標題（聽不清）。我不認為這是有道理的。我仍然認為這沒有意義。而且我相信現在很明顯它沒有意義。這只是出版商失去的機會。

So I wouldn't want to speak for my friend, Phil, but our views remain unchanged. There probably is a subscription business. It's a catalog business. It's probably best aimed at very avid consumers because those are the consumers who are interested in playing catalog titles, and playing a whole bunch of different titles in a given month. But I don't think it's a mass market service that supplants the interactive entertainment business as we know it at all. And I don't think there's any evidence to the contrary so far.

所以我不想代表我的朋友菲爾發言，但我們的觀點保持不變。可能有訂閱業務。這是一個目錄業務。它可能最適合非常狂熱的消費者，因為這些消費者有興趣播放目錄標題，並在給定的月份播放一大堆不同的標題。但我不認為它是一種大眾市場服務，它完全取代了我們所知道的互動娛樂業務。而且我認為到目前為止還沒有任何相反的證據。

(Operator Instructions) We have a follow-up question from Matthew Thornton with Truist.

（操作員說明）我們有一個來自 Matthew Thornton 與 Truist 的後續問題。

Maybe 2 quick follow-ups. First one, coming back to mobile, again. Maybe this is for Strauss. How do you think about what's currently going on from a macro perspective as opposed to just a user acquisition perspective, given what's going on in the iOS environment, in particular? Is there a way to tease apart what percentage of the pressure is from one versus the other?

也許2個快速跟進。第一個，再次回到移動端。也許這是給施特勞斯的。鑑於 iOS 環境中正在發生的事情，您如何看待當前正在發生的事情，而不僅僅是從用戶獲取的角度來看？有沒有辦法區分一個壓力與另一個壓力的百分比是多少？

And relatedly, what's your level of confidence that we come out of? I mean, macro will resolve itself. But from a UA perspective, from an ecosystem perspective, what's your level of confidence that you can kind of control coming out of this doldrum? That's the first question. The second one is a really easy one. Given where the stock price is, I'm kind of curious your appetite around buybacks. I know you guys have been fairly opportunistic in the past. Obviously, we've taken on some leverage with Zynga, but I'm kind of curious how you're thinking about that, given where the share price is.

與此相關的是，您對我們的信心程度如何？我的意思是，宏會自行解決。但從 UA 的角度來看，從生態系統的角度來看，你有多大的信心能夠從這種低迷中走出來？這是第一個問題。第二個真的很簡單。鑑於股價在哪裡，我有點好奇你對回購的興趣。我知道你們過去一直很投機取巧。顯然，我們已經對 Zynga 採取了一些影響力，但考慮到股價在哪裡，我有點好奇你是怎麼想的。

Yes. In terms of mobile, from a macro perspective, I think that you're right. There's a difference between user acquisition and retention and conversion. And on user acquisition, I think we and everyone else is just going to be a bit more selective to drive efficiency. And in terms of retention and conversion, that's a reflection of people just not having to spend mobile. You can enjoy a title without spending in-game. 90-plus percent of consumers do not spend in-game.

是的。在移動方面，從宏觀的角度來看，我認為你是對的。用戶獲取與保留和轉換之間存在差異。在用戶獲取方面，我認為我們和其他所有人都會更有選擇性地提高效率。在留存率和轉化率方面，這反映了人們只是不必使用移動設備。您無需在遊戲中花費即可享受遊戲。 90% 以上的消費者不會在遊戲中消費。

And so at times when consumers are feeling the pressure of higher prices for fuel and food, for example, they may be less likely to spend money on entertainment, especially when you can have the experience anyhow. So in terms of our expectations, I think this is -- it's a moment where we will, in fact, tune up our UA spend to become more efficient. That's a good thing.

因此，例如，當消費者感受到燃料和食品價格上漲的壓力時，他們可能不太可能在娛樂上花錢，尤其是當您無論如何都可以體驗時。因此，就我們的期望而言，我認為這是 - 事實上，我們將調整我們的 UA 支出以提高效率。這是好事。

And yes, we will probably see some pressure on in-game purchases for a period of time. As I said earlier in the call, not that I think you can underwrite to this because it's just one person's opinion, I think there'll be pressure for 3 to 6 months at least that's driven by the economy and geopolitical factors. And I'm hoping that by the end of '23 -- I believe that by the end of '23, things will normalize and will be on an upward swing again. And Lainie will take the question about buybacks.

是的，我們可能會在一段時間內看到遊戲內購買的一些壓力。正如我之前在電話會議中所說，我認為你可以承保這一點，因為這只是一個人的意見，我認為至少在 3 到 6 個月內會有壓力，這是由經濟和地緣政治因素驅動的。我希望到 23 年底——我相信到 23 年底，事情會正常化，並且會再次上升。 Lainie 將回答有關回購的問題。

So we continue to believe in returning value to the shareholders and via share buyback, but we'll only do so when the conditions are right. And obviously, we believe that there is deep value in our market price currently. But in order to do a share repurchase, we would need to do it in an open trading window and also have the optimal capital structure that supports the purchases. So we'll see when it makes sense for us to do it. So that's how we see it.

因此，我們繼續相信通過股票回購向股東回報價值，但我們只會在條件合適的情況下這樣做。顯然，我們相信我們目前的市場價格具有很高的價值。但是為了進行股票回購，我們需要在一個開放的交易窗口中進行，並且還需要支持購買的最佳資本結構。所以我們會看看什麼時候做對我們有意義。這就是我們的看法。

Our next question comes from Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer。

This is a question referring to your earlier definition of Take-Two's identity as a hit factory. I want to know if you hold a similar view over your mobile game portfolio. Do you feel there's a need for a portfolio review on mobile games based on the quality and future potentials?

這是一個問題，指的是您之前將 Take-Two 的身份定義為熱門工廠的定義。我想知道您是否對您的手機遊戲組合持有類似的看法。你覺得有必要根據質量和未來潛力對手機遊戲進行投資組合審查嗎？

Yes. At any given time, we're always reviewing our portfolio, both in terms of the performance of the current titles and the potential for new titles that we're working on. And Frank and his team are very focused on making sure to optimize the current title lineup and to make sure that our development for new titles is as effective and poised for success as it possibly can be. Good news is we have a terrific lineup of great titles and our mobile titles all make money.

是的。在任何時候，我們都在審查我們的產品組合，包括當前作品的表現和我們正在開發的新作品的潛力。弗蘭克和他的團隊非常專注於確保優化當前的遊戲陣容，並確保我們對新遊戲的開發盡可能有效並為成功做好準備。好消息是我們擁有非常棒的遊戲陣容，而且我們的移動遊戲都能賺錢。

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。

I'm just going to sneak a quick one in here. And apologies if Karl had already answered this by saying that you don't have the details. But in terms of part of your synergies may come from applying PC console IP to the casual mobile market using Zynga development resources, I think when I've spoken with you in the past, you called out an example of like a Red Dead Redemption poker game, for example. Are these mobile games you're envisioning targeted towards fans of the existing PC console franchises like Red Dead or towards mobile-first casual gamers that would play -- that would otherwise play games like Zynga Poker or Empires & Puzzles?

我只是想偷偷溜進去一個。如果 Karl 已經通過說你不知道細節來回答這個問題，我深表歉意。但就你的部分協同效應而言，可能來自使用 Zynga 開發資源將 PC 控制台 IP 應用於休閒移動市場，我想當我過去與你交談時，你提到了一個類似於 Red Dead Redemption 撲克的例子遊戲，例如。您所設想的這些手機遊戲是針對 Red Dead 等現有 PC 遊戲機系列的粉絲，還是針對會玩手機優先的休閒遊戲玩家——否則他們會玩 Zynga Poker 或 Empires & Puzzles 等遊戲？

I think it's a great question, thank you. And I think the bottom line is you're probably not going to convert a console player to become a mobile player. You have to appeal to a mobile player. And we believe that legacy IP, when properly developed as a great title, can do just that. But it's not a slam dunk by any means. It's still got to be a great game. But you're not going to convince someone who never plays a mobile title to play a mobile title just because it's based on console IP.

我認為這是一個很好的問題，謝謝。而且我認為底線是您可能不會將控制台播放器轉換為移動播放器。您必須吸引移動播放器。我們相信，如果將傳統 IP 適當地開發為出色的遊戲，則可以做到這一點。但這無論如何都不是灌籃。這仍然是一場精彩的比賽。但是，您不會僅僅因為它基於控制台 IP 就說服從未玩過手機遊戲的人玩手機遊戲。

There are no further questions at this time. I'll hand the floor back to management.

目前沒有其他問題。我會把發言權交還給管理層。

Want to thank everyone for joining us today. I want to say thanks particularly to our dedicated team of colleagues all around the world who continue to do a great job. While it would be nice always to have the best possible news in an upward sloping curve, this is a business that occasionally does present us with challenges. This team is well suited to challenges. We have a great pipeline. We have a great team. We have the ability to deliver. And we wish you all a great holiday season. Thank you for joining us, and thank you for your support.

感謝大家今天加入我們。我要特別感謝我們在世界各地的敬業同事團隊，他們繼續出色地完成工作。雖然總是在向上傾斜的曲線中獲得最好的消息會很好，但這是一項偶爾會給我們帶來挑戰的業務。這個團隊非常適合挑戰。我們有一個很棒的管道。我們有一個很棒的團隊。我們有能力交付。我們祝大家度過一個愉快的假期。感謝您加入我們，感謝您的支持。

This concludes today's conference. All parties may disconnect. Have a great evening.

今天的會議到此結束。各方都可以斷開連接。有一個美好的夜晚。