Take-Two Interactive Software Inc (TTWO) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Take-Two Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎參加 2023 年第三季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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

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

Good afternoon. Thank you for joining our conference call to discuss our results for the third quarter of fiscal year 2023 ended December 31, 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 12 月 31 日的 2023 財年第三季度業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；我們的總裁 Karl Slatoff；和我們的首席財務官 Lainie Goldstein。在我們準備好的評論之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements. 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，本次電話會議期間做出的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述基於我們管理層的信念以及我們所做的假設和我們目前可獲得的信息。我們沒有義務更新這些前瞻性陳述。基於各種因素，實際經營結果可能與這些前瞻性陳述有很大差異。這些重要因素在我們提交給美國證券交易委員會的文件中有所描述，包括公司最近的 10-K 表格年度報告和 10-Q 表格季度報告，包括標題為“風險因素”的部分中總結的風險。

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

我還想指出，除非另有說明，否則我們今天要討論的所有數字都是公認會計原則，所有比較都是同比的。我們的新聞稿中包含有關我們實際結果和展望的更多詳細信息，包括我們的管理層在內部使用的項目來調整我們的 GAAP 財務結果以評估我們的經營業績。我們的新聞稿還包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。

In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com.

此外，我們還在我們的網站上發布了一張幻燈片，直觀地展示了我們的結果和財務前景。我們的新聞稿和向美國證券交易委員會提交的文件可從我們的網站 take2games.com 獲取。

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

現在我會把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. During the third quarter, we continued to execute on our ambition to create the highest quality, most engaging interactive entertainment franchises in the industry, to deliver them across an array of platforms and to captivate our global audiences. All of our new game releases and post-launch content have received significant critical acclaim, and we're pleased to have the highest catalog sales based on units sold in the Americas. The strength of our portfolio reflects the passion, vision, artistic acumen and hard work of our world-renowned development teams and studios, and we're immensely proud of our long-standing commitment to quality.

謝謝，妮可。下午好，感謝您今天加入我們。在第三季度，我們繼續執行我們的雄心壯志，創造業內最高質量、最具吸引力的互動娛樂特許經營權，將它們提供給一系列平台並吸引我們的全球觀眾。我們所有的新遊戲發布和發布後的內容都獲得了極大的好評，我們很高興根據在美洲銷售的單位獲得最高的目錄銷售額。我們產品組合的實力反映了我們世界知名的開發團隊和工作室的熱情、遠見、藝術敏銳度和辛勤工作，我們為我們對質量的長期承諾感到無比自豪。

Now notwithstanding our creative achievements, our third quarter net bookings of $1.38 billion were slightly below our prior guidance. We believe that as a result of macroeconomic conditions, consumers shifted holiday spending toward established blockbuster franchises and titles that were offered with pricing promotions. While our catalog benefited from this trend, it affected the performance of certain of our new releases and recurrent consumer spending for some of our console and PC games.

現在，儘管我們取得了創造性的成就，但我們第三季度的淨預訂量為 13.8 億美元，略低於我們之前的指導。我們認為，由於宏觀經濟狀況，消費者將假期消費轉向了已建立的大片特許經營權和提供價格促銷的標題。雖然我們的目錄從這一趨勢中受益，但它影響了我們某些新版本的性能以及我們某些遊戲機和 PC 遊戲的經常性消費者支出。

Despite the current market, we believe that our long-term success will be driven by our consistent ability to create the best entertainment experiences, including sequels of our beloved franchises and the introduction of engaging new intellectual properties. Sales of Grand Theft Auto V exceeded our expectations during the holiday season. And to date, the title has sold in more than 175 million units.

儘管存在當前市場，但我們相信我們的長期成功將取決於我們始終如一的創造最佳娛樂體驗的能力，包括我們鍾愛的特許經營權的續集和引人入勝的新知識產權的引入。 Grand Theft Auto V 在節日期間的銷量超出了我們的預期。迄今為止，這款遊戲的銷量已超過 1.75 億套。

During the quarter, Rockstar Games released an array of new content for both Halloween and the holiday season as well as a new story-driven update Los Santos Drug Wars. The update launched in December and continues to deliver exciting new story and gameplay features to players across the winter season, including a new business, tax emissions and much more to come, which is continuous to drive stronger engagement with our player base.

在本季度，Rockstar Games 發布了一系列針對萬聖節和節日季的新內容，以及一個新的故事驅動更新 Los Santos Drug Wars。該更新於 12 月推出，並在整個冬季繼續為玩家提供激動人心的新故事和遊戲功能，包括新業務、稅收排放以及更多即將到來的內容，這將持續推動與我們玩家群的更緊密互動。

We were also pleased with the performance of Red Dead Redemption 2, which outpaced our expectations driven by successful holiday promotions and a vest. To date, the title has sold in more than 50 million units. During the quarter, Rockstar Games continued to release new updates for Red Dead Online, including a new Halloween hardcore telegram mission and new call to arms locations for Halloween and the holidays. We remain incredibly pleased with the enduring quality of these entertainment experiences.

我們也對 Red Dead Redemption 2 的表現感到滿意，它超出了我們在成功的假期促銷和背心推動下的預期。迄今為止，這款遊戲的銷量已超過 5000 萬套。在本季度，Rockstar Games 繼續發布 Red Dead 在線模式的新更新，包括新的萬聖節硬核電報任務以及萬聖節和假期的新武裝號召地點。我們對這些娛樂體驗的持久品質感到非常滿意。

Grand Theft Auto V was ranked #3 for units sold in the U.S. during calendar year 2022 on all platforms and was #2 overall for 2022 on Steam. Additionally, 2022 was GTA V's tenth consecutive year in the NPD top 5 for unit sales. Red Dead Redemption 2 also continues to resonate strongly with players, ranking as the #1 selling game on Steam for the quarter end ,#3 for 2022.

俠盜獵車手 V (Grand Theft Auto V) 在 2022 日曆年期間在所有平台上的美國銷量排名第三，在 Steam 上排名 2022 年總銷量第二。此外，2022 年是 GTA V 連續第十年進入 NPD 單位銷量前 5 名。 Red Dead Redemption 2 也繼續引起玩家的強烈共鳴，在本季度末排名 Steam 銷量第一，2022 年排名第三。

NBA 2K23, which remains the #1 selling sports title in North America continues to expand its audience and to date has sold in over 8 million units. Full game sales for NBA 2K23 are up 3% year-over-year, and MyTeam users grew more than 50% over last year, as players enjoyed assembling the rosters of the NBA's all-time greatest stars to dominate the competition. In addition, NBA 2K23 Arcade edition remains the #1 game in Apple Arcade since its launch in October.

NBA 2K23 仍然是北美銷量第一的體育遊戲，它繼續擴大其受眾，迄今為止已售出超過 800 萬套。 NBA 2K23 的完整遊戲銷量同比增長 3%，而 MyTeam 用戶比去年增長了 50% 以上，因為球員們喜歡組建 NBA 史上最偉大球星的名單來主宰比賽。此外，NBA 2K23 Arcade 版自 10 月推出以來一直是 Apple Arcade 中排名第一的遊戲。

2K and HB Studios supported PGA Tour 2k23 with a limited-edition holiday bundle that included NBA 2K23 and new content featuring branded gear from Barstool Sports, 100 Thieves and Dude Perfect. HB Studios will release more content and features, including the addition of Pebble Beach, cosplay functionality and ranked patch making. On December 2, 2K and Firaxis Games launched Marvel's Midnight Suns on Windows PC via Steam and Epic Games Store, PlayStation 5 and Xbox Series X and S. The title launched a critical acclaim with BGC rating at a 5 out of 5, calling it a modern strategy classic.

2K 和 HB Studios 為 PGA Tour 2k23 提供了限量版假日捆綁包，其中包括 NBA 2K23 和包含 Barstool Sports、100 Thieves 和 Dude Perfect 品牌裝備的新內容。 HB Studios 將發布更多內容和功能，包括圓石灘的添加、角色扮演功能和排名補丁製作。 12 月 2 日，2K 和 Firaxis Games 通過 Steam 和 Epic Games Store、PlayStation 5 以及 Xbox Series X 和 S 在 Windows PC 上推出了 Marvel 的午夜太陽。該遊戲獲得了一致好評，BGC 評分為 5 分（滿分 5 分），稱其為現代戰略經典。

PC Gamer said it was completely brilliant, scoring at 88 out of 100 and Rock Paper Shotgun called it one of the best Superhero games. The title is being supported with a series of post-launch content that can be purchased individually or as part of the game seasons pass. During the quarter, Zynga's in-app purchases performed in line with our expectations, and we saw mobile trends improve from prior lows, particularly during the holiday season.

PC Gamer 表示它非常出色，在滿分 100 分中獲得 88 分，Rock Paper Shotgun 稱其為最佳超級英雄遊戲之一。該標題得到一系列發布後內容的支持，這些內容可以單獨購買或作為遊戲季票的一部分購買。本季度，Zynga 的應用內購買表現符合我們的預期，我們看到移動趨勢從之前的低點有所改善，尤其是在假期期間。

The label continued to experience strong engagement among its active players and we believe that we're maintaining our global market share. Our advertising business outpaced the broader industry as we continue to introduce new ad supply and products, optimize our networks to increase ad yields and roll out Chartboost throughout our inventory.

該品牌繼續在其活躍參與者中獲得強烈參與，我們相信我們正在保持我們的全球市場份額。隨著我們繼續推出新的廣告供應和產品、優化我們的網絡以提高廣告收益並在我們的庫存中推出 Chartboost，我們的廣告業務超過了整個行業。

A few key highlights of our mobile offerings during the quarter include Empires & Puzzles was a top performer due to strong seasonal content and Black Friday offerings. This is one of our first titles to leverage our direct-to-consumer platform for in-app purchases, which we believe can enhance significantly the margins for our mobile portfolio over the next few years. Rollic's Balls'n Ropes reached the #1 spot for most downloaded game in the U.S. in December, giving Rollic a total of 20 games that have reached the #1 or #2 spot in Apple's U.S. App Store.

本季度我們移動產品的幾個主要亮點包括帝國與謎題由於強勁的季節性內容和黑色星期五產品而成為最佳表現。這是我們首批利用我們直接面向消費者的平台進行應用內購買的遊戲之一，我們相信這可以在未來幾年顯著提高我們移動產品組合的利潤率。 12 月，Rollic 的 Balls'n Ropes 在美國下載次數最多的遊戲中排名第一，Rollic 共有 20 款遊戲在蘋果美國 App Store 中排名第一或第二。

We acquired Popcore, which offers a unique balance of hypercasual experiences that also prioritize long-term player retention rates. This strengthens our leadership among hypercasual publishers with respect to downloads in revenue. Following the acquisition, Popcore's game Tap Away reached the #1 spot for most downloaded game multiple times throughout the quarter in Apple's U.S. App Store.

我們收購了 Popcore，它提供了超休閒體驗的獨特平衡，同時也優先考慮長期玩家保留率。這加強了我們在超休閒遊戲發行商中在下載收入方面的領先地位。收購之後，Popcore 的遊戲 Tap Away 在本季度多次登上 Apple 美國 App Store 中下載次數最多遊戲的第一名。

Zynga's casino titles remained resilient with Game of Thrones Slots posting its best quarter ever. Top Eleven had a strong quarter, driven by various in-game updates celebrating the World Cup. CSR Racing 2 released Race Pass, which features innovative new rewards that are driving stronger retention and monetization. Our combination with Zynga remains highly accretive to our business. We remain committed to delivering our planned synergies, and we're well on our way to exceed our target of $100 million in annual cost savings within the first 2 years post close. During the quarter, recurrent consumer spending rose 117% and accounted for 78% of net bookings.

Zynga 的賭場遊戲保持彈性，《權力的遊戲》老虎機創下有史以來最好的季度業績。在慶祝世界杯的各種遊戲內更新的推動下，前十一名有一個強勁的季度。 CSR Racing 2 發布了 Race Pass，它具有創新的新獎勵，可提高留存率和盈利能力。我們與 Zynga 的合併對我們的業務仍然有很大的促進作用。我們仍然致力於實現計劃中的協同效應，並且我們正朝著在交易結束後的前 2 年內超過每年節省 1 億美元成本的目標邁進。本季度，經常性消費者支出增長 117%，占淨預訂量的 78%。

Turning to our outlook. We're operating in an environment that is, in many ways, more challenging than we anticipated. And we're lowering our fiscal 2023 net bookings guidance to $5.2 billion to $5.25 billion to take this backdrop into account.

轉向我們的前景。我們所處的環境在很多方面都比我們預期的更具挑戰性。考慮到這一背景，我們將 2023 財年的淨預訂量指引下調至 52 億美元至 52.5 億美元。

To be clear, I take personal responsibility for our revised downward guidance. We believe there's always more to achieve, particularly when we fall short of our expectations. We've embarked on a company-wide cost reduction program that will optimize our expense structure while also positioning us to deliver on our anticipated growth trajectory. We expect to achieve savings in excess of $50 million as a result of this initiative.

需要明確的是，我個人對我們修訂後的下行指引負責。我們相信總有更多的事情要做，尤其是當我們沒有達到預期時。我們已經啟動了一項全公司範圍的成本削減計劃，該計劃將優化我們的費用結構，同時也使我們能夠實現預期的增長軌跡。我們預計通過該計劃將節省超過 5000 萬美元。

Our balance sheet remains strong, allowing us to navigate these uncertain times with confidence. We've always managed our business for the long term as we achieve the powerful synergies from our combination with Zynga, release new titles from our robust multiyear pipeline and execute on our cost savings initiatives. We expect to deliver sequential growth and record performance over the next several years.

我們的資產負債表依然強勁，使我們能夠自信地度過這些不確定的時期。我們一直在長期管理我們的業務，因為我們通過與 Zynga 的合併實現了強大的協同效應，從我們強大的多年管道中發布新遊戲，並執行我們的成本節約計劃。我們預計在未來幾年內實現連續增長和創紀錄的業績。

Our business and creative teams have done a phenomenal job during these challenging times, and I'd like to thank all of our colleagues for their tireless work. I'd also like to thank our shareholders for their continued support. I look forward to sharing our progress with you on all of our key initiatives.

在這個充滿挑戰的時期，我們的業務和創意團隊表現出色，我要感謝所有同事的不懈努力。我還要感謝我們的股東一直以來的支持。我期待與您分享我們在所有關鍵舉措方面取得的進展。

I'll now turn the call over to Karl.

我現在將電話轉給 Karl。

Thanks, Strauss. As we focus on the remainder of the year and beyond, we remain steadfast in our commitment to providing the most captivating and engaging entertainment experiences for our audiences across all platforms and geographies. We believe this is the best strategy and path forward to achieving our goals, driving our expected long-term growth and bringing value to our shareholders.

謝謝，施特勞斯。在我們專注於今年剩餘時間及以後的時間之際，我們仍堅定不移地致力於為所有平台和地區的觀眾提供最迷人和最引人入勝的娛樂體驗。我們相信這是實現我們目標、推動我們預期的長期增長並為我們的股東帶來價值的最佳戰略和途徑。

Turning to our upcoming releases. On February 24, Private Division and Intercept Games will launch Kerbal Space Program 2, its early access for PC on Steam, Epic Games Store and other storefronts. KSP 2 will bring an array of content for players to explore and the title promises to be the most visually impressive game in the franchise. Those that purchased KSP 2 in early access will help inform the future development of the game by providing feedback directly to its creators leading up to the full launch of the title.

轉向我們即將發布的版本。 2 月 24 日，Private Division 和 Intercept Games 將推出 Kerbal Space Program 2，它在 Steam、Epic Games Store 和其他店面的 PC 搶先體驗。 KSP 2 將為玩家帶來一系列內容供玩家探索，這款遊戲有望成為該系列中視覺效果最令人印象深刻的遊戲。那些在早期訪問中購買了 KSP 2 的人將通過直接向其創作者提供反饋來幫助告知遊戲的未來發展，從而導致標題的全面發布。

In addition, Private Division has announced several new projects. After Us, a riveting exploration debenture game from Piccolo Studios is expected to launch this spring during fiscal 2024 for PC, PlayStation 5 and Xbox Series X and S. Private Division announced a publishing partnership with Bluebird team to develop a new survival horror game, expected to launch after calendar 2024. And we unveiled our new Private Division development fund to support smaller independent teams with project financing and mentorship opportunities.

此外，Private Division 還宣布了幾個新項目。在我們之後，Piccolo Studios 的一款引人入勝的探索債券遊戲預計將於今年春季在 2024 財年推出，適用於 PC、PlayStation 5 和 Xbox Series X 和 S。Private Division 宣布與 Bluebird 團隊建立出版合作夥伴關係，以開發一款新的生存恐怖遊戲，預計將於 2024 年日曆後推出。我們推出了新的私人部門發展基金，以支持較小的獨立團隊，提供項目融資和指導機會。

On March 17, 2K and Visual Concepts will release WWE 2K23 for PlayStation and Xbox consoles and PC on Steam. In celebration of John Cena's 20th anniversary as a WWE superstar, the 16-time World Champions, record-setting philanthropist and WWE 2K23 Executive soundtrack producer will be featured on the cover of each addition of the game.

3 月 17 日，2K 和 Visual Concepts 將在 Steam 上發布適用於 PlayStation 和 Xbox 遊戲機以及 PC 的 WWE 2K23。為慶祝約翰·塞納 (John Cena) 成為 WWE 超級巨星 20 週年，這位 16 屆世界冠軍、創紀錄的慈善家和 WWE 2K23 執行原聲帶製作人將出現在每款遊戲的封面上。

In addition, global music phenom, Bad Bunny, 2022's most streamed artist in the world will make his WWE 2K debut as a preorder bonus. Building upon the success of WWE 2K22, this year's installment features a unique take on the 2K showcase, the introduction of the fan-favorite war games matches and expansions to several marquee game modes. Fans can look forward to a deep roster of WWE Superstars and Legends, including Roman Reigns, American Nightmare Cody Rhodes, Ronda Rousey, Brock Lesner, Stone Cold Steve Austin, and more. 2K will support the game with an array of post-launch content and may be purchased individually or through a season pass.

此外，2022 年全球流媒體播放量最高的全球音樂天才 Bad Bunny 將作為預購獎勵首次亮相 WWE 2K。在 WWE 2K22 大獲成功的基礎上，今年的新作以獨特的 2K 展示為特色，引入了粉絲最喜歡的戰爭遊戲比賽，並擴展了幾種大型遊戲模式。粉絲們可以期待眾多 WWE 超級巨星和傳奇人物，包括 Roman Reigns、American Nightmare Cody Rhodes、Ronda Rousey、Brock Lesner、Stone Cold Steve Austin 等。 2K 將通過一系列發布後的內容支持遊戲，可以單獨購買或通過季票購買。

Throughout the balance of the fiscal year, Rockstar Games will continue to support Grand Theft Auto Online with additional content updates. And 2K and Firaxis Games will continue to release add-on content for Marvel's Midnight Suns and Sid Meier's Civilization VI: Leader Pass. In mobile, Zynga's Wallet studio will release a vast array of titles as they've done previously, while the labels of other studios remain at work on a variety of games, including several in soft launch that we expect to release in fiscal 2024. We will have more to share on our pipeline when we report our fourth quarter results in May.

在本財政年度的剩餘時間裡，Rockstar Games 將繼續通過額外的內容更新來支持 Grand Theft Auto Online。 2K 和 Firaxis Games 將繼續為 Marvel 的午夜太陽和 Sid Meier 的文明 VI：Leader Pass 發布附加內容。在移動領域，Zynga 的錢包工作室將像以前一樣發布大量遊戲，而其他工作室的品牌仍在開發各種遊戲，包括我們預計在 2024 財年發布的幾款軟啟動遊戲。我們當我們在 5 月份報告第四季度業績時，我們將有更多的信息可以分享。

I'll now turn the call over to Lainie.

我現在將電話轉給 Lainie。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss the key highlights from our third quarter before reviewing our guidance for fiscal year 2023 and our fourth quarter. Please note that our third quarter results include our combination with Zynga, with respect to 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，在回顧我們對 2023 財年和第四季度的指導意見之前，我將討論我們第三季度的主要亮點。請注意，我們第三季度的業績包括我們與 Zynga 的合併，就我們的業績與去年的可比性而言。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, we delivered net bookings of $1.38 billion, which was slightly below our prior guidance as consumers displayed more cautionary purchasing behaviors during the holiday season. As in prior periods of economic headwinds, full game sales from our catalog of industry-leading intellectual properties were relatively resilient. However, we felt pressure on some of our newer releases that are in earlier stages of building their player base, alongside softness in recurrent consumer spending.

正如 Strauss 所提到的，我們交付了 13.8 億美元的淨預訂量，這略低於我們之前的指導，因為消費者在假期期間表現出更加謹慎的購買行為。與以往的經濟逆風時期一樣，我們行業領先的知識產權目錄中的完整遊戲銷售相對有彈性。然而，我們對一些處於建立玩家基礎早期階段的新版本感到壓力，同時經常性消費者支出疲軟。

During the period, recurrent consumer spending rose 117% and accounted for 78% of net bookings. Zynga's in-app purchases performed in line with our revised expectations. However, this was offset by weakness in recurrent consumer spending for several of our console and PC games. Digitally-delivered net bookings increased 72% and accounted for 95% of the total. During the quarter, 69% of console game sales were delivered digitally, up from 63% last year.

在此期間，經常性消費支出增長了 117%，占淨預訂量的 78%。 Zynga 的應用內購買表現符合我們修正後的預期。然而，這被我們的幾款遊戲機和 PC 遊戲的經常性消費者支出疲軟所抵消。數字交付的淨預訂量增長了 72%，佔總數的 95%。本季度，69% 的主機遊戲銷售額是通過數字方式交付的，高於去年的 63%。

GAAP net revenue increased 56% to $1.41 billion, and cost of revenue increased 97% to $692 million. Operating expenses increased by 123% to $889 million, primarily driven by the addition of Zynga as well as higher marketing and stock-based compensation expenses. The GAAP net loss was $153 million, $0.91 per share, which was impacted by $302 million of amortization of acquired intangibles and $24 million of business acquisition costs.

GAAP 淨收入增長 56% 至 14.1 億美元，收入成本增長 97% 至 6.92 億美元。運營費用增長 123% 至 8.89 億美元，這主要是由於 Zynga 的加入以及更高的營銷和基於股票的補償費用。 GAAP 淨虧損為 1.53 億美元，每股虧損 0.91 美元，這是受到 3.02 億美元的收購無形資產攤銷和 2400 萬美元的業務收購成本的影響。

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 $1.1 billion of cash and short-term investments and paid down $200 million of revolver borrowings, reducing our debt to $3.1 billion.

由於我們與 Zynga 的合併，我們第三次的管理稅率為 18%，而去年為 16%。我們在本季度結束時擁有超過 11 億美元的現金和短期投資，並償還了 2 億美元的循環借款，將我們的債務減少到 31 億美元。

Turning to our guidance. I'll begin with our full fiscal year expectations. We now expect to deliver net bookings of $5.2 billion to $5.25 billion. Our forecast takes into account the current economic environment and consumer purchasing trends that we have been experiencing, which we expect to continue into the fourth quarter, including lower expectations for some of our recent game releases and softer recurrent consumer spending as well as the shift of an unannounced mobile title and a focus on enhanced profitability for our hyper casual business.

轉向我們的指導。我將從我們整個財政年度的預期開始。我們現在預計淨預訂量為 52 億美元至 52.5 億美元。我們的預測考慮了當前的經濟環境和我們一直在經歷的消費者購買趨勢，我們預計這種趨勢將持續到第四季度，包括對我們最近發布的一些遊戲的較低預期和經常性消費者支出的疲軟以及一個未宣布的手機遊戲，並專注於提高我們的超級休閒業務的盈利能力。

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

預計淨預訂量的最大貢獻者是 NBA 2K、俠盜獵車手在線模式和俠盜獵車手 V、帝國與謎題、卡通爆破、Rollic 的超休閒移動產品組合以及荒野大鏢客救贖 2 和荒野大鏢客在線模式。

We expect the net bookings breakdown from our labels to be 46% Zynga, 36% 2K, 17% Rockstar Games and 1% Private Division.

我們預計我們品牌的淨預訂量細分為 46% Zynga、36% 2K、17% Rockstar Games 和 1% Private Division。

We forecast our geographic net bookings split to be about 65% United States and 35% international. We expect recurrent consumer spending to grow by approximately 85% and represents 77% of total net bookings. Our digitally delivered net workings are expected to grow by approximately 60% and represent 95% of the total. Our forecast assumes that 74% of console game sales will be delivered digitally, up from 68% last year.

我們預測我們的地理淨預訂量大約占美國的 65% 和國際的 35%。我們預計經常性消費者支出將增長約 85%，佔總淨預訂量的 77%。我們的數字交付網絡工作量預計將增長約 60%，佔總數的 95%。我們的預測假設 74% 的主機遊戲銷售額將以數字方式交付，高於去年的 68%。

We expect to generate more than $400 million in non-GAAP adjusted unrestricted operating cash flow, and we expect to deploy approximately $170 million for capital expenditures. Our GAAP net revenue to range from $5.24 billion to $5.29 billion and cost of revenue to range from $2.53 billion to $2.55 billion, which includes approximately $694 million of amortization of acquired intangibles.

我們預計將產生超過 4 億美元的非 GAAP 調整後無限制經營現金流，我們預計將部署約 1.7 億美元用於資本支出。我們的 GAAP 淨收入在 52.4 億美元至 52.9 億美元之間，收入成本在 25.3 億美元至 25.5 億美元之間，其中包括約 6.94 億美元的收購無形資產攤銷。

Total operating expenses are expected to range from $3.4 billion to $3.41 billion as compared to $1.5 billion last year. This increase reflects the inclusion of Zynga, business acquisition costs and higher personnel compensation and marketing expenses, which we anticipate will be slightly offset by our expected cost synergies from our integration with Zynga.

總運營費用預計在 34 億美元至 34.1 億美元之間，而去年為 15 億美元。這一增長反映了 Zynga 的納入、業務收購成本以及更高的人員薪酬和營銷費用，我們預計這將被我們與 Zynga 整合帶來的預期成本協同效應略微抵消。

As we've mentioned on prior calls, in light of the current backdrop, we have been evaluating cost savings opportunities that can structurally enhance our margin and make our company more efficient and nimble for the long term. After a comprehensive review, we now believe that we can deliver over $50 million of annual savings, which we will begin to execute on this quarter. Opportunities include personnel, processes, infrastructure and other areas, particularly in publishing and corporate function. This program is in addition to the over $100 million of annual cost synergies from our combination with Zynga and is not expected to impact the delivery of our robust multiyear pipeline. We expect the GAAP net loss ranging from $704 million to $721 million or $4.40 to $4.50 per share, which assumes the basic share count of 159.8 million shares. We expect our management tax rate to be 18% throughout the year.

正如我們在之前的電話會議上提到的那樣，鑑於當前的背景，我們一直在評估成本節約機會，這些機會可以從結構上提高我們的利潤率，並使我們的公司在長期內更加高效和靈活。經過全面審查後，我們現在相信我們每年可以節省超過 5000 萬美元，我們將在本季度開始執行。機會包括人員、流程、基礎設施和其他領域，特別是在出版和公司職能方面。該計劃是我們與 Zynga 合併產生的超過 1 億美元的年度成本協同效應的補充，預計不會影響我們強大的多年管道的交付。我們預計 GAAP 淨虧損在 7.04 億美元至 7.21 億美元或每股 4.40 至 4.50 美元之間，假設基本股數為 1.598 億股。我們預計全年的管理稅率為 18%。

Now moving to our guidance for the fiscal fourth quarter. We project net bookings to range from $1.31 billion to $1.36 billion, compared to $846 million in the fourth quarter last year. The largest contributor to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, and Empires & Puzzle, Toon Blast, Rollic's hypercasual mobile portfolio and WWE 2K23. We project recurrent consumer spending to grow approximately 105% and digitally delivered net book to increase approximately 70%.

現在轉向我們對第四財季的指導。我們預計淨預訂量在 13.1 億美元至 13.6 億美元之間，而去年第四季度為 8.46 億美元。淨預訂量的最大貢獻者預計將是 NBA 2K、俠盜獵車手 Online 和俠盜獵車手 V，以及 Empires & Puzzle、Toon Blast、Rollic 的超休閒移動產品組合和 WWE 2K23。我們預計經常性消費者支出將增長約 105%，數字交付的上網本將增長約 70%。

Our forecast assumes that 80% of console game sales will be delivered digitally, up from 75% last year. We expect GAAP net revenue to range from $1.34 billion to $1.39 billion and loss of revenues to range from $688 million to $708 million, which includes approximately $198 million of amortization of acquired intangibles.

我們的預測假設 80% 的主機遊戲銷售將以數字方式交付，高於去年的 75%。我們預計 GAAP 淨收入在 13.4 億美元至 13.9 億美元之間，收入損失在 6.88 億美元至 7.08 億美元之間，其中包括約 1.98 億美元的收購無形資產攤銷。

Operating expenses are expected to range from $871 million to $881 million. At the midpoint, this represents a 120% increase over last year. This increase reflects the inclusion of Zynga, business acquisition costs and 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 $197 million to $214 million of $1.17 to $1.27 per share, which assumes a basic share count of 168 million shares.

運營費用預計在 8.71 億美元至 8.81 億美元之間。從中點來看，這比去年增長了 120%。這一增長反映了 Zynga 的納入、業務收購成本以及更高的營銷和人員費用，我們認為這將被我們預期的一些成本協同效應的實現略微抵消。 GAAP 淨虧損預計在 1.97 億美元至 2.14 億美元之間，即每股 1.17 美元至 1.27 美元，假設基本股數為 1.68 億股。

In closing, while we are disappointed to have lowered our outlook for the year, we are highly confident in our long-term growth potential. We believe that the actions we are taking now will position us to deliver sequential growth and record performance over the next several years, which we anticipate will drive meaningful shareholder value.

最後，雖然我們對下調今年的展望感到失望，但我們對我們的長期增長潛力充滿信心。我們相信，我們現在採取的行動將使我們能夠在未來幾年實現持續增長和創紀錄的業績，我們預計這將推動有意義的股東價值。

I'd like to thank all of our stakeholders again for their support. Thank you. I'll now turn the call back to Strauss.

我想再次感謝所有利益相關者的支持。謝謝。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for their firm commitment to creativity, innovation and efficiency as we continue to navigate a challenging economic landscape. I'd also like to express our appreciation to our shareholders for their continued support. We'll now take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們的整個管理團隊，感謝我們的同事在我們繼續應對充滿挑戰的經濟環境時對創造力、創新和效率的堅定承諾。我還要感謝我們的股東一直以來的支持。我們現在將回答您的問題。操作員？

(Operator Instructions)

（操作員說明）

Our first question is from Eric Handler with MKM Partners.

我們的第一個問題來自 MKM Partners 的 Eric Handler。

Strauss, I wonder if you could talk a little bit about mobile advertising, specifically, have you been able to integrate advertising into Zynga games previously had not included advertising? And what about the 2K games prior to the acquisition of Zynga?

Strauss，我想知道你是否可以談談移動廣告，具體來說，你是否能夠將廣告整合到以前不包括廣告的 Zynga 遊戲中？收購 Zynga 之前的 2K 遊戲又如何呢？

And then secondly, if you could just talk a little bit more about the direct-to-consumer platform with mobile virtual currency purchasing. Besides Empire & Puzzles, how many other games have integrated the DTC capabilities.

其次，如果你能多談談移動虛擬貨幣購買的直接面向消費者的平台。除了Empire & Puzzles，還有多少游戲集成了DTC功能。

Thanks, Eric. I appreciate it. To answer your question, we have enhanced advertising within the Zynga portfolio. Certain titles within that portfolio did not have advertising and now do. And at 2K, with regard to their mobile titles, there's no change. With regard to console titles, we have a limited amount of advertising, but there's no change there as well.

謝謝，埃里克。我很感激。為了回答您的問題，我們增強了 Zynga 產品組合中的廣告。該組合中的某些標題沒有廣告，現在也有。而在 2K，關於他們的手機遊戲，沒有任何變化。關於主機遊戲，我們的廣告數量有限，但也沒有變化。

With regard to direct-to-consumer, that's a new initiative for us and for the team at Zynga that's being rolled out modestly. We are seeing early signs of success. And obviously, that has a very significant effect on our contribution margins.

關於直接面向消費者，這對我們和 Zynga 的團隊來說是一項新舉措，正在適度推出。我們看到了成功的早期跡象。顯然，這對我們的貢獻利潤率有非常顯著的影響。

Our next question is 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. Coming back to mobile. I don't know if this one is for Strauss, but can you give us maybe your higher level thoughts as you think about the mobile market? And I know it's hard to tease apart macro versus what's going on the user acquisition side with Apple ATT. But I guess, putting macro aside, if you think about the mobile market over the next couple of years, how do you think about the growth rate of that business? And how are you thinking maybe different about the mix of in-app purchase versus ad revenue or the right genres or new IP versus existing franchises, the right cost structure, there's more opportunity there. Just how are you thinking about that as that market has obviously been very dynamic. And then I have a follow-up, but I'll stop there.

也許 2，如果可以的話。回到移動端。我不知道這是否適合施特勞斯，但你能否給我們一些關於移動市場的更高層次的想法？而且我知道很難將宏觀與 Apple ATT 用戶獲取方面的情況區分開來。但我想，拋開宏觀，如果你考慮未來幾年的移動市場，你如何看待該業務的增長率？您如何看待應用內購買與廣告收入或正確類型或新 IP 與現有特許經營權的組合、正確的成本結構，以及更多的機會。你是怎麼想的，因為那個市場顯然非常活躍。然後我有一個後續行動，但我會停在那裡。

Well, I'll see how I do it then you can determine what your follow-up is like. So in terms of the mobile market, look, the reason we were interested in combining with Zynga is we believe that mobile will continue to be the fastest-growing part of the interactive entertainment business, and we still are of that belief. Yes, there's been some year-over-year pressure, which is, in our view, related to the economy primarily and to a lesser extent, probably sort of post-pandemic changes in demand. We think those are near term. And in fact, the trends recently are quite positive in terms of demand.

好吧，我會看看我是怎麼做的，然後你可以決定你的後續行動是什麼樣的。所以就移動市場而言，看，我們有興趣與 Zynga 合併的原因是我們相信移動將繼續成為互動娛樂業務中增長最快的部分，而且我們仍然堅信這一點。是的，存在一些同比壓力，在我們看來，這主要與經濟有關，在較小程度上可能與大流行後的需求變化有關。我們認為這些是近期的。事實上，最近的趨勢在需求方面非常積極。

And Zynga has the best portfolio of mobile games in the business. Most of our competitors good as they may be, have 1, 2, 3, 4 titles that matter. We have a whole lot more than that. We have these forever franchises. And we also are blessed with phenomenal leadership in that division. So we remain highly optimistic about the growth in the future. I'm not sure I can give you an exact growth rate, but I do think it will continue to be a rapidly growing part of the business. It also diversifies us. We attach a different audience on the mobile side, skews more female. It skews older. And by having a diverse company that has console, and PC and mobile titles, we address every part of the interactive entertainment business, and we find ourselves as 1 of the top 3 pure plays in the business.

Zynga 擁有業內最好的手機遊戲組合。我們的大多數競爭對手儘管可能很優秀，但擁有 1、2、3、4 個重要的頭銜。我們擁有的遠不止於此。我們擁有這些永遠的特許經營權。我們也有幸在該部門擁有非凡的領導能力。因此，我們對未來的增長保持高度樂觀。我不確定我能否給你一個確切的增長率，但我確實認為它將繼續成為業務快速增長的一部分。它還使我們多樣化。我們在移動端附加了不同的受眾，偏向於更多的女性。它變老了。通過擁有一家擁有控制台、PC 和移動遊戲的多元化公司，我們解決了互動娛樂業務的各個部分，我們發現自己是該業務中排名前三的純遊戲之一。

With regard to our expectations about in-app purchases and ad revenue going forward, look, in-app purchases still only relevant for about 10% of the market for 90% of the users, that's not something they're interested in. So if you're selective and careful about how you target it, advertising makes all the sense in the world, because we ought to be able to find a way to monetize all of the viewing, all of the engagement, not just the engagement that leads to spending, particularly because we're not in the toll booth business. We're in the entertainment business. And we want to be able to deliver titles that consumers can enjoy without regard to spending. Spending should enhance the experience for sure, and it does. But in order to be commercial, we should have a robust advertising business that's not intrusive that's positive for the consumer than consumer experience, and that's exactly what Zynga is building.

關於我們對未來應用內購買和廣告收入的預期，看，對於 90% 的用戶來說，應用內購買仍然只與大約 10% 的市場相關，這不是他們感興趣的東西。所以如果你是有選擇性的並且小心你如何定位它，廣告在世界上都是有意義的，因為我們應該能夠找到一種方法來貨幣化所有的觀看，所有的參與，而不僅僅是導致支出，特別是因為我們不從事收費站業務。我們從事娛樂業。我們希望能夠提供消費者無需花錢就能享受的遊戲。支出肯定會增強體驗，而且確實如此。但為了商業化，我們應該有一個強大的廣告業務，它不具有侵擾性，對消費者來說比消費者體驗更積極，而這正是 Zynga 正在建設的。

With regards to new IP -- I wrote down your questions. So let me just grab you on new IP and then I'll stop talking. On new IP, that remains the biggest challenge in the mobile business. And making new hits in mobile is really, really, really hard. We're working on a bunch of titles about which we're very excited, but it's super hard to make hits. Hit ratios in the business are low.

關於新 IP——我記下了你的問題。因此，讓我抓住你的新 IP，然後我會停止說話。對於新 IP，這仍然是移動業務面臨的最大挑戰。在移動領域創造新的成功真的、真的、真的很難。我們正在開發一系列讓我們非常興奮的遊戲，但要取得成功非常困難。業務中的命中率很低。

Yes. Just one quick follow-up, Strauss, and that's really impressive that you got all those, by the way. I was keeping note. So that's impressive. On the -- any -- you talked about the next couple of years getting back to record bookings, which you've talked about for a while now. I think you talked about sequential growth. Does that apply to fiscal '24, I guess just any early thoughts about how we can start thinking about fiscal '24?

是的。只是一個快速的跟進，施特勞斯，順便說一句，你得到了所有這些，真是令人印象深刻。我一直在記筆記。所以這令人印象深刻。關於 - 任何 - 你談到了未來幾年回到記錄預訂，你已經談了一段時間了。我想你談到了連續增長。這是否適用於 24 財年，我想只是關於我們如何開始考慮 24 財年的任何早期想法？

What we said today is we expect sequential growth and record results over the next couple of years, and that remains our expectations. We'll give you exact outlooks, including guidance in the coming months.

我們今天所說的是，我們預計未來幾年將實現連續增長和創紀錄的業績，這仍然是我們的預期。我們將為您提供準確的展望，包括未來幾個月的指導。

Our next question is from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matthew Cost。

Could you go into a little more detail about where you saw the strength in PC and console versus where some of the softness was. Was it more on recurrent consumer spending or unit sales? And how does that compare to past periods of macro weakness that you've seen?

你能否更詳細地談談你在 PC 和遊戲機上看到的優勢與軟弱之處。是更多地關注經常性消費者支出還是單位銷售額？與您所看到的過去的宏觀疲軟時期相比，這又如何呢？

So in terms of the strength of PC and console, really our strength has been in the catalog. I mean what we have said before is that -- what we've observed over this period of time is that folks -- the [Big Assados] franchises, particularly those that have been discounted did quite well over the last quarter, and that was our experience as well. So that part of the business did very well for us. A little bit tougher on sort of new releases that are still establishing their player basis. And when folks making difficult choices between games if they can afford to play, they're obviously going to gravitate towards things that they know that they're more familiar with. So a little bit tougher on the new releases for the younger games.

所以就 PC 和控制台的實力而言，我們的實力確實在目錄中。我的意思是我們之前說過的——我們在這段時間裡觀察到的是——[Big Assados] 特許經營權，特別是那些打折的特許經營權在上個季度表現非常好，那是我們的經驗也是如此。所以這部分業務對我們來說做得很好。對於仍在建立播放器基礎的新版本有點嚴格。當人們在負擔得起的情況下在遊戲之間做出艱難的選擇時，他們顯然會傾向於他們知道自己更熟悉的事物。因此，對於年輕遊戲的新版本要嚴格一些。

In terms of RCS, we already said on the mobile side, our in-app purchases were in line with expectations, and we continue to buck the trend in advertising. And we did experience some softness on the PC and console side in RCS. And again, that dynamic is what we expect that dynamic in this kind of economic environment. So really -- maybe it was a little bit more exacerbated than we originally expected, but we are continuing to see that.

RCS方面，我們在移動端已經說過，我們的應用內購買符合預期，我們在廣告方面繼續逆勢而上。我們確實在 RCS 的 PC 和控制台端體驗了一些軟性。再一次，這種動態就是我們在這種經濟環境中所期望的那種動態。所以真的 - 也許它比我們最初預期的要嚴重一些，但我們會繼續看到這一點。

Great. And then just on the cost savings side, is the cost reduction program, is it particularly focused on the mobile business or various areas? Or is it kind of just general corporate overhead?

偉大的。然後只是在成本節約方面，是成本降低計劃，它是特別關注移動業務還是各個領域？還是只是一般的公司管理費用？

It's a combination of our corporate departments and also some of our publishing functions. So it includes all of our labels. And it's outside of the $100 million plus in synergies between Take-Two and Zynga that we've talked about already that has to do with the acquisition of Zynga.

它結合了我們的公司部門和我們的一些出版職能。所以它包括我們所有的標籤。它不在我們已經討論過的與收購 Zynga 相關的 Take-Two 和 Zynga 之間超過 1 億美元的協同效應之外。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

Just sticking with Zynga, I think you mentioned in your preamble that mobile trends had improved, maybe a little bit more detail there? And can you comment on whether Zynga's net bookings were up quarter-on-quarter. And if you've seen this improving trend line continue into the current quarter? And then I have a follow-up.

只是堅持 Zynga，我想你在序言中提到移動趨勢有所改善，也許那裡有更多細節？您能否評論 Zynga 的淨預訂量是否環比增長？如果您看到這條改善的趨勢線持續到本季度？然後我有一個後續行動。

I think the way to characterize it is we have seen some improving trends and the way to describe it is it's really been some improvement off of the lows that we've seen in the past.

我認為描述它的方式是我們看到了一些改善的趨勢，而描述它的方式是它確實比我們過去看到的低點有所改善。

Okay. And then Strauss, some of your competitors have suggested the market is shifting towards these mega franchises. Curious if you agree with that premise? And does this in any way if you do, impact how you invest across your development pipeline? And are you inclined to hold back with the launch of titles until market conditions become more favorable?

好的。然後施特勞斯，你的一些競爭對手錶示市場正在轉向這些大型特許經營權。好奇你是否同意這個前提？如果你這樣做，這會以任何方式影響你在整個開發管道中的投資方式嗎？在市場條件變得更加有利之前，您是否傾向於推遲遊戲的發布？

Yes, we emphatically agree. The strategy of our company is to make hits across the board. We believe that we have the best collection of owned intellectual property across console, PC and mobile in the marketplace. And our approach has always been to bring out new iterations of beloved franchises. We have 11 franchises that have each sold over 5 million units in an individual release, well over 65 that have sold over 2 million units in an individual release. I don't think anyone else can say that.

是的，我們非常同意。我們公司的戰略是全線出擊。我們相信，我們擁有市場上游戲機、PC 和移動設備上最好的自有知識產權集合。我們的方法一直是推出備受喜愛的特許經營權的新版本。我們擁有 11 個特許經營權，每個特許經營權在單個發行版中均售出超過 500 萬套，遠超過 65 個特許經營權在單個發行版中售出超過 200 萬套。我認為沒有其他人可以這麼說。

And look, we have the highest grossing entertainment property ever created of any sort of within our 4 walls, thanks to the folks at Rockstar. So that is very much our approach. And the truth of the entertainment business is, whether you like it or not, the entertainment business is a top 20 business on a good day and top 10 business on a less good day. We need to be there and that has always been our strategy.

看，我們的 4 堵牆內創造了有史以來票房收入最高的娛樂財產，這要感謝 Rockstar 的人們。這就是我們的方法。娛樂業的真相是，不管你喜歡與否，娛樂業在好日子裡是前 20 名的企業，在不太好的日子裡是前 10 名的企業。我們需要在那裡，這一直是我們的戰略。

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

我們的下一個問題來自美國銀行的 Omar Dessouky。

So I'm looking at your grid, the grid of games that you plan to release from fiscal '23 to fiscal '25 and next to mobile, you have 38 games. And it looks like 10 of them were not Zynga Games. Are you still confident that you can get all those games to scale? And is $100 million in annual bookings still the level that you aspire to as it was for Zyngas forever franchises prior to the acquisition? And then I have a follow-up, please.

所以我在看你的網格，你計劃從 23 財年到 25 財年發布的遊戲網格，除了手機，你有 38 款遊戲。看起來其中有 10 家不是 Zynga Games。您是否仍然有信心讓所有這些遊戲規模化？ 1 億美元的年度預訂量是否仍然是您在收購之前對 Zyngas 永久特許經營權所渴望的水平？然後我有一個後續行動，請。

Sure. I'll take that one. So I would say the aspiration for any title that we released in the mobile context would be the $100 million of annual bookings. But I can tell you for sure that, that won't be the case with every title we release. So our expectation going in, again, the -- how we release mobile is you take it out, you see how it does, you invest a little bit more, you revamp it, you rebalance it, you invest a little bit more, and then you grow from there.

當然。我會拿那個。所以我想說，我們在移動環境中發布的任何遊戲的願望都是每年 1 億美元的預訂量。但我可以肯定地告訴你，我們發布的每一款遊戲都不會如此。所以我們的期望再次進入——我們發布移動端的方式是你把它拿出來，看看它是如何工作的，你投入更多一點，你改造它，你重新平衡它，你投入更多一點，然後然後你從那裡成長。

What we know that there are going to be titles that we put out that will fall on the mobile side. But the idea is that we need to put the titles out in order to find the ones that can reach that $100 million level or plus so that is certainly -- that is the strategy, and that's going to be our path going forward. So that's still our expectation.

據我們所知，我們推出的一些遊戲將落在移動端。但我們的想法是，我們需要推出這些遊戲，以便找到能夠達到 1 億美元或更高水平的遊戲，所以這當然是——這就是戰略，這將是我們前進的道路。所以這仍然是我們的期望。

Okay. And it's -- do you think versus when you acquired Zynga, it's going to be harder to get to that $100 million threshold, and will that affect kind of the number of new games that you guys will be potentially launching over the next year or 2?

好的。而且 - 你認為與收購 Zynga 時相比，達到 1 億美元的門檻會更難，這會影響你們在未來一兩年內可能推出的新遊戲的數量嗎？ ？

No, I don't think the business has gotten easier or harder. I think it's pretty much what we expected. As I said, hit ratios in mobile are low. We feel really good about what's being developed.

不，我不認為業務變得更容易或更難。我認為這幾乎是我們所期望的。正如我所說，移動設備的命中率很低。我們對正在開發的東西感到非常滿意。

And just as -- I have one quick follow-up here. So some experts have noticed that Google has begun sending rejection notices for ads exposures and formats that are not compliant with its new better ads experience policy. This policy disallows interruptive interstitial ads among other practices, and it was announced back in July. So are you starting to see the effects of this policy for Rollic hyper casual games on Android?

就像——我在這裡有一個快速跟進。因此，一些專家注意到，谷歌已經開始針對不符合其新的更好的廣告體驗政策的廣告曝光和格式發送拒絕通知。該政策禁止干擾性插頁式廣告以及其他做法，並於 7 月宣布。那麼，您是否開始看到這項政策對 Android 上的 Rollic 超休閒遊戲的影響？

We are not. We're largely compliant.

我們不是。我們基本上是合規的。

Our next question is from Mario Lu with Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

The first one is on RCS, this quarter in terms of the growth came in a bit below expectation. You mentioned that Zynga was in line and the weakness was from console PC. Any franchise to highlight that kind of came in below expectations or any factors that led to this underperformance?

第一個是 RCS，本季度的增長略低於預期。你提到 Zynga 符合要求，而弱點來自主機 PC。任何強調這種表現低於預期的特許經營權或導致這種表現不佳的任何因素？

No, there's nothing really to point out. It was really across several of our console and PC games.

不，真的沒有什麼可指出的。它確實存在於我們的幾款遊戲機和 PC 遊戲中。

Okay. Got it. And then just a follow-up on NBA 2K. You mentioned that MyTeam's players were up 50% year-on-year, which is a fairly large amount. So are there any kind of main drivers to highlight there? And were these gains partially offset by declines potentially in my career mode? Or was it mostly additive?

好的。知道了。然後只是 NBA 2K 的跟進。你提到 MyTeam 的球員同比增長了 50%，這是一個相當大的數字。那麼有沒有什麼主要驅動因素需要強調呢？這些收益是否部分被我職業模式的潛在下降所抵消？或者它主要是添加劑？

Yes. I wouldn't say that it would necessarily offset by declines in my career mode. I think that the goal for NBA is to -- and how we've been growing over the years and how our path to growth in the future is to get more players involved in more modes. So driving across all of the modes. Now we know that we're not going to get everybody to play the game 100% across every single mode, but that is certainly the goal because the more engagement, the better ultimately the RCS performance is for those titles and also the more loyal the audience and it's a much better path for us to grow.

是的。我不會說這一定會被我職業模式的衰退所抵消。我認為 NBA 的目標是——以及我們多年來的成長方式以及我們未來的成長之路是如何讓更多球員參與更多模式。所以駕駛所有模式。現在我們知道，我們不會讓每個人都 100% 地玩每種模式的遊戲，但這肯定是我們的目標，因為參與度越高，這些遊戲的最終 RCS 性能就越好，玩家的忠誠度也越高。觀眾，這是我們成長的更好途徑。

So our focus has really been on getting players across those modes, and we've had some great success, as you can see on -- not just the my career area, but across the -- in MyTeam area, but across the board.

所以我們的重點實際上是讓玩家跨越這些模式，我們已經取得了一些巨大的成功，正如你所看到的——不僅僅是我的職業領域，而是整個——在 MyTeam 領域，而是全面的。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I could. First, on the mobile front, obviously, we've lapped the launch of IDFA. And I wanted to get your perspective on whether you feel like in terms of driving a mixture of user growth and in-game monetization and in-game engagement? Whether you've successfully sort of realigned your marketing strategy in mobile to address a post-IDFA world? Or whether you're still thinking it's sort of a work in progress so that once demand is back in the mobile landscape, you can sort of capitalize on it? That'd be number one.

也許 2，如果可以的話。首先，在移動端，很明顯，我們已經完成了 IDFA 的發布。我想了解一下您是否願意推動用戶增長、遊戲內貨幣化和遊戲內參與度的混合？您是否已成功調整您的移動營銷策略以應對後 IDFA 世界？或者您是否仍然認為這是一項正在進行的工作，以便一旦需求重新回到移動領域，您就可以從中獲利？那將是第一。

And number two, a competitor of yours talked about withdrawing or pulling back from the mobile shooter market earlier in the earnings season. I'd love to get your perspective on how you think about developing, implementing and sort of launching AAA titles either alongside traditional PC console titles in the mobile format? Or how we should be thinking about even mobile-only formats of what historically have been AAA type quality titles?

第二，你的一個競爭對手在財報季早些時候談到退出或退出移動射擊遊戲市場。我很想了解您對開發、實施和發布 AAA 遊戲以及移動格式的傳統 PC 遊戲機遊戲的看法？或者我們應該如何考慮歷史上一直是 AAA 類型質量標題的甚至僅限移動設備的格式？

So in terms of the effect of IDFA, we've been living that for quite a while now. And I would certainly say that, that has stabilized. And I don't think we're expecting -- there's no surprises down the road that we're expecting at this point. And there's been some improvement in how we are able to target since then. So I think there's been some adjusting going on. I don't want to characterize that as we're sort of back to where we work because that would be a mischaracterization. But we certainly feel like we've got our hands around it, and then we're going in the other direction.

因此，就 IDFA 的影響而言，我們已經經歷了很長一段時間。我肯定會說，這已經穩定下來。而且我不認為我們期待 - 在這一點上我們期待的路上沒有驚喜。從那時起，我們的目標定位方式有了一些改進。所以我認為正在進行一些調整。我不想描述它，因為我們有點回到我們工作的地方，因為那是一種錯誤的描述。但我們當然覺得我們已經掌握了它，然後我們朝著另一個方向前進。

So that's positive in terms of our ability to target. I would also mention, too, that in the hypercasual space, it is a much wider funnel and targeting is not -- it doesn't require as much targeting as it does in the normal mobile business. So that's also helped our ability to attract new audiences.

因此，就我們的目標能力而言，這是積極的。我還要提到的是，在超休閒領域，它是一個更廣泛的漏斗，而目標不是——它不需要像在普通移動業務中那樣多的目標。所以這也有助於我們吸引新觀眾的能力。

Yes. And on the second part of the question, we've said all along, and I said it today, the hit ratios in the mobile business are very low. And when we announced the combination with Zynga, the most current question was, well, obviously, you're going to take to IP to mobile is not great. And my answer was that is potentially a very exciting opportunity, but it's really, really hard to do.

是的。關於問題的第二部分，我們一直在說，我今天也說了，移動業務的命中率非常低。當我們宣布與 Zynga 的合併時，最新的問題是，嗯，很明顯，你要將 IP 帶到移動端並不是很好。我的回答是，這可能是一個非常令人興奮的機會，但這真的很難做到。

One of our competitors has done it really well with the title, and we're impressed by that and admire it. But we have a healthy respect for how difficult it is. The vast majority of hits in mobile are native to mobile. They are not based on existing IP. They do not come from a console. I'm very optimistic that we're going to give it a try, and I'm really hopeful that we'll do well with it. But it's not a slam dunk.

我們的一位競爭對手在這個標題上做得非常好，我們對此印象深刻並欽佩。但我們對這有多麼困難抱有健康的尊重。移動設備中的絕大多數點擊都來自移動設備。它們不基於現有 IP。它們不是來自控制台。我非常樂觀地認為我們會試一試，我真的希望我們能做得很好。但這不是灌籃高手。

Our next question is from Doug Creutz with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Doug Creutz。

Just in your commentary about some of the new release underperformance. You're essentially attributing it to macro or at least partially due to macro, but there's been 2 other companies, who have sort of had the same problem. You have several other patters that have had record launches in the quarter, and it seems from the data that's been released, overall console spending was pretty stable versus a year ago. What makes you think the issue is macro related versus this is just the way the video game industry is going to be from now on? And if that's case, how does that cause you to rethink your pipeline going forward?

就在你對一些新版本表現不佳的評論中。您基本上將其歸因於宏觀或至少部分歸因於宏觀，但還有另外兩家公司也遇到了同樣的問題。您還有其他幾個模式在本季度推出了創紀錄的產品，從已發布的數據來看，總體控制台支出與一年前相比相當穩定。是什麼讓您認為這個問題與宏觀相關，而這只是視頻遊戲行業從現在開始的方式？如果是這樣的話，這如何讓你重新考慮你的管道向前發展？

It's a really good question. What causes us to believe that it's macro related is that we don't just pull our expectations out of the year. We based our expectations on prior performance of similarly rated titles within that genre. And so in the case of certain of these titles, we've had great scores and terrific critical acclaim and yet the unit sales were lower than expected on an apples-to-apples basis by comparison to prior releases and prior periods.

這是一個非常好的問題。使我們相信它與宏觀相關的原因是我們不只是將我們的期望從今年中拉出來。我們的預期基於該類型中評級相似的遊戲的先前表現。因此，就這些遊戲中的某些遊戲而言，我們獲得了很高的分數和極好的好評，但與之前發行的遊戲和之前的遊戲相比，銷量低於預期。

So that is -- that sort of leads us to believe, okay, that's probably a macro result. But I don't mean to imply for a minute that quality doesn't matter, quality does matter and the biggest titles will obviously continue to perform with regard to market conditions. So what you're saying is, does that mean you should only put out blockbusters and anything that's short of an expected blockbuster, you can't put out. I think the answer is semi-yes. We can't put out something that we think is going to be a B title. It's never been the case. We have to put out AAA titles.

這就是——這讓我們相信，好吧，這可能是一個宏觀結果。但我並不是要暗示質量無關緊要，質量確實很重要，而且最大的頭銜顯然會繼續根據市場條件表現。所以你的意思是，這是否意味著你應該只推出大片，而任何低於預期大片的東西，你都不能推出。我認為答案是半肯定的。我們不能推出我們認為會成為 B 級標題的內容。從來沒有這樣。我們必須推出 AAA 級遊戲。

However, not everything is ever going to be Grand Theft Auto. It just isn't going to be that way. And we have shown that we have the ability to launch new franchises. In the case of Borderlands or more recently, Tiny Tina's Wonderlands. Going back further BioShock, and from Rockstar, Red Dead Redemption. These are new intellectual properties, and we were willing to take the risk and support our creative team's vision and passion, and we've been able to create big hits. That's not changing. And there's nothing in our recent performance that leads us to say we shouldn't invest in this way to the contrary. I believe we should continue to invest in this way.

然而，並不是所有的東西都會成為俠盜獵車手。事情不會是那樣的。我們已經證明我們有能力推出新的特許經營權。就 Borderlands 或最近的 Tiny Tina's Wonderlands 而言。進一步追溯到 BioShock，以及來自 Rockstar 的 Red Dead Redemption。這些都是新的知識產權，我們願意承擔風險並支持我們創意團隊的願景和熱情，我們已經能夠創造出大熱門。那沒有改變。我們最近的表現並沒有讓我們說我們不應該以這種方式進行相反的投資。我認為我們應該繼續以這種方式進行投資。

But right now, is the market more selective? Sure. In tougher times when food and fuel is more expensive and people are a little worried, they're going to be more selective. And when they're more selective, they're going to go to promotional titles and they're going to go to blockbusters.

但眼下，市場是否更具選擇性？當然。在食品和燃料價格更高、人們有點擔心的艱難時期，他們會更有選擇性。當他們更有選擇性時，他們會去看宣傳片，他們會去看大片。

Our next question is from Clay Griffin with MoffettNathanson.

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

It sounds like this has been mostly in monetization, as I apologize if I missed it, but it would be helpful just to get a sense of overall engagement in the quarter as a metric for the market right now. It sounds like apart from the new releases that some of your base titles actually had pretty solid engagements. Is that fair?

聽起來這主要是在貨幣化方面，如果我錯過了，我深表歉意，但了解本季度的整體參與度作為目前市場的衡量標準會有所幫助。聽起來除了新版本之外，您的一些基礎遊戲實際上有相當穩固的參與度。這公平嗎？

Engagement has definitely been strong across the board. And I would characterize it certainly as a modernization -- as a monetization issue. And we've seen that not just on the PC or console business, but also in the mobile business as well. So that is specifically engagement that seems to be -- is not the issue for us.

參與度絕對是全面的。我肯定會將其描述為現代化 - 作為貨幣化問題。我們不僅在 PC 或主機業務上看到了這一點，在移動業務上也看到了這一點。因此，這似乎是特別的參與 - 對我們來說不是問題。

Right. And just a follow-up on that. Is there anything that you guys have seen to suggest that Game Pass may be changing the way people engage with new titles or just a sense of if that has had an impact in terms of engagement in the quarter over the last several quarters?

正確的。只是對此的後續行動。你們有沒有看到任何跡象表明 Game Pass 可能正在改變人們參與新遊戲的方式，或者只是感覺這是否對過去幾個季度的季度參與產生了影響？

I don't really think so. I mean we don't make our frontline titles available day and date. We're thrilled to be in business with subscription services for our catalog titles at the appropriate time. We think that's the right way to support subscription. And subscription is still a relatively small business -- you're talking about businesses. I think the last announcement of Game Pass was 25 million subs. We're not talking about huge broad-based business yet. And in any case, no, I don't believe the business is cannibalizing our business.

我真的不這麼認為。我的意思是我們不會在日期和日期提供我們的前線標題。我們很高興能在適當的時候為我們的目錄標題開展訂閱服務業務。我們認為這是支持訂閱的正確方式。訂閱仍然是一項相對較小的業務——你說的是業務。我認為 Game Pass 的最後公告是 2500 萬訂閱。我們還不是在談論基礎廣泛的巨大業務。無論如何，不，我不認為該業務正在蠶食我們的業務。

Our next question is from Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer。

I have 2. Can you first give us more details on Zynga's direct-to-consumer effort? Do you see a certain region or user cohort responded more strongly to the channel?

我有 2. 你能先給我們詳細介紹一下 Zynga 直接面向消費者的努力嗎？您是否看到某個地區或用戶群體對該渠道的反應更強烈？

No, we're not seeing any regional differences, particularly. I'm not sure we've been looking for them though, because it's really early still.

不，我們沒有看到任何地區差異，特別是。我不確定我們是否一直在尋找它們，因為現在還很早。

Got it. My second question is on the impact of more discounting in December. And how would you characterize the environment in the March quarter, is discounting still affecting negatively on the guidance for March?

知道了。我的第二個問題是關於 12 月份更多折扣的影響。您如何描述 3 月季度的環境，貼現是否仍在對 3 月的指導產生負面影響？

I don't think that discounting in particular is driving our expectations for the quarter. What's driving our expectations for the quarter is just our perception of market demand.

我不認為特別是折扣會推動我們對本季度的預期。推動我們對本季度預期的只是我們對市場需求的看法。

Our next question is from Matti Littunen with Bernstein.

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

Just wondering if you changed your typical marketing approach for these new titles that launched in the holiday season? And if not, do you plan to do that in the current quarter in response to what you're seeing in the market trends you discussed?

只是想知道您是否改變了這些在假期推出的新遊戲的典型營銷方式？如果沒有，您是否計劃在本季度針對您在所討論的市場趨勢中看到的情況做出回應？

No, we didn't change our approach to marketing. Our marketing approach varies title by title and reflects our view at any given time for what the opportunity is and in the context of the cost of the marketing programs. But if your question is, did we create a sort of self-inflicted wound by somehow spending less, for example, on marketing and getting worse results, the answer is no. But equally, it's not like we've created a self-inflicted wound by spending more on marketing and not getting results. We tailored the marketing to the opportunity. Unfortunately, the opportunity set was a little smaller than we thought.

不，我們沒有改變我們的營銷方式。我們的營銷方法因標題而異，反映了我們在任何給定時間對機會是什麼以及營銷計劃成本的看法。但是，如果您的問題是，我們是否通過某種方式減少了營銷支出並獲得了更差的結果，從而造成了一種自我傷害，答案是否定的。但同樣，這並不是說我們在營銷上投入更多卻沒有取得成果，從而造成了自殘。我們根據機會量身定制營銷。不幸的是，機會集比我們想像的要小一些。

Our next question is from Mike Hickey with Benchmark.

我們的下一個問題來自 Benchmark 的 Mike Hickey。

Two for me. Just curious, specifically, I know you haven't called out titles, but for the quarter on the weakness in recurrent spend the Grand Theft Auto Online and NBA 2K live service, did they meet your expectations for the quarter? And have you changed your forward view of growth from those games? Obviously, they're a big portion of your ex-mobile live service business.

兩個給我。只是好奇，具體來說，我知道你還沒有宣布冠軍頭銜，但對於俠盜獵車在線和 NBA 2K 現場服務經常性支出疲軟的季度，他們是否達到了你對該季度的預期？您是否改變了對這些遊戲增長的前瞻性看法？顯然，它們是您的前移動實時服務業務的很大一部分。

And the second question, on your cost reduction plan, $50 million, do you feel like that's sort of a starting point or you sort of grow that as you think about it more over time? Or do you feel like that's enough.

第二個問題，關於你的成本削減計劃，5000 萬美元，你覺得這是一個起點，還是隨著時間的推移你對它的思考越來越多？或者你覺得這樣就夠了。

So for the quarter, our NBA business was in line with our expectations. Our other titles were a bit lower than what we had expected. As I mentioned, our PC and our console business for RCS was overall lower than what we had expected. And for the $50 million, this is like an ongoing cost reduction initiative. So we expect this number will grow over time.

因此，對於本季度，我們的 NBA 業務符合我們的預期。我們的其他頭銜比我們預期的要低一些。正如我所提到的，我們的 PC 和我們的 RCS 控制台業務總體上低於我們的預期。對於 5000 萬美元，這就像一項持續的成本削減計劃。所以我們預計這個數字會隨著時間的推移而增長。

So efficiency is one of our core tenants as a company. So we're always looking for efficiency throughout the organization. And these are permanent and structural changes to the organization's overall corporate overhead structure so these are expenses that we expect to reduce our overall structure over time.

因此，效率是我們公司的核心租戶之一。因此，我們一直在尋求整個組織的效率。這些是對組織整體公司間接費用結構的永久性和結構性變化，因此我們預計這些費用會隨著時間的推移減少我們的整體結構。

Our next question is from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a slightly longer-term question. Can you guys talk a little bit about whether or not you're a believer in sort of cloud gaming moving to the fore over the next 5 years? And if so, what implications, if any, does it have on how you think about the business, your business?

我只是有一個稍微長期的問題。你們能談談你們是否相信雲遊戲會在未來 5 年內脫穎而出嗎？如果是這樣，它對您如何看待業務、您的業務有什麼影響（如果有的話）？

Yes. I mean we have been believers in our gaming. We were one of the first licensees, if not first licensee -- licensor, sorry, to Stadia to support that project. But remember, cloud gaming is a technology. It's not a business model. It's a distribution technology. And our view is broader distribution is always a good thing in the entertainment business. If we can reach more consumers with our properties, we're happy to do it as long as the terms make sense. And I think broader distribution over time probably benefits us in any number of ways, including the cost of distribution, which I believe will go down over time.

是的。我的意思是我們一直相信我們的遊戲。我們是第一批被許可人之一，如果不是第一個被許可人——抱歉，許可人是 Stadia 支持該項目的人之一。但請記住，雲遊戲是一項技術。這不是商業模式。這是一種分發技術。我們的觀點是，更廣泛的發行範圍在娛樂行業始終是一件好事。如果我們可以通過我們的財產吸引更多消費者，只要條款有意義，我們就很樂意這樣做。而且我認為隨著時間的推移更廣泛的分發可能會以多種方式使我們受益，包括分發成本，我相信它會隨著時間的推移而下降。

That said, I've never felt like cloud gaming would be -- would represent a seismic change. Because I think if you're prepared to pay $60 or $70 for frontline title, you're also prepared to buy console. And I think Stadia found that out. So bringing high-quality titles to consumers, who don't have consoles will probably have an effect around the edges, but I don't think it will be a revolution in the business, I think it will be more an evolution in the business. And there's still technical challenges to be addressed.

也就是說，我從來沒有覺得云遊戲會是——會代表地震般的變化。因為我認為如果你準備為前線遊戲支付 60 或 70 美元，你也準備購買遊戲機。我認為 Stadia 發現了這一點。因此，為沒有遊戲機的消費者帶來高質量的遊戲可能會產生一些影響，但我認為這不會成為業務革命，我認為它更像是業務的進化.並且仍有技術挑戰需要解決。

Our next question is from Matthew Thornton with Truist Securities.

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

Strauss, another big picture question. As you look out over the next several years, maybe in the next 5 to 10 years, I'm curious kind of your thoughts on how AI can impact the business good or bad? Or again, what you see on the horizon as potential disruption opportunity? Just any thoughts there would be helpful, particularly how you're thinking about AI?

施特勞斯，另一個大問題。當你展望未來幾年，也許是未來 5 到 10 年時，我很好奇你對人工智能如何影響業務好壞的想法？或者，您認為即將出現的潛在顛覆機會是什麼？任何想法都會有所幫助，尤其是您如何看待 AI？

You know I'm the first person to be skeptical of other people's side. And I would like to note that AI stands for artificial intelligence, and there is no such thing as artificial intelligence. All that said, I'm really excited about what we're seeing right now with ChatGPT and other leaps forward in artificial intelligence and machine learning. And I do think that we'll be and others will be creating tools that will enhance our development and probably reduce some of the costs for what we have to do today. But I don't think you're going to see it have an effect on the overall cost structure of the business, because I think it will just raise the bar.

你知道我是第一個懷疑別人的人。而且我想說明一下，AI代表人工智能，沒有人工智能這樣的東西。儘管如此，我對我們現在看到的 ChatGPT 以及人工智能和機器學習領域的其他飛躍感到非常興奮。我確實認為我們會和其他人會創建工具來增強我們的發展，並可能降低我們今天必須做的事情的一些成本。但我認為你不會看到它對企業的整體成本結構產生影響，因為我認為它只會提高標準。

I think any time you make things easier, we're going to want to do more and our teams will want to do more. The belief among college students, the ChatGPT is not going to allow them to just make a query in sending their homework. The problem is -- the question is described what actually happened on the night of Paul Revere's ride, if that's the question. And everyone gets the same question, which you do in class and everyone uses ChatGPT, whoops, everyone's going to submit the same assay last time I checked.

我認為只要你讓事情變得更容易，我們就會想做更多，我們的團隊也會想做更多。大學生認為，ChatGPT 不會允許他們在發送作業時進行查詢。問題是——這個問題描述了 Paul Revere 騎行當晚實際發生的事情，如果這是問題的話。每個人都會得到同樣的問題，你在課堂上做的，每個人都使用 ChatGPT，哎呀，我上次檢查時每個人都會提交相同的分析。

And so ChatGPT is today's hand calculator. When I was a kid, there was no such thing. I hate to admit, but it's true. So I had to do math longhand. And then hand calculators came along and parents were up in arms that thought, "Oh, kids won't have to learn math anymore. And the answer is yes, you still have to learn math, turns out. You absolutely have to learn math. Like you have a tool that makes it easier to do. And ChatGPT is the same thing. We are ushering in a very exciting era of new tools, and they're going to allow our teams and our competitors' teams to do really interesting things more efficiently.

因此，ChatGPT 就是今天的手持式計算器。當我還是個孩子的時候，沒有這樣的東西。我不願意承認，但這是真的。所以我不得不手寫數學。然後手持式計算器出現了，父母們紛紛表示：“哦，孩子們不必再學習數學了。答案是肯定的，你仍然需要學習數學，事實證明。你絕對必須學習數學.就像你有一個工具讓它更容易做。和ChatGPT是一回事。我們正在迎來一個非常激動人心的新工具時代，它們將讓我們的團隊和我們競爭對手的團隊做真正有趣的事情事情更有效率。

So we're going to want to do more. We're going to want to be even more creative. And no, it's not going to allow someone to say, please develop the competitor to Grand Theft Auto that's better than Grand Theft Auto, and then they will just send it out and ship it digitally and then that will be that. People will try, but that won't happen.

所以我們想做更多。我們想要更有創意。不，它不會允許有人說，請開發比俠盜獵車手更好的俠盜獵車手的競爭對手，然後他們會把它發送出去並以數字方式發布，然後就是這樣。人們會嘗試，但那不會發生。

Okay. Maybe I'll sneak in one -- a second one, if I could, as well. Just really around productivity. Obviously, you guys are pretty far along in the return to office. When you step back and think about that big pipeline and all the projects that you've laid out, how do you feel like things are progressing from a productivity standpoint now that, again, you're pretty far along in the return to office?

好的。也許我會偷偷帶一個——第二個，如果可以的話。只是真正圍繞生產力。顯然，你們離重返辦公室還有很長的路要走。當你退後一步，想想那個龐大的管道和你已經佈置好的所有項目時，你覺得從生產力的角度來看事情正在取得怎樣的進展，現在，你再次回到辦公室已經很遠了？

We've been pretty flexible about return to office, and our teams have been great. One of the many wonderful things about working at Take-Two, the amazing people that we work with. We're more than 11,000 people strong around the world. And our attrition rate remains much, much lower than the industry average. And I think that's because -- this is an extraordinary place to work where we seek the best and the brightest on both the business and the creative side, and we encourage people to pursue their passions and excellence at the same time.

我們對重返辦公室非常靈活，我們的團隊也很棒。在 Take-Two 工作的眾多美妙之處之一，就是與我們一起工作的了不起的人。我們在全球擁有超過 11,000 名員工。我們的離職率仍然遠低於行業平均水平。我認為這是因為——這是一個非凡的工作場所，我們在這裡尋求商業和創意方面最優秀和最聰明的人才，我們鼓勵人們同時追求他們的激情和卓越。

So productivity is strong. Performance is strong. We probably never had a period this long with all of our titles showing up or performing. I believe in the last 2 years, we've had the best reviews and the best scores we've ever had. And that's why the business challenges are a bit frustrating, because our people are delivering. And we will deliver over time as long as we keep doing that, and that's the plan.

所以生產力很強。性能強勁。我們可能從未有過這麼長的一段時間，我們所有的頭銜都出現或表演過。我相信在過去的兩年裡，我們獲得了最好的評價和最好的分數。這就是為什麼業務挑戰有點令人沮喪，因為我們的員工正在交付。只要我們繼續這樣做，我們就會隨著時間的推移交付，這就是計劃。

There are no further questions at this time. I'd like to turn the floor back over to Strauss Zelnick for any closing comments.

目前沒有其他問題。我想將發言權轉回給 Strauss Zelnick，聽取任何結束評論。

Thank you for joining us today. I wish we were giving you better news across the board. There is so much good news here, and we're really proud of it. As I said just a minute ago, the thing we're most proud of is our phenomenal colleagues all around the world to whom all of us are so grateful. And as for our results, we plan to do better. We thank you for your support.

感謝您今天加入我們。我希望我們能全面為您提供更好的消息。這裡有很多好消息，我們為此感到非常自豪。正如我剛才所說，我們最引以為豪的是我們在世界各地的傑出同事，我們所有人都非常感謝他們。至於我們的結果，我們計劃做得更好。我們感謝你的支持。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。