Take-Two Interactive Software Inc (TTWO) 2024 Q1 法說會逐字稿

Greetings. Welcome to Take-Two Interactive First Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Nicole Shevins, Vice President of Investor Relations and Corporate Communications. Thank you. You may begin.

問候。歡迎參加 Take-Two Interactive 2024 財年第一季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給投資者關係和企業傳播副總裁 Nicole Shevins。謝謝。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2024 and to June 30, 2023. Today 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. 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.

下午好。感謝您參加我們的電話會議，討論我們 2024 財年第一季度至 2023 年 6 月 30 日的業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；卡爾·斯拉托夫，我們的總裁；以及我們的首席財務官萊妮·戈德斯坦 (Lainie Goldstein)。在我們準備好的發言之後，我們將在問答環節回答您的問題。在開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中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。由於多種因素，實際經營結果可能與這些前瞻性陳述存在顯著差異。這些重要因素在我們向 SEC 提交的文件中進行了描述，包括公司最新的 10-K 表年度報告和 10-Q 表季度報告，其中包括標題為“風險因素”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. 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.

我還想指出，除非另有說明，我們今天討論的所有數字都是公認會計原則（GAAP），所有比較都是逐年比較。有關我們的實際業績和前景的更多詳細信息包含在我們的新聞稿中，包括我們的管理層在內部使用的項目來調整我們的 GAAP 財務業績，以評估我們的經營業績。我們的新聞稿還包含任何非公認會計原則財務指標與最具可比性的公認會計原則指標的調節表。此外，我們還在網站上發布了幻燈片，直觀地展示了我們的業績和財務前景。我們的新聞稿和向 SEC 提交的文件可以從我們的網站 take2games.com 獲取。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that fiscal 2024 is off to a strong start, highlighted by first quarter net bookings of $1.2 billion, which was at the high end of our expectations and management results were in line with our plans. Graft Theft Auto Online and Grand Theft Auto V and NBA 2K23 exceeded our projections, which illustrates the long-lasting benefits of producing the highest quality offerings and amassing one of the strongest and most diverse portfolios in entertainment.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地向大家報告，2024 財年有一個良好的開端，第一季度淨預訂額為 12 億美元，處於我們預期的最​​高水平，管理業績也符合我們的計​​劃。 《Graft Theft Auto Online》、《俠盜獵車手V》和《NBA 2K23》超出了我們的預測，這說明了製作最高質量的產品以及積累娛樂領域最強大、最多樣化的產品組合之一所帶來的持久效益。

In keeping with our core values of creativity, innovation and efficiency, this quarter, we introduced new intellectual properties, advanced the development of our eagerly anticipated pipeline and maintained our vigilance with cost management initiatives across our organization. Turning to the results of our titles for the period. Grand Theft Auto V continue to outperform and to date, the title has sold in more than 185 million units. On June 13, Rockstar Games launched San Andreas Mercenaries for Grand Theft Auto Online, which offers 6 new major story-based missions as well as new Los Santos operations, hanger upgrades, Smuggler source and Sell Mission, 7 new vehicles and more. The update also includes a range of fan-requested experience improvements as well as the career progress feature offering players a new way to track their progression across criminal careers and claim rewards.

為了與我們的創造力、創新和效率的核心價值觀保持一致，本季度，我們引入了新的知識產權，推進了我們熱切期待的產品線的開發，並對整個組織的成本管理舉措保持了警惕。談談我們這一時期的頭銜結果。 《俠盜獵車手 V》繼續表現出色，迄今為止，該遊戲的銷量已超過 1.85 億份。 6 月13 日，Rockstar Games 推出了《俠盜獵車手Online》《聖安地列斯僱傭兵》，其中提供6 個新的主要故事任務以及新的洛桑托斯行動、機庫升級、走私者來源和銷售任務、7 種新車輛等。此次更新還包括一系列粉絲要求的體驗改進以及職業進展功能，為玩家提供了一種新的方式來跟踪他們在犯罪生涯中的進展並領取獎勵。

San Andreas Mercenaries continues to deliver high-value content post launch using a phased approach that is driving sustained engagement and recurrent consumer spending. This June, Grand Theft Auto Online recorded more players than any other June in its history outside of the height of the pandemic. GTA+, Rockstar's premium membership service for GTA Online on PlayStation 5 and Xbox Series X and S, offered exclusive options for members to test drive and purchase an array of vehicles and we're continuing to see strong growth in GTA+ adoption with each passing quarter.

《聖安地列斯僱傭兵》在發布後繼續採用分階段的方法提供高價值內容，從而推動持續參與和經常性消費者支出。今年六月，《俠盜獵車手 Online》的玩家人數比歷史上除疫情最嚴重時期以外的任何其他六月都要多。 GTA+ 是Rockstar 為PlayStation 5 和Xbox Series X 和S 上的GTA 在線模式提供的高級會員服務，為會員提供了試駕和購買一系列車輛的獨家選項，我們繼續看到GTA+ 的採用率每個季度都在強勁增長。

We were pleased with the performance of Red Dead Redemption 2, which has sold in more than 55 million units to date. Rockstar Games continues to support Red Dead Online with new bonuses and rewards, including free apparel inspired by the RedDeadFashion Subreddit and seasonal content such as April's Condor Egg Freemode event. NBA 2K23 exceeded our plans and the title has now sold in over 13 million units, representing 11% year-over-year growth, driven by higher demand, especially in Gen 9 consoles as well as a more tailored promotional cadence. This incredible performance marks the title's second highest sell-through ever with only NBA 2K20 achieving higher unit sales.

我們對 Red Dead Redemption 2 的表現感到滿意，迄今為止該遊戲的銷量已超過 5500 萬份。 Rockstar Games 繼續以新的獎金和獎勵支持 Red Dead 在線模式，包括受 RedDeadFashion Subreddit 啟發的免費服裝以及季節性內容，例如四月的禿鷹蛋自由模式活動。 《NBA 2K23》超出了我們的計劃，在需求增加（尤其是第 9 代遊戲機）以及更量身定制的促銷節奏的推動下，該遊戲現已售出超過 1300 萬份，同比增長 11%。這一令人難以置信的表現標誌著該遊戲的銷量創下歷史第二高，只有《NBA 2K20》取得了更高的銷量。

Engagement with NBA 2K23 remains strong with approximately 2.6 million daily active users delivering recurrent consumer spending that exceeded our expectations. Our franchise extensions with the NBA continue to perform extremely well and NBA 2K23 Arcade edition remains one of the top games on Apple Arcade. WWE 2K23, which is the highest rated game in our Wrestling franchise's history, and the second highest rated sports simulation title of the year, experienced strong engagement throughout the quarter with players logging nearly 22 million hours of gameplay and facing often 170 million matches. 2K and Visual Concepts continue to support the title with a series of 5 DLC packs that can be purchased individually or as part of a season pass. 2K also continues to support PGA toward 2K23 with additional pros, courses and clubhouse passes.

《NBA 2K23》的參與度仍然很高，約有 260 萬每日活躍用戶，其經常性消費支出超出了我們的預期。我們與 NBA 的特許經營擴展繼續表現出色，《NBA 2K23 Arcade 版》仍然是 Apple Arcade 上的頂級遊戲之一。 《WWE 2K23》是我們摔跤系列歷史上收視率最高的遊戲，也是今年收視率第二高的體育模擬遊戲，該遊戲在整個季度的參與度很高，玩家的遊戲時長接近2200 萬小時，並且經常面臨1.7 億場比賽。 2K 和 Visual Concepts 繼續通過一系列 5 個 DLC 包來支持該遊戲，這些包可以單獨購買或作為季票的一部分購買。 2K 還繼續通過額外的職業選手、球場和俱樂部會所通行證來支持 PGA 走向 2K23。

In May, 2K and Visual Concepts launched LEGO 2K Drive, the first game in a multi-title partnership between 2K and the LEGO Group. Following the launch, our teams released the first to 4 drive past seasons for the title, which features 100 levels and new content inspired by the Fast and the Furious saga.

5 月，2K 和 Visual Concepts 推出了 LEGO 2K Drive，這是 2K 和樂高集團之間多遊戲合作夥伴關係中的第一款遊戲。發布後，我們的團隊發布了該遊戲過去賽季的前 4 季，其中包含 100 個關卡以及受《速度與激情》傳奇啟發的新內容。

Also in May, Private Division and Piccolo Studio launched After Us on PlayStation 5, Xbox Series X and S and PC, which has been praised by critics for its striking visuals in game world. Zynga had a solid start to the year, performing in line with our plans, and we're pleased with the ongoing progress of our mobile business. Ad revenue grew approximately 11% year-over-year, driven by the addition of Popcore and our ability to open new inventory supplies in our portfolio. Toon Blast has been introducing strong feature releases such as the Toon Race event, which drove outperformance versus our forecast and helped the game recently surpassed $2 billion in lifetime gross bookings.

同樣是在五月，Private Division 和Piccolo Studio 在PlayStation 5、Xbox Series X 和S 以及PC 上推出了《After Us》，該遊戲因其在遊戲世界中引人注目的視覺效果而受到評論家的稱讚。 Zynga 今年開局良好，表現符合我們的計​​劃，我們對移動業務的持續進展感到滿意。廣告收入同比增長約 11%，這得益於 Popcore 的加入以及我們在產品組合中開設新庫存供應的能力。 Toon Blast 一直在推出強大的功能，例如 Toon Race 賽事，該賽事的表現超出了我們的預期，並幫助該遊戲最近的總預訂量突破了 20 億美元。

We made excellent progress on our profitability initiatives in mobile. We expanded our offerings on our direct-to-consumer platforms, and we continue to believe that over the next few years, the majority of our mobile games will leverage our highly profitable proprietary distribution channel. We continue to enhance the performance and profitability of our hyper-casual business with multiple new games scaling quickly and several titles generating bookings from in-app purchases in addition to ads. A few key highlights of Zynga's live services during the period include Empires & Puzzles grew quarter-over-quarter, driven by the new path of Giants Battle Pass featuring daily and weekly challenges to unlock rewards. Rollic's Twisted Tangle reached the #1 free game spot on the U.S. Google Play store. Social Casino again delivered strong results driven by Hit it Rich! best quarter in 2 years and Game of Thrones Casinos second best quarter in its history.

我們在移動領域的盈利計劃方面取得了巨大進展。我們在直接面向消費者的平台上擴展了我們的產品，並且我們仍然相信，在未來幾年中，我們的大多數手機遊戲將利用我們高利潤的專有分銷渠道。我們繼續提高超休閒業務的績效和盈利能力，多款新遊戲迅速擴展，多款遊戲除了廣告外還通過應用內購買產生預訂。在此期間，Zynga 實時服務的幾個主要亮點包括《帝國與謎題》的季度環比增長，這是由《巨人戰令》新路徑推動的，該新路徑以每日和每週的挑戰來解鎖獎勵。 Rollic 的《Twisted Tangle》在美國 Google Play 商店免費遊戲中排名第一。在 Hit it Rich! 的推動下，Social Casino 再次取得了強勁的業績！兩年來最好的季度，《權力的遊戲》賭場歷史上第二好的季度。

Casual games continue to improve participation and engagement with Words with Friends launching the new Club Daily puzzle and Harry Potter: Puzzles & Spells adding bonus levels and special delivery price events. With numerous games in development and soft launch across Zynga Studios, we're excited to start delivering several new offerings in the coming months.

休閒遊戲繼續提高參與度和參與度，Words with Friends 推出了新的 Club Daily 謎題，而 Harry Potter: Puzzles & Spells 則增加了獎金級別和特別配送價格活動。隨著 Zynga Studios 內眾多遊戲的開發和軟發布，我們很高興在未來幾個月內開始推出幾款新產品。

Turning to our outlook. We're reiterating our prior guidance of $5.45 billion to $5.55 billion in net bookings for fiscal 2024. We remain highly optimistic about our future and our ability to deliver record results in the coming years. Lainie will provide more details on our outlook shortly. In closing, as we continue to execute our strategy, we believe that we can increase significantly our scale and prominence within the industry, grow margins and pursue the vast opportunities to engage even larger audiences around the world. Led by the passion, creativity and innovation of our world-class development teams, Take-Two is in a powerful position to set new benchmarks for our player communities, which we believe will drive long-term returns for our shareholders.

轉向我們的展望。我們重申之前對 2024 財年淨預訂量 54.5 億至 55.5 億美元的指導。我們對我們的未來以及在未來幾年創造創紀錄業績的能力保持高度樂觀。 Lainie 將很快提供有關我們前景的更多詳細信息。最後，隨著我們繼續執行我們的戰略，我們相信我們可以顯著提高我們在行業內的規模和知名度，增加利潤並尋求吸引世界各地更多受眾的巨大機會。在我們世界級開發團隊的熱情、創造力和創新的帶領下，Take-Two 處於有利地位，可以為我們的玩家社區樹立新的基準，我們相信這將為我們的股東帶來長期回報。

I'll now turn the call over to Karl.

我現在將電話轉給卡爾。

Thanks, Strauss. I'd like to thank our team for a strong start to the year. Turning to our announced launches for fiscal 2024. Yesterday, Rockstar Games announced that the beloved Western Experiences, Red Dead Redemption and Undead Nightmare will be coming to the Nintendo Switch and PlayStation 4 for the first time in a new single package arriving August 17. In the new conversion by Double Eleven studios, the Switch and PS4 versions bring the 2 classic experiences together again for new players and original fans to enjoy. Across modern consoles, including backwards compatibility with the PlayStation 5.

謝謝，施特勞斯。我要感謝我們的團隊在今年取得了良好的開局。談到我們宣布的2024 財年推出的產品。昨天，Rockstar Games 宣布，深受喜愛的《西部體驗》、《荒野大鏢客：救贖》和《亡靈噩夢》將於8 月17 日以新的單包形式首次登陸Nintendo Switch 和PlayStation 4。雙十一工作室全新改版，Switch版和PS4版將兩大經典體驗再次融合在一起，供新玩家和原粉絲享受。跨現代遊戲機，包括向後兼容 PlayStation 5。

On September 8, 2K and Visual Concepts will celebrate the 25th anniversary of our industry-defining NBA 2K series and once again redefined basketball simulations with the launch of NBA 2K24, featuring the iconic Kobe Bryant as the games cover athlete for the second time in the history of the franchise. Players will be able to celebrate Bryant's legacy and replicate his skills in the brand-new Mamba Moments mode. Players in the U.S. and Canada can also purchase the WNBA addition of the game exclusively at GameStop, featuring WNBA All-Star Sabrina Ionescu, as this year's cover Star.

9 月 8 日，2K 和 Visual Concepts 將慶祝我們行業定義的 NBA 2K 系列誕生 25 週年，並推出 NBA 2K24，再次重新定義籃球模擬，其中標誌性的科比·布萊恩特第二次作為遊戲封面運動員特許經營的歷史。玩家將能夠在全新的曼巴時刻模式中慶祝科比的傳奇並複制他的技能。美國和加拿大的玩家還可以在 GameStop 獨家購買該遊戲的 WNBA 附加內容，WNBA 全明星薩布麗娜·伊內斯庫 (Sabrina Ionescu) 擔任今年的封面明星。

NBA 2K24 will introduce cross-play, a community requested feature for PlayStation 5 and Xbox Series X and S. Available in every multiplayer mode, players will be able to compete with or against others from around the world in dynamic co-op matches, thrilling online tournaments or casual pickup games between new generation consoles. The title also introduced proplay, a groundbreaking new technology that directly translates actual NBA footage into gameplay. 2K will have more to share on NBA 2K24 in the coming weeks. In addition, 2K and Visual Concepts remain hard at work on WWE 2K24, the next installment of our popular Wrestling series, which set new creative and critical benchmarks with last year's highly successful release.

NBA 2K24 將引入跨平台遊戲，這是PlayStation 5 和Xbox Series X 和S 上社區要求的一項功能。在每種多人遊戲模式中都可以使用，玩家將能夠在動態合作比賽中與來自世界各地的其他人競爭或對抗，這將是令人興奮的新一代遊戲機之間的在線錦標賽或休閒拾取遊戲。該遊戲還引入了 proplay，這是一項突破性的新技術，可將真實的 NBA 鏡頭直接轉化為遊戲玩法。未來幾週，2K 將在《NBA 2K24》中分享更多內容。此外，2K 和 Visual Concepts 仍在努力開發《WWE 2K24》，這是我們廣受歡迎的摔跤系列的下一部作品，該遊戲在去年的成功發布中樹立了新的創意和關鍵基準。

In June, Private Division and Evening Star announced Penny's Big Breakaway, a new 3D action platform from the team behind Sonic Mania. This Kinetic YoYo adventure is expected to launch in early 2024.. Zynga's Star Wars: Hunters, which offers players the opportunity to join the greatest hunters from across the Star Wars Galaxy is expected to launch later this fiscal year. Players will engage in thrilling third person combat in a range of competitive game modes across battlegrounds from the iconic world of Star Wars.

6 月，Private Division 和 Evening Star 宣布推出 Penny's Big Breakaway，這是 Sonic Mania 背後團隊推出的全新 3D 動作平台。這款Kinetic YoYo 冒險遊戲預計將於2024 年初推出。Zynga 的《星球大戰：獵人》預計將於本財年晚些時候推出，該遊戲為玩家提供了與來自星球大戰銀河系最偉大獵人一起加入的機會。玩家將在標誌性的星球大戰世界的戰場上，以一系列競爭性遊戲模式參與激動人心的第三人稱戰鬥。

Also in mobile, Social Points latest game, Top Troops, a Medieval fantasy-themed title in the PDP merge genre is progressing well in soft launch and is expected to launch worldwide at this fiscal year. In addition, our hyper-casual studios will release a steady cadence of mobile titles throughout the year, focusing on games that have the potential for enhanced retention rates and the mix of in-app purchases and advertising to drive higher monetization and profitability. Our labels will also continue to provide new content and experiences that drive engagement and recurrent consumer spending across many of our offerings, including Grand Theft Auto Online, Red Dead Online, WWE 2K, LEGO 2K Drive, PGA Tour 2K, Kerbal Space Program 2 and Zynga's mobile portfolio.

同樣在移動領域，Social Points 的最新遊戲《Top Troops》是一款 PDP 合併類型的中世紀奇幻主題遊戲，軟發布進展順利，預計將在本財年在全球推出。此外，我們的超休閒工作室將在全年穩定地發布移動遊戲，重點關注有可能提高留存率的遊戲，以及應用內購買和廣告的結合，以推動更高的貨幣化和盈利能力。我們的品牌還將繼續提供新的內容和體驗，以推動我們許多產品的參與度和經常性消費者支出，包括Grand Theft Auto Online、Red Dead Online、WWE 2K、LEGO 2K Drive、PGA Tour 2K、Kerbal Space Program 2 和Zynga 的移動產品組合。

Throughout fiscal year 2024, we look forward to launching an additional releases from what we believe to be the strongest and most exciting development pipeline in our company's history. I'll now turn the call over to Lainie.

在整個 2024 財年，我們期待推出更多版本，我們認為這是我們公司歷史上最強大、最令人興奮的開發渠道。我現在將把電話轉給萊妮。

Thanks, Karl, and good afternoon to everyone. Today I'll discuss the key highlights from our first quarter before reviewing our financial outlook for the full year and second quarter of fiscal 2024. Our combination with Zynga closed on May 23, 2022, 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. We had a strong start to the fiscal year, powered by our portfolio of iconic industry-leading intellectual properties. As we approach our next phase of growth, our teams continue to make excellent progress advancing our development pipeline and capitalizing on our revenue-driven opportunities and synergies.

謝謝卡爾，大家下午好。今天，我將討論第一季度的主要亮點，然後回顧2024 財年全年和第二季度的財務前景。我們與Zynga 的合併於2022 年5 月23 日結束，這影響了我們業績與去年相比的可比性。有關我們的實際結果和前景的更多詳細信息包含在我們的新聞稿中。在我們行業領先的標誌性知識產權組合的推動下，我們在本財年取得了良好的開局。隨著我們進入下一階段的增長，我們的團隊繼續取得出色的進展，推進我們的開發渠道並利用我們的收入驅動機會和協同效應。

We also partnered together to maintain our focus on efficiency and this a challenging macroeconomic backdrop and cautious consumer spending trend. I'd like to thank our incredible teams worldwide for their determination and passion for our business.

我們還共同合作，保持對效率的關注，在充滿挑戰的宏觀經濟背景和謹慎的消費者支出趨勢下。我要感謝我們遍布全球的優秀團隊對我們業務的決心和熱情。

Now moving on to our results. We achieved net bookings of $1.2 billion, which was at the high end of our guidance range. In the current backdrop, many consumers are purchasing established franchises and those that offer great value. Our catalog stands at the intersection of these 2 trends. Accordingly, our performance reflects better-than-expected results from Grand Theft Auto Online and Grand Theft Auto V and NBA 2K23. During the quarter, we launched Marvel's Midnight Suns for [Gen 8] console, LEGO 2K Drive and After Us. Recurrent consumer spending was 38% for the period, which was above our outlook of 35% growth and accounted for 84% of net bookings.

現在繼續我們的結果。我們實現了 12 億美元的淨預訂量，處於我們指導範圍的高端。在當前背景下，許多消費者正在購買成熟的特許經營權和那些提供巨大價值的特許經營權。我們的產品目錄處於這兩種趨勢的交叉點。因此，我們的業績反映出《俠盜獵車手 Online》、《俠盜獵車手 V》和《NBA 2K23》的業績好於預期。在本季度，我們推出了適用於第 8 代遊戲機的 Marvel 午夜太陽、LEGO 2K Drive 和 After Us。期內經常性消費者支出為 38%，高於我們 35% 的增長預期，占淨預訂量的 84%。

The outperformance was primarily driven by Grand Theft Auto Online and NBA 2K23. GAAP net revenue increased 17% to $1.28 billion, and cost of revenue increased 39% to $606 million, driven by $187 million of amortization of acquired intangibles. We also recorded an impairment of $80 million related primarily to capitalized software and development costs for an unreleased title, which affected our management results compared to our guidance.

表現出色的主要原因是《俠盜獵車手 Online》和《NBA 2K23》。 GAAP 淨收入增長 17%，達到 12.8 億美元，收入成本增長 39%，達到 6.06 億美元，這主要得益於 1.87 億美元的無形資產攤銷。我們還記錄了 8000 萬美元的減值，主要與未發行遊戲的資本化軟件和開發成本相關，與我們的指導相比，這影響了我們的管理業績。

Operating expenses increased by 25% to $883 million. On a management basis, operating expenses grew by 46%, which primarily reflected a full quarter of Zynga, higher personnel costs and depreciation related to office build-outs and capitalized IT expenses.

運營支出增長 25%，達到 8.83 億美元。在管理方面，運營支出增長了 46%，這主要反映了 Zynga 整個季度的人員成本上升以及與辦公室擴建和資本化 IT 支出相關的折舊。

Turning to our guidance. I'll begin with our full fiscal year expectations. As Strauss mentioned, our business is performing well, and we are reiterating our net bookings outlook range of $5.45 billion to $5.55 billion. The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, our hyper-casual mobile portfolio, Empires & Puzzles, Toon Blast, Merge Dragon, Words with Friends, Red Dead Redemption 2 and Red Dead Online and Zynga Poker.

轉向我們的指導。我將從我們整個財年的預期開始。正如施特勞斯提到的，我們的業務表現良好，我們重申淨預訂量前景為 54.5 億美元至 55.5 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》、我們的超休閒移動產品組合、《帝國與謎題》、《Toon Blast》、《 Merge Dragon》、《Words with Friends》、《荒野大鏢客：救贖2》和《Red》 《死亡在線》和 Zynga 撲克。

We expect the net bookings breakdown from our labels to be roughly 51% Zynga, 30% 2K, 17% Rockstar Games and 2% other. And we forecast our geographic net bookings split to be about 65% United States and 35% international. We continue to forecast recurrent consumer spending growth of 5% compared to fiscal 2023, representing 78% of net bookings. Mobile trends are projected to remain stable and Zynga's ad business continues to deliver growth.

我們預計我們旗下品牌的淨預訂量大約為 51% Zynga、30% 2K、17% Rockstar Games 和 2% 其他。我們預計，我們的淨預訂地域分佈將約為 65% 美國和 35% 國際。我們繼續預測，與 2023 財年相比，經常性消費者支出將增長 5%，占淨預訂量的 78%。移動趨勢預計將保持穩定，Zynga 的廣告業務將繼續實現增長。

We expect to generate approximately $100 million in non-GAAP adjusted unrestricted operating cash flow and deploy approximately $180 million for capital expenditures, primarily to support our office build-outs and larger footprint. We continue to expect GAAP net revenue to range from $5.37 billion to $5.47 billion. our total operating expenses are expected to range from $3.38 billion to $3.4 billion as compared to $3.45 billion last year.

我們預計將產生約 1 億美元的非 GAAP 調整後無限制運營現金流，並部署約 1.8 億美元的資本支出，主要用於支持我們的辦公室擴建和更大的佔地面積。我們仍然預計 GAAP 淨收入將在 53.7 億美元至 54.7 億美元之間。我們的總運營支出預計為 33.8 億美元至 34 億美元，而去年為 34.5 億美元。

On a management basis, our operating expenses are expected to grow by approximately 15% year-over-year due primarily to a full year of Zynga, an increase in personnel and marketing expenses and higher depreciation of office build-outs and capitalized IT expenses, which are being partially offset by the realization of synergies from our combination with Zynga and savings from our cost reduction program.

在管理基礎上，我們的運營費用預計將同比增長約 15%，這主要是由於 Zynga 的全年業績、人員和營銷費用的增加以及辦公室擴建和資本化 IT 費用的折舊增加，我們與Zynga 合併所實現的協同效應以及我們的成本削減計劃所節省的成本部分抵消了這一損失。

As we announced previously, our teams are taking extensive measures to review our cost structure and reduce discretionary costs whenever possible to offset the current consumer backdrop and inflationary environment while still investing for growth. Now moving on to our guidance for the fiscal second quarter. We project net bookings to range from $1.4 billion to $1.45 billion compared to $1.5 billion in the second quarter last year. Our release slate for the quarter includes Red Dead Redemption and Undead Nightmare for Switch and PlayStation 4 and NBA 2K24. The largest contributors to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, our hyper-casual mobile portfolio, Empires & Puzzles, Toon Blast, Words with Friends, Merge Dragons, Red Dead Redemption 2 and Red Dead Online and Zynga Poker. We project recurrent consumer spending to decline by approximately 7%, which assumes modest declines in our mobile business, NBA 2K driven by changes to its summer promotional cadence and Grand Theft Auto Online as well as a reduction in DLC revenue from several titles that were released in prior years.

正如我們之前宣布的，我們的團隊正在採取廣泛的措施來審查我們的成本結構，並儘可能降低可自由支配成本，以抵消當前的消費者背景和通脹環境，同時仍然投資於增長。現在轉向我們對第二財季的指導。我們預計淨預訂量將在 14 億美元至 14.5 億美元之間，而去年第二季度的淨預訂量為 15 億美元。我們本季度發布的遊戲包括 Switch 版《Red Dead Redemption》和《Undead Nightmare》，以及 PlayStation 4 和 NBA 2K24。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》、我們的超休閒移動產品組合、《帝國與謎題》、《Toon Blast》、《 Words with Friends》、《Merge Dragons》、《荒野大鏢客：救贖2》和《Red Dead》 《死亡在線》和 Zynga 撲克。我們預計經常性消費者支出將下降約 7%，這是假設我們的移動業務、NBA 2K 因夏季促銷節奏和俠盜獵車手 Online 的變化而小幅下降，以及已發布的幾款遊戲的 DLC 收入減少在前幾年。

We expect GAAP net revenue to range from $1.26 billion to $1.31 billion. Operating expenses are expected to range from $811 million to $821 million. On a management basis, operating expenses are expected to grow by approximately 5% year-over-year, driven by last year's acquisition of Popcore and higher personnel costs, which are being partly offset by the Zynga synergies and our cost savings initiatives.

我們預計 GAAP 淨收入將在 12.6 億美元至 13.1 億美元之間。運營費用預計在 8.11 億美元至 8.21 億美元之間。在管理方面，由於去年收購 Popcore 和更高的人員成本，預計運營費用將同比增長約 5%，但 Zynga 的協同效應和我們的成本節約舉措部分抵消了這些成本。

In closing, we are confident that the actions our teams are taking this year are preparing us for a strong trajectory of growth. Through our collective efforts, we continue to believe that we are positioning our business for a significant inflection point in fiscal 2025 that will culminate in us delivering new record levels of operating performance next year and beyond.

最後，我們相信我們的團隊今年採取的行動正在為我們的強勁增長軌跡做好準備。通過我們的集體努力，我們仍然相信，我們的業務將在 2025 財年迎來一個重要的拐點，最終使我們在明年及以後實現新的經營業績創紀錄水平。

I thank all of our stakeholders for their continued support, and we look forward to delivering on this exciting next chapter. Thank you.

我感謝所有利益相關者的持續支持，我們期待著開啟激動人心的下一章。謝謝。

I'll now turn the call back to Strauss.

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 a strong start to the fiscal year. And to our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊感謝我們的同事為本財年提供了良好的開端。對於我們的股東，我想對你們持續的支持表示感謝。我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question is from Andrew Uerkwitz with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Andrew Uerkwitz。

Yes, I just have -- I just had one question. Lainie called out consumer weakness kind of continuing. Could you just give an update on where you think the consumer is at. Is there a particular segment that's weaker than others? Just kind of an update on where you think the consumers are at today.

是的，我只是——我只是有一個問題。萊妮稱消費者疲軟仍在持續。您能否介紹一下您認為消費者所處的最新情況？是否有一個特定的細分市場比其他細分市場更弱？只是您認為當今消費者的狀況的最新情況。

Yes. I mean I love that people are debating whether we're going to be in a recession from the point of view of a digital entertainment company, we've been in a recession for the better part of 18 months. The market for Interactive entertainment was down meaningfully in 2022. Down for the first time in the history of the mobile business over 10%, pretty much across the board. Things are looking a lot better. The year-over-year comps have stabilized. We're seeing growth in the console market. It's early, but we are seeing some growth. Mobile sort of flat, slightly down. We hope that will improve. I do feel like we're all seeing some green shoots across the economy. But it definitely is a mixed picture depending on the U.S. So in the context of the entertainment business, live entertainment is doing great. But in the context of entertainment that people consumed at home during the pandemic, it's been challenging for a while. And again, I think it's beginning to normalize, but it's early days yet. When asked a couple of calls ago what I thought would happen in the economy, I said that I thought it would bottom out in June, July. And that by the end of calendar '23, we begin to see some good news and then we'd be in reasonably good position from an economic point of view in early '24, and I continue to believe that that's what will happen.

是的。我的意思是，我喜歡人們從數字娛樂公司的角度討論我們是否會陷入衰退，在 18 個月的大部分時間裡，我們一直處於衰退之中。 2022 年，互動娛樂市場大幅下滑。下滑幅度在移動業務歷史上首次超過 10%，幾乎是全面下滑。情況看起來好多了。同比比較已經穩定。我們看到遊戲機市場的增長。現在還為時過早，但我們已經看到了一些增長。手機有點扁平，稍微向下。我們希望情況會有所改善。我確實覺得我們都看到了整個經濟的一些萌芽。但在美國，情況肯定是好壞參半。因此，在娛樂業的背景下，現場娛樂表演做得很好。但就大流行期間人們在家消費的娛樂而言，這在一段時間以來一直充滿挑戰。再說一次，我認為它已經開始正常化，但現在還為時尚早。當前幾次電話被問到我認為經濟會發生什麼時，我說我認為經濟會在六月、七月觸底。到 23 日曆年底，我們開始看到一些好消息，然後從經濟角度來看，我們將在 24 年初處於相當有利的位置，我仍然相信這就是將會發生的事情。

Got it. And then just one quick follow-up on that with -- around media, I guess, if Hollywood stays in a recession, is that a positive, negative? Or does it not matter for video games?

知道了。然後，我想，如果好萊塢繼續陷入衰退，那是積極的還是消極的？或者這對於電子遊戲來說並不重要？

Look, we live within the entertainment ecosystem. So we would never wish for any other industry to have a problem. But if the strike means that new content can't be delivered, then I suppose it could be some small positive benefit for our business. But we aren't counting on that. We're certainly not hoping for it.

看，我們生活在娛樂生態系統中。所以我們絕不希望任何其他行業出現問題。但如果罷工意味著新內容無法交付，那麼我認為這可能會給我們的業務帶來一些小的積極好處。但我們並不指望這一點。我們當然不抱希望。

Our next question is from Eric Handler with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Eric Handler。

Strauss, I wonder if you could just talk about with mobile advertising, how much -- how many of your games beyond the hyper-casual business have integrated advertising now?

Strauss，我想知道您是否可以談談移動廣告，除了超休閒業務之外，您現在有多少游戲集成了廣告？

Some, and we are moving in that direction selectively. Look, historically, for games where you could make in-app purchases, less than 10% of the audience actually spent. So we are fielding a game for 100% of the audience and monetizing 10% or so, perhaps a bit more often a bit less. And it's our view that we ought to be monetizing 100% of the audience. So if someone's going to spend, that's great. And if they're not going to spend, then we ought to be able to monetize through advertising. The question is how do you do that and create a high-quality experience. And I think the answer is we can do that. We can distinguish among those audiences. We're not there yet, but I think we're moving in that direction.

有些，我們正在有選擇地朝這個方向前進。從歷史上看，對於可以進行應用內購買的遊戲，實際消費的受眾不到 10%。因此，我們正在為 100% 的觀眾打造一款遊戲，並為 10% 左右的觀眾帶來收益，也許多一點，少一點。我們認為我們應該讓 100% 的觀眾獲利。因此，如果有人願意花錢，那就太好了。如果他們不打算花錢，那麼我們應該能夠通過廣告賺錢。問題是如何做到這一點並創造高質量的體驗。我認為答案是我們可以做到。我們可以區分這些受眾。我們還沒有達到那個目標，但我認為我們正在朝這個方向前進。

And just as a follow-up, I wondered if you could -- willing to give any specifics about how much of the mobile revenue at this point is on the DTC platform and how that's progressing?

作為後續行動，我想知道您是否願意提供任何具體信息，說明目前 DTC 平台上有多少移動收入以及進展如何？

So we don't actually give out that percentage. Some of our competitors do. And so one of our biggest competitors, I think, has gone on the record to say it's about 25% and I think that's a good number. We're not remotely in that vicinity. There's plenty of room for growth. I would note that Zynga's advertising net bookings were up 11% year-over-year. So it's really good news. And we're really happy about the growth of our direct-to-consumer platform and what that can mean for consumers and also for us.

所以我們實際上並沒有給出這個百分比。我們的一些競爭對手確實如此。我認為，我們最大的競爭對手之一已經公開表示，這一比例約為 25%，我認為這是一個不錯的數字。我們離那附近並不遙遠。有很大的增長空間。我要指出的是，Zynga 的廣告淨預訂量同比增長了 11%。所以這確實是個好消息。我們對直接面向消費者的平台的發展以及這對消費者和我們意味著什麼感到非常高興。

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。

Two quick ones for me. Last quarter, we talked about obviously achieving north of $8 billion in bookings next year and north of $1 billion in operating cash flow. I'm just kind of curious if those are still the right bogeys for next year. And then just secondly -- and I apologize if I missed this. Any changes to this year? Is it slate?I saw we've got the $18 million impairment charge here. But I guess relative to where we were 3 months ago, is there any change to this year's release late.

對我來說兩個快點。上個季度，我們談到明年的預訂量顯然將超過 80 億美元，運營現金流將超過 10 億美元。我只是有點好奇這些是否仍然是明年的正確柏忌。其次，如果我錯過了這一點，我深表歉意。今年有什麼變化嗎？是石板嗎？我看到我們這裡有 1800 萬美元的減值費用。但我想相對於 3 個月前的情況，今年的發布晚了有什麼變化嗎？

So the answer to question one is, yes, and Lainie will answer question 2.

所以問題一的答案是肯定的，萊妮將回答問題2。

Sure. So for question 2, there has been some movements within the back part of the year within the slate, but we're still able to achieve the same guidance for the year, so reiterating our guidance. So just some small changes within the slate, but it has nothing to do with the impairment charge. So the year is still the same.

當然。因此，對於問題 2，今年下半年的計劃中出現了一些變動，但我們仍然能夠實現今年的相同指導，因此重申我們的指導。因此，這只是名單中的一些小變化，但與減值費用無關。所以年份還是一樣。

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馬修·科斯特。

Maybe I'll start just by asking about mobile M&A. I mean that was historically a very big part of Zynga's business. It seems like the market may be starting to fall out there in terms of deal activity after (inaudible) for the past year or 2. I guess do you see an opportunity to lean back into M&A at the Zynga business number one.

也許我會先詢問移動併購問題。我的意思是，這在歷史上是 Zynga 業務的一個非常重要的部分。在過去一兩年（聽不清）之後，市場的交易活動似乎可能開始下滑。我想您是否看到了重新轉向 Zynga 業務第一的併購的機會。

And then number 2 is just, Lainie, you mentioned in the prepared remarks that some changes to the promotional cadence for NBA 2K. I was wondering if you could just give a little more detail about what those changes are and the size of the financial impact?

第二個問題是，Lainie，您在準備好的發言中提到了《NBA 2K》宣傳節奏的一些變化。我想知道您是否可以更詳細地說明這些變化是什麼以及財務影響的大小？

So on the deal side, it's hard to know. In terms of our strategy, we think we're in a position to grow organically. We have a lot of new releases coming from Zynga. We're really excited about them. As you know, hit ratios are very low in the mobile business. So we're not claiming success until it occurs. But we do feel really good about some new launches. And in terms of the promotional cadences.

所以在交易方面，很難知道。就我們的戰略而言，我們認為我們能夠實現有機增長。我們有很多來自 Zynga 的新版本。我們對他們感到非常興奮。如您所知，移動業務的命中率非常低。因此，在事情發生之前我們不會宣稱成功。但我們確實對一些新產品的推出感到非常滿意。就促銷節奏而言。

So NBA 2K24, we expect to be up from 2K23, but 2K23 versus 2K22, there is some less promotional timing in this quarter versus what we did with 22 last year. So that's why we expect the title to be a little bit down versus last year.

因此，我們預計《NBA 2K24》的銷量會高於 2K23，但 2K23 與 2K22 相比，本季度的促銷時間比去年的 22 有所減少。這就是為什麼我們預計冠軍頭銜會比去年有所下降。

Our next question is from Doug Creutz with TD Cowen.

我們的下一個問題來自 Doug Creutz 和 TD Cowen。

You alluded to this a little bit earlier, you and others have talked about how difficult it is to launch a new mobile title these days. We did see, however, a few months ago, competitive of yours launched, Scopely launched MONOPOLY GO, which is shot to #1 in the App Store charts rapidly, has had a lot of success. As you have observed that, is there anything that you would sort of any lessons you would draw from their success that you think could -- you could apply to your own games that you have coming out soon?

您之前提到過這一點，您和其他人都談到瞭如今推出新的移動遊戲有多麼困難。然而，我們確實看到，幾個月前，您的競爭對手推出了 Scopely 推出的《MONOPOLY GO》，該遊戲在 App Store 排行榜上迅速排名第一，取得了很大的成功。正如您所觀察到的那樣，您是否可以從他們的成功中吸取一些您認為可以應用到您自己即將推出的遊戲中的經驗教訓？

Look, I think it's an established intellectual property that's been known and beloved for a very long time. And if you combine that with a high-quality expression, I think you can do very well. We don't -- we obviously don't know what they're spending to be in the position that they're in. I do know that we're very focused on profitability. So we're being careful to make sure that our user acquisition spending reflects a high lifetime value for our customer.

聽著，我認為這是一項既定的知識產權，長期以來一直為人所知並深受喜愛。如果你把它與高質量的表達結合起來，我認為你可以做得很好。我們不知道——我們顯然不知道他們為了達到現在的地位而花費了多少錢。我確實知道我們非常關注盈利能力。因此，我們非常謹慎地確保我們的用戶獲取支出能夠為客戶帶來較高的終生價值。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的埃里克·謝里丹。

Maybe just one bigger picture question. As you continue to sort of integrate Zynga and moved further away from the acquisition. Curious your updated thoughts on how you're thinking about elements of AAA titles having sort of cross-promotion, cross-play across elements of console and mobile and how that might inform some of your development cycles in the next couple of years or some of the pipeline dynamics that fed back into some of the bookings longer-term framework from last quarter.

也許只是一個更大的問題。隨著你繼續整合 Zynga 並遠離收購。好奇您對 AAA 遊戲元素的最新想法，這些遊戲具有交叉推廣、跨主機和移動設備元素的交叉遊戲，以及這可能會如何影響您未來幾年或某些時期的某些開發週期。管道動態反饋到上季度的一些預訂長期框架中。

We continue to believe there's an opportunity there. We do have titles coming that will offer an opportunity to engage on console and also in mobile. We don't think it's something that you have to offer, each title will stand alone. And a question you didn't ask, but we've also discussed has the possibility of creating new mobile titles based on core Take-Two intellectual property. And that's something that we're also potentially excited about.

我們仍然相信那裡有機會。我們確實推出了一些遊戲，將提供在主機和移動設備上參與的機會。我們認為這不是您必須提供的東西，每個標題都是獨立的。還有一個您沒有問過但我們也討論過的問題，即基於 Take-Two 核心知識產權創建新移動遊戲的可能性。這也是我們可能感到興奮的事情。

In all instances, the consumer experience, the quality of the title is what governs, not the business model. So we have to create something great that consumers want. If we do, they'll show up and if we don't, they won't.

在所有情況下，消費者體驗和遊戲質量才是主導因素，而不是商業模式。因此，我們必須創造消費者想要的偉大產品。如果我們這樣做，他們就會出現，如果我們不這樣做，他們就不會出現。

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 NBA 2K24. You guys mentioned the upcoming cross-play feature was largely asked one by the community. So that being said, curious if there's any data points you could share in terms of how impactful this speech will be in terms of user engagement or recurrent consumer spending? And then is there any reason why it was not included on PC in the last June?

第一個是《NBA 2K24》。你們提到即將推出的跨平台遊戲功能很大程度上是社區提出的。話雖這麼說，想知道您是否可以分享任何數據點來說明這次演講對用戶參與度或經常性消費者支出的影響有多大？那麼去年6月沒有登陸PC有什麼原因嗎？

So this is Karl, Mario. So look, we're very excited about cross-play. It's something that our customers have been asking for and something that's natural for NBA. So obviously, we don't do anything in -- we don't put any new boats into a game unless we think that's going to have a significant impact on the experience for the consumer. That's something the consumer is going to love. And is going to end up leading to increased engagement. And obviously, as we say, when you get increased engagement, you get increased monetization and then everyone's happy in that regard. So all of these decisions are economic decisions, but it starts off first with the experience itself. And at this point, we're very confident that 2K is tracked and not on cross-play experiences, and we're looking forward to that. And as it relates to PC and old gen in terms of -- it's really just again allocation of resources, these decisions.

這是卡爾，馬里奧。所以看，我們對跨平台遊戲感到非常興奮。這是我們的客戶一直以來的要求，也是 NBA 的自然之舉。顯然，我們不會做任何事情——我們不會將任何新船​​放入遊戲中，除非我們認為這會對消費者的體驗產生重大影響。這是消費者會喜歡的。最終將提高參與度。顯然，正如我們所說，當你的參與度提高時，你的盈利就會增加，然後每個人都會在這方面感到高興。所以所有這些決定都是經濟決定，但首先是從體驗本身開始。在這一點上，我們非常有信心 2K 會被追踪，而不是跨平台體驗，我們對此充滿期待。因為它與 PC 和舊一代相關，所以實際上只是資源的再次分配，這些決策。

Got it. That makes sense. And then just on a separate note, in terms of the topic of charging a higher price for users to get access to a game like early access during the launch, I noticed it wasn't included NBA 2K preorder pricing. Is this an opportunity in the future? Or is just something you guys opted out of?

知道了。這就說得通了。另外，就在發布期間向用戶收取更高價格（例如搶先體驗）的主題而言，我注意到它不包括 NBA 2K 預購定價。這是未來的機會嗎？或者只是你們選擇退出的事情？

Yes. We have -- most of -- it's funny you say a higher price because when we have some early access games in the market right now, we typically would offer them at a lower price because it would imply that there's more to come in the game, and it's not necessarily the final version. We have seen the early access models out there in terms of holding back access and making people pay more for earlier access. That's not something that we've done to date. I would never say never. But honestly, that's a marketing decision. And our priority is really making sure that the game comes out, comes out in a timely fashion as the best experience possible. That's something that makes sense. So it's down the line, we could experiment with it. But to date, that has not been something that we've looked at.

是的。我們——大多數——你說更高的價格很有趣，因為當我們現在在市場上有一些早期訪問遊戲時，我們通常會以更低的價格提供它們，因為這意味著遊戲中還會有更多內容，而且它不一定是最終版本。我們已經看到了早期訪問模式在阻止訪問並使人們為早期訪問支付更多費用方面。這不是我們迄今為止所做的事情。我永遠不會說永遠不會。但老實說，這是一個營銷決定。我們的首要任務是確保遊戲及時推出，並儘可能提供最佳體驗。這是有道理的。所以這是下線，我們可以嘗試一下。但迄今為止，我們還沒有考慮過這一點。

Our next question is from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的大衛·卡諾夫斯基。

Just on the bookings by label, I wanted to follow up on the guidance for Zynga. I think that's down slightly on the maintained bookings figure. So I wanted to see if you could walk through the adjustment there. And then sticking with mobile, you talked about hyper-casual focus on releasing games to retain better, have a higher mix of IP spend. Just wanted to see if you could unpack the thinking behind the strategy there, what the traction has been and maybe how that impacts the ad revenue potentially from Rollic and Popcore?

就標籤預訂而言，我想跟進 Zynga 的指導。我認為這比維持的預訂量略有下降。所以我想看看你是否可以在那裡進行調整。然後，在移動領域，您談到了超休閒遊戲的重點是發布遊戲，以更好地保留、擁有更高的 IP 支出組合。只是想看看您是否能解開該戰略背後的想法，其吸引力是什麼，以及這可能如何影響 Rollic 和 Popcore 的廣告收入？

So for the bookings for Zynga for mobile, there are some game shifts within the year. So there was some reforecasting of some of the existing games, and that's what has changed within mobile.

因此，對於 Zynga 移動版的預訂來說，年內會出現一些遊戲變化。因此，對一些現有遊戲進行了一些重新預測，這就是移動領域發生的變化。

And then in terms of the hyper-casual business, what we've seen is that there are some gains, particularly with the acquisition of Popcore that are a bit stickier than the typical hyper-casual business. And they have the opportunity to engage consumers for longer periods of time and also potentially lead to not just necessarily monetizing through advertising, but also monetizing through in-app purchases. So we're starting to see that. We're starting to experiment with that. And we think that there's a market there for us. I think that people have been -- we've been calling is the hyper-casual market where you have the ability to not only monetize with advertising, but also in-app purchases just because the experiences are a bit deeper and they last a little bit longer. So we think that's very exciting. I don't know that it's going to necessarily impact the advertising opportunity overall, but it certainly creates new opportunities with in-app purchases for us.

然後就超休閒業務而言，我們看到的是一些收益，特別是收購 Popcore 後，比典型的超休閒業務更具粘性。它們有機會更長時間地吸引消費者，並且有可能不僅通過廣告獲利，還可以通過應用內購買獲利。所以我們開始看到這一點。我們正開始對此進行實驗。我們認為那裡有我們的市場。我認為人們——我們一直稱之為超休閒市場，你不僅可以通過廣告獲利，還可以通過應用內購買獲利，因為體驗更深入、持續時間更長長一點。所以我們認為這非常令人興奮。我不知道這是否一定會影響整體廣告機會，但它肯定為我們創造了應用內購買的新機會。

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 you didn't change your full year guidance. And I wanted to know, I think David Karnovsky asked the question and you talked about Zynga a little bit. I wanted to know what -- whether your implied like-for-like guidance on mobile has changed at all since the last time you guided. And then within that, do you expect advertising to grow on an organic basis, that is excluding Popcore. And I have one more question.

所以你沒有改變你的全年指導。我想知道，我想 David Karnovsky 提出了這個問題，你也談到了 Zynga。我想知道自上次指導以來，您在移動設備上暗示的類似指導是否發生了變化。然後，您是否預計廣告會有機增長（不包括 Popcore）。我還有一個問題。

So we just mentioned that Zynga has changed a little bit because there was movement in the release schedule and some updates to the forecast. So we did have some changes in the rest of the year. So there were some changes in the release schedule. So there were some ups and downs within the year. But overall, we've kept the entire year the same. So we were at the higher end in the first quarter, but we kept -- we reiterated the full year. And then in terms of expecting advertising to grow, yes, we do expect it to grow in the full year.

我們剛剛提到 Zynga 發生了一些變化，因為發佈時間表發生了變化，並且預測也進行了一些更新。所以我們在今年剩下的時間裡確實發生了一些變化。因此發佈時間表發生了一些變化。所以這一年裡，經歷了一些風風雨雨。但總體而言，我們全年保持不變。因此，我們在第一季度處於較高水平，但我們保持了全年的業績。然後就預期廣告增長而言，是的，我們確實預計它會在全年增長。

Organically.

有機地。

Organically, yes.

有機地，是的。

And then the other part of the question I wanted to ask was in terms of your direct-to-consumer channel, I think Strauss said that the majority of mobile games in a few years will leverage that channel. So you have a lot of games. We've counted well over 100. Not all of them are your big winners. I think there's a long tail of games. So I guess I wanted to ask, is it that the biggest games -- the biggest games are going to be on your DTC platform? Or is it just the sheer number of games? Because I'm trying to get a sense of how much revenue could potentially flow through that channel, if you understand what I mean?

然後我想問的問題的另一部分是關於直接面向消費者的渠道，我認為斯特勞斯說幾年後大多數手機遊戲將利用該渠道。所以你有很多遊戲。我們統計了超過 100 個。並非所有這些都是您的大贏家。我認為遊戲有長尾。所以我想我想問，最大的遊戲——最大的遊戲會出現在你們的 DTC 平台上嗎？或者只是遊戲數量太多？因為我試圖了解有多少收入可能通過該渠道流動，如果您明白我的意思的話？

Yes, I do understand what you mean. It really varies game by game. So if the game is not suited to direct-to-consumer and it may not be because of its style, it's the interaction that consumers have with the title, then there may not be an opportunity even though it's a big title and then there are other titles where it's a terrific opportunity. Again, we haven't established a number that we're shooting for, but I did quote the number that a competitor has outlined. And I think that number is kind of the high end of the possibility.

是的，我確實明白你的意思。它確實因遊戲而異。所以如果遊戲不適合直接面向消費者，可能不是因為它的風格，而是因為消費者與遊戲的互動，那麼即使它是一個大遊戲，也可能沒有機會，然後就有機會。其他遊戲都是一個絕佳的機會。再說一次，我們還沒有確定我們要追求的數字，但我確實引用了競爭對手概述的數字。我認為這個數字是可能性的上限。

Our next question is from Mike Hickey with Benchmark Company.

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

Nice quarter, guys. Curious, Strauss, to sort of big picture -- pardon upon, curious what you're thinking on film opportunity. I know you're not a (inaudible) guy, so -- but maybe this isn't that hard not to notice the results here from Super Mario Brothers and The Last Of Us. And this is an area where historically, it's been a challenge for Game IP to have success in new mediums.

伙計們，這個季度不錯。施特勞斯，我對大局感到好奇——請原諒，好奇你對電影機會的看法。我知道你不是一個（聽不清）的人，所以——但也許不注意到《超級馬里奧兄弟》和《最後生還者》的結果並不難。從歷史上看，這是一個遊戲 IP 在新媒體上取得成功的挑戰。

It looks like the formulas kind of involved the creative piece to the original game and have great storylines. And when you look at your portfolio of IP, you've got a ton of opportunities. It would seem like you certainly have a creative talent, you definitely have a great storyline. So 2 questions on that, Strauss. Curious if your creative teams are motivated to expand their IP into new entertainment mediums like film or streaming episodic content. And then curious if you think IP expansion into new mediums like film can sort of complement your growth strategy over the long term.

看起來這些公式有點涉及原始遊戲的創意部分並且有很棒的故事情節。當您查看您的知識產權組合時，您會發現大量機會。看起來你肯定有創作天賦，你肯定有很棒的故事情節。所以有兩個問題，施特勞斯。很好奇您的創意團隊是否有動力將其 IP 擴展到電影或流媒體劇集內容等新娛樂媒體。然後好奇您是否認為將知識產權擴展到電影等新媒體可以在某種程度上補充您的長期增長戰略。

Thanks, Mike. We think it's probably a relatively small opportunity economically. We're not going to use our balance sheet to invest in film and television projects. Those are typically very challenged asset classes with which I'm quite familiar. And to point out 2 success as notable as they may be, lies the fact that there are many, many failures where money was lost. So far, we've taken a very selective approach to licensing and we do have a Borderlands movie coming from Lionsgate, and we have BioShock movie coming as well. We're excited about both. And selectively, we could see licensing in the future when there's a creative imperative and an economic opportunity. I think you're right. The reason there's been success lately was because you had great IP and then there was a great project that was made from it.

謝謝，邁克。我們認為這在經濟上可能是一個相對較小的機會。我們不會用我們的資產負債表來投資電影和電視項目。這些通常是我非常熟悉且極具挑戰性的資產類別。 2 成功雖然引人注目，但事實是，有很多很多的失敗導致了金錢的損失。到目前為止，我們對授權採取了非常有選擇性的方法，我們確實有來自獅門影業的《無主之地》電影，我們也有《生化奇兵》電影。我們對兩者都感到興奮。有選擇地，當未來存在創造性需求和經濟機會時，我們可以看到許可。我想你是正確的。最近取得成功的原因是因為你擁有出色的知識產權，然後有一個由它製成的出色項目。

And the reason you've had failure in the past is that the expression of the IP just wasn't very good despite people's best efforts. It's a really hard business. And we're not going to bet this company's future or the value of our intellectual property based on someone else's execution in another area of the entertainment business. So we'll continue to be very selective indeed. Even if we did take a broad-based approach, in the absence of investing ourselves, the economic opportunity in the context of the much greater economic opportunity for our core business is limited.

而過去失敗的原因是，儘管人們盡了最大的努力，但IP的表達仍然不是很好。這確實是一件很難的事情。我們不會根據其他人在娛樂業務另一個領域的執行情況來押注這家公司的未來或我們知識產權的價值。因此，我們將繼續非常有選擇性。即使我們確實採取了基礎廣泛的方法，在缺乏自身投資的情況下，在我們的核心業務擁有更大經濟機會的背景下，經濟機會也是有限的。

Our next question is from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·菲茨杰拉德。

Two quick ones. Strauss, not to get wrapped around the axle with semantics, but you said, hey, we had a phased approach when you were talking about GTA Online. Anything to call out there is a difference or an evolution of how you're marketing and delivering incremental content or now it's just more of the normal MO?

兩個快的。 Strauss，不要用語義來繞軸，但你說，嘿，當你談論 GTA 在線模式時，我們採取了分階段的方法。有什麼需要指出的是，您的營銷和交付增量內容的方式存在差異或演變，還是現在只是更正常的 MO？

And then second question is on NBA 2K23 added to PlayStation Plus game of the month, that kind -- that definitely contributes to strong engagement, but we're curious whether or not you also see a meaningful uptick in RCS there among those Playstation Plus players, point being, if they are waiting to engage with it once it's in subscription service. Is there a lower propensity to spend in the game? Or no, actually, we see an uptick in RCS there as well.

第二個問題是關於《NBA 2K23》被添加到本月PlayStation Plus 遊戲中的問題——這肯定有助於提高參與度，但我們很好奇您是否也看到了PlayStation Plus 玩家中RCS 的有意義的上升重點是，一旦它進入訂閱服務，他們是否正在等待與它互動。在遊戲中的消費傾向是否較低？或者不，實際上，我們也看到 RCS 有所上升。

So on the first question, by phased approach, I was referring to delivering somewhat smaller chunks of really high-quality content as opposed to waiting for a longer period of time to deliver something that's much larger. And both approaches can work and of late, the phased approach has been working really well. However, there's not one right approach. It varies with what the team has in mind creatively at any given time.

因此，關於第一個問題，通過分階段的方法，我指的是交付較小的真正高質量內容，而不是等待更長的時間來交付更大的內容。這兩種方法都可以發揮作用，而且最近，分階段的方法效果非常好。然而，沒有一種正確的方法。它隨著團隊在任何特定時間的創造性想法而變化。

And then in terms of the things like subscription services or game in a month, where the consumer is necessarily buying the individual game. Obviously, we don't do these things unless we think there's a significant economic opportunity for us to do so. So you can -- if you see it going in some of those services, you can assume that, that math has been done. And yes, we do see an uptick in recurrent consumer spending generally because we bring a lot of new players. And those players are valuable players. And as long as they're engaged with the game itself, the engagement is strong and the conversion to RCS is very strong. It's all about -- and again, it varies cohort to cohort and varies game to game. But if we do drive significant engagement from folks who are coming into the game, we are seeing very favorable reserves as it relates to monetization.

然後就訂閱服務或一個月內的遊戲等而言，消費者必然會購買單個遊戲。顯然，除非我們認為這樣做有重大的經濟機會，否則我們不會做這些事情。所以你可以 - 如果你看到它在某些服務中運行，你可以假設，數學已經完成。是的，我們確實看到經常性消費支出普遍上升，因為我們帶來了很多新玩家。這些球員都是有價值的球員。只要他們熱衷於遊戲本身，參與度就會很高，並且向 RCS 的轉化也非常強烈。這一切都是關於——再說一次，它因群體而異，因遊戲而異。但如果我們確實推動了進入遊戲的人們的大量參與，我們就會看到與貨幣化相關的非常有利的儲備。

Our next question is from Benjamin Soff with Deutsche Bank.

我們的下一個問題來自德意志銀行的本傑明·索夫。

Just wanted to dig back into the revenue breakdown by studio. It looks like the percentage for Rockstar and other went up. And I'm just wondering if that's a function of share shift from the things you talked about with mobile or if your expectations for those segments that actually improved? And if so, could you talk a little bit more about that?

只是想深入研究一下工作室的收入細分。 Rockstar 和其他公司的比例似乎有所上升。我只是想知道這是否是您所談論的移動設備份額轉移的結果，或者您對那些實際改善的細分市場的期望是否有所改善？如果是這樣，您能多談談嗎？

So the update for Rockstar is based on the momentum in their current business. So there's some GTA 5 unit sales, some the Red Dead updates and some virtual currency with the GT Online updating. So it's just overall reforecasting of the business.

所以 Rockstar 的更新是基於他們當前業務的勢頭。因此，有一些 GTA 5 銷量、一些 Red Dead 更新以及一些 GT Online 更新的虛擬貨幣。所以這只是對業務的整體重新預測。

Okay. Got it. And then just can you talk broadly about the competitive environment in the industry and whether you think it will be sort of at this level more competitive, less competitive, 6 or 12 months from now?

好的。知道了。然後您能否廣泛地談談該行業的競爭環境，以及您認為從現在起 6 個月或 12 個月後，該行業的競爭是否會變得更加激烈、競爭更加激烈？

I think it will be about the same. It's always hard to know. It's a very competitive business at any given time. But ultimately, we're really competing with ourselves because if there's a lot in the market that consumers want, generally speaking, they'll go consume it. And if there's nothing that they want, it's not like they consume the next best. They just stay away. So we have to deliver the highest quality properties. And if we do that, they'll show up in good times and in bad. I mean you're seeing that even in a mixed economy. The best titles still full big audiences.

我認為情況會是一樣的。總是很難知道。在任何特定時間，這都是一項競爭非常激烈的業務。但最終，我們實際上是在與自己競爭，因為如果市場上有很多消費者想要的東西，一般來說，他們就會去消費它。如果他們沒有想要的東西，他們就不會消費次優的東西。他們只是遠離。因此，我們必須提供最高品質的房產。如果我們這樣做，無論順境還是逆境，它們都會出現。我的意思是，即使在混合經濟中，你也會看到這一點。最好的作品仍然吸引了大量觀眾。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing comments.

我們的問答環節已經結束。我想將會議轉回管理層以徵求結束意見。

I just want to take a minute to thank our teams again for delivering a superb quarter, and we're really thrilled with the way this year is unfolding. Our titles continue to be a phenomenal quality. We're really excited about our upcoming releases. And obviously, very excited about the future beyond this fiscal year. And we also want to thank all of you for attending the call for your great questions. And naturally, we're grateful to our shareholders for their continued support. So thanks so much, and have a great evening.

我只想花一點時間再次感謝我們的團隊交付了出色的季度業績，我們對今年的進展感到非常興奮。我們的作品仍然具有非凡的品質。我們對即將發布的版本感到非常興奮。顯然，我們對本財年之後的未來感到非常興奮。我們還要感謝大家參加電話會議並提出重要問題。當然，我們感謝股東的持續支持。非常感謝，祝您度過一個愉快的夜晚。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you again for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，再次感謝您的參與。