Take-Two Interactive Software Inc (TTWO) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Take-Two Interactive Second Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Take-Two Interactive 2024 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications.

現在我想將會議交給東道主投資者關係和企業傳播部高級副總裁妮可·謝文斯 (Nicole Shevins)。

Good afternoon. Thank you for joining our conference call to discuss our results for the second quarter of fiscal year 2024 ended September 30, 2023. 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.

午安.感謝您參加我們的電話會議，討論我們截至 2023 年 9 月 30 日的 2024 財年第二季度的業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；卡爾‧斯拉托夫，我們的總裁；以及我們的財務長萊妮‧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。

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.

在開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中所做的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述是基於我們管理階層的信念以及我們所做的假設和我們目前可獲得的資訊。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有顯著差異。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，否則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資訊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。我們的新聞稿也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 提交的文件可從我們的網站 take2games.com 取得。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. We delivered another consecutive quarter of excellent results, highlighted by net bookings of $1.44 billion, which was at the high end of our guidance and management results that exceeded our plans. While we expect continued macroeconomic uncertainty, we believe that we're well positioned for the holiday season and are reiterating our fiscal 2024 net bookings guidance of $5.45 billion to $5.55 billion.

謝謝，妮可。下午好，感謝您今天加入我們。我們又連續一個季度取得了優異的業績，其中淨預訂額達到 14.4 億美元，處於我們指導的最高水平，管理業績超出了我們的計劃。雖然我們預計宏觀經濟仍存在不確定性，但我們相信我們已經為假期做好了準備，並重申 2024 財年淨預訂指引為 54.5 億美元至 55.5 億美元。

Looking ahead, I'm exceedingly optimistic about our company's multiyear growth trajectory and our ability to deliver long-term value to our shareholders. Our development pipeline is robust and diverse, and we're getting closer to delivering the groundbreaking titles that our audiences throughout the world have been anticipating eagerly. Our unwavering commitment to being the most creative, the most innovative and the most efficient entertainment company gives us great confidence that our offerings will surpass our players' expectations and set new standards of creative excellence in our industry.

展望未來，我對我們公司的多年成長軌跡以及為股東提供長期價值的能力非常樂觀。我們的開發管道穩健且多樣化，我們距離推出全球觀眾熱切期待的突破性遊戲也越來越近了。我們堅定不移地致力於成為最具創意、最具創新性和最高效的娛樂公司，這讓我們充滿信心，我們的產品將超越玩家的期望，並為我們的行業樹立卓越創意的新標準。

Now turning to the performance of our titles during the quarter. Grand Theft Auto V and Grand Theft Auto Online continue to surpass our expectations, an outstanding achievement for 2 titles celebrating their 10th anniversaries. To date, Grand Theft Auto V has sold an approximately 190 million units. Grand Theft Auto Online experienced continued momentum due to the rollout of new gameplay and items from the San Andreas Mercenaries update with new seasonal events, vehicles, modes, clothes and weapons, driving sustained engagement and net bookings.

現在我們來看看本季我們遊戲的表現。 《俠盜獵車手 5》和《俠盜獵車手 Online》繼續超越我們的預期，這對於慶祝 10 週年的兩款遊戲來說是一項出色的成就。迄今為止，《俠盜獵車手 V》已售出約 1.9 億份。由於新遊戲的推出和《聖安地列斯僱傭兵》更新中的物品以及新的季節性活動、車輛、模式、服裝和武器的推出，《俠盜獵車手Online》經歷了持續的發展勢頭，推動了持續的參與度和網路預訂。

Our GTA+ membership program continue to grow, and we're deepening our relationships with our player communities through new offerings, which now include access to a rotating assortment of classic Rockstar Games titles. During the quarter, Rockstar Games announced that CitizenFX, the team behind the FiveM and RedM role-playing communities for Grand Theft Auto V and Red Dead Redemption 2 officially joined the label. With their immense passion and creativity, CitizenFX has been pivotal in expanding the possibilities of user-generated content around Rockstar's leading titles. We're excited to see them continue to build these creative communities and help them thrive into the future.

我們的 GTA+ 會員計畫不斷發展，我們正在透過新產品加深與玩家社群的關係，現在包括輪換使用一系列經典 Rockstar Games 遊戲。在本季度，Rockstar Games 宣布，《俠盜獵車手 V》和《荒野大鏢客 2》的 FiveM 和 RedM 角色扮演社群背後的團隊 CitizenFX 正式加入該品牌。憑藉著巨大的熱情和創造力，CitizenFX 在擴展圍繞 Rockstar 領先遊戲的用戶生成內容的可能性方面發揮了關鍵作用。我們很高興看到他們繼續建立這些創意社區並幫助他們在未來蓬勃發展。

We're also thrilled by today's announcement from Rockstar Games' founder, Sam Houser, that the eagerly anticipated first trailer for the next Grand Theft Auto will be revealed this coming December. As the label approaches its 25th anniversary next month, we congratulate Rockstar Games on their constant innovation in the pursuit of the highest quality interactive entertainment.

我們也對 Rockstar Games 創辦人 Sam Houser 今天宣布的令人興奮的消息表示，備受期待的下一款《俠盜獵車手》首部預告片將於今年 12 月發布。下個月，隨著品牌成立 25 週年的臨近，我們祝賀 Rockstar Games 在追求最高品質互動娛樂方面的不斷創新。

Red Dead Redemption 2 surpassed our plans and has sold in more than 57 million units to date. Rockstar Games continues to support Red Dead Online with new content, including bonuses for the Naturalist and Bounty Hunters and new free roam missions and events. In addition, Rockstar Games expanded the audience for the franchise with the launch of Red Dead Redemption and Undead Nightmare for PlayStation 4 and Nintendo Switch.

Red Dead Redemption 2 超出了我們的計劃，迄今為止已售出超過 5700 萬份。 Rockstar Games 繼續透過新內容支持 Red Dead 線上模式，包括博物學家和賞金獵人的獎勵以及新的自由漫遊任務和活動。此外，Rockstar Games 也推出了適用於 PlayStation 4 和 Nintendo Switch 的《Red Dead Redemption》和《Undead Nightmare》，擴大了該系列遊戲的觀眾群。

On September 8, 2K and Visual Concepts once again redefined the #1 NBA simulation experience in our industry with the successful worldwide launch of NBA 2K24. With exciting new features and next-generation enhancements, the title is off to a great start and to date has sold in over 4.5 million units. NBA 2K24 features new Season Pass options that provide players with the opportunity to earn even more rewards as well as the new seasonal progression that tracks and combines My Career and My Team into one linear rewards system. Engagement has been phenomenal with Season Pass and Virtual Currency bookings exceeding our plans and driving double digit growth in ARPU compared to NBA 2K23. Our franchise extensions continue to perform extremely well, including NBA 2K Mobile, NBA 2K Online in China and the recently launched NBA 2K24 Arcade edition on Apple Arcade. I'd like to thank 2K and Visual Concepts for continuing to bring innovation and creativity consistently to our beloved franchise.

9 月 8 日，2K 和 Visual Concepts 在全球範圍內成功推出《NBA 2K24》，再次重新定義了業界排名第一的 NBA 模擬體驗。憑藉令人興奮的新功能和下一代增強功能，遊戲取得了良好的開端，迄今已售出超過 450 萬份。 《NBA 2K24》具有新的季票選項，為玩家提供獲得更多獎勵的機會，以及新的賽季進度，可追蹤「我的職業生涯」和「我的球隊」並將其合併到一個線性獎勵系統中。與《NBA 2K23》相比，季票和虛擬貨幣預訂量超出了我們的計劃，並推動了 ARPU 兩位數的成長，參與度非常高。我們的系列擴展繼續表現出色，包括中國的《NBA 2K Mobile》、《NBA 2K Online》以及最近在 Apple Arcade 上推出的《NBA 2K24 Arcade》版本。我要感謝 2K 和 Visual Concepts 繼續為我們喜愛的系列帶來創新和創造力。

2K continued to support LEGO 2K Drive with its second Drive Pass season and the Creators Hub, and PGA Tour 2K23 with additional pros and gear. In addition, the label harness the power of our industry-leading catalog with the launch of the Borderlands Collection: Pandora's Box, which bundles together all 6 acclaimed Borderlands games and their previously released add-on content into a single offering at an amazing value. We have great respect for the team at Gearbox and we value deeply our long-term relationship.

2K 繼續支援樂高 2K Drive 的第二個 Drive Pass 賽季和創意者中心，以及 PGA Tour 2K23 的額外專業人士和裝備。此外，該品牌還利用我們業界領先的目錄的力量推出了《無主之地合集：潘多拉魔盒》，該系列將所有6 款廣受好評的《無主之地》遊戲及其之前發布的附加內容捆綁在一起，以驚人的價值提供單一產品。我們非常尊重 Gearbox 的團隊，並且非常重視我們的長期合作關係。

Zynga once again delivered solid results during the quarter, and we remain pleased with its ongoing performance. We continue to benefit from Zynga's ability to create engaging new games, which is a distinguishing capability of our mobile business. For example, Rollic successfully launched Power Slap, based on the world's first regulated and sanctioned slap fighting promotion. The title is highly entertaining and to date has experienced more than 1 billion slaps across training and matches. With the launch of this new mobile game, Rollic has now had 22 titles reached the #1 or 2 spot in the U.S. Apple App Store. We'd like to thank the entire team over at TKO including Ari Emanuel and Dana White for their strong partnership as well as our colleagues at Rollic who created this title from inception to release in just 8 weeks.

Zynga 在本季度再次取得了穩健的業績，我們對其持續的表現仍然感到滿意。我們繼續受益於 Zynga 創造引人入勝的新遊戲的能力，這是我們行動業務的獨特能力。例如，Rollic 成功推出了 Power Slap，這是基於全球首個受監管和認可的打耳光促銷活動。該遊戲非常有趣，迄今為止在訓練和比賽中已經被打了超過 10 億次。隨著這款新手機遊戲的推出，Rollic 現已有 22 款遊戲在美國 Apple App Store 中排名第一或第二。我們要感謝 TKO 的整個團隊，包括 Ari Emanuel 和 Dana White 的強有力的合作夥伴關係，以及 Rollic 的同事，他們在短短 8 週內創造了這款遊戲，從開始到發布。

Zynga also released -- Zynga also recently launched Top Troops and Match Factory!, both of which delivered excellent KPIs in soft launch and appeared to have strong long-term potential for our portfolio. And Star Wars: Hunters continues to hit important milestones as we approach its planned release date in calendar 2024. Karl will discuss these titles in greater detail.

Zynga 也發布了——Zynga 最近也推出了《Top Troops》和《Match Factory!》，這兩款遊戲都在軟發布中提供了出色的 KPI，並且似乎對我們的產品組合具有強大的長期潛力。隨著《星際大戰：獵人》計劃於 2024 年的發布日期臨近，《星際大戰：獵人》將繼續實現重要的里程碑。Karl 將更詳細地討論這些遊戲。

Other highlights from our mobile business this quarter include our advertising bookings grew year-over-year driven by the addition of Popcore, contributions from strategic partnerships and our efforts to increase adamant inventory in many live games. We continue to make excellent progress in our profitability initiatives, including expanding the number of mobile games to leverage our direct-to-consumer platform. As we convert additional players, we're gaining new insights that we believe will better serve our players' preferences. We remain optimistic that over the next few years, most of our mobile games will leverage this highly accretive owned distribution channel.

本季我們行動業務的其他亮點包括，由於 Popcore 的加入、策略合作夥伴的貢獻以及我們在許多現場遊戲中增加堅定庫存的努力，我們的廣告預訂量逐年增長。我們繼續在盈利計劃方面取得出色進展，包括擴大手機遊戲的數量以利用我們的直接面向消費者的平台。隨著我們轉化更多玩家，我們獲得了新的見解，我們相信這些見解將更好地滿足玩家的偏好。我們仍然樂觀地認為，在未來幾年中，我們的大多數手機遊戲將利用這種高度增值的自有分銷管道。

In addition, we continue to enhance the profitability and performance of our hyper-casual business with multiple new games scaling rapidly and several games generating revenue from in-app purchases in addition to ads. Our live games portfolio also continue to deliver. Social Casino maintained steady performance coming off a great first quarter, driven by new bold beat features which drove strong results, particularly in Zynga Poker.

此外，我們持續提高超休閒業務的獲利能力和業績，多款新遊戲迅速擴展，多款遊戲除廣告外還透過應用程式內購買產生收入。我們的現場遊戲產品組合也持續交付。 Social Casino 在第一季表現出色，在新的大膽節拍功能的推動下保持了穩定的業績，這些功能帶來了強勁的業績，尤其是在 Zynga Poker 中。

Additionally, we implemented new updates and events across many games, including Top Eleven and Dragon City, which drove audience growth as well as increased engagement in core systems, leading to better retention and monetization.

此外，我們還在許多遊戲中實施了新的更新和活動，包括《十一強》和《龍城》，這推動了受眾的成長以及核心系統的參與度的提高，從而帶來了更好的保留和貨幣化。

We stand at an exciting time in our company's history with numerous growth opportunities ahead of us. As we deliver on our strategic priorities, we have the potential to create unparalleled entertainment experiences, engage broader audiences throughout the world and ultimately enhance our scale and margin profile.

我們正處於公司歷史上的一個激動人心的時刻，面前有無數的成長機會。當我們實現我們的策略重點時，我們有潛力創造無與倫比的娛樂體驗，吸引世界各地更廣泛的受眾，並最終提高我們的規模和利潤狀況。

I'd like to thank all of you for your continued support, and we look forward to delivering our next phase of growth.

我要感謝大家一直以來的支持，我們期待著實現下一階段的成長。

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 teams for delivering another strong quarter and adding to the ongoing positive momentum of our business.

謝謝，施特勞斯。我要感謝我們的團隊再次實現了強勁的季度業績，並為我們業務的持續積極勢頭增添了動力。

I'll now turn to our recent and upcoming launches for fiscal 2024 and beyond. On October 3, Zynga Socialpoint Studio successfully launched Top Troops, a new mobile game that blends strategy, RPG and merge mechanics to create a thrilling medieval fantasy adventure of combat and conquest. This marked the studio's first worldwide launch under Zynga following our combination last year. The game has seen positive player reception with an average rating of 4.38 on Google Play and 4.5 on the Apple App Store. Engagement has also been fantastic with over 2 million hours played and over 70 million battles fought since its worldwide launch date.

我現在將談談我們最近和即將推出的 2024 財年及以後的產品。 10 月 3 日，Zynga Socialpoint Studio 成功推出了《Top Troops》，這是一款融合了策略、RPG 和合併機制的全新手機遊戲，打造了一場驚心動魄的戰鬥和征服的中世紀奇幻冒險。這標誌著該工作室繼去年與 Zynga 合併後首次在全球推出。該遊戲受到了玩家的積極歡迎，在 Google Play 上的平均評分為 4.38，在 Apple App Store 上的平均評分為 4.5。自全球發布以來，參與度也非常出色，遊戲時長超過 200 萬小時，戰鬥次數超過 7000 萬場。

2K and Gearbox Software expanded the audience of our beloved Borderlands franchise with the October 6 release of Borderlands 3 Ultimate Edition for Nintendo Switch. The game now allows players to make the mayhem at home or on the go in a thrilling high-stakes adventure, total genre-defining shooter-looter action.

2K 和 Gearbox Software 於 10 月 6 日發布了 Nintendo Switch 版《無主之地 3》終極版，擴大了我們喜愛的《無主之地》系列的受眾。現在，該遊戲允許玩家在家中或旅途中進行驚心動魄的高風險冒險，完全定義類型的射擊掠奪動作。

On October 20, 2K and Visual Concepts launched the WWE 2K23 Bad Bunny edition across all platforms. Global phenomenon Bad Bunny is featured on the cover of the edition, which also includes a new playable version of his in-game character wearing apparel that he wore at WWE Backlash 2023 live event.

10 月 20 日，2K 和 Visual Concepts 在全平台上推出了《WWE 2K23 Bad Bunny》版本。全球現象級壞兔子出現在該版本的封面上，其中還包括他在 WWE Backlash 2023 現場活動中穿著的遊戲角色的新可玩版本。

Zynga's Peak Games Studio, the makers of Toon Blast and Toy Blast released Match Factory!, a new puzzle game for mobile where players connect identical items, sort tiles and clear the board in a mesmerizing 3D environment. In soft launch, we observed strong engagement and modernization metrics as well as very positive player response as indicated by App Store review scores, which gives us optimism about the long-term potential for this new mobile title.

《Toon Blast》和《Toy Blast》的製作者Zynga 的Peak Games Studio 發布了Match Factory!，這是一款新的行動益智遊戲，玩家可以在令人著迷的3D 環境中連接相同的物品、對圖塊進行排序並清除棋盤。在軟發布過程中，我們觀察到了強大的參與和現代化指標，以及 App Store 評論分數所顯示的非常積極的玩家反應，這讓我們對這款新行動遊戲的長期潛力感到樂觀。

Private Division has several exciting releases planned for this fiscal year. On November 28, Roll7 will release their critically acclaimed and wildly imaginative third-person shooter-skater, Rollerdrome for Xbox Series X and S and PC as well as Xbox Game Pass for both platforms.

Private Division 計劃在本財年發布幾個令人興奮的版本。 11 月 28 日，Roll7 將發布其廣受好評且極富想像力的第三人稱射擊滑板遊戲 Rollerdrome，適用於 Xbox Series X、S 和 PC 以及兩個平台的 Xbox Game Pass。

Also during the fourth quarter, Evening Star, founded by the industry veterans behind Sonic Mania, we'll launch Penny's Big Breakaway, a kinetic yo-yo 3D platformer for PlayStation 5, Xbox Series X and S, Nintendo Switch and PC.

同樣在第四季度，由《Sonic Mania》背後的業界資深人士創立的《Evening Star》將推出《Penny's Big Breakaway》，這是一款適用於PlayStation 5、Xbox Series X 和S、Nintendo Switch 和PC 的動感溜溜球3D 平台遊戲。

2K and Visual Concepts are hard at work on WWE 2K24, the next installment of our popular wrestling series, which will launch during the fourth quarter. Looking ahead, we continue to see great engagement and feedback from audiences enjoying Star Wars: Hunters in soft launch across multiple territories. There are several exciting new elements that we are working hard to get into the game, causing us to move the title's worldwide launch window to calendar 2024.

2K 和 Visual Concepts 正在努力開發《WWE 2K24》，這是我們廣受歡迎的摔角系列的下一部作品，將於第四季度推出。展望未來，我們將繼續看到在多個地區試發行的《星際大戰：獵人》的觀眾的高度參與和反饋。我們正在努力將一些令人興奮的新元素融入遊戲中，因此我們將遊戲的全球發布窗口移至 2024 年。

Private Division is working with Weta Workshop on Tales of the Shire, a game set in the Middle Earth universe and inspired by the books of JRR Tolkien. The team recently released a teaser trailer showing fans a glimpse of the project, which is planned for release in calendar 2024 during our fiscal year 2025. Also, Zynga plans to globally launch Game of Thrones: Legends, an all-new RPG puzzle oriented mobile title.

Private Division 正在與維塔工作室合作開發《夏爾傳說》，這是一款以中土世界為背景、受到 JRR 托爾金小說啟發的遊戲。該團隊最近發布了一個預告片，向粉絲們展示了該項目，該項目計劃於2025 財年的2024 年發布。此外，Zynga 還計劃在全球推出《權力的遊戲：傳奇》，這是一款全新的RPG 解謎類手機遊戲標題。

In addition to our full game releases, our labels will continue to provide new content and experiences that drive engagement and recurrent consumer spending across many of our key offerings. Our hyper-casual studios plan to release a steady cadence of mobile titles for games that have the potential for enhanced retention rates and a mix of in-app purchases and advertising to drive higher monetization and profitability.

除了我們發布完整的遊戲外，我們的唱片公司還將繼續提供新的內容和體驗，以推動我們許多關鍵產品的參與度和經常性消費者支出。我們的超休閒工作室計劃穩定地發布行動遊戲，這些遊戲有可能提高留存率，並結合應用程式內購買和廣告來推動更高的貨幣化和盈利能力。

Looking at the balance of this fiscal year and beyond, we are highly optimistic about what we believe to be the strongest and most exciting development pipeline in our company's history.

縱觀本財年及以後的餘額，我們對我們認為是公司歷史上最強大、最令人興奮的開發管道感到非常樂觀。

I'll now turn the call over to Lainie.

我現在將把電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss the key highlights of our second quarter before reviewing our financial outlook for the full year and third quarter of fiscal 2024. Additional details regarding our actual results and outlook are contained in our press release.

謝謝卡爾，大家下午好。今天，我將討論第二季的主要亮點，然後回顧 2024 財年全年和第三季的財務前景。有關我們實際業績和前景的更多詳細資訊包含在我們的新聞稿中。

We delivered another great quarter, which demonstrates the enduring strength of our catalog, our ability to deliver deeply engaging post-launch content and our commitment to disciplined execution. At the same time, our teams continue to make excellent progress advancing our development pipeline, which gives us confidence in our multiyear growth trajectory. I'd like to thank our incredible teams worldwide for their hard work and passion for our business.

我們又交付了一個出色的季度，這證明了我們產品目錄的持久實力、我們提供具有深度吸引力的發布後內容的能力以及我們對嚴格執行的承諾。同時，我們的團隊繼續在推進我們的開發管道方面取得出色進展，這讓我們對多年的成長軌跡充滿信心。我要感謝我們遍布全球的優秀團隊的辛勤工作和對我們業務的熱情。

Now moving on to our results. We achieved net bookings of $1.44 billion, which was at the high end of our guidance range. Our performance reflects better-than-expected results from Grand Theft Auto V and Grand Theft Auto Online and Red Dead Redemption 2. During the quarter, we released NBA 2K24, Red Dead Redemption and Undead Nightmare for Switch and PlayStation 4, Borderlands Collection: Pandora's Box and Power Slap.

現在繼續我們的結果。我們實現了 14.4 億美元的淨預訂量，處於我們指導範圍的高端。我們的業績反映了Grand Theft Auto V、Grand Theft Auto Online 和Red Dead Redemption 2 的業績好於預期。本季度，我們發布了《NBA 2K24》、《Red Dead Redemption》和《Undead Nightmare》（適用於Switch和PlayStation 4）、《無主之地合集：潘朵拉》（Borderlands Collection: Pandora's）盒子和電源拍打。

Recurrent consumer spending declined 7% for the period, which was in line with our outlook and accounted for 78% of net bookings. GAAP net revenue decreased 7% to $1.3 billion, while cost of revenue increased 24% to $884 million, driven by an impairment charge of $220 million and $190 million amortization of acquired intangibles. Operating expenses increased by 3% to $959 million and included $165 million of goodwill impairment, representing a partial impairment of one of our reporting units. On a management basis, operating expenses were flat year-over-year, which is favorable to our guidance. This was driven by lower marketing expenditures, some of which shifted to later this year.

經常性消費者支出在此期間下降 7%，這與我們的預期一致，佔淨預訂量的 78%。 GAAP 淨收入下降 7%，至 13 億美元，而營收成本則成長 24%，至 8.84 億美元，這是由於 2.2 億美元的減損支出和 1.9 億美元的收購無形資產攤銷所致。營運費用成長 3%，達到 9.59 億美元，其中包括 1.65 億美元的商譽減損，即我們報告單位之一的部分減損。從管理角度來看，營運費用與去年同期持平，這有利於我們的指導。這是由於行銷支出減少所致，其中一些支出轉移到了今年稍後。

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

轉向我們的指導。我將從我們整個財年的預期開始。正如施特勞斯所提到的，我們重申淨預訂前景為 54.5 億美元至 55.5 億美元。網路預訂量的最大貢獻者預計是《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》、《卡通爆炸》、《荒野大鏢客：救贖2》和《荒野大鏢客Online》、《Words with Friends》、合併龍！和 Zynga 撲克。

We expect the net bookings breakdown from our labels to be roughly 49% Zynga, 31% 2K, 18% Rockstar Games and 2% other. And we forecast our geographic net booking split to be about 65% United States and 35% international. We are projecting the current consumer spending growth of 4% compared to fiscal 2023, which assumes an increase for NBA 2K as well as Zynga since we will own the business for a full 12 months this year. The Grand Theft Auto Online Virtual Currency and GTA+ membership is expected to be flat. RCS is expected to represent 78% of net booking.

我們預計我們旗下品牌的淨預訂量約為 49% Zynga、31% 2K、18% Rockstar Games 和 2% 其他。我們預計淨預訂的地理分佈將占美國市場的 65% 和國際市場的 35%。我們預計目前的消費者支出將與 2023 財年相比將成長 4%，其中假設 NBA 2K 和 Zynga 的支出都會增加，因為我們今年將擁有該業務整整 12 個月。俠盜獵車手線上虛擬貨幣和 GTA+ 會員資格預計將持平。 RCS 預計將佔淨預訂量的 78%。

We plan to generate approximately $100 million in non-GAAP adjusted unrestricted operating cash flow and to deploy approximately $150 million for capital expenditures, primarily to support our office buildouts and larger footprint. You can see in the forecast GAAP net revenue to range from $5.37 billion to $5.47 billion. Our total operating expenses are now planned to range from $3.53 billion to $3.55 billion as compared to $3.45 billion last year.

我們計劃產生約 1 億美元的非 GAAP 調整後無限制營運現金流，並部署約 1.5 億美元的資本支出，主要用於支援我們的辦公室擴建和更大的佔地面積。您可以看到預測的 GAAP 淨收入範圍為 53.7 億至 54.7 億美元。我們的總營運費用目前計劃在 35.3 億美元至 35.5 億美元之間，而去年為 34.5 億美元。

On a management basis, we continue to expect operating expense growth of approximately 14% year-over-year due to a full year of Zynga, an increase in personnel and marketing expenses and higher depreciation of office buildouts 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. We remain vigilant in our efforts to optimize our cost structure and reduce discretionary costs where possible, while still investing for growth.

在管理基礎上，我們繼續預計營運費用年增約 14%，原因是 Zynga 全年的人員和行銷費用增加，以及辦公室擴建和資本化 IT 費用折舊增加。我們與Zynga 合併帶來的協同效應以及我們的成本削減計劃帶來的節省部分抵消了這一影響。我們仍然保持警惕，努力優化成本結構並盡可能降低可自由支配成本，同時仍為成長進行投資。

Now moving on to our guidance for the fiscal third quarter. We project net bookings to range from $1.3 billion to $1.35 billion compared to $1.4 billion in the third quarter last year. Our release slate for the quarter includes 2 mobile titles, Top Troops and Match Factory! as well as Borderlands 3 Ultimate Edition, all of which have been released. The largest contributor 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, Red Redemption 2 and Red Dead Online, Words with Friends, Merge Dragons! and Zynga Poker.

現在轉向我們對第三財季的指導。我們預計淨預訂量將在 13 億美元至 13.5 億美元之間，而去年第三季的淨預訂量為 14 億美元。我們本季的發布計劃包括 2 款行動遊戲：《Top Troops》和《Match Factory》！以及《無主之地 3》終極版，皆已發行。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》、《卡通爆炸》、《紅色救贖2》與《荒野大鏢客Online》、《Words with Friends》、《Merge》龍！和 Zynga 撲克。

We project recurrent consumer spending to decrease by approximately 5%, which assumes a modest decline in our mobile business, which is being partially offset by expected growth in NBA 2K. The Grand Theft Auto Online Virtual Currency and GTA+ membership is expected to be up. We project GAAP net revenue to range from $1.29 billion to $1.34 billion. Operating expenses are planned to range from $826 million to $836 million. On a management basis, operating expenses are expected to grow by approximately 7% year-over-year, driven by higher personnel and depreciation expenses, which are being partially offset by the Zynga synergies and our cost savings initiatives.

我們預計經常性消費者支出將減少約 5%，這是假設我們的行動業務略有下降，但 NBA 2K 的預期成長部分抵消了這一下降。俠盜獵車手線上虛擬貨幣和 GTA+ 會員資格預計將會增加。我們預計 GAAP 淨收入將在 12.9 億美元至 13.4 億美元之間。營運費用計劃在 8.26 億美元至 8.36 億美元之間。在管理方面，由於人員和折舊費用增加，營運費用預計將年增約 7%，但 Zynga 協同效應和我們的成本節約措施部分抵銷了這些費用。

In closing, there are many exciting upcoming catalysts that we believe will enable our company to achieve new record levels of financial performance. Powered by our incredible talent, we believe that our projects in development will set new standards for creativity and engagement in our industry while also significantly enhancing our financial profile.

最後，我們相信即將到來的許多令人興奮的催化劑將使我們公司的財務表現達到新的紀錄水平。在我們令人難以置信的人才的支持下，我們相信我們正在開發的項目將為我們行業的創造力和參與度樹立新的標準，同時也顯著提高我們的財務狀況。

We'd like to thank all our stakeholders for being on this journey with us, and we can't wait to share more details with you.

我們要感謝所有利害關係人與我們一起踏上這段旅程，我們迫不及待地想與您分享更多細節。

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

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 enabling us to achieve our goals and to deliver another strong quarter. And to our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊感謝我們的同事，他們使我們能夠實現目標並再次實現強勁的季度業績。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 comes from the line of Andrew Uerkwitz with Jefferies.

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

The first one -- and I just have one follow-up. The first one, in last quarter, you reiterated your fiscal '26 -- '25 and '26 guidance. I think you announced -- or Sam Houser mentioned, we'll get a trailer for Grand Theft Auto, I think, in December. How are you feeling about those 2 years? And any reason why you didn't mention those 2 years in the reiteration of guidance?

第一個──我只有一個後續。第一個，在上個季度，您重申了「26」-「25」和「26」財年指引。我想你宣布——或者 Sam Houser 提到，我們將在 12 月發布《俠盜獵車手》的預告片。這2年你感覺如何？您在重申指導意見時沒有提及那兩年的原因是什麼？

It's a shift in our pipeline, our expectations are that net bookings will now be below $8 billion, but not necessarily. So it really isn't a big change, and we expect growth in '26 as well.

這是我們通路的轉變，我們的預期是淨預訂量現在將低於 80 億美元，但不一定。所以這確實不是一個大的變化，我們預計 26 年也會出現成長。

Got it. And then kind of just turning to high-level kind of a question. The acquisition of FiveM seems super interesting in that it could allow you guys to maybe learn more about user-generated content and find ways to monetize that and expand your audience. What's the broader thought of making an acquisition like that and how it fits in, not just with Grand Theft Auto, but maybe the company as a whole?

知道了。然後轉向高層次的問題。收購 FiveM 似乎非常有趣，因為它可以讓你們更了解用戶生成的內容，並找到將其貨幣化並擴大受眾的方法。進行這樣的收購的更廣泛的想法是什麼？它如何適應，不僅僅是俠盜獵車手，也許是整個公司？

We're really excited about it. I mean, to be clear, this is a small economic opportunity right now and a small cost to us. We want to be where the consumer is and what's going on in role-playing and -- really in 2 ways. Number one, the people are actually playing in role-playing servers, and number two, the people are watching what they're doing on Twitch. Both are really interesting.

我們對此感到非常興奮。我的意思是，要先明確的是，目前這是一個很小的經濟機會，對我們來說成本也很小。我們希望了解消費者所在的地方以及角色扮演中正在發生的事情——實際上有兩種方式。第一，人們實際上是在角色扮演伺服器中玩遊戲，第二，人們正在 Twitch 上觀看他們在做什麼。兩者都非常有趣。

The actual people playing is a relatively modest audience. It's in the hundreds of thousands. But the people watching it, that's a huge audience. And we're interested in, first of all, making sure that our intellectual property is protected. We're also really interested in meeting the consumer where the consumer is. And for certain consumers bonding is a really important activity. And finally, people are consuming our intellectual property. We would like to monetize it if we can. We think this gives us an opportunity to do all of the above.

實際演奏的人是相對較少的觀眾。有數十萬之多。但觀看它的人是一個龐大的觀眾。首先，我們感興趣的是確保我們的智慧財產權受到保護。我們也非常有興趣在消費者所在的地方與消費者見面。對某些消費者來說，建立聯繫是一項非常重要的活動。最後，人們正在消耗我們的智慧財產權。如果可以的話，我們希望將其貨幣化。我們認為這使我們有機會實現上述所有目標。

Our next question comes from the line of Eric Handler with ROTH MKM.

我們的下一個問題來自 Eric Handler 和 ROTH MKM 的對話。

I wonder if you could talk a little bit about what you're seeing with players who engage with GTA+? Are they -- are there different -- how they interact with the game versus someone who's not a subscriber?

我想知道您能否談談您對 GTA+ 玩家的看法？與非訂閱者相比，他們與遊戲的互動方式是否有不同？

We don't see materially different behavior. We think it's a great addition and we're thrilled to engage with our consumers in this way. And it's a learning experience, but it's also gratifying that GTA+ continues to grow and be more and more relevant to more and more consumers.

我們沒有看到實質上不同的行為。我們認為這是一個很好的補充，我們很高興以這種方式與消費者互動。這是一次學習經歷，但令人欣慰的是，GTA+ 不斷發展，並與越來越多的消費者越來越相關。

Great. And then, Lainie, maybe you can just do a quick clarification. At least on a GAAP basis, advertising was down. Is there a difference between GAAP revenue for advertising and advertising bookings?

偉大的。然後，萊妮，也許你可以快速澄清一下。至少以公認會計原則（GAAP）計算，廣告支出下降。廣告和廣告預訂的 GAAP 收入之間有區別嗎？

Yes. There is -- in the GAAP, there is some deferral of some of the advertising. So that's the difference between us being up in the quarter versus the GAAP showing flat.

是的。在公認會計原則中，有些廣告有所延遲。這就是本季業績成長與 GAAP 持平之間的差異。

Our next question comes from the line of Doug Creutz with TD Cowen.

我們的下一個問題來自 Doug Creutz 和 TD Cowen 的對話。

Just wondering if you could give any more color on the write-down you took in the quarter. I'm guessing that had to do with some of your mobile assets, but whatever other color you can give, that would be helpful.

只是想知道您是否可以對本季的減記提供更多資訊。我猜這與您的一些移動資產有關，但是無論您可以提供什麼其他顏色，這都會有所幫助。

So we recorded an impairment charge of $220 million related to intangible assets and $165 million of goodwill representing a partial impairment of one of our reporting units. And this is as a result of an updated long-term projection for that reporting unit, but we're not giving any more details other than that.

因此，我們記錄了與無形資產相關的 2.2 億美元減損費用和 1.65 億美元的商譽，代表我們報告單位之一的部分減損。這是該報告單位更新的長期預測的結果，但除此之外我們沒有提供更多細節。

Our next question comes from the line of Andrew Marok with Raymond James.

我們的下一個問題來自安德魯·馬洛克和雷蒙·詹姆斯的對話。

So over the last couple of weeks and months of trying out some different additions of content for GTA+ subs, thinking about the Trilogy in particular. I guess kind of what learnings have you had from the different types of content included in the subscription and how it drives uptake?

因此，在過去的幾週和幾個月裡，我們嘗試為 GTA+ 子遊戲添加一些不同的內容，特別是考慮到三部曲。我想您從訂閱中包含的不同類型的內容中學到了什麼以及它如何推動吸收？

That's the kind of detail that we typically leave to our labels. So we probably don't have much more to add today except what I said earlier which is we are thrilled that Rockstar is offering a subscription to avid consumers, and we think it bodes really well for the future.

這就是我們通常留給我們的標籤的細節。因此，今天我們可能沒有太多要補充的，除了我之前所說的，我們很高興 Rockstar 向狂熱的消費者提供訂閱服務，我們認為這對未來來說是個好兆頭。

Right. And then one more, if I could. I heard a lot about some of the coming titles in mobile, kind of a greater prominence of licensed IP with things like Star Wars, Game of Thrones, Lord of the Rings. Just any difference in thinking as to the value of licensed IP on mobile versus console and PC.

正確的。如果可以的話，然後再來一張。我聽說了很多關於即將推出的行動遊戲的消息，例如《星際大戰》、《權力的遊戲》、《魔戒》等授權 IP 的地位更加突出。只是對於行動裝置與遊戲機和 PC 上授權 IP 的價值的思考存在差異。

So Andrew, this is Karl. The fact is we do value both, both can be very, very valuable. Obviously, owning the IP in any context and also in mobile, the margin potential is much higher because you own it full and outright. Obviously, with licensed IP you have to pay royalty. But the mobile market is tough to break new IP. It's tough to get attention. And it comes out -- you can't argue with the fact that having a known brand out there is a way for you to get attention. So it's a give and take. I would say our perspective hasn't changed. In a perfect world, we would focus exclusively on owned IP. But the truth is when we see a good license that we think would have -- we have a great idea for a game for and if Zynga folks want to take it to market, then that's something that we're going to continue to pursue.

安德魯，這是卡爾。事實上，我們確實重視兩者，兩者都非常非常有價值。顯然，在任何情況下以及在行動領域擁有IP，利潤潛力都要高得多，因為你完全徹底地擁有它。顯然，獲得許可的知識產權你必須支付版稅。但行動市場很難打破新的IP。很難引起注意。結果是——你無法否認這樣一個事實：擁有一個知名品牌是你獲得關注的一種方式。所以這是一種讓步。我想說我們的觀點沒有改變。在完美的世界中，我們將只專注於擁有的智慧財產權。但事實是，當我們看到我們認為應該擁有的良好許可時，我們有一個很棒的遊戲創意，如果 Zynga 人員想將其推向市場，那麼我們將繼續追求這一點。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的埃里克·謝裡登（Eric Sheridan）。

Maybe one bigger picture, one first for Strauss. You've seen a lot of media inflation and increases in subscription prices, broadly in the media landscape. How do you think about striking the balance between pricing and attracting a wider array of audience when you think about the content pipeline you're going to bring to market over the next couple of years to capture the right mix between those 2 dynamics?

也許是一幅更大的圖景，這是史特勞斯的第一次。在媒體領域，您已經看到了很多媒體通貨膨脹和訂閱價格上漲。當您考慮未來幾年將推向市場的內容管道以捕捉這兩種動態之間的正確組合時，您如何考慮在定價和吸引更廣泛的受眾之間取得平衡？

And then second question would be, are there any guardrails we should be keeping in mind in terms of the evolution of the DTC platform? And what piece or cadence that might continue to evolve as a percentage of the mix?

第二個問題是，在 DTC 平台的發展過程中，我們是否應該牢記一些護欄？哪些片段或節奏可能會繼續演變為混音的百分比？

Yes. I mean you don't want to generalize to our business too much from what's going on in linear entertainment because the increase in subscription pricing and linear entertainment is really a reflection of the fact that too many streaming services were underpricing to acquire customers and then they realize those customers were not durable and the LTVs were upside down. So they were basically adjusting their pricing to make sure that the LTVs are potentially positive. And I think there's still more pain to come for some of those services, and I can wax eloquent if you want, although it has nothing to do with our business.

是的。我的意思是，您不想過多地從線性娛樂領域的情況來概括我們的業務，因為訂閱定價和線性娛樂的增長實際上反映了這樣一個事實：太多的流媒體服務為了獲取客戶而定價過低，然後他們意識到這些客戶並不持久，LTV 也顛倒了。因此，他們基本上是在調整定價，以確保生命週期價值可能是正面的。我認為其中一些服務還會帶來更多痛苦，如果您願意，我可以雄辯地講，儘管這與我們的業務無關。

In terms of pricing for any entertainment property, basically the algorithm is the value of the expected entertainment usage, which is to say that the per hour value times the number of expected hours plus the terminal value that's perceived by the customer in ownership if the title is actually owned, not say, rented or subscribed to. And you'll see that, that bears out in every kind of entertainment vehicle.

就任何娛樂財產的定價而言，基本上演算法是預期娛樂使用的價值，也就是說，每小時價值乘以預期小時數加上客戶在所有權中感知到的最終價值，如果所有權實際上是擁有的，而不是說，租用或認購的。您會看到這一點在各種娛樂車輛中都得到證實。

By that standard, our frontline prices are still very, very low because we offer many hours of engagement. The value of the engagement is very high. So I think the industry, as a whole, offers a terrific price-to-value opportunity for consumers. That doesn't necessarily mean that the industry has pricing power or wants to have pricing power. However, there is a great deal of value offered. And look, it's our strategy here to deliver much more value than what we charge consumers. It's always been our strategy here. We want to make sure the experience is first class, and the nature of the experience is not just the quality of what we offer, it's also what you pay for it, everyone knows that anecdotally.

按照這個標準，我們的一線價格仍然非常非常低，因為我們提供了很長時間的參與。參與的價值非常高。因此，我認為整個產業為消費者提供了絕佳的性價比機會。這並不一定意味著該行業擁有定價權或希望擁有定價權。然而，它提供了很大的價值。看，我們的策略是提供比我們向消費者收取的更多的價值。這一直是我們的策略。我們希望確保體驗是一流的，而體驗的本質不僅僅是我們提供的產品的質量，還包括您為此付出的代價，這是眾所周知的。

So that's how we look at it. There have been precious few price increases in the business. The price increase, for example, the $70 for certain frontline products was the first price increase in many years after many generations. So again, I think we offer a terrific value to consumers.

這就是我們的看法。該行業的價格上漲很少。這次漲價，例如某些一線產品漲價70美元，是歷經多代之後，多年來首次漲價。再說一遍，我認為我們為消費者提供了巨大的價值。

On the second question...

關於第二個問題...

DTC.

故障碼。

Regarding the direct-to-consumer platform, we think there continues to be a great deal of upside there, again, for consumers and also for our margins. It's still a relatively small part of our business. There's a great opportunity for growth. To be clear, we will always work with third-party retailers. We want to be where the consumer is. We value our third-party retailer relationships, they do provide marketing support. That's important to us. There are times when consumers want to have a direct relationship. We can do both. We can do all of the above. It is not our strategy to bring everything in-house.

關於直接面向消費者的平台，我們認為對於消費者和我們的利潤來說，仍然有很大的上升空間。這仍然是我們業務中相對較小的一部分。有一個很好的成長機會。需要明確的是，我們將始終與第三方零售商合作。我們希望成為消費者所在的地方。我們重視我們的第三方零售商關係，他們確實提供行銷支援。這對我們很重要。有時消費者會希望建立直接的關係。我們可以兩者兼得。以上我們都可以做到。我們的策略並不是將一切內部化。

Our next question comes from the line of Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel 的對話。

So Strauss, you mentioned that the business is well positioned for the holiday season. What's driving that confidence? And how would you assess the health of your consumer?

施特勞斯，您提到該業務在假期期間處於有利位置。是什麼推動了這種信心？您將如何評估消費者的健康狀況？

And then separately, I know it's just a subtle change to RCS, but what's behind the adjustment to that figure for the second half, given your fiscal 2Q is in line? It looks like just based on the commentary around the net bookings mix of Zynga, but just want to confirm that.

另外，我知道這只是 RCS 的一個微妙變化，但考慮到您的第二財季業績符合預期，下半年這一數字的調整背後是什麼？看起來只是基於 Zynga 網路預訂組合的評論，但只是想確認這一點。

So speaking to the confidence of our holiday season. Look, simply, I think it's the strength of our catalog and the strength of our products and a lot of our releases are must-have releases. And any time you're heading into a holiday season, and I think everyone around the table and on the phone is hopeful that we're going to have a very strong hardware season this year. We do have a lot of titles that we think are sort of go-to titles for people to engage with.

所以說我們對假期充滿信心。簡單來說，我認為這是我們目錄的優勢和我們產品的優勢，而且我們的許多版本都是必備版本。每當你進入假期季節時，我認為桌子旁和電話裡的每個人都希望今年我們將有一個非常強勁的硬體季節。我們確實有很多我們認為是人們喜歡的首選遊戲。

Besides -- and also, you're obviously -- we're also working off of the results that we've had to date, which are very strong. So the momentum feels positive. We've got a great lineup in place. And it looks like it's going to be a pretty good holiday season from a consumer perspective, particularly in the gaming space.

此外——而且，顯然——我們也在研究迄今為止的結果，這些結果非常有力。所以勢頭感覺積極。我們已經準備好了很棒的陣容。從消費者的角度來看，這似乎將是一個相當不錯的假期季節，尤其是在遊戲領域。

And for the RCS, the main driver is the reduction in Zynga's business for the remainder of the year. So we forecasted some of our titles including a more muted expectation for the holiday based on the current trends. And we're also continuing to focus on profitability in hyper-casual, which is reducing our top line but enhancing our margins. And then there's also some shifts in the pipeline, including Star Wars: Hunters.

對 RCS 來說，主要驅動力是 Zynga 在今年剩餘時間內的業務減少。因此，我們根據當前趨勢對一些遊戲進行了預測，包括對假期的預期更為溫和。我們也繼續專注於超休閒業務的獲利能力，這減少了我們的營收，但提高了我們的利潤率。此外，還有一些正在醞釀中的變化，包括《星際大戰：獵人》。

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

我們的下一個問題來自美國銀行的 Omar Dessouky。

I just wanted to get a little bit of clarification on what you said about shifts in your pipeline causing your fiscal '25 guide to be not materially below $8 billion. Is that because of shifts in your very largest AAA games in the pipeline, your smaller AAA games in the pipeline or your mobile games? If you could provide some clarity on that, I'd appreciate it. Then I have a follow-up.

我只是想澄清一下您所說的有關管道變化導致 25 財年指南大幅低於 80 億美元的說法。這是因為你們正在開發的最大 AAA 遊戲、正在開發的小型 AAA 遊戲還是手機遊戲都改變了？如果您能對此提供一些澄清，我將不勝感激。然後我有一個後續行動。

Yes. We haven't even issued initial guidance for the year. We do that in the spring of the new year, and that's when we'll give a lot more specificity around the release schedule. However, I want to reiterate, we are going to be shy of $8 billion in fiscal '25, but not materially so.

是的。我們甚至還沒有發布今年的初步指導。我們會在新年春天這樣做，屆時我們將針對發佈時間表提供更多具體資訊。然而，我想重申，我們在 25 財年的預算將低於 80 億美元，但也不是實質的。

Okay. Right. No problem. So then the other question is, obviously, super happy to see Sam Houser's message about Grand Theft Auto VI -- next Grand Theft Auto trailer coming soon. On September 26, the SAG-AFTRA voted to approve strike authorization for video game performers covered under the Union's Interactive Media Agreement. Now they haven't actually strike yet, but there are negotiations. And I wanted to know whether if voice actors and motion capture actors were to go on strike, would it slow down the production of the next Grand Theft Auto at Rockstar. Does Rockstar have the type of employment contracts that would allow the workers, the actors to work through a strike?

好的。正確的。沒問題。那麼另一個問題顯然是非常高興看到 Sam Houser 關於 Grand Theft Auto VI 的消息——下一個 Grand Theft Auto 預告片即將推出。 9 月 26 日，SAG-AFTRA 投票批准對工會互動媒體協議涵蓋的電玩遊戲表演者進行罷工授權。現在他們還沒有真正罷工，但正在進行談判。我想知道如果配音演員和動作捕捉演員罷工，是否會減慢 Rockstar 下一款俠盜獵車手的製作速度。 Rockstar 是否有允許工人、演員在罷工期間繼續工作的僱傭合約？

Negotiations are expected to resume next week. We're optimistic and value all of our talent greatly, and we value excellent labor relations and we're looking forward to reaching an agreement that serves everyone well. That's always been my approach. I've been involved with labor negotiations in every entertainment industry there is in my career. They've always worked out just fine. In the event that they don't work out just fine, now we are completely protected.

預計談判將於下週恢復。我們持樂觀態度，非常重視我們所有的人才，我們重視良好的勞資關係，我們期待達成一項有利於每個人的協議。這一直是我的做法。在我的職業生涯中，我參與過各個娛樂產業的勞資談判。他們一直表現得很好。如果它們不能很好地發揮作用，現在我們得到了完全的保護。

Our next question comes from the line of Mike Hickey with Benchmark.

我們的下一個問題來自 Benchmark 的 Mike Hickey。

Two questions. The first one, Strauss, I'd be curious sort of your updated thoughts on AI here. It seems like the technology is -- at least the unlock here is accelerating in some of the use cases that we're seeing in terms of product and productivity seems very remarkable. So just curious what you're thinking there, if that's different or not?

兩個問題。第一個，施特勞斯，我很好奇你對人工智慧的最新想法。看起來這項技術是——至少在我們看到的一些用例中，在產品和生產力方面的解鎖正在加速，這似乎非常引人注目。所以只是好奇你在想什麼，是否不同？

And then the second question, on the trailer in early December, curious what sort of impact you could think -- you think that might have on other Rockstar product catalog product. Obviously, it's already been strong. And I'm curious if that would be a catalyst boost for your catalog. And I'm curious on Grand Theft Auto Online, the sort of the strategic value of that live service given the vitality it has into the release of GTA next. Obviously, that's the set up you haven't experienced before.

然後是第二個問題，關於 12 月初的預告片，好奇你會想到什麼樣的影響 - 你認為這可能會對其他 Rockstar 產品目錄產品產生什麼樣的影響。顯然，已經很強大了。我很好奇這是否會成為您目錄的催化劑。我對 Grand Theft Auto Online 很好奇，鑑於該即時服務對接下來發布的 GTA 具有活力，它的戰略價值是什麼。顯然，這是您以前從未經歷過的設定。

Mike, look, we've been in the AI business since the dawn of this industry. Our entertainment properties are created largely in and by computers, and we value tools and we create those tools internally, and we license external tools as well, and the new developments in AI are really exciting. And I've said publicly and repeatedly that I believe that they'll help create efficiency and in certain instances, allow us to do things that we haven't been able to do before. But it's going to allow that for our competitors as well.

麥克，你看，自從人工智慧產業誕生以來，我們就一直從事這個行業。我們的娛樂財產主要是由電腦創建的，我們重視工具，我們在內部創建這些工具，我們也授權外部工具，人工智慧的新發展確實令人興奮。我曾多次公開表示，我相信它們將有助於提高效率，並在某些情況下，讓我們能夠做以前無法做到的事情。但這也將允許我們的競爭對手這樣做。

So I think the tool sets that come out of these recent developments will be commoditized quickly. And the efficiencies that we see, others will see. Do I think that generative AI is going to make hit games? No. Do I think that the need for creative people will go away? Absolutely not. I think, if anything, better tool sets just raise the bar. They give us the opportunity to do more and do better. So the changes will be menial work probably is reduced or eliminated, high-level work is enhanced in importance.

因此，我認為這些最新發展產生的工具組很快就會商品化。我們看到的效率，其他人也會看到。我認為生成式人工智慧會製作出熱門遊戲嗎？不會。我認為對創意人才的需求會消失嗎？絕對不。我認為，如果有的話，更好的工具集只會提高標準。他們讓我們有機會做得更多、做得更好。因此，這些變化可能會減少或消除低級工作，而提高高級工作的重要性。

So I think you'll see shifts in what we can do with our games. So you mentioned product. I think you'll see some shifts in product, positive ones, I hope. And you mentioned productivity, and I think you will, for sure, see shifts in productivity, but I'm not sure those shifts will drop to the bottom line because typically, when we've generated productivity with tool sets, we've just set our sights higher. And that's our story.

所以我想你會看到我們在遊戲方面的改變。所以你提到了產品。我認為您會看到產品發生一些變化，我希望是積極的變化。你提到了生產力，我認為你肯定會看到生產力的轉變，但我不確定這些轉變是否會下降到底線，因為通常，當我們使用工具集產生生產力時，我們只是把我們的目光放得更高。這就是我們的故事。

Our strategy is to be the most creative, the most innovative and the most efficient company in the business and AI, I think, probably ticks all 3 boxes. But don't expect the price tags to go down, just expect everything to get better and competition probably to become more intense for people who are not able to avail themselves of the resources that we can afford.

我們的策略是成為業內最具創造力、最具創新性和最高效的公司，而我認為人工智慧可能滿足所有三個條件。但不要指望價格會下降，只是指望一切都會變得更好，對於那些無法利用我們負擔得起的資源的人來​​說，競爭可能會變得更加激烈。

With regard to the expected trailer that Sam Houser posted about today, we're as excited as anyone else. And do I think there will be an impact on our catalog revenue? Potentially. Things are already going really well in that space. And with regard to GTA Online, I mean, it's one amazing story that here we are 10 years later after the initial release and GTA Online is going strong. Why is it going strong? Because it's phenomenal and because Rockstar continues to supply content and updates and engage consumers and entertain them more effectively than, frankly, anyone else in the business. As long as we keep doing that, we'll be very well positioned, indeed.

對於 Sam Houser 今天發布的預告片，我們和其他人一樣興奮。我認為這會對我們的目錄收入產生影響嗎？有潛力。那個領域的事情已經進展得很順利。至於《GTA 線上模式》，我的意思是，這是一個令人驚嘆的故事，在首次發布 10 年後，《GTA 線上模式》正在變得越來越強大。為什麼會走強？因為它是非凡的，而且因為 Rockstar 繼續提供內容和更新，並坦率地說，比業內其他任何人都更有效地吸引消費者並娛樂他們。事實上，只要我們繼續這樣做，我們就會處於有利地位。

(Operator Instructions) And our next question comes from the line of Clay Griffin with MoffettNathanson.

（操作員說明）我們的下一個問題來自 Clay Griffin 和 MoffettNathanson。

I couldn't help but notice that Nintendo announced a live action film, Zelda film. I know -- for Strauss, I know this question comes up all the time. I guess maybe we'll close it this way. What's your relative willingness and perhaps even Rockstar's willingness to partner and find ways to extend Red Dead Redemption IP, Grand Theft Auto IP, just because it has been so successful from a marriage perspective. Just wanted to get your updated thoughts on that.

我不禁注意到任天堂宣布了一部真人電影《薩爾達傳說》電影。我知道——對史特勞斯來說，我知道這個問題一直都會出現。我想也許我們會這樣結束它。你的相對意願是什麼，甚至 Rockstar 是否願意合作並尋找方法來擴展 Red Dead Redemption IP、俠盜獵車手 IP，僅僅因為它從聯姻的角度來看非常成功。只是想了解您對此的最新想法。

We've spoken about this many times. If we're willing to use the company's balance sheet to make a movie or a television show, then in the event of great success, we would benefit from it. But we're not prepared to use the company's balance sheet that way because the risk/reward profile is unappealing to us. They're very difficult businesses. I've been in them successfully. They're super challenging. They're not what we do. We'd much prefer the risk/reward profile of the business we're in. So that means that the only way we can be in that business is through a license arrangement with a third party. And let's put it in context. Mattel announced, they said that their profits -- expected profits from licensing the Barbie IP for a movie would be about $125 million.

我們已經多次談論這個問題。如果我們願意用公司的資產負債表來製作電影或電視節目，那麼一旦取得巨大成功，我們就會從中受益。但我們不准備以這種方式使用公司的資產負債表，因為風險/回報狀況對我們沒有吸引力。他們是非常困難的生意。我已經成功地融入其中了。他們超級有挑戰性。他們不是我們所做的。我們更喜歡我們所從事的業務的風險/回報狀況。因此，這意味著我們從事該業務的唯一方法是透過與第三方的許可安排。讓我們把它放在上下文中。美泰兒宣布，他們表示，他們透過芭比娃娃 IP 電影授權獲得的利潤預計約為 1.25 億美元。

Now Barbie is a massive, massive hit and it's extraordinary hit. So you don't want to posit a massive hit and look at the numbers that way. Even in a really good news scenario, the license fees would be a fraction thereof for many of our properties, not really enough to be meaningful here. And we have to weigh that too against the risk of failure. And the hit ratios in the motion picture business are vastly lower than they are in the interactive entertainment business. Our hit ratios for console properties are in the 80% or 90%. The hit ratio for a well-run movie studio is around 30%, which is to say there's a 70% chance that the movie that we license could fail. And so in success, the number, in terms of the benefit to our bottom line, is it's not de minimis, it's not 0, but it's not really material to what we do around here.

現在，芭比娃娃非常非常受歡迎，而且非常受歡迎。所以你不想假設一個巨大的打擊並以這種方式看待數字。即使在一個非常好的消息情況下，對於我們的許多財產來說，許可費也只是其中的一小部分，在這裡並沒有真正的意義。我們還必須權衡這一點和失敗的風險。而且電影產業的點擊率遠低於互動娛樂產業。我們的控制台屬性命中率在 80% 或 90% 之間。經營良好的電影公司的命中率在30%左右，也就是說我們授權的電影有70%的可能性會失敗。因此，就成功而言，就我們的底線收益而言，這個數字不是微不足道的，也不是 0，但它對我們在這裡所做的事情並不真正重要。

And in failure, we run the risk of compromising the underlying intellectual property. So it's a high bar. We have licensed 2 properties. We've licensed Borderlands to Lionsgate's picture coming. We've licensed BioShock. We're looking forward to that as well. And we have other titles in discussions, not anything ready to announce, but we're going to be very, very selective and very careful.

如果失敗，我們將面臨損害基礎智慧財產權的風險。所以這是一個很高的標準。我們已獲得 2 處房產的許可。我們已將《無主之地》授權給獅門影業的影片。我們已獲得《生化奇兵》的許可。我們也對此充滿期待。我們還有其他遊戲正在討論中，還沒有任何準備好宣布的內容，但我們將非常非常有選擇性和非常謹慎。

And our next question comes from the line of Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自布萊恩·菲茨傑拉德與富國銀行的對話。

We've been seeing more discussion of intrinsic in-game advertising, things like in-game billboards. And it seems like brand advertisers are getting more and more comfortable with in-game advertising. What are your thoughts on the broader opportunity there beyond mobile, beyond games within games, and maybe as well as your outlook for take this owned ad business and how that evolves? Congrats on the quarter.

我們已經看到更多關於遊戲內廣告的討論，例如遊戲內廣告看板。品牌廣告商似乎對遊戲內廣告越來越滿意。您對行動裝置之外、遊戲中的遊戲之外的更廣泛機會有何看法，也許還有您對這項自有廣告業務的展望以及它如何發展？恭喜本季。

Thanks. I mean you understand what we're already doing in mobile. So I don't think you want me to cover that. You alluded to that. With regard to console titles, we have advertising when it makes sense creatively and feels organic to the title. So for example, in NBA, if you go to a basketball game, you're going to see advertising in the arena. So it's perfectly reasonable to see the same kind of advertising in our game. But we're not going to do product placement where it's inappropriate, so that we can create a small amount of revenue.

謝謝。我的意思是您了解我們已經在行動領域所做的事情。所以我認為你不希望我報道這一點。你提到過這一點。對於主機遊戲，我們會在創意有意義且與遊戲自然結合的情況下投放廣告。舉個例子，在 NBA，如果你去看一場籃球比賽，你就會在賽場上看到廣告。所以在我們的遊戲中看到同樣類型的廣告是完全合理的。但我們不會在不合適的地方做置入式廣告，這樣我們就可以創造少量的收入。

First of all, the numbers aren't huge. But secondly, anything that we do that takes a consumer out of the experience is problematic. So years ago, and I don't mean to take a potshot, but I'll do it anyhow. Years ago, there was a Bond movie, and James Bond, everyone knows he only drives an Aston Martin. He's only ever driven an Aston Martin. I don't know which iteration it was, but there was one iteration where they clearly made a deal with BMW and all the cars in the movie were BMW. And look, it ruined the movie for me. Because I -- to me, every time I saw BMW, I was like, wow, look, a little bit of product placement right there, a little bit of an advertisement. That's a disaster.

首先，數字並不大。但其次，我們所做的任何讓消費者脫離體驗的行為都是有問題的。幾年前，我並不是故意要批評，但無論如何我都會這麼做。幾年前，有一部龐德電影，而詹姆士龐德，大家都知道他只開阿斯頓馬丁。他只開過阿斯頓馬丁。我不知道那是哪一版，但有一次他們明確地與寶馬達成協議，電影中的所有汽車都是寶馬。看，它毀了我的電影。因為我——對我來說，每次看到寶馬，我都會想，哇，看，那裡有一點產品植入，一點廣告。那是一場災難。

So it's perfectly fine in basketball. It's perfectly fine in WWE. It's not perfectly fine in that title where advertising doesn't fit. As a result, I don't think you should expect that the numbers will be really material, although again, we do have an advertising business when it makes sense. That's completely separate, again, at the risk of being repetitive, from the mobile advertising business. That's a growth category for us. Our mobile advertising was up year-over-year. We feel really good about that.

所以在籃球方面這完全沒問題。在 WWE 中這一切都很好。這個標題並不完全適合廣告。因此，我認為你不應該期望這些數字會非常重要，儘管同樣，我們確實有一個有意義的廣告業務。這與行動廣告業務完全分開，同樣有重複的風險。這對我們來說是一個成長類別。我們的行動廣告年增。我們對此感覺非常好。

I think those are all the questions we have. I just want to say thank you again for everyone joining us today. We're thrilled with the results, and the results are driven by the creativity and passion and commitment of our colleagues, all 12,500 of them all around the world. They work really hard every day, and we get to talk about it here. But the work is done at the studio level, at the label level, at the corporate level. This is a company of great commitment to our strategy of creativity, innovation and efficiency, and we have a culture of ambition, hard work, excellence, seeking and kindness. And I'm really proud of that. This is a really unusual place. If we pursue our strategy and we do it in a way that's consistent with our culture, we've seen over and over again to do well. We're proud of that, and we feel very optimistic about the future.

我想這些就是我們所有的問題。我只想再次感謝今天加入我們的所有人。我們對結果感到非常興奮，這些結果是由我們遍布全球的 12,500 名同事的創造力、熱情和奉獻精神所推動的。他們每天都非常努力地工作，我們可以在這裡談論這一點。但工作是在工作室層面、廠牌層面、公司層面完成的。這是一家致力於創造力、創新和效率策略的公司，我們擁有雄心勃勃、勤奮、卓越、求索和友善的文化。我對此感到非常自豪。這真是一個不尋常的地方。如果我們奉行我們的策略，並且以符合我們文化的方式來實施，我們就會一次又一次地看到做得很好。我們為此感到自豪，並對未來感到非常樂觀。

Thanks so much for joining us today.

非常感謝您今天加入我們。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。