Take-Two Interactive Software Inc (TTWO) 2024 Q3 法說會逐字稿

Greetings. Welcome to Take-Two's Third Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Take-Two 2024 財年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將電話會議轉交給投資人關係和企業傳播資深副總裁 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 third quarter of fiscal year 2024 ended December 31, 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 12 月 31 日的 2024 財年第三季度的業績。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.

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。

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.

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.

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。

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

此外，我們還在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. I'm pleased to report that we achieved solid results, including net bookings of $1.3 billion. Our performance reflects our unwavering commitment to quality, the ongoing contributions from our outstanding portfolio, which is one of the strongest and most diverse in the entertainment industry, and our immensely talented creative teams.

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，我們取得了堅實的成果，包括 13 億美元的淨預訂。我們的業績反映了我們對品質堅定不移的承諾、我們出色的產品組合（娛樂產業中最強大、最多樣化的產品組合之一）以及我們才華橫溢的創意團隊的持續貢獻。

During the period, Grand Theft Auto V, Grand Theft Auto Online, the Red Dead Redemption series and Zynga's in-app purchases, led by Toon Blast, exceeded our plans, driven by engaging new content, partnerships and activations. This was partially offset by some softness in mobile advertising and sales for NBA 2K24. 2K is implementing measures to enhance performance for the title, such as offering new events and promotions and delivering an exciting and engaging content lineup. We expect lifetime net bookings for the title to be in line with NBA 2K23.

在此期間，在新內容、合作夥伴關係和激活的推動下，俠盜獵車手 V、俠盜獵車手 Online、荒野大鏢客救贖系列以及以 Toon Blast 為首的 Zynga 應用內購買超出了我們的計劃。這被《NBA 2K24》行動廣告和銷售的疲軟部分抵消。 2K 正在採取措施來提高遊戲的效能，例如提供新的活動和促銷活動，以及提供令人興奮和引人入勝的內容陣容。我們預計該遊戲的終身淨預訂量將與《NBA 2K23》保持一致。

Due to these factors, a planned release moving out of the fourth quarter and increased marketing for Zynga's new hit mobile title Match Factory!, we're lowering our full year outlook. While the timing of Match Factory!'s user acquisition expense will reduce our profitability in the current fiscal year, we believe that this investment will allow us to grow our audience meaningfully and increase the lifetime value of the Match Factory! franchise.

由於這些因素，計劃於第四季度發布的版本以及 Zynga 新熱門手機遊戲《Match Factory!》的營銷力度加大，我們下調了全年預期。雖然 Match Factory! 的用戶獲取費用的時機將降低我們本財年的盈利能力，但我們相信這項投資將使我們能夠有意義地增加我們的受眾並增加 Match Factory! 的生命週期價值！特許經營權。

We've always managed Take-Two for the long term, and we have great confidence in our groundbreaking pipeline for fiscal 2025 and beyond, which we believe will enable us to grow our net bookings, increase our scale and enhance our profitability. At the same time, our teams are always looking for ways in which we can operate at the highest level of efficiency, which is one of our core tenets. We're currently working on a significant cost reduction program across our entire business to maximize our margins while still investing for growth. These measures are incremental to and even more robust than our prior cost reduction program, and we aim to achieve greater operating leverage as we roll out our eagerly anticipated release schedule.

我們始終對 Take-Two 進行長期管理，我們對 2025 財年及以後的突破性管道充滿信心，我們相信這將使我們能夠增加淨預訂量、擴大規模並提高盈利能力。同時，我們的團隊一直在尋找能夠以最高效率運作的方法，這是我們的核心原則之一。目前，我們正在整個業務範圍內實施一項重大成本削減計劃，以最大限度地提高利潤，同時仍投資於成長。這些措施是對我們先前的成本削減計劃的補充，甚至比我們之前的成本削減計劃更加有力，我們的目標是在推出我們熱切期待的發布計劃時實現更大的營運槓桿。

Turning to the performance of our titles during the quarter. Momentum for Grand Theft Auto remains phenomenal. Sales of Grand Theft Auto V exceeded our expectations during the holiday season, and to date, the title is sold in more than 195 million units worldwide. During the quarter, Rockstar Games released its holiday update for Grand Theft Auto Online: The Chop Shop, which captured the highest number of active users in several years, including the largest ever increase in new Grand Theft Auto Online accounts, driven by the variety and depth of new vehicles in robberies, positive community sentiment and the game's inclusion in various subscription services.

談談本季我們遊戲的表現。 《俠盜獵車手》的勢頭仍然驚人。 《俠盜獵車手 V》在假期季節的銷量超出了我們的預期，迄今為止，該遊戲的全球銷量已超過 1.95 億份。在本季度，Rockstar Games 發布了《俠盜獵車手Online：The Chop Shop》的假期更新，該版本吸引了數年來最高的活躍用戶數量，其中包括受品種和內容推動的新俠盜獵車手Online 帳戶的有史以來最大增幅。新車搶劫的深度、積極的社區情緒以及遊戲包含在各種訂閱服務中。

The Grand Theft Auto series is also benefiting meaningfully from excitement surrounding Rockstar's announcement of Grand Theft Auto VI and the release of its first trailer, which, at 93 million views in 24 hours, broke YouTube's records for a nonmusic video launch and, along with partner channels, became the biggest video debut ever.

俠盜獵車手系列也受益於Rockstar 宣布的俠盜獵車手VI 及其首個預告片的興奮，該預告片在24 小時內獲得了9300 萬次觀看，打破了YouTube 的非音樂視頻發布記錄，並與合作夥伴一起發布頻道，成為有史以來最大的影片首次亮相。

Rockstar's recent partnership with Netflix to launch the GTA Trilogy is also a resounding success, quickly yielding the highest rate of installs and engagement on the subscription services game platform. In addition, Rockstar's membership program, GTA+, continues to grow rapidly, powered by enhanced benefits for members, including a rotating assortment of classic Rockstar titles.

Rockstar 最近與 Netflix 合作推出的 GTA 三部曲也取得了巨大成功，很快就在訂閱服務遊戲平台上獲得了最高的安裝率和參與度。此外，Rockstar 的會員計畫 GTA+ 繼續快速成長，這得益於會員福利的增強，包括輪換的經典 Rockstar 遊戲。

Red Dead Redemption 2 also surpassed our plans, as our exciting holiday promotions and events resonated deeply with players. To date, the title is sold in more than 61 million units worldwide. During the quarter, Rockstar Games supported Red Dead Online with free updates, including the new All Hallows' Call to Arms locations, a trio of new Dead of Night maps and a Hardcore Telegram Mission alongside the return of the Halloween Pass 2.

Red Dead Redemption 2 也超越了我們的計劃，因為我們令人興奮的節日促銷和活動引起了玩家的強烈共鳴。迄今為止，該遊戲在全球的銷量已超過 6,100 萬份。在本季度，Rockstar Games 透過免費更新為 Red Dead Online 提供支持，包括新的萬聖節召喚地點、三張新的 Dead of Night 地圖以及 Hardcore Telegram 任務以及萬聖節通行證 2 的回歸。

NBA 2K24 remains the #1 basketball simulation experience in our industry and, to date, is sold in over 7 million units. Unit sales for the Gen 9 version of the game are growing at a double-digit percentage increase over last year due to an enhanced gameplay experience and wider console availability. As players migrate to Gen 9 platforms, we are seeing significant declines in demand for our Gen 8 offering. Players have been highly engaged with many of NBA 2K24's new features, including a Season Pass that helped average revenue per user grow 30% year-over-year.

《NBA 2K24》仍然是我們業界排名第一的籃球模擬體驗，迄今為止，銷量已超過 700 萬份。由於增強的遊戲體驗和更廣泛的遊戲機可用性，該遊戲第 9 代版本的單位銷量比去年以兩位數百分比增長。隨著玩家遷移到第 9 代平台，我們發現第 8 代產品的需求大幅下降。玩家對《NBA 2K24》的許多新功能高度感興趣，其中包括幫助每位用戶平均收入年增 30% 的季票。

On October 6, 2K and Gearbox Software launched the Borderlands 3 Ultimate Edition for Nintendo Switch. We're pleased to expand further our beloved franchise by enabling players to make some mayhem at home or on the go with this thrilling high stakes adventure.

10 月 6 日，2K 和 Gearbox Software 推出了 Nintendo Switch 版《無主之地 3》終極版。我們很高興能夠讓玩家在家中或旅途中透過這場令人興奮的高風險冒險來製造一些混亂，從而進一步擴展我們喜愛的系列。

Now turning to Zynga. We're very pleased with the team's ability to create successful new mobile games, including Peak's Match Factory!, which launched on iOS in November and Android in late December. The title is a top 30 grossing game on the Apple App Store in key target markets, such as the U.K. and the U.S., and has shown stellar retention and monetization metrics on par with previous category-leading Peak titles such as Toon Blast. Based on these excellent metrics, we see strong long-term potential for the title, and we're planning to invest in new features and a robust marketing campaign to capitalize on its popularity with consumers and to scale it further.

現在轉向 Zynga。我們對團隊創造成功的新手機遊戲的能力感到非常滿意，其中包括 Peak 的《Match Factory!》，該遊戲於 11 月在 iOS 上推出，並於 12 月底在 Android 上推出。該遊戲在英國和美國等主要目標市場的Apple App Store 中名列收入前30 名的遊戲，並表現出出色的留存率和盈利指標，與之前同類領先的Peak 遊戲（如Toon Blast）不相上下。基於這些出色的指標，我們看到了該遊戲的強大長期潛力，並且我們計劃投資新功能和強大的行銷活動，以利用其在消費者中的受歡迎程度並進一步擴大規模。

Zynga's other recent release, Top Troops, increased its engagement by more than 10% over last quarter, propelled by the launch of new features and semi-monthly battles. Looking ahead, the team is focusing on new brand collaborations, player competitions and social and community engagements.

Zynga 最近發布的另一款遊戲《Top Troops》在新功能和半月戰鬥推出的推動下，其參與度比上季增加了 10% 以上。展望未來，團隊將重點關注新品牌合作、玩家競賽以及社交和社群參與。

Overall, Zynga's in-app purchases exceeded our expectations with significant sequential improvement compared to last quarter. This was led by Toon Blast, which materially outperformed, delivering its highest ever average revenue per daily average user and over 50% growth in its daily in-app purchase revenue compared to last quarter. While we're encouraged by the trajectory of Zynga's in-app purchases, its ad revenues were below our expectations due to some changes that we're implementing in the hypercasual business, including a heightened focus on our profitability and the launch of new features that deliver blended monetization.

總體而言，Zynga 的應用程式內購買超出了我們的預期，與上季相比，季比顯著改善。其中以 Toon Blast 為首，該公司的表現大幅領先，每日平均用戶收入創歷史新高，每日應用程式內購買收入較上季增長超過 50%。雖然我們對 Zynga 的應用程式內購買軌跡感到鼓舞，但由於我們在超休閒業務中實施的一些變化，其廣告收入低於我們的預期，包括更加關注我們的盈利能力以及推出新功能提供混合貨幣化。

Our direct-to-consumer business continues to grow and enjoyed a record holiday season. Our teams are working actively to add more titles each quarter to this highly accretive owned distribution channel.

我們的直接面向消費者的業務持續成長，並享受了創紀錄的假期。我們的團隊正在積極努力，每季都會為這個高度增值的自有分銷管道添加更多遊戲。

Looking ahead, Zynga has numerous titles in development and soft launch that we're eager to release worldwide in fiscal 2025 and beyond. It bears noting that launching hit mobile titles is both highly complex and challenging, and we're gratified by Zynga's unique ability to release new properties to capture mind share and market share.

展望未來，Zynga 有眾多遊戲正在開發和試運行中，我們渴望在 2025 財年及以後在全球範圍內發布這些遊戲。值得注意的是，推出熱門手機遊戲既高度複雜又具有挑戰性，我們對 Zynga 發布新產品以佔領心智份額和市場份額的獨特能力感到滿意。

In closing, although we're lowering our outlook for the year, we believe that our company's potential is vast and unique, driven by our creative talent, our owned and controlled intellectual property and our groundbreaking new pipeline for fiscal 2025 and beyond. As we execute on our strategic priorities, we believe that we'll deliver an array of unparalleled entertainment experiences that can captivate, engage and redefine our industry for audiences around the globe.

最後，儘管我們降低了今年的展望，但我們相信，在我們的創意人才、我們擁有和控制的知識產權以及我們2025 財年及以後的突破性新管道的推動下，我們公司的潛力是巨大且獨特的。當我們執行我們的策略重點時，我們相信我們將提供一系列無與倫比的娛樂體驗，這些體驗可以吸引、吸引和重新定義我們的產業給全球觀眾。

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 solid quarter and adding to the continued 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穩健的季度業績，並為我們的業務增添了持續的積極勢頭。

I'll now turn to our upcoming launches for the balance of fiscal 2024 and beyond. This quarter, Private Division and Evening Star will launch Penny's Big Breakaway, a 3D platforming game. Private Division will share more news about this exciting release shortly. On March 8, 2K and Visual Concepts will launch WWE 2K24. The title will feature several franchise advancements, including the 2K Showcase...of the Immortals, celebrating 40 years of WrestleMania, 4 new match types, 2 new MyRISE experiences and much more. We're thrilled to build upon our long-standing partnership with WWE and to continue to set new creative benchmarks for this franchise.

我現在將談談我們即將在 2024 財年及以後推出的產品。本季度，Private Division 和 Evening Star 將推出 3D 平台遊戲《Penny's Big Breakaway》。 Private Division 很快就會分享更多關於這個令人興奮的版本的消息。 3 月 8 日，2K 和 Visual Concepts 將推出《WWE 2K24》。遊戲將包含多項系列改進，包括 2K Showcase...of the Immortals、慶祝 WrestleMania 40 週年、4 種新的比賽類型、2 種新的 MyRISE 體驗等等。我們很高興能夠鞏固與 WWE 的長期合作夥伴關係，並繼續為該系列設定新的創意基準。

At The Game Awards in December, Private Division announced No Rest for the Wicked, an action role-playing game from Moon Studios, creators of the critically acclaimed Ori and Blind Forest and Ori and the Will of the Wisps. The title will launch Early Access on PC in the first quarter of fiscal 2025 with a full release on PlayStation 5, Xbox Series X and S and PC thereafter. We will reveal more information about the game on March 1 during the label's Wicked Inside digital showcase.

在12 月的遊戲頒獎典禮上，Private Division 宣布了《No Rest for the Wicked》，這是一款來自Moon Studios 的動作角色扮演遊戲，Moon Studios 是廣受好評的《奧日與黑暗森林》和《奧日與螢火意志》的創作者。該遊戲將於 2025 財年第一季在 PC 上推出搶先體驗，隨後在 PlayStation 5、Xbox Series X 和 S 以及 PC 上完整發布。我們將於 3 月 1 日在該廠牌的 Wicked Inside 數位展示會上透露有關該遊戲的更多資訊。

After 13 years, we're pleased that 2K will return to tennis and broaden its sports offerings with the upcoming release of Top Spin 2K25. Developed by Hangar 13, the title was poised to provide an incredibly realistic and engaging tennis simulation featuring the world's top players and courts. 2K will share more details in the coming weeks, including an expected launch date.

13 年後，我們很高興 2K 將重返網球領域，並透過即將發布的《Top Spin 2K25》擴大其運動產品。該遊戲由 Hangar 13 開發，旨在提供極其逼真且引人入勝的網球模擬，其中包括世界頂級球員和球場。 2K 將在未來幾週內分享更多細節，包括預計的發布日期。

Zynga continues to deliver on their outstanding pipeline with their much anticipated titles, Star Wars Hunters and Game of Thrones: Legends, each slated for global release in calendar 2024. We are encouraged by both games' performances and soft launch and are confident that they will resonate with broad audiences when they debut worldwide. At the same time, Zynga's hypercasual studios plan to release a steady cadence of mobile titles for games that has the potential for enhanced retention rates and a mix of in-app purchases and advertising to drive higher monetization and profitability.

Zynga 繼續推出其備受期待的遊戲《星際大戰獵人》和《權力的遊戲：傳奇》，繼續交付出色的產品線，兩款遊戲均計劃於2024 年在全球發行。我們對這兩款遊戲的表現和軟體發布感到鼓舞，並相信它們將當他們在全球首次亮相時，就引起了廣大觀眾的共鳴。同時，Zynga 的超休閒工作室計劃穩定地發布遊戲行動遊戲，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。

And as always, our labels will continue to provide new content and experiences that drive engagement and recurrent consumer spending across many of our key offerings. Looking ahead, we remain highly optimistic about what we believe to be the strongest and most exciting development pipeline in our company's history.

像往常一樣，我們的品牌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。展望未來，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保持高度樂觀。

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. We delivered solid holiday results, including net bookings of $1.34 billion, which was within our guidance range. I'd like to thank our talented teams for their commitment to creativity, innovation, quality and value, which allows us to provide outstanding entertainment experiences for our players across the world. Grand Theft Auto V, Grand Theft Auto Online, the Red Dead Redemption series and Zynga's in-app purchases, led by Toon Blast, exceeded our expectations. This was partially offset by softness in mobile advertising in NBA 2K.

謝謝卡爾，大家下午好。我們取得了穩健的假期業績，包括 13.4 億美元的淨預訂量，這在我們的指導範圍內。我要感謝我們才華橫溢的團隊對創造力、創新、品質和價值的承諾，這使我們能夠為世界各地的玩家提供出色的娛樂體驗。 Grand Theft Auto V、Grand Theft Auto Online、Red Dead Redemption 系列以及以 Toon Blast 為首的 Zynga 的應用程式內購買超出了我們的預期。這被 NBA 2K 行動廣告的疲軟所部分抵消。

Recurrent consumer spending declined 7% for the period and accounted for 75% of net bookings. This was slightly less than our outlook, driven by weakness in mobile advertising and NBA 2K, which was largely due to the effect of lower unit sales on its in-game monetization. Recurrent consumer spending for Grand Theft Auto Online, virtual currency and GTA+ membership was up notably. During the quarter, we launched several mobile titles, including Top Troops, Match Factory! and NBA 2K24 Arcade Edition for Apple Arcade as well as Borderlands 3 Ultimate Edition for Switch.

期內經常性消費支出下降 7%，佔淨預訂量的 75%。這略低於我們的預期，這是由於行動廣告和 NBA 2K 的疲軟造成的，這主要是由於單位銷售下降對其遊戲內貨幣化的影響。俠盜獵車手線上、虛擬貨幣和 GTA+ 會員的經常性消費支出顯著增加。本季度，我們推出了多款手機遊戲，包括《Top Troops》、《火柴工廠》！ Apple Arcade 版《NBA 2K24 Arcade 版》以及 Switch 版《無主之地 3》終極版。

GAAP net revenue decreased 3% to $1.37 billion, and cost of revenue declined 1% to $688 million, which included an impairment charge of $53 million and $177 million of amortization of acquired intangibles. Operating expenses decreased by 10% to $808 million. On a management basis, operating expenses rose 4% year-over-year and was favorable to our guidance due to lower marketing and personnel expenses.

GAAP 淨收入下降 3%，至 13.7 億美元，收入成本下降 1%，至 6.88 億美元，其中包括 5,300 萬美元的減損費用和 1.77 億美元的收購無形資產攤銷。營運費用下降 10% 至 8.08 億美元。在管理方面，營運費用年增 4%，由於行銷和人員費用下降，有利於我們的指引。

Turning to our guidance, I'll begin with our full fiscal year expectations. As Strauss mentioned, we are lowering our outlook to reflect the softness we are currently experiencing in mobile advertising and NBA 2K24, a planned release will be out of the fourth quarter and increased marketing for Zynga's new hit mobile title Match Factory!, which we believe will enable us to scale it more meaningfully to reach its full long-term potential. Our revised net bookings forecast is $5.25 billion to $5.3 billion. We expect the net bookings breakdown from our labels to be roughly 51% Zynga, 30% 2K and 19% Rockstar Games. And we forecast a geographic net booking split to be about 60% United States and 40% international. We are projecting recurrent consumer spending of 1% compared to fiscal 2023, which includes a full year of Zynga, partially offset by a slight decline in NBA 2K. Grand Theft Auto Online is expected to deliver modest growth for virtual currency and GTA+ membership. RCS is expected to represent 79% of net bookings.

談到我們的指導，我將從我們整個財年的預期開始。正如Strauss 所提到的，我們正在降低我們的前景，以反映我們目前在行動廣告和《NBA 2K24》方面遇到的疲軟，計劃在第四季度發布，並增加Zynga 新熱門行動遊戲《Match Factory!》的營銷力度，我們相信這一點將使我們能夠更有意義地擴展它，以充分發揮其長期潛力。我們修訂後的淨預訂預測為 52.5 億美元至 53 億美元。我們預計我們旗下品牌的淨預訂量約為 Zynga 的 51%、2K 的 30% 和 Rockstar Games 的 19%。我們預測淨預訂的地理分佈將約為 60% 美國和 40% 國際。我們預計，與 2023 財年（包括 Zynga 全年）相比，經常性消費者支出將減少 1%，但 NBA 2K 的小幅下降部分抵消了這筆支出。 Grand Theft Auto Online 預計將帶來虛擬貨幣和 GTA+ 會員的適度成長。 RCS 預計將佔淨預訂量的 79%。

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. We now forecast GAAP net revenue to range from $5.27 billion to $5.32 billion. Our total operating expenses are now planned to range from $3.55 billion to $3.56 billion as compared to $3.45 billion last year. On a management basis, we continue to expect operating expense growth of approximately 14% year-over-year due to a full year of Zynga and increase in personnel marketing expenses and higher depreciation, which are being partially offset by the realization of synergies from our combination with Zynga and savings from our prior cost reduction program announced 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。我們現在預測 GAAP 淨收入範圍為 52.7 億美元至 53.2 億美元。我們的總營運費用目前計劃在 35.5 億美元至 35.6 億美元之間，而去年為 34.5 億美元。在管理基礎上，我們繼續預計，由於 Zynga 全年的營運費用同比增長約 14%，以及人員行銷費用的增加和折舊的增加，這些費用將被我們實現的協同效應部分抵消。與Zynga 的合併以及我們去年宣布的先前成本削減計劃帶來的節省。

Now moving on to our guidance for the fiscal fourth quarter. We project net bookings to range from $1.27 billion to $1.32 billion compared to $1.4 billion in the fourth quarter last year. Our release slate for the quarter includes WWE 2K24 as well as Penny's Big Breakaway from Private Division. The largest contributor to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, our hypercasual mobile portfolio, Empire & Puzzles, WWE 2K24, Red Dead Redemption 2 and Red Dead Online, Words with Friends and Match Factory!. We project recurrent consumer spending to decrease by approximately 5%, which assumes flat results for Zynga and a decline for NBA 2K with Grand Theft Auto Online, virtual currency and GTA+ membership are expected to be up.

現在轉向我們對第四財季的指導。我們預計淨預訂量將在 12.7 億美元至 13.2 億美元之間，而去年第四季為 14 億美元。我們本季的發行計畫包括《WWE 2K24》以及《Penny's Big Breakaway from Private Division》。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》、《Toon Blast》、我們的超休閒移動遊戲產品組合、《帝國與謎題》、 《WWE 2K24》、《荒野大鏢客：救贖2》和《荒野大鏢客Online》、《Words with Friends》和火柴工廠！我們預計經常性消費者支出將減少約 5%，假設 Zynga 業績持平，而 NBA 2K 的下降以及俠盜獵車手在線、虛擬貨幣和 GTA+ 會員資格預計將上升。

We project GAAP net revenue to range from $1.32 billion to $1.37 billion. Operating expenses are planned to range from $896 million to $906 million. On a management basis, operating expenses are expected to grow by approximately 17% year-over-year, driven by the additional marketing expense for Match Factory! that I mentioned previously, higher personnel costs and an increase in depreciation, which are being partially offset by the realization of synergies from our combination with Zynga and savings from our prior cost reduction program that we announced last year.

我們預計 GAAP 淨收入將在 13.2 億美元至 13.7 億美元之間。營運費用計劃在 8.96 億美元至 9.06 億美元之間。在管理基礎上，由於 Match Factory 額外的行銷費用的推動，營運費用預計將年增約 17%！我之前提到過，人員成本上升和折舊增加，但我們與 Zynga 合併實現的協同效應以及我們去年宣布的先前成本削減計劃所節省的成本部分抵消了這些成本。

Looking ahead, our teams remain committed to efficiency. We've begun a rigorous analysis to identify additional areas for cost optimization. The expected savings are incremental to our previously announced cost reduction program, and we expect that it will be more expansive. We believe that these measures will enhance our margin profile and position our business for greater operating leverage in the future.

展望未來，我們的團隊將持續致力於提高效率。我們已經開始進行嚴格的分析，以確定成本優化的其他領域。預期的節省是我們之前宣布的成本削減計劃的增量，我們預計它將更加廣泛。我們相信，這些措施將提高我們的利潤率，並使我們的業務在未來獲得更大的營運槓桿。

In closing, while we are disappointed to have lowered our outlook for the year, we are exceedingly confident in our growth prospects. With our industry-leading portfolio and passionate teams, we believe that we are poised to deliver the best content in our industry, reach new record levels of operating performance and deliver long-term value for our shareholders.

最後，雖然我們對下調今年的前景感到失望，但我們對成長前景充滿信心。憑藉我們行業領先的產品組合和充滿熱情的團隊，我們相信我們有能力提供行業中最好的內容，達到新的經營業績記錄水平，並為我們的股東帶來長期價值。

Thank you for your continued support. I'll now turn the call back to Strauss.

感謝您一如既往的支持。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 deliver another solid quarter. And to our shareholders, I want to express our appreciation for your continued support.

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實現又一個穩健的季度。對於我們的股東，我想對你們持續的支持表示感謝。

We'll now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question is from Eric Handler with ROTH MKM.

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

Wonder if you could maybe give a little meat to the bone, so to speak, with your cost-cutting program. How much cost or net savings have you generated so far? What do you think this next plan could do and over what time?

可以這麼說，想知道你是否可以透過你的成本削減計劃來給骨頭加點肉。到目前為止，您已節省了多少成本或淨節省額？您認為下一個計劃可以做什麼以及需要多長時間？

Lainie will take that.

萊妮會接受的。

Sure. So for the synergies with Zynga, we realized over $100 million in savings, and the original cost-cutting program that we announced previously was over $50 million. So we do expect this plan to enhance our margins, both by reducing costs from our existing cost base and avoiding future costs, and they'll be incremental to these other cost-cutting programs that we had and even more robust than the prior cost reduction program. And next quarter, we'll be in a position to give a little more details on the plan.

當然。因此，透過與 Zynga 的協同效應，我們實現了超過 1 億美元的節省，而我們先前宣布的原始成本削減計劃則超過 5000 萬美元。 So we do expect this plan to enhance our margins, both by reducing costs from our existing cost base and avoiding future costs, and they'll be incremental to these other cost-cutting programs that we had and even more robust than the prior cost reduction程式.下個季度，我們將能夠提供有關該計劃的更多細節。

Helpful. And then with regards to the advertising weakness that you're seeing, is that all related to what's going on with the hypercasual business? Or does it extend also to in-game advertising for casual games.

有幫助。然後，關於您所看到的廣告弱點，這是否與超休閒業務的現狀有關？或者它也擴及休閒遊戲的遊戲內廣告。

This is Strauss. So it's basically the hypercasual business, and we're really optimizing the business from profitability. So there's always a balance. We're also seeing that we can actually have in-app payments in our hypercasual business. So it's really moving to a hybrid model, and we're very excited about that. There's great opportunity in that business.

這是施特勞斯。所以它基本上是超休閒業務，我們實際上是從盈利能力來優化業務。所以總是有一個平衡。我們還發現，我們的超休閒業務實際上可以進行應用程式內支付。所以它確實正在轉向混合模式，我們對此感到非常興奮。這個行業有很大的機會。

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。

I guess, first, with some of the momentum and investment for Match Factory! and the game delay, is there any update to your fiscal '25 or '26 forecast?

我想，首先是火柴工廠的一些動力和投資！以及比賽延遲，您的 25 財年或 26 財年預測有更新嗎？

Lainie is going to take that.

萊妮會接受這個。

Currently, it's the middle of our budgeting process. At this time, the number is tracking a little above $7 billion for net bookings for the year and given the typical shifts and tweaks that occur in our forecasting process. And this amount is still huge growth over this year.

目前，這是我們預算流程的中間階段。目前，考慮到我們的預測過程中發生的典型變化和調整，今年的淨預訂量略高於 70 億美元。而且這筆金額較今年以來仍有巨大成長。

And our pipeline is groundbreaking for next year and beyond, and our teams are making excellent progress on game development. And nothing material has changed with regard to the lifetime value of our portfolio. And both will provide our initial outlook for fiscal year '25 when we report our Q4 and full year fiscal year '24 results in May.

我們的管道在明年及以後具有開創性，我們的團隊在遊戲開發方面正在取得巨大進展。我們投資組合的終身價值並沒有任何重大變化。當我們在 5 月報告第四季和 24 財年全年業績時，兩者都將提供我們對 25 財年的初步展望。

And then just on Match Factory! It looks to be the most substantial new launch for Zynga since the acquisition. Want to see if you could speak kind of more broadly to the process of launching new mobile games, whether this reflects any kind of broader improvement in UA or content generation there?

然後就在火柴工廠！這看起來是 Zynga 自收購以來最重要的新產品發布。想看看您是否可以更廣泛地談論推出新手機遊戲的過程，這是否反映了用戶獲取或內容生成方面的任何更廣泛的改進？

I think so. I mean, I've said repeatedly in the past few years that the hardest thing that anyone in the industry can do is create a new mobile hit. It's super hard. And so much so that one of our big competitors just decided they weren't going to try it anymore. It was off the table. We stuck with it and so did some of our competitors.

我想是這樣。我的意思是，我在過去幾年裡反覆說過，業內任何人能做的最困難的事情就是創造出新的行動產品。太難了。以至於我們的一位主要競爭對手決定不再嘗試。這是不可能的。我們堅持了下來，我們的一些競爭對手也是如此。

So clearly, the market's becoming more receptive and more reactive. There's a big title from one of our competitors, Monopoly GO!, which is a huge hit. And we're gratified obviously here to see so much traction already in Top Troops and Match Factory!. And Match Factory!'s already a top 30 title in the U.S. and U.K. Apple App Stores with lots of continued traction in the rest of the world, and it's really just beginning.

很明顯，市場變得更加容易接受和反應。我們的競爭對手之一推出了一款大作，《Monopoly GO!》，非常受歡迎。我們顯然很高興看到《Top Troops》和《Match Factory!》已經獲得如此多的關注。 《Match Factory!》已經躋身美國和英國蘋果應用商店前 30 名，並在世界其他地區持續受到關注，而這一切才剛開始。

We are supporting the title in the quarter, and that's not money that we could possibly recoup in the quarter. So to put some color around the guidance change, that's really good news, not bad news. That's going to be a very profitable expenditure that will come back to us in the next fiscal year. Because of the way we structure UA, we structure for relatively quick paybacks compared to the industry because we're conservative.

我們在本季度支持冠軍，但我們可能無法在本季度收回這筆錢。因此，為指引的變化增添一些色彩，這確實是個好消息，而不是壞消息。這將是一筆非常有利可圖的支出，將在下一個財政年度回到我們身邊。由於我們建構用戶獲取的方式，與產業相比，我們的投資回報相對較快，因為我​​們比較保守。

So I do think -- look, I think the team in Zynga is doing a phenomenal job delivering great properties. It starts there. It always starts there. And yes, I also believe the market's becoming more reactive. Remember, the market was down for the first time in its history in 2022, and it was flattish after that. And there were no new hits for years from us or anyone else. That's clearly changing. I think it puts further evidence on the table that being exposed to mobile through the Zynga acquisition was a really, really good thing for this company, and we're highly optimistic going forward.

所以我確實認為——看，我認為 Zynga 團隊在交付出色的產品方面做得非常出色。它從那裡開始。它總是從那裡開始。是的，我也相信市場正在變得更加活躍。請記住，2022 年市場歷史上首次下跌，此後表現平淡。我們或其他任何人多年來都沒有新的熱門歌曲。這顯然正在改變。我認為這進一步證明，透過收購 Zynga 涉足行動領域對於這家公司來說是一件非常非常好的事情，我們對未來非常樂觀。

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。

Yes. I wonder if you could be a little more specific relative to the guidance cut to the fiscal year, how much came from the title delay on the top line versus the other factors you cited. And to what extent the delay of the title out of the year might have impacted your operating income? Because presumably you will be marketing for it less.

是的。我想知道您是否可以更具體地說明本財年的指導削減，與您提到的其他因素相比，頂線的所有權延遲有多少來自於頂線的延遲。標題的延遲在今年內可能會在多大程度上影響您的營業收入？因為你可能會減少對其進行的營銷。

Lainie?

萊妮？

So for the full year, when you look at the changes that we made to the fourth quarter forecast, the biggest drivers were towards the user acquisition spend and marketing for Match Factory!, then the lower mobile advertising that we were seeing, updating expectations for NBA 2K24 and the shift of an unnamed title out of the year. So those are the top 4 primary reasons for the change.

因此，就全年而言，當您查看我們對第四季度預測所做的更改時，最大的推動因素是Match Factory! 的用戶獲取支出和行銷！，然後我們看到的行動廣告較低，從而更新了《NBA 2K24》以及今年未命名的遊戲的移出。這些都是變革的 4 個主要原因。

In that order?

以該順序？

Yes, that was the order of magnitude.

是的，這就是一個數量級。

Our next question is from Andrew Marok with Raymond James.

我們的下一個問題來自安德魯·馬洛克和雷蒙德·詹姆斯。

Good commentary on the Netflix tie-up with the GTA Trilogy. I guess going back to maybe how that came about, what made you guys want to partner with that kind of fledgling mobile gaming platform and be one of the first major third-party titles out there?

對 Netflix 與 GTA 三部曲合作的精彩評論。我想回到這一切是如何發生的，是什麼讓你們想要與這個新興的行動遊戲平台合作，並成為第一批主要的第三方遊戲之一？

Look, we have to balance all the different elements that go into choosing how, where and when to distribute our titles. And as our titles enter the catalog, we can be flexible about how to distribute. We tend to support all emerging platforms as long as they serve consumers and as long as the terms under which we support the platforms make sense to us.

看，我們必須平衡選擇如何、何地和何時分發我們的作品的所有不同因素。當我們的作品進入目錄時，我們可以靈活地決定如何分發。我們傾向於支持所有新興平台，只要它們為消費者服務，並且我們支持這些平台的條款對我們有意義。

Great. And then maybe a little bit more of an esoteric question, but interested to maybe dig into that hypercasual commentary. Is there anything that's maybe changed in the last few months or quarters with player behavior in hypercasual games that they're now willing to do in-app purchases?

偉大的。然後可能是一個更深奧的問題，但有興趣深入研究超休閒評論。過去幾個月或幾個季度，玩家在超休閒遊戲中的行為是否發生了變化，他們現在願意進行應用程式內購買？

All about quality. I think Rollic has been really focused on making more and more robust titles. Remember, hypercasual came about as a business where you'd actually look at hundreds of games a month and put them out into the market and see what would stick and then a game would stick for 3 months and then roll off. And what's happening now is Rollic has title. Rollic, we believe, is a leader in the space, has titles that are much more durable and long-lasting and turning into games that could be games that last for years. We hope that, that will happen. And as those games are more durable and offer more playing value to consumers, there's an opportunity in certain of those games to have in-app purchases, so really, moving from hypercasual to hybrid casual.

一切都與品質有關。我認為 Rollic 一直致力於製作越來越強大的遊戲。請記住，超休閒是一種業務，您實際上每個月都會查看數百款遊戲，並將它們投放到市場中，看看哪些遊戲會堅持下去，然後一款遊戲會堅持3 個月，然後就會消失。現在發生的事情是羅利克擁有了冠軍。我們相信，Rollic 是該領域的領導者，擁有更耐用、更持久的遊戲，並且可以成為可以持續多年的遊戲。我們希望這會發生。由於這些遊戲更耐用，並為消費者提供更多的遊戲價值，其中某些遊戲有機會進行應用程式內購買，所以實際上，從超休閒轉向混合休閒。

But it's all about quality and meeting the consumer where they are. And the story of the entertainment business is always a move to quality. And remember, we're still, in many ways, in the nascent business. Interactive entertainment is roughly 30 years old, mobile's roughly 12 years old, and these are early-stage businesses. And they started off as glorified toy businesses and then they turned into entertainment businesses and now they're year-round entertainment businesses. All of that's great news for a company like ours. We are the #2 pure-play interactive entertainment company on earth, and it's still early innings.

但這一切都與品質和滿足消費者的需求有關。娛樂業的故事始終是邁向品質。請記住，從很多方面來說，我們仍處於新興產業。互動娛樂大約有 30 年的歷史，行動裝置大約有 12 年的歷史，這些都是早期業務。他們一開始是光榮的玩具企業，然後轉向娛樂企業，現在是全年娛樂企業。對於我們這樣的公司來說，所有這些都是好消息。我們是全球排名第二的純互動娛樂公司，但目前仍處於早期階段。

And we're seeing a lot of movement in mobile. Our 3-part strategy includes the word innovation. And innovation means that even if you start as hypercasual, if consumers want you to go upmarket and give them something that's deeper and more compelling and more long lasting, you have to be there to do it. I would say our hypercasual team, led by [Barak Verdal] in Istanbul, is first class.

我們看到行動領域發生了很多變化。我們的策略由三個部分組成，其中包括“創新”一詞。創新意味著，即使你從超休閒開始，如果消費者希望你進入高端市場並為他們提供更深入、更引人注目、更持久的東西，你就必須在那裡做到這一點。我想說，我們在伊斯坦堡由 [Barak Verdal] 領導的超休閒團隊是一流的。

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班傑明‧索夫。

A follow-up on the GTA Trilogy for mobile. Does this provide a blueprint for how to bring more of your titles to mobile in the future? And just curious if you see an opportunity for additional partnerships with Netflix for additional mobile titles going forward as well?

行動版 GTA 三部曲的後續作品。這是否為未來如何將更多遊戲移植到行動裝置提供了藍圖？只是好奇您是否認為未來有機會與 Netflix 就更多行動遊戲建立更多合作夥伴關係？

We -- I'm not sure this is a model for mobile distribution, because ultimately, it all depends on how you define mobile. We think of mobile as a game that you typically play on your phone, and we have a big portfolio of games like that. And we'd love to do more with Netflix, who wouldn't, as long as the consumers are happy to be there and as long as the economics of those arrangements make good sense.

我們——我不確定這是行動分發的模型，因為最終，這完全取決於你如何定義移動。我們將行動裝置視為您通常在手機上玩的遊戲，我們擁有大量此類遊戲。我們很樂意與 Netflix 合作，誰也不會願意，只要消費者樂意在那裡，只要這些安排的經濟效益合理。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

So on NBA 2K, I think it was enjoying some pretty strong engagement in RCS trends into the early part of fiscal 3Q, at least. Any thoughts or explanation around what transpired thereafter? And just any more additional color you can give us in terms of your expectations for fiscal 4Q.

因此，在《NBA 2K》中，我認為至少在第三財季初期，它對 RCS 趨勢的參與度相當高。關於此後發生的事情有什麼想法或解釋嗎？您可以就您對第四財季的預期向我們提供更多其他資訊。

So -- I'm sorry. Sorry, Strauss. The NBA has -- the game has been incredible for NBA 2K24, and that continues to be the case. We still have very strong momentum around RCS, also driven specifically by our Season Pass. The Gen 9 SKU is performing incredibly well. We've got double-digit growth over 2K23 at this point. Yet, the real story here is that Gen 8 is actually underperforming our expectations. And I think as people transition more towards Gen 9 and experience all that NBA, the franchise, has to offer in the Gen 9 SKU, then you're going to see continued growth in that franchise.

所以我很抱歉。對不起，施特勞斯。 NBA 已經——《NBA 2K24》的比賽令人難以置信，而且情況仍然如此。我們在 RCS 方面仍然擁有非常強勁的勢頭，這也是由我們的季票推動的。第 9 代 SKU 的性能非常出色。目前，我們已經比 2K23 實現了兩位數的成長。然而，真正的情況是 Gen 8 的表現實際上低於我們的預期。我認為，隨著人們更多地轉向 Gen 9 並體驗 NBA 球隊在 Gen 9 SKU 中提供的所有內容，那麼您將看到該球隊的持續成長。

So we feel really great about where the engagement is. Engagement in the title is fantastic. It really is -- any sort of softness that we're seeing is really a story about the Gen 8 product at this point.

因此，我們對參與度感到非常滿意。標題的參與度非常棒。確實如此——我們所看到的任何柔軟度實際上都是關於第 8 代產品的故事。

Our next question is from Martin Yang with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的 Martin Yang。

The 2-part question regarding GTA trailer's reception, do you see a meaningful uplift for themselves due to the trailer performance on YouTube? And then given that strong performance, do you think that -- could be future marketing events for GTA could be planned in conjunction with potential updates from other games, GTA, Red Dead? Does that change your view on how to market to GTA VI in the next 12 months?

關於 GTA 預告片反應的問題由兩部分組成，您是否認為 YouTube 上預告片的表現為您帶來了有意義的提升？鑑於如此強勁的表現，您是否認為，GTA 未來的行銷活動可以與其他遊戲、GTA、Red Dead 的潛在更新結合起來進行規劃？這是否會改變您對未來 12 個月內如何行銷 GTA VI 的看法？

Look, we're really gratified that the announcement of the trailer was a huge event online, and then the trailer debut between YouTube and other marketing partners set a record for a video to view. So we couldn't be happier or more excited by the initial trailer.

看，我們真的很高興預告片的發佈在網上引起了一場巨大的事件，然後 YouTube 和其他營銷合作夥伴之間的預告片首次亮相創下了視頻觀看記錄。所以我們對最初的預告片感到非常高興和興奮。

And I do think that excitement around GTA VI has had a halo effect on the entire franchise. We've now sold in 195 million units of GTA V, and GTA Online continues to perform above our expectations. So I do think all things GTA lead to more excitement. As far as the marketing programs, I think Rockstar is particularly expert in marketing their titles and, I think, is considering all the appropriate angles.

我確實認為 GTA VI 的興奮對整個系列產生了光環效應。目前，我們已售出 1.95 億份《GTA V》，《GTA 線上模式》的表現持續超出我們的預期。所以我確實認為 GTA 的所有事情都會帶來更多的興奮。就行銷計劃而言，我認為 Rockstar 在行銷他們的作品方面特別擅長，我認為正在考慮所有適當的角度。

Got it. And then another question regarding marketing is we've seen Judas and Top Spin with trailers and the revealers or teasers without a release date. Is there overall philosophy to market new games change? Or is it still largely based on studio level decision on when they will release or announce the release dates for new games?

知道了。關於行銷的另一個問題是，我們看到了《猶大》和《上旋》的預告片以及沒有發布日期的預告片或預告片。行銷新遊戲是否有整體概念的改變？或者仍然很大程度上取決於工作室層面決定何時發布或宣布新遊戲的發布日期？

Marketing is really driven by our labels and our studios, and we don't have a fixed march to a release from particular marketing needs.

行銷實際上是由我們的唱片公司和工作室驅動的，我們沒有固定的路線來滿足特定的行銷需求。

Our next question is from Timothy O'Shea with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Timothy O'Shea。

Yes. Back on Grand Theft Auto. We've spoken about the Grand Theft Auto trailer. My question is really, is there a way to quantify or maybe compare what you saw in terms of all this anticipation for GTA VI compared with how the level of anticipation that you saw for GTA V ahead of that games announcement? And then I had a follow-up.

是的。回到俠盜獵車手。我們已經討論過《俠盜獵車手》預告片。我的問題是，是否有一種方法可以量化或比較您對《GTA VI》的所有預期與您在遊戲發布之前對《GTA V》的預期水平？然後我進行了跟進。

It is possible to do research around that. And our sense is that the anticipation is much higher, much, much higher. On the other hand, 195 million units to date is nothing to sneeze at. So we stopped well short of making predictions about how the title will do, but clearly, anticipation is running very, very high.

圍繞這一點進行研究是可能的。我們的感覺是，人們的期望要高得多。另一方面，迄今為止 1.95 億台的銷量也不容小覷。因此，我們並沒有對這款遊戲的表現做出預測，但顯然，人們的期望值非常非常高。

Yes. That's very helpful. And then just quickly, can we talk about how you make the decision about when to launch a game like Grand Theft Auto VI, like who makes the call, what motivates them? Assuming this is game quality, game finish polish, maybe there's a desire to hit a specific launch window or really anything else that might influence Rockstar's decision about the timing of when to launch this game.

是的。這非常有幫助。然後，我們可以快速談談您如何決定何時推出 Grand Theft Auto VI 這樣的遊戲，例如誰打電話，他們的動機是什麼？假設這是遊戲品質、遊戲完成打磨，也許是希望達到特定的發布窗口或任何其他可能影響 Rockstar 關於何時發布該遊戲的決定的因素。

We're seeking perfection. And when we feel we've optimized creatively, that's the time to release. So -- and we're all in this together. In terms of motivations and incentives, the financial incentives of everyone who works at this company are aligned with those of the shareholders. So we essentially have -- call it what you will, we have profit sharing plans throughout the company at the operating level. And at the senior level, compensation is driven largely by TSR. So our goal is to align the interest of everyone who works there with the interest of the shareholders. That keeps us all pointing in the same direction. So you're right, there's inherent tension potentially between getting something to market and creating perfection, but this company errs on the side of perfection.

我們追求完美。當我們覺得我們已經進行了創造性的優化時，那就是發布的時候了。所以——我們都在一起。在動機和激勵方面，在該公司工作的每個人的經濟誘因與股東的激勵是一致的。因此，我們基本上已經——無論你怎麼稱呼它，我們在整個公司的營運層面都有利潤分享計畫。在高層，薪酬主要由股東總報酬率決定。因此，我們的目標是將在那裡工作的每個人的利益與股東的利益結合起來。這讓我們所有人都指向同一個方向。所以你是對的，將產品推向市場和創造完美之間存在潛在的內在張力，但這家公司在完美方面犯了錯誤。

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。

Lainie, just curious on your updated '25 view. I think this is 2 quarters it's come down a bit, maybe now more than the last quarter. And I think I heard you said that maybe 25% and 26% is sort of the same. So any color you can give us in terms of sort of bridging where you were for '25 versus what you're thinking now? And if, in fact, you're still thinking '25 and '26 together is kind of where your original guidance was.

Lainie，只是對你更新的 25 年觀點感到好奇。我認為這兩個季度有所下降，也許比上個季度下降更多。我想我聽你說過，也許 25% 和 26% 是一樣的。那麼，您可以給我們一些關於您 25 年的想法與現在的想法之間的橋樑嗎？事實上，如果您仍然認為 '25 和 '26 在一起就是您最初的指導。

And then on the cost cutting. Obviously, we're seeing a lot of that in the industry. I don't know if it's unprecedented trials or not, but no doubt, it's significant. And you've already gone through one round. Just sort of curious your motivation here to take another sort of big cost reduction, especially given what it look like, the next 2 years, you're going to have pretty significant growth given your pipeline coming to fruition.

然後是削減成本。顯然，我們在業界看到了很多這樣的情況。我不知道這是否是前所未有的嘗試，但毫無疑問，這是意義重大的。而且你已經經歷了一輪。只是有點好奇您採取另一種大幅降低成本的動機，特別是考慮到未來兩年的情況，鑑於您的管道即將取得成果，您將獲得相當顯著的增長。

Lainie?

萊妮？

Mike, so for fiscal year '25, as I mentioned, it's really driven by changes in the release schedule. And obviously, that will move some of the titles out into years going forward because the lifetime value of our portfolio hasn't changed. So we should -- we do expect to see growth in fiscal year '26 over '25. So that hasn't changed. So it's just a regular process of reforecasting and updating the business. And this time, we're working on our budget. So that's where the numbers are falling out.

麥克，正如我所提到的，對於 25 財年，它實際上是由發佈時間表的變化所驅動的。顯然，這會將一些遊戲的時間推遲到未來幾年，因為我們投資組合的終身價值並沒有改變。因此，我們確實預計 26 財年將比 25 財年有所成長。所以這並沒有改變。所以這只是重新預測和更新業務的常規過程。這一次，我們正在製定預算。這就是數字下降的地方。

And Mike, in terms of cost reduction, as I said and as you know, we have a 3-part strategy that's supported us well through thick and thin. And that is, first and foremost, to be the most creative company, also to be the most innovative and, finally, always to be the most efficient company in the entertainment business. And that's a big challenge. And we mean it, and everyone here means it. And I think that it's time to take another look at efficiency and make sure that everyone is focused on the things that really matter and only the things that really matter and put ourselves in a position where we have the opportunity for great operating leverage as these titles come to market and as the revenues flow through the system.

麥克，在降低成本方面，正如我所說，正如您所知，我們有一個由三部分組成的策略，無論在任何情況下都為我們提供了良好的支援。也就是說，首先也是最重要的是，成為娛樂產業中最具創造力的公司，也是最具創新性的公司，最後，始終是最有效率的公司。這是一個很大的挑戰。我們是認真的，這裡的每個人都是認真的。我認為現在是時候重新審視效率，確保每個人都專注於真正重要的事情，並且只專注於真正重要的事情，並使我們有機會像這些標題一樣獲得巨大的營運槓桿進入市場並隨著收入流經系統。

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·菲茨傑拉德。

So I just wanted your opinion on this recent Disney and Epic deal. Obviously, you have your own strong IP, but we're just curious how you think that might impact access to license IP maybe for the industry at large, if we continue to see this type of tie-ups?

所以我只是想聽聽您對迪士尼和 Epic 最近的這筆交易的看法。顯然，您擁有自己強大的智慧財產權，但我們只是好奇，如果我們繼續看到這種類型的合作，您認為這可能會如何影響整個行業獲得許可知識產權的機會？

It's a good question. I only know what I read in the release and what you also read. What I read was that they're making an investment in a leading company, Epic, which is -- obviously has a spectacular franchise in Fortnite. And then there was some talk around sort of creating a Fortnite/Disney ecosystem. And I don't know exactly what that means, but I'm not betting against my friends at Epic or Disney. And I wish them well. So I guess it remains to be seen, but they're 2 fine companies.

這是一個好問題。我只知道我在新聞稿中讀到的內容以及您也讀到的內容。我讀到的是，他們正在投資一家領先的公司 Epic，這家公司顯然在《要塞英雄》中擁有令人驚嘆的特許經營權。然後有一些關於創建堡壘之夜/迪士尼生態系統的討論。我不知道這到底意味著什麼，但我不會和我在 Epic 或迪士尼的朋友們打賭。我祝他們一切順利。所以我想這還有待觀察，但他們是兩家優秀的公司。

And I think anything that's good for consumers and it creates excitement in our industry is good for Take-Two because it keeps people engaged with the properties that we bring to market, and we have the best collection of owned intellectual property in the business, bar none. And we're the #2 player in the space, so -- and we'd like to go from here. So I see it as a net positive for the business, and we'll see how they do with it. But I'm certainly not betting against them.

我認為任何對消費者有利並能在我們行業中引起興奮的事情對Take-Two 來說都是有利的，因為它可以讓人們參與到我們推向市場的財產中，而且我們擁有業內最好的自有知識產權集合，沒有任何。我們是這個領域的第二大玩家，所以──我們想從這裡開始。所以我認為這對業務來說是一個淨積極的結果，我們將看看他們如何利用它。但我當然不會跟他們打賭。

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。

Back in May, on your fourth quarter call, you gave a $1 billion operating cash flow guide. And since you've updated us on the fiscal '25 top line outlook, I was wondering if you could also update us on the fiscal '25 operating cash flow outlook and any puts and takes around that? And then I have a quick follow-up.

早在 5 月份，在第四季度的電話會議上，您就給了 10 億美元的營運現金流指南。既然您已經向我們介紹了 25 財年營收展望的最新情況，我想知道您是否也可以向我們介紹 25 財年營運現金流前景的最新情況以及相關的看跌期權和期權？然後我會進行快速跟進。

Great. That's Lainie.

偉大的。那是萊妮。

So Omar, we haven't updated that number. We're still working on our budget right now. We would expect that number to change along with the release schedule changes, and it will depend on when the titles are released during the year of when the -- a UFCF will be collected.

奧馬爾，我們還沒有更新這個數字。我們現在仍在製定預算。我們預計這個數字會隨著發行時間表的變化而變化，這將取決於收集 UFCF 的年份中游戲的發行時間。

Okay. So maybe riffing off of Brian's question about kind of Epic and Disney. Thinking about Grand Theft Auto Online, do you see any potential for Grand Theft Auto to be a transmedia property, which maybe involves brands and IP from franchises outside of Take-Two? Yes, that's the question.

好的。所以也許是在重複布萊恩關於史詩和迪士尼的問題。考慮一下 Grand Theft Auto Online，您是否認為 Grand Theft Auto 具有成為跨媒體資產的潛力，其中可能涉及來自 Take-Two 之外的特許經營權的品牌和 IP？是的，這就是問題所在。

Yes. Look, we really do prefer that our labels talk about what's going to go on in the title creatively. And I could riff endlessly and share my opinions, but I prefer to hear from Rockstar. And they'll talk about what's coming in due time.

是的。看，我們真的更喜歡我們的標籤創造性地談論標題中將要發生的事情。我可以無休止地重複並分享我的觀點，但我更喜歡聽 Rockstar 的聲音。他們會在適當的時候談論即將發生的事情。

Our next question is from [Chris Shaw] with UBS.

我們的下一個問題來自瑞銀集團的 [Chris Shaw]。

Just going back to the Zynga deal. At the time, you had talked about revenue synergies that would come through in time. Can you just remind us where those initiatives stand today and how your thoughts might have evolved since you closed the deal?

回到 Zynga 交易。當時，您談到了將及時實現的收入綜效。您能否提醒我們這些舉措目前的進展以及自完成交易以來您的想法可能發生了怎樣的演變？

And then second question, just any early learnings you can give us on the iOS fee changes in Europe and how this might inform your mobile strategy going forward?

然後是第二個問題，您可以向我們提供有關歐洲 iOS 費用變化的任何早期資訊嗎？這將如何為您未來的行動策略提供資訊？

Yes. I mean we've made great progress across-the-board, including on the revenue side. The biggest area of synergy so far has been our direct-to-consumer initiative, which is a collective initiative to offer the consumer the ability to purchase in-app currency for mobile games directly. And that's been exceedingly successful, rolled out very quickly and quite profitable, and there's a lot more upside to come. There are numerous other areas on which we're making progress. We're kind of ticking the box with that one by itself.

是的。我的意思是，我們在各個方面都取得了巨大進步，包括在收入方面。迄今為止最大的協同領域是我們的直接面向消費者計劃，這是一項集體計劃，旨在讓消費者能夠直接購買手機遊戲的應用程式內貨幣。這是非常成功的，推出得非常快，而且利潤豐厚，而且還有更多的好處。我們正在許多其他領域取得進展。我們本身就是在勾選這個框。

And in terms of game store changes, this'll -- there are a lot of moving parts here. And some of the decisions you mentioned in Europe and some of the decisions in the U.S. are contradictory. So there's a lot of dust left to shake out. But on balance, I remain of the view that I've stated years ago, that distribution costs will come down meaningfully. They already are.

就遊戲商店的變化而言，這裡有很多變化的部分。你提到的歐洲的一些決定和美國的一些決定是矛盾的。所以還有很多灰塵要抖掉。但總的來說，我仍然堅持我多年前所說的觀點，即分銷成本將大幅下降。他們已經是了。

Our next question is from Clay Griffin with MoffettNathanson.

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

Great. Curious if you guys have a reaction to speculation. I suppose that Microsoft may be looking to take some of the titles that were formerly exclusive to the Xbox platform and making those more widely available. It seems at least part of that rationale, if it's true, maybe around just the cost to develop big titles. And Strauss, love to get your thoughts on particular areas of development that are particularly sticky as it relates to cost.

偉大的。很好奇你們對猜測有何反應。我認為微軟可能會考慮採用一些以前 Xbox 平台獨有的遊戲，並讓它們更廣泛地提供。如果這是真的，這似乎至少是這個理由的一部分，也許只是開發大遊戲的成本。施特勞斯喜歡了解您對特定發展領域的想法，這些領域與成本相關，特別具有黏性。

Well, the big console titles are expensive and time-considering to create. And if you want to make the very, very best, it takes a long time and it costs a lot of money. I really don't want to speak for Microsoft and their strategy. There's been a lot of noise around that lately. I have no doubt that they'll express where they're heading. I would just say that if you take a look at their market cap now compared to a few years ago, you don't want to bet against that management team.

嗯，大型主機遊戲的製作成本高且耗時。如果你想做出非常非常好的作品，就需要很長時間並且花費很多錢。我真的不想代表微軟和他們的策略。最近這方面有很多噪音。我毫不懷疑他們會表達他們的前進方向。我只想說，如果你看看他們現在的市值與幾年前相比，你就不會想與那個管理團隊做空。

We have reached the end of our question-and-answer session. I will now turn the call back over to Strauss for closing remarks.

我們的問答環節已經結束。現在，我將把電話轉回給施特勞斯，讓其致閉幕詞。

First, as always, I want to thank our teams for delivering such great work with such extraordinary commitment. Everything that goes on here is a team effort, and we are all aligned, all in this together and all working to do our level best to create the best entertainment for our consumers and to do it within the 4 walls of superb company with a great culture. I also want to thank our shareholders for their continued support. We're really excited about what is to come. Thanks for joining us today.

首先，一如既往，我要感謝我們的團隊以如此非凡的承諾完成瞭如此出色的工作。這裡發生的一切都是團隊的努力，我們所有人都團結一致，齊心協力，竭盡全力為我們的消費者創造最好的娛樂，並在卓越公司的四面牆內與偉大的文化。我還要感謝我們的股東一直以來的支持。我們對即將發生的事情感到非常興奮。感謝您今天加入我們。

Thank you. That will conclude today's conference. You may disconnect your lines at this time, and 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。