Take-Two Interactive Software Inc (TTWO) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加 Take-Two 2024 財年第四季和年度財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係和企業傳播高級副總裁妮可·謝文斯 (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 fourth quarter and fiscal year 2024 ended March 31, 2024. 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，討論截至 2024 年 3 月 31 日的第四季度和 2024 財年的業績。我們的總裁 Karl Slatoff；以及我們的財務長 Lainie Goldstein。我們將在準備好的發言之後的問答環節中回答您的問題。

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.

在我們開始之前，我想提醒大家，本次電話會議中所作的非歷史事實的陳述根據聯邦證券法均被視為前瞻性陳述。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目前可用的資訊。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很大差異。

These important factors are described in our filings with the SEC, including the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, including the risks summarized in the section entitled Risk Factors.

這些重要因素在我們提交給美國證券交易委員會的文件中有所描述，包括公司最近的 10-K 表年度報告和 10-Q 表季度報告，其中包括「風險因素」部分所總結的風險。

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

我還想指出，除非另有說明，我們今天討論的所有數字均為 GAAP，所有比較均為同比。我們的新聞稿中包含了有關我們的實際結果和展望的更多詳細信息，其中包括我們的管理層內部用來調整我們的 GAAP 財務結果以評估我們的經營業績的項目。

Our press release also continues 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.

我們的新聞稿也繼續將任何非 GAAP 財務指標與最具可比性的 GAAP 指標進行協調。此外，我們在網站上發布了幻燈片，以直觀的方式展示我們的業績和財務前景。我們的新聞稿和向美國證券交易委員會提交的文件可從我們的網站 take2games.com 取得。

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

現在我將電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that we concluded fiscal 2024 with strength, including net bookings of $1.35 billion, which exceeded the high end of our guidance range.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地報告，我們在 2024 財年取得了強勁成績，其中淨預訂額達到 13.5 億美元，超過了我們指導範圍的高端。

Contributing to our positive results was the outperformance of NBA 2K24. Zynga's in-app purchases led by Toon Blast and our newest hit Match Factory! and the Red Dead Redemption and Grand Theft Auto series.

NBA 2K24 的出色表現為我們取得積極的成果作出了貢獻。 Zynga 的應用程式內購由 Toon Blast 和我們最新熱門的 Match Factory 主導！以及《荒野大鏢客》和《俠盜獵車手》系列。

During fiscal 2024, we generated net bookings of $5.33 billion, driven by our high-quality titles and our ability to engage consistently our player communities. With fiscal 2025 underway, our portfolio is gaining momentum, and we have many exciting releases planned for the year.

在 2024 財年，由於我們的高品質遊戲和持續吸引玩家社群的能力，我們實現了 53.3 億美元的淨預訂。隨著 2025 財年的到來，我們的投資組合正在蓬勃發展，我們計劃在今年推出許多令人興奮的產品。

We expect net bookings to be in the range of $5.55 billion to $5.65 billion, representing 5% year-over-year growth. Our outlook reflects an narrowing of Rockstar Games previously established window of calendar 2025 to fall of calendar 2025 for Grand Theft Auto VI. We're highly confident that Rockstar Games will deliver an unparalleled entertainment experience and our expectations for the commercial impact of the title continued to increase.

我們預計淨預訂額將在 55.5 億美元至 56.5 億美元之間，年增 5%。我們的展望反映了 Rockstar Games 先前為《俠盜獵車手 VI》設定的 2025 年發行窗口期縮短至 2025 年秋季。我們非常有信心 Rockstar Games 將提供無與倫比的娛樂體驗，並且我們對該遊戲商業影響的期望不斷提高。

As we release our groundbreaking pipeline, we expect to achieve tremendous growth, including sequential increases in net bookings in fiscal 2025, 2026 and 2027.

隨著我們發布開創性的產品線，我們預計將實現巨大的成長，包括 2025、2026 和 2027 財年的淨預訂量的持續成長。

We've been executing our substantial cost reduction program, we now anticipate will result in over $165 million of annual cost savings from our current and future expenses. This will enable us to run our business more efficiently and achieve greater operating leverage as our large-scale titles come to market.

我們一直在執行大幅的成本削減計劃，現在我們預計從當前和未來的開支中每年可節省超過 1.65 億美元的成本。當我們的大型遊戲進入市場時，這將使我們能夠更有效地經營業務並獲得更大的營運槓桿。

Now turning to our performance during the quarter. NBA 2K24, which trains the #1 basketball simulation experienced in our industry surpassed our expectations as players responded to our promotions, in-game content strategy and updates within seasons. To date, the title has sold in over 9 million units.

現在來談談我們本季的表現。 NBA 2K24 是我們行業中體驗最好的籃球模擬遊戲，玩家對我們的促銷、遊戲內容策略和賽季內更新的回應超出了我們的預期。截至目前為止，該作品銷量已超過 900 萬份。

Engagement remains high with nearly 2 million consumers playing daily. Our industry-leading NBA 2K brand also continued to expand its audience through several innovative mobile experiences, including NBA 2K24. MyTeam, the new free-to-download mobile experience that allows players to sync the progress between console and mobile devices as they play their favorite MyTeam modes on the go. NBA 2K mobile and NBA 2K24 Arcade Edition, which is consistently in the top 5 on Apple Arcade.

參與度仍然很高，每天有近 200 萬消費者玩遊戲。我們業界領先的NBA 2K品牌也透過多項創新的行動體驗（包括NBA 2K24）持續擴大受眾。 MyTeam 是一種新的免費下載行動體驗，讓玩家在旅途中玩自己喜歡的 MyTeam 模式時同步主機和行動裝置之間的進度。 NBA 2K 行動版和 NBA 2K24 街機版在 Apple Arcade 上一直排名前五名。

The Grand Theft Auto series delivered another fantastic quarter, partially driven by an array of free content updates for Grand Auto Online, including new vehicles, drag races, holiday aimed items to celebrate Lunar New Year and Valentine's Day, new community series jobs and more unit sales for Grant Theft Auto V exceeded our forecast, and to date, the title is sold in approximately 200 million units worldwide.

《俠盜獵車手》系列又一個季度表現出色，部分原因是《俠盜獵車手Online》推出了一系列免費內容更新，包括新車輛、直線加速賽、慶祝農曆新年和情人節的節日物品、新的社區系列工作以及更多《俠盜獵車手V》的銷量超出了我們的預期，到目前為止，該遊戲在全球的銷量約為2億份。

We're thrilled that more than a decade after their initial release, Grand Theft Auto V and Grand Theft Auto Online grew their audience size by an incredible 35% and 23%, respectively, for the full year.

我們非常高興看到，在首次發布十多年後，《俠盜獵車手 V》和《俠盜獵車手 Online》的全年受眾規模分別增長了驚人的 35% 和 23%。

Grand Theft Auto V also reclaimed its top spot as the most watched video game across all platforms according to Stream Hatchet, thanks largely to the tremendous viewership from the series thriving role play community.

根據 Stream Hatchet 的數據，《俠盜獵車手 V》也重新奪回了全平台觀看次數最多的電玩遊戲的頭把交椅，這主要歸功於該系列蓬勃發展的角色扮演遊戲社群的巨額觀眾。

Rockstar's premium subscription service, GTA+ also continues to grow, with membership for the quarter almost doubling over the same period in the prior year as Rockstar continues to add valuable benefits to place.

Rockstar 的高級訂閱服務 GTA+ 也持續成長，隨著 Rockstar 繼續增加有價值的福利，本季的會員人數與去年同期相比幾乎翻了一番。

Red Dead Redemption 2 also surpassed our expectations and has sold in nearly 64 million units worldwide. We continue to expand the audience for the series with Red Dead Redemption and Undead Nightmare recently related to the roster of games included within the GTA+ library.

《荒野大鏢客 2》也超出了我們的預期，全球銷量已近 6,400 萬份。我們繼續擴大該系列的受眾，最近推出了與 GTA+ 庫中包含的遊戲名單相關的《荒野大鏢客》和《亡靈夢魘》。

Borderlands 3 outpaced our forecast, and we're thrilled that Randy Pitchford, and Gearbox Entertainment are slated to join efficiently 2K's renowned internal studios in the coming weeks. We've already identified many potential growth opportunities for the Borderlands series and gearboxes catalog, which we plan to see once the studio is integrated into our organization. We're also excited to see growing buzz for the star studded Borderlands feature film, which is planned for release by Lionsgate this summer.

《無主之地 3》的銷量超出了我們的預期，我們很高興看到 Randy Pitchford 和 Gearbox Entertainment 計劃在未來幾週內加入 2K 著名的內部工作室。我們已經發現了《無主之地》系列和變速箱目錄的許多潛在成長機會，我們計劃在工作室融入我們的組織後看到這些機會。我們也很高興看到眾星雲集的《無主之地》長片越來越受關注，該片計劃於今年夏天由獅門影業發行。

WWE 2K24 has been a resounding success as the highest rated sports simulation of 2024. The title is also the highest rated installment in the history of our popular wrestling franchise on Xbox, with an 83 average Metacritic score. Engagement has been exceptional with players logging over 11 million hours across more than 110 million played matches. In addition, the Forty Years of WrestleMania pack has the highest attach rate for Super Deluxe DLC in the series history with more than 25% of WWE 2K24 players owning it. 2K and Visual Concepts are continuing to support the title and we'll have additional tax launching throughout the fall.

《WWE 2K24》獲得了巨大成功，成為 2024 年評分最高的體育模擬遊戲。 該遊戲也是 Xbox 上我們熱門摔角系列歷史上評分最高的遊戲，平均 Metacritic 分數為 83 分。遊戲參與度非常高，玩家在超過 1.1 億場比賽中累積遊戲時間超過 1,100 萬小時。此外，「摔角狂熱四十年」包是該系列歷史上超級豪華 DLC 安裝率最高的包，超過 25% 的 WWE 2K24 玩家擁有它。 2K 和 Visual Concepts 將繼續支援該遊戲，我們將在秋季推出額外的稅收優惠。

I'd like to thank our friends Nick Khan and Ari Emanuel over at WWE, TKO and WME for their continued support. Additionally, I'd like to express our immense gratitude to our team at Visual Concepts for their outstanding work on our WWE 2K and NBA 2K franchises, which are both important annual contributors for our company.

我要感謝 WWE、TKO 和 WME 的朋友 Nick Khan 和 Ari Emanuel 的持續支持。此外，我要向 Visual Concepts 團隊表達衷心的感謝，感謝他們為 WWE 2K 和 NBA 2K 系列所做的出色工作，這兩個系列都是我們公司每年的重要貢獻者。

Zynga delivered outstanding results for the period, led by robust in-app purchases. Match Factory! is accelerating moving to be a hit already establishing itself as a top 20 grossing game in the U.S. Apple App Store and reaching millions of new users with its launch on the Google Playstore. We're pleased that new bold beats some other exciting features of propelled average daily playtime to around 60 minutes per user.

由於應用程式內購買量的強勁成長，Zynga 在該期間取得了出色的業績。火柴工廠！正在加速成為熱門遊戲，已經躋身美國 Apple App Store 暢銷遊戲前 20 名，並在 Google Playstore 上推出後吸引了數百萬新用戶。我們很高興看到新版本超越了其他一些令人興奮的功能，將每位用戶的平均每日遊戲時間提高到 60 分鐘左右。

Toon Blast maintained its positive momentum, achieving nearly 20% growth with in-app purchases compared to the third quarter, driven by new Dragon's Treasure competition and many other features.

Toon Blast 保持了積極的勢頭，在新的 Dragon's Treasure 競賽和許多其他功能的推動下，應用程式內購買量與第三季度相比實現了近 20% 的增長。

We'd like to congratulate the team at Peak for their incredible performance.

我們要祝賀 Peak 團隊的出色表現。

Top Troops launched several content updates as well as a major cross media collaboration with the popular influencer, MrBeast. The team plans to release additional enhancements to core gameplay and progression systems to drive further growth.

Top Troops 發布了多項內容更新，並與流行影響者 MrBeast 進行了重大跨媒體合作。該團隊計劃對核心遊戲玩法和進展系統進行進一步增強，以推動進一步發展。

Momentum continues (inaudible) with the studio crossing $3.5 billion all-time downloads and announcing a new partnership with Mitel to introduce a mass market RB mobile game later this calendar year.

工作室的勢頭持續良好（聽不清楚），總下載量突破 35 億美元，並宣布與 Mitel 建立新的合作夥伴關係，將於今年稍後推出大眾市場 RB 手機遊戲。

Our blended monetization efforts in hypercasual are progressing well within Rollic, which has resulted in Twisted Tangle and Screw Jam, both becoming top 100 grossing games on the U.S. Apple App store.

我們在超休閒遊戲領域的混合盈利工作在 Rollic 內部進展順利，Twisted Tangle 和 Screw Jam 都成為美國 Apple App store 收入排名前 100 的遊戲。

Our direct-to-consumer business continues to grow, and 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，我們的團隊正在積極努力，每季為這個高度增值的自有分銷管道增加更多的產品。

Looking ahead, Zynga has numerous titles in development and soft launch that we're eager to release worldwide this fiscal year, including Star Wars Hunters and Game of Thrones: Legends.

展望未來，Zynga 有許多遊戲正在開發和試發行中，我們渴望在本財年在全球範圍內發布，包括《星際大戰獵人》和《權力的遊戲：傳奇》。

In closing, I'm highly confident in our business, led by our top creative talent, our industry-leading portfolio of owned intellectual property, our sound balance sheet and our increasingly efficient infrastructure. Our teams are laser-focused on our core tenets of creativity, innovation and efficiency. And as we deliver our groundbreaking pipeline over the next several years, we're poised also to deliver industry-leading growth and shareholder returns.

最後，我對我們的業務非常有信心，我們的業務由我們頂尖的創意人才、我們行業領先的自有知識產權組合、我們穩健的資產負債表和我們日益高效的基礎設施所引領。我們的團隊專注於創造力、創新和效率的核心原則。隨著我們在未來幾年推出突破性的產品線，我們也將實現業界領先的成長和股東回報。

I'll now turn the call over to Karl.

現在我將電話轉給卡爾。

Thanks, Strauss. I'd like to thank our teams for their dedication and hard work as we continue to build the foundation for our future, which we believe is more promising than ever. We are extremely excited about our upcoming pipeline, which includes approximately 40 titles through fiscal 2027.

謝謝，施特勞斯。我要感謝我們團隊的奉獻和努力，我們將繼續為我們的未來奠定基礎，我們相信我們的未來比以往任何時候都更有希望。我們對即將推出的產品線感到非常興奮，到 2027 財年將有大約 40 個產品線。

Our updated release schedule reflects the actions of our recent cost reduction program through which we canceled several titles to focus our efforts and resources on the franchises we believe represent our best opportunities to achieve significant critical and commercial success.

我們更新後的發行時間表反映了我們最近的成本削減計劃的舉措，透過該計劃，我們取消了幾個頭銜，將我們的精力和資源集中在我們認為代表著我們實現重大關鍵和商業成功的最佳機會的特許經營上。

These titles did not include any of our core franchises and were not expected to materially affect our net bookings growth.

這些作品並不包括我們的任何核心系列作品，預計不會對我們的淨預訂量成長產生重大影響。

Turning to fiscal 2025. We have 16 titles in our pipeline, 3 of which have already been released. We have 7 immersive core titles, including Top Spin, NBA and WWE 2K25 and the next iteration in one of 2K's biggest and most beloved franchises with the first details coming in just a few short weeks at Summer Games fest kick off live.

展望 2025 財年。我們擁有 7 款沉浸式核心遊戲，包括《Top Spin》、《NBA》和《WWE 2K25》，以及 2K 最大、最受歡迎的系列之一的下一代產品，首批細節將在短短幾週後的夏季遊戲節現場揭曉。

Of these titles, Top Spin 2K25 was released by 2K and Hangar 13 on April 26. The revival of our popular tennis franchise has been well received by critics and provides deep personalization, iconic venues and industry-leading gameplay. The Top Spin 2K25, we continue to broaden our sports offerings, and 2K will support the title with season packs throughout the year.

其中，《Top Spin 2K25》由 2K 和 Hangar 13 於 4 月 26 日發布。在《Top Spin 2K25》中，我們將繼續拓寬我們的運動產品，並且 2K 將在全年透過賽季包支持該遊戲。

We have 2 independent titles from Private Division, the first of which is Moon Studios No Rest for the Wicked, which launched on April 18 into early access on TC.

我們有 2 部來自 Private Division 的獨立作品，第一部是 Moon Studios 的《No Rest for the Wicked》，該作品於 4 月 18 日在 TC 上開啟搶先體驗版。

This new ARPG was well received towards (inaudible) combat, distinct art style and rich narrative. Private Division, along with (inaudible), also announced Tales of the Shire: A The Lord of the Rings Game, which is planned for release later this year.

這款新 ARPG 因其（聽不清楚）戰鬥、獨特的藝術風格和豐富的敘事而廣受好評。 Private Division 與 (聽不清楚) 也宣布了《夏爾傳說：魔戒遊戲》，計劃於今年稍後發布。

The teams recently revealed a new trailer for this cozy, (inaudible) sim with a set in the Middle-earth Universe of J.R.R. Tolkien. We have 5 mobile titles, including NFL 2K Playmakers, Star Wars Hunters and Game of Thrones: Legends.

該團隊最近發布了一部新的預告片，為這部溫馨的（聽不清楚）模擬遊戲做準備，該遊戲以 J.R.R. 的中土世界為背景。托爾金。我們有 5 款行動遊戲，包括《NFL 2K Playmakers》、《星際大戰獵人》和《權力的遊戲：傳奇》。

NFL 2K Playmakers was released on April 23 by 2K and Cat Daddy Games for iOS and Android devices. In this non-simulation tactical card (inaudible), players can collect NFL player cards to assemble an exciting roster while also experiencing a variety of game modes and features. We're proud to add NFL 2K Playmakers to our ever-growing mobile portfolio in partnership with the NFL and the NFL Player Association.

NFL 2K Playmakers 於 4 月 23 日由 2K 和 Cat Daddy Games 為 iOS 和 Android 裝置發布。在這張非模擬戰術卡（聽不清楚）中，玩家可以收集 NFL 球員卡來組建令人興奮的陣容，同時還可以體驗各種遊戲模式和功能。我們很榮幸與 NFL 和 NFL 球員協會合作，將 NFL 2K Playmakers 添加到我們不斷增長的行動產品組合中。

Lastly, we have 2 new iterations in prior releases planned for this year. 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, our pipeline for fiscal 2026 and 2027 have 24 titles planned, including 15 immersive core releases, 6 of which are sports simulation games, 1 independent title, 5 mobile games and 3 new iterations of previously released titles.

最後，我們計劃在今年對先前的版本進行 2 次新迭代。像往常一樣，我們的品牌將繼續提供新的內容和體驗，以推動消費者對我們許多主要產品的參與度和經常性消費。展望未來，我們計劃在 2026 財年和 2027 財年推出 24 款遊戲，包括 15 款沉浸式核心遊戲（其中 6 款為體育模擬遊戲）、1 款獨立遊戲、5 款手機遊戲和 3 款之前發布遊戲的新版本。

In closing, we believe that the many opportunities ahead of us will deliver a period of meaningful long-term growth, margin expansion and shareholder returns.

最後，我們相信，我們面臨的眾多機會將帶來一段有意義的長期成長、利潤率擴大和股東回報。

I'll now turn the call over to Lainie.

現在我將電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. We delivered a strong finish to fiscal 2024 and are entering fiscal 2025 with momentum, including healthy trends across our key franchises. Throughout the year, we released successful head titles, engaged players with a steady cadence of in-game content and continue to position our organization for the long term.

謝謝，卡爾，大家下午好。我們在 2024 財年取得了強勁成績，並以強勁勢頭進入 2025 財年，包括我們主要特許經營權的健康趨勢。在這一年中，我們發布了許多成功的頭部遊戲，以穩定的遊戲內容吸引玩家，並繼續為我們的組織做好長期定位。

We also deepened our commitment to efficiency and made some decisions that while difficult or align our resources to the initiatives for which we have the highest levels of conviction. We are confident that over time, new steps will drive our scale, enhance our margins and deliver industry-leading returns for our shareholders.

我們也深化了對效率的承諾，並做出了一些雖然困難但能將我們的資源與我們最堅定的信念結合的決定。我們相信，隨著時間的推移，新的舉措將推動我們的規模擴大，提高我們的利潤率，並為我們的股東帶來行業領先的回報。

I'd like to thank our teams for their vision, passion and dedication.

我要感謝我們團隊的遠見、熱情和奉獻精神。

Turning to our results. We delivered fourth quarter net bookings of $1.35 billion, which was above our guidance range of $1.27 billion to $1.32 billion, this reflected better-than-expected results from NBA 2K24. Zynga's in-app purchases led by 2 Glass and Match Factory!, the Red Dead Redemption series and the Grand Theft Auto series.

談到我們的結果。我們實現第四季度淨預訂額為 13.5 億美元，高於我們 12.7 億美元至 13.2 億美元的預期範圍，這反映了 NBA 2K24 的業績好於預期。 Zynga 的應用程式內購主要包括 2 Glass 和 Match Factory!、Red Dead Redemption 系列和俠盜獵車手系列。

Recurrent consumer spending declined 2% for the period and accounted for 79% of net bookings. This was above our outlook, driven by the outperformance of NBA 2K, Toon Blast and Match Factory!. Recurrent consumer spending declined to Grand Theft Auto Online, although it was up for virtual currency and GTA+. NBA 2K was in line with the prior year and mobile increased slightly.

該期間經常性消費者支出下降了 2%，佔淨預訂量的 79%。這超出了我們的預期，主要是受 NBA 2K、Toon Blast 和 Match Factory! 優異表現的推動。雖然虛擬貨幣和 GTA+ 的經常性消費者支出有所增加，但《俠盜獵車手 Online》的經常性消費者支出有所下降。 NBA 2K 與前一年持平，行動端則略有成長。

During the quarter, we successfully launched WWE 2K24, which demonstrates 2K and Visual Concepts ability to raise the bar further for our popular wresting series.

在本季度，我們成功推出了 WWE 2K24，這表明 2K 和 Visual Concepts 有能力進一步提升我們廣受歡迎的摔角系列的標準。

GAAP net revenue decreased 3% to $1.4 billion while cost of revenue declined 24% to $930 million and included an impairment charge of $304 million related to acquired intangible assets.

GAAP 淨收入下降 3% 至 14 億美元，而收入成本下降 24% 至 9.3 億美元，其中包括與收購無形資產相關的 3.04 億美元減損費用。

Operating expenses increased by 244% to $3.2 billion due to a goodwill impairment charge of $2.2 billion and $93 million of business reorganization expenses related to our recently announced cost reduction program.

由於 22 億美元的商譽減損費用以及與我們最近宣布的成本削減計劃相關的 9,300 萬美元的業務重組費用，營業費用增加了 244%，達到 32 億美元。

On a management basis, operating expenses rose 20% year-over-year, which was slightly above our guidance due to higher personnel and IT expenses and professional fees. For fiscal 2024, we achieved net bookings of $5.33 billion, which was slightly above our revised guidance range of $5.25 billion to $5.3 billion. Recurrent consumer spending grew 2%, which exceeded our outlook and accounted for 78% of net bookings.

從管理角度來看，營運費用年增 20%，由於人員和 IT 費用以及專業費用的增加，略高於我們的預期。 2024 財年，我們實現的淨預訂額為 53.3 億美元，略高於我們修訂後的 52.5 億美元至 53 億美元的指導範圍。經常性消費支出成長 2%，超出我們的預期，佔淨預訂量的 78%。

Recurrent consumer spending for mobile increased high single digits. NBA 2K's virtual currency and seasons was up slightly and Grant Test Auto Online virtual currency and GTA+ membership was flat.

行動端經常性消費支出實現了高個位數成長。 NBA 2K 的虛擬貨幣和賽季略有上漲，而 Grant Test Auto Online 虛擬貨幣和 GTA+ 會員資格則持平。

Non-GAAP adjusted unrestricted operating cash flow was $42 million as compared to our outlook of approximately $100 million due to higher external developer advances, cash tax and interest payments. We spent approximately $142 million on capital expenditures, primarily for game technology and office build-outs.

非公認會計準則調整後的無限制營運現金流為 4,200 萬美元，而我們預期約為 1 億美元，原因是外部開發商預付款、現金稅和利息支付增加。我們的資本支出約為 1.42 億美元，主要用於遊戲技術和辦公室建設。

GAAP net revenue was flat at $5.35 billion and cost of revenue increased 1% to $3.1 billion, which included an impairment charge of $577 million related to acquired intangible assets.

GAAP 淨收入持平於 53.5 億美元，營收成本成長 1% 至 31 億美元，其中包括與收購無形資產相關的 5.77 億美元減損費用。

Operating expenses increased 69% to $5.8 billion due to an impairment charge of $2.3 billion related to goodwill and $105 million business reorganization charge related to our cost reduction programs.

由於與商譽相關的 23 億美元減損費用以及與成本削減計畫相關的 1.05 億美元業務重組費用，營業費用增加了 69%，達到 58 億美元。

On a management basis, operating expenses rose 15% year-over-year and were slightly above our guidance due to the factors I mentioned earlier that affected the fourth quarter.

從管理角度來看，由於我之前提到的影響第四季的因素，營運費用年增 15%，略高於我們的預期。

Today, we provided our outlook for fiscal 2025. We project net bookings to range from $5.55 billion to $5.65 billion, which represents 5% growth over fiscal 2024. The largest contributor to net bookings are expected to be NBA 2K, the Grand Auto series, Toon Blast, Empires & Puzzles, our hyper-casual mobile portfolio, Match Factory!, Red Dead Redemption series, and unannounced immersive core titles from 2K and Words with Friends. We expect recurring consumer spending to be up approximately 3% compared to fiscal 2024 and to represent 76% of net bookings.

今天，我們提供了 2025 財年的展望。沉浸式核心遊戲。我們預計，與 2024 財年相比，經常性消費者支出將成長約 3%，並佔淨預訂量的 76%。

Our recurrent consumer spending forecast assumes high single-digit growth for mobile, a slight increase for NBA 2K and a decline for Grand Theft Auto Online. We expect the net bookings breakdown from our labels to be roughly 50% Zynga, 31% 2K, 17% Rockstar Games and 2% other. And we forecast our geographic net booking split to be about 60% United States and 40% international.

我們對經常性消費者支出的預測假設行動遊戲將呈現高個位數成長，NBA 2K 將略有成長，而俠盜獵車手 Online 將會下降。我們預計，我們旗下品牌的淨預訂量分佈約為 50% Zynga、31% 2K、17% Rockstar Games 和 2% 其他。我們預測我們的淨預訂地理分佈約為美國 60% 和國際 40%。

We expect non-GAAP adjusted unrestricted operating cash flow to be an outflow of $200 million and we plan to deploy approximately $140 million for capital expenditures, primarily from game technology and office build-outs. We expect GAAP net revenue to range from $5.57 billion to $5.67 billion cost of revenue to range from $2.43 billion to $2.46 billion.

我們預計非 GAAP 調整後的無限制營運現金流將流出 2 億美元，我們計劃部署約 1.4 億美元用於資本支出，主要用於遊戲技術和辦公室建設。我們預計 GAAP 淨收入將在 55.7 億美元至 56.7 億美元之間，收入成本將在 24.3 億美元至 24.6 億美元之間。

Turning to operating expenses. We recently implemented a cost reduction program that is expected to deliver over $165 million of annual cost savings across our entire business. As part of these efforts, we have eliminated several projects in development that we did not anticipate would meet our financial benchmarks.

談到營運費用。我們最近實施了一項成本削減計劃，預計每年將為我們整個業務節省超過 1.65 億美元的成本。作為這些努力的一部分，我們淘汰了幾個我們預計無法達到財務基準的正在開發的專案。

We also took actions to streamline our organizational structure, which reduced both existing headcount and future hiring needs.

我們也採取措施精簡組織架構，減少現有員工數量並減少未來的招募需求。

Our total operating expenses are expected to range from $3.56 billion to $3.58 billion (sic) [$3.559 billion to $3.579 billion] as compared to $5.83 billion last year. On a management basis, we expect operating events growth of approximately 7% year-over-year, which is largely due to an increase in ongoing marketing support for Match Factory! as well as other mobile and immersive core launches planned for the year, partially offset by savings from our cost reduction program.

我們的總營運費用預計在 35.6 億美元至 35.8 億美元之間 [35.59 億美元至 35.79 億美元]，而去年同期為 58.3 億美元。從管理角度來看，我們預計營運活動數量將年增約 7%，這主要歸功於對 Match Factory 的持續行銷支援的增加！以及今年計劃推出的其他行動和沈浸式核心產品，但部分被我們的成本削減計劃所節省的資金所抵消。

Looking ahead, and as Strauss mentioned earlier, we have narrowed the previously established release when Grand Theft Auto VI to fall of calendar 2025 from calendar 2025. As development advances, our confidence in the title and its potential commercial impacts continue to grow.

展望未來，正如施特勞斯之前提到的，我們將《俠盜獵車手 VI》的發佈時間從 2025 年縮短至 2025 年秋季。

That said, we are not providing specific guidance beyond fiscal 2025 as our release schedule includes numerous titles each year and even modest shifts can have a significant effect on results in any given period.

儘管如此，我們不會提供 2025 財年以後的具體指導，因為我們的發佈時間表每年包括大量作品，即使是適度的變化也會對任何特定時期的結果產生重大影響。

Our outlook for the lifetime value of our pipeline remains as strong as ever, and we expect sequential growth in net bookings in fiscal 2025, 2026 and 2027.

我們對產品線終身價值的展望依然一如既往地強勁，我們預計 2025、2026 和 2027 財年的淨預訂量將持續成長。

Now moving on to our guidance for the fiscal first quarter. We project net bookings to range from $1.2 billion to $1.25 billion compared to $1.2 billion in the first quarter last year. Our lease rate for the quarter includes Top Spin 2K25, No Rest for the Wicket on early access for PC and NFL 2K Playmakers, all of which have already released and Star Wars Hunters.

現在來看看我們對第一財季的預測。我們預計淨預訂額將在 12 億美元至 12.5 億美元之間，而去年第一季為 12 億美元。本季的租賃價格包括《Top Spin 2K25》、《No Rest for the Wicket》PC 搶先體驗版以及《NFL 2K Playmakers》（以上所有遊戲均已發布）和《星際大戰獵人》。

The largest contributor to net bookings are expected to be NBA 2K, the Grand Theft Auto Series, Toon Blast, Empires & Puzzles; our hyper-casual mobile portfolio, Match Factory!, the Red Dead Redemption series, Words with Friends and Zynga Poker. We project recurrent consumer spending to increase by approximately 1%, which assumes mid-single-digit growth in mobile, flat results for NBA 2K and the decline for Grand Theft Auto Online.

預計淨預訂量的最大貢獻者是 NBA 2K、俠盜獵車手系列、Toon Blast、Empires & Puzzles；我們的超休閒行動產品組合、Match Factory！我們預計經常性消費者支出將增加約 1%，假設行動業務實現中等個位數成長，NBA 2K 業績持平，而俠盜獵車手 Online 業績下滑。

We expect GAAP net revenue to range from $1.3 billion to $1.35 billion. Operating expenses are planned to range from $928 million to $938 million. On a management basis, operating expenses are expected to grow by approximately 14% year-over-year, which was primarily driven by additional marketing for Match Factory!, partially offset by our cost reduction program.

我們預計 GAAP 淨收入將在 13 億美元至 13.5 億美元之間。計劃營運費用在 9.28 億美元至 9.38 億美元之間。從管理角度來看，營業費用預計將比去年同期成長約 14%，這主要得益於 Match Factory! 的額外行銷，部分被我們的成本削減計劃所抵消。

In closing, we believe that we are very well positioned to deliver the highest quality content in our industry and to enhance our profitability as we grow our scale and maintain our focus on efficiency. We're extremely excited about our path to the future, and we look forward to sharing more details about the many catalysts ahead for our company.

最後，我們相信，隨著我們規模的擴大和對效率的關注，我們完全有能力提供行業內最高品質的內容，並提高獲利能力。我們對未來的道路感到非常興奮，我們期待分享更多有關公司未來眾多催化劑的細節。

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

謝謝。我現在將電話轉回給施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for their dedication to our business and for creating the highest quality, most engaging entertainment franchises to captivate our global audiences. 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，感謝我們的同事們對我們業務的奉獻，以及創造出最高品質、最具吸引力的娛樂系列來吸引全球觀眾。我要向我們的股東表達對你們持續支持的感謝。

We'll now take your questions. Operator?

我們現在來回答你們的問題。操作員？

(Operator Instructions) Our first question comes from the line of Eric Handler with ROTH MKM.

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

Strauss, I wonder if you could talk a little bit about the Gearbox acquisition. In the past, you've expressed that you never really felt the need to own all of Gearbox, here you are about to own all of Gearbox. Can you talk about how you think about now owning all of Gearbox and some of the opportunities that you have with that?

施特勞斯，我想知道您是否可以談談 Gearbox 收購案的情況。過去，您曾表示您從未真正覺得需要擁有整個 Gearbox，而現在您即將擁有整個 Gearbox。你能談談現在擁有 Gearbox 全部股權的想法以及由此獲得的某些機會嗎？

Thanks, Eric. What I was referring to is when asked, when Gearbox was sold to embrace or whether that caused us to have any concern, my response was no because we have a long-term publishing agreement, and that's been mutually beneficial for our company and for Gearbox and as it was for Embracer. .

謝謝，埃里克。我指的是，當被問及 Gearbox 何時被出售給 Embracer 或這是否引起我們的擔憂時，我的回答是否定的，因為我們有一份長期的發行協議，這對我們公司、Gearbox 和 Embracer 都是互惠互利的。 。

However, when the opportunity presented itself for us to acquire the company on terms that we felt were reasonable, we frankly jumped at the opportunity. We have all the respect in the world for Randy Pitchford and his team. He has the ability to bring AAA products to market responsibly and on a very reliable and rather rapid cadence. And he's a hit maker. And it's very hard to make a new hit, and Tiny Tina was a new hit. And of course, Borderlands just goes from strength to strength. So we're thrilled to have Gearbox in the family.

然而，當我們有機會以我們認為合理的條款收購該公司時，我們坦率地抓住了這個機會。我們十分敬佩蘭迪·皮奇福德 (Randy Pitchford) 和他的團隊。他有能力以負責任的態度、非常可靠且相當快速的節奏將 AAA 產品推向市場。他是一位熱門作品製造者。創作一首新歌非常困難，《Tiny Tina》卻成為了一首新歌。當然，《無主之地》的實力也越來越強。我們非常高興 Gearbox 加入我們的大家庭。

Okay. And then, Lainie, with regards to the annual cost savings that you announced, how much of that should be seen in fiscal '25?

好的。然後，萊妮，關於您宣布的年度成本節約，其中有多少應該在 25 財年實現？

So we'll start to see it in fiscal '25, but we'll see a full annualization of it in fiscal year '26. So the majority of the plan was executed in Q4 and Q1, but pieces of it will come through this year.

因此，我們將在25財年開始看到它，但我們將在26財年看到它的全面年度化。因此，該計劃的大部分內容已在第四季度和第一季執行，但部分內容將在今年完成。

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

我們的下一個問題來自 TD Cowen 的 Doug Creutz。

The ability of Rollic to launch top 100 grossing games is a really pleasant surprise. Just wondering if you could talk about how to think about the life cycle of those games. Typically, Rollic's games are sort of -- they're hot for a while and then they move on to something next, something else. Is this going to be the case for these monetizing games as well? Or is it a plan to have a longer life cycle?

Rollic 能夠推出收入排名前 100 的遊戲確實令人驚訝。只是想知道您是否可以談談如何看待這些遊戲的生命週期。通常情況下，Rollic 的遊戲都是這樣的——它們會流行一段時間，然後就會轉向下一個主題，其他的。這些盈利遊戲也會出現這種情況嗎？還是一個更長生命週期的計劃？

Undoubtedly, this so-called hyper-casual approach should lead to longer life cycles because the hyper-casual approach really was put it out there, get a bunch of downloads, offer a rather light experience, generate advertising revenue, have the users move on to the next. And that was great while it lasted, but long-term entertainment businesses are all driven by great content. And Rollic's proving that it has the ability with its partner studios to do just that and to deliver content that is durable and long lasting. It remains to be seen whether we can truly create forever franchises at Rollic. I believe we can. We haven't done so yet, but we're off to a really good start.

毫無疑問，這種所謂的超休閒方式應該會延長生命週期，因為超休閒方式確實已經推出，獲得大量下載，提供相當輕鬆的體驗，產生廣告收入，讓用戶轉向下一個產品。當這種情況持續的時候，這是件好事，但長期的娛樂業務都需要優質的內容來推動。 Rollic 已證明其有能力與其合作工作室一起做到這一點並提供持久的內容。我們是否真的能在 Rollic 創造永久的特許經營權還有待觀察。我相信我們能。我們還沒有這樣做，但我們已經有了一個很好的開始。

And our next question comes from the line of Colin Sebastian with Baird.

我們的下一個問題來自貝爾德的科林·塞巴斯蒂安。

Maybe a couple for me. I guess, first off on the change to the guidance and the outlook. What is your level of confidence, Strauss, in the calendar '25 launch of GTA VI? And is there any anything else more specific you can talk about that's behind that postponement? And then secondly, on the high single-digit mobile growth. I'm curious how much of that is related to any recovery you're seeing broadly in mobile gaming? Or is that more specific to the increase in marketing spend and these titles that are outperforming your expectations for this year?

對我來說也許是一對。我想，首先要改變指導和展望。史特勞斯，你對於 25 年推出 GTA VI 有多大信心？您能談談關於此次推遲的更具體的原因嗎？其次，行動業務呈現高個位數成長。我很好奇，這和您所看到的手機遊戲普遍復甦有多少關聯？或者這是否更具體地說明今年行銷支出的增加以及這些作品的表現超出了您的預期？

Thanks, Colin. We actually narrowed calendar 2025 to fall of 2025, and we feel really good about that release date. And obviously, we feel great about the title that is to come. And with regard to mobile, what we do at Zynga because we are a market leader, of course, is driven by the market in which we live. And it is gratifying that after a down year and then a slightly down year we're heading into a flatter up year for the industry. Obviously, though, what's driving our expected results would be our hits, including Match Factory!, which is performing really, really well. And we said that we were spending a lot on UA in the fourth quarter we did, and that's turned out to be productive spending.

謝謝，科林。我們實際上將 2025 年的時間範圍縮小到了 2025 年秋季，我們對這個發布日期感到非常滿意。顯然，我們對即將到來的冠軍感到非常高興。就行動領域而言，由於我們是市場領導者，因此 Zynga 所做的事情當然是由我們所在的市場驅動的。令人欣慰的是，在經歷了一年的下滑和一年的小幅下滑之後，該行業正走向更加平穩的一年。不過，顯然，推動我們取得預期結果的是我們的熱銷產品，包括表現非常出色的 Match Factory！我們說過，我們在第四季度在 UA 上投入了大量資金，事實證明這是富有成效的支出。

Our next question comes from the line of Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬修‧科斯特 (Matthew Cost)。

I guess between the success you've had with Match Factory! and some new launch titles setting release date for Star Wars Hunters and then the incremental marketing behind mobile. It seems like there's definitely more momentum in that business, which is great to see. I guess when we think about your analytical framework for investing in the marketing behind mobile, what are you targeting from a margin or payback perspective? And when should we expect to see this investment turn into a profitable flow-through from the mobile side?

我想這與 Match Factory 的成功有關！以及一些新推出的遊戲，為《星際大戰獵人》設定了發布日期，然後是行動端的增量行銷。看起來該業務確實有了更多的發展勢頭，這是令人高興的。我想，當我們思考您對行動行銷投資的分析框架時，從利潤或回報的角度來看，您的目標是什麼？我們什麼時候才能看到這筆投資轉化為行動端的獲利流呢？

So I hope like everyone else, we look at these very same metrics, which is cost of acquisition, what kind of retention you expect, which is to say, what kind of churn you get, the spending that you have on average and therefore, the lifetime value. And the longer payback period you're willing to accept, of course, the more risk you take in those calculations because they're all based on extrapolating from current data and past data and they can change at any given time. So I'm not prepared to share sort of our outside payback period. Suffice to say, though, that we want to have a great deal of confidence that we're looking at a positive LTV.

因此，我希望像其他人一樣，我們也關注這些相同的指標，即獲取成本、您期望的保留類型、也就是說，您獲得的類型的客戶流失、您平均的支出以及終身價值。當然，您願意接受的投資回收期越長，您在這些計算中承擔的風險就越大，因為它們都是基於從當前數據和過去數據推斷而來的，而且它們可能隨時發生變化。所以我還沒準備好分享我們的外部回報期。不過，可以說，我們希望非常有信心地看到正面的 LTV。

Great. And when would you expect to see mobile -- this investment that you're making in mobile flip from a cost center due to driving incremental profit?

偉大的。您預計何時會看到行動領域—您在行動領域進行的投資會因推動增量利潤而從成本中心轉變？

So of course, our mobile division is profitable. I understand what you're asking, which is frankly, just another way of asking the same question you asked before, which I decline to answer. However, I do give you extra credit points for rephrasing it in a way that I might dive into it. However -- so we don't share our exact payback periods.

因此我們的行動部門當然是獲利的。我明白你在問什麼，坦白說，這只是用另一種方​​式問你之前問過的同一個問題，而我拒絕回答。不過，如果您能以一種我可能深入研究的方式重新表達它，我會給您額外的加分。然而——我們不會分享我們確切的回報期。

We do, however, tailor our user acquisition spending so that we expect a meaningfully positive LTV in a period of time such that we have confidence that even if we're wrong, we're not so wrong that we're not making money. I hope that clarifies it a bit.

然而，我們確實會調整我們的用戶獲取支出，以便我們預期在一段時間內有一個有意義的正生命週期價值，這樣我們就有信心，即使我們錯了，也不會錯到無法賺錢的程度。我希望這能解釋清楚一點。

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

我們的下一個問題來自 Stifel 的 Drew Crum。

So could you address your forecast for NBA 2K RCS in fiscal '25 for a slight increase, is low single digits growth the new normal for this going forward? Or is there something unique in fiscal '25 that's influencing that view?

那麼您能否預測 NBA 2K RCS 在 25 財年會略有成長，低個位數成長會成為未來的新常態嗎？或者 25 財年有什麼獨特之處影響了這種觀點？

So we absolutely expect growth in NBA. And that's not just on the RCS side but also on the full game sales side as well. This year is a little bit more challenging because we are still in the transition from Gen 8 to Gen 9. And Gen 9 is outperforming our expectations and doing fantastically well. I'd say we're a little bit more challenged on the Gen 8 side.

因此我們絕對期待 NBA 的成長。這不僅適用於 RCS 方面，也適用於完整遊戲銷售方面。今年的挑戰更大一些，因為我們仍處於從第 8 代到第 9 代的過渡期。我想說我們在第 8 代面臨的挑戰更大。

As we continue to transition, I think we're going to see more tailwinds than headwinds in that regard. And when you look at the recurring consumer spending, specifically -- when you look at it specifically as it relates to Gen 9, it's off the chart. It's fantastic. So we've seen significant growth there. So again, I think we will have momentum just as we transition to Gen 9 and as people continue to engage more deeply in the game, we're going to continue to see very strong RCS growth.

隨著我們繼續轉型，我認為我們在這方面將看到更多的順風而不是逆風。當您查看經常性消費者支出時，具體來說 - 當您具體查看它與第 9 代的關係時，它是超出圖表範圍的。太棒了。因此我們看到了那裡顯著的增長。所以，我認為，當我們過渡到第 9 代時，我們將獲得發展勢頭，並且隨著人們繼續更深入地參與遊戲，我們將繼續看到非常強勁的 RCS 成長。

Our next question comes from the line of 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。

I was wondering if you guys could talk a little bit more about the change in bookings this year versus what you guys were talking about last quarter, how much comes from moving GTA versus any other shifts versus the restructuring? And then, yes, I guess, I'll stop there.

我想知道你們能否再多談一下今年的預訂量變化情況，與上個季度相比，有多少變化來自於 GTA 的轉移，有多少來自於其他班次，有多少來自於重組？然後，是的，我想我會停在那裡。

So for fiscal year '25, the outlook reflects a narrowing of Rockstar Games previously established window from the calendar 2025 to fall, as we mentioned. There are also some other movements within the release schedule and also with our cost-cutting plan that is also part of the overall results for that year.

因此，對於 25 財年而言，前景反映了 Rockstar Games 之前設定的從 2025 年到秋季的窗口期的縮小，正如我們所提到的。發布計劃中還有一些其他變動，我們的成本削減計劃也是當年整體業績的一部分。

Got it. And then a housekeeping question. Does your current outlook reflects the acquisition of Gearbox, or is that going to be updated next quarter after it's closed?

知道了。然後是一個常規問題。您目前的前景是否反映了對 Gearbox 的收購，或者是否會在收購完成後於下個季度更新？

No, it's not included since the transaction hasn't closed yet. So we will expect to include it next quarter when we close, and we expect it to be slightly accretive to our management results.

不，由於交易尚未結束，所以不包括在內。因此，我們預計在下個季度結束時將其納入其中，並且我們預計它將略微增加我們的管理業績。

Our next question comes from the line of Martin Yang with Oppenheimer.

我們的下一個問題來自奧本海默公司的馬丁楊。

First question on statistics. With a narrow window of release, is there any associated changes to your plan regarding the live service portion of GTA VI?

第一個問題關於統計數據。由於發佈時間較短，您對 GTA VI 即時服務部分的計劃有什麼相關變化嗎？

So Rockstar hasn't given any details on what its expectations are for the release. It's been a wonderful trailer that they put out that broke the Internet, and more news will come from Rockstar in the fullness of time.

因此 Rockstar 尚未透露對該遊戲的期望的任何細節。他們發布的精彩預告片在網路上引起了轟動，隨著時間的推移，Rockstar 將會發布更多新聞。

I have a second question on NBA. How is NBA's transition challenges in between console generations compared to other annually releasing titles on the market, either from 2K or from other external competitors? And do you attribute the challenges to mostly to 2K or to market?

我對 NBA 有第二個問題。與市場上其他每年發行的遊戲（無論是 2K 還是其他外部競爭對手）相比，NBA 在遊戲機世代之間的過渡挑戰如何？您認為這些挑戰主要是來自 2K 還是市場？

I'm sorry, was your question about the transition from console generation from the last transition to this transition?

抱歉，您的問題是關於從上次過渡到這次過渡的控制台世代的過渡嗎？

Right.

正確的。

Okay. So that's going back quite some time. And frankly, I don't have the exact figures in front of me. But generally speaking, I would say that the delta between the games in this year, the Gen 8 game is much broader. And I think that creates -- that creates a more obvious difference between the 2 to do 2 games. And frankly, I can't remember if we had 2 completely separate games back then. But in any case, the delta quite significant this time around. So I would expect that the transition is more -- the effect of the transition is more pronounced in this console generation. And I forget your second question. Was there another one?

好的。這已經是很久以前的事了。坦白說，我並沒有確切的數字。但總體而言，我認為今年的第 8 代遊戲之間的差異要大得多。我認為這會在兩款遊戲之間產生更明顯的差異。坦白說，我不記得我們當時是否有兩場完全獨立的比賽。但無論如何，這次的差異相當顯著。因此我期望這種轉變的效果在這一代遊戲機上會更加明顯。我忘了你的第二個問題。還有其他的嗎？

On this (inaudible) how does it compare to other studios with annual recurring titles?

關於這一點（聽不清楚），與其他每年都會推出新作品的工作室相比，它有什麼不同？

Yes. We're not really commenting on our competitors. And most of our other studios, we don't have as much -- NBA comes out every year. So you're going to see that transition more rightly. We don't have the same effect in most of our other games. Occasionally, we would, but they wouldn't be comparable games to NBA anyway. And again, like I said, we don't really comment about the -- our competitors and their experiences.

是的。我們實際上不評論我們的競爭對手。和我們大多數其他工作室一樣，我們沒有這麼多——NBA 每年都會推出。因此您將會更正確地看到這種轉變。在我們的大多數其他遊戲中，我們沒有看到相同的效果。偶爾我們會這麼做，但無論如何，這些比賽都無法與 NBA 相提並論。而且，就像我說的，我們實際上不評論我們的競爭對手和他們的經歷。

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。

Congrats on the quarter. Strauss, in your prepared comments, you mentioned that your expectations for the commercial impact from GTA VI is increased. I'm just curious if you could explain what's driving that (inaudible) enthusiasm for the game? And then the second question on your guidance, curious why you're not providing medium term? You've done that before, and it feels like here you have at least better visibility on the primary catalysts driving that growth. And then on '27 tying into that question, I'm wondering where your confidence is that you can grow of '26? Is that sort of primarily the GTA ecosystem driving that growth in '27, or is it a combination of that and other AAA games that you plan to release?

恭喜本季取得佳績。史特勞斯，在你準備好的評論中，你提到你對 GTA VI 的商業影響的期望有所提高。我只是好奇，您能否解釋一下是什麼推動了人們對這款遊戲的熱情（聽不清楚）？然後第二個問題是關於您的指導，好奇您為什麼沒有提供中期指導？你以前已經這樣做過，感覺現在你至少對推動這種成長的主要催化劑有了更好的了解。然後關於 27 年的問題，我想知道您對 26 年的成長信心如何？這主要是 GTA 生態系統推動了 27 年的成長嗎，還是它和您計劃發布的其他 AAA 遊戲的結合？

Thanks, Mike, for those questions. I think our confidence continues to increase just because Grand Theft Auto V continues to perform so well. We've now sold in over 200 million units. And every quarter, we continue to be pleased by the ongoing sales of the full game and engagement in the past fiscal year with (inaudible) was up about 35% with Grand Theft Auto and online was up about 23%, I believe. That's extraordinary growth at this stage of the game, more than 10 years after the initial release.

謝謝麥克提出這些問題。我認為，由於《俠盜獵車手 V》表現持續出色，我們的信心會不斷增強。目前我們的銷售量已超過2億台。每個季度，我們都對完整遊戲的持續銷售和上個財年的參與度感到滿意，其中（聽不清）《俠盜獵車手》的銷量增長了約 35%，而在線銷量增長了約 23%，我想是的。在遊戲首次發布十多年後，該遊戲已經發展到了這個階段，這真是非凡的成長。

So I think we feel as though the market's anticipation is at a fever pitch. And of course, expectations are very high everywhere in this boardroom and all around the world for the perfection of what Rockstar typically delivers.

因此，我認為我們感覺市場預期已經達到了狂熱程度。當然，董事會會議室里以及全世界都對 Rockstar 所交付產品的完美性抱有很高的期望。

In terms of your question, I think you were asking your second question, why didn't we provide very specific guidance for a top line number going forward? And the answer is, generally speaking, we have not done that except when it was necessary to clarify where we felt the company was going. We think now we're being very specific about this fiscal year and about the next couple of fiscal years by saying we expect relating to your third question, sequential growth on top line. And we think that pretty much answers the question.

關於你的問題，我想你問的是第二個問題，為什麼我們沒有為未來的營收數字提供非常具體的指導？答案是，一般來說，除非有必要澄清我們認為公司的發展方向，否則我們不會這樣做。我們認為現在我們對本財年以及未來幾個財年的預期非常具體，我們預計這與您的第三個問題有關，即營收將實現連續成長。我們認為這基本上回答了這個問題。

Finally, the second part of your third question is that driven by the GTA ecosystem. The answer is certainly, we have expectations for that ecosystem. And again, given that full game sales continue to be strong for GTA V this many years later. At the same time, we also have a number of other powerful releases coming about which we're highly optimistic. And of course, we have card hits in the marketplace. Match Factory! is a huge hit and only accelerating.

最後，你的第三個問題的第二部分是由 GTA 生態系統所驅動的。答案是肯定的，我們對那個生態系抱持著期望。而且，考慮到這麼多年過去了，GTA V 完整遊戲的銷售仍然強勁。同時，我們也將推出許多其他強大的產品，我們對此非常樂觀。當然，我們在市場上也有暢銷產品。火柴工廠！是一個巨大的打擊，而且還在不斷加速。

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艾瑞克·謝裡丹。

Maybe I just ask a big picture one that's 2 parts. When you come out of the activity you just went through in terms of reevaluating your pipeline and looking at resource allocation across the organization what were some of the key learnings on right, the right mix of content is for you guys to meet your hurdle rate going forward? And what were some of the key learnings of how much of the resource allocation decisions are now setting the company up on a multiyear view? Or do you think there are going to be a continued refinement as you look to marry resources and the IP pipeline in the years ahead?

也許我只是問一個由兩個部分組成的大圖。當您完成剛剛經歷的活動並重新評估您的管道並查看整個組織的資源分配時，您獲得了哪些關鍵的經驗教訓？那麼，關於現在有多少資源分配決策為公司的未來做好了多年準備，您獲得了哪些關鍵的經驗教訓呢？或者您是否認為，在未來幾年中，當您尋求結合資源和 IP 管道時，將會持續進行改進？

So in terms of looking at our pipeline, I mean this is not really new to us. This is a process that we go through -- that we've been going through for at least the last 17 years as I've been here. And -- but what we're looking for specifically around this -- the look that we just took is that we're looking -- we understand in the industry right now that the biggest games are winning, and they're taking more share. And that's obviously a fact that we noticed and take us very seriously. We're simply looking for the projects that we think have the highest chance for commercial success and for critical success. And going through and coming through those and going through or (inaudible) the pipeline and then making the tough choices. It's always difficult to cancel any projects.

因此，從我們的管道來看，這對我們來說並不是什麼新鮮事。這是我們經歷的過程——在我在這裡的至少 17 年裡，我們一直在經歷這個過程。而且——但我們具體圍繞這一點尋找的是——我們剛才所觀察的是——我們了解，目前在這個行業中，最大的遊戲正在獲勝，並且它們正在佔據更多的份額。顯然，我們注意到了這一事實，並且非常重視。 我們只是在尋找那些我們認為最有可能獲得商業成功和關鍵成功的專案。並經歷並完成這些，經歷或（聽不清楚）管道，然後做出艱難的選擇。取消任何項目總是很困難的。

But in this context, it was something that was necessary and really part of our normalized process. So we absolutely expect that, that will continue in the future. This was a pretty tough look and a pretty big look. So I think most of that is behind us. But we will be adding, and we will be subtracting over the next few years, and that's part of what we do. And it will be both with -- we will continue to invest in new IP as well. That is not off the table for us. That's very important. That's the life level blood of the industry. And if you're not investing in new IP, we think it's a biggest mistake.

但在這種背景下，這是必要的，也是我們正常化過程的一部分。因此我們絕對預期這種情況將會在未來持續下去。這是一個相當強硬的外觀和一個相當大的外觀。所以我認為大部分問題都已經過去了。但在接下來的幾年裡，我們會添加，也會減少，這就是我們工作的一部分。我們也將繼續投資新的 IP。這對我們來說並非不可能。這非常重要。那是這個行業的生命血脈。如果你不投資新的 IP，我們認為這是一個最大的錯誤。

Our next question comes from the line of Jason Bazinet with Citi.

我們的下一個問題來自花旗的 Jason Bazinet。

I just had one question on GTA VI. This narrowing from calendar '25 to the fall of 25%. Do you think there's an ancillary benefit of that of sort of syncing up with the holiday season? Or do you feel like GTA is such a powerful franchise that it really doesn't confer any sort of incremental benefit?

我對 GTA VI 只有一個疑問。從 25 年開始，這一降幅有所收窄，為 25%。您認為與假期同步還有什麼附帶好處嗎？或者您覺得 GTA 是一個如此強大的系列，以至於它實際上並沒有帶來任何增量利益？

Well, it probably doesn't matter, I think we'd all rather be in the release window that we're looking at now.

好吧，這可能並不重要，我想我們都寧願處於我們現在正在看到的發布視窗。

Our next question comes from the line of James Heaney with Jefferies.

我們的下一個問題來自 Jefferies 的 James Heaney。

What have been some of the unlocks on the mobile side of the business. You did call out the better-than-expected results in Zynga's IP business, but just curious if there's anything you could say specifically on the advertising side of the business?

行動端業務目前已解鎖哪些功能？您確實提到了 Zynga 的 IP 業務結果好於預期，但您是否能具體談談廣告業務方面的情況？

Look, we have 2 important businesses within mobile in-app purchases and advertising and they're both relevant. We took the hit on advertising as we rethought our hyper-casual business and turned it into a blended hybrid casual business where they are in-app purchases as well.

你看，我們在行動應用程式內購買和廣告方面有兩項重要業務，它們都很相關。當我們重新考慮我們的超​​休閒業務並將其轉變為混合休閒業務（其中也包括應用程式內購買）時，我們的廣告受到了打擊。

At the same time, we built up advertising inside mobile by putting advertising units in games that previously did not have them. in any case, advertising should be a meaningful growth area for us in the mobile business. With regards to in-app purchases, we have the same opportunities and limitations that any other mobile company has and our ability to grow in-app purchases is driven by our ability to have people download and play hit titles. That's what we're focused on.

同時，我們透過在先前沒有廣告單元的遊戲中放置廣告，建立了行動廣告業務。無論如何，廣告應該是我們行動業務的一個有意義的成長領域。關於應用程式內購買，我們與其他行動公司有著相同的機會和限制，我們增加應用程式內購買的能力取決於我們讓人們下載和玩熱門遊戲的能力。這就是我們關注的重點。

Our next question comes from the line of Clay Griffin with MoffettNathanson.

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

I'm curious if you guys would talk about the broader PC strategy. I know that there's just tons and tons of engagement, particularly for GTA on PC, not all of that gets monetized. I think in the past, you've describe that as maybe it's a good thing to have that there. You don't necessarily need to monetize all of it. But there are some interesting products out there over Wolf and the like. And so maybe I'm just curious what you guys are seeing or thinking about your opportunity to unlock monetization on PC?

我很好奇你們是否願意談論更廣泛的 PC 策略。我知道有大量的參與度，特別是對於 PC 上的 GTA，但並非所有的參與度都能實現貨幣化。我認為在過去，您曾描述過，也許在那裡有這個是一件好事。你不一定需要將其全部貨幣化。但是，與 Wolf 等相比，市場上還是有一些有趣的產品。所以也許我只是好奇你們看到或想到了什麼，關於在 PC 上解鎖貨幣化的機會？

So we look at the PC platform as we do with any platform, and it all starts with content, first and foremost. And we agree, it's a very powerful platform, and we've got some very strong third-party partners. Also the ability for us to sell directly to the consumer. So these are all compelling things for us, and we'll continue to develop and support the PC platform as long as the gamer is there. Wherever the gamer is, that's where we're going to be.

因此，我們看待 PC 平台就像看待任何平台一樣，一切首先都從內容開始。我們同意，這是一個非常強大的平台，我們擁有一些非常強大的第三方合作夥伴。我們還具有直接向消費者銷售的能力。所以這些對我們來說都是引人注目的事情，只要有遊戲玩家，我們就會繼續開發並支援 PC 平台。玩家在哪裡，我們就在哪裡。

And again, I don't really see us looking at the PC and monetization any differently than we would on any other platform. It really is more about game to game. What works for certain games, what doesn't work for certain games. And the overarching edict that we live by is over deliver on content and the monetization will follow.

再說一次，我並不認為我們看待 PC 和貨幣化的方式與看待其他平台有什麼不同。這確實更多地關乎遊戲本身。什麼對某些遊戲有用，什麼對某些遊戲無用。我們賴以生存的首要原則是超額完成內容，然後貨幣化就會隨之而來。

And our next question comes from the line of Chris Schoell with UBS.

我們的下一個問題來自瑞銀的 Chris Schoell。

We saw Rockstar announce a price increase for GTA+. I recognize it's been 7 years, but can you help us think through the rationale? And as you look at GTA VI, so what are your latest thoughts around the pricing dynamics for the franchise or your portfolio in general as these games continue to get larger with more robust experiences?

我們看到 Rockstar 宣布提高 GTA+ 的價格。我知道已經過去 7 年了，但您能幫助我們思考其中的原因嗎？當您回顧《GTA VI》時，隨著這些遊戲的規模越來越大、體驗越來越豐富，您對該系列或整個投資組合的定價動態有何看法？

Look, there's more content constantly being made available, and we really aim to deliver great value at any given time. We're so focused on delivering more value than what we charge. And that's sort of the rubric. And any time we establish our price, we want to make sure that it's good news for the consumer that the experience vastly over delivers in the context of the cost. That's the goal.

你看，有更多的內容不斷被提供，我們真正的目標是在任何時候都提供巨大的價值。我們專注於提供超出我們收費的價值。這就是某種規則。每當我們確定價格時，我們都希望確保這對消費者來說是一個好消息，即在成本的背景下，產品體驗遠遠超出預期。這就是目標。

And 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 have 2 questions, one on mobile and then just one again on the sequential growth. So is there any more color at all you can give us on how you're going to grow sequentially in fiscal '27 after lapping just such a tough comp in fiscal '26 when GTA VI is going to launch. It just seems counterintuitive. When I look back at the last 2 times, Rockstar released a mega title. Red Dead Redemption in fiscal '19, fiscal '20 did not grow. And Grand Theft Auto V in fiscal '14, fiscal '15 was down 30% I'm just kind of trying to square those couple of things there. Will it be Rockstar that continues to drive that sequential growth in fiscal '27? Any more color there would be really great.

我有兩個問題，一個是關於行動裝置的，另一個是關於連續成長的。那麼，在 GTA VI 即將發布且經歷瞭如此艱難的 26 財年之後，您能否向我們透露更多關於 27 財年將如何實現連續增長的信息？這似乎有悖常理。當我回顧過去兩次時，Rockstar 都發布了一款大型遊戲。 《荒野大鏢客》在 19 財年和 20 財年的銷售量均未成長。 2014 財年和 2015 財年，《俠盜獵車手 V》的銷量分別下降了 30% 和 30%，我只是想把這幾件事理順一下。 Rockstar 是否會繼續推動 27 財年的連續成長？如果再多點顏色就更好了。

Yes, it's a fair question. Look, the business has really changed and certainly since 2019 and absolutely since 2015 and in ways that are obvious now and in ways that we project in the future. The sequential growth is driven by our overall pipeline, and we're now a large and diversified company. And we do have GTA VI coming. We have great aspirations for GTA VI. And as I said earlier, we've been selling full game, GTA Vs for over 10 years. And we continue to sell more in a given year than most other standalone releases selling their first year, even at our big competitors company.

是的，這是一個合理的問題。你看，業務確實發生了變化，當然自 2019 年以來，當然自 2015 年以來，而且現在這些變化是顯而易見的，而且我們預測未來也會發生這種變化。連續的成長是由我們的整體產品線推動的，現在我們已經成為一家大型多元化公司。我們確實有 GTA VI 即將推出。我們對 GTA VI 寄予厚望。正如我之前所說，我們已經銷售 GTA Vs 完整遊戲超過 10 年了。而且，我們在某一年的銷售量仍然高於大多數其他獨立發行版本第一年的銷量，甚至高於我們最大的競爭對手公司。

So we actually think there's a compelling case that the full game sales will continue to be robust for years to come. Equally, we have a pipeline both announced and unannounced, that's very exciting. We have an annualized pipeline that will, of course, continue to come that's quite significant. And we have a mobile business that we frankly feel has been rightsized, well structured and is now back in growth mode. And there's evidence of that. The performance of Match Factory!, the performance of Toon Blast and the stable performance of many other big titles. There are also geographical growth opportunities that we're very focused on. We don't spend a lot of time talking about it, but it's a huge part of our strategy.

因此，我們實際上認為，有充分理由相信，未來幾年完整遊戲的銷售將持續強勁。同樣，我們還有已宣布和未宣布的計劃，這非常令人興奮。我們擁有一個年度化管道，當然，這個管道還會繼續增加，這是相當重要的。坦白說，我們感覺我們的行動業務規模已經合適、結構良好，並且已經恢復成長模式。並且有證據證明這一點。 Match Factory! 的表現、Toon Blast 的表現以及許多其他大作的穩定表現。我們也非常關注地理成長機會。我們不會花很多時間談論它，但它是我們策略的重要組成部分。

Our business and our competitors' businesses remain largely U.S. and Western Europe focused. And we think there are enormous opportunities for growth in Asia, India and Africa, where we and everyone else who isn't located in those geographies are deeply underpenetrated. So there are numerous opportunities for growth, but to put your mind at ease, this isn't stick finger in your mouth and hold it in the air and hope for the best kind of number. This is driven by our release schedule and our pipeline.

我們的業務和競爭對手的業務主要仍集中在美國和西歐。我們認為亞洲、印度和非洲有巨大的成長機會，我們以及這些地區以外的其他人的市場滲透率都還很低。因此，存在無數的成長機會，但為了讓您放心，這並不是把手指放在嘴裡並舉在空中，然後希望獲得最好的數字。這是由我們的發佈時間表和管道所驅動的。

Okay. And along kind of the same lines, I think a lot of people are going to be super excited about GTA VI coming out. Do you make any assumptions about the -- perhaps a reacceleration of growth in the console installed base or console sales? Because your title may bring a lot of lapsed gamers back into the ecosystem in your forecasts.

好的。同樣，我認為很多人都會對 GTA VI 的推出感到非常興奮。您是否對此做過任何假設——也許是遊戲機安裝基數或遊戲機銷售量的成長重新加速？因為據您預測，您的遊戲可能會將大量流失的玩家帶回生態系統。

We're using IDG's projections, which are pretty substantial. So for Gen 9 alone, their view is that they're about 81 million consoles worldwide currently that was at the end of the last year, they project that will rise to 111 by the end of this year and 175 by the end of 2027. Now we don't necessarily subscribe or not subscribe to those views, but that shows an awful lot of growth. And we do expect a very significant attach rate.

我們正在使用 IDG 的預測，這些預測相當可觀。因此，僅就第 9 代而言，他們的觀點是，目前全球遊戲機數量約為 8,100 萬台，這是截至去年年底的數據，他們預計到今年年底這一數字將上升到 1.11 億台，到 2027 年底將上升到 1.75 億台。我們確實預期附加率會非常高。

Thank you. We have reached the end of our question-and-answer session. And with that, I would like to turn the floor back over to CEO, Strauss Zelnick for any closing comments.

謝謝。我們的問答環節已經結束。最後，我想將發言權交還給執行長 Strauss Zelnick，請他發表最後評論。

Before we sign off, I just want to thank everyone who works at Take-Two and all of our affiliates. These have been challenging times. And in addition to delivering hits, we've asked everyone to dig deep and make sure the business is highly efficient, rightsized. And that's challenging. And one of the most extraordinary things about our organization is the amazing morale and focus on the common good. We're here for our customers, for -- our first and foremost, for our colleagues who deliver to our customers every day and for our shareholders. And we're extraordinarily excited both about the position we're in, about the fiscal year in which we're currently operating and about our amazing pipeline in the years ahead.

在我們結束之前，我只想感謝在 Take-Two 和我們所有分公司工作的每一位員工。這是充滿挑戰的時期。除了提供熱門產品之外，我們還要求每個人都深入挖掘並確保業務高效且規模合適。這很有挑戰性。我們的組織最不尋常的事情之一是令人驚嘆的士氣和對公共利益的關注。我們在這裡為客戶服務，我們的首要任務是為每天為客戶提供服務的同事以及我們的股東服務。我們對我們所處的地位、當前的財政年度以及未來幾年令人驚嘆的規劃感到無比興奮。

Thank you for joining us today.

感謝您今天加入我們。

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

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。