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.

您好，歡迎參加 Take-Two 第四季和 2024 財年財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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.

現在我很高興向您介紹主持人，投資者關係和企業傳播部高級副總裁妮可·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，討論我們截至 2024 年 3 月 31 日的第四季度和 2024 財年的業績。卡爾‧斯拉托夫，我們的總裁；以及我們的財務長萊妮‧戈德斯坦 (Lainie Goldstein)。在我們準備好的發言之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements. Actual operating results may vary significantly from these forward-looking statements based on a variety of factors.

在開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中所做的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述是基於我們管理階層的信念以及我們所做的假設和我們目前可獲得的資訊。我們沒有義務更新這些前瞻性陳述。由於多種因素，實際經營結果可能與這些前瞻性陳述有顯著差異。

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.

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。

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進行調節。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 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。我很高興地向大家報告，我們以強勁的勢頭結束了 2024 財年，其中淨預訂額達到 13.5 億美元，超出了我們指導範圍的上限。

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了積極的成果。 Zynga 的應用程式內購以 Toon Blast 和我們最新熱門的 Match Factory 為主導！以及《荒野大鏢客：救贖》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，我們的淨預訂量達到 53.3 億美元，這得益於我們的高品質遊戲以及我們與玩家社群持續互動的能力。隨著 2025 財年的到來，我們的產品組合正在蓄勢待發，我們計劃在今年發布許多令人興奮的版本。

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.

我們預計淨預訂量將在 55.5 億美元至 56.5 億美元之間，年增 5%。我們的展望反映出 Rockstar Games 先前為《俠盜獵車手 VI》設定的 2025 年日曆窗口期已縮小至 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，並且我們對這款遊戲的商業影響力的期望不斷提高。

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

隨著我們發布突破性的產品線，我們預計將實現巨大的成長，包括 2025、2026 和 2027 財年淨預訂的連續成長。

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成本削減計劃，現在預計我們目前和未來的開支將每年節省超過 1.65 億美元的成本。隨著我們的大型作品上市，這將使我們能夠更有效地經營我們的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.

現在轉向我們本季的業績。 《NBA 2K24》是我們行業中排名第一的籃球模擬訓練遊戲，玩家對我們的促銷、遊戲內內容策略和賽季內更新的反應超出了我們的預期。迄今為止，該遊戲的銷量已超過 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 萬消費者在玩。我們業界領先的 NBA 2K 品牌也透過多項創新行動體驗（包括 NBA 2K24）繼續擴大受眾群體。 MyTeam，全新的免費下載行動體驗，讓玩家在旅途中玩自己喜歡的 MyTeam 模式時在控制台和行動裝置之間同步進度。 《NBA 2K 行動版》和《NBA 2K24 街機版》在 Apple Arcade 始終名列前 5 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.

俠盜獵車手系列又迎來了一個精彩的季度，部分原因是俠盜獵車手Online 的一系列免費內容更新，包括新車、飆車、慶祝農曆新年和情人節的節日物品、新的社區系列工作和更多單元《Grant Theft Auto V》的銷量超出了我們的預期，迄今為止，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.

我們很高興看到，在首次發布十多年後，《俠盜獵車手 V》和《俠盜獵車手 Online》全年的觀眾規模分別令人難以置信地增長了 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.

據 Stream Hatchet 稱，《俠盜獵車手 5》還重新奪回了所有平台上觀看次數最多的視頻遊戲的榜首，這在很大程度上要歸功於該系列蓬勃發展的角色扮演社區的巨大收視率。

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 不斷增加有價值的福利，本季的會員人數幾乎比去年同期翻了一番。

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

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》超出了我們的預期，我們很高興 Randy Pitchford 和 Gearbox Entertainment 將在未來幾週內有效地加入 2K 著名的內部工作室。我們已經為《無主之地》系列和變速箱目錄確定了許多潛在的成長機會，我們計劃在工作室整合到我們的組織後看到這些機會。我們也很高興看到星光熠熠的《無主之地》長片越來越受歡迎，獅門影業計劃在今年夏天上映這部電影。

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》作為 2024 年評分最高的運動模擬遊戲取得了巨大成功。玩家的參與度非常高，玩家在超過 1.1 億場比賽中的遊戲時長超過 1100 萬小時。此外，《摔角狂熱四十年》包擁有系列史上最高的超級豪華 DLC 附加率，超過 25% 的 WWE 2K24 玩家擁有它。 2K 和 Visual Concepts 將繼續支援該遊戲，我們將在整個秋季推出額外的稅金。

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 的朋友尼克汗 (Nick Khan) 和 Ari Emanuel 一直以來的支持。此外，我還要對 Visual Concepts 團隊在《WWE 2K》和《NBA 2K》系列中所做的出色工作表示衷心感謝，這兩個系列都是我們公司的重要年度貢獻者。

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.

在強勁的應用程式內購買的帶動下，Zynga 在此期間取得了出色的業績。火柴工廠！正在加速成為熱門遊戲，已躋身美國 Apple App Store 暢銷遊戲前 20 名，並在 Google Playstore 上發布後吸引了數百萬新用戶。我們很高興新的大膽功能擊敗了其他一些令人興奮的功能，將每個用戶的平均每日遊戲時間提高到了 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.

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

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 推出了多項內容更新，並與受歡迎的影響者 MrBeast 進行了重大跨媒體合作。該團隊計劃發布核心遊戲玩法和進度系統的更多增強功能，以推動進一步成長。

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.

勢頭仍在繼續（聽不清楚），該工作室的歷史下載量突破了 35 億美元，並宣布與 Mitel 建立新的合作夥伴關係，將在今年稍後推出大眾市場的 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.

我們在超休閒遊戲方面的混合盈利工作在 Rollic 內進展順利，這使得《Twisted Tangle》和《Screw Jam》都成為美國 Apple App Store 上最暢銷的 100 款遊戲。

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，每季在這個高度增值的自有分銷管道中添加更多遊戲。

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 擁有眾多正在開發和試發行的遊戲，我們渴望在本財年在全球範圍內發布，其中包括《星球大戰獵人》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，我對我們的業務充滿信心，我們的業務由我們頂尖的創意人才、業界領先的自有智慧財產權組合、健全的資產負債表和日益高效的基礎設施領導。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，我們也準備好實現業界領先的成長和股東回報。

I'll now turn the call over to Karl.

我現在將電話轉給卡爾。

Thanks, Strauss. I'd like to thank our 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。我要感謝我們的團隊在我們繼續為未來奠定基礎的過程中所付出的奉獻和辛勤工作，我們相信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，其中包括截至 2027 財年的約 40 款遊戲。

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.

我們更新的發行時間表反映了我們最近的成本削減計劃的行動，透過該計劃，我們取消了幾款遊戲，將我們的努力和資源集中在我們認為代表我們取得重大關鍵和商業成功的最佳機會的特許經營權上。

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

這些遊戲不包括我們的任何核心特許經營權，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.

談到 2025 財年。我們擁有7 款身臨其境的核心遊戲，包括《Top Spin》、《NBA》和《WWE 2K25》，以及2K 最大、最受歡迎的系列遊戲之一的下一代遊戲，第一批細節將在短短幾週後的夏季奧運盛宴上揭幕。

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 日發行。玩法。在《Top Spin 2K25》中，我們繼續擴大我們的運動產品，2K 將透過全年的賽季包來支持這款遊戲。

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 款來自 Private Division 的獨立遊戲，其中第一款是 Moon Studios No Rest for the Wicked，該遊戲於 4 月 18 日在 TC 上推出搶先體驗。

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.

這款新的 ARPG 在（聽不清楚）戰鬥、獨特的藝術風格和豐富的敘事方面廣受好評。 Private Division 也與（聽不清楚）一起宣布了《夏爾傳說：魔戒》遊戲，計劃於今年晚些時候發布。

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.

該團隊最近發布了這款舒適（聽不清楚）的模擬遊戲的新預告片，以 J.R.R. 的中土宇宙為背景。托爾金。我們擁有 5 款手機遊戲，包括 NFL 2K Playmakers、Star Wars Hunters 和 Game of Thrones: Legends。

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 由 2K 和 Cat Daddy Games 於 4 月 23 日發布，適用於 iOS 和 Android 裝置。在這張非模擬戰術卡牌（聽不清楚）中，玩家可以收集 NFL 球員卡牌來組成令人興奮的陣容，同時也能體驗多種遊戲模式和功能。我們很榮幸能夠與 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，我們計劃今年在先前的版本中推出 2 個新版本。一如既往，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，我們計劃在2026 財年和2027 財年推出24 款遊戲，其中包括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 款手機遊戲以及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，我們面前的許多機會將帶來一段有意義的長期成長、利潤擴張和股東回報的時期。

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 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 財年取得了圓滿的成績，並以良好的勢頭進入 2025 財年，其中包括我們主要特許經營業務的健康趨勢。在這一年中，我們發布了成功的頭部遊戲，透過穩定的遊戲內內容吸引玩家，並繼續為我們的組織提供長期定位。

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.

我們也加深了對效率的承諾，並做出了一些決定，雖然很困難，但還是將我們的資源用於我們最有信心的舉措。我們相信，隨著時間的推移，新的舉措將擴大我們的規模，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.

轉向我們的結果。我們第四季的淨預訂量為 13.5 億美元，高於我們 12.7 億美元至 13.2 億美元的指導範圍，這反映出《NBA 2K24》的業績優於預期。 Zynga 的應用程式內購以 2 Glass 和 Match Factory!、Red Dead Redemption 系列和 Grand Theft Auto 系列為主。

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.

期內經常性消費支出下降 2%，佔淨預訂量的 79%。由於《NBA 2K》、《Toon Blast》和《Match Factory!》的出色表現，這一數字超出了我們的預期。儘管虛擬貨幣和 GTA+ 的支出有所上升，但《俠盜獵車手 Online》的經常性消費支出有所下降。 《NBA 2K》與前一年持平，行動端略有成長。

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》，證明了 2K 和 Visual Concepts 有能力進一步提高我們熱門摔角系列的標準。

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，其中包括與收購的無形資產相關的 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，營運費用增加了 244% 至 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.

在管理方面，由於人員和 IT 費用以及專業費用增加，營運費用年增 20%，略高於我們的指導。 2024 財年，我們實現了 53.3 億美元的淨預訂，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.

行動裝置的經常性消費者支出出現高個位數成長。 NBA 2K 的虛擬貨幣和賽季略有上升，Grant Test Auto Online 虛擬貨幣和 GTA+ 會員資格持平。

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.

由於外部開發商預付款、現金稅和利息支付增加，非 GAAP 調整後不受限制的營運現金流為 4,200 萬美元，而我們的預期約為 1 億美元。我們花了約 1.42 億美元的資本支出，主要用於遊戲技術和辦公室擴建。

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%，達到 31 億美元，其中包括與收購的無形資產相關的 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 億美元減損費用和與我們的成本削減計劃相關的 1.05 億美元業務重組費用，營運費用增加了 69% 至 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.

在管理方面，由於我之前提到的影響第四季度的因素，營運費用年增 15%，略高於我們的指導。

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，我們提供了對2025 財年的展望。 Grand Auto 系列、 Toon Blast、Empires & Puzzles、我們的超休閒行動產品組合、Match Factory!、Red Dead Redemption 系列以及來自 2K 和 Words with Friends 的未發布的沉浸式核心遊戲。我們預計經常性消費者支出將比 2024 財年成長約 3%，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.

我們的經常性消費者支出預測假設行動端將出現高個位數成長，《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約為 50% Zynga、31% 2K、17% Rockstar Games 和 2% 其他。我們預計淨預訂的地理分佈將占美國市場的 60% 和國際市場的 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，主要來自遊戲技術和辦公室擴建。我們預計 GAAP 淨收入範圍為 55.7 億美元至 56.7 億美元，收入成本範圍為 24.3 億美元至 24.6 億美元。

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.

轉向營運費用。我們最近實施了一項成本削減計劃，預計每年可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，我們取消了幾個正在開發的項目，我們預計這些項目不會達到我們的財務基準。

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

我們也採取了精簡組織架構的行動，從而減少了現有員工數量和未來的招募需求。

Our total operating expenses are expected to range from $3.56 billion to $3.58 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.

我們的總營運支出預計為 35.6 億美元至 35.8 億美元，而去年為 58.3 億美元。從管理角度來看，我們預計營運活動將年增約 7%，這主要歸功於對火柴工廠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，部分被我們的成本削減計劃節省的費用所抵消。

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Strauss 之前提到的，我們已將先前確定的《俠盜獵車手VI》發佈時間從2025 年縮小到2025 年秋季。信心不斷增強。

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.

也就是說，我們不會提供 2025 財年之後的具體指導，因為我們的發佈時間表每年都會包含大量遊戲，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.

我們對管道生命週期價值的展望仍然一如既往，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.

現在轉向我們對第一財季的指導。我們預計淨預訂量將在 12 億美元至 12.5 億美元之間，而去年第一季為 12 億美元。我們本季的租賃費包括《Top Spin 2K25》、《No Rest for the Wicket》（搶先體驗的PC 版）和《NFL 2K Playmakers》（所有這些遊戲均已發行）和《星際大戰獵人》（Star Wars Hunters）。

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.

淨預訂量的最大貢獻者預計將是《NBA 2K》、《俠盜獵車手系列》、《卡通爆炸》、《帝國與謎題》；我們的超休閒行動產品組合、Match Factory!、Red Dead Redemption 系列、Words with Friends 和 Zynga Poker。我們預期經常性消費者支出將成長約 1%，假設行動端實現中等個位數成長，《NBA 2K》業績持平，《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。營運費用計劃在 9.28 億美元至 9.38 億美元之間。在管理基礎上，營運費用預計將年增約 14%，這主要是由 Match Factory! 的額外行銷推動的，但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，隨著我們擴大規模並保持對效率的關注，我們完全有能力提供行業中最高品質的內容並提高我們的獲利能力。我們對未來的道路感到非常興奮，我們期待分享有關我們公司未來的許多催化劑的更多細節。

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

謝謝。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for 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，感謝我們的同事對我們業務的奉獻，以及他們創造了最高品質、最具吸引力的娛樂特許經營權來吸引我們的全球觀眾。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 comes from the line of Eric Handler with ROTH MKM.

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

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?

Strauss，我想知道您能否談談收購 Gearbox 的情況。過去，您曾表示您從未真正感到需要擁有全部 Gearbox，而現在您即將擁有全部 Gearbox。您能談談您對現在擁有全部 Gearbox 的看法以及您由此獲得的一些機會嗎？

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 何時被出售給擁抱時，或者這是否引起我們有任何擔憂時，我的回答是“不會”，因為我們有長期的發行協議，這對我們公司和Gearbox 都是互惠互利的擁抱者也是如此。 。

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件收購該公司時，我們坦率地抓住了這個機會。我們非常尊重蘭迪·皮奇福德和他的團隊。他有能力以非常可靠且相當快速的節奏負責任地將 AAA 產品推向市場。他是一位熱門人物。製作新熱門非常困難，《Tiny Tina》就是新熱門。當然，《無主之地》正在不斷壯大。因此，我們很高興 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，Lainie，關於您宣布的年度成本節約，其中多少應該在 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 財年看到它的完整年度化。因此，大部分計劃是在第四季度和第一季執行的，但其中一部分將在今年完成。

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

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

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 能夠推出收入前 100 名的遊戲確實是一個驚喜。只是想知道您是否可以談談如何思考這些遊戲的生命週期。通常情況下，羅利克的遊戲都是這樣的——它們會火爆一段時間，然後就會轉向下一個，其他的東西。這些盈利遊戲也會出現這種情況嗎？還是為了擁有更長的生命週期的計劃？

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法應該會帶來更長的生命週期，因為超休閒方法確實已經推出，獲得大量下載，提供相當輕鬆的體驗，產生廣告收入，讓用戶繼續前進到下一個。這在持續的時候很棒，但長期的娛樂業務都是由優質內容驅動的。 Rollic 正在證明，它有能力與其合作工作室一起做到這一點，並提供持久且持久的內容。我們能否真正在 Rollic 創造永久的特許經營權還有待觀察。我相信我們可以。我們還沒有這樣做，但我們已經有了一個非常好的開始。

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

我們的下一個問題來自科林·塞巴斯蒂安和貝爾德的對話。

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?

也許對我來說有幾個。我想，首先是指導和前景的改變。 Strauss，您對 25 年推出《GTA VI》的信心程度如何？您還有什麼更具體的事情可以談談延期的原因嗎？其次，行動領域的高個位數成長。我很好奇其中有多少與您在行動遊戲領域廣泛看到的復甦有關？或者更具體地說是行銷支出的增加以及這些超出您今年預期的遊戲？

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。實際上，我們將 2025 年日曆縮小到了 2025 年秋季，我們對這個發布日期感覺非常好。顯然，我們對即將到來的標題感到非常高興。至於行動領域，我們在 Zynga 所做的事情當然是由我們所處的市場所驅動的，因為我們是市場領導者。令人欣慰的是，在經歷了一年的下滑和小幅下滑之後，我們即將進入行業平穩增長的一年。但顯然，推動我們預期結果的因素是我們的熱門遊戲，包括《Match Factory!》，它的表現非常非常好。我們說過，我們在第四季度在普遍獲取方面投入了大量資金，結果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馬修‧科斯特 (Matthew Cost) 與摩根士丹利 (Morgan Stanley) 的對話。

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?

我猜想您在 Match Factory 上取得的成功！一些新發布的遊戲設定了《星際大戰獵人》的發布日期，然後是行動裝置背後的增量行銷。看來該業務肯定有更多的動力，這是很高興看到的。我想，當我們考慮您投資移動背後行銷的分析框架時，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從行動端轉化為獲利的流量？

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，我們會專注於這些完全相同的指標，即獲取成本、您期望的保留類型，也就是說，您會得到什麼樣的流失率、您的平均支出，因此，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，因為它們都是基於當前數據和過去數據的推斷，並且它們可能在任何給定時間發生變化。因此，我沒有準備好分享我們的外部投資回收期。不過，我只想說，我們希望對我們正在尋找積極的生命週期價值充滿信心。

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。您預計什麼時候會看到行動裝置—由於增加利潤，您在行動裝置方面的投資將從成本中心轉向？

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.

當然，我們的行動部門是獲利的。我明白你在問什麼，坦白說，這只是你之前問過的同一問題的另一種方式，我拒絕回答。不過，我確實會給你額外的加分，因為你可以以一種我可能會深入研究的方式重新表達它。然而，因此我們不會分享確切的投資回收期。

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，以便我們期望在一段時間內獲得有意義的正LTV，這樣我們就有信心，即使我們錯了，我們也不會錯到我們沒有賺錢。我希望這能澄清一點。

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

我們的下一個問題來自 Drew Crum 和 Stifel 的對話。

So 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，您能否談談對《NBA 2K RCS》在 25 財年小幅成長的預測，低個位數成長是否會成為未來的新常態？還是 25 財年有什麼獨特的因素影響了這種觀點？

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.

所以我們絕對期待 NBA 的成長。這不僅涉及 RCS 方面，還涉及整個遊戲銷售方面。今年更具挑戰性，因為我們仍處於從 Gen 8 到 Gen 9 的過渡階段。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，我認為在這方面我們將看到更多的順風而不是逆風。當你觀察經常性消費者支出時，特別是當你特別關注與第九代相關的支出時，你會發現它是不尋常的。這是夢幻般的。所以我們看到了那裡的顯著增長。所以，我再次認為，當我們過渡到第 9 代時，我們將會有動力，隨著人們繼續更深入地參與遊戲，我們將繼續看到 RCS 非常強勁的成長。

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.

我想知道你們是否可以多談談今年預訂量的變化與你們上個季度談論的情況，移動 GTA 與任何其他轉變與重組相比有多少？然後，是的，我想，我就到此為止。

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，正如我們所提到的，對於 25 財年，前景反映了 Rockstar Games 之前設定的窗口從 2025 年縮小到秋季。發佈時間表以及我們的成本削減計劃中還有一些其他變動，這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。然後是家政問題。您目前的展望是否反映了 Gearbox 的收購，或者是否會在下個季度收購結束後進行更新？

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，它不包括在內，因為交易尚未結束。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馬丁楊和奧本海默的對話。

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?

第一個問題是關於統計的。由於發佈時間很短，您的 GTA VI 即時服務部分計畫是否有任何相關變化？

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 尚未詳細說明其對該版本的期望。他們發布的精彩預告片在網路上引起了轟動，Rockstar 將及時發布更多消息。

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?

我還有第二個問題是關於NBA的。與市場上每年發布的其他遊戲（無論是來自 2K 還是其他外部競爭對手）相比，《NBA》在主機代之間的過渡挑戰如何？您是否將這些挑戰主要歸因於 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本次過渡的主機生成過渡嗎？

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。這可以追溯到相當長的一段時間了。坦白說，我面前沒有確切的數字。但總的來說，我想說今年的遊戲之間的差異，第 8 代遊戲要廣泛得多。我認為這會在 2 場比賽之間產生更明顯的差異。坦白說，我不記得當時我們是否有兩場完全獨立的比賽。但無論如何，這次的增量都相當大。所以我預計過渡會更加——過渡的效果在這一代遊戲機中更加明顯。我忘了你的第二個問題。還有另外一個嗎？

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

在這方面（聽不清楚），它與其他每年定期推出作品的工作室相比如何？

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。我們並沒有真正評論我們的競爭對手。而我們大多數其他工作室則沒有那麼多——《NBA》每年都會推出。所以你會更正確地看到這種轉變。我們在大多數其他遊戲中都沒有達到相同的效果。偶爾，我們會這麼做，但無論如何，它們都無法與 NBA 相提並論。再說一次，就像我說的，我們並沒有真正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。 Strauss，在您準備好的評論中，您提到您對 GTA VI 的商業影響的期望有所提高。我只是好奇你能否解釋一下是什麼推動了人們對這款遊戲的（聽不清楚）熱情？然後是關於您的指導的第二個問題，好奇為什麼您不提供中期？您以前已經這樣做過，感覺在這裡您至少可以更好地了解推動成長的主要催化劑。然後在「27」這個問題上，我想知道你對自己能夠在「26」成長的信心在哪裡？這主要是 GTA 生態系統推動了 27 年的成長，還是它與您計劃發布的其他 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。我認為我們的信心持續增強只是因為《俠盜獵車手 V》繼續表現出色。目前我們的銷售量已超過 2 億件。每個季度，我們都對上一財年完整遊戲的持續銷售和參與度感到滿意，其中《俠盜獵車手》（聽不清楚）增長了約 35%，我相信線上遊戲增長了約 23%。在遊戲首次發布十多年後的現階段，這是非凡的成長。

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.

所以我認為我們覺得市場的預期非常高漲。當然，在這個董事會和世界各地，人們對 Rockstar 通常提供的完美服務抱有很高的期望。

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.

就你的問題而言，我認為你問的是第二個問題，為什麼我們沒有為未來的頂線數字提供非常具體的指導？答案是，一般來說，我們沒有這樣做，除非有必要澄清我們認為公司的發展方向。我們認為現在我們對本財年和未來幾個財年的了解非常具體，我們預計與您的第三個問題有關，即營收的連續成長。我們認為這基本上回答了問題。

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，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，我們對這個生態系統有期望。再說一遍，考慮到《GTA V》多年後的完整遊戲銷售仍然強勁。同時，我們也非常樂觀地發布了許多其他強大的版本。當然，我們在市場上也有一些熱門卡牌。火柴工廠！是一個巨大的打擊，而且只會加速。

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埃里克·謝裡登（Eric Sheridan）。

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。當您結束活動時，您剛剛經歷了重新評估您的管道並查看整個組織的資源分配，右側的一些關鍵學習內容是什麼，正確的內容組合可以讓您們滿足您的最低門檻向前？關於目前有多少資源分配決策使公司建立了多年的視野，有哪些重要的經驗教訓？或者您認為，當您希望在未來幾年將資源和 IP 管道結合起來時，將會繼續改進？

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，就我們的管道而言，我的意思是這對我們來說並不是什麼新鮮事。這是我們經歷的一個過程——至少在我來到這裡的過去 17 年裡，我們一直在經歷這個過程。而且 - 但我們正在尋找圍繞這一點的具體內容 - 我們剛才看到的是我們正在尋找 - 我們現在在行業中了解到最大的遊戲正在獲勝，並且他們正在佔據更多份額。這顯然是我們注意到並非常認真對待的事實。我們只是在尋找我們認為最有可能獲得商業成功和關鍵成功的專案。經歷這些，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。

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.

但在這種情況下，這是必要的，也是我們正常化過程的一部分。所以我們絕對希望這種情況在未來會繼續下去。這是一個相當強硬的外觀和一個相當大的外觀。所以我認為大部分都已經過去了。但在接下來的幾年裡，我們會做加法，也會做減法，這就是我們工作的一部分。我們也將繼續投資新的知識產權。這對我們來說並非不可能。這非常重要。這就是這個行業的生命力血。如果你不投資新的智慧財產權，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 Jason Bazinet 與花旗銀行的對話。

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?

我剛剛有一個關於 GTA VI 的問題。這一幅度從 25 年以來的下降幅度縮小了 25%。您認為與假期同步有什麼附帶好處嗎？或者你覺得《GTA》是一個如此強大的系列，以至於它真的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考慮的發布視窗中。

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

我們的下一個問題來自詹姆斯希尼和傑弗里斯的對話。

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?

行動端業務的一些解鎖是什麼？您確實提到了 Zynga 智慧財產權業務的業績好於預期，但只是想知道您是否可以在廣告業務方面具體說些什麼？

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.

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，它們都是相關的。當我們重新思考我們的超休閒業務並將其轉變為混合休閒業務時，我們受到了廣告的打擊，其中也包括應用程式內購買。

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，我們透過將廣告單元放入以前沒有的遊戲中，在手機內部建立了廣告。無論如何，廣告對於我們的行動業務來說應該是一個有意義的成長領域。在應用程式內購買方面，我們擁有與任何其他行動公司相同的機會和限制，我們增加應用程式內購買的能力是由我們讓人們下載和玩熱門遊戲的能力所驅動的。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克萊·格里芬和莫菲特·內桑森的對話。

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個人電腦策略。我知道只有大量的參與度，尤其是 PC 版《俠盜獵車手》，但並非所有這些都可以貨幣化。我想在過去，你已經將其描述為在那裡擁有它也許是一件好事。您不一定需要將所有這些貨幣化。但除了 Wolf 等之外，還有一些有趣的產品。所以也許我只是好奇你們看到或想到了在 PC 上解鎖盈利的機會？

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，我們像看待任何平台一樣看待 PC 平台，而這一切都首先從內容開始。我們同意，這是一個非常強大的平台，我們有一些非常強大的第三方合作夥伴。還有我們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，只要遊戲玩家還在，我們就會繼續開發並支援 PC 平台。無論玩家在哪裡，我們都在哪裡。

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，我認為我們對 PC 和貨幣化的看法與我們對任何其他平台的看法並沒有什麼不同。這確實更多的是一場又一場的比賽。什麼對某些遊戲有效，什麼對某些遊戲無效。我們賴以生存的首要法則是內容的交付，貨幣化將隨之而來。

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集團 (UBS) 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 GTA+ 價格上漲。我知道已經過了 7 年，但你能幫助我們思考原因嗎？當您審視《GTA VI》時，隨著這些遊戲不斷變得更大、體驗更強大，您對特許經營權或您的整體產品組合的定價動態有何最新想法？

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.

看，我們不斷提供更多內容，我們的目標是在任何特定時間提供巨大的價值。我們如此專注於提供比我們收取的更多的價值。這就是標題。每當我們確定價格時，我們都希望確保對消費者來說這是個好消息，因為在成本方面，體驗遠遠超出了交付範圍。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，一個關於移動設備，然後另一個關於連續增長。那麼，在《GTA VI》即將推出時，在 26 財年經歷瞭如此艱難的競爭後，你們將如何在 27 財年實現連續增長，還有什麼更多的信息可以告訴我們嗎？這似乎違反直覺。當我回顧過去兩次時，Rockstar 發布了一款大型遊戲。 《荒野大鏢客：救贖》在 19 財年、20 財年沒有成長。 《俠盜獵車手 V》在 14 財年和 15 財年下降了 30%，我只是想把這幾件事擺平。 Rockstar 會繼續推動 27 財年的環比成長嗎？任何更多的顏色都會很棒。

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，這是一個公平的問題。看，業務確實發生了變化，當然是自 2019 年以來，絕對是自 2015 年以來，而且變化的方式現在顯而易見，而且我們預計未來也會發生變化。連續成長是由我們的整體管道推動的，我們現在是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 抱有很大的期望。正如我之前所說，我們銷售《GTA V》完整版遊戲已經超過 10 年了。我們在特定年份的銷售量繼續高於大多數其他獨立版本的第一年銷售量，甚至在我們的大競爭對手公司也是如此。

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，我們實際上認為有一個令人信服的案例表明，整個遊戲的銷售在未來幾年將繼續保持強勁。同樣，我們還有已宣布和未宣布的管道，這非常令人興奮。我們有一個年度管道，當然，它會繼續出現，這是相當重要的。我們坦率地認為，我們的行動業務已經調整規模，結構良好，現在又回到了成長模式。有證據表明這一點。 《Match Factory!》的性能、《Toon Blast》的性能以及許多其他大型遊戲的穩定性能。我們也非常關注地理成長機會。我們不會花太多時間談論它，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仍然主要集中在美國和西歐。我們認為亞洲、印度和非洲存在巨大的成長機會，而我們和所有不在這些地區的其他人的滲透率都嚴重不足。因此，成長的機會有很多，但要放心，這不是把手指放在嘴裡，懸在空中，希望得到最好的數字。這是由我們的發佈時間表和管道驅動的。

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》的問世感到非常興奮。您是否對遊戲機安裝基數或遊戲機銷量的重新加速成長做出任何假設？因為在您的預測中，您的遊戲可能會將大量流失的遊戲玩家帶回生態系統。

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.

我們使用的是 IDG 的預測，該預測相當可觀。因此，僅就 Gen 9 而言，他們的觀點是，截至去年年底，目前全球擁有約 8,100 萬台遊戲機，他們預計到今年年底將增加到 111 台，到 2027 年底將增加到 175 台。不一定同意或不同意這些觀點，但這表明了巨大的成長。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。說到這裡，我想將發言權交還給執行長施特勞斯·澤爾尼克（Strauss Zelnick），請其發表最後評論。

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 工作的每個人以及我們所有的附屬機構。這是一個充滿挑戰的時期。除了提供熱門產品外，我們還要求每個人深入挖掘並確保業務高效、規模合理。這很有挑戰性。我們組織最非凡的事情之一就是令人驚嘆的士氣和對共同利益的關注。我們在這裡為我們的客戶，為我們的首要任務，為我們每天為客戶提供服務的同事以及我們的股東。我們對我們所處的地位、我們目前營運的財政年度以及未來幾年令人驚嘆的產品線感到非常興奮。

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。此時您可以斷開線路。感謝您的參與。