Take-Two Interactive Software Inc (TTWO) 2025 Q1 法說會逐字稿

(technical difficulty) Welcome to the Take-Two Interactive first-quarter fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

（技術難度）歡迎參加 Take-Two Interactive 2025 財年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce to you, Nicole Shevins, SVP of Investor Relations and Corporate Communications. Thank you, Nicole. You may begin.

現在我很高興向您介紹投資者關係和企業傳播資深副總裁 Nicole Shevins。謝謝你，妮可。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2025 ended June 30, 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 6 月 30 日的 2025 財年第一季度的業績。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. These important factors are described in our filings with the SEC, including the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, including the risks summarized in the section entitled Risk Factors.

在開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中所做的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述是基於我們管理階層的信念以及我們所做的假設和我們目前可獲得的資訊。我們沒有義務更新這些前瞻性陳述。由於多種因素，實際經營結果可能與這些前瞻性陳述有顯著差異。這些重要因素在我們向 SEC 提交的文件中進行了描述，包括公司最新的 10-K 表年度報告和 10-Q 表季度報告，其中包括標題為「風險因素」部分中總結的風險。

I'd also like to note that unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons are year-over-year. Additional details regarding our actual results and outlook or contained in our press release, including the items that our management uses internally to adjust our GAAP financial results in order to evaluate our operating performance. Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure. In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com.

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

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon and thank you for joining us today. I'm pleased to report that fiscal year 2025 is off to a solid start. Our first quarter net bookings of $1.2 billion were in line with our expectations, and our management team remains highly confident in our path forward. We're reiterating our net bookings outlook for the year. As we release our groundbreaking pipeline, we expect to achieve tremendous growth, including sequential increases in net bookings in fiscal 2026 and 2027. I'd like to thank our talented teams across our labels for their boundless passion, hard work, and dedication to our mission.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地報告，2025 財政年度已經有了一個好的開始。我們第一季的淨預訂量為 12 億美元，符合我們的預期，我們的管理團隊對我們的前進道路仍然充滿信心。我們重申今年的淨預訂量展望。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2026 財年和2027 財年淨預訂量的連續成長。熱情、辛勤工作和奉獻精神。

Now turning to our business highlights from the quarter. The Grand Theft Auto series exceeded our expectations as momentum continues to build ahead of the launch of Grand Theft Auto VI in fall of 2025. Unit sales for Grand Theft Auto V continue to grow. And to date, the title has sold in over 200 million units. Grand Theft Auto Online also surpassed our projections, led by its summer content pack, Bottom Dollar Bounties, which launched June 25. The audience for Rockstar's premium membership service, GTA+, grew strong double digits over last year, with Rockstar Games offering its members an array of valuable benefits that range from enhancing the in-game experience to providing access to their classic titles, including the recent addition of LA Noire.

現在轉向我們本季的業務亮點。俠盜獵車手系列超出了我們的預期，在 2025 年秋季推出俠盜獵車手 VI 之前，勢頭持續增強。迄今為止，該遊戲的銷量已超過 2 億份。 《俠盜獵車手Online》也超出了我們的預期，其中6 月25 日推出的夏季內容包Bottom Dollar Bounties 為首。提供了一系列有價值的好處，從增強遊戲體驗到提供經典遊戲的訪問權限，包括最近添加的《黑色洛城》。

We're pleased with the performance of Red Dead Redemption 2, which has sold in more than 65 million units to date. In addition, Red Dead Online continued to engage its audience during the period with new monthly bonuses and free outfits inspired by top content creators within the Red Dead community.

我們對 Red Dead Redemption 2 的表現感到滿意，迄今為止遊戲的銷量已超過 6500 萬份。此外，Red Dead Online 在此期間繼續以受 Red Dead 社群頂級內容創作者啟發的新月度獎勵和免費服裝吸引觀眾。

NBA 2K24 delivered a solid quarter and to date has sold in close to 11 million units. Engagement remains strong with users playing more frequently and participating in more games compared to NBA 2K23 for the same period last year. The franchise continues to expand its audience through several innovative mobile experiences, including NBA 2K24 MyTeam, a free-to-play card collecting experience that has been downloaded nearly 3 million times since its launch in February. Moreover, NBA 2K24 Arcade edition continues to enjoy a huge success on Apple Arcade and is consistently a top two game on the service.

《NBA 2K24》季度表現穩定，迄今已售出近 1,100 萬份。與去年同期的《NBA 2K23》相比，用戶玩遊戲的頻率更高，參與遊戲的次數也更多，參與度仍然很高。該系列遊戲透過多種創新的行動體驗不斷擴大其受眾，其中包括《NBA 2K24 MyTeam》，這是一款免費卡牌收集體驗，自 2 月推出以來已下載近 300 萬次。此外，《NBA 2K24》街機版繼續在 Apple Arcade 取得巨大成功，並且始終位列該服務的前兩名遊戲。

WWE 2K24, which launched at the end of fiscal 2024 has continued to grow its audience and enhance its profitability. Our teams have driven meaningful engagement through the release of several content packs with more on the way. To date, players have logged 27 million hours of gameplay across more than 200 million matches featuring a series high roster of over 300 past and present superstars.

《WWE 2K24》於 2024 財年末推出，觀眾數量持續成長，獲利能力不斷增強。我們的團隊透過發布多個內容包來推動有意義的參與，並且還將發布更多內容包。迄今為止，玩家已在超過 2 億場比賽中記錄了 2700 萬小時的遊戲時間，其中包括 300 多名過去和現在的超級巨星。

On April 4, 2K and Cat Daddy Games released NFL 2K Playmakers, a new free-to-play mobile title that allows fans to collect NFL player cards and assemble an exciting roster of offensive, defensive, and special teams. We're proud to add NFL 2K Playmakers to our ever-expanding mobile portfolio in partnership with the NFL and the NFL Players Association.

4 月 4 日，2K 和 Cat Daddy Games 發布了 NFL 2K Playmakers，這是一款新的免費手機遊戲，粉絲可以透過它收集 NFL 球員卡並組建令人興奮的進攻隊、防守隊和特勤隊名單。我們很自豪能夠與 NFL 和 NFL 球員協會合作，將 NFL 2K Playmakers 添加到我們不斷擴大的行動產品組合中。

On April 26, 2K and Hangar 13 launched TopSpin 2K25, marking the return of our popular tennis franchise after a 13-year hiatus. The title was well received by critics and fans alike, who praised its authentic tennis experience, deep personalization, and legendary venues. 2K is supporting TopSpin with a series of center core passes that feature iconic courts, brands, and tournaments.

4 月 26 日，2K 和 Hangar 13 推出了 TopSpin 2K25，標誌著我們廣受歡迎的網球系列產品在中斷 13 年後回歸。該遊戲受到評論家和球迷的一致好評，他們稱讚其真實的網球體驗、深度個人化和傳奇的場地。 2K 通過一系列以標誌性球場、品牌和錦標賽為特色的中心核心傳球來支持 TopSpin。

During the period, we added to the caliber of our world-class development teams with our acquisition of Gearbox Entertainment. We're thrilled to welcome Randy Pitchford and his studio to the Take-Two and 2K family. We've identified many potential growth opportunities for the Borderlands series and Gearbox's catalog. In addition, tomorrow marks the box office to view of the star-studded Borderlands feature film from Lionsgate and we hope that audiences will enjoy experiencing the series vibrant and character-driven world on the big screen.

在此期間，我們透過收購 Gearbox Entertainment 增強了世界級開發團隊的能力。我們很高興歡迎 Randy Pitchford 和他的工作室加入 Take-Two 和 2K 大家庭。我們已經為《無主之地》系列和 Gearbox 的目錄確定了許多潛在的成長機會。此外，明天是獅門影業眾星雲集的《無主之地》長片的票房高峰，我們希望觀眾能夠在大銀幕上體驗該系列充滿活力和角色驅動的世界。

Zynga delivered another solid quarter, including phenomenal performance at peak. Match Factory! is scaling quickly and has established itself as one of Zynga's largest contributors to net bookings. The title is responding well to our investment and user acquisition, reflected in net bookings growth of more than 50% over last quarter. We believe that there are even more growth opportunities ahead as we add new features and updates.

Zynga 又迎來了一個穩健的季度，包括巔峰時期的驚人表現。火柴工廠！正在迅速擴張，並已成為 Zynga 最大的淨預訂貢獻者之一。該遊戲對我們的投資和用戶獲取反應良好，淨預訂量比上季增長了 50% 以上。我們相信，隨著我們添加新功能和更新，未來將有更多的成長機會。

Toon Blast delivered strong year-over-year growth for the third consecutive quarter. As the title celebrates its seventh anniversary this month, we're pleased that this has become a top 10 grossing game in the US Apple App store this quarter and has achieved more than $2.5 billion in lifetime gross bookings. On June 4, Zynga and Lucas Film Games launched Star Wars: Hunters, the label's first ever cross-platform title, which is available for free on the Nintendo Switch and iOS and Android devices. Expanding the iconic Star Wars universe with new locations and characters, the competitive battle arena game received a tremendous amount of fanfare from the media and audiences around the globe. Players can look forward to additional content offerings coming soon.

Toon Blast 連續第三個季度實現強勁的年成長。本月遊戲將迎來上市七週年，我們很高興該遊戲已成為本季美國 Apple App Store 中最暢銷的遊戲前 10 名，總預訂總額已超過 25 億美元。 6 月 4 日，Zynga 和 Lucas Film Games 推出了該品牌首款跨平台遊戲《星際大戰：獵人》，可在 Nintendo Switch 以及 iOS 和 Android 裝置上免費下載。這款競爭激烈的競技場遊戲透過新的地點和角色擴展了標誌性的星際大戰宇宙，受到了全球媒體和觀眾的熱烈追捧。玩家可以期待即將推出的更多內容。

Our blended monetization efforts in hypercasual are progressing well at Rollic, which cross $3.6 billion all-time downloads. Fan favor titles Screw Jam and Twisted Tangle both performed well this quarter, becoming top 50 and top 100 grossing games, respectively, in the US Apple app store. 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. Looking ahead, Zynga has numerous titles in development and soft launch, including the latest installment in their popular racing franchise CSR Racing 3.

我們在超休閒遊戲領域的混合盈利工作在 Rollic 上進展順利，其總下載量突破了 36 億美元。深受粉絲喜愛的遊戲《Screw Jam》和《Twisted Tangle》本季都表現出色，分別躋身美國蘋果應用商店暢銷遊戲前 50 名和前 100 名。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。展望未來，Zynga 擁有眾多正在開發和試運行的遊戲，包括其廣受歡迎的賽車系列的最新作品 CSR Racing 3。

In closing, I believe that our talented creative teams and owned portfolio of iconic entertainment franchises are driving both the consistent performance of our company and our potential to achieve unprecedented levels of multiyear growth as we focus on our strategic priorities and embody our core tenets of creativity, innovation, and efficiency I'm confident that we'll set new benchmarks for our industry and deliver strong returns for our shareholders.

最後，我相信，我們才華橫溢的創意團隊和自有的標誌性娛樂特許經營組合正在推動我們公司的持續業績和我們實現前所未有的多年增長水平的潛力，因為我們專注於我們的戰略重點並體現了我們的核心創意原則、創新和效率 我相信我們將為我們的行業樹立新的基準，並為我們的股東帶來豐厚的回報。

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 continuing to deliver immersive and engaging entertainment experiences that are strengthening the foundation for our long-term success.

謝謝，施特勞斯。我要感謝我們的團隊繼續提供身臨其境、引人入勝的娛樂體驗，這些體驗為我們的長期成功奠定了基礎。

Turning to our recent releases and announced offerings for the current year. On July 25, Zynga launched a new puzzle RPG title, Game of Thrones: Legends, which invites players to journey through the magical land of West Rose featuring characters, lores, and storylines from HBO's popular Game of Thrones and House of the Dragon franchises. The game marked the exciting return of Emmy and Golden Globe nominated actor, Kit Harrington to the franchise, who'll also star in our marketing campaign set in the titles' immersive world. Player reception has been positive, with the title entering the top 10 in the overall free games category on the US Apple App Store and on Google Play in the US.

談談我們最近發布的版本和今年宣布的產品。 7 月25 日，Zynga 推出了一款新的益智RPG 遊戲《權力的遊戲：傳奇》，邀請玩家穿越西玫瑰的神奇土地，體驗HBO 熱門《權力的遊戲》和《龍之家》系列中的角色、傳說和故事情節。這款遊戲標誌著艾美獎和金球獎提名演員基特哈林頓(Kit Harrington) 令人興奮地回歸該系列，他也將在我們以遊戲的沉浸式世界為背景的營銷活動中擔任主角。玩家反應良好，該遊戲進入了美國 Apple App Store 和 Google Play 整體免費遊戲類別的前 10 名。

2K and Visual Concepts will once again set new standards of excellence and realism for basketball in our industry with the launch of NBA 2K25. The title officially launches on September 6 and we are excited to offer fans that have preordered the game the ability to play up to two days early. Players will be able to forge a dynasty in MyCAREER and compete in the new, MyTEAM modes. Those on Gen 9 platforms will experience an added sixth era in MyNBA, a more dense and interactive city and the chance to cement their G.O.A.T. status in the W. We are thrilled that Visual Concepts will release the Gen 9 version of NBA 2K25 for PC, which will provide our passionate community access to our series most advanced gameplay and stunning graphics. 2K will have more details to share about the game leading up to its launch.

隨著《NBA 2K25》的推出，2K 和 Visual Concepts 將再次為籃球界樹立卓越和真實的新標準。該遊戲將於 9 月 6 日正式發布，我們很高興為已預訂遊戲的粉絲提供提前兩天玩遊戲的機會。玩家將能夠在 MyCAREER 中打造王朝，並在新的 MyTEAM 模式中競爭。 Gen 9 平台上的玩家將在 MyNBA 中體驗第六個時代，這是一個更密集和互動的城市，並且有機會鞏固他們的 G.O.A.T.我們很高興 Visual Concepts 將發布 PC 版《NBA 2K25》第 9 代版本，這將為我們充滿熱情的社群提供我們系列最先進的遊戲玩法和令人驚嘆的圖形。 2K 將在遊戲發布前分享更多有關該遊戲的細節。

In addition, Visual Concepts is currently developing WWE 2K25 and which promises to take our successful pro-wrestling franchise to new heights when it launches later this fiscal year. Later this month, 2K and Firaxis Games will reveal more details about the eagerly anticipated launch of Sid Meier's Civilization VII, a revolutionary new chapter in our epic strategy video game franchise. In this 4X strategy game, players can establish their civilization and construct cities and architectural wonders to expand their territory, conquer or cooperate with rival civilizations, and explore the far reaches of the unknown world. We can't wait for Sid fans around the world to enjoy what promises to be the best title in the series' 30-year history.

此外，Visual Concepts 目前正在開發《WWE 2K25》，預計在本財年稍後推出時將我們成功的職業摔角系列遊戲推向新的高度。本月晚些時候，2K 和 Firaxis Games 將透露有關備受期待的 Sid Meier 的《文明 VII》的更多細節，這是我們史詩策略視頻遊戲系列中革命性的新篇章。在這款 4X 策略遊戲中，玩家可以建立自己的文明，建造城市和建築奇觀，以擴大領土，征服或與敵對文明合作，並探索遙遠的未知世界。我們迫不及待地想讓世界各地的 Sid 粉絲享受這款有望成為該系列 30 年歷史上最好的遊戲。

We also successfully launched a mobile civilization game in China through our partnership with Tencent and are pleased that the title hit number one on iOS and Android stores at launch.

我們也透過與騰訊合作，在中國成功推出了一款行動文明遊戲，並很高興該遊戲一推出就在 iOS 和 Android 商店中排名第一。

In closing, as we continue to execute upon our strategy, we believe that there are many opportunities that will enable us to deliver a period of significant margin expansion, long-term growth and shareholder returns for Take-Two.

最後，隨著我們繼續執行我們的策略，我們相信有很多機會使我們能夠為 Take-Two 帶來顯著的利潤擴張、長期成長和股東回報。

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 achieved solid first quarter results by engaging our players with exciting new game releases and content updates, while maintaining our focus on efficiency. We continue to have great confidence in our ability to deliver a multiyear period of growth. Our core franchises remain healthy. Our teams are hard at work on the most ambitious development pipeline in our company's history, and we remain focused on new growth opportunities to enhance our business model and financial profile. I'd like to thank our teams for enabling us to captivate millions of players every day and for their unwavering support to our long-term vision.

謝謝卡爾，大家下午好。我們透過讓玩家參與令人興奮的新遊戲發布和內容更新，同時保持對效率的關注，取得了穩健的第一季業績。我們仍然對實現多年成長的能力充滿信心。我們的核心特許經營業務保持健康。我們的團隊正在努力打造公司歷史上最雄心勃勃的發展路線，我們仍然專注於新的成長機會，以增強我們的業務模式和財務狀況。我要感謝我們的團隊使我們能夠每天吸引數百萬玩家，並感謝他們對我們長期願景的堅定支持。

Turning to our results. We delivered first quarter net bookings of $1.22 billion, which was in line with our guidance range of $1.2 billion to $1.25 billion. Recurrent consumer spending was flat for the period and accounted for 83% of net bookings. Mobile increased mid-single digits, driven by the addition of Match Factory! and growth in Toon Blast which was partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles.

轉向我們的結果。我們第一季淨預訂額為 12.2 億美元，符合我們 12 億至 12.5 億美元的指導範圍。經常性消費者支出在此期間持平，佔淨預訂量的 83%。由於 Match Factory 的加入，行動業務成長了中個位數！ 《Toon Blast》的成長部分被我們的超休閒行動產品組合和《帝國與謎題》的下滑所抵消。

Grand Theft Auto Online and NBA 2K were both down. During the quarter, we launched TopSpin 2K25 and No Rest for the Wicked on early access for PC, NFL 2K Playmakers and Star Wars: Hunters.

《俠盜獵車手 Online》和《NBA 2K》都出現下滑。在本季度，我們推出了《TopSpin 2K25》和《No Rest for the Wicked》的 PC 搶先體驗版、《NFL 2K Playmakers》和《星際大戰：獵人》。

GAAP net revenue increased 4% to $1.34 billion while cost of revenue declined 6% to $567 million and operating expenses increased by 8% to $956 million. On a management basis, operating expenses rose 12% year-over-year which was better than our forecast due to lower R&D and marketing costs.

GAAP 淨收入成長 4%，達到 13.4 億美元，而營收成本下降 6%，達到 5.67 億美元，營運費用成長 8%，達到 9.56 億美元。在管理方面，由於研發和行銷成本下降，營運費用年增 12%，優於我們的預測。

Turning to our guidance. I'll begin with our full fiscal year expectations. Our business is performing well. And as Strauss mentioned, we are reiterating our net bookings outlook range of $5.55 billion to $5.65 billion, which represents 5% growth over fiscal 2024. The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, our hypercasual mobile portfolio, Match Factory!, Empire & Puzzles, the Red Dead Redemption series, Sid Meier's Civilization VII, and Words with Friends.

轉向我們的指導。我將從我們整個財年的預期開始。我們的業務表現良好。正如斯特勞斯所提到的，我們重申我們的淨預訂前景為55.5​​ 億美元至56.5 億美元，這意味著比2024 財年增長5%。 》、《俠盜獵車手》系列和《Toon Blast》 、我們的超休閒行動產品組合、Match Factory!、Empire & Puzzles、Red Dead Redemption 系列、Sid Meier's Civilization VII 和 Words with Friends。

We continue to expect recurrent consumer spending growth of approximately 3%, representing 77% of net bookings. Our recurrent consumer spending forecast assumes a high single-digit increase for mobile driven by Match Factory! and Toon Blast, which are partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles. We expect flat results 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, 32% 2K, 17% Rockstar Games, and 1% other. And we forecast our geographic net bookings split to be about 60% United States and 40% international.

我們繼續預期經常性消費者支出將成長約 3%，佔淨預訂量的 77%。我們的經常性消費者支出預測假設在 Match Factory 的推動下，行動裝置將出現高單位數成長！和 Toon Blast，這部分被我們的超休閒行動產品組合和 Empires & Puzzles 的下滑所抵消。我們預期《NBA 2K》的表現將持平，《俠盜獵車手 Online》的表現將會下滑。我們預計我們旗下品牌的淨預訂量約為 50% Zynga、32% 2K、17% Rockstar Games 和 1% 其他。我們預計淨預訂量的地理分佈將約為 60% 美國和 40% 國際。

We now expect non-GAAP adjusted unrestricted operating cash flow to be an outflow of $150 million, and we plan to deploy approximately $140 million of capital expenditures primarily for game technology and office buildouts. We expect GAAP net revenue to range from $5.57 billion to $5.67 billion and cost of revenue to range from $2.38 billion to $2.41 billion. The total operating expenses are expected to range from $3.7 billion to $3.72 billion as compared to $5.83 billion last year.

我們現在預計非 GAAP 調整後無限制營運現金流將流出 1.5 億美元，並且我們計劃部署約 1.4 億美元的資本支出，主要用於遊戲技術和辦公室擴建。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 23.8 億美元至 24.1 億美元之間。總營運費用預計在 37 億美元至 37.2 億美元之間，而去年為 58.3 億美元。

On a management basis, we expect operating expense growth of approximately 10% year-over-year. This 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. The addition of Gearbox and higher personnel costs, partially offset by savings from our cost reduction program. Excluding incremental marketing and the addition of Gearbox, our operating expenses are expected to grow low single digits over last year.

從管理角度來看，我們預計營運費用將年增約 10%。這主要是由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。變速箱的增加和更高的人員成本，部分被我們的成本削減計劃節省的費用所抵消。不包括增量行銷和變速箱的增加，我們的營運費用預計將比去年低個位數成長。

Now moving on to our guidance for the fiscal second quarter. We project net bookings to range from $1.42 billion to $1.47 billion compared to $1.44 billion in the second quarter last year. Our release slate for the quarter includes Game of Thrones: Legends and NBA 2K25. The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, our hypercasual mobile portfolio, Empires & Puzzles, Words with Friends, the Red Dead Redemption series, and Merge Dragons!.

現在轉向我們對第二財季的指導。我們預計淨預訂量將在 14.2 億美元至 14.7 億美元之間，而去年第二季的淨預訂量為 14.4 億美元。我們本季的發行計畫包括《權力的遊戲：傳奇》和《NBA 2K25》。淨預訂量的最大貢獻者預計將是《NBA 2K》、《俠盜獵車手》系列、《Toon Blast》、《火柴工廠！ 》、我們的超休閒移動產品組合、《帝國與謎題》、《Words with Friends》、《荒野大鏢客：救贖》系列和《Merge Dragons!》。

We project recurrent consumer spending to increase by approximately 5%, which assumes a low double-digit increase from mobile driven by the addition of Match Factory! and growth in Toon Blast which are partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles. We expect flat results for NBA 2K and a decline for Grand Theft Auto Online. We expect GAAP net revenue to range from $1.29 billion to $1.34 billion. Operating expenses are planned to range from $982 million to $992 million. On a management basis, operating expenses are expected to grow by approximately 27% year-over-year, which is primarily driven by additional marketing from Match Factory! and Game of Thrones: Legends and the addition of Gearbox partially offset by savings from our cost reduction programs.

我們預計經常性消費者支出將成長約 5%，假設在 Match Factory 的加入的推動下，行動裝置支出將出現兩位數的低成長！ 《Toon Blast》的成長被我們的超休閒行動產品組合和《Empires & Puzzles》的下滑部分抵消。我們預期《NBA 2K》的表現將持平，《俠盜獵車手 Online》的表現將會下滑。我們預計 GAAP 淨收入將在 12.9 億美元至 13.4 億美元之間。營運費用計劃在 9.82 億美元至 9.92 億美元之間。從管理角度來看，營運費用預計將年增約 27%，這主要是由 Match Factory 的額外行銷推動的！和《權力的遊戲：傳奇》以及 Gearbox 的添加被我們的成本削減計劃節省的部分抵消了。

In closing, we are confident in our ability to deliver a strong multiyear trajectory of growth, driven by our industry-leading talent our diverse portfolio of iconic owned intellectual properties and our groundbreaking development pipeline. As we capitalize on our competitive advantages and pursue our strategic priorities, we believe that we will continue to grow our business, enhance our profitability, and deliver long-term value for our shareholders.

最後，在我們領先業界的人才、標誌性自有智慧財產權的多元化投資組合和突破性的開發管道的推動下，我們對實現強勁的多年成長軌跡充滿信心。當我們利用我們的競爭優勢並追求我們的策略重點時，我們相信我們將繼續發展我們的業務，提高我們的獲利能力，並為我們的股東創造長期價值。

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 delivering results consistently that reflect our unique ability to provide the highest quality and most engaging entertainment offerings to our player communities. 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，感謝我們的同事始終如一地交付成果，這些成果反映了我們為玩家社群提供最高品質和最具吸引力的娛樂產品的獨特能力。對於我們的股東，我想對你們的持續支持表示感謝。

We'll now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Doug Creutz, TD Cowen.

（操作員說明）Doug Creutz，TD Cowen。

Hey, thanks. Your largest peer just released the college football game that has done exceptionally well, as I'm sure you've seen. Just curious if that's caused any thoughts about potentially adding a college basketball feature to NBA 2K, whether it's a unit-based item or just another mode in the game. It seems like there might be a nice opportunity there. Thanks.

嘿，謝謝。你最大的同行剛剛發布了一場表現非常出色的大學橄欖球比賽，我相信你已經看到了。只是好奇這是否會引起任何關於在《NBA 2K》中添加大學籃球功能的想法，無論是基於單位的項目還是遊戲中的另一種模式。看來那裡可能有一個很好的機會。謝謝。

Thanks for the question, Doug. So yeah, obviously, we did -- we have noticed the success with college football and it's just exciting (technical difficulty) industry. We've taken note of that. And we obviously do have a history with college football and college with 2K. And we're always listening to our community and their interest to see if there's something that we might be able to do in the future. That's across the board, not necessarily just with how generally speaking. Nothing to announce now, but obviously, it did -- we did take notice of it.

謝謝你的提問，道格。所以，是的，顯然，我們做到了——我們注意到大學橄欖球的成功，這是一個令人興奮的（技術難度）行業。我們已經注意到這一點。顯然，我們確實有大學橄欖球和大學 2K 的歷史。我們一直在傾聽社區的意見和他們的興趣，看看我們將來是否可以做一些事情。這是全面的，不一定只是一般而言。現在沒有什麼可宣布的，但顯然，它確實發生了——我們確實注意到了它。

Okay, thank you.

好的，謝謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks. Good afternoon, everybody. I guess first off, with at least a year or so to go on development of the next GTA, I was just curious if you could sort of outline perhaps generically at this point in the production cycle of a game at the scale, what parts of development are less than complete, I guess, are you still in the midst of core development? Are you approaching the testing stage? Any sort of color there I think would be interesting. And as a follow-up, Lainie, the increase in OpEx guidance for the year, is that more to support with marketing new titles? Or was that something related to Gearbox? Any clarification there would be great. Thank you.

謝謝。大家下午好。我想首先，下一個 GTA 的開發至少需要一年左右的時間，我只是好奇你是否可以大概概括一下目前遊戲規模的製作週期中的哪些部分，開發還沒有完成，我想，你還在核心開發中嗎？您即將進入測試階段嗎？我認為任何顏色都會很有趣。作為後續行動，Lainie，今年營運支出指導的增加是否更多地支持行銷新遊戲？或者說這與 Gearbox 有關？任何澄清都會很棒。謝謝。

Thanks, Colin. First of all, where (technical difficulty) would be in dev would be title-specific, so at this stage of the game, it really would vary depending on the title. There's really no cookie cutter answered your question. But in any case, it's not the kind of insight that we would give with regard to any specific development that's going on at the company.

謝謝，科林。首先，開發中的（技術難度）將是特定於標題的，所以在遊戲的這個階段，它確實會根據標題而變化。確實沒有千篇一律的東西可以回答你的問題。但無論如何，這不是我們對公司正在發生的任何具體發展所提供的洞察。

And in terms of the increase in the OpEx, it's mostly driven by the acquisition of Gearbox and to a lesser extent, higher marketing, personnel, and occupancy expenses.

就營運支出的成長而言，主要是由收購 Gearbox 推動的，其次是由更高的行銷、人員和占用費用推動。

Okay. Thank you, guys.

好的。謝謝你們，夥計們。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Thanks for taking my question. Maybe kind of a corollary to the last question. But with the news of the strikes getting underway, I've seen the reports that it won't affect games in development before September 23. But maybe for some of the earlier-stage projects, how are you able to adapt your processes to still make headway? And is there a point in the dev process where you could hit blockers?

感謝您提出我的問題。也許是最後一個問題的必然結果。但隨著罷工的消息不斷傳出，我看到報導稱，9 月 23 日之前，罷工不會影響正在開發的遊戲。進展？在開發過程中是否存在可以遇到阻礙的點？

So look, we deeply value our talent relationships. And historically, we worked very successfully with all of the unions, including SAG-AFTRA. We continue to work hard to come to a resolution on this current situation. In fact, the common ground on 24 out of 25 proposals. So I'm pretty confident that we can get to a deal that will be mutually beneficial.

所以看，我們非常重視我們的人才關係。從歷史上看，我們與所有工會（包括 SAG-AFTRA）合作非常成功。我們將繼續努力就當前局勢達成解決方案。事實上，25 項提案中有 24 項是共同點。因此，我非常有信心我們能夠達成一項互利的協議。

At the same time, we don't expect any impact whatsoever on our titles that are in development. If the strike went on for a very long time, obviously, that would affect us and that wouldn't be (technical difficulty) good for us or for the industry (multiple speakers) But we're cautiously optimistic that we'll be able to find common ground and that's certainly our goal.

同時，我們預計這不會對我們正在開發的遊戲產生任何影響。如果罷工持續很長時間，顯然，這會影響我們，這對我們或整個產業（多位發言者）來說（技術難度）都不好，但我們對我們能夠做到持謹慎樂觀態度找到共同點，這當然是我們的目標。

Got you. Thank you. And then maybe one quick clarification question on the back of that. Is there anything to consider on the expense side related to the strikes, like potential savings from stopped labor? Or is that just something that probably isn't very material. Thank you.

明白你了。謝謝。然後可能是一個快速澄清的問題。與罷工相關的費用方面有什麼需要考慮的嗎，例如停止勞動力可能節省的費用？或者這只是一些可能不是很重要的東西。謝謝。

We certainly -- we don't get any benefit from the situation.

當然，我們不會從這種情況中得到任何好處。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay. Thanks. Guys, good afternoon. So I want to go back to Doug's question on college football as it relates to NBA 2K, Curious if you're seeing, anything in terms of leading indicators you track or anticipating any impact on sales from what appears to be now a more crowded sports category. And then, Lainie, just on RCS, it looked like there was a tad off your guidance for fiscal 1Q, but you kept the annual outlook unchanged. Can you just reconcile the two? Thanks.

好的。謝謝。夥計們，下午好。所以我想回到道格關於大學橄欖球的問題，因為它與《NBA 2K》有關，好奇你是否看到了你跟踪的領先指標或預期現在似乎更加擁擠的體育運動對銷售的任何影響。然後，Lainie，就 RCS 而言，看起來您對第一財季的指導有點偏離，但您保持了年度前景不變。你能調和兩者嗎？謝謝。

Thanks for the question, Drew. In terms of the question about college football. No, we're not expecting -- we're not seeing any significant or any impact on our NBA title based on the success of (technical difficulty). Look, we're always competing for the customers' mind share and while across all titles. So I don't necessarily think it's necessarily a sport issue for us, but we're not anticipating any effect on NBA 2K25.

謝謝你的提問，德魯。關於大學橄欖球的問題。不，我們並沒有期待——基於（技術難度）的成功，我們沒有看到對我們的 NBA 冠軍有任何重大或任何影響。看，我們一直在爭奪客戶的心智份額，而且在所有遊戲中都是如此。所以我認為這對我們來說不一定是體育問題，但我們預計《NBA 2K25》不會受到任何影響。

And for the RCS full year, it's being driven by Match Factory! and Toon Blast. So that's why we're able to keep the full year.

全年 RCS 都是由 Match Factory 推動的！和卡通爆炸。這就是我們能夠保留全年的原因。

Which is good news.

這是個好消息。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Yeah. So it's introducing fantastic.

是的。所以它介紹的太棒了。

Benjamin Soff, Deutsche Bank.

班傑明‧索夫，德意志銀行。

Hey guys, thanks for the question. I wanted to ask a little bit about Star Wars: Hunters and it seems like the first game of that type that you guys have released since acquiring Zynga. And so does this provide a blueprint to bring more AAA content to mobile? I'm just kind of curious to get your thoughts there. Thank you.

嘿夥計們，謝謝你的提問。我想問一些關於《星際大戰：獵人》的問題，這似乎是你們收購 Zynga 以來發布的第一款這類遊戲。那麼這是否為將更多 AAA 內容引入行動裝置提供了藍圖？我只是有點好奇想聽聽你的想法。謝謝。

Look, we are very happy with the (technical difficulty) for Star Wars: Hunters, it was a really ambitious title, I think the team at Natural Motion has done a great job. And I think the Zynga label actually has been really excited to launch this cross-platform title, based on beloved IP. And it's early yet to see how it will perform. So the jury is out, but it's off to a really good start. And I do think this successful development does potentially inform other titles, but each title stands alone. And as you know, it is our preference to focus on intellectual properties that we own.

看，我們對《星際大戰：獵人》的（技術難度）非常滿意，這是一個非常雄心勃勃的遊戲，我認為 Natural Motion 的團隊做得很好。我認為 Zynga 品牌實際上非常高興推出這款基於深受喜愛的 IP 的跨平台遊戲。現在看它的表現還為時過早。目前還沒有定論，但這是一個非常好的開始。我確實認為這項成功的開發確實有可能為其他遊戲帶來啟發，但每個遊戲都是獨立的。如您所知，我們傾向於關注我們擁有的知識產權。

And then as a quick follow-up, it looks like the outlook for NBA RCS changed a little bit. Just curious if you could drill down into the moving pieces there. Thank you.

接下來，NBA RCS 的前景似乎發生了一些變化。只是好奇你是否可以深入研究那裡的移動部分。謝謝。

So we had a slight miss in Q1. That was driven by fewer active users in under this year, which was driven by lower sales of units due to the Gen 8 unit. But when we look at the full year, we expect it overall to be (technical difficulty) and a lot of that is driven by NBA 2K24. We still have the same expectations that we did for NBA 2K25 as we did at the beginning of the year.

所以我們在第一季略有失誤。這是由於今年 10 歲以下的活躍用戶減少所致，而第 8 代設備的銷量下降也是導致這一現象的原因。但當我們審視全年時，我們預計整體上會是（技術難度），其中很大一部分是由《NBA 2K24》推動的。我們仍然對《NBA 2K25》抱持著和年初一樣的期待。

Great. That's helpful. Thanks, guys.

偉大的。這很有幫助。謝謝，夥計們。

Martin Yang, Oppenheimer & Company.

馬丁楊，奧本海默公司。

Hi, thanks for taking my question. First question regarding your overall view. Can you give us updated view on your approach to UGC across different franchises? And how are you open to maybe modding both on PC and console for your future games?

您好，感謝您提出我的問題。第一個問題是關於您的整體看法。您能否向我們介紹一下您在不同特許經營業務中採用 UGC 方法的最新觀點？您是否願意在 PC 和主機上為您未來的遊戲進行改裝？

We've been very open-minded, and we certainly are very excited about many things that our users are delivering in their engagement with our titles and other people's titles. Obviously, we're excited about what we see in the modding expert community for GTA. And we think that's pretty exciting. At the end of the day, entertainment companies need to bring great entertainment to consumers. That is the starting point. And I'm not a believer that the industry will turn into into a UGC-driven industry.

我們一直都非常開放，而且我們當然對用戶在使用我們的遊戲和其他人的遊戲時所提供的許多東西感到非常興奮。顯然，我們對 GTA 模組專家社群中所看到的內容感到非常興奮。我們認為這非常令人興奮。歸根究底，娛樂公司需要為消費者帶來精彩的娛樂。這就是起點。我不相信這個產業會變成 UGC 驅動的產業。

However, for certain titles, for example, Roblox, they are really more platforms than they are in visual entertainment titles, and I think at this company, we pride ourselves on making the best entertainment of any sort (technical difficulty) and if consumers want to add to that and enhance that for their own use, generally speaking, we would like to enable that behavior, generally speaking, protective of our intellectual property, we're protective of (technical difficulty) versus other people's intellectual properties. But we do think that, that can be a positive addition to the industry. I don't think it will define either our company or the industry, however.

然而，對於某些遊戲，例如《Roblox》，它們實際上比視覺娛樂遊戲更多的是平台，我認為在這家公司，我們為製作任何類型的最佳娛樂（技術難度）而感到自豪，如果消費者想要的話為了補充這一點並增強其供自己使用，一般來說，我們希望能夠實現這種行為，一般來說，保護我們的知識產權，我們保護（技術難度）相對於其他人的知識產權。但我們確實認為，這可以對該行業產生積極的影響。然而，我認為它不會定義我們的公司或行業。

Got it. Thank you. Another question from Lainie. Can you maybe clarify if the GTA and NBA 2K24, did both franchise grow bookings on a year-over-year basis in the first quarter?

知道了。謝謝。萊妮的另一個問題。您能否澄清一下《GTA》和《NBA 2K24》第一季的預訂量是否年增？

So for the quarter for GTA, and we saw some -- the title declined for net bookings in RCS, I'm sorry, what was the second title that you asked about? NBA?

因此，對於《GTA》這個季度，我們看到了一些 - RCS 中的淨預訂量有所下降，很抱歉，您詢問的第二個遊戲是什麼？ NBA？

2K24 comparison, 2K23.

2K24對比，2K23。

Well, I don't have '24 versus '23, but in general, NBA 2K declined in the quarter.

嗯，我沒有 24 與 23 的比較，但總的來說，《NBA 2K》在本季有所下降。

Thank you. That's it for me.

謝謝。對我來說就是這樣。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Hey Strauss, Karl, Lainie, and Nicole. Great quarters guys. Thanks for taking our question. Just to Strauss, obviously, a lot of debate on our economic future here near term. Always curious your opinion. But I guess more importantly, just how you're thinking about maybe sort of a darkening macroeconomic picture impact on your business. You already sort of weathered one storm on a mobile live service. Do you feel like you're more resilient if you go into a more challenging environment again?

嘿，史特勞斯、卡爾、萊妮和妮可。很棒的宿舍夥計們。感謝您提出我們的問題。對施特勞斯來說，顯然，近期有很多關於我們經濟未來的爭論。總是好奇你的意見。但我想更重要的是，您如何看待日益惡化的宏觀經濟狀況對您業務的影響。您已經在行動直播服務上經歷了一場風暴。如果您再次進入更具挑戰性的環境，您是否感覺自己更有韌性？

And then number two, it looks like trends in current gen hardware sales have slowed, and prior gen is feeling pretty sticky here. Some of that maybe is the macro, some of it maybe just haven't seen the price release trials that we normally do at this point in the cycle. And other pieces, maybe services like GTA Online still being very strong on prior gen. So just curious, your view on sort of where we are in the cycle, and what implications it may have for your business. Obviously, it's impacted NBA, but thinking about maybe new software that is more current gen versus prior gen, what sort of challenges and opportunities you might have from that situation. Thanks, guys.

第二，當前世代硬體銷售的趨勢似乎已經放緩，而上一代在這裡感覺相當黏滯。其中一些可能是宏觀因素，有些可能只是還沒有看到我們通常在周期的這個階段進行的價格發布試驗。還有其他部分，也許像 GTA Online 這樣的服務在上一代仍然非常強大。所以只是好奇你對我們所處的周期的看法，以及它可能對你的業務產生什麼影響。顯然，它對 NBA 產生了影響，但考慮一下可能是當前一代與上一代相比更現代的新軟體，在這種情況下您可能會遇到什麼樣的挑戰和機會。謝謝，夥計們。

As drawdowns go, it was not a terrible drawdown. The unemployment rate at 4.2% or 4.4% is still very low unemployment, 114,000 jobs or so were added in the period, which is solid. As you know, people have left the workforce. So I'm not particularly worried from one report that we're heading into some kind of consumer recession, I don't see it. Now I'm also not in the business of predicting that sort of thing. But the metrics don't support that.

隨著回撤的進行，這並不是一次可怕的回撤。 4.2%或4.4%的失業率仍然是非常低的失業率，期間新增就業人數約114,000個，這是穩健的。如您所知，人們已經離開了勞動力市場。因此，我並不特別擔心一份報告稱我們正在陷入某種消費者衰退，我不認為這一點。現在我也不從事預測這類事情的工作。但指標並不支持這一點。

Generally speaking, the entertainment business is pretty resilient in such a situation. Of course, the business is not countercyclical, and in some massive downturn, we, of course, would be negatively affected, but I just don't see that on the horizon. So not a current concern for us, and we're awfully well positioned. As you know, our industry is back in growth mode, console businesses for software that is up low single digits, mobile's up mid-single digits. So there are tailwinds, and our mobile business is really performing with all these new great titles, which we referenced today, and we're really excited about our console pipeline as well, which we think will continue to perform.

總的來說，娛樂業在這種情況下還是很有彈性的。當然，這項業務並不是反週期的，在一些大規模的經濟衰退中，我們當然會受到負面影響，但我只是不認為這種情況會出現。所以這不是我們目前關心的問題，而且我們處於非常有利的位置。如您所知，我們的產業又回到了成長模式，軟體的控制台業務成長了低個位數，行動業務成長了中個位數。因此，有順風車，我們的移動業務確實在所有這些新的偉大遊戲中表現出色，我們今天提到了這些，我們也對我們的控制台管道感到非常興奮，我們認為它將繼續表現良好。

Obviously, we're announcing a quarter where we're right on track with very consistent results that are squarely within or better than guidance and consensus. We've reiterated our guidance for the year, and we've said that we expect tremendous growth in fiscal '26 and '27. So we're about as optimistic as we can be without overstating the case something that we try really hard not to do.

顯然，我們宣布的一個季度，我們正步入正軌，結果非常一致，完全符合或優於指導和共識。我們重申了今年的指導，並表示預計 26 財年和 27 財年將出現巨大增長。因此，我們在不誇大事實的情況下盡可能保持樂觀，但我們確實極力不這樣做。

Specifically, with regard to hardware, I saw the same stats that you did, and it looks like if you just measure four years in, last time, this time seems to be like there's a bit of slowing. And the report I saw said where -- we are the pro devices and the like. But everything always changes. Four years ago, PC wasn't anywhere near as meaningful as it is today for console type releases. That's a big growth market.

具體來說，關於硬件，我看到了與您相同的統計數據，看起來如果您上次測量四年，這次似乎有點放緩。我看到的報告說我們是專業設備等等。但一切總是會改變的。四年前，PC 對於主機類型的發布來說還沒有今天那麼有意義。這是一個巨大的成長市場。

And no, I don't think what consumers are saying is they're good with Gen 8 and don't care about Gen 9. We saw the exact contrary with regard to NBA 2K where Gen 8 actually was not a high performer and performed worse than we expected, Gen 9 has been incredibly powerful. So I think the Gen 9 platforms will continue to perform. I think you'll continue to see meaningful growth in that installed base. And I wouldn't put too much weight on a particular period of time.

不，我不認為消費者所說的是他們對 Gen 8 很滿意，不關心 Gen 9。比我們預期的更糟糕的是，Gen 9 的強大程度令人難以置信。所以我認為第 9 代平台將繼續表現。我認為您將繼續看到該安裝基礎的有意義的增長。我不會太看重某個特定的時間段。

I was asked earlier today by someone what's next on the hardware side. And plan is we're not in the hardware business, and I wouldn't even know how to answer that question. But what's next on the entertainment side, on the software side, is we've got a bunch of great titles in market, great live services and great new titles coming. We have the best pipeline we've ever had, and it's close to coming to fruition, we feel really great about that.

今天早些時候有人問我硬體方面的下一步是什麼。計劃是我們不從事硬體業務，我什至不知道如何回答這個問題。但在娛樂方面、在軟體方面，下一步是我們在市場上推出了一系列出色的遊戲、出色的現場服務和即將推出的出色新遊戲。我們擁有有史以來最好的管道，而且即將實現，我們對此感到非常高興。

Thanks, Strauss. Good luck, guys.

謝謝，施特勞斯。祝你好運，夥計們。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hey, thanks a lot for taking my question. Strauss, I wanted to ask you how big is the opportunity for a second soccer simulation game in the market? Whether you would comment on any rumors about 2K acquiring the FIFA license? And what your philosophy is on developing sports games, how long they might take and what your strength might be in that regard.

嘿，非常感謝您提出我的問題。 Strauss，我想問你第二款足球模擬遊戲的市場機會有多大？您是否會對2K獲得FIFA授權的傳聞發表評論？您開發體育遊戲的理念是什麼，可能需要多長時間以及您在這方面的優勢是什麼。

Yeah, there's a lot there. Look, we're in the software business. We have the number one mobile software manager title in top 11. We're really happy that we do. And we're also very mindful that it's incredibly difficult to build a great sim experience for console. It takes a long time. And that if you do it right, your users are very loyal and very embedded. I would just note with regards to the FIFA license, it does not bring along with it, rights, doesn't come with players, teams or leagues. So it's not as simple, for example, as negotiating with the NFL or the NBA or MLB, where at most, you have to negotiate with league and players association.

是的，那裡有很多。看，我們從事軟體業務。我們在前 11 名中獲得了排名第一的行動軟體經理頭銜。我們也非常清楚，為主機打造出色的模擬體驗非常困難。這需要很長時間。如果你做得正確，你的用戶就會非常忠誠並且非常深入。我想指出的是，關於國際足總的許可證，它不附帶權利，也不附帶球員、球隊或聯賽。所以這並不像跟NFL、NBA、MLB談判那麼簡單，最多就是跟聯盟、球員協會談判。

So for anyone who would want to compete in a straight-ahead sim environment for soccer, you wouldn't just have to address one particular brand license. If there's a whole lot more than that. And I think from our point of view, we have a great sports portfolio led by NBA 2K. We have WWE 2K, which is growing and profitable, really robust. We've superb partner in 2K a great partner at the NBA with the NBA and the NBA Players Association with great partners, the NFL and the NFL Players Association, were in the tennis business. We're in the golf business. So and the list goes on, I'm sure we will make more announcements in due course.

因此，對於任何想要在直接模擬足球環境中競爭的人來說，您不必只需要解決一個特定的品牌授權問題。如果還有很多的話。我認為從我們的角度來看，我們擁有以 NBA 2K 為首的出色運動產品組合。我們有《WWE 2K》，它正在不斷成長並且獲利，非常強勁。我們在 2K 領域有出色的合作夥伴，在 NBA 和 NBA 球員協會都有出色的合作夥伴，在網球行業中還有 NFL 和 NFL 球員協會的出色合作夥伴。我們從事高爾夫業務。所以這樣的例子還在繼續，我相信我們會在適當的時候發布更多公告。

Thank you very much.

非常感謝。

Clay Griffin, MoffettNathanson.

克萊·格里芬，莫菲特·內桑森。

Hi, good evening. Thank you. Curious on the year-over-year change in advertising net revenue, I suspect that's something to do with the reorientation of the hypercasual business. But Strauss, maybe just talk about what you think advertising can do for your more core portfolio of mobile titles like, what you have in peak. And would you prefer to see kind of I guess, the external sources of demand in advertising there? Or do you think the bigger opportunity is this continued push into direct-to-consumer and really just investing in more of the in-app side.

嗨，晚上好。謝謝。我對廣告淨收入的同比變化感到好奇，我懷疑這與超休閒業務的重新定位有關。但是施特勞斯，也許只是談談您認為廣告可以為您更核心的行動遊戲組合做些什麼，例如您在巔峰時期擁有什麼。我猜你比較願意看到廣告需求的外部來源嗎？或者您認為更大的機會是繼續推動直接面向消費者的業務，並且實際上只是在應用程式內進行更多投資。

It really varies title by title. There are certain titles that really aren't built for much advertising. They're really more meant for in-app purchases. There are titles that can be both. And then there are titles that really have to be ad driven. We have all of those. And we want to make sure that we do offer appropriate ad units where they do make sense, and that has been a very significant area of growth for Zynga since the acquisition, and I think that will continue. What we want to make sure is that we monetize all of the engagement. This is -- historically, the mobile business has been one where you monetized a very small part of the engagement.

它確實因標題而異。有些遊戲確實不是為了做太多廣告而設計的。它們實際上更適合應用程式內購買。有些標題可以兩者兼具。還有一些遊戲確實必須由廣告驅動。這些我們都有。我們希望確保我們確實在有意義的地方提供適當的廣告單元，自收購以來，這一直是 Zynga 非常重要的成長領域，我認為這種情況將會持續下去。我們想要確保的是，我們能夠將所有參與度貨幣化。從歷史上看，行動業務一直是您將一小部分參與度貨幣化的業務。

And that -- we don't think that ought to be the case. We think that if consumers engage there ought to be a way to monetize through advertising through in-app purchases potentially through both as long as it's a really high-quality experience. I think that's a completely separate topic from a direct-to-consumer offering. And that has been an area of enormous growth for many of our titles. But again, not all of them, obviously, if the title is only ad-driven, that's not a relevant opportunity.

我們認為情況不應該如此。我們認為，如果消費者參與進來，就應該有一種透過廣告、應用程式內購買來獲利的方式，只要這是一種真正高品質的體驗，就可以透過這兩種方式來實現。我認為這是一個與直接面向消費者的產品完全不同的主題。對於我們的許多遊戲來說，這一直是一個巨大的成長領域。但同樣，顯然，並非全部，如果標題只是廣告驅動的，那麼這不是一個相關的機會。

We still really value our retail partners for distribution and marketing. We intend to stay in business with them. Our strategy is to be where the consumer is. We don't intend to cut anyone off. We'll try to own 100% of the business. However, when it makes sense to go direct-to-consumer we will, and that has presented an enormous margin opportunity for us.

我們仍然非常重視我們的分銷和行銷零售合作夥伴。我們打算繼續與他們開展業務。我們的策略是站在消費者所在的地方。我們無意切斷任何人的聯繫。我們將嘗試擁有 100% 的業務。然而，當直接面向消費者有意義時，我們會這樣做，這為我們提供了巨大的利潤機會。

Great. Thanks.

偉大的。謝謝。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Great. Thank you. You pointed to the multiyear ramp in bookings as the pipeline builds and '26 and '27. Lainie, can you remind us how you're thinking about operating leverage and efficiencies alongside the bookings ramp? I recognize you've been going through a period of development and investment, which has impacted margins in recent years. But is it fair to think we can see a return to more historic margin levels once your cost initiatives are implemented and these new titles are released? Thank you

偉大的。謝謝。您指出，隨著管道的建設以及“26 年和 27 年”，預訂量多年來一直在增加。 Lainie，您能否提醒我們，在預訂量成長的同時，您如何考慮營運槓桿和效率？我知道你們正在經歷一段發展和投資時期，這影響了近年來的利潤率。但是，一旦實施成本計劃並發布這些新遊戲，我們就可以看到利潤率恢復到歷史最高水平，這公平嗎？謝謝

So -- we're going to do in '26 and '27 when we look at the pipeline and bring it to fruition. We really have been working very hard in terms of reducing our cost structure of the organization and looking at places that we could be more and more efficient. So we have announced a couple of cost-cutting initiatives that we've been doing over the last couple of years and looking at ways to streamline our costs between our corporate departments and our label as well as look for areas that we can continue to improve.

因此，我們將在 26 和 27 年研究管道並使其實現。我們確實一直在努力降低組織的成本結構，並尋找可以提高效率的地方。因此，我們宣布了過去幾年來一直在實施的幾項成本削減舉措，並尋找方法來簡化公司部門和品牌之間的成本，並尋找我們可以繼續改進的領域。

Also looking at our pipeline, looking at titles that we think will be the most commercially successful. So we've been doing a lot of that this past year, and we'll see an annualization of those costs in fiscal year '26. So that will improve our margins, and we expect to continue to look for those opportunities in the future, which will continue to improve our margins in '26 and '27 as well.

我們也關注我們的管道，關注我們認為商業上最成功的遊戲。因此，我們在過去的一年裡做了很多工作，我們將在 26 財年看到這些成本的年化。因此，這將提高我們的利潤率，我們預計未來將繼續尋找這些機會，這也將繼續提高我們在 26 年和 27 年的利潤率。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Ed Alter, Jefferies.

艾德‧阿爾特，傑弗里斯。

Hi, everyone. Thanks for the question. I noticed the big GTA update this June was right at the end of the quarter where last year it was a few weeks earlier. Could you just talk about how those two updates did kind of compare to each other rather than with the arbitrary quarter end?

大家好。謝謝你的提問。我注意到今年 6 月的 GTA 重大更新是在季度末，而去年則早了幾週。您能談談這兩個更新是如何相互比較的，而不是與任意季度末的比較嗎？

So we're actually really excited about the summer release for GTA Online this year, and it was a fantastic result for us. In terms of comparing them directly to the -- typically, we don't even really compare the releases. They're all very different. They had -- and we have different expectations, and they have different deliveries. This was very strong for us, and it certainly helped us exceed our expectations for the quarter. But in terms of giving a direct comparison between this one and the last one, that's not something that we're prepared to do.

因此，我們實際上對今年夏季推出的《GTA 線上模式》感到非常興奮，這對我們來說是一個了不起的結果。在將它們直接與 - 通常情況下，我們甚至不會真正比較這些版本。他們都很不同。他們和我們有不同的期望，他們有不同的交付。這對我們來說非常有利，它確實幫助我們超出了本季的預期。但就這次與上一次的直接比較而言，這不是我們準備要做的事情。

Thanks.

謝謝。

Ladies and gentlemen, at this time, we have reached the end of the Q&A session. Now I would like to pass the call back over to Strauss for any closing comments.

女士們、先生們，至此，我們的問答環節已經結束了。現在我想將電話轉回施特勞斯以徵求結束意見。

I just want to thank our team that delivered these great results, as always. We believe we have the best and most talented creative teams in the business, and we're so grateful that we do, we have a phenomenally talented executive leadership team as well. We have 12,500 colleagues all around the world who work really hard every day in service of delivering the best entertainment to our consumers. That's what they deserve, and that's what we aim to give them. Thank you for joining us today. We're really optimistic about the rest of the year and the years ahead.

我只想感謝我們的團隊一如既往地取得了這些出色的成果。我們相信我們擁有業內最優秀、最有才華的創意團隊，我們非常感激我們擁有這一點，我們也擁有一支才華橫溢的執行領導團隊。我們在世界各地擁有 12,500 名同事，他們每天都在努力工作，為我們的消費者提供最好的娛樂。這是他們應得的，也是我們旨在給予他們的。感謝您今天加入我們。我們對今年剩餘時間和未來幾年非常樂觀。

And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，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。