Take-Two Interactive Software Inc (TTWO) 2025 Q2 法說會逐字稿

Thank you. In May, both. Please standby, we're about to begin. Good afternoon, everyone. My name is Carlo, and I will be your conference operator today. At this time, I would like to welcome everyone to the Take-Two Interactive Second Quarter Fiscal Year 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions) Also, today's call is being recorded. (Operator Instructions)

謝謝。五月，兩者皆有。請稍候，我們即將開始。大家下午好。我叫卡洛，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Take-Two Interactive 2025 財年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）此外，今天的通話正在錄音。 （操作員說明）

Now at this time, I'll turn things over to Cole Chevron's Senior Vice President of Investor Relations and Corporate Communications. Please go ahead, ma'am.

現在這個時候，我將把事情交給科爾·雪佛龍 (Cole Chevron) 投資者關係和企業傳播高級副總裁。請繼續，女士。

Good afternoon. Thank you for joining our conference call to discuss our results for the second quarter of fiscal year 2025 ended September 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 9 月 30 日的 2025 財年第二季度的業績。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, and good afternoon, and thank you for joining us today. I'm pleased to report that we delivered strong second quarter results. Our net bookings of $1.47 billion worth of the top end of our guidance range, driven by the continued success of the Grand Theft Auto and Borderlands franchises.

謝謝妮可，下午好，謝謝您今天加入我們。我很高興地報告，我們第二季取得了強勁的業績。在《俠盜獵車手》和《無主之地》系列持續成功的推動下，我們的淨預訂量達到了 14.7 億美元，處於指導範圍的上限。

And our operating results surpassed our claims, largely due to shifts in timing of marketing expenses with in the year, we're reiterating our fiscal 2025 net bookings guidance range of $5.55 billion to $5.65 billion, and we remain confident that we'll achieve sequential increases and record levels of net bookings in fiscal 2026 and 2027.

我們的經營業績超出了我們的預期，這主要是由於今年行銷費用的時間變化，我們重申 2025 財年淨預訂指引範圍為 55.5 億美元至 56.5 億美元，我們仍然有信心實現連續增長2026 財年和2027 財年淨預訂量成長並創歷史新高。

Now turning to our business highlights from the quarter, sales of Grand Theft Auto five outperformed our expectations and today, titles sold in more than 205 million units worldwide. Grand Theft Auto Online also exceeded our plans, driven by sustained engagement with the summer content platform dollar values and an array of updates, including the new multi-stage on assault on a two to 16 mode and experienced improvements such as a new attitude system for the PC version of Grand Theft Auto Online momentum.

現在轉向我們本季的業務亮點，《俠盜獵車手 5》的銷量超出了我們的預期，如今，該遊戲的全球銷量超過 2.05 億份。在夏季內容平台美元價值的持續參與和一系列更新的推動下，《俠盜獵車手Online》也超出了我們的計劃，其中包括新的2 到16 人多階段攻擊模式以及經歷的改進，例如新的態度系統PC版俠盜獵車手線上勢頭強勁。

We also continued with NGTL plus as Rockstar grew its membership by 35% over last year and out of the classic titles bully. So the library of available games, Red Dead Redemption two posted another fantastic quarter for titles sold more than 67 million units to date, and six years after its release still ranks in the top 10 for unit sales globally.

我們也繼續使用 NGTL plus，因為 Rockstar 的會員數量比去年增加了 35%，擺脫了經典遊戲的霸主地位。因此，《荒野大鏢客：救贖 2》的可用遊戲庫又迎來了一個出色的季度，迄今為止，遊戲銷量已超過 6700 萬份，並且在其發行六年後仍然位居全球銷量前 10 名。

According to GST, Rockstar Games was pleased to expand its audience further with the successful launch of Red Dead Redemption and under nightmare for PC on October 29th. On September 6, 2K and Visual Concepts launch NBA two K. 25, which scored among the highest ratings on new-gen consoles in recent franchise history.

據 GST 稱，Rockstar Games 很高興於 10 月 29 日成功推出 PC 版《Red Dead Redemption》和《噩夢》，進一步擴大其受眾群體。 9 月 6 日，2K 和 Visual Concepts 推出了《NBA 2》K.25，該遊戲在近期系列遊戲史上創下了新一代遊戲機的最高收視率。

Our teams continue to raise the bar for excellence with the addition of 9,000 new Pro play animations that provide increased authenticity and all the dribble engine, representing the biggest technological update in the Series 26 year history and a more interactive and engaging experience in the city.

我們的團隊繼續提高卓越的標準，增加了9,000 個新的專業比賽動畫，這些動畫提供了更高的真實性和所有運球引擎，代表了該系列26 年曆史上最大的技術更新，並在城市中提供更具互動性和吸引力的體驗。

To date, the title is sold in the early 4.5 million units and achieved phenomenal recurrent consumer spending performance compared to NBA two K. 24 for the same period last year. NBA two K. 25 delivered meaningful double-digit growth in average revenue per user and 40% growth in average games per user.

迄今為止，該遊戲的銷量已突破 450 萬份，與去年同期的《NBA 2》K.24 相比，取得了驚人的經常性消費表現。 NBA 2 K.25 的每用戶平均收入實現了兩位數的顯著增長，每用戶平均遊戲數實現了 40% 的增長。

I'd like to congratulate 2K and Visual Concepts for another stellar launch in our industry leading NBA franchise. Our catalog also outperformed led by our immensely popular Borderlands franchise. Now the gearboxes officially joined the 2K and take two family were eager to capitalize on the many potential growth opportunities for Borderlands timing changes, Wonderland and other gearbox titles.

我要祝賀 2K 和 Visual Concepts 在我們行業領先的 NBA 系列中再次出色地推出。我們的產品目錄的表現也優於我們非常受歡迎的《無主之地》系列。現在，變速箱正式加入 2K 和 Take 兩個家族，他們渴望利用《無主之地》計時更改、《仙境》和其他變速箱遊戲的許多潛在增長機會。

Zynga delivered another quarter of solid results match factories scaling rapidly because on track to become Zynga second largest title by the end of this year. In terms of projected, annual net bookings for total grew approximately 16% over last quarter, driven by it's engaging game play, including the recent Star raise, Colby it our strategic investments in user acquisition.

Zynga 又一個季度取得了穩健的業績，工廠規模迅速擴大，預計今年年底成為 Zynga 第二大遊戲。就預計而言，年度淨預訂總量較上季增長約 16%，這得益於其引人入勝的遊戲玩法，包括最近的 Star 融資、Colby 以及我們在用戶獲取方面的戰略投資。

Toon Blast is maintaining its fantastic path of growth, with net bookings increasing more than 50% over last year. As our teams deployed highly engaging new features, including new single player and team-based events and social challenges.

Toon Blast 繼續保持驚人的成長勢頭，淨預訂量比去年增長了 50% 以上。我們的團隊部署了高度吸引人的新功能，包括新的單人遊戲和團隊活動以及社交挑戰。

We're also achieving great results as we apply our learnings to other games and Zynga's portfolio, including Toy Blast, our blended monetization efforts and hyper-casual are advancing well. In particular, screw jam remains a top 50 game in the U.S. app store.

當我們將所學到的知識應用到其他遊戲和 Zynga 的產品組合（包括《Toy Blast》）時，我們也取得了巨大的成果，我們的混合盈利努力和超休閒遊戲進展順利。特別值得一提的是，《螺絲阻塞》仍然是美國應用程式商店中排名前 50 名的遊戲。

We're encouraged by the net bookings and profitability milestones. The title is reached and we're optimistic about it going forward. Nordea's released the highly anticipated 2025 edition of our popular soccer manager game top 11 backed by a month-long marketing campaign.

我們對淨預訂量和獲利里程碑感到鼓舞。冠軍已經達成，我們對未來感到樂觀。 Nordea 在為期一個月的行銷活動的支持下，發布了備受期待的 2025 版熱門足球經理遊戲 11 強。

The release generated positive sentiment around the community, which helps solidify the largest in-app purchase spending per active user in the games 14 year history during the quarter is in the launch Game of Thrones Legends, and we remain excited about the labels future mobile launches, including CSR Three Street car racing.

這個版本在社群中產生了積極的情緒，這有助於鞏固遊戲14 年歷史上最大的每個活躍用戶應用程式內購買支出，該季度是在《權力的遊戲：傳奇》的發布中，我們對這些標籤未來的行動發布仍然感到興奮，包括CSR三街賽車。

We continue to expand our offerings within our highly accretive Direct, our process and new titles on the Verizon. We're confident in the future outlook of our mobile business. In closing, we believe that take to remains exceedingly well positioned for the balance of this fiscal year and for the long term, our vision is clear.

我們繼續在 Verizon 高度增值的 Direct、流程和新遊戲中擴展我們的產品。我們對行動業務的未來前景充滿信心。最後，我們認為，在本財年的剩餘時間裡，Take to 仍然處於非常有利的位置，從長遠來看，我們的願景是明確的。

Our talent is unparalleled, and we have one of the strongest portfolio of owned intellectual property in our industry. As we release our pipeline, including many of our industry's most highly anticipated sequels, we expect to deliver leading returns for our shareholders.

我們的人才是無與倫比的，我們擁有業內最強大的自有智慧財產權組合之一。當我們發布我們的產品線（包括許多業界最受期待的續集）時，我們期望為我們的股東帶來領先的回報。

I'll now turn the call over to Karl.

我現在將電話轉給卡爾。

Thanks, Strauss. Like to thank our teams for consistently executing against our strategy and our position our Company to deliver the strongest anticipated growth trajectory and multiyear pipeline in our history. Turning to our recent releases and announced games in development on February 11, 2K and Firaxis Games launched Sid Meier's Civilization seven highly anticipated revolutionary new chapter in our Epic for X strategy game franchise to pay has been promoting the title across many key activations, including a developer panel, Inpex West and packs, Australia, various community, a live streams, a first look, video series and developer diaries for access recently reveal details about their partnership with a shiny tried featuring leader to cancer who appears as a playable character.

謝謝，施特勞斯。感謝我們的團隊始終如一地執行我們的策略，並感謝我們公司的定位，以實現我們歷史上最強勁的預期成長軌跡和多年的管道。談到我們最近發布的遊戲以及2 月11 日宣布的正在開發的遊戲，2K 和Firaxis Games 推出了《席德·梅爾的文明7》，這是我們Epic for X 策略遊戲系列中備受期待的革命性新篇章。詳細信息，該領導者以可玩角色的形式出現。

We can't wait for systems around the world to take one more turn and enjoy what promises to be the best title in the Series 33 year history later this fiscal year. Visual Concepts for launched WWE 2K 25, which promises to take our successful progress line franchise to new heights ticket will have more to share about the game in coming months.

我們迫不及待地希望世界各地的系統能夠在本財年晚些時候再次享受該系列賽 33 年曆史上最好的遊戲。推出的《WWE 2K 25》的視覺概念承諾將我們成功的進度線特許經營權推向新的高度，並將在未來幾個月內分享更多有關該遊戲的資訊。

Looking ahead, we expect fiscal 2026 to be a milestone year as we plan to release several blockbuster titles, including Rockstar Games, Grand Theft Auto six in the fall of 2025, Borderlands for and Mafia, the old country, the latter two were unveiled by 2K.

展望未來，我們預計2026 財年將是里程碑式的一年，因為我們計劃在2025 年秋季發布幾款重磅遊戲，包括Rockstar Games、俠盜獵車手6、《無主之地》和《黑手黨：舊國度》，後兩款是由2K。

This past summer games come with each announcement featuring again trailer that received a tremendous reception for their dedicated communities offense. Rockstar Games also plans to bring the much requested PlayStation five and Xbox Series features of detailed online to the PC platform in the new year.

去年夏季的每場比賽都會發布預告片，這些預告片因其專注的社區進攻而受到熱烈歡迎。 Rockstar Games 還計劃在新的一年將備受期待的 PlayStation 5 和 Xbox 系列線上詳細功能帶到 PC 平台。

In addition, we recently made the strategic decision to sell our Private Division label to focus our resources on growing our core and mobile businesses for the long term. As part of this transaction, the buyer purchased our rights to substantially all Private Division slide in the release, titles takes to will continue to support no rest for the weekend, which launched in early access on TC in April.

此外，我們最近做出了出售 Private Division 品牌的策略決定，以便將我們的資源集中用於長期發展我們的核心業務和行動業務。作為這筆交易的一部分，買家購買了我們對發行版中幾乎所有《Private Division》幻燈片的權利，《週末不休息》的標題將繼續支持《週末不休息》，該版本於4月份在TC 上推出了搶先體驗。

We are grateful for the contributions that private divisions team has made to our company and are confident that they will continue to achieve success in their new home. In closing, our teams are hard at work on the strongest and most diverse lineup in our company's history.

我們感謝私人部門團隊為我們公司做出的貢獻，並相信他們將在新家繼續取得成功。最後，我們的團隊正在努力打造公司歷史上最強大、最多樣化的陣容。

As we deliver exciting new hits and pursue new business opportunities, we believe that we will achieve sustainable profitable growth and shareholder returns. I'll now turn the call over to Lainie.

當我們推出令人興奮的新產品並尋求新的商機時，我們相信我們將實現可持續的獲利成長和股東回報。我現在將把電話轉給萊妮。

Thanks, Karl and good afternoon, everyone. We achieved another consecutive quarter of strong results, led by our diversified portfolio of industry leading intellectual property during the period. We deliver exciting new offerings and continued to make great progress advancing our development pipeline, which reinforces our confidence now outlets to this and our multiyear growth trajectory.

謝謝卡爾，大家下午好。在此期間，由於業界領先智慧財產權的多元化投資組合，我們又連續一個季度取得了強勁業績。我們提供令人興奮的新產品，並繼續在推進我們的開發管道方面取得巨大進展，這增強了我們現在對此以及我們多年成長軌蹟的信心。

I'd like to thank our teams for their consistent execution and unwavering focus on creativity, innovation and efficiency. Turning to our results, we delivered second quarter net bookings of $1.47 billion, which is at the top of our guidance range of $1.42 billion to $1.47 billion, driven by the strength at the Grand Theft Auto and Borderlands franchises.

我要感謝我們的團隊始終如一的執行力以及對創造力、創新和效率的堅定關注。談到我們的業績，我們第二季度的淨預訂量為14.7 億美元，處於我們14.2 億至14.7 億美元指導範圍的頂部，這得益於《俠盜獵車手》和《無主之地》系列的強勁表現。

The current consumer spending was 6% for the period, which is slightly above our guidance of 5% and accounted for 81% of net bookings. Mobile increased high single digits given by the addition of that factory and strong growth in Toon Blast, which was partially offset by declines in our hyper-casual mobile portfolio and Empires & Puzzles, NBA 2K grew low single digits of Grand Theft Auto Online results reflect during the quarter, we launched NBA two K. 25 Game of Thrones Legend.

目前消費者支出為 6%，略高於我們 5% 的指引，佔淨預訂量的 81%。由於工廠的增加和《Toon Blast》的強勁增長，移動業務增長了高個位數，但部分被我們的超休閒移動產品組合和《帝國與謎題》的下降所抵消，《NBA 2K》的俠盜獵車手線上業績成長了低個位數，反映出本季度，我們推出了 NBA 兩款 K.25 權力遊戲傳奇。

GAAP net revenue increased 4% to $1.35 billion, and our cost of revenue declined 29% to $625 million as the prior year included an impairment charge related to acquired intangibles. Operating expenses increased by 7% to 1 billion and a management basis. Operating expenses was 24% year-over-year.

GAAP 淨收入成長 4%，達到 13.5 億美元，收入成本下降 29%，達到 6.25 億美元，因為前一年包括與收購的無形資產相關的減損費用。營運費用增加7%至10億並成為管理基礎。營運費用較去年同期成長 24%。

Is favorable to our forecast, partially due to a shift in timing of marketing expense for the year and drove operating results that were above our prior guidance range. Turning to our guidance, I'll begin with our full fiscal year expectations.

有利於我們的預測，部分原因是今年行銷費用的時間發生了變化，並推動了經營業績高於我們先前的指導範圍。談到我們的指導，我將從我們整個財年的預期開始。

Our business is performing well. And as Jeff mentioned, we are reiterating our net bookings outlook range of 5.555 650,000,000.00, which represents 5% plus of our fiscal 2024 the largest contributor to net bookings, are expected to be NBA 2K, Grand Theft Auto series, Toon Blast hyper-casual mobile portfolio, mass factory, Empires & Puzzles, Red Dead Redemption series, Sid Meier's Civilization seven and works defense now spec recurrent consumer spending to grow approximately 4%, representing 78% of net bookings.

我們的業務表現良好。正如Jeff 所提到的，我們重申我們的淨預訂量展望範圍為5.555 - 650,000,000.00，佔2024 財年淨預訂量的5% 以上，預計淨預訂量的最大貢獻者將是《NBA 2K》、《俠盜獵車手》系列、《Toon Blast》超休閒遊戲移動產品組合、大眾工廠、帝國與謎題、荒野大鏢客救贖系列、席德·梅爾的文明7 和作品防禦現在預計經常性消費者支出將增長約4%，佔淨預訂量的78%。

This is up slightly from our prior forecast of 3%, driven by NBA 2K. Recurrent consumer spending forecast continues to assume a high single digit increase in mobile, driven by mass factory and Toon Blast, partially offset by declines in our hyper-casual of a portfolio and Empires & Puzzles and being a suitcase expected to grow low single digits, which is up from our prior forecast of flat or grant of that online is still expected to decline.

在《NBA 2K》的推動下，這一數字比我們之前預測的 3% 略有上升。在大規模工廠和Toon Blast 的推動下，經常性消費者支出預測繼續假設行動裝置將出現高個位數成長，部分被我們的超休閒產品組合和《帝國與謎題》的下降所抵消，並且手提箱預計將成長低個位數，這高於我們先前對持平或補助的預測，預計線上補助仍將下降。

The projected net bookings breakdown from our labor, the roughly 51% Zynga, 32% to K. and 17% market share gains. And we forecast our geographic netbook conflicts to be about 60% United States and 40% international non-GAAP adjusted unrestricted operating cash flow is expected to be an outflow of $150 million, which is unchanged from our prior forecast.

預計淨預訂量按我們的勞動力劃分，Zynga 約為成長 51%，K. 成長 32%，市佔率成長 17%。我們預測上網本的地理衝突約為 60% 美國和 40% 國際非 GAAP 調整後的無限制營運現金流預計將流出 1.5 億美元，這與我們先前的預測持平。

And we remain on track to deploy approximately 140 million capital expenditures, primarily for Game Technology and office stock. We continue to expect GAAP net revenue to range from 5.575 670,000,000.00, while we now expect cost of revenue to range from $2.4 billion to $2.42 billion.

我們仍有望部署約 1.4 億美元的資本支出，主要用於遊戲技術和辦公室庫存。我們仍預期 GAAP 淨收入將在 5.575 至 670,000,000.00 之間，而我們目前預計收入成本將在 24 億美元至 24.2 億美元之間。

Total operating expenses are now expected to range from $3.77 billion to $3.79 billion as compared to $5.83 billion last year and a management basis we continue to expect operating expense was approximately 10% year-over-year.

目前預計總營運費用為 37.7 億美元至 37.9 億美元，而去年為 58.3 億美元，根據管理基礎，我們繼續預計營運費用年比約為 10%。

This is largely due to an increase in ongoing marketing support for Match factory as well as other mobile and immersive car launches planned for the year. The addition of gearbox and higher personnel costs, partially offset by savings from our cost reduction program.

這主要是由於對 Match 工廠的持續行銷支援的增加以及計劃於今年推出的其他移動和沈浸式汽車的推出。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。

Excluding incremental marketing and the addition of gearbox, our operating expenses are expected to grow low single digits over last year. Now moving onto our guidance for the fiscal third quarter, we protect net bookings to range from $1.35 billion to $1.4 billion compared to $1.35 billion in the prior year.

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。現在轉向我們對第三財季的指導，我們將淨預訂額保護在 13.5 億美元至 14 億美元之間，而前一年為 13.5 億美元。

I was the same for the quarter includes Red Dead Redemption and I'm not there for the PC which launched last week. The largest contributors to net bookings are expected to be NBA 2K. Grand Theft Auto Sales will point out that factory, Empires & Puzzles Red Dead Redemption series Words With Friends and Merge Dragons.

我對本季的情況也是如此，包括《荒野大鏢客：救贖》，但我沒有參加上週推出的 PC 版。淨預訂量的最大貢獻者預計是《NBA 2K》。 Grand Theft Auto Sales 將指出工廠、帝國與謎題 Red Dead Redemption 系列 Words With Friends 和 Merge Dragons。

We project recurrent consumer spending to increase by approximately 9%, which assumes of low double digit increase from mobile driven by the addition of mass factory and growth in Toon Blast, partially offset by declines in our hyper-casual mobile portfolio.

我們預計經常性消費者支出將成長約 9%，假設大規模工廠的增加和 Toon Blast 的成長推動了行動裝置的低兩位數成長，部分被我們的超休閒行動產品組合的下降所抵消。

And Empires & Puzzles expect an increase for NBA two K. and in decline for Grand Theft Auto Online, we expect GAAP net revenue to range from 1.361 410,000,000.00. Operating expenses, I plan to range from 913 to 920 million on a management basis.

Empires & Puzzles 預計《NBA 2 K》將有所成長，而《俠盜獵車手 Online》將有所下降，我們預計 GAAP 淨收入將在 1.361 至 410,000,000.00 之間。營運費用，我計劃在管理基礎上在913到9.2億之間。

Operating expenses are expected to grow by approximately 11% year-over-year, which is primarily driven by additional marketing for Max Factor eight and the addition of gearbox, partially offset by savings from our cost reduction program.

營運費用預計將年增約 11%，這主要是由於 Max Factor 8 的額外行銷和變速箱的增加，部分被我們的成本削減計劃節省的費用所抵消。

In closing, there are many exciting upcoming catalysts that we believe will enable our Company to achieve new record levels of net bookings performance. As we expand our product offerings and growth our Scout, we expect to deliver strong operating leverage and my best shareholder value.

最後，我們相信有許多令人興奮的即將到來的催化劑將使我們公司的淨預訂業績達到新的紀錄水平。隨著我們擴大產品範圍並發展我們的 Scout，我們期望提供強大的營運槓桿和最佳股東價值。

I'd like to thank you all for your support and look forward to sharing more detail. It's on our groundbreaking pipeline in the coming months. Thank you. I'll now turn the call back to Jeff.

我要感謝大家的支持，並期待分享更多細節。我們將在未來幾個月內進行開創性的研發工作。謝謝。我現在將電話轉回給傑夫。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for delivering another consecutive quarter of outstanding results that embody our core tenants of creativity, innovation and efficiency to our shareholders. I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊感謝我們的同事們連續一個季度取得了出色的業績，體現了我們對股東的創造力、創新和效率的核心理念。我想對您一如既往的支持表示感謝。我們現在將回答您的問題。操作員？

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Doug Creutz, Cowen.

道格·克羅伊茨，考恩。

Thanks. Hey, thank you. Back in May, you had talked about having seven core titles for the year and we've got about five months ago, and I think we've got line of sight on for that have either been already launched or we have a clear clear dates on those other three.

謝謝。嘿，謝謝你。早在五月份，您就談到了今年要推出七款核心遊戲，大約五個月前我們就已經確定了，我認為我們已經看到了這一點，要么已經推出，要么我們有明確的日期關於其他三個。

Are they still in the software lineup for the year or or perhaps have they been moved out? And what kind of impact does that have their own on your overall guidance?

它們是否仍在今年的軟體陣容中，或者可能已被移出？這對您的整體指導有何影響？

So our labels will provide more detail on the upcoming titles and they're ready to do so. Also keep in mind that while we divided our pipeline expectations for fiscal 25 and eight, we did not update our beliefs, expectations and the lessors that financial reason to do so.

因此，我們的唱片公司將提供有關即將推出的遊戲的更多詳細信息，並且他們已準備好這樣做。另請記住，雖然我們劃分了 25 財年和 8 財年的管道預期，但我們沒有更新我們的信念、預期和出租人的財務理由這樣做。

Okay, fair enough. Thank you.

好吧，很公平。謝謝。

Air Canada, Roth Capital.

加拿大航空、羅斯資本。

Good afternoon. Thanks for the question. Which is focusing on mobile a little bit. How much of the growth you say is specific to your two titles that are just doing obviously Great. Right now, how are you seeing the mobile industry in general?

午安.謝謝你的提問。其中重點關注行動裝置。你所說的成長有多少是針對你的兩款表現明顯出色的遊戲而言的。目前，您對行動產業的整體看法如何？

Julie, do you feel like there's a lift going on broadly speaking that's helping as well as just sort of the strength of the gains that you have?

朱莉，你是否覺得整體上正在發生的提升對你有所幫助，並且只是你所獲得的收益的力量？

So generally speaking, I would say we're obviously really excited about the performance of Match factory and asset turn glass as well. And we are seeing of that is that contributed significantly to our growth in the mobile space. It's not the only contributor, but that is certainly a big part of that at this point.

所以總的來說，我想說我們顯然對 Match 工廠和資產轉玻璃的表現也感到非常興奮。我們看到這對我們在行動領域的成長做出了重大貢獻。它不是唯一的貢獻者，但目前這肯定是其中的重要組成部分。

Common terms of the mobile industry, we're feeling pretty sanguine about things right now. one of the most I think one of the things that we appreciate the most is that consumers are actually of rewarding people for taking risks and releasing new titles that are compelling and engaging.

用行動產業的常用術語來說，我們現在對事情感到非常樂觀。我認為我們最欣賞的一件事是，消費者實際上會獎勵那些冒險並發布引人注目的新遊戲的人。

And we're fortunate enough to have one of those titles on this. But hopefully, if not more than one. And we're really excited about new new titles that are coming out that we've had some that we've announced. Some of that? We haven't we always said, I do. I pay is the lifeblood of the industry, and I think our our commitment to investing in IT as well as serving us well.

我們很幸運能夠擁有其中一個。但希望如此，如果不是不只一個的話。我們對即將推出的新遊戲感到非常興奮，我們已經宣布了一些新遊戲。其中一些？我們沒有總是說，我願意。我的付出是這個行業的命脈，我認為我們對IT投資以及為我們提供良好服務的承諾。

So I would say that's the biggest change in the mobile industry over the last couple of years. And it's not just for us, it's also across the entire industry as well. We've seen some other big hits in the market has very gratifying to see that at this point. What was the second last or the question? I think it was something at the end.

所以我想說這是過去幾年行動產業最大的變化。這不僅適用於我們，也適用於整個產業。我們已經看到市場上其他一些大熱門產品，此時此刻我們非常高興看到這一點。倒數第二個或問題是什麼？我認為這是最後的事情。

You ask, Eric, what was that now? Not just about what you're seeing and how you're seeing the industry in general from what you just talk about your thoughts on from mobile advertising and, you know, with user acquisition, what are you seeing there?

你問，艾瑞克，那是什麼？不僅僅是關於您所看到的以及您如何看待整個行業（從您剛剛談論的行動廣告的想法來看），您知道，在用戶獲取方面，您在那裡看到了什麼？

And you know, at this point, do you keep using Chartboost during you do need more than just with co-COOs can offer? So in terms of you're talking about on the customer acquisition side, not on them on this on the monetization side, correct.

您知道，在這一點上，當您確實需要的不僅僅是聯合首席營運長可以提供的東西時，您是否會繼續使用 Chartboost？因此，就您所說的客戶獲取方面而言，而不是在貨幣化方面，這是正確的。

Correct. Okay.

正確的。好的。

Yes. So what we've always used more than Chartboost, I'd say we are working with third parties is something that we've that we have done and will continue to do in the future unless we would never rely just on one. And we'd like to spread our business across several.

是的。因此，我們一直使用的不僅僅是 Chartboost，我想說的是，我們正在與第三方合作，我們已經做過並將在未來繼續這樣做，除非我們永遠不會只依賴第三方。我們希望將我們的業務擴展到多個領域。

So it's really it's not just one specific strategy. It's a combination we have both including also are enormous internal database. And we are, I would say, a little bit less reliant on third parties and some other of our competitors to face on the fact that we've got such a broad portfolio of mobile games and such an enormous database and across all of those games.

所以這其實不僅僅是一項具體策略。這是我們擁有的組合，還包括巨大的內部資料庫。我想說的是，我們對第三方和其他一些競爭對手的依賴程度有所降低，因為我們擁有如此廣泛的手機遊戲組合和如此龐大的資料庫，涵蓋所有這些遊戲。

Thank you.

謝謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks. Good afternoon. I guess a couple of high-level questions from me as well. We've been seeing this trend towards consolidating market share among a fewer number of publishers and games, obviously, including Take-Two. But there are structural shifts underway in the industry in terms of cost of game development, maybe even changing distribution.

謝謝。午安.我想我也提出了幾個高級問題。我們已經看到了這種趨勢，即少數發行商和遊戲（顯然包括 Take-Two）正在鞏固市場份額。但就遊戲開發成本而言，該產業正在發生結構性轉變，甚至可能改變發行方式。

So I'd be curious to hear maybe your thoughts of those forces could perhaps unlocking more development, more new IP or is it more about optimizing what you already have in terms of core franchises?

因此，我很想聽聽您對這些力量的看法，也許可以解鎖更多的開發、更多的新智慧財產權，或者更多的是優化您在核心特許經營方面已有的東西？

Most of this business is beginning to mature our emphasis on the beginning. This is still going to be the fastest-growing part of the entertainment business for some time to come. But in the early stages of maturation and shouldn't be surprising, first quality standards increase, consumers always more higher quality of products and that the big and good to get bigger and better and better and small get worse and smaller on.

大多數這樣的業務開始成熟是我們強調的開始。在未來一段時間內，這仍將是娛樂業成長最快的部分。但在成熟的早期階段，這並不奇怪，首先品質標準提高，消費者總是對產品品質要求更高，並且大而好的變得更大、更好、更好，而小則變得更差、更小。

And that's just the history of the entertainment business. We're obviously proud of how we've done, and we have grown meaningfully in the past 15 years on mostly organically until the acquisition of Zynga in 2022. And obviously, those are fixed organic step forward as well.

這就是娛樂產業的歷史。顯然，我們對自己的表現感到自豪，在 2022 年收購 Zynga 之前，我們在過去 15 年中實現了有意義的有機成長。

Today, we find ourselves of the number to pure play in the industry worldwide, and we think we're incredibly well positioned going forward first because of our strategy of trying to be the most creative, innovative and efficient company in the hotel business.

今天，我們發現自己已成為全球該行業中的佼佼者，並且我們認為，由於我們致力於成為酒店行業中最具創意、創新和高效的公司的策略，我們在前進方面處於令人難以置信的有利位置。

And secondly, because we have this extraordinarily good first portfolio that covers all bases in the interactive entertainment industry driven by owned intellectual property. In fact, we're pretty sure we have the best collection of owned intellectual property in the business. We think that's a recipe for success. If we get a rise in our earnings power should enable us to grow further.

其次，因為我們擁有這個非常好的第一個投資組合，涵蓋了由自有智慧財產權驅動的互動娛樂產業的所有基礎。事實上，我們非常確定我們擁有業內最好的自有智慧財產權。我們認為這是成功的秘訣。如果我們的獲利能力提高，我們就能進一步發展。

And what we were always does, we use our capital effectively the sport accretive inorganic growth, bird for return capital to shareholders on favorable terms. And I expect that we'll continue to strive to do that. Does that mean life gets harder?

我們一直在做的事情是，我們有效地利用我們的資本進行無機成長，以優惠的條件向股東返還資本。我希望我們將繼續努力做到這一點。這是否意味著生活變得更加艱難？

Yes, it's harder and harder to make the chips on. And we're so grateful to our crew the teams because that's exactly what they focus on every day. We get to do the easy stuff I talked to you all have to do a hard stop with just make the hits that drive this industry.

是的，晶片越來越難了。我們非常感謝我們的工作人員和團隊，因為這正是他們每天的焦點。我們要做的都是我和你們說過的簡單的事情，所有人都必須停下來，只做推動這個產業發展的熱門作品。

That gets harder all the time. But it's a challenge that we accept our with with enthusiasm because it's what drives all of you for those of us around this table below and actually make the orders from day-to-day. And that's our focus. That's the purpose of this enterprise.

這變得越來越難。但這是一個我們滿懷熱情接受的挑戰，因為它激勵著我們所有人，以及下表中的所有人，並實際每天下訂單。這就是我們的重點。這就是這個企業的宗旨。

The purpose of the enterprise is to serve consumers with the best possible entertainment will that become harder, more complex, more expensive Despite advances in technology, notably generative. And yes, that's the history of the entertainment. But if you get it right at the opportunity is extraordinary. And we've tried really hard to get it.

企業的目的是為消費者提供盡可能最好的娛樂體驗，儘管科技（尤其是生成技術）不斷進步，但娛樂體驗變得更加困難、更複雜、更昂貴。是的，這就是娛樂的歷史。但如果你抓住了機會，機會就非比尋常了。我們非常努力地想要得到它。

Right. Got it. That's very helpful perspective. Throws a one quick housekeeping question on the improvement in GTA performance versus being down in Q1. Is that is that timing around the summer or late summer release packs? Or is that sort of more of a broad-based improvement?

正確的。知道了。這是非常有幫助的觀點。提出一個關於 GTA 表現的改善與第一季下降的快速內務問題。那是在夏季或夏末發布包的時間嗎？或者說這是一種更廣泛的改進？

I think it's more broad-based side has been doing extremely well and engagement is there and strong. And we're seeing that coming out of Q2, and we expect to see that we divested the year.

我認為基礎更廣泛的方面一直表現得非常好，參與度也很高。我們看到第二季度出現這種情況，我們預計今年我們會剝離。

Thanks, Lenny.

謝謝，萊尼。

Andrew Merrick, Raymond James.

安德魯梅里克，雷蒙德詹姆斯。

Thanks for taking my questions. We see a lot of content now coming in fiscal 26 with the announcement of Mafia and Borderlands, in addition to do to fix. So with the commentary about record net bookings results in fiscal 26 and 27, just wondering if there's any sort of color or visibility you can give in into kind of those assumptions built into 27 to see growth off of what's already a quite a busy content slate in 2015?

感謝您回答我的問題。隨著《四海兄弟》和《無主之地》的發布，我們在第 26 財年看到了很多內容，還有待修復。因此，關於26 財年和27 財年創紀錄的淨預訂量結果的評論，只是想知道是否有任何顏色或可見性可以讓步於27 財年中內置的這些假設，以看到已經相當繁忙的內容板的成長2015年？

So let me get this straight. This used to be a company where we didn't mention anything significant still four months before release. And now I know you don't know, I'm being asked IRRs. And like I said, I have some insight into fiscal 2020 seventh.

讓我說清楚。這家公司在發布前四個月我們還沒有提及任何重要的事情。現在我知道你不知道，有人問我內部報酬率。正如我所說，我對 2020 財年第七財年有一些見解。

I mean, I thought I remembered it has for breakfast this morning. So I think the answer is we're really excited about pipeline. And by giving the color to that, we've given on fiscal 27, we're making the point that this pipeline this is going to be robust and is going to be durable.

我是說，我想我記得今天早上早餐有它。所以我認為答案是我們對管道感到非常興奮。我們在 27 財年給出了這一點，透過賦予這一色彩，我們表明這條管道將是穩健且持久的。

And we take those statements seriously. But no on on this call, I will not be announcing our pipeline for more than 2.5 years from now.

我們認真對待這些聲明。但在這次電話會議上，我不會在 2.5 年內宣布我們的產品線。

Much appreciated. But maybe maybe a smaller question that that can get a little bit more granular in the near term here so far, the addition of that paid gravity ball mode and NBA 2K this year seems like a little bit of a new offering, maybe bigger than a micro transaction, but smaller than an expansion or deals the with what you've seen in gravity ball so far, like how are you thinking about that sort of pay game mode concept and other franchises across the portfolio? Thank you.

非常感謝。但也許是一個更小的問題，到目前為止，在短期內可以變得更細化，今年增加的付費重力球模式和 NBA 2K 似乎是一個新產品，可能比微型交易，但比擴展更小，或涉及您迄今為止在重力球中看到的內容，例如您如何考慮這種付費遊戲模式概念和整個投資組合中的其他特許經營權？謝謝。

So as I mentioned, our three-part strategy in the middle part being innovation. And I'm really proud of the visual concepts into K. decided to innovate with gravity ball, most importantly, creatively. And And then secondarily, as a matter of business model and on what we've already learned, a lot of it's a great model, Medicare and really terrific.

正如我所提到的，我們的三部分策略中間部分是創新。我對 K 的視覺概念感到非常自豪。其次，就商業模式而言，根據我們已經了解到的情況，其中許多都是一個很棒的模式，醫療保險，而且非常棒。

And I think consumers really like it on. It's too early to say that, okay, our future is paid mini games in size, the bigger platform type games. But I think it's a reflection of the fact that our creative teams are open-minded and are willing to trying new things that are being precious about in the IP that they create for the coffers.

我認為消費者真的很喜歡它。現在說還為時過早，好吧，我們的未來是付費迷你遊戲，更大的平台類型遊戲。但我認為這反映了這樣一個事實：我們的創意團隊思想開放，願意嘗試新事物，而這些新事物在他們為金庫創造的IP中是寶貴的。

They know consumers want to have fun with it. And so there you need to have fun with it. So some exciting developments probably too early to call it a trend.

他們知道消費者想要從中獲得樂趣。所以你需要從中獲得樂趣。因此，將一些令人興奮的發展稱為趨勢可能還為時過早。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Good afternoon. Thanks for your question. Hoping you could elaborate a bit on your decision to silicon division in the at least you have any color you can give us in terms of how you expect this to impact the P&L. Thank you.

午安.謝謝你的提問。希望您能詳細說明您對矽部門的決定，至少您可以向我們提供您預計這將如何影響損益的任何資訊。謝謝。

Look, it's always hard to to to part with them, friends and colleagues. That's actually the artist variant we have to do occasionally. And we're really impressed with the work more towards your team building products division. You know, they they brought onboard and launch a number of titles or past several years. And virtually all of them worked out and there are a couple of them are pretty big breakout.

看，與他們、朋友和同事分開總是很難。這實際上是我們偶爾必須做的藝術家變體。我們對你們團隊建立產品部門的工作印象深刻。你知道，他們在過去幾年裡引入並推出了許多遊戲。幾乎所有這些都成功了，其中有幾個是相當大的突破。

At the same time, it became clear that our thesis, which is in our work with independent developers, bring them into this are independently market division and perhaps create new shoe show, durable intellectual properties for the company on was is going to be challenging at best because the titles, though big, we're not big in the context of our core intellectual properties are at 2K and Rockstar.

同時，很明顯，我們的論文是與獨立開發商合作，將他們帶入這個獨立的市場劃分，也許會創建新的鞋展，為公司提供持久的知識產權將面臨挑戰最好的原因是，雖然我們的遊戲規模很大，但就我們的核心智慧財產權而言，我們的核心智慧財產權是2K 和Rockstar。

And our job really is to focus on making the biggest investors for the marketplace that we we don't. We're not the long tail of company. We are top 10 him makers around to that. So we are on the console side. That's where we are in the mobile side. And that is the core of any mature entertainment business being a top 10 player.

我們的工作實際上是專注於為市場尋找我們沒有的最大投資者。我們不是公司的長尾。我們是這方面排名前十的男人製造者。所以我們在控制台方面。這就是我們在行動端的處境。這是任何成熟娛樂企業躋身前十名的核心。

Those are the does the company is a matter of those are the company's growth. Those are companies with operating margins on so that we need is focused on that became clearer. I'm really thrilled that we have a great home for Private Division beginning in late.

這些都是公司所做的事情，也是公司成長的事情。這些公司的營業利潤率很高，因此我們需要重點關注這一點，這一點變得更加清晰。我真的很高興我們為私人部門提供了一個偉大的家，從稍後開始。

Any comments on Todd peak potential P&L impact from that?

對托德峰值潛在損益影響有何評論？

So as to the P&L impact this year is on materials to the bottom line is a little bit of effect on the networking, but we were able to offset that by the strength and the MBA franchise.

至於今年的損益影響是對材料的影響，對網路的底線有一點影響，但我們能夠透過實力和 MBA 特許經營權來抵消這一影響。

Thank you.

謝謝。

Ed Altar, Jefferies.

艾德‧阿爾塔，傑弗里斯。

Hi, thanks for taking my question. Nba 2K this year got significantly better reviews. And but I heard you guys say it looks like it's sold 4.5 million, which was flat year over year. How does for annual title like that? How does higher review scores translate to sales in our RCF and your view?

您好，感謝您提出我的問題。今年的《NBA 2K》獲得了明顯更好的評價。但我聽你們說它好像賣了 450 萬份，與去年同期持平。這樣的年度冠軍怎麼樣？您認為較高的評論分數如何轉換為我們 RCF 中的銷售？

While I agree, it always the fact that you noticed the hair review scores and the team and Visual Concepts until the K worked very hard to put them permission to the game. I'm not only bring new a new logos and new opportunities into new contents of the game, but also bringing back some a lot mode that we're not his previous positions.

雖然我同意，但事實上你總是注意到頭髮評論分數、團隊和視覺概念，直到 K 非常努力地讓他們獲得遊戲許可。我不僅將新的標誌和新的機會帶入遊戲的新內容中，而且還帶回了一些我們不是他以前的職位的模式。

So they did work very hard to make sure that they deliver the most engaging experience. And we're seeing that engagement on a player basis is up significantly over the last day as well as RCS and currently are selling. I mean, that's a reflection of our people get into the game.

因此，他們確實非常努力地工作，以確保提供最具吸引力的體驗。我們發現，在過去一天中，玩家的參與度以及 RCS 都顯著上升，目前正在銷售中。我的意思是，這反映了我們的員工參與遊戲的情況。

They love it, they engage and ultimately that leads to monetization. So I think really the reflection on the scores is a reflection of engagement. And that's what we're saying. We are seeing those economic improvement in terms of sort of unit sales comparisons, et cetera.

他們喜歡它，他們參與並最終帶來貨幣化。所以我認為分數的反映其實是參與度的反映。這就是我們所說的。我們在單位銷售比較等方面看到了經濟的改善。

It's easy to focus on those things. But we also have I mean, obviously bringing the again to Gen seven Gen nine on the PC version, but we still are dealing with the dynamic of gen. The Gen nine type of business is certainly growing, but we're still being hurt not at the same rate as the generators is declining.

很容易專注於這些事情。但我的意思是，我們也有在 PC 版本上重新回到第七代、第九代的計劃，但我們仍在處理第三代的動態。九號發電類型的業務肯定在成長，但我們所受到的傷害仍然與發電量下降的速度不同。

We obviously, but that's going to reverse at some point in the future as Gen nine continues to take a foothold that people have more and more reasons to move from G&A to Genzyme.

顯然，但隨著 Gen 9 繼續站穩腳跟，人們有越來越多的理由從 G&A 轉向 Genzyme，這種情況將在未來的某個時候發生逆轉。

Great, great. Thanks. And just on the hybrid casual game to the Flector doing incredible, how much of that is from kind of direct revenue that was in the ad monetization strategy? And how much of that is incremental from this new strategy on hybrid hyper-casual in purchases?

太棒了，太棒了。謝謝。就混合休閒遊戲而言，Flector 的表現令人難以置信，其中有多少來自廣告貨幣化策略中的直接收入？其中有多少是從混合超休閒購買的新策略中增量的？

So it felt and we have said before that there's two things going on our hybrid hyper-casual businesses, one where obviously we have been focusing on profitability and that's been putting some downward pressure on revenues in general. But the other component is on the business has traditionally been almost 100 and advertising.

因此，我們之前已經說過，我們的混合超休閒業務存在兩件事，一件事顯然是我們一直專注於盈利能力，而這給整體收入帶來了一些下行壓力。但另一個組成部分是傳統上幾乎有 100 個業務和廣告。

That's not the case anymore. We've got games for GM is a perfect example of gains from where we're actually having significant success in app purchases. And and that's a reflection of the fact that these games are lasting for a longer period of time and then more engaging than they have in the past.

現在情況已不再是這樣了。我們為 GM 提供的遊戲就是一個完美的例子，說明我們在應用程式購買方面實際上取得了巨大的成功。這反映了這樣一個事實：這些遊戲比過去持續了更長的時間，更具吸引力。

So whether it's in our purchase, their advertising, where sort of in the event will take around are there any way that we can get it. But what you're really seeing that combination of both and again, that their game by game, not every game is going to have in our purchases, but more and more you see that happening.

因此，無論是在我們的購買、他們的廣告中，還是在活動中，我們有什麼方法可以得到它。但你真正看到的是兩者的結合，他們的遊戲逐個遊戲，並不是每個遊戲都會出現在我們的購買中，但你越來越多地看到這種情況正在發生。

Great. Thank you very much.

偉大的。非常感謝。

Benjamin soft, Deutsche Bank.

班傑明·軟特，德意志銀行。

Yes, hey, guys. Thanks for the questions. Tom, I wanted to ask about borderline Berlin. Excuse me. Can you please break out the contribution from the film? And did you see the benefit from to gain sales from the film? And would you expect to maybe look at doing that a little bit more in the future of bringing more of the IP to move these shows?

是的，嘿，夥計們。感謝您的提問。湯姆，我想問柏林邊境的情況。打擾一下。能透露一下這部電影的貢獻嗎？您是否看到了從這部電影中獲得銷售的好處？您是否希望在未來考慮更多地這樣做，引入更多的 IP 來推動這些節目？

And then for Lanier, wanted to ask about the shift in timing from marketing expenses. Is there anything you can add as far as color there? Thanks.

然後拉尼爾想詢問行銷費用的時間變化。就顏色而言，您可以添加什麼嗎？謝謝。

Thanks for your question. With regard to Borderlands, we don't really need to break out the contribution from zone because while it was economically positive on, it wasn't material to our results on even though the film was disappointing, it actually benefited our catalog sales.

謝謝你的提問。至於《無主之地》，我們真的不需要分解《區域》的貢獻，因為雖然它在經濟上是正面的，但它對我們的結果並不重要，儘管這部電影令人失望，但它實際上有利於我們的目錄銷售。

So that is assigned the meeting a movie or a television show based on our on very high-quality IP, can drive catalog sales can be a good thing. All that said, we're really selective. And one of the reasons we have been so selective out-licensing as we would really prefer that everything comes out with our brands in a really, really successful.

因此，為會議分配基於我們非常高品質的IP的電影或電視節目，能夠帶動目錄銷售是一件好事。話雖如此，我們確實是有選擇性的。我們如此有選擇地進行對外授權的原因之一是，我們真的希望我們的品牌的一切都能夠真正非常成功。

And we can't guarantee that, especially when it's out of our hands. So we have licensed other titles will continue selectively introduce of emphasis on awards selectively and the marketing expenses in Q2 that moved out to the timing is a combination of some of our early titles and some unreleased title. And but all within the year.

我們無法保證這一點，尤其是當它不在我們手中時。因此，我們已經授權的其他遊戲將繼續有選擇地選擇性地引入重點獎勵，而第二季度的營銷費用則轉移到了我們的一些早期遊戲和一些未發行遊戲的組合。但一切都在一年之內。

Got it. Thanks.

知道了。謝謝。

Mike Hickey, Benchmark Charles.

麥克·希基，基準查爾斯。

Leeny, Nicole, congrats on the quarter, guys. Thanks for taking our questions. Just curious on the new consoles coming to the market and these data. Yes, I'd throw the switch to broadly speaking. Wondering your thoughts there and if you see it in commercial opportunity, I guess from here catalog games within each enhanced or special edition for the PS4 Pro, if you think the switch to do more variables performed in where we ended the switching and for your euro game portfolio forward?

Leeny、Nicole，恭喜這個季度，夥伴們。感謝您回答我們的問題。只是對上市的新遊戲機和這些數據感到好奇。是的，我會切換到廣義。想知道您的想法，如果您在商業機會中看到它，我想從這裡為PS4 Pro 的每個增強版或特別版中的遊戲目錄，如果您認為在我們結束切換的地方執行更多變量並為您的歐元進行切換遊戲組合向前推進？

We don't tend to comment on meaningfully on the decisions are where makers are, except to say the successful platform sense of the business. We support successful platforms are happy to do so on. We don't have any product announcements to make.

我們不傾向於對決策者所在的位置進行有意義的評論，除了說業務的成功平台意識。我們支持成功的平台，很樂意這麼做。我們沒有任何產品公告要發布。

I don't make those announcements on these calls. As you know, Mike, and with regards to switch from our view, is never count that tender out. Fair enough. Dm. I guess next question on Project E to R CT. got some feedback from the market. Curious how you're sort of taking that feedback and thinking about maybe reshaping or the impact of 10 on the development of that game, major release timing can express book?

我不會在這些電話會議上發布這些公告。如你所知，麥克，從我們的觀點來看，從來沒有把招標排除在外。很公平。 DM。我猜下一個問題是關於 Project E 到 R CT 的。從市場上得到了一些回饋。好奇你如何接受這些回饋並思考可能的重塑或 10 對遊戲開發的影響，主要發佈時間可以表達書？

I couldn't be more proud than I am of the team is pursuing an oven and what they brought to market and consumers embrace ecosystem really enjoyed the flight test, and we were thrilled to see it and market. The whole point of a play for us is to get feedback and to engage the community and helping us make the best possible Express.

我為正在研發烤箱的團隊以及他們為市場帶來的產品和消費者擁抱生態系統感到無比自豪，他們非常喜歡這次飛行測試，我們很高興看到它和市場。對我們來說，遊戲的全部意義在於獲得回饋並參與社群並幫助我們做出最好的 Express。

And I know Michael cadre of foundry and the whole team, we're enthused about that feedback and found a really, really useful. So of them were off to a great start and there's more to come.

我認識鑄造廠的邁克爾幹部和整個團隊，我們對這些回饋感到很興奮，並發現它非常非常有用。他們中的一些人有了一個良好的開端，而且還會有更多的事情發生。

Thanks. Thanks, guys. Good luck.

謝謝。謝謝，夥計們。祝你好運。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hey, guys, this is Arthur. All of our thanks for taking the question. And so it's good to see double-digit growth in average revenue per gamer for NDA. Would you expect the improvement in the average monetization of greater driver of future growth for this particular franchise as compared to, for example, user growth? And I guess how should we think about some of different drivers of monetization improvements going forward? Thank you.

嘿，夥計們，這是亞瑟。我們非常感謝您提出這個問題。因此，很高興看到 NDA 的每位玩家平均收入實現兩位數成長。與用戶成長等方面相比，您是否期望該特定特許經營權未來成長的更大推動力的平均貨幣化有所改善？我想我們應該如何考慮未來貨幣化改進的一些不同驅動因素？謝謝。

I would look, we're optimistic about user growth as well as spending per user, and they're driven by the same thing, which is quality. So recall, we began the quality of the end game experiences that Lisa recurrent consumer spending on as big as this title has been weak.

我認為，我們對用戶成長以及每個用戶的支出持樂觀態度，它們是由同一件事驅動的，那就是品質。所以回想一下，我們開始的最終遊戲體驗品質是麗莎經常性消費者在這款遊戲上的支出一直很弱。

I still think there's there's a whole lot more ground to cover and the MDA is making big strides have internationally and obviously made new broadcast deals that are very robust. There's every reason to believe this is a huge growth business, strong forward, and we're thrilled to be in business with the NBA, MLB, NBA Players Association on their support for partners to support us are all the time best of their abilities. And then some and we see the results on.

我仍然認為還有很多工作要做，MDA 在國際上正在取得重大進展，並且顯然達成了非常強勁的新廣播協議。我們有充分的理由相信這是一個巨大的成長業務，強大的前鋒，我們很高興能與 NBA、MLB、NBA 球員協會開展業務，因為他們始終盡最大努力為合作夥伴提供支援。然後我們就可以看到一些結果。

We keep making a bigger and better game every year. And the team at Visual Concepts is trying to adjust that and we'll be rewarded with a bigger footprint. And within that footprint figure engagement and that will lead to more profitable revenue.

我們每年都在不斷製作更大更好的遊戲。 Visual Concepts 的團隊正在努力調整這一點，我們將獲得更大的足跡。在這個足跡範圍內，參與度將帶來更有利可圖的收入。

Got it. Perfect. Thanks a lot, guys.

知道了。完美的。非常感謝，夥計們。

Eric Sheridan, Goldman Sachs

艾瑞克謝裡丹，高盛

Thanks so much for taking the questions. And maybe two, if I could. First, just following up at the last question, obviously, moving beyond just be a broadly, any updated views about the way you're thinking about the intersection between sports and gaming as a long-term opportunity that whether that would be an area for incremental total capital and the incremental investment in the business to grow the IP portfolio over the longer term based on what you're seeing in the market?

非常感謝您提出問題。如果可以的話，也許還有兩個。首先，繼續最後一個問題，顯然，不僅僅是一個廣泛的、關於你如何看待體育和遊戲之間的交叉點作為長期機會的任何更新的觀點，這是否會成為一個領域根據您在市場上看到的情況，增量總資本和業務增量投資是為了長期發展智慧財產權組合？

And then I know we spoke earlier of the call about the consumer landscape, but in the last year we've spoken about whether the consumer was receptive or not to new IP. as opposed to legacy IP. Have you seen any shifts in consumer behavior with respect to open this to experiment with newer titles as opposed to more legacy by pulling forward? Thanks.

然後我知道我們之前在電話會議中談到了消費者格局，但去年我們談到了消費者是否接受新智慧財產權。與傳統 IP 不同。您是否發現消費者行為發生了任何變化，願意嘗試新遊戲，而不是透過向前推進來嘗試更多傳統遊戲？謝謝。

I will make sure I understood your first question. You're asking whether you think there's an opportunity for us to grow our sports portfolio.

我會確保我理解你的第一個問題。您問的是您是否認為我們有機會擴大我們的運動產品組合。

Yes. What why they're in the sports portfolio broadly trails? Thank you.

是的。為什麼它們在運動產品組合中廣泛出現？謝謝。

And that's if that's what I thought. And the answer is on short because the biggest sports are obviously baseball, football, basketball and soccer. And um, we do have other sports entertainment titles. For example, WW is really important title offer us on where we have our golf game, which is nominal game on. We have a tennis game. We have we have lots of other titles in the past.

如果這是我的想法的話。答案很短，因為最大的運動顯然是棒球、橄欖球、籃球和足球。嗯，我們確實還有其他體育娛樂節目。例如，WW 是非常重要的標題，它為我們提供了高爾夫比賽的地點，而高爾夫比賽只是名義上的比賽。我們有一場網球比賽。我們過去有很多其他的頭銜。

We've done boxing and we've done hockey return baseball on, but it's too big for that really matter. And that's a pretty competitive space. And some we're very respectful of how hard it is to compete in those areas as people are where we dominate on. So I think there's some selective opportunities, but the footprint is big enough.

我們已經完成了拳擊比賽，也完成了曲棍球和棒球比賽，但對於真正重要的事情來說，它太大了。這是一個競爭相當激烈的領域。我們非常尊重在這些領域競爭的難度，因為人才是我們的主導地位。所以我認為有一些選擇性的機會，但足跡足夠大。

Now the growth opportunities are great enough. Now that you've been working on, what we have gives us plenty to do with plenty of opportunity on level by great optimism. In terms of your question about new intellectual property, we're different than a lot of other big companies. It's something for the company in a restaurant florals. We have a lot of intellectual property.

現在的成長機會已經夠大了。現在你已經在努力了，我們所擁有的一切讓我們有很多事情要做，並且充滿樂觀的機會。就你關於新智慧財產權的問題而言，我們與許多其他大公司不同。這是餐廳花藝中為公司準備的東西。我們擁有大量的知識產權。

We know that if we put out a sequel, it's a lower risk propositions and new intellectual property. But everything the Grace and even though most of our franchise equals tend to do better than the prior release, and we're really proud of that.

我們知道，如果我們推出續集，那就是風險較低的主張和新的智慧財產權。但《恩典》的所有內容，以及我們大部分系列的同類作品，往往都比之前的版本做得更好，我們對此感到非常自豪。

That's not standard for the industry. The truth is, you know, there is this thing called the K and entropy if it's a feature of physics and human life and everything that exists on earth. And so ultimately, everything does to K including hit titles. So if we're not trying new things and making new intellectual property, fair to say the resting on our laurels really understates what we're really running the risk of burning the furniture facilities to house and on and that doesn't end well.

這不是行業標準。事實是，你知道，如果它是物理學、人類生活以及地球上存在的一切的一個特徵，那麼就有一種叫做 K 和熵的東西。所以最終，一切都會對 K 造成影響，包括熱門遊戲。因此，如果我們不嘗試新事物並創造新的智慧財產權，公平地說，固步自封確實低估了我們真正面臨的風險，即燒毀房屋等家具設施，而這不會有好結果。

So we do it even though doesn't always succeed on. Good news is like, frankly, our hit ratios are really high for this industry. And there are also high in mobile, thanks to our mobile team, led by Frank Gibeau. And the recent hits in our mobile division are pretty stellar. So we're going to we have match factory from peak. Toon Blast is not new, but it's a huge sort of provide a lot of success and also from fee.

所以我們這樣做，儘管並不總是成功。坦白說，好消息是我們的命中率對於這個行業來說非常高。得益於我們由 Frank Gibeau 領導的行動團隊，行動的優勢也很大。我們的行動部門最近的熱門作品非常出色。所以我們要從高峰期開始火柴工廠。 Toon Blast 並不新鮮，但它是一個巨大的類型，提供了很多成功，而且還收費。

And then many other titles have great success with top 11 from Nordea's and with screw Jim from Rollic. So we have teams delivering on our new hits all the time and mobile and console. We're really proud of that. It doesn't mean the risk profile is higher.

然後許多其他遊戲都取得了巨大成功，其中包括 Nordea 的 top 11 和 Rollic 的螺絲吉姆。因此，我們的團隊始終在行動端和主機端提供新的熱門產品。我們對此感到非常自豪。這並不意味著風險狀況更高。

It doesn't mean that when we get it wrong and we will get to right now and then we take it as and that affects our operating margins, but in the fullness of time, and it's one of the key ways to create durable value. And to be clear, if we have not been willing to create new intellectual property when we showed up here 18 years ago, when the risk profile of this enterprise was vastly greater than it is today, we'll then none of us would be sitting here with the new wouldn't be listening to this call. That's just a fact.

這並不意味著當我們犯錯時，我們會立即採取行動，然後我們將其視為影響我們的營業利潤率，但隨著時間的推移，這是創造持久價值的關鍵方式之一。需要明確的是，如果我們 18 年前出現在這裡時不願意創造新的知識產權，當時這家企業的風險狀況比今天要大得多，那麼我們就沒有人會坐立不安了。聽這個電話。這只是事實。

Thank you.

謝謝。

Clay Griffin, MoffettNathanson.

克萊·格里芬，莫菲特·內桑森。

Good afternoon. This is taking the question. I'm curious, you guys are talking about how G&A has been sort of pro and con and sense that it's a long lived installed base, but further to execute on some of the things that your teams want to do.

午安.這是在回答問題。我很好奇，你們正在談論 G&A 是如何贊成和反對的，並認為它是一個長期存在的安裝基礎，但進一步執行你們的團隊想做的一些事情。

And I'm curious, as we roll the tape forward into fiscal 2016, 2017, when somebody's some of your key key marquee properties you're coming out, which I'm sure we'll be groundbreaking in many respects. Curious if the bifurcation of the Xbox platform be, it becomes a challenge in what and what the team are doing to to deal with that Munich challenge because Xboxes and performing as well as as PlayStation.

我很好奇，當我們把時間推進到 2016、2017 財年時，當有人成為你的一些關鍵的招牌地產時，你就會出現，我相信我們將在很多方面實現突破。令人好奇的是，如果 Xbox 平台出現分歧，那麼團隊將採取什麼措施來應對慕尼黑的挑戰，因為 Xbox 的性能和 PlayStation 一樣，這將成為一個挑戰。

Just like to understand the question. Well, just hit series US is by design a lower respect, Palm console and presumably you T6 will push a lot of boundaries technically, I would probably spend.

就想明白這個問題。好吧，剛剛熱門的美國系列在設計上是一個較低的方面，Palm 控制台和 T6 大概會在技術上突破很多界限，我可能會花。

Yes. Look, we support the platforms where the consumers are for as long as they're there, and we find a way to support platforms despite different on different levels of tech. Our labels are really good at that from I'm not really worried. I've never worried about where hardware reselling.

是的。看，只要消費者在，我們就支持他們所在的平台，並且我們找到了一種支援平台的方法，儘管技術水平不同。我們的唱片公司在這方面非常擅長，因此我並不擔心。我從來不擔心哪裡有硬體倒賣。

I've said this many times over the years because first of all, I don't worry about things are which I have zero control. And secondly, because I do believe in the audience, the audience is going to show up if you have heard properties. And so we just have to make sure that the on an array of platforms and if one platform diminishes and value, there's always another one.

這些年來我已經說過很多次了，因為首先，我不擔心我零控制的事情。其次，因為我確實相信觀眾，如果你聽過財產，觀眾就會出現。因此，我們只需確保在一系列平台上，如果一個平台的價值下降，總會有另一個平台。

So we're seeing great growth in PCs right now, for example, and I have been have who then on the open format would continue to grow tea season open format, either existing PC will continue to be a more important part of the console business going forward. And that isn't complicated for us to support at all.

例如，我們現在看到個人電腦的巨大成長，我一直認為開放格式將繼續成長茶季開放格式，要么現有的個人電腦將繼續成為遊戲機業務的更重要部分繼續前進。對我們來說，支援這一點並不複雜。

So on the bottom line is we are selective about which platforms we support. We make the type of work on when we can make it work as long as the audience is big enough to make that worthwhile. That makes sense into that.

因此，最重要的是，我們對支援的平台有選擇性。只要觀眾夠多，我們就會在能夠發揮作用的情況下製作這種類型的作品，讓其變得有價值。這是有道理的。

And I guess just maybe update us on the possibility of notes of US jurisdictional issue only on a blended basis, but just kind of what you're seeing on the Android side from from a from a from kind of a proper Tom capable third party app store development, what that might look like over the next couple of years?

我想也許只是在混合的基礎上向我們更新美國管轄權問題的註釋的可能性，但這只是你在 Android 端從一個合適的 Tom 能力的第三方應用程序中看到的內容商店的發展，未來幾年會是什麼樣子？

Our I'm sorry, I want to make sure I understand is how much the take rates earlier talk to every time of the economics you're talking about protect all of the above and just your initial thoughts about the potential of having a more vibrant third party of alternative App Store Android, even though it out loud and the good news for us, we support virtually all retailers.

我們的「對不起，我想確保我理解的是，您所談論的每次經濟中的採取率在多大程度上保護了上述所有內容，以及您對擁有更充滿活力的潛力的初步想法」 Android 的第三方替代App Store，儘管它對我們來說是個好消息，但我們支持幾乎所有零售商。

We are not beholden only through our own outlets, although we do have our own outlet and that's proven for mobile to be very effective in the EBIT margin building on. But we support all comers. We will be where the consumer is on the economic side.

儘管我們確實擁有自己的銷售管道，但我們不僅透過自己的銷售管道受惠，而且事實證明，行動業務在息稅前利潤方面非常有效。但我們支持所有來者。在經濟方面，我們將處於消費者所在的位置。

I have been a believer that take rates on distribution costs will continue to decline. There's a lot of evidence that will be the case. We're not counting on a tougher numbers, but we do, I believe in it.

我一直相信分銷成本的收取率將繼續下降。有很多證據表明情況確實如此。我們並不指望更嚴峻的數字，但我們確實如此，我相信這一點。

Thanks.

謝謝。

Chris show, UBS.

克里斯秀，瑞銀。

Great. Thank you. Lenis, using the midpoint of your guidance range, I believe, implies an acceleration in bookings growth in fiscal 4Q. Can you just help us think through the drivers there are recognized civilization is launching, but any other drivers you're willing to flag at this stage?

偉大的。謝謝。我認為，萊尼斯使用指導範圍的中點意味著第四財季預訂量成長加速。您能否幫助我們思考一下公認的文明正在啟動的驅動程序，但您現階段願意標記的其他驅動程序嗎？

And then Strauss Netflix called out that they learned how big the existing games like or and that data can be on the platform. Now that you've had some time to digest what learnings you take away from that partnership and recognize the deals small overall. But do you see the opportunity to scale such efforts to in-license other IP going forward?

然後斯特勞斯 Netflix 表示，他們了解了現有遊戲（例如《或》）有多大，以及平台上的數據可以有多大。現在您已經有一些時間來消化您從合作關係中學到的知識並認識到總體上的交易規模較小。但您是否認為未來有機會擴大此類努力以授權其他智慧財產權？

Subacute bar. And yes, you're right, we have had since seven releasing. We also have our PDA titles releasing in the quarter and WWE Kino last year that we only had our WWE title. So that's a bit differently. We have on board new releases in Q4, which is lower. There's a big quarter in Q4 than Q3. Sorry, what was going on in electronic? I just if you don't mind repeating the second question.

亞急性吧。是的，你是對的，自七次發布以來我們已經發布了。我們也在本季發布了 PDA 遊戲，去年我們只有 WWE 遊戲。所以這有點不同。我們在第四季度推出了新版本，價格較低。第四季的季度比第三季要大。抱歉，電子方面發生了什麼事？我只是希望你不介意重複第二個問題。

Sure. Netflix called out that they learned how ready the existing games like Grand Theft Auto can be it just now that you've had some time to digest, did you see the opportunity to scale these efforts? And what plans do you have for many other IP licensing in similar ways?

當然。 Netflix 表示，他們了解到像俠盜獵車手這樣的現有遊戲已經準備好了，現在你已經有一些時間來消化了，你看到了擴大這些努力的機會嗎？對於以類似方式進行的許多其他 IP 許可，您有何計劃？

So we've shown a willingness to license to many other platform forms both on because we thought there were good businesses or because they were friends and we wanted to support them or because we thought it was an interesting experiment. And um, we wouldn't we wouldn't talk publicly about upcoming deals until they're ready to be announced. And then typically they would, of course, the announced by our labels, but we've been very, very highly of Netflix.

因此，我們表現出了向許多其他平台形式授權的意願，因為我們認為有很好的企業，或者因為他們是朋友，我們想支持他們，或者因為我們認為這是一個有趣的實驗。嗯，我們不會公開談論即將到來的交易，直到它們準備好宣佈為止。當然，通常情況下，他們會由我們的唱片公司宣布，但我們對 Netflix 的評價非常非常高。

We value the relationship with them greatly. I think it is on a pretty important for them to offer a robust array of of audio visual entertainment to their subscribers. And that's our definition has to include interactive entertainment. And we think we have the best collection of owned intellectual property in the business. So no surprise that we're in business with them. We hope to do more business with them.

我們非常重視與他們的關係。我認為對他們來說，向訂戶提供一系列強大的視聽娛樂非常重要。我們的定義必須包括互動娛樂。我們認為我們擁有業內最好的自有知識產權。因此，我們與他們開展業務也就不足為奇了。我們希望與他們開展更多業務。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. And seeing is there's no further questions at this time. Mr. Zelnick, I'd like to turn things back to you, sir, for any closing comments.

謝謝。目前沒有其他問題了。澤爾尼克先生，先生，我想請您提出任何結束語。

I want to thank our creative colleagues that are labels to make that hits that we have the great pleasure of talking about in meetings like this, I want to thank all of our publishing folks who do a great job of marketing or distribution team just unparalleled. And of course, our corporate team does represent to on who is represented here today.

我要感謝我們的創意同事，他們是製作熱門歌曲的唱片公司，我們很高興在這樣的會議上談論這些話題，我要感謝我們所有的出版人員，他們在行銷或發行團隊方面做得非常出色。當然，我們的企業團隊確實代表了今天在這裡的代表。

We're thrilled with our results, but we know that this is just the beginning of an amazing two years ahead of us, and we're excited to be able to share that news with you today. Thank you for joining us. Thanks for your support and happy holidays. And it's early, but a happy new year to all talk after the new year.

我們對我們的結果感到非常興奮，但我們知道這只是我們未來兩年的精彩開始，我們很高興今天能夠與您分享這一消息。感謝您加入我們。感謝您的支持，祝您節日快樂。雖然時間還早，但新年過後大家都在談論新年快樂。

Thank you, Mr. Dominik. Again, ladies and gentlemen, that will conclude today's Take-Two Interactive Second Quarter Fiscal Year 2025 earnings call. Again, thanks so much for joining us, everyone, and wish you all the three day. Goodbye.

謝謝你，多米尼克先生。女士們先生們，今天的 Take-Two Interactive 第二季 2025 財年財報電話會議到此結束。再次非常感謝大家加入我們，祝大家三天愉快。再見。