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

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.

請稍候，我們即將開始。大家下午好。我叫卡洛，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Take-Two Interactive 2025 財年第二季財報電話會議。

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)

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。（操作員指示）此外，今天的通話正在錄音。（操作員指示）

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

現在，我將把發言權交給投資者關係和企業傳播資深副總裁 Nicole Shevins。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，討論截至 2024 年 9 月 30 日的 2025 財年第二季的業績。今天的電話會議將由 Take-Two 董事長兼執行長 Strauss Zelnick 主持；我們的總裁 Karl Slatoff；以及我們的財務長 Lainie Goldstein。我們將在準備好的發言後的問答環節中回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements. Actual operating results may vary significantly from these forward-looking statements based on a variety of factors. 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. I'd also like to note that, unless otherwise stated, all numbers we will be discussing today are GAAP and all comparisons are year-over-year. Additional details regarding our actual results and outlook are contained in our press release, including the items that our management uses internally to adjust our GAAP financial results in order to evaluate our operating performance.

在我們開始之前，我想提醒大家，本次電話會議中所作的非歷史事實的陳述根據聯邦證券法均被視為前瞻性陳述。這些前瞻性陳述是基於我們管理階層的信念以及我們所做的假設和目前可用的資訊。我們沒有義務更新這些前瞻性陳述。由於多種因素，實際經營結果可能與這些前瞻性陳述有很大差異。這些重要因素在我們向美國證券交易委員會提交的文件中有所描述，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「風險因素」部分所總結的風險。我還想指出，除非另有說明，我們今天討論的所有數字都是 GAAP，所有比較都是同比。有關我們的實際結果和前景的更多詳細資訊包含在我們的新聞稿中，包括我們的管理層內部用來調整我們的 GAAP 財務結果以評估我們的經營業績的項目。

Our press release also 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.

我們的新聞稿也包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。此外，我們在網站上發布了幻燈片，以直觀的方式展示我們的業績和財務前景。您可以從我們的網站 take2games.com 取得我們的新聞稿和向美國證券交易委員會提交的文件。

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

現在，我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon and thank you for joining us today. I'm pleased to report that we delivered strong second quarter results. Our net bookings of $1.47 billion were at the top end of our guidance range, driven by the continued success of the Grand Theft Auto and Borderlands franchises. And our operating results surpassed our plans, largely due to a shift in the timing of marketing expenses within the year.

謝謝，妮可。下午好，感謝您今天加入我們。我很高興地報告，我們第二季取得了強勁的業績。我們的淨預訂金額為 14.7 億美元，處於指導範圍的最高端，這得益於《俠盜獵車手》和《無主之地》系列的持續成功。我們的經營業績超出了計劃，這主要是由於年內行銷費用時間的轉變。

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. Now turning to our business highlights from the quarter. Sales of Grand Theft Auto V outperformed our expectations and to date, the title has sold more than 205 million units worldwide.

我們重申 2025 財年淨預訂量指引範圍為 55.5 億美元至 56.5 億美元，並且我們仍然有信心在 2026 財年和 2027 財年實現連續增長並創下淨預訂量記錄。現在來談談本季的業務亮點。《俠盜獵車手 V》的銷量超出了我們的預期，迄今為止，該遊戲在全球的銷量已超過 2.05 億份。

Grand Theft Auto Online also exceeded our plans, driven by sustained engagement with the summer content pack Bottom Dollar Bounties and an array of updates, including the new multistage Assault on ATT-16 mode and experience improvements such as a new anti-cheat system for the PC version of Grand Theft Auto Online.

俠盜獵車手線上版 (Grand Theft Auto Online) 也超出了我們的計劃，這得益於我們對夏季內容包 Bottom Dollar Bounties 的持續參與以及一系列更新，包括新的 ATT-16 多階段突擊模式和體驗改進，例如 PC 版俠盜獵車手在線版的新反作弊系統。

Momentum also continued within GTA+, as Rockstar grew its membership by 35% over last year and added the classic title Bully to the library of available games. Red Dead Redemption 2 posted another fantastic quarter. The title has sold more than 67 million units to date and six years after its release, still ranks in the top 10 for unit sales globally according to GSD. Rockstar Games was pleased to expand its audience further with the successful launch of Red Dead Redemption and Undead Nightmare for PC on October 29.

GTA+ 也持續保持成長勢頭，Rockstar 的會員數量比去年增加了 35%，並將經典遊戲《惡霸魯尼》加入遊戲庫。《荒野大鏢客 2》 (Red Dead Redemption 2) 又取得了出色的季度成績。根據 GSD 統計，該遊戲迄今已售出 6,700 多萬份，發行六年後，仍位列全球銷售前十名。Rockstar Games 很高興在 10 月 29 日成功推出 PC 版《荒野大鏢客：救贖》和《亡靈夢魘》，進一步擴大了其受眾群體。

On September 6, 2K and Visual Concepts launched NBA 2K25 which scored among the highest ratings on new gen consoles in recent franchise history. 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-new dribble engine, representing the biggest technological update in the series' 26-year history and a more interactive and engaging experience in The City. To date, the title has sold in nearly 4.5 million units and achieved phenomenal recurrent consumer spending performance.

9 月 6 日，2K 和 Visual Concepts 推出了 NBA 2K25，該遊戲在近期系列遊戲中獲得了新一代遊戲機的最高評分。我們的團隊不斷提高卓越標準，增加了 9,000 個新的專業遊戲動畫，以提高真實性並採用全新的運球引擎，這是該系列 26 年曆史上最大的技術更新，也為 The City 帶來了更具互動性和吸引力的體驗。迄今為止，該遊戲已售出近 450 萬份，並取得了驚人的經常性消費業績。

Compared to NBA 2K24 for the same period last year, NBA 2K25 delivered meaningful double-digit growth in average revenue per user and 40% growth in average gains per user. I'd like to congratulate 2K and Visual Concepts for another stellar launch in our industry-leading NBA franchise.

與去年同期的NBA 2K24相比，NBA 2K25的每用戶平均收入實現了顯著的兩位數成長，每用戶平均收益成長了40%。我要祝賀 2K 和 Visual Concepts 在我們業界領先的 NBA 系列中再次取得輝煌的成就。

Our catalog also outperformed, led by our immensely popular Borderlands franchise. Now that Gearbox has officially joined the 2K and Take-Two family, we're eager to capitalize on the many potential growth opportunities for Borderlands, Tiny Tina's Wonderlands and other Gearbox titles.

我們的產品目錄也表現出色，其中最受矚目的是廣受歡迎的《無主之地》系列。現在 Gearbox 已正式加入 2K 和 Take-Two 大家庭，我們渴望利用《無主之地》、《小蒂娜的仙境》和其他 Gearbox 遊戲的眾多潛在成長機會。

Zynga delivered another quarter of solid results. Match Factory, is scaling rapidly and is on track to become Zynga's second largest title by the end of this year in terms of projected annual net bookings. The title grew approximately 16% over last quarter, driven by its engaging gameplay, including the recent Star Race Bold B and our strategic investments in user acquisition.

Zynga 又一個季度取得了穩健的業績。Match Factory 正在迅速擴張，並預計在今年年底前成為 Zynga 預計年度淨預訂量第二大的遊戲。該遊戲比上一季增長了約 16%，這得益於其引人入勝的遊戲玩法，包括最近的 Star Race Bold B 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 deploy highly engaging new features, including new single player and team-based events and social challenges. We're also achieving great results as we apply our learnings to other games in Zynga's portfolio, including Toy Blast.

Toon Blast 繼續保持著驚人的成長勢頭，隨著我們的團隊部署極具吸引力的新功能，包括新的單人和團隊活動以及社交挑戰，其淨預訂量比去年增長了 50% 以上。當我們將所學應用到 Zynga 產品組合中的其他遊戲（包括 Toy Blast）時，我們也取得了巨大的成果。

Our blended monetization efforts in hypercasual are advancing well. In particular, Screw Jam remains a top 50 game in the US App Lab store. We're encouraged by the net bookings and profitability milestones that the title is reached and we're optimistic about it going forward.

我們在超休閒領域的混合貨幣化努力進展順利。尤其是《Screw Jam》依然名列美國 App Lab 商店排名前 50 名的遊戲之列。我們對淨預訂量和獲利里程碑的實現感到鼓舞，我們對其未來的發展充滿樂觀。

Nordeus released the highly anticipated 2025 edition of our popular soccer manager game, Top Eleven. Backed by a month-long marketing campaign, the release generated positive sentiment around the community which helped solidify the largest in-app purchase spending per active user in the game's 14-year history. During the quarter, Zynga launched Game of Thrones, Legends and we remain excited about the label's future mobile launches, including CSR 3 Street Car Racing. We continue to expand our offerings within our highly accretive direct-to-consumer business. With our current success and new titles on the horizon, we're confident in the future outlook of our mobile business.

Nordeus 發布了備受期待的熱門足球經理遊戲 Top Eleven 2025 版。在為期一個月的營銷活動的支持下，該遊戲的發佈在社區中引起了積極的情緒，有助於鞏固該遊戲 14 年曆史上每個活躍用戶的最大應用內購買支出。在本季度，Zynga 推出了《權力的遊戲》、《傳奇》，我們仍然對該品牌未來的行動版本發布感到興奮，包括《CSR 3 街頭賽車》。我們將繼續擴大我們高度增值的直接面向消費者的業務範圍。憑藉我們目前的成功和即將推出的新遊戲，我們對行動業務的未來前景充滿信心。

In closing, we believe that Take-Two remains exceedingly well positioned for the balance of this fiscal year and for the long term. Our vision is clear, our talent is unparalleled and we have one of the strongest portfolios 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.

最後，我們相信 Take-Two 在本財年和長期內仍將保持極佳的市場地位。我們的願景清晰，我們的人才無與倫比，我們擁有業內最強大的智慧財產權組合之一。隨著我們推出包括許多業界最受期待的續集在內的多部影片，我們期望為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. I'd like to thank our teams for consistently executing against our strategy and for positioning our company to deliver the strongest anticipated growth trajectory and multiyear pipeline in our history.

謝謝，施特勞斯。我要感謝我們的團隊始終如一地執行我們的策略，並使我們的公司實現了歷史上最強勁的預期成長軌跡和多年期發展規劃。

Turning to our recent releases and announced games in development. On February 11, 2K and Firaxis Games will launch Sid Meier's Civilization VII, the highly anticipated revolutionary new chapter in our Epic 4X strategy game franchise. 2K has been promoting the title across many key activations, including a developer panel at PacWest and PAX Australia, various community live streams, a first look video series and developer diaries.

談談我們最近發布和宣布正在開發的遊戲。2 月 11 日，2K 和 Firaxis Games 將推出《席德梅爾的文明 VII》，這是我們 Epic 4X 戰略遊戲系列中備受期待的革命性新篇章。2K 一直在透過許多重要活動推廣遊戲，包括 PacWest 和 PAX Australia 的開發者小組、各種社區直播、首發影片系列和開發者日記。

Firaxis recently revealed details about their partnership with Ashani Tribe featuring Leader [Takumsa], who appears as a playable character. We can't wait for Sid fans around the world to take 1 more turn and enjoy what promises to be the best title in the series' 33-year history.

Firaxis 最近透露了他們與 Ashani Tribe 合作的細節，其中領導者 [Takumsa] 以可玩角色出現。我們迫不及待地希望全世界的 Sid 粉絲能夠再次體驗這款有望成為該系列 33 年歷史上最精彩的遊戲。

Later this fiscal year, Visual Concepts will launch WWE 2K25 which promises to take our successful pro wrestling franchise to new heights. 2K will have more to share about the game in the coming months. 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 VI in the fall of 2025, Borderlands 4 and Mafia, the Old Country.

本財年晚些時候，Visual Concepts 將推出 WWE 2K25，這款遊戲有望將我們成功的職業摔角系列推向新的高度。2K 將在未來幾個月分享更多有關該遊戲的資訊。展望未來，我們預計 2026 財年將是里程碑式的一年，因為我們計劃發布幾款重磅遊戲，包括 2025 年秋季推出的 Rockstar Games 的《俠盜獵車手 VI》、《無主之地 4》和《四海兄弟：舊國》。

The latter two were unveiled by 2K this past summer at Gamescom, with each announcement featuring a game trailer that received a tremendous reception from their dedicated communities of fans. Rockstar Games also plans to bring the much requested PlayStation 5 and Xbox Series features of GTA Online to the PC platform in the new year.

後兩款遊戲於去年夏天在 Gamescom 上由 2K 推出，每款遊戲都附帶遊戲預告片，受到了忠實粉絲群的熱烈歡迎。Rockstar Games 也計劃在新年將 GTA Online 中備受期待的 PlayStation 5 和 Xbox Series 功能引入 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 of private division's live and unreleased titles.

此外，我們最近做出了策略決策，出售我們的私人部門品牌，以集中我們的資源來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，買方購買了我們對私人部門幾乎所有現場和未發行作品的版權。

Take-Two will continue to support No Rest for the Wicked which launched in Early Access on PC in April. We are grateful for the contributions that private division team has made to our company and are confident that they will continue to achieve success in their new home.

Take-Two 將繼續支持 4 月在 PC 上搶先體驗版推出的《No Rest for the Wicked》。我們感謝私人事業部團隊為公司所做的貢獻，並相信他們將會繼續在新家取得成功。

In closing, our teams are hard at work on the strongest and most diverse line-up in our company's history. As we deliver exciting new hits and pursue new business opportunities, we believe that we will achieve sustainable profitable growth and shareholder returns.

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。隨著我們不斷推出令人興奮的新熱門產品並尋求新的商業機會，我們相信我們將實現可持續的獲利成長和股東回報。

I'll now turn the call over to Lainie.

我現在將電話轉給萊妮。

Thanks, Karl and good afternoon, everyone. We achieved another consecutive quarter of strong results, led by our diversified portfolio of industry-leading intellectual properties. During the period, we delivered exciting new offerings and continued to make great progress advancing our development pipeline which reinforces our confidence in our outlook for this year and our multiyear growth trajectory. I'd like to thank our teams for their consistent execution and unwavering focus on creativity, innovation and efficiency.

謝謝，卡爾，大家下午好。由於我們多元化的行業領先知識產權組合，我們連續一個季度取得了強勁業績。在此期間，我們推出了令人興奮的新產品，並在推動開發管道方面繼續取得巨大進展，這增強了我們對今年前景和多年成長軌蹟的信心。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。

Turning to our results. We delivered second quarter net bookings of $1.47 billion which was at the top of our guidance range of $1.42 billion to $1.47 billion, driven by the strength of the Grand Theft Auto and Borderlands franchises.

談談我們的結果。受《俠盜獵車手》和《無主之地》系列遊戲強勁表現的推動，我們第二季度的淨預訂額達到 14.7 億美元，處於我們 14.2 億美元至 14.7 億美元的預期範圍的最高水平。

Recurrent consumer spending rose 6% for the period which was slightly above our guidance of 5% and accounted for 81% of net bookings. Mobile increased high single digits, driven by the addition of Match Factory and strong growth in Toon Blast which was partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles.

該期間經常性消費支出增加 6%，略高於我們預期的 5%，佔淨預訂量的 81%。行動遊戲營收實現高個位數成長，這得益於 Match Factory 的加入和 Toon Blast 的強勁成長，但被我們的超休閒行動遊戲組合和 Empires & Puzzles 的營收下滑部分抵消。

NBA 2K grew low single digits, while Grand Theft Auto Online was relatively flat. During the quarter, we launched NBA 2K25 and Game of Thrones Legends. GAAP net revenue increased 4% to $1.35 billion, while cost of revenue declined 29% to $625 million, as the prior year included an impairment charge related to acquired intangibles.

NBA 2K 的成長幅度低於個位數，而《俠盜獵車手 Online》的成長幅度則相對穩定。本季度，我們推出了 NBA 2K25 和《權力的遊戲傳奇》。根據美國通用會計準則 (GAAP)，淨收入成長 4% 至 13.5 億美元，而收入成本下降 29% 至 6.25 億美元，因為上一年包含與收購無形資產相關的減損費用。

Operating expenses increased by 7% to $1 billion. On a management basis, operating expenses rose 24% year over year. This was favorable to our forecast, largely due to a shift in timing of marketing expense within the year and drove operating results that were above our prior guidance range.

營運費用增加 7%，達到 10 億美元。從管理角度來看，營運費用年增24%。這對我們的預測有利，主要是由於年內行銷費用時間的變化，並推動經營績效高於我們先前的指導範圍。

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.

轉向我們的指導；我將從我們對整個財政年度的預期開始。我們的業務表現良好。正如施特勞斯所提到的，我們重申淨預訂量預期範圍為 55.5 億美元至 56.5 億美元，比 2024 財年增長 5%。

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!, Empires & Puzzles, the Red Dead Redemption series, Sid Meier's Civilization VII and Words With Friends.

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、我們的超休閒行動產品組合、Match Factory！ 、Empires & Puzzles、荒野大鏢客系列、席德梅爾的文明 VII 和 Words With Friends。

We now expect recurrent consumer spending to grow approximately 4%, representing 78% of net bookings. This is up slightly from our prior forecast of 3%, driven by NBA 2K. Our recurrent consumer spending forecast continues to assume a high single-digit increase for mobile, driven by Match Factory and Toon Blast, partially offset by declines in our hypercasual, mobile portfolio and Empires & Puzzles.

我們現在預計經常性消費支出將成長約 4%，佔淨預訂量的 78%。這比我們之前預測的 3% 略有上升，主要是由 NBA 2K 的推動。我們對經常性消費者支出的預測繼續假設行動端將出現較高的個位數成長，這主要得益於 Match Factory 和 Toon Blast 的推動，但超休閒類行動遊戲產品組合和 Empires & Puzzles 的下滑部分抵消了這一增長。

NBA 2K is expected to grow low single digits which is up from our prior forecast of flat, while Grand Theft Auto Online is still expected to decline. We project a net bookings breakdown from our labels to be roughly 51% Zynga, 32% 2K and 17% Rockstar Games.

NBA 2K 預計將實現低個位數成長，高於我們先前預測的持平水平，而俠盜獵車手 Online 預計仍將下降。我們預計，我們旗下品牌的淨預訂量分佈約為 51% Zynga、32% 2K 和 17% Rockstar Games。

And we forecast our geographic net bookings split 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. And we remain on track to deploy approximately $140 million of capital expenditures, primarily for game technology and office build-outs.

我們預測我們的地理淨預訂量分佈約為 60% 美國和 40% 國際。非公認會計準則調整後的非限制性經營現金流預計將流出 1.5 億美元，與我們先前的預測相同。我們仍計劃部署約 1.4 億美元的資本支出，主要用於遊戲技術和辦公室建設。

We continue to expect GAAP net revenue to range from $5.57 billion to $5.67 billion, while we now expect cost of revenue to range from $2.4 billion to $2.42 billion.

我們繼續預期 GAAP 淨收入將在 55.7 億美元至 56.7 億美元之間，而我們現在預計收入成本將在 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. On a management basis, we continue to expect operating expense growth of approximately 10% year-over-year.

目前預計總營運費用將在 37.7 億美元至 37.9 億美元之間，而去年為 58.3 億美元。從管理角度來看，我們繼續預期營業費用將年增約 10%。

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.

這主要是由於對 Match Factory 的持續行銷支援增加以及計劃於今年推出的其他行動和沈浸式核心產品、Gearbox 的加入以及更高的人員成本，但部分被我們的成本削減計劃節省的資金所抵消。

Excluding incremental marketing and the addition of Gearbox, our operating expenses are expected to grow low single digits over last year.

不計增量行銷和 Gearbox 的增加，我們的營運費用預計將比去年增長個位數。

Now, moving on to our guidance for the fiscal third quarter. We project net bookings to range from $1.35 billion to $1.4 billion compared to $1.34 billion in the prior year. Our release slate for the quarter includes Red Dead Redemption and Undead Nightmare for PC which launched last week.

現在，我們來談談我們對第三財季的預測。我們預計淨預訂量將在 13.5 億美元至 14 億美元之間，而去年同期為 13.4 億美元。我們本季的發布計畫包括上週推出的 PC 版《荒野大鏢客：救贖》和《亡靈夢魘》。

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!, Empires & Puzzles, the Red Dead Redemption Series, Words With Friends and Merge Dragons.

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、我們的超休閒行動產品組合、Match Factory！ 、Empires & Puzzles、荒野大鏢客系列、Words With Friends 和 Merge Dragons。

We project recurrent consumer spending to increase by approximately 9% which assumes a low double-digit increase for mobile, driven by the addition of Match Factory and growth in Toon Blast, partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles. We expect an increase for NBA 2K and a decline for Grand Theft Auto Online.

我們預期經常性消費者支出將成長約 9%，假設行動支出將實現較低的兩位數成長，這得益於 Match Factory 的加入和 Toon Blast 的成長，但部分被我們的超休閒行動產品組合和 Empires & Puzzles 的下滑所抵消。我們預計 NBA 2K 的銷售將會增加，而俠盜獵車手 Online 的銷售量將會下降。

We expect GAAP net revenue to range from $1.36 billion to $1.41 billion. Operating expenses are planned to range from $913 million to $923 million. On a management basis, operating expenses are expected to grow by approximately 11% year over year which is primarily driven by additional marketing for Match Factory and the addition of Gearbox, partially offset by savings from our cost reduction program.

我們預計 GAAP 淨收入將在 13.6 億美元至 14.1 億美元之間。計劃營運費用在 9.13 億美元至 9.23 億美元之間。從管理角度來看，營運費用預計將比去年同期增加約 11%，這主要得益於 Match Factory 的額外行銷和 Gearbox 的加入，但部分被我們成本削減計劃的節省所抵消。

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 grow our scale we expect to deliver strong operating leverage and robust shareholder value. I'd like to thank you all for your support and look forward to sharing more details on our ground-breaking pipeline in the coming months.

最後，我們相信，許多令人興奮的催化劑即將出現，這些催化劑將使我們的公司實現淨預訂業績的新紀錄。隨著我們擴大產品供應並擴大規模，我們期望提供強大的經營槓桿和穩健的股東價值。我想感謝大家的支持，並期待在未來幾個月分享有關我們突破性管道的更多細節。

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

謝謝。我現在將電話轉回給施特勞斯。

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 tenets of creativity, innovation and efficiency. 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連續一個季度取得優異的業績，體現了我們創造力、創新和效率的核心原則。對於我們的股東，我要對你們的持續支持表示感謝。

We'll now take your questions. Operator?

我們現在來回答你們的問題。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Doug Creutz, TD Cowen.

道格·克魯茲（Doug Creutz），TD Cowen。

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 to go and I think we've got line of sight on four that have either been already launched or we have clear dates on. Those other three, are they still in the software line-up for the year? Or perhaps they've been moved out? And what kind of impact does that have on your overall guidance?

謝謝。嘿，謝謝你。早在五月份，您就曾談到今年將有七個核心頭銜。我們還有大約五個月的時間，我認為我們已經看到了四個已經推出或有明確日期的產品。另外三個，它們還在今年的軟體陣容中嗎？還是他們已經搬走了？這對您的整體指導有何影響？

Labels will provide more detail on the upcoming titles when they're ready to do so. Also keep in mind that while we provided our pipeline expectations for fiscal '25 in May, we do not update our release expectations unless there is a financial reason to do so.

當唱片公司準備好時，他們會提供即將上映的影片的更多詳細資訊。還要記住，雖然我們在 5 月提供了 25 財年的管道預期，但除非有財務原因，否則我們不會更新我們的發布預期。

Okay, fair enough. Thank you.

好吧，夠公平。謝謝。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

Good afternoon. Thanks for the question. If you could focus in on mobile a little bit. How much of the growth do you say is specific to your two titles that are just doing absolutely great right now? How are you seeing the mobile industry in general doing? 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 games that you have?

午安.謝謝你的提問。如果你能稍微關註一下行動裝置的話。您認為成長有多少是歸功於您目前表現非常出色的兩部作品？您如何看待整個行動產業的發展？從廣義上講，您是否覺得這不僅對您現有的遊戲實力有幫助，而且對您有所幫助？

So generally speaking, I would say we're obviously really excited about the performance of Match Factory and also Toon Blast as well. And we are seeing -- 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 it at this point.

所以總的來說，我想說我們對 Match Factory 和 Toon Blast 的表現感到非常興奮。我們看到，這對我們在行動領域的成長做出了重大貢獻。它不是唯一的因素，但目前來說，它無疑是其中很重要的一部分。

In 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 rewarding people for taking risk and releasing new titles that are compelling and engaging.

就行動產業而言，我們現在對形勢感到相當樂觀。我認為我們最欣賞的事情之一是，消費者實際上會獎勵那些敢於冒險並發布引人注目、引人入勝的新作品的人。

And we're fortunate enough to have one of those titles. And hopefully -- and if not more than one. And we're really excited about new titles that are coming out that we've -- some that we've announced and some of that we haven't.

我們非常幸運能夠獲得其中一個頭銜。並且希望──如果沒有的話，也不只一個。我們對即將推出的新遊戲感到非常興奮——有些我們已經宣布過，有些還沒有。

We always say that new IP is the lifeblood of the industry. And I think our commitment to investing in new IP is really serving us well. So I would say that's the biggest change in the mobile industry over the last couple of years. And it's not just with us, it's also across the entire industry as well. We've seen some other big hits in the market. It's very gratifying to see that at this point.

我們總說新IP是產業的生命線。我認為，我們致力於投資新 IP 確實為我們帶來了好處。所以我想說這是過去幾年行動產業最大的變化。這不僅發生在我們身上，也發生在整個產業。我們在市場上還看到了一些其他的熱門產品。看到這一點我感到非常欣慰。

What was the second -- the last part of the question? I think there was something at the end you asked there. What was that?

問題的第二部分──最後一部分是什麼？我認為你最後問的是一些事情。那是什麼？

Correct. Okay.

正確的。好的。

No, no. It was just about what you're seeing and how you're seeing the industry in general. I wonder if you could just talk about your thoughts on mobile advertising? And with user acquisition, what are you seeing there? And at this point, do you keep using Chartboost or do you need more than just what Chartboost can offer?

不，不。這只是關於您所看到的以及您對整個行業的看法。我想知道您是否可以談談對行動廣告的看法？對於用戶獲取，您看到了什麼？那麼，現在您還會繼續使用 Chartboost 嗎？或者您需要的不僅僅是 Chartboost 所能提供的功能？

So in terms of -- you're talking about on the customer acquisition side, not on the monetization side, correct?

所以就…您談論的是客戶獲取方面，而不是貨幣化方面，對嗎？

Correct.

正確的。

Okay. Yes. So look, we've always used more than Chartboost. So I'd say working with third parties is something that we have done and will continue to do in the future. We don't -- we would never rely just on one and we'd like to spread our business across several.

好的。是的。所以看，我們一直使用的不僅僅是 Chartboost。所以我想說，與第三方合作是我們已經做過的事情，而且將來還會繼續做下去。我們不會——我們永遠不會只依賴一家公司，我們希望將我們的業務擴展到多家公司。

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

所以這實際上——它不僅僅是一種特定的策略。這是兩者的結合；包括我們龐大的內部資料庫。我想說，我們對第三方的依賴程度比其他一些競爭對手要低一些，因為我們擁有如此廣泛的手機遊戲組合和涵蓋所有這些遊戲的龐大資料庫。

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 for 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.我想對我來說也有幾個高層次的問題。我們已經看到這種趨勢，即市場份額被少數發行商和遊戲所鞏固。顯然，包括 Take-Two。但就遊戲開發成本而言，該產業正在發生結構性轉變，甚至可能改變分銷方式。

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

所以我很好奇想聽聽您的想法，這些力量是否能帶來更多的發展、更多的新 IP？或者更多的是優化您現有的核心特許經營權？

Look, this business is beginning to mature. And emphasis on the beginning. This is going to be the fastest growing part of the entertainment business for some time to come. But in the early stages of maturation, it shouldn't be surprising first that quality standards increase.

瞧，這生意開始成熟了。並強調開頭。未來一段時間內，這將成為娛樂業成長最快的部分。但在成熟的早期階段，品質標準的提升並不令人意外。

Consumers always want higher-quality products. And that the big and good get bigger and better and the bad and small get worse and smaller. 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 18 years, mostly organically until the acquisition of Zynga in 2022. And obviously, that was a big inorganic step forward as well.

消費者總是想要更高品質的產品。大而好的會越來越大、越來越好，壞而小的會越來越壞、越來越小。這就是娛樂產業的歷史。我們對自己所取得的成績感到非常自豪，過去 18 年我們取得了顯著的成長，其中大部分是有機成長，直到 2022 年收購 Zynga 之後。顯然，這也是無機領域的一大進步。

Today, we find ourselves the number two 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 entertainment business.

如今，我們已成為全球第二大純娛樂公司，我們認為，我們在未來的發展中處於非常有利的地位，這首先是因為我們的策略是努力成為娛樂產業中最具創造力、創新性和效率的公司。

And secondly, because we have this extraordinarily diverse 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.

其次，因為我們擁有極其多樣化的產品組合，涵蓋了互動娛樂產業的所有基礎，並由自有智慧財產權驅動。事實上，我們非常確信我們擁有業內最好的自有知識產權集合。我們認為這是成功的秘訣。

If we get it right, our earnings power should enable us to grow further. And what we've always said is we've used our capital first to support organic growth; secondly, selectively to support accretive inorganic growth. And third, to return capital to the shareholders on favorable terms.

如果我們做對了，我們的獲利能力將使我們能夠進一步發展。我們一直說，我們首先利用資本來支持有機成長；其次，選擇性地支持增生性無機成長。第三，以優惠條件向股東返還資本。

And I expect that we'll continue to try to do that. Does that mean life gets harder? Yes, it's harder and harder to make big hits. And we're so grateful to our creative teams because that's exactly what they focus on every day. We get to do the easy stuff like talk to you all.

我希望我們能繼續努力做到這一點。這是否意味著生活變得更加艱難？是的，要取得巨大成功是越來越難了。我們非常感謝我們的創意團隊，因為這正是他們每天關注的重點。我們可以做一些簡單的事情，例如與大家交談。

They have to do the hard stuff which is make the hits that drive this industry. That gets harder all the time but it's a challenge that we accept with enthusiasm because it's what drives all of us, even those of us around this table who don't actually make video games day-to-day.

他們必須做一些艱苦的事情，那就是創造出推動這個產業發展的熱門產品。這變得越來越難，但我們會熱情地接受這個挑戰，因為這是我們所有人前進的動力，即使是坐在這裡那些實際上並不每天製作電子遊戲的人。

And that's our focus, that's the purpose of this enterprise. 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 AI? Yes, that's the history of the entertainment business. But if you get right, the opportunity is extraordinary and we're trying really hard to get it right.

這就是我們的重點，也是這個企業的目標。企業的宗旨是為消費者提供最好的娛樂服務。儘管技術不斷進步，尤其是生成式人工智慧，但這是否會變得更加困難、更加複雜、更昂貴？是的，這就是娛樂產業的歷史。但如果你做對了，機會就非同尋常，我們會非常努力地做到正確。

Got it. That's a very helpful perspective. Thanks, Strauss. One quick housekeeping question. The improvement in GTA performance versus being down in Q1, is that timing around the summer? Or I guess, late summer release packs? Or is that sort of more of a broad-based improvement?

知道了。這是一個非常有用的觀點。謝謝，施特勞斯。一個簡單的日常問題。GTA 業績的改善與第一季的下滑相比，是在夏季左右發生的嗎？或者我猜是夏末發布的包？或者這是一種更廣泛的改進？

I think it's more broad based. The title has been doing extremely well. The engagement is there and strong. We're seeing that coming out of Q2 and we expect to see that through the rest of the year.

我認為它的基礎更為廣泛。作品的評價一直都非常好。雙方的參與度已經存在，而且很強。我們在第二季度看到了這一趨勢，我們預計這一趨勢將持續到今年剩餘時間。

Thanks, Lenny.

謝謝，倫尼。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

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 GTA VI. 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 into kind of those assumptions built into '27 to see growth off of what's already quite a busy content slate in '26?

感謝您回答我的問題。我們看到，除了《GTA VI》之外，隨著《黑手黨》和《無主之地》的發布，26 財年將推出大量內容。因此，根據關於 26 財年和 27 財年創紀錄的淨預訂量的評論，我只是想知道您是否可以對 27 年內置的那些假設給出某種顏色或可見性，以看到 26 年已經相當繁忙的內容基礎上的增長？

So let me get this straight. This used to be a company where we didn't mention anything till four months before releasing. Now I'm being asked -- why can't I have some insight into fiscal 2027? I mean, I don't remember what I had for breakfast this morning.

讓我把這件事弄清楚。我們曾經在這家公司發布產品前四個月才提到任何事情。現在有人問我──為什麼我不能了解 2027 財年的情況？我的意思是，我不記得今天早上吃了什麼早餐。

So I think the answer is -- we're really excited about the pipeline. And by giving the color that we've given on fiscal '27, we're making the point that this pipeline is going to be robust and is going to be durable and we take those statements seriously. But no, on this call, I will not be announcing our pipeline for more than 2.5 years from now.

所以我認為答案是——我們對這條管道感到非常興奮。透過對 27 財年的展望，我們表明這條管道將會強勁、持久，我們認真對待這些聲明。但不，在這次電話會議上，我不會宣布我們兩年半以後的管道。

Well, much appreciated. But maybe a smaller question that -- that can get a little bit more granular in the near term here. So saw the addition of that paid gravity ball mode in 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 a DLC. With what you've seen in gravity ball so far, like how are you thinking about that sort of paid game mode concept in other franchises across the portfolio? Thank you.

嗯，非常感謝。但也許這是一個較小的問題——在短期內可以變得更具體一些。因此今年 NBA 2K 中增加了付費重力球模式。這似乎是一個新產品，可能比微交易更大，但比擴展或 DLC 要小。就您目前在《重力球》中看到的情況而言，您如何看待在整個產品組合中的其他系列中採用這種付費遊戲模式的概念？謝謝。

I mentioned our three-part strategy and the middle part being innovation and I'm really proud that Visual Concepts and 2K decided to innovate with Gravity Ball, most importantly, creatively. And then secondarily, as a matter of business model. And we've already learned a lot. It's a great little mini game, really terrific. And I think consumers really like it.

我提到了我們的三部分策略，中間部分是創新，我非常自豪 Visual Concepts 和 2K 決定透過 Gravity Ball 進行創新，最重要的是創意創新。其次，就商業模式而言。我們已經學到很多東西了。這是一款很棒的小遊戲，真的很棒。我認為消費者確實喜歡它。

It's too early to say that, okay, our future is paid mini games inside bigger platform type games. But I think it's a reflection of the fact that our creative teams are open-minded and we're willing to try new things and aren't being precious about the IP that they create.

現在說我們的未來是大型平台類型遊戲中的付費迷你遊戲還為時過早。但我認為這反映了我們的創意團隊思想開放，我們願意嘗試新事物，並且不會過於珍惜他們創造的智慧財產權。

To the contrary, they know consumers want to have fun with it and so they equally need to have fun with it. So it's an exciting development; probably too early to call it a trend.

相反，他們知道消費者想要從中獲得樂趣，所以他們同樣需要從中獲得樂趣。這是一個令人興奮的發展；現在稱其為趨勢可能還為時過早。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Good afternoon. Thanks for your question. Hoping you could elaborate a bit on your decision to sell Private Division. And then Lainie, for you, just 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。希望您能詳細說明一下出售私人部門的決定。然後萊妮，您能否向我們詳細說明您預計這會如何影響損益表？謝謝。

Look, it's always hard to part with friends and colleagues. That's actually the hardest thing that we have to do occasionally. And we're really impressed with what [Michael Morris] and the team built in Private Division. They brought on board and launched a number of titles over the past several years. And virtually all of them worked out and a couple of them were pretty big breakouts.

瞧，與朋友和同事分開總是很難的。這實際上是我們偶爾必須做的最困難的事情。我們對麥可莫里斯和團隊在《私人部門》中所做的一切印象深刻。在過去幾年裡，他們引進並推出了許多遊戲。幾乎所有這些方法都取得了成功，其中有幾個甚至取得了相當大的突破。

At the same time, it became clear that our thesis which is work with independent developers, bring them into this independently minded division and perhaps create new, huge durable intellectual properties for the company was going to be challenging at best because the title is though big, were not big in the context of our core intellectual properties at 2K and Rockstar.

同時，很明顯，我們的論點是與獨立開發者合作，將他們納入這個獨立思考的部門，並為公司創造新的、巨大的、持久的知識產權，這充其量將是一個挑戰，因為這個標題雖然很大，但在 2K 和 Rockstar 的核心知識產權背景下並不大。

And our job really is to focus on making the biggest and best hits for the marketplace. We don't -- we're not the long tail of a company. We are top 10 hit makers around here. That's who 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打造最大、最好的產品。我們不是──我們不是公司的長尾。我們是這裡排名前十的熱門產品製造商。這就是我們在控制台方面所做的工作。這就是我們在行動端的現況。成為前十名的玩家，這是任何成熟娛樂業務的核心。

Those are the companies that matter, those are the companies that grow, those are the companies with operating margins. So that's what we need to focus on, that became clear. We're really thrilled that we found a great home for Private Division.

這些是重要的公司，這些是正在成長的公司，這些是具有營業利潤率的公司。所以這就是我們需要關注的，這一點很明顯。我們非常高興為 Private Division 找到了一個好歸宿。

And Lainie, any comments on the digital P&L impact from that?

萊妮，您對這對數位損益表的影響有何評論？

Sure. So the P&L impact this year is immaterial to the bottom line. There's a little bit of effect on the net bookings but we were able to offset that by the strength of the NBA franchise.

當然。因此，今年的損益影響對於底線而言並不重要。這對淨預訂量有一點影響，但我們能夠透過 NBA 球隊的實力來抵消這一影響。

Thank you.

謝謝。

Ed Altar, Jefferies.

艾德‧阿爾塔，傑富瑞。

Hi, thanks for taking my question. NBA 2K this year got significantly better reviews. But I heard you guys say it looks like it's sold $4.5 million which is flat year-over-year. How does -- for an annual title like that, how does higher review scores translate to sales in RCS, in your view?

你好，謝謝你回答我的問題。今年的NBA 2K獲得了明顯更好的評價。但我聽你們說它的銷售似乎為 450 萬美元，與去年同期持平。對於這樣的年度刊物，您認為更高的評論分數如何轉化為 RCS 的銷售量？

Well, I agree. It's always -- it's nice that you noticed the higher review scores and the team at Visual Concepts and 2K worked very hard to put improvements into the game, not only bringing new modes and new opportunities into a new content to the game but also bringing back some beloved modes that were not in previous positions.

嗯，我同意。很高興您注意到更高的評分，Visual Concepts 和 2K 的團隊非常努力地對遊戲進行改進，不僅為遊戲的新內容帶來了新模式和新機會，還帶回了一些以前沒有的受歡迎的模式。

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 game, as well as RCS, recurrent consumer spending. And that's a reflection of when people get into the game, they love it. They engage and ultimately, that leads to monetization.

因此，他們確實非常努力地確保提供最具吸引力的體驗。我們正在見證這一點。與上一款遊戲相比，玩家參與度、RCS 和經常性消費者支出均有顯著提升。這反映出當人們進入遊戲時，他們喜歡它。他們參與其中並最終實現盈利。

So I think really, the reflection on the scores is a reflection of engagement and that's what we're seeing and we are seeing those economic improvements. In terms of sort of unit sale comparisons, et cetera, it's easy to focus on those things but we also have -- obviously, bringing the game to Gen 9 on the PC had a significant positive impact for us on the PC version.

所以我認為，分數實際上反映了參與度，這就是我們所看到的，我們看到了經濟的改善。就單位銷售量比較等方面而言，我們很容易關注這些事情，但我們也有——顯然，將遊戲帶到 PC 上的第 9 代對我們的 PC 版本產生了重大的積極影響。

But we still are dealing with the dynamic of the Gen 9 console business is certainly growing but we're still being hurt not at the same rate as the Gen 8 is declining. We obviously expect that that's going to reverse at one point in the future as Gen 9 continues to take a foothold and people have more and more reasons to move from Gen 8 to Gen 9.

但我們仍在應對第九代遊戲機業務的動態，這項業務肯定在成長，但我們受到的傷害仍不及第八代業務下滑的速度。我們顯然預計，隨著第 9 代繼續站穩腳跟，人們有越來越多的理由從第 8 代轉向第 9 代，這種情況在未來的某個時候會發生逆轉。

Yes, great. And just on the hypercasual games, it looks like they're doing incredible. How much of that is from kind of direct revenue that was in the ads monetization strategy? And how much of that is incremental from this new strategy on hypercasual and our purchases?

是的，太棒了。就超休閒遊戲而言，他們的表現似乎令人難以置信。其中有多少來自廣告貨幣化策略的直接收入？那麼，其中有多少是這個超休閒遊戲新策略和我們的購買帶來的增量呢？

So it's both. And we have said before that there's two things that are going on in our hyper hybrid casual businesses. One where obviously, we have been focusing on profitability and that's been putting some downward pressure on revenues in general.

所以兩者都有。我們之前說過，我們的超混合休閒業務正在發生兩件事。顯然，我們一直關注獲利能力，這給整體收入帶來了一些下行壓力。

But the other component is on -- this business has traditionally been almost 100% advertising. That's not the case anymore. We've got games. Screw Jam is a perfect example of games where we're actually having significant success in-app purchases.

但另一方面——這項業務傳統上幾乎 100% 都依賴廣告。現在情況已經不再如此了。我們有遊戲。Screw Jam 是我們在應用程式內購買方面取得巨大成功的遊戲的完美典範。

And that's a reflection of the fact that these games are lasting for a longer period of time and they're more engaging than they have in the past. So whether it's in our purchase or advertising, we're sort of indifferent. We'll take the revenue any way that we can get it.

這反映出這些遊戲的持續時間比過去更長，而且更具吸引力。因此，無論是在購買或廣告中，我們都無動於衷。我們會用盡一切辦法來獲取收入。

But what you're really seeing is a combination of both. And again, that there is game by game. Not every game is going to have in-app purchases but more and more, you see that happening.

但你真正看到的是兩者的結合。再次強調，這是一場一場的比賽。並非所有遊戲都會有應用程式內購買功能，但你會看到這種情況越來越多。

Great. Thank you very much.

偉大的。非常感謝。

Benjamin soft, Deutsche Bank.

德意志銀行本傑明·索夫特。

Yes, hey, guys. Thanks for the question. I wanted to ask about Borderlands. Can you please break out the contribution from the film? And did you see the benefit to game sales from the film? And would you expect to maybe look at doing that a little bit more in the future, bringing more of your IP to movies or shows? And then for Lainie, I wanted to ask about the shift in timing from ticketing expenses. Is there anything you can add as far as color there? Thanks.

是的，嘿，夥計們。謝謝你的提問。我想問一下關於《無主之地》的事情。能否詳細說明這部電影的貢獻？您是否看到這部電影對遊戲銷售有何幫助？您是否希望在未來更多地考慮這樣做，將更多的 IP 引入電影或節目中？然後對於萊妮，我想問票務費用的時間變化。就顏色而言，您能添加什麼嗎？謝謝。

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

謝謝你的提問。就《無主之地》而言，我們實際上並不需要單獨列出該電影的貢獻，因為雖然它在經濟上是正面的，但對我們的表現來說並不重要。儘管這部電影令人失望，但它實際上促進了我們的目錄銷售。

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

所以這表明，基於我們高品質的 IP 製作電影或電視節目可以推動目錄銷售，這可能是一件好事。儘管如此，我們確實非常挑剔。我們對授權如此挑剔的原因之一是，我們真心希望我們品牌推出的所有產品都能獲得真正的成功。

And we can't guarantee that, especially when it's out of our hands. So we have licensed other titles, we'll continue selectively (inaudible), emphasis on the word selectively.

但我們無法保證這一點，尤其是當它超出我們的控制範圍時。因此，我們已經授權了其他標題，我們將繼續有選擇地（聽不清楚），強調有選擇地這個詞。

And the marketing expenses in Q2, that moved out due to timing. It was a combination of some of our release titles and some unreleased titles, but all within the year.

第二季的行銷費用因時間原因而移出。它是我們一些已發行作品和一些未發行作品的組合，但都是在一年之內完成的。

Got it. Thanks.

知道了。謝謝。

Mike Hickey, Benchmark Charles.

麥克希基 (Mike Hickey)，基準查爾斯。

Strauss, Karl, Lainie, Nicole, congrats on the quarter, guys. Just curious on the new consoles coming to the market. We've got the Pro and the Switch to -- just broadly speaking, wondering your thoughts there? And if you see a commercial opportunity, I guess, from some of your catalog games, whether it's enhanced or special edition for the PS5 Pro. And if you think a Switch 2 is going to be a more viable platform than what we had with the Switch 1 for your our game portfolio? And I have a follow-up.

史特勞斯、卡爾、萊妮、妮可，恭喜你們本季的成績。只是對即將上市的新遊戲機感到好奇。我們有 Pro 和 Switch — — 只是廣義上講，想知道您的想法嗎？我想，如果您從一些目錄遊戲中看到了商業機會，無論是 PS5 Pro 的增強版還是特別版。您是否認為 Switch 2 比 Switch 1 更適合我們的遊戲組合？我還有一個後續問題。

We don't tend to comment meaningfully on the decisions of the hardware makers. Except to say that successful platforms benefit the business and we support successful platforms and we're happy to do so. We don't have any product announcements to make. We don't make those announcements on these calls, as you know, Mike. And with regard to Switch, my view was never count Nintendo out.

我們不會對硬體製造商的決定發表有意義的評論。除了說成功的平台有利於業務並且我們支持成功的平台並且我們很樂意這樣做。我們沒有任何產品公告要發布。麥克，你知道，我們不會在電話會議上宣布這些消息。對於 Switch，我的觀點是永遠不要忽略任天堂。

Fair enough. The -- I guess, the next question on Project Eagle [ph]. You've got some feedback from the market. Curious, how you're sort of taking that feedback and thinking about maybe reshaping or the impact it's had on development of that game and maybe the release timing?

很公平。我想，下一個問題是關於“鷹計劃”[ph]。您已經收到了一些來自市場的回饋。好奇的是，您是如何接受這些回饋並考慮重塑它或它對遊戲開發和發佈時間的影響的？

Look, I couldn't be more proud than I am with the team of 31st Union and what they brought to market and consumers embraced Ethos and really enjoyed the play test and we were thrilled to see it in market. The whole point of a play test is to get feedback and to engage the community and helping us make the best possible experience. And I know Michael Condrey and the whole team, we're enthused about that feedback and found it really, really useful. So we're off to a great start and it's more to come.

瞧，我為 31st Union 團隊以及他們為市場帶來的作品感到無比自豪，消費者接受了 Ethos 並真正享受了遊戲測試，我們很高興看到它在市場上銷售。遊戲測試的全部意義在於獲得回饋、吸引社群並幫助我們獲得最佳體驗。我知道邁克爾康德雷和整個團隊都對這些反饋感到非常興奮，並發現它真的非常有用。因此，我們已經有了一個好的開端，並且未來還會有更多。

Thanks, guys. Good luck.

謝謝大家。祝你好運。

Omar Dessouky, Bank of America.

美國銀行的奧馬爾‧德蘇基 (Omar Dessouky)。

This is Arthur on for Omar. So it's good to see double-digit growth in average revenue per gamer for NBA. Would you expect the improvement in average monetization to be a 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 the different drivers of monetization improvements going forward? Thank you.

這是亞瑟 (Arthur) 代替奧馬爾 (Omar)。因此，看到 NBA 每位玩家的平均收入實現兩位數成長是令人欣慰的。與用戶成長相比，您是否認為平均貨幣化的提高將成為該特定係列未來成長的更大推動力？我想，我們應該如何看待未來貨幣化改進的一些不同驅動因素？謝謝。

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 the quality of the game, the quality of the end game experiences that lead to recurrent consumer spending.

你看，我們對用戶成長和每用戶支出都持樂觀態度，而且它們都受到同一個因素的驅動，那就是品質。因此，遊戲的品質、遊戲最終體驗的品質會導致消費者再次消費。

As big as this title has been, we still think there's a whole lot more ground to cover and the NBA is making big strides internationally and obviously made new broadcast deals that are very robust. There's every reason to believe that this is a huge growth business going forward and we're thrilled to be in business with the NBA and the NBA Players Association.

儘管這個頭銜已經很大了，但我們仍然認為還有很長的路要走，NBA 在國際上正在大步前進，顯然已經達成了非常穩健的新轉播協議。我們完全有理由相信，這是一個未來具有巨大成長潛力的業務，我們很高興能與 NBA 和 NBA 球員協會開展業務。

They are superb partners and support us all the time to the best of their abilities and then some and we see the results. We keep making a better and better game every year and the team at Visual Concepts is trying to do just that, then we'll be rewarded with a bigger footprint. And within that footprint, bigger engagement and that will lead to more profitable revenue.

他們是出色的合作夥伴，始終盡其所能地支持我們，我們也看到了成果。我們每年都在不斷製作越來越好的遊戲，Visual Concepts 團隊正在努力做到這一點，然後我們將獲得更大的回報。在這個範圍內，更大的參與度將帶來更多的利潤收入。

Got it. Perfect. Thanks a lot, guys.

知道了。完美的。非常感謝大家。

Eric Sheridan, Goldman Sachs

艾瑞克謝裡丹，高盛

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

非常感謝您回答這些問題。如果可以的話，也許兩個。首先，我們來回答最後一個問題。顯然，除了 NBA 之外，您對體育和遊戲之間的交集作為長期機會的看法有什麼新見解？根據您在市場上看到的情況，這是否會成為一個在業務中增加資本和增量投資以在長期內擴大 IP 組合的領域？

And then, I know we spoke earlier on 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 openness to experiment with newer titles as opposed to more legacy titles that might inform some of how you position IP going forward? Thanks.

然後，我知道我們之前在電話會議上談到了消費者格局。但在去年，我們討論過消費者是否願意接受新的 IP 而不是傳統的 IP？您是否發現消費者行為發生了變化，他們更願意嘗試新作品而不是舊作品，這可能會對您未來如何定位 IP 提供一些參考？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 I want to make sure I understood your first question. You were asking whether you think there's an opportunity for us to go 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發展我們的業務，我想確保我了解您的第一個問題。您問的是，您是否認為我們有機會拓展我們的運動投資組合？

Yes. Why they're in the sports portfolio broadly, Strauss.

是的。為什麼他們廣泛涉足體育投資組合，施特勞斯。

That's what I thought. And the answer is sorted because the biggest sports are obviously, baseball, football, basketball and soccer. And we do have other sports entertainment titles, for example, WWE which is a really important title for us.

我也是這麼想的。答案是肯定的，因為最大的運動項目顯然是棒球、橄欖球、籃球和足球。我們確實還有其他體育娛樂節目，例如 WWE，這對我們來說是一個非常重要的節目。

We have our golf game which is a phenomenal game. We have a tennis game. We have lots of other titles in the past. We've done boxing and we've done hockey and we've done baseball. But it's the Big four that really matter and that's a pretty competitive space. And we're very respectful of how hard it is to compete in those areas as people are where we dominate.

我們的高爾夫球比賽非常精彩。我們有一場網球比賽。我們過去還有很多其他的頭銜。我們打過拳擊，打過曲棍球，也打過棒球。但真正重要的是四大，而且這個領域的競爭相當激烈。我們非常尊重在這些領域競爭的難度，因為在這些領域我們佔據主導地位。

So I think there's some selective opportunity. But the footprint is big enough now and the growth opportunities are great enough now that even working on what we have gives us plenty to do with plenty of opportunity, leveed by great optimism.

所以我認為存在一些選擇性的機會。但現在足跡已經足夠大，成長機會也足夠好，即使在現有基礎上繼續努力，我們也有足夠的事情可做，有足夠的機會，充滿樂觀。

In terms of your question about new intellectual property, we're different than a lot of other big companies. It's tempting for a big company to rest on its laurels. We have a lot of intellectual property. We know that if we put out a sequel, it's a lower-risk proposition than new intellectual property. But everything degrades.

關於您提到的新智慧財產權，我們與許多其他大公司不同。對於大公司來說，固步自封是很有誘惑力的。我們擁有大量的知識產權。我們知道，如果我們推出續集，其風險會比新的智慧財產權更低。但一切都會惡化。

And even though most of our franchise equals tend to do better than the prior release and we're really proud of that because that's not standard for the industry. The truth is there is this thing called decay and entropy. And it's a feature of physics and human life and everything that exists on earth.

儘管我們的大多數系列電影都比之前的版本表現更好，但我們對此感到非常自豪，因為這並不是行業的標準。事實是，存在著一種叫做衰變和熵的東西。這是物理學、人類生活以及地球上存在的一切事物的特徵。

And so ultimately, everything does decay, including hit titles. So if we're not trying new things and making new intellectual property, we're -- to say that we're resting on our laurels really understates it. We're really running the risk of burning the furniture to heat the house. And that doesn't end well.

所以最終一切都會衰敗，包括熱門歌曲。因此，如果我們不嘗試新事物、不創造新的智慧財產權，那麼說我們固步自封實在是太輕描淡寫了。我們確實冒著燒毀家具取暖的風險。但結果並不好。

So we do it, even though it doesn't always succeed. The good news is, like, frankly, our hit ratios are really high for this industry. And they 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 have Match Factory from [peak].

所以我們這樣做，儘管並不總是成功。好消息是，坦白說，對於這個行業來說，我們的命中率確實很高。而且他們在行動領域也佔有很高的地位，這要歸功於我們由 Frank Gibeau 領導的行動團隊，而且我們行動部門最近的成績非常出色。因此我們有來自[頂峰]。

Toon Blast is not new but it's a huge sort of revitalized success, also from peak. And then many other titles that have great success with Top 11 from Nordeus, and with Screw Jam from Rollic. So we have teams delivering new hits all the time in mobile and in console. We're really proud of that.

Toon Blast 並不是新產品，但它是一款重獲新生的巨大成功，而且是巔峰之作。其他許多遊戲也取得了巨大的成功，例如 Nordeus 的 Top 11 和 Rollic 的 Screw Jam。因此，我們的團隊一直在行動裝置和遊戲機上推出新的熱門遊戲。我們對此感到非常自豪。

It does mean the risk profile is higher. It does mean that when we get it wrong and we will get wrong now and then, we take a hit and that affects our operating margins. But in the fullness of time, it's one of the key ways to create durable value.

這確實意味著風險狀況更高。這確實意味著，當我們犯錯時（我們時不時會犯錯），我們會受到打擊，這會影響我們的營業利潤率。但隨著時間的推移，它是創造持久價值的關鍵方法之一。

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, well, then none of us would be sitting here today and you wouldn't be listening to this call. That's just the fact.

需要明確的是，如果我們 18 年前來到這裡時不願意創造新的智慧財產權，當時這個企業的風險狀況比今天要大得多，那麼我們今天就不會坐在這裡，你們也不會聽到這個電話。事實就是這樣。

Thank you.

謝謝。

Clay Griffin, MoffettNathanson.

克萊格里芬、莫菲特納桑森。

Good afternoon. This is taking the question. I'm curious, you guys are talking about how Gen 8 been sort of pro and con in a sense that it's a long-lived installed base. But harder to execute on some of the things that your teams want to do.

午安.這就是回答問題。我很好奇，你們正在討論第 8 代在長期安裝基礎方面有何優點和缺點。但執行團隊想要做的某些事情卻更加困難。

And I'm curious as we roll the tape forward into fiscal '26 and '27 when some of your key marquee properties are coming out which I'm sure will be ground-breaking in many respects. Curious if the bifurcation of the Xbox platform becomes a challenge and what the teams are doing to deal with that?

我很好奇，隨著時間推進到 26 和 27 財年，你們的一些主要招牌資產即將問世，我相信這些資產在許多方面都將具有突破性。好奇 Xbox 平台的分裂是否會成為一個挑戰以及團隊正在採取什麼措施來應對這項挑戰？

You mean a challenge because Xbox isn't performing as well as PlayStation? Just so I can understand the question.

您的意思是 Xbox 的表現不如 PlayStation，因此面臨挑戰嗎？這樣我就能理解這個問題。

Well, just that Series S is by design, a lower specked console. And presumably, GTA VI will push a lot of boundaries technically, I would suspect.

嗯，從設計上來說，Series S 是一款規格較低的控制台。而我猜想，GTA VI 可能會在技術上突破很多界限。

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 levels of tech. Our labels are really good at that. I'm not really worried. I've never worried about where hardware was going. And I've said this many times over the years because, first of all, I don't worry about things over which I have zero control.

是的。你看，只要消費者還在，我們就會支援他們所在的平台，而且我們會找到一個方法來支援不同技術水平的平台。我們的標籤在這方面確實很出色。我其實不擔心。我從來沒有擔心過硬體的去向。這些年來我已經說過很多次了，因為首先，我不會擔心我無法控制的事情。

And secondly, because I do believe in the audience. The audience is going to show up if you have great properties. And so we just have to make sure to be on an array of platforms. And if one platform diminishes in value, there's always another one.

其次，因為我確實相信觀眾。如果你擁有出色的道具，觀眾就會出現。因此，我們必須確保能夠涵蓋多種平台。如果一個平台的價值下降，總會有另一個平台出現。

So we're seeing great growth in PC right now, for example. And I have been able to view that open formats would continue to grow. PC is an open format. I do think PC will continue to be a more and 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大幅成長。我已經能夠預見到開放格式將會繼續發展。PC 是一種開放格式。我確實認為 PC 將繼續成為未來遊戲機業務中越來越重要的一部分。對我們來說，這根本不複雜。

So the bottom line is, we are selective about which platforms we support. We make the tech work when we can make it work as long as the audience is big enough to make that worthwhile.

所以底線是，我們會選擇性地支援哪些平台。只要受眾夠多，我們就會盡可能讓科技發揮作用，讓其值得。

That makes sense. And to that end, I guess, Strauss, maybe update us on the possibility. I know it's a US jurisdictional issue only on a limited basis but just kind of what you're seeing on the Android side from kind of a proper cable third-party app store development, what that might look like over the next couple of years?

這很有道理。為此，我想，施特勞斯或許可以向我們介紹這種可能性。我知道這只是一個有限基礎上的美國管轄權問題，但就您在 Android 方面看到的某種適當的有線第三方應用商店開發而言，未來幾年會是什麼樣子？

I'm sorry, I want to make sure I understand. You're talking about take rates? Or are you talking -- are you talking about the economics or you're talking about the tech?

抱歉，我想確認一下我是否理解。您說的是收取率嗎？或者您是在談論經濟還是技術？

All of the above. Just your initial thoughts about the potential of having a more vibrant third-party alternative app store in Android, even though the --

上述所有的。這只是你對在 Android 上擁有一個更有活力的第三方替代應用商店的潛力的初步想法，儘管--

That would be good news for us. We support virtually all retailers. We are not beholden only to our own outlets, although we do have our own outlets and that's proven for mobile to be very effective indeed as margin building. But we support all commerce. We won't be where the consumer is.

這對我們來說是個好消息。我們支持幾乎所有零售商。我們並非只受制於自己的銷售點，儘管我們確實有自己的銷售點，而且事實證明，行動銷售對於利潤創造確實非常有效。但我們支持所有商業活動。我們不會出現在消費者所在的地方。

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

從經濟方面來看，我一直相信利率和分銷成本將會持續下降。有大量證據表明情況確實如此。我們不指望它。雖然這不是我們的數字，但我們確實相信它。

Thanks.

謝謝。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Great. Thank you. Lainie, 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? I recognize Civilization is launching but any other drivers you're willing to flag at this stage? And then Strauss, Netflix called out that they learned how big existing games like Grand

偉大的。謝謝。Lainie，我認為，使用您的指導範圍的中點意味著第四財季的預訂量增長將加速。您能幫助我們思考一下其中的驅動因素嗎？我知道《文明》正在啟動，但您願意在此階段標記其他驅動程式嗎？然後施特勞斯，Netflix 表示，他們了解到像 Grand 這樣的大型遊戲

Theft Auto can be on the platform. Now that you've had some time to digest, what learnings do you take away from that partnership? And I recognize the deal is small overall but do you see the opportunity to scale such efforts and license other IP going forward?

《盜獵車手》可以在該平台上運作。現在您已經有時間去消化了，您從這次合作中得到了什麼教訓？我知道這筆交易總體來說規模不大，但您是否看到了擴大此類努力並在未來授權其他智慧財產權的機會？

So for Q4, yes, you're right. We have Civ 7 releasing. We also have our PGA title releasing in the quarter, and their WWE title. And last year, we only had our WWE title, so that's a big difference between this year and last year and it's also a reason why we have more new releases in Q4 which is why there's a bigger quarter in Q4 than Q3.

所以對於第四季來說，是的，你是對的。我們已經發布了《文明 7》。本季度我們也將發布 PGA 冠軍頭銜以及 WWE 冠軍頭銜。去年，我們只有 WWE 冠軍，所以今年和去年有很大的不同，這也是為什麼我們在第四季度有更多新作品發布的原因，也是為什麼第四季比第三季業績更大的原因。

Sorry, what was the second question? I just -- if you don't mind repeating the second question.

抱歉，第二個問題是什麼？我只是——如果你不介意重複第二個問題的話。

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

當然。Netflix 表示，他們了解到《俠盜獵車手》等現有遊戲的規模有多大。只是——現在您已經有時間消化了，您是否看到了擴大這些努力的機會？您對其他 IP 和類似授權有何計畫？

So we've shown a willingness to license to many other platforms, both 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.

因此，我們表現出向許多其他平台授權的意願，因為我們認為那裡有好的企業，或者因為他們是我們的朋友，我們想支持他們，或者因為我們認為這是一個有趣的實驗。

And we wouldn't talk publicly about upcoming deals until they're ready to be announced. And then typically, they would, of course, be announced by our labels. But we think very, very highly of Netflix. We value the relationship with them greatly.

在即將達成的交易尚未準備好宣布之前，我們不會公開談論這些交易。當然，通常情況下，這些消息都會由我們的唱片公司來宣布。但我們對 Netflix 的評價非常高。我們非常重視與他們的關係。

I think it is pretty important for them to offer a robust array of audio-visual entertainment to their subscribers. And that 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 and we hope to do more business with them.

我認為向訂閱者提供豐富的視聽娛樂內容非常重要。這個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集合。因此，我們與他們開展業務並不奇怪，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 as 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。澤爾尼克先生，先生，我想把話題轉回給您，請您做最後的評論。

I want to thank our creative colleagues at our labels who make the 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 at marketing. Our distribution team which is unparalleled.

我要感謝我們唱片公司富有創意的同事們，他們創作了這些熱門歌曲，我們很高興在這樣的會議上談論這些歌曲。我要感謝所有在行銷方面做出傑出貢獻的出版人員。我們的分銷團隊無與倫比。

And of course, our corporate team is represented -- who's represented here today. We're thrilled with our results but we know that this is just the beginning of an amazing few years ahead of us. And we're excited to be able to share that news with you today.

當然，我們的公司團隊也有代表出席——今天我們的代表也出席了。我們對我們的結果感到非常興奮，但我們知道這只是未來幾年精彩的開始。我們很高興今天能夠與大家分享這個消息。

Thank you for joining us. Thanks for your support and happy holidays. And it's early but a happy new year to all. We’ll talk after the New Year.

感謝您加入我們。感謝您的支持，祝您節日快樂。雖然還早，但祝大家新年快樂。新年過後我們再談。

Thank you, Mr. Zelnick. 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 we wish you all a great day. Goodbye.

謝謝您，澤爾尼克先生。女士們、先生們，今天的 Take-Two Interactive 2025 財年第二季財報電話會議就到此結束。再次感謝大家的參與，祝福大家有個愉快的一天。再見。