Take-Two Interactive Software Inc (TTWO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Take-Two third quarter fiscal year 2025 earnings call.

女士們、先生們，感謝你們的支持。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Take-Two 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

Thank you. And I would now like to turn the call over to Nicole Shevins, Senior Vice President of Investor relations and Corporate Communications. You may begin.

謝謝。現在我想將電話轉給投資者關係和企業傳播高級副總裁尼科爾·謝文斯 (Nicole Shevins)。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the third quarter of fiscal year 2025 ending 31 December 2024. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer; Karl Slatoff, our President, and Lanie 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 12 月 31 日的 2025 財年第三季的業績。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 和我們的財務長 Lanie Goldstein。我們將在準備好的發言之後的問答環節中回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management, as well as assumptions made by and information currently available to us.

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。

We have no obligations 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.

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

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

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

A 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 taketwogames.com.

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

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

現在我將電話轉給施特勞斯。

I'm pleased to report that we achieved solid results during the holiday season. Our net bookings of $1.37 billion were within our guidance range, as significant outperformance in NBA 2K helped to offset moderation in some of our mobile franchises. At the same time, our operating results passed expectations led by the upside from NBA 2K, as well as a shift in timing of expenses that benefited the quarter.

我很高興地報告，我們在假期期間取得了豐厚的業績。我們的淨預訂量為 13.7 億美元，處於我們的預期範圍內，因為 NBA 2K 的出色表現幫助抵消了我們部分行動特許經營權的放緩。同時，我們的經營業績超出了預期，這主要得益於 NBA 2K 的成長以及費用時間的轉變使本季受益。

We're reiterating our fiscal 2025 net bookings guidance of $5.55 billion to $5.65 billion and our outlook for full year operating performance. While third quarter operating results exceeded expectations, we expect the fourth quarter to be affected by continuation of current mobile trends, as well as the shift of some operating expenses into the period.

我們重申 2025 財年淨預訂金額預期為 55.5 億至 56.5 億美元，並重申全年營運績效展望。雖然第三季的經營業績超出預期，但我們預計第四季度將受到當前移動趨勢持續的影響，以及部分經營費用轉移到該期間。

Looking ahead, this calendar year is shaping up to be one of the strongest ever for Take-Two as Sid Meier's Civilization VII launched an early access today with the official launch on February 11, and we also plan to release Mafia, the Old Country in the summer, Grand Theft Auto 6 in the fall, and Borderlands 4 before year end.

展望未來，今年將成為 Take-Two 有史以來最強勁的一年，因為《席德·梅爾的文明 VII》於 2 月 11 日正式發布，今天推出了搶先體驗版，我們還計劃在夏季發布《黑手黨：舊國度》，在秋季發布《俠盜獵車手 6》，並在年底前發布《無主之地 4》。

We also remain confident in Zynga's ability to create new mobile forever franchises as demonstrated by their ongoing success with Match Factory.

我們仍然對 Zynga 創造新的永久行動特許經營權的能力充滿信心，正如他們在 Match Factory 上的持續成功所證明的那樣。

We're exceedingly optimistic about the commercial potential of our titles and believe they'll have a transformative effect on our business and our industry over the long term. As we execute on our mission to create our industry's most innovative and engaging entertainment experiences, we remain highly confident that we'll achieve sequential increases in and record levels log net bookings in fiscal 2026 and 2027.

我們對我們作品的商業潛力非常樂觀，並相信從長遠來看它們將對我們的業務和行業產生變革性的影響。在我們履行創造行業最具創新性和吸引力的娛樂體驗的使命時，我們仍然非常有信心，我們將在 2026 財年和 2027 財年實現日誌淨預訂量的連續增長和創紀錄的水平。

Now turning to our business highlights from the period. NBA 2K delivered a phenomenal quarter, yielding significant upside to our forecast. To date, the title is sold in over 7 million units, and engagement was extremely strong compared to last year, with recurrent consumer spending up over 30%, daily active users up nearly 20%, and monthly active users up nearly 10%.

現在來談談我們這段時期的業務亮點。NBA 2K 本季表現出色，遠遠超出我們的預期。到目前為止，該遊戲的銷量已超過 700 萬份，與去年相比，參與度非常強勁，經常性消費者支出增長超過 30%，每日活躍用戶增長近 20%，每月活躍用戶增長近 10%。

With community inspired enhancements to gameplay, major technological updates, and the addition of new game modes, the team of Visual Concepts has once again demonstrated their ability to deliver innovation to this beloved series while also solidifying its position at the center of basketball culture.

透過社群啟發的遊戲玩法增強、重大技術更新和新遊戲模式的增加，Visual Concepts 團隊再次展示了他們為這個深受喜愛的系列遊戲帶來創新的能力，同時鞏固了其在籃球文化中心的地位。

Additionally, 2K continues to expand our industry leading basketball franchise with NBA 2K Arcade Edition, MyTEAM, NBA 2K Mobile, and NBA 2K Online in China, all of which contributed to another highly successful year for the NBA 2K franchise as a whole.

此外，2K 繼續在中國推出 NBA 2K 街機版、MyTEAM、NBA 2K 行動版和 NBA 2K 線上版，以擴大我們業界領先的籃球系列遊戲，這些舉措為整個 NBA 2K 系列遊戲又一個非常成功的一年做出了貢獻。

The Grand Theft Auto series remains our industry's standard bearer for excellence, and to date, Grand Theft Auto 5 has sold in over 210 million units worldwide. GTA Online delivered a strong quarter led by its holiday update, Agents of Sabotage, which players praised for its depth, new upgrades, and array of content. Moreover, GTA Plus continues to grow its reach with membership for the quarter increasing 10% year over year.

俠盜獵車手系列仍然是我們行業的卓越典範，到目前為止，俠盜獵車手 5 在全球已售出超過 2.1 億份。《GTA Online》本季表現強勁，其假期更新內容「破壞特工」領銜，玩家對其深度、新升級和豐富內容大加讚賞。此外，GTA Plus 的影響力持續擴大，本季會員人數較去年同期成長 10%。

Rockstar Games continue to expand the audience for Red Dead Redemption 2, which is sold in more than 70 million units to date. The title is currently enjoying its highest level of concurrent players on Steam. In addition, Red Dead Online engaged its audience further during the period with the release of the fan favourite Halloween Pass featuring seasonal-themed bonuses and rewards.

Rockstar Games 繼續擴大《荒野大鏢客 2》的觀眾群，該遊戲迄今為止的銷量已超過 7,000 萬份。目前該遊戲在 Steam 上的同時線上玩家數量達到了最高水平。此外，《Red Dead Online》還推出了深受玩家喜愛的萬聖節通行證，其中包含季節主題的獎勵和獎勵，從而進一步吸引了玩家。

Turning to mobile, recurrent consumer spending grew mid-single digits. While this was somewhat below our plan, we remain highly optimistic about Zynga's future. Toon Blast and Toy Blast both deliver double digit growth led by engaging features including new event types, improved player profiles, and enhanced tuning.

轉向行動領域，經常性消費支出成長了中等個位數。雖然這略低於我們的計劃，但我們對 Zynga 的未來仍然非常樂觀。Toon Blast 和 Toy Blast 均實現了兩位數的成長，這得益於新的活動類型、改進的玩家資料和增強的調整等引人入勝的功能。

Match Factory is performing very well and remains on track to become Zynga's second largest title by the end of this fiscal year in terms of net bookings. We'd like to thank the team at Peak for their strong execution and for creating one of the top grossing titles in the puzzle genre.

Match Factory 表現非常出色，並且預計在本財年年底前成為 Zynga 淨預訂量第二大的遊戲。我們要感謝 Peak 團隊的出色執行力，創造出了益智遊戲類型中最暢銷的遊戲之一。

While Empires and Puzzles performed below our expectations in the quarter, we're confident in the future of this highly profitable forever franchise. Our team is launching new event types and corresponding heroes as well as increasing in-game rewards.

雖然《帝國與謎題》本季的表現低於我們的預期，但我們對這個永遠利潤豐厚的系列遊戲的未來充滿信心。我們的團隊正在推出新的活動類型和相應的英雄以及增加遊戲內獎勵。

Zynga continued to leverage the zeitgeist of pop culture and broadened its partnerships with leading entertainment brands and personalities, including Words With Friends with Bravo's Real Housewives, Zynga Poker with actor, comedian Rob Riggle, and Power Slap with TKO.

Zynga 繼續利用流行文化的時代精神，擴大與領先娛樂品牌和名人的合作，包括與 Bravo 的 Real Housewives 合作的 Words With Friends、與演員、喜劇演員 Rob Riggle 合作的 Zynga Poker 以及與 TKO 合作的 Power Slap。

Our teams are growing our direct consumer offerings and deploying key learnings across our portfolio. During the holiday season, we achieved strong double digit D2C conversion in several major titles, and we're taking action to maintain this momentum.

我們的團隊正在擴大直接消費者產品供應，並在我們的產品組合中部署關鍵學習成果。在假期期間，我們在幾個主要遊戲中實現了強勁的兩位數 D2C 轉換率，我們正在採取行動保持這一勢頭。

We are confident in Zynga's continued ability to launch successful new titles as well as brand extensions for some of our console IP. In the quarters ahead, we look forward to launching new hit mobile experiences, including the latest installment of Zynga's highly successful racing franchise, CSR3.

我們相信 Zynga 有能力繼續推出成功的新遊戲以及為我們的部分遊戲機 IP 進行品牌延伸。在未來的幾個季度裡，我們期待推出新的熱門行動體驗，包括 Zynga 極為成功的賽車遊戲 CSR3 的最新一期。

In closing, we're forecasting calendar year 2025 to be an inflection point for Take-Two, from the groundbreaking release of Grand Theft Auto 6 to the unmatched pipeline that 2K is set to deliver. As we introduce hit products to our passionate communities of fans, we're confident that we'll usher in a new period of growth and returns for our shareholders. I'll now turn the call over to Karl.

最後，我們預測 2025 年將成為 Take-Two 的轉捩點，從《俠盜獵車手 6》的開創性發佈到 2K 即將推出的無與倫比的產品線。隨著我們向熱情的粉絲社群推出熱門產品，我們相信我們將為股東迎來新的成長和回報時期。現在我將電話轉給卡爾。

Thanks, Strauss. I'd like to thank our teams for delivering another strong quarter and for continuing to captivate and engage our player communities with the highest quality entertainment experiences. We are excited to bring to market several releases during the remainder of fiscal 2025.

謝謝，施特勞斯。我要感謝我們的團隊又一個強勁的季度，並繼續以最高品質的娛樂體驗吸引和吸引我們的玩家社群。我們很高興能在 2025 財年剩餘時間內向市場推出幾款產品。

On February 11, 2K and Firaxis Games will launch Sid Meier's Civilization VII, a highly anticipated revolutionary new chapter in our epic 4X strategy franchise. The reception for the game within the media has been very positive, including GameSpot, who said that its gameplay remains unrivaled and engaging for countless hours.

2 月 11 日，2K 和 Firaxis Games 將推出《席德·梅爾的文明 VII》，這是我們史詩級 4X 戰略遊戲系列中備受期待的革命性新篇章。媒體對這款遊戲的評價非常積極，包括 GameSpot 在內的評論者都表示，這款遊戲的遊戲性無與倫比，並且可以讓人們玩上無數個小時。

Civ VII has already set a new franchise record for pre-orders, and player sentiment is extremely positive, with the title recognized as the most anticipated game of 2025 during the PC gaming show in December. We'd like to thank the entire Firaxis team for once again challenging players around the world to take one more turn in this beloved series that has engrossed players for more than 30 years.

《文明 VII》的預購量已經創下了該系列遊戲的新紀錄，玩家的情緒也十分積極，該遊戲在 12 月的 PC 遊戲展上被評為 2025 年最受期待的遊戲。我們要感謝整個 Firaxis 團隊再次挑戰世界各地的玩家，讓他們再一次體驗這個深受玩家喜愛、30 多年來一直著迷的遊戲系列。

On February 28, 2K and HP Studios will launch PGA Tour 2K25, the latest entry in our golf simulation franchise that will appeal to both casual and hardcore golf fans. The title features three of the major championships with their respective courses for the 2025 season; several franchise advancements, a more immersive and customizable MyCareer experience, and a robust suite of creation tools from leading equipment and apparel brands. In addition, fans can look forward to a diverse roster of pros at launch, including executive director and all-time great Tiger Woods.

2 月 28 日，2K 和 HP Studios 將推出 PGA Tour 2K25，這是我們高爾夫模擬遊戲系列的最新作品，將吸引休閒和鐵桿高爾夫球迷。該標題涵蓋了 2025 賽季的三大錦標賽及其各自的球場；多項特許經營進步、更身​​臨其境和可自訂的 MyCareer 體驗，以及來自領先設備和服裝品牌的強大的創作工具套件。此外，球迷們可以期待在發佈時看到多樣化的職業球員名單，包括執行董事和史上最偉大的球員泰格伍茲 (Tiger Woods)。

On March 14, 2K and Visual Concepts will launch WWE 2K25. Players on PS5 and Xbox Series XNS will enjoy the island, an all-new interactive and online WWE themed world that provides an immersive experience where players can prove they're worthy of the attention of the tribal chief. WWE 2K25 will also include an all-new bloodline themed showcase, new brawl environments, match types, and stipulations, and the largest ever roster with over 300 playable superstars. WWE 2K25 will be supported with a series of add-on packs that can be purchased individually or together as part of the season pass. In addition, 2K and Netflix are collaborating to bring WWE 2K exclusively to mobile devices this fall. Looking ahead, we are highly optimistic about our planned pipeline for fiscal 2026, which includes Grand Theft Auto 6 launching this fall.

3 月 14 日，2K 和 Visual Concepts 將推出 WWE 2K25。PS5 和 Xbox Series XNS 上的玩家將享受這座島嶼，這是一個全新的互動線上 WWE 主題世界，提供身臨其境的體驗，玩家可以證明自己值得部落酋長的關注。WWE 2K25 還將包括全新的血統主題展示、新的爭鬥環境、比賽類型和規定，以及擁有超過 300 名可玩超級明星的史上最大名單。WWE 2K25 將支援一系列附加包，這些附加包可以單獨購買，也可以作為季票的一部分一起購買。此外，2K 和 Netflix 正在合作，將於今年秋季將 WWE 2K 獨家登陸行動裝置。展望未來，我們對 2026 財年的計畫非常樂觀，其中包括今年秋季推出的《俠盜獵車手 6》。

This summer, 2K and Hanger 13 will transport players to the brutal criminal underworld of 1900 Sicily in Mafia the old country, which builds upon the legacy of 2K's popular organized crime franchise that has sold in more than 35 million units. Our announcement trailer received an outstanding response, and we expect the excitement to grow as 2K and Hanger 13 unveil more about the game leading up to its launch.

今年夏天，2K 和 Hanger 13 將把玩家帶到《黑手黨：舊國家》中 1900 年西西里島的殘酷犯罪地下世界，這款遊戲繼承了 2K 流行的有組織犯罪系列的經典，該系列已售出 3500 多萬份。我們的公告預告片獲得了熱烈的反響，我們期待隨著 2K 和 Hanger 13 在遊戲發布前公佈更多有關該遊戲的信息，大家的興奮程度會越來越高。

2K and Gearbox software are creating something truly special with Borderlands 4, which promises to take the series' signature gameplay and storytelling to an all-new level. At the Game Awards, 2K and Gearbox revealed a new trailer which introduced the exciting new world of Kairos and a brand-new villain, the Timekeeper. Borderlands 4 has quickly become one of this year's most anticipated games, and players can expect an incredible action-packed experience from Gearbox, the studio that created the looter-shooter genre.

2K 和 Gearbox 軟體正在用《無主之地 4》創造一些真正特別的東西，它有望將該系列的標誌性遊戲玩法和故事敘述提升到一個全新的水平。在遊戲頒獎典禮上，2K 和 Gearbox 發布了一段新預告片，介紹了令人興奮的新世界 Kairos 和全新的反派角色「時間守護者」。《無主之地 4》已迅速成為今年最受期待的遊戲之一，玩家可以期待由創造了掠奪者射擊遊戲類型的工作室 Gearbox 帶來令人難以置信的動態體驗。

In closing, we look forward to releasing these groundbreaking titles in the coming year that will set us in motion to deliver the strongest multi-year growth trajectory and pipeline in our company's history. And I'll turn the call over to Lainie.

最後，我們期待在來年發布這些開創性的作品，這將推動我們實現公司歷史上最強勁的多年成長軌跡和成長管道。我將把電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. We delivered solid third quarter results led by the power of our diversified business. During the period, our teams brought innovation to our existing franchises, enhanced our relationships with our player communities, and made outstanding progress on our eagerly anticipated pipeline. I'd like to thank our teams for their disciplined execution and continued focus.

謝謝，卡爾，大家下午好。在多元化業務的推動下，我們第三季取得了穩健的業績。在此期間，我們的團隊為現有系列帶來了創新，增強了與玩家社群的關係，並在我們熱切期待的產品線上取得了突出進展。我要感謝我們團隊的嚴格執行和持續專注。

Turning to our results, we achieved third quarter net bookings of $1.37 billion which was within our guidance range of $1.35 billion to $1.4 billion. We delivered outstanding performance in NBA 2K, which helped offset moderation experience in some of our mobile franchises. Recurrent consumer spending rose 9% over last year, which was in line with our guidance and accounted for 79% of net bookings.

談到我們的業績，我們第三季的淨預訂達到 13.7 億美元，符合我們 13.5 億美元至 14 億美元的預期範圍。我們在 NBA 2K 中表現出色，這有助於彌補我們在某些​​行動系列遊戲中遇到的審核經驗不足的問題。經常性消費支出較去年同期成長 9%，符合我們的預期，佔淨預訂量的 79%。

NBA 2K grew over 30%, which greatly surpassed our forecasts, led by new features and innovation in our game modes. Mobile increased 6%, driven by the addition of Match Factory and strength in Toon Blast, Toy Blast and Words With Friends. However, this was below our guidance of low double-digit growth, primarily due to underperformance in our hyper casual mobile portfolio and Empires and Puzzles, and as anticipated, Grand Theft Auto Online declined.

NBA 2K 的成長超過 30%，大大超出了我們的預期，這得益於我們遊戲模式的新功能和創新。行動遊戲收入成長了 6%，這得益於 Match Factory 的加入以及 Toon Blast、Toy Blast 和 Words With Friends 的強勁成長。然而，這低於我們預期的低兩位數成長，主要是因為我們的超休閒行動產品組合和《帝國與謎題》表現不佳，正如預期，《俠盜獵車手Online》的銷量下滑。

GAAP net revenue was $1.36 billion and was flat to last year, while cost of revenue declined 13% to $600 million as the prior year included an impairment charge related to acquired intangibles.

以美國通用會計準則 (GAAP) 計算，淨收入為 13.6 億美元，與去年持平，而收入成本下降 13% 至 6 億美元，因為上一年包含了與收購無形資產相關的減損費用。

Operating expenses increased by 10% to $892 million. On a management basis, operating expenses rose 8% year over year. This was favourable to our forecasts largely due to a shift in timing of expenses into the fourth quarter. This shift, along with the outperformance of NBA 2K, drove operating results that were above the high end of our guidance range.

營業費用增加10%至8.92億美元。從管理角度來看，營業費用較去年同期成長8%。這對我們的預測有利，主要是由於費用發生時間轉移到第四季度。這一轉變，加上 NBA 2K 的優異表現，推動經營業績超出了我們預期範圍的高端。

Turning to our outlook, I'll begin with our full fiscal year expectations. 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.

談到我們的展望，我將從我們對整個財政年度的預期開始。正如施特勞斯所提到的，我們重申淨預訂額預期範圍為 55.5 億美元至 56.5 億美元，比 2024 財年增長 5%。

Largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, or hyper-casual mobile portfolio, Match Factory, Empires and 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 或超休閒移動遊戲組合、Match Factory、Empires and Puzzles、荒野大鏢客系列、席德梅爾的文明 VII 和 Words With Friends。

We're raising our recurrent consumer spending forecast to 5% growth, which represents 78% of net bookings driven by the phenomenal performance we are experiencing in NBA 2K, which we now expect to grow low double digits. Mobile is now expected to grow low single digits as we are factoring in the current business trends, and Grand Theft Auto Online is still expected to decline.

我們將經常性消費者支出預測上調至成長 5%，這代表著 78% 的淨預訂量，這得益於 NBA 2K 的出色表現，我們目前預計遊戲將實現低兩位數的成長。考慮到目前的商業趨勢，預計行動業務將以個位數低速成長，而《俠盜獵車手Online》預計仍將下滑。

We project the net booking's breakdown from our labels to be roughly 49% Zynga, 34% 2k, and 17% Rockstar games. We forecast our geographic net booking split to be about 60% United States and 40% international.

我們預計，我們旗下品牌的淨預訂量分佈約為 49% Zynga、34% 2k 和 17% Rockstar 遊戲。我們預測我們的淨預訂地理分佈約為美國 60% 和國際 40%。

Non-GAAP adjusted unrestricted operating cash flow is expected to be an outflow of $150 million which is unchanged from our prior forecasts, and we remain on track to deploy approximately $140 million of capital expenditures, primarily for game technology and office buildouts. 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 $2.41 billion to $2.44 billion.

非公認會計準則調整後的無限制經營現金流預計為 1.5 億美元流出，與我們先前的預測持平，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。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 24.1 億美元至 24.4 億美元之間。

Total operating expenses are still expected to range from $3.77 billion to $3.79 billion as compared to $5.83 billion last year. On a management basis, we expect operating expense growth of approximately 10% year over year, which is unchanged from our prior guidance and 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 upset by savings from our cost reduction program. Excluding incremental marketing and the addition of Gearbox, our operating expenses are expected to grow low single digits over last year.

總營運費用仍將在 37.7 億美元至 37.9 億美元之間，去年同期為 58.3 億美元。從管理角度來看，我們預計營業費用將年增約 10%，與我們先前預期的持平，這主要是由於對 Match Factory 的持續行銷支援增加，以及今年計劃推出的其他行動和沈浸式核心產品；增加了變速箱和更高的人員成本，部分是由於我們的成本削減計劃節省了開支。除去增量行銷和 Gearbox 的增加，我們的營運費用預計將比去年同期增加個位數。

As it relates to operating performance, while our third quarter results exceeded our expectations, we are maintaining our outlook for the fiscal year, as we are factoring several dynamics, including strength in NBA 2K, offset by continuation of the mobile trends we have been experiencing and the shift of some operating expenses in the fourth quarter.

就營運業績而言，雖然我們第三季的業績超出了預期，但我們仍維持對本財年的展望，因為我們考慮了多種動態因素，包括 NBA 2K 的強勁表​​現，但行動端趨勢的延續以及第四季度部分營運費用的轉移也抵消了這些影響。

Now moving on to our guidance for the fiscal fourth quarter. We project net bookings to range from $1.48 billion to $1.58 billion compared to $1.35 billion in the prior year. Our release late for the quarter includes Sid Meier Civilization VII, PGA Tour 2K25, and WWE 2K25. Largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto Series, Sid Meier's Civilization VII, Toon Blast, Match Factory, our hyper casual mobile portfolio, Empires and Puzzles, WWE 2K25, and Words With Friends.

現在來看看我們對第四財季的預測。我們預計淨預訂額將在 14.8 億美元至 15.8 億美元之間，而去年同期為 13.5 億美元。我們本季稍後發布的遊戲包括《席德梅爾文明 VII》、《PGA Tour 2K25》和《WWE 2K25》。預計淨預訂量的最大貢獻者是 NBA 2K、俠盜獵車手系列、席德·梅爾的文明 VII、Toon Blast、Match Factory、我們的超休閒移動產品組合、Empires and Puzzles、WWE 2K25 和 Words With Friends。

We project the current consumer spending to increase by approximately 3%, which assumes a high-teens percentage increase for NBA 2K, partly offset by declines in both mobile and Grand Theft Auto online. We expect GAAP net revenue to range from $1.52 billion to $1.62 billion.

我們預計當前消費者支出將增加約 3%，假設 NBA 2K 的成長率達到百分之十幾，但行動端和俠盜獵車手線上版的下滑將部分抵消這一成長。我們預計 GAAP 淨收入將在 15.2 億美元至 16.2 億美元之間。

Operating expenses are planned to range from $900 million to $920 million. On a management basis, operating expenses are expected to decline approximately 2% year over year, which is primarily driven by a more normalized level of marketing for Match Factory, as the title has now been in the market for over a year, as well as savings from our cost reduction efforts.

計劃營運費用在 9 億美元至 9.2 億美元之間。從管理角度來看，營業費用預計將比去年同期下降約 2%，這主要得益於 Match Factory 更加規範的營銷水平（因為該遊戲已在市場上銷售一年多了），以及我們削減成本的努力帶來的節省。

In closing, we are forecasting a milestone year ahead of us, and we look forward to showing our fans and the global gaming community how our new titles can take our industry to another level of creativity. We are also optimistic that the chapter ahead will set us on a path to achieving new financial goals, including reaching a record level of scale, enhancing our profitability, and unlocking significant value for our shareholders.

最後，我們預測未來的一年將是具有里程碑意義的一年，我們期待向我們的粉絲和全球遊戲社群展示我們的新遊戲如何將我們的產業提升到另一個創造力水平。我們也樂觀地認為，未來的篇章將使我們走上實現新的財務目標的道路，包括達到創紀錄的規模水平、提高我們的盈利能力以及為我們的股東釋放巨大的價值。

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 embodying our core tenets of creativity, innovation, and efficiency and for delivering another consecutive quarter of strong results. 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體現了創造力、創新和效率的核心原則，並連續一個季度取得了強勁的業績。對於我們的股東，我要對你們的持續支持表示感謝。我們現在來回答您的問題，接線生。

(Operator Instructions)

（操作員指令）

Doug Creutz, TD Cowan.

道格·克魯茲（Doug Creutz），TD Cowan。

Hey, thank you. When you originally bought Zynga a few years ago, part of the thesis was that you saw the potential for revenue synergies down the line, and I think most of us took that to mean marrying your existing IP to their mobile skill set. I know you're not going to talk about specifics, but as you look out at the pipeline for the next few years, do you feel like you're getting closer to realizing some of those synergies? Is that something that is a key component of your optimistic outlook for the next few years? Thanks.

嘿，謝謝你。幾年前，當你最初收購 Zynga 時，部分論點是你看到了未來收入協同效應的潛力，我認為我們大多數人認為這意味著將你現有的 IP 與他們的行動技能結合起來。我知道您不會談論具體細節，但當您展望未來幾年的發展規劃時，您是否覺得自己離實現其中的一些協同效應越來越近了？這是您對未來幾年樂觀展望的關鍵因素嗎？謝謝。

Thanks for your question. Actually, at the time, it was pretty clear that while bringing legacy core IP to mobile could be an opportunity. I also noted that the biggest hits in mobile are native to mobile, and there are precious few examples in the marketplace of very big mobile successes that are based on core game IP, Call of Duty mobile being one of them.

感謝您的提問。實際上，當時的情況已經很明顯，將傳統核心 IP 引入行動領域可能是一個機會。我還注意到，行動領域最熱門的遊戲都是原生於行動領域的，市場上基於核心遊戲IP取得巨大​​成功的遊戲寥寥無幾，《決勝時刻》行動版就是其中之一。

That said, we actually are working on some interesting projects that we have not announced yet, which we feel good about. What I did identify as an area of revenue synergies though has come to fruition, which is building our direct-to-consumer business inside our mobile business, which was a combined project between Take-Two and Zynga that we kicked off very early, and that has turned into a very significant business generating meaningful incremental contribution.

話雖如此，我們實際上正在進行一些尚未宣布的有趣項目，我們對此感到很高興。我確實認為收入協同效應的一個領域已經取得成果，即在我們的行動業務中建立直接面向消費者的業務，這是我們很早就啟動的 Take-Two 和 Zynga 的聯合項目，它已經成為一項非常重要的業務，產生了有意義的增量貢獻。

Great, thank you.

太好了，謝謝。

Eric Handler, ROTH Capital.

漢德勒 (Eric Handler)，羅仕證券 (ROTH Capital)

Good afternoon. Thanks for the question. I'm going to keep it on the mobile side of things as well. One, you had said Match Factory was, I believe, going to be either break even or profitable at the end of fiscal '25. Is that still the case? Then I'll follow up.

午安.謝謝你的提問。我也會將其保留在行動端。第一，您曾說過，我相信 Match Factory 在 25 財年末將達到收支平衡或獲利。現在還是這樣嗎？那我再跟進一下。

Yes. So Match Factory towards the end of the year is going to start to turn profitable. The title is doing extremely well. We're continuing to do a lot of marketing for the title, so it definitely is towards the very end of the year where it's turning profitable, but the game is continuing to do better and better as the game stays in the market.

是的。因此 Match Factory 到今年底將會開始獲利。這個標題表現得非常好。我們將繼續為該遊戲進行大量的營銷，因此到今年年底它肯定會開始盈利，而且隨著遊戲在市場上的持續發展，遊戲的表現也會越來越好。

Okay. And then just broadly speaking with mobile, it did seem like there was some broad-based weakness just overall. Are you seeing this the market's becoming just more bifurcated that, it's only the biggest games that are doing well now and you have to keep spending a lot to keep those games doing well?

好的。然後從廣義上講，就行動領域而言，總體上似乎確實存在一些普遍的弱點。您是否發現市場正變得越來越分化，只有最大型的遊戲才能表現良好，而您必須繼續投入大量資金才能使這些遊戲保持良好的表現？

No, that's actually not the case. It's still a pretty broad-based business at Zynga, and it's one of the things that is so appealing. We think about our mobile business in the same way that our console business, we think, reflects the best collection of owned intellectual property in the industry.

不，事實並非如此。這仍然是 Zynga 的一項相當廣泛的業務，也是其非常吸引人的事情之一。我們對行動業務的看法與對主機業務的看法相同，我們認為，行動業務反映了業內最佳的自有知識產權集合。

Our mobile business, I think, has the greatest sort of breadth of owned and licensed IP in the mobile business, which we think is protective on the downside and offers great opportunity on the upside.

我認為，我們的行動業務擁有行動產業中最廣泛的自有和授權智慧財產權，我們認為這在下行方面具有保護作用，在上行方面則提供了巨大的機會。

There are not the same kind of mobile tailwinds that the industry experienced up to mid '22. Of course, '22 was a down year, and then the industry slowly returned to growth, but the growth is still at a much lower rate than we would like. But it has yet, and I don't believe it will turn into a kind of, top 5 business. There's still a lot of opportunity for the top 50 or 100 or even 200 titles to make a difference.

目前，該產業尚未經歷 2022 年中期那樣的移動順風。當然，22年是低迷的一年，隨後產業慢慢恢復成長，但成長率仍遠低於我們的預期。但它還沒有，而且我也不相信它會成為排名前五名的業務。排名前 50、100 甚至 200 的書籍仍然有很大機會脫穎而出。

There's one other challenge in the business which is, as in the mobile business, unlike the console business, we and our competitors do not capitalize development costs even after technical feasibility, and your marketing expenses, of course, are currently written off as well, which is true for all of our businesses. But in the mobile business, you spend a lot of money on UA in the belief and hope that it will come back to you in a subsequent period. We're very conservative in the way we do that, but nonetheless, that burdens our current results.

該業務還面臨著另一個挑戰，那就是，與行動業務一樣，與遊戲機業務不同，我們和我們的競爭對手即使在技術可行性之後也不會將開發成本資本化，當然，您的行銷費用目前也被註銷了，這對我們所有的業務來說都是如此。但在行動業務中，你會在 UA 上投入大量資金，相信並希望它能在隨後的時期內為你帶來回報。我們的做法非常保守，但儘管如此，這還是給我們目前的結果帶來了負擔。

So the more hits you have in mobile, the worse your current results can actually look for a period of time. And that's one of the things that we did see with Match Factory, as Lainie said, we expect that to turn and we're going to begin to benefit from that extraordinary hit in the coming periods. We also hope that we'll have other big hits coming on the mobile side. So it's a really good story for Take-Two, and it's Zynga division.

因此，行動裝置上的點擊量越多，一段時間內目前的結果實際上看起來就越糟糕。這就是我們在 Match Factory 上看到的現象之一，正如萊妮所說，我們預計這種情況會發生轉變，並且我們將在未來一段時間內開始從這一非凡的成功中獲益。我們也希望在行動端能夠推出其他熱門產品。這對 Take-Two 及其 Zynga 部門來說真的是一個好故事。

It's a somewhat less good story for the industry, and it is not an across-the-board great story for Zynga in that a couple of our legacy titles, most notably Empires and Puzzles, have faced some challenges. But that's not an industry problem. That's a game problem. That is a problem that we're addressing, and we're already seeing some good news.

這對整個產業來說並不是一個好故事，對 Zynga 來說也不是一個全面的好故事，因為我們的一些傳統遊戲，尤其是《帝國》和《謎題》，都面臨一些挑戰。但這不是一個行業問題。那是遊戲的問題。這是我們正在解決的問題，而且我們已經看到了一些好消息。

That's helpful. Thanks, Strauss.

這很有幫助。謝謝，施特勞斯。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Hi, thanks for taking my question. One on NBA to start, obviously seeing some pretty good rebound there, no pun intended. But how much of that do you think is just kind of, one, the comp effect of the Gen 8 transition issues that you had last year and how much is just kind of an underlying resonance success with the NBA fan base?

你好，謝謝你回答我的問題。首先是 NBA，顯然看到了一些相當不錯的籃板，沒有雙關語的意思。但是，您認為其中有多少只是去年遇到的第 8 代過渡問題所產生的效應，又有多少是 NBA 球迷群體產生的潛在共鳴成功？

So I think on the on certainly on the PC side of the business, it's a lot has to do with Gen 8 versus Gen 9 and we're benefiting from that without question. But honestly, the game is just continuing to innovate, and the quality is amazing and the folks at 2K and VC, Visual Concepts, have year upon year proven that they've been able to come out with new modes, new innovations. Not everything works all the time, but this team is just -- they define what sports gaming is, and they define what innovation is.

因此我認為，就 PC 業務而言，這很大程度上與第 8 代和第 9 代有關，毫無疑問我們從中受益。但老實說，這款遊戲一直在不斷創新，而且品質令人驚嘆，2K 和 VC、Visual Concepts 的員工年復一年地證明，他們能夠推出新的模式、新的創新。雖然並非所有事情都能一直有效，但這個團隊就是——他們定義了什麼是運動遊戲，他們定義了什麼是創新。

And I think there are enough design changes in this game that have really just accrued to our benefit. And we're really excited about that and we still feel that we're -- that we've got a lot of upsides from where we are right now. So, generally speaking, we're very pleased about the performance of the NBA. We think there's a lot of greenfield in front of us, and the Gen 8 and Gen 9 piece was a bit of a headwind for us historically, but no longer.

我認為這款遊戲的設計變化已經足夠多了，這些變化確實為我們帶來了好處。我們對此感到非常興奮，我們仍然覺得——從目前的狀況來看，我們已經獲得了許多好處。所以，總的來說，我們對 NBA 的表現非常滿意。我們認為，我們的面前還有大片的綠地，從歷史上看，第 8 代和第 9 代對我們來說有點阻力，但現在不再是這樣了。

All right, much appreciated. And maybe one more kind of along those lines, but with your franchises that have bigger audiences but maybe take a little while between releases thinking like Mafia and Borderlands, how does your approach to building excitement around those launches differ from franchises with faster release schedules, and how has the response to those two games been among their communities versus your hopes? Thanks.

好的，非常感謝。也許還有一種類似的思路，但是對於您的系列遊戲來說，它們擁有更大的受眾，但可能需要一些時間才能發布，例如《黑手黨》和《無主之地》，您在這些遊戲的發布過程中營造興奮感的方法與發佈時間表更快的系列遊戲有何不同？謝謝。

Look, I think we market everything as though it's a brand-new title. We never sort of draft on prior success. And we also need to communicate to consumers that there's an element of what is tried and true and beloved and that there's an element of new, which is, for example, we always do in civilizations. Today is Early Access day for Civ 7.

看，我認為我們將所有東西都推銷給別人，就好像它是一個全新的產品一樣。我們從不依靠先前的成功來製定計劃。我們也需要向消費者傳達這樣的訊息：產品中既有經過嘗試、真實和受人喜愛的元素，也有新穎的元素，例如，我們在文明中一直都在做的。今天是《文明 7》的搶先體驗日。

And once again, the team at Firaxis has pushed the envelope and it's mostly been really well received and it's also received a little bit of criticism too. So I think in all instances we benefit by having a franchise that gives us a marketing umbrella, but we never rest on those laurels. We still have to be very engaged with our consumers, to let them know what we have, when it's coming, and that it's worth engaging with.

Firaxis 團隊再次突破了界限，獲得了廣泛的好評，同時也招致了一點批評。因此我認為，在所有情況下，擁有一個為我們提供行銷保護傘的特許經營權都會讓我們受益，但我們永遠不會滿足於這些成就。我們仍然必須與消費者保持密切聯繫，讓他們了解我們有什麼產品、什麼時候上市以及這些產品值得我們關注。

Corey Carpenter, JPMorgan.

摩根大通的科里·卡彭特（Corey Carpenter）。

Hey, good afternoon. Thanks for the questions. Karl, could you just expand a bit on the NBA game changes the teams made that are resonating with the players beyond the Gen 8, the Gen 9, Console Change? And, Strauss for you, now that we have more details on the Switch 2 that have been released and confirmed, just curious how you think about the opportunity to expand your relationship with them going forward. Thanks.

嘿，下午好。感謝您的提問。卡爾，你能否稍微詳細講一下球隊對 NBA 比賽做出的改變，這些改變除了第 8 代、第 9 代、主機變化之外，還引起了玩家的共鳴嗎？施特勞斯，現在我們掌握了有關已發布並確認的 Switch 2 的更多詳細信息，我只是好奇您如何看待未來擴大與他們的關係的機會。謝謝。

I'm starting to take the second first to expand our relationship with him.

我首先開始採取第二種措施來擴大我們與祂的關係。

Oh, now that we have the details on Switch 2.

哦，現在我們已經了解了 Switch 2 的詳細資訊。

Sorry, I missed the Switch 2 part. Look, we've had a obviously a long standing relationship with Nintendo, and we've supported the platform when it made sense for the individual release. There was a time when Nintendo platforms are really geared at younger audiences and that was reflected in our release schedule.

抱歉，我錯過了 Switch 2 部分。你看，我們顯然與任天堂有著長期的合作關係，並且當該平台對單獨發布有意義時，我們會支持它。曾經有一段時間，任天堂平台確實是針對年輕受眾，這反映在我們的發佈時間表上。

And that, now today with Switch and potentially with Switch 2, the Switch device can support any audience and as you may have noted, Civ 7 is available now on Switch. So while we have nothing specific to report, we actually would fully expect to support Switch.

而且，現在有了 Switch，甚至可能有了 Switch 2，Switch 裝置可以支援任何受眾，而且您可能已經注意到，《文明 7》現在可在 Switch 上使用。因此，雖然我們沒有什麼具體內容要報告，但我們實際上完全希望支援 Switch。

And Karl's going to comment on your question regarding which elements of NBA 2K, really have excited the consumers this time around.

卡爾將回答您關於 NBA 2K 的哪些元素這次真正讓消費者興奮的問題。

Sure, so we introduced a bunch of new features that were designed for the core players, and I think things like the new shooting and dribbling mechanics, and there's a new badge progression system that was very well received. A smaller city, which really concentrates the activities, so you don't have to run around as much to get to the interesting things that players can do. There was a return of the old NBA 2K parks courts that people love. And there was also a full overhaul to the MyTeam mode. So quite a bit of innovation for us.

當然，我們推出了一系列專為核心玩家設計的新功能，我認為諸如新的投籃和運球機制以及新的徽章進度系統都受到了熱烈歡迎。較小的城市真正集中了活動，因此您不必四處奔波就能體驗到玩家可以做的有趣的事情。人們喜愛的舊版 NBA 2K 球場再次回歸。此外，MyTeam 模式也進行了全面改革。所以對我們來說這是相當多的創新。

Okay. Thank you.

好的。謝謝。

James Heaney, Jefferies.

傑富瑞的詹姆斯希尼。

Okay, great. Yeah, thanks for the question. Lainie, can you just talk about the right level of marketing spend needed to support the launches of your new titles? How soon before launches should we expect you to begin ramping up your marketing efforts and how does that impact the ramp of expenses? Thank you.

好的，太好了。是的，謝謝你的提問。Lainie，您能談談支持推出新作品所需的適當行銷支出水平嗎？我們應該在產品發布前多久開始期待您加大行銷力度，以及這會對費用的增加產生什麼影響？謝謝。

So in terms of the marketing, it usually, it's around the launch of the title, but in more recent years, it has spread a little bit further along, especially if there's an online environment of recurrent consumer spending with the title. So the title's budgets are usually around the same size as they were in the past. They really haven't gotten smaller even when we have titles that are new versions of previous releases.

因此，就行銷而言，它通常圍繞著遊戲的發布進行，但近年來，它已經傳播得更遠了，特別是如果存在一個消費者經常性購買該遊戲的線上環境。因此，該片的預算通常與過去大致相同。即使我們擁有的是以前版本的新版本，它們實際上也沒有變小。

There's just so much importance in terms of marketing and getting people excited about the titles and it's just usually different types of marketing that it's been in the past. So there's a lot more digital marketing and marketing to our consumers and analytics and different ways of getting to our consumers than we have in the past. So, it's usually a bigger amount at launch and then spread over the period of time, that the titles' life cycle.

行銷和讓人們對遊戲感到興奮非常重要，而且它通常與過去的行銷類型不同。因此，與過去相比，我們現在針對消費者的數位行銷和分析更加豐富，並且採用更多不同的方式接觸消費者。因此，通常在發佈時數量會比​​較大，然後分佈在遊戲生命週期的一段時間內。

Great. Thank you.

偉大的。謝謝。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特 (Matthew Cost)。

Hey, thanks, everyone for taking the question. On the Netflix partnership for WWE, I'm just wondering how you evaluate the attractiveness of those opportunities in terms of partnering with new distribution modes like Netflix, and if those will become financially material or if they're more nice to have going forward and how you think them through. That's question one.

嘿，謝謝大家回答這個問題。關於 Netflix 與 WWE 的合作，我只是想知道您如何評價與 Netflix 等新分銷模式合作的這些機會的吸引力，以及這些機會是否會在財務上產生實質性影響，或者這些機會在未來是否會更有價值，以及您是如何考慮這些機會的。這是第一個問題。

The second question is just about some media reports in the past couple of months that you may have started using a new mediation partner for your ad inventory at Zynga, and that you may have received a payment, I think one of the articles said of $150 million to do that. Is that accurate and if so, how and when would that payment be accounted for? Thank you.

第二個問題是關於過去幾個月的一些媒體報道稱，您可能已經開始使用新的中介合作夥伴來處理 Zynga 的廣告資源，而且您可能已經收到了付款，我記得其中一篇文章說的付款金額是 1.5 億美元。這是準確的嗎？謝謝。

I'll take the first question and Lainie will take the second. We have numerous distribution partners in the business, and we have a great relationship with Netflix in particular, and we'll evaluate an opportunity primarily to see if it benefits our consumers. We want to be where our consumers are. We're not precious or religious about limiting them to a particular platform or, for example, even our own platform.

我來回答第一個問題，萊妮來回答第二個問題。我們在這個行業擁有眾多分銷合作夥伴，尤其是與 Netflix 的關係非常好，我們會評估一個機會，主要看它是否有利於我們的消費者。我們希望存在於消費者所在的地方。我們並非珍惜或虔誠地將它們限制在特定的平台上，或甚至是我們自己的平台上。

We have an opportunity for consumers to come directly to a store that one of our labels has, or obviously to work through the app stores, to work through third parties, we have physical distribution. And we've also worked with subscription services, and we've worked with Netflix before. In every instance, there are obviously economics related to the particular opportunity, and we try to tailor the opportunity to the consumers we're trying to reach.

我們有機會讓消費者直接來到我們品牌的商店，或顯然透過應用程式商店或第三方來購物，我們有實體分銷。我們也與訂閱服務合作過，之前也與 Netflix 合作過。在每種情況下，顯然都存在與特定機會相關的經濟因素，我們會嘗試根據我們想要接觸的消費者來量身定制機會。

Yes, so in terms of the economics of the deal, we haven't given any detail on what they were around this deal, but when we do account for things like that, it is usually spread along with the value of the overall deal to the organization.

是的，就交易的經濟性而言，我們尚未給出有關這筆交易的任何細節，但當我們考慮這類事情時，它通常會與整個交易對組織的價值一起分攤。

Great. Thank you very much.

偉大的。非常感謝。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Great, thank you. Lainie, I recognize in recent years you've been investing ahead of the new pipeline. As we start to see the benefit of these immersive core titles coming to market, can you just revisit how you're thinking about cash flow generation relative to the guidance you had given historically. And alongside this ramp, how are you thinking about capital allocation and the options you have available to you? Thank you.

太好了，謝謝。萊妮，我知道你近年來一直在為新管道進行投資。當我們開始看到這些沉浸式核心遊戲進入市場的好處時，您能否重新審視您對現金流產生的看法，相對於您過去給予的指導。除此之外，您如何考慮資本配置和可用的選擇？謝謝。

Sure. So when we think about going forward in the next couple of years and the strong cash flow that we expect to generate from our pipeline, our capital allocation plans definitely include paying down some of our debt over the next couple of years, but we also have a lot of acquisition opportunities available to us.

當然。因此，當我們考慮未來幾年的發展以及我們預計將從我們的管道中產生的強勁現金流時，我們的資本配置計劃肯定包括在未來幾年償還部分債務，但我們也有很多收購機會。

So it's possible that if we make some acquisitions, the timing of the capital allocation plans could be adjusted based on that. So I think there's a lot of things that are big opportunities for us going forward and all of that will be available to us.

因此，如果我們進行一些收購，資本配置計畫的時間可能會據此進行調整。因此，我認為有很多事情對我們未來發展來說都是巨大的機遇，所有這些都將為我們提供幫助。

Okay, great, thank you. And if I can just fit in one more with Civ 7 launching, can you just help us think through the uplift you're factoring into your guidance and how does that expectation compare to prior iterations of the franchise? Thank you.

好的，太好了，謝謝。如果我在《文明 7》發佈時可以再插入一個問題，您能否幫助我們思考一下您在指導中考慮到的提升，以及這個預期與該系列之前的版本相比如何？謝謝。

So if you're referring to next year, we're in the middle of our budgeting process right now, so we're not providing any specific guidance. We do expect to give that out during our May call, but with that said, we're really excited about the pipeline that's forecast to release next year and also that's released in this quarter. And as we've mentioned, we remain highly confident that we'll achieve sequential increases and record levels of net bookings in fiscal 2026 and 2027.

因此，如果您指的是明年，我們現在正處於預算過程中，因此我們不會提供任何具體指導。我們確實希望在 5 月的電話會議上公佈這一消息，不過話雖如此，我們對預計明年發布以及本季發布的產品線感到非常興奮。正如我們所提到的，我們仍然非常有信心在 2026 財年和 2027 財年實現連續成長並創下淨預訂量的新高。

Okay, great. Thank you.

好的，太好了。謝謝。

Michael Hickey, Benchmark.

邁克爾·希基，基準。

Hey guys, Strauss, Karl, Lainie, Nicole, nice quarter. Thanks for taking our questions. Just two from us. Curious on your fiscal '26 pipeline the three games. Are you reaffirming launch and timely expectations or is this more of a continuation of the previously fine slate with updates to come from your studios as new information becomes available.

嘿，大家好，史特勞斯、卡爾、萊妮、妮可，這是一個美好的季度。感謝您回答我們的問題。我們只有兩個。對您 26 財年的三款遊戲的計劃感到好奇。您是否重申發布和及時的期望，或者這更像是之前精彩計劃的延續，隨著新資訊的出現，您的工作室將提供更新。

And the second question is on project ETHOS. It looks like Michael's now gone from 31st Union, so just curious how leadership is transitioning within the studio and how this impacts the future of the game. Thanks guys.

第二個問題是關於ETHOS計畫的。看起來邁克爾現在已經離開了第 31 聯合工作室，所以我很好奇工作室內部的領導層是如何變動的，以及這將如何影響遊戲的未來。謝謝大家。

So on the first point, yes, we did today reaffirm our schedule through the remainder of the calendar year. I think we were pretty clear about that. And regarding 31st Union and project ETHOS, we are super grateful to Michael for the great work he did in bringing this project to us and spearheading it and getting it to the stage that it's at. He's going to continue in an advisory role, and for that we're also grateful.

因此，關於第一點，是的，我們今天確實重申了今年剩餘時間的日程安排。我想我們對此已經非常清楚了。關於 31st Union 和 ETHOS 項目，我們非常感謝 Michael 的出色工作，他將這個項目帶給我們，並帶頭推動它達到目前的階段。他將繼續擔任顧問角色，對此我們也深表感謝。

The transition leadership will be provided by a combination of 31st Union and 2K executives, and we feel highly confident that we're going to deliver a great project over time, and we remain fully committed to ETHOS. We're still really excited about it.

過渡領導將由第 31 屆聯盟和 2K 高管共同擔任，我們非常有信心，我們將隨著時間的推移交付一個偉大的項目，並且我們將繼續全力致力於 ETHOS。我們對此仍然感到非常興奮。

Awesome thanks guys.

非常感謝大家。

Jason Bazinet, Citigroup.

花旗集團的 Jason Bazinet。

I just had a very simple question. The $1.9 billion that sits on the balance sheet for capitalized software, should we look at that as sort of apples to apples in terms of your accounting policy versus where you were 5 years ago, or is there some change in accounting that would cause that number to be large. I'm just trying to get a sense of it -- is it, should investors look at that as indicative of potentially the quality or number of games that are going to unspool onto the income statement over the next couple of years.

我只是想問一個很簡單的問題。資產負債表上資本化軟體的 19 億美元，我們是否應該根據你們的會計政策將其與五年前進行對比，或者是否存在一些會計變化導致這個數字變得很大。我只是想了解一下——投資者是否應該將其視為未來幾年將在損益表中體現的遊戲品質或數量的潛在指標。

No, nothing has changed in terms of our policies. That's the capital software for the games that have been put up on the balance sheet based on the technological feasibility of those titles, and they'll get advertised as those titles release over the lifetime of those titles.

沒有，我們的政策沒有任何改變。這是根據遊戲的技術可行性而列入資產負債表的遊戲的資本軟體，並且會在遊戲發行期間和遊戲的整個生命週期內進行宣傳。

Understood. Thank you.

明白了。謝謝。

Omar Dasuki, Bank of America.

美國銀行的奧馬爾·達蘇基（Omar Dasuki）。

Hi, thanks. So glad to see GTA 6 reaffirmed for a fall '25 launch. I wanted to ask how much of the total number of fans that have ever touched GTA and have brand awareness of GTA could potentially be reactivated once this GTA 6 launch actually happens.

嗨，謝謝。很高興看到 GTA 6 確認將於 25 年秋季推出。我想問一下，在《GTA 6》真正發布後，曾經接觸過 GTA 並對 GTA 有品牌認知度的粉絲中，有多少人可能會被重新激活。

I gather that there is a much smaller percentage of those, a small percent of those fans that today are highly engaged. But with the launch of GTA 6, it will become an intergenerational franchise, the first title having been released around the year 2000.

據我了解，這部分人的比例很小，只是今天積極參與的粉絲中的一小部分。但隨著《GTA 6》的推出，它將成為跨世代系列遊戲，第一款遊戲於 2000 年左右發布。

So I could very easily see a dad playing GTA with his son after having not played the game for a couple of decades. So do you have a sense of, relative to the current base of players that's highly engaged, what the base of lapsed players that may potentially come back could be like, -- is it one time as big, twice as big, any kind of framework there to help us think about this launch would be great.

因此，我很容易想像一位父親在幾十年沒玩過 GTA 遊戲之後，仍然和他兒子一起玩。那麼，相對於目前高度參與的玩家群，您是否知道可能回歸的流失玩家群會是什麼樣的，是擴大一倍還是兩倍，任何可以幫助我們思考這次發布的框架都會很棒。

Well, I appreciate the question and the sort of the sentiment underlying the question. It sort of falls into the category of how high is up, and I decline to ever predict that. We believe that arrogance is the enemy of continued success. We run scared. We're looking over our shoulder. Our competitors are not asleep. And so what do we do about that? We try to be the most creative, the most innovative, and the most efficient company in the entertainment industry.

嗯，我很欣賞這個問題以及問題背後的情感。這有點屬於「高度有多高」的範疇，而我拒絕對此進行預測。我們相信，傲慢是持續成功的敵人。我們驚慌地逃跑了。我們正在小心謹慎。我們的競爭對手也沒有睡覺。那我們該怎麼做呢？我們致力於成為娛樂產業最具創造力、最具創新力、最具效率的公司。

And Rockstar Games in particular seeks perfection in everything they do, and we believe that if we do that right and we focus on delivering for consumers, that's our best opportunity to succeed.

Rockstar Games 尤其追求其所做的每一件事的完美，我們相信，如果我們做得正確，並專注於為消費者提供服務，那就是我們成功的最佳機會。

To answer your question mathematically, it's -- I mean, it's pretty interesting if you look at GTA 5 because that title crossed 3 console generations and still remains a bestselling title having sold in over 210 million units. GTA Online, now over 10 years old still has enormous ongoing engagement. So there's certainly evidence that if you give consumers what they want, they will show up for it and they will stick around loyally for a very long time. Equally, we have enormous respect for how hard that is to do.

從數學角度回答你的問題，我的意思是，如果你看《GTA 5》，你會發現它非常有趣，因為該遊戲跨越了 3 個遊戲機世代，並且仍然是最暢銷的遊戲，銷量超過 2.1 億台。GTA Online 已經推出十多年了，但仍然擁有巨大的持續吸引力。因此，有證據表明，如果你給消費者他們想要的東西，他們就會出現，並且忠誠地長期留在你身邊。同樣，我們也非常尊重做到這一點的難度。

With regard to the upcoming release of GTA 6, obviously this is a console release. We know what the current and console installed base looks like. So there is the broad universe of console owners to look at, and that is something to be mindful of.

就即將發布的 GTA 6 而言，顯然這是一個主機版本。我們知道目前和控制台的安裝基礎是什麼樣的。所以，我們需要關注的是遊戲機擁有者群體的廣泛性，這是需要注意的事情。

At the same time, we don't spend a lot of time looking at sort of attach rates, which I think is basically the question you're posing. Because that'll take care of itself if we do a great job. Now, are we aware of who our consumers are, and do we know how to market them and target them? We do. We have an extraordinary corporate consumer database with, I think nearly a million records in it.

同時，我們不會花太多時間研究附加率，我認為這基本上就是您提出的問題。因為如果我們出色地完成工作，一切就會水到渠成了。現在，我們是否知道我們的消費者是誰？是的。我們擁有一個非凡的企業消費者資料庫，我想裡面有近一百萬筆記錄。

We observe, of course, all privacy regulations, but we are able to market to a significant portion of that database. So we are mindful of who's been engaged with GTA and GTA Online previously. We're mindful of those who we believe will be interested in the title going forward, and we can tailor our marketing accordingly.

當然，我們遵守所有隱私法規，但我們能夠向該資料庫的很大一部分進行行銷。因此我們留意了之前曾參與過 GTA 和 GTA Online 的人。我們留意那些我們相信會對該作品感興趣的人，並且我們可以據此調整我們的行銷策略。

But we genuinely don't spend a lot of time thinking about, well, is this going to be, X number of units or Y number of units because that doesn't change anything that we can do. We focus on what we can affect, and we let the outcomes take care of themselves. And I'm sorry, I said a million consumer records. I meant a billion.

但我們確實不會花很多時間去思考，嗯，這將是 X 個單位還是 Y 個單位，因為這不會改變我們能做的任何事情。我們專注於我們能夠影響的事情，並讓結果順其自然。很抱歉，我說的是一百萬筆消費者記錄。我指的是十億。

Thank you for your response.

謝謝您的回覆。

I was only off by three digits, so you know.

我只錯了三位數，所以你知道的。

Got it.

知道了。

Clayton Griffin, MoffettNathanson.

克萊頓·格里芬、莫菲特·納桑森。

Great. Good evening. Thanks for taking the question. I'd love to get your impression of the momentum of the Roblox platform, you talked about, hey, we'll be wherever our consumers are. Is that -- do you view that as a substitute product? And what's your vision? What would have to happen for you guys to develop content for that platform? Is it a viable destination for the type of content that take to produces?

偉大的。晚安.感謝您回答這個問題。我很想了解您對 Roblox 平台發展勢頭的印象，您說過，嘿，我們的消費者在哪裡，我們就會在哪裡。是的——您認為那是替代產品嗎？您的願景是什麼？你們要為該平台開發內容需要做些什麼呢？對於要製作的內容類型來說，它是否是一個可行的目的地？

Look, Roblox is a combination of a platform and a collection of games, user generated games, largely, and I understand that they market themselves as a platform. However, from our point of view, it is a competitive situation. So while I wouldn't rule anything out, it's hard to imagine that we would see Roblox as a destination for a Take-Two labels game. But again, if there's a reason for us to be there, then we would contemplate it.

看，Roblox 是一個平台和遊戲集合的結合，主要是用戶生成的遊戲，我理解他們將自己作為一個平台進行行銷。然而，從我們的角度來看，這是一個競爭的局面。因此，雖然我不會排除任何可能性，但很難想像我們會將 Roblox 視為 Take-Two 標籤遊戲的目的地。但話說回來，如果我們有理由去那裡，我們就會考慮。

Understood. And then just maybe turning back to NBA 2K RCS and I assume that you're aware of the kind of mid-quarter slip that happened at your competitors' live service. And credit to the team at Visual Concepts for a great product, but it does seem that we're seeing kind of smallish changes to these live services are driving bigger results than what we're used to kind of inter-quarter. I wonder if that's your impression.

明白了。然後也許回到 NBA 2K RCS，我想你已經意識到你的競爭對手的現場服務中出現了那種中期下滑。這要歸功於 Visual Concepts 團隊推出的出色產品，但我們確實看到這些即時服務的細微變化正在帶來比我們在季度間習慣的更大的成果。我不知道您是否也有同樣的印象。

I know it's like as you add complexity, perhaps maybe we're all losing a little bit of visibility. Is that your impression or is that -- it's just a function of NBA 2K executing at a really high level versus maybe some mistakes elsewhere?

我知道，隨著複雜性的增加，或許我們都會失去一點可見度。這是您的印象嗎？

Yeah, I mean, I really can't speak to competitors and the decisions that they've made, but certainly it's very important in these type of live services games that the development of the game and the actual monetization piece of the game are hand in hand, and you really can't have one or the other. And one thing that we've learned over the years is that the most important thing about developing, particularly for sports games that you can't have massive innovation year over year and you have a significant live services component, is that engagement is everything.

是的，我的意思是，我真的無法談論競爭對手和他們所做的決定，但對於這類實時服務遊戲來說，遊戲開發和遊戲實際的盈利部分齊頭並進是非常重要的，你不能只顧其中之一。我們多年來學到的一件事是，開發中最重要的事情，特別是對於體育遊戲而言，你不能年復一年地進行大規模創新，並且擁有重要的即時服務組件，那就是參與度就是一切。

And the more the consumer engages, the more ultimately that you're going to be able to benefit from the economics of the business. So for us, it's not -- we don't necessarily look at the business about tweaking the economy. Of course, we do that, but the idea is really more about the focus of the teams, marketing and development, is to increase engagement and that's all about the quality and the execution.

消費者參與越多，你最終從企業經濟中獲益就越多。所以對我們來說，這並不是——我們不一定關注調整經濟的業務。當然，我們會這樣做，但我們的想法更多的是專注於團隊、行銷和開發，以提高參與度，而這一切都關乎品質和執行力。

It's very -- the tweaking of the economy, that never is the leading factor. It's always about engagement and quality experience. And I think if you stray from that, that's why I think you run into trouble.

經濟的調整從來都不是主導因素。它始終與參與度和優質體驗有關。我認為如果你偏離了這一點，你就會遇到麻煩。

Totally understand that, Karl. I just, I think, I was maybe referring to kind of tweaks and actual gameplay. You mentioned some of the improvements that were made at NBA 2K. It seemed, I wouldn't call them massive changes, but it had an outsized effect, and it sounds like we saw the opposite with your competitor.

完全理解這一點，卡爾。我只是，我想，我可能指的是某種調整和實際的遊戲玩法。您提到了 NBA 2K 的一些改進。看起來，我不會稱之為巨大的變化，但它產生了巨大的影響，聽起來我們在你的競爭對手身上看到了相反的情況。

And so the question is like, are you starting to see that as a general rule where perhaps maybe you're losing some visibility, maybe even internally for some of these live services inter quarter.

所以問題是，你是否開始將其視為一條普遍規則，也許你會失去一些可見性，甚至可能在季度間失去部分即時服務的內部可見性。

I'm going to take that. No, I don't feel that way. I think we are utterly focused on trying to present the very best possible experience. Sometimes we fall a bit short in certain areas, sometimes we miss the boat a little bit. Two of our competitors as well, but I think the focus remains intense on every part of the experience.

我要接受這個。不，我沒有那樣的感覺。我認為我們全心全意地致力於呈現最好的體驗。有時我們在某些​​方面會有所不足，有時我們會錯失良機。我們的兩個競爭對手也是如此，但我認為重點仍然集中在體驗的每個部分。

Understood. Thanks, guys.

明白了。謝謝大家。

And that concludes our question-and-answer session. I will now turn the conference back over to Mr. Strauss Zelnick for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給史特勞斯·澤爾尼克先生，請他作結語。

Well, first, thank you for attending, and I'd like to apologize to all of you for our technical difficulties today. Hopefully the message came across despite that, because the message is a powerful one. We had a solid quarter for which we're very grateful, and we have what we believe is an extraordinary release schedule through the rest of the calendar year.

首先，感謝大家的參加，對於今天遇到的技術問題，我想向大家表示歉意。儘管如此，我們希望這個訊息能夠被傳達，因為這個訊息非常有力。我們度過了一個豐厚的季度，對此我們深表感激，我們相信，在今年剩餘時間裡，我們的發布計劃也將非常出色。

And of course our expectations are very rosy indeed for fiscal '26 and '27, where we expect sequential increases in net bookings, and we expect to set new financial records. All of that is a reflection of what our creative and business teams do every day, which is to seek excellence in everything they do, and none of us could be more proud than we are of those teams and their commitment, their loyalty to this enterprise.

當然，我們對 26 財年和 27 財年的預期非常樂觀，我們預計淨預訂量將連續增加，並有望創下新的財務記錄。所有這些都反映了我們的創意和業務團隊每天所做的事情，即在所做的每一件事中追求卓越，我們為這些團隊以及他們的承諾和對這個企業的忠誠感到無比自豪。

And we are so grateful. So I just want to say thank you to all of my many thousands of colleagues around the world, many of whom are listening right now. Thank you for your fine work. I'd also like to thank our shareholders for your support over these many years. We aim to continue to deliver and hopefully to overdeliver going forward. So, thank you all.

我們非常感激。因此，我只想向世界各地成千上萬的同事說聲謝謝，他們中的許多人現在正在聽我講話。感謝您的出色工作。我還要感謝我們的股東多年來的支持。我們的目標是繼續履行這項承諾，並且希望能夠超額完成。所以，謝謝大家。

And ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。