Take-Two Interactive Software Inc (TTWO) 2025 Q4 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 Interactive fourth quarter 2025 earnings call. (Operator Instructions)

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 Interactive 2025 年第四季財報電話會議。（操作員指示）

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人關係和企業傳播資深副總裁 Nicole Shevins。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the fourth quarter and fiscal year 2025 ended March 31, 2025. 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 2025 年 3 月 31 日的 2025 年第四季和財年的業績。今天的電話會議將由 Take-Two 董事長兼執行長 Strauss Zelnick、總裁 Karl Slatoff 和財務長 Lainie Goldstein 主持。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.

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，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。

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. We concluded our 2025 fiscal year with outstanding results, including fourth quarter net bookings of $1.58 billion, which was the top of our guidance range. Each of our labels contributed meaningfully to our performance. 2K posted a fantastic quarter, the successful launches of Sid Meier's Civilization VII, WWE 2K25 and PGA TOUR 2K25.

謝謝，妮可。下午好，感謝您今天加入我們。我們以優異的業績結束了 2025 財年，其中第四季淨預訂達到 15.8 億美元，達到了我們預期的最高水準。我們的每個品牌都對我們的業績做出了有意義的貢獻。2K 發布了本季的出色表現，成功推出了《席德梅爾的文明 VII》、《WWE 2K25》和《PGA TOUR 2K25》。

NBA 2K delivered one of its strongest periods on record, including recurrent consumer spending growth of 42%. Rockstar Games excelled once again, with the Grand Theft Auto and Red Dead Redemption series surpassing our forecast, and Zynga continued to gain momentum, led by Match Factory!, Toon Blast and Rollic's newest hit Color Block Jam.

NBA 2K 創造了有史以來最強勁的業績之一，經常性消費者支出成長了 42%。Rockstar Games 再次表現出色，其《俠盜獵車手》和《荒野大鏢客》系列的表現超出了我們的預期，而 Zynga 則繼續保持增長勢頭，由 Match Factory!、Toon Blast 和 Rollic 的最新熱門遊戲 Color Block Jam 領銜。

We're providing our initial financial outlook for fiscal 2026, including net bookings of $5.9 billion to $6 billion, which represents 5% year-over-year growth at the midpoint of the range. This outlook assumes a continuation of our current positive trends, including healthy mobile performance and ongoing strength in NBA 2K as well as the release of several eagerly anticipated titles, including Mafia. The Old Country, and Borderlands 4.

我們提供了 2026 財年的初步財務展望，包括 59 億美元至 60 億美元的淨預訂金額，這代表著該範圍中點的同比增長 5%。這一前景假設我們目前的積極趨勢將持續下去，包括健康的行動性能和 NBA 2K 的持續強勁表現，以及包括《黑手黨》在內的幾款備受期待的遊戲的發布。《舊國》和《無主之地 4》。

Rockstar expects to release Grand Theft Auto VI on May 26, 2026, which is in our fiscal year 2027. I believe affording Rockstar additional time for such a groundbreaking project is a worthy investment. Grand Theft Auto VI began development in earnest in 2020 following the massive success of Red Dead Redemption 2 and the title is now the most anticipated entertainment property of all time.

Rockstar 預計將於 2026 年 5 月 26 日發布《俠盜獵車手 VI》，也就是我們的 2027 財年。我相信為 Rockstar 提供更多時間用於這樣一個開創性的項目是一項值得的投資。繼《荒野大鏢客 2》取得巨大成功之後，《俠盜獵車手 VI》於 2020 年開始認真開發，遊戲現已成為有史以來最受期待的娛樂作品。

Consumer anticipation is unprecedented with Trailer 2s Cross-Platform debut last week, shattering records to become the biggest video launch of all time with over 475 million views in 24 hours. This follows Trailer 1s record-breaking debut of 93 million views in 24 hours on YouTube alone. Spotify streams of the track featured in the trailer Hot together by The Pointer Sisters surged by 182,000%, once again, proving Rockstar's ability to influence popular culture. The ambition and complexity of Grand Theft Auto VI is greater than any previous Rockstar title and the team is poised to release another astonishing entertainment experience that will exceed players' expectations.

上週，預告片 2 跨平台首發，消費者的期待達到了前所未有的程度，並打破了紀錄，成為有史以來最大規模的視頻發布，24 小時內觀看次數超過 4.75 億次。此前，預告片 1 在 YouTube 上發布後僅 24 小時內就創下了 9300 萬次觀看的紀錄。預告片中 The Pointer Sisters 的單曲《Hot together》在 Spotify 上的播放量激增了 182,000%，再次證明了 Rockstar 影響流行文化的能力。《俠盜獵車手 VI》的野心和複雜性超過了 Rockstar 之前的任何一款遊戲，團隊準備推出另一款令人驚嘆的娛樂體驗，超越玩家的期望。

Now I'll share more specific highlights from the quarter. NBA 2K25 posted near-record performance and exceeded our forecast. To date, the title has sold in nearly 10 million units, a 7% increase compared to NBA 2K24 during the same time frame. Engagement grew significantly, daily active users, MyCAREER daily players and average games per user increasing 30%, 40% and 80%, respectively. We're also pleased with the performance of our brand extensions for the franchise.

現在我將分享本季的更多具體亮點。NBA 2K25 的表現接近創紀錄，超出了我們的預期。截至目前，該遊戲銷量已接近 1,000 萬份，與同期的《NBA 2K24》相比成長了 7%。參與度顯著提升，每日活躍用戶數、MyCAREER 每日玩家數和每位用戶平均遊戲數分別增加了 30%、40% 和 80%。我們也對該品牌特許經營的延伸表現感到滿意。

NBA 2K25 Arcade edition remains a top five performing title on Apple Arcade. NBA 2K Online in China continues to hold its place as the number one PC sports game in the country and our NBA 2K All-Star mobile title, which we developed in partnership with Tencent and launched on March 25, is maintaining the number one spot on the iOS sports game chart for both downloads and revenue in China. I'd like to thank Adam Silver of the NBA and Andre Iguodala of the NBA Players Association for their extraordinary partnership and support.

NBA 2K25 街機版仍然是 Apple Arcade 上表現最好的五款遊戲之一。在中國，NBA 2K Online 繼續穩坐中國 PC 運動遊戲排行榜冠軍寶座，而我們與騰訊合作開發並於 3 月 25 日發布的 NBA 2K 全明星手機遊戲則在中國 iOS 體育遊戲下載量和收入排行榜上均位居第一。我要感謝 NBA 的亞當蕭華和 NBA 球員協會的安德烈伊戈達拉的非凡合作和支持。

2K's release of WWE 2K25 was met with great critical acclaim, including a score of 84 on Metacritic for Xbox Series X, an all-time high for the series on that platform. Visual Concepts introduced new features, including The Island, a highly immersive WWE-themed world, where players can explore, compete in live events and earn rewards. Consumer appetite for the franchise is going with recurrent consumer spending up 20% during the quarter. This includes strong performance from WWE SuperCard, which achieved near record levels of net bookings in March. WWE 2K25 has been integrated regularly into WWE's televised programming and was also a cosponsor of last month's spectacular WrestleMania 41.

2K 發布的《WWE 2K25》獲得了極大的好評，其中 Xbox Series X 在 Metacritic 上獲得了 84 分，創下了該平台系列遊戲的歷史最高得分。Visual Concepts 推出了新功能，包括“The Island”，一個高度沉浸式的 WWE 主題世界，玩家可以在其中探索、參加現場活動並獲得獎勵。消費者對該特許經營權的興趣正在增長，本季經常性消費支出增加了 20%。其中包括 WWE SuperCard 的強勁表現，其 3 月的淨預訂量接近歷史最高水準。WWE 2K25 已定期被納入 WWE 的電視節目中，並且還是上個月精彩的 WrestleMania 41 的共同贊助商。

In addition, 2K is bringing WWE 2K to Switch 2 this summer as well as bringing WWE 2K to mobile devices this fall in partnership with Netflix. I'd like to thank Nick Khan and his team at TKO for their immense support as we raise the bar for excellence for our beloved wrestling franchise.

此外，2K 將於今年夏天將 WWE 2K 引入 Switch 2，並與 Netflix 合作，於今年秋天將 WWE 2K 引入行動裝置。我要感謝尼克汗和他的 TKO 團隊給予的大力支持，我們因此提高了我們心愛的摔角特許經營的卓越標準。

2K and HB Studios successfully launched PGA TOUR 2K25 which earned a Metacritic score of 80 on PlayStation 5 and is generating significant recurrent consumer spending growth compared to the prior iteration. I'd like to thank our partners at PGA for helping us create another superb golf experience.

2K 和 HB Studios 成功推出了 PGA TOUR 2K25，該遊戲在 PlayStation 5 上獲得了 80 分的 Metacritic 評分，與前一代產品相比，其經常性消費者支出顯著增長。我要感謝 PGA 的合作夥伴幫助我們創造了另一個絕佳的高爾夫體驗。

During the period, 2K released Sid Meier's Civilization VII, the revolutionary new chapter in our esteemed strategy franchise. As stewards of the Civilization series for access game strives to bring innovation with each new release. We're confident that the development team's ongoing efforts to update key areas of the game will deliver outstanding results over the franchise's typically long sales cycle. Our teams are pursuing opportunities to expand the audience, including the recent launch of Civilization VII-VR for Meta Quest 3 and 3S as well as the title's upcoming release on Switch 2, which will offer new mouse controls for a highly intuitive game experience.

在此期間，2K 發布了席德·梅爾的《文明 VII》，這是我們備受推崇的戰略遊戲系列的革命性新篇章。身為《文明》系列的管理者，Access Game 致力於在每次新版本發佈時帶來創新。我們相信，開發團隊不斷努力更新遊戲的關鍵區域，將在該系列通常較長的銷售週期中帶來出色的效果。我們的團隊正在尋找機會擴大受眾群體，包括最近為 Meta Quest 3 和 3S 推出的《文明 VII-VR》以及即將在 Switch 2 上發布的遊戲，它將提供新的滑鼠控制，帶來高度直覺的遊戲體驗。

The Grand Theft Auto series once again exceeded our expectations. And to date, GTA V has sold in over 215 million units for current consumer spending outperform our forecast growing 5% year-over-year, led by an array of new modes, rewards and vehicles for GTA Online as well as ongoing demand for GTA+ memberships. Rockstar Games continues to expand the possibilities for engagement with the series through ongoing development of its [5M] creator platform. Red Dead Redemption 2 also outperformed, with net bookings growing 23% over last year. Rockstar Games continues to support Red Dead Online with a series of rewards that engage their community further.

俠盜獵車手系列再次超出了我們的預期。到目前為止，《GTA V》的銷量已超過 2.15 億台，當前消費者支出超出我們的預期，同比增長 5%，這主要得益於《GTA 在線》的一系列新模式、獎勵和車輛，以及對 GTA+ 會員的持續需求。Rockstar Games 透過持續開發其 [5M] 創作者平台，繼續擴大與該系列互動的可能性。《荒野大鏢客 2》也表現出色，淨預訂量比去年增加了 23%。Rockstar Games 繼續透過一系列獎勵支持 Red Dead Online，以進一步吸引他們的社群。

Zynga outperformed during the period, and we're pleased that their momentum is continuing into fiscal 2026. Peak delivered fantastic results, matter of fact exceeded our expectations, driven by first-class live ops execution and the introduction of Mission Center, a limited time event that drove significant player engagement. Net bookings grew meaningfully over the last quarter and the title is generating profits. Net bookings for Toon Blast grew 7% over last year, primarily due to the introduction of the Canon Fest event. We're also thrilled, title achieved its largest quarter of net bookings since Zynga acquired Peak in 2020.

Zynga 在此期間表現出色，我們很高興看到他們的勢頭能夠持續到 2026 財年。Peak 取得了出色的成績，事實上超出了我們的預期，這得益於一流的實時操作執行和任務中心的推出，任務中心是一項限時活動，極大地推動了玩家的參與。上個季度淨預訂量大幅成長，公司正在產生利潤。Toon Blast 的淨預訂量比去年增加了 7%，這主要歸功於 Canon Fest 活動的推出。我們也很高興，該遊戲實現了自 2020 年 Zynga 收購 Peak 以來最大的季度淨預訂量。

Rollic's newest hit Color Block Jam is scaling rapidly and is currently a top 10 downloaded game and among the top grossing titles in the US Apple app store. In just four months of operation, the title has become profitable and is making an impressive contribution to our mobile net bookings.

Rollic 的最新熱門遊戲 Color Block Jam 正在迅速發展，目前已成為美國 Apple 應用程式商店下載量排名前 10 的遊戲之一，並且是暢銷遊戲之一。經過短短四個月的運營，該書已實現盈利，並對我們的行動網路預訂做出了令人矚目的貢獻。

We're encouraged to see stabilization in Empires & Puzzles. Small Giant improved the titles in game economy to support faster player progression and there are a lot fun new features based on player feedback like Instant Power Summon, Hero Coach and Visiting Outfitter. Zynga has numerous titles in development and soft launch that we're eager to bring to market worldwide.

我們很高興看到《帝國與謎題》的穩定性。Small Giant 改進了遊戲經濟中的稱號，以支援更快的玩家進步，並且根據玩家回饋，有很多有趣的新功能，如即時力量召喚、英雄教練和來訪裝備商。Zynga 擁有眾多處於開發和試發行階段的遊戲，我們渴望將它們推向全球市場。

Our direct-to-consumer business delivered record performance as our teams continue to launch new offers events and enhanced personalization, which are driving better conversion. While we've been implementing D2C in our titles for some time, we do believe there's an even greater opportunity to extend this highly accretive channel given recent beneficial court rulings.

隨著我們的團隊繼續推出新的優惠活動和增強的個人化，我們的直接面向消費者的業務取得了創紀錄的業績，從而推動了更好的轉換。雖然我們已經在我們的遊戲中實施 D2C 一段時間了，但我們相信，鑑於最近有利的法院裁決，我們有更大的機會擴展這一高度增值的管道。

As we approach the three year anniversary of our acquisition of Zynga, we're extremely pleased that the label has become an integral part of our company. Zynga's core franchises are strong and we're energized by the team's unique ability to launch hits in a highly competitive mobile market, demonstrating further the effectiveness of their multi-studio approach and continued excellence in live ops.

在我們收購 Zynga 三週年即將到來之際，我們非常高興該品牌已成為我們公司不可或缺的一部分。Zynga 的核心系列非常強大，該團隊在競爭激烈的行動市場推出熱門遊戲的獨特能力給我們帶來了極大的鼓舞，進一步證明了其多工作室方法的有效性以及在實時運營方面的持續卓越表現。

In closing, with a player-first approach and a deep commitment to quality, we strive to create the best entertainment experiences for our global communities and to redefine our art form. As we bring our exciting lineup to market, including Grand Theft Auto VI in fiscal 2027, we expect to achieve record levels of net bookings that will establish a new baseline for our business and set us on a path of enhanced profitability.

最後，我們秉承玩家至上的態度和對品質的高度重視，努力為全球社群創造最佳的娛樂體驗，並重新定義我們的藝術形式。隨著我們將令人興奮的產品線推向市場，包括 2027 財年的《俠盜獵車手 VI》，我們預計淨預訂量將達到創紀錄的水平，這將為我們的業務建立新的基準，並使我們走上提高盈利能力的道路。

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 another strong quarter and for laying the groundwork for this exciting next chapter in our company's history. As Strauss mentioned, we are extremely optimistic about our upcoming pipeline, which includes approximately 38 titles through fiscal 2028.

謝謝，施特勞斯。我要感謝我們的團隊又一個強勁的季度，並為我們公司歷史上激動人心的下一章奠定了基礎。正如施特勞斯所提到的，我們對即將推出的產品線非常樂觀，到 2028 財年將有大約 38 個產品線。

During fiscal 2026, we plan to release 13 titles including four within the immersive core category. This includes Mafia, the Old Country which 2K and Hangar 13 will introduce on August 8, this linear narrative-driven game is a premium experience in the vein of early Mafia titles set against the stunning, authentic background of 1900 Sicily. Preorders are off to a strong start following the debut of the first official gameplay trailer at PAX East last week and we're excited for its upcoming launch. Additionally, 2K and Gearbox will launch Borderlands 4 on September 12. Last month, during the PlayStation state of play, our team shared an extended look at the action pack to gameplay coming in the title.

在 2026 財年，我們計劃發布 13 款遊戲，其中包括 4 款沉浸式核心類別的遊戲。其中包括 2K 和 Hangar 13 將於 8 月 8 日推出的《黑手黨：舊國度》，這款線性敘事驅動的遊戲是早期《黑手黨》遊戲風格的優質體驗，以 1900 年西西里島令人驚嘆的真實背景為背景。繼上週在 PAX East 上首次發布官方遊戲預告片後，預訂情況開始好轉，我們對其即將推出的產品充滿期待。此外，2K 和 Gearbox 將於 9 月 12 日推出《無主之地 4》。上個月，在 PlayStation 遊戲狀態發布會上，我們的團隊對遊戲中即將推出的動作包進行了深入的探討。

Players were treated to a first look at two of four new bolt hunters as they tour a path through a secret [XSight] in a terminus range, showcasing the destructive power of an updated gear system. The Borderlands community reacted very positively with a game trending on X and becoming one of the most wish-listed games on steam. 2K and Gearbox will also release Borderlands 4 for the Switch 2 in the future.

玩家可以首次一睹四位新閃電獵人中的兩位，他們將沿著終點範圍內的秘密 [XSight] 路徑前行，展示更新後的裝備系統的破壞力。《無主之地》社群對這款遊戲的反應非常積極，它成為了 X 上的熱門遊戲，並成為 Steam 上最受歡迎的遊戲之一。2K 和 Gearbox 未來也將為 Switch 2 推出《無主之地 4》。

And as always, we will release the next iterations of our industry-leading annual sports franchises, NBA 2K and WWE 2K. We also plan to bring to market five mobile titles this fiscal year, including WWE 2K for Netflix in the fall and we are launching four new iterations and prior releases, including the recent release of Civilization VII-VR for Meta Quest 3 and 3S as well as Civilization VII for Switch 2. Our labels will continue to provide new content and experiences that drive engagement and recurrent consumer spending across many of our key offerings.

像往常一樣，我們將發布業界領先的年度體育系列遊戲 NBA 2K 和 WWE 2K 的下一代版本。我們也計劃在本財年向市場推出五款手機遊戲，包括秋季為 Netflix 推出的《WWE 2K》，我們將推出四個新版本和先前版本，包括最近為 Meta Quest 3 和 3S 發布的《文明 VII-VR》以及為 Switch 2 發布的《文明 VII》。我們的品牌將繼續提供新的內容和體驗，以推動消費者對我們許多主要產品的參與和經常性消費。

Looking ahead, we currently expect to deliver 25 titles throughout fiscal 2027 and 2028, including 17 immersive core releases, including Grand Theft Auto VI and five sports simulation games, four mobile games and four new iterations of previously released titles. In closing, we look forward to delivering our groundbreaking titles, which we believe will enable us to achieve a period of meaningful long-term growth and shareholder returns.

展望未來，我們目前預計將在 2027 財年和 2028 財年推出 25 款遊戲，其中包括 17 款沉浸式核心遊戲，包括《俠盜獵車手 VI》和五款體育模擬遊戲、四款手機遊戲和四款之前發布的遊戲的新版本。最後，我們期待推出具有開創性的產品，我們相信這將使我們能夠實現一段有意義的長期成長和股東回報。

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 delivered an outstanding finish to fiscal 2025 with broad-based strength across our company. Throughout the year, we positioned our business for sustainable long-term growth by releasing new hit titles and experiences across our labels, advancing the development of many case releases we plan to launch in the coming quarters, successfully acquiring Gearbox and continuing to implement our previously announced cost reduction program. Through these actions, we are setting our business up for a strong multiyear period of growth and enhanced profitability, and I'd like to thank our teams for their passion and dedication.

謝謝，卡爾，大家下午好。我們憑藉全公司的綜合實力，出色地完成了 2025 財年的業績。在這一年中，我們透過在我們的品牌上發布新的熱門遊戲和體驗、推進我們計劃在未來幾個季度推出的許多案例版本的開發、成功收購 Gearbox 以及繼續實施我們之前宣布的成本削減計劃，使我們的業務實現了可持續的長期增長。透過這些行動，我們將為我們的業務在未來幾年的強勁成長和獲利能力的提高做好準備，我要感謝我們團隊的熱情和奉獻精神。

Turning to our results. We delivered fourth quarter net booking of $1.58 billion, which was the top of our guidance range of $1.48 billion, $1.58 billion. This reflected better-than-expected performance from NBA 2K25, Zynga led by Toon Blast, our hypercasual mobile portfolio and Match Factory!, the Red Dead Redemption series and Grand Theft Auto Online. Recurrent consumer spending growth was phenomenal, increasing 14% over last year and accounted for 77% of net bookings. NBA 2K grew over 40% of Grand Theft Auto Online and mobile both increased mid-single digits. All of these businesses greatly exceeded our forecast.

談談我們的結果。我們第四季的淨預訂額為 15.8 億美元，這是我們 14.8 億美元至 15.8 億美元的指導範圍的最高值。這反映了 NBA 2K25、以 Toon Blast 為首的 Zynga、我們的超休閒行動產品組合和 Match Factory!、Red Dead Redemption 系列和俠盜獵車手 Online 的表現好於預期。經常性消費支出成長驚人，比去年同期成長了 14%，佔淨預訂量的 77%。NBA 2K 成長超過 40%，俠盜獵車手 Online 和行動端均實現了中等個位數成長。所有這些業務都大大超出了我們的預期。

During the quarter, we launched Sid Meier's Civilization VII, PGA TOUR 2K25 and WWE 2K25. GAAP net revenue increased 13% to $1.58 billion. Cost of revenue declined 16% to $779 million primarily due to lower impairment of acquired intangibles in the current year as well as timing of development credits. Operating expenses increased by 44% to $4.6 billion due to an impairment expense of $3.6 billion related to goodwill and acquired intangible assets.

本季度，我們推出了《席德梅爾的文明 VII》、《PGA TOUR 2K25》和《WWE 2K25》。GAAP 淨收入成長 13% 至 15.8 億美元。收入成本下降 16% 至 7.79 億美元，主要原因是本年度收購無形資產的減損減少以及開發信貸的時間表。由於與商譽和收購無形資產相關的 36 億美元減損費用，營運費用增加 44% 至 46 億美元。

On a management basis, operating expenses rose 3% year-over-year which was above our guidance due to higher development costs for titles not technologically feasible. For fiscal 2025, we achieved net bookings of $5.65 billion, which was also the top of our guidance range of $5.55 billion to $5.65 billion. Recurrent consumer spending exceeded our outlook, growing 7% and accounted for 80% of net bookings. NBA 2K grew high teens, mobile increased mid-single digits and Grand Theft Auto Online declined modestly. Operating cash flow was an outflow of $45 million compared to our forecast of an outflow of $200 million due to timing of tax payments and lower development costs.

從管理角度來看，由於技術上不可行的遊戲的開發成本較高，營運費用年增 3%，高於我們的預期。2025 財年，我們的淨預訂金額達到 56.5 億美元，這也是我們 55.5 億美元至 56.5 億美元的指導範圍的最高值。經常性消費支出超出我們的預期，成長了 7%，佔淨預訂量的 80%。NBA 2K 的銷量成長了 15% 左右，行動端的銷量成長了 50% 左右，而俠盜獵車手 Online 的銷量略有下降。由於納稅時間和開發成本較低，營運現金流實際流出 4,500 萬美元，而我們預測的流出額為 2 億美元。

We spent approximately $169 million in capital expenditures which was above our forecast of $140 million, primarily due to higher game technology expenses. GAAP net revenue rose 5% to [$2.6 billion], while cost of revenue decreased 17% to $2.6 billion, primarily due to lower impairment of acquired intangibles in the current year as well as timing of development credits.

我們的資本支出約為 1.69 億美元，高於我們預測的 1.4 億美元，這主要是由於遊戲技術支出增加。GAAP 淨收入成長 5% 至 [26 億美元]，而收入成本下降 17% 至 26 億美元，主要原因是本年度收購無形資產的減損減少以及開發信貸的時間表。

Operating expenses increased 28% to $7.5 billion due to the impairment charges that I mentioned previously that we reported during our fourth quarter. On a management basis, operating expenses rose 11% year-over-year slightly above our guidance due to higher development costs for title, not technologically feasible.

由於我之前提到的我們在第四季度報告的減損費用，營運費用增加了 28%，達到 75 億美元。從管理角度來看，由於產權開發成本較高且技術上不可行，營運費用較去年同期成長 11%，略高於我們的預期。

Today, we are providing our initial outlook for fiscal 2026. We project net bookings to range from $5.9 billion to $6 billion, which represents 5% growth over fiscal 2025 at the midpoint. Largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Borderlands 4, Match Factory!, Empires & Puzzles, Words with Friends, the Red Dead Redemption Series and Zynga Poker. We expect recurrent consumer spending to be flat compared to fiscal 2025, and to represent 76% of net bookings. Our current consumer spending forecast assumes high single-digit growth for NBA 2K and declined from mobile and Grand Theft Auto Online.

今天，我們提供了 2026 財年的初步展望。我們預計淨預訂額將在 59 億美元至 60 億美元之間，比 2025 財年中期增加 5%。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、無主之地 4、Match Factory!、Empires & Puzzles、Words with Friends、荒野大鏢客：救贖系列和 Zynga Poker。我們預計，與 2025 財年相比，經常性消費者支出將持平，並佔淨預訂量的 76%。我們目前的消費者支出預測認為 NBA 2K 將呈現高個位數成長，而行動版和俠盜獵車手 Online 將會下滑。

We expect the net booking breakdown from our labels to be roughly 45% Zynga, 39% 2K and 16% Rockstar Games. We expect operating cash flow to be approximately $130 million and we plan to deploy approximately $140 million of capital expenditures for game technology and office build-outs.

我們預計，我們旗下品牌的淨預訂份額約為 45% Zynga、39% 2K 和 16% Rockstar Games。我們預計營運現金流約為 1.3 億美元，並計劃投入約 1.4 億美元的資本支出用於遊戲技術和辦公室建設。

We expect GAAP net revenue to range from $5.95 billion to $6.05 billion and cost of revenue to range from $2.52 billion to $2.55 million. Our total operating expenses are expected to range from $3.78 billion to $3.8 billion. On a management basis, we expect operating expense growth of approximately 3% year-over-year, which is largely due to higher marketing expenses.

我們預計 GAAP 淨收入將在 59.5 億美元至 60.5 億美元之間，收入成本將在 25.2 億美元至 255 萬美元之間。我們的總營運費用預計在 37.8 億美元至 38 億美元之間。從管理角度來看，我們預計營業費用將年增約 3%，這主要是由於行銷費用增加。

Now moving to our guidance for the fiscal first quarter. We project net bookings to range from $1.25 billion to $1.3 billion compared to $1.22 billion in the first quarter last year. The largest contributor to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Color Block Jam, Match Factory!, Empires & Puzzles, Words with Friends, Red Dead Redemption Series and Zynga Poker. We project recurrent consumer spending to increase by approximately 7% which assumes strong double-digit growth for NBA 2K, flat results from mobile and a modest decline Grand Theft Auto Online.

現在轉向我們對第一財季的指導。我們預計淨預訂額將在 12.5 億美元至 13 億美元之間，而去年第一季為 12.2 億美元。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、Color Block Jam、Match Factory!、Empires & Puzzles、Words with Friends、Red Dead Redemption 系列和 Zynga Poker。我們預計經常性消費支出將成長約 7%，這假設 NBA 2K 實現強勁的兩位數成長，行動端業績持平，而俠盜獵車手 Online 則略有下滑。

Our release late for the quarter includes two new offerings of Civilization VII, including its VR launch in April and its upcoming launch on Switch 2 in June. We expect GAAP net revenue to range from $1.35 billion to $1.4 billion and cost of revenue to range from $544 million to $562 million. Operating expenses are planned to range from $908 million to $918 million. On a management basis, operating expenses are expected to grow by approximately 2% year-over-year, primarily driven by higher development costs.

我們在本季末發布的遊戲包括兩款《文明 VII》新遊戲，包括 4 月推出的 VR 版本和 6 月即將在 Switch 2 上推出的版本。我們預計 GAAP 淨收入將在 13.5 億美元至 14 億美元之間，收入成本將在 5.44 億美元至 5.62 億美元之間。計劃營運費用在 9.08 億美元至 9.18 億美元之間。從管理角度來看，營運費用預計將年增約 2%，主要原因是開發成本增加。

In closing, our core businesses are showing strength into fiscal 2026, and our long-term outlook continues to be positive. Fiscal 2027 represents a massive inflection point in our business that our teams have worked long and hard for. One that we believe will significantly enhance a multiyear financial profile. We are confident that this will be an exciting period for our many stakeholders, from our colleagues, to our players, industry partners and shareholders. And we appreciate all your support along the way.

最後，我們的核心業務在 2026 財年展現出強勁勢頭，我們的長期前景仍然樂觀。2027 財年代表著我們業務的一個巨大轉折點，我們的團隊為此付出了長期而艱辛的努力。我們相信這將顯著改善多年的財務狀況。我們相信，對於我們的許多利益相關者，從我們的同事到我們的玩家、行業合作夥伴和股東，這將是一個令人興奮的時期。我們感謝您一直以來的支持。

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 outstanding year and for building an incredibly sound foundation, creatively, financially and culturally as we enter this new inflection point for Take-Two's growth and continued success. For our shareholders, I want to express our appreciation for your continued support.

謝謝，萊妮和卡爾。我謹代表整個管理團隊，感謝我們的同事們又取得了出色的一年，並在我們進入 Take-Two 發展和持續成功的新轉折點之際，在創意、財務和文化方面建立了非常堅實的基礎。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？

(Operator Instructions)

（操作員指示）

Doug Creutz, TD Cowen. We did lose connection with Mr. Creutz.

道格·克魯茲（Doug Creutz），TD Cowen。我們確實與克魯茲先生失去了聯繫。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

First, I thought it was very interesting with all the industry discussion that's been going on about maybe prices for games going at $80. You chose a different path with Mafia and doing a $50, $60 price (inaudible). Can you maybe talk about what went into that decision? And do you see future game releases sort of having a variable pricing along a wide range of scale?

首先，我認為業界一直在討論遊戲價格可能達到 80 美元，這非常有趣。你選擇了與 Mafia 不同的道路，並以 50 美元、60 美元的價格（聽不清楚）。您能否談談做出這項決定的原因？您是否認為未來遊戲的發行價格會在很大範圍內變動？

So thanks, Eric. We've always had variable pricing. And the rubric that we employ is one of delivering way more value to consumers than what we charge, that's our job. We aim to make the best entertainment on earth and bring that to all consumers wherever they are and we need to deliver value in so doing. So that's really how we look at it.

所以謝謝你，埃里克。我們的定價一直是浮動的。我們採用的標準是向消費者提供遠超過我們收費的價值，而這就是我們的工作。我們的目標是創造世界上最好的娛樂，並將其帶給所有消費者，無論他們身在何處，我們需要在過程中創造價值。這就是我們真正看待它的方式。

In the case of Mafia, the Old Country we think it's extraordinary, it looks amazing and we want to get it into as many hands as we possibly can. And I think our view is that if you create a huge hit and everyone wants it and everyone buys it, the revenue is going to take care of itself.

就《黑手黨：舊國度》而言，我們認為它很特別，看起來很棒，我們希望盡可能讓更多人看到它。我認為我們的觀點是，如果你創造出一款大熱產品，每個人都想要它並且每個人都會購買它，那麼收入自然就會水到渠成。

Okay. And then as a follow-up, I guess, for Lainie, maybe a little about counting. The $3.5 billion goodwill impairment, I assume it was related to Zynga and some form. I know it's mainly accounting issues here, but is there anything structurally changing with Zynga?

好的。然後作為後續，我想，對於萊妮來說，也許會涉及一些計數。35 億美元的商譽減值，我認為它與 Zynga 和某種形式有關。我知道這主要是會計問題，但 Zynga 的結構上有什麼變化嗎？

Eric, we haven't discussed which of our reporting units. The impairment was from, but it was a partial impairment of one of our units and it's a result of updating long-term expectations, and that's something that we acquired to test annually or whenever the indicators of the environment arise. And this is something that we're going to be -- that we would do all the time based on how our forecasts are updated.

艾瑞克，我們還沒有討論我們的哪個報告單位。這種減損是來自我們的某個部門，但這只是部分減損，是更新長期預期的結果，這是我們每年或在環境指標出現時進行測試的結果。這是我們將會做的事情——我們會根據我們的預測更新情況一直這樣做。

Douglas Creutz, TD Cowen.

道格拉斯·克魯茲（Douglas Creutz），TD Cowen。

Sorry about that, I fat fingered my first attempt. Just looking at it from a high level, the last period of peak performance of your business, you were able to reach low to mid-20% operating margins in the wake of the success of Red Dead 2 and in the pandemic. Just wondering if anything about the business or the industry has changed structurally such that when your current pipeline reaches fruition, you would not be able to reach those margin levels again?

抱歉，我第一次嘗試的時候手指不太靈光。從高層次來看，在貴公司業務表現的上一個巔峰時期，在《荒野大鏢客 2》的成功和疫情的影響下，你們的營業利潤率達到了 20% 左右。只是想知道業務或行業是否發生了結構性變化，以至於當您當前的管道實現成果時，您將無法再次達到那些利潤水平？

There's no reason why we wouldn't be able to reach those margins. That is how we've been building the business and working on the cost reduction program and being more efficient, working to move to those margins as we build our scale. As we've mentioned, the gross margins are definitely hampered by the increase in the development costs for the titles, but we've been doing a lot of structural things within the business to offset those costs. And you'll see that in our expenses being reduced this year and seeing those margins coming down.

我們沒有理由無法達到這些利潤。這就是我們建立業務、實施成本削減計劃、提高效率、在擴大規模的同時努力實現利潤率的方式。正如我們所提到的，遊戲開發成本的增加肯定會影響毛利率，但我們在業務上採取了許多結構性措施來抵消這些成本。您會發現，今年我們的開支減少了，利潤率也下降了。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

I appreciate the questions, I have a couple. I guess, first, the mobile segment performance looks impressive relative to the broader mobile gaming space. So hoping you could maybe drill down on that a bit in terms of what's working in this environment, that could be customer acquisition retention or game mechanics. And then maybe some of the background of why the segment would necessarily be positioned to grow again this fiscal year?

我很感謝你們的提問，我有幾個問題。我想，首先，相對於更廣泛的行動遊戲領域，行動領域的表現看起來令人印象深刻。因此，希望您能夠深入了解在這種環境下什麼是有效的，這可能是客戶獲取保留或遊戲機制。那麼，或許可以解釋為什麼該部門本財年必然會再次成長？

You're right. The mobile gaming segment is a challenging one broadly, creating new mobile hits is incredibly difficult. And I think right now, Zynga is the only company in the space that is regularly creating new native mobile hits, most recently with Match Factory!, and Color Block Jam, both of which are profitable already. So we feel really good about what's going on.

你說得對。行動遊戲領域整體來說是一個充滿挑戰的領域，打造新的行動熱門遊戲極為困難。我認為目前 Zynga 是該領域唯一一家定期創造新的本土行動熱門遊戲的公司，最近推出的 Match Factory! 和 Color Block Jam 均已實現盈利。所以我們對正在發生的事情感到非常高興。

How is that happening? It's happening because we have been clearly talented creative people incredibly talented publishing folks. And very specifically, the team at Peak and the team at Rollic are doing a great job, along with many other studios at Zynga.

這是怎麼回事？之所以會發生這種情況，是因為我們顯然是才華橫溢的創意人員和才華橫溢的出版人員。具體來說，Peak 團隊和 Rollic 團隊以及 Zynga 的許多其他工作室都表現出色。

And given the outstanding results that we saw from a lot of our top titles in fiscal 2025, some of those are mature titles that have been out for many years. We expect that there may be some moderation of trends for those titles in fiscal 2026, and that's what's affecting that business into next year.

鑑於我們在 2025 財年看到的許多頂級遊戲的出色成績，其中一些是已經推出多年的成熟遊戲。我們預計，2026 財年這些書籍的趨勢可能會有所緩和，這將影響明年的業務。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

You mentioned a new baseline for the business on net bookings once GTA VI launches in fiscal '27. In the past, I know you pointed to $8 billion of annual bookings and over $1 billion of cash generation once the pipeline scaled. Appreciate there's been a number of shifts since that guidance was given, but is it fair that your long-term assumptions for the business haven't changed. And as you think about the sustainability of performance post GTA VI console release, can you help us think through some of the key drivers in your mind?

您提到，一旦《GTA VI》在 27 財年推出，淨預訂量將為業務設定一個新的基準。我知道您過去曾指出，一旦管道規模擴大，每年的預訂量將達到 80 億美元，現金產生量將超過 10 億美元。自從發布該指導方針以來，我們已經做出了許多改變，但您對業務的長期假設沒有改變，這公平嗎？當您考慮 GTA VI 遊戲機發布後的效能永續性時，您能否幫助我們思考您心中的一些關鍵驅動因素？

I'll take a shot at it. However, we do issue annual guidance for a reason. The further away we are from the results, the harder it is to predict because things can change. whether that's internal or external. However, in terms of our -- both our hopes and our expectations, we're more optimistic than we were before, and that optimism is reflected in our expectations for net bookings and our expectations for free cash flow.

我會嘗試一下。然而，我們發布年度指導是有原因的。我們離結果越遠，就越難預測，因為事情可能會發生變化，無論是內在的還是外在的。然而，就我們的希望和期望而言，我們比以前更加樂觀，這種樂觀反映在我們對淨預訂量的期望和對自由現金流的期望上。

We just, in the normal course, would not typically guide to those numbers this far in advance. We have said that we expect sequential growth for both fiscal '26 and '27. And the guidance we just gave, of course, in the absence of the release of Grand Theft Auto VI still reflects meaningful year-over-year top line growth and reflects a new record for net bookings for this company.

只是，在正常情況下，我們通常不會提前這麼久指導這些數字。我們曾表示，我們預計 26 財年和 27 財年都將持續成長。當然，在沒有發布《俠盜獵車手 VI》的情況下，我們剛剛給出的指導仍然反映了同比有意義的收入增長，並反映了該公司淨預訂量的新紀錄。

Got it. And if I can just fit one more in. Going back to the first GTA VI trailer, I believe you saw a meaningful uplift in engagement and monetization for GTA Online with it. I appreciate it's early, but are you seeing similar uplift right now from the second trailer? And could that potentially drive some upside versus your expectations for declines at GTA Online in fiscal '26? Thank you.

知道了。如果我能再加一個就好了。回顧第一個 GTA VI 預告片，我相信您會看到 GTA Online 的參與度和貨幣化有了顯著提升。我知道現在還為時過早，但你現在從第二部預告片中看到了類似的提升嗎？這是否可能帶來一些好處，而不是像您預期的那樣，GTA Online 在 26 財年會下滑？謝謝。

Well, remember, in the fourth quarter, actually, we saw better news than expected for GTA Online, Red Dead Online and GTA+. In aggregate, GTA Online and Red Dead Online were down a bit in the full fiscal year. In terms of your specific question about the trailer, too early to say whether there was an immediate result. Frankly, we're not super focused on one week or 10-day results. However, just as a reminder, and I think most everyone knows this, the trailer did set a record for views in its first 24 hours, 475 million. So essentially, once again, Rockstar Games broke the Internet and we feel really good about that and what that means for the upcoming release of GTA VI.

嗯，請記住，實際上在第四季度，我們看到了有關 GTA Online、Red Dead Online 和 GTA+ 比預期更好的消息。總體而言，GTA Online 和 Red Dead Online 在整個財年均有所下滑。關於您提到的預告片的具體問題，現在判斷是否立即產生效果還為時過早。坦白說，我們並不太關註一週或十天的結果。不過，提醒一下，我想大多數人都知道，這部預告片確實創下了前 24 小時觀看次數的記錄，達到 4.75 億次。因此從本質上來說，Rockstar Games 再次打破了互聯網的局面，我們對此感到非常高興，這對於即將發布的 GTA VI 也意義非凡。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Maybe first on the Nintendo Switch. So pretty exciting news with Borderlands 4 coming to the platform as well as Sid VII. So I guess as you've seen the reception and seen the technical specifications of that platform over the last little bit, how do you think -- what are the boundaries of the Switch as a partner, a distribution partner for you? Is it something where the entire take Take-Two line up is eligible? Or is it really just kind of an opportunistic thing for certain titles? And then I have a follow-up.

可能是 Nintendo Switch 上的首款產品。《無主之地 4》和《席德 7》即將登陸該平台，這是一個令人興奮的消息。所以我想，正如您最近看到的反響和該平台的技術規格一樣，您認為 Switch 作為您的合作夥伴和分銷夥伴的界限是什麼？整個 Take-Two 系列產品都符合資格嗎？或者這實際上只是針對某些遊戲的機會主義行為？然後我有一個後續問題。

We're launching four titles with Nintendo Switch 2, and that's, I think, a bigger array of releases than we've ever offered before with the new Nintendo platform. Historically being a third party in the Nintendo business has been a bit challenging. I think Nintendo has been very forthcoming and addressing that and we're stepping up too because we have great optimism for the platform.

我們將透過 Nintendo Switch 2 推出四款遊戲，我認為，這比我們以前在新任天堂平台上推出的遊戲種類要多。從歷史上看，身為任天堂業務的第三方一直有點挑戰。我認為任天堂已經非常坦誠地解決了這個問題，我們也正在加緊努力，因為我們對平台非常樂觀。

In terms of what we would bring to any platform, we address it on a case-by-case basis. We obviously want to be where the consumers are. But we would not necessarily bring every title to very platform. They are also a great catalog opportunities as well.

關於我們將為任何平台帶來什麼，我們會根據具體情況來處理。我們顯然希望出現在消費者所在的地方。但我們不一定會把每個作品搬到每個平台。它們也是一個很好的目錄機會。

Understood. And then maybe one on the mobile side. So Zynga, as you mentioned, on a little bit of a role here. It seems like Match Factory! was one of the titles that kind of seems like an inflection point. So I guess the question I would have is how much of the Match Factory! playbook is instructive to future Zynga releases and current successes like Color Block Jam? And again, how much of that is kind of idiosyncratic to the title being launched?

明白了。然後也許還有一個在行動端。正如您所說，Zynga 在這裡扮演著一些角色。看起來像 Match Factory！是一個看起來像是轉捩點的標題之一。所以我想我會問的問題是 Match Factory 有多少！劇本對於 Zynga 未來的發布以及 Color Block Jam 等當前的成功作品是否有指導意義？再說了，這對即將推出的遊戲有多少特殊性呢？

I think we learned from every release. We learn on the dev side, we learn on the marketing side, up. Remember, Colored Block Jam came from a different studio than Match Factory!. Match Factory! came from Peak, Color Block Jam from Rollic.

我認為我們從每次發布中都學到了一些東西。我們從開發方面學習，從行銷方面學習，等等。請記住，Colored Block Jam 與 Match Factory! 出自不同的工作室。火柴工廠！來自 Peak，Color Block Jam 來自 Rollic。

And I think Color Block Jam was really a reflection of an evolution of strategy at Rollic. However, all of our studios work together, that's the whole point of being one company. They have great creative independents. They do coordinate the share best practices than Zynga itself obviously shares best practices with Take-Two, other labels of Take-Two. And example of that is our consumer database, which has many hundreds of millions of consumer records that we are able to address legally, and we can make the consumer database available in certain instances, cost label when it makes sense.

我認為 Color Block Jam 實際上反映了 Rollic 的戰略演變。然而，我們所有的工作室都在一起合作，這就是我們成為一家公司的意義。他們擁有非常有創造力的獨立人才。他們確實協調分享最佳實踐，而 Zynga 本身顯然也與 Take-Two 及其旗下的其他品牌分享最佳實踐。例如我們的消費者資料庫，它擁有數億筆我們能夠合法處理的消費者記錄，並且我們可以在某些情況下提供消費者資料庫，並在合理的情況下標註成本。

We think that gives us an enormous competitive advantage. Another competitive advantage in launching a mobile title, of course, is we have mobile customers. We can promote inside our ecosystem on a much more efficient basis than someone could outside of an ecosystem like ours. And there are very few companies that are close to as large as we are in the mobile space. None of that matters if you don't make something consumers want and that's the trick. That's what's hard, that's hard in mobile, it's hard in console.

我們認為這給了我們巨大的競爭優勢。當然，推出行動遊戲的另一個競爭優勢是我們擁有行動客戶。與生態系統之外的人相比，我們可以在我們的生態系統內更有效率地進行推廣。在行動領域，很少有公司能與我們規模相近。如果你不生產消費者想要的東西，那麼這些都不重要，這就是訣竅所在。這就是困難之處，在行動裝置上很難，在控制台上也很難。

And it's hard in the entertainment business broadly but that's our job. Remember, our goal is to be the most creative, the most innovative, the most efficient company in the entertainment industry. All we care about around here is making big hits.

總的來說，娛樂業很艱難，但這就是我們的工作。請記住，我們的目標是成為娛樂產業最具創造力、最具創新力、最高效的公司。我們唯一關心的就是取得巨大成功。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特。

I guess just starting out on NBA 2K. I mean another really strong quarter for that franchise, it's second in a row. I guess is there anything that you would call out that's driving that continued strength and even the acceleration versus what you saw last quarter? And then separately, on the mobile side, when you think about the impact with the recent court rulings have had on the direct-to-consumer opportunity. Will that allow you to execute the shift towards direct payment faster? Does it raise the ceiling long term? I mean how should we think about the financial impact of that?

我猜是剛開始玩 NBA 2K。我的意思是，對於該球隊來說，這又是一個非常強勁的季度，這是連續第二個季度。我想，與上一季相比，您認為有什麼因素推動了這種持續的強勁成長甚至加速？然後，在行動端，您可以考慮最近的法院裁決對直接面向消費者的機會的影響。這是否能讓您更快實現向直接付款的轉變？從長遠來看，這會提高上限嗎？我的意思是我們應該如何看待其財務影響？

So on the NBA side, look, I don't think there's anything specific that's been done in this quarter that would call out the performance of the NBA, which has been absolutely fantastic. I think it's more of a reflection on the ongoing strategy and the ongoing strength of this particular iteration. The team at 2K and Visual Concept put a significant effort every year. They put a significant effort into creating new innovations in the game which is very tough to do when you're on a 12-month cycle.

因此，從 NBA 方面來看，我認為本季沒有發生任何具體的事情可以說明 NBA 的表現非常出色。我認為這更反映了正在進行的戰略和這一特定迭代的持續實力。2K 和 Visual Concept 團隊每年都付出極大的努力。他們投入了巨大的努力來為遊戲創造新的創新，這對於 12 個月的週期來說非常困難。

And particularly this year, the folks at 2K and Visual Concepts really listen to the consumer and focused on that core consumer on bringing back a lot of features that consumers are asking for or from the past, like, for example, the Auto House and the MyTEAM -- excuse me, the MyTEAM mode, working on different (inaudible) mechanics, et cetera, all these things add up to make the game just better and better.

尤其是今年，2K 和 Visual Concepts 的員工認真聽取了消費者的意見，並專注於核心消費者，帶回了消費者要求的或過去的許多功能，例如 Auto House 和 MyTEAM - 對不起，MyTEAM 模式，研究不同的（聽不清楚）機制等等，所有這些加在一起使遊戲變得越來越好。

And the focus is always on engagement, and that's where the growth has really been is that year-over-year this game has -- engagement has gone up. I mean the engagement in this particular quarter has just been fantastic. And that's with that regard to the increase of 7% in units year-over-year. So that relentless focus on quality is really what's driving that success. And I said specifically in the quarter, MyTEAM is having a fantastic quarter, so that helps a lot as well.

我們的重點始終放在參與度上，而這正是這款遊戲真正成長的地方，參與度逐年上升。我的意思是，本季的參與度非常高。這是與去年同期相比單位數增加 7% 的情況。因此，對品質的不懈關注才是推動成功的真正因素。我特別提到，在本季度，MyTEAM 表現非常出色，所以這也有很大幫助。

With regard to direct-to-consumer, we enter the direct-to-consumer business in mobile immediately upon closing the acquisition of Zynga, and it's become a significant and indeed material part of our business. Pretty much in just the way that we outlined in terms of the top line and bottom line effects. I've been saying for years that I expected the cost of third-party distribution to decline. We've also been saying for years that I believe the whole business would open up more than it has been. I do think the recent court rulings reflect movement in that direction, it is early. However, these are all positive signs for us.

關於直接面向消費者，我們在完成對 Zynga 的收購後立即進入了行動領域的直接面向消費者業務，這已成為我們業務的重要組成部分。基本上就像我們在頂線和底線效應方面所概述的那樣。多年來我一直在說，我預計第三方分銷的成本將會下降。多年來我們也一直在說，我相信整個產業將比現在更開放。我確實認為最近的法院裁決反映了朝著這個方向的動向，現在還為時過早。然而，這些對我們來說都是正面的訊號。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe two part, if I could. In terms of the partnership with Netflix, what continues to be some of the key learnings from scaling games via Netflix as a distribution partner? And do you think there's any scale for Netflix to become an increased partner of transforming some of your gaming IP into more mainstream media IP for their video formats over the medium to long term?

如果可以的話，也許分成兩個部分。就與 Netflix 的合作而言，透過 Netflix 作為分銷合作夥伴擴展遊戲規模，您能獲得哪些關鍵經驗？您是否認為從中長期來看，Netflix 可以成為您的更大合作夥伴，將您的部分遊戲 IP 轉化為更主流的媒體 IP，用於其視訊格式？

So our partnership with Netflix has been fantastic. Obviously, the most attractive part of that is that, number one, they seem very serious about gaming and have shown that over and over at this point, which is great news for us and there are a lot of consumers. And when Netflix gets together and with the marketing power that they have with incredible content, which we've been able to offer, then you know that's going to be a great recipe for success.

因此，我們與 Netflix 的合作非常愉快。顯然，其中最吸引人的部分是，首先，他們似乎對遊戲非常認真，並且已經一次又一次地證明了這一點，這對我們和許多消費者來說都是個好消息。當 Netflix 團結起來，並利用其強大的行銷能力和我們能夠提供的精彩內容時，您就會知道這將成為成功的一大秘訣。

So we're very sanguine on that relationship. We've only done a few titles at this point. And -- but obviously, we think that there's an opportunity, again, on a game-by-game basis for us to continue to bring titles to the Netflix. I'm not announcing anything at this point, but we do believe that they're a terrific partner.

因此我們對這種關係非常樂觀。目前我們只完成了幾個標題。而且——但顯然，我們認為我們有機會再次以逐款遊戲的方式繼續將遊戲帶到 Netflix。我目前還不會宣布任何消息，但我們確實相信他們是一位非常棒的合作夥伴。

In terms of other media, that's an area where we have done some deals in the past, and we are doing a BioShock movie with Netflix so we are looking at things like that opportunity. But I wouldn't say that's driving the partnership. That's sort of a nice to have not necessarily a must have for the partnership. But when you can bring that kind of synergy value to the table, obviously, that's always a strong consideration and a nice thing for us to do.

就其他媒體而言，我們過去曾在該領域達成一些交易，我們正在與 Netflix 合作製作一部《生化奇兵》電影，因此我們正在尋找這樣的機會。但我不會說這是推動合作的動力。對於合作關係來說，這是一件好事，但不一定是必須的。但是，當你能夠帶來這種協同價值時，顯然，這對我們來說始終是一個重要的考慮，也是一件好事。

James Heaney, Jefferies.

詹姆斯希尼，傑富瑞集團。

Just looking at your guidance for fiscal '26, can you talk through some of the puts and takes just on operating expenses for the year? Is it fair to say that we should just expect mobile marketing expense to remain elevated? And then just anything on GTA-related marketing cost for the second half?

只看一下您對 26 財年的指導，您能否談談今年營運費用的一些得失？我們是否可以預期行動行銷費用將持續居高不下？那麼下半年與 GTA 相關的行銷費用是多少？

We expect operating expense growth of approximately 3% year-over-year, and that is largely due to higher marketing expenses, and that is for our current year marketing for our current year titles and for future titles. But we do expect to deliver operating expense leverage as our net bookings growth of 6% is planned to outpace our operating expense expansion.

我們預計營運費用將年增約 3%，這主要是由於行銷費用增加，包括本年度針對本年度作品和未來作品的行銷費用。但我們確實希望實現營運費用槓桿，因為我們計劃的淨預訂量增加 6% 將超過營運費用的成長。

Great. And then maybe just a quick one on your bookings guidance for fiscal '26. We did notice it as a more maybe narrow range than usual. So just interested to hear the reasoning behind that and what gives you conviction in a more narrow range?

偉大的。然後也許可以快速介紹一下 26 財年的預訂指南。我們確實注意到它的範圍可能比平常更窄。所以只是想聽聽背後的原因以及在更狹窄的範圍內什麼讓你信服？

It's not a more narrow range than usual. I mean usually, for the full year, we gave a specific type of range on a quarter-by-quarter basis, it could be different, but it's not different than it usually is.

它的範圍並不比平常更窄。我的意思是，通常情況下，對於全年，我們會按季度給出一個特定的範圍，它可能會有所不同，但與通常情況沒有什麼不同。

(Operator Instructions)

（操作員指示）

Michael Hickey, The Benchmark Company.

麥可希基（Michael Hickey），The Benchmark Company。

Congrats guys on a quarter and a strong year. Just two questions from us. First on GTA VI, can you talk about sort of the record excitement you're seeing for the game? What you think is driving demand to record levels for this franchise? Obviously, it's one of the biggest franchises in the world, and how you're measuring this demand just besides trailer views? That's the first question.

恭喜大家本季和今年取得了優異的成績。我們只想問兩個問題。首先談談《GTA VI》，可以談談這款遊戲創紀錄的受歡迎程度嗎？您認為是什麼推動了該系列產品的需求達到創紀錄的水平？顯然，這是世界上最大的特許經營權之一，除了預告片觀看次數之外，您如何衡量這種需求？這是第一個問題。

And then the second question was a follow-up on the software pricing. Microsoft, Nintendo both moving to 80, do you guys anticipate adopting this price point across any of your upcoming games? And what is assumed in your guidance?

第二個問題是有關軟體定價的後續問題。微軟、任天堂都轉向了 80，你們是否預計在即將推出的任何遊戲中採用這個價格點？您的指導中假設了什麼？

Hi Mike, thanks for your questions. Look, why do I think GTA VI is so widely anticipated. First of all, I can't tell you how much I appreciate the tenor of the question. We all do. Look, Grand Theft Auto V is in the standard bar, not just for our company but for the industry since it was launched, it's not only survived through three console generations, it survived and here it is many years later and still the number one title since GTA V was sold in 215 million units and continues to sell and Grand Theft Auto Online, just had a phenomenal quarter, and GTA+ is going great.

你好，麥克，謝謝你的提問。瞧，我認為為什麼 GTA VI 會受到如此廣泛的期待。首先，我無法表達我有多欣賞這個問題的基調。我們都這樣。你看，俠盜獵車手 V 已經達到了標準水平，不僅對我們公司如此，對整個行業來說也是如此，自它推出以來，它不僅經歷了三代遊戲機的演變，而且存活了下來，多年以後，它仍然是銷量第一的遊戲，因為《俠盜獵車手 V》的銷量達到了 2.15 億份，並且還在繼續銷售，《俠盜獵車手 V》的銷量達到了 2.15 億份，並且還在繼續銷售，《俠盜：盜俠》也剛剛表現非凡的 Online Online，表現不非凡的 Online

So consumers are actively engaged with all things, Grand Theft Auto. This is an ongoing business and yet in terms of a new iteration, it's been some time. So there's enormous anticipation on the one hand. And on the other hand, it's all fresh, it's still in market. So everyone anticipates the next James Bond movie, but there's nothing in between.

因此，消費者積極參與《俠盜獵車手》等所有相關活動。這是一項持續的業務，但就新一輪迭代而言，已經過去了一段時間。因此，一方面人們抱持著極大的期待。另一方面，它們都是新鮮的，仍在市場上銷售。因此，每個人都期待下一部詹姆斯龐德電影，但除此之外卻沒有任何進展。

What you have in your head is what you saw the last time around. In this case, everyone anticipates the next generation of Grand Theft Auto and lots of people are currently engaged today with Grand Theft Auto today. So I think that's one sign. Obviously, 475 million trailer within 24 hours tells you something. It's not just that, wow, that was a great trailer.

你腦子裡想的就是你上次看到的東西。在這種情況下，每個人都期待下一代俠盜獵車手，目前很多人都在玩俠盜獵車手。所以我認為這是一個跡象。顯然，24小時內4.75億的預告片說明了一些東西。不僅如此，哇，這是一個很棒的預告片。

It tells you something more than that. And we of course due a market research around here. And the market research that we've done is pretty astonishing. But look, we're not in the business of claiming success until it happens. All we're focused on is making the best possible entertainment here. That's all that Rockstar is focusing on, that's our job. The rest will take care of itself.

它告訴你的遠不止這些。當然，我們需要在此進行市場調查。我們所做的市場調查結果相當驚人。但是，你看，在事情真正發生之前，我們不會宣稱成功。我們唯一關注的就是在這裡提供盡可能最好的娛樂。這就是 Rockstar 所關注的全部，也是我們的工作。其餘的事情自然會解決。

In terms of pricing, we obviously don't talk about specific pricing here. Pricing is set at the label level in the context of the individual release. We have had variable pricing here for a very long time. And as I said earlier in the call, we want to focus on value. We want to deliver way, way, way more value to a consumer than whatever that consumer pays, that's our job. We have to do that job. And that's our focus, not on what the top line price is.

在定價方面，我們顯然不會在這裡談論具體的定價。定價是在單獨發行的背景下在標籤層級設定的。我們這裡實行浮動定價已經很久了。正如我早些時候在電話中所說的那樣，我們希望專注於價值。我們希望為消費者提供遠超過所支付價格的價值，這就是我們的工作。我們必須做這項工作。這就是我們的重點，而不是最高價格是多少。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Thanks for the question. On console price increases to the gaming ecosystem, any impact on your guide for this year? And if so, maybe help us size that impact? And then looking at the nearly $2 billion of software development cost on the balance sheet for capitalized in games and development, any color you could provide as to what percent is related to GTA VI versus other titles?

謝謝你的提問。關於遊戲機價格上漲對遊戲生態系統的影響，對您今年的指南有何影響？如果是這樣，也許可以幫助我們評估其影響？然後，看看資產負債表上用於遊戲和開發的近 20 億美元的軟體開發成本，您能否說明一下與 GTA VI 和其他遊戲相關的百分比是多少？

Look, our guide is for the next 10 months essentially. That's the part of the fiscal year that hasn't elapsed yet. And it's very difficult to predict where tariffs will land given how things have bumped around so far. We feel reasonably confident that our guide wouldn't be meaningfully affected in less tariffs ran off in a very different direction than we currently expect. In any case, it's already a very substantial installed base for all of our target platforms except in Nintendo Switch 2 which just yet, to be launched. And so we have, I think, enough insight that we wouldn't be meaningfully affected by any changes.

看，我們的指南基本上是針對未來 10 個月的。這是財政年度尚未過去的部分。鑑於目前情況的變化，很難預測關稅最終會落到什麼位置。我們有理由相信，如果關稅下調，下調的方向與我們目前預期的截然不同，我們的指南不會受到重大影響。無論如何，除了尚未推出的 Nintendo Switch 2 之外，它已經是我們所有目標平台非常可觀的安裝基礎。因此，我認為，我們已經有足夠的洞察力，不會受到任何變化的重大影響。

And for the balance sheet, the $2 billion of development cost, it really is supporting our extremely robust release schedule that we talked about for the next few years, and we don't discuss on a title-by-title basis.

從資產負債表來看，20 億美元的開發成本確實支持了我們在未來幾年所討論的極其強勁的發布計劃，我們不會逐一討論每個作品。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

One question is about internal royalties in the COGS breakdown. Can you maybe talk about the year-over-year and quarter-to-quarter increase, what drove that? Is that related to any milestone achieved Rockstar?

其中一個問題是關於 COGS 細分中的內部特許權使用費。您能否談談同比增長和環比增長的原因是什麼？這與 Rockstar 取得的任何里程碑有關嗎？

I'm sorry, could you repeat the question? We had trouble understanding you.

抱歉，您能重複這個問題嗎？我們很難理解你的意思。

Sorry. I'm in a pretty noisy background. Can you talk about the internal royalties in the COGS breakdown, a good increase on a year-over-year and quarter-over-quarter basis, what drove that increase in internal royalties this quarter?

對不起。我處在一個相當吵雜的背景。您能否談談 COGS 明細中的內部特許權使用費，與去年同期和上一季度相比都有了很大的增長，是什麼推動了本季度內部特許權使用費的增長？

Internal royalties, the breakdown is driven by the product mix. So it changes in quarter-to-quarter and also by year-to-year based on mix of the business on the top line.

內部特許權使用費的細目由產品組合決定。因此，它會根據營業收入的組合逐季度變化，甚至逐年變化。

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

女士們、先生們，我們的問答環節到此結束。現在我將會議交還給施特勞斯·澤爾尼克先生，請他致閉幕詞。

Well, first, as always, thank you for joining us today. Obviously, this was a good news meeting, and we're all super excited. All of the results that we have the pleasure of announcing here are driven by the many thousands of people who commit their professional lives to Take-Two and all of our affiliates and our incredibly hard-working creative labels, and I want to express enormous appreciation for the work of our colleagues. That work is what delivers the results we just get to talk about them.

好吧，首先，一如既往，感謝您今天加入我們。顯然，這是一次好的新聞會議，我們都非常興奮。我們很高興在此宣布的所有成果都歸功於為 Take-Two 和我們所有的附屬公司以及我們辛勤工作的創意品牌奉獻了職業生涯的數千名員工，我要對我們同事的工作表示衷心的感謝。正是這項工作帶來了我們剛才談論的成果。

I also want to thank our shareholders for their continued support. This is a great time for our company and a really exciting and challenging time in our industry and in the entertainment industry broadly. We're good at addressing challenges here. We like to address challenges. We think that the release schedule that we have coming to market is second to none, certainly second to none in our history and it's our job to deliver.

我還要感謝股東們的持續支持。對我們公司來說這是一個偉大的時刻，對我們的產業以及整個娛樂產業來說也是一個真正令人興奮且充滿挑戰的時刻。我們擅長應對這裡的挑戰。我們喜歡應對挑戰。我們認為，我們推出產品的上市時間表是首屈一指的，當然也是我們歷史上首屈一指的，而我們的職責就是實現這一目標。

We don't ever take credit for things that don't happen. A lot of what we talked about today is in the future, we know we have to buckle down every day and deliver the results. Arrogance is the enemy of continued success. So with, I hope, great humility we aim to deliver and over deliver. We thank you for listening today, and we thank you for your support.

我們永遠不會為沒有發生的事情負責。我們今天談論的很多內容都與未來有關，我們知道我們必須每天努力工作並取得成果。傲慢是持續成功的敵人。因此，我希望我們能夠懷著極大的謙遜，力爭實現目標並超額完成任務。感謝您今天的收聽，也感謝您的支持。

And ladies and gentlemen, that 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。