Take-Two Interactive Software Inc (TTWO) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter fiscal year '26 Take-two Interactive Software earnings call. (Operator Instructions)

感謝您的支持。我叫蒂娜，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Take-two Interactive Software 26 財年第一季財報電話會議。（操作員指示）

It is now my pleasure to turn the call over to Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. You may begin.

現在我很高興將電話轉給投資者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 first quarter of fiscal year 2026 end of June 30, 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.

午安.感謝您參加我們的電話會議，討論截至 2025 年 6 月 30 日的 2026 財年第一季的業績。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。

We will be available to answer your questions during the Q&A session following our prepared remarks. 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.

我們將在準備好的發言後的問答環節中回答您的問題。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。

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.

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. A press release also contains a reconciliation of any non-gap financial measure to the most comparable GAAP measure.

我還想指出，除非另有說明，我們今天討論的所有數字都是 GAAP，所有比較都是同比。有關我們的實際結果和前景的更多詳細資訊包含在我們的新聞稿中，包括我們的管理層內部用來調整我們的 GAAP 財務結果以評估我們的經營業績的項目。新聞稿還包含任何非差距財務指標與最具可比性的 GAAP 指標的對帳。

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 takewogames.com.

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 takewogames.com 取得。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us, today. Fiscal 2026 is off to an excellent start, reflecting ongoing demand for our core franchises and the increasingly diversified, successful nature of our business. Net bookings for the first quarter exceeded $1.4 billion, which was meaningfully above the high end of our expectations, led by the outperformance of several mobile titles, as well as the continued success of NBA 2K and the Grand Theft Auto series.

謝謝，妮可。下午好，感謝您今天加入我們。2026 財年開局良好，反映出對我們核心特許經營權的持續需求以及我們業務日益多元化和成功的性質。第一季的淨預訂超過 14 億美元，遠高於我們預期的高端，這主要得益於幾款手機遊戲的出色表現，以及 NBA 2K 和俠盜獵車手系列的持續成功。

We're optimistic about the year ahead and we're raising our net bookings outlook for fiscal 2026 to $6.05 billion to $6.15 billion. We have great confidence in our long-term pipeline and expect to achieve record levels of net bookings in fiscal 2027 that we believe will establish a higher baseline for our business and set us on a path of enhanced profitability.

我們對未來一年充滿樂觀，並將 2026 財年的淨預訂量預期上調至 60.5 億美元至 61.5 億美元。我們對我們的長期產品線充滿信心，並預計在 2027 財年實現創紀錄的淨預訂量，我們相信這將為我們的業務建立更高的基準，並使我們走上提高盈利能力的道路。

I'd like to express my gratitude to all of our teams across our worldwide organization for their deep passion and intense commitment to our collective vision. We strive daily to do our best work and to exemplify our core pillars of creativity, innovation, and efficiency, all in service of our goal to make the biggest and best hits in the entertainment business.

我要向我們全球組織的所有團隊表示感謝，感謝他們對我們的共同願景的深切熱情和堅定承諾。我們每天都努力做到最好，並體現創造力、創新和效率的核心支柱，所有這些都是為了實現我們的目標，即在娛樂業中打造最大、最好的熱門作品。

Turning to highlights from the period, our mobile business vastly exceeded expectations. Peak successful forever franchise Toon Blast grew 22% over last year and nearly 75% on a two-year basis, driven by the seasonal collection feature that provided a new avenue of engagement for the game's millions of active players.

回顧本期間的亮點，我們的行動業務大大超出了預期。永遠成功的系列遊戲 Toon Blast 比去年增長了 22%，兩年內增長了近 75%，這得益於季節性收集功能，該功能為該遊戲的數百萬活躍玩家提供了新的參與途徑。

Match Factory, another hit title from peak, achieved record net bookings as the title grew 33% over last year. Players experienced new features such as the treasure cave event as well as new levels. Rollic's newest hit Color Block Jam, maintained its positive momentum and has become the highest grossing title in the studio's history. Throughout the quarter, Color Block Jam remained at the top of the app charts, demonstrating its strong market position and mass appeal.

另一款巔峰時期的熱門遊戲《Match Factory》創下了淨預訂量的新高，比去年同期增長了 33%。玩家體驗了寶藏洞窟活動等新功能以及新關卡。Rollic 的最新熱門遊戲 Color Block Jam 保持了良好的發展勢頭，並成為該工作室歷史上票房最高的遊戲。整個季度，Color Block Jam 一直位居應用排行榜榜首，展現了其強大的市場地位和大眾吸引力。

Rollic's supported the title with its first bold beat, Pilot's Drop, where players received progressively larger rewards with each consecutive win, amplifying engagement and monetization. 2K's mobile offerings also had a great quarter, including WWE Supercard, which remains the label's most successful mobile game with over 37 million lifetime downloads.

Rollic 以其首個大膽的節拍 Pilot's Drop 支持了該遊戲，玩家每次連續獲勝都會獲得更大的獎勵，從而擴大了參與度和貨幣化程度。2K 的行動產品在本季也表現出色，其中包括《WWE Supercard》，該遊戲仍然是該公司最成功的行動遊戲，總下載量超過 3,700 萬次。

NBA 2K Mobile has been steadily growing its audience with new content and challenges, while NBA 2K25 Arcade Edition continues to top the Apple Arcade charts. An NBA 2K All Star in China has been posting strong and profitable results since its launch in March.

NBA 2K Mobile 透過新內容和新挑戰穩步擴大其受眾群體，而 NBA 2K25 街機版繼續在 Apple Arcade 排行榜上名列前茅。NBA 2K 全明星賽在中國自三月份推出以來一直取得強勁且盈利的成績。

We continue to focus on our mobile direct to consumer business. We're achieving better conversion driven by new offers, events, and enhanced personalization. In the context of recent court rulings, we see ample runway for further growth in this area.

我們將繼續專注於我們的行動直接面向消費者的業務。透過新的優惠、活動和增強的個人化，我們實現了更好的轉換。從最近的法院裁決來看，我們認為該領域還有很大的發展空間。

The Grand Theft Auto series once again exceeded our expectations. Momentum remains exceptionally strong, and to date, Grand Theft Auto 5 has sold in over 215 million units worldwide. During the quarter, engagement for Grand Theft Auto Online benefited from the record setting launch of Grand Theft Auto 6 Trailer 2 and the successful release of the Money Fronts Summer content pack, which culminated in higher than expected recurrent consumer spending growth. We're pleased that new player accounts for GTA Online grew over 50% year-over-year.

俠盜獵車手系列再次超出了我們的預期。動能依然強勁，迄今為止，《俠盜獵車手 5》全球銷量已超過 2.15 億台。本季度，《俠盜獵車手Online》的參與度受益於《俠盜獵車手6》預告片2創紀錄的發布以及Money Fronts Summer內容包的成功發布，最終帶來了高於預期的經常性消費者支出增長。我們很高興看到 GTA 線上的新玩家數量年增超過 50%。

NBA 2K25 delivered another quarter of fantastic results. To date, the title is sold in over 11.5 million units, and engagement grew significantly year-over-year with daily active users and MyCareer daily active users each up 30%, which helped drive 48% growth in recurrent consumer spending.

NBA 2K25 又一個季度取得了出色的成績。迄今為止，該遊戲銷量已超過 1,150 萬份，參與度同比大幅增長，每日活躍用戶和 MyCareer 每日活躍用戶均增長 30%，推動經常性消費支出增長 48%。

We're thrilled that 2K announced a new multi-year global partnership expansion with the NBA, NBA PA, and WNBA PA and extended its long-standing relationship with the NBA G League and USA Basketball. We're excited to continue our highly successful partnerships and look forward to building upon the record-setting achievements that we've accomplished together.

我們很高興 2K 宣布與 NBA、NBA PA 和 WNBA PA 建立新的多年期全球合作夥伴關係，並延長與 NBA G 聯賽和美國籃球協會的長期合作關係。我們很高興能夠繼續我們非常成功的合作夥伴關係，並期待在我們共同取得的創紀錄成就的基礎上再接再厲。

Engagement with our other sports titles has been healthy, including WWE 2K25. The title launched on Nintendo Switch 2 in July, which expanded its audience and featured same game modes that are available to players on PS5 and Xbox Series X&S.

我們與其他運動遊戲的互動一直很順利，其中包括《WWE 2K25》。該遊戲於 7 月在 Nintendo Switch 2 上推出，擴大了其受眾群體，並具有與 PS5 和 Xbox Series X&S 上的玩家相同的遊戲模式。

Firaxis Games continues to introduce monthly updates for Sid Meier's Civilization 7. In addition, the studio released the title for Nintendo Switch 2, our first offering for the platform, featuring new mouse controls that offer a more intuitive gameplay experience. We're very pleased to continue supporting Nintendo with additional titles launching throughout the year.

Firaxis Games 繼續每月推出《席德梅爾的文明 7》更新。此外，工作室還發布了 Nintendo Switch 2 的遊戲，這是我們為該平台推出的首款產品，採用新的滑鼠控制，可提供更直覺的遊戲體驗。我們非常高興能夠繼續支持任天堂，並在今年推出更多遊戲。

In closing, we're thrilled with our company's positive momentum and have enormous anticipation for this quarter's launches of Mafia: The Old Country, NBA 2K26 and Borderlands 4. We remain deeply committed to excellence, to delivering the highest quality entertainment experiences for all of our audiences and to driving meaningful returns for our shareholders.

最後，我們對公司的積極勢頭感到非常興奮，並對本季推出的《四海兄弟：舊國》、《NBA 2K26》和《無主之地 4》抱有極大的期待。我們始終致力於追求卓越，為所有觀眾提供最高品質的娛樂體驗，並為股東帶來豐厚的回報。

I'll now turn the call over to Karl.

我現在將電話轉給卡爾。

Thanks, Strauss. I'd like to thank our teams for delivering a fantastic start to the year and for setting the stage for what promises to be an exciting chapter in our history. I'll now discuss our upcoming releases. Tomorrow, 2K and Hangar 13 will once again immerse players in the detailed, rich and storied world of organized crime with Mafia: The Old Country. With more than 2.5 million wish lists across all platforms, community sentiment for this linear, narrative-driven action game is very strong.

謝謝，施特勞斯。我要感謝我們的團隊為今年帶來了美好的開端，並為我們歷史上激動人心的篇章奠定了基礎。我現在將討論我們即將發布的版本。明天，2K 和 Hangar 13 將透過《四海兄弟：舊國度》再次讓玩家沉浸在細緻、豐富且充滿傳奇色彩的組織犯罪世界中。所有平台上的願望清單已超過 250 萬份，社群對這款線性、敘事驅動的動作遊戲的熱情非常強烈。

2K unveiled a new story trailer during the Annual Summer Game Fest show and provided the press with early play time, which resulted in glowing impressions and previews. We are very excited to expand our beloved franchise and help the players feel the passion and pride that our team brought to this exciting release.

2K 在年度夏季遊戲盛會上發布了新的故事預告片，並向媒體提供了早期試玩時間，從而獲得了極好的印象和預覽。我們非常高興能夠擴大我們心愛的系列遊戲，並幫助玩家感受到我們的團隊為這個令人興奮的版本帶來的熱情和自豪感。

On September 5, 2K and Visual Concepts will release NBA 2K26, which promises to once again raise the bar for our top-selling basketball experience. The title will be available on Early Access on August 29 and will be the first game from our series to launch on Nintendo Switch 2, offering the complete Gen 9 experience for the platform.

9 月 5 日，2K 和 Visual Concepts 將發布 NBA 2K26，這款遊戲有望再次提升我們最暢銷的籃球體驗的標準。遊戲將於 8 月 29 日在 Early Access 上推出，並將成為我們系列中第一款在 Nintendo Switch 2 上推出的遊戲，為該平台提供完整的 Gen 9 體驗。

With all new Pro Play features, players on Gen 9 will experience our immersive technology like never before, including revamped size ups and fast-paced dynamic movements. Fans can build a transcendent MyPlayer as they strive to reach the pinnacle of NBA stardom and a reimagined MyCareer journey and team up with friends to battle rival squads in a fresh and more optimized city.

借助所有全新的 Pro Play 功能，第 9 代玩家將體驗到前所未有的沉浸式技術，包括改進的尺寸和快節奏的動態動作。球迷可以打造超凡的 MyPlayer，努力達到 NBA 明星的巔峰，重新構想 MyCareer 旅程，並與朋友組隊在全新、更優化的城市中與對手隊伍作戰。

NBA 2K26's MyTeam will put past and present legends to test in new single and multiplayer modes while also offering 30 unique storylines to win a championship. More details on NBA 2K26 will be shared in the coming weeks.

NBA 2K26 的 MyTeam 將在新的單人和多人模式中測試過去和現在的傳奇人物，同時還提供 30 個獨特的故事情節來贏得冠軍。有關 NBA 2K26 的更多詳細資訊將在未來幾週內分享。

On September 12, 2K and Gearbox Software will launch Borderlands 4, the eagerly anticipated next entry in our iconic looter-shooter franchise. Recently, global press and content creators played the game for the first time, and response was extremely positive, with some calling it the best in the series.

9 月 12 日，2K 和 Gearbox Software 將推出《無主之地 4》，這是我們標誌性掠奪者射擊遊戲系列備受期待的下一部作品。最近，全球媒體和內容創作者首次玩了這款遊戲，反應非常積極，有些人稱其為該系列中最好的遊戲。

In June, our team hosted the first ever Borderlands Fan Fest, where attendees played a demo of Borderlands 4 and generated over 600,000 hours of streams and videos. With the title launching on Nintendo Switch 2 in October, we are excited to harness the power of the new console and allow players to enjoy our mayhem fueled looter shooter at home or on the go.

6 月，我們的團隊舉辦了首屆《無主之地》粉絲嘉年華，參與者玩了《無主之地 4》的演示版，並產生了超過 60 萬小時的串流媒體和影片。隨著遊戲於 10 月在 Nintendo Switch 2 上推出，我們很高興能夠利用新遊戲機的強大功能，讓玩家在家中或旅途中享受我們充滿混亂的掠奪者射擊遊戲。

Later this fiscal year, 2K and Visual Concepts will once again challenge players to step into the squared circle with WWE 2K26, the forthcoming installment in our popular wrestling franchise that continues to set new standards for excellence with each release. 2K will have more to share about this game in the coming months. This is one of the strongest lineups of 2K's history, positioning us to deliver best-in-class game play for our players and outstanding financial results.

本財年晚些時候，2K 和 Visual Concepts 將再次挑戰玩家，透過《WWE 2K26》踏入拳擊場，這是我們廣受歡迎的摔角系列的即將推出的作品，每次發布都會繼續樹立新的卓越標準。2K 將在未來幾個月分享更多關於這款遊戲的資訊。這是 2K 歷史上最強大的陣容之一，使我們能夠為玩家提供一流的遊戲體驗和出色的財務表現。

Zynga will remain focused on continuing to enhance its existing portfolio and releasing new mobile titles. In closing, we are deeply excited about this year's release slate and our ability to deliver entertainment experiences that captivate and engage audiences throughout the world. As we continue to execute our proven strategy and capitalize on emerging markets and opportunities, we believe that we will achieve a period of meaningful long-term growth and shareholder returns.

Zynga 將繼續專注於增強其現有產品組合併發布新的手機遊戲。最後，我們對今年的發行計劃以及我們提供吸引和吸引全球觀眾的娛樂體驗的能力感到非常興奮。隨著我們繼續執行已證實的策略並利用新興市場和機遇，我們相信我們將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 achieved outstanding first quarter results, driven by our strong franchises, talented teams and unwavering commitment to our strategic vision. Our performance was broad-based across our labels, as we engage players with exciting new game features and content updates while also advancing development of our highly anticipated pipeline. I'd like to thank our incredible teams worldwide for their hard work and passion for our business.

謝謝，卡爾，大家下午好。由於強大的特許經營權、優秀的團隊以及對戰略願景的堅定承諾，我們取得了出色的第一季業績。我們各個品牌的業績表現廣泛，我們透過令人興奮的新遊戲功能和內容更新吸引玩家，同時推動備受期待的產品線開發。我要感謝我們全球優秀的團隊為我們的業務所做的努力和熱情。

Turning to our results. We delivered first quarter net bookings of $1.42 billion, which was significantly above our guidance range of $1.25 billion to $1.3 billion. This reflected better-than-expected performance from several mobile titles, including Toon Blast, Match Factory, NBA 2K All-Star and Color Block Jam, as well as NBA 2K and the Grand Theft Auto series.

談談我們的結果。我們第一季的淨預訂量為 14.2 億美元，大大高於我們 12.5 億美元至 13 億美元的預期範圍。這反映了幾款手機遊戲的表現優於預期，包括 Toon Blast、Match Factory、NBA 2K All-Star 和 Color Block Jam，以及 NBA 2K 和俠盜獵車手系列。

Recurrent consumer spending grew 17% for the period, which was meaningfully above our guidance of 7% growth and accounted for 83% of net bookings. Several of our businesses outperformed, including NBA 2K, which is up nearly 50%, mobile, which grew low teens, and Grand Theft Auto Online, which increased low single digits.

該期間經常性消費支出增加了 17%，遠高於我們預期的 7% 的成長，佔淨預訂量的 83%。我們的幾項業務表現出色，包括 NBA 2K（成長近 50%）、行動業務（成長 10% 左右）和俠盜獵車手 Online（成長個位數）。

During the quarter, we released Civilization 7 for Meta Quest VR and Nintendo Switch 2. GAAP net revenue increased 12% to $1.5 billion, while cost of revenue declined 1% to $559 million and operating expenses decreased 3% to $923 million. On a management basis, operating expenses rose 3% year-over-year, which was slightly above our forecast of 2% growth, primarily due to higher personnel costs.

本季度，我們為 Meta Quest VR 和 Nintendo Switch 2 發布了《文明 7》。根據美國通用會計準則，淨收入成長 12% 至 15 億美元，而收入成本下降 1% 至 5.59 億美元，營運費用下降 3% 至 9.23 億美元。從管理角度來看，營運費用年增 3%，略高於我們預測的 2%，主要原因是人員成本增加。

Total marketing expenses were within our forecast range for the quarter. Zynga made incremental user acquisition investments to support its robust performance, which was offset by 2K shifting some marketing out of Q1 into later this fiscal year.

本季的總行銷費用在我們預測的範圍內。Zynga 加大了對用戶獲取的投資以支持其強勁的業績，但 2K 將部分行銷活動從第一季轉移到本財年晚些時候，抵消了這一影響。

Turning to our guidance. I'll begin with our full fiscal year expectations. We are raising our net bookings outlook range to $6.05 billion to $6.15 billion, which represents 8% growth over fiscal 2025 at the midpoint. The increase predominantly reflects our strong first quarter performance and to a lesser degree, updates to our forecast, including FX. The largest contributor to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Borderlands 4, Match Factory, the Red Dead Redemption series, Color Block Jam, Empires & Puzzles and Words With Friends.

轉向我們的指導。我將從我們對整個財政年度的預期開始。我們將淨預訂量預期範圍上調至 60.5 億美元至 61.5 億美元，這比 2025 財年中期增長 8%。這一成長主要反映了我們第一季的強勁業績，在較小程度上也反映了我們對包括外匯在內的預測的更新。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、荒野大鏢客系列、Color Block Jam、Empires & Puzzles 和 Words With Friends。

We now expect recurrent consumer spending to grow approximately 4%, which is revised upward from our prior forecast of flat, representing 76% of net bookings. We expect NBA 2K to grow mid-teens, mobile to grow low single digits and Grand Theft Online to decline. We expect the net bookings breakdown from our label to be roughly 45% Zynga, 39% 2K and 16% Rockstar Games.

我們現在預計經常性消費支出將成長約 4%，這比我們先前預測的持平有所上調，佔淨預訂量的 76%。我們預計 NBA 2K 將實現中等幅度的成長，行動端將實現較低的個位數成長，而俠盜獵車手 Online 將會下滑。我們預計我們品牌的淨預訂量分佈約為 45% Zynga、39% 2K 和 16% Rockstar Games。

We continue to expect operating cash flow of approximately $130 million and capital expenditures of approximately $140 million. We now expect GAAP net revenue to range from $6.1 billion to $6.2 billion and cost of revenue to range from $2.55 billion to $2.57 billion.

我們繼續預期營運現金流約為 1.3 億美元，資本支出約為 1.4 億美元。我們現在預計 GAAP 淨收入將在 61 億美元至 62 億美元之間，收入成本將在 25.5 億美元至 25.7 億美元之間。

Our total operating expenses are now expected to range from $3.84 billion to $3.86 billion compared to $7.45 billion last year. On a management basis, we expect operating expense growth of approximately 5% year-over-year. This is up slightly from our prior forecast due to higher personnel costs as well as increased marketing spend to support our mobile portfolio and FX. I'd like to point out that our earnings per share calculations reflect our higher share count following our recent equity issuance.

我們的總營運費用預計在 38.4 億美元至 38.6 億美元之間，而去年為 74.5 億美元。從管理角度來看，我們預計營業費用將年增約 5%。這比我們先前的預測略有上升，原因是人員成本增加以及為支持我們的行動產品組合和外匯而增加的行銷支出。我想指出的是，我們的每股盈餘計算反映了我們最近發行股票後更高的股票數量。

Now moving on to our guidance for the fiscal second quarter. We project net bookings to range from $1.7 billion to $1.75 billion compared to $1.47 billion in the second quarter last year. Our release slate for the quarter includes Mafia: The Old Country and NBA 2K26 and Borderlands 4. The largest contributors to net bookings are expected to be NBA 2K, Borderlands 4, the Grand Theft Auto series, Toon Blast, Match Factory, Empires & Puzzles, Color Block Jam, the Red Dead Redemption series, Words With Friends and Mafia: The Old Country.

現在來看看我們對第二財季的預測。我們預計淨預訂額將在 17 億美元至 17.5 億美元之間，而去年第二季的淨預訂額為 14.7 億美元。我們本季發表的遊戲包括《四海兄弟：舊國度》和《NBA 2K26》以及《無主之地 4》。預計對淨預訂量貢獻最大的將是 NBA 2K、無主之地 4、俠盜獵車手系列、Toon Blast、Match Factory、Empires & Puzzles、Color Block Jam、荒野大鏢客系列、Words With Friends 和四海兄弟：舊國度。

We project recurrent consumer spending to increase by approximately 1%, which assumes a low single-digit increase for NBA 2K, slight growth for mobile and a decline for Grand Theft Auto Online. We expect GAAP net revenue to range from $1.65 billion to $1.7 billion.

我們預計經常性消費支出將成長約 1%，其中假設 NBA 2K 將出現低個位數成長，行動端將略有成長，而俠盜獵車手 Online 將會下滑。我們預計 GAAP 淨收入將在 16.5 億美元至 17 億美元之間。

Operating expenses are planned to range from $1.02 billion to $1.03 billion. On a management basis, operating expenses are expected to grow by approximately 7% year-over-year, which is primarily driven by marketing to support our strong release slate during the period.

營運費用計劃在10.2億美元至10.3億美元之間。從管理角度來看，營運費用預計將年增約 7%，這主要是為了支持我們在此期間強勁的發布計畫而進行的行銷。

Looking ahead, our confidence in our outlook is exceptionally strong. Our company is set to deliver the most ambitious pipeline in our history, which we believe will unlock a new record level of scale as well as enhanced profitability. As we release exciting new hits and explore additional growth opportunities, both organic and inorganic, we expect to achieve meaningful returns for our shareholders.

展望未來，我們對我們的前景充滿信心。我們公司即將推出歷史上最雄心勃勃的產品線，我們相信這將創造新的規模紀錄並提高獲利能力。隨著我們推出令人興奮的新產品並探索有機和無機的額外成長機會，我們期望為股東實現豐厚的回報。

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 a stellar start to what is poised to be an outstanding year for Take-Two. To our shareholders, I want to express our appreciation for your continued support.

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊感謝我們的同事們為 Take-Two 即將迎來的輝煌一年做出了傑出的開端。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）

Eric Handler, MKM Partners.

漢德勒（Eric Handler），MKM Partners 合夥人。

Good afternoon. Thank you for the question. Strauss, I wonder if you could talk a little bit about NBA 2K? You've sold about 0.5 million more units than last year overall. RCS in the quarter, up 48%. That's -- you said an acceleration of growth from not just last quarter, but two quarters ago as well. Is there something within the RCS that's particularly resonating this year that you can point out to?

午安.謝謝你的提問。施特勞斯，我想知道您是否可以談談 NBA 2K？你們的銷量比去年全年多了約 50 萬台。本季 RCS 成長了 48%。您說的是，不僅從上個季度開始，而且從兩個季度前開始，成長都在加速。您能指出今年 RCS 中哪些方面特別引起共鳴嗎？

Hi, Eric, it's Karl. Look, I mean, we're obviously very thrilled with the performance of NBA 2K. We've sold in over 11.5 million units. And engagement is just across the board, up significantly year-over-year. And it's really not necessarily any of our single mode. It's really both of our primary RCS generating modes, which is MyCareer and also -- excuse me -- MyCareer and our -- MyTeam, sorry about that.

嗨，艾瑞克，我是卡爾。你看，我的意思是，我們顯然對 NBA 2K 的表現感到非常興奮。我們的銷量已超過 1150 萬台。參與度全面提升，較去年同期大幅提升。而且它實際上不一定是我們的任何單一模式。這實際上是我們主要的 RCS 生成模式，即 MyCareer，還有——對不起——MyCareer 和我們的——MyTeam，對此我很抱歉。

So it's really -- over time, we're getting much, much better about managing and reading our in-game telemetry, knowing what the consumers like to spend money on, what they like to engage with. And 2K and the folks at VC have done an amazing job managing that process. So we continue to get better and better every year. And this is a really great title.

所以，隨著時間的推移，我們在管理和讀取遊戲內遙測數據方面做得越來越好，了解消費者喜歡在什麼地方花錢，喜歡參與什麼活動。2K 和 VC 的員工在管理這項過程方面做得非常出色。因此我們每年都會變得越來越好。這真是一個很棒的標題。

So there's nothing really specific that one can point to other than the fact that folks have really reacted positively to the efforts that we've made in the development process, and we still think there's a lot of greenfield in front of us.

因此，除了人們對我們在開發過程中所做的努力做出了積極的反應之外，沒有什麼真正具體的事情可以指出，我們仍然認為我們面前有很多未開發的空間。

Great. Thanks a lot.

偉大的。多謝。

Doug Creutz, TD Cowen.

道格·克魯茲（Doug Creutz），TD Cowen。

Hey, thanks. I couldn't help noticing that your advertising revenue was flat year-over-year and up sequentially, which I think is the first time we've seen that in a long time. Can you talk about whether we're seeing finally a bottoming in that market? Or is this may be due to some game specific things that impacted the quarter? Thank you.

嘿，謝謝。我注意到，你們的廣告收入與去年同期持平，但比上一季有所成長，我認為這是我們很久以來第一次看到這種情況。您能否談談我們是否最終看到該市場觸底？或者這可能是由於一些特定於遊戲的事情影響了本季？謝謝。

Yeah. I think for us, it's really that we adjusted our approach to advertising by moving from hyper casual to hybrid casual and that hybrid casual too. And at this point, I think we feel very good about sort of where we're at, and we would certainly hope to grow from here.

是的。我認為對我們來說，實際上我們調整了廣告方式，從超休閒轉向混合休閒，然後再轉向混合休閒。目前，我認為我們對目前的狀況感到非常滿意，我們當然希望從現在開始發展。

Great, Thank you.

太好了，謝謝。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

Great. Thank you. So mobile did come in much stronger than we expected for fiscal 1Q with the low teens growth, but your guide does imply deceleration from here. Can you just kind of walk us through the drivers there and why you anticipate that the momentum you saw in fiscal 1Q might not repeat?

偉大的。謝謝。因此，行動業務在第一季的表現確實比我們預期的要強勁得多，成長率處於低十幾個百分點，但您的指引確實暗示著從現在開始會出現減速。您能否向我們簡單介紹其中的驅動因素，以及為什麼您預計第一財季的動能可能不會重現？

Yeah, Q1 was fantastic. We've seen so much momentum in a lot of our big titles and some of our titles that have really started take off since Q4 of last year and into this first quarter. But we do see some mature titles that have achieved outstanding results on a multiyear basis. And given the age of these titles, we really still expect moderation even though we haven't really seen it over the course of the fiscal year. And we also have some hyper and hybrid casual titles that have performed really well.

是的，第一季非常精彩。我們看到許多熱門遊戲都呈現出強勁勢頭，其中一些遊戲自去年第四季到今年第一季以來才真正開始起飛。但我們確實看到一些成熟的作品在多年的基礎上取得了優異的成績。考慮到這些遊戲的年代久遠，儘管我們在整個財政年度中還沒有真正看到這種情況，但我們仍然預計遊戲會有所緩和。我們還有一些超級休閒和混合休閒遊戲表現非常出色。

And when we forecast those titles, we're looking at the life cycle and the sales curve of prior hyper and hybrid cash flow titles. So we have to build that into our forecast. So that's what we're seeing right now. But hopefully, it will continue to go in the same momentum, and we'll see some great surprises towards the end of the year.

當我們預測這些遊戲時，我們會關注先前的超級和混合現金流遊戲的生命週期和銷售曲線。所以我們必須將其納入我們的預測中。這就是我們現在所看到的。但希望它能繼續保持同樣的勢頭，我們將在今年年底看到一些令人驚訝的消息。

Great. Thank you. And if I can just fit in one more. Just as the free cash flow generation of the business scales here in the coming years and leverage is now coming down following the equity raise, can you just remind us how you're thinking about capital allocation going forward and where potential shareholder returns might fall into your list of priorities?

偉大的。謝謝。如果我能再多加一個就好了。正如未來幾年業務的自由現金流產生規模以及股權融資後槓桿率下降一樣，您能否提醒我們，您如何考慮未來的資本配置，以及潛在股東回報可能在您的優先事項中處於什麼位置？

Yeah, great question. And just to put it in context, right now, we've had $2 billion in cash, and our net leverage is about 1.2 turns. So we feel like we're pretty conservatively geared, which is our goal. You're right that our expectations obviously, would be over the next few years, that we'll build up our cash balance to strengthen our balance sheet further, which is a position we like to be in.

是的，很好的問題。具體來說，目前，我們擁有 20 億美元現金，淨槓桿約為 1.2 倍。因此，我們覺得我們的策略相當保守，這也是我們的目標。您說得對，我們的預期顯然是在未來幾年內，我們將增加現金餘額，進一步增強我們的資產負債表，這是我們樂意看到的情況。

And our approach to capital allocation is unchanged. There are really three uses of our capital, first to support organic growth. That's been our story out here. We are largely an organic growth story. Secondly, selectively and on an accretive basis only, to support inorganic opportunities that are strategically sound, and we're really proud of the fact that pretty much everything we've done in that area has worked out.

我們的資本配置方法沒有改變。我們的資本實際上有三種用途，首先是支持有機成長。這就是我們的故事。我們基本上是一個有機成長的故事。其次，我們僅選擇性地並以增值的方式支持具有戰略意義的無機機會，我們為在該領域所做的幾乎所有事情都取得了成功而感到自豪。

You see in this quarter that we're now reporting just how well our mobile approach is working out just how wonderful in addition it is to this enterprise. And it's always our goal to make sure that inorganic growth is sound. It's atypical for industry. But typical for us. And our most recent deal, the acquisition of Gearbox has also been stellar for the company.

您在本季度看到，我們正在報告我們的行動方法的效果如何，以及它對這個企業有多重要。我們的目標始終是確保無機成長的穩健。這對於行業來說並不常見。但對我們來說很典型。我們最近的交易，對 Gearbox 的收購也對公司產生了巨大的影響。

And third is returning capital to the shareholders, which we've done regularly over the years, typically in the form of buybacks, which are opportunistic, and we do aim to purchase shares at deep value. So far, we've found that right 100% of the time, which is kind of amazing. So that remains unchanged, and we feel good about being able to actually execute against all three approaches in the coming years.

第三是向股東返還資本，多年來我們一直在定期這樣做，通常以回購的形式，這是一種機會主義的做法，我們的目標是以高價值購買股票。到目前為止，我們的發現 100% 都是正確的，這真是太神奇了。因此這一點保持不變，我們很高興能夠在未來幾年真正執行這三種方法。

Great. Thank you.

偉大的。謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Thanks for taking my question. I guess thinking about what went into the decision to price Borderlands 4 $70, I guess more broadly, when a peer came out with full games at $80, it seemed like a foregone conclusion that the rest of the industry would follow, but now we've seen that not necessarily be the case. So I guess from your seat, what is the pricing environment? How do you feel about the ability to take price? And when do you think the player is ready for that to be born? Thank you.

感謝您回答我的問題。我想想想是什麼促使《無主之地 4》以 70 美元的價格發售，我想更廣泛地說，當同行以 80 美元的價格推出完整版遊戲時，業內其他公司似乎都會效仿，但這似乎是必然結果，但現在我們發現情況並非如此。那我猜從您的角度來看，定價環境是什麼樣的呢？您對接受價格的能力有何感受？您認為玩家甚麼時候可以準備好迎接這個新生命的誕生？謝謝。

Well, I think our approach may be a little bit different. We believe that any consumer experience is the intersection of the thing itself and what you paid for the thing. So our goal is to vastly exceed expectations. We want to put out the best entertainment on earth, and we want to deliver more value than what we charge for. And we think we've generally speaking, gotten that right.

嗯，我認為我們的方法可能有點不同。我們相信，任何消費者體驗都是商品本身和你為該商品支付的費用的交集。因此我們的目標是大大超出預期。我們希望推出世界上最好的娛樂節目，我們希望提供超出我們收費的價值。我們認為，整體而言，我們的做法是正確的。

Variable pricing has been the nature of this industry forever. Most frontline releases, we'll go out at a higher prices, sometimes with special additions. And then over time, usually, the price is discounted to optimize for the largest possible market. And I don't think that's going to change anytime soon. But the rubric, that informs us is really that of delivering more value than what we charge.

可變定價一直是這個行業的本質。大多數前線版本，我們都會以更高的價格出售，有時還會附加一些特別的附加產品。然後隨著時間的推移，價格通常會打折，以優化盡可能大的市場。我認為這種情況短期內不會改變。但規則告訴我們，真正要提供的價值比我們所收取的費用更高。

Michael Hickey, The Benchmark Company.

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

Yeah. Thanks, Strauss, Lainie, Karl, Nicole. Great quarter, guys, and nice to see the raise in your '25, fiscal '26 numbers. Just in that sort of area, the raise in your guidance here, just given the macro backdrop trials, just July jobs report, which is obviously weak, and then we saw the revision down for pretty meaningfully, obviously, in May and June job numbers. Are you concerned that this all signals a broader economic slowdown? And how you think that could impact your business. Obviously, entertainment has been somewhat defensive historically, but also vulnerable. Thank you, guys.

是的。謝謝，史特勞斯、萊妮、卡爾、妮可。夥計們，這是一個很棒的季度，很高興看到你們 25 年和 26 財年的業績有所增長。正是在這種領域，您在此處提高指導意見，只是考慮到宏觀背景試驗，僅 7 月份的就業報告就明顯疲軟，然後我們看到 5 月份和 6 月份的就業數據明顯下調。您是否擔心這一切都預示著更大範圍的經濟放緩？以及您認為這會對您的業務產生什麼影響。顯然，從歷史上看，娛樂業一直具有一定的防禦性，但同時也很脆弱。謝謝你們。

Thanks, Mike. I'm not sure anyone really wants to listen to my macroeconomic guidance, but I'll share it anyhow. And after negative GDP growth at the end of last year, we've seen a return to positive GDP growth in the first quarter of 1% to 2%. And I think we're going to see positive GDP growth. There's headwinds in tariffs, there are tailwinds in stimulus.

謝謝，麥克。我不確定是否有人真的想聽我的宏觀經濟指導，但無論如何我都會分享。在去年年底GDP負成長後，今年第一季GDP已恢復正成長，成長率達1%至2%。我認為我們將會看到GDP的正成長。關稅帶來不利影響，刺激措施帶來順風。

I think they're probably going to balance out in favor of modest scope. I think you're probably going to see a 3% increase in consumer spending, which is about what we've been accustomed to. I agree with you that unemployment probably goes up a bit, it's 4.2% and it probably goes up to 4.5%. That's my own view. And I think you'll see 50 bps-more of Fed rate cuts between now and year-end. You can ignore all of that or do with it as you please.

我認為他們可能會選擇適度的範圍來平衡。我認為你可能會看到消費者支出成長 3%，這與我們已經習慣的水平差不多。我同意你的觀點，失業率可能會略有上升，目前為 4.2%，甚至可能上升至 4.5%。這是我自己的看法。我認為從現在到年底聯準會將再降息 50 個基點。您可以忽略所有這些，或者按照您喜歡的方式處理它們。

What that implies is much more soft landing than anything else. On balance, acceptable. It's not booming. It's not -- certainly not busting. And I do think that there is some risk, which you -- I think, alluded to in your question, that consumers are going to be a little more careful with their spending.

這意味著更多的是軟著陸。整體來說，可以接受。這並不繁榮。它不是——當然不是破產。我確實認為存在一些風險，正如您在問題中提到的那樣，消費者在支出時會更加謹慎。

And what happens when they're more careful? Well, it's not true that entertainment is countercyclical. It's not even true that entertainment is recession resistant. It is true that people still consume entertainment even in tough times. They're just going to be much more selective.

如果他們更加小心的話會發生什麼事呢？嗯，娛樂產業並不是反週期的。娛樂業能夠抵禦經濟衰退的說法甚至不是事實。確實，即使在困難時期，人們仍然會消費娛樂。他們只是會變得更加挑剔。

So where are they going to go? They're going to go to quality. And that's a trend that's already been occurring in our business because our business is maturing and as entertainment businesses mature, there's a flight to quality. Thankfully, we think ahead around here, and 18 years ago when we came here, we made sure the strategy of the company was not to put out the biggest number of releases, but rather, to put out the best releases and only to put out the best releases.

那他們要去哪裡呢？他們將追求品質。這種趨勢已經出現在我們的業務中，因為我們的業務正在成熟，隨著娛樂業務的成熟，品質也在不斷提高。值得慶幸的是，我們在這裡考慮得很周全，18 年前我們來到這裡時，我們就確定公司的策略不是推出最多的版本，而是推出最好的版本，而且只推出最好的版本。

And then, of course, over time, when we established an ability to come out with the highest quality titles reflected in our leading Metacritic scores and our revenues, we were able to build up our pipeline further and to diversify it further. And now we actually have an incredibly robust pipeline going forward. And one that we believe is identified by the hallmark of great quality. If we're right about that, then even in more challenging macro times, our micro behavior should be industry-leading.

然後，當然，隨著時間的推移，當我們有能力推出最高品質的作品（反映在 Metacritic 的領先分數和收入中）時，我們就能夠進一步建立我們的管道並進一步使其多樣化。現在我們實際上已經擁有了極其強大的發展管道。我們相信，它是以卓越品質為標誌的。如果我們的判斷正確，那麼即使在更具挑戰性的宏觀時期，我們的微觀行為也應該是領先業界的。

Nice. Thank you, guys. Good luck.

好的。謝謝你們。祝你好運。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

Hey, thank you for taking my question. I want to ask about your view on the size of your addressable players versus the absolute quality you can deliver. So when it comes to new game releases, would you, at most times, sacrifice potential addressable player base to prioritize on the quality of the game in the sense that sometimes you will want to maybe sacrifice your target narrow console or PC player base in order to deliver the quality? So that's -- yeah, so just a general sense on how do you think about new games and the player base they will support?

嘿，謝謝你回答我的問題。我想問一下您對可尋址玩家的規模與您所能提供的絕對品質的看法。那麼，當涉及新遊戲發佈時，您是否會在大多數時候犧牲潛在的可尋址玩家群來優先考慮遊戲質量，有時您可能會願意犧牲目標狹窄的控制台或 PC 玩家群來提供質量？那麼——是的，那麼您對新遊戲及其將支援的玩家群有什麼看法？

Look, in general, we aim to be wherever the consumer is, and most of our releases end up on all platforms that have any kind of consumer attention. And we've announced, for example, four titles for Switch 2 and have supported Nintendo with new platform releases. We've supported Sony and Microsoft, who are on Steam and numerous other digital platforms within the PC format.

總的來說，我們的目標是消費者在哪裡，我們的大多數產品最終都會出現在所有能引起消費者註意的平台上。例如，我們已經宣布了四款適用於 Switch 2 的遊戲，並支援任天堂發布新的平台。我們支持索尼和微軟，他們在 Steam 和 PC 格式的眾多其他數位平台上。

So I don't really think there's a trade-off between our focus on quality and how ubiquitous we are in terms of release platforms. And I don't see it that way. It is possible that our labels might stay their release so that they can focus on, for example, core console platforms. But generally speaking, in the fullness of time, our titles find their way to all the viable platforms.

因此，我並不認為我們對品質的關注和我們在發布平台方面的普及程度之間存在權衡。但我卻不這麼認為。我們的標籤可能會暫停發布，以便他們可以專注於核心控制台平台等。但一般來說，隨著時間的推移，我們的遊戲會登陸所有可行的平台。

Got it. A quick follow-up. So you talked about meeting players where they are. I think in the past, you have expressed or you view platforms like Roblox as a very low priority, perhaps on where you would put your content on. Is there any change to that view? Do you feel that there are players that you are currently not accessing by not putting content on Roblox? Or do you think that you're pretty well covered in terms of all the players and where they are?

知道了。快速跟進。所以你談到了在球員所在的地方與他們會面。我認為在過去，您曾表示過或認為像 Roblox 這樣的平台的優先順序非常低，也許您會將內容放在上面。這種觀點有什麼改變嗎？您是否覺得由於沒有在 Roblox 上發佈內容，導致有些玩家無法存取？或者您認為您已經對所有球員以及他們所在的位置有了很好的了解？

Well, I mean, I didn't realize you're referring to Roblox as a platform. But what -- for the sake of argument, let me accept it as one for the purpose of your question. Roblox is aimed at kids largely. And not all of our games are rated E. So we're a highly compliant company. We market to appropriate audiences, we work with the ESRB here and with [IARC] outside of the US and other local ratings agencies to make sure that our titles are properly labeled and properly marketed.

嗯，我的意思是，我沒有意識到你指的是 Roblox 這個平台。但是——為了論證的目的，讓我接受它作為你的問題的一個目的。Roblox 主要針對兒童。而我們的遊戲並非全部都被評為 E 級。因此，我們是一家高度合規的公司。我們向合適的受眾進行行銷，我們與這裡的 ESRB 以及美國以外的 [IARC] 和其他當地評級機構合作，以確保我們的遊戲得到適當的標籤和適當的行銷。

So even if a platform like Roblox, as you put it, were viable for some of our releases, not all of them would be appropriate for Roblox. But Roblox is not a platform in the way, say, Steam is a platform. Roblox is a certain type of environment, and not all of our games would work on Roblox, whether that's work technically, work artistically or work commercially.

因此，即使像您所說的那樣，像 Roblox 這樣的平台適用於我們的某些版本，但並非所有版本都適合 Roblox。但 Roblox 不是一個平台，例如 Steam 是一個平台。Roblox 是一種特定類型的環境，並不是我們所有的遊戲都能在 Roblox 上運行，無論是技術上、藝術或商業上。

But in terms of platforms that don't have their own creative offering, so for example, Steam, Steam doesn't have opine as to who it serves. It has all different kinds of releases. So we're going to be on Steam or other similar digital platforms most of the time, just as an example.

但對於沒有自己創意產品的平台，例如 Steam，Steam 對其服務對象沒有意見。它有各種不同類型的版本。因此，我們大部分時間都會在 Steam 或其他類似的數位平台上，這只是一個例子。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Clay Griffin, Moffett Nathanson.

克萊格里芬、莫菲特內森森。

Yes, thanks. Good afternoon. Strauss, you mentioned it in the open, but just maybe if we could get your thoughts on the court rulings specifically related to alternative app stores on Android. How do you see that progressing from here? Does it make sense to build your own app store within that environment? And then as a follow-on, what do you think it will do to sort of the user acquisition channels that existed prior to this development?

是的，謝謝。午安.施特勞斯，你公開提到了這一點，但也許我們可以聽聽你對與 Android 上的替代應用商店相關的法院裁決的看法。您認為今後的進展如何？在該環境中建立自己的應用商店是否有意義？那麼作為後續問題，您認為它將對這一發展之前存在的用戶獲取管道產生什麼影響？

It's less about user acquisition and more about user monetization, just to be clear. I think that we're going to continue to cooperate with all of the app stores. They are really important partners. And at the same time, the sort of the momentum of court rulings is in service of making sure the market is open and fair to all, as it ought to be.

需要明確的是，這與用戶獲取無關，而是與用戶貨幣化有關。我認為我們將繼續與所有應用程式商店合作。他們確實是重要的合作夥伴。同時，法院裁決的動能也是為了確保市場對所有人開放和公平，這也是理所當然的。

I've been saying for years that I believe that systems -- distribution systems in our business would move from close to open. And the cost of distribution would decline. And we are seeing those two things happen, whether that's driven by financial necessity, whether it's driven by opportunity, whether that's driven by regulation or whether that's driven by litigation, it's kind of unimportant to us. The movement is all in the same direction, and that direction is what's good for the consumer. What's good for the consumer is open distribution.

多年來我一直在說，我相信我們業務中的系統——分銷系統將從封閉走向開放。而且分銷成本也會下降。我們看到這兩件事發生，無論是由財務需求驅動，還是由機會驅動，無論是由法規驅動還是由訴訟驅動，這對我們來說都不重要。所有運動都朝著同一個方向發展，這個方向對消費者有利。對消費者來說，開放分銷是有利的。

And is that something that you see an opportunity to do yourselves? Or does it make sense to partner with others?

您是否認為自己有機會做到這一點？或與其他人合作是否有意義？

So all of the above. For example, you can buy currency on our own web stores now for most of -- not all, but most of our mobile games. I see that continuing. We have a launcher inside the Rockstar Social Club, for example. So we don't intend to integrate forward into retail distribution, and we certainly don't intend to eat retail's lunch because they're value distribution partners for us.

以上就是全部內容。例如，您現在可以在我們的網上商店購買大多數（不是全部，但大多數）手機遊戲的貨幣。我看到這種情況還在繼續。例如，我們在 Rockstar Social Club 內有一個啟動器。因此，我們不打算融入零售分銷領域，當然也不打算吃掉零售業的午餐，因為他們是我們的價值分銷合作夥伴。

We want to be wherever the consumer is. Where they want to go to Best Buy, they want to go to Steam, they want to go to Microsoft or Amazon, we want to be there as long as we're treated fairly, but the emphasis is on being treated fairly. And there's a distribution cost that's fair and there's a distribution cost that is less fair. And the world seems to be moving in the direction of more fair, and the courts are helping.

我們希望消費者在哪裡，我們就在哪裡。他們想去百思買，想去 Steam，想去微軟或亞馬遜，只要我們受到公平對待，我們就想去那裡，但重點是受到公平對待。有一種分銷成本是公平的，也有一種分銷成本不太公平。世界似乎朝著更公平的方向發展，法院也為此提供協助。

Sure. And then I've got a quick follow-up on NBA 2K, if I can. Just exceptional growth here. I'm curious, I know that you had 2K24 in PlayStation Plus last year around this time. I don't know if there's any special differentiation in terms of the tiers that were available in June. I mean, but Karl, maybe if you could speak to just there was any impact from PlayStation Plus year-over-year that would have contributed to growth numbers like this?

當然。如果可以的話，我會快速跟進 NBA 2K。這裡的成長非常驚人。我很好奇，我知道去年這個時候你們在 PlayStation Plus 中推出了 2K24。我不知道六月可用的等級是否有任何特殊區別。我的意思是，但卡爾，也許你可以談談 PlayStation Plus 的同比影響是否有助於實現這樣的成長數字？

So we do put our titles occasionally into some of the subscription services. They're great partners for us. And in many cases, they're great -- we wouldn't do it unless it was a good economic deal, and the platforms wouldn't do it either. So we do take advantage of that, and it's been compelling from us from an economic standpoint.

因此，我們確實偶爾會將我們的書名放入一些訂閱服務中。他們是我們出色的合作夥伴。在很多情況下，它們都很棒——除非是一筆好的經濟交易，否則我們不會這樣做，平台也不會這樣做。因此，我們確實利用了這一點，而且從經濟角度來看，這對我們來說很有吸引力。

As it relates to NBA, we have done it in the past, and we don't really talk about whether we're going to do anything in the future. But when you do put something into a channel like that, that generates, obviously, engagement, it generates income for us, and it's something that we consider. And we do it if the time is right, if the math makes sense.

就 NBA 而言，我們過去已經這樣做了，我們並沒有真正談論未來是否會做任何事情。但是當你把某些東西放到這樣的管道中時，顯然會產生參與度，會為我們帶來收入，這是我們會考慮的事情。如果時機合適、數學計算合理，我們就會這麼做。

And just to be clear, that year-over-year, there was a meaningful delta in the way that it came to that service?

需要明確的是，與去年同期相比，這項服務的進展是否有顯著的差異？

A meaningful delta over what?

什麼方面有顯著差異？

Just how it was presented last year.

正如去年所呈現的。

Yeah, I'm not sure I'm understanding the question. I apologize. Just -- could you restate it one more time?

是的，我不確定我是否理解了這個問題。我很抱歉。只是──你能再說一次嗎？

Yeah. Just trying to understand if there was any change in the economics, the contribution from that relationship with Sony year-over-year that would have contributed to the exceptional growth that --

是的。只是想了解一下，如果經濟狀況有任何變化，與索尼的關係所帶來的貢獻會不會帶來顯著的成長？--

I understand. Okay. I'm sorry. You were asking a very straightforward question, and I thought it was more complicated. The answer is no.

我明白。好的。對不起。你問了一個非常直接的問題，但我認為它比較複雜。答案是否定的。

Got it. Thanks. Great.

知道了。謝謝。偉大的。

I understand. Okay. I'm sorry. You were asking a very straightforward question, and I thought it was more complicated. The answer is no.

我明白。好的。對不起。你問了一個非常直接的問題，但我認為它比較複雜。答案是否定的。

Thank you so much, everyone, for joining us today. Obviously, we're thrilled with our first quarter results, and we have great confidence for the outlook for the rest of the year. All of this is attributed to the superb work that is done by our teams all over the world, our development teams who are the most creative and talented in the business, our marketing and distribution teams who are innovative in the extreme, don't take no for an answer. And of course, our business teams who work hard every day to make sure that we're highly compliant, highly organized and highly effective. Thanks to everyone, and we wish you all a great summer.

非常感謝大家今天加入我們。顯然，我們對第一季的業績感到非常興奮，並且對今年剩餘時間的前景充滿信心。所有這些都歸功於我們遍布全球的團隊所做的出色工作，我們的開發團隊是業內最具創造力和才華的團隊，我們的營銷和分銷團隊極具創新精神，不接受任何否定的答案。當然，我們的業務團隊每天都在努力工作，以確保我們高度合規、高度組織、高度有效率。感謝大家，祝大家有個愉快的夏天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。