Take-Two Interactive Software Inc (TTWO) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Carla, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter fiscal year 2026 earnings call for Take-Two Interactive Software. (Operator Instructions)

感謝您的耐心等待。我叫卡拉，今天我將擔任你們的會議接線生。在此，我謹代表 Take-Two Interactive Software 公司，歡迎各位參加 2026 財年第二季財報電話會議。（操作說明）

Thank you. I will now like to turn the call over to Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. Please go ahead.

謝謝。現在我將把電話交給投資者關係和企業傳播高級副總裁妮可·謝文斯。請繼續。

Good afternoon. Thank you for joining our conference call to discuss our results for the second quarter of fiscal year 2026 ended September 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. 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 9 月 30 日的 2026 財年第二季業績。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。在我們的演講結束後，我們將安排問答環節，屆時我們將回答您的問題。

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

在開始之前，我想提醒大家，本次電話會議中除歷史事實外的所有陳述均屬於聯邦證券法規定的前瞻性陳述。這些前瞻性陳述是基於我們管理階層的信念以及我們目前所做出的假設和可獲得的資訊。

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.

我們沒有義務更新這些前瞻性陳述。實際經營績效可能因多種因素而與這些前瞻性陳述有顯著差異。這些重要因素已在公司提交給美國證券交易委員會的文件中進行了描述，包括公司最新的 10-K 表格年度報告和 10-Q 表格季度報告，其中包括在題為“風險因素”的部分中總結的風險。

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

我還想指出，除非另有說明，我們今天討論的所有數字均為 GAAP 數據，所有比較均為同比比較。有關我們實際業績和展望的更多詳情，請參閱我們的新聞稿，其中包括我們管理層在內部用於調整 GAAP 財務業績以評估我們經營業績的項目。

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 take-twogames.com. And now I'll turn the call over to Strauss.

我們的新聞稿也包含所有非GAAP財務指標與最可比較GAAP指標的調節表。此外，我們還在網站上發布了幻燈片，以視覺化的方式展示了我們的業績和財務前景。您可以造訪我們的網站 take-twogames.com 以取得我們的新聞稿和提交給美國證券交易委員會的文件。現在我將把電話交給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. We delivered fantastic second quarter results, including net bookings of $1.96 billion, which vastly exceeded our expectations and represent the best second quarter of net bookings in our company's history.

謝謝你，妮可。下午好，感謝各位今天蒞臨。我們取得了非常出色的第二季業績，淨預訂金額達到 19.6 億美元，遠遠超出了我們的預期，也是公司歷史上淨預訂金額最高的第二季。

We have many achievements during the period. 2K launched three major titles, including NBA 2K26, which set multiple records and has been delivering an unprecedented level of in-game spending.

在此期間，我們取得了許多成就。2K 推出了三款重磅遊戲，其中包括 NBA 2K26，該遊戲創造了多項紀錄，並帶來了前所未有的遊戲內消費水平。

Our mobile business outperformed substantially driven by our teams unparalleled innovation and live services and Grand theft Auto online continued to benefit from its highly engaged community. Due to these outstanding second quarter results and our optimism for the balance of the fiscal year, we're again raising our net bookings outlook for fiscal 2026 to $6.4 billion to $6.5 billion.

在團隊無與倫比的創新和即時服務的推動下，我們的行動業務表現出色，而《俠盜獵車手》線上版也繼續受益於其高度活躍的社群。由於第二季業績表現出色，並且我們對本財年剩餘時間充滿信心，我們再次將 2026 財年的淨預訂預期上調至 64 億美元至 65 億美元。

Rockstar Games has announced that Grand Theft Auto V will now be released on November 19, 2026, giving the team some additional time to finish the game with a high level of polish players expect and deserve.

Rockstar Games宣布，《俠盜獵車手V》將於2026年11月19日發售，這給了團隊更多的時間來完成遊戲，使其達到玩家期望和應得的高水準。

Rockstar has our full support, of course, and we're confident they'll deliver an unrivaled blockbuster entertainment experience. Turning to highlights from the period. Our mobile business delivered another quarter of excellent results.

我們當然全力支持 Rockstar，並相信他們會帶來無與倫比的娛樂盛宴。接下來回顧一下這時期的亮點。我們的行動業務又一個季度取得了優異的業績。

Peaks Forever franchise Toone Blast, grew 26% year over year and approximately 90% over the past two years, driven by new gameplay elements and meta-game features such as card collection. Match Factory!, another hit title from Peak, achieved record net bookings and grew 20% over last year.

Peaks Forever 旗下遊戲 Toone Blast 年成長 26%，過去兩年成長約 90%，這得益於新的遊戲元素和卡片收集等元遊戲功能。《Match Factory!》是 Peak 的另一款熱門遊戲，淨預訂量創下紀錄，比去年增長了 20%。

Players responded positively to innovative new features, including the Super Bowl Power Up which increased engagement and monetization within the game. Rollic's hit title, Color Block Jam continues to engage and grow its audience with new features and levels and remains the highest grossing title in the studio's history. In addition, Rollic surpassed 3.8 billion lifetime downloads and achieved a new net bookings record for the quarter.

玩家對創新的新功能給予了積極的回饋，包括超級盃能量提升功能，該功能提高了遊戲的參與度和獲利能力。Rollic 的熱門遊戲《Color Block Jam》不斷推出新功能和關卡，持續吸引並擴大其受眾群體，並且仍然是工作室歷史上收入最高的遊戲。此外，Rollic 的累積下載量超過 38 億次，並創下了該季度新的淨預訂量紀錄。

The CSR franchise achieved $1 billion in lifetime in-game spending with more than 180 million players worldwide since its launch in 2012, which we believe indicates great momentum ahead of the release of CSR 3.

自 2012 年推出以來，CSR 系列遊戲累積遊戲內消費額已達 10 億美元，全球玩家超過 1.8 億，我們認為這表明在 CSR 3 發布之前，該系列遊戲將保持強勁的發展勢頭。

Zynga Poker launched on Steam with full cross-functionality enabling players to enjoy the game freely across mobile, web browsers, and PC. 2K's mobile offerings had another strong quarter with WWE SuperCard surpassing 38 million lifetime downloads.

Zynga Poker已在Steam平台上線，並實現了完全的跨平台功能，玩家可以在行動裝置、網頁瀏覽器和PC上暢玩遊戲。 2K的行動遊戲產品也取得了又一個強勁的季度業績，WWE SuperCard的累計下載量突破3,800萬次。

NBA 2K Mobile continued to grow its audience and the 2K26 Arcade edition holding its top five position on the Apple Arcade charts and NBA 2K All-Star in China, capturing 8 million registered users after just six months in market.

NBA 2K Mobile 的用戶群持續成長，2K26 街機版在 Apple Arcade 排行榜上保持前五名的位置，NBA 2K 全明星在中國市場推出僅六個月就吸引了 800 萬註冊用戶。

We continue to focus on our mobile direct-to-consumer business and are achieving higher conversion driven by new offers, events, and enhanced personalization. Also as a result of recent legislative changes, our teams have rolled out new technologies that enable direct transactions and new payment mechanisms, including solutions designed to support international growth, which should help us expand meaningfully net bookings and margins via this highly accretive channel.

我們繼續專注於行動端直接面向消費者的業務，並透過新的優惠、活動和增強的個人化服務實現了更高的轉換率。此外，由於最近的立法變更，我們的團隊推出了新技術，實現了直接交易和新的支付機制，包括旨在支持國際成長的解決方案，這應該有助於我們透過這一高增值管道顯著擴大淨預訂量和利潤率。

With the record-breaking launch of NBA 2K26, 2K and Visual Concepts proved once again their ability to create phenomenal gameplay, innovate with new features and optimize live service offerings. To date, the title is sold in over 5 million units, representing a double-digit increase over NBA 2K25 and with average selling prices reaching an all-time high, led by higher sales on premium additions.

憑藉NBA 2K26的破紀錄發布，2K和Visual Concepts再次證明了他們創造非凡遊戲體驗、創新新功能和優化線上服務的能力。截至目前，該遊戲銷量已超過 500 萬份，比 NBA 2K25 的銷量增長了兩位數，平均售價也達到了歷史新高，這主要得益於高級附加內容的銷量增長。

We were pleased to see daily active users and MyCAREER daily active users grow nearly 30% and nearly 40%, respectively, which contributed to recurrent consumer spending growth of 45%. Players love many of the game's new features, including a thriving hub of competition, a more accessible layout, all new rewards and fresh cosmetics.

我們很高興地看到，每日活躍用戶和 MyCAREER 每日活躍用戶分別成長了近 30% 和近 40%，促成了經常性消費者支出成長 45%。玩家們非常喜歡這款遊戲的許多新功能，包括蓬勃發展的競技中心、更易於上手的佈局、全新的獎勵和新鮮的裝飾品。

I'd like to congratulate 2K and Visual Concepts for once again delivering a superb basketball experience led by innovation and an unwavering commitment to excellence. 2K and Gearbox Software [launch] Borderlands 4, the latest offering in our beloved looter shooter franchise. The game received high critical praise, with many reviewers calling it the best Borderlands yet.

我要祝賀 2K 和 Visual Concepts 再次為玩家帶來卓越的籃球遊戲體驗，這要歸功於他們的創新精神和對卓越的不懈追求。2K 和 Gearbox Software [發布]《無主之地 4》，這是我們備受喜愛的刷寶射擊遊戲系列的最新作品。這款遊戲獲得了評論界的高度評價，許多評論家稱其為迄今為止最好的《無主之地》系列作品。

The series highly active community eagerly welcomed the title. And during its opening weekend, it reached the largest concurrent player count on Steam in franchise history. Borderlands 4 also dominated YouTube with 300 million views and are in the number one spot on Twitch during its launch, underscoring the franchises enduring mass appeal.

該系列遊戲擁有非常活躍的玩家群，他們熱烈歡迎這款新作的發布。在遊戲上線首周末，遊戲在Steam平台上的同時線上玩家人數創下了該系列遊戲的歷史新高。《無主之地4》在YouTube上也取得了3億次的觀看量，並在發布期間登上了Twitch榜首，凸顯了該系列遊戲經久不衰的大眾吸引力。

While we experienced some challenges with optimization and performance on PC, Gearbox has been addressing these issues and releasing updates to improve gameplay. We're confident that Borderlands 4 will achieve strong unit sales over its lifetime. We're immensely proud of Gearbox and look forward to robust post-launch content offerings that will support the game in the months ahead.

雖然我們在 PC 端的最佳化和效能方面遇到了一些挑戰，但 Gearbox 一直在解決這些問題，並發布更新來改善遊戲體驗。我們相信《無主之地4》在其生命週期內將取得強勁的銷售量。我們為 Gearbox 感到無比自豪，並期待在未來幾個月推出強大的後續內容，以支持這款遊戲。

2K and Hangar 13 released Mafia: The Old Country, the first new entry in our popular organized crime franchise in nearly a decade, which earned the vast praise from critics and consumers alike. The title quickly surpassed our internal expectations and affirmed our belief that consumer demand remains strong for premium narrative-driven experiences that overindex on value.

2K 和 Hangar 13 聯合推出了《黑手黨：舊世界》，這是我們廣受歡迎的有組織犯罪系列遊戲近十年來推出的第一部新作，並贏得了評論家和消費者的一致好評。這款遊戲迅速超越了我們內部的預期，並證實了我們一直以來的信念：消費者對物超所值的優質敘事驅動型體驗的需求依然強勁。

The team at Hangar 13 will continue to push the boundaries for cinematic experiences in this series and in future creative pursuits. Grand Theft Auto V continues to grow its audience. And to date, the title has sold in more than 220 million units worldwide. Players remain deeply engaged with Grand Theft Auto Online, which added holiday theme jobs and rewards as well as new vehicles, community events, and outfits.

Hangar 13 團隊將繼續在本系列電影以及未來的創作中，不斷突破電影體驗的界限。《俠盜獵車手V》的觀眾群持續成長。截至目前，該遊戲在全球的銷售量已超過 2.2 億冊。玩家們仍然對《俠盜獵車手Online》保持著濃厚的興趣，遊戲增加了節日主題任務和獎勵，以及新的車輛、社區活動和服裝。

GTA+ continued to increase its membership achieving over 20% growth year over year. We're pleased with the consumers' ongoing passion and engagement with the franchise, which we believe will help usher in a record-breaking launch for Grand Theft Auto VI.

GTA+ 的會員數量持續成長，較去年同期成長超過 20%。我們對消費者對該系列遊戲的持續熱情和參與感到欣慰，我們相信這將有助於《俠盜獵車手 VI》取得破紀錄的開局。

In closing, we're very pleased with our position as one of the largest, most diversified companies within the interactive entertainment industry, a sector that we believe will enjoy robust growth. As we embrace our core values and focus on delivering the most captivating and engaging entertainment experiences, we expect to achieve record levels of net bookings in fiscal 2027, establish a new baseline for our business,, and enhance our profitability.

最後，我們對自身在互動娛樂產業中佔據的領先地位感到非常滿意，我們已成為該行業規模最大、業務最多元化的公司之一，我們相信該行業將迎來強勁增長。秉持核心價值觀，致力於提供最具吸引力和互動性的娛樂體驗，我們期望在 2027 財年實現淨預訂量創歷史新高，為我們的業務樹立新的基準，並提高盈利能力。

I'll now turn the call over to Karl.

現在我將把電話交給卡爾。

Thanks, Strauss. I'd like to thank our teams for delivering another terrific quarter, which reflects our unique ability to consistently deliver the highest quality entertainment experiences. Our teams plan to sustain this momentum over the balance of the year by releasing an array of new content and product offerings. Following the successful launches of Mafia: The Old Country, NBA 2K26, and Borderlands 4, 2K plans to release new content and updates for each game that will provide our fans with even greater opportunities to engage with these franchises.

謝謝你，施特勞斯。我要感謝我們的團隊，他們又一次出色地完成了一個季度的工作，這體現了我們始終如一地提供最高品質娛樂體驗的獨特能力。我們的團隊計劃在今年餘下的時間內保持這一勢頭，推出一系列新的內容和產品。繼《黑手黨：舊國度》、《NBA 2K26》和《無主之地4》成功發布之後，2K計劃為每款遊戲發布新的內容和更新，這將為我們的粉絲提供更多參與這些系列遊戲的機會。

Zynga will continue to enhance its portfolio with the introduction of new features and innovation in live services, while also pursuing new titles. During the fourth quarter of our fiscal year, 2K and Visual Concepts will launch WWE 2K26, the next installment in our popular wrestling franchise. Since taking over the series, Visual Concepts has immersed players in the most intense and realistic action that the Squared circle Can hold.

Zynga 將繼續透過推出新功能和創新即時服務來增強其產品組合，同時也將開發新的遊戲。在本財年的第四季度，2K 和 Visual Concepts 將推出 WWE 2K26，這是我們廣受歡迎的摔角系列遊戲的最新作品。自從接手系列遊戲以來，Visual Concepts 讓玩家沉浸在擂台上最激烈、最真實的動作之中。

And WWE 2K26 will continue this legacy. 2K will have more to share about the game shortly. Looking ahead, we believe strongly in our long-term pipeline, which includes the release of Grand Theft Auto VI on November 19, 2026, as well as the future launches of Judas, Project ETHOS, CSR 3, (inaudible), the next BioShock and many other exciting new titles from across our labels.

WWE 2K26 將延續這項傳統。2K公司很快就會公佈更多關於這款遊戲的資訊。展望未來，我們對我們的長期發展計畫充滿信心，其中包括 2026 年 11 月 19 日發布的《俠盜獵車手 VI》，以及未來推出的《猶大》、《Project ETHOS》、《CSR 3》、《（聽不清楚）》、《下一部生化奇兵》和我們旗下眾多其他令人興奮的新作品。

In closing, we are thrilled with our performance for the first half of fiscal 2026. As we continue to execute our proven strategy and capitalize on emerging opportunities, we expect to achieve a period of meaningful long-term growth and shareholder returns. I'll now turn the call over to Lainie.

最後，我們對 2026 財年上半年的業績感到非常滿意。隨著我們繼續執行行之有效的策略並抓住新興機遇，我們期望實現一段有意義的長期成長和股東回報時期。現在我將把電話交給萊妮。

Thanks, Karl, and good afternoon, everyone. Our second quarter results were truly fantastic. We are excited to raise our annual net bookings outlook for the second consecutive quarter. Our outperformance was driven by many of our key titles, which underscores the strength of our core franchises and the power of our diverse portfolio of owned intellectual property.

謝謝你，卡爾，大家下午好。我們第二季的業績非常出色。我們很高興連續第二季上調年度淨預訂預期。我們的優異表現得益於我們眾多重點產品，凸顯了我們核心產品系列的實力以及我們多元化自有智慧財產權組合的強大影響力。

I'd like to thank our teams for their outstanding execution and unwavering focus on creativity, innovation, and efficiency. Turning to our results. We delivered second quarter net bookings of $1.96 billion, which was significantly above our guidance range of $1.7 billion to $1.75 billion. This reflected better-than-expected performance from NBA 2K, Mafia: The Old Country, and several mobile titles, including Toon Blast, Color Block Jam, Match Factory!, and Empires & Puzzles, which more than offset softness in the initial launch of Borderlands 4.

我要感謝我們的團隊，感謝他們出色的執行力以及對創造力、創新和效率的不懈追求。接下來來看看我們的結果。我們第二季淨預訂金額達到 19.6 億美元，遠超過我們先前 17 億美元至 17.5 億美元的預期範圍。這反映出 NBA 2K、黑手黨：舊國度以及包括 Toon Blast、Color Block Jam、Match Factory! 和 Empires & Puzzles 在內的幾款手機遊戲表現超出預期，足以彌補 Borderlands 4 初期發售時的疲軟。

Recurrent consumer spending rose 20% for the period, which outperformed our guidance of 1% growth and accounted for 73% of net bookings. NBA 2K grew 45%. Mobile increased mid-teens and Grand Theft Auto Online declined as expected.

本期經常性消費支出增加了 20%，超過了我們先前 1% 的成長預期，佔淨預訂量的 73%。NBA 2K 成長了 45%。行動端用戶成長了十幾個百分點，《俠盜獵車手Online》的用戶成長如預期般下降。

During the quarter, we launched Mafia: The Old Country, NBA 2K26 and Borderlands 4. GAAP net revenue increased 31% to $1.77 billion, cost of revenue increased 27% to $793 million, and operating expenses increased 5% to $1.1 billion.

本季度，我們推出了《黑手黨：舊國度》、《NBA 2K26》和《無主之地4》。GAAP淨收入成長31%至17.7億美元，營業成本成長27%至7.93億美元，營運費用成長5%至11億美元。

On a management basis, operating expenses rose 13% year over year, which represented significant operating expense leverage on our strong top line growth. Operating expense dollars were above our forecast due to incremental user acquisition investments to support robust performance in our mobile portfolio and higher performance-based compensation, which was partly offset by a shift in some console marketing and IT expenses into the second half of the year.

從管理層面來看，營運費用年增 13%，這代表營運費用對我們強勁的營收成長起到了顯著的槓桿作用。由於為支援行動產品組合的強勁表現而進行的新增用戶獲取投資以及更高的績效薪酬，營運支出超過了我們的預期，但部分主機行銷和 IT 支出轉移到下半年抵消了這一增長。

Turning to our guidance. I'll begin with our full fiscal year expectations. Our momentum is strong, and we are raising our net bookings outlook range to $6.4 billion to $6.5 billion, which represents 14% growth over fiscal 2025 and at the midpoint. The increase reflects our second quarter outperformance and higher expectations for many of our core franchises for the second half of the year.

請參考我們的指導意見。我先從我們整個財政年度的預期開始。我們的發展勢頭強勁，我們將淨預訂額預期範圍上調至 2025 財年 64 億美元至 65 億美元，中位數顯示，這將比 2025 財年增長 14%。這一成長反映了我們第二季業績超出預期，以及我們對許多核心特許經營業務下半年業績的更高期望。

The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Borderlands 4, Color Block Jam, Empires & Puzzles, the Red Dead Redemption series, and Words with Friends.

預計對淨預訂量貢獻最大的遊戲包括 NBA 2K、俠盜獵車手系列、卡通爆破、Match Factory!、無主之地 4、色彩方塊果醬、帝國與謎題、荒野大鏢客系列和 Words with Friends。

We now expect recurrent consumer spending to grow approximately 11%, representing 77% of net bookings. This growth percentage is more than double our prior forecast of 4%, driven by NBA 2K and higher expectations for several mobile titles. Our revised recurrent consumer spending forecast assumes that NBA 2K now grows in the mid-20% range. Mobile increases approximately 10% and and Grand Theft Auto Online declines, which is unchanged from our prior forecast.

我們現在預計經常性消費者支出將成長約 11%，佔淨預訂量的 77%。這一成長百分比是我們先前預測的 4% 的兩倍多，主要得益於 NBA 2K 的推出以及對幾款手機遊戲的更高預期。我們修訂後的經常性消費者支出預測假設 NBA 2K 目前的成長率在 20% 左右。行動端銷量成長約 10%，《俠盜獵車手 Online》銷量下降，與我們先前的預測一致。

We project the net bookings breakdown from our labels to be roughly 46% Zynga, 39% 2K, and 15% Rockstar Games. We are raising our operating cash flow forecast to approximately $250 million, reflecting the strength in our business. We now expect to deploy approximately $180 million in capital expenditures which is above our prior guidance due to the acquisition of an office building to support our global footprint.

我們預計旗下各廠牌的淨預訂量分配比例約為：Zynga 佔 46%，2K 佔 39%，Rockstar Games 佔 15%。我們將經營現金流預測上調至約 2.5 億美元，這反映了我們業務的強勁勢頭。由於收購了一棟辦公大樓以支持我們的全球業務佈局，我們現在預計將投入約 1.8 億美元的資本支出，這高於我們先前的預期。

We're also increasing our forecast for GAAP net revenue, which is now expected to range from $6.38 billion to $6.48 billion and the cost of revenue, which is now expected to range from $2.66 billion to $2.69 billion.

我們同時提高了對 GAAP 淨收入的預測，目前預計淨收入將在 63.8 億美元至 64.8 億美元之間；同時提高了對收入成本的預測，目前預計收入成本將在 26.6 億美元至 26.9 億美元之間。

Our total operating expenses are expected to range from $3.98 billion to $4 billion compared to $7.45 billion last year. On a management basis, we now expect operating expense growth of approximately 9% year over year, which represents notable operating expense leverage on our higher net bookings outlook. Our forecast for operating expense dollars is increasing due to incremental marketing to support our mobile portfolio and higher performance-based compensation.

我們的總營運支出預計在 39.8 億美元至 40 億美元之間，而去年為 74.5 億美元。從管理角度來看，我們現在預計營運費用將年增約 9%，這代表著我們更高的淨預訂預期帶來了顯著的營運費用槓桿效應。由於為支持我們的行動產品組合而進行的增量行銷以及更高的績效薪酬，我們對營運支出的預測正在增加。

Now moving on to our guidance for the fiscal third quarter. We project net bookings to range from $1.55 billion to $1.6 billion compared to $1.37 billion in the prior year. The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, the Red Dead Redemption Series, Color Block Jam, Empires & Puzzles, Borderlands 4, and Words with Friends.

接下來，我們來談談對第三財季的預期。我們預計淨預訂額將在 15.5 億美元至 16 億美元之間，而前一年為 13.7 億美元。預計對淨預訂量貢獻最大的遊戲包括 NBA 2K、俠盜獵車手系列、卡通爆破、Match Factory!、荒野大鏢客系列、色彩方塊果醬、帝國與謎題、無主之地 4 和 Words with Friends。

We project recurrent consumer spending to increase by approximately 8%, which assumes low double-digit growth in mobile, a mid-single-digit increase for NBA 2K and a decline for Grand Theft Auto Online. We expect GAAP net revenue to range from $1.57 billion to $1.62 billion. Operating expenses are planned to range from $980 million to $990 million.

我們預期經常性消費者支出將成長約 8%，這假設行動端成長兩位數較低，NBA 2K 成長個位數中等，而 Grand Theft Auto Online 則下滑。我們預計 GAAP 淨收入將在 15.7 億美元至 16.2 億美元之間。營運費用計劃在9.8億美元至9.9億美元之間。

On a management basis, operating expenses are expected to grow by approximately 12% year over year, which is primarily driven by incremental user acquisition investments to support our robust performance in our mobile portfolio and higher performance-based compensation.

從管理層面來看，營運費用預計將年增約 12%，這主要是由於為支持我們在行動產品組合中的強勁表現而進行的新增用戶獲取投資以及更高的績效薪酬所致。

In closing, we are thrilled with the strength in our business today, and we are extremely optimistic about the future ahead. As we execute on our strategic priorities, which include expanding our core franchises to even greater levels of commercial success, releasing groundbreaking new heads, driving efficiencies, and capitalizing on new business opportunities we believe that we will meaningfully grow our scale and our profitability.

最後，我們對公司目前的強勁發展勢頭感到非常興奮，並且對未來充滿信心。隨著我們執行策略重點，包括將我們的核心特許經營業務拓展到更大的商業成功水平、推出具有突破性的新領導人、提高效率以及抓住新的商業機會，我們相信我們將顯著擴大規模和盈利能力。

I'd like to thank you all for your support and look forward to sharing more details on our exciting pipeline in the coming months. Thank you. I'll now turn the call back to Strauss.

感謝大家的支持，期待在接下來的幾個月與大家分享我們令人興奮的研發項目的更多細節。謝謝。現在我將把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 continuing to deliver outstanding results for Take-Two. To our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝萊妮和卡爾。我謹代表我們整個管理團隊，感謝各位同事為 Take-Two 持續取得的卓越成績。致各位股東：我謹代表全體股東，感謝你們一直以來的支持。現在開始回答各位的問題。操作員？

(Operator Instructions) Colin Sebastian, Baird.

（操作說明）Colin Sebastian，Baird。

Great. I guess, I mean, on the RCS performance, I mean that's really, really strong. And I'm curious if there are any common denominators across NBA Mobile, other titles where you're seeing that strength, anything specific you've learn from that, that maybe you can apply to other franchises going forward?

偉大的。我想說的是，就 RCS 性能而言，它真的非常非常出色。我很好奇，NBA Mobile 和其他一些遊戲中是否存在某種共同的優勢？你從中又學到了什麼具體的東西，可以應用在未來的其他系列遊戲中？

And then considering the change in release date for GTA, just curious, does that change the cadence of content updates or marketing support for the existing franchise for GTA Online over the next year as we -- as you work to maintain engagement in the meantime.

考慮到 GTA 發售日期的變更，我很好奇，在未來一年裡，隨著你們努力維持玩家參與度，GTA Online 現有系列的內容更新節奏或行銷支援是否會改變？

So on the second question first, I don't think you'll see any change and Rockstar has a history of supporting GTA Online and of course, the title continues to perform incredibly well. I also know the GTA+ was up 20% year over year in the quarter, which is just great news. So -- and Grand Theft Auto V has now sold 220 million units. It's a pretty great story. We expect that story to continue in a similar way.

首先回答第二個問題，我認為不會有任何變化，Rockstar 一直以來都支援 GTA Online，當然，這款遊戲也繼續表現出色。我還了解到，GTA+ 在本季年增了 20%，這真是個好消息。所以－－《俠盜獵車手V》的銷售量已經達到2.2億份了。這是一個非常精彩的故事。我們預計這個故事會以類似的方式繼續下去。

In terms of your first question, I think are you asking whether we think there are sort of industry tailwinds that are driving recurrent consumer spending across the board?

關於你的第一個問題，我想你是想問我們是否認為存在某種產業利好因素，能夠全面推動消費者的經常性支出？

Well, actually, it could be that or more specific to the way that you're developing games is there something within RCS within the mechanics that you're seeing is resonating with with gamers in particular? Or maybe they're just specific to those titles?

其實，可能是這樣，或者更具體地說，可能是你開發遊戲的方式，RCS 的某些機制是否特別能引起玩家的共鳴？或者它們可能只與這些標題相關？

So my sense is that despite what some industry observers are saying that there are modest tailwinds in the business. I think we're seeing those. And equally, look, our approach here is to seek perfection in everything we do and to try to engage and captivate our consumers. And when we do that effectively, monetization follows.

因此，我的感覺是，儘管一些業內觀察人士發表了不同的看法，但該行業仍然存在一些有利因素。我認為我們正在看到這些情況。同樣地，我們在這裡的做法是力求做到盡善盡美，努力吸引和留住我們的消費者。當我們有效地做到這一點時，獲利自然就會隨之而來。

And - so I don't -- none of us is in the business of taking victory laps, even though we're very proud of the quarter. But I think the answer to your question is that our creative teams are delivering and they're delivering at the highest possible level.

所以——因此，我們誰也沒有理由慶祝勝利，儘管我們為這個季度感到非常自豪。但我認為你問題的答案是，我們的創意團隊正在交付成果，而且他們交付的成果達到了最高水準。

And so when I see commentary in the industry that's negative about what's going on, I think if you try to correlate quality with performance, you're going to find some exceedingly positive correlation. And actually, I think you can find causation there as well, gives people something great, they're going to come out for it.

所以，當我看到業內對現狀的負面評論時，我認為，如果你嘗試將品質與績效聯繫起來，你會發現它們之間存在非常積極的相關性。實際上，我認為你也可以在那裡找到因果關係，它能為人們帶來很棒的東西，他們會出來支持它。

Doug Creutz, TD Cowen.

道格·克魯茨，TD Cowen。

It appears that you're soon going to be the last publicly traded stand-alone publisher of scale standing. I wondered your view on how that affects your ability to attract talent, your ability to place games in the market? Just sort of is there anything about that strategically that affects your competitive position?

看來你們很快就要成為最後一家規模可觀的上市獨立出版商了。我想知道您認為這會對您吸引人才的能力以及將遊戲推向市場的能力產生怎樣的影響？從策略角度來看，這方面是否有任何會影響您競爭地位的因素？

I think the answer is I'm not sure. We're always running scared around here. I'm fond of saying arrogance is the enemy of continued success. And I do think we're in a terrific position. We're performing much better than expected economically, and that's because we're performing better than expected creatively.

我覺得答案是：我不確定。我們在這裡總是提心吊膽的。我常說，傲慢是持續成功的敵人。而我確實認為我們處境非常有利。我們在經濟方面的表現遠遠超出預期，這是因為我們在創意上的表現也超出了預期。

And that's always our story around here. And if we can maintain that, then we have a wonderful future ahead of us. It is true that at year-end, we're really very under-leveraged. It is true that in relatively short order, we expect to be a net cash company again. And it's true that we're independent and we have a publicly traded security. And I think all of those things can be advantageous in the right hands.

我們這裡一直都是這樣的故事。如果我們能夠保持這種狀態，那麼我們將會擁有一個美好的未來。確實，到了年底，我們的槓桿率非常低。確實，我們預計在相對較短的時間內，我們將再次成為一家淨現金公司。我們的確是獨立公司，而且我們的證券是公開交易的。我認為所有這些因素，如果運用得當，都能帶來優勢。

But none of that will will lead us to claim success before we deliver it. And whenever we have good results, our (inaudible) is to take no victory lap, get up the next day and try to do it again. So that's what we'll keep doing. We do think we're well positioned.

但這一切都不能讓我們在取得成果之前就宣稱成功。每當我們取得好成績時，我們的（聽不清楚）都不會慶祝勝利，而是第二天重新振作起來，爭取再贏一次。所以我們會繼續這樣做。我們認為我們處於有利地位。

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

Great. We saw one of your peers see outperformance on mobile margins due to the recent iOS changes. Can you just walk us through how widely available open payment mechanisms are across your portfolio today? And does that provide any uplift to gross margins in the quarter or your expectations for the year? And maybe just along these lines, any thoughts on the recently proposed changes to Google Play and what it means for your business?

偉大的。我們看到，由於 iOS 最近的變化，你們的一位同行在行動裝置利潤率方面取得了優異的業績。能否簡單介紹一下目前貴公司產品組合中開放式支付機制的普及程度？這是否會提升本季的毛利率或您對全年的預期？順便問一下，您對最近提出的 Google Play 變更以及這些變更對您的業務意味著什麼有什麼看法？

Look, I've been saying for years that I expected the cost of third-party distribution to decline. And as soon as we close the Zynga transaction, we launched a direct-to-consumer initiative that has been successful. We value our partnerships with retailers.

你看，我多年來一直說，我預計第三方分銷的成本會下降。Zynga 交易完成後，我們立即啟動了直接面向消費者的計劃，並且取得了成功。我們重視與零售商的合作關係。

We don't have any reason to believe that those will ever become extent. At the same time, distribution costs naturally will decline with competition and in certain instances with litigation and legislation. And you're seeing that now. So our direct-to-consumer business is doing really well, if it's been rolled out almost across our entire mobile portfolio, not the entire portfolio because it doesn't necessarily fit everywhere.

我們沒有任何理由相信這些情況會成為現實。同時，隨著競爭加劇，分銷成本自然會下降；在某些情況下，訴訟和立法也會降低分銷成本。而你現在就看到了這一點。因此，我們的直接面向消費者的業務發展得非常好，前提是它已經幾乎涵蓋了我們所有的行動產品組合，而不是全部產品組合，因為它不一定適用於所有情況。

And the most recent litigation result definitely puts us in a stronger position. And not only will net bookings rise more rapidly than expected, but margins too will rise with them. So it's all good news. We're not specifically calling out how that margin change will affect our year, except obviously, we've increased our guidance for the year.

而最近的訴訟結果無疑地使我們處於更有利的地位。不僅淨預訂量會比預期成長得更快，利潤率也會隨之提高。所以全是好消息。我們沒有具體說明利潤率變化將如何影響我們今年的業績，但很顯然，我們已經提高了今年的業績預期。

Got it. And if I can just fit in one more, maybe just on the new GTA time line. Anything you can share as to what the drivers were and what gives you confidence that the state will stick?

知道了。如果還能再加一個的話，也許就加到新的 GTA 時間軸吧。關於推動這些決定的因素，以及是什麼讓你相信州政府會堅持到底，你能透露些什麼嗎？

Yes, the drivers are a desire to deliver as perfect an entertainment experience as we possibly can and to try to live up to consumers' extraordinary expectations and then exceed those expectations. And it's always painful when we move a date. We have done so occasionally in the past, and we've never regretted it in retrospect. I would like to point out that we have some competitors that in the event where more polish was required and the required slipping a date, they chose not to slip the date, and they did so at their peril.

是的，我們的動力源自於我們渴望提供盡可能完美的娛樂體驗，努力滿足消費者非凡的期望，並超越這些期望。每次改期都讓人很痛苦。我們過去偶爾也會這樣做，事後看來，我們從未後悔過。我想指出，我們的一些競爭對手，在需要更多潤色和推遲日期的情況下，他們選擇不推遲日期，結果為此付出了代價。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Maybe one on NBA and one on Borderlands. As it relates to NBA, we saw some of the metrics that you disclosed today. We're not well -- they were well above what you would normally consider for kind of a mature sports franchise. So I guess -- where are you getting these incremental audiences from? Are there new cohorts of players that you're expanding into?

或許一篇關於NBA，一篇關於無主之地。關於NBA，我們看到了您今天公佈的一些數據指標。我們情況不太好——他們的表現遠高於一般成熟運動俱樂部應有的水平。所以我想問──你們的新增受眾群來自哪裡？你們是否正在拓展新的玩家群？

And I guess, what inning would you say that you're in, in terms of accessing the total NBA audience? And then I'll follow up with the Borderlands question.

那麼，就接觸NBA全部觀眾而言，您認為自己目前處於哪個階段？然後我會接著問關於《無主之地》的問題。

So in terms of the cohorts that we're seeing, obviously, returning players are a huge cohort for us. And I would say we're -- every year, we're getting a little better at bringing people back into the game. But -- and -- but there's still a lot of opportunity to improve on that. So you asked about what inning we are. We are certainly not getting 100% of our people back every single year.

所以就我們目前看到的球員群體而言，很顯然，回歸球員對我們來說是一個龐大的群體。而且我認為，我們每年都在努力讓人們重新參與遊戲中來，而我們在這方面也做得越來越好。但是——而且——但是，在這方面仍然有很多改進的空間。所以你問我們現在是第幾局。我們當然不可能每年都讓所有員工100%回歸。

If we were to do -- be able to do that, we would have substantial, substantial upside. And I'm not saying that we will be able to do that, but there is certainly a lot of room for improvement there. In terms of other players, we're having some success internationally as well, but also getting more engagement of the player base that we have. That's been a significant part of our ability to drive recurrent consumer spending in NBA which has had significant improvements year over year.

如果我們能夠做到這一點，我們將獲得巨大的收益。我並不是說我們一定能做到，但這方面肯定還有很大的進步空間。就其他玩家而言，我們在國際上也取得了一些成功，同時也提高了我們現有玩家群的參與度。這在很大程度上推動了NBA的經常性消費者支出，並且每年都有顯著改善。

We're doing more interesting things like bringing people in earlier for early access with premiums and just making the game tighter and listening to our audience base. And like we always say, higher the engagement, the more engagement, the monetization follows. It's not the other way around, and that's been our mantra pretty much from day one.

我們正在做一些更有趣的事情，例如讓玩家更早體驗高級會員服務，讓遊戲更加完善，並傾聽玩家的意見。正如我們常說的，參與度越高，獲利能力就越強。事實並非如此，這幾乎從一開始就是我們的座右銘。

So I'd love to say we're in the first inning, that's probably not true, but we're certainly not even to the seventh innings stretch at this point. So it's probably somewhere in between.

所以我很想說我們現在才剛開始，雖然這可能不是事實，但我們現在肯定還沒到第七局中場休息的時候。所以它可能介於兩者之間。

Got it. Really appreciate that. And then on Borderlands, in these kind of longer-lived titles, how important is the launch period? And I guess, to the extent that the PC issues caused a little bit of a drag, how does player behavior change in one of those titles versus maybe an annual release or maybe you don't have as much time to sort of make up anything that sell short of expectations around the launch period?

知道了。非常感謝。那麼，像《無主之地》這種生命週期較長的遊戲，發售初期究竟有多重要？我想，如果PC版的問題造成了一些拖累，那麼玩家在這些遊戲中的行為會如何改變呢？這與每年發布的遊戲相比會有什麼不同？或者說，你沒有那麼多時間來彌補在發布初期銷量未達預期的問題嗎？

Well, we see -- I mean your question implies that we see this the same way. The release was a bit softer than we would have liked for the reasons that you said. Gearbox has been addressing the PC challenges. And I think in retrospect, we feel there are things that we could have done better, but we intend to do better in the future. In the fullness of time, we think the unit sales on this title will be very solid, and the economic results will be in line with our expectations.

嗯，我們明白了——我的意思是，你的問題暗示我們對此的看法是一致的。正如你所說，這次的發行力道比我們預期的要小一些。Gearbox一直在努力解決PC平檯面臨的挑戰。回過頭來看，我們覺得有些事情我們本來可以做得更好，但我們打算將來做得更好。我們相信，假以時日，這款遊戲的銷售量將會非常穩健，經濟效益也將符合我們的預期。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

I wanted to ask a little bit about mobile and Zynga. Obviously, it's been a stretch here of really strong outperformance for that business versus the broader mobile gaming market. So two parter. One, what is your level of confidence in their ability to sustain that continued outperformance of the market versus the market? Do you see that as a function of new game launches growing existing titles?

我想問一下關於手機和 Zynga 的一些問題。顯然，該業務在一段時間內表現非常出色，遠超整個行動遊戲市場。所以是兩個部分。第一，您對他們能否持續跑贏大盤有多大信心？你認為這是新遊戲發布帶動現有遊戲成長的結果嗎？

And then connected to that, is there an opportunity to do M&A in the mobile gaming space something that as an independent company, Zynga (inaudible) success with, is that something you're considering doing more of to build on the momentum that Zynga has today?

那麼，與此相關的是，行動遊戲領域是否存在併購機會？作為一家獨立公司，Zynga（聽不清楚）在行動遊戲領域取得了成功，您是否正在考慮更多地進行併購，以鞏固 Zynga 目前的發展勢頭？

Yes. I mean what do I attribute their outperformance to, great leadership, great execution. So Frank Gibeau, who's our -- the CEO of Zynga, he's doing a terrific job, leading the team and our creative teams, Pete, Rollic, all of our studios, frankly, right now are doing a wonderful job, both running live services on existing titles and launching new titles. So we have to keep doing more of that.

是的。我的意思是，他們的出色表現歸功於什麼？卓越的領導力，優秀的執行力。所以，我們的 Zynga 執行長 Frank Gibeau 做得非常出色，他領導著團隊和我們的創意團隊，Pete、Rollic，以及我們所有的工作室，坦白說，他們現在都做得非常棒，既經營現有遊戲的線上服務，也推出新遊戲。所以我們必須繼續加大這方面的投入。

What gives me confidence that we can. I think our approach has been narrowed and honed down at the label where we're being very careful economically. We're pursuing far fewer titles at once. We're willing to walk away from titles that don't work earlier and focus on our winners.

是什麼讓我相信我們能做到？我認為我們在唱片公司採取的方法已經更加精準和完善，我們在經濟方面非常謹慎。我們同時競標的項目數量大大減少。我們願意儘早放棄那些不成功的標題，專注於我們已經成功的標題。

I also think our creative teams have really hit their stride. That said, we take none of this for granted. And we know that looking backwards is not going to help us accept to learn from our errors and to a lesser extent, our successes. We have to look forward, and we have some great releases coming up.

我也認為我們的創意團隊已經真正進入了最佳狀態。即便如此，我們也不會認為這一切是理所當然的。我們知道，回顧過去並不能幫助我們接受從錯誤中學習，對成功也沒有太大幫助。我們必須向前看，接下來我們會推出一些很棒的產品。

So we're focused on those. So we have [Topical] coming from (inaudible) and other titles coming out, which we're very optimistic. But the fact that I'm optimistic is relevant what's relevance to what the consumer says.

所以我們把重點放在這些方面。所以我們有[Topical]即將推出（聽不清楚）以及其他即將推出的書籍，我們對此非常樂觀。但我持樂觀態度這一事實與消費者的回饋無關。

On the M&A side, we're very selective here. We're very proud of the fact that I don't think we have had an acquisition in our history that didn't work out. And that's an enviable and unusual track record for any corporation, any public company. We'd like that to continue.

在併購方面，我們非常謹慎。我們非常自豪的是，我認為在我們公司的歷史上，還沒有哪一次收購是失敗的。對於任何公司、任何上市公司而言，這都是令人羨慕且不尋常的業績記錄。我們希望這種情況能夠持續下去。

How do we do that? Well, make sure something is strategically aligned, of course, don't step outside of that zone, make sure that the cultures fit or can fit so that the integrations make sense and make sure that the deal is immediately accretive, if not to GAAP earnings, at least to management and cash flow.

我們該如何做到這一點？當然，要確保策略方向一致，不要越界，確保文化契合或能夠契合，這樣整合才有意義，並確保交易能夠立即帶來收益，即使不能直接增加GAAP收益，至少也能增加管理層和現金流。

So that has been our rubric and seems to have worked. So I guess what that implies is discipline and selectivity, which has served us well. Good news is we have a really strong balance sheet, and we have been able to do acquisitions in the relatively recent past. It wasn't that long ago that we bought Gearbox.

這就是我們的評判標準，而且似乎行之有效。所以我想這意味著紀律和選拔，而這對我們來說一直都很有效。好消息是，我們的資產負債表非常穩健，而且在不久的將來，我們能夠進行收購。我們收購 Gearbox 的時間並不久遠。

Eric Handler, ROTH Capital Partners.

Eric Handler，ROTH Capital Partners。

Straus, you've been very vocal on AI and how it's not a positive for creative development for video games. But I'm curious if you're having any success implementing AI in other sort of noncreative parts of the video game development, be it QC, be it artwork or whatever? And how you're adding it to what your developments?

史特勞斯，你一直以來都對人工智慧持非常直言的態度，認為它對電子遊戲創意開發並非好事。但我很好奇，你們在電子遊戲開發的其他非創意環節，例如品質控制、美術設計或其他方面，是否成功地應用了人工智慧？你是如何將它融入你的開發專案中的？

Yes. To be clear, I didn't say that -- I didn't say it as a positive. What I said was that AI is based on backward-looking data sets, meeting compute meeting LLMs. And none of that replaces forward-looking genius. That's not an opinion, that's actual. I define anyone to controvert those facts.

是的。需要澄清的是，我並沒有那樣說——我並沒有以肯定的語氣說出那句話。我當時說的是，人工智慧是基於回顧性資料集的，滿足運算需求，滿足邏輯邏輯需求。但這一切都無法取代具有前瞻性的天才。這不是觀點，這是事實。我認為任何人都無權反駁這些事實。

Of course, technology drives a lot of what we do around here. Now creativity is the lifeblood of the organization. But how do we express our creativity. We do so with computers, with technical tools. We always have. So as tool sets improve, we can become more efficient, we can become more effective and our creative people, therefore freed up to be more creative. So AI depending on how you define it and properly deployed, of course, is positive for creativity and therefore, is, of course, positive for game creation.

當然，科技驅動著我們這裡所做的許多事情。如今，創造力是組織的生命線。但是我們要如何表達自己的創造力呢？我們用電腦和科技工具來完成這項工作。我們一直都是。隨著工具集的改進，我們可以變得更有效率，更有效，因此，我們的創意人員也能騰出更多精力去發揮創意。所以，人工智慧，取決於你如何定義它，以及是否正確部署，當然對創造力是有益的，因此，對遊戲創作當然也是有益的。

To your question about what's the nature of rollout, we have seen some efficiencies. I think there are plenty of areas of business where the tools that we have rolled out at the enterprise are helping us we are not either using this as an excuse to or, frankly, seeing the opportunity to reduce headcount.

關於您提出的推廣性質的問題，我們已經看到了一些效率提升。我認為，在許多業務領域，我們公司推出的工具都在幫助我們，我們既沒有以此為藉口，也沒有坦白說，看到了裁員的機會。

We are seeing this as an opportunity to take our very talented people and release them for more mundane tasks so they can do more creative and more interesting tasks, and we can work better as an organization. But if you said, can you cut your cost profile by 5% tomorrow by using all things AI, the answer is no.

我們認為這是一個機會，可以把我們非常有才華的人從更平凡的任務中解放出來，讓他們去做更有創意、更有趣的任務，這樣我們作為一個組織也能更好地工作。但如果你問，能否明天透過運用人工智慧技術將成本降低 5%，答案是否定的。

Ed Alter, Jefferies.

艾德‧奧特，傑富瑞集團。

I appreciate the mention of the pipeline and specifically BioShock, you guys made a pretty key hire there with [Rod Burgers] during the quarter. I'd love to just get an update on that title and kind of what his mandate is at the studio.

我很感謝你們提到了遊戲開發項目，特別是《生化奇兵》，你們在本季度聘請了[Rod Burgers]擔任該職位，這是一個非常關鍵的舉措。我很想了解這個專案的最新進展，以及他在工作室的具體職責。

Sure. Yes, we're very excited that we brought Rod on to the Cloud Chamber, and he is the new Head of the BioShock franchise. He's obviously an incredible industry veteran. He's got history with the Bioshock franchise, specifically with Infinite. He's also been involved with Gears of War and Diablo and it's -- we're just so grateful that he's come to work with us at Cloud Chamber.

當然。是的，我們非常高興羅德加入了雲室，他現在是《生化奇兵》系列的新負責人。他顯然是一位業內資深人士。他與《生化奇兵》系列遊戲，特別是《無限》系列，有著深厚的淵源。他也參與《戰爭機器》和《暗黑破壞神》的開發，我們非常感激他能加入 Cloud Chamber 與我們一起工作。

Bioshock is a very important franchise for us. It's one of our UK's biggest franchises, and we're very excited about the release of the next BioShock. We've made some changes in the organization. We're shifting some things around.

《生化奇兵》對我們來說是一個非常重要的系列作品。它是英國最熱門的遊戲系列之一，我們對下一部《生化奇兵》的發布感到非常興奮。我們對組織架構做了一些調整。我們正在調整一些安排。

But right now, we feel that the game is on a great track for us to deliver something that's going to exceed consumers' expectations. So not much more to update other than that and the fact that the next Bioshock is going to take the franchise to the next level, which is always our ambition with all of our franchises.

但就目前而言，我們感覺這款遊戲正朝著正確的方向發展，我們將為大家帶來超越消費者預期的作品。除了以上資訊之外，沒有其他更新內容了。另外，下一部《生化奇兵》將會把這個系列帶入一個新的高度，這也是我們對所有系列作品的共同目標。

And then on ad revenue, it's been up two quarters and now for timing quite a while. Can you talk about what's going right there? Is that Color Block Jam? Or is there a broader Rollic portfolio just performing across the board?

至於廣告收入，已經連續兩季成長，而且成長動能也持續了相當長一段時間。你能說說那裡到底發生了什麼事嗎？那是色彩繽紛的果醬嗎？或者說，Rollic 旗下更廣泛的投資組合整體表現良好？

It's really across the entire mobile business, particularly Rollic, though, they've achieved fantastic performance, and this is what's driving the higher ad revenue for the quarter.

整個行動業務，尤其是 Rollic，都取得了非常出色的業績，這也是本季廣告收入成長的主要原因。

Michael Hickey, Benchmark.

Michael Hickey，Benchmark。

Yes. Congrats guys in the quarter and raising your numbers for the year. Obviously, sorry to hear the the delay of GTA V, but November next year [Strauss] going to be pretty awesome. Just curious, I guess, internally how the Rockstar team is holding up with the delays. I'm guessing it could be challenges on motivation or culture. I don't know, but I'm guessing it's hard on them to have to deal with the delay as well. I'm sure they're very excited to get the game out.

是的。恭喜各位，本季業績出色，全年業績也取得了進步。很遺憾聽到 GTA V 延期的消息，但明年 11 月 [Strauss] 肯定會很棒。我只是好奇，Rockstar 團隊內部是如何應對這些延期問題的。我猜想可能是動力或文化方面的問題。我不知道，但我猜想對他們來說，應付延誤也很難。我相信他們一定非常興奮，迫不及待想推出這款遊戲。

And then in terms of polish, I mean, I think I know what that means, but just sort of curious what Rockstar brands is polished. And then how much of -- they have a huge team now. So how much of the team, Strauss, as much as you can tell us as focused on polish versus maybe other content ideas or projects that could be part of that GTA ecosystem or otherwise.

至於拋光方面，我的意思是，我想我知道那是什麼意思，但只是有點好奇 ​​Rockstar 品牌的拋光程度如何。然後他們到底有多少人——他們現在擁有一支龐大的團隊。那麼，史特勞斯，你能告訴我們團隊有多少精力集中在打磨遊戲上，又有多少精力放在其他內容創意或項目上，這些創意或項目可能是 GTA 生態系統的一部分或其他方面嗎？

Yes. obviously, Mike, you know us well. You know me well, I can't talk about how the inner workings of the studio are reflected in current activities. So I can't -- I wouldn't answer that question. On the first point, I think the culture of Rockstar is extraordinary, and we're all pushing hard to seek perfection.

是的，麥克，你很了解我們。你很了解我，我不能談論工作室內部運作如何體現在當前的活動中。所以我不能——我不會回答這個問題。關於第一點，我認為 Rockstar 的企業文化非常出色，我們都在努力追求完美。

And that's not just words. I mean the Metacritic scores of Rockstar releases are generally speaking (inaudible), with very few exceptions have been over 95%. And GTA V, you know, has been the standard bearer, not just for our company but for the industry through three console generations.

這不僅僅是說說而已。我的意思是，Rockstar 發行的遊戲在 Metacritic 上的評分通常（難以辨認），只有極少數例外超過 95%。你知道，GTA V 一直是標竿之作，不僅對我們公司而言，而且在三代遊戲主機中都是整個產業的標竿。

And to this day, is still, I would argue, the most technologically advanced title in the marketplace despite it's more than a decade old. And that doesn't happen by accident. So it's -- Rockstar's culture is one of performance. Take-Two's culture as a whole, which is reflected in all of our labels is one of seeking excellence, teamwork, and kindness.

時至今日，儘管它已經面世十多年了，但我認為它仍然是市場上技術最先進的遊戲。這並非偶然發生。所以說——Rockstar 的企業文化是一種注重表現的文化。Take-Two 的整體文化，體現在我們所有的品牌中，是追求卓越、團隊合作和友善。

And that's a recipe that works really, really well. I can't deny that at any given time, if things don't go exactly as you like, but there's some disappointment but we're pretty good about brushing ourselves off and picking ourselves up and playing another day.

而且這個方法真的非常有效。我無法否認，在任何時候，如果事情沒有完全按照你的意願發展，都會有些失望，但我們很擅長撣去身上的灰塵，重新振作起來，迎接新的一天。

And we've always done that. We learned from things that don't go as well as we'd like. And we aim to exceed all expectations, our own and those of our consumers. And we, frankly, rarely fall short, but we don't let that divert us either because we just try to order. I think that defines what Rockstar is doing now and they're feeling now.

我們一直都是這麼做的。我們從那些不如意的事情中學到了教訓。我們的目標是超越所有人的期望，包括我們自己的期望和消費者的期望。坦白說，我們很少出錯，但我們也不會因此分心，因為我們只是努力下單。我認為這定義了 Rockstar 現在正在做的事情以及他們現在的感受。

Martin Yang, Oppenheimer.

Martin Yang，奧本海默。

Can you talk about the premium SKU mix in NBA this year? How much is it higher than previous years? And then can you also talk about impact of having more season passes embedded in the premium SKU, whether or not that's a material uplift to your RCS growth for 2K26.

能談談今年NBA的高階球星卡組合嗎？比往年高多少？那麼，您能否談談在高級 SKU 中嵌入更多季票的影響，以及這是否會對 2K26 的 RCS 增長產生實質性的提升？

So one of the drivers -- So generally speaking, the more -- a bit higher the mix of the premium SKUs, obviously, the average selling price is higher. That is certainly a case this time around, and we've seen some really great reactions to our premium mix SKUs.

因此，其中一個驅動因素——一般來說，高端 SKU 的比例越高，平均售價就越高。這次的情況確實如此，我們已經看到消費者對我們的高端混合 SKU 產生了非常好的反響。

And we believe, at least partly, if not in large part, was the effect of offering seven days of early access to our players, which is longer than we did last time. And there is some RCS embedded in that as part of that package. So we it would have a really significant impact, and I think that's overall helped our average selling price. So it was certainly a successful strategy that we entered this year.

我們相信，至少部分原因（如果不是很大程度上）是因為我們向玩家提供了七天的提前體驗期，這比我們上次提供的時間更長。該軟體包中還嵌入了一些 RCS。所以它會產生非常顯著的影響，我認為這總體上提高了我們的平均售價。因此，我們今年採取的策略無疑是成功的。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

I appreciate it. I actually want to go back to the first question that was asked and maybe actually ask about macro in the mobile game or in the game category in general. I think people consider this pure category, maybe low single-digit grower, but Take-Two RCS is up 20, we have mobile game ad networks growing well in excess of 20%. [Road Block] seems to be growing bookings 50% or 60%. And so from our (inaudible) perspective, is it possible are you may be starting to feel like we're entering a more positive cycle for industry growth? And to the extent that's true, perhaps you might opine on what the consumer behavior behind that is.

謝謝。我其實想回到最初提出的問題，或許可以問問關於手機遊戲或整個遊戲領域的宏觀策略。我認為人們普遍認為這個類別成長緩慢，可能只有個位數成長率，但Take-Two RCS的成長了20%，行動遊戲廣告網路的成長也遠超20%。 [Road Block]的預訂量似乎成長了50%或60%。所以從我們（聽不清楚）的角度來看，您是否可能開始覺得我們正在進入一個對產業成長更為正面的周期？如果情況屬實，您或許可以就此背後的消費者行為發表一些看法。

I do sense their tailwinds as much as I would love to take credit for everything good that's going on and disclaim responsibility for anything bad going on. No, I sort of agree with you. I think it feels like there is -- the consumers are once again moving in our direction sort of how it felt at the beginning of pandemic, maybe not quite as much enthusiasm.

我確實感受到了他們的順風，儘管我很想把所有好事都歸功於自己，並否認對任何壞事負有責任。不，我某種程度上同意你的看法。我覺得感覺上好像是這樣——消費者們又一次朝著我們的方向移動，有點像疫情初期那樣，也許熱情沒有那麼高了。

And we're unaccustomed to the world fueling this way because, of course, there was a decline in mid-'22 and took a while to settle out and then there was a return to modest growth. But as you yourself said, these are pockets of growth. And these pockets are defined by quality. And so we have to still be an outlier to deliver results like these. And that's our goal.

我們並不習慣世界以這種方式發展，因為，當然，2022 年年中出現了下滑，花了一段時間才穩定下來，然後又恢復了溫和增長。但正如你所說，這些都是成長的領域。這些口袋的特點在於品質。因此，我們仍然需要保持與眾不同的狀態才能達到這樣的成果。這就是我們的目標。

Clay Griffin, MoffettNathanson.

克萊·格里芬，莫菲特·納坦森。

I just want to circle back on mobile. Strauss, you had all of the points in terms of the margin improvement in the near term, but also over the course of the last several fiscal years. It looks like rough math that the mobile business in general will be pretty close to where it was on a pro forma basis, call it in '22.

我只是想再透過手機確認一下。施特勞斯，你提出的觀點完全正確，不僅體現在短期利潤率的提高上，也體現在過去幾年的財政年度。粗略估計，行動業務整體而言，到 2022 年，其發展狀況應該與先前的水平非常接近。

I just would love to ask you maybe you could just level set in terms of all of the -- whether it's the discipline in the titles, whether it's the efficiency and the UA spend, whatever, it does seem like there's been a pretty notable expansion in margins from then to now, notwithstanding the opportunities that you called out, but wondering if you could maybe just give us a framework in terms of the overall improvement maybe in mobile margins from, call it, two, three years ago to now?

我只是想請您幫忙，能否就所有方面進行一番比較——無論是遊戲標題的規範性、效率和用戶獲取支出等等，看起來利潤率從那時到現在都有了相當顯著的增長，儘管您也提到了一些機會。我想知道您能否為我們提供一個框架，來說明行動端利潤率從兩三年前到現在的整體提升？

Look, we're -- honestly, we're just executing better. There were things that we were doing upon the acquisition that we either stop doing or we're doing a whole lot more efficiently and effectively. And one of the reasons that, that transaction came about is that we had like-minded cultures. And I think we aligned on the culture I described earlier and we aligned on our pillars of creativity, innovation, and efficiency. And we have an extraordinary leadership team that is open-minded and wants to win.

說實話，我們只是執行得更好了。收購完成後，我們做了一些事情，現在要嘛停止做了，要嘛做得更有效率、更有效了。促成這筆交易的原因之一是我們擁有相似的文化。我認為我們在我之前描述的文化方面達成了一致，我們在創造力、創新和效率這三大支柱方面也達成了一致。我們擁有一支傑出的領導團隊，他們思想開放，渴望勝利。

And then we have amazing creative people throughout the organization who are bound and determined to do the very best work anyone can in the space. I think that's what it comes down to. And all of that done right is reflected in things like net bookings and margins.

此外，我們整個組織還有許多才華橫溢的創意人才，他們決心在這個領域做到最好。我認為問題歸根結底就在於此。而所有這些如果做得好，都會反映在淨預訂量和利潤率等指標上。

When you think about all these calls we've been doing for all this time, we talked about the numbers quite correctly, I think, as a result of what we do, not a driver of what we do.

想想我們這段時間以來所做的所有這些通話，我認為我們對這些數字的討論非常正確，這是我們工作的結果，而不是我們工作的驅動因素。

None of us wakes up in the morning and says, let's talk about where our stock price ought to go. We talk about where our company ought to go. And if we get that right, the stock price is going to do just fine. I think and Nicole, our Head of IR, is sitting with me that in the 18 years that this management team has been responsible for overseeing our stock has appreciated something close to 5,000%. And that's a result of our strategy.

我們當中沒有人會在早上醒來後說：“我們來討論一下我們的股票價格應該會漲到什麼程度吧。”我們討論公司未來的發展方向。如果我們判斷正確，股價就會表現良好。我認為，我們的投資人關係主管妮可也和我坐在一起，在過去的 18 年裡，這支管理團隊負責監管我們的股票，而我們的股票價格已經上漲了近 5000%。這是我們策略的結果。

That is not our strategy. And what we aim to do around here is make the best entertainment on earth and bring it to everyone on earth wherever they want it, whenever they want it, however they want. If we do that right, if we keep doing that right, if we're willing to question ourselves and always try harder and try again when we fall short, probably ought to see continued performance

那不是我們的策略。我們在這裡的目標是製作地球上最好的娛樂節目，並將其帶給地球上的每一個人，無論他們在哪裡、何時、以何種方式觀看。如果我們能正確地做到這一點，如果我們能持續正確地做到這一點，如果我們願意反思自己，並在失敗後不斷努力、重新嘗試，那麼我們或許應該能夠持續取得好成績。

There are no further questions at this time. I'll now turn the call back over to Strauss for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給施特勞斯，請他作總結發言。

I'd just like to take a moment once again to express my gratitude for the nearly 13,000 people who devote their careers to Take-Two and all of our affiliates all over the world because they're the ones who've delivered these amazing results.

我想再次藉此機會表達我對近 13,000 名將職業生涯奉獻給 Take-Two 和我們遍布全球的所有附屬公司的員工的感激之情，因為正是他們取得了這些驚人的成果。

I want to thank the team at Rockstar who is diligently working on delivering the best entertainment experience of all time. And of course, I want to thank our shareholders for all of their support. So thank you for attending the call today. We really appreciate it.

我要感謝 Rockstar 團隊，他們正努力打造有史以來最好的娛樂體驗。當然，我還要感謝各位股東的支持。感謝您今天參加電話會議。我們非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。