Take-Two Interactive Software Inc (TTWO) 2026 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 fiscal year 2026 quarterly earnings results call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表公司歡迎各位參加 2026 財年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Nicole Shevins, Senior Vice President, Investor Relations and Corporate Communications. Nicole, please go ahead.

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。妮可，請繼續。

Good afternoon. Thank you for joining our conference call to discuss our results for the third quarter of fiscal year 2026 ended December 31, 2025. Today's call will be led by Strauss Zelnick, Take-Two's Chairman and Chief Executive Officer; Karl Slatoff, our President; and Lainie Goldstein, our Chief Financial Officer. We will be available to answer your questions during the Q&A session following our prepared remarks.

午安.感謝您參加我們的電話會議，討論截至 2025 年 12 月 31 日的 2026 財年第三季業績。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. We have no obligation to update these forward-looking statements.

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。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.

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 take2games.com.

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。您可以從我們的網站 take2games.com 取得我們的新聞稿和向美國證券交易委員會提交的文件。

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

現在我將把電話交給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that we delivered another outstanding quarter, including net bookings of $1.76 billion, which surpassed meaningfully the high end of our guidance. All of our labels outperformed substantially our expectations and contributed to our ongoing success.

謝謝你，妮可。下午好，感謝各位今天蒞臨。我很高興地報告，我們又取得了一項出色的季度業績，淨預訂額達到 17.6 億美元，遠遠超出我們預期的上限。我們所有品牌的業績都大幅超出預期，並為我們持續的成功做出了貢獻。

Due to our strong results and positive momentum that has continued into the current quarter, we're once again raising our outlook for the full fiscal year. We now expect net bookings to range from $6.65 billion to $6.7 billion which represents 18% growth compared to fiscal 2025. At the midpoint, our revised net bookings forecast is approximately $725 million above the initial outlook we provided in May 2025 which reflects the creative passion, hard work, and consistent execution of our teams.

由於我們取得了強勁的業績，並且目前的良好勢頭延續到了本季度，因此我們再次上調了對整個財年的預期。我們現在預計淨預訂額將在 66.5 億美元至 67 億美元之間，與 2025 財年相比成長 18%。中點時，我們修訂後的淨預訂預測比我們在 2025 年 5 月提供的初步預測高出約 7.25 億美元，這反映了我們團隊的創造熱情、辛勤工作和持續執行力。

Turning to highlights from the period. I'll begin with the fantastic performance of our mobile business. Peak's forever franchise, Toon Blast grew 43% year over year and surpassed $3 billion in lifetime net bookings, an extraordinary achievement for a title that has been engaging players for more than eight years. The game continues to rank among our most valuable franchises, showcasing the long-term value of our Match 3 portfolio.

接下來回顧一下這時期的亮點。首先，我要談談我們行動業務的出色表現。Peak 旗下的經典系列遊戲《卡通爆破》年增 43%，累計淨收入超過 30 億美元，對於一款已經吸引玩家超過八年的遊戲來說，這是一個非凡的成就。遊戲繼續名列我們最有價值的系列遊戲之列，展現了我們三消遊戲組合的長期價值。

Match Factory!, another hit from Peak, grew approximately 17% over last year. The title remains a top contributor two years after its launch, affirming our strategy of building a diverse portfolio of games with vast global appeal. Color Block Jam remains Rollic's all-time top-performing title and was featured in Apple's 2025 free games list in the US, underscoring the title's success. Empires & Puzzles and Words with Friends grew 11% and 6% respectively over last year.

Peak 的另一款熱門產品 Match Factory! 比去年增長了約 17%。該遊戲在發布兩年後仍然是主要貢獻者之一，這印證了我們建立具有廣泛全球吸引力的多元化遊戲組合的策略。Color Block Jam 仍然是 Rollic 有史以來表現最佳的遊戲，並被列入美國蘋果 2025 年免費遊戲名單，凸顯了遊戲的成功。與去年相比，《帝國與謎題》和《Words with Friends》分別成長了 11% 和 6%。

Advertising revenues grew 10% over last year, driven by higher average revenue per daily active user and we're highly confident in the future of this component of the business.

廣告收入比去年增長了 10%，這主要得益於每日活躍用戶平均收入的提高，我們對該業務板塊的未來充滿信心。

2K's mobile offerings also had another solid quarter, with WWE SuperCard surpassing 38 million lifetime downloads, NBA 2K Mobile continuing to expand its audience, NBA 2K26 Arcade edition holding its top five position on the Apple Arcade charts, and NBA 2K All-Star in China growing to nearly 9 million registered users after less than one year in market.

2K 的行動產品也迎來了一個穩健的季度，WWE SuperCard 的累計下載量超過 3800 萬次，NBA 2K Mobile 的用戶群持續擴大，NBA 2K26 街機版在 Apple Arcade 排行榜上保持前五的位置，而 NBA 2K All-Star 在中國上市不到一年，註冊用戶就成長到近 90 萬近。

Our mobile direct-to-consumer business delivered its strongest quarter on record. We've introduced recent enhancements that enable more personalized offers, flexible pricing, reduced payment friction, and alternative payment methods. With the regulatory environment becoming even more favorable to us, we view direct-to-consumer as a meaningful growth driver that will help accelerate net bookings, margins and profitability.

我們的行動端直接面向消費者業務實現了有史以來最強勁的一個季度業績。我們最近推出了多項改進，可實現更個人化的優惠、更靈活的定價、更少的支付摩擦以及更多支付方式。隨著監管環境對我們越來越有利，我們認為直接面向消費者的模式是一個重要的成長驅動力，將有助於加快淨預訂量、利潤率和獲利能力。

NBA 2K26 delivered another stellar quarter, yielding significant upside to our forecast. To date, the title was sold in approximately 8 million units, representing a high-single-digit percentage increase over NBA 2K25. Recurrent consumer spending, daily active users and my career daily active users all grew 30% year over year.

NBA 2K26 又迎來了一個精彩的季度，為我們的預測帶來了顯著的上行空間。截至目前，該遊戲銷量約為 800 萬份，比 NBA 2K25 的銷量增長了接近兩位數的百分比。經常性消費支出、每日活躍用戶和我的職業每日活躍用戶均較去年同期成長 30%。

Based on its phenomenal year-to-date performance, NBA 2K is on track to generate the highest level of annual net bookings and recurrent consumer spending in franchise history. I'd like to thank the NBA and NBA Players Association for their extraordinary partnership and support.

根據今年迄今的驚人表現，NBA 2K 預計將創造該系列遊戲史上最高的年度淨預訂量和經常性消費者支出。我要感謝NBA和NBA球員工會給予的非凡合作與支持。

The Grand Theft Auto series also vastly outpaced our forecast, with recurrent consumer spending growth of 27%, led by GTA Online, A Safe House in the Hills update which featured long-awaited mansion properties and the return of the fan favorite protagonist, Michael De Santa. Full game sales of Grand Theft Auto V remains strong, with the title now having sold in over 225 million units since its launch in 2013. GTA+ continues to thrive with membership levels nearly doubling over the same period last year, and we're excited about its potential to add even more value to the player experience in the future.

《俠盜獵車手》系列遊戲也遠遠超出了我們的預期，經常性消費者支出增長了 27%，這主要得益於 GTA Online 的「山丘安全屋」更新，該更新帶來了期待已久的豪宅以及深受粉絲喜愛的主角邁克爾·德·聖塔的回歸。《俠盜獵車手V》完整版遊戲的銷售量依然強勁，自2013年發售以來，該遊戲已售出超過2.25億份。GTA+ 會員數量持續成長，與去年同期相比幾乎翻了一番，我們對它未來能夠為玩家體驗增添更多價值感到興奮。

In December, Rockstar Games expanded Red Dead Redemption and On Dead Nightmare to new platforms, bringing these classic blockbusters to PlayStation 5, Xbox Series X/S, Nintendo Switch 2 and iOS and Android mobile devices for Netflix subscribers.

去年 12 月，Rockstar Games 將《荒野大鏢客：救贖》和《荒野大鏢客：噩夢》擴展到了新的平台，將這些經典大作帶到了 PlayStation 5、Xbox Series X/S、Nintendo Switch 2 以及 iOS 和 Android 行動裝置上，供 Netflix 訂閱用戶遊玩。

We're immensely proud of our teams and their ability to deliver consistently the highest quality and most engaging entertainment experiences. As we continue to explore and invest in new technologies particularly AI will unlock greater efficiencies that will allow our talent to focus on the kind of innovation that has enabled us continually to set new creative and commercial benchmarks in interactive entertainment.

我們為我們的團隊感到無比自豪，他們能夠持續提供最高品質、最引人入勝的娛樂體驗。隨著我們不斷探索和投資新技術，特別是人工智慧，將釋放更大的效率，使我們的人才能夠專注於創新，而正是這種創新使我們能夠在互動娛樂領域不斷樹立新的創意和商業標竿。

Our execution throughout fiscal 2026 has been extraordinary, and we're highly confident as we approach fiscal 2027, which promises to be groundbreaking for Take-Two and the entire entertainment industry led by the November 19 release of Grand Theft Auto VI with Rockstar's launch marketing set to begin this summer, with ongoing momentum in our business, coupled with our robust forward release schedule, we continue to project record levels of net bookings in fiscal 2027, which we believe will establish a higher financial baseline set us on a path to enhanced profitability and further provide balance sheet strength and flexibility.

我們在 2026 財年的執行力非常出色，我們對即將到來的 2027 財年充滿信心。 2027 財年對 Take-Two 和整個娛樂產業來說都將是里程碑式的一年，這主要得益於 11 月 19 日即將發售的《俠盜獵車手 VI》，以及 Rockstar 將於今年夏季開始的宣傳推廣活動。憑藉我們業務的持續成長勢頭，以及我們穩健的未來發行計劃，我們預計 2027 財年的淨預訂將創下歷史新高。我們相信，這將建立更高的財務基線，使我們走上提高獲利能力的道路，並進一步增強資產負債表的實力和靈活性。

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 fantastic quarter, which reflects our world-class talent and the breadth and depth of our portfolio. I'll now discuss our recent and planned product offerings for the balance of fiscal 2026.

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本季的工作，這體現了我們世界一流的人才以及我們產品組合的廣度和深度。接下來，我將討論我們近期和計劃在 2026 財年剩餘時間內推出的產品。

On January 14, 2K and HB Studios announced an array of new content for PGA Tour 2K25 including three new courses for the 2026 Major Championships. The 2026 PGA Championship at Aronimink Golf Club, the 126th US Open at Shinnecock Hills Golf Club, and the 154th Open at Royal Birkdale Golf Club with more to come, including new seasons. Additionally, we look forward to growing the community with the launch of PGA Tour 2K25 on Nintendo Switch 2 on Friday.

1 月 14 日，2K 和 HB Studios 宣布了 PGA Tour 2K25 的一系列新內容，包括 2026 年大滿貫賽的三個新球場。2026 年 PGA 錦標賽將在阿羅尼明克高爾夫俱樂部舉行，第 126 屆美國公開賽將在辛尼科克山高爾夫俱樂部舉行，第 154 屆英國公開賽將在皇家伯克戴爾高爾夫俱樂部舉行，未來還將有更多賽事，包括新的賽季。此外，我們期待隨著 PGA Tour 2K25 於本週五在 Nintendo Switch 2 上發布，社群能夠不斷壯大。

Firaxis Games will continue to deliver a steady cadence of updates for Sid Meier's Civilization VII. And on Thursday, 2K will launch Civilization VII for mobile devices exclusively on Apple Arcade representing an exciting opportunity to expand the civilization audience.

Firaxis Games 將繼續為席德·梅爾的文明VII帶來穩定的更新。週四，2K 將在 Apple Arcade 上獨家推出行動版《文明 VII》，這為擴大文明系列的受眾提供了一個令人興奮的機會。

On March 13, 2K and Visual Concepts will once again raise the bar for our Wrestling franchise with the release of WWE 2K26. Featuring the biggest roster in the series history, players will be able to choose from over 400 legends and current superstars and enjoy new customization options throughout the game. We plan to support the release with a new Ringside Pass live service model and a series of add-on packs that can be purchased individually or together as part of the season pass.

3月13日，2K和Visual Concepts將再次提升摔角遊戲系列的標準，推出WWE 2K26。本作擁有該系列史上最龐大的角色陣容，玩家可以從 400 多位傳奇人物和現役超級巨星中進行選擇，並在遊戲過程中享受全新的自訂選項。我們計劃透過全新的 Ringside Pass 即時服務模式和一系列附加包來支持此次發布，這些附加包可以單獨購買，也可以作為賽季通行證的一部分一起購買。

2K and Gearbox Software will continue to support Borderlands 4 with new content and updates and we expect the title to achieve strong sell-through over its lifetime. Zynga will continue to deliver new features and drive innovation across its live services as well as pursue the development of new titles.

2K 和 Gearbox Software 將繼續為《無主之地 4》提供新內容和更新，我們預計遊戲在其生命週期內將取得強勁的銷售。Zynga 將繼續在其所有線上服務中推出新功能並推動創新，同時也將繼續開發新的遊戲。

Looking ahead, we believe strongly in our upcoming launches and will provide our initial three-year pipeline for fiscal 2027 through fiscal 2029, with our Q4 results in May.

展望未來，我們對即將推出的產品充滿信心，並將於 5 月公佈 2027 財年至 2029 財年的初步三年產品線，屆時我們將發布第四季度業績報告。

I'll now turn the call over to Lainie.

現在我將把電話交給萊妮。

Thanks, Karl, and good afternoon, everyone. Our third-quarter results were fantastic with all of our labels delivering excellent results, and we are pleased to once again raise our outlook for the fiscal year. With many of our core franchises continuing to thrive, fiscal 2026 is on track to be one of our strongest years in recent history. And I'd like to thank our teams for their vision, passion, and dedication.

謝謝你，卡爾，大家下午好。我們第三季的業績非常出色，所有品牌都取得了優異的成績，我們很高興再次提高本財年的業績預期。由於我們許多核心的特許經營業務持續蓬勃發展，2026 財年有望成為我們近年來業績最好的年份之一。我還要感謝我們團隊的遠見卓識、熱情和奉獻精神。

Turning to our performance. We delivered third quarter net bookings of $1.76 billion, which was significantly above the high end of our guidance range of $1.55 billion to $1.6 billion. This reflected better-than-expected performance from NBA 2K, the Grand Theft Auto series and several mobile titles, including Toon Blast, Empires & Puzzles and Top Eleven.

接下來談談我們的表現。我們第三季淨預訂達到 17.6 億美元，遠高於我們先前預測的 15.5 億美元至 16 億美元的上限。這反映出 NBA 2K、俠盜獵車手系列以及包括 Toon Blast、Empires & Puzzles 和 Top Eleven 在內的幾款手機遊戲表現超出預期。

Recurrent consumer spending rose 23% for the period. We strongly outperformed our guidance of 8% growth and accounted for 76% of net bookings. NBA 2K grew 30%, Grand Theft Auto Online increased 27% and Mobile increased 19%, all of which exceeded our expectations. During the quarter, we launched WWE 2K Mobile for Netflix and Red Dead Redemption and [Undead] Nightmare for several new platforms.

該期間經常性消費者支出增加了23%。我們大幅超過了先前8%的成長預期，淨預訂量佔比達到76%。NBA 2K 成長了 30%，俠盜獵車手 Online 成長了 27%，行動裝置成長了 19%，所有這些都超出了我們的預期。本季度，我們為 Netflix 推出了 WWE 2K Mobile，並在多個新平台上推出了 Red Dead Redemption 和 [Undead] Nightmare。

GAAP net revenue increased 25% to $1.7 billion. Cost of revenue increased 26% to $754 million, and operating expenses increased 10% to $984 million. On a management basis, operating expenses rose 13% year over year, which was in line with our guidance and represented significant operating expense leverage on our fantastic top-line growth.

以美國通用會計準則計算，淨收入成長25%，達到17億美元。營業成本成長了 26%，達到 7.54 億美元；營業費用成長了 10%，達到 9.84 億美元。從管理層面來看，營運費用年增 13%，這與我們的預期相符，並且代表營運費用對我們出色的營收成長起到了顯著的槓桿作用。

Turning to our guidance. I'll begin with our full fiscal year expectations. We are once again raising our net bookings outlook and now expect to achieve $6.65 billion to $6.7 billion, which represents 18% growth at the midpoint over fiscal 2025. The increase reflects our third-quarter outperformance and higher expectations for several of our key titles during the fourth quarter.

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。我們再次上調了淨預訂預期，目前預計將達到 66.5 億美元至 67 億美元，這意味著到 2025 財年，淨預訂量將成長 18%（以中位數計算）。這一成長反映了我們第三季的出色表現，以及對第四季幾款重點遊戲的更高預期。

The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Empires & Puzzles, Color Block Jam, Borderlands, the Red Dead Redemption series and Words with Friends. We now expect recurrent consumer spending to grow approximately 17% and represents 78% of the bookings. This is up significantly from our prior forecast of 11% driven by strong momentum across most of our major franchises.

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、火柴工廠！ 、帝國與拼圖、色彩方塊果醬、無主之地、荒野大鏢客系列和 Words with Friends。我們現在預計經常性消費者支出將成長約 17%，佔預訂量的 78%。這一數字較我們先前預測的 11% 大幅上升，主要得益於我們大多數主要特許經營業務的強勁成長勢頭。

Our advised recurrent consumer spending forecast assumes that NBA 2K grows approximately 37%. Mobile increases approximately 13%, and Grand Theft Auto Online increases slightly. All of these expectations are raised from our prior forecast. We project the net bookings breakdown from our labels to be roughly 46% Zynga, 38% 2K, and 16% Rockstar Games.

我們建議的經常性消費者支出預測假設 NBA 2K 成長約 37%。行動端成長約 13%，《俠盜獵車手Online》略有成長。所有這些預期都比我們先前的預測有所提高。我們預計旗下各廠牌的淨預訂量分配情況大致為：Zynga 佔 46%，2K 佔 38%，Rockstar Games 佔 16%。

We are raising our operating cash flow forecast to approximately $450 million, which is up from our prior expectation of $250 million, with the increase reflecting the strength in our business. We remain on track to deploy approximately $180 million in capital expenditures.

我們將經營現金流預測上調至約 4.5 億美元，高於先前預期的 2.5 億美元，這一成長反映了我們業務的強勁勢頭。我們仍按計劃推進約 1.8 億美元的資本支出。

We are also updating our forecast for GAAP net revenue, which is now expected to range from $6.55 billion, $6.6 billion of revenue, which is expected to range from $2.78 billion to $2.8 billion. Our total operating expenses are now expected to range from $3.96 billion to $3.97 million compared to $7.45 billion last year, which included a $3.6 billion impairment of goodwill and intangible assets.

我們同時也在更新 GAAP 淨收入的預測，目前預計淨收入將在 65.5 億美元至 66 億美元之間，而 GAAP 淨收入預計將在 27.8 億美元至 28 億美元之間。我們目前的營運總支出預計在 39.6 億美元至 397 萬美元之間，而去年為 74.5 億美元，其中包括 36 億美元的商譽和無形資產減損。

On a management basis, we now expect operating expense growth of approximately 8% year over year which is down slightly from our prior forecast due to a shift of some marketing expenses into next year. Given our strong net bookings outlook, this assumes meaningful operating expense leverage over last year.

從管理角度來看，我們現在預計營運費用將年增約 8%，這比我們先前的預測略有下降，原因是部分行銷費用轉移到了明年。鑑於我們強勁的淨預訂前景，這假設營運費用較去年有顯著的槓桿作用。

Now moving on to our guidance for the fiscal fourth quarter. We project net bookings to range from $1.51 billion to $1.56 billion compared to $1.58 billion in the prior year. Our release slate for the quarter includes Sid Meier's Civilization VII for Apple Arcade, PGA Tour 2K25 for Switch 2, and WWE 2K26. The largest contributors to net bookings are expected to be NBA 2K and the Grand Theft Auto series, Toon Blast, Match Factory!, WWE 2K, Empires & Puzzles, Color Block Jam, Red Dead Redemption series and Words with Friends.

接下來，我們來談談第四財季的預期。我們預計淨預訂額將在 15.1 億美元至 15.6 億美元之間，而前一年為 15.8 億美元。本季我們的發行計畫包括 Apple Arcade 版的《席德·梅爾的文明 VII》、Switch 2 版的《PGA 巡迴賽 2K25》和 WWE 2K26。預計對淨預訂量貢獻最大的遊戲將是 NBA 2K 和俠盜獵車手系列、卡通爆破、Match Factory!、WWE 2K、Empires & Puzzles、Color Block Jam、荒野大鏢客系列和 Words with Friends。

We project recurrent consumer spending to increase by approximately 7%, which assumes a high 20% increase for NBA 2K, mid-single-digit growth for Mobile and a modest decline for Grand Theft Auto Online. We expect GAAP net revenue to range from $1.57 billion to $1.62 billion and cost of revenue to range from $675 million to $692 million.

我們預計經常性消費者支出將成長約 7%，其中 NBA 2K 的成長率高達 20%，行動端的成長率為個位數，而 Grand Theft Auto Online 的成長率略有下降。我們預計 GAAP 淨收入將在 15.7 億美元至 16.2 億美元之間，收入成本將在 6.75 億美元至 6.92 億美元之間。

Operating expenses are planned to range $973 million to $983 million. On a management basis, operating expenses are expected to grow by approximately 3% year over year, which is primarily driven by higher performance-based compensation and user acquisition investments to support robust performance in our mobile portfolio, which is partly offset by lower production expenses.

營運費用計劃在9.73億美元至9.83億美元之間。從管理層面來看，營運費用預計將年增約 3%，這主要是由於更高的績效薪酬和用戶獲取投資，以支持我們行動產品組合的強勁表現，而較低的生產費用部分抵消了這一增長。

In closing, our business momentum remains outstanding. We are very confident in our future. With Grand Theft Auto VI and other eagerly anticipated titles on the horizon, we believe that we will generate higher earnings power, strengthen our balance sheet and deliver sustainable shareholder returns. I'd like to thank you all for your support and look forward to sharing more details in the coming months including our initial outlook for fiscal 2027 when we report our fourth-quarter results in May.

總之，我們的業務發展勢頭依然強勁。我們對未來充滿信心。隨著《俠盜獵車手 VI》和其他備受期待的遊戲即將面世，我們相信我們將創造更高的獲利能力，增強資產負債表，並為股東帶來可持續的回報。感謝大家的支持，期待在接下來的幾個月與大家分享更多細節，包括我們在 5 月公佈第四季業績時對 2027 財年的初步展望。

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

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 their shared commitment to excellence and Take-Two's long-term success. 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，感謝各位同事對卓越和Take-Two長期成功的共同追求和承諾。致各位股東：我謹代表全體股東，感謝你們一直以來的支持。

We'll now take your questions. Operator?

現在開始回答各位的問題。操作員？

(Operator Instructions)

（操作說明）

Doug Creutz, TD Cowen.

道格·克魯茨，TD Cowen。

The last few days, the equity markets have really punished your stock and those of other video game makers because of fears about what AI means for your business. I wondered, Strauss, if you'd like to expound upon whether you think what's happening in the market is an accurate reflection of the threats and opportunities you see coming from AI.

最近幾天，由於擔心人工智慧對貴公司業務的影響，股市對貴公司和其他電玩遊戲製造商的股票進行了重挫。史特勞斯，我想請您詳細說明一下，您是否認為當前市場狀況準確反映了您認為人工智慧帶來的威脅和機會。

Thanks, Doug. I'll have to admit, I'm a little confused. The video game business, since its inception, was built on the back of machine learning and artificial intelligence. We create our games in computers with technology. And ever since questions began about generative AI about 18 months ago, I've been incredibly enthusiastic about what the future can bring.

謝謝你，道格。說實話，我有點困惑。電子遊戲產業自誕生以來，就建立在機器學習和人工智慧的基礎上。我們利用電腦技術來製作遊戲。自從大約 18 個月前開始有人提出關於生成式人工智慧的問題以來，我就對未來可能帶來的成果感到無比興奮。

As it happens now, we're actively embracing generative AI. We have hundreds of pilots and implementations across our company, including with our studios. And we are seeing opportunities to drive efficiencies, reduce costs and create the opportunity to do what digital technology has always allowed, which is the mundane tasks become easier and less relevant, which frees up our creators to do the more interesting tasks of making superb entertainment.

目前，我們正積極擁抱生成式人工智慧。我們公司內部有數百個試點計畫和實施方案，包括我們自己的工作室。我們看到了提高效率、降低成本的機會，並創造了機會去做數位技術一直以來所允許的事情，那就是讓繁瑣的任務變得更容易、不那麼重要，從而解放我們的創作者，讓他們去做更有趣的事情，例如製作精彩的娛樂內容。

The history of the interactive entertainment business has been one of great creators using technology to do amazing things to please audiences, and that's our job round here. And that remains unchanged, except perhaps accelerated.

互動娛樂產業的歷史就是一部偉大的創作者利用科技創造奇蹟、取悅觀眾的歷史，而這正是我們在這裡的工作。這種情況依然沒有改變，或許只是速度加快了。

Just a reminder, our strategy has three parts: be the most creative, be the most innovative, and being the most efficient company in the entertainment business. And generative AI squarely falls within the category of innovation and is already moving into the category of efficiency. I'm hopeful that it will also move into the category of creativity as it allows our creators to use digital tools to expand what we do to make it even more beautiful and even more engaging and even more exciting.

再次提醒大家，我們的策略包含三個部分：成為最具創造力的公司、最具創新精神的公司、以及成為娛樂產業中最有效率的公司。而生成式人工智慧完全屬於創新範疇，並且已經開始邁向效率提升的範疇。我希望它也能進入創意領域，因為它能讓我們的創作者使用數位工具來拓展我們的工作，使其更加美觀、更具吸引力、更加令人興奮。

Eric Handler, ROTH Capital Partners.

Eric Handler，ROTH Capital Partners。

Strauss, you just had another really strong quarter with Mobile. And Mobile has just been on a very big player for the last seven quarters now. Wondering if you could talk about some of the initiatives or [bold beats] then used to call them that what are you finding us really resonating? What is keeping these games that have been out for a number of years still relevant and drawing in new players?

施特勞斯，你的行動業務又取得了非常強勁的季度業績。而莫比爾隊在過去的七個季度一直佔據著絕對優勢。我想知道您能否談談您當時提出的一些倡議或[粗體字]，或者您認為真正引起我們共鳴的是什麼？這些發行多年的遊戲為何依然保持活力，並不斷吸引新玩家？

Well, our Zynga team still refers to bold beats. They're a big part of what we do. And just to put a fine point on it, you're right. Our Mobile business is up 19% year over year. Toon Blast was up 43%; Match Factory!, 17%, Empires & Puzzles, 11%; Words with Friends, 6%; and Color Block Jam is a huge hit for Rollic. And that really is the tip of the iceberg. We really are firing on all cylinders at Zynga and also with 2K's Mobile properties.

嗯，我們 Zynga 團隊仍然會提到大膽的節奏。它們是我們工作的重要組成部分。最後補充一點，你說得對。我們的行動業務年增 19%。Toon Blast 成長了 43%；Match Factory! 成長了 17%；Empires & Puzzles 成長了 11%；Words with Friends 成長了 6%；Color Block Jam 是 Rollic 的一款熱門遊戲。而這真的只是冰山一角。我們在 Zynga 和 2K 的行動業務方面都火力全開。

What do I think is going on? Look, I think we are actually making hits. And that is still pretty unusual. In the Mobile business, the hardest thing to do is create new hits in the Mobile business. And Zynga has proven an ability to do so by doing what we do, which is creating a home for the best talent in the business, encouraging them to pursue their passions, and supporting them and marketing with an A-plus structure and a really strong balance sheet.

我覺得發生了什麼事？你看，我覺得我們確實在創作熱門歌曲。這仍然相當不尋常。在行動領域，最困難的事情就是創造新的熱門產品。Zynga 已經證明了自己有能力做到這一點，因為我們所做的就是為業內最優秀的人才創造一個家，鼓勵他們追求自己的熱情，並以一流的組織架構和非常強大的資產負債表來支持他們和行銷。

It's really hard to do that. There aren't very many companies that we're doing. And I believe we're the only company that's doing it over and over again.

這真的很難做到。我們合作的公司並不多。我相信我們是唯一一家反覆這樣做的公司。

You are right also, though, that the backdrop is strong. There was a disappointing moment in mid-'22, which as it happens when we acquired Zynga, where for the first time the Mobile market was down post-pandemic. And it was down more than we expected, and it took a while to rebound.

你說的也對，背景確實很震撼。2022 年中出現了一個令人失望的時刻，恰好就在那時我們收購了 Zynga，當時行動市場在疫情後首次出現下滑。跌幅比我們預期的還要大，而且花了很長時間才反彈。

The market has rebounded. There are tailwinds. And so much as I'd like to take credit for all of the team's success, A, that's not really my style. B., I do think a rising tide lifts all ships, and we are benefiting from consumer engagement with mobile games.

市場已經反彈。有順風。雖然我很想把團隊的所有成功都歸功於自己，但是，A，這並不是我的風格。B，我確實認為水漲船高，我們正在從消費者對手機遊戲的參與中受益。

Great. That's helpful. I also wondered, would you be willing to sort of give some type of indication of what percentage of your Mobile recurrent spending is coming from direct-to-consumer?

偉大的。那很有幫助。我還想知道，您是否願意透露一下，您的行動端經常性支出中，直接面向消費者的支出佔比是多少？

It's meaningful. We haven't actually given a number. The environment for direct-to-consumer is improving. It has been a big strategy since we acquired Zynga.

這很有意義。我們實際上還沒有給出具體數字。直接面向消費者的模式環境正在改善。自從我們收購 Zynga 以來，這一直是我們的重要策略。

You may recall, when we talked about the synergies that we would find on the revenue side, I said in calls right after the acquisition that we thought the potential for direct-to-consumer could be seen as a revenue synergy because that effectively what happens is we actually capture a higher share of those revenues and enhance our margins. The recent regulatory environment has become much more favorable, and we also predicted that. And I do think we're going to continue to see third-party take rates decline, which will drop to the bottom line.

您可能還記得，當我們討論在收入方面將發現的協同效應時，我在收購完成後立即進行的電話會議中說過，我們認為直接面向消費者的模式可以被視為一種收入協同效應，因為實際上，我們能夠獲得更高的收入份額並提高利潤率。近期的監管環境變得更加有利，這也與我們先前的預測相符。而且我認為第三方佣金率會繼續下降，這將直接影響到利潤。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

A couple of questions for me. And maybe first, continuing on the RCS theme of growth. Maybe you could expand a bit on the safe house expansion in terms of driving higher levels of engagement. Are there specific learnings from that informing other future content updates?

我有幾個問題想問一下。首先，或許可以繼續探討RCS的成長主題。或許您可以就安全屋擴建如何提高參與度方面再詳細闡述。從中能否汲取具體經驗教訓，為未來的內容更新提供參考？

And I guess, secondly, maybe to Strauss, how are you thinking about capital allocation priorities with the growing cash balance which is likely also going to expand quite a bit later this year?

其次，我想問施特勞斯先生，您是如何考慮不斷增長的現金餘額（預計今年晚些時候還會大幅增長）的資本配置優先事項的？

So what we learned from A Safe House in the Hills update is that when you deliver great material, consumers show up, and Rockstar always aims to do the best possible work. Some of the content updates have performed better than others, and this one has been nothing short of stellar.

從《山中安全屋》的更新中我們了解到，當你提供優質的內容時，消費者就會買賬，而 Rockstar 一直致力於做到最好。有些內容更新表現優於其他更新，而這次的更新堪稱完美。

But I think the broader point is the one that matters, which is as we head into the release of GTA VI. I think there was some trepidation on the fear of market participants that GTA V or GTA Online would somehow become less relevant. And I think the contrary is true. The anticipation is yielding even more engagement with GTA. GTA V, of course, has now sold in 225 million units.

但我認為更重要的還是更廣泛的層面，那就是在我們即將發布 GTA VI 之際。我認為市場參與者有些擔憂，害怕 GTA V 或 GTA Online 的相關性會降低。但我認為事實恰恰相反。這種期待反而帶來了更多玩家對GTA的參與。當然，《俠盜獵車手5》目前已售出2.25億份。

But what's it is all driven by? The reason that GTA is so extraordinary is because Rockstar makes an extraordinary game and continues to make extraordinary features and additions and opportunities and A Safe House update basically shows that. So this is an example of where our strategy pays off. We're focused on creativity pays off.

但這一切的驅動力是什麼呢？GTA之所以如此非凡，是因為Rockstar製作了一款非凡的遊戲，並且不斷推出非凡的功能、新增內容和機會，而安全屋更新就充分證明了這一點。這就是我們策略奏效的一個例子。我們堅信創造力終會帶來回報。

I'm sorry, on your second question, capital -- sorry, I was so excited, but with my words there, I got diverted from your second. I thought that was pretty poetic myself.

抱歉，關於你的第二個問題，大寫字母——抱歉，我太激動了，以至於我剛才說的話讓我偏離了你的第二個問題。我覺得這很有詩意。

But in any case, capital allocation remains unchanged. So we have three uses of our capital, and I agree that if things go well and as planned, our cash balance should continue to grow. And of course, we are generating significantly more operating cash flow than expected this year with these results.

但無論如何，資本配置都保持不變。因此，我們的資金有三種用途，我同意，如果一切進展順利並按計劃進行，我們的現金餘額應該會繼續增長。當然，憑藉這些業績，我們今年的經營現金流也遠遠超乎預期。

The first is, of course, to support organic growth. That's been our story here. This is an organic growth company with a handful of very selective acquisitions, thankfully, all accretive ones, most notably the acquisition of Zynga in 2022. So that leads me to the second use of our capital, which is inorganic growth opportunities, and we'll continue to pursue those in just a selective and disciplined way, and we are looking only for accretive opportunities.

首先，當然是支持有機成長。這就是我們在這裡的故事。這是一家有機成長型公司，只進行過幾次非常有選擇性的收購，值得慶幸的是，所有收購都帶來了收益成長，其中最值得一提的是 2022 年對 Zynga 的收購。因此，這就引出了我們資本的第二個用途，即非有機成長機會，我們將繼續以有選擇、有紀律的方式追求這些機會，我們只尋找增值機會。

And the third is to return capital to the shareholders, which we've done over and over again. We've typically done so opportunistically with buybacks. And thankfully, our buybacks have all turned out to be good for the shareholders in the fullness of time.

第三點是向股東返還資本，我們已經一再這麼做了。我們通常會抓住機會進行股票回購。值得慶幸的是，從長遠來看，我們所有的股票回購都對股東有利。

I am a believer that you do buybacks when your balance sheet can afford it on the one hand and when you can do so at deep value on the other hand. Our most recent buyback was executed about $158 a share. There were some moments where people thought that was a bad thing. Turns out it was a very good thing.

我認為，回購股票一方面應該在資產負債表能夠承受的範圍內進行，另一方面也應該在股票價值很低的時候進行。我們最近一次的股票回購價格約為每股 158 美元。有時候人們會覺得那是一件壞事。事實證明，這是一件非常好的事。

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

You've seen consistent outperformance with NBA 2K and continue to post very strong growth despite the difficult comparisons. Could you just touch on what is resonating most do you think, with players. And as you think about the next leg of growth for the franchise, what do you see as the biggest opportunity? Is it going to be growth internationally, expanding the user base or enhancing monetization?

您在 NBA 2K 方面一直表現出色，儘管面臨嚴峻的對比，但仍然保持著非常強勁的成長勢頭。您能否談談您認為球員們最感興趣的是什麼？展望品牌的下一個發展階段，您認為最大的機會是什麼？是要實現國際成長、擴大用戶群還是提高獲利能力？

So it's hard to say that one particular thing is driving the success with NBA. Obviously, it's been an incredible year for us selling a lot of units and also the performance of RCS across the board and engagement has been off the charts, 30%-plus year over year on basically every mode that we have. Those things don't come easy. And I think the best way to describe why this works for us is because it's the way that DC and 2K run their business, which is really in the state of perpetual diligence.

因此，很難說是什麼具體因素推動了NBA的成功。顯然，今年對我們來說是令人難以置信的一年，我們賣出了很多產品，RCS 的整體表現也十分出色，用戶參與度更是爆表，基本上我們所有模式的同比增長都超過了 30%。這些事情並非輕易就能得到。我認為解釋為什麼這對我們有效的最佳方式是，這是 DC 和 2K 的經營之道，他們真正處於持續努力的狀態。

They're constantly communicating with the consumers, seeing what the consumer is doing, watching how they play, seeing what works, doesn't work and refining the game year after year. And it's that maniacal attention to detail. When you add it up year over year, that culminates in so much success. And this is one of those years where everything was just humming in the right direction.

他們不斷與消費者溝通，了解消費者的行為，觀察他們的遊戲方式，了解哪些有效，哪些無效，並年復一年地改進遊戲。正是這種對細節近乎瘋狂的關注。年復一年地累積起來，最終會取得巨大的成功。今年一切都進展得非常順利，朝著正確的方向發展。

And on top of that, there's always an effort every year to do something a little bit different and a little new. For example, Cruise this year, which is a really interesting concept. People can pair up together with 50 people, play against other teams, and it's a really exciting thing, a social thing, which has had a pretty big impact on my career mode. So it's not one thing, it's everything. And I'd say it's culture as much as it is anything else.

除此之外，每年都會努力嘗試一些不尋常、新穎的東西。例如，今年的郵輪之旅，就是一個非常有趣的概念。人們可以和 50 個人組隊，與其他隊伍比賽，這真是一件令人興奮的事情，也是一件社交事情，這對我的職業生涯模式產生了相當大的影響。所以這不是一件事，而是所有事。我認為這很大程度是文化問題，其次才是其他因素。

I think there was a second part. Biggest opportunity. Well, first of all, the biggest opportunity is to continue to do more of what I just described, which will lead to a higher installed base of folks and also to higher engagement, which ultimately leads to higher monetization. I do believe that there is a significant international expansion opportunity.

我認為還有第二部分。最大的機會。首先，最大的機會在於繼續做我剛才描述的事情，這將帶來更高的用戶基數和更高的用戶參與度，最終帶來更高的利潤。我相信存在著巨大的國際擴張機會。

The MBA continues to be an amazing partner for us. They're expanding internationally. Basketball is a global sport, and we've got that going for us. So I think that will help us drive -- and just without regard to just the NBA expanding, there are lots of opportunities for us to expand also in North America as well as we grow with a brand in partnership with NBA.

MBA課程一直是我們非常棒的合作夥伴。他們正在向國際市場擴張。籃球是一項全球性運動，這是我們的優勢。所以我認為這將有助於我們發展——而且，即使不考慮 NBA 的擴張，我們也有很多機會在北美擴張，同時與 NBA 合作發展品牌。

So at this point, I think the sky is still the limit. We surprised ourselves every year. The game does better and better. So we're very optimistic about the future obviously.

所以我覺得，目前來看，一切都有可能。我們每年都會帶給自己驚喜。遊戲越來越好玩了。所以，我們對未來顯然非常樂觀。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Maybe specifically, again, back to the commentary on generative AI. We hear loud and clear Take-Two's ability to harness that. But maybe on Genie specifically, we've been getting a lot of questions from investors about the similarities and differences between world models and game engines. Can you maybe give us an overview of what you think tools like Genie can and cannot do as it relates to some of the proprietary game engines that you operate?

或許更具體地說，我們還是回到關於生成式人工智慧的評論。我們清楚地感受到了Take-Two公司駕馭這種能力的強大之處。但就 Genie 而言，我們收到了許多投資者關於世界模型和遊戲引擎之間的異同的問題。您能否概述一下，您認為像 Genie 這樣的工具在您運營的一些專有遊戲引擎方面能做什麼，不能做什麼？

So in terms of commenting on the specific technology, I think -- I don't think we're going to go into the great details about the tech differences because, frankly, Genie are early in its iteration at this point and trying to make a comparison to a game engine is just really -- they're not even in the same ballpark.

所以，就具體技術而言，我認為——我們不應該深入探討技術差異的細節，因為坦白說，Genie 目前還處於早期迭代階段，試圖將其與遊戲引擎進行比較實際上——它們根本不在一個層面上。

Genie is not a game engine. And I would -- it's very exciting technology, and I think it's -- the question is how tenant benefit our creators. And I think there will be a moment in time that will become more defined. It certainly doesn't replace the creative process. And I would say, look, I mean, it looks to me more like a procedurally generated interactive video.

Genie 不是遊戲引擎。我認為這是一項非常令人興奮的技術，我認為問題在於租戶如何使我們的創造者受益。我認為，未來會有一個更明確的時刻。它當然不能取代創作過程。我覺得，這看起來更像是程式生成的互動式影片。

At this point, there are limitations, and Google has said as much. So to compare the technologies, I think there's really no way to do that because they're so far apart. And there are so many more elements to game development that go beyond world creation. And the question is what is the world creation.

目前來看，這項技術有局限性，谷歌也承認這一點。因此，要比較這些技術，我認為真的沒有辦法，因為它們相差太遠了。除了世界建構之外，遊戲開發還包含許多其他要素。問題是，世界的創造是什麼？

So even beyond world creation, there's everything else that's involved. There's the storyline, there's emotional connection, there's vibe, there's mission structure. All of those things, you cannot capture through AI and certainly not through a world builder. So that's just a very, very small component of what we do. And if this tool bears out, it will make a component of what we do all that much better and more efficient.

所以，除了世界創造之外，還有其他一切相關因素。有故事情節，有情感聯繫，有氛圍，有任務結構。所有這些都無法透過人工智慧捕捉，當然也無法透過世界建構器捕捉。所以這只是我們工作的一小部分。如果這個工具真的有效，它將使我們工作的某個環節變得更好、更有效率。

Ed Alter, Jefferies.

艾德‧奧特，傑富瑞集團。

Thanks for the question. I want to dig into your mobile advertising results. I think it's the second time that you guys have grown that year over year since acquiring Zynga. I just wanted to dig into what's going so right there and where kind of the opportunity for continued growth in the mobile advertising space is for you guys?

謝謝你的提問。我想深入了解你們的行動廣告效果。我認為這是你們自收購 Zynga 以來第二次實現同比增長。我只是想深入了解目前的情況，以及你們在行動廣告領域持續成長的機會在哪裡？

That's pretty simple. When we took over Zynga, there weren't a lot of ad units in most of the games, and we have selectively added ad units pretty much across the board, not entirely certain games don't merit that. Also, I think Zynga has been very smart about the way they go ahead -- go about monetizing that advertising, and there really is much more opportunity there without interfering with the experience at all.

這很簡單。當我們接手 Zynga 時，大多數遊戲中的廣告單元並不多，我們有選擇地在幾乎所有遊戲中都添加了廣告單元，並非完全沒有理由不添加。此外，我認為 Zynga 在廣告變現方面做得非常聰明，而且在完全不干擾使用者體驗的前提下，確實還有更多的機會。

The strategy ultimately is to make sure that one way or another, we monetize the bulk of our users. As you know, in the mobile games business, viewer than 20% of your users actually engage with you to pay. And without creating any friction in the experience, we think there's an opportunity selectively to apply advertising to the part of the market that doesn't currently want to pay.

最終策略是確保我們能夠以某種方式實現大部分用戶的收入變現。如您所知，在行動遊戲產業，只有不到 20% 的用戶會真正付費。我們認為，在不為使用者體驗帶來任何阻礙的情況下，有機會選擇性地將廣告投放給目前不想付費的那部分市場。

So experiences have to be great across the board. That's our job, right? We deliver great entertainment experiences. And equally, we have an obligation to monetize those experiences so that we can pay our creators and keep making hits.

所以，所有方面的體驗都必須很棒。那是我們的工作，對吧？我們提供精彩的娛樂體驗。同樣，我們也有義務將這些體驗貨幣化，以便我們能夠支付創作者的報酬並繼續創作熱門作品。

Great. And given your comments on how the impending GTA VI is a positive for GTA Online in current form, what is your view on what GTA Online is going to continue to be the current iteration once GTA VI does come out?

偉大的。鑑於您曾評論即將推出的 GTA VI 對目前的 GTA Online 來說是件好事，您認為 GTA VI 發布後，GTA Online 會如何繼續保持目前的版本？

Look, Rockstar Games is the locus of information about where the titles go, content and marketing. And generally, we have a pretty light touch when we talk about the label's creative activities.

你看，Rockstar Games 是遊戲發行方向、內容和行銷等資訊的中心。一般來說，我們在談論品牌的創意活動時，態度都比較輕鬆。

At the same time, I have every reason to believe we'll continue to support GTA Online. There's a great community that loves it, it stays engaged. And again, in this quarter, Rockstar has shown that when you deliver great additional content, despite how long GTA Online has been a market, people show up.

同時，我有充分的理由相信我們會繼續支持 GTA Online。這裡有一個很棒的社群，他們熱愛它，並且一直保持著活躍度。再次證明，在本季度，Rockstar 已經提供了優質的額外內容，即使 GTA Online 已經上線很久，人們仍然會關注它。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

I think this is a while back, but I think when you first talked about GTA VI coming out, you noted that -- or you expected your non-GAAP earnings to grow the year after it was released not just for your release being the base.

我想這已經是過去的事了，但我想當你第一次談到 GTA VI 即將發佈時，你曾提到過——或者說你預計你的非 GAAP 收益會在遊戲發布後的第二年增長，而不僅僅是因為遊戲發布本身就是基礎。

I just wonder, is that still true? And do you mind just sort of unpacking sort of the main drivers of that? Presumably, one of it is just getting four quarters attribution, but what else would you say are the key drivers of that expectation if it is still true?

我只是想知道，這種情況現在還適用嗎？能否詳細分析造成這種情況的主要原因？想必其中一個原因是希望獲得四個季度的業績歸因，但如果這種預期仍然成立，您認為還有哪些關鍵因素促成了這一預期？

What we have been saying is that we expect that our release schedule is going to drive sequential growth next year. And then that will bring us to establish a new baseline for our business going forward. So we haven't really been talking about detailed guidance beyond fiscal year '26. And now in our May earnings call, we'll give you our guidance for fiscal year '27. And we're not planning on providing detailed guidance for any years beyond that at this time because our lease schedule includes numerous titles each year and even modest shifts can have significant effect on results in any given period.

我們一直強調的是，我們預計明年的發布計劃將推動業績環比成長。然後，這將為我們未來的業務發展奠定新的基礎。因此，我們還沒有真正討論過 2026 財年以後的詳細指導意見。現在，在五月的財報電話會議上，我們將向您提供我們對 2027 財年的業績展望。目前我們不打算提供未來幾年的詳細指導，因為我們的租賃計劃每年包含許多產權，即使是微小的變化也會對任何特定時期的業績產生重大影響。

So all of our years will be driven by our release schedule. And we have a very robust release schedule over the next couple of years, and that's what's really driving the growth in the business.

因此，我們未來幾年的工作都將由我們的發行計畫所驅動。未來幾年，我們將制定非常穩健的產品發布計劃，這才是真正推動業務成長的因素。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

It seems like the market is creating potential opportunities for M&A. So in that light, can you maybe refresh our understanding of what makes the studio appealing to Take-Two? You noted in response to a prior question that any M&A has to be accretive. And so with that said, what are the other qualities in the studio you look for?

市場似乎正在創造併購的潛在機會。那麼，從這個角度來看，您能否幫助我們重新理解是什麼讓這家工作室對 Take-Two 如此有吸引力？您在回答先前的問題時提到，任何併購都必須是增值的。那麼，綜上所述，您在選擇工作室時還會考慮哪些其他特質呢？

Well, if you're right to ask that because of accretive is a financial calculation based on the decision to proceed. The decision is based on the talent, the technology, and the intellectual property. And we think there may be some opportunities out there that you have to be incredibly selective.

嗯，如果你問得對，因為增值是基於是否繼續進行決策的財務計算。這項決定是基於人才、技術和智慧財產權做出的。我們認為，有些機會需要你非常謹慎地選擇。

Broadly in the market, as you know, most corporate M&A fails because most corporate management teams love the notion of presiding over a bigger and bigger empire. We don't look at the world that way. Our job is to entertain the world. Our job is to make the most creative properties that anyone can make and to bring them to consumers wherever they are. If there is an enterprise available on favorable terms that sits within that strategy and can operate within our unique culture, then it's potentially interesting to us.

如你所知，從市場整體來看，大多數企業併購都會失敗，因為大多數企業管理團隊都喜歡掌控越來越大的商業帝國的想法。我們並不那樣看待這個世界。我們的工作是娛樂全世界。我們的工作就是創造出最具創意的作品，並將它們帶給世界各地的消費者。如果有一個企業符合我們的策略，並且能夠在我們獨特的企業文化中運營，且收購條件有利，那麼我們可能會對它感興趣。

Mike Hickey, Benchmark Company.

Mike Hickey，Benchmark 公司。

Good quarter, guys, congratulations. I guess the first question, you've got two is on GTA VI. Glad to hear that summer marketing is going to start here, that's encouraging. But just sort of curious, Strauss, how much marketing you really have to do here, if there's leverage versus prior releases, just given the strength of GTA V, GTA Online effect that this is a massive pent-up demand for will be part of the [what],does it seem like you have to market much. So just curious, your view there.

夥計們，這季度表現不錯，恭喜！我想第一個問題，你有兩個問題，是關於 GTA VI 的。很高興聽到夏季行銷活動即將開始，令人鼓舞。史特勞斯，我只是有點好奇，你到底需要做多少行銷？考慮到 GTA V 和 GTA Online 的強大影響力，以及由此帶來的巨大積壓需求，與之前的作品相比，你覺得需要做多少行銷？所以我很好奇，你對此有何看法？

And then I guess on the top of affordability, which is obviously very topical, certainly within the video game space, just curious your specific thoughts given that we're sort of year five here approaching year six of the current console cycle and pricing and consoles are going up. We've got now memory cost issue. So they can even go up further by the time the GTA VI comes out.

然後，除了價格實惠這個顯然非常熱門的話題之外，尤其是在電子遊戲領域，我很好奇你對此有何具體看法，因為我們現在已經進入當前遊戲機週期的第五年，即將進入第六年，而遊戲機的價格也在上漲。我們現在面臨記憶體成本問題。所以到 GTA VI 發布的時候，價格甚至可能更高。

We've also seen some inflation on software. So just broadly speaking, how you think your consumer fits within that affordability picture and how you think about providing value, which knows the centerpiece of what you've done historically?

我們也看到軟體價格出現了一些上漲。所以總的來說，您認為您的消費者在可負擔性方面處於什麼位置？您又是如何看待提供價值的？這又如何體現您過去工作的核心價值呢？

Mike, I mean I love your question, your first question, like are we just going to sit back and relax as we head into the release of GTA VI? And I think the opposite is true. You're talking to a team that you've known for 17 years, and we're in the business of eating red meat for breakfast. I think we'll be having a lot more red meat in the coming months.

麥克，我是說，我很喜歡你的問題，你的第一個問題，就像我們是不是就可以坐等 GTA VI 發售了？但我認為事實恰恰相反。你正在和一支你認識了 17 年的團隊交談，而我們早餐吃紅肉。我認為未來幾個月我們將吃到更多紅肉。

So there -- we are very fortunate that consumer anticipation for GTA VI is indeed huge. And one does have to be judicious in the way one markets such an extraordinary property. But rest assured that I think you'll be pretty astonished by the creativity that Rockstar's marketing team brings to consumers in the coming months.

所以，我們非常幸運，消費者對 GTA VI 的期望確實非常高。在推銷如此非凡的房產時，確實需要謹慎行事。但請放心，我認為在接下來的幾個月裡，Rockstar 的行銷團隊將為消費者帶來令人驚嘆的創意。

On the affordability question, we do feel a compact with the consumer. We've talked about for a very long time to deliver way more value than what we charge. I think we're known for that. And we're in the business of entertaining people. We're not in the business of creating revenue.

關於價格承受能力問題，我們確實與消費者達成了某種協議。我們一直以來都在討論如何提供遠超我們收費的價值。我想我們就是因此而聞名的。我們的工作就是為人帶來娛樂。我們並非以創造收入為目的。

Revenue comes from entertaining. And interactive entertainment on a real basis is getting more and more affordable all the time because we offer extraordinary value for the money. People engage with our properties for hours and hours and hours, and on a real basis, frontline prices have declined in the past 20 years, meaningfully declined.

收入來自娛樂活動。而且，由於我們提供的物超所值，真正的互動娛樂也變得越來越實惠。人們花幾個小時甚至幾個小時的時間瀏覽我們的房產，而實際上，在過去 20 年裡，一線房產的價格已經大幅下降。

So we see it the same way, which is we do believe in democratizing access to what we do around here, we want everyone to be able to engage. I just mentioned in terms of mobile. You want to have a great mobile experience. We offer the best mobile experiences on earth free. And you can play them, have a wonderful experience completely free.

所以我們的看法也是一樣，那就是我們相信應該讓每個人都能參與我們這裡所做的工作中來，我們希望每個人都能參與其中。我剛才指的是行動裝置方面。你想擁有絕佳的行動體驗。我們提供全球最佳的免費行動體驗。而且你可以免費暢玩，享受美好的遊戲體驗。

On the console side, of course, that's not expected by consumers because of the deep value that we bring. And consumers do expect to pay for that. But on a real basis, we're making it more and more affordable and more and more accessible.

當然，在主機遊戲方面，消費者不會期望這種情況發生，因為我們帶來了巨大的價值。消費者也確實希望為此付費。但實際上，我們正​​在讓它變得越來越實惠，越來越容易獲得。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

So you have a few undated mobile titles as part of your frontline release schedule. Recognizing it's been a tough launch market for new titles for a while now, based on the strength they're experiencing with your mobile business, can you comment on what you're seeing in terms of market dynamics for launching new games and whether the backdrop is more [affordable] of delivering new hits.

所以，你們的先發計畫包含了一些尚未確定發售日期的手機遊戲。鑑於新遊戲的發布市場已經持續一段時間處於艱難狀態，根據貴公司行動業務的強勁表現，您能否就新遊戲發布的市場動態以及推出熱門遊戲是否更加經濟實惠發表一下看法？

There are really only two companies in the mobile space who are delivering new hits in the last five years; we're one of them. It's super hard. It's incredibly hard. It's been hard. You're quite right.

過去五年裡，行動領域真正能推出熱門產品的公司只有兩家；我們就是其中之一。太難了。這太難了。這很艱難。你說得完全正確。

Ever since you had a pay for user acquisition, which is the better part of, I guess, nine years, it's become much more difficult. And the early days of mobile, of course, was a new market and people are very accepting of new IP and new markets. So we're exceedingly respectful of the difficulty of launching any new hit, and that includes in our mobile space.

自從你們開始付費獲取用戶以來（我想大概有九年了），情況就變得更加困難了。當然，行動通訊的早期階段是一個全新的市場，人們非常樂於接受新的智慧財產權和新市場。因此，我們非常尊重推出任何一款熱門新應用程式的難度，這也包括行動領域。

I do think the Zynga team has come up with an approach that is more likely to succeed more regularly than our prior approach because [it takes] awhile to arrive at this. And once again, it sort of be selective and focus on the best talent in the business and make sure that talent pursues their passion. And then, of course, listen to the data and iterate according to the data.

我認為 Zynga 團隊提出的方法比我們之前的方法更有可能成功，因為要達到這個目標需要一段時間。再次強調，要有所選擇，專注於業界最優秀的人才，並確保這些人才能夠追求自己的夢想。當然，接下來也要傾聽數據，並根據數據進行迭代。

But you can't iterate at the beginning to create a hit. You need to create a fashion to create the hit from which you build.

但你不能一開始就透過迭代來打造一款熱門產品。你需要創造一種時尚，才能打造出熱門單曲，並以此為基礎發展壯大。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Strauss, we saw our recent announcement of CFX Marketplace, which appears to be a push in the direction of UGC gaming. Can you talk more about this launch and how you're thinking about the broader opportunity? And also maybe any insights around developer economics in the marketplace with respect to bookings?

史特勞斯，我們看到了我們最近發布的 CFX Marketplace，這似乎是在推動向用戶生成內容 (UGC) 遊戲發展。您能否詳細談談這次產品發布，以及您如何看待更廣泛的機會？此外，您能否就開發商在市場預訂方面的財務狀況提供一些見解？

I mean, I think that we've always welcomed, for quite some time, user-generated content. We have that in numerous parts of our business. Of course, we have the role-playing server business at Rockstar. So we see this as an important and interesting development with more opportunity to come.

我的意思是，我認為我們一直以來都非常歡迎用戶生成的內容。我們業務的許多環節都存在這種情況。當然，Rockstar 還有角色扮演伺服器業務。因此，我們認為這是一個重要且有趣的進展，未來將有更多機會。

At the end of the day, what we're known for here is our creators making the very best in entertainment, and that's our job. And we think that, that never goes away as a driver of the business. At the same time, there are users who want to create and engage and we want to create a home for them as well. And tools that make that more viable and more accessible could be an opportunity for us.

歸根究底，我們這裡以創作者打造最優質的娛樂作品而聞名，這就是我們的工作。我們認為，這始終是推動業務發展的動力。同時，也有一些使用者希望進行創作和互動，我們也希望為他們創造一個家園。而那些能讓這一切變得更可行、更容易實現的工具，對我們來說可能是個機會。

Martin Yang, Oppenheimer.

Martin Yang，奧本海默。

I have a question on engagement and then follow-up on monetization. First on engagement, can you maybe talk about how the GTA player base are you engaging with the game? Is it primarily on GTA Online? Or do you see still the full game getting substantial playing hours or user or MAUs?

我有一個關於用戶參與度的問題，然後是關於獲利模式的後續問題。首先，關於玩家參與度，您能否談談您是如何與 GTA 玩家群互動的？主要是在GTA Online上嗎？或者你認為完整版遊戲還能獲得可觀的遊戲時間、用戶數或每月活躍用戶數嗎？

Look, we sold a whole bunch of units of GTA V in the quarter, and Rockstar continues to bring new consumers into the tent. So it's both. It's the full game, and it's the Online version, which was up meaningfully Year-over-year, about 27%.

你看，我們這一季賣出了許多 GTA V，Rockstar 也一直在吸引新的消費者加入。所以兩者都是。這是完整版遊戲，也是線上版本，其年成長幅度顯著，約 27%。

Mark Dessouky (sic - Omar Dessouky) , Bank of America.

Mark Dessouky（原文如此 - Omar Dessouky），美國銀行。

It's Omar Dessouky. So I think you mentioned that Zynga comprised a little bit less than half of your revenue of the entire business. Over the last couple of years, it's been well known that solutions to avoid app store fees would become commercially available. And there have been in several that have been announced, such as, for example, Unity's cross-platform e-commerce solution that would help reduce the amount of fees that game developers have to take to the app stores.

他是奧馬爾·德蘇基。所以我想你有提到過，Zynga 的收入佔你整個公司總收入的不到一半。在過去幾年裡，人們已經普遍知道，避免應用商店費用的解決方案將會商業化。已經公佈的方案中也包括一些，例如 Unity 的跨平台電子商務解決方案，該方案將有助於減少遊戲開發者必須向應用程式商店支付的費用。

How much of your fees -- the distribution fees that you pay to the app stores do you think are addressable through such a third-party solution outside of the fact that you already have growth in your own DTC channel? Are the two mutually exclusive? And how much do you think you can save? And how much time will it be before you implement such a third-party solution?

您認為除了您自己的 DTC 管道已經實現成長之外，您支付給應用程式商店的分發費用中有多少可以透過這種第三方解決方案來解決？這兩者是否互斥？你覺得你能存多少錢？你們需要多久才能實施這樣的第三方解決方案？

So I'm not really going to comment on third-party solutions. And the fact is a lot of our -- our DSC efforts, we really do in-house at this point. That's not to say that their port solutions can't be helpful now or in the future. But primarily, this is an internally driven thing for us.

所以我不打算對第三方解決方案發表評論。事實上，我們很多 DSC 方面的工作，目前都是我們內部完成的。但這並不意味著他們的港口解決方案現在或將來不會有所幫助。但主要原因在於，這是我們內在驅動的事情。

And in terms of the opportunity, I think we've said before, right now, it's still pretty early. It's growing in terms of not all of our games, even some of our really large games are not -- don't have D2C components to them. I think all of them at one point could. We'll see how that shakes out.

至於機會方面，我想我們之前也說過，現在還為時過早。雖然我們的遊戲，甚至一些大型遊戲，都沒有D2C組件，但這種情況正在改變。我認為他們所有人都有朝一日能夠做到。我們拭目以待。

So we're pretty early in the process, and we think there's a lot of growth ahead of us. But it's something that we're certainly excited about. It improves our margins and the, as Strauss mentioned earlier, the legislative environment has been favorable towards that.

所以我們目前還處於早期階段，我們認為未來還有很大的發展空間。但我們對此確實感到非常興奮。它提高了我們的利潤率，而且，正如施特勞斯之前提到的，立法環境也對此有利。

That concludes our question-and-answer session. I will now turn the call back over to Strauss Zelnick for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給施特勞斯·澤爾尼克，請他作總結發言。

Thank you so much for joining us today. Obviously, we're thrilled with the company's results. We're thrilled with our revised outlook for the rest of the year. And we're beyond thrilled with our expectations for next year, including WWE coming up this year. And of course, NBA 2K and then most notably, GTA VI.

非常感謝您今天能來參加。顯然，我們對公司的業績感到非常滿意。我們對今年剩餘時間的展望調整後感到非常滿意。我們對明年充滿期待，包括今年即將舉行的 WWE 賽事，感到無比興奮。當然還有 NBA 2K，以及最值得一提的 GTA VI。

I want to just take a minute to thank our teams -- our creative teams for showing up every day, bringing their passion to the table, not taking no for an answer, and always willing to push as far as they can to deliver the most extraordinary entertainment experiences. And I want to thank our executive teams who subscribe to our strategy of creativity, efficiency, and innovation and will also show up every day doing their very best work in service of our collective goal to be the best entertainment company on earth.

我想花一分鐘時間感謝我們的團隊——我們的創意團隊，感謝他們每天都盡職盡責，充滿熱情地投入工作，不達目的誓不罷休，並始終竭盡所能，為大家帶來最非凡的娛樂體驗。我還要感謝我們的管理團隊，他們認同我們的創意、效率和創新策略，並且每天都會盡心盡力，為我們成為地球上最好的娛樂公司的共同目標服務。

Thank you to our shareholders for your support. These are really exciting times, and we're happy that you're along for the ride.

感謝各位股東的支持。這是一個令人興奮的時代，我們很高興你能與我們一同經歷這一切。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

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