Take-Two Interactive Software, Inc. (TTWO) 2026 Q4 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 fourth quarter and fiscal year 2026 and Take-Two Interactive Software results call. (Operator Instructions)

您好，感謝各位稍候。我是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Take-Two Interactive Software 2026 會計年度第四季及全年業績電話會議。(接線員指示)

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

現在我想把電話交給投資人關係與企業傳播資深副總裁 Nicole Shevins。Nicole，請開始。

Good afternoon. Thank you for joining our conference call to discuss our results for the fourth quarter and fiscal year 2026 ended March 31, 2026.

各位下午好。感謝各位參加我們的電話會議，討論截至 2026 年 3 月 31 日止之 2026 會計年度第四季及全年業績。

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.

今天的會議將由 Take-Two 董事長兼執行長 Strauss Zelnick、總裁 Karl Slatoff，以及財務長 Lainie Goldstein 主持。在我們的準備發言結束後的問答環節，我們將回答各位的提問。

Before we begin, I'd like to remind everyone that states 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，我想提醒各位，本次電話會議中除歷史事實以外的陳述，依據聯邦證券法均屬前瞻性陳述。這些前瞻性陳述係基於管理層的信念，以及我們所作的假設與目前可得資訊。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. 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.

實際營運結果可能因多項因素而與這些前瞻性陳述存在重大差異。這些重要因素已在我們向 SEC 提交的文件中說明，包括公司最近一期 Form 10-K 年報與 Form 10-Q 季報，以及其中「風險因素」章節所摘要的風險。另外也請注意，除非另有說明，我們今天討論的所有數字均依 GAAP（一般公認會計原則）編製，且所有比較均為年對年。關於我們實際結果與展望的更多細節，載於我們的新聞稿，其中亦包含管理層在內部用以調整 GAAP 財務結果、以評估營運表現的項目。

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.

我們的新聞稿亦包含任何非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表。此外，我們已在網站上發布簡報投影片，以視覺化方式呈現我們的業績與財務展望。我們的新聞稿與向 SEC 提交的文件可於 take2games.com 取得。

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

現在我把電話交給 Strauss。

Thanks, Nicole. Good afternoon, and thank you for joining us today. I'm pleased to report that we concluded fiscal year 2026 with excellent results, including fourth quarter net bookings of $1.58 billion, which was above the high end of our guidance range. Net bookings for the full fiscal year were $6.7 billion, which was approximately $750 million above the initial guidance we provided last May.

謝謝你，Nicole。各位下午好，感謝各位今天加入我們。我很高興報告，我們以優異的成果結束 2026 會計年度，其中第四季淨預訂額（net bookings）為 15.8 億美元，高於我們指引區間的上緣。全年淨預訂額為 67 億美元，較我們去年 5 月提供的初始指引高出約 7.5 億美元。

NBA 2K delivered record net bookings and recurrent consumer spending, Zynga achieved its highest level of net bookings since we acquired the business in 2022, and the Grand Theft Auto series, once again exceeded our expectations and continued to drive significant net bookings and deep engagement with its passionate community of players.

NBA 2K 創下淨預訂額與經常性消費者支出（recurrent consumer spending）的新高；Zynga 達到自我們於 2022 年收購該業務以來的最高淨預訂額水準；而《俠盜獵車手》（Grand Theft Auto）系列再次超出我們的預期，並持續帶動可觀的淨預訂額，以及其熱情玩家社群的深度參與。

Fiscal 2027 is poised to be a breakout year for Take-Two, led by the November 19 release of Grand Theft VI, arguably the most anticipated entertainment property of all time and we're excited that Rockstar Games will start their marketing campaign this summer. Our initial financial outlook for fiscal 2027 includes record net bookings of $8 billion to $8.2 billion. This reflects meaningful growth over last year, led by the launch of Grand Theft Auto VI, along with the successful execution across our entire portfolio.

2027 會計年度有望成為 Take-Two 的突破性一年，主要動能來自《俠盜獵車手 VI》將於 11 月 19 日推出；它可說是史上最受期待的娛樂作品之一，我們也很興奮 Rockstar Games 將於今年夏天啟動行銷活動。我們對 2027 會計年度的初步財務展望包含創紀錄的淨預訂額 80 億至 82 億美元。這反映出相較去年具意義的成長，主要由《俠盜獵車手 VI》的上市所帶動，並結合我們在整體產品組合上的成功執行。

We expect to sustain this higher level of scale and generate strong cash flows well into the future as we release our robust long-term development pipeline and capitalize on new opportunities across our highly established multifaceted business.

隨著我們推出強勁的長期開發管線，並把握我們高度成熟且多元化業務中的新機會，我們預期將在未來很長一段時間維持更高的規模水準並產生強勁的現金流。

Turning to highlights from the quarter. I'll begin with our fantastic mobile performance. Toon Blast grew approximately 25% year over year as Peak introduced new events and features, including Temple Guardians, Deep Quest, and refined level experiences. Match Factory! continued to perform with players responding positively to its live service execution and a continuous pipeline of play-friendly features such as the collectible album.

接著談本季亮點。我先從我們出色的行動端表現開始。在 Peak 推出新活動與功能（包括 Temple Guardians、Deep Quest，以及更精緻的關卡體驗）後，Toon Blast 年對年成長約 25%。Match Factory!也持續表現亮眼，玩家對其即時服務（live service）的執行與持續推出的友善玩法功能（例如可收藏的相簿）反應正面。

Empires & Puzzles outpaced our forecast and grew 5% over last year, driven by a robust slate of in-game events celebrating the Titles Nift anniversary. Color Block Jam grew 15% year over year and remains the highest grossing title in Rollic's history. Top Eleven delivered its strongest quarter ever after 16 years in market, driven by superb performance of the Bundesliga and live operations innovation. 2K's mobile offerings posted another solid quarter with WWE SuperCard reaching nearly 39 million lifetime downloads.

Empires & Puzzles 表現優於我們的預測，年對年成長 5%，主要受惠於一系列強勁的遊戲內活動，以慶祝 Titles Nift 週年。Color Block Jam 年對年成長 15%，並仍是 Rollic 歷史上營收最高的作品。Top Eleven 在上市 16 年後繳出史上最強季度表現，主要由德甲（Bundesliga）的卓越表現與即時營運創新所帶動。2K 的行動端產品本季再度交出穩健成績，WWE SuperCard 的累計下載量接近 3,900 萬次。

NBA 2K Mobile continuing to expand its audience. NBA 2K26 Arcade edition maintaining its top five position on the Apple Arcade charts and NBA 2K AllStar in China growing to nearly 10 million registered users for just one year end market.

NBA 2K Mobile 持續擴大其受眾。NBA 2K26 Arcade 版維持在 Apple Arcade 排行榜前五名。

Our direct-to-consumer channel continues to drive net bookings and margin growth as we integrate additional mobile titles from our portfolio and deepen our relationships with players by reducing payment friction, and enhancing the end-to-end user experience, which is generating movements in conversion and customer loyalty. As the regulatory landscape continues to evolve, we're even more confident in the sustainability and growth profile of this platform.

我們的直面消費者（direct-to-consumer）通路持續推動淨預訂額與毛利成長；我們正整合產品組合中更多行動遊戲，並透過降低支付摩擦、強化端到端使用者體驗來加深與玩家的關係，進而帶動轉換率與客戶忠誠度的提升。隨著監管環境持續演進，我們對此平台的可持續性與成長輪廓更具信心。

The Grand Theft Auto series continues to outpace expectations significantly and demonstrate incredible momentum leading up to the launch of Grand Theft Auto VI on November 19. Recurrent consumer spending grew 5% year over year with strong engagement in GTA Online, driven by a Safe House and the Hills, one of the best-performing updates in its history. This content offering provided a wide range of community-requested features including mansion properties, the return of Michael Disanto from Grand Theft Auto V, all new missions, vehicles, exclusive GTAs benefits and the powerful new Rockstar mission creator that allows content creators to make their own GTA experiences. Sales of Grand Theft Auto V advanced further with nearly 230 million units sold in to date. GTAs continues to see significant growth year over year led by the holiday update and highly attractive monthly benefits such as the inclusion of NBA-2K26 and its games library.

《俠盜獵車手》系列持續大幅超越預期，並在 11 月 19 日《俠盜獵車手 VI》上市前展現驚人的動能。在 GTA Online 強勁互動的帶動下，經常性消費者支出年對年成長 5%；其中 Safe House and the Hills 是該遊戲史上表現最佳的更新之一。此內容提供多項社群要求的功能，包括豪宅房產、《俠盜獵車手 V》的 Michael Disanto 回歸、全新任務與載具、專屬 GTA+ 福利，以及強大的全新 Rockstar 任務創作工具，讓內容創作者能打造自己的 GTA 體驗。《俠盜獵車手 V》銷售再創新高，迄今累計銷量接近 2.3 億套。GTA+ 在假期更新與極具吸引力的每月福利（例如納入 NBA-2K26 及其遊戲庫）帶動下，年對年持續顯著成長。

In addition, Rockstar Games Red Dead Redemption to achieved its highest level of annual unit sales since its launch year, with over 85 million units sold in to date. During the quarter, our sports offerings also performed well. NBA 2K26 continued to expand its audience -- to date, the title has sold in over 10 million units, representing a 5% increase over NBA 2K25. Recurrent customer spending grew 10% as we benefit from higher daily active users and games played per user.

此外，Rockstar Games 的《碧血狂殺》（Red Dead Redemption）自上市年度以來，年度銷量達到最高水準，迄今累計銷量超過 8,500 萬套。本季我們的運動類產品也表現良好。NBA 2K26 持續擴大其受眾——截至目前，該作品已售出超過 1,000 萬套，較 NBA 2K25 成長 5%。受惠於更高的日活躍用戶數以及每位用戶的遊玩場次增加，經常性客戶支出成長 10%。

In keeping with our strategic focus on innovation, Visual Concepts launched season NBA 2K26, their first-ever college themed offering featuring 16 iconic universities, which was welcomed by NBA 2K's vast community and provided a glimpse of what's to come in college basketball for next year and beyond. I'd like to thank our partners at the NBA and the NBA Players Association for their continued engagement and support in our collective mission.

為呼應我們對創新的策略重點，Visual Concepts 推出了 NBA 2K26 賽季中首個以大學為主題的內容，涵蓋 16 所具代表性的知名大學；此內容受到 NBA 2K 龐大社群的歡迎，也讓大家一窺明年及未來大學籃球內容的發展方向。我也要感謝 NBA 與 NBA 球員工會的合作夥伴，持續投入並支持我們共同的使命。

On March 13, 2K and Visual Concepts launched WWE 2K26, which was well received by critics and consumers alike. Engagement has been excellent with recurrent consumer spending up 20% year over year and more than 85 million matches played an increase of 7% compared to WWE 2K25. 2K is supporting the title with multiple updates through its ringside pass. I'd like to thank Nick Con and his team at for their unwavering support and partnership as we continue to evolve this series further for fans of the game.

3月13日，2K 與 Visual Concepts 推出《WWE 2K26》，獲得評論界與消費者一致好評。互動表現極佳，經常性消費者支出年增 20%，且已進行超過 8,500 萬場比賽，較《WWE 2K25》增加 7%。2K 透過其 ringside pass 以多次更新支援該作品。我要感謝 Nick Con 及其團隊在我們持續為遊戲粉絲進一步進化本系列的過程中，所提供的堅定支持與合作夥伴關係。

PGA Tour 2K25 enjoyed a fantastic resurgence. 2K captured an influx of new players and drove strong organic interest by aligning Season 5 with the start of the PGA tour season in January and including the title on PlayStation Plus. During the quarter, our consumers played 60 million rounds of golf representing a 110 (inaudible) increase over the third quarter. 2K will support the franchise throughout the year with several more content updates.

《PGA Tour 2K25》迎來了極為出色的復甦。2K 透過將第 5 季與 1 月 PGA 巡迴賽季開季對齊，並將該作品納入 PlayStation Plus，吸引大量新玩家並帶動強勁的自然關注度。本季期間，我們的消費者共進行了 6,000 萬回合高爾夫，較第三季增加 110（聽不清）%。2K 將在全年透過多項內容更新持續支援該系列。

In closing, we're incredibly excited by the promise of our future for our players, our organization, and our shareholders. This year has the opportunity to be a major inflection point for our company. defined by groundbreaking entertainment experiences, creative and operational excellence, and record net bookings.

最後，我們對於玩家、公司組織以及股東的未來前景所展現的潛力感到無比振奮。今年有機會成為公司重要的轉折點，其特徵將是突破性的娛樂體驗、創意與營運卓越，以及創紀錄的淨預訂額。

With our flexible balance sheet, our strong cash position and our expectation that we'll generate over $1 billion in operating cash flow this fiscal year. We believe that we're extraordinarily well positioned to take measure, creative risks, to pursue accretive M&A, and to invest in technology that will unlock greater creative capabilities and operational efficiencies across our organization.

憑藉我們具彈性的資產負債表、強勁的現金部位，以及我們預期本會計年度將產生超過 10 億美元的營運現金流。我們相信，公司具備極佳的條件去承擔經過衡量的創意風險、推動具增益性的併購（M&A），並投資於能在整個組織中釋放更高創作能力與營運效率的技術。

I'm immensely proud of our teams and exceedingly optimistic that we'll continue to drive greater success and shareholder value for the long term. I'll now turn the call over to Karl.

我為我們的團隊深感自豪，並且非常樂觀，相信我們將持續在長期為公司帶來更大的成功與股東價值。接下來我把電話交給 Karl。

Thanks, Strauss. I'd like to thank our teams for another strong quarter and for laying the groundwork for an exciting chapter in our company's history. We are extremely optimistic about our upcoming pipeline, which includes 29 titles through fiscal 2029.

謝謝，Strauss。我要感謝我們的團隊再度交出強勁的一季，並為公司歷史中令人振奮的新篇章奠定基礎。我們對即將到來的產品管線極度樂觀，其中包含截至 2029 會計年度共 29 款作品。

In the interest of Precision, we are now only counting mobile games in our pipeline that have been specifically scheduled for worldwide launch within the 3-year window. Our teams continue to develop and test many new titles not reflected in this outlook, some of which may be added to our multi-accounts.

為求精準起見，我們現在僅將已明確排定於 3 年期間內全球上市的手機遊戲納入產品管線統計。我們的團隊仍持續開發並測試許多未反映在此展望中的新作品，其中部分可能會被納入我們的多年度規劃。

Fiscal 2027 is set to be a milestone year led by the launch of Grand Theft Auto VI on November 19. We plan to release six additional titles during the fiscal year, including two mobile titles, three sports titles, which are NBA 2K27, PGA Tour 2K27 and WWE 2K27, and one platform extension. Our labels will also continue to provide new content and experiences that drive engagement and recurring consumer spending across many of our previously released titles.

2027 會計年度將成為里程碑之年，主軸為 11 月 19 日推出《Grand Theft Auto VI》。我們計畫在該會計年度再推出另外 6 款作品，包括 2 款手機遊戲、3 款運動遊戲（《NBA 2K27》、《PGA Tour 2K27》與《WWE 2K27》），以及 1 項平台延伸。我們的各品牌也將持續提供新內容與體驗，以提升互動並推動多款既有作品的經常性消費者支出。

Looking ahead, we currently expect to deliver 22 titles throughout fiscal 2028 and 2029, including one mobile title, five sports titles -- new IPs and 13 core existing IPs, which includes seven sequels and six Remix remasters and platform extensions. We look forward to sharing more about our groundbreaking pipeline, which we believe will drive a new period of growth and long-term returns for our shareholders.

展望未來，我們目前預期在 2028 與 2029 會計年度期間共推出 22 款作品，包括 1 款手機遊戲、5 款運動遊戲——新 IP 以及 13 個核心既有 IP，其中包含 7 款續作與 6 款 Remix 重製版及平台延伸。我們期待分享更多關於這條突破性的產品管線；我們相信它將為股東帶來新一輪成長期與長期回報。

I'll now turn the call over to Lainie.

接下來我把電話交給 Lainie。

Thanks, Karl, and good afternoon, everyone. Fiscal 2026 was an exceptional year for Take-Two as we achieved record net bookings and operating performance. Each of our labels significantly outperformed the initial forecast we provided last May as our teams maintained their focus on product innovation and delivering the highest levels of quality and value. I'd like to thank our teams for their passion and dedication to embark on this milestone year marked by the highly anticipated release of Grand Theft Auto VI and strength across our core businesses results.

謝謝，Karl，各位下午好。2026 會計年度對 Take-Two 而言是非凡的一年，我們達成創紀錄的淨預訂額與營運表現。由於團隊持續專注於產品創新並提供最高水準的品質與價值，我們旗下各品牌的表現均顯著優於去年 5 月所提供的初始預測。我要感謝團隊的熱情與投入，迎接這個里程碑之年——其標誌包括備受期待的《Grand Theft Auto VI》發行，以及我們核心業務的強勁表現。

We delivered fourth quarter net bookings of $1.58 billion, which was above the high end of our guidance range of $1.51 billion and $1.56 billion. This reflected better-than-expected formats from the Grand Theft Auto series, several mobile titles, and the Red Dead Redemption series.

我們第四季淨預訂額為 15.8 億美元，高於我們指引區間 15.1 億至 15.6 億美元的上緣。這反映《Grand Theft Auto》系列、數款手機遊戲以及《Red Dead Redemption》系列的表現優於預期。

Recurrent consumer spending growth was strong, increasing 7% over last year and accounting for 82% of net bookings. This included 7% growth from mobile and 5% growth for Grand Theft Auto Online, both of which surpassed our expirations.

經常性消費者支出成長強勁，年增 7%，並占淨預訂額的 82%。其中包括手機業務年增 7%以及《Grand Theft Auto Online》年增 5%，兩者皆超出我們的預期。

NBA 2K increased 10%, which represented one of the strongest fourth quarters franchise history but was softer than anticipated as trends moderated from the extreme growth we achieved during the second and third quarters of the year. During the quarter, we launched Sid Meier's Civilization 7 for Apple Arcade, PGA Tour 2K25 for Switch 2, and WWE 2K26.

《NBA 2K》成長 10%，創下該系列史上最強的第四季之一，但仍低於預期，因為在本年度第二與第三季達到的極端成長後，趨勢已趨於溫和。本季期間，我們為 Apple Arcade 推出《席德·梅爾的文明帝國 7》，為 Switch 2 推出《PGA Tour 2K25》，並推出《WWE 2K26》。

GAAP net revenue increased 6% to $1.68 billion, while cost of revenue declined 5% to $741 million. Operating expenses decreased significantly to $928 million, as last year included a $3.6 billion impairment expense related to goodwill and acquired intangible assets. On a management basis, operating expenses declined 2% year over year, which was favorable to our guidance due to lower marketing expenditures, some of which shifted out of the period.

GAAP 淨營收年增 6% 至 16.8 億美元，而營收成本年減 5% 至 7.41 億美元。營運費用大幅下降至 9.28 億美元，因去年包含與商譽及收購無形資產相關的 36 億美元減損費用。以管理口徑計，營運費用年減 2%，優於我們的指引，主要因行銷支出較低，其中部分支出時點移出本期。

For fiscal 2026, we achieved net bookings of $6.72 billion which was above the high end of our guidance range of $6.65 billion to $6.7 billion. Recurrent consumer spending grew 17% and accounted for 78% of net bookings. NBA 2K grew over 30% and Mobile increased 13% and Grand Theft Auto Online increased 6%, all sharply exceeding our initial May guidance.

2026 會計年度，我們達成淨預訂額 67.2 億美元，高於指引區間 66.5 億至 67.0 億美元的上緣。經常性消費者支出成長 17%，並占淨預訂額的 78%。《NBA 2K》成長逾 30%，手機業務成長 13%，《Grand Theft Auto Online》成長 6%，皆大幅超越我們 5 月的初始指引。

Operating cash flow was $624 million compared to our forecast of $450 million reflecting our fantastic fourth quarter. We spent approximately $163 million in capital expenditures, which due to timing is favorable to our forecast. GAAP net revenue rose 18% to $6.65 billion, and cost of revenue increased 11% to $2.8 billion. Operating expenses decreased significantly to $3.9 billion due to the impairment charges that I mentioned previously from -- fourth quarter.

營運現金流為 6.24 億美元，高於我們預測的 4.50 億美元，反映我們出色的第四季表現。我們資本支出約 1.63 億美元，因時點因素而優於我們的預測。GAAP 淨營收成長 18% 至 66.5 億美元，營收成本增加 11% 至 28 億美元。營運費用大幅下降至 39 億美元，主要因我先前提到的——第四季的減損費用。

On a management basis, operating expenses rose 7% year over year, which represented strong leverage over the prior year. Today, we are providing our initial outlook for fiscal 2027. We project net bookings to range from $8 billion to $8.2 billion, which reflects approximately 20% growth over fiscal 2026 and primarily due to the launch of Grand Theft Auto VI on November 19, along with successful execution across our entire portfolio.

以管理口徑計，營運費用年增 7%，相較前一年展現強勁的營運槓桿。今天，我們提供 2027 會計年度的初步展望。我們預估淨預訂額介於 80 億至 82 億美元，較 2026 會計年度約成長 20%，主要受 11 月 19 日《Grand Theft Auto VI》上市帶動，並加上我們在整體產品組合上的成功執行。

The largest contributors to net bookings are expected to be the Grand Theft Auto series, NBA 2K, Toon Blast, Match Factory, Empires & Puzzles, the Red Dead Redemption series, Words with Friends, Color Block Jam, and Zynga Poker. We expect recurrent consumer spending to be flat in fiscal 2026 and to represent 65% of net bookings.

預期對淨預訂額貢獻最大的項目包括《Grand Theft Auto》系列、《NBA 2K》、Toon Blast、Match Factory、Empires & Puzzles、《Red Dead Redemption》系列、Words with Friends、Color Block Jam，以及 Zynga Poker。我們預期經常性消費者支出在 2026 會計年度將持平，並占淨預訂額的 65%。

Our current consumer spending forecast assumes NBA 2K is up high single digits, the Grand Theft Auto series up and mobile is down due to last year's success of Color Block Jam and our assumption that trends will moderate for several of Zynga's mature mobile titles. We expect the net bookings breakdown from our labels to be roughly 36% Rockstar Games, 35% Zynga and 29% 2K.

我們目前的消費者支出預測假設《NBA 2K》成長高個位數百分比、《Grand Theft Auto》系列成長，而手機業務下滑，原因在於去年 Color Block Jam 的成功，以及我們假設 Zynga 多款成熟手機遊戲的趨勢將趨於溫和。我們預期各品牌淨預訂額占比約為：Rockstar Games 36%、Zynga 35%、2K 29%。

We have forecast operating cash flow in excess of $1 billion, and we expect to be in a net cash position by the end of the fiscal year planned to deploy approximately $200 million of capital expenditures for game technology and office build-outs.

我們預測營運現金流將超過10億美元，並預期在本財政年度末將處於淨現金部位；同時規劃投入約2億美元的資本支出，用於遊戲技術以及辦公室建置。

We expect GAAP net revenue to range from $7.9 billion to $8.1 billion and cost of revenue to range from $3.5 billion to $3.62 billion. Our total operating expenses are expected to range from $4.18 billion to $4.2 billion. On a management basis, we expect operating expense growth of approximately 8% year over year. which represents significant leverage over fiscal 2026. This growth is largely due to higher marketing expense to support the launch of Grand Theft Auto VI and our new mobile releases as well as higher R&D costs.

我們預期GAAP淨營收將介於79億至81億美元之間，營收成本將介於35億至36.2億美元之間。我們的總營運費用預期將介於41.8億至42億美元之間。以管理口徑計算，我們預期營運費用年增約8%，這代表相較於2026財年具有顯著的營運槓桿。此成長主要來自較高的行銷費用（以支援《俠盜獵車手VI》的推出及我們新的行動遊戲發行），以及較高的研發成本。

Now moving on to our guidance for the fiscal first quarter. We project net bookings to range from $1.32 billion to $1.37 billion compared to $1.4 billion in the first quarter last year. The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Empires and Puzzles, the Red Dead Redemption series, Color Block Jam, Words with Friends, and Zynga Poker. We project recurrent consumer spending to decline approximately 3%, which assumes high single-digit growth for NBA 2K and declines for mobile and the Grand Theft Auto series.

接著談我們對財政年度第一季的指引。我們預估淨預訂額將介於13.2億至13.7億美元之間，去年第一季為14億美元。淨預訂額的最大貢獻預期來自《NBA 2K》、《俠盜獵車手》系列、Toon Blast、Match Factory!、Empires and Puzzles、《碧血狂殺》系列、Color Block Jam、Words with Friends，以及Zynga Poker。我們預估經常性消費者支出將下滑約3%，其中假設《NBA 2K》呈現高個位數成長，而行動端與《俠盜獵車手》系列則下滑。

We expect GAAP net revenue to range from $1.45 billion to $1.5 billion and cost of revenue to range from $578 million to $594 million. Operating expenses are planned to range from $926 million to $936 million. On a management basis, operating expenses are expected to grow by approximately 3% year over year, primarily driven by a modest increase in personnel costs.

我們預期GAAP淨營收將介於14.5億至15億美元之間，營收成本將介於5.78億至5.94億美元之間。營運費用規劃介於9.26億至9.36億美元之間。以管理口徑計算，營運費用預期年增約3%，主要由人事成本小幅上升所帶動。

In closing, fiscal 2027 will introduce a new level of operating performance which we expect to sustain well into the future driven by a robust pipeline and expansion opportunities across our core franchises with the first on incorporating new technologies and tools, we feel confident in our ability to scale our business generate operational efficiencies, and leverage the power of our balance sheet, which we believe will drive long-term shareholder returns.

最後，2027財年將帶來一個新的營運表現水準，我們預期在強勁的產品管線以及核心系列作品的擴張機會帶動下，這樣的表現可在未來長期維持；並且隨著我們聚焦導入新技術與工具，我們對於擴大業務規模、提升營運效率，以及運用資產負債表的實力充滿信心，而我們相信這將帶動股東的長期報酬。

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

謝謝。我現在把電話交回給Strauss。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues around the world for their commitment to excellence and to our strategy of being the most creative, the most innovative, and the most efficient company in the entertainment industry. To our shareholders, I want to express our appreciation for your continued support.

謝謝，Lainie和Karl。我謹代表整個管理團隊，感謝全球各地同仁對卓越的承諾，以及對我們策略的投入——成為娛樂產業中最具創意、最具創新、也最有效率的公司。也向我們的股東表達感謝，謝謝各位持續的支持。

We'll now take your questions. Operator?

接下來我們開始回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Eric Handler, ROTH Capital Partners.

Eric Handler，ROTH Capital Partners。

Lainie, just a couple of things within the guidance. It looks like, at least on a non-GAAP basis, your operating expenses are looking, let's call it for round number purposes, about $3.8 billion. That's a $300 million incremental increase on a year-over-year basis. How much of that is due to marketing? And when you look at sort of like the trend for the next couple of years for G&A and R&D, what do those trajectories look like? I assume it'll be much smaller than revenue growth.

Lainie，關於指引我有幾點想問。看起來至少在非GAAP口徑下，你們的營運費用大約是38億美元（為了取整數方便這麼說）。這相當於年增3億美元。其中有多少是行銷所致？另外，若看未來幾年G&A與R&D的趨勢，軌跡大概會是什麼樣子？我猜應該會遠小於營收成長。

Yes, that's correct. So we expect to have a lot of leverage over the next couple of years as we continue to scale the business. And for the $300 million higher for this coming year, about half of that is for selling and marketing expenses for the entire company as we have significant marketing for our entire pipeline of titles that are coming out this year.

是的，沒錯。因此，隨著我們持續擴大業務規模，未來幾年我們預期會有很大的營運槓桿。至於明年增加的這3億美元，其中約一半是全公司層面的銷售與行銷費用，因為我們今年將推出的整體作品管線需要大量行銷投入。

Okay. That's helpful. And then as a follow-up, how should we think about RCS and once GTA VI comes out, how are you sort of thinking about the trajectory of GTA Online when that game is launched?

了解。這很有幫助。接著追問一下，關於RCS，以及當GTA VI推出後，你們如何看待在該遊戲上市後GTA Online的走勢？

Rockstar will provide more details on the GTA series when they're ready to talk about that.

Rockstar會在他們準備好談論時，提供更多關於GTA系列的細節。

Yes. I think you're asking, though, what do we expect to happen with the recurrent consumer spending regarding GTA Online? And look, I think to say that everyone has been pleased by the ongoing trajectory of GTA Online, Red Dead Online, the sales of GTA V, the sales of Red Dead would be a great understatement. These titles have proven to be vastly more resilient than anyone expected. And I think it's a reflection of the quality of work that Rockstar has done despite the fact that Grand Theft Auto V is now has been in market for three console generations, it continues to sell. It's now up to 230 million units, Red Dead at 85 million units.

是的。不過我想你問的是，我們預期與GTA Online相關的經常性消費者支出會如何發展？坦白說，如果說大家對GTA Online、Red Dead Online的持續走勢，以及《俠盜獵車手V》的銷售、《碧血狂殺》的銷售感到滿意，那其實是大幅低估了。這些作品展現出遠超過任何人預期的韌性。我認為這反映了Rockstar作品品質的成果；儘管《俠盜獵車手V》如今已在市場上跨越三個主機世代，仍持續銷售。目前累計已達2.3億套，《碧血狂殺》則為8,500萬套。

So we're extraordinarily pleased with how Rockstar's titles have performed. It's difficult to know exactly how Grand Theft Auto Online will do after the release of Grand Theft Auto VI. But certainly, it will stay in market. And certainly, there are many, many consumers who love the title.

因此，我們對Rockstar作品的表現感到非常滿意。《俠盜獵車手VI》推出後，《俠盜獵車手Online》究竟會表現如何，很難精準判斷。但可以確定的是，它會繼續在市場上營運。而且確實有非常非常多的消費者喜愛這款作品。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Congratulations on the year. I have a couple of questions as well. I guess, first off, as cash flow and flex in the -- for the guidance for the coming fiscal year, how are you guys thinking about capital allocation between returning to shareholders versus other uses? And I have a follow-up.

恭喜今年的表現。我也有幾個問題。首先，針對即將到來財年的指引中，現金流與彈性增加的情況下，你們如何思考資本配置——在回饋股東與其他用途之間如何取捨？我還有一個追問。

So this will sound only consistent with our answer to this question. It's the same as it has been for as long as we've been in the position of having positive cash flow and positive cash balances. There are three uses of our capital here first, to support organic growth. This company's story has largely been an organic growth story. And we certainly have expectations for organic growth in fiscal '27 and we believe that fiscal '27 is setting a new benchmark and a standard for this company going forward. And that's all organic. But as you can see from the numbers, we have to invest to be in a position where we can grow in that way. And our balance sheet and our P&L allows us to do just that, that will continue.

我們的回答聽起來會一如既往。只要我們處於正向現金流與正向現金餘額的狀態，答案一直都是如此。我們的資本有三個用途：第一，用於支持內生成長。這家公司的故事在很大程度上一直是內生成長的故事。我們對2027財年的內生成長也有明確期待，並相信2027財年正在為公司未來建立新的基準與標準。而這些都是內生的。但從數字也可以看出，我們必須投資，才能具備以這種方式成長的條件。我們的資產負債表與損益表讓我們能做到這一點，而且會持續如此。

The second use of our capital is very selectively when it makes strategic sense and let me emphasize this when it's accretive we are willing to engage in inorganic opportunities, the most recent meaningful one was, of course, the acquisition of Zynga in 2022 for $9.7 billion in cash and stock, and then more recently, the acquisition of gearbox.

第二個資本用途是非常有選擇性地、在具備策略意義時——我想強調的是，在具增益性（accretive）的前提下——我們願意進行非內生的機會。最近一次具規模且重要的案例，當然是我們在2022年以現金與股票合計97億美元收購Zynga；而更近期則是收購Gearbox。

And so I'm proud to say that all of our acquisitions have turned out to be accretive and successful over nearly 2-decade period. That's pretty breathtaking for corporations, not generally a case. And I think that's because we're immensely disciplined.

因此我很自豪地說，在將近20年的期間內，我們所有的收購最終都證明是具增益性且成功的。對企業而言，這相當令人驚嘆，通常並非如此。我認為這是因為我們極度自律。

You're not going to see us doing deals hand over fist. But assuming our balance sheet continues to improve, I think you could imagine more inorganic growth in the future as well. And we've already said in this release today that we expect to be in a net cash position by the end of the fiscal year.

你不會看到我們頻繁地到處做交易。但假設我們的資產負債表持續改善，我想你也可以想像未來可能會有更多非內生成長。而且我們今天在這份新聞稿中也已提到，我們預期在本財政年度末將處於淨現金部位。

And finally, we've earned capital to the shareholders when it makes sense. So far, we've done that through share buybacks, and they are opportunistic, and we believe that share buybacks make sense for our shareholders when they were executed at deep value.

最後，當合理時，我們也會把資本回饋給股東。到目前為止，我們是透過股票回購來做到這點；回購是機會型的，我們相信當回購是在顯著低估的價位執行時，對股東是有意義的。

Our last buyback was done at $158 a share. We'll see how the stock opens tomorrow, but I think what that was a pretty good plan on our side. So like all stocks, they move around different price points. Our stock traded down as low as, I think, $195 in the last six weeks. And there is an opportunity to return capital to the shareholders when it makes sense.

我們上一次回購是在每股 158 美元時進行的。我們會看看明天股價如何開盤，但我認為那對我們而言是個相當不錯的安排。所以就像所有股票一樣，股價會在不同價位間波動。在過去六週，我們的股價最低大概交易到 195 美元。而當合理時，就存在把資本回饋給股東的機會。

Thanks for the reminder on those Strauss. I guess maybe as a follow-up and maybe some of the structural issues in the industry including sales of current-gen consoles. I'm just curious how that impacts your thinking or your assumptions in terms of establishing pricing and preorder expectations for titles like GTA VI in the coming year?

謝謝你提醒這些，Strauss。我想追問一下，關於產業中的一些結構性問題，包括本世代主機的銷售。我很好奇，這會如何影響你們在明年針對像 GTA VI 這類作品制定定價與預購預期時的思考或假設？

Sorry, what would the relationship be from your point of view?

抱歉，從你的角度來看，兩者之間的關聯會是什麼？

The number of -- the installed base of hardware may not be as high in this current console generation as it might otherwise have been -- certainly value price points for certain titles have done well versus premium pricing. So those considerations.

硬體的——裝機量可能不像這一代主機原本可能達到的那麼高——而且就某些作品而言，偏價值取向的定價相較於高端定價表現更好。所以是這些考量。

Look, when we look at pricing, I would not say we look at it in the constant of the installed base. We absolutely look at pricing in the context of the property itself. And so we want to do every situation, whether that's console, mobile, PC, frontline or catalog is delivered to the consumer vastly more entertainment value than what we charge. We want the consumer to have a great experience. So we think a consumer experience is the intersection of what you get and what you pay for it.

你看，當我們看定價時，我不會說我們是在裝機量的脈絡下看定價。我們絕對是在作品本身的脈絡下看定價。因此我們希望在每一種情境下——不論是主機、行動、PC、新作或目錄作品——交付給消費者的娛樂價值都遠遠高於我們收取的價格。我們希望消費者有很棒的體驗。所以我們認為，消費者體驗是「你得到什麼」與「你為此付出什麼」的交會點。

And probably a great example of that is Mafia the old country, which is a terrific title. But it's not a 100-hour experience, not a 50-hour experience. And so we price the title at $50 and consumers were thrilled and we had a massive hit.

一個很好的例子可能是《Mafia the old country》，這是一款非常出色的作品。但它不是 100 小時的體驗，也不是 50 小時的體驗。因此我們把它定價在 50 美元，消費者非常滿意，而我們也取得了巨大成功。

Now I suspect we could have priced at a higher level. We wanted to make sure that consumers loved it and part of loving something is feeling good about what you pay for.

現在我猜我們其實可以把價格定得更高。但我們想確保消費者會喜歡它，而喜歡的一部分就是對自己付出的價格感到值得。

Doug Creutz, TD Cowen.

Doug Creutz，TD Cowen。

I wanted to ask in the context of your guidance at mobile, you're assuming is down this year based on some attenuation in the performance of older games. Is that based on anything you're seeing in the year-to-date? Or is that more of a, hey, these are older titles, let's be prudent in our outlook. Similar to, I think, for many years, you guys sort of said we expect GTI line to be down because it's a many year old live service game and then would typically do better. Can you just give some context around that? And then also what you might be assuming for your two new mobile launches within that guide?

我想在你們對行動業務的指引脈絡下提問：你們假設今年會下滑，原因是一些老遊戲的表現有所減弱。這是基於你們在年初至今看到的情況嗎？還是比較像是：這些都是較老的作品，我們在展望上要保守一些？有點類似於我記得很多年來，你們常說預期《GTA》線上會下滑，因為它是多年期的老牌長線服務遊戲，但通常最後表現會更好。你能否提供一些背景說明？另外，在這份指引中，你們對兩款新的行動遊戲上市又是怎麼假設的？

So it's a very fair question. We had a great year at Zynga, and I think it's more the way you characterize it, which is we're not prepared to guide to continually beating expectations materially to any business unit. So we do guide as we see it, and this is how we see it.

這是個非常合理的問題。Zynga 今年表現很棒，我認為更接近你所描述的那種情況：我們不打算對任何事業單位給出「會持續大幅超越預期」的指引。所以我們是依照我們所看到的情況來給指引，而這就是我們目前的看法。

However, as you said, it is a reflection of the fact that some titles that were newer last year or older this year. Now all that said, Tom Blast was up 25%, and it's a very old title. So we do have opportunities to exceed our expectations now and then. But this is our best estimate sitting here today.

不過，如你所說，這也反映了某些去年還較新的作品，今年就變得更老了。話雖如此，Tom Blast 成長了 25%，而它是一款非常老的作品。所以我們確實有機會不時超出我們的預期。但這是我們此時此刻所能做出的最佳估計。

As far as our expectations around new launches, we -- in the mobile side, particularly, we never anticipate huge numbers because it's just impossible to do so. Hit ratios are just too low. So our guidance would typically reflect our expectations around the marketing spend in the year because we don't -- we would never guide around doing something silly in the mobile business, if you're getting bad immediate results from a marketing spend, you stop doing it. And our dev costs are pretty manageable in the mobile world.

至於我們對新上市作品的預期——特別是在行動端——我們從不預期會有很大的數字，因為那根本不可能準確預測。命中率實在太低。因此，我們的指引通常會反映我們對當年度行銷投放的預期，因為我們不會——我們絕不會在行動業務上做蠢事：如果行銷投放立刻回收不佳，你就會停止投放。而我們在行動領域的開發成本也相當可控。

So I would say unlike say, console where -- you have a big release growth. I'm not going to give you the example you want. So we have basketball coming up, like we know how many units it's sold so far, 10 million units sold in today. The prior year, the year before that, we have a sense of the market like we can estimate that pretty well with an event. But with mobile, we just don't have the ability to do that. So I think it is you're correctly intuited that our mobile numbers would not include an expectation for some massive new release yet.

所以我會說，這不同於例如主機端——你會有一個大型發行帶來的成長。我不會給你你想要的那個例子。我們接下來有籃球作品，例如我們知道它到目前為止賣了多少套——截至今天已售出 1,000 萬套。再看前一年、再前一年，我們對市場是有感覺的；對於這種事件型發行，我們可以相當好地估算。但在行動端，我們就是沒有那種能力。所以我想你直覺得很對：我們的行動端數字目前不會納入對某個爆量新作的期待。

Cory Carpenter, JPMorgan.

Cory Carpenter，JPMorgan。

I have 2 questions on NBA 2K. Clearly, I think, record year for the franchise this year. But hoping you could expand a bit on the trends you saw in the quarter. I think they moderated in the prepared remarks, a little more than you had expected. So what did you see there?

我有兩個關於《NBA 2K》的問題。很明顯，我想今年對這個系列來說是創紀錄的一年。但希望你能多談一些你們在本季看到的趨勢。我記得在事先準備的發言中提到，趨勢有所降溫，幅度比你們原先預期的還要大一些。所以你們具體看到了什麼？

And then -- and Karl, maybe could you talk a bit about the engagement that you saw with the initial college basketball rollout.

另外——Karl，也許你可以談談你們在最初的大學籃球內容推出時看到的參與度。

So for NBA, this is one of our strongest quarters for Q4 in the franchise history. In terms of looking at our expectations, this reflects the extreme growth of Q2 and Q3, where we saw a high concentration of spending our most engaged players early in the year, which left less upside opportunity heading into Q4. So that's really what we saw in Q4 this year. .

就《NBA》而言，這是我們在該系列歷史上最強的第四季之一。就我們的預期來看，這反映了第二季與第三季的極端成長：我們看到最投入的玩家在年初就高度集中地消費，導致進入第四季時可再向上提升的空間較小。所以這就是我們今年第四季所看到的情況。.

And on the college piece, yes, we are very excited about our college release for Season V. I would describe at this point is it's a taste of what's to come. We did a deal with feature 16 universities. It's basically validated our expectations and the opportunity that we think will be very meaningful for us going forward. So the short answer is stay tuned.

至於大學的部分，是的，我們對於在第 V 季推出的大學內容非常興奮。我會形容目前這只是未來內容的一個「前菜」。我們與 16 所大學合作。這基本上驗證了我們的預期，以及我們認為未來對我們而言會非常有意義的機會。所以簡短的回答是：敬請期待。

It's very exciting for us, and we're very happy how things have turned out so far.

這對我們來說非常令人振奮，我們也很高興目前的進展。

And maybe as a follow-up, Strauss, on the last earnings call, Google Genie had just launched in beta. There's been some conversations more recently around the ability for AI to perhaps create GTA VI in a couple of months. I know this is a bit of a generic high-level question you've touched on before, but just given this remains a pretty big debate among investors, I thought it would be helpful to hear your latest views just around what you're seeing in AI and how you expect it to change the gaming industry and Take-Two in particular?

另外也許追問一下，Strauss：在上一次財報電話會議時，Google Genie 才剛以 beta 形式推出。最近也有一些討論，談到 AI 也許能在幾個月內做出 GTA VI。我知道這是個比較泛、偏高層次的問題，你之前也談過一些；但鑑於這仍是投資人之間相當大的辯論，我想聽聽你最新的看法：你們在 AI 方面看到了什麼，以及你預期它會如何改變遊戲產業，特別是對 Take-Two 的影響？

We remain enormously optimistic. Technology helped build this company. Video games are created largely inside computers and always happen. When I started in the video game business in 1993 we were making 32-bit games, and they certainly look at anything like they do today. That's all driven by tech.

我們仍然極度樂觀。科技協助打造了這家公司。電玩遊戲大多是在電腦裡被創造出來的，而且一直都是如此。我在 1993 年進入電玩產業時，我們在做 32 位元遊戲，而它們當然完全不像今天這樣。這一切都是由科技所驅動的。

I think the sort of confusion around the belief that somehow more efficient asset creation puts us at some disadvantage or creates a competitive advantage for someone else. And I don't just don't believe that's the case -- to the event that technology allows anyone to do a better job in asset creation, naturally will avail ourselves with the same technology.

我認為，外界對於「更高效率的資產製作會讓我們處於某種劣勢，或反而替別人創造競爭優勢」這種看法，存在一些混淆。而我並不相信情況是如此——如果科技讓任何人在資產製作上能做得更好，我們自然也會採用同樣的科技。

If you take a look at the tech end market that is currently licensed for the creation of video games, it's licensed broadly, no one exclusively licensed this technology for video games. So if a competitor has access to AI and that allows someone to do something better quicker, cheaper than we would have access to the same thing. The second point that I've made that I would stand behind is that the asset creation is not same as hit creation. So the entire story around the Gemini release was when you can create assets that look like video games more easily than it could be for it. I hope that's true because that will benefit us naturally.

如果你看看目前用於製作電玩遊戲、且已取得授權的技術終端市場，它是被廣泛授權的，沒有人能在電玩遊戲上獨家取得這項技術授權。所以如果競爭對手能使用 AI，並因此能更快、更好、更便宜地完成某些事情，我們也同樣能取得並使用相同的工具。我提出的第二點、也是我會堅持的觀點是：資產製作不等於爆款（hit）製作。因此，整個關於 Gemini 發布的敘事是：當你能更容易做出看起來像電玩遊戲的資產時，這對它而言可能更容易。我希望那是真的，因為那自然會讓我們受益。

We have 3-part strategy, data most created would be the most innovative to be the most efficient seems to me that even if it doesn't help with creativity, it certainly should help with efficiency and innovation. So that could be thrilling, but we do have to remind ourselves asset creation is not the same as the creation. And the best example of that is, there are thousands of new move releases a year, but there's a handful of new mobile hits a year, and we make some of them. Despite in fact, everyone has access to the same tech because everyone likes it's exactly the same underlying technology for the creation of mobile titles as we do, right?

我們有三部分的策略；資料越多、製作越多，就越能創新、越有效率——在我看來，即使它未必能直接提升創意，也肯定能提升效率與創新。所以那可能令人振奮，但我們也必須提醒自己：資產製作不等於作品（hit）創造。最好的例子是：每年有成千上萬款新的行動遊戲上線，但每年真正成為爆款的只有少數幾款，而我們也做出其中一些。儘管事實上每個人都能取得相同的技術，因為大家用來製作行動遊戲的底層技術與我們完全相同，對吧？

So I remain highly optimistic. Now I'll give you a real-world example. I was visiting one of our studios, and they showed me some advertisements that they were putting together to advertise their games. And these were live action ads, and they were funny in 15- to 30-second ad units that you've seen a zillion times. And they were all created with licensed AI, legal AI.

所以我仍然非常樂觀。我給你一個真實世界的例子。我去拜訪我們其中一間工作室，他們給我看一些用來宣傳遊戲的廣告。那些是實拍廣告，而且是你看過無數次的 15 到 30 秒短片單元，內容也很有趣。而且它們全部都是用已取得授權的 AI、合法的 AI 製作出來的。

And the script was done in-house for free, well, people colleagues who work in the company already. And the software (inaudible) the AI software use the entire cost of making the spot was 0 and previously, we hired third-party companies to actually create those with human beings, and those spots could cost $25,000, $50,000, $100,000. Now please note we -- not only were we not interested in resuing our head count to make this happen. We don't have the opportunity to produce our head count to make this happen. The entire marketing team at this particular studio is 2 people.

腳本是內部完成的，等於沒有額外成本——就是公司裡原本就任職的同事。而軟體（聽不清）與 AI 軟體的使用，使得整支廣告的製作成本為 0；過去我們會聘請第三方公司、由真人來拍攝製作，那些廣告可能要花 25,000、50,000 甚至 100,000 美元。請注意，我們——不僅沒有興趣為了這件事去重新配置人力。我們也沒有多餘的人力可以為了這件事去調整配置。這間工作室的整個行銷團隊只有 2 個人。

They're doing a great job. But what does AI as allowed them to do be more efficient, make great stuff and do it cheaper. And this is all the benefit to our company.

他們做得非常好。但 AI 讓他們能做的是：更有效率、做出很棒的內容，而且成本更低。而這些全部都對我們公司有利。

Chris Schoell, UBS.

Chris Schoell，瑞銀（UBS）。

Strauss, I believe it was a few quarters ago, you mentioned your expectations for GTA VI continue to increase. Any updates you can provide on your general expectations and levels of confidence for the franchise based on the indicators you have at this point? And how do you expect that this title will perform relative to GTA 5 and then Lainie, maybe I know there's a lot of noise to margins this year with the marketing and the software -- I believe I heard you said there's a lot of leverage over the next few years, but can you just remind us how you're thinking of the ability to return to the historic margin levels that Take-Two used to see? .

Strauss，我記得在幾個季度前，你提到你對 GTA VI 的期待仍在提高。就你目前掌握的指標而言，你能否更新一下你對這個系列的一般期待與信心程度？以及你預期這款作品相較於 GTA 5 的表現會如何？另外 Lainie，我知道今年在行銷與軟體方面讓毛利率有很多雜音——我想我聽到你說未來幾年會有很大的槓桿效應，但你能否再提醒我們，你們如何看待回到 Take-Two 過去歷史毛利率水準的能力？.

I don't recall the comment you alluded to. I'm pretty much -- I think I've always said the same thing, which is we're all -- how could we not be we're all extraordinarily excited about what Rockstar Games is working on. We're all incredibly enthusiastic about the upcoming release. And equally, this is a management team that never claim success before it occurs. And I'm pretty sure that every time we've had the luxury of having a conversation about an upcoming release that looked good, I've said we absolutely never opine on how high is up.

我不記得你提到的那則評論。我基本上——我想我一直都說同樣的話：我們大家——我們怎麼可能不呢——我們都對 Rockstar Games 正在做的事情感到無比興奮。我們都對即將推出的作品非常熱情。同樣地，這個管理團隊從不在成功發生之前就宣稱成功。而我很確定，每次我們有機會談到一個看起來很棒的即將推出作品時，我都會說：我們絕對不會去臆測上限有多高。

We certainly work toward the best result and hope for the best result. But that is out of our hands, it's in the hands of Rockstar from a development point of view and a marketing point of view is trying to make the best entertainment property that possibly can and then bringing it effectively to consumers all over the world. That's what we aim to do. And we do feel really, really good about it.

我們當然會朝著最好的結果努力，並希望得到最好的結果。但那不在我們掌控之中；從開發角度來看在 Rockstar 手上，而從行銷角度來看則是要努力打造出盡可能最好的娛樂作品，並有效地把它帶給全世界的消費者。這就是我們的目標。而我們確實對此感覺非常、非常好。

Margin improvement remains a key priority in our financial strategy, but we recognize that margins will fluctuate over time based on a variety of factors. In fiscal 2027, we're reaching a new level of operating performance, which we expect to sustain well into the future, driven by a robust pipeline and expansion opportunities across our core franchises. So as we operate at this new level and generate operational efficiencies through reduction efforts and leveraging technologies, including AI, we aim to enhance our margin profile over time. . So if you think about our operating expense leverage, it represents our largest opportunity, which we believe we can achieve as we grow our sales both organically and inorganically.

改善利潤率仍是我們財務策略中的關鍵優先事項，但我們也認知到，利潤率會隨時間因多種因素而波動。在 2027 財年，我們將達到一個新的營運表現水準，我們預期在未來很長一段時間都能維持，這將由強勁的產品管線以及核心系列作品的擴張機會所驅動。因此，當我們在這個新水準下營運，並透過縮減措施與運用包含 AI 在內的技術來產生營運效率時，我們的目標是隨時間提升我們的利潤率結構。.如果你思考我們在營運費用上的槓桿，它代表我們最大的機會；我們相信，隨著銷售在有機與無機成長下擴大，我們可以達成這一點。

We've mentioned previously that gross margins on many of our titles are affected by the increasing cost of development -- so we've been making many structural improvements, including the driving efficiencies and reducing expenses. So you've seen some of that coming through the P&L in the last couple of years and the leverage we've seen in the last year in terms of our operating expenses. Also the DTC efforts in mobile, that's also working towards improving our margins. So this was a year where we scaled the business meaningfully, and we achieved strong leverage on our expense structure. So we'll continue to do that as we look into the future.

我們先前提過，我們許多作品的毛利率會受到開發成本上升的影響——因此我們一直在進行多項結構性改善，包括推動效率提升與降低費用。所以你在過去幾年已經看到其中一些反映在損益表上，以及我們在去年於營運費用方面所展現的槓桿效應。另外，行動端的 DTC（直面消費者）努力，也在推動利潤率改善。因此，今年我們在業務規模上有顯著擴張，並在費用結構上取得強勁的槓桿效應。展望未來，我們也會持續這麼做。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Maybe one on the Rockstar Mission creator. I know Strauss called that out in the prepared remarks is an interesting factor. I guess are there any learnings from the early days of that and some of the recent missions that were created as you look to sale UGC and some of your Rockstar properties? And then I have a follow-up.

我想問一個關於 Rockstar 任務創作工具（Mission creator） 的問題。我知道 Strauss 在事先準備的講稿中提到這是一個有趣的因素。我想問，從早期階段以及最近創作出來的一些任務中，你們是否有任何心得，特別是當你們考慮擴大 UGC（使用者生成內容）以及你們的一些 Rockstar 作品時？然後我還有一個追問。

Look, we're trying to meet players where they are. And to the extent that people want to have a hand in creation there are numerous opportunities for them to do so. So I just think it's incredibly exciting, and our company embraces these advances. So we're not precious about what we do or we're open-minded. An example -- another example of that is the 5M business.

你看，我們試著在玩家所在之處與他們相遇。而只要人們想參與創作，他們就有許多機會可以這麼做。所以我覺得這非常令人興奮，而我們公司也擁抱這些進展。因此，我們不會對自己做的事情過度執著，我們保持開放的心態。舉例——另一個例子就是 5M 這項業務。

Where this started as sort of a business that was outside of our 4 walls. And now it's a business that's inside our walls. And we're thrilled that it is .

它一開始算是一門在我們「四面牆之外」的業務。而現在它已經成為在我們「四面牆之內」的業務。我們也很高興它是如此。.

Okay. And then maybe one more on mobile, if I could. I know that there has been some kind of correlation between the mobile business and macroeconomic factors as I guess what level of conservatism might you be baking into the guide around general economic conditions as it relates to the mobile business?

好的。然後如果可以的話，我再問一個關於行動端的問題。我知道行動業務與總體經濟因素之間似乎存在某種關聯；那麼在指引中，針對與行動業務相關的一般經濟狀況，你們大概會納入多大程度的保守假設？

Well, look, we we're not economists at we certainly point of view about where the economy is going. And that is one of the factors we consider when we build guidance. .

嗯，你看，我們不是經濟學家，當然也沒有對經濟走向的特定觀點。而這是我們在制定指引時會考量的因素之一。

Matthew Cost, Morgan Stanley.

Matthew Cost，摩根士丹利。

Strauss, there's a comment you made in the prepared remarks about your expectation to sustain higher levels of scale going forward. Just given the potential for Grand Theft Auto performance this year, that's a high bar to clear going forward. So as investors think about the opportunity to sustain your scale off of that base, how should they think about the mix between just an ongoing significant revenue contribution from Grand Theft Auto versus the pipeline that you went into some good detail in the prepared remarks discussing. And then I have one follow-up.

Strauss，你在事先準備的發言中提到，你預期未來能維持更高的規模水準。考量到《俠盜獵車手》今年可能的表現，這對未來而言是個很高的門檻。因此，當投資人思考在這個基礎之上維持你們規模的機會時，他們應該如何看待：一方面是《俠盜獵車手》持續帶來的顯著營收貢獻，另一方面是你在事先準備的發言中相當詳細談到的產品管線？然後我還有一個追問。

It reminds me of my it's Box D, all of the above. .

這讓我想起我那個——是 Box D，也就是以上皆是。

James Heaney, Jefferies.

James Heaney，Jefferies。

Yes. Great. Maybe just diving in again on mobile. I mean, it's been impressive to see continued growth of Toon Blast and Match Factory! as kind of the biggest drivers for the segment.

是的。很好。也許再回到行動端深入談一下。我的意思是，看到《Toon Blast》和《Match Factory!》持續成長，作為該部門最大的驅動因素，確實令人印象深刻。

I was just hoping you could go in some detail about the unique drivers across those franchises that you think has sort of enabled them to continue growing this far after the initial launch.

我只是希望你能更詳細談談，這些系列各自有哪些獨特的驅動因素，使它們在初次上線後這麼久仍能持續成長。

Well, actually very different. So Toon Blast has been around for a really long time. Match Factory! Is relatively new. So Match Factory!

嗯，其實非常不同。《Toon Blast》已經存在很長一段時間了。《Match Factory!》則相對較新。所以《Match Factory!》

last year was still in growth mode and we projected that it would moderate, and we'll see what actually happens. Toon Blast is legacy title. And with regard to Toon Blast, what you're seeing is a title where the consumers who are involved are getting more and more involved. And that's a reflection of the content that Peak is putting into the game and offers that are made to consumers. So basically, with regard to legacy title, where you might have a sharp growth curve on DAUs, you will have an effort to actually serve the consumers we have much more effectively.

去年仍處於成長模式，我們也預期它會趨於放緩，至於實際會如何，我們再觀察。《Toon Blast》是老牌作品。就《Toon Blast》而言，你看到的是：參與其中的玩家投入度越來越高。這反映了 Peak 持續在遊戲中投入內容，以及提供給玩家的各種方案。所以基本上，對於老牌作品而言，你可能不會再看到 DAU 的陡峭成長曲線，而是會努力更有效率地服務我們既有的玩家。

And I think that's what you're seeing in Toon Blast. Match Factory! is still in pretty steep early. It's not that older title. So it's very different.

我想你在《Toon Blast》看到的就是這樣。《Match Factory!》仍處於相當陡峭的早期成長階段。它不是那種較老的作品。所以兩者非常不同。

We need to be muscular in both areas. We need to be able to run our live services businesses really well for a long, long time, and Zynga does a phenomenal job with that. But by the way, so does Rockstar, right? GTA Online is a live services business. It's 13 years old, that online is a legacy live services business.

我們必須在兩個領域都很強悍。我們需要能把即時服務（live services）業務長期、長期地經營得非常好，而 Zynga 在這方面做得非常出色。但順帶一提，Rockstar 也是，對吧？GTA Online 就是一個即時服務業務。它已經 13 年了，那個線上模式就是一個老牌的即時服務業務。

So NBA2K online is a live services business. We have to do everything well here. It's what makes us place an exciting place to work.

所以 NBA2K 線上也是即時服務業務。我們必須把這裡的每一件事都做好。這也是讓我們成為一個令人興奮的工作場所的原因。

We've got a pipeline of frontline titles. We've got to turn them into hits. We don't always succeed, but we have to try. We have live services business that I just mentioned, we have to optimize those across both mobile, console and PC and then, of course, we have a catalog. And when you add it all up and we do a good job across the board, you get the kind of year that we got last year, and we now expect to make a meaningful step up, obviously driven largely by the launch of GTA VI, but also driven by performance of the rest of the business.

我們有一條一線（frontline）作品的產品管線。我們必須把它們做成爆款。我們不一定每次都成功，但我們必須嘗試。我們也有我剛提到的即時服務業務，必須在行動、主機與 PC 上全面優化，然後當然，我們還有一個作品目錄（catalog）。把這些加總起來，如果我們各方面都做得好，就會得到像去年那樣的年度表現；而我們現在預期會有一個有意義的躍升，顯然主要由《GTA VI》的推出所帶動，但也同樣由其他業務的表現所驅動。

And then we expect to set that as a new base from which to -- and that's a reflection of firing in all cylinders. Undoubtedly, we'll have some lapses along the way. We don't know where the lapses will be. But if history is any guide, we'll also have some titles that will meaningfully beat expectations going forward. And part of our [35] strategy of being the most created and most innovative and the most efficient is indeed to be the most innovative.

接著我們預期把那個水準設定為新的基礎，作為未來再往上推進的起點——這反映的是各方面火力全開。毫無疑問，我們一路上也會有一些失誤。我們不知道失誤會出現在哪裡。但如果歷史可作為指引，未來我們也會有一些作品顯著超出預期。而我們「[35]」策略的一部分——成為最具創造力、最具創新力、也最有效率——其中確實包含要成為最具創新力。

And if you look at the history of the company, we've been a leader in innovations, whether that's cost developing development or marketing. And that in the coming years, we'll be able to innovate further.

如果你回顧公司的歷史，我們一直是創新的領導者，不論是在成本、開發，或行銷方面。而在未來幾年，我們也將能進一步創新。

And I don't know exactly what form that will take, but I would just note that this company doesn't look anything like it did 19 years ago despite still being in the interactive entertainment business. Lots of what we do here didn't even exist back then. And this industry, never mind the company is still on a sharp growth curve in terms of its cohort of engaged consumers and the opportunities to do new things and bring those new things to people in new ways.

我不確定那會以什麼形式呈現，但我想指出的是：儘管我們仍在互動娛樂產業，這家公司和 19 年前相比已經完全不同。我們現在做的很多事情在當時甚至不存在。而這個產業——更不用說公司本身——在投入玩家族群的規模，以及做新事情、並以新方式把新事物帶給人們的機會上，仍處於明顯的成長曲線。

Jason Bazinet, Citi.

Jason Bazinet，花旗。

I just had a quick historical question. In the past, when you've been confronted with these big titles like, I don't know, whether it's GTA 4 or 5 or the last 2 Red Beds, how accurate would you say your firm, your management team was in terms of predicting how well these titles would do? Were there some that's sort of disappointed or others that really beat? Or were they sort of all within a pretty tight confidential in terms of your own internal expectations?

我有一個很快的歷史性問題。過去當你們面對這些大型作品時，比如說我不知道，像《GTA 4》或《GTA 5》，或最近兩款《Red Bed》，你會怎麼評價公司、管理團隊在預測這些作品表現方面的準確度？是否有些作品有點令人失望，或有些真的大幅超出？還是說大致都落在你們內部預期的一個相當緊密的區間內？

So with regard to the titles you mentioned, as it happened, they all performed better than we had expected, but we've had plenty of other titles that disappointed candidly. Thankfully, not of late, and they tend to be few and far between. But it would not be accurate to say that our expectations are always exceeded, not accurate in the least. And that's why we are, I think, appropriately humble around here. This is the entertainment business.

就你提到的那些作品而言，剛好它們的表現都比我們預期更好，但坦白說，我們也有不少其他作品令人失望。所幸近來沒有，而且通常也不常發生。但若說我們的預期總是被超越，那是不正確的，完全不正確。這也是為什麼我認為我們在這裡保持了適當的謙遜。這是娛樂產業。

It is unforgiving. We try our hardest. We do not always succeed.

它很殘酷。我們會盡最大努力。但我們不一定總能成功。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

I think I want to maybe try to ask Colin Sebastian's question in a little bit of a different way. I think that there's been a lot of conversations in the industry over the last several months. The growth of roadblocks on the growth of lower priced games on steam in the $10 to $20 price point and it seems like it's mostly driven by younger gamers. I mean, obviously, Take-Two doesn't participate meaningfully in those categories. You have a couple of lower price games that fits -- like Mafia.

我想我可能想用稍微不同的方式來問 Colin Sebastian 的問題。我認為過去幾個月產業內有很多討論。像是在 Steam 上 10 到 20 美元價位的低價遊戲，其成長面臨一些障礙，而看起來主要是由年輕玩家所驅動。我的意思是，很明顯 Take-Two 並沒有在那些類別中有實質參與。你們有幾款較低價的遊戲符合——例如《Mafia》。

I think the question is like what is the level of confidence that the newer cohort of gamers will graduate into more premium AAA experiences over time? Like I think the question is like is the young person that's playing Roblox, are they going to want to play $80 Grand Theft Auto VI when they grow up? Or might they be habituated onto lower fidelity titles? Any thoughts there would be helpful.

我想問題是：你們對於較新的玩家族群，隨著時間推移會「升級」到更高端的 AAA 體驗，有多大的信心？比如說，我想問的是：現在在玩 Roblox 的年輕人，長大後會想玩 80 美元的《俠盜獵車手 VI》嗎？還是他們可能會習慣於較低擬真度的作品？任何想法都會很有幫助。

So actually, it's the contrary. When entertainment properties are aimed at children, I don't know if you have children, but right around the age of like 10 or 11, they do not want to be children anymore. They want to be teenagers. And so one of the issues, and this is not by way of being critical of anyone else in the industry. But one of the issues children's programming, whether that's linear entertainment or interactive entertainment is that children reach a certain point, they don't want to be engaged with kids programming anymore even if it's appealing to them.

所以其實正好相反。當娛樂內容是以兒童為目標時，我不知道你是否有孩子，但大約在 10 或 11 歲左右，他們就不想再當小孩了。他們想當青少年。因此其中一個問題——我這麼說並不是要批評業界的任何人——但兒童節目，不論是線性娛樂或互動娛樂，都有一個問題：孩子到了某個階段，即使內容對他們仍有吸引力，他們也不想再投入所謂的兒童節目。

It's not that a certain kind of kids-oriented interactive entertainment is necessarily a feeder to what we do in certain parts of this company, but we also do make plenty of entertainment (inaudible) that's available for all audiences. . But with regard to our rated titles, it's not necessarily the case that something else is a feeder to it. It's a different business. But it is a business that is only available if you're 17 or above.

並不是說某種以兒童為導向的互動娛樂必然會成為我們公司某些業務的「導流」來源，但我們也確實製作了大量（聽不清）可供所有受眾觀看的娛樂內容。。但就我們的分級作品而言，並不一定存在「其他內容為其導流」的情況。那是不同的生意。但這門生意只對 17 歲或以上的人開放。

And I think if you engage with Interactive Entertainment and you are 17 or above, it's very difficult for me to imagine that you wouldn't be incredibly interested in RM-rated titles, specifically one that is coming up.

而且我認為，如果你會接觸互動娛樂且年滿 17 歲，我很難想像你不會對限制級（RM）作品非常感興趣，尤其是即將推出的那一款。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

May be we'll dig on 2 of the topics we've talked about on the call. So far with respect to mobile advertising and building additional optimization around user acquisition, how are you thinking about the signals as more mobile advertising becomes driven by AI and machine learning, with respect to either being able to deploy more dollars at a higher return on ad spend or possibly becoming more efficient with respect to advertising? And if possible, another quick follow-up.

也許我們深入追問一下本次電話會議中談到的兩個主題。到目前為止，關於行動廣告以及在用戶獲取（UA）上建立更多優化，你們如何看待：隨著更多行動廣告由 AI 與機器學習驅動，相關訊號將如何影響你們——例如能否以更高的廣告投放報酬率（ROAS）投入更多預算，或是在廣告效率上變得更有效率？如果可以的話，還有一個簡短的追問。

Well, we certainly try to do that. When we work with (inaudible), and we are trying to advise of course, our return on ad spend. And sometimes are doing really well in the market and at other times you are frustrated in the market, depending on what's going on. There have been moments for example, when we really couldn't get out there and spend because we didn't -- we could not have inventory at a price that made sense. There are other times when we can do that change.

嗯，我們當然會努力這麼做。當我們與（聽不清）合作時，我們也會嘗試就我們的廣告投放報酬率（ROAS）提出建議。有時候市場表現很好，有時候則會因為各種情況而感到挫折。例如曾有一些時刻，我們真的無法在市場上加大投放，因為我們——我們無法以合理的價格取得足夠的庫存。也有其他時候我們可以做出那樣的調整。

It's our job to make sure that we understand the payback period on what we're spending. And we have very tight guidelines about that but you have to be on top of it all the time because when you spend money in mobile, as you know, you're spending it based on an expectation and you'll earn it back over a period.

我們的工作是確保理解我們支出的回收期。我們對此有非常嚴格的準則，但你必須隨時掌握，因為如你所知，在行動端花錢投放，是基於一個預期，而你會在一段時間內把它賺回來。

And that expectation is based on prior history, but prior history isn't always just positive with regard to what happens in the future. So we are constantly on a daily basis, tuning up our models that will inform how we spend money on user acquisition. As I said, sometimes it's greater, sometimes it gets lower. We also have this weird anomaly, which I'm sure you're aware of, which is if we're out of the UA business for a period of time because we don't like it, of course, we make more money because there's no UA that spend that comes back the same day in its entirety. Sometimes you get a really quick payback periods.

而這個預期是基於過往歷史，但過往歷史並不總是能正向地反映未來會發生什麼。因此我們每天都在持續調整模型，用以指導我們如何在用戶獲取（UA）上花錢。如我所說，有時會更高，有時會更低。我們也有一個奇怪的異常現象，我相信你也知道：如果我們因為不喜歡當下狀況而在一段時間內退出 UA 業務，當然我們會賺更多錢，因為沒有 UA 支出，而那筆支出並不會在同一天就完整回流。有時候你會看到非常快的回收期。

We have experiences where the payback period as been as quick as 90 days. And I don't think we talked publicly about our expectations around the payback period in general. But let's just say, I think we're more conservative than most.

我們曾經有過回收期快到 90 天的經驗。而我不認為我們曾公開談過我們對回收期的一般性預期。但可以這麼說：我認為我們比大多數公司更保守。

To answer your question, are there new opportunities to be more efficient in this area, guess, I believe so. And of course, it's not lost on anyone that after Apple changed their attribution characteristics, the entire industry is challenged, but you can see from our own results, with Zynga last year that we have surmounted those challenges, and we feel pretty good about how the business operates now.

回答你的問題：在這個領域是否有新的機會讓我們更有效率？我想，是的。當然，Apple 改變歸因特性之後，整個產業都面臨挑戰，這點大家都很清楚；但你也可以從我們自己的結果看到，去年隨著 Zynga，我們已經克服了這些挑戰，而且我們對目前業務的運作方式感覺相當不錯。

Great. And if I could just ask one more. With respect to your approach to go-to-market with DTC, any new learnings about what the opportunity set might look like or the ceiling of that opportunity might be to grow the percentage of mix from DTC over time?

很好。如果我可以再問一個。關於你們以 DTC（直面消費者）方式進入市場的策略，你們是否有新的學習，能說明機會集合可能長什麼樣子，或是這個機會的上限（天花板）可能在哪裡，以便隨時間提高 DTC 在組合中的占比？

Well, look, I've been saying for a long time, I thought of sort of the competitive landscape and the regulatory landscape will be favorable with regard to our overall distribution cost and taking as part of our overall distribution cost, our D2C costs, which is materially lower than third-party costs, but multiplied by the share of market related to DTC. And we have said that, that share has been growing. We have not talked about what percent it is or where it's going. What we want to make sure though is two things. Number one, we want to be where the consumer is.

嗯，你看，我很長一段時間都在說，我認為競爭格局與監管格局，將有利於我們的整體發行成本；而在整體發行成本中，也包含我們的 D2C 成本——其實質上低於第三方成本——但還要乘上與 DTC 相關的市占份額。我們也說過，那個份額一直在成長。我們沒有談過它目前是多少百分比，或將走向哪裡。不過我們想確保兩件事。第一，我們要在消費者所在之處。

The goal of this company is not to control distribution. The goal of this company is to (inaudible) and bring them to consumers wherever they are, however they want them. and of course, to do so on economic terms.

這家公司的目標不是控制發行通路。這家公司的目標是（聽不清）並把它們帶給消費者——無論他們在哪裡、以他們想要的方式；當然，也要在具經濟效益的條件下做到這一點。

We value our third-party retailers greatly. We especially value them when they provide marketing opportunities for us. And we understand that there's a value in the marketing that third-party retailers can provide. And that would intersect with how much they charge us for access to their consumers. So the more value a third-party retailer provides to us from a marketing point of view, the more comfortable we are working with them -- at the same time it is a role for direct-to-consumer opportunities.

我們非常重視第三方零售商。尤其當他們能為我們提供行銷機會時，我們更重視他們。我們也理解第三方零售商能提供的行銷價值。而這會與他們向我們收取的、讓我們接觸其消費者的費用相互交織。因此，從行銷角度來看，第三方零售商為我們提供的價值越高，我們與他們合作就越安心——同時，直面消費者（DTC）的機會也扮演著一個角色。

For us, it's all of the above.

對我們而言，以上皆是。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

Strauss, Karl, Lainie, and Nicole, congrats guys on a great year and a great guide, very exciting. Just 2 questions, Strauss first. I think you referenced before being astonished by Rockstar's marketing creativity. Clearly, you've got precedent there. Can you talk, I guess, philosophically about how Rockstar thinks about building anticipation for a game launch of this scale and how beneficial that marketing effort can be in terms of sustaining or even building demand for around the current GTA ecosystem?

Strauss、Karl、Lainie 和 Nicole，恭喜各位今年表現非常出色，指引也很棒，令人振奮。我有兩個問題，先問 Strauss。我記得你之前提到對 Rockstar 的行銷創意感到驚艷。顯然你們在這方面有先例可循。你能否從理念層面談談，Rockstar 如何看待為如此規模的遊戲上市建立期待感，以及這樣的行銷投入在維持、甚至提升目前 GTA 生態系周邊需求方面，能有多大的助益？

And if that ancillary benefit is baked into your guidance? I have a follow-up.

以及這種附帶效益是否已納入你們的指引之中？我還有一個追問。

Well, look, thanks for the question. I'm obviously not going to go into detail. What we've said about marketing GTA VI is that marketing will start this summer. And as you know, any information around releases and marketing comes from our labels. And that shouldn't be news to you.

嗯，你看，謝謝你的問題。我顯然不會談太多細節。我們對 GTA VI 行銷所說的是：行銷將在今年夏天開始。而如你所知，任何關於發行與行銷的資訊都來自我們的廠牌（labels）。這對你來說應該不是新聞。

That said, is there -- do we see in any release no matter how highly anticipated it is both the need to market the title and the opportunity in marketing the title, we do. And I was asked about this earlier because I absolutely refused to use a title of ours as an example, or someone else's. And I said, so there's a new release of mission impossible, and it's starring Tom Cruise, we all know what that looks like and I for when I'm going to see that movie, like I'm going to see that movie. But Paramount still spend a whole lot of money to market that to make sure that people know it's out. It's great and it's worth seeing.

話雖如此——我們是否在任何發行上，不論它多麼備受期待，都同時看到行銷該作品的必要性與行銷該作品的機會？我們確實如此認為。我先前被問到這點，因為我完全拒絕用我們自己的作品或別人的作品作為例子。我說，那就以《不可能的任務》的新片為例，主演是湯姆・克魯斯，我們都知道那會是什麼樣子，而且我——我本來就會去看那部電影。但派拉蒙仍然會花很多錢去行銷，確保大家知道它上映了。它很棒，而且值得一看。

And I think that's the sort of the entertainment business. So I don't think there's any situation where one can expect to have a massive hit and not engage heavily in the marketing. And that will be true for this company across the board. And I think, again, at (inaudible), actually, I think I think this company does spectacular marketing and whatever we did last year, we got to do better this year ever, we do this year to do better next year. We demand it of ourselves and frankly, the market demands it of us.

而我認為這就是娛樂產業的本質。所以我不認為存在那種情況：你可以期待出現一個超級大作，卻不在行銷上投入大量資源。而這對本公司各個面向都同樣適用。而且我再說一次，在（聽不清）其實，我認為本公司在行銷方面做得非常出色；不管我們去年做了什麼，今年都必須做得更好；不管我們今年做了什麼，明年也要做得更好。我們對自己有這樣的要求，坦白說，市場也對我們有這樣的要求。

Nice. On AI stats, not to be redundant, you gave a really thorough answer, but maybe just for clarification. Do you feel like at this point you've got broad buy-in from your studio leadership around the use of AI tools, not just in marketing but in game development. And when you think about these tools over time, I know you're doing a lot in terms of investing in product tools related to -- do you think this will allow you and your studio teams to unlock maybe some dormant franchise IP or even new -- that may not have been produced over the last decade plus due to resource constraints. And if that's the case, would you look to build head count into that opportunity?

很好。關於 AI 的一些數據，為了避免重複，你剛才已經回答得非常完整，但我想再確認一下。你覺得目前在工作室領導層對於使用 AI 工具有廣泛的認同嗎——不只是用在行銷，也包括遊戲開發。另外，當你長期看待這些工具時，我知道你們在投資與產品工具相關的很多事情——你認為這是否能讓你和工作室團隊解鎖一些可能沉睡的系列 IP，甚至是一些新的——過去十多年因資源限制而未能推出的作品？如果是這樣，你們會考慮為了這個機會而增加人力編制嗎？

I think that everyone is bought into the possibilities of technology. And I think there are times when some of my colleagues think I'm too conservative on the topic. I've actually never been accused internally like going too fast or doing crazy stuff. I think I probably err on the side of being a little more conservative. Think about it.

我認為大家都認同科技所帶來的可能性。而且有時候，我的一些同事會覺得我在這個議題上太保守。其實在公司內部，從來沒有人指責我動作太快或做太瘋狂的事。我想我可能確實比較傾向保守一些。想想看。

The people who are on the front lines of developing here are absolute experts in software, in heart and in video games. And the way they got the job to work at a company like this is because they were on the front lines and because they were innovating and they were highly creative and because they're more efficient.

在第一線進行開發的人，都是軟體、內心熱情以及電玩領域的絕對專家。而他們之所以能進到像我們這樣的公司工作，是因為他們一直在第一線，因為他們持續創新、極具創意，而且效率更高。

So you have to assume that they're going to be the first people to embrace new technology that allows them to do a better job. That said, we're known for making these beautiful handcrafted titles around here. And any technology that we use, I think, will be in the hands of necessarily creative people, and we'll take the form of handcraft. Our art is created in computers. It always has been.

所以你必須假設，他們會是第一批擁抱能讓他們把工作做得更好的新技術的人。話雖如此，我們以製作這些精美、手工打造的作品而聞名。而我認為我們使用的任何技術，都必然會掌握在具創造力的人手中，並以手工打造的形式呈現。我們的美術是在電腦上創作的。一直都是如此。

But our is created by human beings using computers. And I believe that will continue to be the case.

但我們的作品是由人類使用電腦創作出來的。而我相信未來也會繼續如此。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO Capital Markets。

I'll try a couple here. Any big color you can provide on GTA VI around your framework for the PC release as well as if the game has any chance of being cross platform. Also, any best estimates on when we could see a presale launch for the game? If not, perhaps you could at least provide your best estimate of timing on hearing more details.

我這裡試著問幾個問題。關於《GTA VI》，你能否就 PC 版發行的框架提供一些更具體的說明，以及這款遊戲是否有任何可能做到跨平台？另外，對於遊戲何時可能開啟預售，你們有沒有最佳的時間估計？如果不方便，或許你至少可以提供你們預計何時會釋出更多細節的最佳時間點。

Yes. As you know, look, the PC market is a great market, and it's growing for console type titles and it's a market we serve avidly. And virtually all of our hit titles end up on all platforms over time. That said, Rockstar Games has announced GTA VI for console only so far. And we're excited about our November 19 release.

是的。如你所知，PC 市場是一個很棒的市場，而且對於主機類型的作品而言，它正在成長，而我們也非常積極地服務這個市場。而且幾乎我們所有的暢銷作品，隨著時間推移最終都會登上所有平台。不過，Rockstar Games 目前為止只宣布《GTA VI》將先在主機平台推出。我們也很期待 11 月 19 日的發售。

Ron Song, Wolfe Research.

Ron Song，Wolfe Research。

Just turning back to NBA. I know Lainie talked about the fourth quarter, but as we look at fiscal '27 and lapping that 30% RCS growth, I guess -- is there anything you can like share a breakdown on what gives you the line of sight to being able to sustain like the high single digits? I guess I'm really trying to get at how you think about the stage of growth for monetization and engagement for the basketball franchise noting what Karl said about the state teamed comment?

再回到 NBA 的話題。我知道 Lainie 談到了第四季，但當我們看 2027 財年、並且要面對那個 30% 的 RCS 成長基期時，我想問——你能否分享一些拆解，讓我們理解你們為何有把握能維持在高個位數的成長？我真正想問的是：你們如何看待這個籃球系列在變現與互動上的成長階段，尤其考量 Karl 提到的「state teamed」那個評論？

So we're pretty proud of NBA 2K's fiscal 2026 record-breaking results, and we're applying the successful learnings of our strategy for this year. including within NBA 2K27. And while fiscal 2026 set records, we have a consistent track record of delivering strong sustainable RCS growth and are confident in doing so in fiscal 2027. So when BC looks at the game each year, they just do not sort of rest on their laurels. They continue to make this game bigger and better every year, and we've seen that time and time again.

我們對《NBA 2K》在 2026 財年創下破紀錄的成果感到相當自豪，我們也正在把今年策略中成功的經驗延伸應用——包括在《NBA 2K27》之中。雖然 2026 財年創下多項紀錄，但我們在提供強勁且可持續的 RCS 成長方面一向有一致的紀錄，並且有信心在 2027 財年也能做到。所以當 BC 每年檢視這款遊戲時，他們不會只是躺在功勞簿上。他們每年都持續把遊戲做得更大、更好，而我們一次又一次地看到這點。

.

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Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

I have one question on mobile. Zynga has meaningful presence in Turkey with Rollic and peak. Can you maybe comment on whether those studios have benefited from the local government policy that favors developers that was released this year.

我有一個關於行動遊戲的問題。Zynga 透過 Rollic 和 Peak 在土耳其有相當重要的布局。你能否談談，這些工作室是否受惠於今年發布、偏向扶持開發者的當地政府政策？

So obviously, we've had a lot of great success in the Turkish market from a development perspective. Some of our biggest and best titles in our studios are in Turkey. We have a fantastic relationship with our developers there. And we love being in that environment. In terms of sort of the government opportunities, to the extent that there are opportunities in any jurisdiction where we operate, we would take advantage of those as much as we possibly can.

很明顯地，從開發角度來看，我們在土耳其市場取得了很大的成功。我們工作室中一些最大、最好的作品是在土耳其開發的。我們與當地開發者有非常良好的合作關係。而且我們很喜歡在那樣的環境中運作。至於政府相關的機會，只要在我們營運的任何司法管轄區存在機會，我們都會盡可能加以利用。

Local jurisdictions are very important business partners to us, and it's something that we take very seriously because it's an opportunity. It's not only good for us, but it's also good for the local markets. .

地方政府是我們非常重要的商業夥伴，而我們也非常認真看待這件事，因為這是一個機會。這不僅對我們有利，對當地市場也有利。.

Omar Dessouky, Bank of America.

Omar Dessouky，美國銀行。

So Strauss, I was in the audience at a conference you spoke at recently. And you made a couple of comments that really caught my attention. So one comment was that you'd price your games to reflect the value that they provide for consumers. And then a second comment was that the retail price of video games has gone down in real terms over the years. So do your comments imply that you also believe a $70 price tag would be too low for GTA VI relative to its value to consumers.

Strauss，我最近在一場你發言的會議現場。你提到幾點讓我特別注意。其中一點是，你會以能反映對消費者所提供價值的方式來為遊戲定價。第二點是，多年來電玩遊戲的零售價格以實質（通膨調整後）來看是下降的。所以，你的意思是否也暗示：相較於它對消費者的價值，《GTA VI》若定價 70 美元可能仍然太低？

Because by that logic, a $70 price tag applies to me that the consumer value of GTA V will also go down. Now if I misheard your comments, I apologize. However, if my logic is flawed then what would a $70 price tag imply about the consumer value of GTA VI relative to its predecessor.

因為照這個邏輯，70 美元的定價似乎也意味著《GTA V》對消費者的價值會下降。如果我聽錯了你的說法，我先道歉。不過，如果我的推論有問題，那麼 70 美元的定價，對於《GTA VI》相較於前作的消費者價值，究竟意味著什麼？

I think what I was trying to get at was on real terms, video games from a better and better deal for consumers over a period of time. And that that's a good thing. So I don't think the comments are in conflict. In other words, if you can give people something really great, and you can offer it on really favorable economic terms, that's a win-win. So I was really trying to make the point that even though I think the value has grown materially, certainly, a video game release today is vastly more exciting, compelling intriguing and longer-lasting entertainment than it was when I was at Crystal Dynamics in 1993.

我想我當時想表達的是：以實質來看，電玩遊戲在一段時間內對消費者而言變得越來越划算。而這是一件好事。所以我不認為這些說法彼此衝突。換句話說，如果你能給人們非常棒的內容，同時又能以非常有利的經濟條件提供，那就是雙贏。所以我真正想強調的是：即便我認為價值確實大幅提升，但今天一款遊戲的發售，無論在興奮度、吸引力、引人入勝的程度，以及娛樂的持久性上，都遠遠超過我 1993 年在 Crystal Dynamics 時期的狀況。

But in real terms, frontline prices have declined. I was using that as a backdrop to point out that we think that the most important thing is to deliver the best entertainment on earth. And then the second most important thing is to do it on really favorable economic terms. But I didn't mean to guide in any way how you should think about our upcoming unannounced price on any release, that will become clear to the market in the fullness of time. whatever it is, though, we wanted to represent enormous value to the consumer.

但就實質而言，第一線價格已經下滑。我以此作為背景，是想指出我們認為最重要的事情，是提供地球上最好的娛樂內容。其次最重要的是，要在非常有利的經濟條件下做到這一點。但我並不是想以任何方式引導你們如何看待我們即將推出、尚未公布的任何作品之定價；隨著時間推移，市場自然會明朗。不過無論最終如何，我們都希望能為消費者提供極高的價值。

Clay Griffin, MoffatNathanson LLC.

Clay Griffin，MoffatNathanson LLC。

You all had such success with I think you coined the phrase actually tethered free-to-play with GTA Online. It helped you sell full game units and full game unit sales helped onboard people on the GTA Online. I know the industry has changed a lot over the years, but -- and you haven't announced any pricing or packaging as it relates to this topic. But just curious if there are dynamics evolutions in the industry that would make that decision different than the decision you so successfully used with GTA 5 and GTA Online the tethered free-to-play strategy.

你們在《GTA Online》上取得了很大的成功，我想那個詞其實是你們創造的——「綁定式免費遊玩」（tethered free-to-play）。它幫助你們銷售完整遊戲套數，而完整遊戲的銷售又有助於把玩家導入《GTA Online》。我知道這些年產業變化很大，而且——你們也尚未就這個主題宣布任何定價或包裝方案。但我想請教的是，產業在動態上的演進，是否會讓你們在這個決策上與當年在《GTA 5》和《GTA Online》上成功採用的「綁定式免費遊玩」策略有所不同？

I think, of course, not having announced any online version for GTA VI. It certainly would be premature to talk about an upcoming business model for something that we haven't talked about. But I think conceptually, what we pride ourselves on here is being thoughtful and open-minded and trying to meet consumers where they are and trying to optimize the entertainment or experience for those consumers. And that's where we've been talking about a lot on this call. When it really comes down to what does this company think about?

我想，當然，既然我們尚未宣布《GTA VI》的任何線上版本。那麼去談一個我們尚未對外談過之產品的未來商業模式，確實為時過早。但從概念上來說，我們引以為傲的是：保持審慎思考與開放心態，努力在消費者所在之處與他們相遇，並為這些消費者優化娛樂內容或體驗。這也是我們在這通電話會議中談了很多的重點。歸根究柢，這家公司在想什麼？

24/7, what do I think about? I think about making sure that this is an enterprise that more so than any other entertainment at (inaudible) focuses on making hit properties that excite and engage consumers. That's what we all think. Right now, I'm in a room with our staff, right? We don't -- in this room, we're executives, right?

一天 24 小時、每週 7 天，我在想什麼？我在想的是，確保這是一家企業，比任何其他娛樂公司都更專注於打造能讓消費者興奮並投入的爆款內容（inaudible）。這是我們所有人共同在想的事。此刻我就在一個房間裡，和我們的同事們在一起，對吧？我們不——在這個房間裡，我們是高階主管，對吧？

The IR team and the finance team, the operations team, legal team. But our job, we don't make the titles here. We don't market, not (inaudible), not the room this talking you today. But our mission is to make great entertainment properties. And if we get that right as an organization, all 14,000 people, full-time colleagues and contractors associated with Take-Two in our affiliates, focus on making the best entertainment on earth then everything else will take care of itself.

有投資人關係團隊、財務團隊、營運團隊、法務團隊。但我們的工作不是在這裡製作遊戲作品。我們也不做行銷，（inaudible），至少不是今天在這裡跟你們對話的這個房間。但我們的使命是打造卓越的娛樂內容資產。如果我們作為一個組織把這件事做對了——Take-Two 及其關係企業中，包含全職同仁與承包商在內的 14,000 人都專注於打造地球上最好的娛樂內容——那麼其他一切自然會水到渠成。

Naturally, we have to be the most thoughtful people, the most aggressive people with regard to market and distribution, by the way, legal activities, finance activities, accounting activities, tax activities as well. That's our job. The mission of the organization is to make great entertainment. And having spent a long time in every entertainment business risk, I can tell you one thing, hits your alls, make great hits over and over and over again, you're an upgrade enterprise. And we're so proud of everything this body does, and we're so proud of the culture in which we do it.

當然，我們也必須在市場與發行方面成為最審慎、最積極的人；順帶一提，法務工作、財務工作、會計工作、稅務工作也都一樣。這是我們的職責。而組織的使命是打造卓越的娛樂內容。我在各種娛樂產業領域待了很長時間，我可以告訴你一件事：命中爆款——一次又一次、再一次地做出偉大的爆款——你就會成為一家持續升級的企業。我們為這個團隊所做的一切感到非常自豪，也為我們完成這些事情所依循的文化感到非常自豪。

But if we don't get up every day and make it, none of that matters. So that's our job. That's what we focus on.

但如果我們每天不起床就去把它做出來，那些都不重要。所以這就是我們的工作。這就是我們專注的事情。

And frankly, the results that we're talking about today and the guidance that we gave you for tomorrow, all of that is based on having made hits, having delivered its and an expectation, but we are going less -- an expectation that we're going to continue doing just that at a higher and higher level.

坦白說，我們今天討論的業績，以及我們給你們的明日展望指引，這一切都建立在我們做出爆款、交付爆款的基礎上；也建立在一個預期之上——也就是我們將持續做到這一點，而且會以越來越高的水準做到。

Andrew Crum, B. Riley Securities.

Andrew Crum，B. Riley Securities。

So looking at your net bookings guidance, how, if in any way, is potential cannibalization from GTA VI influencing your view or range of outcomes you see for fiscal '27?

就你們的淨預訂額（net bookings）指引來看，若有的話，《GTA VI》可能帶來的自我侵蝕（cannibalization）在多大程度上影響了你們對 2027 財年結果或區間的看法？

Look, cannibalization doesn't really apply to the Entertainment business. In the Entertainment business, you compete against everything, you compete against your competitors, you compete against yourselves. You compete against nothing -- choice to do nothing. So if you're in the grocery business, like everyone needs to eat, so you're competing with the grocery store next store. With regard to entertainment, if there's something that you want in the market and then there's something else that you want you'll try to buy both.

你看，「自我侵蝕」其實不太適用於娛樂產業。在娛樂產業，你是在和所有事物競爭：你和競爭對手競爭，你也和自己競爭。你也在和「什麼都不做」這個選擇競爭。如果你在雜貨業，人人都得吃飯，所以你主要是和隔壁那家雜貨店競爭。但在娛樂方面，如果市場上有你想要的東西，然後又有另一個你也想要的東西，你會試著兩個都買。

And if there's nothing that you want, you won't buy either. So there's no one-to-one cannibalization.

如果沒有任何你想要的東西，你兩個都不會買。所以不存在一對一的自我侵蝕。

And in fact, history shows that when there's a big hit in the market, you know what it does, energizes consumers around the entertainment market, and they consume more. So I actually think we were fortunate enough to have the kind of year that we expect we'll even do a little better than we expect. It's not just going to be good for Take-Two and our labels. It's going to be good for the industry as a whole.

而且事實上，歷史顯示當市場上出現一個超級爆款時，你知道會發生什麼嗎？它會讓消費者對整個娛樂市場更有熱情，並且消費更多。所以我其實認為，我們很幸運能迎來我們所預期的那種年度，而且我們甚至可能會比預期做得更好一些。這不只會對 Take-Two 及我們的各個品牌有利。也會對整個產業有利。

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

問答環節到此結束。接下來我將把電話會議交回給 Strauss Zelnick 作結語。

I've spoken an awful lot today. And as you pointed out, I've been in a bunch of conferences lately, too. So maybe no one needs to hear any more than -- more from me. I would like to say this, though, we delivered great results that we talked about today. And we set our guidance that reflects great results going forward.

我今天講了非常多。而且如你所說，我最近也參加了不少會議。所以也許大家不需要再多聽我說什麼了——不需要再多聽我說。不過我還是想說：我們交出了今天所談到的優異成果。我們也給出了反映未來將持續取得優異成果的指引。

All of that comes from our colleagues around the world.

這一切都來自我們遍布全球的同仁。

So I want to take a minute to express -- this management team's enormous gratitude and my personal gratitude to our creative teams, our marketing teams and our distribution teams and our finance teams and our operations teams all over the world more than 100 offices around the world, if I'm not mistaken, who work incredibly hard and an incredibly dedicated way to support our collective mission. All of this is because of their work. I just -- I get to organize the victory lap.

因此我想花一點時間表達——管理團隊由衷的感謝，以及我個人的感謝——給我們的創意團隊、行銷團隊、發行團隊、財務團隊與營運團隊；他們遍布全球、超過 100 個辦公室（如果我沒記錯的話），以極其努力且高度投入的方式支持我們共同的使命。這一切都歸功於他們的工作。我只是——負責安排勝利巡禮的人。

So thank you to our team. And then I'd like to take a moment also to thank our shareholders and everyone who supports us and the people who attended this call. It's always nice to have a good news call, and we're really happy to share it with you all.

所以，謝謝我們的團隊。另外我也想花點時間感謝我們的股東、所有支持我們的人，以及參與本次電話會議的各位。能有一通好消息的電話會議總是令人愉快，我們也很高興能與各位分享。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。