Take-Two Interactive Software, Inc. (TTWO) 2027 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Take-Two Interactive Software first-quarter fiscal year 2027 results conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Take-Two Interactive Software 2027 會計年度第一季財報電話會議。（接線員指示）

I will now hand the conference over to Nicole Shevins, SVP, Investor Relations and Corporate Communications. Nicole, please go ahead.

我現在把會議交給資深副總裁—投資人關係與企業傳播 Nicole Shevins。Nicole，請開始。

Good morning. Thank you for joining our conference call to discuss our results for the first quarter of fiscal year 2027 ended June 30, 2026. 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.

早安。感謝各位參加我們的電話會議，討論截至 2026 年 6 月 30 日止之 2027 會計年度第一季業績。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，我想提醒各位，本次電話會議中非歷史事實的陳述，依聯邦證券法規定屬於前瞻性陳述。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.

實際營運結果可能因多項因素而與這些前瞻性陳述有重大差異。這些重要因素已載於我們向美國證券交易委員會（SEC）提交的文件中，包括公司最新的 Form 10-K 年度報告與 Form 10-Q 季度報告，以及其中「風險因素」章節所摘要的風險。

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. 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.

另外也請注意，除非另有說明，我們今天討論的所有數字皆依 GAAP（一般公認會計原則）編製，且所有比較皆為年對年。關於我們實際結果與展望的更多細節，已載於新聞稿中，包括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。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.

接下來我把電話交給 Strauss。

Thanks, Nicole. Good morning, and thank you for joining us today. Fiscal 2027 is off to an excellent start, led by the power of our diverse portfolio and the strong consistent execution of our strategy in all of our labels. We delivered first quarter net bookings of approximately $1.39 billion, which was slightly above the high end of our guidance range, primarily due to the outperformance of NBA 2K and the Grand Theft Auto series.

謝謝你，Nicole。早安，感謝各位今天加入我們。2027 會計年度開局非常出色，主要受惠於我們多元產品組合的強勁動能，以及我們在各品牌（labels）中對策略的穩健且一致的執行。我們第一季淨預訂額約為 13.9 億美元，略高於指引區間上緣，主要因 NBA 2K 與《俠盜獵車手》（Grand Theft Auto）系列表現優於預期。

We're reiterating our fiscal 2027 outlook for net bookings of $8 billion to $8.2 billion, which reflects both ongoing positive trends in our business and our high degree of confidence around the November 19 release of Grand Theft Auto VI. We expect to sustain this new level of scale and generate strong cash flows for the next several years as we release our robust development pipeline, capitalize on incremental opportunities within our highly established hit franchises and continue to apply our proven long-term approach to managing the company.

我們重申 2027 會計年度淨預訂額展望為 80 億至 82 億美元，反映我們業務持續的正向趨勢，以及我們對《俠盜獵車手 VI》於 11 月 19 日發售的高度信心。隨著我們推出強勁的研發產品線、把握在高度成熟的暢銷系列中更多增量機會，並持續運用我們經驗證的長期公司經營方法，我們預期未來數年將維持這一新的規模水準並產生強勁現金流。

Now turning to highlights for the period. NBA 2K26 performance was outstanding and concluded a record year for the franchise. To date, the title has sold in over 12 million units, reflecting 9% growth compared to NBA 2K25. Engagement was up meaningfully during the quarter with recurrent consumer spending growing 7%, driven by a 15% increase in average daily active users, a 25% increase in MyCAREER daily active users and a 35% increase in average games played per user. The achievements of this year's iteration of the series are a testament to visual concept's ability continually to deliver new innovative ways for fans to stay engaged, and our live service execution remains a cornerstone of NBA 2K's sustained success.

接著談本期重點。《NBA 2K26》表現非常亮眼，並為該系列締造了創紀錄的一年。截至目前，該作銷量已超過 1,200 萬套，較《NBA 2K25》成長 9%。本季互動參與度顯著提升，經常性消費者支出成長 7%，主要由平均每日活躍用戶增加 15%、MyCAREER 每日活躍用戶增加 25%，以及每位用戶平均遊玩場次增加 35% 所帶動。本年度版本的成就，證明 Visual Concepts 持續為粉絲帶來創新且全新的互動方式；而我們的即時服務（live service）執行力，仍是《NBA 2K》長期成功的核心基石。

During the quarter, 2K also supported Borderlands 4, Sid Meier's Civilization VII and WWE 2K26 with an array of new offerings, which enhanced player engagement and sentiment. The Grand Theft Auto series once again exceeded expectations. And to date, Grand Theft Auto V has sold in over 230 million units worldwide. Recurrent consumer spending for the series grew 3% and GTA+ continues to thrive, all led by a series of content offerings, including the addition of the Rockstar Mission Creator, an all-new suite of innovative and in-depth tools, empowering the player community to bring missions to life.

本季期間，2K 亦透過一系列新內容支援《邊緣禁地 4》、《席德·梅爾的文明帝國 VII》以及《WWE 2K26》，提升了玩家參與度與口碑情緒。《俠盜獵車手》系列再次超出預期。截至目前，《俠盜獵車手 V》全球累計銷量已超過 2.3 億套。該系列的經常性消費者支出成長 3%，GTA+ 亦持續蓬勃發展，主要由一系列內容推出所帶動，其中包括新增 Rockstar 任務創作器（Rockstar Mission Creator）—一套全新、創新且深入的工具組合，賦能玩家社群將任務具體實現。

Global excitement for the launch of Grand Theft Auto VI continues to build with the title having an exceptional start to preorders. With Rockstar Games recent announcement of Grand Theft Auto VI, an extended look coming on August 27, we believe that consumers' passion and anticipation for the next evolution of this iconic series will grow further, leading up to the title's November 19 release.

全球對《俠盜獵車手 VI》上市的期待持續升溫，該作的預購開局表現極為出色。隨著 Rockstar Games 近期宣布《俠盜獵車手 VI》將於 8 月 27 日釋出延伸內容展示，我們相信消費者對這一經典系列下一次進化的熱情與期待將進一步提升，並一路延續至 11 月 19 日正式發售。

Turning to our mobile business. Zynga performed in line with our expectations, and we're pleased that many of our forever franchises continue to resonate with players. Net bookings for Toon Blast grew 8% over last year. The title was supported by a new marketing campaign featuring Emmy nominated actor, Giancarlo Esposito.

接著談我們的行動業務。Zynga 的表現符合我們的預期，我們也很高興看到多款長青系列（forever franchises）持續獲得玩家共鳴。《Toon Blast》的淨預訂額較去年成長 8%。該作並由一項全新行銷活動支援，代言人為艾美獎提名演員 Giancarlo Esposito。

Empires & Puzzles maintained steady momentum, anchored by a successful ninth anniversary campaign and the introduction of new heroes and character abilities. Words With Friends exceeded our forecast with net bookings growing 8% year-over-year led by strong ad performance and higher player engagement with several features, including Dice Challenge, the title's latest permanent one-in-one game mode. Top Eleven surpassed our expectations with net bookings increasing 15% year-over-year as fans enjoyed a special in-game event featuring player versus environment matches in 10 international locations.

《Empires & Puzzles》維持穩健動能，受惠於成功的九週年活動，以及新英雄與角色能力的推出。《Words With Friends》表現優於我們的預測，淨預訂額年增 8%，主要由強勁的廣告表現與玩家對多項功能的更高參與度所帶動，其中包括 Dice Challenge—該作最新的永久一對一（one-in-one）遊戲模式。《Top Eleven》亦超出我們的預期，淨預訂額年增 15%，粉絲在 10 個國際地點參與以玩家對環境（PvE）對戰為主題的特別遊戲內活動。

2K's mobile offerings continue to perform well with strong downloads and engagement across key titles. NBA 2K All Star, our mobile title in China in partnership with Tencent surpassed 10 million registered users since launching last year and is yielding strong profit margins. Our mobile direct-to-consumer channel remains a significant driver of revenue and margin enhancement with many of Zynga's titles offering this feature and further growth anticipated.

2K 的行動產品持續表現良好，主要作品的下載量與互動參與度皆維持強勁。《NBA 2K All Star》為我們與騰訊合作在中國推出的行動遊戲，自去年上市以來註冊用戶已突破 1,000 萬，並帶來強勁的利潤率。我們的行動端直達消費者（direct-to-consumer）通路，仍是營收成長與毛利率提升的重要驅動力；Zynga 多款作品已提供此功能，且預期將進一步成長。

Guided by our core pillars to be the most creative, innovative and efficient entertainment company in the world, our 13,000 colleagues share a singular vision for excellence and hit creation. Each day, we strive to bring joy to our player communities and value to our shareholders.

在「成為全球最具創意、最具創新且最高效率的娛樂公司」這些核心支柱的指引下，我們 13,000 位同仁共享對卓越與打造暢銷作品的單一願景。每天，我們都致力於為玩家社群帶來喜悅，並為股東創造價值。

I'd like to express my gratitude to our teams for their immense passion and unwavering commitment to our mission to make the most captivating and engaging experiences in the entertainment business. We believe that fiscal 2027 will be an inflection point for Take-Two, one that will write an exciting new chapter in our history and provide the foundation for new levels of success and the creation of groundbreaking entertainment experiences.

我想向我們的團隊表達感謝，感謝大家對我們使命—打造娛樂產業中最引人入勝、最具互動性的體驗—所展現的巨大熱情與堅定承諾。我們相信 2027 會計年度將是 Take-Two 的轉折點，將為我們的歷史寫下令人振奮的新篇章，並為更高層次的成功與開創性的娛樂體驗奠定基礎。

I'll now turn the call over to Karl.

接下來我把電話交給 Karl。

Thanks, Strauss. I'd like to thank our teams for delivering a great start to the year and setting the stage for the most exciting pipeline in our company's history. I'll now discuss our recent and upcoming releases. On July 8, 2K and HB Studios launched Season 7 for PGA Tour 2K25, a free update, which added the 154th Open Championship at Royal Birkdale Golf Club. The team is planning to launch Season 8 in late September and is hard at work on this year's release of PGA Tour 2K27. 2K will share more details in the coming months.

謝謝你，Strauss。我要感謝我們的團隊，為今年帶來出色的開局，並為公司史上最令人振奮的產品管線奠定基礎。接下來我將討論我們近期與即將推出的發行內容。7月8日，2K 與 HB Studios 推出《PGA Tour 2K25》第7季，這是一項免費更新，新增了在 Royal Birkdale Golf Club 舉行的第154屆英國公開賽。團隊計畫於9月下旬推出第8季，並正全力投入今年《PGA Tour 2K27》的發行準備。2K 將在未來幾個月分享更多細節。

On July 14, Rockstar Games launched the Kortz Center Heist for GTA Online, which introduced an all-new blockbuster heist targeting Los Santos Premier Cultural Institution with an array of artwork for the taking. On July 30, 2K and Gearbox launched Bounty Pack 4: Murders and Acquisitions for Borderlands 4, which includes a new story mission and cosmetic items. Fans can look forward to even more action in September when Gearbox releases additional content, including the title's next story pack.

7月14日，Rockstar Games 為《GTA Online》推出 Kortz Center 搶劫任務，帶來全新的大片級搶案，目標鎖定洛聖都首屈一指的文化機構，並有多件藝術品可供奪取。7月30日，2K 與 Gearbox 為《Borderlands 4》推出「懸賞包4：謀殺與併購」（Bounty Pack 4: Murders and Acquisitions），內容包含新的故事任務與外觀道具。粉絲可期待9月更多動作內容，屆時 Gearbox 將釋出額外內容，包括本作下一個故事包。

On August 14, 2K and Hangar 13 will release the Man of Honor story expansion for Mafia: The Old Country. With Hangar 13's industry-leading capabilities and narrative-driven action titles, players will enjoy two new story chapters and all new content for the games free ride mode. 2K and Visual Concepts will launch the WrestleMania 42 pack for WWE 2K26 on August 19, followed by new seasons as part of the Ringside Pass during the fall. WWE 2K27 is currently in development, and 2K will provide updates later this year.

8月14日，2K 與 Hangar 13 將為《Mafia: The Old Country》推出「Man of Honor」故事擴充。憑藉 Hangar 13 業界領先的能力與敘事驅動的動作遊戲專長，玩家將可體驗兩個全新故事章節，以及供遊戲自由駕駛模式使用的全新內容。2K 與 Visual Concepts 將於8月19日為《WWE 2K26》推出 WrestleMania 42 組合包，並在秋季透過 Ringside Pass 推出後續新賽季。《WWE 2K27》目前正在開發中，2K 將於今年稍晚提供更新。

On September 4, 2K and Visual Concepts will launch NBA 2K27. The next installment of our industry-leading basketball simulation that provides the most realistic and authentic NBA experience in interactive entertainment. This year, Victor Wembanyama of the San Antonio Spurs will be on the cover of the Standard Edition. Caitlin Clark of the Indiana Fever, will be on the cover of the Deluxe Edition, and Chicago Bulls Legend, Derrick Rose, will be on the cover of the Ultra Edition with early access available as part of the Deluxe and Ultra editions.

9月4日，2K 與 Visual Concepts 將推出《NBA 2K27》。這是我們業界領先的籃球模擬系列最新作，提供互動娛樂中最逼真、最具真實感的 NBA 體驗。今年，聖安東尼奧馬刺隊的 Victor Wembanyama 將登上標準版封面。印第安納狂熱隊的 Caitlin Clark 將登上豪華版封面，而芝加哥公牛傳奇球星 Derrick Rose 將登上超豪華版封面；豪華版與超豪華版皆提供搶先體驗。

Last week, a first-look trailer of NBA 2K27's gameplay was revealed and the response has been positive with fans and the media expressing excitement over the titles improved graphics and enhanced player movement and presentation. 2K will share more about the game soon, including the NBA 2K27 preseason breakdown full game review on August 18.

上週，《NBA 2K27》的遊戲玩法首支預告片公開，反應正面，粉絲與媒體對本作提升的畫面表現、強化的球員移動與呈現方式表示期待。2K 將很快分享更多遊戲資訊，包括8月18日的《NBA 2K27》季前解析完整遊戲評測。

Zynga will continue to focus on enhancing its existing mobile portfolio with Bold Beats and updates as well as releasing new titles, including Top Goal, which is currently in soft launch. The title recently introduced real-world soccer stars as well as enhanced 3ds Max simulation and player-versus-player gameplay.

Zynga 將持續專注於強化其既有的行動遊戲產品組合，包含 Bold Beats 與各項更新，同時也將推出新作，包括目前正處於小規模測試上線（soft launch）的《Top Goal》。該作品近期加入真實世界的足球明星，並強化 3ds Max 模擬與玩家對玩家（PVP）玩法。

In closing, we are deeply excited about this year, highlighted by the November 19 launch of Grand Theft Auto V, which will usher in a new era of growth for our company and returns for our shareholders. We remain steadfast in our mission and commitment to delivering the highest quality entertainment experiences that captivate and engage audiences throughout the world.

最後，我們對今年感到非常振奮，重點是《Grand Theft Auto V》將於11月19日推出，這將為公司開啟新的成長時代，並為股東帶來回報。我們將堅定不移地秉持使命與承諾，提供最高品質的娛樂體驗，吸引並凝聚全球觀眾。

I'll now turn the call over to Lainie.

接下來我把電話交給 Lainie。

Thanks, Karl, and good morning, everyone. We achieved excellent first quarter results driven by our powerful franchises, industry-leading talent and unwavering commitment to our strategic vision. I'd like to thank our teams for their hard work, which has enabled us to reach this exciting point within our company's history.

謝謝你，Karl，各位早安。在強大系列作品、業界領先的人才，以及對策略願景的堅定承諾帶動下，我們第一季取得了優異的成果。我要感謝我們團隊的辛勤付出，讓我們得以在公司歷史上走到這個令人振奮的里程碑。

Turning to our results. We delivered first quarter net bookings of $1.39 billion, which was slightly above our guidance range of $1.32 billion to $1.37 billion. This primarily reflected better-than-expected performance from NBA 2K and the Grand Theft Auto series. Recurrent consumer spending declined 1% for the period, which was favorable to our guidance of a 3% decline, and accounted for 84% of net bookings. NBA 2K grew 7%, The Grand Theft Auto series rose 3%, and as expected, Mobile declined 7% over last year.

接著談我們的業績。第一季淨預訂額（net bookings）為13.9億美元，略高於我們13.2億至13.7億美元的指引區間。這主要反映《NBA 2K》與《Grand Theft Auto》系列表現優於預期。本期經常性消費者支出（recurrent consumer spending）下滑1%，優於我們原先預期下滑3%的指引，並占淨預訂額的84%。《NBA 2K》成長7%，《Grand Theft Auto》系列上升3%，而如預期，行動業務較去年下滑7%。

GAAP net revenue increased 2% to $1.5 billion. Our cost of revenue rose 17% to $651 million, and included a $43 million impairment charge related to the decision not to proceed with an unannounced title from a third-party developer. Operating expenses were flat at $98 million. On a management basis, operating expenses declined 1% year-over-year, which was favorable to our forecast of 3% growth due to timing of marketing expenses across our labels.

GAAP 淨營收成長2%至15億美元。營收成本上升17%至6.51億美元，其中包含一筆4,300萬美元的減損費用，與我們決定不再推進某第三方開發商未公布作品相關。營業費用持平於9,800萬美元。以管理口徑（management basis）計，營業費用年減1%，優於我們原先預估年增3%的預測，主要因各品牌行銷費用投入時點不同所致。

With the ongoing positive trends in our business and excitement around the November 19 release of Grand Theft Auto VI, we are reiterating our fiscal 2027 net bookings outlook range of $8 billion to $8.2 billion, which represents approximately 20% growth over fiscal 2026 at the midpoint. The largest contributors to net bookings are expected to be the Grand Theft Auto series, NBA 2K, Toon Blast, Match Factory! and Empires & Puzzles, Words With Friends, The Red Dead Redemption series, WWE 2K, Color Block Jam and Zynga Poker. We continue to expect recurrent consumer spending to be in line with fiscal 2026 and to represent 64% of net bookings.

基於我們業務持續的正向趨勢，以及市場對《Grand Theft Auto VI》11月19日發行的期待，我們重申2027會計年度淨預訂額展望區間為80億至82億美元，以中位數計較2026會計年度約成長20%。預期淨預訂額的最大貢獻來源為《Grand Theft Auto》系列、《NBA 2K》、《Toon Blast》、《Match Factory!》以及《Empires & Puzzles》、《Words With Friends》、《Red Dead Redemption》系列、《WWE 2K》、《Color Block Jam》與《Zynga Poker》。我們仍預期經常性消費者支出將與2026會計年度大致一致，並占淨預訂額的64%。

The underlying drivers remain unchanged. The NBA 2K projected to grow high single digits. The Grand Theft Auto series is expected to be up and Mobile is expected to be 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 now expect the net bookings breakdown from our labels to roughly 37% Rockstar Games, 34% Zynga and 29% 2K.

基本驅動因素維持不變。《NBA 2K》預計將以高個位數成長。《Grand Theft Auto》系列預期將成長，而行動業務預期將下滑，原因在於去年《Color Block Jam》表現亮眼，以及我們假設 Zynga 多款成熟行動遊戲的趨勢將趨於溫和。我們目前預期各品牌淨預訂額占比約為：Rockstar Games 37%、Zynga 34%、2K 29%。

We continue to forecast operating cash flow in excess of $1 billion, and we remain on track to be in a net cash position by the end of the fiscal year. We now plan to deploy approximately $290 million of capital expenditures, which is up from our prior forecast due to a planned real estate purchase. We continue to expect GAAP net revenue to range from $7.9 billion to $8.1 billion, while we now expect cost of revenue to range from $3.54 billion to $3.66 billion. Our total operating expenses are now expected to range from $4.15 billion to $4.17 billion. On a management basis, we expect operating expense growth of approximately 7% year-over-year, which is down slightly from our prior forecast.

我們仍預測營運現金流將超過10億美元，並持續朝在會計年度末達到淨現金部位的目標前進。我們目前規劃資本支出約2.9億美元，較先前預測上調，主因為計畫進行不動產購置。我們仍預期 GAAP 淨營收介於79億至81億美元；同時，我們目前預期營收成本介於35.4億至36.6億美元。我們目前預期總營業費用介於41.5億至41.7億美元。以管理口徑計，我們預期營業費用年增約7%，較先前預測略為下調。

Now moving on to our guidance for the fiscal second quarter. We project net bookings to range from $1.62 billion to $1.67 billion, compared to $1.96 billion in the second quarter last year. Our release slate for the quarter includes NBA 2K27 as well as new content updates for various titles. The largest contributors to net bookings are expected to be NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Empires & Puzzles, Words With Friends, Color Block Jam, the Borderlands franchise, the Red Dead Redemption series and Zynga Poker.

接著說明我們對2027會計年度第二季的指引。我們預估淨預訂額介於16.2億至16.7億美元，相較去年第二季的19.6億美元。本季的發行陣容包含《NBA 2K27》，以及多款作品的新內容更新。預期淨預訂額的最大貢獻來源為《NBA 2K》、《Grand Theft Auto》系列、《Toon Blast》、《Match Factory!》、《Empires & Puzzles》、《Words With Friends》、《Color Block Jam》、《Borderlands》系列、《Red Dead Redemption》系列與《Zynga Poker》。

We project recurrent consumer spending to decline by approximately 5% and which assumes growth for NBA 2K and the Grand Theft Auto series, while Mobile is expected to be down. We expect GAAP net revenue to range from $1.42 billion to $1.47 billion. Operating expenses are planned to range from $1.01 billion to $1.02 billion. On a management basis, operating expenses are expected to decline by approximately 5% year-over-year as last year included significant marketing expenses for the launch of Borderlands 4.

我們預期經常性消費者支出將下滑約 5%，此預測假設《NBA 2K》與《俠盜獵車手》系列將成長，而行動端預計將下滑。我們預期 GAAP 淨營收將介於 14.2 億美元至 14.7 億美元之間。營運費用規劃將介於 10.1 億美元至 10.2 億美元之間。以管理口徑計，營運費用預期將較去年同期下降約 5%，因去年包含《邊緣禁地 4》上市所帶來的顯著行銷費用。

Looking ahead, fiscal 2027 is on track to be a milestone year for our company, led by the release of Grand Theft Auto VI. We have great ambitions as our teams have carefully curated new opportunities that we believe will sustain this new level of scale for the foreseeable future, including live service enhancements, franchise extensions, the launch of new IP and international expansion.

展望未來，2027 財年有望成為本公司的里程碑年度，主要由《俠盜獵車手 VI》的推出所帶動。我們抱持宏大企圖，團隊已審慎規劃我們相信可在可預見的未來維持此一規模水準的新機會，包括即時服務強化、系列作品延伸、新 IP 推出以及國際擴張。

In addition, we will continue to evaluate accretive M&A. As we bring these opportunities to fruition, we are confident in our ability to enhance our financial profile further and generate strong cash flows, setting us on a path to deliver continued growth and long-term shareholder returns.

此外，我們將持續評估具增值效益的併購（M&A）。隨著我們將這些機會落實，我們對進一步改善財務體質並創造強勁現金流充滿信心，這將使我們走在持續成長與為股東帶來長期報酬的道路上。

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 for an excellent start to what is poised to be an outstanding year for Take-Two. And to our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

謝謝，Lainie 和 Karl。我謹代表整個管理團隊，感謝同仁為 Take-Two 這個有望成為卓越年度的一年帶來極佳的開端。也向我們的股東表達感謝，謝謝各位持續的支持。我們現在開始回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Doug Creutz, TD Cowen.

Doug Creutz，TD Cowen。

Thank you. One of your peers that reported previously suggested that there have been some slowdown in the Mobile market in Q2, which they attributed to macro uncertainty. Just wondered if you saw the same thing, if you saw different things. Any commentary you could offer would be helpful.

謝謝。你們有一家同業先前在財報中提到，第二季行動市場出現一些放緩，他們將其歸因於總體不確定性。想請教你們是否也看到同樣情況，或是看到不同的現象。任何你們能提供的評論都會很有幫助。

No, it's really not what we're seeing. Our results have been affected by how Color Block Jam is doing versus last year in terms of [coping] because it was a new title last year. But apart from that, we've delivered some really good news in Mobile. There's no doubt there's a bit of pressure on user acquisition at the moment. And I think that, that comes and goes in the marketplace. But no, we don't feel like the consumer is going back at all.

不，這確實不是我們所看到的情況。我們的結果受到《Color Block Jam》相較去年表現的影響，因為去年它是新作品，在[比較基期]上有所不同。但除此之外，我們在行動端帶來了一些非常好的消息。毫無疑問，目前在用戶獲取方面有一些壓力。我認為這在市場上時有起伏。但不，我們並不覺得消費者有任何退縮。

Great. Thank you.

很好。謝謝。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Hi, thanks for taking my questions. Maybe one on the GTA VI Extended Look. I guess if you could give us a little bit more color on the thinking that went into the decision to go with Netflix for the time exclusivity rather than just the traditional route of releasing it on a free platform like YouTube or through Rockstar Social?

嗨，謝謝讓我提問。先問一個關於《GTA VI》延伸預覽（Extended Look）。想請你們多談一點，為何決定選擇 Netflix 作為限時獨家，而不是走傳統路線，例如在 YouTube 這類免費平台發布，或透過 Rockstar Social 發布？

This is the first of its kind partnership with Netflix. They're a great marketing partner for us and distribution partner, as you know. We also work with virtually every social media outlet on Earth. This is part of Rockstar Games marketing strategy. We're excited for everyone to see an extended look of Grand Theft Auto VI. I'm not prepared to tell you how it's going to go, but I feel really good about it. And of course, 6 hours after the initial launch of Netflix that will be available on Rockstar Games Channel and YouTube and I think, ultimately, many other outlets.

這是我們與 Netflix 的首度此類合作。如你所知，他們是我們很棒的行銷夥伴與發行夥伴。我們也幾乎與全球所有社群媒體平台合作。這是 Rockstar Games 行銷策略的一部分。我們很期待大家看到《俠盜獵車手 VI》的延伸預覽。我還不準備告訴你它會如何發展，但我對此感覺非常好。當然，在 Netflix 首次上線後 6 小時，該內容也會在 Rockstar Games 頻道與 YouTube 上提供，我想最終也會在許多其他平台上架。

Great. Thank you. And maybe one more, if I could. Not that you needed any other tailwinds into GTA VI launch excitement. But can you talk a little bit about the Kortz Center Update for GTA Online and maybe how that's been in terms of bringing in some lapsed players ahead of the GTA VI launch? Thank you.

很好。謝謝。如果可以的話再問一個。並不是說《GTA VI》上市的熱度還需要其他順風因素。但你能否談談《GTA Online》的 Kortz Center 更新，以及它在《GTA VI》上市前，對於吸引一些流失玩家回流的效果如何？謝謝。

We're actually very pleased how things are going right now. We typically don't give specific details about how releases are doing, but I can tell you that right now, we're very pleased with how things are going. And like all the Rockstar releases, they're exciting. They're well received by players and they always bring in -- they always reactivate folks. So, so far, so good.

我們其實對目前的進展非常滿意。我們通常不會提供發行表現的具體細節，但我可以告訴你，現在我們對進展非常滿意。而且就像所有 Rockstar 的更新一樣，它們令人興奮。玩家反應很好，而且它們總是會帶來——總是會讓一些玩家重新回來。所以到目前為止，一切都很順利。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO Capital Markets。

Thanks for the questions. You recently announced the $80 base game for GTA VI, but ultimately decided to leave NBA 2K27 base pricing at $70. As you think about go-forward base pricing, help us understand how you're thinking about being able to price games at a more premium price with more traditional AAA game prices around the $70 price point? Thank you.

謝謝讓我提問。你們最近宣布《GTA VI》基本版售價 80 美元，但最終決定將《NBA 2K27》基本版定價維持在 70 美元。在思考未來的基本定價時，請協助我們理解：在傳統 AAA 遊戲價格多落在 70 美元的情況下，你們如何看待將遊戲以更高端的價格出售的能力？謝謝。

Look, we've said this many, many, many times, our goal is to deliver way more value to consumers than what we charge them. And the truth is that the real cost of a AAA video game is a whole lot lower today than it was 20 years ago. Pricing has not kept pace with inflation. And our goal is to continue to over deliver for our consumers because how you feel about any experience is the intersection of the experience itself and what you paid for it.

你看，我們已經講過很多很多很多次，我們的目標是為消費者提供遠超過他們所支付價格的價值。事實是，AAA 電玩遊戲的實際成本在今天比 20 年前低得多。定價並未跟上通膨。而我們的目標是持續為消費者超額交付，因為你對任何體驗的感受，是體驗本身與你為它付出的價格兩者的交集。

So to say that we expect that Grand Theft Auto VI will be an incredible bargain as experiences go as it grows understatement because Rockstar Games is known for over-delivering. And when people engage with our titles and Karl just to answer the question about GTA Online, remember, we're 13 years after GTA Online was launched and people are still highly engaged, and we have record-setting engagement at times.

因此，要說我們預期《俠盜獵車手 VI》就體驗而言會是極具性價比的產品，這樣的說法甚至都算保守，因為 Rockstar Games 以超額交付聞名。而當人們投入我們的作品時——Karl，順便回答你關於《GTA Online》的問題——請記得，《GTA Online》上市已 13 年，人們仍然高度投入，而且我們在某些時期的互動度還創下紀錄。

So that's our goal. Our goal is not to maximize price. So in this case, I think what we're -- what we've decided to do, makes a whole lot of sense in the context of what we're delivering, and that's the lens through which we'll look going forward as well.

所以這就是我們的目標。我們的目標不是把價格拉到最高。因此在這個案例中，我認為我們——我們所做的決定——在我們所交付內容的脈絡下非常合理，而這也將是我們未來評估的視角。

Thanks, Strauss.

謝謝，Strauss。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Sorry about that. Good morning. My apologies, I was on mute. Strauss, I wonder if you could give a little bit of background on the decision to go with Netflix for the Extended Trailer launch. Did they approach you? Did you approach them? I assume for exclusivity, they probably paid a little bit of a premium to get that?

抱歉剛剛那樣。早安。不好意思，我剛剛在靜音。Strauss，我想請你提供一些背景，關於選擇 Netflix 作為延伸預告（Extended Trailer）首發平台的決策。是他們來找你們嗎？還是你們去找他們？我猜為了獨家，他們可能也付了一些溢價來取得？

Netflix is a close partner of the company, and we have tight relationships up and down the line. So we're always in conversations about things that we can do together. And this is a groundbreaking partnership that Rockstar arranged with our friends at Netflix, and we're really excited about how it's going to come back. I would normally give detail on sort of the nature of the back and forth or the terms of the arrangement.

Netflix 是公司密切的合作夥伴，我們在各個層級都有緊密的關係。因此我們一直在討論可以一起做的事情。這是一項由 Rockstar 與我們在 Netflix 的朋友所促成的開創性合作，我們對它將帶來的回響感到非常興奮。我通常會提供一些關於往來過程或合作條款性質的細節。

Okay. Thanks. And then as a follow-up, with chip costs rising so much and the input costs for hardware rising significantly, there's talks about the next-gen consoles, maybe getting delayed. I know you're a software company and you produce for whatever is out there. But I'm curious about your big picture thoughts on the industry just given the rising cost of hardware?

好的。謝謝。接著追問一下，晶片成本上漲這麼多、硬體的投入成本也大幅上升，市場上在談下一代主機可能會延後推出。我知道你們是軟體公司，會針對市面上有的任何平台進行開發。但我想請教你們對整個產業的大方向看法：在硬體成本上升的情況下，你們怎麼看？

Look, the rising cost of hardware is not a good thing, and we would argue that it is. I don't think it will slow us down (inaudible) because we're delivering -- we believe we're delivering experiences that people want. However, a lower price point for hardware would be a good thing because there would be more hardware in people's hands. So I cannot argue this is a positive, but equally, we don't see it as a headwind either.

你看，硬體成本上升不是好事，我們也會這麼認為。我不認為這會讓我們放慢腳步（聽不清），因為我們正在交付——我們相信我們正在交付人們想要的體驗。不過，硬體若能有更低的價格帶會是好事，因為會有更多硬體落到消費者手上。所以我無法說這是正面因素，但同樣地，我們也不把它視為逆風。

And going forward, look, two things that I think are relevant. Probably the most relevant thing is the world continues to move to open systems, and that will continue. So 20 years ago when we showed up here Take-Two for a console release that was available on PC at launch, PC would represent 1% to 2% of the overall sales. Today, that can be 40% or 50% in a similar situation. And I believe that's going to grow because people have PCs, they have (inaudible) port controllers. They work great as game machines, and I think that will continue.

再往前看，我認為有兩件事很相關。可能最相關的是，世界持續走向開放式系統，而且這個趨勢會延續。所以20年前我們 Take-Two 在這裡推出一款主機遊戲、且上市時也同步在 PC 上推出時，PC 可能只占總銷售的 1% 到 2%。今天在類似情況下，PC 可能占到 40% 或 50%。而我相信這個比重還會成長，因為人們有 PC，也有（聽不清）可接的控制器。PC 作為遊戲機器表現很好，我認為這會持續下去。

Number two, with the advent of streaming, which we really do believe is around the corner in terms of having something in low latency and really works well for consumers, machines that weren't game machines before will become game machines. So without regard to what happens in the console business, which is a consequence to us, of course, we see the overall installed base as a practical matter, growing materially. And if you believe in streaming and to be clear, we really do, and I'm happy to put a timeline, I think we'll be in commercial streaming mode within three years. And by commercial, I mean, low latency.

第二，隨著串流的到來——我們確實相信，在低延遲、且真正能良好服務消費者的層面上，這已近在眼前——以前不是遊戲機器的裝置將會變成遊戲機器。所以不論主機業務會發生什麼事（當然這對我們也會有影響），我們實務上看到整體裝機量將大幅成長。如果你相信串流——而且說清楚，我們確實相信——我也願意給出時間表：我認為我們會在三年內進入商業化串流模式。所謂商業化，我指的是低延遲。

I mean that can 10x the effective installed base. Now it doesn't mean we're 10x our revenue and we wouldn't project we would. But because, obviously, your avid consumers already had access to video game machines. But I do think it creates great opportunity for titles that are broadly desirable even outside of core markets and we do have titles like that, obviously.

我的意思是，這可能讓有效裝機量放大 10 倍。當然這不代表我們的營收會放大 10 倍，我們也不會這樣預測。因為很明顯，你的重度玩家本來就已經能接觸到遊戲機器。但我確實認為，這會為那些在核心市場之外也廣受歡迎的作品帶來很大的機會，而我們顯然也有這類作品。

The third thing is that interactive entertainment and the most important thing remains Americas past time and the world's past time, it is the fastest-growing part of the entertainment business. That's going to continue as the cohort ages and grows. All we need to do is the hardest thing you can do. We just continue to make hits.

第三點是，互動娛樂——也是最重要的一點——仍然是美國的全民消遣、也是全世界的全民消遣；它是娛樂產業中成長最快的部分。隨著這個族群年齡增長、規模擴大，這個趨勢會持續。我們要做的，就是你能做的最難的事。我們只要持續做出爆款。

Thank you.

謝謝。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Thanks, good morning. I appreciate the questions. I guess on NBA, the next game coming up here shortly, I mean, following another strong year for the franchise, what do you think is going to be part of this game that might differentiate or provide the opportunity to grow the franchise another year?

謝謝，早安。感謝讓我提問。我想先問 NBA，下一款遊戲很快就要推出了；在這個系列又度過強勁的一年之後，你認為這一代遊戲有哪些部分可能會形成差異化，或提供機會讓這個系列再成長一年？

And then secondly, on an unrelated topic, just curious on any update to how your studios are deploying AI tools internally. I know we've talked about this quite a bit, but the technology seems to be developing fairly quickly. So are those tools capturing any additional value and perhaps maybe more measurable efficiencies. So any commentary on that would be helpful. Thank you.

第二個問題，換個不相關的主題：想請問你們工作室內部部署 AI 工具的最新進展。我知道我們已經談過不少次，但這項技術看起來發展得相當快。所以這些工具是否帶來任何額外價值，或許也帶來更可衡量的效率提升？如果能分享一些看法會很有幫助。謝謝。

So in terms of NBA, obviously, NBA 2K26 performance was outstanding. It's a record for us, both on units and engagement. And I think that's the key. And we get the question -- the same question almost every quarter, certainly every year about how high it can be and how the growth is. And every time we get the question, we answer it the same way.

就 NBA 而言，很明顯 NBA 2K26 的表現非常出色。無論是銷量還是參與度，都是我們的紀錄。我認為關鍵就在這裡。我們幾乎每一季、當然每一年都會被問到同樣的問題：它的上限有多高、成長動能如何。而每次被問到，我們的回答都一樣。

And it's really -- I don't want to say it's unlimited, but there's still a huge amount of growth potential in the NBA franchise, and that would be coming both from increased units, geographic expansion, et cetera, and bringing more customers back year-over-year, there's still a lot of wood to chop there and also more and more engagement. So we continue to refine that. And what really drives that is the folks at Visual Concepts and 2K and their efforts to year upon year to innovate. And it's really hard to do that on an annual release and yet somehow through the brilliant and hard work of the team, they're able to do it.

這個系列的成長空間非常大——我不想說是無上限，但確實還有很大的成長潛力——來源包括更多的銷量、地理擴張等等，以及讓更多客戶年復一年回流；這方面還有很多工作要做，同時也能帶來更多、更深的參與度。所以我們會持續精進。真正驅動這一切的是 Visual Concepts 與 2K 的團隊，以及他們年復一年持續創新的努力。在每年一代的發行節奏下做到這點非常困難，但團隊憑藉卓越與辛勤的工作，仍然做到了。

So I would just answer the same what we had before, which is the growth is going to be coming from the same place it always does, and that's through the innovation and the creativity of the teams. We did announce some fun things in terms of cover athletes for NBA 2K27. I'm going to leave all the exciting news about what's next for that title with 2K, what is -- August 18, I think, is when there's going to be more of a reveal.

所以我的回答會和之前一樣：成長會來自它一直以來的來源，也就是團隊的創新與創意。我們確實宣布了一些關於 NBA 2K27 封面球星的有趣消息。至於這款作品接下來更令人興奮的消息，我就留給 2K；我想——8 月 18 日左右會有更多揭露。

And with regard to your question about AI, look, we are, first and foremost, an entertainment company and always have been. However, we're an entertainment company that creates its entertainment in computers and always has. So this company, its products and its approach was built on AI and machine learning well before it became a buzzword du jour. So we're diving (inaudible) [role] adopters of new technology to the extent it enhances our ability to do what we do.

至於你問到 AI，你看，我們首先是一家娛樂公司，而且一直都是。不過，我們是一家在電腦上創作娛樂內容的娛樂公司，而且一直都是。所以在 AI 與機器學習成為當紅流行語之前很久，這家公司、我們的產品與方法論就已建立在 AI 與機器學習之上。因此，只要新技術能提升我們做事的能力，我們就會投入（聽不清），作為新技術的早期採用者。

And we have a three-part strategy, two parts of which are innovation and efficiency. So we have projects that sort of fall into both the basic research and the applied research buckets here to see in the basic research side of the -- the possible on the applied research side, how we can innovate more and how we can create additional efficiencies. And that threads through our entire company.

我們有一個三部分的策略，其中兩部分是創新與效率。因此我們有一些專案分別落在基礎研究與應用研究兩個範疇：在基礎研究端探索「可能性」；在應用研究端，看看我們如何能更創新、以及如何創造額外的效率。而這些工作貫穿整個公司。

All that said, the first of our core pillars is creativity, and we have 13,000 colleagues around the world. The vast majority of whom are people who are creative every day. And we believe the technology can enhance their creativity, but we do not believe it can or should replace their creativity. And ultimately, we make the spoke entertainment products, and we aim to make the best ones in the world, and technology should make it easier for our incredibly creative people to innovate. But for better or for worse, and I happen to think it's very much for the better, those tools are not going to replace any.

不過話說回來，我們核心支柱的第一項是創意；我們在全球有 13,000 位同仁。其中絕大多數都是每天都在進行創作的人。我們相信技術可以增強他們的創意，但我們不相信它能或應該取代他們的創意。最終，我們製作的是頂尖的娛樂產品，我們的目標是做出世界上最好的作品；技術應該讓我們極具創造力的人更容易創新。但不管好壞——而我認為這絕對是好事——這些工具不會取代任何人。

So unlike some of our competitors who are announcing opportunities to save hundreds of millions of dollars with AI. I've said since the beginning that the history of new technology in the interactive entertainment business is efficiencies are creative -- are deep creative, but then we find ways to do bigger and bigger things. And we actually don't reduce the cost of doing those things, but we can meaningfully increase the quality. And what does meaningfully increase the quality mean for us, it means making bigger and bigger hits that appeal to more and more consumers. And that's our job.

因此，不同於我們一些競爭對手宣稱可透過 AI 節省數億美元的機會。我從一開始就說過，在互動娛樂產業中新技術的歷史是：效率提升是創意上的——是深層的創意，但接著我們會找到方法去做越來越大的事情。而我們其實不會降低做這些事情的成本，但我們可以顯著提高品質。而對我們而言，「顯著提高品質」意味著什麼？意味著打造越來越大的爆款，吸引越來越多的消費者。這就是我們的工作。

Our job is not to lead in technology. Our job is to lead in entertainment. And as it happens, we use technology to try to do that.

我們的工作不是在技術上領先。我們的工作是在娛樂上領先。而剛好，我們會運用技術來嘗試做到這一點。

Great. Thank you.

很好。謝謝。

Chris Schoell, UBS.

Chris Schoell，瑞銀（UBS）。

Great. Thank you. In the slides and prepared remarks, you mentioned international expansion and evaluating accretive M&A. Can you just walk us through the opportunities you see overseas for your franchises that are maybe untapped today. And for M&A, remind us of the criteria you use when evaluating deals, the types of assets you would be most interested in? And then any particular regions where you feel like you would like to scale your operations?

很好。謝謝。在投影片與事先準備的發言中，你提到國際擴張以及評估具增益性的併購（M&A）。你能否帶我們走一遍：你們在海外看到、目前可能尚未被充分開發的自家系列作品機會有哪些？另外在併購方面，請提醒我們你們評估交易時使用的標準，以及你們最感興趣的資產類型是什麼？最後，有沒有任何特定區域是你們覺得希望擴大營運規模的？

Yeah. We've been very focused here on increasing our international footprint. As you know, companies like Take-Two, many of us, but there are some basically drive about 80% of their revenue from the US, Western Europe and one or two countries in Asia. The rest of the world is really underrepresented, even though they love video games, of course. And even though they have devices typically, low-res, low capable mobile devices, but devices nonetheless.

是的。我們一直非常專注於擴大我們的國際版圖。如你所知，像 Take-Two 這樣的公司——我們很多同業也是——基本上約有 80% 的營收來自美國、西歐，以及亞洲的一兩個國家。世界其他地區的占比其實非常不足，儘管他們當然也熱愛電玩。而且即便他們通常使用的是低解析度、效能較低的行動裝置，但終究是有裝置可用。

So for example, despite the number of people in India, our revenue out of India is really, really tiny. People in India love playing mobile video games. Same is true for Africa, a massive market, but our revenue footprint is very low. And we're also underrepresented in places like Latin America, obviously, Russia, much of the Middle East and much of Asia, although we do have a significant amount of business in China, and select of other countries. South Korea, Taiwan, for example, growing business in the Indonesia, a little business in Vietnam.

例如，儘管印度人口眾多，我們來自印度的營收其實非常、非常小。印度人很喜歡玩手機遊戲。非洲也是如此，是個龐大的市場，但我們的營收版圖非常小。我們在拉丁美洲也相對不足，當然也包括俄羅斯、中東的許多地區，以及亞洲的許多地方；不過我們在中國確實有相當規模的業務，並在其他一些國家也有布局。例如南韓、台灣；在印尼的業務正在成長，在越南有一些業務。

So it's been an enormous strategic priority for us to begin to build up in these underrepresented territories in a way that appeals to local consumers. We have a geo pricing tool for that purpose because different markets have a different ability to pay. That's our tool that we created in-house that allows us to experiment in a way that doesn't infect other parts of our business and other parts of the world.

因此，對我們而言，以能吸引當地消費者的方式，在這些代表性不足的地區開始建立規模，一直是極其重要的策略優先事項。為此我們有一個地理定價工具，因為不同市場的支付能力不同。這是我們內部自行開發的工具，讓我們能以不影響公司其他業務與世界其他地區的方式進行實驗。

And in certain instances, we're working on properties that may only appeal to some of those markets very selective. So my goal is that in the next 10 years, we flipped the percentage of our revenue that comes from the US and international markets in the other direction because we've grown the overall business. And if we don't invest here now, we run the risk of being behind in 10 years. So it's a narrative of enormous focus.

而在某些情況下，我們也在開發一些可能只會吸引其中部分市場、非常有選擇性的作品／IP。所以我的目標是，在未來 10 年內，因為我們把整體業務做大，讓來自美國與國際市場的營收占比對調。如果我們現在不在這裡投資，10 年後就有落後的風險。所以這是一個高度聚焦的主軸。

Turning to your second question about M&A. We've always looked to inorganic growth through the same sort of three categories. First, are we buying owned intellectual property. Secondly, are we buying tools and teams that are valuable, and third is the transaction immediately accretive to EBITDA and to GAAP earnings. And generally speaking, our acquisitions have ticked all those boxes, then we have a broader (inaudible) a cultural fit. We've done many small tuck-in acquisitions, and then we've obviously done one very, very large acquisition. And I'm sad to say that unlike the history for most corporations, public corporations, our track record is excellent.

回到你第二個關於併購的問題。我們一直以同樣的三大類別來看待透過外生成長（inorganic growth）。第一，我們是否在收購自有的智慧財產（IP）。第二，我們是否在收購有價值的工具與團隊；第三，該交易是否能立即增益 EBITDA 與 GAAP 盈利。一般而言，我們的收購案都符合這些條件，此外我們還會更廣泛地考量（聽不清）文化契合度。我們做過許多小型的補強式收購（tuck-in acquisitions），也很明顯做過一筆非常、非常大型的收購。我很遺憾地說，與多數企業、上市公司過往的歷史不同，我們的紀錄非常出色。

I think virtually all of our deals have worked out if you define worked out as being accretive and long lasting. And certainly, the Zynga deal has been terrifically successful as has the Gearbox deal, our most recent larger transactions. So we'll continue to look at the world that way and in terms of areas in which we're not representative. Thankfully, we normally have that. I mean, we're a big mobile company. We're a big console and PC company. So we don't have any must-haves, but there are some -- certainly some nice to haves, and we think some opportunities will come our way.

我認為幾乎我們所有交易都成功了——如果你把「成功」定義為具增益性且能長期持續。當然，Zynga 的交易非常成功，Gearbox 的交易也是如此，這是我們最近較大型的交易。所以我們會持續以這樣的方式看待市場，也會關注我們代表性不足的領域。幸運的是，我們通常都有覆蓋到。我的意思是，我們是一家大型的行動遊戲公司。我們也是一家大型的主機與 PC 公司。所以我們沒有任何「非買不可」的項目，但確實有一些——當然有一些「買了更好」的項目，我們也認為會有一些機會找上門。

We also, just to finish the thought, have this allergy to being over-leveraged. And we have very, very light net leverage now. We expect to be in a net cash position in about 30 seconds, start not exactly 30 seconds, but you get what I mean. And once we're back in a net cash position, I think that would be the time when we'd be more likely to think about in the organic opportunity.

另外，為了把這個想法說完，我們對過度槓桿化有一種「過敏」。而我們目前的淨槓桿非常、非常低。我們預期大概 30 秒後就會回到淨現金部位——當然不是字面上的 30 秒，但你懂我的意思。一旦我們回到淨現金部位，我認為那會是我們更可能去思考外生成長機會的時點。

That was very helpful. Thank you.

非常有幫助。謝謝。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

Hey, Strauss, Karl. Great quarter guys. Thanks for taking my questions. First one, Strauss you mentioned in your prepared remarks that you think '27 will be an inflection point in your company's history. Obviously, that's a strong statement. I'm sure there's an obvious answer as well. I'm curious sort of what that means to you exactly when you say that and maybe details on why believe that. And we've got a quick follow-up.

嗨，Strauss、Karl。各位這一季表現很棒。謝謝讓我提問。第一個問題，Strauss 你在事先準備的發言中提到，你認為 2027 年會是公司歷史上的一個拐點。顯然這是很強烈的說法。我相信也有一個很明顯的答案。我想更具體了解：你這樣說到底是什麼意思，以及你為什麼會這麼相信的細節。另外我們還有一個簡短的追問。

Well, it's a great -- it's obviously a great question. And I think the point is that if you look historically at -- big really, really big releases for this company. I'm thinking obviously of Grand Theft Auto and Red Dead. They didn't just affect us positively for a quarter. They had ongoing effects on our company. And we also have this massive pipeline that's, we think, quite extraordinary, and we have live services, and we have a catalog.

嗯，這是個很——顯然是個很好的問題。我想重點是，如果你回顧歷史——本公司那些非常、非常大型的發行作品。我當然是指《俠盜獵車手》（Grand Theft Auto）和《碧血狂殺》（Red Dead）。它們不只是讓我們某一季受益。它們對公司帶來的是持續性的影響。而我們也有一個龐大的產品管線，我們認為相當非凡；我們有長線營運服務（live services），也有作品目錄（catalog）。

So if you believe, as I said, I do before that there are opportunities in terms of organic growth because the market is growing and because we're trying to extend into other markets and we have a pipeline and we have -- where we believe is a huge release coming up. There's a lot of fuel for the fire.

所以如果你相信——如我之前所說、我也確實相信——在內生成長方面存在機會，因為市場在成長、因為我們正嘗試延伸到其他市場，而且我們有產品管線，並且我們有——我們相信即將到來的一個重大發行。這裡有很多燃料可以助長這把火。

Nice. The -- as a follow-up to the streaming comment, I think you said that you think we could have a commercial streaming solution within three years that would solve the latency problem. Strauss it feels like we've been down this road at least twice. But I'm curious to hear that. Obviously, the TAM is exciting at 10 times.

很好。作為對串流評論的追問，我想你說你認為在三年內我們可能會有一個商業化的串流解決方案，能解決延遲問題。Strauss，感覺我們至少已經走過這條路兩次了。但我很想聽聽你這麼說的看法。顯然，若 TAM 能放大到 10 倍，這很令人興奮。

I've heard that before, but it's never really materialized. So is there something that you're seeing different today in terms of the tech solution or some change that's sort of giving you better visibility that could actually have a real streaming solution in the future because, obviously, that would be a fee change to the industry.

我以前也聽過這種說法，但一直都沒有真正實現。所以你們今天看到有什麼不同嗎？不論是技術解決方案，或是某些變化讓你們有更好的能見度，覺得未來真的可能出現可行的串流解決方案？因為很明顯，那將會改變整個產業的收費模式。

It is a very fair and accurate comment. And even when we supported Stadia some years ago, we were -- we talked in -- at the same time, supporting Stadia about concerns about latency. And you're right, sort of certain things remain perpetually in the future, like nuclear fusion, which is perpetually 30 years away, although people think it's not now. I hope it's not. I don't think that's the case here because of enormous advances of hyperscaler networks and advances in edge network technology, and I think, for example, there's one player in the market that's looking to rolling out a significant edge network that would address latency atleast in the US.

這是非常公平且精準的評論。即使在幾年前我們支援 Stadia 的時候，我們也——我們在——同時支援 Stadia 的當下，也談到對延遲的疑慮。你說得沒錯，有些事情似乎永遠都在未來，就像核融合一樣，永遠都還要 30 年，雖然現在有人覺得已經不是了。我希望不是。但我不認為這裡會是同樣的情況，因為超大規模雲端業者（hyperscaler）網路的巨大進步，以及邊緣網路技術的進展；而且我認為，例如市場上有一家業者正打算部署一個規模可觀的邊緣網路，至少在美國可望解決延遲問題。

So I -- and I picked three years kind of, because we know its not tomorrow, but I don't think its five years. But of course, I could be wrong. And we're not betting any of our company on this. We just see it as another one of the many embedded call options in our security.

所以我——我選三年這個時間點，大概是因為我們知道不會是明天，但我也不覺得會要五年。當然，我也可能錯。而且我們並沒有把公司押注在這件事上。我們只是把它視為我們證券中眾多內嵌買權（embedded call options）之一。

Thanks, guys.

謝謝，各位。

Alec Brendolo, Wells Fargo.

Alec Brendolo，富國銀行（Wells Fargo）。

Yeah, hey. Thanks so much. Appreciate the question. Maybe 2 for me. Could you help us -- maybe walk us through the thinking behind the GTA VI Premium SKU mix. I think Red Dead Redemption 2 launched with three SKUs. GTA VI only have two. And you didn't offer Early Access in the Premium SKU which I think has been the big part of the hook that upsell driver in some of the other drivers over the last several years.

是的，嗨。非常感謝。感謝讓我提問。我這邊可能有兩個問題。能否請你們——或許帶我們走一遍 GTA VI 高級版 SKU 組合（Premium SKU mix）背後的思考？我記得《Red Dead Redemption 2》上市時有三種 SKU。GTA VI 只有兩種。而且你們在高級版 SKU 裡沒有提供搶先體驗（Early Access），我認為過去幾年在其他作品中，這一直是促成加價購（upsell）的重要賣點之一。

And then maybe secondly, encouraging to hear pre-order data for GTA VI is strong. I guess I'd love to get your perspective, as someone who's been in the industry a long time. How do you think about the incrementality of pre-order units as they flow in. Is it possible that kind of hyper on the game is pulling forward sales that you otherwise would have earned post release into pre-release and the strong data won't prove to be that incremental? Thanks.

然後第二點，聽到 GTA VI 的預購數據很強勁令人振奮。我想請教你以在產業多年的人來看，你怎麼看預購量流入時的「增量」效果（incrementality）。是否有可能遊戲的熱度把原本會在上市後發生的銷售提前拉到上市前，導致強勁的數據未必那麼具有增量？謝謝。

Yeah. We don't tend to give a lot of color around pricing or additions. We leave that to our labels. But I think Rockstar feels that offering a phenomenal value at $80, makes sense for some consumers and then offering incremental value at a modestly increased price makes sense for consumers. And given the hype around this title, I mean, I think we could have made any number of other pricing choices. But as I said earlier, our focus is on delivering way, way, way more value than what we charge for something.

是的。我們通常不會就定價或版本內容提供太多細節。我們把這交由旗下廠牌決定。但我認為 Rockstar 覺得以 80 美元提供極具吸引力的價值，對某些消費者而言是合理的；同時以小幅提高的價格提供額外價值，對消費者而言也合理。而且考量到這款作品的熱度，我的意思是，我們其實可以做出各種不同的定價選擇。但如我先前所說，我們的重點是提供遠遠、遠遠、遠遠超過我們收費的價值。

And with regard to pre-orders, our pre-orders are exceptional. No one's ever seen anything like this before at Take-Two or in the industry. That said, you could absolutely be right. We just don't know. So could demand be pulled forward? Sure. And one of the reasons that we're not changing our guidance is, to be clear, we haven't sold one unit yet. You can cancel a pre-order.

至於預購，我們的預購表現非常出色。在 Take-Two 或整個產業，從來沒有人見過這樣的情況。話雖如此，你完全可能是對的。我們就是不知道。所以需求會被提前拉動嗎？當然有可能。而我們不調整財測指引的原因之一是——講清楚——我們還沒有賣出任何一個單位。預購是可以取消的。

So we -- around here, like we're sort of allergic to victory laps. But one thing we certainly don't do is take a victory lap before we run the event. So the news is great so far. We're incredibly excited. We couldn't be more excited than we are, and yet we are realistic and at best, cautiously optimistic, and we're going to leave it at that until the thing occurs.

所以我們——在這裡，我們對「提前慶功」有點過敏。但有一件事我們肯定不會做：在比賽開始前就先繞場慶祝。所以到目前為止消息很好。我們非常興奮。我們已經不能更興奮了，但我們也很務實，最多只能說是審慎樂觀；在事情真正發生之前，我們就先說到這裡。

Thank you.

謝謝。

Matthew Cost, Morgan Stanley.

Matthew Cost，摩根士丹利（Morgan Stanley）。

Morning. Thanks for taking my questions. I was wondering if you could comment on Sony's decision to get rid of physical disc sales for new games beginning -- in the beginning of 2028. Will that have a material impact on your gross margins? Or will you continue to sell boxed download codes at a similar gross margin, presumably at a similar scale going forward?

早安。謝謝回答我的問題。我想請你們評論一下 Sony 決定自 2028 年初開始取消新遊戲的實體光碟銷售。這會對你們的毛利率造成實質影響嗎？或者你們未來是否會繼續以類似的毛利率、並且大致相同的規模，銷售盒裝的下載碼（boxed download codes）？

And then secondly, if you could just comment on your progress shifting towards direct payments inside of the Zynga business and if that's still something that is currently increasing and has a significant runway ahead. Thank you.

第二個問題，能否請你們談談在 Zynga 業務中轉向使用站內直接付款（direct payments）的進展？這是否仍在提升中，且未來仍有相當大的成長空間？謝謝。

Thanks for your questions. I'm not going to comment on Sony's own decision. But in terms of our decision, look, our business is well over 90% digitally distributed as it's already a digital business. So in certain instances, especially if it's a big game, disks just -- and not I said disks don't really make sense for the consumer. Also, in most instances, you have to register online to play anyhow.

謝謝你的提問。我不會評論 Sony 自己的決策。但就我們的決策而言，你看，我們的業務早已超過 90% 是數位發行，因為本來就是數位化的業務。所以在某些情況下，尤其是大型遊戲，光碟——我不是說光碟——對消費者來說其實不太合理。而且在大多數情況下，你本來就必須上線註冊才能玩。

So if you're already connected, like who cares if you download digitally, it's all the same, and it's much more convenient. So that's where the world is going in our opinion, and I think some understands that. We certainly understand that. It doesn't mean that we won't have physical editions now and then I'm sure we will in the same way that they're still vinyl in the recorded music business. But in other instances, it just won't make sense.

所以如果你本來就已經連網了，那你是數位下載還是怎樣，其實都一樣，而且數位下載方便得多。所以在我們看來，世界正往這個方向走，我想 Sony 也理解這點。我們當然也理解。這不代表我們不會偶爾推出實體版本——我相信我們會——就像錄音音樂產業裡仍然有黑膠唱片一樣。但在其他情況下，實體就不太有意義。

On direct-to-consumer, yes, that remains a growth business for us. We are not direct-to-consumer across our entire mobile portfolio yet, but we're getting closer, and we are seeing growth there. We have not -- we don't talk about the actual percentage, and we don't talk about our goals in terms of the percentage of our business. What we want to do is be where the consumer is. So we will support and continue to support all third-party distributors who treat us appropriately and with which we can make sound economic arrangements.

關於直達消費者（direct-to-consumer），是的，這對我們而言仍是一項成長型業務。我們的整個行動遊戲產品組合還沒有全面做到直達消費者，但我們正越來越接近，也看到那邊的成長。我們不會——我們不談實際比例，也不談我們對業務占比的目標。我們想做的是出現在消費者所在之處。因此，對於所有能以適當方式對待我們、且我們能達成合理經濟條件的第三方通路商，我們都會支持並持續支持。

And at the same time, we'll offer direct-to-consumer opportunities for consumers who want to avail themselves of those. There is no doubt that our direct-to-consumer business has had a material effect positive on our margins in the mobile business.

同時，我們也會為想要使用這些方案的消費者，提供直達消費者的選項。毫無疑問，我們的直達消費者業務已對行動業務的利潤率帶來實質性的正面影響。

Great. Thank you.

很好。謝謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗（Citi）。

As you can imagine, the buy side is doing everything they can to sort of monitor these pre-orders to gauge sort of demand for GTA. I don't know if there's anything you can share from a historical perspective as experts on sort of ranges or how people should sort of think about pre-orders in terms of what bookings ultimately are for a title. I think it would be helpful just because there's some risk that they -- I've just gotten some crazy e-mails from buy side or something how big they think GTA should be. So any sort of ring-fencing or dimensionalization that you could offer, I think, would be super helpful.

如你所想，買方正在盡一切努力監測這些預購，以衡量 GTA 的需求。我不知道你是否能從歷史角度分享一些資訊，作為專家，關於區間（ranges）或大家應該如何看待預購與最終訂單／預訂收入（bookings）之間的關係。我覺得這會很有幫助，因為存在一些風險——我剛收到一些買方很瘋狂的電子郵件之類的，他們對 GTA 規模的想像非常誇張。所以如果你能提供任何形式的界定範圍（ring-fencing）或量級化（dimensionalization），我想會非常有幫助。

I like that, ring-fencing of dimensionalization, which is another way of saying how many units are you going to sell? The answer is I don't know, and I'm not going to tell you. But I can say that the level of pre-orders is unprecedented and astonishing, and we're very grateful for that. But they are so unprecedented that we just don't know how it will translate into sales, and which is a question I answered earlier, we genuinely don't know. And we just don't believe in claiming victory before it occurs.

我喜歡這個說法，把「量化規模」做隔離（ring-fencing），換句話說，就是你們打算賣出多少套？答案是我不知道，而且我也不會告訴你。但我可以說，預購的水準是前所未見、令人驚嘆的，我們對此非常感激。但正因為如此前所未見，我們就是不知道它會如何轉化為銷售；而這也是我先前回答過的問題，我們確實不知道。而且我們不相信在事情發生之前就先宣告勝利。

Thank you.

謝謝。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thank you so much for taking the question. Strauss, I wanted to know if you could opine about any evolution in your thinking about mobile gaming and being more tied into AAA quality of content. When you think about the advances in mobile silicon and processing.

非常感謝讓我提問。Strauss，我想請你談談你對行動遊戲的想法是否有任何演進，尤其是在更緊密連結到 AAA 等級內容品質這方面。當你想到行動端晶片與運算處理能力的進步時。

And a second part of the question would be with Grand Theft Auto and the community you have there, how should we be thinking about either engagement or maybe even gameplay components of Grand Theft Auto that could be extension of the launch later this year? Thanks so much.

第二個部分是，關於《俠盜獵車手》（Grand Theft Auto）以及你們那裡的社群，我們應該如何思考不論是參與度，或甚至是《俠盜獵車手》的一些玩法組件，是否可能延伸到今年稍晚的上市推出？非常感謝。

Yeah. You're 100% right that if you believe in Moore's Law, what we'll be able to do with mobile games will grow materially, if not exponentially. And what I said earlier about streaming basically means that all games will become mobile games, if you wish.

是的。如果你相信摩爾定律，你說得完全正確：我們在行動遊戲上能做到的事情，將會顯著成長，甚至可能呈指數型成長。而我先前提到的串流，基本上意味著如果你願意的話，所有遊戲都會變成行動遊戲。

But I think -- and I haven't used the word mobile all the time as a result. When we talk about mobile versus console, we're really not talking about where you consume the title or on what device. We're talking about two different types of interactive entertainment, what we call a console or PC title is big, and you spend hours on it and often you consume it on a big screen. What we call mobile is light experience, typically, the avid consumer of mobile game, we'll play that game 5 to 7 times a day for around 9 minutes per session. It's a very different consumption experience.

但我認為——也因此我並不總是使用「行動」這個詞。當我們談行動對比主機時，我們其實不是在談你在哪裡玩、或用什麼裝置玩。我們談的是兩種不同的互動娛樂型態：我們所謂的主機或 PC 遊戲是大型體驗，你會花好幾個小時在上面，而且通常是在大螢幕上遊玩。我們所謂的行動遊戲通常是較輕量的體驗；典型的行動遊戲重度玩家，一天會玩 5 到 7 次，每次大約 9 分鐘。這是非常不同的消費體驗。

A console experience is akin to sitting down and watching a movie or binge watching a series for an evening. A mobile experience is something you do when you have a few moments free and you want to relax and enjoy and be entertained. And so the change in technology that will allow a console experience effectively to become a mobile experience probably broadens the market. But I don't think it means that casual or hypercasual or semi casual or AA games necessarily go away. I think there's going to be a need and a desire for all different kinds of interactive entertainment and as technology enhances the art of the possible, there'll be new formats that are delivered.

主機體驗很像坐下來看一部電影，或一個晚上追劇（binge watching）。行動體驗則是你在有幾分鐘空檔時做的事，你想放鬆、享受並獲得娛樂。因此，能讓主機體驗有效轉變為行動體驗的技術變化，可能會擴大市場。但我不認為這代表休閒、超休閒、半休閒或 AA 遊戲就一定會消失。我認為市場會需要、也會渴望各種不同類型的互動娛樂；而當技術提升「可能性的藝術」時，也會出現新的交付形式。

An example of that, not -- it's not interactive, but an example of a new format that digital technology has enabled the microdromis. And that's a huge business in China and a growing business in the US. It didn't exist five years ago. So there's some more equivalent thereof in interactive entertainment. And one of the things that we think about here is the unknown, unknown, like what's the next thing that's coming in interactive entertainment at which we can excel, which our customers would love that new technology enables. We spent a lot of time thinking about that.

舉個例子——它不是互動式的——但作為數位技術所促成的新形式例子，就是 microdromis。那在中國是一門很大的生意，在美國也正在成長。五年前它並不存在。所以在互動娛樂領域也會有某種更對等的事物出現。而我們在這裡思考的一件事，是所謂「未知的未知」：互動娛樂下一個會到來、而我們能夠擅長、且顧客會喜愛、並由新技術所促成的東西是什麼？我們花很多時間在思考這件事。

In terms of Grand Theft Auto and where it's going in the future, that's something that we're not talking about today and in the fullness of time, I'm sure Rockstar will talk about.

至於《俠盜獵車手》以及它未來會走向哪裡，這不是我們今天要談的內容；在適當的時機，我相信 Rockstar 會對外說明。

Thank you.

謝謝。

Ron Song, Wolfe Research.

Ron Song，Wolfe Research。

Good morning. Can you guys share any updates on your thoughts about advertising place in Take-Two, especially with the continued shift to open platforms and streaming. You've been clear that it makes a lot of sense for the consumers who are paying $70-plus for AAA. But by how can you strategically employ advertising beyond mobile games in a way that's not overly increases? Thanks.

早安。你們能否分享一下，對於廣告在 Take-Two 的定位有何最新想法，特別是在持續轉向開放平台與串流的背景下。你們一直很清楚地表示，對於支付 70 美元以上購買 AAA 的消費者而言，這樣做很有道理。但你們如何能在行動遊戲之外，以策略性方式運用廣告，同時不會過度增加干擾性？謝謝。

Yeah. Advertising is a growing part of our mobile business. We've rolled out ad units in many of our titles that previously did not have them. And our view really is, look, if you're engaged with one of our mobile titles, we ought to be able to monetize that engagement in some way. So if you only engage with in-app payments, you're monetized -- pardon me, less than 20% of the audience typically often quite a bit less than 20%. But if you have advertising as an option, you could monetize 100% of the audience in one form or another. So that has been a big part of our strategy in mobile, and we have rolled out advertising units in most, but not all of our titles so far.

是的。廣告是我們行動業務中成長中的一部分。我們已在許多先前沒有廣告的作品中導入廣告版位（ad units）。我們的看法其實是：你看，如果你在我們某款行動作品上有投入與參與，我們應該能以某種方式將這種參與變現。因此，如果你只透過 App 內付費來變現——抱歉——通常只有不到 20% 的受眾會被變現，而且往往遠低於 20%。但如果把廣告作為一個選項，你就能以某種形式變現 100% 的受眾。所以這一直是我們行動策略的重要部分；到目前為止，我們已在大多數（但不是全部）作品中導入廣告版位。

On the console side, look, you're correct and quoted me is saying, if you're paying premium price, you probably shouldn't be subject to advertising, unless the advertising is sort of endemic to the title. So when you go to a basketball game or watch a basketball game on television, you're accustomed to seeing advertising in and around that game, advertising in the arena, for example. And in our video game, you'll see that, too, and that's appropriate, and we are able to monetize that. It is a relatively small part of the console business, so, I expect that, that will continue to be the case.

在主機端，你說得對，你引用我說過的話：如果你付的是高價，你大概不應該被迫看到廣告，除非那種廣告是與作品本身「內生」且自然融合的。例如你去看一場籃球賽，或在電視上看籃球賽，你已經習慣在比賽內外看到廣告，例如球館裡的廣告看板。在我們的電玩遊戲裡你也會看到這些，這是合適的，而且我們也能將其變現。這在主機業務中占比相對小，所以我預期未來也會維持如此。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

Hi. Thank you for taking my question. Two questions. One, on the Netflix partnership. Do you think this is a one-off deal or there is more creative use of Rockstar IP signals a broader framework for licensing Rockstar content in the longer term, especially when you consider there will be numerous ways to share derivative content off gameplay after the game launches?

你好。謝謝讓我提問。兩個問題。第一個，關於與 Netflix 的合作。你認為這是一筆一次性的交易，還是說，更多對 Rockstar IP 的創意運用，代表長期而言會有更廣泛的框架來授權 Rockstar 內容？尤其是考量到遊戲上市後，會有許多方式可以分享由遊戲玩法衍生出的內容？

While this particular partnership is groundbreaking and unique. Rockstar has licensed content to Netflix before as has the rest of Take-Two, we have close partnership with Netflix, and they are in the video game business, and we're very happy to be their partner. And I'm sure there will be plenty of things that we can do with Netflix and many other outlets in the future. So we want to be ubiquitous. We want to be where our customers are.

雖然這次的合作確實具有開創性且相當獨特。Rockstar 之前也曾授權內容給 Netflix，Take-Two 其他部門亦然；我們與 Netflix 有緊密的合作關係，而他們也在電玩遊戲業務中，我們非常樂意成為他們的合作夥伴。我相信未來我們還能與 Netflix 以及許多其他平台做很多事情。因此我們希望無所不在。我們希望出現在我們顧客所在之處。

We have -- we believe, the best and biggest collection of owned intellectual property in the interactive entertainment business. And wherever you are when you wake up, if you want to engage with our content, we want to be able to do so.

我們擁有——我們相信——互動娛樂產業中最好、也最大的一組自有智慧財產權組合。而無論你醒來時身在何處，只要你想與我們的內容互動，我們都希望能讓你做到。

The question on GTA Online. More recently, we see a higher frequency of content updates. Does that require you putting additional resources into GTA Online development team? Are you really just spreading out cutting historically a larger less frequent updates into smaller chunks?

第二個問題關於《GTA Online》。最近我們看到內容更新的頻率更高。這是否需要你們為《GTA Online》的開發團隊投入額外資源？還是你們其實只是把過去歷來較大型、但較不頻繁的更新，拆分成較小的區塊來推出？

Generally speaking, our update cadence for GTA Online has been pretty stable, and some of the updates have been amazing. Some have been less successful. But generally speaking, consumers really love them. But the cadence hasn't really changed and we do apply significant resources to that. And we expect to continue to support GTA Online going forward.

一般來說，我們對《GTA Online》的更新節奏一直相當穩定，其中有些更新非常出色。也有一些沒有那麼成功。但整體而言，消費者真的很喜歡這些更新。不過更新頻率其實並沒有真正改變，而我們也確實投入了大量資源在這方面。我們預期未來也會持續支援《GTA Online》。

Thank you.

謝謝。

Jim Callahan, Piper Sandler.

Jim Callahan，Piper Sandler。

Hi. Thanks for taking the questions. I guess one on kind of GTA VI pre-orders, it sounds like the demand for the Deluxe Edition has been extremely strong. Any comment we can kind of provide on what that could look like, what maybe the mix kind of looks like as we get closer to release of the game would be helpful. Thank you.

嗨。謝謝讓我提問。我想問一個關於《GTA VI》預購的問題，聽起來豪華版（Deluxe Edition）的需求非常強勁。我們是否可以請您評論一下這可能會呈現什麼樣貌、以及隨著遊戲接近上市時，版本組合（mix）可能會是什麼樣子？這會很有幫助。謝謝。

Look, I think that Rockstar got it right in terms of the pricing of this Standard Edition and the pricing of the Deluxe Edition. And I think there's no doubt that consumers are really excited about both. And I think depending on your own ability to pay and how avid a consumer you are you can choose between them. But we're -- the pre-orders have been exceptional, and we're happy with the mix as well.

你看，我認為 Rockstar 在標準版（Standard Edition）與豪華版（Deluxe Edition）的定價上做得很到位。而且毫無疑問，消費者對兩個版本都非常興奮。我想依照你自己的支付能力，以及你作為消費者的投入程度，你可以在兩者之間做選擇。不過我們——預購表現非常出色，我們也對版本組合感到滿意。

Okay. That's great. And then maybe just a follow-up on the user acquisition cost comment on mobile. I guess kind of how do we parse that out from what overall engagement looks like broadly on mobile, that would be -- any comment there would be helpful. Thank you.

好的。太好了。接著可能追問一下你剛才提到的行動端用戶獲取成本（UA）評論。我想問的是，我們該如何把這點與行動端整體參與度（engagement）的表現區分開來理解——如果能給些評論會很有幫助。謝謝。

Our engagement is fine. And as I said, we're very happy with what we see in the marketplace. And we have some titles that are just doing incredibly well. We have a tougher year-over-year comp on (inaudible). So that has affected our numbers, but that's really a comping issue, not performance issue. So give people what they want, they show up for it, and we have some titles that continue to do great, like Toon Blast and Match Factory! and Words With Friends and Empires & Puzzles and many other big titles.

我們的參與度表現很好。而且如我所說，我們對市場上看到的情況非常滿意。我們有一些作品表現真的非常非常好。我們在(聽不清)上有較嚴峻的年對年比較基期。所以那影響了我們的數字，但那主要是比較基期問題，不是表現問題。所以只要給玩家他們想要的內容，他們就會出現；而我們也有一些作品持續表現很棒，例如《Toon Blast》和《Match Factory!》以及《Words With Friends》、《Empires & Puzzles》以及其他許多大型作品。

So the consumer is there. That said, user acquisition costs or a reflection of any number of things at any given time, including what else on the market and what our competitors are doing. And in certain instances, we'll have competitors who, from our point of view are vastly overspending in UA and that will make it less economic for us to spend. So we really pay attention to how much we spend on UA and how that fits with the lifetime value of the property, and we want to make sure that every nickel that we spend in marketing comes back at a significant multiple. And some of our competitors don't seem to look at the world that way.

所以消費者是存在的。話雖如此，用戶獲取成本會在任何特定時間反映多種因素，包括市場上還有什麼產品、以及競爭對手在做什麼。在某些情況下，從我們的角度來看，有些競爭對手在 UA 上嚴重超支，這會讓我們投入變得不那麼划算。因此我們非常關注 UA 的支出金額，以及它如何與該產品的終身價值（lifetime value）相匹配；我們希望確保我們在行銷上花的每一分錢，都能以顯著倍數回收。而我們的一些競爭對手似乎並不是用這種方式看待市場。

And if there are a bunch of them in a given period of time, that can crowd us out of the market. Sometimes it happens.

如果在某一段期間內有很多這樣的競爭者，可能就會把我們擠出市場。有時候確實會發生。

Very helpful. Thank you.

非常有幫助。謝謝。

There are no further questions at this time. I will now turn the call back to Strauss Zelnick for closing remarks.

目前沒有進一步的問題。我現在把電話會議交回給 Strauss Zelnick 作結語。

The first thing and the most important thing is that we all want to reiterate our enormous gratitude to our 13,000 colleagues around the world who work hard every day to deliver the best entertainment properties to consumers wherever they are -- whatever devices they have and whatever interest they have. And more often than not, our teams are brilliantly succeeded that task. And that's everything. That's the whole shooting match, and we are aware of that. And as I said, highly grateful for that. We're also really excited about what we believe the future will bring for our company and for our colleagues. And all of that should translate into enormous benefits for our shareholders.

第一件事、也是最重要的一件事，是我們都想再次重申：我們對全球 13,000 位同仁致上最深的感謝；他們每天努力工作，無論消費者身在何處——使用什麼裝置、擁有什麼興趣——都能把最好的娛樂作品帶給他們。而且多數時候，我們的團隊都非常出色地完成了這項任務。這就是一切。這就是全部的核心，而我們也很清楚這一點。如我所說，對此我們非常感激。我們也對我們相信公司與同仁未來將迎來的發展感到非常興奮。而這一切都應該會為我們的股東帶來巨大的利益。

We have a wonderful year that we're in process of and things are going really well, and we have great expectations for the upcoming launch of GTA VI, NBA 2K, WWE and lots of other titles coming from both the console and the mobile side. And as I said, we expect that this will usher in a new period of success at a different and enhanced level for Take-Two. So we couldn't feel more optimistic than we do with big smiles on our faces. And yet we know we have to wake up every day and do the hard work to deliver. That's our goal.

我們正在進行中的這一年非常精彩，進展也非常順利；我們對即將推出的《GTA VI》、《NBA 2K》、《WWE》以及許多其他作品——不論是主機端或行動端——都抱持很高的期待。而且如我所說，我們預期這將為 Take-Two 開啟一個新的成功時期，並且是在不同且更高的層級上。因此我們比以往任何時候都更樂觀，臉上帶著大大的笑容。但我們也知道，我們每天都必須起床、做艱苦的工作，才能把成果交付出來。這就是我們的目標。

Thank you so much for joining us today.

非常感謝各位今天加入我們。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。