Take-Two Interactive Software Inc (TTWO) 2022 Q4 法說會逐字稿

Greetings, and welcome to Take-Two's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Take-Two 的 2022 年第四季度和 2022 財年收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Nicole Shevins, Senior Vice President of Investor Relations and Corporate Communications. You may begin.

我現在想將會議轉交給您的主持人 Nicole Shevins，投資者關係和企業傳播高級副總裁。你可以開始了。

Good afternoon. Thank you for joining our conference call to discuss our results for the fourth quarter and fiscal year 2022 ended March 31, 2022. 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.

下午好。感謝您參加我們的電話會議，討論我們截至 2022 年 3 月 31 日的第四季度和 2022 財年的業績。今天的電話會議將由 Take-Two 董事長兼首席執行官 Strauss Zelnick 主持；我們的總裁卡爾·斯拉托夫；和我們的首席財務官 Lainie Goldstein。在我們準備好的評論之後，我們將在問答環節回答您的問題。

Before we begin, I'd like to remind everyone that statements made during this call that are not historical facts are considered forward-looking statements under federal securities laws. These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. We have no obligation to update these forward-looking statements.

在我們開始之前，我想提醒大家，根據聯邦證券法，本次電話會議中做出的非歷史事實的陳述被視為前瞻性陳述。這些前瞻性陳述基於我們管理層的信念以及我們所做的假設和我們目前可獲得的信息。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.

基於各種因素，實際經營結果可能與這些前瞻性陳述有很大差異。這些重要因素在我們提交給 SEC 的文件中進行了描述，包括公司最近的 10-K 表格年度報告和 10-Q 表格季度報告，包括標題為“風險因素”一節中總結的風險。

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

我還想指出，除非另有說明，否則我們今天將討論的所有數字都是 GAAP，所有比較都是同比。我們的新聞稿中包含有關我們的實際結果和前景的其他詳細信息，包括我們的管理層在內部用於調整我們的 GAAP 財務結果以評估我們的經營業績的項目。

Our press release also contains a reconciliation of any non-GAAP financial measure to the most comparable GAAP measure. In addition, we have posted to our website a slide deck that visually presents our results and financial outlook. Our press release and filings with the SEC may be obtained from our website at take2games.com.

我們的新聞稿還包含任何非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。此外，我們在網站上發布了一張幻燈片，直觀地展示了我們的業績和財務前景。我們的新聞稿和提交給 SEC 的文件可從我們的網站 take2games.com 獲得。

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

現在我將把電話轉給施特勞斯。

Thanks, Nicole. Good afternoon, and thank you for joining us today.

謝謝，妮可。下午好，感謝您今天加入我們。

Our strong fourth quarter results concluded another highly successful year for our company. We delivered net bookings of $3.4 billion, which reflect our creative team's unwavering commitment to quality and the ability to deliver captivating and engaging entertainment experiences that transcend geographies and generations.

我們強勁的第四季度業績結束了我們公司又一個非常成功的一年。我們實現了 34 億美元的淨預訂量，這反映了我們的創意團隊對質量的堅定承諾以及提供超越地域和世代的迷人和引人入勝的娛樂體驗的能力。

On behalf of our management team, I'd like to thank all of our colleagues around the world for helping us to achieve these results, especially as we continue to navigate through the new normal following the pandemic.

我謹代表我們的管理團隊，感謝我們在世界各地的所有同事幫助我們取得這些成果，特別是在我們繼續在大流行之後的新常態中導航的時候。

During the year, we positioned our organization strategically for long-term growth. To that end, we bolstered our creative teams by adding nearly 1,000 new developers, including through the acquisition of several talented studios which will help us expand our capabilities and support our growing pipeline of offerings. We broadened our portfolio further with the introduction of new intellectual properties and business models to drive player engagement.

在這一年中，我們對組織進行了戰略定位，以實現長期增長。為此，我們通過增加近 1,000 名新開發人員來加強我們的創意團隊，包括通過收購幾家才華橫溢的工作室，這將幫助我們擴展我們的能力並支持我們不斷增長的產品線。我們通過引入新的知識產權和商業模式來進一步擴大我們的產品組合以推動玩家參與。

We agreed upon our pending combination with Zynga, which will grow our audience significantly and increase exponentially our net bookings for mobile, the fastest-growing segment in interactive entertainment, while also providing us with substantial cost synergies and revenue opportunities. As we build our scale, we believe that we can grow our margins meaningfully.

我們同意與 Zynga 的未決合併，這將顯著增加我們的受眾，並成倍增加我們在互動娛樂中增長最快的部分移動設備的淨預訂量，同時也為我們提供巨大的成本協同效應和收入機會。隨著我們規模的擴大，我們相信我們可以有意義地增加我們的利潤。

Lastly, we advanced our ESG efforts, and I'm pleased that we recently published our first dedicated report, which includes information on our initiatives to date as well as our road map for the future.

最後，我們推進了 ESG 工作，我很高興我們最近發布了第一份專門報告，其中包括有關我們迄今為止的舉措以及未來路線圖的信息。

During the quarter, our newly released WWE 2K22 and Tiny Tina's Wonderlands outperformed our expectations, as did Red Dead Redemption 2. NBA 2K22 continued to grow its audience, with the title selling in over 10 million units to date and exceeding sell-in from the prior year.

在本季度，我們新發布的 WWE 2K22 和 Tiny Tina's Wonderlands 以及 Red Dead Redemption 2 的表現都超出了我們的預期。《NBA 2K22》的觀眾繼續增長，迄今為止，該遊戲的銷量超過了 1000 萬台，超過了去年。

During the fourth quarter, engagement remained very strong with average active days of playing up 6% on average games per user, up 13% year-over-year. In addition, NBA 2K22 Arcade Edition continues to hold the #1 position on Apple Arcade's top game chart. And for the full year, downloads of NBA 2K Mobile increased nearly 25% as compared with fiscal 2021. We see a significant opportunity to add unique and innovative experiences throughout the game and focus on expanding our player base.

在第四季度，參與度仍然非常強勁，每位用戶平均玩遊戲的平均活躍天數增加了 6%，同比增長 13%。此外，《NBA 2K22 街機版》繼續在 Apple Arcade 的頂級遊戲排行榜上保持第一的位置。與 2021 財年相比，NBA 2K Mobile 的全年下載量增長了近 25%。我們看到了在整個遊戲中添加獨特和創新體驗並專注於擴大我們的玩家群的重要機會。

On March 11, 2K and Visual Concepts returned triumphantly to the Squared Circle with the eagerly anticipated release of WWE 2K22, which achieved the highest Metacritic scores on both Xbox and PlayStation platforms in franchise history. Setting new benchmarks for quality, the title offers more features and enhancements than any prior release in the series, including a redesigned gameplay engine, new controls, foundational improvements, upgraded visuals and an array of options requested by our passionate player base.

3 月 11 日，2K 和 Visual Concepts 帶著萬眾期待的 WWE 2K22 凱旋回歸 Squared Circle，該遊戲在 Xbox 和 PlayStation 平台上均取得了歷史上最高的 Metacritic 分數。該遊戲設定了新的質量基準，提供了比該系列之前的任何版本更多的功能和增強功能，包括重新設計的遊戲引擎、新的控件、基礎改進、升級的視覺效果以及我們熱情的玩家群要求的一系列選項。

Notably, WWE 2K22 sell-in for its first 4 weeks exceeded the levels achieved for both WWE 2K19 and WWE 2K20, even with the revised release window that was not during the holiday season. Consumer engagement with the title has been outstanding with over 140 million in-game matches played to date and over 5.6 million hours of WWE 2K22 content viewed on Twitch.

值得注意的是，《WWE 2K22》前 4 週的銷售量超過了《WWE 2K19》和《WWE 2K20》的銷售量，即使修改後的發布窗口不在假期期間也是如此。迄今為止，消費者對這款遊戲的參與度非常高，迄今為止已進行了超過 1.4 億場比賽，在 Twitch 上觀看了超過 560 萬小時的 WWE 2K22 內容。

I'd like to thank 2K and the WWE team of Visual Concepts for their commitment to reestablishing this incredible franchise. We greatly appreciate WWE's immense support in launching this year's game and look forward to continuing and building upon our successful partnership in the years to come.

我要感謝 2K 和 WWE 視覺概念團隊致力於重建這個令人難以置信的特許經營權。我們非常感謝 WWE 對推出今年遊戲的大力支持，並期待在未來幾年繼續並建立我們成功的合作夥伴關係。

On March 25, 2K and Gearbox Software released Tiny Tina's Wonderlands, an all-new fantasy-fueled offering that has taken our partnership with Gearbox to new creative heights and is viewed as the best new franchise launch from 2K in several years. The title has resonated with core fans and new audiences alike with nearly 30% of players having never before played a Borderland's title.

3 月 25 日，2K 和 Gearbox Software 發布了 Tiny Tina's Wonderlands，這是一款全新的奇幻作品，將我們與 Gearbox 的合作關係提升到了新的創意高度，並被視為 2K 多年來最好的新系列產品。該標題引起了核心粉絲和新觀眾的共鳴，近 30% 的玩家從未玩過無主之地的標題。

To date, Tiny Tina's Wonderlands has exceeded our expectations and is being supported with cross-play functionality, an array of post-launch content and a season pass. I'd like to congratulate 2K and Gearbox on delivering another stellar game, and we look forward to the possibilities for this new franchise in the years to come.

迄今為止，Tiny Tina 的 Wonderlands 超出了我們的預期，並得到了跨遊戲功能、一系列發布後內容和季票的支持。我要祝賀 2K 和 Gearbox 推出另一款出色的遊戲，我們期待這個新系列在未來幾年的可能性。

During the fourth quarter, Rockstar Games expanded the reach of their iconic entertainment experience, Grand Theft Auto V, with the release of new versions of the game upgraded specifically for PlayStation 5 and Xbox Series X and S. This marked the third console generation for which the game has been made available since its initial launch in 2013. And to date, the title has sold in more than 165 million units.

在第四季度，Rockstar Games 擴大了其標誌性娛樂體驗 Grand Theft Auto V 的覆蓋範圍，發布了專為 PlayStation 5 和 Xbox Series X 和 S 升級的新遊戲版本。這標誌著第三代遊戲機的推出。該遊戲自 2013 年首次推出以來就已上市。迄今為止，該遊戲已售出超過 1.65 億台。

Also for the first time ever, Grand Theft Auto Online was made available as a stand-alone title for the latest generation consoles. Featuring an array of graphical and technical enhancements, a new career builder, new vehicles and more, these versions were well received by the game's vast community of players.

同樣有史以來第一次，俠盜獵車手在線作為最新一代遊戲機的獨立遊戲提供。這些版本具有一系列圖形和技術增強功能、新的職業建設者、新車輛等，深受遊戲廣大玩家社區的歡迎。

In the period, Grand Theft Auto Online maintained its massive audience size from the prior year, while growing 8% and 74% as compared to the fourth quarters of fiscal 2020 and 2019, respectively. In addition, Rockstar Games launched GTA+, an all-new membership program that's exclusive to Grand Theft Auto Online players on PlayStation 5 and Xbox Series X and S consoles whereby participants can receive a range of valuable player-friendly benefits, including a monthly deposit of GTA dollars and other bonuses designed to help players experience everything Grand Theft Auto Online has to offer, including access to major content packs like last holiday's, The Contract. Initial conversion has been above our expectations, which we believe bodes well for this to be an ongoing engagement driver over time.

在此期間，俠盜獵車手在線保持其與上一年相比的龐大受眾規模，與 2020 財年和 2019 財年第四季度相比分別增長 8% 和 74%。此外，Rockstar Games 推出了 GTA+，這是一項全新的會員計劃，專為 PlayStation 5 和 Xbox Series X 和 S 遊戲機上的 Grand Theft Auto Online 玩家提供，參與者可以獲得一系列有價值的玩家友好福利，包括每月存款GTA 美元和其他獎勵旨在幫助玩家體驗 Grand Theft Auto Online 所提供的一切，包括訪問主要內容包，如上個假期的合同。最初的轉化率超出了我們的預期，我們認為這預示著隨著時間的推移，這將成為一個持續的參與驅動因素。

Red Dead Redemption 2 continued to expand its audience and to date has sold in more than 44 million units worldwide. Results for the series were notably above our expectations for the period, which is further proof of the ongoing popularity of Rockstar's blockbuster entertainment experiences.

Red Dead Redemption 2 繼續擴大其受眾範圍，迄今為止已在全球售出超過 4400 萬台。該系列的結果明顯高於我們在此期間的預期，這進一步證明了 Rockstar 大片娛樂體驗的持續受歡迎程度。

Turning to Private Division. The label's recently acquired studio, Roll7, successfully launched OlliOlli World in February, which received significant critical praise for its unique art style and impressive gameplay mechanics. We'll support the title with its first expansion, Void Riders, in the first half of this fiscal year.

轉向私人部門。該廠牌最近收購的工作室 Roll7 於 2 月成功推出 OlliOlli World，因其獨特的藝術風格和令人印象深刻的遊戲機製而受到好評。我們將在本財年上半年推出首個資料片《虛空騎士》來支持這款遊戲。

Championing the best independent talent in our industry, Private Division recently signed 4 new publishing agreements with leading independent developers, Die Gute Fabrik, Evening Star, Piccolo Studio and Yellow Brick Games. We look forward to working with these talented teams.

為了支持我們行業中最優秀的獨立人才，Private Division 最近與領先的獨立開發商 Die Gute Fabrik、Evening Star、Piccolo Studio 和 Yellow Brick Games 簽署了 4 項新的出版協議。我們期待與這些才華橫溢的團隊合作。

During the fourth quarter, recurrent consumer spending declined 6% over last year and accounted for 60% of net bookings. Over the past few months, the consumer has seen a wide array of long-awaited high-quality new releases in the market, including several of our own exciting titles that have not deployed significant live service offerings. We believe that this dynamic has impacted our overall recurrent consumer spending.

第四季度，經常性消費支出比去年下降 6%，占淨預訂量的 60%。在過去的幾個月裡，消費者在市場上看到了一系列期待已久的高質量新版本，其中包括我們自己的一些令人興奮的遊戲，但它們尚未部署重要的實時服務產品。我們認為，這種動態影響了我們的整體經常性消費支出。

NBA 2K and Grand Theft Auto Online were the largest contributors to our current consumer spending during the fourth quarter, and many of our free-to-play offerings were notable drivers as well. Top Eleven continued to perform very well following our acquisition and was our #1 mobile title during the fourth quarter. Two Dots delivered notable year-over-year growth and posted its best ever net bookings performance driven by new in-game events and successful marketing activations. Dragon City and Monster Legends delivered a solid finish to the year, supported by enhanced live operations.

NBA 2K 和俠盜獵車手在線是我們第四季度當前消費者支出的最大貢獻者，我們的許多免費遊戲產品也是值得注意的驅動因素。在我們被收購後，Top 11 繼續表現良好，是我們第四季度排名第一的移動遊戲。 Two Dots 實現了顯著的同比增長，並在新的遊戲內活動和成功的營銷活動的推動下實現了有史以來最好的淨預訂量。 Dragon City 和 Monster Legends 在增強的現場運營的支持下，為這一年取得了堅實的成績。

WWE SuperCard has now been downloaded more than 26 million times and remains 2K's highest grossing mobile game. And NBA 2K Online in China outperformed our expectations. The title remains the #1 online PC sports game in the region with nearly 57 million registered users.

WWE SuperCard 現在已被下載超過 2600 萬次，並且仍然是 2K 收入最高的手機遊戲。 《NBA 2K Online》在中國的表現超出了我們的預期。該遊戲仍然是該地區排名第一的在線 PC 體育遊戲，擁有近 5700 萬註冊用戶。

We're incredibly excited about our future path of growth, including our pending combination with Zynga. We believe that this will be a transformative moment for Take-Two as we continue to build upon our core tenants to become the most innovative, the most creative and the most efficient entertainment company in the world. Combined, we'll create a powerhouse of industry-leading titles that span key platforms and genres across interactive entertainment, developed by some of the most creative and forward-thinking talent within the industry.

我們對我們未來的發展道路感到無比興奮，包括我們即將與 Zynga 的合併。我們相信，這將是 Take-Two 的變革時刻，因為我們將繼續鞏固我們的核心租戶，成為世界上最具創新性、最具創意和最高效的娛樂公司。結合起來，我們將創建一個行業領先的強大遊戲，這些遊戲跨越互動娛樂的主要平台和類型，由業內一些最具創意和前瞻性的人才開發。

Later this week, our respective shareholders who will vote on the transaction, which, assuming such approvals are obtained, we anticipate will close on May 23, 2022. On a stand-alone basis, for fiscal 2023, we expect to achieve a new record of $3.75 billion to $3.85 billion in net bookings as we plan to deliver many new exciting releases during the year.

本週晚些時候，我們各自的股東將對交易進行投票，假設獲得此類批准，我們預計將於 2022 年 5 月 23 日完成交易。在獨立的基礎上，對於 2023 財年，我們預計將創下新紀錄37.5 億美元至 38.5 億美元的淨預訂量，因為我們計劃在年內推出許多令人興奮的新版本。

Looking ahead and excluding the impact of our combination with Zynga, we expect fiscal 2024 and fiscal 2025 to set even higher records of net bookings for our company alongside a significant ramp-up in profitability. Lainie will provide additional details on our outlook shortly, while Karl will share an update on our exciting diverse multiyear pipeline, including approximately 69 titles that we plan to release through fiscal 2025.

展望未來，排除我們與 Zynga 合併的影響，我們預計 2024 財年和 2025 財年我們公司的淨預訂量將創下更高記錄，同時盈利能力顯著提升。 Lainie 將很快提供有關我們前景的更多細節，而 Karl 將分享我們令人興奮的多樣化多年管道的最新信息，包括我們計劃在 2025 財年發布的大約 69 款遊戲。

In closing, we're highly optimistic about our future. As we continue to expand our enterprise and execute on our growth strategies, we believe that Take-Two remains incredibly well positioned to increase its scale and prominence within the industry, expand margins and deliver long-term value for our shareholders.

最後，我們對我們的未來非常樂觀。隨著我們繼續擴展我們的企業並執行我們的增長戰略，我們相信 Take-Two 仍然處於非常有利的位置，可以擴大其在行業中的規模和地位，擴大利潤率並為我們的股東創造長期價值。

I'll now turn the call over to Karl.

我現在把電話轉給卡爾。

Thanks, Strauss. I'd like to begin by thanking our teams around the world for delivering another outstanding year for our company. Strong results were driven by our colleagues' passion, creativity and commitment to deliver value for all of our stakeholders.

謝謝，施特勞斯。首先，我要感謝我們在世界各地的團隊為我們公司創造了又一個傑出的一年。我們同事的熱情、創造力和為所有利益相關者創造價值的承諾推動了強勁的業績。

I'll now discuss our recent first quarter releases. On April 21, 2K and Gearbox Software released Coiled Captors, the first of 4 exciting downloadable content packs in the Tiny Tina's Wonderlands season pass. Featuring a new environment, boss encounter and legendary loots, the offering represents an innovative post-launch experience from this exciting new franchise.

我現在將討論我們最近的第一季度發布。 4 月 21 日，2K 和 Gearbox Software 發布了 Coiled Captors，這是 Tiny Tina's Wonderlands 季票中 4 個令人興奮的可下載內容包中的第一個。該產品以全新環境、boss 遭遇和傳奇戰利品為特色，代表了這款令人興奮的新系列的創新發布後體驗。

On April 26, 2K and Visual Concepts launched the Banzai Pack, featuring 5 playable superstars plus MyFACTION EVO cards for each. This is the first of 5 downloadable plan content offerings for WWE 2K22, all of which will be available individually and as part of the game's season pass throughout the year.

4 月 26 日，2K 和 Visual Concepts 推出了 Banzai Pack，其中包含 5 個可玩的超級巨星以及每個人的 MyFACTION EVO 卡。這是 WWE 2K22 的 5 個可下載計劃內容中的第一個，所有這些都將單獨提供，並作為全年遊戲季票的一部分提供。

Looking ahead, fiscal 2023 will be another exciting year for Take-Two as we deliver captivating new entertainment experiences for our players while also growing our business through our pending combination with Zynga.

展望未來，2023 財年對於 Take-Two 來說將是又一個激動人心的一年，因為我們為玩家提供迷人的新娛樂體驗，同時通過與 Zynga 的未決合併來發展我們的業務。

I'll now provide details on Take-Two's fiscal 2023 pipeline on a stand-alone basis, which includes 18 planned releases. We expect to deliver 6 immersive core offerings, all of which will be available for purchase. These include The Quarry, an all-new or narrative game from 2K and Supermassive Games where every choice, big or small, shapes her story and determines who lives to tell the tale.

我現在將單獨提供有關 Take-Two 2023 財年管道的詳細信息，其中包括 18 個計劃發布。我們預計將提供 6 個沉浸式核心產品，所有這些產品都將可供購買。其中包括 The Quarry，一款來自 2K 和 Supermassive Games 的全新或敘事遊戲，其中每一個選擇，無論大小，都會塑造她的故事並決定誰活著講述這個故事。

Featuring an iconic ensemble cast of Hollywood stars, including David Arquette, Ariel Winter, Justice Smith, Brenda Song, Lance Henriksen, Lin Shaye and more. The Quarry will launch on June 10 for PlayStation and Xbox consoles and Windows PC via Steam.

擁有好萊塢明星的標誌性演員陣容，包括大衛·阿奎特、愛麗兒·溫特、賈斯蒂斯·史密斯、布倫達·宋、蘭斯·亨里克森、林沙耶等。 Quarry 將於 6 月 10 日通過 Steam 面向 PlayStation 和 Xbox 遊戲機以及 Windows PC 推出。

Marvel's Midnight Suns is planned for release during the second half of calendar 2022 and is one of this year's most anticipated games. The title is being developed by Firaxis Games, the acclaimed studio that brought audience such iconic franchises as Sid Meier's Civilization and XCOM and features the Marvel Universe's most revered heroes and entirely new gameplay experience. 2K will have more to share in the coming months.

漫威的午夜太陽計劃於 2022 年下半年發布，是今年最受期待的遊戲之一。該遊戲由 Firaxis Games 開發，該工作室為觀眾帶來了 Sid Meier 的《文明》和 XCOM 等標誌性系列作品，並以漫威宇宙中最受尊敬的英雄和全新的遊戲體驗為特色。 2K 將在未來幾個月內分享更多內容。

Kerbal Space Program 2, which is coming from Private Division and Intercept Games, is now expected to launch on PC in early calendar 2023, and on console later in calendar 2023. Anticipation for the title is high, with more than 12 million views of the announcement trailer. The dedicated Kerbal community can look forward to more information about the game and its new features from the title's ongoing gameplay reveal video series.

來自 Private Division 和 Intercept Games 的 Kerbal Space Program 2 現在預計將於 2023 年初在 PC 上推出，並於 2023 年晚些時候在控制台上推出。對標題的期待很高，超過 1200 萬次觀看公告預告片。專門的 Kerbal 社區可以期待有關該遊戲的更多信息以及該遊戲正在進行的遊戲揭示視頻系列中的新功能。

Turning to our annual sports offerings. Fans can expect all new releases from our popular sports series, including NBA 2K23, WWE 2K23 and PGA TOUR 2K23, which will debut legendary Gulf icon Tiger Woods as the game's Executive Director. 2K will have more to share about these titles shortly.

轉向我們的年度體育活動。球迷們可以期待我們廣受歡迎的體育系列的所有新版本，包括 NBA 2K23、WWE 2K23 和 PGA TOUR 2K23，它們將首次亮相傳奇的海灣偶像老虎伍茲作為遊戲的執行總監。 2K 很快就會分享更多關於這些遊戲的信息。

Continuing with our fiscal 2023 pipeline, we plan to release 8 mobile titles, including 4 from new franchises and 4 from existing franchises and 3 mid-core RK titles for purchase, which include one new sports title from 2K, a new franchise from Private Division and a new tales from the Borderlands game, which will feature new characters and stories set in the Borderlands universe. And lastly, we'll have one new iteration of a previous released title available for purchase.

繼續我們的 2023 財年計劃，我們計劃發布 8 款移動遊戲，其中 4 款來自新系列，4 款來自現有系列，還有 3 款可供購買的中核 RK 遊戲，其中包括一款來自 2K 的新體育遊戲，一款來自 Private Division 的新系列以及來自無主之地遊戲的新故事，其中將以無主之地宇宙中的新角色和故事為特色。最後，我們將提供一個以前發布的標題的新版本可供購買。

Our labels will continue to provide new content and experiences that drive engagement and recurrent consumer spending across many of their hit franchises including NBA 2K, Grand Theft Auto Online, Red Dead Redemption Online, WWE 2K, Tiny Tina's Wonderlands, OlliOlli World and more.

我們的唱片公司將繼續提供新的內容和體驗，以推動他們許多熱門系列的參與度和經常性消費者支出，包括 NBA 2K、俠盜獵車手 Online、Red Dead Redemption Online、WWE 2K、Tiny Tina's Wonderlands、OlliOlli World 等。

Excluding our pending combination with Zynga, we expect to deliver 51 titles throughout fiscal 2024 and fiscal 2025, which we believe will pave the way for us to achieve a strong acceleration in net bookings and growth and profitability. This includes 18 immersive core releases, 7 of which are sports simulation games. 16 of these will be available for purchase while 2 will be free-to-play. 10 independent titles, which will all be avail for purchase; 12 free-to-play mobile games; 4 mid-core games for purchase, 2 of which will be sports-oriented; and 7 new iterations of previously released titles, which will all be available for purchase.

不包括我們與 Zynga 的未決合併，我們預計將在 2024 財年和 2025 財年交付 51 部作品，我們相信這將為我們實現淨預訂量、增長和盈利能力的強勁加速鋪平道路。這包括 18 個沉浸式核心版本，其中 7 個是運動模擬遊戲。其中 16 個將可供購買，而 2 個將是免費遊戲。 10個獨立標題，全部可供購買； 12款免費手機遊戲； 4 款中核遊戲可供購買，其中 2 款將面向運動；以及 7 個以前發布的遊戲的新版本，這些都將可供購買。

Bears noting that these titles are a snapshot of our current development pipeline. It is likely that some of these titles will not be developed through completion that launch timing may change and that we will also be adding new titles to our slate. In addition to our full game releases, we will continue to offer post loss content for many of our releases, ranging from virtual currency sales to DLC packs and Season Passes.

Bears 指出，這些標題是我們當前開發管道的快照。其中一些遊戲可能不會在完成後開發，發佈時間可能會改變，我們還將在我們的名單中添加新遊戲。除了我們的完整遊戲版本，我們將繼續為我們的許多版本提供損失後的內容，從虛擬貨幣銷售到 DLC 包和季票。

Turning to eSports. The NBA 2K League kicked off its fifth season on March 23 and included new sponsors such as Google and Coinbase. This year, the league has partnered with the City of Indianapolis to bring all tournaments as well as playoffs and finals to its new home at The Pavilion at Pan Am.

轉向電子競技。 NBA 2K 聯盟於 3 月 23 日開始了第五個賽季，其中包括谷歌和 Coinbase 等新贊助商。今年，聯盟與印第安納波利斯市合作，將所有錦標賽以及季后賽和決賽都帶到了位於泛美館的新家。

The League's overall price pool has increased to $2.5 million this season, the largest since its inception. We remain very excited about the continued success and growth of the NBA 2K League, which has a long-term potential to enhance engagement and to be a driver of profits for our company.

本賽季聯盟的整體價格池已增加到 250 萬美元，是自成立以來的最高水平。我們仍然對 NBA 2K 聯賽的持續成功和發展感到非常興奮，它具有提高參與度並成為我們公司利潤驅動力的長期潛力。

In closing, as we execute on our organic growth initiatives and unlock new opportunities presented by our pending transaction with Zynga, we believe that we can broaden our portfolio and capitalize further on new platforms, business models, emerging markets and distribution channels. As we deliver on these growth opportunities, we believe that Take-Two is exceedingly well positioned to deliver long-term value for our shareholders.

最後，隨著我們執行我們的有機增長計劃並釋放我們與 Zynga 的未決交易所帶來的新機遇，我們相信我們可以擴大我們的產品組合併進一步利用新平台、商業模式、新興市場和分銷渠道。隨著我們抓住這些增長機會，我們相信 Take-Two 非常有能力為我們的股東創造長期價值。

I'll now turn the call over to Lainie.

我現在把電話轉給萊妮。

Thanks, Karl, and good afternoon, everyone. Today, I'll discuss our fourth quarter and fiscal 2022 results and then review our financial outlook for the full year and first quarter of fiscal 2023. Please note that our initial outlook does not include Zynga in our projected results or the interest expense on the notes that Take-Two issued in April to fund the cash portion of our pending acquisition of Zynga. Additional details regarding our actual results and outlook are contained in our press release.

謝謝，卡爾，大家下午好。今天，我將討論我們的第四季度和 2022 財年業績，然後回顧我們對全年和 2023 財年第一季度的財務展望。請注意，我們的初步展望不包括 Zynga 的預測結果或利息支出注意到 Take-Two 在 4 月發行，用於為我們即將收購 Zynga 的現金部分提供資金。我們的新聞稿中包含有關我們實際結果和展望的更多詳細信息。

I'm extremely pleased with the accomplishments that Take-Two delivered during the fourth quarter and fiscal year. We posted strong financial results, took exciting steps to position the company for long-term growth and announced our transformational pending combination with Zynga, which brings massive potential to our portfolio and financial profile. I'd like to thank our teams for their passion commitment and for continuing to help Take-Two deliver its strategic vision.

我對 Take-Two 在第四季度和財年取得的成就感到非常滿意。我們公佈了強勁的財務業績，採取了令人振奮的措施來為公司的長期增長做好準備，並宣布我們與 Zynga 的轉型未決合併，這為我們的投資組合和財務狀況帶來了巨大的潛力。我要感謝我們的團隊的熱情承諾以及繼續幫助 Take-Two 實現其戰略願景。

Starting with our fourth quarter. Total net bookings grew 8% to $846 million. Our newly released WWE 2K22 and Tiny Tina's Wonderlands outperformed our expectations, as did Red Dead Redemption 2. During the period, digitally-delivered net bookings grew 4% and accounted for 91% of the total. This exceeded our outlook of a slight increase due to the outperformance of digitally-delivered full game sales. 75% of console game sales were delivered digitally, up slightly from last year.

從我們的第四季度開始。總淨預訂量增長 8% 至 8.46 億美元。我們新發布的 WWE 2K22 和 Tiny Tina's Wonderlands 以及 Red Dead Redemption 2 的表現都超出了我們的預期。在此期間，數字交付的淨預訂量增長了 4%，佔總預訂量的 91%。由於數字交付的完整遊戲銷售表現出色，這超出了我們對小幅增長的預期。 75% 的主機遊戲銷售以數字方式交付，比去年略有上升。

As Strauss mentioned, over the last few months, there's been a wide array of long-awaited, high-quality new releases in the market, including several of our own exciting titles that have not deployed significant live service offering. Accordingly, our recurrent consumer spending declined 6% and accounted for 60% of total net bookings.

正如施特勞斯所提到的，在過去的幾個月裡，市場上出現了一系列期待已久的高質量新版本，其中包括我們自己的一些令人興奮的遊戲，它們還沒有部署大量的實時服務產品。因此，我們的經常性消費支出下降了 6%，佔總淨預訂量的 60%。

GAAP net revenue grew 11% to $930 million, while cost of goods sold increased 43% to $399 million, driven by amortization of software development costs for our fourth quarter release. Operating expenses increased by 32% to $403 million, driven by the addition of Nordeus, including its earn-out as well as higher marketing and transaction costs. And GAAP net income was $111 million or $0.95 per share compared to $290 million or $1.88 per share in the fourth quarter of fiscal 2021.

GAAP 淨收入增長 11% 至 9.3 億美元，而銷售成本增長 43% 至 3.99 億美元，這主要得益於我們第四季度發布的軟件開發成本攤銷。由於 Nordeus 的加入，包括其盈利以及更高的營銷和交易成本，運營費用增加了 32% 至 4.03 億美元。 GAAP 淨收入為 1.11 億美元或每股 0.95 美元，而 2021 財年第四季度為 2.9 億美元或每股 1.88 美元。

Turning to our fiscal 2022 results. Total net bookings were $3.41 billion as compared to $3.55 billion in the prior year. As we expected, throughout the year, our engagement trends are notably higher than they were pre-pandemic. However, as the world began settling into a new normal, there was a moderation of the trends that benefited our industry during the height of the pandemic.

轉向我們的 2022 財年業績。淨預訂總額為 34.1 億美元，而去年為 35.5 億美元。正如我們預期的那樣，全年，我們的參與趨勢明顯高於大流行前。然而，隨著世界開始進入新常態，在大流行高峰期間有利於我們行業的趨勢有所緩和。

As a result, digitally-delivered net bookings declined 2%, slightly outperforming our guidance of a 3% decline and accounted for 91% of the total. 68% of our console game sales were delivered digitally, up from 64% last year, and recurrent consumer spending declined 6%. Non-GAAP adjusted unrestricted operating cash flow was $425 million as compared to our outlook of over $400 million.

結果，以數字方式交付的淨預訂量下降了 2%，略高於我們預期的 3% 的降幅，佔總數的 91%。我們 68% 的主機遊戲銷售以數字方式交付，高於去年的 64%，而經常性消費者支出下降了 6%。非 GAAP 調整後的無限制經營現金流為 4.25 億美元，而我們的預期為 4 億多美元。

During fiscal 2022, we spent $159 million in capital expenditures. At fiscal year-end, our cash and short-term investments balance was approximately $2.6 billion. GAAP net revenue grew 4% to $3.5 billion, while cost of goods sold was flat at $1.5 billion. Operating expenses increased 24% to $1.5 billion driven primarily by the additions of Playdots and Nordeus, including the revaluation of its earn-out, higher personnel, stock compensation, marketing and IT expenses and higher transaction costs. And GAAP net income was $418 million or $3.58 per share as compared to $589 million or $5.09 per share in the prior year.

在 2022 財年，我們花費了 1.59 億美元的資本支出。在財政年度末，我們的現金和短期投資餘額約為 26 億美元。 GAAP 淨收入增長 4% 至 35 億美元，而銷售成本持平於 15 億美元。運營費用增長 24% 至 15 億美元，主要是由於 Playdots 和 Nordeus 的增加，包括盈利重估、更高的人員、股票薪酬、營銷和 IT 費用以及更高的交易成本。 GAAP 淨收入為 4.18 億美元或每股 3.58 美元，而上一年為 5.89 億美元或每股 5.09 美元。

Today, we provided our initial fiscal 2023 outlook for Take-Two on a stand-alone basis. We project net bookings to range from $3.75 billion to $3.85 billion, which is a new record level for the company and implies strong growth of 11% at the midpoint. We have an exciting pipeline of releases that we expect to bring to market during the year, including 6 immersive core titles, which is twice as many as we delivered in fiscal 2022.

今天，我們單獨提供了 Take-Two 的 2023 財年初步展望。我們預計淨預訂量將在 37.5 億美元至 38.5 億美元之間，這是該公司的新紀錄水平，意味著中點將實現 11% 的強勁增長。我們預計將在年內推出一系列令人興奮的版本，其中包括 6 個沉浸式核心遊戲，是我們在 2022 財年交付的數量的兩倍。

The largest contributor to net bookings are expected to be NBA 2K, Grand Theft Auto Online and Grand Theft Auto V, Red Dead Redemption 2 and Red Dead Online, Tiny Tina's Wonderlands, Marvel's Midnight Sun and PGA TOUR 2K23. We expect the net bookings breakdown from our labels to be roughly 60% 2K, 30% Rockstar Games and 10% Private Division and T2 mobile games. And we forecast our geographic net booking split to be about 60% United States and 40% international.

淨預訂量的最大貢獻者預計將是 NBA 2K、俠盜獵車手 Online 和 Grand Theft Auto V、Red Dead Redemption 2 和 Red Dead Online、Tiny Tina's Wonderlands、Marvel 的 Midnight Sun 和 PGA TOUR 2K23。我們預計，我們標籤的淨預訂量約為 60% 的 2K、30% 的 Rockstar Games 和 10% 的 Private Division 和 T2 手機遊戲。我們預測我們的地理淨預訂份額約為美國的 60% 和國際的 40%。

We expect recurrent consumer sending to be flat compared to fiscal 2022 and represents 58% of net bookings, which is down from 64% last year due to a greater number of new releases. We project digitally-delivered net bookings to grow 10% and represent 91% of net bookings, which is in line with last year. Our forecast assumes that 71% of console game sales will be delivered digitally, up from 68% last year.

我們預計，與 2022 財年相比，經常性消費者發送將持平，占淨預訂量的 58%，低於去年的 64%，原因是新版本數量增加。我們預計數字交付的淨預訂量將增長 10%，占淨預訂量的 91%，與去年持平。我們的預測假設 71% 的主機遊戲銷售將以數字方式交付，高於去年的 68%。

We expect to generate more than $350 million in non-GAAP adjusted unrestricted operating cash flow, and we plan to deploy approximately $120 million for capital expenditures. We expect GAAP net revenue to range from $3.67 billion to $3.77 billion and cost of goods sold to range from $1.66 billion to $1.7 billion.

我們預計將產生超過 3.5 億美元的非 GAAP 調整後的無限制經營現金流，我們計劃部署約 1.2 億美元用於資本支出。我們預計 GAAP 淨收入在 36.7 億美元至 37.7 億美元之間，商品銷售成本在 16.6 億美元至 17 億美元之間。

Our total operating expenses are expected to range from $1.74 billion to $1.76 billion. At the midpoint, this represents a 17% increase over the prior year. As Karl mentioned, we have approximately 69 titles that we plan to deliver over the next 3 years, and we will be investing behind our pipeline in key areas such as marketing, personnel and IT. And we expect GAAP net income to range from $223 million to $252 million or $1.90 to $2.15 per share. For management reporting purposes, we expect our tax rate to be 16% throughout fiscal 2023.

我們的總運營費用預計在 17.4 億美元至 17.6 億美元之間。在中點，這比上一年增加了 17%。正如 Karl 所說，我們計劃在未來 3 年內推出大約 69 款遊戲，我們將在營銷、人事和 IT 等關鍵領域進行投資。我們預計 GAAP 淨收入將在 2.23 億美元至 2.52 億美元或每股 1.90 美元至 2.15 美元之間。出於管理報告目的，我們預計整個 2023 財年的稅率為 16%。

Now moving on to our guidance for the fiscal first quarter. We project net bookings to range from $700 million to $750 million as compared to $711 million in the first quarter last year. The largest contributors to net bookings are expected to be NBA 2K22, Grand Theft Auto Online and Grand Theft Auto V, Tiny Tina's Wonderlands, Red Dead Redemption 2 and Red Dead Online, The Quarry and WWE 2K22. We expect digitally-delivered net bookings to increase 2%.

現在繼續我們對第一財季的指導。我們預計淨預訂額將在 7 億美元至 7.5 億美元之間，而去年第一季度為 7.11 億美元。淨預訂量最大的貢獻者預計將是 NBA 2K22、俠盜獵車手在線和俠盜獵車手 V、Tiny Tina's Wonderlands、Red Dead Redemption 2 和 Red Dead Online、The Quarry 和 WWE 2K22。我們預計數字交付的淨預訂量將增長 2%。

Our forecast assumes that 78% of console game sales will be delivered digitally, up from 73% in the same period last year. We project recurrent consumer spending to decline by 10% as we believe that the momentum behind our own exciting titles that have not deployed significant live service offerings will continue into the first quarter. We expect GAAP net revenue to range from $810 million to $860 million and cost of goods sold to range from $307 million to $333 million.

我們的預測假設 78% 的主機遊戲銷售將以數字方式交付，高於去年同期的 73%。我們預計經常性消費者支出將下降 10%，因為我們相信我們自己的激動人心的遊戲背後的勢頭將持續到第一季度。我們預計 GAAP 淨收入將在 8.1 億美元至 8.6 億美元之間，商品銷售成本在 3.07 億美元至 3.33 億美元之間。

Operating expenses are expected to range from $387 million to $397 million. At the midpoint, this represents a 25% increase over last year, driven primarily by higher personnel and marketing expenses as well as transaction costs. And GAAP net income is expected to range from $93 million to $105 million or $0.80 to $0.90 per share.

運營費用預計在 3.87 億美元至 3.97 億美元之間。在中點，這比去年增加了 25%，主要是由於更高的人員和營銷費用以及交易成本。 GAAP 淨收入預計在 9300 萬美元至 1.05 億美元或每股 0.80 美元至 0.90 美元之間。

In closing, we have great confidence in our ability to drive accelerated growth into fiscal 2023 and beyond. And we believe that our pending combination with Zynga will take our business to an even greater level of scale and profitability. As we execute on our strategic initiatives, we believe that we can deliver sustainable, profitable growth for our shareholders.

最後，我們對在 2023 財年及以後推動加速增長的能力充滿信心。我們相信，我們即將與 Zynga 的合併將使我們的業務達到更高的規模和盈利水平。當我們執行我們的戰略計劃時，我們相信我們可以為我們的股東帶來可持續的盈利增長。

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

謝謝你。我現在將電話轉回施特勞斯。

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues for delivering another outstanding year. And to our shareholders, I'd like to express our appreciation for your continued support.

謝謝，萊妮和卡爾。我謹代表我們整個管理團隊，感謝我們的同事們創造了又一個出色的一年。對於我們的股東，我想對您一直以來的支持表示感謝。

We'll now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Our first question comes from Andrew Uerkwitz with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Andrew Uerkwitz。

Just 2 quick ones. The first one, on RCS, you look like you're guiding that flat, it was down in fiscal '22. Is that more a product of quantity? Or is there something you're seeing in the underlying engagement stats that give you comfort that lapping some tough COVID comps here in the first half are doable?

只有2個快速的。第一個，在 RCS 上，你看起來像是在指導那個單位，它在 22 財年下降了。這更像是數量的產物嗎？或者您是否在潛在的參與度統計數據中看到了一些讓您感到欣慰的是，在上半年在這裡進行一些艱難的 COVID 比賽是可行的？

Yes. So the first year is definitely due to the comp against the year with COVID from last year. So we had a really strong Q1. And so comping against that quarter was very difficult. And then this quarter, we were seeing a lot of people playing the full game that we put out as well as some of our competitors. So that also affected RCS in the quarter.

是的。因此，第一年肯定是由於與去年的 COVID 相比。所以我們有一個非常強勁的第一季度。因此，與那個季度的比賽非常困難。然後在本季度，我們看到很多人在玩我們推出的完整遊戲以及我們的一些競爭對手。因此，這也影響了本季度的 RCS。

Got it. And then in the guide then, just trying to understand why the guide was flat and for the -- it just seems like it's still fairly tough. So is it comfort coming back of more CS for '23 or something else?

知道了。然後在指南中，只是試圖理解為什麼指南是平坦的，並且對於 - 看起來它仍然相當困難。那麼，23 年的更多 CS 回歸或其他什麼東西會讓人感到舒服嗎？

So in Q1, we're expecting to be down by about 10%, and that's the ongoing of what we're seeing in Q4, which is the players playing the full games of our games and some of our competitors. So that's continuing. We've seen that in Q1, and we expect to see that. For the full year, we expect to see it flat for the full year. So some of our new games that are coming out don't have any recurrent consumer spending associated with that. We expect NBA to be up for the year. And then GT Online and Red Dead Online, we expect to be down for the year.

因此，在第一季度，我們預計將下降約 10%，這就是我們在第四季度看到的情況，即玩家玩我們遊戲和一些競爭對手的完整遊戲。所以這還在繼續。我們已經在第一季度看到了這一點，我們希望看到這一點。對於全年，我們預計全年持平。因此，我們即將推出的一些新遊戲沒有任何與此相關的經常性消費者支出。我們預計 NBA 將在今年保持增長。然後是 GT Online 和 Red Dead Online，我們預計今年會下降。

Got it. And then Strauss, you did a wonderful podcast earlier in the month, I think, with LionTree. In it, you discussed M&A and the importance of listening to offers. Just out of curiosity, with the changing valuations we've seen across the landscape and the market that we're in, what are your broader thoughts on M&A activity here at the current levels and volatility in the market?

知道了。然後是施特勞斯，你在本月早些時候用 LionTree 做了一個精彩的播客。在其中，您討論了併購以及聽取報價的重要性。只是出於好奇，隨著我們在整個景觀和我們所處的市場中看到不斷變化的估值，您對目前水平的併購活動和市場波動有什麼更廣泛的看法？

Well, no one likes to see their stock price experience a drawdown, but we ultimately will always trade on our fundamentals, and that's how we look at the company. So we have a really strong company. We continue to perform and outperform expectations as we have in this quarter and this fiscal -- this past fiscal year. We've just issued initial guidance, which is a very positive look at our company and at the market. So we remain in a very optimistic place and I think similarly situated companies probably feel the same way.

好吧，沒有人喜歡看到他們的股價下跌，但我們最終將始終根據我們的基本面進行交易，這就是我們看待公司的方式。所以我們有一家非常強大的公司。正如我們在本季度和本財年 - 上一財年一樣，我們繼續表現並超越預期。我們剛剛發布了初步指導，這是對我們公司和市場的非常積極的看法。所以我們仍然處於一個非常樂觀的位置，我認為類似情況的公司可能也有同樣的感受。

When the overall market re-rates, there's nothing that we can do about it nor something that we would wish to do about it. We don't need to access the capital markets at this price level. We're under-leveraged under, no matter how you look at it. We have a small amount of investment grade debt coming with the closing of the Zynga transaction. And then we have a really powerful company that we expect to continue to fire on all cylinders. So momentary changes in the market are kind of irrelevant to us.

當整體市場重新評估時，我們無能為力，也無能為力。我們不需要以這個價格水平進入資本市場。不管你怎麼看，我們的槓桿率都不足。隨著 Zynga 交易的結束，我們有少量投資級債務。然後我們有一家非常強大的公司，我們希望繼續全力以赴。所以市場的瞬間變化與我們無關。

Our next question comes from the line of Eric Handler with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Eric Handler。

Two questions. Strauss, maybe you could start off. Do you think there's any type of shift going on in preferences among gamers to -- for more story mode type of play versus, let's call it, the live services type of play and people are just sort of craving that story mode a bit more lately?

兩個問題。施特勞斯，也許你可以開始。你認為遊戲玩家的偏好是否會發生任何類型的轉變——對於更多的故事模式類型的遊戲，我們稱之為現場服務類型的遊戲，人們最近有點渴望這種故事模式?

It's Karl. Actually, I think that we never, as an industry, went away from the attractiveness of the story mill content. We've always said that we believe in that kind of content. We've always delivered on that as a company. It's the ultimate entertainment experience. And I think what you're seeing is you're just seeing some other games in the market capitalize on that.

是卡爾。實際上，我認為作為一個行業，我們從未遠離故事工廠內容的吸引力。我們一直說我們相信這種內容。作為一家公司，我們一直都能做到這一點。這是終極的娛樂體驗。而且我認為您所看到的是您只是看到市場上的其他一些遊戲利用了這一點。

I think there are a number of them out there right now, so maybe it looks that way. But when you look at it over time, story-driven content has always been a significant amount -- a significant portion of the activity and also the economy behind the industry, and we expect that to be the case going forward.

我認為現在有很多人，所以也許看起來是這樣。但是，隨著時間的推移，故事驅動的內容一直是相當大的一部分——活動的重要組成部分，也是行業背後的經濟，我們預計未來也會如此。

Great. And just as a second question, comparing your guidance to what was in the S-4 from a few months back, I'm curious if there was -- when you look at the sort of puts and takes it looks like the bookings guide is a little lower than your internal budget. The EPS guide is a little better than internal budgets. Anything you could talk about maybe what's changed on the margin since then?

偉大的。作為第二個問題，將您的指導與幾個月前的 S-4 中的指導進行比較，我很好奇是否有 - 當您查看那種看跌期權時，它看起來像預訂指南略低於您的內部預算。 EPS 指南比內部預算要好一些。從那時起，您可以談論什麼可能在邊緣發生了什麼變化？

The projections that we gave on the S-4 were not exactly our guidance because these numbers reflected our internal estimates as of a point in time, which was back in December 2021. So there's always some fluidity in our release slate, our marketing plans, the overall operating expense needs and those can change our projections over time.

我們對 S-4 給出的預測並不完全是我們的指導，因為這些數字反映了我們截至 2021 年 12 月某個時間點的內部估計。因此，我們的發布計劃、營銷計劃、總體運營費用需求，這些需求可能會隨著時間的推移改變我們的預測。

Also like our net bookings guidance was affected by the Russia-Ukraine situation. So those numbers are not included in our projections, in our guidance right now. So that really affected it. So there's always shifts in our impact on our software development costs and marketing expenses, which also affected the bottom line. So those are some of the differences between guidance and the S-4.

同樣，我們的淨預訂量指引也受到俄羅斯-烏克蘭局勢的影響。所以這些數字不包括在我們的預測中，也沒有包括在我們現在的指導中。所以這真的影響了它。因此，我們對軟件開發成本和營銷費用的影響總是會發生變化，這也影響了底線。所以這些是指導和 S-4 之間的一些差異。

Our next question comes from Matthew Thornton with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Matthew Thornton。

Hit on a little bit, but Lainie, I'm wondering if you can maybe quantify some of the discrete items that have kind of been going on in the last 3 months. And what I'm getting at there is Russia, as you alluded to as well as currency. How can we think about that headwind maybe versus where we were 3 months ago?

稍微打一下，但是萊妮，我想知道你是否可以量化過去 3 個月中發生的一些離散項目。正如你所提到的那樣，我所了解的是俄羅斯以及貨幣。與 3 個月前相比，我們如何看待逆風？

And then maybe more broadly, I don't know if this is for Strauss or Karl, any latest thoughts on just where you think we are in the "reopening"? Are we at a normal run rate? And similarly, just player behavior, obviously, there's a lot going on again on the macro front. I'm kind of curious your thoughts on what you're seeing in the player behavior more broadly? Any color there would be very helpful.

然後也許更廣泛地說，我不知道這是給施特勞斯還是卡爾，關於你認為我們在“重新開放”中所處的位置有什麼最新想法嗎？我們是否處於正常運行速度？同樣，就玩家行為而言，很明顯，宏觀方面又發生了很多事情。我有點好奇你對更廣泛的玩家行為的看法？那裡的任何顏色都會很有幫助。

So for the first one, Russia and Ukraine is not a big material number for us, but it is something that did change between the S-4 and our guidance. Probably a bigger difference in the top line with more of some of the fluidity in our release schedule. In terms of the currency, it wasn't a huge change for us between those few months. We have a pretty big natural hedge. So there really isn't a big change between then and now for us.

所以對於第一個來說，俄羅斯和烏克蘭對我們來說並不是一個重要的數字，但它確實在 S-4 和我們的指導之間發生了變化。可能在我們的發佈時間表中有更多的流動性，頂線的差異更大。就貨幣而言，這幾個月對我們來說並沒有太大的變化。我們有一個相當大的天然樹籬。所以從那時到現在對我們來說真的沒有太大的變化。

When we set our guidance, we set it based on the spot rate at the time. So any major changes from the time that we set our forecast, that could be a difference going forward. But as of right now, it's based on that spot rate.

當我們設置指導時，我們根據當時的即期匯率進行設置。因此，自我們設定預測之時起的任何重大變化，都可能是未來的差異。但截至目前，它是基於即期匯率。

And in terms of the post-COVID outlook, it does feel like we basically are at -- in a normalized situation right now. And actually, things have quite worked out basically as we thought they would. We expected that our audiences would stay with us and they have. And we also expected that we would see some level of pullback in terms of engagement amongst that audience, which we've seen some of that.

就 COVID 後的前景而言，確實感覺我們現在基本上處於正常狀態。實際上，事情基本上按照我們的想法進行。我們希望我們的觀眾會和我們在一起，他們確實做到了。我們還預計，在觀眾參與度方面，我們會看到一定程度的回落，我們已經看到了其中的一些。

And I think you can see that reflected across the entire industry. But at this point, I would characterize it as we sort of normalized, we've stabilized, and I think we're back on the growth trajectory that we were all anticipating a year ago when we expect -- that we felt [that occurred] this way.

我認為你可以看到整個行業都反映了這一點。但在這一點上，我將其描述為我們有點正常化，我們已經穩定，而且我認為我們回到了一年前我們所預期的增長軌跡 - 我們覺得 [發生了] 這邊走。

Our next question comes from Mario Lu with Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

Great. I have 2 on GTA. So for GTA V products, you mentioned that conversion rate came in above your expectations. So is there a possibility of that subscription kind of being offered to the current gen players as well in the future? And then secondly, you mentioned that I believe the full year guide for GTA recurring consumer spending is going to be down this year. So how should we think about the cadence of update this year for GTA Online and going forward in terms of current gen versus next gen?

偉大的。我在 GTA 上有 2 個。所以對於 GTA V 產品，您提到轉化率超出了您的預期。那麼，這種訂閱方式是否有可能在未來也提供給當前的一代玩家？其次，你提到我相信 GTA 經常性消費支出的全年指南今年將會下降。那麼，我們應該如何考慮今年 GTA 在線模式的更新節奏，以及當前世代與次世代的發展節奏呢？

Yes, we haven't given have any news about broadening the subscription offering. We're thrilled about how it's been rolled out so far. We're thrilled with the conversion rate. And it's clear that consumers really like the opportunity to engage with GTA Online and they value the -- what we're offering through a subscription. And with regard to ongoing content updates, Rockstar has said there's more content coming, and we're excited about that.

是的，我們沒有提供任何關於擴大訂閱範圍的消息。到目前為止，我們對它的推出方式感到非常興奮。我們對轉化率感到非常興奮。很明顯，消費者真的很喜歡與 GTA Online 互動的機會，他們重視我們通過訂閱提供的服務。至於正在進行的內容更新，Rockstar 表示會有更多內容即將推出，我們對此感到很興奮。

Our next question comes from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

All right. Maybe just a follow-up on the normalization of usage and engagement monetization trends. I guess we're looking at mounting concerns about a recession, maybe even stagflation. I think historically, the industry has performed pretty well in economic slowdowns, downturns. But curious, Strauss, I guess, how you're thinking about the macro environment? Are there scenarios where we could see an impact to the growth in investment strategy on the horizon?

好的。也許只是對使用和參與貨幣化趨勢正常化的跟進。我想我們正在關注對經濟衰退甚至滯脹的擔憂。我認為從歷史上看，該行業在經濟放緩和低迷中表現相當不錯。但好奇，施特勞斯，我猜，你是如何看待宏觀環境的？是否存在我們可以看到對即將到來的投資策略增長的影響的情況？

And related to that, on the mobile side, I mean there are concerns that the softening we saw in the March quarter might continue through the year. So curious if that impacts at all your plans for Zynga integration and the synergies.

與此相關的是，在移動端，我的意思是有人擔心我們在 3 月季度看到的疲軟可能會持續到全年。很好奇這是否會影響您對 Zynga 整合和協同效應的所有計劃。

Thanks for your question. Look, people would like to claim that entertainment is countercyclical or immune to cyclicality, that is not the case. The entertainment business will be affected by an overall economic slowdown. However, we can be seen as resistant to such a slowdown. So for example, if you go back to '08 and '09, the market actually grew in 2008 by 20%. It did decline in '09, but the 12% drop was less pronounced than many other business segments. And after September 11, the U.S. gaming market actually grew by 42% in '01 and 11% in '02.

謝謝你的問題。看，人們想聲稱娛樂是反週期的或不受週期性影響的，但事實並非如此。娛樂業務將受到整體經濟放緩的影響。然而，我們可以被視為抵制這種放緩。例如，如果你回到 08 年和 09 年，市場實際上在 2008 年增長了 20%。它在 09 年確實有所下降，但 12% 的降幅不如許多其他業務部門那麼明顯。而在 9 月 11 日之後，美國遊戲市場實際上在 01 年增長了 42%，在 02 年增長了 11%。

So in the event of the consumer recession and I'm not going to opine on that because I'm not sure my opinion is very valuable. In such an event, I think we will be resistant but not immune, but we can withstand any such slowdown without a problem. And look, if you put out great entertainment, people will come out for it, and they'll come out in good times and in bad, sometimes they'll come out more in bad times.

因此，如果發生消費者衰退，我不會對此發表意見，因為我不確定我的意見是否非常有價值。在這種情況下，我認為我們會抵抗但不能免疫，但我們可以毫無問題地承受任何這種放緩。看，如果你推出了精彩的娛樂節目，人們就會出來，他們會在好的時候和壞的時候出現，有時他們會在糟糕的時候出現更多。

By the way, I don't think there's any evidence that we're going to have stagflation. Stagflation referred to a time when there was both high unemployment and high inflation. And by high inflation, mortgage rates were over 16%. We're not in that ballpark.

順便說一句，我認為沒有任何證據表明我們會出現滯脹。滯脹是指同時存在高失業率和高通脹的時期。由於高通脹，抵押貸款利率超過 16%。我們不在那個球場。

We're not close to that ballpark, and we have very low unemployment rates in this country right now. So stagflation doesn't seem to me to be a meaningful risk. Some kind of moderate recession, I think, I suppose, is conceptually a risk, but it wouldn't have an impact on this business that we can perceive at the time.

我們離那個球場還很遠，而且我們現在這個國家的失業率非常低。所以滯脹在我看來並不是一個有意義的風險。我認為，某種溫和的衰退在概念上是一種風險，但它不會對我們當時可以感知的這項業務產生影響。

In terms of mobile games, T2 Mobile Games did just fine. They're performing incredibly well and continue to perform well in the fourth quarter. So if that's any guide about how we're going to do, we feel just great about the pending combination with Zynga, and we think there's wonderful opportunities there.

手游方面，T2手游表現不錯。他們的表現令人難以置信，並且在第四節繼續表現出色。因此，如果這是關於我們將如何做的任何指導，我們對與 Zynga 的待定組合感覺非常好，我們認為那裡有很好的機會。

And we think that some of the challenges, for example, the post-IDFA world actually create opportunities for a company that has the kind of consumer database that we collectively have with Zynga and the data analytics that we have to help us navigate that database.

我們認為，一些挑戰，例如，後 IDFA 世界實際上為一家擁有我們與 Zynga 共同擁有的那種消費者數據庫以及我們必須幫助我們瀏覽該數據庫的數據分析的公司創造了機會。

Our next question comes from the line of Omar Dessouky with Bank of America.

我們的下一個問題來自美國銀行的 Omar Dessouky。

There's been some debate in the market as to the size of the total addressable market for Grand Theft Auto VI, which was discussed in a blog post by Rockstar because it will launch into the Gen 9 console cycle, whereas the Grand Theft Auto V launched slightly before PlayStation 4 and Xbox One were launched.

關於 Grand Theft Auto VI 的總體潛在市場規模在市場上存在一些爭論，Rockstar 在一篇博文中對此進行了討論，因為它將進入 Gen 9 遊戲機週期，而 Grand Theft Auto V 的發布則略有下降在 PlayStation 4 和 Xbox One 推出之前。

So will such a graphically intensive game be as performance on Xbox One and PlayStation 4 or even the Nintendo Switch as it will be on Xbox X and PlayStation 5? And does streaming technology have the potential to make older generation console and mobile devices capable of a satisfactory performance for such a state-of-the-art game?

那麼這樣一款圖形密集型遊戲在 Xbox One 和 PlayStation 4 甚至 Nintendo Switch 上的性能是否會像在 Xbox X 和 PlayStation 5 上一樣呢？流媒體技術是否有潛力讓老一代遊戲機和移動設備能夠為這種最先進的遊戲提供令人滿意的性能？

Well, in reverse order, there are no -- really aren't very many streaming platforms that are up and running right now. Stadia is still up and running. It's -- they don't have that many titles and they have relatively small audience. We've been very supportive of Stadia, but it's a tiny portion of our business, to be clear. And of course, there's Xbox, but these are not meaningful markets right now. .

好吧，以相反的順序，現在沒有 - 實際上並沒有很多流媒體平台正在運行。 Stadia 仍在運行中。這是 - 他們沒有那麼多的頭銜，而且他們的觀眾相對較少。我們一直非常支持 Stadia，但需要明確的是，這只是我們業務的一小部分。當然，還有 Xbox，但目前這些市場還沒有意義。 .

I'm not sure I understood the question. If you're asking like, will the launch of the next update in the Grand Theft Auto series, which has been discussed by Rockstar in a blog post as you pointed out, have a salutary effect on the launch of upcoming platforms. Was that your question? When you're talking about...

我不確定我是否理解了這個問題。如果您問這樣的問題，正如您所指出的，Rockstar 在博客文章中討論了俠盜獵車手系列的下一個更新的發布，是否會對即將推出的平台產生有益的影響。那是你的問題嗎？當你在談論...

No, no, it's really the question of whether the installed base -- we should think about the installed base as the Xbox One -- sorry, Xbox One/PlayStation 4 plus Xbox X/PlayStation 5 or only Xbox X/PlayStation 5 in which case the TAM would be smaller.

不，不，這真的是安裝基礎的問題——我們應該將安裝基礎視為 Xbox One——抱歉，Xbox One/PlayStation 4 加上 Xbox X/PlayStation 5 還是只有 Xbox X/PlayStation 5情況下 TAM 會更小。

So Rockstar hasn't talked about any details at all about the next generation of Grand Theft Auto. So there'll be more information to come. But I have no doubt that when that moment comes, and there is another iteration that we'll be releasing to a very robust market.

所以 Rockstar 根本沒有談論任何關於下一代俠盜獵車手的細節。所以會有更多的信息來。但我毫不懷疑，當那一刻到來時，我們將向一個非常強勁的市場發布另一個迭代。

Okay. Could I just ask you also a quick follow-up? In terms of your capitalized development expenses, do those typically accelerate as you head closer towards the launch of a big game like Grand Theft Auto VI? Or are they relatively flat over time?

好的。我可以問你一個快速跟進嗎？就您的資本化開發費用而言，隨著您接近推出 Grand Theft Auto VI 這樣的大型遊戲，這些費用通常會加速嗎？還是隨著時間的推移它們相對平坦？

It depends on what games are being worked on and what the -- how big the teams are that are working on the game. So over time, the balance on the balance sheet will go up and down based on what titles are releasing and how the games are being developed. But it doesn't go in line with any one specific game. There's a lot of games being worked on. And as Karl mentioned, there is a large amount of titles that are in the pipeline, and most of those are capitalized other than our mobile titles.

這取決於正在開發哪些遊戲以及正在開發遊戲的團隊有多大。因此，隨著時間的推移，資產負債表上的餘額將根據正在發布的遊戲以及遊戲的開發方式上下浮動。但它不符合任何一款特定的遊戲。有很多遊戲正在開發中。正如 Karl 提到的，有大量的遊戲正在籌備中，其中大部分都是大寫的，而不是我們的移動遊戲。

Our next question comes from Benjamin Soff with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Benjamin Soff。

So just now that the FIFA license is officially kind of up for grabs. I wanted to gauge your interest in building out a soccer franchise, either simulation or non-simulation? And if you've looked into it or thought about it, how do you see the different opportunities and challenges there?

所以就在現在，FIFA 執照正式成為一種爭奪。我想了解您對建立足球特許經營權的興趣，無論是模擬還是非模擬？如果你已經研究或思考過，你如何看待那裡的不同機遇和挑戰？

Well, we noticed, and we tend to be thoughtful about our business at all times. We're excited about building out our sports business, and we don't have much else to say at the moment.

好吧，我們注意到了，而且我們往往總是對我們的業務深思熟慮。我們對建立我們的體育業務感到興奮，目前我們沒有太多要說的。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

Tiny Tina's Assault on Dragon Keep, it was featured in the PS5, PlayStation Plus and it included a preorder from Wonderland. So just wondering if that Dragon's Keep engagement correspondent with preordering eventually drove conversions, if that was a unique dynamic, if you -- if that was helpful to how the -- that particular marketing program works.

Tiny Tina's Assault on Dragon Keep，它出現在 PS5、PlayStation Plus 中，其中包括來自 Wonderland 的預購。所以只是想知道預訂預訂的 Dragon's Keep 參與通訊員是否最終推動了轉化，如果這是一種獨特的動態，如果你 - 如果這有助於 - 該特定營銷計劃的運作方式。

And then Strauss, you highlighted cross-play functionality with Tiny Tina's. Is there anything notable to call out with respect to what you're seeing in the cross form -- platform plate there, either versus other prior games or other cohorts of players because you've mentioned a nice influx of those who had not previously played Borderlands games.

然後是 Strauss，您強調了 Tiny Tina 的交叉遊戲功能。關於你在交叉形式中看到的東西，有什麼值得注意的地方 - 平台板塊，無論是與其他以前的遊戲或其他玩家群體相比，因為你提到了很多以前沒有玩過的人湧入無主之地遊戲。

I'll take the second part of the question first in terms of the cross-play. The cross-play component of Tiny Tina's Wonderlands is terrific. And we're really excited about that. We think cross-play generally is great for the consumer to have people being able to play against each other, with each other, across console and PC. That's an ideal situation.

我將首先從交叉遊戲的角度來回答問題的第二部分。 Tiny Tina's Wonderlands 的交叉遊戲部分非常棒。我們對此感到非常興奮。我們認為，跨平台遊戲通常對消費者來說非常有用，因為它可以讓人們能夠在控制台和 PC 上相互對戰。這是一個理想的情況。

And we do think that, that ability has helped with Tiny Tina's. I don't have any specific data to share of how many of the new people was because of cross-play, that part I don't have to share. But I can tell you, obviously, it's a good component and is very well executed by Gearbox. And I just -- could I ask you just for -- I didn't really quite understand the first part of the question about Assault on Dragons. What was the specific question there?

我們確實認為，這種能力對 Tiny Tina 有幫助。我沒有任何具體的數據可以分享有多少新人是因為交叉遊戲，這部分我不必分享。但我可以告訴你，很明顯，它是一個很好的組件，Gearbox 執行得非常好。我只是——我可以問你嗎——我不太明白關於龍之攻擊的問題的第一部分。那裡的具體問題是什麼？

So there was -- if I recall correctly, there was a -- it was highlighted -- Assault on Dragon was highlighted in PS5 and the PlayStation Plus, and it included a Wonderlands' preorder screen. So I'm just wondering if that engagement with Dragon Keep kind of built momentum and drove conversions in terms of people preordering or even engaging with that and then eventually buying Wonderland.

所以有 - 如果我沒記錯的話，有一個 - 它被突出顯示 - 在 PS5 和 PlayStation Plus 中突出顯示了對龍的攻擊，它包括一個仙境的預購屏幕。所以我只是想知道，與 Dragon Keep 的合作是否會在人們預訂甚至參與其中並最終購買 Wonderland 方面建立動力並推動轉換。

Yes. I would -- again, I don't have numbers -- specific numbers to share with you, but that was a significant marketing beat for us. Any time that we can reengage a consumer base into a franchise, particularly to launch a new franchise, it's going to have a very positive effect. And obviously, we were blessed to have Tiny Tina's because that's one of the most beloved characters in the Borderlands series. So to have access to that, they put out some content prior to the release of Wonderlands. Obviously, it had a positive impact on us and drove momentum prior.

是的。我會 - 再次，我沒有數字 - 與您分享具體數字，但這對我們來說是一個重要的營銷節拍。任何時候我們可以將消費者群重新吸引到特許經營中，特別是推出新的特許經營，這將產生非常積極的影響。顯然，我們很幸運能擁有 Tiny Tina，因為這是《無主之地》系列中最受歡迎的角色之一。因此，為了獲得這些內容，他們在 Wonderlands 發布之前發布了一些內容。顯然，它對我們產生了積極的影響，並推動了之前的勢頭。

Our next question comes from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matthew Cost。

I guess just on the hiring front, you mentioned in the prepared remarks that you added 1,000 developers to the developer base this year. What are you seeing in the way of competition for those developers and wage inflation? And if you are seeing any amount of wage inflation, is that impacting your outlook for hiring for the rest of the year?

我猜只是在招聘方面，您在準備好的評論中提到您今年在開發人員基礎上增加了 1,000 名開發人員。您對這些開發商的競爭和工資上漲有何看法？如果您看到任何程度的工資上漲，這是否會影響您今年剩餘時間的招聘前景？

And then on the M&A front, obviously, you're still in the process of closing the Zynga deal, but it does seem like we're in a moment after many years of running the business with very little leverage and cash on the balance sheet, like there are opportunities out there to go after assets at depressed valuation. So I guess, are you on the hunt post Zynga or more focused on kind of the integration effort in the near term?

然後在併購方面，很明顯，你仍在完成 Zynga 交易，但看起來我們在經營業務多年後，資產負債表上的槓桿和現金很少，就像有機會在估值低迷的情況下追逐資產一樣。所以我想，你是在尋找 Zynga 之後，還是更專注於短期內的整合工作？

Sure. In terms of the wage inflation, I think like many other companies, we are feeling the impact of wage inflation and particularly since the labor market is pretty tight right now. That being said, we really do believe that we're very well positioned to attract and retain talent. We offer highly competitive compensation packages, benefit packages, many of which include profit sharing and equity. So when the company succeeds, our employees succeed, and that is very well appreciated.

當然。在工資通脹方面，我認為像許多其他公司一樣，我們正在感受到工資通脹的影響，特別是因為目前勞動力市場相當緊張。話雖如此，我們確實相信我們在吸引和留住人才方面處於有利地位。我們提供極具競爭力的薪酬方案、福利方案，其中許多包括利潤分享和股權。因此，當公司成功時，我們的員工也會成功，這是非常值得讚賞的。

And there's also the element of our culture where people come here because they like to work here. And they can -- and particularly on the creative side, where they have the freedom to pursue their passions in a way that also enables them to enrich themselves at the same time. So yes, I would say everybody in the entire market is feeling some impact of the tight labor market. But I think, generally speaking, we're pretty well positioned because we consider that a competitive strength of ours.

還有我們文化的元素，人們來到這裡是因為他們喜歡在這里工作。他們可以——尤其是在創造性方面，他們可以自由地追求自己的激情，同時也使他們能夠豐富自己。所以是的，我想說整個市場的每個人都感受到勞動力市場緊張的一些影響。但我認為，總的來說，我們處於有利地位，因為我們認為這是我們的競爭優勢。

And on the M&A side, our story has mostly been an organic growth story for a very long period of time. We've selectively acquired companies that have great intellectual property and great teams. And then, of course, we acquired Social Point, Playdots and Nordeus in order to enter the mobile business and most excitingly, we expect to close our combination with Zynga next week.

在併購方面，我們的故事在很長一段時間內主要是一個有機增長的故事。我們有選擇地收購了擁有優秀知識產權和優秀團隊的公司。然後，當然，我們收購了 Social Point、Playdots 和 Nordeus 以進入移動業務，最令人興奮的是，我們預計下週將完成與 Zynga 的合併。

But over the 15-year history that this management team has been here at Take-Two, the bulk of our growth, the bulk of our success has been organically driven. And I think that will continue going forward.

但是，在這個管理團隊在 Take-Two 工作的 15 年曆史中，我們的大部分增長和大部分成功都是有機驅動的。我認為這將繼續向前發展。

And we have a great opportunity because combined with Zynga, we have the best collection of owned intellectual property for PC and console and mobile in the business. And I think the most talented creative people, the most talented executives. Of course, I'm speaking from our perspective, but I believe that, and I think we have to deliver on that promise, and we will do so organically.

我們有一個很好的機會，因為與 Zynga 相結合，我們擁有業內最好的 PC、遊戲機和移動自有知識產權集合。我認為最有才華的創意人，最有才華的高管。當然，我是從我們的角度發言，但我相信這一點，我認為我們必須兌現這一承諾，我們將有機地做到這一點。

I don't know what opportunities exist given what I hope will be a short-term re-rating of interactive entertainment stocks. Ultimately, all securities will trade up on their fundamentals. And the fundamentals in this business are quite strong, and I think will continue to be strong. That said, we have the ability in a highly disciplined way to do more inorganic growth transactions. And if they make sense to us, we will pursue them. But it's probably not the first order of business.

鑑於我希望對互動娛樂股票進行短期重新評級，我不知道存在哪些機會。最終，所有證券都將根據其基本面進行交易。而且這項業務的基本面相當強勁，而且我認為會繼續強勁。也就是說，我們有能力以高度自律的方式進行更多的無機增長交易。如果它們對我們有意義，我們將追求它們。但這可能不是首要任務。

Our next question comes from the line of Matthew Thornton with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Matthew Thornton。

A couple of quick follow-ups. Just coming back to the capital allocation question there, Strauss. I think a couple of quarters back, it might have been the fiscal third quarter, you actually bought back some stock for the first time in several years. I know you guys have typically done that pretty opportunistically.

幾個快速跟進。剛剛回到那裡的資本分配問題，施特勞斯。我想幾個季度前，可能是第三財季，你實際上幾年來第一次回購了一些股票。我知道你們通常會非常投機取巧地做到這一點。

So my first question here is, given the pullback in the shares after you kind of closed the Zynga deal, would buybacks or opportunistic buybacks be something you'd entertain? Or are you trying to perhaps bring leverage down faster? Just kind of any thoughts there?

所以我在這裡的第一個問題是，考慮到在你完成 Zynga 交易後股價回落，你會接受回購或機會主義回購嗎？或者您是否試圖更快地降低杠桿率？只是有什麼想法嗎？

And then just secondly and relatedly, post close of Zynga, would you wait until the following quarter to issue pro forma guidance? Is that something you might entertain intra-quarter? Just any way for us to think about that would be helpful.

其次，相關的是，在 Zynga 關閉後，您會等到下個季度發布備考指導嗎？這是你可能會在季度內招待的事情嗎？任何讓我們思考的方式都會有所幫助。

Yes. We've said that we believe in returning capital to the shareholders when it makes sense, economically, and we've done buybacks on an opportunistic basis. Generally speaking, when we perceive there to be a deep value opportunity in the marketplace, we perceived such deep value at $158 a share sitting here today, we were wrong about that. But it's still this management team's view that, that represents deep value of this company for what that's worth.

是的。我們已經說過，我們相信在經濟合理的情況下將資本返還給股東，並且我們在機會主義的基礎上進行了回購。一般來說，當我們認為市場上存在深度價值機會時，我們認為今天坐在這裡的每股 158 美元的深度價值，我們錯了。但這仍然是這個管理團隊的觀點，這代表了這家公司的深刻價值。

We are heading into a transaction we have put leverage on the company for the first time ever. And so I think again, buybacks won't be our first order of business, but we do retain the flexibility to pursue buybacks if we decide to do so.

我們正在進行一項交易，這是我們有史以來第一次對該公司施加影響。所以我再次認為，回購不會是我們的首要任務，但如果我們決定這樣做，我們確實保留了尋求回購的靈活性。

Our next question comes from the line of Mike -- I'm sorry were you still...

我們的下一個問題來自邁克的台詞——很抱歉你還在……

Sorry. We still have Lainie to answer the second part of the question.

對不起。我們還有萊涅來回答問題的第二部分。

oh, my apologies.

哦，我很抱歉。

No problem. So for the guidance at Zynga, we plan to provide consolidated guidance when we report our Q1 results in early August.

沒問題。因此，對於 Zynga 的指導，我們計劃在 8 月初報告第一季度業績時提供綜合指導。

Our next question comes from the line of Mike Hickey with The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Mike Hickey。

Strauss, Karl, Lainie, Nicole, nice quarters, guys. Congratulations. Two questions. The first, I'm not sure how much you can speak to this, but sort of, Lainie, maybe your philosophy on guidance as it relates to mobile, do you think there's much of a delta there in terms of what Zynga has provided to the Street historically?

Strauss、Karl、Lainie、Nicole，不錯的宿舍，伙計們。恭喜。兩個問題。首先，我不確定您對此能說多少，但有點，Lainie，也許您的指導理念與移動相關，您認為 Zynga 提供的內容有很大的差異嗎？歷史上的這條街？

And then more, I guess, the higher view, when you look at the mobile market through the first quarter here, how are you reflecting on growth of mobile? And is it meeting your expectations? And I have a follow-up.

然後更多，我想，更高的觀點，當你看到第一季度的移動市場時，你如何看待移動的增長？它是否滿足您的期望？我有一個後續行動。

In terms of our guidance process in terms of mobile, we haven't closed the transaction yet. So we'll start to work with Zynga closely and get a chance to get under the numbers with them and make sure we have a consistent approach towards how we plan all of our business. So that's the plan right now.

就我們在移動方面的指導流程而言，我們尚未完成交易。因此，我們將開始與 Zynga 密切合作，並有機會與他們一起了解數字，並確保我們在規劃所有業務時採用一致的方法。所以這就是現在的計劃。

And then Strauss, did you have a view just on mobile market growth, if it's still tracking where you thought it would be or first quarter end has changed your view at all?

然後施特勞斯，您是否僅對移動市場增長有看法，如果它仍在跟踪您認為的位置，還是第一季度末完全改變了您的看法？

Yes, we don't track growth to [a fixed] quarter-to-quarter. But long term, we believe that there's a wonderful opportunity in interactive entertainment generally and that mobile will continue to be a rapidly growing segment of the marketplace.

是的，我們不追踪[固定]季度的增長。但從長遠來看，我們相信互動娛樂普遍存在絕佳機會，並且移動設備將繼續成為市場中快速增長的部分。

Our next question comes from the line of Doug Creutz with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Doug Creutz。

One of the Zynga's key executives recently left to go to [be CEO of another company]. Just wondered if you could give any update on your plans for how the mobile business is going to be run assuming that transaction closes.

Zynga 的一位主要高管最近離職去了[成為另一家公司的首席執行官]。只是想知道如果交易關閉，您是否可以就移動業務將如何運行的計劃提供任何更新。

It's a little early to have that conversation because the transaction has not closed yet. Zynga has been operating successfully as an independent company for approximately 15 years, and they have highly experienced key personnel across all areas of their business under Frank Gibeau's leadership. Zynga has a deep bench of talent, including many executives who aren't exactly public-facing in their roles, but they are running the business on a day-to-day basis.

由於交易尚未結束，因此進行該對話還為時過早。 Zynga 作為一家獨立公司已經成功運營了大約 15 年，在 Frank Gibeau 的領導下，他們在所有業務領域都擁有經驗豐富的關鍵人員。 Zynga 擁有深厚的人才儲備，其中包括許多不完全面向公眾的高管，但他們每天都在經營業務。

So we're highly confident that there are plenty of talented executives at the -- what will become the Zynga division of Take-Two, assuming everything goes according to plan. And we're very excited about the future together and we'll have much more to say about that company after the deal closes.

因此，我們非常有信心，假設一切按計劃進行，Take-Two 的 Zynga 部門將擁有大量才華橫溢的高管。我們對共同的未來感到非常興奮，在交易完成後，我們將對這家公司有更多話要說。

Our next question comes from the line of Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer 的觀點。

This is more of a longer-term question for Strauss. Can you maybe share with us how would you characterize the impact of great individual creators? Is there any impact on the commercial outcome of the games? And has that really changed since you started working in the industry?

對於施特勞斯來說，這更像是一個長期的問題。您能否與我們分享一下您如何描述偉大的個人創作者的影響？對遊戲的商業成果有影響嗎？自從您開始從事該行業以來，這種情況真的發生了變化嗎？

Well, I think we have -- we've put more focus on creative talent here, Take-Two than perhaps any other company in the Interactive Entertainment business and our success has reflected that choice. It's an easy thing to say, it's a hard thing to do. We truly encourage the most creative people in the industry to come to our company and work on what they're passionate about. And we make decisions that are in service of that approach, that strategy and our goal to make great art as well as to make great hits.

好吧，我認為我們已經 - 我們在這裡更加關注創意人才，Take-Two 可能比互動娛樂業務中的任何其他公司都多，我們的成功反映了這種選擇。說起來容易，做起來難。我們真誠地鼓勵業內最具創造力的人來到我們公司，為他們所熱愛的工作而努力。我們做出的決定是為這種方法、這種戰略和我們的目標服務的，即製作偉大的藝術以及製作偉大的作品。

The work is done by teams, all the work here is done by teams, but the leadership is crucial. And we have great creative leadership across the board, and we're really, really proud of that great creative leadership and grateful to them for the results that they continue to deliver here.

工作是由團隊完成的，這裡的所有工作都是由團隊完成的，但領導力至關重要。我們在各個方面都擁有出色的創意領導力，我們為這種出色的創意領導力感到非常非常自豪，並感謝他們繼續在這裡取得的成果。

Our next question comes from Andrew Marok with Raymond James.

我們的下一個問題來自 Andrew Marok 和 Raymond James。

You mentioned that you saw some success in the stand-alone GTA Online version. I guess who are the players that are getting into GTA online at this point? How do they differ from the legacy GTA online players to the extent that you can provide quantitative guide around that as well? And then secondly, is there any update that you guys have to share maybe on your NFL partnership?

您提到您在獨立版 GTA 在線模式中看到了一些成功。我猜現在有哪些玩家正在進入 GTA 在線模式？它們與傳統的 GTA 在線玩家有何不同，您還可以提供量化指南嗎？其次，你們是否有任何關於你們 NFL 合作夥伴關係的更新？

Yes. I think on the GTA players, I think what's most interesting is that the market continues to grow, that we've sold in 165 million units of the title even though it was launched in 2013, the title has dominated now 3 console generations. And when we created a stand-alone version of Grand Theft Auto Online, lots of people showed up to play it.

是的。我認為對於 GTA 玩家來說，我認為最有趣的是市場繼續增長，儘管該遊戲於 2013 年推出，但我們已經售出了 1.65 億台遊戲，該遊戲現在已經佔據了 3 代主機的主導地位。當我們製作了 Grand Theft Auto Online 的獨立版本時，很多人都來玩了。

So clearly, the market is huge and continues to grow. And I think Rockstar has done a great job in continuing to make the market accessible for people over a long period of time. But no, we don't have anything specifically to say about the particular people who've shown up even though we have a lot of good data.

很明顯，這個市場是巨大的並且還在繼續增長。而且我認為 Rockstar 在繼續使人們能夠在很長一段時間內進入市場方面做得很好。但是，不，即使我們有很多好的數據，我們也沒有關於出現的特定人員的任何具體內容。

And we don't have anything right now to say about the NFL partnership, although we're excited about it and looking forward to releases that will come in the future.

我們現在對 NFL 的合作夥伴關係沒有什麼可說的，儘管我們對此感到興奮並期待著未來的發布。

Our next question comes from Clay Griffin with MoffettNathanson.

我們的下一個問題來自 Clay Griffin 和 MoffettNathanson。

Just a point of clarification there. I know it was late in the quarter, but the stand-alone price for GTA Online, is that -- I'm assuming that's getting booked at RCS or maybe there's some nuance there just to confirm that.

只是有一點澄清。我知道這是本季度末，但 GTA Online 的獨立價格是 - 我假設這是在 RCS 預訂的，或者可能有一些細微差別只是為了確認這一點。

And then just I'm curious if you could maybe put some thoughts around just the strategy around that. I think Strauss, you've called the combination of the full gain online of tethered and free-to-play just how successful that's been in the past, obviously. But any thoughts around -- should we assume that, that is kind of the MO, I guess, for future titles of this size or ilk?

然後我很好奇你是否可以圍繞這個策略提出一些想法。我認為施特勞斯，你已經把聯機和免費遊戲的全部收益結合起來，顯然這在過去是多麼成功。但是有什麼想法——我們是否應該假設，我猜，對於這種規模或類似的未來游戲來說，這就是一種 MO？

Sorry, I apologize. If you can, what was your question about pricing?

對不起，我道歉。如果可以，您對定價有何疑問？

Stand-alone.

單機。

Just curious if the stand-alone pricing for GTA Online, is that getting booked as recurring consumer spending? Or is that being booked as a full game, I guess, is the first question and the second question...

只是好奇 GTA Online 的獨立定價是否會被記為經常性消費支出？或者，我猜，被預定為一場完整的比賽，是第一個問題和第二個問題......

So the stand-alone game itself is a full game. But if you're playing it online and buying virtual currency, that's RCS.

所以單機遊戲本身就是一個完整的遊戲。但如果你在網上玩它併購買虛擬貨幣，那就是 RCS。

And your second question? I'm sorry, I missed the second one as well.

你的第二個問題？對不起，我也錯過了第二個。

Sure. No, just general thoughts on considering the relative success of tying GTA Online to GTA V, if we should expect that that's the kind of modus operandi for games of this stature, for your biggest IP going forward.

當然。不，只是考慮將 GTA Online 與 GTA V 捆綁在一起的相對成功的一般想法，如果我們應該期望這是這種地位的遊戲的那種作案手法，對於你最大的 IP 前進。

We have said that we expect to offer opportunities to engage with our titles on an ongoing basis after release. We aim to provide such opportunities and to monetize them when it makes sense. But there are all different ways to do that. That could be downloadable add-on content or that could be an online multiplayer game. It really depends on the title and as the labels get ready to market and release titles, that will generally be made clear. So it varies title by title. There's not going to be just one singular approach going forward.

我們已經說過，我們希望在發布後提供與我們的遊戲持續互動的機會。我們的目標是提供這樣的機會，並在有意義的時候將它們貨幣化。但是有很多不同的方法可以做到這一點。這可能是可下載的附加內容，也可能是在線多人遊戲。這實際上取決於標題，並且隨著唱片公司準備推銷和發布標題，通常會明確這一點。所以它因標題而異。未來不會只有一種單一的方法。

Our next question comes from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

So I know there's some commentary in the preamble about ramping up profitability in fiscal '24 and '25. Is that solely a function of scale? Or do you also anticipate slowing down the investment spend? And where will we see fluctuation in investment spending going forward?

所以我知道序言中有一些關於在 24 財年和 25 財年提高盈利能力的評論。這僅僅是規模的函數嗎？或者您是否也預計投資支出會放緩？我們將在哪裡看到未來投資支出的波動？

It's a combination of scale and also the investments other than direct marketing, we would expect those to slow down. The direct marketing will be in line with what titles come out. But the other expenses like headcount and IT expenses and rent, we would expect that to slow down.

這是規模和直接營銷以外的投資的結合，我們預計這些投資會放緩。直接營銷將與出現的標題一致。但其他費用，如員工人數、IT 費用和租金，我們預計會放緩。

We want to thank you all for your questions today, for your attention, for joining us and for your support. We really appreciate it. Thanks, all.

我們要感謝大家今天提出的問題、關注、加入我們和支持。我們真的很感激。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。