Electronic Arts Reports Strong Q2 FY21 Financial Results

Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its second fiscal quarter ended September 30, 2020.

“Thanks to the incredible work of our teams and everything they continue to do for players while working from home, we’re delivering more fan-favorite games, growing our leading live services, and engaging more players across more platforms than ever before,” said CEO Andrew Wilson. “Our business has grown significantly this year, and we are projecting continued expansion into FY22 and beyond.”

“We delivered a quarter well above our guidance, driven by our live services, particularly Madden and FIFA. This resulted in a new record trailing twelve-month cash flow of $2.04 billion. We are pleased to announce a new share repurchase program and also to initiate a dividend for the first time in EA history,” said COO and CFO Blake Jorgensen. “We are on track to deliver strong growth this year and expect continued growth in fiscal 2022 and in the years to come. Apex Legends is on track to become our latest billion-dollar franchise by the end of the fiscal year. All of our studios continue to execute amazingly well and have enabled us to launch an industry-leading eight games since the beginning of the fiscal year, while continuing to deliver live services content and expand onto new platforms.”

EA has posted a refreshed slide presentation and a financial model of EA’s historical results and guidance on EA’s IR website at www.ir.ea.com. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR website. News and ongoing updates regarding EA and its games are available on EA’s blog at www.ea.com/news.

Selected Operating Highlights and Metrics

• Net bookings* for the trailing twelve months was $5.577 billion, up 8% year-over-year.
• Launched EA SPORTS UFC 4, Madden NFL 21, Rocket Arena, and Star Wars: Squadrons during the quarter.
• Madden NFL 21 has nearly 30% more players year-over-year.
• Life to date, FIFA 20 has reached nearly 35 million players on console and PC.
• EA Play now has more than 6.5 million paid subscribers.
• During the fiscal year, EA launched more than 125 games and content packs on the Steam platform.

* Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.

Selected Financial Highlights and Metrics

• Net cash provided by operating activities was $61 million for the quarter and a record $2.041 billion for the trailing twelve months.
• EA announced a new $2.6 billion, two-year stock repurchase program and declared a quarterly cash dividend of $0.17 per share.

Quarterly Financial Highlights

		Three Months Ended
		September 30,
		2020		2019
(in $ millions, except per share amounts)
Full game		282		580
Live services and other		869		768
Total net revenue		1,151		1,348
Net income		185		854*
Diluted earnings per share		0.63		2.89*
Operating cash flow		61		37
Value of shares repurchased		-		306
Number of shares repurchased		-		3.3
*Includes the impact of one-time tax benefits recognized during the fiscal quarter.

The following GAAP-based financial data and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

		Three Months Ended September 30, 2020
					GAAP-Based Financial Data
(in $ millions)		Statement of Operations			Acquisition- related expenses			Change in deferred net revenue (online- enabled games)			Stock-based compensation
Total net revenue		1,151			-			(241	)		-
Cost of revenue		286			-			-			(2	)
Gross profit		865			-			(241	)		2
Total operating expenses		716			(6	)		-			(111	)
Operating income		149			6			(241	)		113
Interest and other income, net		(10	)		-			-			-
Income before provision for income taxes		139			6			(241	)		113
Number of shares used in computation:
Diluted		293

For more information about the nature of the GAAP-based financial data, please refer to EA’s Form 10-K for the fiscal year ended March 31, 2020.

Financial Highlights for the Trailing Twelve Months

		Twelve Months Ended
		September 30,
		2020		2019
(in $ millions)
Full game		1,686		1,726
Live services and other		3,904		3,358
Total net revenue		5,590		5,084
Net income		1,314		2,746*
Operating cash flow		2,041		1,748
Value of shares repurchased		674		1,204
Number of shares repurchased		6.5		12.9
*Includes the impact of one-time tax benefits recognized during the period.

The following GAAP-based financial data and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

		Twelve Months Ended September 30, 2020
				GAAP-Based Financial Data
(in $ millions)		Statement of Operations		Acquisition- related expenses			Change in deferred net revenue (online- enabled games)			Stock-based compensation
Total net revenue		5,590		-			(13	)		-
Cost of revenue		1,351		(8	)		-			(5	)
Gross profit		4,239		8			(13	)		5
Total operating expenses		2,857		(24	)		-			(392	)
Operating income		1,382		32			(13	)		397
Interest and other income, net		13		-			-			-
Income before provision for income taxes		1,395		32			(13	)		397

For more information about the nature of the GAAP-based financial data, please refer to EA’s Form 10-K for the fiscal year ended March 31, 2020.

Operating Metric

The following is a calculation of our total net bookings for the periods presented:

		Three Months Ended						Twelve Months Ended
		September 30,						September 30,
		2020			2019*			2020*			2019*
(in $ millions)
Total net revenue		1,151			1,348			5,590			5,084
Change in deferred net revenue (online-enabled games)		(241	)		(35	)		(13	)		79
Net bookings		910			1,313			5,577			5,163
*At the beginning of FY21, EA changed the way in which it presents net bookings. Periods prior to the first quarter of FY21 have been recast for comparability to align with these changes. For more information, please see the Financial Reporting FAQ on our IR website.

Stock Repurchase Program and Dividend

EA’s Board of Directors has approved a new two-year program to repurchase up to $2.6 billion of EA's common stock.

Under the program, EA may purchase stock in the open market or through privately negotiated transactions in accordance with applicable securities laws, including pursuant to pre-arranged stock trading plans. The timing and actual amount of the stock repurchases will depend on several factors including price, capital availability, regulatory requirements, alternative investment opportunities and other market conditions. EA is not obligated to repurchase any specific number of shares under the program and the repurchase program may be modified, suspended or discontinued at any time.

In addition, EA’s Board of Directors initiated a quarterly dividend and declared a cash dividend of $0.17 per share of EA’s common stock. The dividend is payable on December 23, 2020 to stockholders of record as of the close of business on December 2, 2020.

Business Outlook as of November 5, 2020

The following forward-looking statements reflect expectations as of November 5, 2020. Electronic Arts assumes no obligation to update these statements. Results may be materially different and are affected by many factors detailed in this release and in EA’s annual and quarterly SEC filings.

Fiscal Year 2021 Expectations – Ending March 31, 2021

Financial metrics:

• Net revenue is expected to be approximately $5.625 billion.
  • Change in deferred net revenue (online-enabled games) is expected to be approximately $325 million.
• Net income is expected to be approximately $924 million.
• Diluted earnings per share is expected to be approximately $3.15.
• Operating cash flow is expected to be approximately $1.850 billion.
• The Company estimates a share count of 293 million for purposes of calculating fiscal year 2021 diluted earnings per share.

Operational metric:

• Net bookings is expected to be approximately $5.950 billion.

In addition, the following outlook for GAAP-based financial data and a long-term tax rate of 18% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:

		Twelve Months Ending March 31, 2021
				GAAP-Based Financial Data
		GAAP Guidance		Acquisition- related expenses			Change in deferred net revenue (online- enabled games)		Stock-based compensation
(in $ millions)
Total net revenue		5,625		-			325		-
Cost of revenue		1,485		-			-		(3	)
Operating expense		3,022		(20	)		-		(442	)
Income before provision for income taxes		1,086		20			325		445
Net income		924
Number of shares used in computation:
Diluted shares		293

Third Quarter Fiscal Year 2021 Expectations – Ending December 31, 2020

Financial metrics:

• Net revenue is expected to be approximately $1.675 billion.
  • Change in deferred net revenue (online-enabled games) is expected to be approximately $675 million.
• Net income is expected to be approximately $180 million.
• Diluted earnings per share is expected to be approximately $0.61.
• The Company estimates a share count of 294 million for purposes of calculating third quarter fiscal year 2021 diluted earnings per share.

Operational metric:

• Net bookings is expected to be approximately $2.350 billion.

In addition, the following outlook for GAAP-based financial data and a long-term tax rate of 18% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:

			Three Months Ending December 31, 2020
					GAAP-Based Financial Data
			GAAP Guidance		Acquisition- related expenses			Change in deferred net revenue (online- enabled games)		Stock-based compensation
(in $ millions)
Total net revenue			1,675		-			675		-
Cost of revenue			599		-			-		-
Operating expense			840		(5	)		-		(115	)
Income before provision for income taxes			227		5			675		115
Net income			180
Number of shares used in computation:
Diluted shares			294

For more information about the nature of the GAAP-based financial data, please refer to EA’s Form 10-K for the fiscal year ended March 31, 2020.

Conference Call and Supporting Documents

Electronic Arts will host a conference call on November 5, 2020 at 2:00 pm PT (5:00 pm ET) to review its results for the second fiscal quarter ended September 30, 2020 and its outlook for the future. During the course of the call, Electronic Arts may disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live through the following dial-in number [phone] (domestic) or [phone] (international), using the conference code 6481848 or via webcast at EA’s IR Website at http://ir.ea.com.

EA has posted a slide presentation with a financial model of EA’s historical results and guidance on EA’s IR Website. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR Website.

A dial-in replay of the conference call will be available until November 19, 2020 at 855-859-2056 (domestic) or 404-537-3406 (international) using pin code 6481848. An audio webcast replay of the conference call will be available for one year on EA’s IR Website.

Forward-Looking Statements

Some statements set forth in this release, including the information relating to EA’s fiscal 2021 expectations under the heading “Business Outlook as of November 5, 2020,” and other information regarding EA's fiscal 2021 and fiscal 2022 expectations contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements.

Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: the impact of the COVID-19 pandemic, sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences among competing platforms; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; general economic conditions; changes in our tax rates or tax laws; and other factors described in Part II, Item 1A of Electronic Arts’ latest Quarterly Report on Form 10-Q under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020.

These forward-looking statements are current as of November 5, 2020. Electronic Arts assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.

While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended September 30, 2020.

About Electronic Arts

Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.

In fiscal year 2020, EA posted GAAP net revenue of $5.5 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FIFA, Battlefield, Apex Legends, The Sims, Madden NFL, Need for Speed, Titanfall and Plants vs. Zombies. More information about EA is available at www.ea.com/news.

EA SPORTS, Battlefield, Need for Speed, Apex Legends, The Sims, Titanfall and Plants vs. Zombies are trademarks of Electronic Arts Inc. STAR WARS & TM 2020 Lucasfilm Ltd. All rights reserved. John Madden, NFL, UFC and FIFA are the property of their respective owners and used with permission.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
		Three Months Ended						Six Months Ended
		September 30,						September 30,
		2020			2019			2020			2019
Net revenue		1,151			1,348			2,610			2,557
Cost of revenue		286			405			574			592
Gross profit		865			943			2,036			1,965
Operating expenses:
Research and development		421			387			859			768
Marketing and sales		156			152			277			262
General and administrative		133			128			269			238
Acquisition-related contingent consideration		—			2			—			3
Amortization of intangibles		6			6			11			11
Total operating expenses		716			675			1,416			1,282
Operating income		149			268			620			683
Interest and other income (expense), net		(10	)		16			(13	)		37
Income before provision for (benefit from) income taxes		139			284			607			720
Provision for (benefit from) income taxes		(46	)		(570	)		57			(1,555	)
Net income		185			854			550			2,275
Earnings per share
Basic		0.64			2.89			1.90			7.69
Diluted		0.63			2.89			1.88			7.66
Number of shares used in computation
Basic		289			295			289			296
Diluted		293			296			292			297

Results (in $ millions, except per share data)

The following table reports the variance of the actuals versus our guidance provided on July 30, 2020 for the three months ended September 30, 2020 plus a comparison to the actuals for the three months ended September 30, 2019.

		Three Months Ended September 30,
		2020						2020			2019
		Guidance			Variance			Actuals			Actuals
Net revenue
Net revenue		1,125			26			1,151			1,348
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1		(250	)		9			(241	)		(35	)
Cost of revenue
Cost of revenue		280			6			286			405
GAAP-based financial data
Acquisition-related expenses		—			—			—			(2	)
Stock-based compensation		—			(2	)		(2	)		(1	)
Operating expenses
Operating expenses		755			(39	)		716			675
GAAP-based financial data
Acquisition-related expenses		(5	)		(1	)		(6	)		(8	)
Stock-based compensation		(110	)		(1	)		(111	)		(91	)
Income before tax
Income before tax		83			56			139			284
GAAP-based financial data
Acquisition-related expenses		5			1			6			10
Change in deferred net revenue (online-enabled games)1		(250	)		9			(241	)		(35	)
Stock-based compensation		110			3			113			92
Tax rate used for management reporting		18	%					18	%		18	%
Earnings per share
Basic		0.21			0.43			0.64			2.89
Diluted		0.21			0.42			0.63			2.89
Number of shares
Basic		289			—			289			295
Diluted		293			—			293			296

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

In fiscal 2021, EA changed the way in which it presents net revenue. Periods prior to the first quarter of fiscal 2021 have been recast for comparability to align with these changes. For more information please see the Financial Reporting FAQ on our Investor Relations Website.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)
		September 30, 2020			March 31, 20202
ASSETS
Current assets:
Cash and cash equivalents		4,059			3,768
Short-term investments		1,972			1,967
Receivables, net		423			461
Other current assets		376			321
Total current assets		6,830			6,517
Property and equipment, net		458			449
Goodwill		1,891			1,885
Acquisition-related intangibles, net		42			53
Deferred income taxes, net		1,937			1,903
Other assets		312			305
TOTAL ASSETS		11,470			11,112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		164			68
Accrued and other current liabilities		1,083			1,052
Deferred net revenue (online-enabled games)		639			945
Senior notes, current, net		599			599
Total current liabilities		2,485			2,664
Senior notes, net		397			397
Income tax obligations		301			373
Deferred income taxes, net		1			1
Other liabilities		211			216
Total liabilities		3,395			3,651
Stockholders’ equity:
Common stock		3			3
Additional paid-in capital		145			—
Retained earnings		8,016			7,508
Accumulated other comprehensive loss		(89	)		(50	)
Total stockholders’ equity		8,075			7,461
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		11,470			11,112

2Derived from audited consolidated financial statements.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
		Three Months Ended September 30,						Six Months Ended September 30,
		2020			2019			2020			2019
OPERATING ACTIVITIES
Net income		185			854			550			2,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion		40			35			77			72
Stock-based compensation		113			92			215			165
Change in assets and liabilities
Receivables, net		83			(529	)		39			(235	)
Other assets		(157	)		9			(113	)		33
Accounts payable		109			91			106			51
Accrued and other liabilities		(30	)		144			(96	)		88
Deferred income taxes, net		(42	)		(626	)		(32	)		(1,800	)
Deferred net revenue (online-enabled games)		(240	)		(33	)		(307	)		(454	)
Net cash provided by operating activities		61			37			439			195
INVESTING ACTIVITIES
Capital expenditures		(25	)		(27	)		(63	)		(72	)
Proceeds from maturities and sales of short-term investments		724			435			1,418			793
Purchase of short-term investments		(752	)		(721	)		(1,416	)		(1,984	)
Net cash used in investing activities		(53	)		(313	)		(61	)		(1,263	)
FINANCING ACTIVITIES
Proceeds from issuance of common stock		40			30			43			33
Cash paid to taxing authorities for shares withheld from employees		(8	)		(4	)		(77	)		(55	)
Repurchase and retirement of common stock		—			(306	)		(78	)		(611	)
Payment of contingent consideration		—			(32	)		—			(64	)
Net cash provided by (used in) financing activities		32			(312	)		(112	)		(697	)
Effect of foreign exchange on cash and cash equivalents		6			(5	)		25			(3	)
Change in cash and cash equivalents		46			(593	)		291			(1,768	)
Beginning cash and cash equivalents		4,013			3,533			3,768			4,708
Ending cash and cash equivalents		4,059			2,940			4,059			2,940

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
		Q2			Q3			Q4			Q1			Q2			YOY %
		FY20			FY20			FY20			FY21			FY21			Change
Net revenue
Net revenue		1,348			1,593			1,387			1,459			1,151			(15	%)
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1		(35	)		428			(131	)		(69	)		(241	)
Gross profit
Gross profit		943			1,085			1,118			1,171			865			(8	%)
Gross profit (as a % of net revenue)		70	%		68	%		81	%		80	%		75	%
GAAP-based financial data
Acquisition-related expenses		2			5			3			—			—
Change in deferred net revenue (online-enabled games)1		(35	)		428			(131	)		(69	)		(241	)
Stock-based compensation		1			1			1			1			2
Operating income
Operating income		268			361			401			471			149			(44	%)
Operating income (as a % of net revenue)		20	%		23	%		29	%		32	%		13	%
GAAP-based financial data
Acquisition-related expenses		10			12			9			5			6
Change in deferred net revenue (online-enabled games)1		(35	)		428			(131	)		(69	)		(241	)
Stock-based compensation		92			91			91			102			113
Net income
Net income		854			346			418			365			185			(78	%)
Net income (as a % of net revenue)		63	%		22	%		30	%		25	%		16	%
GAAP-based financial data
Acquisition-related expenses		10			12			9			5			6
Change in deferred net revenue (online-enabled games)1		(35	)		428			(131	)		(69	)		(241	)
Stock-based compensation		92			91			91			102			113
Tax rate used for management reporting		18	%		18	%		18	%		18	%		18	%
Diluted earnings per share		2.89			1.18			1.43			1.25			0.63			(78	%)
Number of diluted shares used in computation
Basic		295			292			290			288			289
Diluted		296			294			292			292			293

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

In fiscal 2021, EA changed the way in which it presents net revenue. Periods prior to the first quarter of fiscal 2021 have been recast for comparability to align with these changes. For more information please see the Financial Reporting FAQ on our Investor Relations Website.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
		Q2			Q3			Q4			Q1			Q2			YOY %
		FY20			FY20			FY20			FY21			FY21			Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads		181			286			211			223			163			(10	%)
Packaged goods		399			403			145			136			119			(70	%)
Full game		580			689			356			359			282			(51	%)
Live services and other		768			904			1,031			1,100			869			13	%
Total net revenue		1,348			1,593			1,387			1,459			1,151			(15	%)
Full game		43	%		43	%		26	%		25	%		25	%
Live services and other		57	%		57	%		74	%		75	%		75	%
Total net revenue %		100	%		100	%		100	%		100	%		100	%
GAAP-based financial data
Full game downloads		(5	)		31			(21	)		(5	)		(2	)
Packaged goods		62			60			(67	)		(67	)		(14	)
Full game		57			91			(88	)		(72	)		(16	)
Live services and other		(92	)		337			(43	)		3			(225	)
Total change in deferred net revenue (online-enabled games) by composition1		(35	)		428			(131	)		(69	)		(241	)
Net revenue by platform
Console		923			1,163			928			932			714			(23	%)
PC & Other		248			261			274			325			249			—
Mobile		177			169			185			202			188			6	%
Total net revenue		1,348			1,593			1,387			1,459			1,151			(15	%)
GAAP-based financial data
Console		8			388			(143	)		(108	)		(201	)
PC & Other		(32	)		24			7			15			(24	)
Mobile		(11	)		16			5			24			(16	)
Total change in deferred net revenue (online-enabled games) by platform1		(35	)		428			(131	)		(69	)		(241	)

1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges.

In fiscal 2021, EA changed the way in which it presents net revenue. Periods prior to the first quarter of fiscal 2021 have been recast for comparability to align with these changes. For more information please see the Financial Reporting FAQ on our Investor Relations Website.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
			Q2		Q3		Q4		Q1		Q2		YOY %
			FY20		FY20		FY20		FY21		FY21		Change
CASH FLOW DATA
Operating cash flow			37		1,104		498		378		61		65	%
Operating cash flow - TTM			1,748		1,898		1,797		2,017		2,041		17	%
Capital expenditures			27		28		40		38		25		(7	%)
Capital expenditures - TTM			128		135		140		133		131		2	%
Repurchase and retirement of common stock			306		305		291		78		—		(100	%)
DEPRECIATION
Depreciation expense			30		29		31		31		32		7	%
BALANCE SHEET DATA
Cash and cash equivalents			2,940		3,603		3,768		4,013		4,059
Short-term investments			1,943		1,999		1,967		1,947		1,972
Cash and cash equivalents, and short-term investments			4,883		5,602		5,735		5,960		6,031		24	%
Receivables, net			856		798		461		507		423		(51	%)
STOCK-BASED COMPENSATION
Cost of revenue			1		1		1		1		2
Research and development			61		60		59		66		74
Marketing and sales			10		10		10		11		12
General and administrative			20		20		21		24		25
Total stock-based compensation			92		91		91		102		113

Category: Company News

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