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     109  0 Kommentare Electronic Arts Reports Q4 and FY22 Financial Results

    Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2022.

    “FY22 was a record year, with hundreds of millions of players around the world joining in our games to play, watch, and create with one another,” said Andrew Wilson, CEO of Electronic Arts. “With amazing games, built around powerful IP, made by incredibly talented teams, and outstanding engagement in our live services, FY23 is set to be a year of innovation and growth for Electronic Arts.”

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    “We finished the year with another strong quarter of revenue and profit growth, driven by our live services business which was 85% of our net bookings in Q4,” said CFO Chris Suh. “We have a strong foundation of deeply engaged players, rich IP and a resilient business model, which we will continue to invest in to deliver growth in FY23 and beyond.”

    Selected Operating Highlights and Metrics

    • Net bookings1 for fiscal 2022 was $7.515 billion, up 21% year-over-year.
    • Live services and other net bookings were up 17% year-over-year and represent 71% of total net bookings in fiscal 2022.
    • The EA player network grew 16% year-over-year to more than 580 million unique active accounts.
    • During FY22, EA SPORTS FIFA had more than 150 million accounts.
    • FIFA Mobile just had the biggest quarter ever with new unique players surging nearly 80% year-over-year.
    • Apex Legends Season 12 set records for the highest engagement since launch.
    • It Takes Two won over 90 awards during FY22.

    Selected Financial Highlights and Metrics

    • Net cash provided by operating activities was $444 million for the quarter and $1.899 billion for the fiscal year.
    • EA repurchased 2.5 million shares for $325 million during the quarter, bringing the total for the fiscal year to 9.5 million shares for $1.300 billion.
    • EA paid a cash dividend of $0.17 per share during the quarter, bringing the total for the fiscal year to $193 million.

    Dividend

    EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock, which represents a 12% increase from prior quarter. The dividend is payable on June 22, 2022 to shareholders of record as of the close of business on June 8, 2022.

    Quarterly Financial Highlights

     

    Three Months Ended

    March 31,

    2022

     

    2021

    (in $ millions, except per share amounts)
    Full game

    438

    250

    Live services and other

    1,387

    1,096

    Total net revenue

    1,825

    1,346

     
    Net income

    225

    76

    Diluted earnings per share

    0.80

    0.26

     
    Operating cash flow

    444

    371

     
    Value of shares repurchased

    325

    325

    Number of shares repurchased

    2.5

    2.4

     
    Cash dividend paid

    48

    49

    The following GAAP-based financial data2 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 March 31, 2022

    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

    1,825

     

    -

     

    (74

    )

    -

     

    Cost of revenue

    419

     

    (45

    )

    -

     

    (2

    )

    Gross profit

    1,406

     

    45

     

    (74

    )

    2

    Total operating expenses

    1,041

     

    (52

    )

    -

     

    (123

    )

    Operating income

    365

     

    97

     

    (74

    )

    125

     

    Interest and other income (expense), net

    (9

    )

    -

     

    -

     

    -

     

    Income before provision for income taxes

    356

     

    97

     

    (74

    )

    125

     

    Number of shares used in computation:
    Diluted

    283

     

    Fiscal Year Financial Highlights

     

    Twelve Months Ended

    March 31,

    2022

     

    2021

    (in $ millions)
    Full game

    1,993

    1,613

    Live services and other

    4,998

    4,016

    Total net revenue

    6,991

    5,629

     
    Net income

    789

    837

    Diluted earnings per share

    2.76

    2.87

     
    Operating cash flow

    1,899

    1,934

     
    Value of shares repurchased

    1,300

    729

    Number of shares repurchased

    9.5

    5.6

     
    Cash dividend paid

    193

    98

    The following GAAP-based financial data2 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 March 31, 2022
    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

    6,991

     

    -

     

    524

    -

     

    Cost of revenue

    1,859

     

    (133

    )

    -

    (6

    )

    Gross profit

    5,132

     

    133

     

    524

    6

     

    Total operating expenses

    4,003

     

    (183

    )

    -

    (522

    )

    Operating income

    1,129

     

    316

     

    524

    528

     

    Interest and other income (expense), net

    (48

    )

    -

     

    -

    -

     

    Income before provision for income taxes

    1,081

     

    316

     

    524

    528

     

    Number of shares used in computation:
    Diluted

    286

     

    Operating Metric

    The following is a calculation of our total net bookings1 for the periods presented:

    Three Months Ended

     

    Twelve Months Ended

    March 31,

     

    March 31,

    2022

     

    2021

     

    2022

     

    2021

    (in $ millions)
    Total net revenue

    1,825

    1,346

    6,991

    5,629

    Change in deferred net revenue (online-enabled games)

    (74)

    144

    524

    561

    Net bookings

    1,751

    1,490

    7,515

    6,190

    Business Outlook as of May 10, 2022

    Fiscal Year 2023 Expectations – Ending March 31, 2023

    Financial metrics:

    • Net revenue is expected to be approximately $7.600 to $7.800 billion.
      • Change in deferred net revenue (online-enabled games) is expected to be approximately $300 million.
    • Net income is expected to be approximately $793 to $815 million.
    • Diluted earnings per share is expected to be approximately $2.79 to $2.87.
    • Operating cash flow is expected to be approximately $1.600 to $1.650 billion.
    • The Company estimates a share count of 284 million for purposes of calculating fiscal year 2023 diluted earnings per share.

    Operational metric:

    • Net bookings1 is expected to be approximately $7.900 to $8.100 billion.

    In addition, the following outlook for GAAP-based financial data2 and updated long-term tax rate of 19% 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, 2023
    GAAP-Based Financial Data*

    GAAP Guidance
    Range

     

    Acquisition-
    related

    expenses

    Change in
    deferred net
    revenue

    (online-enabled games)

     

    Stock-based
    compensation

    (in $ millions)
    Total net revenue

    7,600

    7,800

    -

     

    300

    -

     

    Cost of revenue

    2,020

    2,065

    (110

    )

    -

    (5

    )

    Operating expense

    4,200

    4,315

    (140

    )

    -

    (595

    )

    Income before provision for income taxes

    1,321

    1,358

    250

     

    300

    600

     

    Net income

    793

    815

    Number of shares used in computation:
    Diluted shares

    284

    *The mid-point of the range has been used for purposes of presenting the reconciling items.

    First Quarter Fiscal Year 2023 Expectations – Ending June 30, 2022

    Financial metrics:

    • Net revenue is expected to be approximately $1.675 to $1.725 billion.
      • Change in deferred net revenue (online-enabled games) is expected to be approximately $(475) million.
    • Net income is expected to be approximately $216 to $240 million.
    • Diluted earnings per share is expected to be approximately $0.76 to $0.85.
    • The Company estimates a share count of 283 million for purposes of calculating first quarter fiscal 2023 diluted earnings per share.

    Operational metric:

    • Net bookings1 is expected to be approximately $1.200 to $1.250 billion.

    In addition, the following outlook for GAAP-based financial data2 and updated long-term tax rate of 19% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:

    Three Months Ending June 30, 2022
    GAAP-Based Financial Data*

    GAAP Guidance
    Range

     

    Acquisition-
    related
    expenses

     

    Change in
    deferred net

    revenue
    (online-enabled games)

     

    Stock-based
    compensation

    (in $ millions)
    Total net revenue

    1,675

    1,725

    -

     

    (475

    )

    -

     

    Cost of revenue

    309

    321

    (30

    )

    -

     

    (2

    )

    Operating expense

    1,013

    (40

    )

    -

     

    (123

    )

    Income before provision for income taxes

    337

    375

    70

     

    (475

    )

    125

     

    Net income

    216

    240

    Number of shares used in computation:
    Diluted shares

    283

    *The mid-point of the range has been used for purposes of presenting the reconciling items.

    Conference Call and Supporting Documents

    Electronic Arts will host a conference call on May 10, 2022 at 2:00 pm PT (5:00 pm ET) to review its results for the fiscal quarter and year ended March 31, 2022 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 (866) 324-3683 (domestic) or (509) 844-0959 (international), using the conference code 8277667 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 May 24, 2022 at 855-859-2056 (domestic) or 404-537-3406 (international) using pin code 8277667. 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 expectations under the heading “Business Outlook as of May 10, 2022” and other information regarding EA's fiscal 2023 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: 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, and integrate, 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; economic and geopolitical 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, 2021.

    These forward-looking statements are current as of May 10, 2022. 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 Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-K for the fiscal year ended March 31, 2022.

    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 2022, EA posted GAAP net revenue of approximately $7 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, Plants vs. Zombies and F1. 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 2015 Lucasfilm Ltd. All rights reserved. John Madden, NFL, FIFA and F1 are the property of their respective owners and used with permission.

    1 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.

    2 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, 2021.

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Condensed Consolidated Statements of Operations

    (in $ millions, except per share data)

     

     

     

     

     

     

     

     

     

    Three Months Ended
    March 31,

     

    Twelve Months Ended
    March 31,

     

     

     

    2022

     

    2021

     

    2022

     

    2021

    Net revenue

    1,825

     

     

    1,346

     

     

    6,991

     

     

    5,629

     

    Cost of revenue

    419

     

     

    319

     

     

    1,859

     

     

    1,494

     

    Gross profit

    1,406

     

     

    1,027

     

     

    5,132

     

     

    4,135

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

    579

     

     

    468

     

     

    2,186

     

     

    1,778

     

    Marketing and sales

    245

     

     

    196

     

     

    961

     

     

    689

     

    General and administrative

    165

     

     

    174

     

     

    673

     

     

    592

     

    Amortization and impairment of intangibles

    52

     

     

    14

     

     

    183

     

     

    30

     

    Total operating expenses

    1,041

     

     

    852

     

     

    4,003

     

     

    3,089

     

    Operating income

    365

     

     

    175

     

     

    1,129

     

     

    1,046

     

    Interest and other income (expense), net

    (9

    )

     

    (10

    )

     

    (48

    )

     

    (29

    )

    Income before provision for income taxes

    356

     

     

    165

     

     

    1,081

     

     

    1,017

     

    Provision for income taxes

    131

     

     

    89

     

     

    292

     

     

    180

     

    Net income

    225

     

     

    76

     

     

    789

     

     

    837

     

    Earnings per share

     

     

     

     

     

     

     

    Basic

    0.80

     

     

    0.26

     

     

    2.78

     

     

    2.90

     

    Diluted

    0.80

     

     

    0.26

     

     

    2.76

     

     

    2.87

     

    Number of shares used in computation

     

     

     

     

     

     

     

    Basic

    281

     

     

    288

     

     

    284

     

     

    289

     

    Diluted

    283

     

     

    290

     

     

    286

     

     

    292

     

    Results (in $ millions, except per share data)

    The following table reports the variance of the actuals versus our guidance provided on February 1, 2022 for the three months ended March 31, 2022 plus a comparison to the actuals for the three months ended March 31, 2021.

     

    Three Months Ended March 31,

     

    2022

     

     

     

    2022

     

    2021

     

    Guidance

     

    Variance

     

    Actuals

     

    Actuals

    Net revenue

     

     

     

     

     

     

     

    Net revenue

    1,759

     

     

    66

     

     

    1,825

     

     

    1,346

     

    GAAP-based financial data

     

     

     

     

     

     

     

    Change in deferred net revenue (online-enabled games)1

    2

     

     

    (76

    )

     

    (74

    )

     

    144

     

    Cost of revenue

     

     

     

     

     

     

     

    Cost of revenue

    404

     

     

    15

     

     

    419

     

     

    319

     

    GAAP-based financial data

     

     

     

     

     

     

     

    Acquisition-related expenses

    (42

    )

     

    (3

    )

     

    (45

    )

     

    (4

    )

    Stock-based compensation

    (1

    )

     

    (1

    )

     

    (2

    )

     

    (1

    )

    Operating expenses

     

     

     

     

     

     

     

    Operating expenses

    1,086

     

     

    (45

    )

     

    1,041

     

     

    852

     

    GAAP-based financial data

     

     

     

     

     

     

     

    Acquisition-related expenses

    (49

    )

     

    (3

    )

     

    (52

    )

     

    (14

    )

    Stock-based compensation

    (126

    )

     

    3

     

     

    (123

    )

     

    (108

    )

    Income before tax

     

     

     

     

     

     

     

    Income before tax

    259

     

     

    97

     

     

    356

     

     

    165

     

    GAAP-based financial data

     

     

     

     

     

     

     

    Acquisition-related expenses

    91

     

     

    6

     

     

    97

     

     

    18

     

    Change in deferred net revenue (online-enabled games)1

    2

     

     

    (76

    )

     

    (74

    )

     

    144

     

    Stock-based compensation

    127

     

     

    (2

    )

     

    125

     

     

    109

     

    Tax rate used for management reporting

    18

    %

     

     

     

    18

    %

     

    18

    %

    Earnings per share

     

     

     

     

     

     

     

    Basic

    0.46

     

     

    0.34

     

     

    0.80

     

     

    0.26

     

    Diluted

    0.46

     

     

    0.34

     

     

    0.80

     

     

    0.26

     

    Number of shares used in computation

     

     

     

     

     

     

     

    Basic

    282

     

     

    (1

    )

     

    281

     

     

    288

     

    Diluted

    284

     

     

    (1

    )

     

    283

     

     

    290

     

    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.

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Condensed Consolidated Balance Sheets

    (in $ millions)

     

     

     

     

     

    March 31, 2022

     

    March 31, 20212

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    2,732

     

    5,260

     

    Short-term investments

    330

     

    1,106

     

    Receivables, net

    650

     

    521

     

    Other current assets

    439

     

    326

     

    Total current assets

    4,151

     

    7,213

     

    Property and equipment, net

    550

     

    491

     

    Goodwill

    5,387

     

    2,868

     

    Acquisition-related intangibles, net

    962

     

    309

     

    Deferred income taxes, net

    2,243

     

    2,045

     

    Other assets

    507

     

    362

     

    TOTAL ASSETS

    13,800

     

    13,288

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    101

     

    96

     

    Accrued and other current liabilities

    1,388

     

    1,341

     

    Deferred net revenue (online-enabled games)

    2,024

     

    1,527

     

    Total current liabilities

    3,513

     

    2,964

     

    Senior notes, net

    1,878

     

    1,876

     

    Income tax obligations

    386

     

    315

     

    Deferred income taxes, net

    1

     

    43

     

    Other liabilities

    397

     

    250

     

    Total liabilities

    6,175

     

    5,448

     

     

     

     

     

    Stockholders’ equity:

     

     

     

    Common stock

    3

     

    3

     

    Retained earnings

    7,607

     

    7,887

     

    Accumulated other comprehensive income (loss)

    15

     

    (50

    )

    Total stockholders’ equity

    7,625

     

    7,840

     

    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    13,800

     

    13,288

     

    2Derived from audited consolidated financial statements.

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Condensed Consolidated Statements of Cash Flows

    (in $ millions)

     

     

     

     

     

     

     

     

     

    Three Months Ended
    March 31,

     

    Twelve Months Ended
    March 31,

     

    2022

     

    2021

     

    2022

     

    2021

    OPERATING ACTIVITIES

     

     

     

     

     

     

     

    Net income

    225

     

     

    76

     

     

    789

     

     

    837

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation, amortization, accretion and impairment

    141

     

     

    58

     

     

    486

     

     

    181

     

    Stock-based compensation

    125

     

     

    109

     

     

    528

     

     

    435

     

    Change in assets and liabilities

     

     

     

     

     

     

     

    Receivables, net

    313

     

     

    268

     

     

    (77

    )

     

    (41

    )

    Other assets

    (82

    )

     

    (42

    )

     

    (157

    )

     

    (70

    )

    Accounts payable

    2

     

     

    (11

    )

     

    (7

    )

     

    18

     

    Accrued and other liabilities

    (14

    )

     

    (109

    )

     

    169

     

     

    136

     

    Deferred income taxes, net

    (189

    )

     

    (125

    )

     

    (329

    )

     

    (143

    )

    Deferred net revenue (online-enabled games)

    (77

    )

     

    147

     

     

    497

     

     

    581

     

    Net cash provided by operating activities

    444

     

     

    371

     

     

    1,899

     

     

    1,934

     

     

     

     

     

     

     

     

     

    INVESTING ACTIVITIES

     

     

     

     

     

     

     

    Capital expenditures

    (53

    )

     

    (31

    )

     

    (188

    )

     

    (124

    )

    Proceeds from maturities and sales of short-term investments

    136

     

     

    1,598

     

     

    1,329

     

     

    3,686

     

    Purchase of short-term investments

    (116

    )

     

    (772

    )

     

    (554

    )

     

    (2,828

    )

    Acquisitions, net of cash acquired

     

     

    (1,239

    )

     

    (3,391

    )

     

    (1,239

    )

    Net cash used in investing activities

    (33

    )

     

    (444

    )

     

    (2,804

    )

     

    (505

    )

     

     

     

     

     

     

     

     

    FINANCING ACTIVITIES

     

     

     

     

     

     

     

    Proceeds from issuance of senior notes, net of issuance costs

     

     

    1,478

     

     

     

     

    1,478

     

    Payment of senior notes

     

     

    (600

    )

     

     

     

    (600

    )

    Proceeds from issuance of common stock

    33

     

     

    30

     

     

    77

     

     

    86

     

    Cash dividends paid

    (48

    )

     

    (49

    )

     

    (193

    )

     

    (98

    )

    Cash paid to taxing authorities for shares withheld from employees

    (11

    )

     

    (8

    )

     

    (204

    )

     

    (152

    )

    Repurchase and retirement of common stock

    (325

    )

     

    (325

    )

     

    (1,300

    )

     

    (729

    )

    Net cash provided by (used in) financing activities

    (351

    )

     

    526

     

     

    (1,620

    )

     

    (15

    )

     

     

     

     

     

     

     

     

    Effect of foreign exchange on cash and cash equivalents

    2

     

     

    35

     

     

    (3

    )

     

    78

     

    Change in cash and cash equivalents

    62

     

     

    488

     

     

    (2,528

    )

     

    1,492

     

    Beginning cash and cash equivalents

    2,670

     

     

    4,772

     

     

    5,260

     

     

    3,768

     

    Ending cash and cash equivalents

    2,732

     

     

    5,260

     

     

    2,732

     

     

    5,260

     

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Supplemental Financial Information and Business Metrics

    (in $ millions, except per share data)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q4

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YOY %

     

    FY21

     

    FY22

     

    FY22

     

    FY22

     

    FY22

     

    Change

    Net revenue

     

     

     

     

     

     

     

     

     

     

     

    Net revenue

    1,346

     

     

    1,551

     

     

    1,826

     

     

    1,789

     

     

    1,825

     

     

    36

    %

    GAAP-based financial data

     

     

     

     

     

     

     

     

     

     

     

    Change in deferred net revenue (online-enabled games)1

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

    Gross profit

     

     

     

     

     

     

     

     

     

     

     

    Gross profit

    1,027

     

     

    1,236

     

     

    1,332

     

     

    1,158

     

     

    1,406

     

     

    37

    %

    Gross profit (as a % of net revenue)

    76

    %

     

    80

    %

     

    73

    %

     

    65

    %

     

    77

    %

     

     

    GAAP-based financial data

     

     

     

     

     

     

     

     

     

     

     

    Acquisition-related expenses

    4

     

     

    22

     

     

    22

     

     

    44

     

     

    45

     

     

     

    Change in deferred net revenue (online-enabled games)1

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

    Stock-based compensation

    1

     

     

    1

     

     

    2

     

     

    1

     

     

    2

     

     

     

    Operating income

     

     

     

     

     

     

     

     

     

     

     

    Operating income

    175

     

     

    322

     

     

    340

     

     

    102

     

     

    365

     

     

    109

    %

    Operating income (as a % of net revenue)

    13

    %

     

    21

    %

     

    19

    %

     

    6

    %

     

    20

    %

     

     

    GAAP-based financial data

     

     

     

     

     

     

     

     

     

     

     

    Acquisition-related expenses

    18

     

     

    62

     

     

    52

     

     

    105

     

     

    97

     

     

     

    Change in deferred net revenue (online-enabled games)1

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

    Stock-based compensation

    109

     

     

    125

     

     

    149

     

     

    129

     

     

    125

     

     

     

    Net income

     

     

     

     

     

     

     

     

     

     

     

    Net income

    76

     

     

    204

     

     

    294

     

     

    66

     

     

    225

     

     

    196

    %

    Net income (as a % of net revenue)

    6

    %

     

    13

    %

     

    16

    %

     

    4

    %

     

    12

    %

     

     

    GAAP-based financial data

     

     

     

     

     

     

     

     

     

     

     

    Acquisition-related expenses

    18

     

     

    62

     

     

    52

     

     

    105

     

     

    97

     

     

     

    Change in deferred net revenue (online-enabled games)1

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

    Stock-based compensation

    109

     

     

    125

     

     

    149

     

     

    129

     

     

    125

     

     

     

    Tax rate used for management reporting

    18

    %

     

    18

    %

     

    18

    %

     

    18

    %

     

    18

    %

     

     

    Diluted earnings per share

    0.26

     

     

    0.71

     

     

    1.02

     

     

    0.23

     

     

    0.80

     

     

    208

    %

    Number of shares used in computation

     

     

     

     

     

     

     

     

     

     

     

    Basic

    288

     

     

    286

     

     

    285

     

     

    283

     

     

    281

     

     

     

    Diluted

    290

     

     

    289

     

     

    287

     

     

    285

     

     

    283

     

     

     

    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.

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Supplemental Financial Information and Business Metrics

    (in $ millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q4

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YOY %

     

     

    FY21

     

    FY22

     

    FY22

     

    FY22

     

    FY22

     

    Change

    QUARTERLY NET REVENUE PRESENTATIONS

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue by composition

     

     

     

     

     

     

     

     

     

     

     

     

    Full game downloads

     

    185

     

     

    233

     

     

    337

     

     

    400

     

     

    312

     

     

    69

    %

    Packaged goods

     

    65

     

     

    89

     

     

    280

     

     

    216

     

     

    126

     

     

    94

    %

    Full game

     

    250

     

     

    322

     

     

    617

     

     

    616

     

     

    438

     

     

    75

    %

    Live services and other

     

    1,096

     

     

    1,229

     

     

    1,209

     

     

    1,173

     

     

    1,387

     

     

    27

    %

    Total net revenue

     

    1,346

     

     

    1,551

     

     

    1,826

     

     

    1,789

     

     

    1,825

     

     

    36

    %

    Full game

     

    19

    %

     

    21

    %

     

    34

    %

     

    34

    %

     

    24

    %

     

     

    Live services and other

     

    81

    %

     

    79

    %

     

    66

    %

     

    66

    %

     

    76

    %

     

     

    Total net revenue %

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

     

    GAAP-based financial data

     

     

     

     

     

     

    Full game downloads

     

    (19

    )

     

    (5

    )

     

    35

     

     

    179

     

     

    (103

    )

     

     

    Packaged goods

     

    (44

    )

     

    (35

    )

     

    44

     

     

    105

     

     

    (68

    )

     

     

    Full game

     

    (63

    )

     

    (40

    )

     

    79

     

     

    284

     

     

    (171

    )

     

     

    Live services and other

     

    207

     

     

    (175

    )

     

    (54

    )

     

    504

     

     

    97

     

     

     

    Total change in deferred net revenue (online-enabled games) by composition1

     

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue by platform

     

     

     

     

     

     

     

     

     

     

     

     

    Console

     

    879

     

     

    972

     

     

    1,198

     

     

    1,138

     

     

    1,092

     

     

    24

    %

    PC & Other

     

    295

     

     

    361

     

     

    377

     

     

    374

     

     

    420

     

     

    42

    %

    Mobile

     

    172

     

     

    218

     

     

    251

     

     

    277

     

     

    313

     

     

    82

    %

    Total net revenue

     

    1,346

     

     

    1,551

     

     

    1,826

     

     

    1,789

     

     

    1,825

     

     

    36

    %

    GAAP-based financial data

     

     

     

     

     

     

    Console

     

    71

     

     

    (278

    )

     

    (29

    )

     

    608

     

     

    (86

    )

     

     

    PC & Other

     

    51

     

     

    9

     

     

    26

     

     

    137

     

     

    3

     

     

     

    Mobile

     

    22

     

     

    54

     

     

    28

     

     

    43

     

     

    9

     

     

     

    Total change in deferred net revenue (online-enabled games) by platform1

     

    144

     

     

    (215

    )

     

    25

     

     

    788

     

     

    (74

    )

     

     

    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.

    ELECTRONIC ARTS INC. AND SUBSIDIARIES

    Unaudited Supplemental Financial Information and Business Metrics

    (in $ millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q4

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YOY %

     

    FY21

     

    FY22

     

    FY22

     

    FY22

     

    FY22

     

    Change

    CASH FLOW DATA

     

     

     

     

     

     

     

     

     

     

     

    Operating cash flow

    371

     

    (143

    )

     

    64

     

    1,534

     

    444

     

    20

    %

    Operating cash flow - TTM

    1,934

     

    1,413

     

     

    1,416

     

    1,826

     

    1,899

     

    (2

    %)

    Capital expenditures

    31

     

    44

     

     

    43

     

    48

     

    53

     

    71

    %

    Capital expenditures - TTM

    124

     

    130

     

     

    148

     

    166

     

    188

     

    52

    %

    Repurchase and retirement of common stock

    325

     

    325

     

     

    325

     

    325

     

    325

     

     

    Cash dividends paid

    49

     

    49

     

     

    48

     

    48

     

    48

     

    (2

    %)

    DEPRECIATION

     

     

     

     

     

     

     

     

     

     

     

    Depreciation expense

    38

     

    40

     

     

    39

     

    41

     

    42

     

    11

    %

    BALANCE SHEET DATA

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

    5,260

     

    2,838

     

     

    1,630

     

    2,670

     

    2,732

     

     

    Short-term investments

    1,106

     

    881

     

     

    342

     

    346

     

    330

     

     

    Cash and cash equivalents, and short-term investments

    6,366

     

    3,719

     

     

    1,972

     

    3,016

     

    3,062

     

    (52

    %)

    Receivables, net

    521

     

    557

     

     

    1,031

     

    965

     

    650

     

    25

    %

    STOCK-BASED COMPENSATION

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenue

    1

     

    1

     

     

    2

     

    1

     

    2

     

     

    Research and development

    71

     

    85

     

     

    101

     

    86

     

    84

     

     

    Marketing and sales

    12

     

    12

     

     

    15

     

    14

     

    13

     

     

    General and administrative

    25

     

    27

     

     

    31

     

    28

     

    26

     

     

    Total stock-based compensation

    109

     

    125

     

     

    149

     

    129

     

    125

     

     

     



    Business Wire (engl.)
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    Electronic Arts Reports Q4 and FY22 Financial Results Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2022. “FY22 was a record year, with hundreds of millions of players around the world joining in our games to play, …