Electronic Arts Inc

NASDAQ:EAUnited States

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• Electronic Arts Swings to Fiscal Q4 Profit; Fiscal Q1, 2025 Guidance, Stock Buyback Set; Shares Drop After Hours, from 7 hours ago by MT Newswires

  7 hours ago by MT Newswires
  Companies Mentioned: EA
  05:20 PM EDT, 05/07/2024 (MT Newswires) -- Electronic Arts (EA) reported fiscal Q4 earnings late Tuesday of $0.67 per diluted share, compared with a loss of $0.04 a year earlier. Analysts surveyed by Capital IQ expected EPS of $0.59. Revenue in the ...

• -- Earnings Flash (EA) ELECTRONIC ARTS Posts Q4 Revenue $1.78B, vs. Street Est of $1.77B, from 8 hours ago by MT Newswires

  8 hours ago by MT Newswires
  Companies Mentioned: EA
  04:48 PM EDT, 05/07/2024 (MT Newswires) -- ...

• DJ Electronic Arts Q4 Sales, Profits Drop on Lack of New Releases -- WSJ, from 8 hours ago by Dow Jones

  8 hours ago by Dow Jones
  Companies Mentioned: EA
  
  By Sarah E. Needleman
  
  Electronic Arts fiscal fourth-quarter sales and profit dropped as the videogame developer didnt release any major games in the first months of the year.
  

• Electronic Arts Reports Q4 and FY24 Results, from 8 hours ago by Dow Jones

  8 hours ago by Dow Jones
  Companies Mentioned: EA
  ============ =============== (3) Derived from audited consolidated financial statements. ELECTRONIC ARTS INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Cash Flows (in $ millions) Three Months Ended Twelve Months Ended March 31, March 31, --------------------- ------------------- 2024 2023 2024 2023 ----------- -------- ------- ---------- OPERATING ACTIVITIES Net income (loss) 182 (12) 1,273 802 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, amortization, accretion and impairment 149 173 404 536 Stock-based compensation 148 142 584 548 Change in assets and liabilities Receivables, net 303 152 119 (34) Other assets (38) (50) 148 (103) Accounts payable 30 31 (6) 10 Accrued and other liabilities (83) 106 (202) 134 Deferred income taxes, net (6) (18) 82 (221) Deferred net revenue (online-enabled games) (105) 93 (87) (122) ------- ------- ------ ------- Net cash provided by operating activities 580 617 2,315 1,550 ======= ======= ====== ======= INVESTING ACTIVITIES Capital expenditures (51) (47) (199) (207) Proceeds from maturities and sales of short-term investments 182 152 632 395 Purchase of short-term investments (180) (142) (640) (405) ------- ------- ------ ------- Net cash used in investing activities (49) (37) (207) (217) ======= ======= ====== ======= FINANCING ACTIVITIES Proceeds from issuance of common stock 34 33 77 80 Cash dividends paid (51) (52) (205) (210) Cash paid to taxing authorities for shares withheld from employees (18) (14) (196) (175) Common stock repurchases (325) (325) (1,300) (1,295) ------- ------- ------ ------- Net cash used in financing activities (360) (358) (1,624) (1,600) ======= ======= ====== ======= Effect of foreign exchange on cash and cash equivalents (13) -- (8) (41) ------- ------- ------ ------- Change in cash and cash equivalents 158 222 476 (308) Beginning cash and cash equivalents 2,742 2,202 2,424 2,732 ------- ------- ------ ------- Ending cash and cash equivalents 2,900 2,424 2,900 2,424 ======= ======= ====== ======= ELECTRONIC ARTS INC. AND SUBSIDIARIES Unaudited Supplemental Financial Information and Business Metrics (in $ millions, except per share data) Q4 Q1 Q2 Q3 Q4 YOY % FY23 FY24 FY24 FY24 FY24 Change --------- --------- --------- --------- --------- --------- Net revenue Net revenue 1,874 1,924 1,914 1,945 1,779 (5%) GAAP-based financial data Change in deferred net revenue (online-enabled games)(1) 72 (346) (94) 421 (113) Gross profit Gross profit 1,426 1,556 1,458 1,416 1,422 -- Gross profit (as a % of net revenue) 76% 81% 76% 73% 80% GAAP-based financial data Acquisition-related expenses 25 16 15 16 29 Change in deferred net revenue (online-enabled games)(1) 72 (346) (94) 421 (113) Stock-based compensation 2 2 2 2 2 Operating income Operating income 175 542 377 365 234 34% Operating income (as a % of net revenue) 9% 28% 20% 19% 13% GAAP-based financial data Acquisition-related expenses 51 41 39 37 101 Change in deferred net revenue (online-enabled games)(1) 72 (346) (94) 421 (113) Restructuring and related charges 155 3 -- -- 61 Stock-based compensation 142 130 155 151 148 Net income (loss) Net income (loss) (12) 402 399 290 182 1,617% Net income (loss) (as a % of net revenue) (1%) 21% 21% 15% 10% GAAP-based financial data Acquisition-related expenses 51 41 39 37 101 Change in deferred net revenue (online-enabled games)(1) 72 (346) (94) 421 (113) Restructuring and related charges 155 3 -- -- 61 Stock-based compensation 142 130 155 151 148 Tax rate used for management reporting 19% 19% 19% 19% 19% Diluted earnings (loss) per share (0.04) 1.47 1.47 1.07 0.67 1,775% Number of shares used in computation Basic 274 272 271 269 267 Diluted 274 274 272 271 270 Anti-dilutive shares 1 -- -- -- -- excluded for loss position(2) (1) The 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. (2) Diluted earnings per share reflects the potential dilution from common shares (calculated using the treasury stock method), issuable through stock-based compensation plans. When the company incurs a loss, shares issuable though stock-based compensation plans are excluded from the diluted loss per share calculation as inclusion would be anti-dilutive. ELECTRONIC ARTS INC. AND SUBSIDIARIES Unaudited Supplemental Financial Information and Business Metrics (in $ millions) Q4 Q1 Q2 Q3 Q4 YOY % FY23 FY24 FY24 FY24 FY24 Change --------- --------- --------- --------- --------- -------- QUARTERLY NET REVENUE PRESENTATIONS Net revenue by composition Full game downloads 274 301 346 431 265 (3%) Packaged goods 98 142 275 187 68 (31%) ----- ----- ----- ----- ----- Full game 372 443 621 618 333 (10%) ----- ----- ----- ----- ----- Live services and other 1,502 1,481 1,293 1,327 1,446 (4%) ----- ----- ----- ----- ----- Total net revenue 1,874 1,924 1,914 1,945 1,779 (5%) Full game 20% 23% 32% 32% 19% Live services and other 80% 77% 68% 68% 81% ----- ----- ----- ----- ----- Total net revenue % 100% 100% 100% 100% 100% GAAP-based financial data Full game downloads (24) (21) 24 32 (37) Packaged goods (24) (21) 46 4 (37) ----- ----- ----- ----- ----- Full game (48) (42) 70 36 (74) ----- ----- ----- ----- ----- Live services and other 120 (304) (164) 385 (39) ----- ----- ----- ----- ----- Total change in deferred net revenue (online-enabled
  

• *DJ Electronic Arts Sees 1Q Rev $1.58B-$1.68B >EA, from 8 hours ago by Dow Jones

  8 hours ago by Dow Jones
  Companies Mentioned: EA
  games) by composition(1) 72 (346) (94) 421 (113) Net revenue by platform Console 1,088 1,167 1,187 1,229 1,049 (4%) PC & Other 469 451 423 420 423 (10%) Mobile 317 306 304 296 307 (3%) ----- ----- ----- ----- ----- Total net revenue 1,874 1,924 1,914 1,945 1,779 (5%) ----- ----- ----- ----- ----- GAAP-based financial data Console 11 (266) (35) 377 (94) PC & Other 47 (77) (34) 33 (10) Mobile 14 (3) (25) 11 (9) ----- ----- ----- ----- ----- Total change in deferred net revenue (online-enabled games) by platform(1) 72 (346) (94) 421 (113) (1) The 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 % FY23 FY24 FY24 FY24 FY24 Change ------- ------- ------- ------- ------- -------- CASH FLOW DATA Investing cash flow (37) (44) (63) (51) (49) Investing cash flow - TTM (217) (196) (205) (195) (207) 5% Financing cash flow (358) (482) (351) (431) (360) Financing cash flow - TTM (1,600) (1,606) (1,609) (1,622) (1,624) (2%) Operating cash flow 617 359 112 1,264 580 Operating cash flow - TTM 1,550 1,987 2,211 2,352 2,315 49% Capital expenditures 47 45 51 52 51 Capital expenditures - TTM 207 193 191 195 199 (4%) Free cash flow(4) 570 314 61 1,212 529 Free cash flow(4) - TTM 1,343 1,794 2,020 2,157 2,116 58% Common stock repurchases 325 325 325 325 325 -- Cash dividends paid 52 52 51 51 51 (2%) DEPRECIATION Depreciation expense 58 49 49 48 50 (14%) BALANCE SHEET DATA Cash and cash equivalents 2,424 2,259 1,946 2,742 2,900 Short-term investments 343 343 359 362 362 ------ ------ ------ ------ ------ Cash and cash equivalents, and short-term investments 2,767 2,602 2,305 3,104 3,262 18% Receivables, net 684 517 1,047 867 565 (17%) STOCK-BASED COMPENSATION Cost of revenue 2 2 2 2 2 Research and development 96 93 113 108 104 Marketing and sales 15 11 13 14 14 General and administrative 29 24 27 27 28 ------ ------ ------ ------ ------ Total stock-based compensation 142 130 155 151 148 ------ ------ ------ ------ ------ RESTRUCTURING AND RELATED CHARGES Restructuring 111 1 2 -- 59 Office space reductions 44 2 (2) -- 2 ------ ------ ------ ------ ------ Total restructuring and related charges 155 3 -- -- 61 ------ ------ ------ ------ ------ (4) Free cash flow is defined as Operating cash flow less Capital expenditures.