REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial
results for its third fiscal quarter ended December 31, 2016.
"With the top console games and most-downloaded mobile portfolio in the
industry for Q3, Electronic Arts is growing, engaging and exciting a
global community of players," said Chief Executive Officer Andrew
Wilson. "We will continue to push the boundaries of play, with stunning
new titles like Mass Effect: Andromeda, global competitive gaming
tournaments and more amazing experiences coming in the year ahead."
"For the first time ever, we generated over $1 billion in operating cash
flow in a quarter," said Chief Financial Officer Blake Jorgensen. "This
is a true testament to the innovation we built into Battlefield 1
and FIFA 17 and the continued strength of our digital live
services."
News and ongoing updates regarding EA and our games are available on
EA's blog at www.ea.com/news.
Selected Operating Highlights and Metrics:
-
Digital net sales* of $2.861 billion for the trailing-twelve-month
period represents 60% of total net sales, up 18% year-over-year.
-
FIFA 17 was the best-selling console title in the world in 2016.
-
Battlefield™ 1 was our biggest Battlefield launch ever and has
a player base more than 50% larger than that of Battlefield 4™
in its comparable launch quarter.
-
To date, more than 10 million fans have played "The Journey", the new
single-player mode in FIFA 17.
-
In Q3, average gameplay time per player in Star Wars™: Galaxy of
Heroes reached a new high of 155 minutes per day.
* Net sales is defined as the net amount of products and services
sold digitally or sold-in physically in the period.
Selected Financial Highlights:
All financial measures are presented on a GAAP basis.
-
Net cash provided by operating activities for the quarter was a record
$1.115 billion. Trailing twelve month operating cash flow was also a
record $1.372 billion.
-
For the quarter, net revenue was $1.149 billion. Of the total net
revenue 60%, or $685 million, was digital. Diluted loss per share of
$(0.00) was above guidance of $(0.17).
-
EA repurchased 1.5 million shares in Q3 for $127 million.
|
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|
|
|
|
|
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(in millions of $, except per share amounts)
|
|
|
Quarter Ended
12/31/16
|
|
Quarter Ended
12/31/15
|
|
Digital Net Revenue
|
|
|
$
|
685
|
|
$
|
569
|
|
Packaged Goods and Other Net Revenue
|
|
|
|
464
|
|
|
501
|
|
Total Net Revenue
|
|
|
$
|
1,149
|
|
$
|
1,070
|
|
Net Loss
|
|
|
$
|
(1)
|
|
$
|
(45)
|
|
Diluted Loss Per Share
|
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$
|
1,115
|
|
$
|
889
|
|
|
|
|
|
|
|
|
|
While EA no longer reports certain non-GAAP financial measures, the
following GAAP-based financial data and a long-term tax rate of 21% are
used internally by company management to adjust our GAAP results in
order to assess EA's operating results:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec 31, 2016
|
|
|
$ in millions
|
|
|
GAAP-Based Financial Data
|
|
|
|
|
|
Statement of
Operations
|
|
Acquisition-related
expenses
|
|
Change in deferred
net revenue
(online-enabled
games)
|
|
Stock-based
compensation
|
|
|
|
Net revenue
|
|
|
1,149
|
|
|
-
|
|
|
921
|
|
-
|
|
|
|
|
Cost of revenue
|
|
|
516
|
|
|
(18
|
)
|
|
-
|
|
-
|
|
|
|
|
Gross profit
|
|
|
633
|
|
|
18
|
|
|
921
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
637
|
|
|
(2
|
)
|
|
-
|
|
(48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(4
|
)
|
|
20
|
|
|
921
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
|
|
(2
|
)
|
|
-
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before benefit from income taxes
|
|
|
(6
|
)
|
|
20
|
|
|
921
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic & Diluted
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EA's GAAP loss per share for the three months ended December 31, 2016
was calculated off the basic share count of 303 million. Had EA reported
a profit, the diluted share count would have been 313 million shares.
For additional information on the GAAP-based financial data, please
refer to EA's Form 10-Q for the quarter ended September 30, 2016.
|
TTM Financial Highlights:
|
|
|
|
|
|
|
(in millions)
|
|
|
TTM Ended
12/31/16
|
|
TTM Ended
12/31/15
|
|
Digital Net Revenue
|
|
|
$
|
2,655
|
|
$
|
2,308
|
|
Packaged Goods and Other Net Revenue
|
|
|
|
1,971
|
|
|
1,965
|
|
Total Net Revenue
|
|
|
$
|
4,626
|
|
$
|
4,273
|
|
Net Income
|
|
|
$
|
1,300
|
|
$
|
652
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$
|
1,372
|
|
$
|
1,025
|
|
|
|
|
|
|
|
|
Value of Shares Repurchased
|
|
|
$
|
1,017
|
|
$
|
479
|
|
Number of Shares Repurchased
|
|
|
|
14.9
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
While EA no longer reports certain non-GAAP financial measures, the
following GAAP-based financial data and a long-term tax rate of 21% are
used internally by company management to adjust our GAAP results in
order to assess EA's operating results:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve Months Ended Dec 31, 2016
|
|
|
$ in millions
|
GAAP-Based Financial Data
|
|
|
|
Statement of
Operations
|
|
Acquisition-related
expenses
|
|
Amortization of debt
discount and loss on
conversion
of notes
|
|
Change in deferred
net revenue
(online-enabled
games)
|
|
Stock-based
compensation
|
|
|
Net revenue
|
4,626
|
|
|
-
|
|
|
-
|
|
148
|
|
-
|
|
|
|
Cost of revenue
|
1,322
|
|
|
(55
|
)
|
|
-
|
|
-
|
|
(3
|
)
|
|
|
Gross profit
|
3,304
|
|
|
55
|
|
|
-
|
|
148
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
2,261
|
|
|
(6
|
)
|
|
-
|
|
-
|
|
(188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
1,043
|
|
|
61
|
|
|
-
|
|
148
|
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
(23
|
)
|
|
-
|
|
|
7
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before benefit from income taxes
|
1,020
|
|
|
61
|
|
|
7
|
|
148
|
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Outlook as of January 31, 2017
The following forward-looking statements reflect expectations as of
January 31, 2017. 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 2017 Expectations - Ending March 31, 2017
-
Net revenue is expected to be approximately $4.800 billion.
-
Change in deferred net revenue is expected to be approximately $125
million.
-
Net income is expected to be approximately $914 million.
-
Diluted earnings per share is expected to be approximately $2.91.
-
Operating cash flow is expected to be approximately $1.35 billion.
-
The Company estimates a share count of 314 million for purposes of
calculating fiscal year 2017 diluted earnings per share.
In addition, the following outlook for GAAP-based financial data and a
long-term tax rate of 21% 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, 2017
|
|
|
GAAP-Based Financial Data
|
|
$ in millions
|
GAAP
Guidance
|
|
Acquisition-related
expenses
|
|
Amortization of
debt discount and
loss
on conversion
of notes
|
|
Change in
deferred net revenue
(online-enabled
games)
|
|
Shares from
convertible
bond
hedge
|
|
Stock-based
compensation
|
|
Digital Net Revenue
|
2,825
|
|
-
|
|
|
|
-
|
|
|
125
|
|
|
-
|
|
|
-
|
|
|
Packaged Goods & Other Net Revenue
|
1,975
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Total Net Revenue
|
4,800
|
|
-
|
|
|
|
-
|
|
|
125
|
|
|
-
|
|
|
-
|
|
|
Cost of Revenue
|
1,338
|
|
(43
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2
|
)
|
|
Operating Expenses
|
2,306
|
|
(6
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(192
|
)
|
|
Income Before Taxes
|
1,135
|
|
49
|
|
|
|
2
|
|
|
125
|
|
|
-
|
|
|
194
|
|
|
Diluted Shares
|
314
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Fiscal Year 2017 Expectations - Ending March 31, 2017
-
Net revenue is expected to be approximately $1.482 billion.
-
Change in deferred net revenue is expected to be approximately $(407)
million.
-
Net income is expected to be approximately $513 million.
-
Earnings per share is expected to be approximately $1.64.
-
The Company estimates a share count of 313 million for purposes of
calculating fourth quarter fiscal 2017 earnings per share.
In addition, the following outlook for GAAP-based financial data and a
long-term tax rate of 21% are used internally by EA to adjust our GAAP
expectations to assess EA's operating results and plan for future
periods:
|
|
|
|
Three Months Ending March 31, 2017
|
|
|
|
|
GAAP-Based Financial Data
|
|
$ in millions
|
|
|
GAAP
Guidance
|
|
Acquisition-related
expenses
|
|
Change in
deferred net revenue
(online-enabled
games)
|
|
Stock-based
compensation
|
|
Net Revenue
|
|
|
1,482
|
|
-
|
|
|
(407
|
)
|
|
-
|
|
|
Cost of Revenue
|
|
|
242
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Operating Expenses
|
|
|
591
|
|
(1
|
)
|
|
-
|
|
|
(50
|
)
|
|
Income Before Taxes
|
|
|
641
|
|
1
|
|
|
(407
|
)
|
|
50
|
|
|
Diluted Shares
|
|
|
313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call and Supporting Documents
Electronic Arts will host a conference call on January 31, 2017 at 2:00
pm PT (5:00 pm ET) to review its results for the third quarter ended
December 31, 2016 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 844-215-4106
(domestic) or 918-534-8313 (international), using the password "EA" or
via webcast at EA's IR Website at http://ir.ea.com.
EA has posted a slide presentation and a financial model of EA's
historical results 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 February
13, 2017 at 855-859-2056 (domestic) or 404-537-3406 (international). 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 2017 expectations under the heading "Business
Outlook as of January 31, 2017," contain forward-looking statements that
are subject to change. Statements including words such as "anticipate,"
"believe," "estimate" or "expect" and statements in the future tense are
forward-looking statements. These forward-looking statements are
preliminary estimates and expectations based on current information and
are subject to business and economic risks and uncertainties that could
cause actual events or actual future results to differ materially from
the expectations set forth 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 titles; the Company's ability to manage expenses; the
competition in the interactive entertainment industry; the effectiveness
of the Company's sales and marketing programs; timely development and
release of Electronic Arts' products; 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 service and support digital product
offerings, including managing online security; general economic
conditions; and other factors described in the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30, 2016.
These forward-looking statements are current as of January 31, 2017.
Electronic Arts assumes no obligation and does not intend to update
these forward-looking statements. 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 December 31, 2016. 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 December 31, 2016.
About Electronic Arts
Electronic Arts (NASDAQ: EA) is a global leader in digital interactive
entertainment. The Company delivers games, content and online services
for Internet-connected consoles, personal computers, mobile phones and
tablets. EA has more than 300 million registered players around the
world.
In fiscal year 2016, EA posted GAAP net revenue of $4.4 billion.
Headquartered in Redwood City, California, EA is recognized for a
portfolio of critically acclaimed, high-quality blockbuster brands such
as The Sims™, Madden NFL, EA SPORTS™ FIFA, Battlefield™, Dragon Age™ and
Plants vs. Zombies™. More information about EA is available at www.ea.com/news.
EA SPORTS, Battlefield, Battlefield 4, The Sims, Dragon Age, and Plants
vs. Zombies are trademarks of Electronic Arts Inc. STAR WARS © &
TM 2015 Lucasfilm Ltd. All rights reserved. John Madden, NFL and FIFA
are the property of their respective owners and used with permission.
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Condensed Consolidated Statement of Operations
|
|
(in $ millions, except share per data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
Product
|
|
649
|
|
|
625
|
|
|
1,753
|
|
|
1,802
|
|
|
Service and other
|
|
500
|
|
|
445
|
|
|
1,565
|
|
|
1,286
|
|
|
Total net revenue
|
|
1,149
|
|
|
1,070
|
|
|
3,318
|
|
|
3,088
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
Product
|
|
389
|
|
|
439
|
|
|
796
|
|
|
868
|
|
|
Service and other
|
|
127
|
|
|
107
|
|
|
300
|
|
|
260
|
|
|
Total cost of revenue
|
|
516
|
|
|
546
|
|
|
1,096
|
|
|
1,128
|
|
|
Gross profit
|
|
633
|
|
|
524
|
|
|
2,222
|
|
|
1,960
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
285
|
|
|
266
|
|
|
870
|
|
|
827
|
|
|
Marketing and sales
|
|
240
|
|
|
190
|
|
|
511
|
|
|
469
|
|
|
General and administrative
|
|
110
|
|
|
97
|
|
|
329
|
|
|
296
|
|
|
Amortization of intangibles
|
|
2
|
|
|
2
|
|
|
5
|
|
|
6
|
|
|
Total operating expenses
|
|
637
|
|
|
555
|
|
|
1,715
|
|
|
1,598
|
|
|
Operating income (loss)
|
|
(4
|
)
|
|
|
(31
|
)
|
|
507
|
|
|
362
|
|
|
Interest and other income (expense), net
|
|
(2
|
)
|
|
|
1
|
|
|
(13
|
)
|
|
(11
|
)
|
|
Income (loss) before provision for (benefit from) income taxes
|
|
(6
|
)
|
|
|
(30
|
)
|
|
494
|
|
|
351
|
|
|
Provision for (benefit from) income taxes
|
|
(5
|
)
|
|
|
15
|
|
|
93
|
|
|
94
|
|
|
Net income (loss)
|
|
(1
|
)
|
|
|
(45
|
)
|
|
401
|
|
|
257
|
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.00
|
)
|
|
(0.14
|
)
|
|
1.33
|
|
|
0.83
|
|
|
Diluted
|
|
(0.00
|
)
|
|
(0.14
|
)
|
|
1.28
|
|
|
0.77
|
|
|
Number of shares used in computation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
303
|
|
|
311
|
|
|
302
|
|
|
311
|
|
|
Diluted
|
|
303
|
|
|
311
|
|
|
314
|
|
|
333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus our
guidance for the three months ended December 31, 2016 plus a comparison
to the actuals for the three months ended December 31, 2015.
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
2016
|
|
|
|
2016
|
|
2015
|
|
|
|
Guidance
|
|
Variance
|
|
Actuals
|
|
Actuals
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
1,125
|
|
|
24
|
|
|
1,149
|
|
|
1,070
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
910
|
|
|
11
|
|
|
921
|
|
|
733
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
532
|
|
|
(16
|
)
|
|
516
|
|
|
546
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
(3
|
)
|
|
(15
|
)
|
|
(18
|
)
|
|
(12
|
)
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
652
|
|
|
(15
|
)
|
|
637
|
|
|
555
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
Stock-based compensation
|
|
(50
|
)
|
|
2
|
|
|
(48
|
)
|
|
(42
|
)
|
|
Loss before tax
|
|
|
|
|
|
|
|
|
|
Loss before tax
|
|
(66
|
)
|
|
60
|
|
|
(6
|
)
|
|
(30
|
)
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
5
|
|
|
15
|
|
|
20
|
|
|
14
|
|
|
Amortization of debt discount and loss on conversion of notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
910
|
|
|
11
|
|
|
921
|
|
|
733
|
|
|
Stock-based compensation
|
|
50
|
|
|
(2
|
)
|
|
48
|
|
|
42
|
|
|
Tax rate used for management reporting
|
|
21
|
%
|
|
|
|
21
|
%
|
|
22
|
%
|
|
Loss per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.17
|
)
|
|
0.17
|
|
|
(0.00
|
)
|
|
(0.14
|
)
|
|
Diluted1
|
|
(0.17
|
)
|
|
0.17
|
|
|
(0.00
|
)
|
|
(0.14
|
)
|
|
Number of shares
|
|
|
|
|
|
|
|
|
|
Basic
|
|
304
|
|
|
(1
|
)
|
|
303
|
|
|
311
|
|
|
Diluted1
|
|
304
|
|
|
(1
|
)
|
|
303
|
|
|
311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 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 through stock-based
compensation plans are excluded from the diluted loss per share
calculation as inclusion would be anti-dilutive.
|
|
|
Guidance (in $ millions, except per share data)
The following tables provide the Company's guidance for the three months
ended March 31, 2017 and the twelve months ended March 31, 2017.
|
|
|
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
|
|
Mar 31, 2017
|
|
Mar 31, 2017
|
|
Net revenue
|
|
|
|
|
|
Net revenue
|
|
1,482
|
|
|
4,800
|
|
|
GAAP-based financial data
|
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
(407
|
)
|
|
125
|
|
|
Cost of revenue
|
|
|
|
|
|
Cost of revenue
|
|
242
|
|
|
1,338
|
|
|
GAAP-based financial data
|
|
|
|
|
|
Acquisition-related expenses
|
|
—
|
|
|
(43
|
)
|
|
Stock-based compensation
|
|
—
|
|
|
(2
|
)
|
|
Operating expenses
|
|
|
|
|
|
Operating expenses
|
|
591
|
|
|
2,306
|
|
|
GAAP-based financial data
|
|
|
|
|
|
Acquisition-related expenses
|
|
(1
|
)
|
|
(6
|
)
|
|
Stock-based compensation
|
|
(50
|
)
|
|
(192
|
)
|
|
Income before tax
|
|
|
|
|
|
Income before tax
|
|
641
|
|
|
1,135
|
|
|
GAAP-based financial data
|
|
|
|
|
|
Acquisition-related expenses
|
|
1
|
|
|
49
|
|
|
Amortization of debt discount and loss on conversion of notes
|
|
—
|
|
|
2
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
(407
|
)
|
|
125
|
|
|
Stock-based compensation
|
|
50
|
|
|
194
|
|
|
Tax rate used for management reporting
|
|
21
|
%
|
|
21
|
%
|
|
Earnings per share
|
|
|
|
|
|
Basic
|
|
1.66
|
|
|
3.02
|
|
|
Diluted
|
|
1.64
|
|
|
2.91
|
|
|
Number of shares
|
|
|
|
|
|
Basic
|
|
309
|
|
|
303
|
|
|
Diluted
|
|
313
|
|
|
314
|
2
|
|
2 Excludes the benefit of 1 million shares from
convertible bond hedge.
|
|
|
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Condensed Consolidated Balance Sheets
|
|
(in $ millions)
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
|
March 31,
2016 3
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
2,483
|
|
|
2,493
|
|
|
Short-term investments
|
|
1,736
|
|
|
1,341
|
|
|
Receivables, net of allowances of $196 and $159, respectively
|
|
587
|
|
|
233
|
|
|
Inventories
|
|
35
|
|
|
33
|
|
|
Other current assets
|
|
260
|
|
|
254
|
|
|
Total current assets
|
|
5,101
|
|
|
4,354
|
|
|
Property and equipment, net
|
|
424
|
|
|
439
|
|
|
Goodwill
|
|
1,704
|
|
|
1,710
|
|
|
Acquisition-related intangibles, net
|
|
9
|
|
|
57
|
|
|
Deferred income taxes, net
|
|
386
|
|
|
387
|
|
|
Other assets
|
|
95
|
|
|
103
|
|
|
TOTAL ASSETS
|
|
7,719
|
|
|
7,050
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
65
|
|
|
89
|
|
|
Accrued and other current liabilities
|
|
901
|
|
|
710
|
|
|
0.75% convertible senior notes due 2016, net
|
|
—
|
|
|
161
|
|
|
Deferred net revenue (online-enabled games)
|
|
1,971
|
|
|
1,458
|
|
|
Total current liabilities
|
|
2,937
|
|
|
2,418
|
|
|
Senior notes, net
|
|
990
|
|
|
989
|
|
|
Income tax obligations
|
|
87
|
|
|
80
|
|
|
Deferred income taxes, net
|
|
2
|
|
|
2
|
|
|
Other liabilities
|
|
154
|
|
|
163
|
|
|
Total liabilities
|
|
4,170
|
|
|
3,652
|
|
|
0.75% convertible senior notes due 2016
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
Common stock
|
|
3
|
|
|
3
|
|
|
Additional paid-in capital
|
|
1,086
|
|
|
1,349
|
|
|
Retained earnings
|
|
2,461
|
|
|
2,060
|
|
|
Accumulated other comprehensive loss
|
|
(1
|
)
|
|
(16
|
)
|
|
Total stockholders' equity
|
|
3,549
|
|
|
3,396
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
7,719
|
|
|
7,050
|
|
|
3 Derived from audited consolidated financial statements.
|
|
|
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
(in $ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
(1
|
)
|
|
(45
|
)
|
|
401
|
|
|
257
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
49
|
|
|
50
|
|
|
140
|
|
|
149
|
|
|
Stock-based compensation
|
|
48
|
|
|
42
|
|
|
144
|
|
|
131
|
|
|
Loss on conversion of convertible notes
|
|
—
|
|
|
2
|
|
|
—
|
|
|
8
|
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Receivables, net
|
|
126
|
|
|
111
|
|
|
(367
|
)
|
|
(268
|
)
|
|
Inventories
|
|
15
|
|
|
20
|
|
|
(2
|
)
|
|
(6
|
)
|
|
Other assets
|
|
(12
|
)
|
|
3
|
|
|
42
|
|
|
42
|
|
|
Accounts payable
|
|
(139
|
)
|
|
(56
|
)
|
|
(6
|
)
|
|
70
|
|
|
Accrued and other liabilities
|
|
145
|
|
|
25
|
|
|
111
|
|
|
(124
|
)
|
|
Deferred income taxes, net
|
|
(20
|
)
|
|
5
|
|
|
—
|
|
|
6
|
|
|
Deferred net revenue (online-enabled games)
|
|
904
|
|
|
732
|
|
|
513
|
|
|
562
|
|
|
Net cash provided by operating activities
|
|
1,115
|
|
|
889
|
|
|
976
|
|
|
827
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(25
|
)
|
|
(21
|
)
|
|
(94
|
)
|
|
(63
|
)
|
|
Proceeds from maturities and sales of short-term investments
|
|
324
|
|
|
194
|
|
|
968
|
|
|
707
|
|
|
Purchase of short-term investments
|
|
(548
|
)
|
|
(176
|
)
|
|
(1,372
|
)
|
|
(727
|
)
|
|
Net cash used in investing activities
|
|
(249
|
)
|
|
(3
|
)
|
|
(498
|
)
|
|
(83
|
)
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Payment of convertible notes
|
|
—
|
|
|
(95
|
)
|
|
(163
|
)
|
|
(293
|
)
|
|
Proceeds from issuance of common stock
|
|
2
|
|
|
2
|
|
|
33
|
|
|
86
|
|
|
Excess tax benefit from stock-based compensation
|
|
16
|
|
|
8
|
|
|
53
|
|
|
73
|
|
|
Repurchase and retirement of common stock
|
|
(127
|
)
|
|
(126
|
)
|
|
(383
|
)
|
|
(384
|
)
|
|
Net cash used in financing activities
|
|
(109
|
)
|
|
(211
|
)
|
|
(460
|
)
|
|
(518
|
)
|
|
Effect of foreign exchange on cash and cash equivalents
|
|
(20
|
)
|
|
(10
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
|
737
|
|
|
665
|
|
|
(10
|
)
|
|
195
|
|
|
Beginning cash and cash equivalents
|
|
1,746
|
|
|
1,598
|
|
|
2,493
|
|
|
2,068
|
|
|
Ending cash and cash equivalents
|
|
2,483
|
|
|
2,263
|
|
|
2,483
|
|
|
2,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Supplemental Financial Information and Business Metrics
|
|
(in $ millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YOY %
|
|
|
|
FY16
|
|
FY16
|
|
FY17
|
|
FY17
|
|
FY17
|
|
Change
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
1,070
|
|
|
1,308
|
|
|
1,271
|
|
|
898
|
|
|
1,149
|
|
|
7
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
524
|
|
|
1,082
|
|
|
1,092
|
|
|
497
|
|
|
633
|
|
|
21
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
12
|
|
|
12
|
|
|
13
|
|
|
12
|
|
|
18
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Stock-based compensation
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
|
|
Gross profit % (as a % of net revenue)
|
|
49
|
%
|
|
83
|
%
|
|
86
|
%
|
|
55
|
%
|
|
55
|
%
|
|
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
(31
|
)
|
|
536
|
|
|
560
|
|
|
(49
|
)
|
|
(4
|
)
|
|
87
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
14
|
|
|
13
|
|
|
15
|
|
|
13
|
|
|
20
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Stock-based compensation
|
|
42
|
|
|
47
|
|
|
48
|
|
|
48
|
|
|
48
|
|
|
|
|
Operating income (loss) % (as a % of net revenue)
|
|
(3
|
%)
|
|
41
|
%
|
|
44
|
%
|
|
(5
|
%)
|
|
—
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
(45
|
)
|
|
899
|
|
|
440
|
|
|
(38
|
)
|
|
(1
|
)
|
|
98
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
14
|
|
|
13
|
|
|
15
|
|
|
13
|
|
|
20
|
|
|
|
|
Amortization of debt discount and loss on conversion of notes
|
|
5
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Stock-based compensation
|
|
42
|
|
|
47
|
|
|
48
|
|
|
48
|
|
|
48
|
|
|
|
|
Tax rate used for management reporting
|
|
22
|
%
|
|
22
|
%
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
|
|
Net income (loss) % (as a % of net revenue)
|
|
(4
|
%)
|
|
69
|
%
|
|
35
|
%
|
|
(4
|
%)
|
|
—
|
|
|
|
|
Diluted earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
(0.14
|
)
|
|
2.79
|
|
|
1.40
|
|
|
(0.13
|
)
|
|
(0.00
|
)
|
|
100
|
%
|
|
Number of diluted shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
311
|
|
|
307
|
|
|
301
|
|
|
301
|
|
|
303
|
|
|
|
|
Diluted
|
|
311
|
|
|
322
|
|
|
315
|
|
|
301
|
|
|
303
|
|
|
|
|
Anti-dilutive shares excluded for loss position1
|
|
20
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
10
|
|
|
|
|
Shares from convertible bond hedge
|
|
(6
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4The difference between the balances of deferred net
revenue (online-enabled games) does not necessarily equal the change
in deferred net revenue (online-enabled games) in the consolidated
statements of cash flows 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, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YOY %
|
|
|
|
FY16
|
|
FY16
|
|
FY17
|
|
FY17
|
|
FY17
|
|
Change
|
|
QUARTERLY NET REVENUE PRESENTATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
448
|
|
|
572
|
|
|
525
|
|
|
389
|
|
|
561
|
|
|
25
|
%
|
|
International
|
|
622
|
|
|
736
|
|
|
746
|
|
|
509
|
|
|
588
|
|
|
(5
|
%)
|
|
Total net revenue
|
|
1,070
|
|
|
1,308
|
|
|
1,271
|
|
|
898
|
|
|
1,149
|
|
|
7
|
%
|
|
North America
|
|
403
|
|
|
(147
|
)
|
|
(245
|
)
|
|
58
|
|
|
370
|
|
|
|
|
International
|
|
330
|
|
|
(237
|
)
|
|
(344
|
)
|
|
142
|
|
|
551
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
North America
|
|
42
|
%
|
|
44
|
%
|
|
41
|
%
|
|
43
|
%
|
|
49
|
%
|
|
|
|
International
|
|
58
|
%
|
|
56
|
%
|
|
59
|
%
|
|
57
|
%
|
|
51
|
%
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full game downloads
|
|
112
|
|
|
152
|
|
|
137
|
|
|
94
|
|
|
169
|
|
|
51
|
%
|
|
Extra content
|
|
241
|
|
|
317
|
|
|
300
|
|
|
240
|
|
|
267
|
|
|
11
|
%
|
|
Subscriptions, advertising and other
|
|
89
|
|
|
94
|
|
|
87
|
|
|
83
|
|
|
102
|
|
|
15
|
%
|
|
Mobile
|
|
127
|
|
|
152
|
|
|
165
|
|
|
149
|
|
|
147
|
|
|
16
|
%
|
|
Total digital
|
|
569
|
|
|
715
|
|
|
689
|
|
|
566
|
|
|
685
|
|
|
20
|
%
|
|
Packaged goods and other
|
|
501
|
|
|
593
|
|
|
582
|
|
|
332
|
|
|
464
|
|
|
(7
|
%)
|
|
Total net revenue
|
|
1,070
|
|
|
1,308
|
|
|
1,271
|
|
|
898
|
|
|
1,149
|
|
|
7
|
%
|
|
Full game downloads
|
|
83
|
|
|
(18
|
)
|
|
(53
|
)
|
|
(1
|
)
|
|
186
|
|
|
|
|
Extra content
|
|
119
|
|
|
(7
|
)
|
|
(42
|
)
|
|
(68
|
)
|
|
195
|
|
|
|
|
Subscriptions, advertising and other
|
|
1
|
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
2
|
|
|
|
|
Mobile
|
|
35
|
|
|
21
|
|
|
(24
|
)
|
|
(11
|
)
|
|
27
|
|
|
|
|
Total digital
|
|
238
|
|
|
(3
|
)
|
|
(121
|
)
|
|
(80
|
)
|
|
410
|
|
|
|
|
Packaged goods and other
|
|
495
|
|
|
(381
|
)
|
|
(468
|
)
|
|
280
|
|
|
511
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Full game downloads
|
|
10
|
%
|
|
12
|
%
|
|
11
|
%
|
|
10
|
%
|
|
15
|
%
|
|
|
|
Extra content
|
|
23
|
%
|
|
24
|
%
|
|
23
|
%
|
|
27
|
%
|
|
23
|
%
|
|
|
|
Subscriptions, advertising and other
|
|
8
|
%
|
|
7
|
%
|
|
7
|
%
|
|
9
|
%
|
|
9
|
%
|
|
|
|
Mobile
|
|
12
|
%
|
|
12
|
%
|
|
13
|
%
|
|
17
|
%
|
|
13
|
%
|
|
|
|
Total digital
|
|
53
|
%
|
|
55
|
%
|
|
54
|
%
|
|
63
|
%
|
|
60
|
%
|
|
|
|
Packaged goods and other
|
|
47
|
%
|
|
45
|
%
|
|
46
|
%
|
|
37
|
%
|
|
40
|
%
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Supplemental Financial Information and Business Metrics
|
|
(in $ millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YOY %
|
|
|
|
FY16
|
|
FY16
|
|
FY17
|
|
FY17
|
|
FY17
|
|
Change
|
|
QUARTERLY NET REVENUE PRESENTATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by platform
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xbox One, PLAYSTATION 4
|
|
571
|
|
|
793
|
|
|
776
|
|
|
513
|
|
|
728
|
|
|
27
|
%
|
|
Xbox 360, PLAYSTATION 3
|
|
157
|
|
|
147
|
|
|
133
|
|
|
64
|
|
|
65
|
|
|
(59
|
%)
|
|
Other consoles
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(100
|
%)
|
|
Total consoles
|
|
731
|
|
|
941
|
|
|
910
|
|
|
578
|
|
|
793
|
|
|
8
|
%
|
|
PC / Browser
|
|
182
|
|
|
195
|
|
|
179
|
|
|
158
|
|
|
190
|
|
|
4
|
%
|
|
Mobile
|
|
128
|
|
|
151
|
|
|
165
|
|
|
149
|
|
|
148
|
|
|
16
|
%
|
|
Other
|
|
29
|
|
|
21
|
|
|
17
|
|
|
13
|
|
|
18
|
|
|
(38
|
%)
|
|
Total net revenue
|
|
1,070
|
|
|
1,308
|
|
|
1,271
|
|
|
898
|
|
|
1,149
|
|
|
7
|
%
|
|
Xbox One, PLAYSTATION 4
|
|
626
|
|
|
(287
|
)
|
|
(441
|
)
|
|
177
|
|
|
762
|
|
|
|
|
Xbox 360, PLAYSTATION 3
|
|
16
|
|
|
(93
|
)
|
|
(92
|
)
|
|
43
|
|
|
3
|
|
|
|
|
Other consoles
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total consoles
|
|
641
|
|
|
(381
|
)
|
|
(533
|
)
|
|
220
|
|
|
765
|
|
|
|
|
PC / Browser
|
|
55
|
|
|
(27
|
)
|
|
(30
|
)
|
|
(9
|
)
|
|
127
|
|
|
|
|
Mobile
|
|
35
|
|
|
23
|
|
|
(24
|
)
|
|
(11
|
)
|
|
27
|
|
|
|
|
Other
|
|
2
|
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
2
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
733
|
|
|
(384
|
)
|
|
(589
|
)
|
|
200
|
|
|
921
|
|
|
|
|
Xbox One, PLAYSTATION 4
|
|
53
|
%
|
|
61
|
%
|
|
61
|
%
|
|
57
|
%
|
|
63
|
%
|
|
|
|
Xbox 360, PLAYSTATION 3
|
|
15
|
%
|
|
11
|
%
|
|
11
|
%
|
|
7
|
%
|
|
6
|
%
|
|
|
|
Other consoles
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total consoles
|
|
68
|
%
|
|
72
|
%
|
|
72
|
%
|
|
64
|
%
|
|
69
|
%
|
|
|
|
PC / Browser
|
|
17
|
%
|
|
15
|
%
|
|
14
|
%
|
|
18
|
%
|
|
17
|
%
|
|
|
|
Mobile
|
|
12
|
%
|
|
11
|
%
|
|
13
|
%
|
|
17
|
%
|
|
13
|
%
|
|
|
|
Other
|
|
3
|
%
|
|
2
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
|
|
|
Unaudited Supplemental Financial Information and Business Metrics
|
|
|
|
|
(in $ millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
|
Q4
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
YOY %
|
|
|
|
|
|
|
|
|
FY16
|
|
|
FY16
|
|
|
FY17
|
|
|
FY17
|
|
|
FY17
|
|
|
Change
|
|
|
|
|
CASH FLOW DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow
|
|
|
|
889
|
|
|
396
|
|
|
|
(248
|
)
|
|
|
109
|
|
|
1,115
|
|
|
25
|
%
|
|
|
|
|
Operating cash flow - TTM
|
|
|
|
1,025
|
|
|
1,223
|
|
|
|
1,046
|
|
|
|
1,146
|
|
|
1,372
|
|
|
34
|
%
|
|
|
|
|
Capital expenditures
|
|
|
|
21
|
|
|
30
|
|
|
|
40
|
|
|
|
29
|
|
|
25
|
|
|
19
|
%
|
|
|
|
|
Capital expenditures - TTM
|
|
|
|
95
|
|
|
93
|
|
|
|
109
|
|
|
|
120
|
|
|
124
|
|
|
31
|
%
|
|
|
|
|
Repurchase and retirement of common stock
|
|
|
|
126
|
|
|
634
|
|
|
|
129
|
|
|
|
127
|
|
|
127
|
|
|
1
|
%
|
|
|
|
|
DEPRECIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
31
|
|
|
28
|
|
|
|
29
|
|
|
|
28
|
|
|
29
|
|
|
(6
|
%)
|
|
|
|
|
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
2,263
|
|
|
2,493
|
|
|
|
2,042
|
|
|
|
1,746
|
|
|
2,483
|
|
|
|
|
|
|
|
Short-term investments
|
|
|
|
966
|
|
|
1,341
|
|
|
|
1,385
|
|
|
|
1,520
|
|
|
1,736
|
|
|
|
|
|
|
|
Cash and cash equivalents, and short-term investments
|
|
|
|
3,229
|
|
|
3,834
|
|
|
|
3,427
|
|
|
|
3,266
|
|
|
4,219
|
|
|
31
|
%
|
|
|
|
|
Receivables, net
|
|
|
|
621
|
|
|
233
|
|
|
|
246
|
|
|
|
723
|
|
|
587
|
|
|
(5
|
%)
|
|
|
|
|
STOCK-BASED COMPENSATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
—
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
—
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
26
|
|
|
26
|
|
|
|
27
|
|
|
|
27
|
|
|
27
|
|
|
|
|
|
|
|
Marketing and sales
|
|
|
|
5
|
|
|
7
|
|
|
|
7
|
|
|
|
8
|
|
|
8
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
11
|
|
|
13
|
|
|
|
13
|
|
|
|
12
|
|
|
13
|
|
|
|
|
|
|
|
Total stock-based compensation
|
|
|
|
42
|
|
|
47
|
|
|
|
48
|
|
|
|
48
|
|
|
48
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170131006343/en/
Electronic Arts Inc.
Chris Evenden, 650-628-0255
Vice
President, Investor Relations
cevenden@ea.com
or
John
Reseburg, 650-628-3601
Vice President, Corporate Communications
jreseburg@ea.com
Source: Electronic Arts Inc.
News Provided by Acquire Media