REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Electronic
Arts Inc. (NASDAQ: EA) today announced preliminary financial results
for its third fiscal quarter ended December 31, 2017.
"Players enjoyed hundreds of millions of hours in our games across
console, mobile and PC during the holiday quarter, and we're thrilled to
see our titles driving excitement for more fans around the world," said
Chief Executive Officer Andrew Wilson. "We're expanding the reach of our
top franchises across more geographies, our competitions are growing in
participation and viewership, and we're continuing to grow our network
with more amazing games and content coming this quarter and beyond."
"Our diversity in portfolio, platforms, geographies, and business models
is the foundation of a robust business that enables us to deliver
dependable cash flow," said Chief Financial Officer Blake Jorgensen.
"Through the fourth quarter and fiscal 2019, we'll be launching games
across five different genres, on three different platforms, and to
players around the world. We expect growth in full-game downloads,
subscriptions, extra content, and in our mobile business."
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
-
Digital net bookings* for the trailing twelve months was a record
$3.375 billion, up 18% year-over-year, and represents 67% of total net
bookings for the same period.
-
The FIFA community grew to nearly 42 million players, on console
alone, during the calendar year.
-
FIFA Mobile added 26 million players to its total player base in the
quarter.
-
FIFA Ultimate Team™ player base grew 12% year-over-year, from launch
to the end of the quarter.
-
In Star Wars™ Battlefront™ II, nearly 70% of players engaged in
the single-player campaign.
-
Battlefield™ 1 now has more than 25 million unique players life to
date.
-
The Sims™ 4 player base grew more than 35% year-over-year and
delivered the highest-performing expansion pack to date during the
quarter.
-
The Madden Challenge entertainment special on The CW Network was the
#1 esports television broadcast in the U.S. for 2017.
* 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
All financial measures are presented on a GAAP basis.
-
Net cash provided by operating activities was $849 million.
-
Net cash provided by operating activities for the trailing twelve
months was $1.514 billion.
-
During the quarter, EA repurchased 1.4 million shares for $150 million.
-
For the trailing twelve months, EA repurchased 5.6 million shares for
$578 million.
Quarterly Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
(in $ millions, except per share amounts)
|
|
|
|
|
|
|
|
|
Digital net revenue
|
|
|
|
|
780
|
|
685
|
|
|
Packaged goods and other net revenue
|
|
|
|
|
380
|
|
464
|
|
|
Total net revenue
|
|
|
|
|
1,160
|
|
1,149
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
(186)*
|
|
(1
|
)
|
|
Loss per share
|
|
|
|
|
(0.60)*
|
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow
|
|
|
|
|
849
|
|
1,137**
|
|
|
|
|
|
|
|
|
|
|
Value of shares repurchased
|
|
|
|
|
150
|
|
127
|
|
|
Number of shares repurchased
|
|
|
|
|
1.4
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
*During the three months ended December 31, 2017, EA recognized $176
million of incremental income tax expense, or approximately $0.57
per share, due to the application of the Tax Cuts and Jobs Act,
enacted on December 22, 2017. This amount is a reasonable estimate
provided in accordance with Securities and Exchange Commission
guidance. EA will provide additional information about these
reasonable estimates in its forthcoming Form 10-Q for the fiscal
quarter ending December 31, 2017.
|
|
|
|
**At the beginning of fiscal 2018, EA adopted FASB ASU 2016-09,
related to stock-based compensation. Operating cash flow for the
three months ended December 31, 2016 has been recast to reflect the
impact of this standard.
|
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 its GAAP results in
order to assess EA's operating results:
|
|
|
|
|
Three Months Ended December 31, 2017
|
|
|
|
|
|
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
|
1,160
|
|
|
|
-
|
|
|
|
811
|
|
|
-
|
|
|
Cost of revenue
|
501
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
-
|
|
|
Gross profit
|
659
|
|
|
|
1
|
|
|
|
811
|
|
|
-
|
|
|
Total operating expenses
|
680
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
(63
|
)
|
|
Operating income (loss)
|
(21
|
)
|
|
|
2
|
|
|
|
811
|
|
|
63
|
|
|
Interest and other income, net
|
5
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
Income (loss) before provision for (benefit from) income taxes
|
(16
|
)
|
|
|
2
|
|
|
|
811
|
|
|
63
|
|
|
Number of shares used in computation:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
308
|
|
|
|
|
|
|
|
|
|
|
EA's GAAP loss per share for the three months ended December 31, 2017
was calculated using the basic share count of 308 million. Had EA
reported a profit, the diluted share count would have been 311 million
shares.
For more information about the nature of the GAAP-based financial data,
please refer to EA's Form 10-Q for the fiscal quarter ended September
30, 2017.
TTM Financial Highlights
|
|
|
TTM Ended December 31,
|
|
|
|
2017
|
|
2016
|
|
(in $ millions)
|
|
|
|
|
|
Digital net revenue
|
|
3,282
|
|
2,655
|
|
Packaged goods and other net revenue
|
|
1,813
|
|
1,971
|
|
Total net revenue
|
|
5,095
|
|
4,626
|
|
|
|
|
|
|
|
Net income
|
|
1,002*
|
|
1,300
|
|
|
|
|
|
|
|
Operating cash flow**
|
|
1,514
|
|
1,555
|
|
|
|
|
|
|
|
Value of shares repurchased
|
|
578
|
|
1,017
|
|
Number of shares repurchased
|
|
5.6
|
|
14.9
|
|
|
|
|
|
|
|
*During the trailing twelve months ended December 31, 2017, EA
recognized $176 million of incremental income tax expense due to the
application of the Tax Cuts and Jobs Act, enacted on December 22,
2017. This amount is a reasonable estimate provided in accordance
with Securities and Exchange Commission guidance. EA will provide
additional information about these reasonable estimates in its
forthcoming Form 10-Q for the fiscal quarter ending December 31,
2017.
|
|
|
|
**At the beginning of fiscal 2018, EA adopted FASB ASU 2016-09,
related to stock-based compensation. Operating cash flow has been
recast to reflect the impact of this standard.
|
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 its GAAP results in
order to assess EA's operating results:
|
|
TTM Ended December 31, 2017
|
|
|
|
|
|
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
|
5,095
|
|
|
-
|
|
|
|
(78
|
)
|
|
|
-
|
|
|
Cost of revenue
|
1,246
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(3
|
)
|
|
Gross profit
|
3,849
|
|
|
1
|
|
|
|
(78
|
)
|
|
|
3
|
|
|
Total operating expenses
|
2,451
|
|
|
(5
|
)
|
|
|
-
|
|
|
|
(222
|
)
|
|
Operating income
|
1,398
|
|
|
6
|
|
|
|
(78
|
)
|
|
|
225
|
|
|
Interest and other income, net
|
13
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Income before provision for income taxes
|
1,411
|
|
|
6
|
|
|
|
(78
|
)
|
|
|
225
|
|
For more information about the nature of the GAAP-based financial data,
please refer to EA's Form 10-Q for the fiscal quarter ended September
30, 2017.
Operating Metric
The following is a calculation of our total net bookings for the periods
presented:
|
|
|
Three Months Ended
|
|
TTM Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
2016
|
|
(in $ millions)
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
1,160
|
|
1,149
|
|
5,095
|
|
|
4,626
|
|
Change in deferred net revenue (online-enabled games)
|
|
811
|
|
921
|
|
(78
|
)
|
|
148
|
|
Net bookings
|
|
1,971
|
|
2,070
|
|
5,017
|
|
|
4,774
|
Business Outlook as of January 30, 2018
The following forward-looking statements reflect expectations as of
January 30, 2018. 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 2018 Expectations - Ending March 31, 2018
Financial metrics:
-
Net revenue is expected to be approximately $5.100 billion.
-
Change in deferred net revenue (online-enabled games) is expected
to be approximately $50 million.
-
Net income is expected to be approximately $1.015 billion.
-
Diluted earnings per share is expected to be approximately $3.25.
-
Includes the net impact of approximately ($0.48) per share due to
the application of the Tax Cuts and Jobs Act.
-
Operating cash flow is expected to be approximately $1.600 billion.
-
The Company estimates a share count of 312 million for purposes of
calculating fiscal year 2018 diluted earnings per share.
Operational metric:
-
Net bookings is expected to be approximately $5.150 billion.
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, 2018
|
|
|
|
|
|
|
|
|
GAAP-Based Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Guidance
|
|
Acquisition-
related expenses
|
|
Change in
deferred net
revenue
(online-enabled
games)
|
|
Stock-based
compensation
|
|
(in $ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital net revenue
|
|
|
|
3,405
|
|
|
-
|
|
|
|
120
|
|
|
|
-
|
|
|
Packaged goods & other net revenue
|
|
1,695
|
|
|
-
|
|
|
|
(70
|
)
|
|
|
-
|
|
|
Total net revenue
|
|
|
|
5,100
|
|
|
-
|
|
|
|
50
|
|
|
|
-
|
|
|
Cost of revenue
|
|
|
|
1,278
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
(3
|
)
|
|
Operating expense
|
|
|
|
2,462
|
|
|
(7
|
)
|
|
|
-
|
|
|
|
(245
|
)
|
|
Income before provision for income taxes
|
|
1,372
|
|
|
9
|
|
|
|
50
|
|
|
|
248
|
|
|
Net income
|
|
|
|
1,015
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in computation:
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
312
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Fiscal Year 2018 Expectations - Ending March 31, 2018
Financial metrics:
-
Net revenue is expected to be approximately $1.532 billion.
-
Change in deferred net revenue (online-enabled games) is expected
to be approximately ($307) million.
-
Net income is expected to be approximately $579 million.
-
Diluted earnings per share is expected to be approximately $1.86.
-
The Company estimates a share count of 311 million for purposes of
calculating fourth quarter fiscal year 2018 diluted earnings per share.
Operational metric:
-
Net bookings is expected to be approximately $1.225 billion.
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, 2018
|
|
|
|
|
|
|
|
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
|
|
|
1,532
|
|
|
-
|
|
|
|
(307
|
)
|
|
|
-
|
|
|
Cost of revenue
|
|
|
234
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(1
|
)
|
|
Operating expense
|
|
|
619
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(74
|
)
|
|
Income before provision for income taxes
|
677
|
|
|
4
|
|
|
|
(307
|
)
|
|
|
75
|
|
|
Net income
|
|
|
579
|
|
|
|
|
|
|
|
|
|
|
Number of shares used in computation:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
311
|
|
|
|
|
|
|
|
|
|
Conference Call and Supporting Documents
Electronic Arts will host a conference call on January 30, 2018 at 2:00
pm PT (5:00 pm ET) to review its results for the third fiscal quarter
ended December 31, 2017 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 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 February
13, 2018 at 855-859-2056 (domestic) or 404-537-3406 (international)
using pin code 6194018. 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 2018 expectations under the heading "Business
Outlook as of January 30, 2018," and information regarding EA's fiscal
2019 expectations 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 develop and support digital
products and services, including managing online security and privacy;
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 develop and implement new
technology; foreign currency exchange rate fluctuations; general
economic conditions; and other factors described in the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30,
2017.
These forward-looking statements are current as of January 30, 2018.
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, 2017. 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, 2017.
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. EA has more than 300 million registered players
around the world.
In fiscal year 2017, EA posted GAAP net revenue of $4.8 billion.
Headquartered in Redwood City, California, EA is recognized for a
portfolio of critically acclaimed, high-quality brands such as The
Sims™, Madden NFL, EA SPORTS™ FIFA, Battlefield™, Need for Speed™,
Dragon Age™ and Plants vs. Zombies™. More information about EA is
available at www.ea.com/news.
Ultimate Team, EA SPORTS, Battlefield, The Sims, Need for Speed, Dragon
Age, and Plants vs. Zombies are trademarks of Electronic Arts Inc. STAR
WARS © & TM 2018 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,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
Product
|
|
547
|
|
|
649
|
|
|
1,829
|
|
|
1,753
|
|
|
Service and other
|
|
613
|
|
|
500
|
|
|
1,739
|
|
|
1,565
|
|
|
Total net revenue
|
|
1,160
|
|
|
1,149
|
|
|
3,568
|
|
|
3,318
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
Product
|
|
352
|
|
|
389
|
|
|
716
|
|
|
796
|
|
|
Service and other
|
|
149
|
|
|
127
|
|
|
328
|
|
|
300
|
|
|
Total cost of revenue
|
|
501
|
|
|
516
|
|
|
1,044
|
|
|
1,096
|
|
|
Gross profit
|
|
659
|
|
|
633
|
|
|
2,524
|
|
|
2,222
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
329
|
|
|
285
|
|
|
985
|
|
|
870
|
|
|
Marketing and sales
|
|
230
|
|
|
240
|
|
|
511
|
|
|
511
|
|
|
General and administrative
|
|
120
|
|
|
110
|
|
|
343
|
|
|
329
|
|
|
Amortization of intangibles
|
|
1
|
|
|
2
|
|
|
4
|
|
|
5
|
|
|
Total operating expenses
|
|
680
|
|
|
637
|
|
|
1,843
|
|
|
1,715
|
|
|
Operating income (loss)
|
|
(21
|
)
|
|
(4
|
)
|
|
681
|
|
|
507
|
|
|
Interest and other income (expense), net
|
|
5
|
|
|
(2
|
)
|
|
14
|
|
|
(13
|
)
|
|
Income (loss) before provision for (benefit from) income taxes
|
|
(16
|
)
|
|
(6
|
)
|
|
695
|
|
|
494
|
|
|
Provision for (benefit from) income taxes
|
|
170
|
|
|
(5
|
)
|
|
259
|
|
|
93
|
|
|
Net income (loss)
|
|
(186
|
)
|
|
(1
|
)
|
|
436
|
|
|
401
|
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.60
|
)
|
|
(0.00
|
)
|
|
1.41
|
|
|
1.33
|
|
|
Diluted
|
|
(0.60
|
)
|
|
(0.00
|
)
|
|
1.40
|
|
|
1.28
|
|
|
Number of shares used in computation
|
|
|
|
|
|
|
|
|
|
Basic
|
|
308
|
|
|
303
|
|
|
309
|
|
|
302
|
|
|
Diluted
|
|
308
|
|
|
303
|
|
|
312
|
|
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017 plus a comparison
to the actuals for the three months ended December 31, 2016.
|
|
|
|
|
Three Months December 31,
|
|
|
|
2017
Guidance
|
|
Variance
|
|
2017
Actuals
|
|
2016
Actuals
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
1,135
|
|
|
25
|
|
|
1,160
|
|
|
1,149
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
865
|
|
|
(54
|
)
|
|
811
|
|
|
921
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
521
|
|
|
(20
|
)
|
|
501
|
|
|
516
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(18
|
)
|
|
Stock-based compensation
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
690
|
|
|
(10
|
)
|
|
680
|
|
|
637
|
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
Stock-based compensation
|
|
(64
|
)
|
|
1
|
|
|
(63
|
)
|
|
(48
|
)
|
|
Loss before tax
|
|
|
|
|
|
|
|
|
|
Loss before tax
|
|
(79
|
)
|
|
63
|
|
|
(16
|
)
|
|
(6
|
)
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
1
|
|
|
1
|
|
|
2
|
|
|
20
|
|
|
Change in deferred net revenue (online-enabled games)
|
|
865
|
|
|
(54
|
)
|
|
811
|
|
|
921
|
|
|
Stock-based compensation
|
|
65
|
|
|
(2
|
)
|
|
63
|
|
|
48
|
|
|
Tax rate used for management reporting
|
|
21
|
%
|
|
|
|
21
|
%
|
|
21
|
%
|
|
Loss per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.21
|
)
|
|
(0.39
|
)
|
|
(0.60
|
)
|
|
(0.00
|
)
|
|
Diluted
|
|
(0.21
|
)
|
|
(0.39
|
)
|
|
(0.60
|
)
|
|
(0.00
|
)
|
|
Number of shares
|
|
|
|
|
|
|
|
|
|
Basic
|
|
309
|
|
|
(1
|
)
|
|
308
|
|
|
303
|
|
|
Diluted
|
|
309
|
|
|
(1
|
)
|
|
308
|
|
|
303
|
|
|
Anti-dilutive shares excluded for loss position1
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
|
10
|
|
1Diluted 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.
|
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
|
|
Unaudited Condensed Consolidated Balance Sheets
|
|
(in $ millions)
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
March 31, 20172
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
2,566
|
|
|
2,565
|
|
|
Short-term investments
|
|
2,318
|
|
|
1,967
|
|
|
Receivables, net of allowances of $231 and $145, respectively
|
|
886
|
|
|
359
|
|
|
Other current assets
|
|
196
|
|
|
308
|
|
|
Total current assets
|
|
5,966
|
|
|
5,199
|
|
|
Property and equipment, net
|
|
447
|
|
|
434
|
|
|
Goodwill
|
|
1,879
|
|
|
1,707
|
|
|
Acquisition-related intangibles, net
|
|
81
|
|
|
8
|
|
|
Deferred income taxes, net
|
|
159
|
|
|
286
|
|
|
Other assets
|
|
110
|
|
|
84
|
|
|
TOTAL ASSETS
|
|
8,642
|
|
|
7,718
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
91
|
|
|
87
|
|
|
Accrued and other current liabilities
|
|
1,070
|
|
|
789
|
|
|
Deferred net revenue (online-enabled games)
|
|
1,946
|
|
|
1,539
|
|
|
Total current liabilities
|
|
3,107
|
|
|
2,415
|
|
|
Senior notes, net
|
|
992
|
|
|
990
|
|
|
Income tax obligations
|
|
194
|
|
|
104
|
|
|
Deferred income taxes, net
|
|
2
|
|
|
1
|
|
|
Other liabilities
|
|
261
|
|
|
148
|
|
|
Total liabilities
|
|
4,556
|
|
|
3,658
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock
|
|
3
|
|
|
3
|
|
|
Additional paid-in capital
|
|
723
|
|
|
1,049
|
|
|
Retained earnings
|
|
3,455
|
|
|
3,027
|
|
|
Accumulated other comprehensive loss
|
|
(95
|
)
|
|
(19
|
)
|
|
Total stockholders' equity
|
|
4,086
|
|
|
4,060
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
8,642
|
|
|
7,718
|
|
2Derived 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,
|
|
|
|
2017
|
|
20163
|
|
2017
|
|
2016 3
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
(186
|
)
|
|
(1
|
)
|
|
436
|
|
|
401
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
34
|
|
|
49
|
|
|
97
|
|
|
140
|
|
|
Stock-based compensation
|
|
63
|
|
|
48
|
|
|
173
|
|
|
144
|
|
|
Change in assets and liabilities
|
|
|
|
|
|
|
|
|
|
Receivables, net
|
|
(73
|
)
|
|
126
|
|
|
(527
|
)
|
|
(367
|
)
|
|
Other assets
|
|
13
|
|
|
3
|
|
|
79
|
|
|
40
|
|
|
Accounts payable
|
|
(88
|
)
|
|
(139
|
)
|
|
16
|
|
|
(6
|
)
|
|
Accrued and other liabilities
|
|
165
|
|
|
167
|
|
|
265
|
|
|
276
|
|
|
Deferred income taxes, net
|
|
90
|
|
|
(20
|
)
|
|
130
|
|
|
—
|
|
|
Deferred net revenue (online-enabled games)
|
|
831
|
|
|
904
|
|
|
408
|
|
|
513
|
|
|
Net cash provided by operating activities
|
|
849
|
|
|
1,137
|
|
|
1,077
|
|
|
1,141
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(24
|
)
|
|
(25
|
)
|
|
(87
|
)
|
|
(94
|
)
|
|
Proceeds from maturities and sales of short-term investments
|
|
606
|
|
|
324
|
|
|
1,656
|
|
|
968
|
|
|
Purchase of short-term investments
|
|
(617
|
)
|
|
(548
|
)
|
|
(2,012
|
)
|
|
(1,372
|
)
|
|
Acquisition, net of cash acquired
|
|
(150
|
)
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
Net cash used in investing activities
|
|
(185
|
)
|
|
(249
|
)
|
|
(593
|
)
|
|
(498
|
)
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Payment of convertible notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(163
|
)
|
|
Proceeds from issuance of common stock
|
|
—
|
|
|
2
|
|
|
57
|
|
|
33
|
|
|
Cash paid to taxing authorities for shares withheld from employees
|
|
(7
|
)
|
|
(6
|
)
|
|
(112
|
)
|
|
(112
|
)
|
|
Repurchase and retirement of common stock
|
|
(150
|
)
|
|
(127
|
)
|
|
(453
|
)
|
|
(383
|
)
|
|
Net cash used in financing activities
|
|
(157
|
)
|
|
(131
|
)
|
|
(508
|
)
|
|
(625
|
)
|
|
Effect of foreign exchange on cash and cash equivalents
|
|
(8
|
)
|
|
(20
|
)
|
|
25
|
|
|
(28
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
|
499
|
|
|
737
|
|
|
1
|
|
|
(10
|
)
|
|
Beginning cash and cash equivalents
|
|
2,067
|
|
|
1,746
|
|
|
2,565
|
|
|
2,493
|
|
|
Ending cash and cash equivalents
|
|
2,566
|
|
|
2,483
|
|
|
2,566
|
|
|
2,483
|
|
3Operating and financing cash flow figures for the three and
nine months ended December 31, 2016 have been recast to reflect the
impact of ASU 2016-09 which EA adopted at the beginning of FY18.
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited
Supplemental Financial Information and Business Metrics
(in
$ millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
FY17
|
|
Q4
FY17
|
|
Q1
FY18
|
|
Q2
FY18
|
|
Q3
FY18
|
|
YOY %
Change
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
1,149
|
|
|
1,527
|
|
|
1,449
|
|
|
959
|
|
|
1,160
|
|
|
1
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
633
|
|
|
1,325
|
|
|
1,295
|
|
|
570
|
|
|
659
|
|
|
4
|
%
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Stock-based compensation
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
|
|
Gross profit (as a % of net revenue)
|
|
55
|
%
|
|
87
|
%
|
|
89
|
%
|
|
59
|
%
|
|
57
|
%
|
|
|
|
Operating income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
(4
|
)
|
|
717
|
|
|
743
|
|
|
(41
|
)
|
|
(21
|
)
|
|
(425
|
%)
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
20
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Stock-based compensation
|
|
48
|
|
|
52
|
|
|
48
|
|
|
62
|
|
|
63
|
|
|
|
|
Operating income (loss) (as a % of net revenue)
|
|
—
|
|
|
47
|
%
|
|
51
|
%
|
|
(4
|
%)
|
|
(2
|
%)
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
(1
|
)
|
|
566
|
|
|
644
|
|
|
(22
|
)
|
|
(186
|
)
|
|
(18,500
|
%)
|
|
GAAP-based financial data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses
|
|
20
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Stock-based compensation
|
|
48
|
|
|
52
|
|
|
48
|
|
|
62
|
|
|
63
|
|
|
|
|
Tax rate used for management reporting
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
|
|
Net income (loss) (as a % of net revenue)
|
|
—
|
|
|
37
|
%
|
|
44
|
%
|
|
(2
|
%)
|
|
(16
|
%)
|
|
|
|
Diluted earnings (loss) per share
|
|
(0.00
|
)
|
|
1.81
|
|
|
2.06
|
|
|
(0.07
|
)
|
|
(0.60
|
)
|
|
-
|
|
|
Number of diluted shares used in computation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
303
|
|
|
308
|
|
|
309
|
|
|
309
|
|
|
308
|
|
|
|
|
Diluted
|
|
303
|
|
|
312
|
|
|
313
|
|
|
309
|
|
|
308
|
|
|
|
|
Anti-dilutive shares excluded for loss position1
|
|
10
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
|
4The difference between the balances of deferred net revenue
(online-enabled games) in the unaudited condensed consolidated balance
sheets does not necessarily equal the change in deferred net revenue
(online-enabled games) in the unaudited condensed consolidated
statements of cash flows due to the impact of unrecognized gains/losses
on cash flow hedges.
1Diluted 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.
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited
Supplemental Financial Information and Business Metrics
(in
$ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
FY17
|
|
Q4
FY17
|
|
Q1
FY18
|
|
Q2
FY18
|
|
Q3
FY18
|
|
YOY %
Change
|
|
QUARTERLY NET REVENUE PRESENTATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
561
|
|
|
644
|
|
|
611
|
|
|
427
|
|
|
452
|
|
|
(19
|
%)
|
|
International
|
|
588
|
|
|
883
|
|
|
838
|
|
|
532
|
|
|
708
|
|
|
20
|
%
|
|
Total net revenue
|
|
1,149
|
|
|
1,527
|
|
|
1,449
|
|
|
959
|
|
|
1,160
|
|
|
1
|
%
|
|
North America
|
|
370
|
|
|
(198
|
)
|
|
(287
|
)
|
|
59
|
|
|
313
|
|
|
|
|
International
|
|
551
|
|
|
(237
|
)
|
|
(387
|
)
|
|
161
|
|
|
498
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
North America
|
|
49
|
%
|
|
42
|
%
|
|
42
|
%
|
|
45
|
%
|
|
39
|
%
|
|
|
|
International
|
|
51
|
%
|
|
58
|
%
|
|
58
|
%
|
|
55
|
%
|
|
61
|
%
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full game downloads
|
|
169
|
|
|
259
|
|
|
209
|
|
|
123
|
|
|
143
|
|
|
(15
|
%)
|
|
Live services5
|
|
369
|
|
|
510
|
|
|
501
|
|
|
408
|
|
|
476
|
|
|
29
|
%
|
|
Mobile
|
|
147
|
|
|
165
|
|
|
169
|
|
|
158
|
|
|
161
|
|
|
10
|
%
|
|
Total digital
|
|
685
|
|
|
934
|
|
|
879
|
|
|
689
|
|
|
780
|
|
|
14
|
%
|
|
Packaged goods and other
|
|
464
|
|
|
593
|
|
|
570
|
|
|
270
|
|
|
380
|
|
|
(18
|
%)
|
|
Total net revenue
|
|
1,149
|
|
|
1,527
|
|
|
1,449
|
|
|
959
|
|
|
1,160
|
|
|
1
|
%
|
|
Full game downloads
|
|
186
|
|
|
(67
|
)
|
|
(98
|
)
|
|
(4
|
)
|
|
117
|
|
|
|
|
Live services5
|
|
197
|
|
|
8
|
|
|
(81
|
)
|
|
(98
|
)
|
|
311
|
|
|
|
|
Mobile
|
|
27
|
|
|
10
|
|
|
(19
|
)
|
|
(8
|
)
|
|
22
|
|
|
|
|
Total digital
|
|
410
|
|
|
(49
|
)
|
|
(198
|
)
|
|
(110
|
)
|
|
450
|
|
|
|
|
Packaged goods and other
|
|
511
|
|
|
(386
|
)
|
|
(476
|
)
|
|
330
|
|
|
361
|
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Full game downloads
|
|
15
|
%
|
|
17
|
%
|
|
14
|
%
|
|
13
|
%
|
|
12
|
%
|
|
|
|
Live services5
|
|
32
|
%
|
|
33
|
%
|
|
35
|
%
|
|
43
|
%
|
|
41
|
%
|
|
|
|
Mobile
|
|
13
|
%
|
|
11
|
%
|
|
12
|
%
|
|
16
|
%
|
|
14
|
%
|
|
|
|
Total digital
|
|
60
|
%
|
|
61
|
%
|
|
61
|
%
|
|
72
|
%
|
|
67
|
%
|
|
|
|
Packaged goods and other
|
|
40
|
%
|
|
39
|
%
|
|
39
|
%
|
|
28
|
%
|
|
33
|
%
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
4The difference between the balances of deferred net revenue
(online-enabled games) in the unaudited condensed consolidated balance
sheets does not necessarily equal the change in deferred net revenue
(online-enabled games) in the unaudited condensed consolidated
statements of cash flows due to the impact of unrecognized gains/losses
on cash flow hedges.
5Live services includes net revenue previously presented as
"Extra Content" and "Subscriptions, Advertising and Other" through Q4
FY17.
|
|
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited
Supplemental Financial Information and Business Metrics
(in
$ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
FY17
|
|
Q4
FY17
|
|
Q1
FY18
|
|
Q2
FY18
|
|
Q3
FY18
|
|
YOY %
Change
|
|
QUARTERLY NET REVENUE PRESENTATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue by platform
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xbox One, PLAYSTATION 4, Switch
|
|
728
|
|
|
1,039
|
|
|
974
|
|
|
569
|
|
|
785
|
|
|
8
|
%
|
|
Other consoles
|
|
65
|
|
|
70
|
|
|
60
|
|
|
26
|
|
|
25
|
|
|
(62
|
%)
|
|
Total consoles
|
|
793
|
|
|
1,109
|
|
|
1,034
|
|
|
595
|
|
|
810
|
|
|
2
|
%
|
|
PC / Browser
|
|
190
|
|
|
246
|
|
|
240
|
|
|
196
|
|
|
181
|
|
|
(5
|
%)
|
|
Mobile
|
|
148
|
|
|
165
|
|
|
171
|
|
|
162
|
|
|
166
|
|
|
12
|
%
|
|
Other
|
|
18
|
|
|
7
|
|
|
4
|
|
|
6
|
|
|
3
|
|
|
(83
|
%)
|
|
Total net revenue
|
|
1,149
|
|
|
1,527
|
|
|
1,449
|
|
|
959
|
|
|
1,160
|
|
|
1
|
%
|
|
Xbox One, PLAYSTATION 4, Switch
|
|
762
|
|
|
(375
|
)
|
|
(548
|
)
|
|
244
|
|
|
705
|
|
|
|
|
Other consoles
|
|
3
|
|
|
(40
|
)
|
|
(42
|
)
|
|
14
|
|
|
5
|
|
|
|
|
Total consoles
|
|
765
|
|
|
(415
|
)
|
|
(590
|
)
|
|
258
|
|
|
710
|
|
|
|
|
PC / Browser
|
|
127
|
|
|
(30
|
)
|
|
(61
|
)
|
|
(30
|
)
|
|
83
|
|
|
|
|
Mobile
|
|
27
|
|
|
9
|
|
|
(20
|
)
|
|
(7
|
)
|
|
21
|
|
|
|
|
Other
|
|
2
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
|
|
Change in deferred net revenue (online-enabled games)4
|
|
921
|
|
|
(435
|
)
|
|
(674
|
)
|
|
220
|
|
|
811
|
|
|
|
|
Xbox One, PLAYSTATION 4, Switch
|
|
63
|
%
|
|
68
|
%
|
|
67
|
%
|
|
59
|
%
|
|
68
|
%
|
|
|
|
Other consoles
|
|
6
|
%
|
|
5
|
%
|
|
4
|
%
|
|
3
|
%
|
|
2
|
%
|
|
|
|
Total consoles
|
|
69
|
%
|
|
73
|
%
|
|
71
|
%
|
|
62
|
%
|
|
70
|
%
|
|
|
|
PC / Browser
|
|
17
|
%
|
|
16
|
%
|
|
17
|
%
|
|
20
|
%
|
|
16
|
%
|
|
|
|
Mobile
|
|
13
|
%
|
|
11
|
%
|
|
12
|
%
|
|
17
|
%
|
|
14
|
%
|
|
|
|
Other
|
|
1
|
%
|
|
—
|
|
|
—
|
|
|
1
|
%
|
|
—
|
|
|
|
|
Total net revenue %
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
4The difference between the balances of deferred net revenue
(online-enabled games) in the unaudited condensed consolidated balance
sheets does not necessarily equal the change in deferred net revenue
(online-enabled games) in the unaudited condensed 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
FY17
|
|
Q4
FY17
|
|
Q1
FY18
|
|
Q2
FY18
|
|
Q3
FY18
|
|
YOY %
Change
|
|
CASH FLOW DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow6
|
|
1,137
|
|
437
|
|
176
|
|
52
|
|
849
|
|
(25
|
%)
|
|
Operating cash flow6 - TTM
|
|
1,555
|
|
1,578
|
|
1,872
|
|
1,802
|
|
1,514
|
|
(3
|
%)
|
|
Capital expenditures
|
|
25
|
|
29
|
|
33
|
|
30
|
|
24
|
|
(4
|
%)
|
|
Capital expenditures - TTM
|
|
124
|
|
123
|
|
116
|
|
117
|
|
116
|
|
(6
|
%)
|
|
Repurchase and retirement of common stock
|
|
127
|
|
125
|
|
150
|
|
153
|
|
150
|
|
18
|
%
|
|
DEPRECIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
29
|
|
29
|
|
29
|
|
30
|
|
30
|
|
3
|
%
|
|
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
2,483
|
|
2,565
|
|
2,248
|
|
2,067
|
|
2,566
|
|
|
|
Short-term investments
|
|
1,736
|
|
1,967
|
|
2,222
|
|
2,288
|
|
2,318
|
|
|
|
Cash and cash equivalents, and short-term investments
|
|
4,219
|
|
4,532
|
|
4,470
|
|
4,355
|
|
4,884
|
|
16
|
%
|
|
Receivables, net
|
|
587
|
|
359
|
|
222
|
|
812
|
|
886
|
|
51
|
%
|
|
STOCK-BASED COMPENSATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
—
|
|
1
|
|
1
|
|
1
|
|
—
|
|
|
|
Research and development
|
|
27
|
|
28
|
|
28
|
|
36
|
|
38
|
|
|
|
Marketing and sales
|
|
8
|
|
8
|
|
7
|
|
9
|
|
8
|
|
|
|
General and administrative
|
|
13
|
|
15
|
|
12
|
|
16
|
|
17
|
|
|
|
Total stock-based compensation
|
|
48
|
|
52
|
|
48
|
|
62
|
|
63
|
|
|
6Operating cash flow has been recast to reflect the impact of
ASU 2016-09 which EA adopted at the beginning of FY18.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180130006321/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