Delaware | 0-17948 | 94-2838567 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | |||
Emerging growth company o | |||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Exhibit No. | Description | |
99.1 | Press release dated July 27, 2017, relating to Electronic Arts Inc.’s financial results for the fiscal quarter ended June 30, 2017. |
ELECTRONIC ARTS INC. | |||
Dated: | July 27, 2017 | By: | /s/ Blake Jorgensen |
Blake Jorgensen | |||
Executive Vice President, Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release dated July 27, 2017, relating to Electronic Arts Inc.’s financial results for the fiscal quarter ended June 30, 2017. |
Electronic Arts Reports Q1 FY18 | |||||||
Financial Results |
• | Digital net sales* of $3.147 billion for the trailing-twelve-month period represents 63% of total net sales, up 23% year-over-year. |
• | Ultimate TeamTM total unique player population grew 11% year-over-year. |
• | BattlefieldTM 1 had more than 21 million players joining the game as of quarter end. |
• | Monthly active players for The SimsTM 4 on PC increased more than 20% year-over-year. |
• | FIFA Mobile unique player base grew to more than 95 million. |
• | Since launching its first season, NBA LIVE Mobile has engaged more than 70 million unique users. |
• | Net cash provided by operating activities was $176 million, a record for the first fiscal quarter. |
• | Net cash provided by operating activities for the trailing-twelve-months was a record $1.872 billion. |
• | In Q1, EA repurchased 1.4 million shares for $150 million. |
Quarterly Financial Highlights: | ||||||
(in $ millions, except per share amounts) | ||||||
Three Months Ended June 30, | ||||||
2017 | 2016 | |||||
Digital net revenue | 879 | 689 | ||||
Packaged goods and other net revenue | 570 | 582 | ||||
Total net revenue | 1,449 | 1,271 | ||||
Net income | 644 | 440 | ||||
Diluted earnings per share | 2.06 | 1.40 | ||||
Operating cash flow | 176 | (118)* | ||||
Value of shares repurchased | 150 | 129 | ||||
Number of shares repurchased | 1.4 | 1.9 |
Three Months Ended June 30, 2017 | |||||||||||
GAAP-Based Financial Data | |||||||||||
(in $ millions) | Statement of Operations | Acquisition-related expenses | Change in deferred net revenue (online-enabled games) | Stock-based compensation | |||||||
Net revenue | 1,449 | — | (674 | ) | — | ||||||
Cost of revenue | 154 | — | — | (1 | ) | ||||||
Gross profit | 1,295 | — | (674 | ) | 1 | ||||||
Total operating expenses | 552 | (1 | ) | — | (47 | ) | |||||
Operating income | 743 | 1 | (674 | ) | 48 | ||||||
Interest and other income (expense), net | 6 | — | — | — | |||||||
Income before provision for income taxes | 749 | 1 | (674 | ) | 48 | ||||||
Number of shares used in computation | |||||||||||
Diluted | 313 |
• | Net revenue is expected to be approximately $5.075 billion. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $25 million. |
• | Net income is expected to be approximately $1.125 billion. |
• | Diluted earnings per share is expected to be approximately $3.57. |
• | Operating cash flow, reflecting the recently adopted accounting standard related to stock-based compensation discussed below, is expected to be approximately $1.575 billion. |
• | The Company estimates a share count of 315 million for purposes of calculating fiscal year 2018 diluted earnings per share. |
• | Net sales is expected to be approximately $5.100 billion. |
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 | 3,295 | — | 80 | — | |||||||
Packaged goods & other net revenue | 1,780 | — | (55 | ) | — | ||||||
Total net revenue | 5,075 | — | 25 | — | |||||||
Cost of revenue | 1,276 | — | — | (1 | ) | ||||||
Operating expense | 2,420 | (6 | ) | — | (239 | ) | |||||
Income before provision for income taxes | 1,364 | 6 | 25 | 240 | |||||||
Net income | 1,125 | ||||||||||
Number of shares used in computation | |||||||||||
Diluted shares | 315 |
• | Net revenue is expected to be approximately $955 million. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $205 million. |
• | Net loss is expected to be approximately ($57) million. |
• | Loss per share is expected to be approximately ($0.18). |
• | The Company estimates a GAAP basic and diluted share count of 310 million shares due to a forecasted net loss. If the Company reports net income instead of a net loss, diluted share count for calculating diluted earnings per share would be 314 million shares. |
• | Net sales is expected to be approximately $1.160 billion. |
Three Months Ending September 30, 2017 | |||||||||||
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 | 955 | — | 205 | — | |||||||
Cost of revenue | 389 | — | — | — | |||||||
Operating expense | 638 | (2 | ) | — | (61 | ) | |||||
Income/(loss) before provision for income taxes | (69 | ) | 2 | 205 | 61 | ||||||
Net income/(loss) | (57 | ) | |||||||||
Number of shares used in computation | |||||||||||
Basic shares | 310 |
Three Months Ended June 30, | ||||||
(in $ millions) | 2017 | 2016 | ||||
Operating cash flow under historical GAAP | 42 | (248 | ) | |||
Operating cash flow under ASU 2016-09 | 176 | (118 | ) | |||
Impact of ASU 2016-09 on operating cash flow | 134 | 130 |
Chris Evenden | John Reseburg |
Vice President, Investor Relations | Vice President, Corporate Communications |
650-628-0255 | 650-628-3601 |
cevenden@ea.com | jreseburg@ea.com |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Statement of Operations | |||||
(in $ millions, except share per data) | |||||
Three Months Ended June 30, | |||||
2017 | 2016 | ||||
Net revenue | |||||
Product | 828 | 684 | |||
Service and other | 621 | 587 | |||
Total net revenue | 1,449 | 1,271 | |||
Cost of revenue | |||||
Product | 64 | 90 | |||
Service and other | 90 | 89 | |||
Total cost of revenue | 154 | 179 | |||
Gross profit | 1,295 | 1,092 | |||
Operating expenses: | |||||
Research and development | 325 | 294 | |||
Marketing and sales | 121 | 128 | |||
General and administrative | 105 | 108 | |||
Amortization of intangibles | 1 | 2 | |||
Total operating expenses | 552 | 532 | |||
Operating income | 743 | 560 | |||
Interest and other income (expense), net | 6 | (8 | ) | ||
Income before provision for income taxes | 749 | 552 | |||
Provision for income taxes | 105 | 112 | |||
Net income | 644 | 440 | |||
Earnings per share | |||||
Basic | 2.08 | 1.46 | |||
Diluted | 2.06 | 1.40 | |||
Number of shares used in computation | |||||
Basic | 309 | 301 | |||
Diluted | 313 | 315 |
Three Months Ended June 30, | |||||||||||
2017 | 2017 | 2016 | |||||||||
Guidance | Variance | Actuals | Actuals | ||||||||
Net revenue | |||||||||||
Net revenue | 1,425 | 24 | 1,449 | 1,271 | |||||||
GAAP-based financial data | |||||||||||
Change in deferred net revenue (online-enabled games) | (675 | ) | 1 | (674 | ) | (589 | ) | ||||
Cost of revenue | |||||||||||
Cost of revenue | 157 | (3 | ) | 154 | 179 | ||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | — | — | — | (13 | ) | ||||||
Stock-based compensation | — | (1 | ) | (1 | ) | (1 | ) | ||||
Operating expenses | |||||||||||
Operating expenses | 546 | 6 | 552 | 532 | |||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | (1 | ) | — | (1 | ) | (2 | ) | ||||
Stock-based compensation | (50 | ) | 3 | (47 | ) | (47 | ) | ||||
Income before tax | |||||||||||
Income before tax | 724 | 25 | 749 | 552 | |||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | 1 | — | 1 | 15 | |||||||
Amortization of debt discount and loss on conversion of notes | — | — | — | 2 | |||||||
Change in deferred net revenue (online-enabled games) | (675 | ) | 1 | (674 | ) | (589 | ) | ||||
Stock-based compensation | 50 | (2 | ) | 48 | 48 | ||||||
Tax rate used for management reporting | 21 | % | 21 | % | 21 | % | |||||
Earnings per share | |||||||||||
Basic | 1.95 | 0.13 | 2.08 | 1.46 | |||||||
Diluted | 1.93 | 0.13 | 2.06 | 1.40 | |||||||
Number of shares | |||||||||||
Basic | 310 | (1 | ) | 309 | 301 | ||||||
Diluted | 314 | (1 | ) | 313 | 315 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in $ millions) | |||||
June 30, 2017 | March 31, 20171 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 2,248 | 2,565 | |||
Short-term investments | 2,222 | 1,967 | |||
Receivables, net of allowances of $136 and $145, respectively | 222 | 359 | |||
Other current assets | 210 | 308 | |||
Total current assets | 4,902 | 5,199 | |||
Property and equipment, net | 436 | 434 | |||
Goodwill | 1,708 | 1,707 | |||
Acquisition-related intangibles, net | 7 | 8 | |||
Deferred income taxes, net | 232 | 286 | |||
Other assets | 90 | 84 | |||
TOTAL ASSETS | 7,375 | 7,718 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 38 | 87 | |||
Accrued and other current liabilities | 709 | 789 | |||
Deferred net revenue (online-enabled games) | 882 | 1,539 | |||
Total current liabilities | 1,629 | 2,415 | |||
Senior notes, net | 991 | 990 | |||
Income tax obligations | 114 | 104 | |||
Deferred income taxes, net | 1 | 1 | |||
Other liabilities | 154 | 148 | |||
Total liabilities | 2,889 | 3,658 | |||
Stockholders’ equity: | |||||
Common stock | 3 | 3 | |||
Additional paid-in capital | 891 | 1,049 | |||
Retained earnings | 3,663 | 3,027 | |||
Accumulated other comprehensive loss | (71 | ) | (19 | ) | |
Total stockholders’ equity | 4,486 | 4,060 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 7,375 | 7,718 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
(in $ millions) | |||||
Three Months Ended June 30, | |||||
2017 | 20162 | ||||
OPERATING ACTIVITIES | |||||
Net income | 644 | 440 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Depreciation, amortization and accretion | 31 | 46 | |||
Stock-based compensation | 48 | 48 | |||
Change in assets and liabilities | |||||
Receivables, net | 135 | (12 | ) | ||
Other assets | 80 | 6 | |||
Accounts payable | (44 | ) | (32 | ) | |
Accrued and other liabilities | (116 | ) | (72 | ) | |
Deferred income taxes, net | 55 | 43 | |||
Deferred net revenue (online-enabled games) | (657 | ) | (585 | ) | |
Net cash provided by (used in) operating activities | 176 | (118 | ) | ||
INVESTING ACTIVITIES | |||||
Capital expenditures | (33 | ) | (40 | ) | |
Proceeds from maturities and sales of short-term investments | 438 | 276 | |||
Purchase of short-term investments | (693 | ) | (317 | ) | |
Net cash used in investing activities | (288 | ) | (81 | ) | |
FINANCING ACTIVITIES | |||||
Payment of convertible notes | — | (27 | ) | ||
Proceeds from issuance of common stock | 30 | 4 | |||
Cash paid to taxing authorities for shares withheld from employees | (95 | ) | (97 | ) | |
Repurchase and retirement of common stock | (150 | ) | (129 | ) | |
Net cash used in financing activities | (215 | ) | (249 | ) | |
Effect of foreign exchange on cash and cash equivalents | 10 | (3 | ) | ||
Decrease in cash and cash equivalents | (317 | ) | (451 | ) | |
Beginning cash and cash equivalents | 2,565 | 2,493 | |||
Ending cash and cash equivalents | 2,248 | 2,042 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | |||||||||||||||||
(in $ millions, except per share data) | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | YOY % | ||||||||||||
FY17 | FY17 | FY17 | FY17 | FY18 | Change | ||||||||||||
Net revenue | |||||||||||||||||
Net revenue | 1,271 | 898 | 1,149 | 1,527 | 1,449 | 14 | % | ||||||||||
GAAP-based financial data | |||||||||||||||||
Change in deferred net revenue (online-enabled games)3 | (589) | 200 | 921 | (435) | (674) | ||||||||||||
Gross profit | |||||||||||||||||
Gross profit | 1,092 | 497 | 633 | 1,325 | 1,295 | 19 | % | ||||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 13 | 12 | 18 | — | — | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | |||||||||
Stock-based compensation | 1 | 1 | — | 1 | 1 | ||||||||||||
Gross profit (as a % of net revenue) | 86 | % | 55 | % | 55 | % | 87 | % | 89 | % | |||||||
Operating income (loss) | |||||||||||||||||
Operating income (loss) | 560 | (49 | ) | (4 | ) | 717 | 743 | 33 | % | ||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 15 | 13 | 20 | 1 | 1 | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | |||||||||
Stock-based compensation | 48 | 48 | 48 | 52 | 48 | ||||||||||||
Operating income (loss) (as a % of net revenue) | 44 | % | (5 | %) | — | 47 | % | 51 | % | ||||||||
Net income (loss) | |||||||||||||||||
Net income (loss) | 440 | (38 | ) | (1 | ) | 566 | 644 | 46 | % | ||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 15 | 13 | 20 | 1 | 1 | ||||||||||||
Amortization of debt discount and loss on conversion of notes | 2 | — | — | — | — | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | |||||||||
Stock-based compensation | 48 | 48 | 48 | 52 | 48 | ||||||||||||
Tax rate used for management reporting | 21 | % | 21 | % | 21 | % | 21 | % | 21 | % | |||||||
Net income (loss) (as a % of net revenue) | 35 | % | (4 | %) | — | 37 | % | 44 | % | ||||||||
Diluted earnings (loss) per share | 1.40 | (0.13 | ) | (0.00) | 1.81 | 2.06 | 47 | % | |||||||||
Number of diluted shares used in computation | |||||||||||||||||
Basic | 301 | 301 | 303 | 308 | 309 | ||||||||||||
Diluted | 315 | 301 | 303 | 312 | 313 | ||||||||||||
Anti-dilutive shares excluded for loss position4 | — | 13 | 10 | — | — | ||||||||||||
Shares from convertible bond hedge | (2 | ) | — | — | — | — |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
(in $ millions) | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | YOY % | |||||||||||||
FY17 | FY17 | FY17 | FY17 | FY18 | Change | |||||||||||||
QUARTERLY NET REVENUE PRESENTATIONS | ||||||||||||||||||
Net revenue by geography | ||||||||||||||||||
North America | 525 | 389 | 561 | 644 | 611 | 16 | % | |||||||||||
International | 746 | 509 | 588 | 883 | 838 | 12 | % | |||||||||||
Total net revenue | 1,271 | 898 | 1,149 | 1,527 | 1,449 | 14 | % | |||||||||||
North America | (245 | ) | 58 | 370 | (198 | ) | (287 | ) | ||||||||||
International | (344 | ) | 142 | 551 | (237 | ) | (387 | ) | ||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | ||||||||||
North America | 41 | % | 43 | % | 49 | % | 42 | % | 42 | % | ||||||||
International | 59 | % | 57 | % | 51 | % | 58 | % | 58 | % | ||||||||
Total net revenue % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Net revenue by composition | ||||||||||||||||||
Full game downloads | 137 | 94 | 169 | 259 | 209 | 53 | % | |||||||||||
Live services5 | 387 | 323 | 369 | 510 | 501 | 29 | % | |||||||||||
Mobile | 165 | 149 | 147 | 165 | 169 | 2 | % | |||||||||||
Total digital | 689 | 566 | 685 | 934 | 879 | 28 | % | |||||||||||
Packaged goods and other | 582 | 332 | 464 | 593 | 570 | (2 | %) | |||||||||||
Total net revenue | 1,271 | 898 | 1,149 | 1,527 | 1,449 | 14 | % | |||||||||||
Full game downloads | (53 | ) | (1 | ) | 186 | (67 | ) | (98 | ) | |||||||||
Live services5 | (44 | ) | (68 | ) | 197 | 8 | (81 | ) | ||||||||||
Mobile | (24 | ) | (11 | ) | 27 | 10 | (19 | ) | ||||||||||
Total digital | (121 | ) | (80 | ) | 410 | (49 | ) | (198 | ) | |||||||||
Packaged goods and other | (468 | ) | 280 | 511 | (386 | ) | (476 | ) | ||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | ||||||||||
Full game downloads | 11 | % | 10 | % | 15 | % | 17 | % | 14 | % | ||||||||
Live services5 | 30 | % | 36 | % | 32 | % | 33 | % | 35 | % | ||||||||
Mobile | 13 | % | 17 | % | 13 | % | 11 | % | 12 | % | ||||||||
Total digital | 54 | % | 63 | % | 60 | % | 61 | % | 61 | % | ||||||||
Packaged goods and other | 46 | % | 37 | % | 40 | % | 39 | % | 39 | % | ||||||||
Total net revenue % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
(in $ millions) | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | YOY % | |||||||||||||
FY17 | FY17 | FY17 | FY17 | FY18 | Change | |||||||||||||
QUARTERLY NET REVENUE PRESENTATIONS | ||||||||||||||||||
Net revenue by platform | ||||||||||||||||||
Xbox One, PLAYSTATION 4 | 776 | 513 | 728 | 1,039 | 974 | 26 | % | |||||||||||
Other consoles | 134 | 65 | 65 | 70 | 60 | (55 | %) | |||||||||||
Total consoles | 910 | 578 | 793 | 1,109 | 1,034 | 14 | % | |||||||||||
PC / Browser | 179 | 158 | 190 | 246 | 240 | 34 | % | |||||||||||
Mobile | 165 | 149 | 148 | 165 | 171 | 4 | % | |||||||||||
Other | 17 | 13 | 18 | 7 | 4 | (76 | %) | |||||||||||
Total net revenue | 1,271 | 898 | 1,149 | 1,527 | 1,449 | 14 | % | |||||||||||
Xbox One, PLAYSTATION 4 | (441 | ) | 177 | 762 | (375 | ) | (548 | ) | ||||||||||
Other consoles | (92 | ) | 43 | 3 | (40 | ) | (42 | ) | ||||||||||
Total consoles | (533 | ) | 220 | 765 | (415 | ) | (590 | ) | ||||||||||
PC / Browser | (30 | ) | (9 | ) | 127 | (30 | ) | (61 | ) | |||||||||
Mobile | (24 | ) | (11 | ) | 27 | 9 | (20 | ) | ||||||||||
Other | (2 | ) | — | 2 | 1 | (3 | ) | |||||||||||
Change in deferred net revenue (online-enabled games)3 | (589 | ) | 200 | 921 | (435 | ) | (674 | ) | ||||||||||
Xbox One, PLAYSTATION 4 | 61 | % | 57 | % | 63 | % | 68 | % | 67 | % | ||||||||
Other consoles | 11 | % | 7 | % | 6 | % | 5 | % | 4 | % | ||||||||
Total consoles | 72 | % | 64 | % | 69 | % | 73 | % | 71 | % | ||||||||
PC / Browser | 14 | % | 18 | % | 17 | % | 16 | % | 17 | % | ||||||||
Mobile | 13 | % | 17 | % | 13 | % | 11 | % | 12 | % | ||||||||
Other | 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) | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | YOY % | ||||||||||||
FY17 | FY17 | FY17 | FY17 | FY18 | Change | ||||||||||||
CASH FLOW DATA | |||||||||||||||||
Operating cash flow6 | (118 | ) | 122 | 1,137 | 437 | 176 | 249 | % | |||||||||
Operating cash flow6 - TTM | 1,248 | 1,323 | 1,555 | 1,578 | 1,872 | 50 | % | ||||||||||
Capital expenditures | 40 | 29 | 25 | 29 | 33 | (18 | %) | ||||||||||
Capital expenditures - TTM | 109 | 120 | 124 | 123 | 116 | 6 | % | ||||||||||
Repurchase and retirement of common stock | 129 | 127 | 127 | 125 | 150 | 16 | % | ||||||||||
DEPRECIATION | |||||||||||||||||
Depreciation expense | 29 | 28 | 29 | 29 | 29 | — | |||||||||||
BALANCE SHEET DATA | |||||||||||||||||
Cash and cash equivalents | 2,042 | 1,746 | 2,483 | 2,565 | 2,248 | ||||||||||||
Short-term investments | 1,385 | 1,520 | 1,736 | 1,967 | 2,222 | ||||||||||||
Cash and cash equivalents, and short-term investments | 3,427 | 3,266 | 4,219 | 4,532 | 4,470 | 30 | % | ||||||||||
Receivables, net | 246 | 723 | 587 | 359 | 222 | (10 | %) | ||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
Cost of revenue | 1 | 1 | — | 1 | 1 | ||||||||||||
Research and development | 27 | 27 | 27 | 28 | 28 | ||||||||||||
Marketing and sales | 7 | 8 | 8 | 8 | 7 | ||||||||||||
General and administrative | 13 | 12 | 13 | 15 | 12 | ||||||||||||
Total stock-based compensation | 48 | 48 | 48 | 52 | 48 |