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 26, 2018, relating to Electronic Arts Inc.’s financial results for the fiscal quarter ended June 30, 2018. |
ELECTRONIC ARTS INC. | |||
Dated: | July 26, 2018 | By: | /s/ Blake Jorgensen |
Blake Jorgensen | |||
Chief Operating Officer and Chief Financial Officer |
Electronic Arts Reports Q1 FY19 | |||||||
Financial Results |
• | Digital net bookings* for the trailing twelve months was $3.550 billion, up 13% year-over-year and represents 69% of total net bookings. |
• | The FIFA World Cup content update had more than 15 million unique players during the quarter. |
• | Launched FIFA Mobile in China this quarter, reaching #1 on the top downloads chart for iOS in China and showing best-in-class engagement on the WeChat platform. |
• | Launched FIFA Online 4 in Asia during the quarter. |
• | More than 20 million players participated in the current season of FIFA competitive gaming and had 80% more average viewers over last season. |
• | The Sims™ 4 player base grew 35% year-over-year. |
• | EA received more than 60 awards at E3 this year, including “Best of” awards from the E3 Game Critics for Anthem™, Battlefield™ V, and FIFA 19. |
• | Net cash provided by operating activities was $120 million for the quarter and $1.636 billion for the trailing twelve months. |
• | EA repurchased 2.3 million shares for $300 million during the quarter and 6.2 million shares for $751 million during the trailing twelve months. |
Three Months Ended | |||||
June 30, | |||||
2018 | 2017 | ||||
(in $ millions, except per share amounts) | |||||
Digital net revenue | 957 | 879 | |||
Packaged goods and other net revenue | 180 | 570 | |||
Total net revenue | 1,137 | 1,449 | |||
Net income | 293 | 644 | |||
Diluted earnings per share | 0.95 | 2.06 | |||
Operating cash flow | 120 | 176 | |||
Value of shares repurchased | 300 | 150 | |||
Number of shares repurchased | 2.3 | 1.4 |
Three Months Ended June 30, 2018 | ||||||||||||||
GAAP-Based Financial Data | ||||||||||||||
(in $ millions) | Statement of Operations | Acquisition-related expenses | Change in deferred net revenue (online-enabled games) | Mobile platform fees | Stock-based compensation | |||||||||
Total net revenue | 1,137 | — | (339 | ) | (49 | ) | — | |||||||
Cost of revenue | 215 | (1 | ) | — | (49 | ) | (1 | ) | ||||||
Gross profit | 922 | 1 | (339 | ) | — | 1 | ||||||||
Total operating expenses | 622 | (6 | ) | — | — | (69 | ) | |||||||
Operating income | 300 | 7 | (339 | ) | — | 70 | ||||||||
Interest and other income, net | 19 | — | — | — | — | |||||||||
Income before provision for income taxes | 319 | 7 | (339 | ) | — | 70 | ||||||||
Number of shares used in computation: | ||||||||||||||
Diluted | 310 |
TTM Ended | |||||
June 30, | |||||
2018 | 2017 | ||||
(in $ millions) | |||||
Digital net revenue | 3,528 | 3,064 | |||
Packaged goods and other net revenue | 1,310 | 1,959 | |||
Total net revenue | 4,838 | 5,023 | |||
Net income | 692* | 1,171 | |||
Operating cash flow | 1,636 | 1,872 | |||
Value of shares repurchased | 751 | 529 | |||
Number of shares repurchased | 6.2 | 6.0 |
TTM Ended June 30, 2018 | ||||||||||||||
GAAP-Based Financial Data | ||||||||||||||
(in $ millions) | Statement of Operations | Acquisition-related expenses | Change in deferred net revenue (online-enabled games) | Mobile platform fees | Stock-based compensation | |||||||||
Total net revenue | 4,838 | — | 365 | (49 | ) | — | ||||||||
Cost of revenue | 1,338 | (3 | ) | — | (49 | ) | (3 | ) | ||||||
Gross profit | 3,500 | 3 | 365 | — | 3 | |||||||||
Total operating expenses | 2,509 | (14 | ) | — | — | (261 | ) | |||||||
Operating income | 991 | 17 | 365 | — | 264 | |||||||||
Interest and other income, net | 28 | — | — | — | — | |||||||||
Income before provision for income taxes | 1,019 | 17 | 365 | — | 264 |
Three Months Ended June 30, | TTM Ended June 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
(in $ millions) | |||||||||||
Total net revenue | 1,137 | 1,449 | 4,838 | 5,023 | |||||||
Change in deferred net revenue (online-enabled games) | (339 | ) | (674 | ) | 365 | 12 | |||||
Mobile platform fees | (49 | ) | — | (49 | ) | — | |||||
Net bookings | 749 | 775 | 5,154 | 5,035 |
• | Net revenue is expected to be approximately $5.600 billion. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $235 million. |
◦ | Mobile platform fees are expected to be approximately $(285) million. |
• | Net income is expected to be approximately $1.108 billion. |
• | Diluted earnings per share is expected to be approximately $3.55. |
• | Operating cash flow is expected to be approximately $1.825 billion. |
• | The Company estimates a share count of 312 million for purposes of calculating fiscal year 2019 diluted earnings per share. |
• | Net bookings is expected to be approximately $5.550 billion. |
Twelve Months Ending March 31, 2019 | ||||||||||||||
GAAP-Based Financial Data | ||||||||||||||
GAAP Guidance | Acquisition-related expenses | Change in deferred net revenue (online-enabled games) | Mobile platform fees | Stock-based compensation | ||||||||||
(in $ millions) | ||||||||||||||
Digital net revenue | 4,150 | — | 185 | (285 | ) | — | ||||||||
Packaged goods & other net revenue | 1,450 | — | 50 | — | — | |||||||||
Total net revenue | 5,600 | — | 235 | (285 | ) | — | ||||||||
Cost of revenue | 1,566 | (5 | ) | — | (285 | ) | (1 | ) | ||||||
Operating expense | 2,784 | (25 | ) | — | — | (329 | ) | |||||||
Income before provision for income taxes | 1,250 | 30 | 235 | — | 330 | |||||||||
Net income | 1,108 | |||||||||||||
Number of shares used in computation: | ||||||||||||||
Diluted shares | 312 |
• | Net revenue is expected to be approximately $1.270 billion. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $(55) million. |
◦ | Mobile platform fees are expected to be approximately $(55) million. |
• | Net income is expected to be approximately $150 million. |
• | Diluted earnings per share is expected to be approximately $0.48. |
• | The Company estimates a share count of 312 million for purposes of calculating second quarter fiscal year 2019 diluted earnings per share. |
• | Net bookings is expected to be approximately $1.160 billion. |
Three Months Ending September 30, 2018 | ||||||||||||||
GAAP-Based Financial Data | ||||||||||||||
GAAP Guidance | Acquisition-related expenses | Change in deferred net revenue (online-enabled games) | Mobile platform fees | Stock-based compensation | ||||||||||
(in $ millions) | ||||||||||||||
Total net revenue | 1,270 | — | (55 | ) | (55 | ) | — | |||||||
Cost of revenue | 436 | (1 | ) | — | (55 | ) | — | |||||||
Operating expense | 674 | (9 | ) | — | — | (85 | ) | |||||||
Income before provision for income taxes | 168 | 10 | (55 | ) | — | 85 | ||||||||
Net Income | 150 | |||||||||||||
Number of shares used in computation: | ||||||||||||||
Diluted shares | 312 |
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 Statements of Operations | |||||
(in $ millions, except per share data) | |||||
Three Months Ended June 30, | |||||
2018 1 | 2017 | ||||
Net revenue | |||||
Product | 202 | 828 | |||
Service and other | 935 | 621 | |||
Total net revenue | 1,137 | 1,449 | |||
Cost of revenue | |||||
Product | 68 | 64 | |||
Service and other | 147 | 90 | |||
Total cost of revenue | 215 | 154 | |||
Gross profit | 922 | 1,295 | |||
Operating expenses: | |||||
Research and development | 362 | 325 | |||
Marketing and sales | 140 | 121 | |||
General and administrative | 114 | 105 | |||
Amortization of intangibles | 6 | 1 | |||
Total operating expenses | 622 | 552 | |||
Operating income | 300 | 743 | |||
Interest and other income (expense), net | 19 | 6 | |||
Income before provision for income taxes | 319 | 749 | |||
Provision for income taxes | 26 | 105 | |||
Net income | 293 | 644 | |||
Earnings per share | |||||
Basic | 0.96 | 2.08 | |||
Diluted | 0.95 | 2.06 | |||
Number of shares used in computation | |||||
Basic | 306 | 309 | |||
Diluted | 310 | 313 |
Three Months Ended June 30, | |||||||||||
2018 1 | 2018 1 | 2017 | |||||||||
Guidance | Variance | Actuals | Actuals | ||||||||
Net revenue | |||||||||||
Net revenue | 1,080 | 57 | 1,137 | 1,449 | |||||||
GAAP-based financial data | |||||||||||
Change in deferred net revenue (online-enabled games) | (300 | ) | (39 | ) | (339 | ) | (674 | ) | |||
Mobile platform fees | (60 | ) | 11 | (49 | ) | — | |||||
Cost of revenue | |||||||||||
Cost of revenue | 226 | (11 | ) | 215 | 154 | ||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | (1 | ) | — | (1 | ) | — | |||||
Stock-based compensation | — | (1 | ) | (1 | ) | (1 | ) | ||||
Mobile platform fees | (60 | ) | 11 | (49 | ) | — | |||||
Operating expenses | |||||||||||
Operating expenses | 634 | (12 | ) | 622 | 552 | ||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | (4 | ) | (2 | ) | (6 | ) | (1 | ) | |||
Stock-based compensation | (75 | ) | 6 | (69 | ) | (47 | ) | ||||
Income before tax | |||||||||||
Income before tax | 220 | 99 | 319 | 749 | |||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | 5 | 2 | 7 | 1 | |||||||
Change in deferred net revenue (online-enabled games) | (300 | ) | (39 | ) | (339 | ) | (674 | ) | |||
Mobile platform fees | — | — | — | — | |||||||
Stock-based compensation | 75 | (5 | ) | 70 | 48 | ||||||
Tax rate used for management reporting | 18 | % | 18 | % | 21 | % | |||||
Earnings per share | |||||||||||
Basic | 0.65 | 0.31 | 0.96 | 2.08 | |||||||
Diluted | 0.64 | 0.31 | 0.95 | 2.06 | |||||||
Number of shares | |||||||||||
Basic | 307 | (1 | ) | 306 | 309 | ||||||
Diluted | 311 | (1 | ) | 310 | 313 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in $ millions) | |||||
June 30, 20181 | March 31, 20182 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 3,876 | 4,258 | |||
Short-term investments | 1,095 | 1,073 | |||
Receivables, net of allowances of $4 and $165, respectively | 371 | 385 | |||
Other current assets | 282 | 288 | |||
Total current assets | 5,624 | 6,004 | |||
Property and equipment, net | 440 | 453 | |||
Goodwill | 1,886 | 1,883 | |||
Acquisition-related intangibles, net | 107 | 71 | |||
Deferred income taxes, net | 92 | 84 | |||
Other assets | 98 | 89 | |||
TOTAL ASSETS | 8,247 | 8,584 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 47 | 48 | |||
Accrued and other current liabilities | 765 | 821 | |||
Deferred net revenue (online-enabled games) | 652 | 1,622 | |||
Total current liabilities | 1,464 | 2,491 | |||
Senior notes, net | 993 | 992 | |||
Income tax obligations | 276 | 250 | |||
Deferred income taxes, net | 1 | 1 | |||
Other liabilities | 253 | 255 | |||
Total liabilities | 2,987 | 3,989 | |||
Stockholders’ equity: | |||||
Common stock | 3 | 3 | |||
Additional paid-in capital | 339 | 657 | |||
Retained earnings | 4,944 | 4,062 | |||
Accumulated other comprehensive loss | (26 | ) | (127 | ) | |
Total stockholders’ equity | 5,260 | 4,595 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 8,247 | 8,584 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
(in $ millions) | |||||
Three Months Ended June 30, | |||||
2018 | 2017 | ||||
OPERATING ACTIVITIES | |||||
Net income | 293 | 644 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation, amortization and accretion | 38 | 31 | |||
Stock-based compensation | 70 | 48 | |||
Change in assets and liabilities | |||||
Receivables, net | 169 | 135 | |||
Other assets | 48 | 80 | |||
Accounts payable | 8 | (44 | ) | ||
Accrued and other liabilities | (59 | ) | (116 | ) | |
Deferred income taxes, net | (74 | ) | 55 | ||
Deferred net revenue (online-enabled games) | (373 | ) | (657 | ) | |
Net cash provided by operating activities | 120 | 176 | |||
INVESTING ACTIVITIES | |||||
Capital expenditures | (32 | ) | (33 | ) | |
Proceeds from maturities and sales of short-term investments | 207 | 438 | |||
Purchase of short-term investments | (228 | ) | (693 | ) | |
Acquisition, net of cash acquired | (50 | ) | — | ||
Net cash used in investing activities | (103 | ) | (288 | ) | |
FINANCING ACTIVITIES | |||||
Proceeds from issuance of common stock | 1 | 30 | |||
Cash paid to taxing authorities for shares withheld from employees | (89 | ) | (95 | ) | |
Repurchase and retirement of common stock | (300 | ) | (150 | ) | |
Net cash used in financing activities | (388 | ) | (215 | ) | |
Effect of foreign exchange on cash and cash equivalents | (11 | ) | 10 | ||
Decrease in cash and cash equivalents | (382 | ) | (317 | ) | |
Beginning cash and cash equivalents | 4,258 | 2,565 | |||
Ending cash and cash equivalents | 3,876 | 2,248 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | |||||||||||||||||
(in $ millions, except per share data) | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q11 | YOY % | ||||||||||||
FY18 | FY18 | FY18 | FY18 | FY19 | Change | ||||||||||||
Net revenue | |||||||||||||||||
Net revenue | 1,449 | 959 | 1,160 | 1,582 | 1,137 | (22 | %) | ||||||||||
GAAP-based financial data | |||||||||||||||||
Change in deferred net revenue (online-enabled games)3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | |||||||||
Mobile platform fees | — | — | — | — | (49 | ) | |||||||||||
Gross profit | |||||||||||||||||
Gross profit | 1,295 | 570 | 659 | 1,349 | 922 | (29 | %) | ||||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | — | — | 1 | 1 | 1 | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | |||||||||
Mobile platform fees | — | — | — | — | — | ||||||||||||
Stock-based compensation | 1 | 1 | — | 1 | 1 | ||||||||||||
Gross profit (as a % of net revenue) | 89 | % | 59 | % | 57 | % | 85 | % | 81 | % | |||||||
Operating income (loss) | |||||||||||||||||
Operating income (loss) | 743 | (41 | ) | (21 | ) | 753 | 300 | (60 | %) | ||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 1 | 2 | 2 | 6 | 7 | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | |||||||||
Stock-based compensation | 48 | 62 | 63 | 69 | 70 | ||||||||||||
Operating income (loss) (as a % of net revenue) | 51 | % | (4 | %) | (2 | %) | 48 | % | 26 | % | |||||||
Net income (loss) | |||||||||||||||||
Net income (loss) | 644 | (22 | ) | (186 | ) | 607 | 293 | (55 | %) | ||||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 1 | 2 | 2 | 6 | 7 | ||||||||||||
Change in deferred net revenue (online-enabled games)3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | |||||||||
Stock-based compensation | 48 | 62 | 63 | 69 | 70 | ||||||||||||
Tax rate used for management reporting | 21 | % | 21 | % | 21 | % | 21 | % | 18 | % | |||||||
Net income (loss) (as a % of net revenue) | 44 | % | (2 | %) | (16 | %) | 38 | % | 26 | % | |||||||
Diluted earnings (loss) per share | 2.06 | (0.07 | ) | (0.60 | ) | 1.95 | 0.95 | (54 | %) | ||||||||
Number of diluted shares used in computation | |||||||||||||||||
Basic | 309 | 309 | 308 | 307 | 306 | ||||||||||||
Diluted | 313 | 309 | 308 | 311 | 310 | ||||||||||||
Anti-dilutive shares excluded for loss position4 | — | 3 | 3 | — | — |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
(in $ millions) | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q11 | YOY % | |||||||||||||
FY18 | FY18 | FY18 | FY18 | FY19 | Change | |||||||||||||
QUARTERLY NET REVENUE PRESENTATIONS | ||||||||||||||||||
Net revenue by composition | ||||||||||||||||||
Full game downloads | 209 | 123 | 143 | 232 | 116 | (44 | %) | |||||||||||
Live services | 501 | 408 | 476 | 698 | 610 | 22 | % | |||||||||||
Mobile | 169 | 158 | 161 | 172 | 231 | 37 | % | |||||||||||
Total digital | 879 | 689 | 780 | 1,102 | 957 | 9 | % | |||||||||||
Packaged goods and other | 570 | 270 | 380 | 480 | 180 | (68 | %) | |||||||||||
Total net revenue | 1,449 | 959 | 1,160 | 1,582 | 1,137 | (22 | %) | |||||||||||
Total digital | 61 | % | 72 | % | 67 | % | 70 | % | 84 | % | ||||||||
Packaged goods and other | 39 | % | 28 | % | 33 | % | 30 | % | 16 | % | ||||||||
Total net revenue % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
GAAP-based financial data | ||||||||||||||||||
Full game downloads | (98 | ) | (4 | ) | 117 | (39 | ) | (20 | ) | |||||||||
Live services | (81 | ) | (98 | ) | 311 | (19 | ) | (160 | ) | |||||||||
Mobile | (19 | ) | (8 | ) | 22 | 4 | (35 | ) | ||||||||||
Total digital | (198 | ) | (110 | ) | 450 | (54 | ) | (215 | ) | |||||||||
Packaged goods and other | (476 | ) | 330 | 361 | (273 | ) | (124 | ) | ||||||||||
Total change in deferred net revenue (online-enabled games) by composition3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | ||||||||||
Mobile platform fees | — | — | — | — | (49 | ) | ||||||||||||
Net revenue by platform | ||||||||||||||||||
Console | 1,034 | 595 | 810 | 1,196 | 705 | (32 | %) | |||||||||||
PC/Browser | 240 | 196 | 181 | 210 | 197 | (18 | %) | |||||||||||
Mobile | 171 | 162 | 166 | 173 | 233 | 36 | % | |||||||||||
Other | 4 | 6 | 3 | 3 | 2 | (50 | %) | |||||||||||
Total net revenue | 1,449 | 959 | 1,160 | 1,582 | 1,137 | (22 | %) | |||||||||||
GAAP-based financial data | ||||||||||||||||||
Console | (590 | ) | 258 | 710 | (313 | ) | (288 | ) | ||||||||||
PC/Browser | (61 | ) | (30 | ) | 83 | (20 | ) | (9 | ) | |||||||||
Mobile | (20 | ) | (7 | ) | 21 | 5 | (42 | ) | ||||||||||
Other | (3 | ) | (1 | ) | (3 | ) | 1 | — | ||||||||||
Total change in deferred net revenue (online-enabled games) by platform3 | (674 | ) | 220 | 811 | (327 | ) | (339 | ) | ||||||||||
Mobile platform fees | — | — | — | — | (49 | ) |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | |||||||||||||||||
(in $ millions) | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | YOY % | ||||||||||||
FY18 | FY18 | FY18 | FY18 | FY19 | Change | ||||||||||||
CASH FLOW DATA | |||||||||||||||||
Operating cash flow | 176 | 52 | 849 | 615 | 120 | (32 | %) | ||||||||||
Operating cash flow - TTM | 1,872 | 1,802 | 1,514 | 1,692 | 1,636 | (13 | %) | ||||||||||
Capital expenditures | 33 | 30 | 24 | 20 | 32 | (3 | %) | ||||||||||
Capital expenditures - TTM | 116 | 117 | 116 | 107 | 106 | (9 | %) | ||||||||||
Repurchase and retirement of common stock | 150 | 153 | 150 | 148 | 300 | 100 | % | ||||||||||
DEPRECIATION | |||||||||||||||||
Depreciation expense | 29 | 30 | 30 | 31 | 30 | 3 | % | ||||||||||
BALANCE SHEET DATA | |||||||||||||||||
Cash and cash equivalents | 2,248 | 2,067 | 2,566 | 4,258 | 3,876 | ||||||||||||
Short-term investments | 2,222 | 2,288 | 2,318 | 1,073 | 1,095 | ||||||||||||
Cash and cash equivalents, and short-term investments | 4,470 | 4,355 | 4,884 | 5,331 | 4,971 | 11 | % | ||||||||||
Receivables, net 1 | 222 | 812 | 886 | 385 | 371 | 67 | % | ||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
Cost of revenue | 1 | 1 | — | 1 | 1 | ||||||||||||
Research and development | 28 | 36 | 38 | 44 | 47 | ||||||||||||
Marketing and sales | 7 | 9 | 8 | 8 | 7 | ||||||||||||
General and administrative | 12 | 16 | 17 | 16 | 15 | ||||||||||||
Total stock-based compensation | 48 | 62 | 63 | 69 | 70 |