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99.1 | Press release dated October 29, 2019, relating to Electronic Arts Inc.’s financial results for the fiscal quarter ended September 30, 2019. |
ELECTRONIC ARTS INC. | |||
Dated: | October 29, 2019 | By: | /s/ Blake Jorgensen |
Blake Jorgensen | |||
Chief Operating Officer and Chief Financial Officer |
Electronic Arts Reports Q2 FY20 Financial Results | |||||||
• | Digital net bookings* for the trailing twelve months was a record $3.883 billion, up 8% year-over-year and represents 78% of total net bookings. |
• | The number of FIFA Ultimate TeamTM unique players increased 22% year-over-year. |
• | The number of Madden Ultimate TeamTM unique players increased 19% year-over-year. |
• | Apex LegendsTM has had 70 million players life to date. |
• | The Sims TM 4 monthly average players are up more than 40% year-over-year. |
• | Net cash provided by operating activities was $37 million for the quarter and $1.748 billion for the trailing twelve months. |
• | EA repurchased 3.3 million shares for $306 million during the quarter, bringing the total to 12.9 million shares for $1.204 billion during the trailing twelve months. |
1. | During the three months ended June 30, 2019, EA completed an internal transfer of some of its intellectual property rights to its Swiss subsidiary, where EA’s international business is headquartered; |
2. | Also during the three months ended June 30, 2019, a decision by the Ninth Circuit Court of Appeals in Altera Corp. v. Commissioner regarding stock-based compensation expenses required EA to record a tax accrual; and |
3. | During the three months ended September 30, 2019, Switzerland changed its income tax rates. |
Three Months Ended | |||||
September 30, | |||||
2019 | 2018 | ||||
(in $ millions, except per share amounts) | |||||
Digital net revenue | 922 | 780 | |||
Packaged goods and other net revenue | 426 | 506 | |||
Total net revenue | 1,348 | 1,286 | |||
Net income | 854* | 255 | |||
Earnings per share | 2.89* | 0.83 | |||
Operating cash flow | 37 | (126 | ) | ||
Value of shares repurchased | 306 | 299 | |||
Number of shares repurchased | 3.3 | 2.3 |
Three Months Ended September 30, 2019 | ||||||||||||||
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 | 1,348 | — | (35 | ) | (36 | ) | — | |||||||
Cost of revenue | 405 | (2 | ) | — | (36 | ) | (1 | ) | ||||||
Gross profit | 943 | 2 | (35 | ) | — | 1 | ||||||||
Total operating expenses | 675 | (8 | ) | — | — | (91 | ) | |||||||
Operating income | 268 | 10 | (35 | ) | — | 92 | ||||||||
Interest and other income, net | 16 | — | — | — | — | |||||||||
Income before provision for income taxes | 284 | 10 | (35 | ) | — | 92 | ||||||||
Number of shares used in computation: | ||||||||||||||
Diluted | 296 |
Twelve Months Ended | |||||
September 30, | |||||
2019 | 2018 | ||||
(in $ millions) | |||||
Digital net revenue | 3,944 | 3,619 | |||
Packaged goods and other net revenue | 1,140 | 1,546 | |||
Total net revenue | 5,084 | 5,165 | |||
Net income | 2,746* | 969 | |||
Operating cash flow | 1,748 | 1,458 | |||
Value of shares repurchased | 1,204 | 897 | |||
Number of shares repurchased | 12.9 | 7.2 |
Twelve Months Ended September 30, 2019 | ||||||||||||||
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 | 5,084 | — | 79 | (170 | ) | — | ||||||||
Cost of revenue | 1,281 | (6 | ) | — | (170 | ) | (4 | ) | ||||||
Gross profit | 3,803 | 6 | 79 | — | 4 | |||||||||
Total operating expenses | 2,682 | (37 | ) | — | — | (309 | ) | |||||||
Operating income | 1,121 | 43 | 79 | — | 313 | |||||||||
Interest and other income, net | 83 | — | — | — | — | |||||||||
Income before provision for income taxes | 1,204 | 43 | 79 | — | 313 |
Three Months Ended September 30, | TTM Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
(in $ millions) | |||||||||||
Total net revenue | 1,348 | 1,286 | 5,084 | 5,165 | |||||||
Change in deferred net revenue (online-enabled games) | (35 | ) | (20 | ) | 79 | 125 | |||||
Mobile platform fees | (36 | ) | (44 | ) | (170 | ) | (93 | ) | |||
Net bookings | 1,277 | 1,222 | 4,993 | 5,197 |
• | Net revenue is expected to be approximately $5.410 billion. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $(130) million. |
◦ | Mobile platform fees are expected to be approximately $(155) million. |
• | Net income is expected to be approximately $2.841 billion, approximately $1.705 billion of which is related to the one-time income tax benefits discussed above. |
• | Diluted earnings per share is expected to be approximately $9.57, approximately $5.74 of which is related to the one-time income tax benefits discussed above. |
• | Operating cash flow is expected to be approximately $1.625 billion. |
• | The Company estimates a share count of 297 million for purposes of calculating fiscal year 2020 diluted earnings per share. |
• | Net bookings is expected to be approximately $5.125 billion. |
Twelve Months Ending March 31, 2020 | ||||||||||||||
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 | 4,230 | — | (75 | ) | (155 | ) | — | |||||||
Packaged goods & other net revenue | 1,180 | — | (55 | ) | — | — | ||||||||
Total net revenue | 5,410 | — | (130 | ) | (155 | ) | — | |||||||
Cost of revenue | 1,332 | (12 | ) | — | (155 | ) | (2 | ) | ||||||
Operating expense | 2,746 | (23 | ) | — | — | (353 | ) | |||||||
Income before provision for income taxes | 1,387 | 35 | (130 | ) | — | 355 | ||||||||
Net income | 2,841 | |||||||||||||
Number of shares used in computation: | ||||||||||||||
Diluted shares | 297 |
• | Net revenue is expected to be approximately $1.510 billion. |
◦ | Change in deferred net revenue (online-enabled games) is expected to be approximately $470 million. |
◦ | Mobile platform fees are expected to be approximately $(40) million. |
• | Net income is expected to be approximately $272 million. |
• | Diluted earnings per share is expected to be approximately $0.92. |
• | The Company estimates a share count of 295 million for purposes of calculating third quarter fiscal year 2020 diluted earnings per share. |
• | Net bookings is expected to be approximately $1.940 billion. |
Three Months Ending December 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) | ||||||||||||||
Total net revenue | 1,510 | — | 470 | (40 | ) | — | ||||||||
Cost of revenue | 482 | (6 | ) | — | (40 | ) | — | |||||||
Operating expense | 733 | (5 | ) | — | — | (95 | ) | |||||||
Income before provision for income taxes | 306 | 11 | 470 | — | 95 | |||||||||
Net Income | 272 | |||||||||||||
Number of shares used in computation: | ||||||||||||||
Diluted shares | 295 |
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 September 30, | Six Months Ended September 30, | |||||||||
2019 | 2018 | 2019 | 2018 | |||||||
Net revenue | ||||||||||
Product | 568 | 623 | 734 | 825 | ||||||
Service and other | 780 | 663 | 1,823 | 1,598 | ||||||
Total net revenue | 1,348 | 1,286 | 2,557 | 2,423 | ||||||
Cost of revenue | ||||||||||
Product | 193 | 222 | 228 | 290 | ||||||
Service and other | 212 | 196 | 364 | 343 | ||||||
Total cost of revenue | 405 | 418 | 592 | 633 | ||||||
Gross profit | 943 | 868 | 1,965 | 1,790 | ||||||
Operating expenses: | ||||||||||
Research and development | 387 | 339 | 768 | 701 | ||||||
Marketing and sales | 152 | 146 | 262 | 286 | ||||||
General and administrative | 128 | 117 | 238 | 231 | ||||||
Acquisition-related contingent consideration | 2 | 2 | 3 | 2 | ||||||
Amortization of intangibles | 6 | 6 | 11 | 12 | ||||||
Total operating expenses | 675 | 610 | 1,282 | 1,232 | ||||||
Operating income | 268 | 258 | 683 | 558 | ||||||
Interest and other income (expense), net | 16 | 18 | 37 | 37 | ||||||
Income before provision for (benefit from) income taxes | 284 | 276 | 720 | 595 | ||||||
Provision for (benefit from) income taxes | (570 | ) | 21 | (1,555 | ) | 47 | ||||
Net income | 854 | 255 | 2,275 | 548 | ||||||
Earnings per share | ||||||||||
Basic | 2.89 | 0.84 | 7.69 | 1.80 | ||||||
Diluted | 2.89 | 0.83 | 7.66 | 1.77 | ||||||
Number of shares used in computation | ||||||||||
Basic | 295 | 305 | 296 | 305 | ||||||
Diluted | 296 | 307 | 297 | 309 |
Three Months Ended September 30, | |||||||||||
2019 | 2019 | 2018 | |||||||||
Guidance | Variance | Actuals | Actuals | ||||||||
Net revenue | |||||||||||
Net revenue | 1,315 | 33 | 1,348 | 1,286 | |||||||
GAAP-based financial data | |||||||||||
Change in deferred net revenue (online-enabled games) | (50 | ) | 15 | (35 | ) | (20 | ) | ||||
Mobile platform fees | (35 | ) | (1 | ) | (36 | ) | (44 | ) | |||
Cost of revenue | |||||||||||
Cost of revenue | 407 | (2 | ) | 405 | 418 | ||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | (2 | ) | — | (2 | ) | (1 | ) | ||||
Stock-based compensation | (1 | ) | — | (1 | ) | (1 | ) | ||||
Mobile platform fees | (35 | ) | (1 | ) | (36 | ) | (44 | ) | |||
Operating expenses | |||||||||||
Operating expenses | 679 | (4 | ) | 675 | 610 | ||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | (5 | ) | (3 | ) | (8 | ) | (8 | ) | |||
Stock-based compensation | (89 | ) | (2 | ) | (91 | ) | (65 | ) | |||
Income before tax | |||||||||||
Income before tax | 243 | 41 | 284 | 276 | |||||||
GAAP-based financial data | |||||||||||
Acquisition-related expenses | 7 | 3 | 10 | 9 | |||||||
Change in deferred net revenue (online-enabled games) | (50 | ) | 15 | (35 | ) | (20 | ) | ||||
Mobile platform fees | — | — | — | — | |||||||
Stock-based compensation | 90 | 2 | 92 | 66 | |||||||
Tax rate used for management reporting | 18 | % | 18 | % | 18 | % | |||||
Earnings per share | |||||||||||
Basic | 2.62 | 0.27 | 2.89 | 0.84 | |||||||
Diluted | 2.60 | 0.29 | 2.89 | 0.83 | |||||||
Number of shares | |||||||||||
Basic | 296 | (1 | ) | 295 | 305 | ||||||
Diluted | 298 | (2 | ) | 296 | 307 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in $ millions) | |||||
September 30, 2019 | March 31, 20191 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 2,940 | 4,708 | |||
Short-term investments | 1,943 | 737 | |||
Receivables, net | 856 | 623 | |||
Other current assets | 301 | 313 | |||
Total current assets | 6,040 | 6,381 | |||
Property and equipment, net | 442 | 448 | |||
Goodwill | 1,890 | 1,892 | |||
Acquisition-related intangibles, net | 72 | 87 | |||
Deferred income taxes, net | 1,835 | 35 | |||
Other assets | 314 | 114 | |||
TOTAL ASSETS | 10,593 | 8,957 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 148 | 113 | |||
Accrued and other current liabilities | 1,024 | 1,052 | |||
Deferred net revenue (online-enabled games) | 646 | 1,100 | |||
Total current liabilities | 1,818 | 2,265 | |||
Senior notes, net | 995 | 994 | |||
Income tax obligations | 361 | 233 | |||
Deferred income taxes, net | 2 | 2 | |||
Other liabilities | 259 | 132 | |||
Total liabilities | 3,435 | 3,626 | |||
Stockholders’ equity: | |||||
Common stock | 3 | 3 | |||
Retained earnings | 7,165 | 5,358 | |||
Accumulated other comprehensive loss | (10 | ) | (30 | ) | |
Total stockholders’ equity | 7,158 | 5,331 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 10,593 | 8,957 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||
(in $ millions) | |||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 854 | 255 | 2,275 | 548 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation, amortization and accretion | 35 | 36 | 72 | 74 | |||||||
Stock-based compensation | 92 | 66 | 165 | 136 | |||||||
Change in assets and liabilities | |||||||||||
Receivables, net | (529 | ) | (591 | ) | (235 | ) | (422 | ) | |||
Other assets | 9 | (28 | ) | 33 | 20 | ||||||
Accounts payable | 91 | 124 | 51 | 132 | |||||||
Accrued and other liabilities | 144 | 60 | 88 | (25 | ) | ||||||
Deferred income taxes, net | (626 | ) | (20 | ) | (1,800 | ) | (94 | ) | |||
Deferred net revenue (online-enabled games) | (33 | ) | (28 | ) | (454 | ) | (375 | ) | |||
Net cash provided by (used in) operating activities | 37 | (126 | ) | 195 | (6 | ) | |||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (27 | ) | (31 | ) | (72 | ) | (63 | ) | |||
Proceeds from maturities and sales of short-term investments | 435 | 239 | 793 | 446 | |||||||
Purchase of short-term investments | (721 | ) | (801 | ) | (1,984 | ) | (1,029 | ) | |||
Acquisitions, net of cash acquired | — | (8 | ) | — | (58 | ) | |||||
Net cash used in investing activities | (313 | ) | (601 | ) | (1,263 | ) | (704 | ) | |||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of common stock | 30 | 35 | 33 | 36 | |||||||
Cash paid to taxing authorities for shares withheld from employees | (4 | ) | (7 | ) | (55 | ) | (96 | ) | |||
Repurchase and retirement of common stock | (306 | ) | (299 | ) | (611 | ) | (599 | ) | |||
Payment of contingent consideration | (32 | ) | — | (64 | ) | — | |||||
Net cash used in financing activities | (312 | ) | (271 | ) | (697 | ) | (659 | ) | |||
Effect of foreign exchange on cash and cash equivalents | (5 | ) | 3 | (3 | ) | (8 | ) | ||||
Change in cash and cash equivalents | (593 | ) | (995 | ) | (1,768 | ) | (1,377 | ) | |||
Beginning cash and cash equivalents | 3,533 | 3,876 | 4,708 | 4,258 | |||||||
Ending cash and cash equivalents | 2,940 | 2,881 | 2,940 | 2,881 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | |||||||||||||||||
(in $ millions, except per share data) | |||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | YOY % | ||||||||||||
FY19 | FY19 | FY19 | FY20 | FY20 | Change | ||||||||||||
Net revenue | |||||||||||||||||
Net revenue | 1,286 | 1,289 | 1,238 | 1,209 | 1,348 | 5 | % | ||||||||||
GAAP-based financial data | |||||||||||||||||
Change in deferred net revenue (online-enabled games)2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | |||||||||
Mobile platform fees | (44 | ) | (48 | ) | (47 | ) | (39 | ) | (36 | ) | |||||||
Gross profit | |||||||||||||||||
Gross profit | 868 | 876 | 962 | 1,022 | 943 | 9 | % | ||||||||||
Gross profit (as a % of net revenue) | 67 | % | 68 | % | 78 | % | 85 | % | 70 | % | |||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 1 | 1 | 1 | 2 | 2 | ||||||||||||
Change in deferred net revenue (online-enabled games)2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | |||||||||
Mobile platform fees | — | — | — | — | — | ||||||||||||
Stock-based compensation | 1 | 1 | 1 | 1 | 1 | ||||||||||||
Operating income | |||||||||||||||||
Operating income | 258 | 242 | 196 | 415 | 268 | 4 | % | ||||||||||
Operating income (as a % of net revenue) | 20 | % | 19 | % | 16 | % | 34 | % | 20 | % | |||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 9 | 8 | 17 | 8 | 10 | ||||||||||||
Change in deferred net revenue (online-enabled games)2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | |||||||||
Stock-based compensation | 66 | 75 | 73 | 73 | 92 | ||||||||||||
Net income | |||||||||||||||||
Net income | 255 | 262 | 209 | 1,421 | 854 | 235 | % | ||||||||||
Net income (as a % of net revenue) | 20 | % | 20 | % | 17 | % | 118 | % | 63 | % | |||||||
GAAP-based financial data | |||||||||||||||||
Acquisition-related expenses | 9 | 8 | 17 | 8 | 10 | ||||||||||||
Change in deferred net revenue (online-enabled games)2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | |||||||||
Stock-based compensation | 66 | 75 | 73 | 73 | 92 | ||||||||||||
Tax rate used for management reporting | 18 | % | 18 | % | 18 | % | 18 | % | 18 | % | |||||||
Diluted earnings per share | 0.83 | 0.86 | 0.69 | 4.75 | 2.89 | 248 | % | ||||||||||
Number of diluted shares used in computation | |||||||||||||||||
Basic | 305 | 302 | 299 | 297 | 295 | ||||||||||||
Diluted | 307 | 304 | 301 | 299 | 296 |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
(in $ millions) | ||||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | YOY % | |||||||||||||
FY19 | FY19 | FY19 | FY20 | FY20 | Change | |||||||||||||
QUARTERLY NET REVENUE PRESENTATIONS | ||||||||||||||||||
Net revenue by composition | ||||||||||||||||||
Full game downloads | 148 | 247 | 169 | 132 | 180 | 22 | % | |||||||||||
Live services | 412 | 480 | 714 | 731 | 573 | 39 | % | |||||||||||
Mobile | 220 | 181 | 182 | 186 | 169 | (23 | %) | |||||||||||
Total digital | 780 | 908 | 1,065 | 1,049 | 922 | 18 | % | |||||||||||
Packaged goods and other | 506 | 381 | 173 | 160 | 426 | (16 | %) | |||||||||||
Total net revenue | 1,286 | 1,289 | 1,238 | 1,209 | 1,348 | 5 | % | |||||||||||
Total digital | 61 | % | 70 | % | 86 | % | 87 | % | 68 | % | ||||||||
Packaged goods and other | 39 | % | 30 | % | 14 | % | 13 | % | 32 | % | ||||||||
Total net revenue % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
GAAP-based financial data | ||||||||||||||||||
Full game downloads | 9 | 26 | 44 | (57 | ) | (5 | ) | |||||||||||
Live services | (84 | ) | 304 | 131 | (227 | ) | (80 | ) | ||||||||||
Mobile | (24 | ) | 9 | — | (25 | ) | (11 | ) | ||||||||||
Total digital | (99 | ) | 339 | 175 | (309 | ) | (96 | ) | ||||||||||
Packaged goods and other | 79 | 29 | (2 | ) | (118 | ) | 61 | |||||||||||
Total change in deferred net revenue (online-enabled games) by composition2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | ||||||||||
Mobile platform fees | (44 | ) | (48 | ) | (47 | ) | (39 | ) | (36 | ) | ||||||||
Net revenue by platform | ||||||||||||||||||
Console | 917 | 885 | 826 | 760 | 923 | 1 | % | |||||||||||
PC/Browser | 149 | 217 | 217 | 249 | 242 | 62 | % | |||||||||||
Mobile | 220 | 181 | 190 | 196 | 177 | (20 | %) | |||||||||||
Other | — | 6 | 5 | 4 | 6 | 100 | % | |||||||||||
Total net revenue | 1,286 | 1,289 | 1,238 | 1,209 | 1,348 | 5 | % | |||||||||||
GAAP-based financial data | ||||||||||||||||||
Console | 8 | 323 | 87 | (344 | ) | 8 | ||||||||||||
PC/Browser | (4 | ) | 33 | 88 | (59 | ) | (31 | ) | ||||||||||
Mobile | (24 | ) | 11 | (2 | ) | (25 | ) | (11 | ) | |||||||||
Other | — | 1 | — | 1 | (1 | ) | ||||||||||||
Total change in deferred net revenue (online-enabled games) by platform2 | (20 | ) | 368 | 173 | (427 | ) | (35 | ) | ||||||||||
Mobile platform fees | (44 | ) | (48 | ) | (47 | ) | (39 | ) | (36 | ) |
ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||||||||||||||
Unaudited Supplemental Financial Information and Business Metrics | |||||||||||||||||
(in $ millions) | |||||||||||||||||
Q2 | Q3 | Q4 | Q1 | Q2 | YOY % | ||||||||||||
FY19 | FY19 | FY19 | FY20 | FY20 | Change | ||||||||||||
CASH FLOW DATA | |||||||||||||||||
Operating cash flow | (126 | ) | 954 | 599 | 158 | 37 | 129 | % | |||||||||
Operating cash flow - TTM | 1,458 | 1,563 | 1,547 | 1,585 | 1,748 | 20 | % | ||||||||||
Capital expenditures | 31 | 21 | 35 | 45 | 27 | (13 | %) | ||||||||||
Capital expenditures - TTM | 107 | 104 | 119 | 132 | 128 | 20 | % | ||||||||||
Repurchase and retirement of common stock | 299 | 292 | 301 | 305 | 306 | 2 | % | ||||||||||
DEPRECIATION | |||||||||||||||||
Depreciation expense | 30 | 30 | 31 | 30 | 30 | — | |||||||||||
BALANCE SHEET DATA | |||||||||||||||||
Cash and cash equivalents | 2,881 | 3,887 | 4,708 | 3,533 | 2,940 | ||||||||||||
Short-term investments | 1,664 | 1,274 | 737 | 1,654 | 1,943 | ||||||||||||
Cash and cash equivalents, and short-term investments | 4,545 | 5,161 | 5,445 | 5,187 | 4,883 | 7 | % | ||||||||||
Receivables, net | 966 | 806 | 623 | 329 | 856 | (11 | %) | ||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
Cost of revenue | 1 | 1 | 1 | 1 | 1 | ||||||||||||
Research and development | 39 | 49 | 49 | 49 | 61 | ||||||||||||
Marketing and sales | 9 | 8 | 9 | 7 | 10 | ||||||||||||
General and administrative | 17 | 17 | 14 | 16 | 20 | ||||||||||||
Total stock-based compensation | 66 | 75 | 73 | 73 | 92 |
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Cover Page |
Oct. 29, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Oct. 29, 2019 |
Entity Registrant Name | ELECTRONIC ARTS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 0-17948 |
Entity Tax Identification Number | 94-2838567 |
Entity Address, Address Line One | 209 Redwood Shores Parkway, |
Entity Address, City or Town | Redwood City, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94065-1175 |
City Area Code | (650) |
Local Phone Number | 628-1500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | EA |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0000712515 |
Amendment Flag | false |
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