Electronic Arts Inc. (NASDAQ: EA) today announced preliminary
financial results for its second fiscal quarter ended September 30,
2020.
“Thanks to the incredible work of our teams and everything they
continue to do for players while working from home, we’re
delivering more fan-favorite games, growing our leading live
services, and engaging more players across more platforms than ever
before,” said CEO Andrew Wilson. “Our business has grown
significantly this year, and we are projecting continued expansion
into FY22 and beyond.”
“We delivered a quarter well above our guidance, driven by our
live services, particularly Madden and FIFA. This resulted in a new
record trailing twelve-month cash flow of $2.04 billion. We are
pleased to announce a new share repurchase program and also to
initiate a dividend for the first time in EA history,” said COO and
CFO Blake Jorgensen. “We are on track to deliver strong growth this
year and expect continued growth in fiscal 2022 and in the years to
come. Apex Legends is on track to become our latest billion-dollar
franchise by the end of the fiscal year. All of our studios
continue to execute amazingly well and have enabled us to launch an
industry-leading eight games since the beginning of the fiscal
year, while continuing to deliver live services content and expand
onto new platforms.”
EA has posted a refreshed slide presentation and a financial
model of EA’s historical results and guidance on EA’s IR website at
www.ir.ea.com. EA will also post the prepared remarks and a
transcript from the conference call on EA’s IR website. 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
- Net bookings* for the trailing twelve months was $5.577
billion, up 8% year-over-year.
- Launched EA SPORTS™ UFC® 4, Madden NFL 21, Rocket Arena, and
Star Wars™: Squadrons during the quarter.
- Madden NFL 21 has nearly 30% more players year-over-year.
- Life to date, FIFA 20 has reached nearly 35 million players on
console and PC.
- EA Play now has more than 6.5 million paid subscribers.
- During the fiscal year, EA launched more than 125 games and
content packs on the Steam platform.
* 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
- Net cash provided by operating activities was $61 million for
the quarter and a record $2.041 billion for the trailing twelve
months.
- EA announced a new $2.6 billion, two-year stock repurchase
program and declared a quarterly cash dividend of $0.17 per
share.
Quarterly Financial
Highlights
Three Months Ended
September 30,
2020
2019
(in $ millions, except per share amounts) Full game
282
580
Live services and other
869
768
Total net revenue
1,151
1,348
Net income
185
854* Diluted earnings per share
0.63
2.89* Operating cash flow
61
37
Value of shares repurchased
-
306
Number of shares repurchased
-
3.3
*Includes the impact of one-time tax benefits recognized
during the fiscal quarter.
The following GAAP-based financial data and tax rate of 18% was
used internally by company management to adjust its GAAP results in
order to assess EA’s operating results:
Three Months Ended September 30, 2020 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
1,151
-
(241
)
-
Cost of revenue
286
-
-
(2
)
Gross profit
865
-
(241
)
2
Total operating expenses
716
(6
)
-
(111
)
Operating income
149
6
(241
)
113
Interest and other income, net
(10
)
-
-
-
Income before provision for income taxes
139
6
(241
)
113
Number of shares used in computation: Diluted
293
For more information about the nature of the GAAP-based
financial data, please refer to EA’s Form 10-K for the fiscal year
ended March 31, 2020.
Financial Highlights for the Trailing
Twelve Months
Twelve Months Ended
September 30,
2020
2019
(in $ millions) Full game
1,686
1,726
Live services and other
3,904
3,358
Total net revenue
5,590
5,084
Net income
1,314
2,746* Operating cash flow
2,041
1,748
Value of shares repurchased
674
1,204
Number of shares repurchased
6.5
12.9
*Includes the impact of one-time tax benefits recognized
during the period.
The following GAAP-based financial data and tax rate of 18% was
used internally by company management to adjust its GAAP results in
order to assess EA’s operating results:
Twelve Months Ended September 30, 2020 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
5,590
-
(13
)
-
Cost of revenue
1,351
(8
)
-
(5
)
Gross profit
4,239
8
(13
)
5
Total operating expenses
2,857
(24
)
-
(392
)
Operating income
1,382
32
(13
)
397
Interest and other income, net
13
-
-
-
Income before provision for income taxes
1,395
32
(13
)
397
For more information about the nature of the GAAP-based
financial data, please refer to EA’s Form 10-K for the fiscal year
ended March 31, 2020.
Operating Metric
The following is a calculation of our total net bookings for the
periods presented:
Three Months Ended
Twelve Months Ended
September 30,
September 30,
2020
2019*
2020*
2019*
(in $ millions) Total net revenue
1,151
1,348
5,590
5,084
Change in deferred net revenue (online-enabled games)
(241
)
(35
)
(13
)
79
Net bookings
910
1,313
5,577
5,163
*At the beginning of FY21, EA changed the way in which it
presents net bookings. Periods prior to the first quarter of FY21
have been recast for comparability to align with these changes. For
more information, please see the Financial Reporting FAQ on our IR
website.
Stock Repurchase Program and
Dividend
EA’s Board of Directors has approved a new two-year program to
repurchase up to $2.6 billion of EA's common stock.
Under the program, EA may purchase stock in the open market or
through privately negotiated transactions in accordance with
applicable securities laws, including pursuant to pre-arranged
stock trading plans. The timing and actual amount of the stock
repurchases will depend on several factors including price, capital
availability, regulatory requirements, alternative investment
opportunities and other market conditions. EA is not obligated to
repurchase any specific number of shares under the program and the
repurchase program may be modified, suspended or discontinued at
any time.
In addition, EA’s Board of Directors initiated a quarterly
dividend and declared a cash dividend of $0.17 per share of EA’s
common stock. The dividend is payable on December 23, 2020 to
stockholders of record as of the close of business on December 2,
2020.
Business Outlook as of November 5,
2020
The following forward-looking
statements reflect expectations as of November 5, 2020. 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 2021 Expectations – Ending March 31, 2021
Financial metrics:
- Net revenue is expected to be approximately $5.625 billion.
- Change in deferred net revenue (online-enabled games) is
expected to be approximately $325 million.
- Net income is expected to be approximately $924 million.
- Diluted earnings per share is expected to be approximately
$3.15.
- Operating cash flow is expected to be approximately $1.850
billion.
- The Company estimates a share count of 293 million for purposes
of calculating fiscal year 2021 diluted earnings per share.
Operational metric:
- Net bookings is expected to be approximately $5.950
billion.
In addition, the following outlook for GAAP-based financial data
and a long-term tax rate of 18% 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,
2021
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
5,625
-
325
-
Cost of revenue
1,485
-
-
(3
)
Operating expense
3,022
(20
)
-
(442
)
Income before provision for income taxes
1,086
20
325
445
Net income
924
Number of shares used in computation: Diluted shares
293
Third Quarter Fiscal Year 2021 Expectations – Ending December
31, 2020
Financial metrics:
- Net revenue is expected to be approximately $1.675 billion.
- Change in deferred net revenue (online-enabled games) is
expected to be approximately $675 million.
- Net income is expected to be approximately $180 million.
- Diluted earnings per share is expected to be approximately
$0.61.
- The Company estimates a share count of 294 million for purposes
of calculating third quarter fiscal year 2021 diluted earnings per
share.
Operational metric:
- Net bookings is expected to be approximately $2.350
billion.
In addition, the following outlook for GAAP-based financial data
and a long-term tax rate of 18% are used internally by EA to adjust
our GAAP expectations to assess EA’s operating results and plan for
future periods:
Three Months Ending December
31, 2020
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
1,675
-
675
-
Cost of revenue
599
-
-
-
Operating expense
840
(5
)
-
(115
)
Income before provision for income taxes
227
5
675
115
Net income
180
Number of shares used in computation: Diluted shares
294
For more information about the nature of the GAAP-based
financial data, please refer to EA’s Form 10-K for the fiscal year
ended March 31, 2020.
Conference Call and Supporting
Documents
Electronic Arts will host a conference call on November 5, 2020
at 2:00 pm PT (5:00 pm ET) to review its results for the second
fiscal quarter ended September 30, 2020 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 (866) 324-3683 (domestic) or (509)
844-0959 (international), using the conference code 6481848 or via
webcast at EA’s IR Website at http://ir.ea.com.
EA has posted a slide presentation with 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
November 19, 2020 at 855-859-2056 (domestic) or 404-537-3406
(international) using pin code 6481848. 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 2021 expectations under the
heading “Business Outlook as of November 5, 2020,” and other
information regarding EA's fiscal 2021 and fiscal 2022 expectations
contain forward-looking statements that are subject to change.
Statements including words such as “anticipate,” “believe,”
“expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,”
“will,” “may,” “likely,” “should,” “could” (and the negative of any
of these terms), “future” and similar expressions also identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance and reflect management’s
current expectations. Our actual results could differ materially
from those discussed 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: the
impact of the COVID-19 pandemic, sales of the Company’s products
and services; the Company’s ability to develop and support digital
products and services, including managing online security and
privacy; outages of our products, services and technological
infrastructure; the Company’s ability to manage expenses; the
competition in the interactive entertainment industry; governmental
regulations; the effectiveness of the Company’s sales and marketing
programs; timely development and release of the Company’s products
and services; 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; changes in our tax rates or tax laws; and
other factors described in Part II, Item 1A of Electronic Arts’
latest Quarterly Report on Form 10-Q under the heading “Risk
Factors”, as well as in other documents we have filed with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the fiscal year ended March 31, 2020.
These forward-looking statements are current as of November 5,
2020. Electronic Arts assumes no obligation to revise or update any
forward-looking statement for any reason, except as required by
law. 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 September 30, 2020. 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 September 30,
2020.
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.
In fiscal year 2020, EA posted
GAAP net revenue of $5.5 billion. Headquartered in Redwood City,
California, EA is recognized for a portfolio of critically
acclaimed, high-quality brands such as EA SPORTS™ FIFA,
Battlefield™, Apex Legends™, The Sims™, Madden NFL, Need for
Speed™, Titanfall™ and Plants vs. Zombies™. More information about
EA is available at www.ea.com/news.
EA SPORTS, Battlefield, Need for Speed, Apex Legends, The Sims,
Titanfall and Plants vs. Zombies are trademarks of Electronic Arts
Inc. STAR WARS © & TM 2020 Lucasfilm Ltd. All rights reserved.
John Madden, NFL, UFC and FIFA are the property of their respective
owners and used with permission.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Operations
(in $ millions, except per
share data)
Three Months Ended
Six Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net revenue
1,151
1,348
2,610
2,557
Cost of revenue
286
405
574
592
Gross profit
865
943
2,036
1,965
Operating expenses:
Research and development
421
387
859
768
Marketing and sales
156
152
277
262
General and administrative
133
128
269
238
Acquisition-related contingent
consideration
—
2
—
3
Amortization of intangibles
6
6
11
11
Total operating expenses
716
675
1,416
1,282
Operating income
149
268
620
683
Interest and other income (expense),
net
(10
)
16
(13
)
37
Income before provision for (benefit from)
income taxes
139
284
607
720
Provision for (benefit from) income
taxes
(46
)
(570
)
57
(1,555
)
Net income
185
854
550
2,275
Earnings per share
Basic
0.64
2.89
1.90
7.69
Diluted
0.63
2.89
1.88
7.66
Number of shares used in
computation
Basic
289
295
289
296
Diluted
293
296
292
297
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus
our guidance provided on July 30, 2020 for the three months ended
September 30, 2020 plus a comparison to the actuals for the three
months ended September 30, 2019.
Three Months Ended September
30,
2020
2020
2019
Guidance
Variance
Actuals
Actuals
Net revenue
Net revenue
1,125
26
1,151
1,348
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(250
)
9
(241
)
(35
)
Cost of revenue
Cost of revenue
280
6
286
405
GAAP-based financial data
Acquisition-related expenses
—
—
—
(2
)
Stock-based compensation
—
(2
)
(2
)
(1
)
Operating expenses
Operating expenses
755
(39
)
716
675
GAAP-based financial data
Acquisition-related expenses
(5
)
(1
)
(6
)
(8
)
Stock-based compensation
(110
)
(1
)
(111
)
(91
)
Income before tax
Income before tax
83
56
139
284
GAAP-based financial data
Acquisition-related expenses
5
1
6
10
Change in deferred net revenue
(online-enabled games)1
(250
)
9
(241
)
(35
)
Stock-based compensation
110
3
113
92
Tax rate used for management reporting
18
%
18
%
18
%
Earnings per share
Basic
0.21
0.43
0.64
2.89
Diluted
0.21
0.42
0.63
2.89
Number of shares
Basic
289
—
289
295
Diluted
293
—
293
296
1The change in deferred net revenue
(online-enabled games) in the unaudited condensed consolidated
statements of cash flows does not necessarily equal the change in
deferred net revenue (online-enabled games) in the unaudited
condensed consolidated statements of operations primarily due to
the impact of unrecognized gains/losses on cash flow hedges.
In fiscal 2021, EA changed the way in
which it presents net revenue. Periods prior to the first quarter
of fiscal 2021 have been recast for comparability to align with
these changes. For more information please see the Financial
Reporting FAQ on our Investor Relations Website.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(in $ millions)
September 30, 2020
March 31, 20202
ASSETS
Current assets:
Cash and cash equivalents
4,059
3,768
Short-term investments
1,972
1,967
Receivables, net
423
461
Other current assets
376
321
Total current assets
6,830
6,517
Property and equipment, net
458
449
Goodwill
1,891
1,885
Acquisition-related intangibles, net
42
53
Deferred income taxes, net
1,937
1,903
Other assets
312
305
TOTAL ASSETS
11,470
11,112
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
164
68
Accrued and other current liabilities
1,083
1,052
Deferred net revenue (online-enabled
games)
639
945
Senior notes, current, net
599
599
Total current liabilities
2,485
2,664
Senior notes, net
397
397
Income tax obligations
301
373
Deferred income taxes, net
1
1
Other liabilities
211
216
Total liabilities
3,395
3,651
Stockholders’ equity:
Common stock
3
3
Additional paid-in capital
145
—
Retained earnings
8,016
7,508
Accumulated other comprehensive loss
(89
)
(50
)
Total stockholders’ equity
8,075
7,461
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
11,470
11,112
2Derived from audited consolidated
financial statements.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended September
30,
Six Months Ended September
30,
2020
2019
2020
2019
OPERATING ACTIVITIES
Net income
185
854
550
2,275
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization and
accretion
40
35
77
72
Stock-based compensation
113
92
215
165
Change in assets and liabilities
Receivables, net
83
(529
)
39
(235
)
Other assets
(157
)
9
(113
)
33
Accounts payable
109
91
106
51
Accrued and other liabilities
(30
)
144
(96
)
88
Deferred income taxes, net
(42
)
(626
)
(32
)
(1,800
)
Deferred net revenue (online-enabled
games)
(240
)
(33
)
(307
)
(454
)
Net cash provided by operating
activities
61
37
439
195
INVESTING ACTIVITIES
Capital expenditures
(25
)
(27
)
(63
)
(72
)
Proceeds from maturities and sales of
short-term investments
724
435
1,418
793
Purchase of short-term investments
(752
)
(721
)
(1,416
)
(1,984
)
Net cash used in investing
activities
(53
)
(313
)
(61
)
(1,263
)
FINANCING ACTIVITIES
Proceeds from issuance of common stock
40
30
43
33
Cash paid to taxing authorities for shares
withheld from employees
(8
)
(4
)
(77
)
(55
)
Repurchase and retirement of common
stock
—
(306
)
(78
)
(611
)
Payment of contingent consideration
—
(32
)
—
(64
)
Net cash provided by (used in)
financing activities
32
(312
)
(112
)
(697
)
Effect of foreign exchange on cash and
cash equivalents
6
(5
)
25
(3
)
Change in cash and cash
equivalents
46
(593
)
291
(1,768
)
Beginning cash and cash equivalents
4,013
3,533
3,768
4,708
Ending cash and cash
equivalents
4,059
2,940
4,059
2,940
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions, except per
share data)
Q2
Q3
Q4
Q1
Q2
YOY %
FY20
FY20
FY20
FY21
FY21
Change
Net revenue
Net revenue
1,348
1,593
1,387
1,459
1,151
(15
%)
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(35
)
428
(131
)
(69
)
(241
)
Gross profit
Gross profit
943
1,085
1,118
1,171
865
(8
%)
Gross profit (as a % of net revenue)
70
%
68
%
81
%
80
%
75
%
GAAP-based financial data
Acquisition-related expenses
2
5
3
—
—
Change in deferred net revenue
(online-enabled games)1
(35
)
428
(131
)
(69
)
(241
)
Stock-based compensation
1
1
1
1
2
Operating income
Operating income
268
361
401
471
149
(44
%)
Operating income (as a % of net
revenue)
20
%
23
%
29
%
32
%
13
%
GAAP-based financial data
Acquisition-related expenses
10
12
9
5
6
Change in deferred net revenue
(online-enabled games)1
(35
)
428
(131
)
(69
)
(241
)
Stock-based compensation
92
91
91
102
113
Net income
Net income
854
346
418
365
185
(78
%)
Net income (as a % of net revenue)
63
%
22
%
30
%
25
%
16
%
GAAP-based financial data
Acquisition-related expenses
10
12
9
5
6
Change in deferred net revenue
(online-enabled games)1
(35
)
428
(131
)
(69
)
(241
)
Stock-based compensation
92
91
91
102
113
Tax rate used for management reporting
18
%
18
%
18
%
18
%
18
%
Diluted earnings per share
2.89
1.18
1.43
1.25
0.63
(78
%)
Number of diluted shares used in
computation
Basic
295
292
290
288
289
Diluted
296
294
292
292
293
1The change in deferred net revenue
(online-enabled games) in the unaudited condensed consolidated
statements of cash flows does not necessarily equal the change in
deferred net revenue (online-enabled games) in the unaudited
condensed consolidated statements of operations primarily due to
the impact of unrecognized gains/losses on cash flow hedges.
In fiscal 2021, EA changed the way in
which it presents net revenue. Periods prior to the first quarter
of fiscal 2021 have been recast for comparability to align with
these changes. For more information please see the Financial
Reporting FAQ on our Investor Relations Website.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions)
Q2
Q3
Q4
Q1
Q2
YOY %
FY20
FY20
FY20
FY21
FY21
Change
QUARTERLY NET REVENUE
PRESENTATIONS
Net revenue by composition
Full game downloads
181
286
211
223
163
(10
%)
Packaged goods
399
403
145
136
119
(70
%)
Full game
580
689
356
359
282
(51
%)
Live services and other
768
904
1,031
1,100
869
13
%
Total net revenue
1,348
1,593
1,387
1,459
1,151
(15
%)
Full game
43
%
43
%
26
%
25
%
25
%
Live services and other
57
%
57
%
74
%
75
%
75
%
Total net revenue %
100
%
100
%
100
%
100
%
100
%
GAAP-based financial data
Full game downloads
(5
)
31
(21
)
(5
)
(2
)
Packaged goods
62
60
(67
)
(67
)
(14
)
Full game
57
91
(88
)
(72
)
(16
)
Live services and other
(92
)
337
(43
)
3
(225
)
Total change in deferred net revenue
(online-enabled games) by composition1
(35
)
428
(131
)
(69
)
(241
)
Net revenue by platform
Console
923
1,163
928
932
714
(23
%)
PC & Other
248
261
274
325
249
—
Mobile
177
169
185
202
188
6
%
Total net revenue
1,348
1,593
1,387
1,459
1,151
(15
%)
GAAP-based financial data
Console
8
388
(143
)
(108
)
(201
)
PC & Other
(32
)
24
7
15
(24
)
Mobile
(11
)
16
5
24
(16
)
Total change in deferred net revenue
(online-enabled games) by platform1
(35
)
428
(131
)
(69
)
(241
)
1The change in deferred net revenue
(online-enabled games) in the unaudited condensed consolidated
statements of cash flows does not necessarily equal the change in
deferred net revenue (online-enabled games) in the unaudited
condensed consolidated statements of operations primarily due to
the impact of unrecognized gains/losses on cash flow hedges.
In fiscal 2021, EA changed the way in
which it presents net revenue. Periods prior to the first quarter
of fiscal 2021 have been recast for comparability to align with
these changes. For more information please see the Financial
Reporting FAQ on our Investor Relations Website.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions)
Q2
Q3
Q4
Q1
Q2
YOY %
FY20
FY20
FY20
FY21
FY21
Change
CASH FLOW DATA
Operating cash flow
37
1,104
498
378
61
65
%
Operating cash flow - TTM
1,748
1,898
1,797
2,017
2,041
17
%
Capital expenditures
27
28
40
38
25
(7
%)
Capital expenditures - TTM
128
135
140
133
131
2
%
Repurchase and retirement of common
stock
306
305
291
78
—
(100
%)
DEPRECIATION
Depreciation expense
30
29
31
31
32
7
%
BALANCE SHEET DATA
Cash and cash equivalents
2,940
3,603
3,768
4,013
4,059
Short-term investments
1,943
1,999
1,967
1,947
1,972
Cash and cash equivalents, and short-term
investments
4,883
5,602
5,735
5,960
6,031
24
%
Receivables, net
856
798
461
507
423
(51
%)
STOCK-BASED COMPENSATION
Cost of revenue
1
1
1
1
2
Research and development
61
60
59
66
74
Marketing and sales
10
10
10
11
12
General and administrative
20
20
21
24
25
Total stock-based compensation
92
91
91
102
113
Category: Company News
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006032/en/
For additional information,
please contact:
Chris Evenden Vice President, Investor Relations 650-628-0255
cevenden@ea.com
John Reseburg Vice President, Corporate Communications
650-628-3601 jreseburg@ea.com
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