Electronic Arts Inc. (NASDAQ: EA) today announced preliminary
financial results for its second fiscal quarter ended September 30,
2019.
“It was an excellent second quarter for Electronic Arts. Our new
EA SPORTS titles are thrilling core fans and bringing in new
players, and our ongoing live services are growing with
deeply-engaged communities,” said CEO Andrew Wilson. “With new
games like Star Wars Jedi: Fallen Order, Need for Speed, Plants vs.
Zombies and more great content across our top franchises, we’re set
to deliver a lot of fun and excitement to players this holiday
season, and continue our momentum in this fiscal year.”
“The strong results this quarter illustrate the power of our
live services and our core franchises. Strength in Ultimate Team,
The Sims 4 and FIFA Online drove live services performance above
our expectations,” said COO and CFO Blake Jorgensen. “Looking
ahead, we are doubling down on live services combined with our core
franchises. We’re investing in games that people play for longer
and engage with much more deeply. This focus will continue to drive
growth and profitability for the company through the remainder of
this year and beyond.”
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 $3.883 billion, up 8% year-over-year and represents 78% of
total net bookings.
- The number of FIFA Ultimate Team™ unique players increased 22%
year-over-year.
- The number of Madden Ultimate Team™ unique players increased 19%
year-over-year.
- Apex Legends™ has had 70 million players life to date.
- The Sims™ 4 monthly
average players are up more than 40% year-over-year.
* 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 and mobile platform
fees.
Selected Financial Highlights and
Metrics
- 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.
Impact of Certain Tax
Matters
During the six months ended September 30, 2019, three separate
tax events occurred:
- 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;
- 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
- During the three months ended September 30, 2019, Switzerland
changed its income tax rates.
As a result of these events, EA has recognized an income tax
benefit of $1.705 billion, or $5.74 of earnings per share, during
the fiscal year ending March 31, 2020. EA recognized $1.080
billion, or $3.61 of earnings per share, of this income tax benefit
during the three months ended June 30, 2019 and $625 million, or
$2.11 of earnings per share, during the three months ended
September 30, 2019.
Quarterly Financial
Highlights
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
*Refer to the above section titled "Impact of Certain Tax Matters"
for additional details.
The following GAAP-based financial data and tax rate of 18% was
used internally by company management to adjust its fiscal GAAP
results in order to assess EA’s operating results:
Three Months Ended September 30, 2019 GAAP-Based
Financial Data (in $ millions)
StatementofOperations
Acquisition-relatedexpenses Change indeferrednet
revenue(online-enabledgames) Mobileplatformfees
Stock-basedcompensation 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
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 June 30, 2019.
TTM Financial Highlights
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
*Refer to the above section titled "Impact of Certain Tax Matters"
for additional details.
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, 2019 GAAP-Based
Financial Data (in $ millions)
StatementofOperations
Acquisition-relatedexpenses Change indeferred
netrevenue(online-enabledgames) Mobileplatformfees
Stock-basedcompensation 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
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 June 30, 2019.
Operating Metric
The following is a calculation of our total net bookings for the
periods presented:
Three Months Ended TTM Ended September 30,
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
Business Outlook as of October 29,
2019
The following forward-looking
statements reflect expectations as of October 29, 2019. 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 2020 Expectations – Ending March 31, 2020
Financial metrics:
- 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.
Operational metric:
- Net bookings is expected to be approximately $5.125
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, 2020 GAAP-Based Financial
Data GAAPGuidance Acquisition-relatedexpenses
Change indeferred netrevenue(online-enabledgames)
Mobileplatform fees Stock-basedcompensation (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
Third Quarter Fiscal Year 2020 Expectations – Ending December
31, 2019
Financial metrics:
- 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.
Operational metric:
- Net bookings is expected to be approximately $1.940
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, 2019 GAAP-Based
Financial Data GAAPGuidance
Acquisition-relatedexpenses Change in deferrednet revenue
(online-enabled games) Mobileplatformfees
Stock-basedcompensation (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
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 June 30, 2019.
Conference Call and Supporting
Documents
Electronic Arts will host a conference call on October 29, 2019
at 2:00 pm PT (5:00 pm ET) to review its results for the second
quarter ended September 30, 2019 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) 393-4306 (domestic) or (734)
385-2616 (international), using conference code 9877505 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 and Investor Accounting FAQ 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 13, 2019 at 855-859-2056 (domestic) or 404-537-3406
(international) using pin code 9877505. 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 2020 expectations under the
heading “Business Outlook as of October 29, 2019,” and other
information regarding EA's fiscal 2020 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:
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, 2019.
These forward-looking statements are current as of October 29,
2019. 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, 2019. 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,
2019, except as required by law.
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 2019, EA posted
GAAP net revenue of $4.95 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, Ultimate Team, Apex Legends, Battlefield, Need for
Speed, Titanfall, The Sims and Plants vs. Zombies are trademarks of
Electronic Arts Inc. John Madden, NFL 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 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
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus
our guidance provided on July 30, 2019 for the three months ended
September 30, 2019 plus a comparison to the actuals for the three
months ended September 30, 2018.
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
1Derived 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,
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
2The 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.
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
)
2The 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.
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191029005972/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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