Electronic Arts Inc. (NASDAQ: EA) today announced preliminary
financial results for its first fiscal quarter ended June 30,
2020.
“This was an extraordinary quarter, and we’re deeply proud of
everything our teams at Electronic Arts are doing for our players
and communities,” said CEO Andrew Wilson. “We launched new games,
deeply engaged players in our live services, and welcomed tens of
millions of new players to our network. It was an unprecedented
first quarter of growth in our business, and we will continue
building on that strength with more innovative experiences, more
groundbreaking content, and more ways to connect with friends and
play great games throughout the year.”
“Player engagement through the first quarter was exceptionally
high, and well above our forecast,” said COO and CFO Blake
Jorgensen. “Our Stay Home, Play Together initiatives have been a
strong tailwind for the business, as players look for safe and
social entertainment in these difficult times. We are focused on
delivering high quality titles for our players, combined with our
incredible ongoing live services and increasing reach across
platforms and geographies which should continue to expand our
business over time.”
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 $5.980
billion, up 17% year-over-year.
- Launched Command & ConquerTM Remastered and Burnout
ParadiseTM Remastered during the quarter.
- During the quarter, EA delivered over 30 new content updates,
including two major game expansions, and more than 50 mobile
updates.
- Launched nearly 30 titles on the Steam platform during the
quarter.
- During the quarter, Apex LegendsTM launched Season 5 with
engagement reaching its highest levels since Season 1.
- During the quarter, player acquisition for FIFA was up more
than 100% year-over-year and up nearly 140% year-over-year in
Madden NFL.
- Life to date, The Sims 4TM has more than 30 million players
across all platforms; daily, weekly, and monthly active player
totals reached record highs for a first quarter.
* 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 $378 million for
the quarter and a record $2.017 billion for the trailing twelve
months.
- EA repurchased approximately 747,000 shares for $78 million
during the quarter, completing its $2.4 billion, two-year
repurchase program.
Quarterly Financial
Highlights
Three Months Ended June 30,
2020
2019
(in $ millions, except per share amounts) Full game
359
262
Live services and other
1,100
947
Total net revenue
1,459
1,209
Net income
365
1,421* Diluted earnings per share
1.25
4.75* Operating cash flow
378
158
Value of shares repurchased
78
305
Number of shares repurchased
0.7
3.2
*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 June 30, 2020 GAAP-Based Financial
Data (in $ millions)
StatementofOperations
Acquisition-relatedexpenses Change indeferrednet
revenue(online-enabledgames) Stock-basedcompensation
Total net revenue
1,459
-
(69
)
-
Cost of revenue
288
-
-
(1
)
Gross profit
1,171
-
(69
)
1
Total operating expenses
700
(5
)
-
(101
)
Operating income
471
5
(69
)
102
Interest and other income, net
(3
)
-
-
-
Income before provision for (benefit from) income taxes
468
5
(69
)
102
Number of shares used in computation: Diluted
292
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
June 30,
2020
2019
(in $ millions) Full game
1,984
1,784
Live services and other
3,803
3,238
Total net revenue
5,787
5,022
Net income 1,983* 2,147* Operating cash flow
2,017
1,585
Value of shares repurchased
980
1,197
Number of shares repurchased
9.8
11.9
*Includes the impact of one-time tax benefits recognized during the
trailing twelve months.
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 June 30, 2020 GAAP-Based Financial
Data (in $ millions)
StatementofOperations
Acquisition-relatedexpenses Change indeferred
netrevenue(online-enabledgames) Stock-basedcompensation
Total net revenue
5,787
-
193
-
Cost of revenue
1,470
(10
)
-
(4
)
Gross profit
4,317
10
193
4
Total operating expenses
2,816
(26
)
-
(372
)
Operating income
1,501
36
193
376
Interest and other income, net
39
-
-
-
Income before provision for income taxes
1,540
36
193
376
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
June 30,
June 30,
2020
2019*
2020*
2019*
(in $ millions) Total net revenue
1,459
1,209
5,787
5,022
Change in deferred net revenue (online-enabled games)
(69
)
(427
)
193
94
Net bookings
1,390
782
5,980
5,116
*At the beginning of FY21, EA changed the way in which it reports
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.
Business Outlook as of July 30,
2020
The following forward-looking
statements reflect expectations as of July 30, 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 $869 million.
- Diluted earnings per share is expected to be approximately
$2.97.
- 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 GAAPGuidance Acquisition-relatedexpenses
Change indeferred netrevenue (online-enabled games)
Stock-basedcompensation (in $ millions) Total net revenue
5,625
-
325
-
Cost of revenue
1,483
-
-
(1
)
Operating expense
3,024
(20
)
-
(444
)
Income before provision for (benefit from) income taxes
1,086
20
325
445
Net income
869
Number of shares used in computation: Diluted shares
293
Second Quarter Fiscal Year 2021 Expectations – Ending
September 30, 2020
Financial metrics:
- Net revenue is expected to be approximately $1.125 billion.
- Change in deferred net revenue (online-enabled games) is
expected to be approximately $(250) million.
- Net income is expected to be approximately $61 million.
- Diluted earnings per share is expected to be approximately
$0.21.
- The Company estimates a share count of 293 million for purposes
of calculating second quarter fiscal year 2021 diluted earnings per
share. If the Company reports a net loss instead of net income, a
basic share count for calculating earnings per share would be 289
million shares.
Operational metric:
- Net bookings is expected to be approximately $875 million.
As previously announced, Madden NFL 21 will launch on August 28,
2020 and FIFA 21 will launch on October 9, 2020, moving FIFA 21 out
of the second fiscal quarter and into the beginning of the third
fiscal quarter. These launch dates affect the original estimated
phasing of net revenue and net bookings as well as the
year-over-year quarterly comparison. Refer to the slide
presentation on EA’s IR website for additional details.
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 September 30, 2020 GAAP-Based
Financial Data GAAPGuidance
Acquisition-relatedexpenses Change indeferred netrevenue
(online-enabled games) Stock-basedcompensation (in $
millions) Total net revenue
1,125
-
(250
)
-
Cost of revenue
280
-
-
-
Operating expense
755
(5
)
-
(110
)
Income (loss) before provision for (benefit from) income taxes
83
5
(250
)
110
Net income (loss)
61
Number of shares used in computation: Diluted shares
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.
Conference Call and Supporting
Documents
Electronic Arts will host a conference call on July 30, 2020 at
2:00 pm PT (5:00 pm ET) to review its results for the first fiscal
quarter ended June 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 5955287 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
August 13, 2020 at 855-859-2056 (domestic) or 404-537-3406
(international) using pin code 5955287. 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 July 30, 2020,” and other
information regarding EA's fiscal 2021 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 I, Item 1A of Electronic Arts’
latest Annual Report on Form 10-K under the heading “Risk Factors”,
as well as in other documents we have filed with the Securities and
Exchange Commission.
These forward-looking statements are current as of July 30,
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 June 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 June 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, Command & Conquer, Burnout Paradise, Battlefield,
Need for Speed, Apex Legends, 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
June 30,
2020
2019
Net revenue
1,459
1,209
Cost of revenue
288
187
Gross profit
1,171
1,022
Operating expenses:
Research and development
438
381
Marketing and sales
121
110
General and administrative
136
110
Acquisition-related contingent
consideration
—
1
Amortization of intangibles
5
5
Total operating expenses
700
607
Operating income
471
415
Interest and other income (expense),
net
(3
)
21
Income before provision for (benefit from)
income taxes
468
436
Provision for (benefit from) income
taxes
103
(985
)
Net income
365
1,421
Earnings per share
Basic
1.27
4.78
Diluted
1.25
4.75
Number of shares used in
computation
Basic
288
297
Diluted
292
299
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus
our guidance provided on May 5, 2020 for the three months ended
June 30, 2020 plus a comparison to the actuals for the three months
ended June 30, 2019.
Three Months Ended June
30,
2020
2020
2019
Guidance
Variance
Actuals
Actuals
Net revenue
Net revenue
1,220
239
1,459
1,209
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(220
)
151
(69
)
(427
)
Cost of revenue
Cost of revenue
210
78
288
187
GAAP-based financial data
Acquisition-related expenses
—
—
—
(2
)
Stock-based compensation
—
(1
)
(1
)
(1
)
Operating expenses
Operating expenses
635
65
700
607
GAAP-based financial data
Acquisition-related expenses
(5
)
—
(5
)
(6
)
Stock-based compensation
(90
)
(11
)
(101
)
(72
)
Income before tax
Income before tax
374
94
468
436
GAAP-based financial data
Acquisition-related expenses
5
—
5
8
Change in deferred net revenue
(online-enabled games)1
(220
)
151
(69
)
(427
)
Stock-based compensation
90
12
102
73
Tax rate used for management reporting
18
%
18
%
18
%
Earnings per share
Basic
0.93
0.34
1.27
4.78
Diluted
0.93
0.32
1.25
4.75
Number of shares
Basic
289
(1
)
288
297
Diluted
291
1
292
299
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 reports 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)
June 30, 2020
March 31, 20202
ASSETS
Current assets:
Cash and cash equivalents
4,013
3,768
Short-term investments
1,947
1,967
Receivables, net
507
461
Other current assets
223
321
Total current assets
6,690
6,517
Property and equipment, net
450
449
Goodwill
1,889
1,885
Acquisition-related intangibles, net
48
53
Deferred income taxes, net
1,894
1,903
Other assets
313
305
TOTAL ASSETS
11,284
11,112
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
51
68
Accrued and other current liabilities
1,040
1,052
Deferred net revenue (online-enabled
games)
878
945
Senior notes, current, net
599
599
Total current liabilities
2,568
2,664
Senior notes, net
397
397
Income tax obligations
312
373
Deferred income taxes, net
1
1
Other liabilities
224
216
Total liabilities
3,502
3,651
Stockholders’ equity:
Common stock
3
3
Retained earnings
7,831
7,508
Accumulated other comprehensive loss
(52
)
(50
)
Total stockholders’ equity
7,782
7,461
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
11,284
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 June
30,
2020
2019
OPERATING ACTIVITIES
Net income
365
1,421
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization and
accretion
37
37
Stock-based compensation
102
73
Change in assets and liabilities
Receivables, net
(44
)
294
Other assets
44
24
Accounts payable
(3
)
(40
)
Accrued and other liabilities
(66
)
(56
)
Deferred income taxes, net
10
(1,174
)
Deferred net revenue (online-enabled
games)
(67
)
(421
)
Net cash provided by operating
activities
378
158
INVESTING ACTIVITIES
Capital expenditures
(38
)
(45
)
Proceeds from maturities and sales of
short-term investments
694
358
Purchase of short-term investments
(664
)
(1,263
)
Net cash used in investing
activities
(8
)
(950
)
FINANCING ACTIVITIES
Proceeds from issuance of common stock
3
3
Cash paid to taxing authorities for shares
withheld from employees
(69
)
(51
)
Repurchase and retirement of common
stock
(78
)
(305
)
Payment of contingent consideration
—
(32
)
Net cash used in financing
activities
(144
)
(385
)
Effect of foreign exchange on cash and
cash equivalents
19
2
Change in cash and cash
equivalents
245
(1,175
)
Beginning cash and cash equivalents
3,768
4,708
Ending cash and cash
equivalents
4,013
3,533
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions, except per
share data)
Q1
Q2
Q3
Q4
Q1
YOY %
FY20
FY20
FY20
FY20
FY21
Change
Net revenue
Net revenue
1,209
1,348
1,593
1,387
1,459
21
%
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(427
)
(35
)
428
(131
)
(69
)
Gross profit
Gross profit
1,022
943
1,085
1,118
1,171
15
%
Gross profit (as a % of net revenue)
85
%
70
%
68
%
81
%
80
%
GAAP-based financial data
Acquisition-related expenses
2
2
5
3
—
Change in deferred net revenue
(online-enabled games)1
(427
)
(35
)
428
(131
)
(69
)
Stock-based compensation
1
1
1
1
1
Operating income
Operating income
415
268
361
401
471
13
%
Operating income (as a % of net
revenue)
34
%
20
%
23
%
29
%
32
%
GAAP-based financial data
Acquisition-related expenses
8
10
12
9
5
Change in deferred net revenue
(online-enabled games)1
(427
)
(35
)
428
(131
)
(69
)
Stock-based compensation
73
92
91
91
102
Net income
Net income
1,421
854
346
418
365
(74
%)
Net income (as a % of net revenue)
118
%
63
%
22
%
30
%
25
%
GAAP-based financial data
Acquisition-related expenses
8
10
12
9
5
Change in deferred net revenue
(online-enabled games)1
(427
)
(35
)
428
(131
)
(69
)
Stock-based compensation
73
92
91
91
102
Tax rate used for management reporting
18
%
18
%
18
%
18
%
18
%
Diluted earnings per share
4.75
2.89
1.18
1.43
1.25
(74
%)
Number of diluted shares used in
computation
Basic
297
295
292
290
288
Diluted
299
296
294
292
292
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 reports 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)
Q1
Q2
Q3
Q4
Q1
YOY %
FY20
FY20
FY20
FY20
FY21
Change
QUARTERLY NET REVENUE
PRESENTATIONS
Net revenue by composition
Full game downloads
133
181
286
211
223
68
%
Packaged goods
129
399
403
145
136
5
%
Full game
262
580
689
356
359
37
%
Live services and other
947
768
904
1,031
1,100
16
%
Total net revenue
1,209
1,348
1,593
1,387
1,459
21
%
Full game
22
%
43
%
43
%
26
%
25
%
Live services and other
78
%
57
%
57
%
74
%
75
%
Total net revenue %
100
%
100
%
100
%
100
%
100
%
GAAP-based financial data
Full game downloads
(57
)
(5
)
31
(21
)
(5
)
Packaged goods
(110
)
62
60
(67
)
(67
)
Full game
(167
)
57
91
(88
)
(72
)
Live services and other
(260
)
(92
)
337
(43
)
3
Total change in deferred net revenue
(online-enabled games) by composition1
(427
)
(35
)
428
(131
)
(69
)
Net revenue by platform
Console
760
923
1,163
928
932
23
%
PC & Other
253
248
261
274
325
28
%
Mobile
196
177
169
185
202
3
%
Total net revenue
1,209
1,348
1,593
1,387
1,459
21
%
GAAP-based financial data
Console
(344
)
8
388
(143
)
(108
)
PC & Other
(58
)
(32
)
24
7
15
Mobile
(25
)
(11
)
16
5
24
Total change in deferred net revenue
(online-enabled games) by platform1
(427
)
(35
)
428
(131
)
(69
)
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 reports 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)
Q1
Q2
Q3
Q4
Q1
YOY %
FY20
FY20
FY20
FY20
FY21
Change
CASH FLOW DATA
Operating cash flow
158
37
1,104
498
378
139
%
Operating cash flow - TTM
1,585
1,748
1,898
1,797
2,017
27
%
Capital expenditures
45
27
28
40
38
(16
%)
Capital expenditures - TTM
132
128
135
140
133
1
%
Repurchase and retirement of common
stock
305
306
305
291
78
(74
%)
DEPRECIATION
Depreciation expense
30
30
29
31
31
3
%
BALANCE SHEET DATA
Cash and cash equivalents
3,533
2,940
3,603
3,768
4,013
Short-term investments
1,654
1,943
1,999
1,967
1,947
Cash and cash equivalents, and short-term
investments
5,187
4,883
5,602
5,735
5,960
15
%
Receivables, net
329
856
798
461
507
54
%
STOCK-BASED COMPENSATION
Cost of revenue
1
1
1
1
1
Research and development
49
61
60
59
66
Marketing and sales
7
10
10
10
11
General and administrative
16
20
20
21
24
Total stock-based compensation
73
92
91
91
102
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005928/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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