Record Q4 net bookings driven by all-time high
EA SPORTS FIFA franchise performance;
Company carries strong momentum into brand
launch of EA SPORTS FC
Electronic Arts Inc. (NASDAQ: EA) today announced preliminary
financial results for its fourth quarter and fiscal year ended
March 31, 2023.
“EA delivered a strong Q4 with record net bookings, up 11
percent year-over-year, demonstrating the strength of our business.
Our teams continue to create high quality entertainment, fueled by
amazing games and deeply engaging live services,” said Andrew
Wilson, CEO of Electronic Arts. “We're excited to continue our
momentum, including the highly anticipated launch of EA SPORTS FC
later this year.”
"Record live services performance and increased engagement,
particularly from our EA SPORTS FIFA franchise, drove
better-than-expected Q4 net bookings, capping a strong finish to
the fiscal year," said Chris Suh, CFO. "Looking ahead, our teams
remain disciplined in prioritizing the player experience as we
continue to focus our investments on long-term growth."
Selected Operating Highlights and
Metrics1
- Net bookings2 for Q4 was $1.946 billion, up 11%
year-over-year (up 15% in constant currency).
- Live services and other net bookings for Q4 was
$1.622 billion, a record for the quarter, up 9% year-over-year (up
13% in constant currency) and represented 83% of total net
bookings.
- The EA SPORTS FIFA franchise Q4 net bookings grew 31%
year-over-year (up 37% in constant currency).
- In the six months since launch, EA SPORTS FIFA 23 has
surpassed life-time sales of EA SPORTS FIFA 22, becoming the
most successful launch in franchise history.
- Apex Legends delivered net bookings growth in Q4
year-over-year at constant currency, driven by a successful Season
16 with peak weekly active users up over 20% from the previous
season.
- Life-to-date, The Sims 4 player network has grown to
more than 70 million worldwide.
Selected Financial Highlights and
Metrics
- Net revenue was $1.874 billion for the quarter and $7.426
billion for the fiscal year.
- Net cash provided by operating activities was $617 million for
the quarter and $1.550 billion for the fiscal year.
- EA repurchased 2.7 million shares for $325 million during the
quarter, bringing the total for the fiscal year to 10.4 million
shares for $1.295 billion.
Dividend
EA has declared a quarterly cash dividend of $0.19 per share of
the Company’s common stock. The dividend is payable on June 21,
2023 to shareholders of record as of the close of business on May
31, 2023.
Quarterly Financial
Highlights
Three Months Ended March 31,
2023
2022
(in $ millions, except per share amounts) Full game
372
438
Live services and other
1,502
1,387
Total net revenue
1,874
1,825
Net income (loss)
(12
)
225
Diluted earnings (loss) per share
(0.04
)
0.80
Operating cash flow
617
444
Value of shares repurchased
325
325
Number of shares repurchased
2.7
2.5
Cash dividend paid
52
48
The following GAAP-based financial data3,4 and tax rate of 19%
was used internally by company management to adjust its GAAP
results in order to assess EA’s operating results:
Three Months Ended March 31,
2023
GAAP-Based Financial
Data
(in $ millions)
Statement ofOperations
Acquisition-relatedexpenses Change indeferrednet
revenue(online-enabledgames) Restructuringand
relatedcharges Stock-basedcompensation Total net revenue
1,874
-
72
-
-
Cost of revenue
448
(25
)
-
-
(2
)
Gross profit
1,426
25
72
-
2
Total operating expenses
1,251
(26
)
-
(155
)
(140
)
Operating income
175
51
72
155
142
Interest and other income (expense), net
6
-
-
-
-
Income before provision for income taxes
181
51
72
155
142
Number of shares used in computation: Diluted
274
Fiscal Year Financial
Highlights
Twelve Months Ended March 31,
2023
2022
(in $ millions) Full game
1,937
1,993
Live services and other
5,489
4,998
Total net revenue
7,426
6,991
Net income
802
789
Diluted earnings per share
2.88
2.76
Operating cash flow
1,550
1,899
Value of shares repurchased
1,295
1,300
Number of shares repurchased
10.4
9.5
Cash dividend paid
210
193
The following GAAP-based financial data3,4 and a tax rate of 19%
was used internally by company management to adjust its GAAP
results in order to assess EA’s operating results.
Twelve Months Ended March 31, 2023
GAAP-Based Financial Data (in $ millions)
Statement
ofOperations Acquisition-relatedexpenses Change
indeferred netrevenue(online-enabledgames) Restructuringand
relatedcharges Stock-basedcompensation Total net revenue
7,426
-
(85
)
-
-
Cost of revenue
1,792
(120
)
-
-
(7
)
Gross profit
5,634
120
(85
)
-
7
Total operating expenses
4,302
(158
)
-
(155
)
(541
)
Operating income
1,332
278
(85
)
155
548
Interest and other income (expense), net
(6
)
-
-
-
-
Income before provision for income taxes
1,326
278
(85
)
155
548
Number of shares used in computation: Diluted
278
Operating Metric
The following is a calculation of our total net bookings2 for
the periods presented:
Three Months Ended
Twelve Months Ended
March 31,
March 31,
2023
2022
2023
2022
(in $ millions) Total net revenue
1,874
1,825
7,426
6,991
Change in deferred net revenue (online-enabled games)
72
(74
)
(85
)
524
Total net bookings
1,946
1,751
7,341
7,515
Business Outlook as of May 9,
2023
Fiscal Year 2024 Expectations – Ending March 31, 2024
Financial metrics:
- Net revenue is expected to be approximately $7.300 billion to
$7.700 billion.
- No change in deferred net revenue (online-enabled games) is
expected.
- Net income is expected to be approximately $915 million to
$1.055 billion.
- Diluted earnings per share is expected to be approximately
$3.30 to $3.81.
- Operating cash flow is expected to be approximately $1.700
billion to $1.850 billion.
- The Company estimates a share count of 277 million for purposes
of calculating fiscal year 2024 diluted earnings per share.
Operational metric:
- Net bookings2 is expected to be approximately $7.300 billion to
$7.700 billion.
In addition, the following outlook for GAAP-based financial
data3,4 and long-term tax rate of 19% are used internally by EA to
adjust GAAP expectations to assess EA’s operating results and plan
for future periods:
Twelve Months Ending March 31, 2024 GAAP-Based Financial
Data* GAAPGuidanceRange
Acquisition-relatedexpenses Change indeferred netrevenue
(online-enabled games) Restructuringand relatedcharges
Stock-basedcompensation (in $ millions) Total net revenue
7,300 to 7,700
-
-
-
-
Cost of revenue 1,670 to 1,750
(65
)
-
-
(5
)
Operating expense 4,295 to 4,415
(95
)
-
(25
)
(635
)
Income before provision for income taxes 1,346 to 1,551
160
-
25
640
Net income 915 to 1,055 Number of shares used in computation:
Diluted shares
277
* The mid-point of the range has been used for purposes of
presenting the reconciling items.
First Quarter Fiscal Year 2024 Expectations – Ending June 30,
2023
Financial metrics:
- Net revenue is expected to be approximately $1.825 billion to
$1.925 billion.
- Change in deferred net revenue (online-enabled games) is
expected to be approximately ($325) million.
- Net income is expected to be approximately $271 million to $316
million.
- Diluted earnings per share is expected to be approximately
$0.98 to $1.14.
- The Company estimates a share count of 277 million for purposes
of calculating first quarter fiscal 2024 diluted earnings per
share.
Operational metric:
- Net bookings2 is expected to be approximately $1.500 billion to
$1.600 billion.
In addition, the following outlook for GAAP-based financial
data3,4 and long-term tax rate of 19% are used internally by EA to
adjust GAAP expectations to assess EA’s operating results and plan
for future periods:
Three Months Ending June 30, 2023 GAAP-Based
Financial Data* GAAPGuidanceRange
Acquisition-relatedexpenses Change indeferred netrevenue
(online-enabled games) Restructuringand relatedcharges
Stock-basedcompensation (in $ millions) Total net revenue
1,825 to 1,925
-
(325
)
-
-
Cost of revenue 350 to 370
(20
)
-
-
-
Operating expense 1,065 to 1,085
(25
)
-
(20
)
(140
)
Income before provision for income taxes 410 to 479
45
(325
)
20
140
Net income 271 to 316 Number of shares used in computation: Diluted
shares
277
* The mid-point of the range has been used for purposes of
presenting the reconciling items.
Conference Call and Supporting
Documents
Electronic Arts will host a conference call on May 9, 2023 at
2:00 pm PT (5:00 pm ET) to review its results for the fourth fiscal
quarter and fiscal year ended March 31, 2023 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 (888) 330-2446 (domestic)
or (240) 789-2732 (international), using the conference code
5939891 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
May 24, 2023 at (800) 770-2030 (domestic) or (647) 362-9199
(international) using pin code 5939891. 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 expectations under the heading
“Business Outlook as of May 9, 2023” and other information
regarding EA's 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, and integrate,
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; economic and geopolitical
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, 2022.
These forward-looking statements are current as of May 9, 2023.
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 Annual Report on Form 10-K for the fiscal
year ended March 31, 2023. Electronic Arts assumes no obligation
and does not intend to update these estimates prior to filing its
Form 10-K for the fiscal year ended March 31, 2023.
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 2023, EA posted GAAP net revenue of approximately
$7.4 billion. Headquartered in Redwood City, California, EA is
recognized for a portfolio of critically acclaimed, high-quality
brands such as EA SPORTS™ FC, Battlefield™, Apex Legends™, The
Sims™, Madden NFL, Need for Speed™, Titanfall™, Plants vs. Zombies™
and F1®. 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 2015 Lucasfilm Ltd. All rights reserved.
John Madden, NFL, FIFA and F1 are the property of their respective
owners and used with permission.
1 For more information on constant currency, please refer to the
earnings slides available on EA’s IR Website.
2 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.
3 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, 2022.
4 On March 29, 2023, EA announced a restructuring plan focused
on prioritizing investments aligned with the Company's growth
opportunities and optimizing its real estate portfolio.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Operations
(in $ millions, except per
share data)
Three Months Ended
March 31,
Twelve Months Ended March
31,
2023
2022
2023
2022
Net revenue
1,874
1,825
7,426
6,991
Cost of revenue
448
419
1,792
1,859
Gross profit
1,426
1,406
5,634
5,132
Operating expenses:
Research and development
635
579
2,328
2,186
Marketing and sales
255
245
978
961
General and administrative
224
165
727
673
Amortization and impairment of
intangibles
26
52
158
183
Restructuring
111
—
111
—
Total operating expenses
1,251
1,041
4,302
4,003
Operating income
175
365
1,332
1,129
Interest and other income (expense),
net
6
(9
)
(6
)
(48
)
Income before provision for income
taxes
181
356
1,326
1,081
Provision for income taxes
193
131
524
292
Net income (loss)
(12
)
225
802
789
Earnings (loss) per share
Basic
(0.04
)
0.80
2.90
2.78
Diluted
(0.04
)
0.80
2.88
2.76
Number of shares used in
computation
Basic
274
281
277
284
Diluted
274
283
278
286
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus
our guidance provided on January 31, 2023 for the three months
ended March 31, 2023 plus a comparison to the actuals for the three
months ended March 31, 2022.
Three Months Ended March
31,
2023 Guidance
(Mid-Point)
2023 Actuals
2022 Actuals
Variance
Net revenue
Net revenue
1,750
124
1,874
1,825
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(25
)
97
72
(74
)
Cost of revenue
Cost of revenue
405
43
448
419
GAAP-based financial data
Acquisition-related expenses
(25
)
—
(25
)
(45
)
Stock-based compensation
—
(2
)
(2
)
(2
)
Operating expenses
Operating expenses
1,080
171
1,251
1,041
GAAP-based financial data
Acquisition-related expenses
(35
)
9
(26
)
(52
)
Restructuring and related charges
—
(155
)
(155
)
—
Stock-based compensation
(140
)
—
(140
)
(123
)
Income before tax
Income before tax
270
(89
)
181
356
GAAP-based financial data
Acquisition-related expenses
60
(9
)
51
97
Change in deferred net revenue
(online-enabled games)1
(25
)
97
72
(74
)
Restructuring and related charges
—
155
155
—
Stock-based compensation
140
2
142
125
Tax rate used for management reporting
19
%
19
%
18
%
Earnings (loss) per share
Basic
0.13
(0.17
)
(0.04
)
0.80
Diluted
0.13
(0.17
)
(0.04
)
0.80
Number of shares used in
computation
Basic
275
(1
)
274
281
Diluted
277
(3
)
274
283
Anti-dilutive shares excluded for loss
position2
—
1
1
—
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.
2 Diluted earnings per share reflects the
potential dilution from common shares (calculated using the
treasury stock method), issuable through stock-based compensation
plans. When the company incurs a loss, shares issuable though
stock-based compensation plans are excluded from the diluted loss
per share calculation as inclusion would be anti-dilutive.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(in $ millions)
March 31, 2023
March 31, 20223
ASSETS
Current assets:
Cash and cash equivalents
2,424
2,732
Short-term investments
343
330
Receivables, net
684
650
Other current assets
518
439
Total current assets
3,969
4,151
Property and equipment, net
549
550
Goodwill
5,380
5,387
Acquisition-related intangibles, net
618
962
Deferred income taxes, net
2,462
2,243
Other assets
481
507
TOTAL ASSETS
13,459
13,800
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
99
101
Accrued and other current liabilities
1,285
1,388
Deferred net revenue (online-enabled
games)
1,901
2,024
Total current liabilities
3,285
3,513
Senior notes, net
1,880
1,878
Income tax obligations
607
386
Deferred income taxes, net
1
1
Other liabilities
393
397
Total liabilities
6,166
6,175
Stockholders’ equity:
Common stock
3
3
Retained earnings
7,357
7,607
Accumulated other comprehensive income
(loss)
(67
)
15
Total stockholders’ equity
7,293
7,625
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
13,459
13,800
3Derived from audited consolidated
financial statements.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended March
31,
Twelve Months Ended March
31,
2023
2022
2023
2022
OPERATING ACTIVITIES
Net income (loss)
(12
)
225
802
789
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, amortization, accretion and
impairment
173
141
536
486
Stock-based compensation
142
125
548
528
Change in assets and liabilities
Receivables, net
152
313
(34
)
(77
)
Other assets
(50
)
(82
)
(103
)
(157
)
Accounts payable
31
2
10
(7
)
Accrued and other liabilities
106
(14
)
134
169
Deferred income taxes, net
(18
)
(189
)
(221
)
(329
)
Deferred net revenue (online-enabled
games)
93
(77
)
(122
)
497
Net cash provided by operating
activities
617
444
1,550
1,899
INVESTING ACTIVITIES
Capital expenditures
(47
)
(53
)
(207
)
(188
)
Proceeds from maturities and sales of
short-term investments
152
136
395
1,329
Purchase of short-term investments
(142
)
(116
)
(405
)
(554
)
Acquisitions, net of cash acquired
—
—
—
(3,391
)
Net cash used in investing
activities
(37
)
(33
)
(217
)
(2,804
)
FINANCING ACTIVITIES
Proceeds from issuance of common stock
33
33
80
77
Cash dividends paid
(52
)
(48
)
(210
)
(193
)
Cash paid to taxing authorities for shares
withheld from employees
(14
)
(11
)
(175
)
(204
)
Repurchase and retirement of common
stock
(325
)
(325
)
(1,295
)
(1,300
)
Net cash used in financing
activities
(358
)
(351
)
(1,600
)
(1,620
)
Effect of foreign exchange on cash and
cash equivalents
—
2
(41
)
(3
)
Change in cash and cash
equivalents
222
62
(308
)
(2,528
)
Beginning cash and cash equivalents
2,202
2,670
2,732
5,260
Ending cash and cash
equivalents
2,424
2,732
2,424
2,732
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions, except per
share data)
Q4
Q1
Q2
Q3
Q4
YOY %
FY22
FY23
FY23
FY23
FY23
Change
Net revenue
Net revenue
1,825
1,767
1,904
1,881
1,874
3
%
GAAP-based financial data
Change in deferred net revenue
(online-enabled games)1
(74
)
(468
)
(150
)
461
72
Gross profit
Gross profit
1,406
1,453
1,442
1,313
1,426
1
%
Gross profit (as a % of net revenue)
77
%
82
%
76
%
70
%
76
%
GAAP-based financial data
Acquisition-related expenses
45
30
39
26
25
Change in deferred net revenue
(online-enabled games)1
(74
)
(468
)
(150
)
461
72
Stock-based compensation
2
2
1
2
2
Operating income
Operating income
365
441
427
289
175
(52
%)
Operating income (as a % of net
revenue)
20
%
25
%
22
%
15
%
9
%
GAAP-based financial data
Acquisition-related expenses
97
69
82
76
51
Change in deferred net revenue
(online-enabled games)1
(74
)
(468
)
(150
)
461
72
Restructuring and related charges
—
—
—
—
155
Stock-based compensation
125
125
140
141
142
Net income (loss)
Net income (loss)
225
311
299
204
(12
)
(105
%)
Net income (loss) (as a % of net
revenue)
12
%
18
%
16
%
11
%
(1
%)
GAAP-based financial data
Acquisition-related expenses
97
69
82
76
51
Change in deferred net revenue
(online-enabled games)1
(74
)
(468
)
(150
)
461
72
Restructuring and related charges
—
—
—
—
155
Stock-based compensation
125
125
140
141
142
Tax rate used for management reporting
18
%
19
%
19
%
19
%
19
%
Diluted earnings (loss) per
share
0.80
1.11
1.07
0.73
(0.04
)
(105
%)
Number of shares used in
computation
Basic
281
279
278
276
274
Diluted
283
281
279
278
274
Anti-dilutive shares excluded for loss
position2
—
—
—
—
1
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.
2 Diluted earnings per share reflects the
potential dilution from common shares (calculated using the
treasury stock method), issuable through stock-based compensation
plans. When the company incurs a loss, shares issuable though
stock-based compensation plans are excluded from the diluted loss
per share calculation as inclusion would be anti-dilutive.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions)
Q4
Q1
Q2
Q3
Q4
YOY %
FY22
FY23
FY23
FY23
FY23
Change
QUARTERLY NET REVENUE
PRESENTATIONS
Net revenue by composition
Full game downloads
312
237
328
423
274
(12
%)
Packaged goods
126
104
274
199
98
(22
%)
Full game
438
341
602
622
372
(15
%)
Live services and other
1,387
1,426
1,302
1,259
1,502
8
%
Total net revenue
1,825
1,767
1,904
1,881
1,874
3
%
Full game
24
%
19
%
32
%
33
%
20
%
Live services and other
76
%
81
%
68
%
67
%
80
%
Total net revenue %
100
%
100
%
100
%
100
%
100
%
GAAP-based financial data
Full game downloads
(103
)
(111
)
17
45
(24
)
Packaged goods
(68
)
(65
)
16
20
(24
)
Full game
(171
)
(176
)
33
65
(48
)
Live services and other
97
(292
)
(183
)
396
120
Total change in deferred net revenue
(online-enabled games) by composition1
(74
)
(468
)
(150
)
461
72
Net revenue by platform
Console
1,092
1,042
1,161
1,152
1,088
—
PC & Other
420
402
423
435
469
12
%
Mobile
313
323
320
294
317
1
%
Total net revenue
1,825
1,767
1,904
1,881
1,874
3
%
GAAP-based financial data
Console
(86
)
(405
)
(134
)
423
11
PC & Other
3
(54
)
8
29
47
Mobile
9
(9
)
(24
)
9
14
Total change in deferred net revenue
(online-enabled games) by platform1
(74
)
(468
)
(150
)
461
72
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.
ELECTRONIC ARTS INC. AND
SUBSIDIARIES
Unaudited Supplemental
Financial Information and Business Metrics
(in $ millions)
Q4
Q1
Q2
Q3
Q4
YOY %
FY22
FY23
FY23
FY23
FY23
Change
CASH FLOW DATA
Operating cash flow
444
(78
)
(112
)
1,123
617
39
%
Operating cash flow - TTM
1,899
1,964
1,788
1,377
1,550
(18
%)
Capital expenditures
53
59
53
48
47
(11
%)
Capital expenditures - TTM
188
203
213
213
207
10
%
Repurchase and retirement of common
stock
325
320
325
325
325
—
Cash dividends paid
48
53
53
52
52
8
%
DEPRECIATION
Depreciation expense
42
44
45
46
58
38
%
BALANCE SHEET DATA
Cash and cash equivalents
2,732
2,082
1,539
2,202
2,424
Short-term investments
330
334
335
351
343
Cash and cash equivalents, and short-term
investments
3,062
2,416
1,874
2,553
2,767
(10
%)
Receivables, net
650
579
919
836
684
5
%
STOCK-BASED COMPENSATION
Cost of revenue
2
2
1
2
2
Research and development
84
81
95
95
96
Marketing and sales
13
13
16
15
15
General and administrative
26
29
28
29
29
Total stock-based compensation
125
125
140
141
142
RESTRUCTURING AND RELATED
CHARGES
Restructuring
—
—
—
—
111
Office space reductions
—
—
—
—
44
Total restructuring and related
charges
—
—
—
—
155
Category: Company News
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005975/en/
Stuart Canfield SVP, Finance & Investor Relations
650-628-7750 scanfield@ea.com
Erin Rheaume Director, Financial Communications 650-628-7978
erheaume@ea.com
Electronic Arts (NASDAQ:EA)
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