Electronic Arts Reports Q4 and FY21 Financial Results

Results Above Expectations, Record Annual Operating Cash Flow Driven by Successful New Games, Live Services Engagement, and Network Growth

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fiscal fourth quarter and full year ended March 31, 2021.

“Our teams have done incredible work over the last year to deliver amazing experiences during a very challenging time for everyone around the world,” said Andrew Wilson, CEO of Electronic Arts. “With tremendous engagement across our portfolio, we delivered a record year for Electronic Arts. We’re now accelerating in FY22, powered by expansion of our blockbuster franchises to more platforms and geographies, a deep pipeline of new content, and recent acquisitions that will be catalysts for further growth.”

“EA delivered a strong quarter, driven by live services and Apex Legends’ extraordinary performance. Apex steadily grew through the last year, driven by the games team and the content they are delivering,” said COO and CFO Blake Jorgensen. “Looking forward, the momentum in our existing live services provides a solid foundation for FY22. Combined with a new Battlefield and our recent acquisitions, we expect net bookings growth in the high teens.”

Selected Operating Highlights and Metrics

  • Net bookings1 for fiscal 2021 was $6.190 billion, up 15% year-over-year, and over $600 million above original expectations.
  • Delivered 13 new games and had more than 42 million new players join our network during the fiscal year.
  • FIFA 21, life to date, has more than 25 million console/PC players.
  • FIFA Ultimate Team™ players grew 16% year-over-year and FUT matches were up 180%.
  • Apex Legends™ has more than 100 million players life to date on console/PC, and Season 8 had more than 12 million weekly average players.
  • Record number of new players joined Madden NFL on console/PC during fiscal 21.
  • The Sims™ 4, life to date, has almost 36 million players and delivered its sixth consecutive year of franchise growth.

Selected Financial Highlights and Metrics

  • Net cash provided by operating activities was $371 million for the quarter and $1.934 billion for the fiscal year.
  • EA repurchased 2.4 million shares for $325 million during the quarter, bringing the total for the fiscal year to 5.6 million shares for $729 million.
  • EA paid a cash dividend of $0.17 per share during the quarter.

Dividend

EA has declared a quarterly cash dividend of $0.17 per share of the Company’s common stock. The dividend is payable on June 23, 2021 to shareholders of record as of the close of business on June 2, 2021.

Quarterly Financial Highlights

Three Months Ended
March 31,

2021

2020

(in $ millions, except per share amounts)
Full game

250

356

Live services and other

1,096

1,031

Total net revenue

1,346

1,387

 
Net income

76

418

Diluted earnings per share

0.26

1.43

 
Operating cash flow

371

498

 
Value of shares repurchased

325

291

Number of shares repurchased

2.4

2.7

The following GAAP-based financial data2 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 March 31, 2021
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

1,346

 

 

144

 

Cost of revenue

319

 

(4

)

(1

)

Gross profit

1,027

 

4

 

144

1

 

Total operating expenses

852

 

(14

)

(108

)

Operating income

175

 

18

 

144

109

 

Interest and other income (expense), net

(10

)

 

 

Income before provision for income taxes

165

 

18

 

144

109

 

Number of shares used in computation:
Diluted

290

 

Fiscal Year Financial Highlights

Twelve Months Ended
March 31,

2021

2020

(in $ millions)
Full game

1,613

1,887

Live services and other

4,016

3,650

Total net revenue

5,629

5,537

 
Net income

837

3,039*

Diluted earnings per share

2.87

10.30*

 
Operating cash flow

1,934

1,797

 
Value of shares repurchased

729

1,207

Number of shares repurchased

5.6

12.3

 
*Includes the impact of one-time tax benefits recognized during the period.

The following GAAP-based financial data2 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 March 31, 2021
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

5,629

 

 

561

 

Cost of revenue

1,494

 

(4

)

(5

)

Gross profit

4,135

 

4

 

561

5

 

Total operating expenses

3,089

 

(30

)

(430

)

Operating income

1,046

 

34

 

561

435

 

Interest and other income (expense), net

(29

)

 

 

Income before provision for income taxes

1,017

 

34

 

561

435

 

Number of shares used in computation:
Diluted

292

 

Operating Metric

The following is a calculation of our total net bookings1 for the periods presented:

Three Months Ended Twelve Months Ended
March 31, March 31,

2021

2020

2021

2020

(in $ millions)
Total net revenue

1,346

1,387

 

5,629

5,537

 

Change in deferred net revenue (online-enabled games)

144

(131

)

561

(165

)

Net bookings

1,490

1,256

 

6,190

5,372

 

Business Outlook as of May 11, 2021

Our financial expectations for the first quarter ending June 30, 2021 and the fiscal year ending March 31, 2022 include estimates of the impact of our recent acquisitions on consolidated results, including our acquisition of Glu Mobile on April 29, 2021. The GAAP and operating cash flow estimates could be materially impacted as we integrate these recent acquisitions.

Fiscal Year 2022 Expectations – Ending March 31, 2022

Financial metrics:

  • Net revenue is expected to be approximately $6.800 billion.

    • Change in deferred net revenue (online-enabled games) is expected to be approximately $500 million.
  • Net income is expected to be approximately $390 million.
  • Diluted earnings per share is expected to be approximately $1.34.
  • Operating cash flow is expected to be approximately $1.750 billion.
  • The Company estimates a share count of 292 million for purposes of calculating fiscal year 2022 diluted earnings per share.

Operational metric:

  • Net bookings1 is expected to be approximately $7.300 billion.

In addition, the following outlook for GAAP-based financial data2 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, 2022
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

6,800

 

500

 

Cost of revenue

1,828

(40

)

 

Operating expense

4,125

(285

)

(575

)

Income before provision for income taxes

790

325

 

500

575

 

Net income

390

Number of shares used in computation:
Diluted shares

292

First Quarter Fiscal Year 2022 Expectations – Ending June 30, 2021

Financial metrics:

  • Net revenue is expected to be approximately $1.475 billion.

    • Change in deferred net revenue (online-enabled games) is expected to be approximately $(225) million.
  • Net income is expected to be approximately $70 million.
  • Diluted earnings per share is expected to be approximately $0.24.
  • The Company estimates a share count of 291 million for purposes of calculating first quarter fiscal 2022 diluted earnings per share.

Operational metric:

  • Net bookings1 is expected to be approximately $1.250 billion.

In addition, the following outlook for GAAP-based financial data2 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 June 30, 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

1,475

 

(225

)

 

Cost of revenue

287

(5

)

 

 

Operating expense

955

(70

)

 

(125

)

Income before provision for income taxes

220

75

 

(225

)

125

 

Net income

70

Number of shares used in computation:
Diluted shares

291

Conference Call and Supporting Documents

Electronic Arts will host a conference call on May 11, 2021 at 2:00 pm PT (5:00 pm ET) to review its results for the fiscal quarter and year ended March 31, 2021 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 1076176 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 25, 2021 at 855-859-2056 (domestic) or 404-537-3406 (international) using pin code 1076176. 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 2022 expectations under the heading “Business Outlook as of May 11, 2021,” and other information regarding EA’s 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, 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; 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 May 11, 2021. 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, 2021. 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, 2021.

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 2021, EA posted GAAP net revenue of $5.6 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, Battlefield, Need for Speed, Apex Legends, The Sims, Titanfall 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.

1 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.

2 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.

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(in $ millions, except per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

March 31,

 

March 31,

 

2021

 

2020

 

2021

 

2020

Net revenue

1,346

 

 

1,387

 

 

5,629

 

 

5,537

 

Cost of revenue

319

 

 

269

 

 

1,494

 

 

1,369

 

Gross profit

1,027

 

 

1,118

 

 

4,135

 

 

4,168

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

468

 

 

402

 

 

1,778

 

 

1,559

 

Marketing and sales

196

 

 

167

 

 

689

 

 

631

 

General and administrative

174

 

 

142

 

 

592

 

 

506

 

Acquisition-related contingent consideration

 

 

 

 

 

 

5

 

Amortization of intangibles

14

 

 

6

 

 

30

 

 

22

 

Total operating expenses

852

 

 

717

 

 

3,089

 

 

2,723

 

Operating income

175

 

 

401

 

 

1,046

 

 

1,445

 

Interest and other income (expense), net

(10

)

 

13

 

 

(29

)

 

63

 

Income before provision for (benefit from) income taxes

165

 

 

414

 

 

1,017

 

 

1,508

 

Provision for (benefit from) income taxes

89

 

 

(4

)

 

180

 

 

(1,531

)

Net income

76

 

 

418

 

 

837

 

 

3,039

 

Earnings per share

 

 

 

 

 

 

 

Basic

0.26

 

 

1.44

 

 

2.90

 

 

10.37

 

Diluted

0.26

 

 

1.43

 

 

2.87

 

 

10.30

 

Number of shares used in computation

 

 

 

 

 

 

 

Basic

288

 

 

290

 

 

289

 

 

293

 

Diluted

290

 

 

292

 

 

292

 

 

295

 

Results (in $ millions, except per share data)

The following table reports the variance of the actuals versus our guidance provided on February 2, 2021 for the three months ended March 31, 2021 plus a comparison to the actuals for the three months ended March 31, 2020.

 

Three Months Ended March 31,

 

2021

 

 

 

2021

 

2020

 

Guidance

 

Variance

 

Actuals

 

Actuals

Net revenue

 

 

 

 

 

 

 

Net revenue

1,317

 

 

29

 

 

1,346

 

 

1,387

 

GAAP-based financial data

 

 

 

 

 

 

 

Change in deferred net revenue (online-enabled games)1

58

 

 

86

 

 

144

 

 

(131

)

Cost of revenue

 

 

 

 

 

 

 

Cost of revenue

302

 

 

17

 

 

319

 

 

269

 

GAAP-based financial data

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

(4

)

 

(4

)

 

(3

)

Stock-based compensation

 

 

(1

)

 

(1

)

 

(1

)

Operating expenses

 

 

 

 

 

 

 

Operating expenses

837

 

 

15

 

 

852

 

 

717

 

GAAP-based financial data

 

 

 

 

 

 

 

Acquisition-related expenses

(4

)

 

(10

)

 

(14

)

 

(6

)

Stock-based compensation

(114

)

 

6

 

 

(108

)

 

(90

)

Income before tax

 

 

 

 

 

 

 

Income before tax

172

 

 

(7

)

 

165

 

 

414

 

GAAP-based financial data

 

 

 

 

 

 

 

Acquisition-related expenses

4

 

 

14

 

 

18

 

 

9

 

Change in deferred net revenue (online-enabled games)1

58

 

 

86

 

 

144

 

 

(131

)

Stock-based compensation

114

 

 

(5

)

 

109

 

 

91

 

Tax rate used for management reporting

18

%

 

 

 

18

%

 

18

%

Earnings (loss) per share

 

 

 

 

 

 

 

Basic

(0.07

)

 

0.33

 

 

0.26

 

 

1.44

 

Diluted

(0.07

)

 

0.33

 

 

0.26

 

 

1.43

 

Number of shares

 

 

 

 

 

 

 

Basic

289

 

 

(1

)

 

288

 

 

290

 

Diluted

289

 

 

1

 

 

290

 

 

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 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)

 

 

 

 

 

March 31, 2021

 

March 31, 20202

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

5,260

 

 

3,768

 

Short-term investments

1,106

 

 

1,967

 

Receivables, net

521

 

 

461

 

Other current assets

326

 

 

321

 

Total current assets

7,213

 

 

6,517

 

Property and equipment, net

491

 

 

449

 

Goodwill

2,868

 

 

1,885

 

Acquisition-related intangibles, net

309

 

 

53

 

Deferred income taxes, net

2,045

 

 

1,903

 

Other assets

362

 

 

305

 

TOTAL ASSETS

13,288

 

 

11,112

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

96

 

 

68

 

Accrued and other current liabilities

1,341

 

 

1,052

 

Deferred net revenue (online-enabled games)

1,527

 

 

945

 

Senior notes, current, net

 

 

599

 

Total current liabilities

2,964

 

 

2,664

 

Senior notes, net

1,876

 

 

397

 

Income tax obligations

315

 

 

373

 

Deferred income taxes, net

43

 

 

1

 

Other liabilities

250

 

 

216

 

Total liabilities

5,448

 

 

3,651

 

 

 

 

 

Stockholders’ equity:

 

 

 

Common stock

3

 

 

3

 

Retained earnings

7,887

 

 

7,508

 

Accumulated other comprehensive loss

(50

)

 

(50

)

Total stockholders’ equity

7,840

 

 

7,461

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

13,288

 

 

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

March 31,

 

Twelve Months Ended

March 31,

 

2021

 

2020

 

2021

 

2020

OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net income

76

 

 

418

 

 

837

 

 

3,039

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation, amortization and accretion

58

 

 

39

 

 

181

 

 

150

 

Acquisition-related contingent consideration

 

 

5

 

 

 

 

5

 

Stock-based compensation

109

 

 

91

 

 

435

 

 

347

 

Change in assets and liabilities

 

 

 

 

 

 

 

Receivables, net

268

 

 

340

 

 

(41

)

 

164

 

Other assets

(42

)

 

(41

)

 

(70

)

 

35

 

Accounts payable

(11

)

 

(3

)

 

18

 

 

(36

)

Accrued and other liabilities

(109

)

 

(145

)

 

136

 

 

119

 

Deferred income taxes, net

(125

)

 

(78

)

 

(143

)

 

(1,871

)

Deferred net revenue (online-enabled games)

147

 

 

(128

)

 

581

 

 

(155

)

Net cash provided by operating activities

371

 

 

498

 

 

1,934

 

 

1,797

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

Capital expenditures

(31

)

 

(40

)

 

(124

)

 

(140

)

Proceeds from maturities and sales of short-term investments

1,598

 

 

767

 

 

3,686

 

 

2,142

 

Purchase of short-term investments

(772

)

 

(738

)

 

(2,828

)

 

(3,359

)

Acquisitions, net of cash acquired

(1,239

)

 

 

 

(1,239

)

 

 

Net cash used in investing activities

(444

)

 

(11

)

 

(505

)

 

(1,357

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

Proceeds from issuance of senior notes, net of issuance costs

1,478

 

 

 

 

1,478

 

 

 

Payment of senior notes

(600

)

 

 

 

(600

)

 

 

Proceeds from issuance of common stock

30

 

 

28

 

 

86

 

 

62

 

Cash dividends paid

(49

)

 

 

 

(98

)

 

 

Cash paid to taxing authorities for shares withheld from employees

(8

)

 

(5

)

 

(152

)

 

(91

)

Repurchase and retirement of common stock

(325

)

 

(291

)

 

(729

)

 

(1,207

)

Payment of contingent consideration

 

 

(32

)

 

 

 

(122

)

Net cash provided by (used in) financing activities

526

 

 

(300

)

 

(15

)

 

(1,358

)

Effect of foreign exchange on cash and cash equivalents

35

 

 

(22

)

 

78

 

 

(22

)

Change in cash and cash equivalents

488

 

 

165

 

 

1,492

 

 

(940

)

Beginning cash and cash equivalents

4,772

 

 

3,603

 

 

3,768

 

 

4,708

 

Ending cash and cash equivalents

5,260

 

 

3,768

 

 

5,260

 

 

3,768

 

ELECTRONIC ARTS INC. AND SUBSIDIARIES

Unaudited Supplemental Financial Information and Business Metrics

(in $ millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

 

YOY %

 

FY20

 

FY21

 

FY21

 

FY21

 

FY21

 

Change

Net revenue

 

 

 

 

 

 

 

 

 

 

 

Net revenue

1,387

 

 

1,459

 

 

1,151

 

 

1,673

 

 

1,346

 

 

(3

%)

GAAP-based financial data

 

 

 

 

 

 

 

 

 

 

 

Change in deferred net revenue (online-enabled games)1

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

Gross profit

1,118

 

 

1,171

 

 

865

 

 

1,072

 

 

1,027

 

 

(8

%)

Gross profit (as a % of net revenue)

81

%

 

80

%

 

75

%

 

64

%

 

76

%

 

 

GAAP-based financial data

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

3

 

 

 

 

 

 

 

 

4

 

 

 

Change in deferred net revenue (online-enabled games)1

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

Stock-based compensation

1

 

 

1

 

 

2

 

 

1

 

 

1

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

Operating income

401

 

 

471

 

 

149

 

 

251

 

 

175

 

 

(56

%)

Operating income (as a % of net revenue)

29

%

 

32

%

 

13

%

 

15

%

 

13

%

 

 

GAAP-based financial data

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

9

 

 

5

 

 

6

 

 

5

 

 

18

 

 

 

Change in deferred net revenue (online-enabled games)1

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

Stock-based compensation

91

 

 

102

 

 

113

 

 

111

 

 

109

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

Net income

418

 

 

365

 

 

185

 

 

211

 

 

76

 

 

(82

%)

Net income (as a % of net revenue)

30

%

 

25

%

 

16

%

 

13

%

 

6

%

 

 

GAAP-based financial data

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

9

 

 

5

 

 

6

 

 

5

 

 

18

 

 

 

Change in deferred net revenue (online-enabled games)1

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

Stock-based compensation

91

 

 

102

 

 

113

 

 

111

 

 

109

 

 

 

Tax rate used for management reporting

18

%

 

18

%

 

18

%

 

18

%

 

18

%

 

 

Diluted earnings per share

1.43

 

 

1.25

 

 

0.63

 

 

0.72

 

 

0.26

 

 

(82

%)

Number of diluted shares used in computation

 

 

 

 

 

 

 

 

 

 

 

Basic

290

 

 

288

 

 

289

 

 

290

 

 

288

 

 

 

Diluted

292

 

 

292

 

 

293

 

 

292

 

 

290

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

 

YOY %

 

 

FY20

 

FY21

 

FY21

 

FY21

 

FY21

 

Change

QUARTERLY NET REVENUE PRESENTATIONS

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue by composition

 

 

 

 

 

 

 

 

 

 

 

 

Full game downloads

 

211

 

 

223

 

 

163

 

 

347

 

 

185

 

 

(12

%)

Packaged goods

 

145

 

 

136

 

 

119

 

 

375

 

 

65

 

 

(55

%)

Full game

 

356

 

 

359

 

 

282

 

 

722

 

 

250

 

 

(30

%)

Live services and other

 

1,031

 

 

1,100

 

 

869

 

 

951

 

 

1,096

 

 

6

%

Total net revenue

 

1,387

 

 

1,459

 

 

1,151

 

 

1,673

 

 

1,346

 

 

(3

%)

Full game

 

26

%

 

25

%

 

25

%

 

43

%

 

19

%

 

 

Live services and other

 

74

%

 

75

%

 

75

%

 

57

%

 

81

%

 

 

Total net revenue %

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

GAAP-based financial data

 

 

 

 

 

 

Full game downloads

 

(21

)

 

(5

)

 

(2

)

 

53

 

 

(19

)

 

 

Packaged goods

 

(67

)

 

(67

)

 

(14

)

 

83

 

 

(44

)

 

 

Full game

 

(88

)

 

(72

)

 

(16

)

 

136

 

 

(63

)

 

 

Live services and other

 

(43

)

 

3

 

 

(225

)

 

591

 

 

207

 

 

 

Total change in deferred net revenue (online-enabled games) by composition1

 

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue by platform

 

 

 

 

 

 

 

 

 

 

 

 

Console

 

928

 

 

932

 

 

714

 

 

1,191

 

 

879

 

 

(5

%)

PC & Other

 

274

 

 

325

 

 

249

 

 

326

 

 

295

 

 

8

%

Mobile

 

185

 

 

202

 

 

188

 

 

156

 

 

172

 

 

(7

%)

Total net revenue

 

1,387

 

 

1,459

 

 

1,151

 

 

1,673

 

 

1,346

 

 

(3

%)

GAAP-based financial data

 

 

 

 

 

 

Console

 

(143

)

 

(108

)

 

(201

)

 

619

 

 

71

 

 

 

PC & Other

 

7

 

 

15

 

 

(24

)

 

73

 

 

51

 

 

 

Mobile

 

5

 

 

24

 

 

(16

)

 

35

 

 

22

 

 

 

Total change in deferred net revenue (online-enabled games) by platform1

 

(131

)

 

(69

)

 

(241

)

 

727

 

 

144

 

 

 

Contacts

Chris Evenden

Vice President, Investor Relations

650-628-0255

[email protected]

John Reseburg

Vice President, Global Communications

650-628-3601

[email protected]

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