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Electronic Arts Reports Q2 FY20 Financial Results

Dienstag, 29.10.19 21:01
Electronic Arts Reports Q2 FY20 Financial Results
Bildquelle: fotolia.com
REDWOOD CITY, Calif. –

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:

  1. 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;
  2. 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
  3. 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) Statement
of
Operations
Acquisition-
related
expenses
Change in
deferred
net revenue
(online-
enabled
games)
Mobile
platform
fees
Stock-based
compensation
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) Statement
of
Operations
Acquisition-
related
expenses
Change in
deferred net
revenue
(online-
enabled
games)
Mobile
platform
fees
Stock-based
compensation
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
GAAP
Guidance
Acquisition-
related
expenses
Change in
deferred net
revenue
(online-
enabled
games)
Mobile
platform fees
Stock-based
compensation
(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

)

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