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Electronic Arts Reports Q3 FY19 Financial Results

Dienstag, 05.02.19 22:01
Electronic Arts Reports Q3 FY19 Financial Results
Bildquelle: fotolia.com
REDWOOD CITY, Calif. –

Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its third fiscal quarter ended December 31, 2018.

News and ongoing updates regarding EA and its games are available on EA’s blog at www.ea.com/news.

“The video game industry continues to grow through a year of intense competition and transformational change,” said CEO Andrew Wilson. “Q3 was a difficult quarter for Electronic Arts and we did not perform to our expectations. We are now applying the strengths of our company to sharpen our execution and focus on delivering great new games and long-term live services for our players. We’re very excited about Apex Legends, the upcoming launch of Anthem, and a deep line-up of new experiences that we’ll bring to our global communities next fiscal year.”

“FIFA stands out as a robust franchise through a tumultuous year in the video game industry,” said COO and CFO Blake Jorgensen. “Elsewhere in the business, we’re making adjustments to improve execution and we’re refocusing R&D. Looking forward, we’re delighted to launch Anthem, our new IP, to grow Apex Legends and related Titanfall experiences, to deliver new Plants vs. Zombies and Need for Speed titles, and to add Star Wars Jedi: Fallen Order to our sports titles in the fall.”

Selected Operating Highlights and Metrics

  • Digital net bookings* for the trailing twelve months was $3.577 billion, up 6% year-over-year and represents 74% of total net bookings.
  • During the quarter, launched Battlefield™ V and Command & Conquer™: Rivals.
  • On February 4, 2019, launched Apex Legends™, a new battle royale experience from Respawn.
  • During the quarter, FIFA Ultimate Team™ matches played increased 15% year-over-year.
  • During calendar 2018, FIFA 19 was the highest-selling console game in Europe.

* 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, for periods after the fourth quarter of fiscal 2018, mobile platform fees.

Selected Financial Highlights and Metrics

All financial measures are presented on a GAAP basis.

  • Net cash from operating activities was $954 million for the quarter and $1.563 billion for the trailing twelve months, a record third quarter trailing twelve months.
  • EA repurchased 3.2 million shares for $292 million during the quarter and 9.0 million shares for $1.039 billion during the trailing twelve months.

Impact of Recently Adopted Accounting Standard

At the beginning of fiscal year 2019, April 1, 2018, EA adopted FASB ASU 2014-09 (Topic 606), Revenue from Contracts with Customers. For more information about the adoption of Topic 606, please refer to the Investor Accounting FAQ on our IR website. Financial data for periods prior to April 1, 2018 has not been restated.

Quarterly Financial Highlights

 
Three Months Ended
December 31,
2018   2017
(in $ millions, except per share amounts)
Digital net revenue 908 780
Packaged goods and other net revenue 381 380  
Total net revenue 1,289 1,160  
 
Net income (loss)* 262 (186 )
Earnings (loss) per share* 0.86 (0.60 )
 
Operating cash flow 954 849
 
Value of shares repurchased 292 150
Number of shares repurchased 3.2 1.4

*During the three months ended December 31, 2017, EA recognized $176 million of incremental income tax expense, or approximately $0.57 per share, due to the application of the Tax Cuts and Jobs Act.

The following GAAP-based financial data and tax rate of 18% was used internally by company management to adjust its fiscal 2019 GAAP results in order to assess EA’s operating results:

     
Three Months Ended December 31, 2018
  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 1,289 - 368 (48 ) -
Cost of revenue 413 (1 ) - (48 ) (1 )
Gross profit 876 1 368 - 1
Total operating expenses 634 (7 ) - -   (74 )
Operating income 242 8 368 - 75
Interest and other income, net 23 -   - -   -  
Income before provision for income taxes 265 8 368 - 75
Number of shares used in computation:
Diluted 304
 

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 September 30, 2018.

TTM Financial Highlights

  Twelve Months Ended
December 31,
2018   2017
(in $ millions)
Digital net revenue 3,747 3,282
Packaged goods and other net revenue 1,547 1,813
Total net revenue 5,294 5,095
 
Net income* 1,417 1,002
 
Operating cash flow 1,563 1,514
 
Value of shares repurchased 1,039 578
Number of shares repurchased 9.0 5.6

*Due to the application of the Tax Cuts and Jobs Act, EA recognized incremental income tax expense of $59 million for the twelve months ended December 31, 2018 and $176 million for the twelve months ended December 31, 2017.

The following GAAP-based financial data and tax rate of 18% in fiscal year 2019 and 21% in fiscal year 2018 was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

         
Twelve Months Ended December 31, 2018
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 5,294 - (318 ) (141 ) -
Cost of revenue 1,279 (4 ) -   (141 ) (4 )
Gross profit 4,015 4 (318 ) - 4
Total operating expenses 2,462 (26 ) -   -   (276 )
Operating income 1,553 30 (318 ) - 280
Interest and other income, net 61 -   -   -   -  
Income before provision for income taxes 1,614 30 (318 ) - 280
 

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 September 30, 2018.

Operating Metric

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

       
Three Months Ended TTM Ended
December 31, December 31,
2018 2017 2018 2017
(in $ millions)
Total net revenue 1,289 1,160 5,294 5,095
Change in deferred net revenue (online-enabled games) 368 811 (318 ) (78 )
Mobile platform fees (48 ) - (141 ) -  
Net bookings 1,609   1,971 4,835   5,017  
 

Business Outlook as of February 5, 2019

The following forward-looking statements reflect expectations as of February 5, 2019. Electronic Arts assumes no obligation to update these statements, except as required by law. 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 2019 Expectations – Ending March 31, 2019

Financial metrics:

  • Net revenue is expected to be approximately $4.875 billion.
    • Change in deferred net revenue (online-enabled games) is expected to be approximately $65 million.
    • Mobile platform fees are expected to be approximately $(190) million.
  • Net income is expected to be approximately $980 million.
  • Diluted earnings per share is expected to be approximately $3.20.
  • Operating cash flow is expected to be approximately $1.350 billion.
  • The Company estimates a share count of 306 million for purposes of calculating fiscal year 2019 diluted earnings per share.

Operational metric:

  • Net bookings is expected to be approximately $4.750 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, 2019
  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 3,615 - 50 (190 ) -
Packaged goods & other net revenue   1,260   -     15   -     -  
Total net revenue   4,875   -     65   (190 )   -  
Cost of revenue 1,311 (3 ) - (190 ) (3 )
Operating expense 2,581 (27 ) - - (284 )
Income before provision for income taxes 1,055 30 65 - 287
Net income 980
Number of shares used in computation:
Diluted shares 306
 

Fourth Quarter Fiscal Year 2019 Expectations – Ending March 31, 2019

Financial metrics:

  • Net revenue is expected to be approximately $1.163 billion.
    • Change in deferred net revenue (online-enabled games) is expected to be approximately $56 million.
    • Mobile platform fees are expected to be approximately $(49) million.
  • Net income is expected to be approximately $170 million.
  • Diluted earnings per share is expected to be approximately $0.56.
  • The Company estimates a share count of 303 million for purposes of calculating fourth quarter fiscal year 2019 diluted earnings per share.

Operational metric:

  • Net bookings is expected to be approximately $1.170 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 March 31, 2019
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)                    
Total net revenue   1,163   -     56   (49 )   -  
Cost of revenue 265 - - (49 ) -
Operating expense 715 (6 ) - - (76 )
Income before provision for income taxes 195 6 56 - 76
Net income 170
Number of shares used in computation:
Diluted shares 303
 

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 September 30, 2018.

Conference Call and Supporting Documents

Electronic Arts will host a conference call on Tuesday, February 5, 2019 at 2:00 pm PT (5:00 pm ET) to review its results for the fiscal third quarter ended December 31, 2018 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 the Conferen

Quelle: Business Wire



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