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Electronic Arts Reports Q4 and Full Year FY19 Financial Results

Dienstag, 07.05.19 22:01
Electronic Arts Reports Q4 and Full Year FY19 Financial Results
Bildquelle: iStock by Getty Images
REDWOOD CITY, Calif. –

Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its fourth fiscal quarter and fiscal year ended March 31, 2019.

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

“FY20 will be a year of continued growth for our industry, and we’re excited to bring more great entertainment to the expanding audience around the world,” said CEO Andrew Wilson. “Players are engaging with games in more ways than ever before. We’re committed to meeting them where they are with a broad portfolio of amazing new games and live services, choice of engagement models including free-to-play and subscriptions, and new opportunities to play, compete and watch.”

“We ended our fiscal year with strong growth, driven by our live services business which continued to provide a very large, stable and profitable source of net bookings,” said COO and CFO Blake Jorgensen. “Looking ahead, we will bring games to an extraordinary variety of players in fiscal 2020 and deliver on our commitment to players with deep live services content for Ultimate Team, Apex Legends, The Sims 4, Anthem and Battlefield V.”

Selected Operating Highlights and Metrics

  • Digital net bookings* for the trailing twelve months was $3.722 billion, up 5% year-over-year and represents 75% of total net bookings.
  • During the quarter, launched two new original IP titles, Apex LegendsTM and AnthemTM.
  • During the quarter, launched Firestorm battle royale in Battlefield TM V, the biggest BattlefieldTM live service event ever.
  • In FY19, more than 45 million unique players engaged in FIFA 19 and FIFA 18 on console and PC.
  • In FY19, active players in The Sims TM 4 increased by 35% 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, 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 $599 million for the quarter and $1.547 billion for the trailing twelve months.
  • EA repurchased 3.2 million shares for $301 million during the quarter and 11.0 million shares for $1.192 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

March 31,
2019 2018
(in $ millions, except per share amounts)
Digital net revenue 1,065 1,102
Packaged goods and other net revenue 173 480

Total net revenue

1,238 1,582
 
Net income 209 607
Diluted earnings per share 0.69 1.95
 
Operating cash flow 599 615
 
Value of shares repurchased 301 148
Number of shares repurchased 3.2 1.2
 

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 March 31, 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 1,238 - 173 (47 ) -
Cost of revenue 276 (1 ) - (47 ) (1 )
Gross profit 962 1 173 - 1
Total operating expenses 766 (16 ) - -   (72 )
Operating income 196 17 173 - 73
Interest and other income, net 23 -   - -   -  
Income before provision for income taxes 219 17 173 - 73
Number of shares used in computation:
Diluted 301
 

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 December 31, 2018.

TTM Financial Highlights

   
Twelve Months Ended
March 31,
2019 2018
(in $ millions, except per share amounts)
Digital net revenue 3,710 3,450
Packaged goods and other net revenue 1,240 1,700
Total net revenue 4,950 5,150
 
Net income 1,019 1,043*
Diluted earnings per share 3.33 3.34*
 
Operating cash flow 1,547 1,692
 
Value of shares repurchased 1,192 601
Number of shares repurchased 11.0 5.3

 

*During the twelve months ended March 31, 2018, EA recognized $235 million of incremental income tax expense, or approximately $0.75 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:

         
Twelve Months Ended March 31, 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 4,950 - 182 (188 ) -
Cost of revenue 1,322 (4 ) - (188 ) (4 )
Gross profit 3,628 4 182 - 4
Total operating expenses 2,632 (37 ) - -   (280 )
Operating income 996 41 182 - 284
Interest and other income, net 83 -   - -   -  
Income before provision for income taxes 1,079 41 182 - 284
Number of shares used in computation:
Diluted 306
 

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 December 31, 2018.

Operating Metric

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

       
Three Months Ended TTM Ended
March 31, March 31,
2019 2018 2019 2018
(in $ millions)
Total net revenue 1,238 1,582 4,950 5,150
Change in deferred net revenue (online-enabled games) 173 (327) 182 30
Mobile platform fees (47) - (188) -
Net bookings 1,364 1,255 4,944 5,180
 

Business Outlook as of May 7, 2019

The following forward-looking statements reflect expectations as of May 7, 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 2020 Expectations – Ending March 31, 2020

Financial metrics:

  • Net revenue is expected to be approximately $5.375 billion.
    • Change in deferred net revenue (online-enabled games) is expected to be approximately $(125) million.
    • Mobile platform fees are expected to be approximately $(150) million.
  • Net income is expected to be approximately $2.595 billion. This includes a one-time tax benefit of approximately $1.5 billion (see below).
  • Diluted earnings per share is expected to be approximately $8.56. This includes a one-time tax benefit of approximately $5 per share (see below).
  • Operating cash flow is expected to be approximately $1.575 billion.
  • The Company estimates a share count of 303 million for purposes of calculating fiscal year 2020 diluted earnings per share.

Subsequent to the fiscal year ended March 31, 2019, EA completed an internal transfer of some of its intellectual property rights to its Swiss subsidiary, where EA’s international business is headquartered. This transfer will result in a one-time tax benefit of between $1.5 billion and $3.9 billion, which will be recognized as a deferred tax asset in EA’s consolidated financial statements for the three months ending June 30, 2019. The recognition of the deferred tax asset will add between $5 to $13 per share to GAAP EPS and the low end of this range has been reflected above in EA’s forecast. The forecast of this one-time tax benefit is preliminary and is dependent on the results of Swiss referendums to be voted on later this month.

Operational metric:

  • Net bookings is expected to be approximately $5.100 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 4,175 - (75 ) (150 ) -
Packaged goods & other net revenue   1,200   -     (50 )   -     -  
Total net revenue   5,375   -     (125 )   (150 )   -  
Cost of revenue 1,327 (12 ) - (150 ) (2 )
Operating expense 2,746 (23 ) - - (353 )
Income before provision for income taxes 1,361 35 (125 ) - 355
Net income 2,595
Number of shares used in computation:
Diluted shares 303
 

First Quarter Fiscal Year 2020 Expectations – Ending June 30, 2019

Financial metrics:

  • Net revenue is expected to be approximately $1.130 billion.
    • Change in deferred net revenue (online-enabled games) is expected to be approximately $(405) million.
    • Mobile platform fees are expected to be approximately $(35) million.
  • Net income is expected to be approximately $1.765 billion. This includes a one-time tax benefit of approximately $1.5 billion (see above).
  • Diluted earnings per share is expected to be approximately $5.84. This includes a one-time tax benefit of approximately $5 per share (see above).
  • The Company estimates a share count of 302 million for purposes of calculating first quarter fiscal year 2020 diluted earnings per share. Should the first quarter be a loss, the Company will use the basic share count of 299 million for purposes of calculating first quarter fiscal year 2020 earnings per share.

Operational metric:

  • Net bookings is expected to be approximately $690 million.

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 June 30, 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   1,130   -     (405 )   (35 )   -  
Cost of revenue 188 (2 ) - (35 ) -
Operating expense 650 (5 ) - - (70 )
Income before provision for income taxes 310 7 (405 ) - 70

Net income
Quelle: Business Wire

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