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Electronic Arts Reports Q4 and FY21 Financial Results

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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
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