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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) January 26, 2024    

 ELECTRONIC ARTS INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware0-1794894-2838567
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
209 Redwood Shores Parkway,Redwood City,California94065-1175
(Address of Principal Executive Offices)(Zip Code)
(650)628-1500
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par valueEANASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
                                                                                                                         Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02    Result of Operations and Financial Condition.

On January 30, 2024, Electronic Arts Inc. ("Electronic Arts" or “EA”) issued a press release announcing its financial results for the third fiscal quarter ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

Neither the information in this Form 8-K nor the information in the press release attached hereto as Exhibit 99.1 shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01    Other Events.

On January 26, 2024, the Audit Committee of EA, on behalf of EA’s full Board of Directors declared a cash dividend of $0.19 per share of EA's common stock. The dividend is payable on March 20, 2024 to stockholders of record as of the close of business on February 28, 2024.


Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Press release dated January 30, 2024, relating to Electronic Arts Inc.’s financial results for its third fiscal quarter ended December 31, 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


INDEX TO EXHIBITS
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

            
ELECTRONIC ARTS INC.
Dated:January 30, 2024By:/s/ Stuart Canfield
Stuart Canfield
Chief Financial Officer


Exhibit 99.1

Electronic Arts Reports Strong Q3 FY24 Results


ealogo050520a.jpg
EA SPORTS FCTM Momentum Continues, Driving Record Live Services Net Bookings

REDWOOD CITY, CA – January 30, 2024 – Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its third quarter ended December 31, 2023.

“Our incredible teams delivered a strong Q3, entertaining hundreds of millions of people across our portfolio, driving deep engagement and record live services,” said Andrew Wilson, CEO of EA. “We remain focused on growing our biggest franchises and delivering new, innovative games and experiences for our global communities.”

“EA SPORTS FC outperformed expectations again this quarter, delivering 7% year-over-year net bookings growth, as momentum continued through the FC brand transition,” said Stuart Canfield, CFO of EA. “We will continue to build upon the strength within our portfolio, while prioritizing investments in our largest opportunities for multi-year growth.”


Selected Operating Highlights and Metrics1

•Net bookings2 for Q3 was $2.366 billion, up 1% year-over-year (up 2% in constant currency).
•Live services and other net bookings for Q3 achieved a record $1.712 billion, up 3% year-over-year (up 5% in constant currency). On a trailing twelve-month basis, live services were 73% of our business.
•The EA SPORTS FCTM franchise outperformed Q3 expectations, delivering 7% net bookings growth against a prior year that included the World Cup.
•EA SPORTSTM Madden NFL delivered net bookings growth of 5% year-over-year.

Selected Financial Highlights and Metrics

•Net revenue was $1.945 billion for the quarter.
•Net cash provided by operating activities for the quarter was $1.264 billion, up 13% year-over-year. For the trailing twelve months, net cash provided by operating activities was a record $2.352 billion.
•EA repurchased 2.5 million shares for $325 million during the quarter, bringing the total for the trailing twelve months to 10.4 million shares for $1.300 billion.

Dividend

EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock. The dividend is payable on March 20, 2024 to shareholders of record as of the close of business on February 28, 2024.



Quarterly Financial Highlights
Three Months Ended
December 31,
(in $ millions, except per share amounts)20232022
Full game618 622 
Live services and other1,327 1,259 
  Total net revenue1,945 1,881 
Net income 290 204
Diluted earnings per share1.07 0.73
Operating cash flow1,264 1,123 
Value of shares repurchased325 325 
Number of shares repurchased2.5 2.6 
Cash dividend paid51 52 



The following GAAP-based financial data3 and tax rate of 19% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

Three Months Ended December 31, 2023
GAAP-Based Financial Data
(in $ millions)Statement of OperationsAcquisition-related expensesChange in deferred net revenue (online-enabled games)Restructuring and related chargesStock-based compensation
Total net revenue1,945 — 421 — — 
  Cost of revenue529 (16)— — (2)
Gross profit1,416 16 421 — 2 
  Total operating expenses1,051 (21)— — (149)
Operating income365 37 421 — 151 
  Interest and other income (expense), net17 — — — — 
  Income before provision for income taxes382 37 421 — 151 
Number of shares used in computation:
  Diluted271 



Trailing Twelve Months Financial Highlights
Twelve Months Ended
December 31,
(in $ millions)20232022
Full game2,054 2,003 
Live services and other5,603 5,374 
  Total net revenue7,657 7,377 
Net income1,079 1,039 
Operating cash flow2,352 1,377 
Value of shares repurchased1,300 1,295 
Number of shares repurchased10.4 10.2 

The following GAAP-based financial data3 and a tax rate of 19% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results.
Twelve Months Ended December 31, 2023
GAAP-Based Financial Data
(in $ millions)Statement of OperationsAcquisition-related expensesChange in deferred net revenue (online-enabled games)Restructuring and related chargesStock-based compensation
Total net revenue7,657 —53 ——
  Cost of revenue1,801 (72)——(8)
Gross profit5,856 72 53 —8 
  Total operating expenses4,397 (96)—(158)(570)
Operating income1,459 168 53 158 578 
  Interest and other income (expense), net51 ————
  Income before provision for income taxes1,510 168 53 158 578 

Operating Metric

The following is a calculation of our total net bookings2 for the periods presented:

Three Months Ended
December 31,		Twelve Months Ended
December 31,
(in $ millions)2023202220232022
Total net revenue1,945 1,881 7,657 7,377 
Change in deferred net revenue (online-enabled games)421 461 53 (231)
  Total net bookings2,366 2,342 7,710 7,146 










Business Outlook as of January 30, 2024

Fourth Quarter Fiscal Year 2024 Expectations – Ending March 31, 2024

Financial outlook metrics:
•Net revenue is expected to be approximately $1.625 billion to $1.925 billion.
◦No change in deferred net revenue (online-enabled games) is expected.
•Net income is expected to be approximately $54 million to $183 million.
•Diluted earnings per share is expected to be approximately $0.20 to $0.68.
•The Company estimates a share count of 271 million for purposes of calculating diluted earnings per share.


Operational outlook metric:
•Net bookings2 is expected to be approximately $1.625 billion to $1.925 billion.

In addition, the following outlook for GAAP-based financial data3 and long-term tax rate of 19% are used internally by EA to adjust GAAP expectations to assess EA’s operating results and plan for future periods:

Three Months Ended March 31, 2024
GAAP-Based Financial Data*
(in $ millions)GAAP Guidance RangeAcquisition-related expenses**Change in deferred net revenue (online-enabled games)Restructuring and related chargesStock-based compensation
Total net revenue1,625 to 1,925— — — — 
Cost of revenue360 to 410(30)— — (5)
Operating expense1,125 to 1,205(75)— — (150)
Income before provision for income taxes158 to 325105 — — 155 
Net income54 to 183
Number of shares used in computation:
Diluted shares271 
*The mid-point of the range has been used for purposes of presenting the reconciling items.
** Subsequent to December 31, 2023, we impaired certain acquisition-related intangible assets totaling approximately $70 million that will be recorded in the fourth quarter of fiscal year 2024.




Fiscal Year 2024 Expectations – Ending March 31, 2024

Financial outlook metrics:
•Net revenue is expected to be approximately $7.408 billion to $7.708 billion.
◦Change in deferred net revenue (online-enabled games) is expected to be approximately ($19) million.
•Net income is expected to be approximately $1.145 billion to $1.274 billion.
•Diluted earnings per share is expected to be approximately $4.21 to $4.68.
•Operating cash flow is expected to be approximately $1.950 billion to $2.100 billion.
•The Company estimates a share count of 272 million for purposes of calculating diluted earnings per share.


Operational outlook metric:
•Net bookings2 is expected to be approximately $7.389 billion to $7.689 billion.

In addition, the following outlook for GAAP-based financial data3 and long-term tax rate of 19% are used internally by EA to adjust GAAP expectations to assess EA’s operating results and plan for future periods:

Twelve Months Ended March 31, 2024
GAAP-Based Financial Data*
(in $ millions)GAAP Guidance RangeAcquisition-related expenses**Change in deferred net revenue (online-enabled games)Restructuring and related chargesStock-based compensation
Total net revenue7,408 to 7,708— (19)— — 
Cost of revenue1,713 to 1,763(77)— — (11)
Operating expense4,271 to 4,351(145)— (3)(580)
Income before provision for income taxes1,487 to 1,654222 (19)3 591 
Net income1,145 to 1,274
Number of shares used in computation:
Diluted shares272 
*The mid-point of the range has been used for purposes of presenting the reconciling items.
** Includes Q4 impairment of acquisition-related intangible assets as per previous table.



Conference Call and Supporting Documents
Electronic Arts will host a conference call on January 30, 2024 at 2:00 pm PT (5:00 pm ET) to review its results for the third quarter ended December 31, 2023 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 (888) 330-2446 (domestic) or (240) 789-2732 (international), using the conference code 5939891 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 February 14, 2024 at (800) 770-2030 (domestic) or (647) 362-9199 (international) using conference code 5939891. 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 expectations under the heading “Business Outlook as of January 30, 2024” and other information regarding EA's 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: 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; economic and geopolitical 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, 2023.

These forward-looking statements are current as of January 30, 2024. 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 Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2023. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended December 31, 2023.

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 2023, EA posted GAAP net revenue of approximately $7.4 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS FC™, Battlefield™, Apex Legends™, The Sims™, EA SPORTS Madden NFL, Need for Speed™, Titanfall™, Plants vs. Zombies™ and EA SPORTS F1®. More information about EA is available at www.ea.com/news.

EA, EA SPORTS, EA SPORTS FC, Battlefield, Need for Speed, Apex Legends, The Sims, Titanfall, and Plants vs. Zombies are trademarks of Electronic Arts Inc. John Madden, NFL, FIFA and F1 are the property of their respective owners and used with permission.





For additional information, please contact:
Katie BurkeErin Rheaume
Director, Investor RelationsDirector, Financial Communications
650-628-7605650-628-7978
katieburke@ea.comerheaume@ea.com

1 For more information on constant currency, please refer to the earnings slides available on EA’s IR Website.

2 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.

3 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, 2023.






    

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
Three Months Ended
December 31,		Nine Months Ended December 31,
2023202220232022
Net revenue1,945 1,881 5,783 5,552 
Cost of revenue529 568 1,353 1,344 
Gross profit1,416 1,313 4,430 4,208 
Operating expenses:
Research and development584 556 1,782 1,693 
Marketing and sales276 256 785 723 
General and administrative170 162 506 503 
Amortization and impairment of intangibles21 50 70 132 
Restructuring— — 3 — 
Total operating expenses1,051 1,024 3,146 3,051 
Operating income365 289 1,284 1,157 
Interest and other income (expense), net17 (7)45 (12)
Income before provision for income taxes382 282 1,329 1,145 
Provision for income taxes92 78 238 331 
Net income 290 204 1,091 814 
Earnings per share
Basic1.08 0.744.032.93 
Diluted1.07 0.734.01 2.92 
Number of shares used in computation
Basic269 276 271 278 
Diluted271 278 272 279 



Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus our guidance provided on November 1, 2023 for the three months ended December 31, 2023 plus a comparison to the actuals for the three months ended December 31, 2022.

Three Months Ended December 31,
2023 Guidance (Mid-Point)2023 Actuals2022 Actuals
Variance
Net revenue
Net revenue1,925 20 1,945 1,881 
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
425 (4)421 461 
Cost of revenue
Cost of revenue515 14 529 568 
GAAP-based financial data
Acquisition-related expenses(15)(1)(16)(26)
Stock-based compensation— (2)(2)(2)
Operating expenses
Operating expenses1,080 (29)1,051 1,024 
GAAP-based financial data
Acquisition-related expenses(25)4 (21)(50)
Stock-based compensation(155)6 (149)(139)
Income before tax
Income before tax337 45 382 282 
GAAP-based financial data
Acquisition-related expenses40 (3)37 76 
Change in deferred net revenue (online-enabled games)1
425 (4)421 461 
Stock-based compensation155 (4)151 141 
Tax rate used for management reporting19 %19 %19 %
Earnings per share
Basic 0.89 0.19 1.08 0.74 
Diluted0.88 0.19 1.07 0.73 
Number of shares used in computation
Basic 270 (1)269 276 
Diluted272 (1)271 278 


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.












ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in $ millions)
December 31, 2023
March 31, 20232
ASSETS
Current assets:
Cash and cash equivalents2,742 2,424 
Short-term investments362 343 
Receivables, net 867 684 
Other current assets378 518 
Total current assets4,349 3,969 
Property and equipment, net561 549 
Goodwill5,382 5,380 
Acquisition-related intangibles, net501 618 
Deferred income taxes, net2,375 2,462 
Other assets449 481 
TOTAL ASSETS13,617 13,459 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable62 99 
Accrued and other current liabilities1,299 1,285 
Deferred net revenue (online-enabled games)1,919 1,901 
Total current liabilities3,280 3,285 
Senior notes, net1,881 1,880 
Income tax obligations482 607 
Deferred income taxes, net2 1 
Other liabilities439 393 
Total liabilities6,084 6,166 
Stockholders’ equity:
Common stock3 3 
Retained earnings7,614 7,357 
Accumulated other comprehensive loss(84)(67)
Total stockholders’ equity7,533 7,293 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY13,617 13,459 



2Derived from audited consolidated financial statements.






ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended December 31,Nine Months Ended December 31,
2023202220232022
OPERATING ACTIVITIES
Net income 290 204 1,091 814 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and impairment 82 122 255 363 
Stock-based compensation151 141 436 406 
Change in assets and liabilities
Receivables, net183 90 (184)(186)
Other assets112 (28)186 (53)
Accounts payable(93)(74)(36)(21)
Accrued and other liabilities138 297 (119)28 
Deferred income taxes, net(20)(47)88 (203)
Deferred net revenue (online-enabled games)421 418 18 (215)
Net cash provided by operating activities1,264 1,123 1,735 933 
INVESTING ACTIVITIES
Capital expenditures(52)(48)(148)(160)
Proceeds from maturities and sales of short-term investments148 77 450 243 
Purchase of short-term investments(147)(90)(460)(263)
Net cash used in investing activities(51)(61)(158)(180)
FINANCING ACTIVITIES
Proceeds from issuance of common stock3 3 43 47 
Cash dividends paid(51)(52)(154)(158)
Cash paid to taxing authorities for shares withheld from employees(58)(44)(178)(161)
Repurchase and retirement of common stock(325)(325)(975)(970)
Net cash used in financing activities(431)(418)(1,264)(1,242)
Effect of foreign exchange on cash and cash equivalents14 19 5 (41)
Change in cash and cash equivalents796 663 318 (530)
Beginning cash and cash equivalents1,946 1,539 2,424 2,732 
Ending cash and cash equivalents2,742 2,202 2,742 2,202 















ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
Q3Q4Q1Q2Q3YOY %
FY23FY23FY24FY24FY24Change
Net revenue
 Net revenue1,881 1,874 1,924 1,914 1,945 3 %
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
461 72 (346)(94)421 
Gross profit
Gross profit1,313 1,426 1,556 1,458 1,416 8 %
Gross profit (as a % of net revenue)70 %76 %81 %76 %73 %
GAAP-based financial data
Acquisition-related expenses26 25 16 15 16 
Change in deferred net revenue (online-enabled games)1
461 72 (346)(94)421 
Stock-based compensation2 2 2 2 2 
Operating income
Operating income289 175 542 377 365 26 %
Operating income (as a % of net revenue)15 %9 %28 %20 %19 %
GAAP-based financial data
Acquisition-related expenses76 51 41 39 37 
Change in deferred net revenue (online-enabled games)1
461 72 (346)(94)421 
Restructuring and related charges— 155 3 — — 
Stock-based compensation141 142 130 155 151 
Net income (loss)
Net income (loss)204 (12)402 399 290 42 %
Net income (loss) (as a % of net revenue)11 %(1 %)21 %21 %15 %
GAAP-based financial data
Acquisition-related expenses76 51 41 39 37 
Change in deferred net revenue (online-enabled games)1
461 72 (346)(94)421 
Restructuring and related charges— 155 3 — — 
Stock-based compensation141 142 130 155 151 
Tax rate used for management reporting19 %19 %19 %19 %19 %
Diluted earnings (loss) per share0.73 (0.04)1.47 1.47 1.07 47 %
Number of shares used in computation
Basic276 274 272 271 269 
Diluted278 274 274 272 271 
Anti-dilutive shares excluded for loss position3
— 1 — — — 


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.


3 Diluted earnings per share reflects the potential dilution from common shares (calculated using the treasury stock method), issuable through stock-based compensation plans. When the company incurs a loss, shares issuable though stock-based compensation plans are excluded from the diluted loss per share calculation as inclusion would be anti-dilutive.







ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q3Q4Q1Q2Q3YOY %
FY23FY23FY24FY24FY24Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads423 274 301 346 431 2 %
Packaged goods199 98 142 275 187 (6 %)
Full game622 372 443 621 618 (1 %)
Live services and other1,259 1,502 1,481 1,293 1,327 5 %
Total net revenue1,881 1,874 1,924 1,914 1,945 3 %
Full game33 %20 %23 %32 %32 %
Live services and other67 %80 %77 %68 %68 %
Total net revenue %100 %100 %100 %100 %100 %
GAAP-based financial data
Full game downloads45 (24)(21)24 32 
Packaged goods20 (24)(21)46 4 
Full game65 (48)(42)70 36 
Live services and other396 120 (304)(164)385 
Total change in deferred net revenue (online-enabled games) by composition1
461 72 (346)(94)421 
Net revenue by platform
Console1,152 1,088 1,167 1,187 1,229 7 %
PC & Other435 469 451 423 420 (3 %)
Mobile294 317 306 304 296 1 %
Total net revenue1,881 1,874 1,924 1,914 1,945 3 %
GAAP-based financial data
Console 423 11 (266)(35)377 
PC & Other29 47 (77)(34)33 
Mobile9 14 (3)(25)11 
Total change in deferred net revenue (online-enabled games) by platform1
461 72 (346)(94)421 

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.












ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions)
Q3Q4Q1Q2Q3YOY %
FY23FY23FY24FY24FY24Change
CASH FLOW DATA
Operating cash flow1,123 617 359 112 1,264 13 %
Operating cash flow - TTM1,377 1,550 1,987 2,211 2,352 71 %
Capital expenditures48 47 45 51 52 8 %
Capital expenditures - TTM213207193191195(8 %)
Repurchase and retirement of common stock325 325 325 325 325 — 
Cash dividends paid5252525151(2 %)
DEPRECIATION
Depreciation expense46584949484 %
BALANCE SHEET DATA
Cash and cash equivalents2,2022,4242,2591,9462,742
Short-term investments351343343359362
Cash and cash equivalents, and short-term investments2,553 2,767 2,602 2,305 3,104 22 %
Receivables, net8366845171,0478674 %
STOCK-BASED COMPENSATION
Cost of revenue2 2 2 2 2 
Research and development959693113108
Marketing and sales1515111314
General and administrative2929242727
Total stock-based compensation141 142 130 155 151 
RESTRUCTURING AND RELATED CHARGES
Restructuring— 111 1 2 — 
Office space reductions— 44 2 (2)— 
Total restructuring and related charges— 155 3 — — 

























v3.24.0.1
Cover Page
Jan. 26, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 26, 2024
Entity Registrant Name ELECTRONIC ARTS INC.
Entity Incorporation, State or Country Code DE
Entity File Number 0-17948
Entity Tax Identification Number 94-2838567
Entity Address, Address Line One 209 Redwood Shores Parkway,
Entity Address, City or Town Redwood City,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94065-1175
City Area Code (650)
Local Phone Number 628-1500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol EA
Security Exchange Name NASDAQ
Entity Central Index Key 0000712515
Amendment Flag false
Electronic Arts (NASDAQ:EA)
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