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Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its second fiscal quarter ended September 30, 2013.
“EA’s strong second quarter was driven by great title launches, continued digital growth, and financial discipline,” said Chief Executive Officer Andrew Wilson. “While we have made good progress in the first half of the year, we remain focused on executing our FY14 plan and delivering a full slate of amazing games and services to players on current and next-generation consoles, mobile, and PC.”
“We exceeded our revenue and EPS guidance in the second quarter through a combination of delivering on revenue, and managing our costs,” said Chief Financial Officer Blake Jorgensen. “We are reaffirming our annual non-GAAP net revenue guidance of $4 billion, and raising our non-GAAP EPS guidance from $1.20 to $1.25 per share.”
This release, along with ongoing updates regarding EA’s business, is available on EA’s blog at http://ea.com/news.
Selected Operating Highlights and Metrics:*On a non-GAAP basis
EA raised its fiscal year earnings per share guidance from $1.20 to $1.25 per share*.
Trailing twelve-month non-GAAP digital net revenue was up 22% versus the prior year to a record $1.75 billion*.
On a year-to-date basis, EA SPORTS™ NCAA® Football Ultimate Team, Madden NFL Ultimate Team, NHL® Hockey Ultimate Team, and FIFA Ultimate Team each grew year over year and drove digital net revenue* growth.
EA’s mobile and handheld non-GAAP digital net revenue generated $105 million* in Q2 FY14, a 19% year-over-year increase over Q2 FY13.
The Simpsons™: Tapped Out eclipsed $100 million* in life-to-date digital net revenue, and has been in the top 20 iPhone grossing games in the U.S. for all but 12 days, since launching in August 2012.
Plants vs. Zombies™ 2 has been installed over 25 million times on iOS devices since launching in August 2013, more than the lifetime total of the original Plants vs. Zombies.
Real Racing™ 3 continued its revenue growth* since launching in February 2013, has been downloaded over 70 million times, and is currently averaging 18 million monthly active users.
FIFA digital net revenue generated over $145 million* in the first half of fiscal 14, an increase of over 25% compared to the first half of fiscal 13.
Q2 Financial Highlights:
For the quarter, non-GAAP net revenue of $1,040 million was above our guidance of $975 million. Non-GAAP diluted earnings per share of $0.33 was above our guidance of $0.12.
(in millions of $, except per share amounts)
Quarter Ended 9/30/13
Quarter Ended 9/30/12
GAAP Digital Net Revenue
GAAP Publishing Packaged Goods and Other Net Revenue
GAAP Distribution Packaged Goods Net Revenue
GAAP Total Net Revenue
Non-GAAP Digital Net Revenue
Non-GAAP Publishing Packaged Goods and Other Net Revenue
Non-GAAP Distribution Packaged Goods Net Revenue
Non-GAAP Total Net Revenue
GAAP Net Loss
Non-GAAP Net Income
GAAP Loss Per Share
Non-GAAP Diluted Earnings Per Share
Cash Used in Operations
Trailing Twelve Month (TTM) Financial Highlights:
(in millions of $)
GAAP Net Revenue
GAAP Net Income
Non-GAAP Net Revenue
Non-GAAP Net Income
Cash Provided by Operations
Business Outlook as of October 29, 2013
The following forward-looking statements, as well as those made above, reflect expectations as of October 29, 2013. 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.