Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its third fiscal quarter ended December 31, 2013.
“EA’s third quarter marked an exciting start to a new generation of games, and we are proud to have been the #1 publisher on next-generation consoles in December, with millions of gamers across the globe playing EA titles on the PlayStation 4 and Xbox One,” said Chief Executive Officer Andrew Wilson. “In addition to consoles, our mobile games, digital downloads and live services are growing year-over-year as we continue to deliver exciting new experiences to gamers around the world.”
“In a transitional quarter, EA delivered EPS results above our guidance driven by strong sales of our next-generation console titles, continued growth in our digital games and services, and financial discipline across the business,” said Chief Financial Officer Blake Jorgensen. “For our full year outlook, we are lowering our non-GAAP net revenue guidance to $3.91 billion due to the weakness in current generation software, but we are increasing our non-GAAP EPS guidance to $1.30 due to the improvement in our operating profits.”
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 was the #1 publisher on the PlayStation 4 computer entertainment systems and Xbox One, the all-in-one games and entertainment system from Microsoft, in the Western World in December, led by Battlefield 4™, Madden NFL 25, FIFA 14 and Need for Speed™ Rivals.
- For the month of December, FIFA 14 and Battlefield 4 were two of the top three best-selling titles across all platforms in the Western World, and FIFA 14 was the #1 title in Europe.
- EA titles represented 35% of the Western World PlayStation 4 and Xbox One software sales in the third quarter.
- Third quarter digital net revenue increased by 27% year-over-year to $517 million*, and trailing twelve month digital net revenue was a record $1.86 billion*.
- On a year-to-date basis, FIFA Ultimate Team, Madden NFL Ultimate Team, and NHL® Hockey Ultimate Team collectively grew 60% year-over-year and drove digital net revenue* growth.
- EA’s mobile and handheld digital net revenue generated $125 million* in Q3 fiscal 14, a 26% year-over-year increase over Q3 fiscal 13.
- The Simpsons™ Tapped Out generated over $130 million* in digital net revenue through Q3 fiscal 14.
- Trailing twelve months operating cash flow was $664 million, the highest trailing twelve month operating cash flow for EA since 2005.
|(in millions of $, except per share amounts)||QuarterEnded12/31/13||QuarterEnded12/31/12|
|GAAP Digital Net Revenue||$410||$321|
|GAAP Publishing Packaged Goods and Other Net Revenue||370||568|
|GAAP Distribution Packaged Goods Net Revenue||28||33|
|GAAP Total Net Revenue||$808||$922|
|Non-GAAP Digital Net Revenue||$517||$407|
|Non-GAAP Publishing Packaged Goods and Other Net Revenue||1,027||742|
|Non-GAAP Distribution Packaged Goods Net Revenue||28||33|
|Non-GAAP Total Net Revenue||$1,572||$1,182|
|GAAP Net Loss||$(308)||$(45)|
|Non-GAAP Net Income||398||176|
|GAAP Loss Per Share||(1.00)||(0.15)|
|Non-GAAP Diluted Earnings Per Share||1.26||0.57|
|Cash Provided by Operations||$685||$363|
|Trailing Twelve Month (TTM) Financial Highlights:|
|(in millions of $)||TTMEnded12/31/13||TTMEnded12/31/12|
|GAAP Net Revenue||$3,661||$3,956|
|GAAP Net Income (Loss)||(36)||175|
|Non-GAAP Net Revenue||4,147||3,730|
|Non-GAAP Net Income||551||151|
|Cash Provided by Operations||$664||$378|
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