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LONDON, UK / ACCESSWIRE / June 12, 2018 / If you want access to our free earnings report on Electronic Arts Inc. (NASDAQ: EA), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EA. The Company reported its fourth quarter and full fiscal year 2018 operating and financial results on May 08, 2018. The video game maker delivered record operating cash flows and announced a $2.4 billion share repurchase program. Additionally, the Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, Electronic Arts' GAAP net revenues were $1.58 billion, up 3.3% compared to $1.53 billion in Q4 FY17.
For the full fiscal year ended March 31, 2018, Electronic Arts generated net revenues of $5.15 billion, up 6.2% compared to $4.85 billion in FY17.
During Q4 FY18, Electronic Arts' cost of revenue was $233 million, up from $202 million in Q4 FY17. The Company's operating expenses totaled $596 million in the reported quarter compared to $608 million in the year earlier same quarter.
For Q4 FY18, Electronic Art reported a net income of $607 million, or $1.95 per diluted share, compared to $566 million, or $1.81 per diluted share, in Q4 FY17. The Company's earnings surpassed Wall Street's estimates of $1.15 per share.
For FY18, Electronic Arts recorded a net income of $1.04 billion, or $3.34 per diluted share, compared to $967 million, or $3.08 per diluted share, in FY17.
During Q4 FY18, Electronic Arts' net bookings were $1.26 billion compared to $1.09 billion in Q4 FY17, and were ahead of analysts' estimates of $1.23 billion. The Company's digital net bookings delivered $1.05 billion of the total $1.26 billion in the reported quarter, up from $885 million in the prior year's comparable quarter. This increase was driven by the Company's ongoing success with event-driven Live services.
During Q4 FY18, Electronic Arts' Live services' net bookings surged 31% to $679 million on a y-o-y basis. The increase was driven by Ultimate Team, The Sims 4, and Battlefield 1. Mobile delivered net bookings of $176 million in the reported quarter, roughly flat y-o-y. The strength in Star Wars: Galaxy of Heroes and FIFA Mobile was offset by an anticipated decline in some of the Company's older games. Full game PC and console downloads generated $193 million in Q4 FY18, flat compared to the year ago corresponding period, driven by Star Wars Battlefront II and a strength in FIFA 18, offset by the success of Battlefield 1 in the prior year.
Across the portfolio, 39% of Electronic Arts' full game unit sales were digital, measured on Xbox One and PlayStation 4 over the last 12 months; compared to 33% in the year ago same period.
For the full fiscal year 2018, Electronic Arts' operating cash flow was a record $1.69 billion, beating the Company's guidance of $1.6 billion, and up 7% over the last year. The Company's capital expenditure was $107 million, resulting in a free cash flow of $1.59 billion for FY18.
As of March 31, 2018, Electronic Arts held $5.33 billion in cash and short-term investments. During the reported quarter, the Company repurchased 1.2 million shares at a cost of $148 million. Electronic Arts also announced that it has replaced its old share repurchase program with a new $2.4 billion 2-year stock repurchase program.
Electronic Arts is expecting sales of current generation consoles from Microsoft and Sony to continue to be strong, with the installed base growing to 130 million consoles by the end of the calendar year 2018 from 103 million at the end of the calendar year 2017.
For FY19, Electronic Arts is forecasting GAAP net revenues of $5.6 billion; cost of revenue of $1.6 billion; and GAAP earnings per share (EPS) of $3.55. The Company is estimating operating cash flow to be approximately $1.825 billion, and capital expenditure of around $125 million, which would deliver free cash flow of $1.7 billion for FY19. Electronic Arts is also anticipating net bookings to be $5.55 billion, up 7% on a y-o-y basis for FY19.
For the first quarter of the fiscal year 2019, Electronic Arts is projecting net revenues to be approximately $1.080 billion. The Company is expecting net income to be approximately $200 million and EPS to be approximately $0.64. For the upcoming quarter, Electronic Arts is estimating net bookings to be approximately $720 million.
Stock Performance Snapshot
June 11, 2018 - At Monday's closing bell, Electronic Arts' stock slightly climbed 0.94%, ending the trading session at $139.16.
Volume traded for the day: 4.93 million shares, which was above the 3-month average volume of 2.91 million shares.
Stock performance in the last month – up 4.04%; previous three-month period – up 8.62%; past twelve-month period – up 25.98%; and year-to-date – up 32.46%
After yesterday's close, Electronic Arts' market cap was at $42.44 billion.
Price to Earnings (P/E) ratio was at 34.04.
The stock is part of the Technology sector, categorized under the Multimedia & Graphics Software industry. This sector was up 0.3% at the end of the session.
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