Electronic Arts Reports Q4 and FY24 Results, Net Revenue for FY24 Up 2% Yo-Y to $7.562 Billion
EA SPORTS Momentum Continued in FY24, Company Delivers Record Fiscal Year Cash Flow
Burnaby, BC, May 28, 2024--(T-Net)--Electronic Arts Inc. (NASDAQ: EA) has announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2024.
Andrew Wilson, CEO & Chairman, EA
"This year, EA delivered bigger, bolder world class entertainment that engaged and connected hundreds of millions of players and fans," said Andrew Wilson, CEO of EA. "We will continue to build on this strong momentum through an incredible pipeline of new experiences, starting with College Football in FY25, positioning us for accelerated growth in FY26 and beyond."
"EA's FY24 was highlighted by record cash flow and strong earnings growth driven by EA SPORTS FC and Madden NFL," said Stuart Canfield, CFO of EA. "With strong conviction in our future, we are announcing an expanded stock repurchase program. We look forward to sharing more about our long-term strategy and financial framework at our Investor Day this fall."
Selected Operating Highlights and Metrics 1
- Net bookings2 for FY24 was $7.430 billion, up 1% year-over-year (up 3% in constant currency).
- Delivered 11 titles and over 600 content updates in the year, including four non-annual sports titles and the successful rebrand of EA SPORTS FC.
- Our global football franchise grew net bookings by high-teens percent in FY24.
- During FY24, our EA SPORTS™ Madden NFL franchise delivered record net bookings, up 6% year-over-year and double-digit growth in weekly average users for both Madden NFL 24 and Madden Mobile.
Selected Financial Highlights and Metrics
- Net revenue for FY24 was $7.562 billion, up 2% year-over-year.
- For FY24, net cash provided by operating activities was a fiscal year record $2.315 billion, up 49% year-over-year.
- During FY24, EA returned $1.505 billion to stockholders through stock repurchases and dividends.
- The board has authorized a new stock repurchase program of $5 billion over three years.
Dividend
EA has declared a quarterly cash dividend of $0.19 per share of the Company's common stock. The dividend is payable on June 19, 2024 to stockholders of record as of the close of business on May 29, 2024.
Quarterly Financial Highlights | ||||
Three Months Ended | ||||
March 31, | ||||
(in $ millions, except per share amounts) | 2024 | 2023 | ||
Full game | 333 | 372 | ||
Live services and other | 1,446 | 1,502 | ||
Total net revenue | 1,779 | 1,874 | ||
Net income (loss) | 182 | (12 | ) | |
Diluted earnings (loss) per share | 0.67 | (0.04 | ) | |
Operating cash flow | 580 | 617 | ||
Value of shares repurchased | 325 | 325 | ||
Number of shares repurchased | 2.3 | 2.7 | ||
Cash dividend paid | 51 | 52 | ||
Business Outlook as of May 7, 2024
Fiscal Year 2025 Expectations - Ending March 31, 2025
Financial outlook metrics:
- Net revenue is expected to be approximately $7.100 billion to $7.500 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately $200 million.
- Net income is expected to be approximately $904 million to $1.085 billion.
- Diluted earnings per share is expected to be approximately $3.34 to $4.00.
- Operating cash flow is expected to be approximately $2.050 billion to $2.250 billion.
- 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 $7.300 billion to $7.700 billion.
First Quarter Fiscal Year 2025 Expectations - Ending June 30, 2024
Financial outlook metrics:
- Net revenue is expected to be approximately $1.575 billion to $1.675 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately ($425) million.
- Net income is expected to be approximately $197 million to $243 million.
- Diluted earnings per share is expected to be approximately $0.73 to $0.90.
- The Company estimates a share count of 270 million for purposes of calculating diluted earnings per share.
Operational outlook metric:
- Net bookings2 is expected to be approximately $1.150 billion to $1.250 billion.
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 2024, EA posted GAAP net revenue of approximately $7.6 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.
