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Electronic Arts | EA Q4 FY2023

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Previous threads

FY3/2023

Q2 - https://www.installbaseforum.com/forums/threads/electronic-arts-q2-fy3-2023-financial-results.1168/
Q3 - https://www.installbaseforum.com/forums/threads/electronic-arts-q3-fy3-2023-financial-results.1346/
 
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“EA delivered a strong Q4 with record net bookings, up 11 percent year-over-year, demonstrating the strength of our business. Our teams continue to create high quality entertainment, fueled by amazing games and deeply engaging live services,” said Andrew Wilson, CEO of Electronic Arts. “We're excited to continue our momentum, including the highly anticipated launch of EA SPORTS FC later this year.”
"Record live services performance and increased engagement, particularly from our EA SPORTS FIFA franchise, drove better-than-expected Q4 net bookings, capping a strong finish to the fiscal year," said Chris Suh, CFO. "Looking ahead, our teams remain disciplined in prioritizing the player experience as we continue to focus our investments on long-term growth."

Selected Operating Highlights and Metrics

• Net bookings for Q4 was $1.946 billion, up 11% year-over-year (up 15% in constant currency).
• Live services and other net bookings for Q4 was $1.622 billion, a record for the quarter, up 9% year-over-year (up 13% in constant currency) and represented 83% of total net bookings.
• The EA SPORTS FIFA franchise Q4 net bookings grew 31% year-over-year (up 37% in constant currency).
• In the six months since launch, EA SPORTS FIFA 23 has surpassed life-time sales of EA SPORTS FIFA 22, becoming the most successful launch in franchise history.
• Apex Legends delivered net bookings growth in Q4 year-over-year at constant currency, driven by a successful Season 16 with peak weekly active users up over 20% from the previous season.
• Life-to-date, The Sims 4 player network has grown to more than 70 million worldwide.

Selected Financial Highlights and Metrics
• Net revenue was $1.874 billion for the quarter and $7.426 billion for the fiscal year.
• Net cash provided by operating activities was $617 million for the quarter and $1.550 billion for the fiscal year.
• EA repurchased 2.7 million shares for $325 million during the quarter, bringing the total for the fiscal year to 10.4 million shares for $1.295 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 June 21, 2023 to shareholders of record as of the close of business on May 31, 2023.
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Expectations for the current Fiscal Year

Fiscal Year 2024 Expectations – Ending March 31, 2024
Financial metrics:
• Net revenue is expected to be approximately $7.300 billion to $7.700 billion.
o No change in deferred net revenue (online-enabled games) is expected.
• Net income is expected to be approximately $915 million to $1.055 billion.
• Diluted earnings per share is expected to be approximately $3.30 to $3.81.
• Operating cash flow is expected to be approximately $1.700 billion to $1.850 billion.
• The Company estimates a share count of 277 million for purposes of calculating fiscal year 2024 diluted earnings per share.

Operational metric:
• Net bookings is expected to be approximately $7.300 billion to $7.700 billion.

[...]

First Quarter Fiscal Year 2024 Expectations – Ending June 30, 2023
Financial metrics:
• Net revenue is expected to be approximately $1.825 billion to $1.925 billion.
o Change in deferred net revenue (online-enabled games) is expected to be approximately ($325) million.
• Net income is expected to be approximately $271 million to $316 million.
• Diluted earnings per share is expected to be approximately $0.98 to $1.14.
• The Company estimates a share count of 277 million for purposes of calculating first quarter fiscal 2024 diluted earnings per share.

Operational metric:
• Net bookings is expected to be approximately $1.500 billion to $1.600 billion.
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Previous threads

FY3/2023

Q2 - https://www.installbaseforum.com/forums/threads/electronic-arts-q2-fy3-2023-financial-results.1168/
Q3 - https://www.installbaseforum.com/forums/threads/electronic-arts-q3-fy3-2023-financial-results.1346/
 
really curious how they follow up The Sims 4. maybe Project Rene could be a Sims Online successor and go MMO
 
Lelouch0612 said:
Fifa + World Cup -> money printer.

Tough challenge ahead with the rebrand this year. Will be interesting how they manage to handle it.
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World Cup without the relevant parts is worthless, I think. EA has the clout and marketing budget to pull off a "World Football Championships" edition next year or something.

Remember_spinal said:
Wonder how the Immortals of Aveum will do. Not every day a publisher like EA creates a AAA original IP. The majority of their catalogue is still licensed properties
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not gonna lie, my expectations are low. the showings haven't impressed so far. maybe a proper demonstration video can salvage the game
 
Remember_spinal said:
Wonder how the Immortals of Aveum will do. Not every day a publisher like EA creates a AAA original IP. The majority of their catalogue is still licensed properties
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Isn't it an EA Originals though? That department is basically backing the partnered developer's game, so EA won't own it in the long run. This is theoretically their biggest one since the EA Partners days though.
 
Astrogamer said:
Isn't it an EA Originals though? That department is basically backing the partnered developer's game, so EA won't own it in the long run. This is theoretically their biggest one since the EA Partners days though.
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yes, it is. this game also has a fairly short turnaround time, so that might affect things. the gameplay trailer also came out around Zelda previews, so that really didn't help it (on top of its reception)
 
The lack of Dragon Age for another ~12 months tells me that BioWare is either being given all the time in the world to get it right, or they have been hitting a lot of speedbumps. I really hope this hits because the industry is better when BioWare is at the top of their game.
 
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