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Electronic Arts | FY24 Q1

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Electronic Arts Reports Strong Q1 FY24 Results

Record Q1 Net Bookings, up 21% year-over-year, driven by EA SPORTS FIFA Momentum and Star Wars Jedi: Survivor Electronic Arts Inc . (NASDAQ: EA) today announced preliminary financial results for its first quarter ended June 30, 2023. “EA delivered a record Q1, driven by strong momentum in EA...
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Thanks to @DomsPlaying & @MauroNL



Electronic Arts | EA Q4 FY2023

Thanks to @DomsPlaying https://s22.q4cdn.com/894350492/files/doc_financials/2023/q4/Q4-FY23-Earnings-Release-Final.pdf https://s22.q4cdn.com/894350492/files/doc_financials/2023/q4/Q4-FY23-Earnings-Slides-Final.pdf Previous threads FY3/2023 Q2 -...
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Announcement of operating and financial highlights and metrics

“EA delivered a record Q1, driven by strong momentum in EA SPORTS global football and Star Wars Jedi: Survivor,” said Andrew Wilson, CEO of EA. “Our exceptional teams are creating innovative entertainment experiences across our multi-year pipeline, starting with the highly anticipated, culture defining titles Madden NFL 24 and EA SPORTS FC 24.”
"We had a strong start to the fiscal year, with net bookings growth of 21% year over year, highlighted by new releases, continued live services growth, healthy engagement, and new player acquisition,” said Stuart Canfield, CFO of EA. “Looking ahead, our teams remain focused on delivering long-term growth and profitability.”

Selected Operating Highlights and Metrics

• Net bookings for Q1 was $1.578 billion, up 21% year-over-year (up 25% in constant currency).
• Live services and other net bookings for Q1 was $1.177 billion, up 4% year-over-year (up 7% in constant currency) and represented 75% of total net bookings.
• Our teams continue to execute across the business — launching five new high-quality releases, while providing over 145 content updates across 37 titles during the quarter.
• EA SPORTS FIFA net bookings growth accelerated year over year, delivering a record Q1 for the franchise, and further demonstrating the power and potential of a connected massive online community.
• Star Wars Jedi: Survivor launched to critical acclaim and commercial success. The game is entertaining millions of players around the world, and with multiple “best of 2023” list accolades, and a blockbuster story, we’re seeing players spend more time in-game than its predecessor.

Selected Financial Highlights and Metrics
• Net revenue was $1.924 billion for the quarter.
• Net cash provided by operating activities was $359 million for the quarter and $1.987 billion for the trailing twelve months.
• EA repurchased 2.6 million shares for $325 million during the quarter, bringing the total for the trailing twelve months to 10.5 million shares for $1.300 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 September 20, 2023 to shareholders of record as of the close of business on August 30, 2023.
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Expectations for the rest of the Fiscal Year

Business Outlook as of August 1st, 2023

EA announced a new release date for Star Wars Jedi: Survivor, which will launch globally on April 28th. More information is provided on EA’s blog at www.ea.com/news.

Fiscal Year 2024 Expectations – Ending March 31, 2024

Financial metrics:
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 $947 million to $1.087 billion.
• Diluted earnings per share is expected to be approximately $3.42 to $3.92.
• 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.

Second Quarter Fiscal Year 2024 Expectations – Ending September 30th, 2023

Financial metrics:
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 ($125) million.
• Net income is expected to be approximately $197 million to $243 million.
• Diluted earnings per share is expected to be approximately $0.72 to $0.89.
• The Company estimates a share count of 273 million for purposes of calculating second quarter fiscal 2024 diluted earnings per share.

Operational metric:
• Net bookings is expected to be approximately $1.700 billion to $1.800 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/
Q4 - https://www.installbaseforum.com/forums/threads/electronic-arts-ea-q4-fy2023.1601/
 
Jedi Survivor was announced to have an XBO/PS4 port. weird given the state of the game, but they're promising further updates for those versions

they talk about expanding Apex, so I'm guessing their mobile version will be coming within the next year, maybe just play testing of it?

they have a new racing game pegged for before the end of March 2024, which is most likely WRC aka Dirt 3.0

not mentioned here but SKATE got some leaks as of late. it's a free to play title and I expect it to do decently
 
Overall great results. Almost U$2 billion in revenue for Q1, with very high margins. EA is doing very well.
 
I'm very puzzled by the Star wars port to last gen. Did it not sell as well on current gen?
 
I can't believe they will launch Jedi Survivor for PS4/XB1.

Also doesn't look like old gen are selling much software anyway, especially Xbox One.
 
i cant imagine they’ll be getting much sales on past gen consoles at this point, especially at full price. If you’re still on ps4 and especially xbox one odds are you aren’t buying brand new AAA games at this point. Feels like more effort than its worth.
 
Kinda disappointing in the Jedi Survivor was supposedly current gen only. The fact theyre backporting it leads me to believed it was always based on last gen to begin with no matter how they term it. I knew it.

People are suggesting maybe it's prep for a Switch 2 version, might make sense in that light too. Maybe.
 
Remember_spinal said:
i cant imagine they’ll be getting much sales on past gen consoles at this point, especially at full price. If you’re still on ps4 and especially xbox one odds are you aren’t buying brand new AAA games at this point. Feels like more effort than its worth.
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Yeah. XBO and PS4 are at that point of their life where only extremely mainstream games sell something on them (COD, Minecraft, FIFA, Hogwarts etc). I frankly don't see even how these ports make financial sense. Especially if they come out in 2024.
 
KillerMan said:
Yeah. XBO and PS4 are at that point of their life where only extremely mainstream games sell something on them (COD, Minecraft, FIFA, Hogwarts etc). I frankly don't see even how these ports make financial sense. Especially if they come out in 2024.
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Star Wars is mainstream tho.

It can only make sense if it is a Holiday release (to ride on the more casual wave) and/or a way to lay groundwork on a Switch (2?) port.
 
Lelouch0612 said:
Star Wars is mainstream tho.

It can only make sense if it is a Holiday release (to ride on the more casual wave) and/or a way to lay groundwork on a Switch (2?) port.
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I mean it's but I would not say that at the same level as the games I mentioned that move like over 20 million units in a year. I mean yeah if they get these out for holidays and use them as a base for Switch 2 port maybe it then makes some sense.
 
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