Glu Mobile

Electronic Arts 10-K: FY 2022

Electronic Arts’ FY 2021 financial statements demonstrate a solid growth trajectory, with revenue rising to $5.6 billion—12% above the prior year—driven by robust performance of its PlayStation and Xbox titles.

• Electronic Arts achieved $5.6 billion in revenue for FY 2021, a 12% year-over-year increase, resulting in $1.3 billion in net income.
• Live-service offerings now generate approximately 71% of the company's total net revenue, serving as the primary driver for predictable, recurring income.
• Mobile revenue grew significantly to $1.059 billion in FY 2022, up from $718 million in FY 2021, bolstered by the acquisitions of Glu Mobile and Playdemic.

Electronic Arts 10-Q: Q2 Fiscal Year 2022

Electronic Arts’ Q3 FY2021 10-Q demonstrates a robust financial performance driven by its flagship live-service franchises and strategic acquisitions.

• Electronic Arts achieved strong financial growth in Q3 FY2021, with net revenue rising approximately 60% to $1.83 billion and operating income increasing 128% to $340 million.
• The company executed an aggressive acquisition strategy totaling $4.6 billion in outlays, specifically acquiring Codemasters ($1.2 billion), Glu Mobile ($2.0 billion), and Playdemic ($1.4 billion).
• Cash reserves dropped significantly from $5.26 billion to $1.63 billion, driven by the aforementioned acquisitions and $650 million in share repurchases.

Electronic Arts 10-Q — Q2 FY2021 (August 2021)

Electronic Arts reported a mixed financial performance for the second quarter of fiscal 2021.

• Electronic Arts reported Q2 FY2021 net revenue of $1.55 billion, a 6% year-over-year increase driven by 12% growth in live-services revenue.
• Operating income declined 32% to $322 million as rising research-and-development and marketing expenses caused gross margins to contract to 79.7%.
• Cash flow from operations fell to –$143 million due to increased tax obligations, royalty payments, and variable compensation costs.

Electronic Arts Q1 FY 2022 Results

Electronic Arts’ first-quarter fiscal year 2022 results demonstrate strong financial performance, characterized by the company exceeding expectations for net revenue, net bookings, and earnings per share.

Electronic Arts FY 2021 Annual Report

Electronic Arts’ FY 2021 filing demonstrates a strategic pivot toward high-margin live services and digital distribution, delivering a 10% year-over-year rise in that segment to $4.016 billion, which now represents 71% of total net revenue.

• Live services and digital distribution grew 10% year-over-year to $4.016 billion, now accounting for 71% of Electronic Arts' total net revenue.
• Net income declined 72% to $837 million in FY 2021, primarily due to the loss of a one-time tax benefit and increased contingent consideration costs.
• The company expanded its portfolio through the $2.3 billion acquisition of Glu Mobile and the $1.2 billion purchase of Codemasters to bolster mobile and racing game segments.

Electronic Arts Q4 and FY21 Financial Results

Electronic Arts concluded its fiscal year 2021 with record financial performance, characterized by significant growth in net bookings and robust player engagement across its portfolio.

• Electronic Arts achieved record fiscal year 2021 net bookings of $6.19 billion, representing a 15% year-over-year increase that exceeded original projections by over $600 million.
• The company generated $1.934 billion in annual operating cash flow and returned capital to shareholders by repurchasing 5.6 million shares for $729 million and initiating a $0.17 quarterly dividend.
• Growth was driven by live services and key franchises, specifically Apex Legends surpassing 100 million lifetime players and FIFA 21 Ultimate Team experiencing a 16% increase in player count.

Electronic Arts Q4 FY 2021 Results

Electronic Arts reported strong financial performance for the fourth quarter and full fiscal year 2021, characterized by record net revenue, net bookings, and operating cash flow.

• Electronic Arts achieved record financial performance in fiscal year 2021, with a fiscal year 2022 net bookings forecast of $7.3 billion, representing approximately 18% year-over-year growth.
• Digital distribution of full-game units rose to 62% over the trailing twelve months, a significant increase from 49% in the prior period.
• Apex Legends surpassed $1 billion in life-to-date net bookings during the fourth quarter, serving as a primary growth driver alongside high engagement in FIFA Ultimate Team.

Electronic Arts 10-Q: Q3 FY2021

Electronic Arts reported modest top-line growth for the nine months ended December 31, 2020, with net revenue rising 3% YoY to $4.28 billion and live-services revenue increasing 5%.

• Electronic Arts reported a 3% YoY increase in net revenue to $4.28 billion for the nine months ending December 31, 2020, though operating income fell 30% to $251 million due to rising costs in R&D, marketing, and royalties.
• The company is executing a strategic shift toward digital distribution, evidenced by a 22% surge in full-game downloads to $733 million and an 11% decline in packaged goods sales.
• Revenue recognition adjustments related to service-obligation periods shifted approximately $300 million of net revenue from FY2021 to FY2022, resulting in a $105 million reduction in quarterly net income.