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Electronic Arts: Continued Focus On Live Services May Drive Top Line Growth And Enhance Margins
Seeking Alpha· 2024-11-02 21:40
Electronic Arts (NASDAQ: EA ) is a company that engages in the development and distribution of games for consoles, PCs, and mobile phones. EA's portfolio includes franchises such as Battlefield, Mass Effect, Dragon Age, The Sims, Need for Speed, EA Sports FC (formerly FIFA), and Madden NFL Series. Currently, theWith over 7 years of experience in the buy-side, my investment philosophy is rooted in both fundamental bottom-up analysis and quantitative modelling. My forte lies in identifying perception gaps to ...
Electronic Arts(EA) - 2025 Q2 - Quarterly Report
2024-11-02 04:07
财务业绩 - 总净收入为20.25亿美元,同比增长6%[134] - 实时服务及其他净收入为13.09亿美元,同比增长1%[134] - 毛利率为77.5%,同比增加1个百分点[134] - 营业费用为11.85亿美元,同比增长10%[134] - 营业利润为3.84亿美元,同比增长2%[134] - 净利润为2.94亿美元,每股摊薄收益为1.11美元[134] - 经营活动产生的净现金流为2.34亿美元,同比增长109%[134] - 总现金、现金等价物和短期投资为25.63亿美元[134] - 回购了260万股普通股,总金额为3.75亿美元[134] - 本季度支付了5100万美元的现金股利[134] 收入确认政策 - 公司将销售价格的75%分配给软件许可性能义务,在控制权转移给客户时确认收入[150] - 公司将销售价格的25%分配给未来更新权和在线托管性能义务,在提供服务期间按比例确认收入[150] - 公司确定在线托管服务游戏有一个明确的性能义务:在线托管,在提供服务期间按比例确认收入[151] - 公司根据额外内容是否具有离线功能,采用与游戏服务和在线托管服务游戏相同的会计处理方式[152] - 公司确定订阅销售有一个性能义务:在线托管,在订阅期间按比例确认收入[153] - 公司确定许可收入包括多个性能义务,如基于时间的软件许可和未来更新权,在软件许可转移时确认部分最低保证收入,剩余部分在合同期内按比例确认[153] - 公司根据可观察输入确定每个性能义务的相对独立售价,并将交易价格分配给各性能义务[156] - 公司根据客户在线游戏时间和渠道时间估算服务相关性能义务的提供期限,并按直线法在此期间内确认收入[157,158,159] - 公司通过评估合同条款、履约责任和定价权等指标,确定是否作为主要责任人向最终客户销售游戏及相关内容[160] 财务状况 - 截至2024年9月30日的六个月内,净收入为36.85亿美元,主要来自于全球足球和美式足球系列游戏以及《Apex Legends》[177] - 全价游戏净收入为9.66亿美元,主要来自于《EA SPORTS FC 25》、《EA SPORTS College Football 25》、《EA SPORTS FC 24》和《EA SPORTS Madden NFL 25》,同比下降9%[179] - 实时服务和其他净收入为27.19亿美元,主要来自于全球足球系列游戏、《Apex Legends》和美式足球系列游戏的附加内容销售,同比下降2%[180] - 成本成本占净收入的20%,同比下降1个百分点,主要由于特许权使用费和平台及在线托管费用的下降[185,186] - 研发费用占净收入的35%,同比增加4个百分点,主要由于人员成本和股份支付的增加[188,189] - 销售和市场费用占净收入的13%,同比下降2个百分点,主要由于广告和促销支出的减少[192,193] - 一般和行政费用占净收入的10%,同比增加1个百分点,主要由于人员成本和外包服务费用的增加[195,196] - 所得税税率为28%,同比增加13个百分点,主要由于2023年同期存在一次性税收优惠[198] - 现金及现金等价物为21.97亿美元,较上年同期下降7.03亿美元[200] - 经营活动产生的净现金流量为3.54亿美元,较上年同期下降1.17亿美元[201] - 投资活动使用的净现金流量为1.15亿美元,较上年同期增加0.08亿美元[202] - 融资活动使用的净现金流量为9.48亿美元,较上年同期增加1.15亿美元[204] - 短期投资组合中有1百万美元的未实现收益,占总短期投资的1%以下[205] - 2021年2月发行了7.5亿美元的2031年票据和7.5亿美元的2051年票据[206] - 2016年2月发行了4亿美元的2026年票据[207] - 2023年3月22日签订了5亿美元的无担保循环信贷额度[208] - 预计2025财年资本支出将达2.25亿美元,主要用于硬件、软件和房地产投资[209] - 在过去6个月内通过股票回购和现金股息向股东返还了8.51亿美元[210] 外汇风险管理 - 公司面临外汇汇率波动的市场风险,尤其是美元相对于欧元、英镑、澳元、日元、人民币、韩元和波兰兹罗提的升值对国际销售收入产生负面影响[217] - 公司使用外汇远期合约对冲部分外汇风险,但这些活动的保护作用有限,自身也可能导致损失[217] - 公司使用外汇远期合约对冲预期的外币销售和费用交易[218] - 公司使用外汇远期合约对冲外币货币性资产和负债(主要为公司内部应收应付款)的外汇风险[219] - 公司认为外汇远期合约交易对手的信用风险不重大,但金融市场动荡可能影响公司获得信用良好的交易对手[220] - 公司的外汇对冲活动可能无法完全规避外汇波动带来的风险[221]
EA draws broker backing on scope for growth alongside sports games
Proactiveinvestors NA· 2024-10-31 00:09
About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...
Electronic Arts Q2 Earnings and Revenues Rise Year Over Year
ZACKS· 2024-10-30 23:46
Electronic Arts (EA) reported second-quarter fiscal 2025 earnings of $2.15 per share, which jumped 47.3% year over year. Revenues increased 5.8% year over year to $2.02 billion due to recovery in Live services and full game revenues.The Zacks Consensus Estimate for earnings was pegged at $2.03 per share. The consensus mark for revenues was pinned at $2.03 billion.Net bookings for the fiscal second quarter were $2.07 billion, up 14.2% year over year with the strong reception for EA SPORTS College Football 25 ...
Compared to Estimates, Electronic Arts (EA) Q2 Earnings: A Look at Key Metrics
ZACKS· 2024-10-30 09:01
For the quarter ended September 2024, Electronic Arts (EA) reported revenue of $2.08 billion, up 14.2% over the same period last year. EPS came in at $2.15, compared to $1.46 in the year-ago quarter.The reported revenue represents a surprise of +2.40% over the Zacks Consensus Estimate of $2.03 billion. With the consensus EPS estimate being $2.03, the EPS surprise was +5.91%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...
Electronic Arts(EA) - 2025 Q2 - Earnings Call Transcript
2024-10-30 07:08
财务数据和关键指标变化 - 第二季度净预订额为20.8亿美元,同比增长14%,超出预期 [29] - 净收入为20.3亿美元,同比增长6% [36] - 每股收益为1.11美元,去年同期为0.34美元 [37] 各条业务线数据和关键指标变化 - 完整游戏净预订额为8.32亿美元,同比增长20% [29] - 直播服务净预订额为12.5亿美元,同比增长10% [30] - 美国足球生态系统的强劲表现推动了整体业务增长 [31] 各个市场数据和关键指标变化 - College Football 25成为北美最畅销的高清游戏,吸引了大量新玩家 [12] - EA SPORTS FC在全球范围内的玩家数量增长超过130% [14] 公司战略和发展方向和行业竞争 - 公司计划通过EA SPORTS APP连接真实和虚拟体育内容,提升用户体验 [19][55] - 未来将继续扩展美国足球和全球足球的市场份额,利用数据和技术增强用户互动 [9][19] 管理层对经营环境和未来前景的评论 - 管理层对未来的展望乐观,认为公司在内容和社区建设方面具有强大潜力 [25][44] - 预计FY25的净预订额将达到75亿至78亿美元,同比增长1%至5% [38] 其他重要信息 - 公司在第二季度的运营现金流达到2.34亿美元,是去年同期的两倍 [37] - 计划在未来推出更多用户生成内容和新体验 [35] 问答环节所有提问和回答 问题: 如何在长期内捕捉美国足球的增长势头 - 管理层表示将通过社区驱动的活动和产品创新来维持增长,目标是成为美国足球的主要平台 [50][53] 问题: EA SPORTS APP的推出计划 - 管理层强调将通过与体育联盟的合作,逐步推出EA SPORTS APP,整合真实和虚拟内容 [55][57] 问题: 直播服务的增长预期 - 管理层预计体育直播服务将实现双位数增长,非体育业务则保持中位数增长 [60][61] 问题: Apex Legends的未来计划 - 管理层表示将继续进行系统性创新,以提升玩家体验并推动业务增长 [64][67] 问题: Dragon Age: The Veilguard的市场前景 - 管理层对Veilguard的潜力持乐观态度,认为其具备突破性成功的可能性 [73][74]
Electronic Arts (EA) Surpasses Q2 Earnings and Revenue Estimates
ZACKS· 2024-10-30 06:20
Electronic Arts (EA) came out with quarterly earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to earnings of $1.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.91%. A quarter ago, it was expected that this video game maker would post earnings of $0.43 per share when it actually produced earnings of $0.52, delivering a surprise of 20.93%.Over the last four quarters, the co ...
Electronic Arts(EA) - 2025 Q2 - Earnings Call Presentation
2024-10-30 05:27
业绩总结 - Q2 FY25净收入为20.25亿美元,较去年同期增长14%[16] - Q2 FY25的GAAP每股收益为1.11美元,预计FY25的GAAP每股收益在3.82到4.33美元之间[16] - Q2 FY25的运营现金流为2.34亿美元,较去年同期的1.12亿美元增长了109%[30] - Q2 FY25的GAAP运营利润率为19.0%,非GAAP运营利润率为31.5%[16] - Q2 FY25的自由现金流为1.84亿美元,较去年同期的1.91亿美元略有下降[30] 用户数据 - Q2 FY25的净预订额为20.79亿美元,预计FY25的净预订额在75亿到78亿美元之间[17] - Q2 FY25的总净预订额中,74%来自于核心业务,现场服务的净预订额同比增长10%[7] - Q2 FY25的在线服务和其他业务的净预订额同比增长14%[9] - 2025财年低端净预订量指导为75亿美元,较2024财年报告的74.3亿美元增长1%[36] - 2025财年高端净预订量指导为78亿美元,较2024财年报告的74.3亿美元增长5%[36] 未来展望 - 2025财年第三季度低端净预订量指导为24亿美元,较2024财年报告的23.66亿美元增长1%[37] - 2025财年第二季度控制货币下的净预订量为20.79亿美元,较2024财年报告的18.2亿美元增长14%[40] - 2025财年第二季度控制货币下的主机游戏净预订量为14.82亿美元,较2024财年报告的11.52亿美元增长29%[40] - 2025财年第二季度控制货币下的PC及其他游戏净预订量为3.27亿美元,较2024财年报告的3.89亿美元下降16%[40] 成本与支出 - Q2 FY25的资本支出为5000万美元,较去年同期的2100万美元增长了138%[30] - Q2 FY25的成本收入为4.56亿美元,预计FY25的成本收入在15.3亿到15.6亿美元之间[16] 其他信息 - 如果美元对欧元和英镑汇率上涨10%,总净预订量将减少约2.0%[34] - 如果美元对加元和瑞典克朗汇率上涨10%,总净预订量将减少约0.5%[35] - 2025财年使用的内部税率为19%[50] - 公司定义的净预订量为在报告期内数字销售或实体销售的产品和服务的净额[44]
Electronic Arts(EA) - 2025 Q2 - Quarterly Results
2024-10-30 04:06
Exhibit 99.1 Electronic Arts Reports Strong Q2 FY25 Results Record Q2 net bookings driven by performance across EA SPORTS™ portfolio resulting in a raised full-year outlook REDWOOD CITY, CA – October 29, 2024 – (NASDAQ: EA) today announced preliminary financial results for its second quarter ended September 30, 2024. "EA delivered another strong quarter with record Q2 net bookings, driven by our incredible teams, broad portfolio and technology leadership," said Andrew Wilson, CEO of EA. "The momentum in our ...
Electronic Arts to Report Q2 Earnings: What's in Store for EA Stock?
ZACKS· 2024-10-25 01:31
Electronic Arts (EA) is slated to report its second-quarter fiscal 2025 results on Oct. 29.For the second quarter of fiscal 2025, EA expects GAAP revenues between $1.9 billion and $2 billion.The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $2.03 billion, indicating growth of 11.55% from the figure reported in the year-ago quarter. Electronic Arts anticipates earnings in the range of 76 to 93 cents per share.The consensus mark for fiscal second-quarter earnings is pegged at $2.02 ...