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10-Q
 ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


September 30, 2024


☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





000-17948


ELECTRONIC ARTS INC.


Delaware94-2838567(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)209 Redwood Shores Parkway94065Redwood CityCalifornia(Address of principal executive offices)(Zip Code)


650 628-1500





Title of Each ClassTrading SymbolName of Each Exchange on Which RegisteredCommon Stock, $0.01 par valueEANASDAQ Global Select Market


Yes


Yes


Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐☐








☐


262,272,821







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PagePart I - FINANCIAL INFORMATIONItem 1.Condensed Consolidated Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 20243Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2024 and 20234Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended September 30, 2024 and 20235Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended September 30, 2024 and 20236Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and 20237Notes to Condensed Consolidated Financial Statements8Report of Independent Registered Public Accounting Firm28Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 3.Quantitative and Qualitative Disclosures About Market Risk43Item 4.Controls and Procedures45Part II - OTHER INFORMATIONItem 1.Legal Proceedings46Item 1A.Risk Factors46Item 2.Unregistered Sales of Equity Securities and Use of Proceeds55Item 3.Defaults Upon Senior Securities55Item 4.Mine Safety Disclosures55Item 5.Other Information55Item 6.Exhibits55Exhibit Index57Signature58







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(Unaudited)(In millions, except par value data)September 30, 2024March 31, 2024(a)ASSETSCurrent assets:Cash and cash equivalents$2,197$2,900Short-term investments366362Receivables, net1,012565Other current assets397420Total current assets3,9724,247Property and equipment, net578578Goodwill5,3815,379Acquisition-related intangibles, net346400Deferred income taxes, net2,4312,380Other assets428436TOTAL ASSETS$13,136$13,420LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable, accrued, and other current liabilities$1,312$1,276Deferred net revenue (online-enabled games)1,4751,814Total current liabilities2,7873,090Senior notes, net1,8831,882Income tax obligations552497Other liabilities506438Total liabilities5,7285,907Commitments and contingencies (SeeNote 12)Stockholders’ equity:Common stock, $0.01 par value. 1,000 shares authorized; 263 and 266 shares issued and outstanding, respectively33Additional paid-in capital——Retained earnings7,5207,582Accumulated other comprehensive income (loss)(115)(72)Total stockholders’ equity7,4087,513TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$13,136$13,420








Derived from audited Consolidated Financial Statements.







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(Unaudited)Three Months Ended September 30,Six Months Ended September 30,(In millions, except per share data)2024202320242023Net revenue$2,025$1,914$3,685$3,838Cost of revenue456456719824Gross profit1,5691,4582,9663,014Operating expenses:Research and development6486021,2771,198Marketing and sales272280477509General and administrative197173377336Amortization and impairment of intangibles17243449Restructuring (SeeNote 7)512533Total operating expenses1,1851,0812,2182,095Operating income384377748919Interest and other income (expense), net15144528Income before provision for (benefits from) income taxes399391793947Provision for (benefits from) income taxes105(8)219146Net income$294$399$574$801Earnings per share:Basic$1.11$1.47$2.17$2.94Diluted$1.11$1.47$2.15$2.93Number of shares used in computation:Basic264271265272Diluted266272267273
















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(Unaudited)Three Months Ended September 30,Six Months Ended September 30,(In millions)2024202320242023Net income$294$399$574$801Other comprehensive income (loss), net of tax:Net gains (losses) on available-for-sale securities1—1—Net gains (losses) on derivative instruments(72)56(56)41Foreign currency translation adjustments16(15)12(8)Total other comprehensive income (loss), net of tax(55)41(43)33Total comprehensive income$239$440$531$834













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(Unaudited)Common StockAdditional Paid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome (loss)TotalStockholders’Equity(In millions, except share data in thousands)SharesAmountBalances as of March 31, 2024266,415$3$—$7,582$(72)$7,513Total comprehensive income———28012292Stock-based compensation——143——143Issuance of common stock1,565—(121)——(121)Common stock repurchases and excise tax(2,847)—(22)(355)—(377)Cash dividends declared ($0.19 per common share)———(50)—(50)Balances as of June 30, 2024265,133$3$—$7,457$(60)$7,400Total comprehensive income———294(55)239Stock-based compensation——174——174Issuance of common stock602—24——24Common stock repurchases and excise tax(2,587)—(198)(180)—(378)Cash dividends declared ($0.19 per common share)———(51)—(51)Balances as of September 30, 2024263,148$3$—$7,520$(115)$7,408(Unaudited)Common StockAdditional Paid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome (loss)TotalStockholders’Equity(In millions, except share data in thousands)SharesAmountBalances as of March 31, 2023272,914$3$—$7,357$(67)$7,293Total comprehensive income———402(8)394Stock-based compensation——130——130Issuance of common stock1,408—(105)——(105)Common stock repurchases and excise tax(2,574)—(25)(301)—(326)Cash dividends declared ($0.19 per common share)———(52)—(52)Balances as of June 30, 2023271,748$3$—$7,406$(75)$7,334Total comprehensive income———39941440Stock-based compensation——155——155Issuance of common stock673—25——25Common stock repurchases and excise tax(2,581)—(180)(148)—(328)Cash dividends declared ($0.19 per common share)———(51)—(51)Balances as of September 30, 2023269,840$3$—$7,606$(34)$7,575













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(Unaudited)Six Months Ended September 30,(In millions)20242023OPERATING ACTIVITIESNet income$574$801Adjustments to reconcile net income to net cash provided by operating activities:Depreciation, amortization, accretion and impairment202173Stock-based compensation317285Change in assets and liabilities:Receivables, net(447)(367)Other assets(20)74Accounts payable, accrued, and other liabilities117(200)Deferred income taxes, net(50)108Deferred net revenue (online-enabled games)(339)(403)Net cash provided by operating activities354471INVESTING ACTIVITIESCapital expenditures(117)(96)Proceeds from maturities and sales of short-term investments239302Purchase of short-term investments(237)(313)Net cash used in investing activities(115)(107)FINANCING ACTIVITIESProceeds from issuance of common stock4240Cash dividends paid(101)(103)Cash paid to taxing authorities for shares withheld from employees(139)(120)Common stock repurchases(750)(650)Net cash used in financing activities(948)(833)Effect of foreign exchange on cash and cash equivalents6(9)Increase (decrease) in cash and cash equivalents(703)(478)Beginning cash and cash equivalents2,9002,424Ending cash and cash equivalents$2,197$1,946Supplemental cash flow information:Cash paid during the period for income taxes, net$209$56Cash paid during the period for interest2828













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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION








The Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting only of normal recurring accruals unless otherwise indicated) that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ materially from those estimates. The results of operations for the current interim periods are not necessarily indicative of results to be expected for the current year or any other period.

























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FAIR VALUE MEASUREMENTS























Fair Value Measurements at Reporting Date UsingAs ofSeptember 30, 2024Quoted Prices inActive Markets for IdenticalFinancialInstrumentsSignificantOtherObservableInputsSignificantUnobservableInputsBalance Sheet Classification(Level 1)(Level 2)(Level 3)AssetsBank and time deposits$61$61$—$—Cash equivalentsMoney market funds535535——Cash equivalentsAvailable-for-sale securities:Corporate bonds140—140—Short-term investmentsU.S. Treasury securities9191——Short-term investments and cash equivalentsU.S. agency securities4—4—Short-term investmentsCommercial paper78—78—Short-term investments and cash equivalentsForeign government securities5—5—Short-term investmentsAsset-backed securities43—43—Short-term investmentsCertificates of deposit19—19—Short-term investmentsForeign currency derivatives16—16—Other current assets and other assetsDeferred compensation plan assets(a)3535——Other assetsTotal assets at fair value$1,027$722$305$—LiabilitiesForeign currency derivatives$73$—$73$—Accounts payable, accrued, and other current liabilities and other liabilitiesDeferred compensation plan liabilities(a)3636——Other liabilitiesTotal liabilities at fair value$109$36$73$—





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Fair Value Measurements at Reporting Date UsingAs ofMarch 31, 2024Quoted Prices inActive Markets for IdenticalFinancial InstrumentsSignificantOtherObservableInputsSignificantUnobservableInputsBalance Sheet Classification(Level 1)(Level 2)(Level 3)AssetsBank and time deposits$58$58$—$—Cash equivalentsMoney market funds1,0381,038——Cash equivalentsAvailable-for-sale securities:Corporate bonds130—130—Short-term investmentsU.S. Treasury securities9595——Short-term investmentsU.S. agency securities9—9—Short-term investmentsCommercial paper74—74—Short-term investments and cash equivalentsForeign government securities8—8—Short-term investmentsAsset-backed securities41—41—Short-term investmentsCertificates of deposit13—13—Short-term investmentsForeign currency derivatives29—29—Other current assets and other assetsDeferred compensation plan assets(a)3030——Other assetsTotal assets at fair value$1,525$1,221$304$—LiabilitiesForeign currency derivatives$20$—$20$—Accounts payable, accrued, and other current liabilities and other liabilitiesDeferred compensation plan liabilities(a)3131——Other liabilitiesTotal liabilities at fair value$51$31$20$—





Note 15







FINANCIAL INSTRUMENTS





2,197 2,900





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As of September 30, 2024As of March 31, 2024Cost orAmortizedCostGross UnrealizedFairValueCost orAmortizedCostGross UnrealizedFairValueGainsLossesGainsLossesCorporate bonds$139$1$—$140$130$—$—$130U.S. Treasury securities84——8495——95U.S. agency securities4——49——9Commercial paper71——7166——66Foreign government securities5——58——8Asset-backed securities43——4341——41Certificates of deposit19——1913——13Short-term investments$365$1$—$366$362$—$—$362


As of September 30, 2024As of March 31, 2024AmortizedCostFairValueAmortizedCostFairValueShort-term investmentsDue within 1 year$264$264$231$231Due 1 year through 5 years9697126126Due after 5 years5555Short-term investments$365$366$362$362







DERIVATIVE FINANCIAL INSTRUMENTS





18 three months





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As of September 30, 2024As of March 31, 2024Notional AmountFair ValueNotional AmountFair ValueAssetLiabilityAssetLiabilityForward contracts to purchase$305$5$—$413$1$4Forward contracts to sell$1,929$2$59$2,329$24$11





Three Months Ended September 30,Six Months Ended September 30,2024202320242023Net revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and developmentTotal amounts presented in our Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$2,025$648$1,914$602$3,685$1,277$3,838$1,198Gains (losses) on foreign currency forward contracts designated as cash flow hedges$(2)$(1)$11$(2)$5$(3)$41$(7)











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As of September 30, 2024As of March 31, 2024Notional AmountFair ValueNotional AmountFair ValueAssetLiabilityAssetLiabilityForward contracts to purchase$670$9$—$452$—$5Forward contracts to sell$977$—$14$419$4$—


Three Months Ended September 30,Six Months Ended September 30,2024202320242023Interest and other income (expense), netTotal amounts presented in our Condensed Consolidated Statements of Operations in which the effects of balance sheet hedges are recorded$15$14$45$28Gains (losses) on foreign currency forward contracts not designated as hedging instruments$(3)$13$3$16







ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotalBalances as of June 30, 2024$—$26$(86)$(60)Other comprehensive income (loss) before reclassifications1(75)16(58)Amounts reclassified from accumulated other comprehensive income (loss)—3—3Total other comprehensive income (loss), net of tax1(72)16(55)Balances as of September 30, 2024$1$(46)$(70)$(115)


Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotalBalances as of June 30, 2023$(1)$(2)$(72)$(75)Other comprehensive income (loss) before reclassifications—65(15)50Amounts reclassified from accumulated other comprehensive income (loss)—(9)—(9)Total other comprehensive income (loss), net of tax—56(15)41Balances as of September 30, 2023$(1)$54$(87)$(34)





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Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotalBalances as of March 31, 2024$—$10$(82)$(72)Other comprehensive income (loss) before reclassifications1(54)12(41)Amounts reclassified from accumulated other comprehensive income (loss)—(2)—(2)Total other comprehensive income (loss), net of tax1(56)12(43)Balances as of September 30, 2024$1$(46)$(70)$(115)


Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotalBalances as of March 31, 2023$(1)$13$(79)$(67)Other comprehensive income (loss) before reclassifications—75(8)67Amounts reclassified from accumulated other comprehensive income (loss)—(34)—(34)Total other comprehensive income (loss), net of tax—41(8)33Balances as of September 30, 2023$(1)$54$(87)$(34)


Amount Reclassified From Accumulated Other Comprehensive Income (Loss)Statement of Operations ClassificationThree Months EndedSeptember 30, 2024Six Months EndedSeptember 30, 2024(Gains) losses on foreign currency forward contracts designated as cash flow hedgesNet revenue$2$(5)Research and development13Total net (gain) loss reclassified, net of tax$3$(2)


Amount Reclassified From Accumulated Other Comprehensive Income (Loss)Statement of Operations ClassificationThree Months EndedSeptember 30, 2023Six Months EndedSeptember 30, 2023(Gains) losses on foreign currency forward contracts designated as cash flow hedgesNet revenue$(11)$(41)Research and development27Total net (gain) loss reclassified, net of tax$(9)$(34)










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GOODWILL AND ACQUISITION-RELATED INTANGIBLES, NET


As ofMarch 31, 2024ActivityEffects of Foreign Currency TranslationAs ofSeptember 30, 2024Goodwill$5,747$—$2$5,749Accumulated impairment(368)——(368)Total$5,379$—$2$5,381


As of September 30, 2024As of March 31, 2024GrossCarryingAmountAccumulatedAmortizationAcquisition-RelatedIntangibles, NetGrossCarryingAmountAccumulatedAmortizationAcquisition-RelatedIntangibles, NetDeveloped and core technology$1,025$(852)$173$1,025$(821)$204Trade names and trademarks502(329)173502(306)196Registered user base and other intangibles56(56)—56(56)—Total$1,583$(1,237)$346$1,583$(1,183)$400


Three Months Ended September 30,Six Months Ended September 30,2024202320242023Cost of revenue$10$15$20$31Operating expenses17243449Total$27$39$54$80


no


2 7 3.6 4.1


Fiscal Year Ending March 31,2025 (remaining six months)$532026102202783202880202928Total$346










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RESTRUCTURING ACTIVITIES





125 165


50 65


40 55


35 45








119





Licensor Commitments(a)Workforce(a)Office Space ReductionsTotalCharges to operations$30$29$2$61Charges settled in cash(17)(5)—(22)Impairment and other charges(13)—(2)(15)Liability as of March 31, 2024$—$24$—$24Charges (credits) to operations5(2)5558Charges settled in cash—(22)—(22)Impairment and other charges(5)—(55)(60)Liability as of September 30, 2024$—$—$—$—(a) Charges are recorded within Restructuring in the Condensed Consolidated Statement of Operations.


Of the $57 million in charges associated with office space reductions to date under the 2024 Restructuring Plan, $50 million is recorded within Restructuring during the six months ended September 30, 2024, as it is related to impairments of right-of-use assets and associated property, plant, and equipment for certain operating leases, and $7 million is recorded within General and administrative expenses in the Condensed Consolidated Statement of Operations.







ROYALTIES AND LICENSES








As ofSeptember 30, 2024As ofMarch 31, 2024Other current assets$89$98Other assets1724Royalty-related assets$106$122





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As ofSeptember 30, 2024As ofMarch 31, 2024Accounts payable, accrued, and other current liabilities$207$189Other liabilities5220Royalty-related liabilities$259$209


1,760
 Note 12







BALANCE SHEET DETAILS





As ofSeptember 30, 2024As ofMarch 31, 2024Computer, equipment and software$1,001$965Buildings378376Leasehold improvements220190Equipment, furniture and fixtures, and other10492Land6767Construction in progress31471,8011,737Less: accumulated depreciation(1,223)(1,159)Property and equipment, net$578$578


51 102


49 98





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As ofSeptember 30, 2024As ofMarch 31, 2024Accounts payable$171$110Accrued compensation and benefits360476Accrued royalties207189Deferred net revenue (other)7959Operating lease liabilities6966Other accrued expenses349286Sales returns and price protection reserves7790Accounts payable, accrued, and other current liabilities$1,312$1,276








As ofSeptember 30, 2024As ofMarch 31, 2024Deferred net revenue (online-enabled games)$1,475$1,814Deferred net revenue (other)7959Deferred net revenue (noncurrent)8185Total deferred net revenue$1,635$1,958


1,710 1,762





As of September 30, 2024, revenue allocated to remaining performance obligations consists of our deferred revenue balance of $1,635 million and amounts to be invoiced in future periods of $33 million, of which $24 million are expected to be recognized as revenue over the next 12 months, and the remainder thereafter. These balances exclude any estimates for future variable consideration as we have elected the optional exemption to exclude sales-based royalty revenue.




INCOME TAXES


26 28 2 15 25 27

















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FINANCING ARRANGEMENTS





750 1.85 750 2.95 1,478 6 16 1.98 3.04


400 4.80 395 1 4 4.97





As ofSeptember 30, 2024As ofMarch 31, 2024Senior Notes:4.80% Senior Notes due 2026$400$4001.85% Senior Notes due 20317507502.95% Senior Notes due 2051750750Total principal amount$1,900$1,900Unaccreted discount(5)(5)Unamortized debt issuance costs(12)(13)Net carrying value of Senior Notes$1,883$1,882Fair value of Senior Notes (Level 2)$1,569$1,515


1.4 6.4 26.4





100 101





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500 500


0.10











2 5-year





Three Months Ended September 30,Six Months Ended September 30,2024202320242023Amortization of debt issuance costs$—$—$(1)$(1)Coupon interest expense(14)(14)(28)(28)Total interest expense$(14)$(14)$(29)$(29)







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COMMITMENTS AND CONTINGENCIES











Fiscal Years Ending March 31,2025(RemainingTotalsix mos.)20262027202820292030ThereafterUnrecognized commitmentsDeveloper/licensor commitments$1,760$188$407$481$225$218$140$101Marketing commitments1,26582291295211122149115Senior Notes interest698225436363636478Operating lease imputed interest55610976512Operating leases not yet commenced(a)12——11118Other purchase obligations4201191917122125—Total unrecognized commitments4,210417953893502395336714Recognized commitmentsSenior Notes principal and interest1,9066400————1,500Operating leases336365846332325115Transition Tax and other taxes7—7—————Total recognized commitments2,24942465463323251,615Total Commitments$6,459$459$1,418$939$535$418$361$2,329


(a) As of September 30, 2024, we have entered into an office lease that is expected to commence in fiscal year 2026, with aggregate future lease payments of approximately $12 million and a lease term of 10 years.





552








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STOCK-BASED COMPENSATION





























Three Months Ended September 30,20242023Risk-free interest rate4.5 - 5.0%5.4 - 5.5%Expected volatility21 - 22%23 - 24%Weighted-average volatility21%24%Expected term6 - 12 months6 - 12 monthsExpected dividends0.6%0.8%





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Options(in thousands)Weighted-AverageExercise PricesWeighted-AverageRemainingContractualTerm   (in years)AggregateIntrinsic Value(in millions)Outstanding as of March 31, 202412$64.00Granted2137.55Exercised(4)88.68Forfeited, cancelled or expired(1)58.76Outstanding as of September 30, 20249$65.813.88$1Vested and expected to vest9$65.813.88$1Exercisable as of September 30, 20249$65.813.88$1








RestrictedStock Units(in thousands)Weighted-Average GrantDate Fair ValuesOutstanding as of March 31, 20247,480$128.31Granted4,173137.78Vested(2,585)129.89Forfeited or cancelled(250)130.26Outstanding as of September 30, 20248,818$132.28





3


zero 200





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Performance-Based RestrictedStock Units(in thousands)Weighted-Average GrantDate Fair ValueOutstanding as of March 31, 2024836$129.60Granted763137.53Vested(277)133.67Forfeited or cancelled(318)129.29Outstanding as of September 30, 20241,004$134.60





three-year zero 200 three-year zero 75








Market-BasedRestricted  StockUnits(in thousands)Weighted-Average  GrantDate Fair ValueOutstanding as of March 31, 2024354$168.53Granted38180.91Vested(25)173.25Forfeited or cancelled(73)173.25Outstanding as of September 30, 2024637$115.43





Three Months Ended September 30,Six Months Ended September 30,2024202320242023Cost of revenue$4$2$8$4Research and development122113223206Marketing and sales16132824General and administrative32275851Stock-based compensation expense$174$155$317$285


22 42 21 50





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1,047 2.0 1,047 973 52 22





2.6


5.0





August 2022 ProgramMay 2024 ProgramTotal(In millions)SharesAmount(a)SharesAmount(a)SharesAmountThree months ended September 30, 2024—$—2.6$3752.6$375Six months ended September 30, 20241.2$152$4.2$5985.4$750Three months ended September 30, 20232.6$325—$—2.6$325Six months ended September 30, 20235.2$650—$—5.2$650(a)Amount excludes excise taxes. Accrued excise taxes are included in accounts payable, accrued, and other current liabilities and additional paid-in capital on the Condensed Consolidated Balance Sheets.










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EARNINGS PER SHARE


Three Months Ended September 30,Six Months Ended September 30,(In millions, except per share amounts)2024202320242023Net income$294$399$574$801Shares used to compute earnings per share:Weighted-average common stock outstanding — basic264271265272Dilutive potential common shares related to stock award plans2121Weighted-average common stock outstanding — diluted266272267273Earnings per share:Basic$1.11$1.47$2.17$2.94Diluted$1.11$1.47$2.15$2.93


one million







SEGMENT AND REVENUE INFORMATION


one





Three Months Ended September 30,Six Months Ended September 30,2024202320242023Net revenue by timing of recognitionRevenue recognized at a point in time$918$755$1,289$1,301Revenue recognized over time1,1071,1592,3962,537Net revenue$2,025$1,914$3,685$3,838














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Three Months Ended September 30,Six Months Ended September 30,2024202320242023Net revenue by compositionFull game downloads$475$346$665$647Packaged goods241275301417Full game7166219661,064Live services and other1,3091,2932,7192,774Net revenue$2,025$1,914$3,685$3,838








Three Months Ended September 30,Six Months Ended September 30,2024202320242023Platform net revenueConsole$1,374$1,187$2,379$2,354PC and other364423729874Mobile287304577610Net revenue$2,025$1,914$3,685$3,838


Three Months Ended September 30,Six Months Ended September 30,2024202320242023Net revenue from unaffiliated customersNorth America$899$747$1,515$1,554International1,1261,1672,1702,284Net revenue$2,025$1,914$3,685$3,838










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Three Months Ended September 30,Six Months Ended September 30,(In millions)2024202320242023Total net revenue$2,025$1,914$3,685$3,838Change in deferred net revenue (online-enabled games)54(94)(344)(440)Net bookings$2,079$1,820$3,341$3,398










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Note 1 — Description of Business and Basis of Presentation

























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Three Months Ended September 30,20242023$ Change% ChangeNet revenue:Full game downloads$475$346$12937%Packaged goods241275(34)(12)%Full game$716$621$9515%Live services and other$1,309$1,293$161%Total net revenue$2,025$1,914$1116%





























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Six Months Ended September 30,20242023$ Change% ChangeNet revenue:Full game downloads$665$647$183%Packaged goods301417(116)(28)%Full game$966$1,064$(98)(9)%Live services and other$2,719$2,774$(55)(2)%Total net revenue$3,685$3,838$(153)(4)%
































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September 30,2024% of Net RevenueSeptember 30,2023% of Net Revenue% ChangeChange as a % of Net Revenue$45623%$45624%—%(1)%














September 30,2024% of Net RevenueSeptember 30,2023% of Net Revenue% ChangeChange as a % of Net Revenue$71920%$82421%(13)%(1)%



















September 30,2024% of NetRevenueSeptember 30,2023% of NetRevenue$ Change% ChangeThree months ended$64832%$60232%$468%Six months ended$1,27735%$1,19831%$797%











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September 30,2024% of NetRevenueSeptember 30,2023% of NetRevenue$ Change% ChangeThree months ended$27213%$28015%$(8)(3)%Six months ended$47713%$50913%$(32)(6)%














September 30,2024% of NetRevenueSeptember 30,2023% of NetRevenue$ Change% ChangeThree months ended$19710%$1739%$2414%Six months ended$37710%$3369%$4112%













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September 30, 2024Effective Tax RateSeptember 30, 2023Effective Tax RateThree months ended$10526%$(8)(2)%Six months ended$21928%$14615%
















(In millions)As ofSeptember 30, 2024As ofMarch 31, 2024Increase/(Decrease)Cash and cash equivalents$2,197$2,900$(703)Short-term investments3663624Total$2,563$3,262$(699)Percentage of total assets20%24%


Six Months Ended September 30,(In millions)20242023ChangeNet cash provided by operating activities$354$471$(117)Net cash used in investing activities(115)(107)(8)Net cash used in financing activities(948)(833)(115)Effect of foreign exchange on cash and cash equivalents6(9)15Net increase (decrease) in cash and cash equivalents$(703)$(478)$(225)














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Note 11 — Financing Arrangements





Note 11 — Financing Arrangements





Note 12 — Commitments and Contingencies

















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Risk Factors










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Note 4 — Derivative Financial Instruments





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Note 12








































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Fiscal MonthTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramsMaximum Dollar Value that May Still Be Purchased Under the Programs (in millions)June 30, 2024 - July 27, 2024875,349$142.14875,349$4,653July 28, 2024 - August 24, 2024784,928$147.48784,928$4,537August 25, 2024 - September 28, 2024927,698$145.14927,698$4,4032,587,975$144.832,587,975












































Rule 10b5-1 Plans











On August 2, 2024, Laura Miele, EA’s President of EA Entertainment & Technology, adopted a 10b5-1 Plan. Up to an aggregate 30,000 shares of our common stock may be sold under this plan with sales occurring periodically from the estimated selling start date of November 1, 2024 through October 31, 2025.





On August 6, 2024, Andrew Wilson, EA’s Chief Executive Officer, adopted a 10b5-1 Plan. Up to an aggregate 60,000 shares of our common stock may be sold under this plan with sales occurring periodically from the estimated selling start date of November 5, 2024 through October 31, 2025. Mr. Wilson’s 10b5-1 Plan also provides for the sale of an amount of shares of our common stock to be determined to satisfy tax withholding obligations arising from the vesting of EA equity awards in May 2025.





On August 26, 2024, Stuart Canfield, EA’s Chief Financial Officer, adopted a 10b5-1 Plan. Up to an aggregate 4,000 shares of our common stock may be sold under this plan with sales occurring periodically from the estimated selling start date of December 26, 2024 through August 29, 2025.
















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Incorporated by ReferenceNumberExhibit TitleFormFile No.Filing DateFiled Herewith3.1Amended and Restated Certificate of Incorporation8-K000-179488/13/20213.2Amended and Restated Bylaws8-K000-179488/15/202210.1*Amended and Restated 2019 Equity Incentive Plan8-K000-179488/5/202415.1Awareness Letter of KPMG LLP, Independent Registered Public Accounting FirmX31.1Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002X31.2Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002XAdditional exhibits furnished with this report:32.1Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002X32.2Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002X101.INS†XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.X101.SCH†Inline XBRL Taxonomy Extension Schema DocumentX101.CAL†Inline XBRL Taxonomy Extension Calculation Linkbase DocumentX101.DEF†Inline XBRL Taxonomy Extension Definition Linkbase DocumentX101.LAB†Inline XBRL Taxonomy Extension Label Linkbase DocumentX101.PRE†Inline XBRL Taxonomy Extension Presentation Linkbase DocumentX104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)X
















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ELECTRONIC ARTS INC.(Registrant)/s/ Stuart CanfieldDATED:Stuart CanfieldNovember 1, 2024EVP and Chief Financial Officer (Duly Authorized Officer)