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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission File No. 000-17948
ELECTRONIC ARTS INC.
(Exact name of registrant as specified in its charter)
Delaware94-2838567
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
209 Redwood Shores Parkway
94065
Redwood CityCalifornia
(Address of principal executive offices)(Zip Code)
(650) 628-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class  Trading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par value  EANASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  ☑
As of November 4, 2022, there were 276,080,234 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.
1

Table of Contents
ELECTRONIC ARTS INC.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2022
Table of Contents
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 6.
2

Table of Contents
PART I – FINANCIAL INFORMATION

Item 1.Condensed Consolidated Financial Statements (Unaudited)

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except par value data)		September 30, 2022
March 31, 2022 (a)
ASSETS
Current assets:
Cash and cash equivalents$1,539 $2,732 
Short-term investments335 330 
Receivables, net 919 650 
Other current assets649 439 
Total current assets3,442 4,151 
Property and equipment, net531 550 
Goodwill5,375 5,387 
Acquisition-related intangibles, net811 962 
Deferred income taxes, net2,395 2,243 
Other assets525 507 
TOTAL ASSETS$13,079 $13,800 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$136 $101 
Accrued and other current liabilities1,034 1,388 
Deferred net revenue (online-enabled games)1,391 2,024 
Total current liabilities2,561 3,513 
Senior notes, net1,879 1,878 
Income tax obligations478 386 
Deferred income taxes, net1 1 
Other liabilities362 397 
Total liabilities5,281 6,175 
Commitments and contingencies (See Note 11)
Stockholders’ equity:
Common stock, $0.01 par value. 1,000 shares authorized; 277 and 280 shares issued and outstanding, respectively3 3 
Additional paid-in capital— — 
Retained earnings7,658 7,607 
Accumulated other comprehensive income (loss)137 15 
Total stockholders’ equity7,798 7,625 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$13,079 $13,800 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
(a) Derived from audited Consolidated Financial Statements.
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ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)Three Months Ended
September 30,		Six Months Ended
September 30,
(In millions, except per share data)2022202120222021
Net revenue$1,904 $1,826 $3,671 $3,377 
Cost of revenue462 494 776 809 
Gross profit1,442 1,332 2,895 2,568 
Operating expenses:
Research and development565 553 1,137 1,068 
Marketing and sales233 233 467 423 
General and administrative174 176 341 345 
Amortization and impairment of intangibles43 30 82 70 
Total operating expenses1,015 992 2,027 1,906 
Operating income427 340 868 662 
Interest and other income (expense), net— (14)(5)(28)
Income before provision for income taxes427 326 863 634 
Provision for income taxes128 32 253 136 
Net income$299 $294 $610 $498 
Earnings per share:
Basic$1.08 $1.03 $2.19 $1.75 
Diluted$1.07 $1.02 $2.18 $1.73 
Number of shares used in computation:
Basic278 285 279 285 
Diluted279 287 280 288 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

4

Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)Three Months Ended
September 30,		Six Months Ended
September 30,
(In millions)2022202120222021
Net income$299 $294 $610 $498 
Other comprehensive income (loss), net of tax:
Net gains (losses) on available-for-sale securities— — (1)— 
Net gains (losses) on derivative instruments109 50 199 56 
Foreign currency translation adjustments(43)(17)(76)(8)
Total other comprehensive income (loss), net of tax66 33 122 48 
Total comprehensive income$365 $327 $732 $546 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common Stock
Additional Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (loss)		Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2022
280,051 $3 $— $7,607 $15 $7,625 
Total comprehensive income— — — 311 56 367 
Stock-based compensation— — 125 — — 125 
Issuance of common stock1,413 — (103)— — (103)
Repurchase and retirement of common stock(2,512)— (22)(298)— (320)
Cash dividends declared ($0.19 per common share)
— — — (53)— (53)
Balances as of June 30, 2022278,952 $3 $— $7,567 $71 $7,641 
Total comprehensive income— — — 299 66 365 
Stock-based compensation— — 140 — — 140 
Issuance of common stock641 — 30 — — 30 
Repurchase and retirement of common stock(2,569)— (170)(155)— (325)
Cash dividends declared ($0.19 per common share)— — — (53)— (53)
Balances as of September 30, 2022277,024 $3 $— $7,658 $137 $7,798 
(Unaudited)
 Common Stock
Additional Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (loss)		Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2021
286,465 $3 $— $7,887 $(50)$7,840 
Total comprehensive income— — — 204 15 219 
Stock-based compensation— — 125 — — 125 
Awards assumed upon acquisition— — 23 — — 23 
Issuance of common stock1,209 — (105)— — (105)
Repurchase and retirement of common stock(2,292)— (43)(282)— (325)
Cash dividends declared ($0.17 per common share)
— — — (49)— (49)
Balances as of June 30, 2021285,382 $3 $— $7,760 $(35)$7,728 
Total comprehensive income— — — 294 33 327 
Stock-based compensation— — 149 — — 149 
Issuance of common stock602 — 25 — — 25 
Repurchase and retirement of common stock(2,318)— (174)(151)— (325)
Cash dividends declared ($0.17 per common share)— — — (48)— (48)
Balances as of September 30, 2021283,666 $3 $— $7,855 $(2)$7,856 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)Six Months Ended
September 30,
(In millions)20222021
OPERATING ACTIVITIES
Net income$610 $498 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, accretion and impairment241 199 
Stock-based compensation265 274 
Change in assets and liabilities:
Receivables, net(276)(446)
Other assets(25)(51)
Accounts payable53 42 
Accrued and other liabilities(269)(250)
Deferred income taxes, net(156)(140)
Deferred net revenue (online-enabled games)(633)(205)
Net cash used in operating activities(190)(79)
INVESTING ACTIVITIES
Capital expenditures(112)(87)
Proceeds from maturities and sales of short-term investments166 1,128 
Purchase of short-term investments(173)(369)
Acquisitions, net of cash acquired— (3,394)
Net cash used in investing activities(119)(2,722)
FINANCING ACTIVITIES
Proceeds from issuance of common stock44 41 
Cash dividends paid(106)(97)
Cash paid to taxing authorities for shares withheld from employees(117)(121)
Repurchase and retirement of common stock(645)(650)
Net cash used in financing activities(824)(827)
Effect of foreign exchange on cash and cash equivalents(60)(2)
Increase (decrease) in cash and cash equivalents(1,193)(3,630)
Beginning cash and cash equivalents2,732 5,260 
Ending cash and cash equivalents$1,539 $1,630 
Supplemental cash flow information:
Cash paid during the period for income taxes, net$310 $303 
Cash paid during the period for interest28 28 
Non-cash investing activities:
Change in accrued capital expenditures$(21)$3 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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ELECTRONIC ARTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(1) DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs, mobile phones and tablets. At our core is a portfolio of intellectual property from which we create innovative games and content that enable us to build on-going and meaningful relationships with a community of players, creators and viewers. Our portfolio includes brands that we either wholly own (such as Apex Legends, Battlefield, and The Sims) or license from others (such as Madden, Star Wars, and the 300+ licenses within our global football ecosystem). Through our live services offerings, we offer our players high-quality experiences designed to provide value to players and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our base games and free-to-play games. In addition, we are focused on reaching more players whenever and wherever they want to play. We believe that we can add value to our network by making it easier for players to connect to a world of play by offering choice of business model, distribution channel and device.
Our fiscal year is reported on a 52- or 53-week period that ends on the Saturday nearest March 31. Our results of operations for the fiscal year ending March 31, 2023 contains 52 weeks and ends on April 1, 2023. Our results of operations for the fiscal year ended March 31, 2022 contained 52 weeks and ended on April 2, 2022. Our results of operations for the three and six months ended September 30, 2022 contained 13 weeks and 26 weeks, respectively, and ended on October 1, 2022. Our results of operations for the three and six months ended September 30, 2021 contained 13 weeks and 26 weeks, respectively, and ended on October 2, 2021. For simplicity of disclosure, all fiscal periods are referred to as ending on a calendar month end.
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.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, as filed with the United States Securities and Exchange Commission (“SEC”) on May 25, 2022.
Recently Adopted Accounting Standards
In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance (Topic 832). The amendments in this update establish Topic 832 and require additional disclosures regarding government grants and money contributions when entities accounted for transactions with a government by analogizing to a grant or contribution accounting model. We adopted ASU 2021-10 in the first quarter of fiscal year 2023 and elected to apply the amendments prospectively to all transactions within the scope of the amendment that are reflected in the financial statements at the date of adoption. The adoption did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures.

Other Recently Issued Accounting Standards
In October 2021, the FASB issued ASU 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805). The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. This update is effective for us beginning in the first quarter of fiscal year 2024. Early adoption is permitted. We are currently evaluating the timing of adoption and impact of this new standard on our Condensed Consolidated Financial Statements and related disclosures.


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(2) FAIR VALUE MEASUREMENTS
There are various valuation techniques used to estimate fair value, the primary one being the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability. We measure certain financial and nonfinancial assets and liabilities at fair value on a recurring and nonrecurring basis.
Fair Value Hierarchy
The three levels of inputs that may be used to measure fair value are as follows:
•Level 1. Quoted prices in active markets for identical assets or liabilities.
•Level 2. Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
•Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of September 30, 2022 and March 31, 2022, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):
  Fair Value Measurements at Reporting Date Using  
 
As of
September 30, 2022
Quoted Prices in
Active Markets 
for Identical
Financial
Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$52 $52 $— $— Cash equivalents
Money market funds13 13 — — Cash equivalents
Available-for-sale securities:
Corporate bonds128 — 128 — Short-term investments
U.S. Treasury securities88 88 — — Short-term investments
U.S. agency securities4 — 4 — Short-term investments
Commercial paper47 — 47 — Short-term investments and cash equivalents
Foreign government securities17 — 17 — Short-term investments
Asset-backed securities37 — 37 — Short-term investments
Certificates of deposit18 — 18 — Short-term investments
Foreign currency derivatives301 — 301 — Other current assets and other assets
Deferred compensation plan assets (a)
22 22 — — Other assets
Total assets at fair value$727 $175 $552 $— 
Liabilities
Foreign currency derivatives$38 $— $38 $— Accrued and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
23 23 — — Other liabilities
Total liabilities at fair value$61 $23 $38 $— 
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  Fair Value Measurements at Reporting Date Using 
 
As of
March 31, 2022
Quoted Prices in
Active Markets for Identical
Financial Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$55 $55 $— $— Cash equivalents
Money market funds257 257 — — Cash equivalents
Available-for-sale securities:
Corporate bonds116 — 116 — Short-term investments
U.S. Treasury securities104 104 — — Short-term investments and cash equivalents
Commercial paper51 — 51 — Short-term investments and cash equivalents
Foreign government securities17 — 17 — Short-term investments
Asset-backed securities38 — 38 — Short-term investments
Certificates of deposit 18 — 18 — Short-term investments
Foreign currency derivatives63 — 63 — Other current assets and other assets
Deferred compensation plan assets (a)
21 21 — — Other assets
Total assets at fair value$740 $437 $303 $— 
Liabilities
Foreign currency derivatives$14 $— $14 $— Accrued and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
22 22 — — Other liabilities
Total liabilities at fair value$36 $22 $14 $— 

(a)The Deferred Compensation Plan assets consist of various mutual funds. See Note 15 in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, for additional information regarding our Deferred Compensation Plan.

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(3) FINANCIAL INSTRUMENTS
Cash and Cash Equivalents
As of September 30, 2022 and March 31, 2022, our cash and cash equivalents were $1,539 million and $2,732 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.
Short-Term Investments
Short-term investments consisted of the following as of September 30, 2022 and March 31, 2022 (in millions):
 
As of September 30, 2022
As of March 31, 2022
 Cost or
Amortized
Cost		Gross UnrealizedFair
Value		Cost or
Amortized
Cost		Gross UnrealizedFair
Value
 GainsLossesGainsLosses
Corporate bonds$129 $— $(1)$128 $117 $— $(1)$116 
U.S. Treasury securities89 — (1)88 103 — (1)102 
U.S. agency securities4 — — 4 — — — — 
Commercial paper43 — — 43 39 — — 39 
Foreign government securities17 — — 17 17 — — 17 
Asset-backed securities38 — (1)37 38 — — 38 
Certificates of deposit18 — — 18 18 — — 18 
Short-term investments$338 $— $(3)$335 $332 $— $(2)$330 
The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of September 30, 2022 and March 31, 2022 (in millions):
 
As of September 30, 2022
As of March 31, 2022
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Short-term investments
Due within 1 year$264 $262 $250 $249 
Due 1 year through 5 years69 68 77 76 
Due after 5 years5 5 5 5 
Short-term investments$338 $335 $332 $330 

(4) DERIVATIVE FINANCIAL INSTRUMENTS
Assets or liabilities associated with our derivative instruments and hedging activities are recorded at fair value in other current assets/other assets, or accrued and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative instrument and whether it is designated and qualifies for hedge accounting.
We transact business in various foreign currencies and have significant international sales and expenses denominated in foreign currencies, subjecting us to foreign currency risk. We purchase foreign currency forward contracts, generally with maturities of 18 months or less, to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in certain foreign currencies. Our cash flow risks are primarily related to fluctuations in the Euro, British pound sterling, Canadian dollar, Swedish krona, Australian dollar, Japanese yen, Chinese yuan, South Korean won and Polish zloty. In addition, we utilize foreign currency forward contracts to mitigate foreign currency exchange risk associated with foreign-currency-denominated monetary assets and liabilities, primarily intercompany receivables and payables. The foreign currency forward contracts not designated as hedging instruments generally have a contractual term of approximately three months or less and are transacted near month-end. We do not use foreign currency forward contracts for speculative trading purposes.
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Cash Flow Hedging Activities
Certain of our forward contracts are designated and qualify as cash flow hedges. To qualify for hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets/other assets, or accrued and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of accumulated other comprehensive income (loss) in stockholders’ equity. The gains or losses resulting from changes in the fair value of these hedges is subsequently reclassified into net revenue or research and development expenses, as appropriate, in the period when the forecasted transaction is recognized in our Condensed Consolidated Statements of Operations. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur, within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from accumulated other comprehensive income (loss) to net revenue or research and development expenses, in our Condensed Consolidated Statements of Operations.
Total gross notional amounts and fair values for currency derivatives with cash flow hedge accounting designation are as follows (in millions):
As of September 30, 2022
As of March 31, 2022
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$262 $— $24 $375 $4 $3 
Forward contracts to sell$2,033 $275 $— $1,829 $52 $6 
The effects of cash flow hedge accounting in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2022 and 2021 are as follows (in millions):
Three Months Ended September 30,Six Months Ended September 30,
2022202120222021
Net revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and development
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$1,904 $565 $1,826 $553 $3,671 $1,137 $3,377 $1,068 
Gains (losses) on foreign currency forward contracts designated as cash flow hedges$61 $(5)$(18)$4 $80 $(8)$(37)$12 
Balance Sheet Hedging Activities
Our foreign currency forward contracts that are not designated as hedging instruments are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or accrued and other current liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign-currency-denominated monetary assets and liabilities, which are also reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations.
Total gross notional amounts and fair values for currency derivatives that are not designated as hedging instruments are accounted for as follows (in millions):
As of September 30, 2022
As of March 31, 2022
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$415 $— $14 $496 $6 $— 
Forward contracts to sell$696 $26 $— $400 $1 $5 
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The effect of foreign currency forward contracts not designated as hedging instruments in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2022 and 2021 was as follows (in millions):
 Three Months Ended
September 30,		Six Months Ended
September 30,
 2022202120222021
Interest and other income (expense), net