Electronic Arts Reports Q4 and FY22 Financial Results
Redwood, CA – Electronic Arts announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2022.
“FY22 was a record year, with hundreds of millions of players around the world joining in our games to play, watch, and create with one another,” said Andrew Wilson, CEO of Electronic Arts. “With amazing games, built around powerful IP, made by incredibly talented teams, and outstanding engagement in our live services, FY23 is set to be a year of innovation and growth for Electronic Arts.”
“We finished the year with another strong quarter of revenue and profit growth, driven by our live services business which was 85% of our net bookings in Q4,” said CFO Chris Suh. “We have a strong foundation of deeply engaged players, rich IP and a resilient business model, which we will continue to invest in to deliver growth in FY23 and beyond.”
Selected Operating Highlights and Metrics
- Net bookings1 for fiscal 2022 was $7.515 billion, up 21% year-over-year.
- Live services and other net bookings were up 17% year-over-year and represent 71% of total net bookings in fiscal 2022.
- The EA player network grew 16% year-over-year to more than 580 million unique active accounts.
- During FY22, EA SPORTS™ FIFA had more than 150 million accounts.
- FIFA Mobile just had the biggest quarter ever with new unique players surging nearly 80% year-over-year.
- Apex Legends™ Season 12 set records for the highest engagement since launch.
- It Takes Two won over 90 awards during FY22.
Selected Financial Highlights and Metrics
- Net cash provided by operating activities was $444 million for the quarter and $1.899 billion for the fiscal year.
- EA repurchased 2.5 million shares for $325 million during the quarter, bringing the total for the fiscal year to 9.5 million shares for $1.300 billion.
- EA paid a cash dividend of $0.17 per share during the quarter, bringing the total for the fiscal year to $193 million.
Dividend
EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock, which represents a 12% increase from prior quarter. The dividend is payable on June 22, 2022 to shareholders of record as of the close of business on June 8, 2022.
| Quarterly Financial Highlights | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| (in $ millions, except per share amounts) | ||||
| Full game | 438 | 250 | ||
| Live services and other | 1,387 | 1,096 | ||
| Total net revenue | 1,825 | 1,346 | ||
| Net income | 225 | 76 | ||
| Diluted earnings per share | 0.80 | 0.26 | ||
| Operating cash flow | 444 | 371 | ||
| Value of shares repurchased | 325 | 325 | ||
| Number of shares repurchased | 2.5 | 2.4 | ||
| Cash dividend paid | 48 | 49 | ||
The following GAAP-based financial data2 and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:
| Three Months Ended March 31, 2022 | |||||||||||
| GAAP-Based Financial Data | |||||||||||
| (in $ millions) | Statement of Operations |
Acquisition- related expenses |
Change in deferred net revenue (online-enabled games) |
Stock-based compensation |
|||||||
| Total net revenue | 1,825 | – | (74 | ) | – | ||||||
| Cost of revenue | 419 | (45 | ) | – | (2 | ) | |||||
| Gross profit | 1,406 | 45 | (74 | ) | 2 | ||||||
| Total operating expenses | 1,041 | (52 | ) | – | (123 | ) | |||||
| Operating income | 365 | 97 | (74 | ) | 125 | ||||||
| Interest and other income (expense), net | (9 | ) | – | – | – | ||||||
| Income before provision for income taxes | 356 | 97 | (74 | ) | 125 | ||||||
| Number of shares used in computation: | |||||||||||
| Diluted | 283 | ||||||||||
| Fiscal Year Financial Highlights | ||||
| Twelve Months Ended | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| (in $ millions) | ||||
| Full game | 1,993 | 1,613 | ||
| Live services and other | 4,998 | 4,016 | ||
| Total net revenue | 6,991 | 5,629 | ||
| Net income | 789 | 837 | ||
| Diluted earnings per share | 2.76 | 2.87 | ||
| Operating cash flow | 1,899 | 1,934 | ||
| Value of shares repurchased | 1,300 | 729 | ||
| Number of shares repurchased | 9.5 | 5.6 | ||
| Cash dividend paid | 193 | 98 | ||
The following GAAP-based financial data2 and tax rate of 18% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:
| Twelve Months Ended March 31, 2022 | ||||||||||
| GAAP-Based Financial Data | ||||||||||
| (in $ millions) | Statement of Operations |
Acquisition- related expenses |
Change in deferred net revenue (online-enabled games) |
Stock-based compensation |
||||||
| Total net revenue | 6,991 | – | 524 | – | ||||||
| Cost of revenue | 1,859 | (133 | ) | – | (6 | ) | ||||
| Gross profit | 5,132 | 133 | 524 | 6 | ||||||
| Total operating expenses | 4,003 | (183 | ) | – | (522 | ) | ||||
| Operating income | 1,129 | 316 | 524 | 528 | ||||||
| Interest and other income (expense), net | (48 | ) | – | – | – | |||||
| Income before provision for income taxes | 1,081 | 316 | 524 | 528 | ||||||
| Number of shares used in computation: | ||||||||||
| Diluted | 286 | |||||||||
Operating Metric
The following is a calculation of our total net bookings1 for the periods presented:
| Three Months Ended | Twelve Months Ended | ||||||||
| March 31, | March 31, | ||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||
| (in $ millions) | |||||||||
| Total net revenue | 1,825 | 1,346 | 6,991 | 5,629 | |||||
| Change in deferred net revenue (online-enabled games) | (74) | 144 | 524 | 561 | |||||
| Net bookings | 1,751 | 1,490 | 7,515 | 6,190 | |||||
Business Outlook as of May 10, 2022
Fiscal Year 2023 Expectations – Ending March 31, 2023
Financial metrics:
- Net revenue is expected to be approximately $7.600 to $7.800 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately $300 million.
- Net income is expected to be approximately $793 to $815 million.
- Diluted earnings per share is expected to be approximately $2.79 to $2.87.
- Operating cash flow is expected to be approximately $1.600 to $1.650 billion.
- The Company estimates a share count of 284 million for purposes of calculating fiscal year 2023 diluted earnings per share.
Operational metric:
- Net bookings1 is expected to be approximately $7.900 to $8.100 billion.
In addition, the following outlook for GAAP-based financial data2 and updated long-term tax rate of 19% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:
| Twelve Months Ending March 31, 2023 | ||||||||||
| GAAP-Based Financial Data* | ||||||||||
| GAAP Guidance Range |
Acquisition- related expenses |
Change in deferred net revenue (online-enabled games) |
Stock-based compensation |
|||||||
| (in $ millions) | ||||||||||
| Total net revenue | 7,600 | – | 7,800 | – | 300 | – | ||||
| Cost of revenue | 2,020 | – | 2,065 | (110 | ) | – | (5 | ) | ||
| Operating expense | 4,200 | – | 4,315 | (140 | ) | – | (595 | ) | ||
| Income before provision for income taxes | 1,321 | – | 1,358 | 250 | 300 | 600 | ||||
| Net income | 793 | – | 815 | |||||||
| Number of shares used in computation: | ||||||||||
| Diluted shares | 284 | |||||||||
| *The mid-point of the range has been used for purposes of presenting the reconciling items. | ||||||||||
First Quarter Fiscal Year 2023 Expectations – Ending June 30, 2022
Financial metrics:
- Net revenue is expected to be approximately $1.675 to $1.725 billion.
- Change in deferred net revenue (online-enabled games) is expected to be approximately $(475) million.
- Net income is expected to be approximately $216 to $240 million.
- Diluted earnings per share is expected to be approximately $0.76 to $0.85.
- The Company estimates a share count of 283 million for purposes of calculating first quarter fiscal 2023 diluted earnings per share.
Operational metric:
- Net bookings1 is expected to be approximately $1.200 to $1.250 billion.
In addition, the following outlook for GAAP-based financial data2 and updated long-term tax rate of 19% are used internally by EA to adjust our GAAP expectations to assess EA’s operating results and plan for future periods:
| Three Months Ending June 30, 2022 | |||||||||||||
| GAAP-Based Financial Data* | |||||||||||||
| GAAP Guidance Range |
Acquisition- related expenses |
Change in deferred net revenue |
Stock-based compensation |
||||||||||
| (in $ millions) | |||||||||||||
| Total net revenue | 1,675 | – | 1,725 | – | (475 | ) | – | ||||||
| Cost of revenue | 309 | – | 321 | (30 | ) | – | (2 | ) | |||||
| Operating expense | 1,013 | (40 | ) | – | (123 | ) | |||||||
| Income before provision for income taxes | 337 | – | 375 | 70 | (475 | ) | 125 | ||||||
| Net income | 216 | – | 240 | ||||||||||
| Number of shares used in computation: | |||||||||||||
| Diluted shares | 283 | ||||||||||||
| *The mid-point of the range has been used for purposes of presenting the reconciling items. | |||||||||
Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus our guidance provided on February 1, 2022 for the three months ended March 31, 2022 plus a comparison to the actuals for the three months ended March 31, 2021.
| Three Months Ended March 31, | ||||||||||||
| 2022 | 2022 | 2021 | ||||||||||
| Guidance | Variance | Actuals | Actuals | |||||||||
| Net revenue | ||||||||||||
| Net revenue | 1,759 | 66 | 1,825 | 1,346 | ||||||||
| GAAP-based financial data | ||||||||||||
| Change in deferred net revenue (online-enabled games)1 | 2 | (76 | ) | (74 | ) | 144 | ||||||
| Cost of revenue | ||||||||||||
| Cost of revenue | 404 | 15 | 419 | 319 | ||||||||
| GAAP-based financial data | ||||||||||||
| Acquisition-related expenses | (42 | ) | (3 | ) | (45 | ) | (4 | ) | ||||
| Stock-based compensation | (1 | ) | (1 | ) | (2 | ) | (1 | ) | ||||
| Operating expenses | ||||||||||||
| Operating expenses | 1,086 | (45 | ) | 1,041 | 852 | |||||||
| GAAP-based financial data | ||||||||||||
| Acquisition-related expenses | (49 | ) | (3 | ) | (52 | ) | (14 | ) | ||||
| Stock-based compensation | (126 | ) | 3 | (123 | ) | (108 | ) | |||||
| Income before tax | ||||||||||||
| Income before tax | 259 | 97 | 356 | 165 | ||||||||
| GAAP-based financial data | ||||||||||||
| Acquisition-related expenses | 91 | 6 | 97 | 18 | ||||||||
| Change in deferred net revenue (online-enabled games)1 | 2 | (76 | ) | (74 | ) | 144 | ||||||
| Stock-based compensation | 127 | (2 | ) | 125 | 109 | |||||||
| Tax rate used for management reporting | 18 | % | 18 | % | 18 | % | ||||||
| Earnings per share | ||||||||||||
| Basic | 0.46 | 0.34 | 0.80 | 0.26 | ||||||||
| Diluted | 0.46 | 0.34 | 0.80 | 0.26 | ||||||||
| Number of shares used in computation | ||||||||||||
| Basic | 282 | (1 | ) | 281 | 288 | |||||||
| Diluted | 284 | (1 | ) | 283 | 290 | |||||||
| 1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges. |
| ELECTRONIC ARTS INC. AND SUBSIDIARIES | |||||
| Unaudited Condensed Consolidated Balance Sheets | |||||
| (in $ millions) | |||||
| March 31, 2022 | March 31, 20212 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 2,732 | 5,260 | |||
| Short-term investments | 330 | 1,106 | |||
| Receivables, net | 650 | 521 | |||
| Other current assets | 439 | 326 | |||
| Total current assets | 4,151 | 7,213 | |||
| Property and equipment, net | 550 | 491 | |||
| Goodwill | 5,387 | 2,868 | |||
| Acquisition-related intangibles, net | 962 | 309 | |||
| Deferred income taxes, net | 2,243 | 2,045 | |||
| Other assets | 507 | 362 | |||
| TOTAL ASSETS | 13,800 | 13,288 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | 101 | 96 | |||
| Accrued and other current liabilities | 1,388 | 1,341 | |||
| Deferred net revenue (online-enabled games) | 2,024 | 1,527 | |||
| Total current liabilities | 3,513 | 2,964 | |||
| Senior notes, net | 1,878 | 1,876 | |||
| Income tax obligations | 386 | 315 | |||
| Deferred income taxes, net | 1 | 43 | |||
| Other liabilities | 397 | 250 | |||
| Total liabilities | 6,175 | 5,448 | |||
| Stockholders’ equity: | |||||
| Common stock | 3 | 3 | |||
| Retained earnings | 7,607 | 7,887 | |||
| Accumulated other comprehensive income (loss) | 15 | (50 | ) | ||
| Total stockholders’ equity | 7,625 | 7,840 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 13,800 | 13,288 | |||
| 2Derived from audited consolidated financial statements. |
| ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||
| (in $ millions) | ||||||||||||
| Three Months Ended March 31, |
Twelve Months Ended March 31, |
|||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net income | 225 | 76 | 789 | 837 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation, amortization, accretion and impairment | 141 | 58 | 486 | 181 | ||||||||
| Stock-based compensation | 125 | 109 | 528 | 435 | ||||||||
| Change in assets and liabilities | ||||||||||||
| Receivables, net | 313 | 268 | (77 | ) | (41 | ) | ||||||
| Other assets | (82 | ) | (42 | ) | (157 | ) | (70 | ) | ||||
| Accounts payable | 2 | (11 | ) | (7 | ) | 18 | ||||||
| Accrued and other liabilities | (14 | ) | (109 | ) | 169 | 136 | ||||||
| Deferred income taxes, net | (189 | ) | (125 | ) | (329 | ) | (143 | ) | ||||
| Deferred net revenue (online-enabled games) | (77 | ) | 147 | 497 | 581 | |||||||
| Net cash provided by operating activities | 444 | 371 | 1,899 | 1,934 | ||||||||
| INVESTING ACTIVITIES | ||||||||||||
| Capital expenditures | (53 | ) | (31 | ) | (188 | ) | (124 | ) | ||||
| Proceeds from maturities and sales of short-term investments | 136 | 1,598 | 1,329 | 3,686 | ||||||||
| Purchase of short-term investments | (116 | ) | (772 | ) | (554 | ) | (2,828 | ) | ||||
| Acquisitions, net of cash acquired | — | (1,239 | ) | (3,391 | ) | (1,239 | ) | |||||
| Net cash used in investing activities | (33 | ) | (444 | ) | (2,804 | ) | (505 | ) | ||||
| FINANCING ACTIVITIES | ||||||||||||
| Proceeds from issuance of senior notes, net of issuance costs | — | 1,478 | — | 1,478 | ||||||||
| Payment of senior notes | — | (600 | ) | — | (600 | ) | ||||||
| Proceeds from issuance of common stock | 33 | 30 | 77 | 86 | ||||||||
| Cash dividends paid | (48 | ) | (49 | ) | (193 | ) | (98 | ) | ||||
| Cash paid to taxing authorities for shares withheld from employees | (11 | ) | (8 | ) | (204 | ) | (152 | ) | ||||
| Repurchase and retirement of common stock | (325 | ) | (325 | ) | (1,300 | ) | (729 | ) | ||||
| Net cash provided by (used in) financing activities | (351 | ) | 526 | (1,620 | ) | (15 | ) | |||||
| Effect of foreign exchange on cash and cash equivalents | 2 | 35 | (3 | ) | 78 | |||||||
| Change in cash and cash equivalents | 62 | 488 | (2,528 | ) | 1,492 | |||||||
| Beginning cash and cash equivalents | 2,670 | 4,772 | 5,260 | 3,768 | ||||||||
| Ending cash and cash equivalents | 2,732 | 5,260 | 2,732 | 5,260 | ||||||||
| ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
| Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
| (in $ millions, except per share data) | ||||||||||||||||||
| Q4 | Q1 | Q2 | Q3 | Q4 | YOY % | |||||||||||||
| FY21 | FY22 | FY22 | FY22 | FY22 | Change | |||||||||||||
| Net revenue | ||||||||||||||||||
| Net revenue | 1,346 | 1,551 | 1,826 | 1,789 | 1,825 | 36 | % | |||||||||||
| GAAP-based financial data | ||||||||||||||||||
| Change in deferred net revenue (online-enabled games)1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| Gross profit | ||||||||||||||||||
| Gross profit | 1,027 | 1,236 | 1,332 | 1,158 | 1,406 | 37 | % | |||||||||||
| Gross profit (as a % of net revenue) | 76 | % | 80 | % | 73 | % | 65 | % | 77 | % | ||||||||
| GAAP-based financial data | ||||||||||||||||||
| Acquisition-related expenses | 4 | 22 | 22 | 44 | 45 | |||||||||||||
| Change in deferred net revenue (online-enabled games)1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| Stock-based compensation | 1 | 1 | 2 | 1 | 2 | |||||||||||||
| Operating income | ||||||||||||||||||
| Operating income | 175 | 322 | 340 | 102 | 365 | 109 | % | |||||||||||
| Operating income (as a % of net revenue) | 13 | % | 21 | % | 19 | % | 6 | % | 20 | % | ||||||||
| GAAP-based financial data | ||||||||||||||||||
| Acquisition-related expenses | 18 | 62 | 52 | 105 | 97 | |||||||||||||
| Change in deferred net revenue (online-enabled games)1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| Stock-based compensation | 109 | 125 | 149 | 129 | 125 | |||||||||||||
| Net income | ||||||||||||||||||
| Net income | 76 | 204 | 294 | 66 | 225 | 196 | % | |||||||||||
| Net income (as a % of net revenue) | 6 | % | 13 | % | 16 | % | 4 | % | 12 | % | ||||||||
| GAAP-based financial data | ||||||||||||||||||
| Acquisition-related expenses | 18 | 62 | 52 | 105 | 97 | |||||||||||||
| Change in deferred net revenue (online-enabled games)1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| Stock-based compensation | 109 | 125 | 149 | 129 | 125 | |||||||||||||
| Tax rate used for management reporting | 18 | % | 18 | % | 18 | % | 18 | % | 18 | % | ||||||||
| Diluted earnings per share | 0.26 | 0.71 | 1.02 | 0.23 | 0.80 | 208 | % | |||||||||||
| Number of shares used in computation | ||||||||||||||||||
| Basic | 288 | 286 | 285 | 283 | 281 | |||||||||||||
| Diluted | 290 | 289 | 287 | 285 | 283 | |||||||||||||
| 1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges. |
| ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||||||
| Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||||||
| (in $ millions) | ||||||||||||||||||
| Q4 | Q1 | Q2 | Q3 | Q4 | YOY % | |||||||||||||
| FY21 | FY22 | FY22 | FY22 | FY22 | Change | |||||||||||||
| QUARTERLY NET REVENUE PRESENTATIONS | ||||||||||||||||||
| Net revenue by composition | ||||||||||||||||||
| Full game downloads | 185 | 233 | 337 | 400 | 312 | 69 | % | |||||||||||
| Packaged goods | 65 | 89 | 280 | 216 | 126 | 94 | % | |||||||||||
| Full game | 250 | 322 | 617 | 616 | 438 | 75 | % | |||||||||||
| Live services and other | 1,096 | 1,229 | 1,209 | 1,173 | 1,387 | 27 | % | |||||||||||
| Total net revenue | 1,346 | 1,551 | 1,826 | 1,789 | 1,825 | 36 | % | |||||||||||
| Full game | 19 | % | 21 | % | 34 | % | 34 | % | 24 | % | ||||||||
| Live services and other | 81 | % | 79 | % | 66 | % | 66 | % | 76 | % | ||||||||
| Total net revenue % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
| GAAP-based financial data | ||||||||||||||||||
| Full game downloads | (19 | ) | (5 | ) | 35 | 179 | (103 | ) | ||||||||||
| Packaged goods | (44 | ) | (35 | ) | 44 | 105 | (68 | ) | ||||||||||
| Full game | (63 | ) | (40 | ) | 79 | 284 | (171 | ) | ||||||||||
| Live services and other | 207 | (175 | ) | (54 | ) | 504 | 97 | |||||||||||
| Total change in deferred net revenue (online-enabled games) by composition1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| Net revenue by platform | ||||||||||||||||||
| Console | 879 | 972 | 1,198 | 1,138 | 1,092 | 24 | % | |||||||||||
| PC & Other | 295 | 361 | 377 | 374 | 420 | 42 | % | |||||||||||
| Mobile | 172 | 218 | 251 | 277 | 313 | 82 | % | |||||||||||
| Total net revenue | 1,346 | 1,551 | 1,826 | 1,789 | 1,825 | 36 | % | |||||||||||
| GAAP-based financial data | ||||||||||||||||||
| Console | 71 | (278 | ) | (29 | ) | 608 | (86 | ) | ||||||||||
| PC & Other | 51 | 9 | 26 | 137 | 3 | |||||||||||||
| Mobile | 22 | 54 | 28 | 43 | 9 | |||||||||||||
| Total change in deferred net revenue (online-enabled games) by platform1 | 144 | (215 | ) | 25 | 788 | (74 | ) | |||||||||||
| 1The change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of cash flows does not necessarily equal the change in deferred net revenue (online-enabled games) in the unaudited condensed consolidated statements of operations primarily due to the impact of unrecognized gains/losses on cash flow hedges. |
| ELECTRONIC ARTS INC. AND SUBSIDIARIES | ||||||||||||||
| Unaudited Supplemental Financial Information and Business Metrics | ||||||||||||||
| (in $ millions) | ||||||||||||||
| Q4 | Q1 | Q2 | Q3 | Q4 | YOY % | |||||||||
| FY21 | FY22 | FY22 | FY22 | FY22 | Change | |||||||||
| CASH FLOW DATA | ||||||||||||||
| Operating cash flow | 371 | (143 | ) | 64 | 1,534 | 444 | 20 | % | ||||||
| Operating cash flow – TTM | 1,934 | 1,413 | 1,416 | 1,826 | 1,899 | (2 | %) | |||||||
| Capital expenditures | 31 | 44 | 43 | 48 | 53 | 71 | % | |||||||
| Capital expenditures – TTM | 124 | 130 | 148 | 166 | 188 | 52 | % | |||||||
| Repurchase and retirement of common stock | 325 | 325 | 325 | 325 | 325 | — | ||||||||
| Cash dividends paid | 49 | 49 | 48 | 48 | 48 | (2 | %) | |||||||
| DEPRECIATION | ||||||||||||||
| Depreciation expense | 38 | 40 | 39 | 41 | 42 | 11 | % | |||||||
| BALANCE SHEET DATA | ||||||||||||||
| Cash and cash equivalents | 5,260 | 2,838 | 1,630 | 2,670 | 2,732 | |||||||||
| Short-term investments | 1,106 | 881 | 342 | 346 | 330 | |||||||||
| Cash and cash equivalents, and short-term investments | 6,366 | 3,719 | 1,972 | 3,016 | 3,062 | (52 | %) | |||||||
| Receivables, net | 521 | 557 | 1,031 | 965 | 650 | 25 | % | |||||||
| STOCK-BASED COMPENSATION | ||||||||||||||
| Cost of revenue | 1 | 1 | 2 | 1 | 2 | |||||||||
| Research and development | 71 | 85 | 101 | 86 | 84 | |||||||||
| Marketing and sales | 12 | 12 | 15 | 14 | 13 | |||||||||
| General and administrative | 25 | 27 | 31 | 28 | 26 | |||||||||
| Total stock-based compensation | 109 | 125 | 149 | 129 | 125 | |||||||||
