EA Reports Q1 FY15 Financial Results

In a press release sent to Gaming Cypher today, EA reported its Q1 FY15 financial results.

EA Reports Q1 FY15 Financial Results

Take a look below:

Q1 Non-GAAP Net Revenue up 57% and Operating Income Up $246 Million Year-Over-Year

Trailing Twelve Month Operating Cash Flow Hits a Company Record High of $964 Million

REDWOOD CITY, Calif.–(BUSINESS WIRE)– Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its first fiscal quarter ended June 30, 2014.

“It was a strong start to the year for Electronic Arts. We are committed to putting our players first and delivering the entertainment, innovation and creativity that our players want,” said Chief Executive Officer Andrew Wilson. “Through exciting new titles and fresh content in our live services, we are well-positioned to deliver on that commitment in FY15 and beyond.”

“EA delivered first quarter EPS above prior year and our guidance through a combination of revenue growth, higher gross margins and lower operating expenses,” said Chief Financial Officer Blake Jorgensen. “We have gotten off to a great start and are encouraged by the trends in our industry and business.”

Selected Financial and Operating Highlights and Metrics:

*On a non-GAAP basis

  • In EA’s fiscal Q1, gamers played more than 13.6 billion online sessions of EA games, totaling nearly 2.4 billion hours played across console, mobile and PC.
  • EA received more than 40 E3 awards: Dragon AgeTM Inquisition won more than 20 awards at E3, including Best RPG, and NHL®15 took home Best Sports Game from the E3 Game Critics.
  • Monthly active players for EA MobileTM titles reached more than 140 million in Q1.
  • Calendar year-to-date, EA continues to be the #1 publisher on PlayStation®4 and Xbox One consoles in the Western World led by FIFA 14TitanfallTM, Battlefield 4TM, and EA SPORTSTM UFC®.
  • More than 53 million matches were played in FIFA Ultimate Team World Cup mode in the quarter, equivalent to playing over 800,000 FIFA World Cup tournaments.
  • Revenue for EA’s Ultimate Team services continued to grow in fiscal Q1, with NHL Hockey Ultimate Team growing 50%*, FIFA Ultimate Team growing nearly 80%* and Madden Ultimate Team growing over 350%* year-over-year.
  • Operating cash flow for the quarter improved $252 million versus the same period last year and hit a Company record high of $964 million on a trailing twelve month basis.
  • EA repurchased 1.4 million shares in Q1 for $50 million pursuant to the $750 million Share Repurchase Program initiated in May 2014.
  • EA reaffirmed fiscal 2015 guidance of $4.1 billion in net revenue* and $1.85 in EPS*, which reflects the launch date changes for Battlefield™ Hardline and Dragon Age Inquisition announced today.

Q1 Financial Highlights:

For the quarter, non-GAAP net revenue of $775 million was above our guidance of $700 million. Non-GAAP diluted earnings per share of $0.19 was above our guidance of ($0.05).

(in millions of $, except per share amounts) Quarter Ended
6/30/14
Quarter Ended
6/30/13
GAAP Digital Net Revenue $536 $482
GAAP Packaged Goods and Other Net Revenue 678 467
GAAP Total Net Revenue $1,214 $949
Non-GAAP Digital Net Revenue $482 $378
Non-GAAP Packaged Goods and Other Net Revenue 293 117
Non-GAAP Total Net Revenue $775 $495
GAAP Net Income $335 $222
Non-GAAP Net Income/(Loss) 61 (121 )
GAAP Diluted Earnings Per Share 1.04 0.71
Non-GAAP Diluted Earnings/(Loss) Per Share 0.19 (0.40 )
Operating Cash Flow Provided by (Used In) Operations $4 ($248 )

Trailing Twelve Month (TTM) Financial Highlights:

(in millions of $) TTM Ended
6/30/14
TTM Ended
6/30/13
GAAP Net Revenue $3,840 $3,791
GAAP Net Income 121 119
Non-GAAP Net Revenue 4,301 3,797
Non-GAAP Net Income 716 273
Operating Cash Flow Provided by Operations $964 $320

Business Outlook as of July 22, 2014

The following forward-looking statements, as well as those made above, reflect expectations as of July 22, 2014. Electronic Arts assumes no obligation to update these statements. Results may be materially different and are affected by many factors detailed in this release and in EA’s annual and quarterly SEC filings.

Fiscal Year 2015 Expectations – Ending March 31, 2015

  • GAAP net revenue is expected to be approximately $4.30 billion.
  • Non-GAAP net revenue is expected to be approximately $4.10 billion.
  • GAAP diluted earnings per share is expected to be approximately $1.78.
  • Non-GAAP diluted earnings per share is expected to be approximately $1.85.
  • The Company estimates a share count of 326 million for purposes of calculating fiscal year 2015 GAAP diluted earnings per share. On a non-GAAP basis, the Company estimates a share count of 324 million for purposes of calculating fiscal year 2015 diluted earnings per share. Non-GAAP shares used for computing diluted earnings per share differs from GAAP due to the inclusion of the anti-dilutive effect of the Convertible Bond Hedge.
  • Expected non-GAAP net income excludes the following from expected GAAP net income:
    • Non-GAAP net revenue is expected to be approximately $200 million lower than GAAP net revenue due to the impact of the change in deferred net revenue (online-enabled games);
    • Approximately $150 million of stock-based compensation;
    • Approximately $122 million from the loss on licensed intellectual property commitment;
    • Approximately $69 million of acquisition-related expenses;
    • Approximately $5 million reduction of college football settlement expenses;
    • Approximately $22 million from the amortization of debt discount; and
    • Non-GAAP tax expense is expected to be approximately $140 million higher than GAAP tax expense.

Second Quarter Fiscal Year 2015 Expectations – Ending September 30, 2014

  • GAAP net revenue is expected to be approximately $965 million.
  • Non-GAAP net revenue is expected to be approximately $1.14 billion.
  • GAAP loss per share is expected to be approximately ($0.12).
  • Non-GAAP diluted earnings per share is expected to be approximately $0.50.
  • The Company estimates a share count of 314 million for purposes of calculating second quarter fiscal year 2015 GAAP diluted loss per share, and 323 million for non-GAAP diluted earnings per share. Non-GAAP shares used for computing diluted earnings per share differs from GAAP due to the inclusion of potentially dilutive equity instruments and the anti-dilutive effect of the Convertible Bond Hedge.
  • Expected non-GAAP net income excludes the following from expected GAAP net loss:
    • Non-GAAP net revenue is expected to be approximately $175 million higher than GAAP net revenue due to the impact of the change in deferred net revenue (online-enabled games);
    • Approximately $40 million of stock-based compensation;
    • Approximately $18 million of acquisition-related expenses;
    • Approximately $5 million from the amortization of debt discount; and
    • Non-GAAP tax expense is expected to be $39 million higher than GAAP tax expense.

EA SPORTS, EA Mobile, Battlefield 4, Battlefield, The Sims, Dragon Age, and Plants vs. Zombies are trademarks of Electronic Arts Inc. and its subsidiaries. Titanfall is a trademark ofRespawn Entertainment, LLC. UFC® and The Octagon™ are registered trademarks, trademarks, trade dress or service marks owned exclusively by Zuffa, LLC and affiliated entities inthe United States and other jurisdictions. John Madden, NFL, NHL and FIFA are the property of their respective owners and used with permission. “PlayStation” is a registered trademark of Sony Computer Entertainment Inc.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in millions, except per share data)
Three Months Ended
June 30,
2014 2013
Net revenue
Product $ 757 $ 543
Service and other 457 406
Total net revenue 1,214 949
Cost of revenue
Product 252 130
Service and other 115 64
Total cost of revenue 367 194
Gross profit 847 755
Operating expenses:
Marketing and sales 130 147
General and administrative 88 85
Research and development 265 278
Acquisition-related contingent consideration (1 ) 7
Amortization of intangibles 3 4
Restructuring and other 1
Total operating expenses 485 522
Operating income 362 233
Interest and other income (expense), net (8 ) (5 )
Income before provision for income taxes 354 228
Provision for income taxes 19 6
Net income $ 335 $ 222
Earnings per share
Basic $ 1.07 $ 0.73
Diluted $ 1.04 $ 0.71
Number of shares used in computation
Basic 313 304
Diluted 322 312

Non-GAAP Results (in millions, except per share data)

The following tables reconcile the Company’s net revenue, gross profit, operating income, net income, earnings per share and diluted shares as presented in its Unaudited Condensed Consolidated Statements of Operations and prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) to its non-GAAP net revenue, non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share and non-GAAP diluted shares.

Three Months Ended
June 30,
2014 2013
Net revenue
GAAP net revenue $ 1,214 $ 949
Change in deferred net revenue (online-enabled games) (439 ) (454 )
Non-GAAP net revenue $ 775 $ 495
Gross profit
GAAP gross profit $ 847 $ 755
Acquisition-related expenses 14 15
Change in deferred net revenue (online-enabled games) (439 ) (454 )
Loss on licensed intellectual property commitment (COGS) 122
Non-GAAP gross profit $ 544 $ 316
Operating income
GAAP operating income $ 362 $ 233
Acquisition-related expenses 16 26
Change in deferred net revenue (online-enabled games) (439 ) (454 )
Loss on licensed intellectual property commitment (COGS) 122
College football settlement expenses (5 )
Restructuring and other 1
Stock-based compensation 29 33
Non-GAAP operating income (loss) $ 85 $ (161 )
Net Income
GAAP Net income $ 335 $ 222
Acquisition-related expenses 16 26
Amortization of debt discount 5 5
Change in deferred net revenue (online-enabled games) (439 ) (454 )
Loss on licensed intellectual property commitment (COGS) 122
College football settlement expenses (5 )
Restructuring and other 1
Stock-based compensation 29 33
Income tax adjustments (2 ) 46
Non-GAAP net income (loss) $ 61 $ (121 )
Non-GAAP earnings (loss) per share
Basic $ 0.19 $ (0.40 )
Diluted $ 0.19 $ (0.40 )
Number of shares used in computation
Basic GAAP & Non-GAAP 313 304
Diluted GAAP 322 304
Shares from Convertible Bond Hedge (1 )
Diluted Non-GAAP 321 304
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(in millions)
June 30, March 31,
2014 2014 (a)
ASSETS
Current assets:
Cash and cash equivalents $ 1,554 $ 1,782
Short-term investments 762 583
Receivables, net of allowances of $177 and $186, respectively 219 327
Inventories 37 56
Deferred income taxes, net 58 74
Other current assets 300 316
Total current assets 2,930 3,138
Property and equipment, net 503 510
Goodwill 1,726 1,723
Acquisition-related intangibles, net 160 177
Deferred income taxes, net 15 28
Other assets 142 140
TOTAL ASSETS $ 5,476 $ 5,716
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 69 $ 119
Accrued and other current liabilities 666 781
Deferred net revenue (online-enabled games) 1,051 1,490
Total current liabilities 1,786 2,390
0.75% convertible senior notes due 2016, net 586 580
Income tax obligations 90 189
Deferred income taxes, net 85 18
Other liabilities 216 117
Total liabilities 2,763 3,294
Common stock 3 3
Paid-in capital 2,285 2,353
Retained earnings 364 29
Accumulated other comprehensive income 61 37
Total stockholders’ equity 2,713 2,422
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,476 $ 5,716

(a) Derived from audited consolidated financial statements.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in millions)
Three Months Ended
June 30,
2014 2013
OPERATING ACTIVITIES
Net income $ 335 $ 222
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion 56 56
Stock-based compensation 29 33
Acquisition-related contingent consideration (1 ) 7
Change in assets and liabilities:
Receivables, net 110 192
Inventories 19 1
Other assets 21 (30 )
Accounts payable (43 ) (82 )
Accrued and other liabilities (84 ) (195 )
Deferred income taxes, net 1 2
Deferred net revenue (online-enabled games) (439 ) (454 )
Net cash provided by (used in) operating activities 4 (248 )
INVESTING ACTIVITIES
Capital expenditures (27 ) (29 )
Proceeds from maturities and sales of short-term investments 155 133
Purchase of short-term investments (335 ) (101 )
Acquisition of subsidiaries, net of cash acquired (5 )
Net cash used in investing activities (207 ) (2 )
FINANCING ACTIVITIES
Proceeds from issuance of common stock 5 22
Excess tax benefit from stock-based compensation 12
Repurchase and retirement of common stock (50 )
Acquisition-related contingent consideration payment (1 )
Net cash provided by (used in) financing activities (33 ) 21
Effect of foreign exchange on cash and cash equivalents 8 (7 )
Decrease in cash and cash equivalents (228 ) (236 )
Beginning cash and cash equivalents 1,782 1,292
Ending cash and cash equivalents $ 1,554 $ 1,056
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in millions, except per share data)
Q1 Q2 Q3 Q4 Q1 YOY %
FY14 FY14 FY14 FY14 FY15 Change
QUARTERLY RECONCILIATION OF RESULTS
Net revenue
GAAP net revenue 949 695 808 1,123 1,214 28 %
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Non-GAAP net revenue 495 1,040 1,572 914 775 57 %
Gross profit
GAAP gross profit 755 282 291 900 847 12 %
Acquisition-related expenses 15 14 16 15 14
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Loss on licensed intellectual property commitment (COGS) 122
Stock-based compensation 1 1
Non-GAAP gross profit 316 642 1,071 707 544 72 %
GAAP gross profit % (as a % of GAAP net revenue) 80 % 41 % 36 % 80 % 70 %
Non-GAAP gross profit % (as a % of non-GAAP net revenue) 64 % 62 % 68 % 77 % 70 %
Operating income (loss)
GAAP operating income (loss) 233 (252 ) (292 ) 344 362 55 %
Acquisition-related expenses 26 (26 ) 20 21 16
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Loss on licensed intellectual property commitment (COGS) 122
College football settlement expenses 40 8 (5 )
Restructuring and other 1 (2 ) (1 ) 1
Stock-based compensation 33 38 40 39 29
Non-GAAP operating income (loss) (161 ) 143 531 204 85 153 %
GAAP operating income (loss) % (as a % of GAAP net revenue) 25 % (36 %) (36 %) 31 % 30 %
Non-GAAP operating income (loss) % (as a % of non-GAAP net revenue) (33 %) 14 % 34 % 22 % 11 %
Net income (loss)
GAAP net income (loss) 222 (273 ) (308 ) 367 335 51 %
Acquisition-related expenses 26 (26 ) 20 21 16
Amortization of debt discount 5 5 6 5 5
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Loss on licensed intellectual property commitment (COGS) 122
College football settlement expenses 40 8 (5 )
Restructuring and other 1 (2 ) (1 ) 1
Stock-based compensation 33 38 40 39 29
Income tax adjustments 46 (22 ) (123 ) (80 ) (2 )
Non-GAAP net income (loss) (121 ) 105 398 152 61 150 %
GAAP net income (loss) % (as a % of GAAP net revenue) 23 % (39 %) (38 %) 33 % 28 %
Non-GAAP net income (loss) % (as a % of non-GAAP net revenue) (24 %) 10 % 25 % 17 % 8 %
Diluted earnings (loss) per share
GAAP earnings (loss) per share 0.71 (0.89 ) (1.00 ) 1.15 1.04 46 %
Non-GAAP earnings (loss) per share (0.40 ) 0.33 1.26 0.48 0.19 148 %
Number of diluted shares used in computation*
GAAP 312 308 309 319 322
Non-GAAP 304 316 317 319 321

*Diluted EPS reflects the potential dilution from common shares issuable through stock-based compensation plans including stock options, restricted stock, restricted stock units, common stock through our ESPP, warrants, and other convertible securities using the treasury stock method. When in a loss position, all outstanding equity based instruments are excluded from the diluted loss per share calculation as their inclusion would have had an anti-dilutive effect.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in millions, except per share data)
Q1 Q2 Q3 Q4 Q1 YOY %
FY14 FY14 FY14 FY14 FY15 Change
QUARTERLY NET REVENUE PRESENTATIONS – GAAP AND NON-GAAP
Geography net revenue
North America 395 303 338 474 522 32 %
International 554 392 470 649 692 25 %
Total GAAP net revenue 949 695 808 1,123 1,214 28 %
North America (190 ) 136 352 (63 ) (201 )
International (264 ) 209 412 (146 ) (238 )
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
North America 205 439 690 411 321 57 %
International 290 601 882 503 454 57 %
Total Non-GAAP net revenue 495 1,040 1,572 914 775 57 %
North America 42 % 44 % 42 % 42 % 43 %
International 58 % 56 % 58 % 58 % 57 %
Total GAAP net revenue % 100 % 100 % 100 % 100 % 100 %
North America 41 % 42 % 44 % 45 % 41 %
International 59 % 58 % 56 % 55 % 59 %
Total Non-GAAP net revenue % 100 % 100 % 100 % 100 % 100 %
Net revenue composition
Packaged goods and other* 467 245 398 632 678 45 %
Full game downloads 63 93 61 93 107
Extra content 209 200 185 212 225
Subscriptions, advertising and other 99 80 67 71 81
Mobile** 111 77 97 115 123
Total Digital 482 450 410 491 536 11 %
Total GAAP net revenue 949 695 808 1,123 1,214 28 %
Packaged goods and other* (350 ) 447 657 (268 ) (385 )
Full game downloads (25 ) (38 ) 54 22 (36 )
Extra content (32 ) (73 ) 28 31 (14 )
Subscriptions, advertising and other (38 ) (18 ) (1 ) (2 ) (1 )
Mobile** (9 ) 27 26 8 (3 )
Total Digital (104 ) (102 ) 107 59 (54 )
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Packaged goods and other* 117 692 1,055 364 293 150 %
Full game downloads 38 55 115 115 71
Extra content 177 127 213 243 211
Subscriptions, advertising and other 61 62 66 69 80
Mobile** 102 104 123 123 120
Total Digital 378 348 517 550 482 28 %
Total Non-GAAP net revenue 495 1,040 1,572 914 775 57 %
Packaged goods and other* 49 % 35 % 49 % 56 % 56 %
Full game downloads 7 % 13 % 8 % 8 % 9 %
Extra content 22 % 29 % 23 % 19 % 19 %
Subscriptions, advertising and other 10 % 12 % 8 % 6 % 7 %
Mobile** 12 % 11 % 12 % 11 % 9 %
Total Digital 51 % 65 % 51 % 44 % 44 %
Total GAAP net revenue % 100 % 100 % 100 % 100 % 100 %
Packaged goods and other* 24 % 66 % 67 % 40 % 38 %
Full game downloads 7 % 6 % 7 % 13 % 9 %
Extra content 36 % 12 % 14 % 27 % 27 %
Subscriptions, advertising and other 12 % 6 % 4 % 7 % 10 %
Mobile** 21 % 10 % 8 % 13 % 16 %
Total Digital 76 % 34 % 33 % 60 % 62 %
Total Non-GAAP net revenue % 100 % 100 % 100 % 100 % 100 %

*Packaged goods and other includes distribution which was previously disclosed separately.
**Handheld revenue is included within each respective category of Full game downloads, Extra content and Subscriptions, advertising and other. Handheld revenue was previously grouped with Mobile and presented as Mobile and handheld.

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in millions, except per share data)
Q1 Q2 Q3 Q4 Q1 YOY %
FY14 FY14 FY14 FY14 FY15 Change
QUARTERLY NET REVENUE PRESENTATIONS – GAAP AND NON-GAAP
Platform net revenue
Xbox One, PLAYSTATION 4 24 172 293 100 %
Xbox 360, PLAYSTATION 3 494 298 425 562 543 10 %
Other consoles 4 11 10 5 3 (25 %)
Total consoles 498 309 459 739 839 68 %
PC / Browser 298 274 210 238 231 (22 %)
Mobile 113 75 97 115 123 9 %
Other 40 37 42 31 21 (48 %)
Total GAAP net revenue 949 695 808 1,123 1,214 28 %
Xbox One, PLAYSTATION 4 368 133 (95 )
Xbox 360, PLAYSTATION 3 (307 ) 389 282 (316 ) (268 )
Other consoles (1 ) (1 )
Total consoles (307 ) 388 650 (184 ) (363 )
PC / Browser (123 ) (76 ) 86 (31 ) (67 )
Mobile (9 ) 28 27 7 (3 )
Other (15 ) 5 1 (1 ) (6 )
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
Xbox One, PLAYSTATION 4 392 305 198 100 %
Xbox 360, PLAYSTATION 3 187 687 707 246 275 47 %
Other consoles 4 10 10 4 3 (25 %)
Total consoles 191 697 1,109 555 476 149 %
PC / Browser 175 198 296 207 164 (6 %)
Mobile 104 103 124 122 120 15 %
Other 25 42 43 30 15 (40 %)
Total Non-GAAP net revenue 495 1,040 1,572 914 775 57 %
Xbox One, PLAYSTATION 4 2 % 16 % 24 %
Xbox 360, PLAYSTATION 3 52 % 43 % 53 % 50 % 45 %
Other consoles 1 % 1 %
Total consoles 52 % 44 % 56 % 66 % 69 %
PC / Browser 32 % 39 % 26 % 21 % 19 %
Mobile 12 % 11 % 12 % 10 % 10 %
Other 4 % 6 % 6 % 3 % 2 %
Total GAAP net revenue % 100 % 100 % 100 % 100 % 100 %
Xbox One, PLAYSTATION 4 25 % 34 % 26 %
Xbox 360, PLAYSTATION 3 38 % 66 % 45 % 27 % 35 %
Other consoles 1 % 1 % 1 %
Total consoles 39 % 67 % 71 % 61 % 61 %
PC / Browser 35 % 19 % 19 % 23 % 21 %
Mobile 21 % 10 % 8 % 13 % 15 %
Other 5 % 4 % 2 % 3 % 3 %
Total Non-GAAP net revenue % 100 % 100 % 100 % 100 % 100 %
ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in millions, except per share data)
Q1 Q2 Q3 Q4 Q1 YOY %
FY14 FY14 FY14 FY14 FY15 Change
CASH FLOW DATA
Operating cash flow (248 ) (6 ) 685 281 4 102 %
Operating cash flow – TTM 320 342 664 712 964 201 %
Capital expenditures 29 24 28 16 27 (7 %)
Capital expenditures – TTM 104 103 106 97 95 (9 %)
BALANCE SHEET DATA
Cash and cash equivalents 1,056 1,090 1,746 1,782 1,554 47 %
Short-term investments 355 328 324 583 762 115 %
Cash and cash equivalents, and short-term investments 1,411 1,418 2,070 2,365 2,316 64 %
Receivables, net 120 594 526 327 219 83 %
Inventories 41 58 55 56 37 (10 %)
Deferred net revenue (online-enabled games)
End of the quarter 590 935 1,699 1,490 1,051 78 %
Less: Beginning of the quarter 1,044 590 935 1,699 1,490
Change in deferred net revenue (online-enabled games) (454 ) 345 764 (209 ) (439 )
STOCK-BASED COMPENSATION
Cost of revenue 1 1
Marketing and sales 7 6 7 6 4
General and administrative 6 8 8 10 9
Research and development 20 23 25 22 16
Total stock-based compensation 33 38 40 39 29

Related: EA to Webcast 2014 Annual Meeting of Stockholders

Source: Press Release