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Form 8-K ELECTRONIC ARTS INC. For: Jul 29

August 2, 2022 4:09 PM EDT
0000712515false00007125152022-07-292022-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) July 29, 2022    

 ELECTRONIC ARTS INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware0-1794894-2838567
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
209 Redwood Shores Parkway,Redwood City,California94065-1175
(Address of Principal Executive Offices)(Zip Code)
(650)628-1500
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par valueEANASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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.



Item 2.02    Result of Operations and Financial Condition.

On August 2, 2022, Electronic Arts Inc. ("Electronic Arts" or “EA”) issued a press release announcing its financial results for the first fiscal quarter ended June 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

Neither the information in this Form 8-K nor the information in the press release attached hereto as Exhibit 99.1 shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01    Other Events.

On July 29, 2022, the Audit Committee of EA, on behalf of EA’s full Board of Directors declared a cash dividend of $0.19 per share of EA's common stock. The dividend is payable on September 21, 2022 to stockholders of record as of the close of business on August 31, 2022.


Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Press release dated August 2, 2022, relating to Electronic Arts Inc.’s financial results for its first fiscal quarter ended June 30, 2022.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



INDEX TO EXHIBITS
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

            
ELECTRONIC ARTS INC.
Dated:August 2, 2022By:/s/ Chris Suh
Chris Suh
Chief Financial Officer


Exhibit 99.1

Electronic Arts Reports Q1 FY23 Financial Results


ealogo050520.jpg
REDWOOD CITY, CA – August 2, 2022 – Electronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its first fiscal quarter ended June 30, 2022.


“EA delivered strong results in Q1 with our growing player network deeply engaged in new games and live services,” said CEO Andrew Wilson. “Our expanding EA SPORTS portfolio and owned IP franchises continue to power resilience and longevity in our business. Our teams remain focused on what they do best – making amazing experiences that inspire new generations to play, watch, create, compete and connect.”

“Our FIFA franchise and the successful launch of F1 drove our net bookings outperformance, delivering another quarter ahead of expectations,” said CFO Chris Suh. “Looking ahead, our focus on execution and disciplined investment across our broad portfolio of games and live services will fuel our long-term growth.”


Selected Operating Highlights and Metrics

Net bookings1 for the trailing twelve months was $7.478 billion, up 22% year-over-year.
Live services and other net bookings for the trailing twelve months were up 20% year-over-year and represent 73% of total net bookings.
The EA player network grew to nearly 600 million active accounts at quarter end.
FIFA Ultimate TeamTM engagement during the quarter was up nearly 40% year-over-year in weekly and daily average players.
In Q1, FIFA Mobile delivered the highest net bookings quarter in history, with record high DAUs, up 10% from last quarter.

Selected Financial Highlights and Metrics

Net cash (used in)/provided by operating activities was $(78) million for the quarter and $1.964 billion for the trailing twelve months.
EA repurchased 2.5 million shares for $320 million during the quarter, bringing the total for the trailing twelve months to 9.7 million shares for $1.295 billion.
EA paid a cash dividend of $0.19 per share during the quarter, for a total of $53 million.

Dividend

EA has declared a quarterly cash dividend of $0.19 per share of the Company’s common stock. The dividend is payable on September 21, 2022 to shareholders of record as of the close of business on August 31, 2022.





Quarterly Financial Highlights
Three Months Ended
June 30,
20222021
(in $ millions, except per share amounts)
Full game341 322 
Live services and other1,426 1,229 
          Total net revenue1,767 1,551 
Net income311 204
Diluted earnings per share1.11 0.71
Operating cash flow(78)(143)
Value of shares repurchased320 325 
Number of shares repurchased2.5 2.3 



The following GAAP-based financial data2 and tax rate of 19% was used internally by company management to adjust its GAAP results in order to assess EA’s operating results:

Three Months Ended June 30, 2022
GAAP-Based Financial Data
(in $ millions)Statement of OperationsAcquisition-related expensesChange in deferred net revenue (online-enabled games)Stock-based compensation
Total net revenue1,767 — (468)— 
          Cost of revenue314 (30)— (2)
Gross profit1,453 30 (468)
          Total operating expenses1,012 (39)— (123)
Operating income441 69 (468)125 
Interest and other income (expense), net(5)— — — 
Income before provision for income taxes436 69 (468)125 
Number of shares used in computation:
          Diluted281 




Trailing Twelve Months Financial Highlights
Twelve Months Ended
June 30,
20222021
(in $ millions)
Full game2,012 1,576 
Live services and other5,195 4,145 
          Total net revenue7,207 5,721 
Net income896 676 
Operating cash flow1,964 1,413 
Value of shares repurchased1,295 976 
Number of shares repurchased9.7 7.2 

The following GAAP-based financial data2 was used internally by company management to adjust its GAAP results in order to assess EA’s operating results. During fiscal 2022, management used a tax rate of 18% and in fiscal 2023 a tax rate of 19%.
Twelve Months Ended June 30, 2022
GAAP-Based Financial Data
(in $ millions)Statement of OperationsAcquisition-related expensesChange in deferred net revenue (online-enabled games)Stock-based compensation
Total net revenue7,207 271 
          Cost of revenue1,858 (141)(7)
Gross profit5,349 141 271 
          Total operating expenses4,101 (182)(521)
Operating income1,248 323 271 528 
Interest and other income (expense), net(39)
Income before provision for income taxes1,209 323 271 528 


Operating Metric

The following is a calculation of our total net bookings1 for the periods presented:
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2022202120222021
(in $ millions)
Total net revenue1,767 1,551 7,207 5,721 
Change in deferred net revenue (online-enabled games)(468)(215)271 415 
Net bookings1,299 1,336 7,478 6,136 






Business Outlook as of August 2, 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 RangeAcquisition-related expensesChange in deferred net revenue (online-enabled games)Stock-based compensation
(in $ millions)
Total net revenue7,600 to 7,800— 300 — 
Cost of revenue2,020 to 2,065(110)— (5)
Operating expense4,200 to 4,315(140)— (595)
Income before provision for income taxes1,321 to 1,358250 300 600 
Net income793 to 815
Number of shares used in computation:
Diluted shares284 
*The mid-point of the range has been used for purposes of presenting the reconciling items.





Second Quarter Fiscal Year 2023 Expectations – Ending September 30, 2022
Financial metrics:
Net revenue is expected to be approximately $1.850 to $1.900 billion.
Change in deferred net revenue (online-enabled games) is expected to be approximately $(125) million.
Net income is expected to be approximately $220 to $242 million.
Diluted earnings per share is expected to be approximately $0.78 to $0.86.
The Company estimates a share count of 281 million for purposes of calculating second quarter fiscal 2023 diluted earnings per share.


Operational metric:
Net bookings1 is expected to be approximately $1.725 to $1.775 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 September 30, 2022
GAAP-Based Financial Data*
GAAP Guidance RangeAcquisition-related expensesChange in deferred net revenue (online-enabled games)Stock-based compensation
(in $ millions)
Total net revenue1,850 to 1,900— (125)— 
Cost of revenue467 to 480(30)— (2)
Operating expense1,036 to 1,041(40)— (148)
Income before provision for income taxes338 to 37370 (125)150 
Net income220 to 242
Number of shares used in computation:
Diluted shares281 
*The mid-point of the range has been used for purposes of presenting the reconciling items.



Conference Call and Supporting Documents
Electronic Arts will host a conference call on August 2, 2022 at 2:00 pm PT (5:00 pm ET) to review its results for the first quarter ended June 30, 2022 and its outlook for the future. During the course of the call, Electronic Arts may disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live through the following dial-in number (888) 330-2446 (domestic) or (240) 789-2732 (international), using the conference code 5939891 or via webcast at EA’s IR Website at http://ir.ea.com.

EA has posted a slide presentation with a financial model of EA’s historical results and guidance on EA’s IR Website. EA will also post the prepared remarks and a transcript from the conference call on EA’s IR Website.

A dial-in replay of the conference call will be available until August 16, 2022 at (800) 770-2030 (domestic) or (647) 362-9199 (international) using pin code 5939891. An audio webcast replay of the conference call will be available for one year on EA’s IR Website.






Forward-Looking Statements

Some statements set forth in this release, including the information relating to EA’s expectations under the heading “Business Outlook as of August 2, 2022” and other information regarding EA's fiscal 2023 expectations contain forward-looking statements that are subject to change. Statements including words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “predict,” “seek,” “goal,” “will,” “may,” “likely,” “should,” “could” (and the negative of any of these terms), “future” and similar expressions also identify forward-looking statements. These forward-looking statements are not guarantees of future performance and reflect management’s current expectations. Our actual results could differ materially from those discussed in the forward-looking statements.

Some of the factors which could cause the Company’s results to differ materially from its expectations include the following: sales of the Company’s products and services; the Company’s ability to develop and support digital products and services, including managing online security and privacy; outages of our products, services and technological infrastructure; the Company’s ability to manage expenses; the competition in the interactive entertainment industry; governmental regulations; the effectiveness of the Company’s sales and marketing programs; timely development and release of the Company’s products and services; the Company’s ability to realize the anticipated benefits of, and integrate, acquisitions; the consumer demand for, and the availability of an adequate supply of console hardware units; the Company’s ability to predict consumer preferences among competing platforms; the Company’s ability to develop and implement new technology; foreign currency exchange rate fluctuations; economic and geopolitical conditions; changes in our tax rates or tax laws; and other factors described in Part I, Item 1A of Electronic Arts’ latest Annual Report on Form 10-K under the heading “Risk Factors”, as well as in other documents we have filed with the Securities and Exchange Commission.

These forward-looking statements are current as of August 2, 2022. Electronic Arts assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Electronic Arts.

While Electronic Arts believes these estimates are meaningful, they could differ from the actual amounts that Electronic Arts ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022. Electronic Arts assumes no obligation and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended June 30, 2022.

About Electronic Arts

Electronic Arts (NASDAQ: EA) is a global leader in digital interactive entertainment. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers.

In fiscal year 2022, EA posted GAAP net revenue of approximately $7 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS™ FIFA, Battlefield™, Apex Legends™, The Sims™, Madden NFL, Need for Speed™, Titanfall™, Plants vs. Zombies™ and F1®. More information about EA is available at www.ea.com/news.

EA SPORTS, Battlefield, Need for Speed, Apex Legends, The Sims, Titanfall and Plants vs. Zombies are trademarks of Electronic Arts Inc. STAR WARS © & TM 2015 Lucasfilm Ltd. All rights reserved. John Madden, NFL, FIFA and F1 are the property of their respective owners and used with permission.






For additional information, please contact:
Chris EvendenCat Channon
Vice President, Investor RelationsVice President, Global Communications
650-628-0255 +41 22 316 1258
cevenden@ea.comcchannon@ea.com

1 Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.

2 For more information about the nature of the GAAP-based financial data, please refer to EA’s Form 10-K for the fiscal year ended March 31, 2022.





    

ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in $ millions, except per share data)
Three Months Ended
June 30,
20222021
Net revenue1,767 1,551 
Cost of revenue314 315 
Gross profit1,453 1,236 
Operating expenses:
Research and development572 515 
Marketing and sales234 190 
General and administrative167 169 
Amortization and impairment of intangibles39 40 
Total operating expenses1,012 914 
Operating income441 322 
Interest and other income (expense), net(5)(14)
Income before provision for income taxes436 308 
Provision for income taxes125 104 
Net income311 204 
Earnings per share
Basic1.110.71
Diluted1.110.71
Number of shares used in computation
Basic279 286 
Diluted281 289 





























Results (in $ millions, except per share data)
The following table reports the variance of the actuals versus our guidance provided on May 10, 2022 for the three months ended June 30, 2022 plus a comparison to the actuals for the three months ended June 30, 2021.

Three Months Ended June 30,
2022 Guidance (Mid-Point)2022 Actuals2021 Actuals
Variance
Net revenue
Net revenue1,700 67 1,767 1,551 
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
(475)(468)(215)
Cost of revenue
Cost of revenue315 (1)314 315 
GAAP-based financial data
Acquisition-related expenses(30)— (30)(22)
Stock-based compensation(2)— (2)(1)
Operating expenses
Operating expenses1,013 (1)1,012 914 
GAAP-based financial data
Acquisition-related expenses(40)(39)(40)
Stock-based compensation(123)— (123)(124)
Income before tax
Income before tax356 80 436 308 
GAAP-based financial data
Acquisition-related expenses70 (1)69 62 
Change in deferred net revenue (online-enabled games)1
(475)(468)(215)
Stock-based compensation125 — 125 125 
Tax rate used for management reporting19 %19 %18 %
Earnings per share
Basic 0.81 0.30 1.110.71 
Diluted0.81 0.30 1.110.71 
Number of shares used in computation
Basic 281 (2)279 286 
Diluted283 (2)281 289 


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)
June 30, 2022
March 31, 20222
ASSETS
Current assets:
Cash and cash equivalents2,082 2,732 
Short-term investments334 330 
Receivables, net 579 650 
Other current assets522 439 
Total current assets3,517 4,151 
Property and equipment, net545 550 
Goodwill5,382 5,387 
Acquisition-related intangibles, net893 962 
Deferred income taxes, net2,327 2,243 
Other assets528 507 
TOTAL ASSETS13,192 13,800 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable70 101 
Accrued and other current liabilities1,215 1,388 
Deferred net revenue (online-enabled games)1,548 2,024 
Total current liabilities2,833 3,513 
Senior notes, net1,878 1,878 
Income tax obligations438 386 
Deferred income taxes, net
Other liabilities401 397 
Total liabilities5,551 6,175 
Stockholders’ equity:
Common stock
Retained earnings7,567 7,607 
Accumulated other comprehensive income 71 15 
Total stockholders’ equity7,641 7,625 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY13,192 13,800 

2Derived from audited consolidated financial statements.







ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in $ millions)
Three Months Ended June 30,
20222021
OPERATING ACTIVITIES
Net income311 204 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, accretion and impairment114 105 
Stock-based compensation125 125 
Change in assets and liabilities
Receivables, net70 12 
Other assets(15)(74)
Accounts payable(16)(19)
Accrued and other liabilities(105)(302)
Deferred income taxes, net(86)28 
Deferred net revenue (online-enabled games)(476)(222)
Net cash used in operating activities(78)(143)
INVESTING ACTIVITIES
Capital expenditures(59)(44)
Proceeds from maturities and sales of short-term investments87 507 
Purchase of short-term investments(93)(285)
Acquisitions, net of cash acquired— (1,989)
Net cash used in investing activities(65)(1,811)
FINANCING ACTIVITIES
Proceeds from issuance of common stock— 
Cash dividends paid(53)(49)
Cash paid to taxing authorities for shares withheld from employees(104)(105)
Repurchase and retirement of common stock(320)(325)
Net cash used in financing activities(476)(479)
Effect of foreign exchange on cash and cash equivalents(31)11 
Change in cash and cash equivalents(650)(2,422)
Beginning cash and cash equivalents2,732 5,260 
Ending cash and cash equivalents2,082 2,838 

















ELECTRONIC ARTS INC. AND SUBSIDIARIES
Unaudited Supplemental Financial Information and Business Metrics
(in $ millions, except per share data)
Q1Q2Q3Q4Q1YOY %
FY22FY22FY22FY22FY23Change
Net revenue
 Net revenue1,551 1,826 1,789 1,825 1,767 14 %
GAAP-based financial data
Change in deferred net revenue (online-enabled games)1
(215)25 788 (74)(468)
Gross profit
Gross profit1,236 1,332 1,158 1,406 1,453 18 %
Gross profit (as a % of net revenue)80 %73 %65 %77 %82 %
GAAP-based financial data
Acquisition-related expenses22 22 44 45 30 
Change in deferred net revenue (online-enabled games)1
(215)25 788 (74)(468)
Stock-based compensation
Operating income
Operating income322 340 102 365 441 37 %
Operating income (as a % of net revenue)21 %19 %%20 %25 %
GAAP-based financial data
Acquisition-related expenses62 52 105 97 69 
Change in deferred net revenue (online-enabled games)1
(215)25 788 (74)(468)
Stock-based compensation125 149 129 125 125 
Net income
Net income204 294 66 225 311 52 %
Net income (as a % of net revenue)13 %16 %%12 %18 %
GAAP-based financial data
Acquisition-related expenses62 52 105 97 69 
Change in deferred net revenue (online-enabled games)1
(215)25 788 (74)(468)
Stock-based compensation125 149 129 125 125 
Tax rate used for management reporting18 %18 %18 %18 %19 %
Diluted earnings per share0.71 1.02 0.23 0.80 1.11 56 %
Number of shares used in computation
Basic286 285 283 281 279 
Diluted289 287 285 283 281 


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)
Q1Q2Q3Q4Q1YOY %
FY22FY22FY22FY22FY23Change
QUARTERLY NET REVENUE PRESENTATIONS
Net revenue by composition
Full game downloads233 337 400 312 237 %
Packaged goods89 280 216 126 104 17 %
Full game322 617 616 438 341 %
Live services and other1,229 1,209 1,173 1,387 1,426 16 %
Total net revenue1,551 1,826 1,789 1,825 1,767 14 %
Full game21 %34 %34 %24 %19 %
Live services and other79 %66 %66 %76 %81 %
Total net revenue %100 %100 %100 %100 %100 %
GAAP-based financial data
Full game downloads(5)35 179 (103)(111)
Packaged goods(35)44 105 (68)(65)
Full game(40)79 284 (171)(176)
Live services and other(175)(54)504 97 (292)
Total change in deferred net revenue (online-enabled games) by composition1
(215)25 788 (74)(468)
Net revenue by platform
Console972 1,198 1,138 1,092 1,042 %
PC & Other361 377 374 420 402 11 %
Mobile218 251 277 313 323 48 %
Total net revenue1,551 1,826 1,789 1,825 1,767 14 %
GAAP-based financial data
Console (278)(29)608 (86)(405)
PC & Other26 137 (54)
Mobile54 28 43 (9)
Total change in deferred net revenue (online-enabled games) by platform1
(215)25 788 (74)(468)

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)
Q1Q2Q3Q4Q1YOY %
FY22FY22FY22FY22FY23Change
CASH FLOW DATA
Operating cash flow(143)64 1,534 444 (78)45 %
Operating cash flow - TTM1,413 1,416 1,826 1,899 1,964 39 %
Capital expenditures44 43 48 53 59 34 %
Capital expenditures - TTM13014816618820356 %
Repurchase and retirement of common stock325 325 325 325 320 (2 %)
Cash dividends paid4948484853%
DEPRECIATION
Depreciation expense403941424410 %
BALANCE SHEET DATA
Cash and cash equivalents2,8381,6302,6702,7322,082
Short-term investments881342346330334
Cash and cash equivalents, and short-term investments3,719 1,972 3,016 3,062 2,416 (35 %)
Receivables, net5571,031965650579%
STOCK-BASED COMPENSATION
Cost of revenue
Research and development85101868481
Marketing and sales1215141313
General and administrative2731282629
Total stock-based compensation125 149 129 125 125 




























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