Electronic Arts 2016 Annual Report Download - page 137
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Annual Report
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended March 31,
(In millions) 2016 2015 2014
OPERATING ACTIVITIES
Net income ........................................................ $1,156 $ 875 $ 8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion .............................. 197 220 227
Loss on conversion of convertible notes ............................... 10 — —
Stock-based compensation ......................................... 178 144 150
Acquisition-related contingent consideration ........................... — (3) (35)
Net losses on investments .......................................... — — 2
Change in assets and liabilities:
Receivables, net ................................................ 127 (54) (12)
Inventories .................................................... 3 19 (13)
Other assets ................................................... 19 87 (56)
Accounts payable ............................................... 13 (46) (18)
Accrued and other liabilities ...................................... (252) 31 (3)
Deferred income taxes, net ....................................... (403) 1 16
Deferred net revenue (online-enabled games) ......................... 175 (207) 446
Net cash provided by operating activities .......................... 1,223 1,067 712
INVESTING ACTIVITIES
Capital expenditures ................................................ (93) (95) (97)
Proceeds from maturities and sales of short-term investments ................ 941 727 401
Purchase of short-term investments ..................................... (1,332) (1,102) (600)
Acquisition of subsidiaries, net of cash acquired .......................... — — (5)
Net cash used in investing activities .............................. (484) (470) (301)
FINANCING ACTIVITIES
Proceeds from issuance of senior notes, net of issuance costs ................ 989 — —
Payment of convertible notes ......................................... (470) — —
Proceeds from issuance of common stock ................................ 107 60 77
Excess tax benefit from stock-based compensation ........................ 86 22 13
Repurchase and retirement of common stock ............................. (1,018) (337) —
Acquisition-related contingent consideration payment ...................... — — (1)
Net cash provided by (used in) financing activities .................. (306) (255) 89
Effect of foreign exchange on cash and cash equivalents ...................... (8) (56) (10)
Increase in cash and cash equivalents ..................................... 425 286 490
Beginning cash and cash equivalents ..................................... 2,068 1,782 1,292
Ending cash and cash equivalents ........................................ $2,493 $ 2,068 $1,782
Supplemental cash flow information:
Cash paid during the year for income taxes, net ........................... $ 35 $ 2 $ 29
Cash paid during the year for interest ................................... $ 4 $ 6 $ 6
See accompanying Notes to Consolidated Financial Statements.
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