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View Annual Report Stockholder Letter ELECTRONIC ARTS INC. Stockholder Letter TO OUR STOCKHOLDERS: Stockholder Letter Change. Last night, a woman in Ohio earned 10,000 tokens playing Poppit! on Pogo.com. A student in Seoul won a tournament on EA SPORTS FIFA Online.AMadden NFL fan bought a virtual Patriots jersey. A girl in Paris arranged a wedding for her character in The Sims. And a teenager in Fresno downloaded Tetris on his mobile while his mom and dad played Tiger Woods PGA TOUR on the Wii. Fiscal 2007 was a year that dramatically changed assumptions about the who, what, when and where of interactive entertainment. It was a year that taught us some lessons about consumer demand for casual games and showed us that EA is capable of building its business far beyond the installed base of consoles and PCs. During the last console cycle, we were primarily focused on the western markets of North America and Europe and just three or four technology platforms. Today, EA’s games are published on 11 gaming systems. Our online and casual games are growing from a niche to mainstream and some of our biggest growth opportunities are in Asia. There is both upside and challenge to this change. We are optimistic that the opportunity for profitable growth is much greater than we might have originally imagined. These changes reaffirm the strategic investments EA has made in online gaming, mobile gaming, Asia and in creating new intellectual properties. The challenge is that we are now on a path where change does not come every five years when we see a console transition. We are now in a world where change is constant. Since I returned to EA earlier this year, I’ve spent time talking to employees, customers, investors and consumers. I’ve found a deep recognition that the industry is changing and there is a great appetite among all of EA’s stakeholders for change. Our employees are ready to take on the challenges of this constantly changing world. The Best Teams and Strongest Portfolio One thing that is not changing is the enormous advantage EA holds with the breadth of our portfolio and the quality of our people. Creative people are the core strength of our company and EA is graced with an abundance of the most talented producers, game designers, programmers and artists in the industry. It is difficult to call out the achievement of any single team when so many contribute to our success. Here are just a few of our accomplishments in the past year: • The Sims — created in Redwood Shores, California, this team delivered new games and content for the world’s most popular PC franchise, crossed onto new platforms including mobile phones and is developing original titles for the Wii and Nintendo DS (NDS) handheld system. • Madden NFL — developed by EA Tiburon in Orlando, Florida, was the best-selling game in North America at retail in calendar 2006. Year after year, critics say it can’t get better, and every year the Tiburon team proves them wrong. This is one of the most feature-rich games on the market and includes a training level that makes Madden more accessible to newcomers. • Need for Speed — produced by EA Blackbox in British Columbia, is a consistent global blockbuster. In fiscal 2007, Need for Speed Carbon was developed and released on 10 game systems worldwide including the Wii. • FIFA Soccer — developed by EA Canada in British Columbia, captured the global excitement around “futball” with FIFA 07, 2006 FIFA World Cup, UEFA Cup Champion’s League 2006-2007, and promising debuts for EA SPORTS FIFA Online in Korea and 2006 FIFA World Cup for mobile phones in Europe. • Battlefield 2142 — created by EA Digital Illusions, in Stockholm, Sweden, continues to astonish critics and fans with its mastery of team-based online play. Battlefield 2142 was also one of the first titles to feature dynamic in-game advertising. The game is a remarkable piece of engineering and a gorgeous piece of art. In fiscal 2008, some of the industry’s most innovative games will be coming from EA including Boogie and Army of Two from EA Montreal; NBA Live from EA Canada; SKATE from EA Blackbox; Warhammer Online: Age of Reckoning from EA Mythic; The Simpsons from EA Redwood Shores; Burnout Paradise from EA Criterion; and from EALA, Medal of Honor Airborne and a new Wii game from our collaboration with Steven Spielberg. In calendar year 2008, we are looking forward to the release of SPORE by Will Wright and the team at Maxis. I want to stop and thank every one of the people who make, market, support and sell our games. You are the best in the business. Performance in Fiscal Year 2007 Fiscal 2007 is best summarized as a year in which we exceeded our operating plan and made important strategic investments. We grew our mobile and online businesses, launched EA SPORTS FIFA Online in Asia and extended our creative capability with studio acquisitions. The year marked the completion of the console transition — consumers now have three exciting new systems which are faster, more innovative, more powerful and more connected than anything we imagined just five years ago. EA was the number one publisher across all consoles combined but we hope to improve our performance on each individual platform in the year ahead. Microsoft’s Xbox 360 was the first in the market with an impressive suite of online features. In fiscal 2007, EA was the number one publisher on this system. Sony’s PLAYSTATION 3 got started a year after the Xbox 360, but is more powerful from a development standpoint. We completed our fiscal year as the number two developer on this system in North America and we estimate that we were number three in Europe. Nintendo’s Wii and the Nintendo DS handheld have revolutionized gaming with an innovative and simple approach to fun. EA initially underestimated the popularity of the Wii but we quickly deployed resources to provide more games as the installed base of players grew. Our team in Japan and a newly acquired team, EA Headgate in Utah, have shown a particular expertise developing for Nintendo systems. We are currently creating original properties for the Wii and NDS such as MySims and EA Playground. Additionally for the Wii, we are also working on Boogie and a game from our collaboration with Steven Spielberg. Overall, EA’s business reflects a good balance between the present and future — we continue to generate industry-leading revenue from our traditional business while our investments incubate and contribute new sources of revenue, including mobile games and online advertising. Our net revenue was $3.091 billion, up five percent as compared with $2.951 billion for the prior year. Gross profit for the year was $1.879 billion, up six percent year-over-year. Net income for the year was $76 million as compared with $236 million for the prior year. The company incurred an after-tax stock-based compensation charge of $107 million, or $0.34 per share, for the year. Diluted earnings per share were $0.24 as compared with $0.75 for the prior year. Our Priorities Next Generation Consoles — Leadership on consoles is a long-standing pillar of EA’s success. That’s not going to change. Our goal is to be the leader on the Xbox 360 and PLAYSTATION 3 and to solidify our position as the top independent publisher on the Wii. We have the people and the content to make that happen. Online — As more consumers connect, online has evolved from a niche for hard core players to a mainstream feature of many games — for instance, our Battlefield franchise is played almost exclusively online. Last year, EA consumers purchased more than nine million digital items online for games like EA SPORTS FIFA Online in Korea, Need for Speed Carbon, and from our casual game offering, Pogo. Online subscriptions to our Club Pogo suite of casual games have passed 1.5 million — up 23 percent in just one year. Additionally, Pogo began a roll out in Europe and a closed-beta test in the People’s Republic of Stockholder Letter China. We estimate that more than half of all Pogo players are women over 30 who love the community aspects of the site as much as the games. And last year’s acquisition of Mythic Entertainment sets up the fiscal 2008 launch of one of the industry’s most anticipated massive-multiplayer subscription games, Warhammer. Online advertising continues to grow with revenue from dynamic advertisements and banner ads on our websites. Dynamic in-game advertising — for instance billboards in Need for Speed show a soft drink promotion on the first lap, and a movie promo on the next — debuted in three of our games. While the initial revenue was small, over the long term we expect this opportunity to grow significantly. Mobile — Games played on mobile phones are now a fundamental part of our business. A little over a year ago, EA acquired JAMDAT, the world’s leading developer and publisher of games for mobile phones — a strategic investment that has exceeded our expectations in fiscal 2007. Today, we are the world leader in mobile gaming with annual revenue of $140 million. We’ve integrated EA content into the JAMDAT platform and now have more than ten EA franchises available for mobile phones. Asia — We are working to build our online business in Asia where our sports and game franchises have a large following of eager fans. Today, broadband penetration and an explosion of internet game rooms make this a powerful opportunity for future growth.
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