income statement

income statement

Exhibit 1 Historical Income Statements (in 000s)
2014 2015 2016 2017 2018
Inc. Statement Common-size Inc. Statement Common-size Inc. Statement Common-size Inc. Statement Common-size Inc. Statement Common-size
Revenue 690,410 100.00% 764,717 100.00% 741,420 100.00% 861,390 100.00% 907,208 100.00%
Cost of Revenue 213,570 30.93% 235,985 30.86% 238,546 32.17% 258,971 30.06% 304,658 33.58%
Gross Profit 476,840 69.07% 528,732 69.14% 502,874 67.83% 602,419 69.94% 602,550 66.42%
Operating Expenses:
R&D 396,553 57.44% 357,602 46.76% 320,300 43.20% 256,012 29.72% 270,323 29.80%
SG&A 325,028 47.08% 312,857 40.91% 276,146 37.25% 320,683 37.23% 325,465 35.88%
Total Operating Expenses 721,581 104.51% 670,459 87.67% 596,446 80.45% 576,695 66.95% 595,788 65.67%
Operating Income or Loss -244,741 -35.45% -141,727 -18.53% -93,572 -12.62% 25,724 2.99% 6,762 0.75%
Total other income/expenses net 8,248 1.19% 13,306 1.74% -14,216 -1.92% 6,550 0.76% 13,152 1.45%
Income before Tax -233,227 -33.78% -125,853 -16.46% -104,731 -14.13% 37,583 4.36% 26,463 2.92%
Income Tax expense -7,327 -1.06% -8,672 -1.13% 3,442 0.46% 10,944 1.27% 11,006 1.21%
Net Income -225,900 -32.72% -117,181 -15.32% -108,173 -14.59% 26,639 3.09% 15,457 1.70%

bal

Exhibit 2 Historical Balance Sheets (in 000s)
2014 2015 2016 2017 2018
Assets
Current Assets
Cash 916,524 987,250 852,467 681,376 581,222
Net Receivables 89,611 79,610 77,260 103,677 91,630
Other Current Assets 22,688 40,625 29,254 8,837 12,505
Total Current Assets 1,082,939 1,112,927 965,476 830,950 747,277
Net property, plant, and equip. 297,919 273,221 269,439 266,589 266,557
Equity and other investments 231,385 0 0 0 0
Goodwill 650,778 657,671 613,335 730,464 934,187
Intangible Assets 66,861 64,016 25,430 64,258 118,600
Other long-term Assets 18,911 17,432 32,169 63,251 49,308
Total Assets 2,348,793 2,125,267 1,905,849 1,979,333 2,146,703
Exhibit 3 Historical Balance Sheets (in 000s)
2015 2016 2017 2018 2019
Assets
Current Assets
Cash 947,753 811,964 737,729 843,130 982,056
Net Receivables 1,015,955 862,176 785,121 910,449 1,070,649
Other Current Assets 1,084,158 912,387 832,514 977,768 1,159,241
Total Current Assets 1,152,360 962,598 879,907 1,045,088 1,247,833
Net property, plant, and equip. 1,220,562 1,012,810 927,300 1,112,407 1,336,425
Equity and other investments 1,288,764 1,063,021 974,693 1,179,726 1,425,018
Goodwill 1,356,967 1,113,232 1,022,086 1,247,046 1,513,610
Intangible Assets 1,425,169 1,163,444 1,069,478 1,314,365 1,602,202
Other long-term Assets 1,493,371 1,213,655 1,116,871 1,381,684 1,690,794
Total Assets 1,561,573 1,263,866 1,164,264 1,449,004 1,779,387
Exhibit 4 Historical Balance Sheets (in 000s)
2016 2017 2018 2019 2020
Assets
Current Assets
Cash 1,629,776 1,314,078 1,211,657 1,516,323 1,867,979

Sheet3

Exhibit 3 Historical Statement of Cash Flows (in 000s)
CF from Operating Activities 2014 2015 2016 2017 2018
Net Income -225,900 -117,181 -108,173 26,639 15,457
Depreciation & Amoritzation 82,894 54,315 41,770 30,294 42,057
Deferred income taxes -10,982 -12,693 -1,988 3,780 -3,366
Stock based compensation 129,233 131,575 107,461 64,515 68,239
Change in working capital 11,793 -97,155 -80 -29,777 49,814
Accounts Receivable -16,489 10,148 3,834 -26,417 22,625
Accounts Payable -6,393 14,395 -3,613 -3,666 -810
Other working capital -13,712 -48,818 49,703 84,606 156,771
Other non-cash items -86 137,286 128,461 -1,494
Net cash provided by operating activities -4,511 -40,986 60,016 94,577 168,240
CF from Investing Activities
Investments in property, plant, equip -9,201 -7,832 -10,313 -9,971 -11,469
Acquisitions, net -392,411 -20,023 -33,630 -133,701 -222,441
Purchases of investments -758,409 -101,091 0 -348,594 -333,832
Sales/Maturities of investments 806,232 867,198 244,837 40,000 608,968
Other investing activities 4,671 0 0 -8,163 -22,278
Net cash used for investing activities -344,159 749,573 204,103 -460,156 18,981
CF from Financing Activities
Debt repayment 0 0 0 0 0
Common stock issued 8,769 9,969
Common stock repurchased 0 -91,870 -142,596 -105,013 -91,570
Dividends Paid
Other financing activities -1,302 -12,703 -13,652 -21,719 -25,807
Net cash provided by financing activities 15,119 -97,006 -150,327 -117,963 -8,308
Net Change in cash -334,220 610,914 110,250 -479,597 174,319
Cash at beg. of period 465,523 131,303 742,217 852,467 405,677
Cash at end of period 131,303 742,217 852,467 372,870 579,996

Sheet4

Exhibit 5 Zynga Ubisoft (Competitor) Electronic Arts (Competitor)
2017 2018 5-Year Avg. 5-Year Avg.
Gross Profit Margin 69.94% 66.42% 80.51% 72.06%
Net Profit Margin 3.09% 10.29% 6.68% 22.20%
ROE #REF! #REF! 10.80% 27.92%
ROA 1.35% 0.72% 4.60% 14.37%
AR Days 43.93 36.87 35.33 32.41
Sales Growth 16.18% 5.32% 12.88% 6.72%
Current Ratio 0.75 0.56 1.3 3.32
Asset Turnover 0.44 0.42 0.49 0.53

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