A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ	BK	BL	BM	BN	BO	BP	BQ	BR	BS	BT	BU	BV	BW	BX	BY	BZ	CA	CB	CC	CD	CE	CF	CG	CH	CI	CJ	CK	CL	CM	CN	CO	CP	CQ	CR	CS	CT	CU	CV	CW	CX	CY	CZ	DA	DB	DC	DD	DE	DF	DG	DH	DI	DJ	DK	DL	DM	DN	DO	DP	DQ	DR	DS	DT	DU	DV	DW	DX	DY	DZ	EA	EB	EC	ED	EE	EF	EG	EH	EI	EJ	EK	EL	EM	EN	EO	EP	EQ	ER	ES	ET	EU	EV	EW	EX	EY	EZ	FA	FB	FC	FD	FE	FF	FG	FH	FI	FJ	FK	FL	FM	FN	FO	FP	FQ	FR	FS	FT	FU
1	Main
2			6/30/2020	9/30/2020	12/31/2020	3/31/2021	6/30/2021	9/30/2021	12/31/2021	3/31/2022	6/30/2022					3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023
3			FQ121	FQ221	FQ321	FQ421	FQ122	FQ222	FQ322	FQ422	FQ123	FQ223	FQ323	FQ423		FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030	FY2031	FY2032	FY2033
4		Net Bookings		910			1336	1851			1299
5
6		Console		714			972	1198			1042									3774	3716	4400
7		PC		249			361	377			402									1036	1195	1532
8		Mobile		188			218	251			323									727	718	1059
9
10		Extra Content																		2826	3068	3910
11		North America		578				778												2270	2474	3039
12		International		573				1048												3267	3155	3952
13
14		Download		163			233	337			237									811	918	1282
15		Packaged		119			89	280			104									1076	695	711
16		Full Game		282			322	617			341									1887	1613	1993
17		Live Services		869		1096	1229	1209	1173	1387	1426									3650	4016	4998
18		Revenue	1459	1151	1673	1346	1551	1826	1789	1825	1767	1850	1967.9	2007.5000000000002		4396	4845	5150	4950	5537	5629	6991	7800	8034	8275.02	8523.2706	8778.968718	9042.337779540001	9313.607912926202	9593.016150313988
19		COGS	288	286	601	319	315	494	631	419	314	499.5	531.3330000000001	542.0250000000001		1354	1298	1277	1322	1369	1494	1859	2106
20		Gross profit	1171	865	1072	1027	1236	1332	1158	1406	1453	1350.5	1436.567	1465.4750000000001		3042	3547	3873	3628	4168	4135	5132	5694	5904.99	6123.5148	6349.8365969999995	6584.2265385	6781.753334655001	6985.205934694652	7194.7621127354905
21		R&D	438	421	451	468	515	553	539	579	572	558.53	544.39	584.79		1109	1205	1320	1433	1559	1778	2186	2404.6000000000004	2428.646	2452.93246	2477.4617846	2502.2364024460003	2527.25876647046	2552.5313541351647	2578.0566676765166
22		M&S	121	156	216	196	190	233	293	245	234	235.33	295.93	247.45		622	673	641	702	631	689	961	1057.1000000000001	1067.671	1078.34771	1089.1311871	1100.022498971	1111.02272396071	1122.1329512003172	1133.3542807123204
23		G&A	136	133	149	174	169	176	163	165	167	177.76	164.63	166.65		406	439	469	460	506	592	673	740.3000000000001	747.7030000000001	755.1800300000001	762.7318303000001	770.3591486030001	778.0627400890302	785.8433674899205	793.7018011648197
24		OpEx	695	710	816	838	874	962	995	989	973	971.62	1004.9499999999999	998.89		2137	2317	2430	2595	2696	3059	3820	4202.000000000001	4244.02	4286.4602	4329.324802	4372.618050020001	4416.3442305202	4460.507672825403	4505.112749553657
25		OpInc	476	155	256	189	362	370	163	417	480	378.88	431.6170000000001	466.58500000000015		905	1230	1443	1033	1472	1076	1312	1491.999999999999	1660.9699999999993	1837.0545999999995	2020.5117949999994	2211.6084884799993	2365.409104134801	2524.698261869249	2689.649363181834
26		Interest	-3	-10	-6	-10	-14	-14	-11	-9	-5					-21	-14	15	83	63	-29	-48	-48	15.596656000000003	29.009189248	43.93769956198399	60.45329551847986	78.6297897904677	98.18210094186985	119.1651438443588
27		Pretax	473	145	250	179	348	356	152	408	475	378.88	431.6170000000001	466.58500000000015		884	1216	1458	1116	1535	1047	1264	1443.999999999999	1676.5666559999993	1866.0637892479995	2064.4494945619836	2272.0617839984793	2444.038893925269	2622.880362811119	2808.8145070261926
28		Taxes	103	-46	34	89	104	32	25	131	125	75.776	86.32340000000002	93.31700000000004		0	243	406	60	0	180	292	288.79999999999984	335.3133311999999	373.21275784959994	412.88989891239675	454.4123567996959	488.8077787850538	524.5760725622239	561.7629014052385
29		Net Income	370	191	216	90	244	324	127	277	350	303.104	345.2936000000001	373.26800000000014		884	973	1052	1056	1535	867	972	1155.1999999999994	1341.2533247999995	1492.8510313983995	1651.5595956495868	1817.6494271987835	1955.231115140215	2098.304290248895	2247.051605620954	2224.5810895647446	2202.335278669097	2180.3119258824063	2158.508806623582	2136.923718557346	2115.5544813717725	2094.3989365580546	2073.4549471924743	2052.7203977205495	2032.193193743344	2011.8712618059105	1991.7525491878514	1971.835023695973	1952.116673459013	1932.5955067244229	1913.2695516571787	1894.1368561406068	1875.1954875792007	1856.4435327034087	1837.8790973763746	1819.500306402611	1801.3053033385847	1783.2922503051989	1765.4593278021468	1747.8047345241253	1730.326687178884	1713.0234203070952	1695.8931861040242	1678.9342542429838	1662.1449117005538	1645.5234625835483	1629.0682279577127	1612.7775456781355	1596.6497702213542	1580.6832725191407	1564.8764397939492	1549.2276753960098	1533.7353986420496	1518.398044655629	1503.2140642090728	1488.181923566982	1473.3001043313122	1458.567103287999	1443.981432255119	1429.5416179325678	1415.246201753242	1401.0937397357097	1387.0828023383526	1373.211974314969	1359.4798545718193	1345.885056026101	1332.42620546584	1319.1019434111815	1305.9109239770696	1292.8518147372988	1279.9232965899257	1267.1240636240263	1254.452822987786	1241.9082947579082	1229.4892118103292	1217.194319692226	1205.0223764953037	1192.9721527303507	1181.042431203047	1169.2320068910165	1157.5396868221062	1145.964289953885	1134.5046470543462	1123.1596005838028	1111.9280045779647	1100.808724532185	1089.800637286863	1078.9026309139945	1068.1136046048546	1057.432468558806	1046.8581438732178	1036.3895624344857	1026.0256668101408	1015.7654101420394	1005.607756040619	995.5516784802129	985.5961616954107	975.7402000784566	965.982798077672	956.3229700968952	946.7597403959263	937.292142991967	927.9192215620474	918.6400293464269	909.4536290529626	900.359092762433	891.3555018348086	882.4419468164605	873.6175273482959	864.8813520748129	856.2325385540647	847.670213168524	839.1935110368388	830.8015759264704	822.4935601672057	814.2686245655336	806.1259383198783	798.0646789366795	790.0840321473127	782.1831918258396	774.3613599075811	766.6177463085053	758.9515688454202	751.362053156966	743.8484326253963	736.4099482991423	729.045848816151	721.7553903279894	714.5378364247096	707.3924580604624	700.3185334798578	693.3153481450593	686.3821946636086	679.5183727169725	672.7231889898028	665.9959570999048	659.3359975289058	652.7426375536166	646.2152111780805	639.7530590662997	633.3555284756367	627.0219731908803	620.7517534589715	614.5442359243818	608.398793565138	602.3148056294866	596.2916575731917	590.3287409974598	584.4254535874852	578.5811990516104	572.7953870610943	567.0674331904834	561.3967588585786	555.7827912699928	550.2249633572928	544.72271372372	539.2754865864828	533.8827317206179	528.5439044034117	523.2584653593776	518.0258807057838	512.845621898726
30		EPS	1.2671232876712328	0.6518771331058021	0.7397260273972602	0.3103448275862069	0.8442906574394463	1.1289198606271778	0.4456140350877193	0.9787985865724381	1.2455516014234875	1.078661921708185	1.2288028469750893	1.3283558718861215		2.6787878787878787	3.0987261146496814	3.371794871794872	3.450980392156863	5.203389830508475	2.969178082191781	3.3986013986013988	4.039160839160837	4.689696939860138	5.219758851043355	5.774683900872681	6.355417577618124	6.8364724305601925	7.336728287583549	7.856823795877461
31		Shares	292	293	292	290	289	287	285	283	281	281	281	281		330	314	312	306	295	292	286	286	286	286	286	286	286	286	286
32
33		Revenue y/y					0.06305688827964362	0.5864465682015638	0.0693365212193664	0.35586924219910854	0.13926499032882012						0.10213830755232034	0.06295149638802888	-0.03883495145631066	0.11858585858585857	0.01661549575582444	0.24196127198436668	0.11572021170075808	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027
34		Gross Margin					0.7969052224371374	0.7294633077765608	0.6472889882615986	0.7704109589041096	0.8222976796830787					0.6919927206551411	0.7320949432404541	0.7520388349514563	0.7329292929292929	0.7527541990247426	0.7345887368982057	0.734086682877986	0.73	0.735	0.74	0.745	0.75	0.75	0.75	0.75		Terminal	-0.01
35		Operating Margin					0.23339780786589298	0.20262869660460023	0.09111235326998324	0.2284931506849315	0.27164685908319186					0.20586897179253869	0.25386996904024767	0.28019417475728153	0.2086868686868687	0.26584793209319124	0.19115295789660686	0.1876698612501788	0.19128205128205117	0.2067425939756036	0.2220000193353006	0.23705827138704239	0.25192121757370173	0.2615926502421737	0.27107628810154893	0.2803757776529751		Discount	0.06
36																																ROIC	0.01
37		Net Cash					1842	95	1138	1184	538	841.104	1186.3976000000002	1559.6656000000003									1559.6656000000003	2900.9189248	4393.769956198399	6045.329551847986	7862.978979046769	9818.210094186985	11916.514384435879	14163.565990056833		NPV	30863.201228005775
38		Cash					3719	1972	3016	3062	2416																					Share	109.83345632742268
39		AR					557	1031	965	650	579																					Upside	-0.17844673253479926
40		OCA					401	387	377	439	522
41		PP&E					510	516	522	550	545
42		Goodwill					5165	6539	6441	6349	6275
43		DT					1960	2139	2130	2243	2327
44		Other					422	435	479	507	528
45		Assets					12734	13019	13930	13800	13192
46
47		AP					73	136	86	101	70
48		AL					1093	1119	1443	1388	1215
49		DR					1305	1322	2101	2024	1548
50		Debt					1877	1877	1878	1878	1878
51		Taxes					345	386	401	387	439
52		Other					313	323	404	397	401
53		L+SE					7728	7856	7617	7625	7641
54		SE					12734	13019	13930	13800	13192
55
56		Model NI					244	324	127	277	350
57		Reported NI					204	294	66	225	311
58		D&A					105	94	146	141	114
59		SBC					125	149	129	125	125
60		AR					12	-458	56	313	70
61		OA					-74	23	-24	-82	-15
62		AP					-19	61	-51	2	-16
63		AL					-302	52	433	-14	-105
64		DT					28	-168	0	-189	-86
65		DR					-222	17	779	-77	-476
66		CFFO					-143	64	1534	444	-78					1465	1578	1692	1547	1797	1934	1899	1650
67
68		CapEx					-44	-43	-48	-53	-59					-93	-123	-107	-119	-140	-124	-188
69		Investments					222	537	-4	20	-6
70		Acquisitions					-1989	-1405	3	0	0
71		CFFI					-1811	-911	-49	-33	-65
72
73		Buybacks					-325	-284	-322	-292	-319
74		Dividend					-49	-48	-48	-48	-53
75		ESOP					-105	-16	-72	-11	-104
76		CFFF					-479	-348	-442	-351	-476
77		FX					11	-13	-3	2	-31
78		CIC					-2422	-1208	1040	62	-650
79
80		FCF														1372	1455	1585	1428	1657	1810	1711
81																	0.06049562682215748	0.08934707903780059	-0.0990536277602524	0.1603641456582634	0.09233554616777306	-0.05469613259668504
82																						0.0374869668152718