Activision Blizzard, Inc. (Nasdaq: ATVI) today announced record
second-quarter 2020 results.
“Our mission to connect and engage the world through epic
entertainment has never been more meaningful,” said Bobby Kotick,
Chief Executive Officer of Activision Blizzard. “Our 400 million
players continue to experience fun, joy and accomplishment through
our games. Our record engagement resulted in greater revenue and
earnings per share than previously forecast. While economic
uncertainty could have an impact on our near-term results, the
initiatives that drove our growth for the first half of the year
should also provide the foundation for long-term growth.”
Financial Metrics
Q2
(in millions, except EPS)
2020
Prior Outlook*
2019
GAAP Net Revenues
$1,932
$1,690
$1,396
Impact of GAAP deferralsA
$146
($15)
($189)
GAAP EPS
$0.75
$0.54
$0.43
Non-GAAP EPS
$0.81
$0.64
$0.53
Impact of GAAP deferralsA
$0.16
$0.01
($0.15)
* Prior outlook was provided by the company on May 5, 2020 in
its earnings release.
For the quarter ended June 30, 2020, Activision Blizzard’s net
revenues presented in accordance with GAAP were $1.93 billion, as
compared with $1.40 billion for the second quarter of 2019. GAAP
net revenues from digital channels were $1.59 billion, as compared
with $1.09 billion for the second quarter of 2019. GAAP operating
margin was 39%. GAAP earnings per diluted share were $0.75, as
compared with $0.43 for the second quarter of 2019.
For the quarter ended June 30, 2020, on a non-GAAP basis,
Activision Blizzard’s operating margin was 42% and earnings per
diluted share were $0.81, as compared with $0.53 for the second
quarter of 2019.
For the quarter ended June 30, 2020, operating cash flow was
$768 million. For the trailing twelve-month period, operating cash
flow was $2.14 billion.
Please refer to the tables at the back of this press release for
a reconciliation of the company’s GAAP and non-GAAP results.
Operating Metrics
For the quarter ended June 30, 2020, Activision Blizzard’s net
bookingsB were $2.08 billion, as compared with $1.21 billion for
the second quarter of 2019. Net bookingsB from digital channels
were $1.82 billion, as compared with $1.01 billion for the second
quarter of 2019. In-game net bookingsC were $1.37 billion, as
compared with $778 million for the second quarter of 2019.
For the quarter ended June 30, 2020, overall Activision Blizzard
Monthly Active Users (MAUs)D were 428 million.
Selected Business Highlights
Activision Blizzard exceeded its second quarter outlook. Strong
execution against our three strategic growth drivers of expanding
audience reach, engagement and player investment enabled us to
serve fantastic experiences to an enlarged gaming audience, against
a backdrop of demand tailwinds from shelter-at-home. Each of our
key franchises delivered better-than-expected results, with growth
led by the Call of Duty® franchise following the launch of
WarzoneTM. The increased investment and successful
initiatives that fueled the strong second quarter results position
us to continue delighting our global communities, and to deliver
sustained greater financial performance.
Activision
- Activision had 125 million MAUsD in the second quarter.
- Call of Duty: Warzone has reached over 75 million
players to date. In the first full quarter since Warzone
launched, hours played in the Modern Warfare® universe
increased eight-fold year-over-year, driven by both existing and
new players.
- Modern Warfare added more players outside of a launch
quarter to the premium Call of Duty experience than ever before,
with the majority coming through upgrades from Warzone. On
PC, life-to-date consumption for Modern Warfare is more than
double that of the prior title.
- Call of Duty in-game net bookingsC more than doubled
quarter-over-quarter and were around five times higher than the
year-ago quarter, reaching a new quarterly record.
- Call of Duty Mobile saw strong sequential growth in
engagement and player investment, benefiting from both
shelter-in-place tailwinds and the team’s ongoing work to further
optimize gameplay, monthly seasonal content and the in-game
economy. The game climbed the top-grossing charts in US app
stores1, with each of the three seasons in Q2 generating more net
bookingsB per day than the prior.
Blizzard
- Blizzard had 32 million MAUsD in the second quarter.
- World of Warcraft® reach and engagement once again
increased sequentially, as shelter-at-home conditions further
boosted the franchise’s strong trajectory. The Shadowlands
expansion saw an enthusiastic response from players in its public
testing, with pre-sales accelerating even further ahead of its
release in the fourth quarter. Franchise engagement is the highest
in a decade at this point ahead of an expansion.
- Hearthstone®’s Ashes of OutlandTM expansion
launched alongside a new hero class, as the expanded team continued
to accelerate the pace of innovative content in the franchise.
- Overwatch® engagement grew year-over-year, including
among returning players.
King
- King had 271 million MAUsD in the second quarter.
- King delivered strong increases in reach and engagement amidst
shelter-at-home conditions at the start of the quarter. While these
tailwinds moderated in the second half of the quarter, MAUsD
remained higher year-over-year, driven by the Candy CrushTM
franchise.
- Candy Crush franchise MAUsD grew by a double-digit
percentage year-over-year. Payer conversion grew year-over-year and
Candy Crush was once again the top-grossing franchise in the
U.S. mobile app stores.1
- King announced it will be bringing Activision’s beloved
CrashTM franchise to the mobile platform with Crash
Bandicoot: On the Run!TM, an ambitious new take on the runner
category with deep social and resource management elements.
- Advertising net bookingsB grew strongly year-over-year,
accelerating through the quarter even against the backdrop of
ongoing headwinds in the digital advertising sector.
Company Outlook
Our business continues to experience strong momentum, even as
tailwinds from shelter-in-place moderate in certain parts of the
world. In the second half of the year, we expect to launch major
new content into key franchises with meaningfully larger audiences
than we have seen previously, creating the opportunity for strong
financial performance. The full extent of the impact of the
COVID-19 pandemic on our business, operations, and financial
results will depend on numerous evolving factors that we are not
able to fully predict at this time, and we remain mindful of risks
and uncertainties related to global economic weakness, rising
unemployment, pressures on the retail channel, pricing and other
potential factors. We continue to believe we are being prudent in
our guidance to account for these risks, and see the potential for
overperformance if these risks do not materialize. Overall, even
with this backdrop, we are raising our outlook for net revenues,
net bookings and EPS for the year, more than passing through the Q2
outperformance.
(in millions, except EPS)
GAAP Outlook
Non-GAAP Outlook
Impact of GAAP
deferralsA
CY
2020
Net Revenues
$7,275
$7,275
$350
EPS
$2.46
$2.87
$0.18
Fully Diluted Shares
780
780
Q3
2020
Net Revenues
$1,800
$1,800
($150)
EPS
$0.64
$0.75
($0.15)
Fully Diluted Shares
780
780
Net bookingsB are expected to be $7.625 billion for 2020 and
$1.650 billion for the third quarter of 2020.
Capital Allocation
The company paid a cash dividend of $0.41 per common share, up
11% year-over-year, on May 6, 2020 to shareholders of record at the
close of business on April 15, 2020. Cash payments totaled $316
million.
Conference Call
Today at 4:30 p.m. EDT, Activision Blizzard’s management will
host a conference call and webcast to discuss the company’s results
for the quarter ended June 30, 2020 and management’s outlook for
the remainder of the calendar year. The company welcomes all
members of the financial and media communities and other interested
parties to visit https://investor.activision.com to listen to the
conference call via live Webcast or to listen to the call live by
dialing into 866-777-2509 in the U.S. We encourage participants to
pre-register for the conference call using the following link
http://dpregister.com/10145881. A replay of the call will also be
available after the call's conclusion and archived for one year at
https://investor.activision.com/events.cfm.
About Activision Blizzard
Activision Blizzard, Inc. connects and engages the world through
epic entertainment. A member of the Fortune 500 and S&P 500,
Activision Blizzard is a leading interactive entertainment company.
We delight hundreds of millions of monthly active users around the
world through franchises including Activision’s Call of Duty®, and
Crash Bandicoot™, Blizzard Entertainment's World of Warcraft®,
Overwatch®, Hearthstone®, Diablo®, and StarCraft®, and King's Candy
Crush™, Bubble Witch™, and Farm Heroes™. Headquartered in Santa
Monica, California, Activision Blizzard has operations throughout
the world. More information about Activision Blizzard and its
products can be found on the company's website,
www.activisionblizzard.com.
1 Based on App Annie Intelligence.
A Net effect of accounting treatment from revenue deferrals on
certain of our online-enabled products. Since certain of our games
are hosted online or include significant online functionality that
represents a separate performance obligation, we defer the
transaction price allocable to the online functionality from the
sale of these games and then recognize the attributable revenues
over the relevant estimated service periods, which are generally
less than a year. The related cost of revenues is deferred and
recognized as an expense as the related revenues are recognized.
Impact from changes in deferrals refers to the net effect from
revenue deferrals accounting treatment for the purposes of
revenues, along with, for the purposes of EPS, the related cost of
revenues deferrals treatment and the related tax impacts.
Internally, management excludes the impact of this change in
deferred revenues and related cost of revenues when evaluating the
company’s operating performance, when planning, forecasting and
analyzing future periods, and when assessing the performance of its
management team. Management believes this is appropriate because
doing so enables an analysis of performance based on the timing of
actual transactions with our customers. In addition, management
believes excluding the change in deferred revenues and the related
cost of revenues provides a much more timely indication of trends
in our operating results.
B Net bookings is an operating metric that is defined as the net
amount of products and services sold digitally or sold-in
physically in the period, and includes license fees, merchandise,
and publisher incentives, among others, and is equal to net
revenues excluding the impact from deferrals.
C In-game net bookings primarily includes the net amount of
downloadable content and microtransactions sold during the period,
and is equal to in-game net revenues excluding the impact from
deferrals.
D Monthly Active User (“MAU”) Definition: We monitor MAUs as a
key measure of the overall size of our user base. MAUs are the
number of individuals who accessed a particular game in a given
month. We calculate average MAUs in a period by adding the total
number of MAUs in each of the months in a given period and dividing
that total by the number of months in the period. An individual who
accesses two of our games would be counted as two users. In
addition, due to technical limitations, for Activision and King, an
individual who accesses the same game on two platforms or devices
in the relevant period would be counted as two users. For Blizzard,
an individual who accesses the same game on two platforms or
devices in the relevant period would generally be counted as a
single user. In certain instances, we rely on third parties to
publish our games. In these instances, MAU data is based on
information provided to us by those third parties, or, if final
data is not available, reasonable estimates of MAUs for these
third-party published games.
Non-GAAP Financial Measures: As a supplement to our
financial measures presented in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP”), Activision Blizzard
presents certain non-GAAP measures of financial performance. These
non-GAAP financial measures are not intended to be considered in
isolation from, as a substitute for, or as more important than, the
financial information prepared and presented in accordance with
GAAP. In addition, these non-GAAP measures have limitations in that
they do not reflect all of the items associated with the company’s
results of operations as determined in accordance with GAAP.
Activision Blizzard provides net income (loss), earnings (loss)
per share, and operating margin data and guidance both including
(in accordance with GAAP) and excluding (non-GAAP) certain items.
When relevant, the company also provides constant FX information to
provide a framework for assessing how our underlying businesses
performed excluding the effect of foreign currency rate
fluctuations. In addition, Activision Blizzard provides EBITDA
(defined as GAAP net income (loss) before interest (income)
expense, income taxes, depreciation, and amortization) and adjusted
EBITDA (defined as non-GAAP operating margin (see non-GAAP
financial measure below) before depreciation). The non-GAAP
financial measures exclude the following items, as applicable in
any given reporting period and our outlook:
- expenses related to share-based compensation;
- the amortization of intangibles from purchase price
accounting;
- fees and other expenses related to acquisitions, including
related debt financings, and refinancing of long-term debt,
including penalties and the write off of unamortized discount and
deferred financing costs;
- restructuring and related charges;
- other non-cash charges from reclassification of certain
cumulative translation adjustments into earnings as required by
GAAP;
- the income tax adjustments associated with any of the above
items (tax impact on non-GAAP pre-tax income is calculated under
the same accounting principles applied to the GAAP pre-tax income
under ASC 740, which employs an annual effective tax rate method to
the results); and
- significant discrete tax-related items, including amounts
related to changes in tax laws (including the Tax Cuts and Jobs Act
enacted in December 2017), amounts related to the potential or
final resolution of tax positions, and other unusual or unique
tax-related items and activities.
In the future, Activision Blizzard may also consider whether
other items should also be excluded in calculating the non-GAAP
financial measures used by the company. Management believes that
the presentation of these non-GAAP financial measures provides
investors with additional useful information to measure Activision
Blizzard’s financial and operating performance. In particular, the
measures facilitate comparison of operating performance between
periods and help investors to better understand the operating
results of Activision Blizzard by excluding certain items that may
not be indicative of the company’s core business, operating
results, or future outlook. Additionally, we consider quantitative
and qualitative factors in assessing whether to adjust for the
impact of items that may be significant or that could affect an
understanding of our ongoing financial and business performance or
trends. Internally, management uses these non-GAAP financial
measures, along with others, in assessing the company’s operating
results, and measuring compliance with the requirements of the
company’s debt financing agreements, as well as in planning and
forecasting.
Activision Blizzard’s non-GAAP financial measures are not based
on a comprehensive set of accounting rules or principles, and the
terms non-GAAP net income, non-GAAP earnings per share, non-GAAP
operating margin, and non-GAAP or adjusted EBITDA do not have a
standardized meaning. Therefore, other companies may use the same
or similarly named measures, but exclude different items, which may
not provide investors a comparable view of Activision Blizzard’s
performance in relation to other companies.
Management compensates for the limitations resulting from the
exclusion of these items by considering the impact of the items
separately and by considering Activision Blizzard’s GAAP, as well
as non-GAAP, results and outlook, and by presenting the most
comparable GAAP measures directly ahead of non-GAAP measures, and
by providing a reconciliation that indicates and describes the
adjustments made.
Cautionary Note Regarding Forward-looking Statements: The
statements contained herein that are not historical facts are
forward-looking statements including, but not limited to,
statements about: (1) projections of revenues, expenses, income or
loss, earnings or loss per share, cash flow, or other financial
items; (2) statements of our plans and objectives, including those
related to releases of products or services and restructuring
activities; (3) statements of future financial or operating
performance, including the impact of tax items thereon; and (4)
statements of assumptions underlying such statements. Activision
Blizzard, Inc. generally uses words such as “outlook,” “forecast,”
“will,” “could,” “should,” “would,” “to be,” “plan,” “aims,”
“believes,” “may,” “might,” “expects,” “intends,” “seeks,”
“anticipates,” “estimate,” “future,” “positioned,” “potential,”
“project,” “remain,” “scheduled,” “set to,” “subject to,”
“upcoming,” and other similar words and expressions to help
identify forward-looking statements. Forward-looking statements are
subject to business and economic risks, reflect management’s
current expectations, estimates, and projections about our
business, and are inherently uncertain and difficult to
predict.
We caution that a number of important factors, many of which are
beyond our control, could cause our actual future results and other
future circumstances to differ materially from those expressed in
any forward-looking statements. Such factors include, but are not
limited to: the ongoing global impact of a novel strain of
coronavirus which emerged in December 2019 (“COVID-19”) (including,
without limitation, the potential for significant short- and
long-term global unemployment and economic weakness and a resulting
impact on global discretionary spending; potential strain on the
retailers and distributors who sell our physical product to
customers; effects on our ability to release our content in a
timely manner; the impact of large-scale intervention by the
Federal Reserve and other central banks around the world, including
the impact on interest rates; and volatility in foreign exchange
rates); our ability to consistently deliver popular, high-quality
titles in a timely manner, which has been made more difficult as a
result of the COVID-19 pandemic; concentration of revenue among a
small number of franchises; our ability to satisfy the expectations
of consumers with respect to our brands, games, services, and/or
business practices; our ability to attract, retain and motivate
skilled personnel; rapid changes in technology and industry
standards; competition, including from other forms of
entertainment; increasing importance of revenues derived from
digital distribution channels; risks associated with the retail
sales business model; the continued growth in the scope and
complexity of our business, including the diversion of management
time and attention to issues relating to the operations of our
newly acquired or started businesses and the potential impact of
our expansion into new businesses on our existing businesses;
substantial influence of third-party platform providers over our
products and costs; risks associated with transitions to
next-generation consoles; success and availability of video game
consoles manufactured by third parties; risks associated with the
free-to-play business model, including dependence on a relatively
small number of consumers for a significant portion of revenues and
profits from any given game; our ability to realize the expected
financial and operational benefits of, and effectively implement
and manage, our previously-announced restructuring actions; our
ability to quickly adjust our cost structure in response to sudden
changes in demand; risks and costs associated with legal
proceedings; intellectual property claims; changes in tax rates or
exposure to additional tax liabilities, as well as the outcome of
current or future tax disputes; our ability to sell products at
assumed pricing levels; reliance on external developers for
development of some of our software products; the amount of our
debt and the limitations imposed by the covenants in the agreements
governing our debt; the seasonality in the sale of our products;
counterparty risks relating to customers, licensees, licensors, and
manufacturers, which have been magnified as a result of the
COVID-19 pandemic; risks associated with our use of open source
software; piracy and unauthorized copying of our products;
insolvency or business failure of any of our partners, which has
been magnified as a result of the COVID-19 pandemic; risks and
uncertainties of conducting business outside the United States;
increasing regulation of our business, products, and distribution
in key territories; compliance with continually evolving laws and
regulations concerning data privacy; reliance on servers and
networks to operate our games and our proprietary online gaming
service; potential data breaches and other cybersecurity risks; and
the other factors identified in “Risk Factors” included in Part I,
Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2019 and our Quarterly Report on Form 10-Q ended June
30, 2020.
The forward-looking statements contained herein are based on
information available to Activision Blizzard, Inc. as of the date
of this filing and we assume no obligation to update any such
forward-looking statements. Although these forward-looking
statements are believed to be true when made, they may ultimately
prove to be incorrect. These statements are not guarantees of our
future performance and are subject to risks, uncertainties, and
other factors, some of which are beyond our control and may cause
actual results to differ materially from current expectations.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(Amounts in millions, except per share
data)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Net revenues
Product sales
$
533
$
359
$
1,076
$
1,015
Subscription, licensing, and other
revenues1
1,399
1,037
2,643
2,205
Total net revenues
1,932
1,396
3,719
3,220
Costs and expenses
Cost of revenues—product sales:
Product costs
137
99
255
251
Software royalties, amortization, and
intellectual property licenses
33
51
115
162
Cost of revenues—subscription, licensing,
and other:
Game operations and distribution costs
271
230
529
469
Software royalties, amortization, and
intellectual property licenses
28
53
74
114
Product development
291
244
528
492
Sales and marketing
242
191
485
397
General and administrative
175
170
343
350
Restructuring and related costs
6
22
29
79
Total costs and expenses
1,183
1,060
2,358
2,314
Operating income
749
336
1,361
906
Interest and other expense (income),
net
22
(34
)
30
(31
)
Income before income tax expense
727
370
1,331
937
Income tax expense
147
42
247
163
Net income
$
580
$
328
$
1,084
$
774
Basic earnings per common share
$
0.75
$
0.43
$
1.41
$
1.01
Weighted average common shares
outstanding
771
766
770
765
Diluted earnings per common share
$
0.75
$
0.43
$
1.40
$
1.01
Weighted average common shares outstanding
assuming dilution
776
770
775
770
1
Subscription, licensing, and other
revenues represent revenues from World of Warcraft subscriptions,
licensing royalties from our products and franchises, downloadable
content, microtransactions, and other miscellaneous revenues.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(Amounts in millions)
June 30, 2020
December 31, 2019
Assets
Current assets
Cash and cash equivalents
$
6,338
$
5,794
Accounts receivable, net
614
848
Software development
331
322
Other current assets
436
328
Total current assets
7,719
7,292
Software development
134
54
Property and equipment, net
222
253
Deferred income taxes, net
1,221
1,293
Other assets
677
658
Intangible assets, net
484
531
Goodwill
9,763
9,764
Total assets
$
20,220
$
19,845
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
177
$
292
Deferred revenues
1,222
1,375
Accrued expenses and other liabilities
1,158
1,248
Total current liabilities
2,557
2,915
Long-term debt, net
2,676
2,675
Deferred income taxes, net
436
505
Other liabilities
869
945
Total liabilities
6,538
7,040
Shareholders’ equity
Common stock
—
—
Additional paid-in capital
11,300
11,174
Treasury stock
(5,563
)
(5,563
)
Retained earnings
8,579
7,813
Accumulated other comprehensive loss
(634
)
(619
)
Total shareholders’ equity
13,682
12,805
Total liabilities and shareholders’
equity
$
20,220
$
19,845
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
SUPPLEMENTAL CASH FLOW
INFORMATION
(Amounts in millions)
Three Months Ended
June 30,
September 30,
December 31,
March 31,
June 30,
Year over Year % Increase
(Decrease)
2019
2019
2019
2020
2020
Cash Flow Data
Operating Cash Flow
$
154
$
309
$
918
$
148
$
768
399
%
Capital Expenditures
27
34
37
19
13
(52)
Non-GAAP Free Cash Flow1
127
275
881
129
755
494
Operating Cash Flow - TTM2
1,856
1,912
1,831
1,529
2,143
15
%
Capital Expenditures - TTM2
115
113
116
117
103
(10
)
Non-GAAP Free Cash Flow - TTM2
$
1,741
$
1,799
$
1,715
$
1,412
$
2,040
17
1
Non-GAAP free cash flow represents
operating cash flow minus capital expenditures.
2
TTM represents trailing twelve months.
Operating Cash Flow for the three months ended September 30, 2018,
three months ended December 31, 2018, and three months ended March
31, 2019 were $253 million, $999 million, and $450 million,
respectively. Capital Expenditures for the three months ended
September 30, 2018, three months ended December 31, 2018, and three
months ended March 31, 2019 were $36 million, $34 million, and $18
million, respectively.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES
(Amounts in millions, except per share
data)
Three Months Ended June 30,
2020
Net Revenues
Cost of Revenues - Product
Sales: Product Costs
Cost of Revenues - Product
Sales: Software Royalties and Amortization
Cost of Revenues -
Subs/Lic/Other: Game Operations and Distribution Costs
Cost of Revenues -
Subs/Lic/Other: Software Royalties and Amortization
Product Development
Sales and Marketing
General and
Administrative
Restructuring and related
costs
Total Costs and
Expenses
GAAP Measurement
$
1,932
$
137
$
33
$
271
$
28
$
291
$
242
$
175
$
6
$
1,183
Share-based compensation1
—
—
(1
)
—
—
(11
)
(6
)
(24
)
—
(42
)
Amortization of intangible assets2
—
—
—
—
(12
)
—
—
(2
)
—
(14
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(6
)
(6
)
Non-GAAP Measurement
$
1,932
$
137
$
32
$
271
$
16
$
280
$
236
$
149
$
—
$
1,121
Net effect of deferred revenues and
related cost of revenues4
$
146
$
(19
)
$
(15
)
$
16
$
12
$
—
$
—
$
—
$
—
$
(6
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
749
$
580
$
0.75
$
0.75
Share-based compensation1
42
42
0.05
0.05
Amortization of intangible assets2
14
14
0.02
0.02
Restructuring and related costs3
6
6
0.01
0.01
Income tax impacts from items above5
—
(11
)
(0.01
)
(0.01
)
Non-GAAP Measurement
$
811
$
631
$
0.82
$
0.81
Net effect of deferred revenues and
related cost of revenues4
$
152
$
125
$
0.16
$
0.16
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
4
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products,
including the effects of taxes.
5
Reflects the income tax impact associated
with the above items. Tax impact on non-GAAP pre-tax income is
calculated under the same accounting principles applied to the GAAP
pre-tax income under ASC 740, which employs an annual effective tax
rate method to the results.
The GAAP and non-GAAP earnings per share information is
presented as calculated. The sum of these measures, as presented,
may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES
(Amounts in millions, except per share
data)
Six Months Ended June 30, 2020
Net Revenues
Cost of Revenues - Product
Sales: Product Costs
Cost of Revenues - Product
Sales: Software Royalties and Amortization
Cost of Revenues -
Subs/Lic/Other: Game Operations and Distribution Costs
Cost of Revenues -
Subs/Lic/Other: Software Royalties and Amortization
Product Development
Sales and Marketing
General and
Administrative
Restructuring and related
costs
Total Costs and
Expenses
GAAP Measurement
$
3,719
$
255
$
115
$
529
$
74
$
528
$
485
$
343
$
29
$
2,358
Share-based compensation1
—
—
(6
)
(1
)
—
(18
)
(12
)
(48
)
—
(85
)
Amortization of intangible assets2
—
—
—
—
(43
)
—
—
(4
)
—
(47
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(29
)
(29
)
Non-GAAP Measurement
$
3,719
$
255
$
109
$
528
$
31
$
510
$
473
$
291
$
—
$
2,197
Net effect of deferred revenues and
related cost of revenues4
$
(119
)
$
(57
)
$
(67
)
$
13
$
11
$
—
$
—
$
—
$
—
$
(100
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
1,361
$
1,084
$
1.41
$
1.40
Share-based compensation1
85
85
0.11
0.11
Amortization of intangible assets2
47
47
0.06
0.06
Restructuring and related costs3
29
29
0.04
0.04
Income tax impacts from items above5
—
(23
)
(0.03
)
(0.03
)
Non-GAAP Measurement
$
1,522
$
1,222
$
1.59
$
1.58
Net effect of deferred revenues and
related cost of revenues4
$
(19
)
$
(17
)
$
(0.02
)
$
(0.02
)
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
4
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products,
including the effects of taxes.
5
Reflects the income tax impact associated
with the above items. Tax impact on non-GAAP pre-tax income is
calculated under the same accounting principles applied to the GAAP
pre-tax income under ASC 740, which employs an annual effective tax
rate method to the results.
The GAAP and non-GAAP earnings per share information is
presented as calculated. The sum of these measures, as presented,
may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES
(Amounts in millions, except per share
data)
Three Months Ended June 30,
2019
Net Revenues
Cost of Revenues - Product
Sales: Product Costs
Cost of Revenues - Product
Sales: Software Royalties and Amortization
Cost of Revenues -
Subs/Lic/Other: Game Operations and Distribution Costs
Cost of Revenues -
Subs/Lic/Other: Software Royalties and Amortization
Product Development
Sales and Marketing
General and
Administrative
Restructuring and related
costs
Total Costs and
Expenses
GAAP Measurement
$
1,396
$
99
$
51
$
230
$
53
$
244
$
191
$
170
$
22
$
1,060
Share-based compensation1
—
—
(4
)
—
—
(16
)
(3
)
(15
)
—
(38
)
Amortization of intangible assets2
—
—
—
—
(46
)
—
—
(1
)
—
(47
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(22
)
(22
)
Non-GAAP Measurement
$
1,396
$
99
$
47
$
230
$
7
$
228
$
188
$
154
$
—
$
953
Net effect of deferred revenues and
related cost of revenues4
$
(189
)
$
(20
)
$
(34
)
$
1
$
(1
)
$
—
$
—
$
—
$
—
$
(54
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
336
$
328
$
0.43
$
0.43
Share-based compensation1
38
38
0.05
0.05
Amortization of intangible assets2
47
47
0.06
0.06
Restructuring and related costs3
22
22
0.03
0.03
Income tax impacts from items above5
—
(18
)
(0.02
)
(0.02
)
Discrete tax-related items6
—
(8
)
(0.01
)
(0.01
)
Non-GAAP Measurement
$
443
$
409
$
0.53
$
0.53
Net effect of deferred revenues and
related cost of revenues4
$
(135
)
$
(115
)
$
(0.15
)
$
(0.15
)
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
4
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products,
including the effects of taxes.
5
Reflects the income tax impact associated
with the above items. Tax impact on non-GAAP pre-tax income is
calculated under the same accounting principles applied to the GAAP
pre-tax income under ASC 740, which employs an annual effective tax
rate method to the results.
6
Reflects the impact of significant
discrete tax-related items, including amounts related to the
changes in tax laws, amounts related to the potential or final
resolution of tax positions, and/or other unusual or unique
tax-related items and activities.
The GAAP and non-GAAP earnings per share information is
presented as calculated. The sum of these measures, as presented,
may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP MEASURES
(Amounts in millions, except per share
data)
Six Months Ended June 30, 2019
Net Revenues
Cost of Revenues - Product
Sales: Product Costs
Cost of Revenues - Product
Sales: Software Royalties and Amortization
Cost of Revenues -
Subs/Lic/Other: Game Operations and Distribution Costs
Cost of Revenues -
Subs/Lic/Other: Software Royalties and Amortization
Product Development
Sales and Marketing
General and
Administrative
Restructuring and related
costs
Total Costs and
Expenses
GAAP Measurement
$
3,220
$
251
$
162
$
469
$
114
$
492
$
397
$
350
$
79
$
2,314
Share-based compensation1
—
—
(14
)
(1
)
(1
)
(36
)
(5
)
(43
)
—
(100
)
Amortization of intangible assets2
—
—
—
—
(99
)
—
—
(3
)
—
(102
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(79
)
(79
)
Non-GAAP Measurement
$
3,220
$
251
$
148
$
468
$
14
$
456
$
392
$
304
$
—
$
2,033
Net effect of deferred revenues and
related cost of revenues4
$
(755
)
$
(73
)
$
(100
)
$
(4
)
$
(2
)
$
—
$
—
$
—
$
—
$
(179
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
906
$
774
$
1.01
$
1.01
Share-based compensation1
100
100
0.13
0.13
Amortization of intangible assets2
102
102
0.13
0.13
Restructuring and related costs3
79
79
0.10
0.10
Income tax impacts from items above5
—
(36
)
(0.05
)
(0.05
)
Discrete tax-related items6
—
(8
)
(0.01
)
(0.01
)
Non-GAAP Measurement
$
1,187
$
1,011
$
1.32
$
1.31
Net effect of deferred revenues and
related cost of revenues4
$
(576
)
$
(475
)
$
(0.62
)
$
(0.61
)
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
4
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products,
including the effects of taxes.
5
Reflects the income tax impact associated
with the above items. Tax impact on non-GAAP pre-tax income is
calculated under the same accounting principles applied to the GAAP
pre-tax income under ASC 740, which employs an annual effective tax
rate method to the results.
6
Reflects the impact of significant
discrete tax-related items, including amounts related to the
changes in tax laws, amounts related to the potential or final
resolution of tax positions, and/or other unusual or unique
tax-related items and activities.
The GAAP and non-GAAP earnings per share information is
presented as calculated. The sum of these measures, as presented,
may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
OPERATING SEGMENTS INFORMATION
(Amounts in millions)
Three Months Ended:
June 30, 2020
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
993
$
433
$
553
$
1,979
$
725
$
52
$
54
$
831
Intersegment net revenues1
—
28
—
28
—
25
—
25
Segment net revenues
$
993
$
461
$
553
$
2,007
$
725
$
77
$
54
$
856
Segment operating income
$
559
$
203
$
212
$
974
$
504
$
128
$
41
$
673
Operating Margin
48.5
%
June 30, 2019
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
268
$
381
$
499
$
1,148
Intersegment net revenues1
—
3
—
3
Segment net revenues
$
268
$
384
$
499
$
1,151
Segment operating income
$
55
$
75
$
171
$
301
Operating Margin
26.2
%
Six Months Ended:
June 30, 2020
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
1,512
$
870
$
1,051
$
3,433
$
927
$
150
$
23
$
1,100
Intersegment net revenues1
—
44
—
44
—
36
—
36
Segment net revenues
$
1,512
$
914
$
1,051
$
3,477
$
927
$
186
$
23
$
1,136
Segment operating income
$
743
$
400
$
367
$
1,510
$
615
$
270
$
18
$
903
Operating Margin
43.4
%
June 30, 2019
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
585
$
720
$
1,028
$
2,333
Intersegment net revenues1
—
8
—
8
Segment net revenues
$
585
$
728
$
1,028
$
2,341
Segment operating income
$
128
$
130
$
349
$
607
Operating Margin
25.9
%
1
Intersegment revenues reflect licensing
and service fees charged between segments.
Our operating segments are consistent with the manner in which
our operations are reviewed and managed by our Chief Executive
Officer, who is our chief operating decision maker (“CODM”). The
CODM reviews segment performance exclusive of: the impact of the
change in deferred revenues and related cost of revenues with
respect to certain of our online-enabled games; share-based
compensation expense; amortization of intangible assets as a result
of purchase price accounting; fees and other expenses (including
legal fees, costs, expenses and accruals) related to acquisitions,
associated integration activities, and financings; certain
restructuring and related costs; and other non-cash charges. See
the following page for the reconciliation tables of segment
revenues and operating income to consolidated net revenues and
consolidated operating income.
Our operating segments are also consistent with our internal
organization structure, the way we assess operating performance and
allocate resources, and the availability of separate financial
information. We do not aggregate operating segments.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
OPERATING SEGMENTS INFORMATION
(Amounts in millions)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Reconciliation to consolidated net
revenues:
Segment net revenues
$
2,007
$
1,151
$
3,477
$
2,341
Revenues from non-reportable segments1
99
59
167
132
Net effect from recognition (deferral) of
deferred net revenues2
(146
)
189
119
755
Elimination of intersegment revenues3
(28
)
(3
)
(44
)
(8
)
Consolidated net revenues
$
1,932
$
1,396
$
3,719
$
3,220
Reconciliation to consolidated income
before income tax expense:
Segment operating income
$
974
$
301
$
1,510
$
607
Operating income (loss) from
non-reportable segments1
(11
)
7
(7
)
4
Net effect from recognition (deferral) of
deferred net revenues and related cost of revenues2
(152
)
135
19
576
Share-based compensation expense
(42
)
(38
)
(85
)
(100
)
Amortization of intangible assets
(14
)
(47
)
(47
)
(102
)
Restructuring and related costs4
(6
)
(22
)
(29
)
(79
)
Consolidated operating income
749
336
1,361
906
Interest and other expense (income),
net
22
(34
)
30
(31
)
Consolidated income before income tax
expense
$
727
$
370
$
1,331
$
937
1
Includes other income and expenses from
operating segments managed outside the reportable segments,
including our distribution business. Also includes unallocated
corporate income and expenses.
2
Reflects the net effect from (deferral) of
revenues and recognition of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products.
3
Intersegment revenues reflect licensing
and service fees charged between segments.
4
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
NET REVENUES BY DISTRIBUTION
CHANNEL
(Amounts in millions)
Three Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Distribution
Channel
Digital online channels2
$
1,591
82
%
$
1,086
78
%
$
505
47
%
Retail channels
168
9
193
14
(25
)
(13
)
Other3
173
9
117
8
56
48
Total consolidated net revenues
$
1,932
100
%
$
1,396
100
%
$
536
38
Change in deferred revenues4
Digital online channels2
$
230
$
(76
)
Retail channels
(82
)
(112
)
Other3
(2
)
(1
)
Total changes in deferred revenues
$
146
$
(189
)
Six Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Distribution
Channel
Digital online channels2
$
3,030
81
%
$
2,479
77
%
$
551
22
%
Retail channels
390
10
505
16
(115
)
(23
)
Other3
299
8
236
7
63
27
Total consolidated net revenues
$
3,719
100
%
$
3,220
100
%
$
499
15
Change in deferred revenues4
Digital online channels2
$
146
$
(404
)
Retail channels
(255
)
(344
)
Other3
(10
)
(7
)
Total changes in deferred revenues
$
(119
)
$
(755
)
1 The percentages of total are presented
as calculated. Therefore, the sum of these percentages, as
presented, may differ due to the impact of rounding.
2 Net revenues from Digital online
channels represent revenues from digitally-distributed
subscriptions, downloadable content, microtransactions, and
products, as well as licensing royalties.
3 Net revenues from Other include revenues
from our distribution business, the Overwatch League, and the Call
of Duty League.
4 Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues on certain of our
online-enabled products.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
NET REVENUES BY PLATFORM
(Amounts in millions)
Three Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform
Console
$
655
34
%
$
407
29
%
$
248
61
%
PC
482
25
361
26
121
34
Mobile and ancillary2
622
32
511
37
111
22
Other3
173
9
117
8
56
48
Total consolidated net revenues
$
1,932
100
%
$
1,396
100
%
$
536
38
Change in deferred revenues4
Console
$
58
$
(146
)
PC
37
(50
)
Mobile and ancillary2
53
8
Other3
(2
)
(1
)
Total changes in deferred revenues
$
146
$
(189
)
Six Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform
Console
$
1,249
34
%
$
1,083
34
%
$
166
15
%
PC
981
26
855
27
126
15
Mobile and ancillary2
1,190
32
1,046
32
144
14
Other3
299
8
236
7
63
27
Total consolidated net revenues
$
3,719
100
%
$
3,220
100
%
$
499
15
Change in deferred revenues4
Console
$
(172
)
$
(544
)
PC
17
(196
)
Mobile and ancillary2
46
(8
)
Other3
(10
)
(7
)
Total changes in deferred revenues
$
(119
)
$
(755
)
1
The percentages of total are presented as
calculated. Therefore, the sum of these percentages, as presented,
may differ due to the impact of rounding.
2
Net revenues from Mobile and ancillary
include revenues from mobile devices, as well as non-platform
specific game related revenues, such as standalone sales of
physical merchandise and accessories.
3
Net revenues from Other include revenues
from our distribution business, the Overwatch League, and the Call
of Duty League.
4
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues on certain of our
online-enabled products.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
NET REVENUES BY GEOGRAPHIC
REGION
(Amounts in millions)
Three Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic
Region
Americas
$
1,112
58
%
$
764
55
%
$
348
46
%
EMEA2
615
32
459
33
156
34
Asia Pacific
205
11
173
12
32
18
Total consolidated net revenues
$
1,932
100
%
$
1,396
100
%
$
536
38
Change in deferred revenues3
Americas
$
124
$
(120
)
EMEA2
16
(58
)
Asia Pacific
6
(11
)
Total changes in deferred revenues
$
146
$
(189
)
Six Months Ended
June 30, 2020
June 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic
Region
Americas
$
2,060
55
%
$
1,751
54
%
$
309
18
%
EMEA2
1,181
32
1,073
33
108
10
Asia Pacific
478
13
396
12
82
21
Total consolidated net revenues
$
3,719
100
%
$
3,220
100
%
$
499
15
Change in deferred revenues3
Americas
$
(19
)
$
(437
)
EMEA2
(85
)
(259
)
Asia Pacific
(15
)
(59
)
Total changes in deferred revenues
$
(119
)
$
(755
)
1
The percentages of total are presented as
calculated. Therefore, the sum of these percentages, as presented,
may differ due to the impact of rounding.
2
Net revenues from EMEA consist of the
Europe, Middle East, and Africa geographic regions.
3
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues on certain of our
online-enabled products.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
EBITDA and ADJUSTED EBITDA
(Amounts in millions)
Trailing Twelve Months
Ended
September 30, 2019
December 31, 2019
March 31, 2020
June 30, 2020
June 30, 2020
GAAP Net Income
$
204
$
525
$
505
$
580
$
1,814
Interest and other expense (income),
net
(2
)
7
8
22
35
Provision for income taxes1
45
(78
)
99
147
213
Depreciation and amortization
80
81
62
43
266
EBITDA
327
535
674
792
2,328
Share-based compensation expense2
27
39
43
42
151
Restructuring and related costs3
28
30
23
6
87
Discrete tax-related items4
—
17
—
—
17
Adjusted EBITDA
$
382
$
621
$
740
$
840
$
2,583
Change in deferred net revenues and
related cost of revenues5
$
(53
)
$
577
$
(171
)
$
152
$
505
1
Provision for income taxes for the three
months ended December 31, 2019 also include impacts from
significant discrete tax-related items, including amounts related
to changes in tax laws, amounts related to the potential or final
resolution of tax positions, and/or other unusual or unique
tax-related items and activities.
2
Includes expenses related to share-based
compensation.
3
Reflects restructuring initiatives,
primarily severance and other restructuring-related costs.
4
Reflects the impact of other unusual or
unique tax-related items and activities.
5
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products.
Trailing twelve months are presented as calculated. Therefore,
the sum of the quarters, as presented, may differ due to the impact
of rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
GAAP to Non-GAAP Reconciliation
(Amounts in millions, except per share
data)
Outlook for the
Outlook for the
Three Months Ending
Year Ending
September 30, 2020
December 31, 2020
Net Revenues1
$
1,800
$
7,275
Change in deferred revenues2
$
(150
)
$
350
Earnings Per Diluted Share
(GAAP)
$
0.64
$
2.46
Excluding the impact of:
Share-based compensation3
0.08
0.30
Amortization of intangible assets4
0.02
0.10
Restructuring and related costs5
0.03
0.07
Income tax impacts from items above6
(0.02
)
(0.06
)
Earnings Per Diluted Share
(Non-GAAP)
$
0.75
$
2.87
Net effect of deferred net revenues and
related cost of revenues on Earnings Per Diluted Share7
$
(0.15
)
$
0.18
1
Net Revenues represents the revenue
outlook for both GAAP and Non-GAAP as they are measured the
same.
2
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues on certain of our
online-enabled products.
3
Reflects expenses related to share-based
compensation.
4
Reflects amortization of intangible assets
from purchase price accounting, including intangible assets from
the acquisition of King.
5
Reflects our restructuring initiatives,
primarily severance, facilities, and other restructuring-related
costs we expect to incur as we continue to execute against our
previously disclosed restructuring plan.
6
Reflects the income tax impacts associated
with the above items. Due to the inherent uncertainties in share
price and option exercise behavior, we do not generally forecast
excess tax benefits or tax shortfalls.
7
Reflects the net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products,
including the effect of taxes.
The per share adjustments and the GAAP and Non-GAAP earnings per
share information are presented as calculated. Therefore, the sum
of these measures, as presented, may differ due to the impact of
rounding.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
OPERATING METRICS
(Amounts in millions)
Net Bookings1
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
$ Increase (Decrease)
% Increase (Decrease)
2020
2019
$ Increase (Decrease)
% Increase (Decrease)
Net bookings1
$
2,078
$
1,207
$
871
72
%
$
3,600
$
2,465
$
1,135
46
%
In-game net bookings2
1,374
778
596
77
2,329
1,573
756
48
1
We monitor net bookings as a key operating
metric in evaluating the performance of our business as it enables
an analysis of performance based on the timing of actual
transactions with our customers, along with providing a more timely
indication of trends in our operating results. Net bookings is the
net amount of products and services sold digitally or sold-in
physically in the period, and includes license fees, merchandise,
and publisher incentives, among others, and is equal to net
revenues excluding the impact from deferrals.
2
In-game net bookings primarily includes
the net amount of downloadable content and microtransactions sold
during the period, and is equal to in-game net revenues excluding
the impact from deferrals.
Monthly Active Users3
June 30, 2019
September 30, 2019
December 31, 2019
March 31, 2020
June 30, 2020
Activision
37
36
128
102
125
Blizzard
32
33
32
32
32
King
258
247
249
273
271
Total MAUs
327
316
409
407
428
3
We monitor our average monthly active
users (“MAUs”) as a key measure of the overall size of our user
base. MAUs are the number of individuals who accessed a particular
game in a given month. We calculate average MAUs in a period by
adding the total number of MAUs in each of the months in a given
period and dividing that total by the number of months in the
period. An individual who accesses two of our games would be
counted as two users. In addition, due to technical limitations,
for Activision and King, an individual who accesses the same game
on two platforms or devices in the relevant period would be counted
as two users. For Blizzard, an individual who accesses the same
game on two platforms or devices in the relevant period would
generally be counted as a single user. In certain instances, we
rely on third parties to publish our games. In these instances, MAU
data is based on information provided to us by those third parties,
or, if final data is not available, reasonable estimates of MAUs
for these third-party published games.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200804005984/en/
Activision Blizzard, Inc.
Investors and Analysts: ir@activisionblizzard.com or Press:
pr@activisionblizzard.com
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