Activision Blizzard, Inc. (Nasdaq: ATVI) today announced
third-quarter 2020 results.
“Our teams continue to execute our growth plans with excellence
during incredibly challenging circumstances,” said Bobby Kotick,
Chief Executive Officer of Activision Blizzard. “We are on a path
to deliver sustained long-term growth across our fully-owned
franchises. With confidence in our ability to continue to execute,
we are raising our outlook for the year and remain enthusiastic for
our growth prospects next year.”
Financial Metrics
Q3
(in millions, except EPS)
2020
Prior Outlook*
2019
GAAP Net Revenues
$1,954
$1,800
$1,282
Impact of GAAP deferralsA
($187)
($150)
($68)
GAAP EPS
$0.78
$0.64
$0.26
Non-GAAP EPS
$0.88
$0.75
$0.38
Impact of GAAP deferralsA
($0.17)
($0.15)
($0.06)
* Prior outlook was provided by the
company on August 4, 2020 in its earnings release.
Please refer to the tables at the back of
this earnings release for a reconciliation of the company’s GAAP
and non-GAAP results.
For the quarter ended September 30, 2020, Activision Blizzard’s
net revenues presented in accordance with GAAP were $1.95 billion,
as compared with $1.28 billion for the third quarter of 2019. GAAP
net revenues from digital channels were $1.75 billion, as compared
with $1.01 billion for the third quarter of 2019. GAAP operating
margin was 40%. GAAP earnings per diluted share were $0.78, as
compared with $0.26 for the third quarter of 2019.
For the quarter ended September 30, 2020, on a non-GAAP basis,
Activision Blizzard’s operating margin was 44% and earnings per
diluted share were $0.88, as compared with $0.38 for the third
quarter of 2019.
For the quarter ended September 30, 2020, operating cash flow
was $196 million. For the trailing twelve-month period, operating
cash flow was $2.03 billion.
Operating Metrics
For the quarter ended September 30, 2020, Activision Blizzard’s
net bookingsB were $1.77 billion, as compared with $1.21 billion
for the third quarter of 2019. Net bookingsB from digital channels
were $1.61 billion, as compared with $975 million for the third
quarter of 2019. In-game net bookingsC were $1.2 billion, as
compared with $709 million for the third quarter of 2019.
For the quarter ended September 30, 2020, overall Activision
Blizzard Monthly Active Users (MAUs)D were 390 million.
Selected Business Highlights
Activision Blizzard exceeded its third quarter outlook, with
strong execution across our three strategic growth drivers:
audience reach, engagement and player investment. Successful
execution across major content launches, live operations and in our
new approaches to engagement and business models in key franchises
was the primary driver of our results. Our continued investments
and successful initiatives for our largest franchises position the
business for ongoing strong results into the future.
Activision
- Activision had 111 million MAUsD in the third quarter.
- Call of Duty®: Modern Warfare® and Warzone™ saw
more than three times as many MAUsD as the prior title in the
year-ago quarter. Console MAUsD grew strongly and PC MAUsD grew
over ten-fold year-over-year. Across PC and console combined, hours
played were approximately seven times higher year-over-year.
- We again saw substantial year-over-year growth in premium game
sales as Warzone players chose to upgrade to the full
Call of Duty experience. Modern Warfare first-year
premium sales are the highest in Call of Duty’s history,
with two-thirds of units sold digitally.
- Call of Duty console and PC in-game net bookingsC were
four times the year-ago level.
- Call of Duty: Black Ops Cold War will release on
November 13 into the largest and most engaged community in
franchise history at the time of launch, and will support
cross-platform play across PC, current-generation, and
next-generation consoles. Anticipation for the release is high,
with far more players engaged in the game’s public testing than for
the year-ago title.
- Call of Duty Mobile sustained the impressive levels of
reach and engagement from the prior quarter, as the title crossed
its one year anniversary. The title was the highest grossing new
game in US app stores since its launch last October1 and is now in
final large-scale testing in China, where over 50 million players
have pre-registered to date.
- The inaugural season of the Call of Duty League™ concluded with
the September Champs Weekend breaking viewership records for a
Call of Duty esports event.
Blizzard
- Blizzard had 30 million MAUsD in the third quarter.
- World of Warcraft®MAUsD were stable year-over-year.
Anticipation continues to build for Shadowlands, the next
expansion for modern World of Warcraft, ahead of its
November 23 launch. World of Warcraft franchise engagement
is at its highest level for this stage ahead of an expansion in a
decade, with Shadowlands presales well ahead of any prior
expansion.
- Hours played in Hearthstone® grew year-over-year in the
third quarter, with the Battlegrounds mode seeing sustained strong
engagement since its release last November. This November will see
the broad release of Duels, a new player-versus-player mode,
alongside a new in-game progression system and the latest
expansion, Madness at the Darkmoon Faire™.
- Overwatch®continues to have a large and dedicated
community, with 10 million MAUsDin the quarter, over four years
since launch.
- Millions of Overwatch fans have engaged through the 2020
season of the Overwatch League™, with the October Grand Finals
being the most-watched event in the league’s history.
King
- King had 249 million MAUsD in the third quarter, with Candy
Crush™ MAUsD growing year-over-year.
- King in-game net bookingsC grew year-over-year and Candy
Crush was once again the top grossing franchise in the U.S. app
stores1.
- The Farm Heroes™ and Bubble Witch™ franchises
grew net bookingsB year-over-year as the teams delivered a higher
frequency of in-game content.
- King again delivered robust double-digit year-over-year growth
in advertising net bookingsB, with strength across both direct
brand advertisers and partner networks.
Company Outlook
(in millions, except EPS)
GAAP Outlook
Non-GAAP Outlook
Impact of GAAP
deferralsA
CY
2020
Net Revenues
$7,675
$7,675
$425
EPS
$2.61
$3.08
$0.27
Fully Diluted Shares
779
779
Q4
2020
Net Revenues
$2,001
$2,001
$731
EPS
$0.44
$0.63
$0.46
Fully Diluted Shares
782
782
Net bookingsB are expected to be $8.10 billion for 2020 and
$2.73 billion for the fourth quarter of 2020.
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 September 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
https://dpregister.com/sreg/10148877/dad94a3f28. 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, our Quarterly Report on Form 10-Q for the
quarter ended March 30, 2020, and our Quarterly Report on Form 10-Q
for the quarter 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 September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Net revenues
Product sales
$
408
$
260
$
1,484
$
1,276
Subscription, licensing, and other
revenues1
1,546
1,022
4,190
3,227
Total net revenues
1,954
1,282
5,674
4,503
Costs and expenses
Cost of revenues—product sales:
Product costs
101
137
357
388
Software royalties, amortization, and
intellectual property licenses
37
9
152
171
Cost of revenues—subscription, licensing,
and other:
Game operations and distribution costs
290
246
819
714
Software royalties, amortization, and
intellectual property licenses
41
50
115
164
Product development
274
210
802
702
Sales and marketing
238
182
722
580
General and administrative
186
177
529
527
Restructuring and related costs
9
24
39
104
Total costs and expenses
1,176
1,035
3,535
3,350
Operating income
778
247
2,139
1,153
Interest and other expense (income),
net
25
(2
)
55
(33
)
Loss on extinguishment of debt
31
—
31
—
Income before income tax expense
722
249
2,053
1,186
Income tax expense
118
45
365
208
Net income
$
604
$
204
$
1,688
$
978
Basic earnings per common share
$
0.78
$
0.27
$
2.19
$
1.28
Weighted average common shares
outstanding
772
767
771
766
Diluted earnings per common share
$
0.78
$
0.26
$
2.17
$
1.27
Weighted average common shares outstanding
assuming dilution
779
771
777
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)
September 30, 2020
December 31, 2019
Assets
Current assets
Cash and cash equivalents
$
7,415
$
5,794
Accounts receivable, net
619
848
Software development
398
322
Other current assets
570
328
Total current assets
9,002
7,292
Software development
145
54
Property and equipment, net
211
253
Deferred income taxes, net
1,287
1,293
Other assets
699
658
Intangible assets, net
469
531
Goodwill
9,764
9,764
Total assets
$
21,577
$
19,845
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
224
$
292
Deferred revenues
1,108
1,375
Accrued expenses and other liabilities
855
1,248
Total current liabilities
2,187
2,915
Long-term debt, net
3,604
2,675
Deferred income taxes, net
480
505
Other liabilities
924
945
Total liabilities
7,195
7,040
Shareholders’ equity
Common stock
—
—
Additional paid-in capital
11,395
11,174
Treasury stock
(5,563
)
(5,563
)
Retained earnings
9,183
7,813
Accumulated other comprehensive loss
(633
)
(619
)
Total shareholders’ equity
14,382
12,805
Total liabilities and shareholders’
equity
$
21,577
$
19,845
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
SUPPLEMENTAL CASH FLOW
INFORMATION
(Amounts in millions)
Three Months Ended
September 30,
December 31,
March 31,
June 30,
September 30,
Year over Year % Increase
(Decrease)
2019
2019
2020
2020
2020
Cash Flow Data
Operating Cash Flow
$
309
$
918
$
148
$
768
$
196
(37
)%
Capital Expenditures
34
37
19
13
24
(29
)
Non-GAAP Free Cash Flow1
275
881
129
755
172
(37
)
Operating Cash Flow - TTM2
1,912
1,831
1,529
2,143
2,030
6
%
Capital Expenditures - TTM2
113
116
117
103
93
(18
)
Non-GAAP Free Cash Flow1- TTM2
$
1,799
$
1,715
$
1,412
$
2,040
$
1,937
8
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 December 31, 2018,
three months ended March 31, 2019, and three months ended June 30,
2019 were $999 million, $450 million, and $154 million,
respectively. Capital Expenditures for the three months ended
December 31, 2018, three months ended March 31, 2019, and three
months ended June 30, 2019 were $34 million, $18 million, and $27
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 September
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
$
1,954
$
101
$
37
$
290
$
41
$
274
$
238
$
186
$
9
$
1,176
Share-based compensation1
—
—
(2
)
—
—
(12
)
(5
)
(34
)
—
(53
)
Amortization of intangible assets2
—
—
—
—
(12
)
—
—
(4
)
—
(16
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(9
)
(9
)
Non-GAAP Measurement
$
1,954
$
101
$
35
$
290
$
29
$
262
$
233
$
148
$
—
$
1,098
Net effect of deferred revenues and
related cost of revenues4
$
(187
)
$
(15
)
$
(15
)
$
(5
)
$
(2
)
$
—
$
—
$
—
$
—
$
(37
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
778
$
604
$
0.78
$
0.78
Share-based compensation1
53
53
0.07
0.07
Amortization of intangible assets2
16
16
0.02
0.02
Restructuring and related costs3
9
9
0.01
0.01
Loss on extinguishment of debt5
—
31
0.04
0.04
Income tax impacts from items above6
—
(30
)
(0.04
)
(0.04
)
Non-GAAP Measurement
$
856
$
683
$
0.88
$
0.88
Net effect of deferred revenues and
related cost of revenues4
$
(150
)
$
(130
)
$
(0.16
)
$
(0.17
)
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. Refer to
our third quarter Form 10-Q for further details.
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 loss on extinguishment of
debt from financing activities.
6
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)
Nine Months Ended September
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
$
5,674
$
357
$
152
$
819
$
115
$
802
$
722
$
529
$
39
$
3,535
Share-based compensation1
—
—
(8
)
(1
)
—
(30
)
(17
)
(82
)
—
(138
)
Amortization of intangible assets2
—
—
—
—
(55
)
—
—
(7
)
—
(62
)
Restructuring and related costs3
—
—
—
—
—
—
—
—
(39
)
(39
)
Non-GAAP Measurement
$
5,674
$
357
$
144
$
818
$
60
$
772
$
705
$
440
$
—
$
3,296
Net effect of deferred revenues and
related cost of revenues4
$
(306
)
$
(72
)
$
(82
)
$
8
$
9
$
—
$
—
$
—
$
—
$
(137
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
2,139
$
1,688
$
2.19
$
2.17
Share-based compensation1
138
138
0.18
0.18
Amortization of intangible assets2
62
62
0.08
0.08
Restructuring and related costs3
39
39
0.05
0.05
Loss on extinguishment of debt5
—
31
0.04
0.04
Income tax impacts from items above6
—
(52
)
(0.07
)
(0.07
)
Non-GAAP Measurement
$
2,378
$
1,906
$
2.47
$
2.45
Net effect of deferred revenues and
related cost of revenues4
$
(169
)
$
(148
)
$
(0.19
)
$
(0.19
)
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. Refer to
our third quarter Form 10-Q for further details.
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 loss on extinguishment of
debt from financing activities.
6
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 September
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
$
1,282
$
137
$
9
$
246
$
50
$
210
$
182
$
177
$
24
$
1,035
Share-based compensation1
—
—
(1
)
—
—
(7
)
(2
)
(17
)
—
(27
)
Amortization of intangible assets2
—
—
—
—
(48
)
—
—
(2
)
—
(50
)
Restructuring and related costs3
—
(4
)
—
—
—
—
—
—
(24
)
(28
)
Non-GAAP Measurement
$
1,282
$
133
$
8
$
246
$
2
$
203
$
180
$
158
$
—
$
930
Net effect of deferred revenues and
related cost of revenues4
$
(68
)
$
(7
)
$
(6
)
$
(1
)
$
(1
)
$
—
$
—
$
—
$
—
$
(15
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
247
$
204
$
0.27
$
0.26
Share-based compensation1
27
27
0.03
0.03
Amortization of intangible assets2
50
50
0.06
0.06
Restructuring and related costs3
28
28
0.04
0.04
Income tax impacts from items above5
—
(14
)
(0.02
)
(0.02
)
Non-GAAP Measurement
$
352
$
295
$
0.38
$
0.38
Net effect of deferred revenues and
related cost of revenues4
$
(53
)
$
(48
)
$
(0.06
)
$
(0.06
)
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)
Nine Months Ended September
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
$
4,503
$
388
$
171
$
714
$
164
$
702
$
580
$
527
$
104
$
3,350
Share-based compensation1
—
—
(15
)
(1
)
(1
)
(42
)
(8
)
(60
)
—
(127
)
Amortization of intangible assets2
—
—
—
—
(146
)
—
—
(5
)
—
(151
)
Restructuring and related costs3
—
(4
)
—
—
—
—
—
—
(104
)
(108
)
Non-GAAP Measurement
$
4,503
$
384
$
156
$
713
$
17
$
660
$
572
$
462
$
—
$
2,964
Net effect of deferred revenues and
related cost of revenues4
$
(824
)
$
(81
)
$
(106
)
$
(6
)
$
(2
)
$
—
$
—
$
—
$
—
$
(195
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
1,153
$
978
$
1.28
$
1.27
Share-based compensation1
127
127
0.17
0.16
Amortization of intangible assets2
151
151
0.20
0.20
Restructuring and related costs3
108
108
0.14
0.14
Income tax impacts from items above5
—
(49
)
(0.07
)
(0.07
)
Discrete tax-related items6
—
(8
)
(0.01
)
(0.01
)
Non-GAAP Measurement
$
1,539
$
1,307
$
1.71
$
1.70
Net effect of deferred revenues and
related cost of revenues4
$
(629
)
$
(524
)
$
(0.69
)
$
(0.68
)
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:
September 30, 2020
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
773
$
393
$
536
$
1,702
$
564
$
1
$
36
$
601
Intersegment net revenues1
—
18
—
18
—
16
—
16
Segment net revenues
$
773
$
411
$
536
$
1,720
$
564
$
17
$
36
$
617
Segment operating income
$
345
$
133
$
248
$
726
$
319
$
59
$
54
$
432
Operating Margin
42.2
%
September 30, 2019
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
209
$
392
$
500
$
1,101
Intersegment net revenues1
—
2
—
2
Segment net revenues
$
209
$
394
$
500
$
1,103
Segment operating income
$
26
$
74
$
194
$
294
Operating Margin
26.7
%
Nine Months Ended:
September 30, 2020
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues Net revenues from external customers
$
2,285
$
1,264
$
1,587
$
5,136
$
1,491
$
151
$
60
$
1,702
Intersegment net revenues 1
—
62
—
62
—
53
—
53
Segment net revenues
$
2,285
$
1,326
$
1,587
$
5,198
$
1,491
$
204
$
60
$
1,755
Segment operating income
$
1,088
$
533
$
615
$
2,236
$
935
$
329
$
72
$
1,336
Operating Margin
43.0
%
September 30, 2019
Activision
Blizzard
King
Total
Segment Net Revenues Net revenues from external customers
$
794
$
1,113
$
1,527
$
3,434
Intersegment net revenues 1
—
9
—
9
Segment net revenues
$
794
$
1,122
$
1,527
$
3,443
Segment operating income
$
153
$
204
$
543
$
900
Operating Margin
26.1
%
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 income before income tax expense.
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 September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Reconciliation to consolidated net
revenues:
Segment net revenues
$
1,720
$
1,103
$
5,198
$
3,443
Revenues from non-reportable segments1
65
113
232
245
Net effect from recognition (deferral) of
deferred net revenues2
187
68
306
824
Elimination of intersegment revenues3
(18
)
(2
)
(62
)
(9
)
Consolidated net revenues
$
1,954
$
1,282
$
5,674
$
4,503
Reconciliation to consolidated income
before income tax expense:
Segment operating income
$
726
$
294
$
2,236
$
900
Operating income (loss) from
non-reportable segments1
(20
)
5
(27
)
10
Net effect from recognition (deferral) of
deferred net revenues and related cost of revenues2
150
53
169
629
Share-based compensation expense
(53
)
(27
)
(138
)
(127
)
Amortization of intangible assets
(16
)
(50
)
(62
)
(151
)
Restructuring and related costs4
(9
)
(28
)
(39
)
(108
)
Consolidated operating income
778
247
2,139
1,153
Interest and other expense (income),
net
25
(2
)
55
(33
)
Loss on extinguishment of debt
31
—
31
—
Consolidated income before income tax
expense
$
722
$
249
$
2,053
$
1,186
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. Refer to
our third quarter Form 10-Q for further details.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
NET REVENUES BY DISTRIBUTION
CHANNEL
(Amounts in millions)
Three Months Ended
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total
Amount
% of Total
Net Revenues by Distribution
Channel
Digital online channels2
$
1,753
90
%
$
1,014
79
%
$
739
73
%
Retail channels
117
6
93
7
24
26
Other3
84
4
175
14
(91
)
(52
)
Total consolidated net revenues
$
1,954
100
%
$
1,282
100
%
$
672
52
Change in deferred revenues4
Digital online channels2
$
(148
)
$
(39
)
Retail channels
(39
)
(29
)
Other3
—
—
Total changes in deferred revenues
$
(187
)
$
(68
)
Nine Months Ended
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total
Amount
% of Total
Net Revenues by Distribution Channel Digital online channels
2
$
4,782
84
%
$
3,493
78
%
$
1,289
37
%
Retail channels
509
9
599
13
(90
)
(15
)
Other 3
383
7
411
9
(28
)
(7
)
Total consolidated net revenues
$
5,674
100
%
$
4,503
100
%
$
1,171
26
Change in deferred revenues4 Digital online channels
2
$
(1
)
$
(444
)
Retail channels
(295
)
(373
)
Other 3
(10
)
(7
)
Total changes in deferred revenues
$
(306
)
$
(824
)
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
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform
Console
$
695
36
%
$
241
19
%
$
454
NM
PC
514
26
341
27
173
51
Mobile and ancillary2
661
34
525
41
136
26
Other3
84
4
175
14
(91
)
(52
)
Total consolidated net revenues
$
1,954
100
%
$
1,282
100
%
$
672
52
Change in deferred revenues4
Console
$
(129
)
$
(45
)
PC
(45
)
(21
)
Mobile and ancillary2
(13
)
(2
)
Other3
—
—
Total changes in deferred revenues
$
(187
)
$
(68
)
Nine Months Ended
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform Console
$
1,944
34
%
$
1,324
29
%
$
620
47
%
PC
1,494
26
1,196
27
298
25
Mobile and ancillary 2
1,853
33
1,572
35
281
18
Other 3
383
7
411
9
(28
)
(7
)
Total consolidated net revenues
$
5,674
100
%
$
4,503
100
%
$
1,171
26
Change in deferred revenues4 Console
$
(301
)
$
(589
)
PC
(27
)
(218
)
Mobile and ancillary 2
32
(10
)
Other 3
(10
)
(7
)
Total changes in deferred revenues
$
(306
)
$
(824
)
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
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic
Region
Americas
$
1,127
58
%
$
655
51
%
$
472
72
%
EMEA2
589
30
452
35
137
30
Asia Pacific
238
12
175
14
63
36
Total consolidated net revenues
$
1,954
100
%
$
1,282
100
%
$
672
52
Change in deferred revenues3
Americas
$
(86
)
$
(33
)
EMEA2
(75
)
(26
)
Asia Pacific
(26
)
(9
)
Total changes in deferred revenues
$
(187
)
$
(68
)
Nine Months Ended
September 30, 2020
September 30, 2019
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic Region Americas
$
3,188
56
%
$
2,406
53
%
$
782
33
%
EMEA 2
1,770
31
1,525
34
245
16
Asia Pacific
716
13
572
13
144
25
Total consolidated net revenues
$
5,674
100
%
$
4,503
100
%
$
1,171
26
Change in deferred revenues3 Americas
$
(106
)
$
(469
)
EMEA 2
(159
)
(285
)
Asia Pacific
(41
)
(70
)
Total changes in deferred revenues
$
(306
)
$
(824
)
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
December 31, 2019
March 31, 2020
June 30, 2020
September 30, 2020
September 30, 2020
GAAP Net Income
$
525
$
505
$
580
$
604
$
2,214
Interest and other expense (income),
net
7
8
22
25
62
Loss on extinguishment of debt
—
—
—
31
31
Provision for income taxes1
(78
)
99
147
118
286
Depreciation and amortization
81
62
43
46
232
EBITDA
535
674
792
824
2,825
Share-based compensation expense2
39
43
42
53
177
Restructuring and related costs3
30
23
6
9
68
Discrete tax-related items4
17
—
—
—
17
Adjusted EBITDA
$
621
$
740
$
840
$
886
$
3,087
Change in deferred net revenues and
related cost of revenues5
$
577
$
(171
)
$
152
$
(150
)
$
408
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. Refer to
our third quarter Form 10-Q for further details.
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
December 31, 2020
December 31, 2020
Net Revenues1
$
2,001
$
7,675
Change in deferred revenues2
$
731
$
425
Earnings Per Diluted Share
(GAAP)
$
0.44
$
2.61
Excluding the impact of:
Share-based compensation3
0.14
0.32
Amortization of intangible assets4
0.02
0.10
Restructuring and related costs5
0.07
0.11
Loss on extinguishment of debt6
—
0.04
Income tax impacts from items above7
(0.04
)
(0.11
)
Earnings Per Diluted Share
(Non-GAAP)
$
0.63
$
3.08
Net effect of deferred net revenues and
related cost of revenues on Earnings Per Diluted Share8
$
0.46
$
0.27
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 restructuring initiatives,
primarily severance and other restructuring-related costs. Refer to
our third quarter Form 10-Q for further details.
6
Reflects the loss on extinguishment of
debt from financing activities.
7
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.
8
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 September
30,
Nine Months Ended September
30,
2020
2019
$ Increase (Decrease)
% Increase (Decrease)
2020
2019
$ Increase (Decrease)
% Increase (Decrease)
Net bookings1
$
1,767
$
1,214
$
553
46
%
$
5,368
$
3,679
$
1,689
46
%
In-game net bookings2
1,200
709
491
69
3,529
2,281
1,248
55
1
We monitor net bookings as a key operating
metric in evaluating the performance of our business because it
enables an analysis of performance based on the timing of actual
transactions with our customers and provides more timely
indications 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. Net bookings 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
September 30, 2019
December 31, 2019
March 31, 2020
June 30, 2020
September 30, 2020
Activision
36
128
102
125
111
Blizzard
33
32
32
32
30
King
247
249
273
271
249
Total MAUs
316
409
407
428
390
3
We monitor 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/20201029006180/en/
Activision Blizzard, Inc.
Investors and Analysts: ir@activisionblizzard.com or Press:
pr@activisionblizzard.com
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