Better-Than-Expected Q3 Results
Activision Blizzard, Inc. (Nasdaq: ATVI) today announced
third-quarter 2019 results.
“Our third quarter results exceeded our prior outlook for both
revenue and earnings per share,” said Bobby Kotick, Chief Executive
Officer of Activision Blizzard. “Recent launches have enabled
significant growth in the size of our audiences for our Call of
Duty® and World of Warcraft® franchises. As we introduce
mobile and free-to-play games based on our franchises we believe we
can increase audience size, engagement and monetization across our
wholly owned franchises. With a strong content pipeline and
momentum in mobile, esports and advertising, we are confident we
will remain a leader in connecting and engaging the world through
epic entertainment.”
Financial Metrics
Q3
(in millions, except EPS)
2019
Prior Outlook*
2018
GAAP Net Revenues
$1,282
$1,105
$1,512
Impact of GAAP deferralsA
($68)
($5)
$146
GAAP EPS
$0.26
$0.05
$0.34
Non-GAAP EPS
$0.38
$0.20
$0.42
Impact of GAAP deferralsA
($0.06)
-
$0.10
* Prior outlook was provided by the
company on August 8, 2019 in its earnings release.
For the quarter ended September 30, 2019, Activision Blizzard’s
net revenues presented in accordance with GAAP were $1.28 billion,
as compared with $1.51 billion for the third quarter of 2018. GAAP
net revenues from digital channels were $1.01 billion. GAAP
operating margin was 19%. GAAP earnings per diluted share were
$0.26, as compared with $0.34 for the third quarter of 2018.
For the quarter ended September 30, 2019, on a non-GAAP basis,
Activision Blizzard’s operating margin was 27% and earnings per
diluted share were $0.38, as compared with $0.42 for the third
quarter of 2018.
For the quarter ended September 30, 2019, operating cash flow
was $309 million. For the trailing twelve-month period, operating
cash flow was $1.91 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 September 30, 2019, Activision Blizzard’s
net bookingsB were $1.21 billion, compared with $1.66 billion for
the third quarter of 2018. Net bookingsB from digital channels were
$0.98 billion, as compared with $1.44 billion for the third quarter
of 2018. In-game net bookingsC were $0.71 billion. Overall
Activision Blizzard Monthly Active Users (MAUs)D were 316
million.
Selected Business Highlights
Activision Blizzard exceeded its third quarter outlook, driven
by better-than-expected performance for Call of Duty in-game
and World of Warcraft, as well as favorable cost timing. The
company started the fourth quarter with successful launches for
Call of Duty®: Mobile and Call of Duty®: Modern
Warfare, and achieved important milestones for several other
franchises. Activision Blizzard is intent on building on this
momentum as the company invests in the fourth quarter to maximize
the potential of its franchises in 2020 and beyond.
Activision
- In the third quarter of 2019:
- Activision had 36 million MAUsD.
- Call of Duty®: Black Ops 4 reach and net bookings from
in-game items grew sharply versus Call of Duty®: WWII
in the third quarter of 2018.
- The October 1, 2019, launch of Call of Duty: Mobile saw
over 100 million downloads in its first month, reaching the top of
the mobile app download charts in over 150 countries and regions,
with a 4.9-star rating in the U.S. iOS store.1
- On October 25, 2019, Call of Duty: Modern Warfare
launched and became the top-selling new premium game release of the
year. In its first week, sell-through units grew a high-teen
percentage versus Call of Duty: Black Ops 4, with
strong console growth and PC units on Battle.net® reaching
new highs.
Blizzard
- In the third quarter of 2019:
- Blizzard had 33 million MAUsD.
- World of Warcraft® Classic drove the biggest quarterly
increase to subscription plans2 in franchise history, in both the
West and East.
- The Overwatch League™ concluded with a sell-out crowd of over
11,000 fans watching the San Francisco Shock defeat the Vancouver
Titans in the Grand Finals at the Wells Fargo Center in
Philadelphia in September. Season Two average minute audience grew
18% year-over-year.3
- At BlizzCon on November 1, 2019, Blizzard revealed some of the
exciting content in its pipeline:
- Hearthstone®’s Descent of Dragons™ expansion, set
for release in the fourth quarter of 2019, and the new
Battlegrounds auto-battler mode, which is already in early access
and enters open beta on November 12, 2019,
- World of Warcraft’s next expansion, Shadowlands,
set to launch in 2020,
- Overwatch® 2, the next major installment for the
franchise, and
- Diablo® IV, the highly-anticipated sequel to the
genre-defining franchise.
King
- In the third quarter of 2019:
- King had 247 million MAUsD.
- Candy Crush™ franchise mobile reach grew year-over-year,
driven by the addition of Candy Crush Friends Saga™
which launched in October 2018.
- Candy Crush was once again the top-grossing franchise in
the U.S. mobile app stores.1
- Advertising continued to grow profitably, with net bookings
almost doubling year-over-year.
Company Outlook
(in millions, except EPS)
GAAP
Outlook
Non-GAAP
Outlook
Impact of GAAP
deferralsA
CY
2019
Net Revenues
$6,315
$6,315
$10
EPS
$1.56
$2.13
$0.04
Fully Diluted Shares
772
772
Q4
2019
Net Revenues
$1,812
$1,812
$834
EPS
$0.29
$0.43
$0.72
Fully Diluted Shares
774
774
Net bookingsB are expected to be $6.33
billion for 2019 and $2.65 billion for the fourth quarter of
2019.
Currency Assumptions for 2019 Outlook:
- $1.15 USD/Euro for current outlook (vs. average of $1.12 for
2018); and
- $1.23 USD/British Pound Sterling for current outlook (vs.
average of $1.30 for 2018).
- Note: Our financial guidance includes the forecasted impact of
our FX hedging program.
Conference Call
Today at 4:30 p.m. EST, Activision Blizzard’s management will
host a conference call and webcast to discuss the company’s results
for the quarter ended September 30, 2019 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 866-548-4713 in the U.S. with passcode 8907639. 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., a member of the Fortune 500 and
S&P 500, is a leading standalone interactive entertainment
company. We delight hundreds of millions of monthly active users
around the world through franchises including Activision's Call of
Duty®, Spyro®, and Crash™, Blizzard Entertainment's World of
Warcraft®, Overwatch®, Hearthstone®, Diablo®, StarCraft®, and
Heroes of the Storm®, and King's Candy Crush™, Bubble Witch™, and
Farm Heroes™. The company is one of the Fortune "100 Best Companies
To Work For®." 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 Per App Annie Intelligence for respective regions, app stores,
and periods. 2 Monthly or longer-term subscriptions. 3 Per
Nielsen.
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.
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 the King acquisition,
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 and 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. The company
generally uses words such as “outlook,” “forecast,” “will,”
“could,” “should,” “would,” “to be,” “plan,” “plans,” “believes,”
“may,” “might,” “expects,” “intends,” “intends as,” “anticipates,”
“estimate,” “future,” “positioned,” “potential,” “project,”
“remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and
other similar 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 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: our ability to
consistently deliver popular, high-quality titles in a timely
manner; our ability to satisfy the expectations of consumers with
respect to our brands, games, services, and/or business practices;
concentration of revenue among a small number of titles; 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; our ability to realize the
expected financial and operational benefits of, and effectively
manage, our recently announced restructuring plans; increasing
importance of revenues derived from digital distribution channels;
risks associated with the retail sales business model; substantial
influence of third-party platform providers over our products and
costs; 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; risks and costs associated with legal proceedings;
changes in tax rates or exposure to additional tax liabilities, as
well as the outcome of current or future tax disputes; rapid
changes in technology and industry standards; competition,
including from other forms of entertainment; our ability to sell
products at assumed pricing levels; our ability to attract, retain,
and motivate skilled personnel; 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; counterparty risks relating to customers,
licensees, licensors, and manufacturers; intellectual property
claims; piracy and unauthorized copying of our products; risks and
uncertainties of conducting business outside the U.S.; fluctuations
in currency exchange rates; increasing regulation of our business,
products, and distribution in key territories; compliance with
continually evolving laws and regulations concerning data privacy;
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, 2018.
The forward-looking statements in this press release are based
on information available to the company at this time 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.
(Tables to Follow)
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,
2019
2018
2019
2018
Net revenues
Product sales
$
260
$
263
$
1,276
$
1,447
Subscription, licensing, and other
revenues 1
1,022
1,249
3,227
3,672
Total net revenues
1,282
1,512
4,503
5,119
Costs and expenses
Cost of revenues—product sales:
Product costs
137
127
388
416
Software royalties, amortization, and
intellectual property licenses
9
20
171
214
Cost of revenues—subscription, licensing,
and other:
Game operations and distribution costs
246
257
714
777
Software royalties, amortization, and
intellectual property licenses
50
109
164
278
Product development
210
263
702
776
Sales and marketing
182
263
580
741
General and administrative
177
208
527
623
Restructuring and related costs
24
—
104
—
Total costs and expenses
1,035
1,247
3,350
3,825
Operating income
247
265
1,153
1,294
Interest and other expense (income),
net
(2
)
13
(33
)
67
Loss on extinguishment of debt
—
40
—
40
Income before income tax expense
(benefit)
249
212
1,186
1,187
Income tax expense (benefit)
45
(48
)
208
25
Net income
$
204
$
260
$
978
$
1,162
Basic earnings per common share
$
0.27
$
0.34
$
1.28
$
1.53
Weighted average common shares
outstanding
767
763
766
761
Diluted earnings per common share
$
0.26
$
0.34
$
1.27
$
1.51
Weighted average common shares outstanding
assuming dilution
771
771
770
771
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, 2019 1
December 31, 2018 2
Assets
Current assets
Cash and cash equivalents
$
4,939
$
4,225
Accounts receivable, net
386
1,035
Inventories, net
102
43
Software development
240
264
Other current assets
345
539
Total current assets
6,012
6,106
Software development
109
65
Property and equipment, net
249
282
Deferred income taxes, net
357
458
Other assets
731
482
Intangible assets, net
583
735
Goodwill
9,764
9,762
Total assets
$
17,805
$
17,890
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
274
$
253
Deferred revenues
695
1,493
Accrued expenses and other liabilities
782
896
Total current liabilities
1,751
2,642
Long-term debt, net
2,674
2,671
Deferred income taxes, net
23
18
Other liabilities
1,122
1,167
Total liabilities
5,570
6,498
Shareholders’ equity
Common stock
—
—
Additional paid-in capital
11,116
10,963
Treasury stock
(5,563
)
(5,563
)
Retained earnings
7,289
6,593
Accumulated other comprehensive loss
(607
)
(601
)
Total shareholders’ equity
12,235
11,392
Total liabilities and shareholders’
equity
$
17,805
$
17,890
1
We adopted a new lease accounting standard
in the first quarter of 2019. The new lease accounting standard
increased our “Other assets,” “Accrued expenses and other
liabilities,” and “Other liabilities” as of September 30, 2019.
Refer to our Form 10-Q for the three and nine months ended
September 30, 2019 for additional information.
2
During the three months ended March 31,
2019, we identified an amount which should have been recorded in
the fourth quarter of 2018 to reduce income tax expense by $35
million. We will revise our 2018 financial statements to correct
this matter in our Annual Report on Form 10-K for the year ending
December 31, 2019. Our balance sheet as of December 31, 2018, as
presented above has been revised to reflect the correction. Refer
to our Form 10-Q for the three and nine months ended September 30,
2019, for additional information.
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 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)
Three Months Ended September
30, 2018
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
Total Costs and
Expenses
GAAP Measurement
$
1,512
$
127
$
20
$
257
$
109
$
263
$
263
$
208
$
1,247
Share-based compensation1
—
—
(1
)
—
(3
)
(17
)
(3
)
(31
)
(55
)
Amortization of intangible assets2
—
—
—
—
(81
)
—
—
(2
)
(83
)
Non-GAAP Measurement
$
1,512
$
127
$
19
$
257
$
25
$
246
$
260
$
175
$
1,109
Net effect of deferred revenues and
related cost of revenues3
$
146
$
(3
)
$
63
$
5
$
(8
)
$
—
$
—
$
—
$
57
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
265
$
260
$
0.34
$
0.34
Share-based compensation1
55
55
0.07
0.07
Amortization of intangible assets2
83
83
0.11
0.11
Loss on extinguishment of debt4
—
40
0.05
0.05
Income tax impacts from items above5
—
(41
)
(0.05
)
(0.05
)
Discrete tax-related items6
—
(72
)
(0.09
)
(0.09
)
Non-GAAP Measurement
$
403
$
325
$
0.43
$
0.42
Net effect of deferred revenues and
related cost of revenues3
$
89
$
74
$
0.09
$
0.10
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
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.
4
Reflects the loss on extinguishment of
debt from redemption activities.
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 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)
Nine Months Ended September
30, 2018
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
Total Costs and
Expenses
GAAP Measurement
$
5,119
$
416
$
214
$
777
$
278
$
776
$
741
$
623
$
3,825
Share-based compensation1
—
—
(6
)
(1
)
(3
)
(49
)
(13
)
(94
)
(166
)
Amortization of intangible assets2
—
—
—
—
(229
)
—
(44
)
(6
)
(279
)
Non-GAAP Measurement
$
5,119
$
416
$
208
$
776
$
46
$
727
$
684
$
523
$
3,380
Net effect of deferred revenues and
related cost of revenues3
$
(692
)
$
(123
)
$
(102
)
$
—
$
1
$
—
$
—
$
—
$
(224
)
Operating Income
Net Income
Basic Earnings per
Share
Diluted Earnings per
Share
GAAP Measurement
$
1,294
$
1,162
$
1.53
$
1.51
Share-based compensation1
166
166
0.22
0.21
Amortization of intangible assets2
279
279
0.37
0.36
Loss on extinguishment of debt4
—
40
0.05
0.05
Income tax impacts from items above5
—
(147
)
(0.20
)
(0.19
)
Discrete tax-related items6
—
(97
)
(0.13
)
(0.13
)
Non-GAAP Measurement
$
1,739
$
1,403
$
1.84
$
1.82
Net effect of deferred revenues and
related cost of revenues3
$
(468
)
$
(394
)
$
(0.51
)
$
(0.51
)
1
Includes expenses related to share-based
compensation.
2
Reflects amortization of intangible assets
from purchase price accounting.
3
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.
4
Reflects the loss on extinguishment of
debt from redemption activities.
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 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
For the Three and Nine Months Ended
September 30, 2019 and 2018
(Amounts in millions)
Three Months Ended:
September 30, 2019
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
209
$
392
$
500
$
1,101
$
(188
)
$
(235
)
$
(6
)
$
(429
)
Intersegment net revenues1
—
2
—
2
—
(6
)
—
(6
)
Segment net revenues
$
209
$
394
$
500
$
1,103
$
(188
)
$
(241
)
$
(6
)
$
(435
)
Segment operating income
$
26
$
74
$
194
$
294
$
(86
)
$
(115
)
$
10
$
(191
)
Operating Margin
26.7
%
September 30, 2018
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
397
$
627
$
506
$
1,530
Intersegment net revenues1
—
8
—
8
Segment net revenues
$
397
$
635
$
506
$
1,538
Segment operating income
$
112
$
189
$
184
$
485
Operating Margin
31.5
%
Nine Months Ended:
September 30, 2019
$ Increase /
(Decrease)
Activision
Blizzard
King
Total
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
794
$
1,113
$
1,527
$
3,434
$
(253
)
$
(479
)
$
(15
)
$
(747
)
Intersegment net revenues1
—
9
—
9
—
(5
)
—
(5
)
Segment net revenues
$
794
$
1,122
$
1,527
$
3,443
$
(253
)
$
(484
)
$
(15
)
$
(752
)
Segment operating income
$
153
$
204
$
543
$
900
$
(135
)
$
(240
)
$
—
$
(375
)
Operating Margin
26.1
%
September 30, 2018
Activision
Blizzard
King
Total
Segment Net Revenues
Net revenues from external customers
$
1,047
$
1,592
$
1,542
$
4,181
Intersegment net revenues1
—
14
—
14
Segment net revenues
$
1,047
$
1,606
$
1,542
$
4,195
Segment operating income
$
288
$
444
$
543
$
1,275
Operating Margin
30.4
%
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
For the Three and Nine Months Ended
September 30, 2019 and 2018
(Amounts in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Reconciliation to consolidated net
revenues:
Segment net revenues
$
1,103
$
1,538
$
3,443
$
4,195
Revenues from non-reportable segments1
113
128
245
246
Net effect from recognition (deferral) of
deferred net revenues2
68
(146
)
824
692
Elimination of intersegment revenues3
(2
)
(8
)
(9
)
(14
)
Consolidated net revenues
$
1,282
$
1,512
$
4,503
$
5,119
Reconciliation to consolidated income
before income tax expense:
Segment operating income
$
294
$
485
$
900
$
1,275
Operating income (loss) from
non-reportable segments1
5
7
10
(4
)
Net effect from recognition (deferral) of
deferred net revenues and related cost of revenues2
53
(89
)
629
468
Share-based compensation expense
(27
)
(55
)
(127
)
(166
)
Amortization of intangible assets
(50
)
(83
)
(151
)
(279
)
Restructuring and related costs4
(28
)
—
(108
)
—
Consolidated operating income
247
265
1,153
1,294
Interest and other expense (income),
net
(2
)
13
(33
)
67
Loss on extinguishment of debt
—
40
—
40
Consolidated income before income tax
expense
$
249
$
212
$
1,186
$
1,187
1
Includes other income and expenses from
operating segments managed outside the reportable segments,
including our studios and distribution businesses. 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
For the Three and Nine Months Ended
September 30, 2019 and 2018
(Amounts in millions)
Three Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Distribution
Channel
Digital online channels2
$
1,014
79
%
$
1,276
84
%
$
(262
)
(21
)%
Retail channels
93
7
76
5
17
22
Other3
175
14
160
11
15
9
Total consolidated net revenues
$
1,282
100
%
$
1,512
100
%
$
(230
)
(15
)
Change in deferred revenues4
Digital online channels2
$
(39
)
$
159
Retail channels
(29
)
(14
)
Other3
—
1
Total changes in deferred revenues
$
(68
)
$
146
Nine Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Distribution
Channel
Digital online channels2
$
3,493
78
%
$
3,998
78
%
$
(505
)
(13
)%
Retail channels
599
13
764
15
(165
)
(22
)
Other3
411
9
357
7
54
15
Total consolidated net revenues
$
4,503
100
%
$
5,119
100
%
$
(616
)
(12
)
Change in deferred revenues4
Digital online channels2
$
(444
)
$
(160
)
Retail channels
(373
)
(546
)
Other3
(7
)
14
Total changes in deferred revenues
$
(824
)
$
(692
)
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 studios and distribution businesses, as well as revenues
from Major League Gaming and the Overwatch 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
For the Three and Nine Months Ended
September 30, 2019 and 2018
(Amounts in millions)
Three Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform
Console
$
241
19
%
$
347
23
%
$
(106
)
(31
)%
PC
341
27
482
32
(141
)
(29
)
Mobile and ancillary2
525
41
523
35
2
—
Other3
175
14
160
11
15
9
Total consolidated net revenues
$
1,282
100
%
$
1,512
100
%
$
(230
)
(15
)
Change in deferred revenues4
Console
$
(45
)
$
20
PC
(21
)
117
Mobile and ancillary2
(2
)
8
Other3
—
1
Total changes in deferred revenues
$
(68
)
$
146
Nine Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Platform
Console
$
1,324
29
%
$
1,730
34
%
$
(406
)
(23
)%
PC
1,196
27
1,452
28
(256
)
(18
)
Mobile and ancillary2
1,572
35
1,580
31
(8
)
(1
)
Other3
411
9
357
7
54
15
Total consolidated net revenues
$
4,503
100
%
$
5,119
100
%
$
(616
)
(12
)
Change in deferred revenues4
Console
$
(589
)
$
(720
)
PC
(218
)
20
Mobile and ancillary2
(10
)
(6
)
Other3
(7
)
14
Total changes in deferred revenues
$
(824
)
$
(692
)
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 studios and distribution businesses, as well as revenues
from Major League Gaming and the Overwatch 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
For the Three and Nine Months Ended
September 30, 2019 and 2018
(Amounts in millions)
Three Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic
Region
Americas
$
655
51
%
$
774
51
%
$
(119
)
(15
)%
EMEA2
452
35
534
35
(82
)
(15
)
Asia Pacific
175
14
204
13
(29
)
(14
)
Total consolidated net revenues
$
1,282
100
%
$
1,512
100
%
$
(230
)
(15
)
Change in deferred revenues3
Americas
$
(33
)
$
76
EMEA2
(26
)
60
Asia Pacific
(9
)
10
Total changes in deferred revenues
$
(68
)
$
146
Nine Months Ended
September 30, 2019
September 30, 2018
$ Increase (Decrease)
% Increase (Decrease)
Amount
% of Total1
Amount
% of Total1
Net Revenues by Geographic
Region
Americas
$
2,406
53
%
$
2,740
54
%
$
(334
)
(12
)%
EMEA2
1,525
34
1,774
35
(249
)
(14
)
Asia Pacific
572
13
605
12
(33
)
(5
)
Total consolidated net revenues
$
4,503
100
%
$
5,119
100
%
$
(616
)
(12
)
Change in deferred revenues3
Americas
$
(469
)
$
(399
)
EMEA2
(285
)
(242
)
Asia Pacific
(70
)
(51
)
Total changes in deferred revenues
$
(824
)
$
(692
)
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
For the Trailing Twelve Months Ended
September 30, 2019
(Amounts in millions)
Trailing Twelve Months
Ended
December 31, 2018 5
March 31, 2019
June 30, 2019
September 30, 2019
September 30, 2019
GAAP Net Income
$
685
$
447
$
328
$
204
$
1,664
Interest and other expense (income),
net
4
3
(34
)
(2
)
(29
)
Provision for income taxes1
5
120
42
45
212
Depreciation and amortization
124
87
79
80
370
EBITDA
818
657
415
327
2,217
Share-based compensation expense2
43
63
38
27
171
Restructuring and related costs3
10
57
22
28
117
Adjusted EBITDA
$
871
$
777
$
475
$
382
$
2,505
Change in deferred net revenues and
related cost of revenues4
$
368
$
(441
)
$
(135
)
$
(53
)
$
(261
)
1
Provision for income taxes for the three
months ended December 31, 2018 and June 30, 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 net effect from deferral of
revenues and (recognition) of deferred revenues, along with related
cost of revenues, on certain of our online-enabled products.
5
Includes a revision to our GAAP Net Income
and Provision for income taxes for the three months ended December
31, 2018. Refer to our Form 10-Q for the three and nine months
ended September 30, 2019, for additional information.
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)
2018
2018
2019
2019
2019
Cash Flow Data
Operating Cash Flow
$
253
$
999
$
450
$
154
$
309
22
%
Capital Expenditures
36
34
18
27
34
(6
)
Non-GAAP Free Cash Flow1
217
965
432
127
275
27
Operating Cash Flow - TTM2
1,949
1,790
1,711
1,856
1,912
(2
)%
Capital Expenditures - TTM2
166
131
118
115
113
(32
)
Non-GAAP Free Cash Flow - TTM2
$
1,783
$
1,659
$
1,593
$
1,741
$
1,799
1
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, 2017,
three months ended March 31, 2018, and three months ended June 30,
2018, were $1,158 million, $529 million, and $9 million,
respectively. Capital Expenditures for the three months ended
December 31, 2017, three months ended March 31, 2018, and three
months ended June 30, 2018, were $69 million, $31 million, and $30
million, respectively.
ACTIVISION BLIZZARD, INC. AND
SUBSIDIARIES
Outlook for the Three Months and Year
Ending December 31, 2019
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, 2019
December 31, 2019
Net Revenues1
$
1,812
$
6,315
Change in deferred revenues2
$
834
$
10
Earnings Per Diluted Share
(GAAP)
$
0.29
$
1.56
Excluding the impact of:
Share-based compensation3
0.06
0.23
Amortization of intangible assets4
0.07
0.26
Restructuring and related costs5
0.05
0.19
Income tax impacts from items above6
(0.04
)
(0.11
)
Discrete tax-related items7
—
(0.01
)
Earnings Per Diluted Share
(Non-GAAP)
$
0.43
$
2.13
Net effect of deferred net revenues and
related cost of revenues on Earnings Per Diluted Share8
$
0.72
$
0.04
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 King Acquisition.
5
Reflects our restructuring initiatives,
primarily severance, facilities, and other restructuring-related
costs.
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 impact of 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.
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,
2019
2018
$ Increase (Decrease)
% Increase (Decrease)
2019
2018
$ Increase (Decrease)
% Increase (Decrease)
Net bookings1
$
1,214
$
1,658
$
(444
)
(27
)%
$
3,679
$
4,427
$
(748
)
(17
)%
In-game net bookings2
709
1,032
(323
)
(31
)
2,281
2,999
(718
)
(24
)
1
We monitor net bookings as a key operating
metric in evaluating the performance of our business. 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
September 30, 2018
December 31, 2018
March 31, 2019
June 30, 2019
September 30, 2019
Activision
46
53
41
37
36
Blizzard
37
35
32
32
33
King
262
268
272
258
247
Total MAUs
345
356
345
327
316
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191107006003/en/
Activision Blizzard, Inc. Investors and Analysts:
ir@activisionblizzard.com or Press: pr@activisionblizzard.com
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