Company Increases CY 2015 Revenues and EPS
Outlook Once Again
Company Delivered Record Q2 Non-GAAP Digital
Revenues of Over $600 Million, Growing 27% Year-Over-Year
Activision Blizzard, Inc. (Nasdaq: ATVI) today announced
better-than-expected financial results for the second quarter of
2015.
Second Quarter
(in millions, except EPS)
2015
Prior
Outlook*
2014
GAAP
Net Revenues
$ 1,044 $ 930 $ 970
EPS $ 0.29
$ 0.21 $
0.28
Non-GAAP
Net Revenues $ 759 $ 650
$ 658 EPS $
0.13 $ 0.07
$ 0.06
*Prior outlook was provided by the company on May 6, 2015 in
its earnings release.
For the quarter ended June 30, 2015, Activision Blizzard’s GAAP
net revenues were $1.04 billion, as compared with $970 million for
the second quarter of 2014. On a non-GAAP basis, the company’s net
revenues were $759 million, as compared with $658 million for the
second quarter of 2014. For the second quarter, GAAP net revenues
from digital channels were a Q2 record $569 million and represented
a Q2 record 55% of the company’s total revenues. On a non-GAAP
basis, net revenues from digital channels were a Q2 record $611
million, growing 27% year-over-year.
For the quarter ended June 30, 2015, Activision Blizzard’s GAAP
earnings per diluted share were $0.29, as compared with $0.28 for
the second quarter of 2014. On a non-GAAP basis, the company’s
earnings per diluted share were $0.13, as compared with $0.06 for
the second quarter of 2014.
Year-to-date non-GAAP revenues and EPS were up 2% and 12%,
respectively, year-over-year (13% and 56%, respectively, at
constant FXA), given strong engagement and recurring digital
monetization trends on our year-round monetizing franchises.
Please refer to the tables at the back of this press release for
a reconciliation of the company’s GAAP and non-GAAP results.
Bobby Kotick, Chief Executive Officer of Activision Blizzard,
said, “Our strategic focus on expanding our franchise portfolio
with captivating and original new intellectual property, innovating
on new platforms, and expanding into new geographies is reflected
in our results. We outperformed our Q2 targets and last year’s
results on revenues, digital growth, and earnings per share. These
strong results and the excitement for our future games have driven
us to raise our full-year outlook.”
Kotick added, “Our audience size and the total amount of time
people spend with our franchises continue to grow. In the second
quarter, our monthly active usersB grew by 35% year-over-year, and
the time our communities spent playing our games grew by 25%
year-over-year.”
Kotick continued, “I want to thank our extraordinarily talented
employees around the world. They pour their passions into creating
the most fun and epic entertainment experiences for our audiences,
and our superior financial performance is a result of their
dedication.”
Selected Business Highlights:
- Blizzard Entertainment’s
Hearthstone®: Heroes of Warcraft™ and Heroes of
the Storm™, and Activision Publishing’s Destiny
combined now have more than 70 million registered players and over
$1.25 billion in non-GAAP revenues1 life-to-date.
- Activision Publishing had its strongest
ever second quarter engagement and digital monetization, with the
most Q2 monthly active users (MAUs)B in its history, up more than
25% year-over-year, and the largest Q2 and first half digital
revenues in its history.
- Activision Publishing continues to have
2 of the top 5 videogame franchises in North America and Europe
year-to-date, with Skylanders, including toys and
accessories, achieving the No. 1 spot.2 Including toys and
accessories, Skylanders was the No. 1 console title and kids
console title year to date, and outsold the No. 1 action figure
line in North America and Europe.2 Activision Publishing also
continues to have 3 of the top 5 next-generation games
life-to-date.3
- Activision Publishing’s Call of
Duty franchise Q2 non-GAAP revenues increased by a double-digit
percentage year-over-year due to strong continued sell-through of
Call of Duty: Advanced Warfare and growing online
revenues per user across the franchise. Season pass, downloadable
content, and micro-transaction offerings have helped drive
increased engagement and monetization. Call of Duty: Advanced
Warfare remains the No. 1 next generation game life to date, as
it has been since its launch nine months ago.3
- Activision Publishing and Bungie
released Destiny’s highly acclaimed second expansion,
House of Wolves, which had a strong attach rate and
engagement. Destiny now has over 2 billion hours of gameplay
since launch, which amounts to an average 100 hours of gameplay for
each of Destiny’s over 20 million registered players.
- Blizzard Entertainment had the largest
online player community in its history, with Q2 MAUsB up 50%
year-over-year. Though World of Warcraft® ended the quarter
at 5.6 million subscribersC, Blizzard revenues are up
year-over-year based on strong performance across the expanding
Blizzard portfolio. On June 23, 2015, Blizzard Entertainment
released, Fury of Hellfire, one of the largest non-expansion
content updates to date for World of Warcraft. This new
content helped stabilize the subscriber number towards the end of
the quarter. World of Warcraft remains the No. 1 subscription‐based
MMORPG in the world.
- On April 2, 2015, Blizzard
Entertainment launched Blackrock Mountain™, the second
Adventure for Hearthstone: Heroes of Warcraft. The release
of Hearthstone on iOS and Android smartphones followed on
April 14, 2015. Key engagement metrics, which were already very
strong, nearly doubled year over year, largely on account of the
new content and new platforms.
- Blizzard Entertainment launched
Heroes of the Storm on June 2, 2015 with strong critical
reception. The Eternal Conflict, a series of content additions
based on the Diablo® universe, was launched in June and is
still ongoing, and players have responded with positivity and
excitement. Blizzard announced in May that Heroes of the
Storm had been added to the Road to BlizzCon® program, and
major tournaments are already underway globally.
- On April 23, 2015, Sanctuary’s gates
were thrown open to all Chinese heroes, as Blizzard Entertainmentʹs
award‐winning action role‐playing game Diablo® III: Reaper of
Souls™ went live in China. Diablo III has now
sold-through over 30 million units life-to-date globally.
- Blizzard Entertainment achieved record
revenues and MAUsB in China this quarter, driven by the popularity
of Diablo III, Hearthstone: Heroes of Warcraft, and
Heroes of the Storm.
Company Outlook:
- On September 15, 2015, Activision
Publishing and Bungie expect to release The Taken King, the
largest update to the Destiny universe yet. The
mega-expansion will include an all-new campaign, new sub-classes, a
new destination, and more. Current players can digitally purchase
the expansion for a suggested retail price of $39.99, while The
Legendary Edition offers new players the original game, both
expansion packs, and The Taken King for a suggested retail
price of $59.99.
- On September 20, 2015, Activision
Publishing expects to release Skylanders SuperChargers, the
next installment in the franchise with all new vehicles, action
figures and exclusive Nintendo characters.
- On October 20, 2015, Activision
Publishing plans to bring back the pop culture phenomenon that
previously reached over 40 million players in North America and
Europe with the launch of Guitar Hero® Live. The new
multiplayer mode, Guitar Hero TV, allows fans to play songs on
multiple channels, play with and against their friends, discover
new music, and choose songs on-demand. The re-imagined experience
will offer two game modes and will be available on consoles,
tablets, and mobile phones.
- On November 6, 2015, Activision
Publishing expects to release the highly anticipated Call of
Duty: Black Ops III from its award winning studio, Treyarch.
The company also announced an upcoming multiplayer Beta, a first
for Call of Duty on next-generation consoles. Fans who
pre-order the game now will get access to the Beta on August 19 on
Sony’s PlayStation®4, and August 26 on Microsoft’s Xbox One and PC
.
- On July 15, 2015, Blizzard
Entertainment kicked off pre-purchases for StarCraft®
II: Legacy of the Void™, the third installment of the
company’s real-time strategy sequel. Players who pre-purchase
Legacy of the Void through Battle.net® will have access to
the ongoing beta and three prologue missions, titled “Whispers of
Oblivion.” Legacy of the Void will be a standalone product
that won’t require any prior releases, so it will be easier than
ever for players to get into the game and experience all of the
latest content. It is expected to be released in 2015.
- On July 22, 2015, Blizzard
Entertainment announced The Grand Tournament, the second
expansion to Hearthstone: Heroes of Warcraft, which will
launch with over 130 new cards and new mechanics this month.
- A new expansion for Blizzard
Entertainment’s World of Warcraft will be announced at
gamescom in August 2015.
- Blizzard Entertainment expects to begin
beta testing for Overwatch™ in fall 2015.
- Tickets to Blizzard Entertainment’s
ninth BlizzCon, which will be returning to the Anaheim Convention
Center on Friday, November 6, and Saturday, November 7, went on
sale in two batches in April and quickly sold out. One of the
biggest attractions at BlizzCon will be the culmination of this
year’s Road to BlizzCon eSports tournaments, with the global
champions for World of Warcraft, StarCraft II,
Hearthstone, and Heroes of the Storm being
crowned.
- Given the weakening of foreign
currencies versus the U.S. dollar, the company’s 2015 international
revenues and earnings are expected to be translated at lower rates
than in 2014. This impacts the company’s 2015 outlook as compared
to 2014 actual results because approximately 50% of the company’s
revenues, and a higher percentage of profits, are generated outside
the U.S. while a much higher percentage of the company’s costs are
incurred in the U.S. See comparison table, below.
Activision Blizzard’s third quarter and calendar year 2015
outlook is, as follows:
Prior Outlook* Current Outlook
(in millions, except EPS) GAAP
Outlook Non-GAAP Outlook GAAP Outlook Non-GAAP
Outlook
CY
2015
Net Revenues $ 4,250 $ 4,425 $ 4,425 $ 4,600
EPS $
0.98 $ 1.20 $ 1.06 $ 1.30
Fully Diluted Shares** 750 750 750
750
Q3
2015
Net Revenues N/A N/A $ 875 $ 930
EPS N/A N/A $ 0.08 $
0.14
Fully Diluted Shares** N/A N/A 748 748
The following table compares our CY14 actual earnings per share
to CY15 outlook earnings per share.
Comparison EPS Prior Non-GAAP
Outlook* Current Non-GAAP Outlook Change
CY14 – Actuals $ 1.42 $ 1.42
Slate / Operations 0.01
0.15 0.14
Foreign Currency (0.15 ) (0.19 ) (0.04 )
Tax
Rate & Share Count (0.08 ) (0.08 )
CY15 – Outlook $ 1.20 $ 1.30 0.10
Currency Assumptions for 2015 Outlook (Q3-Q4):
- $1.10 USD/Euro for current outlook (vs.
$1.11 for prior outlook* and a $1.33 average for 2014)
- $1.54 USD/British Pound Sterling for
current and prior outlook* (vs. a $1.65 average for 2014)
- Note: Revenue and EPS increase if the
Euro or British Pound Sterling strengthen vs. USD
* Prior outlook was provided by the company on May 6, 2015 in
its earnings release.** Fully diluted weighted average shares
include participating securities and dilutive options on a weighted
average basis.
Cash Dividend
Activision Blizzard paid a cash dividend of $0.23 per common
share, a 15% increase year-over-year, in May 2015 to shareholders
of record at the close of business on March 30, 2015, totaling $170
million. The company did not make any share repurchases during the
second quarter under its $750 million share repurchase
authorization ending February 2017.
Conference Call
Today at 4:30 p.m. EDT, Activision Blizzard’s management will
host a conference call and Webcast to discuss the company’s results
for the quarter ended June 30, 2015 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 the “Investor Relations” area of
www.activisionblizzard.com to listen to the conference call via
live Webcast or to listen to the call live by dialing into
888-337-8197 in the U.S. with passcode 6151996.
About Activision Blizzard
Activision Blizzard, Inc. is the largest and most profitable
western interactive entertainment publishing company. It develops
and publishes some of the most successful and beloved entertainment
franchises in any medium, including Call of Duty, Call of Duty
Online, Destiny, Skylanders, World of Warcraft, StarCraft, Diablo,
Hearthstone: Heroes of Warcraft, and Heroes of the Storm. The
company is one of the FORTUNE “100 Best Companies To Work For®”
2015.
Headquartered in Santa Monica, California, it maintains
operations throughout the United States, Europe, and Asia.
Activision Blizzard develops and publishes games on all leading
interactive platforms and its games are available in most countries
around the world. More information about Activision Blizzard and
its products can be found on the company's website,
www.activisionblizzard.com.
1 Life to date, combined GAAP revenues from Hearthstone: Heroes
of Warcraft, Destiny, and Heroes of the Storm were over $1
billion.2 The NPD Group and GfK Chart-Track and Activision Blizzard
internal estimates, including toys and accessories3 The NPD Group
and GfK Chart-Track
A Constant FX Definition: Constant FX
provides current period results converted into USD using the
average exchange rates from the comparative prior periods rather
than the actual exchange rates in effect during the respective
current periods.
B Monthly Active User (MAU) Definition: We monitor
MAUs as a key measure of the overall size of our user base and
their regular engagement with our portfolio of games. MAUs are the
number of individuals who played 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
by the number of months in the period. An individual who plays two
of our games would be counted as two users. For Activision
Publishing MAUs, an individual who plays the same game on two
platforms or devices in the relevant period would be counted as two
users due to technical limitations. For Blizzard MAUs, an
individual who plays the same game on two platforms or devices in
the relevant period would be counted as one user.
C Subscriber Definition: World of Warcraft
subscribers include individuals who have paid a subscription fee or
have an active prepaid card to play World of Warcraft, as well as
those who have purchased the game and are within their free month
of access. Internet Game Room players who have accessed the game
over the last thirty days are also counted as subscribers. The
above definition excludes all players under free promotional
subscriptions, expired or cancelled subscriptions, and expired
prepaid cards. Subscribers in licensees' territories are defined
along the same rules.
Non-GAAP Financial Measures: As a supplement to our
financial measures presented in accordance with 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 revenues, 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:
- the change in deferred revenues and
related cost of sales with respect to certain of the company’s
online-enabled games;
- expenses related to stock-based
compensation;
- the amortization of intangibles from
purchase price accounting;
- fees and other expenses (including
legal fees, costs, expenses and accruals) related to the
acquisition of 429 million shares of our common stock on October
11, 2013 from Vivendi, pursuant to the stock purchase agreement
dated July 25, 2013 and the $4.75 billion debt financings related
thereto; and
- the income tax adjustments associated
with any of the above items.
In the future, Activision Blizzard may also consider whether
other significant non-recurring 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.
Internally, management uses these non-GAAP financial measures 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 revenues, 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.
In addition to the reasons stated above, which are generally
applicable to each of the items Activision Blizzard excludes from
its non-GAAP financial measures, there are additional specific
reasons why the company believes it is appropriate to exclude the
change in deferred revenues and related cost of sales with respect
to certain of the company’s online-enabled games.
Since Activision Blizzard has determined that some of our games’
online functionality represents an essential component of gameplay
and, as a result, a more-than-inconsequential separate deliverable,
we recognize revenues attributed to these game titles over their
estimated service periods, which may range from five months to a
maximum of less than a year. The related cost of sales is deferred
and recognized as the related revenues are recognized. Internally,
management excludes the impact of this change in deferred revenues
and related cost of sales in its non-GAAP financial measures 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,
which is consistent with the way the company is measured by
investment analysts and industry data sources. In addition,
excluding the change in deferred revenues and the related cost of
sales provides a much more timely indication of trends in our
operating results.
Cautionary Note Regarding Forward-looking Statements: The
statements contained in this press release 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 product releases; (3) statements of future financial or
operating performance; 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 risk, reflect management’s current
expectations, estimates and projections about our business, and are
inherently uncertain and difficult to predict.
The Company cautions that a number of important factors could
cause Activision Blizzard's 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: sales levels of Activision Blizzard’s titles;
increasing concentration of revenue among a small number of titles;
Activision Blizzard’s ability to predict consumer preferences,
including interest in specific genres, and preferences among
hardware platforms; the amount of our debt and the limitations
imposed by the covenants in the agreements governing our debt;
adoption rate and availability of new hardware (including
peripherals) and related software, particularly during the console
transitions; counterparty risks relating to customers, licensees,
licensors and manufacturers; maintenance of relationships with key
personnel, customers, financing providers, licensees, licensors,
manufacturers, vendors, and third-party developers, including the
ability to attract, retain and develop key personnel and developers
that can create high quality titles; changing business models,
including digital delivery of content and the increased prevalence
of free-to-play games; product delays or defects; competition,
including from used games and other forms of entertainment; rapid
changes in technology and industry standards; possible declines in
software pricing; product returns and price protection; the
identification of suitable future acquisition opportunities and
potential challenges associated with geographic expansion; the
seasonal and cyclical nature of the interactive entertainment
market; litigation risks and associated costs; protection of
proprietary rights; shifts in consumer spending trends; capital
market risks; applicable regulations; domestic and international
economic, financial and political conditions and policies; tax
rates and foreign exchange rates; the impact of the current
macroeconomic environment; and the other factors identified in
“Risk Factors” included in Part I, Item 1A of Activision Blizzard’s
most recent annual report on Form 10-K.
The forward-looking statements in this presentation are based on
information available to the Company as of the date of this press
release and, while believed to be true when made, may ultimately
prove to be incorrect. The Company may change its intention, belief
or expectation, at any time and without notice, based upon any
changes in such factors, in the Company’s assumptions or otherwise.
The Company undertakes no obligation to release publicly any
revisions to any forward-looking statements to reflect events or
circumstances after the original date of this press release, August
4, 2015, or to reflect the occurrence of unanticipated events.
(Tables to Follow)
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in millions, except per share data)
Three Months Ended June 30, Six Months Ended June
30, 2015 2014 2015 2014
Net
revenues Product sales $ 528 $ 587 $ 1,311 $ 1,357
Subscription, licensing and other revenues1 516 383
1,011 724 Total net revenues 1,044 970 2,322 2,081
Costs and expenses Cost of sales - product costs 156
187 364 412 Cost of sales - online 53 56 106 115 Cost of sales -
software royalties and amortization 85 46 233 102 Cost of sales -
intellectual property licenses 3 11 7 13 Product development 149
112 294 255 Sales and marketing 164 141 256 245 General and
administrative 102 107 188 202 Total
costs and expenses 712 660 1,448 1,344
Operating income 332 310 874 737 Interest and other expense,
net 50 50 100 101 Income before income
tax expense 282 260 774 636 Income tax expense 70 56 168 139
Net income $ 212 $ 204 $ 606 $ 497
Basic earnings per common share 2 $ 0.29 $ 0.28 $ 0.82 $
0.68 Weighted average common shares outstanding 727 716 725 712
Diluted earnings per common share 2 $ 0.29 $ 0.28 $ 0.81 $
0.67 Weighted average common shares outstanding assuming dilution
735 725 734 723 1 Subscription, licensing and other revenues
represent revenues from World of Warcraft subscriptions, licensing
royalties from our products and franchises, value-added services,
downloadable content, and other miscellaneous revenues. 2
The company calculates earnings per share
pursuant to the two-class method which requires the allocation of
net income between common shareholders and participating security
holders. We had, on a weighted-average basis, participating
securities of approximately 9 million and 10 million for the three
and six months ended June 30, 2015, respectively, and 16 million
for both the three and six months ended June 30, 2014. For the
three and six months ended June 30, 2015, net income attributable
to Activision Blizzard, Inc. common shareholders used to calculate
earnings per common share, assuming dilution, was $210 million and
$597 million, respectively, as compared to total net income of $212
million and $606 million, respectively, for the same periods. For
the three and six months ended June 30, 2014, net income
attributable to Activision Blizzard, Inc. common shareholders used
to calculate earnings per common share, assuming dilution, was $200
million and $484 million, respectively, as compared to total net
income of $204 million and $497 million, respectively, for the same
periods.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions) June 30,
December 31, 2015 2014
Assets Current assets Cash and cash equivalents $
4,416 $ 4,848 Short-term investments 105 10 Accounts receivable,
net 201 659 Inventories, net 117 123 Software development 338 452
Intellectual property licenses 26 5 Deferred income taxes, net 346
368 Other current assets 502 444
Total current assets
6,051 6,909 Long-term investments 9 9 Software development 80 20
Intellectual property licenses — 18 Property and equipment, net 179
157 Other assets 153 85 Intangible assets, net 26 29 Trademark and
trade names 433 433 Goodwill 7,084 7,086
Total assets $ 14,015 $ 14,746
Liabilities and Shareholders' Equity Current liabilities
Accounts payable $ 198 $ 325 Deferred revenues 837 1,797 Accrued
expenses and other liabilities 510 592
Total current liabilities 1,545 2,714 Long-term debt, net 4,077
4,324 Deferred income taxes, net 126 114 Other liabilities
466 361 Total liabilities 6,214
7,513 Shareholders' equity Common stock — —
Additional paid-in capital 10,163 9,924 Treasury stock (5,627 )
(5,762 ) Retained earnings 3,810 3,374 Accumulated other
comprehensive loss (545 ) (303 ) Total shareholders’
equity 7,801 7,233 Total liabilities
and shareholders’ equity $ 14,015 $ 14,746
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES RECONCILIATION
OF GAAP NET INCOME TO NON-GAAP MEASURES (Amounts in
millions, except per share data) Three Months Ended
June 30, 2015
Net
Revenues
Cost of Sales -
Product Costs
Cost of Sales -
Online
Cost of Sales -
Software
Royalties and
Amortization
Cost of Sales -
Intellectual
Property
Licenses
Product
Development
Sales and
Marketing
General and
Administrative
Total Costs
and
Expenses
GAAP Measurement $ 1,044 $ 156 $ 53 $
85 $ 3 $ 149 $ 164 $ 102 $ 712
Less: Net effect from deferral of net revenues and related cost of
sales1 (285 ) (59 ) — (45 ) — — — — (104 ) Less: Stock-based
compensation2 — — — (3 ) — (6 ) (2 ) (10 ) (21 ) Less: Amortization
of intangible assets3 — —
— — (1 )
— — —
(1 ) Non-GAAP Measurement $ 759 $ 97
$ 53 $ 37 $ 2
$ 143 $ 162 $ 92 $
586
Operating
Income
Net Income
Basic
Earnings per
Share
Diluted
Earnings per
Share
GAAP Measurement $ 332 $ 212 $ 0.29 $ 0.29 Less: Net effect from
deferral of net revenues and related cost of sales (181 ) (136 )
(0.18 ) (0.18 ) Less: Stock-based compensation 21 16 0.02 0.02
Less: Amortization of intangible assets 1
1 — —
Non-GAAP Measurement $ 173 $ 93 $ 0.13
$ 0.13
Six Months Ended June 30,
2015
Net
Revenues
Cost of Sales -
Product Costs
Cost of Sales -
Online
Cost of Sales -
Software
Royalties and
Amortization
Cost of Sales -
Intellectual
Property
Licenses
Product
Development
Sales and
Marketing
General and
Administrative
Total Costs
and
Expenses
GAAP Measurement $ 2,322 $ 364 $ 106 $ 233 $ 7 $ 294 $ 256 $ 188 $
1,448 Less: Net effect from deferral of net revenues and related
cost of sales1 (860 ) (170 ) — (145 ) — — — — (315 ) Less:
Stock-based compensation2 — — — (7 ) — (14 ) (4 ) (19 ) (44 ) Less:
Amortization of intangible assets3 — —
— —
(3 ) — — —
(3 ) Non-GAAP Measurement $ 1,462
$ 194 $ 106 $ 81 $
4 $ 280 $ 252 $ 169
$ 1,086
Operating
Income
Net Income
Basic
Earnings per
Share
Diluted
Earnings per
Share
GAAP Measurement $ 874 $ 606 $ 0.82 $ 0.81 Less: Net effect from
deferral of net revenues and related cost of sales (545 )
(431
) (0.59 ) (0.58 ) Less: Stock-based compensation 44 32 0.04 0.04
Less: Amortization of intangible assets 3
2 — —
Non-GAAP Measurement $ 376 $ 209 $ 0.28
$ 0.28 1 Reflects the net change in
deferred revenues and related cost of sales. 2 Includes expenses
related to stock-based compensation. 3 Reflects amortization of
intangible assets from purchase price accounting. The per
share adjustments and the GAAP and non-GAAP earnings per share
information are presented as calculated. The sum of these measures,
as presented, may differ due to the impact of rounding.
The company calculates earnings per share
pursuant to the two-class method which requires the allocation of
net income between common shareholders and participating security
holders. For the three and six months ended June 30, 2015, net
income attributable to Activision Blizzard, Inc. common
shareholders used to calculate non-GAAP earnings per common share,
assuming dilution, was $92 million and $205 million, respectively,
as compared to total net income of $93 million and $209 million,
respectively, for the same periods. For purposes of calculating
earnings per share, we had, on a weighted-average basis, common
shares outstanding of 727 million, participating securities of
approximately 9 million, and dilutive shares of 8 million during
the three months ended June 30, 2015. For purposes of calculating
earnings per share, we had, on a weighted-average basis, common
shares outstanding of 725 million, participating securities of
approximately 10 million, and dilutive shares of 9 million during
the six months ended June 30, 2015.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP MEASURES
(Amounts in millions, except per share data) Three
Months Ended June 30, 2014
Net
Revenues
Cost of Sales -
Product Costs
Cost of Sales -
Online
Cost of Sales -
Software
Royalties and
Amortization
Cost of Sales -
Intellectual
Property
Licenses
Product
Development
Sales and
Marketing
General and
Administrative
Total Costs
and
Expenses
GAAP Measurement $ 970 $ 187 $ 56 $ 46
$ 11 $ 112 $ 141 $ 107 $ 660
Less: Net effect from deferral of net revenues and related cost of
sales1 (312 ) (69 ) — (24 ) 1 — — — (92 ) Less: Stock-based
compensation2 — — — (4 ) — (3 ) (2 ) (13 ) (22 ) Less: Amortization
of intangible assets3 — —
— — (1 )
— — —
(1 ) Non-GAAP Measurement $ 658 $ 118
$ 56 $ 18 $ 11
$ 109 $ 139 $ 94 $
545
Operating
Income
Net Income
Basic
Earnings per
Share
Diluted
Earnings per
Share
GAAP Measurement $ 310 $ 204 $ 0.28 $ 0.28 Less: Net effect from
deferral of net revenues and related cost of sales (220 ) (174 )
(0.24 ) (0.23 ) Less: Stock-based compensation 22 14 0.02 0.02
Less: Amortization of intangible assets 1
1 — —
Non-GAAP Measurement $ 113 $ 45 $ 0.06
$ 0.06
Six Months Ended June 30,
2014
Net
Revenues
Cost of Sales -
Product Costs
Cost of Sales -
Online
Cost of Sales -
Software
Royalties and
Amortization
Cost of Sales -
Intellectual
Property
Licenses
Product
Development
Sales and
Marketing
General and
Administrative
Total Costs
and
Expenses
GAAP Measurement $ 2,081 $ 412 $ 115 $ 102 $ 13 $ 255 $ 245 $ 202 $
1,344 Less: Net effect from deferral of net revenues and related
cost of sales1 (651 ) (163 ) — (49 ) 1 — — — (211 ) Less:
Stock-based compensation2 — — — (11 ) — (10 ) (5 ) (27 ) (53 )
Less: Amortization of intangible assets3 —
— — —
(3 ) — —
— (3 ) Non-GAAP Measurement $
1,430 $ 249 $ 115 $ 42
$ 11 $ 245 $ 240
$ 175 $ 1,077
Operating
Income
Net Income
Basic
Earnings per
Share
Diluted
Earnings per
Share
GAAP Measurement $ 737 $ 497 $ 0.68 $ 0.67 Less: Net effect from
deferral of net revenues and related cost of sales (440 ) (346 )
(0.47 ) (0.47 ) Less: Stock-based compensation 53 33 0.05 0.04
Less: Amortization of intangible assets 3
2 — —
Non-GAAP Measurement $ 353 $ 186 $ 0.25
$ 0.25 1 Reflects the net change in
deferred revenues and related cost of sales. 2 Includes expenses
related to stock-based compensation. 3 Reflects amortization of
intangible assets from purchase price accounting. The per
share adjustments and the GAAP and non-GAAP earnings per share
information are presented as calculated. The sum of these measures,
as presented, may differ due to the impact of rounding.
The company calculates earnings per share
pursuant to the two-class method which requires the allocation of
net income between common shareholders and participating security
holders. For the three and six months ended June 30, 2014, net
income attributable to Activision Blizzard, Inc. common
shareholders used to calculate non-GAAP earnings per common share,
assuming dilution, was $44 million and $181 million, respectively,
as compared to total net income of $45 million and $186 million,
respectively, for the same periods. For purposes of calculating
earnings per share, we had, on a weighted-average basis, common
shares outstanding of 716 million, participating securities of
approximately 16 million, and dilutive shares of 9 million during
the three months ended June 30, 2014. For purposes of calculating
earnings per share, we had, on a weighted-average basis, common
shares outstanding of 712 million, participating securities of
approximately 16 million, and dilutive shares of 11 million during
the six months ended June 30, 2014.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION For the Three and Six Months Ended
June 30, 2015 and 2014 (Amounts in millions)
Three Months Ended June 30, 2015
June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total4
Amount %
of Total4
GAAP Net Revenues by Distribution Channel
Retail channels $ 414 40 %
$
428
44 % $ (14 ) (3 )% Digital online channels1 569
55 476 49 93
20 Total Activision and Blizzard 983 94 904 93 79 9
Distribution 61 6 66
7 (5 ) (8 ) Total consolidated GAAP net
revenues 1,044 100 970
100 74 8
Change in Deferred
Revenues2 Retail channels (327 ) (317 ) Digital online
channels1 42 5 Total changes in
deferred revenues (285 ) (312 )
Non-GAAP
Net Revenues by Distribution Channel Retail channels 87 11 111
17 (24 ) (22 ) Digital online channels1 611 81
481 73 130 27
Total Activision and Blizzard 698 92 592 90 106 18 Distribution
61 8 66 10
(5 ) (8 ) Total non-GAAP net revenues3 $ 759
100 % $ 658 100 % $ 101 15 %
Six
Months Ended June 30, 2015 June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total4 Amount
% of Total4 GAAP Net Revenues by Distribution
Channel Retail channels $ 1,063 46 % $ 1,087 52 % $ (24 ) (2 )%
Digital online channels1 1,150 50
854 41 296 35 Total
Activision and Blizzard 2,213 95 1,941 93 272 14 Distribution
109 5 140 7
(31 ) (22 ) Total consolidated GAAP net revenues
2,322 100 2,081 100
241 12
Change in Deferred
Revenues2 Retail channels (859 ) (804 ) Digital online
channels1 (1 ) 153 Total changes in deferred
revenues (860 ) (651 )
Non-GAAP Net
Revenues by Distribution Channel Retail channels 204 14 283 20
(79 ) (28 ) Digital online channels1 1,149 79
1,007 70 142 14
Total Activision and Blizzard 1,353 93 1,290 90 63 5 Distribution
109 7 140 10
(31 ) (22 ) Total non-GAAP net revenues3 $ 1,462
100 % $ 1,430 100 % $ 32 2 %
1
Net revenues from digital online channels
represent revenues from digitally distributed subscriptions,
licensing royalties, value-added services, downloadable content,
and products.
2 We provide net revenues including (in accordance with GAAP) and
excluding (non-GAAP) the impact of changes in deferred revenues. 3
Total non-GAAP net revenues presented also represents our total
operating segment net revenues. 4 The percentages of total are
presented as calculated. Therefore the sum of these percentages, as
presented, may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES FINANCIAL
INFORMATION For the Three Months Ended June 30, 2015 and
2014 (Amounts in millions) Three Months
Ended June 30, 2015 June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total6 Amount
% of Total6 GAAP Net Revenues by Segment/Platform
Mix Activision and Blizzard: Online1 $ 221 21 % $
195 20 % $ 26 13 % PC 149 14 182 19 (33 ) (18 )
Next-generation (PS4, Xbox One, Wii U) 317 30 137 14 180 131
Prior-generation (PS3, Xbox 360, Wii) 242 23
342 35 (100 ) (29 ) Total
console2 559 54 479
49 80 17 Mobile and other3
54 5 48 5
6 13 Total Activision and Blizzard 983
94 904 93 79
9 Distribution: Total Distribution 61 6
66 7 (5 ) (8 ) Total
consolidated GAAP net revenues 1,044 100
970 100 74 8
Change in Deferred Revenues4 Activision and
Blizzard: Online1 (64 ) 6 PC 36 (51 ) Next-generation (PS4,
Xbox One, Wii U) (152 ) (70 ) Prior-generation (PS3, Xbox 360, Wii)
(131 ) (208 ) Total console2 (283 )
(278 ) Mobile and other3 26 11
Total changes in deferred revenues (285 ) (312 )
Non-GAAP Net Revenues by Segment/Platform Mix
Activision and Blizzard: Online1 157 21 201 31 (44 ) (22 ) PC 185
24 131 20 54 41 Next-generation (PS4, Xbox One, Wii U) 165
22 67 10 98 146 Prior-generation (PS3, Xbox 360, Wii) 111
15 134 20
(23 ) (17 ) Total console2 276 36
201 31 75 37
Mobile and other3 80 11 59
9 21 36 Total Activision and
Blizzard
698 92
592 90
106 18
Distribution:
Total Distribution 61 8 66
10 (5 ) (8 ) Total consolidated
non-GAAP net revenues5 $ 759 100 % $ 658
100 % $ 101 15 % 1
Revenues from online consists of revenues
from all World of Warcraft products, including subscriptions, boxed
products, expansion packs, licensing royalties, and value-added
services.
2 Downloadable content and their related revenues are included in
each respective console platforms and total console. 3
Revenues from mobile and other includes
revenues from handheld and mobile devices, as well as non-platform
specific game related revenues, such as standalone sales of toys
and accessories products from the Skylanders franchise and other
physical merchandise and accessories.
4 We provide net revenues including (in accordance with GAAP) and
excluding (non-GAAP) the impact of changes in deferred net
revenues. 5 Total non-GAAP net revenues presented also represents
our total operating segment net revenues. 6 The percentages of
total are presented as calculated. Therefore the sum of these
percentages, as presented, may differ due to the impact of
rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION For the Six Months Ended June 30,
2015 and 2014 (Amounts in millions) Six
Months Ended June 30, 2015 June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total6 Amount
% of Total6 GAAP Net Revenues by Segment/Platform
Mix Activision and Blizzard: Online1 $ 492 21 % $
395 19 % $ 97 25 % PC 263 11 281 14 (18 ) (6 )
Next-generation (PS4, Xbox One, Wii U) 751 32 245 12 506 207
Prior-generation (PS3, Xbox 360, Wii) 566 24
889 43 (323 ) (36 ) Total
console2 1,317 57 1,134
54 183 16 Mobile and other3
141 6 131 6
10 8 Total Activision and Blizzard 2,213
95 1,941 93
272 14 Distribution: Total Distribution 109
5 140 7 (31 ) (22
) Total consolidated GAAP net revenues 2,322
100 2,081 100 241
12
Change in Deferred Revenues4 Activision and
Blizzard: Online1 (126 ) 33 PC 48 88 Next-generation (PS4,
Xbox One, Wii U) (453 ) (146 ) Prior-generation (PS3, Xbox 360,
Wii) (355 ) (637 ) Total console2 (808 )
(783 ) Mobile and other3 26 11
Total changes in deferred revenues (860 ) (651
)
Non-GAAP Net Revenues by Segment/Platform Mix
Activision and Blizzard: Online1 366 25 428 30 (62 ) (14 ) PC 311
21 369 26 (58 ) (16 ) Next-generation (PS4, Xbox One, Wii U)
298 20 99 7 199 201 Prior-generation (PS3, Xbox 360, Wii)
211 14 252 18
(41 ) (16 ) Total console2 509 35
351 25 158 45
Mobile and other3 167 11
142 10 25 18 Total Activision
and Blizzard
1,353 93
1,290 90
63 5 Distribution: Total Distribution 109
7 140 10 (31 ) (22
) Total consolidated non-GAAP net revenues5 $ 1,462
100 % $ 1,430 100 % $ 32 2 % 1
Revenues from online consists of revenues
from all World of Warcraft products, including subscriptions, boxed
products, expansion packs, licensing royalties, and value-added
services.
2 Downloadable content and their related revenues are included in
each respective console platforms and total console. 3
Revenues from mobile and other includes
revenues from handheld and mobile devices, as well as non-platform
specific game related revenues, such as standalone sales of toys
and accessories products from the Skylanders franchise and other
physical merchandise and accessories.
4 We provide net revenues including (in accordance with GAAP) and
excluding (non-GAAP) the impact of changes in deferred net
revenues. 5 Total non-GAAP net revenues presented also represents
our total operating segment net revenues. 6 The percentages of
total are presented as calculated. Therefore the sum of these
percentages, as presented, may differ due to the impact of
rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION For the Three and Six Months Ended
June 30, 2015 and 2014 (Amounts in millions)
Three Months Ended June 30, 2015
June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total3 Amount
% of Total3 GAAP Net Revenues by Geographic
Region North America $ 551 53 % $ 471 49 % $ 80
17 % Europe 388 37 395 41 (7 ) (2 ) Asia Pacific 105
10 104 11 1
1 Total consolidated GAAP net revenues 1,044
100 970 100 74 8
Change in Deferred Revenues1 North America
(198 ) (177 ) Europe (113 ) (113 ) Asia Pacific 26
(22 ) Total changes in net revenues (285 )
(312 )
Non-GAAP Net Revenues by Geographic Region
North America 353 47 294 45 59 20 Europe 275 36 282 43 (7 ) (2 )
Asia Pacific 131 17 82
12 49 60 Total non-GAAP net revenues2 $
759 100 % $ 658 100 % $ 101 15 %
Six Months Ended June 30, 2015 June 30,
2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total3 Amount
% of Total3 GAAP Net Revenues by Geographic
Region North America $ 1,255 54 % $ 1,035 50 % $ 220 21 %
Europe 852 37 856 41 (4 ) — Asia Pacific 215 9
190 9 25 13 Total
consolidated GAAP net revenues 2,322 100
2,081 100 241 12
Change in Deferred Revenues1 North America
(548 ) (411 ) Europe (309 ) (237 ) Asia Pacific (3 )
(3 ) Total changes in net revenues (860 ) (651 )
Non-GAAP Net Revenues by Geographic Region North
America 707 48 624 44 83 13 Europe 543 37 619 43 (76 ) (12 ) Asia
Pacific 212 15 187
13 25 13 Total non-GAAP net revenues2 $ 1,462
100 % $ 1,430 100 % $ 32 2 %
1 We provide net revenues including (in accordance with
GAAP) and excluding (non-GAAP) the impact of changes in deferred
net revenues. 2 Total non-GAAP net revenues presented also
represents our total operating segment net revenues. 3 The
percentages of total are presented as calculated. Therefore the sum
of these percentages, as presented, may differ due to the impact of
rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION For the Three and Six Months Ended
June 30, 2015 and 2014 (Amounts in millions)
Three Months Ended June 30, 2015
June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total4 Amount
% of Total4 Segment net revenues:
Activision1 $ 313 41 % $ 252 38 % $ 61 24 % Blizzard2 385 51
340 52 45 13 Distribution3 61 8
66 10 (5 ) (8 ) Operating segment total
759 100 % 658 100 % 101 15
Reconciliation to
consolidated net revenues: Net effect from deferral of net
revenues 285 312 Consolidated net
revenues $ 1,044 $ 970 74 8 %
Segment
income from operations: Activision1 $ 57 $ (31 ) $ 88 NM
Blizzard2 117 145 (28 ) (19 ) Distribution3 (1 ) (1 )
— — Operating segment total 173 113 60 53
Reconciliation to consolidated operating income and consolidated
income before income tax expense: Net effect from deferral of
net revenues and related cost of sales 181 220 Stock-based
compensation expense (21 ) (22 ) Amortization of intangible assets
(1 ) (1 ) Consolidated operating income 332 310 22 7
Interest and other expense, net 50 50
Consolidated income before income tax expense $ 282 $ 260
22 8 % Operating margin from total operating segments
22.8 % 17.2 %
Six Months Ended June 30, 2015
June 30, 2014
$ Increase
(Decrease)
% Increase
(Decrease)
Amount % of Total4 Amount
% of Total4 Segment net revenues: Activision1
$ 616 42 % $ 489 34 % $ 127 26 % Blizzard2 737 50 801 56 (64 ) (8 )
Distribution3 109 7 140
10 (31 ) (22 ) Operating segment total 1,462
100 % 1,430 100 % 32 2
Reconciliation to
consolidated net revenues: Net effect from deferral of net
revenues 860 651 Consolidated net
revenues $ 2,322 $ 2,081 241 12 %
Segment
income from operations: Activision1 $ 121 $ (29 ) $ 150 NM
Blizzard2 256 383 (127 ) (33 ) Distribution3 (1 ) (1
) — — Operating segment total 376 353 23 7
Reconciliation to consolidated
operating income and consolidated income before income tax
expense:
Net effect from deferral of net revenues and related cost of sales
545 440 Stock-based compensation expense (44 ) (53 ) Amortization
of intangible assets (3 ) (3 ) Consolidated operating
income 874 737 137 19 Interest and other expense, net 100
101 Consolidated income before income tax
expense $ 774 $ 636 138 22 % Operating margin
from total operating segments 25.7 % 24.7 % 1
Activision Publishing (“Activision”) —
publishes interactive entertainment products and content.
2 Blizzard Entertainment, Inc. (“Blizzard”) — publishes PC games
and online subscription-based games in the MMORPG category. 3
Activision Blizzard Distribution (“Distribution”) — distributes
interactive entertainment software and hardware products. 4 The
percentages of total are presented as calculated. Therefore the sum
of these percentages, as presented, may differ due to the impact of
rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
EBITDA and Adjusted EBITDA For the Trailing Twelve Months
Ended June 30, 2015 (Amounts in millions)
Trailing Twelve Months Ended September
30, December 31, March 31, June 30, June 30, 2014
2014 2015 2015 2015
GAAP Net Income (Loss) $ (23 ) $ 361 $ 394 $ 212 $
945 Interest Expense, net 51 51 50 50 202 Provision (Benefit) for
income taxes (20 ) 27 98 70 175 Depreciation and amortization
22 29 20 21
91
EBITDA 30 468 562 353
1,413 Deferral of net revenues and related cost of
sales1 180 475 (362 ) (181 ) 110 Stock-based compensation expense2
22 29 23 21 95 Fees and other expenses related to the Purchase
Transaction and related debt financings3 48
(36 ) — — 13
Adjusted
EBITDA $ 280 $ 936
$ 223 $ 193 $
1,631 1 Reflects the net change in deferred revenues
and related cost of sales. 2 Includes expenses related to
stock-based compensation. 3 Reflects fees and other expenses
(including legal fees, costs, expenses and accruals) related to the
repurchase of 429 million shares of our common stock from Vivendi
(the "Purchase Transaction") completed on October 11, 2013 and
related debt financings. Trailing twelve months amounts are
presented as calculated. Therefore the sum of the four quarters, as
presented, may differ due to the impact of rounding.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
Outlook for the Quarter Ending
September 30, 2015 and Year Ending December 31, 2015
GAAP to Non-GAAP Reconciliation (Amounts in millions,
except per share data) Outlook for the
Outlook for the Three Months Ending Year
Ending September 30, 2015
December 31, 2015
Net Revenues (GAAP) $ 875 $
4,425 Excluding the impact of: Change in deferred
revenues1 55 175
Net Revenues (Non-GAAP)
$ 930 $ 4,600 Earnings
Per Diluted Share (GAAP) $ 0.08 $
1.06 Excluding the impact of: Deferral of net
revenues and related cost of sales2 0.03 0.14 Stock-based
compensation3 0.02 0.09 Amortization of intangible assets4 —
0.01
Earnings Per Diluted Share (Non-GAAP) $
0.14 $ 1.30 1 Reflects the net change
in deferred revenues. 2 Reflects the net change in deferred
revenues and related cost of sales.
3
Reflects expenses related to stock-based compensation.
4
Reflects amortization of intangible assets from purchase price
accounting.
The per share adjustments and the GAAP and
non-GAAP earnings (loss) per share information are presented as
calculated. Therefore the sum of these measures, as presented, may
differ due to the impact of rounding.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150804006820/en/
Activision Blizzard, Inc.Amrita AhujaSVP,
Investor Relations(310) 255-2075Amrita.Ahuja@Activision.comorMary
OsakoSVP, Global Communications(424)
322-5166Mary.Osako@Activision.com
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