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Activision Blizzard, Inc. (ATVI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

ATVI Quarterly Reports

Activision Blizzard, Inc.

CIK: 718877 Ticker: ATVI

Exhibit 99.1

 

ACTIVISION BLIZZARD ANNOUNCES STRONG FIRST-QUARTER 2020 FINANCIAL RESULTS

 

Santa Monica, CA – May 5, 2020 – Activision Blizzard, Inc. (Nasdaq: ATVI) today announced first-quarter 2020 results.

 

“Our goal to connect the world through epic entertainment is more important to our players than ever before,” said Bobby Kotick, Chief Executive Officer of Activision Blizzard. “We delivered strong financial results for the first quarter, and are raising our full year outlook. I have been awestruck by the strength of our employees and their families during this difficult time. Whether managing healthcare or childcare, performing public service or community service, our teams around the world have shown ingenuity and resilience. In the face of so many difficulties, our employees have made certain that the joy, the engagement, and the benefits of gaming remain an effective way to help keep our 400 million players around the world connected and safe.”

 

Financial Metrics

 

  Q1
(in millions, except EPS) 2020 Prior Outlook* 2019
GAAP Net Revenues $ 1,788 $ 1,640 $ 1,825
      Impact of GAAP deferralsA $ (266) $ (365) $ (567)
             
GAAP EPS $ 0.65 $ 0.55 $ 0.58
Non-GAAP EPS $ 0.76 $ 0.66 $ 0.78
      Impact of GAAP deferralsA $ (0.18) $ (0.31) $ (0.47)
             

 

     * Prior outlook was provided by the company on February 6, 2020 in its earnings release.

 

For the quarter ended March 31, 2020, Activision Blizzard’s net revenues presented in accordance with GAAP were $1.79 billion, as compared with $1.83 billion for the first quarter of 2019. GAAP net revenues from digital channels were $1.44 billion, as compared with $1.39 billion for the first quarter of 2019. GAAP operating margin was 34%. GAAP earnings per diluted share were $0.65, as compared with $0.58 for the first quarter of 2019.

 

For the quarter ended March 31, 2020, on a non-GAAP basis, Activision Blizzard’s operating margin was 40% and earnings per diluted share were $0.76, as compared with $0.78 for the first quarter of 2019.

 

For the quarter ended March 31, 2020, operating cash flow was $148 million. For the trailing twelve-month period, operating cash flow was $1.53 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.

 


The following information was filed by Activision Blizzard, Inc. (ATVI) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Activision Blizzard, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Capital Transactions
Capital Transactions - Dividends (Details)
Capital Transactions - Repurchase Program (Details)
Commitments And Contingencies
Computation Of Basic/Diluted Earnings Per Common Share
Computation Of Basic/Diluted Earnings Per Common Share (Tables)
Computation Of Basic/Diluted Earnings Per Common Share - Computation Eps (Details)
Computation Of Basic/Diluted Earnings Per Common Share - Weighted-Average Shares Excluded From The Computation Of Diluted Earnings Per Share (Details)
Debt
Debt (Tables)
Debt - Credit Facilities (Details)
Debt - Schedule Of Maturities (Details)
Debt - Summary Of Debt (Details)
Debt - Unsecured Senior Notes, Interest Expense And Financing Costs, And Additional Information (Details)
Deferred Revenues
Deferred Revenues (Details)
Deferred Revenues Deferred Revenues - Remaining Performance Obligation (Details)
Description Of Business And Basis Of Consolidation And Presentation
Description Of Business And Basis Of Consolidation And Presentation (Details)
Description Of Business And Basis Of Consolidation And Presentation (Policies)
Description Of Business And Basis Of Consolidation And Presentation (Tables)
Description Of Business And Basis Of Consolidation And Presentation - Restricted Cash (Details)
Description Of Business And Basis Of Consolidation And Presentation - Supplemental Cash Flow Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Foreign Currency Forward Contracts (Details)
Fair Value Measurements - Recurring Basis (Details)
Fair Value Measurements Fair Value Measurements - Non-Recurring Basis (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets, Net
Intangible Assets, Net (Tables)
Intangible Assets, Net - Schedule Of Future Amortization (Details)
Intangible Assets, Net - Schedule Of Intangible Assets, Net (Details)
Interest And Other Expense (Income), Net
Interest And Other Expense (Income), Net (Details)
Interest And Other Expense (Income), Net (Tables)
Operating Segments And Geographic Region
Operating Segments And Geographic Region (Details)
Operating Segments And Geographic Region (Tables)
Recently Issued Accounting Pronouncements
Restructuring
Restructuring (Tables)
Restructuring - Narrative (Details)
Restructuring - Schedule Of Accrued Restructuring Included In Accrued Expenses And Other Liabilities By Cost Type (Details)
Restructuring - Schedule Of Total Expected Pre-Tax Restructuring Charges (Details)
Restructuring - Total Restructuring And Related Costs By Segment (Details)
Software Development And Intellectual Property Licenses
Software Development And Intellectual Property Licenses (Details)
Software Development And Intellectual Property Licenses (Tables)

Material Contracts, Statements, Certifications & more

Activision Blizzard, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ATVI
CIK: 718877
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006454
Submitted to the SEC: Tue May 05 2020 4:31:55 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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