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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
 
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                      to                     
 
Commission File Number 1-15839
https://cdn.kscope.io/708e1b0b9661243fa6d1ea726cfc0d22-atvi-20200930_g1.jpg
ACTIVISION BLIZZARD, INC.
(Exact name of registrant as specified in its charter)
Delaware95-4803544
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3100 Ocean Park BoulevardSanta Monica,CA90405
(Address of principal executive offices)(Zip Code)
 
(310) 255-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.000001 per shareATVIThe Nasdaq Global Select Market
Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerNon-accelerated FilerAccelerated Filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 
The number of shares of the registrant’s Common Stock outstanding at October 22, 2020 was 772,857,185.


Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
 
Table of Contents

 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
   
   
  
   

2

Table of Contents
CAUTIONARY STATEMENT

This Quarterly Report on Form 10-Q contains, or incorporates by reference, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements consist of any statement other than a recitation of historical facts and include, but are not limited to: (1) projections of revenues, expenses, income or loss, earnings or loss per share, cash flow, or other financial items; (2) statements of our plans and objectives, including those related to releases of products or services and restructuring activities; (3) statements of future financial or operating performance, including the impact of tax items thereon; and (4) statements of assumptions underlying such statements. Activision Blizzard, Inc. generally uses words such as “outlook,” “forecast,” “will,” “could,” “should,” “would,” “to be,” “plan,” “aims,” “believes,” “may,” “might,” “expects,” “intends,” “seeks,” “anticipates,” “estimate,” “future,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and other similar words and expressions to help identify forward-looking statements. Forward-looking statements are subject to business and economic risks, reflect management’s current expectations, estimates, and projections about our business, and are inherently uncertain and difficult to predict.

We caution that a number of important factors, many of which are beyond our control, could cause our actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements. Such factors include, but are not limited to: the ongoing global impact of a novel strain of coronavirus which emerged in December 2019 (“COVID-19”) (including, without limitation, the potential for significant short- and long-term global unemployment and economic weakness and a resulting impact on global discretionary spending; potential strain on the retailers and distributors who sell our physical product to customers; effects on our ability to release our content in a timely manner; the impact of large-scale intervention by the Federal Reserve and other central banks around the world, including the impact on interest rates; and volatility in foreign exchange rates); our ability to consistently deliver popular, high-quality titles in a timely manner, which has been made more difficult as a result of the COVID-19 pandemic; concentration of revenue among a small number of franchises; our ability to satisfy the expectations of consumers with respect to our brands, games, services, and/or business practices; our ability to attract, retain and motivate skilled personnel; rapid changes in technology and industry standards; competition, including from other forms of entertainment; increasing importance of revenues derived from digital distribution channels; risks associated with the retail sales business model; the continued growth in the scope and complexity of our business, including the diversion of management time and attention to issues relating to the operations of our newly acquired or started businesses and the potential impact of our expansion into new businesses on our existing businesses; substantial influence of third-party platform providers over our products and costs; risks associated with transitions to next-generation consoles; success and availability of video game consoles manufactured by third parties; risks associated with the free-to-play business model, including dependence on a relatively small number of consumers for a significant portion of revenues and profits from any given game; our ability to realize the expected financial and operational benefits of, and effectively implement and manage, our restructuring actions; our ability to quickly adjust our cost structure in response to sudden changes in demand; risks and costs associated with legal proceedings; intellectual property claims; changes in tax rates or exposure to additional tax liabilities, as well as the outcome of current or future tax disputes; our ability to sell products at assumed pricing levels; reliance on external developers for development of some of our software products; the amount of our debt and the limitations imposed by the covenants in the agreements governing our debt; the seasonality in the sale of our products; counterparty risks relating to customers, licensees, licensors, and manufacturers, which have been magnified as a result of the COVID-19 pandemic; risks associated with our use of open source software; piracy and unauthorized copying of our products; insolvency or business failure of any of our partners, which has been magnified as a result of the COVID-19 pandemic; risks and uncertainties of conducting business outside the United States (the “U.S.”); increasing regulation of our business, products, and distribution in key territories; compliance with continually evolving laws and regulations concerning data privacy; reliance on servers and networks to operate our games and our proprietary online gaming service; potential data breaches and other cybersecurity risks; and the other factors identified in “Risk Factors” included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the period ended March 31, 2020, and our Quarterly Report on Form 10-Q for the period ended June 30, 2020.

The forward-looking statements contained herein are based on information available to Activision Blizzard, Inc. as of the date of this filing and we assume no obligation to update any such forward-looking statements. Although these forward-looking statements are believed to be true when made, they may ultimately prove to be incorrect. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and may cause actual results to differ materially from current expectations.
 
Activision Blizzard, Inc.’s names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or trade names of Activision Blizzard, Inc. All other product or service names are the property of their respective owners. All dollar amounts referred to in, or contemplated by, this Quarterly Report on Form 10-Q refer to U.S. dollars, unless otherwise explicitly stated to the contrary.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in millions, except share data)

At September 30, 2020At December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$7,415 $5,794 
Accounts receivable, net of allowances of $88 and $132, at September 30, 2020 and December 31, 2019, respectively
619 848 
Software development398 322 
Other current assets570 328 
Total current assets9,002 7,292 
Software development145 54 
Property and equipment, net211 253 
Deferred income taxes, net1,287 1,293 
Other assets699 658 
Intangible assets, net469 531 
Goodwill9,764 9,764 
Total assets$21,577 $19,845 
Liabilities and Shareholders’ Equity  
Current liabilities:  
Accounts payable$224 $292 
Deferred revenues1,108 1,375 
Accrued expenses and other liabilities855 1,248 
Total current liabilities2,187 2,915 
Long-term debt, net3,604 2,675 
Deferred income taxes, net480 505 
Other liabilities924 945 
Total liabilities7,195 7,040 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,201,482,888 and 1,197,436,644 shares issued at September 30, 2020 and December 31, 2019, respectively
  
Additional paid-in capital11,395 11,174 
Less: Treasury stock, at cost, 428,676,471 shares at September 30, 2020 and December 31, 2019
(5,563)(5,563)
Retained earnings9,183 7,813 
Accumulated other comprehensive loss(633)(619)
Total shareholders’ equity14,382 12,805 
Total liabilities and shareholders’ equity$21,577 $19,845 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in millions, except per share data)
 
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2020201920202019
Net revenues  
Product sales$408 $260 $1,484 $1,276 
Subscription, licensing, and other revenues1,546 1,022 4,190 3,227 
Total net revenues1,954 1,282 5,674 4,503 
Costs and expenses   
Cost of revenues—product sales:
Product costs101 137 357 388 
Software royalties, amortization, and intellectual property licenses37 9 152 171 
Cost of revenues—subscription, licensing, and other revenues:
Game operations and distribution costs290 246 819 714 
Software royalties, amortization, and intellectual property licenses41 50 115 164 
Product development274 210 802 702 
Sales and marketing238 182 722 580 
General and administrative186 177 529 527 
Restructuring and related costs9 24 39 104 
Total costs and expenses1,176 1,035 3,535 3,350 
Operating income778 247 2,139 1,153 
Interest and other expense (income), net (Note 12)
25 (2)55 (33)
Loss on extinguishment of debt31  31  
Income before income tax expense722 249 2,053 1,186 
Income tax expense118 45 365 208 
Net income$604 $204 $1,688 $978 
Earnings per common share   
Basic$0.78 $0.27 $2.19 $1.28 
Diluted$0.78 $0.26 $2.17 $1.27 
Weighted-average number of shares outstanding   
Basic772 767 771 766 
Diluted779 771 777 770 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in millions)
 
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Net income$604 $204 $1,688 $978 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax21 (6)11 (5)
Unrealized gains (losses) on forward contracts designated as hedges, net of tax(18)10 (26)4 
Unrealized gains (losses) on investments, net of tax(2)(3)1 (5)
Total other comprehensive income (loss)$1 $1 $(14)$(6)
Comprehensive income$605 $205 $1,674 $972 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in millions)

 For the Nine Months Ended September 30,
 20202019
Cash flows from operating activities:  
Net income$1,688 $978 
Adjustments to reconcile net income to net cash provided by operating activities: 
Deferred income taxes(13)100 
Depreciation and amortization152 246 
Non-cash operating lease cost48 49 
Amortization of capitalized software development costs and intellectual property licenses (1)141 163 
Share-based compensation expense (2)138 127 
Other39 9 
Changes in operating assets and liabilities: 
Accounts receivable, net225 635 
Software development and intellectual property licenses(300)(186)
Other assets(206)(48)
Deferred revenues(322)(809)
Accounts payable(71)22 
Accrued expenses and other liabilities(407)(373)
Net cash provided by operating activities1,112 913 
Cash flows from investing activities: 
Proceeds from maturities of available-for-sale investments36 153 
Purchases of available-for-sale investments(158) 
Capital expenditures(56)(79)
Other investing activities 5 
Net cash provided by (used in) investing activities(178)79 
Cash flows from financing activities: 
Proceeds from issuance of common stock to employees114 87 
Tax payment related to net share settlements on restricted stock units(41)(55)
Dividends paid(316)(283)
Proceeds from issuance of debt, net of discounts1,994  
Repayment of long-term debt(1,050) 
Payment of financing costs(20) 
Premium payment for early redemption of notes(28) 
Net cash provided by (used in) financing activities653 (251)
Effect of foreign exchange rate changes on cash and cash equivalents32 (24)
Net increase in cash and cash equivalents and restricted cash1,619 717 
Cash and cash equivalents and restricted cash at beginning of period5,798 4,229 
Cash and cash equivalents and restricted cash at end of period$7,417 $4,946 
(1)    Excludes deferral and amortization of share-based compensation expense.
(2)    Includes the net effects of capitalization, deferral, and amortization of share-based compensation expense.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three and Nine Months Ended September 30, 2020
(Unaudited)
(Amounts and shares in millions, except per share data) 

 Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
 SharesAmountSharesAmount
Balance at December 31, 20191,197 $ (429)$(5,563)$11,174 $7,813 $(619)$12,805 
Cumulative impact from adoption of new credit loss standard— — — — — (3)— (3)
Components of comprehensive income:
Net income— — — — — 505 — 505 
Other comprehensive loss— — — — — — (9)(9)
Issuance of common stock pursuant to employee stock options1 — — — 27 — — 27 
Issuance of common stock pursuant to restricted stock units1 — — — — — —  
Restricted stock surrendered for employees’ tax liability— — — — (31)— — (31)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 43 — — 43 
Dividends ($0.41 per common share)
— — — — — (316)— (316)
Balance at March 31, 20201,199 $ (429)$(5,563)$11,213 $7,999 $(628)$13,021 
Components of comprehensive income:
Net income— — — — — 580 — 580 
Other comprehensive loss— — — — — — (6)(6)
Issuance of common stock pursuant to employee stock options1 — — — 44 — — 44 
Restricted stock surrendered for employees’ tax liability— — — — (3)— — (3)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 46 — — 46 
Balance at June 30, 20201,200 $ (429)$(5,563)$11,300 $8,579 $(634)$13,682 
Components of comprehensive income:
Net income— — — — — 604 — 604 
Other comprehensive income— — — — — — 1 1 
Issuance of common stock pursuant to employee stock options1 — — — 43 — — 43 
Restricted stock surrendered for employees’ tax liability— — — — (6)— — (6)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 58 — — 58 
Balance at September 30, 20201,201 $ (429)$(5,563)$11,395 $9,183 $(633)$14,382 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three and Nine Months Ended September 30, 2019
(Unaudited)
(Amounts and shares in millions, except per share data)

 Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
 SharesAmountSharesAmount
Balance at December 31, 20181,192 $ (429)$(5,563)$10,963 $6,593 $(601)$11,392 
Components of comprehensive income:
Net income— — — — — 447 — 447 
Other comprehensive loss— — — — — — (1)(1)
Issuance of common stock pursuant to employee stock options2 — — — 30 — — 30 
Issuance of common stock pursuant to restricted stock units2 — — — — — —  
Restricted stock surrendered for employees’ tax liability(1)— — — (45)— — (45)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 56 — — 56 
Dividends ($0.37 per common share)
— — — — — (283)— (283)
Balance at March 31, 20191,195 $ (429)$(5,563)$11,004 $6,757 $(602)$11,596 
Components of comprehensive income:
Net income— — — — — 328 — 328 
Other comprehensive loss— — — — — — (6)(6)
Issuance of common stock pursuant to employee stock options1 — — — 28 — — 28 
Restricted stock surrendered for employees’ tax liability— — — — (4)— — (4)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 35 — — 35 
Balance at June 30, 20191,196 $ (429)$(5,563)$11,063 $7,085 $(608)$11,977 
Components of comprehensive income:
Net income— — — — — 204 — 204 
Other comprehensive income— — — — — — 1 1 
Issuance of common stock pursuant to employee stock options1 — — — 29 — — 29 
Restricted stock surrendered for employees’ tax liability— — — — (8)— — (8)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 32 — — 32 
Balance at September 30, 20191,197 $ (429)$(5,563)$11,116 $7,289 $(607)$12,235 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
 
1.    Description of Business and Basis of Consolidation and Presentation
 
Activision Blizzard, Inc. is a leading global developer and publisher of interactive entertainment content and services. We develop and distribute content and services on video game consoles, personal computers (“PC”s), and mobile devices. We also operate esports leagues and offer digital advertising within our content. The terms “Activision Blizzard,” the “Company,” “we,” “us,” and “our” are used to refer collectively to Activision Blizzard, Inc. and its subsidiaries.

The Company was originally incorporated in California in 1979 and was reincorporated in Delaware in December 1992. In connection with the 2008 business combination by and among the Company (then known as Activision, Inc.), Vivendi S.A, and Vivendi Games, Inc., pursuant to which we acquired Blizzard Entertainment, Inc. (“Blizzard”), we were renamed Activision Blizzard, Inc. On February 23, 2016, we acquired King Digital Entertainment plc ("King") by purchasing all of its outstanding shares.
 
Our Segments

Based upon our organizational structure, we conduct our business through three reportable segments, as follows: