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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, 2021
 
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/f6b559bcf2e164bd646becc77bff00bf-atvi-20210930_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.)
N/AN/A
(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 26, 2021 was 778,888,584.
1

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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
 
Table of Contents

 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
   
   
  
   
2

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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, restructuring activities, and employee retention and recruitment; (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 the negative version of these words 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, distributors, and manufacturers who sell our physical products to customers and the platform providers on whose networks and consoles certain of our games are available; effects on our ability to release our content in a timely manner; effects on the operations of our professional esports leagues; the impact of large-scale intervention by the Federal Reserve and other central banks around the world, including the impact on interest rates; increased demand for our games due to stay-at-home orders and curtailment of other forms of entertainment, which may not be sustained and is likely to fluctuate as stay-at-home orders are reduced, lifted and/or reinstated; macroeconomic impacts arising from the long duration of the COVID-19 pandemic, including labor shortages and supply chain disruptions; 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; competition; 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; 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; substantial influence of third-party platform providers over our products and costs; success and availability of video game consoles manufactured by third parties, including our ability to predict the consoles that will be most successful in the marketplace and develop commercially-successful products for those consoles; risks associated with the free-to-play business model, including our 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 benefits of, and effectively implement and manage, our restructuring actions; difficulties in integrating acquired businesses or otherwise realizing the anticipated benefits of strategic transactions; the seasonality in the sale of our products; risks relating to behavior of our distributors, retailers, development, and licensing partners, or other affiliated third parties that may harm our brands or business operations; risks associated with our use of open source software; risks and uncertainties of conducting business outside the United States (the “U.S.”), including the recently enacted Chinese regulation that further limits the number of hours per week children under the age of 18 can play video games; risks associated with undisclosed content or features that may result in consumers’ refusal to buy or retailers’ refusal to sell our products; risks associated with objectionable consumer- or other third-party-created content; reliance on servers and networks to distribute and operate our games and our proprietary online gaming service; data breaches and other cybersecurity risks; significant disruption during our live events; risks related to the impacts of catastrophic events, including the susceptibility of some of our primary operating locations to earthquakes; provisions in our corporate documents that may make it more difficult for any person to acquire control of our company; risks and costs associated with legal proceedings, including the impact of the complaint filed by the California Department of Fair Employment and Housing alleging violations of the California Fair Employment and Housing Act and the California Equal Pay Act and separate investigations and complaints by other parties and regulators related to certain employment practices and related disclosures; court approval of our settlement agreement with the Equal Employment Opportunity Commission (“EEOC”) and successful implementation of the requirements of the agreement with the EEOC; intellectual property claims; increasing regulation in key territories; regulation relating to the Internet, including potential harm from laws impacting “net neutrality”; regulation concerning data privacy, including China's recently passed Personal Information Protection Law; scrutiny regarding the appropriateness of our games’ content, including ratings assigned by third parties; changes in tax rates or exposure to additional tax liabilities, as well as the outcome of current or future tax disputes; fluctuations in currency exchange rates; impacts of changes in financial accounting standards; insolvency or business failure of any of our business partners, which has been magnified as a result of the COVID-19 pandemic; risks associated with our reliance on discretionary spending; 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, 2020 and Part II, Item 1A of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

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. Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, prospects, strategy, and financial needs. 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 (Unaudited)

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

At September 30, 2021At December 31, 2020
Assets
Current assets:
Cash and cash equivalents$9,718 $8,647 
Accounts receivable, net of allowances of $36 and $83, at September 30, 2021 and December 31, 2020, respectively
585 1,052 
Software development227 352 
Other current assets681 514 
Total current assets11,211 10,565 
Software development349 160 
Property and equipment, net171 209 
Deferred income taxes, net1,400 1,318 
Other assets632 641 
Intangible assets, net449 451 
Goodwill9,765 9,765 
Total assets$23,977 $23,109 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$248 $295 
Deferred revenues844 1,689 
Accrued expenses and other liabilities924 1,116 
Total current liabilities2,016 3,100 
Long-term debt, net3,607 3,605 
Deferred income taxes, net433 418 
Other liabilities971 949 
Total liabilities7,027 8,072 
Commitments and contingencies (Note 17)
Shareholders’ equity:  
Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,207,443,667 and 1,202,906,087 shares issued at September 30, 2021 and December 31, 2020, respectively
  
Additional paid-in capital11,640 11,531 
Less: Treasury stock, at cost, 428,676,471 shares at September 30, 2021 and December 31, 2020
(5,563)(5,563)
Retained earnings11,460 9,691 
Accumulated other comprehensive loss(587)(622)
Total shareholders’ equity16,950 15,037 
Total liabilities and shareholders’ equity$23,977 $23,109 

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,
 2021202020212020
Net revenues
Product sales$423 $408 $1,666 $1,484 
In-game, subscription, and other revenues1,647 1,546 4,974 4,190 
Total net revenues 2,070 1,954 6,640 5,674 
Costs and expenses
Cost of revenues—product sales:
Product costs120 101 375 357 
Software royalties, amortization, and intellectual property licenses72 37 272 152 
Cost of revenues—in-game, subscription, and other:
Game operations and distribution costs307 290 925 819 
Software royalties, amortization, and intellectual property licenses28 41 87 115 
Product development329 274 1,016 802 
Sales and marketing244 238 727 722 
General and administrative143 186 614 529 
Restructuring and related costs3 9 46 39 
Total costs and expenses1,246 1,176 4,062 3,535 
Operating income824 778 2,578 2,139 
Interest and other expense (income), net (Note 13)
65 25 52 55 
Loss on extinguishment of debt 31  31 
Income before income tax expense759 722 2,526 2,053 
Income tax expense120 118 391 365 
Net income$639 $604 $2,135 $1,688 
Earnings per common share
Basic$0.82 $0.78 $2.75 $2.19 
Diluted$0.82 $0.78 $2.72 $2.17 
Weighted-average number of shares outstanding
Basic778 772 777 771 
Diluted783 779 784 777 

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,
 2021202020212020
Net income$639 $604 $2,135 $1,688 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax(14)21 (8)11 
Unrealized gains (losses) on forward contracts designated as hedges, net of tax
14 (18)40 (26)
Unrealized gains (losses) on available-for-sale securities, net of tax6 (2)3 1 
Total other comprehensive income (loss)$6 $1 $35 $(14)
Comprehensive income$645 $605 $2,170 $1,674 

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,
 20212020
Cash flows from operating activities:
Net income$2,135 $1,688 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes(82)(13)
Non-cash operating lease cost46 48 
Depreciation and amortization88 152 
Amortization of capitalized software development costs and intellectual property licenses (1)256 141 
Share-based compensation expense (2)259 138 
 Realized and unrealized gain on equity investment (Note 6)
(36)(3)
Other(3)15 
Changes in operating assets and liabilities:
Accounts receivable, net462 225 
Software development and intellectual property licenses(303)(300)
Other assets(88)(179)
Deferred revenues(818)(322)
Accounts payable(46)(71)
Accrued expenses and other liabilities(117)(407)
Net cash provided by operating activities1,753 1,112 
Cash flows from investing activities:
Proceeds from maturities of available-for-sale investments120 36 
Proceeds from sale of available-for-sale investments66  
Purchases of available-for-sale investments(248)(158)
Capital expenditures(59)(56)
Other investing activities20  
Net cash used in investing activities(101)(178)
Cash flows from financing activities:
Proceeds from issuance of common stock to employees78 114 
Tax payment related to net share settlements on restricted stock units(246)(41)
Dividends paid(365)(316)
Proceeds from debt issuances, net of discounts 1,994 
Repayment of long-term debt (1,050)
Payment of financing costs (20)
Premium payment for early redemption of note  (28)
Net cash (used in) provided by financing activities(533)653 
Effect of foreign exchange rate changes on cash and cash equivalents(35)32 
Net increase (decrease) in cash and cash equivalents and restricted cash1,084 1,619 
Cash and cash equivalents and restricted cash at beginning of period8,652 5,798 
Cash and cash equivalents and restricted cash at end of period$9,736 $7,417 
(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, 2021
(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, 20201,203 $ (429)$(5,563)$11,531 $9,691 $(622)$15,037 
Components of comprehensive income:
Net income— — — — — 619 — 619 
Other comprehensive income (loss)— — — — — — 22 22 
Issuance of common stock pursuant to employee stock options1 — — — 33 — — 33 
Issuance of common stock pursuant to restricted stock units4 — — — — — —  
Restricted stock surrendered for employees’ tax liability(2)— — — (165)— — (165)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 150 — — 150 
Dividends ($0.47 per common share)
— — — — — (365)— (365)
Balance at March 31, 20211,206 $ (429)$(5,563)$11,549 $9,945 $(600)$15,331 
Components of comprehensive income:
Net income— — — — — 876 — 876 
Other comprehensive income (loss)— — — — — — 7 7 
Issuance of common stock pursuant to employee stock options— — — — 33 — — 33 
Restricted stock surrendered for employees’ tax liability— — — — (7)— — (7)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 46 — — 46 
Balance at June 30, 20211,206 $ (429)$(5,563)$11,621 $10,821 $(593)$16,286 
Components of comprehensive income:
Net income— — — — — 639 — 639 
Other comprehensive income (loss)— — — — — — 6 6 
Issuance of common stock pursuant to employee stock options — — — 12 — — 12 
Issuance of common stock pursuant to restricted stock units2 — — — — — —  
Restricted stock surrendered for employees’ tax liability(1)— — — (73)— — (73)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 80 — — 80 
Balance at September 30, 20211,207 $ (429)$(5,563)$11,640 $11,460 $(587)$16,950 
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 income (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 income (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 (loss)— — — — — — 1 1 
Issuance of common stock pursuant to employee stock options1 — — — 43 — — 43 
Restricted stock surrendered for employees’ tax liability— — — — (6)— — (