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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, 2022
 
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/8c99edaa8b55d3b89ee7e9f61b28c178-atvi-20220930_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.)
2701 Olympic Boulevard Building BSanta Monica,CA90404
(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 31, 2022 was 782,625,319.


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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
 
Table of Contents

 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
   
   
   
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CAUTIONARY STATEMENT

This Quarterly Report on Form 10-Q contains, or incorporates by reference, statements reflecting our views about our future performance that constitute 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; (4) statements regarding the proposed transaction between Activision Blizzard, Inc. and Microsoft Corporation (“Microsoft”) (such transaction, “the proposed transaction with Microsoft”), including any statements regarding the expected timetable for completing the proposed transaction with Microsoft, the ability to complete the proposed transaction with Microsoft, and the expected benefits of the proposed transaction with Microsoft; and (5) statements of assumptions underlying such statements. Activision Blizzard, Inc. (“Activision Blizzard”) generally uses words such as “outlook,” “forecast,” “will,” “could,” “should,” “would,” “to be,” “plan,” “aims,” “believes,” “may,” “might,” “expects,” “intends,” “seeks,” “anticipates,” “estimates,” “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 risk that the proposed transaction with Microsoft may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common stock; the failure to satisfy the conditions to the consummation of the proposed transaction with Microsoft, including the receipt of certain governmental and regulatory approvals; the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement and Plan of Merger, dated as of January 18, 2022, by and among Activision Blizzard, Microsoft, and Anchorage Merger Sub Inc., a wholly owned subsidiary of Microsoft (the “Merger Agreement”); the effect of the announcement or pendency of the proposed transaction with Microsoft on our business relationships, operating results, and business generally; risks that the proposed transaction with Microsoft disrupts our current plans and operations and potential difficulties in employee retention as a result of the proposed transaction with Microsoft; risks related to diverting management’s attention from ongoing business operations; the outcome of any legal proceedings that have been or may be instituted against us related to the Merger Agreement or the transactions contemplated thereby; restrictions during the pendency of the proposed transaction with Microsoft that may impact our ability to pursue certain business opportunities or strategic transactions; the potential for receipt of alternative acquisition proposals from potential acquirors; the global impact of the ongoing COVID-19 pandemic and other macroeconomic factors (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 and with effective quality control; effects on our ability to prevent cyber-security incidents while our workforce is dispersed; effects on the operations of our professional esports leagues; the impact of rising interest rates as a result of large-scale intervention by the Federal Reserve and other central banks around the world and other economic factors; increased demand for our games due to stay-at-home orders and curtailment of other forms of entertainment, which may not be sustained and may 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; our ability to satisfy the expectations of consumers with respect to our brands, games, services, and/or business practices; negative impacts on our business from concerns regarding our workplace; our ability to attract, retain, and motivate skilled personnel; competition; concentration of revenue among a small number of franchises; negative impacts from unionization or attempts to unionize by our workforce; rapid changes in technology and industry standards; increasing importance of revenues derived from digital distribution channels; our ability to manage 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; risks and uncertainties of conducting business outside the United States (the “U.S.”), including the need for regulatory approval to operate, impacts on our business arising from the current conflict between Russia and Ukraine, the relatively weaker protection for our intellectual property rights, and the impact of cultural differences on consumer preferences; risks associated with the retail sales business model; difficulties in integrating acquired businesses or otherwise realizing the anticipated benefits of strategic transactions; the seasonality in the sale of our products; fluctuation in our recurring business; 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; our reliance on tools and technologies owned by third parties; risks associated with our use of open source software; 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; outages, disruptions or degradations in our services, products, and/or technological infrastructure; data breaches, fraudulent activity, and other cybersecurity risks; significant disruption during our live events; risks related to the impacts of catastrophic events; climate change; provisions in our corporate documents that may make it more difficult for any person to acquire control of our company; ongoing legal proceedings related to workplace concerns and otherwise, including the impact of the complaint filed in 2021 by the California Civil Rights Department (formerly known as the 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; successful implementation of the requirements of the court-approved consent decree with the Equal Employment Opportunity Commission; 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 Personal Information Protection Law; scrutiny regarding the appropriateness of our games’ content, including ratings assigned by third parties; changes in tax rates and/or tax laws or exposure to additional tax liabilities; 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 consumer discretionary spending; risks associated with increased inflation on our costs and the impacts on consumer discretionary spending; and the other factors included in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”).

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, 2022At December 31, 2021
Assets
Current assets:
Cash and cash equivalents$7,743 $10,423 
Held-to-maturity investments2,945  
Accounts receivable, net658 972 
Software development1,011 449 
Other current assets753 712 
Total current assets13,110 12,556 
Software development156 211 
Property and equipment, net171 169 
Deferred income taxes, net1,266 1,377 
Other assets541 497 
Intangible assets, net448 447 
Goodwill9,928 9,799 
Total assets$25,620 $25,056 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$229 $285 
Deferred revenues979 1,118 
Accrued expenses and other liabilities1,070 1,008 
Total current liabilities2,278 2,411 
Long-term debt, net3,610 3,608 
Deferred income taxes, net98 506 
Other liabilities826 932 
Total liabilities6,812 7,457 
Commitments and contingencies (Note 17)
Shareholders’ equity:  
Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,211,236,117 and 1,207,729,623 shares issued at September 30, 2022 and December 31, 2021, respectively
  
Additional paid-in capital12,192 11,715 
Less: Treasury stock, at cost, 428,676,471 shares at September 30, 2022 and December 31, 2021
(5,563)(5,563)
Retained earnings12,768 12,025 
Accumulated other comprehensive loss(589)(578)
Total shareholders’ equity18,808 17,599 
Total liabilities and shareholders’ equity$25,620 $25,056 

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,
 2022202120222021
Net revenues
Product sales$231 $423 $921 $1,666 
In-game, subscription, and other revenues1,551 1,647 4,273 4,974 
Total net revenues 1,782 2,070 5,194 6,640 
Costs and expenses
Cost of revenues—product sales:
Product costs107 120 279 375 
Software royalties and amortization9 72 153 272 
Cost of revenues—in-game, subscription, and other:
Game operations and distribution costs343 307 948 925 
Software royalties and amortization43 28 86 87 
Product development277 329 935 1,016 
Sales and marketing287 244 801 727 
General and administrative229 143 693 614 
Restructuring and related costs2 3 (3)46 
Total costs and expenses1,297 1,246 3,892 4,062 
Operating income485 824 1,302 2,578 
Interest and other (income) expense, net (Note 13)
(15)65 16 52 
Income before income tax expense500 759 1,286 2,526 
Income tax expense65 120 176 391 
Net income$435 $639 $1,110 $2,135 
Earnings per common share
Basic$0.56 $0.82 $1.42 $2.75 
Diluted$0.55 $0.82 $1.41 $2.72 
Weighted-average number of shares outstanding
Basic782 778 781 777 
Diluted789 783 788 784 

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,
 2022202120222021
Net income$435 $639 $1,110 $2,135 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax(38)(14)(64)(8)
Unrealized gains (losses) on forward contracts designated as hedges, net of tax
26 14 34 40 
Unrealized gains (losses) on available-for-sale securities, net of tax14 6 19 3 
Total other comprehensive income (loss)$2 $6 $(11)$35 
Comprehensive income$437 $645 $1,099 $2,170 

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,
 20222021
Cash flows from operating activities:
Net income$1,110 $2,135 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes(302)(82)
Non-cash operating lease cost56 46 
Depreciation and amortization78 88 
Amortization of capitalized software development costs (1)141 256 
Share-based compensation expense (2)301 259 
Realized and unrealized gain on equity investment 6 (36)
Other(38)(3)
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net297 462 
Software development(527)(303)
Other assets(30)(88)
Deferred revenues(124)(818)
Accounts payable(46)(46)
Accrued expenses and other liabilities175 (117)
Net cash provided by operating activities1,097 1,753 
Cash flows from investing activities:
Proceeds from maturities of available-for-sale investments36 120 
Proceeds from sale of available-for-sale investments26 66 
Purchases of available-for-sale investments(109)(248)
Purchases of held-to-maturity investments(2,944) 
Acquisition of business, net of cash acquired (Note 4)
(135) 
Capital expenditures(67)(59)
Other investing activities 20 
Net cash used in investing activities(3,193)(101)
Cash flows from financing activities:
Proceeds from issuance of common stock to employees41 78 
Tax payment related to net share settlements on restricted stock units(147)(246)
Dividends paid(367)(365)
Net cash used in financing activities(473)(533)
Effect of foreign exchange rate changes on cash and cash equivalents(100)(35)
Net (decrease) increase in cash and cash equivalents and restricted cash(2,669)1,084 
Cash and cash equivalents and restricted cash at beginning of period10,438 8,652 
Cash and cash equivalents and restricted cash at end of period$7,769 $9,736 

(1)Excludes deferral and amortization of share-based compensation expense, including liability awards accounted for under Accounting Standards Codification (“ASC”) 718.
(2)Includes the net effects of capitalization, deferral, and amortization of share-based compensation expense, including liability awards accounted for under ASC 718.

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, 2022
(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, 20211,208 $ (429)$(5,563)$11,715 $12,025 $(578)$17,599 
Components of comprehensive income:
Net income— — — — — 395 — 395 
Other comprehensive income (loss)— — — — — — (8)(8)
Issuance of common stock pursuant to employee stock options — — — 15 — — 15 
Issuance of common stock pursuant to restricted stock units4 — — — — — —  
Restricted stock surrendered for employees’ tax liability(2)— — — (131)— — (131)
Settlement of liability-classified awards in restricted stock units (Note 11)
— — — — 204 — — 204 
Share-based compensation expense related to employee stock options and restricted stock units— — — — 124 — — 124 
Dividends ($0.47 per common share)
— — — — — (367)— (367)
Balance at March 31, 20221,210 $ (429)$(5,563)$11,927 $12,053 $(586)$17,831 
Components of comprehensive income:
Net income— — — — — 280 — 280 
Other comprehensive income (loss)— — — — — — (5)(5)
Issuance of common stock pursuant to employee stock options1 — — — 22 — — 22 
Restricted stock surrendered for employees’ tax liability — — — (9)— — (9)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 129 — — 129 
Balance at June 30, 20221,211 $ (429)$(5,563)$12,069 $12,333 $(591)$18,248 
Components of comprehensive income:
Net income— — — — — 435 — 435 
Other comprehensive income (loss)— — — — — — 2 2 
Issuance of common stock pursuant to employee stock options — — — 4 — — 4 
Restricted stock surrendered for employees’ tax liability — — — (8)— — (8)
Share-based compensation expense related to employee stock options and restricted stock units— — — — 127 — — 127 
Balance at September 30, 20221,211 $ (429)$(5,563)$12,192 $12,768 $(589)$18,808 
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— — — —