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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 June 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
atvi-20200630_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 July 28, 2020 was 771,872,058.


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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, 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 previously announced 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 (“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 this Quarterly Report on Form 10-Q.

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 June 30, 2020At December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$6,338  $5,794  
Accounts receivable, net of allowances of $76 and $132, at June 30, 2020 and December 31, 2019, respectively
614  848  
Software development331  322  
Other current assets436  328  
Total current assets7,719  7,292  
Software development134  54  
Property and equipment, net222  253  
Deferred income taxes, net1,221  1,293  
Other assets677  658  
Intangible assets, net484  531  
Goodwill9,763  9,764  
Total assets$20,220  $19,845  
Liabilities and Shareholders’ Equity  
Current liabilities:  
Accounts payable$177  $292  
Deferred revenues1,222  1,375  
Accrued expenses and other liabilities1,158  1,248  
Total current liabilities2,557  2,915  
Long-term debt, net2,676  2,675  
Deferred income taxes, net436  505  
Other liabilities869  945  
Total liabilities6,538  7,040  
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,200,382,579 and 1,197,436,644 shares issued at June 30, 2020 and December 31, 2019, respectively
    
Additional paid-in capital11,300  11,174  
Less: Treasury stock, at cost, 428,676,471 shares at June 30, 2020 and December 31, 2019
(5,563) (5,563) 
Retained earnings8,579  7,813  
Accumulated other comprehensive loss(634) (619) 
Total shareholders’ equity13,682  12,805  
Total liabilities and shareholders’ equity$20,220  $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 June 30, For the Six Months Ended June 30,
 2020201920202019
Net revenues  
Product sales$533  $359  $1,076  $1,015  
Subscription, licensing, and other revenues1,399  1,037  2,643  2,205  
Total net revenues1,932  1,396  3,719  3,220  
Costs and expenses   
Cost of revenues—product sales:
Product costs137  99  255  251  
Software royalties, amortization, and intellectual property licenses33  51  115  162  
Cost of revenues—subscription, licensing, and other revenues:
Game operations and distribution costs271  230  529  469  
Software royalties, amortization, and intellectual property licenses28  53  74  114  
Product development291  244  528  492  
Sales and marketing242  191  485  397  
General and administrative175  170  343  350  
Restructuring and related costs6  22  29  79  
Total costs and expenses1,183  1,060  2,358  2,314  
Operating income749  336  1,361  906  
Interest and other expense (income), net (Note 12)
22  (34) 30  (31) 
Income before income tax expense727  370  1,331  937  
Income tax expense147  42  247  163  
Net income$580  $328  $1,084  $774  
Earnings per common share   
Basic$0.75  $0.43  $1.41  $1.01  
Diluted$0.75  $0.43  $1.40  $1.01  
Weighted-average number of shares outstanding   
Basic771  766  770  765  
Diluted776  770  775  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 June 30,For the Six Months Ended June 30,
 2020201920202019
Net income$580  $328  $1,084  $774  
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax4  (2) (11) 1  
Unrealized gains (losses) on forward contracts designated as hedges, net of tax(10) (8) (9) (6) 
Unrealized gains (losses) on investments, net of tax  4  5  (2) 
Total other comprehensive loss$(6) $(6) $(15) $(7) 
Comprehensive income$574  $322  $1,069  $767  
 
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 Six Months Ended June 30,
 20202019
Cash flows from operating activities:  
Net income$1,084  $774  
Adjustments to reconcile net income to net cash provided by operating activities: 
Deferred income taxes3  91  
Depreciation and amortization106  166  
Non-cash operating lease cost32  34  
Amortization of capitalized software development costs and intellectual property licenses (1)105  153  
Share-based compensation expense (2)85  100  
Unrealized gain on equity investment (Note 6)
  (38) 
Other3  28  
Changes in operating assets and liabilities: 
Accounts receivable, net230  570  
Software development and intellectual property licenses(190) (105) 
Other assets(103) 74  
Deferred revenues(192) (803) 
Accounts payable(113) (75) 
Accrued expenses and other liabilities(134) (365) 
Net cash provided by operating activities916  604  
Cash flows from investing activities: 
Proceeds from maturities of available-for-sale investments  75  
Purchases of available-for-sale investments(56)   
Capital expenditures(32) (45) 
Other investing activities  7  
Net cash provided by (used in) investing activities(88) 37  
Cash flows from financing activities: 
Proceeds from issuance of common stock to employees69  57  
Tax payment related to net share settlements on restricted stock units(34) (48) 
Dividends paid(316) (283) 
Net cash used in financing activities(281) (274) 
Effect of foreign exchange rate changes on cash and cash equivalents(5) 3  
Net increase in cash and cash equivalents and restricted cash542  370  
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$6,340  $4,599  
(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 Six Months Ended June 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  

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 Six Months Ended June 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) $