Apple Inc
Change company Symbol lookup
Select an option...
AAPL Apple Inc
AEGN Aegion Corp
AEG Aegon NV
AEE Ameren Corp
AE Adams Resources & Energy Inc
ADXS Advaxis Inc
ADXN Addex Therapeutics Ltd
KO Coca-Cola Co
ARI Apollo Commercial Real Estate Finance Inc
DPW DPW Holdings Inc
Go

Information Technology : Technology Hardware, Storage & Peripherals | Large Cap Blend
Company profile

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas segment includes both North and South America. The Europe segment includes European countries, India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company's other operating segments. Its products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Premarket

Last Trade
Delayed
$128.80
1.66 (1.31%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$127.14
Day's Change
0.00 (0.00%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
--
Day's Low
--
Volume
(Light)
Volume:
125,694

10-day average volume:
107,449,084
125,694

Activision Blizzard Announces Better-Than-Expected Third-Quarter 2020 Financial Results

1:05 pm ET October 29, 2020 (BusinessWire) Print

Activision Blizzard, Inc. (Nasdaq: ATVI) today announced third-quarter 2020 results.

"Our teams continue to execute our growth plans with excellence during incredibly challenging circumstances," said Bobby Kotick, Chief Executive Officer of Activision Blizzard. "We are on a path to deliver sustained long-term growth across our fully-owned franchises. With confidence in our ability to continue to execute, we are raising our outlook for the year and remain enthusiastic for our growth prospects next year."

Financial Metrics

                                          Q3
                               ------------------------------------------------------------
(in millions, except EPS)              2020            Prior Outlook*            2019
------------------------------ -------------------- -------------------- --------------------
GAAP Net Revenues                     $1,954               $1,800               $1,282
                                      ($187)               ($150)                ($68)
     Impact of GAAP deferralsA
                 
GAAP EPS                               $0.78                $0.64                $0.26
Non-GAAP EPS                           $0.88                $0.75                $0.38
                                      ($0.17)              ($0.15)              ($0.06)
     Impact of GAAP deferralsA
* Prior outlook was provided by the company on August 4, 2020 in its earnings release.

For the quarter ended September 30, 2020, Activision Blizzard's net revenues presented in accordance with GAAP were $1.95 billion, as compared with $1.28 billion for the third quarter of 2019. GAAP net revenues from digital channels were $1.75 billion, as compared with $1.01 billion for the third quarter of 2019. GAAP operating margin was 40%. GAAP earnings per diluted share were $0.78, as compared with $0.26 for the third quarter of 2019.

For the quarter ended September 30, 2020, on a non-GAAP basis, Activision Blizzard's operating margin was 44% and earnings per diluted share were $0.88, as compared with $0.38 for the third quarter of 2019.

For the quarter ended September 30, 2020, operating cash flow was $196 million. For the trailing twelve-month period, operating cash flow was $2.03 billion.

Operating Metrics

For the quarter ended September 30, 2020, Activision Blizzard's net bookingsB were $1.77 billion, as compared with $1.21 billion for the third quarter of 2019. Net bookingsB from digital channels were $1.61 billion, as compared with $975 million for the third quarter of 2019. In-game net bookingsC were $1.2 billion, as compared with $709 million for the third quarter of 2019.

For the quarter ended September 30, 2020, overall Activision Blizzard Monthly Active Users (MAUs)D were 390 million.

Selected Business Highlights

Activision Blizzard exceeded its third quarter outlook, with strong execution across our three strategic growth drivers: audience reach, engagement and player investment. Successful execution across major content launches, live operations and in our new approaches to engagement and business models in key franchises was the primary driver of our results. Our continued investments and successful initiatives for our largest franchises position the business for ongoing strong results into the future.

Activision

Activision had 111 million MAUsD in the third quarter. Call of Duty(R): Modern Warfare(R) and Warzone(TM) saw more than three times as many MAUsD as the prior title in the year-ago quarter. Console MAUsD grew strongly and PC MAUsD grew over ten-fold year-over-year. Across PC and console combined, hours played were approximately seven times higher year-over-year. We again saw substantial year-over-year growth in premium game sales as Warzone players chose to upgrade to the full Call of Duty experience. Modern Warfare first-year premium sales are the highest in Call of Duty's history, with two-thirds of units sold digitally. Call of Duty console and PC in-game net bookingsC were four times the year-ago level. Call of Duty: Black Ops Cold War will release on November 13 into the largest and most engaged community in franchise history at the time of launch, and will support cross-platform play across PC, current-generation, and next-generation consoles. Anticipation for the release is high, with far more players engaged in the game's public testing than for the year-ago title. Call of Duty Mobile sustained the impressive levels of reach and engagement from the prior quarter, as the title crossed its one year anniversary. The title was the highest grossing new game in US app stores since its launch last October(1) and is now in final large-scale testing in China, where over 50 million players have pre-registered to date. The inaugural season of the Call of Duty League(TM) concluded with the September Champs Weekend breaking viewership records for a Call of Duty esports event.

Blizzard

Blizzard had 30 million MAUsD in the third quarter. World of Warcraft(R)MAUsD were stable year-over-year. Anticipation continues to build for Shadowlands, the next expansion for modern World of Warcraft, ahead of its November 23 launch. World of Warcraft franchise engagement is at its highest level for this stage ahead of an expansion in a decade, with Shadowlands presales well ahead of any prior expansion. Hours played in Hearthstone(R) grew year-over-year in the third quarter, with the Battlegrounds mode seeing sustained strong engagement since its release last November. This November will see the broad release of Duels, a new player-versus-player mode, alongside a new in-game progression system and the latest expansion, Madness at the Darkmoon Faire(TM). Overwatch(R)continues to have a large and dedicated community, with 10 million MAUsDin the quarter, over four years since launch. Millions of Overwatch fans have engaged through the 2020 season of the Overwatch League(TM), with the October Grand Finals being the most-watched event in the league's history.

King

King had 249 million MAUsD in the third quarter, with Candy Crush(TM) MAUsD growing year-over-year. King in-game net bookingsC grew year-over-year and Candy Crush was once again the top grossing franchise in the U.S. app stores(1). The Farm Heroes(TM) and Bubble Witch(TM) franchises grew net bookingsB year-over-year as the teams delivered a higher frequency of in-game content. King again delivered robust double-digit year-over-year growth in advertising net bookingsB, with strength across both direct brand advertisers and partner networks.

Company Outlook

(in millions, except EPS)         GAAP               Non-GAAP          Impact of GAAP
                                 Outlook              Outlook            deferralsA
------------------------- -------------------- -------------------- --------------------
CY 2020                        
-------------------------
                                 $7,675               $7,675                $425
   Net Revenues
                                  $2.61                $3.08                $0.27
   EPS
                                   779                  779          
   Fully Diluted Shares
            
Q4 2020                        
-------------------------
                                 $2,001               $2,001                $731
   Net Revenues
                                  $0.44                $0.63                $0.46
   EPS

Net bookingsB are expected to be $8.10 billion for 2020 and $2.73 billion for the fourth quarter of 2020.

Conference Call

Today at 4:30 p.m. EDT, Activision Blizzard's management will host a conference call and webcast to discuss the company's results for the quarter ended September 30, 2020 and management's outlook for the remainder of the calendar year. The company welcomes all members of the financial and media communities and other interested parties to visit https://investor.activision.com to listen to the conference call via live Webcast or to listen to the call live by dialing into 866-777-2509 in the U.S. We encourage participants to pre-register for the conference call using the following link https://dpregister.com/sreg/10148877/dad94a3f28. A replay of the call will also be available after the call's conclusion and archived for one year at https://investor.activision.com/events.cfm.

About Activision Blizzard

Activision Blizzard, Inc. connects and engages the world through epic entertainment. A member of the Fortune 500 and S&P 500, Activision Blizzard is a leading interactive entertainment company. We delight hundreds of millions of monthly active users around the world through franchises including Activision's Call of Duty(R) and Crash Bandicoot(TM), Blizzard Entertainment's World of Warcraft(R), Overwatch(R), Hearthstone(R), Diablo(R), and StarCraft(R), and King's Candy Crush(TM), Bubble Witch(TM), and Farm Heroes(TM). Headquartered in Santa Monica, California, Activision Blizzard has operations throughout the world. More information about Activision Blizzard and its products can be found on the company's website, www.activisionblizzard.com.

(1) Based on App Annie Intelligence.

A Net effect of accounting treatment from revenue deferrals on certain of our online-enabled products. Since certain of our games are hosted online or include significant online functionality that represents a separate performance obligation, we defer the transaction price allocable to the online functionality from the sale of these games and then recognize the attributable revenues over the relevant estimated service periods, which are generally less than a year. The related cost of revenues is deferred and recognized as an expense as the related revenues are recognized. Impact from changes in deferrals refers to the net effect from revenue deferrals accounting treatment for the purposes of revenues, along with, for the purposes of EPS, the related cost of revenues deferrals treatment and the related tax impacts. Internally, management excludes the impact of this change in deferred revenues and related cost of revenues when evaluating the company's operating performance, when planning, forecasting and analyzing future periods, and when assessing the performance of its management team. Management believes this is appropriate because doing so enables an analysis of performance based on the timing of actual transactions with our customers. In addition, management believes excluding the change in deferred revenues and the related cost of revenues provides a much more timely indication of trends in our operating results.

B Net bookings is an operating metric that is defined as the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others, and is equal to net revenues excluding the impact from deferrals.

C In-game net bookings primarily includes the net amount of downloadable content and microtransactions sold during the period, and is equal to in-game net revenues excluding the impact from deferrals.

D Monthly Active User ("MAU") Definition: We monitor MAUs as a key measure of the overall size of our user base. MAUs are the number of individuals who accessed a particular game in a given month. We calculate average MAUs in a period by adding the total number of MAUs in each of the months in a given period and dividing that total by the number of months in the period. An individual who accesses two of our games would be counted as two users. In addition, due to technical limitations, for Activision and King, an individual who accesses the same game on two platforms or devices in the relevant period would be counted as two users. For Blizzard, an individual who accesses the same game on two platforms or devices in the relevant period would generally be counted as a single user. In certain instances, we rely on third parties to publish our games. In these instances, MAU data is based on information provided to us by those third parties, or, if final data is not available, reasonable estimates of MAUs for these third-party published games.

Non-GAAP Financial Measures: As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), Activision Blizzard presents certain non-GAAP measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the company's results of operations as determined in accordance with GAAP.

Activision Blizzard provides net income (loss), earnings (loss) per share, and operating margin data and guidance both including (in accordance with GAAP) and excluding (non-GAAP) certain items. When relevant, the company also provides constant FX information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. In addition, Activision Blizzard provides EBITDA (defined as GAAP net income (loss) before interest (income) expense, income taxes, depreciation, and amortization) and adjusted EBITDA (defined as non-GAAP operating margin (see non-GAAP financial measure below) before depreciation). The non-GAAP financial measures exclude the following items, as applicable in any given reporting period and our outlook:

expenses related to share-based compensation; the amortization of intangibles from purchase price accounting; fees and other expenses related to acquisitions, including related debt financings, and refinancing of long-term debt, including penalties and the write off of unamortized discount and deferred financing costs; restructuring and related charges; other non-cash charges from reclassification of certain cumulative translation adjustments into earnings as required by GAAP; the income tax adjustments associated with any of the above items (tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results); and significant discrete tax-related items, including amounts related to changes in tax laws (including the Tax Cuts and Jobs Act enacted in December 2017), amounts related to the potential or final resolution of tax positions, and other unusual or unique tax-related items and activities.

In the future, Activision Blizzard may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the company. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure Activision Blizzard's financial and operating performance. In particular, the measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of Activision Blizzard by excluding certain items that may not be indicative of the company's core business, operating results, or future outlook. Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with others, in assessing the company's operating results, and measuring compliance with the requirements of the company's debt financing agreements, as well as in planning and forecasting.

Activision Blizzard's non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles, and the terms non-GAAP net income, non-GAAP earnings per share, non-GAAP operating margin, and non-GAAP or adjusted EBITDA do not have a standardized meaning. Therefore, other companies may use the same or similarly named measures, but exclude different items, which may not provide investors a comparable view of Activision Blizzard's performance in relation to other companies.

Management compensates for the limitations resulting from the exclusion of these items by considering the impact of the items separately and by considering Activision Blizzard's GAAP, as well as non-GAAP, results and outlook, and by presenting the most comparable GAAP measures directly ahead of non-GAAP measures, and by providing a reconciliation that indicates and describes the adjustments made.

Cautionary Note Regarding Forward-looking Statements: The statements contained herein that are not historical facts are forward-looking statements including, but not limited to, statements about: (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; 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 quarter ended March 30, 2020, and our Quarterly Report on Form 10-Q for the quarter 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. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in millions, except per share data)
                                                                                               Three Months Ended September 30,                                        Nine Months Ended September 30,                                        Nine Months Ended September 30,
                                                                           --------------------------------------------------------------------------------------------------------      ------------------------------- --------------------------------------------------------------------------------------------------------
                                                                      2020                      2019                                   2019                                         2020                            2020                      2019                                   2019
                                                                           ------------------------------  -------------------- ------------------------------------------------------   ------------------------------- ------------------------------  -------------------- ------------------------------------------------------
Net revenues                                                                                                                                                 
                                                                                              $        408                    $                    $            260                                 $                    $      1,484                    $                    $          1,276  
   Product sales
                                                                                  1,546              1,022                       4,190              3,227  
   Subscription, licensing, and other revenues(1)
                                                                           -------------------- ---------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ---------- -------------------- -------------------- -------------- --------------------
Total net revenues                                                                1,954              1,282                       5,674              4,503  
                                                                                                                                          
Costs and expenses                                                                                                                                           
                                                                                                                                                             
   Cost of revenues--product sales:
                                                                                    101                137                         357                388  
      Product costs
                                                                                     37                  9                         152                171  
      Software royalties, amortization, and intellectual property licenses
                                                                                                                                                             
   Cost of revenues--subscription, licensing, and other:
                                                                                    290                246                         819                714  
      Game operations and distribution costs
                                                                                     41                 50                         115                164  
      Software royalties, amortization, and intellectual property licenses
                                                                                    274                210                         802                702  
   Product development
                                                                                    238                182                         722                580  
   Sales and marketing
                                                                                    186                177                         529                527  
   General and administrative
                                                                                      9                 24                          39                104  
   Restructuring and related costs
                                                                           -------------------- ---------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ---------- -------------------- -------------------- -------------- --------------------
Total costs and expenses                                                          1,176              1,035                       3,535              3,350  
                                                                           -------------------- ---------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ---------- -------------------- -------------------- -------------- --------------------
                                                                                                                                          
Operating income                                                                    778                247                       2,139              1,153  
Interest and other expense (income), net                                             25                 (2 )                                           55                (33 )
Loss on extinguishment of debt                                                       31     --                          31     --  
                                                                           -------------------- ---------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ---------- -------------------- -------------------- -------------- --------------------
Income before income tax expense                                                    722                249                       2,053              1,186  
                                                                                                                                          
Income tax expense                                                                  118                 45                         365                208  
                                                                           -------------------- ---------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ---------- -------------------- -------------------- -------------- --------------------
                                                                                                                                          
Net income                                                                                    $        604                    $                    $            204                                 $                    $      1,688                    $                    $            978  
                                                                           ==================== ========== ==================== ==================== ============== ==================== =============================== ==================== ========== ==================== ==================== ============== ====================
                                                                                                                                          
Basic earnings per common share                                                               $       0.78                    $                    $           0.27                                 $                    $       2.19                    $                    $           1.28  
Weighted average common shares outstanding                                          772                767                         771                766  
                                                                                                                                          
Diluted earnings per common share                                                             $       0.78                    $                    $           0.26                                 $                    $       2.17                    $                    $           1.27  
Weighted average common shares outstanding assuming dilution                        779                771                         777                770  
(1) Subscription, licensing, and other revenues represent revenues from World of Warcraft subscriptions, licensing royalties from our products and franchises, downloadable content, microtransactions, and other miscellaneous revenues. Subscription, licensing, and other revenues represent revenues from World of Warcraft subscriptions, licensing royalties from our products and franchises, downloadable content, microtransactions, and other miscellaneous revenues.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in millions)
                                                                               September 30, 2020                      December 31, 2019                      December 31, 2019
                                                                               ------------------------------------------------------   -------------------- ------------------------------------------------------
Assets                                                                                                                  
                                                                                                                        
   Current assets
                                                                                                  $          7,415                      $                    $          5,794  
      Cash and cash equivalents
                                                                                            619                  848  
      Accounts receivable, net
                                                                                            398                  322  
      Software development
                                                                                            570                  328  
      Other current assets
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                          9,002                7,292  
         Total current assets
                                                                                            145                   54  
   Software development
                                                                                            211                  253  
   Property and equipment, net
                                                                                          1,287                1,293  
   Deferred income taxes, net
                                                                                            699                  658  
   Other assets
                                                                                            469                  531  
   Intangible assets, net
                                                                                          9,764                9,764  
   Goodwill
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                  $         21,577                      $                    $         19,845  
         Total assets
                                                                               ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                     
Liabilities and Shareholders' Equity                                                         
                                                                                                                        
   Current liabilities
                                                                                                  $            224                      $                    $            292  
      Accounts payable
                                                                                          1,108                1,375  
      Deferred revenues
                                                                                            855                1,248  
      Accrued expenses and other liabilities
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                          2,187                2,915  
         Total current liabilities
                                                                                          3,604                2,675  
   Long-term debt, net
                                                                                            480                  505  
   Deferred income taxes, net
                                                                                            924                  945  
   Other liabilities
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                          7,195                7,040  
         Total liabilities
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                     
Shareholders' equity                                                                         
                                                                                 --       --  
   Common stock
                                                                                         11,395               11,174  
   Additional paid-in capital
                                                                                         (5,563 )                                (5,563 )
   Treasury stock
                                                                                          9,183                7,813  
   Retained earnings
                                                                                           (633 )                                  (619 )
   Accumulated other comprehensive loss
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                         14,382               12,805  
         Total shareholders' equity
                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                  $         21,577                      $                    $         19,845  
         Total liabilities and shareholders' equity
                                                                               ==================== ============== ==================== ==================== ==================== ============== ====================
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
SUPPLEMENTAL CASH FLOW INFORMATION
(Amounts in millions)
                                                                                                                                                           Three Months Ended
                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                          September 30,             December 31,               December 31,                March 31,                  March 31,                 June 30,                   June 30,                September 30,              September 30,           Year over Year %           Year over Year %
                                                                                                                                                                                                                                                                                        Increase (Decrease)        Increase (Decrease)
                                                                                                                                                                                                                                                                                       --------------------
                              2019                      2019                       2019                      2020                       2020                      2020                       2020                      2020                       2020
                                   ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------
Cash Flow Data                                                                                                 
Operating Cash Flow                                   $        309                    $                    $        918                    $                    $        148                    $                    $        768                    $                    $        196                  (37        (37 )%
Capital Expenditures                         34             37             19             13             24                  (29        (29 )
                                   -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
Non-GAAP Free Cash Flow(1)                  275            881            129            755            172                  (37        (37 )
                                                                                            
Operating Cash Flow - TTM(2)              1,912          1,831          1,529          2,143          2,030                    6          6 %
Capital Expenditures - TTM(2)               113            116            117            103             93                  (18        (18 )
                                   -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
Non-GAAP Free Cash Flow(1)- TTM(2)                    $      1,799                    $                    $      1,715                    $                    $      1,412                    $                    $      2,040                    $                    $      1,937                    8          8  
(1) Non-GAAP free cash flow represents operating cash flow minus capital expenditures.                                                                                                                                                                                                                                     Non-GAAP free cash flow represents operating cash flow minus capital expenditures.
(2) TTM represents trailing twelve months. Operating Cash Flow for the three months ended December 31, 2018, three months ended March 31, 2019, and three months ended June 30, 2019 were $999 million, $450 million, and $154 million, respectively. Capital Expenditures for the three months ended December 31, 2018, three months ended March 31, 2019, and three months ended June 30, 2019 were $34 million, $18 million, and $27 million, respectively. TTM represents trailing twelve months. Operating Cash Flow for the three months ended December 31, 2018, three months ended March 31, 2019, and three months ended June 30, 2019 were $999 million, $450 million, and $154 million, respectively. Capital Expenditures for the three months ended December 31, 2018, three months ended March 31, 2019, and three months ended June 30, 2019 were $34 million, $18 million, and $27 million, respectively.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP MEASURES
(Amounts in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                         
               Three Months Ended September 30, 2020                                     Net Revenues                        Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                           Product                                Product                               Sales and                              Sales and                             General and                            General and                           Restructuring                          Restructuring                         Total Costs and                    Total Costs and
                                                                                                                               Product Sales:                         Product Sales:                         Product Sales:                         Product Sales:                         Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                          Development                            Development                             Marketing                              Marketing                           Administrative                         Administrative                        and related costs                      and related costs                          Expenses                           Expenses
                                                                                                                                Product Costs                          Product Costs                            Software                               Software                            Game Operations                        Game Operations                           Software                               Software
                                                                                                                                                                                                              Royalties and                          Royalties and                        and Distribution                       and Distribution                         Royalties and                          Royalties and
                                                                                                                                                                                                              Amortization                           Amortization                               Costs                                  Costs                              Amortization                           Amortization
------------------------------------------------------------------ ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ----------------------------------------------
GAAP Measurement                                                                      $          1,954                      $                    $            101                      $                    $             37                      $                    $            290                      $                    $             41                      $                    $            274                      $                    $            238                      $                    $            186                      $                    $              9                      $                    $  1,176  
                                                                     --       --                   (2 )                        --       --                  (12 )                                    (5 )                                   (34 )                        --          (53 )
   Share-based compensation(1)
                                                                     --       --       --       --                  (12 )                        --       --                   (4 )                        --          (16 )
   Amortization of intangible assets(2)
                                                                     --       --       --       --       --       --       --       --                   (9 )                            (9 )
   Restructuring and related costs(3)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Non-GAAP Measurement                                                                  $          1,954                      $                    $            101                      $                    $             35                      $                    $            290                      $                    $             29                      $                    $            262                      $                    $            233                      $                    $            148                      $                    $ --                      $                    $  1,098  
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (187 )                                       $                    $            (15 )                                       $                    $            (15 )                                       $                    $             (5 )                                       $                    $             (2 )                                       $                    $ --                      $                    $ --                      $                    $ --                      $                    $ --                      $                    $    (37 )
   Net effect of deferred revenues and related cost of revenues(4)
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
                                                                        Operating                             Net Income                             Net Income                           Basic Earnings                         Basic Earnings                        Diluted Earnings                       Diluted Earnings                                                                                                                                                                                                                                
                                                                                            Income                                                                                                              per Share                              per Share                              per Share                              per Share
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
GAAP Measurement                                                                      $            778                      $                    $            604                      $                    $           0.78                      $                    $           0.78                                                                                                                                                                                                              
                                                                                 53                   53                 0.07                 0.07                                                                                                                                                                                                              
   Share-based compensation(1)
                                                                                 16                   16                 0.02                 0.02                                                                                                                                                                                                              
   Amortization of intangible assets(2)
                                                                                  9                    9                 0.01                 0.01                                                                                                                                                                                                              
   Restructuring and related costs(3)
                                                                     --                   31                 0.04                 0.04                                                                                                                                                                                                              
   Loss on extinguishment of debt(5)
                                                                     --                  (30 )                                 (0.04 )                                 (0.04 )                                                                                                                                                                                                                               
   Income tax impacts from items above(6)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- --------------------
Non-GAAP Measurement                                                                  $            856                      $                    $            683                      $                    $           0.88                      $                    $           0.88                                                                                                                                                                                                              
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (150 )                                       $                    $           (130 )                                       $                    $          (0.16 )                                       $                    $          (0.17 )                                                                                                                                                                                                                               
   Net effect of deferred revenues and related cost of revenues(4)
(1) Includes expenses related to share-based compensation.                                                                                                                                                                                                                       Includes expenses related to share-based compensation.
(2) Reflects amortization of intangible assets from purchase price accounting.                                                                                                                                                                                                   Reflects amortization of intangible assets from purchase price accounting.
(3) Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.                                                                                                                     Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.
(4) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.                                                                    Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.
(5) Reflects the loss on extinguishment of debt from financing activities.                                                                                                                                                                                                       Reflects the loss on extinguishment of debt from financing activities.
(6) Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results. Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.

The GAAP and non-GAAP earnings per share information is presented as calculated. The sum of these measures, as presented, may differ due to the impact of rounding.

 
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP MEASURES
(Amounts in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                         
               Nine Months Ended September 30, 2020                                      Net Revenues                        Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                           Product                                Product                               Sales and                              Sales and                             General and                            General and                           Restructuring                          Restructuring                         Total Costs and                    Total Costs and
                                                                                                                               Product Sales:                         Product Sales:                         Product Sales:                         Product Sales:                         Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                          Development                            Development                             Marketing                              Marketing                           Administrative                         Administrative                        and related costs                      and related costs                          Expenses                           Expenses
                                                                                                                                Product Costs                          Product Costs                            Software                               Software                            Game Operations                        Game Operations                           Software                               Software
                                                                                                                                                                                                              Royalties and                          Royalties and                        and Distribution                       and Distribution                         Royalties and                          Royalties and
                                                                                                                                                                                                              Amortization                           Amortization                               Costs                                  Costs                              Amortization                           Amortization
------------------------------------------------------------------ ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ----------------------------------------------
GAAP Measurement                                                                      $          5,674                      $                    $            357                      $                    $            152                      $                    $            819                      $                    $            115                      $                    $            802                      $                    $            722                      $                    $            529                      $                    $             39                      $                    $  3,535  
                                                                     --       --                   (8 )                                    (1 )                        --                  (30 )                                   (17 )                                   (82 )                        --         (138 )
   Share-based compensation(1)
                                                                     --       --       --       --                  (55 )                        --       --                   (7 )                        --          (62 )
   Amortization of intangible assets(2)
                                                                     --       --       --       --       --       --       --       --                  (39 )                           (39 )
   Restructuring and related costs(3)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Non-GAAP Measurement                                                                  $          5,674                      $                    $            357                      $                    $            144                      $                    $            818                      $                    $             60                      $                    $            772                      $                    $            705                      $                    $            440                      $                    $ --                      $                    $  3,296  
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (306 )                                       $                    $            (72 )                                       $                    $            (82 )                                       $                    $              8                      $                    $              9                      $                    $ --                      $                    $ --                      $                    $ --                      $                    $ --                      $                    $   (137 )
   Net effect of deferred revenues and related cost of revenues(4)
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
                                                                        Operating                             Net Income                             Net Income                           Basic Earnings                         Basic Earnings                        Diluted Earnings                       Diluted Earnings                                                                                                                                                                                                                                
                                                                                            Income                                                                                                              per Share                              per Share                              per Share                              per Share
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
GAAP Measurement                                                                      $          2,139                      $                    $          1,688                      $                    $           2.19                      $                    $           2.17                                                                                                                                                                                                              
                                                                                138                  138                 0.18                 0.18                                                                                                                                                                                                              
   Share-based compensation(1)
                                                                                 62                   62                 0.08                 0.08                                                                                                                                                                                                              
   Amortization of intangible assets(2)
                                                                                 39                   39                 0.05                 0.05                                                                                                                                                                                                              
   Restructuring and related costs(3)
                                                                     --                   31                 0.04                 0.04                                                                                                                                                                                                              
   Loss on extinguishment of debt(5)
                                                                     --                  (52 )                                 (0.07 )                                 (0.07 )                                                                                                                                                                                                                               
   Income tax impacts from items above(6)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- --------------------
Non-GAAP Measurement                                                                  $          2,378                      $                    $          1,906                      $                    $           2.47                      $                    $           2.45                                                                                                                                                                                                              
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (169 )                                       $                    $           (148 )                                       $                    $          (0.19 )                                       $                    $          (0.19 )                                                                                                                                                                                                                               
   Net effect of deferred revenues and related cost of revenues(4)
(1) Includes expenses related to share-based compensation.                                                                                                                                                                                                                       Includes expenses related to share-based compensation.
(2) Reflects amortization of intangible assets from purchase price accounting.                                                                                                                                                                                                   Reflects amortization of intangible assets from purchase price accounting.
(3) Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.                                                                                                                     Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.
(4) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.                                                                    Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.
(5) Reflects the loss on extinguishment of debt from financing activities.                                                                                                                                                                                                       Reflects the loss on extinguishment of debt from financing activities.
(6) Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results. Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.

The GAAP and non-GAAP earnings per share information is presented as calculated. The sum of these measures, as presented, may differ due to the impact of rounding.

                                                                                                                                                                                                                                                                                                                                                                                                                         
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP MEASURES
(Amounts in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                         
               Three Months Ended September 30, 2019                                     Net Revenues                        Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                           Product                                Product                               Sales and                              Sales and                             General and                            General and                           Restructuring                          Restructuring                         Total Costs and                    Total Costs and
                                                                                                                               Product Sales:                         Product Sales:                         Product Sales:                         Product Sales:                         Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                          Development                            Development                             Marketing                              Marketing                           Administrative                         Administrative                        and related costs                      and related costs                          Expenses                           Expenses
                                                                                                                                Product Costs                          Product Costs                            Software                               Software                            Game Operations                        Game Operations                           Software                               Software
                                                                                                                                                                                                              Royalties and                          Royalties and                        and Distribution                       and Distribution                         Royalties and                          Royalties and
                                                                                                                                                                                                              Amortization                           Amortization                               Costs                                  Costs                              Amortization                           Amortization
------------------------------------------------------------------ ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ----------------------------------------------
GAAP Measurement                                                                      $          1,282                      $                    $            137                      $                    $              9                      $                    $            246                      $                    $             50                      $                    $            210                      $                    $            182                      $                    $            177                      $                    $             24                      $                    $  1,035  
                                                                     --       --                   (1 )                        --       --                   (7 )                                    (2 )                                   (17 )                        --          (27 )
   Share-based compensation(1)
                                                                     --       --       --       --                  (48 )                        --       --                   (2 )                        --          (50 )
   Amortization of intangible assets(2)
                                                                     --                   (4 )                        --       --       --       --       --       --                  (24 )                           (28 )
   Restructuring and related costs(3)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Non-GAAP Measurement                                                                  $          1,282                      $                    $            133                      $                    $              8                      $                    $            246                      $                    $              2                      $                    $            203                      $                    $            180                      $                    $            158                      $                    $ --                      $                    $    930  
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $            (68 )                                       $                    $             (7 )                                       $                    $             (6 )                                       $                    $             (1 )                                       $                    $             (1 )                                       $                    $ --                      $                    $ --                      $                    $ --                      $                    $ --                      $                    $    (15 )
   Net effect of deferred revenues and related cost of revenues(4)
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
                                                                        Operating                             Net Income                             Net Income                           Basic Earnings                         Basic Earnings                        Diluted Earnings                       Diluted Earnings                                                                                                                                                                                                                                
                                                                                            Income                                                                                                              per Share                              per Share                              per Share                              per Share
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
GAAP Measurement                                                                      $            247                      $                    $            204                      $                    $           0.27                      $                    $           0.26                                                                                                                                                                                                              
                                                                                 27                   27                 0.03                 0.03                                                                                                                                                                                                              
   Share-based compensation(1)
                                                                                 50                   50                 0.06                 0.06                                                                                                                                                                                                              
   Amortization of intangible assets(2)
                                                                                 28                   28                 0.04                 0.04                                                                                                                                                                                                              
   Restructuring and related costs(3)
                                                                     --                  (14 )                                 (0.02 )                                 (0.02 )                                                                                                                                                                                                                               
   Income tax impacts from items above(5)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- --------------------
Non-GAAP Measurement                                                                  $            352                      $                    $            295                      $                    $           0.38                      $                    $           0.38                                                                                                                                                                                                              
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $            (53 )                                       $                    $            (48 )                                       $                    $          (0.06 )                                       $                    $          (0.06 )                                                                                                                                                                                                                               
   Net effect of deferred revenues and related cost of revenues(4)
(1) Includes expenses related to share-based compensation.                                                                                                                                                                                                                       Includes expenses related to share-based compensation.
(2) Reflects amortization of intangible assets from purchase price accounting.                                                                                                                                                                                                   Reflects amortization of intangible assets from purchase price accounting.
(3) Reflects restructuring initiatives, primarily severance and other restructuring-related costs.                                                                                                                                                                               Reflects restructuring initiatives, primarily severance and other restructuring-related costs.
(4) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.                                                                    Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.
(5) Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results. Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.

The GAAP and non-GAAP earnings per share information is presented as calculated. The sum of these measures, as presented, may differ due to the impact of rounding.

                                                                                                                                                                                                                                                                                                                                                                                                                         
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP MEASURES
(Amounts in millions, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                         
               Nine Months Ended September 30, 2019                                      Net Revenues                        Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                     Cost of Revenues -                           Product                                Product                               Sales and                              Sales and                             General and                            General and                           Restructuring                          Restructuring                         Total Costs and                    Total Costs and
                                                                                                                               Product Sales:                         Product Sales:                         Product Sales:                         Product Sales:                         Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                        Subs/Lic/Other:                          Development                            Development                             Marketing                              Marketing                           Administrative                         Administrative                        and related costs                      and related costs                          Expenses                           Expenses
                                                                                                                                Product Costs                          Product Costs                            Software                               Software                            Game Operations                        Game Operations                           Software                               Software
                                                                                                                                                                                                              Royalties and                          Royalties and                        and Distribution                       and Distribution                         Royalties and                          Royalties and
                                                                                                                                                                                                              Amortization                           Amortization                               Costs                                  Costs                              Amortization                           Amortization
------------------------------------------------------------------ ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ----------------------------------------------
GAAP Measurement                                                                      $          4,503                      $                    $            388                      $                    $            171                      $                    $            714                      $                    $            164                      $                    $            702                      $                    $            580                      $                    $            527                      $                    $            104                      $                    $  3,350  
                                                                     --       --                  (15 )                                    (1 )                                    (1 )                                   (42 )                                    (8 )                                   (60 )                        --         (127 )
   Share-based compensation(1)
                                                                     --       --       --       --                 (146 )                        --       --                   (5 )                        --         (151 )
   Amortization of intangible assets(2)
                                                                     --                   (4 )                        --       --       --       --       --       --                 (104 )                          (108 )
   Restructuring and related costs(3)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Non-GAAP Measurement                                                                  $          4,503                      $                    $            384                      $                    $            156                      $                    $            713                      $                    $             17                      $                    $            660                      $                    $            572                      $                    $            462                      $                    $ --                      $                    $  2,964  
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (824 )                                       $                    $            (81 )                                       $                    $           (106 )                                       $                    $             (6 )                                       $                    $             (2 )                                       $                    $ --                      $                    $ --                      $                    $ --                      $                    $ --                      $                    $   (195 )
   Net effect of deferred revenues and related cost of revenues(4)
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
                                                                        Operating                             Net Income                             Net Income                           Basic Earnings                         Basic Earnings                        Diluted Earnings                       Diluted Earnings                                                                                                                                                                                                                                
                                                                                            Income                                                                                                              per Share                              per Share                              per Share                              per Share
                                                                   ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------   --------------------
GAAP Measurement                                                                      $          1,153                      $                    $            978                      $                    $           1.28                      $                    $           1.27                                                                                                                                                                                                              
                                                                                127                  127                 0.17                 0.16                                                                                                                                                                                                              
   Share-based compensation(1)
                                                                                151                  151                 0.20                 0.20                                                                                                                                                                                                              
   Amortization of intangible assets(2)
                                                                                108                  108                 0.14                 0.14                                                                                                                                                                                                              
   Restructuring and related costs(3)
                                                                     --                  (49 )                                 (0.07 )                                 (0.07 )                                                                                                                                                                                                                               
   Income tax impacts from items above(5)
                                                                     --                   (8 )                                 (0.01 )                                 (0.01 )                                                                                                                                                                                                                               
   Discrete tax-related items(6)
                                                                   -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- --------------------
Non-GAAP Measurement                                                                  $          1,539                      $                    $          1,307                      $                    $           1.71                      $                    $           1.70                                                                                                                                                                                                              
                                                                   ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                      $           (629 )                                       $                    $           (524 )                                       $                    $          (0.69 )                                       $                    $          (0.68 )                                                                                                                                                                                                                               
   Net effect of deferred revenues and related cost of revenues(4)
(1) Includes expenses related to share-based compensation.                                                                                                                                                                                                                       Includes expenses related to share-based compensation.
(2) Reflects amortization of intangible assets from purchase price accounting.                                                                                                                                                                                                   Reflects amortization of intangible assets from purchase price accounting.
(3) Reflects restructuring initiatives, primarily severance and other restructuring-related costs.                                                                                                                                                                               Reflects restructuring initiatives, primarily severance and other restructuring-related costs.
(4) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.                                                                    Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effects of taxes.
(5) Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results. Reflects the income tax impact associated with the above items. Tax impact on non-GAAP pre-tax income is calculated under the same accounting principles applied to the GAAP pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.
(6) Reflects the impact of significant discrete tax-related items, including amounts related to the changes in tax laws, amounts related to the potential or final resolution of tax positions, and/or other unusual or unique tax-related items and activities.                 Reflects the impact of significant discrete tax-related items, including amounts related to the changes in tax laws, amounts related to the potential or final resolution of tax positions, and/or other unusual or unique tax-related items and activities.

The GAAP and non-GAAP earnings per share information is presented as calculated. The sum of these measures, as presented, may differ due to the impact of rounding.

                                                                                                                                                                                                                             
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
OPERATING SEGMENTS INFORMATION
(Amounts in millions)
                                                                                                                                                                                                                             
Three Months Ended:                                                                                                                                          September 30, 2020                                                                                                                      $ Increase / (Decrease)                                                                                                        $ Increase / (Decrease)
--------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------            ----------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                     Activision                      Blizzard                        Blizzard                         King                            King                           Total                                     Total                                    Activision                       Activision                      Blizzard                        Blizzard                         King                            King                           Total                           Total
                                        ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------   ----------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------
Segment Net Revenues                                                                                                                                                                                                                            
                                                           $                  773                    $                    $                  393                    $                    $                  536                    $                    $                1,702                         $                    $                  564                    $                    $                    1                    $                    $                   36                    $                    $                  601
   Net revenues from external customers
                                                --                       18           --                       18                --                       16           --                       16
   Intersegment net revenues(1)
                                        -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                           $                  773                    $                    $                  411                    $                    $                  536                    $                    $                1,720                         $                    $                  564                    $                    $                   17                    $                    $                   36                    $                    $                  617
   Segment net revenues
                                        ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ======================= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                             
Segment operating income                                   $                  345                    $                    $                  133                    $                    $                  248                    $                    $                  726                         $                    $                  319                    $                    $                   59                    $                    $                   54                    $                    $                  432
                                                                                                                                                                                                                             
Operating Margin                                                                                                                     42.2 %                                                                                                     
                                                                                                                                                                                                                             
                                                                                                                                          September 30, 2019                                                                                                                                                                                                      
                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                     Activision                      Blizzard                        Blizzard                         King                            King                           Total                                     Total                                                                                                              
                                        ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------
Segment Net Revenues                                                                                                                                                                                                                            
                                                           $                  209                    $                    $                  392                    $                    $                  500                    $                    $                1,101                                                                                    
   Net revenues from external customers
                                                --                        2           --                        2                                                                                    
   Intersegment net revenues(1)
                                        -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                           $                  209                    $                    $                  394                    $                    $                  500                    $                    $                1,103                                                                                    
   Segment net revenues
                                        ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                             
Segment operating income                                   $                   26                    $                    $                   74                    $                    $                  194                    $                    $                  294                                                                                    
                                                                                                                                                                                                                             
Operating Margin                                                                                                                     26.7 %                                                                                                     
                                                                                                                                                                                                                             
Nine Months Ended:                                                                                                                                           September 30, 2020                                                                                                                      $ Increase / (Decrease)                                                                                                        $ Increase / (Decrease)
--------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------            ----------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
               Activision                               Activision                      Blizzard                        Blizzard                         King                            King                           Total                                     Total                                    Activision                       Activision                      Blizzard                        Blizzard                         King                            King                           Total                           Total
--------------------------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------   ----------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------
Segment Net Revenues
   Net revenues from external customers                    $                2,285                    $                    $                1,264                    $                    $                1,587                    $                    $                5,136                         $                    $                1,491                    $                    $                  151                    $                    $                   60                    $                    $                1,702
   Intersegment net revenues (1)                --                       62           --                       62                --                       53           --                       53
                                        -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Segment net revenues                                    $                2,285                    $                    $                1,326                    $                    $                1,587                    $                    $                5,198                         $                    $                1,491                    $                    $                  204                    $                    $                   60                    $                    $                1,755
                                        ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ======================= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                       
Segment operating income                                   $                1,088                    $                    $                  533                    $                    $                  615                    $                    $                2,236                         $                    $                  935                    $                    $                  329                    $                    $                   72                    $                    $                1,336
                                                                       
Operating Margin                                                                                                                     43.0 %
                                                                                                                                                                                                                             
           September 30, 2019                                                                                                                                September 30, 2019
--------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
               Activision                               Activision                      Blizzard                        Blizzard                         King                            King                           Total                                     Total
--------------------------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------
Segment Net Revenues
   Net revenues from external customers                    $                  794                    $                    $                1,113                    $                    $                1,527                    $                    $                3,434  
   Intersegment net revenues (1)                --                        9           --                        9  
                                        -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Segment net revenues                                    $                  794                    $                    $                1,122                    $                    $                1,527                    $                    $                3,443  
                                        ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                              
Segment operating income                                   $                  153                    $                    $                  204                    $                    $                  543                    $                    $                  900  
                                                                                                                              
Operating Margin                                                                                                                     26.1 %
(1) Intersegment revenues reflect licensing and service fees charged between segments. Intersegment revenues reflect licensing and service fees charged between segments.

Our operating segments are consistent with the manner in which our operations are reviewed and managed by our Chief Executive Officer, who is our chief operating decision maker ("CODM"). The CODM reviews segment performance exclusive of: the impact of the change in deferred revenues and related cost of revenues with respect to certain of our online-enabled games; share-based compensation expense; amortization of intangible assets as a result of purchase price accounting; fees and other expenses (including legal fees, costs, expenses and accruals) related to acquisitions, associated integration activities, and financings; certain restructuring and related costs; and other non-cash charges. See the following page for the reconciliation tables of segment revenues and operating income to consolidated net revenues and consolidated income before income tax expense.

Our operating segments are also consistent with our internal organization structure, the way we assess operating performance and allocate resources, and the availability of separate financial information. We do not aggregate operating segments.

ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
OPERATING SEGMENTS INFORMATION
(Amounts in millions)
                                                                                                                            Three Months Ended September 30,                                                 Nine Months Ended September 30,                                                Nine Months Ended September 30,
                                                                                                ------------------------------------------------------------------------------------------------------------------------       ------------------------------- ------------------------------------------------------------------------------------------------------------------------
                                                                                                   2020                               2019                                   2019                                         2020                                    2020                               2019                                   2019
                                                                                                ----------------------------------------------   -------------------- ------------------------------------------------------   ------------------------------- ----------------------------------------------   -------------------- ------------------------------------------------------
Reconciliation to consolidated net revenues:                                                                                                                                                                        
Segment net revenues                                                                                               $  1,720                      $                    $          1,103                                 $                    $  5,198                      $                    $          3,443  
Revenues from non-reportable segments(1)                                                              65                  113                     232                  245  
Net effect from recognition (deferral) of deferred net revenues(2)                                   187                   68                     306                  824  
Elimination of intersegment revenues(3)                                                              (18 )                                    (2 )                                      (62 )                                    (9 )
                                                                                                -------------------- ------ -------------------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- --------------------
Consolidated net revenues                                                                                          $  1,954                      $                    $          1,282                                 $                    $  5,674                      $                    $          4,503  
                                                                                                ==================== ====== ==================== ==================== ==================== ============== ==================== =============================== ==================== ====== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                 
Reconciliation to consolidated income before income tax expense:                                                                                                                                                    
Segment operating income                                                                                           $    726                      $                    $            294                                 $                    $  2,236                      $                    $            900  
Operating income (loss) from non-reportable segments(1)                                              (20 )                                     5                     (27 )                                    10  
Net effect from recognition (deferral) of deferred net revenues and related cost of revenues(2)      150                   53                     169                  629  
Share-based compensation expense                                                                     (53 )                                   (27 )                                     (138 )                                  (127 )
Amortization of intangible assets                                                                    (16 )                                   (50 )                                      (62 )                                  (151 )
Restructuring and related costs(4)                                                                    (9 )                                   (28 )                                      (39 )                                  (108 )
                                                                                                -------------------- ------ -------------------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- --------------------
Consolidated operating income                                                                        778                  247                   2,139                1,153  
Interest and other expense (income), net                                                              25                   (2 )                                       55                  (33 )
Loss on extinguishment of debt                                                                        31       --                      31       --  
                                                                                                -------------------- ------ -------------------- -------------------- -------------------- -------------- -------------------- ------------------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------- --------------------
Consolidated income before income tax expense                                                                      $    722                      $                    $            249                                 $                    $  2,053                      $                    $          1,186  
                                                                                                ==================== ====== ==================== ==================== ==================== ============== ==================== =============================== ==================== ====== ==================== ==================== ==================== ============== ====================
(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our distribution business. Also includes unallocated corporate income and expenses. Includes other income and expenses from operating segments managed outside the reportable segments, including our distribution business. Also includes unallocated corporate income and expenses.
(2) Reflects the net effect from (deferral) of revenues and recognition of deferred revenues, along with related cost of revenues, on certain of our online-enabled products.                         Reflects the net effect from (deferral) of revenues and recognition of deferred revenues, along with related cost of revenues, on certain of our online-enabled products.
(3) Intersegment revenues reflect licensing and service fees charged between segments.                                                                                                                Intersegment revenues reflect licensing and service fees charged between segments.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
NET REVENUES BY DISTRIBUTION CHANNEL
(Amounts in millions)
                                                                                                                                                                                                                               Three Months Ended
                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            September 30, 2020                                                       September 30, 2019                                                        September 30, 2019                                                           $ Increase                                $ Increase                                % Increase                      % Increase
                                                                                                                                                                                                                                                                                                                               (Decrease)                                (Decrease)                                (Decrease)                      (Decrease)
                                         ------------------------------------------------------------------------------------------------------------------------      -------------------- ------------------------------------------------------------------------------------------------------------------------      --------------------                                                                --------------------
                                                  Amount                                  % of Total                      % of Total                       Amount                                    Amount                                  % of Total                      % of Total
                                         ------------------------------------------------------------   -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------   -------------------- ----------------------------------------
Net Revenues by Distribution Channel                                                                                                                                                                                                  
                                                            $                1,753                     90                   90 %                                       $                    $                1,014                     79                   79 %                                       $                    $                  739                     73                   73 %
   Digital online channels(2)
                                                            117                      6                    6                         93                      7                    7                         24                     26                   26  
   Retail channels
                                                             84                      4                    4                        175                     14                   14                        (91 )                                     (52                  (52 )
   Other(3)
                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                            $                1,954                    100                  100 %                                       $                    $                1,282                    100                  100 %                                       $                    $                  672                     52                   52  
      Total consolidated net revenues
                                         ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                   
Change in deferred revenues(4)                                                                                                                                                                                                        
                                                            $                 (148 )                                                                $                    $                  (39 )                                                                                              
   Digital online channels(2)
                                                            (39 )                                                                  (29 )                                                                                              
   Retail channels
                                                 --                                      --                                                                             
   Other(3)
                                         -------------------- -------------------- --------------------                                                                -------------------- -------------------- -------------------- --------------------
                                                            $                 (187 )                                                                $                    $                  (68 )                                                                                              
      Total changes in deferred revenues
                                         ==================== ==================== ====================                                                                ==================== ==================== ==================== ====================
                                                                                                                                                                                                                   
            Nine Months Ended                                                                                                                                                                                                                      Nine Months Ended
---------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
           September 30, 2020                                                                  September 30, 2020                                                       September 30, 2019                                                        September 30, 2019                                                           $ Increase                                $ Increase                                % Increase                      % Increase
                                                                                                                                                                                                                                                                                                                               (Decrease)                                (Decrease)                                (Decrease)                      (Decrease)
---------------------------------------- ------------------------------------------------------------------------------------------------------------------------      -------------------- ------------------------------------------------------------------------------------------------------------------------      --------------------                                                                --------------------
                 Amount                                              Amount                                  % of Total                      % of Total                       Amount                                    Amount                                  % of Total                      % of Total
---------------------------------------- ------------------------------------------------------------   -------------------- ----------------------------------------  -------------------- ------------------------------------------------------------   -------------------- ----------------------------------------
Net Revenues by Distribution Channel
   Digital online channels (2)                              $                4,782                     84                   84 %                                       $                    $                3,493                     78                   78 %                                       $                    $                1,289                     37                   37 %
   Retail channels                                          509                      9                    9                        599                     13                   13                        (90 )                                     (15                  (15 )
   Other (3)                                                383                      7                    7                        411                      9                    9                        (28 )                                      (7                   (7 )
                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
      Total consolidated net revenues                       $                5,674                    100                  100 %                                       $                    $                4,503                    100                  100 %                                       $                    $                1,171                     26                   26  
                                         ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                             
Change in deferred revenues(4)
   Digital online channels (2)                              $                   (1 )                                       $                                         $                    $                    $                 (444 )
   Retail channels                                         (295 )                                                                 (373 )
   Other (3)                                                (10 )                                                                   (7 )
                                         -------------------- -------------------- -------------------- -------------------- ----------------------------------------  -------------------- -------------------- -------------------- --------------------
      Total changes in deferred revenues                    $                 (306 )                                       $                                         $                    $                    $                 (824 )
                                         ==================== ==================== ==================== ==================== ========================================  ==================== ==================== ==================== ====================
(1) The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding.                                        The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding.
(2) Net revenues from Digital online channels represent revenues from digitally-distributed subscriptions, downloadable content, microtransactions, and products, as well as licensing royalties. Net revenues from Digital online channels represent revenues from digitally-distributed subscriptions, downloadable content, microtransactions, and products, as well as licensing royalties.
(3) Net revenues from Other include revenues from our distribution business, the Overwatch League, and the Call of Duty League.                                                                   Net revenues from Other include revenues from our distribution business, the Overwatch League, and the Call of Duty League.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
NET REVENUES BY PLATFORM
(Amounts in millions)
                                                                                                                                                                                                   Three Months Ended
                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    September 30, 2020                                               September 30, 2019                                                September 30, 2019                                                   $ Increase                         $ Increase                         % Increase                 % Increase
                                                                                                                                                                                                                                                                                               (Decrease)                         (Decrease)                         (Decrease)                 (Decrease)
                                         --------------------------------------------------------------------------------------------------------      -------------------- --------------------------------------------------------------------------------------------------------      --------------------                                                  --------------------
                                               Amount                              % of Total(1)              % of Total(1)                Amount                                 Amount                              % of Total(1)              % of Total(1)
                                         ------------------------------------------------------   -------------------- ------------------------------  -------------------- ------------------------------------------------------   -------------------- ------------------------------
Net Revenues by Platform                                                                                                                                                                
                                                            $            695                     36         36 %                                       $                    $            241                     19         19 %                                       $                    $    454                     NM         NM  
   Console
                                                      514                     26         26                  341                     27         27          173                     51         51  
   PC
                                                      661                     34         34                  525                     41         41          136                     26         26  
   Mobile and ancillary(2)
                                                       84                      4          4                  175                     14         14          (91 )                                     (52        (52 )
   Other(3)
                                         -------------------- -------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ------ --------------------
                                                            $          1,954                    100        100 %                                       $                    $          1,282                    100        100 %                                       $                    $    672                     52         52  
      Total consolidated net revenues
                                         ==================== ============== ==================== ==================== ========== ==================== ==================== ==================== ============== ==================== ==================== ========== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                     
Change in deferred revenues(4)                                                                                                                                                          
                                                            $           (129 )                                                      $                    $            (45 )                                                                      
   Console
                                                      (45 )                                                  (21 )                                                                      
   PC
                                                      (13 )                                                   (2 )                                                                      
   Mobile and ancillary(2)
                                           --                      --                                                     
   Other(3)
                                         -------------------- -------------- --------------------                                                      -------------------- -------------------- -------------- --------------------
                                                            $           (187 )                                                      $                    $            (68 )                                                                      
      Total changes in deferred revenues
                                         ==================== ============== ====================                                                      ==================== ==================== ============== ====================
                                                                                                                                                                     
            Nine Months Ended                                                                                                                                                                                          Nine Months Ended
---------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
           September 30, 2020                                                          September 30, 2020                                               September 30, 2019                                                September 30, 2019                                                   $ Increase                         $ Increase                         % Increase                 % Increase
                                                                                                                                                                                                                                                                                               (Decrease)                         (Decrease)                         (Decrease)                 (Decrease)
---------------------------------------- --------------------------------------------------------------------------------------------------------      -------------------- --------------------------------------------------------------------------------------------------------      --------------------                                                  --------------------
                 Amount                                           Amount                              % of Total(1)              % of Total(1)                Amount                                 Amount                              % of Total(1)              % of Total(1)
---------------------------------------- ------------------------------------------------------   -------------------- ------------------------------  -------------------- ------------------------------------------------------   -------------------- ------------------------------
Net Revenues by Platform
   Console                                                  $          1,944                     34         34 %                                       $                    $          1,324                     29         29 %                                       $                    $    620                     47         47 %
   PC                                               1,494                     26         26                1,196                     27         27          298                     25         25  
   Mobile and ancillary (2)                         1,853                     33         33                1,572                     35         35          281                     18         18  
   Other (3)                                          383                      7          7                  411                      9          9          (28 )                                      (7         (7 )
                                         -------------------- -------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ------ --------------------
      Total consolidated net revenues                       $          5,674                    100        100 %                                       $                    $          4,503                    100        100 %                                       $                    $  1,171                     26         26  
                                         ==================== ============== ==================== ==================== ========== ==================== ==================== ==================== ============== ==================== ==================== ========== ==================== ==================== ==================== ====== ====================
                                                                                                                                                                     
Change in deferred revenues(4)
   Console                                                  $           (301 )                                       $                               $                    $                    $           (589 )
   PC                                                 (27 )                                                 (218 )
   Mobile and ancillary (2)                            32                                 (10 )
   Other (3)                                          (10 )                                                   (7 )
                                         -------------------- -------------- -------------------- -------------------- ------------------------------  -------------------- -------------------- -------------- --------------------
      Total changes in deferred revenues                    $           (306 )                                       $                               $                    $                    $           (824 )
                                         ==================== ============== ==================== ==================== ==============================  ==================== ==================== ============== ====================
(1) The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding.                                                 The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding.
(2) Net revenues from Mobile and ancillary include revenues from mobile devices, as well as non-platform specific game related revenues, such as standalone sales of physical merchandise and accessories. Net revenues from Mobile and ancillary include revenues from mobile devices, as well as non-platform specific game related revenues, such as standalone sales of physical merchandise and accessories.
(3) Net revenues from Other include revenues from our distribution business, the Overwatch League, and the Call of Duty League.                                                                            Net revenues from Other include revenues from our distribution business, the Overwatch League, and the Call of Duty League.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
NET REVENUES BY GEOGRAPHIC REGION
(Amounts in millions)
                                                                                                                                                                                  Three Months Ended
                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                September 30, 2020                                           September 30, 2019                                            September 30, 2019                                               $ Increase                 $ Increase                % Increase                 % Increase
                                                                                                                                                                                                                                                                               (Decrease)                 (Decrease)                (Decrease)                 (Decrease)
                                         ------------------------------------------------------------------------------------------------      -------------------- ------------------------------------------------------------------------------------------------      --------------------                                 --------------------
                                           Amount                          % of Total(1)              % of Total(1)                Amount                             Amount                          % of Total(1)              % of Total(1)
                                         ----------------------------------------------   -------------------- ------------------------------  -------------------- ----------------------------------------------   -------------------- ------------------------------
Net Revenues by Geographic Region                                                                                                                      
                                                            $  1,127                     58         58 %                                       $                    $    655                     51         51 %                                       $                    $        472                   72         72 %
   Americas
                                              589                     30         30          452                     35         35              137                   30         30  
   EMEA(2)
                                              238                     12         12          175                     14         14               63                   36         36  
   Asia Pacific
                                         -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                            $  1,954                    100        100 %                                       $                    $  1,282                    100        100 %                                       $                    $        672                   52         52  
      Total consolidated net revenues
                                         ==================== ====== ==================== ==================== ========== ==================== ==================== ==================== ====== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                    
Change in deferred revenues(3)                                                                                                                         
                                                            $    (86 )                                                      $                    $    (33 )                                                     
   Americas
                                              (75 )                                          (26 )                                                     
   EMEA(2)
                                              (26 )                                           (9 )                                                     
   Asia Pacific
                                         -------------------- ------ --------------------                                                      -------------------- -------------------- ------ --------------------
                                                            $   (187 )                                                      $                    $    (68 )                                                     
      Total changes in deferred revenues
                                         ==================== ====== ====================                                                      ==================== ==================== ====== ====================
                                                                                                                                    
            Nine Months Ended                                                                                                                                                                         Nine Months Ended
---------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
           September 30, 2020                                                      September 30, 2020                                           September 30, 2019                                            September 30, 2019                                               $ Increase                 $ Increase                % Increase                 % Increase
                                                                                                                                                                                                                                                                               (Decrease)                 (Decrease)                (Decrease)                 (Decrease)
---------------------------------------- ------------------------------------------------------------------------------------------------      -------------------- ------------------------------------------------------------------------------------------------      --------------------                                 --------------------
                 Amount                                       Amount                          % of Total(1)              % of Total(1)                Amount                             Amount                          % of Total(1)              % of Total(1)
---------------------------------------- ----------------------------------------------   -------------------- ------------------------------  -------------------- ----------------------------------------------   -------------------- ------------------------------
Net Revenues by Geographic Region
   Americas                                                 $  3,188                     56         56 %                                       $                    $  2,406                     53         53 %                                       $                    $        782                   33         33 %
   EMEA (2)                                 1,770                     31         31        1,525                     34         34              245                   16         16  
   Asia Pacific                               716                     13         13          572                     13         13              144                   25         25  
                                         -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
      Total consolidated net revenues                       $  5,674                    100        100 %                                       $                    $  4,503                    100        100 %                                       $                    $      1,171                   26         26  
                                         ==================== ====== ==================== ==================== ========== ==================== ==================== ==================== ====== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                    
Change in deferred revenues(3)
   Americas                                                 $   (106 )                                       $                               $                    $                    $   (469 )
   EMEA (2)                                  (159 )                                         (285 )
   Asia Pacific                               (41 )                                          (70 )
                                         -------------------- ------ -------------------- -------------------- ------------------------------  -------------------- -------------------- ------ --------------------
(1) The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding. The percentages of total are presented as calculated. Therefore, the sum of these percentages, as presented, may differ due to the impact of rounding.
(2) Net revenues from EMEA consist of the Europe, Middle East, and Africa geographic regions.                                                              Net revenues from EMEA consist of the Europe, Middle East, and Africa geographic regions.
(3) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues on certain of our online-enabled products.                    Reflects the net effect from deferral of revenues and (recognition) of deferred revenues on certain of our online-enabled products.
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
EBITDA and ADJUSTED EBITDA
(Amounts in millions)
                                                                                                                                                                                         Trailing Twelve            Trailing Twelve
                                                                                                                                                                                                                                                                                                                                                  Months Ended               Months Ended
                                                                 December 31, 2019                       March 31, 2020                         March 31, 2020                          June 30, 2020                June 30, 2020            September 30, 2020                     September 30, 2020                     September 30, 2020         September 30, 2020
                                                                ------------------------------------------------------   -------------------- ------------------------------------------------------   -------------------- ----------------------------------  -------------------- ------------------------------------------------------   -------------------- ------------------------------
                                                                                                                                                                                         
GAAP Net Income                                                                    $            525                      $                    $            505                      $                    $            580                    $                    $            604                      $                    $      2,214
                                                                               7                    8                   22                 25               62
   Interest and other expense (income), net
                                                                  --       --       --                 31               31
   Loss on extinguishment of debt
                                                                             (78 )                                    99                  147                118              286
   Provision for income taxes(1)
                                                                              81                   62                   43                 46              232
   Depreciation and amortization
                                                                -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ----------
EBITDA                                                                       535                  674                  792                824            2,825
                                                                                                                                                                                         
                                                                              39                   43                   42                 53              177
   Share-based compensation expense(2)
                                                                              30                   23                    6                  9               68
   Restructuring and related costs(3)
                                                                              17       --       --     --               17
   Discrete tax-related items(4)
                                                                -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- ----------
Adjusted EBITDA                                                                    $            621                      $                    $            740                      $                    $            840                    $                    $            886                      $                    $      3,087
                                                                ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ==========
                                                                                                                                                                                         
Change in deferred net revenues and related cost of revenues(5)                    $            577                      $                    $           (171 )                                       $                    $            152                    $                    $           (150 )                                       $                    $        408
(1) Provision for income taxes for the three months ended December 31, 2019 also include impacts from significant discrete tax-related items, including amounts related to changes in tax laws, amounts related to the potential or final resolution of tax positions, and/or other unusual or unique tax-related items and activities. Provision for income taxes for the three months ended December 31, 2019 also include impacts from significant discrete tax-related items, including amounts related to changes in tax laws, amounts related to the potential or final resolution of tax positions, and/or other unusual or unique tax-related items and activities.
(2) Includes expenses related to share-based compensation.                                                                                                                                                                                                                                     Includes expenses related to share-based compensation.
(3) Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.                                                                                                                                                                            Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.
(4) Reflects the impact of other unusual or unique tax-related items and activities.                                                                                                                                                                                                                                     Reflects the impact of other unusual or unique tax-related items and activities.
(5) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products.                                                                                                                                                           Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products.

Trailing twelve months are presented as calculated. Therefore, the sum of the quarters, as presented, may differ due to the impact of rounding.

                                                                                                                        
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
GAAP to Non-GAAP Reconciliation
(Amounts in millions, except per share data)
                                                                                                    Outlook for the                        Outlook for the                    Outlook for the
                                                                                                  Three Months Ending                        Year Ending                        Year Ending
                                                                                                   December 31, 2020                      December 31, 2020                  December 31, 2020
                                                                                                  ------------------------------------------------------   -------------------- ----------------------------------------------
                                                                                                                        
Net Revenues(1)                                                                                                      $          2,001                      $                    $  7,675  
Change in deferred revenues(2)                                                                                       $            731                      $                    $    425  
                                                                                                                        
                                                                                                                        
Earnings Per Diluted Share (GAAP)                                                                                    $           0.44                      $                    $   2.61  
Excluding the impact of:                                                                                                                   
                                                                                                              0.14         0.32  
  Share-based compensation(3)
                                                                                                              0.02         0.10  
  Amortization of intangible assets(4)
                                                                                                              0.07         0.11  
  Restructuring and related costs(5)
                                                                                                    --         0.04  
  Loss on extinguishment of debt(6)
                                                                                                             (0.04 )                         (0.11 )
  Income tax impacts from items above(7)
                                                                                                  -------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Earnings Per Diluted Share (Non-GAAP)                                                                                $           0.63                      $                    $   3.08  
                                                                                                  ==================== ============== ==================== ==================== ==================== ====== ====================
                                                                                                                        
                                                                                                                        
Net effect of deferred net revenues and related cost of revenues on Earnings Per Diluted Share(8)                    $           0.46                      $                    $   0.27  
(1) Net Revenues represents the revenue outlook for both GAAP and Non-GAAP as they are measured the same.                                                                                                               Net Revenues represents the revenue outlook for both GAAP and Non-GAAP as they are measured the same.
(2) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues on certain of our online-enabled products.                                                                                 Reflects the net effect from deferral of revenues and (recognition) of deferred revenues on certain of our online-enabled products.
(3) Reflects expenses related to share-based compensation.                                                                                                                                                              Reflects expenses related to share-based compensation.
(4) Reflects amortization of intangible assets from purchase price accounting, including intangible assets from the acquisition of King.                                                                                Reflects amortization of intangible assets from purchase price accounting, including intangible assets from the acquisition of King.
(5) Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.                                                            Reflects restructuring initiatives, primarily severance and other restructuring-related costs. Refer to our third quarter Form 10-Q for further details.
(6) Reflects the loss on extinguishment of debt from financing activities.                                                                                                                                              Reflects the loss on extinguishment of debt from financing activities.
(7) Reflects the income tax impacts associated with the above items. Due to the inherent uncertainties in share price and option exercise behavior, we do not generally forecast excess tax benefits or tax shortfalls. Reflects the income tax impacts associated with the above items. Due to the inherent uncertainties in share price and option exercise behavior, we do not generally forecast excess tax benefits or tax shortfalls.
(8) Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effect of taxes.            Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products, including the effect of taxes.

The per share adjustments and the GAAP and Non-GAAP earnings per share information are presented as calculated. Therefore, the sum of these measures, as presented, may differ due to the impact of rounding.

                                                                                                                          
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
OPERATING METRICS
(Amounts in millions)
                                                                                                                          
                                                                                                                          
Net Bookings(1)
                                                                                                                          
                                                                                    Three Months Ended September 30,                                                                                 Nine Months Ended September 30,                                                                                Nine Months Ended September 30,
                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------           ------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                   2020                      2019                       2019                   $ Increase                 $ Increase                % Increase                 % Increase                         2020                            2020                      2019                       2019                   $ Increase                 $ Increase                % Increase                 % Increase
                                                                                                                  (Decrease)                 (Decrease)                (Decrease)                 (Decrease)                                                                                                                                     (Decrease)                 (Decrease)                (Decrease)                 (Decrease)
                        ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  ------------------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------
Net bookings(1)                            $      1,767                    $                    $      1,214                    $                    $        553                   46         46 %                                                  $                    $      5,368                    $                    $      3,679                    $                    $      1,689                   46         46 %
In-game net bookings(2)        1,200            709            491                   69         69                       3,529          2,281          1,248                   55         55  
(1) We monitor net bookings as a key operating metric in evaluating the performance of our business because it enables an analysis of performance based on the timing of actual transactions with our customers and provides more timely indications of trends in our operating results. Net bookings is the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others. Net bookings is equal to net revenues excluding the impact from deferrals. We monitor net bookings as a key operating metric in evaluating the performance of our business because it enables an analysis of performance based on the timing of actual transactions with our customers and provides more timely indications of trends in our operating results. Net bookings is the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others. Net bookings is equal to net revenues excluding the impact from deferrals.
(2) In-game net bookings primarily includes the net amount of downloadable content and microtransactions sold during the period, and is equal to in-game net revenues excluding the impact from deferrals.                                                                                                                                                                                                                                     In-game net bookings primarily includes the net amount of downloadable content and microtransactions sold during the period, and is equal to in-game net revenues excluding the impact from deferrals.
Monthly Active Users(3)
  September 30, 2019  December 31, 2019 December 31, 2019March 31, 2020 March 31, 2020  June 30, 2020 June 30, 2020September 30, 2020 September 30, 2020
                     ------------------ ----------------- ----------------- -------------- -------------- ------------- ------------- ------------------ ------------------
Activision                           36               128               128            102            102           125           125                111                111
Blizzard                             33                32                32             32             32            32            32                 30                 30
King                                247               249               249            273            273           271           271                249                249
                     ------------------ ----------------- ----------------- -------------- -------------- ------------- ------------- ------------------ ------------------
Total MAUs                          316               409               409            407            407           428           428                390                390
                     ================== ================= ================= ============== ============== ============= ============= ================== ==================
(3) We monitor monthly active users ("MAUs") as a key measure of the overall size of our user base. MAUs are the number of individuals who accessed a particular game in a given month. We calculate average MAUs in a period by adding the total number of MAUs in each of the months in a given period and dividing that total by the number of months in the period. An individual who accesses two of our games would be counted as two users. In addition, due to technical limitations, for Activision and King, an individual who accesses the same game on two platforms or devices in the relevant period would be counted as two users. For Blizzard, an individual who accesses the same game on two platforms or devices in the relevant period would generally be counted as a single user. In certain instances, we rely on third parties to publish our games. In these instances, MAU data is based on information provided to us by those third parties, or, if final data is not available, reasonable estimates of MAUs for these third-party published games. We monitor monthly active users ("MAUs") as a key measure of the overall size of our user base. MAUs are the number of individuals who accessed a particular game in a given month. We calculate average MAUs in a period by adding the total number of MAUs in each of the months in a given period and dividing that total by the number of months in the period. An individual who accesses two of our games would be counted as two users. In addition, due to technical limitations, for Activision and King, an individual who accesses the same game on two platforms or devices in the relevant period would be counted as two users. For Blizzard, an individual who accesses the same game on two platforms or devices in the relevant period would generally be counted as a single user. In certain instances, we rely on third parties to publish our games. In these instances, MAU data is based on information provided to us by those third parties, or, if final data is not available, reasonable estimates of MAUs for these third-party published games.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006180/en/

SOURCE: Activision Blizzard, Inc.

Activision Blizzard, Inc.

Investors and Analysts:
ir@activisionblizzard.com 
or
Press:
pr@activisionblizzard.com
comtex tracking

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.