{"id":429451,"date":"2021-02-04T16:15:21","date_gmt":"2021-02-04T21:15:21","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=429451"},"modified":"2021-02-04T16:15:21","modified_gmt":"2021-02-04T21:15:21","slug":"activision-blizzard-announces-fourth-quarter-and-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/activision-blizzard-announces-fourth-quarter-and-2020-financial-results\/","title":{"rendered":"Activision Blizzard Announces Fourth-Quarter and 2020 Financial Results"},"content":{"rendered":"

<\/p>\n

Activision Blizzard Announces Fourth-Quarter and 2020 Financial Results<\/b><\/p>\n

Better-Than-Expected Q4 and Full Year Results<\/b><\/p>\n

SANTA MONICA, Calif.–(BUSINESS WIRE<\/a>)–
\nActivision Blizzard, Inc. (Nasdaq: ATVI) today announced fourth-quarter 2020 results.\n<\/p>\n

\n\u201cIn a year filled with adversity our extraordinary employees were determined to provide connection and joy to our 400 million players around the world,\u201d said Bobby Kotick, CEO of Activision Blizzard. \u201cThey accomplished this as well as generating record financial results for our shareholders. Under difficult circumstances, but with the same conviction and focus, they will continue to do so in 2021.\u201d\n<\/p>\n

Financial Metrics<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q4<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

CY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in millions, except EPS)<\/b><\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

Prior
\n
Outlook*<\/b><\/p>\n<\/td>\n

\n

2019<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP Net Revenues\n<\/p>\n<\/td>\n

\n

\n$2,413\n<\/p>\n<\/td>\n

\n

\n$2,001\n<\/p>\n<\/td>\n

\n

\n$1,986\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$8,086\n<\/p>\n<\/td>\n

\n

\n$6,489\n<\/p>\n<\/td>\n<\/tr>\n

\n

Impact of GAAP deferralsA<\/sup><\/i><\/p>\n<\/td>\n

\n

$638<\/i><\/p>\n<\/td>\n

\n

$731<\/i><\/p>\n<\/td>\n

\n

$722<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$333<\/i><\/p>\n<\/td>\n

\n

($101)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP EPS\n<\/p>\n<\/td>\n

\n

\n$0.65\n<\/p>\n<\/td>\n

\n

\n$0.44\n<\/p>\n<\/td>\n

\n

\n$0.68\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2.82\n<\/p>\n<\/td>\n

\n

\n$1.95\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP EPS\n<\/p>\n<\/td>\n

\n

\n$0.76\n<\/p>\n<\/td>\n

\n

\n$0.63\n<\/p>\n<\/td>\n

\n

\n$0.62\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3.21\n<\/p>\n<\/td>\n

\n

\n$2.31\n<\/p>\n<\/td>\n<\/tr>\n

\n

Impact of GAAP deferralsA<\/sup><\/i><\/p>\n<\/td>\n

\n

$0.45<\/i><\/p>\n<\/td>\n

\n

$0.46<\/i><\/p>\n<\/td>\n

\n

$0.61<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$0.26<\/i><\/p>\n<\/td>\n

\n

($0.06)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
* Prior outlook was provided by the company on October 29, 2020 in its earnings release.<\/td>\n<\/tr>\n
Please refer to the tables at the back of this earnings release for a reconciliation of the company\u2019s GAAP and non-GAAP results.<\/td>\n<\/tr>\n<\/table>\n

\nFor the year ended December 31, 2020, Activision Blizzard\u2019s net revenues presented in accordance with GAAP were $8.09 billion, as compared with $6.49 billion for 2019. GAAP net revenues from digital channels were $6.66 billion. GAAP operating margin was 34%. GAAP earnings per diluted share were $2.82, as compared with $1.95 for 2019. On a non-GAAP basis, Activision Blizzard\u2019s operating margin was 39% and earnings per diluted share were $3.21, as compared with $2.31 for 2019.\n<\/p>\n

\nFor the quarter ended December 31, 2020, Activision Blizzard\u2019s net revenues presented in accordance with GAAP were $2.41 billion, as compared with $1.99 billion for the fourth quarter of 2019. GAAP net revenues from digital channels were $1.87 billion. GAAP operating margin was 25%. GAAP earnings per diluted share were $0.65, as compared with $0.68 for the fourth quarter of 2019. On a non-GAAP basis, Activision Blizzard\u2019s operating margin was 31% and earnings per diluted share were $0.76, as compared with $0.62 for the fourth quarter of 2019.\n<\/p>\n

\nActivision Blizzard generated $2.25 billion in operating cash flow for the year ended December 31, 2020, as compared with $1.83 billion for 2019. For the quarter, operating cash flow was $1.14 billion, as compared with $918 million for the fourth quarter of 2019.\n<\/p>\n

\nPlease refer to the tables at the back of this press release for a reconciliation of the company\u2019s GAAP and non-GAAP results.\n<\/p>\n

Operating Metrics<\/b><\/p>\n

\nFor the year ended December 31, 2020, Activision Blizzard\u2019s net bookingsB <\/sup>were $8.42 billion, as compared with $6.39 billion for 2019. Net bookingsB<\/sup> from digital channels were $7.12 billion, as compared with $4.93 billion for 2019. In-game net bookingsC <\/sup>were $4.85 billion.\n<\/p>\n

\nFor the quarter ended December 31, 2020, Activision Blizzard\u2019s net bookingsB<\/sup> were $3.05 billion, as compared with $2.71 billion for the fourth quarter of 2019. Net bookingsB<\/sup> from digital channels were $2.34 billion, as compared with $1.88 billion for the fourth quarter of 2019. In-game net bookingsC<\/sup> were $1.32 billion.\n<\/p>\n

\nFor the quarter ended December 31, 2020, overall Activision Blizzard Monthly Active Users (MAUs)D<\/sup> were 397 million.\n<\/p>\n

Selected Business Highlights<\/b><\/p>\n

\nActivision Blizzard delivered better-than-expected results in the fourth quarter and is entering 2021 with strong momentum. In 2020, we saw the benefits of fundamental changes to our core franchises, including deeper and more consistent engagement with current and new players across multiple platforms. Much of our growth was driven by strong execution in premium content, in-game operations, expanding our presence on mobile, and ramping new engagement models. We are already seeing the impact of our growth initiatives for Call of Duty\u00ae<\/sup><\/b>, World of Warcraft\u00ae<\/sup><\/b>and Candy CrushTM<\/sup><\/b>, which we expect to again drive strong results in 2021. And at the same time, we are making significant progress against our development pipeline for other key intellectual properties, which we expect to fuel further growth in 2022 and beyond.\n<\/p>\n

Activision<\/i><\/b><\/p>\n