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1 FIRST QUARTER 2019 RESULTS MAY 2, 2019

2 SAFE HARBOR DISCLOSURE -Q -K and Form 10 Please review our SEC filings on Form 10 herein contained not historical facts are forward -looking statements, including, but not limited to, statements about: (1) projections of revenues, expenses, statements that The are objectives, or per earnings cash flow or other financial items ; (2) statements of our plans and loss including those related to releases of products and services and loss, or income share, of future financial or operating performance, restructuring the impact of tax items thereon ; and (4) statements of assumptions underlying such activities ; (3) statements including company uses words such as “outlook,” “forecast,” “will,” “could,” “should,” “would,” “to be,” “plan,” “plans,” “believes,” “may,” “might,” “expects,” “intends,” statements generally . The to,” “estimate,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject “future,” “upcoming,” and other similar expressions to help “anticipates,” “intends as,” -looking statements . Forward -looking statements are subject to business and economic risks, reflect management’s current expectations, estimates and projections about identify forward and business, uncertain and difficult to predict . our are inherently -looking mat We caution that a number of important factors could cause our actual future results and other future circumstances to differ erially from those expressed in any forward quality titles in a statements. Such factors include, but are not limited to: our ability to consistently deliver popular, high- timely manner; our ability to satisfy the expectations of er of titles; the continued growth in the scope and consumers with respect to our brands, games, services, and/or business practices; concentration of revenue among a small numb 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; our ability to realize the expected financial and ope rat ional benefits of, and effectively manage, our recently th the retail sales business model; substantial influence of wi announced restructuring plans; increasing importance of revenues derived from digital distribution channels; risks associated -to-play business third -party platform providers over our products and costs; success and availability of video game consoles manufactured by thir d parties; risks associated with the free any model, including dependence on a relatively small number of consumers for a significant portion of revenues and profits from given game; risks and costs associated with legal proceedings; changes in tax rates or exposure to additional tax liabilities, as well as the outcome of current or future tax putes; rapid changes in technology and industry standards; dis attract, retain, and motivate skilled personnel; reliance on competition, including from other forms of entertainment; our ability to sell products at assumed pricing levels; our ability to 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; counterparty risks relating to customers, licensees, licensors, and manufacturers; intellectual property claims; piracy and u nau thorized copying of our products; risks and uncertainties of and distribution in key territories; compliance with conducting business outside the U.S.; fluctuations in currency exchange rates; increasing regulation of our business, products, the other factors identified in “Risk Factors” included in Part continually evolving laws and regulations concerning data privacy; potential data breaches and other cybersecurity risks; and I, Item 1A of our Annual Report on Form 10 -K for the year ended December 31, 2018. -looking statements herein are based on information available to the company at this time and we assume no obligation to update any such forward -looking statements . The forward to forward are believed to be true when made, they may ultimately prove statements be incorrect . These statements are not guarantees of our future -looking these Although 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 . performance and 2

3 -GAAP MEASURES USE OF NON to As measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), Activision Blizzard presents certain non -GAAP measures of financial performance . our a supplement financial important financial not intended to be considered in isolation from, as a substitute for, or as more are than, the financial information prepared and presented in accordance with GAAP . -GAAP measures These non 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 In addition, these . provides 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, Activision net Blizzard excluding provides FX information to provide a framework for assessing how our underlying businesses performed constant the effect of foreign currency rate fluctuations . In addition, Activision also the company EBITDA (defined as GAAP net income (loss) before interest (income) expense, income taxes, depreciation and Blizzard and adjusted EBITDA (defined as non -GAAP operating margin (see non - provides amortization) financial below) before depreciation) . The non -GAAP financial measures exclude the following items, as applicable in any given reporting period and our outlook : GAAP measure related to -based compensation ;  expenses stock of from purchase price accounting ; amortization intangibles the  other expenses related to the King acquisition, including related debt  and refinancing of long -term debt, including penalties and the write off of unamortized discount and deferred fees and financings, financing costs; and charges ; restructuring  related non -cash charges from reclassification of certain cumulative translation adjustments into earnings as required by GAAP ;  other applied income adjustments associated with any of the above items (tax the on non -GAAP pre -tax income is calculated under the same accounting principles tax to the GAAP pre -tax income under ASC  impact , which an annual effective tax rate employs to the results) ; and 740 method 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  positions, tax unusual or unique tax -related items and activities . and other -GAAP future, may also consider whether other items should also be excluded in calculating the non Blizzard financial measures used by the company . Management believes that the presentation of the In Activision -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 these non between and performance 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 periods the or outlook . Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for results impact of items that may be significant or that could affect an understanding operating future 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 of with compliance of the company’s debt financing agreements, as well as in planning and forecasting. the requirements the non financial measures are not based Blizzard’s a comprehensive set of accounting rules or principles, and -GAAP terms non -GAAP net income, non -GAAP earnings per share, non -GAAP operating Activision on 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 margin, relation a comparable Activision Blizzard’s performance in of to other companies . view investors 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, Management measures, and and by presenting the most comparable GAAP measures directly ahead of non -GAAP outlook, and by providing a reconciliation that indicates and describes the adjustments made . results 3

4 FIRST QUARTER 2019 RESULTS expected Q1 financial results: -than- Better • Q1 GAAP revenues of $1.8B versus guidance of $1.7B • Q1 GAAP EPS of $0.58 versus guidance of $0.39 Q1 non -GAAP EPS of $0.78 versus guidance of $0.63 • 1 of $1.3B versus guidance of $1.2B Q1 net bookings • Maintaining full year -guidance: Expect 2019 GAAP revenues of $6.0B, including GAAP deferrals of $275M, and GAAP EPS of $1.18 • • Expect 2019 non -GAAP EPS of $1.85, including GAAP deferrals of $0.25 1 of $6.3B • Expect 2019 net bookings Key highlights: • Outperformed our first quarter outlook, reflecting strong operational discipline • Made progress against the plan outlined in our February earnings call to reinforce the foundation for future growth • Strong momentum in esports, and sold the first five franchises for the professional Call of Duty league to owners who recognize the scale of the opportunity from their partnerships with us on the Overwatch League 4 1 Net bookings is an operating metric that is defined as the net amount of products and services sold digitally or sold- in physica lly in the period, and includes license fees, merchandise, and publisher incentives, among others and is equal to net revenues plus the impact from deferrals.

5 FOUR KEY AREAS OF FOCUS Major Content Live Franchise Expansion New Engagement Operations onto Mobile Models Releases We continue to grow our We are expanding the We are building on our We are focused on live operations reach, engagement and existing mobile delivering a strong capabilities, to deliver monetization of our leadership as we extend cadence of major content great content, services, our acclaimed console franchises as we build on releases, where we meet features, and events that early success in esports, and PC franchises to the the growing demand of continuously engage our in -game advertising, and largest and fastest - the industry’s gaming communities and drive growing gaming consumer initiatives. communities and release in -game revenues. platform. -quality content our high more frequently. 5

6 PROGRESS AGAINST OUR PLAN New Engagement Live Major Content Franchise Expansion onto Mobile Releases Models Operations Increasing developer headcount on our biggest franchises, adding resources across each of four pillars of major content releases, live ops, mobile and new engagement models Investing in tech platforms , building cross -platform tools and capabilities that make us more agile in content delivery and increase the opportunity for collaboration across teams Greater resources available to continue refining the optimal business model for our franchises, including assessing opportunities around free -to-play Major program underway to integrate global and regional sales and go -to-market, partnerships, and sponsorships across the business capabilities 6

7 AUDIENCE REACH Activision Blizzard King Overall 1 Q1 MAUs 345M 32M : 41M 272M Details: 1 • King MAUs Candy Crush™ franchise were up Q/Q for the second quarter in a row driven by the 1 where MAUs grew Q/Q and Y/Y continues to attract both former and new players to the franchise Candy Crush Friends Saga™ • Call of Duty®: Mobile coming to regions including North America, South America, and Europe with • pre -launch betas arriving later this year • launched in March to 90 ™: Shadows Die Twice Sekiro - -plus Metacritic scores, and the game sold through more than two million copies worldwide in its first 10 days 7 1 a respective period. Refer to the definition included in today’s earnings release for additional details. MAUs defined as number of individuals who accessed a particular game in a given month averaged across the number of months in

8 DEEP ENGAGEMENT Details: For each of Activision, Blizzard and King, daily time spent per user playing our games increased Y/Y • • For Activision Blizzard overall, average daily time spent per user was approximately 50 minutes • Daily time spent per player across the Candy Crush franchise reached a new high, driving the King network to a record of 38 minutes Call of Duty: Black Ops 4 ’s Blackout mode drove double -digit growth for both total hours played in the • quarter and daily time spent per player, versus Call of Duty: WWII TM team Call of Duty esports initiative is off to a strong start. Five Overwatch League • The professional owners have secured rights to Atlanta, Dallas, New York, Paris, and Toronto The second season of the Overwatch League commenced in February to sell -out crowds at the Blizzard • Arena • Viewership hours for the second season to date are over 30% higher than in the first season • Dallas Fuel hosted the league’s first home games in front of a sell -out crowd of thousands of fans 8

9 PLAYER INVESTMENT Details: -game net bookings in Q1 Activision Blizzard delivered approximately $800M of in • • For the twenty -second quarter in a row, King had two of the top- -grossing titles in the U.S. 10 highest 1 mobile app stores Candy Crush Friends Saga • remained strong in Q1, enabling ROI - Monetization and retention trends in positive user acquisition that we expect to contribute to financial results for the rest of the year • The team continues to iterate around in -game features and offerings within Black Ops 4 , testing new ways for players to participate in in -game content both for that game and future titles 9 1 U.S. ranking for Apple App Store and Google Play Store combined, per App Annie Intelligence for first quarter of 2019.

10 FIRST QUARTER 2019 SEGMENT RESULTS Q1 Segment $529M $317M $344M Net Revenues: Q1 Segment $73M $55M $178M 34% operating margin 16% operating margin 23% operating margin Operating Income: Segment revenues in • Candy Crush • franchise net -line with Key Highlights: • Key contributors to the quarter game and in- bookings grew Y/Y with the were expectations Call of Duty advertising business more than catalog net bookings and the Segment operating margin of • Sekiro : successful launch of doubling over the same period 16% was lower Y/Y due to Shadows Die Twice game Segment revenue roughly flat decline in segment in- • revenues, partially offset by • Segment revenues increased 2% Y/Y lower costs Y/Y Segment operating income and • Segment operating margin lower • margin declined Y/Y due to investments in marketing for Y/Y due to mix effects Candy Crush Friends Saga 1 MAUs defined as number of individuals who accessed a particular game in a given month averaged across the number of months in a respective period. Refer to the definition included in today’s earnings release for additional details. r f inancial statements. The segment performance is exclusive of the impact of the change in deferred revenues and related cost Note: These segment results are consistent with how we report our U.S. GAAP segment results externally in the footnotes to ou 10 of revenues with respect to certain of our online -enabled products, share -based compensation expense, amortization of intangible assets as a result of purchase price accounting, fees and other expenses related to financings and acquisitions, including integration activities, certain restructuring costs, and other non -cash charges. Reconciliation of our segment results to our consolidated results is included in the earnings release dated May 2, 2019, which is available on www.activisionblizzard.com.

11 FIRST QUARTER 2019 RESULTS 1 Q1 2019 Actual Prior Q1 2019 Outlook Q1 2018 Actual Impact of Impact of Impact of 2 2 2 GAAP GAAP -GAAP Non Non GAAP GAAP GAAP GAAP Non -GAAP -GAAP deferrals deferrals deferrals $1,825M ($540M) $1,715M $1,715M ($567M) $1,825M Net Revenues $1,965M $1,965M ($581M) Digital Revenues % 74% 76% 76% 74% Operating Income $595M ($373M) $570M $744M ($441M) $767M Operating Margin 30% 39% 23% 37% (20 pp) 31% 41% $27M Interest Expense, Net $28M - $3M - $3M ($0.43) $0.65 $0.78 ($0.40) $0.39 $0.63 EPS $0.58 $0.78 ($0.47) for EPS To t a l Share Count 770M 770M 770M 770M 772M 772M $529M $450M Operating Cash Flow 3 $498M $432M Free Cash Flow $1,175M $1,384M Net Bookings (operating metric) $1,258M 1 Prior outlook provided February 12, 2019. 11 2 on -GAAP reconciliations are in the earnings releases dated May 3, 2018, February 12, 2019, and May 2, 2019, which are available Non . www.activisionblizzard.com 3 Free Cash Flow represents Operating Cash Flow minus Capital Expenditure.

12 BALANCE SHEET AS OF MARCH 31, 2019 Q1 adjusted EBITDA of $777M 12/31/2018 3/31/2018 3/31/2019 Cash and investments $5.30B $4.38B $4.84B - Term loans $0.99B - 1 Notes $2.70B $3.45B $2.70B $4.44B $2.70B Gross Debt $2.70B 2 $0.86B Net Cash $2.14B $1.68B 3 $2,689M Adjusted TTM EBITDA $2,482M $2,716M 3 1.8x 1.0x 1.0x Gross Debt / Adj. TTM EBITDA 2019 Capital Allocation: Dividend of $0.37 per share payable on May 9, 2019 • • -year $1.5B stock repurchase authorization, started Feb 14, 2019 Two 1 As of 3/31/19, includes notes for the maturity dates of 2021, 2022, 2026, 2027, and 2047. 12 2 -term investments minus gross debt. -term investments and long Net cash is defined as cash and cash equivalents, short 3 GAAP operating income plus depreciation for the trailing twelve months. Adjusted TTM EBITDA, for any given date, is calculated as non-

13 FINANCIAL OUTLOOK AS OF MAY 2, 2019 2019 Q2 2019 Impact of GAAP Impact of GAAP 1 1 1 1 -GAAP Non GAAP Non -GAAP GAAP 2 2 Deferrals Deferrals Net Revenues $6,025M ($165M) $6,025M $275M $1,315M $1,315M 25% 25% 25% 25% Product Costs, Game Ops & Distribution 3 55% 45% 49% 59% Operating Expenses, Incl. SW Amort 4 16% 2 pp 30% 20% 26% (6 pp) Operating Margin - Interest Expense, Net - - - Tax Rate 24% 20% 22% 24% $1.85 $0.21 $1.18 $0.25 EPS ($0.12) $0.35 5 774M 774M 771M 771M Fully Diluted Weighted Avg. Shares $1,150M Net Bookings (operating metric) $6,300M Currency Assumptions for Current 2019 Outlook: $1.19 USD/Euro (vs. $1.12 avg. for 2018, $1.12 for 2017, & $1.11 for 2016) • • $1.33 USD/GBP (vs. $1.30 avg. for 2018, $1.30 for 2017, & $1.36 for 2016) • Note: Our financial guidance includes the forecasted impact of our FX hedging program 1 -GAAP reconciliations are in the earnings release dated May 2, 2019, which is available on www.activisionblizzard.com. For 2 019, GAAP outlook includes restructuring charge of approximately $35M for Q2 and approximately $150M Non for the full year. 2 Net effect of revenue deferral accounting treatment on certain of our online enabled products. 3 Includes expenses related to product development, sales & marketing, and general & administrative, as well as software amortization & IP licenses costs. 13 4 May not recalculate due to rounding. 5 Including fully diluted shares based on average share price.

14 Q&A MAY 2, 2019

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