Financial Performance - Total net revenues for the three months ended September 30, 2021, were $2,070 million, an increase of 5.9% compared to $1,954 million in the same period of 2020[13]. - Total net revenues for the nine months ended September 30, 2021, were $5,626 million, an increase from $5,198 million in the same period of 2020, representing a growth of 8.2%[72]. - Consolidated net revenues for Q3 2021 increased 6% to $2.1 billion compared to $2.0 billion in Q3 2020[160]. - Consolidated net revenues for the nine months ended September 30, 2021, increased 17% to $6.6 billion compared to $5.7 billion in 2020[160]. - The total segment net revenues for the three months ended September 30, 2021, were $1,880 million, an increase from $1,767 million in the same period of 2020, representing a growth of 6.4%[81]. Revenue Breakdown - In-game, subscription, and other revenues reached $1,647 million for the three months ended September 30, 2021, up from $1,546 million in the prior year, reflecting a growth of 6.5%[13]. - Digital online channels generated $1,852 million in net revenues for the three months ended September 30, 2021, compared to $1,753 million in the same period of 2020, marking an increase of 5.6%[79]. - Segment net revenues for Activision, Blizzard, and King were $5.87 billion for the nine months ended September 30, 2021, reflecting a 62% decrease[93]. - For the three months ended September 30, 2021, Activision generated net revenues of $641 million, Blizzard $493 million, and King $652 million, totaling $1.786 billion[197]. Earnings and Income - Operating income for the three months ended September 30, 2021, was $824 million, representing a 5.9% increase from $778 million in the same period of 2020[13]. - Net income for the three months ended September 30, 2021, was $639 million, compared to $604 million in the same period of 2020, marking an increase of 5.8%[17]. - Basic earnings per common share for the three months ended September 30, 2021, were $0.82, compared to $0.78 for the same period in 2020[135]. - Diluted earnings per share for Q3 2021 increased 5% to $0.82 compared to $0.78 in Q3 2020[160]. Assets and Liabilities - Total assets increased to $23,977 million as of September 30, 2021, up from $23,109 million at December 31, 2020, representing a growth of approximately 3.76%[11]. - Total current liabilities decreased to $2,016 million from $3,100 million, reflecting a reduction of approximately 34.97%[11]. - The company reported a total shareholders' equity of $16,950 million, an increase from $15,037 million, representing a growth of approximately 12.69%[11]. - Long-term debt remained relatively stable at $3,607 million, slightly up from $3,605 million[11]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $1,753 million for the nine months ended September 30, 2021, compared to $1,112 million in the same period of 2020, representing a growth of 57.7%[19]. - Cash and cash equivalents rose to $9,718 million, compared to $8,647 million at the end of 2020, indicating an increase of about 12.37%[11]. - The company had $1.5 billion available under a revolving credit facility, which has not been drawn upon[60]. Deferred Revenues - Deferred revenues decreased significantly to $844 million from $1,689 million, a decline of about 50%[11]. - The aggregate amount of deferred revenues was $0.9 billion, down from $1.7 billion as of December 31, 2020[58]. - The change in deferred revenues for the nine months ended September 30, 2021, was $(773) million, compared to $(306) million in the same period of 2020, indicating a significant increase in deferred revenue[82]. Stock and Dividends - The company has authorized a stock repurchase program of up to $4 billion, effective from February 14, 2021, with no shares repurchased as of September 30, 2021[138]. - A cash dividend of $0.47 per common share was declared on February 4, 2021, with a total payment of $365 million made on May 6, 2021[140]. Restructuring and Costs - The total restructuring and related costs incurred through September 30, 2021, amounted to $267 million, with $180 million attributed to Activision, $50 million to Blizzard, and $37 million to King[120][123]. - The company does not expect significant net savings in total operating expenses due to the restructuring plan, as cost reductions will be offset by increased investment in product development[121]. Market and Competition - The company continues to face risks related to competition and market dynamics, particularly in the context of the ongoing COVID-19 pandemic[6]. - The company experienced increased competition for talent, affecting its ability to deliver future game releases[180].

Activision Blizzard, Inc. (NASDAQ:ATVI) Q2 2021 Earnings Conference Call August 3, 2021 4:30 PM ET Company Participants Chris Hickey - SVP of IR Bobby Kotick - CEO Daniel Alegre - President and COO Armin Zerza - CFO Rob Kostich - President of Activision Jen Oneal - Co-leader of Blizzard Mike Ybarra - Co-leader of Blizzard Allen Adham - Executive Producer of Blizzard Incubation Conference Call Participants Matthew Cost - Morgan Stanley Mike Hickey - The Benchmark Company Andrew Uerkwitz - Jefferies Matthew T ...

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