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Press Release: Activision Blizzard Announces -8-

· 02/04/2021 16:14
other expense (income), net 31 7 87 (26) Loss on extinguishment of debt -- -- 31 -- ---------- ---------- --------- --------- Consolidated income before income tax expense (benefit) $ 563 $ 447 $ 2,616 $ 1,633 === ===== === ===== ===== ===== (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. (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. (3) Intersegment revenues reflect licensing and service fees charged between segments. (4) Reflects restructuring initiatives, primarily severance and other restructuring-related costs. (5) Reflects the impact of other unusual or unique tax-related items and activities. ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES NET REVENUES BY DISTRIBUTION CHANNEL For the Three Months and Years Ended December 31, 2020 and 2019 (Amounts in millions) Three Months Ended ------------------------------------------------------------------ December 31, 2020 December 31, 2019 ------------------ ------------------ --- ----- % of % of $ Increase % Increase Amount Total(1) Amount Total(1) (Decrease) (Decrease) ------ ---------- ------ ---------- ------------ ------------ Net Revenues by Distribution Channel Digital online channels(2) $1,874 78% $1,439 72% $ 435 30% Retail channels 234 10 310 16 (76) (25) Other(3) 305 13 237 12 68 29 ------ --- ----- ------ --- ----- ------------ Total consolidated net revenues $2,413 100% $1,986 100% $ 427 22 ===== === ==== ===== === ==== === ======= Change in deferred revenues(4) Digital online channels(2) $ 466 $ 439 Retail channels 182 278 Other(3) (10) 5 ------ ------ Total changes in deferred revenues $ 638 $ 722 ===== ===== Years Ended ------------------------------------------------------------------ December 31, 2020 December 31, 2019 ------------------ ------------------ --- ----- % of % of $ Increase % Increase Amount Total(1) Amount Total(1) (Decrease) (Decrease) ------ ---------- ------ ---------- ------------ ------------ Net Revenues by Distribution Channel Digital online channels(2) $6,658 82% $4,932 76% $ 1,726 35% Retail channels 741 9 909 14 (168) (18) Other(3) 687 8 648 10 39 6 ------ --- ----- ------ --- ----- ------------ Total consolidated net revenues $8,086 100% $6,489 100% $ 1,597 25 ===== === ==== ===== === ==== === ======= Change in deferred revenues(4) Digital online channels(2) $ 464 $ (4) Retail channels (112) (95) Other(3) (19) (2) ------ ------ Total changes in deferred revenues $ 333 $(101) ===== ===== (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. (2) Net revenues from Digital online channels represent revenues from digitally-distributed downloadable content, microtransactions, subscriptions, and products, as well as licensing royalties. (3) Net revenues from Other primarily includes revenues from our distribution business, the Overwatch League, and the Call of Duty League. (4) 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 NET REVENUES BY PLATFORM For the Three Months and Years Ended December 31, 2020 and 2019 (Amounts in millions) Three Months Ended ------------------------------------------------------------------ December 31, 2020 December 31, 2019 ------------------- ------------------- --- % of % of $ Increase % Increase Amount Total(1) Amount Total(1) (Decrease) (Decrease) ------- ---------- ------- ---------- ---------- ------------ Net Revenues by Platform Console $ 840 35% $ 595 30% $ 245 41% PC 561 23 521 26 40 8 Mobile and ancillary(2) 707 29 633 32 74 12 Other(3) 305 13 237 12 68 29 ------- --- ----- ------- --- ----- ---------- Total consolidated net revenues $ 2,413 100% $ 1,986 100% $ 427 22 ====== === ==== ====== === ==== ========= Change in deferred revenues(4) Console $ 432 $ 536 PC 207 165 Mobile and ancillary(2) 9 16 Other(3) (10) 5 ------- ------- Total changes in deferred revenues $ 638 $ 722 ====== ====== Years Ended ------------------------------------------------------------------ December 31, 2020 December 31, 2019 ------------------- ------------------- --- % of % of $ Increase % Increase Amount Total(1) Amount Total(1) (Decrease) (Decrease) ------- ---------- ------- ---------- ---------- ------------ Net Revenues by Platform Console $ 2,784 34% $ 1,920 30% $ 864 45% PC 2,056 25 1,718 26 338 20 Mobile and ancillary(2) 2,559 32 2,203 34 356 16 Other(3) 687 8 648 10 39 6 ------- --- ----- ------- --- ----- ---------- Total consolidated net revenues $ 8,086 100% $ 6,489 100% $ 1,597 25 ====== === ==== ====== === ==== ========= Change in deferred revenues(4) Console $ 132 $ (54) PC 179 (53) Mobile and ancillary(2) 41 8 Other(3) (19) (2) ------- ------- Total changes in deferred revenues $ 333 $ (101) ====== ====== (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. (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. (3) Net revenues from Other primarily includes revenues from our distribution business, the Overwatch League, and the Call of Duty League. (4) 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 NET REVENUES BY GEOGRAPHIC REGION For the Three Months and Years Ended December 31, 2020 and 2019 (Amounts in millions) Three Months Ended ------------------------------------------------------------------ December 31, 2020 December 31, 2019 ------------------ ------------------ --- ----- % of % of $ Increase % Increase Amount Total(1) Amount Total(1) (Decrease) (Decrease) ------ ---------- ------ ---------- ------------ ------------ Net Revenues by Geographic Region Americas $1,247 52% $ 935 47% $ 312 33% EMEA(2) 910 38 713 36 197 28 Asia Pacific 256 11 338 17 (82) (24) ------ --- ----- ------ --- ----- ------------ Total consolidated

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February 04, 2021 16:14 ET (21:14 GMT)