Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Activision Blizzard Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 37.77 33.72 25.78 30.22 41.94 43.85 41.60 40.53 39.07 39.62 37.42 34.37 31.35 30.13 29.20 27.74 26.25 26.16 23.69 19.79 27.05 28.36
Held-to-maturity investments 8.11 11.97 18.01 11.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net 3.63 2.79 4.40 2.57 2.29 2.12 3.88 2.44 2.89 3.30 4.55 2.87 3.04 3.01 4.27 2.17 2.60 3.31 5.80 3.84 2.33 2.34
Software development 2.67 2.61 2.34 3.95 3.07 1.73 1.79 0.95 1.06 1.21 1.52 1.84 1.64 1.49 1.62 1.35 1.05 1.03 1.48 2.08 1.78 1.62
Other current assets 2.16 1.91 2.31 2.94 2.74 2.22 2.84 2.84 3.17 2.50 2.22 2.64 2.16 1.68 1.65 2.51 2.47 3.14 3.26 4.04 3.00 2.52
Current assets 54.34% 53.00% 52.84% 51.17% 50.04% 49.92% 50.11% 46.76% 46.19% 46.63% 45.72% 41.72% 38.18% 36.31% 36.74% 33.77% 32.37% 33.64% 34.24% 29.75% 34.16% 34.84%
Software development 2.40 2.27 2.34 0.61 0.50 1.16 0.84 1.46 1.13 0.88 0.69 0.67 0.66 0.46 0.27 0.61 0.51 0.45 0.36 1.04 0.73 0.50
Property and equipment, net 0.72 0.73 0.70 0.67 0.70 0.70 0.67 0.71 0.74 0.82 0.90 0.98 1.10 1.20 1.27 1.40 1.48 1.47 1.58 1.68 1.56 1.55
Deferred income taxes, net 4.52 4.31 4.39 4.94 5.04 5.23 5.50 5.84 6.14 5.34 5.70 5.96 6.04 6.29 6.52 2.01 2.09 2.08 2.26 1.45 1.80 2.17
Other assets 1.68 1.85 1.86 2.11 2.18 2.04 1.98 2.64 2.47 2.74 2.77 3.24 3.35 3.39 3.32 4.11 4.12 4.18 2.70 2.72 2.31 2.49
Intangible assets, net 1.53 1.60 1.61 1.75 1.81 1.78 1.78 1.87 1.90 1.90 1.95 2.17 2.39 2.54 2.68 3.27 3.62 3.79 4.12 4.94 5.07 5.37
Goodwill 34.82 36.25 36.26 38.75 39.73 39.18 39.11 40.73 41.43 41.69 42.26 45.25 48.28 49.80 49.20 54.84 55.80 54.40 54.74 58.42 54.37 53.07
Non-current assets 45.66% 47.00% 47.16% 48.83% 49.96% 50.08% 49.89% 53.24% 53.81% 53.37% 54.28% 58.28% 61.82% 63.69% 63.26% 66.23% 67.63% 66.36% 65.76% 70.25% 65.84% 65.16%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

A fundamental shift in the asset composition is observed over the analyzed period, characterized by a steady transition from non-current assets toward current assets. At the beginning of the period, non-current assets represented approximately 65.16% of total assets, but this proportion declined consistently to 45.66% by June 30, 2023. Conversely, current assets grew from 34.84% to 54.34%, indicating a significant increase in the organization's liquidity profile.

Liquidity and Cash Management
Cash and cash equivalents exhibited a strong upward trend for several years, rising from 28.36% in March 2018 to a peak of 43.85% in March 2022. While a sharp decrease occurred in September 2022, where cash fell to 30.22%, the position recovered to 37.77% by the end of the period. This volatility in late 2022 coincides with the introduction of held-to-maturity investments, which appeared in September 2022 and peaked at 18.01% in December 2022, suggesting a strategic reallocation of liquid cash into fixed-income or other structured securities.
Intangible Assets and Goodwill
There is a pronounced long-term decline in the relative weight of goodwill and intangible assets. Goodwill, which constituted a majority of the balance sheet at 53.07% in March 2018 and peaked at 58.42% in September 2018, contracted steadily to 34.82% by June 30, 2023. Similarly, net intangible assets decreased from 5.37% to 1.53%. This trend suggests that as the total asset base evolved or expanded, the proportional impact of historical acquisitions diminished relative to more liquid assets.
Operational and Tax Assets
Deferred income taxes showed a marked increase starting in December 2019, jumping from approximately 2% to 6.52%, and remained elevated between 4% and 6% for the remainder of the period. Property and equipment maintained a consistently low and slightly declining profile, moving from 1.55% to 0.72%, reflecting a low-capital-intensity asset structure. Software development costs remained a small fraction of total assets, though a slight increase in non-current software development was noted toward the end of the period, reaching 2.40% in June 2023.

In summary, the financial structure evolved from one dominated by goodwill and non-current holdings to one characterized by higher liquidity and a greater concentration of current assets. The strategic shift toward held-to-maturity investments in 2022 further indicates a transition in how the organization manages its excess capital.

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