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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: Liabilities and Stockholders’ Equity
Quarterly Data

Activision Blizzard Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 0.79 0.65 1.18 0.89 0.79 0.83 1.14 1.03 0.92 0.96 1.28 1.04 0.88 0.81 1.47 1.54 1.03 0.92 1.42 1.87 0.93 0.93
Deferred revenues 6.58 6.03 7.63 3.82 3.39 3.34 4.46 3.52 4.49 6.23 7.31 5.14 6.04 5.43 6.93 3.90 4.16 5.19 8.37 6.09 4.63 6.54
Accrued expenses and other liabilities 4.28 3.60 4.17 4.18 3.92 4.99 4.02 3.85 4.15 6.39 4.83 3.96 5.73 6.83 6.29 4.39 4.18 6.67 5.02 6.30 5.91 8.43
Current liabilities 11.65% 10.28% 12.98% 8.89% 8.10% 9.16% 9.62% 8.41% 9.56% 13.58% 13.41% 10.14% 12.65% 13.06% 14.69% 9.83% 9.37% 12.79% 14.81% 14.25% 11.47% 15.91%
Long-term debt, net 12.67 13.18 13.19 14.09 14.44 14.43 14.40 15.04 15.30 15.39 15.60 16.70 13.23 13.65 13.48 15.02 15.28 14.89 14.98 15.98 24.47 23.87
Deferred income taxes, net 0.11 0.12 0.58 0.38 1.00 1.50 2.02 1.81 2.17 1.56 1.81 2.22 2.16 2.34 2.54 0.13 0.11 0.12 0.10 0.07 0.07 0.09
Other liabilities 2.66 2.99 2.98 3.22 3.45 3.63 3.72 4.05 3.89 4.02 4.11 4.28 4.30 4.54 4.76 6.30 6.78 7.59 6.43 5.93 6.38 6.76
Non-current liabilities 15.44% 16.29% 16.74% 17.70% 18.89% 19.55% 20.14% 20.90% 21.35% 20.97% 21.52% 23.21% 19.69% 20.52% 20.79% 21.45% 22.17% 22.60% 21.51% 21.97% 30.92% 30.72%
Total liabilities 27.09% 26.57% 29.73% 26.59% 26.99% 28.71% 29.76% 29.31% 30.91% 34.55% 34.93% 33.35% 32.33% 33.58% 35.47% 31.28% 31.54% 35.39% 36.32% 36.22% 42.39% 46.63%
Common stock, $0.000001 par value 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 0.00 0.00 0.00 0.00
Additional paid-in capital 43.79 45.25 44.77 47.59 48.29 47.69 46.76 48.55 49.30 49.30 49.90 52.81 55.89 57.20 56.31 62.43 63.24 61.31 61.47 65.39 60.51 58.63
Treasury stock, at cost -19.51 -20.31 -20.32 -21.71 -22.26 -22.24 -22.20 -23.20 -23.60 -23.75 -24.07 -25.78 -27.51 -28.38 -28.03 -31.24 -31.80 -31.00 -31.19 -33.29 -30.98 -30.24
Retained earnings 50.84 50.78 48.10 49.84 49.34 48.19 47.99 47.80 45.91 42.45 41.94 42.56 42.43 40.80 39.37 40.94 40.50 37.65 36.77 35.34 31.45 28.51
Accumulated other comprehensive loss -2.21 -2.30 -2.28 -2.30 -2.36 -2.34 -2.31 -2.45 -2.52 -2.56 -2.69 -2.93 -3.14 -3.20 -3.12 -3.41 -3.48 -3.35 -3.37 -3.67 -3.37 -3.53
Shareholders’ equity 72.91% 73.43% 70.27% 73.41% 73.01% 71.29% 70.24% 70.69% 69.09% 65.45% 65.07% 66.65% 67.67% 66.42% 64.53% 68.72% 68.46% 64.61% 63.68% 63.78% 57.61% 53.37%
Total liabilities and shareholders’ equity 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).

The capital structure has undergone a significant transformation over the analyzed period, characterized by a consistent shift from liability-based financing toward equity-based financing. Total liabilities as a percentage of total liabilities and shareholders’ equity decreased from 46.63% in March 2018 to 27.09% by June 2023. Conversely, shareholders’ equity increased from 53.37% to 72.91% over the same timeframe, indicating a strengthened solvency position and a reduction in financial leverage.

Liability Trends
A marked reduction in long-term debt is observed, falling from 23.87% in early 2018 to 12.67% by mid-2023. This suggests a strategic deleveraging process. Current liabilities have also trended lower, moving from 15.91% to 11.65%, although this metric exhibits quarterly volatility. Deferred revenues show a cyclical pattern, often peaking in December quarters (e.g., 8.37% in December 2018 and 7.63% in December 2022), which is typical for companies with seasonal revenue recognition cycles. Deferred income taxes showed a temporary spike reaching 2.54% in late 2019 before returning to negligible levels of 0.11% by June 2023.
Equity Composition
The most prominent growth within the equity section is seen in retained earnings, which nearly doubled from 28.51% in March 2018 to 50.84% in June 2023. This trend indicates strong internal capital generation and a steady accumulation of profits. Additional paid-in capital decreased from 58.63% to 43.79%, reflecting its diminishing relative weight as retained earnings grew. The impact of treasury stock, represented as a negative value, moderated from -30.24% to -19.51%, suggesting that while share repurchases continued or remained on the books, they became a smaller portion of the total balance sheet relative to the growth in other equity accounts.
Overall Financial Risk Profile
The downward trajectory of non-current liabilities, which dropped from 30.72% to 15.44%, combined with the substantial increase in equity, points to a reduced risk profile. The company has shifted from a more balanced reliance on debt and equity to a structure heavily dominated by internal funding and retained profits. The stability of accumulated other comprehensive loss, remaining consistently between -2.21% and -3.67%, indicates that external market fluctuations affecting comprehensive income have had a minimal relative impact on the total capital structure.

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