Name: Activision Blizzard Inc. (NASDAQ:ATVI) | Liabilities and Stockholders’ Equity (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Activision Blizzard Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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	225)	177)	324)	229)	197)	207)	285)	248)	217)	225)	295)	224)	177)	158)	292)	274)	180)	166)	253)	312)	167)	172)
Deferred revenues	1,877)	1,653)	2,088)	979)	847)	835)	1,118)	844)	1,058)	1,459)	1,689)	1,108)	1,222)	1,064)	1,375)	695)	728)	931)	1,493)	1,017)	832)	1,204)
Accrued expenses and other liabilities	1,220)	987)	1,143)	1,070)	980)	1,249)	1,008)	924)	978)	1,497)	1,116)	855)	1,158)	1,338)	1,248)	782)	731)	1,198)	896)	1,053)	1,061)	1,551)
Current liabilities	3,322)	2,817)	3,555)	2,278)	2,024)	2,291)	2,411)	2,016)	2,253)	3,181)	3,100)	2,187)	2,557)	2,560)	2,915)	1,751)	1,639)	2,295)	2,642)	2,382)	2,060)	2,927)
Long-term debt, net	3,612)	3,611)	3,611)	3,610)	3,609)	3,608)	3,608)	3,607)	3,606)	3,606)	3,605)	3,604)	2,676)	2,675)	2,675)	2,674)	2,673)	2,672)	2,671)	2,670)	4,394)	4,392)
Deferred income taxes, net	32)	32)	158)	98)	251)	375)	506)	433)	511)	365)	418)	480)	436)	458)	505)	23)	20)	22)	18)	11)	13)	16)
Other liabilities	759)	818)	816)	826)	862)	907)	932)	971)	916)	942)	949)	924)	869)	890)	945)	1,122)	1,186)	1,363)	1,147)	991)	1,145)	1,243)
Non-current liabilities	4,403)	4,461)	4,585)	4,534)	4,722)	4,890)	5,046)	5,011)	5,033)	4,913)	4,972)	5,008)	3,981)	4,023)	4,125)	3,819)	3,879)	4,057)	3,836)	3,672)	5,552)	5,651)
Total liabilities	7,725)	7,278)	8,140)	6,812)	6,746)	7,181)	7,457)	7,027)	7,286)	8,094)	8,072)	7,195)	6,538)	6,583)	7,040)	5,570)	5,518)	6,352)	6,478)	6,054)	7,612)	8,578)
Common stock, $0.000001 par value	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Additional paid-in capital	12,489)	12,396)	12,260)	12,192)	12,069)	11,927)	11,715)	11,640)	11,621)	11,549)	11,531)	11,395)	11,300)	11,213)	11,174)	11,116)	11,063)	11,004)	10,963)	10,928)	10,867)	10,786)
Treasury stock, at cost	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)	(5,563)
Retained earnings	14,498)	13,911)	13,171)	12,768)	12,333)	12,053)	12,025)	11,460)	10,821)	9,945)	9,691)	9,183)	8,579)	7,999)	7,813)	7,289)	7,085)	6,757)	6,558)	5,907)	5,647)	5,245)
Accumulated other comprehensive loss	(631)	(629)	(625)	(589)	(591)	(586)	(578)	(587)	(593)	(600)	(622)	(633)	(634)	(628)	(619)	(607)	(608)	(602)	(601)	(613)	(605)	(649)
Shareholders’ equity	20,793)	20,115)	19,243)	18,808)	18,248)	17,831)	17,599)	16,950)	16,286)	15,331)	15,037)	14,382)	13,682)	13,021)	12,805)	12,235)	11,977)	11,596)	11,357)	10,659)	10,346)	9,819)
Total liabilities and shareholders’ equity	28,518)	27,393)	27,383)	25,620)	24,994)	25,012)	25,056)	23,977)	23,572)	23,425)	23,109)	21,577)	20,220)	19,604)	19,845)	17,805)	17,495)	17,948)	17,835)	16,713)	17,958)	18,397)

The balance sheet demonstrates a period of significant expansion in total capitalization, with total liabilities and shareholders' equity growing from 18.40 billion USD in March 2018 to 28.52 billion USD by June 2023. This growth is primarily driven by a substantial increase in equity rather than an accumulation of debt, suggesting a strong internal capital generation strategy.

Current Liabilities and Operational Seasonality: Current liabilities exhibit a recurring seasonal pattern, typically peaking in the fourth quarter of each fiscal year. This trend is most pronounced in deferred revenues, which frequently spike in December—reaching 2.09 billion USD in December 2022—before declining in the first half of the subsequent year. This pattern is characteristic of the industry's revenue recognition cycles. While current liabilities fluctuated between 1.64 billion USD and 3.56 billion USD throughout the period, the most recent data from June 2023 shows a relative increase to 3.32 billion USD compared to historical June levels.
Non-Current Liabilities and Debt Management: Long-term debt, net, experienced a significant reduction in late 2018, dropping from approximately 4.39 billion USD to 2.67 billion USD. Following this, debt levels rose again in September 2020 to 3.60 billion USD and remained remarkably stable through June 2023, indicating a consistent long-term borrowing strategy. Deferred income taxes, net, showed a temporary surge between 2019 and 2021, peaking at 511 million USD in June 2021, before declining sharply to 32 million USD by 2023.
Shareholders' Equity and Capital Accumulation: A consistent and aggressive upward trajectory is observed in shareholders' equity, which more than doubled from 9.82 billion USD in March 2018 to 20.79 billion USD in June 2023. The primary catalyst for this growth is the steady accumulation of retained earnings, which grew from 5.25 billion USD to 14.50 billion USD over the analyzed period. This indicates sustained profitability and a policy of retaining earnings to bolster the company's financial position. Additionally, treasury stock remained constant at negative 5.56 billion USD, suggesting no new share repurchase activity during this timeframe.
Overall Solvency and Financial Structure: The relationship between total liabilities and shareholders' equity has shifted in favor of equity. While total liabilities increased moderately from 8.58 billion USD in March 2018 to 7.73 billion USD in June 2023 (with a peak of 8.14 billion USD in December 2022), the equity base expanded much more rapidly. This shift results in a lower liability-to-equity ratio over time, reflecting a strengthened solvency profile and reduced reliance on external leverage to fund assets.

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Activision Blizzard Inc. (NASDAQ:ATVI)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data