Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2008
- Price to Sales (P/S) since 2008
- Analysis of Revenues
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Activision Blizzard Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income
- Net income exhibited volatility over the observed periods, generally reflecting a pattern of fluctuating quarterly profits. Notably, peaks occurred in December quarters of 2018 and 2019, as well as June 2021 and March 2023, indicating potential seasonality or successful product cycles during these periods. Despite some quarters showing declines, overall net income showed resilience with recovery following downturns.
- Deferred Income Taxes
- This item demonstrated significant variability, with both positive and negative values alternating across periods, including substantial negative adjustments in the latter months of 2018 and 2019. Such fluctuations suggest changing tax positions or timing differences affecting effective tax payments or recognized liabilities.
- Non-Cash Operating Lease Cost
- Starting from mid-2018, non-cash operating lease costs appeared consistently around 15–21 million dollars per quarter. This stable range indicates ongoing lease obligations with minor increases possibly reflecting new lease accounting standards or incremental lease agreements.
- Depreciation and Amortization
- Depreciation expenses declined gradually from early 2018 levels near 150 million US dollars to lower levels below 30 million by mid-2023, reflecting potential asset base reduction or changes in amortization schedules. Amortization of capitalized software development costs showed variability, with spikes in late 2018 and some recovery in 2020 and 2023, pointing to fluctuating capital investment in software projects.
- Share-Based Compensation Expense
- Share-based compensation revealed significant swings, with a marked increase in December 2021 showing a pronounced peak at 249 million US dollars, before stabilizing at lower but still elevated levels. This may relate to stock option exercises or incentivization plans changing over time.
- Other Items and Accounts Receivable
- The 'Other' category contained erratic values without a clear trend. Accounts receivable showed high volatility with both positive and negative swings, including sizable negative amounts suggesting rapid changes in collections and credit terms during some quarters.
- Software Development
- Investment in software development was consistently negative, indicating ongoing capital expenditures. The amounts grew larger (more negative) in 2022 and 2023, implying increasing investment or capitalization efforts in software assets during these periods.
- Other Assets
- Other assets fluctuated considerably between positive and negative values, highlighting changes in miscellaneous asset accounts or impairments and disposals.
- Deferred Revenues
- Deferred revenues showed significant variability with alternating negative and positive figures. Notably, large positive spikes in December quarters of 2018, 2019, 2020, and 2022 of over 500 million reflect robust prepayments or subscription-based revenue recognition cycles consistent with quarter-end timing.
- Accounts Payable and Accrued Expenses
- Both accounts payable and accrued expenses exhibited significant fluctuations without a clear directional trend, suggesting variable operational cash outflows and payable management strategies.
- Changes in Operating Assets and Liabilities
- The net changes in operating assets and liabilities were highly volatile with large negative and positive swings, notably significant positive movements in December quarters 2018 and 2019, which correspond to increases in working capital facilitating cash flow swings.
- Net Cash Provided by Operating Activities
- Operating cash flows were generally positive with considerable peaks in December quarters of most years, exceeding 900 million US dollars multiple times. This cyclical pattern aligns with revenue peaks and working capital timing, demonstrating strong cash generation capabilities.
- Investing Activities
- Investing cash flows were mostly negative or marginally positive, reflecting ongoing purchases of investments and capital expenditures. A pronounced negative outflow occurred in 2022 and early 2023, linked with acquisitions and investments in held-to-maturity securities, indicating strategic investment activities.
- Financing Activities
- Financing cash flows were inconsistent, involving debt repayment, occasional debt issuance, and shares issued to employees, with net outflows dominating across most periods. Occasional significant inflows coincided with large debt issuances, notably in mid-2020, indicating active capital structure management.
- Cash and Cash Equivalents Movement
- The net change in cash and cash equivalents showed substantial volatility, with large increases following quarters with strong operating cash inflows and periods of negative changes connected with investing or financing cash outflows. The strong positive changes in early 2021 and mid-2023 suggest effective liquidity management amidst varying operational and investing dynamics.