Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

$22.49

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

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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Activision Blizzard Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net income
Deferred income taxes
Non-cash operating lease cost
Depreciation and amortization
Amortization of capitalized software development costs
Share-based compensation expense
Other
Accounts receivable, net
Software development
Other assets
Deferred revenues
Accounts payable
Accrued expenses and other liabilities
Changes in operating assets and liabilities, net of effect of business acquisitions
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Proceeds from maturities of available-for-sale investments
Proceeds from sale of available-for-sale investments
Purchases of available-for-sale investments
Proceeds from maturities of held-to-maturity investments
Purchases of held-to-maturity investments
Acquisition of business, net of cash acquired
Capital expenditures
Other investing activities
Net cash (used in) provided by investing activities
Proceeds from issuance of common stock to employees
Tax payment related to net share settlements on restricted stock units
Dividends paid
Proceeds from debt issuances, net of discounts
Repayment of long-term debt
Payment of financing costs
Premium payment for early redemption of note
Other financing activities
Net cash provided by (used in) financing activities
Effect of foreign exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents and restricted cash

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.