Analysis of Geographic Areas
Activision Blizzard Inc. operates in 3 regions: Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific.
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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Debt
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Area Asset Turnover
Activision Blizzard Inc., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia Pacific |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Americas Asset Turnover
- The asset turnover ratio for the Americas region exhibits considerable fluctuation over the observed period. Starting at 19.11 in 2018, the ratio declines sharply to 10.38 in 2019, indicating reduced efficiency in asset utilization. In 2020, there is a significant recovery, with the ratio rising to 16.42, followed by a further increase to 18.68 in 2021. The ratio decreases again in 2022 to 15.08, suggesting some volatility but overall improvement relative to 2019.
- Europe, Middle East, and Africa (EMEA) Asset Turnover
- The EMEA region shows a dramatic drop in asset turnover from 42.23 in 2018 to 15.77 in 2019. After this decline, the ratio stabilizes somewhat, increasing slightly to 16.14 in 2020 and then showing a more marked improvement to 22.93 in 2021. However, in 2022 there is a marginal decrease to 21.71. The pattern indicates an initial disruption followed by gradual recovery and stabilization at a level below the initial peak.
- Asia Pacific Asset Turnover
- Asia Pacific maintains the highest asset turnover ratios throughout the period, albeit with some variability. Starting at 58.94 in 2018, the ratio declines to 43.29 in 2019, marking a notable reduction. It then rebounds sharply to 57.18 in 2020, followed by a slight decline to 53.75 in 2021 and further modest decrease to 51.62 in 2022. This trend suggests robust asset utilization in the region, with occasional fluctuations but sustained overall strength in turnover efficiency.
- Comparative Insights
- Across all geographic regions, there is a common pattern of initial decline in asset turnover ratios from 2018 to 2019. This is followed by varying degrees of recovery in subsequent years, with Asia Pacific consistently outperforming the other two regions. The Americas display a volatile trend with marked ups and downs, while the EMEA region experiences a steep initial drop followed by gradual improvement and relative stabilization. The data indicates that despite challenges, asset turnover efficiencies have generally shown resilience and partial recovery post-2019.
Area Asset Turnover: Americas
Activision Blizzard Inc.; Americas; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Consolidated net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Consolidated net revenues ÷ Long-lived assets
= ÷ =
- Consolidated net revenues
- The consolidated net revenues in the Americas exhibited fluctuating behavior over the five-year period. Starting at $3,880 million in 2018, revenues declined to $3,341 million in 2019, marking a significant decrease. This was followed by a strong recovery in 2020 reaching $4,434 million and further growth to $4,931 million in 2021, the highest in the period. However, in 2022, revenues declined again to $4,208 million, indicating some volatility in the market or operational factors affecting sales.
- Long-lived assets
- The value of long-lived assets showed an overall upward trend with some variability. Beginning at $203 million in 2018, asset value increased substantially to $322 million in 2019. Subsequently, asset values decreased to $270 million in 2020 and slightly further to $264 million in 2021. In 2022, a moderate increase occurred, bringing long-lived assets to $279 million. This pattern may indicate cyclical investment or disposal activities in long-term assets influencing the asset base.
- Area asset turnover
- The area asset turnover ratio demonstrated notable fluctuations during the period. It started high at 19.11 in 2018, dropped sharply to 10.38 in 2019, then rebounded to 16.42 in 2020 and further improved to 18.68 in 2021. In 2022, the ratio decreased again to 15.08. These changes suggest variability in how efficiently assets were utilized to generate revenue, reflecting the changes observed in revenue and asset values.
Area Asset Turnover: Europe, Middle East, and Africa (EMEA)
Activision Blizzard Inc.; Europe, Middle East, and Africa (EMEA); area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Consolidated net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Consolidated net revenues ÷ Long-lived assets
= ÷ =
- Consolidated Net Revenues
-
Consolidated net revenues demonstrated variability over the five-year period. Initial revenues decreased from 2,618 million US dollars in 2018 to 2,239 million US dollars in 2019. Subsequently, revenues rose to 2,680 million US dollars in 2020 and further increased to 2,797 million US dollars in 2021. However, the trend reversed in 2022, with revenues declining significantly to 2,236 million US dollars, nearly returning to the 2019 level.
- Long-lived Assets
-
Long-lived assets exhibited a general upward trend from 2018 through 2020, rising from 62 million US dollars to 166 million US dollars. This peak was followed by a decline in 2021 to 122 million US dollars and a further reduction in 2022 to 103 million US dollars. The fluctuation in this asset category indicates adjustments in the company's investment or asset base within the region over time.
- Area Asset Turnover Ratio
-
The area asset turnover ratio, which measures efficiency in using assets to generate revenue, showed a marked decrease from 42.23 in 2018 to 15.77 in 2019. It remained relatively stable around 16 in 2020, then improved to 22.93 in 2021 and slightly declined to 21.71 in 2022. Despite the initial sharp decline, the ratio suggests a moderate recovery in asset utilization efficiency in more recent years.
- Overall Insights
-
The data reflects fluctuating business performance and asset management effectiveness in the Europe, Middle East, and Africa region. Revenues peaked in 2021 before a notable decrease in 2022, while long-lived assets peaked earlier in 2020 before decreasing. The asset turnover ratio's recovery after 2019 suggests improved operational efficiency, though it has not returned to 2018 levels. These trends could indicate shifting market conditions, strategic asset reallocation, or changing operational dynamics within this geographic segment.
Area Asset Turnover: Asia Pacific
Activision Blizzard Inc.; Asia Pacific; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Consolidated net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Area asset turnover = Consolidated net revenues ÷ Long-lived assets
= ÷ =
- Consolidated net revenues
- Over the five-year period, consolidated net revenues in the Asia Pacific region exhibited fluctuations with a general upward trend. Beginning at 1,002 million USD in 2018, revenues decreased in 2019 to 909 million USD, representing a notable decline. However, recovery occurred in subsequent years with revenues increasing to 972 million USD in 2020, and further rising to 1,075 million USD in 2021. By 2022, revenues slightly increased again to 1,084 million USD, surpassing the initial 2018 figure. This pattern suggests resilience and growth potential despite a temporary dip in 2019.
- Long-lived assets
- The value of long-lived assets remained relatively stable throughout the period, with minor fluctuations. The assets were valued at 17 million USD in 2018, rose to 21 million USD in 2019, but then returned to 17 million USD in 2020. The figure increased again to 20 million USD in 2021, and slightly to 21 million USD in 2022. This stability with slight increases may indicate consistent investment or maintenance in long-term physical or intangible assets within the region.
- Area asset turnover
- The area asset turnover ratio experienced considerable variation during the span of five years, indicating changes in how efficiently the assets were used to generate revenues. The ratio started very high at 58.94 in 2018, then dropped significantly to 43.29 in 2019. In 2020, the ratio rebounded to 57.18, followed by a slight decrease to 53.75 in 2021, and a further modest decrease to 51.62 in 2022. Overall, while efficiency dipped in 2019, it partially recovered thereafter but did not return to the initial 2018 peak, suggesting some reduction in asset utilization effectiveness in recent years.
Consolidated net revenues
Activision Blizzard Inc., consolidated net revenues by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia Pacific | |||||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Overall Revenue Trend
- The total consolidated net revenues demonstrate a fluctuating pattern over the five-year period. After a decline from 7,500 million US$ in 2018 to 6,489 million US$ in 2019, revenues increased markedly in 2020 and 2021, reaching a peak of 8,803 million US$. However, in 2022, total revenues decreased to 7,528 million US$.
- Americas Region
- Revenues in the Americas show variability as well, beginning at 3,880 million US$ in 2018 and experiencing a decline to 3,341 million US$ in 2019. This was followed by significant growth in 2020 and 2021, with values rising to 4,434 million US$ and 4,931 million US$ respectively. The region saw a revenue decrease in 2022 to 4,208 million US$ but remained higher than the 2018 and 2019 figures.
- Europe, Middle East, and Africa (EMEA)
- The EMEA region experienced a downward trend from 2,618 million US$ in 2018 to 2,239 million US$ in 2019. There was a moderate recovery in 2020 and 2021 to 2,680 million US$ and 2,797 million US$, respectively. However, revenues declined notably in 2022 to 2,236 million US$, representing a return to their lowest point in the period analyzed.
- Asia Pacific Region
- Revenues in the Asia Pacific region show a generally stable trend with slight fluctuations. Starting at 1,002 million US$ in 2018, there was a decrease in 2019 to 909 million US$, followed by gradual increases in 2020, 2021, and 2022, reaching 972 million US$, 1,075 million US$, and 1,084 million US$ respectively. This region experienced the least volatility and showed continuous growth in the last three years of the period.
- Comparative Insights
- The Americas consistently represent the largest revenue contributor, with considerable influence on the total consolidated net revenues. The EMEA region exhibits a more volatile trend with notable declines in 2019 and 2022, suggesting potential challenges or market contractions during those years. The Asia Pacific region, although representing the smallest share of revenues, demonstrates steady growth in recent years, indicating emerging market strength or expansion success. The total revenues correlate strongly with developments in the Americas and EMEA regions due to their larger shares.
Long-lived assets
Activision Blizzard Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia Pacific | |||||
| Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Americas Segment
- The long-lived assets in the Americas region initially increased significantly from 203 million US dollars in 2018 to 322 million in 2019. This was followed by a decline to 270 million in 2020, then a slight further decrease to 264 million in 2021. The value rebounded modestly to 279 million in 2022. Overall, this segment shows a peak in 2019, with subsequent years reflecting a downward adjustment but maintaining assets well above the 2018 level.
- Europe, Middle East, and Africa (EMEA) Segment
- This segment experienced a strong increase in long-lived assets from 62 million US dollars in 2018 to 142 million in 2019, and a further increase to 166 million in 2020. Thereafter, there was a significant decline to 122 million in 2021 and a continued reduction to 103 million in 2022. The pattern indicates a notable expansion during the first three years, followed by a marked contraction over the last two years examined.
- Asia Pacific Segment
- The asset values in the Asia Pacific region remained relatively stable across the observed years, fluctuating within a narrow band. The values were 17 million in 2018, increased slightly to 21 million in 2019, dropped back to 17 million in 2020, then rose to 20 million in 2021 and 21 million in 2022. This segment exhibits overall stability without significant growth or decline.
- Total Long-Lived Assets
- Total assets showed a substantial increase from 282 million US dollars in 2018 to a peak of 485 million in 2019. After this peak, the total decreased to 453 million in 2020, followed by further declines to 406 million in 2021 and 403 million in 2022. The total asset trend reflects the growth seen in 2019, driven primarily by the Americas and EMEA segments, with a downward adjustment in subsequent years leading to a total asset value in 2022 slightly above the 2018 baseline.