Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Activision Blizzard Inc., long-term (investment) activity ratios (quarterly data)
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited an overall upward trend from early 2019 through mid-2021, increasing from 27.88 to a peak of 52.94. This indicates improving efficiency in generating revenue from fixed assets during that period. However, starting from late 2021, a gradual decline is noticeable, with the ratio falling to 39.01 by the end of 2022. In 2023, a modest recovery is observed, with the ratio rising again to 42.68 by mid-year. This pattern suggests a strong enhancement in asset utilization efficiency until 2021, followed by a period of reduced productivity and partial stabilization in 2023.
- Total Asset Turnover
- Total asset turnover remained relatively stable but low overall, fluctuating around 0.33 to 0.41 in 2019. A slight increase occurred in mid-2020, moving to a maximum of 0.38 in late 2021, reflecting a marginal improvement in utilizing total assets to generate revenue. After this peak, the ratio showed a consistent downward trajectory through 2022, reaching a low of 0.27, indicative of declining asset efficiency. In the first half of 2023, there is a slight rebound to 0.31. The data suggest that overall asset productivity weakened after 2021, with tentative signs of recovery emerging.
- Equity Turnover
- Equity turnover showed a steady decrease from 0.63 at the beginning of 2019 to 0.39 by the end of 2022, signaling reduced effectiveness in generating revenue from shareholders' equity over this period. Peaks and troughs were minimal, with small fluctuations observed across quarters. Into mid-2023, a slight upward adjustment to 0.42 hints at improving equity usage, though levels remain below those seen in prior years. This trend reflects a gradual decline in leveraging equity for revenue generation, with some early indications of a turnaround in 2023.
Net Fixed Asset Turnover
Activision Blizzard Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
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).
1 Q2 2023 Calculation
Net fixed asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues exhibited notable fluctuations over the observed periods. An initial decline was observed from the first quarter of 2019, decreasing from $1,825 million in March 2019 to $1,282 million by September 2019. This was followed by a sharp recovery and growth peaking at $2,412 million in the fourth quarter of 2020. Subsequently, revenues experienced some volatility, declining in several quarters such as from $2,162 million in December 2021 to $1,644 million in June 2022, but then rising again significantly to $2,334 million by December 2022. The trend in recent quarters indicates a strong resurgence, with revenues maintaining levels above $2,000 million as of June 2023.
- Property and Equipment, Net
- The net value of property and equipment showed a gradual decline from $264 million in March 2019 to a low point of $169 million at the end of 2021. After this trough, a modest increase occurred, reaching $204 million by June 2023. This pattern suggests cautious capital expenditure or asset disposals earlier on, followed by moderate reinvestment or acquisition of property and equipment assets in the more recent periods.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrated a consistent upward trajectory from 27.88 in March 2019 to a peak of 52.94 by September 2021, indicating progressively more efficient use of fixed assets to generate revenue. After this peak, the ratio declined somewhat but remained elevated compared to earlier periods, settling around 40 to 43 in the most recent quarters of 2023. This suggests that despite a slight reduction in efficiency after the peak, the company has maintained an improved asset utilization relative to the beginning of the timeframe observed.
- Overall Insights
- The data indicate a period of volatility in revenues, with a significant dip in 2019 followed by substantial growth through 2020 and late 2022. Capital investment in property and equipment has been relatively conservative with an overall declining trend until early 2022, after which there has been modest recovery. The increasing net fixed asset turnover ratio throughout most of the period reflects enhanced operational efficiency, suggesting the company was able to generate more revenue per unit of fixed assets over time. The slight recent downturn in this ratio may warrant further examination, although asset utilization remains considerably more efficient than at the start of the period.
Total Asset Turnover
Activision Blizzard Inc., total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
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).
1 Q2 2023 Calculation
Total asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in key financial metrics over the reported periods.
- Net Revenues
- Net revenues exhibited variability with notable fluctuations across the quarters. Initially, revenues showed a decline from the first quarter of 2019 through the third quarter of 2019, reaching a low point before rebounding strongly in the fourth quarter of 2019. This was followed by a generally upward trajectory through 2020 and into early 2021, peaking around the first half of 2021. However, starting from the first quarter of 2022, net revenues experienced a downward trend, with a decline persisting into the third quarter of 2022. A recovery was observed towards the end of 2022 and into 2023, with revenues increasing again but not consistently surpassing previous peaks.
- Total Assets
- Total assets demonstrated a steady and consistent increase throughout the entire period. From March 2019 to June 2023, total assets grew significantly, indicating ongoing investment or accumulated capital. This upward trend suggests expansion in asset base and potentially greater capacity to generate revenues or support operations. The growth in total assets was uninterrupted, with no quarters showing a decrease in this measure.
- Total Asset Turnover
- Total asset turnover, a ratio measuring the efficiency of asset utilization in generating revenues, showed a general declining trend over the periods analyzed. Starting near 0.41 in early 2019, the ratio decreased gradually to reach a low around 0.27 by late 2022. A slight improvement occurred in early 2023, but overall, the ratio remained below earlier levels. This decline indicates that despite the increase in total assets, the company’s efficiency in generating revenue per unit of asset has diminished somewhat over time.
In summary, while the company expanded its asset base steadily, the efficiency of asset utilization has weakened. Concurrently, net revenues showed volatility with periods of recovery and decline, reflecting possible fluctuations in market demand or operational factors. The combined trends suggest a focus on asset growth with potential challenges in maintaining proportional revenue growth relative to asset investments.
Equity Turnover
Activision Blizzard Inc., equity turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
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).
1 Q2 2023 Calculation
Equity turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a seasonal pattern with notable fluctuations across quarters. There is a general upward trend from early 2019 to the end of 2020, with a peak in the fourth quarter of 2020 at 2,412 million US dollars. After this peak, net revenues show some volatility, declining in early 2022 before recovering significantly in the last quarters of 2022 and the first quarter of 2023, reaching 2,383 million US dollars at June 30, 2023. Overall, the data indicates growth in net revenues over the analyzed period, despite intermittent decreases.
- Shareholders’ Equity
- Shareholders’ equity demonstrates a consistent and steady increase throughout the entire period from March 2019 to June 2023. The equity value rises from 11,596 million US dollars to 20,793 million US dollars, reflecting a stable accumulation of net assets and possibly retained earnings. The continuous growth with no observed declines suggests a strong capital base and sound financial management over time.
- Equity Turnover
- Equity turnover shows a declining trend over the years analyzed. Starting from a ratio of 0.63 in March 2019, it gradually decreases to 0.42 by June 2023. This decline suggests that the company is generating less revenue per unit of shareholders’ equity over time. The reduction is steady and suggests either a rapid growth of equity relative to revenues or a slowdown in revenue generation efficiency with respect to equity employed.
- Summary Insights
- The overall analysis reveals that while net revenues fluctuate due to seasonal effects and market dynamics, they have grown over the long term. Shareholders’ equity has increased steadily, indicating strengthening financial solidity. However, declining equity turnover signals that revenue growth is not keeping pace fully with the growth in equity, which could point to decreasing operational efficiency or an increasingly equity-intensive business structure.