Blizzard 2009 Annual Report Download

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Table of contents

  • Page 1
    2009

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  • Page 5
    2009 a nnua l r e p o r t $ 4.8 $ bi l l ion i n t o ta l n e t r e v e n u e s * 1.2 + bi l l ion i n t o ta l ope r at i ng i nc om e * 2... *Non-GAAP - For a full reconciliation see tables at the end of the annual report. 3 3.3 bi l l ion i n t o ta l c a s h a n d i n v e s t m e n t s

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  • Page 7
    ... active accounts, Blizzard Entertainment's Battle.net ® service is already one of the world's largest online gaming platforms. To coincide with the launch of StarCraft® II, Battle.net is being redesigned to be the industry's premier online gaming destination. New features will allow players to...

  • Page 8

  • Page 9
    2009 a nnua l r e p o r t 2010: Strongest Slate Ever Activision Publishing Blizzard Entertainment 7

  • Page 10
    ... for quality products and services. To the benefit of our audiences, game pricing has not changed much in 20 years, but the cost per hour of entertainment has fallen dramatically. What has changed is how much wider and deeper the moat protecting our franchises has become. Our 2009 financial results...

  • Page 11
    ... game worldwide2, with approximately 11.5 million subscribers. Blizzard Entertainment also successfully transitioned World of Warcraft to a new licensee, an affiliated company of NetEase.com, Inc. in mainland China. NetEase is a strong partner whose operational efficiency and customer expertise...

  • Page 12
    ...genres. The success of these franchises is the outcome of years of persistent focus and methodical execution. In 2010, Activision plans to release new downloadable content for several of its games including Call of Duty: Modern Warfare 2, Guitar Hero 5, and DJ Heroâ„¢ . Additionally, Activision will...

  • Page 13
    ...FINANCIAL DATA On July 9, 2008, a business combination (the "Business Combination") by and among Activision, Inc., Sego Merger Corporation, a wholly­owned subsidiary of Activision, Inc., Vivendi S.A. ("Vivendi"), VGAC LLC, a wholly­owned subsidiary of Vivendi, and Vivendi Games, Inc. ("Vivendi...

  • Page 14
    ... value added services, such as the ability to change "factions", the ability to transfer "realms" and the ability to purchase a virtual pet), retail sales of physical "boxed" products, electronic download sales of PC products, and licensing of software to third­party, or related party companies...

  • Page 15
    ... gamer performing titles, with casual consumers scaling back their purchases, including making fewer purchases of higher­priced point peripheral­based games in the music genre. For 2009, Activision Blizzard's consolidated net revenues were $4,279 million, and consolidated net income was $113...

  • Page 16
    ... well­known titles such as True Crime, Spider­Man, and Bakugan, and a select number of new intellectual property franchises such as Blur and Singularity. International Operations International sales are a fundamental part of our business. Net revenues from international sales accounted for...

  • Page 17
    ... including title release dates, consumer demand for our products, and shipment schedules. Consolidated Statements of Operations Data Note-The historical financial statements prior to July 10, 2008 are those of Vivendi Games only. The financial information of the businesses operated by Activision...

  • Page 18
    ... the impact of the change in deferred net revenues and related cost of sales with respect to certain of the Company's online­enabled games, stock­based compensation expense, restructuring expense, amortization of intangible assets and purchase price accounting related adjustments, impairment of...

  • Page 19
    ... streamlining the business processes of the combined company of Activision Blizzard. We do not expect any further costs relating to this item going forward as we have completed our integration and transaction activities. Segment Net Revenues Activision For the year ended December 31, 2009, net...

  • Page 20
    ... a license transfer. This compared to 2008 with the successful November 2008 release of the second expansion pack of World of Warcraft: Wrath of the Lich King. This decrease was partially offset by an increase in other value added service revenues. Blizzard's net revenues increased for the year...

  • Page 21
    ... enhancing Battle.net. For the year ended December 31, 2008, operating income from the Blizzard segment increased as compared to 2007 mainly as a result of the successful release of the second expansion pack of World of Warcraft: Wrath of the Lich King in November 2008. Supplemental Pro Forma...

  • Page 22
    ...forma consolidated operating income (loss): Net effect from deferral of net revenues and related cost of sales ...(383) (496) Stock­based compensation expense ...(154) (181) Restructuring ...(23) (93) Amortization of intangible assets and purchase price accounting related adjustments...

  • Page 23
    ... points for the Guitar Hero franchise's hardware bundles, which consisted of drums, guitars and/or microphones, as compared to our software­only products; and Growth in the Nintendo Wii platform installed base positively impacting Wii software titles. • Pro Forma Activision Segment Income...

  • Page 24
    ...Reconciliation to segment operating income (loss): Net effect from deferral of net revenues and related cost of sales ...496 Stock­based compensation expense ...90 Restructuring ...93 Amortization of intangible assets and purchase price accounting related adjustments ...292 Integration...

  • Page 25
    ... net revenues and related 38 cost of sales ...Stock­based compensation expense ...137 Restructuring ...(1) Amortization of intangible assets and purchase price accounting related adjustments ...4 Integration and transaction costs ...- Other(ii) ...198 Total segment income from operations...

  • Page 26
    ...catalog sales of Guitar Hero III: Legends of Rock, and Call of Duty: Modern Warfare; The release of the second expansion pack of World of Warcraft: Wrath of the Lich King in November 2008; Activision's release of an affiliated LucasArts' title, Star Wars: The Force Unleashed in Europe and Asia...

  • Page 27
    ... 31, 2009 was also driven by the success of our Call of Duty franchise, in particular, Call of Duty: Modern Warfare 2, in the Xbox360 and PS3 platforms. Partially offseting the increase was the weaker sales of games in the casual games and music genre such as titles from our Guitar Hero franchise...

  • Page 28
    ... by Blizzard for customer service. • These factors were partially offset by a change in business mix with lower cost of sales resulting from our shift to selling more software versus hardware, and selling more of our owned franchise and titles versus affiliated titles. For the year ended...

  • Page 29
    ... resulted in product development expenses from Activision, Inc. of approximately $187 million being included from the date of the Business Combination, but not in 2007; Included in the Non­Core exit operations, a write­off of capitalized software development costs of canceled titles in the...

  • Page 30
    ... and $373 million to license agreements, game engines and internally developed franchises intangible assets, respectively for the year ended December 31, 2009 within our Activision segment. See Note 12 of the Notes to Consolidated Financial Statements included in this Annual Report for additional...

  • Page 31
    ... with Vivendi at December 31, 2007. Investment income for the year ended December 31, 2008 was primarily derived from the interest income from investments in money market funds, mark­to­market gains on our outstanding currency forward contracts, and an unrealized gain on auction rate securities...

  • Page 32
    ... months, including purchases of inventory and equipment, the funding of the development, production, marketing and sale of new products, to finance the acquisition of intellectual property rights for future products from third parties, to fund a new stock repurchase program, and to pay dividends...

  • Page 33
    ... the Notes to Consolidated Financial Statements included in this Annual Report. For the year ended December 31, 2009, cash flows used in financing activities included $1.1 billion used to purchase Activision Blizzard stock under the stock repurchase program described above. Capital Requirements...

  • Page 34
    ... capital resources. Financial Disclosure We maintain internal control over financial reporting, which generally includes those controls relating to the preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP...

  • Page 35
    ...) to match revenues. Cost of sales includes manufacturing costs, software royalties and amortization, and intellectual property licenses. We recognize World of Warcraft boxed product, expansion packs and other value added service revenues each with the related subscription service revenue ratably...

  • Page 36
    .../or future invoices. The conditions our customers must meet to be granted the right to return products or price protection include, among other things, compliance with applicable trading and payment terms, and consistent return of inventory and delivery of sell­through reports to us. We may also...

  • Page 37
    ... the specific product to total projected revenues for all products in which the licensed property will be utilized. As intellectual property license contracts may extend for multiple years, the amortization of capitalized intellectual property license costs relating to such contracts may extend...

  • Page 38
    ... of financial models, which require us to make various estimates including, but not limited to (1) the potential future cash flows for the asset, liability or equity instrument being measured, (2) the timing of receipt or payment of those future cash flows, (3) the time value of money associated...

  • Page 39
    ... stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. For a detailed discussion of the application of these and other accounting policies see Note 2 of the Notes to Consolidated Financial Statements included in this Annual Report...

  • Page 40
    ...consolidated financial statements. In October 2009, the FASB issued an update to Software-Certain Revenue Arrangements That Include Software Elements. This update changes the accounting model for revenue arrangements that include both tangible products and software elements that are "essential to...

  • Page 41
    ...may be exposed to financial market risk resulting from fluctuations in foreign currency exchange rates. Currency volatility is monitored frequently throughout the year. We enter into currency forward contracts and swaps with Vivendi, generally with maturities of twelve months or less, to mitigate...

  • Page 42
    ... the Exchange Act. Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness, as of December 31, 2009, of our internal control over financial reporting using the criteria set forth by the Committee of...

  • Page 43
    ... for the years then ended in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2009, based on criteria established...

  • Page 44
    ...are the responsibility of Vivendi Games' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that...

  • Page 45
    ...768 Short­term investments ...477 Accounts receivable, net of allowances of $317 million and $268 million at December 31, 2009 and 2008, respectively ...739 Inventories ...241 Software development ...224 Intellectual property licenses ...55 Deferred income taxes, net ...498 Intangible...

  • Page 46
    ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in millions, except per share data) For the years ended December 31, 2009 2008 2007 Net revenues Product sales ... $3,080 $1,872 $457 Subscription, licensing, and other revenues ...1,199...

  • Page 47
    ...from employee stock option exercises and restricted stock rights ...- Issuance of contingent considerations ...3 Shares repurchased (see Note 20) ...- Return of capital to Vivendi related to settlement of pre­Business Combination taxes (see Note 16) ...- Balance at December 31, 2009 ...1,364...

  • Page 48
    ... and equipment (see Note 8) ...2 1 1 Amortization and write­off of capitalized software development costs and intellectual property licenses(1) ...281 176 54 Stock­based compensation expense(2)...156 89 138 Excess tax benefits from stock option exercises ...(79) (21) - Changes in...

  • Page 49
    ...added service revenues); retail sales of physical "boxed" products; electronic download sales of PC products; and licensing of software to third­party, or related party companies that distribute World of Warcraft in Russia, China, and Taiwan. (iii) Activision Blizzard Distribution Activision...

  • Page 50
    ... and cancelled. The common stock of Activision Blizzard is traded on NASDAQ under the ticker symbol "ATVI." Vivendi owned approximately 57% of Activision Blizzard's outstanding common stock at December 31, 2009. We maintain significant operations in the United States, Canada, the United Kingdom...

  • Page 51
    ...money market funds and highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Investments designated as available­for­sale securities are carried at fair value based on quoted market prices or estimated based on quoted market prices of financial...

  • Page 52
    ... value of foreign currency contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period. Activision Blizzard transacts business in various foreign currencies and has significant international sales and expenses denominated in foreign...

  • Page 53
    ... the specific product to total projected revenues for all products in which the licensed property will be utilized. As intellectual property license contracts may extend for multiple years, the amortization of capitalized intellectual property license costs relating to such contracts may extend...

  • Page 54
    ...intellectual property licenses extend for multiple products over multiple years, we also assess the recoverability of capitalized intellectual property license costs based on certain qualitative factors, such as the success of other products and/or entertainment vehicles utilizing the intellectual...

  • Page 55
    ...our best estimate of future performance at this time. In determining the fair value of our trade names, we assumed a discount rate between 11.5% and 12%, and royalty saving rates of approximately 1%. A one percentage point increase in the discount rate would have reduced the indicated fair values...

  • Page 56
    ...) to match revenues. Cost of sales includes manufacturing costs, software royalties and amortization, and intellectual property licenses. We recognize World of Warcraft boxed product, expansion packs and other value added service revenues each with the related subscription service revenue ratably...

  • Page 57
    ...added service sales of non­software related products. It includes licensing activity of intellectual property other than software to third­parties. Revenue is recorded upon receipt of licensee statements, or upon the receipt of cash, provided the license period has begun. Allowances for Returns...

  • Page 58
    ... time the related ad is run. Advertising expenses for the years ended December 31, 2009, 2008, and 2007 were $366 million, $241 million, and $73 million, respectively, and are included in sales and marketing expense in the consolidated statements of operations. Income Taxes We account for income...

  • Page 59
    ...highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Prior to the Business Combination, Vivendi Games had equity incentive plans...

  • Page 60
    ... risk adjusted stock return of 8.89%, and (e) an expected dividend yield of 0.0%. The Company's allocation of the purchase price of Activision, Inc. is as follows (amounts in millions): Amount Working capital, excluding inventories ...$1,192 Inventories ...221 Property and equipment ...64...

  • Page 61
    ... the net transfers between Vivendi Games and Vivendi and Vivendi's affiliated companies, under a cash management pool agreement. The consolidated statements of operations and consolidated statements of changes in shareholders' equity include certain expenses for corporate services and overhead...

  • Page 62
    ... exchange (1) 6 (2) contracts with Vivendi ...Investment and other income (loss), net ...$18 $46 $(4) 5. Cash and Cash Equivalents Cash and cash equivalents primarily consist of deposits held at major banks and money market funds with original maturities of three months or less at the date...

  • Page 63
    ... At December 31, 2009 Short­term investments: Available­for­sale investments: Mortgage­backed securities ...$2 U.S. government agency securities ...389 Total short­term available­for­sale $391 investments ...Trading investments: Auction rate securities held through UBS...

  • Page 64
    ...table summarizes the contractually stated maturities of our short­ and long­term investments classified as available­for­sale at December 31, 2009 (amounts in millions): At December 31, 2009 Amortized cost Fair value U.S. government agency securities due in 1 year or less ...$389 $389...

  • Page 65
    ... other income (loss), net, in the consolidated statements of operations for the year ended December 31, 2008. 7. Software Development Costs and Intellectual Property Licenses At December 31, 2009, capitalized software development costs included $182 million of internally developed software costs...

  • Page 66
    ... Vivendi Games' divisions or business units that we have exited, divested or wound down as part of our restructuring and integration efforts as a result of the Business Combination. Prior to July 1, 2009, Non­Core activities were managed as a stand­alone operating segment; however, in light...

  • Page 67
    ... 2009 and 2008 in relation to previous acquisitions. The tax benefit credited to goodwill represents the tax deduction resulting from the exercise of stock options that were outstanding and vested at the consummation of the Business Combination and included in the purchase price of Activision...

  • Page 68
    ... 31, 2009 Gross carrying Accumulated Impairment Net carrying amount amortization charge amount Acquired definite­lived intangible assets: License agreements ...3 ­ 10 years $209 Developed software ...1 ­ 2 years 288 Game engines ...2 ­ 5 years 134 Internally developed...

  • Page 69
    ...and our internal business plans and applied an appropriate discount rate. Based on this analysis, we recorded impairment charges of $24 million, $12 million and $373 million to license agreements, game engines and internally developed franchises intangible assets, respectively, for the year ended...

  • Page 70
    ...2008. Also, the Activision operating segment includes Vivendi Games titles retained after the Business Combination. The CODM reviews segment performance exclusive of the impact of the deferred net revenues and related cost of sales, stock­based compensation expense, restructuring income (expense...

  • Page 71
    ... Vivendi Games' divisions or business units that we have exited, divested or wound down as part of our restructuring and integration efforts as a result of the Business Combination. Prior to July 1, 2009, Non­Core activities were managed as a stand­alone operating segment; however, in light...

  • Page 72
    ... financial statements and Notes thereto, including all share and per share data, have been restated as if the split had occurred as of the earliest period presented. On July 9, 2008, Vivendi obtained control of Activision, Inc. through acquisition of the majority of the outstanding common stock...

  • Page 73
    ... Taxes Through July 9, 2008, Vivendi Games' results were included in the consolidated federal and certain foreign, state and local income tax returns filed by Vivendi or its affiliates. However, the income tax provision is reflected in our consolidated statements of operations, including the...

  • Page 74
    ... from employee stock option exercises ...2 27 Return to provision adjustment ...- - 12 6 - - Change in valuation allowance related to net operating loss surrendered 84) (48) Other ...(1) (13) 7 4 - - $(121) (1,534)% $(80) (43)% $(52) (30)% Deferred income taxes reflect...

  • Page 75
    ... and $1 million of interest expense related to uncertain tax positions, respectively. Vivendi Games results for the period January 1, 2008 through July 9, 2008 are included in the consolidated federal and certain foreign, state and local income tax returns filed by Vivendi or its affiliates 63

  • Page 76
    ... and local income tax returns filed by Activision Blizzard. Vivendi Games is no longer subject to U.S. federal income tax examinations for tax years before 2002. Vivendi Games is also no longer subject to state examinations for tax years before 2000. Activision Blizzard's tax years 2006 through...

  • Page 77
    ...Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Significant Identical Other Significant Financial Observable Unobservable Instruments Inputs Inputs Financial assets: Money market funds ... As of December 31, 2009 Balance Sheet...

  • Page 78
    ...be settled by a variable number of shares of our common stock based on the average closing price for the five business days immediately preceding issuance of the shares. When estimating the fair value, we considered our projection of revenues from the related titles under the earn­out provisions...

  • Page 79
    ...of our auction rate securities in the near term may be limited or non­existent. Consequently, fair value measurements have been estimated using an income­ approach model (discounted cash­flow analysis). When estimating the fair value, we consider both observable market data and non­observable...

  • Page 80
    ..., mergers, consolidations and acquisitions; transactions with affiliates; issuance of preferred stock by subsidiaries; sale and leaseback transactions; restricted payments; and certain restrictions with respect to subsidiaries. The limitation on indebtedness provides that Activision Blizzard...

  • Page 81
    ..., (b) the years relating to the issues for certain jurisdictions are not currently under audit. At December 31, 2009, we had $139 million of unrecognized tax benefits. Legal Proceedings On February 8, 2008, the Wayne County Employees' Retirement System filed a lawsuit challenging the Business...

  • Page 82
    ... will not have a material adverse effect on our business, financial condition, results of operations, or liquidity. 19. Stock­Based Compensation Equity Incentive Plans The Activision Blizzard Inc. 2008 Incentive Plan was adopted by our Board on July 28, 2008, approved by our stockholders...

  • Page 83
    ... to, Activision Blizzard and its subsidiaries. While the Compensation Committee has broad discretion to create equity incentives, our equity­ based compensation program for the most part currently utilizes a combination of options and restricted stock units. Such awards generally have time­based...

  • Page 84
    ... 2008 Plan to employees around the world, and we have assumed as a result of the Business Combination the restricted stock rights granted by Activision, Inc. Restricted stock awards units entitle the holders thereof to receive shares of our common stock at the end of a specified period of time or...

  • Page 85
    ... stock of Activision, Inc. which were not awarded under a stockholder­ or board­approved plan. These awards were assumed as a result of the Business Combination and accounted for as an exchange for options to purchase our common stock. All non­plan options were exercised during 2009. Blizzard...

  • Page 86
    ... of stock­based compensation expense ...(90) Balance at December 31, 2009 ...$54 Method and Assumptions on Valuation of Stock Options Our employee stock options have features that differentiate them from exchange­traded options. These features include lack of transferability, early exercise...

  • Page 87
    ...the given time period ("spot rate"). Since we have not historically paid dividends, we have assumed that the dividend yield is zero. Our future analysis will reflect the Company's expectation on paying dividends annually subsequent to December 31, 2009. The expected life of employee stock options...

  • Page 88
    ...weighted­average period of 1.3 years. Income tax benefit from stock option exercises was $85 million and $22 million for the years ended December 31, 2009 and 2008, respectively. Vivendi Corporate Plans Prior to the Business Combination, Vivendi granted Vivendi Games' employees incentive awards...

  • Page 89
    ...grant date and the discounted value of the dividends expected to be distributed by Vivendi over the two­year vesting period. Compensation cost relating to RSUs is recognized on a straight­line basis over the two­year vesting period. (ii) Awards granted to U.S. resident executives and employees...

  • Page 90
    ... the awards, and the compensation cost adjusted accordingly, pro rata to RSUs vested as of the relevant reporting date. Method and Assumptions on Valuation of Vivendi Corporate Plans Vivendi Games estimated the fair value of stock­based awards granted using a binomial option­ pricing model. For...

  • Page 91
    ... in euros: Restricted Share Units Plan Stock Option Plans Grant date...April 23 April 13 Grant year ...2007 2006 Data at grant date: Options strike price...â,¬30.79 â,¬28.54 Maturity (in years) ...10 10 Expected term (in years) ...6.5 6 Number of options initially granted...

  • Page 92
    ...95,835 (1,770) - (8,985) 85,080 - 85,080 (a) The weighted average share price for SARs exercised during the year ended December 31, 2009 was $30.15. Cash paid in 2009, 2008, and 2007 to settle awards exercised was less than a million, $2 million, and $9 million, respectively. As...

  • Page 93
    ... stock at an average price per share of $11.32 for a value of $15 million that had not yet settled at December 31, 2009. This completed our initial $1.25 billion stock repurchase program. On February 10, 2010, we announced that our Board of Directors authorized a new stock repurchase program...

  • Page 94
    ... with Vivendi and its subsidiaries and affiliates is material either individually or in the aggregate to the consolidated financial statements as a whole. For the years ended December 31, 2008 and 2007, royalty expenses related to properties licensed from Universal Entertainment of approximately...

  • Page 95
    ... of this new accounting update on our consolidated financial statements. 25. Subsequent events On February 10, 2010 Activision Blizzard's Board of Directors declared a cash dividend of $0.15 per common share payable on April 2, 2010 to shareholders of record at the close of business on February...

  • Page 96
    ..., RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is quoted on the NASDAQ National Market under the symbol "ATVI." The following table sets forth, for the periods indicated, the high and low reported sale prices for our common stock. At February 22, 2010...

  • Page 97
    ... by reference into any filing of Activision Blizzard Inc. under the Exchange Act or the Securities Act of 1933, as amended. The graph below matches the cumulative 69­month total return of holders of Activision, Inc.'s common stock with the cumulative total returns of the NASDAQ Composite...

  • Page 98
    ...of future stock price performance. Cash Dividends On February 10, 2010 Activision Blizzard's Board of Directors declared a cash dividend of $0.15 per common share payable on April 2, 2010 to shareholders of record at the close of business on February 22, 2010. Although we expect dividends to be...

  • Page 99
    ... repurchased and average price paid per share during each quarter for the year ended December 31, 2009, and the approximate dollar value of shares that may yet be purchased under our $1.25 billion stock repurchase program as of December 31, 2009. Total number of shares purchased as part of...

  • Page 100
    ... hardware platforms, declines in software pricing, product returns and price protection, product delays, retail acceptance of Activision Blizzard's products, competition from the used game market, adoption rate and availability of new hardware (including peripherals) and related software, industry...

  • Page 101
    ... insignificant to Activision Blizzard's financial condition and results of operations. Prior to July 1, 2009, we operated a fourth operating segment, Non­Core, which represented legacy Vivendi Games' divisions or business units that the company had exited, divested, or wound down as part of our...

  • Page 102
    ...insignificant to Activision Blizzard's financial condition and results of operations. Prior to July 1, 2009, we operated a fourth operating segment, Non­Core, which represented legacy Vivendi Games' ("VG") divisions or business units that the company had exited, divested, or wound down as part of...

  • Page 103
    ... 31, 2009 GAAP Measurement Less: Net effect from deferral in net revenues and related cost of sales Less: Stock­based compensation (including purch. price accounting related adj.) Less: Results of Activision Blizzard's non­core exit operations Less: Costs related to the Business Combination...

  • Page 104
    ... Blizzard George L. Rose Chief Public Policy Officer, Activision Blizzard Chris B. Walther Chief Legal Officer, Activision Blizzard Ann E. Weiser Chief Human Resources Officer, Activision Blizzard boa r d of dir ec tor s Continental Stock Transfer & Trust Company 17 Battery Place New York, New York...

  • Page 105
    3100 ocean park boulevard santa monica, cali:ornia 90405 telephone: (310) 255-2000 :aX: (310) 255-2100 WWW.activisionbliZZard.com