Activision 2012 Annual Report Download - page 95

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ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
For the Three Months And Year Ended December 31, 2012 and 2011
(Amounts in millions)
Year Ended
December 31, 2012
December 31, 2011
$ Increase
% Increase
Amount
% of Total
Amount
% of Total
(Decrease)
(Decrease)
Segment net revenues:
Activision1
$
3,072
64
%
$
2,828
59
%
$
244
9
%
Blizzard2
1,609
33
1,243
26
366
29
Distribution3
306
6
418
9
(112)
(27)
Operating segment total
4,987
103
4,489
94
498
11
Reconciliation to consolidated net revenues:
Net effect from deferral of net revenues
(131)
(3)
266
6
Consolidated net revenues
$
4,856
100
%
$
4,755
100
%
$
101
2
%
Segment income from operations:
Activision1
$
970
$
851
$
119
14
%
Blizzard2
717
496
221
45
Distribution3
11
11
-
-
Operating segment total
1,698
1,358
340
25
Reconciliation to consolidated operating income (loss)
and consolidated income (loss) before income tax expense:
Net effect from deferral of net revenues and related cost of sales
(91)
183
Stock-based compensation expense
(126)
(103)
Restructuring
---
(26)
Amortization of intangible assets
(30)
(72)
Impairment of goodwill/intangible assets
---
(12)
Consolidated operating income
1,451
1,328
123
9
Investment and other income (expense), net
7
3
Consolidated income before income tax expense
$
1,458
$
1,331
$
127
10
%
Operating margin from total operating segments
34.0%
30.3%
1 Activision Publishing (“Activision”) — publishes interactive entertainment products and contents.
2 Blizzard — Blizzard Entertainment, Inc. and its subsidiaries (“Blizzard”) publishes PC games and online subscription-based games in the MMORPG category.
3 Activision Blizzard Distribution (“Distribution”) — distributes interactive entertainment software and hardware products.
77