Activision 2013 Annual Report Download - page 104

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85
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
For the Trailing Twelve Months Ending December 31, 2013
EBITDA and Adjusted EBITDA
(Amounts in millions)
Trailing Twelve
Months Ending
March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 December 31, 2013
GAAP Net Income (Loss) ...................................................... $ 456 $ 324 $ 56 $ 174 $ 1,010
Interest (Income) / Expense, net ......................................... (2) --- 4 52 52
Provision (Benefit) for income taxes .................................. 133 106 10 59 309
Depreciation and amortization ........................................... 24 23 21 40 108
EBITDA ................................................................................... 611 453 91 325 1,479
Deferral of net revenues and related cost of sales (a) ........ (369) (338) (32) 509 (229)
Stock-based compensation expense (b) .............................. 26 24 25 34 110
Fees and other expenses related to the Purchase
Transaction and related debt financings (c) .................. --- --- 62 18 79
Adjusted EBITDA .................................................................. $ 268 $ 139 $ 146 $ 886 $ 1,439
(a) Reflects the net change in deferred net revenues and related cost of sales.
(b) Includes expense related to stock-based compensation.
(c) Reflects fees and other expenses related to the repurchase of 429 million shares of our common stock from Vivendi (the "Purchase Transaction") completed on
October 11, 2013 and related debt financings.
Trailing twelve months amounts are presented as calculated. Therefore, the sum of the four quarters, as presented, may differ due to the impact of rounding.