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39
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)
For the Years Ended
December 31,
2015
2014
2013
Net revenues
Product sales ................................................................................................................................
$ 2,447
$ 2,786
$ 3,201
Subscription, licensing, and other revenues .................................................................................
2,217
1,622
1,382
Total net revenues ............................................................................................................................
4,664
4,408
4,583
Costs and expenses
Cost of sales—product costs ........................................................................................................
921
999
1,053
Cost of sales—online ...................................................................................................................
224
232
204
Cost of sales—software royalties and amortization .....................................................................
412
260
187
Cost of sales—intellectual property licenses ...............................................................................
28
34
87
Product development ...................................................................................................................
646
571
584
Sales and marketing .....................................................................................................................
734
712
606
General and administrative ..........................................................................................................
380
417
490
Total costs and expenses ..................................................................................................................
3,345
3,225
3,211
Operating income .............................................................................................................................
1,319
1,183
1,372
Interest and other expense, net .........................................................................................................
198
202
53
Income before income tax expense ..................................................................................................
1,121
981
1,319
Income tax expense ..........................................................................................................................
229
146
309
Net income .......................................................................................................................................
$ 892
$ 835
$ 1,010
Earnings per common share
Basic .............................................................................................................................................
$ 1.21
$ 1.14
$ 0.96
Diluted ..........................................................................................................................................
$ 1.19
$ 1.13
$ 0.95
Weighted-average number of shares outstanding
Basic .............................................................................................................................................
728
716
1,024
Diluted ..........................................................................................................................................
739
726
1,035
Dividends per common share ...........................................................................................................
$ 0.23
$ 0.20
$ 0.19
The accompanying notes are an integral part of these Consolidated Financial Statements.
10-K Activision_Master_032416_PrinterMarksAdded.pdf 39 3/24/16 11:00 PM