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0000718877 true 0000718877 2020-05-04 2020-05-05 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K/A

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported):  May 5, 2020

 

  ACTIVISION BLIZZARD, INC.  
  (Exact Name of Registrant as Specified in Charter)  

 

Delaware   001-15839   95-4803544
(State or Other Jurisdiction of)   (Commission File Number)   (IRS Employer
      Incorporation Identification No.)

 

3100 Ocean Park Boulevard,    
Santa Monica, CA   90405
(Address of Principal Executive
Offices)		   (Zip Code)

 

Registrant’s telephone number, including area code: (310) 255-2000

 

(Former Name or Former Address, if Changed Since Last Report)

 

Title of Each Class   Trading Symbol   Name of Each Exchange on 
Which Registered
Common Stock, par value $.000001 per share   ATVI   The Nasdaq Global Select Market

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

On May 5, 2020, Activision Blizzard, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s financial results for the quarter ended March 31, 2020, which was attached as Exhibit 99.1 to a Current Report on Form 8-K filed by the Company on the same date (the “Original Report”). The Company is filing this Form 8-K/A to correct a table attached to the Press Release that is titled EBITDA and Adjusted EBITDA. Specifically, in the final row of the table, “Change in deferred net revenues and related cost of revenues,” the $171 million shown for the three months ended March 31, 2020, was inadvertently reflected as a positive number rather than a negative number. This also resulted in an incorrect amount being shown for the trailing twelve months ended March 31, 2020.

 

A corrected version of the impacted table, which supersedes the version included in Exhibit 99.1 to the Original Report, is attached hereto as Exhibit 99.1. The Original Report (including the tables included with the Press Release attached to the Original Report) is otherwise unchanged, and this correction does not impact any other financial statements or information included in the Original Report.

 

We have also corrected this table in the Press Release that is posted on our Company website.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1EBITDA and Adjusted EBITDA table (furnished not filed)

 

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 7, 2020 ACTIVISION BLIZZARD, INC.
   
  By: /s/ Dennis Durkin
     
    Dennis Durkin
    Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES

EBITDA and ADJUSTED EBITDA

(Amounts in millions)

 

                    
   June 30,
2019		   September 30,
2019		   December 31,
2019		   March 31,
2020		   Trailing
Twelve Months
Ended
March 31,
2020		 
GAAP Net Income  $328   $204   $525   $505   $1,562 
Interest and other expense (income), net   (34)   (2)   7    8    (21)
Provision for income taxes1   42    45    (78)   99    108 
Depreciation and amortization   79    80    81    62    302 
EBITDA   415    327    535    674    1,951 
                          
Share-based compensation expense2   38    27    39    43    147 
Restructuring and related costs3   22    28    30    23    103 
Discrete tax-related items4   —    —    17    —    17 
Adjusted EBITDA  $475   $382   $621   $740   $2,218 
                          
Change in deferred net revenues and related cost of revenues5  $(135)  $(53)  $577   $(171)  $218 

 

1Provision for income taxes for the three months ended June 30, 2019 and December 31, 2019 also include impacts from significant discrete tax-related items, including amounts related to changes in tax laws, amounts related to the potential or final resolution of tax positions, and/or other unusual or unique tax-related items and activities.
2Includes expenses related to share-based compensation.
3Reflects restructuring initiatives, primarily severance and other restructuring-related costs.
4Reflects the impact of other unusual or unique tax-related items and activities.
5Reflects the net effect from deferral of revenues and (recognition) of deferred revenues, along with related cost of revenues, on certain of our online-enabled products.