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This excerpt taken from the ATVI 8-K filed Feb 10, 2010. Company Outlook
For the first quarter of calendar year 2010, Activision Publishing expects to release one title during the last week of March, How To Train Your Dragon™. The game is based on DreamWorks Animation’s upcoming 3D movie and is expected to be published for the PlayStation 3 computer entertainment system, Xbox 360 video game system from Microsoft, Nintendo Wii and Nintendo DS™.
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Activision Blizzard’s outlook is subject to significant risks and uncertainties including declines in demand for its products, competition, fluctuations in foreign exchange and tax rates, counterparty risks relating to customers, licensees, licensors and manufacturers and risks relating to the ongoing ability of Blizzard Entertainment’s licensee, NetEase.com, Inc., to operate World of Warcraft in China on a paying basis without interruption.
The company’s outlook is also based on assumptions about sell through rates for its products, and the launch timing, success and pricing of its new slate of products. Current macroeconomic conditions increase those risks and uncertainties. As a result of these and other factors, actual results may deviate materially from the outlook presented below.
For calendar year 2010, Activision Blizzard expects GAAP net revenues of $4.2 billion, and GAAP earnings per diluted share of $0.47. On a non-GAAP basis, the company expects net revenues of $4.4 billion and non-GAAP earnings per diluted share of $0.70 for the calendar year.
For the first quarter 2010, Activision Blizzard expects GAAP net revenues of $1.1 billion, and GAAP earnings per diluted share of $0.20. On a non-GAAP basis, the company expects net revenues of $525 million and $0.02 earnings per diluted share for the March quarter.
This excerpt taken from the ATVI 8-K filed Nov 5, 2009. Company Outlook
During the fourth quarter of calendar year 2009, Activision Publishing plans to release five holiday titles. Bakugan Battle Brawlers is one of the most anticipated kids
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titles of the year and leverages the tremendous popularity of the award-winning toy line and television show. DJ Hero introduces an innovative turntable controller and expands Guitar Hero’s signature social gaming with the debut of new music genres including hip-hop, R&B, Motown, electronica and dance. Band Hero delivers an exciting music collection featuring top-40 hits designed to appeal to broad family audiences.
In November, Activision Publishing plans to release Infinity Ward’s highly anticipated first-person action game Call of Duty: Modern Warfare 2 globally. The company expects the title will be one of the top entertainment properties of the holiday season and pre-orders for the game are higher than for any previous Activision title. The company also plans to release Tony Hawk: Ride in the U.S., U.K. and Germany. The game features an innovative skateboard controller that lets consumers experience the thrill of skating in an entirely new way.
Activision Blizzard’s outlook is subject to significant risks and uncertainties including declines in demand for its products, fluctuations in foreign exchange and tax rates, counterparty risks relating to customers, licensees, licensors and manufacturers and risks relating to the ongoing ability of Blizzard’s licensee, NetEase.com, Inc., to operate World of Warcraft in China on a paying basis without interruption.
The company’s outlook is also based on assumptions about sell through rates for its products, and the launch timing, success and pricing of its new slate of products. Current macroeconomic conditions increase those risks and uncertainties. As a result of these and other factors, actual results may deviate materially from the outlook presented below.
As of today, for calendar year 2009, Activision Blizzard’s financial outlook remains unchanged. The company expects to deliver GAAP net revenues of $4.05 billion and GAAP earnings per diluted share of $0.26. On a non-GAAP basis, the company expects net revenues of $4.5 billion and non-GAAP earnings per diluted share of $0.63.
For the fourth quarter, Activision Blizzard expects to deliver GAAP net revenues of $1.33 billion and GAAP loss per share of $0.04. On a non-GAAP basis, the company expects net revenues of $2.22 billion and $0.43 earnings per diluted share for the fourth quarter.
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This excerpt taken from the ATVI 8-K filed Aug 5, 2009. Company Outlook
For the third quarter of calendar year 2009, Activision Publishing expects to release Guitar Hero 5 for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system from Sony, Wii™ home video game system from Nintendo, and PlayStation 2 computer entertainment system from Sony; Marvel™: Ultimate Alliance 2 for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION3 computer entertainment system from Sony, Wii home video game system from Nintendo, PlayStation 2 computer entertainment system from Sony, PSP® (PlayStation Portable) system and the Nintendo DS™; and Wolfenstein™ for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION3 computer entertainment system from Sony and PC.
Additionally, Activision Publishing has moved the anticipated release date for Raven’s upcoming sci-fi first-person action title, Singularity, from 2009 to the first quarter of 2010. The new launch window, which has fewer competitive titles releasing, should improve the probability of achieving stronger results and establishing Singularity as a first-person action franchise for the company.
Blizzard Entertainment has moved the anticipated release date of StarCraft II to the first half of 2010 to coincide with the relaunch of its upgraded Battle.net® online -gaming service.
Activision Blizzard’s outlook is subject to significant risks and uncertainties including declines in demand for its products, fluctuations in foreign exchange rates, and counterparty risks relating to customers, licensees, licensors and manufacturers. Current macroeconomic conditions increase those risks and uncertainties. The company’s outlook is also based on assumptions about sell through rates for its products, its new slate of products and its progress in integrating operations following last year’s business combination between Activision, Inc. and Vivendi Games, Inc.
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As a result of these and other factors, including uncertainty regarding when Blizzard Entertainment’s World of Warcraft will relaunch in mainland China, actual results may deviate materially from the outlook presented below.
For calendar 2009, as a result of moving the anticipated releases of Activision Publishing’s Singularity and Blizzard Entertainment’s StarCraft II into 2010 and lower market expectations, Activision Blizzard is adjusting its outlook for GAAP net revenues from $4.3 billion to $4.05 billion, and its outlook for non-GAAP net revenues from $4.8 billion to $4.5 billion.
The company is increasing its GAAP earnings per diluted share outlook to $0.26 from $0.24, and re-affirming its non-GAAP earnings per dilulted share outlook of $0.63, as the company expects that lower revenues will be offset in part by the stronger-than-expected performance of a few of its higher margin titles, as well as online revenues, better than expected synergy savings, and a lower effective tax rate. Additionally, the company’s expected GAAP earnings per diluted share outlook increased by $0.02 primarily due to a decrease in anticipated net deferrals from online-enabled games.
For the third quarter of calendar year 2009, Activision Blizzard expects GAAP net revenues of $680 million, and GAAP loss per diluted share of $0.03. On a non-GAAP basis, the company expects net revenues of $700 million and $0.03 earnings per diluted share for the third quarter.
This excerpt taken from the ATVI 8-K filed May 7, 2009. Company Outlook
For the second quarter of calendar year 2009, Activision Publishing expects to release three games inspired by theatrical motion pictures, X-Men Origins, Transformers™: Revenge of the Fallen and Ice Age™: Dawn of the Dinosaurs, as well as a new third-person action game Prototype™, Guitar Hero: Smash Hits™, a compilation of the most popular songs from previous Guitar Hero games that will now be playable as a full band experience and Guitar Hero On Tour: Modern Hits™ for the Nintendo DS.
Due to current macroeconomic conditions, Activision Blizzard’s outlook is subject to significant risks and uncertainties including declines in demand for its products, fluctuations in foreign exchange rates, and counterparty risks relating to customers, licensees, licensors and manufacturers. The company’s outlook is also based on assumptions about sell through rates for its products, the new slate of products and progress in integrating operations following the company’s recent business combination between Activision, Inc. and Vivendi Games, Inc. As a result of these and other factors, including any complications related to the transition of Blizzard Entertainment’s World of Warcraft in China from the current licensee to NetEase, actual results may deviate materially from the outlook presented below.
For calendar 2009, Activision Blizzard is raising its outlook for GAAP net revenues to $4.3 billion, and GAAP earnings per diluted share of $0.24, as compared to the company’s prior calendar year 2009 GAAP outlook of $4.2 billion in net revenues and $0.22 earnings per diluted share. On a non-GAAP basis, the company now expects net revenues of $4.8 billion for the calendar year, as compared to its prior non-GAAP net revenue outlook of $4.7 billion. The revenue outlook includes a reduction in revenue from the company’s lower margin distribution and co-publishing businesses and a negative year-over-year impact from a stronger dollar. On a constant exchange rate basis, however, the company expects another year of non-GAAP net revenue growth. The company’s non-GAAP earnings per diluted share are expected to be $0.63 for the calendar year, as compared with its prior non-GAAP calendar year outlook of $0.61 earnings per diluted share.
For the second quarter 2009, Activision Blizzard expects GAAP net revenues of $1.0 billion, and GAAP earnings per diluted share of $0.10. On a non-GAAP basis, the company expects net revenues of $775 million and $0.06 earnings per diluted share for the second quarter.
This excerpt taken from the ATVI 8-K filed Feb 11, 2009. Company Outlook
For the March quarter of calendar year 2009, Activision Publishing expects to release two titles during the last week of March, This excerpt taken from the ATVI 8-K filed Nov 10, 2008. Company Outlook
For the December quarter, Blizzard Entertainment expects to release Wrath of the Lich King™, World of Warcraft’s second expansion pack, and Activision Publishing expects to release a full slate of titles, including Guitar Hero® World Tour™, Guitar Hero®: On Tour Decades™, Call of Duty®: World at War™, Quantum of Solace™, Spider-Man™: Web of Shadows, Madagascar: Escape 2 Africa™ Video Game, Crash Bandicoot®: Mind Over Mutant, Spyro™: Dawn of the Dragon, Kung Fu Panda: Legendary Warriors ™, TRANSFORMERS Animated: The Game and Tony Hawk’s Motion.
Activision Blizzard continues to expect that online functionality for certain key titles to be released in the December quarter, and thereafter, will become a significant component of game play for certain platforms and that the company will have continuing performance obligations beyond the sale of the game for these titles. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over the estimated service period.
Revenues related to the sale of World of Warcraft boxed software, including the sale of expansion packs and other ancillary revenues will continue to be deferred and recognized ratably over the estimated customer life beginning upon activation of the software and delivery of the services.
As a result of the above, Activision Blizzard anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the December quarter will be recognized in calendar year 2009. While this will not impact the economics of Activision Blizzard’s business or its cash flows, these changes will have a material impact on the company’s calendar 2008 GAAP results.
In order to provide comparable year-over-year performance information, Activision Blizzard’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms, and will also exclude deferred revenues and costs related to the MMORPG platform for World of Warcraft.
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Activision Blizzard Announces September Quarter Results
Additionally, in calendar 2008, in order to provide comparable operating performance information for the core operations of Activision Blizzard, the company’s non-GAAP results also exclude: the impact of expenses related to equity-based compensation costs; Activision Blizzard’s non-core exit operations, which is the operating results of products and operations from the historical Vivendi Games, Inc. businesses that the company has begun to exit or wind down; one-time costs related to the business combination between Activision, Inc. and Vivendi Games, Inc. (including transaction costs, integration costs, and restructuring activities); the amortization of intangibles and the increase in the fair value of inventories and the associated changes in cost of sales resulting from purchase price accounting adjustments from the business combination; and the associated tax benefits.
For the December quarter 2008, Activision Blizzard expects GAAP net revenues of $1.6 billion, and GAAP loss per share of $0.01. Excluding the impact of change in deferred net revenues ($569 million), and net revenues from Activision Blizzard’s non-core exit operations ($2 million), the company expects non-GAAP net revenues of $2.2 billion.
Excluding the impact of the change in deferred net revenues and cost of sales ($0.17 per share), equity-based compensation expense ($0.02 per share), Activision Blizzard’s non-core exit operations ($0.01 per share), one-time costs related to the business combination with Vivendi Games, Inc. ($0.01 per share), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($0.09 per share), Activision Blizzard expects non-GAAP earnings per diluted share of $0.29 for the December quarter.
This excerpt taken from the ATVI 8-K filed Nov 5, 2008. Company Outlook
For the December quarter, Blizzard Entertainment expects to release Wrath of the Lich King™, World of Warcraft’s second expansion pack, and Activision Publishing expects to release a full slate of titles, including Guitar Hero® World Tour™, Guitar Hero®: On Tour Decades™, Call of Duty®: World at War™, Quantum of Solace™, Spider-Man™: Web of Shadows, Madagascar: Escape 2 Africa™ Video Game, Crash Bandicoot®: Mind Over Mutant, Spyro™: Dawn of the Dragon, Kung Fu Panda: Legendary Warriors ™, TRANSFORMERS Animated: The Game and Tony Hawk’s Motion.
Activision Blizzard continues to expect that online functionality for certain key titles to be released in the December quarter, and thereafter, will become a significant component of game play for certain platforms and that the company will have continuing performance obligations beyond the sale of the game for these titles. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over the estimated service period.
Revenues related to the sale of World of Warcraft boxed software, including the sale of expansion packs and other ancillary revenues will continue to be deferred and recognized ratably over the estimated customer life beginning upon activation of the software and delivery of the services.
As a result of the above, Activision Blizzard anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the December quarter will be recognized in calendar year 2009. While this will not impact the economics of Activision Blizzard’s business or its cash flows, these changes will have a material impact on the company’s calendar 2008 GAAP results.
In order to provide comparable year-over-year performance information, Activision Blizzard’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms, and will also exclude deferred revenues and costs related to the MMORPG platform for World of Warcraft.
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Activision Blizzard Announces September Quarter Results
Additionally, in calendar 2008, in order to provide comparable operating performance information for the core operations of Activision Blizzard, the company’s non-GAAP results also exclude: the impact of expenses related to equity-based compensation costs; Activision Blizzard’s non-core exit operations, which is the operating results of products and operations from the historical Vivendi Games, Inc. businesses that the company has begun to exit or wind down; one-time costs related to the business combination between Activision, Inc. and Vivendi Games, Inc. (including transaction costs, integration costs, and restructuring activities); the amortization of intangibles and the increase in the fair value of inventories and the associated changes in cost of sales resulting from purchase price accounting adjustments from the business combination; and the associated tax benefits.
For the December quarter 2008, Activision Blizzard expects GAAP net revenues of $1.6 billion, and GAAP loss per share of $0.01. Excluding the impact of change in deferred net revenues ($569 million), and net revenues from Activision Blizzard’s non-core exit operations ($2 million), the company expects non-GAAP net revenues of $2.2 billion.
Excluding the impact of the change in deferred net revenues and cost of sales ($0.17 per share), equity-based compensation expense ($0.02 per share), Activision Blizzard’s non-core exit operations ($0.01 per share), one-time costs related to the business combination with Vivendi Games, Inc. ($0.01 per share), and the amortization of intangibles and the changes in costs of sales resulting from purchase price accounting adjustments ($0.09 per share), Activision Blizzard expects non-GAAP earnings per diluted share of $0.29 for the December quarter.
This excerpt taken from the ATVI 8-K filed Jul 31, 2008. Company Outlook
For the September quarter, Activision Publishing expects to continue releasing Guitar Hero: On Tour internationally and Sierra Entertainment’s The Mummy: Tomb of the Dragon Emperor™, which released on July 22, 2008 on the Nintendo Wii™, Nintendo DS and the PlayStation® 2 computer entertainment system.
Activision Blizzard continues to expect that online functionality for certain key titles to be released in the December quarter of calendar year 2008 and thereafter will become a significant component of game play for certain platforms for which the company will have continuing performance obligations beyond the sale of the game. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over a service period, which we currently estimate to be six months beginning the month after shipment.
Activision Blizzard anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the December quarter 2008 will be recognized in calendar year 2009. While this will not impact the economics of Activision Blizzard’s business or its cash flows, these changes will have a material impact on the company’s calendar 2008 GAAP results.
In order to provide comparable year-over-year performance information, Activision Blizzard’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms.
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Additionally, in calendar 2008, in order to provide comparable operating performance information for the continuing operations of Activision Blizzard, the company’s non-GAAP results will also exclude: equity-based compensation costs; the operating results of products and operations from the historical Vivendi Games businesses that the company intends to dispose of or exit; one-time costs related to the business combination with Vivendi Games (including transaction costs, integration costs, and restructuring activities); and the amortization of intangibles and the increase in the fair value of inventories and the associated increase in cost of sales resulting from purchase price accounting adjustments from the transaction.
The outlook does not incorporate any adjustments that would occur as a result of the company’s previously announced stock split.
For the September quarter 2008, Activision Blizzard expects net revenues of $636 million and a loss per diluted share of $0.26. Excluding net revenues from the historical Vivendi Games businesses that the company intends to dispose of or exit ($16 million), the company expects non-GAAP net revenues of $620 million. Excluding the impact of equity-based compensation expense ($0.04 per share), the impact of the operating loss results from the historical Vivendi Games businesses that the company intends to dispose of or exit ($0.06 per share), one-time costs related to the business combination with Vivendi Games ($0.18 per share), and the amortization of intangibles and the increase in costs of sales resulting from purchase price accounting adjustments ($0.06 per share), Activision Blizzard expects non-GAAP earnings per diluted share of $0.08.
Activision Blizzard’s September quarter outlook does not include net revenues of approximately $50 million that were generated between July 1 and July 9, 2008 when Activision was a stand-alone company. As the transaction with Vivendi is considered a reverse acquisition, for calendar 2008 the company’s reported financial results for the period prior to the combination, (January 1 through July 9, 2008) will be those of Vivendi Games. Activision’s businesses will be included in Activision Blizzard’s financial statements for the period subsequent to the combination (July 10 through December 31, 2008).
For the December quarter 2008, Activision Blizzard expects net revenues of $1.85 billion and earnings per diluted share of $0.11. Excluding the impact of the change in deferred net revenues related to online-enabled games ($450 million), the company expects non-GAAP net revenues of $2.3 billion.
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Excluding the impact of the change in deferred net revenues and cost of sales related to online enabled games ($0.23 per share), equity-based compensation expense ($0.04 per share), the impact of the operating loss results from the historical Vivendi Games businesses that the company intends to dispose of or exit ($0.02 per share), one-time costs related to the business combination with Vivendi Games ($0.04 per share), and the amortization of intangibles and the increase in costs of sales resulting from purchase price accounting adjustments ($0.20 per share), Activision Blizzard expects non-GAAP earnings per diluted share of $0.64.
This excerpt taken from the ATVI DEFA14A filed May 8, 2008. Company Outlook
For the first quarter of fiscal 2009, Activision will release Enemy Territory™: QUAKE WARS for the Xbox 360® video game and entertainment system from Microsoft and PLAYSTATION®3 computer entertainment system; Kung Fu Panda, on the Xbox 360 video game and entertainment system from Microsoft and PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system, the Nintendo® Wii™, Games for Windows® and the Nintendo DS™; Guitar Hero®: On Tour for the Nintendo DS; and Guitar Hero®: Aerosmith® for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system and the Nintendo Wii.
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Activision announced today that online functionality for certain key titles to be released in the December quarter of fiscal year 2009 and thereafter is expected to become a significant component of game play for certain platforms for which the company will have continuing performance obligations beyond the sale of the game. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over a service period, which we currently estimate to be six months beginning the month after shipment.
Activision anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the fiscal year ending March 2009 will be recognized later in the calendar year 2009. While this will not impact the economics of Activision’s business or its cash flows, these changes will have a material impact on the company’s fiscal year 2009 GAAP results.
In order to provide comparable year-over-year performance information, Activision’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms.
Additionally, in fiscal year 2009, Activision’s non-GAAP results will exclude one-time costs related to the Vivendi transaction.
For fiscal year 2009, on a stand-alone basis, (not including Vivendi Games), Activision expects net revenues of $2.75 billion and earnings per diluted share of $0.72.
For fiscal 2009, Activision expects stand-alone non-GAAP net revenues, excluding the impact of the change in deferred revenue related to online-enabled games, to be $3.1 billion. Excluding the impact of equity-based compensation expense ($0.12 per share), one-time costs related to the Vivendi transaction ($0.07 per share) and the impact of the change in deferred net revenues and cost of sales related to online-enabled games ($0.39 per share), Activision expects stand-alone non-GAAP earnings per diluted share of $1.30.
For the first quarter, Activision expects net revenues of $500.0 million and earnings per diluted share of $0.04 on a stand-alone basis. Excluding the impact of equity-based compensation expense ($0.02 per share) and one-time costs related to the Vivendi transaction ($0.07 per share), the company’s stand-alone non-GAAP earnings per diluted share outlook is expected to be $0.13.
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This excerpt taken from the ATVI 8-K filed May 8, 2008. Company Outlook
For the first quarter of fiscal 2009, Activision will release Enemy Territory™: QUAKE WARS for the Xbox 360® video game and entertainment system from Microsoft and PLAYSTATION®3 computer entertainment system; Kung Fu Panda, on the Xbox 360 video game and entertainment system from Microsoft and PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system, the Nintendo® Wii™, Games for Windows® and the Nintendo DS™; Guitar Hero®: On Tour for the Nintendo DS; and Guitar Hero®: Aerosmith® for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system and the Nintendo Wii.
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Activision announced today that online functionality for certain key titles to be released in the December quarter of fiscal year 2009 and thereafter is expected to become a significant component of game play for certain platforms for which the company will have continuing performance obligations beyond the sale of the game. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over a service period, which we currently estimate to be six months beginning the month after shipment.
Activision anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the fiscal year ending March 2009 will be recognized later in the calendar year 2009. While this will not impact the economics of Activision’s business or its cash flows, these changes will have a material impact on the company’s fiscal year 2009 GAAP results.
In order to provide comparable year-over-year performance information, Activision’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms.
Additionally, in fiscal year 2009, Activision’s non-GAAP results will exclude one-time costs related to the Vivendi transaction.
For fiscal year 2009, on a stand-alone basis, (not including Vivendi Games), Activision expects net revenues of $2.75 billion and earnings per diluted share of $0.72.
For fiscal 2009, Activision expects stand-alone non-GAAP net revenues, excluding the impact of the change in deferred revenue related to online-enabled games, to be $3.1 billion. Excluding the impact of equity-based compensation expense ($0.12 per share), one-time costs related to the Vivendi transaction ($0.07 per share) and the impact of the change in deferred net revenues and cost of sales related to online-enabled games ($0.39 per share), Activision expects stand-alone non-GAAP earnings per diluted share of $1.30.
For the first quarter, Activision expects net revenues of $500.0 million and earnings per diluted share of $0.04 on a stand-alone basis. Excluding the impact of equity-based compensation expense ($0.02 per share) and one-time costs related to the Vivendi transaction ($0.07 per share), the company’s stand-alone non-GAAP earnings per diluted share outlook is expected to be $0.13.
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This excerpt taken from the ATVI 8-K filed May 8, 2008. Company Outlook
For the first quarter of fiscal 2009, Activision will release Enemy Territory™: QUAKE WARS for the Xbox 360® video game and entertainment system from Microsoft and PLAYSTATION®3 computer entertainment system; Kung Fu Panda, on the Xbox 360 video game and entertainment system from Microsoft and PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system, the Nintendo® Wii™, Games for Windows® and the Nintendo DS™; Guitar Hero®: On Tour for the Nintendo DS; and Guitar Hero®: Aerosmith® for the Xbox 360 video game and entertainment system from Microsoft, PLAYSTATION 3 computer entertainment system, PlayStation 2 computer entertainment system and the Nintendo Wii.
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Activision announced today that online functionality for certain key titles to be released in the December quarter of fiscal year 2009 and thereafter is expected to become a significant component of game play for certain platforms for which the company will have continuing performance obligations beyond the sale of the game. As a result, the company expects to begin recognizing a substantial amount of net revenues and costs of sales from these online-enabled games over a service period, which we currently estimate to be six months beginning the month after shipment.
Activision anticipates that a considerable amount of net revenues and costs of sales that would have been recognized in the fiscal year ending March 2009 will be recognized later in the calendar year 2009. While this will not impact the economics of Activision’s business or its cash flows, these changes will have a material impact on the company’s fiscal year 2009 GAAP results.
In order to provide comparable year-over-year performance information, Activision’s non-GAAP results will exclude the impact of the change in deferred net revenues and cost of sales related to those online-enabled key titles on certain platforms.
Additionally, in fiscal year 2009, Activision’s non-GAAP results will exclude one-time costs related to the Vivendi transaction.
For fiscal year 2009, on a stand-alone basis, (not including Vivendi Games), Activision expects net revenues of $2.75 billion and earnings per diluted share of $0.72.
For fiscal 2009, Activision expects stand-alone non-GAAP net revenues, excluding the impact of the change in deferred revenue related to online-enabled games, to be $3.1 billion. Excluding the impact of equity-based compensation expense ($0.12 per share), one-time costs related to the Vivendi transaction ($0.07 per share) and the impact of the change in deferred net revenues and cost of sales related to online-enabled games ($0.39 per share), Activision expects stand-alone non-GAAP earnings per diluted share of $1.30.
For the first quarter, Activision expects net revenues of $500.0 million and earnings per diluted share of $0.04 on a stand-alone basis. Excluding the impact of equity-based compensation expense ($0.02 per share) and one-time costs related to the Vivendi transaction ($0.07 per share), the company’s stand-alone non-GAAP earnings per diluted share outlook is expected to be $0.13.
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This excerpt taken from the ATVI 8-K filed Feb 7, 2008. Company Outlook
Today, Activision increased its fiscal year 2008 net revenues and earnings per share outlook. For the full fiscal year, Activision expects net revenues of $2.65 billion and earnings per diluted share of $0.97. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $1.07 for the full fiscal year.
For the fourth quarter, Activision expects net revenues of $350 million and earnings per diluted share of $0.02. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $0.04 for the fourth quarter.
This excerpt taken from the ATVI 8-K filed Nov 5, 2007. Company Outlook
Today, Activision increased its fiscal year 2008 net revenues and earnings per share outlook. For the full fiscal year, the company expects net revenues of $2.07 billion and earnings per diluted share of $0.55. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $0.65 for the full fiscal year.
For the back half of the fiscal year, Activision expects that the acquisition of Bizarre Creations will be dilutive by approximately $0.02 - $0.03 per share and this has been incorporated into the above fiscal year outlook. For the third quarter, the company expects net revenues of $1.05 billion and earnings per diluted share of $0.51. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $0.55 for the third quarter.
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This excerpt taken from the ATVI 8-K filed Aug 2, 2007. Company Outlook Today, Activision increased its fiscal year 2008 net revenue and earnings per share outlook. For the full fiscal year, the company expects net revenues of $1.87 billion and earnings per diluted share of $0.51, including the impact of equity-based compensation expense, compared to the company’s previous fiscal year outlook of $1.8 billion in net revenues and earnings per diluted share of $0.45. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $0.61. For the second quarter, the company expects net revenues of $250 million and a loss per share of $0.04, including the impact of equity-based compensation expense. Excluding the impact of equity-based compensation expense, the company expects a loss per share of $0.03. This excerpt taken from the ATVI 8-K filed Jun 1, 2007. Company Outlook For fiscal 2008, Activision increased its net revenues outlook to $1.8 billion. Additionally, the company expects operating income to grow in excess of 100% over fiscal 2007. The company also expects earnings per diluted share of $0.45, including the impact of equity-based compensation expense. Excluding the impact of equity-based compensation expense, the company expects earnings per diluted share of $0.55. For the first quarter of the fiscal year 2008, the company expects net revenues of $425 million and earnings per diluted share of $0.03, including the impact of equity-based compensation expense. The company’s earnings per diluted share outlook for the first quarter excluding the impact of equity-based compensation expense is expected to be $0.05. The company expects that its first quarter outlook will be impacted by legal expenses and professional fees relating primarily to its internal review of historical stock option practices, including the completion of restatement-related filings and Nasdaq proceedings, matters relating to the pending informal SEC inquiry and defense of the pending derivative litigation. The company also announced that it would move the release of This excerpt taken from the ATVI 8-K filed May 3, 2007. Company Outlook Additionally, Activision reaffirmed its fiscal year 2008 net revenue outlook which is expected to exceed $1.6 billion. The company expects to provide more detailed guidance on fiscal year 2008, as well as additional financial results of operations for its fiscal fourth quarter and fiscal year ended March 31, 2007 on a conference call which the company plans to host shortly after filing its restated financial statements and becoming current with its period filings with the SEC. This excerpt taken from the ATVI 8-K filed Feb 7, 2007. Company Outlook For fiscal year 2007, Activision is increasing its net revenue outlook to $1.40 billion, from $1.37 billion which was given on January 25, 2007. The company also is raising its diluted earnings per share outlook for the year to $0.21. Excluding the impact of equity-based compensation, the company expects diluted earnings per share of $0.26. For its fiscal fourth quarter, the company is increasing its net revenue outlook to $200 million, from its previous outlook of $170 million, based on better visibility regarding the allocation of PLAYSTATION 3 hardware to its European distribution business. The company now expects a loss per share of $0.09 for the fiscal fourth quarter. Excluding the impact of equity-based compensation, the company expects a loss per share of $0.08, as compared to its previous loss per share outlook of $0.09. As previously announced, the company believes that its fiscal fourth quarter results will be significantly impacted by higher legal expenses and professional fees relating primarily to its internal review of historical stock option practices, including the special sub-committee review, Nasdaq proceedings, informal SEC inquiry and derivative litigation, and the company’s decision to move the release of Enemy Territory™: QUAKE Wars into fiscal year 2008. The company also reaffirmed its fiscal year 2008 net revenue outlook which is expected to exceed $1.6 billion. This excerpt taken from the ATVI 8-K filed Nov 6, 2006. Company Outlook For the third quarter of fiscal 2007, Activision expects net revenues of $600 million. For the fourth quarter, the company expects net revenues of $175 million. As announced on October 25, 2006, Activision increased its fiscal year net revenue outlook to $1.150 billion, from its prior net revenue outlook of $1.075 billion, which was announced on August 3, 2006. The company believes that the increase in its third quarter and full year net revenue outlook will be offset by higher legal expenses relating primarily to its internal review of historical stock option practices, including expenses relating to the previously announced informal SEC inquiry and derivative litigation, and the impact of the delayed release of Sony’s PLAYSTATION 3 system in Europe until March 2007. The company expects that the majority of the impact will occur in its fiscal third quarter. Activision also reaffirmed its fiscal year 2008 net revenue outlook, which is expected to exceed $1.6 billion. This excerpt taken from the ATVI 8-K filed Oct 25, 2006. Company Outlook The company is also increasing its net revenue outlook for Fiscal 2007 to $1.150 billion, as compared to its prior outlook of $1.075 billion, based on better-than-expected net revenue performance in the second quarter and an increase in the company’s third quarter net revenue outlook for its distribution business. The company believes that the increase in its third quarter and full year net revenue outlook will be offset by higher legal expenses relating primarily to its internal review of historical stock option practices, including expenses relating to the previously announced informal SEC inquiry and derivative litigation, and the impact of the delayed release of Sony’s PLAYSTATION®3 system in Europe until March 2007. The company expects that the majority of the impact will occur in its fiscal third quarter. Activision also reaffirmed its fiscal year 2008 net revenue outlook which is expected to exceed $1.6 billion. This excerpt taken from the ATVI 8-K filed May 4, 2006. Company Outlook
For fiscal 2007, Activision expects net revenues of $1.025 billion and earnings per diluted share of $0.10, including the impact of adopting FAS 123(R), which relates to the expensing of stock options and other share-based payments. Excluding the impact of FAS 123(R), the company expects earnings per diluted share of $0.15. This is consistent with the company’s previously provided outlook.
For the first quarter of the fiscal year 2007, the company expects net revenues of $145 million and a loss per share of $0.11, including the impact of adopting FAS 123(R). The company’s loss per share outlook for the first quarter excluding the impact of FAS 123(R) is expected to be $0.10.
Activision also reaffirmed its fiscal year 2008 outlook. The company expects net revenues to exceed $1.6 billion. | EXCERPTS ON THIS PAGE:RELATED TOPICS for ATVI:
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