Activision Blizzard (ATVI) 6 Feb 202019 Q4 Earnings call transcript

Good day and welcome to the Activision Blizzard Q4 2019 Earnings Conference Call. At this time, I would like to turn the conference over to Chris Hickey, Senior Vice President of Investor Relations. Please go ahead, sir.

Good afternoon. And thank you for joining us today for Activision Blizzard's Fourth Quarter 2019 Conference Call. Kotick, Company's Johnson, Emerging CFO Bobby and and Businesses. are Durkin, Dennis and us CEO; COO Coddy President; With President of And Activision; Kostich, Rob for President Q&A, J. of President Blizzard of Brack, us. Allen King also join of and President will Humam Entertainment; Sakhnini,

be presentation. remind not the date I are risk based future incorrect. this those true, of call statements circumstances facts. on while factors is presentation company SEC are filings, The the discussed forward-looking cause statements. And XXXX expressed information could that other materially we actual that showing. would differ everyone this prove forward-looking the those in Report them and from during to be as our company's believe will A XX-K of to of ultimately like number our on they Form to in on including and making this to the available to future Annual historical slide include results that the we statements in be may any factors These

any no XXXX. The to any revisions February events statements after to release reflect publicly undertakes obligation or X, to circumstances company forward-looking today,

unusual to legal during present to activities. tax-related restructuring or costs, unique related the measures, and and in amounts resolution and GAAP will refinancings, financial changes call. the fees, accruals, and the related tax items, intangible including assets of related debt non-GAAP of and related items financial tax to significant amortization laws, We provide positions final including We and expenses financings to items, related excluded charges, non-GAAP potential amounts other of tax of tax-related which measures or acquisitions, associated benefits related impact both discrete these the to compensation, exclude this expenses stock-based expenses expenses and and

making www.activisionblizzard.com a for reconciliation, an with consider a results. These non-GAAP before from, in refer to Please to all investors We investment respect release, encourage to intended to which substitute are and to for measures. our not GAAP considered full superior posted measures our explanation to or earnings non-GAAP on GAAP as be further isolation measures decision. our is non-GAAP

There's an posted website call. following which the webcast you and earnings can also presentation, be access to the the will with which

addition, be a GAAP and results. overview In highlighting financial we also will posting both non-GAAP

And now, I'd our Bobby CEO, like to Kotick. introduce

Thank today. you, for us Chris, thank you and joining all

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hand Dennis to full-year financial now outlook. and results discuss and our call I'll Dennis? the to over QX

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turn non-GAAP to will let's to figures. full non-GAAP consolidated Now our refer reconciliations. earnings referencing Please be release our Unless otherwise indicated, for I results. to GAAP

GAAP-only For $X.X We GAAP the outlook. include $X.X These November $XX $XXX guidance. the QX incurred November includes of were net Net guidance. restructuring generated above of million related $XX was million, net deferrals of of QX revenues of charges $X.XX and This the and of GAAP of billion above we above $X.XX. million. quarter, EPS we non-GAAP generated figures $X.XX, and $X.XX bookings million which EPS billion, our deferrals QX $XXX our

includes the million and were restructuring and incurred net the and of bookings include recognition For GAAP the EPS $X.XX. net $X.XX $X.X deferrals $XXX of of of figures GAAP EPS of million. billion. revenues generated year, charges These GAAP-only non-GAAP we of We generated billion. recognition $X.X deferrals related This $XXX Net of $X.XX. of

higher operating cash cash taxes. Annual working flow flow a due flow $XXX QX was business our cash delivered perspective, cash and lower billion, $X.X to million. year-over-year of From capital operating

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I join the of they Now Humam Jay, the leaders Operator? Q&A us welcome business as and portion our for call. Rob

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Thanks.

Thank you. with question Eric Sheridan comes UBS. And from our next

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for and participation. today's ladies you concludes your call. gentlemen. and attendance This We you, Thank thank

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