Activision Blizzard (ATVI) 8-K/A Financial Statements and Exhibits

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

¹ Provision 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.

² Includes expenses related to share-based compensation.

³ Reflects restructuring initiatives, primarily severance and other restructuring-related costs.

⁴ Reflects the impact of other unusual or unique tax-related items and activities.

⁵ Reflects 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.