Please see analyst certification and other important disclosures starting on page 165.
|
|
- Arline Wilkins
- 5 years ago
- Views:
Transcription
1 Page 84 Exhibit 120 Third-Party Gross Margin Sensitivity Relative to Hardware Royalties and Manufacturing Costs (US$) Manufacturing Cost Royalty Cost $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $ % 88% 85% 83% 80% 78% 75% Exclusive 3rd-Party Current Generation Console Title Non-Exclusive 3rd-Party Current Generation Console Title 3rd-Party Cartridge Economics Source: Morgan Stanley Research. The other universal component of cost of revenue is packaging costs for boxes and shipping/distribution that generally runs between $ , perhaps slightly more for special edition packaging. Therefore, for a third-party publisher, the cost of revenue before IP licensing would run typically in the $ range, or 23-34% of wholesale revenue per unit. The final component of cost of revenue would be the IP license, if necessary, that publishers consider a type of marketing. Examples of IP licenses include movies, sports leagues, or books. Licenses are significant cost burdens, but the publisher hopefully benefits from cross-marketing opportunities and an existing potential audience. Consider Activision and its Spider-Man 2 (2004) title. By launching the title on the same day as the film, it benefits from the same marketing buzz that generated $40MM in gross box office revenues in one day. Or consider Rare and the James Bond license for GoldenEye 007 (1997). What could have been a great standalone first-person shooter based on game-play, becomes immediately recognizable and emotion-inducing by introducing popular likenesses. Compare this to Rare s sequel without the license, Perfect Dark, a successful game rated just as highly as Goldeneye 007, but lacking mainstream brand awareness. In these relationships, the IP owner typically gets some percentage of sales, with multi-year advances / guarantees based on the number of titles and expected unit sellthrough. These advances are usually pegged to a certain date and guaranteed regardless of success, creating significant risk for the publisher. Some of these licenses may have caps on total payout, while other licenses have downward sliding percentages as unit volume increases. Licensing arrangements with film studios do not usually differ in structure from those struck with professional sports leagues or professional players associations. In general, we estimate that for modestly large titles (>1MM across all SKUs), IP licenses should run about 5-7% while blockbuster titles (>5MM across all SKUs) may run upwards of 12-15%. Therefore, a number of licenses are struck in the $1-5MM range, and a special few hit the $20-30MM range. We have heard that extremely sought-after long-term licenses have been known to reach the $50MM range. Therefore, the typical gross margin for a game could be anywhere between 51-77% if a game hits its target sales figures to justify the license guarantees. We note that EA and Activision, two license-heavy publishers, have averaged gross margins of 59% and 38%, respectively, since 12/01, suggesting a wide variability in these costs and a wide variability in the relative success of IP licenses. Operating expenses typically consist of marketing costs for each title on the publishing side, and salaries for the program and design team on the development side. We believe that a company such as EA pushes advances to its independent studio developers through the product development line and royalty earn-outs through the cost of goods sold line once the game is shipped. Other companies are more aggressive about their development costs, choosing to capitalize on them from the outset and amortize them over the useful selling life. IP Licensing and Margins While IP licensing takes a big cut into margins with variable costs, it also carries the potential to generate higher sales and thereby offset fixed costs such as development and marketing. Goldeneye and Perfect Dark are good examples. In Exhibit 121, we introduce an analysis developed along with Keith Boesky of Boesky & Company that describes the way a licensee is paid for game sales. In general, licensors receive increasing percentage points or simply points for the amount of sales generated by a title. Smaller licenses (think Rugrats) have less leverage and receive a smaller percentage of profits, both because the risk for the developer is higher and also because there is less potential for cross-marketing opportunities to drive sales of the game. Blockbuster film or book licenses (such as Spider- Man or Harry Potter or The Lord of the Rings) receive a much higher percentage.
2 Page 85 Exhibit 121 IP Licensing Cost Analysis Blockbuster Film / Media Typical Film / Media Sales Range Licensing Revenue Sensitivity / Implied Licensing Sales Range Licensing Revenue Sensitivity / Implied Licensing Low High Rate $5,000 $10,000 $50,000 $100,000 Low High Rate $5,000 $10,000 $50,000 $100,000 $0 $500 8% $40 $40 $40 $40 $0 $1,000 5% $50 $50 $50 $ , ,001 2, ,001 1, ,001 3, ,251 1, ,001 4, ,501 1, ,001 5, ,751 2, ,001 and higher ,500 9,500 2,001 and higher ,440 8,640 17,640 Total IP Licensing $755 $1,655 $8,855 $17,855 $350 $850 $4,850 $9,850 Licensing as % of Sales 15% 17% 18% 18% 7% 9% 10% 10% Licensing per Implied Unit (1) $5 $6 $6 $6 $2 $3 $3 $3 (1) Assumes $35 wholesale ASP. Source: Keith Boesky, Boesky & Company, Morgan Stanley Research. We have shown a wide range of game sales, but that range stretches much further, as there are titles that sell upwards of 10MM copies and titles that sell 10,000. At that level, the huge relative fixed costs of development are not the only downward pressure on margins it is also the cost of guaranteed royalties that are negotiated on a per-title basis. It is similar to guaranteed traffic payments by Google to Ask Jeeves, for example. In our next several exhibits, we trace the theoretical margins of a blockbuster media title (from the point of view of the traditional media, not the game) and a typical media title, from both a first and thirdparty perspective. Note that we have taken a very conservative perspective with regard to development costs at $10MM across all the scenarios. We believe this represents the spending level for some of the largest games such as Madden NFL. We note that EA has been spending between $2-4MM in LTM R&D per NTM SKU during this cycle. In other words, if you consider the R&D spent over the last twelve months and divide that by the number of SKUs coming out over the next twelve months, the company is spending about $2-4MM annually on those products. Only recently has that number increased to the $5-6MM range in anticipation for the next cycle something that happened in with the PS2, Xbox and GameCube as well, suggesting once again that the next cycle should begin in late Note also that the EA figures correspond to SKUs not titles, and typically EA talks about the number of units sold per title when discussing its platinum titles. This is an important distinction for investors to make when looking at our margin analysis, because for one SKU to sell 10MM copies is rare think Grand Theft Auto 3 or Super Mario Bros. 3. We have not taken into account the differences between using external developers in a co-publishing relationship, and we have taken a flat $2MM in G&A costs which could be higher or lower depending on the size of the company and the number of other titles/skus shipped by the company. As one can see, a game with an IP license is strongly hits driven, given the increase in variable costs associated with the title. Once you reach 1MM units sold at this cost structure, the titles are profitable even with blockbuster license fees and with hardware royalties. At 2MM units, operating margins range from 20-60%, getting each title squarely into the operating margin range that we feel should be a target when dealing with a 50-80% gross margin. Note also that this is for console only. PC margins will be higher, but sell many fewer copies. Handheld margins will be lower and usually sell fewer copies as well. However, given the low margins across most of this industry (excluding EA, which has seen significant success using the franchise strategy during this cycle), this analysis also speaks to both the variability of development and marketing costs (especially for games with multi-year development) as well as to how many poorly performing titles many of the software companies put out. In general, blockbuster licenses tend to sell more than typical film licenses. Games that have sold more tend to cost more to develop, and the marketing engine behind them is that much more robust. Consider the 5MM copies sold of Halo 2 thus far and the marketing behind it as well as the multi-year development process. Sometimes the long development cycle itself builds the buzz around a game, as 2004 holiday games were at one time considered to be poised for 2003 release. Even with this in mind, we believe this structure provides investors with a way of measuring the impact of a game title as well as shows the potential for this industry.
3 Page 86 Exhibit 122 First-Party Software Publisher Blockbuster IP License Margin Sensitivity IP Licensing Royalties (2) Variable % 3,005 6,155 12,455 18,755 25,055 31,355 62,855 Total Cost of Goods Sold $4,005 $8,055 $15,955 $23,655 $31,155 $38,455 $74,955 Gross Profit $13,495 $26,945 $54,045 $81,345 $108,845 $136,545 $275,045 % Gross Margin 77% 77% 77% 77% 78% 78% 79% Implied Operating Income ($1,305) $10,045 $32,945 $56,745 $81,445 $107,045 $231,545 % Implied Operating Margin (7%) 29% 47% 54% 58% 61% 66% (1) Volume discounting assumed. (2) Based on a blockbuster film license using analysis developed by Keith Boesky. Exhibit 123 Third-Party Software Publisher Blockbuster IP License Margin Sensitivity Hardware Royalties (1) Variable $ ,500 8,750 17,000 25,000 32,500 39,500 69,500 IP Licensing Royalties (3) Variable % 3,005 6,155 12,455 18,755 25,055 31,355 62,855 Total Cost of Goods Sold $8,505 $16,805 $32,955 $48,655 $63,655 $77,955 $144,455 Gross Profit $8,995 $18,195 $37,045 $56,345 $76,345 $97,045 $205,545 % Gross Margin 51% 52% 53% 54% 55% 55% 59% Implied Operating Income ($5,805) $1,295 $15,945 $31,745 $48,945 $67,545 $162,045 % Implied Operating Margin (33%) 4% 23% 30% 35% 39% 46% (1) Volume discounting assumed, but hardware royalties will be negotated on a per-title basis. (2) Volume discounting assumed, but manufacturing costs will be negotated on a per-title basis. (3) Based on a blockbuster film license using analysis developed by Keith Boesky.
4 Page 87 Exhibit 124 First-Party Software Publisher Typical IP License Margin Sensitivity IP Licensing Royalties (2) Variable % 1,600 3,350 6,850 10,350 13,850 17,350 34,850 Total Cost of Goods Sold $2,600 $5,250 $10,350 $15,250 $19,950 $24,450 $46,950 Gross Profit $14,900 $29,750 $59,650 $89,750 $120,050 $150,550 $303,050 % Gross Margin 85% 85% 85% 85% 86% 86% 87% Implied Operating Income $100 $12,850 $38,550 $65,150 $92,650 $121,050 $259,550 % Implied Operating Margin 1% 37% 55% 62% 66% 69% 74% (1) Volume discounting assumed. (2) Based on a typical film license using analysis developed by Keith Boesky. Exhibit 125 Third-Party Software Publisher Typical IP License Margin Sensitivity Hardware Royalties (1) Variable $ ,500 8,750 17,000 25,000 32,500 39,500 69,500 IP Licensing Royalties (3) Variable % 1,600 3,350 6,850 10,350 13,850 17,350 34,850 Total Cost of Goods Sold $7,100 $14,000 $27,350 $40,250 $52,450 $63,950 $116,450 Gross Profit $10,400 $21,000 $42,650 $64,750 $87,550 $111,050 $233,550 % Gross Margin 59% 60% 61% 62% 63% 63% 67% Implied Operating Income ($4,400) $4,100 $21,550 $40,150 $60,150 $81,550 $190,050 % Implied Operating Margin (25%) 12% 31% 38% 43% 47% 54% (1) Volume discounting assumed, but hardware royalties will be negotated on a per-title basis. (2) Volume discounting assumed, but manufacturing costs will be negotated on a per-title basis. (3) Based on a typical film license using analysis developed by Keith Boesky..
5 Page 88 Exhibit 126 First-Party Software Publisher Wholly Owned IP Margin Sensitivity Total Cost of Goods Sold $1,000 $1,900 $3,500 $4,900 $6,100 $7,100 $12,100 Gross Profit $16,500 $33,100 $66,500 $100,100 $133,900 $167,900 $337,900 % Gross Margin 94% 95% 95% 95% 96% 96% 97% Implied Operating Income $1,700 $16,200 $45,400 $75,500 $106,500 $138,400 $294,400 % Implied Operating Margin 10% 46% 65% 72% 76% 79% 84% (1) Volume discounting assumed. Exhibit 127 Third-Party Software Publisher Wholly Owned IP Margin Sensitivity Hardware Royalties (1) Variable $ ,500 8,750 17,000 25,000 32,500 39,500 69,500 Total Cost of Goods Sold $5,500 $10,650 $20,500 $29,900 $38,600 $46,600 $81,600 Gross Profit $12,000 $24,350 $49,500 $75,100 $101,400 $128,400 $268,400 % Gross Margin 69% 70% 71% 72% 72% 73% 77% Implied Operating Income ($2,800) $7,450 $28,400 $50,500 $74,000 $98,900 $224,900 % Implied Operating Margin (16%) 21% 41% 48% 53% 57% 64% (1) Volume discounting assumed, but hardware royalties will be negotated on a per-title basis. (2) Volume discounting assumed, but manufacturing costs will be negotated on a per-title basis.
6 Page 89 Revenue Quality and the Industry Leaders With cost structures in mind, we can start to judge the revenue streams and franchises of the industry leaders, by factoring in the different theoretical margin influences on each of their titles. We base our analysis on C2004E data for the US, Europe and Japan, and we evaluate the different traits of each of the major software publishers. We also consider what franchises have the most power and what we see as having the most differentiated potential in an online setting. First, however, there are a number of other issues that one must consider when judging the relative quality of a revenue stream including: Multiple licensors. Sports games have to pay different license fees to the league, to use the names of the teams and leagues, as well as the players association, to use the names and likenesses of the players. For players outside the players association, separate licensing arrangements can be struck or not. That s one reason why the shooting guard on the Chicago Bulls in the 90 s was never Michael Jordan but rather Roster Guard in EA s NBA Live. External studios. The use of external studios can be a positive or negative depending on the size of the title and who owns the IP. In general, using an external studio for development should be no more expensive than developing a game oneself and might be cheaper, unless that studio owns the IP and the arrangement is mostly focused on distribution. In this situation, the revenue share can surpass that of an IP license. Compare it to a third-party seller relationship on Amazon.com; Amazon.com does less work, gets less margin, but still makes money it might not otherwise have. Multi-game deals. Increasingly, we have seen companies buy the rights to a series of titles such as EA and Harry Potter or Activision and the DreamWorks Animation titles. This can change the dynamics of not only the points but also the payment of guaranteed royalties. First- or third-party? First-parties have a great deal more flexibility when it comes to developing a game but lose power vis-à-vis third-parties when they lack significant market share. Platform. We expect the PC market to contract and the console market to expand over the next several years, in spite of large titles such as The Sims 2, Doom 3 and Half-Life 2. However, at the same time, PC revenues tend to generate higher gross margin. The handheld, too, has significant growth prospects ahead of it, but the market has typically been saddled with lower gross margins offset slightly by lower development costs. As gross margin expands with new platforms, handheld publishers could have faster operating margin expansion than console publishers. We have developed a matrix within Morgan Stanley Research to consider the simple aspects of internal vs. external development and internal vs. external intellectual property. We have looked at the US console market only, and we have not made any distinction between kinds of intellectual property, multiple licensors or expected cost. Instead, it should provide some insight into the strategies of each publisher that can be useful when thinking about the development resources each has in comparison or how each company might be affected by larger trends within the industry, such as a move to a studio model like that of the film industry or a bigger move to consolidation / roll-up.
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Overview of Strategies and Plans Fiscal Year ending March 31, 2019
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Overview of Strategies and Plans Fiscal Year ending March 31, 2019 0 0 Forward-looking Statements Strategies, plans, outlooks and other statements
More informationSecond Quarter 2013 Results August 1, 2013
Second Quarter 203 Results August, 203 2 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationSafe Harbor Disclosure
Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are not historical facts are forward-looking statements. The company generally
More informationFirst Quarter 2013 Results May 8, 2013
First Quarter 2013 Results May 8, 2013 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationPeter Moore, President
EA SPORTS Peter Moore, President November 13, 2008 1 Safe Harbor Statement During the course of this meeting EA may make forward-looking statements regarding future events and the future financial performance
More informationCapcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2018
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2018 0 Forward-looking Statements Strategies, plans, outlooks and other statements that are
More informationCapcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Financial Highlights for the Fiscal Year ended March 31, 2018
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Financial Highlights for the Fiscal Year ended March 31, 2018 0 0 Forward-looking Statements Strategies, plans, outlooks and other statements
More informationFirst Quarter 2014 Results
First Quarter 04 Results May 6, 04 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationNishant l33t Verma 33 Rachel pwn Nabatian Weiye noob Zhang
Nishant l33t Verma 33 Rachel pwn Nabatian Weiye noob Zhang Company Overview Thesis Blizzard Synergies Solid Pipeline e 09 10 0 Competitive Advantage Risks DCF World s largest third party game publisher
More informationH1 FY16 Earnings presentation November 4th, 2015
H1 FY16 Earnings presentation November 4th, 2015 Yves Guillemot, President and Chief Executive Officer Alain Martinez, Chief Financial Officer Jean-Benoît Roquette, SVP Investor Relations D I S C L A I
More informationFirst Quarter CY 2012 Results. May 9, 2012
First Quarter CY 2012 Results May 9, 2012 2012 Activision Blizzard 1 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are
More informationFourth Quarter 2013 Results. February 6, 2014
Fourth Quarter 2013 Results February 6, 2014 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are not historical facts
More informationCapcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Overview of Strategies and Plans Fiscal Year ending March 31, 2017
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Overview of Strategies and Plans Fiscal Year ending March 31, 2017 0 0 Forward-looking Statements Strategies, plans, outlooks and other statements
More informationThird Quarter CY 2010 Results. November 04, 2010
Third Quarter CY 2010 Results November 04, 2010 Safe Harbor Disclosure The statements contained in this presentation that are not historical facts are forward-looking statements. The company generally
More informationThe Reed Report. Company Spotlight Take Two Interactive 11/29/2016
The Reed Report Company Spotlight Take Two Interactive 11/29/2016 Business Overview Take Two Interactive Software (Ticker: TTWO) ( Take Two ) is a leading developer, publisher and marketer of interactive
More information11 Video. Games. More than just a game. Summary
11 Video Games More than just a game Summary The video games market in the Netherlands rose by 23.2 percent in 2007, an improvement from the 21.6 percent rise in 2006. Except for 2005 when growth moderated
More informationSecond Quarter CY 2012 Results. August 2, 2012
Second Quarter CY 2012 Results August 2, 2012 1 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are not historical facts
More informationTake-Two Interactive Software, Inc.
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) Wedbush Technology, Media & Telecommunications Conference March 7, 2012 Forward-Looking Statements The statements contained herein which are not historical
More informationCapcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2016
Capcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2016 0 Forward-looking Statements Strategies, plans, outlooks and other statements that are not historical
More informationThird Quarter CY 2012 Results
Third Quarter CY 2012 Results November 7, 2012 2012 Activision Blizzard 1 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that
More informationLONG TERM VALUE CREATION BLAKE JORGENSEN, CFO
LONG TERM VALUE CREATION BLAKE JORGENSEN, CFO SAFE HARBOR STATEMENT This presentation contains forward-looking statements that are subject to change. Statements including words such as anticipate, "believe,
More informationActivision Blizzard Announces Better-Than-Expected Second Quarter 2012 Financial Results
Activision Blizzard Announces Better-Than-Expected Second Quarter 2012 Financial Results Company Had The Top Three Best-Selling Games in North America and Europe For First Six Months of 20121 SANTA MONICA,
More informationFourth Quarter 2015 Results. February 11, 2016
Fourth Quarter 05 Results February, 06 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationSecond Quarter 2014 Results
Second Quarter 2014 Results August 5, 2014 Safe Harbor Disclosure Please review our SEC filings on Form 10-K and Form 10-Q The statements contained in this presentation that are not historical facts are
More information! Games are BIG business!! $10B US last year in North America alone. ! Hardware (consoles, I/O devices)! Software products
Commercial Games Introduction CMPUT 299 Fall 2005 Thursday September 8! Games are BIG business!! $10B US last year in North America alone! Hardware (consoles, I/O devices)! Software products! Surpassed
More informationHasbro Second Quarter 2017 Financial Results Conference Call Management Remarks July 24, 2017
Hasbro Second Quarter 2017 Financial Results Conference Call Management Remarks July 24, 2017 Debbie Hancock, Hasbro, Vice President, Investor Relations: Thank you and good morning everyone. Joining me
More informationFirst Quarter 2017 Results. May 4, 2017
First Quarter 207 Results May 4, 207 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained herein that are not historical facts are forward-looking statements,
More informationGame On! An Industry s Journey. Vicarious Visions, Inc. Karthik Bala, CEO Guha Bala, President
Game On! An Industry s Journey Vicarious Visions, Inc. Karthik Bala, CEO Guha Bala, President About Vicarious Visions A Leading developer of video games Headquartered in Albany, NY, with 140 employees
More informationThird Quarter 2014 Results
Third Quarter 204 Results November 4, 204 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationVirtually. Gamers Descend on E3... THE RUNDOWN. Not on the list for an exclusive event? No problem! All you need to
Gamers Descend on E3... Virtually WRITTEN BY James Getomer Michael Okimoto PUBLISHED June 2014 THE RUNDOWN Not on the list for an exclusive event? No problem! All you need to join in is a connected device.
More informationXbox 360 Manuals Gamestop Price Drop 2012
Xbox 360 Manuals Gamestop Price Drop 2012 Xbox 360 20GB Refurbished Blast from the Past System Bundle - includes 6 Free Games! for Xbox 360. by GameStop Inc. Rated 5.3. Usually ships in 24 hrs PowerUp
More informationXbox 360 canada sale
P ford residence southampton, ny Xbox 360 canada sale The best games, multiplayer, and entertainment. Get your Xbox One console today. Left: Original model Xbox 360 Premium (2005) Center: Redesigned slim
More informationELECTRONIC ARTS Q2 FY14 PREPARED COMMENTS October 29, ROB: Thank you.
ELECTRONIC ARTS Q2 FY14 PREPARED COMMENTS October 29, 2013 ROB: Thank you. Welcome to EA s fiscal 2014 second quarter earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen,
More informationAnnual results 2005/06
Annual results 2005/06 June 28, 2006 Yves Guillemot, Chief Executive Officer Alain Martinez, Chief Finance Officer Agenda Introduction Arrival of next-generation platforms: Evolutions and potential Ubisoft's
More informationGAMEVIL s 4 th Quarter of 2014 Financial Results & Strategic Plans for February 10, 2015
GAMEVIL s 4 th Quarter of 2014 Financial Results & Strategic Plans for 2015 February 10, 2015 Disclaimer Some content may reflect forward-looking statements and have been prepared based on the expectations
More informationThird Quarter 2017 Results. November 2, 2017
Third Quarter 207 Results November 2, 207 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained herein that are not historical facts are forward-looking
More information02 SQUARE ENIX To Our Shareholders. A Fundamental Industry Change from Evolution in Network Technology. Yoichi Wada
02 SQUARE ENIX 2004 To Our Shareholders President and Representative Director Yoichi Wada Square Enix Co., Ltd. is proud to present its first annual report for fiscal 2003, ended March 31, 2004, following
More informationGlobal Technology VIDEO GAMES COULD PROVE TO BE DISRUPTOR IN DIGITAL AGE
PRICE POINT July 2017 Timely intelligence and analysis for our clients. Global Technology VIDEO GAMES COULD PROVE TO BE DISRUPTOR IN DIGITAL AGE KEY POINTS Josh Spencer Portfolio Manger, Global Technology
More information2018 1Q IR PRESENTATION
2018 1Q IR PRESENTATION Investor Relation March 2018 Disclaimer These materials have been prepared by GRAVITY Co., Ltd. ("Gravity" or the "Company"). The statements contained in this presentation have
More informationACTIVISION BLIZZARD ANNOUNCES BETTER-THAN-EXPECTED SECOND QUARTER 2011 FINANCIAL RESULTS
Contacts: Kristin Southey SVP, Investor Relations (310) 255-2635 ksouthey@activision.com Maryanne Lataif SVP, Corporate Communications (310) 255-2704 mlataif@activision.com FOR IMMEDIATE RELEASE ACTIVISION
More informationFY13 Earnings Presentation May 15, 2013
FY13 Earnings Presentation May 15, 2013 Yves Guillemot, President and Chief Executive Officer Alain Martinez, Chief Financial Officer Jean-Benoît Roquette, Head of Investor Relations Disclaimer This statement
More informationJanuary June Summary
January June 2012 - Summary Consolidated revenue for the period is 36 082 KSEK, up 89% compared to 19 142 KSEK for the same period of 2011. This is in line with the previously communicated forecast of
More informationRovio Entertainment Corporation Annual General Meeting April 9, 2019 CEO REVIEW Kati Levoranta
Rovio Entertainment Corporation Annual General Meeting April 9, 2019 CEO REVIEW Kati Levoranta TRANSLATED FROM THE FINNISH ORIGINAL Translated from the Finnish original. Finnish version prevails. Contents
More information2005 First Quarter Presentation
2005 First Quarter Presentation Safe Harbor This presentation contains statements of a forward-looking nature. These statements are made under the safe harbor provisions of the U.S. Private Securities
More informationHasbro Second Quarter 2016 Financial Results Conference Call Management Remarks July 18, 2016
Hasbro Second Quarter 2016 Financial Results Conference Call Management Remarks July 18, 2016 Debbie Hancock, Hasbro, Vice President, Investor Relations: Thank you and good morning everyone. Joining me
More informationCapcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2019
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2019 0 Contents page 1. Forecasts for FY3/19 2 2. Financial Highlights 3 3. Business Segment
More informationActivision Blizzard Announces Record First Quarter Financial Results
Activision Blizzard Announces Record First Quarter Financial Results - Q1 and EPS Ahead of Prior Year and Prior - - Q1 GAAP EPS Increased 40% and Non-GAAP EPS Up 44% Over Prior Year - - Q1 from Digital
More information1. Invest in Lending Club.
More than 23 Passive Income Ideas Making money while you sleep. That sounds just like what you are looking for, right? We are giving many passive income ideas below and many are great. But there are very
More informationElectronic Arts Inc. January 18th, Michael Gude Portfolio Manager. Chase Westenfelder Quantitative Model Developer
Electronic Arts Inc. EA January 18th, 2018 Michael Gude Portfolio Manager Chase Westenfelder Quantitative Model Developer Taylor Crawford Private Equity Analyst Table of Contents Investment Thesis Competitor
More informationCapcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Financial Highlights for the Fiscal Year ended March 31, 2016
Capcom Co., Ltd. (Tokyo Stock Exchange, First Section, 9697) Financial Highlights for the Fiscal Year ended March 31, 2016 0 0 Forward-looking Statements Strategies, plans, outlooks and other statements
More informationMonetizing traffic through esports betting
Monetizing traffic through esports betting Monetizing traffic through esports betting Esports Betting industry Experts say esports betting expected to surpass $6 billion in 2018 alone. Gambling operators
More informationCapcom Co., Ltd. (Tokyo and Osaka Exchanges, First Section, 9697) 1st Quarter Report Fiscal year ending March 31, 2013
Capcom Co., Ltd. (Tokyo and Osaka Exchanges, First Section, 9697) 1st Quarter Report Fiscal year ending March 31, 2013 0 Forward-looking Statements Information in these materials concerning strategies,
More informationThe Game Development Process
The Game Development Process Introduction Outline Game Business Overview Stats Shape Overview of Game Development Players Game Companies Developers and Publishers Timeline Examples 1 Random Statistics
More informationFY2017 Q4 Earnings Presentation (Held on February 8, 2018) Q&A Summary
FY2017 Q4 Earnings Presentation (Held on February 8, 2018) Q&A Summary Q Regarding Dungeon&Fighter in China, particularly what is being well received by users since you conducted content update on February
More informationRaising & Investing an SBIC Fund
Raising & Investing an SBIC Fund pehub Webinar, November 2012 Brad Whitman Partner, Renovus Capital Overview of Renovus Capital SBIC Fund founded in January 2010 Received Greenlight in September 2010 Licensed
More informationTEC ENTERPRISES CORP.
TEC ENTERPRISES CORP. INVESTMENT TYPE: CIGAR STORE (WORKING OR SILENT PARTNER) As entrepreneurs, we constantly are looking for the next Starbucks. What is Starbucks? A place to drink good, strong coffee
More informationEA SPORTS MADDEN 13 MANUAL PDF
03 January, 2018 EA SPORTS MADDEN 13 MANUAL PDF Document Filetype: PDF 440.04 KB 0 EA SPORTS MADDEN 13 MANUAL PDF EA Sports Madden NFL 12 Game Manual. Master the basics with our digital game manuals. Explore
More informationActivision Blizzard Announces Better-than-expected First Quarter 2012 Financial Results
Activision Blizzard Announces Better-than-expected First Quarter 2012 Financial Results - Skylanders Spyro's Adventure was #1 Kids Video Game for First Quarter 2012 with 30+ Million Toys Sold Life to Date
More informationSeeing things clearly: the reality of VR for women. Exploring virtual reality opportunities for media and technology companies
Seeing things clearly: the reality of VR for women Exploring virtual reality opportunities for media and technology companies Our survey of adult men and women in the UK suggests that women are less likely
More informationACTIVISION BLIZZARD ANNOUNCES THIRD-QUARTER 2018 FINANCIAL RESULTS. Better-Than-Expected Q3 Results
ACTIVISION BLIZZARD ANNOUNCES THIRD-QUARTER 2018 FINANCIAL RESULTS Better-Than-Expected Q3 Results Santa Monica, CA November 8, 2018 Activision Blizzard, Inc. (Nasdaq: ATVI) today announced third-quarter
More informationGAMR CASE. Investment INTRO GAMR INVESTMENT CASE
GAMR TM Investment CASE INTRO The video game industry has come a long way from the advent of Pong in the 1970s. Consistently adapting to changing consumer preferences and product cycles, gaming companies
More informationGame Industry Presented by: Pam Chow
Game Industry Presented by: Pam Chow GAME INDUSTRY A (Very) Brief History 1961 SpaceWar: Steve Russell on a PDP-1 at MIT 1971 Computer Space: First coin-op game 1972 Pong: Arcade and home - the first hit
More informationCapcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2014
Capcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) 3rd Quarter Report Fiscal year ending March 31, 2014 0 Forward-looking Statements Strategies, plans, outlooks and other statements that are not historical
More informationThey Allow Developers To Get Innovative
With Kinect now an optional peripheral for Xbox One, one question begs to be asked: how do you feel about peripherals? Do they further immerse us in the games we play, or are they a senseless waste of
More informationIMGD 1001: The Game Industry
IMGD 1001: The Game Industry Robert W. Lindeman Associate Professor Department of Computer Science Worcester Polytechnic Institute gogo@wpi.edu Hit-Driven Entertainment Games are emotional, escapist, fantasyfulfilling,
More informationSTARBREEZE investor Presentation
STARBREEZE investor Presentation GP Bullhound Nordic Tech Tour, 7 December 2017 Slide / 1 Introduction to starbreeze outline Starbreeze games and publishing Virtual reality Slide / 2 Financial overview
More informationSlide 25 Advantages and disadvantages of patenting
Slide 25 Advantages and disadvantages of patenting Patent owners can exclude others from using their inventions. If the invention relates to a product or process feature, this may mean competitors cannot
More informationElectronic Arts Third Quarter Fiscal Year 2010 Earnings Call Prepared Comments February 8, 2010
Electronic Arts Third Quarter Fiscal Year 2010 Earnings Call Prepared Comments February 8, 2010 Mary Vegh: Thank you all for joining us this afternoon. Welcome to our third quarter fiscal 2010 earnings
More informationELECTRONIC ARTS Q4 FY13 PREPARED COMMENTS May 7, ROB: Thank you.
ELECTRONIC ARTS Q4 FY13 PREPARED COMMENTS May 7, 2013 ROB: Thank you. Welcome to EA s fiscal 2013 fourth quarter earnings call. With me on the call today are Larry Probst, our Executive Chairman, Blake
More informationPrepared Remarks FISCAL 2018 Q3
Prepared Remarks FISCAL 2018 Q3 January 30, 2018 CHRIS: Thank you. Welcome to EA s third quarter fiscal 2018 earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen, our
More informationELECTRONIC ARTS E3 INVESTOR BREAKFAST. Westin Bonaventure Hotel Los Angeles, CA June 12, 2013
ELECTRONIC ARTS E3 INVESTOR BREAKFAST Westin Bonaventure Hotel Los Angeles, CA June 12, 2013 Safe Harbor Statement Please review our risk factors on Form 10-K filed with the SEC. Some statements set forth
More informationREMEDY ENTERTAINMENT OYJ. Review of H
REMEDY ENTERTAINMENT OYJ Review of H1-2018 14.8.2018 AGENDA 1. CEO Tero Virtala s Review 2. Financial Results H1-2018 3. Questions & Answers H1-2018 REVIEW Tero Virtala C H I E F E X E C U T I V E O F
More informationHasbro First Quarter 2016 Financial Results Conference Call Management Remarks April 18, 2016
Hasbro First Quarter 2016 Financial Results Conference Call Management Remarks April 18, 2016 Debbie Hancock, Hasbro, Vice President, Investor Relations: Thank you and good morning everyone. Joining me
More informationActivision Blizzard Reports December Quarter and Calendar Year 2009 Financial Results
Activision Blizzard Reports December Quarter and Calendar Year 2009 Financial Results - Company Announces $1 Billion Share Repurchase Program - - Annual Cash Dividend of $0.15 per Common Share - - For
More informationFinally! A Step-by-Step, No Fuss Method To Creating Cash-Generating Content 20X Faster With Less Effort!
Finally! A Step-by-Step, No Fuss Method To Creating Cash-Generating Content 20X Faster With Less Effort! Once You Apply These Content Hacks You ll Be Able TO TURN that content into MULTIPLE INCOME STREAMS!...
More informationHow To Start An Embroidery Business Lesson 3 Creating Projections For Your Working Embroidery Business Plan
How To Start An Embroidery Business Lesson 3 Creating Projections For Your Working Embroidery Business Plan In our last segment we talked about creating the Basic Pricing Structure For your Embroidery
More informationSecond Quarter 2015 Results
Second Quarter 205 Results August 4, 205 Safe Harbor Disclosure Please review our SEC filings on Form 0-K and Form 0-Q The statements contained in this presentation that are not historical facts are forward-looking
More informationJanuary September Summary
January September 2011 - Summary Consolidated revenue for the period is 31 207 KSEK (12 065 KSEK in Q3, 9 594 KSEK in Q2, 9 548 KSEK in Q1), up 112% compared to 14 707 KSEK for the same period of 2010.
More informationActivision Announces Second Quarter 2006 Results
Activision Announces Second Quarter 2006 Results - Company's Q2 Results Exceed Outlook - - Company Increases FY 2006 Revenue Outlook - SANTA MONICA, Calif., Nov 02, 2005 /PRNewswire-FirstCall via COMTEX
More informationA (Very) Brief History
GAMES INDUSTRY A (Very) Brief History 1961 SpaceWar: Steve Russell on a PDP-1 at MIT 1971 Computer Space: First coin-op game 1972 Pong: Arcade and home - the first hit 1978-1981: Golden age of the arcade
More informationElectronic Arts Fourth Quarter Fiscal Year 2010 Earnings Call Prepared Comments May 11, 2010
Electronic Arts Fourth Quarter Fiscal Year 2010 Earnings Call Prepared Comments May 11, 2010 1 Peter Ausnit: Thank you all for joining us this afternoon. Welcome to EA s fiscal 2010 fourth quarter earnings
More informationWelcome to EA s third quarter fiscal 2019 earnings call. With me on the call today are Andrew
February 5, 2019 CHRIS: Thank you. Welcome to EA s third quarter fiscal 2019 earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen, our COO and CFO. Please note that
More informationCapcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) Results of Operations and Strategies First half of fiscal year ending March 31, 2014
Capcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) Results of Operations and Strategies First half of fiscal year ending March 31, 2014 0 Forward-looking Statements Strategies, plans, outlooks and
More informationCapcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) Second Half Business Strategies Fiscal year ending March 31, 2017
Capcom Co., Ltd. (Tokyo Exchanges, First Section, 9697) Second Half Business Strategies Fiscal year ending March 31, 2017 0 Forward-looking Statements Strategies, plans, outlooks and other statements that
More informationSecond Quarter CY 2010 Results. August 05, 2010
Second Quarter CY 2010 Results August 05, 2010 Safe Harbor Disclosure The statements contained in this presentation that are not historical facts are forward-looking statements. The company generally uses
More informationELECTRONIC ARTS Q3 FY16 PREPARED COMMENTS January 28, 2016 CHRIS: Thank you.
ELECTRONIC ARTS Q3 FY16 PREPARED COMMENTS January 28, 2016 CHRIS: Thank you. Welcome to EA s fiscal 2016 third quarter earnings call. With me on the call today are Andrew Wilson, our CEO, and Blake Jorgensen,
More informationGame Design Methods. Lasse Seppänen Specialist, Games Applications Forum Nokia
Game Design Methods Lasse Seppänen Specialist, Games Applications Forum Nokia Contents Game Industry Overview Game Design Methods Designer s Documents Game Designer s Goals MAKE MONEY PROVIDE ENTERTAINMENT
More informationTHE DEVIL S ADVOCATE REPORT
Editorial Content Murray Stahl, Horizon Research Group, 55 Liberty Street, Suite 13C, New York, NY 10005 (212) 233-0100 May 3, 2002 Studies in Absurdity REFLECTIONS ON ELECTRONIC ARTS, INC. AN UPDATE OF
More informationTo Our Shareholders 2 SQUARE ENIX CO., LTD.
To Our Shareholders I am proud to present the annual report of SQUARE ENIX for fiscal 2004, ended March 31, 2005. Fiscal 2004 was the Company s second year of business since we were formed through the
More informationResults Presentation 2017 Second Quarter and Interim Results. 30 Aug, 2017
Results Presentation 2017 Second Quarter and Interim Results 30 Aug, 2017 Disclaimer This presentation is prepared by NetDragon Websoft Holdings Limited (the Company ) solely for information purposes and
More informationACTIVISION BLIZZARD ANNOUNCES BETTER-THAN-EXPECTED SECOND QUARTER 2015 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE ACTIVISION BLIZZARD ANNOUNCES BETTER-THAN-EXPECTED SECOND QUARTER 05 FINANCIAL RESULTS Company Increases CY 05 Revenues and EPS Outlook Once Again Company Delivered Record Q Non-GAAP
More informationThe Business of Video Games Report. About DFC Intelligence s The Business of Video Games Report
About DFC Intelligence s The Business of Video Games report consists of two pdf documents 1) a 140-slide presentation created in Microsoft PowerPoint and 2) a 180-page report created in Microsoft Word.
More informationGAME DEVELOPMENT ESSENTIALS An Introduction (3 rd Edition) Jeannie Novak
GAME DEVELOPMENT ESSENTIALS An Introduction (3 rd Edition) Jeannie Novak FINAL EXAM (KEY) MULTIPLE CHOICE Circle the letter corresponding to the best answer. [Suggestion: 1 point per question] You ve already
More information1. Introduction What is MoneyBall? The online gambling market The MoneyBall solution Technology and anonymity...
1 1. Introduction... 3 2. What is MoneyBall?... 5 3. The online gambling market... 6 3-1. Licenses... 6 3-2. The size of the online gambling market... 7 4. The MoneyBall solution... 8 5. Technology and
More informationReinforcement of the development strategy Creation of 4 operational divisions structured around strong expertise
Reinforcement of the development strategy Creation of 4 operational divisions structured around strong expertise Paris, September 20, 2018 - The Atari Group announces the creation of 4 operational divisions:
More informationActivision Blizzard, Inc. ATVI NASDAQ Neutral-2
COMPANY UPDATE / ESTIMATE CHANGE / RATING CHANGE Key Metrics ATVI - NASDAQ (as of 11/7/17) $60.96 Price Target N/A 52-Week Range $35.12 - $67.03 Shares Outstanding (mil) (basic) 755 Market Cap. ($mil)
More informationCapcom Co., Ltd. Tokyo and Osaka Exchanges, First Section, rd Quarter Report Fiscal year ending March 31, 2010
Capcom Co., Ltd. Tokyo and Osaka Exchanges, First Section, 9697 3rd Quarter Report Fiscal year ending March 31, 2010 Precautions Concerning Forward-looking Statements Strategies, plans, outlooks and other
More informationScience and Technology Law Review
Science and Technology Law Review Volume 12 Number 3 Article 2 2009 From Packaged Goods to Video Games: Eleven Months of Insight - Keynote Address from the 2009 Game.Business.Law International Summit on
More informationKKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018
KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn
More informationThe Smart Contract-Based Randomized Game, Funded With a Randomized ICO
The Smart Contract-Based Randomized Game, Funded With a Randomized ICO Content Introduction to Slot! The Game for Blockchain Purists The Case for Slot How the Slot Game Works Progressive Jackpot Chances
More information