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10:29 pm
December 22, 2017


Longxuan2017

Seattle, WA

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Good buy cheap wow gold morning, and welcome to the Activision Blizzard Announcement Conference Call. I'd now like to turn the call over to Kristin Southey, SVP and IR and Treasury. Please go ahead.

Good morning, and thank you, everyone, for joining us today for the Activision Blizzard Transaction Conference Call. With me today are Bobby Kotick, CEO of Activision Blizzard; Thomas Tippl, COO of Activision Blizzard; Dennis Durkin, CFO of Activision Blizzard; and Chris Walther, Chief Legal Officer of Activision Blizzard.

I would like to remind everyone that during this call, we will be making statements that are not historical facts. These are forward looking statements that are based on current expectations and assumptions that are subject to risks and uncertainties. As indicated on the slide that is showing, a number of important factors could cause the company's actual future results and other future circumstances to differ materially from those expressed in any forward looking statements.

Such factors include, without limitations, sales levels; current macroeconomic conditions; increasing concentration of titles; consumer spending trends; our ability to predict consumer preferences, including interest and specific genres and preferences among competing hardware platforms; maintenance of key relationships, including the ability to attract, retain and develop key personnel in developing high quality titles; the seasonal and cyclical nature of our industry; changing business models, including digital delivery of content competition; the possible declines in prices; product returns; price protection; product delays; adoption rate and availability of new hardware, particularly during the expected console transition; rapid changes in technology and industry standards; the current regulatory environment; litigation and associated costs; protection of proprietary rights; counterparty risks; economic, financial and political conditions and policies; foreign exchange and tax rates; capital market risk; potential changes associated with geographic expansion; the possibility that expected benefits related to the transactions to be discussed may not materialize as expected, and those transactions not being timely completed, if completed at all.

These important factors and other factors that potentially could affect the company's financial results are described in the company's most recent Annual Report on Form 10 K as amended, and in the company's other SEC filings. The company may change its intentions, beliefs or expectations made at any time and without notice, based upon any changes in such factors in the company's assumptions or otherwise.

The forward looking statements in this presentation are based on information available to the company as of the date of this presentation and while we believe them to be true, may ultimately be prove to be incorrect. The company undertakes no obligation to release publicly any revisions to any forward looking statements to reflect events or circumstances after today, July 26, 2013, or to reflect the occurrence of anticipated events. You can find additional information about the transactions to be discussed in the company's Form 8 K filed earlier today, with the SEC.

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

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

As you saw in last night's press release, Activision Blizzard is announcing a very exciting transaction that represents a tremendous opportunity for the company and its shareholders.

Activision Blizzard will acquire approximately 429 million shares and certain tax attributes from Vivendi in exchange for $5.8 billion in cash, approximately $13.60 a share before taking into account the benefit to the company of these tax attributes.

Separately, in a simultaneous transaction, an investor group led by Brian Kelly and me will acquire approximately 172 million shares from Vivendi for $2.3 billion in cash or approximately $13.60 per share. Brian and I are personally investing a combined $100 million to purchase company's shares from Vivendi through our investor group.

Activision Blizzard share repurchase from Vivendi will reduce the outstanding share count to approximately 690 million shares. This will be meaningfully accretive to Activision Blizzard's shareholders. Following completion of the transaction, Vivendi's stake in the company will be reduced to approximately 12%. And the investor group will hold approximately 24.9% of the company's outstanding shares, which leaves the majority of shares with public shareholders. We expect to emerge from this transaction even stronger than we are today, an independent company with a best in class franchise portfolio, and the focus and flexibility to drive long term shareholder value and expand our leadership position as one of the world's most important entertainment companies.

We expect significant EPS accretion, as much as 29% on a GAAP basis and 33% on a non GAAP basis in 2013.

In addition with our new capital structure, we expect to have a lower weighted average cost to capital, and we believe we can nearly double our return on equity to more than 20% for our shareholders. It also leaves the company with a significant cash on hand to preserve our financial stability.

5 years ago, we made one of the best decisions in our company's history when we joined forces with Blizzard Entertainment. By bringing Activision and Blizzard together, we united in one company, some of the best creative and business talent in the industry and some of the most important entertainment franchises in the world, including Call of Duty and World of Warcraft. Since that time, we've continued to reach new levels of success by delivering new games like Sky Landers and Diablo III. We also look forward to launching Destiny.

Also, over that time, we generated over $5.4 billion in operating cash flow and returned more than $4 billion of net cash to shareholders through buybacks and dividends. We're very grateful for Vivendi's partnership through this period, and we look forward to their continued support.

The personal investments of over $100 million combined that Brian and I are announcing today are a reflection of our lasting commitment and confidence in the future of Activision Blizzard and our industry. In addition to Brian Kelly and me, the investor group includes Davis Advisors, Leonard Green Partners, Tencent, and one of the largest global institutional investors. We couldn't be more excited about this transaction, which provides significant benefits to shareholders and positions us well to lead the next era of entertainment.

Now I'll turn the call over to our CFO, Dennis Durkin, who will review the financial details, and then take you through our preliminary Q2 results and updated financial outlook. Dennis?

Thanks, Bobby, and good morning, everyone.

I will start by providing perspective on the transaction, give you an update on our Q2 operating performance and calendar year outlook, and then open the line for your questions.

Today's transaction, which has been unanimously approved by the special committee of the Board of Directors for Activision Blizzard, as well as the company's overall board, is expected to close by the end of September 2013, subject to certain customary closing conditions.

Under the terms of the transaction, Activision Blizzard will repurchase from Vivendi 429 million company shares or approximately 38% of our current shares outstanding for $5.8 billion. The $13.60 per share purchase price represents a 10% discount to the closing price of our stock yesterday, before taking into account the future benefits from certain tax attributes acquired as part of the transaction.

Simultaneously and separately, an investor group led by Bobby and Brian will acquire 172 million shares of Activision Blizzard directly from Vivendi for $2.3 billion in cash. The investor group will own approximately 24.9% of the company's outstanding shares. Vivendi will retain 83 million shares or approximately 12% of outstanding Activision Blizzard shares post transaction.

Following the transaction, Activision Blizzard will have approximately 690 million shares outstanding, 63% of which will be owned by public shareholders.

Activision Blizzard will fund the acquisition, including estimated transaction fees and upfront interest, with approximately $1.2 billion of cash and $4.75 billion of newly issued debt. In addition, we also expect to establish a $250 million revolving credit facility. We have already received committed financing for the transaction from Bank of America Merrill Lynch and JPMorgan.

Following the transaction, Activision Blizzard will have a new capital structure, which reduces our weighted average cost of capital and nearly doubles our return on equity.

From a balance sheet perspective, as of June 30, we had $4.55 billion in cash and investments, and no debt. We expect to receive approximately $4.6 billion in net cash from our financing after estimated transaction fees and upfront costs. On closing, we expect to pay Vivendi approximately $5.83 billion for their shares, which would leave us with more than $3 billion in cash on hand, most of which is foreign, and all of which helps secure our future financial stability.

Going forward, we are confident that our free cash flow generation will support the debt we are taking on, while also allowing us the flexibility to continue to invest in our business and drive value for our shareholders over time.

Now let's take a quick look at our preliminary Q2 operating results. Note that as is customary, we will be hosting our regularly scheduled second quarter earnings call next Thursday, August 1, after the market closes.
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