Going to listen in to my first ever earnings call this evening at 8:30pm GMT / 4:30pm EDT for $ATVI.

Will have no idea what is being said or what it means, but will be sure to immerse myself in the experience :)
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sam stribling's avatar
Can’t wait. I’m gonna write a memo on why I think it’s important to know your CEO/Leadership as part of your DD based on our discussions last night! I think it will be good info for people to hear
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Michael Panebianco's avatar
I really liked the sports team analogy and that's what switched me on to it; make sure to include that!
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sam stribling's avatar
Damn I missed this part I will do another one on that analogy all to itself soon!
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sam stribling's avatar
@tecantra I love to hear you say this! Earnings calls are a great way to really do
Due Diligence
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Michael Panebianco's avatar
I plan on writing notes and I'll share what I take away from the report the next time we're on a call together.
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Michael Panebianco's avatar
21:32 - it's finished. Fuck me.
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Michael Panebianco's avatar
Generally Accepted Accounting Principles (“GAAP”) = ways to make our numbers look more profitable than they really are

@strib is GAAP what we talking about in regard to Uber?
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Nathan Worden's avatar
We were talking about 'Adjusted EBITDA' with regards to Uber.

EBITDA = Earnings before interest, taxes, depreciation, and amortization

'Adjusted EBITDA' = absolute crap. (Subjective adjustments that management makes in order to argue that certain expenses should be taken out to show the 'real' earnings of the business. Adjusted EBITDA is not a standard GAAP metric, isn't comparable from company to company, and generally shouldn't be trusted. Also, it makes Sam mad. 😆)

@strib
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sam stribling's avatar
Read my new memo.. I got real real mad on this topic haha Dara was my example of a bad CEO lol
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Michael Panebianco's avatar
21:27
Q "Your stock is the lowest it's been in years, you're sitting on a ton of cash, why not do a stock buy back?"

YES! Get more of those questions in please, Andrew! He sounded as fed up as I feel.
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sam stribling's avatar
@tecantra your commentary is gold lol
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Andy Buchanan's avatar
There's a product in here somewhere that I'd be willing to pay for.
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Michael Panebianco's avatar
20:51 What the hell did I miss that caused the stock to drop 9%?
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Michael Panebianco's avatar
Ahhh, that'll be the delayed launch of Overwatch 2.
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Nathan Worden's avatar
...or the market is watching your commentary and agrees the call needs more excitement 😄
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Michael Panebianco's avatar
20:57 Their 'King' arm (mobile gaming, flagshipped by Candy Crush) is the company's biggest and most profitable. Wow.
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Nathan Worden's avatar
@jays is a fan of Activision... wondering if he's more familiar with the 'King' mobile gaming arm of $ATVI. I'm not super familiar.
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Jay Schlesinger's avatar
@nathanworden @tecantra this stat about being most profitable arm is pretty amazing given the lack of enthusiasm for mobile gaming in my social circles - people often argue that video game trends in the East (China Korea Japan) follow in the west 3-4 years later, so if mobile gaming keeps growing like this it will be great for king and maybe I will start playing them - haven’t increased my position in months though
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Jay Schlesinger's avatar
@jays meant to say if mobile gaming keeps growing like it is in the east and if it continues to follow here
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Michael Panebianco's avatar
21:00 It's a shame Stop Losses do not take effect outside of RTH...
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Michael Panebianco's avatar
20:46 - ok, finally some good stuff. Releasing a new anti-cheat which I know (from personal experience) has been killing the CoD playerbase. That will be great news for players
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Michael Panebianco's avatar
21:05 - "May not recalculate due to rounding" = we fudged our numbers
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Michael Panebianco's avatar
21:07 - Q&A Time
Q - "Bobby, can you talk more about the workplace controversies and what is being done to rectify"
A - "...performance focused...shareholder returns...market-leading content for 30 years...the long answer is I feel good about the progress"

This is farcical.
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Michael Panebianco's avatar
21:11 - -10.11%
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Michael Panebianco's avatar
20:42 - the powerpoint slides are being read verbatim. Are all earnings calls like this?
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Nathan Worden's avatar
It would be a competitive advantage for a company to make their earnings call entertaining. Attention drives people to buy your stock. I think this is what Elon was doing when he told an analyst once to not ask 'brainless, boneheaded questions' 😆
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Michael Panebianco's avatar
21:23 - over a billion people have downloaded a Candy Crush game in the past. That's nuts! Also, ashamed to say I've contributed to that number.
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Michael Panebianco's avatar
20:33 - CEO, Bobby Kotick - the most insincere and monotonous scripted drivel. 3 minutes in and I'm struggling.
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Nathan Worden's avatar
This is hilarious 😆

Earnings call = Boring.
Michael's commentary on earnings call = 🍿🎊🕺 can't miss content 😄
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Michael Panebianco's avatar
Ok, so already I've learned/remembered that figures and a press release are released BEFORE the actual call. That explains the after-market action then.
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Nathan Worden's avatar
This was great— thanks for your takeaways, sorry it sounds like it would have been a better time buzzed 😆
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Michael Panebianco's avatar
21:04 STOP TALKING ABOUT GAME DELAYS! -9.4%
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