After reviewing Activision Blizzard finances, what advice on buy/sell would you give to possible investors?

Table of Contents PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS PURCHASES OF EQUITY SECURITIES AND ISSUER Market Information and Holders common stock is quoted on the Nasdaq National Market under the symbol "ATVI." The following table sets forth, for the periods e high and low reported sale prices for our common stock. At February 20, 2018, there were 1,663 holders of record of our common stock. High Low 2017 First Quarter Ended March 31,2017 s 50.40 S 36.18 Second Quarter Ended June 30, 2017 61.58 48.41 Third Quarter Ended September 30, 2017 66.58 55.86 Fourth Quarter Ended December 31, 2017 67.40 57.29 High Low 2016 First Quarter Ended March 31, 2016 s 38.09 S 26.49 Second Quarter Ended June 30, 2016 39.99 33.03 Third Quarter Ended September 30, 2016 45.12 39.28 Fourth Quarter Ended December 31, 2016 45.55 35.12 34 Item 6. SELECTED FINANCIAL DATA Financial Statements and Notes thereto and with Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Annual Report on Form 10-K. The selected consolidated financial data presented below at and for each of the years in the five-year period ended December 31, 2017 is derived from our Consolidated Financial Statements and include the operations of King commencing on the King Acquisition Date. All amounts set forth in the following tables The following table summarizes certain selected consolidated financial data, which should be read in conjunction with our Consolidated are in millions, except per share data. For the Vears Ended December 31 2016 2015 2914 2013 2017 Statement of Operations Data: Net revenues s 7017 S 6,608 4,664 $ 4408 s 4,583 Net income(1) 273 966 892 835 1,010 Basic net income per share 0.36 1.30 1.21 1.14 0.96 Diluted net income per share 0.36 1.28 1.19 1.13 0.95 Cash dividends declared per share 026 0.230.20 0.19 Operating cash flows s 2,213 S 2,155 s 1,259 s 1,331 S 1,293 Balance Sheet Data Cash and investments(2) s 4,775 S 3,271 $ 1,840 S 4,867 S 4,452 Total assets 18,668 17,452 15,246 14,637 13,947 Long-term debt, net(3) 4,390 4,887 4,074 4,319 4,687 Long-term debt, gross 4,440 4940 4,119 4,369 4,744 Net debt(4) 1,669 2,279 -292 (1) Net income includes the impact of significant discrete tax-related impacts, including incremental income tax exp due to the application of the U.S. Tax Reform Act. See further discussion in Note 15 of the notes to consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. statements ur op The following table sets forth consolidated net revenues, except for cost of revenues, which are presented as a percentage of associated revenues (amounts in millions): For the Years Ended December 31 2016 2017 2015 Net revenues Product sales $2,110 3000$ 2,196 33% $ 2,447 52% Subscription, licensing, and other revenues 4907 70 4 412 67 2,217 48 Total net revenues 7,017 100 6,608 100 4,664 100 Costs and expenses Cost of revenues-product sales: Product costs 733 35741 34 872 36 Software royalties, amortization, and intellectual property licenses 300 14 331 15 370 15 Cost of revenues-subscription, licensing, and other Game operations and distribution costs 984 20 851 19 274 12 Software royalties, amortization, and intellectual property licenses 10 471 1 69 Product development 1,069 15 958 14 646 14 Sales and marketing 1,378 20 1,210 18 734 16 General and administrative 760 11 634 10 380 8 Total costs and expenses 5,708 81 5,196 79 3,345 1,309 19 1,412 2 1,319 28 Operating income Interest and other expense (income), net 146 2 214 3 198 1292E 1,151 16 1,10 17 1121 Loss on extinguishment of debt( 1) Income before income tax expense 1,121 24 Income tax expense 878 13 140 2 229 5 Net income $ 273 490$ 966 15%$ 892 19% (1) Represents the loss on extinguishment of debt we recognized associated with our refinancing activities. The 2017lo on extinguishment is comprised of a $12 million write-off of unamortized discount and deferred financing costs associated with refinancing activities on our tranche of term loans "A" and the 2016 loss on extinguishment was comprised of a premium payment of $63 million and a write-off of unamortized discount and financing costs of $29 million associated with the extinguishment of certain term loan and senior note facilities through our refinanci activities. solidated Net Revenues The following table summarizes our consolidated net revenues and the increase/(decrease) in deferred revenues recognized (amou ns): For the Years Ended December 31, Increase/ (decrease) 2017 v 2016 Increase/ (decrease) 2016 v 2015 % Change % Change 2017 2016 2015 2017 v 2016 2016 v 2015 Consolidated net revenues s 7,017 S 6,608 4,664 409 S 1,944 6% 42% Net effect from recognition (deferral) of deferred net revenues 9 43 (148) (34) (139) 45