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11-06-2009 @ 7:39PM
There is lots of information here that is MMORPG specific in the 9 months unaudited accounts2009 (9 months (GAAP))Net Revenue: MMORPG US$939 mCost of Sales (Direct): MMORPG US$158 mIs MMORPG only WoW?Goodwill US$ 7,161 m or 50% of there total asset base and is steady on the prior yearDeferred Revnue has almost halved from 2008 to 2009 with 25% being MMORPG related * spike is mostly prepayment of WotLK, but no way to prove this.Balance Sheet is down overall however this looks to be linked to the use of liquid assets to clear Current Liabilities and the share buyback.Software Developement is slightly up, but to be honest is not at half the value of I was expecting with with Cata in the pipeline and the Holiday releases... without knowing thier capitalisation policy/statergy its hard to dig moreThese are the easiest figures that jump out. proforming any kind of analysis here would require some assumptions that likely would be incorrect so give missing figures.For example... Net Revenue does look stable at aprx US$100 million per month so estimated could be made on player base. But there is no indication that MMORPG is all WoW or what the mix of inital purchase/subscription is or how the Blizzard store/acccount management options (faction change etc) are included.Anyway... Im likely wrong because its really late here in England and I am over analysising.
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