Report
Wedbush Research

Wedbush Morning Call - Apr 02 2020 6:27AM

Underlyings
Activision Blizzard

Activision Blizzard is a developer and publisher of interactive entertainment content and services. The company's segments include: Activision Publishing, Inc., which is a developer and publisher of interactive software products and entertainment content, particularly in console platform; Blizzard Entertainment, Inc. which is a developer and publisher of interactive software products and entertainment content, particularly for the personal computer platform; and King Digital Entertainment, which is a developer and publisher of interactive entertainment content and services, particularly on mobile platforms, such as Google Inc.'s Android and Apple Inc.'s iOS.

American Outdoor Brands Corporation

American Outdoor Brands is a manufacturer, designer, and provider of consumer products for the shooting, hunting, and outdoor enthusiast. The company is a manufacturer of handguns, sporting rifles, and handcuffs and a participant in the hunting rifle and suppressor market. The company has two segments: Firearms, which includes handguns, long guns, handcuffs, suppressors, and other firearm-related products; and Outdoor Products & Accessories, which includes gun cleaning supplies, cutting tools and accessories, flashlights, tree saws and related trimming accessories, shooting supplies, rests, and other related accessories, apparel, vault accessories, and laser grips and laser sights.

Electronic Arts Inc.

Electronic Arts develops, markets, publishes and distributes games, content and services that can be played and watched on a variety of platforms, including game consoles, personal computers, and mobile phones. The company markets and sells its games and services through digital distribution channels and through retail channels. Digitally, the company's console games and services can be purchased through third-party storefronts. In its games and services, the company utilizes brands that it either wholly own or license from others. The company develops and publishes games and services across genres. Within and alongside its games, the company provides live services, including in-game purchases, downloadable content, and esports.

FirstCash

FirstCash is an operator of retail pawn stores in the U.S. and Latin America. The company's services include: Pawn Merchandise Sales, which operate pawn stores that make pawn loans secured by personal property such as consumer electronics, jewelry, tools, household appliances, sporting goods and musical instruments; Pawn Lending Activities, which make small, secured loans to its customers in order to help them meet short-term cash needs; and Credit Services and Consumer Loan Activities, which provide fee-based credit services organization programs to assist consumers in obtaining extensions of credit, and also provide small, unsecured consumer loans to customers in various states within the U.S.

Glu Mobile

Glu Mobile develops, publishes and markets a portfolio of mobile games designed to appeal to users who download and make purchases within the company's games through direct-to-consumer digital storefronts, such as the Apple App Store, Google Play store, and others. The company has a portfolio of games based on its own intellectual property as well as games based on third party licensed brands. The company sells virtual currency to consumers. In addition to in-app purchases of virtual currency, the company also monetizes its games through offers and in-game advertising. Offers enable users to acquire virtual currency without paying cash but by instead taking specified actions such as downloading another application.

Nintendo Co. Ltd.

Nintendo is mainly engaged in the development, manufacture, and sale of home-use game hardware/software and peripheral equipment as well as software under the name of "Nintendo DS," "Nintendo 3DS," "Game Boy," "Nintendo 64,"" Game Boy Advance," "Wii," "Nintendo GameCube," "Game Boy Color" and "e-Reader (trading card games)." Co.'s principal software trademarks include "Pokemon," "Super Mario Bros.," "The Legend of Zelda," "STARFOX64" and others. Co. also provides online games and repair services. In addition, Co. is involved in the manufacture and sale of Japanese playing cards called "Karuta," playing cards and board games, as well as the management of intellectual property rights.

Take-Two Interactive Software Inc.

Take-Two Interactive Software is a developer, publisher and marketer of interactive entertainment for consumers. The company develops and publishes products principally through its two wholly-owned labels Rockstar Games and 2K, as well as its Private Division label and Social Point, a developer of mobile games. The company's products are designed for console gaming systems such as the Sony Computer Entertainment, Inc. PlayStation?4, Microsoft Corporation Xbox One?, and Xbox 360?, the Nintendo Switch, and personal computers, including smartphones and tablets. The company delivers its products through physical retail, digital download, online platforms and cloud streaming services.

Ubisoft Entertainment S.A.

Ubisoft Entertainment is an international independent developer, publisher & distributor of video games. Co. centers its business activities on developing, publishing & distributing video games for portable & home consoles, the PC, smartphones & tablets in both physical & online formats: high-definition with games for Xbox 360, PlayStation®3 & PC; casual with games for Nintendo®, KINECT & PlayStation®3 Move; and online for on-line games. Co.'s catalogue includes various types of games: Action/Adventure, Shooters, Sports, Strategy, Simulation, TV and Movie licenses, Games for everyone and Driving. Co.'s trademarks include Assassin's Creed®, Rainbow Six® Vegas 2, and Rayman Raving Rabids®.

Zynga

Zynga is a provider of social game services. The company develops, markets and operates social games as live services played on mobile platforms and on social networking sites. All of the company's games are free to play, and the company is engaged in the sale of virtual currency that players use to buy in-game virtual items, as well as providing advertisement-free versions of its mobile games through purchase. The company's advertising and licensing offerings include: mobile ads in its mobile games; display ads in its online web games; engagement ads and offers; branded virtual items and sponsorships that integrate relevant advertising and messaging within game play; and licensing its brands.

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Wedbush
Wedbush

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Wedbush Research

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