GameStop Files 10-Q/A for Q1 2024

Ticker: GME-WT · Form: 10-Q/A · Filed: Oct 25, 2024 · CIK: 1326380

Sentiment: neutral

Topics: amendment, 10-Q, financials

Related Tickers: GME

TL;DR

GME filed an amended Q1 10-Q. Updated financials are in.

AI Summary

GameStop Corp. filed a 10-Q/A on October 25, 2024, for the period ending May 4, 2024. The filing provides updated financial information for the first quarter of fiscal year 2024. Key financial data and disclosures related to the company's operations and financial position are detailed within this amendment.

Why It Matters

This amended filing provides updated financial details for GameStop's first quarter, offering investors a clearer picture of the company's performance and financial health as of May 4, 2024.

Risk Assessment

Risk Level: medium — As a 10-Q/A filing, it indicates a need for correction or amendment to previously submitted financial information, suggesting potential complexities or errors in reporting.

Key Players & Entities

FAQ

What is the primary purpose of this 10-Q/A filing?

This 10-Q/A filing serves as an amendment to the previously filed 10-Q for the period ending May 4, 2024, providing updated financial information and disclosures.

What period does the amended 10-Q filing cover?

The amended 10-Q filing covers the fiscal quarter ending on May 4, 2024.

When was this amended 10-Q filing submitted to the SEC?

This amended 10-Q filing was submitted to the SEC on October 25, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0001326380.

What is GameStop Corp.'s Standard Industrial Classification (SIC) code?

GameStop Corp.'s Standard Industrial Classification (SIC) code is 5734, which corresponds to RETAIL-COMPUTER & COMPUTER SOFTWARE STORES.

Filing Stats: 4,619 words · 18 min read · ~15 pages · Grade level 8.8 · Accepted 2024-10-25 16:51:29

Filing Documents

— FINANCIAL INFORMATION

Part I — FINANCIAL INFORMATION Page No.

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets — As of May 4, 2024, April 29, 2023 and February 3,2024 1 Condensed Consolidated Statements of Operations — For the three months ended May 4, 2024 and April 29, 2023 2 Condensed Consolidated Statements of Comprehensive Loss — For the three months ended May 4, 2024 and April 29, 2023 3 Condensed Consolidated Statements of Cash Flows — For the three months ended May 4, 2024 and April 29, 2023 4 Condensed Consolidated Statements of Stockholders' Equity — For the three months ended May 4, 2024 and April 29, 2023 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GAMESTOP CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value per share) (unaudited) May 4, 2024 April 29, 2023 February 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 999.9 $ 1,057.0 $ 921.7 Marketable securities 83.0 253.1 277.6 Receivables, net of allowance of $ 4.4 , $ 2.2 and $ 4.4 , respectively 58.9 119.2 91.0 Merchandise inventories, net 675.8 759.5 632.5 Prepaid expenses and other current assets 62.1 65.8 51.4 Total current assets 1,879.7 2,254.6 1,974.2 Property and equipment, net of accumulated depreciation of $ 843.6 , $ 988.3 and $ 851.2 , respectively 82.4 123.6 94.9 Operating lease right-of-use assets 542.0 595.8 555.8 Deferred income taxes 17.5 17.5 17.3 Other noncurrent assets 65.5 78.7 66.8 Total assets $ 2,587.1 $ 3,070.2 $ 2,709.0 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 282.7 $ 561.4 $ 324.0 Accrued liabilities and other current liabilities 377.1 546.4 412.0 Current portion of operating lease liabilities 177.7 200.8 187.7 Current portion of long-term debt 10.8 10.9 10.8 Total current liabilities 848.3 1,319.5 934.5 Long-term debt 14.9 26.3 17.7 Operating lease liabilities 385.3 412.5 386.6 Other long-term liabilities 31.3 40.3 31.6 Total liabilities 1,279.8 1,798.6 1,370.4 Stockholders' equity: Class A common stock — $ .001 par value; 1,000 shares authorized; 306.2 , 304.7 and 305.7 shares issued and outstanding, respectively 0.1 0.1 0.1 Additional paid-in capital 1,635.4 1,621.4 1,634.9 Accumulated other comprehensive loss ( 83.1 ) ( 79.9 ) ( 83.6 ) Retained loss ( 245.1 ) ( 270.0 ) ( 212.8 ) Total stockholders' equity 1,307.3 1,271.6 1,338.6 Total liabilities and stockholders' equity $ 2,587.1 $ 3,070.2 $ 2,709.0 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents GAMESTOP CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share

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