GameStop Files Q1 2024 10-Q

TL;DR

**GME Q1 10-Q FILED: Check financials for latest performance.**

AI Summary

GameStop Corp. filed its 10-Q for the period ending May 4, 2024, reporting on its financial performance. The company's fiscal year ends on January 28th. Key financial data and operational details for the first quarter of fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides investors with the latest financial snapshot of GameStop, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — GameStop operates in a volatile retail sector and has experienced significant stock price fluctuations, indicating inherent business and market risks.

Key Numbers

• 2024-05-04 — End of Reporting Period (This date marks the end of the fiscal quarter covered by the 10-Q.)
• 2024-06-11 — Filing Date (The date GameStop officially submitted this 10-Q to the SEC.)
• 0128 — Fiscal Year End (Indicates the end of GameStop's fiscal year.)

Key Players & Entities

• GameStop Corp. (company) — Filer of the 10-Q
• 0001326380-24-000030 (other) — Accession Number for the filing
• 20240504 (date) — End of the reporting period
• 20240611 (date) — Filing date
• GRAPEVINE, TX (location) — Company headquarters location

FAQ

Filing Documents

• gme-20240504.htm (10-Q) — 713KB
• a102letteragreementbetwe.htm (EX-10.2) — 6KB
• ex311-fy24q1.htm (EX-31.1) — 18KB
• ex312-fy24q1.htm (EX-31.2) — 17KB
• ex321-fy24q1.htm (EX-32.1) — 7KB
• ex322-fy24q1.htm (EX-32.2) — 7KB
• pratmcompletion6-11x24.htm (EX-99.1) — 10KB
• a102letteragreementbetwe001.jpg (GRAPHIC) — 268KB
• a102letteragreementbetwe002.jpg (GRAPHIC) — 158KB
• gme-20240504_g1.jpg (GRAPHIC) — 686KB
• image_0.jpg (GRAPHIC) — 12KB
• 0001326380-24-000030.txt ( ) — 6026KB
• gme-20240504.xsd (EX-101.SCH) — 28KB
• gme-20240504_cal.xml (EX-101.CAL) — 49KB
• gme-20240504_def.xml (EX-101.DEF) — 105KB
• gme-20240504_lab.xml (EX-101.LAB) — 313KB
• gme-20240504_pre.xml (EX-101.PRE) — 211KB
• gme-20240504_htm.xml (XML) — 503KB

— 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 , 202 4 , April 29, 2023 and February 3,2024 1 Condensed Consolidated Statements of Operations — For the three months ended May 4 , 202 4 and April 29, 2023 2 Condensed Consolidated Statements of Comprehensive Loss — For the three months ended May 4 , 202 4 and April 29 , 20 2 3 3 Condensed Consolidated Statements of Cash Flows — For the three months ended May 4 , 202 4 and April 29, 2023 4 Condensed Consolidated Statements of Stockholders' Equity — For the three months ended May 4 , 202 4 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

View Full Filing

View this 10-Q filing on SEC EDGAR