Name: GameStop Corp. (NYSE:GME) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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GameStop Corp., consolidated balance sheet: assets

US$ in thousands

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Cash and cash equivalents	921,700)	1,139,000)	1,271,400)	508,500)	499,400)	1,624,400)
Marketable securities	277,600)	251,600)	—)	—)	—)	—)
Receivables, net of allowance	91,000)	153,900)	141,100)	105,300)	141,900)	134,200)
Merchandise inventories, net	632,500)	682,900)	915,000)	602,500)	859,700)	1,250,500)
Prepaid expenses and other current assets	51,400)	96,300)	271,300)	334,900)	120,900)	118,600)
Assets held-for-sale	—)	—)	—)	—)	11,800)	—)
Current assets	1,974,200)	2,323,700)	2,598,800)	1,551,200)	1,633,700)	3,127,700)
Property and equipment, net of accumulated depreciation	94,900)	136,500)	163,600)	201,200)	275,900)	321,300)
Operating lease right-of-use assets	555,800)	560,800)	586,600)	662,100)	767,000)	—)
Deferred income taxes	17,300)	18,300)	16,300)	—)	83,000)	147,300)
Goodwill	—)	—)	—)	—)	—)	363,900)
Other noncurrent assets	66,800)	74,100)	134,000)	58,100)	60,100)	84,100)
Noncurrent assets	734,800)	789,700)	900,500)	921,400)	1,186,000)	916,600)
Total assets	2,709,000)	3,113,400)	3,499,300)	2,472,600)	2,819,700)	4,044,300)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

The total asset base exhibits a general downward trajectory over the observed six-year period, decreasing from $4.04 billion in 2019 to $2.71 billion in 2024. This contraction is characterized by significant volatility in current assets and a consistent reduction in non-current asset holdings.

Liquidity and Cash Position: Cash and cash equivalents showed extreme variance, plummeting from $1.62 billion in 2019 to approximately $500 million by 2021, before recovering to $1.27 billion in 2022. A notable shift in treasury management occurred between 2023 and 2024, evidenced by the introduction and growth of marketable securities, which reached $277.6 million by February 2024. This suggests a transition toward diversifying short-term holdings to optimize returns on idle cash.
Inventory and Working Capital: Merchandise inventories have undergone a substantial long-term reduction, falling from $1.25 billion in 2019 to $632.5 million in 2024. While a temporary spike occurred in 2022, the overall trend indicates a leaner inventory management strategy. Similarly, prepaid expenses and other current assets declined sharply from a peak of $334.9 million in 2021 to $51.4 million in 2024, contributing to the overall compression of current assets.
Fixed and Non-Current Assets: A consistent erosion of the physical asset base is observed. Property and equipment, net of depreciation, declined steadily every year, falling from $321.3 million in 2019 to $94.9 million in 2024. This downward trend, coupled with the gradual decrease in operating lease right-of-use assets from $767 million in 2020 to $555.8 million in 2024, suggests a reduction in the company's physical footprint. Furthermore, the total elimination of goodwill after 2019 indicates a full impairment of previously recognized intangible assets.
Asset Composition Trends: The balance sheet has become increasingly weighted toward current assets relative to non-current assets. Total non-current assets decreased from $916.6 million in 2019 to $734.8 million in 2024. The volatility in total assets—specifically the peak in 2022—was primarily driven by a surge in cash and current assets rather than investments in long-term infrastructure or acquisitions.

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