Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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GameStop Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in thousands
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).
- Liabilities Overview
- The total liabilities of the entity exhibit a declining trend over the analyzed periods, decreasing from approximately $2.71 billion in early 2019 to $1.37 billion by early 2024. This reduction indicates a notable effort in decreasing the company's financial obligations.
- Current Liabilities
- Current liabilities declined from around $2.18 billion in 2019 to $934.5 million in 2024. This reduction is mainly driven by a significant decrease in accounts payable, which dropped sharply from $1.05 billion to $324 million over the same period. Other accrued liabilities and accrued liabilities combined also decreased from $780 million to $412 million, further contributing to the overall decline.
- Long-Term Liabilities
- Long-term liabilities fell from $527 million in 2019 to approximately $436 million in 2024. Noteworthy is the decline in long-term debt excluding the current portion, which reduced steadily from $471.6 million in 2019 to $17.7 million in 2024, showing the company’s active efforts in paying down debt. Operating lease liabilities, however, remained relatively stable, with a slight decrease from 2019 to 2022 but a minor rise in 2024.
- Lease Liabilities
- The current portion of operating lease liabilities shows a consistent downward trend from $239.4 million in 2020 to $187.7 million in 2024. Meanwhile, the non-current portion generally declined from $529.3 million in 2020 to $386.6 million in 2024, suggesting the company’s gradual reduction of lease obligations.
- Stockholders’ Equity
- Stockholders' equity experienced variability, starting at $1.34 billion in 2019, dipping to a low of approximately $436.7 million in 2021, and then rising significantly to $1.34 billion by 2024. This fluctuation may be attributed to changes in retained earnings and additional paid-in capital.
- Retained Earnings (Loss)
- Retained earnings saw a marked decline from a positive $1.36 billion in 2019 to a negative $212.8 million in 2024. The transition into negative territory indicates cumulative losses over time or substantial distributions exceeding net income.
- Additional Paid-in Capital
- Additional paid-in capital was relatively low or absent in the earlier periods but surged notably in 2022, reaching $1.63 billion by 2024. This sharp increase suggests significant equity financing activities or capital infusions during these later years.
- Accumulated Other Comprehensive Loss
- Accumulated other comprehensive loss showed an increasing negative balance over time, moving from -$54.3 million in 2019 to -$83.6 million in 2024, indicating cumulative losses from items not included in net income.
- Other Notable Items
- Customer-related liabilities exhibited a decline from $268.7 million in 2019 to $155 million in 2024. Deferred revenue generally increased until 2023, peaking at $211.9 million, then decreasing notably in 2024 to $128.6 million. Employee benefits and related taxes decreased consistently from $140.7 million to $54.6 million, reflecting possible workforce or compensation cost changes.
- Summary
- Overall, the company has reduced its total liabilities substantially over the examined periods, particularly through lowering accounts payable and long-term debt. Equity saw fluctuations likely influenced by capital raising events and retained earnings movements. The progression into retained earnings losses warrants attention, alongside the rising accumulated other comprehensive loss. The observed financial patterns reflect an ongoing restructuring of obligations and capitalization over the analyzed timeframe.