Name: GameStop Corp. (NYSE:GME) | Cash Flow Statement
Creator: Stock Analysis on Net

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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GameStop Corp., consolidated cash flow statement

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Depreciation and amortization	56,200)	61,700)	77,200)	80,700)	96,200)	126,900)
Stock-based compensation expense, net	22,200)	40,100)	30,500)	7,900)	8,900)	10,700)
Gain on sale of digital assets	—)	(7,200)	—)	—)	—)	—)
Digital asset impairments	—)	34,000)	—)	—)	—)	—)
Asset impairments	4,800)	2,700)	6,700)	15,500)	385,600)	1,015,900)
Loss (gain) on retirement of debt	—)	—)	18,200)	(1,500)	—)	—)
Deferred income taxes	(100)	(2,600)	(16,300)	80,300)	61,400)	(4,100)
(Gain) loss on disposal of property and equipment, net	1,500)	2,500)	5,400)	(27,300)	1,900)	2,000)
(Gain) loss on divestiture	—)	—)	—)	—)	9,100)	(100,800)
Other, net	800)	1,200)	(3,500)	2,400)	4,100)	(36,200)
Receivables, net	65,000)	(16,800)	(38,400)	39,800)	(10,900)	(34,400)
Merchandise inventories, net	39,900)	229,600)	(329,600)	282,400)	361,100)	12,600)
Prepaid expenses and other assets	10,400)	(25,200)	(6,500)	8,400)	3,600)	2,200)
Prepaid income taxes and income taxes payable	(2,400)	172,400)	(21,700)	(87,000)	(75,900)	(18,700)
Accounts payable and accrued liabilities	(397,700)	(66,200)	224,400)	(78,600)	(792,800)	17,100)
Operating lease right-of-use assets and lease liabilities	(8,100)	(4,900)	(900)	19,000)	4,100)	—)
Changes in other long-term liabilities	(2,900)	—)	1,500)	(3,000)	—)	4,900)
Changes in operating assets and liabilities	(295,800)	288,900)	(171,200)	181,000)	(510,800)	(16,300)
Adjustments to reconcile net income (loss) to net cash flows from operating activities	(210,400)	421,300)	(53,000)	339,000)	56,400)	998,100)
Net cash flows provided by (used in) operating activities	(203,700)	108,200)	(434,300)	123,700)	(414,500)	325,100)
Capital expenditures	(34,900)	(55,900)	(62,000)	(60,000)	(78,500)	(93,700)
Purchases of marketable securities	(326,800)	(276,800)	—)	—)	—)	—)
Proceeds from maturities and sales of marketable securities	312,600)	27,500)	—)	—)	—)	—)
Proceeds from sale of property and equipment	13,100)	—)	—)	95,500)	—)	—)
Proceeds from sale of digital assets	2,800)	81,900)	—)	—)	—)	—)
Proceeds from divestitures, net of cash sold	—)	—)	—)	—)	5,200)	727,900)
Proceeds from company-owned life insurance, net	—)	—)	—)	—)	12,000)	—)
Other	—)	600)	(2,800)	1,400)	400)	1,300)
Net cash flows (used in) provided by investing activities	(33,200)	(222,700)	(64,800)	36,900)	(60,900)	635,500)
Proceeds from issuance of common stock, net of costs	—)	—)	1,672,800)	—)	—)	—)
Net repayments of senior notes	—)	—)	(307,400)	(130,300)	(404,500)	—)
Repurchase of common shares	—)	—)	—)	—)	(198,700)	—)
Proceeds from French term loans	—)	—)	—)	47,100)	—)	—)
Repayments of French term loans	(10,700)	(3,900)	—)	—)	—)	—)
Dividends paid	—)	—)	—)	(300)	(40,500)	(157,400)
Borrowings from the revolver	—)	—)	—)	150,000)	—)	154,000)
Repayments of revolver borrowings	—)	—)	(25,000)	(125,000)	—)	(154,000)
Repayment of acquisition-related debt	—)	—)	—)	—)	—)	(12,200)
Settlement of stock-based awards	(900)	(4,000)	(136,800)	3,100)	(1,000)	(5,100)
Payments of financing costs	—)	—)	(3,000)	—)	—)	—)
Net cash flows provided by (used in) financing activities	(11,600)	(7,900)	1,200,600)	(55,400)	(644,700)	(174,700)
Exchange rate effect on cash, cash equivalents and restricted cash	(8,600)	(1,500)	(16,600)	16,300)	(6,900)	(24,700)
Decrease in cash held for sale	—)	—)	—)	—)	—)	10,200)
Increase (decrease) in cash, cash equivalents and restricted cash	(257,100)	(123,900)	684,900)	121,500)	(1,127,000)	771,400)
Cash, cash equivalents and restricted cash at beginning of period	1,196,000)	1,319,900)	635,000)	513,500)	1,640,500)	869,100)
Cash, cash equivalents and restricted cash at end of period	938,900)	1,196,000)	1,319,900)	635,000)	513,500)	1,640,500)

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 financial trajectory over the analyzed six-year period is characterized by a transition from substantial operating losses toward marginal profitability, accompanied by significant volatility in cash flow from operations and a strategic pivot in capital allocation.

Operating Performance and Cash Flow: Net income exhibited a consistent deficit from 2019 through 2023, reaching a low of negative $673 million in 2019 before pivoting to a positive $6.7 million in 2024. Despite this improvement in bottom-line earnings, net cash flows from operating activities remained inconsistent, alternating between positive and negative territory. In 2024, a net cash outflow of $203.7 million was recorded despite the positive net income, driven largely by a $397.7 million decrease in accounts payable and accrued liabilities, indicating a significant settlement of short-term obligations.
Investing Activity and Asset Management: Capital expenditures have demonstrated a steady downward trend, decreasing from $93.7 million in 2019 to $34.9 million in 2024, suggesting a reduction in investment in physical infrastructure. A notable shift in investing strategy emerged between 2023 and 2024, characterized by the active management of marketable securities. In 2024, $326.8 million was deployed for the purchase of marketable securities, largely offset by $312.6 million in proceeds from maturities and sales. Additionally, asset impairments, which were highly elevated in 2019 at $1.016 billion, have declined substantially to $4.8 million by 2024.
Financing and Capital Structure: Financing activities were dominated by a massive equity injection in 2022, where the issuance of common stock generated $1.67 billion in net proceeds. This event provided a critical liquidity buffer that contrasted with previous years characterized by debt reduction; for instance, repayments of senior notes totaled $842.2 million between 2020 and 2022. Dividend payments, which were significant in 2019 at $157.4 million, were effectively ceased after 2021, reflecting a strategic shift toward capital retention.
Liquidity and Cash Position: The ending balance of cash, cash equivalents, and restricted cash has experienced high volatility. Following a decline to $513.5 million in 2020, the cash position peaked at $1.32 billion in 2022 due to the aforementioned equity issuance. By February 3, 2024, the ending cash balance stood at $938.9 million, following a net decrease of $257.1 million during the final fiscal year.

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