GameStop Corp (GME) 2022 Q1 法說會逐字稿

Greetings, and welcome to the GameStop First Quarter 2022 Earnings Call. (Operator Instructions)

問候，歡迎來到 GameStop 2022 年第一季度財報電話會議。 （操作員說明）

It is now my pleasure to introduce your host, Matt Furlong, CEO. Thank you, Matt. You may begin.

現在我很高興向您介紹您的主持人，首席執行官 Matt Furlong。謝謝你，馬特。你可以開始了。

Thank you, and good afternoon. We appreciate all of our stockholders continued passion and support. The enthusiasm remains a differentiator and an extra motivator for all of us at GameStop. We don't take it for granted and never will.

謝謝，下午好。我們感謝所有股東持續的熱情和支持。在 GameStop，熱情仍然是我們所有人的差異化因素和額外動力。我們不認為這是理所當然的，也永遠不會。

Before going over this past quarter's initiatives and results, I also want to once again thank our team for continuing to bring strong focus and intensity to our mission. Change is continuing to be embraced across our stores, fulfillment centers and offices. A constant emphasis on the customer is taking hold up and down the organization. This will remain key as we pursue sustained sales growth, establish broader offerings in consumer electronics and launch new products aligned to the long-term future of gaming.

在回顧上一季度的舉措和結果之前，我還要再次感謝我們的團隊繼續為我們的使命帶來強烈的關注和強度。我們的商店、履行中心和辦公室繼續接受變革。對客戶的持續重視正在組織中上下下。在我們追求持續的銷售增長、在消費電子產品領域建立更廣泛的產品並推出符合遊戲長期未來的新產品時，這將仍然是關鍵。

During Q1, we specifically focused on 2 main areas: continuing to rebuild and strengthen our commerce business after years of underinvestment, and pursuing growth opportunities in the cryptocurrency, NFT and Web 3 gaming verticals, all of which we expect to be increasingly relevant for gamers of the future.

在第一季度，我們特別關注兩個主要領域：在多年投資不足之後繼續重建和加強我們的商業業務，並在加密貨幣、NFT 和 Web 3 遊戲垂直領域尋求增長機會，我們預計所有這些都將與遊戲玩家越來越相關的未來。

With respect to our commerce business, we kept working to pragmatically expand product selection, improve delivery speeds and strengthen the in-store and online shopping experience. We also made additional investments in our assortment, infrastructure, technology and talent. Our sizable Q1 investments should help us round out our rebuild cycle.

商貿業務方面，我們不斷努力務實地擴大產品選擇，提高交貨速度，加強店內和網上購物體驗。我們還在產品種類、基礎設施、技術和人才方面進行了額外投資。我們在第一季度的大量投資應該可以幫助我們完成重建週期。

With regard to new offerings geared to the future of gaming, our blockchain team continued to drive progress when it comes to advancing new products, deepening partnerships and establishing GameStop's presence in digital asset communities. And output of these efforts was last month's launch of the GameStop Wallet, a digital asset wallet that allows gamers and others to store, send, receive and use cryptocurrencies and NFTs across decentralized apps. The wallet, which has significant downloads and a 5-star rating in the Chrome store, will enable transactions on our new NFT marketplace when it launches in the second quarter.

在面向遊戲未來的新產品方面，我們的區塊鏈團隊在推進新產品、深化合作夥伴關係和建立 GameStop 在數字資產社區的存在方面繼續推動進展。這些努力的成果是上個月推出了 GameStop 錢包，這是一個數字資產錢包，允許遊戲玩家和其他人在去中心化應用程序中存儲、發送、接收和使用加密貨幣和 NFT。該錢包在 Chrome 商店中擁有大量下載量和 5 星評級，將在第二季度推出時在我們新的 NFT 市場上進行交易。

We firmly believe that digital assets are core to the future of gaming. Taken together, we believe these investments and initiatives prioritized over the past quarter are positioning us to become a more diversified and technology-centric business.

我們堅信數字資產是遊戲未來的核心。總而言之，我們相信在過去一個季度優先考慮的這些投資和舉措正在使我們成為一家更加多元化和以技術為中心的企業。

Let me now turn to our financial results for Q1. Net sales increased 8% to just under $1.4 billion compared to approximately $1.3 billion during the same period in 2021. As indicated in the past, long-term revenue growth is a primary metric by which we believe stockholders should assess our execution. SG&A was $452.2 million or 32.8% of sales compared to $370.3 million or 29% of sales in last year's first quarter. We reported a net loss of $157.9 million or $2.08 per diluted share compared to a net loss of $66.8 million or loss per diluted share of $1.01 in the prior year's first quarter. There were no major onetime transformation, transaction or related costs during the period.

現在讓我談談我們第一季度的財務業績。淨銷售額增長 8% 至略低於 14 億美元，而 2021 年同期約為 13 億美元。如過去所示，長期收入增長是我們認為股東應評估我們執行情況的主要指標。 SG&A 為 4.522 億美元，佔銷售額的 32.8%，而去年第一季度為 3.703 億美元，佔銷售額的 29%。我們報告淨虧損 1.579 億美元或每股攤薄收益 2.08 美元，而去年第一季度的淨虧損為 6680 萬美元或攤薄每股虧損 1.01 美元。期內無重大一次性轉型、交易或相關費用。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $1.04 billion, roughly $340 million higher than the end of the first quarter last year. We continue to maintain a sizable cash position, even while investing in inventory to improve in-stock levels, meet heightened customer demand and mitigate the full impact of global supply chain issues.

轉向資產負債表。我們在本季度末的現金和現金等價物為 10.4 億美元，比去年第一季度末高出約 3.4 億美元。我們繼續保持可觀的現金頭寸，即使在投資庫存以提高庫存水平、滿足更高的客戶需求並減輕全球供應鏈問題的全面影響時也是如此。

At the end of the quarter, we had no borrowings under our ABL facility and no debt other than a low interest unsecured term loan associated with the French government's response to COVID-19. Total liabilities compared to the first quarter of last year were down $8.4 million.

在本季度末，我們的 ABL 設施沒有借款，除了與法國政府對 COVID-19 的反應相關的低息無抵押定期貸款外，我們沒有任何債務。與去年第一季度相比，總負債減少了 840 萬美元。

Capital expenditures for the quarter were $10.8 million, down $3.9 million from last year's first quarter. We anticipate CapEx will continue to remain at modest levels as we make pragmatic investments into our infrastructure and tech. In the first quarter, cash flow from operations was an outflow of $303.9 million compared to an outflow of $18.8 million during the same period last year. This does not include the impact of an additional $76.9 million received in proceeds from digital asset sales, which is included in investing activities.

本季度的資本支出為 1080 萬美元，比去年第一季度減少了 390 萬美元。隨著我們對基礎設施和技術進行務實的投資，我們預計資本支出將繼續保持在適度水平。第一季度，運營現金流流出 3.039 億美元，而去年同期流出 1880 萬美元。這不包括從數字資產銷售中獲得的額外 7690 萬美元的影響，這包括在投資活動中。

In order to meet customer demand and drive sales growth amidst the tight supply chain, we maintained inventory valued at $917.6 million as of the close of the quarter compared to $570.9 million at the close of the prior year's first quarter.

為了在供應鏈緊張的情況下滿足客戶需求並推動銷售增長，截至本季度末，我們維持了價值 9.176 億美元的庫存，而去年第一季度末為 5.709 億美元。

In terms of our outlook, we're not providing formal guidance at this time.

就我們的前景而言，我們目前沒有提供正式的指導。

I want to conclude by touching on the past year and our path forward in 2022. We set out 12 months ago to accomplish something unprecedented in our industry, transform a decaying brick-and-mortar retailer into a technology-led organization that meets customers' needs through stores, through e-commerce properties and through emerging digital marketplaces and online communities.

最後，我想談談過去的一年和我們在 2022 年的前進道路。我們在 12 個月前就著手完成我們行業中前所未有的事情，將一家衰敗的實體零售商轉變為一個以技術為主導的組織，以滿足客戶的需求。通過商店、電子商務資產以及新興的數字市場和在線社區滿足需求。

Our growth and the launch of new tech products, such as our digital asset wallet and the upcoming NFT marketplace demonstrate that we are, in fact, starting to transform. In the quarters and years ahead, we're going to continue embracing change, putting the customer first and focusing on long-term stockholder value. I'll leave it there for this quarter. As always, our Board and management appreciate the enthusiasm and support from those who matter most, our customers, employees and, of course, GameStop's stockholders. Thank you.

我們的增長和新技術產品的推出，例如我們的數字資產錢包和即將到來的 NFT 市場，表明我們實際上正在開始轉型。在未來的幾個季度和幾年中，我們將繼續擁抱變化，將客戶放在首位，並專注於長期股東價值。我會把它留到這個季度。一如既往，我們的董事會和管理層感謝最重要的人、我們的客戶、員工，當然還有 GameStop 股東的熱情和支持。謝謝你。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。