GameStop Corp (GME) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the GameStop Fourth Quarter and Full Year 2022 Earnings Conference Call. Please note that certain statements made during the call constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

下午好，歡迎來到 GameStop 第四季度和 2022 年全年收益電話會議。請注意，電話會議期間作出的某些陳述構成前瞻性陳述，這些陳述是根據經修訂的 1995 年《私人證券訴訟法》的安全港條款作出的。此類前瞻性陳述受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此類陳述存在重大差異。

These risks and uncertainties are described in the company's earnings press release and its filings with the SEC. The forward-looking statements today are made as of the date of this call, and the company does not undertake any obligation to update the forward-looking statements. I will now turn the call over to GameStop's CEO, Matt Furlong.

這些風險和不確定性在公司的收益新聞稿及其提交給美國證券交易委員會的文件中有所描述。今天的前瞻性陳述是截至本次電話會議之日作出的，公司不承擔任何更新前瞻性陳述的義務。我現在將把電話轉給 GameStop 的首席執行官 Matt Furlong。

Good afternoon to everyone joining today's call. I want to begin by thanking all of our employees for their dedication and hard work over the past year. Similarly, I want to thank our customers, partners and stockholders for their continued loyalty and enthusiasm. This continued passion was a strong tailwind for us in 2022 as we pivoted to focus on near-term profitability while pursuing longer-term sustainable growth.

大家下午好，參加今天的電話會議。首先，我要感謝我們所有的員工在過去一年中的奉獻和辛勤工作。同樣，我要感謝我們的客戶、合作夥伴和股東一直以來的忠誠和熱情。這種持續的熱情在 2022 年對我們來說是一個強大的推動力，因為我們將重點放在近期盈利能力上，同時追求長期可持續增長。

Before discussing our initiatives and results in detail, I want to take a moment to shed some light on where we've been, where we are and where we're looking to go. The past 2 years have obviously been transformative for GameStop. It's critical to provide context as to why we're a stronger and increasingly efficient business today, one that is well positioned in an otherwise challenged retail sector.

在詳細討論我們的舉措和結果之前，我想花點時間闡明一下我們已經取得的進展、目前的進展以及我們希望實現的目標。過去 2 年對於 GameStop 來說顯然是變革性的。至關重要的是要提供背景，說明為什麼我們今天是一家更強大、效率越來越高的企業，而這家企業在面臨挑戰的零售行業中處於有利地位。

At the start of 2021, prior to any major changes to top GameStop, the company had burdensome debt, dwindling cash, strained relationships with vendors and no meaningful stockholders in the Boardroom. The company's future was very uncertain and market participants predicted we were heading for bankruptcy. Throughout 2021, we refreshed our Board, rebuilt our management team, recapitalized the balance sheet and paid down debt.

2021 年初，在頂級 GameStop 發生任何重大變化之前，該公司負債累累，現金減少，與供應商的關係緊張，董事會中沒有有意義的股東。公司的未來非常不確定，市場參與者預測我們將走向破產。整個 2021 年，我們更新了董事會，重建了我們的管理團隊，重組了資產負債表並償還了債務。

We also established accretive partnerships, fortified our infrastructure and explored growth opportunities, some of which materialized and some of which did not. As we began fiscal year 2022, our operating environment dramatically changed due to the onset of inflation, rising interest rates and material macro headwinds. In keeping with our ownership mentality, we considered the implications for GameStop and our stockholders.

我們還建立了增值合作夥伴關係，加強了我們的基礎設施並探索了增長機會，其中一些已經實現，而另一些則沒有。在我們開始 2022 財年之際，由於通貨膨脹、利率上升和重大宏觀逆風的出現，我們的經營環境發生了巨大變化。為了與我們的所有權心態保持一致，我們考慮了對 GameStop 和我們股東的影響。

Rather than standstill, we pivoted last year to cut costs, optimize inventory and focus on enhancing the customer experience. We found efficient ways to improve shipping times, integrate online and in-store shopping experiences and establish a culture of increased incentivization amongst store leaders and tenured associates. This pivot obviously included headcount reductions as we streamlined operations and cultivated a fast-paced intense operating environment geared toward cost containment, efficiency and profitability.

去年，我們沒有停滯不前，而是轉向削減成本、優化庫存並專注於提升客戶體驗。我們找到了改善運輸時間、整合在線和店內購物體驗以及在商店領導和終身員工之間建立更多激勵文化的有效方法。這一轉變顯然包括裁員，因為我們精簡了運營並培育了一個快節奏的密集運營環境，以實現成本控制、效率和盈利能力。

Fortunately, the team we have in place today is embracing this culture and executing with effectiveness. The upshot of all this change is evidenced in our results this quarter. GameStop produced net income of $48.2 million compared to a net loss of $147.5 million in the fourth quarter of 2021. Looking ahead, we're aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth. We are taking a number of steps in fiscal year 2023 to improve our efficiency and support these overarching goals.

幸運的是，我們今天的團隊正在擁抱這種文化並有效地執行。我們本季度的業績證明了所有這些變化的結果。 GameStop 的淨收入為 4820 萬美元，而 2021 年第四季度的淨虧損為 1.475 億美元。展望未來，我們積極專注於同比盈利能力的提高，同時仍在追求務實的長期增長。我們將在 2023 財年採取一系列措施來提高我們的效率並支持這些總體目標。

These include continuing to cut excess costs, including in Europe, where we have already initiated exits and partial wind downs in certain countries; leveraging our strengthened financial position to continue obtaining improved terms from suppliers and vendors; getting full console allocations to help us meet customer demand during this extended cycle; assessing partnerships with gaming and retail companies that can enable us to capture cost-effective top line growth; leveraging our unique refurbishment capabilities to drive growth in pre-owned; and building a stronger presence in higher-margin categories like collectibles and toys where we have already seen pockets of growth.

其中包括繼續削減超額成本，包括在歐洲，我們已經在某些國家啟動了退出和部分退出；利用我們增強的財務狀況繼續從供應商和供應商那裡獲得更好的條件；獲得完整的控制台分配，以幫助我們在此延長的周期內滿足客戶需求；評估與遊戲和零售公司的合作夥伴關係，使我們能夠獲得具有成本效益的收入增長；利用我們獨特的翻新能力來推動二手車的增長；並在收藏品和玩具等利潤率較高的類別中建立更強大的影響力，我們已經看到了一些增長點。

Although there is a lot of hard work and necessary execution in front of us, GameStop is a much healthier business today than it was at the start of 2021. We have considerable cash on hand, negligible debt, streamlined inventory and a path to full year profitability. Our plan is to use this strong positioning to continue delivering a unique customer experience and long-term stockholder value.

儘管我們面前有很多艱苦的工作和必要的執行，但今天的 GameStop 業務比 2021 年初健康得多。我們手頭有大量現金、微不足道的債務、精簡的庫存和通往全年的道路盈利能力。我們的計劃是利用這一強大的定位繼續提供獨特的客戶體驗和長期股東價值。

Let me now turn to our financial results. Net sales were $2.226 billion for the quarter compared to $2.254 billion in the fourth quarter of 2021. For the full year, net sales were $5.927 billion compared to $6.011 billion for the fiscal year 2021. Net income was $48.2 million for the quarter, or $0.16 per diluted share compared to a net loss of $147.5 million or $0.49 per diluted share in the prior year's fourth quarter.

現在讓我談談我們的財務業績。本季度淨銷售額為 22.26 億美元，而 2021 年第四季度為 22.54 億美元。全年淨銷售額為 59.27 億美元，而 2021 財年為 60.11 億美元。本季度淨收入為 4820 萬美元，即 0.16 美元與去年第四季度淨虧損 1.475 億美元或每股攤薄 0.49 美元相比，每股攤薄虧損。

The company had a net loss of $313.1 million or $1.03 per diluted share for the full year down from a net loss of $381.3 million or $1.31 per diluted share for fiscal year 2021. SG&A was $453.4 million or 20.4% of sales compared to $538.9 million or 23.9% of sales in last year's fourth quarter. For the full year, SG&A was $1.68 billion, compared to $1.71 billion for fiscal year 2021.

公司全年淨虧損 3.131 億美元或稀釋後每股收益 1.03 美元，低於 2021 財年的淨虧損 3.813 億美元或稀釋後每股收益 1.31 美元。SG&A 為 4.534 億美元或銷售額的 20.4%，而 2021 財年為 5.389 億美元或佔去年第四季度銷售額的 23.9%。全年，SG&A 為 16.8 億美元，而 2021 財年為 17.1 億美元。

Turning to the balance sheet. We finished the year with cash, cash equivalents and marketable securities of $1.39 billion. We finished fiscal year 2021 with cash, cash equivalents and marketable securities of $1.27 billion. We built back and invested our cash position over the course of the year, and we'll continue to focus on maintaining a very solid balance sheet. At the end of the year, 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.

轉向資產負債表。我們在這一年結束時擁有 13.9 億美元的現金、現金等價物和有價證券。我們在 2021 財年結束時擁有 12.7 億美元的現金、現金等價物和有價證券。我們在這一年中重建並投資了我們的現金頭寸，我們將繼續專注於維持非常穩健的資產負債表。到年底，我們的 ABL 貸款下沒有借款，除了與法國政府應對 COVID-19 相關的低息無擔保定期貸款外，沒有其他債務。

Capital expenditures for the quarter were $11.6 million, bringing full year CapEx to $55.9 million. We expect a reduction in CapEx in 2023 and to remain at limited levels. In the fourth quarter, cash flow provided by operations was $337.2 million compared to an outflow of $110.3 million during the same period last year. This reflects, in part, our focus on streamlining our inventory.

本季度的資本支出為 1160 萬美元，使全年資本支出達到 5590 萬美元。我們預計 2023 年資本支出將減少並保持在有限水平。第四季度，運營提供的現金流為 3.372 億美元，而去年同期為流出 1.103 億美元。這在一定程度上反映了我們對精簡庫存的關注。

We ended the year with $682.9 million in inventory compared to $915 million at the close of fiscal year 2021. Entering the new year, we expect to continue to incur transformation charges in the first quarter of 2023 as we aggressively cut costs. And with respect to an outlook, we're not delivering guidance at this time. We want stockholders to judge us on our results instead of our words. In closing, there is still significant work ahead of us, and we are focused on building from this quarter's progress rather than reflecting on our gains.

我們以 6.829 億美元的庫存結束了這一年，而 2021 財年結束時為 9.15 億美元。進入新的一年，我們預計將在 2023 年第一季度繼續產生轉型費用，因為我們積極削減成本。關於前景，我們目前不提供指導。我們希望股東根據我們的結果而不是我們的言論來評判我們。最後，我們還有大量工作要做，我們專注於從本季度取得的進展而不是反思我們的收穫。

We're going to aggressively pursue further cost containment, efficiency, profitability and pragmatic growth in the categories where we can consistently delight our customers. I'll wrap it up here for today. As always, we appreciate the enthusiasm and support from our customers, employees and stockholders.

我們將在能夠持續取悅客戶的類別中積極追求進一步的成本控制、效率、盈利能力和務實增長。我今天就在這裡總結一下。一如既往，我們感謝客戶、員工和股東的熱情和支持。

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。