0001326380-23-000028 | 10-Q | XBRL Viewer

Segment Information

3 Months Ended

Apr. 29, 2023

We operate our business in four geographic segments: United States, Canada, Australia and Europe.

We identified segments based on a combination of geographic areas and management responsibility. Segment results for the United States include retail operations in 50 states; our ecommerce website www.gamestop.com; Game Informer® magazine; and our digital asset wallet and NFT marketplace. The United States segment also includes general and administrative expenses related to our corporate offices in Grapevine, Texas. Segment results for Canada include retail and ecommerce operations in Canada and segment results for Australia include retail and ecommerce operations in Australia and New Zealand. Segment results for Europe include retail and ecommerce operations in six countries. We measure segment profit using operating earnings, which is defined as income (loss) from operations before net interest (income) expense and income taxes. Transactions between reportable segments consist primarily of royalties, management fees, intersegment loans and related interest. There were no material intersegment sales during the three months ended April 29, 2023 and April 30, 2022.


	United States		Canada		Australia		Europe		Consolidated
Three Months Ended April 29, 2023
Net sales	$	832.4	$	62.7	$	115.4	$	226.6	$	1,237.1
Operating loss	(26.3)		(3.8)		(6.0)		(22.3)		(58.4)
Three Months Ended April 30, 2022
Net sales	$	995.3	$	76.9	$	126.7	$	179.5	$	1,378.4
Operating (loss) earnings	(144.2)		(1.1)		1.6		(10.0)		(153.7)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Included below are certain updates related to policies included in Part II, Item 8 "Notes to Consolidated Financial Statements", Note 2, Summary of Significant Accounting Policies," in the 2022 Annual Report on Form 10-K.

Cash and Cash Equivalents and Restricted Cash

Our cash and cash equivalents are carried at fair value and consist primarily of cash, money market funds, cash deposits with commercial banks, U.S. government bonds and notes, and highly rated direct short-term instruments that mature in 90 days or less. Such investments with an original maturity of 90 days or less are classified as cash and cash equivalents on our Condensed Consolidated Balance Sheets. Restricted cash consists primarily of bank deposits that collateralize our obligations to vendors and landlords.

The following table presents a reconciliation of cash, cash equivalents and restricted cash in our Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash in our Condensed Consolidated Statements of Cash Flows:


	April 29, 2023		April 30, 2022
Cash and cash equivalents	$	1,057.0	$	1,035.0
Restricted cash(1)	7.5		33.3
Long-term restricted cash(2)	15.3		15.3
Total cash, cash equivalents and restricted cash	$	1,079.8	$	1,083.6

_________________________________________________

(1) Recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(2) Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.

Investments

We generally invest our excess cash in highly-rated money market funds and investment grade short-term fixed income securities, which consist of U.S. government and agency securities. Such investments with an original maturity in excess of 90 days and less than one year are classified as marketable securities on our Condensed Consolidated Balance Sheets.

Our investments are classified as available-for-sale debt securities and reported at fair value. Unrealized holding gains and losses are recognized in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. Realized gains and losses upon sale or extinguishment are reported in other expense, net in our Condensed Consolidated Statements of Operations. Each reporting period, we evaluate whether declines in fair value below carrying value are due to expected credit losses, as well as our ability and intent to hold the investment until a forecasted recovery occurs.

Digital Assets

We account for digital assets in accordance with ASC 350, Intangibles-Goodwill and Other (Topic 350). Our digital assets are indefinite-lived intangible assets which are initially recorded at cost. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value, an impairment loss equal to the difference will be recognized in SG&A expenses in our Condensed Consolidated Statement of Operations. Impairment losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. Gains on the sale of digital assets, if any, will be recognized based on the fair value upon sale or disposal of the assets in SG&A expenses in our Condensed Consolidated Statement of Operations.

In January 2022, we entered into contractual agreements with Immutable X Pty Limited (“IMX”) and Digital Worlds NFTs Ltd. pursuant to which the Company was entitled to receive up to $150 million in digital assets in the form of IMX tokens once certain contractual milestones had been achieved. Upon announcement, we achieved our first milestone under the agreement with IMX and recognized a $79.0 million noncurrent receivable and corresponding deferred income liability related to our entitlement to IMX tokens as of January 29, 2022. During fiscal 2022, we achieved our second and third milestones under our agreement with IMX, and recognized an additional $33.8 million of deferred income liability on our Condensed Consolidated Balance Sheets. The deferred income is recognized over the term of the contractual agreement. We liquidated all tokens received under our agreements with IMX in fiscal 2022 and have no IMX token assets recorded on the Condensed Consolidated Balance Sheets as of April 29, 2023. During the first quarter of fiscal 2022 we recognized a loss of $7.2 million on the noncurrent receivable, impairment of $33.7 million on the digital assets, gain of $6.9 million on the sale of digital assets, and deferred income of $13.9 million in SG&A expenses in our Condensed Consolidated Statements of Operations. During the first quarter of fiscal 2023, we recognized deferred income of $14.3 million in SG&A expenses in our Condensed Consolidated Statements of Operations. As of April 29, 2023, the remaining deferred income liability related to our agreements with IMX was $43.0 million in accrued liabilities and other current liabilities on our Condensed Consolidated Balance Sheets.

During 2022, we also launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token ("NFT") marketplace that enables the purchases, sales, and trades of NFTs. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. Revenues earned

from our digital asset wallet and NFT marketplace were not material to the consolidated financial statements for the three months ended April 29, 2023.

Assets Held-for-Sale

During the fourth quarter of fiscal 2022, we committed to a plan to sell property in our Europe segment consisting of a warehouse building, land and other property and equipment with a total net carrying value of $7.1 million as of April 29, 2023. In April 2023, the Company entered into an agreement to sell the warehouse building and land for approximately $13.1 million. The transaction is expected to close in the third quarter of fiscal 2023. During the first quarter of fiscal 2023, we committed to a plan to sell additional property in our Europe segment consisting of a warehouse building and land with a total net carrying value of $6.5 million. There were no impairment charges recognized on these asset groups as the estimated fair value exceeded their respective carrying values.

The building, land and other property and equipment were classified as assets held for sale in other noncurrent assets on our Condensed Consolidated Balance Sheets as of April 29, 2023.

Earnings Per Share (Tables)

3 Months Ended

Apr. 29, 2023

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Calculating Basic and Diluted Net Loss Per Common Share

The following table presents a reconciliation of shares used in calculating basic and diluted net loss per common share:


	Three Months Ended
	April 29, 2023	April 30, 2022
Weighted-average common shares outstanding	304.5	303.6
Dilutive effect of restricted stock awards	—	—
Weighted-average diluted common shares	304.5	303.6

Anti-dilutive shares:
Restricted stock units	5.1	4.8
Restricted stock	0.1	0.8

General Information	3 Months Ended
General Information	Apr. 29, 2023
Accounting Policies [Abstract]
General Information	General Information The Company GameStop Corp. ("GameStop," "we," "us," "our," or the "Company"), a Delaware corporation established in 1996, is a leading specialty retailer offering games and entertainment products through its thousands of stores and ecommerce platforms. We operate our business in four geographic segments: United States, Canada, Australia and Europe. The information contained in these condensed consolidated financial statements refers to continuing operations unless otherwise noted. Basis of Presentation and Consolidation The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements included herein reflect all adjustments (consisting only of normal, recurring adjustments) which are, in our opinion, necessary for a fair presentation of the information for the periods presented. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they exclude certain disclosures required under GAAP for complete consolidated financial statements. The accompanying condensed consolidated financial statements and notes are unaudited. The consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the 52 weeks ended January 28, 2023 ("fiscal 2022"), as filed with the Securities and Exchange Commission ("SEC") on March 28, 2023 (the “2022 Annual Report on Form 10-K”). Due to the seasonal nature of our business, our results of operations for the three months ended April 29, 2023 are not indicative of our future results for the 53 weeks ending February 3, 2024 ("fiscal 2023"). Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Fiscal 2023 consists of 53 weeks ending on February 3, 2024. Fiscal 2022 consisted of 52 weeks ended on January 28, 2023. All three month periods presented herein contain 13 weeks. All references to years, quarters and months relate to fiscal periods rather than calendar periods. Our business, like that of many retailers, is seasonal, with the major portion of the net sales realized during the fourth quarter, which includes the holiday selling season. Reclassifications Certain amounts presented in our prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Stock Split On July 6, 2022, our Board of Directors declared a four-for-one stock split of our Class A common stock in the form of a stock dividend (the "Stock Split"). This dividend was distributed on July 21, 2022 to stockholders of record at the close of business on July 18, 2022. There was no net effect on total stockholders' equity, and the par value per share of our Class A common stock remains unchanged at $0.001 per share after the Stock Split. All references made to share or per share amounts in the accompanying condensed consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying footnotes. We regularly evaluate the estimates related to our assets and liabilities, contingent assets and liabilities, and the reported amounts of revenues and expenses. In preparing these condensed consolidated financial statements, we have made our best estimates and judgments of certain amounts recognized in the condensed consolidated financial statements, giving due consideration to materiality. Changes in the estimates and assumptions that we have used could have a significant impact on our financial results. Actual results could differ from those estimates.

Debt	3 Months Ended
Debt	Apr. 29, 2023
Debt Disclosure [Abstract]
Debt	Debt As of April 29, 2023, April 30, 2022 and January 28, 2023, there was $37.2 million, $42.2 million and $39.5 million of outstanding debt. Total outstanding debt includes $10.9 million, $6.5 million and $10.8 million of short-term debt as of April 29, 2023, April 30, 2022 and January 28, 2023, respectively, which represents the current portion of the French Term Loans. During fiscal 2020, our French subsidiary, Micromania SAS, entered into six separate unsecured term loans for a total of €40.0 million. In the second quarter of 2021, at the request of Micromania SAS, these term loans were extended for five years, with an amortization plan for the principal starting in October 2022. In connection with the extension, the interest rate increased from zero to 0.7% for three of the term loans totaling €20.0 million, and 1% for the remaining three term loans totaling €20.0 million. The French government has guaranteed 90% of the term loans pursuant to a state guaranteed loan program instituted in connection with the COVID-19 pandemic.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Cash flows from operating activities:
Net loss	$ (50.5)	$ (157.9)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	13.7	17.1
Stock-based compensation expense	7.9	11.1
Gain on sale of digital assets		7.2
Digital asset impairments	0.0	33.7
Loss on disposal of property and equipment, net	0.6	0.4
Other, net	0.2	(4.8)
Changes in operating assets and liabilities:
Receivables, net	35.6	36.3
Merchandise inventories, net	(83.1)	(9.9)
Prepaid expenses and other assets	(4.0)	(30.3)
Prepaid income taxes and income taxes payable	(0.2)	3.5
Accounts payable and accrued liabilities	(22.3)	(179.8)
Operating lease right-of-use assets and lease liabilities	(0.6)	(16.4)
Net cash flows used in operating activities	(102.7)	(303.9)
Cash flows from investing activities:
Proceeds from sale of digital assets	1.3	76.9
Purchases of marketable securities	(211.0)	0.0
Proceeds from maturities and sales of marketable securities	212.2	0.0
Capital expenditures	(9.1)	(10.8)
Other	(0.1)	0.0
Net cash flows (used in) provided by investing activities	(6.7)	66.1
Cash flows from financing activities:
Settlement of stock-based awards	(0.1)	(1.1)
Repayments of debt	(2.7)	0.0
Net cash flows used in financing activities	(2.8)	(1.1)
Exchange rate effect on cash, cash equivalents and restricted cash	(4.0)	2.6
Decrease in cash, cash equivalents and restricted cash	(116.2)	(236.3)
Cash, cash equivalents and restricted cash at beginning of period	1,196.0	1,319.9
Cash, cash equivalents and restricted cash at end of period	1,079.8	1,083.6
Digital Assets
Adjustments to reconcile net loss to net cash flows used in operating activities:
Gain on sale of digital assets	$ 0.0	6.9
Digital asset impairments		$ 33.7

Segment Information - Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,237.1	$ 1,378.4
Operating loss	(58.4)	(153.7)
United States
Segment Reporting Information [Line Items]
Net sales	832.4	995.3
Operating loss	(26.3)	(144.2)
Canada
Segment Reporting Information [Line Items]
Net sales	62.7	76.9
Operating loss	(3.8)	(1.1)
Australia
Segment Reporting Information [Line Items]
Net sales	115.4	126.7
Operating loss	(6.0)	1.6
Europe
Segment Reporting Information [Line Items]
Net sales	226.6	179.5
Operating loss	$ (22.3)	$ (10.0)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Summary of Significant Accounting Policies - Assets Held-for-Sale (Details) - Europe Segment - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 29, 2023	Apr. 29, 2023	Jan. 28, 2023
Property, Plant and Equipment [Line Items]
Proceeds from assets held for sale, net of costs to sell	$ 13.1	$ 6.5	$ 7.1
Impairment charges from assets held for sale		$ 0.0

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022	Jan. 29, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,057.0	$ 1,139.0	$ 1,035.0
Restricted cash	7.5		33.3
Long-term restricted cash	15.3		15.3
Total cash, cash equivalents and restricted cash	$ 1,079.8	$ 1,196.0	$ 1,083.6	$ 1,319.9

Commitments and Contingencies (Details) $ in Millions	Apr. 29, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding letters of credit and bank guarantees	$ 16.0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 500.0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 29, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements included herein reflect all adjustments (consisting only of normal, recurring adjustments) which are, in our opinion, necessary for a fair presentation of the information for the periods presented. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they exclude certain disclosures required under GAAP for complete consolidated financial statements.
Fiscal Period	The accompanying condensed consolidated financial statements and notes are unaudited. The consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the 52 weeks ended January 28, 2023 ("fiscal 2022"), as filed with the Securities and Exchange Commission ("SEC") on March 28, 2023 (the “2022 Annual Report on Form 10-K”). Due to the seasonal nature of our business, our results of operations for the three months ended April 29, 2023 are not indicative of our future results for the 53 weeks ending February 3, 2024 ("fiscal 2023"). Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Fiscal 2023 consists of 53 weeks ending on February 3, 2024. Fiscal 2022 consisted of 52 weeks ended on January 28, 2023. All three month periods presented herein contain 13 weeks. All references to years, quarters and months relate to fiscal periods rather than calendar periods. Our business, like that of many retailers, is seasonal, with the major portion of the net sales realized during the fourth quarter, which includes the holiday selling season.
Reclassifications	Reclassifications Certain amounts presented in our prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying footnotes. We regularly evaluate the estimates related to our assets and liabilities, contingent assets and liabilities, and the reported amounts of revenues and expenses. In preparing these condensed consolidated financial statements, we have made our best estimates and judgments of certain amounts recognized in the condensed consolidated financial statements, giving due consideration to materiality. Changes in the estimates and assumptions that we have used could have a significant impact on our financial results. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Our cash and cash equivalents are carried at fair value and consist primarily of cash, money market funds, cash deposits with commercial banks, U.S. government bonds and notes, and highly rated direct short-term instruments that mature in 90 days or less. Such investments with an original maturity of 90 days or less are classified as cash and cash equivalents on our Condensed Consolidated Balance Sheets. Restricted cash consists primarily of bank deposits that collateralize our obligations to vendors and landlords.
Investments	Investments We generally invest our excess cash in highly-rated money market funds and investment grade short-term fixed income securities, which consist of U.S. government and agency securities. Such investments with an original maturity in excess of 90 days and less than one year are classified as marketable securities on our Condensed Consolidated Balance Sheets. Our investments are classified as available-for-sale debt securities and reported at fair value. Unrealized holding gains and losses are recognized in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. Realized gains and losses upon sale or extinguishment are reported in other expense, net in our Condensed Consolidated Statements of Operations. Each reporting period, we evaluate whether declines in fair value below carrying value are due to expected credit losses, as well as our ability and intent to hold the investment until a forecasted recovery occurs.
Digital Assets	Digital AssetsWe account for digital assets in accordance with ASC 350, Intangibles-Goodwill and Other (Topic 350). Our digital assets are indefinite-lived intangible assets which are initially recorded at cost. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value, an impairment loss equal to the difference will be recognized in SG&A expenses in our Condensed Consolidated Statement of Operations. Impairment losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. Gains on the sale of digital assets, if any, will be recognized based on the fair value upon sale or disposal of the assets in SG&A expenses in our Condensed Consolidated Statement of Operations.

Cover - shares	3 Months Ended
Cover - shares	Apr. 29, 2023	Jun. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 29, 2023
Document Transition Report	false
Entity File Number	1-32637
Entity Registrant Name	GameStop Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2733559
Entity Address, Address Line One	625 Westport Parkway
Entity Address, City or Town	Grapevine,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76051
City Area Code	(817)
Local Phone Number	424-2000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	GME
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		304,751,243
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001326380
Current Fiscal Year End Date	--02-03

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 1,057.0	$ 1,139.0	$ 1,035.0
Marketable securities	253.1	251.6	0.0
Receivables, net of allowance of $2.2, $3.5 and $2.2, respectively	119.2	153.9	103.4
Merchandise inventories, net	759.5	682.9	917.6
Prepaid expenses and other current assets	65.8	96.3	273.6
Total current assets	2,254.6	2,323.7	2,329.6
Property and equipment, net of accumulated depreciation of $988.3, $993.6 and $1,006.8, respectively	123.6	136.5	157.4
Operating lease right-of-use assets	595.8	560.8	568.7
Deferred income taxes	17.5	18.3	16.7
Other noncurrent assets	78.7	74.1	53.1
Total assets	3,070.2	3,113.4	3,125.5
Current liabilities:
Accounts payable	561.4	531.3	386.8
Accrued liabilities and other current liabilities	546.4	602.3	533.3
Current portion of operating lease liabilities	200.8	194.7	200.3
Current portion of long-term debt	10.9	10.8	6.5
Total current liabilities	1,319.5	1,339.1	1,126.9
Long-term debt	26.3	28.7	35.7
Operating lease liabilities	412.5	382.4	374.5
Other long-term liabilities	40.3	40.9	137.7
Total liabilities	1,798.6	1,791.1	1,674.8
Stockholders’ equity:
Class A common stock — $.001 par value; 1,000 shares authorized; 304.7, 303.6 and 304.6 shares issued and outstanding, respectively	0.1	0.1	0.1
Additional paid-in capital	1,621.4	1,613.6	1,587.5
Accumulated other comprehensive loss	(79.9)	(71.9)	(72.6)
Retained loss	(270.0)	(219.5)	(64.3)
Total stockholders’ equity	1,271.6	1,322.3	1,450.7
Total liabilities and stockholders’ equity	$ 3,070.2	$ 3,113.4	$ 3,125.5

Earnings Per Share

3 Months Ended

Apr. 29, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, unvested restricted stock and unvested restricted stock units outstanding during the period, using the treasury stock method. Potentially dilutive securities are excluded from the computations of diluted earnings per share if their effect would be anti-dilutive. A net loss from continuing operations causes all potentially dilutive securities to be anti-dilutive.

The following table presents a reconciliation of shares used in calculating basic and diluted net loss per common share:


	Three Months Ended
	April 29, 2023	April 30, 2022
Weighted-average common shares outstanding	304.5	303.6
Dilutive effect of restricted stock awards	—	—
Weighted-average diluted common shares	304.5	303.6

Anti-dilutive shares:
Restricted stock units	5.1	4.8
Restricted stock	0.1	0.8

Revenue (Tables)

3 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Sales and Percentage of Total Net Sales by Significant Product Category

The following table presents net sales by significant product category:


	Three Months Ended
	April 29, 2023		April 30, 2022
Hardware and accessories (1)	$	725.8	$	673.8
Software (2)	338.3		483.7
Collectibles	173.0		220.9
Total net sales	$	1,237.1	$	1,378.4

__________________________________________________

(1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics.

(2) Includes sales of new and pre-owned gaming software, digital software, and PC entertainment software.

Performance Obligations Associated with Subscriptions

The following table presents our performance obligations recognized in accrued liabilities and other current liabilities on our Condensed Consolidated Statements of Operations:


	April 29, 2023		April 30, 2022
Unredeemed customer liabilities	$	180.4	$	201.3
Extended warranties	93.3		84.7
Subscriptions	51.8		44.0
Total performance obligations	$	325.5	$	330.0

Contract with Customer, Asset and Liability

The following table presents a rollforward of our contract liabilities:


	April 29, 2023		April 30, 2022
Contract liability beginning balance	$	338.2	$	378.3
Increase to contract liabilities (1)	169.6		207.0
Decrease to contract liabilities (2)	(181.3)		(253.5)
Other adjustments (3)	(1.0)		(1.8)
Contract liability ending balance	$	325.5	$	330.0

__________________________________________________

(1) Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to Game Informer® and extended warranties sold.

(2) Includes redemptions of gift cards, trade-in credits, loyalty points and customer deposits and revenues recognized for Game Informer® and extended warranties. During the three months ended April 29, 2023 and April 30, 2022, there were $16.7 million and $27.3 million of gift cards redeemed that were outstanding as of January 28, 2023 and January 29, 2022, respectively.

(3) Primarily includes foreign currency translation adjustments.

Debt (Details) € in Millions, $ in Millions	3 Months Ended
Debt (Details) € in Millions, $ in Millions	Jul. 31, 2021 EUR (€) loan	Apr. 29, 2023 USD ($)	Jan. 28, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jan. 30, 2021 EUR (€) loan
Debt Disclosure [Line Items]
Net carrying value \| $		$ 37.2	$ 39.5	$ 42.2
Current debt \| $		(10.9)	$ (10.8)	$ (6.5)
French Term Loans and Credit Facility \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans					6
Debt issued		$ 37.2			€ 40.0
Debt instrument, extension term	5 years
Percent guaranteed by French government	90.00%
French Term Loans At 0.7% \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans	3
Debt issued \| €	€ 20.0
French Term Loans At 0.7% \| Unsecured Debt \| Minimum
Debt Disclosure [Line Items]
Interest rate	0.00%
French Term Loans At 0.7% \| Unsecured Debt \| Maximum
Debt Disclosure [Line Items]
Interest rate	0.70%
French Term Loans At 1% \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans	3
Debt issued \| €	€ 20.0
Interest rate	1.00%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Class A Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Loss
Beginning balance (in shares) at Jan. 29, 2022		303.6
Beginning balance at Jan. 29, 2022	$ 1,602.5	$ 0.1	$ 1,577.5	$ (68.7)	$ 93.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(157.9)				(157.9)
Foreign currency translation	(3.9)			(3.9)
Reclassification of foreign currency gain included in net loss	0.0
Stock-based compensation expense	11.1		11.1
Settlement of stock-based awards	(1.1)		(1.1)
Reclassification of realized loss on available-for-sale securities included in net loss	0.0
Ending balance (in shares) at Apr. 30, 2022		303.6
Ending balance at Apr. 30, 2022	1,450.7	$ 0.1	1,587.5	(72.6)	(64.3)
Beginning balance (in shares) at Jan. 28, 2023		304.6
Beginning balance at Jan. 28, 2023	1,322.3	$ 0.1	1,613.6	(71.9)	(219.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(50.5)				(50.5)
Foreign currency translation	(8.1)			(8.1)
Reclassification of foreign currency gain included in net loss	(1.2)			(1.2)
Stock-based compensation expense	7.9		7.9
Settlement of stock-based awards (in shares)		0.1
Settlement of stock-based awards	(0.1)		(0.1)
Net change in unrealized gain on available-for-sale securities	0.4			0.4
Reclassification of realized loss on available-for-sale securities included in net loss	0.9			0.9
Ending balance (in shares) at Apr. 29, 2023		304.7
Ending balance at Apr. 29, 2023	$ 1,271.6	$ 0.1	$ 1,621.4	$ (79.9)	$ (270.0)

Fair Value Measurements - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jan. 28, 2023 USD ($)	Aug. 31, 2022 USD ($)	Jan. 30, 2021 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Digital asset impairments	$ 0.0	$ 33.7
French Term Loans and Credit Facility \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issued	37.2				€ 40.0
US Government Agencies Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross losses realized on sales	(0.9)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	256.5	$ 5.2	$ 253.1
Level 2 \| French Term Loans \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	30.8
Level 1 \| US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, aggregate cost	255.3
Level 1 \| US Treasury and Government \| Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, aggregate cost	2.2
Level 1 \| US Treasury and Government \| Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, aggregate cost	253.1
Level 1 \| Fair Value, Recurring \| US Government Agencies Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 255.3		$ 252.6	$ 250.0

Fair Value Measurements

3 Months Ended

Apr. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Applicable accounting standards require disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Each fair value measurement is reported in one of the following three levels:

•Level 1 inputs are quoted prices in active markets for identical assets or liabilities.

•Level 2 inputs are observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs.

•Level 3 inputs are unobservable inputs for the asset or liability reflecting our assumptions about pricing by market participants.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Assets and liabilities that are measured at fair value on a recurring basis include our cash equivalents, marketable securities, foreign currency contracts, company-owned life insurance policies with a cash surrender value, and certain nonqualified deferred compensation liabilities.

We measure the fair value of cash equivalents and certain marketable securities based on quoted prices in active markets for identical assets. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.

In August 2022, the Company opened investment portfolios consisting of U.S. government treasury notes and bills in an aggregate amount of $250.0 million. These investments are classified as available-for-sale debt securities and reported at fair value on a recurring basis and utilize Level 1 inputs for measurement. As of April 29, 2023, the investment portfolios aggregate balance was $255.3 million, of which $253.1 million are recognized in marketable securities and $2.2 million are recognized in cash and cash equivalents on our Condensed Consolidated Balance Sheets. During the three months ended April 29, 2023, we realized a $0.9 million loss on sales of U.S. government securities, which is included within other expense, net in our Condensed Consolidated Statements of Operations.

We measure the fair value of our foreign currency contracts, life insurance policies with cash surrender values and certain nonqualified deferred compensation liabilities based on Level 2 inputs using quotations provided by major market news services, such as Bloomberg, and industry-standard models that consider various assumptions, including quoted forward prices, time value, volatility factors, and contractual prices for the underlying instruments, and other relevant economic measures, all of which are observable in active markets. When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence.

The following tables present our assets and liabilities measured at fair value on a recurring basis:


	April 29, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Level 1:
U.S. government securities(1)	$	254.9	$	0.4	$	—	$	255.3
Level 2:
Foreign currency contracts(2)	0.7		—		—		0.7
Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	256.1	$	0.4	$	—	$	256.5
Liabilities
Level 2:
Foreign currency contracts(4)	$	6.7	$	—	$	—	$	6.7
Nonqualified deferred compensation(4)	0.4		—		—		0.4
Total liabilities	$	7.1	$	—	$	—	$	7.1


	April 30, 2022
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets


Level 2:
Foreign currency contracts(2)	$	4.7	$	—	$	—	$	4.7
Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	5.2	$	—	$	—	$	5.2
Liabilities
Level 2:

Nonqualified deferred compensation(4)	0.5		—		—		0.5
Total liabilities	$	0.5	$	—	$	—	$	0.5


	January 28, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Level 1:
U.S. government securities(1)	$	253.5	$	—	$	(0.9)	$	252.6
Level 2:

Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	254.0	$	—	$	(0.9)	$	253.1
Liabilities
Level 2:
Foreign currency contracts(4)	$	5.9	$	—	$	—	$	5.9
Nonqualified deferred compensation(4)	0.4		—		—		0.4
Total liabilities	$	6.3	$	—	$	—	$	6.3

_________________________________________________

(1) Recognized in cash and cash equivalents and marketable securities on our Condensed Consolidated Balance Sheets.

(2) Recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(3) Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.

(4) Recognized in accrued liabilities and other current liabilities on our Condensed Consolidated Balance Sheets.

Assets that are Measured at Fair Value on a Nonrecurring Basis

Assets that are measured at fair value on a nonrecurring basis relate primarily to property and equipment, operating lease right-of-use ("ROU") assets and other intangible assets, including digital assets, which are remeasured when the estimated fair value is below its carrying value. When we determine that impairment has occurred, the carrying value of the asset is reduced to its fair value. Fair value of digital assets held are based on Level 1 inputs, as described above, and impairment losses for digital assets cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset.

As of April 29, 2023, our government-guaranteed low interest French term loans due October 2022 through October 2026 ("French Term Loans") had a carrying value of $37.2 million and a fair value of $30.8 million. The fair values of our French Term Loans were estimated based on a model that discounted future principal and interest payments at interest rates available to us at the end of the period for similar debt of the same maturity, which is a Level 2 input as defined by the fair value hierarchy.

During the three months ended April 30, 2022, we recognized impairment charges of $33.7 million associated with digital assets in SG&A expenses in our Condensed Consolidated Statements of Operations. These charges were recognized in the United States segment.

The carrying values of our cash, restricted cash, net receivables, accounts payable and current portion of debt approximate their fair values due to their short-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,237.1	$ 1,378.4
Cost of sales	949.8	1,079.9
Gross profit	287.3	298.5
Selling, general and administrative expenses	345.7	452.2
Operating loss	(58.4)	(153.7)
Interest (income) expense, net	(9.7)	0.7
Other expense, net	1.9	0.0
Loss before income taxes	(50.6)	(154.4)
Income tax (benefit) expense	(0.1)	3.5
Net loss	$ (50.5)	$ (157.9)
Net loss per share:
Basic (in dollars per share)	$ (0.17)	$ (0.52)
Diluted (in dollars per share)	$ (0.17)	$ (0.52)
Weighted-average shares outstanding:
Basic (in shares)	304.5	303.6
Diluted (in shares)	304.5	303.6

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Apr. 29, 2023 segment location country
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
United States
Segment Reporting Information [Line Items]
Number of states the entity operates \| location	50
Europe \| Retail and e-commerce
Segment Reporting Information [Line Items]
Number of countries in which the entity operates, during the period \| country	6

Summary of Significant Accounting Policies - Digital Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023	Jan. 31, 2022	Jan. 29, 2022
Goodwill And Intangible Assets Disclosure [Line Items]
Contract liability beginning balance	$ 325.5	$ 330.0	$ 338.2		$ 378.3
Gain on sale of digital assets		(7.2)
Digital asset impairments	0.0	33.7
Digital Assets
Goodwill And Intangible Assets Disclosure [Line Items]
Noncurrent receivable				$ 79.0
Contract liability beginning balance	43.0		$ 33.8
Gain on sale of digital assets	0.0	(6.9)
Digital asset impairments		33.7
Deferred income recognized	$ 14.3	$ 13.9
Maximum \| Digital Assets
Goodwill And Intangible Assets Disclosure [Line Items]
Receivable				$ 150.0

Fair Value Measurements - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Aug. 31, 2022	Apr. 30, 2022
Assets
Adjusted Cost	$ 256.1	$ 254.0		$ 5.2
Unrealized Gains	0.4	0.0		0.0
Unrealized Losses	0.0	(0.9)		0.0
Fair Value	256.5	253.1		5.2
Liabilities
Total liabilities	7.1	6.3		0.5
Level 1 \| US Government Agencies Debt Securities
Assets
Adjusted Cost	254.9	253.5
Unrealized Gains	0.4	0.0
Unrealized Losses	0.0	(0.9)
Fair Value	255.3	252.6	$ 250.0
Level 2
Liabilities
Foreign currency contracts	6.7	5.9
Nonqualified deferred compensation	0.4	0.4		0.5
Level 2 \| Debt Security, Government, Non-US
Assets
Adjusted Cost	0.7			4.7
Unrealized Gains	0.0			0.0
Unrealized Losses	0.0			0.0
Fair Value	0.7			4.7
Level 2 \| Company Owned Life Insurance
Assets
Adjusted Cost	0.5	0.5		0.5
Unrealized Gains	0.0	0.0		0.0
Unrealized Losses	0.0	0.0		0.0
Fair Value	$ 0.5	$ 0.5		$ 0.5

Fair Value Measurements (Tables)

3 Months Ended

Apr. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present our assets and liabilities measured at fair value on a recurring basis:


	April 29, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Level 1:
U.S. government securities(1)	$	254.9	$	0.4	$	—	$	255.3
Level 2:
Foreign currency contracts(2)	0.7		—		—		0.7
Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	256.1	$	0.4	$	—	$	256.5
Liabilities
Level 2:
Foreign currency contracts(4)	$	6.7	$	—	$	—	$	6.7
Nonqualified deferred compensation(4)	0.4		—		—		0.4
Total liabilities	$	7.1	$	—	$	—	$	7.1


	April 30, 2022
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets


Level 2:
Foreign currency contracts(2)	$	4.7	$	—	$	—	$	4.7
Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	5.2	$	—	$	—	$	5.2
Liabilities
Level 2:

Nonqualified deferred compensation(4)	0.5		—		—		0.5
Total liabilities	$	0.5	$	—	$	—	$	0.5


	January 28, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Level 1:
U.S. government securities(1)	$	253.5	$	—	$	(0.9)	$	252.6
Level 2:

Company-owned life insurance(3)	0.5		—		—		0.5
Total assets	$	254.0	$	—	$	(0.9)	$	253.1
Liabilities
Level 2:
Foreign currency contracts(4)	$	5.9	$	—	$	—	$	5.9
Nonqualified deferred compensation(4)	0.4		—		—		0.4
Total liabilities	$	6.3	$	—	$	—	$	6.3

_________________________________________________

(1) Recognized in cash and cash equivalents and marketable securities on our Condensed Consolidated Balance Sheets.

(2) Recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(3) Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.

(4) Recognized in accrued liabilities and other current liabilities on our Condensed Consolidated Balance Sheets.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Receivables, net of allowances	$ 2.2	$ 2.2	$ 3.5
Accumulated depreciation	$ 988.3	$ 1,006.8	$ 993.6
Class A common stock, shares authorized (in shares)	1,000.0	1,000.0	1,000.0
Class A common stock, shares issued (in shares)	304.7	304.6	303.6
Class A common stock, shares outstanding (in shares)	304.7	304.6	303.6

Revenue

3 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The following table presents net sales by significant product category:


	Three Months Ended
	April 29, 2023		April 30, 2022
Hardware and accessories (1)	$	725.8	$	673.8
Software (2)	338.3		483.7
Collectibles	173.0		220.9
Total net sales	$	1,237.1	$	1,378.4

__________________________________________________

(2) Includes sales of new and pre-owned gaming software, digital software, and PC entertainment software.

See Note 8, "Segment Information," for net sales by geographic location.

Performance Obligations

We have arrangements with customers where our performance obligations are satisfied over time, which primarily relate to extended warranties and our Game Informer® magazine. We expect to recognize revenue in future periods for remaining performance obligations we have associated with unredeemed gift cards, trade-in credits, reservation deposits and our PowerUp Rewards loyalty program (collectively, "unredeemed customer liabilities"), extended warranties, and subscriptions to our Game Informer® magazine.

Performance obligations associated with unredeemed customer liabilities are primarily satisfied at the time customers redeem gift cards, trade-in credits, customer deposits or loyalty program points for products that we offer. Unredeemed customer liabilities are generally redeemed within one year of issuance.

We offer extended warranties on certain new and pre-owned products with terms generally ranging from 12 to 24 months, depending on the product. Revenues for extended warranties sold are recognized on a straight-line basis over the life of the contract.

Performance obligations associated with subscriptions to Game Informer® magazine are satisfied when periodic magazines are delivered in print form or made available in digital format.

The following table presents our performance obligations recognized in accrued liabilities and other current liabilities on our Condensed Consolidated Statements of Operations:


	April 29, 2023		April 30, 2022
Unredeemed customer liabilities	$	180.4	$	201.3
Extended warranties	93.3		84.7
Subscriptions	51.8		44.0
Total performance obligations	$	325.5	$	330.0

Significant Judgments and Estimates

We accrue PowerUp Rewards loyalty points at the estimated retail price per point, net of estimated breakage, which can be redeemed by loyalty program members for products we offer. The estimated retail price per point is based on the actual historical retail prices of products purchased through the redemption of loyalty points. We estimate breakage of loyalty points and unredeemed gift cards based on historical redemption rates.

Contract Balances

Our contract liabilities primarily consist of unredeemed customer liabilities and deferred revenues associated with gift cards, extended warranties and subscriptions to Game Informer® magazine.

The following table presents a rollforward of our contract liabilities:


	April 29, 2023		April 30, 2022
Contract liability beginning balance	$	338.2	$	378.3
Increase to contract liabilities (1)	169.6		207.0
Decrease to contract liabilities (2)	(181.3)		(253.5)
Other adjustments (3)	(1.0)		(1.8)
Contract liability ending balance	$	325.5	$	330.0

__________________________________________________

(1) Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to Game Informer® and extended warranties sold.

(3) Primarily includes foreign currency translation adjustments.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Apr. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Coronavirus Aid, Relief, and Economic Securities Act (the "CARES Act"), which was enacted on March 27, 2020 in the United States, included measures to assist companies, including temporary changes to income and non-income-based tax laws. During fiscal 2022, we received a $171.5 million U.S. federal income tax refund resulting from the carryback of net operating losses allowed pursuant to the CARES Act. Income tax receivable is recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets. Our interim tax provision was determined using an estimated annual effective tax rate and adjusted for discrete taxable events and/or adjustments that have occurred during the three months ended April 29, 2023. We recognized an income tax benefit of $0.1 million, or 0.2%, for the three months ended April 29, 2023 compared to an income tax expense of $3.5 million, or (2.3)%, for the three months ended April 30, 2022. Our effective income tax rate for the three months ended April 29, 2023 is due to the recognition of tax benefits on certain current period losses offset by forecasted income taxes due in certain foreign and state jurisdictions in which we operate. Our effective income tax rate for the three months ended April 30, 2022 is primarily due to not recognizing tax benefits on certain current period losses as well as forecasted income taxes due in certain foreign and state jurisdictions in which we operate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letter of Credit Facilities We maintain uncommitted letter of credit facilities with certain lenders that provide for the issuance of letters of credit and bank guarantees, at times supported by cash collateral. As of April 29, 2023, we had approximately $16.0 million of outstanding letters of credit and other bank guarantees under facilities outside of our $500 million revolving line of credit which matures in November 2026. During the three months ended April 29, 2023, there were no material changes to our commitments as disclosed in our 2022 Annual Report on Form 10-K. Legal Proceedings In the ordinary course of business, we are, from time to time, subject to various legal proceedings, including matters involving wage and hour employee class actions, stockholder actions, and consumer class actions. We may enter into discussions regarding settlement of these and other types of lawsuits, and may enter into settlement agreements, if we believe settlement is in the best interest of our stockholders. We do not believe that any such existing legal proceedings or settlements, individually or in the aggregate, will have a material effect on our financial condition, results of operations or liquidity.

Revenue - Performance Obligations (Details) - USD ($) $ in Millions	Apr. 29, 2023	Apr. 30, 2022
Disaggregation of Revenue [Line Items]
Total performance obligations	$ 325.5	$ 330.0
Unredeemed customer liabilities
Disaggregation of Revenue [Line Items]
Total performance obligations	180.4	201.3
Extended warranties
Disaggregation of Revenue [Line Items]
Total performance obligations	93.3	84.7
Subscriptions
Disaggregation of Revenue [Line Items]
Total performance obligations	$ 51.8	$ 44.0

Segment Information (Tables)

3 Months Ended

Apr. 29, 2023

Segment Reporting [Abstract]

Information on Segments and Reconciliation to Earnings Before Income Taxes

Transactions between reportable segments consist primarily of royalties, management fees, intersegment loans and related interest. There were no material intersegment sales during the three months ended April 29, 2023 and April 30, 2022.


	United States		Canada		Australia		Europe		Consolidated
Three Months Ended April 29, 2023
Net sales	$	832.4	$	62.7	$	115.4	$	226.6	$	1,237.1
Operating loss	(26.3)		(3.8)		(6.0)		(22.3)		(58.4)
Three Months Ended April 30, 2022
Net sales	$	995.3	$	76.9	$	126.7	$	179.5	$	1,378.4
Operating (loss) earnings	(144.2)		(1.1)		1.6		(10.0)		(153.7)

General Information (Details)		3 Months Ended
General Information (Details)	Jul. 06, 2022 $ / shares	Apr. 29, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments \| segment		4
Stock split, conversion ratio	4
Class A common stock, par value (in dollars per share) \| $ / shares	$ 0.001

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Reconciliation of Cash and Cash Equivalents


	April 29, 2023		April 30, 2022
Cash and cash equivalents	$	1,057.0	$	1,035.0
Restricted cash(1)	7.5		33.3
Long-term restricted cash(2)	15.3		15.3
Total cash, cash equivalents and restricted cash	$	1,079.8	$	1,083.6

_________________________________________________

(1) Recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(2) Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.

Reconciliation of Restricted Cash


	April 29, 2023		April 30, 2022
Cash and cash equivalents	$	1,057.0	$	1,035.0
Restricted cash(1)	7.5		33.3
Long-term restricted cash(2)	15.3		15.3
Total cash, cash equivalents and restricted cash	$	1,079.8	$	1,083.6

_________________________________________________

(1) Recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(2) Recognized in other noncurrent assets on our Condensed Consolidated Balance Sheets.

Revenue - Change In Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Contract With Customer, Contract Liabilities [Roll Forward]
Contract liability beginning balance	$ 338.2	$ 378.3
Increase to contract liabilities	169.6	207.0
Decrease to contract liabilities	(181.3)	(253.5)
Other adjustments	(1.0)	(1.8)
Contract liability ending balance	325.5	330.0
Gift Card Trade In Credits
Contract With Customer, Contract Liabilities [Roll Forward]
Revenue recognized	$ (16.7)	$ (27.3)

Revenue - Narrative (Details)	3 Months Ended
Revenue - Narrative (Details)	Apr. 29, 2023
Minimum
Disaggregation of Revenue [Line Items]
Extended warranty term	12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended warranty term	24 months

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Income taxes receivable			$ 171.5
Income tax expense	$ (0.1)	$ 3.5
Effective tax rate	0.20%	(2.30%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (50.5)	$ (157.9)
Other comprehensive loss:
Foreign currency translation adjustment	(8.1)	(3.9)
Reclassification of foreign currency gain included in net loss	(1.2)	0.0
Net change in unrealized gain on available-for-sale securities	0.4	0.0
Reclassification of realized loss on available-for-sale securities included in net loss	0.9	0.0
Total comprehensive loss	$ (58.5)	$ (161.8)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue - Sales and Percentage of Total Net Sales by Significant Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,237.1	$ 1,378.4
Hardware and accessories
Disaggregation of Revenue [Line Items]
Total net sales	725.8	673.8
Software
Disaggregation of Revenue [Line Items]
Total net sales	338.3	483.7
Collectibles
Disaggregation of Revenue [Line Items]
Total net sales	$ 173.0	$ 220.9

- Definition

+ References

+ Details

Earnings Per Share - Reconciliation of Common Shares Used in Calculating Basic and Diluted Net Income (Loss) Per Common Share (Details) - shares shares in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common shares outstanding (in shares)	304.5	303.6
Dilutive effect of restricted stock awards (in shares)	0.0	0.0
Weighted-average diluted common shares (in shares)	304.5	303.6
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive restricted stock units, restricted stock and stock options (in shares)	5.1	4.8
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive restricted stock units, restricted stock and stock options (in shares)	0.1	0.8