GameStop：積極的現金流量和...比特幣

去年8月，當我涵蓋GameStop（NYSE：GME）時，我談到了其強大的現金狀況，以及消除債務並減輕現金耗資的努力，以在其尚存的實體零售業務中燃燒現金。

GameStop (NYSE:GME) has been making some impressive improvements, which may be lost on those who are still focused on the meme stock hype from last year. When I last covered the company in August, I spoke to its strong cash position, as well as, efforts to eliminate debt and mitigate cash burn in its surviving brick-and-mortar retail business.

GameStop（NYSE：GME）一直在做出一些令人印象深刻的改進，這可能會丟失那些仍然專注於去年的模因股票炒作的人。當我上次在8月份覆蓋公司時，我談到了其強大的現金狀況，以及消除債務並減輕現金燃燒的努力，以在其尚存的實體零售業務中燃燒現金。

Impressively, GME has made material improvements, which can be seen in the numbers.

令人印象深刻的是，GME做出了重大改進，可以從數字中看到。

For the past two quarters, GME has been profitable on a GAAP basis. In the last quarter, net income was $61 million. This is a stark contrast to the billion-dollar net losses that the company reported in 2021.

在過去的兩個季度中，GME在GAAP的基礎上盈利。在上一季度，淨收入為6100萬美元。這與該公司在2021年報告的十億美元淨虧損形成鮮明對比。

Of course, a large portion of the recent profitability is due to the gains on its investment portfolio, which is composed largely of Bitcoin (BTC) and other cryptocurrency-related assets. In the last quarter, these gains amounted to $503 million.

當然，最近的盈利能力的很大一部分是由於其投資組合的收益主要是由比特幣（BTC）和其他與加密貨幣相關的資產組成的。在上一季度，這些收益為5.03億美元。

However, even excluding these gains, GME would have still reported a profit. Operating expenses were $640 million, while revenue was $780 million. This leads to an operating profit of $140 million, and a net income (excluding the investment gains) of $61 million.

但是，即使不包括這些收益，GME仍然會報告利潤。營業費用為6.4億美元，而收入為7.8億美元。這導致營業利潤為1.4億美元，淨收入（不包括投資收益）為6100萬美元。

This profitability is even more impressive given the massive cash outlays that GME undertook last year to pay down debt and repurchase stock. In 2022, GME used $1 billion in cash to pay down debt and another $940 million to repurchase stock.

鑑於GME去年進行的大量現金支出以償還債務和回購股票，這種盈利能力更加令人印象深刻。 2022年，GME使用10億美元的現金來償還債務，另外9.4億美元回購股票。

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Of course, this level of stock buybacks may not continue in the future. However, it does highlight how quickly the company's cash flows shifted from negative to positive. In 2021, the company burned through $1.9 billion in cash. But in 2022, it generated $686 million in cash flows.

當然，將來可能不會繼續進行這種股票回購。但是，它確實強調了公司​​的現金流量從負面轉變為正面。 2021年，該公司燒毀了19億美元的現金。但是在2022年，它產生了6.86億美元的現金流量。

This cash generation was used to pay down debt, repurchase stock, and fund new initiatives, such as its own games development studio.

這種現金發電用於償還債務，回購股票和資助新計劃，例如其自己的Games Development Studio。

While the cryptocurrency gains may be a key factor in the company's profitability, it's also worth noting the efforts that management has made to reduce operating expenses and improve the efficiency of its business.

儘管加密貨幣收益可能是公司盈利能力的關鍵因素，但也值得注意的是，管理層為減少運營費用和提高業務效率所做的努力。

For example, in the last quarter, selling, general and administrative expenses decreased by 27%. This is despite the fact that the company's employee count increased by 12%.

例如，在上一季度，銷售，一般和行政費用下降了27％。儘管事實是該公司的員工數量增長了12％。

Together, these factors suggest that GameStop is slowly but surely turning its business around. The company is becoming less reliant on meme stock hype and more focused on the fundamentals of building a sustainable and profitable enterprise.

這些因素在一起表明，GameStop正在緩慢但肯定會扭轉其業務。該公司越來越依賴Meme股票炒作，而越來越專注於建立可持續和有利可圖的企業的基本面。

Of course, there are still risks to consider. The company's new initiatives, such as its games development studio and its NFT marketplace, may not be successful. And if the macroeconomic environment deteriorates further, it could put pressure on consumer spending and hurt GameStop's bottom line.

當然，仍然有要考慮的風險。該公司的新計劃，例如其Games Development Studio和NFT市場，可能沒有成功。而且，如果宏觀經濟環境進一步惡化，它可能會給消費者支出帶來壓力，並傷害了GameStop的底線。

Ultimately, investors will need to decide for themselves whether or not they believe in GameStop's turnaround story. But with the company now profitable, debt-free, and generating strong cash flows, it does appear that the meme stock saga may finally be coming to an end.

最終，投資者將需要自己決定他們是否相信GameStop的周轉故事。但是，隨著公司現在有利可圖，無債務和產生強大的現金流量，似乎Meme Stock Saga可能最終即將結束。