GameStop：积极的现金流量和...比特币

去年8月，当我涵盖GameStop（NYSE：GME）时，我谈到了其强大的现金状况，以及消除债务并减轻现金耗资的努力，以在其尚存的实体零售业务中燃烧现金。

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进，这可能会丢失那些仍然专注于去年的模因股票炒作的人。当我上次在8月份覆盖公司时，我谈到了其强大的现金状况，以及消除债务并减轻现金燃烧的努力，以在其尚存的实体零售业务中燃烧现金。

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

令人印象深刻的是，GME做出了重大改进，可以从数字中看到。

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.

在过去的两个季度中，GME在GAAP的基础上盈利。在上一季度，净收入为6100万美元。这与该公司在2021年报告的十亿美元净亏损形成鲜明对比。

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.

当然，最近的盈利能力的很大一部分是由于其投资组合的收益主要是由比特币（BTC）和其他与加密货币相关的资产组成的。在上一季度，这些收益为5.03亿美元。

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，即使不包括这些收益，GME仍然会报告利润。营业费用为6.4亿美元，而收入为7.8亿美元。这导致营业利润为1.4亿美元，净收入（不包括投资收益）为6100万美元。

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.

鉴于GME去年进行的大量现金支出以偿还债务和回购股票，这种盈利能力更加令人印象深刻。 2022年，GME使用10亿美元的现金来偿还债务，另外9.4亿美元回购股票。

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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.

当然，将来可能不会继续进行这种股票回购。但是，它确实强调了公司的现金流量从负面转变为正面。 2021年，该公司烧毁了19亿美元的现金。但是在2022年，它产生了6.86亿美元的现金流量。

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

这种现金发电用于偿还债务，回购股票和资助新计划，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.

尽管加密货币收益可能是公司盈利能力的关键因素，但也值得注意的是，管理层为减少运营费用和提高业务效率所做的努力。

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，销售，一般和行政费用下降了27％。尽管事实是该公司的员工数量增长了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.

这些因素在一起表明，GameStop正在缓慢但肯定会扭转其业务。该公司越来越依赖Meme股票炒作，而越来越专注于建立可持续和有利可图的企业的基本面。

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.

当然，仍然有要考虑的风险。该公司的新计划，例如其Games Development Studio和NFT市场，可能没有成功。而且，如果宏观经济环境进一步恶化，它可能会给消费者支出带来压力，并伤害了GameStop的底线。

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.

最终，投资者将需要自己决定他们是否相信GameStop的周转故事。但是，随着公司现在有利可图，无债务和产生强大的现金流量，似乎Meme Stock Saga可能最终即将结束。