0001326380-21-000066 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	May 01, 2021	Jun. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 01, 2021
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,815,131
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001326380
Current Fiscal Year End Date	--01-29

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current assets:
Cash and cash equivalents	$ 694.7	$ 508.5	$ 570.3
Restricted cash	57.4	110.0	0.0
Receivables, net	102.1	105.3	86.7
Merchandise inventories	570.9	602.5	654.7
Prepaid expenses and other current assets	232.1	224.9	99.1
Assets held-for-sale	0.0	0.0	9.1
Total current assets	1,657.2	1,551.2	1,419.9
Property and equipment, net	192.6	201.2	256.3
Operating lease right-of-use assets	654.2	662.1	706.2
Deferred income taxes	0.0	0.0	29.2
Long-term restricted cash	18.7	16.5	13.6
Other noncurrent assets	40.0	41.6	43.8
Total assets	2,562.7	2,472.6	2,469.0
Current liabilities:
Accounts payable	388.6	341.8	212.1
Accrued liabilities and other current liabilities	561.8	626.8	506.0
Current portion of operating lease liabilities	219.4	227.4	249.4
Short-term debt, including current portion of long-term debt, net	48.1	121.7	417.2
Borrowings under revolving line of credit	0.0	25.0	135.0
Total current liabilities	1,217.9	1,342.7	1,519.7
Long-term debt, net	0.0	216.0	0.0
Operating lease liabilities	445.0	456.7	493.9
Other long-term liabilities	20.3	20.5	20.4
Total liabilities	1,683.2	2,035.9	2,034.0
Commitments and contingencies
Stockholders’ equity:
Class A common stock — $.001 par value; 300 shares authorized; 69.3, 64.6 and 65.3 shares issued and outstanding, respectively	0.1	0.1	0.1
Additional paid-in capital	518.5	11.0	1.3
Accumulated other comprehensive loss	(47.2)	(49.3)	(90.9)
Retained earnings	408.1	474.9	524.5
Total stockholders’ equity	879.5	436.7	435.0
Total liabilities and stockholders’ equity	$ 2,562.7	$ 2,472.6	$ 2,469.0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Statement of Financial Position [Abstract]
Class A common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Class A common stock, shares authorized (in shares)	300.0	300.0	300.0
Class A common stock, shares issued (in shares)	69.3	65.3	64.6
Class A common stock, shares outstanding (in shares)	69.3	65.3	64.6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net sales	$ 1,276.8	$ 1,021.0
Cost of sales	946.7	738.6
Gross profit	330.1	282.4
Selling, general and administrative expenses	370.3	386.5
Asset impairments	0.6	3.9
Operating loss	(40.8)	(108.0)
Interest income	(0.1)	(0.9)
Interest expense	24.8	7.6
Loss from continuing operations before income taxes	(65.5)	(114.7)
Income tax expense	1.3	50.4
Net loss from continuing operations	(66.8)	(165.1)
Loss from discontinued operations, net of tax	0.0	(0.6)
Net loss	$ (66.8)	$ (165.7)
Basic loss per share:
Continuing operations (in dollars per share)	$ (1.01)	$ (2.56)
Discontinued operations (in dollars per share)	0	(0.01)
Basic loss per share (in dollars per share)	(1.01)	(2.57)
Diluted loss per share:
Continuing operations (in dollars per share)	(1.01)	(2.56)
Discontinued operations (in dollars per share)	0	(0.01)
Diluted loss per share (in dollars per share)	$ (1.01)	$ (2.57)
Weighted-average shares outstanding:
Basic (in shares)	66.0	64.5
Diluted (in shares)	66.0	64.5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (66.8)	$ (165.7)
Other comprehensive (loss) income:
Foreign currency translation adjustment	2.1	(12.1)
Total comprehensive loss	$ (64.7)	$ (177.8)

- 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

UNAUDITED 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) Income	Retained Earnings
Beginning balance (in shares) at Feb. 01, 2020		64.3
Beginning balance at Feb. 01, 2020	$ 611.5	$ 0.1	$ 0.0	$ (78.8)	$ 690.2
Net loss	(165.7)				(165.7)
Foreign currency translation	(12.1)			(12.1)
Stock-based compensation expense	1.8		1.8
Settlement of stock-based awards (in shares)		0.3
Settlement of stock-based awards	(0.5)		(0.5)
Ending balance (in shares) at May. 02, 2020		64.6
Ending balance at May. 02, 2020	435.0	$ 0.1	1.3	(90.9)	524.5
Beginning balance (in shares) at Jan. 30, 2021		65.3
Beginning balance at Jan. 30, 2021	436.7	$ 0.1	11.0	(49.3)	474.9
Net loss	(66.8)				(66.8)
Issuance of common stock, net of cost (in shares)		3.5
Issuance of common stock, net of cost	551.7		551.7
Foreign currency translation	2.1			2.1
Stock-based compensation expense	5.7		5.7
Settlement of stock-based awards (in shares)		0.5
Settlement of stock-based awards	(49.9)		(49.9)
Ending balance (in shares) at May. 01, 2021		69.3
Ending balance at May. 01, 2021	$ 879.5	$ 0.1	$ 518.5	$ (47.2)	$ 408.1

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Cash flows from operating activities:
Net loss	$ (66.8)	$ (165.7)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization (including amounts in cost of sales)	18.7	21.5
Loss (gain) on retirement of debt	18.2	(0.7)
Asset impairments	0.6	3.9
Stock-based compensation expense	5.7	1.8
Deferred income taxes	0.0	45.4
Gain (Loss) on Disposition of Property Plant Equipment	0.4	0.3
Other, net	(0.5)	1.2
Changes in operating assets and liabilities:
Receivables, net	3.1	54.4
Merchandise inventories	32.4	196.0
Prepaid expenses and other current assets	(2.9)	5.8
Prepaid income taxes and income taxes payable	(1.2)	22.3
Accounts payable and accrued liabilities	(11.4)	(274.1)
Operating lease right-of-use assets and lease liabilities	(15.0)	38.8
Changes in other long-term liabilities	(0.1)	(0.2)
Net cash flows used in operating activities	(18.8)	(49.3)
Cash flows from investing activities:
Purchase of property and equipment	(14.7)	(6.6)
Other	0.0	0.5
Net cash flows used in investing activities	(14.7)	(6.1)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of cost	551.7	0.0
Borrowings from the revolver	0.0	150.0
Repayments of revolver borrowings	(25.0)	(15.0)
Payments of senior notes	(307.4)	(2.3)
Settlement of stock-based awards	(49.9)	(0.5)
Other	(0.1)	(0.3)
Net cash flows provided by financing activities	169.3	131.9
Exchange rate effect on cash, cash equivalents and restricted cash	0.0	(6.1)
Increase in cash, cash equivalents and restricted cash	135.8	70.4
Cash, cash equivalents and restricted cash at beginning of period	635.0	513.5
Cash, cash equivalents and restricted cash at end of period	$ 770.8	$ 583.9

General Information

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

General Information

The Company

GameStop Corp. (“GameStop,” “we,” “us,” “our,” or the “Company”) is a leading specialty retailer offering games and entertainment products through its e-commerce properties and thousands of stores.

GameStop operates its business in four geographic segments: United States, Canada, Australia and Europe. The information contained in these unaudited condensed financial statements refers to continuing operations unless otherwise noted.

Basis of Presentation and Consolidation

The unaudited 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 unaudited 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 as of and for the periods presented. These unaudited condensed consolidated interim 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 do not include all disclosures required under GAAP for complete consolidated financial statements.

These unaudited condensed consolidated financial statements should be read in conjunction with our annual report on Form 10-K for the 52 weeks ended January 30, 2021, as filed with the Securities and Exchange Commission ("SEC") on March 23, 2021, (the “2020 Annual Report on Form 10-K”). Due to the seasonal nature of our business, the results of operations for the 13 weeks ended May 1, 2021 are not indicative of the results to be expected for the 52 weeks ending January 29, 2022 ("fiscal 2021"). Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Each of our fiscal years ending January 29, 2022 ("fiscal 2021") and January 30, 2021 ("fiscal 2020") consist of 52 weeks. The discussion and analysis of our results of operations refers to continuing operations unless otherwise noted. Our business, like that of many retailers, is seasonal, with the major portion of the net sales realized during the fourth fiscal quarter, which includes the holiday selling season.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the 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.

Reclassifications

We have made certain classifications in our consolidated statements in order to conform to the current year presentation. In our consolidated balance sheets, restricted cash of $13.6 million as of May 2, 2020 has been reclassified from other noncurrent assets to long-term restricted cash to conform to the current year presentation. In our consolidated statements of cash flows, gain on retirement of debt of $0.7 million for the 13 weeks ended May 2, 2020 was reclassified from other to loss (gain) on retirement of debt.

Significant Accounting Policies

There have been no material changes to our significant accounting policies included in Note 1, "Nature of Operations and Summary of Significant Accounting Policies," within the 2020 Annual Report on Form 10-K.

Restricted Cash

Restricted cash of $76.1 million, $13.6 million and $126.5 million as of May 1, 2021, May 2, 2020 and January 30, 2021, respectively, consists primarily of bank deposits that collateralize our obligations to vendors and landlords.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows (in millions):


	May 1, 2021		May 2, 2020		January 30, 2021
Cash and cash equivalents	$	694.7	$	570.3	$	508.5
Restricted cash	57.4		—		110.0
Long-term restricted cash	18.7		13.6		16.5
Total cash, cash equivalents and restricted cash in the statements of cash flows	$	770.8	$	583.9	$	635.0

Assets Held-for-Sale

Our corporate aircraft was classified as assets held-for-sale as of May 2, 2020 and had an estimated fair value, less costs to sell, of $9.1 million. We recognized impairment charges of $2.7 million on the corporate aircraft during the 13 weeks ended May 2, 2020, which were partially attributable to economic impacts associated with the COVID-19 pandemic. On June 5, 2020, we sold the corporate aircraft and received net cash proceeds from the sale totaling $8.6 million, net of costs to sell. No gain or loss was recognized upon the sale in the second quarter in fiscal 2020.

Property and Equipment, Net

Accumulated depreciation related to our property and equipment totaled $1,109.9 million, $1,172.4 million and $1,117.7 million as of May 1, 2021, May 2, 2020 and January 30, 2021, respectively.

We periodically review our property and equipment when events or changes in circumstances indicate that its carrying amounts may not be recoverable or its depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores’ projected undiscounted cash flows. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its fair value, determined based on an estimate of discounted future cash flows or readily available market information for similar assets. No impairment losses were recorded during the 13 weeks ended May 1, 2021. Impairment losses were recorded totaling $0.7 million during the 13 weeks ended May 2, 2020.

At-the-Market Equity Offering

During the 13 weeks ended May 1, 2021, we sold 3,500,000 shares of common stock under our "at-the-market" equity offering program (the "ATM Offering"). We generated $556.7 million in gross proceeds from the ATM Offering and paid fees to the sales agent of $5.0 million. Additionally, we incurred $0.2 million in other administrative fees in connection with the ATM Offering during the 13 weeks ended May 1, 2021 which is included in selling, general and administration expenses on the consolidated statement of operation. We have used, and intend to continue to use, the $551.7 million in net proceeds generated from the ATM Offering for working capital and general corporate purposes, including repayment of indebtedness, funding our transformation initiatives and product category expansion efforts, capital expenditures and the satisfaction of our tax withholding obligations upon the vesting of shares of restricted stock held by our executive officers and other employees.

Discontinued Operations and Dispositions

During the fourth quarter of fiscal 2018, we sold our Spring Mobile business. The historic results of Spring Mobile are presented as discontinued operations, which primarily consist of residual wind-down costs for all periods presented. The net loss from discontinued operations for the 13 weeks ended May 2, 2020 consisted of $0.8 million in selling, general and administrative expenses and $0.2 million in income tax benefit, respectively. There were no discontinued operations during the first fiscal quarter of 2021.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard is intended to simplify the accounting and disclosure requirements for income taxes by eliminating various exceptions in accounting for income taxes as well as clarifying and amending existing guidance to improve consistency in application of ASC 740. The provisions of ASU 2019-12 are effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The adoption of this standard is not expected to result in a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides practical expedients for contract modifications with the transition from reference rates, such as LIBOR, that are expected to be discontinued. This guidance is applicable for our revolving line of credit, which uses LIBOR as a reference rate. The provisions of ASU 2020-04 are effective as of March 12, 2020 and may be adopted

prospectively through December 31, 2022. We are currently evaluating the impact that ASU 2020-04 will have on our consolidated financial statements.

COVID-19 Impacts	3 Months Ended
COVID-19 Impacts	May 01, 2021
Asset Impairment Charges [Abstract]
COVID-19 Impacts	COVID-19 Impacts Throughout fiscal 2020, we temporarily closed stores or limited store operations at various times across our four operating segments. During the first fiscal quarter of 2021, temporary closures were limited to certain jurisdictions in Europe and Canada. Although certain stores experienced temporary closures during the first fiscal quarter of 2021, some of our stores offered and continue to offer curbside pick-up. We remain vigilant in our compliance with COVID-19 regulations across our operating regions. Impact on Operating Results and Asset Recoverability While the gaming industry has not been as severely impacted by the COVID-19 pandemic as certain other consumer businesses, store closures during the stay-at-home orders in certain countries continue to adversely impact our results of operations during the 13 weeks ended May 1, 2021. During the first fiscal quarter of 2021, we continued to evaluate the impact on our assets, including accounts receivable, inventory, and long-lived assets. In addition, during the first fiscal quarter of 2021, we continued to assess the likelihood of realizing the benefits of our deferred tax assets. We estimate the realizability of our deferred tax assets using several factors, including the weight of available evidence, which takes into consideration cumulative book losses and projections of future taxable income in certain jurisdictions. As a result of this analysis, we continue to maintain a full valuation allowance on all of our net deferred tax assets. Liquidity and Other Impacts As of May 1, 2021, we had total unrestricted cash on hand of $694.7 million, $76.1 million of restricted cash and an additional $99.9 million of available borrowing capacity under our revolving credit facility. On March 15, 2021, we repaid our outstanding borrowings of $25.0 million under our revolving credit facility. See Note 6, "Debt," for further information. During the 13 weeks ended May 1, 2021, we completed the ATM Offering which generated aggregate net proceeds of $551.7 million. See Note 1, "General Information" for further details. Additionally, during the 13 weeks ended May 1, 2021, we repaid the remaining $73.2 million aggregate principal amount of our outstanding 6.75% unsecured senior notes due in March 2021, (the "2021 Senior Notes") and we completed the voluntary early redemption of the remaining $216.4 million balance of our outstanding 10.0% secured senior notes due 2023 ("2023 Senior Notes"). See Note 6, "Debt" for further details. In light of our efforts to strengthen our balance sheet including the paydown of our debt obligations, we project we will have adequate liquidity for the next 12 months and the foreseeable future to maintain normal operations. The COVID-19 pandemic remains an evolving situation and its impact on our business, operating results, cash flows and financial conditions will depend on the geographies impacted by the virus, the ongoing economic effect of the pandemic, the additional economic stimulus programs introduced by governments, and the timing of the post-pandemic economic recovery. Even as we continue to comply with all governmental health and safety requirements for our associates and customers while resuming and maintaining substantially full operations, the persistence and potential resurgence of the COVID-19 pandemic may require us to temporarily close stores again in future periods or introduce modified operating schedules and may impact customer behaviors, including a potential reduction in consumer discretionary spending. These developments could increase asset recovery and valuation risks. Further, the uncertainties in the global economy could impact the financial viability of our suppliers, which may interrupt our supply chain and require other changes to operations. In light of the foregoing, the extent and duration of the COVID-19 pandemic, and responses of governments, customers, suppliers and other third parties, may materially adversely impact our business, financial condition, results of operations and cash flows.

Revenue

3 Months Ended

May 01, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Net sales by significant product category for the periods indicated is as follows (in millions):


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Hardware and accessories (1)	$	703.5	$	513.1
Software (2)	397.9		417.0
Collectibles	175.4		90.9
Total	$	1,276.8	$	1,021.0

__________________________________________________

(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 video game software, digital software and PC entertainment software.

See Note 9, "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. Revenues do not include sales tax or other taxes collected from customers. 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. These performance obligations are included in accrued liabilities and other current liabilities in our consolidated balance sheets.

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. As of May 1, 2021 and May 2, 2020, our unredeemed customer liabilities totaled $200.3 million and $209.7 million, respectively.

We offer extended warranties on certain new and pre-owned video game 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. As of May 1, 2021 and May 2, 2020, our deferred revenue liability related to extended warranties totaled $81.0 million and $60.1 million, respectively.

Performance obligations associated with subscriptions to Game Informer® magazine are satisfied when monthly magazines are delivered in print form or made available in digital format. The significant majority of customer subscriptions are for 12 monthly issues. As of May 1, 2021 and May 2, 2020, we had deferred revenue of $41.3 million and $34.8 million, respectively, associated with our Game Informer® magazine.

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 product(s) 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 opening balance, current period changes and ending balance of our contract liabilities are as follows (in millions):



	May 1, 2021		May 2, 2020
Contract liability beginning balance	$	348.2	$	339.2

Increase to contract liabilities (1)	208.7		151.5
Decrease to contract liabilities (2)	(234.5)		(184.5)
Other adjustments (3)	0.2		(1.6)
Contract liability ending balance	$	322.6	$	304.6

__________________________________________________

(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 as well as revenues recognized for Game Informer® and extended warranties. During the 13 weeks ended May 1, 2021, there were $23.5 million of gift cards redeemed that were outstanding as of January 30, 2021. During the 13 weeks ended May 2, 2020, there were $21.2 million of gift cards redeemed that were outstanding as of February 1, 2020.

(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

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements and Financial Instruments

3 Months Ended

May 01, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

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. 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 within 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 foreign currency contracts, Company-owned life insurance policies with a cash surrender value, and certain nonqualified deferred compensation liabilities.

We value 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, as well as 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.

Our assets and liabilities measured at fair value on a recurring basis as of May 1, 2021, May 2, 2020 and January 30, 2021, utilize Level 2 inputs and include the following (in millions):


	May 1, 2021		May 2, 2020		January 30, 2021
Assets
Foreign currency contracts(1)	$	2.7	$	2.4	$	2.5
Company-owned life insurance(2)	2.8		3.6		2.7
Total assets	$	5.5	$	6.0	$	5.2
Liabilities
Foreign currency contracts(3)	$	0.8	$	1.1	$	2.4
Nonqualified deferred compensation(3)	0.6		0.9		0.6

Total liabilities	$	1.4	$	2.0	$	3.0

__________________________________________________

(1) Recognized in prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets.

(2) Recognized in other non-current assets in our unaudited condensed consolidated balance sheets.

(3) Recognized in accrued liabilities and other current liabilities in our unaudited condensed consolidated balance sheets.

We use forward exchange contracts to manage currency risk primarily related to intercompany loans and third party accounts payable denominated in non-functional currencies. These foreign currency contracts are not designated as hedges and, therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the re-measurement of related balances denominated in foreign currencies. The total gross notional value of derivatives related to our foreign currency contracts was $239.2 million, $213.9 million and $206.9 million as of May 1, 2021, May 2, 2020 and January 30, 2021, respectively.

Activity related to the trading of derivative instruments and the offsetting impact of related balances denominated in foreign currencies recognized in selling, general and administrative expense is as follows (in millions):


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Gains on the changes in fair value of derivative instruments	$	2.5	$	2.4
Losses on the re-measurement of related intercompany loans and third-party accounts payable denominated in foreign currencies	(1.8)		(2.1)
Net gains	$	0.7	$	0.3

We do not use derivative financial instruments for trading or speculative purposes. We are exposed to counterparty credit risk on all of our derivative financial instruments and cash equivalent investments. We manage counterparty risk according to the guidelines and controls established under our comprehensive risk management and investment policies. We continuously

monitor our counterparty credit risk and utilize a number of different counterparties to minimize our exposure to potential defaults. We do not require collateral under derivative or investment agreements.

Assets that are Measured at Fair Value on a Non-recurring Basis

Assets that are measured at fair value on a non-recurring basis relate primarily to property and equipment, operating lease right-of-use ("ROU") assets and other intangible assets, which are remeasured when the estimated fair value is below its carrying value. For these assets, we do not periodically adjust carrying value to fair value; rather, when we determine that impairment has occurred, the carrying value of the asset is reduced to its fair value.

During the 13 weeks ended May 1, 2021, we recognized impairment charges totaling $0.6 million associated with store-level ROU assets, to reflect their fair values. During the 13 weeks ended May 2, 2020, we recognized $1.2 million of impairment charges associated with store-level ROU and property and equipment assets to reflect their fair values. We also recognized $2.7 million of impairment charges related to our corporate aircraft to reflect its fair value of $9.1 million as of May 2, 2020. The corporate aircraft was classified as assets held-for-sale in our unaudited condensed consolidated balance sheet as of May 2, 2020. We sold our corporate aircraft on June 5, 2020.

Other Fair Value Disclosures

The carrying values of our cash equivalents, net receivables, accounts payable and short-term borrowings 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

Leases

3 Months Ended

May 01, 2021

Leases [Abstract]

Leases

We conduct the substantial majority of our business with leased real estate properties, including retail stores, fulfillment and distribution facilities and office space. We also lease certain equipment and vehicles. These are generally leased under noncancelable agreements and include various renewal options for additional periods. These agreements generally provide for minimum, and in some cases, percentage rentals, and require us to pay insurance, taxes and other maintenance costs. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rentals can be accurately estimated. All of our lease agreements are classified as operating leases.

Rent expense under operating leases was as follows (in millions):


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Operating lease cost	$	74.9	$	81.4
Variable lease cost (1)	17.5		20.9
Total rent expense	$	92.4	$	102.3

_____________________________________________

(1) Variable lease cost primarily includes percentage rentals and variable executory costs.

Debt

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Debt

The carrying value of our debt is comprised as follows (in millions):


	May 1, 2021		May 2, 2020		January 30, 2021
Revolving credit facility due 2022	$	—	$	135.0	$	25.0
French term loans due 2021(1)	48.1		—		48.6

2021 Senior Notes principal amount	—		418.4		73.2
2023 Senior Notes principal amount	—		—		216.4
Less: Senior Notes unamortized debt financing costs	—		(1.2)		(0.5)
Total debt, net	$	48.1	$	552.2	$	362.7
Less: short-term debt and current portion of long-term debt(2)	(48.1)		(552.2)		(146.7)
Long-term debt, net	$	—	$	—	$	216.0

_______________________________________________________________

(1) These term loans are government subsidized low interest loans that may be extended, subject to specified conditions, for up to five additional years at Micromania SAS's request.

(2) Current period include the French term loans due July 2021 and October 2021. Prior periods include advances under the revolving credit facility due November 2022, the French term loans due July 2021 and October 2021 and the 2021 Senior Notes, net of the associated unamortized debt financing costs.

2021 Debt Payments

On March 15, 2021, we repaid at maturity $73.2 million outstanding principal amount of our 2021 Senior Notes.

On April 30, 2021, we completed the voluntary early redemption of $216.4 million outstanding principal amount of our 2023 Senior Notes. This voluntary early redemption covered the entire amount of then outstanding 2023 Senior Notes, which represented all of our long-term debt. In connection with the voluntary early redemption of our 2023 Senior Notes, we paid approximately $219.1 million in aggregate consideration, including accrued and unpaid interest. In connection with the voluntary early redemption of the 2023 Senior Notes, we paid a $17.8 million make-whole premium which is included in interest expense in our consolidated statements of operations. Additionally, we accelerated amortization of $0.4 million deferred financing costs associated with our 2023 Senior Notes.

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 ($48.1 million as of May 1, 2021). The term loans all bear interest at 0%. Three of the term loans totaling €20.0 million mature in July 2021 and the other three term loans totaling €20.0 million mature in October 2021, and all of them may be extended, subject to specified conditions, for up to five additional years at Micromania SAS's request. In connection with any such extension, the interest rate would increase to a rate to be determined at the time of the extension. 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.

Each of Micromania SAS's term loans, as described above, restrict the ability of Micromania SAS to make distributions and loans to its affiliates, and include various events that would result in the automatic acceleration of the loans thereunder, including failure to pay any principal or interest when due, acceleration of other indebtedness, a change of control and certain bankruptcy, insolvency or receivership events.

Revolving Credit Facility

We maintain an asset-based revolving credit facility (the “Revolver”) with a borrowing base capacity up to $420 million and a maturity date of November 2022. The Revolver also includes a $200 million expansion feature and $100 million letter of credit sublimit, and allows for an incremental $50 million first-in, last-out facility. The applicable margins for prime rate loans range from 0.25% to 0.50% and, for the London Interbank Offered ("LIBO") rate loans, range from 1.25% to 1.50%. The Revolver is secured by substantially all of our assets and the assets of our domestic subsidiaries. As of May 1, 2021, the applicable margin was 0.25% for prime rate loans and 1.19% for LIBO rate loans.

The agreement governing our Revolver places certain restrictions on us and our subsidiaries, including, among others, limitations on asset sales, additional liens, investments, incurrence of additional debt and share repurchases. Additionally, the agreement contains customary events of default, including, among others, payment defaults, breaches of covenants and certain events of bankruptcy, insolvency and reorganization. The Revolver is also subject to a fixed charge coverage ratio covenant if excess availability is below certain thresholds (the "Availability Reduction").

As of May 1, 2021, we had no borrowings outstanding under the Revolver. During the first fiscal quarter of 2021, we repaid $25.0 million in borrowings under the Revolver. As of May 1, 2021, total availability under the Revolver after giving effect to the Availability Reduction was $99.9 million, with no outstanding borrowings and outstanding standby letters of credit of $44.0 million. We are currently in compliance with all covenants in the Revolver.

Letter of Credit Facilities

Separately from the Revolver, 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 May 1, 2021, we had $38.2 million of outstanding letters of credit and bank guarantees under facilities outside of the Revolver.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	May 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments During the 13 weeks ended May 1, 2021, there were no material changes to our commitments as disclosed in our 2020 Annual Report on Form 10-K except as discussed in Note 6, "Debt." Contingencies 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.

Earnings Per Share

3 Months Ended

May 01, 2021

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 and unvested restricted stock 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 antidilutive. A net loss from continuing operations causes all potentially dilutive securities to be antidilutive. We have certain undistributed stock awards that participate in dividends on a non-forfeitable basis, however, their impact on earnings per share under the two-class method is negligible.

A reconciliation of shares used in calculating basic and diluted net loss per common share is as follows (in millions):


	13 Weeks Ended
	May 1, 2021	May 2, 2020
Weighted-average common shares outstanding	66.0	64.5
Dilutive effect of stock options and restricted stock awards	—	—
Weighted-average diluted common shares outstanding	66.0	64.5

Anti-dilutive stock options and restricted stock awards	2.6	2.8

Shares of restricted stock granted by us are considered to be legally issued and outstanding as of the date of grant, notwithstanding that the shares remain subject to risk of forfeiture if the vesting conditions for such shares are not met, and are included in the number of shares of Class A common stock outstanding disclosed on the cover page of this Quarterly Report on Form 10-Q as of June 1, 2021. Weighted average common shares outstanding excludes time-based and performance-based unvested shares of restricted Class A common stock, as restricted shares are treated as issued and outstanding for financial statement presentation purposes only after such shares have vested and, therefore, have ceased to be subject to a risk of forfeiture. As of May 1, 2021, May 2, 2020 and January 30, 2021 there were 2.6 million, 2.8 million and 4.6 million, respectively, of unvested shares of restricted stock. Accordingly, as of May 1, 2021, May 2, 2020 and January 30, 2021 there were 71.9 million, 67.4 million and 69.9 million, respectively, of shares of Class A common stock, including unvested restricted shares, legally issued and outstanding.

Segment Information

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Segment Information

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 and Guam; our e-commerce operations; and Game Informer® magazine. The United States segment also includes general and administrative expenses related to our corporate headquarters in Grapevine, Texas. Segment results for Canada include retail and e-commerce operations in Canada and segment results for Australia include retail and e-commerce operations in Australia and New Zealand. Segment results for Europe include retail and e-commerce operations in six European countries for the 13 weeks ended May 1, 2021 and ten European countries for the 13 weeks ended May 2, 2020. We measure segment profit using operating earnings, which is defined as income from continuing operations before intercompany royalty fees, net interest 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 13 weeks ended May 1, 2021 and May 2, 2020.

Segment information for the 13 weeks ended May 1, 2021 and May 2, 2020 is as follows (in millions):


	United States		Canada		Australia		Europe		Consolidated
13 weeks ended May 1, 2021
Net sales	$	966.3	$	61.9	$	114.8	$	133.8	$	1,276.8
Operating loss	(3.6)		(2.9)		(0.4)		(33.9)		(40.8)
13 weeks ended May 2, 2020
Net sales	$	760.6	$	39.7	$	113.7	$	107.0	$	1,021.0
Operating loss	(51.1)		(9.4)		(0.5)		(47.0)		(108.0)

- 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.

+ References

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

Income Taxes	3 Months Ended
Income Taxes	May 01, 2021
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. With respect to the CARES Act, we have benefited from the deferral of certain payroll taxes, the carryback of a fiscal 2020 net operating loss, the modification of limitation on business interest and the technical correction with respect to qualified improvement property. As a result of the carryback of NOLs allowed by the CARES Act, U.S. federal income tax receivable increased to $157.8 million as of May 1, 2021 compared to $22.9 million as of May 2, 2020. U.S. federal income tax receivable is included in prepaid expenses and other current assets in our consolidated balance sheet. Our interim tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events and/or adjustments that may occur during the quarter. We recognized an income tax expense of $1.3 million, or (2.0%), for the 13 weeks ended May 1, 2021 compared to an income tax expense of $50.4 million, or (43.9%), for the 13 weeks ended May 2, 2020. For the 13 weeks ended May 1, 2021, our effective income tax rate of (2.0%) is primarily due to not providing tax benefits on current period losses because of valuation allowances recorded in prior periods, as well as forecasted income taxes due in certain limited foreign jurisdictions within which we operate. Our effective tax rate of (43.9%) for the 13 weeks ended May 2, 2020 was primarily due to having recorded significant valuation allowance increases, partially offset by certain tax benefits related to the CARES Act, during that period.

- 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 + Details

General Information (Policies)	3 Months Ended
General Information (Policies)	May 01, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The unaudited 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 unaudited 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 as of and for the periods presented. These unaudited condensed consolidated interim 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 do not include all disclosures required under GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our annual report on Form 10-K for the 52 weeks ended January 30, 2021, as filed with the Securities and Exchange Commission ("SEC") on March 23, 2021, (the “2020 Annual Report on Form 10-K”). Due to the seasonal nature of our business, the results of operations for the 13 weeks ended May 1, 2021 are not indicative of the results to be expected for the 52 weeks ending January 29, 2022 ("fiscal 2021"). Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Each of our fiscal years ending January 29, 2022 ("fiscal 2021") and January 30, 2021 ("fiscal 2020") consist of 52 weeks. The discussion and analysis of our results of operations refers to continuing operations unless otherwise noted. Our business, like that of many retailers, is seasonal, with the major portion of the net sales realized during the fourth fiscal quarter, which includes the holiday selling season.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the 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.
Reclassifications	Reclassifications We have made certain classifications in our consolidated statements in order to conform to the current year presentation.
Restricted Cash	Restricted Cash Restricted cash of $76.1 million, $13.6 million and $126.5 million as of May 1, 2021, May 2, 2020 and January 30, 2021, respectively, consists primarily of bank deposits that collateralize our obligations to vendors and landlords.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard is intended to simplify the accounting and disclosure requirements for income taxes by eliminating various exceptions in accounting for income taxes as well as clarifying and amending existing guidance to improve consistency in application of ASC 740. The provisions of ASU 2019-12 are effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The adoption of this standard is not expected to result in a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides practical expedients for contract modifications with the transition from reference rates, such as LIBOR, that are expected to be discontinued. This guidance is applicable for our revolving line of credit, which uses LIBOR as a reference rate. The provisions of ASU 2020-04 are effective as of March 12, 2020 and may be adopted prospectively through December 31, 2022. We are currently evaluating the impact that ASU 2020-04 will have on our consolidated financial statements.

General Information (Tables)

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

Reconciliation of Cash and Cash Equivalents


	May 1, 2021		May 2, 2020		January 30, 2021
Cash and cash equivalents	$	694.7	$	570.3	$	508.5
Restricted cash	57.4		—		110.0
Long-term restricted cash	18.7		13.6		16.5
Total cash, cash equivalents and restricted cash in the statements of cash flows	$	770.8	$	583.9	$	635.0

Revenue (Tables)

3 Months Ended

May 01, 2021

Revenue from Contract with Customer [Abstract]

Sales and Percentage of Total Net Sales by Significant Product Category

Net sales by significant product category for the periods indicated is as follows (in millions):


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Hardware and accessories (1)	$	703.5	$	513.1
Software (2)	397.9		417.0
Collectibles	175.4		90.9
Total	$	1,276.8	$	1,021.0

__________________________________________________

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

Contract with Customer, Asset and Liability

The opening balance, current period changes and ending balance of our contract liabilities are as follows (in millions):



	May 1, 2021		May 2, 2020
Contract liability beginning balance	$	348.2	$	339.2

Increase to contract liabilities (1)	208.7		151.5
Decrease to contract liabilities (2)	(234.5)		(184.5)
Other adjustments (3)	0.2		(1.6)
Contract liability ending balance	$	322.6	$	304.6

__________________________________________________

(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.

Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

May 01, 2021

Fair Value Disclosures [Abstract]

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

Our assets and liabilities measured at fair value on a recurring basis as of May 1, 2021, May 2, 2020 and January 30, 2021, utilize Level 2 inputs and include the following (in millions):


	May 1, 2021		May 2, 2020		January 30, 2021
Assets
Foreign currency contracts(1)	$	2.7	$	2.4	$	2.5
Company-owned life insurance(2)	2.8		3.6		2.7
Total assets	$	5.5	$	6.0	$	5.2
Liabilities
Foreign currency contracts(3)	$	0.8	$	1.1	$	2.4
Nonqualified deferred compensation(3)	0.6		0.9		0.6

Total liabilities	$	1.4	$	2.0	$	3.0

__________________________________________________

(1) Recognized in prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets.

(2) Recognized in other non-current assets in our unaudited condensed consolidated balance sheets.

(3) Recognized in accrued liabilities and other current liabilities in our unaudited condensed consolidated balance sheets.

Gains and Losses on Derivative Instruments and Foreign Currency Transaction


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Gains on the changes in fair value of derivative instruments	$	2.5	$	2.4
Losses on the re-measurement of related intercompany loans and third-party accounts payable denominated in foreign currencies	(1.8)		(2.1)
Net gains	$	0.7	$	0.3

Leases (Tables)

3 Months Ended

May 01, 2021

Leases [Abstract]

Lease, Cost

Rent expense under operating leases was as follows (in millions):


	13 Weeks Ended
	May 1, 2021		May 2, 2020
Operating lease cost	$	74.9	$	81.4
Variable lease cost (1)	17.5		20.9
Total rent expense	$	92.4	$	102.3

_____________________________________________

(1) Variable lease cost primarily includes percentage rentals and variable executory costs.

Debt (Tables)

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The carrying value of our debt is comprised as follows (in millions):


	May 1, 2021		May 2, 2020		January 30, 2021
Revolving credit facility due 2022	$	—	$	135.0	$	25.0
French term loans due 2021(1)	48.1		—		48.6

2021 Senior Notes principal amount	—		418.4		73.2
2023 Senior Notes principal amount	—		—		216.4
Less: Senior Notes unamortized debt financing costs	—		(1.2)		(0.5)
Total debt, net	$	48.1	$	552.2	$	362.7
Less: short-term debt and current portion of long-term debt(2)	(48.1)		(552.2)		(146.7)
Long-term debt, net	$	—	$	—	$	216.0

_______________________________________________________________

(1) These term loans are government subsidized low interest loans that may be extended, subject to specified conditions, for up to five additional years at Micromania SAS's request.

Earnings Per Share (Tables)

3 Months Ended

May 01, 2021

Earnings Per Share [Abstract]

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

A reconciliation of shares used in calculating basic and diluted net loss per common share is as follows (in millions):


	13 Weeks Ended
	May 1, 2021	May 2, 2020
Weighted-average common shares outstanding	66.0	64.5
Dilutive effect of stock options and restricted stock awards	—	—
Weighted-average diluted common shares outstanding	66.0	64.5

Anti-dilutive stock options and restricted stock awards	2.6	2.8

Segment Information (Tables)

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Sales by Segment

Segment information for the 13 weeks ended May 1, 2021 and May 2, 2020 is as follows (in millions):


	United States		Canada		Australia		Europe		Consolidated
13 weeks ended May 1, 2021
Net sales	$	966.3	$	61.9	$	114.8	$	133.8	$	1,276.8
Operating loss	(3.6)		(2.9)		(0.4)		(33.9)		(40.8)
13 weeks ended May 2, 2020
Net sales	$	760.6	$	39.7	$	113.7	$	107.0	$	1,021.0
Operating loss	(51.1)		(9.4)		(0.5)		(47.0)		(108.0)

General Information - The Company (Details)	3 Months Ended
General Information - The Company (Details)	May 01, 2021 segment
Accounting Policies [Abstract]
Number of reportable segments	4

General Information - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term restricted cash	$ 18.7	$ 13.6	$ 16.5
Gain on retirement of debt reclassified	$ 18.2	(0.7)
Reclassification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term restricted cash		13.6
Gain on retirement of debt reclassified		$ 0.7

General Information - Restricted Cash (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020	Feb. 01, 2020
Accounting Policies [Abstract]
Restricted cash and cash equivalents	$ 76.1	$ 126.5	$ 13.6
Cash and cash equivalents	694.7	508.5	570.3
Restricted cash	57.4	110.0	0.0
Long-term restricted cash	18.7	16.5	13.6
Total cash, cash equivalents and restricted cash in the statements of cash flows	$ 770.8	$ 635.0	$ 583.9	$ 513.5

General Information - Assets Held-for-Sale (Details) - USD ($)		3 Months Ended
	Jun. 05, 2020	May 02, 2020	May 01, 2021	Jan. 30, 2021
Accounting Policies [Abstract]
Assets held-for-sale		$ 9,100,000	$ 0	$ 0
Impairment charges from assets held for sale		$ 2,700,000
Proceeds from sale of property held-for-sale	$ 8,600,000
Gain (loss) on sale of aircraft	$ 0

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

General Information - Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Accounting Policies [Abstract]
Accumulated depreciation	$ 1,109.9	$ 1,172.4	$ 1,117.7
Impairment losses from property and equipment	$ 0.0	$ 0.7

General Information - At-the-Market Equity Offering (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Accounting Policies [Abstract]
Number of shares sold (in shares)	3.5
Gross proceeds from sale of common stock	$ 556.7
Fees paid to sales agent	5.0
Other administrative fees	0.2
Net proceeds from sale of common stock	$ 551.7	$ 0.0

General Information - Discontinued Operations and Dispositions (Details) - Spring Mobile - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	May 02, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative expenses	$ 0.8
Income tax benefit	$ 0.2

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

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+ Details

COVID-19 Impacts (Details) $ in Millions		3 Months Ended
COVID-19 Impacts (Details) $ in Millions	Mar. 15, 2021 USD ($)	May 01, 2021 USD ($) segment	May 02, 2020 USD ($)	Apr. 30, 2021 USD ($)	Jan. 30, 2021 USD ($)
Debt Instrument [Line Items]
Number of operating segments \| segment		4
Cash and cash equivalents		$ 694.7	$ 570.3		$ 508.5
Restricted cash and cash equivalents		76.1	13.6		126.5
Repayments of revolver borrowings	$ 25.0	25.0	15.0
Net proceeds from sale of common stock		551.7	0.0
Revolving credit facility due 2022 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total availability under the revolver		99.9
Repayments of revolver borrowings		25.0
Senior Notes 6.75% due 2021 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument remaining amount		$ 73.2
Interest rate		6.75%
Principal amount		$ 0.0	418.4		73.2
Senior Notes 10.00% due 2023 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		10.00%
Principal amount		$ 0.0	$ 0.0	$ 216.4	$ 216.4

Revenue - Sales and Percentage of Total Net Sales by Significant Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,276.8	$ 1,021.0
Hardware and accessories
Disaggregation of Revenue [Line Items]
Net sales	703.5	513.1
Software
Disaggregation of Revenue [Line Items]
Net sales	397.9	417.0
Collectibles
Disaggregation of Revenue [Line Items]
Net sales	$ 175.4	$ 90.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Minimum
Disaggregation of Revenue [Line Items]
Extended warranty term	12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended warranty term	24 months
Customer Liabilities
Disaggregation of Revenue [Line Items]
Deferred credits	$ 200.3	$ 209.7
Extended Warranties
Disaggregation of Revenue [Line Items]
Deferred credits	81.0	60.1
Magazine Subscriptions
Disaggregation of Revenue [Line Items]
Deferred credits	$ 41.3	$ 34.8

Revenue - Change In Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Contract With Customer, Contract Liabilities [Roll Forward]
Contract liability beginning balance	$ 348.2	$ 339.2
Increase to contract liabilities	208.7	151.5
Decrease to contract liabilities	(234.5)	(184.5)
Other adjustments	0.2	(1.6)
Contract liability ending balance	322.6	304.6
Gift Card Trade In Credits
Contract With Customer, Contract Liabilities [Roll Forward]
Revenue recognized	$ 23.5	$ 21.2

Fair Value Measurements and Financial Instruments - Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Inputs, Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Assets
Foreign currency contracts	$ 2.7	$ 2.5	$ 2.4
Company-owned life insurance	2.8	2.7	3.6
Total assets	5.5	5.2	6.0
Liabilities
Foreign currency contracts	0.8	2.4	1.1
Nonqualified deferred compensation	0.6	0.6	0.9
Total liabilities	$ 1.4	$ 3.0	$ 2.0

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of foreign currency derivatives	$ 239.2	$ 213.9	$ 206.9
Impairment losses from store closures	0.6	1.2
Impairment charges from assets held for sale		2.7
Assets held-for-sale	$ 0.0	$ 9.1	$ 0.0

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Fair Value Measurements and Financial Instruments - Gains and Losses on Derivative Instruments and Foreign Currency Transaction (Detail) - Selling, General and Administrative Expense - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Fair Value Derivative Contract Assets and Liabilities Measured On Recurring Basis Gain Loss Included In Earnings [Line Items]
Gains on the changes in fair value of derivative instruments	$ 2.5	$ 2.4
Losses on the re-measurement of related intercompany loans and third-party accounts payable denominated in foreign currencies	(1.8)	(2.1)
Net gains	$ 0.7	$ 0.3

Leases - Rent Expense and Other Cost Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Leases [Abstract]
Operating lease cost	$ 74.9	$ 81.4
Variable lease cost	17.5	20.9
Total rent expense	$ 92.4	$ 102.3

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Millions	May 02, 2020	May 01, 2021	Apr. 30, 2021	Jan. 30, 2021
Debt Disclosure [Line Items]
Less: Senior Notes unamortized debt financing costs	$ (1.2)	$ 0.0		$ (0.5)
Total debt, net	552.2	48.1		362.7
Less: short-term debt and current portion of long-term debt	(552.2)	(48.1)		(146.7)
Long-term debt, net	0.0	0.0		216.0
Revolving credit facility due 2022 \| Revolving Credit Facility \| Line of Credit
Debt Disclosure [Line Items]
Principal amount	135.0	0.0		25.0
French term loans due July 2021 \| Unsecured Debt
Debt Disclosure [Line Items]
French term loans due 2021	0.0	48.1		48.6
2021 Senior Notes principal amount \| Senior Notes
Debt Disclosure [Line Items]
Principal amount	418.4	0.0		73.2
2023 Senior Notes principal amount \| Senior Notes
Debt Disclosure [Line Items]
Principal amount	$ 0.0	$ 0.0	$ 216.4	$ 216.4
French Term Loans and Credit Facility \| Unsecured Debt
Debt Disclosure [Line Items]
Debt instrument, term	5 years

Debt - Narrative (Details) € in Millions, $ in Millions			3 Months Ended
Debt - Narrative (Details) € in Millions, $ in Millions	Apr. 30, 2021 USD ($)	Mar. 15, 2021 USD ($)	May 01, 2021 USD ($)	May 02, 2020 USD ($) segment	Jan. 30, 2021 USD ($)	May 02, 2020 EUR (€)
Debt Disclosure [Line Items]
Loss (gain) on retirement of debt			$ 18.2	$ (0.7)
Borrowings under revolving line of credit			0.0	135.0	$ 25.0
Repayments of revolver borrowings		$ 25.0	25.0	15.0
Letter of Credit
Debt Disclosure [Line Items]
Letters of credit outstanding			38.2
Senior Notes 6.75% due 2021 \| Senior Notes
Debt Disclosure [Line Items]
Repayment of senior notes		$ 73.2
Principal amount			$ 0.0	418.4	73.2
Interest rate			6.75%
Senior Notes 10.00% due 2023 \| Senior Notes
Debt Disclosure [Line Items]
Repayment of senior notes	$ 219.1
Principal amount	216.4		$ 0.0	$ 0.0	$ 216.4
Loss (gain) on retirement of debt	17.8
Accelerated amortization deferred financing cost	$ 0.4
Interest rate			10.00%
French Term Loans and Credit Facility \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans \| segment				6
Debt issued \| €						€ 40.0
Notes and loans payable, current				$ 48.1
Interest rate				0.00%		0.00%
Debt instrument, term				5 years
Percent guaranteed by French government				90.00%
French term loans due July 2021 \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans \| segment				3
Debt issued				$ 20.0
French term loans due October 2021 \| Unsecured Debt
Debt Disclosure [Line Items]
Number of separate unsecured term loans \| segment				3
Debt issued \| €						€ 20.0
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit, current borrowing capacity			$ 420.0
Line of credit facility additional borrowing capacity			200.0
Line of credit, maximum borrowing capacity			100.0
Incremental FILO facility			50.0
Borrowings under revolving line of credit			0.0
Repayments of revolver borrowings			25.0
Total availability under the revolver			99.9
Letters of credit outstanding			$ 44.0
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| Prime Rate
Debt Disclosure [Line Items]
Applicable margin rate			0.25%
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| Prime Rate \| Minimum
Debt Disclosure [Line Items]
Interest rate margin			0.25%
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| Prime Rate \| Maximum
Debt Disclosure [Line Items]
Interest rate margin			0.50%
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Disclosure [Line Items]
Applicable margin rate			1.19%
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Disclosure [Line Items]
Interest rate margin			1.25%
Revolving credit facility due 2022 \| Line of Credit \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Disclosure [Line Items]
Interest rate margin			1.50%

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
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	66.0	64.5
Dilutive effect of stock options and restricted stock awards (in shares)	0.0	0.0
Weighted-average diluted common shares outstanding (in shares)	66.0	64.5
Anti-dilutive stock options and restricted stock awards (in shares)	2.6	2.8

Earnings Per Share (Details) - Common Class A - shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested shares of restricted stock (in shares)	2,600,000	4,600,000	2,800,000
Common stock and unvested shares of restricted stock (in shares)	71,900,000	69,900,000	67,400,000

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
Segment Information - Narrative (Details) $ in Millions	May 01, 2021 USD ($) segment Location	May 02, 2020 USD ($) Location
Segment Reporting Disclosure [Line Items]
Number of reportable segments \| segment	4
Net sales \| $	$ 1,276.8	$ 1,021.0
United States
Segment Reporting Disclosure [Line Items]
Number of states the entity operates	50
Europe \| Retail and e-commerce
Segment Reporting Disclosure [Line Items]
Number of countries in which the entity operates	6	10

- Definition

+ References

+ Details

Segment Information - Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,276.8	$ 1,021.0
Operating loss	(40.8)	(108.0)
United States
Segment Reporting Information [Line Items]
Net sales	966.3	760.6
Operating loss	(3.6)	(51.1)
Canada
Segment Reporting Information [Line Items]
Net sales	61.9	39.7
Operating loss	(2.9)	(9.4)
Australia
Segment Reporting Information [Line Items]
Net sales	114.8	113.7
Operating loss	(0.4)	(0.5)
Europe
Segment Reporting Information [Line Items]
Net sales	133.8	107.0
Operating loss	$ (33.9)	$ (47.0)

- Definition

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Income Tax Disclosure [Abstract]
Income taxes receivable	$ 157.8	$ 22.9
Income tax expense	$ 1.3	$ 50.4
Effective tax rate	2.00%	43.90%

- Definition

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

+ References + Details