GAMESTOP | 2015 ANNUAL REPORT GAAP Revenue Gross Profit $10.5 $3.0 32% Non-GAAP Gross Profit $31.2%
Revenue $10.2 Margin
$10.0 $10.0 $2.8 30% $29.9% $29.8% $29.4% $2.9 $9.5 $9.5 $2.6 $2.8 28% $9.3 $2.7 $2.7 $9.0 $2.4 26% $9.4 $9.3 Gross Profit
$8.5 $9.0 $2.2 24%
Non-GAAP & $8.9 and Gross GAAP Revenue* Profit Margin $8.0 $2.0 22% (In Millions) (In Millions) ’12 ’13 ’14 ’15 ’12 ’13 ’14 ’15
* Non-GAAP revenue is defined as GAAP net sales plus the difference between GAAP digital sales and digital receipts. Digital receipts is defined as the full amount paid by customers for digital content at the time of sale and for the value attributed to digital content when physical and digital products are sold combined.
$4.00 $700
$3.60 $660 $3.90 $3.20 $620 $665.6 $3.47
$2.80 $580 $639.1 $635.3 $3.17 $3.01
$2.40 Operating $540 $602.2 Diluted Earnings Earnings* $2.00 $500 Per Share* (In Millions) ’12 ’13 ’14 ’15 ’12 ’13 ’14 ’15
* Non-GAAP results; excludes the impact of restructuring, impairment and debt-retirement expenses, as well as changes in management estimates.
$700
$600
$500 $632.6
$400 $479.7
$300 $459.0 Free Cash Flow* $200 (In Millions) $334.3 ’12 ’13 ’14 ’15 FINANCIAL
* Defined as net cash provided by operations less cash used for investing activities other than acquisitions. HIGHLIGHTS 2015 ANNUAL REPORT 1
New Video Game 20.8% Hardware
Revenue by Sales Category for 2015
New Video Game 31.0% Software
Pre-Owned and Value 25.4% Video Game Products
7.5% Video Game Accessories
2.0% Digital
Mobile and Consumer 7.0% Electronics
Other: Collectibles, PC Software, Interactive Toys, Strategy Guides, 6.3% PowerUp Pro Subscriptions BUILDING FOR OUR FUTURE 2 2015 ANNUAL REPORT TO OUR SHAREHOLDERS We are pleased to report that 2015 proved to access to unique promotional and trade-in programs be another successful year of transformation for and exclusive offers that helped drive our market share GameStop, which has been an integral part of our growth. We continued to expand our trades and pre- company’s culture since our humble beginnings as owned business by offering customers an even broader a primarily mall-based retailer of educational and assortment of value products, including the $1 billion personal computing software operating under the in trade credits we issued. Through our omni-channel brand names of Software Etc. and Babbage’s. business we provided our customers convenience by enabling them to choose how they want to shop and Our global team of associates, working under the purchase video game merchandise, either in one of banners of GameStop, EB Games, Micromania, Spring our stores, online, via mobile phone or using one of Mobile, Cricket Wireless, Simply Mac, ThinkGeek, our newest channels — pick-up-at-store, web-in-store, Kongregate and Game Informer, continued to deliver on or ship-from-store. Combined, all these efforts helped our promise of making the most popular technologies drive, on average, approximately $176,000 in store affordable and simple. Their relentless efforts helped contribution per GameStop store, a nearly 15% increase from 2014.
Our Technology Brands grew at a We are excited about the future of GameStop. We are rate that exceeded our projections committed to evolving from a video games only retailer during 2015. Collectively, these businesses delivered more than to a family of specialty retail brands that operates $500 million in sales. Today, we multiple billion-dollar businesses. now operate more than 1,000 stores nationwide — 890 AT&T Wireless and 70 Cricket Wireless (under our Spring Mobile us deliver on our 2015 strategic objectives: embracing subsidiary), and 76 Simply Mac (Apple) stores. These and driving a high rate of change; maximizing our core businesses are on track to deliver more than $1.5 billion video game business; rapidly expanding our Technology in revenue and approximately $200 million in operating Brands businesses; and delivering shareholder return. earnings by 2019. We will continue to expand our national retail footprint in this space. The transformation strategy we launched in 2013 has already made significant strides. In just two short years, We acquired the very popular ThinkGeek.com brand we are no longer just GameStop, the video game brand. during 2015. This acquisition helped expand our We are now a global family of specialty retail brands. diversified revenue stream by adding the No. 1 brand in the fast-growing collectibles category to our mix We responded to digital gaming market trends with of global retail concepts. It also gave us access to sales of downloadable content, full-game downloads a portfolio of established, premier, hard-to-secure and digital currency, delivering more than $1 billion in licenses. We continued the expansion of our highly digital receipts in 2015. We once again captured the profitable global collectibles, or “loot,” segment. This No. 1 global retail position in video gaming. We provided represents our fastest-growing business, delivering our 46 million global PowerUp Rewards members 2015 ANNUAL REPORT 3
more than $300 million in sales and exceeding our will accomplish this by re-inventing our video game 2015 sales goal. We now operate 35 collectibles stores business through the pursuit of innovative ideas within worldwide under the brand names of Zing Pop Culture our stores, like expanding our in-store collectibles and ThinkGeek, and have plans to open even more of section to offer an even greater choice of products, these stores in 2016. and creating a new Indie Game section to offer gamers exclusive new titles and content. We will also leverage We demonstrated the giving power of our global family the continued growth of our Technology Brands to of associates by giving back in the communities in deliver higher profits to our shareholders. We will which we live, work and play. Combined, our teams continue to seek out investments in new businesses benefited those in need by contributing and helping in adjacent retail brands, or product categories, with raise more than $6 million in both monetary and in-kind billion-dollar revenue potential. All of this will be done donations. We continued supporting our charitable by adhering to our disciplined approach to capital partners, Make-A-Wish Foundation, the Ronald allocation to reward our shareholders. McDonald House Charities and St. Jude Children’s Research Hospital by volunteering in their national As we close out this letter, we reiterate how pleased we and local fund-raising activities. We also took care of are that our transformation strategy is working, but we our GameStop family by awarding financial grants and are still at the beginning of this journey. GameStop’s college scholarships through our Gamer Fund employee rich heritage of change gives us unique knowledge and assistance program. experience to continue evolving, and our future is full of new opportunities to grow. On behalf of our board Looking ahead, we will continue to embrace our of directors, executive leadership team and 40,000 high rate of change to transform GameStop from associates around the world, we thank you for your a traditional brick and mortar video game retailer continued support of GameStop. into a global family of specialty retail brands. We
BOARD OF DIRECTORS
Daniel A. DeMatteo J. Paul Raines (From Left to Right) Jerome L. Davis / Executive Chairman Chief Executive Officer Kathy P. Vrabeck / R. Richard Fontaine / Thomas N. Kelly / Daniel A. DeMatteo / J. Paul Raines / Lawrence S. Zilavy / Stephanie M. Shern / Gerald R. Szczepanski / Steven R. Koonin / Shane S. Kim 4 2015 ANNUAL REPORT
We achieved many 1250 significant milestones 1000
750 1,036
in our ongoing 500
transformation efforts. Technology 250 484 Brands Store
0 218 Count ’13 ’14 ’15
5,000 2,500
4,400 2,200
3,800 1,900 4,425 2,177 2,208 4,249 4,138 2,068 2,068 3,200 4,013 1,600
Video Game 2,600 Video Game 1,300 Store Count Store Count United States 2,000 International 1,000 ’12 ’13 ’14 ’15 ’12 ’13 ’14 ’15
Asia Pacific
North America Australia/New Zealand: 444
United States: 5,049 Europe Sweden: 60 Austria: 29
Canada: 325 Italy: 400 Ireland: 51 Finland: 18
France: 433 Norway: 37 Switzerland: 19
Germany: 216 Denmark: 36
Store counts as of January 30, 2016 2015 ANNUAL REPORT 5
Driving a Successful Transformation driving discovery and sales of downloadable content,
Throughout our fiscal year 2015, we continued to drive full-game downloads and digital currency. We also a high rate of change to transform GameStop beyond significantly expanded our global collectibles business video games. While we are still the world’s leading in 2015. This included introducing dedicated sections video game retailer, we are so much more. We initially within our video game stores, the acquisition of the introduced our strategic plan in 2010, and in 2013 very popular ThinkGeek business and opening new began a new phase when we established partnerships retail stores under the Zing Pop Culture and ThinkGeek with AT&T and Apple to expand and improve their brands. Combined, we now operate 35 Zing Pop retail distribution channels. Our strategy is paying Culture and ThinkGeek collectible stores worldwide. off faster than expected with our new businesses Our diversification efforts should be recognized for the contributing meaningfully to our profitability. Our strong results we have already achieved and the Technology Brands experienced significant growth and long-term growth that exists in the marketplace for are on track to deliver more than $1.5 billion in revenue these businesses. by 2019. Working closely with our AT&T Wireless and Apple partners, we were able to provide our customers access to new products, including AT&T’s DIRECTV and Unlimited Data plans, the Apple Watch and the newest We posted our third consecutive year of iPhones and iPads. We expanded the retail footprint positive store comps and gained market of our AT&T, Cricket and Simply Mac brands. Today, we are now the largest and fastest growing AT&T Wireless share in our video game business. authorized retailer and the largest authorized Apple reseller in North America.
We also continued to grow our digital market share by leveraging our global video game stores, where more Our digital gaming business exceeded than 95% of our digital sales occur. The expertise of $1 billion in sales receipts, growing 11.2% our knowledgeable associates is our key strength in by selling DLC, full game downloads and digital currency.
Our global collectibles business beat our 2015 plan of $300 million in sales, and is our fastest-growing business.
We grew our Tech Brands to more than 1,000 stores through acquisition and GameStop store conversions. The business delivered $534 million in sales. 6 2015 ANNUAL REPORT
COLLECTIBLES
ELECTRONICS 2015 ANNUAL REPORT 7
COLLECTIBLES WIRELESS
GEEK CULTURE 8 2015 ANNUAL REPORT
Dominating the Video Game Category with unique and personalized promotional and trade-in 2015 proved to be another solid year for our global video programs, and offering exclusive products and content game business. We maximized the global footprint of for both current-gen and next-gen gaming products. our more than approximately 6,100 video game stores In our pre-owned business, we issued more than $1 around the world by creating a social community where billion in trade credits, helping our customers fund the gamers of all kinds — from casual to serious, console purchase of their video game merchandise as part of to PC — can discover the magic of video games. This our buy-sell-trade program. We introduced two new enabled us to hold the dominant market share position channels as part of our omni-channel business — web- in the global video game market and increase our in-store and ship-from-store. Both performed well, consolidated same store sales for the third consecutive allowing us to leverage our diverse product offerings year. We achieved this by driving the global adoption across the business. While our physical stores continued of next-gen hardware and software, providing our 46 to be the channel where the real magic occurred, overall million PowerUp Rewards members around the world our omni-channel business saw a 45% growth in revenue versus 2014.
We ended 2015 with the highest market share ever in video game hardware, software and accessories. 2015 ANNUAL REPORT 9
$180K $170K +14.7% We increased our per store $160K $176.0K contribution by nearly 15% (or $150K Consolidated $23,000 on average) versus 2014 in $140K
Average $153.4K Contribution per our GameStop branded stores. $130K Video Game Store ’14 ’15
We expanded our value product offerings to include a variety of popular retro games and gaming systems. 10 2015 ANNUAL REPORT
Embracing Our Social Responsibility in-store donation campaigns, associate volunteerism and in-kind contributions, we extended the giving spirit of GameStop’s global family of more than 40,000 our guests and GameStop associates to touch the lives associates once again demonstrated their commitment of our neighbors, families and friends. For 2016, we are to protecting the families of our guests and associates expanding our social responsibility focus internationally by giving back to those in need. Our communities to create inclusive, responsible communities and to are the backbone of our business. Our giving mission continue improving youth well-being by using gaming, is to support organizations focused on youth well- technology and geek fanaticism for the Power of Good. being, such as the Make-A-Wish Foundation, St. Jude As part of this effort, we are adding three new charitable Children’s Research Hospital, and Ronald McDonald partners to our corporate social responsibility program: House Charities. We also continue to extend help to our Autism Speaks, Snowball Express and the Call of Duty associates through the Game Fund employee assistance Endowment program. program. Through the collective efforts of our annual
MAKE-A-WISH FOUNDATION GameStop associates helped grant more than 350 shopping spree wishes at GameStop stores in 2015. Since we first began granting these wishes in 2007, we have granted more than $800,000 in shopping sprees for children fighting life-threatening conditions. We also set a new record for our annual in-store Make-A-Wish donation program during the month of May by raising more than $1.2 million in contributions.
ST. JUDE CHILDREN’S RESEARCH HOSPITAL For the third consecutive year, we participated in St. Jude’s Thanks and Giving Campaign during the holidays. We also continued our official gaming sponsorship of St. Jude’s PLAY LIVE online video game fund-raising event. Through these efforts, we helped raise more than $4.3 million in donations for the children of St. Jude Children’s Research Hospital. 2015 ANNUAL REPORT 11
The Purpose of Our Giving – Elaine’s Story Imagine you just heard the words “your child has brain cancer.” Immediately, you become consumed with helping your child get better, and wonder how you are going to pay for it all. That’s exactly where GameStop associate Elaine found herself when her son was diagnosed with a cancerous brain tumor. A single mom of two, Elaine didn’t know where to turn — and that’s when our charitable partners and Gamer Fund stepped in to help. St. Jude Children’s Research Hospital provided the treatment, while the local Memphis, Tenn., Ronald McDonald House offered Elaine and her son a home- away-from-home. The Gamer Fund provided Elaine a grant to help with financial needs, and the Make-A-Wish Foundation granted her son’s wish to attend the 2015 San Diego Comic Con show dressed as Spiderman. Elaine’s story personalizes our higher purpose in giving. Today, we celebrate with Elaine that her son is healthy and cancer free.
RONALD MCDONALD HOUSE CHARITIES GameStop partners with Ronald McDonald House Charities throughout the United States by cooking meals for families staying at local Ronald McDonald Houses while their children undergo medical treatments. In 2015, GameStop associates volunteered more than 4,000 hours, preparing nearly 90 meals for families staying at 65 different Ronald McDonald House locations across the United States.
GAMER FUND The Gamer Fund is the 501(c)(3) organization GameStop established to help provide financial assistance to associates in their time of need as a result of an unforeseen emergency or hardship. In 2015, we provided more than $400,000 in financial assistance to help our associates manage the loss of a home or vehicle due to fire or natural disaster, the death of a loved one or homelessness. We also launched the Power to the Scholars college scholarship program and awarded 40 grants to associates or their dependents totaling more than $100,000. 12 2015 ANNUAL REPORT
GMEGME | CHANGING/ CHANGING THE THE GAME GAME
Focusing on the Future as a global company with a diversified portfolio of
As we continue to build our future by diversifying retail brands and product offerings. While our global our business, video gaming will always be an teams pursue these strategic initiatives, we will keep important business at GameStop, but our future a laser-focus on leveraging our core competencies growth depends upon our ability to succeed in new in real estate, customer loyalty, buy-sell-trade, talent opportunities as well. This will require us to maintain development and our disciplined approach to capital our high rate of change to deliver sustainable growth allocation to profitably expand into other adjacent, and the continued transformation of GameStop. While billion-dollar retail categories. we will protect and maintain our strong leadership position in the video game industry, we will continue investing in other businesses. That is precisely what we have done with our Technology Brands: AT&T, Simply Mac and Cricket branded stores. The success of this business has enabled us to grow from 90 stores in 2013 to more than 1,000 stores today. We have aggressive plans in place to continue expanding this business. As we do this, we will also explore ways to recalibrate our video game business through innovative ideas that will drive traffic and revenue opportunities, like selling digital in stores, expanding collectible sections in our GameStop branded stores to offer customers more unique pop culture items, and creating a new Indie Games section to offer gamers new titles and content in both physical and digital form, available only at GameStop. We will fuel the right amount of change to build our future
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5IJT FYIJCJU JT B NBOBHFNFOU PS DPNQFOTBUPSZ DPOUSBDU CORPORATE INFORMATION BOARD OF DIRECTORS
Daniel A. DeMatteo R. Richard Fontaine Steven R. Koonin Kathy P. Vrabeck Executive Chairman Former Executive Chairman Chief Executive Officer Senior Client Partner, GameStop GameStop The Atlanta Hawks Consumer Markets, Korn Ferry J. Paul Raines Thomas N. Kelly Stephanie M. Shern Chief Executive Officer Former Chief Operating Former Vice Chairman and Lawrence S. Zilavy GameStop Officer Global Director of Retail LR Enterprises Nextel Corporation and Consumer Products Management, LLC Jerome L. Davis Ernst & Young LLP Executive Vice President Shane S. Kim and Chief Revenue Officer Former Corporate Gerald R. Szczepanski Metropolitan Washington Vice President Former Chairman Airports Authority Microsoft Corporation Gadzooks
EXECUTIVE OFFICERS
Daniel A. DeMatteo Michael P. Hogan Michael T. Buskey Executive Chairman Executive Vice President Executive Vice President Strategic Business and and President, U.S. Stores J. Paul Raines Brand Development Chief Executive Officer Michael K. Mauler Robert A. Lloyd Executive Vice President Tony D. Bartel Executive Vice President and President, GameStop Chief Operating Officer and Chief Financial Officer International
SHAREHOLDER INFORMATION
Corporate Office Transfer Agent and Legal Counsel 625 Westport Parkway Registrar Pepper Hamilton, LLP Grapevine, TX 76051 Computershare Philadelphia, PA 817.424.2000 P.O. Box 30170 www.GameStop.com College Station, TX Listed on the New York 77842-2170 Stock Exchange Auditors 800.522.6645 Symbol: GME Deloitte & Touche, LLP www.computershare.com Dallas, TX
GameStop, EB Games, Electronics Boutique, Game Informer magazine, Micromania, Kongregate, Spring Mobile, Simply Mac, ThinkGeek, Zing Pop Culture, PowerUp Rewards, and “Power to the Players“ are trademarks of GameStop, or one of its wholly- owned subsidiaries. The 2015 GameStop Annual Report was a collaborative effort among the Creative Services, Accounting, Investor Relations and Corporate Communications teams at GameStop. GAMESTOP | 2015 ANNUAL REPORT ANNUAL | 2015 GAMESTOP
Corporate Office / 625 Westport Parkway / Grapevine, TX 76051 / 817.424.2000 / www.GameStop.com