GameStop Corporation (GME) Q2 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to the GameStop Second Quarter 2022 Earnings Conference Call. Please note that certain statements made during the call constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995, as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties are described in the company's earnings press release and its filings with the SEC. The forward-looking statements today are made as of the date of this call, and the company does not undertake any obligation to update the forward-looking statements. I will now turn the call over to GameStop CEO, Matt Furlong. Thank you, and good afternoon, everyone. I want to begin by reiterating the deep appreciation we have for our stockholders' unrivaled enthusiasm, passion, and support. As we work to transform GameStop, these remain unique tailwinds for us, ones we always recognize and value. I also want to take this opportunity to thank everyone across the organization for bringing continued focus and intensity to our mission. particularly during an active Q2 that represented a transitional quarter for us. Before covering the quarter's specific initiatives and results, I want to provide a high-level update on where we've been and where we're looking to go as our transformation progresses. When our board began turning over early last year, GameStop was saddled with significant debt, decaying systems, limited employee depth, and a host of other issues. This is why we spent the second half of 2021 and the first half of 2022 making up for years of underinvestment in modernizing the business. The upshot...