Stay Predictable

$GME reported $9.7B of cash, cash equivalent, derivatives, and Bitcoin on Q1 earnings. Based on their FCF and the increase in $EBAY share price, they most likely have more now, plausibly over $10B. They have $4.2B of 0% convertible notes. The current TTM fully diluted EPS is $1.34. This included full dilution from convertible notes to 592m shares. Without the dilution from notes, the share count is 449m. If we are already factoring in the dilution from the notes into the EPS, then it makes no sense to count the convertible notes as debt at the same time. That would be double counting it (punishing EPS and cash value per share). IMO, it makes most sense to either count the $4.2B as debt and not fully dilute OR not count the $4.2B as debt and fully dilute. Let’s see what both scenarios look like. Counting as debt and not fully diluting: 9.7B - $4.2B in debt = $5.5B cash 5.5B / 449m shares = $12.25 cash per share EPS would jump from $1.34 (fully diluted currently) to $1.76. This would make a $22 share price = 12.5 p/e NOT counting debt and fully diluting: $9.7B cash / 592m shares = $16.38 cash per share EPS remains at $1.34 = 16.4 p/e at $22 share price Both ways show $GME as very undervalued to have the p/e it has AND the cash per share it has.

GameStop chief executive Ryan Cohen has been working behind the scenes in recent weeks to respond to eBay’s rejection of his $56bn cash-and-stock takeover offer in May. ft.trib.al/77cdh9u

@kingpindegen @TheHoundoomGuy @foxenflask @Furu_Bartuc @TiltRips @powerpacks Tilt rip commission squad has arrived

@TheHoundoomGuy @staypredictable @foxenflask @Furu_Bartuc @TiltRips @powerpacks 😹😹😹

Ripping on @TiltRips u can expect: • Instant digital pack ripping at ur fingertips — open anywhere, anytime, + no shipping delays. • Range of different packs: $10 mini pack up to serious/ big spenders $3,000 Grandmaster pack • After you rip, you actually have real options: → Sell back instantly at live market price → List on the built-in marketplace → Store it in your vault for free → Or ship the physical cards straight to your door • Live market pricing + full price history charts right in the app. • Clean, fast iOS app experience. • Instant USD or crypto withdrawals with zero vault fees!

@Furu_Bartuc @foxenflask @kingpindegen @TiltRips @powerpacks Sponsoring an event is different than pushing people to persuade people to buy backs via commissions. I get it works well for you

That's not a true statement I've literally ripped packs in a competition that was sold out specifically sponsored by power packs to see who could pull the lowest value card During that contest, you could see how bad the odds were as most packs were below pack value Power Packs offers very low odds with very low instant buyback If they had a referral program and you like the product enough to share it, are you saying you would opt out of both of you getting a free pack? Hard to believe, but after spending hundred of thousands on power packs, I have never received a free pack.

@Furu_Bartuc @foxenflask @kingpindegen @TiltRips @powerpacks Powerpacks doesn’t incentivize pushing people to convince other people to pull more packs by paying people to push more people to pull.

That's a confusing statement Power Packs is a business model where they give nothing back to those who rip their packs And you're saying another platform (pretty much every other platform) gives money to people who rip packs and shares the experience with other How can this be seen as a negative?

When autistic people start sharing random facts with you, you just have to understand that that's a great sign of respect in their culture

@foxenflask @Furu_Bartuc @kingpindegen @TiltRips @powerpacks They use a business model where they rely heavily on giving influencers and pack rippers benefits if they get other people to rip packs. The more they get other people to rip packs, the more commission they earn. Not a good look.

@Furu_Bartuc @kingpindegen @TiltRips @powerpacks I’m not going after anything, just sharing my thoughts. They/you shouldn’t take it so personally. Are you being paid to advertise them to Power Packs customers? Is their vault with PSA? They don’t clarify this and it’s extremely sketchy. Is their “vault” just a csv file?

@GoatBeardzDD Posted days after the leak x.com/ryancohen/stat…

@jjam189 Let’s see what happens

@staypredictable Right, but it's not about GameStop ($GME) being up or down on their $EBAY stake. It is about buying the whole business.

Now, 40% of $GME cash pile has been tied to $EBAY. Cash that was given little attention and value is now active and tied to an S&P 500 company. If eBay drops, they can acquire more at cheaper prices, thus cheapening the deal. If eBay prices goes up they raise their cash/investment floor. The more likely the deal becomes, the closer $EBAY gets to $125. At $125, $GME would be up $1B on their investment based on their current $101 average.

@m74ft1 Is this sarcastic?

Welp. The cash floor is now gone. Will be interesting to see what happens next with $GME

Schedule TO filing must be imminent now $GME

@foxenflask Holy fuck

Isn’t it curious how the majority of gaming media outlets criticize and attack @GameStop, when $GME does more than all of them combined at promoting physical games and literally pushing a retro gaming category to further support physical games?

The real question I have is will analysts use a revenue based on 2025’s Q2 that had the Switch 2 released or will they use a fair expectation of revenue that does not reflect a new console being released. Already going to have to overcome a potential YoY rev decline that is distorted by those Switch sales.

@staypredictable Yes being conservative, but also calculating in some potential increased expenses in COGS and freight/logistics. Likely will be in the low to upper 150s range if we hit this revenue range

Some very early Q2 Earnings thoughts for $GME All of June data hasn’t even come in from my market research sources, so this is a very early thinking-out-loud-projection for some Q2 numbers. July data can also change things significantly and we’ll see what happens but things are looking pretty exciting (GameStop Q2 is May, June and July). - Hardware/Accessories: ~$330-375M - Software: ~$160-186M - Collectibles: ~$375-410M Total Revenue: ~$865-971M - Operating Income: ~$140-155M - Interest Income: ~$40-58M - $BTC dollar gain/loss: ? - $EBAY equity + derivatives unrealized/realized gain/loss: ? - Sale of French Ops: ~$130-160M - Tariff Refund: ? Total Net Income: ~$310-???M Lots of question marks still but the base case is looking pretty strong, specially for overall income. For reference, Net Income in Q1 was $389.6M and that was the best earnings reported in the companies history.

@ShaunFitzzzy @ODB123 The chances of that happening as just a coincidence are so small 😂

RC drinks at 7:41 into the interview

@ShaunFitzzzy While simultaneously having the most news and best fundamentals in the history of the company

$GME has traded 12.47 million shares in the week with about 5 hours of trading left April 19th 2024 was the last time we closed a week out with less than 16 million in volume

Everyone thought he was crazy to take on Amazon when major pet companies failed. He started from the ground up and won with Chewy. He turned GME from losing $300m+ a year to + $740m TTM FCF with a fraction of the stores. Cutting costs at eBay and making it more efficient would be leagues easier than those 2 examples.

"30-pound bags of dog food" is now apparently a valid credential in a $56B eBay takeover pitch. GameStop's Ryan Cohen said this with a straight face on live TV. He is not letting this eBay dream die.

Another high of borrowable shares this morning $GME