Corsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the
“Company”), a leading global provider and innovator of
high-performance gear for gamers, streamers, content-creators, and
gaming PC builders, today announced financial results for the third
quarter ended September 30, 2023, and updated its financial outlook
for the full year 2023.
Third Quarter 2023 Select Financial Metrics
- Net revenue was $363.2 million compared to $311.8 million in
the third quarter of 2022, an increase of 16.5%. Gaming components
and systems segment net revenue was $272.8 million compared to
$214.9 million in the third quarter of 2022, while Gamer and
creator peripherals segment net revenue was $90.4 million compared
to $96.8 million in the third quarter of 2022.
- Net loss attributable to common shareholders was $3.1 million,
or net loss of $0.03 per diluted share, compared to a net loss of
$8.9 million, or a net loss of $0.09 per diluted share, in the
third quarter of 2022.
- Adjusted net income was $13.4 million, or net income of $0.13
per diluted share, compared to an adjusted net income of $7.6
million, or a net income of $0.08 per diluted share, in the third
quarter of 2022.
- Adjusted EBITDA was $23.0 million, compared to $10.1 million in
the third quarter of 2022.
- Cash and restricted cash were $147.8 million as of September
30, 2023.
First Nine Months 2023 Select Financial Metrics
- Net revenue was $1,042.6 million compared to $976.4 million in
the first nine months of 2022, an increase of 6.8%. Gaming
components and systems segment net revenue was $784.5 million
compared to $656.4 million in the first nine months of 2022, while
Gamer and creator peripherals segment net revenue was $258.1
million compared to $320.0 million in the first nine months of
2022.
- Net loss attributable to common shareholders was $3.0 million,
or net loss of $0.03 per diluted share, compared to a net loss of
$73.4 million, or a net loss of $0.77 per diluted share, in the
first nine months of 2022.
- Adjusted net income was $35.1 million, or net income of $0.33
per diluted share, compared to an adjusted net loss of $2.2
million, or a net loss of $0.02 per diluted share, in the first
nine months of 2022.
- Adjusted EBITDA was $61.3 million, compared to $14.5 million in
the first nine months of 2022.
Andy Paul, Chief Executive Officer of Corsair, stated, “We are
very pleased to see the continued year-over-year revenue growth and
improvement in profitability both for the quarter and year to date.
Sales of our core peripherals products have stabilized and are now
starting to grow again as our new products gain traction. The
robust and successful release of a steady stream of popular new
game titles in 2023 is further spurring demand.
Several new key product launches are having an immediate effect
on revenue. Our K70 line of keyboards has been refreshed with
products that use our own range of switches, and we also released
several new higher-end wireless gaming headsets and mice. Our long
awaited Elgato Marketplace was just released, where our large
installed base of Stream Deck users can buy apps and plug ins from
many third-party developers, as well as our own creators. We also
launched a new PC controller, the Scuf Envision, a console style
controller (for PC use only) and has many additional programmable
inputs, which bridges the gap between traditional controllers and a
conventional keyboard and mouse. We believe that these types of
product launches will help us continue to grow market share as we
focus on the needs of competitive gamers.”
Michael G. Potter, Chief Financial Officer of Corsair, stated,
“We continued the substantial year-over-year financial improvement
that started in the first half of the year. Revenue, gross margin,
and adjusted EBITDA all improved over the prior year with very
encouraging gross margin recovery in our core peripherals products.
We further reduced debt in Q3, and we continue to expect liquidity
to remain excellent for the rest of 2023 allowing us to be flexible
as opportunities present themselves. Our results include the impact
of our recent acquisition of the assets of Drop. We expect to start
realizing revenue and cost benefits from our Drop integration
efforts early in 2024.”
Financial Outlook
Corsair is updating its outlook for the full year 2023, with
tightened ranges. The Company expects revenue growth on a
year-over-year basis, despite a softer economic environment as
compared to 2022. Corsair continues to expect an improvement for
the full year 2023 in adjusted EBITDA led by an improvement in
margin, normalized shipping costs, and continued tight operating
expense controls. This update includes the impact of the Company’s
recent acquisition of the assets of Drop.
- Net revenue for the full year 2023 is expected to be in the
range of $1.4 billion to $1.5 billion, compared to $1.35 billion to
$1.55 billion previously.
- Adjusted operating income is expected to be in the range of $80
million to $90 million, compared to $75 million to $95 million
previously.
- Adjusted EBITDA is expected to be in the range of $95 million
to $105 million, compared to $90 million to $110 million
previously.
Certain non-GAAP measures included in our financial outlook were
not reconciled to the comparable GAAP financial measures because
the GAAP measures are not accessible on a forward-looking basis. We
are unable to reconcile these forward-looking non-GAAP financial
measures to the most directly comparable GAAP measures without
unreasonable efforts because we are currently unable to predict
with a reasonable degree of certainty the type and extent of
certain items that would be expected to impact GAAP measures for
these periods but would not impact the non-GAAP measures. Such
items may include stock-based compensation charges, amortization,
and other items. The unavailable information could have a
significant impact on our GAAP financial results.
The foregoing forward-looking statements reflect our
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially. We do not intend to update our financial outlook
until our next quarterly results announcement.
Recent Developments
- Corsair released a range of new gaming peripherals, including
new renditions of the popular K70 keyboard lineup, featuring
Corsair-developed mechanical and magnetic switches. The M75 Air is
an ultralight competitive FPS gaming mouse that is the Company’s
lightest yet at 60g. New headsets address different market
segments, with the multi-platform HS80 Max supporting Bluetooth and
wireless connection, while the Virtuoso Pro is aimed at high-end
audio enthusiasts with its graphene drivers and open-back
design.
- Corsair’s Scuf unveiled a new line of PC controllers, Scuf
Envision. Specifically designed for PC gamers, Scuf Envision
redefines the PC gaming experience with unprecedented customization
and cutting-edge technology. The new controllers grant PC gamers a
decisive advantage, with the additional control options that have
made Scuf controllers synonymous with competitive gaming. Within
and with a familiar shape and 11 additional remappable inputs
compared to standard controllers, gamers can create a controller
layout that suits their unique playstyle and puts every control
within easy reach, for when it matters most.
- Introduced the Elgato Prompter, which helps streamers and
presenters connect with their audiences with natural eye contact.
Video scripts, Twitch chat, and Zoom conference calls all benefit
from the Prompter which connects to a camera or webcam and can
mirror scripts, stream chat, or any other window you can drag and
drop onto its built-in screen. With broad compatibility and Elgato
Stream Deck support, Prompter makes pro video production accessible
to a wider audience. Upon its introduction, the Prompter sold out
within the first 24 hours.
- Launched the Elgato digital creator Marketplace for streamers,
video creators, podcasters and work professionals. Enables third
parties, as well as the Company’s own makers, to develop and sell
digital products (Plugins, Icons, Overlays and more) to an
installed base of almost 2 million Stream Deck users. The Elgato
Marketplace Launched with 1200+ digital products, including 320
plugins for Stream Deck from over 240 third-party makers. The
Company believes that the Marketplace will increase interest and
usage of Stream Deck and drive up the installed base.
- Expanded iCUE LINK Ecosystem, a technology that simplifies the
DIY PC building experience by reducing the wiring complexity of
connecting components together. Extended the range of iCUE LINK
enabled products with the introduction of Hydro X enabled CPU and
GPU blocks and reservoirs. iCUE LINK continues to gain momentum,
helping to expand the market by making PC building easier with
single-cable digital connections allow for more elegant and capable
systems.
Conference Call and Webcast Information
Corsair will host a conference call to discuss the third quarter
2023 financial results today at 2:00 p.m. Pacific Time. The
conference call will be accessible on Corsair’s Investor Relations
website at https://ir.corsair.com, or by dialing 1-844-825-9789
(USA) or 1-412-317-5180 (International) with conference ID
10183764. A replay will be available approximately 3 hours after
the live call ends on Corsair's Investor Relations website, or
through November 14, 2023 by dialing 1-844-512-2921 (USA) or
1-412-317-6671 (International), with passcode 10183764.
About Corsair Gaming, Inc.
CORSAIR (Nasdaq: CRSR) is a leading global developer and
manufacturer of high-performance gear and technology for gamers,
content creators, and PC enthusiasts. From award-winning PC
components and peripherals, to premium streaming equipment and
smart ambient lighting, CORSAIR delivers a full ecosystem of
products that work together to enable everyone, from casual gamers
to committed professionals, to perform at their very best. Corsair
also sells gear under its Elgato brand, which provides premium
studio equipment and accessories for content creators, SCUF Gaming
brand, which builds custom-designed controllers for competitive
gamers, Drop brand, which specializes in personalized keyboard and
gaming setup accessories, and ORIGIN PC brand, a builder of custom
gaming and workstation desktop PCs.
Forward Looking Statements
Except for the historical information contained herein, the
matters set forth in this press release are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, Corsair’s expectations regarding market
headwinds and tailwinds; its expectations regarding 2023; its
expectations regarding potential significant revenue and cost
opportunities from the integration of Drop’s assets; and its
estimated full year 2023 net revenue, adjusted operating income and
adjusted EBITDA. Forward-looking statements are based on our
management’s beliefs, as well as assumptions made by, and
information currently available to them. Because such statements
are based on expectations as to future financial and operating
results and are not statements of fact, actual results may differ
materially from those projected. Factors which may cause actual
results to differ materially from current expectations include, but
are not limited to: current macroeconomic conditions, including the
impacts of high inflation and risk of recession on demand for our
products, consumer confidence and financial markets generally; the
lingering impacts and future outbreaks of the COVID-19 pandemic and
its impacts on our operations and the operations of our
manufacturers, retailers and other partners, as well as its impacts
on the economy overall, including capital markets; our ability to
build and maintain the strength of our brand among gaming and
streaming enthusiasts and our ability to continuously develop and
successfully market new gear and improvements to existing gear; the
introduction and success of new third-party high-performance
computer hardware, particularly graphics processing units and
central processing units as well as sophisticated new video games;
fluctuations in operating results; the risk that we are not able to
compete with competitors and/or that the gaming industry, including
streaming and esports, does not grow as expected or declines; the
loss or inability to attract and retain key management; the impacts
from geopolitical events and unrest; delays or disruptions at our
or third-parties’ manufacturing and distribution facilities; our
ability to successfully integrate any companies or assets we have
acquired or may acquire; currency exchange rate fluctuations or
international trade disputes resulting in our gear becoming
relatively more expensive to our overseas customers or resulting in
an increase in our manufacturing costs; and the other factors
described under the heading “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2022 filed with the
Securities and Exchange Commission (“SEC”) and our subsequent
filings with the SEC. Copies of each filing may be obtained from us
or the SEC. All forward-looking statements reflect our beliefs and
assumptions only as of the date of this press release. We undertake
no obligation to update forward-looking statements to reflect
future events or circumstances. Our results for the quarter ended
September 30, 2023 are also not necessarily indicative of our
operating results for any future periods.
Use and Reconciliation of Non-GAAP Financial Measures
To supplement the financial results presented in accordance with
GAAP, this earnings release presents certain non-GAAP financial
information, including adjusted operating income (loss), adjusted
net income (loss), adjusted net income (loss) per diluted share and
adjusted EBITDA. These are important financial performance measures
for us, but are not financial measures as defined by GAAP. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation of or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP.
We use adjusted operating income (loss), adjusted net income
(loss), adjusted net income (loss) per share and adjusted EBITDA to
evaluate our operating performance and trends and make planning
decisions. We believe that these non-GAAP financial measures help
identify underlying trends in our business that could otherwise be
masked by the effect of the expenses and other items that we
exclude in such non-GAAP measures. Accordingly, we believe that
these non-GAAP financial measures provide useful information to
investors and others in understanding and evaluating our operating
results, enhancing the overall understanding of our past
performance and future prospects, and allowing for greater
transparency with respect to the key financial metrics used by our
management in our financial and operational decision-making. We
also present these non-GAAP financial measures because we believe
investors, analysts and rating agencies consider it useful in
measuring our ability to meet our debt service obligations.
Our use of these terms may vary from that of others in our
industry. These non-GAAP financial measures should not be
considered as an alternative to net revenue, operating income
(loss), net income (loss), cash provided by operating activities,
or any other measures derived in accordance with GAAP as measures
of operating performance or liquidity. Reconciliations of these
measures to the most directly comparable GAAP financial measures
are presented in the attached schedules.
We calculate these non-GAAP financial measures as follows:
- Adjusted operating income (loss), non-GAAP, is determined by
adding back to GAAP operating income (loss), the impact from
amortization, stock-based compensation, inventory reserve in excess
of normal run rate to address overhang in the channel,
restructuring costs, acquisition accounting impact related to
recognizing acquired inventory at fair value, certain
acquisition-related and integration-related costs, and other
costs.
- Adjusted net income (loss), non-GAAP, is determined by adding
back to GAAP net income (loss), the impact from amortization,
stock-based compensation, inventory reserve in excess of normal run
rate to address overhang in the channel, restructuring costs,
acquisition accounting impact related to recognizing acquired
inventory at fair value, certain acquisition-related and
integration-related costs, and other costs, and the related tax
effects of each of these adjustments.
- Adjusted net income (loss) per diluted share, non-GAAP, is
determined by dividing adjusted net income (loss), non-GAAP by the
respective weighted average shares outstanding, inclusive of the
impact of other dilutive securities.
- Adjusted EBITDA is determined by adding back to GAAP net income
(loss), the impact from amortization, stock-based compensation,
depreciation, interest expense, net, inventory reserve in excess of
normal run rate to address overhang in the channel, restructuring
costs, acquisition accounting impact related to recognizing
acquired inventory at fair value, certain acquisition-related and
integration-related costs, tax benefit, and other costs.
We encourage investors and others to review our financial
information in its entirety, not to rely on any single financial
measure and to view these non-GAAP financial measures in
conjunction with the related GAAP financial measures.
Corsair Gaming, Inc.
Condensed Consolidated
Statements of Operations
(Unaudited, in thousands, except
per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net revenue
$
363,193
$
311,769
$
1,042,589
$
976,368
Cost of revenue
273,840
240,209
785,000
777,593
Gross profit
89,353
71,560
257,589
198,775
Operating expenses:
Sales, general and administrative
74,000
66,932
211,482
216,456
Product development
16,111
15,616
48,542
50,752
Total operating expenses
90,111
82,548
260,024
267,208
Operating loss
(758
)
(10,988
)
(2,435
)
(68,433
)
Other (expense) income:
Interest expense, net
(2,529
)
(2,734
)
(7,875
)
(5,689
)
Other (expense) income, net
304
1,662
(1,326
)
1,796
Total other expense, net
(2,225
)
(1,072
)
(9,201
)
(3,893
)
Loss before income taxes
(2,983
)
(12,060
)
(11,636
)
(72,326
)
Income tax benefit
97
6,115
3,023
11,262
Net loss
(2,886
)
(5,945
)
(8,613
)
(61,064
)
Less: Net income attributable to
noncontrolling interest
193
266
958
33
Net loss attributable to Corsair Gaming,
Inc.
$
(3,079
)
$
(6,211
)
$
(9,571
)
$
(61,097
)
Calculation of net loss per share
attributable to common stockholders of Corsair Gaming, Inc.:
Net loss attributable to Corsair Gaming,
Inc.
$
(3,079
)
$
(6,211
)
$
(9,571
)
$
(61,097
)
Change in redemption value of redeemable
noncontrolling interest
—
(2,690
)
6,535
(12,330
)
Net loss attributable to common
stockholders of Corsair Gaming, Inc.
$
(3,079
)
$
(8,901
)
$
(3,036
)
$
(73,427
)
Net loss per share attributable to common
stockholders of Corsair Gaming, Inc.:
Basic
$
(0.03
)
$
(0.09
)
$
(0.03
)
$
(0.77
)
Diluted
$
(0.03
)
$
(0.09
)
$
(0.03
)
$
(0.77
)
Weighted-average common shares
outstanding:
Basic
102,863
95,858
102,288
95,537
Diluted
102,863
95,858
102,288
95,537
Corsair Gaming, Inc.
Segment Information
(Unaudited, in thousands, except
percentages)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net revenue:
Gamer and Creator Peripherals
$
90,356
$
96,848
$
258,053
$
319,985
Gaming Components and Systems
272,837
214,921
784,536
656,383
Total Net revenue
$
363,193
$
311,769
$
1,042,589
$
976,368
Gross Profit:
Gamer and Creator Peripherals
$
29,928
$
31,790
$
82,085
$
85,405
Gaming Components and Systems
59,425
39,770
175,504
113,370
Total Gross Profit
$
89,353
$
71,560
$
257,589
$
198,775
Gross Margin:
Gamer and Creator Peripherals
33.1
%
32.8
%
31.8
%
26.7
%
Gaming Components and Systems
21.8
%
18.5
%
22.4
%
17.3
%
Total Gross Margin
24.6
%
23.0
%
24.7
%
20.4
%
Corsair Gaming, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited, in thousands)
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and restricted cash
$
147,532
$
153,827
Accounts receivable, net
251,079
235,656
Inventories
235,556
192,717
Prepaid expenses and other current
assets
45,206
40,593
Total current assets
679,373
622,793
Restricted cash, noncurrent
238
233
Property and equipment, net
33,070
34,927
Goodwill
354,865
347,747
Intangibles assets, net
196,493
216,255
Other assets
74,110
75,290
Total assets
$
1,338,149
$
1,297,245
Liabilities
Current liabilities:
Debt maturing within one year, net
$
12,130
$
6,495
Accounts payable
215,456
172,033
Other liabilities and accrued expenses
167,136
164,470
Total current liabilities
394,722
342,998
Long-term debt, net
210,573
232,170
Deferred tax liabilities
15,415
18,054
Other liabilities, noncurrent
42,764
48,589
Total liabilities
663,474
641,811
Temporary equity
Redeemable noncontrolling interest
14,647
21,367
Permanent equity
Corsair Gaming, Inc. stockholders’
equity:
Common stock and additional paid-in
capital
622,438
593,496
Retained earnings
34,187
37,223
Accumulated other comprehensive loss
(6,699
)
(6,881
)
Total Corsair Gaming, Inc. stockholders'
equity
649,926
623,838
Nonredeemable noncontrolling interest
10,102
10,229
Total permanent equity
660,028
634,067
Total liabilities, temporary equity and
permanent equity
$
1,338,149
$
1,297,245
Corsair Gaming, Inc.
Condensed Consolidated
Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(2,886
)
$
(5,945
)
$
(8,613
)
$
(61,064
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Stock-based compensation
7,825
5,643
23,245
16,877
Depreciation
3,083
2,546
9,016
7,695
Amortization
9,507
10,352
29,005
33,924
Deferred income taxes
(2,025
)
(8,732
)
(7,724
)
(19,552
)
Other
211
(1,092
)
2,493
1,995
Changes in operating assets and
liabilities:
—
Accounts receivable
(31,996
)
13,316
(18,070
)
133,362
Inventories
(16,110
)
43,812
(35,452
)
54,371
Prepaid expenses and other assets
1,036
2,349
(4,551
)
(7,132
)
Accounts payable
12,727
(30,595
)
38,287
(74,091
)
Other liabilities and accrued expenses
6,716
3,437
4,424
(41,243
)
Net cash (used in) provided by operating
activities
(11,912
)
35,091
32,060
45,142
Cash flows from investing
activities:
Acquisition of business, net of cash
acquired
(14,220
)
—
(14,220
)
(19,534
)
Payment of deferred consideration
—
—
—
(95
)
Purchase of property and equipment
(3,327
)
(7,929
)
(10,784
)
(19,850
)
Investment in available-for-sale
convertible note
—
—
—
(1,000
)
Net cash used in investing activities
(17,547
)
(7,929
)
(25,004
)
(40,479
)
Cash flows from financing
activities:
Repayment of debt and debt issuance
costs
(5,000
)
(1,267
)
(16,250
)
(4,017
)
Borrowing from line of credit
—
223,000
—
626,000
Repayment of line of credit
—
(223,000
)
—
(626,000
)
Payment of other offering costs
—
—
(497
)
—
Payment of contingent consideration
—
—
(950
)
(438
)
Proceeds from issuance of shares through
employee equity incentive plans
411
624
6,790
4,132
Payment of taxes related to net share
settlement of equity awards
(531
)
(402
)
(1,318
)
(1,399
)
Dividends paid to noncontrolling
interest
(980
)
(2,205
)
(980
)
(2,205
)
Net cash used in financing activities
(6,100
)
(3,250
)
(13,205
)
(3,927
)
Effect of exchange rate changes on
cash
(683
)
(932
)
(141
)
(4,434
)
Net increase (decrease) in cash and
restricted cash
(36,242
)
22,980
(6,290
)
(3,698
)
Cash and restricted cash at the beginning
of the period
184,012
38,702
154,060
65,380
Cash and restricted cash at the end of the
period
$
147,770
$
61,682
$
147,770
$
61,682
Corsair Gaming, Inc.
GAAP to Non-GAAP
Reconciliations
Non-GAAP Operating Income
Reconciliations
(Unaudited, in thousands, except
percentages)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Operating Loss - GAAP
$
(758
)
$
(10,988
)
$
(2,435
)
$
(68,433
)
Amortization
9,507
10,352
29,005
33,924
Stock-based compensation
7,825
5,643
23,245
16,877
Inventory reserve in excess of normal run
rate to address overhang in the channel
—
—
—
19,489
Restructuring costs
709
81
709
1,569
Acquisition accounting impact related to
recognizing acquired inventory at fair value
960
—
960
282
Acquisition-related and
integration-related costs
1,386
326
2,160
796
Other
—
493
—
520
Adjusted Operating Income -
Non-GAAP
$
19,629
$
5,907
$
53,644
$
5,024
As a % of net revenue - GAAP
-0.2
%
-3.5
%
-0.2
%
-7.0
%
As a % of net revenue - Non-GAAP
5.4
%
1.9
%
5.1
%
0.5
%
Corsair Gaming, Inc.
GAAP to Non-GAAP
Reconciliations
Non-GAAP Net Income (Loss) and
Net Income (Loss) Per Share Reconciliations
(Unaudited, in thousands, except
per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss attributable to common
stockholders of Corsair Gaming, Inc. (1)
$
(3,079
)
$
(8,901
)
$
(3,036
)
$
(73,427
)
Less: Change in redemption value of
redeemable noncontrolling interest
—
(2,690
)
6,535
(12,330
)
Net loss attributable to Corsair Gaming,
Inc.
(3,079
)
(6,211
)
(9,571
)
(61,097
)
Add: Net income attributable to
noncontrolling interest
193
266
958
33
Net Loss - GAAP
(2,886
)
(5,945
)
(8,613
)
(61,064
)
Adjustments:
Amortization
9,507
10,352
29,005
33,924
Stock-based compensation
7,825
5,643
23,245
16,877
Inventory reserve in excess of normal run
rate to address overhang in the channel
—
—
—
19,489
Restructuring costs
709
81
709
1,569
Acquisition accounting impact related to
recognizing acquired inventory at fair value
960
—
960
282
Acquisition-related and
integration-related costs
1,386
326
2,160
796
Other
—
493
—
520
Non-GAAP income tax adjustment
(4,137
)
(3,343
)
(12,352
)
(14,615
)
Adjusted Net Income (Loss) -
Non-GAAP
$
13,364
$
7,607
$
35,114
$
(2,222
)
Diluted net income (loss) per
share:
GAAP
$
(0.03
)
$
(0.09
)
$
(0.03
)
$
(0.77
)
Adjusted, Non-GAAP
$
0.13
$
0.08
$
0.33
$
(0.02
)
Weighted-average common shares
outstanding - Diluted:
GAAP
102,863
95,858
102,288
95,537
Adjusted, Non-GAAP
106,532
99,769
106,293
95,537
(1) Numerator for calculating net loss per
share-GAAP
Corsair Gaming, Inc.
GAAP to Non-GAAP
Reconciliations
Adjusted EBITDA
Reconciliations
(Unaudited, in thousands, except
percentages)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss - GAAP
$
(2,886
)
$
(5,945
)
$
(8,613
)
$
(61,064
)
Amortization
9,507
10,352
29,005
33,924
Stock-based compensation
7,825
5,643
23,245
16,877
Depreciation
3,083
2,546
9,016
7,695
Interest expense, net
2,529
2,734
7,875
5,689
Inventory reserve in excess of normal run
rate to address overhang in the channel
—
—
—
19,489
Restructuring costs
709
81
709
1,569
Acquisition accounting impact related to
recognizing acquired inventory at fair value
960
—
960
282
Acquisition-related and
integration-related costs
1,386
326
2,160
796
Other
—
493
—
520
Income tax benefit
(97
)
(6,115
)
(3,023
)
(11,262
)
Adjusted EBITDA - Non-GAAP
$
23,016
$
10,115
$
61,334
$
14,515
Adjusted EBITDA margin - Non-GAAP
6.3
%
3.2
%
5.9
%
1.5
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107006522/en/
Investor Relations:
Ronald van Veen ir@corsair.com 510-578-1407
Media:
David Ross david.ross@corsair.com +44 11 8208 0542
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