Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a leading
global provider and innovator of high-performance gear for gamers
and content creators, today announced financial results for the
first quarter ended March 31, 2021.
First Quarter 2021
Highlights
- Net revenue was $529.4 million, an
increase of 71.6% year-over-year. Gamer and creator peripherals
segment net revenue was $175.9 million, an increase of 131.9%
year-over-year. Gaming components and systems segment net revenue
was $353.5 million, an increase of 51.9% year-over-year.
- Gross profit was $160.3 million, an
increase of 103.9% year-over-year, with gross margin of 30.3%, an
improvement of 480 basis points year-over-year. Gamer and creator
peripherals segment gross profit was $68.9 million, an increase of
211.1% year-over-year. Gaming components and systems segment gross
profit was $91.5 million, an increase of 61.9% year-over-year.
- Operating income was $67.3 million,
an increase of 404.5% year-over-year.
- Adjusted operating income was $80.4
million, an increase of 221.4% year-over-year.
- Net income was $46.7 million, or
$0.47 per diluted share, compared to net income of $1.2 million in
the same period last year, or $0.01 per diluted share.
- Adjusted net income was $58.2
million, or $0.58 per diluted share, an increase of 420.4%
year-over-year compared to adjusted net income of $11.2 million in
the same period last year, or $0.13 per diluted share.
- Adjusted EBITDA was $80.4 million,
an increase of 196.6% year-over-year, with adjusted EBITDA margin
of 15.2%, an improvement of 640 basis points year-over-year.
- As of March 31, 2021, we had
cash and restricted cash of $125.6 million, $48.1 million capacity
under our revolving credit facility and total long-term debt of
$294.3 million.
- Cash flows from operations was
$27.8 million, which increased from $2.0 million in the same period
last year.
Definitions of the non-GAAP financial measures
used in this press release and reconciliations of such measures to
their nearest GAAP equivalents are included below under the heading
“Use and Reconciliation of Non-GAAP Financial Measures.”
“We are thrilled with our first quarter
financial performance and strategic progress. End demand remained
strong for our products and our new products such as the K65 mini
RGB keyboard and Elgato’s new accessories debuted well. We
introduced 29 new products in the first quarter and we expect this
blistering pace of new product introduction to continue throughout
the year with several brand new products still to come. Supplies of
key components remain tight but we have been able to support our
plans and will continue to work on this issue for the rest of the
year. As a result of our stronger-than-expected first quarter
performance and our current views for the rest of the year, we
raised our 2021 annual guidance,” stated Andy Paul, Chief Executive
Officer of Corsair.
“We were able to convert our strong financial
performance in the first quarter into an opportunity to further
strengthen our balance sheet. We reduced debt by an additional $28
million with outstanding principal now at $299 million and net debt
at $177.3 million. We did this while growing quickly and leaving
sufficient resources to help us grow further. We continue to
evaluate growth opportunities while still expecting to further
reduce our existing debt in 2021,” said Michael G. Potter, Chief
Financial Officer of Corsair.
Financial Outlook
The Company is updating guidance for the
full-year 2021 as indicated below:
- Raising net revenue to be in the
range of $1.9 billion to $2.1 billion from $1.8 billion to $1.95
billion.
- Raising adjusted operating income
to be in the range of $235 million to $255 million from $205
million to $220 million.
- Raising adjusted EBITDA to be in
the range of $245 million to $265 million from $215 million to $230
million.
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, public offering related charges, depreciation
and amortization, severance, 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.
Please see “Use and Reconciliation of Non-GAAP
Financial Measures” below for a discussion on how we calculate the
non-GAAP measures presented herein and a reconciliation to the most
directly comparable GAAP measure.
Recent Developments
- On April 13, 2021, Corsair
announced the launch of its Corsair One a200 gaming PC powered by
the new AMD Ryzen™ 5000-series CPU and the Corsair One i200 powered
by a new 11th Gen Intel® Core™ CPU. These systems come equipped
with NVIDIA® GeForce RTX™ 3080 and raise the bar for gaming and
streaming-ready compact PCs.
- On April 8, 2021, Corsair under its
Elgato brand announced the release of Cam Link Pro, a powerful new
PCIe capture card and video mixer that boasts four HDMI inputs to
stream or record 4K or 1080p60 Full HD video from DSLR cameras,
laptops, tablets, and any other devices that output a clean HDMI
signal. From live broadcasting and editing to video conferencing
and remote teaching, Cam Link Pro makes multicam production easy
for content creators and professionals who engage with audiences
online.
- On April 8, 2021, Corsair launched
three new products in its CHAMPION SERIES range of
competition-grade peripherals, built for and tested by top eSports
professionals. Headlining the new launches is the streamlined K70
RGB TKL Mechanical Gaming Keyboard, with 8,000Hz hyper-polling
driven by CORSAIR AXON hyper-processing technology in a compact,
tenkeyless design, enabling users to take pro performance to the
next event. Two new CORSAIR gaming mice also enter the CHAMPION
SERIES lineup: the SABRE RGB PRO and SABRE PRO. The first CORSAIR
mice to also utilize AXON hyper-processing technology and 8,000Hz
polling, the SABRE RGB PRO and SABRE PRO deliver lightning-fast
inputs, along with a comfortable ergonomic shape and ultra-light
weight for superior agility and control.
- On March 31, 2021, Corsair launched
a new pair of RGB gaming keyboards: the CORSAIR K55 RGB PRO and K55
RGB PRO XT. These latest entries in the K55 family offer dynamic
RGB backlighting, and include six dedicated macro keys with Elgato
Stream Deck software integration for one-button actions and
shortcuts. The K55 RGB PRO features five zones of RGB lighting with
six preset onboard lighting effects, while the K55 RGB PRO XT kicks
things up a notch with per-key RGB backlighting, offering ten
onboard lighting effects and near-limitless customization through
CORSAIR iCUE software.
- On March 16, 2021, Corsair launched
a new series of 11th-Gen Intel®-powered VENGEANCE i7200 gaming PCs.
Now equipped with a cutting-edge 11th Gen Intel® Core™ CPU, these
powerful systems deliver blazing-fast frequencies and the
processing power to push the limits of gaming, streaming, and more.
Available in configurations with up to an Intel Core™ i9 11900K
CPU, the new CORSAIR VENGEANCE i7200 Series can power through
complex content creation, extreme gaming, and demanding
applications with ease. Fantastic 3D rendering and content creation
performance is driven by the incredible power of NVIDIA® GeForce
RTX™ 3000-Series graphics, up to a GeForce RTX 3090, for amazingly
lifelike visuals. NVIDIA DLSS 2.0 AI technology boosts frame rates,
producing silky-smooth image quality even when playing at maximum
detail at 4K settings. VENGEANCE i7200 systems are completed with a
full array of award-winning CORSAIR components in an
airflow-optimized CORSAIR 4000D AIRFLOW mid-tower case.
- On March 16, 2021, Corsair launched
its first 60% mechanical gaming keyboard, the CORSAIR K65 RGB MINI,
alongside a full range of CORSAIR PBT DOUBLE-SHOT PRO Keycap Mod
Kits to unlock a huge new range of keyboard personalization.
Packing massive features into its impressively small size, the K65
RGB MINI boasts 100% CHERRY MX mechanical keyswitches, dynamic
per-key RGB backlighting, CORSAIR AXON Hyper-Processing Technology
with 8,000Hz polling, and a detachable USB Type-C cable. Launching
alongside the K65 RGB MINI, the new CORSAIR PBT DOUBLE-SHOT PRO
Keycap Mod Kits offer five additional colors with which to
customize the K65 RGB MINI or compatible keyboard. Together, K65
RGB MINI and the new PBT DOUBLE-SHOT PRO Keycaps offer a powerful,
personal, and portable CORSAIR keyboard experience in the smallest
form-factor yet.
- On March 4, 2021, Corsair under its
Elgato brand launched two new product lines to help creators
personalize their home studios and streaming setups – Elgato Light
Strip and Elgato Wave Panels. Elgato Light Strip offers convenient
app-controlled ambient lighting with RGBWW LEDs capable of
displaying 16 million colors, with a wide brightness and color
temperature range to create the perfect look for any setup. Elgato
Wave Panels feature two-layer foam construction to reduce room echo
and reverberation, easily mounting to the wall in modular hexagonal
panels. With the release of both Elgato Light Strip and Wave
Panels, content creators now have more options available to
customize and set their studio apart from the rest.
- On February 25, 2021, Corsair
launched a new ultra-light gaming mouse, the KATAR PRO XT. At a
weight of just 73g and equipped with a drag-reducing paracord
cable, the KATAR PRO XT is extremely agile and well-suited for
fast-paced FPS and MOBA gameplay. The KATAR PRO XT is also the
first CORSAIR mouse to implement new CORSAIR QUICKSTRIKE buttons,
pre-tensioned to reduce button travel to a minimum, meaning every
click from the KATAR PRO XT registers faster than ever.
- On February 16, 2021, Corsair
announced the acquisition of Visuals by Impulse (VBI), a premium
design platform for creators, which will join CORSAIR under its
existing Elgato brand. Founded in 2015, VBI provides professional
design for creators on Twitch, YouTube and Facebook Gaming.
Streamers around the world use VBI overlays, alerts, and widgets to
customize their broadcasts and grow their fanbases. VBI is a
trusted partner for over 200,000 creators — and the industry’s
go-to resource for free graphics, premium animations, and online
streaming tools. Thanks to VBI technology and design, anyone can
create stylish, personalized live-streaming content.
Conference Call and Webcast
Information
We will host a conference call to discuss the
first quarter 2021 financial results on May 4, 2021, at 5:30 a.m.
PT. The conference call can be accessed live over the phone by
dialing 1-877-407-0784, or for international callers
1-201-689-8560. A replay will be available from 8:30 a.m. PT on May
4, 2021 through May 11, 2021, by dialing 1-844-512-2921, or for
international callers 1-412-317-6671. The replay passcode is
13718830.
The call will also be webcast live from our
investor relations website at https://ir.corsair.com. Following
completion of the call, a recorded replay of the webcast will be
available on the website.
About Corsair Gaming, Inc.
Corsair Gaming, Inc. (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 our Elgato brand,
which provides premium studio equipment and accessories for content
creators, SCUF Gaming brand, which builds custom-designed
controllers for competitive gamers, and ORIGIN PC brand, a builder
of custom gaming and workstation desktop PCs and laptops.
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, our estimated full year 2021 net
revenue, adjusted operating income and adjusted EBITDA; our belief
that our pace of new product introduction will continue throughout
the year; whether we will be successful in managing inventory;
whether we will be able to grow further; and whether we will
continue to reduce our existing debt. 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: 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; 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; 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; delays or
disruptions at our or third-parties’ manufacturing and distribution
facilities; 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; the impact of the coronavirus on our
business; general economic conditions that adversely effect, among
other things, consumer confidence and spending; and the other
factors described under the heading “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2021 to be
filed with the Securities and Exchange Commission (SEC) on or about
the date hereof 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 March 31, 2021 are
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, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net
Income and Adjusted Net Income Per Share. 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, Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted
Net Income Per Share to evaluate our operating performance and
trends and make planning decisions. We believe that these non-GAAP
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 Adjusted Operating Income, Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Income and Adjusted Net Income Per Share
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
performance measures because we believe investors, analysts and
rating agencies consider them 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 revenues, operating income,
net income, 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,
non-GAAP, is determined by adding back to GAAP operating income the
acquisition accounting impact related to recognizing acquired
inventory at fair value, change in fair value of contingent
consideration for business acquisition, stock-based compensation,
intangible asset amortization, certain acquisition-related and
integration-related expenses, non-deferred costs associated with
the IPO, secondary offering costs, and debt modification
costs.
- Adjusted net income, non-GAAP, is
determined by adding back to GAAP net income the acquisition
accounting impact related to recognizing acquired inventory at fair
value, change in fair value of contingent consideration for
business acquisition, stock-based compensation, intangible asset
amortization, certain acquisition-related and integration-related
expenses, non-deferred costs associated with the IPO, secondary
offering costs, debt modification costs, loss on extinguishment of
debt, and the related tax effects of each of these
adjustments.
- Adjusted net income per diluted
share, non-GAAP, is determined by dividing adjusted net income,
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 the acquisition accounting impact
related to recognizing acquired inventory at fair value, change in
fair value of contingent consideration for business acquisition,
stock-based compensation, certain acquisition-related and
integration-related expenses, non-deferred costs associated with
the IPO, secondary offering costs, debt modification costs,
intangible asset amortization, depreciation and amortization,
interest expense (including loss on extinguishment of debt) and tax
expense.
- Adjusted EBITDA margin is
determined by dividing adjusted EBITDA by net revenue for the
respective periods.
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.
Source: Corsair Gaming, Inc.
Investor Relations Contact:
Ronald van Veenir@corsair.com 510-578-1407
Media Contact:
Adrian
Bedggoodadrian.bedggood@corsair.com510-657-8747+44-7989-258827
Corsair Gaming,
Inc.Condensed Combined Consolidated Statements of
Operations(Unaudited, in thousands, except per share
amounts)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Net revenue |
$ |
529,414 |
|
|
$ |
308,518 |
|
Cost of revenue |
|
369,086 |
|
|
|
229,896 |
|
Gross profit |
|
160,328 |
|
|
|
78,622 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales, general and administrative |
|
77,853 |
|
|
|
53,729 |
|
Product development |
|
15,186 |
|
|
|
11,556 |
|
Total operating expenses |
|
93,039 |
|
|
|
65,285 |
|
Operating income |
|
67,289 |
|
|
|
13,337 |
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense |
|
(4,946 |
) |
|
|
(9,374 |
) |
Other expense, net |
|
(2,425 |
) |
|
|
(63 |
) |
Total other expense, net |
|
(7,371 |
) |
|
|
(9,437 |
) |
Income before income
taxes |
|
59,918 |
|
|
|
3,900 |
|
Income tax expense |
|
(13,195 |
) |
|
|
(2,683 |
) |
Net income |
$ |
46,723 |
|
|
$ |
1,217 |
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
0.01 |
|
Diluted |
$ |
0.47 |
|
|
$ |
0.01 |
|
Weighted-average shares used
to compute net income per share |
|
|
|
|
|
|
|
Basic |
|
91,951 |
|
|
|
84,079 |
|
Diluted |
|
100,211 |
|
|
|
86,070 |
|
Corsair Gaming,
Inc.Segment Information(Unaudited, in
thousands, except percentages)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Net revenue: |
|
|
|
|
|
|
|
Gamer and Creator
Peripherals |
$ |
175,912 |
|
|
$ |
75,861 |
|
Gaming Components and
Systems |
|
353,502 |
|
|
|
232,657 |
|
Total Net Revenue |
$ |
529,414 |
|
|
$ |
308,518 |
|
|
|
|
|
|
|
|
|
Gross
Margin: |
|
|
|
|
|
|
|
Gamer and Creator
Peripherals |
|
39.1 |
% |
|
|
29.2 |
% |
Gaming Components and
Systems |
|
25.9 |
% |
|
|
24.3 |
% |
Total Gross Margin |
|
30.3 |
% |
|
|
25.5 |
% |
Corsair Gaming,
Inc.Condensed Combined Consolidated Balance
Sheets(Unaudited, in thousands)
|
March 31,2021 |
|
|
December 31,2020 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and restricted cash |
$ |
125,351 |
|
|
$ |
133,338 |
|
Accounts receivable, net |
|
304,174 |
|
|
|
293,629 |
|
Inventories |
|
234,611 |
|
|
|
226,007 |
|
Prepaid expenses and other current assets |
|
47,508 |
|
|
|
37,997 |
|
Total current assets |
|
711,644 |
|
|
|
690,971 |
|
Property and equipment,
net |
|
15,320 |
|
|
|
16,475 |
|
Goodwill |
|
314,089 |
|
|
|
312,760 |
|
Intangible assets, net |
|
252,243 |
|
|
|
259,317 |
|
Restricted cash,
noncurrent |
|
231 |
|
|
|
230 |
|
Other assets |
|
39,900 |
|
|
|
34,362 |
|
TOTAL ASSETS |
$ |
1,333,427 |
|
|
$ |
1,314,115 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
272,251 |
|
|
$ |
299,636 |
|
Other liabilities and accrued expenses |
|
227,019 |
|
|
|
205,745 |
|
Total current liabilities |
|
499,270 |
|
|
|
505,381 |
|
Debt, net |
|
294,254 |
|
|
|
321,393 |
|
Deferred tax liabilities |
|
30,350 |
|
|
|
29,752 |
|
Other liabilities,
noncurrent |
|
21,846 |
|
|
|
20,199 |
|
TOTAL LIABILITIES |
|
845,720 |
|
|
|
876,725 |
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
Common stock and additional paid-in capital |
|
442,329 |
|
|
|
438,676 |
|
Retained earnings (accumulated deficit) |
|
43,910 |
|
|
|
(2,813 |
) |
Accumulated other comprehensive income |
|
1,468 |
|
|
|
1,527 |
|
Total Stockholders’ Equity |
|
487,707 |
|
|
|
437,390 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
1,333,427 |
|
|
$ |
1,314,115 |
|
Corsair Gaming,
Inc.Condensed Combined Consolidated Statements of
Cash Flows(Unaudited, in thousands)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
46,723 |
|
|
$ |
1,217 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Stock-based compensation |
|
3,076 |
|
|
|
1,105 |
|
Depreciation |
|
2,436 |
|
|
|
2,158 |
|
Amortization of intangible assets |
|
8,702 |
|
|
|
8,447 |
|
Debt issuance costs amortization |
|
537 |
|
|
|
579 |
|
Loss on debt extinguishment |
|
439 |
|
|
|
— |
|
Deferred income taxes |
|
(3,005 |
) |
|
|
6 |
|
Other |
|
1,316 |
|
|
|
502 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(13,416 |
) |
|
|
37,432 |
|
Inventories |
|
(13,508 |
) |
|
|
145 |
|
Prepaid expenses and other assets |
|
(4,419 |
) |
|
|
6,312 |
|
Accounts payable |
|
(26,988 |
) |
|
|
(43,533 |
) |
Other liabilities and accrued expenses |
|
25,875 |
|
|
|
(12,370 |
) |
Net cash provided by operating activities |
|
27,768 |
|
|
|
2,000 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Acquisition of business, net of cash acquired |
|
(1,684 |
) |
|
|
— |
|
Payment of deferred and contingent consideration |
|
(4,353 |
) |
|
|
— |
|
Purchase of property and equipment |
|
(2,036 |
) |
|
|
(1,847 |
) |
Net cash used in investing activities |
|
(8,073 |
) |
|
|
(1,847 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Repayment of debt |
|
(28,000 |
) |
|
|
(1,194 |
) |
Payment of other offering costs |
|
— |
|
|
|
(115 |
) |
Proceeds from exercise of stock options |
|
185 |
|
|
|
— |
|
Net cash used in financing activities |
|
(27,815 |
) |
|
|
(1,309 |
) |
Effect of exchange rate
changes on cash |
|
134 |
|
|
|
(308 |
) |
Net decrease in cash and
restricted cash |
|
(7,986 |
) |
|
|
(1,464 |
) |
Cash and restricted cash at
the beginning of the period |
|
133,568 |
|
|
|
51,947 |
|
Cash and restricted cash at
the end of the period |
$ |
125,582 |
|
|
$ |
50,483 |
|
Corsair Gaming, Inc.GAAP
to Non-GAAP Reconciliations
Non-GAAP Operating Income
Reconciliations(Unaudited, in thousands, except
percentages)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Operating Income - GAAP |
$ |
67,289 |
|
|
$ |
13,337 |
|
Acquisition accounting impact
related to recognizing acquired inventory at fair value |
|
- |
|
|
|
421 |
|
Change in fair value of
contingent consideration for business acquisition |
|
72 |
|
|
|
- |
|
Stock-based compensation |
|
3,076 |
|
|
|
1,105 |
|
Intangible asset
amortization |
|
8,702 |
|
|
|
8,447 |
|
Acquisition-related and
integration-related costs |
|
208 |
|
|
|
976 |
|
Non-deferred IPO and secondary
offering costs |
|
1,031 |
|
|
|
438 |
|
Debt modification costs |
|
- |
|
|
|
288 |
|
Adjusted Operating
Income - Non-GAAP |
$ |
80,378 |
|
|
$ |
25,012 |
|
As a % of net revenue -
GAAP |
|
12.7 |
% |
|
|
4.3 |
% |
As a % of net revenue -
Non-GAAP |
|
15.2 |
% |
|
|
8.1 |
% |
Non-GAAP Net Income and Net Income Per
Share Reconciliations(Unaudited, in thousands, except per
share amounts and percentages)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Net Income - GAAP |
$ |
46,723 |
|
|
$ |
1,217 |
|
Acquisition accounting impact
related to recognizing acquired inventory at fair value |
|
- |
|
|
|
421 |
|
Change in fair value of
contingent consideration for business acquisition |
|
72 |
|
|
|
- |
|
Stock-based compensation |
|
3,076 |
|
|
|
1,105 |
|
Intangible asset
amortization |
|
8,702 |
|
|
|
8,447 |
|
Acquisition-related and
integration-related costs |
|
208 |
|
|
|
976 |
|
Non-deferred IPO and secondary
offering costs |
|
1,031 |
|
|
|
438 |
|
Debt modification costs |
|
- |
|
|
|
288 |
|
Loss on debt
extinguishment |
|
439 |
|
|
|
- |
|
Non-GAAP income tax
adjustment |
|
(2,089 |
) |
|
|
(1,715 |
) |
Adjusted Net Income -
Non-GAAP |
$ |
58,162 |
|
|
$ |
11,177 |
|
|
|
|
|
|
|
|
|
Diluted Net income per
share: |
|
|
|
|
|
|
|
GAAP |
$ |
0.47 |
|
|
$ |
0.01 |
|
Adjusted, Non-GAAP |
$ |
0.58 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
Shares used to compute
diluted net income per share: |
|
|
|
|
|
|
|
GAAP |
|
100,211 |
|
|
|
86,070 |
|
Adjusted, Non-GAAP |
|
100,211 |
|
|
|
86,070 |
|
Corsair Gaming,
Inc.Adjusted EBITDA
Reconciliations(Unaudited, in thousands, except
percentages)
|
Three Months
EndedMarch 31, |
|
|
2021 |
|
|
2020 |
|
Net Income - GAAP |
$ |
46,723 |
|
|
$ |
1,217 |
|
Acquisition accounting impact
related to recognizing acquired inventory at fair value |
|
- |
|
|
|
421 |
|
Change in fair value of
contingent consideration for business acquisition |
|
72 |
|
|
|
- |
|
Stock-based compensation |
|
3,076 |
|
|
|
1,105 |
|
Acquisition-related and
integration-related costs |
|
208 |
|
|
|
976 |
|
Non-deferred IPO and secondary
offering costs |
|
1,031 |
|
|
|
438 |
|
Debt modification costs |
|
- |
|
|
|
288 |
|
Intangible asset
amortization |
|
8,702 |
|
|
|
8,447 |
|
Depreciation |
|
2,436 |
|
|
|
2,158 |
|
Interest expense (includes
loss on debt extinguishment) |
|
4,946 |
|
|
|
9,371 |
|
Tax expense |
|
13,195 |
|
|
|
2,683 |
|
Adjusted EBITDA -
Non-GAAP |
$ |
80,389 |
|
|
$ |
27,104 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin -
Non-GAAP |
|
15.2 |
% |
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
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