美商海盜船 (CRSR) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Corsair Gaming's Fourth Quarter and Full Year 2022 Earnings Conference Call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

下午好，歡迎參加Corsair Gaming 2022年第四季及全年業績電話會議。溫馨提示：今天的電話會議將會被錄音，您參與即表示同意錄音。 （接線生指示）

With that, I would now turn the call over to Ronald Van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you, sir. You may begin.

好了，現在我將把電話轉給Corsair財務和投資者關係副總裁Ronald Van Veen。謝謝您，先生。您可以開始發言了。

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the fourth quarter and full year ended December 31, 2022.

謝謝。大家下午好，感謝大家參加Corsair截至2022年12月31日的第四季及全年財務業績電話會議。

On the call today, we have Corsair's CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights from the full year and fourth quarter 2022. Michael will then review the financials and our outlook. We will then have time for any questions.

今天的電話會議邀請了Corsair的執行長Andy Paul和財務長Michael Potter。 Andy將回顧2022年全年和第四季的亮點。 Michael隨後將回顧財務狀況和我們的展望。之後我們將有時間回答大家的提問。

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Note that until our 10-K has been filed, these numbers are preliminary. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information, is provided in the press release we issued after the market close today.

在開始之前，請允許我提供一份關於前瞻性陳述的免責聲明。本次電話會議（包括問答部分）可能包含與本公司預期未來績效相關的前瞻性陳述，因此也屬於前瞻性陳述。由於諸多風險與不確定因素，我們的實際績效可能與預測有重大差異。前瞻性陳述所涉及的風險和不確定性已在我們的財報和其他提交給美國證券交易委員會（SEC）的文件中進行了說明。請注意，在我們提交10-K報告之前，這些數據均為初步數據。今天的演講也將引用非公認會計準則（non-GAAP）財務指標。更多信息，包括非公認會計準則（non-GAAP）財務資訊與公認會計準則（GAAP）財務資訊的對賬，已在我們今天收盤後發布的新聞稿中提供。

With that, I'll now turn the call over to Andy.

說完這些，我現在將電話轉給安迪。

Thank you, Ronald, and welcome, everyone, to our Q4 and full year 2022 earnings call. We are pleased with our fourth quarter results following a challenging 2022 year, impacted by the Russian-Ukrainian conflict, high freight costs and a large channel inventory adjustment.

謝謝Ronald，歡迎大家參加我們2022年第四季及全年財報電話會議。 2022年充滿挑戰，受俄烏衝突、高昂的運費以及通路庫存大幅調整的影響，我們對第四季的業績感到滿意。

Q4 2022 holiday sales were strong for most of the gaming and streaming categories that we participate in. And our overall retail sales out from the channel was substantially above pre-pandemic 2019 levels, putting us on a positive trajectory for the first half of '23. There are a number of notable financial highlights from Q4 and 2022.

2022年第四季度，我們所涉足的大多數遊戲和串流媒體類別的假日季銷售表現強勁。我們整體通路零售額大幅高於2019年疫情前的水平，這讓我們在2023年上半年保持了積極的成長勢頭。第四季和2022年，我們取得了一些值得關注的財務亮點。

First, the gaming PC component market resumed growth. We benefited from an uptick in demand in the gaming PC market, fueled by new GPU and CPU launches from Nvidia, AMD and Intel at the end of 2022 with more expected rollout in Q1 2023. As we've noted before, gaming PCs built with these new platforms need faster memory such as DDR5, larger power supplies with 1,000-watt capability or higher and better cooling technology. These are all product categories that we are expert in and have attained a dominant market share. This is a big positive for our enthusiast customers who are now able to build faster, more powerful game PCs with more features at a lower cost than they could during the pandemic.

首先，遊戲PC組件市場恢復成長。我們受惠於遊戲PC市場需求的成長，這得益於英偉達、AMD和英特爾在2022年底推出的新款GPU和CPU，預計2023年第一季還會有更多新機型推出。正如我們之前所指出的，基於這些新平台構建的遊戲PC需要更快的記憶體（例如DDR5）、功率達1000瓦或更高的更大電源以及更先進的散熱技術。這些都是我們擅長的產品類別，並且已佔據主導地位。這對我們的發燒友客戶來說是一個很大的利好，他們現在能夠以比疫情期間更低的成本，打造速度更快、性能更強大、功能更豐富的遊戲PC。

There have also been several recent games launched or updated that take full use of the new technologies built into the new GPUs, making them more immersive and more exciting to play. This is another powerful growth catalyst for us and is helping to drive higher demand for gaming PCs as well as peripherals.

最近推出或更新的幾款遊戲充分利用了新GPU內建的新技術，使其更具沉浸感，遊戲體驗也更加刺激。這對我們來說是另一個強大的成長催化劑，有助於推動遊戲PC及週邊的需求成長。

Based on our improved results, we believe we continue to gain market share in components used to build gaming PCs. We continue to command a premium price because of our steady stream of innovative products and our proven expertise in developing the components gaming customers need for superior performance and quality.

基於業績的提升，我們相信，我們在遊戲PC組件市場的佔有率將持續提升。憑藉我們源源不絕的創新產品，以及在開發遊戲客戶所需的卓越性能和品質組件方面久經考驗的專業技術，我們繼續保持著高昂的價格。

Secondly, the peripheral market held up well despite challenging macroeconomic headwinds. The gaming peripheral market for headsets, keyboards and mice showed good recovery in Q4 and in the U.S. was within 6% of Q4 '21. Compared to pre-pandemic levels in Q4 '19, the U.S. market was up by 58% according to NPD.

其次，儘管宏觀經濟面臨諸多挑戰，週邊市場仍表現良好。耳機、鍵盤和滑鼠等遊戲週邊市場在第四季度表現出色，美國市場與2021年第四季相比成長了6%以內。根據NPD的數據，與2019年第四季疫情前的水準相比，美國市場成長了58%。

In Europe, the market was down 10% from last year, but was still 26% higher than Q4 '19 according to GFK. All this indicates that the peripheral market while getting a boost from more people at home by -- in gaming peripherals during 2020 and 2021 is now showing that there has been fundamental growth and expansion compared to the pre-pandemic period. And thus, we are cautiously optimistic that despite macroeconomic headwinds, the market will continue to grow over the next few years and will likely be boosted by the incremental gamers that were first-time buyers during shelter at home.

歐洲市場較去年下降了10%，但根據GFK的數據，仍比2019年第四季成長了26%。所有這些都表明，週邊市場在2020年和2021年受益於更多人居家隔離，遊戲週邊市場也因此受益，目前與疫情前相比，外設市場已呈現根本性成長和擴張。因此，我們謹慎樂觀地認為，儘管宏觀經濟面臨逆風，但未來幾年市場仍將持續成長，並可能受到居家隔離期間首次購買遊戲外設的玩家的推動。

We observed some deep discounting in the gaming peripherals market in Q4 since the channel had large amounts of excess inventory from many suppliers. However, at Corsair, we were able to avoid much of this heavy discounting and rebates since by the holiday period, we had already largely cleared our excess inventory. We had record sales with our SCUF controllers, boosted by the launch of Call of Duty: Modern Warfare II, and we sold out our new Elgato Stream Deck Plus within days of launch.

我們注意到，由於通路商庫存積壓，遊戲週邊市場在第四季度出現了大幅折扣。然而，在Corsair，我們避免了大部分大幅折扣和返利，因為到假期期間，我們基本上已經清空了過剩庫存。受《決勝時刻：現代戰爭II》發售的推動，我們的SCUF控制器銷量創下紀錄，而新款Elgato Stream Deck Plus發售後幾天內就銷售一空。

Overall, in our peripheral segment, we were down 33% in revenue from Q4 last year. However, approximately 1/3 of this drop came from channel inventory adjustments. While our channel inventory situation is close to being a target now, we see many signs that there is still excess inventory in the channel from other suppliers, and we think that this will take 1 or 2 quarters to be resolved.

整體而言，我們的周邊業務收入較去年第四季下降了33%。其中約三分之一的降幅來自通路庫存調整。雖然我們目前的渠道庫存狀況已接近目標水平，但我們看到許多跡象表明，渠道中其他供應商的庫存仍然過剩，我們認為這需要一到兩個季度才能解決。

At that point, we think we will start to gain market share again because of less discounting and also from some exciting new products that we have in the pipeline. In addition, we see a very nice list of exciting new games that will be released in 2023, which we believe will drive growth into the gaming peripherals market. We're also excited to see our Stream Deck products continue to get used in many new applications as well as pure content creation.

屆時，我們認為我們的市場份額將再次回升，這得益於折扣力度的減少，以及我們即將推出的一些令人興奮的新產品。此外，我們預計2023年將發布一系列令人興奮的新遊戲，我們相信這將推動遊戲週邊市場的成長。我們也很高興看到我們的Stream Deck產品繼續在許多新應用以及純內容創作領域中得到應用。

Thirdly, margins improved. We are very pleased that margins bounced back in Q4. As expected, freight rates have continued to decline, and the excess channel inventory has mostly been cleared. As we've been discussing in recent earnings calls, this was causing a headwind on both sales and margins, and we're happy to see the improvement.

第三，利潤率有所提高。我們很高興看到利潤率在第四季度反彈。如預期，運費持續下降，過剩的渠道庫存也基本上已清理。正如我們在最近的財報電話會議上討論的那樣，這給銷售額和利潤率都帶來了不利影響，我們很高興看到利潤率有所改善。

In addition, we've made great progress in bringing down our own inventory and exit the year at our overall inventory target level. We expect these factors as well as new product introductions to continue to move up margins in 2023.

此外，我們在降低自身庫存方面取得了顯著進展，並在年底達到了整體庫存目標水準。我們預計這些因素以及新產品的推出將在2023年持續提升利潤率。

In terms of geographies, the U.S. continued to be a strong market for us in Q4, and we expect Q1 to see continued growth in all categories. Europe continued to track lower than last year, but it is starting to show improvement.

從地理來看，美國市場在第四季持續保持強勁成長，我們預期第一季所有類別都將持續成長。歐洲市場的表現仍低於去年同期，但已開始顯現改善跡象。

Let me now take a minute to update you on some of our more notable Q4 product developments. First, we're excited about the Q4 launch of our Stream Deck +. This is a new addition to our award-winning lineup of tactile control interfaces. As the name implies, we originally developed Stream Deck for streamers. But the market use cases have continued to expand from streamers to anyone more broadly looking for a great programmable macro device. We added new functionality, including 4 push tiles and a dynamic touch strip. The key is making content creation workflow more efficient, which we excel at.

現在，請容許我花一點時間向您介紹我們第四季值得關注的產品開發成果。首先，我們非常高興地宣佈在第四季度推出了 Stream Deck +。這是我們屢獲殊榮的觸覺控制介面系列的新成員。顧名思義，我們最初是為主播開發 Stream Deck 的。但市場用例已從主播擴展到更廣泛的用戶群體，他們正在尋找一款出色的可編程巨集設備。我們新增了新功能，包括 4 個推送磁貼和一個動態觸控條。關鍵在於提高內容創作工作流程的效率，而這正是我們的優勢所在。

The other nice feature is Stream Deck + integrates seamlessly with Elgato software, namely Camera Hub, Control Center and our popular Wave Link virtual mixer. Second, we saw strong interest in our new XENEON FLEX 45WQHD240 OLED Gaming Monitor and expect to start shipping volume in Q1. This 45-inch monitor designed in partnership with LG Display uses flexible OLED technology and is designed so that the monitor can be adjusted by hand from flat to a curve display.

另一個不錯的功能是 Stream Deck + 可以與 Elgato 軟體無縫集成，包括 Camera Hub、Control Center 以及我們廣受歡迎的 Wave Link 虛擬混音器。其次，我們注意到市場對新款 XENEON FLEX 45WQHD240 OLED 遊戲顯示器表現出濃厚興趣，預計將於第一季開始批量出貨。這款 45 吋顯示器與 LG Display 合作設計，採用柔性 OLED 技術，並可透過手動方式從平面調整為曲面顯示。

We're also excited about our expanded Webcam product line with the launch of Elgato's Facecam Pro, which is a high-end camera, which can output 4K at 60 frames per second. Creators now can more easily produce ultra-high-definition video without the need for an elaborate camera setup. This groundbreaking technology combined with Elgato's powerful Camera Hub software makes Facecam Pro the new benchmark in the global webcam industry.

我們也對 Elgato 推出的 Facecam Pro 網路攝影機產品線的擴展感到興奮。這是一款高階攝影機，能夠以每秒 60 幀的速度輸出 4K 影片。現在，創作者無需複雜的攝影機設置，即可更輕鬆地製作超高清影片。這項突破性的技術與 Elgato 強大的 Camera Hub 軟體相結合，使 Facecam Pro 成為全球網路攝影機產業的新標竿。

Corsair remains one of the industry's most innovative gaming companies. We are excited about our product road map for the coming year and look forward to sharing more updates with you as these launches occur. In summary, the fundamentals of our business remain very strong, and we are well positioned entering 2023.

Corsair 仍然是業內最具創新精神的遊戲公司之一。我們對未來一年的產品路線圖充滿期待，並期待在新產品發布之際與您分享更多更新。總而言之，我們業務的基本面依然強勁，我們已為進入 2023 年做好了充分準備。

We are pleased with our team's continued execution and success in what was a challenging year for the gaming industry and broader market. We have an exciting product road map for the coming year with a full slate of launches planned for both our gamer and creator peripherals and gaming components and systems segments. We expect to benefit from multiple catalysts in our core segments with the second half of 2023 expected to be stronger than the first half of 2023.

我們對團隊在遊戲產業乃至整個市場充滿挑戰的一年中持續的執行力和成功感到欣慰。我們為來年制定了令人興奮的產品路線圖，並計劃在遊戲玩家和創作者周邊以及遊戲組件和系統領域推出一系列新產品。我們預期核心業務將受惠於多種催化劑，2023 年下半年的業績預計將強於上半年。

Let me now turn the call over to our CFO, Michael Potter, for details on the financials. Michael, please go ahead.

現在，請容許我把電話轉給我們的財務長麥可‧波特，請他詳細了解財務狀況。邁克爾，請講。

Thanks, Andy, and good afternoon, everyone. Q4 2022 tracked to the very high end of our expectations and ended well with momentum carrying into Q1 2023.

謝謝，安迪，大家下午好。 2022年第四季業績達到了我們預期的最高水準，並且以良好的勢頭延續到了2023年第一季。

In terms of specifics, Q4 2022 net revenue increased to $398.7 million compared to $311.8 million in Q3 2022. This compares to $510.6 million in Q4 2021. Net revenue for the year was $1.375 billion compared to $1.904 billion in 2021, a decrease of 27.8%.

具體而言，2022 年第四季淨收入增至 3.987 億美元，而 2022 年第三季為 3.118 億美元。相比之下，2021 年第四季為 5.106 億美元。全年淨收入為 13.75 億美元，而 2021 年為 19.04 億美元，下降了 27.8%。

Our channel partners continue to reduce their inventories in Q4 2022 to current and expected consumer demand and the reduced transit and lead times. We also further reduced our own inventory by about 23% quarter-over-quarter, which is back to more historic normalized levels. We are hopeful that the broader industry's inventory in the channel is also in a better position, which would lead to less discounting in 2023. European markets continue to be softer than Americas and contributed about 30% of our revenue, well below the historic average in the high 30 percentile, but up from the approximately 29% in Q3 2022.

我們的通路夥伴在2022年第四季持續減少庫存，以滿足當前和預期的消費者需求，並縮短運輸和交貨時間。我們也進一步減少了自有庫存，季減了約23%，已恢復到歷史正常水準。我們希望整個產業的通路庫存也能保持良好狀態，進而在2023年減少折扣。歐洲市場的表現持續弱於美洲市場，貢獻了我們約30%的收入，遠低於歷史高30%的平均水平，但高於2022年第三季的約29%。

Turning now to our segments. The gamer and creator peripheral segment contributed $117.8 million of net revenue during the fourth quarter, up from $96.8 million in the prior quarter and a decrease of 33.4% from $176.9 million in Q4 2021. The gamer and creator peripheral segment net revenue contributed 29.6% of total net revenue, a decrease of 500 basis points from 34.6% in Q4 2021. For the year, gamer and creator peripheral segment net revenue was $437.8 million, a decrease of 32.4% year-over-year.

現在談談我們的各部門。遊戲玩家和創作者周邊部門在第四季度貢獻了1.178億美元的淨收入，高於上一季的9,680萬美元，較2021年第四季的1.769億美元下降了33.4%。遊戲玩家和創作者周邊部門淨收入佔總淨收入的29.6%，較2021年第四季的34.6%下降了500個基點。全年，遊戲玩家和創作者周邊部門淨收入為4.378億美元，年減32.4%。

The gaming components and systems segment contributed $280.9 million of net revenue during the quarter, up from $214.9 million in the prior quarter and a decrease of 15.8% from $333.7 million in Q4 2021. Memory products contributed $158.1 million in Q4 2022 compared to $176.8 million in Q4 2021. For the year, gaming components and systems segment net revenue was $937.3 million, a decrease of 25.4% year-over-year.

遊戲組件和系統部門在本季貢獻了 2.809 億美元的淨收入，高於上一季的 2.149 億美元，比 2021 年第四季的 3.337 億美元下降了 15.8%。記憶體產品在 2022 年第四季貢獻了 1.581 億美元，而 2021 年第四季為 1.768 億美元。全年遊戲組件和系統部門淨收入為 9.373 億美元，年減 25.4%。

Overall gross profit in the fourth quarter decreased by 19.7% to $97.9 million from $121.8 million in Q4 2021. The decrease compared to Q4 2021 was primarily driven by reduced revenues. Gross profit margin increased 60 basis points to 24.5% compared to 23.9% in Q4 2021. This reflects the benefit of the improving supply chain environment, including a significant reduction in freight rates and supply chain lead times, which are rapidly approaching the same levels as they were pre-pandemic.

第四季總毛利較2021年第四季的1.218億美元下降19.7%至9,790萬美元。與2021年第四季相比，毛利下降主要由於收入減少所致。毛利率上升60個基點至24.5%，而2021年第四季為23.9%。這反映了供應鏈環境改善帶來的效益，包括運費和供應鏈交付週期的大幅縮短，目前正迅速接近疫情前的水準。

We expect to realize the full benefit over the coming quarter given the typical 4- to 5-month lag before these cost reductions are fully reflected in our P&L as our inventory turns. For the year, gross profit was $296.6 million. Note that this was impacted by the $19.5 million charge taken previously in the second quarter to account for inventory reserves in excess of our normal run rate to address overhang in the channel.

由於庫存週轉，這些成本削減通常需要4到5個月的時間才能完全反映在我們的損益表中，因此我們預計下一季將實現全部效益。全年毛利為2.966億美元。需要注意的是，這受到了第二季度之前為解決通路過剩問題而計入的1950萬美元庫存儲備費用的影響。

The gamer and creator peripheral segment gross profit was $39.7 million, a decrease of 24.9% from $52.8 million in Q4 2021, primarily driven by a decrease in revenue. Gross profit margin was 33.7% compared to 29.9% in Q4 2021. For the year, gross profit was $125.1 million.

遊戲玩家和創作者周邊部門毛利為3,970萬美元，較2021年第四季的5,280萬美元下降24.9%，主要原因是營收下降。毛利率為33.7%，而2021年第四季為29.9%。全年毛利為1.251億美元。

The gaming components and systems segment gross profit was $58.2 million, a decrease of 15.6% from $69 million in Q4 2021, primarily driven by the decrease in revenue. Gross profit margin was 20.7%, unchanged from Q4 2021. For the year, gross profit was $171.6 million.

遊戲組件及系統部門毛利為5,820萬美元，較2021年第四季的6,900萬美元下降15.6%，主要原因是營收下降。毛利率為20.7%，與2021年第四季持平。全年毛利為1.716億美元。

Our memory products margin in this segment was 18.1% for the fourth quarter compared to 17.5% in Q4 2021. Fourth quarter SG&A expenses were $68.5 million, a 16% decrease compared to $81.5 million in Q4 2021, driven in part by reduced freight costs out to our customers on lower revenues and lower freight rates. We did have some head count reductions earlier in the year, and we also continue to closely monitor all expenses while continuing to invest in our revenue-generating areas.

本季度，該部門記憶體產品利潤率為18.1%，而2021年第四季為17.5%。第四季銷售、一般及行政費用（SG&A）為6,850萬美元，較2021年第四季的8,150萬美元下降16%，部分原因是由於收入下降和運費降低，導致客戶運費減少。今年早些時候，我們確實進行了人員裁減，我們將繼續密切監控所有支出，同時繼續投資於創收領域。

Fourth quarter R&D expenses were $15.7 million, up slightly from $15.1 million in Q4 2021 as we continue to invest in our new products. GAAP operating income in the fourth quarter of 2022 was $13.6 million compared to $25.1 million in Q4 2021. For the year, we had $54.8 million operating loss.

由於我們持續投資新產品，第四季研發費用為 1,570 萬美元，較 2021 年第四季的 1,510 萬美元略有上升。 2022 年第四季的 GAAP 營業利潤為 1,360 萬美元，而 2021 年第四季為 2,510 萬美元。全年營業虧損 5,480 萬美元。

Adjusted operating income in the fourth quarter of 2022 was $29.6 million compared to $38.5 million in Q4 2021. For the year, this was income of $34.6 million. Fourth quarter net income attributable to common shareholders was $12.5 million. This represents net income of $0.12 per diluted share as compared to net income of $24.7 million or $0.25 per diluted share in Q4 2021.

2022年第四季調整後營業收入為2,960萬美元，而2021年第四季為3,850萬美元。全年收入為3460萬美元。第四季歸屬於普通股股東的淨利為1,250萬美元。這意味著每股攤薄淨利潤為0.12美元，而2021年第四季的淨利為2,470萬美元，每股攤薄淨利為0.25美元。

For the year, we had a net loss attributable to common shareholders of $60.9 million or a loss of $0.63 per diluted share. Fourth quarter adjusted net income was $20.7 million or net income of $0.20 per diluted share as compared to adjusted net income of $34.7 million or $0.35 per diluted share in Q4 2021. For the year, we had adjusted net income of $18.4 million or $0.18 per diluted share. Adjusted EBITDA for the fourth quarter of 2022 was $32 million compared to $39.5 million for Q4 2021. For the year, adjusted EBITDA was $46.5 million.

本年度，我們歸屬於普通股股東的淨虧損為6,090萬美元，即每股稀釋虧損0.63美元。第四季調整後淨利為2,070萬美元，即每股攤薄虧損0.20美元，而2021年第四季調整後淨利為3,470萬美元，即每股攤薄虧損0.35美元。本年度，我們調整後淨利為1,840萬美元，即每股攤薄虧損0.18美元。 2022年第四季調整後EBITDA為3,200萬美元，而2021年第四季調整後EBITDA為3,950萬美元。本年度調整後EBITDA為4,650萬美元。

Turning now to our balance sheet. We took the opportunity to fortify our balance sheet in Q4, ending the year with a cash balance of $154 million, which includes the addition of approximately $81 million from our November equity offering. From a capital allocation standpoint, we continue to prioritize growth, and we'll maintain a healthy balance of cash until the economic situation is clearer.

現在來看看我們的資產負債表。我們抓住機會在第四季度增強了資產負債表，年底現金餘額達1.54億美元，其中包括11月份股票發行帶來的約8,100萬美元。從資本配置的角度來看，我們將繼續優先考慮成長，並將保持健康的現金餘額，直到經濟狀況更加明朗。

We did pay down about $5 million of debt in Q4 2022 and would consider small repayments in 2023 if the year is meeting our expectations. We ended Q4 with $240 million of debt at face value and our $100 million working capital revolver remains undrawn and fully available. We spent $6.5 million on CapEx in Q4 with the elevated CapEx level related to new facilities now mostly behind us. Barring strategic investment opportunities, we will look to bring our cash balance further up over time and resume reducing debt on a more accelerated basis.

我們確實在2022年第四季償還了約500萬美元的債務，如果2023年全年業績符合預期，我們將考慮小額償還。第四季末，我們的債務面值為2.4億美元，而我們1億美元的營運資金循環信貸額度尚未動用，且完全可用。第四季我們的資本支出為650萬美元，與新設施相關的資本支出增加已基本結束。除非出現策略投資機會，否則我們將力求逐步提高現金餘額，並以更快的速度恢復債務削減。

Outlook. In terms of the full year 2023, we expect total revenue in the range of $1.35 billion to $1.55 billion, adjusted operating income in the range of $75 million to $95 million and adjusted EBITDA in the range of $90 million to $110 million. With the Fed rate hike cycle still in progress, forecasting interest expense remains more difficult. Assuming no further debt pay down, we expect interest expense of approximately $4 million per quarter before the impact of interest income.

展望。就2023年全年而言，我們預計總收入將在13.5億美元至15.5億美元之間，調整後營業收入將在7,500萬美元至9,500萬美元之間，調整後EBITDA將在9,000萬美元至1.1億美元之間。由於聯準會升息週期仍在進行中，預測利息支出仍然更加困難。假設不再償還債務，我們預期在扣除利息收入影響之前，每季利息支出約為400萬美元。

Assuming we maintain the same cash balance in 2023, we would expect to earn about $1.5 million of interest income per quarter, an effective tax rate of approximately 18% to 22% for 2023 and full year weighted average diluted shares outstanding of approximately 106 million to 108 million shares.

假設我們在 2023 年保持相同的現金餘額，我們預計每季的利息收入約為 150 萬美元，2023 年的有效稅率約為 18% 至 22%，全年加權平均稀釋流通股數約為 1.06 億至 1.08 億股。

We expect to see revenue distributed more as it was in the past before the pandemic, with Q2 being the lowest quarter of revenue and the second half of 2023 being stronger than the first half. We were aggressive in reducing inventory starting in mid-2022. And the [ad] expectation second half of last year allowed us to get our own inventory levels to our top level targets. We believe that we're starting 2023 at a healthier level of inventory, both in our own warehouses and in the hands of our channel partners.

我們預期收入分配將與疫情前的情況更加相似，第二季度是收入最低的季度，而2023年下半年的收入將強於上半年。我們從2022年中開始積極減少庫存。去年下半年的[廣告]預期使我們自身的庫存水準達到了最高目標。我們相信，從2023年開始，我們的庫存水準將更加健康，無論是在我們自己的倉庫還是在通路合作夥伴手中。

To summarize, we're seeing signs of improvement and expect a strong first half of 2023, led by the uptick in demand for self-built gaming PCs that Andy mentioned. We're also seeing the benefit of cost reduction actions we previously took and we're closely monitoring all expenditures while continuing to support our product and revenue generation.

總而言之，我們看到了改善的跡象，預計2023年上半年將表現強勁，這主要得益於Andy提到的自建遊戲PC需求的成長。我們也看到了先前採取的成本削減措施帶來的效益，我們正在密切監控所有支出，同時繼續支持我們的產品和創造收入。

Finally, we expect to see a few additional percentage points of margin improvement in 2023 over 2022 as we benefit from normalized freight costs and reduced need for us to discount now that we're back to our target inventory. With that, we're now happy to open the call for questions.

最後，我們預計2023年的利潤率將比2022年再提高幾個百分點，這得益於運費成本的正常化，以及庫存恢復到目標水準後折扣需求的減少。現在，我們很高興開始接受提問。

Operator, will you please open up the call for Q&A?

接線生，請您打開電話問答好嗎？

(Operator Instructions) First question comes from Drew Crum with Stifel.

（操作員指示）第一個問題來自 Stifel 的 Drew Crum。

So I think there's a comment in the press release that revenue guidance is not expected to be affected by negative inventory trends. So if your revenue is flattish to slightly up for the year, is there a way to help us understand the tailwind you expect to get from restocking? And what does your forecast assume in terms of retail performance? Is it up? Is it down? Or is it sideways? And I have a follow-up.

所以我認為新聞稿裡有一條評論說，預計收入預期不會受到負面庫存趨勢的影響。所以，如果你們今年的收入持平或略有上升，有什麼方法可以幫助我們了解你們預計從補貨中得到的推動力嗎？你們的預測對零售業業績有何假設？是上升？是下降？還是橫盤整理？我還有一個後續問題。

Yes. So the premise that we've done our forecast and guidance on is that we expect the market overall, and obviously, this depends on different regions, but we expect the market overall to be flat, perhaps pretty slightly down, perhaps pretty slightly up. We definitely have a tailwind in there of something like $100 million, and that's assuming that this year is neutral, which is a good assumption because we definitely shipped out to consumers $100 million more than we shipped into the channel. So hopefully, that gives you a sense of where we're at. Roughly the midpoint of the guidance is roughly $100 million up compared to our 2022 revenue.

是的。我們進行預測和指引的前提是，我們預期整體市場（當然，這取決於不同地區）將持平，可能略有下降，也可能略有上升。我們肯定有大約1億美元的順風，這是假設今年的銷售額保持中性。這是一個很好的假設，因為我們向消費者的出貨量肯定比向通路出貨量多1億美元。希望這能讓你了解我們目前的狀況。大致的指引中點是比我們2022年的收入高出約1億美元。

Got it. Okay. No, that's helpful. And then maybe for Michael, are the shipping -- the lower shipping costs, excuse me, mentioned those running through the COGS line and SG&A? Or is it one or the other? And then you mentioned a decline of over 70% in Q4 versus the beginning of last year. Is there a way in which you can put that in dollar terms? And what type of benefit is your guidance embed for '23?

明白了。好的。不，這很有幫助。那麼對Michael來說，運費──不好意思，較低的運費是指那些貫穿銷售成本（COGS）和銷售、一般及行政費用（SG&A）的部分嗎？還是兩者兼具？然後您提到第四季與去年年初相比下降了70%以上。您能用美元來表示一下嗎？您的2023年業績指引中包含了哪些好處？

Yes. So for the first question, for gross margin, that's benefit in shipment in. Shipment out, we recognize the quarter we do the shipment. There's no delay in it. So it's whenever you do the ship out, that's an OpEx. But bringing inventory in gets capitalized into inventory and comes out over the terms. Just roughly in terms of some numbers, the change.

是的。所以第一個問題，就毛利率而言，這是出貨時的收益。發貨時，我們會確認發貨的季度。沒有延遲。所以，無論何時發貨，這都是一項營運支出。但庫存的入庫會資本化到庫存中，並在期限內支出。粗略地說一下變化。

As we lap 2021, it was costing close to $20,000 a container depending exactly on the routes, but some of our routes as that high. By the end of 2022, it was somewhere between $3,000 to $4,000 a container again depending on specifically what route. But there was a pretty significant decrease on container costs.

2021年，每個貨櫃的成本接近2萬美元，具體價格取決於航線，有些航線甚至更高。到2022年底，每個貨櫃的成本在3000美元到4000美元之間，具體價格取決於航線。不過，貨櫃成本下降幅度相當顯著。

Next question, Aaron Lee with Macquarie.

下一個問題是麥格理的 Aaron Lee。

I wanted to touch on the promotional environment for a second. You guys gave some good color on the heavier discounting by your peers and some of the excess inventory that could take some time to resolve for the industry. Outside of that, are you starting to see any improvements in the promotional environment? Or is it too early to tell? And assuming peers continue to discount, is your strategy to maintain price just given your premium positioning?

我想談談促銷環境。你們對同行大幅降價以及行業可能需要一段時間才能解決的庫存過剩問題進行了很好的闡述。除此之外，你們是否開始看到促銷環境有所改善？還是現在下結論還太早？假設同行繼續降價，你們維持價格的策略是否只考慮到你們的高端定位？

Well, firstly, let me welcome you to the analyst group, Aaron. I know you are the new analyst on Macquarie. So it's the first time we've spoken. So in terms of promotional activity, we actually think we're a little bit ahead of our -- generally of our competitors on inventory -- I mean in terms of inventory reduction in the channel. So we saw through Q4, many of our larger competitors discounting far more heavily than we were, and it indicated to us that may be a little longer on inventory in the channel.

首先，歡迎Aaron加入分析師團隊。我知道您是麥格理的新分析師。這是我們第一次交流。就促銷活動而言，我們實際上認為我們在庫存方面略勝於競爭對手——我的意思是在通路庫存減少方面。我們看到，在第四季度，許多大型競爭對手的折扣力度遠超乎我們，這表明通路庫存的消耗時間可能會更長一些。

Now we think we -- well, we know we've roughly taken care of our inventory overhang by the end of the year and whatever was left, we're eating up. In fact, in many areas now we are under inventory targets in the channel. But we think that many of our competitors still have access. I believe that there will still be some discounting going on in the channel mostly in gaming peripherals for the next 1 or 2 quarters. And we will do what we can to maintain our market share, but most of the discounting tends to happen in the entry level. And we're okay to lose a little bit of market share in the entry level, if it would then cause us to be in a loss position.

現在我們認為——嗯，我們知道到年底我們已經大致處理了庫存積壓，剩下的庫存我們正在消化。事實上，現在我們在許多地區的通路庫存都低於目標。但我們認為，我們的許多競爭對手仍然有通路。我相信在接下來的一、兩個季度裡，通路中仍會有一些折扣，主要是遊戲外設。我們會盡力保持我們的市場份額，但大多數折扣都集中在入門級產品上。如果這會導致我們處於虧損狀態，我們可以接受在入門級產品中損失一點市場份額。

So hopefully, that makes sense. So we think that promotional environment will be still going on for the next 6 months -- 3 to 6 months. And I hope by the second half, it will go away as everyone's inventory clears up back to a normal level.

所以希望這是合理的。我們認為促銷環境在未來6個月（大概3到6個月）仍將持續。我希望到下半年，隨著大家的庫存清空，回到正常水平，促銷活動會逐漸消失。

Got it. Perfect. That's helpful. And just as a quick follow-up. I know you've recently announced several upgrades to some of your existing product lines and you've also launched, obviously, some new products as well. So as you look at 2023, how are you planning on splitting your development resources between upgrades and new product launches? Is it pretty split pretty evenly?

明白了。太好了。這很有幫助。接下來我想問一下。我知道您最近宣布了一些現有產品線的升級，當然也推出了一些新產品。那麼展望2023年，您計劃如何在升級和新產品發布之間分配開發資源？分配得比較均衡嗎？

No, it's not. I mean we've obviously got different sizes of businesses across the board. Some of the businesses we're in, like Elgato streaming for example, has got a very heavy software content and so the products are just a lot more complicated and for that reason, higher margins. We've also -- so there's a lot of resources going into that. We've got a pretty big software ecosystem, which requires resources. We have a much bigger TAM that we're addressing in gaming peripherals and so there's a lot more products coming out there.

不，不是。我的意思是，我們顯然在各個領域都有不同規模的業務。我們涉足的一些業務，例如Elgato串流媒體，軟體內容非常豐富，因此產品更加複雜，利潤率更高。我們也投入了大量資源。我們擁有一個相當大的軟體生態系統，這需要資源。我們在遊戲週邊方面擁有更大的潛在市場（TAM），因此會推出更多產品。

In terms of the gaming components and products that we use to build gaming systems, that's the biggest part of our revenue now. And so obviously, we keep having to upgrade those. Most recently, what we've had to do is upgrade all of our power supplies to higher wattage levels because the new graphics cards from Nvidia and AMD come to that are using a lot more power or more powerful. I'm sure you've seen that in the news. So there's a general upgrade across the board. But I'd say, look, in general, the R&D budget is more geared towards products that require a lot more software and complexity. But that doesn't necessarily tie up with the revenue of each product line.

就我們用於建立遊戲系統的遊戲組件和產品而言，它們目前是我們收入的最大組成部分。因此，我們顯然需要不斷升級這些組件和產品。最近，我們必須將所有電源升級到更高的瓦數，因為Nvidia和AMD的新顯示卡功耗更高，效能更強。我相信你們在新聞裡也看過。所以，我們進行了全面的升級。但我想說，總的來說，研發預算更傾向於那些需要更多軟體和更高複雜性的產品。但這並不一定與每個產品線的收入掛鉤。

I think in terms of longer-term market share expansion, we'd expect there's a lot more opportunity for us to grow in the gaming peripheral and the Elgato streaming area because those are newer. We're quite well established in memory sales and other components are going to self-built PCs, and we have very high market share.

我認為，就長期市佔率擴張而言，我們預期在遊戲週邊和Elgato串流媒體領域有更大的成長機會，因為這些領域比較新。我們在記憶體銷售方面已經相當成熟，其他元件也用於自建PC，而且我們的市場佔有率非常高。

Got you. Perfect. And congrats on the quarter. Really nice performance.

明白了。完美！恭喜本季取得佳績。表現真棒。

(Operator Instructions) Next question comes from Doug Creutz with Cowen and Company.

（操作員指示）下一個問題來自 Cowen and Company 的 Doug Creutz。

If I take the midpoint of your guidance ranges, you're sort of suggesting you're going to earn close to 7% EBITDA margins, which is basically where you were pre-pandemic. If I think about what the pathway is to get to, let's say, 10% EBITDA margins, is that just a function of creating operating leverage from top line growth? Or are there still things going on in the market or with you that are structurally impacting your margins that you think will get resolved over time?

如果我取您指引區間的中間值，您似乎暗示您的EBITDA利潤率將接近7%，這基本上與疫情前的水平一致。如果我考慮一下達到10%的EBITDA利潤率的途徑，這是否只是透過營收成長創造營運槓桿的結果？還是說，市場上或您本身是否存在一些結構性影響您利潤率的問題，您認為這些問題會隨著時間的推移而解決？

Yes, that's a good question. And both are true. The largest component is size and leverage. And so clearly, the $2-plus billion level is a lot. There's a lot more overhead -- less overhead in terms of percentage. So that drives it up. But there's still a lot of margin enhancement going on in almost every product line. We still have some remnants of freight -- high freight costs sitting in inventory. As Michael said, they go into the balance sheet. We still have some discounting going on, as I said. So we think if we got back to the normal situation that we were in, in 2019, in terms of market, we'd actually be substantially above 41 or 2 points higher in terms of EBITDA level.

是的，這是個好問題。兩者其實都對。最大的因素是規模和槓桿率。所以顯然，20多億美元的水準已經很高了。管理費用要高得多——就百分比而言，管理費用減少了。所以這推高了利潤率。但幾乎每條產品線的利潤率都在大幅提升。我們仍然有一些運費的剩餘——高昂的運費成本積壓在庫存中。正如麥可所說，這些成本會計入資產負債表。正如我所說，我們仍在進行一些折價。所以我們認為，如果我們回到2019年的正常市場狀況，我們的EBITDA水準實際上會大幅提高41個百分點或2個百分點。

Next question, Mario Lu with Barclays.

下一個問題是巴克萊銀行的 Mario Lu。

Great. So the first one is just a high-level question. So now that the retail channel is normalizing, Curious if there's any other areas of focus that you'll be returning to or new initiatives this year. I know in the past, you mentioned kind of growing your D2C channels or growing your services segment, for example.

好的。第一個問題比較籠統。現在零售通路正在恢復正常，我很好奇今年您還會回歸其他重點領域或推出新措施嗎？我知道您之前提到過，例如發展D2C管道或服務業務。

Yes. Good question, Mario. Well, at the moment, the most important market we're chasing after is -- or trying to keep up with is a self-built PC component market. That has really researched with the new graphics cards coming out with -- from Nvidia. And in fact, it's only really the high-end cards that have come out so far. So we still have [40, 70] cards, which will probably end up being the most popular card that will drive most volume for us. So the first priority for us is to keep up with that -- that demand is very strong, stronger than I think most people would expect given sort of a recessionary period, you would think it would be difficult for people to spend $2,000 or $3,000 on building their own PCs, but that's what everyone is doing at a very good rate, substantially above pre-pandemic levels. So that is one area.

是的。馬裡奧，問得好。目前，我們追逐的最重要的市場是——或者說試圖跟上的——自裝PC組件市場。這個市場對英偉達新推出的顯示卡進行了深入研究。事實上，到目前為止，只有高階顯示卡才真正面世。所以我們仍然有[40，70]張顯示卡，這些顯示卡最終可能會成為最受歡迎的顯示卡，並為我們帶來最大的銷售。因此，我們的首要任務是跟上這個市場——這種需求非常強勁，比大多數人預期的還要強勁，尤其是在經濟衰退時期。你可能會認為，人們很難花2000美元或3000美元來組裝自己的PC，但每個人都在以非常快的速度組裝PC，遠高於疫情前的水平。所以這是一個領域。

We talked earlier about the fact that we still have a large market to go after in gaming peripherals, so that will continue to be a focus. Streaming and building out some of the streaming and content creator products, such as Stream Deck, we're trying to enhance that. So it's more useful for people doing all sorts of work in business, whether it's using Teams or Zoom or Adobe. So we're going to do a lot of work there. And then yes, we are actually doing very well in our direct-to-consumer business, we had a record 15% of total sales last quarter that was direct-to-consumer. So I think it's important for us to continue to build that out.

我們之前提到過，遊戲週邊市場仍然很大，所以我們將繼續關注這一點。我們正在努力增強串流媒體以及一些串流媒體和內容創作產品（例如Stream Deck）的市場影響力。這樣一來，它對從事各種商業工作的人（無論是使用Teams、Zoom還是Adobe）都更有用。所以我們會在這方面投入大量精力。是的，我們的直銷業務做得非常好，上季我們的直銷業務佔總銷售額的15%，創下了歷史新高。所以我認為繼續拓展這項業務對我們來說至關重要。

Great. And just a follow-up on the comment on seasonality. You mentioned that the second half will be stronger than the first half. Is there any guidepost that we can use, like for example, should we look back in 2019, where the second half was, call it, mid-50 percentage of total?

太好了。關於季節性的評論，我再問一下。您提到下半年會比上半年表現更好。有什麼可以參考的指標嗎？例如，我們是否應該回顧一下2019年，當時下半年的銷售額佔比大概在50%左右？

It should be much more like pre-pandemic type of patterns down from Q4 into Q1. Q2 is the lowest, and then it starts going back up. Second half is higher than the first half. Partially, it will be from new product releases during the year as well. We believe that expand the addressable TAM for us, and that will give us more opportunity for more revenue throughout the year and then it will help our second half.

從第四季到第一季度，情況應該更像疫情前。第二季是最低谷，然後開始回升。下半年會高於上半年。部分原因也在於年內新產品的發表。我們相信，這能擴大我們的潛在潛在市場（TAM），這將為我們提供更多機會在全年增加收入，有助於我們下半年的業績。

Just to give some color there, Mario, the uncertainties that we face are several, right? We know right now we've got a very, very strong self-built PC market with more to come. And so we expect that's going to go on for some time. If it does, it will be stronger in the second half, probably than the first half. We have China, which is sort of going through exit of COVID, if you like. And if you remember, whenever everybody came out of COVID in the U.S. and Europe, the initial reaction was to do lots of vacations and restaurants, and that's the things that people were spending money in other places. So that's yet to come. And so there's a lot of things like that.

馬裡奧，簡單解釋一下，我們面臨的不確定性很多，對吧？我們知道，目前我們的自產PC市場非常強勁，未來還會有更多。所以我們預計這種情況會持續一段時間。如果真是這樣，下半年的市場表現會比上半年更強勁。中國市場正經歷新冠疫情的「走出去」階段。如果你還記得的話，每當美國和歐洲的人們從疫情走出來時，最初的反應就是去度假、去餐廳吃飯，而這些正是人們在其他地方消費的。所以，這些還沒到來。還有很多類似的情況。

Europe, how soon will the Ukraine-Russia situation resolve itself, how well inflation work over there. So while we've got a very clear sight and feel great about the U.S., I think there's more uncertainties in Europe and Asia that could affect how the seasonality works.

歐洲，烏克蘭和俄羅斯局勢多久才能解決，那裡的通膨情況如何。所以，雖然我們對美國經濟前景看好，而且感覺良好，但我認為歐洲和亞洲有更多不確定性，這可能會影響季節性的趨勢。

(Operator Instructions) Next question comes from Colin Sebastian with Baird.

（操作員指示）下一個問題來自貝爾德的科林·塞巴斯蒂安。

It's [Reece] on for Colin. I kind of had a 2-part question on Europe. The first part being, could you just kind of frame up where you are in that 26% gross stat versus 2019 relative to the market? And then what's kind of embedded in the guidance this year for Europe? Is it continued weakness? Or is it something else? And then I think, Andy, in your prepared remarks, if I heard you correctly, you mentioned something around mobile -- if you could just touch on that, that would be great.

現在輪到[Reece]代替Colin提問了。關於歐洲，我有兩個問題。第一部分是，您能否簡單介紹一下，相對於2019年，歐洲的毛利率為26%，相對於市場而言，您目前處於什麼水準？第二部分是，今年歐洲的業績指引中反映了什麼？是持續疲軟？還是其他原因？然後，Andy，如果我沒聽錯的話，您在準備好的發言中提到了一些與移動相關的內容——如果您能談談這一點就太好了。

So just for normal percentages in the past for Europe, we're usually in the high 30%, close to the Americas. That went down into the mid-20s at the start of the conflict between Russia and Ukraine. Got back up to about 30% by the end of last year. Assuming that there's no further deterioration from energy costs or the conflict there, we do expect to have some gradual improvement in Europe through the year, but not returning back up to the old levels by the end of next year. But certainly, some strength there.

因此，就歐洲過去的正常百分比而言，我們通常處於30%的高位，接近美洲。在俄羅斯和烏克蘭衝突爆發之初，這一比例曾降至25%左右。到去年年底，這一比例回升至30%左右。假設能源成本或衝突不會進一步惡化，我們預計歐洲今年的情況會逐漸好轉，但到明年年底不會回到先前的水平。但可以肯定的是，歐洲會有一些成長。

Yes. The added color there is that there was more of an inventory adjustment needed in Europe than in the U.S. So what that means is that remember the first question about how do we think about revenue sales out from the channel versus sales in. There's a bigger differential in Europe than there was in the U.S., which therefore affected our revenue mix.

是的。額外的原因是，歐洲比美國需要進行更多的庫存調整。這意味著，請記住第一個問題：我們如何看待通路外銷收入與通路內銷收入的差異。歐洲的差異比美國更大，因此影響了我們的收入結構。

In terms of mobile, I'm not sure what the question was. You mean what's our feeling about mobile gaming?

關於行動端，我不太清楚你問的是什麼。你是說我們對行動遊戲的感覺如何？

Yes, I thought you had mentioned something about mobile gaming product development or I may have heard it incorrectly.

是的，我以為您提到了一些有關行動遊戲產品開發的事情，或者我可能聽錯了。

Yes. No, that's right. We've said previously that there's a couple of areas that we're looking at carefully in the gaming or the interactive entertainment space. One of them is AR and VR, still a little bit early for us to jump into that. And the other one is mobile gaming, which we're watching closely, it's sort of fairly small market in terms of the accessories. And by accessories, I mean, something that clips onto the phone and allows you to use buttons for a better gaming experience. So we're looking at that very carefully. Clearly, we have console controllers in our SCUF division, so we know about how that market works. But the vast majority of people playing games on phones are just using the phone screen for inputs. But as that's developed and some opportunities arise, we'll certainly jump into that.

是的，沒錯。我們之前說過，在遊戲或互動娛樂領域，我們正在密切關注幾個領域。其中一個是擴增實境（AR）和虛擬實境（VR），我們現在涉足這些領域還為時過早。另一個是行動遊戲，我們正在密切關注，就配件而言，這是一個相當小的市場。我所說的配件是指可以夾在手機上，讓你用按鍵來獲得更好遊戲體驗的東西。所以我們正在非常仔細地研究這個領域。顯然，我們的SCUF部門有遊戲手柄，所以我們了解這個市場的運作方式。但絕大多數在手機上玩遊戲的人只是用手機螢幕輸入。但隨著這方面的發展和一些機會的出現，我們肯定會涉足其中。

Thank you. I will now turn the call back to the company's CEO for closing comments.

謝謝。現在我將把電話轉回給公司首席執行官，請他發表最後評論。

Well, look, thank you, everybody, for joining the call today and for their continued support. Obviously, we're feeling pretty bullish at the moment with our nice results in Q4. We expect that to continue for next year against, obviously, macroeconomic issues. So if you have any further questions, please contact our Investor Relations department. We look forward to updating you next quarter. Thank you very much.

好的，感謝各位今天參加電話會議並感謝大家一直以來的支持。顯然，我們對第四季的良好業績感到非常樂觀。我們預計，儘管宏觀經濟情勢不容樂觀，但明年這種樂觀情緒仍將持續下去。如果您還有其他問題，請聯絡我們的投資者關係部門。我們期待在下個季度為您更新最新情況。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。您可以掛斷電話了，感謝您的參與。