美商海盜船 (CRSR) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Corsair Gaming's Second Quarter 2023 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 2023 年第二季度收益電話會議。謹此提醒，今天的通話正在錄音，您的參與即表示您同意此類錄音。 （操作員說明）

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

現在，我想將電話轉給 Corsair 財務和投資者關係副總裁 Ronald Van Veen。謝謝。先生，請開始吧。

Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the second quarter ended June 30, 2023. On the call today, we have our Corsair's CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights from the quarter. Michael will then review the financials and our outlook. We will then have time for any questions.

大家下午好，感謝您參加 Corsair 截至 2023 年 6 月 30 日的第二季度財務業績電話會議。今天的電話會議上，我們有 Corsair 首席執行官 Andy Paul；和首席財務官邁克爾·波特。安迪將回顧本季度的亮點。然後邁克爾將回顧財務狀況和我們的前景。然後我們將有時間回答任何問題。

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 on our SEC filings. Note that until our 10-Q has been filed, these numbers are preliminary.

在開始之前，請允許我提供有關前瞻性陳述的免責聲明。本次電話會議（包括電話會議的問答部分）可能包括與我們公司的預期未來業績相關的前瞻性陳述，因此屬於前瞻性陳述。由於許多風險和不確定性，我們的實際結果可能與我們的預測存在重大差異。我們的收益報告和向 SEC 提交的文件中描述了前瞻性陳述所面臨的風險和不確定性。請注意，在我們提交 10-Q 之前，這些數字都是初步的。

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.

今天的講話還將提及非公認會計準則財務指標。我們今天收盤後發布的新聞稿中提供了更多信息，包括非公認會計準則財務信息與公認會計準則財務信息之間的調節。

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

這樣，我現在將把電話轉給安迪。

Thank you, Ronald, and welcome, everyone, to our earnings call. The key takeaways for Q2 are: first, our revenue exceeded expectations for Q2, growing nearly 15% on a year-over-year basis. Consumer spending on gaming hardware is holding at significantly higher levels than pre-pandemic. We believe that even with a challenging macro level environments, we are seeing increased activity due to new gamers that came into the mix in 2020, now starting to refresh and upgrade their gear.

謝謝羅納德，歡迎大家參加我們的財報電話會議。第二季度的主要收穫是：首先，我們的收入超出了第二季度的預期，同比增長近 15%。消費者在遊戲硬件上的支出明顯高於大流行前的水平。我們相信，即使宏觀環境充滿挑戰，我們仍會看到由於 2020 年新玩家加入而開始更新和升級他們的裝備，活動有所增加。

Second, gross margins showed strong growth with healthy inventory profiles and reduced freight costs. Third, we're now active again in M&A, which is a key component of our growth strategy. Our strong cash balance and low leverage is now allowing us to pursue M&A opportunities with the latest announcement made in July that we agreed to purchase Drop Inc. Taken together, we expect the gaming market to continue to be healthy for the balance of the year with new game titles and lower-cost GPU cards in the market, and we expect to continue to take market share with our continued new product rollouts.

其次，毛利率呈現強勁增長，庫存狀況良好，貨運成本下降。第三，我們現在再次積極開展併購，這是我們增長戰略的關鍵組成部分。我們強勁的現金餘額和低杠桿率現在使我們能夠尋求併購機會，我們在 7 月份最新宣布同意收購 Drop Inc。總而言之，我們預計遊戲市場在今年餘下時間將繼續健康發展，市場上有新的遊戲和更低成本的GPU 卡，我們希望通過不斷推出新產品來繼續佔據市場份額。

Let me take a few minutes to expand on these points. So first, I'm very pleased to report that our results for the second quarter exceeded our original expectations. The gaming hardware market is healthy and appears resilient to macroeconomic effects, driven by new games and new graphics cards launching.

讓我花幾分鐘時間來闡述這些觀點。首先，我很高興地報告，我們第二季度的業績超出了我們最初的預期。在新遊戲和新顯卡推出的推動下，遊戲硬件市場健康發展，並且似乎能夠抵禦宏觀經濟影響。

For components used for building gaming PCs, depending on region, we see a 24% to 28% increase from Q2 '19 to Q2 '23. The gaming peripherals, we see an overall increase of 57% to 63% this year compared to pre-pandemic. Now it's reasonable to consider current consumer activity as a post-pandemic baseline since there's no evidence of increased current activity due to COVID-related stay-at-home behavior. Based on everything we're seeing and hearing, we believe this increased activity is coming from the surge of new gaming hardware buyers who entered the market during 2020 and 2021, which we now refer to as the COVID bulge.

對於用於構建遊戲 PC 的組件，根據地區的不同，我們發現從 2019 年第 2 季度到 23 年第 2 季度增長了 24% 到 28%。遊戲外設方面，我們預計今年與大流行前相比總體增長了 57% 至 63%。現在，將當前的消費者活動視為大流行後的基線是合理的，因為沒有證據表明當前的活動因與新冠病毒相關的呆在家裡的行為而增加。根據我們所看到和聽到的一切，我們認為這種活動的增加是由於 2020 年和 2021 年期間進入市場的新遊戲硬件買家激增，我們現在將其稱為“新冠疫情激增”。

Since this comparison is now over 4 years, that would lead to a net CAGR from pre-pandemic to post-pandemic as approximately 5% to 6% for PC platform building and 12% to 13% for gaming peripherals. This is roughly in line with what we shared with investors over the years as expected growth rates for these categories and we think it's reasonable to expect that this will continue over the next few years.

由於這種比較現在已超過4 年，這將導致從大流行前到大流行後的淨複合年增長率約為PC 平台構建的5% 至6%，遊戲外設的淨複合年增長率為12 % 至13%。這與我們多年來與投資者分享的這些類別的預期增長率大致一致，我們認為有理由預計這種情況將在未來幾年持續下去。

Second, margins continued to improve in all categories. In our components category, we gained significant market share in 2022 and that, on top of the healthy market, meant that we were running short of inventory in many of our top SKUs, requiring us to airfreight in products to our hubs. We largely caught up with inventory needs by Q1 '23. And so in Q2, we had the benefit of lower freight cost and healthy inventory positions, thus driving up gross margins.

其次，所有類別的利潤率持續改善。在我們的零部件類別中，我們在 2022 年獲得了巨大的市場份額，除了健康的市場之外，這意味著我們的許多頂級 SKU 都出現庫存短缺，需要我們將產品空運到我們的樞紐。到 23 年第一季度，我們基本上滿足了庫存需求。因此，在第二季度，我們受益於較低的貨運成本和健康的庫存狀況，從而推高了毛利率。

In gaming peripheral categories, we have had some delays in getting our new flagship products out. We also noted in previous earnings reports that we appeared to clear up our excess channel inventory faster than our competitors. And so we decided to hold back from matching their high levels of discounting. Both of these things combined to the caused us to lose some market share over the near term, but competitors discounting has now largely calm down.

在遊戲外設類別中，我們的新旗艦產品發布有些延遲。我們還在之前的收益報告中指出，我們似乎比競爭對手更快地清理多餘的渠道庫存。因此，我們決定不提供與他們高水平的折扣。這兩件事結合起來導致我們在短期內失去了一些市場份額，但競爭對手的折扣現在已經基本平靜下來。

For example, we noted during Prime Day that while we had prices at reduced levels of discounts compared to previous Prime Days, we actually outperformed compared to the total category sales of Amazon in almost every one of the categories that we track. So we saw that in Q2, while our gaming peripheral revenue was less than expected, by the end of the quarter, we're experiencing much improved margins and much better sales momentum going into and coming out of Prime Day and Prime Week. As our latest new flagship products get launched during the second half of this year and into early next year, we would expect to continue to gain market share and increase margins further.

例如，我們在Prime Day 期間注意到，雖然與之前的Prime Day 相比，我們的價格折扣水平有所降低，但與我們跟踪的幾乎每個類別的亞馬遜總類別銷售額相比，我們的表現實際上都優於亞馬遜。因此，我們看到，在第二季度，雖然我們的遊戲外設收入低於預期，但到本季度末，我們的利潤率大幅提高，Prime Day 和 Prime Week 前後的銷售勢頭也明顯好轉。隨著我們最新的旗艦產品在今年下半年和明年初推出，我們預計將繼續獲得市場份額並進一步提高利潤率。

We're now active again on the M&A front as we benefit from our strong cash balance and low leverage. So a lot of M&A opportunities out there, and we have been disciplined in evaluating companies. We've acquired 6 companies to date and have a very good track record. Our latest announcement was in July that we agreed to acquire Drop, formerly known as Massdrop, a community-based e-commerce company specializing in customized DIY keyboards and keycaps and many other enthusiast and audiophile products.

我們現在再次活躍在併購領域，因為我們受益於我們強大的現金餘額和低杠桿率。那裡有很多併購機會，我們在評估公司時一直很嚴格。迄今為止，我們已經收購了 6 家公司，並擁有良好的業績記錄。我們的最新公告是在 7 月份，我們同意收購 Drop（以前稱為 Massdrop），這是一家基於社區的電子商務公司，專門從事定制 DIY 鍵盤和鍵帽以及許多其他發燒友和發燒友產品。

Personalized keyboards that can be modified by the consumer is one of the fastest-growing trends in the gaming peripheral space. Drop is actively engaged with millions of enthusiasts to support its products and build and showcase gaming battle stations. Drop has proven to be one of the leaders in this space. And with, of course, a global footprint, we expect to significantly grow the Drop brand worldwide. We expect some significant opportunities and synergies here, both by offering cost conversions of our products on the Drop side as well as introducing some of their popular products into our worldwide channel.

可由消費者修改的個性化鍵盤是遊戲外設領域增長最快的趨勢之一。 Drop 積極與數百萬愛好者合作，支持其產品並構建和展示遊戲戰鬥站。 Drop 已被證明是該領域的領導者之一。當然，憑藉全球足跡，我們期望在全球範圍內顯著發展 Drop 品牌。我們期望通過在 Drop 方面提供我們產品的成本轉換以及將他們的一些受歡迎的產品引入我們的全球渠道，在這裡產生一些重大的機會和協同效應。

Our target is for this to mirror the success we have had with Elgato. As a reminder, we acquired Elgato about 5 years ago. We've increased the revenue by more than 3x and we've expanded the brand into the totally new revenue areas, including microphones, cameras and lights. We also just did a soft launch of a marketplace a few weeks ago and expect this to grow over time.

我們的目標是反映我們在 Elgato 上取得的成功。提醒一下，我們大約 5 年前收購了 Elgato。我們的收入增加了 3 倍以上，並將品牌擴展到全新的收入領域，包括麥克風、攝像頭和燈光。幾週前，我們還剛剛軟啟動了一個市場，並預計這一市場會隨著時間的推移而增長。

The new Stream Deck marketplace will allow third-party plug-ins and applications that run on our world famous Stream Deck to be sold to our content creators directly from the Elgato website. Developers will now be able to easily access Elgato's large and rapidly growing Stream Deck installed base. We believe that these added plug-ins and applications will dramatically increase our installed base of Stream Deck users and open a significantly new revenue stream for us as we make Stream Deck an even more useful tool.

新的 Stream Deck 市場將允許在我們世界著名的 Stream Deck 上運行的第三方插件和應用程序直接從 Elgato 網站出售給我們的內容創建者。開發人員現在可以輕鬆訪問 Elgato 龐大且快速增長的 Stream Deck 安裝基礎。我們相信，這些添加的插件和應用程序將極大地增加我們的 Stream Deck 用戶群，並為我們開闢一個顯著的新收入來源，因為我們使 Stream Deck 成為一個更有用的工具。

Overall, we are off to a strong first half and expect a further improvement in the second half of 2023. We expect the gaming market to continue to be healthy for the balance of the year, and we fully expect to building our leading market share in the categories we serve.

總體而言，我們上半年表現強勁，預計 2023 年下半年將進一步改善。我們預計遊戲市場在今年餘下時間將繼續健康發展，我們完全期望在 2023 年建立領先的市場份額我們服務的類別。

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

現在讓我將電話轉給我們的首席財務官邁克爾·波特，了解有關財務的詳細信息。邁克爾，請繼續。

Thanks, Andy, and good afternoon, everyone. We're pleased with the substantial financial improvement in Q2, led by revenue growth, steadily improving adjusted EBITDA and a more balanced inventory. We exceeded our near-term expectations for gross margins, and we continue to be operational cash flow positive while investing modestly in inventory to support the expected stronger second half of 2023.

謝謝安迪，大家下午好。我們對第二季度財務狀況的顯著改善感到滿意，這主要得益於收入增長、調整後 EBITDA 的穩步提高以及庫存更加平衡。我們超出了對毛利率的近期預期，我們繼續保持正運營現金流，同時對庫存進行適度投資，以支持預期的 2023 年下半年的強勁增長。

In terms of the specifics, Q2 2023 net revenue was $325.4 million compared to $283.9 million in Q2 2022. For the first 6 months of 2023, net revenue increased 2.2% to $679.4 million from $664.6 million in the year ago period. European markets continue to be softer than Americas, but are improving and contributed about 32.3% of our revenues, which is an increase from 32% in Q1 2023.

具體而言，2023 年第二季度淨收入為3.254 億美元，而2022 年第二季度為2.839 億美元。2023 年前6 個月，淨收入從去年同期的6.646 億美元增長2.2% 至6.794 億美元。歐洲市場繼續弱於美洲，但正在改善，並貢獻了我們約 32.3% 的收入，較 2023 年第一季度的 32% 有所增長。

Turning now to our segments. The gamer and creator peripheral segment contributed $78.8 million of net revenue during the second quarter compared to $89 million in Q2 2022. For the first 6 months of 2023, gamer and creator peripheral segment revenue was $167.7 million compared to $223.1 million for the first 6 months of 2022.

現在轉向我們的部分。遊戲玩家和創作者外設細分市場第二季度貢獻了7880 萬美元的淨收入，而2022 年第二季度為8900 萬美元。2023 年前6 個月，遊戲玩家和創作者外設細分市場收入為1.677 億美元，而前6 個月為2.231 億美元2022 年。

The gaming components and systems segment contributed $246.7 million of net revenue during the quarter, an increase of 26.6% from $194.9 million in Q2 2022. Memory products contributed $108.9 million in Q2 2023 compared to $99.1 million in Q2 2022. For the first 6 months of 2023, gaming components and systems segment revenue increased to $511.7 million from $441.5 million in the first 6 months of 2022, with revenue from memory products increasing to $240.2 million from $231.3 million.

遊戲組件和系統部門在本季度貢獻了2.467 億美元的淨收入，比2022 年第二季度的1.949 億美元增長了26.6%。內存產品在2023 年第二季度貢獻了1.089 億美元，而2022 年第二季度為9910 萬美元。 2023年，遊戲組件和系統部門收入從2022年前6個月的4.415億美元增至5.117億美元，其中內存產品收入從2.313億美元增至2.402億美元。

Overall gross profit in the second quarter was $82.8 million compared to $36.5 million in Q2 2022, which had lower revenue and an excess inventory reserve. Gross margin increased 25.5% compared to 19.7% in Q2 2022 without the effect of the excess inventory reserve. Ongoing improvements in freight costs as well as new product introductions were the main reasons for the improvement. Overall gross profit increased to $168.2 million for the first 6 months of 2023 compared to $127.2 million in the first 6 months of 2022.

第二季度的總體毛利潤為 8280 萬美元，而 2022 年第二季度的總毛利潤為 3650 萬美元，收入較低且庫存儲備過剩。剔除超額庫存儲備的影響，毛利率較 2022 年第二季度的 19.7% 增長 25.5%。貨運成本的持續改善以及新產品的推出是業績改善的主要原因。 2023 年前 6 個月的總體毛利潤增至 1.682 億美元，而 2022 年前 6 個月的總體毛利潤為 1.272 億美元。

The gamer and creator peripheral segment gross profit was $25.5 million compared to $10.6 million in Q2 2022. Gross margin was 32.4% compared to 11.9% in Q2 2022. We benefited from a further reduction in excess promotions by some leading competitors on gaming peripherals in Q2, which we continue to believe will lead to further improvements in margins later in the second half of 2023.

遊戲玩家和創作者外設細分市場毛利潤為2550 萬美元，而2022 年第二季度為1060 萬美元。毛利率為32.4%，而2022 年第二季度為11.9%。我們受益於一些領先競爭對手在第二季度對遊戲外設的過度促銷進一步減少。 ，我們仍然相信這將導致 2023 年下半年晚些時候利潤率進一步改善。

The gaming components and systems segment gross profit was $57.3 million, an increase of 121.3% from $25.9 million in Q2 2022. Gross margin was 23.2% compared to 13.3% in Q2 2022. Our memory products gross margins in this segment were 14.6% for the second quarter compared to 9% in Q2 2022.

遊戲組件和系統部門毛利潤為5730 萬美元，比2022 年第二季度的2590 萬美元增長121.3%。毛利率為23.2%，而2022 年第二季度為13.3%。我們在該部門的內存產品毛利率為14.6%相比之下，2022 年第二季度的增長率為 9%。

Second quarter SG&A expenses were $70 million, a 4.7% decrease compared to $73.4 million in Q2 2022, driven in part by reduced freight rates. This reflects the impact of some prior 2022 headcount reductions, along with our continued close management of all expenses as we support revenue-generating areas.

第二季度的銷售、管理及行政費用為 7000 萬美元，與 2022 年第二季度的 7340 萬美元相比下降 4.7%，部分原因是運費下降。這反映了 2022 年之前的一些裁員的影響，以及我們在支持創收領域時對所有費用的持續密切管理。

Second quarter R&D expenses were $15.6 million, down about 13.5% compared to Q2 2022 as we continue to prioritize our investments in our new products. GAAP operating loss in the second quarter of 2023 was $2.7 million compared to a GAAP operating loss of $55 million in Q2 2022. As noted earlier, the year ago period included the impact of the excess inventory charge.

第二季度研發費用為 1560 萬美元，比 2022 年第二季度下降約 13.5%，因為我們繼續優先考慮對新產品的投資。 2023 年第二季度的 GAAP 運營虧損為 270 萬美元，而 2022 年第二季度的 GAAP 運營虧損為 5500 萬美元。如前所述，去年同期包括超額庫存費用的影響。

Second quarter adjusted operating income was again a bright spot for us, increasing to $15.9 million compared to an adjusted operating loss of $14.2 million in Q2 2022. Adjusted operating income increased to $34 million for the first half of 2023 from a loss of $0.9 million in the first half of 2022.

第二季度調整後營業收入再次成為我們的亮點，增加至1590 萬美元，而2022 年第二季度調整後營業虧損為1420 萬美元。2023 年上半年調整後營業收入從2023 年上半年的虧損90萬美元增至3400 萬美元。 2022年上半年。

Second quarter net income attributable to common shareholders was $1.1 million or $0.01 per diluted share as compared to a net loss of $59.4 million or a loss of $0.62 per diluted share in Q2 2022. On an adjusted basis, second quarter net income improved to $9.8 million or $0.09 per diluted share compared to an adjusted net loss of $19 million or a loss of $0.20 per share in Q2 2022. For the first 6 months of 2023, adjusted net income improved to $21.8 million or $0.20 per diluted share from a loss of $9.8 million or a loss of $0.10 per share in the first 6 months of 2022.

第二季度普通股股東應占淨利潤為110 萬美元，或稀釋後每股虧損0.01 美元，而2022 年第二季度淨虧損為5940 萬美元，或稀釋後每股虧損0.62 美元。調整後，第二季度淨利潤增至980 萬美元或稀釋後每股收益0.09 美元，而2022 年第二季度調整後淨虧損為1900 萬美元，即每股虧損0.20 美元。2023 年前6 個月，調整後淨利潤從虧損9.8 美元增至2180 萬美元，即稀釋後每股收益0.20 美元2022 年前 6 個月每股虧損 0.10 美元。

Finally, we increased the second quarter adjusted EBITDA to $17.8 million compared to an adjusted loss of $11 million for Q2 2022. For the first 6 months of 2023, adjusted EBITDA increased to $38.3 million from $4.4 million in the year ago period.

最後，我們將第二季度調整後EBITDA 上調至1780 萬美元，而2022 年第二季度調整後虧損為1100 萬美元。2023 年前6 個月，調整後EBITDA 從去年同期的440 萬美元增至3830萬美元。

Turning now to our balance sheet. We ended Q2 with a cash balance of $184 million. Shortly after quarter end, we invested in growth via our acquisition of Drop, which Andy provided details on earlier. This will be reflected in Q3 that the acquisition cost was not significant and was in the low double digits of millions of dollars. We ended Q2 with a $228 million of debt at face value, and our $100 million working capital revolver remains undrawn and fully available. Overall, we expect liquidity to remain excellent for the rest of 2023, allowing us to be flexible as opportunities present themselves.

現在轉向我們的資產負債表。第二季度結束時，我們的現金餘額為 1.84 億美元。季度末後不久，我們通過收購 Drop 來投資增長，安迪早些時候提供了詳細信息。這將在第三季度反映出來，收購成本並不高，只有數百萬美元的低兩位數。截至第二季度末，我們的債務按面值計算為 2.28 億美元，而我們的 1 億美元周轉資金仍未動用且完全可用。總體而言，我們預計 2023 年剩餘時間流動性將保持良好，使我們能夠在機會出現時保持靈活性。

We are pleased that the first half performed slightly above our expectations, and we believe that we're well positioned for the second half. Both channel and our inventory are in a healthy state. Although we are closely monitoring this because of economic headwinds from high interest rates and inflation affecting consumer confidence, we continue to believe that we have substantial white space to sell into and room to recapture market share as excess discounting in gaming peripherals eases and as new products continue to be introduced.

我們很高興上半年的表現略高於我們的預期，我們相信下半年我們已經做好了準備。渠道和我們的庫存都處於健康狀態。儘管由於高利率和通脹帶來的經濟逆風影響了消費者信心，我們正在密切關注這一情況，但我們仍然相信，隨著遊戲外設過度折扣的緩解以及新產品的推出，我們仍有大量的銷售空間和重新奪回市場份額的空間繼續介紹。

In terms of the full year 2023, we are reiterating our previous outlook of flat to up revenue. We continue to 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.

就 2023 年全年而言，我們重申之前的收入持平到增長的預期。我們仍然預計總收入將在 13.5 億美元至 15.5 億美元之間，調整後營業收入將在 7500 萬美元至 9500 萬美元之間，調整後 EBITDA 將在 9000 萬美元至 1.1 億美元之間。

With that, we're now happy to open the call for questions. Operator, will you please open the call for Q&A?

至此，我們現在很高興開始提問。接線員，請您打開電話進行問答嗎？

(Operator Instructions) Your first question comes from Aaron Lee with Macquarie.

（操作員說明）您的第一個問題來自麥格理的 Aaron Lee。

I wanted to start with the guidance range, which you obviously noted in the release incorporates a softer macro. It seems like there's greater confidence out there that the U.S. will avoid a hard landing. So could you just talk about the degree to which a stronger-than-expected macro environment would impact where you land in your guidance range versus some of the things that you can control?

我想從指導範圍開始，您在新聞稿中顯然注意到它包含了一個更軟的宏。人們似乎對美國將避免硬著陸更有信心。那麼，您能否談談強於預期的宏觀環境對您在指導範圍內的影響程度以及您可以控制的一些因素？

Well, let's be clear. If the economy improves, obviously, our revenue will go up and vice versa. So I think that the -- since we had at the beginning of the year, which was that the market would be roughly flat is what we think about today, so that hasn't really changed. I think the sense is that the market was slightly down, the consumer market in general and you've seen that across different industries, a lot of parts are down, some are flat. But certainly a little further down than we thought, and we think the second half will be a little further up. So I think it's going to end up -- yes, the full year is probably going to be flat as we expected.

好吧，讓我們說清楚。顯然，如果經濟好轉，我們的收入就會增加，反之亦然。所以我認為，自今年年初以來，市場將大致持平，這就是我們今天的想法，所以這並沒有真正改變。我認為，感覺是市場略有下降，整個消費市場，你已經看到，在不同的行業中，很多部分都下降了，有些則持平。但肯定比我們想像的要低一些，而且我們認為下半年會進一步上升一些。所以我認為最終的結果是——是的，全年可能會像我們預期的那樣持平。

That's the overall market. The range has a decent possibility of growing year-over-year for us.

這就是整體市場。對我們來說，該範圍很有可能逐年增長。

Yes. Understood. Fair enough. As a quick follow-up, you guys have done a great job expanding the Corsair ecosystem like with iCUE LINK recently and obviously, you had the acquisition of Drop. As you think about your peripheral ecosystem, can you talk about any white spaces that are left?

是的。明白了。很公平。作為快速跟進，你們在擴展 Corsair 生態系統方面做得非常出色，就像最近通過 iCUE LINK 一樣，顯然，你們收購了 Drop。當你思考你的外圍生態系統時，你能談談剩下的空白嗎？

Yes. There's quite a few, actually. A couple of things we're pretty interested in, one is mobile gaming. And at the moment, mobile gaming is largely done on the phones. I mean that's the attraction of it because no approval is needed. But there is a growing opportunity for wraparound controllers that you can put a phone or an iPad in. It's a relatively small market now, but we're watching that carefully to see how that evolves, especially with Game Pass, which allows you to play on the same game on different platforms. So that's one.

是的。實際上有不少。我們對一些事情非常感興趣，其中之一就是移動遊戲。目前，移動遊戲主要是在手機上完成的。我的意思是這就是它的吸引力，因為不需要批准。但是，可以放入手機或 iPad 的環繞式控制器的機會越來越多。現在這是一個相對較小的市場，但我們正在仔細觀察它的發展情況，尤其是 Game Pass，它允許你玩遊戲不同平台上的同一款遊戲。這就是其中之一。

We're very interested in sim racing. We see that as a -- and this is a full simulator that used to pretend you're an F1 driver. That has grown significantly in that market, especially in the U.S. after Drive to Survive came out, which has got everybody interested to hear in F1. It's already pretty big in Europe, but that is starting to expand. And that's a nice market for us to move into because you not only need a system, but you need a whole bunch of peripherals, like a cage and a seat and pedals and wheels and that sort of thing. So we're pretty interested in that market. And obviously, we've always been looking at VR goggles. Now at the moment, we don't think there's a big opportunity to make money on VR headsets. It's still a very early in the market, but we're watching that space carefully as well.

我們對模擬賽車非常感興趣。我們將其視為——這是一個完整的模擬器，用於假裝您是 F1 車手。該市場的銷量顯著增長，尤其是在《Drive to Survive》問世後的美國，每個人都對 F1 感興趣。它在歐洲已經相當大了，而且正在開始擴大。這對我們來說是一個很好的市場，因為你不僅需要一個系統，還需要一大堆外圍設備，比如籠子、座椅、踏板、輪子等等。所以我們對這個市場非常感興趣。顯然，我們一直在關注 VR 眼鏡。目前，我們認為 VR 耳機沒有太大的賺錢機會。該市場仍處於早期階段，但我們也在仔細觀察該領域。

Your next question comes from Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的埃里克·謝里丹。

This is [Leena] on for Eric. So I just had a few on the Drop acquisition. First, could you just speak to what the deciding factors were that led you to acquire a Drop? And then how should we be thinking about the timing in terms of integration and the synergies that you see?

這是埃里克的[Leena]。所以我只了解了一些關於 Drop 收購的信息。首先，您能否談談導致您獲得 Drop 的決定性因素是什麼？那麼我們應該如何考慮整合的時機以及您所看到的協同效應？

Yes. So the main reason we bought Drop was that, as you possibly or probably noticed, most of the acquisitions we do are direct-to-consumer, and Drop is no exception. So it's all direct-to-consumer. And that's because over time, we want to expand our direct connection with consumers so that we can sell them multiple items. Most of the products that we sell to consumers through the channel is one at a time. And obviously, in a gaming platform, on a gaming PC, there's 5 or 10 different things that you can sell to somebody. So that's the first thing. It was a strong e-commerce platform.

是的。因此，我們收購 Drop 的主要原因是，正如您可能或可能注意到的那樣，我們所做的大多數收購都是直接面向消費者的，Drop 也不例外。所以這一切都是直接面向消費者的。這是因為隨著時間的推移，我們希望擴大與消費者的直接聯繫，以便我們可以向他們出售多種商品。我們通過該渠道向消費者銷售的大多數產品都是一次一種。顯然，在遊戲平台、遊戲 PC 上，您可以向某人出售 5 或 10 種不同的東西。這是第一件事。這是一個強大的電子商務平台。

The second thing is it was a community-based enthusiast e-commerce player. And so a lot of the things that they were selling were being sold to very similar customers that we already have, but slightly outside the traditional people that are building gaming PC. So it kind of expands our market but in the same genre.

第二，它是一個基於社區的愛好者電商玩家。因此，他們銷售的很多產品都賣給了我們已經擁有的非常相似的客戶，但稍微超出了製造遊戲 PC 的傳統客戶。因此，它在某種程度上擴大了我們的市場，但屬於同一類型。

And thirdly, they've done a really good job with mechanical, what we call, DIY keyboards. So this is a growing trend among enthusiasts and actually some people that would never even think about gaming or building a gaming platform, but just like to have something different on their desk. And these are keyboards that you can have a variety of different key switches, keycaps and then you can change them like clothes every few months. So when we looked at that, the overall package, it was pretty interesting and that leads us into the synergy aspect.

第三，他們在機械鍵盤（我們稱之為 DIY 鍵盤）方面做得非常好。因此，這是愛好者中日益增長的趨勢，實際上有些人甚至從未考慮過遊戲或構建遊戲平台，而只是喜歡在辦公桌上放置一些不同的東西。這些鍵盤可以有各種不同的按鍵開關、鍵帽，然後你可以像衣服一樣每隔幾個月更換它們。因此，當我們看到整體方案時，它非常有趣，這引導我們進入協同方面。

Obviously, we have an enormous footprint throughout the world, mostly in the channel. So what we want to do there is take a look of the key SKUs that they've got and put them into the channel with the expectation that we can then continue to sell things like different keycaps to those customers directly. And then we'll take some of our products that are difficult to sell through the channel, like accessories, cables, this sort of thing, and we'll run those through the Drop site.

顯然，我們在世界各地都有巨大的足跡，主要是在渠道中。因此，我們想要做的就是查看他們擁有的關鍵 SKU，並將其放入渠道，期望我們可以繼續直接向這些客戶銷售不同鍵帽等產品。然後我們會採取一些很難通過渠道銷售的產品，比如配件、電纜之類的東西，我們將通過 Drop 站點運行這些產品。

In terms of acquisition, we've got a pretty -- a 6-month scheduled out integration where we'll be largely trying to combine activities, save some OpEx. The revenue synergy, which I'm more excited about, is going to be ongoing. We're starting that immediately. So we're looking at SKUs now that we can put into the channel. Some of that takes some time. If you want to put a product into Best Buy, the next window is probably Q1. So that will happen over the next year or 2 years.

在收購方面，我們有一個為期 6 個月的計劃整合，我們將主要嘗試合併活動，節省一些運營支出。我更興奮的收入協同效應將持續下去。我們立即開始。因此，我們現在正在研究可以放入渠道的 SKU。其中一些需要一些時間。如果你想把一個產品放入百思買，下一個窗口可能是第一季度。這將在未來一年或兩年內發生。

Your next question comes from Drew Crum with Stifel.

您的下一個問題來自 Drew Crum 和 Stifel。

On your peripherals business, can you comment on your retail inventory position heading into the second half and the conversations you're having with retail partners and their willingness to restock inventory levels going into the holidays? And then I have a follow-up.

關於您的外圍設備業務，您能否評論一下進入下半年的零售庫存狀況以及您與零售合作夥伴的對話以及他們在假期期間補充庫存水平的意願？然後我有一個後續行動。

Yes. I mean Q2, the time we got one into Q2 is pretty neutral. I think we've -- in terms of our sales in versus sales out. I think we've said on previous calls that we largely cleared up our channel inventory last year overall to the tune of about $100 million, which we thought was in excess. And so this year has been generally neutral, obviously depends on category. But yes, I wouldn't say we're concerned about having too much inventory in the channel at this point.

是的。我的意思是第二季度，我們進入第二季度的時間是相當中性的。我認為我們已經——就我們的銷售額與銷售額而言。我想我們在之前的電話會議中已經說過，去年我們基本上清理了渠道庫存，總計約 1 億美元，我們認為這是多餘的。因此，今年總體上是中性的，顯然取決於類別。但是，是的，我不會說我們目前擔心渠道中有太多庫存。

Okay. And then, Andy, just a follow-up on the Drop acquisition. I think there was a comment in your preamble suggesting that you hope to replicate your experience here with similar to Elgato. Is that more of a qualitative comment? Or would you aspire to grow sales 3x as you have with the Elgato asset?

好的。然後，安迪，這只是 Drop 收購的後續行動。我認為您的序言中有一條評論表明您希望在這裡複製與埃爾加托類似的經歷。這更像是定性評論嗎？或者您是否希望像 Elgato 資產那樣將銷售額增長 3 倍？

Well, both. I mean we're not obviously including that in any kind of guidance because we've been together for 5 minutes. But I think there's a big opportunity. I don't know how big that is yet because the DIY keyboard market is very new, and there's lots of small players. So it is similar to when we bought Elgato and that the streaming market was then very small. And we're anticipating that this market will grow at a fair crack, but it's very -- it's too early to say whether this is something we could double sales or triple or -- but we obviously believe we can make some significant impact.

嗯，兩者都有。我的意思是，我們顯然沒有將這一點納入任何形式的指導中，因為我們已經在一起呆了 5 分鐘了。但我認為這是一個很大的機會。我還不知道這個市場有多大，因為 DIY 鍵盤市場非常新，而且有很多小參與者。所以這類似於我們收購 Elgato 時的情況，當時流媒體市場非常小。我們預計這個市場將以公平的速度增長，但現在說我們是否可以將銷售額翻一番或三倍還為時過早，但我們顯然相信我們可以產生一些重大影響。

Your next question comes from Colin Sebastian with Baird.

您的下一個問題來自貝爾德的科林·塞巴斯蒂安。

Yes. This is [Reese] on for Colin. I guess we have 2 questions. One would be, could you maybe just talk about the keys to success that worked with Elgato and the products there? Maybe some of the things you did more on the internal side that wouldn't be as present to investors that you could maybe replicate with Drop? And then maybe just looking at the guidance, what is -- looking at the environment today, what is required to kind of maybe get to the upper end of the guidance range? Or what does the environment need to look like for that to happen?

是的。這是 [Reese] 為 Colin 做的。我想我們有兩個問題。其中之一是，您能否談談與 Elgato 及其產品合作的成功關鍵？也許你在內部做的一些事情不會像投資者那樣呈現給你，你可以用 Drop 來複製嗎？然後也許只是看看指導，看看今天的環境，需要什麼才能達到指導範圍的上限？或者說，要實現這一點，環境需要是什麼樣的？

All right. Well, let's hit those one at a time. So what we did with Elgato was fairly straightforward, and it's actually typical to most of the start-ups. So let me back up a second. So most of the small companies we buy, and I'm talking about sub-$50 million companies, spend half their life battling cash flow. A significant amount of the overhead is in G&A. And so they're not able to focus on purely bring products to market. And that's no different than Drop. It's been a bit of a struggle for that company over the last few years to be cash flow positive, so they spend a lot of their time trying to raise money and that sort of thing.

好的。好吧，讓我們一次打擊那些人。所以我們對 Elgato 所做的事情相當簡單，這實際上是大多數初創企業的典型做法。讓我先回顧一下。因此，我們購買的大多數小公司，我指的是價值低於 5000 萬美元的公司，它們的一半生命都在與現金流作鬥爭。很大一部分管理費用用於一般管理費用。因此，他們無法專注於純粹將產品推向市場。這與 Drop 沒有什麼不同。在過去的幾年裡，該公司一直在努力實現正現金流，因此他們花了很多時間試圖籌集資金之類的事情。

So all that goes away, allowing them to completely focus on the said products we're bringing to market. That was very similar to Elgato. When we did the Elgato carve-out, we left behind the G&A because it was a company with 2 divisions, we bought 1 of them. So that's the first thing that's focused. The second thing is we took a lot of their key products into a much wider channel. So with the Elgato, within about 3 months, we had some of their key products in every single Best Buy store. And we're obviously going to try and replicate the same thing with Drop is just that you never know how fast this stuff can roll out. We're a bit too late now to sort of get into pre-2023 holiday situation, those things we usually planned out in advance. So yes, we're going to try and do exactly the same thing. It's just a question of how big the market is and how fast the market grows.

因此，所有這些都消失了，讓他們能夠完全專注於我們推向市場的上述產品。這與埃爾加托非常相似。當我們剝離 Elgato 時，我們留下了 G&A，因為它是一家有 2 個部門的公司，我們購買了其中的 1 個部門。所以這是我們關注的第一件事。第二件事是我們將他們的許多關鍵產品納入了更廣泛的渠道。因此，在 Elgato 的幫助下，大約 3 個月內，我們在每家百思買商店中都銷售了他們的一些主要產品。顯然，我們將嘗試通過 Drop 複製同樣的事情，只是你永遠不知道這個東西能以多快的速度推出。我們現在有點太晚了，無法進入 2023 年假期前的情況，那些我們通常提前計劃好的事情。所以，是的，我們將嘗試做同樣的事情。這只是市場有多大以及市場增長速度有多快的問題。

Now the second thing was -- the second question was on guidance and what's got to happen in the environment to hit the high end of our guidance. And I'd say it's what we were talking about earlier. We're looking to see how much the market sort of recovers, how much it grows. As I said earlier, it's significantly above pre-pandemic levels and it feels like we're sort of getting to a point where, in generally, the economy is looking at a soft landing. And I'm already seeing pretty good results from Prime Day, both at Amazon total and our results at Amazon. So it does feel to me as though the market started off being a little underwater from last year -- the beginning of the year, and now it's much more neutral.

現在第二件事是——第二個問題是關於指導以及環境中必鬚髮生什麼才能達到我們指導的高端。我想說這就是我們之前討論的。我們正在觀察市場的複蘇程度和增長程度。正如我之前所說，它明顯高於大流行前的水平，感覺我們已經到了總體上經濟正在軟著陸的地步。我已經在 Prime Day 上看到了相當不錯的結果，無論是亞馬遜的總體結果還是我們在亞馬遜的結果。因此，我確實感覺市場從去年年初開始就有點水位低迷，但現在變得更加中性。

Now if that continues to go positive and goes positive in a large way, and we do what we're supposed to do and gain market share and continue to bring our products and I'm sure we'll be at the higher end if the market is much flatter then that becomes more difficult.

現在，如果這種情況繼續積極發展，並且在很大程度上積極發展，我們會做我們應該做的事情並獲得市場份額並繼續推出我們的產品，我相信我們將處於高端，如果市場更加平坦，然後變得更加困難。

Yes. Yes. Got it. And maybe just as a follow-up to that, can you maybe just provide some color on where the promotional environment stands with your competitors in the channel and what you're seeing there?

是的。是的。知道了。也許作為後續行動，您能否提供一些關於渠道中競爭對手的促銷環境以及您在那裡看到的情況的信息？

Yes. So I mean on -- in peripherals where that's a bit more seasonal and a bit more of a spike you tend to get on Prime Day and Black Friday and that sort of thing. There was much less discounting going on with our main competitors than previously. And so we actually found that with less discounting, we did a lot better than last year. So that meant that the lower discounts were much more attractive compared to people offering things at half off, et cetera. So I presume that happened because our competitors were largely taken care of the inventory bubble that they had and they were getting to the point where they didn't see the need to run clearance all the time.

是的。所以我的意思是——在外圍設備中，這種情況更具季節性，而且在黃金日和黑色星期五之類的事情上往往會出現更多的高峰。我們的主要競爭對手的折扣比以前少得多。所以我們實際上發現，在折扣減少的情況下，我們的表現比去年好得多。因此，這意味著與提供半價商品等的人們相比，較低的折扣更具吸引力。所以我認為發生這種情況是因為我們的競爭對手在很大程度上已經解決了他們所擁有的庫存泡沫，並且他們已經到了認為沒有必要一直進行清倉的地步。

Your next question comes from Doug Creutz with TD Cowen.

您的下一個問題來自 TD Cowen 的 Doug Creutz。

There was a big industry release Slide in Q2 and I just wondered if you could comment to any gains that you think might have helped push either PC builds or peripheral sales. And then just looking ahead to Q3, I think Starfield is coming out, which is probably a big PC title and just your view on whether that could be an important game in driving PC builds?

第二季度有一個大型行業發布幻燈片，我只是想知道您是否可以對您認為可能有助於推動 PC 生產或外圍設備銷售的任何收益發表評論。然後展望第三季度，我認為《Starfield》即將推出，這可能是一款大型 PC 遊戲，您對這是否會成為推動 PC 構建的重要遊戲有何看法？

Yes. I think the one that everybody was talking about really was Diablo IV over the last quarter that we think helped. I put in the deck, I don't know if you've seen that yet, the decks on our IR website, there's about 8 new games that we've listed. And I think there's a new rev of Call of Duty coming out at the end of the year, which will be pretty big. Cyberpunk is releasing something in September. Yes, Starfield in September. Counter-Strike 2 is listed as a summer of '23. That would be huge. So yes, there's a lot of games. But I think first half, probably Diablo was the biggest one, and I suspect Call of Duty and Counter-Strike for second half.

是的。我認為每個人都在談論的實際上是上個季度的《暗黑破壞神 IV》，我們認為它有所幫助。我把套牌放進去，不知道你有沒有看過，我們IR網站上的套牌，我們列出了大約8個新遊戲。我認為《使命召喚》的新版本將於今年年底推出，規模將相當大。賽博朋克將於九月發布一些東西。是的，九月的星空。 《反恐精英 2》被列為 23 年夏季作品。那將是巨大的。所以是的，有很多遊戲。但我認為上半場，《暗黑破壞神》可能是最大的，我懷疑下半場是《使命召喚》和《反恐精英》。

I think the most interesting thing is if you look at the required specs for the new games coming up, they're much higher than they've been -- if you want to get all the eye candy and the extra features, you're really targeting a much higher spec PC. More memory and much higher end video card, which means more power requirements. So it fits pretty well into the suite of products that we do.

我認為最有趣的事情是，如果你看看即將推出的新遊戲所需的規格，它們比以前要高得多 - 如果你想獲得所有的視覺效果和額外的功能，你就可以真正的目標是更高規格的電腦。更多的內存和更高端的顯卡，這意味著更多的功率要求。所以它非常適合我們所做的產品套件。

(Operator Instructions) Your next question comes from Mario Lu with Barclays.

（操作員說明）您的下一個問題來自巴克萊銀行的 Mario Lu。

This is Jack Butler on for Mario. I was just wondering whether you could talk a bit more about some of the partnerships you now have in place with content creators a couple of quarters ago. You announced the Nickmercs partnership. Now we get CouRageJD. I'm just curious maybe what sort of response have you seen from the gaming community, specifically, like if there's any indicators you're seeing that these partnerships are working? And then maybe how that initiative has evolved or will continue to evolve if there's any update to how you're thinking about partnerships?

這是馬里奧的傑克·巴特勒。我只是想知道您是否可以多談談幾個季度前您與內容創作者建立的一些合作夥伴關係。您宣布與 Nickmercs 建立合作夥伴關係。現在我們得到了 CouRageJD。我只是好奇您從遊戲社區看到了什麼樣的反應，具體來說，比如您是否看到任何跡象表明這些合作夥伴關係正在發揮作用？如果您對合作夥伴關係的看法有任何更新，那麼該計劃可能會如何發展或將繼續發展？

Yes, I'd say -- well, firstly, I mean, we've got a lot of different partnerships. I mean these are 2 pretty big names. We've been with Nickmercs on the SCUF side for some time. Courage is new. But it's too early to draw any conclusions from how that works. You don't see a big spike immediately for many of these things. So yes, I think let's wait until next earnings or later in the year before we can give you any meaningful data from that.

是的，我想說——首先，我的意思是，我們有很多不同的合作夥伴關係。我的意思是，這是兩個相當大的名字。我們在 SCUF 方面與 Nickmercs 合作已經有一段時間了。勇氣是新的。但現在就其運作方式得出任何結論還為時過早。其中許多事情不會立即出現大幅增長。所以是的，我認為讓我們等到下一次財報或今年晚些時候，我們才能為您提供任何有意義的數據。

There are no further questions at this time. I will now turn the call over to Andy Paul.

目前沒有其他問題。我現在將把電話轉給安迪·保羅。

Okay. Well, thank you, everybody, for joining us on the call today, and thanks for the continued support. Any follow-up questions, please contact our Investor Relations Department, and we look forward to updating you next quarter. Thank you, and have a good evening.

好的。好的，謝謝大家今天加入我們的電話會議，並感謝大家一直以來的支持。如有任何後續問題，請聯繫我們的投資者關係部門，我們期待下季度為您提供最新情況。謝謝您，祝您晚上愉快。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。