美商海盜船 (CRSR) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Corsair Gaming Third 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 年第三季財報電話會議。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。謝謝你，先生。請開始。

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's Financial Results Conference Call for the Third Quarter ended September 30, 2023.

謝謝。大家下午好，感謝您參加 Corsair 於 2023 年 9 月 30 日結束的第三季財務業績電話會議。

On the call today, we have Corsair 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.

今天的電話會議由 Corsair 執行長 Andy Paul 主持。和財務長邁克爾·波特。安迪將回顧本季的亮點。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 other SEC filings.

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績效相關的前瞻性陳述，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有重大差異。我們的收益報告和其他 SEC 文件中描述了前瞻性陳述所面臨的風險和不確定性。

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.

今天的演講也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，我現在會把電話轉給安迪。

Thank you, Ronald, and welcome, everyone, to our earnings call. The key takeaways for Q3 are: first, we achieved strong revenue and profit growth with Q3 revenue growth of 16.5%, and adjusted net income growth of 75.7% on a year-on-year basis.

謝謝羅納德，歡迎大家參加我們的財報電話會議。第三季的主要要點是：首先，我們實現了強勁的營收和利潤成長，第三季營收成長16.5%，調整後淨利年增75.7%。

Second, we continue to drive gross margin expansion. We're seeing an uplift in ASP and margin from new products, along with a return to a healthier inventory level and more normal promotional practices across the industry.

其次，我們持續推動毛利率擴張。我們看到新產品帶來的平均售價和利潤率的提升，以及整個產業恢復到更健康的庫存水準和更正常的促銷做法。

Third, the full slate of major new titles being released, continue to drive new demand from gamers for both our peripherals and systems. New popular releases like Starfield, Diablo 4, Baldur's Gate, and Cyberpunk serve as positive catalysts, given the increased hardware requirements needed to run these games at maximum settings. Overall, we are pleased with our progress and the momentum we're building.

第三，一系列主要新遊戲的發布，繼續推動遊戲玩家對我們的周邊和系統的新需求。鑑於以最高設定運行這些遊戲所需的硬體需求不斷增加，《Starfield》、《暗黑破壞神 4》、《博德之門》和《Cyber​​punk》等新流行遊戲成為了積極的催化劑。總的來說，我們對我們所取得的進展和正在形成的勢頭感到滿意。

Now let me take a few minutes to expand on these points. First off, strong growth in Q3. While we're seeing that consumer markets in general are softer in 2023, we can see that the gaming hardware, the spending is close to 2022, and far elevated compared to pre-pandemic periods. In fact, roughly 50% higher for both gaming peripherals and components compared to 2019. At this point, we are beating the market with growth, and that reflects the momentum we are getting from our new product launches.

現在讓我花幾分鐘時間來闡述這些觀點。首先，第三季強勁成長。雖然我們看到 2023 年消費市場總體疲軟，但我們可以看到遊戲硬體支出接近 2022 年，並且與疫情前相比要高得多。事實上，與 2019 年相比，遊戲週邊和組件的銷量成長了約 50%。目前，我們的成長擊敗了市場，這反映了我們從新產品發布中獲得的動力。

Our recent survey from DFC Intelligence found that 84% of PC enthusiasm gamers, who built PC systems in 2020 within the high-speed segment plans to either build or buy new PCs over the next 24 months. This agrees with our observations. We believe that the pandemic added a significant number of gamers, who started to spend on competitive hardware to enhance their game play. We believe that these new competitive gamers and hardware enthusiasts will continue to spend over the next decade.

DFC Intelligence 最近的調查發現，84% 的 PC 熱情遊戲玩家（在 2020 年在高速領域建立 PC 系統）計劃在未來 24 個月內建造或購買新 PC。這與我們的觀察一致。我們認為，疫情導致大量遊戲玩家增加，他們開始花錢購買有競爭力的硬件，以增強遊戲體驗。我們相信，這些新的競技遊戲玩家和硬體愛好者將在未來十年繼續消費。

Secondly, we continue to drive gross margin expansion led by an uplift in ASP in margin from new products, and return to a healthy inventory level and more normal promotional practices across the industry. Gross margins this quarter were 24.6% compared to 23% in Q3 last year.

其次，我們繼續推動毛利率擴張，以新產品平均售價的提升為主導，並恢復健康的庫存水準和整個行業更正常的促銷做法。本季毛利率為 24.6%，而去年第三季為 23%。

Thirdly, we've been very active on the new product funnel over the past few months. We recently launched several new keyboards in our K70 line that use our own switches and also released high-performance wireless and wired headsets.

第三，過去幾個月我們在新產品管道上非常積極。我們最近在 K70 系列中推出了幾款使用我們自己的開關的新鍵盤，也發布了高性能無線和有線耳機。

Our new HS80 MAX headset features more radios to connect to more devices. And our new wired Virtuoso Pro open back headset has been well received for its excellent sound characteristics.

我們的新款 HS80 MAX 耳機具有更多無線電功能，可連接更多設備。我們的新款有線 Virtuoso Pro 開放式耳機因其出色的聲音特性而廣受好評。

And we recently brought to market our new PC controller, the Scuf Envision. This is a console star controller with some sticks organized in a PS5 arrangement, but with significant enhancements to design the PC players. While many PC gamers like to use console controllers for certain games, they do not then have the same number of inputs available using a keyboard and mouse. With Scuf Envision, we have added 11 additional inputs, which are fully programmable. This is a game changer for PC gamers, and we were sold out immediately on launch day.

我們最近將新的 PC 控制器 Scuf Envision 推向市場。這是一款控制台明星控制器，其中一些搖桿以 PS5 的方式排列，但在設計 PC 播放器方面進行了重大改進。雖然許多電腦遊戲玩家喜歡使用控制台控制器來玩某些遊戲，但他們並沒有使用鍵盤和滑鼠提供相同數量的輸入。透過 Scuf Envision，我們增加了 11 個完全可編程的額外輸入。這是 PC 遊戲玩家的遊戲規則改變者，我們在發布當天就被搶購一空。

We're also very excited about the recent launch of our Elgato Marketplace. This marketplace allows our growing installed base of Stream Deck users to buy apps and plug-ins from not only our in-house creators, but from over 200 third-party programmers and creators who have partnered with us. We believe this will enrich the experience for Stream Deck users, which will in turn help to accelerate the unit sales and installed base of Stream Deck hardware. This also drives a completely new revenue stream for us.

我們對最近推出的 Elgato Marketplace 也感到非常興奮。這個市場使我們不斷增長的 Stream Deck 用戶群不僅可以從我們的內部創建者那裡購買應用程式和插件，還可以從與我們合作的 200 多名第三方程式設計師和創建者那裡購買應用程式和插件。我們相信這將豐富 Stream Deck 用戶的體驗，進而有助於加速 Stream Deck 硬體的銷售和安裝基礎。這也為我們帶來了全新的收入來源。

We also recently launched our Elgato teleprompter, which comes complete with a display in a 2-way mirror, behind which you can mount either an Elgato face cam or any DSLR cameras. This allows streamers or anyone doing a video call to maintain eye contact with people, while looking at content or scripts. Priced at $279, this product was also sold out in the first 3 days of launch.

我們最近還推出了 Elgato 提詞器，它配有 2 向鏡顯示屏，您可以在其後面安裝 Elgato 面部攝像頭或任何 DSLR 相機。這使得主播或進行視訊通話的任何人都可以在查看內容或腳本時與人們保持目光接觸。該產品售價279美元，上市3天就被搶購一空。

With regard to Q3 inventory, we have a healthy level of inventory in the channel at this point and feel good about our position entering Q4. We expect all aspects of the gaming hardware market to resume growth again, on top of the elevated level of activity that we're now seeing compared to prepandemic. We will start to take our new drop products to the Corsair channel in 2024. And we expect that our new recent product launches will have a positive effects on market share in Q4 of this year as well as in 2024.

關於第三季的庫存，目前我們在通路中擁有健康的庫存水平，並且對進入第四季度的情況感到滿意。我們預計遊戲硬體市場的各個方面將再次恢復成長，除了我們現在看到的活動水平與大流行前相比有所提高之外。我們將於 2024 年開始將新的直降產品推向 Corsair 通路。我們預計我們最近推出的新產品將對今年第四季以及 2024 年的市佔率產生正面影響。

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財務長邁克爾波特，以了解有關財務的詳細資訊。邁克爾，請繼續。

Thanks, Andy, and good afternoon, everyone. Our strong Q3 results reflect a continuation of the substantial year-over-year financial improvement that started in the first half of the year.

謝謝安迪，大家下午好。我們強勁的第三季業績反映出上半年開始的同比財務大幅改善的延續。

Revenue, gross margin, and adjusted EBITDA all improved over the prior year, with very encouraging gross margin recovery in our core peripherals products. We further reduced debt in Q3, and we continue to expect liquidity to remain excellent for the rest of 2023, allowing us to be flexible as opportunities present themselves.

收入、毛利率和調整後 EBITDA 均比上年有所改善，我們的核心外圍產品的毛利率恢復非常令人鼓舞。我們在第三季進一步減少了債務，我們繼續預計 2023 年剩餘時間流動性將保持良好，這使我們能夠在機會出現時保持靈活性。

In terms of the specifics, Q3 2023 net revenue was $363.2 million compared to $311.8 million in Q3 2022. For the first 9 months of 2023, net revenue increased 6.8% to $1,042.6 million from $976.4 million in the year ago period. European markets continue to be softer than Americas, but did show signs of improvement and contributed about 36.5% of our revenues, which is an increase from 32.3% in Q2 '23.

具體而言，2023 年第三季淨收入為3.632 億美元，而2022 年第三季為3.118 億美元。2023 年前9 個月，淨收入從去年同期的9.764 億美元成長6.8% 至10.426 億美元。歐洲市場繼續比美洲疲軟，但確實顯示出改善的跡象，並貢獻了我們約 36.5% 的收入，較 2023 年第二季的 32.3% 有所增長。

Turning now to our segments. The gamer and creator peripheral segment contributed $90.4 million of net revenue during the third quarter compared to $96.8 million in Q3 2022. For the first 9 months of 2023, gamer and creator peripheral segment revenue was $258.1 million compared to $320 million for the first 9 months of 2022.

現在轉向我們的部分。遊戲玩家和創作者周邊細分市場第三季貢獻了9,040 萬美元的淨收入，而2022 年第三季為9,680 萬美元。2023 年前9 個月，遊戲玩家和創作者周邊細分市場營收為2.581 億美元，而前9 個月為3.2 億美元2022 年。

The gaming components and systems segment contributed $272.8 million of net revenue during the quarter, an increase of 26.9% from $214.9 million in Q3 2022.

遊戲組件和系統部門在本季貢獻了 2.728 億美元的淨收入，比 2022 年第三季的 2.149 億美元成長了 26.9%。

Memory products contributed $131.7 million in 3Q 2023 compared to $115.2 million in 3Q 2022. For the first 9 months of 2023, gaming components and systems segment revenue increased to $784.5 million from $656.4 million in the first 9 months of 2022. With revenue from memory products increasing to $371.9 million from $346.5 million.

記憶體產品在2023 年第三季貢獻了1.317 億美元，而2022 年第三季為1.152 億美元。2023 年前9 個月，遊戲組件和系統部門收入從2022 年前9 個月的6.564 億美元增至7.845 億美元。記憶體產品的收入從 3.465 億美元增至 3.719 億美元。

Overall gross profit in the third quarter was $89.4 million compared to $71.6 million in Q3 2022, reflecting the higher revenue in the current quarter.

第三季的整體毛利為 8,940 萬美元，而 2022 年第三季為 7,160 萬美元，反映了本季營收的增加。

Gross margin increased to 24.6% compared to 23% in Q3 2022. We continue to benefit from improvements in freight costs as well as new product introductions with an uplift from our iCUE LINK products and the latest Stream Deck to name a few.

毛利率從 2022 年第三季的 23% 增加到 24.6%。我們繼續受益於貨運成本的改善以及新產品的推出，其中包括 iCUE LINK 產品和最新的 Stream Deck 等產品的提升。

Overall gross profit increased to $257.6 million for the first 9 months of 2023, compared to $198.8 million in the first 9 months of 2022.

2023 年前 9 個月的整體毛利增加至 2.576 億美元，而 2022 年前 9 個月的整體毛利為 1.988 億美元。

The gaming components and systems segment gross profit was $59.4 million, an increase of 49.4% from $39.8 million in Q3 2022. Gross margin was 21.8% compared to 18.5% in Q3 2022. Our memory products gross margins in this segment were 16% for the third quarter compared to 14.4% in Q3 2022.

遊戲組件和系統部門毛利為5,940 萬美元，比2022 年第三季的3,980 萬美元成長49.4%。毛利率為21.8%，而2022 年第三季為18.5%。我們的記憶體產品在該部門的毛利率為16%。相較之下，2022 年第三季的成長率為 14.4%。

The third quarter SG&A expenses were $74 million, a 10.6% increase compared to $66.9 million in Q3 2022, reflecting the operating leverage in our business, given the faster rate we grew revenue at.

第三季的 SG&A 費用為 7,400 萬美元，與 2022 年第三季的 6,690 萬美元相比增長了 10.6%，反映了我們業務的營運槓桿，因為我們的營收成長速度更快。

Third quarter R&D expenses were $16.1 million, up 3% compared to Q3 2022 as we continue to prioritize our investments in new products. GAAP operating loss in the third quarter of 2023 was $758,000 compared to a GAAP operating loss of $11 million in Q3 2022.

第三季研發費用為 1,610 萬美元，比 2022 年第三季成長 3%，因為我們持續優先投資新產品。 2023 年第三季的 GAAP 營運虧損為 758,000 美元，而 2022 年第三季的 GAAP 營運虧損為 1,100 萬美元。

Third quarter adjusted operating income was again a bright spot for us, increasing to $19.6 million compared to $5.9 million in Q3 2022. Adjusted operating income increased to $53.6 million for the first 9 months of 2023 from $5 million in the first 9 months of 2022.

第三季調整後營業收入再次成為我們的亮點，從2022 年第三季的590 萬美元增至1,960 萬美元。2023 年前9 個月調整後營業收入從2022 年前9 個月的500 萬美元增至5,360 萬美元。

Third quarter net loss attributable to common shareholders was $3.1 million or $0.03 per diluted share, as compared to a net loss of $8.9 million or a loss of $0.09 per diluted share in Q3 2022.

第三季普通股股東應佔淨虧損 310 萬美元，或稀釋後每股虧損 0.03 美元，而 2022 年第三季淨虧損為 890 萬美元，或稀釋後每股虧損 0.09 美元。

On an adjusted basis, third quarter net income improved to $13.4 million or $0.13 per diluted share compared to $7.6 million or $0.08 per share in Q3 2022. For the first 9 months of 2023, adjusted net income improved to $35.1 million or $0.33 per diluted share from an adjusted net loss of $2.2 million or a loss of $0.02 per diluted share in the first 9 months of 2022.

調整後的第三季淨利增至1,340 萬美元，即稀釋每股0.13 美元，而2022 年第三季為760 萬美元，即每股0.08 美元。2023 年前9 個月，調整後淨利增至3,510 萬美元，即稀釋每股0.33 美元2022 年前 9 個月調整後淨虧損 220 萬美元或攤薄後每股虧損 0.02 美元。

Finally, we increased third quarter adjusted EBITDA to $23 million compared to $10.1 million for Q3 2022. Our Q3 results include the impact of the recently acquired Drop, which resulted in a net decrease of adjusted EBITDA of approximately $1 million. We expect this to turn positive next year as we are excited about the revenue and cross-selling opportunities that Drop acquisition provides, and we'll continue to help grow our direct-to-consumer channel. For the first 9 months of 2023, adjusted EBITDA increased to $61.3 million to $14.5 million in the year ago period.

最後，我們將第三季調整後EBITDA 提高至2,300 萬美元，而2022 年第三季為1,010 萬美元。我們第三季的業績包括最近收購的Drop 的影響，該影響導致調整後EBITDA 淨減少約100 萬美元。我們預計明年這一情況將會轉好，因為我們對收購 Drop 所帶來的收入和交叉銷售機會感到興奮，並且我們將繼續幫助發展我們的直接面向消費者的管道。 2023 年前 9 個月，調整後 EBITDA 增至去年同期的 6,130 萬美元至 1,450 萬美元。

Turning now to our balance sheet. We ended Q3 in a strong financial position with a cash balance, including restricted cash of $147.8 million. This reflects our acquisition of Drop after the close of Q2, which was an all-cash transaction and not material, as well as an investment in inventory ahead of Q4, seasonally our largest quarter.

現在轉向我們的資產負債表。第三季結束時，我們的財務狀況良好，現金餘額，包括 1.478 億美元的限制性現金。這反映了我們在第二季結束後對 Drop 的收購（這是一項全現金交易，並不重要），以及在第四季度（季節性上我們最大的季度）之前對庫存的投資。

We ended Q3 with $223.8 million of debt at face value, and our $100 million working capital revolver remains undrawn and fully available. We further reduced debt in Q3 and plan on reducing it again in Q4. Overall, we expect liquidity to remain excellent for the rest of 2023, allowing us to be flexible as opportunities present themselves.

第三季結束時，我們的債務以面額計算為 2.238 億美元，而我們的 1 億美元週轉資金仍未動用且完全可用。我們在第三季進一步減少了債務，並計劃在第四季再次減少債務。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。

M&A remains a priority for use of cash, but our expected strong cash generation will allow us to continue to reduce outstanding debt on a regular basis.

併購仍然是現金使用的優先事項，但我們預期強勁的現金產生能力將使我們能夠繼續定期減少未償債務。

In terms of the full year 2023, we are adjusting our previous outlook. We now expect total revenue in the range of $1.4 billion to $1.5 billion. Adjusted operating income is now expected to be in the range of $80 million to $90 million. And adjusted EBITDA in the range of $95 million to $105 million.

就2023年全年而言，我們正在調整先前的展望。我們現在預計總收入在 14 億美元至 15 億美元之間。調整後的營業收入目前預計在 8,000 萬美元至 9,000 萬美元之間。調整後的 EBITDA 在 9,500 萬美元至 1.05 億美元之間。

Outlook includes Drop, which we expect to generate a small EBITDA loss in 2023 as we integrate our systems, people and supply chains. We expect this to quickly turn positive in 2024, as we realize the cost savings from this year and generate revenue synergies as well.

Outlook 包含 Drop，隨著我們整合系統、人員和供應鏈，我們預計 2023 年將產生小額 EBITDA 損失。我們預計這一情況將在 2024 年迅速轉為正值，因為我們從今年開始節省了成本，並產生了收入協同效應。

We believe that we're well positioned for Q4 and for the year beyond. We have been able to execute well on our plans for 2023, including growing at what has been a tough economic backdrop.

我們相信，我們在第四季和未來一年處於有利地位。我們能夠很好地執行 2023 年的計劃，包括在嚴峻的經濟背景下實現成長。

The investment in new products during the downturn last year has allowed us to have a robust new product release schedule this year. These recent releases have both opened up new markets for us and rounded out our existing product lines for our core peripherals market.

去年經濟低迷時期對新產品的投資使我們今年能夠有一個強勁的新產品發佈時間表。最近的這些版本既為我們開闢了新市場，又完善了我們核心週邊市場的現有產品線。

So far, the year is inferred in the middle of our expectations. Even at the lower end of our current annual guidance, we're more than doubling our adjusted EBITDA over last year and delivering revenue growth. Gross margins have steadily improved through the year, even with a tougher than normal promotional environment at the beginning of the year. The company has demonstrated that we generate ample cash to carry both M&A and reduce our debt, and our net debt remains low.

到目前為止，這一年的推論處於我們的預期之中。即使按照我們目前年度指引的下限，我們的調整後 EBITDA 也比去年增加了一倍多，並實現了營收成長。儘管年初的促銷環境比正常情況更為嚴峻，但全年毛利率仍穩定提高。該公司已經證明，我們擁有充足的現金來進行併購和減少債務，而且我們的淨債務仍然很低。

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。接線生，請您打開電話問答嗎？

We will now begin the question-and-answer session. (Operator Instructions) Our first question will come from George Wang with Barclays.

我們現在開始問答環節。 （操作員說明）我們的第一個問題將來自巴克萊銀行的 George Wang。

Just firstly, can you kind of give more color in terms of the Drop integration and the synergies. You guys alluded to generating positive EBITDA in calendar 2024? Just curious if you can double-click on the revenue and cost synergies going forward.

首先，您能否在 Drop 整合和協同作用方面提供更多的色彩。你們提到 2024 年將產生正 EBITDA 嗎？只是好奇您是否可以雙擊未來的收入和成本協同效應。

Well, firstly, George, nice to meet you. We haven't spoken yet. So it's great to have you on board. So we're not really giving out too many details on Drop. It was obviously a small acquisition. It was slightly negative EBITDA when we bought them. We expect to be able to move that fairly quickly in '24 to a slightly positive EBITDA.

嗯，首先，喬治，很高興認識你。我們還沒有說話。所以很高興您加入。所以我們並沒有透露太多關於 Drop 的細節。這顯然是小額收購。當我們購買它們時，EBITDA 略有負值。我們預計 24 年能夠相當快速地實現 EBITDA 略為正值。

And I would say it's not so much cost as most of the synergies is going to come from revenue expansion. So both selling our products on the Drop platform and selling some Drop's products in our channel.

我想說的是，成本並不高，因為大部分協同效應將來自收入擴張。所以既在Drop平台上銷售我們的產品，又在我們的通路中銷售一些Drop的產品。

Okay. Great. I just have a quick follow-up. As we head into the holiday season, can you comment on the retail channel restocking? Any sort of update on the promotional environment? It's encouraging to see the promo environment has normalized in the third quarter versus kind of first half of this year. But kind of where we stand today, just any kind of thoughts on the overall retail environment as it relates to the kind of high end of your guidance?

好的。偉大的。我只是快速跟進。假期即將到來，您能否對零售通路補貨有何評論？促銷環境有什麼更新嗎？令人鼓舞的是，與今年上半年相比，第三季的促銷環境已經正常化。但我們今天的立場是，對整體零售環境有什麼想法，因為它與您指導的高端相關？

Well, I would say that at this point, we're pretty positive on what we're hearing. We -- I put a chart in the deck this time to show that the growth or softness in gaming hardware for all the inputs that we get, mostly U.S. and Europe, is about 3% down. So that's for Q3. So we're tracking to basically be on par with last year.

嗯，我想說，目前我們對所聽到的情況非常樂觀。這次我在甲板上放了一張圖表，顯示我們獲得的所有投入（主要是美國和歐洲）的遊戲硬體的成長或疲軟下降了約 3%。這就是第三季的情況。因此，我們的追蹤結果基本上與去年持平。

We think Q4 is going to follow the same pattern. There was a little Prime Day -- October Prime Day that Amazon had and we noticed the gaming hardware, it was roughly the same as last year, maybe a little bit stronger. So at the moment, the channel is stocking up in anticipation for a pretty good holiday season, similar to last year.

我們認為第四季將遵循相同的模式。亞馬遜有一個小小的 Prime Day——十月 Prime Day，我們注意到遊戲硬件，它與去年大致相同，也許更強一些。因此，目前該頻道正在備貨，以期迎來一個與去年類似的美好假期。

Our next question will come from Aaron Lee with Macquarie.

我們的下一個問題將來自麥格理的 Aaron Lee。

Nice result with that revenue growth. I wanted to touch on your product launches. So obviously, you've launched a bunch of new products this year. I'm curious, how should we think about the cadence of product launches for 2024? Was this year unusual at all in terms of the number of new product introductions? Or could you maintain that cadence next year or even increase?

收入成長帶來了不錯的結果。我想談談你們的產品發表會。顯然，你們今年推出了許多新產品。我很好奇，我們該如何看待 2024 年的產品發表節奏？就新產品推出的數量而言，今年有什麼不同尋常嗎？或者明年你能保持這個節奏甚至增加嗎？

Well, I think the comments we made were more about the fact we bought our products that hit the marks in terms of price and performance. And so we had two products that we launched that were pretty significant. One was the HS80 -- HS80 MAX headset line, which are doing very well. In fact, we're sold out at the moment, so we're having to airfreight them in.

嗯，我認為我們發表的評論更多的是關於我們購買的產品在價格和性能方面都達到了標準。因此，我們推出了兩款非常重要的產品。其中之一是 HS80 - HS80 MAX 耳機系列，表現非常出色。事實上，我們現在已經賣完了，所以我們不得不空運它們。

And the other one is a product called K70 CORE, which is a full feature mechanical keyboard, which is being retailed for $99. And so -- and that is using our own switches. We've now brought out Corsair switches both in mechanical, optical and magnetic. So that's a new thing for us. So those were some of the main things.

另一款是一款名為 K70 CORE 的產品，這是一款全功能機械鍵盤，零售價為 99 美元。所以——那就是使用我們自己的開關。我們現在推出了 Corsair 機械、光學和磁性開關。所以這對我們來說是一個新事物。這些是一些主要的事情。

I think we also alluded to some of the Elgato products that we launched. Teleprompter was sold out first 3 days. We launched the Scuf control, especially the PC enthusiasts, that was sold out in the first day. So I think we typically get about one new product out a week on average, and we'd expect to do the same or more next year. And -- but we've had a lot of products recently that have just really hit the marks or have been in new segments like the PC controller and the teleprompter. Obviously, those are not refreshes, those are brand-new segments.

我想我們也提到了我們推出的一些 Elgato 產品。提詞器前 3 天就被搶購一空。我們推出了Scuf控件，特別是PC愛好者，第一天就被搶購一空。因此，我認為我們通常平均每週推出一款新產品，並且預計明年會推出相同或更多的新產品。而且，我們最近推出了許多產品，這些產品只是真正達到目標，或者進入了 PC 控制器和提詞器等新領域。顯然，這些不是更新，而是全新的細分市場。

Got you. Perfect. That's helpful. And then on the Elgato Marketplace, which you've recently launched, and I know it's only been a month, but anything you can share on the early days on the uptake and the usage of it and how you plan to ramp this up in 2024?

明白你了。完美的。這很有幫助。然後是你們最近推出的 Elgato Marketplace，我知道這才過去一個月，但你們可以分享早期關於它的吸收和使用的任何內容，以及你們計劃如何在 2024 年擴大這一市場？

Yes. Well, it's been couple of years of bringing this thing to market, it is quite complicated. But we did -- we were happy to launch with over 240 third-party providers or creators. There's a huge number of apps. It is, as you say, very early days.

是的。嗯，將這個東西推向市場已經有幾年了，它相當複雜。但我們做到了——我們很高興與 240 多家第三方供應商或創作者一起推出。有大量的應用程式。正如你所說，現在還很早。

The interesting thing we've seen so far is that the ASP over spend per person or per order is pretty high. So we've got people spending $100 on plug-ins, and that the ASP is not on average, but up to $100. So that was higher than we thought.

到目前為止，我們看到的有趣的事情是，每人或每份訂單的平均售價非常高。所以我們看到人們在插件上花了 100 美元，而 ASP 不是平均的，而是高達 100 美元。所以這比我們想像的還要高。

What we don't know yet is how to model the amount of dollars that the average Stream Deck user is going to pay per year. We don't know whether that's $5 or $100 or $1,000. I mean we just don't know what that is yet until we get some more data.

我們還不知道如何對 Stream Deck 用戶平均每年支付的金額進行建模。我們不知道是 5 美元、100 美元還是 1,000 美元。我的意思是，在我們獲得更多數據之前，我們還不知道那是什麼。

So we'll keep you appraised as we go through Q4. I think by early next year, we'll have a good sense of what the model looks like in terms of how many people that own Stream Decks are jumping on this marketplace, and also how the marketplace affects the sell-through of Stream Deck hardware.

因此，我們將在第四季度繼續對您進行評估。我認為到明年初，我們將很好地了解該模型的外觀，即有多少擁有 Stream Decks 的人湧入這個市場，以及市場如何影響 Stream Deck 硬體的銷售。

Okay. Perfect. Looking forward to it.

好的。完美的。期待它。

Our next question will come from Drew Crum with Stifel.

我們的下一個問題將來自德魯·克拉姆和斯蒂菲爾。

It's David on for Drew. Can you provide the puts and takes on the implied 4Q revenue outlook?

大衛替補德魯。您能否提供對隱含的第四季營收前景的看跌期權和看跌期權？

You mean what does the top end of the range means compared to the bottom end of the range in terms of market conditions? Is that?

您的意思是，就市場狀況而言，該範圍的上限與該範圍的下限相比意味著什麼？就是它？

Yes.

是的。

Yes. Well, I think it's all down to how strong the holiday season is. As we get closer to it, these days, the holiday season in Black Friday is not just on Friday, people start promoting earlier. So we'll get to see that. And as people get more and more confident in spending, then they're going to load up more. But I think at the moment, we're pretty comfortable with what we're seeing and pretty comfortable with the range we've given out.

是的。嗯，我認為這完全取決於假期的強度。隨著距離它越來越近，這些天，黑色星期五的節日季節不僅僅在星期五，人們開始提早促銷。所以我們會看到這一點。隨著人們對消費越來越有信心，他們就會增加更多的支出。但我認為目前我們對所看到的情況以及我們給予的範圍感到非常滿意。

Okay. And you touched on this a little bit, but I was hoping to get a little bit more color or detail around the Prime Day. What did you learn in terms of the health of the consumer or consumer demand coming out of Prime Day?

好的。你談到了這一點，但我希望在黃金日期間獲得更多的色彩或細節。從 Prime Day 消費者健康狀況或消費者需求方面，您了解到什麼？

Well, it's a bit complicated, right? I think the net of it is that the spending this year is similar to last year. Unfortunately, what's starting to happen with some of these holidays, now we get so many of them is that you get a -- people stop buying a few days before, then you get a spike, and then no one buys the day after. So you end up with almost a neutral number.

嗯，有點複雜，對吧？我認為最終的結果是今年的支出與去年相似。不幸的是，其中一些假期開始發生，現在我們有很多這樣的假期，人們會在幾天前停止購買，然後會出現高峰，然後第二天就沒有人購買了。所以你最終得到的幾乎是一個中性的數字。

But the key thing is that we can see the interest level for consumers, and that seems to be, I'd say on par with last year.

但關鍵是我們可以看到消費者的興趣水平，我想說，這似乎與去年持平。

Got it.

知道了。

(Operator Instructions) Our next question will come from Doug Creutz with Cowen.

（操作員說明）我們的下一個問題將由 Doug Creutz 和 Cowen 提出。

As you noted this year has gone pretty much according to what you expected, you're headed towards the middle of your sort of initial guidance range, which suggests that your ability to forecast is sort of back to normal levels after several years where things were disrupted.

正如您所指出的，今年的進展幾乎符合您的預期，您正在走向初始指導範圍的中間，這表明您的預測能力在幾年後已恢復到正常水平擾亂了。

Given that, as you sort of think about next year, do you think the industry is going to be headed back to its sort of historical long-term growth trajectory that you talked about at your Analyst Day? And if not, what do you still see out there that you think could hinder that?

有鑑於此，當您考慮明年時，您認為該行業是否會回到您在分析師日談到的歷史長期成長軌跡？如果沒有，您認為還有什麼可能阻礙這一點？

Yes. That's a great question because we're just starting our planning for next year. So right in the thick of that.

是的。這是一個很好的問題，因為我們剛開始製定明年的計劃。所以就在最深處。

So we assume that eventually, growth rates will get back to where they were. What gives us some positive feelings is that we referenced this survey that just came out from DFC, which is confirmation of what we thought would happen is, in other words, there would be an echo of the COVID bulge one refresh cycle later. And one refresh cycle later, which for us is about 3 to 4 years, is '23 and '24.

因此，我們假設最終成長率將回到原來的水平。給我們一些正面感覺的是，我們參考了 DFC 剛剛發布的這項調查，這證實了我們認為會發生的事情，換句話說，在一個刷新周期後，就會出現新冠疫情暴漲的迴聲。一個刷新週期之後，對我們來說大約是 3 到 4 年，是「23」和「24」。

So we do expect a bulge. I think what's happening at the moment is a lot of the new gamers or gamers for the first time were buying hardware during lockdown. There's an increased number of those, and they're starting to refresh and rebuy, and that may be offsetting perhaps some softness in the overall market. And the net of that means that we end up with a market today that's pretty flat.

所以我們確實預計會出現凸起。我認為目前發生的情況是，許多新玩家或第一次遊戲玩家在封鎖期間購買硬體。這些產品的數量有所增加，並且開始刷新和重新購買，這可能會抵消整個市場的一些疲軟。這意味著我們今天的市場相當平坦。

We would hope that this bulge will continue into next year, and we'll start to see some growth. So I think we're modeling still not a lot of growth in the first half, but we'd expect it to pick up. And I'm hoping by '25 and '26, we get back to the traditional 15% plus growth for gaming peripherals and 5% to 10% for components. So that's as best as we can forecast it at the moment.

我們希望這種成長能夠持續到明年，並且我們將開始看到一些成長。因此，我認為我們對上半年的成長仍然沒有太多預測，但我們預計會有所回升。我希望到 25 年和 26 年，我們的遊戲週邊設備將恢復到傳統的 15% 以上的成長，而組件的成長將恢復到 5% 到 10%。所以這是我們目前所能預測的最好結果。

Our next question will come from Colin Sebastian with Baird.

我們的下一個問題將由科林·塞巴斯蒂安和貝爾德提出。

Andy and Michael, it's Reese on for Colin. We have two questions. I guess the first one would be, could you guys provide an update on D2C revenues and the overall mix of the company, especially given how that might change with Drop next year, presumably, it's going higher.

安迪和邁克爾，科林由里斯代替。我們有兩個問題。我想第一個問題是，你們能否提供有關 D2C 收入和公司整體結構的最新信息，特別是考慮到明年 Drop 可能會發生什麼變化，大概會更高。

And then I guess second, maybe more around the state of the consumer, and what you guys are seeing, I guess it sounds like things are going well around the gaming launches and things like that. But maybe more specifically, have you seen changes in behavior from gaming launch to gaming launch? If you were to take a game that launched this year versus a game that launched last year, are you seeing a difference in consumer behavior from that end?

然後我想第二，也許更多的是圍繞消費者的狀態，以及你們所看到的，我想聽起來遊戲發布之類的事情進展順利。但也許更具體地說，您是否看到從遊戲發佈到遊戲發布之間的行為變化？如果您將今年推出的遊戲與去年推出的遊戲進行比較，您是否發現消費者行為有所不同？

Okay. So two different questions. So the first one in D2C percentage. D2C percentage is actually maintained about the same as it was last year. We obviously are hoping for some growth with Drop. Drop is not a big acquisition or a big revenue number. So it will not be hugely significant. We're running right now, I think, about 10% overall is direct-to-consumer. And obviously, we've got goals of raising that up to 15% plus and Drop will have a small positive effect on that.

好的。所以兩個不同的問題。所以 D2C 百分比排名第一。 D2C 比例實際上與去年基本持平。我們顯然希望 Drop 能有所成長。 Drop 並不是一項大的收購，也不是一個大的收入數字。所以這不會有太大的意義。我認為，我們現在正在經營的業務中，大約有 10% 是直接面向消費者的。顯然，我們的目標是將其提高到 15% 以上，而 Drop 將對此產生微小的正面影響。

The second question was more around what are we seeing related to some of these launches. We haven't seen anything from an individual game. In other words, not like when Fortnite launched, everyone was rushing out to buy headsets. But what we have seen there is a lot of engagement. So I think Starfield is probably the one that's had the most number of hours. Baldur's Gate, I think, was the biggest surprise in terms of number of players that jumped in.

第二個問題更多是關於我們所看到的與其中一些發布相關的內容。我們還沒有從個人比賽中看到任何東西。換句話說，不像《要塞英雄》推出時那樣，每個人都爭先恐後地購買耳機。但我們看到有很多參與。所以我認為《Starfield》可能是播放時間最多的一部。我認為，就參與遊戲的玩家數量而言，《博德之門》是最大的驚喜。

And I think all of these things help with hardware. All the new games have got requirements that need more memory. So there's a lot of push right now for 32 gigs of DRAM, which is helpful for us because the data we've seen from Steam, who collects what people's configuration is, is that 80% of people have 16 gig or less. So we are in the cycle of people upgrading, and I think the other part of it is people building new machines using the latest graphics.

我認為所有這些都有助於硬體。所有新遊戲都有需要更多記憶體的要求。因此，現在對 32 GB DRAM 的推動力度很大，這對我們很有幫助，因為我們從收集人們配置的 Steam 看到的數據是，80% 的人擁有 16 GB 或更少。因此，我們正處於人們升級的周期中，我認為另一部分是人們使用最新的圖形來建造新機器。

So all these games help, but I wouldn't say that there's one in particular that's outstanding that's driven. It's just that we've had a lot of games between Baldur's Gate, Starfield, Cyberpunk, there's a lot of new games that have come out that have been pretty high level.

所以所有這些遊戲都有幫助，但我不會說有一款特別出色，受到驅動。只是我們在《博德之門》、《星域》、《Cyber​​punk》之間做了很多遊戲，有很多新遊戲已經問世，程度相當高。

(Operator Instructions) Our next question will come from a follow-up from Aaron Lee with Macquarie.

（操作員說明）我們的下一個問題將來自麥格理的 Aaron Lee 的後續提問。

Just a quick follow-up. I wanted to touch on the survey you highlighted about the refresh cycle. In your experience, is there a difference in the refresh cycle between components and peripherals? Or do you find that people generally refreshing one kind of leads to refreshing the other?

只是快速跟進。我想談談您強調的有關刷新周期的調查。根據您的經驗，組件和周邊裝置之間的刷新週期是否有差異？或者你發現人們通常刷新一種會導致刷新另一種？

No. They're not coupled. Typically, we've seen 3 to 5 years for systems. People have spent $2,000 on a gaming system, anywhere from 3 to 5 is when they upgrade.

不，他們沒有耦合。通常，我們看到系統的壽命為 3 到 5 年。人們在遊戲系統上花費了 2,000 美元，升級時則花了 3 到 5 美元。

For peripherals, it's more like a 3-year cycle and some being much faster. So we've seen, in some cases, especially at the lower end of -- the entry level of headsets, people tend to sit on them and break them. So those can be as low as 18 months.

對於週邊來說，它更像是一個 3 年的週期，有些甚至更快。所以我們看到，在某些情況下，特別是在低端的入門級耳機中，人們傾向於坐在上面並損壞它們。所以這些時間可以低至 18 個月。

But 3 to 4 years for peripherals, 3 to 5 years for components is usually where we model it.

但我們通常會為週邊設備建模 3 到 4 年，為組件建模 3 到 5 年。

Our next question will be a follow-up from George Wang with Barclays.

我們的下一個問題將是巴克萊銀行喬治王的後續問題。

Just to have a quick follow-up. Just in terms of the sort of new product categories into next year. And just curious, any more white space in terms of the peripherals? So obviously, you guys launched quite a bit of new products. Just curious kind of high level over the next couple of years, which sort of a gap or kind of you guys can potentially feel if you were to launch new products kind of to compete with the competitors in terms of any additional white space you guys may potentially be targeting?

只是為了快速跟進。就明年的新產品類別而言。只是好奇，外圍設備方面還有更多空白嗎？顯然，你們推出了許多新產品。只是好奇，在接下來的幾年裡，如果你們要推出新產品，在任何額外的空白方面與競爭對手競爭，你們可能會感受到什麼樣的差距或什麼樣的差距。可能成為目標？

Yes. I think we've talked about this before. The two areas that we're looking at that will probably be the next products or categories to launch is sim racing and mobile gaming.

是的。我想我們之前已經討論過這個問題了。我們正在考慮的兩個領域可能是下一個推出的產品或類別，即模擬賽車和行動遊戲。

And I think you could see from the Envision controller that we just did from Scuf, mean when Corsair does something, we do something better than what the market is used to. A lot of people's PC controllers are just copy of a console controller, but we added a lot of extra functionality into ours that made it really a good controller for PC games.

我想你可以從我們剛從 Scuf 做的 Envision 控制器中看到，這意味著當 Corsair 做某事時，我們會做得比市場習慣的更好。許多人的 PC 控制器只是控制台控制器的副本，但我們在其中添加了許多額外的功能，使其成為真正適合 PC 遊戲的良好控制器。

So that's the type of stuff that we're good at is that when we do come out with a product like that, we really hit what the market needs and add some innovation to it.

所以這就是我們擅長的事情，當我們推出這樣的產品時，我們確實滿足了市場的需求，並為其添加了一些創新。

Okay. Great. Sounds good.

好的。偉大的。聽起來不錯。

(Operator Instructions) It appears there are no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Andy Paul for any closing remarks.

（操作員說明）看來沒有其他問題了。我們的問答環節到此結束。我想將會議轉回安迪·保羅發表閉幕詞。

Well, thank you, everyone, for joining the call today and for continued support. If you have 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，謝謝大家今天加入電話會議並給予我們持續的支持。如果您有任何後續問題，請聯絡我們的投資者關係部門，我們期待下季度為您提供最新資訊。謝謝您，祝您晚上愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。