美商海盜船 (CRSR) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Corsair Gaming fourth-quarter and full-year 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 第四季和 2023 年全年財報電話會議。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。謝謝您，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 fourth quarter and full year ended December 31, 2023. On the call today, we have Corsair's CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights for the quarter. Michael will then review the financials and our outlook. We will then have time for any questions.

謝謝。大家下午好，感謝您參加 Corsair 截至 2023 年 12 月 31 日的第四季度和全年財務業績電話會議。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.

在我們開始之前，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。

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 the earnings release and other SEC filings. Note that until our 10-K has been filed, these numbers are preliminary.

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。前瞻性陳述所面臨的風險和不確定性在收益報告和其他 SEC 文件中進行了描述。請注意，在我們提交 10-K 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 closed today. With that, I'll now turn the call over to Andy.

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。這樣，我現在會把電話轉給安迪。

Thank you, Ronald, and welcome everyone to our earnings call. For the full year, we achieved solid revenue growth of 6% in a challenging economic market, led by continued strength in our components business and a strong rebound in peripherals towards the end of the year.

謝謝羅納德，歡迎大家參加我們的財報電話會議。在充滿挑戰的經濟市場中，我們全年的收入實現了 6% 的穩健成長，這得益於我們的零件業務持續走強以及外圍設備業務在年底強勁反彈。

The first quarter of 2023 was lapping the end of the pandemic surge in Q1 '22 before people generally returned to office work, making that a difficult comp. But during the last three quarters of 2023, we grew by 11%.

2023 年第一季度，在人們普遍返回辦公室工作之前，22 年第一季的疫情激增已經結束，這使得這種情況變得困難。但在 2023 年最後三個季度，我們成長了 11%。

As we noted in previous earnings calls, through much of 2023, our growth in peripherals was held back by heavy discounting from our competitors to clear up excess inventory. By the end of the year, we saw inventory is back to normal, and in addition, we saw good consumer spending during the holiday period. This plus some good product launches from us allowed us to make much better progress in our gaming and creative peripheral segment, and we grew that segment in Q4 by 16% year on year.

正如我們在先前的財報電話會議中指出的那樣，在 2023 年的大部分時間裡，我們的外圍設備成長受到競爭對手為清理過剩庫存而大幅折扣的阻礙。到年底，我們看到庫存恢復正常，此外，我們還看到節日期間的消費支出良好。再加上我們推出的一些優秀產品，使我們在遊戲和創意週邊領域取得了更好的進展，第四季度該領域同比增長了 16%。

Financially, we bounced back well from 2022 with adjusted EBITDA doubling to $95 million and we expect further gains in 2024. Some of this will come from increased revenue, but our margins are also steadily increasing as we continue to launch compelling products in our higher growth product categories.

在財務方面，我們從 2022 年開始強勁反彈，調整後的 EBITDA 翻了一番，達到 9,500 萬美元，我們預計 2024 年將進一步成長。其中一部分將來自收入的增加，但隨著我們繼續在更高成長的產品類別中推出引人注目的產品，我們的利潤率也在穩步增長。

Some of our notable new high-performance products launched in 2023 include our latest PC controller, new feature-rich headsets, and multiple new mice and keyboards. We also received a positive response to our first-of-its-kind Elgato teleprompter for content creators, which comes complete with a display and a two-way mirror, behind which you can mount either an Elgato Facecam or any DSLR camera to make it easier for people to create broadcast content or do a video call.

我們在 2023 年推出的一些著名的新型高性能產品包括我們最新的 PC 控制器、功能豐富的新耳機以及多種新型滑鼠和鍵盤。我們還收到了對我們首款面向內容創作者的 Elgato 提詞器的積極響應，該提詞器配有顯示屏和雙向鏡子，您可以在鏡子後面安裝 Elgato Facecam 或任何 DSLR 相機來製作人們可以更輕鬆地創建廣播內容或進行視訊通話。

Another area we are very excited about is our expanding Stream Deck ecosystem. In addition to launching new models, including a co-branded limited edition model with Starfield, we launched a fast-growing application marketplace for our popular Stream Deck.

我們非常興奮的另一個領域是我們不斷擴大的 Stream Deck 生態系統。除了推出新型號（包括與 Starfield 聯合品牌的限量版型號）外，我們還為廣受歡迎的 Stream Deck 推出了一個快速成長的應用程式市場。

This new marketplace allows our growing installed base of Stream Deck users to buy apps and plugins from both our in-house creators and from hundreds of third-party programmers and creators who have also partnered with us. This is doing better than expected and already 35% of the Stream Deck installed base have opened accounts on the marketplace website. As we continue to gain a critical mass of applications, this will make our already popular Stream Deck a must-have item, driving new hardware sales, and will create a very meaningful new revenue stream from the applications.

這個新市場使我們不斷成長的 Stream Deck 用戶群能夠從我們的內部創作者以及數百名與我們合作的第三方程式設計師和創作者那裡購買應用程式和插件。效果比預期要好，已經有 35% 的 Stream Deck 安裝基數在市場網站上開設了帳戶。隨著我們不斷獲得足夠數量的應用程序，這將使我們已經很受歡迎的 Stream Deck 成為必備品，推動新硬體的銷售，並將從應用程式中創造非常有意義的新收入來源。

We have made several moves to increase our operational efficiency. During the year, we moved production of many of our SCUF controllers to our factory in Taiwan. This allowed us to close an expensive factory located in the UK.

我們採取了多項措施來提高營運效率。年內，我們將許多 SCUF 控制器的生產轉移到台灣工廠。這使我們能夠關閉位於英國的昂貴的工廠。

At the same time we expanded our Atlanta facility where SCUF is headquartered, and we have added a warehouse and shipping hub there to support shipments to the East Coast. This year, we will move our origin production site currently in Miami to the new facility in Atlanta. Our Atlanta facility has also undergone an expansion to add capacity for production and warehousing, which provides us with a strategic opportunity to support Corsair's long-term growth.

同時，我們擴建了 SCUF 總部所在的亞特蘭大工廠，並在那裡增加了一個倉庫和運輸中心，以支援向東海岸的運送。今年，我們將把目前位於邁阿密的原產地遷至亞特蘭大的新工廠。我們的亞特蘭大工廠也進行了擴建，以增加生產和倉儲能力，這為我們提供了支持 Corsair 長期成長的策略機會。

This follows the successful completion of our state-of-the-art facility in Taiwan, which is now in full production and capable of delivering personalized gaming peripherals in the same way they can do today on the SCUF controllers. All these changes will give us a strong competitive advantage in the marketplace.

在此之前，我們在台灣最先進的工廠已成功竣工，該工廠現已全面投入生產，能夠以與目前在 SCUF 控制器上相同的方式提供個性化遊戲週邊設備。所有這些變化將為我們在市場上帶來強大的競爭優勢。

Lastly, I am pleased to report our integration of our Drop acquisition is largely complete, and our teams have begun actively collaborating to leverage Corsair's global sales and distribution channel and to maximize new development opportunities. We expect Drop to contribute more significantly to our overall revenue and profit growth moving forward. We've done about seven acquisitions over the years, so M&A is part of our growth strategy. We expect to be active in 2024 if the right opportunities exist, which is in line with our view that consolidation will continue to happen over the next few years.

最後，我很高興地向大家報告，我們對 Drop 收購的整合已基本完成，我們的團隊已開始積極合作，以利用 Corsair 的全球銷售和分銷管道，並最大限度地利用新的發展機會。我們預計 Drop 將為我們未來的整體營收和利潤成長做出更大的貢獻。多年來我們進行了大約七次收購，因此併購是我們成長策略的一部分。如果存在合適的機會，我們預計將在 2024 年積極開展業務，這符合我們的觀點，即未來幾年將繼續整合。

Looking forward to 2024, we expect that the gaming components and systems segment will be similar to last year since we are in mid-cycle for new GPUs and the next big GPU launch and demand surge is likely to be 2025. For the gamer and creator peripheral segment, we expect significant growth, especially from new products that we recently launched and more that we are about to launch.

展望 2024 年，我們預計遊戲組件和系統細分市場將與去年相似，因為我們正處於新 GPU 的中期週期，而下一次 GPU 的大規模發布和需求激增可能會在 2025 年。對於遊戲玩家和創作者周邊領域，我們預計將出現顯著成長，尤其是我們最近推出的新產品以及即將推出的更多產品。

In addition, we will be entering two new product categories in 2024, sim racing and mobile controllers. We expect the overall gaming market to now enter a new growth phase as we enter a refresh cycle from the surge of consumer spending that occurred during the shelter at home years. This plus our expected market share gains should allow us in the next few years to drive our revenue to over $2 billion with double-digit percentage EBITDA margins.

此外，我們將在 2024 年進入兩個新產品類別：模擬賽車和行動控制器。我們預計，隨著居家隔離期間消費者支出激增進入更新週期，整個遊戲市場現在將進入一個新的成長階段。再加上我們預期的市佔率成長，將使我們在未來幾年內將營收推至超過 20 億美元，並實現兩位數的 EBITDA 利潤率。

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. Overall, the year developed in line with our expectations. We more than doubled our adjusted EBITDA, turned profitable on a GAAP basis, and tripled our EPS on a non-GAAP basis. Growth in peripherals resumed and we clearly benefited from demand for new products.

謝謝安迪，大家下午好。整體而言，這一年的發展符合我們的預期。我們調整後的 EBITDA 增加了一倍以上，以 GAAP 計算實現盈利，按非 GAAP 計算每股收益增加了兩倍。外圍設備恢復成長，我們明顯受益於新產品的需求。

As expected, we benefited from reduced promotional activities from other industry players and improved inventory levels. I'm pleased to report that with regard to inventory, we've returned to target levels in both the channel and our warehouses, and we're actually light in some categories including some of our more recent product launches. This should be an added tailwind for us in 2024. We expect to build on this positive momentum in 2024 with a strong demand outlook for our new products, improved profitability, and continued growth in adjusted EBITDA.

正如預期的那樣，我們受益於其他行業參與者促銷活動的減少和庫存水準的改善。我很高興地向大家報告，就庫存而言，我們的管道和倉庫都已恢復到目標水平，而且我們實際上在某些類別（包括我們最近推出的一些產品）上庫存較少。這對我們 2024 年來說應該是一個額外的推動力。我們預計 2024 年將在這一積極勢頭的基礎上繼續發展，新產品需求前景強勁，盈利能力提高，調整後 EBITDA 持續增長。

In terms of the specifics, Q4 2023 net revenue was $417.3 million, compared to $398.7 million in Q4 2022. For the full year 2023, net revenue increased 6.2% to $1,459.9 million from $1,375.1 million in 2022. European markets contributed 38.6% of our Q4 2023 revenues, compared to 36.5% in Q3 2023, which is back to the level prior to the start of the conflict in Ukraine. While the APAC region was only 9.9% of our Q4 revenues, largely due to softness in the China market, the Asia market was weaker than we expected during the year, particularly in Q4.

具體而言，2023 年第四季淨收入為 4.173 億美元，而 2022 年第四季淨收入為 3.987 億美元。2023 年全年淨收入從 2022 年的 13.751 億美元成長 6.2% 至 14.599 億美元。歐洲市場貢獻了我們 2023 年第四季營收的 38.6%，而 2023 年第三季為 36.5%，回到了烏克蘭衝突爆發前的水平。雖然亞太地區僅占我們第四季營收的 9.9%（主要是因為中國市場疲軟），但亞洲市場今年的表現弱於我們的預期，尤其是第四季。

Turning now to our segments. The gamer and creator peripheral segment contributed $136.8 million of net revenue during the fourth quarter, compared to $117.8 million in Q4 2022. For the full year 2023, gamer and creator peripheral segment revenue was $394.9 million, compared to $437.8 million for the full year 2022.

現在轉向我們的部分。遊戲玩家和創作者周邊領域在第四季度貢獻了 1.368 億美元的淨收入，而 2022 年第四季為 1.178 億美元。2023 年全年，玩家和創作者周邊細分市場收入為 3.949 億美元，而 2022 年全年為 4.378 億美元。

The gaming components and systems segment contributed $280.5 million of net revenue during the quarter, which was relatively flat with $280.9 million in Q4 2022. Memory products contributed $145.5 million in Q4 2023, compared to $158.1 million in Q4 2022. For the full year 2023, gaming components and system segment net revenue increased to $1,065 million from $937.3 million for the full year of 2022, with revenue for memory products increasing to $517.4 million from $504.6 million.

遊戲組件和系統部門在本季貢獻了 2.805 億美元的淨收入，與 2022 年第四季的 2.809 億美元相對持平。記憶體產品在 2023 年第四季貢獻了 1.455 億美元，而 2022 年第四季為 1.581 億美元。2023 年全年，遊戲組件和系統部門淨收入從 2022 年全年的 9.373 億美元增至 10.65 億美元，記憶體產品的收入從 5.046 億美元增至 5.174 億美元。

Overall gross profit in the fourth quarter was $102.7 million, compared to $97.9 million in Q4 2022, reflecting the higher revenue in the current quarter. Gross margin increased to 24.6%, compared to 24.5% in Q4 2022. We continue to benefit from further improvements in freight costs and high demand for both new product introductions and popular lines like our Stream Deck and webcams.

第四季的整體毛利為 1.027 億美元，而 2022 年第四季為 9,790 萬美元，反映出本季的收入較高。毛利率增至 24.6%，而 2022 年第四季為 24.5%。我們繼續受益於貨運成本的進一步改善以及對新產品推出和 Stream Deck 和網路攝影機等熱門產品線的高需求。

Overall gross profit increased to $360.3 million for the full year 2023, compared to $296.6 million for the full year 2022. Q4 was negatively impacted by the success in new products Andy mentioned, as we had to use more than planned air freight to get those products to market.

2023 年全年的整體毛利增加至 3.603 億美元，而 2022 年全年的毛利為 2.966 億美元。安迪提到的新產品的成功對第四季度產生了負面影響，因為我們必須使用超出計劃的空運才能將這些產品推向市場。

The gamer and creator peripheral segment gross profit was $50.9 million, compared to $39.7 million in Q4 2022. Gross margin was 37.2%, up 350 basis points, compared to 33.7% in Q4 2022.

遊戲玩家和創作者周邊部門的毛利為 5,090 萬美元，而 2022 年第四季為 3,970 萬美元。毛利率為 37.2%，較 2022 年第四季的 33.7% 上升 350 個基點。

The gaming components and system segment gross profit was $51.8 million, compared to $58.2 million in Q4 2022. Gross margin was 18.5%, compared to 20.7% in Q4 2022, reflecting mixed and some cost headwinds. Our memory products gross margins in this segment were 13.5% for the fourth quarter, compared to 18.1% in Q4 2022.

遊戲組件和系統部門的毛利為 5,180 萬美元，而 2022 年第四季為 5,820 萬美元。毛利率為 18.5%，而 2022 年第四季為 20.7%，反映出複雜的成本阻力。我們在第四季度該領域記憶體產品的毛利率為 13.5%，而 2022 年第四季為 18.1%。

Fourth-quarter SG&A expenses were $73.8 million, compared to $68.5 million in Q4 2022, while R&D expenses were $16.7 million, up 6% compared to Q4 2022 as we continue to invest in support of new category leadership products in both our components and peripheral segments.

第四季的銷售、行政管理費用為7,380 萬美元，而2022 年第四季為6,850 萬美元，而研發費用為1,670 萬美元，比2022 年第四季增長6%，因為我們繼續投資支持我們的組件和周邊設備領域的新類別領先產品。

GAAP operating income in the fourth quarter of 2023 was $12.1 million, compared to $13.6 million in Q4 2022. Fourth-quarter adjusted operating income increased to $31.8 million from $29.6 million in Q4 2022. This was another area of significant improvement as adjusted operating income more than doubled to $85.4 million for the full year 2023 from $34.6 million in 2022.

2023 年第四季的 GAAP 營業收入為 1,210 萬美元，而 2022 年第四季為 1,360 萬美元。第四季調整後營業收入從 2022 年第四季的 2,960 萬美元增至 3,180 萬美元。這是另一個顯著改善的領域，調整後的營業收入從 2022 年的 3,460 萬美元增加了一倍多，達到 2023 年的 8,540 萬美元。

Fourth-quarter net income attributed to common shareholders was $6.2 million or $0.06 per diluted share, as compared to net income of $12.5 million or $0.12 per diluted share in Q4 2022. On an adjusted basis, fourth-quarter net income improved to $23.2 million or $0.22 per diluted share, compared to $20.7 million or $0.20 per share in Q4 2022. For the full year 2023, adjusted net income improved to $58.3 million or $0.55 per diluted share from $18.4 million or $0.18 per diluted share in 2022.

第四季歸屬於普通股股東的淨利為 620 萬美元，即稀釋後每股收益 0.06 美元，而 2022 年第四季淨利為 1,250 萬美元，即稀釋後每股收益 0.12 美元。經調整後，第四季淨利增至 2,320 萬美元，即每股攤薄收益 0.22 美元，而 2022 年第四季為 2,070 萬美元，即每股 0.20 美元。2023 年全年，調整後淨利潤從 2022 年的 1,840 萬美元或稀釋每股 0.18 美元增至 5,830 萬美元或稀釋每股 0.55 美元。

Finally, we increased fourth-quarter adjusted EBITDA to $33.7 million, compared to $32 million for Q4 2022. For the full year 2023, adjusted EBITDA more than doubled to $95.1 million from $46.5 million in 2022. Drop was about $1 million negative again in Q4, totaling about $2 million negative for the year. But with the integration behind us, we expect to be neutral to start the year and then slowly grow.

最後，我們將第四季調整後 EBITDA 提高至 3,370 萬美元，而 2022 年第四季為 3,200 萬美元。2023 年全年，調整後 EBITDA 成長了一倍多，從 2022 年的 4,650 萬美元增至 9,510 萬美元。第四季再次下降約 100 萬美元，全年總計約 200 萬美元。但隨著整合的完成，我們預計今年年初將保持中立，然後緩慢成長。

Turning now to our balance sheet. We ended Q4 in a strong financial position with a cash balance including restricted cash of $178.6 million. We ended Q4 with $199 million of debt at face value and our $100 million working capital revolver remains fully undrawn and fully available.

現在轉向我們的資產負債表。第四季末，我們的財務狀況強勁，現金餘額（包括限制性現金）為 1.786 億美元。截至第四季末，我們的債務以面額計算為 1.99 億美元，而我們的 1 億美元週轉資金仍然完全未動用且完全可用。

We further reduced debt in Q4 and plan to continue doing so over the coming quarters, remain in an excellent position with a strong balance sheet and working capital position to support our organic growth opportunities and to pursue outside opportunities if they are a strategic fit and align with our business goals.

我們在第四季度進一步減少了債務，併計劃在未來幾個季度繼續這樣做，保持良好的地位，擁有強大的資產負債表和營運資本狀況，以支持我們的有機增長機會，並在戰略適合和在一致的情況下尋求外部機會與我們的業務目標。

For our outlook, in terms of the full year 2024, our financial outlook reflects cautious optimism. We expect total revenue in a range of $1.45 billion to $1.6 billion, adjusted operating income in the range of $92 million to $112 million, and adjusted EBITDA in the range of $105 million to $125 million. Assuming we maintain the same debt and cash balances in 2024, we'd expect to have approximately $2 million of net interest expense per quarter.

對於我們的展望，就2024年全年而言，我們的財務前景體現出謹慎樂觀的態度。我們預計總收入將在 14.5 億美元至 16 億美元之間，調整後營業收入將在 9,200 萬美元至 1.12 億美元之間，調整後 EBITDA 將在 1.05 億美元至 1.25 億美元之間。假設我們在 2024 年保持相同的債務和現金餘額，我們預計每季的淨利息支出約為 200 萬美元。

We're using an effective tax rate of approximately 18% to 22% for 2024 and the full-year weighted average diluted shares outstanding of approximately 107 million to 110 million shares. In terms of more specifics around a 2024 outlook, we expect 2024 to follow a typical seasonal pattern for revenue. We expect the majority of the year-over-year revenue growth at the top end of our guidance to be in the second half of the year, with the first half only slightly up to flat compared to 2023.

2024 年，我們使用的有效稅率約為 18% 至 22%，全年加權平均稀釋已發行股票約為 1.07 億至 1.1 億股。就 2024 年前景的更多細節而言，我們預計 2024 年的收入將遵循典型的季節性模式。我們預計，我們指導上限的同比收入增長大部分將出現在下半年，上半年與 2023 年相比僅小幅增長至持平。

We expect the margins improvements from 2023 to carry forward into 2024, and we will continue our tight control of operating expenses. So we expect EBITDA to expand year over year and every quarter. Even on a flat year-over-year revenue environment, we expect EBITDA percent to improve. We expect CapEx spending to be back to its historic level of under 1% of revenues, and we expect stock-based compensation expense of approximately $36 million for the year.

我們預計 2023 年的利潤率改善將延續至 2024 年，並且我們將繼續嚴格控制營運費用。因此，我們預計 EBITDA 將逐年和每季成長。即使在營收同比持平的情況下，我們預計 EBITDA 百分比也會有所改善。我們預計資本支出將恢復到佔收入 1% 以下的歷史水平，並且我們預計今年的股票薪資支出約為 3,600 萬美元。

Drilling down to our segments, we expect the first-half growth to come from our gamer and creator peripheral segment as momentum from our product lineup and strong game releases in 2023 continues. We are amid the typical hardware refresh cycle, so expect minus 5% to plus 5% revenue growth in our components and system segment from the bottom to the top end of the range.

深入研究我們的細分市場，我們預計上半年的成長將來自我們的遊戲玩家和創作者周邊細分市場，因為我們的產品陣容和 2023 年強勁遊戲發布的勢頭將持續下去。我們正處於典型的硬體更新周期中，因此預計我們的組件和系統細分市場從低端到高端的收入成長將達到負 5% 到正 5%。

We expect gamer and creator peripheral segment year-over-year sales to grow across the entire expected revenue range. We also saw memory prices increase for the first time in two years in Q4, which if that continues as expected, should be another positive for the coming year. Finally, we expect 2024 to be a good step to get our adjusted EBITDA margins closer to double-digits, which is our nearer-term goal.

我們預計遊戲玩家和創作者周邊細分市場的銷售額將在整個預期收入範圍內同比增長。我們還看到第四季度記憶體價格兩年來首次上漲，如果這種情況按預期持續下去，這應該是來年的另一個積極因素。最後，我們預計 2024 年將是我們調整後 EBITDA 利潤率接近兩位數的良好一步，這是我們的近期目標。

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

至此，我們很高興開始提問。接線生，請您打開電話問答嗎？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Drew Crum, Stifel.

謝謝。我們現在將進行問答環節。（操作員說明）Drew Crum、Stifel。

Thanks. Hey, guys, good afternoon. So you noted a recovery in the gaming peripheral market. The '24 guidance would imply your business grows at a mid-teens clip. If that's accurate, how does that compare to your expectations for category growth? And assuming you are a share gainer, what are the sources of increase for Corsair? And then I have a follow-up.

謝謝。嘿，夥計們，下午好。所以您注意到遊戲週邊市場的復甦。24 世紀的指導意味著您的業務將以十幾歲左右的速度成長。如果這是準確的，與您對品類成長的預期相比如何？假設你是個份額成長者，那麼海盜船的成長來源是什麼？然後我有一個後續行動。

Yeah, it was a combination of market share gain, which we're pretty confident of. And we do expect some small market growth. It's obviously a little difficult to say what that could be. We know historically if you go back pre-pandemic, the gaming peripheral market was growing at 15% to 20%. And certainly, all the underlying drivers of that are still in place.

是的，這是市場佔有率成長的結合，我們對此非常有信心。我們確實預期市場會出現一些小幅成長。顯然很難說那可能是什麼。我們知道，從歷史上看，如果你回到大流行前，遊戲週邊市場的成長率為 15% 到 20%。當然，所有潛在的驅動因素仍然存在。

But we've got to deal with the surge, obviously, of COVID. And so it's difficult to forecast what that could be. We expect, eventually, it's going to return back to the same growth numbers because the white space is so huge. But what it's going to be this year, I mean, obviously we've got our own models, which we're probably not going to share. But let's just say that there's a combination of market share gain and market growth in our forecast.

但顯然，我們必須應對新冠疫情的激增。因此很難預測那會是什麼。我們預計，最終它會恢復到相同的成長數字，因為空白區域太大了。但我的意思是，今年會發生什麼，顯然我們有自己的模型，但我們可能不會分享。但我們只能說，我們的預測是市場佔有率增益和市場成長的結合。

And Andy, do the new product categories you referenced, you know, the sim racing and mobile controllers, have a meaningful impact on that part of the business this year?

安迪，您提到的新產品類別（模擬賽車和行動控制器）對今年的這部分業務是否產生了有意義的影響？

We haven't built that in. So possibly, we would have, but those are not really built into our models in any meaningful way.

我們還沒有內建它。因此，我們可能會有，但這些並沒有以任何有意義的方式真正建構到我們的模型中。

Okay, got it. And then, Michael, just real quickly on gross margin. It looks like the midpoint of the range for this year is 27%, which, if I'm accurate here, represents a nice step up versus last year and would approach a peak for Corsair at least as a public company. Can you talk about what's driving the expected year-on-year increase? Thanks.

好的，明白了。然後，邁克爾，毛利率真的很快。今年範圍的中點似乎是 27%，如果我在這裡準確的話，這代表著與去年相比的一個不錯的進步，並且至少作為一家上市公司，將接近 Corsair 的峰值。您能談談是什麼推動了預期的年成長嗎？謝謝。

Yeah, for the most part, it's the recovery in our peripherals segment. We were quite low compared to historical average at the beginning part of the year, and we ended the year a lot closer to where we normally are. So I'm expecting that to continue in 2024. And then the growth compared to our component segment should pull the overall margins up, essentially just a story of the momentum we started getting towards the end of '23, continuing through '24.

是的，在很大程度上，這是我們的周邊設備領域的復甦。與年初的歷史平均值相比，我們的水平相當低，而且年底時我們的水平更接近正常水平。所以我預計這種情況將在 2024 年繼續下去。然後，與我們的組件細分市場相比，成長應該會拉動整體利潤率，這本質上只是我們從 23 年底開始獲得的勢頭，一直持續到 24 年。

Got it. Okay. Thanks, guys.

知道了。好的。謝謝，夥計們。

George Wang, Barclays.

喬治王，巴克萊銀行。

Oh, hey, guys. Thanks for the color. Just I have two quick ones. Firstly, just by looking at your long-term model, obviously nice to see a kind of upward trajectory. Just curious what time frame would you be targeting and any thoughts on cadence to get to the long-term model?

哦，嘿，夥計們。謝謝你的顏色。只是我有兩個快的。首先，只要看看你的長期模型，顯然很高興看到一種上升軌跡。只是好奇您的目標時間範圍是什麼以及對實現長期模型的節奏有什麼想法嗎？

Well, I'm not going to share the details of our models like that. We've said long-term guidance. And we mean a few years, obviously not decades. A lot of this depends on how fast the market returns to growth and how much growth we get from the market. Because as I said in the last question, this is a combination of market share gain as well as market growth.

好吧，我不會像這樣分享我們模型的細節。我們說過長期指導。我們指的是幾年，顯然不是幾十年。這在很大程度上取決於市場恢復成長的速度以及我們從市場獲得的成長程度。因為正如我在上一個問題中所說，這是市場佔有率增益和市場成長的結合。

So hopefully that helps. The cadence of how we get there is really going to be a steady growth, very similar to what we expect this year. In other words, continuous upward margins, upward momentum on margins, and so regional expansion as we look to gain some traction in Asia. And also, we mentioned a new move into more customization and personalization.

希望這會有所幫助。我們實現這一目標的節奏確實會穩定成長，與我們今年的預期非常相似。換句話說，利潤率持續上升、利潤率上升勢頭以及區域擴張，我們希望在亞洲獲得一些吸引力。此外，我們也提到了更多客製化和個人化的新措施。

Okay, great. I just have a quick follow-up. In terms of the peripherals, it's nice to see growth rebounding to double-digit level over the next couple of years, just as the new refresh cycle just getting underway from the COVID refresh.

好的，太好了。我只是快速跟進。就週邊設備而言，很高興看到未來幾年成長反彈至兩位數水平，就像新的更新周期剛從新冠疫情更新開始一樣。

Just maybe you can double-click on that, just what I've seen from macro standpoint in terms of the kind of health of the consumer peripherals, and how strong of a rebound do you think that the industry can enjoy, and also obviously on top of additional share gains by Corsair? Thank you.

也許你可以雙擊它，我從宏觀角度看到了消費外圍設備的健康狀況，以及你認為該行業可以享受多強的反彈，而且顯然海盜船的額外股票收益最高嗎？謝謝。

Yeah. So if you look at last year, clearly, 2022 was the first year after the surge from the pandemic, even though 2022 was still significantly up, I think 40% or 50% compared with 2019. So the market was bigger, but it was less than it was during the surge. And 2023 was more of the same. Now some of the things that happened in '23 was there was a lot of continued clearing out of inventory at discounts.

是的。因此，如果你看看去年，很明顯，2022 年是疫情爆發後的第一年，儘管 2022 年仍然大幅上漲，我認為與 2019 年相比，增長了 40% 或 50%。因此，市場規模更大，但比飆升期間小。2023 年的情況也基本相同。23 年發生的一些事情是，大量庫存持續以折扣價被清理。

Now when that happens, if you've got a lot of discounts going on, the ASPs go down. I'm talking industry wide. So therefore, the TAM is a little less than it should be when those discounting stops. And so there's more recovery that we're seeing on industry reports, more recovery on ASP than there are on units, meaning that it drives revenue up. So that's the first thing that we've seen.

現在，當這種情況發生時，如果你有很多折扣，平均售價就會下降。我說的是整個產業。因此，當這些折扣停止時，TAM 略低於應有的水平。因此，我們在行業報告中看到了更多的復甦，平均售價的復甦比單位的復甦更多，這意味著它推動了收入的成長。這是我們看到的第一件事。

And then as we move through the year, we were pretty encouraged by activity around -- not Prime Day, but Black Friday and Christmas, a lot of activity there at pretty reasonable prices. So we lent in on Black Friday because we could do it without having to over discount and had pretty good results.

然後，當我們度過這一年時，我們對周圍的活動感到非常鼓舞——不是黃金日，而是黑色星期五和聖誕節，那裡有很多活動，而且價格相當合理。所以我們在黑色星期五放貸，因為我們可以做到這一點，而不必過度折扣，並且取得了相當不錯的結果。

So that's the first thing. The market is definitely recovering from a decline, again, much bigger than it was before COVID, but a decline since the surge.

這是第一件事。市場肯定正在從跌勢中恢復過來，跌幅比新冠疫情之前要大得多，但跌幅是自飆升以來的。

Now for us, we've got a number of things going on in peripherals, right? One is that we've launched some really key products at the right price points that we know is the center of gravity for peripherals, especially on keyboards.

現在對我們來說，我們在外圍設備上發生了很多事情，對嗎？一是我們以合適的價格推出了一些真正關鍵的產品，我們知道這些產品是周邊設備的重心，尤其是鍵盤。

The second thing is that, as we mentioned, we're going to be further launching or further rolling out customization. As you may know, the acquisition we did on SCUF was quite strategic. And last year, about 50% of the products that we sold to consumers were customized or personalized in some way, either with graphics or with other features, such as switches and paddles and that sort of thing. And we're going to do the same thing with the rest of our peripherals starting around the middle of the year.

第二件事是，正如我們所提到的，我們將進一步啟動或進一步推出客製化。如你所知，我們對 SCUF 的收購是非常具有戰略意義的。去年，我們向消費者出售的產品中，約有 50% 是以某種方式進行定製或個性化的，要么帶有圖形，要么帶有其他功能，例如開關和撥片等。我們將從今年年中開始對其他週邊設備進行相同的操作。

So we think it was a huge opportunity there. And the same thing happened with Drop, this company we just bought about four months ago. They're specializing in limited edition drops. And so the key thing for us was to get our factory sorted out, so that we could take advantage of that at a fairly low cost premium. Those are the main things we expect to happen. Yeah.

所以我們認為這是一個巨大的機會。同樣的事情也發生在 Drop 身上，這家公司是我們四個月前才剛收購的。他們專注於限量版掉落。因此，對我們來說，關鍵是整理好我們的工廠，這樣我們就可以以相當低的成本溢價來利用這一點。這些是我們期望發生的主要事情。是的。

Okay, great. I'll go back to the queue.

好的，太好了。我會回到隊列中。

(Operator Instructions) Doug Creutz, TD Cowen.

（操作員說明）Doug Creutz，TD Cowen。

Hey, thank you. Just wondered, if we go back two years, you had an Analyst Day and you kind of gave longer-term guidance of, let's say, low-teens revenue out into the future. Obviously, your guidance for this year is basically 0% to 10%. You talked about being mid-cycle.

嘿，謝謝你。只是想知道，如果我們回到兩年前，你們有一個分析師日，你們對未來的收入提供了長期指導。顯然，你們今年的指導基本上是0%到10%。你談到了處於週期中期。

Just wondering how to line up what you're expecting this year with that guidance you gave two years ago. Have things changed and you no longer feel that guidance is appropriate? Just whatever color you can give around that would be great.

只是想知道如何將今年的預期與兩年前的指導結合。事情是否發生了變化，您不再覺得指導是合適的？無論你能給周圍什麼顏色，那就太好了。

Yeah. So I think obviously, history of the past or so gives you more details, right? So what we now know is what happened during the pandemic and after the pandemic, and we're now sort of back to normal, I think. But we still do have a hangover of inflation. We've obviously got to deal with that. We see that with all the consumer markets.

是的。所以我認為顯然，過去的歷史給了你更多細節，對嗎？所以我們現在知道的是大流行期間和大流行之後發生的事情，我認為我們現在已經恢復正常了。但我們仍然面臨通貨膨脹的後遺症。顯然我們必須處理這個問題。我們在所有消費市場都看到了這一點。

We do think that there's going to be a refresh cycle. We've talked about that quite a lot. We're now four years after -- pretty much exactly four years after pandemic started. And that was when a lot of people started buying new entry-level peripherals. We expect them to start upgrading. So that's where we think the immediate growth. And then I think once we're through this sort of bulge and trough or bulge and pullback, then we'll get back to normal drivers.

我們確實認為將會有一個刷新周期。我們已經談過很多次了。現在已經是疫情開始四年後——幾乎整整四年了。那時很多人開始購買新的入門級週邊設備。我們預計他們將開始升級。這就是我們認為直接成長的地方。然後我認為，一旦我們經歷了這種凸起和低谷或凸起和回調，那麼我們就會回到正常的驅動程式。

And as I said earlier, I don't see why, given the amount of white space we've got in gaming, and the fact that it's growing generationally, it wouldn't surprise me it's for gaming to get back to 15% or 20% growth per year. But we're not going to see that this year, I don't think, with the inflationary situation going on and the interest rates pretty high.

正如我之前所說，我不明白為什麼，考慮到我們在遊戲領域所擁有的空白空間，以及它正在逐代增長的事實，遊戲回到 15% 或每年增長20%。但我認為，今年我們不會看到這種情況，因為通膨情況仍在持續，而且利率相當高。

So once that gets ironed out, I think we'll get back to better market growth. Now in the interim, I do think we've got an opportunity now to really grow some market share. And there's a lot of things that are in our favor for that.

因此，一旦這個問題得到解決，我認為我們將恢復更好的市場成長。現在，在此期間，我確實認為我們現在有機會真正擴大一些市場份額。有很多事情對我們有利。

Okay, great. Thank you.

好的，太好了。謝謝。

(Operator Instructions) Aaron Lee, Macquarie.

（操作員說明）Aaron Lee，麥格理。

Hi, good afternoon. Thanks for taking my question. So you talked about a few of your initiatives like the Stream Deck marketplace and Drop. And I know we're still early days, but just looking for any color really on your strategy to advance those through the year and any major milestones that we should look out for? Thanks.

嗨，下午好。感謝您提出我的問題。您談到了一些舉措，例如 Stream Deck 市場和 Drop。我知道我們還處於早期階段，但只是在尋找您全年推進策略的任何顏色，以及我們應該關注的任何重大里程碑？謝謝。

Yeah, I mean, it's still pretty early. I think the first, let's talk about marketplace first. So very early stages, we just launched it four months ago. We already have about 35% of the installed base that have signed up for a marketplace account.

是的，我的意思是，現在還很早。我認為首先，我們先談談市場。所以處於非常早期的階段，我們四個月前才推出它。我們已經有大約 35% 的安裝基礎註冊了市場帳戶。

And a lot of downloads, I think we mentioned this -- 5.5 million downloads so far. So the next rollout there, we've already started to showcase some products that you have to pay for. And so the move now is to see how many people we can move from getting free plugins to paid-for plugins. And of course, once you go past there, then you can start thinking about subscription models and that sort of thing.

下載量很大，我想我們已經提到過這一點——到目前為止，下載量已達到 550 萬次。因此，下次推出時，我們已經開始展示一些您必須付費的產品。因此，現在的舉措是看看我們可以將多少人從獲得免費插件轉移到付費插件。當然，一旦你經過那裡，你就可以開始考慮訂閱模式之類的事情。

But I think it's a wide open opportunity. We want to try and make sure that the Stream Deck is as useful as possible. When the Stream Deck was launched, it was launched as a streaming aid. And so for content creators that were streaming, that was the main use case.

但我認為這是一個廣闊的機會。我們希望嘗試確保 Stream Deck 盡可能有用。Stream Deck 推出時，它是作為串流媒體輔助工具推出的。因此，對於串流媒體內容創作者來說，這是主要用例。

We're now seeing all sorts of incremental use cases, even in office spaces and general use cases. So that's going to be the next expansion. But we'll keep everyone posted as we go through the year on significant metrics. This year, we don't expect any huge revenue from it, but it is starting to generate some revenue.

我們現在看到各種增量用例，甚至在辦公空間和一般用例中也是如此。這將是下一個擴展。但我們會隨時向大家通報這一年的重要指標。今年，我們預計不會從中獲得巨額收入，但它已經開始產生一些收入。

On Drop, we've just finished the integration, so now everyone's working together. And there's really two things that we're looking forward to. One is taking the Drop products into retail, into our channels, and that's going to start happening very quickly in the next few months. And the second thing is we're going to experiment with some of our customized products, putting them on the Drop website. So these are the initial setups.

在 Drop 上，我們剛剛完成了集成，所以現在大家正在一起工作。實際上有兩件事是我們期待的。一是將 Drop 產品引入零售、進入我們的管道，這將在接下來的幾個月內很快開始發生。第二件事是我們將嘗試一些客製化產品，並將它們放在 Drop 網站上。這些是初始設定。

Obviously, we've had to do all the integration and get everybody working together, which is largely complete as I said. So more to come on that and we'll keep everybody posted as we go through the year.

顯然，我們必須完成所有整合並讓每個人一起工作，正如我所說，這基本上已經完成。因此，接下來還會有更多內容，我們將在這一年向大家通報情況。

Okay, great. Thank you for the color.

好的，太好了。謝謝你的顏色。

Thank you. (Operator Instructions) There are no further questions at this time. I would like to turn floor back over to Andy Paul, CEO, for closing comments.

謝謝。（操作員說明） 目前沒有其他問題。我想請執行長安迪保羅 (Andy Paul) 發表結束評論。

Thank you, everyone, for joining on the call today and for your 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.

感謝大家今天參加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。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。