美商海盜船 (CRSR) 2024 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Corsair Gaming's first-quarter 2024 earnings conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

大家下午好，歡迎參加 Corsair Gaming 2024 年第一季財報電話會議。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。先生，請開始吧。

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the first quarter ended March 31, 2024. On the call today, we have Corsair CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights from the quarter, and 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 2024 年 3 月 31 日第一季的財務業績電話會議。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 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，包括非公認會計原則財務信息與公認會計原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 Q1 earnings call. 2024 is starting out as expected with new products driving a rebound in peripherals growth. Our gaming and creator peripherals segment has continued its impressive performance, achieving 20% year-over-year revenue growth in the first quarter of 2024 after 16% year-over-year revenue growth in the fourth quarter of 2023.

謝謝羅納德，歡迎大家參加我們的第一季財報電話會議。 2024 年如預期般開始，新產品推動週邊成長反彈。我們的遊戲和創作者週邊業務持續保持令人印象深刻的業績，繼 2023 年第四季營收年增 16% 後，2024 年第一季營收年增 20%。

We are very pleased that growth is coming from all product lines. This was across Elgato with its popular Stream Deck products, SCUF Gaming with the successful recent launch of PC controllers, and Corsair peripherals with several new keyboards, headsets, and mice.

我們很高興所有產品線都實現了成長。Elgato 推出了廣受歡迎的 Stream Deck 產品，SCUF Gaming 最近成功推出了 PC 控制器，Corsair 週邊推出了多種新型鍵盤、耳機和滑鼠。

We were particularly pleased to see the gross margin lift to 40% with these new product launches. We fully expect to build on this momentum over the coming quarters with an exciting lineup of planned product launches, some of which we will discuss on the call today.

我們特別高興地看到，隨著這些新產品的推出，毛利率提升至 40%。我們完全期望在未來幾季繼續保持這一勢頭，推出一系列令人興奮的計劃產品，其中一些產品我們將在今天的電話會議上討論。

Demand was more subdued in the component market as is normal in this stage of the GPU cycle. In the short-term, the self-built PC market is stable with the next surge expected in late 2024 and 2025, when next-gen GPUs and CPUs are launched. We are also already seeing some benefit in the pricing of our most popular DRAM modules as gamers are using higher DRAM capacity for faster gameplay.

組件市場的需求更加疲軟，這在 GPU 週期的這個階段是正常的。短期來看，自建PC市場穩定，預計下一次激增將在2024年底和2025年，屆時下一代GPU和CPU將推出。我們也已經看到我們最受歡迎的 DRAM 模組的定價帶來了一些好處，因為遊戲玩家正在使用更高的 DRAM 容量來獲得更快的遊戲速度。

Give you a sense of how big the memory opportunity is, it is estimated that 95% of steam gamers have less than 16-gig of memory in their systems. That represents a huge opportunity for us. We continue to have high market share in the component space, which we are focused on further growing, led by a strong planned product launch schedule, including several recent launches with our 2500 & 6500 Series cases, iCUE Link RX Series Fans, and CORSAIR ONE platform upgrade.

讓您感受一下記憶體機會有多大，據估計 95% 的 Steam 遊戲玩家的系統記憶體不足 16 GB。這對我們來說是一個巨大的機會。我們在組件領域繼續保持較高的市場份額，並致力於在強有力的產品發布計劃的引領下進一步增長，包括最近推出的 2500 和 6500 系列機箱、iCUE Link RX 系列風扇和 CORSAIR ONE平台升級。

As we look forward, 2024 will be an exciting year of innovation with an impressive slate of new Corsair products as we broaden our category reach. We've done a lot of work as part of our product selection and development. As a result, we expect both our upcoming mobile gaming controller, and our upcoming SIM racing product line will be two standout launches for us.

展望未來，2024 年將是令人興奮的創新年，隨著我們擴大品類覆蓋範圍，海盜船將推出一系列令人印象深刻的新產品。作為產品選擇和開發的一部分，我們做了很多工作。因此，我們預計即將推出的行動遊戲控制器和即將推出的 SIM 賽車產品線將成為我們的兩項出色產品。

Corsair Racing is set to launch at Computex in June 2024. We have developed a total experience engineered to offer a fully immersive SIM racing experience. This is a high growth category, especially as Formula One continues to gain interest in the US.

Corsair Racing 預定 2024 年 6 月在台北電腦展上推出。我們開發了一種整體體驗，旨在提供完全身臨其境的 SIM 賽車體驗。這是一個高成長的類別，特別是隨著一級方程式賽車在美國不斷引起人們的興趣。

Corsair will have a unique advantage in this market because of our ability to produce all the relevant components for a SIM racing setup, combining our new racing components with our gaming PCs, curved monitors, and PC peripherals.

Corsair 將在這個市場上擁有獨特的優勢，因為我們有能力生產 SIM 賽車設置的所有相關組件，並將我們的新型賽車組件與我們的遊戲 PC、曲面顯示器和 PC 外圍設備相結合。

We are also excited for the upcoming launch of our SCUF mobile gaming controller. This is one of the market's fastest growing areas and represents a very large global opportunity for us, which we expect will become another important long-term growth driver. And we are very encouraged with our recent launch of the new Elgato Neo product family, which is targeting a different and more casual user base than our traditional prosumer Elgato customers.

我們也對即將推出的 SCUF 行動遊戲控制器感到興奮。這是市場成長最快的領域之一，對我們來說代表著巨大的全球機遇，我們預計這將成為另一個重要的長期成長動力。我們最近推出的新 Elgato Neo 產品系列讓我們深受鼓舞，該產品系列的目標客戶群與我們傳統的專業消費者 Elgato 客戶不同且更加休閒。

The response has been very positive and we expect sales to ramp through 2024 and over the coming years. This is one of the largest launches in Elgato's history. By combining high-end performance with plug-and-play simplicity, we make live video calls and livestreams easier and more professional looking. This is another large segment of the market that we expect to be additive to our growth as we expand our market share.

反應非常積極，我們預計 2024 年及未來幾年銷量將持續上升。這是 Elgato 史上最大規模的發布活動之一。透過將高端性能與即插即用的簡單性相結合，我們使即時視訊通話和直播變得更輕鬆、更專業。這是市場的另一個重要領域，隨著我們擴大市場份額，我們預計該市場將促進我們的成長。

Our launch included the Wave Neo microphone, Facecam, Key Light, capture card, and Stream Deck. We also expect this will help drive even faster growth in our expanding Stream Deck ecosystem. In addition to launching the new models, our Stream Deck application marketplace continues to rapidly add new users.

我們推出的產品包括 Wave Neo 麥克風、Facecam、Key Light、擷取卡和 Stream Deck。我們也預計這將有助於推動我們不斷擴大的 Stream Deck 生態系統的更快成長。除了推出新型號外，我們的 Stream Deck 應用程式市場也持續快速增加新用戶。

As of Q1, over 40% of the estimated Stream Deck installed base have opened accounts on the marketplace website. Given the popularity of Stream Deck, we expect the marketplace will become a very meaningful new revenue stream over the coming years.

截至第一季，預計超過 40% 的 Stream Deck 安裝基數已在市場網站上開設帳戶。鑑於 Stream Deck 的受歡迎程度，我們預計該市場將在未來幾年成為一個非常有意義的新收入來源。

On our last call, we highlighted proactive actions we were taking to increase our operational efficiency, including moving production of many of our SCUF controllers to our factory in Taiwan, closure of an expensive UK factory, and expansion of our Atlanta facility. Adding to this, our efforts in regional and retail expansion are also progressing well. We've anticipated revenue boosts in the latter half of 2024.

在上次電話會議中，我們強調了我們為提高營運效率而採取的積極行動，包括將許多 SCUF 控制器的生產轉移到我們在台灣的工廠、關閉一家昂貴的英國工廠以及擴建我們的亞特蘭大工廠。除此之外，我們在區域和零售擴張方面的努力也進展順利。我們預計 2024 年下半年營收將會成長。

We've successfully expanded the retail presence of Corsair's full suite of gamer and creator products, introduced the Drop product line to retail channels, expanded our SCUF Gaming product lines in retail, and strengthened our partnerships with several major online retailers. These initiatives solidify our position in the market and set the stage for continued growth and success in the years ahead.

我們成功擴大了 Corsair 全套遊戲玩家和創作者產品的零售業務，將 Drop 產品線引入零售管道，擴大了 SCUF Gaming 產品線的零售範圍，並加強了與幾家主要線上零售商的合作夥伴關係。這些舉措鞏固了我們在市場中的地位，並為未來幾年的持續成長和成功奠定了基礎。

Finally, we remain active on the M&A front, which is a key driver in the peripheral segment. Our recent acquisition of Drop is fully integrated and contributing. This builds on our impressive track record of success with Elgato, SCUF, and five other M&A transactions. We are carefully evaluating opportunities as part of the regular course of business, and we will look to pursue those that fit our long-term growth plans from a product and brand standpoint and valuation.

最後，我們在併購方面保持活躍，這是周邊設備領域的關鍵驅動力。我們最近收購的 Drop 是完全整合和貢獻的。這是我們在 Elgato、SCUF 和其他五項併購交易中取得的令人印象深刻的成功記錄的基礎上建立的。作為正常業務流程的一部分，我們正在仔細評估機會，並且我們將從產品和品牌的角度以及估值的角度尋求那些符合我們長期成長計畫的機會。

Looking forward to the balance of 2024, we did not expect growth in the gaming components and systems segment until the next family of GPU cards launched, which we expect will be late 2024 or early 2025. For the gamer and creator peripherals segment, we expect significant growth, especially for new products we recently launched and more that we are about to launch.

展望 2024 年的剩餘時間，我們預計遊戲組件和系統領域不會出現成長，直到下一個 GPU 卡系列推出，我們預計該系列將在 2024 年末或 2025 年初推出。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, as we mentioned in our last update, we'll be entering two new product categories in 2024, SIM racing and mobile controllers. We expect the overall gaming market to now resume back to historical growth levels as the effects of the pandemic recede into history.

此外，正如我們在上次更新中提到的，我們將在 2024 年進入兩個新產品類別：SIM 賽車和行動控制器。我們預計，隨著疫情的影響逐漸成為歷史，整個遊戲市場現在將恢復到歷史成長水準。

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. I am pleased to report a solid start to 2024, especially for a key gamer and creator peripherals segment, and gross margins in general. We expect to build on the start with improved revenue growth and EBITDA expansion in the second half.

謝謝安迪，大家下午好。我很高興地向大家報告 2024 年的良好開局，尤其是對於關鍵的遊戲玩家和創作者周邊細分市場以及整體毛利率而言。我們預計下半年將實現營收成長和 EBITDA 擴張。

The success of our new products is driving market share gains and margin expansion with notable growth in our gamer and creator peripherals segment. Overall, our markets remain healthy, and we continue to execute on our organic business with an eye on accelerated growth through M&A, given our track record and strong financial position.

我們的新產品的成功正在推動市場份額的成長和利潤的擴大，我們的遊戲玩家和創作者周邊領域的顯著成長。總體而言，我們的市場保持健康，鑑於我們的業績記錄和強勁的財務狀況，我們將繼續執行我們的有機業務，並專注於透過併購加速成長。

In terms of the specifics, Q1 2024 net revenue was $337.3 million compared to $354 million in Q1 2023. European markets contributed 34.3% of our Q1 2024 revenues compared to 38.6% in Q4 2023, while the APAC region was 13.8% of our Q1 revenues compared to 9.9% in Q4 2023.

具體而言，2024 年第一季的淨收入為 3.373 億美元，而 2023 年第一季的淨收入為 3.54 億美元。歐洲市場占我們 2024 年第一季營收的 34.3%，而 2023 年第四季為 38.6%，而亞太地區占我們第一季營收的 13.8%，而 2023 年第四季為 9.9%。

Turning now to our segments. The gamer and creator peripherals segment contributed $107 million of net revenue during the first quarter compared to $88.9 million in Q1 2023. The gaming components and systems segment contributed $230.3 million of net revenue during the quarter compared to $265 million in the year-ago period. Memory products contributed $124.9 million in first quarter 2024 compared to $131.3 million in Q1 2023.

現在轉向我們的部分。遊戲玩家和創作者周邊部門在第一季貢獻了 1.07 億美元的淨收入，而 2023 年第一季為 8,890 萬美元。遊戲組件和系統部門在本季貢獻了 2.303 億美元的淨收入，而去年同期為 2.65 億美元。記憶體產品在 2024 年第一季貢獻了 1.249 億美元，而 2023 年第一季為 1.313 億美元。

Overall, gross profit in the first quarter was $86.6 million compared to $85.4 million in Q1 2023, primarily reflecting mix. Gross margin increased 160 basis points to 25.7% compared to 24.1% in Q1 2023. We achieved this expansion despite challenges such as increased freight costs, stemming from turmoil in the Red Sea and resulting delays necessitating incremental air-shipments.

總體而言，第一季的毛利為 8,660 萬美元，而 2023 年第一季的毛利為 8,540 萬美元，主要反映了混合因素。毛利率較 2023 年第一季的 24.1% 成長 160 個基點，達到 25.7%。儘管面臨紅海動盪導致的貨運成本增加以及由此導致的延誤導致需要增加空運等挑戰，我們還是實現了這項擴張。

The gamer and creator peripherals segment gross profit was $43.6 million compared to $26.6 million in Q1 2023. Gross margin was a record 40.8%, up 1,080 basis points compared to 30% in Q1 2023.

遊戲玩家和創作者周邊部門的毛利為 4,360 萬美元，而 2023 年第一季為 2,660 萬美元。毛利率達到創紀錄的 40.8%，較 2023 年第一季的 30% 上升 1,080 個基點。

The gaming components and systems segment gross profit was $43 million compared to $58.8 million in Q1 2023. Gross margin was 18.7% compared to 22.2% in Q1 2023, reflecting mix and continued cost headwinds. Our memory products gross margins in this segment were 14.5% for the first quarter compared to 15.8% in Q1 2023.

遊戲組件和系統部門的毛利為 4,300 萬美元，而 2023 年第一季為 5,880 萬美元。毛利率為 18.7%，而 2023 年第一季為 22.2%，反映出混合和持續的成本不利因素。我們第一季在該領域記憶體產品的毛利率為 14.5%，而 2023 年第一季為 15.8%。

First quarter SG&A expenses were $80.2 million compared to $67.5 million in Q1 2023, while R&D expenses were $16.6 million compared to $16.8 million in Q1 2023. We continue to invest in support of new category leadership products in both our components and peripheral segments with recent major introductions from Elgato and SCUF Gaming and major new category launches coming in SIM racing and mobile gaming.

第一季的 SG&A 費用為 8,020 萬美元，而 2023 年第一季為 6,750 萬美元；研發費用為 1,660 萬美元，而 2023 年第一季為 1,680 萬美元。我們繼續投資支援我們的組件和周邊領域的新類別領先產品，最近 Elgato 和 SCUF Gaming 推出了主要產品，並在 SIM 賽車和行動遊戲領域推出了主要新類別。

Consumer response has been very positive, and we are encouraged with the momentum we are building as we continue to take market share. As a result of our investments in SG&A, GAAP operating loss in the first quarter of 2024 was $10.2 million compared to operating income of $1 million in Q1 2023.

消費者的反應非常積極，隨著我們繼續佔據市場份額，我們對我們正在建立的勢頭感到鼓舞。由於我們對 SG&A 的投資，2024 年第一季的 GAAP 營運虧損為 1,020 萬美元，而 2023 年第一季的營運收入為 100 萬美元。

First quarter adjusted operating income was $15.4 million compared to $18.2 million in Q1 2023. First quarter net loss attributable to common shareholders was $12.5 million or $0.12 per diluted share as compared to a net loss of $1.1 million or $0.01 per diluted share in Q1 2023.

第一季調整後營業收入為 1,540 萬美元，而 2023 年第一季為 1,820 萬美元。第一季歸屬於普通股股東的淨虧損為 1,250 萬美元，即稀釋後每股 0.12 美元，而 2023 年第一季的淨虧損為 110 萬美元，即稀釋後每股 0.01 美元。

On an adjusted basis, first quarter net income was $9.5 million or $0.09 per diluted share compared to $11.9 million or $0.11 per share in Q1 2023. First quarter 2024 adjusted EBITDA was $18 million compared to $20.6 million in Q1 2023. Drop was neutral as expected in Q1, and with the integration behind us, we continue to expect it to grow as we move through 2024.

調整後，第一季淨利潤為 950 萬美元，即稀釋後每股收益 0.09 美元，而 2023 年第一季淨利潤為 1,190 萬美元，即每股收益 0.11 美元。2024 年第一季調整後 EBITDA 為 1,800 萬美元，而 2023 年第一季為 2,060 萬美元。正如第一季的預期，下降是中性的，隨著整合的推進，我們繼續預期隨著 2024 年的到來，下降將會成長。

Turning now to our balance sheet. We ended Q1 in a strong financial position with a cash balance, including restricted cash of $130.2 million. We ended Q1 with $184 million of debt at face value, and our $100 million working capital revolver remains undrawn and fully available. We further reduced debt in Q1 and plan to continue doing so over the next coming quarters.

現在轉向我們的資產負債表。第一季結束時，我們的財務狀況良好，現金餘額，包括 1.302 億美元的限制性現金。截至第一季末，我們的債務以面額計算為 1.84 億美元，而我們的 1 億美元週轉資金仍未動用且完全可用。我們在第一季進一步減少了債務，並計劃在接下來的幾季繼續這樣做。

Given our strong balance sheet, we have the flexibility to continue decreasing debt while also allocating resources to invest in our operations, which includes actively seeking out further M&A opportunities. These strategic initiatives are designed to accelerate our growth and increase profitability over the long-term.

鑑於我們強大的資產負債表，我們可以靈活地繼續減少債務，同時分配資源投資於我們的業務，其中包括積極尋求進一步的併購機會。這些策略性舉措旨在加速我們的成長並提高長期獲利能力。

In terms of our outlook, we are affirming our outlook for the full-year 2024. We continue to expect total revenue in the 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.

就我們的展望而言，我們肯定了 2024 年全年的展望。我們仍預期總收入將在 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。

Assuming we maintain the same debt and cash balances in 2024, we'd expect to have approximately $2 million in net interest expense per quarter. We are using an effective tax rate of approximately 18% to 22% for 2024, and full-year weighted average diluted shares outstanding of approximately 107 million to 110 million shares.

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。2024 年，我們採用的有效稅率約為 18% 至 22%，全年加權平均稀釋已發行股份約為 1.07 億至 1.1 億股。

As a reminder, we are expecting normal seasonality this year with Q2 typically being the lowest revenue quarter of the year. We also expect year-over-year strength in our gamer and creator peripherals segment throughout the year.

提醒一下，我們預計今年的季節性正常，第二季通常是一年中收入最低的季度。我們也預計我們的遊戲玩家和創作者周邊領域將全年保持強勁勢頭。

In summary, we are pleased with our strong growth in the gamer and creator peripherals segment. And with our continued strong market share, we expect to achieve increased growth in the second half of 2024, led by our new products and expansion into two major new categories. Our balance sheet is strong, and we remain committed to investing in the products that will drive our growth and further market share gains across both peripherals and components.

總之，我們對遊戲玩家和創作者周邊領域的強勁成長感到滿意。憑藉我們持續強勁的市場份額，我們預計在新產品和兩大新類別擴張的帶動下，在 2024 年下半年實現成長。我們的資產負債表強勁，我們仍然致力於投資能夠推動我們成長並進一步擴大外圍設備和組件市場份額的產品。

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

至此，我們現在很高興開始提問。接線生，可以撥打電話問答嗎？

(Operator Instructions) George Wang, Barclays.

（操作說明）喬治·王，巴克萊銀行。

Hey, guys. Thanks for taking my question. I have two quick ones. Firstly, can you give a little bit more color just about the component and memory business? Definitely weaker than expected kind of partially drove the kind of with the overall below expectation.

嘿，夥計們。感謝您提出我的問題。我有兩個快的。首先，您能否進一步介紹一下元件和記憶體業務？肯定弱於預期，部分推動了整體低於預期的情況。

You guys talk about no growth until new GPU/CPU launch in the second half as well as 2025. So now what's the refresh growth rate for this year? Based on my model of thinking, it's tracking kind of slight decline on a year-over-year basis. Just curious how confident you are in terms of kind of a tangible rebound in a few quarters?

你們說在下半年以及 2025 年推出新的 GPU/CPU 之前不會出現成長。那麼今年的刷新成長率是多少呢？根據我的思維模型，它的同比略有下降。只是好奇您對幾季內的實際反彈有多大信心？

Well, we see every GPU cycle, if same thing happens. And we are now -- I mean, the rumors were already out of when NVIDIA is going to launch their new cards. Obviously, they haven't officially announced when it is. But the rumors out there are saying end of this year, early '25. And so people will start gearing up for that.

好吧，我們會看到每個 GPU 週期是否發生相同的情況。現在，我的意思是，關於 NVIDIA 何時推出新卡的傳言已經不存在了。顯然，他們還沒有正式宣布具體時間。但有傳言說今年年底 25 年初。因此人們將開始為此做好準備。

And in fact, a lot of times people start building machines in advance of the new cards, so building a machine to take it. So that's why we're expecting Q4 to be pretty good. But this year, the early adopters are definitely going to wait for that new card, and that's offset by the mainstream customers that are now using the less expensive cards to build gaming PCs. So overall, that gives you, as you, say, a flat to slightly down market depending on which part of the world.

事實上，很多時候人們在新卡出現之前就開始建造機器，所以建造一台機器來接受它。這就是為什麼我們預計第四季會非常好。但今年，早期採用者肯定會等待那張新卡，而主流客戶現在使用較便宜的卡片來建立遊戲電腦，從而抵消了這種影響。因此，總體而言，正如您所說，這為您帶來了一個平穩或略有下降的市場，具體取決於世界的哪個地區。

Okay. Great. Secondly, can you kind of address regional and the retail expansion you talk about in the prepared remarks. And also, I notice that Asia still a smaller mix versus total kind of the low-teens. So likely some opportunity on the Asia expansion. So maybe you can talk about your investment in the retail as well as the regional expansion?

好的。偉大的。其次，您能否談談您在準備好的發言中談到的區域和零售擴張問題。而且，我注意到，與青少年的總人數相比，亞洲的比例仍然較小。因此，亞洲擴張可能有一些機會。那麼您是否可以談談您在零售以及區域擴張方面的投資？

Yeah. Sure. Well there's a few things going on. In the US, we are expanding into additional retailers. We're expanding our footprint into Walmart and Target with some of our new product lines. Worldwide, you are right, Asia has been the weakest part of the globe. And that's mostly because China is not doing well.

是的。當然。嗯，有一些事情正在發生。在美國，我們正在擴展到更多零售商。我們正在透過一些新產品線將業務擴展到沃爾瑪和塔吉特。在全球範圍內，你是對的，亞洲一直是全球最薄弱的地區。這主要是因為中國表現不佳。

As you probably know, there's some pretty big unemployment in the youth in China. So we've switched our attentions now to really double down on Korea and Japan, where we see lots of opportunities and we have a much lower market share there than we do in other parts of the world. So we'd expect Asia to bounce back, but not in China, but in places like Korea and Japan.

你可能知道，中國年輕人的失業率相當高。因此，我們現在將注意力轉向韓國和日本，我們在那裡看到了很多機會，但我們在那裡的市場份額比世界其他地區要低得多。因此，我們預期亞洲將會反彈，但不是在中國，而是在韓國和日本等地。

Europe is doing quite well. I just spent a week in Europe with all our sales guys, and they're extremely positive. And the US is also pretty strong in a lot of gaming categories. But in the self-built PC market, as we just said, we're waiting for the new cards.

歐洲的表現相當不錯。我剛剛在歐洲與我們所有的銷售人員一起度過了一周，他們非常積極。美國在許多遊戲類別上也相當強大。但在自建PC市場，正如我們剛才所說，我們正在等待新卡。

Okay. Great. I’ll go back to the queue.

好的。偉大的。我會回到隊列中。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay. Thanks. Hey guys, good afternoon. On the gamer and creator segment, was there anything unique during the period that drove the record gross margin performance? And do you see that as sustainable going forward, or should we assume it falls sequentially? And then I have a follow-up.

好的。謝謝。嘿夥計們，下午好。在遊戲玩家和創作者領域，在此期間有什麼獨特之處推動了創紀錄的毛利率表現嗎？您是否認為這種趨勢可持續發展，或者我們應該假設它會依次下降？然後我有一個後續行動。

Well, no. We're expecting that this is where it should be. There's a few things going on from a mix perspective. And I think as you know, we invested in some of the supply chain from our Elgato product lines. So we have one manufacturer that developed with us the Stream Deck.

嗯，不。我們期待這就是它應該在的地方。從混合的角度來看，發生了一些事情。我想如您所知，我們投資了 Elgato 產品線的一些供應鏈。因此，我們有一家製造商與我們一起開發了 Stream Deck。

We bought a significant amount of that company and that allows us to increase our margins quite substantially, and that actually is the biggest part of our Elgato portfolio now. So that's driving a very healthy margins. We've had a really good bounce back with SCUF, which again is direct-to-consumer and very high margins.

我們購買了該公司的大量股份，這使我們能夠大幅提高利潤率，這實際上是我們現在 Elgato 投資組合的最大部分。因此，這推動了非常健康的利潤率。我們透過 SCUF 實現了非常好的反彈，這又是直接面向消費者的，而且利潤率非常高。

So a lot of this is mixed in the different parts of the gaming and creator segment. We've got some parts that are very high, 50% margin kind of categories that drive the mix up. But our traditional gaming peripherals categories, which is keyboards, mice and headsets, has also sequentially been increasing. So I would hope that we'll use this margin as a base and keep building from here.

因此，其中許多內容混合在遊戲和創作者領域的不同部分。我們有一些利潤率非常高、利潤率高達 50% 的類別，從而推動了產品的混合。但我們傳統的遊戲週邊品類，也就是鍵盤、滑鼠和耳機，也依序增加。因此，我希望我們能夠以此為基礎，並以此為基礎繼續發展。

Okay. Helpful. And then Andy, in your prepared remarks, you talked about the mobile gaming controller and the new SIM racing product line you're launching in June. Any way you can size the TAM for both of those? Thanks.

好的。有幫助。然後，安迪，在您準備好的演講中，您談到了行動遊戲控制器和您將於 6 月推出的新 SIM 賽車產品線。有什麼辦法可以調整這兩者的 TAM 大小嗎？謝謝。

Well, very roughly. And the reason I say very roughly is there's not a lot of really good crisp data. I would say the SIM market as best we can tell is probably around a $1 billion now. And we're going to enter the top half of that initially.

嗯，非常粗略。我這麼粗略地說的原因是沒有很多真正好的清晰數據。據我所知，SIM 市場目前規模可能約為 10 億美元。我們首先將進入上半部。

So we're not going to be making $100 or $200 steering wheel kits. We'll be making products for people that are spending a few thousand dollars on a rig same way as you do with our PC categories. Plenty of market for us to ramp up to a $100 million or $200 million there.

因此，我們不會生產 100 美元或 200 美元的方向盤套件。我們將為那些在設備上花費數千美元的人生產產品，就像您為我們的 PC 類別所做的那樣。那裡有足夠的市場供我們增產至 1 億或 2 億美元。

The mobile gaming is a little less, and when everyone's thinking that can easily get to a $1 billion, it's probably not there yet. But it is one of the fastest growing categories. And what we want to make sure there is that we can stay in the $100 or $100-plus ASP area and not be pulled into the $50 category. So that's another one where we're going to stay in the premium end of the market.

手機遊戲的規模要小一些，當每個人都認為可以輕鬆達到 10 億美元時，它可能還沒有達到。但它是成長最快的類別之一。我們想要確保的是，我們能夠保持在 ASP 100 美元或 100 美元以上的區域，而不是被拉入 50 美元的類別。因此，這是我們將留在高端市場的另一個方面。

Got it. Okay. Thanks, guys.

知道了。好的。謝謝，夥計們。

Aaron Lee, Macquarie.

亞倫李，麥格理。

Good afternoon, guys. Thanks for taking my question. Just to start in general, any color you can provide on the general state of the consumer. And do you still feel like there's room to push up ASPs or pass on costs?

下午好，夥計們。感謝您提出我的問題。首先，您可以根據消費者的一般狀態提供任何顏色。您是否仍認為還有提高平均售價或轉嫁成本的空間？

Well, that's an interesting question. I mean, as I said, and I remember it distinctly in the IPO presentations, my feeling was that gaming hardware in general, would follow the trend of sports equipment rather than consumer electronic hardware. In other words, it would keep going up as new features are found to enable people to play games better. And that's exactly what's happened.

嗯，這是一個有趣的問題。我的意思是，正如我所說，我在 IPO 演示中清楚地記得這一點，我的感覺是，遊戲硬體總體上將追隨運動設備而不是消費電子硬體的趨勢。換句話說，隨著新功能的出現可以讓人們更好地玩遊戲，它會繼續上升。事實正是如此。

So if you look at the headset or keyboard market, people are quite comfortable now paying $200 or $300 per headsets and $200 or $300 for keyboards. Whereas you go back 10 years, these were firmly $50 to $100 markets. So the ASP continues to go up.

因此，如果你看看耳機或鍵盤市場，人們現在很樂意為每個耳機支付 200 或 300 美元，為鍵盤支付 200 或 300 美元。回想 10 年前，這些市場絕對是 50 至 100 美元。所以ASP繼續漲。

Now in the component space, a lot of this depends on what happens with the power needs of GPUs. But we do think that when we listen to Jensen's talks, he's absolutely hell-bent on cramming as much horsepower as you possibly can. And that tends to use a lot of power.

現在在組件領域，這很大程度上取決於 GPU 的功率需求。但我們確實認為，當我們聽詹森的演講時，他絕對一心想盡可能地增加馬力。這往往會消耗大量電力。

So we think the next generation is going to be power hungry as the first 4,000 cards were. And so that tends to mean people are starting to use 800- to 1,000-watt power supplies rather than 500 or 600 watts. So I think in the component space, we'll see a healthy -- maintain maybe a little bit up on the ASPs, but gaming peripherals, there's plenty of room to grow.

因此，我們認為下一代卡將像前 4,000 張卡一樣耗電。因此，這往往意味著人們開始使用 800 至 1,000 瓦的電源，而不是 500 或 600 瓦。因此，我認為在組件領域，我們將看到健康的——ASP 可能會保持一點成長，但遊戲週邊還有很大的成長空間。

Got it. Thank you. And then just on some of these new product launches, you've obviously launched several new categories over the past few quarters. Are there any categories that have surprised you or stood out in terms of the demand and growth potential? Thank you.

知道了。謝謝。然後，就其中一些新產品的發布而言，您顯然在過去幾個季度中推出了幾個新類別。是否有任何類別的需求和成長潛力令您感到驚訝或脫穎而出？謝謝。

Yeah. I think the best success we've had compared to our expectations was our PC controller that we brought out from SCUF. And we knew that a lot of people that transitioned from console to PC and liked to use a console star controller to play PC games. Certainly some of them, and of course, the whole Call of Duty League moved from console to PC.

是的。我認為與我們的預期相比，我們最大的成功是我們從 SCUF 推出的 PC 控制器。我們知道很多人從遊戲機轉向 PC 並喜歡使用遊戲機明星控制器來玩 PC 遊戲。當然其中有一些，當然還有整個《決勝時刻》從主機轉移到了 PC。

So we brought out a controller that was PC only. I must admit, I was a little skeptical that, that would confuse some of the consumers that realized they were buying something that then wouldn't work on a PS4 Xbox. But in fact, the demands been overwhelming, and we were sold out for the first six months. So that one has been very impressive.

因此我們推出了一款僅限 PC 的控制器。我必須承認，我有點懷疑這會讓一些消費者感到困惑，因為他們意識到他們購買的東西無法在 PS4 Xbox 上使用。但事實上，需求量龐大，前六個月就被搶購一空。所以這一點非常令人印象深刻。

The other thing that surprised us was the teleprompter that Elgato brought out. And that literally has been sold out ever since we launched in, I think, October or November. We're just now starting to get inventory in place. So we've taken the casual and the prosumer streaming market by storm there. And I think everybody that has seen this thing that regularly does video calls, wants to buy one.

另一件讓我們驚訝的是埃爾加托拿出的提詞器。自從我們在 10 月或 11 月推出以來，這款產品實際上已經售罄。我們現在剛開始準備庫存。因此，我們在那裡席捲了休閒和專業消費者串流媒體市場。我想每個見過這種經常進行視訊通話的東西的人都想買一個。

Understood. Thanks for all the color. Appreciate it.

明白了。感謝所有的顏色。欣賞它。

(Operator Instructions) Colin Sebastian, Baird.

（操作說明）Colin Sebastian，Baird。

Hey, it's [Callum Lee] on for Colin Sebastian. And thanks for taking our question. This one from us. It was nice seeing in the peripheral segment out of 40% gross margin this quarter. Are you seeing any relief in freight cost so far in Q2? And then do you think you'll be utilizing air freight this quarter to the same degree that you did in Q1? Thanks.

嘿，科林·塞巴斯蒂安的 [Callum Lee] 上場了。感謝您提出我們的問題。這是我們的。很高興看到本季外圍設備業務的毛利率達到 40%。到目前為止，您認為第二季的貨運成本有減輕嗎？那麼您認為本季您對空運的利用程度是否會達到第一季的水準？謝謝。

Well, I certainly hope not. In some cases air freight occurs because we are so successful on product launches that we get sold out and we have to air freight them. But we keep increasing our inventory of new launches to take care of that. So I certainly hope that's going to go down.

嗯，我當然希望不會。在某些情況下，空運的發生是因為我們的產品發布非常成功，以至於我們的產品銷售一空，我們必須空運它們。但我們不斷增加新產品的庫存來解決這個問題。所以我當然希望這種情況會下降。

The vast majority of our gaming peripherals are fairly small. So it doesn't have the same effect on freight as things like power supplies and cases. Those are things that really get affected when the rates go flying up because we just can't keep put as many into a container.

我們絕大多數的遊戲週邊都相當小。因此，它對貨運的影響不像電源和機箱之類的。當費率飛漲時，這些事情確實會受到影響，因為我們無法將盡可能多的東西放入容器中。

But having said that, I mean the overall effect of the Red Sea container issues, I don't know how much people realize. The cost went flying up in Q,1 had quite an effect as Michael mentioned earlier on both cost and lead time. But yeah, I think, Q2 we would expect air freight definitely to go down, and we'll get some benefit from that.

不過話說回來，我指的是紅海貨櫃問題的整體影響，我不知道有多少人認識到。正如邁克爾之前提到的，第一季的成本飛漲對成本和交貨時間產生了相當大的影響。但是，是的，我認為，第二季我們預計空運肯定會下降，我們將從中獲得一些好處。

Okay, great. Thank you.

好的，太好了。謝謝。

(Operator Instructions) And ladies and gentlemen, at this time, I'm showing no additional questions. I'd like to turn the floor back over to CEO, Andy Paul, for closing comments.

（操作員說明）女士們先生們，目前我沒有提出任何其他問題。我想請執行長安迪保羅 (Andy Paul) 發表結束評論。

Well, thank you very much everybody for attending the call, and thanks for your continued support. Any further 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，非常感謝大家參加電話會議，也感謝大家一直以來的支持。如有任何進一步的後續問題，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。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，我們今天的電話會議和演示就到此結束。我們感謝您的加入。現在您可以斷開線路。