美商海盜船 (CRSR) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Corsair Gaming's second 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 年第二季財報電話會議。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 go ahead.

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，請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the second quarter ended June 30, 2024. On the call today, we have our Corsair's 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 6 月 30 日的第二季財務業績電話會議。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 that 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 the earnings release and other SEC filings.

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，因此這些陳述屬於前瞻性陳述。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。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。

Note that until our 10-Q has been filed these numbers are preliminary. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release we issued after the market closed today.

請注意，在我們提交 10-Q 之前，這些數字都是初步的。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. Q2 is always the lowest revenue quarter of the year for us, and this year is no exception. However, current macroeconomic trends and lengthened refresh cycles have caused this quarter to be weaker than expected. In our two business segments, the gamer and creator segment showed good growth, with revenue up approximately 20% year on year.

謝謝羅納德，歡迎大家參加我們的財報電話會議。第二季度總是我們一年中收入最低的季度，今年也不例外。然而，當前的宏觀經濟趨勢和更新周期的延長導致本季的業績弱於預期。在我們的兩個業務板塊中，遊戲玩家和創作者板塊表現出良好的成長，營收年增約20%。

We've launched some exciting products over the last nine months, which have increased our footprint and market reach. This includes our K65 wireless keyboard, which quickly became best-selling keyboard in the US according to third-party data in Q2. The gaming components and systems segment, which makes components used for self-built PCs and also for gaming systems, was a different story.

在過去的九個月裡，我們推出了一些令人興奮的產品，這些產品擴大了我們的足跡和市場範圍。其中包括我們的 K65 無線鍵盤，根據第二季的第三方數據，它迅速成為美國最暢銷的鍵盤。遊戲組件和系統部門則不同，該部門生產用於自建電腦和遊戲系統的組件。

There we see market dynamics where incredibly exciting new games and gaming hardware technology is on the horizon, but not here yet, which is causing many consumers to hold off with upgrades or new builds. We saw a dip in this components market of approximately 15% year on year. And on top of that, some ASP pressure and channel inventory reduction that altogether led to a year-on-year drop of 32% in this business segment.

在那裡，我們看到了市場動態，令人難以置信的令人興奮的新遊戲和遊戲硬體技術即將出現，但尚未到來，這導致許多消費者推遲升級或新版本。我們發現該零件市場年減了約 15%。除此之外，一些平均售價壓力和通路庫存減少共同導致該業務板塊年減 32%。

To expand on the market trends and conditions, it's helpful to put a five-year lens on recent activity. We went through a surge of activity during the COVID lockdown, where third-party data showed that the demand for gaming headsets approximately tripled, and the self-built PC market approximately doubled.

為了擴展市場趨勢和狀況，以五年為視角來觀察近期的活動會很有幫助。在新冠疫情封鎖期間，我們的活動激增，第三方數據顯示，遊戲耳機的需求增加了兩倍，自建 PC 市場增加了一倍。

Three years on, having emerged from the lockdowns, the gaming headset market, which is the best indicator for peripherals, is now roughly double the size it was pre-COVID, while the self-built PC market, which we can see from third-party data on cases and power supplies, is roughly flat to pre-COVID levels.

三年過去了，在擺脫封鎖之後，作為週邊最佳指標的遊戲耳機市場現在的規模大約是新冠疫情前的兩倍，而我們可以從第三季度看到的自建 PC 市場——有關案件和電源供應器的締約方數據與新冠疫情爆發前的水平大致持平。

Refresh cycles are clearly lengthening on high-priced items like $2,000-plus gaming PCs. We see GPU cards, which used to be on the 18 to 24 refresh cycle are now moved to 24 to 30 months and some highly anticipated more complex games like Grand Theft Auto 6 have been pushed to 2025 while others like Call of Duty Black Ops 6 are now expected to be released both soon this year.

2,000 美元以上的遊戲電腦等高價產品的更新週期明顯延長。我們看到GPU 卡的刷新週期從過去的18 到24 個月延長到了24 到30 個月，一些備受期待的更複雜的遊戲（例如Grand Theft Auto 6）已被推遲到2025 年，而其他遊戲（例如Call of Duty Black Ops 6）則被推遲到2025 年。

We think that our historical view of a three-to-five-year refresh cycle may now be looking more like four to six years in these current economic conditions. Also weighing on the market is the fact consumers are acting with caution and are getting used to July Prime Day. As a result, sales in the immediate months before Prime Day appear to drop. And as a quick preview, our Prime Day sales in July were quite successful, with most categories over-performing compared to last year.

我們認為，在當前的經濟條件下，我們過去認為的三到五年更新周期現在可能看起來更像是四到六年。令市場承壓的另一個事實是，消費者行事謹慎，並且正在習慣七月黃金日。因此，黃金日前幾個月的銷售額似乎有所下降。作為快速預覽，我們 7 月的 Prime Day 銷售非常成功，大多數類別的表現都優於去年。

Looking at an overall view of the gaming market, we see that the installed base of gaming hardware, post-COVID, is at an all-time high. Gaming ads continue to rise generation by generation and incredibly exciting new games and new AI-packed gaming technology are around the corner.

縱觀遊戲市場的整體情況，我們發現疫情過後遊戲硬體的安裝量處於歷史最高水準。遊戲廣告不斷一代又一代地成長，令人難以置信的新遊戲和新的人工智慧遊戲技術即將到來。

In fact, the gaming hardware space looking into 2025 has never looked more exciting. AI continues to move into every piece of gaming hardware, as we'll be able to use technology to make devices more adaptive and able to customize their settings to a gamer's playing ability. And we expect to see new generation GPU cards within the next six months.

事實上，展望 2025 年，遊戲硬體領域看起來從未如此令人興奮。人工智慧繼續滲透到每個遊戲硬體中，因為我們將能夠利用技術使設備更具適應性，並能夠根據遊戲玩家的遊戲能力自訂其設定。我們預計將在未來六個月內看到新一代 GPU 卡。

In our gamer and creator peripheral segment, as I mentioned before, we are seeing very good growth with revenue up 19.6% year over year. This is the third successive quarter of high-teens percentage growth. We are benefiting from a slight improvement in the overall market, combined with our success entering new parts of the market, which will drive our long-term growth.

正如我之前提到的，在我們的遊戲玩家和創作者周邊領域，我們看到了非常好的成長，營收年增 19.6%。這是連續第三個季度實現高青少年百分比成長。我們受益於整體市場的輕微改善，加上我們成功進入新市場，這將推動我們的長期成長。

We intend to continue to grow the gamer and creator peripheral segment organically as well as with strategic acquisitions. We expect this business will become larger than our traditional components business within a few years. This year alone, we launched teleprompters, PC controllers, and mobile controllers, as well as many other innovative new products in the existing categories.

我們打算透過策略收購繼續有機成長遊戲玩家和創作者周邊細分市場。我們預計該業務將在幾年內變得比我們的傳統零件業務更大。僅今年一年，我們就推出了提詞器、PC 控制器和行動控制器，以及現有類別中的許多其他創新新產品。

We also recently announced our entry into the Sim Racing market with products which we recently showcased at Computex. Separately, as we noted in today's earnings press release, we remain interested in the Sim Racing brand, Fanatec, owned by Endor AG. And though we were disappointed to see the company file for insolvency, we are still hopeful that we can acquire this company.

我們最近也宣布憑藉最近在 Computex 上展示的產品進入模擬賽車市場。另外，正如我們在今天的財報新聞稿中指出的那樣，我們仍然對 Endor AG 旗下的 Sim Racing 品牌 Fanatec 感興趣。儘管我們對公司申請破產感到失望，但我們仍然希望能夠收購這家公司。

Moving on to our components and memory businesses, we continue to dominate the market with leading market share in most categories. We intend to continue that trend while running these businesses as efficiently as we can from a cost standpoint while we wait for the market to recover and return to growth.

繼續我們的組件和記憶體業務，我們繼續主導市場，在大多數類別中佔據領先的市場份額。我們打算繼續這一趨勢，同時從成本的角度盡可能有效地經營這些業務，同時等待市場復甦並恢復成長。

Overall, our long-term fundamentals remain strong, and we continue to lead. We're positioned to benefit from a strong refresh cycle when the new GPUs launch later this year, and we are excited about continued strong growth in our core gamer and creator peripheral segment.

總體而言，我們的長期基本面仍然強勁，並且繼續處於領先地位。今年稍後新 GPU 推出時，我們將受益於強勁的更新周期，我們對核心遊戲玩家和創作者週邊領域的持續強勁成長感到興奮。

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. This quarter was particularly challenging due to the lower-than-expected demand in the high-end gaming components and systems market where we have a leading market share. This had a significant impact on our profitability due to the lower-than-expected revenue and our operating cost base not yet being adjusted. It also had an impact on cash as we paid for inventory that has not yet been sold.

謝謝安迪，大家下午好。由於我們擁有領先市場份額的高端遊戲組件和系統市場的需求低於預期，本季尤其具有挑戰性。由於收入低於預期且我們的營運成本基礎尚未調整，這對我們的獲利能力產生了重大影響。它也對現金產生了影響，因為我們支付了尚未售出的庫存。

However, as Andy discussed, we continue to expect a better second half due to normal seasonality and our new product introductions. To partially mitigate the near-term impact of lower revenue, we implemented additional cost-saving measures in July and will continue to reduce operating expenses where needed to better align with the reduced sales levels in the short-term.

然而，正如安迪所討論的，由於正常的季節性和我們的新產品推出，我們仍然預計下半年會更好。為了部分緩解收入下降的短期影響，我們在 7 月實施了額外的成本節約措施，並將繼續根據需要減少營運費用，以更好地適應短期銷售水準的下降。

In terms of the specifics, Q2 2024 net revenue was $261.3 million compared to $325.4 million in Q2 2023. For the first six months of 2024, net revenue was $598.6 million from $679.4 million in the year ago period. European markets contributed 33% of our Q2 2024 revenues compared to 34.3% in Q1 2024 while the APAC region was 10.9% of our Q2 2024 revenues compared to 13.8% in Q1 2024.

具體而言，2024 年第二季的淨收入為 2.613 億美元，而 2023 年第二季的淨收入為 3.254 億美元。2024 年前六個月的淨收入為 5.986 億美元，而去年同期為 6.794 億美元。歐洲市場占我們 2024 年第二季營收的 33%，而 2024 年第一季為 34.3%；亞太地區占我們 2024 年第二季營收的 10.9%，而 2024 年第一季為 13.8%。

Turning now to our segments. The gamer and creator peripheral segment contributed $94.2 million of net revenue during the second quarter compared to $78.8 million in Q2 2023. For the first six months of 2024, gamer and creator peripheral segment revenue was $201.2 million compared to $167.7 million for the first six months of 2023. The gaming components and system segment contributed $167.1 million of net revenue during the second quarter from $246.7 million in Q2 2023.

現在轉向我們的部分。遊戲玩家和創作者週邊領域在第二​​季度貢獻了 9,420 萬美元的淨收入，而 2023 年第二季為 7,880 萬美元。2024 年前六個月，遊戲玩家和創作者周邊細分市場收入為 2.012 億美元，而 2023 年前六個月為 1.677 億美元。遊戲組件和系統部門在第二季貢獻了 1.671 億美元的淨收入，而 2023 年第二季為 2.467 億美元。

Memory products contributed $81.8 million in Q2 2024 compared to $108.9 million in 2Q 2023. For the first six months of 2024, gaming components and system segment revenue decreased to $397.4 million from $511.7 million in the first six months of 2023, with revenue from memory products decreasing to $206.7 million from $240.2 million dollars.

記憶體產品在 2024 年第二季貢獻了 8,180 萬美元，而 2023 年第二季為 1.089 億美元。2024 年前六個月，遊戲組件和系統部門收入從 2023 年前六個月的 5.117 億美元下降至 3.974 億美元，記憶體產品收入從 2.402 億美元下降至 2.067 億美元。

Overall gross profit in the second quarter was $63.1 million compared to $82.8 million in Q2 2023, reflecting the lower revenue level and a 1% to 2% margin impact from fixed costs allocated over lower-than-expected volumes. Gross margin decreased 24.1% compared to 25.5% in Q2 2023. Overall, gross profit decreased to $149.7 million for the first six months of 2024 compared to $168.2 million in the first six months of 2023. Gross profit in the gamer and creator peripheral segment was $35.7 million compared to $25.5 million in Q2 2023.

第二季的整體毛利為6,310 萬美元，而2023 年第二季為8,280 萬美元，反映出收入水準較低，以及分配給低於預期的銷量的固定成本對利潤率造成1% 至2%的影響。毛利率較 2023 年第二季的 25.5% 下降 24.1%。總體而言，2024 年前六個月的毛利下降至 1.497 億美元，而 2023 年前六個月的毛利為 1.682 億美元。遊戲玩家和創作者周邊領域的毛利為 3,570 萬美元，而 2023 年第二季為 2,550 萬美元。

Gross margin was 37.9% compared to 32.4% in Q2 2023. We're pleased to see the continued rebound in this business and believe we're on track for further improvements, while higher sales volume continues. The gaming components and system segment gross profit was $27.4 million, compared to $57.3 million in Q2 2023, reflecting the lower sales volume.

毛利率為 37.9%，而 2023 年第二季為 32.4%。我們很高興看到這項業務的持續反彈，並相信我們有望進一步改善，同時銷售將繼續上升。遊戲組件和系統部門的毛利為 2,740 萬美元，而 2023 年第二季為 5,730 萬美元，反映出銷量下降。

Gross margin was 16.4%, compared to 23.2% in Q2 2023. Our memory products gross margin in this segment were 11.5% for the second quarter compared to 14.6% in Q2 2023. Second quarter SG&A expenses were $70.4 million compared to $70 million in Q2 2023.

毛利率為 16.4%，而 2023 年第二季為 23.2%。我們第二季該細分市場的記憶體產品毛利率為 11.5%，而 2023 年第二季為 14.6%。第二季的銷售、管理及行政費用為 7,040 萬美元，而 2023 年第二季為 7,000 萬美元。

Second quarter R&D expenses were $17.4 million compared to $15.6 million in Q2 2023. This reflects our investments in support of our expanded product line and new areas including mobile controllers and Sim Racing. We expect R&D to decrease in Q3 given the number of new products we have already launched in 2024.

第二季研發費用為 1,740 萬美元，而 2023 年第二季為 1,560 萬美元。這反映了我們為支援擴大的產品線和新領域（包括行動控制器和模擬賽車）而進行的投資。鑑於 2024 年我們已經推出的新產品數量，我們預計第三季的研發工作將會減少。

As additional color, we are executing on cost savings and took additional action in July, including the reduction of approximately 100 employees and will reduce some external expenses, which will lower operating expenses in the second half of 2024. We remain committed to controlling operating expenses while continuing to support growth in our gamer and creative peripheral segment, which has higher operating expense demands for R&D and marketing.

作為額外的亮點，我們正在執行成本節約，並在 7 月採取了額外行動，包括減少約 100 名員工，並將減少一些外部費用，這將降低 2024 年下半年的營運費用。我們仍然致力於控制營運費用，同時繼續支援遊戲玩家和創意週邊領域的成長，該領域對研發和行銷的營運費用需求更高。

GAAP operating loss in the second quarter of 2024 was $24.7 million compared to GAAP operating loss of $2.7 million in Q2 2023. Second quarter adjusted operating loss was $3.8 million compared to adjusted operating income of $15.9 million in Q2 2023. Adjusted operating income was $11.6 million for the first half of 2024 compared to $34 million in the first half of 2023.

2024 年第二季的 GAAP 營運虧損為 2,470 萬美元，而 2023 年第二季的 GAAP 營運虧損為 270 萬美元。第二季調整後營業虧損為 380 萬美元，而 2023 年第二季調整後營業收入為 1,590 萬美元。2024 年上半年調整後營業收入為 1,160 萬美元，而 2023 年上半年為 3,400 萬美元。

Second quarter net loss attributed to common shareholders was $29.6 million or $0.28 per diluted share as compared to net income of $1.1 million or $0.01 per diluted share in Q2 2023. On an adjusted basis, second quarter net loss was $6.8 million or $0.07 per diluted share compared to an adjusted net income of $9.8 million or $0.09 per share in Q2 2023.

第二季歸屬於普通股股東的淨虧損為 2,960 萬美元，即稀釋後每股 0.28 美元，而 2023 年第二季淨利為 110 萬美元，即稀釋後每股 0.01 美元。調整後的第二季淨虧損為 680 萬美元，即稀釋後每股 0.07 美元，而 2023 年第二季調整後淨利為 980 萬美元，即每股 0.09 美元。

For the first six months of 2024, adjusted net income was $2.7 million or $0.03 per diluted share compared to $21.8 million or $0.20 per share in the first six months of 2023. Finally, second quarter adjusted EBITDA was a loss of $1.2 million compared to a gain of $17.8 million for Q2 2023. For the first six months of 2024, adjusted EBITDA was $16.8 million compared to $38.3 million in the year-ago period.

2024 年前 6 個月，調整後淨利潤為 270 萬美元，即稀釋後每股 0.03 美元，而 2023 年前 6 個月，調整後淨利潤為 2180 萬美元，即每股 0.20 美元。最後，第二季調整後 EBITDA 虧損 120 萬美元，而 2023 年第二季則獲利 1,780 萬美元。2024 年前六個月，調整後 EBITDA 為 1,680 萬美元，去年同期為 3,830 萬美元。

Turning now to our balance sheet, we ended Q2 with a cash balance including restricted cash of $94.6 million. We continue to maintain a healthy balance sheet with sufficient cash to fund the development of our expanding product portfolio. We expect to further reduce inventory during the third quarter as we move into the traditionally stronger second half, which will also generate additional cash.

現在轉向我們的資產負債表，第二季末我們的現金餘額（包括限制性現金）為 9,460 萬美元。我們繼續保持健康的資產負債表，並擁有充足的現金來為不斷擴大的產品組合的開發提供資金。隨著我們進入傳統上強勁的下半年，我們預計第三季將進一步減少庫存，這也將產生額外的現金。

In particular, we expect to sell an inventory that we ordered based on higher expected demand. This is concentrated in components inventory, which has a longer technology refresh rate, and we anticipate selling that inventory in the second half and turning it into cash in Q4 2024 and Q1 2025. We ended Q2 with $180.9 million of debt at face value and our $100 million working capital revolver remains undrawn and fully available.

特別是，我們預計將根據更高的預期需求出售我們訂購的庫存。這主要集中在技術更新頻率較長的零件庫存上，我們預計將在下半年出售該庫存，並在 2024 年第四季和 2025 年第一季將其轉化為現金。第二季結束時，我們的債務以面額計算為 1.809 億美元，而我們的 1 億美元週轉資金仍未動用且完全可用。

Overall, we expect liquidity to remain excellent for the rest of 2024, allowing us to be flexible as opportunities present themselves. In terms of the full year 2024, we are updating our previous outlook to reflect the market softness Andy discussed earlier. We now expect total revenue in the range of $1.25 billion to $1.35 billion. Adjusted operating income in the range of $48 million to $63 million, and adjusted EBITDA in the range of $60 million to $75 million.

總體而言，我們預計 2024 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。就 2024 年全年而言，我們正在更新先前的展望，以反映安迪之前討論的市場疲軟情況。我們目前預計總收入在 12.5 億美元至 13.5 億美元之間。調整後的營業收入在 4,800 萬美元至 6,300 萬美元之間，調整後的 EBITDA 在 6,000 萬美元至 7,500 萬美元之間。

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

(Operator Instructions) George Wang, Barclays.

（操作說明）喬治·王，巴克萊銀行。

Hey, guys. Thanks for taking my question. Firstly, just on the self-built DIY PC kind of memory component, you guys talked about kind of recovery pushed out in terms of the refresh, kind of now four to six years, but still expecting GPU refresh in the next six months.

嘿，夥計們。感謝您提出我的問題。首先，就自建 DIY PC 類型的記憶體組件而言，你們談到了刷新方面的復甦，現在已經四到六年了，但仍然期望在未來六個月內進行 GPU 刷新。

Can you talk about kind of approval potential for further delay, or you guys are quite confident it should be on the horizon. Just maybe you can give a little bit more color just on how today you forecast potential downside, or given the macro, or do you think given historical presence and the data you are seeing should be relatively in short order?

您能否談談進一步推遲批准的可能性，或者您非常有信心它應該很快就會實現。也許您可以就今天如何預測潛在的下行趨勢，或者考慮到宏觀情況，或者您認為考慮到歷史存在和您看到的數據應該相對較短而提供更多資訊？

Yeah, so there's two things on that. One is, obviously, we're privy to confidential information from our partners that I can't share. What I'd say on the standard release of cards, the market is all kind of agreeing. All the buzz around the market is that the new cards will come out either very late this year or early next year. So that's out there.

是的，所以有兩件事。一是，顯然，我們了解合作夥伴的機密信息，但我無法分享。我所說的卡牌標準發布，市場都同意。市場上的所有傳言都是新卡將在今年稍後或明年初推出。所以就在那裡。

Now what will that do in terms of buying activity? Clearly every two years up until now, or every 18 months to 2 years, Nvidia or AMD is launching graphics cards. So if they launch in Q1, that would be more like 30 months. So that's a delay.

那麼這會對購買活動產生什麼影響呢？到目前為止，顯然每兩年，或每 18 個月到 2 年，Nvidia 或 AMD 都會推出顯示卡。因此，如果他們在第一季推出，則需要 30 個月左右的時間。所以這就是一個延遲。

Now, the second thing is what do we expect that refresh cycle to look like? We are pretty convinced that a refresh cycle after COVID where the PC component business basically doubled has to be followed by an echo of that huge surge. For an echo not to occur would mean that all the people that came into the market to buy -- new people that came to the market to build gaming PCs, which we think was almost the same number that previously existed, all of those would have to go away and not ever upgrade, which is -- we don't believe that scenario.

現在，第二件事是我們期望刷新週期是什麼樣的？我們非常確信，在新冠疫情之後的更新周期中，個人電腦零件業務基本上翻了一番，隨之而來的是巨大增長的迴響。如果不出現迴聲，則意味著所有進入市場購買遊戲電腦的新人，我們認為這與以前存在的數量幾乎相同，所有這些人都會有離開並且永遠不會升級，我們不相信這種情況。

So we're pretty sure it was going to be a strong refresh next year. And obviously, once we get into new graphics cards, the higher end where people are using these cards to build $2,000, $3,000 machines, that is much more where we operate, and we have high market share.

所以我們非常確定明年會有一次強勁的更新。顯然，一旦我們進入新的顯示卡領域，人們會使用這些顯示卡來建立 2,000 美元、3,000 美元的機器，這就是我們經營的更多領域，並且我們擁有很高的市場份額。

Okay, great. Just a second quickly follow-up, if I may, just on the peripheral creative business. It's nice to see, almost 20% growth year over year with nice margins. Just curious how sustainable it is? And from a kind of high level in any latest updates in terms of the consumer as it relates to the peripherals? I mean, do you still see more white space to drive up the ASP over the next few quarters?

好的，太好了。如果可以的話，請快速跟進外圍創意業務。很高興看到，年增近 20%，利潤率也不錯。只是好奇它的可持續性如何？就消費者而言，與週邊設備相關的最新更新是否來自某種高層？我的意思是，您是否仍然認為未來幾季還有更多的空白空間可以推高平均售價？

Well, yes, so actually this is a very interesting question. And I'll take in a few different parts. Firstly, the overall peripheral business is twice the size of what it was pre-COVID. So if you look at headsets, which is kind of the bellwether of the gaming market, it's the first thing gamers usually buy.

嗯，是的，所以實際上這是一個非常有趣的問題。我將討論幾個不同的部分。首先，整體週邊業務規模是疫情前的兩倍。因此，如果你看看耳機，它是遊戲市場的領頭羊，它是遊戲玩家通常首先購買的東西。

The number of headsets that were sold in the COVID period tripled from pre-COVID, so 2019 to 2020, and at this point it's still 2x. So there's a healthy market that's growing there in terms of the number of people that are getting into gaming and buying gear.

從 2019 年到 2020 年，新冠疫情期間銷售的耳機數量比新冠疫情之前增加了兩倍，目前仍是原來的 2 倍。因此，從參與遊戲和購買裝備的人數來看，那裡的市場正在健康成長。

Now this year compared to last year, the market has been relatively flat, but what we've seen in general is that there is -- the markets bifurcating a little bit. So there's a fair number of very low-end peripherals at low ASPs, which we really don't participate in. The ASPs from the major suppliers, you know who those are, those ASPs are typically going up.

與去年相比，今年的市場相對平穩，但我們總體上看到，市場存在一些分歧。因此，有相當多的低端外圍設備的平均售價較低，我們確實不參與其中。主要供應商的平均售價（ASP），你知道他們是誰，這些平均售價通常都會上升。

And so, I think this is something I talked a lot about when we did the IPO, that I thought there was a lot of expansion possible as people who have been gaming for a while are happy to pay more for products with extra features. And that's the same we’ve seen in any enthusiast type products, whether it would be skiing or golf, and people as they get older, buy more expensive gear with that features.

因此，我認為這是我在首次公開募股時多次談論的事情，我認為有很大的擴展可能，因為已經玩了一段時間遊戲的人很樂意為具有額外功能的產品支付更多費用。這與我們在任何愛好者類型產品中看到的情況相同，無論是滑雪還是高爾夫，隨著年齡的增長，人們會購買具有這些功能的更昂貴的裝備。

Okay, great. I will go back to the queue.

好的，太好了。我會回到隊列中。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks, and good afternoon. Andy, the comment in the release about the gamer peripheral segment perhaps becoming larger than components over time, I mean, that's an intriguing comment. I guess maybe if you could walk us through that dynamic in terms of maybe what you see is normalized growth rates in both sides of the business and maybe how that's informing your product development as you think about the next few years. Then I have a follow-up.

謝謝，下午好。安迪，新聞稿中有關遊戲外設部分的評論可能會隨著時間的推移而變得比組件更大，我的意思是，這是一個有趣的評論。我想也許您可以向我們介紹一下這種動態，也許您看到的是業務雙方的正常成長率，也許您在考慮未來幾年時這將如何影響您的產品開發。然後我有一個後續行動。

Yeah. Well, look, first thing, this has always been our plan. And just from the pure math's of it, we have very, very high market share. Well, let me start at the growth numbers. So we've seen historically -- because we've been doing this for a long time, right, we've seen historically 5% to 10% market growth on the gaming PC market. In other words, those people building $2,000, $3,000 gaming PCs. But we've seen 15% market growth on peripherals. And this is over the sort of 10-year period.

是的。嗯，看，首先，這一直是我們的計劃。僅從純粹的數學角度來看，我們擁有非常非常高的市場份額。好吧，讓我從成長數字開始。所以我們從歷史上看——因為我們已經這樣做很長時間了，對吧，我們歷史上看到遊戲 PC 市場有 5% 到 10% 的市場成長。換句話說，這些人生產 2,000 美元、3,000 美元的遊戲電腦。但我們看到外圍設備市場成長了 15%。這已經持續了大約 10 年的時間。

Now that's obviously been shaken up a little bit by this explosion in COVID and now we're on the back side of it still. But so that just gives you a sense of the market dynamic. And so, we're still seeing generational shifts of people doing more and more gaming. In other words, Gen Z are gaming more than millennials. Millennials are gaming more than Gen X and this sort of thing. So there's more and more people gaming. And the entry point is always a headset or a gaming keyboard.

現在，這種情況顯然因新冠疫情的爆發而受到了一點動搖，而現在我們仍然處於困境之中。但這只是讓您了解市場動態。因此，我們仍然看到人們玩越來越多遊戲的世代轉變。換句話說，Z 世代比千禧世代玩遊戲更多。千禧世代比 X 世代玩遊戲更多。所以玩遊戲的人越來越多。入口點始終是耳機或遊戲鍵盤。

In terms of white space for us, we have a very, very low market share in peripherals and we have very high market share in components. So what that means is that we would expect -- as things move forward, we obviously try and get more and more market share, but realistically we will grow at or slightly above the growth rate of components because we already have an extraordinary market share.

就我們的空白而言，我們在外圍設備方面的市場份額非常非常低，但在組件方面我們的市場份額非常高。因此，這意味著我們預計，隨著事情的發展，我們顯然會嘗試獲得越來越多的市場份額，但實際上，我們的成長速度將達到或略高於零件的成長率，因為我們已經擁有非凡的市場佔有率。

With peripherals, we have so much space to grow that it wouldn't be out of the question for us to double that size of our business in a few years. And on top of that, this is where we're doing all the acquisitions. So we're looking around at all the small companies that are in the peripheral space or the enthusiast space. And in general, there's a lot of sub-hundred-million-dollar companies that we can absorb and run much more efficiently than they can on their own. So that's kind of the game plan.

有了外圍設備，我們就有很大的發展空間，幾年內將業務規模擴大一倍並不是不可能的。最重要的是，這就是我們進行所有收購的地方。因此，我們正在尋找外圍領域或愛好者領域的所有小公司。總的來說，我們可以吸收許多價值低於一億美元的公司，並且比它們自己更有效地經營它們。這就是遊戲計劃。

So a combination of organic growth and acquisitions, I think, we'll grow that. We're already at this point. This year, we already expect that we'll make more gross from our peripheral segment than our component segment.

因此，我認為，有機成長和收購相結合，我們將實現成長。我們已經到了這一步了。今年，我們已經預期我們的周邊設備部門的毛利率將高於組件部門的毛利率。

And so that's where we are putting most of the resources in. It obviously takes a lot more R&D and marketing to be successful in the peripheral space where the products are much more complicated. There's a lot of microcontrollers we have. So that just gives you a sense of where we're allocating both acquisition dollars and OpEx dollars to grow that segment.

這就是我們投入大部分資源的地方。顯然，要在產品複雜得多的外圍領域取得成功，需要進行更多的研發和行銷。我們有很多微控制器。因此，這只是讓您了解我們將收購資金和營運支出分配到哪裡來發展該細分市場。

Okay, thanks, Andy. And then, Michael, I guess in terms of understanding the pathway back to growth, maybe the shape of Q3 versus Q4, I guess, looking into Q4, what are the indications you're seeing around demand, your ability to meet that demand and then perhaps the role that promotions will play in driving retail sell-through this year from what you're able to gather at this point. Thanks.

好的，謝謝，安迪。然後，邁克爾，我想在理解恢復增長的途徑方面，也許是第三季度與第四季度的形狀，我想，看看第四季度，您在需求方面看到的跡像是什麼，您滿足需求的能力以及那麼根據您目前收集到的信息，促銷活動可能會在推動今年零售銷售方面發揮作用。謝謝。

So we continue to expect to have the normal seasonal effect with the second half bigger than the first half and around the same sort of numbers we've talked about in the past. I mean roughly you could say 55 back half, 45 first half approximately. Usually Q3 accelerates off of Q2 and then Q4 is even bigger. So that tends to be the pattern that we see. We don't expect anything particularly different this year.

因此，我們仍然預計會出現正常的季節性影響，下半年的影響將大於上半年，並且與我們過去討論過的數字大致相同。我的意思是，大約可以說後半場 55 個，上半場 45 個左右。通常，Q3 會比 Q2 加速，然後 Q4 會更大。這往往就是我們看到的模式。我們預計今年不會有任何特別不同的情況。

In terms of supporting growth, I mean, in my comments, we certainly have inventory ready now. So it's not a shortage that we have there. New products we know to get to the market in sufficient amounts to support demand as well. So I don't think it will be an issue for us to support demand for the second half of the year.

在支援成長方面，我的意思是，在我的評論中，我們現在當然已經準備好了庫存。所以我們那裡並不短缺。我們知道新產品進入市場的數量也足以滿足需求。因此，我認為支持下半年的需求對我們來說不會成為問題。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Drew Crum, Stifel.

（操作員說明）Drew Crum、Stifel。

Okay, thanks. Hey, guys. Good afternoon. So on the peripheral segment, Michael, anything to the step down in gross margin in 2Q versus 1Q, and is the 40% you achieved in 1Q too optimistic for '24? And on the Sim Racing products that you launched back in early June, any early read, just the receptivity you've seen for that line, and then I have a follow-up.

好的，謝謝。嘿，夥計們。午安.那麼，在外圍設備領域，Michael，對於第二季度毛利率相對於第一季的下降有何影響，您在第一季度實現的 40% 對於 24 年來說是否過於樂觀？關於您在六月初推出的模擬賽車產品，任何早期閱讀，只是您對該系列的接受度，然後我有一個後續行動。

I'll let Andy talk about the Sim Racing products a little bit, but just in terms of margins and things, somewhere around 40% is achievable. Q2, normally we just have lower unit volumes, so there's a little bit less fixed cost absorption, a little bit of mixed difference as well in the second quarter, but it was otherwise relatively similar to the first quarter, which had the 40%.

我會讓 Andy 稍微談談 Sim Racing 產品，但就利潤率等而言，40% 左右是可以實現的。第二季度，通常我們的單位銷售量較低，因此固定成本吸收量較少，第二季度也存在一些混合差異，但在其他方面與第一季相對相似，第一季為 40%。

Promotional activities usually step up during the Christmas selling season in Q4, but we haven't seen anything abnormal. I mean, the indications from the prime data just passed is that people will discount, but they weren't extreme like they were in previous years. So it was more like normal discounting that was going on.

促銷活動通常會在第四季度的聖誕銷售季期間加強，但我們沒有看到任何異常情況。我的意思是，剛剛通過的主要數據表明人們會打折，但不像前幾年那麼極端。所以這更像是正常的折扣。

I'll let Andy talk about the Sim Racing product.

我會讓安迪談談《模擬賽車》產品。

Yeah, and I'd say also, Drew, that we've spent the last couple of years retooling most of the base technologies in our gaming peripherals. So our keyboards today are looking quite different from the keyboards of two or three years ago when the trends were slightly different. And one of the things we really concentrated on was how to get the cost structures right so that we could get back to target levels. So that's the first thing.

是的，我還要說，德魯，過去幾年我們一直在重組遊戲週邊中的大部分基礎技術。因此，我們今天的鍵盤看起來與兩三年前的鍵盤有很大不同，當時的趨勢略有不同。我們真正關注的事情之一是如何使成本結構正確，以便我們能夠回到目標水平。這是第一件事。

Sim Racing the -- as you probably know, we brought out a -- we showed a prototype, essentially a Computex of a chassis. Everyone that saw it loved it. That's not due to go into production later. And I think as you know, we're also in the process of trying to acquire this company Fanatic from Germany. So we're all in on Sim Racing, and I think next year is going to be a big year. But that market is strong growing, all the fundamentals are there.

Sim Racing - 正如你可能知道的，我們推出了 - 我們展示了一個原型，本質上是一個底盤的Computex。每個看到它的人都喜歡它。這不會在稍後投入生產。我想如您所知，我們也在嘗試收購德國的 Fanatic 公司。所以我們全力投入《模擬賽車》，我認為明年將會是重要的一年。但該市場正在強勁成長，所有基本面都已具備。

This is something where -- in an environment where people's budgets are a little bit stretched. it's actually a lot cheaper for people that like racing to do Sim Racing at home and practice on tracks rather than take their car to the track. And that with the Drive to Survive success and F1 success in the US, there's a lot of people now getting into this hobby. So very exciting market.

這是在人們預算有點緊張的環境中發生的事情。對於喜歡賽車的人來說，在家玩模擬賽車並在賽道上練習實際上比開車去賽道便宜得多。隨著「Drive to Survive」活動和 F1 在美國的成功，現在有許多人開始從事這項嗜好。非常令人興奮的市場。

Got it. Okay. And then on the components business, you discussed the new GPU is launching late in calendar '24 or early calendar '25. What is factored into your guidance for '24 at this point? And does the timing have any bearing on 4Q, or does it not matter? Is the sale of your products coincident with the launch of the GPUs, or is there a lag effect? Thanks.

知道了。好的。然後在組件業務方面，您討論了新的 GPU 將於 24 年晚些時候或 25 年初推出。目前您對 '24 的指導考慮了什麼因素？這個時間安排對第四季有影響嗎？您的產品銷售與 GPU 的發布是否同步，或者是否有滯後效應？謝謝。

YeAH, it's a complicated question. What tends to happen, what I've seen in the past is that as soon as the specs are out and people understand what the feature looks like, then people make buying decisions. And there's actually a lot of people who wait until they see the specs of the new cards and then perhaps go back and buy the previous generation because it's a much better deal.

是的，這是一個複雜的問題。我過去所看到的情況是，一旦規格發布並且人們了解了該功能的外觀，人們就會做出購買決定。實際上有很多人會等到看到新卡的規格，然後可能會回去購買上一代，因為這是一個更好的交易。

So there's a little bit of that. You get most hesitation in the market before any of the specs come out. And this is the situation we're in now where everyone's got the idea that -- I mean, just because the technology that's used in AI chips is going to move on to GPUs, everyone's pretty anticipating great things from the new cards. But that tends to drive it.

所以有一點這樣的。在任何規格發布之前，您在市場上最猶豫不決。這就是我們現在所處的情況，每個人都認為——我的意思是，僅僅因為人工智慧晶片中使用的技術將轉移到 GPU，每個人都非常期待新卡帶來的偉大成果。但這往往會推動它。

Now, there are a lot of people, and we saw this during COVID, the first thing people tend to do is they buy a case to start the build. And some of these builds -- some people spend a weekend doing it, other people spend three months. And the last thing you tend to put in is a graphics card.

現在，有很多人，我們在新冠疫情期間看到了這一點，人們往往做的第一件事就是購買一個箱子來開始建造。其中一些構建 - 有些人花了一個週末來做，其他人花了三個月。您最不想放入的東西是顯示卡。

So yeah, we would see -- we would expect to see people sort of as we get towards Q4, once the specs come out and once people decide, okay, now it's time for me to build a new machine, there's a good chance that we can start selling cases and some of the other products before then.

所以，是的，我們會看到 - 我們希望在第四季度到來時看到人們，一旦規格出來，一旦人們決定，好吧，現在是我建造一台新機器的時候了，很有可能在此之前我們可以開始銷售箱子和一些其他產品。

Okay, thanks guys.

好的，謝謝大家。

(Operator Instructions) Doug Creutz, Cowen.

（操作員說明）Doug Creutz，Cowen。

Hey, thank you. Just looking at your components and systems, margins, I think they were the lowest they've been in about five years. Could you talk about -- elaborate on that maybe and talk about what kind of margin recovery you are baking in for the rest of the year? Thank you.

嘿，謝謝你。只要看看你們的組件和系統、利潤率，我認為它們是大約五年來的最低水準。您能否詳細說明一下這一點，並談談今年剩餘時間您將實現什麼樣的利潤率恢復？謝謝。

Well, I think there's two things. I mean Michael mentioned this earlier. There is certain amount of fixed overhead that we have that applies to margins with a much lower revenue base, that does move them down. But yes, we are having to retool some of these products, especially in power supplies and in some issues cases, to meet the current trends and demands. So there's a little bit of inventory clear out of old products in Q2. So yes, I would say, I would not expect the margins that we were seeing in Q2 to be repeated in three and four. I would think we'd do much better.

嗯，我認為有兩件事。我的意思是邁克爾之前提到過這一點。我們有一定數量的固定管理費用，適用於收入基礎低得多的利潤，這確實會導致利潤下降。但是，是的，我們必須重新調整其中一些產品，特別是在電源和某些問題情況下，以滿足當前的趨勢和需求。因此，第二季舊產品的庫存有所清理。所以，是的，我想說，我不希望我們在第二季看到的利潤率會在第三季和第四季重複。我想我們會做得更好。

There's also a little bit of a shift to lower ASP products for us. So we make lower margin percent on the lower ASP products in general and higher margin percent on the higher ASP products. So as we move closer to the end of the year and the newer graphics cards start driving more of the buying pattern, the ASPs should move up again and that should help margins as well.

我們也有一點轉向較低平均售價的產品。因此，我們通常會對 ASP 較低的產品製定較低的利潤率，而對 ASP 較高的產品製定較高的利潤率。因此，隨著年底的臨近，較新的顯示卡開始推動更多的購買模式，平均售價應該會再次上升，這也將有助於提高利潤率。

Okay. Thank you.

好的。謝謝。

Aaron Lee, Macquarie.

亞倫李，麥格理。

Hey guys, good afternoon. Thanks for taking my question. Maybe a quick one on the competitive environment. Can you just comment on what that looks like currently? Have you seen any competitors behave irrationally just given the softer than expected marketing conditions in the first half?

嘿夥計們，下午好。感謝您提出我的問題。也許可以快速了解一下競爭環境。您能評論一下目前的情況嗎？您是否看到任何競爭對手因為上半年的行銷狀況比預期疲軟而表現得不合理？

Well the major competitors, no, in general. I mean obviously there's always somebody that discounts heavily, but we just went through Prime Day and we didn't see anything insane. I will say that on a general basis, there's a lot of new brands showing up from the factories in China where China is definitely a weaker market than it was. Higher unemployment, economic situation is a little bit worse there.

嗯，主要競爭對手，不，一般來說。我的意思是，顯然總是有人會大幅打折，但我們剛剛經歷了 Prime Day，並沒有看到任何瘋狂的東西。我想說的是，總的來說，中國的工廠出現了許多新品牌，中國的市場肯定比以前更弱。那裡的失業率較高，經濟狀況稍差一些。

So there's sort of empty factories that need to be filled up. And we do see quite a lot of new brands showing up, especially on Amazon Marketplace at fairly reduced prices. So that's the main thing I'd say.

因此，有一些空置的工廠需要填補。我們確實看到許多新品牌出現，特別是在亞馬遜市場上以相當低的價格出現。這就是我要說的主要內容。

But this is where I was sort of talking earlier a little bit about ASPs of headsets. We are seeing that the market is somewhat bifurcated. So, there's a big chunk of very, very low-cost peripherals out there now. And then, in general, the major manufacturers, ourselves, Logitech, Razor, et cetera are managing to raise ASPs and do pretty well.

但這就是我之前談論耳機 ASP 的地方。我們看到市場有些兩極化。所以，現在有大量非常非常低成本的周邊設備。然後，總的來說，主要製造商、我們自己、羅技、Razor 等都在設法提高平均售價，並且做得相當不錯。

Got you. That's helpful. Thank you. And then, quick follow-up, you recently announced a partnership with TD SYNNEX, which I imagine is geared towards peripherals, maybe something like your Elgato products. So correct me if I'm wrong there, but can you just talk about that partnership and what it can mean for your business?

明白你了。這很有幫助。謝謝。然後，快速跟進，您最近宣布與 TD SYNNEX 建立合作夥伴關係，我認為該合作夥伴關係是針對週邊設備的，也許類似於您的 Elgato 產品。如果我錯了，請糾正我，但是您能談談這種合作關係以及它對您的業務意味著什麼嗎？

Yes, it's really around our B2B group. So we've got a small B2B group where we're seeing demand from broadcasters and universities and this sort of thing. Yeah, the most promising product lines that we are selling -- actually the most things we sell out of that group are systems, complete PC systems, and Elgato gear.

是的，它確實是圍繞著我們的 B2B 團隊進行的。所以我們有一個小型的 B2B 團隊，我們看到了來自廣播公司和大學等的需求。是的，我們銷售的最有前途的產品線 - 實際上我們在該產品組中銷售最多的產品是系統、完整的 PC 系統和 Elgato 設備。

Got you. Okay. Thank you very much.

明白你了。好的。非常感謝。

And adding TD SYNNEX, but we added CDW last year and so this is just putting together the whole channel, so that business can grow.

並添加了 TD SYNNEX，但我們去年添加了 CDW，因此這只是將整個管道整合在一起，以便業務能夠成長。

Understood. Thanks for the color.

明白了。謝謝你的顏色。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Well, thank you everyone for joining us 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.

好的，感謝大家今天加入我們的電話會議並感謝大家的持續支持。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。

Thank you everyone for joining us on the call today and for your continued support. If you have any follow-up questions please contact our Investor Relations Department. We look forward to updating you next quarter. Thank you and have a good evening.

感謝大家今天加入我們的電話會議並感謝大家的持續支持。如果您有任何後續問題，請聯絡我們的投資者關係部門。我們期待下個季度為您提供最新資訊。謝謝您，祝您晚上愉快。