美商海盜船 (CRSR) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Corsair Gaming third quarter, 2024 earnings conference call. As a reminder, today's call is being recorded and your participation implies consent to such recording at this time. All participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press pound zero on your telephone keypad. 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.

下午好，歡迎參加 Corsair Gaming 2024 年第三季財報電話會議。謹此提醒，今天的通話正在錄音，您的參與意味著此時同意此類錄音。所有參與者均處於僅監聽模式。正式演講後將舉行簡短的問答環節。如果有人在會議期間需要接線員協助，請按電話鍵盤上的井號零。就這樣。我現在想將電話轉給 Ronald Van Veen Corsair 財務和投資者關係副總裁。謝謝您，先生。請開始。

Thank you.

謝謝。

Good afternoon, everyone and thank you for joining us for Corsair's financial results conference call for the third quarter ended September 30th 2024 on the call today, we have course CEO Andy Paul and CFO Michael Potter.

大家下午好，感謝大家參加Corsair 截至2024 年9 月30 日的第三季度財務業績電話會議，今天的電話會議由首席執行官安迪·保羅(Andy Paul) 和首席財務官邁克爾·波特(Michael Potter) 主持。

And we'll review highlights from the quarter. Michael will then review the financials and our outlook. We'll then have time for any questions 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.

我們將回顧本季的亮點。然後邁克爾將回顧財務狀況和我們的前景。然後在開始之前我們將有時間回答任何問題。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）可能包含與本公司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.

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。

The risks and uncertainties that forward-looking statements are subject to are described in our earnings release. And other sec filings note that until our 10-Q has been filed, these numbers are preliminary.

我們的收益報告中描述了前瞻性陳述所面臨的風險和不確定性。其他提交給美國證券交易委員會的文件指出，在我們提交 10-Q 之前，這些數字都是初步的。

Today's remarks will also include references to non-GAAP financial measures. Additional information including reconciliation between non-GAAP financial information to 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。其他訊息，包括非 GAAP 財務資訊與 GAAP 之間的調整。財務資訊在我們今天收市後發布的新聞稿中提供。這樣，我現在會把電話轉給安迪。

Thanks, Ron. In starting this earnings call. I'd like to say that I've really been so excited for Corsair's future as I am right now.

謝謝，羅恩。在開始這次財報電話會議時。我想說，我和現在一樣對 Corsair 的未來感到非常興奮。

Our business depends on four fundamental premises. First, the desire and ability of consumers, mostly gamers and creators to build high performance gaming pcs and by peripherals in order to play the latest games or optimize their studio set up.

我們的業務取決於四個基本前提。首先，消費者（主要是遊戲玩家和創作者）建立高效能遊戲電腦和周邊設備的願望和能力，以便玩最新的遊戲或優化他們的工作室設定。

Second, our ability to continuously bring compelling products to the market.

其次，我們有能力不斷地將引人注目的產品推向市場。

Third, our industry partnerships with other parts of the gaming ecosystem, both from hardware manufacturers and game publishers. And lastly our ability to have partnerships with retail channels who for most of our brands are where we sell our products with those things in mind. Let's get into some of the details and then you'll see why I'm so excited.

第三，我們與遊戲生態系統其他部分的產業合作夥伴關係，包括硬體製造商和遊戲發行商。最後，我們與零售通路建立合作關係的能力，對於我們的大多數品牌來說，我們都是在零售通路銷售我們的產品，並牢記這些事情。讓我們了解一些細節，然後您就會明白為什麼我如此興奮。

Let's start with the ecosystem. I think we all know that for any sport or pastime, the base platform is very important. Lots of snow brings out skiers, sunshine brings out golfers, mountain bikers and runners and great games engage gamers for the last two years. Consumers have not seen many Blockbuster games launching. But the recent call of Duty Black Ops Six launch in October was an overwhelming hit.

讓我們從生態系統開始。我想我們都知道，對於任何運動或消遣來說，基礎平台都非常重要。過去兩年，大量的雪吸引了滑雪者，陽光吸引了高爾夫球手、山地自行車手和跑步者，精彩的遊戲吸引了遊戲玩家。消費者還沒看到很多百視達遊戲推出。但最近 10 月發布的《決勝時刻：黑色行動 6》獲得了壓倒性的成功。

Roughly two-thirds of our business relies on people building high end gaming PCs. In order to play the latest games at high frame rates to build such a gaming PC. You need a high-performance CPU from Intel or a MD&A, high performance GPU from NVIDIA or AMD, those in the form of graphics cards from their board partners.

我們大約三分之二的業務依賴製造高階遊戲電腦的人員。為了以高幀率玩最新的遊戲來打造這樣的遊戲PC。您需要 Intel 的高效能 CPU 或 MD&A、NVIDIA 或 AMD 的高效能 GPU，以及其主機板合作夥伴的顯示卡。

The GPU is generally of most importance to gamers and normally the graphics cards containing these processors are refreshed every two years this year. However, that cycle extended to 2.5 years. Latest industry speculation is that NVIDIA will launch new cards in early Q1 2025 perhaps as early as January.

GPU 通常對遊戲玩家來說是最重要的，通常包含這些處理器的顯示卡今年每兩年更新一次。然而，這個週期延長到了2.5年。業界最新猜測是 NVIDIA 最快可能在 1 月在 2025 年第一季初推出新卡。

This GPU launch which the industry expects will use the same Blackwell technology as NVIDIA's AI cards has been eagerly awaited by the gaming enthusiast community. The expectation is that these cards probably called 50 series will be able to hit high frame rate gaming at four K and possibly eight K with ray tracing enabled, supported by AI framing generation for smoother gameplay.

此次業界預計將採用與 NVIDIA AI 卡相同的 Blackwell 技術的 GPU 發布，受到了遊戲愛好者群體的熱切期待。預計這些可能被稱為 50 系列的卡將能夠在啟用光線追蹤的情況下以 4 K 甚至 8 K 的速度進行高幀率遊戲，並由 AI 幀生成支持，以實現更流暢的遊戲體驗。

I want to stress here that this is industry speculation. NVIDIA has not released any launch plans yet. And all partners including ourselves are under strict NDA with that said we will be showcasing at CES in January, a wide portfolio of corsair components that will be ready to power call and house these new GPUs.

這裡我想強調的是，這只是產業猜測。NVIDIA 尚未發布任何發布計劃。包括我們自己在內的所有合作夥伴都遵守嚴格的保密協議，我們將在 1 月份的 CES 上展示廣泛的 Corsair 組件產品組合，這些組件將準備好為呼叫提供動力並容納這些新 GPU。

You can imagine that with the industry initially expecting this launch to be in second half of 24 and now expecting it in Q125 gamers looking to build a very high-end system have been holding off building anything for most of this year.

您可以想像，業界最初預計該發布將在 24 月下半年進行，現在預計將在 2012 年第 125 季發布，希望構建非常高端系統的遊戲玩家在今年的大部分時間裡一直在推遲構建任何東西。

So, while the unit numbers of components sold for self-built PCs are down perhaps 5% to 15% between the different geographies. A large part of the high-end market has been absent. And for us, that's resulted in a market that is mostly lower end components where we tend to have lower ASPs and lower margins.

因此，儘管不同地區之間自製 PC 銷售的組件數量可能下降了 5% 到 15%。很大一部分高端市場已經缺席。對我們來說，這導致市場主要是低端組件，我們的平均售價和利潤率往往較低。

We therefore expect a surge of high-end gamers to be jumping back into the market in early 2025.

因此，我們預計高端遊戲玩家將在 2025 年初重新湧入市場。

What does that mean for corsair? The expectation would be for the PC gaming components part of our business to show growth in units ASP and margins. And while we have high market share in these categories already, we would expect our new product launches to increase share. Further switching our attention to peripheral sales which have a slightly different dynamic and price point i.e. $50 to $200 ASP products rather than $2,000 to $3,000 for gaming PCs.

這對海盜船意味著什麼？預計我們業務的電腦遊戲組件的平均售價和利潤率將出現成長。雖然我們在這些類別中已經擁有很高的市場份額，但我們預期新產品的推出會增加份額。進一步將我們的注意力轉移到外圍設備銷售上，週邊設備銷售的動態和價格點略有不同，即 ASP 產品為 50 至 200 美元，而不是遊戲 PC 的 2,000 至 3,000 美元。

We've done very well this year in terms of growth. In fact, year-to-date, we have shown 17% growth which is well in excess of the data we see for recent time growth.

今年我們在成長方面做得非常好。事實上，今年迄今為止，我們已經實現了 17% 的成長，遠遠超過了我們近期看到的成長數據。

But let's look quickly at the longer-term market dynamics.

但讓我們快速看看長期市場動態。

The gaming peripheral market has shown good long-term growth over the last five years.

遊戲週邊市場在過去五年中表現出良好的長期成長。

In fact, if we use the America's PC gaming headset market as a bellwether, third party data indicates that there are roughly 80% more headsets sold in 2024 compared to pre-pandemic years.

事實上，如果我們以美國 PC 遊戲耳機市場為風向標，第三方數據顯示，與疫情大流行前相比，2024 年耳機銷量約增加 80%。

And simple math would suggest that means there are roughly 80% more active PC game players in the market.

簡單的數學計算表明，這意味著市場上大約有 80% 的活躍 PC 遊戲玩家。

Now, as we all know, a huge number of new gamers entered the market during COVID lockdowns and some will have abandoned gaming after a return to work, but there are still 80% more headsets being sold. And for the first time since the COVID lockdown, we are now seeing the gaming peripheral market are starting to turn from negative year on year numbers to positive growth.

現在，眾所周知，大量新遊戲玩家在新冠疫情封鎖期間進入市場，有些人在重返工作崗位後會放棄遊戲，但耳機銷量仍增加了 80%。自從新冠疫情封鎖以來，我們第一次看到遊戲週邊市場開始從年比負成長轉為正成長。

So, our expectation here is for our peripherals and create a segment to continue to grow. Well in the next few years, in terms of consumer spending, which is probably more of a concern for $2000 gaming PCs rather than $100 peripherals. We saw some very encouraging recent data where Amazon reported record prime day sales overall. And we witnessed stronger hardware gaming sales during Amazon prime period this year. Compared to the previous years, the retailers in general also appear to be encouraged by this data. And so, we saw very good bookings activity in October as our channels start to lean in on inventory, both for the holiday period and also for the expected NVIDIA GPU launch.

因此，我們的期望是為我們的周邊設備創造一個繼續成長的細分市場。未來幾年，就消費者支出而言，人們更關心的可能是 2000 美元的遊戲 PC，而不是 100 美元的周邊。我們看到了一些非常令人鼓舞的近期數據，亞馬遜公佈了創紀錄的黃金日整體銷售額。我們在今年的亞馬遜黃金時段見證了更強勁的硬體遊戲銷售。與往年相比，零售商普遍也受到這項數據的鼓舞。因此，我們在 10 月看到了非常好的預訂活動，因為我們的管道開始依靠庫存，無論是在假期期間還是在預期的 NVIDIA GPU 發布期間。

In summary, we feel better about consumer spending activity now than we felt for a while.

總而言之，我們現在對消費者支出活動的感覺比過去一段時間更好。

Let's move on to products. We've launched some very exciting products. Recently, our flagship headset, the virtuoso max with the price points of $329 is off to a great start and has encouraging reviews.

讓我們繼續討論產品。我們推出了一些非常令人興奮的產品。最近，我們的旗艦耳機 Virtuoso Max 的售價為 329 美元，開局良好，好評如潮。

We launched several small form factor keyboards, some with hall effect switches that can offer desirable features such as rapid trigger and flash tap.

我們推出了幾款小型鍵盤，其中一些帶有霍爾效應開關，可以提供快速觸發和閃光點擊等理想的功能。

We launched our Corsair custom lab where consumers can customize their desktop with peripherals offered in multiple patterns and genres.

我們推出了 Corsair 客製化實驗室，消費者可以使用多種模式和類型的周邊設備客製化他們的桌面。

At Elgato, we also introduced our stream deck studio that is powered by bit focus software, a hyper customizable control service for pro broadcast systems.

在 Elgato，我們還推出了由 Bit Focus 軟體提供支援的 Stream Deck 工作室，這是一種針對專業廣播系統的高度可自訂的控制服務。

This solution will simplify complex workflows and will enable GTO to enter a completely new part of the market.

該解決方案將簡化複雜的工作流程，並使 GTO 進入一個全新的市場領域。

And we did not stop there in September, we completed the acquisition of Fanatec, who is generally recognized as the leading brand, high end components which are used in racing simulators.

9月份我們並沒有就此止步，我們完成了對Fanatec的收購，Fanatec被公認為是賽車模擬器中使用的高端組件的領先品牌。

More on that later, moving on to partnerships both from an industry and retail standpoint. We have several very significant things to report.

稍後會從行業和零售的角度進一步討論合作夥伴關係。我們有幾件非常重要的事情要報告。

First, we are very proud to be selected as the exclusive launch partner for the Activision Call of Duty Black Ops Six title.

首先，我們非常榮幸被選為動視《決勝時刻：黑色行動六》的獨家發行合作夥伴。

This is a multiyear multiproduct Call of Duty partnership which will involve a strong collaboration on marketing activations and branded products for the Black Ops Six launch. We showcased Call of Duty, the products from many of our product lines which are now available on our websites.

這是一項為期多年的多產品《決勝時刻》合作夥伴關係，將涉及在《黑色行動六號》發布的行銷活動和品牌產品方面的強大合作。我們展示了《決勝時刻》，這是我們許多產品線的產品，這些產品現在可以在我們的網站上找到。

According to Microsoft, last week's launch of Black Ops Six was the biggest Call of Duty release ever. Setting a record for day one players as well as game pass subscribers adds on launch day and unit sales on PlayStationSteam were also up 60% year over year.

據微軟稱，上週發布的《黑色行動六》是《決勝時刻》有史以來最大規模的發布。發售當天，PlayStationSteam 上的第一天玩家數量和遊戲通行證訂戶數量均創下紀錄，銷量也較去年同期成長 60%。

Lastly, we are also very pleased to report that we will have products in Apple Stores for the holidays. You will see more on this when the launch occurs.

最後，我們也非常高興地報告，我們將在 Apple Store 零售店推出節日產品。發佈時您將看到更多相關資訊。

We continue to perform well at our biggest retailers which in the US are best buy on Amazon and we continue to make progress with retail expansion on a worldwide basis.

我們在最大的零售商（美國亞馬遜上的百思買）中繼續表現良好，並且我們在全球零售擴張方面繼續取得進展。

Let me now give you some more details on our recent Fanatec acquisition.

現在讓我向您介紹我們最近收購 Fanatec 的更多細節。

This is a company that has been a leading provider of high-end Sim Racing components for many years. In fact, the company is roughly 30 years old, same age as corsair, like many companies in our industry, the surge from COVID lockdown and resulting dip after, resulted in excess inventory for most of them. But for Fanatec, it really stretched their financials. And unfortunately, at the same time, they decided to build a new very expensive headquarters.

這是一家多年來一直是高端模擬賽車零件領先供應商的公司。事實上，該公司大約有 30 年的歷史，與海盜船一樣，就像我們行業中的許多公司一樣，由於新冠疫情封鎖而導致的激增和隨後的下跌，導致大多數公司庫存過剩。但對 Fanatec 來說，這確實讓他們的財務狀況捉襟見肘。不幸的是，同時，他們決定建造一個非常昂貴的新總部。

All of this led to excessive losses, excessive debt. And finally, the banks took over and we ended up buying the company out of insolvency to give you some perspective on size. The SIM Racing market is roughly $1 billion and growing fast. According to industry data and fans revenue in 2023 was in excess of EUR 100 million, almost all of it coming from their direct consumer website with the SIM community uncertain that fans business health while going through insolvency, maintaining revenue became challenging.

所有這些都導致​​了過度的損失、過度的債務。最後，銀行接管了我們，最終我們買下了這家破產的公司，讓你對規模有一些了解。SIM Racing 市場規模約 10 億美元，且成長迅速。根據行業數據，2023 年粉絲收入超過 1 億歐元，幾乎全部來自其直接消費者網站，SIM 社群不確定粉絲業務的健康狀況，同時面臨破產，維持收入變得充滿挑戰。

However, since the acquisition, we've been working quickly with the team there to put the course of business processes and systems in place so that we can stimulate and manage further growth and deliver great customer support.

然而，自收購以來，我們一直與那裡的團隊快速合作，將業務流程和系統落實到位，以便我們能夠刺激和管理進一步的成長並提供出色的客戶支援。

We anticipate that the integration process will take us roughly two quarters.

我們預計整合過程將花費大約兩個季度的時間。

The team at Fank is now very encouraged, they have a great team of product experts to bring world class simulating products to market. And now with course air backing, we are confident that this team will shine.

Fank 的團隊現在非常受鼓舞，他們擁有一支優秀的產品專家團隊，可以將世界一流的模擬產品推向市場。現在有了當然空氣的支持，我們相信這支球隊將會大放異彩。

We expect to add roughly $20 million of Fanatec revenue to our Q4 2024 numbers.

我們預計 Fanatec 的營收將在 2024 年第四季的數據中增加約 2,000 萬美元。

And while it's too early to talk about 2025 numbers, we do expect to get them back to a growth path and back to a very profitable business.

雖然現在談論 2025 年的數字還為時過早，但我們確實希望讓他們回到成長道路並回到非常有利可圖的業務。

We expect to be able to grow Fanatec in several ways. First, channel expansion won't make sense. We do have many interested partners at the moment.

我們期望能夠透過多種方式發展 Fanatec。首先，通路擴張沒有意義。目前我們確實有很多有興趣的合作夥伴。

Second, we can add to their line up some SIM racing products that corsair independently developed. And last with our other complementary product lines, we can offer complete solutions.

其次，我們可以在他們的產品陣容中加入一些海盜船自主開發的SIM賽車產品。最後，透過我們的其他互補產品線，我們可以提供完整的解決方案。

All SIM racing setups either need AP C or console to power the game and monitor and peripherals to view and control the setup.

所有 SIM 賽車設定都需要 AP C 或控制台來為遊戲提供動力，並需要監視器和周邊設備來查看和控制設定。

We've also seen quite a few professional SIM racing set ups using stream deck as a control panel overall, as I said at the beginning, I am very encouraged about our immediate future based on all these things mentioned and with inflation steadily coming down, we would expect further growth as consumer spending confidence increases this year, our EBITDA will end up at only 3% to 4%. This is not what we expect moving forward. And with the growth expected from our peripherals and components segment and from Fank, we should see EBITDA levels that double that for 2025.

我們也看到不少專業的SIM 賽車設置使用流甲板作為整體控制面板，正如我在一開始所說的，基於所有這些提到的事情以及通貨膨脹的穩步下降，我對我們不久的將來感到非常鼓舞，我們預計，隨著今年消費者支出信心的增強，我們的 EBITDA 將進一步成長，最終將僅為 3% 至 4%。這不是我們所期望的未來。隨著我們的周邊設備和組件部門以及 Fank 的預期成長，我們應該會看到 EBITDA 水準在 2025 年翻倍。

The post COVID lockdown period has not been an easy one for us to forecast and we hope from here on out, the gamer and creator markets will return to consistent growth.

對我們來說，新冠疫情後的封鎖期並不容易預測，我們希望從現在開始，遊戲玩家和創作者市場將恢復持續成長。

Now over to Michael.

現在輪到麥可了。

Thanks Andy and good afternoon, everyone.

謝謝安迪，大家下午好。

This quarter was typical as it started slowly during the traditional vacation months of July and August and then accelerated. In September, our gaming and streaming business continued to grow year over year with strong margins. But we continue to see a shift towards lower end of our components product offerings. As our end customers deferred building higher end systems. These products tend to have lower margins which impacted Q3 results.

本季是典型的，因為它在七月和八月的傳統假期期間開始緩慢，然後加速。9月份，我們的遊戲和串流媒體業務繼續同比增長，利潤率強勁。但我們繼續看到我們的組件產品供應向低端轉變。由於我們的最終客戶推遲了建立更高端的系統。這些產品的利潤率往往較低，這影響了第三季的業績。

We took cost savings actions during the quarter and will continue to be prudent in our spending plans so we can drive improved profitability while investing in areas that would drive our long term growth in terms of the specifics. Q3, 2024 net revenue was $304.2 million compared to $363.2 million in Q3, 2023 for the first nine months of 2024 net revenue was $902.8 million from $1 billion. In the year ago period.

我們在本季度採取了成本節約行動，並將繼續審慎地制定支出計劃，以便我們能夠提高盈利能力，同時投資於能夠推動我們長期增長的具體領域。2024 年第三季的淨收入為3.042 億美元，而2023 年第三季為3.632 億美元；2024 年前9 個月的淨收入為9.028 億美元，而2023 年第三季的淨收入為10 億美元。在一年前的時期。

European markets contributed 38.4% of our Q3, 2024 revenues compared to 33% in Q2 2024. While the APAC region was 10.3% of our Q3, 2024 revenues compared to 10.9% in Q2, 2024. Turning now to our segments, the gamer and creator peripheral segment contributed $102 million of net revenue during the third quarter compared to $90.4 million in Q3, 2023 for the first nine months of 2024 game and creator peripheral segment revenue was $303.2 million compared to $258.1 million for the first nine months of 2023

歐洲市場貢獻了我們 2024 年第三季營收的 38.4%，而 2024 年第二季為 33%。亞太地區占我們 2024 年第三季營收的 10.3%，而 2024 年第二季為 10.9%。現在轉向我們的細分市場，玩家和創作者周邊細分市場在第三季貢獻了1.02 億美元的淨收入，而2023 年第三季為9,040 萬美元，2024 年前9 個月遊戲和創作者周邊細分市場的營收為3.032 億美元，而2023 年第三季為2.581 億美元2023 年前 9 個月

The gaming components and systems segment contributed $202.2 million of net revenue during the third quarter from $272.8 million. In Q3, 2000 three memory products contributed $97 million in Q3, 2024 compared to $131.7 million in Q3, 2023. For the first nine months of 2024 gaming components and systems segment revenue decreased to $599.6 million from $784.5 million in the first nine months of 2023, with revenue from memory products decreasing to $303.6 million from $371.9 million.

遊戲組件和系統部門在第三季貢獻的淨收入為 2.022 億美元，而淨收入為 2.728 億美元。2000 年第三季度，三種記憶體產品在 2024 年第三季貢獻了 9,700 萬美元，而 2023 年第三季貢獻了 1.317 億美元。2024 年前 9 個月，遊戲組件和系統部門收入從 2023 年前 9 個月的 7.845 億美元下降至 5.996 億美元，記憶體產品收入從 3.719 億美元下降至 3.036 億美元。

Overall gross profit in the third quarter was $69.7 million compared to $89.4 million in Q3, 2023, reflecting the lower revenue level and generally lower gross margins in our components and systems. Business gross margin decreased to 22.9% compared to 24.6%. In Q3, 2023 overall gross profit decreased to $219.4 million for the first nine months of 2024 compared to $257.6 million in the first nine months of 2023 gross profit in the game and creator peripheral segment was $39 million compared to $29.9 million in Q3, 2023.

第三季的整體毛利為 6,970 萬美元，而 2023 年第三季為 8,940 萬美元，反映出我們的組件和系統的收入水準較低以及毛利率普遍較低。業務毛利率下降至22.9%，去年同期為24.6%。2023 年第三季度，2024 年前9 個月的整體毛利下降至2.194 億美元，而2023 年前9 個月的毛利為2.576 億美元。美元，而2023 年第三季為2,990 萬美元。

Gross margin was 38.3% compared to 33.1% in Q3, 2023. We continue to be pleased to see the rebound in this business and believe we're on track for further improvements. While higher sales volume continues, the gaming components and systems segment, gross profit was $30.6 million compared to $59.4 million in Q3, 2023 reflecting the lower sales volume, gross margin was 15.1% compared to 21.8% in Q3, 2023. Our memory products gross margins in the segment were 10.7% for the third quarter compared to 16% in Q3, 2023.

毛利率為 38.3%，而 2023 年第三季為 33.1%。我們仍然很高興看到這項業務的反彈，並相信我們正在進一步改進。雖然銷量持續上升，但遊戲組件和系統部門的毛利為3,060 萬美元，而2023 年第三季為5,940 萬美元，反映出銷量下降，毛利率為15.1%，而2023 年第三季為21.8% 。我們第三季的記憶體產品毛利率為 10.7%，而 2023 年第三季為 16%。

Third quarter SG&A expenses were $74.1 million compared to $74 million in Q3, 2023. The 3rd quarter R&D expenses were $16.5 million compared to $16.1 million in Q3, 2023. This reflects our investment in support of our expanded product line and new areas including mobile controllers and Sim Racing.

第三季的銷售、管理及行政費用為 7,410 萬美元，而 2023 年第三季為 7,400 萬美元。第三季的研發費用為 1,650 萬美元，而 2023 年第三季的研發費用為 1,610 萬美元。這反映了我們對支援擴大的產品線和新領域（包括行動控制器和模擬賽車）的投資。

Our cost reduction efforts we started in July 2024 which included a planned reduction of approximately 100 employees is expected to generate between $1 million and $2 million of cost savings per quarter starting in Q4 and extending into next year.

我們於 2024 年 7 月開始了成本削減工作，其中包括計劃削減約 100 名員工，預計從第四季度開始並延續到明年，每季可節省 100 萬至 200 萬美元的成本。

We remain committed to controlling operating expenses while continuing to support growth in our overall business. GAAP operating loss in the third quarter of 2024 was $20.9 million compared to a GAAP operating loss of $0.8 million in Q3, 2023. Third quarter adjusted operating income was $2.4 million compared to adjusted operating income of $19.6 million in Q3, 2023. Adjusted operating income was $14 million for the nine months of 2024 compared to $53.6 million in the first nine months of 2023.

我們仍然致力於控制營運費用，同時繼續支持我們整體業務的成長。2024 年第三季的 GAAP 營運虧損為 2,090 萬美元，而 2023 年第三季的 GAAP 營運虧損為 80 萬美元。第三季調整後營業收入為 240 萬美元，而 2023 年第三季調整後營業收入為 1,960 萬美元。2024 年前 9 個月的調整後營業收入為 1,400 萬美元，而 2023 年前 9 個月的調整後營業收入為 5,360 萬美元。

Third quarter net loss attributable to common shareholders was $58.4 million or $0.56 per diluted share as compared to a net loss of $3.1 million or $0.33 per diluted share in Q3, 2023. This includes the effect of net $32.5 million noncash charge from a valuation allowance on deferred tax assets on an adjusted basis. Third quarter, net loss was $30.3 million or $0.29 per diluted share compared to an adjusted net income of $13.4 million or $0.13 per diluted share in Q3 2023

第三季普通股股東應佔淨虧損 5,840 萬美元，或稀釋後每股 0.56 美元，而 2023 年第三季淨虧損為 310 萬美元，或稀釋後每股 0.33 美元。這包括調整後的遞延稅資產估價備抵產生的 3,250 萬美元非現金淨費用的影響。第三季淨虧損為 3,030 萬美元，即稀釋後每股 0.29 美元，而 2023 年第三季調整後淨利為 1,340 萬美元，即稀釋後每股 0.13 美元

For the first nine months of 2024 adjusted net loss was $27.6 million or $0.27 per diluted share compared to an adjusted net income of $35.1 million or $0.33 per share. In the first nine months of 2023. The 2024 results include the effect of the tax valuation allowance. Finally, third quarter adjusted EBITDA was $4.8 million compared to $23 million for Q3, 2023. For the first nine months of 2024 adjusted EBITDA was $21.6 million compared to $61.3 million in the year ago period.

2024 年頭 9 個月，調整後淨虧損為 2,760 萬美元，即稀釋後每股 0.27 美元，而調整後淨利為 3,510 萬美元，即每股 0.33 美元。2023 年前 9 個月。2024 年的結果包括稅收估價津貼的影響。最後，第三季調整後 EBITDA 為 480 萬美元，而 2023 年第三季為 2,300 萬美元。2024 年前 9 個月，調整後 EBITDA 為 2,160 萬美元，而去年同期為 6,130 萬美元。

Turning now to our balance sheet, we ended Q3 with a cash balance including restricted cash of $61.6 million. We continued to maintain a healthy balance sheet with sufficient cash to fund the development of our expanding product portfolio. We further reduced inventory during the third quarter before the effect of the acquired Fanatec inventory. And we expect to again further reduce inventory in Q4 under our normal cash cycle. We expect these efforts should result in increased cash generation. Starting in Q1 2025.

現在轉向我們的資產負債表，第三季末我們的現金餘額（包括限制性現金）為 6,160 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。在受收購的 Fanatec 庫存影響之前，我們在第三季進一步減少了庫存。我們預計在正常現金週期下，第四季將再次進一步減少庫存。我們預計這些努力將帶來更多的現金產生。從 2025 年第一季開始。

We ended Q3 with $177.8 million of debt at face value. And our $100 million working capital revolver remains undrawn and fully available. Overall, we expect liquidity to remain excellent for the rest of 2024 allowing us to be flexible as opportunities present themselves.

第三季結束時，我們的債務以面額計算為 1.778 億美元。我們的 1 億美元週轉資金仍未動用且完全可用。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。

Corsair updated its financial outlook for the full year 2024. The company continues to expect revenue to improve through 2024 with a further improvement in adjusted EBITDA led by an additional improvement in margin, stabilize shipping costs and continue tight operating expense controls.

Corsair 更新了 2024 年全年財務展望。該公司繼續預計，到 2024 年，收入將有所改善，調整後的 EBITDA 將進一步改善，這主要得益於利潤率的進一步改善、穩定的運輸成本以及繼續嚴格的營運費用控制。

The company reiterated its expectations for revenue for the full year 2024 to be in the range of $1.25 billion to $1.35 billion including approximately $20 million of EBITDA-neutral revenue in Q4 2024 from its recent Fanatec acquisition. Adjusted operating income is now expected to be in the range of $28 million to $43 million compared to $48 million to $63 million previously. Adjusted EBITDA is now expected to be in the range of $40 million to $55 million compared to $60 million to $75 million previously.

該公司重申，預計 2024 年全年營收將在 12.5 億美元至 13.5 億美元之間，其中包括 2024 年第四季最近收購 Fanatec 帶來的約 2,000 萬美元的 EBITDA 中性收入。調整後的營業收入目前預計在 2,800 萬美元至 4,300 萬美元之間，而此前為 4,800 萬美元至 6,300 萬美元。調整後的 EBITDA 目前預計在 4,000 萬美元至 5,500 萬美元之間，而此前為 6,000 萬美元至 7,500 萬美元。

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。操作員。請您撥打電話進行問答好嗎？

We will now begin the question-and-answer session to ask a question. You may press star then one on your touchtone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time, your question has been addressed and you would like to withdraw it, please press star. Then two at this time, we will pause momentarily to assemble our roster.

我們現在將開始問答環節來提出問題。您可以按按鍵式電話上的星號，然後按一個。如果您使用免持電話，請在按鍵之前拿起聽筒。如果您的問題已解決，但您想撤回它，請按星號。那麼此時兩點，我們將暫停一下以集合我們的名單。

The first question comes from George Wang of Barclays. Please go ahead.

第一個問題來自巴克萊銀行的喬治王。請繼續。

Oh, hey guys, thanks for taking my question. I have two quick questions. Just just firstly, can you kind of double-click on, you know, EBITDA margin improvement plan? Just curious, any, you know, particular leverage you guys might be targeting year term in terms of the path of returning to high single digit EBITDA margin, just kind of any sort of measures. You can gain more color on just in terms of profitability going forward.

哦，嘿夥計們，謝謝你回答我的問題。我有兩個簡單的問題。首先，您可以雙擊 EBITDA 利潤率改善計劃嗎？只是好奇，你們知道，你們可能會以年度目標為目標，以恢復高單位數 EBITDA 利潤率，只是任何一種衡量標準。您可以從未來的盈利能力方面獲得更多的見解。

Well, George, there's a couple of things, right? We've got a big year coming up for us with, with game launches and technology launches that will drive sales of drive sales of higher margin, higher ASP products. So that's the first thing the second thing is that we're continuing to grow our peripheral business, and we expect that to continue next year. Now, our peripheral business, as you know, is much higher, 40% gross margin product lines compared to our much lower margin, memory and components.

嗯，喬治，有幾件事，對吧？我們即將迎來重要的一年，遊戲的推出和技術的推出將推動更高利潤、更高平均售價產品的銷售。所以這是第一件事，第二件事是我們正在繼續發展我們的外圍業務，我們預計這種情況明年會繼續下去。現在，如您所知，我們的外圍業務與我們毛利率低得多的記憶體和組件產品線相比，毛利率要高得多，達到 40%。

This has continued to grow over the years. In fact, we are now for this year making more gross margin from our peripherals group than our components of memory. And we actually even with the rebound of the memory components group next year, we expect that to continue. So that is the biggest leverage because that mix will drive our overall margin up.

多年來，這一數字持續成長。事實上，今年我們週邊設備部門的毛利率比記憶體組件的毛利率還要高。實際上，即使明年記憶體組件組將出現反彈，我們預計這種情況將持續下去。所以這是最大的槓桿，因為這種組合將推動我們的整體利潤率上升。

Do you want to make any comments on some costs and things?

您想對一些成本和事情發表評論嗎？

The only other thing is just we've already covered our operating expenses at the lower revenue level this year. So as our revenue goes up and we generate more total gross profit dollars more of that will fall to the bottom line as well.

唯一的另一件事是，我們已經在今年較低的收入水平上支付了營運費用。因此，隨著我們的收入增加，我們產生更多的總毛利，其中更多的收入也將下降到底線。

Okay, great. Just, just a quick follow up. If I can just maybe we, we can take a step back, maybe you can talk about just general consumer demand versus, you know, you know, the three months ago, just just any notable changes? And also, kind of as it relates to GPU refresh kind of early next year, just you know, additional data point, we could be, you know, looking out for kind of in the in the room just, just any kind of high-level thoughts on the industry trends there? Thanks.

好的，太好了。只是，只是快速跟進。如果我可以，也許我們可以退一步，也許你可以只談論一般消費者需求，而不是三個月前的任何顯著變化？而且，有點與明年年初的 GPU 刷新有關，你知道，額外的數據點，我們可能會在房間裡尋找任何一種高-層面對行業趨勢的思考有哪些？謝謝。

Well, I think there's, there's a couple of things to talk about. One's short term, one's long term. So short term you probably heard from Amazon. They, they announced record prime day.

嗯，我認為有幾件事要談。一個人是短期的，一個人是長期的。所以短期內你可能聽過亞馬遜。他們，他們宣布創紀錄的黃金日。

We also had record prime day and I think we were the leader in the gaming space in terms of growth.

我們也創下了黃金日的記錄，我認為我們在成長方面是遊戲領域的領導者。

So what does that mean? We saw leading up to prime day resale data that was slightly under last year, immediately popped above in prime. And we're seeing that continue to go up. Now, I think what that means is that shoppers are there and they want to buy gaming gear, they're a little bit more price conscious and that's what you'd expect in a inflationary environment. But as that eases, I think people are now getting more you know, more able to shop. And I think we also saw as I mentioned in my, my notes that since prime day, the retail channel has been very much more confident. And so we're seeing really good bookings as they get ready for for the holiday season and for Q1. So I think the whole retail channel in general is feeling good about consumer sentiment.

那麼這意味著什麼呢？我們看到黃金時段的轉售數據略低於去年，但立即高於黃金時段。我們看到這一數字繼續上升。現在，我認為這意味著購物者在那裡，他們想要購買遊戲裝備，他們對價格更加敏感，這就是在通貨膨脹環境下所期望的。但隨著這種情況的緩解，我認為人們現在了解得越來越多，購物能力也越來越強。我想我們也看到，正如我在我的筆記中提到的，自黃金日以來，零售通路變得更加自信。因此，我們看到了非常好的預訂，因為他們正在為假期季節和第一季做好準備。因此，我認為整個零售通路總體上對消費者信心感到滿意。

The other thing I'd say at a much more macro level is that we are now for and a half years from lockdown.

我要在更宏觀的層面上說的另一件事是，我們現在距離封鎖還有半年的時間。

And you know, so we're, we're over the historical refresh periods and and I'm pretty sure that we're going to see a lot of refreshes going on where now people have peripherals and graphics cards that are just too old to keep up with current requirements.

你知道，我們已經過了歷史更新期，而且我很確定我們會看到很多更新，現在人們的周邊和顯示卡都太舊了以滿足當前的要求。

Great, great.

太棒了，太棒了。

Thank you.

謝謝。

Our next question comes from Aaron lee from Macquarie. Please go ahead.

我們的下一個問題來自麥格理的 Aaron Lee。請繼續。

Hey, good afternoon. Thanks for taking my question with regard to your updated guidance. Can you unpack for us how much of the change was related to your third quarter performance versus a change in expectations for fourth quarter? And on the latter, what are the major drivers of that change? Just given some of your comments around the solid bookings activity from October? Thank you.

嘿，下午好。感謝您提出有關更新指導的問題。您能否為我們解釋一下，有多少變化與第三季的業績和第四季度的預期變化有關？對於後者，這種變化的主要驅動因素是什麼？您剛剛對 10 月的穩定預訂活動發表了一些評論嗎？謝謝。

And most of it was a Q3 shortfall. We actually saw for Q2 at a pretty slow pace and that continued in July and August. So it really wasn't until September that it started picking up and there wasn't enough to pull the quarter up to the level we had expected so most of it comes from Q3.

其中大部分是第三季的短缺。實際上，我們看到第二季度的成長速度相當緩慢，而且這種情況在七月和八月仍在持續。因此，直到 9 月才開始回升，但不足以將本季拉升至我們預期的水平，因此大部分來自第三季。

There may be a little bit of conservatism in the Q4 numbers because you know, we left the Q3 a little lower than we wanted. So, there is a little bit of effect in Q4, but most of it from the Q3 shortfall, got you. The shortfall was in gross margin percentage in the components and systems. So even with revenue, not too far off of what we were expecting. After a decent September, it was in lower margin and lower cost components and that brought the total margin dollars down.

第四季的數據可能有點保守，因為你知道，我們第三季的數據比我們想要的要低。因此，第四季有一點影響，但大部分來自第三季的缺口。不足之處在於組件和系統的毛利率百分比。因此，即使收入也與我們的預期相去不遠。在經歷了一個不錯的 9 月之後，它的利潤率和組件成本都降低了，這導致總利潤率下降。

Got you. Okay.

明白你了。好的。

And let me just let me add one thought to that. I also think in Q3, we had two pieces of information come in. One was that the NVIDIA launch which everyone was expecting was going to be at the end of the year, suddenly realize that it's probably more likely going to be Q1. And so, so I think that caused the channel to be a bit apprehensive. We also saw generally in the middle of the year, the retailers being a bit wary of inventory.

讓我對此補充一點想法。我還認為在第三季度，我們收到了兩則訊息。其中之一是，每個人都期待 NVIDIA 的發布將在今年年底，突然意識到它更有可能在第一季。所以，我認為這導致頻道有點擔心。我們也普遍看到，在年中，零售商對庫存有些謹慎。

And so that started to flip in Q4, I think people are a lot more confident. So, you know, so that means distributors and retailers buying a little less inventory than planned in Q2 and a little more towards the end of Q3 and Q4. Sorry Q3 to Q4. Yeah.

因此，這種情況在第四季開始發生轉變，我認為人們更加自信了。所以，你知道，這意味著分銷商和零售商在第二季度購買的庫存比計劃少一點，在第三季末和第四季末購買的庫存多一點。抱歉，第三季到第四季。是的。

Does that make sense?

這樣有道理嗎？

Understood. Yeah, that makes sense. Thank you for that. As a quick follow up, I wanted to talk about your stream deck. Can you just update us on the stream deck marketplace and and where the trends there have been like? And you know, what are your expectations around the marketplace becoming a more material revenue stream in 2025? Thank you.

明白了。是的，這是有道理的。謝謝你。作為快速跟進，我想談談您的直播平台。您能給我們介紹一下 Stream Deck 市場的最新情況以及那裡的趨勢嗎？您知道，您對 2025 年市場成為更物質收入來源的期望是什麼？謝謝。

So the marketplace has well over a million accounts now. Growing very fast. That's the first thing we historically have used the marketplace as a free app marketplace. We started about a year ago to allow third parties to charge. But mostly it's free. So the download numbers are absolutely enormous. But mostly free.

因此，該市場現在擁有超過一百萬個帳戶。成長非常快。這是我們歷史上第一次將市場用作免費應用程式市場。我們大約一年前開始允許第三方收費。但大多數情況下它是免費的。所以下載量絕對是巨大的。但大部分都是免費的。

We have got two thoughts here. One is that the number of free downloads actually drives stream deck hardware revenue. And so we've actually seen since we launched the marketplace, a good growth in stream deck units sold. And then the second thought is that at some point, we'll be able to start charging for very compelling apps as well.

我們在這裡有兩個想法。一是免費下載的數量實際上推動了串流平台硬體收入。因此，自從我們推出市場以來，我們實際上已經看到，所出售的溪流甲板單位數量出現了良好的增長。第二個想法是，在某個時候，我們也將能夠開始對非常引人注目的應用程式收費。

So, I think at the moment, we're still in the very early stages where the revenue from software sales is fairly insignificant, but it's certainly driving growth in hardware sales.

因此，我認為目前我們仍處於非常早期的階段，軟體銷售的收入相當微不足道，但它肯定會推動硬體銷售的成長。

Okay. Thank you. Appreciate all the color.

好的。謝謝。欣賞所有的顏色。

Our next question comes from Andrew Crum from Stifel.

我們的下一個問題來自 Stifel 的 Andrew Crum。

Okay. Thanks you guys. Good afternoon.

好的。謝謝你們。午安.

I think you suggested 2025 would be a rebound year for the components and memory businesses with the anticipation of the new GPU serving as a catalyst.

我認為您認為 2025 年將是組件和記憶體業務的反彈年，預計新 GPU 將起到催化劑的作用。

2023 was, was the last year that featured the launch of new chips, and it really helped segment performance. Is 2023 that the type of sales threshold we should anticipate for the segment when looking ahead to next year? Just trying to understand the magnitude of a recovery. We should look for next year and then I have a follow-up.

2023 年是推出新晶片的最後一年，這確實有助於細分市場的表現。在展望明年時，我們是否應該預期該細分市場的銷售門檻是 2023 年？只是想了解復甦的程度。我們應該尋找明年，然後我會有後續行動。

Well, that's a, it's a billion-dollar question. Right. Here's the way I would think about it. What's different is that 23 was still very early after COVID. So we have to realize now we've got our backward looking glasses on that. There was a lot of pull forward in COVID years. In other words, a lot of people-built gaming PCs and bought peripherals in 2021 that then caused them not to do that in 21 or 22 or 23. So imagine you've got a certain amount of the market pulled for one or two years. So in 22 obviously, there was a massive over inventory and, and demand went down because people had already bought and built everything. There was still some of that hanging over in 23. So while the early adopters were growing the new cards, a big chunk of the market had already built machines. We typically see about a, an average of two cycles for people to upgrade. So in other words, people with 40 series cards were upgrading 20 series cards and we'd expect in the 50 series cards launched next year, people to upgrade the 30 series. So that's why we think now that the COVID or let's say the, the ripples from the COVID surge are kind of over and we should see more steady growth from here on out.

嗯，這是一個價值十億美元的問題。正確的。這是我的思考方式。不同的是，23 日距離新冠疫情還很早。所以我們現在必須意識到，我們在這方面已經戴上了落後的眼鏡。在新冠疫情期間，我們取得了巨大的進展。換句話說，很多人在 2021 年製造了遊戲 PC 並購買了外圍設備，然後導致他們在 21、22 或 23 年不再這樣做。因此，想像一下您已經獲得了一兩年的一定市場份額。因此，22 月顯然存在大量庫存過剩，並且需求下降，因為人們已經購買並建造了所有東西。23 年後仍有一些懸而未決。因此，當早期採用者正在開發新卡時，很大一部分市場已經製造了機器。我們通常會看到人們平均有兩個週期來升級。換句話說，擁有 40 系列卡的人正在升級 20 系列卡，我們預計在明年推出的 50 系列卡中，人們將升級 30 系列卡。因此，這就是為什麼我們現在認為新冠疫情，或者說，新冠疫情激增帶來的連鎖反應已經結束，從現在開始我們應該會看到更穩定的成長。

Got it. That's helpful.

知道了。這很有幫助。

And then Andy, can you comment on your channel inventory heading into the holidays? You know, I think you mentioned healthier booking trends that you're seeing across your ecosystem and then the dynamics with retailers maybe less willing to take on more stock back in 2Q, but more willing to get a little more aggressive heading into 4Q. Where are you positioned going into the holidays?

然後安迪，您能評論一下即將進入假期的頻道庫存嗎？你知道，我想你提到了你在整個生態系統中看到的更健康的預訂趨勢，然後零售商的動態可能不太願意在第二季度接受更多庫存，但更願意在進入第四季度時採取更積極的態度。假期即將到來，你在哪裡？

Well, we're still in the middle of the rebound. I'd say if you look at the middle of the year, we were, we were under inventory compared to our plans.

好吧，我們仍處於反彈之中。我想說，如果你看看今年年中，我們的庫存與我們的計劃相比。

Which obviously means that our sell out was a little higher than our sell in and that's now starting to reverse. So I think all the retailers have now realized that it's time to lean in. And everyone's getting signals that it's going to be a strong Christmas, especially after the prime day activity. And all the people that are selling enthusiast gear for the people building game P CS are also realizing it's going to be a big, a big year because the, the rumors, I'll say rumors because obviously NVIDIA hasn't announced it directly. But the rumors are that NVIDIA will launch all top4 cards early in the year. So if it's called 50 Series, we suspect it is 50 90 50 80 50 70 all5,060 very quickly. So there's going to be a card at all price ranges that will be expensive, obviously, but for all price ranges early in the year. So I think this is going to be a little different than the 23 for a lot of those reasons. Now, the other thing for us to remember is that, as I said earlier, we're now getting more gross margin out of our peripherals group than our memory and components group. And we do expect on a macro level that the peripherals market firstly grows faster. It's much less prone to economic issues because spending $100 or $200 on a peripheral is much easier than building a $2,000 or $3,000 PC. And the overall market in general is growing faster because there's more gamers that are coming into the market, you know, that are teenagers that can afford to buy a peripheral B can build up a very expensive gaming PC. So we expect that market to continue to grow and we continue to grow within that both organically as well as with acquisition and our plans. You know, we're not planning to do all these acquisitions that we've done already and then stop. What we're finding is there's a lot of companies around with revenues in this $50 to $100 million level that which really have a tough time getting traction in the market because there's billion-dollar players there. So, there's a lot of opportunities we have for acquisition and we're planning to continue to do them and where we focus is high gross margin, mostly direct to consumer. And that will just continue to add to our gross margin of that of that division. So expect the peripheral segment to grow faster in general than the components in memory, even though the components of memory group should have a healthy rebound next year.

這顯然意味著我們的賣出量略高於賣出量，而這種情況現在開始逆轉。因此，我認為所有零售商現在都意識到是時候採取行動了。每個人都收到這樣的訊號：這將是一個熱鬧的聖誕節，尤其是在黃金日活動之後。所有為 PC CS 遊戲開發者銷售發燒友裝備的人也意識到這將是非常非常重要的一年，因為有傳言，我會說傳言，因為顯然 NVIDIA 還沒有直接宣布這一消息。但有傳言稱，NVIDIA 將在今年年初推出所有 top4 卡。因此，如果它被稱為 50 系列，我們懷疑它很快就是 50 90 50 80 50 70 all5,060。因此，顯然，所有價格範圍的卡片都會很昂貴，但在今年年初的所有價格範圍。因此，出於很多原因，我認為這將與 23 有所不同。現在，我們要記住的另一件事是，正如我之前所說，我們現在從外圍設備部門獲得的毛利率高於記憶體和組件部門。我們確實預計，在宏觀層面上，週邊設備市場首先會成長更快。它不太容易出現經濟問題，因為花 100 或 200 美元購買外圍設備比建造 2,000 或 3,000 美元的 PC 容易得多。整體而言，整個市場的成長速度更快，因為有更多的遊戲玩家進入市場，你知道，這些青少年有能力購買週邊 B 可以建造非常昂貴的遊戲 PC。因此，我們預計該市場將繼續成長，並且我們將繼續在有機成長以及收購和我們的計劃中成長。你知道，我們不打算在已經完成的所有收購之後停止。我們發現，有很多公司的收入在 50 到 1 億美元的水平，但它們確實很難在市場上獲得吸引力，因為那裡有數十億美元的玩家。因此，我們有很多收購機會，我們計劃繼續這樣做，我們關注的是高毛利率，主要是直接面向消費者。這將繼續增加我們該部門的毛利率。因此，儘管明年內存組的組件應該會健康反彈，但預計外圍設備部分的增長速度總體上會快於內存組件。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Guys.

夥計們。

Our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Hey guys, this is Colin on for Colin Sebastian. So just beyond, you know, waiting for the broader product refresh cycle for chips and and PC builds will give you confidence in the underlying demand within the, within the industry. And then a second question. You know, you, you guys did the mobile controller as well as the, the racing simulation this year kind of as a, you know, as a key focus. So is there any any more details on product development pipeline for 2025 and then any specific categories that are going to be in focus? Thank you.

大家好，我是科林，代表科林·塞巴斯蒂安。因此，您知道，等待晶片和 PC 製造更廣泛的產品更新周期將使您對行業內的潛在需求充滿信心。然後是第二個問題。你們知道，你們今年做了行動控制器以及賽車模擬，作為一個重點。那麼，是否有關於 2025 年產品開發管道的更多詳細資訊以及將受到關注的特定類別？謝謝。

Well, we’re trying to focus on everything at the same time, right? But look, starting with Sim Racing, that’s a big market with very few players in it, mostly small. The only big player really is Logitech. Then there’s a lot of enthusiast companies. We bought the biggest one, biggest enthusiast player. One of the things that we realize is that there’s a big market there for complete systems, and that’s right now being serviced by a lot of very small integrators.

嗯，我們試圖同時專注於所有事情，對嗎？但你看，從《模擬賽車》開始，這是一個大市場，但參與者很少，而且大多很小。唯一的大玩家確實是羅技。還有很多熱心公司。我們買了最大的、最大的發燒友玩家。我們意識到的一件事是，完整的系統有一個很大的市場，而且現在由許多非常小的整合商提供服務。

And we're going to hope to really add to that because remember we make monitors, we make gaming P CS, we make chassis. So we make the whole solution and this is very different from the industry as it was before. So I think we're going to, we're going to make a big impact there. And we're all very excited about that. The other parts of the, of the business, I mean, the stream deck and the Elgato portfolio is very powerful. We just launched into a new B to B business where we're hitting up all the professional broadcast booths.

我們希望真正增加這一點，因為記住我們製造顯示器，我們製造遊戲 PC CS，我們製造機箱。所以我們制定了整個解決方案，這與以前的行業有很大不同。所以我認為我們將在那裡產生巨大的影響。我們對此感到非常興奮。我的意思是，業務的其他部分，串流平台和 Elgato 產品組合非常強大。我們剛剛開展了一項新的 B2B 業務，我們將涵蓋所有專業廣播攤位。

A lot of them have been experimenting with stream deck. And so we actually made a stream deck, especially for them when we've launched that at some of the broadcast shows and tremendously popular. So I think that's an additional part of the business that's going to grow.

他們中的許多人一直在嘗試流甲板。所以我們實際上製作了一個串流媒體平台，特別是當我們在一些廣播節目中推出它並非常受歡迎時，特別是為他們。所以我認為這是業務將會成長的另一個部分。

And then lastly our, our overall peripheral section or segment which makes the traditional peripherals, gaming headsets, keyboards and mice is really doing very well. We've got a magnificent portfolio of new products that have just arrived. Some of those we mentioned they're going to be taken up by the Apple Store, but I think we're really heading that market in full force now, getting the right products out at the right time.

最後，我們的整體週邊部門或部門，也就是傳統週邊設備、遊戲耳機、鍵盤和滑鼠，確實做得非常好。我們剛剛推出了一系列精彩的新產品。我們提到其中一些產品將被蘋果商店收購，但我認為我們現在確實正在全力進軍該市場，在正確的時間推出正確的產品。

Okay, great. Thank you.

好的，太好了。謝謝。

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

我們的問答環節到此結束。我想將會議轉交安迪·保羅先生發表閉幕詞。

Thank you everyone for joining us on the call today and for continued support. If you have any follow up questions, please contact our investor relations department.

感謝大家今天加入我們的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。

We look forward to updating you next quarter. Thank you and have a good evening.

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。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。