美商海盜船 (CRSR) 2024 Q4 法說會逐字稿

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

下午好，歡迎參加 Corsair Gaming 2024 年第四季和全年財報電話會議。提醒一下，今天的通話正在錄音，您的參與意味著同意錄音。（操作員指令）

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.

說完這些，我現在想將電話轉給 Corsair 財務和投資者關係副總裁 Ronald van Veen。謝謝。先生，請開始。

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the fourth quarter and full year ended December 31, 2024. On the call today, we have Corsair's CEO, Andy Paul; Thi La, currently Corsair’s President and Chief Operating Officer, and Chief Executive Officer effective July 1, 2025; and CFO, Michael Potter.

謝謝。大家下午好，感謝您參加 Corsair 截至 2024 年 12 月 31 日第四季和全年財務業績電話會議。今天的電話會議由 Corsair 的執行長 Andy Paul 主持； Thi La，現任 Corsair 總裁兼營運官，自 2025 年 7 月 1 日起擔任執行長；和財務長邁克爾·波特（Michael Potter）。

Andy will review highlights from the quarter followed by Thi, and Michael will then review the financials and our outlook. We will then have time for any questions. Before we begin, allow me to provide a disclaimer regarding forward-looking statements.

安迪 (Andy) 將回顧本季度的亮點，隨後邁克爾 (Michael) 將回顧財務狀況和我們的展望。然後我們將有時間回答任何問題。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。

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. Note that until our 10-K has been filed, these numbers are preliminary.

本次電話會議（包括問答部分）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。由於多種風險和不確定因素，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已在我們的收益報告和其他美國證券交易委員會文件中描述。請注意，在我們提交 10-K 表之前，這些數字都是初步的。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release we issued after the market closed today.

今天的發言也將提及非公認會計準則財務指標。我們在今天市場收盤後發布的新聞稿中提供了更多信息，包括非 GAAP 財務資訊與 GAAP 財務資訊的對帳。

With that, I'll now turn the call over to Andy.

說完這些，我現在將電話轉給安迪。

Thanks, Ron. In our last earnings call, we talked about how exciting the future looked because of new technology GPU cards around the corner, about the success of the Black Ops 6 launch, and about how the high end of the gaming enthusiast market was on hold waiting for these new GPUs.

謝謝，羅恩。在我們上次的財報電話會議上，我們談到了由於新技術 GPU 卡即將問世而帶來的未來有多麼令人興奮，談到了《決勝時刻：黑色行動 6》的成功發布，以及高端遊戲愛好者市場如何等待這些新 GPU。

So here we are now in Q1, and it's all happening. 50 series Blackwell GPUs are out and shipping. Enthusiasts are lining up to buy components from us to support these GPU cards. And GTA 6, the most anticipated and hardware-demanding game, is now in sight, although still likely a year away.

我們現在處於第一季度，一切都在發生。 50 系列 Blackwell GPU 已上市並開始出貨。愛好者們正在排隊從我們這裡購買組件來支援這些 GPU 卡。而最受期待、對硬體要求最高的遊戲《GTA 6》即將問世，儘管可能還需要一年的時間。

Our gaming business has never looked so strong, and we're well into the integration of the Fanatec SimRacing company. Q4 was the start of what we believe will be a strong ramp in our business over the next few years. Revenue and margins were all strong, especially around Black Friday and the latter part of the quarter. We ended with a solid quarterly revenue number of $414 million and adjusted EBITDA at $33 million.

我們的遊戲業務從未如此強勁，而且我們已經順利完成與 Fanatec SimRacing 公司的整合。我們相信，第四季是我們業務在未來幾年內強勁成長的開始。收入和利潤率都很強勁，尤其是在黑色星期五和本季後半段。我們最終實現了 4.14 億美元的穩健季度收入，調整後 EBITDA 為 3,300 萬美元。

We took over the Fanatec SimRacing business in late September. We are even more positive on the Fanatec business and sim racing opportunity now that we've had a quarter to work with them. We are getting them fully integrated into our systems and sales and customer support networks and expect this to be a positive revenue and EBITDA driver for us as we move forward.

我們在九月下旬接手了 Fanatec SimRacing 業務。現在我們已經與 Fanatec 合作了四分之一，我們對雙方的業務和模擬賽車機會更加樂觀了。我們正在將它們完全融入我們的系統、銷售和客戶支援網絡，並期望這將成為我們未來收入和 EBITDA 的積極推動力。

We have seen overwhelmingly positive sentiment from the customer base, who are delighted that an enthusiast company is now overseeing what we would call the ultimate enthusiast category. We're in contact with many of the F1 teams and other parts of the racing ecosystem, and we see the same level of enthusiasm there about Fanatec joining with Corsair.

我們從客戶群中看到了壓倒性的正面情緒，他們很高興看到一家發燒友公司正在管理我們所謂的終極發燒友類別。我們與許多 F1 車隊以及賽車生態系統的其他部分保持聯繫，我們看到他們對 Fanatec 加入 Corsair 有著同樣的熱情。

Corsair is in the unique position that we can offer every part of a sim racing solution from the frame, the seat, the wheels, pedals, and accessories to the gaming PC and monitor. This gives us huge opportunities to expand our current footprint. And this is a fast-growing market with the Netflix series Drive to Survive, having really opened up F1 racing interest in the US.

Corsair 的獨特優勢在於我們可以提供模擬賽車解決方案的每個部分，從車架、座椅、車輪、踏板和配件到遊戲 PC 和顯示器。這為我們擴大目前的足跡提供了巨大的機會。這是一個快速成長的市場，Netflix 系列《Drive to Survive》真正激發了美國人對 F1 賽車的興趣。

For our components and memory business, we mentioned in the last earnings call that the high-end early adopters were on hold waiting for the new GPU launch. Now they are back, and we have immediately seen a rush for high-end components that are needed to build the latest gaming PCs using these new GPU cards. The cards are all higher power than before, so we immediately see demand for higher wattage power supplies and better cooling components, which will drive up our component ASPs.

對於我們的元件和記憶體業務，我們在上次財報電話會議上提到，高階早期採用者正在等待新 GPU 的推出。現在它們又回來了，我們立即看到了對這些使用這些新 GPU 卡構建最新遊戲 PC 所需的高端組件的熱潮。這些卡的功率都比以前更高，因此我們立即看到對更高瓦數電源和更好冷卻組件的需求，這將提高我們的組件 ASP。

Our gaming and creative business has been growing all year with 20% year-on-year numbers. The Fanatec acquisition accelerated this in Q4. Our Elgato business is also doing extraordinarily well with product hit after product hit and the Stream Deck product line now forming an entirely new category in the market for peripherals as more and more people consider a Stream Deck as a must-have device alongside a keyboard, mouse, camera, and microphone.

我們的遊戲和創意業務全年都在成長，年增 20%。Fanatec 的收購在第四季度加速了這一進程。我們的 Elgato 業務也表現出色，產品不斷推出，Stream Deck 產品線現在已形成周邊設備市場的一個全新類別，越來越多的人認為 Stream Deck 是與鍵盤、滑鼠、相機和麥克風一起必備的設備。

Creative products give us the ability to add more and more features for consumers to use and enjoy, and Elgato has also started to incorporate artificial intelligence into some of our new products to expand these feature sets even more. We have seen some great wins in our gaming peripheral products, with our K65 wireless keyboard winning several industry awards and being picked by Apple, along with our M75 wireless mouse to feature in their stores as gaming accessories.

創意產品使我們能夠添加越來越多的功能供消費者使用和享受，而 Elgato 也已開始將人工智慧融入我們的一些新產品中，以進一步擴展這些功能集。我們的遊戲週邊產品取得了一些巨大的成功，我們的 K65 無線鍵盤贏得了多個行業獎項並被 Apple 選中，與我們的 M75 無線滑鼠一起作為遊戲配件在其商店中展示。

Our custom labs initiative, which gives us the ability to customize products at the one-off or short-run level, gives us a huge advantage over our competitors. In summary, we look forward to a great 2025 and expect continued growth now in the coming years.

我們的客製化實驗室計畫使我們能夠客製化一次性或短期產品，這為我們帶來了比競爭對手更大的優勢。總而言之，我們期待 2025 年取得偉大的成就，並預計未來幾年將繼續成長。

Lastly, we announced today, along with earnings, that after 31 years at the helm of Corsair, it is time this year for me to retire. Timing of this will be at the end of the second quarter. It has been an incredible journey for me to lead the wonderful global team at Corsair, and we achieved more than I could ever have imagined. And I look forward to cheering the company on as it continues to innovate and build on its leadership position.

最後，我們今天除了宣布收益之外，還宣布，在掌舵 Corsair 31 年後，我今年將退休。該計劃的時間將在第二季末。對我來說，領導 Corsair 出色的全球團隊是一段不可思議的旅程，我們所取得的成就超越了我的想像。我期待為公司加油，希望它能繼續創新，鞏固領導地位。

Thi La, our current President and COO, has been selected by the Board to become the new CEO of Corsair effective July 1. Thi has been with the company for 14 years now and has been President and COO since 2017. In that role, she has led all the commercial operations and product development functions in the company through a massive growth period. So this transition to the CEO role over the next few months will be quite straightforward and well deserved.

我們現任總裁兼營運長 Thi La 已被董事會選舉為 Corsair 的新任首席執行官，自 7 月 1 日起生效。Thi 在該公司工作 14 年，自 2017 年起擔任總裁兼營運長。在擔任該職務期間，她帶領公司所有商業營運和產品開發職能度過了快速增長期。因此，未來幾個月向執行長角色的過渡將會非常順利，而且是當之無愧的。

I am very confident Thi will do a great job leading the company through its next phase of growth. Let me now turn the call over to Thi before Michael reviews our financials. Thi, please go ahead.

我非常有信心 Thi 將出色地帶領公司邁入下一階段的發展。在 Michael 審查我們的財務狀況之前，現在讓我將電話轉給 Thi。你，請說吧。

Thank you, Andy. I'm honored and excited to have the opportunity to become the Chief Executive Officer of Corsair. As Andy said, I have been part of Corsair for 14 years now and love working with gamers and creators. I have been working alongside Andy to build a moderate DIY business to now over 30 exciting product lines and 6 great brands, growing the company from $300 million to the current level.

謝謝你，安迪。我很榮幸也很興奮有機會成為 Corsair 的執行長。正如安迪所說，我已經成為 Corsair 的一員 14 年了，我喜歡與遊戲玩家和創作者一起工作。我和安迪一起努力，把一個中等規模的 DIY 企業發展到現在擁有超過 30 條令人興奮的產品線和 6 個偉大的品牌，公司價值從 3 億美元增長到目前的水平。

Prior to Corsair, my experience spanned from running R&D operations to managing product lines that generated over $3 billion in revenue. My passion is to make great products for our enthusiast consumers, and my goal is to put customer first while growing our presence in a robust market. 2025 is an excellent time for Corsair with the acquisition of Fanatec and NVIDIA 5000 series launch. I feel good about starting our next phase under these tailwinds.

在加入 Corsair 之前，我的經驗涵蓋負責研發業務以及管理創造超過 30 億美元收入的產品線。我的熱情是為我們的熱心消費者製造出優質的產品，我的目標是將客戶放在第一位，同時在強勁的市場中擴大我們的影響力。 2025 年對 Corsair 來說是一個絕佳時機，收購了 Fanatec 並推出了 NVIDIA 5000 系列。我很高興能在這些順風的幫助下開始我們的下一階段。

Let me now turn the call over to Michael for a review.

現在，讓我將電話轉給麥可進行審核。

Thank you, Andy and Thi. Our stronger-than-expected performance in Q4 helped us to end the year in a strong financial position, and we had balanced inventory levels in both the channel and our warehouses. Throughout 2024, we remained committed to strategically expanding our portfolio, investing in innovation, reducing operating costs and debt, and strengthening our balance sheet.

謝謝你，Andy 和 Thi。我們第四季的業績優於預期，幫助我們以強勁的財務狀況結束今年，並且我們在通路和倉庫的庫存水準都保持平衡。在整個 2024 年，我們將繼續致力於策略性地擴大我們的投資組合、投資創新、降低營運成本和債務以及加強我們的資產負債表。

This includes the purchase of Fanatec and the increased investment into Elgato's supply chain, reinforcing our capabilities in key growth areas. As Andy highlighted, we believe we're well positioned to capitalize on healthier demand trends as we return to growth and expect to continue our disciplined approach to debt reduction in 2025.

其中包括收購 Fanatec 和增加對 Elgato 供應鏈的投資，增強我們在關鍵成長領域的能力。正如安迪所強調的那樣，我們相信，隨著我們恢復成長，我們有能力利用更健康的需求趨勢，並期望在 2025 年繼續採取嚴謹的減債方法。

In terms of the specifics, Q4 2024 net revenue was $413.6 million compared to $417.3 million in Q4 2023. For the full year 2024, net revenue was $1,316.4 million compared to $1,459.9 million in 2023. European markets contributed 38% of our Q4 2024 revenues compared to 38.4% in Q3 2024, while the APAC region was 9.1% of our Q4 2024 revenues compared to 10.3% in Q3 2024.

具體來看，2024 年第四季淨收入為 4.136 億美元，而 2023 年第四季為 4.173 億美元。2024 年全年淨收入為 13.164 億美元，而 2023 年為 14.599 億美元。歐洲市場貢獻了我們 2024 年第四季營收的 38%，而 2024 年第三季為 38.4%，而亞太地區貢獻了我們 2024 年第四季營收的 9.1%，而 2024 年第三季為 10.3%。

Turning now to our segments, the gamer and creator peripheral segment contributed $169.6 million of net revenue during the fourth quarter compared to $136.8 million in Q4 2023. For the full year 2024, gamer and creator peripheral segment revenue was $472.7 million compared to $394.9 million for the full year 2023. The gaming components and systems segment contributed $244.1 million of net revenue during the fourth quarter compared to $280.5 million in Q4 2023.

現在談談我們的細分市場，玩家和創作者周邊部門在第四季度貢獻了 1.696 億美元的淨收入，而 2023 年第四季為 1.368 億美元。2024 年全年，遊戲玩家和創作者周邊部門收入為 4.727 億美元，而 2023 年全年為 3.949 億美元。遊戲組件和系統部門在第四季度貢獻了 2.441 億美元的淨收入，而 2023 年第四季為 2.805 億美元。

Memory products contributed $126.3 million in Q4 2024 compared to $145.5 million in Q4 2023. For the full year 2024, gaming components and system segment revenue was $843.7 million compared to $1,065 million for the full year 2023, with memory products contributing $429.9 million compared to $517.4 million in 2023.

2024 年第四季度，記憶體產品貢獻了 1.263 億美元，而 2023 年第四季為 1.455 億美元。2024 年全年，遊戲組件和系統部門收入為 8.437 億美元，而 2023 年全年為 10.65 億美元，其中記憶體產品貢獻 4.299 億美元，而 2023 年為 5.174 億美元。

Overall gross profit in the fourth quarter was $108.2 million compared to $102.7 million in Q4 2023, reflecting the strong growth in our gaming and creator peripheral segment. Gross profit for Q4 includes the impact of $4.2 million of fair value step-up of inventory acquired from the purchase of the Fanatec business. Gross margin increased to 26.2% compared to 24.6% in Q4 2023. For the full year 2024, gross profit was $327.6 million compared to $360.3 million in 2023.

第四季整體毛利為 1.082 億美元，而 2023 年第四季為 1.027 億美元，反映了我們遊戲和創作者周邊部門的強勁成長。第四季的毛利包括收購 Fanatec 業務所獲得的 420 萬美元庫存公允價值上漲的影響。毛利率從 2023 年第四季的 24.6% 上升至 26.2%。2024 年全年毛利為 3.276 億美元，而 2023 年為 3.603 億美元。

Gross profit in the gamer and creator peripheral segment was $63.9 million compared to $50.9 million in Q4 2023. Gross margin improved to 37.7% compared to 37.2% in Q4 2023. Without the impact of the $4.2 million fair value adjustment, gross profit would have been $68.1 million and gross margin would have been 40.2%. We're pleased with the strength in this business and expect it to continue in 2025.

遊戲玩家和創作者周邊部門的毛利為 6,390 萬美元，而 2023 年第四季為 5,090 萬美元。毛利率從 2023 年第四季的 37.2% 提高至 37.7%。如果不考慮 420 萬美元公允價值調整的影響，毛利將達到 6,810 萬美元，毛利率將達到 40.2%。我們對這項業務的實力感到滿意，並預計這種勢頭將在 2025 年繼續保持。

The gaming components and systems segment gross profit was $44.3 million compared to $51.8 million in Q4 2023, reflecting the lower sales volume. Gross margin was 18.1% compared to 18.5% in Q4 2023. Our memory products gross margins in this segment were 15.3% for the fourth quarter compared to 13.5% in Q4 2023.

遊戲組件和系統部門的毛利為 4,430 萬美元，而 2023 年第四季為 5,180 萬美元，反映出銷售量下降。毛利率為 18.1%，而 2023 年第四季為 18.5%。我們該部門記憶體產品第四季的毛利率為 15.3%，而 2023 年第四季為 13.5%。

Fourth-quarter SG&A expenses were $85.3 million compared to $73.8 million in Q4 2023. Fourth-quarter R&D expenses were $17 million compared to $16.7 million in Q4 2023. We continue to invest in innovation, including our peripherals business and new growth opportunities like sim racing that will help us to accelerate revenue growth.

第四季銷售、一般及行政開支為 8,530 萬美元，而 2023 年第四季為 7,380 萬美元。第四季研發費用為 1,700 萬美元，而 2023 年第四季為 1,670 萬美元。我們將繼續投資於創新，包括我們的外圍設備業務和模擬賽車等新的成長機會，這將有助於我們加速收入成長。

GAAP operating income in the fourth quarter of 2024 was $5.9 million compared to $12.1 million in Q4 2023. Fourth-quarter adjusted operating income was $31.7 million compared to adjusted operating income of $31.8 million in Q4 2023. Adjusted operating income was $45.7 million for the full year 2024 compared to $85.4 million in 2023. We're pleased to end the year on such a strong note and remain focused on further improvements as we return to our growth mode.

2024 年第四季的 GAAP 營業收入為 590 萬美元，而 2023 年第四季為 1,210 萬美元。第四季調整後營業收入為 3,170 萬美元，而 2023 年第四季調整後營業收入為 3,180 萬美元。2024 年全年調整後營業收入為 4,570 萬美元，而 2023 年為 8,540 萬美元。我們很高興以如此強勁的成績結束這一年，並在恢復成長模式的同時繼續致力於進一步改善。

Fourth-quarter net income attributable to common shareholders was $1.3 million or $0.01 per diluted share as compared to net income of $6.2 million or $0.06 per diluted share in Q4 2023. On an adjusted basis, fourth-quarter net income was $24.8 million or $0.23 per diluted share compared to an adjusted net income of $23.2 million or $0.22 per share in Q4 2023.

第四季歸屬於普通股股東的淨利潤為 130 萬美元，即每股攤薄收益 0.01 美元，而 2023 年第四季的淨利潤為 620 萬美元，即每股攤薄收益 0.06 美元。經調整後，第四季淨收入為 2,480 萬美元，即每股攤薄收入 0.23 美元，而 2023 年第四季調整後淨收入為 2,320 萬美元，即每股 0.22 美元。

For the full year 2024, adjusted net loss was $2.7 million or $0.03 per diluted share from adjusted net income of $58.3 million or $0.55 per diluted share in 2023. The 2024 results include the adverse effect of a net $32.5 million non-cash charge from a valuation allowance on deferred tax assets.

2024 年全年調整後淨虧損為 270 萬美元或每股攤薄虧損 0.03 美元，而 2023 年調整後淨收入為 5,830 萬美元或每股攤薄虧損 0.55 美元。2024 年的業績包括遞延稅務資產估值準備金所產生的 3,250 萬美元淨非現金費用的不利影響。

Finally, fourth-quarter adjusted EBITDA was $33.1 million compared to $33.7 million for Q4 2023. For the full year 2024, adjusted EBITDA was $54.7 million compared to $95.1 million in the year-ago period. As noted earlier, we're pleased to end the year on such a strong note and remain focused on further improvements as we return to our growth mode.

最後，第四季調整後的 EBITDA 為 3,310 萬美元，而 2023 年第四季為 3,370 萬美元。2024 年全年調整後 EBITDA 為 5,470 萬美元，而去年同期為 9,510 萬美元。如前所述，我們很高興以如此強勁的業績結束這一年，並在恢復成長模式的同時繼續致力於進一步改善。

Turning now to our balance sheet, we ended Q4 with a cash balance, including restricted cash, of $109.6 million. We ended the year with inventory up slightly compared to last year, mainly caused by the newly purchased Fanatec business. We continue to expect that under our normal cash cycle, we will have increased cash generation starting in Q1 2025.

現在來看看我們的資產負債表，截至第四季末，我們的現金餘額（包括受限現金）為 1.096 億美元。與去年相比，我們今年的庫存略有增加，這主要得益於新收購的 Fanatec 業務。我們繼續預計，在正常現金週期內，我們將從 2025 年第一季開始增加現金產生。

We ended Q4 with $174 million of debt at face value, down $25 million year over year. And our $100 million working capital revolver remains undrawn and fully available. Overall, we expect liquidity to remain excellent through 2025, allowing us to be flexible as opportunities present themselves, and we expect to continue to reduce our debt in 2025.

截至第四季度，我們的債務面值為 1.74 億美元，較去年同期減少了 2,500 萬美元。而且，我們的 1 億美元營運資金循環信貸仍未動用，且完全可用。總體而言，我們預計到 2025 年流動性仍將保持良好，這使我們能夠在機會出現時保持靈活性，並且我們預計將在 2025 年繼續減少債務。

In terms of the full year 2025, we expect revenue growth to improve through the coming year with a further improvement in adjusted EBITDA led by an additional improvement in margin and a rebound in demand for the company's high-performance gear for gamers, streamers, content creators, and gaming PC builders.

就 2025 年全年而言，我們預計來年收入成長將會改善，調整後的 EBITDA 將進一步改善，這得益於利潤率的進一步提高以及公司面向遊戲玩家、串流媒體、內容創作者和遊戲 PC 製造商的高性能裝備的需求反彈。

We expect every quarter in 2025 to be better than 2024, with the biggest year-over-year improvement expected to be in the second quarter, mainly due to the timing of the new NVIDIA GPU launches. As fairly typical in a new GPU launch, initial volumes are lower and expected to ramp throughout Q1. So the year-over-year impact is expected to be less significant in Q1. We're also expecting our typical seasonality with the second-half revenue higher than the first half.

我們預計 2025 年的每個季度都會比 2024 年更好，預計將是同比增長最大的第二季度，這主要歸功於新款 NVIDIA GPU 的發布時機。正如新 GPU 發布的典型情況一樣，初始銷量較低，預計在第一季逐漸增加。因此，預計第一季的同比影響將會較小。我們也預期我們的典型季節性是下半年的收入高於上半年。

Finally, our current outlook reflects what we believe the impact of the newly announced tariffs in the USA will be after mitigation. As a reminder, we had already moved much of our production of USA-bound products out of China five years ago and had planned further actions in case more or expanded tariffs were announced. Mitigation is always some combination of source location, supplier price adjustments, and price increases.

最後，我們目前的展望反映了我們認為美國新宣布的關稅在緩解之後將產生的影響。提醒一下，五年前我們就已經將大部分銷往美國的產品生產移出中國，並且已經制定了進一步的行動，以防出現更多或擴大關稅的公告。緩解措施總是源頭位置、供應商價格調整和價格上漲的某種組合。

For the full year 2025, we're expecting total revenue in a range of $1.4 billion to $1.6 billion, adjusted operating income in the range of $67 million to $87 million, and adjusted EBITDA in the range of $80 million to $100 million. Assuming we maintain the same debt and cash balances in 2025, we'd expect to have approximately $2.2 million of net interest expense per quarter.

就 2025 年全年而言，我們預計總收入在 14 億美元至 16 億美元之間，調整後營業收入在 6,700 萬美元至 8,700 萬美元之間，調整後 EBITDA 在 8,000 萬美元至 1 億美元之間。假設我們在 2025 年維持相同的債務和現金餘額，我們預期每季的淨利息支出約為 220 萬美元。

We're using an effective tax rate of approximately 15% to 17% for 2025. Full-year weighted average diluted shares outstanding of approximately 106 million to 110 million shares.

2025 年我們的有效稅率約為 15% 至 17%。全年加權平均稀釋流通股數約1.06億至1.10億股。

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

現在我們很高興開始回答大家的提問。接線員，您可以打開電話問答嗎？

(Operator Instructions) Aaron Lee, Macquarie.

(操作員指示) 麥格理的 Aaron Lee。

Thanks for taking my question. Andy, congratulations on a storied career. It was great working with you, and I hope we'll be seeing you pop up again somewhere in the industry in the future.

感謝您回答我的問題。安迪，恭喜你擁有傳奇的職業生涯。與您合作非常愉快，希望未來我們還能在業界的某個地方再次見到您。

I want to start with maybe the Fanatec acquisition. Sorry if I missed this earlier, but is that still on track to be done by the second quarter? And what items are still ahead to work through as you course-correct that asset? And along those lines, can you also talk a bit more about your expectations for this business's growth in 2025?

我想先從 Fanatec 收購案開始。抱歉我之前沒有註意到，但這還能在第二季完成嗎？在糾正該資產的過程中，還有哪些事項需要解決？那麼，您能否再談談對該業務在 2025 年的成長的預期？

Yeah. Well, thanks for the kind words, Aaron. So in terms of the integration, we are largely through it. Two parts, right? One was to sort out the customer service aspects. We've largely done that, and the second part of it is to integrate them in with our systems. Some of that is just sort of nice to have like putting them in with our financial systems, so you can track things better. The other part of it is just better logistics. So we're getting there.

是的。好吧，謝謝你的好意，Aaron。因此，就整合而言，我們基本上已經完成了。兩個部分吧？一是理清客戶服務的問題。我們基本上已經完成了這一部分，第二部分是將它們整合到我們的系統中。有些東西很好，例如把它們納入我們的財務系統，這樣你就可以更好地追蹤事情。另一部分是更好的物流。所以我們快到了。

I think in terms of getting them back to where they were, we're pretty much there now. However, the potential of expansion is really what we're working on now, and that's a combination of re-engaging with -- or engaging with retail, which they hadn't done before, and secondly, engaging with the network of people that actually build the complete sim rigs for customers.

我認為，就讓它們恢復到原來的狀態而言，我們現在基本上已經做到了。然而，我們現在真正致力於的是擴展的潛力，這是重新參與或參與零售業的結合，這是他們以前沒有做過的，其次，與實際為客戶構建完整模擬裝備的人脈網絡進行接觸。

So those are things we're looking forward to. But I would say that having discussed it with our wholesales channel and our retailers, everyone is super excited about this opportunity.

這些都是我們所期待的事。但我想說，在與我們的批發管道和零售商討論後，每個人都對這個機會感到非常興奮。

That's great to hear. And then, wanted to touch on partnerships. Over the last couple of quarters, you've announced some major partnerships with Activision and Apple. Can you just talk about how these partnerships have impacted the business, whether it's increased brand awareness, sales volumes, anything like that to help us understand how partnerships like these just kind of flow through the business? Thank you.

我很高興聽到這個消息。然後，想談談合作關係。在過去幾個季度中，您宣布與 Activision 和 Apple 建立了一些重要的合作夥伴關係。您能否談談這些合作關係對業務的影響，無論是提高品牌知名度，銷售量還是其他任何方面，以幫助我們了解此類合作關係在業務中是如何運作的？謝謝。

Yeah, I'll turn that one over to Thi, because she's been mostly involved in the partnership activity in the Apple. Thi, you want to take that?

是的，我將把這個交給 Thi，因為她主要參與 Apple 的合作活動。Thi，你想拿走那個嗎？

Yes. Thank you, Aaron, for the questions, and thank you, Andy. We are pretty pleased with the Call of Duty franchise picking us as a strategic exclusive partners for the full product range. And during the holiday season, after the launch of the Call of Duty: Black Ops 6, we see significant traffic increase coming to our website to look for information products, and the excitement level is high. So we see this as a very valuable marketing relationship for multi-years, and we're looking for additional participation between the two companies on the next wave of game launches.

是的。感謝 Aaron 的提問，也感謝 Andy 的提問。我們非常高興《決勝時刻》系列選擇我們作為全系列產品的策略獨家合作夥伴。而在假期期間，《決勝時刻：黑色行動 6》發布後，我們發現造訪我們網站尋找資訊產品的流量顯著增加，而且興奮程度很高。因此，我們認為這是多年來非常有價值的行銷關係，並且我們希望兩家公司在下一波遊戲發布中能夠有更多的參與。

With regards to the Apple relationship, we are happy with the results during the holiday season. We think that from a gaming brand perspective, we brought really good value to the relationship, and Apple and Corsair are happy with the holiday results.

就與蘋果的合作關係而言，我們對節日期間的表現感到滿意。我們認為，從遊戲品牌的角度來看，我們為這種合作關係帶來了真正的價值，而蘋果和海盜船對假期業績感到滿意。

Great. And I appreciate it. Thanks, Andy, and thank you, Thi. Looking forward to working with you.

偉大的。我對此表示感謝。謝謝，安迪，謝謝你，Thi。期待與您合作。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Hey, Andy. Thanks for working with you in the past and wish you all the best. And Thi, welcome to the CEO position and look forward to working with you in the future.

嘿，安迪。感謝您過去的合作並祝您一切順利。歡迎 Thi 擔任執行長一職，並期待未來與您合作。

Just two quick ones, firstly, obviously, top of mind in terms of the GPU refresh in the first half and especially kind of a bit more selling momentum into the second quarter, can you unpack and maybe give more color just in terms of cadence -- you gave a range for the revenue, low end and the high end. Just curious what could the drive towards the high end of the guidance for the full year and just how to think about the cadence for the GPU refresh.

我只想問兩個問題，首先，顯然，就上半年的 GPU 更新而言，人們最關心的是第二季度的銷售勢頭，您能否解釋一下，並在節奏方面提供更多的細節——您給出了收入範圍，低端和高端。只是好奇什麼可以推動全年指導價達到高端，以及如何考慮 GPU 更新的節奏。

Yeah. So look, we've been talking for a while about the fact that there's a lot of pent-up demand for this GPU refresh. The way I was thinking about it was that all the -- any time you look back or you look across at what people are using, we always talk about the average refresh time being sort of three to five years for gaming stuff, but of course, that's an average. And there's going to be people with 10-year-old gear and 7-year-old gear.

是的。所以，看，我們已經討論了一段時間了，關於這次 GPU 更新存在大量被壓抑的需求。我的想法是，任何時候回顧或查看人們正在使用的東西，我們總是談論遊戲產品的平均更新時間是三到五年，但當然，這只是一個平均值。而且有些人還會使用 10 年前的裝備和 7 年前的裝備。

I think what happened before COVID or at COVID was all the people with old gear renewed it. And so we've had sort of a skewed distribution since COVID. But if you think about it, we're now three years exactly since the start of COVID, or almost three years. And we're five years -- so five years from the beginning of it, three years from the end of it. So we're now right into that point where the big bulge is really ready to upgrade.

我認為在 COVID 之前或 COVID 期間發生的事情是，所有擁有舊裝備的人都對其進行了更新。自從新冠疫情以來，我們的分佈就有點扭曲。但如果你仔細想想，現在距離新冠疫情爆發已經剛好三年了，或者說快三年了。我們已經五年了——從開始到結束有五年了，從結束到結束有三年了。所以，我們現在正處於大凸起部分真正需要升級的階段。

And so I think there's been huge anticipation with the 50 series cards. And I think it's funny watching the media comparing the 50 series cards with 40 series cards, but that's not what consumers are thinking about. Most consumers have got 20 series and 30 series cards. And so they're going to be upgrading five-year-old gear.

因此我認為人們對 50 系列卡抱有很高的期望。我覺得媒體將 50 系列顯示卡與 40 系列顯示卡進行比較很有趣，但這並不是消費者所考慮的。大多數消費者都擁有20系列和30系列的卡片。因此他們將對五年前的裝備進行升級。

So in terms of the cadence, we don't know exactly what NVIDIA's plans are. I mean, they've been sold out -- fairly limited quantities in January; those were sold out in hours. And so I think that the big volume is going to be when the 5070 and 5070 Ti start to get shipped, the more affordable ones. So I think in terms of volume for us, it's going to be gradual pick-up through the year.

因此就節奏而言，我們不知道 NVIDIA 的具體計劃是什麼。我的意思是，它們已經售完了——一月份數量相當有限；這些產品幾小時之內就銷售一空。因此我認為，當 5070 和 5070 Ti 開始出貨時，銷售量會更大，因為它們是價格較便宜的型號。因此我認為，就我們的銷量而言，全年銷量將會逐步回升。

At the moment, I'd say for the last two months we've been kind of sold out on some of our components skews, power supplies and memory. So we're seeing pretty good activity in terms of the channel bringing products in. But I think it's going to -- I think we're looking forward here to the next two years of solid refresh activity, the way I think about it. It's not going to be a one-quarter blip or anything like that.

目前，我想說在過去的兩個月裡，我們的一些元件、電源和記憶體已經售罄。因此，我們看到產品管道導入活動相當活躍。但我認為這將會——我認為我們期待未來兩年穩定的更新活動，這是我的想法。這不會是一個季度的曇花一現或類似的情況。

Okay, great. Just a follow-up in terms of the margins. In the prepared remarks, you guys talk about margin improvement, especially kind of a cyclical recovery on the DIY components and continuing the margin trends for the peripherals. Maybe you can unpack kind of across both end of the spectrum and any other lever you guys can pull to kind of further improve EBITDA margin for 2025.

好的，太好了。這只是關於利潤率的後續問題。在準備好的評論中，你們談到了利潤率的提高，特別是DIY組件的周期性復甦和周邊設備的利潤率趨勢的持續。也許，您可以從這兩個角度來分析，並利用任何其他槓桿來進一步提高 2025 年的 EBITDA 利潤率。

Well, look, I think we have a target of mid-20s gross margin on the whole components category. And we were doing well in terms of steadily growing those. I think post-COVID has been very challenging, because any time you get a demand that's a little less than expected, both because of the big activity in COVID, but also just because there's a little bit of inflation going on -- well, a lot of inflation going on, so some people's wallets are a bit stretched -- any time you get that, then competitors that are a little less well off than us tend to be desperate for cash and will discount.

嗯，我認為我們整個組件類別的毛利率目標是達到 25% 左右。我們在穩步成長這些方面做得很好。我認為後疫情時代的挑戰非常大，因為任何時候，需求都會比預期低一點，這既是因為疫情的大規模活動，也只是因為有一點通貨膨脹——好吧，通貨膨脹很嚴重，所以有些人的錢包有點鼓——任何時候，當你遇到這種情況時，那些比我們稍差一點的競爭對手往往急需現金，並會打折。

So I think in in a more buoyant market that we're looking forward to, we should be much better off, much more stable inventory and demand. And so I would expect that we bounce back pretty quickly to our target or expected gross margins. And Thi has been working previously with the team to get these things back on track. So I think when you actually look at the expected EBITDA for this year compared to last year, as much of that is coming from improved margins than it is from revenue improvement.

因此我認為，在我們期待的更活躍的市場中，我們的情況應該會好得多，庫存和需求也會更加穩定。因此我預計我們能夠很快恢復到我們的目標或預期的毛利率。Thi 之前一直在與團隊合作，讓這些事情重回正軌。因此，我認為，當你實際將今年的預期 EBITDA 與去年進行比較時，你會發現，其中很大一部分來自於利潤率的提高，而不是收入的提高。

(Operator Instructions) Doug Creutz, TD Cowen.

(操作員指示) Doug Creutz，TD Cowen。

Hey, thank you. You mentioned that your guidance incorporates the expected impact of the tariffs. I'm just curious if you think that kind of relative to your competitors, if you're relatively better positioned or worse positioned with tariffs. Could it be a competitive advantage? Any color you can give on that would be great. Thank you.

嘿，謝謝你。您提到您的指導考慮了關稅的預期影響。我只是好奇，您是否認為相對於您的競爭對手，您在關稅方面處於相對有利還是不利的地位。這會成為一種競爭優勢嗎？無論你給什麼顏色都可以。謝謝。

Well, there's two parts to that. I'll give you a general sense, and then Thi can give you a much more detailed view of where we stand on tariffs. It really depends on the industry and what we saw the last time tariffs came into play, which were mostly, of course, against China.

嗯，這有兩個部分。我會給你一個總體印象，然後我可以給你更詳細的關於我們在關稅方面的立場。這實際上取決於行業以及我們上次看到關稅的情況，當然，關稅主要是針對中國的。

A third of our business is memory, which we build in Taiwan. The chips are not made in China. Many of our competitors then had assembly plants in China, for example. So it depends competitor by competitor and segment by segment, to be quite honest with you.

我們的業務的三分之一是內存，我們在台灣生產。這些晶片不是中國製造的。例如，當時我們的許多競爭對手都在中國設有組裝廠。因此，坦白說，這取決於每個競爭對手和每個細分市場。

Some of the peripheral categories, we've already got a lot of production outside of China, so have our competitors. So I don't think other than some very specific areas, we're going to be any better or worse off than our competitors, but we're in pretty good shape. So do you want to just give a --

對於一些外圍類別，我們已經在中國以外進行了大量生產，我們的競爭對手也是如此。因此，我認為除了一些非常具體的領域之外，我們不會比我們的競爭對手更好或更差，但我們的狀況已經相當好了。那你想給一個--

Yeah. So tariff is really not a new problem for Corsair there, especially tariffs from China. So we've been working around the clock since the past four years to mitigate the supply chains so that we don't have any significant impact.

是的。因此，關稅對 Corsair 來說並不是一個新問題，尤其是來自中國的關稅。因此，過去四年來，我們一直在不分晝夜地努力緩解供應鏈壓力，以免產生任何重大影響。

Now for some of the newer ones, for example, Mexico, Canada potential tariffs, we actually don't have any factory location in both of those countries versus maybe other manufacturer or OEMs who had invested in those countries in recent years. So at this point we feel comfortable with the current guidance. Of course, depending on the news coming out next -- and that might change the picture -- but at the moment, we feel pretty good about our supply chain.

現在對於一些較新的國家，例如墨西哥、加拿大的潛在關稅，我們實際上在這兩個國家都沒有設立工廠，也許其他製造商或 OEM 近年來在這些國家進行了投資。因此目前我們對目前的指導感到滿意。當然，這取決於接下來發布的新聞——這可能會改變情況——但目前，我們對我們的供應鏈感覺相當良好。

Great. Thank you, and congratulations, both, Andy and Thi.

偉大的。謝謝，並恭喜 Andy 和 Thi。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Hey. This is Colin Loyet on for Colin Sebastian. Thanks for taking our questions. Just two from us. So the commentary in the release around the shaping of the rebounded components was helpful. So just kind of on that, our first question would be around components. How beneficial do you think NVIDIA's AI services business is for Corsair? For example, are you seeing people pair Corsair products with their products kind of in that sense?

嘿。這是科林洛耶特 (Colin Loyet) 為科林塞巴斯蒂安 (Colin Sebastian) 主持的節目。感謝您回答我們的問題。我們只有兩個。因此，新聞稿中有關反彈組件塑造的評論是有幫助的。因此，我們的第一個問題是關於組件的。您認為 NVIDIA 的 AI 服務業務對 Corsair 有何好處？例如，您是否看到人們將 Corsair 產品與他們的產品配對？

And then our second question stepping back and looking at the broader video game market, have you seen any games recently kind of spur purchases of either peripherals or components? Or do you think it's going to be more back-half weighted with the likes of GTA 6 and games like that? Thank you.

然後我們的第二個問題是回顧並看看更廣泛的視頻遊戲市場，您是否看到最近有任何遊戲刺激了外圍設備或組件的購買？或者您認為它將更多地受到《GTA 6》等遊戲的重視？謝謝。

Yeah. Let's take the second question first. We're going to come back to the first one, because I didn't quite hear it. But in terms of new games, I mean, there's been a steady stream of games. What we really haven't had for the last year or two is what we could call a Fortnite moment or a PUBG moment.

是的。我們先來回答第二個問題。我們要回到第一個問題，因為我沒有聽清楚。但就新遊戲而言，我的意思是，一直有源源不絕的遊戲推出。在過去的一兩年裡，我們真正沒有經歷過的是所謂的「堡壘之夜」時刻或「絕地求生」時刻。

So people are typically playing older games, and I think for our component business and for people looking at new cards, obviously, that tends to depend on new games that are super demanding, right, that you need high performance graphics in order to get 60 frames a second. Games like Fortnite tend to drive headset sales and keyboard sales.

所以人們通常玩的是舊遊戲，我認為對於我們的組件業務和那些尋找新卡的人來說，顯然這往往取決於超高要求的新遊戲，對吧，你需要高性能的圖形才能獲得每秒 60 幀。像 Fortnite 這樣的遊戲往往會推動耳機和鍵盤的銷售。

But if you look at -- if you actually look at the numbers, across the last five years, peripheral sales are substantially up, like 50% or 60% up compared to pre-COVID. So more people are gaming, but they're not -- yeah, not all gaming on new games. So the activity around PC builds or gaming PC builds is roughly on par with pre-COVID now. And obviously, we know that there was a little bit of a pull-forward from '22 to '24 in '20 and '21.

但如果你看一下——如果你實際看一下數字，你會發現在過去五年中，外圍設備的銷售額大幅增長，與新冠疫情之前相比增長了 50% 或 60%。因此，玩遊戲的人越來越多，但並不是所有人都在玩新遊戲。因此，現在圍繞 PC 組裝或遊戲 PC 組裝的活動大致與 COVID 之前相當。顯然，我們知道，在2020年和2021年，從2022年到2024年，出現了一點提前的現象。

So that's why we expect this refresh to build up and give us a little bit of growth in that area. But yeah, GTA 6 is probably the one everyone's talking about, and we'll get a glimpse of that, I think, later on in the year for console. My understanding now it's going to come out in the fall for console and then early '26 for a PC.

所以這就是為什麼我們期望這次更新能夠取得進展並為我們在這個領域帶來一點成長。不過是的，GTA 6 可能是每個人都在談論的一款遊戲，我想，我們將在今年晚些時候在遊戲機上看到它。據我所知，現在該遊戲將在秋季登陸主機，並於 26 年初登陸 PC。

Now the first part of the question in terms of NVIDIA AI helping or affecting our components sales, I didn't quite understand. Maybe you can give me that one again.

現在問題的第一部分是關於 NVIDIA AI 是否幫助或影響我們的組件銷售，我不太明白。也許你可以再給我那個。

Yeah. So for example, people are training AI models with H100, et cetera, are you seeing people use Corsair products in their training data centers or facilities?

是的。例如，人們正在使用 H100 等來訓練 AI 模型，您是否看到人們在他們的訓練資料中心或設施中使用 Corsair 產品？

Oh, I see what you're saying. So look, we have not targeted data centers. I mean, we sell products that are premium for consumers. If you're putting together a data center, once you've bought the graphics cards, everything else is just treated as a volume purchase at the lowest price.

哦，我明白你的意思。所以看，我們並沒有針對資料中心。我的意思是，我們銷售的是針對消費者的優質產品。如果您正在組建一個資料中心，一旦您購買了顯示卡，其他所有東西都會被視為以最低價格大量購買。

So I wouldn't think about that. Actually, what we have seen, though, is that there's a lot of people, we're seeing building workstations with standard graphics cards or two graphics cards to start playing around with AI models.

所以我不會考慮這個。但實際上，我們看到很多人正在建立具有標準顯示卡或兩張顯示卡的工作站，開始研究人工智慧模型。

Machine learning.

機器學習。

Yeah. So I actually do think there's going to be a little bit of a demand from that, but we can't really size it at the moment.

是的。所以我確實認為會有一點這方面的需求，但目前我們無法準確衡量。

Okay, that's great. And yeah, congrats, Andy. I really appreciate it.

好的，太好了。是的，恭喜你，安迪。我非常感激。

(Operator Instructions) Seeing no further questions, it will conclude our question-and-answer session. I would like to turn the conference back over to Andy Paul, President and CEO, for any closing remarks.

(操作員指示) 如果沒有其他問題，我們的問答環節將結束。我想將會議交還給總裁兼執行長安迪保羅 (Andy Paul)，請他作最後發言。

Thank you. So thank you, everybody, for joining us on the call today and for your continued support. If you've got 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.

謝謝。所以，感謝大家今天的電話會議並感謝你們一直以來的支持。如果您有任何後續問題，請聯絡我們的投資者關係部門。我們期待下個季度向您提供最新資訊。謝謝您，祝您晚上愉快。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。