美商海盜船 (CRSR) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Corsair Gaming's first-quarter 2025 earnings conference call.

下午好，歡迎參加 Corsair Gaming 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

With that, let me turn the call over to David Pasquale with Investor Relations. Thank you, sir. Please begin.

說完這些，讓我把電話轉給投資者關係部的 David Pasquale。謝謝您，先生。請開始。

Good afternoon, everyone, and thank you for joining Corsair's financial results conference call for the first quarter ended March 31, 2025.

大家下午好，感謝您參加 Corsair 截至 2025 年 3 月 31 日的第一季財務業績電話會議。

On the call today, we have Corsair's CEO, Andy Paul; Thi La, Corsair's President and future Chief Executive Officer of Corsair as of July 1, 2025; and CFO, Michael Potter. Andy will review highlights from the quarter followed by Thi. Michael will then review the financials. We will then have time for any questions.

參加今天電話會議的有 Corsair 執行長 Andy Paul、Corsair 總裁兼未來執行長（自 2025 年 7 月 1 日起擔任 Corsair 執行長）Thi La 以及財務長 Michael Potter。安迪將回顧本季的亮點，隨後是 Thi。然後邁克爾將審查財務狀況。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, may include forward-looking statements related to the expected future results for 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-Q has been filed, these numbers are preliminary.

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。由於諸多風險和不確定性，我們的實際結果可能與我們的預測有重大差異。我們的收益報告和其他美國證券交易委員會 (SEC) 文件中描述了前瞻性陳述所面臨的風險和不確定性。請注意，在我們提交 10-Q 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.

今天的演講也將提及非公認會計準則財務指標。我們在今天股市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 will now turn the call over to Corsair's CEO, Andy Paul. Please go ahead, sir.

現在，我將把電話轉給 Corsair 的執行長 Andy Paul。先生，請繼續。

Thanks, David. Firstly, I'm pleased to report that we've met our revenue and earnings targets for Q1 with $370 million of revenue, representing an approximate 10% growth over Q1 of last year. Margins and EBITDA were also on target, which Michael will cover in detail later.

謝謝，大衛。首先，我很高興地報告，我們第一季的營收和獲利目標已經實現，營收達到 3.7 億美元，比去年第一季成長約 10%。利潤率和 EBITDA 也達到了目標，Michael 稍後會詳細介紹。

Our new Fanatec sim racing operation helped growth in our gamer and creator peripheral segment. And a rebound in our gaming component and systems segment signaled renewed energy in the core of our enthusiast base with new GPU cards shipping from NVIDIA. One of the key milestones this quarter was the successful initial integration of Fanatec into Corsair.

我們新的 Fanatec 模擬賽車業務促進了我們的遊戲玩家和創作者周邊領域的成長。我們的遊戲組件和系統部門的反彈標誌著隨著 NVIDIA 推出新的 GPU 卡，我們的愛好者群體的核心煥發了新的活力。本季度的一個重要里程碑是 Fanatec 與 Corsair 的成功初步整合。

This included seamless alignment across our website, e-commerce systems, ERP, supply chain, and customer support infrastructure. We're already seeing the results. Consumers have responded enthusiastically to improve product availability, support, and a more streamlined experience.

這包括我們的網站、電子商務系統、ERP、供應鏈和客戶支援基礎設施的無縫協調。我們已經看到了結果。消費者對提高產品可用性、支援和更簡化的體驗做出了熱烈的回應。

We're excited to build on this momentum by shortly bringing Fanatec products to some of our specialist retailers, further expanding our presence in the enthusiast gaming space and driving incremental revenue. Clearly, one of the main topics of the day is tariffs and how they affect us. And Thi La, who was recently announced as our new CEO, will address what we're doing to mitigate any tariff impacts.

我們很高興能夠藉此勢頭，很快將 Fanatec 產品帶給我們的一些專業零售商，進一步擴大我們在遊戲愛好者領域的影響力並推動增量收入。顯然，今天的主要話題之一是關稅及其對我們的影響。最近被任命為我們新任執行長的 Thi La 將介紹我們為減輕關稅影響所採取的措施。

But the headline is that we don't source much for the US market from China, and so far, we saw very little effect in terms of our consumer-based reducing demand. In Q1, we have seen solid demand for our components and memory products as enthusiasts build new gaming PCs based on new high-performance GPUs. As we have mentioned before, the new 50 series GPU cards are higher power than before, especially when overclocked. This means higher grade power supplies and cooling devices need to be used, which is where we specialize.

但問題是，我們從中國為美國市場採購的商品並不多，而且到目前為止，我們在消費者減少需求方面幾乎沒有看到任何效果。在第一季度，隨著愛好者基於新的高效能 GPU 建立新的遊戲電腦，我們看到對我們的組件和記憶體產品的強勁需求。正如我們之前提到的，新的 50 系列 GPU 卡比以前的功率更高，尤其是在超頻時。這意味著需要使用更高等級的電源和冷卻設備，而這正是我們的專長。

So we started the year in a good position. Looking forward, there are always multiple variables that can change. And of course, we don't know what exactly is going to happen with tariffs given the fluid situation. However, we are encouraged with the more measured approach to tariffs on semiconductors and related products, and would expect to end up at a place which would not meaningfully affect consumer demand for building gaming PCs and buying peripherals.

因此，我們以良好的狀態開啟了新的一年。展望未來，總是有多個變數可以改變。當然，鑑於情勢的不穩定，我們不知道關稅究竟會發生什麼變化。然而，我們對半導體和相關產品關稅採取更審慎的態度感到鼓舞，並預計最終不會對消費者對組裝遊戲電腦和購買週邊設備的需求產生重大影響。

My belief, having watched many economic cycles over the years, is that home entertainment, like gaming or watching content at home, tends to be less effective during a recession than spending outside the home, such as restaurants, bars, and other outside entertainment. Having said that, any economic slowdown or recession that involves layoffs and prices generally going up will not likely induce any meaningful growth for our markets.

多年來觀察過許多經濟週期後，我認為，在經濟衰退期間，家庭娛樂（如在家玩遊戲或觀看內容）的效果往往不如在餐廳、酒吧和其他戶外娛樂場所消費的效果好。話雖如此，任何涉及裁員和價格普遍上漲的經濟放緩或衰退都不太可能為我們的市場帶來任何有意義的成長。

The other thing we need to look at is how we fare compared to our competitors. In most of our categories, we are the largest supplier. And so we probably have more flexibility and likely would gain market share if large tariffs go into effect. As I mentioned, Thi will cover this in detail next.

我們需要考慮的另一件事是我們與競爭對手相比表現如何。在我們大多數的類別中，我們都是最大的供應商。因此，如果高關稅生效，我們可能會擁有更大的靈活性，並可能獲得市場份額。正如我所提到的，Thi 將接下來詳細介紹這一點。

Lastly, I want to touch on the growing impact of artificial intelligence across our business. This is an exciting development with massive implications to our business and to gameplay. We're already seeing early benefits. For example, Elgato is shipping AI enhanced tools like the AI Prompter. And we integrated AI into Wavelink with AiCoustic.

最後，我想談談人工智慧對我們業務日益增長的影響。這是一個令人興奮的發展，對我們的業務和遊戲玩法具有巨大的影響。我們已經看到了早期的效益。例如，Elgato 正在推出 AI Prompter 等 AI 增強工具。我們透過 AiCoustic 將 AI 整合到 Wavelink 中。

Our support teams are also using AI driven knowledge systems to deliver faster, more accurate service. This ultimately creates a better customer relationship, reduces the support costs and builds brand strength. We believe AI will become a meaningful growth driver as it shapes the entire ecosystem from game creation to gameplay.

我們的支援團隊也使用人工智慧驅動的知識系統來提供更快、更準確的服務。這最終會建立更好的客戶關係，降低支援成本並增強品牌實力。我們相信，人工智慧將成為一個有意義的成長動力，因為它塑造了從遊戲創作到遊戲玩法的整個生態系統。

In summary, Q1 was a solid start to the year. With the successful Fanatec integration, strong product demands, an adaptable supply chain, and early wins in AI, Corsair is well positioned for continued growth and innovation in the coming years. We're excited to what lies ahead.

總而言之，第一季是今年的一個好開始。憑藉與 Fanatec 的成功整合、強勁的產品需求、適應性強的供應鏈以及在人工智慧領域的早期勝利，Corsair 已為未來幾年的持續成長和創新做好了準備。我們對未來充滿期待。

Let me now turn the call over to Thi La, before Michael reviews our financials. Thi, please go ahead.

現在，在 Michael 審查我們的財務狀況之前，請允許我把電話轉給 Thi La。Thi，請繼續。

Thank you, Andy. Corsair has a long history of navigating global trade dynamics with agility and efficiency. spent years building a flexible, multi-location manufacturing strategy that allows us to quickly adapt to changes in the market and policy environment.

謝謝你，安迪。Corsair 長期以來一直以敏捷和高效的方式應對全球貿易動態。多年來，我們花了數年時間建立靈活的多地點製造策略，使我們能夠快速適應市場和政策環境的變化。

Today, our products are manufactured in several countries, including the United States, through a combination of our own factories and a network of trusted assembly subcontractors tailored to our diverse product lines. Thanks to our operational expertise and deep supplier relationships, we've consistently demonstrated the ability to ship production locations within just two to four quarters, an advantage that gives us tremendous resilience.

如今，我們的產品在包括美國在內的多個國家生產，透過我們自己的工廠和根據我們多樣化產品線量身定制的可信賴的組裝分包商網路進行生產。憑藉我們的營運專業知識和深厚的供應商關係，我們始終如一地展現出在短短兩到四個季度內將生產地點運送到位的能力，這一優勢賦予了我們巨大的韌性。

While the US represents roughly 45% of our total sales in Q1 2025, only 19% of the products sold into that market are sourced from China. And this number is expected to drop during this year. This means that we are well positioned to continue serving US consumers cost-effectively due to our fluid operation. Our experience and scale allow us to move faster than many smaller competitors, and we believe this environment creates a meaningful opportunity for us to capture share.

雖然美國約占我們 2025 年第一季總銷售額的 45%，但在該市場銷售的產品中只有 19% 來自中國。預計今年這數字將會下降。這意味著，憑藉我們流暢的運營，我們有能力繼續以經濟高效的方式為美國消費者提供服務。我們的經驗和規模使我們比許多較小的競爭對手行動更快，我們相信這種環境為我們搶佔市場份額創造了有意義的機會。

We're also encouraged by recent NPD group data, which shows strong year over year growth in the components markets. These are areas where Corsair maintains a leadership position and we're confident in our ability to meet ground demand with minimal disruption. Let me now turn the call over to Michael for a review. Michael?

NPD 集團的最新數據也令我們感到鼓舞，該數據顯示零件市場較去年同期成長強勁。在這些領域，Corsair 保持領先地位，我們有信心以最小的干擾滿足地面需求。現在讓我把電話轉給麥可審核。麥可？

Thank you, Andy and Thi. We're very pleased with our first quarter performance, which highlights the continued progress we're making across the business. One of the highlights this quarter was the expansion in margins. The increase in revenue from higher performance gear are resulting from the high-end GPU releases. So it's coupled with our continued discipline execution and focus on operational efficiency. This performance reflects the strength of our underlying business and our team's ability to execute on a long-term business model.

謝謝你，安迪和 Thi。我們對第一季的業績非常滿意，這凸顯了我們整個業務正在取得的持續進步。本季的一大亮點是利潤率的擴大。更高效能設備的收入增加是由於高階 GPU 的發布。因此，它與我們持續的紀律執行和對營運效率的關注相結合。這項業績反映了我們基礎業務的實力以及我們團隊執行長期業務模式的能力。

On the financial side, we made significant progress in further strengthening our balance sheet. We continue to actively reduce debt and improve our overall liquidity position. Taken together, these actions further enhance our financial flexibility and resilience, which takes on added importance in the current dynamic market environment.

在財務方面，我們在進一步強化資產負債表方面取得了重大進展。我們繼續積極減少債務並改善整體流動性狀況。總之，這些措施進一步增強了我們的財務靈活性和彈性，這在當前動態的市場環境中顯得尤為重要。

In terms of the specifics, Q1 2025 net revenue was $369.8 million. compared to $337.3 million in Q1 2024. European markets contributed 37.2% of our Q1 2025 revenues compared to 38% in Q4 2024, while the APAC region was 11.3% of our Q1 2025 revenues compared to 9.1% in Q4 2024.

具體而言，2025 年第一季淨收入為 3.698 億美元，而 2024 年第一季為 3.373 億美元。歐洲市場貢獻了我們 2025 年第一季營收的 37.2%，而 2024 年第四季為 38%，而亞太地區貢獻了我們 2025 年第一季營收的 11.3%，而 2024 年第四季為 9.1%。

Turning now to our segment. The Gamer and Creator Peripherals segment contributed $112 million of net revenue during the first quarter, compared to $107 million in Q1 2024. The Gaming Components and Systems segment contributed $257.8 million of net revenue during the first quarter, compared to $230.3 million in Q1 2024.

現在轉到我們的部分。遊戲玩家和創作者周邊部門在第一季貢獻了 1.12 億美元的淨收入，而 2024 年第一季為 1.07 億美元。遊戲組件和系統部門在第一季貢獻了 2.578 億美元的淨收入，而 2024 年第一季為 2.303 億美元。

Memory products contributed $141.1 million in Q1 2025 compared to $124.9 million in Q1 2024.

2025 年第一季度，記憶體產品貢獻了 1.411 億美元，而 2024 年第一季為 1.249 億美元。

Overall gross profit in the first quarter was $102.4 million compared to $86.6 million in Q1 2024, reflecting the continued growth in our Gamer and Creator Peripherals segment and some benefit from the initial integration of the Fanatec. Gross margin increased to 27.7% compared to 25.7% in Q1 2024. While gross margin can fluctuate in any given quarter, we are pleased with the improvement in Q1, and this remains a focus for us longer term. Gross profit in the Gamer and Creator Peripheral segment was $46.4 million. compared to $43.6 million in Q1 2024. Gross margin improved to 41.5% compared to 40.8% in Q1 2024.

第一季的總毛利為 1.024 億美元，而 2024 年第一季為 8,660 萬美元，這反映了我們遊戲玩家和創作者周邊部門的持續成長，以及 Fanatec 初步整合帶來的一些好處。毛利率從 2024 年第一季的 25.7% 上升至 27.7%。雖然毛利率在任何一個季度都會波動，但我們對第一季的改善感到滿意，這仍然是我們長期關注的重點。遊戲玩家和創作者周邊部門的毛利為 4,640 萬美元，而 2024 年第一季為 4,360 萬美元。毛利率從 2024 年第一季的 40.8% 提高至 41.5%。

The Gaming Components and System segment gross profit was $55.9 million compared to $43 million in Q1 2024. Gross margin was 21.7% compared to 18.7% in Q1 2024. Our memory products gross margins in this segment were 16.9% for the first quarter compared to 14.5% in Q1 2024.

遊戲組件和系統部門的毛利為 5,590 萬美元，而 2024 年第一季為 4,300 萬美元。毛利率為 21.7%，而 2024 年第一季為 18.7%。我們該部門記憶體產品毛利率第一季為 16.9%，而 2024 年第一季為 14.5%。

First quarter SG&A expenses decreased slightly as a percentage of total revenue to 23.5%, or $87 million. compared to 23.8% or $80.2 million in Q1 2024. First quarter R&D expenses also decreased slightly as a percentage of total revenue to 4.8% or $17.6 million compared to 4.9% or $16.6 million in Q1 2024. We continue to target investments in higher ROI innovation, including both hardware and software to enhance the customer experience and to create revenue opportunities for us.

第一季銷售、一般及行政費用佔總收入的百分比略有下降，為 23.5%，即 8,700 萬美元，而 2024 年第一季為 23.8%，即 8,020 萬美元。第一季研發費用佔總收入的百分比也略有下降，為 4.8% 或 1,760 萬美元，而 2024 年第一季為 4.9% 或 1,660 萬美元。我們將繼續投資於投資回報率更高的創新，包括硬體和軟體，以增強客戶體驗並為我們創造收入機會。

GAAP operating loss in the first quarter of 2025 was $2.3 million, compared to $10.2 million in Q1 in 2024. First quarter adjusted operating income was $20.6 million, compared to adjusted operating income of $15.4 million, in Q1, 2024.

2025 年第一季的 GAAP 營業虧損為 230 萬美元，而 2024 年第一季為 1,020 萬美元。第一季調整後營業收入為 2,060 萬美元，而 2024 年第一季調整後營業收入為 1,540 萬美元。

First quarter net loss attributable to common shareholders was $10.1 million, or $0.10 per diluted share, as compared to net loss of $12.5 million, or $0.12 per diluted share in Q1, 2024. On an adjusted basis, first quarter net income was $12.3 million, or $0.11 per diluted share, compared to an adjusted net income of $9.5 million or $0.09 per share in Q1 2024. Finally, our first quarter adjusted EBITDA was $22.6 million compared to $18 million for Q1 2024.

第一季歸屬於普通股股東的淨虧損為 1,010 萬美元，即每股攤薄虧損 0.10 美元，而 2024 年第一季的淨虧損為 1,250 萬美元，即每股攤薄虧損 0.12 美元。經調整後，第一季淨收入為 1,230 萬美元，即每股攤薄收益 0.11 美元，而 2024 年第一季調整後淨收入為 950 萬美元，即每股 0.09 美元。最後，我們第一季的調整後 EBITDA 為 2,260 萬美元，而 2024 年第一季為 1,800 萬美元。

We are pleased to start the year on a strong note and remain focused on further improvements longer term. Shortly after the end of the quarter, we finished the last and largest effort to move Fanatech fully into our base systems. That was successful and should help us better manage in the future. Although there are still some supply chain changes that are being made, we do expect integration expenses to be mostly behind us now.

我們很高興以強勁的勢頭開啟新的一年，並將繼續致力於長期的進一步改善。本季結束後不久，我們完成了最後也是最大的努力，將 Fanatech 完全遷移到我們的基礎系統中。這是成功的，並且應該有助於我們在未來更好地管理。儘管仍在進行一些供應鏈變革，但我們預計整合費用現在已基本被拋在後面。

Turning now to our balance sheet. We ended Q1 with a cash balance, including restricted cash, of $102.5 million. We invested in inventory in some categories as we thought might help with any needed transitions, with inventory ending Q1 at $276.8 million, up $16.9 million from the prior quarter. We ended Q1 with $149 million of debt at face value, down $25 million from the prior quarter, and our $100 million working capital revolver remains undrawn and fully available. Overall, our liquidity remains excellent and allows us to pursue different strategies to support growth opportunities, including building inventory in strategic categories, as I mentioned earlier.

現在來看我們的資產負債表。我們第一季的現金餘額（包括受限現金）為 1.025 億美元。我們對某些類別的庫存進行了投資，因為我們認為這可能有助於任何必要的轉型，第一季末的庫存為 2.768 億美元，比上一季增加了 1,690 萬美元。我們第一季結束時的債務面值為 1.49 億美元，比上一季減少了 2,500 萬美元，而我們的 1 億美元營運資金循環信貸額度仍未動用且完全可用。總體而言，我們的流動性仍然很好，使我們能夠採取不同的策略來支持成長機會，包括像我之前提到的那樣在策略類別中建立庫存。

Finally, with regard to our outlook. As noted in our Q1 earnings release, given current uncertainty resulting from new tariffs and the possibility of additional tariffs and retaliatory actions taken in response to such tariffs, we are not reaffirming full year 2025 financial guidance but intend to provide an update later in the year as visibility improves.

最後，關於我們的展望。正如我們在第一季財報中指出的那樣，鑑於新關稅造成的當前不確定性以及可能徵收額外關稅和針對此類關稅採取報復行動，我們不會重申 2025 年全年財務指導，但打算在今年晚些時候隨著可見性的提高提供更新。

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問題。接線生，請您打開電話問答好嗎？

(Operator Instructions) Aaron Lee, Macquarie.

（操作員指示）麥格理的 Aaron Lee。

Hey, good afternoon. Thanks for taking my question. I appreciate all the color. Obviously, a lot going on in the world right now, inflation, tariffs, macro.

嘿，下午好。感謝您回答我的問題。我欣賞所有的色彩。顯然，現在世界上發生了很多事情，通貨膨脹、關稅、宏觀經濟。

It sounds like everything is on track, but has anything changed in terms of your confidence in the hardware refresh cycle around the new NVIDIA GPUs? And can you talk a bit more about how Corsair has performed in past recessions, and maybe any lessons you can apply going forward? Thanks.

聽起來一切都在按計劃進行，但是您對新 NVIDIA GPU 的硬體更新周期的信心有什麼變化嗎？您能否進一步談談 Corsair 在過去的經濟衰退中的表現，以及未來可以藉鏡的經驗教訓？謝謝。

Well, yeah, it's a complicated question. I think that one thing we're mindful about is that two-thirds of our revenue comes from people building gaming PCs. And the determining factor on whether they're going to build or not is going to come down to the cost of a GPU and the CPU. And that's why so much depends on the tariff level. semiconductors and what ends up being exempt.

嗯，是的，這是一個複雜的問題。我認為我們注意到的一件事是，我們的三分之二的收入來自組裝遊戲電腦的人。而決定他們是否要建造的因素將取決於 GPU 和 CPU 的成本。這就是為什麼很多事情都取決於關稅水平。半導體以及最終獲得豁免的產品。

So you can imagine that if there was a 50% tariff on GPUs, that would almost certainly impact demand. Now, our current expectation, or maybe it's a hope, is that semiconductors are not going to get heavily tariffed, because we think that there's a lot of people lobbying against this. And I think there's going to be an understanding that it does take a long to rebuild up a semiconductor base in the US.

因此你可以想像，如果對 GPU 徵收 50% 的關稅，幾乎肯定會影響需求。現在，我們目前的預期，或者說是一種希望，是半導體不會被徵收高額關稅，因為我們認為有很多人反對這種做法。我認為人們會認識到重建美國半導體基地確實需要很長時間。

So early signs though, is that people are clearly building with 50 Series cards from NVIDIA. That's already started. Remember, they didn't really start shipping until March. So we've only had a small amount of activity. But certainly, all the way through March, 50-90 cards, which are the high-end cards, were essentially an allocation for the whole balance of Q1.

因此，早期跡象表明人們顯然正在使用 NVIDIA 的 50 系列顯示卡進行建置。那已經開始了。請記住，他們直到三月才真正開始發貨。所以我們只進行了少量的活動。但可以肯定的是，整個三月份，50-90 張卡（高階卡）基本上是整個第一季餘額的分配。

We couldn't get enough cards to make our high-end systems.So yeah, the refresh cycle is certainly starting. But there's a lot of factors that could change how big it is.

我們無法獲得足夠的卡片來製造我們的高端系統。所以，是的，更新周期肯定開始了。但有很多因素可能會改變它的大小。

You asked about recession, and we don't have a huge amount of historical data on that. What I will say is that what we have seen in general is that people tend to stay home in a recession. And history shows that people resort to alcohol and watching TV and historically in recessions, and I think, now, it's more playing video games and watching Netflix. So I think that we'd be in a situation if people started tightening their pocketbooks.

您問到經濟衰退的問題，但我們沒有大量這方面的歷史數據。我想說的是，我們普遍看到的是，在經濟衰退時期人們傾向於待在家裡。歷史表明，在經濟衰退時期，人們會藉助酗酒和看電視來消遣，而我認為，現在人們更多的是玩電子遊戲和看 Netflix。所以我認為，如果人們開始勒緊錢包，我們就會陷入這樣的境地。

Got you. Thank you, that's helpful. I wanted to dig into the segments as well. Growth in peripherals, 5% in the quarter. Any drivers of that in particular you would call out?

明白了。謝謝，這很有幫助。我也想深入研究這些片段。外圍設備成長，本季成長 5%。您有什麼特別的驅動因素嗎？

And conversely, strong growth in the component segment, do you think any of that was pull forward demand from people buying ahead of tariffs? Or do you think momentum can continue to build from here? Thank you.

相反，零件領域的強勁增長，您是否認為這是由於人們在關稅前購買而產生的拉動需求？或者您認為這種勢頭可以從現在開始繼續增強？謝謝。

Yeah, so I think in the components area, no, I don't think we saw that, because the market was actually completely limited by the availability of the cards. And really, the tariffs didn't start kicking in to right at the end of the quarter, so -- in fact, early April.

是的，所以我認為在組件領域，不，我認為我們沒有看到這種情況，因為市場實際上完全受到卡片的可用性的限制。事實上，關稅並不是在本季結束時才開始生效的，實際上是在 4 月初。

So in terms of peripherals, main driver for the growth was clearly the Fanatec acquisition. That went pretty much as planned. We're pretty happy with the way that's going. Yeah, so those are the two segments.

因此，就週邊設備而言，成長的主要動力顯然是收購 Fanatec。一切基本上都按照計劃進行。我們對目前的進展非常滿意。是的，這就是兩個部分。

Okay, appreciate it. Thank you.

好的，謝謝。謝謝。

(Operator Instructions)

（操作員指示）

Seeing no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Corsair's CEO, Andy Paul, for any closing remarks.

如果沒有其他問題，我們的問答環節就此結束。我想將會議交還給 Corsair 執行長安迪保羅 (Andy Paul)，請他發表閉幕詞。

Okay, 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，感謝大家今天參加我們的電話會議並感謝大家一直以來的支持。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更新最新情況。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。