美商海盜船 (CRSR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon and welcome to the Corsair Gaming's third-quarter 2025 earnings conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Corsair Gaming 2025 年第三季財報電話會議。再次提醒，今天的通話將會被錄音，您的參與即表示您同意被錄音。（操作說明）

With that, I would now like to turn the call over to David Pasquale with Corsair Investor Relations. Thank you. Sir, please begin.

接下來，我將把電話交給 Corsair 投資者關係部門的 David Pasquale。謝謝。先生，請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the third quarter ending September 30, 2025. On the call today, we have Corsair's CEO, Thi La; and CFO Michael Potter. Thi will review highlights from the quarter. Michael will then review the financials and our outlook. We will then have time for any questions.

謝謝接線生。各位下午好，感謝各位參加 Corsair 截至 2025 年 9 月 30 日的第三季財務業績電話會議。今天參加電話會議的有 Corsair 的執行長 Thi La 和財務長 Michael Potter。他將回顧本季的亮點。接下來，麥可將審閱財務數據和我們的展望。之後我們會預留時間回答大家的問題。

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.

在開始之前，請容許我先聲明一下關於前瞻性陳述的免責聲明。本次電話會議（包括問答環節）可能包含與公司預期未來績效相關的預測性陳述，因此屬於預測性陳述。由於許多風險和不確定因素，我們的實際結果可能與我們的預測有重大差異。

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. 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.

前瞻性陳述所涉及的風險和不確定性已在我們的獲利報告和其他提交給美國證券交易委員會的文件中進行了描述。請注意，在我們提交 10-Q 表格之前，這些數字只是初步數據。今天的演講也將提及非GAAP財務指標。更多信息，包括非GAAP財務資訊與GAAP財務資訊之間的調節表，請參閱我們今天收盤後發布的新聞稿。

With that, I'll now turn the call over to Corsair's CEO Thi La. Please go ahead, Thi.

接下來，我將把電話交給 Corsair 的 CEO Thi La。請繼續，蒂。

Thank you, David, and thank you all for joining us today. Q3 was another strong quarter for Corsair. We delivered double-digit year over year revenue growth and even stronger profit expansion, demonstrating disciplined execution and operational focus. These results reinforce that we are delivering on our promise, bringing more innovative products to market with a faster cadence and benefiting from strong consumer acceptance.

謝謝你，大衛，也謝謝今天所有到場的各位。Corsair 第三季表現依然強勁。我們實現了兩位數的年收入成長和更強勁的利潤成長，展現了嚴謹的執行力和專注的營運。這些結果進一步證明，我們正在兌現承諾，以更快的節奏將更多創新產品推向市場，並受益於消費者的強烈認可。

We are seeing excellent traction across our latest product launches, such as the Vanguard 96 gaming keyboard, Sabre Pro, FPS ultra lightweight mouse, and Valor Pro Premium customizable controller. All of these were praised by the gaming community as offering great value with the right features for competitive and enthusiast players. The feedback and early sales performance confirmed that our recent product roadmap is solid and will position us well into 2026.

我們最新推出的產品，如 Vanguard 96 遊戲鍵盤、Sabre Pro、FPS 超輕滑鼠和 Valor Pro Premium 可自訂控制器，都獲得了極佳的市場反響。這些遊戲都受到了遊戲社群的好評，認為它們物超所值，具備競技玩家和遊戲愛好者所需的功能。回饋和早期銷售業績證實，我們最近的產品路線圖是穩健的，將使我們順利進入 2026 年。

In our components and system segment, revenue grew over 15% year-over-year, fueled by demand for high-performance PC builds and upgrades around the NVIDIA 5000 series GPUs. Customers continue to invest in high-wattage PSUs, 360mm water cooling, and high-capacity DDR5 memory. The launch of our award-winning Air 5400 chassis further strengthens our position as a leader in DIY solutions, giving builders a major step up in both cooling performance and aesthetics.

在我們的組件和系統部門，營收年增超過 15%，這得益於市場對基於 NVIDIA 5000 系列 GPU 的高效能 PC 建置和升級的需求。消費者持續投資高功率電源、360mm水冷散熱器和高容量DDR5記憶體。我們推出的屢獲殊榮的 Air 5400 機殼進一步鞏固了我們在 DIY 解決方案領域的領先地位，為裝置用戶在散熱性能和美觀性方面帶來了巨大的提升。

Our DDR5 memory lineup also broke multiple overclocking world records this quarter, a testament to our strength in performance DRAM engineering. We're also pleased with our Elgato brand, which continues to drive the broader creator ecosystem through the success of its marketplace flywheel. Growing adoption of Stream Deck, supported by an active creator community, and increasing integration with leading applications and content creation platforms is creating meaningful long-term momentum.

本季度，我們的 DDR5 記憶體產品線也打破了多項超頻世界紀錄，證明了我們在高效能 DRAM 工程方面的實力。我們也對我們的 Elgato 品牌感到滿意，它透過其市場飛輪效應的成功，持續推動更廣泛的創作者生態系統的發展。Stream Deck 的日益普及，加上活躍的創作者社群的支持，以及與領先應用程式和內容創作平台的不斷整合，正在創造有意義的長期發展勢頭。

As our network of industry partners expands, we are unlocking new use cases and software opportunities that strengthen the ecosystem and reinforce Elgato's position as the go-to platform for creators. We have also made great progress on M&A integration, where we are expanding both our product roadmap and global reach. Fanatec's partnerships with leading motorsport brands, including BMW, Porsche, Red Bull, and Sparkle, highlight our position as a trusted innovator in sim racing. Together, we are delivering authentic, high-performance experiences that bridge real-world racing and simulation.

隨著我們行業合作夥伴網路的擴展，我們正在解鎖新的用例和軟體機會，從而加強生態系統，並鞏固 Elgato 作為創作者首選平台的地位。我們在併購整合方面也取得了巨大進展，我們正在擴展產品路線圖和全球業務範圍。Fanatec 與包括 BMW、保時捷、紅牛和 Sparkle 在內的領先賽車品牌建立了合作關係，這凸顯了我們作為模擬賽車領域值得信賴的創新者的地位。我們共同致力於打造真實、高性能的體驗，將現實世界的賽車與模擬體驗完美融合。

Fanatec's strong presence at the Sim Racing Expo in Dortmund, Germany, underscored the accelerating demand we see in Europe and the US. We received very positive community response and strong engagement for our latest Podium DD direct drive wheelbase and Podium Pedals Precision Pedal Set. We developed these in collaboration with professional drivers to design in the most realistic experience possible for sim drivers. We see sim sports as a multi-year growth driver and have more exciting products in development heading into 2026 and beyond.

Fanatec 在德國多特蒙德舉辦的模擬賽車博覽會上的強大影響力，凸顯了我們在歐洲和美國看到的日益增長的需求。我們最新的 Podium DD 直驅方向盤底座和 Podium Pedals 精密踏板套裝獲得了社群的正面回饋和強烈參與。我們與專業車手合作開發了這些功能，旨在為模擬駕駛者打造盡可能真實的體驗。我們認為模擬體育將是一個多年增長的驅動力，並且有更多令人興奮的產品正在開發中，展望 2026 年及以後。

With a strong racing brand and global expansion opportunities, we feel good about our position in the market. Looking ahead, we remain focused on executing every key element of our business strategy and building smarter products faster for our community of gamers, creators, and professionals. We continue to manage operating expenses with discipline to improve our bottom line, while still supporting the strategic investments that drive future growth.

憑藉強大的賽車品牌和全球擴張機會，我們對自己在市場上的地位充滿信心。展望未來，我們將繼續專注於執行業務策略的每一個關鍵要素，並為我們的遊戲玩家、創作者和專業人士社群更快地打造更智慧的產品。我們將繼續嚴格控制營運費用，以提高獲利能力，同時繼續支持推動未來成長的策略投資。

Lastly, our AI roadmap opens exciting opportunities for Corsair to participate at multiple levels, from computing, content creation, usability, to performance tuning, all of which position us for long-term growth.

最後，我們的人工智慧路線圖為 Corsair 提供了令人興奮的機會，使其能夠在多個層面參與其中，從運算、內容創作、可用性到效能調優，所有這些都將使我們處於長期發展的地位。

With that, I will turn it over to Michael to walk through the financials.

接下來，我將把財務分析工作交給麥可。

Thanks Thi. And good afternoon, everyone. As Thi noted, this was another strong quarter for us. We grew profitability faster than revenue in the quarter, underscoring the significant operating leverage within our business model. Our balance sheet remains strong, and we are in a great position to support enthusiast demand across our entire ecosystem, while continuing to invest in the long-term initiatives that will drive our growth.

謝謝 Thi。大家下午好。正如 Thi 指出的那樣，這又是我們表現強勁的一個季度。本季我們的獲利成長速度超過了營收成長速度，凸顯了我們商業模式中顯著的營運槓桿作用。我們的資產負債表依然穩健，我們完全有能力滿足整個生態系統中愛好者的需求，同時繼續投資於推動我們成長的長期舉措。

In terms of the specifics, Q3 2025 net revenue increased 14% to $345.8 million compared to $304.2 million in Q3 2024. For the first nine months of 2025, net revenue increased 15% to $1.04 billion from $902.8 million in the year-ago period. European markets contributed 40% of our Q3 2025 revenues, compared to 34% in Q2 2025, while the APAC region was 13% of our Q3 2025 revenues, compared to 14% in Q2 2025.

具體而言，2025 年第三季淨收入成長 14%，達到 3.458 億美元，而 2024 年第三季為 3.042 億美元。2025 年頭九個月，淨收入成長 15%，從去年同期的 9.028 億美元增至 10.4 億美元。歐洲市場貢獻了我們 2025 年第三季營收的 40%，而 2025 年第二季為 34%；亞太地區貢獻了我們 2025 年第三季營收的 13%，而 2025 年第二季為 14%。

Turning now to our segments. The gamer and creator peripheral segment contributed $112.7 million of net revenue during the third quarter, compared to $102 million in Q3 2024. For the first nine months of 2025, gamer and creator peripheral segment revenue increased to $327.3 million, compared to $303.2 million in the first nine months of 2024. The gaming components and systems segment contributed $233.1 million of net revenue during the third quarter, compared to $202.2 million in Q3 2024.

現在進入我們的節目環節。第三季度，遊戲玩家和創作者週邊業務貢獻了 1.127 億美元的淨收入，而 2024 年第三季為 1.02 億美元。2025 年前九個月，遊戲玩家和創作者周邊細分市場的收入成長至 3.273 億美元，而 2024 年前九個月的收入為 3.032 億美元。第三季度，遊戲組件和系統部門貢獻了 2.331 億美元的淨收入，而 2024 年第三季為 2.022 億美元。

Memory products contributed $117.2 million in Q3 2025, compared to $97 million in 3Q 2024. For the first nine months of 2025, gaming components and systems segment revenue increased to $708.4 million from $599.6 million in the first nine months of 2024, with revenue from memory products increasing to $363.2 million from $303.6 million. Overall gross profit in the third quarter increased 33.6% to $93.1 million, compared to $69.7 million in Q3 2024, reflecting our continued execution and increased contribution from higher growth products and channels.

2025 年第三季度，儲存產品貢獻了 1.172 億美元，而 2024 年第三季則貢獻了 9,700 萬美元。2025 年前九個月，遊戲組件和系統部門的收入從 2024 年前九個月的 5.996 億美元增至 7.084 億美元，其中記憶體產品的收入從 3.036 億美元增至 3.632 億美元。第三季整體毛利成長 33.6% 至 9,310 萬美元，而 2024 年第三季為 6,970 萬美元，這反映了我們持續的執行力以及高成長產品和通路貢獻的增加。

Gross margin increased 400 basis points to 26.9%, compared to 22.9% in Q3 2024. This reflects the positive uplift from our improved product mix. Overall gross profit increased to $281.3 million for the first nine months of 2025, compared to $219.4 million in the first nine months of 2024. Gross profit in the gamer and creator peripheral segment increased to $44.3 million compared to $39 million in Q3 2024.

毛利率較 2024 年第三季的 22.9% 成長 400 個基點至 26.9%。這反映了我們產品組合改進帶來的正面影響。2025 年頭九個月的總毛利增至 2.813 億美元，而 2024 年前九個月的總毛利為 2.194 億美元。遊戲玩家和創作者周邊領域的毛利從 2024 年第三季的 3,900 萬美元增至 4,430 萬美元。

Gross margin increased to 39.3% compared to 38.3% in Q3 2024. The gaming components and systems segment gross profit increased to $48.8 million compared to $30.6 million in Q3 2024. Gross margin increased to 20.9% compared to 15.1% in Q3 2024. Our memory products gross margins in this segment were 16.8% for the third quarter compared to 10.7% in Q3 2024.

毛利率從 2024 年第三季的 38.3% 提高到 39.3%。遊戲組件和系統部門的毛利從 2024 年第三季的 3,060 萬美元增加到 4,880 萬美元。毛利率從 2024 年第三季的 15.1% 成長至 20.9%。本季我們儲存產品的毛利率為 16.8%，而 2024 年第三季為 10.7%。

Third quarter SG&A expenses were $82 million, compared to $74.1 million in Q3 2024, but down from $85.3 million in Q2 2025, as we support our higher revenue but remain diligent in our cost controls. Third quarter R&D expenses were $16.7 million compared to $16.5 million in Q3 2024. This was down from $17.5 million in Q2 2025. We remain committed to controlling operating expenses while supporting the company's long-term growth opportunities.

第三季銷售、一般及行政費用為 8,200 萬美元，而 2024 年第三季為 7,410 萬美元，但低於 2025 年第二季的 8,530 萬美元，因為我們支持更高的收入，但仍認真控製成本。第三季研發費用為 1,670 萬美元，而 2024 年第三季為 1,650 萬美元。這比 2025 年第二季的 1750 萬美元有所下降。我們將繼續致力於控制營運成本，同時支持公司的長期發展機會。

GAAP operating loss improved to $5.6 million in the third quarter of 2025 compared to a gap operating loss of $20.9 million in Q3 2024. Third quarter adjusted operating income was $13.5 million compared to adjusted operating income of $2.4 million in Q3 2024. Adjusted operating income was $40.8 million for the first nine months of 2025 compared to $14 million in the first nine of 2024.

2025 年第三季 GAAP 營業虧損改善至 560 萬美元，而 2024 年第三季的營業虧損為 2,090 萬美元。第三季調整後營業收入為 1,350 萬美元，而 2024 年第三季調整後營業收入為 240 萬美元。2025 年前九個月的調整後營業收入為 4,080 萬美元，而 2024 年前九個月的調整後營業收入為 1,400 萬美元。

Third quarter net loss attributable to common shareholders was $9.5 million or $0.09 per diluted share as compared to a net loss of $58.4 million or $0.56 per diluted share in Q3 2024. On an adjusted basis, third quarter net income was $6.8 million or $0.06 per diluted share compared to an adjusted net loss of $30.3 million or $0.29 per share in Q3 2024. For the first nine months of 2025, adjusted net income was $20.4 million, or $0.19 per diluted share, compared to adjusted net loss of $27.6 million, or $0.27 cents per share, in the first nine months of 2024.

第三季歸屬於普通股股東的淨虧損為 950 萬美元，即每股攤薄虧損 0.09 美元，而 2024 年第三季淨虧損為 5,840 萬美元，即每股攤薄虧損 0.56 美元。經調整後，第三季淨利為 680 萬美元，即每股攤薄收益 0.06 美元，而 2024 年第三季經調整後的淨虧損為 3,030 萬美元，即每股虧損 0.29 美元。2025 年前九個月，調整後淨收入為 2,040 萬美元，即每股攤薄收益 0.19 美元，而 2024 年前九個月，調整後淨虧損為 2,760 萬美元，即每股虧損 0.27 美元。

Finally, the third quarter adjusted EBITDA increased 236% to $16.2 million, compared to $4.8 million in Q3 2024. For the first nine months of 2025, adjusted EBITDA increased 117% to $47 million compared to $21.6 million in the year-ago period.

最後，第三季調整後 EBITDA 成長 236% 至 1,620 萬美元，而 2024 年第三季為 480 萬美元。2025 年前九個月，調整後 EBITDA 成長 117%，達到 4,700 萬美元，去年同期為 2,160 萬美元。

Turning now to our balance sheet. We ended Q3 with a cash balance, including restricted cash of $65.8 million. We built inventory ahead of the seasonally strong Q4. Overall, we continue to maintain a healthy balance sheet with sufficient cash to fund the development of our expanding product portfolio and growth plan. We ended Q3 with $123.4 million of debt at face value, and our $100 million working capital revolver remains available.

現在來看我們的資產負債表。第三季末，我們的現金餘額（包括受限現金）為 6,580 萬美元。我們在旺季第四季到來之前就建立了庫存。總體而言，我們繼續保持健康的資產負債表，擁有充足的現金來資助我們不斷擴大的產品組合和成長計畫的開發。第三季末，我們以面額計算的債務為 1.234 億美元，我們 1 億美元的營運資金循環信貸額度仍然可用。

Our outlook. In terms of the full year 2025, we're updating our guidance to reflect greater clarity around the market dynamics and ongoing changes in the global trade policy developments. Net revenue is expected to be in the range of $1.425 billion to $1.475 billion. Adjusted operating income to be in the range of $76 million to $81 million. Adjusted EBITDA is projected between $85 million and $90 million. This adjustment gives a conservative outlook for Q4, primarily to account for a tight DDR5 memory market and reflects customers' latest spending patterns.

我們的展望。展望 2025 年全年，我們將更新我們的指導意見，以反映市場動態的更加清晰以及全球貿易政策發展的持續變化。預計淨收入將在 14.25 億美元至 14.75 億美元之間。調整後營業收入預計在 7,600 萬美元至 8,100 萬美元之間。調整後 EBITDA 預計在 8,500 萬美元至 9,000 萬美元之間。這項調整使第四季的前景顯得較為保守，主要原因是DDR5記憶體市場緊張，並反映了客戶最新的消費模式。

While Corsair has a strong mitigation plan in place for memory availability, we believe it's prudent to temper expectations on the upside in this category. Gaming and creative peripherals continue to grow year over year, tracking in the high single digits for 2025. As gamers focus on high-end PC builds, particularly with the adoption of NVIDIA 5000 series GPUs starting in late Q2, we expect peripheral upgrades to follow as new builds normalize, supporting continued momentum into 2026.

雖然 Corsair 針對記憶體供應問題制定了強有力的緩解方案，但我們認為，對於這個類別，最好不要抱持過高的期望。遊戲和創意週邊市場持續逐年成長，預計到 2025 年將保持高個位數成長率。隨著遊戲玩家專注於高階 PC 配置，特別是從第二季末開始採用 NVIDIA 5000 系列 GPU，我們預計隨著新配置的普及，週邊升級也將隨之而來，從而支持這一趨勢持續到 2026 年。

As a reminder, when we model income taxes, we do not take a benefit for losses in our GAAP results. In Q3 2024, we took a $32.5 million non-cash valuation allowance. Since then, we've been not booking a credit that would create further tax assets related to a loss carry forward, which is usual for this type of accounting. Typically, we do not start recognizing this benefit until you return the profitability.

再次提醒，在模擬所得稅時，我們不會因 GAAP 結果中的損失而獲得收益。2024 年第三季度，我們提列了 3,250 萬美元的非現金估值準備金。從那以後，我們沒有確認會產生與虧損結轉相關的進一步稅務資產的貸項，這對於這種類型的會計處理來說是正常的。通常情況下，只有當您恢復獲利能力時，我們才會開始意識到這種好處。

In addition, despite $12 million in unforeseen tariff costs since May, Corsair delivered meaningful margin progress through agile supply chain management, proactive sourcing, pricing actions, and disciplined spending. Corsair expects to exit 2025 with a solid year-over-year improvement in EBITDA margin. We believe this positions Corsair for sustained profitable growth in 2026.

此外，儘管自 5 月以來產生了 1,200 萬美元的意外關稅成本，Corsair 仍透過靈活的供應鏈管理、積極的採購、定價策略和嚴格的支出，實現了利潤率的顯著提升。Corsair 預計到 2025 年底，其 EBITDA 利潤率將實現年穩定成長。我們相信這將使 Corsair 在 2026 年實現持續獲利成長。

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

接下來，我們很高興地向大家徵求問題。接線員，請開啟問答環節？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，現在開始問答環節。（操作說明）

Aaron Lee, Macquarie Asset Management.

Aaron Lee，麥格理資產管理公司。

Hey Thi, Michael, thanks for taking my question. As it relates to guidance, you referenced estimated consumer spending patterns in the release any more color you can put behind that just in terms of your expectations? And can you comment on how trends looked as you progressed through the quarter and into October, please? Thank you.

嗨，Thi，Michael，謝謝你們回答我的問題。關於指導意見，您在新聞稿中提到了預期的消費者支出模式，您能否就此提供更多細節，例如您的預期？請問您能否談談隨著季度推進以及進入十月份，各項趨勢是如何變化的？謝謝。

Oh yes. Good to hear from you, Aaron. So with regards to that particular comment, what we see is the availability of the Nvidia GPUs really only hitting us toward the end of Q2 and Q3 is when the consumer spending was starting to come for the DIY components categories as well as system. And the spending pattern is more on the component and system segment first. That's where you see the nice growth year on year, double-digit.

哦是的。很高興收到你的來信，亞倫。所以關於那條評論，我們看到的是，英偉達 GPU 的供應真正開始進入第二季度末和第三季度，而那時消費者才開始在 DIY 組件和系統方面支出。而且支出模式更集中在零件和系統部分。這就是我們看到逐年實現兩位數良好成長的地方。

And basically where we see is that the delay in increased spending for gaming peripherals and creator segment into Q4 and 2026. It still show a nice number year on year for us, but we see that as just a priority in terms of investment. Now, I do have to say that we do see that, when we start at the beginning of the year, we were looking at double-digit growth for gaming, but for the North American market, it's more like a single-digit versus a double-digit at this point.

基本上，我們看到的是，遊戲週邊和創作者領域的支出成長將推遲到第四季和 2026 年。雖然它仍然為我們帶來了一個不錯的年度數字，但我們認為這只是投資的優先事項。現在，我必須說，我們確實看到，年初的時候，遊戲產業預計會實現兩位數的成長，但就北美市場而言，目前來看，成長率更像是個位數而不是兩位數。

Got it. Great, that's helpful color. And then on the memory market, do you have any visibility into how long the tightness there could last and at what point do you decide it's appropriate to start mitigating and how quickly can you implement the mitigation plans? Thank you.

知道了。太好了，這個顏色很有幫助。那麼，在記憶體市場方面，您是否了解這種緊張局面可能會持續多久，以及在什麼情況下您會決定開始採取緩解措施，以及您能以多快的速度實施緩解計劃？謝謝。

Yes, that's a great question. And probably late Q3, we are starting to see signs, and I'm sure you have heard it from other industry partners as well that the DDR5 memories is going to be tight toward the end of this year and probably, first half of next year. We have already taken action, probably at the beginning of Q3 at this point, you can see that from our cash position where we definitely are investing in inventory to help drive the rest of the year as well as well into next year and we feel pretty good about our position at this point, in terms of memory supply as well as our ability to just drive growth year on year. But we're being conservative because as seeing that where the market is a bit tight, we don't want to be overly ambitious in terms of our numbers.

是的，這是一個很好的問題。可能在第三季末，我們開始看到一些跡象，我相信你也從其他行業合作夥伴那裡聽說了，DDR5 內存的供應在今年年底和明年上半年可能會很緊張。我們已經採取了行動，大概是在第三季初。從我們的現金狀況可以看出，我們確實在投資庫存，以幫助推動今年剩餘時間以及明年的發展。就內存供應以及我們逐年推動成長的能力而言，我們目前對我們的狀況感到非常滿意。但我們採取了保守的做法，因為考慮到市場供應有些緊張，我們不想在業績數字上過於雄心勃勃。

All right, got it. Thanks for all the color. Good luck.

好的，明白了。感謝你們帶來的繽紛色彩。祝你好運。

Alicia Reese, Wedbush Securities.

艾莉西亞‧里斯，韋德布希證券公司。

Hi. Thi, Michael. Thanks for taking my question. If we could double click a little bit more on the memory -- the guidance with regard to the DDR5, can you give us a little bit more color on the conservatism? I suppose what you are looking at in terms of worst case, best case scenario to and how that plays out through the fourth quarter.

你好。蒂，麥可。謝謝您回答我的問題。如果我們能再深入探討一下記憶體方面的問題－關於DDR5的指導意見，您能否再詳細解釋一下其中的保守做法？我想你關注的是最壞情況、最好情況，以及這種情況在第四季會如何發展。

Yes, so actually, memory contributed meaningfully to Q3, as you know memory is actually kind of like a third of our revenue in some quarters. And right now, we're seeing some benefit from margin expansion especially due to the fact that we have a decent inventory positions and the pricing has been going up.

是的，實際上，記憶體業務對第三季度的業績做出了顯著貢獻，正如您所知，在某些季度，記憶體業務實際上占我們收入的三分之一左右。目前，由於我們擁有良好的庫存狀況且價格一直在上漲，我們從利潤率擴張中看到了一些好處。

In general, when the memory market started to move upward in terms of pricing, we usually see some margin benefits from that. And in terms of inventory, we're feeling pretty good about our position and as I mentioned before. So, our conservatism is as I mentioned, just stem from the fact that if we look at the situation, if it's going to be a couple quarter out with a lot of people jumping in to mitigate it, we don't want to assume any potential upside just yet, right at this point.

一般來說，當記憶體市場價格開始上漲時，我們通常會從中獲得一些利潤率方面的好處。至於庫存方面，我們對目前的狀況感覺相當不錯，正如我之前提到的。所以，正如我剛才提到的，我們的保守態度源於這樣一個事實：如果我們審視一下目前的情況，如果未來幾個季度內會有很多人湧入市場來緩解這種情況，那麼我們現在還不想假設任何潛在的上漲空間。

But the demand is actually quite healthy at this point. I would say that we cannot fulfill all of the upside coming in. But on the other hand, we're not worried about the number that we have committed to.

但目前市場需求其實相當健康。我認為我們無法充分利用所有預期收益。但另一方面，我們並不擔心我們已經承諾的數量。

Thank you.

謝謝。

Drew Crum, B Riley Securities.

Drew Crum，B Riley Securities。

Hi, thanks. Good afternoon, everyone. Michael, your commentary on tariff costs $12 million. Just want to clarify that's an unmitigated number. Also, what do you anticipating through the balance of the year and any preliminary thoughts as to where your tariff exposure costs will be in '26 and then I have a follow-up.

您好，謝謝。大家下午好。邁克爾，你對關稅的評論要花費1200萬美元。需要澄清的是，這是一個未經任何調整的數字。另外，您對今年剩餘時間有何預期？對於 2026 年的關稅風險敞口成本，您有什麼初步想法？之後我還有一個後續問題。

Well, thanks, for the question, Drew, and welcome back to the call. It's good to hear your voice again.

謝謝你的提問，德魯，歡迎回到通話中。很高興再次聽到你的聲音。

Yeah, that's the unmitigated, and that's our number for this year, what our expectations are. We mitigated almost all of it as we've indicated before, just to give an indication of some of the headwinds we fought against, and I don't know if Thi has anything else, you'd like to add to that.

是的，這就是全部，這就是我們今年的目標，也是我們的預期。正如我們之前所指出的，我們幾乎緩解了所有這些問題，這只是為了說明我們遇到的一些阻力，我不知道 Thi 是否還有什麼要補充的。

Yeah, Drew, very nice to meet you. I think what we wanted to kind of start out the year. I mean, I wanted to kind of relate back to when we started out the year and we didn't plan for any tariffs when we set the 2025 numbers, and since then lots of changes in the policies and we were happy to say that we were able to mitigate pretty much most if not all of the tariff impact.

是的，德魯，很高興見到你。我想這就是我們想要開啟新年的方式。我的意思是，我想回顧一下年初的時候，我們在製定 2025 年目標時並沒有考慮到任何關稅，但從那時起政策發生了許多變化，我們很高興地說，我們能夠減輕大部分（如果不是全部）關稅的影響。

And as the company is really focusing on building up a margin portfolio and really trying to kind of increase our efficiencies in product launch cadence as well as operational efficiencies and M&A synergies. We feel pretty good about 2025 overall, and our latest signal for the rest of the year basically is a testimony to the effort that we have in terms of supply chain mitigation as well as product pricing mitigation.

公司目前正致力於建立利潤豐厚的產品組合，並努力提高產品發布節奏、營運效率以及併購協同效應的效率。我們對 2025 年的整體前景相當樂觀，我們最新的預測訊號也基本上證明了我們在供應鏈緩解和產品定價緩解方面所做的努力。

So I just wanted to kind of share that with you, so that you can see the accomplishment here.

所以我想和你們分享一下，讓你們看看我們所取得的成就。

Got it. Okay. Very helpful. And then Thi, looks like I peaked at your 10-Q, looks like your US business lagged other regions during 3Q. And I know one of your competitors last week flagged weaker consumer demand in the domestic market during their 3Q. I'm curious if your comments, concerning the North American market being up single-digits versus double-digits earlier in the year. What that contemplates as far as the holiday quarter is concerned. Thanks.

知道了。好的。很有幫助。然後，Thi，看來我在你們的 10-Q 報告中看到了我的巔峰表現，看來你們的美國業務在第三季度落後於其他地區。我知道你們的一家競爭對手上週指出，第三季國內市場消費需求疲軟。我很好奇您對北美市場今年稍早兩位數成長與個位數成長之間的差異有何看法。那麼，就假期季節而言，這意味著什麼？謝謝。

Yes, so for Q3 for us, we see that both Europe as well as Asian market is growing double-digit and North America specifically grew single-digit, that was the comment that I made earlier on, and we see that this region is growing a little bit slower than the other region. We are still seeing Corsair performing better than market, especially with the 15% and the 10% segment growth.

是的，就我們第三季的情況來看，歐洲和亞洲市場都實現了兩位數的成長，而北美市場則實現了個位數的成長，這是我之前提到的，而且我們看到該地區的成長速度比其他地區略慢。我們仍然看到 Corsair 的表現優於市場，尤其是在 15% 和 10% 細分市場成長方面。

So, we're feeling good about our ability to gain market share during this time, but my comment is basically reflecting that North America in particular is slower than the other two regions.

所以，我們對在此期間獲得市場份額的能力感到樂觀，但我的評論主要反映出北美地區的成長速度比其他兩個地區要慢。

Got it. Thanks, guys.

知道了。謝謝各位。

Ryan Bisson, Craig Hallam Capital Group. Please go ahead.

Ryan Bisson，Craig Hallam Capital Group。請繼續。

Hey guys, it's Ryan on for Tony Stoss. Thanks for taking my question. I'm just curious kind of on the Elgato side. I mean, now that it's been kind of a full quarter with the Nintendo Switch 2 selling and it's selling very well. If there's anything you could speak to about maybe Stream Deck capture cards that could be trending better than expectations just with an expansion into the Nintendo Switch 2 market.

大家好，我是 Ryan，代 Tony Stoss 為大家報道。謝謝您回答我的問題。我只是對Elgato這邊有點好奇。我的意思是，現在任天堂Switch 2上市已經一個季度了，而且銷售量非常好。如果您能談談關於 Stream Deck 採集卡的事情，或許可以考慮一下，隨著其進入 Nintendo Switch 2 市場，其發展趨勢可能會比預期更好。

Yes, very nice to meet you, Ryan, and, welcome on board. I wanted to speak to the Elgato capture cards, in particular the 4K capture card that we launched in around June time frame right in line with the Switch 2, and since then we definitely have seen double-digit growth, if not triple digit growth for the category. In terms of people liking to be able to stream, with the new platform, and same thing, Stream Deck alongside with (inaudible) is doing fairly well. We see point of sales growing double-digit year on year.

是的，很高興見到你，瑞恩，歡迎加入我們。我想談談 Elgato 採集卡，特別是我們在 6 月份左右與 Switch 2 同期推出的 4K 採集卡，從那以後，我們肯定看到了該類別兩位數甚至三位數的增長。就人們喜歡使用串流媒體而言，有了新平台，Stream Deck 和（聽不清楚）的表現都相當不錯。我們看到銷售點每年都以兩位數的速度成長。

We're making great progress with the platform. Also, the marketplace is growing in terms of contents and plug-ins, and we see that creators is definitely using the platform to either post their plug-ins or to even monetize for their plug-ins and the number of daily average users growing very nicely for us.

我們在平台建設方面取得了巨大進展。此外，市場在內容和插件方面也在不斷增長，我們看到創作者確實在利用該平台發布他們的插件，甚至透過插件獲利，而且日均用戶數量也成長得非常可觀。

Great, thank you so much guys. Congrats on the profitability.

太好了，非常感謝各位。恭喜你們實現獲利。

(Operator Instructions)

（操作說明）

Doug Creutz, TD Cowen.

道格·克魯茨，TD Cowen。

Hey, thank you. It's kind of a big picture question. I read a story the other day that Steam's active user base had roughly doubled over the last five or six years. And I remember several years ago, you guys had an Analyst Day where you talked about your expectations for growth in the PC gaming market. And they were sort of consistent with that, maybe a low double-digit growth rate.

嘿，謝謝。這是一個比較宏觀的問題。前幾天我看到一篇報道，說Steam的活躍用戶群在過去五、六年大約翻了一番。我還記得幾年前，你們舉辦了一次分析師日活動，會上你們談到了對 PC 遊戲市場成長的預期。他們的情況也基本上符合這個預期，成長率可能保持在兩位數的低點。

When I look at your components and systems segment revenue, where it's likely going to come out this year, relative to where it was in 2019, it's only up about 15%, which there seems like there's, it's somewhere there's a lot of leakage between the overall growth rate of the industry and what you guys are seeing on the system side, obviously your peripherals performance has been higher, but there's also been a lot of M&A in that segment.

當我查看你們的組件和系統部門的收入時，我估計今年的收入相對於 2019 年只有大約 15% 的增長，這似乎表明，整個行業的增長率與你們在系統方面看到的情況之間存在很大的差距。顯然，你們的周邊設備表現更好，但該領域也發生了許多併購。

So maybe could you talk about, why the divergence in the growth you've seen versus the growth the industry has seen. And what you can do to get the the two back into sort of parity. Thank you.

那麼，您能否談談，為什麼您所看到的成長與產業整體的成長有差異？以及你可以做些什麼來讓兩者重新達到某種程度的平衡。謝謝。

Thank you, and, good to hear from you. So the way that we see the market is actually two very different segments, right? So you got the publishers, the software revenue through game titles, and then you also have the hardware revenue through either people buying gaming PC from manufacturer like HP, Dell. And then they can build PC through us, so these are like the DIY folks and that's the gaming components and system segment.

謝謝，很高興收到你的來信。所以，我們認為市場其實是兩個截然不同的細分市場，對吧？所以，一方面有發行商透過遊戲產品獲得的軟體收入，另一方面也有人們從惠普、戴爾等製造商購買遊戲電腦所獲得的硬體收入。然後他們可以透過我們組裝電腦，所以這些人就像是 DIY 愛好者，這就是遊戲組件和系統領域。

So we in general forecast our business, alongside with, hot game releases. To be about a single-digit growth with the exception of when you have an Nvidia graphic cards launched, then that's when we started to see the big pop in terms of double-digit growth. So this year because of the 5,000 series launches, we were predicting that a lot of people will be rebuilding the PC. And that's where we see the spike.

因此，我們通常會根據熱門遊戲發布情況來預測我們的業務。除了英偉達顯示卡發佈時，成長率通常只有個位數；而每當英偉達顯示卡發佈時，我們才會看到兩位數的大幅成長。所以今年由於5000系列處理器的發布，我們預測很多人會重新組裝PC。而這正是我們看到銷售量激增的原因。

To play some of these titles, you don't really need to have a new PC every single time. So we see the growth of game titles unless you have a very exciting titles like Fortnite, for example, that requires a very good headset, for example, to play. It's basically just pretty much tracked more like a single-digit growth. And the next title for us that's going to be driving a lot of hardware sales, we believe is the GTA 6 when that is becoming available for PC because to play that game, the graphics content requires extremely high resolutions and there will be a lot of CGI content being created at that time. So this is where we can see another double-digit acceleration.

玩這些遊戲，其實不需要每次都買一台新電腦。所以我們看到遊戲數量的成長，除非你遇到像 Fortnite 這樣非常刺激的遊戲，例如需要非常好的耳機才能玩。基本上，它的成長率接近個位數。我們相信，接下來能帶動硬體銷售成長的遊戲是即將登陸 PC 平台的 GTA 6，因為這款遊戲的圖形內容需要極高的分辨率，而且屆時將會有大量的 CGI 內容被製作出來。所以在這裡我們可以看到另一個兩位數的成長。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作說明）

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Hi, this is [Zach] on for Colin Sebastian. Thanks for the question. Now that Fanatec is integrated into the core business and gaining traction with partners and consumers, are you thinking about the sim racing opportunity any differently than at the initial acquisition? Thanks.

大家好，我是[Zach]，代Colin Sebastian為您報道。謝謝你的提問。現在 Fanatec 已融入核心業務，並逐漸獲得合作夥伴和消費者的認可，您對模擬賽車領域的機會的看法是否與最初收購時有所不同？謝謝。

Yes. Thank you for coming in. We actually are very excited about the Fanatec opportunity from a number of different fronts. So the first one is just expanding the current product roadmaps. When we acquired Fanatec, some of the solution that they have on their portfolio has been quite old and we just started to unlock all of that solution, we'll be releasing starting from now until the next number of quarters, just refreshing all those products would drive incremental revenue for us.

是的。謝謝光臨。實際上，我們從多個方面都對與 Fanatec 的合作機會感到非常興奮。所以第一個目標只是擴展目前的產品路線圖。當我們收購 Fanatec 時，他們產品組合中的一些解決方案已經相當老舊，我們才剛開始解鎖所有這些解決方案，從現在開始到接下來的幾個季度，我們將陸續發布這些解決方案，更新所有這些產品將為我們帶來增量收入。

The other opportunity for us for Fanatec would be to enter new category, for example, coaching and performance tracking with some of the partners. For example, you can use AI to guide and monitor your driving style and then giving you advice so that you can gain that extra second, right? But that has been a pretty popular features for community. The second thing is entering additional categories such as flight sims and also farm sims. You know, there are a number of verticals that we have not really tapped into and these are all going to be incremental revenue source for us.

Fanatec 的另一個發展機會是進入新的領域，例如與一些合作夥伴一起進行教練和績效追蹤工作。例如，你可以使用人工智慧來指導和監控你的駕駛風格，然後給你建議，這樣你就能爭取到額外的一秒鐘，對嗎？但這對社區來說一直是個非常受歡迎的功能。第二件事是添加其他類別，例如飛行模擬遊戲和農場模擬遊戲。你知道，還有很多垂直領域我們還沒有真正開發，而這些都將成為我們新增的收入來源。

Thank you. (Operator Instructions)

謝謝。（操作說明）

As there are no further questions, I would now have the conference over to Corsair's CEO, Thi La for her closing comments.

由於沒有其他問題，現在我將把會議交給 Corsair 的執行長 Thi La，請她作總結發言。

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

感謝各位今天參加我們的電話會議，也感謝你們一直以來的支持。如有任何後續問題，請聯絡我們的投資者關係部門。我們期待下季向您報告最新情況。謝謝，祝您晚安。

Thank you. Ladies and gentlemen, the conference of Corsair Gaming has now concluded. Thank you for joining us, and you may now disconnect your lines.

謝謝。女士們、先生們，Corsair Gaming 的發表會到此結束。感謝您的參與，您現在可以斷開線路了。