美商海盜船 (CRSR) 2021 Q1 法說會逐字稿

Good morning, and welcome to Corsair Gaming First Quarter 2021 Earnings Conference Call. As a reminder, today's call is being recorded, and your participation implies consent to such recordings. (Operator Instructions) With that, I would like to turn the call over to Ronald Van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you, sir. Please begin.

早上好，歡迎參加 Corsair Gaming 2021 年第一季度收益電話會議。謹此提醒，今天的通話正在錄音，您的參與即表示您同意此類錄音。 （操作員指示）接下來，我想將電話轉給 Corsair 財務和投資者關係副總裁 Ronald Van Veen。謝謝你，先生。請開始。

Thank you. Good morning, everyone, and thank you for joining us for Corsair's financial results conference call for the first quarter ending March 31, 2021. On the call today, we have our CEO, Andy Paul; and CFO, Michael Potter.

謝謝。大家早上好，感謝您參加 Corsair 截至 2021 年 3 月 31 日的第一季度財務業績電話會議。今天的電話會議由我們的首席執行官 Andy Paul 主持。和首席財務官邁克爾·波特。

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results of our company and are therefore forward-looking statements. 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.

在開始之前，請允許我提供有關前瞻性陳述的免責聲明。本次電話會議（包括電話會議的問答部分）可能包括與我們公司的預期未來業績相關的前瞻性陳述，因此屬於前瞻性陳述。由於許多風險和不確定性，我們的實際結果可能與我們的預測存在重大差異。我們的收益報告和其他 SEC 文件中描述了前瞻性陳述所面臨的風險和不確定性。

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.

今天的講話還將提及非公認會計準則財務指標。新聞稿中提供了其他信息，包括非 GAAP 財務信息與 GAAP 財務信息之間的調節。

I would also like to highlight everyone that until our 10-Q is on file, Q1 2021 numbers are preliminary. This conference call will be available for replay via webcast through Corsair's Investor Relations website at ir.corsair.com.

我還想向大家強調，在我們的 10-Q 歸檔之前，2021 年第一季度的數字都是初步的。本次電話會議將通過 Corsair 投資者關係網站 ir.corsair.com 進行網絡直播重播。

Andy will begin with our first quarter business highlights, and our updated 2021 outlook, and Michael will then take you through a review of the financials before we proceed to Q&A. With that, I'll now turn it over the call to Andy.

安迪將首先介紹我們第一季度的業務亮點和我們更新的 2021 年展望，然後邁克爾將帶您回顧財務狀況，然後再進行問答。這樣，我現在將把電話轉給安迪。

Thanks, Ronald, and welcome to our Q1 2021 earnings call. While we are delighted with our Q1 results, which exceeded our expectations, as we continue to see elevated levels of gaming activity and the conversion of casual gamers to committed gamers who spend money on new gear.

謝謝 Ronald，歡迎參加我們的 2021 年第一季度財報電話會議。雖然我們對第一季度的業績感到滿意，這超出了我們的預期，但我們繼續看到遊戲活動水平的提高以及休閒遊戲玩家向花錢購買新裝備的忠實遊戲玩家的轉變。

During Q1, we delivered net revenue growth of 71.6% to $529.4 million, which is our second strongest quarterly performance surpassed only by our record Q4 2020. Adjusted EBITDA nearly tripled, growing 196.6% to a record $80.4 million and adjusted earnings of $0.58 per diluted share, which is up from $0.45 per share over Q1 2020.

第一季度，我們的淨收入增長 71.6%，達到 5.294 億美元，這是我們第二強勁的季度業績，僅次於創紀錄的 2020 年第四季度。調整後 EBITDA 幾乎增長了兩倍，增長 196.6%，達到創紀錄的 8040 萬美元，調整後攤薄收益為 0.58 美元股，較 2020 年第一季度每股 0.45 美元有所上漲。

We saw continued growth on buying and building $2,000 plus gaming PCs, which we believe indicates expected heavy PC game playing over the next few years, and subsequent accessory purchases. Q1 had some advantageous shipment mixes of high-margin products, leading to record high gross margins in both of our segments, a 39.1% on Gaming segment and 25.9% in our Components segment. While we are pleased to see evidence that we can achieve these levels, we caution not to expect these margins in every subsequent quarter. However, it certainly underscores our strong conviction that margins will increase over time, as we continue to bring out high-feature products and become more dominant in the market. We're also very pleased to see that in Q1, we were the #1 market share position in every gaming components category that (inaudible) monitors in the U.S., which is our largest market.

我們看到購買和組裝 2,000 美元以上游戲 PC 的數量持續增長，我們認為這表明預計未來幾年 PC 遊戲以及隨後的配件購買量將會增加。第一季度擁有一些有利的高利潤產品出貨組合，導致我們的兩個細分市場都創下了創紀錄的高毛利率，遊戲細分市場為 39.1%，組件細分市場為 25.9%。雖然我們很高興看到有證據表明我們可以達到這些水平，但我們警告不要期望接下來的每個季度都能實現這些利潤。然而，這無疑強調了我們的堅定信念：隨著我們不斷推出高性能產品並在市場上佔據更大主導地位，利潤率將隨著時間的推移而增加。我們還非常高興地看到，在第一季度，我們在美國（聽不清）監控的每個遊戲組件類別中均佔據第一的市場份額，美國是我們最大的市場。

We saw massive growth year-over-year in both of our financial segments, but most notably in gaming and creator peripherals, where the market continues to grow strongly, and our Elgato branded streaming products continue to outgrow the overall segment. The gamer and creator peripherals segment has more than doubled in revenue from Q1 2020 and nearly tripled from Q1 2019. In creator peripherals, we continue to be the market leader in video capture cards and lighting. Our Wave microphone launched last year has gained significant market share very quickly. Our Stream Deck has now become the standard for home broadcasting and sales over the last 3 quarters has exploded. On gaming peripherals, we launched several new keyboards and mouse with the most notable being our new 60% keyboard, the K65, which has been sold out ever since we launched it in March. The gaming systems and components, we continue to gain share in almost every category. Our new 4000 and 5000 series of gaming PC cases have helped us drive our market share in the U.S. to 28%, a 9% lead over our nearest competitor. Over 40% of our gaming case sales are now smart cases, meaning that they are shipped with an IQ controller installed. This further drives sales of IQ RGB accessories as gamers continue to upgrade and modify their gaming PC.

我們的兩個金融領域都實現了同比大幅增長，但最引人注目的是遊戲和創作者外圍設備，該市場持續強勁增長，而我們的 Elgato 品牌流媒體產品的增長繼續超過整個領域。遊戲玩家和創作者外設領域的收入較 2020 年第一季度增加了一倍多，較 2019 年第一季度增長了近兩倍。在創作者外設領域，我們繼續成為視頻採集卡和照明領域的市場領導者。我們去年推出的 Wave 麥克風很快就獲得了顯著的市場份額。我們的 Stream Deck 現已成為家庭廣播的標準，過去 3 個季度的銷量呈爆炸式增長。在遊戲外設方面，我們推出了幾款新的鍵盤和鼠標，其中最引人注目的是我們的新 60% 鍵盤 K65，自 3 月份推出以來就已售罄。在遊戲系統和組件方面，我們繼續在幾乎每個類別中獲得份額。我們新的 4000 和 5000 系列遊戲 PC 機箱幫助我們將美國市場份額提高到 28%，比最接近的競爭對手領先 9%。現在，我們銷售的遊戲機箱中有超過 40% 是智能機箱，這意味著它們在發貨時已安裝了 IQ 控制器。隨著遊戲玩家不斷升級和修改他們的遊戲電腦，這進一步推動了 IQ RGB 配件的銷售。

Our Corsair One a200 with liquid-cooled Ryzen CPU and RTX 3080 graphics card, received an Edison award from Tom's Hardware. In our gaming memory subsegment, we also have over 30% of our shipments, which are IQ enabled, again, which we believe drives additional IQ accessory purchases. We had rapid sales of pre-built systems from both ORIGIN PC as well as our Corsair VENGEANCE PCs. We're also thrilled to start shipping our enhanced Corsair One gaming PC with 30 series NVIDIA GPU cards and offer with both Intel and AMD CPUs. We increased our pace of new products launch to almost 2 per week in Q1. We launched 29 new products, including 5 power supplies, 8 case and related cooling products, 3 Elgato studio accessory products, 4 new keyboards, 4 new (inaudible) mouse pads, 3 high speed solid state drives and 2 prebuilt PC models.

我們的 Corsair One a200 配備液冷 Ryzen CPU 和 RTX 3080 顯卡，榮獲 Tom's Hardware 頒發的愛迪生獎。在我們的遊戲內存細分市場中，我們也有超過 30% 的出貨量是支持 IQ 的，我們相信這會推動更多 IQ 配件的購買。我們的 ORIGIN PC 和 Corsair VENGEANCE PC 的預構建系統銷售迅速。我們還很高興開始發售配備 30 系列 NVIDIA GPU 卡並配備 Intel 和 AMD CPU 的增強型 Corsair One 遊戲 PC。第一季度，我們將新產品的發布速度提高到每週近 2 個。我們推出了 29 款新產品，包括 5 款電源、8 款機箱及相關散熱產品、3 款 Elgato 工作室配件產品、4 款新鍵盤、4 款新（聽不清）鼠標墊、3 款高速固態硬盤和 2 款預裝 PC 型號。

We will continue to expand in R&D and marketing to drive and execute on our roadmap. R&D was up over 31% over Q1 2020, and we expect that growth will continue at a higher pace for the rest of the year.

我們將繼續擴大研發和營銷，以推動和執行我們的路線圖。研發較 2020 年第一季度增長超過 31%，我們預計今年剩餘時間將繼續以更高的速度增長。

We will continue to invest at a similar pace in product marketing, and you should expect us to continue to launch new high-performance products with the blistering pace and use these products to gain market share.

我們將繼續以類似的速度投資於產品營銷，您應該期待我們繼續以驚人的速度推出新的高性能產品，並利用這些產品來獲得市場份額。

During the quarter, we announced the acquisition of Visuals by Impulse, the world's premium design platform for creators. VBI provides professional and individualized designs for creators and streamers who use VBI overlays, alerts and widgets to customize their broadcast, [modify their] online persona and grow their fan bases. Based on our strong Q1 results and positive outlook for gaming gear demand, we are raising our guidance for the full year of 2021. Total revenue in the range of $1.9 billion to $2.1 billion, representing growth of 11.6% to 23.4%, up from prior guidance of $1.8 billion to $1.95 billion. Adjusted operating income in the range of $235 million to $255 million, and adjusted EBITDA in the range of $245 million to $265 million.

本季度，我們宣布收購 Visuals by Impulse，這是一家面向創作者的全球優質設計平台。 VBI 為創作者和主播提供專業和個性化的設計，他們使用 VBI 覆蓋、警報和小部件來定制他們的廣播、[修改他們的]在線角色並擴大他們的粉絲群。基於我們強勁的第一季度業績和對遊戲裝備需求的積極前景，我們上調了 2021 年全年指引。總收入在 19 億美元至 21 億美元之間，較之前增長 11.6% 至 23.4%指導值為 18 億至 19.5 億美元。調整後的營業收入在2.35億美元至2.55億美元之間，調整後的EBITDA在2.45億美元至2.65億美元之間。

As discussed before, we'll be adding significant resources to the company this year, both in marketing and R&D, as well as infrastructure as we move towards a $2 billion revenue number.

正如之前所討論的，今年我們將在營銷和研發以及基礎設施方面為公司增加大量資源，以實現 20 億美元的收入目標。

Thank you for your time and continued support. I'll now turn the call over to Michael to discuss our financial results for the quarter.

感謝您的寶貴時間和持續的支持。我現在將電話轉給邁克爾，討論我們本季度的財務業績。

Thanks, Andy, and good morning, everyone. During the first quarter, we delivered net revenue of $529.4 million, an increase of 71.6% compared to $308.5 million in Q1 2020. The gamer and creator peripheral segment more than doubled and provided $175.9 million of net revenue during the first quarter, an increase of 131.9% from $75.9 million in Q1 2020, driven by strong growth across all product categories, in particular, sales of our Elgato branded streaming product. The gamer and creator peripherals segment net revenue contributed 33.2% of total net revenue, an increase of 860 basis points from 24.6% in Q1 2020.

謝謝安迪，大家早上好。第一季度，我們實現了 5.294 億美元的淨收入，與 2020 年第一季度的 3.085 億美元相比，增長了 71.6%。遊戲玩家和創作者外設細分市場增長了一倍多，第一季度的淨收入為 1.759 億美元，增長了得益於所有產品類別的強勁增長，特別是我們的 Elgato 品牌流媒體產品的銷售，較 2020 年第一季度的 7590 萬美元增長了 131.9%。遊戲玩家和創作者外設部門的淨收入佔總淨收入的 33.2%，比 2020 年第一季度的 24.6% 增加了 860 個基點。

The Gaming Components and Systems segment provided $353.5 million of net revenue during the first quarter, an increase of 51.9% from $232.7 million in Q1 2020, primarily driven by strong growth across all product categories, as consumers continue to buy and build gaming PCs. Less than half of this revenue came from memory products, which contributed $161.9 million.

遊戲組件和系統部門在第一季度提供了 3.535 億美元的淨收入，比 2020 年第一季度的 2.327 億美元增長了 51.9%，這主要是由於消費者繼續購買和組裝遊戲 PC，所有產品類別的強勁增長推動的。其中不到一半的收入來自內存產品，貢獻了 1.619 億美元。

Gross profit in the first quarter more than doubled to a record $160.3 million, an increase of 103.9% from $78.6 million in Q1 2020, even beating last quarter's $153.8 million. The increase over Q1 2020 was primarily driven by increased revenues as well as the positive net margin impact from sales of higher-margin products, including streaming gear.

第一季度的毛利潤增長了一倍多，達到創紀錄的 1.603 億美元，比 2020 年第一季度的 7860 萬美元增長 103.9%，甚至超過了上季度的 1.538 億美元。 2020 年第一季度的增長主要是由於收入增加以及包括流媒體設備在內的高利潤產品銷售對淨利潤率的積極影響。

Gross profit margin increased by 480 basis points to 30.3% from 25.5% in Q1 2020. The gamer and creator peripherals segment gross profit was $68.9 million, an increase of $46.7 million from $22.1 million in Q1 2020, primarily driven by an increase in revenue in the same periods.

毛利率從 2020 年第一季度的 25.5% 增長 480 個基點至 30.3%。遊戲玩家和創作者外設部門毛利潤為 6890 萬美元，比 2020 年第一季度的 2210 萬美元增加 4670 萬美元，主要是由於相同的時期。

Gross profit margin was 39.1% compared to 29.2% in Q1 2020. The increase in gross margin was driven largely by product mix related to strong growth in sales of higher-margin streaming products, coupled with less promotional activities. We continue to see a mix shift as gamer and creator peripherals contributed 43% of total gross profit in Q1 2021 as compared to 28.2% in Q1 2020. This is a great overall story and formula for continued overall margin expansion, as our fastest-growing and highest margin segment also sits in our largest market.

毛利率為 39.1%，而 2020 年第一季度為 29.2%。毛利率的增長主要是由於與高利潤流媒體產品銷售強勁增長相關的產品組合以及促銷活動減少所致。我們繼續看到混合變化，因為遊戲玩家和創作者外設在 2021 年第一季度貢獻了總毛利潤的 43%，而 2020 年第一季度為 28.2%。這是一個偉大的整體故事和持續整體利潤率擴張的公式，因為我們增長最快的利潤率最高的部分也位於我們最大的市場。

The Gaming Components and Systems segment gross profit was $91.5 million, an increase of $35 million from $56.5 million in Q1 2020, primarily driven by the increase in revenue in the same period.

遊戲組件和系統部門的毛利潤為 9150 萬美元，比 2020 年第一季度的 5650 萬美元增加了 3500 萬美元，主要是由同期收入增長推動的。

Gross profit margin was 25.9% compared to 24.3% in Q1 2020, primarily due to product mix. Gaming Components and Systems contributed 57% of the total gross profit in Q1 2021 as compared to 71.8% in Q1 2020. Our memory products margin in this segment was 21% for the quarter.

毛利率為 25.9%，而 2020 年第一季度為 24.3%，主要得益於產品組合。遊戲組件和系統佔 2021 年第一季度總毛利潤的 57%，而 2020 年第一季度為 71.8%。本季度我們在該領域的內存產品利潤率為 21%。

First quarter SG&A expenses were $77.9 million, an increase of $24.1 million or 44.9% compared to $53.7 million in Q1 2020, primarily driven by an increase in outbound freight costs due to an increase in revenue and increased -- due to expenses related to being a public company and an increase in personnel-related expenses.

第一季度的 SG&A 費用為 7790 萬美元，與 2020 年第一季度的 5370 萬美元相比增加了 2410 萬美元，增幅為 44.9%，這主要是由於收入增加導致出境貨運成本增加，以及與運營相關的費用增加所致。上市公司和人事相關費用的增加。

First quarter product development expenses were $15.2 million, an increase of $3.6 million or 31.4% compared to $11.6 million in Q1 2020, primarily driven by an increase in personnel-related expenses as we continue to focus on bringing an increasing number of products to the market. Operating income in the first quarter of 2021 was $67.3 million, an increase of $54 million from $13.3 million in Q1 2020. Adjusted operating income in the first quarter of 2021 was $80.4 million, an increase of $55.4 million or 221.4% from $25 million in Q1 2020.

第一季度產品開發費用為 1,520 萬美元，與 2020 年第一季度的 1,160 萬美元相比增加了 360 萬美元，即 31.4%，這主要是由於我們繼續專注於將越來越多的產品推向市場，因此與人事相關的費用增加。 。 2021 年第一季度營業收入為 6730 萬美元，較 2020 年第一季度的 1330 萬美元增加 5400 萬美元。2021 年第一季度調整後營業收入為 8040 萬美元，較第一季度的 2500 萬美元增加 5540 萬美元，增幅 221.4% 2020.

First quarter net income was $46.7 million or $0.47 per diluted share as compared to net income of $1.2 million or $0.01 per diluted share in Q1 2020. First quarter adjusted net income was $58.2 million or $0.58 per diluted share as compared to adjusted net income of $11.2 million or $0.13 per diluted share in Q1 2020. Adjusted EBITDA for Q1 2021 was $80.4 million, an increase of $53.3 million or 196.6% compared to $27.1 million for Q1 2020, bringing adjusted EBITDA margin to 15.2%, an increase of 640 basis points year-over-year.

第一季度淨利潤為 4670 萬美元，即稀釋後每股 0.47 美元，而 2020 年第一季度淨利潤為 120 萬美元，即稀釋後每股 0.01 美元。第一季度調整後淨利潤為 5820 萬美元，即稀釋後每股 0.58 美元，而調整後淨利潤為 11.2 美元2020 年第一季度的利潤為 100 萬美元，即稀釋後每股收益 0.13 美元。2021 年第一季度調整後 EBITDA 為 8040 萬美元，與 2020 年第一季度的 2710 萬美元相比，增加了 5330 萬美元，即 196.6%，調整後 EBITDA 利潤率達到 15.2%，同比增長 640 個基點-同比。

Turning now to our balance sheet. We were able to convert our strong financial performance in the first quarter into an opportunity to further strengthen our balance sheet. We reduced debt by an additional $28 million with face value now at $299 million and net debt of $177.3 million, resulting in a net leverage ratio well below 1. We did this while growing quickly and leaving sufficient resources to further accelerate growth in the future. We expect to continue to reduce debt in 2021, subject to business conditions and any need for additional growth capital. The $28 million debt payoff will result in approximately $1 million in interest expense savings during the year. As of March 31, 2021, we had $48.1 million capacity under our revolving credit facility, total GAAP long-term debt of $294.3 million and cash excluding restricted cash of $121.6 million. Our strong financial performance in 2020 and the debt pay down plans for 2021 resulted in S&P increasing our corporate rating from B+ to BB- on February 25, 2021. [Debt] reduction is not as exciting as the new products Andy just discussed, but it does give increased confidence to our suppliers and customers that Corsair gaming continues to be a strong and reliable company to do business with.

現在轉向我們的資產負債表。我們能夠將第一季度強勁的財務業績轉化為進一步加強資產負債表的機會。我們額外減少了 2800 萬美元的債務，目前面值為 2.99 億美元，淨債務為 1.773 億美元，淨槓桿率遠低於 1。我們在實現這一目標的同時實現了快速增長，並為未來進一步加速增長留下了足夠的資源。我們預計將在 2021 年繼續減少債務，具體取決於業務狀況和任何額外增長資本的需求。償還 2800 萬美元的債務將導致年內節省約 100 萬美元的利息費用。截至 2021 年 3 月 31 日，我們的循環信貸額度下擁有 4810 萬美元的能力，公認會計原則長期債務總額為 2.943 億美元，不包括限制性現金的現金為 1.216 億美元。我們 2020 年強勁的財務表現和 2021 年的債務償還計劃導致標準普爾於 2021 年 2 月 25 日將我們的企業評級從 B+ 提高到 BB-。[債務]減少並不像安迪剛剛討論的新產品那麼令人興奮，但它確實讓我們的供應商和客戶更加相信 Corsair Gaming 仍然是一家強大且可靠的合作公司。

It helps when our supply chain teams are working to overcome the different shortage and logistics challenges we face today. The additional modeling details underlying our outlook remain the same as we discussed in our fourth quarter earnings call, with the exception of a now reduced interest expense.

當我們的供應鏈團隊努力克服我們今天面臨的不同短缺和物流挑戰時，它會有所幫助。我們的前景所依據的其他模型細節與我們在第四季度財報電話會議中討論的相同，但利息費用現已減少。

For ease, I'll repeat them. We expect gross margins to slightly improve year-over-year, and operating expense to increase as well to support our higher revenue level, the need to continue to innovate at a larger scale and a full year of public company costs. Assuming no further debt pay down, we now expect interest expense of approximately $4.6 million per quarter. As noted, we've already paid down $28 million of our debt this year and expect to pay down approximately an additional $72 million for a total of $100 million of debt reduction in 2021 subject to business conditions and any need for additional capital. The $4 million patent trial win in Q1 2021 is not in our outlook. This amount could vary depending on what the judge rules, is subject to appeal and the timing of recognition of a gain, if any, is uncertain at this time.

為了方便起見，我將重複一遍。我們預計毛利率將同比略有提高，運營費用也會增加，以支持我們更高的收入水平、繼續更大規模創新的需要以及全年上市公司成本。假設沒有進一步償還債務，我們現在預計每季度利息支出約為 460 萬美元。如前所述，我們今年已經償還了 2800 萬美元的債務，並預計根據業務狀況和任何額外資本需求，在 2021 年額外償還約 7200 萬美元，總共減少 1 億美元的債務。我們預計不會在 2021 年第一季度贏得 400 萬美元的專利審判。該金額可能會有所不同，具體取決於法官的裁決，可以上訴，並且確認收益的時間（如果有）目前還不確定。

An effective tax rate of approximately 21% to 23% for 2021 and full year weighted average diluted shares outstanding of approximately 100 million to 102 million shares. Overall, we're pleased with the continued progress we have made on our strategic initiatives and performance of the business. We grew more than we expected in Q1 2021, and we are expecting growth in revenue and adjusted operating income for 2021, where our competitors are expecting down compared to 2020. We believe that as supply and logistics constraints ease, we'll be able to increase market share, as we are more fully stocked in the channel with a full range of our products.

2021 年的有效稅率約為 21% 至 23%，全年加權平均稀釋已發行股數約為 1 億至 1.02 億股。總體而言，我們對戰略舉措和業務績效所取得的持續進展感到滿意。我們在 2021 年第一季度的增長超出了我們的預期，我們預計 2021 年的收入和調整後營業收入將實現增長，而我們的競爭對手的預期與 2020 年相比將有所下降。我們相信，隨著供應和物流限制的緩解，我們將能夠增加市場份額，因為我們在渠道中擁有更充足的全系列產品庫存。

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

至此，我們現在很高興開始提問。接線員，請您開通問答線路。

(Operator Instructions) Our first question is from Matt Cabral with Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的馬特·卡布拉爾（Matt Cabral）。

Yes. Andy, you talked 90 days ago about a stronger first half than second half during this year. Wondering if you could just update us on how we should think about trends compared to just the typical seasonality as we head into the second quarter? And then thinking about sort of the transition as we move from the first half into the back half of the year, just your latest thoughts?

是的。安迪，您在 90 天前談到今年上半年比下半年更強。想知道您是否可以向我們介紹一下，當我們進入第二季度時，我們應該如何考慮與典型季節性相比的趨勢？然後考慮一下從上半年到下半年的過渡，您的最新想法是什麼？

Yes. Well, we've given out guidance of what we think is going to happen, our best estimates. All the signs that we see at the moment is that people are still spending a lot of time on gaming. And more importantly, more people have started to play games in a more committed fashion and [buy] gear. Now we expect that to continue. In fact, what we're focused on now is really looking past COVID and pre-COVID and trying to compare the numbers that we're seeing now with 2019 comps, so you can see what the true growth is in the sector. And it's pretty encouraging what's going on. So obviously, we don't know for sure what's going to happen in the second half. The assumption is that 2020 was a fairly good acceleration of people migrating to committed gaming, and we'll have to see how that plays out in the second half. So we've been somewhat conservative in our outlook, thinking that it will be relatively low growth in the second half. But so far, clearly, we're seeing a lot high acceleration than we planned.

是的。好吧，我們已經給出了我們認為將會發生的情況的指導，以及我們的最佳估計。目前我們看到的所有跡像都表明人們仍在遊戲上花費大量時間。更重要的是，越來越多的人開始以更加堅定的方式玩遊戲並[購買]裝備。現在我們預計這種情況會繼續下去。事實上，我們現在真正關注的是回顧過去的新冠疫情和新冠疫情之前的情況，並嘗試將我們現在看到的數字與 2019 年的比較進行比較，這樣你就可以看到該行業的真正增長情況。正在發生的事情非常令人鼓舞。顯然，我們不確定下半場會發生什麼。我們的假設是，2020 年人們遷移到專注遊戲的速度相當快，我們必須看看下半年的情況如何。所以我們對前景的看法有些保守，認為下半年的增長會相對較低。但到目前為止，顯然我們看到的加速度比我們計劃的要高得多。

Got it. And then from the prepared remarks, it sounds like supply constraints are still an issue that you're seeing. I guess, wondering if you can update us on where you're feeling those the most across the portfolio and how the constraints look today versus where they were 90 days ago? And I don't know if you just have a guess on when do you think you'll finally be able to catch up to demand from a supply chain standpoint?

知道了。從準備好的發言來看，供應限制似乎仍然是您所看到的問題。我想，想知道您能否向我們介紹一下您在整個投資組合中感受最深的哪些方面以及今天的限制與 90 天前的情況相比如何？我不知道你是否猜測，從供應鏈的角度來看，你什麼時候才能最終趕上需求？

Well, so I think the last part of the question, it all depends on the supply and demand. At the moment, demand for consumer electronics goods is obviously outstripping the supply capability of the semiconductor industry. So -- and if you listen to different parts of the industry, the big guys, the TSMCs and Intel, et cetera, [they're seeing this as a] short-term thing.

嗯，所以我認為問題的最後一部分，這完全取決於供給和需求。目前，消費電子產品的需求明顯超過了半導體行業的供應能力。所以，如果你聽聽行業不同部門的意見，比如大公司、台積電和英特爾等，[他們認為這是]短期的事情。

Now for us, specifically, the good news is we could have shipped even more. So Q1 results as good as they are, could have been higher if we had more supply. So what are we doing? We've obviously got a team of operations and procurement people that are working hard to make sure we can get the supply we need. At this point, we have enough supply to meet the plans we have and the forecast we're giving out, but we'd like to get more. That's for sure.

現在對我們來說，具體來說，好消息是我們可以發貨更多。因此，儘管第一季度的業績很好，但如果我們有更多的供應，情況可能會更高。那麼我們在做什麼呢？顯然，我們擁有一支由運營和採購人員組成的團隊，他們正在努力確保我們能夠獲得所需的供應。目前，我們有足夠的供應來滿足我們的計劃和我們給出的預測，但我們希望獲得更多。這是肯定的。

Whether or not, demand in the second half, overall will ease up and -- we don't know, but certainly, this is not a short-term issue. So what we're doing about it is, as you sort of expect, we're trying to make sure we prioritize the high feature products that we know the most committed game is one. And for those products we have, the (inaudible) entry level, that still have some of the semiconductor controllers in them, we're easing off on those. And so that helps, obviously, with the product mix and that sort of thing, but that's what we're trying to focus to supply.

下半年的需求是否會總體上有所緩解——我們不知道，但可以肯定的是，這不是一個短期問題。因此，正如您所期望的那樣，我們正在努力確保優先考慮高功能產品，我們知道最忠誠的遊戲就是其中之一。對於我們擁有的（聽不清）入門級產品，其中仍然含有一些半導體控制器，我們正在放寬這些產品。顯然，這有助於產品組合和諸如此類的事情，但這正是我們努力重點提供的。

Our next question is from Mario Lu with Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

I have 1 -- the first one on new products. So you mentioned in your slides that 33 million units sold in the past 12 months as well as 84 product launches. So how important are these new launches each year in terms of revenue compared to existing? And what would you say are the main gaps you're still hoping to fill in your product portfolio?

我有 1 個——第一個關於新產品的。因此，您在幻燈片中提到，過去 12 個月內售出了 3300 萬台產品，並推出了 84 款產品。那麼，與現有產品相比，每年這些新推出的產品在收入方面有多重要呢？您認為您仍然希望在產品組合中填補的主要空白是什麼？

Well, so first off, obviously, for any company, new products are important. We haven't actually looked at how many of those products are refreshed versus brand-new segments, but there's quite a significant number of the products last year for brand-new segments. And when you think about microphones, for example, some of the lighting products we brought out, we didn't have those before. So that's incremental growth, incremental revenue, incremental TAMs that we're addressing.

嗯，首先，顯然，對於任何公司來說，新產品都很重要。我們實際上並沒有研究過這些產品中有多少是針對全新細分市場進行更新的，但去年有相當多的產品是針對全新細分市場的。當你想到麥克風時，例如，我們推出的一些照明產品，我們以前沒有。這就是我們正在解決的增量增長、增量收入和增量 TAM。

There's a certain amount of products, probably 2/3 of the ones that we introduced that are -- we have to keep refreshing or we want to keep refreshing to make sure that we use the latest technology and supply the latest features. But yes, any tech company making products like we do, you've got to keep bringing products out. We try and refresh most of our product lines every 18 months. That's a little bit faster than the inherent refresh rate that consumers are looking for but we want to make sure we're ahead of that curve. So as soon as consumers are looking to refresh or upgrade the latest and greatest product available.

有一定數量的產品，可能是我們推出的產品中的 2/3 - 我們必須不斷更新，或者我們希望不斷更新，以確保我們使用最新的技術並提供最新的功能。但是，是的，任何像我們這樣生產產品的科技公司，都必須不斷推出產品。我們嘗試每 18 個月更新一次我們的大部分產品線。這比消費者所尋求的固有刷新率要快一點，但我們希望確保我們處於領先地位。因此，當消費者希望更新或升級最新最好的產品時。

Got it. And then just one on SCUF. You mentioned that SCUF was one of the drivers of peripherals outperforming. I believe the Xbox controller currently is compatible with the Xbox Series console but I believe that Playstation controller still isn't compatible solely with PlayStation 5. So any updates you can provide on the Playstation 5 controller and just a high-level overview of that segment?

知道了。然後只有 SCUF 上的一個。您提到 SCUF 是外圍設備表現出色的驅動因素之一。我相信 Xbox 控制器目前與 Xbox 系列主機兼容，但我相信 Playstation 控制器仍然不僅僅與 PlayStation 5 兼容。因此，您可以在 Playstation 5 控制器上提供的任何更新以及該細分市場的高級概述？

Yes. Well, the first thing is, as you probably know, we have a license agreement with Microsoft for Xbox. And so it's a slightly different split between Xbox and PS4. In other words, we have a higher sales of PS4. So it is -- the majority of the revenue of SCUF. If you look at the installed base, it's well over 100 million units of PS4 versus a few million of PS5. So still, by far, the majority of the demand comes from that segment. We're obviously working as fast as we can to get out (inaudible) PS5 controller. We haven't released when that will be, but I suspect we'll be pretty early in the market compared to any of our competitors.

是的。嗯，第一件事是，正如您可能知道的那樣，我們與 Microsoft 簽訂了 Xbox 許可協議。因此 Xbox 和 PS4 之間的劃分略有不同。換句話說，我們PS4的銷量更高。事實也是如此——SCUF 的大部分收入都是如此。如果你看一下 PS4 的安裝基數，就會發現 PS4 的安裝量遠遠超過 1 億台，而 PS5 的安裝量只有幾百萬台。到目前為止，大部分需求仍然來自該領域。顯然，我們正在盡快推出（聽不清）PS5 控制器。我們還沒有公佈具體時間，但我懷疑與任何競爭對手相比，我們進入市場的時間會相當早。

Our next question is from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的羅德·霍爾。

I wanted to just kind of come back to the guidance because when we calculate the implied Q2 through Q4 revenue guide, it just comes in line with consensus, which seems pretty conservative, considering how significantly [you beat] in Q1. So I'm just curious, is supply the main reason you're being so conservative there or are you seeing some early signs that demand is tailing off or what's kind of affecting that and coloring that guidance?

我想回到指導，因為當我們計算隱含的第二季度到第四季度的收入指導時，它恰好符合共識，考慮到第一季度[你擊敗]的顯著程度，這似乎相當保守。所以我很好奇，供應是你們如此保守的主要原因，還是你們看到了一些需求正在減少的早期跡象，或者是什麼影響了這一點並影響了這一指導？

And then secondly, I wanted to come back to performance memory and see if you could quantify for us just how big that was in the quarter? And I'm also kind of curious about the margins there, whether the supply issue is helping, hurting margins, what's going on with performance memories?

其次，我想回到性能內存，看看您是否能為我們量化本季度的性能內存有多大？我也對那裡的利潤率感到好奇，供應問題是否有助於或損害利潤率，性能記憶發生了什麼？

Yes. Well, let's see if we can handle the first part of the question. So I think in general, as we've approached 2021, we're not suggesting that there's going to be massive growth in 2020 because over the years, where we've looked at the growth in gaming, you get surges that are due to various things. 2018 was Fortnite, a big surge of growth. And 2020, obviously, Shop from Home helps. So when we look over our shoulder, we see that there's waves of growth that drive the market rather than a steady linear growth. And so that's how we expected 2020 and 2021 will look as we get through it. We don't have any new information at this point suggests any difference. Clearly, we've got a fantastic Q1 result. And so we're pretty optimistic, but no reason yet to get ahead of ourselves and suggest that there's going to be massive growth in the rest of the year. But obviously, there could be. Now the second thing on memory, well, I'll ask Michael to give you the breakout. You want to?

是的。好吧，讓我們看看能否解決問題的第一部分。因此，我認為，總的來說，隨著 2021 年的臨近，我們並不認為 2020 年將會出現大規模增長，因為多年來，我們觀察了遊戲的增長，您會發現由於各種各樣的事情。 2018 年是《堡壘之夜》的一次大幅增長。顯然，2020 年，在家購物會有所幫助。因此，當我們回頭看時，我們會發現推動市場的是波浪式增長，而不是穩定的線性增長。這就是我們對 2020 年和 2021 年的預期。目前我們沒有任何新信息表明任何差異。顯然，我們在第一季度取得了出色的成績。因此，我們非常樂觀，但還沒有理由超前地暗示今年剩餘時間將會出現大幅增長。但顯然，可能有。現在是記憶中的第二件事，好吧，我會請邁克爾給你突破。你想要？

The gross margin of memory was -- I mentioned in my remarks, was 21%. So that's higher than our total like our average in the last few years, but sort of in line with performance last year. Memory chip pricing went up, starting at the end of last year through Q1, and that tends to help our margins when chip prices are going up. It hasn't quite hit the point where it's impacting how much memory people buy yet, but it does get to extent that, that starts to become a consideration because people tend to have a set budget per system for memory. So it was a good quarter for us for margin and performance, but obviously, our gamer and creator peripherals and our rest of our components outgrew memory in Q1.

我在發言中提到，內存的毛利率是 21%。因此，這高於我們過去幾年的平均水平，但與去年的表現基本一致。從去年年底到第一季度，內存芯片的價格上漲，當芯片價格上漲時，這往往有助於我們的利潤。它還沒有完全達到影響人們購買多少內存的地步，但它確實達到了這一點，這開始成為一個考慮因素，因為人們往往對每個系統的內存有一個固定的預算。因此，對於我們的利潤率和性能而言，這是一個不錯的季度，但顯然，我們的遊戲玩家和創作者外圍設備以及我們的其他組件在第一季度的內存增長超出了預期。

Yes, that's -- yes, well, from a supply standpoint, I think what's happening is we are starting to get a little more dominant. We got a very high market share in memory. Well over half the market is Corsair now in the U.S. As you probably know, HyperX is a brand that's sold to HP. So that brand has to exit the market for memory. So some of this is just the fact we've got a slightly more dominant position in the channel. The other thing is up to almost 35% of our shipments now are RGB or IQ-enabled memory and so rather different. So we're really not (inaudible) standard. So we're really not shipping a lot of commodity memory at this point. And that obviously allows some differential in margins.

是的，那就是——是的，嗯，從供應的角度來看，我認為正在發生的事情是我們開始變得更有統治力。我們在內存領域獲得了非常高的市場份額。現在，美國海盜船佔據了超過一半的市場。您可能知道，HyperX 是一個出售給惠普的品牌。因此該品牌必須退出內存市場。所以，這在一定程度上是因為我們在渠道中擁有稍微更主導的地位。另一件事是，我們現在出貨量的近 35% 是支持 RGB 或 IQ 的內存，因此相當不同。所以我們確實不（聽不清）標準。因此，目前我們確實沒有運送大量商品內存。這顯然允許利潤率存在一些差異。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

Andy, in some past calls, you've noted an influx of new gamers to the business. Can you comment on what you saw in 1Q? I know there's been some concerns that as economies reopen, this is going to slow. Just based on your observations, is the velocity of new Corsair consumers continued or is it decelerated? And then separately, can you comment on M&A and your decision to accelerate debt pay down, what does that portend to or suggest in terms of M&A opportunities that the business has?

安迪，在過去的一些電話中，您注意到新遊戲玩家湧入該行業。您能評論一下您在第一季度看到的情況嗎？我知道有人擔心隨著經濟重新開放，這種情況將會放緩。根據您的觀察，海盜船新消費者的增長速度是持續還是放緩？然後，您能否分別評論一下併購以及您加速償還債務的決定，這對企業擁有的併購機會意味著什麼？

Yes. So look, in terms of gamers and consumers, we've got the benefit now of having quite a few research reports done by the usual suspects, so (inaudible) JPR, et cetera. I think what we're seeing is that although the gamers continue to increase, now the numbers are getting around 3 billion gamers in the world. The more important number for us, firstly, those people that are actually paying money of any sort at all for games or hardware. And specifically for us, how many people are playing games at a higher level, so that they start to buy gear.

是的。因此，就遊戲玩家和消費者而言，我們現在已經受益於由通常的嫌疑人（例如（聽不清）JPR 等）完成的相當多的研究報告。我認為我們看到的是，儘管遊戲玩家持續增加，但現在全球遊戲玩家的數量已達到 30 億左右。對我們來說更重要的數字，首先是那些實際上為遊戲或硬件支付任何形式費用的人。特別是對於我們來說，有多少人正在玩更高級別的遊戲，因此他們開始購買裝備。

As you probably know, it's still a small fraction of the people who are playing games who are buying specialized gaming gear. So we're nowhere near any kind of saturation, in fact quite the opposite. The vast majority of people that are playing video games have bought no specialist gaming gear at all. So we still have a very untapped market and that's really what we've seen now looking over our shoulder over the last 12 months.

您可能知道，購買專門遊戲裝備的玩遊戲的人仍然只佔一小部分。因此，我們遠未達到任何飽和狀態，事實上恰恰相反。絕大多數玩視頻遊戲的人根本沒有購買專業的遊戲裝備。因此，我們仍然有一個尚未開發的市場，這確實是我們在過去 12 個月中所看到的。

It's less of a factor that more gamers are coming to the market, more factor that the gamers that exist are playing more and starting to buy more gear. Now the most encouraging part of that is the number of people in the PC gaming sector that have actually stepped up to buy or build gaming PCs because my notion is, if you're buying a $2,000-plus gaming PC now, you're planning to play a lot of games, not just in the next few months, but well into after COVID, shelter home stops.

與其說是更多的遊戲玩家進入市場，不如說是現有的遊戲玩家玩得更多並開始購買更多的裝備。現在最令人鼓舞的部分是 PC 遊戲行業中實際上已經開始購買或組裝遊戲 PC 的人數，因為我的想法是，如果您現在購買一台 2,000 美元以上的遊戲 PC，那麼您正在計劃打很多比賽，不僅是在接下來的幾個月裡，而且是在新冠疫情、避難所停止後的很長一段時間內。

So that's the most encouraging thing we've seen. And we had record sales in Q1 for all of our prebuilt gaming systems, ORIGIN origin and Corsair. And we have very, very healthy growth in our components business, and that's directly tied to -- certainly to the products we make, it's truly tied to people building $2,000-plus gaming PCs. So that's a very different dynamic than somebody -- the parent buying a pair of (inaudible) headsets for their kids because they're home. So I do think we're seeing a continued long-term growth as people get more and more into gaming and -- especially the PC gaming sector and decide to buy specialist gear, either maybe move from playing on laptop to dedicated high-performance gaming PC.

這是我們見過的最令人鼓舞的事情。我們所有預製遊戲系統（ORIGIN origin 和 Corsair）在第一季度的銷量均創歷史新高。我們的零部件業務有非常非常健康的增長，這與我們製造的產品直接相關，它確實與製造 2,000 美元以上游戲 PC 的人們相關。因此，這與其他人的情況非常不同——父母為孩子購買一副（聽不清）耳機，因為他們在家。因此，我確實認為，隨著人們越來越多地參與遊戲，尤其是電腦遊戲領域，並決定購買專業裝備，或者從在筆記本電腦上玩遊戲轉向專用的高性能遊戲，我們將看到持續的長期增長。個人電腦。

And quickly on the M&A question and the debt pay down, the average smaller product-oriented acquisitions we've done over the last 2 years, we certainly have sufficient capital to execute on those type of acquisitions out of our cash flow, while still continuing to reduce debt somewhat.

在併購問題和債務償還方面，我們在過去兩年中進行的平均規模較小的以產品為導向的收購，我們當然有足夠的資本來從我們的現金流中執行此類收購，同時仍在繼續一定程度上減少債務。

When it comes to a quarter-by-quarter choice, I mean, our debt is from an earlier stage in the company's history at slightly higher interest rates. So it's an immediate return in terms of higher EPS via lower interest expense. So we don't have anything immediate to use the cash for. I usually choose to pay down debt and get that immediate benefit. Andy and the team came with a larger acquisition, I always couch what I say about what's going to be going in the future with -- subject to business conditions and need for further growth capital. So we could steer more cash flow to acquisitions versus debt pay down because we're not committed to making any specific debt pay downs.

當談到逐季度的選擇時，我的意思是，我們的債務來自公司歷史的早期階段，利率略高。因此，通過降低利息支出，可以立即獲得更高的每股收益。所以我們沒有立即可以使用現金的東西。我通常選擇償還債務並立即獲得好處。安迪和他的團隊進行了規模更大的收購，我總是根據業務狀況和進一步增長資本的需要來表達我所說的未來將會發生的事情。因此，我們可以將更多的現金流用於收購而不是償還債務，因為我們不承諾償還任何具體的債務。

Yes. The only thing I'd add on that is the smaller acquisition, we've got a pretty good pipeline of [people] we're talking to. The smaller acquisitions, as Michael said, we can pay out of cash flow, bigger acquisitions would take -- (inaudible) public, would take some time to close. So yes, we're not sort of starting into -- obviously, if we had a massive cash need in front of us, we wouldn't be paying down debt. So there's nothing on horizon.

是的。我唯一要補充的是規模較小的收購，我們有一個相當不錯的正在交談的[人員]渠道。正如邁克爾所說，較小的收購，我們可以用現金流支付，較大的收購需要（聽不清）公開，需要一些時間才能完成。所以，是的，我們還沒有開始——顯然，如果我們面前有大量現金需求，我們就不會償還債務。所以地平線上什麼也沒有。

(Operator Instructions) Our next question is from Thomas Forte with D.A. Davidson.

（操作員說明）我們的下一個問題來自 Thomas Forte 和 D.A.戴維森。

First off, congrats on an excellent quarter. I have one question and one follow-up. So for my first question, I wanted to talk about -- you were asked about kind of the pace of reopening and the demand for gaming. I was curious if you were seeing anything geographically. So locations in the globe that maybe are still having a greater challenge with the pandemic versus perhaps the U.S., which is progressing with the inoculations. Are you seeing any variance in demand for gaming in that regard?

首先，祝賀本季度表現出色。我有一個問題和一個後續行動。因此，對於我的第一個問題，我想談談 - 你們被問及重新開放的速度和遊戲的需求。我很好奇你是否看到了任何地理上的東西。因此，與正在接種疫苗的美國相比，全球各地可能仍面臨著更大的流感大流行挑戰。您認為在這方面遊戲需求有什麼變化嗎？

Well, we are for sure. I mean, I think it's more to do with sort of seasonal patterns so far. I mean, towards the end of the quarter, Europe started to slow down a little bit, but that's quite normal. The U.S., which is now sort of ahead of the curve, I think, in terms of reopening, we haven't seen any slowdown. So I think that's the only data we really have in front of us that's sort of handy and people can understand what's going on.

嗯，我們確信。我的意思是，我認為到目前為止這更多地與季節性模式有關。我的意思是，到本季度末，歐洲開始放緩一點，但這是很正常的。我認為，美國現在在重新開放方面處於領先地位，我們沒有看到任何放緩。所以我認為這是我們面前唯一真正有用的數據，人們可以理解正在發生的事情。

I mean, where I led this people in the streets, in restaurants, everybody's out on about, and we don't see any effect, so -- but that's the only thing I can really point to. It's still too early to comment on Q2 activity.

我的意思是，我帶領這些人走上街頭，在餐館裡，每個人都在忙碌，但我們看不到任何效果，所以——但這是我唯一能真正指出的事情。現在評論第二季度的活動還為時過早。

Remember, last year, the lockdown sort of went into effect late March, early April, when people were really starting to be stuck at home and realized they're going to be there for a while. So it's really too early to sort of draw a lot of conclusions. But so far, in the results we've seen, yes, no obvious country that's suddenly changing direction.

請記住，去年，封鎖在三月底四月初生效，當時人們真的開始被困在家裡，並意識到他們將在那里呆一段時間。所以現在得出很多結論還為時過早。但到目前為止，在我們看到的結果中，是的，沒有明顯的國家突然改變方向。

Excellent. And then Andy, I wanted to ask you, as a long-time participant in the gaming industry, what your high-level thoughts were on Epic Games versus Apple court battle?

出色的。然後安迪，我想問你，作為遊戲行業的長期參與者，你對 Epic Games 與蘋果的法庭之戰有何高層想法？

Yes. We'll let them fight that out. That's a complicated question of (inaudible) get distributed but I'm not going to comment on that.

是的。我們會讓他們解決這個問題。這是一個（聽不清）分發的複雜問題，但我不會對此發表評論。

Our next question is from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的蒂姆·諾倫。

This is Sean on for Tim. My question is on DTC. Could you give us an update -- you mentioned the goal of 15% DTC revenue by 2023. Could you tell us where that's at now? And any trends you're seeing around that area?

這是蒂姆的肖恩。我的問題是關於 DTC。您能給我們介紹一下最新情況嗎？您提到了到 2023 年 DTC 收入達到 15% 的目標。您能告訴我們目前的情況嗎？您在該領域看到了哪些趨勢？

Yes. Well, we -- I mean, we're well north of 10% now. It's the first thing across our portfolio of companies. Almost every acquisition we've done over the last year has been mostly direct-to-consumer with their business. So that's helpful. And then our own business, we've really doubled down on. So we hired a pretty new dedicated team Q4 last year. And then really coming up to speed pretty quickly, we've added a lot of infrastructure to keep track of customers and up-sell and cross-sell. So yes, that's what's happened. So it's already at a pretty good pace. And so I think we've set that target, I think, pretty reasonable. We'll probably [get there before] 2024, as we said. But anyway, yes, that's where it's at now, well north of 10%.

是的。嗯，我的意思是，我們現在已經遠遠超出了 10%。這是我們公司投資組合中的首要任務。去年我們完成的幾乎每一次收購都主要是直接面向消費者的業務。所以這很有幫助。然後是我們自己的業務，我們真的加倍努力。因此，我們去年在第四季度聘請了一支全新的專業團隊。然後我們很快就跟上了進度，添加了很多基礎設施來跟踪客戶、追加銷售和交叉銷售。是的，這就是發生的事情。所以它已經處於一個相當不錯的速度了。所以我認為我們設定的目標非常合理。正如我們所說，我們可能會在 2024 年之前實現這一目標。但無論如何，是的，這就是現在的情況，遠高於 10%。

And our final question is from Doug Creutz with Cowen & Company.

我們的最後一個問題來自 Cowen & Company 的 Doug Creutz。

Can you maybe comment on how the Gamer Sensei acquisition is going? You've had it now for several months and just wanted to know that's progressing according to what you had hoped?

您能否評論一下 Gamer Sensei 的收購進展如何？您已經使用了幾個月，只是想知道進展是否符合您的預期？

Yes. I mean, it's still early days. I mean we've had a few months to get the team sort of integrated figure out what we're going to do. I think we've mentioned in previous calls that the main thing we're doing with Gamer Sensei is to relook at the entire coaching roster and look at all the pricing structures and change -- sort of change how it works. So when we bought Gamer Sensei, they were operating in more like an open table structure where they had a platform where gamers and coaches could get together and the coaches (inaudible) on prices. We're going to move to a slightly different model, more like you'd see at a health club, where you book lessons to the health club and the health club sets the prices. And then we will -- we're going to drastically reduce the number of coaches. Obviously, we've got access, with our influencer network, to a lot of really good coaches, same thing with the sponsored teams we have. So we'll upgrade coaches, hopefully upgrade prices a little bit, and then we'll set the pricing tiers. We've got a lot more ambitious plans of doing not just one-on-one training but doing camps and master classes and that sort of thing. So it will be a -- I think the time we get into the middle of the year, it will be quite a different business than it was when we grow them.

是的。我的意思是，現在還為時尚早。我的意思是，我們花了幾個月的時間讓團隊綜合弄清楚我們要做什麼。我想我們在之前的電話中已經提到過，我們與玩家老師一起做的主要事情是重新審視整個教練名單，並審視所有的定價結構和變化——某種程度上改變它的運作方式。因此，當我們收購 Gamer Sensei 時，他們的運作更像是一個開放的桌子結構，他們有一個平台，玩家和教練可以聚在一起，教練（聽不清）可以討論價格。我們將採用稍微不同的模式，更像您在健身俱樂部看到的那樣，您在健身俱樂部預訂課程，然後由健身俱樂部設定價格。然後我們將大幅減少教練的數量。顯然，通過我們的影響力網絡，我們可以接觸到很多非常優秀的教練，我們贊助的球隊也是如此。因此，我們將升級教練，希望稍微提高價格，然後我們將設定定價等級。我們有更多雄心勃勃的計劃，不僅進行一對一的培訓，還開展訓練營和大師班之類的活動。因此，我認為當我們進入年中時，這將是一個與我們種植它們時完全不同的業務。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Andy for closing comments.

我們的問答環節已經結束。我想將會議轉回給安迪徵求結束意見。

All right. Thank you. Well, look, we've stated this before, we're at the forefront of a massively growing market centered around gaming, e-sports and streaming. We can see a clear path to strong growth in revenue and margins over the next few years. Obviously, helps in 2020 by shelter at home by giving gamers more time to play games and learn about how better gear can improve their gameplay.

好的。謝謝。好吧，我們之前已經說過，我們處於以遊戲、電子競技和流媒體為中心的大規模增長市場的前沿。我們可以看到未來幾年收入和利潤強勁增長的明確道路。顯然，在 2020 年，通過讓玩家有更多時間玩遊戲並了解更好的裝備如何改善他們的遊戲玩法，在家裡避難會有所幫助。

We're not seeing any signs of trends reversing as shelter home subsides in different parts of the world. In fact, in the U.S., where most shops, bars and restaurants are already open, we've not noticed any significant drop in demand other than normal seasonal patterns. On the contrary, we continue to see demand, exceed our ability to supply in many of the product lines due to worldwide shortages of key semiconductors. We remain focused and committed to give gamers and streamers the tools they need to play their best game, produce the best content and have fun doing it. Thank you for your interest in Corsair, and thanks for joining us on the call today.

隨著世界各地收容所的消退，我們沒有看到任何趨勢逆轉的跡象。事實上，在美國，大多數商店、酒吧和餐館已經營業，除了正常的季節性模式外，我們沒有註意到需求出現任何顯著下降。相反，由於全球範圍內關鍵半導體的短缺，我們繼續看到許多產品線的需求超出了我們的供應能力。我們仍然專注並致力於為遊戲玩家和主播提供他們玩最好的遊戲、製作最好的內容並享受其中所需的工具。感謝您對 Corsair 的關注，也感謝您今天加入我們的電話會議。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。