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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-39533

 

Corsair Gaming, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-2335306

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

115 N. McCarthy Boulevard

Milpitas, CA 95035

(Address of principal executive offices and zip code)

 

(510) 657-8747

(Registrant’s telephone number, including area code)

 

 

 

Not Applicable

(Former name, former address and former fiscal year,

if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

CRSR

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of October 25, 2022, the registrant had 95,988,656 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


Table of Contents

 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

2

Item 1.

Financial Statements (Unaudited)

2

 

Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2022 and September 30, 2021

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months Ended September 30, 2022 and September 30, 2021

3

 

Condensed Consolidated Balance Sheets - As of September 30, 2022 and December 31, 2021

4

 

Condensed Consolidated Statements of Shareholder’s Equity - Three and Nine Months Ended September 30, 2022 and September 30, 2021

5

 

Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2022 and September 30, 2021

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults Upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

71

Item 6.

Exhibits

72

Signatures

73

 

 

 

i


Table of Contents

 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the Exchange Act) that reflect our current views with respect to, among other things, our operations and financial performance. These forward-looking statements are included throughout this Quarterly Report and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We have used the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foreseeable,” “future,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “will” and similar terms and phrases to identify the forward-looking statements.

 

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on management’s current expectations and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control, including, for example, the COVID-19 pandemic. We believe that these factors include but are not limited to those described under Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

 

 

 

 

 

  

1


Table of Contents

 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

Corsair Gaming, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

311,769

 

 

$

391,121

 

 

$

976,368

 

 

$

1,393,438

 

Cost of revenue

 

 

240,209

 

 

 

289,759

 

 

 

777,593

 

 

 

1,001,397

 

Gross profit

 

 

71,560

 

 

 

101,362

 

 

 

198,775

 

 

 

392,041

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales, general and administrative

 

 

66,932

 

 

 

76,112

 

 

 

216,456

 

 

 

234,134

 

Product development

 

 

15,616

 

 

 

14,495

 

 

 

50,752

 

 

 

45,150

 

Total operating expenses

 

 

82,548

 

 

 

90,607

 

 

 

267,208

 

 

 

279,284

 

Operating income (loss)

 

 

(10,988

)

 

 

10,755

 

 

 

(68,433

)

 

 

112,757

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(2,734

)

 

 

(7,202

)

 

 

(5,689

)

 

 

(16,656

)

Other income (expense), net

 

 

1,662

 

 

 

(1,402

)

 

 

1,796

 

 

 

(4,002

)

Total other expense, net

 

 

(1,072

)

 

 

(8,604

)

 

 

(3,893

)

 

 

(20,658

)

Income (loss) before income taxes

 

 

(12,060

)

 

 

2,151

 

 

 

(72,326

)

 

 

92,099

 

Income tax benefit (expense)

 

 

6,115

 

 

 

(374

)

 

 

11,262

 

 

 

(15,854

)

Net income (loss)

 

 

(5,945

)

 

 

1,777

 

 

 

(61,064

)

 

 

76,245

 

Less: Net income attributable to noncontrolling interests

 

 

266

 

 

 

 

 

 

33

 

 

 

 

Net income (loss) attributable to Corsair Gaming, Inc.

 

$

(6,211

)

 

$

1,777

 

 

$

(61,097

)

 

$

76,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Corsair Gaming, Inc.

 

$

(6,211

)

 

$

1,777

 

 

$

(61,097

)

 

$

76,245

 

Change in redemption value of redeemable noncontrolling interests

 

 

(2,690

)

 

 

 

 

 

(12,330

)

 

 

 

Net income (loss) attributable to common stockholders of Corsair Gaming, Inc.

 

$

(8,901

)

 

$

1,777

 

 

$

(73,427

)

 

$

76,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.09

)

 

$

0.02

 

 

$

(0.77

)

 

$

0.82

 

Diluted

 

$

(0.09

)

 

$

0.02

 

 

$

(0.77

)

 

$

0.76

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

95,858

 

 

 

93,918

 

 

 

95,537

 

 

 

92,894

 

Diluted

 

 

95,858

 

 

 

100,041

 

 

 

95,537

 

 

 

100,116

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

2


Table of Contents

 

 

Corsair Gaming, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(5,945

)

 

$

1,777

 

 

$

(61,064

)

 

$

76,245

 

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Foreign currency translation adjustments, net of tax benefit

       of $520 and $0 for the three months ended September 30, 2022 and 2021,

       respectively, and $507 and $0 for the nine months ended

       September 30, 2022 and 2021, respectively

 

 

(5,761

)

 

 

(1,943

)

 

 

(13,173

)

 

 

(1,297

)

   Unrealized foreign exchange (loss) from long-term intercompany loans,

       net of tax benefit of $53 and $24 for the three months ended

       September 30, 2022 and 2021, respectively, and $127 and $56 for the nine

       months ended September 30, 2022 and 2021, respectively

 

 

(273

)

 

 

(121

)

 

 

(645

)

 

 

(282

)

Comprehensive income (loss)

 

 

(11,979

)

 

 

(287

)

 

 

(74,882

)

 

 

74,666

 

Less: Comprehensive loss attributable to noncontrolling interests

 

 

(265

)

 

 

 

 

 

(962

)

 

 

 

Comprehensive income (loss) attributable to Corsair Gaming, Inc.

 

$

(11,714

)

 

$

(287

)

 

$

(73,920

)

 

$

74,666

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

3


Table of Contents

 

 

 

Corsair Gaming, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except per share amounts)

 

 

 

September 30,

2022

 

 

December 31,

2021

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

57,275

 

 

$

62,415

 

Restricted cash

 

 

4,176

 

 

 

2,734

 

Accounts receivable, net

 

 

156,311

 

 

 

291,287

 

Inventories

 

 

249,942

 

 

 

298,315

 

Prepaid expenses and other current assets

 

 

47,717

 

 

 

51,024

 

Total current assets

 

 

515,421

 

 

 

705,775

 

Restricted cash, noncurrent

 

 

231

 

 

 

231

 

Property and equipment, net

 

 

26,710

 

 

 

16,819

 

Goodwill

 

 

346,302

 

 

 

317,054

 

Intangible assets, net

 

 

224,256

 

 

 

225,709

 

Other assets

 

 

70,348

 

 

 

71,808

 

Total assets

 

$

1,183,268

 

 

$

1,337,396

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Debt maturing within one year

 

$

4,655

 

 

$

4,753

 

Accounts payable

 

 

162,213

 

 

 

236,120

 

Other liabilities and accrued expenses

 

 

158,170

 

 

 

205,874

 

Total current liabilities

 

 

325,038

 

 

 

446,747

 

Long-term debt

 

 

239,052

 

 

 

242,898

 

Deferred tax liabilities

 

 

16,413

 

 

 

25,700

 

Other liabilities, noncurrent

 

 

47,796

 

 

 

53,871

 

Total liabilities

 

 

628,299

 

 

 

769,216

 

Commitments and Contingencies (Note 9)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

27,977

 

 

 

 

Permanent equity

 

 

 

 

 

 

 

 

Corsair Gaming, Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued

   and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.0001 par value: 300,000 shares authorized, 95,950 and 94,510

   shares issued and outstanding as of September 30, 2022 and December 31, 2021,

   respectively

 

 

10

 

 

 

9

 

Additional paid-in capital

 

 

504,633

 

 

 

470,364

 

Retained earnings

 

 

24,720

 

 

 

98,147

 

Accumulated other comprehensive loss

 

 

(13,163

)

 

 

(340

)

Total Corsair Gaming, Inc. stockholders’ equity

 

 

516,200

 

 

 

568,180

 

Nonredeemable noncontrolling interests

 

 

10,792

 

 

 

 

Total permanent equity

 

 

526,992

 

 

 

568,180

 

Total liabilities, temporary equity and permanent equity

 

$

1,183,268

 

 

$

1,337,396

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 

4


Table of Contents

 

 

Corsair Gaming, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited, in thousands)

 

 

 

Three Months Ended September 30, 2022

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Corsair

Gaming, Inc.

Stockholders’

 

 

Nonredeemable

Noncontrolling

 

 

Total

Permanent

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

Interests

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2022

 

 

95,780

 

 

$

10

 

 

$

498,741

 

 

$

33,621

 

 

$

(7,660

)

 

$

524,712

 

 

$

10,900

 

 

$

535,612

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(6,211

)

 

 

 

 

 

(6,211

)

 

 

109

 

 

 

(6,102

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,503

)

 

 

(5,503

)

 

 

(217

)

 

 

(5,720

)

Change in redemption value of redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(2,690

)

 

 

 

 

 

(2,690

)

 

 

 

 

 

(2,690

)

Issuance of common stock in connection with employee equity incentive plans

 

 

195

 

 

 

 

 

 

624

 

 

 

 

 

 

 

 

 

624

 

 

 

 

 

 

624

 

Shares withheld related to net share settlement

 

 

(25

)

 

 

 

 

 

(402

)

 

 

 

 

 

 

 

 

(402

)

 

 

 

 

 

(402

)

Stock-based compensation

 

 

 

 

 

 

 

 

5,670

 

 

 

 

 

 

 

 

 

5,670

 

 

 

 

 

 

5,670

 

Balance as of September 30, 2022

 

 

95,950

 

 

$

10

 

 

$

504,633

 

 

$

24,720

 

 

$

(13,163

)

 

$

516,200

 

 

$

10,792

 

 

$

526,992

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Corsair

Gaming, Inc.

Stockholders’

 

 

Nonredeemable

Noncontrolling

 

 

Total

Permanent

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

 

93,790

 

 

$

9

 

 

$

456,010

 

 

$

71,655

 

 

$

2,012

 

 

$

529,686

 

 

$

 

 

$

529,686

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,777

 

 

 

 

 

 

1,777

 

 

 

 

 

 

1,777

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,064

)

 

 

(2,064

)

 

 

 

 

 

(2,064

)

Issuance of common stock in connection with employee equity incentive plans

 

 

403

 

 

 

 

 

 

2,027

 

 

 

 

 

 

 

 

 

2,027

 

 

 

 

 

 

2,027

 

Shares withheld related to net share settlement

 

 

(7

)

 

 

 

 

 

(208

)

 

 

 

 

 

 

 

 

(208

)

 

 

 

 

 

(208

)

Stock-based compensation

 

 

 

 

 

 

 

 

5,797

 

 

 

 

 

 

 

 

 

5,797

 

 

 

 

 

 

5,797

 

Balance as of September 30, 2021

 

 

94,186

 

 

$

9

 

 

$

463,626

 

 

$

73,432

 

 

$

(52

)

 

$

537,015

 

 

$

 

 

$

537,015

 

 

5


Table of Contents

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders’

 

 

Nonredeemable

Noncontrolling

 

 

Total

Permanent

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity