Corsair Gaming to Report Q2 2022 Financial Outcomes on August 4; Provides Preliminary Q2 2022 Outcomes – Yahoo Finance

MILPITAS, Calif., July 21, 2022–(BUSINESS WIRE)–Corsair Gaming, Inc. (Nasdaq: CRSR) ("Corsair" or the "Agency"), a primary worldwide provider and innovator of high-performance gear for avid avid gamers and content material materials creators, in the intervening time launched it could possibly report its full financial outcomes and preserve its second quarter 2022 conference title at 2:00 p.m. Pacific Time on August 4, 2022. The Agency moreover launched in the intervening time its preliminary unaudited earnings was roughly $284 million, with preliminary unaudited adjusted EBITDA anticipated to be a loss between $10 million to $11 million, for the quarter ended June 30, 2022.
Andy Paul, Chief Govt Officer of Corsair, commented, "The first half of the yr has been a tough time, as we anticipated, with macro-economic headwinds affecting shopper spending on gaming gear, notably in Europe. This has triggered a buildup of inventory every in our warehouses along with inside the retail channel, thus inflicting our channel companions to delay ordering whereas they clear this additional.
We have already taken actions to mitigate this and made substantial progress in the midst of the quarter to chop again inventory ranges. We have moreover proactively taken actions to chop again working payments and introduced some reserves in the direction of potential inventory overhangs. We’re completely satisfied to see newest upticks in train from followers making an attempt to assemble gaming PCs, which use our half merchandise, and GPU enjoying playing cards in the intervening time are sometimes accessible at participating prices. In addition to, our Amazon Prime Day outcomes confirmed a promising start to Q3 and the second half of 2022. Enterprise estimates for full Amazon Prime Day product sales have been up over 10% year-over-year, and Amazon product sales for Corsair merchandise all through Prime week demonstrated very sturdy progress compared with last yr, and particularly, elements used to assemble gaming PCs confirmed product sales progress of over 35%. We seen progress every inside the U.S. and European markets.
Complete, we think about the self-built Gaming PC market will begin to velocity up inside the second half of 2022 and with new bigger vitality GPUs launching all through the similar interval, we anticipate even stronger train in 2023. We’re going to discuss this in further factor at our earnings launch on August 4, 2022."
The foregoing forward-looking statements mirror our expectations as of in the intervening time's date. Given the number of menace parts, uncertainties and assumptions talked about beneath, exact outcomes would possibly differ materially. The definition of adjusted EBITDA as used on this press launch is included beneath under the heading "Use of Non-GAAP Financial Measures."
Second Quarter 2022 Conference Title and Webcast Information
Corsair will launch its second quarter 2022 outcomes and financial outlook after the Nasdaq shut on Thursday, August 4, 2022, with its administration web internet hosting a conference title to debate outcomes at 2:00 p.m. Pacific Time that exact same day.
The 2:00 p.m. Pacific Time conference title will seemingly be accessible on Corsair’s Investor Relations site at https://ir.corsair.com, or by dialing 1-877-407-0784 (USA) or 1-201-689-8560 (Worldwide) with conference ID 13730682. A replay will seemingly be obtainable roughly 2 hours after the dwell title ends on Corsair's Investor Relations site, or by August 11, 2022 by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (Worldwide), with passcode 13730682.
About Corsair Gaming, Inc.
Corsair is a primary worldwide developer and producer of high-performance gear and know-how for avid avid gamers, content material materials creators, and PC followers. From award-winning PC elements and peripherals to premium streaming gear, wise ambient lighting and esports educating suppliers, Corsair delivers a full ecosystem of merchandise that work collectively to permit all people, from casual avid avid gamers to devoted professionals, to hold out at their greatest.
Corsair moreover sells gear under its Elgato mannequin, which provides premium studio gear and gear for content material materials creators, SCUF Gaming mannequin, which builds custom-designed controllers for aggressive avid avid gamers, ORIGIN PC mannequin, a builder of {{custom}} gaming and workstation desktop PCs and laptops and Gamer Sensei mannequin, an esports educating platform.
Forward Making an attempt Statements
Aside from the historic information contained herein, the problems set forth on this press launch are forward-looking statements all through the which implies of the "protected harbor" provisions of the Private Securities Litigation Reform Act of 1995, along with, nevertheless not restricted to, Corsair’s expectations regarding its substantial progress in the midst of the quarter to chop again inventory ranges, its notion that the self-built Gaming PC market will begin to velocity up inside the second half of 2022, and its expectation of even stronger train in 2023. Forward-looking statements are based totally on our administration’s beliefs, along with assumptions made by, and information presently obtainable to them. On account of such statements are based totally on expectations as to future financial and dealing outcomes and are often not statements of actuality, exact outcomes would possibly differ materially from these projected. Components which might set off exact outcomes to range materially from current expectations embrace, nevertheless are often not restricted to: the affect the COVID-19 pandemic, along with the potential end of the pandemic and the cessation of pandemic-related restrictions, can have on demand for our merchandise along with its affect on our operations and the operations of our producers, retailers and totally different companions, and its affect on the monetary system complete, along with capital markets; our means to assemble and preserve the vitality of our mannequin amongst gaming and streaming followers and our means to repeatedly develop and effectively market new gear and enhancements to current gear; the introduction and success of newest third-party high-performance laptop computer {{hardware}}, notably graphics processing fashions and central processing fashions along with refined new video video video games; fluctuations in working outcomes; the possibility that we’re not able to compete with rivals and/or that the gaming commerce, along with streaming and esports, would not develop as anticipated or declines; the loss or incapacity to attract and retain key administration; the affect of world instability, such as a result of the battle between Russia and Ukraine, and any sanctions or totally different geopolitical tensions which can consequence therefrom; delays or disruptions at our or third-parties’ manufacturing and distribution facilities; foreign exchange alternate cost fluctuations or worldwide commerce disputes resulting in our gear turning into comparatively costlier to our overseas shoppers or resulting in an increase in our manufacturing costs; fundamental monetary circumstances that adversely affect, amongst totally different points, the financial markets and shopper confidence and spending; and the alternative parts described under the heading "Risk Components" in our Annual Report on Sort 10-Okay for the yr ended December 31, 2021 filed with the Securities and Change Charge (SEC) and our subsequent filings with the SEC. Copies of each submitting is also obtained from us or the SEC. All forward-looking statements mirror our beliefs and assumptions solely as of the date of this press launch. We undertake no obligation to interchange forward-looking statements to reflect future events or circumstances. Our preliminary unaudited outcomes for the quarter ended June 30, 2022 are often not remaining and are matter to change. Our preliminary unaudited outcomes for the quarter ended June 30, 2022 are moreover not primarily indicative of our working outcomes for any future intervals.
Use of Non-GAAP Financial Measures
To enhance the financial outcomes provided in accordance with GAAP, this earnings launch presents adjusted EBITDA. Adjusted EBITDA is a crucial financial effectivity measure for us, nevertheless should not be financial measure as outlined by GAAP. The presentation of this non-GAAP financial information should not be meant to be thought-about in isolation of or as a substitute for, or superior to, the financial information prepared and provided in accordance with GAAP.
We use adjusted EBITDA to evaluate our working effectivity and traits and make planning decisions. We think about that adjusted EBITDA helps us decide underlying traits in our enterprise that might in another case be masked by the affect of the payments and totally different devices that we exclude in such non-GAAP measures. Accordingly, we think about that adjusted EBITDA provides useful information to merchants and others in understanding and evaluating our working outcomes, enhancing the overall understanding of our earlier effectivity and future prospects, and allowing for greater transparency with respect to the vital factor financial metrics utilized by our administration in our financial and operational decision-making. We moreover present adjusted EBITDA on account of we think about merchants, analysts and rating companies ponder it useful in measuring our means to satisfy our debt service obligations.
Our use of adjusted EBITDA would possibly vary from that of others in our commerce. Adjusted EBITDA should not be thought-about as an alternative choice to net earnings, working earnings, net earnings, cash provided by working actions, or one other measures derived in accordance with GAAP as measures of working effectivity or liquidity.
We calculate adjusted EBITDA by together with once more to GAAP net loss the acquisition accounting affect related to recognizing acquired inventory at truthful value, inventory write-downs, non-cash charges related to impairment of long-lived property, restructuring and debt modification costs, stock-based compensation, positive acquisition-related and integration-related payments, intangible asset amortization, depreciation, curiosity expense and tax revenue.
We encourage merchants and others to guage our financial information in its entirety, to not depend upon any single financial measure and to view these non-GAAP financial measures along with the related GAAP financial measures.
Adjusted EBITDA as provided on this press was not reconciled to the comparable GAAP financial measure on account of such GAAP measure are often not accessible on a forward-looking basis. We’re unable to reconcile these forward-looking non-GAAP financial measures to in all probability essentially the most straight comparable GAAP measures with out unreasonable efforts on account of we’re presently unable to predict with a reasonable diploma of certainty the kind and extent of positive devices that could be anticipated to affect GAAP measures for these intervals nevertheless would not affect the non-GAAP measures. Such devices would possibly embrace stock-based compensation charges, acquisition-related payments, depreciation and amortization and totally different devices. The unavailable information may need a serious affect on our GAAP financial outcomes.
View provide mannequin on businesswire.com: https://www.businesswire.com/info/dwelling/20220721005934/en/
Contacts
Investor Relations:
Ronald van Veen
ir@corsair.com
510-578-1407
Media:
David Ross
david.ross@corsair.com
+4411 8208 0542
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