Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Corsair Gaming, Inc. | |
Entity Central Index Key | 0001743759 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-39533 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2335306 | |
Entity Address, Address Line One | 115 N. McCarthy Boulevard | |
Entity Address, City or Town | Milpitas | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95035 | |
City Area Code | 510 | |
Local Phone Number | 657-8747 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 102,060,218 | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | CRSR | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net revenue | $ 353,964 | $ 380,691 |
Cost of revenue | 268,560 | 289,935 |
Gross profit | 85,404 | 90,756 |
Operating expenses: | ||
Sales, general and administrative | 67,529 | 76,131 |
Product development | 16,838 | 17,110 |
Total operating expenses | 84,367 | 93,241 |
Operating income (loss) | 1,037 | (2,485) |
Other (expense) income: | ||
Interest expense, net | (2,828) | (1,279) |
Other income (expense), net | (496) | (499) |
Total other expense, net | (3,324) | (1,778) |
Loss before income taxes | (2,287) | (4,263) |
Income tax benefit | 639 | 983 |
Net loss | (1,648) | (3,280) |
Less: Net income (loss) attributable to noncontrolling interest | 364 | (407) |
Net loss attributable to Corsair Gaming, Inc. | (2,012) | (2,873) |
Calculation of net loss per share attributable to common stockholders of Corsair Gaming, Inc.: | ||
Net loss attributable to Corsair Gaming, Inc. | (2,012) | (2,873) |
Change in redemption value of redeemable noncontrolling interest | 958 | (2,261) |
Net loss attributable to common stockholders of Corsair Gaming, Inc. | $ (1,054) | $ (5,134) |
Net loss per share attributable to common stockholders of Corsair Gaming, Inc.: | ||
Basic | $ (0.01) | $ (0.05) |
Diluted | $ (0.01) | $ (0.05) |
Weighted-average common shares outstanding: | ||
Basic | 101,685 | 95,275 |
Diluted | 101,685 | 95,275 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (1,648) | $ (3,280) |
Other comprehensive gain (loss): | ||
Foreign currency translation adjustments, net of tax (expense) benefit of $(18) and $151 for the three months ended March 31, 2023 and 2022, respectively | 1,667 | (2,258) |
Unrealized foreign exchange loss from long-term intercompany loans, net of tax (expense) benefit of $(127) and $19 for the three months ended March 31, 2023 and 2022, respectively | (26) | (95) |
Comprehensive loss | (7) | (5,633) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 400 | (606) |
Comprehensive loss attributable to Corsair Gaming, Inc. | $ (407) | $ (5,027) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax | $ (18) | $ 151 |
Unrealized foreign exchange loss from long-term intercompany loans, tax benefit | $ (127) | $ 19 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 179,147 | $ 151,180 |
Restricted cash | 2,672 | 2,647 |
Accounts receivable, net | 220,992 | 235,656 |
Inventories | 188,481 | 192,717 |
Prepaid expenses and other current assets | 41,678 | 40,593 |
Total current assets | 632,970 | 622,793 |
Restricted cash, noncurrent | 234 | 233 |
Property and equipment, net | 34,128 | 34,927 |
Goodwill | 348,210 | 347,747 |
Intangible assets, net | 207,082 | 216,255 |
Other assets | 74,701 | 75,290 |
Total assets | 1,297,325 | 1,297,245 |
Current liabilities: | ||
Debt maturing within one year, net | 8,372 | 6,495 |
Accounts payable | 188,035 | 172,033 |
Other liabilities and accrued expenses | 152,485 | 164,470 |
Total current liabilities | 348,892 | 342,998 |
Long-term debt, net | 220,390 | 232,170 |
Deferred tax liabilities | 17,680 | 18,054 |
Other liabilities, noncurrent | 46,054 | 48,589 |
Total liabilities | 633,016 | 641,811 |
Commitments and Contingencies (Note 9) | ||
Temporary equity | ||
Redeemable noncontrolling interests | 20,646 | 21,367 |
Corsair Gaming, Inc. stockholders’ equity: | ||
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | ||
Common stock, $0.0001 par value: 300,000 shares authorized, 102,017 and 101,385 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 10 | 10 |
Additional paid-in capital | 602,368 | 593,486 |
Retained earnings | 36,169 | 37,223 |
Accumulated other comprehensive loss | (5,276) | (6,881) |
Total Corsair Gaming, Inc. stockholders’ equity | 633,271 | 623,838 |
Nonredeemable noncontrolling interests | 10,392 | 10,229 |
Total permanent equity | 643,663 | 634,067 |
Total liabilities, temporary equity and permanent equity | $ 1,297,325 | $ 1,297,245 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 102,017,000 | 102,017,000 |
Common stock, shares outstanding | 101,385,000 | 101,385,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Corsair Gaming, Inc. Stockholders' Equity | Nonredeemable Noncontrolling Interest |
Balance at Dec. 31, 2021 | $ 568,180 | $ 9 | $ 470,364 | $ 98,147 | $ (340) | $ 568,180 | |
Balance, shares at Dec. 31, 2021 | 94,510 | ||||||
Issuance of common stock in relation to business acquisition | 14,505 | $ 1 | 14,504 | 14,505 | |||
Issuance of common stock in relation to business acquisition, shares | 690 | ||||||
Noncontrolling interests from business combination | 12,084 | $ 12,084 | |||||
Net income (loss) | (3,039) | (2,873) | (2,873) | (166) | |||
Other comprehensive income (loss) | (2,235) | (2,154) | (2,154) | (81) | |||
Change in redemption value of redeemable noncontrolling interests | (2,261) | (2,261) | (2,261) | ||||
Issuance of common stock in connection with employee equity incentive plans | 527 | 527 | 527 | ||||
Issuance of common stock in connection with employee equity incentive plans, shares | 214 | ||||||
Shares withheld related to net share settlement | (867) | (867) | (867) | ||||
Shares withheld related to net share settlement, shares | (41) | ||||||
Stock-based compensation | 5,217 | 5,217 | 5,217 | ||||
Balance at Mar. 31, 2022 | 592,111 | $ 10 | 489,745 | 93,013 | (2,494) | 580,274 | 11,837 |
Balance, shares at Mar. 31, 2022 | 95,373 | ||||||
Balance at Dec. 31, 2022 | 634,067 | $ 10 | 593,486 | 37,223 | (6,881) | 623,838 | 10,229 |
Balance, shares at Dec. 31, 2022 | 101,385 | ||||||
Net income (loss) | (1,863) | (2,012) | (2,012) | 149 | |||
Other comprehensive income (loss) | 1,619 | 1,605 | 1,605 | 14 | |||
Change in redemption value of redeemable noncontrolling interests | 958 | 958 | 958 | ||||
Issuance of common stock in connection with employee equity incentive plans | 2,117 | 2,117 | 2,117 | ||||
Issuance of common stock in connection with employee equity incentive plans, shares | 671 | ||||||
Shares withheld related to net share settlement | (556) | (556) | (556) | ||||
Shares withheld related to net share settlement, shares | (39) | ||||||
Stock-based compensation | 7,321 | 7,321 | 7,321 | ||||
Balance at Mar. 31, 2023 | $ 643,663 | $ 10 | $ 602,368 | $ 36,169 | $ (5,276) | $ 633,271 | $ 10,392 |
Balance, shares at Mar. 31, 2023 | 102,017 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (1,648) | $ (3,280) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 7,246 | 5,147 |
Depreciation | 2,897 | 2,604 |
Amortization | 9,741 | 10,138 |
Deferred income taxes | (2,209) | (4,078) |
Other | 128 | 653 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 14,623 | 54,434 |
Inventories | 4,672 | (662) |
Prepaid expenses and other assets | (1,077) | (8,147) |
Accounts payable | 18,156 | (35,308) |
Other liabilities and accrued expenses | (10,703) | (27,607) |
Net cash provided by (used in) operating activities | 41,826 | (6,106) |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | (19,534) | |
Purchase of property and equipment | (4,677) | (4,365) |
Net cash used in investing activities | (4,677) | (23,899) |
Cash flows from financing activities: | ||
Repayment of debt | (10,000) | (1,250) |
Borrowing from line of credit | 293,000 | |
Repayment of line of credit | (293,000) | |
Payment of other offering costs | (497) | |
Payment of contingent consideration | (950) | (292) |
Proceeds from issuance of shares through employee equity incentive plans | 2,117 | 523 |
Payment of taxes related to net share settlement of equity awards | (556) | (887) |
Net cash used in financing activities | (9,886) | (1,906) |
Effect of exchange rate changes on cash | 730 | (1,484) |
Net increase (decrease) in cash and restricted cash | 27,993 | (33,395) |
Cash and restricted cash at the beginning of the period | 154,060 | 65,380 |
Cash and restricted cash at the end of the period | 182,053 | 31,985 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 4,184 | 1,207 |
Cash (refunded) paid for income taxes, net | (546) | 4,354 |
Supplemental schedule of non-cash investing and financing activities: | ||
Equipment purchased and unpaid at period end | 2,234 | 3,322 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 365 | $ 633 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business Corsair Gaming, Inc., a Delaware corporation, together with its subsidiaries (collectively, “Corsair” the “Company”, “we”, “us”, or “our”), is a global provider and innovator of high-performance gear for gamers, streamers and content creators, many of which build their own PCs using our components. Corsair is organized into two reportable segments: • Gamer and creator peripherals . Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming gear, which includes capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, among others. • Gaming components and systems . Includes our high-performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accounting policies we follow are set forth in Part II, Item 8, Note 2, “Significant Accounting Policies”, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10K for the year ended December 31, 2022 which was filed with the SEC on February 27, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed, combined or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2022, included in our Annual Report on Form 10-K. The interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of our condensed consolidated balance sheet as of March 31, 2023 and our results of operations for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the current fiscal year or any other future periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Corsair and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. For consolidated entities where we own less than 100% of the equity, our consolidated net comprehensive income (loss) is reduced by the portion attributable to the noncontrolling interest. In determining whether an entity is considered a controlled entity, we apply the VIE (Variable Interest Entity) and VOE (voting interest entity) models. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, we consolidate the entity if we determine that we have a controlling financial interest in the entity through our ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. On January 1, 2022 (the “Closing” or “Closing Date”), we completed the acquisition of a 51 % ownership stake in Elgato iDisplay Holdings LTD. and its related companies (together “iDisplay”). (See Note 5, “Business Combination - iDisplay Acquisition” for more details on the iDisplay Acquisition). We have determined that iDisplay does not qualify as a VIE and Corsair has a controlling financial interest in iDisplay under the VOE model and therefore, iDisplay’s results of operations are fully consolidated with Corsair with effect from January 1, 2022. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves, reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, and deferred income tax. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the potential impacts from the events in the current economic environment and the events in Ukraine. We adjust such estimates and assumptions when facts and circumstances dictate. The extent to which the current macroeconomic factors and the development in Ukraine will impact our business going forward depends on numerous dynamic factors that we cannot reliably predict. Actual results could differ materially from those estimates . Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Issued but Not Yet Adopted None. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair Value Measurement U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into the following three levels of inputs that may be used to measure fair value: Level 1 —Quoted prices are available in active markets for identical assets or liabilities as of the measurement date. Level 2 —Pricing inputs are other than quoted prices in active market, which are either directly or indirectly observable as of the report date. The nature of these securities includes investments for which quoted prices are available but traded less frequently and investments that are fair valued using other securities, the parameters of which can be directly observed. Level 3 —Securities that have little to no pricing observability as of the report date. These securities are measured using management’s best estimate of fair value, where the inputs into the determination of fair value are not observable and require significant management judgment or estimation. Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed at fair value in our condensed consolidated financial statements on a recurring basis. Our financial instruments, including cash, restricted cash, accounts receivable, accounts payable, borrowings from credit lines and other liabilities and accrued expenses approximate fair value due to their short-term maturities. The balances of our financial assets that were measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 were not material. The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands) : March 31, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities: Foreign currency forward contracts (1) $ — $ 389 $ — $ 389 Total liabilities $ — $ 389 $ — $ 389 December 31, 2022 (Level 1) (Level 2) (Level 3) Total Liabilities: Deferred cash consideration in connection with a business acquisition—SCUF (2) $ — $ — $ 954 $ 954 Foreign currency forward contracts (1) — 484 — 484 Total liabilities $ — $ 484 $ 954 $ 1,438 (1) The fair values of the forward contracts were based on similar exchange traded derivatives and the related asset or liability is included within Level 2 of the fair value hierarchy. (2) In December 2019, one of our subsidiaries entered into an Agreement and Plan of Merger with Scuf Holdings, Inc. and its subsidiaries (collectively, “SCUF”) and acquired 100% of their equity interests (the “SCUF Acquisition”). The fair value of the SCUF contingent consideration was determined based on the estimates of acquired tax benefits owed to SCUF’s sellers according to the merger agreement, and these estimates represent a level 3 fair value measurement. The $ 1.0 million liability as of December 31, 2022 was finalized in the fourth quarter of 2022, and this amount was paid in the first quarter of 2023. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 4. Derivative Financial Instruments From time to time, we enter into derivative instruments such as foreign currency forward contracts, to minimize the short-term impact of foreign currency exchange rate fluctuations on certain foreign currency denominated assets and liabilities, and interest rate cap contracts, to minimize our exposure to interest rate movements on our variable rate debts. The derivative instruments are recorded at fair value in prepaid expenses and other current assets or other liabilities and accrued expenses on the condensed consolidated balance sheets. We do not designate such instruments as hedges for accounting purposes; accordingly, changes in the value of these contracts are recognized in each reporting period in other (expense) income, net in the condensed consolidated statements of operations. We do no t enter into derivative instruments for trading purposes. The foreign currency forward contracts generally mature within two to four months . The notional principal amount of outstanding foreign exchange forward contracts was $ 25.3 million and $ 23.4 million as of March 31, 2023 and December 31, 2022, respectively, no ne of which have been designated as hedging instruments during the periods presented. The net fair value gains (losses) recognized in other (expense) income , net in relation to these derivative instruments was $( 0.4 ) million and $ 0.5 million for the three months ended March 31, 2023 and 2022 , respectively. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 5. Business Combinations iDisplay Acquisition On January 1, 2022, we completed the acquisition of a 51 % ownership stake in iDisplay (the “iDisplay Acquisition”), a leader in electronic development and design specializing in display technology, headquartered in Taiwan. The fair value consideration for iDisplay was $ 36.4 million, including $ 21.9 million in cash and the issuance of 690,333 shares of our common stock with a fair value of $ 14.5 million at Closing Date. The consideration was reduced for the effective 51 % settlement of a pre-existing contractual accounts payable balance owed to iDisplay of $ 3.5 million. The iDisplay Acquisition has allowed us to direct the development and integration of iDisplay’s display-based touch-screen technologies into our products for creators, gamers and streamers. iDisplay’s results of operations are fully consolidated with Corsair with effect from January 1, 2022. The seller of iDisplay (the “iDisplay Seller”) has retained a 49 % noncontrolling interest in iDisplay. Under the Shareholders Agreement between Corsair and the iDisplay Seller, a put option was provided to the iDisplay Seller and a call option was provided to Corsair for the option to transfer (i) 14 % ownership interest in iDisplay to Corsair upon the first anniversary of the Closing and (ii) an additional 15 % of ownership interest in iDisplay to Corsair upon the second anniversary of the Closing. Both put and call options expire on January 1, 2025 . The exercise price of the put option and the call option is based on multiples of iDisplay’s trailing twelve-month earnings before interest, income tax, depreciation and amortization (“TTM EBITDA”) less any debt. The 29 % noncontrolling interest subject to the put option is considered a redeemable noncontrolling interest ("RNCI"). See Note 15, “Redeemable Noncontrolling Interest” for more information regarding such RNCI . The fair value of the 49 % noncontrolling interest was estimated to be $ 29.6 million. The control premium was based on an analysis considering similar market transactions involving control premiums, as well as factors specific to iDisplay, including its significant customer concentration. Subsequent to the iDisplay Acquisition Closing Date, we recorded measurement period adjustments which increased goodwill by $ 1.0 million and decreased identifiable intangible assets and deferred liabilities by $ 1.1 million and $ 0.1 million, respectively. The final allocation of the iDisplay Acquisition purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date is as follows (in thousands): Amounts Cash $ 2,330 Accounts receivable 3,382 Inventories 2,772 Prepaid and other assets 424 Operating lease right-of-use asset 360 Property and equipment 277 Identifiable intangible assets 34,200 Goodwill 32,987 Total assets acquired 76,732 Accounts payable ( 5,106 ) Deferred tax liabilities ( 4,561 ) Accrued liabilities ( 731 ) Operating lease liabilities ( 360 ) Total liabilities assumed ( 10,758 ) Net assets acquired 65,974 Noncontrolling interest ( 29,606 ) Fair value of consideration transferred $ 36,368 Purchase consideration: Cash $ 21,864 Corsair common stock 14,504 Fair value of consideration transferred $ 36,368 The fair value of certain working capital related items, including accounts receivable, prepaid and other assets, accounts payable and accrued liabilities, as well as the fair value of property and equipment approximated their book values at the date of the iDisplay Acquisition. The fair value of the inventories was estimated by major category, at net realizable value, which we believe approximates the price a market participant could achieve in a current sale. The difference between the fair value of the inventories and the book value recorded by iDisplay on the acquisition date was $ 0.3 million, which was recognized in cost of revenue in the consolidated statements of operations upon the sale of the acquired inventory . The goodwill recognized for the iDisplay Acquisition, which is the excess of the purchase consideration over the fair value of the identifiable intangible assets and the net tangible assets and liabilities acquired, has been estimated to be $ 33.0 million, of which $ 29.3 million and $ 3.7 million are assigned to our gamer and creator peripherals reporting unit and gaming component and systems reporting unit, respectively. We believe goodwill represents the strengthening of our supply chain with display-based touch-screen technologies into our products for creators, gamers and streamers, and the ability to design and generate new technologies to enhance the features of our products . A portion of the identifiable intangible assets are not deductible for tax purposes for which a $ 4.6 million deferred tax liability has been estimated at the date of acquisition for the difference between the book and tax bases of these assets. The goodwill is not deductible for tax purposes . Valuation of identified intangible assets The following table summarizes the valuation of the identifiable intangible assets acquired in the iDisplay Acquisition and the estimate of their respective useful lives as of the Closing Date, including subsequent measurement period adjustments: Valuation Useful (In thousands) (In years) Patent portfolio $ 5,100 6 Supplier relationships 6,800 6 Developed technology 22,300 6 Total identifiable intangible assets $ 34,200 The fair value of patent portfolio was estimated using the relief from royalty approach and the economic useful life was determined based on the average product life cycle of the products manufactured by iDisplay. The supplier relationships intangible asset represents the value assigned to the relationship iDisplay had established over the years with a broad network of suppliers and OEMs that have been crucial to the quality and magnitude of iDisplay manufacturing capability. The fair value of supplier relationships was estimated using the multi-period excess earnings approach and the economic useful life was determined to be aligned with the estimated useful life of the developed technology acquired from iDisplay. The developed technology intangible asset represents unpatented propriety technologies, such as hardware designs and architectures and process technologies used in the on-going research and design of the products manufactured by iDisplay. The fair value of developed technology was estimated using the income approach and the economic useful life was based on the technology cycle of the products manufactured, as well as the cash flows anticipated over the forecasted periods. The valuations of the intangible assets were calculated with the assistance of a third-party valuation firm. The fair values of these intangibles were valued based on long-term cash flow projections, which we consider to be Level 3 inputs. These intangibles are being amortized over their estimated useful lives using the straight-line method of amortization, which reflects the pattern in which the economic benefits of the intangible asset are consumed. Amortization of patent portfolio and supplier relationships is included in cost of revenue and amortization of developed technology is included in product development expense in our condensed consolidated statements of operations. Acquisition-related costs There was no acquisition-related costs incurred in the three months ended March 31, 2023. W e incurred acquisition-related costs of approximately $ 0.5 million for the three months ended March 31, 2022. These costs are recorded in sales, general and administrative expenses in the condensed consolidated statement of operations . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Gamer and Total Balance as of December 31, 2022 $ 148,931 $ 198,816 $ 347,747 Effect of foreign currency exchange rates 10 453 463 Balance as of March 31, 2023 $ 148,941 $ 199,269 $ 348,210 Intangible assets, net The following table is a summary of intangible assets, net (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Developed technology $ 53,726 $ 26,454 $ 27,272 $ 53,726 $ 24,088 $ 29,638 Trade name 29,907 7,340 22,567 29,735 6,802 22,933 Customer relationships 218,447 122,318 96,129 218,542 116,919 101,623 Patent portfolio 33,916 13,178 20,738 33,198 11,764 21,434 Supplier relationships 6,172 1,286 4,886 6,129 1,021 5,108 Total finite-life intangibles 342,168 170,576 171,592 341,330 160,594 180,736 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 60 — 60 89 — 89 Total intangible assets $ 377,658 $ 170,576 $ 207,082 $ 376,849 $ 160,594 $ 216,255 In the year after an identified intangible asset becomes fully amortized, we remove the fully amortized balances from the gross asset and accumulated amortization amounts from the table above. The estimated future amortization expense of intangible assets as of March 31, 2023 is as follows (in thousands): Amounts Remainder of 2023 $ 28,186 2024 36,494 2025 36,206 2026 32,902 2027 23,293 Thereafter 14,511 Total $ 171,592 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 7. Balance Sheet Components The following tables present the components of certain balance sheet amounts (in thousands): Cash and Restricted Cash March 31, December 31, Cash $ 179,147 $ 151,180 Restricted cash—short term 2,672 2,647 Restricted cash—noncurrent 234 233 Total cash and restricted cash $ 182,053 $ 154,060 Accounts Receivable, Net March 31, December 31, Accounts receivable $ 146,411 $ 145,380 Due from Factor 75,366 91,061 Allowance for doubtful accounts ( 785 ) ( 785 ) Accounts receivable, net $ 220,992 $ 235,656 On September 29, 2022, one of our fully consolidated subsidiaries entered into an accounts receivable factoring agreement (“Factoring Agreement”) with a third-party financial institution (“Factor”). Pursuant to the terms of the arrangement, we sell certain of our customer receivables on a non-recourse basis to the Factor. Proceeds from factoring the accounts receivable are due upon collection of payments from the customers, but upon our request, the Factor may, at their sole discretion, remit a portion of the proceeds to us prior to their collection of payments from the customers. Our obligations to the Factor arising from the Factoring Agreement are secured by certain assets of our subsidiary. In the three months ended March 31, 2023, we sold receivables and received cash proceeds of $ 82.9 million and $ 98.6 million, respectively. The cost of factoring is included in selling, general and administrative expenses in our condensed consolidated statements of operations and the amount incurred in the three months ended March 31, 2023, was immaterial. The Factor and one other customer, each represented 10% or more of our accounts receivable, net balance as of March 31, 2023 and December 31, 2022. Inventories March 31, December 31, Raw materials $ 44,527 $ 49,926 Work in progress 10,738 4,171 Finished goods 133,216 138,620 Inventories $ 188,481 $ 192,717 Property and Equipment, Net March 31, December 31, Manufacturing equipment $ 30,276 $ 28,993 Leasehold improvements 19,161 18,903 Computer equipment, software and office equipment 16,570 16,205 Furniture and fixtures 3,745 3,277 Total property and equipment $ 69,752 $ 67,378 Less: Accumulated depreciation and amortization ( 35,624 ) ( 32,451 ) Property and equipment, net $ 34,128 $ 34,927 Other Assets March 31, December 31, Right-of-use assets $ 43,121 $ 45,175 Deferred tax asset 25,211 23,569 Other 6,369 6,546 Other assets $ 74,701 $ 75,290 Other Liabilities and Accrued Expenses March 31, December 31, Accrued reserves for customer incentive programs $ 47,834 $ 58,621 Accrued reserves for sales return 27,762 27,199 Accrued payroll and related expense 13,084 10,511 Operating lease liabilities, current 12,090 11,051 Accrued freight expenses 11,746 12,486 Income tax payable 6,792 5,322 Contract liabilities 2,818 6,259 Other 30,359 33,021 Other liabilities and accrued expenses $ 152,485 $ 164,470 Other Liabilities, Noncurrent March 31, December 31, Operating lease liabilities, noncurrent $ 42,956 $ 45,457 Other 3,098 3,132 Other liabilities, noncurrent $ 46,054 $ 48,589 Nonmonetary Transactions The sales and purchases of inventory with our manufacturers are accounted for as nonmonetary transactions. Upon sale of raw materials to the manufacturer, for the inventories on-hand with the manufacturer where there is an anticipated reciprocal purchase by us, we will record this nonmonetary transaction as prepaid inventories and accrued liabilities. When we transact the reciprocal purchase of inventory from the manufacturer, we will record a payable to the manufacturer at the purchase price, which replaces the initial nonmonetary transaction and inventory will be reflected at carrying value, which includes the costs for the raw materials and the incremental costs charged by the manufacturer for additional work performed on the inventory. In connection with such nonmonetary transactions with our manufacturers, as of March 31, 2023 , we recognized $ 0.6 million prepaid inventory and $ 0.8 million accrued liabilities and as of December 31, 2022, we recognized $ 1.0 million prepaid inventory and $ 1.3 million accrued liabilities in the condensed consolidated balance sheet. Because the transactions are nonmonetary, they have not been included in the condensed consolidated statements of cash flows pursuant to ASC 230, Statement of Cash Flows. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Our debt consisted of the following (in thousands): March 31, December 31, Term Loan (variable rate) due September 2026 $ 230,000 $ 240,000 Debt discount and issuance cost, net of amortization ( 1,238 ) ( 1,335 ) Total debt, net 228,762 238,665 Less: debt maturing within one year, net 8,372 6,495 Long-term debt, net $ 220,390 $ 232,170 Credit Agreement On September 3, 2021, we entered into a new Credit Agreement (as amended, the “Credit Agreement”) which provides for a $ 100.0 million five-year revolving credit facility (“Revolving Facility”) and a $ 250.0 million five-year term loan facility (“Term Loan”), with each maturing in September 2026 . The Credit Agreement also permits, subject to conditions stated therein, additional incremental facilities in a maximum aggregate principal amount not to exceed $ 250.0 million. We may prepay the Term Loan and the Revolving Facility at any time without premium or penalty. We prepaid $ 3.75 million and $ 8.75 million of the Term Loan principal in the year ended December 31, 2022 and in the three months ended March 31, 2023, respectively. The Term Loan and Revolving Facility under the Credit Agreement initially carried interest at the Company’s election at either (a) LIBOR plus a percentage spread (ranging from 1.25 % to 2.0 %) based on our total net leverage ratio, or (b) the base rate (described in the Credit Agreement as the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50 % and (iii) one-month LIBOR plus 1.0 %) plus a percentage spread (ranging from 0.25 % to 1.0 %) based on our net leverage ratio. The Credit Agreement contains covenants with which we must comply during the term of the agreement, which we believe are ordinary and standard for agreements of this nature. The financial covenants include the maintenance of a maximum Consolidated Total Net Leverage Ratio of 3.0 to 1.0 and a minimum Consolidated Interest Coverage Ratio of 3.0 to 1.0 (as defined in the Credit Agreement). The Credit Agreement also includes events of default customary for facilities of this nature and upon the occurrence of such events of default, among other things, all outstanding amounts under the Credit Agreement may be accelerated and/or the lenders’ commitments terminated. In addition, upon the occurrence of certain events of default, the interest on the Term loan and Revolving Facility can be increased by 2.0 %. Our obligations under the Credit Agreement are guaranteed by substantially all of our U.S. subsidiaries and secured by a security interest in substantially all assets of the Company and the guarantor subsidiaries, subject to certain exceptions detailed in the Credit Agreement and related ancillary documentation. On June 30, 2022, we entered into a First Amendment of the Credit Agreement (“First Amendment”), which among other changes resulted in the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) being utilized as a replacement rate for LIBOR. Consequently, following the First Amendment, the Term Loan and Revolving Facility will each bear interest at the Company’s election at either (a) BSBY plus a percentage spread (ranging from 1.25 % to 2.25 %) based on our total net leverage ratio, or (b) the base rate (as described in the Credit Agreement) as the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50 % and (iii) one-month BSBY plus 1.0 %) plus a percentage spread (ranging from 0.25 % to 1.25 %) based on our total net leverage ratio. In addition, pursuant to the First Amendment, the maximum permitted Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) was also amended to increase to 3.50 to 1.0 between the quarters ending September 30, 2022 through and including March 31, 2023, and such ratio will revert to 3.00 to 1.00 from the quarter ended June 30, 2023 and each quarter thereafter, provided that, upon the occurrence of a Qualified Acquisition (as defined in the Credit Agreement), such ratio can be increased to 3.50 to 1.0 temporarily provided all the requirements set forth in the Credit Agreement are met. On September 29, 2022, we entered into an accounts receivable Factoring Agreement with a Factor. See Note 7 “Balance Sheet Components – Accounts Receivable, Net” for additional information on the Factoring Agreement. In connection with the Factoring Agreement, we also entered into (i) a Second Amendment (“Second Amendment”) to the Credit Agreement to permit the transactions contemplated by the Factoring Agreement and (ii) an Assignment of Factoring Proceeds and Intercreditor Agreement with the Factor and the administrative agent under the Credit Agreement to establish the respective rights of the Factor and the Credit Agreement Agent in and to the related factoring collateral. On November 28, 2022, we entered into a Third Amendment (“Third Amendment”) to the Credit Agreement that provides for, among other things, (i) a decrease in the required minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) to 2.50 to 1.00 for the quarters ending on and after March 31, 2023 through and including December 31, 2023, (ii) an increase in the maximum permitted Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) to 3.75 to 1.00 for the quarters ending December 31, 2022 and March 31, 2023, stepping down to 3.50 to 1.00 for the quarter ending June 30, 2023, and 3.25 to 1.00 for the quarters ending September 30, 2023 and December 31, 2023, and (iii) a modified pricing grid providing for an increased margin (ranging from (x) 1.50 % per annum to 3.25 % per annum for loans bearing interest at the BSBY rate, and (y) 0.50 % per annum to 2.25 % per annum for loans bearing interest at the base rate, in each case depending on the Company’s Consolidated Total Net Leverage Ratio) for the period of December 31, 2022 through December 31, 2023. The First, Second and Third Amendment were accounted for as debt modifications. As of March 31, 2023, we were not in default under the Credit Agreement. As of March 31, 2023 and December 31, 2022, we had no outstanding balance under the Revolving Facility. As of March 31, 2023 and December 31, 2022, the carrying value of our Term Loan was $ 228.8 million and $ 238.7 million , respectively. The estimated fair value of the Term Loan as of March 31, 2023 , which we have classified as a Level 2 financial instrument, was approximately $ 234.6 million. The effective interest rate inclusive of the debt discount and debt issuance costs was approximately 7.06 % and 1.49 % for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes the interest expense recognized for all periods presented (in thousands): Three Months Ended 2023 2022 Credit Agreement: Contractual interest expense for Term Loan 4,065 865 Contractual interest expense for Revolving Facility — 274 Amortization of debt discount and issuance cost 134 86 Interest income ( 1,474 ) — Other 103 54 Total interest expense recognized $ 2,828 $ 1,279 The estimated future principal payments under our total long-term debt as of March 31, 2023 are as follows (in thousands): Amounts Remainder of 2023 $ 5,625 2024 12,500 2025 12,500 2026 199,375 2027 — Thereafter — Total debt $ 230,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Product Warranties Changes in our warranty obligations were as follows (in thousands): Three Months Ended 2023 2022 Beginning of the period $ 3,685 $ 5,655 Warranty provision related to products shipped 1,378 1,298 Deductions for warranty claims processed ( 1,596 ) ( 1,561 ) End of period $ 3,467 $ 5,392 Unconditional Purchase Obligations In the normal course of business, we enter into various purchase commitments for goods or services. Our long-term non-cancelable purchase commitments consist primarily of multi-year contractual arrangements relating to subscriptions for cloud computing hosting arrangements for our enterprise resource planning (ERP) system and the related support services as well as marketing sponsorships . Long-term non-cancelable purchase commitments as of March 31, 2023 were as follows (in thousands): Amounts Remainder of 2023 $ 1,178 2024 1,835 2025 316 2026 — 2027 — Thereafter — Total $ 3,329 Our total long term non-cancelable purchase commitments outstanding as of December 31, 2022 were $ 3.8 million. Letters of Credit There were no letters of credit outstanding, as of March 31, 2023 and December 31, 2022. No amounts have been drawn upon letters of credit for all periods presented. Legal Proceedings We may from time to time be involved in various claims and legal proceedings of a character normally incident to the ordinary course of business. Litigation can be expensive and disruptive to normal business operations, and the results of complex legal proceedings are difficult to predict, and our view of these matters may change in the future as the litigation and events related thereto unfold. We expense legal fees as incurred and we record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on currently available information, we believe there are no existing claims or proceedings that are likely to have a material adverse effect on our financial position, or the outcome of these matters is currently not determinable. An unfavorable outcome to any legal matter, if material, could have an adverse effect on our operations or financial position, liquidity of results of operations. Indemnification In the ordinary course of business, we may provide indemnifications of varying scope and terms with respect to certain transactions. We have entered into indemnification agreements with directors and certain officers and employees that will require Corsair, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon Corsair to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated balance sheets, statements of operations, or statements of cash flows. We currently have directors’ and officers’ insurance . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity On September 25, 2020, in connection with the closing of the IPO, we filed an Amended and Restated Certificate of Incorporation which increased the authorized shares of common stock for issuance to 300,000,000 and authorized 5,000,000 shares of preferred stock, with a par value of $ 0.0001 per share, for issuance. There were no shares of preferred stock outstanding as of March 31, 2023 and December 31, 2022. Shelf-Registration Statement On July 22, 2022, we filed a shelf registration statement on Form S-3 with the SEC, which was declared effective August 1, 2022 (the “2022 Shelf Registration Statement”). The 2022 Shelf Registration Statement registered securities to be offered by us, in an amount up to $ 300.0 million, including common stock, preferred stock and warrants. In addition, the 2022 Shelf Registration Statement registered 54,179,559 shares of common stock held by the selling securityholders named in the 2022 Shelf Registration Statement. We did not receive any of the proceeds from the sale of the shares registered by the selling securityholders. In November 2022, we sold 4,545,455 shares of common stock at a price of $ 16.50 per share in a registered underwritten public offering pursuant to the 2022 Shelf Registration Statement. Following the partial exercise in December 2022 by the underwriters of their option to purchase additional shares, we sold an additional 500,000 shares. The total proceeds from the underwritten public offering, net of underwriting discounts, commission and offering expenses, were approximately $ 81.0 million. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 11. Equity Incentive Plans and Stock-Based Compensation As of March 31, 2023, we have two active equity incentive plans: the 2020 Equity Incentive Plan and the Employee Stock Purchase Plan (“ESPP”). The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Cost of revenue $ 440 $ 285 Sales, general and administrative 5,871 4,152 Product development 935 710 Stock-based compensation expense, net of amounts capitalized (1) $ 7,246 $ 5,147 Income tax benefits related to stock-based compensation expense $ 1,354 $ 311 (1) Total stock-based compensation expense capitalized in inventory and as cloud computing arrangement implementation costs were not material for each of the periods presented. The following table summarizes by type of grant, the total unrecognized stock-based compensation expense and the remaining period over which such expense is expected to be recognized (in thousands, except number of years): March 31, 2023 Unrecognized Expense Remaining weighted average period (In years) Stock Options $ 35,182 2.8 Restricted Stock Units 42,720 2.9 ESPP 288 0.25 Total unrecognized stock-based compensation expense $ 78,190 The total intrinsic value of options exercised was $ 4.4 million and $ 1.5 million for the three months ended March 31, 2023 and 2022 , respectively. The total fair value of restricted stock units vested was $ 4.9 million and $ 2.5 million for the three months ended March 31, 2023 and 2022 , respectively. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 12. Net Loss Per Share The following table summarizes the calculation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerator Net loss $ ( 1,648 ) $ ( 3,280 ) Less: Net income (loss) attributable to noncontrolling interest 364 ( 407 ) Net loss attributable to Corsair Gaming, Inc. ( 2,012 ) ( 2,873 ) Change in redemption value of redeemable noncontrolling interest 958 ( 2,261 ) Net loss attributable to common stockholders of Corsair Gaming, Inc. $ ( 1,054 ) $ ( 5,134 ) Denominator Basic weighted-average shares outstanding 101,685 95,275 Effect of dilutive securities (1) — — Total diluted weighted-average shares outstanding 101,685 95,275 Net loss per share attributable to common stockholders of Corsair Gaming, Inc.: Basic $ ( 0.01 ) $ ( 0.05 ) Diluted $ ( 0.01 ) $ ( 0.05 ) Anti-dilutive potential common shares (1) 11,934 10,383 Potential common share equivalents were not included in the calculation of diluted net loss per share as the effect would have been anti-dilutive. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The table below presents our loss before income taxes, income tax benefit and effective income tax rates for all periods presented (in thousands, except percentages): Three Months Ended 2023 2022 (In thousands) Loss before income taxes $ ( 2,287 ) $ ( 4,263 ) Income tax benefit 639 983 Effective tax rate ( 27.9 )% ( 23.1 )% We are subject to income taxes in the United States and foreign jurisdictions in which we do business. These foreign jurisdictions have statutory tax rates different from those in the United States. Accordingly, our effective tax rates will vary depending on the relative proportion of foreign to United States income, the utilization of net operating loss and tax credit carry forwards, changes in geographic mix of income and expense, and changes in management’s assessment of matters such as the ability to realize deferred tax assets, and changes in tax laws. Our effective tax rates were ( 27.9 )% and ( 23.1 )% for the three months ended March 31, 2023 and 2022, respectively. The increase in our effective tax rate was primarily due to an increase in non-deductible stock-based compensation expense partially offset by an increase in windfall tax benefit from stock-based compensation expense. Unrecognized tax benefits were $ 3.7 million as of March 31, 2023 and $ 3.6 million as of December 31, 2022, respectively, and if recognized, would favorably affect the effective income tax rate in future periods. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 14. Segment and Geographic Information We have two reportable segments: • Gamer and Creator Peripherals . Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming gear, which includes capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, among others. • Gaming Components and Systems . Includes our high-performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others. The segments are defined as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. Our CODM is determined to be Corsair’s Chief Executive Officer. The results of the reportable segments are derived directly from our reporting system and are based on the methods of internal reporting which are not necessarily in conformity with GAAP. Management measures net revenue and gross profit to evaluate the performance of, and allocate resources to, each of the segments. The table below summarizes the financial information for each reportable segment (in thousands): Three Months Ended 2023 2022 Net revenue Gamer and Creator Peripherals $ 88,942 $ 134,148 Gaming Components and Systems 265,022 246,543 Total net revenue $ 353,964 $ 380,691 Gross Profit Gamer and Creator Peripherals $ 26,648 $ 43,057 Gaming Components and Systems 58,756 47,699 Total gross profit $ 85,404 $ 90,756 The CODM manages assets on a total company basis, not by operating segments; therefore, asset information and capital expenditures by operating segments are not presented. Geographic Information The following table summarizes our net revenue by geographic region based on the location of the customer (in thousands): Three Months Ended 2023 2022 Net revenue Americas $ 185,898 $ 192,824 Europe and Middle East 113,441 122,198 Asia Pacific 54,625 65,669 Total net revenue $ 353,964 $ 380,691 Revenues from sales to customers in the United States represented 46.2 % and 43.6 % for the three months ended March 31, 2023 and 2022 , respectively. No other countries besides the United States represented 10 % or more of total net revenue for each of the periods presented. One customer represented at least 10 % of total net revenue for the three months ended March 31, 2023 and 2022, respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2023 | |
Income Amounts Attributable To Noncontrolling Interest Disclosures [Abstract] | |
Redeemable Noncontrolling Interest | 15. Redeemable Noncontrolling Interest Under the Shareholders Agreement between Corsair and the iDisplay Seller a put option was provided to the iDisplay Seller to transfer to Corsair (i) 14 % of their ownership interest in iDisplay upon the first anniversary of the Closing Date of the iDisplay Acquisition, and (ii) an additional 15 % of their ownership interest in iDisplay upon the second anniversary of the Closing Date. The put option will expire after January 1, 2025 . The exercise price of the put option is based on multiples of iDisplay’s historical TTM EBITDA less any debt. The put option makes this portion of the noncontrolling interest redeemable and therefore, the RNCI is classified as temporary equity on our consolidated balance sheets and carried at the greater of the initial carrying amount, increased or decreased, for the RNCI share of comprehensive income (loss), contributions and distributions, or the redemption value. The change in redemption value is recognized through retained earnings . The following table presents the changes in RNCI for the periods presented (in thousands): Three Months Ended 2023 2022 Balance at beginning of period $ 21,367 $ — Initial carrying amount estimated at iDisplay's Closing Date — 17,522 Share of net income (loss) 215 ( 241 ) Share of other comprehensive income (loss) 22 ( 118 ) Change in redemption value (1) ( 958 ) 2,261 Balance at end of period $ 20,646 $ 19,424 (1) These amounts represent a $ 1.0 million decrease and $ 2.3 million increase in redemption value over the carrying value for the three months ended March 31, 2023 and 2022 respectively. These amounts were recorded as an offset to retained earnings impacting the net loss used in the calculation of net loss per share attributable for these periods. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accounting policies we follow are set forth in Part II, Item 8, Note 2, “Significant Accounting Policies”, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10K for the year ended December 31, 2022 which was filed with the SEC on February 27, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed, combined or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2022, included in our Annual Report on Form 10-K. The interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of our condensed consolidated balance sheet as of March 31, 2023 and our results of operations for the three months ended March 31, 2023 and 2022. The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the current fiscal year or any other future periods. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Corsair and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. For consolidated entities where we own less than 100% of the equity, our consolidated net comprehensive income (loss) is reduced by the portion attributable to the noncontrolling interest. In determining whether an entity is considered a controlled entity, we apply the VIE (Variable Interest Entity) and VOE (voting interest entity) models. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, we consolidate the entity if we determine that we have a controlling financial interest in the entity through our ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. On January 1, 2022 (the “Closing” or “Closing Date”), we completed the acquisition of a 51 % ownership stake in Elgato iDisplay Holdings LTD. and its related companies (together “iDisplay”). (See Note 5, “Business Combination - iDisplay Acquisition” for more details on the iDisplay Acquisition). We have determined that iDisplay does not qualify as a VIE and Corsair has a controlling financial interest in iDisplay under the VOE model and therefore, iDisplay’s results of operations are fully consolidated with Corsair with effect from January 1, 2022. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves, reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, and deferred income tax. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the potential impacts from the events in the current economic environment and the events in Ukraine. We adjust such estimates and assumptions when facts and circumstances dictate. The extent to which the current macroeconomic factors and the development in Ukraine will impact our business going forward depends on numerous dynamic factors that we cannot reliably predict. Actual results could differ materially from those estimates . |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements None. |
Accounting Pronouncements Issued but Not Yet Adopted | Accounting Pronouncements Issued but Not Yet Adopted None. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liabilities that Measured at Fair Value | The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands) : March 31, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities: Foreign currency forward contracts (1) $ — $ 389 $ — $ 389 Total liabilities $ — $ 389 $ — $ 389 December 31, 2022 (Level 1) (Level 2) (Level 3) Total Liabilities: Deferred cash consideration in connection with a business acquisition—SCUF (2) $ — $ — $ 954 $ 954 Foreign currency forward contracts (1) — 484 — 484 Total liabilities $ — $ 484 $ 954 $ 1,438 (1) The fair values of the forward contracts were based on similar exchange traded derivatives and the related asset or liability is included within Level 2 of the fair value hierarchy. (2) In December 2019, one of our subsidiaries entered into an Agreement and Plan of Merger with Scuf Holdings, Inc. and its subsidiaries (collectively, “SCUF”) and acquired 100% of their equity interests (the “SCUF Acquisition”). The fair value of the SCUF contingent consideration was determined based on the estimates of acquired tax benefits owed to SCUF’s sellers according to the merger agreement, and these estimates represent a level 3 fair value measurement. The $ 1.0 million liability as of December 31, 2022 was finalized in the fourth quarter of 2022, and this amount was paid in the first quarter of 2023. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities | The final allocation of the iDisplay Acquisition purchase consideration to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date is as follows (in thousands): Amounts Cash $ 2,330 Accounts receivable 3,382 Inventories 2,772 Prepaid and other assets 424 Operating lease right-of-use asset 360 Property and equipment 277 Identifiable intangible assets 34,200 Goodwill 32,987 Total assets acquired 76,732 Accounts payable ( 5,106 ) Deferred tax liabilities ( 4,561 ) Accrued liabilities ( 731 ) Operating lease liabilities ( 360 ) Total liabilities assumed ( 10,758 ) Net assets acquired 65,974 Noncontrolling interest ( 29,606 ) Fair value of consideration transferred $ 36,368 Purchase consideration: Cash $ 21,864 Corsair common stock 14,504 Fair value of consideration transferred $ 36,368 |
Summary of Valuation of Identifiable Intangible Assets Acquired in Business Combination and Respective Useful Lives | Valuation of identified intangible assets The following table summarizes the valuation of the identifiable intangible assets acquired in the iDisplay Acquisition and the estimate of their respective useful lives as of the Closing Date, including subsequent measurement period adjustments: Valuation Useful (In thousands) (In years) Patent portfolio $ 5,100 6 Supplier relationships 6,800 6 Developed technology 22,300 6 Total identifiable intangible assets $ 34,200 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment | Goodwill The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Gamer and Total Balance as of December 31, 2022 $ 148,931 $ 198,816 $ 347,747 Effect of foreign currency exchange rates 10 453 463 Balance as of March 31, 2023 $ 148,941 $ 199,269 $ 348,210 |
Summary of Intangible Assets, Net | The following table is a summary of intangible assets, net (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Developed technology $ 53,726 $ 26,454 $ 27,272 $ 53,726 $ 24,088 $ 29,638 Trade name 29,907 7,340 22,567 29,735 6,802 22,933 Customer relationships 218,447 122,318 96,129 218,542 116,919 101,623 Patent portfolio 33,916 13,178 20,738 33,198 11,764 21,434 Supplier relationships 6,172 1,286 4,886 6,129 1,021 5,108 Total finite-life intangibles 342,168 170,576 171,592 341,330 160,594 180,736 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 60 — 60 89 — 89 Total intangible assets $ 377,658 $ 170,576 $ 207,082 $ 376,849 $ 160,594 $ 216,255 |
Schedule of Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense of intangible assets as of March 31, 2023 is as follows (in thousands): Amounts Remainder of 2023 $ 28,186 2024 36,494 2025 36,206 2026 32,902 2027 23,293 Thereafter 14,511 Total $ 171,592 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Components of Balance Sheet | The following tables present the components of certain balance sheet amounts (in thousands): Cash and Restricted Cash March 31, December 31, Cash $ 179,147 $ 151,180 Restricted cash—short term 2,672 2,647 Restricted cash—noncurrent 234 233 Total cash and restricted cash $ 182,053 $ 154,060 Accounts Receivable, Net March 31, December 31, Accounts receivable $ 146,411 $ 145,380 Due from Factor 75,366 91,061 Allowance for doubtful accounts ( 785 ) ( 785 ) Accounts receivable, net $ 220,992 $ 235,656 On September 29, 2022, one of our fully consolidated subsidiaries entered into an accounts receivable factoring agreement (“Factoring Agreement”) with a third-party financial institution (“Factor”). Pursuant to the terms of the arrangement, we sell certain of our customer receivables on a non-recourse basis to the Factor. Proceeds from factoring the accounts receivable are due upon collection of payments from the customers, but upon our request, the Factor may, at their sole discretion, remit a portion of the proceeds to us prior to their collection of payments from the customers. Our obligations to the Factor arising from the Factoring Agreement are secured by certain assets of our subsidiary. In the three months ended March 31, 2023, we sold receivables and received cash proceeds of $ 82.9 million and $ 98.6 million, respectively. The cost of factoring is included in selling, general and administrative expenses in our condensed consolidated statements of operations and the amount incurred in the three months ended March 31, 2023, was immaterial. The Factor and one other customer, each represented 10% or more of our accounts receivable, net balance as of March 31, 2023 and December 31, 2022. Inventories March 31, December 31, Raw materials $ 44,527 $ 49,926 Work in progress 10,738 4,171 Finished goods 133,216 138,620 Inventories $ 188,481 $ 192,717 Property and Equipment, Net March 31, December 31, Manufacturing equipment $ 30,276 $ 28,993 Leasehold improvements 19,161 18,903 Computer equipment, software and office equipment 16,570 16,205 Furniture and fixtures 3,745 3,277 Total property and equipment $ 69,752 $ 67,378 Less: Accumulated depreciation and amortization ( 35,624 ) ( 32,451 ) Property and equipment, net $ 34,128 $ 34,927 Other Assets March 31, December 31, Right-of-use assets $ 43,121 $ 45,175 Deferred tax asset 25,211 23,569 Other 6,369 6,546 Other assets $ 74,701 $ 75,290 Other Liabilities and Accrued Expenses March 31, December 31, Accrued reserves for customer incentive programs $ 47,834 $ 58,621 Accrued reserves for sales return 27,762 27,199 Accrued payroll and related expense 13,084 10,511 Operating lease liabilities, current 12,090 11,051 Accrued freight expenses 11,746 12,486 Income tax payable 6,792 5,322 Contract liabilities 2,818 6,259 Other 30,359 33,021 Other liabilities and accrued expenses $ 152,485 $ 164,470 Other Liabilities, Noncurrent March 31, December 31, Operating lease liabilities, noncurrent $ 42,956 $ 45,457 Other 3,098 3,132 Other liabilities, noncurrent $ 46,054 $ 48,589 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Our debt consisted of the following (in thousands): March 31, December 31, Term Loan (variable rate) due September 2026 $ 230,000 $ 240,000 Debt discount and issuance cost, net of amortization ( 1,238 ) ( 1,335 ) Total debt, net 228,762 238,665 Less: debt maturing within one year, net 8,372 6,495 Long-term debt, net $ 220,390 $ 232,170 |
Summary of Interest Expense Recognized | The following table summarizes the interest expense recognized for all periods presented (in thousands): Three Months Ended 2023 2022 Credit Agreement: Contractual interest expense for Term Loan 4,065 865 Contractual interest expense for Revolving Facility — 274 Amortization of debt discount and issuance cost 134 86 Interest income ( 1,474 ) — Other 103 54 Total interest expense recognized $ 2,828 $ 1,279 |
Summary of Estimated Future Principal Payments under Total Long-term Debt | The estimated future principal payments under our total long-term debt as of March 31, 2023 are as follows (in thousands): Amounts Remainder of 2023 $ 5,625 2024 12,500 2025 12,500 2026 199,375 2027 — Thereafter — Total debt $ 230,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Warranty | Changes in our warranty obligations were as follows (in thousands): Three Months Ended 2023 2022 Beginning of the period $ 3,685 $ 5,655 Warranty provision related to products shipped 1,378 1,298 Deductions for warranty claims processed ( 1,596 ) ( 1,561 ) End of period $ 3,467 $ 5,392 |
Schedule of Long-Term Non-Cancelable Purchase Commitment | Long-term non-cancelable purchase commitments as of March 31, 2023 were as follows (in thousands): Amounts Remainder of 2023 $ 1,178 2024 1,835 2025 316 2026 — 2027 — Thereafter — Total $ 3,329 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Cost of revenue $ 440 $ 285 Sales, general and administrative 5,871 4,152 Product development 935 710 Stock-based compensation expense, net of amounts capitalized (1) $ 7,246 $ 5,147 Income tax benefits related to stock-based compensation expense $ 1,354 $ 311 (1) Total stock-based compensation expense capitalized in inventory and as cloud computing arrangement implementation costs were not material for each of the periods presented. |
Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period | The following table summarizes by type of grant, the total unrecognized stock-based compensation expense and the remaining period over which such expense is expected to be recognized (in thousands, except number of years): March 31, 2023 Unrecognized Expense Remaining weighted average period (In years) Stock Options $ 35,182 2.8 Restricted Stock Units 42,720 2.9 ESPP 288 0.25 Total unrecognized stock-based compensation expense $ 78,190 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The following table summarizes the calculation of basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended 2023 2022 Numerator Net loss $ ( 1,648 ) $ ( 3,280 ) Less: Net income (loss) attributable to noncontrolling interest 364 ( 407 ) Net loss attributable to Corsair Gaming, Inc. ( 2,012 ) ( 2,873 ) Change in redemption value of redeemable noncontrolling interest 958 ( 2,261 ) Net loss attributable to common stockholders of Corsair Gaming, Inc. $ ( 1,054 ) $ ( 5,134 ) Denominator Basic weighted-average shares outstanding 101,685 95,275 Effect of dilutive securities (1) — — Total diluted weighted-average shares outstanding 101,685 95,275 Net loss per share attributable to common stockholders of Corsair Gaming, Inc.: Basic $ ( 0.01 ) $ ( 0.05 ) Diluted $ ( 0.01 ) $ ( 0.05 ) Anti-dilutive potential common shares (1) 11,934 10,383 Potential common share equivalents were not included in the calculation of diluted net loss per share as the effect would have been anti-dilutive. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Taxes, Income Tax Expense and Effective Income Tax Rates | The table below presents our loss before income taxes, income tax benefit and effective income tax rates for all periods presented (in thousands, except percentages): Three Months Ended 2023 2022 (In thousands) Loss before income taxes $ ( 2,287 ) $ ( 4,263 ) Income tax benefit 639 983 Effective tax rate ( 27.9 )% ( 23.1 )% |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | The table below summarizes the financial information for each reportable segment (in thousands): Three Months Ended 2023 2022 Net revenue Gamer and Creator Peripherals $ 88,942 $ 134,148 Gaming Components and Systems 265,022 246,543 Total net revenue $ 353,964 $ 380,691 Gross Profit Gamer and Creator Peripherals $ 26,648 $ 43,057 Gaming Components and Systems 58,756 47,699 Total gross profit $ 85,404 $ 90,756 |
Summary of Net Revenue By Geographic Region | The following table summarizes our net revenue by geographic region based on the location of the customer (in thousands): Three Months Ended 2023 2022 Net revenue Americas $ 185,898 $ 192,824 Europe and Middle East 113,441 122,198 Asia Pacific 54,625 65,669 Total net revenue $ 353,964 $ 380,691 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Amounts Attributable To Noncontrolling Interest Disclosures [Abstract] | |
Redeemable Noncontrolling Interests | The following table presents the changes in RNCI for the periods presented (in thousands): Three Months Ended 2023 2022 Balance at beginning of period $ 21,367 $ — Initial carrying amount estimated at iDisplay's Closing Date — 17,522 Share of net income (loss) 215 ( 241 ) Share of other comprehensive income (loss) 22 ( 118 ) Change in redemption value (1) ( 958 ) 2,261 Balance at end of period $ 20,646 $ 19,424 (1) These amounts represent a $ 1.0 million decrease and $ 2.3 million increase in redemption value over the carrying value for the three months ended March 31, 2023 and 2022 respectively. These amounts were recorded as an offset to retained earnings impacting the net loss used in the calculation of net loss per share attributable for these periods. |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Jan. 01, 2022 |
IDisplay Technology | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Percentage of equity interest acquired | 51% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Details) - Fair Value Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Liabilities | $ 389 | $ 1,438 |
Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | 389 | 484 |
(Level 2) | ||
Liabilities: | ||
Liabilities | 389 | 484 |
(Level 2) | Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | $ 389 | 484 |
(Level 3) | ||
Liabilities: | ||
Liabilities | 954 | |
Deferred Cash Consideration Business Acquisition SCUF | ||
Liabilities: | ||
Liabilities | 954 | |
Deferred Cash Consideration Business Acquisition SCUF | (Level 3) | ||
Liabilities: | ||
Liabilities | $ 954 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Contingent Consideration Business Acquisition SCUF | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Liabilities | $ 1 |
Derivative Financial Instrume_2
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Derivative | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments for trading purposes | Derivative | 0 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense | |
Designated as Hedging Instruments | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative, amount of hedged item | $ 0 | $ 0 | |
Foreign Currency Forward Contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional principal amount | 25,300,000 | $ 23,400,000 | |
Fair value gains (losses) recognized in other (expense) income | $ (400,000) | $ 500,000 | |
Minimum | Foreign Currency Forward Contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 2 months | ||
Maximum | Foreign Currency Forward Contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 4 months |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - IDisplay Technology - USD ($) | 3 Months Ended | ||
Jan. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||
Percentage of equity interest acquired | 51% | ||
Fair value of consideration | $ 36,368,000 | ||
Purchase consideration paid in cash | $ 21,864,000 | ||
Purchase consideration paid in equity shares | 690,333,000 | ||
Fair value of equity issued in business combination | $ 14,504,000 | ||
Accounts payable | $ 3,500,000 | ||
Percentage of Redeemable Noncontrolling Interests | 29% | ||
Put and call option expiration date | Jan. 01, 2025 | ||
Fair value of noncontrolling interest amount | $ 29,606,000 | ||
Increased goodwill | 1,000,000 | ||
Decreased identifiable intangible assets | 1,100,000 | ||
Deferred Liabilities | 100,000 | ||
Inventory | 300,000 | ||
Fair value of identifiable intangible assets net tangible assets and liabilities acquired | 33,000,000 | ||
Deferred tax liability | 4,561,000 | ||
Acquisition-related costs | $ 0 | $ 500,000 | |
Gamer and Creator Peripherals | |||
Business Acquisition [Line Items] | |||
Fair value of identifiable intangible assets net tangible assets and liabilities acquired | 29,300,000 | ||
Gaming Components and Systems | |||
Business Acquisition [Line Items] | |||
Fair value of identifiable intangible assets net tangible assets and liabilities acquired | $ 3,700,000 | ||
First Anniversary | |||
Business Acquisition [Line Items] | |||
Percentage of equity interest acquired | 14% | ||
Second Anniversary | |||
Business Acquisition [Line Items] | |||
Percentage of equity interest acquired | 15% | ||
IDisplay Seller | |||
Business Acquisition [Line Items] | |||
Noncontrolling interest | 49% |
Business Combinations - Schedul
Business Combinations - Schedule of Estimated Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 348,210 | $ 347,747 | |
IDisplay Technology | |||
Business Acquisition [Line Items] | |||
Cash | $ 2,330 | ||
Accounts receivable | 3,382 | ||
Inventories | 2,772 | ||
Prepaid and other assets | 424 | ||
Operating lease right-of-use asset | 360 | ||
Property and equipment | 277 | ||
Identifiable intangible assets | 34,200 | ||
Goodwill | 32,987 | ||
Total assets acquired | 76,732 | ||
Accounts payable | (5,106) | ||
Deferred tax liabilities | (4,561) | ||
Accrued liabilities | (731) | ||
Operating lease liabilities | (360) | ||
Total liabilities assumed | (10,758) | ||
Net assets acquired | 65,974 | ||
Noncontrolling interests | (29,606) | ||
Fair value of consideration | 36,368 | ||
Purchase consideration: | |||
Purchase consideration paid in cash | 21,864 | ||
Fair value of equity issued in business combination | 14,504 | ||
Fair value of consideration | $ 36,368 |
Business Combinations - Summary
Business Combinations - Summary of Valuation of Identifiable Intangible Assets Acquired in Business Combination and Respective Useful Lives (Details) - IDisplay Technology $ in Thousands | Jan. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Valuation | $ 34,200 |
Patent Portfolio | |
Business Acquisition [Line Items] | |
Valuation | $ 5,100 |
Useful Life | 6 years |
Supplier Relationship | |
Business Acquisition [Line Items] | |
Valuation | $ 6,800 |
Useful Life | 6 years |
Developed Technology | |
Business Acquisition [Line Items] | |
Valuation | $ 22,300 |
Useful Life | 6 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Balance | $ 347,747 |
Effect of foreign currency exchange rates | 463 |
Balance | 348,210 |
Gaming Components and Systems | |
Goodwill [Line Items] | |
Balance | 148,931 |
Effect of foreign currency exchange rates | 10 |
Balance | 148,941 |
Gamer and Creator Peripherals | |
Goodwill [Line Items] | |
Balance | 198,816 |
Effect of foreign currency exchange rates | 453 |
Balance | $ 199,269 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total finite-life intangibles, Gross Carrying Amount | $ 342,168 | $ 341,330 |
Total finite-life intangibles, Accumulated Amortization | 170,576 | 160,594 |
Total finite-life intangibles, Net Carrying Amount | 171,592 | 180,736 |
Total intangible assets, Gross Carrying Amount | 377,658 | 376,849 |
Total intangible assets, Net Carrying Amount | 207,082 | 216,255 |
Other | ||
Indefinite-life intangibles, Gross and Net Carrying Amount | 60 | 89 |
Developed Technology | ||
Total finite-life intangibles, Gross Carrying Amount | 53,726 | 53,726 |
Total finite-life intangibles, Accumulated Amortization | 26,454 | 24,088 |
Total finite-life intangibles, Net Carrying Amount | 27,272 | 29,638 |
Trade Name | ||
Total finite-life intangibles, Gross Carrying Amount | 29,907 | 29,735 |
Total finite-life intangibles, Accumulated Amortization | 7,340 | 6,802 |
Total finite-life intangibles, Net Carrying Amount | 22,567 | 22,933 |
Indefinite-life intangibles, Gross and Net Carrying Amount | 35,430 | 35,430 |
Customer Relationships | ||
Total finite-life intangibles, Gross Carrying Amount | 218,447 | 218,542 |
Total finite-life intangibles, Accumulated Amortization | 122,318 | 116,919 |
Total finite-life intangibles, Net Carrying Amount | 96,129 | 101,623 |
Patents | ||
Total finite-life intangibles, Gross Carrying Amount | 33,916 | 33,198 |
Total finite-life intangibles, Accumulated Amortization | 13,178 | 11,764 |
Total finite-life intangibles, Net Carrying Amount | 20,738 | 21,434 |
Supplier Relationship | ||
Total finite-life intangibles, Gross Carrying Amount | 6,172 | 6,129 |
Total finite-life intangibles, Accumulated Amortization | 1,286 | 1,021 |
Total finite-life intangibles, Net Carrying Amount | $ 4,886 | $ 5,108 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 28,186 | |
2024 | 36,494 | |
2025 | 36,206 | |
2026 | 32,902 | |
2027 | 23,293 | |
Thereafter | 14,511 | |
Total finite-life intangibles, Net Carrying Amount | $ 171,592 | $ 180,736 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Components of Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Line Items] | ||||
Cash | $ 179,147 | $ 151,180 | ||
Restricted cash | 2,672 | 2,647 | ||
Restricted cash, noncurrent | 234 | 233 | ||
Total cash and restricted cash | 182,053 | 154,060 | $ 31,985 | $ 65,380 |
Accounts receivable | 146,411 | 145,380 | ||
Due from Factor | 75,366 | 91,061 | ||
Allowance for doubtful accounts | (785) | (785) | ||
Accounts receivable, net | 220,992 | 235,656 | ||
Raw materials | 44,527 | 49,926 | ||
Work in progress | 10,738 | 4,171 | ||
Finished goods | 133,216 | 138,620 | ||
Inventories | 188,481 | 192,717 | ||
Total property and equipment | 69,752 | 67,378 | ||
Less: Accumulated depreciation and amortization | (35,624) | (32,451) | ||
Property and equipment, net | 34,128 | 34,927 | ||
Right-of-use assets | 43,121 | 45,175 | ||
Deferred tax asset | 25,211 | 23,569 | ||
Other | 6,369 | 6,546 | ||
Other assets | 74,701 | 75,290 | ||
Accrued reserves for customer incentive programs | 47,834 | 58,621 | ||
Accrued reserves for sales return | 27,762 | 27,199 | ||
Accrued payroll and related expense | 13,084 | 10,511 | ||
Operating lease liabilities, current | 12,090 | 11,051 | ||
Accrued freight expenses | 11,746 | 12,486 | ||
Income tax payable | 6,792 | 5,322 | ||
Contract liabilities | 2,818 | 6,259 | ||
Other | 30,359 | 33,021 | ||
Other liabilities and accrued expenses | 152,485 | 164,470 | ||
Operating lease liabilities, noncurrent | 42,956 | 45,457 | ||
Other | 3,098 | 3,132 | ||
Other liabilities, noncurrent | 46,054 | 48,589 | ||
Manufacturing Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 30,276 | 28,993 | ||
Leasehold Improvements | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 19,161 | 18,903 | ||
Computer Equipment, Software and Office Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 16,570 | 16,205 | ||
Furniture and Fixtures | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | $ 3,745 | $ 3,277 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) | |
Concentration Risk [Line Items] | ||
Receivables sold | $ 82,900 | |
Cash proceeds received | 98,600 | |
Due from Factor | 75,366 | $ 91,061 |
Inventory Exchanges | ||
Concentration Risk [Line Items] | ||
Sales and purchases of inventories in prepaid inventories | 600 | 1,000 |
Sales and purchases of inventories in accrued liabilities | $ 800 | $ 1,300 |
Accounts Receivable | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Number of customers | Customer | 1 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 230,000 | |
Debt discount and issuance cost, net of amortization | (1,238) | $ (1,335) |
Total debt, net | 228,762 | 238,665 |
Less: debt maturing within one year, net | 8,372 | 6,495 |
Long-term debt, net | 220,390 | 232,170 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 230,000 | 240,000 |
Total debt, net | $ 228,800 | $ 238,700 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Term Loan | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2026-09 |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||||
Nov. 28, 2022 | Jun. 30, 2022 | Sep. 03, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | |||||||||
Carrying value of term loan | $ 228,762,000 | $ 238,665,000 | |||||||
Revolving Credit Facility Under Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 100,000,000 | ||||||||
Credit facility, expiration month and year | 2026-09 | ||||||||
Outstanding borrowing balance | $ 0 | 0 | |||||||
Revolving Credit Facility Under Credit Agreement | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated interest coverage ratio | 3 | ||||||||
Revolving Credit Facility Under Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated total net leverage ratio | 3.50 | ||||||||
Consolidated interest coverage ratio | 3.50 | ||||||||
Revolving Credit Facility Under Credit Agreement | One Month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Revolving Credit Facility Under Credit Agreement | One Month LIBOR | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.25% | ||||||||
Revolving Credit Facility Under Credit Agreement | One Month LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Revolving Credit Facility Under Credit Agreement | LIBOR | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Revolving Credit Facility Under Credit Agreement | LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 2% | ||||||||
Revolving Credit Facility Under Credit Agreement | Federal Funds Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.50% | 0.50% | |||||||
Revolving Credit Facility Under Credit Agreement | Bloomberg Short Term Bank Yield | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Revolving Credit Facility Under Credit Agreement | Bloomberg Short Term Bank Yield | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 2.25% | ||||||||
Revolving Credit Facility Under Credit Agreement | One-Month BSBY | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Revolving Credit Facility Under Credit Agreement | One-Month BSBY | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.25% | ||||||||
Revolving Credit Facility Under Credit Agreement | One-Month BSBY | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 250,000,000 | ||||||||
Effective interest rate | 7.06% | 1.49% | |||||||
Credit facility, expiration month and year | 2026-09 | ||||||||
Carrying value of term loan | $ 228,800,000 | 238,700,000 | |||||||
Term Loan | Fair Value, Inputs, Level 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Estimated fair value of term loan | 234,600,000 | ||||||||
Term Loan | One Month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Term Loan | One Month LIBOR | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.25% | ||||||||
Term Loan | One Month LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Term Loan | LIBOR | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Term Loan | LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 2% | ||||||||
Term Loan | Federal Funds Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.50% | 0.50% | |||||||
Term Loan | Bloomberg Short Term Bank Yield | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Term Loan | Bloomberg Short Term Bank Yield | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 2.25% | ||||||||
Term Loan | One-Month BSBY | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1% | ||||||||
Term Loan | One-Month BSBY | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.25% | ||||||||
Term Loan | One-Month BSBY | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.25% | ||||||||
Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, incremental maximum aggregate principal amount | $ 250,000,000 | ||||||||
Prepayment of debt | $ 8,750,000 | $ 3,750,000 | |||||||
Increase in interest rate upon certain events of default | 2% | ||||||||
Credit Agreement | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated total net leverage ratio | 3.25 | 3.25 | 3.50 | ||||||
Credit Agreement | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated interest coverage ratio | 3 | ||||||||
Credit Agreement | Minimum [Member] | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 0.50% | ||||||||
Consolidated interest coverage ratio | 2.50 | ||||||||
Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated total net leverage ratio | 3 | 3.75 | |||||||
Credit Agreement | Maximum | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 2.25% | ||||||||
Credit Agreement | Bloomberg Short Term Bank Yield | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 1.50% | ||||||||
Credit Agreement | Bloomberg Short Term Bank Yield | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, variable rate | 3.25% |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Interest income | $ (1,474) | |
Other | 103 | $ 54 |
Total interest expense recognized | 2,828 | 1,279 |
Credit Agreement, Term Loan | ||
Debt Instrument [Line Items] | ||
Contractual interest expense for term loan | 4,065 | 865 |
Revolving Credit Facility Under Credit Agreement | ||
Debt Instrument [Line Items] | ||
Contractual interest expense for term loan | 274 | |
Credit Agreement | ||
Debt Instrument [Line Items] | ||
Amortization of debt discount and issuance cost | $ 134 | $ 86 |
Debt - Summary of Estimated Fut
Debt - Summary of Estimated Future Principal Payments under Total Long-term Debt (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2023 | $ 5,625 |
2024 | 12,500 |
2025 | 12,500 |
2026 | 199,375 |
Total debt | $ 230,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Changes in Warranty Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Beginning of the period | $ 3,685 | $ 5,655 |
Warranty provision related to products shipped | 1,378 | 1,298 |
Deductions for warranty claims processed | (1,596) | (1,561) |
End of period | $ 3,467 | $ 5,392 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Long-Term Non-Cancelable Purchase Commitment (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Remainder of 2023 | $ 1,178 |
2024 | 1,835 |
2025 | 316 |
Total | $ 3,329 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Claim | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Non-cancelable long-term purchase commitments | $ 3,800,000 | |
Letters of credit outstanding, amount | $ 0 | 0 |
Line of credit facility, current borrowing capacity | $ 0 | $ 0 |
Loss contingency, claims settled, number | Claim | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||||
Dec. 31, 2022 | Nov. 30, 2022 | Mar. 31, 2023 | Jul. 22, 2022 | Sep. 25, 2020 | |
Capital Unit [Line Items] | |||||
Authorized shares of common stock for issuance | 300,000,000 | 300,000,000 | 300,000,000 | ||
Authorized shares of preferred stock for issuance | 5,000,000 | 5,000,000 | 5,000,000 | ||
Authorized shares of common stock for issuance, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Authorized shares of preferred stock for issuance, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock shares outstanding | 0 | 0 | |||
Self resitration maximum securities issued | $ 300 | ||||
Common stock held by selling securities holders | 54,179,559 | ||||
Underwritten Public Offering | |||||
Capital Unit [Line Items] | |||||
Sale of stock, price per share | $ 16.50 | ||||
Common stock sold in relation to public offering, net of underwriting discounts, commissions and other offering costs, shares | 500,000 | ||||
Proceeds from common stock | $ 81 | ||||
Underwritten Public Offering | Maximum | |||||
Capital Unit [Line Items] | |||||
Common stock sold in relation to public offering, net of underwriting discounts, commissions and other offering costs, shares | 4,545,455 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, net of amounts capitalized | $ 7,246 | $ 5,147 |
Income tax benefits related to stock-based compensation expense | 1,354 | 311 |
Cost of Revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, net of amounts capitalized | 440 | 285 |
Sales, General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, net of amounts capitalized | 5,871 | 4,152 |
Product Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense, net of amounts capitalized | $ 935 | $ 710 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized stock-based compensation expense | $ 78,190 |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options | $ 35,182 |
Remaining weighted average period (In years) | 2 years 9 months 18 days |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs | $ 42,720 |
Remaining weighted average period (In years) | 2 years 10 months 24 days |
ESPP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs | $ 288 |
Remaining weighted average period (In years) | 3 months |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ 4.4 | $ 1.5 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total fair value stock units vested | $ 4.9 | $ 2.5 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net loss | $ (1,648) | $ (3,280) |
Less: Net income (loss) attributable to noncontrolling interest | 364 | (407) |
Net loss attributable to Corsair Gaming, Inc. | (2,012) | (2,873) |
Change in redemption value of redeemable noncontrolling interest | 958 | (2,261) |
Net loss attributable to common stockholders of Corsair Gaming, Inc. | $ (1,054) | $ (5,134) |
Weighted-average common shares outstanding: | ||
Basic | 101,685 | 95,275 |
Total diluted weighted-average shares outstanding | 101,685 | 95,275 |
Net loss per share attributable to common stockholders of Corsair Gaming, Inc.: | ||
Basic | $ (0.01) | $ (0.05) |
Diluted | $ (0.01) | $ (0.05) |
Anti-dilutive potential common shares | 11,934 | 10,383 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Taxes, Income Tax Expense and Effective Income Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (2,287) | $ (4,263) |
Income tax benefit | $ 639 | $ 983 |
Effective tax rate | (27.90%) | (23.10%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | (27.90%) | (23.10%) | |
Unrealized tax benefits | $ 3.7 | $ 3.6 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 Country Segment | Mar. 31, 2022 Country | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Geographic Concentration Risk | Consolidated Net Revenue | United States | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue from sales to customers | 46.20% | 43.60% |
Geographic Concentration Risk | Consolidated Net Revenue | Non-US Excluding United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue from sales to customers | 10% | 10% |
Number of single countries representing more than ten percent threshold | Country | 0 | 0 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 353,964 | $ 380,691 |
Total gross profit | 85,404 | 90,756 |
Gamer and Creator Peripherals | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 88,942 | 134,148 |
Total gross profit | 26,648 | 43,057 |
Gaming Components and Systems | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 265,022 | 246,543 |
Total gross profit | $ 58,756 | $ 47,699 |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Net Revenue By Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 353,964 | $ 380,691 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 185,898 | 192,824 |
Europe and Middle East | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 113,441 | 122,198 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 54,625 | $ 65,669 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Mar. 31, 2022 |
Redeemable Noncontrolling Interest [Line Items] | ||
Fair value of redeemable noncontrolling interest amount | $ 17,522 | |
IDisplay Technology | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 51% | |
Put and call option expiration date | Jan. 01, 2025 | |
IDisplay Technology | First Anniversary | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 14% | |
IDisplay Technology | Second Anniversary | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 15% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest - Schedule of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Amounts Attributable To Noncontrolling Interest Disclosures [Abstract] | ||
Balance at beginning of period | $ 21,367 | |
Fair value of redeemable noncontrolling interest amount | $ 17,522 | |
Share of net income (loss) | 215 | (241) |
Share of other comprehensive income (loss) | 22 | (118) |
Change in redemption value | (958) | 2,261 |
Balance at end of period | $ 20,646 | $ 19,424 |
Redeemable Noncontrolling Int_5
Redeemable Noncontrolling Interest - Schedule of Changes in Redeemable Noncontrolling Interests (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Amounts Attributable To Noncontrolling Interest Disclosures [Abstract] | ||
Increase (decrease) in redemption value over the carrying value | $ (958) | $ 2,261 |