Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 103,306,163 | ||
Entity Public Float | $ 767,800,523 | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | CRSR | ||
Security Exchange Name | NASDAQ | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | San Francisco, California | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, or the Proxy Statement, to be filed within 120 days of the end of the fiscal year ended December 31, 2023, are incorporated by reference in Part III hereof. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part hereof. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenue | $ 1,459,875 | $ 1,375,098 | $ 1,904,060 |
Cost of revenue | 1,099,612 | 1,078,466 | 1,390,206 |
Gross profit | 360,263 | 296,632 | 513,854 |
Operating expenses: | |||
Sales, general and administrative | 285,313 | 284,932 | 315,672 |
Product development | 65,261 | 66,493 | 60,288 |
Total operating expenses | 350,574 | 351,425 | 375,960 |
Operating income (loss) | 9,689 | (54,793) | 137,894 |
Other (expense) income: | |||
Interest expense | (17,420) | (9,560) | (17,673) |
Interest income | 6,839 | 374 | |
Other (expense) income, net | (2,587) | 213 | (5,661) |
Total other expense, net | (13,168) | (8,973) | (23,334) |
Income (loss) before income taxes | (3,479) | (63,766) | 114,560 |
Income tax benefit (expense) | 2,442 | 9,820 | (13,600) |
Net income (loss) | (1,037) | (53,946) | 100,960 |
Less: Net income attributable to noncontrolling interest | 1,553 | 442 | |
Net income (loss) attributable to Corsair Gaming, Inc. | (2,590) | (54,388) | 100,960 |
Calculation of net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.: | |||
Net income (loss) attributable to Corsair Gaming, Inc. | (2,590) | (54,388) | 100,960 |
Change in redemption value of redeemable noncontrolling interest | 5,777 | (6,536) | |
Net income (loss) attributable to common stockholders of Corsair Gaming, Inc. | $ 3,187 | $ (60,924) | $ 100,960 |
Net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.: | |||
Basic | $ 0.03 | $ (0.63) | $ 1.08 |
Diluted | $ 0.03 | $ (0.63) | $ 1.01 |
Weighted-average common shares outstanding: | |||
Basic | 102,482 | 96,280 | 93,260 |
Diluted | 106,276 | 96,280 | 100,004 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,037) | $ (53,946) | $ 100,960 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of tax benefit (expense) of $(6), $344 and $0 for the years ended December 31, 2023, 2022 and 2021, respectively | 3,535 | (7,067) | (1,482) |
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense) of $(319), $182 and $76 for the years ended December 31, 2023, 2022, and 2021, respectively | (128) | (150) | (385) |
Comprehensive income (loss) | 2,370 | (61,163) | 99,093 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 1,566 | (234) | |
Comprehensive income (loss) attributable to Corsair Gaming, Inc. | $ 804 | $ (60,929) | $ 99,093 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, net of tax | $ (6) | $ 344 | $ 0 |
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense) | $ (319) | $ 182 | $ 76 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 175,620 | $ 151,180 |
Restricted cash | 2,705 | 2,647 |
Accounts receivable, net | 253,268 | 235,656 |
Inventories | 240,172 | 192,717 |
Prepaid expenses and other current assets | 39,824 | 40,593 |
Total current assets | 711,589 | 622,793 |
Restricted cash, noncurrent | 239 | 233 |
Property and equipment, net | 32,212 | 34,927 |
Goodwill | 354,705 | 347,747 |
Intangible assets, net | 188,009 | 216,255 |
Other assets | 70,709 | 75,290 |
Total assets | 1,357,463 | 1,297,245 |
Current liabilities: | ||
Debt maturing within one year, net | 12,190 | 6,495 |
Accounts payable | 239,957 | 172,033 |
Other liabilities and accrued expenses | 166,340 | 164,470 |
Total current liabilities | 418,487 | 342,998 |
Long-term debt, net | 186,006 | 232,170 |
Deferred tax liabilities | 17,395 | 18,054 |
Other liabilities, noncurrent | 41,595 | 48,589 |
Total liabilities | 663,483 | 641,811 |
Commitments and Contingencies (Note 9) | ||
Temporary equity | ||
Redeemable noncontrolling interest | 15,937 | 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 December 30, 2023 and 2022, respectively | ||
Common stock, $0.0001 par value: 300,000 shares authorized, 103,255 and 101,385 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 10 | 10 |
Additional paid-in capital | 630,642 | 593,486 |
Retained earnings | 40,410 | 37,223 |
Accumulated other comprehensive loss | (3,487) | (6,881) |
Total Corsair Gaming, Inc. stockholders’ equity | 667,575 | 623,838 |
Nonredeemable noncontrolling interest | 10,468 | 10,229 |
Total permanent equity | 678,043 | 634,067 |
Total liabilities, temporary equity and permanent equity | $ 1,357,463 | $ 1,297,245 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 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 | 103,255,000 | 103,255,000 |
Common stock, shares outstanding | 101,385,000 | 101,385,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Nonreedemable Noncontrolling Interest |
Balance at Dec. 31, 2020 | $ 437,390 | $ 9 | $ 438,667 | $ (2,813) | $ 1,527 | $ 437,390 | |
Balance, shares at Dec. 31, 2020 | 91,935 | ||||||
Net income (loss) | 100,960 | 100,960 | 100,960 | ||||
Other comprehensive income (loss) | (1,867) | (1,867) | (1,867) | ||||
Issuance of common stock in connection with employee equity incentive plans | 14,872 | 14,872 | 14,872 | ||||
Issuance of common stock in connection with employee equity incentive plans, shares | 2,590 | ||||||
Shares withheld related to net share settlement | (417) | (417) | (417) | ||||
Shares withheld related to net share settlement, shares | (15) | ||||||
Stock-based compensation | 17,242 | 17,242 | 17,242 | ||||
Balance at Dec. 31, 2021 | 568,180 | $ 9 | 470,364 | 98,147 | (340) | 568,180 | |
Balance, shares at Dec. 31, 2021 | 94,510 | ||||||
Net income (loss) | (54,207) | (54,388) | (54,388) | $ 181 | |||
Other comprehensive income (loss) | (6,817) | (6,541) | (6,541) | (276) | |||
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and other offering costs | 80,862 | $ 1 | 80,861 | 80,862 | |||
Issuance of common stock in relation to public offering, net of underwriting discounts, commissions and other offering costs, shares | 5,045 | ||||||
Issuance of common stock in relation to business acquisition | 14,504 | 14,504 | 14,504 | ||||
Issuance of common stock in relation to acquisitions, shares | 690 | ||||||
Noncontrolling interest from business combination | 12,084 | 12,084 | |||||
Change in redemption value of redeemable noncontrolling interest | (6,536) | (6,536) | (6,536) | ||||
Dividend paid to nonredeemable noncontrolling interest | (1,760) | (1,760) | |||||
Issuance of common stock in connection with employee equity incentive plans | 7,015 | 7,015 | 7,015 | ||||
Issuance of common stock in connection with employee equity incentive plans, shares | 1,221 | ||||||
Shares withheld related to net share settlement | (1,512) | (1,512) | (1,512) | ||||
Shares withheld related to net share settlement, shares | (81) | ||||||
Stock-based compensation | 22,254 | 22,254 | 22,254 | ||||
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) | (1,955) | (2,590) | (2,590) | 635 | |||
Other comprehensive income (loss) | 3,398 | 3,394 | 3,394 | 4 | |||
Change in redemption value of redeemable noncontrolling interest | 5,777 | 5,777 | 5,777 | ||||
Dividend paid to nonredeemable noncontrolling interest | (400) | (400) | |||||
Issuance of common stock in connection with employee equity incentive plans | 7,449 | 7,449 | 7,449 | ||||
Issuance of common stock in connection with employee equity incentive plans, shares | 1,960 | ||||||
Shares withheld related to net share settlement | (1,409) | (1,409) | (1,409) | ||||
Shares withheld related to net share settlement, shares | (90) | ||||||
Stock-based compensation | 31,116 | 31,116 | 31,116 | ||||
Balance at Dec. 31, 2023 | $ 678,043 | $ 10 | $ 630,642 | $ 40,410 | $ (3,487) | $ 667,575 | $ 10,468 |
Balance, shares at Dec. 31, 2023 | 103,255 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (1,037) | $ (53,946) | $ 100,960 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Stock-based compensation | 30,873 | 22,158 | 17,235 |
Depreciation | 12,210 | 10,728 | 10,300 |
Amortization | 38,488 | 42,795 | 34,794 |
Debt issuance costs amortization | 679 | 398 | 1,458 |
Loss on debt extinguishment | 4,868 | ||
Deferred income taxes | (6,332) | (21,736) | (11,962) |
Other | 3,584 | 4,469 | 3,291 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (17,686) | 55,845 | 444 |
Inventories | (39,470) | 111,288 | (71,316) |
Prepaid expenses and other assets | 1,902 | 1,268 | (13,177) |
Accounts payable | 62,150 | (65,928) | (63,722) |
Other liabilities and accrued expenses | 3,792 | (40,950) | 7,019 |
Net cash provided by operating activities | 89,153 | 66,389 | 20,192 |
Cash flows from investing activities: | |||
Acquisition of businesses, net of cash acquired | (14,220) | (19,534) | (4,846) |
Payment of deferred and contingent consideration | (185) | (4,721) | |
Purchase of property and equipment | (12,761) | (26,315) | (10,974) |
Investment in available-for-sale convertible note | (1,000) | ||
Net cash used in investing activities | (26,981) | (47,034) | (20,541) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt, net | 248,513 | ||
Repayment of debt and debt issuance costs | (41,000) | (9,483) | (328,392) |
Borrowings from line of credit | 701,500 | 63,500 | |
Repayment of line of credit | (701,500) | (63,500) | |
Proceeds from public offering, net of underwriting discounts and commissions | 81,655 | ||
Payment of other offering costs | (497) | (296) | |
Proceeds from issuance of shares through employee equity incentive plans | 7,449 | 7,015 | 14,872 |
Payment of taxes related to net share settlement of equity awards | (1,409) | (1,532) | (397) |
Dividend paid to noncontrolling interest | (980) | (4,312) | |
Payment of contingent consideration | (950) | (438) | |
Net cash provided by (used in) financing activities | (37,387) | 72,609 | (65,404) |
Effect of exchange rate changes on cash | (281) | (3,284) | (2,435) |
Net increase (decrease) in cash and restricted cash | 24,504 | 88,680 | (68,188) |
Cash and restricted cash at the beginning of the year | 154,060 | 65,380 | 133,568 |
Cash and restricted cash at the end of the year | 178,564 | 154,060 | 65,380 |
Supplemental cash flow disclosures: | |||
Cash paid for interest | 16,772 | 9,019 | 11,267 |
Cash paid for income taxes, net | 7,375 | 14,221 | 41,243 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Equipment purchased and unpaid at period end | 1,420 | 4,985 | 2,122 |
Issuance of common stock relating to business acquisition | $ 14,505 | ||
Receivable for business acquisition purchase price adjustment | $ 1,041 | ||
Deferred purchase consideration related to business acquisitions | $ 202 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (2,590) | $ (54,388) | $ 100,960 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On December 7, 2023 , Andrew J. Paul , Chief Executive Officer and member of the board of directors , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 750,000 shares of the Company’s common stock until December 31, 2024 . On November 30, 2023 , Michael G. Potter , Chief Financial Officer , modified a Rule 10b5-1 trading arrangement, originally adopted on June 16, 2023 , to change the amount of shares to be sold under the plan and timing of sales under the plan. The modified trading arrangement (the “Potter Trading Plan”) is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to 200,000 shares of the Company’s common stock subject to options granted pursuant to the Company’s equity incentive plan, as well as shares of common stock subject to restricted stock units (“RSUs”) also granted pursuant to the Company’s equity incentive plan, in amounts and prices determined in accordance with formulae set forth in the plan and terminates on the earlier of the date all the shares under the plan are sold and December 31, 2024 . The number of shares of common stock subject to RSUs previously granted to Mr. Potter (the “RSU Shares”) to be sold pursuant to the Potter Trading Plan vest at various dates between December 1, 2023 and August 15, 2024 . As a result, the aggregate number of RSU Shares that will be sold under the Potter Trading Plan is not yet determinable, because each of the planned sale amounts is equal to a certain percentage of the shares underlying the RSU award, that have vested pursuant to the RSU award terms, net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards. |
Andrew J Paul [Member] | |
Trading Arrangements, by Individual | |
Name | Andrew J. Paul |
Title | Chief Executive Officer and member of the board of directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 7, 2023 |
Aggregate Available | 750,000 |
Trd Arr Expiration Date | December 31, 2024 |
Michael G Potter [Member] | |
Trading Arrangements, by Individual | |
Name | Michael G. Potter |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 16, 2023 |
Termination Date | December 31, 2024 |
Arrangement Duration | 259 days |
Aggregate Available | 200,000 |
Rule 10b 5-1 Arr Modified Flag | true |
Trd Arr Modified Date | November 30, 2023 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business 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 products for gamers and digital 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 products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, and gaming furniture, 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 | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying 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, 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 information). 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 is fully consolidated with Corsair with effect from January 1, 2022. Use of Estimates The preparation of 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 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 as well as the potential impacts from geopolitical events. We adjust such estimates and assumptions when facts and circumstances dictate. The extent to which the current macroeconomic factors and the development of the geopolitical unrest will impact our business going forward depends on numerous dynamic factors that we cannot reliably predict. Actual results could differ materially from those estimates . Making estimates and judgments about future events is inherently unpredictable and is subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and cash flows. Revenue Recognition We determine revenue recognition through the following five-step approach: • identification of the contract, or contracts, with the customer • identification of the performance obligations in the contract • determination of the transaction price • allocation of the transaction price to the performance obligations in the contract, and • recognition of revenue when, or as the performance obligation is fulfilled. Revenue is recognized when performance obligations are satisfied under the terms of the contracts, and control of the products is transferred to the customers in an amount that reflects the consideration we expect to receive from the customers in exchange for those products or services. Our products are primarily sold through a network of distributors and retailers, including e-retailers, and to a lesser extent direct to consumers. We primarily sell hardware products, which may include embedded software that function together, and are considered as one performance obligation. Hardware devices are generally plug and play, requiring no configuration and little or no installation. Revenue is recognized at a point in time when control of the products is transferred to the customer which generally occurs upon shipment or delivery to customer. We report revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as other liabilities and accrued expenses until remitted to the relevant government authority. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included as part of our distribution costs recorded under sales, general and administrative expenses. Costs of maintaining our web store and credit card processing fees related to sales on our webstore are recorded under sales, general and administrative expenses. We generally provide a warranty on products that provides assurance that our products conform to published specifications. Such assurance-type warranties are not deemed to be separate performance obligations from the product, and costs associated with providing these warranties are accrued in accordance with ASC 460-10, Guarantees. We offer return rights and customer incentive programs. Customer incentive programs include special pricing arrangements, promotions, rebates and volume-based incentives. We have agreements with certain customers that contain terms allowing price protection credits to be issued in the event of a subsequent price reduction. Our decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analysis of historical pricing actions by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life-cycle. The transaction price received by us from sales to distributors and retailers is calculated as selling price net of variable consideration which may include rebates, product returns and price protection. Rights of return vary by customer and range from the right to return products to limited stock rotation rights allowing the exchange of a percentage of the customer’s quarterly purchases. Estimates of expected future product returns qualify as variable consideration and are recorded as a reduction of the transaction price of the contract at the time of sale based on historical return rates. Return rates are influenced by product life cycle status, new product introductions, market acceptance of products, sales levels, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow us to estimate expected future product returns. We normally require payments from customers within 30 to 90 days from invoice date. We do not generally modify payment terms on existing receivables. Our contracts with customers typically do not include significant financing components as the period between the satisfaction of the performance obligations and timing of payment are generally within one year . Customer incentive programs are considered variable consideration, which we estimate and record as a reduction to revenue at the time of sale. Significant management judgments and estimates must be used to determine the cost of these programs to be included in the transaction price in any accounting period including a reduction for the estimate of amounts that ultimately will not be claimed for certain customer incentive programs. We use the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable. The accrual estimates are based on actual sales data, historical experience, forecasted incentives, anticipated volume of future purchases, and inventory levels in the channel. During the years ended December 31, 2023 and 2022, we did not recognize any material revenue adjustments related to performance obligations satisfied in prior periods as a result of changes in estimated variable consideration. Because the majority of the performance obligations in our contracts with customers relate to contracts with a duration of less than one year , we have elected to apply the optional exemption to not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. Contract liabilities are recorded when cash payments are received or due in advance of performance, primarily for our webstore sales and extended warranty subscriptions. Contract liabilities are included in other liabilities and accrued expenses and other liabilities noncurrent on the consolidated balance sheets. Cost of Revenue Cost of revenue consists of product costs, including purchases from contract manufacturers, inbound freight costs from manufacturers to our distribution hubs, as well as inter-hubs shipments, duties and tariffs, warranty replacement costs, costs to process and rework returned items, depreciation of tooling equipment, warehousing costs, inventory valuation write-downs, certain allocated costs related to facilities and IT department, and personnel-related expenses and other operating expenses related to supply chain logistics. Distribution Costs Distribution costs, recorded as a component of sales, general and administrative expenses, include the costs to operate two of our distribution hubs internally and the costs paid to third-party logistics providers to operate our other four distribution hubs. Distribution costs also include the costs of shipping products to customers through third party carriers. Amounts billed to customers for shipping and handling of products are recorded in net revenue. We do not consider distribution costs to be part of the costs to bring our products to the finished condition and therefore record such distribution costs as sales, general and administrative expense rather than in cost of revenue. Product Development Costs Product development costs are generally expensed as incurred. Product development costs consist primarily of the costs associated with the design and testing of new products and improvements to existing products. These costs relate primarily to compensation of personnel and consultants involved with product design, definition, compatibility testing and qualification. To date, almost all of the software development costs have been expensed as incurred because the period between achieving technological feasibility and the release of the software has been short and development costs qualifying for capitalization have been insignificant. Advertising Costs Advertising costs are expensed as incurred and are included as a component of sales, general and administrative expense in the consolidated statements of operations. Advertising and promotion expenses were $ 21.2 million, $ 17.3 million, and $ 19.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Stock-Based Compensation We measure and recognize compensation for all stock-based compensation awards, including stock options, stock purchase rights and restricted stock units (“RSU”), based upon the grant-date fair value of those awards. The grant-date fair value of our stock options and stock purchase rights is estimated using a Black-Scholes-Merton option-pricing model. The fair value of our RSUs is calculated based on the market value of our stock at the grant date. Stock-based compensation is recognized on a straight-line basis over the requisite service period and we have elected to recognize actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur. Segments Operating segments are based on components of a company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by its chief operating decision maker (“CODM”) to make decisions about resource allocation and performance and (b) for which discrete financial information is available. We have two reportable segments: • Gamer and Creator Peripherals . Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, and gaming furniture, 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. 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. The segmental net revenue and gross profit are used to evaluate the performance of, and allocate resources to, each of the segments. Cash and Restricted Cash Total restricted cash was $ 2.9 million as of December 31, 2023 and 2022. The restricted cash serves as collateral for certain bank guarantees, customer deposits and security deposits. Accounts Receivable, net Accounts receivable from contracts with customers are recorded at the invoiced amount when we have an unconditional right to consideration, net of allowance for credit losses. We maintain trade credit insurance to mitigate credit risks on certain of our accounts receivable that reimburse us for up to 90 % of collection losses. We estimate an allowance for credit losses by using a combination of relevant information including historical loss information, adjusted to take into account current market conditions and our customers’ financial condition, the amount of any receivables in dispute, the current receivables aging, and the current payment terms. Due from Factor 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 ” ). The Factoring Agreement was terminated on October 2, 2023 and we no longer sell our customers' receivables to the Factor. The outstanding balance of $ 0.3 million due from Factor as of December 31, 2023 was subsequently collected in January 2024. Transactions under the Factoring Agreement were accounted for as sales of accounts receivable, and the receivables sold were removed from the consolidated balance sheet at the time of the sales transaction. During the years ended December 31, 2023 and 2022, we sold receivables of $ 244.0 million and $ 175.1 million to the Factor, respectively, and we also received cash proceeds of $ 334.1 million and $ 83.4 million from the Factor, respectively. The proceeds received from the sales of accounts receivable were classified as an operating cash flow in the consolidated statement of cash flows. The cost of factoring was included in sales, general and administrative expenses in our consolidated statements of operations and the amounts incurred in the years ended December 31, 2023 and 2022 were immaterial. Concentration of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist principally of cash, restricted cash and accounts receivable. We maintain our cash and restricted cash with various high-quality financial institutions with investment-grade ratings and we have not experienced any losses. We sell a significant portion of our products through third-party distributors and resellers and, as a result, maintain individually significant receivable balances with such customers. As of December 31, 2023, two customers represented 42.9 % and 18.5 % of our accounts receivable, net balance, respectively. As of December 31, 2022, the Factor and one other customer represented 38.6 % and 23.4 % of our accounts receivable, net balance, respectively. One customer represented 30.7 %, 26.0 % and 26.7 % of our consolidated net revenue for the years ended December 31, 2023, 2022 and 2021. No other customer represented 10% or more of our consolidated net revenue for these periods. Inventories Inventories primarily consist of finished goods and to a lesser extent component parts, which are purchased from contract manufacturers and component suppliers. Inventories are stated at lower of cost and net realizable value using the weighted average cost method of accounting. On a quarterly basis, we assess the valuation of inventory balances to determine what inventory, if any, for which the cost exceeds the net realizable value. We may be required to write down the value of inventory if estimates of future demand and market conditions indicate estimated excess or obsolete inventory. In 2022, we experienced a buildup of excess inventory in the distribution channels as the demand from our customers was negatively impacted, primarily due to unfavorable macroeconomic conditions and also because more entertainment options became available as a result of the easing of COVID-19 shelter-in-place restrictions. However, towards the end of 2022, our inventory level began to stabilize through our concerted effort to normalize the inventory balance. We recognized inventory impairment related charges of $ 11.5 million, $ 25.5 million, and $ 7.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Major improvements that extend the life, capacity or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, determined to be two to seven years . Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful lives of the improvements. Capitalized cloud computing arrangements (“CCA”) implementation costs We incur costs to implement CCAs that are hosted by third-party vendors. Implementation costs incurred during the development stage are capitalized until the software of the hosting arrangement is substantially complete and ready for its intended use. The costs are amortized on a straight-line basis over the term of the associated hosting arrangements. Total capitalized CCA implementation costs, net of amortization, were $ 6.4 million and $ 5.2 million as of December 31, 2023 and 2022, respectively, and are included in "Prepaid expenses and other current assets" and "Other assets" on our consolidated balance sheets. Amortization of capitalized CCA implementation costs is included in the same line item in our consolidated statements of operations as the expense for fees for the associated hosting arrangement. Amortization expense was not material for the years ended December 31, 2023, 2022 and 2021. Leases Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases. We determine if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the lease term. We do not record leases with an initial term of 12 months or less on our consolidated balance sheets but continue to record rent expense on a straight-line basis over the lease term. Certain of our lease agreements include options to extend or renew the lease terms. Such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. We account for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. We apply the incremental borrowing rate in determining the present value of the lease consideration, as our leases do not provide an implicit rate. Our incremental borrowing rate is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because we do not frequently borrow on a collateralized basis, we consider a combination of factors to determine our incremental borrowing rate, including our credit worthiness, adjusted to approximate a collateralized rating, observable market yield curves, and the U.S. and foreign currency risk-free rates. Our variable lease expense consists primarily of warehousing and distribution services related to our outsourced distribution hubs, and to a lesser extent, variable costs related to office common area maintenance charges. Our service contracts with third-party logistic service providers include both fixed payments for the use of a fixed warehouse space and variable payments based on the usage of their services for distribution and warehouse management. The fixed payments are included in the calculation of the ROU asset and lease liability, but the variable payments are expensed as incurred. In addition, our real estate leases typically contain variable payments for office common area maintenance and these costs are also expensed as incurred. Fair Value of Financial Instruments 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 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. Business Combinations We account for business combinations using the acquisition method of accounting, which requires that the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recorded at the date of acquisition at their respective fair values. Goodwill is recorded when consideration paid in a purchase acquisition exceeds the fair value of the net assets acquired. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. We include the results of operations of the acquired business in the consolidated financial statements prospectively from the date of acquisition. Acquisition-related charges, including primarily third-party professional fees, accounting fees and legal fees are recognized separately from the business combination and are expensed as incurred. Goodwill and Indefinite-lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment on an annual basis at October 1 or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or asset below its carrying value. We perform our annual goodwill impairment assessment at the reporting unit level and our indefinite-lived intangible assets at the individual asset level. In reviewing impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50 %) that the estimated fair value of a reporting unit is less than its carrying amount. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether we choose to perform the qualitative assessment or proceed directly to the quantitative impairment test. A qualitative assessment requires that we consider events or circumstances including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting segment’s net assets and changes in our stock price. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair values of our reporting units are greater than the carrying amounts, then the quantitative goodwill impairment test is not performed. For the 2023 annual impairment test, we elected to perform the qualitative assessment for both goodwill and indefinite-lived intangible assets and determined that an impairment was not more likely than not for both assets and no further analysis was required. We have not recorded any impairment charges related to goodwill or indefinite-lived intangible assets for any prior periods. Intangible Assets with finite-lives and Long-Lived Assets Our intangible assets with finite lives principally include acquired technology, patents, tradenames, customer relationships and non-compete agreements. The assets are carried at cost and amortized using a straight-line method over the estimated economic lives of the assets. Amortization expense related to patents and supplier relationship are included in cost of revenues. Amortization expense related to developed technology is included in product development costs. Amortization expense related to customer relationships and trade name are included in sales, general and administrative costs. Our long-lived assets are primarily comprised of operating lease ROU assets, property and equipment and capitalized CCA implementation costs. We evaluate the recoverability of intangible assets with finite lives and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. For ROU assets such circumstances would include a decision to abandon the use of all or part of an asset, or subleases that do not fully recover the costs of the associated lease. Recoverability is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If it is determined that an asset may not be recoverable, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on an asset’s projected discounted future cash flow or appraised value, depending on the nature of the asset. Such impairment charges recorded in the periods presented were not material. Warranty Reserve All of our products are covered by warranty to be free from defects in material and workmanship for periods generally ranging from six months to ten years , and for life for memory products. Our warranty does not provide a service beyond assuring that the product complies with agreed-upon specifications. At the time of sale, an estimate of future warranty costs is recorded as a component of cost of revenue and a warranty liability is recorded for estimated costs to satisfy the warranty obligation. The estimate of the costs to fulfill our warranty obligations is based on historical experience and expectations of future costs to repair or replace. Foreign Currency For subsidiaries that have non-U.S. dollar functional currencies, the assets and liabilities of these subsidiaries are translated using period-end exchange rates. Revenues and expenses are translated using average exchange rates in effect during the reporting period. Cumulative translation gains and losses are included as a component of stockholders’ equity in accumulated other comprehensive income (loss). Monetary assets or liabilities denominated in currencies other than the functional currency are remeasured using exchange rates prevailing on the balance sheet date. Foreign currency remeasurement gains and (losses), net is included in other (expense) income, net in the consolidated statements of operations and the amounts were $( 1.2 ) million, $( 1.4 ) million and $( 6.3 ) million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts do not include the change in fair value of our foreign currency forward contracts. Refer to Note 4, Derivative Financial Instruments for more information on our hedging instruments. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded as a component of accumulated other comprehensive income (loss). Noncontrolling Interest We have included both redeemable noncontrolling interest and noncontrolling interest in our consolidated balance sheet in connection with our consolidation of the 51 % ownership of iDisplay. Redeemable noncontrolling interest that is redeemable and not solely within our control is classified within temporary equity in the consolidated balance sheets. Redeemable noncontrolling interest is measured at the greater of the redemption value (calculated based on the formula stipulated in the Shareholders Agreement between the iDisplay seller and Corsair and including the amounts for dividends not currently declared or paid, for which the payment is not solely within our control), or the carrying value before giving effect to the redemption feature. The redemption value is remeasured each quarter and changes in the value are recognized immediately. Any resulting change in the value of the redeemable noncontrolling interest is recognized through retained earnings and this adjustment also impacts the net income or loss attributable to common stockholders of Corsair Gaming, Inc used in the net income (loss) per share calculation. (See Note 12 “Net Income (Loss) Per Share” and Note 17 “Redeemable Noncontrolling Interest” for more information). In addition, we have noncontrolling interest recorded at carrying value which do not have redemption features and are classified within permanent equity in our consolidated balance sheet. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the tax and financial reporting bases of our assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced through the establishment of a valuation allowance, if, based upon available evidence, it is determined that it is more likely than not that the deferred tax assets wil |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair Value Measurement The balances of our financial assets that were measured at fair value on a recurring basis as of December 31, 2023 and 2022 were not material. The following tables summarize the balances of our financial liabilities (in thousands) 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 : December 31, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities: Foreign currency forward contracts (1) $ — $ 690 $ — $ 690 Total liabilities $ — $ 690 $ — $ 690 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 and this amount was paid in 2023 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 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. The derivative instruments are recorded at fair value in prepaid expenses and other current assets or other liabilities and accrued expenses on the 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 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 $ 44.3 million and $ 23.4 million as of December 31, 2023 and 2022, respectively. The net fair value gain (loss) recognized in other (expense) income , net in relation to these derivative instruments was $( 1.6 ) million, $ 2.4 million, and $ 0.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 5. Business Combinations Drop Acquisition On July 14, 2023 (the “Acquisition Date”), we completed the acquisition of the assets and business of Massdrop Inc. (“Drop”), including the assumption of trade payables and certain accrued liabilities (the “Drop Acquisition”) for a cash purchase consideration of approximately $ 14.2 million, net of $ 0.6 million of cash acquired. On January 29, 2024, in connection with a joint release letter executed between us and Drop's seller, we received a refund of $ 1.0 million from the escrow funds in relation to the purchase price adjustment for net working capital. With this refund, total purchase consideration, net of cash acquired, decreased to $ 13.2 million. Drop, a community-based e-commerce company headquartered in San Francisco, California, specializes in customized DIY keyboards and keycaps. We expect this acquisition to give Corsair a leading presence in the personalized keyboards market which is one of the fastest growing trends in the gaming peripheral space as well as allow us to offer specialized Corsair and Elgato products to the enthusiast community that Drop is engaged with. Drop’s results of operations are included in our consolidated statements of operations with effect from July 14, 2023. The Drop Acquisition was accounted for as a business combination under the acquisition method of accounting. The fair values assigned to assets acquired and liabilities assumed are based on management's best estimates and assumptions. Our purchase accounting is preliminary as of the date of this Annual Report on Form 10-K, pending finalization of the completeness of certain acquired assets and assumed liabilities. We expect to finalize the purchase accounting as soon as practicable, but not later than one year from the Acquisition Date, and do not expect material purchase accounting adjustments in future periods. The following table summarizes the preliminary allocation of the Drop Acquisition purchase consideration (including the $ 1.0 million purchase price adjustment) to the assets acquired and liabilities assumed at the Acquisition Date (in thousands): Amounts Accounts receivable $ 135 Inventories 7,739 Prepaid and other assets 856 Property and equipment 109 Identifiable intangible assets 9,160 Goodwill 5,987 Accounts payable ( 7,165 ) Accrued liabilities ( 3,642 ) Purchase consideration, net of cash acquired $ 13,179 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 Acquisition Date. 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 on the Acquisition Date was $ 2.0 million, and $ 1.5 million has been recognized in cost of revenue in the consolidated statements of operations for the year ended December 31, 2023 upon the sale of the acquired inventory . The goodwill of $ 6.0 million represents the expansion of our market presence by utilizing Drop's strength in direct consumer reach as well as the ability to expand the customizable keyboard and keycap market. The goodwill is deductible for tax purposes and is assigned to our Gaming Peripherals reporting unit. The $ 9.2 million identifiable intangible assets acquired include developed technology of $ 5.2 million, trade name of $ 2.3 million and domain name of $ 1.7 million. The fair values of the identified intangible assets were estimated primarily using the income approach and were based on inputs that are not observable in the market which we consider to be Level 3 inputs. These intangible assets are being amortized over their estimated useful lives, ranging from 5 to 15 years, using the straight-line method of amortization. The identifiable intangible assets acquired are deductible for tax purposes. The acquisition-related costs are included in sales, general and administrative expenses in our consolidated statements of operations and the amounts incurred in 2023 were no t material. Unaudited Pro Forma Financial Information Pro forma financial information is not included because the effects of the Drop Acquisition were not material to our consolidated statements of operations for the periods presented. iDisplay Acquisition On January 1, 2022 (the “Closing” or “Closing Date”), 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 gamers and creators. iDisplay’s results of operations are fully consolidated with Corsair with effect from January 1, 2022. The acquisition-related costs incurred in 2022 were no t material. There were no additional acquisition-related costs incurred after 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 2, “Summary of Significant Accounting Policies – Noncontrolling Interest” and Note 17, “Redeemable Noncontrolling Interest” for more information regarding such RNCI. The fair value of the 49 % noncontrolling interest was estimated to be $ 29.6 million at Closing Date. 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 was 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 no t material . 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 Gaming Peripherals reporting unit and Gaming Components reporting unit, respectively. We believe goodwill represents the strengthening of our supply chain with display-based touch-screen technologies into our products for gamers and creators, 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 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill We have four reporting units: Gaming Peripherals, Gaming Components, Gaming Memory and Gaming Systems. The Gamer and Creator Peripherals segment includes the Gaming Peripherals reporting unit. The Gaming Components and Systems segment includes the Gaming Components, Gaming Memory and Gaming Systems reporting units. T he following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Gamer and Total December 31, 2021 $ 145,310 $ 171,744 $ 317,054 Addition from business acquisition 3,485 28,486 31,971 Measurement period adjustments 235 782 1,017 Effect of foreign currency exchange rates ( 99 ) ( 2,196 ) ( 2,295 ) December 31, 2022 148,931 198,816 347,747 Addition from business acquisition — 7,007 7,007 Purchase price adjustment — ( 1,041 ) ( 1,041 ) Measurement period adjustments — 21 21 Effect of foreign currency exchange rates 5 966 971 December 31, 2023 $ 148,936 $ 205,769 $ 354,705 Intangible assets, net The following table is a summary of intangible assets, net (in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Developed technology $ 47,221 $ 21,206 $ 26,015 $ 53,726 $ 24,088 $ 29,638 Trade name 34,114 9,060 25,054 29,735 6,802 22,933 Customer relationships 218,453 138,800 79,653 218,542 116,919 101,623 Patent 34,781 17,031 17,750 33,198 11,764 21,434 Supplier relationship 6,136 2,045 4,091 6,129 1,021 5,108 Total finite-life intangibles 340,705 188,142 152,563 341,330 160,594 180,736 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 16 — 16 89 — 89 Total intangible assets $ 376,151 $ 188,142 $ 188,009 $ 376,849 $ 160,594 $ 216,255 In the year when an identified intangible asset becomes fully amortized, the fully amortized balances from the gross asset and accumulated amortization amounts are removed from the table above. Amortization expense of intangible assets was recognized in our consolidated statements of operations as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cost of revenue $ 5,842 $ 6,376 $ 4,860 Sales, general and administrative 24,496 24,401 24,611 Product development 8,150 9,120 5,323 Total amortization of intangible assets $ 38,488 $ 39,897 $ 34,794 The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands): Amounts 2024 $ 38,071 2025 37,700 2026 34,394 2027 24,721 2028 4,388 Thereafter 13,289 Total $ 152,563 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 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): December 31, 2023 2022 Cash $ 175,620 $ 151,180 Restricted cash—short term 2,705 2,647 Restricted cash—noncurrent 239 233 Total cash and restricted cash $ 178,564 $ 154,060 Accounts receivable $ 254,433 $ 145,380 Due from Factor 283 91,061 Allowance for doubtful accounts ( 1,448 ) ( 785 ) Accounts receivable, net $ 253,268 $ 235,656 Raw materials $ 64,576 $ 49,926 Work in progress 5,204 4,171 Finished goods 170,392 138,620 Inventories $ 240,172 $ 192,717 Manufacturing equipment $ 28,168 $ 28,993 Leasehold improvements 19,789 18,903 Computer equipment, software and office equipment 16,083 16,205 Furniture and fixtures 3,825 3,277 Total property and equipment $ 67,865 $ 67,378 Less: Accumulated depreciation and amortization ( 35,653 ) ( 32,451 ) Property and equipment, net $ 32,212 $ 34,927 Right-of-use assets $ 36,324 $ 45,175 Deferred tax asset 27,749 23,569 Other 6,636 6,546 Other assets $ 70,709 $ 75,290 Accrued reserves for customer incentive programs $ 41,148 $ 58,621 Accrued reserves for sales returns 36,822 27,199 Accrued payroll and related expenses 17,989 10,511 Accrued freight expenses 13,553 12,486 Sales and use tax and value-added tax payable 10,652 9,376 Operating lease liabilities, current 9,721 11,051 Contract liabilities 7,442 6,259 Accrued warranty 7,155 3,685 Income tax payable 3,653 5,322 Other 18,205 19,960 Other liabilities and accrued expenses $ 166,340 $ 164,470 Operating lease liabilities, noncurrent $ 38,587 $ 45,457 Other 3,008 3,132 Other liabilities, noncurrent $ 41,595 $ 48,589 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Our debt consisted of the following (in thousands): December 31, 2023 2022 X Term Loan (variable rate) due September 2026 $ 199,000 $ 240,000 Debt discount and issuance cost, net of amortization ( 804 ) ( 1,335 ) Total debt 198,196 238,665 Less: debt maturing within one year, net 12,190 6,495 Long-term debt, net $ 186,006 $ 232,170 First Lien Credit and Guaranty Agreement (Extinguished in 2021) In August 2017, we entered into a syndicated First Lien Credit and Guaranty Agreement (“First Lien”) with various financial institutions, initially providing a $ 235 million term loan (“First Lien Term Loan”) and subsequently increased by $ 240 million, in aggregate, primarily to fund various business acquisitions and operational needs. I n September 2021, the outstanding balance of the First Lien Term Loan of $ 248.5 million was fully prepaid with the proceeds from the Term Loan (defined below), and as a result, all obligations and covenants thereunder were terminated. Credit Agreement On September 3, 2021, we entered into a 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. In the years ended December 31, 2023 and 2022, we prepaid $ 34.1 million and $ 3.8 million of the Term Loan principal, 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 also requires the payment of a commitment fee on the daily unused portion of the Revolving Facility, which initially ranged from 0.2 % to 0.35 % based on our total 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 3.00 to 1.00 and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00 (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 was also amended to increase to 3.50 to 1.00 between the quarters ending September 30, 2022 through and including March 31, 2023, and such ratio was to 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 1.00 temporarily provided all the requirements set forth in the Credit Agreement are met. Additionally, the commitment fee on the unused portion of the Revolving Facility was amended to range from 0.2 % to 0.4 % based on our total net leverage ratio. On September 29, 2022, we entered into an accounts receivable Factoring Agreement with a Factor. See Note 2, “Summary of Significant Accounting Policies – Accounts Receivable, Net” for balances receivable under 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 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 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 1.50 % per annum to 3.25 % per annum for loans bearing interest at the BSBY rate, and 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 total net leverage ratio) for the period of December 31, 2022 through December 31, 2023. Additionally, t he commitment fee on the unused portion of the Revolving Facility was amended to range from 0.25 % to 0.5 % based on our total net leverage ratio, for the period of December 31, 2022 through December 31, 2023. According to the provision in the Third Amendment, with effect from January 1, 2024, the aforementioned amended terms will revert back to the terms as amended by the First Amendment, including the permitted minimum Consolidated Interest Coverage Ratio, the permitted maximum Consolidated Total Net Leverage Ratio, the interest rate margin and the commitment fee on the unused portion of the Revolving Facility. The First, Second and Third Amendment were all accounted for as debt modifications. As of December 31, 2023, we were not in default under the Credit Agreement. As of December 31, 2023 and December 31, 2022, we had $ 100.0 million unused capacity under the Revolving Facility. As of December 31, 2023 and December 31, 2022, the carrying value of our Term Loan was $ 198.2 million and $ 238.7 million, respectively. The estimated fair value of the Term Loan as of December 31, 2023, which we have classified as a Level 2 financial instrument, was approximately $ 197.6 million. The effective interest rate inclusive of the debt discount and debt issuance costs for the Term Loan was approximately 7.4 %, 3.3 % and 1.4 % for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the interest expense recognized for all periods presented (in thousands): Years Ended December 31, 2023 2022 2021 First Lien Credit and Guaranty Agreement: Contractual interest expense for term loan $ — $ — $ 9,818 Amortization of debt discount and issuance cost — — 1,343 Loss on debt extinguishment — — 4,904 Credit Agreement: Contractual interest expense for term loan 16,362 7,818 1,113 Contractual interest expense for revolving facility — 1,141 53 Amortization of debt discount and issuance cost 679 398 115 Other 379 203 327 Total interest expense $ 17,420 $ 9,560 $ 17,673 The future principal payments under our total long-term debt as of December 31, 2023 are as follows (in thousands): Amounts 2024 $ 12,500 2025 12,500 2026 174,000 2027 — 2028 — Total debt $ 199,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Product Warranties Changes in our assurance-type warranty obligations were as follows (in thousands): December 31, 2023 2022 Beginning of the period $ 3,685 $ 5,656 Warranty provision related to products shipped 9,097 4,349 Deductions for warranty claims processed ( 5,627 ) ( 6,320 ) End of period $ 7,155 $ 3,685 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 . The total long-term non-cancelable purchase commitments as of December 31, 2023 was as follows (in thousands): Amounts x 2024 $ 1,127 2025 353 2026 — 2027 — 2028 — Thereafter — Total $ 1,480 Our total non-cancelable long-term purchase commitments outstanding as of December 31, 2022 was $ 3.8 million. Letters of Credit There were no letters of credit outstanding as of December 31, 2023 and 2022, respectively. No amounts have been drawn upon the letters of credit for the years ended December 31, 2023, 2022 and 2021. 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 consolidated balance sheets, statements of operations, or statements of cash flows. We currently have directors’ and officers’ insurance . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 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 December 31, 2023 and 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 will 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 . During the year ended December 31, 2023, there were no shares issued pursuant to the 2022 Shelf Registration Statement. As of December 31, 2023, $ 216.7 million remained available for issuance under the 2022 Shelf Registration Statement. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 11. Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans In 2017, we adopted the 2017 Equity Incentive Program (“2017 Plan”). In September 2020, we adopted the 2020 Incentive Award Plan (“2020 Plan”). The 2020 Plan is the successor and continuation to the 2017 Plan. The 2020 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, RSUs, performance awards and other forms of awards. Incentive stock options may be granted only to employees. All other awards may be granted to eligible employees, non-employee directors and consultants, at the discretion of our board of directors (“Board”). Under the 2020 Plan, the number of shares of common stock reserved for issuance is subject to automatic evergreen increases annually on the first day of each year beginning in 2021 through 2030, by an amount equal to the lesser of 4 % of the outstanding shares of our common stock on the last day of the immediately preceding fiscal year, or a number of shares determined by our Board. The 2020 Plan reserve also includes any shares under the 2017 Plan and the 2020 Plan that may become available for issuance if the award terminates without the delivery of shares or if shares are tendered to satisfy the exercise price or tax withholding obligation with respect of the award. As of December 31, 2023, there were 10,048,642 shares reserved for future issuance under the 2020 Plan. All stock options under the 2017 Plan and the 2020 Plan are issued at exercise prices not less than the fair market value on the date of grant. RSUs have no exercise price. Both stock options and RSUs vest over a period of time as determined by the Board, generally four to five years . Stock options expire ten years from date of grant. Employee Stock Purchase Plan In September 2020, we adopted the 2020 Employee Stock Purchase Plan (“ESPP”). The ESPP is designed to allow eligible employees to purchase shares of our common stock with their accumulated payroll deductions. Our ESPP offering periods are generally six months. On each purchase date which falls on the last date of each offering period, plan participants can purchase shares of common stock at a price per share equal to 85 % of the lesser of the closing price per share of our common stock on the enrollment date or on the purchase date. Under the ESPP plan, the number of shares reserved for issuance is subject to automatic increases annually on the first day of each year beginning in 2021 through 2030, by an amount equal to the lesser of 1 % of the total outstanding shares of our common stock on the last day of the immediately preceding fiscal year, or a number of shares determined by our Board, provided that no more than 20,000,000 shares may be issued under the plan. As of December 31, 2023, there were 3,280,529 shares reserved for future issuance under the ESPP. Stock Options Activities The following table summarizes the stock option activities and related information for the year ended December 31, 2023: Number of Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding as of December 31, 2022 9,210,022 $ 11.34 6.5 $ 51,384 Granted 2,020,245 18.08 Exercised ( 1,018,117 ) 5.75 Forfeited/cancelled ( 442,136 ) 16.01 Outstanding as of December 31, 2023 9,770,014 $ 13.10 6.2 $ 45,260 Vested and exercisable as of December 31, 2023 6,231,611 $ 10.25 5.0 $ 41,948 The weighted-average grant date fair value per share for stock options granted in years ended December 31, 2023, 2022 and 2021 was $ 8.71 , $ 8.70 and $ 16.77 , respectively. The total intrinsic value of options exercised for the years ended December 31, 2023, 2022 and 2021 was $ 11.8 million, $ 7.7 million and $ 66.0 million, respectively. RSU Activities The following table summarizes the RSU activities and related information for the year ended December 31, 2023: Number of Shares Weighted- Outstanding as of December 31, 2022 1,631,974 $ 22.04 Granted 1,203,302 17.42 Vested ( 802,572 ) 20.72 Forfeited/cancelled ( 175,239 ) 21.19 Outstanding as of December 31, 2023 1,857,465 $ 19.70 The weighted-average grant date fair value per share for RSUs granted in years ended December 31, 2023, 2022 and 2021 was $ 17.42 , $ 18.63 and $ 34.78 , respectively. The total fair value of RSUs vested in the years ended December 31, 2023, 2022 and 2021 was $ 13.2 million, $ 4.5 million and $ 1.4 million, respectively. Stock-based Compensation The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands): Years Ended December 31, 2023 2022 2021 Cost of revenue $ 2,094 $ 1,458 $ 1,006 Sales, general and administrative 24,838 17,695 13,772 Product development 3,941 3,018 2,457 Stock-based compensation expense, net of amounts capitalized (1) $ 30,873 $ 22,171 $ 17,235 Income tax benefits related to stock-based compensation expense $ 2,725 $ 700 $ 6,796 (1) Stock-based compensation expense capitalized 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): December 31, 2023 Unrecognized Expense Remaining weighted average period RSUs $ 29,130 2.6 Stock Options 24,590 2.4 ESPP 165 0.1 Total unrecognized stock-based compensation expense $ 53,885 Valuation Assumptions We estimate the fair value of the stock options at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and values: Years Ended December 31, 2023 2022 2021 Expected term (years) 6.00 6.05 6.01 Expected volatility 43.2 % - 44.5 % 43.6 % - 48.1 % 43.1 % - 47.0 % Dividend yield — — — Risk-free interest rate 3.85 % - 4.61 % 1.67 % - 2.93 % 0.05 % - 1.34 % We estimate the fair value of the shares under the ESPP at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and inputs: Years Ended December 31, 2023 2022 2021 Expected term (years) 0.50 - 0.64 0.50 0.50 Expected volatility 41.0 % - 47.8 % 38.7 % - 54.5 % 43.2 % - 45.1 % Dividend yield — — — Risk-free interest rate 4.77 % - 5.45 % 0.19 % - 2.52 % 0.05 % - 0.09 % Each of the inputs to the Black-Scholes-Merton pricing model, as discussed below, is subjective and generally requires significant judgment and estimation by management. Expected Term —Due to lack of sufficient historical exercise data, the expected term was initially estimated based on the simplified method by taking the average of an option's vesting period and the contractual life. Starting from September 2023, the expected term is estimated based on our historical exercise data. Expected Volatility —Due to lack of sufficient trading history, the expected volatility was initially derived from the historical stock volatilities of comparable public companies within our industry. Starting in 2023, the expected volatility is estimated using the average volatility of our common stock and the stocks of comparable public companies within our industry. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock-based awards. Expected Dividend Rate —The expected dividend is zero as we do not anticipate paying any dividends on our common stock in the foreseeable future. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 12. Net Income (Loss) Per Share The following table summarizes the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Years Ended December 31, 2023 2022 2021 Numerator Net income (loss) $ ( 1,037 ) $ ( 53,946 ) $ 100,960 Less: Net income attributable to noncontrolling interest 1,553 442 — Net income (loss) attributable to Corsair Gaming, Inc. ( 2,590 ) ( 54,388 ) 100,960 Change in redemption value of redeemable noncontrolling interest 5,777 ( 6,536 ) — Net income (loss) attributable to common stockholders of Corsair Gaming, Inc. $ 3,187 $ ( 60,924 ) $ 100,960 Denominator Basic weighted-average shares outstanding 102,482 96,280 93,260 Effect of dilutive securities 3,794 — 6,744 Total diluted weighted-average shares outstanding 106,276 96,280 100,004 Net income (loss) per share attributable to common stockholders of Corsair Gaming, inc. Basic $ 0.03 $ ( 0.63 ) $ 1.08 Diluted $ 0.03 $ ( 0.63 ) $ 1.01 Anti-dilutive potential common shares (1) 5,304 10,908 927 (1) Potential common share equivalents were not included in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Income (loss) before income tax consisted of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ ( 21,833 ) $ ( 28,195 ) $ 26,889 Foreign 18,354 ( 35,571 ) 87,671 Income (loss) before income tax $ ( 3,479 ) $ ( 63,766 ) $ 114,560 Income tax benefit (expense) consisted of the following (in thousands): Years Ended December 31, 2023 2022 2021 U.S. federal taxes: Current $ 624 $ ( 5,528 ) $ ( 3,723 ) Deferred 4,235 9,037 4,805 U.S state taxes: Current ( 477 ) ( 792 ) ( 968 ) Deferred 863 1,168 3,855 Foreign taxes: Current ( 4,037 ) ( 5,596 ) ( 20,871 ) Deferred 1,234 11,531 3,302 Income tax benefit (expense) $ 2,442 $ 9,820 $ ( 13,600 ) The income tax benefit (expense) differs from the amount computed by applying the U.S. federal statutory rate of 21 % to income (loss) before income taxes as follows (in thousands): Years Ended December 31, 2023 2022 2021 Provision at federal statutory rate $ 731 $ 13,391 $ ( 24,058 ) State taxes 116 1,914 ( 3,033 ) Foreign rate differential ( 413 ) ( 4,117 ) 3,149 Taxes on foreign operations 4,210 557 8,595 Research and development credits 1,151 1,830 2,586 Tax impact from entity dissolution — ( 2,808 ) — Change in valuation allowance 41 2,711 4,171 Change in tax rate on deferred tax assets — — ( 1,507 ) Section 162(m) limitation ( 1,529 ) ( 1,259 ) ( 665 ) Deferred tax assets adjustments ( 1,242 ) — — Other ( 623 ) ( 2,399 ) ( 2,838 ) Income tax benefit (expense) $ 2,442 $ 9,820 $ ( 13,600 ) The major drivers for the change in tax benefit (expense) in 2023 as compared to 2022 were the generation of foreign tax credits due to foreign income under Subpart F regime as well as other types of tax credits, which were partially offset by the write-off of certain deferred tax assets mainly due to the deduction limitation under Section 162(m) of the Internal Revenue Code on some of our stock-based compensation expense. The major drivers for the change in tax benefit (expense) in 2022 as compared to 2021 were the decrease in excess tax benefits from stock-based compensation because of a lower volume of options exercised by employees due to the decline in our stock price in 2022, and the change in the mix of income and losses in the various tax jurisdictions in which we operate. We were not subject to any tax holidays or tax holiday terminations subject to disclosure during these periods that impacted earnings per share. Components of d eferred tax assets and liabilities consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Accrued expenses and reserves $ 14,270 $ 16,842 Stock-based compensation 4,821 3,800 NOL and capital losses 4,821 8,755 Capitalized research expenditures 23,063 13,788 Tax credits 1,102 1,301 Uniform capitalization 1,389 549 Foreign currency translation adjustments 1,362 771 Other 311 350 Total deferred tax assets 51,139 46,156 Less: Valuation allowance ( 1,285 ) ( 1,327 ) Deferred tax liabilities: Intangible assets ( 34,460 ) ( 39,314 ) Depreciation & amortization ( 5,040 ) — Net deferred tax assets $ 10,354 $ 5,515 We have established a valuation allowance of $ 1.3 million each as of December 31, 2023 and 2022, against our net deferred tax assets. We determine valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. The $ 1.3 million valuation allowance balance as of December 31, 2023 was established against the deferred tax asset related to foreign tax credits of $ 1.0 million and the remainder $ 0.3 million was against the deferred tax asset related to the NOL from our China operations. As of December 31, 2023, we had net operating loss carry forwards for federal, state and foreign tax purposes of $ 1.1 million, $ 37.4 million, and $ 10.2 million, respectively. The federal, state and foreign net operating losses will begin to expire starting in 2037 , 2030 , and 2028 , respectively. As defined under Internal Revenue Code Section 382, certain tax attributes are subject to an annual limitation as a result of our change in ownership in August 2017. In August 2017, we acquired the interests of the operating subsidiaries from Corsair Components (Cayman) Ltd. We do not expect our tax attributes to be materially affected by the annual limitation. Changes in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Beginning balance $ 3,606 $ 3,757 $ 1,216 Tax position related to current year Increase 317 312 690 Decrease — — — Tax position related to prior year Increase 1 — 1,851 Decrease ( 386 ) ( 463 ) — $ 3,538 $ 3,606 $ 3,757 All of these unrecognized tax benefits will favorably impact our effective tax rate in future periods to the extent benefits are recognized. There are no provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. We did no t recognize significant expense for interest and penalties related to uncertain tax positions for the years ended December 31, 2023, 2022 and 2021. We file income tax returns with the U.S. federal government, various U.S. states and foreign jurisdictions including Canada, China, France, Germany, Hong Kong, Japan, Luxembourg, Netherlands, Singapore, Slovenia, Taiwan, United Kingdom and Vietnam. Our tax returns in the U.S., various U.S. states and foreign jurisdictions remain open to examination from 2013 to 2022 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): December 31, 2023 2022 Accumulated foreign currency translation loss, net of tax $ ( 2,910 ) $ ( 6,445 ) Unrealized foreign exchange loss from long-term intercompany loans, net of tax ( 1,240 ) ( 1,112 ) Total accumulated other comprehensive loss ( 4,150 ) ( 7,557 ) Less: Accumulated other comprehensive loss attributable to noncontrolling interest ( 663 ) ( 676 ) Total accumulated other comprehensive loss attributable to Corsair Gaming, Inc. $ ( 3,487 ) $ ( 6,881 ) |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 15. Segment and Geographic Information The table below summarizes the financial information for each reportable segment (in thousands): Years Ended December 31, 2023 2022 2021 Net revenue Gamer and Creator Peripherals $ 394,881 $ 437,817 $ 647,202 Gaming Components and Systems 1,064,994 937,281 1,256,858 Total net revenue $ 1,459,875 $ 1,375,098 $ 1,904,060 Gross Profit Gamer and Creator Peripherals $ 132,982 $ 125,079 $ 224,920 Gaming Components and Systems 227,281 171,553 288,934 Total gross profit $ 360,263 $ 296,632 $ 513,854 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): Years Ended December 31, 2023 2022 2021 Americas $ 751,069 $ 724,114 $ 841,653 Europe and Middle East 512,161 405,642 735,151 Asia Pacific 196,645 245,342 327,256 Total net revenue $ 1,459,875 $ 1,375,098 $ 1,904,060 Revenues from sales to customers in the United States represented 45 % , 45 % and 38 % for the years ended December 31, 2023, 2022 and 2021, respectively. No other single country represented 10 % or more of total net revenue during these periods. Our long-lived assets consist of property and equipment, net and operating lease right-of-use assets, which are summarized by geographic area as follows (in thousands): December 31, 2023 2022 United States $ 46,969 $ 58,673 China 7,103 7,932 Other countries 14,464 13,497 Total long-lived assets $ 68,536 $ 80,102 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 16. Leases Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases. The components of lease expenses were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease expense $ 12,887 $ 13,519 $ 13,048 Variable lease expense 7,540 8,758 9,636 Total lease expense $ 20,427 $ 22,277 $ 22,684 Supplemental cash flow information related to operating leases was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 13,433 $ 10,614 $ 10,466 Right-of-use assets recognized in exchange for operating lease obligations 1,604 5,819 36,689 As of December 31, 2023, our operating leases had a weighted average remaining lease term of 7.0 years and a weighted average discount rate of 4.4 %. As of December 31, 2022, our operating leases had a weighted average remaining lease term of 7.1 years and a weighted average discount rate of 4.1 %. The following table summarizes the maturity of operating lease liabilities as of December 31, 2023 (in thousands): Amounts 2024 $ 10,201 2025 8,697 2026 6,924 2027 6,333 2028 6,092 Thereafter 18,213 Total future lease payments 56,460 Less: Imputed interest ( 8,152 ) Present value of operating lease liabilities $ 48,308 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest (“RNCI”) | 12 Months Ended |
Dec. 31, 2023 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Redeemable Noncontrolling Interest (“RNCI”) | 17. Redeemable Noncontrolling Interest (“RNCI”) 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 . As of December 31, 2023, the iDisplay Seller has not exercised the put option for the transfer of the first 14 % of their ownership interest to Corsair. 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): Years Ended December 31, 2023 2022 Balance at beginning of period $ 21,367 $ — Initial carrying amount estimated at iDisplay's Closing Date — 17,522 Share of net income 918 261 Share of other comprehensive income (loss) 9 ( 400 ) Dividend paid ( 580 ) ( 2,552 ) Change in redemption value (1) ( 5,777 ) 6,536 Balance at end of period $ 15,937 $ 21,367 (1) These amounts represent increases or (decreases) in redemption value over the carrying value for the respective periods. These amounts were recorded as an offset to retained earnings impacting the net income (loss) used in the calculation of net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc. for these periods. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 18. Related-Party Transactions We have a management services agreement with our majority owner in which the majority owner provides management, consulting and advisory services to us. Such services are provided without charge, other than for the reimbursement of travel and out-of-pocket expense as set forth in the management services agreement. Total travel and out-of-pocket expenses incurred were $ 147 thousand, $ 23 thousand and nil for the years ended December 31, 2023, 2022 and 2021, respectively. The amount owed to the majority owner for such expenses was $ 35 thousand and $ 23 thousand as of December 31, 2023 and 2022, respectively . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying 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, 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 information). 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 is fully consolidated with Corsair with effect from January 1, 2022. |
Use of Estimates | Use of Estimates The preparation of 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 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 as well as the potential impacts from geopolitical events. We adjust such estimates and assumptions when facts and circumstances dictate. The extent to which the current macroeconomic factors and the development of the geopolitical unrest will impact our business going forward depends on numerous dynamic factors that we cannot reliably predict. Actual results could differ materially from those estimates . Making estimates and judgments about future events is inherently unpredictable and is subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and cash flows. |
Revenue Recognition | Revenue Recognition We determine revenue recognition through the following five-step approach: • identification of the contract, or contracts, with the customer • identification of the performance obligations in the contract • determination of the transaction price • allocation of the transaction price to the performance obligations in the contract, and • recognition of revenue when, or as the performance obligation is fulfilled. Revenue is recognized when performance obligations are satisfied under the terms of the contracts, and control of the products is transferred to the customers in an amount that reflects the consideration we expect to receive from the customers in exchange for those products or services. Our products are primarily sold through a network of distributors and retailers, including e-retailers, and to a lesser extent direct to consumers. We primarily sell hardware products, which may include embedded software that function together, and are considered as one performance obligation. Hardware devices are generally plug and play, requiring no configuration and little or no installation. Revenue is recognized at a point in time when control of the products is transferred to the customer which generally occurs upon shipment or delivery to customer. We report revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as other liabilities and accrued expenses until remitted to the relevant government authority. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included as part of our distribution costs recorded under sales, general and administrative expenses. Costs of maintaining our web store and credit card processing fees related to sales on our webstore are recorded under sales, general and administrative expenses. We generally provide a warranty on products that provides assurance that our products conform to published specifications. Such assurance-type warranties are not deemed to be separate performance obligations from the product, and costs associated with providing these warranties are accrued in accordance with ASC 460-10, Guarantees. We offer return rights and customer incentive programs. Customer incentive programs include special pricing arrangements, promotions, rebates and volume-based incentives. We have agreements with certain customers that contain terms allowing price protection credits to be issued in the event of a subsequent price reduction. Our decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analysis of historical pricing actions by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life-cycle. The transaction price received by us from sales to distributors and retailers is calculated as selling price net of variable consideration which may include rebates, product returns and price protection. Rights of return vary by customer and range from the right to return products to limited stock rotation rights allowing the exchange of a percentage of the customer’s quarterly purchases. Estimates of expected future product returns qualify as variable consideration and are recorded as a reduction of the transaction price of the contract at the time of sale based on historical return rates. Return rates are influenced by product life cycle status, new product introductions, market acceptance of products, sales levels, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow us to estimate expected future product returns. We normally require payments from customers within 30 to 90 days from invoice date. We do not generally modify payment terms on existing receivables. Our contracts with customers typically do not include significant financing components as the period between the satisfaction of the performance obligations and timing of payment are generally within one year . Customer incentive programs are considered variable consideration, which we estimate and record as a reduction to revenue at the time of sale. Significant management judgments and estimates must be used to determine the cost of these programs to be included in the transaction price in any accounting period including a reduction for the estimate of amounts that ultimately will not be claimed for certain customer incentive programs. We use the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable. The accrual estimates are based on actual sales data, historical experience, forecasted incentives, anticipated volume of future purchases, and inventory levels in the channel. During the years ended December 31, 2023 and 2022, we did not recognize any material revenue adjustments related to performance obligations satisfied in prior periods as a result of changes in estimated variable consideration. Because the majority of the performance obligations in our contracts with customers relate to contracts with a duration of less than one year , we have elected to apply the optional exemption to not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. Contract liabilities are recorded when cash payments are received or due in advance of performance, primarily for our webstore sales and extended warranty subscriptions. Contract liabilities are included in other liabilities and accrued expenses and other liabilities noncurrent on the consolidated balance sheets. |
Cost of Revenue | Cost of Revenue Cost of revenue consists of product costs, including purchases from contract manufacturers, inbound freight costs from manufacturers to our distribution hubs, as well as inter-hubs shipments, duties and tariffs, warranty replacement costs, costs to process and rework returned items, depreciation of tooling equipment, warehousing costs, inventory valuation write-downs, certain allocated costs related to facilities and IT department, and personnel-related expenses and other operating expenses related to supply chain logistics. |
Distribution Costs | Distribution Costs Distribution costs, recorded as a component of sales, general and administrative expenses, include the costs to operate two of our distribution hubs internally and the costs paid to third-party logistics providers to operate our other four distribution hubs. Distribution costs also include the costs of shipping products to customers through third party carriers. Amounts billed to customers for shipping and handling of products are recorded in net revenue. We do not consider distribution costs to be part of the costs to bring our products to the finished condition and therefore record such distribution costs as sales, general and administrative expense rather than in cost of revenue. |
Product Development Costs | Product Development Costs Product development costs are generally expensed as incurred. Product development costs consist primarily of the costs associated with the design and testing of new products and improvements to existing products. These costs relate primarily to compensation of personnel and consultants involved with product design, definition, compatibility testing and qualification. To date, almost all of the software development costs have been expensed as incurred because the period between achieving technological feasibility and the release of the software has been short and development costs qualifying for capitalization have been insignificant. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and are included as a component of sales, general and administrative expense in the consolidated statements of operations. Advertising and promotion expenses were $ 21.2 million, $ 17.3 million, and $ 19.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Stock Based Compensation | Stock-Based Compensation We measure and recognize compensation for all stock-based compensation awards, including stock options, stock purchase rights and restricted stock units (“RSU”), based upon the grant-date fair value of those awards. The grant-date fair value of our stock options and stock purchase rights is estimated using a Black-Scholes-Merton option-pricing model. The fair value of our RSUs is calculated based on the market value of our stock at the grant date. Stock-based compensation is recognized on a straight-line basis over the requisite service period and we have elected to recognize actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur. |
Segments | Segments Operating segments are based on components of a company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by its chief operating decision maker (“CODM”) to make decisions about resource allocation and performance and (b) for which discrete financial information is available. We have two reportable segments: • Gamer and Creator Peripherals . Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, and gaming furniture, 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. 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. The segmental net revenue and gross profit are used to evaluate the performance of, and allocate resources to, each of the segments. |
Cash and Restricted Cash | Cash and Restricted Cash Total restricted cash was $ 2.9 million as of December 31, 2023 and 2022. The restricted cash serves as collateral for certain bank guarantees, customer deposits and security deposits. |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable from contracts with customers are recorded at the invoiced amount when we have an unconditional right to consideration, net of allowance for credit losses. We maintain trade credit insurance to mitigate credit risks on certain of our accounts receivable that reimburse us for up to 90 % of collection losses. We estimate an allowance for credit losses by using a combination of relevant information including historical loss information, adjusted to take into account current market conditions and our customers’ financial condition, the amount of any receivables in dispute, the current receivables aging, and the current payment terms. Due from Factor 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 ” ). The Factoring Agreement was terminated on October 2, 2023 and we no longer sell our customers' receivables to the Factor. The outstanding balance of $ 0.3 million due from Factor as of December 31, 2023 was subsequently collected in January 2024. Transactions under the Factoring Agreement were accounted for as sales of accounts receivable, and the receivables sold were removed from the consolidated balance sheet at the time of the sales transaction. During the years ended December 31, 2023 and 2022, we sold receivables of $ 244.0 million and $ 175.1 million to the Factor, respectively, and we also received cash proceeds of $ 334.1 million and $ 83.4 million from the Factor, respectively. The proceeds received from the sales of accounts receivable were classified as an operating cash flow in the consolidated statement of cash flows. The cost of factoring was included in sales, general and administrative expenses in our consolidated statements of operations and the amounts incurred in the years ended December 31, 2023 and 2022 were immaterial. |
Concentration of Credit Risk | Concentration of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist principally of cash, restricted cash and accounts receivable. We maintain our cash and restricted cash with various high-quality financial institutions with investment-grade ratings and we have not experienced any losses. We sell a significant portion of our products through third-party distributors and resellers and, as a result, maintain individually significant receivable balances with such customers. As of December 31, 2023, two customers represented 42.9 % and 18.5 % of our accounts receivable, net balance, respectively. As of December 31, 2022, the Factor and one other customer represented 38.6 % and 23.4 % of our accounts receivable, net balance, respectively. One customer represented 30.7 %, 26.0 % and 26.7 % of our consolidated net revenue for the years ended December 31, 2023, 2022 and 2021. No other customer represented 10% or more of our consolidated net revenue for these periods. |
Inventories | Inventories Inventories primarily consist of finished goods and to a lesser extent component parts, which are purchased from contract manufacturers and component suppliers. Inventories are stated at lower of cost and net realizable value using the weighted average cost method of accounting. On a quarterly basis, we assess the valuation of inventory balances to determine what inventory, if any, for which the cost exceeds the net realizable value. We may be required to write down the value of inventory if estimates of future demand and market conditions indicate estimated excess or obsolete inventory. In 2022, we experienced a buildup of excess inventory in the distribution channels as the demand from our customers was negatively impacted, primarily due to unfavorable macroeconomic conditions and also because more entertainment options became available as a result of the easing of COVID-19 shelter-in-place restrictions. However, towards the end of 2022, our inventory level began to stabilize through our concerted effort to normalize the inventory balance. We recognized inventory impairment related charges of $ 11.5 million, $ 25.5 million, and $ 7.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Property and Equipment, net | Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Major improvements that extend the life, capacity or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, determined to be two to seven years . Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful lives of the improvements. |
Capitalized Cloud Computing Arrangements ("CCA") Implementation Costs | Capitalized cloud computing arrangements (“CCA”) implementation costs We incur costs to implement CCAs that are hosted by third-party vendors. Implementation costs incurred during the development stage are capitalized until the software of the hosting arrangement is substantially complete and ready for its intended use. The costs are amortized on a straight-line basis over the term of the associated hosting arrangements. Total capitalized CCA implementation costs, net of amortization, were $ 6.4 million and $ 5.2 million as of December 31, 2023 and 2022, respectively, and are included in "Prepaid expenses and other current assets" and "Other assets" on our consolidated balance sheets. Amortization of capitalized CCA implementation costs is included in the same line item in our consolidated statements of operations as the expense for fees for the associated hosting arrangement. Amortization expense was not material for the years ended December 31, 2023, 2022 and 2021. |
Leases | Leases Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases. We determine if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the lease term. We do not record leases with an initial term of 12 months or less on our consolidated balance sheets but continue to record rent expense on a straight-line basis over the lease term. Certain of our lease agreements include options to extend or renew the lease terms. Such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. We account for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. We apply the incremental borrowing rate in determining the present value of the lease consideration, as our leases do not provide an implicit rate. Our incremental borrowing rate is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because we do not frequently borrow on a collateralized basis, we consider a combination of factors to determine our incremental borrowing rate, including our credit worthiness, adjusted to approximate a collateralized rating, observable market yield curves, and the U.S. and foreign currency risk-free rates. Our variable lease expense consists primarily of warehousing and distribution services related to our outsourced distribution hubs, and to a lesser extent, variable costs related to office common area maintenance charges. Our service contracts with third-party logistic service providers include both fixed payments for the use of a fixed warehouse space and variable payments based on the usage of their services for distribution and warehouse management. The fixed payments are included in the calculation of the ROU asset and lease liability, but the variable payments are expensed as incurred. In addition, our real estate leases typically contain variable payments for office common area maintenance and these costs are also expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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 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. |
Business Combinations | Business Combinations We account for business combinations using the acquisition method of accounting, which requires that the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recorded at the date of acquisition at their respective fair values. Goodwill is recorded when consideration paid in a purchase acquisition exceeds the fair value of the net assets acquired. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. We include the results of operations of the acquired business in the consolidated financial statements prospectively from the date of acquisition. Acquisition-related charges, including primarily third-party professional fees, accounting fees and legal fees are recognized separately from the business combination and are expensed as incurred. |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment on an annual basis at October 1 or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or asset below its carrying value. We perform our annual goodwill impairment assessment at the reporting unit level and our indefinite-lived intangible assets at the individual asset level. In reviewing impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50 %) that the estimated fair value of a reporting unit is less than its carrying amount. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether we choose to perform the qualitative assessment or proceed directly to the quantitative impairment test. A qualitative assessment requires that we consider events or circumstances including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting segment’s net assets and changes in our stock price. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair values of our reporting units are greater than the carrying amounts, then the quantitative goodwill impairment test is not performed. For the 2023 annual impairment test, we elected to perform the qualitative assessment for both goodwill and indefinite-lived intangible assets and determined that an impairment was not more likely than not for both assets and no further analysis was required. We have not recorded any impairment charges related to goodwill or indefinite-lived intangible assets for any prior periods. |
Intangible Assets with finite-lives and Long-Lived Assets | Intangible Assets with finite-lives and Long-Lived Assets Our intangible assets with finite lives principally include acquired technology, patents, tradenames, customer relationships and non-compete agreements. The assets are carried at cost and amortized using a straight-line method over the estimated economic lives of the assets. Amortization expense related to patents and supplier relationship are included in cost of revenues. Amortization expense related to developed technology is included in product development costs. Amortization expense related to customer relationships and trade name are included in sales, general and administrative costs. Our long-lived assets are primarily comprised of operating lease ROU assets, property and equipment and capitalized CCA implementation costs. We evaluate the recoverability of intangible assets with finite lives and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. For ROU assets such circumstances would include a decision to abandon the use of all or part of an asset, or subleases that do not fully recover the costs of the associated lease. Recoverability is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If it is determined that an asset may not be recoverable, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on an asset’s projected discounted future cash flow or appraised value, depending on the nature of the asset. Such impairment charges recorded in the periods presented were not material. |
Warranty Reserve | Warranty Reserve All of our products are covered by warranty to be free from defects in material and workmanship for periods generally ranging from six months to ten years , and for life for memory products. Our warranty does not provide a service beyond assuring that the product complies with agreed-upon specifications. At the time of sale, an estimate of future warranty costs is recorded as a component of cost of revenue and a warranty liability is recorded for estimated costs to satisfy the warranty obligation. The estimate of the costs to fulfill our warranty obligations is based on historical experience and expectations of future costs to repair or replace. |
Foreign Currency | Foreign Currency For subsidiaries that have non-U.S. dollar functional currencies, the assets and liabilities of these subsidiaries are translated using period-end exchange rates. Revenues and expenses are translated using average exchange rates in effect during the reporting period. Cumulative translation gains and losses are included as a component of stockholders’ equity in accumulated other comprehensive income (loss). Monetary assets or liabilities denominated in currencies other than the functional currency are remeasured using exchange rates prevailing on the balance sheet date. Foreign currency remeasurement gains and (losses), net is included in other (expense) income, net in the consolidated statements of operations and the amounts were $( 1.2 ) million, $( 1.4 ) million and $( 6.3 ) million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts do not include the change in fair value of our foreign currency forward contracts. Refer to Note 4, Derivative Financial Instruments for more information on our hedging instruments. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded as a component of accumulated other comprehensive income (loss). |
Noncontrolling Interest | Noncontrolling Interest We have included both redeemable noncontrolling interest and noncontrolling interest in our consolidated balance sheet in connection with our consolidation of the 51 % ownership of iDisplay. Redeemable noncontrolling interest that is redeemable and not solely within our control is classified within temporary equity in the consolidated balance sheets. Redeemable noncontrolling interest is measured at the greater of the redemption value (calculated based on the formula stipulated in the Shareholders Agreement between the iDisplay seller and Corsair and including the amounts for dividends not currently declared or paid, for which the payment is not solely within our control), or the carrying value before giving effect to the redemption feature. The redemption value is remeasured each quarter and changes in the value are recognized immediately. Any resulting change in the value of the redeemable noncontrolling interest is recognized through retained earnings and this adjustment also impacts the net income or loss attributable to common stockholders of Corsair Gaming, Inc used in the net income (loss) per share calculation. (See Note 12 “Net Income (Loss) Per Share” and Note 17 “Redeemable Noncontrolling Interest” for more information). In addition, we have noncontrolling interest recorded at carrying value which do not have redemption features and are classified within permanent equity in our consolidated balance sheet. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the tax and financial reporting bases of our assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced through the establishment of a valuation allowance, if, based upon available evidence, it is determined that it is more likely than not that the deferred tax assets will not be realized. We are subject to foreign income taxes on our foreign operations. All deferred tax assets and liabilities are classified as non-current in the consolidated financial statements. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained on examination based on the technical merit of the position. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50 % likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments. Interest charges and penalties related to unrecognized tax benefits are recognized as a component of the income tax (expense) benefit. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period, without consideration of potential dilutive securities. Diluted net income per share is computed based on the weighted-average number of shares outstanding during the period, adjusted to include the incremental shares expected to be issued for assumed exercise of options under the treasury stock method. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements, Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosure . This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. The ASU will be effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. This ASU will likely result in us including the additional required disclosures, when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ended December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income tax paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ended December 31, 2025. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liabilities that Measured at Fair Value | : December 31, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities: Foreign currency forward contracts (1) $ — $ 690 $ — $ 690 Total liabilities $ — $ 690 $ — $ 690 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 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 and this amount was paid in 2023 . |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisition [Line Items] | |
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 |
IDisplay Technology | |
Business Acquisition [Line Items] | |
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 was 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 |
Drop Acquisition | |
Business Acquisition [Line Items] | |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities | The following table summarizes the preliminary allocation of the Drop Acquisition purchase consideration (including the $ 1.0 million purchase price adjustment) to the assets acquired and liabilities assumed at the Acquisition Date (in thousands): Amounts Accounts receivable $ 135 Inventories 7,739 Prepaid and other assets 856 Property and equipment 109 Identifiable intangible assets 9,160 Goodwill 5,987 Accounts payable ( 7,165 ) Accrued liabilities ( 3,642 ) Purchase consideration, net of cash acquired $ 13,179 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment | he following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Gamer and Total December 31, 2021 $ 145,310 $ 171,744 $ 317,054 Addition from business acquisition 3,485 28,486 31,971 Measurement period adjustments 235 782 1,017 Effect of foreign currency exchange rates ( 99 ) ( 2,196 ) ( 2,295 ) December 31, 2022 148,931 198,816 347,747 Addition from business acquisition — 7,007 7,007 Purchase price adjustment — ( 1,041 ) ( 1,041 ) Measurement period adjustments — 21 21 Effect of foreign currency exchange rates 5 966 971 December 31, 2023 $ 148,936 $ 205,769 $ 354,705 |
Summary of Intangible Assets, Net | The following table is a summary of intangible assets, net (in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Developed technology $ 47,221 $ 21,206 $ 26,015 $ 53,726 $ 24,088 $ 29,638 Trade name 34,114 9,060 25,054 29,735 6,802 22,933 Customer relationships 218,453 138,800 79,653 218,542 116,919 101,623 Patent 34,781 17,031 17,750 33,198 11,764 21,434 Supplier relationship 6,136 2,045 4,091 6,129 1,021 5,108 Total finite-life intangibles 340,705 188,142 152,563 341,330 160,594 180,736 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 16 — 16 89 — 89 Total intangible assets $ 376,151 $ 188,142 $ 188,009 $ 376,849 $ 160,594 $ 216,255 |
Summary of Recognized Amortization Expense of Intangible Assets | Amortization expense of intangible assets was recognized in our consolidated statements of operations as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cost of revenue $ 5,842 $ 6,376 $ 4,860 Sales, general and administrative 24,496 24,401 24,611 Product development 8,150 9,120 5,323 Total amortization of intangible assets $ 38,488 $ 39,897 $ 34,794 |
Schedule of Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands): Amounts 2024 $ 38,071 2025 37,700 2026 34,394 2027 24,721 2028 4,388 Thereafter 13,289 Total $ 152,563 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 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): December 31, 2023 2022 Cash $ 175,620 $ 151,180 Restricted cash—short term 2,705 2,647 Restricted cash—noncurrent 239 233 Total cash and restricted cash $ 178,564 $ 154,060 Accounts receivable $ 254,433 $ 145,380 Due from Factor 283 91,061 Allowance for doubtful accounts ( 1,448 ) ( 785 ) Accounts receivable, net $ 253,268 $ 235,656 Raw materials $ 64,576 $ 49,926 Work in progress 5,204 4,171 Finished goods 170,392 138,620 Inventories $ 240,172 $ 192,717 Manufacturing equipment $ 28,168 $ 28,993 Leasehold improvements 19,789 18,903 Computer equipment, software and office equipment 16,083 16,205 Furniture and fixtures 3,825 3,277 Total property and equipment $ 67,865 $ 67,378 Less: Accumulated depreciation and amortization ( 35,653 ) ( 32,451 ) Property and equipment, net $ 32,212 $ 34,927 Right-of-use assets $ 36,324 $ 45,175 Deferred tax asset 27,749 23,569 Other 6,636 6,546 Other assets $ 70,709 $ 75,290 Accrued reserves for customer incentive programs $ 41,148 $ 58,621 Accrued reserves for sales returns 36,822 27,199 Accrued payroll and related expenses 17,989 10,511 Accrued freight expenses 13,553 12,486 Sales and use tax and value-added tax payable 10,652 9,376 Operating lease liabilities, current 9,721 11,051 Contract liabilities 7,442 6,259 Accrued warranty 7,155 3,685 Income tax payable 3,653 5,322 Other 18,205 19,960 Other liabilities and accrued expenses $ 166,340 $ 164,470 Operating lease liabilities, noncurrent $ 38,587 $ 45,457 Other 3,008 3,132 Other liabilities, noncurrent $ 41,595 $ 48,589 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Our debt consisted of the following (in thousands): December 31, 2023 2022 X Term Loan (variable rate) due September 2026 $ 199,000 $ 240,000 Debt discount and issuance cost, net of amortization ( 804 ) ( 1,335 ) Total debt 198,196 238,665 Less: debt maturing within one year, net 12,190 6,495 Long-term debt, net $ 186,006 $ 232,170 |
Summary of Interest Expense Recognized | The following table summarizes the interest expense recognized for all periods presented (in thousands): Years Ended December 31, 2023 2022 2021 First Lien Credit and Guaranty Agreement: Contractual interest expense for term loan $ — $ — $ 9,818 Amortization of debt discount and issuance cost — — 1,343 Loss on debt extinguishment — — 4,904 Credit Agreement: Contractual interest expense for term loan 16,362 7,818 1,113 Contractual interest expense for revolving facility — 1,141 53 Amortization of debt discount and issuance cost 679 398 115 Other 379 203 327 Total interest expense $ 17,420 $ 9,560 $ 17,673 |
Summary of Future Principal Payments under Total Long-term Debt | The future principal payments under our total long-term debt as of December 31, 2023 are as follows (in thousands): Amounts 2024 $ 12,500 2025 12,500 2026 174,000 2027 — 2028 — Total debt $ 199,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Changes in Warranty | Changes in our assurance-type warranty obligations were as follows (in thousands): December 31, 2023 2022 Beginning of the period $ 3,685 $ 5,656 Warranty provision related to products shipped 9,097 4,349 Deductions for warranty claims processed ( 5,627 ) ( 6,320 ) End of period $ 7,155 $ 3,685 |
Schedule of Total Long-Term Non-Cancelable Purchase Commitment | The total long-term non-cancelable purchase commitments as of December 31, 2023 was as follows (in thousands): Amounts x 2024 $ 1,127 2025 353 2026 — 2027 — 2028 — Thereafter — Total $ 1,480 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activities and Related Information | The following table summarizes the stock option activities and related information for the year ended December 31, 2023: Number of Shares Weighted- Weighted- Aggregate (In years) (In thousands) Outstanding as of December 31, 2022 9,210,022 $ 11.34 6.5 $ 51,384 Granted 2,020,245 18.08 Exercised ( 1,018,117 ) 5.75 Forfeited/cancelled ( 442,136 ) 16.01 Outstanding as of December 31, 2023 9,770,014 $ 13.10 6.2 $ 45,260 Vested and exercisable as of December 31, 2023 6,231,611 $ 10.25 5.0 $ 41,948 |
Summary of RSUs Activities and Related Information | The following table summarizes the RSU activities and related information for the year ended December 31, 2023: Number of Shares Weighted- Outstanding as of December 31, 2022 1,631,974 $ 22.04 Granted 1,203,302 17.42 Vested ( 802,572 ) 20.72 Forfeited/cancelled ( 175,239 ) 21.19 Outstanding as of December 31, 2023 1,857,465 $ 19.70 |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands): Years Ended December 31, 2023 2022 2021 Cost of revenue $ 2,094 $ 1,458 $ 1,006 Sales, general and administrative 24,838 17,695 13,772 Product development 3,941 3,018 2,457 Stock-based compensation expense, net of amounts capitalized (1) $ 30,873 $ 22,171 $ 17,235 Income tax benefits related to stock-based compensation expense $ 2,725 $ 700 $ 6,796 (1) Stock-based compensation expense capitalized 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): December 31, 2023 Unrecognized Expense Remaining weighted average period RSUs $ 29,130 2.6 Stock Options 24,590 2.4 ESPP 165 0.1 Total unrecognized stock-based compensation expense $ 53,885 |
Summary of Valuation Assumptions of Fair Value of Stock Options on Date of Grant | We estimate the fair value of the stock options at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and values: Years Ended December 31, 2023 2022 2021 Expected term (years) 6.00 6.05 6.01 Expected volatility 43.2 % - 44.5 % 43.6 % - 48.1 % 43.1 % - 47.0 % Dividend yield — — — Risk-free interest rate 3.85 % - 4.61 % 1.67 % - 2.93 % 0.05 % - 1.34 % |
Summary of Valuation Assumptions of Fair Value of ESPP on Date of Grant | We estimate the fair value of the shares under the ESPP at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and inputs: Years Ended December 31, 2023 2022 2021 Expected term (years) 0.50 - 0.64 0.50 0.50 Expected volatility 41.0 % - 47.8 % 38.7 % - 54.5 % 43.2 % - 45.1 % Dividend yield — — — Risk-free interest rate 4.77 % - 5.45 % 0.19 % - 2.52 % 0.05 % - 0.09 % |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 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 income (loss) per share (in thousands, except per share amounts): Years Ended December 31, 2023 2022 2021 Numerator Net income (loss) $ ( 1,037 ) $ ( 53,946 ) $ 100,960 Less: Net income attributable to noncontrolling interest 1,553 442 — Net income (loss) attributable to Corsair Gaming, Inc. ( 2,590 ) ( 54,388 ) 100,960 Change in redemption value of redeemable noncontrolling interest 5,777 ( 6,536 ) — Net income (loss) attributable to common stockholders of Corsair Gaming, Inc. $ 3,187 $ ( 60,924 ) $ 100,960 Denominator Basic weighted-average shares outstanding 102,482 96,280 93,260 Effect of dilutive securities 3,794 — 6,744 Total diluted weighted-average shares outstanding 106,276 96,280 100,004 Net income (loss) per share attributable to common stockholders of Corsair Gaming, inc. Basic $ 0.03 $ ( 0.63 ) $ 1.08 Diluted $ 0.03 $ ( 0.63 ) $ 1.01 Anti-dilutive potential common shares (1) 5,304 10,908 927 (1) Potential common share equivalents were not included in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income tax consisted of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ ( 21,833 ) $ ( 28,195 ) $ 26,889 Foreign 18,354 ( 35,571 ) 87,671 Income (loss) before income tax $ ( 3,479 ) $ ( 63,766 ) $ 114,560 |
Schedule of Income Tax Benefit (Expense) | Income tax benefit (expense) consisted of the following (in thousands): Years Ended December 31, 2023 2022 2021 U.S. federal taxes: Current $ 624 $ ( 5,528 ) $ ( 3,723 ) Deferred 4,235 9,037 4,805 U.S state taxes: Current ( 477 ) ( 792 ) ( 968 ) Deferred 863 1,168 3,855 Foreign taxes: Current ( 4,037 ) ( 5,596 ) ( 20,871 ) Deferred 1,234 11,531 3,302 Income tax benefit (expense) $ 2,442 $ 9,820 $ ( 13,600 ) |
Reconciliation of Tax Computed Applying Statutory Deferral Income (Loss) Tax Rate | The income tax benefit (expense) differs from the amount computed by applying the U.S. federal statutory rate of 21 % to income (loss) before income taxes as follows (in thousands): Years Ended December 31, 2023 2022 2021 Provision at federal statutory rate $ 731 $ 13,391 $ ( 24,058 ) State taxes 116 1,914 ( 3,033 ) Foreign rate differential ( 413 ) ( 4,117 ) 3,149 Taxes on foreign operations 4,210 557 8,595 Research and development credits 1,151 1,830 2,586 Tax impact from entity dissolution — ( 2,808 ) — Change in valuation allowance 41 2,711 4,171 Change in tax rate on deferred tax assets — — ( 1,507 ) Section 162(m) limitation ( 1,529 ) ( 1,259 ) ( 665 ) Deferred tax assets adjustments ( 1,242 ) — — Other ( 623 ) ( 2,399 ) ( 2,838 ) Income tax benefit (expense) $ 2,442 $ 9,820 $ ( 13,600 ) |
Components of Company's Deferred Tax Assets and Liabilities | eferred tax assets and liabilities consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Accrued expenses and reserves $ 14,270 $ 16,842 Stock-based compensation 4,821 3,800 NOL and capital losses 4,821 8,755 Capitalized research expenditures 23,063 13,788 Tax credits 1,102 1,301 Uniform capitalization 1,389 549 Foreign currency translation adjustments 1,362 771 Other 311 350 Total deferred tax assets 51,139 46,156 Less: Valuation allowance ( 1,285 ) ( 1,327 ) Deferred tax liabilities: Intangible assets ( 34,460 ) ( 39,314 ) Depreciation & amortization ( 5,040 ) — Net deferred tax assets $ 10,354 $ 5,515 |
Schedule of Changes in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions | Changes in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Beginning balance $ 3,606 $ 3,757 $ 1,216 Tax position related to current year Increase 317 312 690 Decrease — — — Tax position related to prior year Increase 1 — 1,851 Decrease ( 386 ) ( 463 ) — $ 3,538 $ 3,606 $ 3,757 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss were as follows (in thousands): December 31, 2023 2022 Accumulated foreign currency translation loss, net of tax $ ( 2,910 ) $ ( 6,445 ) Unrealized foreign exchange loss from long-term intercompany loans, net of tax ( 1,240 ) ( 1,112 ) Total accumulated other comprehensive loss ( 4,150 ) ( 7,557 ) Less: Accumulated other comprehensive loss attributable to noncontrolling interest ( 663 ) ( 676 ) Total accumulated other comprehensive loss attributable to Corsair Gaming, Inc. $ ( 3,487 ) $ ( 6,881 ) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 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): Years Ended December 31, 2023 2022 2021 Net revenue Gamer and Creator Peripherals $ 394,881 $ 437,817 $ 647,202 Gaming Components and Systems 1,064,994 937,281 1,256,858 Total net revenue $ 1,459,875 $ 1,375,098 $ 1,904,060 Gross Profit Gamer and Creator Peripherals $ 132,982 $ 125,079 $ 224,920 Gaming Components and Systems 227,281 171,553 288,934 Total gross profit $ 360,263 $ 296,632 $ 513,854 |
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): Years Ended December 31, 2023 2022 2021 Americas $ 751,069 $ 724,114 $ 841,653 Europe and Middle East 512,161 405,642 735,151 Asia Pacific 196,645 245,342 327,256 Total net revenue $ 1,459,875 $ 1,375,098 $ 1,904,060 |
Summary of Property and Equipment, Net by Country | Our long-lived assets consist of property and equipment, net and operating lease right-of-use assets, which are summarized by geographic area as follows (in thousands): December 31, 2023 2022 United States $ 46,969 $ 58,673 China 7,103 7,932 Other countries 14,464 13,497 Total long-lived assets $ 68,536 $ 80,102 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Expenses | The components of lease expenses were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease expense $ 12,887 $ 13,519 $ 13,048 Variable lease expense 7,540 8,758 9,636 Total lease expense $ 20,427 $ 22,277 $ 22,684 |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 13,433 $ 10,614 $ 10,466 Right-of-use assets recognized in exchange for operating lease obligations 1,604 5,819 36,689 |
Summary of Maturity of Operating Lease Liabilities | The following table summarizes the maturity of operating lease liabilities as of December 31, 2023 (in thousands): Amounts 2024 $ 10,201 2025 8,697 2026 6,924 2027 6,333 2028 6,092 Thereafter 18,213 Total future lease payments 56,460 Less: Imputed interest ( 8,152 ) Present value of operating lease liabilities $ 48,308 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (“RNCI”) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | |
Redeemable Noncontrolling Interest | The following table presents the changes in RNCI for the periods presented (in thousands): Years Ended December 31, 2023 2022 Balance at beginning of period $ 21,367 $ — Initial carrying amount estimated at iDisplay's Closing Date — 17,522 Share of net income 918 261 Share of other comprehensive income (loss) 9 ( 400 ) Dividend paid ( 580 ) ( 2,552 ) Change in redemption value (1) ( 5,777 ) 6,536 Balance at end of period $ 15,937 $ 21,367 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 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) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Customer Segment | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) Customer | Jan. 01, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Advertising and promotion expenses | $ 21,200 | $ 17,300 | $ 19,800 | |
Number of reportable segments | Segment | 2 | |||
Total restricted cash deposits | $ 2,900 | 2,900 | ||
Due from factor | 283 | 91,061 | ||
Receivables sold | 244,000 | 175,100 | ||
Cash proceeds received | 334,100 | 83,400 | ||
Inventory impairment and related charges | 11,500 | 25,500 | 7,900 | |
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, after Accumulated Amortization, Total | $ 6,400 | 5,200 | ||
Short term lease term | 12 months | |||
Percentage of estimated fair value less than carrying amount | 50% | |||
Foreign currency remeasurement gains and (losses) | $ (2,587) | 213 | (5,661) | |
Other (Expense) Income, Net | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Foreign currency remeasurement gains and (losses) | (1,200) | $ (1,400) | $ (6,300) | |
Accounts Receivable | Credit Concentration Risk | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Due from factor | $ 300 | |||
Number of customers | Customer | 2 | 2 | ||
Accounts Receivable | Credit Concentration Risk | One Customer | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Concentration of credit risk | 42.90% | |||
Accounts Receivable | Credit Concentration Risk | Two Customer | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Concentration of credit risk | 18.50% | |||
Accounts Receivable | Credit Concentration Risk | Factor | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Concentration of credit risk | 38.60% | |||
Accounts Receivable | Credit Concentration Risk | One Other Customer | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Concentration of credit risk | 23.40% | |||
Consolidated Net Revenue | Customer Concentration Risk | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Number of customers | Customer | 1 | 1 | 1 | |
Consolidated Net Revenue | Customer Concentration Risk | One Customer | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Concentration of credit risk | 30.70% | 26% | 26.70% | |
Minimum [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Customer payment period from invoice date | 30 days | |||
Estimated useful lives | 2 years | |||
Standard product warranty period | 6 months | |||
Percentage of tax positions to measure tax benefit | 50% | |||
Maximum | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Customer payment period from invoice date | 90 days | |||
Period of performance obligations and timing of payment | 1 year | |||
Percentage of reimbursement of collection losses to mitigate credit risks | 90% | |||
Estimated useful lives | 7 years | |||
Business combination measurement period | 1 year | |||
Standard product warranty period | 10 years | |||
IDisplay Technology | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Percentage of equity interest acquired | 14% | 51% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details1) | Dec. 31, 2023 |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Details) - Fair Value Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Liabilities | $ 690 | $ 1,438 |
Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | 690 | 484 |
Deferred Cash Consideration Business Acquisition SCUF | ||
Liabilities: | ||
Liabilities | 954 | |
(Level 2) | ||
Liabilities: | ||
Liabilities | 690 | 484 |
(Level 2) | Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | $ 690 | 484 |
(Level 3) | ||
Liabilities: | ||
Liabilities | 954 | |
(Level 3) | Deferred Cash Consideration Business Acquisition SCUF | ||
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) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Derivative | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments for trading purposes | Derivative | 0 | ||
Foreign Currency Forward Contracts | Non Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional principal amount | $ 44.3 | $ 23.4 | |
Net fair value gain (loss) recognized in other (expense) income | $ (1.6) | $ 2.4 | $ 0.5 |
Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Minimum [Member] | Foreign Currency Forward Contracts | Non Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 2 months | ||
Maximum | Foreign Currency Forward Contracts | Non Designated as Hedging Instrument | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 4 months |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Jan. 29, 2024 | Jul. 14, 2023 | Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 354,705,000 | $ 347,747,000 | $ 317,054,000 | |||
Gamer and Creator Peripherals | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 205,769,000 | 198,816,000 | 171,744,000 | |||
Gaming Components and Systems | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 148,936,000 | 148,931,000 | $ 145,310,000 | |||
IDisplay Technology | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of equity interest acquired | 51% | 14% | ||||
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 | 0 | |||||
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 | $ 0 | ||||
Goodwill | 32,987,000 | |||||
IDisplay Technology | Gamer and Creator Peripherals | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of identifiable intangible assets net tangible assets and liabilities acquired | 29,300,000 | |||||
IDisplay Technology | Gaming Components and Systems | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of identifiable intangible assets net tangible assets and liabilities acquired | $ 3,700,000 | |||||
IDisplay Technology | First Anniversary | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of equity interest acquired | 14% | |||||
IDisplay Technology | Second Anniversary | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of equity interest acquired | 15% | |||||
IDisplay Technology | IDisplay Seller | ||||||
Business Acquisition [Line Items] | ||||||
Noncontrolling interest | 49% | |||||
Drop Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration | $ 14,200,000 | |||||
Inventory | 2,000,000 | 1,500,000 | ||||
Acquisition-related costs | $ 0 | |||||
Cash acquired | 600,000 | |||||
Purchase price adjustment | 1,000,000 | |||||
Goodwill | 5,987,000 | |||||
Identifiable intangible assets acquired | $ 9,200,000 | |||||
Drop Acquisition | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration | $ 13,200,000 | |||||
Purchase price adjustment | $ 1,000,000 | |||||
Drop Acquisition | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets estimated useful lives | 15 years | |||||
Drop Acquisition | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets estimated useful lives | 5 years | |||||
Drop Acquisition | Developed Technology | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets acquired | $ 5,200,000 | |||||
Drop Acquisition | Trade Name | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets acquired | 2,300,000 | |||||
Drop Acquisition | Domain Name | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets acquired | $ 1,700,000 |
Business Combinations - Schedul
Business Combinations - Schedule of Estimated Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Jul. 14, 2023 | Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 354,705 | $ 347,747 | $ 317,054 | ||
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 interest | (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 | ||||
Drop Acquisition | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 135 | ||||
Inventories | 7,739 | ||||
Prepaid and other assets | 856 | ||||
Property and equipment | 109 | ||||
Identifiable intangible assets | 9,160 | ||||
Goodwill | 5,987 | ||||
Accounts payable | (7,165) | ||||
Accrued liabilities | (3,642) | ||||
Fair value of consideration | 14,200 | ||||
Purchase consideration, net of cash acquired | 13,179 | ||||
Purchase consideration: | |||||
Fair value of consideration | $ 14,200 |
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 - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Number of reporting units | 4 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Balance | $ 347,747 | $ 317,054 |
Addition from business acquisition | 7,007 | 31,971 |
Purchase price adjustment | (1,041) | |
Measurement period adjustments | 21 | 1,017 |
Effect of foreign currency exchange rates | 971 | (2,295) |
Balance | 354,705 | 347,747 |
Gaming Components and Systems | ||
Goodwill [Line Items] | ||
Balance | 148,931 | 145,310 |
Addition from business acquisition | 3,485 | |
Measurement period adjustments | 235 | |
Effect of foreign currency exchange rates | 5 | (99) |
Balance | 148,936 | 148,931 |
Gamer and Creator Peripherals | ||
Goodwill [Line Items] | ||
Balance | 198,816 | 171,744 |
Addition from business acquisition | 7,007 | 28,486 |
Purchase price adjustment | (1,041) | |
Measurement period adjustments | 21 | 782 |
Effect of foreign currency exchange rates | 966 | (2,196) |
Balance | $ 205,769 | $ 198,816 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total finite-life intangibles, Gross Carrying Amount | $ 340,705 | $ 341,330 |
Total finite-life intangibles, Accumulated Amortization | 188,142 | 160,594 |
Total finite-life intangibles, Net Carrying Amount | 152,563 | 180,736 |
Total intangible assets, Gross Carrying Amount | 376,151 | 376,849 |
Total intangible assets, Net Carrying Amount | 188,009 | 216,255 |
Indefinite Life Trade Name | ||
Indefinite-life intangibles, Gross and Net Carrying Amount | 35,430 | 35,430 |
Other | ||
Indefinite-life intangibles, Gross and Net Carrying Amount | 16 | 89 |
Developed Technology | ||
Total finite-life intangibles, Gross Carrying Amount | 47,221 | 53,726 |
Total finite-life intangibles, Accumulated Amortization | 21,206 | 24,088 |
Total finite-life intangibles, Net Carrying Amount | 26,015 | 29,638 |
Trade Name | ||
Total finite-life intangibles, Gross Carrying Amount | 34,114 | 29,735 |
Total finite-life intangibles, Accumulated Amortization | 9,060 | 6,802 |
Total finite-life intangibles, Net Carrying Amount | 25,054 | 22,933 |
Customer Relationships | ||
Total finite-life intangibles, Gross Carrying Amount | 218,453 | 218,542 |
Total finite-life intangibles, Accumulated Amortization | 138,800 | 116,919 |
Total finite-life intangibles, Net Carrying Amount | 79,653 | 101,623 |
Patents | ||
Total finite-life intangibles, Gross Carrying Amount | 34,781 | 33,198 |
Total finite-life intangibles, Accumulated Amortization | 17,031 | 11,764 |
Total finite-life intangibles, Net Carrying Amount | 17,750 | 21,434 |
Supplier Relationship | ||
Total finite-life intangibles, Gross Carrying Amount | 6,136 | 6,129 |
Total finite-life intangibles, Accumulated Amortization | 2,045 | 1,021 |
Total finite-life intangibles, Net Carrying Amount | $ 4,091 | $ 5,108 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Recognized Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of intangible assets | $ 38,488 | $ 39,897 | $ 34,794 |
Cost of Revenue | |||
Amortization of intangible assets | 5,842 | 6,376 | 4,860 |
Sales, General and Administrative | |||
Amortization of intangible assets | 24,496 | 24,401 | 24,611 |
Product Development | |||
Amortization of intangible assets | $ 8,150 | $ 9,120 | $ 5,323 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 38,071 | |
2025 | 37,700 | |
2026 | 34,394 | |
2027 | 24,721 | |
2028 | 4,388 | |
Thereafter | 13,289 | |
Total finite-life intangibles, Net Carrying Amount | $ 152,563 | $ 180,736 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Components of Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Line Items] | ||||
Cash | $ 175,620 | $ 151,180 | ||
Restricted cash—short term | 2,705 | 2,647 | ||
Restricted cash—noncurrent | 239 | 233 | ||
Total cash and restricted cash | 178,564 | 154,060 | $ 65,380 | $ 133,568 |
Accounts receivable | 254,433 | 145,380 | ||
Due from Factor | 283 | 91,061 | ||
Allowance for doubtful accounts | (1,448) | (785) | ||
Accounts receivable, net | 253,268 | 235,656 | ||
Raw materials | 64,576 | 49,926 | ||
Work in progress | 5,204 | 4,171 | ||
Finished goods | 170,392 | 138,620 | ||
Inventories | 240,172 | 192,717 | ||
Total property and equipment | 67,865 | 67,378 | ||
Less: Accumulated depreciation and amortization | (35,653) | (32,451) | ||
Property and equipment, net | 32,212 | 34,927 | ||
Right-of-use assets | 36,324 | 45,175 | ||
Deferred tax asset | 27,749 | 23,569 | ||
Other | 6,636 | 6,546 | ||
Other assets | 70,709 | 75,290 | ||
Accrued reserves for customer incentive programs | 41,148 | 58,621 | ||
Accrued reserves for sales returns | 36,822 | 27,199 | ||
Accrued payroll and related expenses | 17,989 | 10,511 | ||
Accrued freight expenses | 13,553 | 12,486 | ||
Sales and use tax and value-added tax payable | 10,652 | 9,376 | ||
Operating lease liabilities, current | $ 9,721 | $ 11,051 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities and accrued expenses | Other liabilities and accrued expenses | ||
Contract liabilities | $ 7,442 | $ 6,259 | ||
Accrued warranty | 7,155 | 3,685 | ||
Income tax payable | 3,653 | 5,322 | ||
Other | 18,205 | 19,960 | ||
Other liabilities and accrued expenses | 166,340 | 164,470 | ||
Operating lease liabilities, noncurrent | $ 38,587 | $ 45,457 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, noncurrent | Other liabilities, noncurrent | ||
Other | $ 3,008 | $ 3,132 | ||
Other liabilities, noncurrent | 41,595 | 48,589 | ||
Manufacturing Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 28,168 | 28,993 | ||
Computer Equipment, Software and Office Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 16,083 | 16,205 | ||
Furniture and Fixtures | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 3,825 | 3,277 | ||
Leasehold Improvements | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | $ 19,789 | $ 18,903 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 199,000 | |
Debt discount and issuance cost, net of amortization | (804) | $ (1,335) |
Total debt | 198,196 | 238,665 |
Less: debt maturing within one year, net | 12,190 | 6,495 |
Long-term debt, net | 186,006 | 232,170 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 199,000 | 240,000 |
Total debt | $ 198,200 | $ 238,700 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Term Loan | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2026-09 |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | |||||||||
Nov. 28, 2022 | Jun. 30, 2022 | Sep. 30, 2021 USD ($) | Sep. 03, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Aug. 31, 2017 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Losses on extinguishment of debt | $ (4,868,000) | |||||||||
Carrying value of term loan | $ 198,196,000 | $ 238,665,000 | ||||||||
First Lien Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 235,000,000 | |||||||||
Increase in Principal amount | 240,000,000 | |||||||||
Losses on extinguishment of debt | $ (4,904,000) | |||||||||
First Lien Term Loan | Initial Public Offering | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of debt | $ 248,500,000 | |||||||||
Revolving Credit Facility Under Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 100,000,000 | |||||||||
Unused capacity | $ 100,000,000 | 100,000,000 | ||||||||
Credit facility, expiration month and year | 2026-09 | |||||||||
Revolving Credit Facility Under Credit Agreement | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment Fee Percentage | 0.20% | 0.20% | 0.25% | |||||||
Consolidated interest coverage ratio | 3 | |||||||||
Revolving Credit Facility Under Credit Agreement | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment Fee Percentage | 0.40% | 0.35% | 0.50% | |||||||
Consolidated total net leverage ratio | 3.5 | |||||||||
Consolidated interest coverage ratio | 3.5 | |||||||||
Revolving Credit Facility Under Credit Agreement | LIBOR [ Member] | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.25% | |||||||||
Revolving Credit Facility Under Credit Agreement | LIBOR [ Member] | 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 | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1% | |||||||||
Revolving Credit Facility Under Credit Agreement | One Month LIBOR | Minimum | ||||||||||
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 | One-Month BSBY | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1% | |||||||||
Revolving Credit Facility Under Credit Agreement | One-Month BSBY | Minimum | ||||||||||
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% | |||||||||
Revolving Credit Facility Under Credit Agreement | Bloomberg Short Term Bank Yield | Minimum | ||||||||||
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% | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 250,000,000 | |||||||||
Credit facility, expiration month and year | 2026-09 | |||||||||
Carrying value of term loan | $ 198,200,000 | $ 238,700,000 | ||||||||
Effective interest rate | 7.40% | 3.30% | 1.40% | |||||||
Term Loan | Fair Value, Inputs, Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Estimated fair value of term loan | $ 197,600,000 | |||||||||
Term Loan | LIBOR [ Member] | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.25% | |||||||||
Term Loan | LIBOR [ Member] | 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 | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1% | |||||||||
Term Loan | One Month LIBOR | Minimum | ||||||||||
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 | One-Month BSBY | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1% | |||||||||
Term Loan | One-Month BSBY | Minimum | ||||||||||
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% | |||||||||
Term Loan | Bloomberg Short Term Bank Yield | Minimum | ||||||||||
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% | |||||||||
Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Prepayment of debt | $ 34,100,000 | $ 3,800,000 | ||||||||
Credit facility, incremental maximum aggregate principal amount | $ 250,000,000 | |||||||||
Increase in interest rate upon certain events of default | 2% | |||||||||
Consolidated total net leverage ratio | 3.25 | 3.5 | ||||||||
Credit Agreement | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 0.50% | |||||||||
Consolidated interest coverage ratio | 3 | 2.5 | ||||||||
Credit Agreement | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 2.25% | |||||||||
Consolidated total net leverage ratio | 3 | 3.75 | ||||||||
Credit Agreement | Bloomberg Short Term Bank Yield | Minimum | ||||||||||
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Loss on debt extinguishment | $ 4,868 | ||
Other | $ 379 | $ 203 | 327 |
Total interest expense | 17,420 | 9,560 | 17,673 |
First Lien Term Loan | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 9,818 | ||
Amortization of debt discount and issuance cost | 1,343 | ||
Loss on debt extinguishment | 4,904 | ||
Credit Agreement, Term Loan | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 16,362 | 7,818 | 1,113 |
Revolving Credit Facility Under Credit Agreement | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 1,141 | 53 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Amortization of debt discount and issuance cost | $ 679 | $ 398 | $ 115 |
Debt - Summary of Future Princi
Debt - Summary of Future Principal Payments under Total Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 12,500 |
2025 | 12,500 |
2026 | 174,000 |
Total debt | $ 199,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Changes in Warranty Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning of the period | $ 3,685 | $ 5,656 |
Warranty provision related to products shipped | 9,097 | 4,349 |
Deductions for warranty claims processed | (5,627) | (6,320) |
End of period | $ 7,155 | $ 3,685 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Total Long-Term Non-Cancelable Purchase Commitment (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 1,127 |
2025 | 353 |
Total | $ 1,480 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 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 | $ 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 | 12 Months Ended | |||
Dec. 31, 2022 | Nov. 30, 2022 | Dec. 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 | |||
Common stock held by selling securities holders | 54,179,559 | ||||
Self resitration maximum securities issued | $ 300 | ||||
Underwritten Public Offering | |||||
Capital Unit [Line Items] | |||||
Issuance of common stock in relation to public offering, net of underwriting discounts, commissions and other offering costs, shares | 500,000 | 0 | |||
Sale of stock, price per share | $ 16.5 | ||||
Proceeds from common stock | $ 81 | ||||
Available for issuance | $ 216.7 | ||||
Underwritten Public Offering | Maximum | |||||
Capital Unit [Line Items] | |||||
Issuance of common stock 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 - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation, exercise price | $ 18.08 | ||
Weighted-average grant date fair value per share for stock options granted | $ 8.71 | $ 8.7 | $ 16.77 |
Intrinsic value of options exercised | $ 11.8 | $ 7.7 | $ 66 |
Expected Dividend Rate | 0% | ||
Employee Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected Dividend Rate | 0% | 0% | 0% |
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average grant date fair value of RSUs granted | $ 17.42 | $ 18.63 | $ 34.78 |
Fair value of RSUs vested | $ 13.2 | $ 4.5 | $ 1.4 |
2020 Plan | Equity Incentive Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 10,048,642 | ||
Percentage of increase in common stock reserved and available for issuance | 4% | ||
2017 Plan and the 2020 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options, expiration period | 10 years | ||
2017 Plan and the 2020 Plan | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 4 years | ||
2017 Plan and the 2020 Plan | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation, vesting period | 5 years | ||
2020 Employee Stock Purchase Plan | Employee Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 3,280,529 | ||
Percentage of increase in common stock reserved and available for issuance | 1% | ||
Purchase shares of common stock price per share, Percentage | 85% | ||
Number of shares authorized | 20,000,000 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activities and Related Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Outstanding Stock Options, Beginning balance | 9,210,022 | |
Stock Options, Granted | 2,020,245 | |
Stock Options, Exercised | (1,018,117) | |
Stock Options, Forfeited/cancelled | (442,136) | |
Outstanding Stock Options, Ending balance | 9,770,014 | 9,210,022 |
Stock Options, Vested and exercisable | 6,231,611 | |
Weighted-Average Exercise Price Per Share, Beginning balance | $ 11.34 | |
Weighted-Average Exercise Price Per Share, Granted | 18.08 | |
Weighted-Average Exercise Price Per Share, Exercised | 5.75 | |
Weighted-Average Exercise Price Per Share, Forfeited/cancelled | 16.01 | |
Weighted-Average Exercise Price Per Share, Ending balance | 13.10 | $ 11.34 |
Weighted-Average Exercise Price Per Share, Vested and exercisable as of December 31, 2022 | $ 10.25 | |
Weighted-Average Remaining Contractual Term | 6 years 2 months 12 days | 6 years 6 months |
Weighted -Average Remaining Contractual Term Vested and exercisable | 5 years | |
Aggregate Intrinsic Value, Balance | $ 45,260 | $ 51,384 |
Aggregate Intrinsic Value, Vested and exercisable | $ 41,948 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of RSUs Activities and Related Information (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested RSUs, Beginning balance | 1,631,974 | ||
Unvested RSUs, Granted | 1,203,302 | ||
Unvested RSUs, Vested | (802,572) | ||
Unvested RSUs, Forfeited/cancelled | (175,239) | ||
Unvested RSUs, Ending balance | 1,857,465 | 1,631,974 | |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ 22.04 | ||
Weighted-Average Grant Date Fair Value Per Share, Granted | 17.42 | $ 18.63 | $ 34.78 |
Weighted-Average Grant Date Fair Value Per Share, Vested | 20.72 | ||
Weighted-Average Grant Date Fair Value Per Share, Forfeited/cancelled | 21.19 | ||
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ 19.7 | $ 22.04 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | $ 30,873 | $ 22,171 | $ 17,235 |
Income tax benefits related to stock-based compensation expense | 2,725 | 700 | 6,796 |
Cost of Revenue | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | 2,094 | 1,458 | 1,006 |
Sales, General and Administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | 24,838 | 17,695 | 13,772 |
Product Development | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | $ 3,941 | $ 3,018 | $ 2,457 |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized stock-based compensation expense | $ 53,885 | |
RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
RSUs | 29,130 | |
Remaining weighted average period (In years) | 2 years 7 months 6 days | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options | 24,590 | |
Remaining weighted average period (In years) | 2 years 4 months 24 days | |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options | $ 165 | |
Remaining weighted average period (In years) | 1 month 6 days |
Equity Incentive Plans and St_8
Equity Incentive Plans and Stock-Based Compensation - Summary of Valuation Assumptions of Fair Value of Stock Options on Date of Grant (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0% | ||
2020 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | 6 years 18 days | 6 years 3 days |
Expected volatility, minimum | 43.20% | 43.60% | 43.10% |
Expected volatility, maximum | 44.50% | 48.10% | 47% |
Dividend yield | 0% | 0% | 0% |
Risk-free interest rate, minimum | 3.85% | 1.67% | 0.05% |
Risk-free interest rate, maximum | 4.61% | 2.93% | 1.34% |
Equity Incentive Plans and St_9
Equity Incentive Plans and Stock-Based Compensation - Summary of Valuation Assumptions of Fair Value of ESPP on Date of Grant (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0% | ||
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | |
Expected volatility, minimum | 41% | 38.70% | 43.20% |
Expected volatility, maximum | 47.80% | 54.50% | 45.10% |
Dividend yield | 0% | 0% | 0% |
Risk-free interest rate, minimum | 4.77% | 0.19% | 0.05% |
Risk-free interest rate, maximum | 5.45% | 2.52% | 0.09% |
ESPP | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 7 months 20 days | ||
ESPP | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | |||
Net income (loss) | $ (1,037) | $ (53,946) | $ 100,960 |
Less: Net income attributable to noncontrolling interest | 1,553 | 442 | |
Net income (loss) attributable to Corsair Gaming, Inc. | (2,590) | (54,388) | 100,960 |
Change in redemption value of redeemable noncontrolling interest | 5,777 | (6,536) | |
Net income (loss) attributable to common stockholders of Corsair Gaming, Inc. | $ 3,187 | $ (60,924) | $ 100,960 |
Weighted-average common shares outstanding: | |||
Basic | 102,482 | 96,280 | 93,260 |
Effect of dilutive securities | 3,794 | 6,744 | |
Total diluted weighted-average shares outstanding | 106,276 | 96,280 | 100,004 |
Net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.: | |||
Basic | $ 0.03 | $ (0.63) | $ 1.08 |
Diluted | $ 0.03 | $ (0.63) | $ 1.01 |
Anti-dilutive potential common shares | 5,304 | 10,908 | 927 |
Income Taxes - Component of Inc
Income Taxes - Component of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (21,833) | $ (28,195) | $ 26,889 |
Foreign | 18,354 | (35,571) | 87,671 |
Income (loss) before income taxes | $ (3,479) | $ (63,766) | $ 114,560 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current U.S. federal taxes | $ 624 | $ (5,528) | $ (3,723) |
Deferred U.S. federal taxes | 4,235 | 9,037 | 4,805 |
Current U.S. state taxes | (477) | (792) | (968) |
Deferred U.S. state taxes | 863 | 1,168 | 3,855 |
Current foreign taxes | (4,037) | (5,596) | (20,871) |
Deferred foreign taxes | 1,234 | 11,531 | 3,302 |
Income tax benefit (expense) | $ 2,442 | $ 9,820 | $ (13,600) |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Expense) Differs from the Amount which would Result by applying the Applicable Statutory Deferral Rate to Income (Loss) before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate | $ 731 | $ 13,391 | $ (24,058) |
State taxes | 116 | 1,914 | (3,033) |
Foreign rate differential | (413) | (4,117) | 3,149 |
Taxes on foreign operations | 4,210 | 557 | 8,595 |
Research and development credits | 1,151 | 1,830 | 2,586 |
Tax impact from entity dissolution | (2,808) | ||
Change in valuation allowance | 41 | 2,711 | 4,171 |
Change in tax rate on deferred tax assets | (1,507) | ||
Section 162(m) limitation | (1,529) | (1,259) | (665) |
Deferred tax assets adjustments | (1,242) | ||
Other | (623) | (2,399) | (2,838) |
Income tax benefit (expense) | $ 2,442 | $ 9,820 | $ (13,600) |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Accrued expenses and reserves | $ 14,270 | $ 16,842 |
Stock-based compensation | 4,821 | 3,800 |
NOL and capital losses | 4,821 | 8,755 |
Capitalized research expenditures | 23,063 | 13,788 |
Tax credits | 1,102 | 1,301 |
Uniform capitalization | 1,389 | 549 |
Foreign currency translation adjustments | 1,362 | 771 |
Other | 311 | 350 |
Total deferred tax assets | 51,139 | 46,156 |
Less: Valuation allowance | (1,285) | (1,327) |
Deferred tax liabilities: | ||
Intangible assets | (34,460) | (39,314) |
Depreciation & amortization | (5,040) | |
Net deferred tax assets | $ 10,354 | $ 5,515 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 1,285,000 | $ 1,327,000 | |
Foreign tax credit carryovers | 1,000,000 | ||
Deferred tax asset, NOL from China operations | $ 300,000 | ||
U.S. federal statutory rate | 21% | ||
Interest and penalties expense | $ 0 | $ 0 | $ 0 |
Earliest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2013 | ||
Latest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2022 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 1,100,000 | ||
Operating loss carryforwards expiration year | 2037 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 37,400,000 | ||
Operating loss carryforwards expiration year | 2030 | ||
Foreign | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 10,200,000 | ||
Operating loss carryforwards expiration year | 2028 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 3,606 | $ 3,757 | $ 1,216 |
Tax position related to current year, Increase | 317 | 312 | 690 |
Tax position related to prior year, Increase | 1 | 1,851 | |
Tax position related to prior year, Decrease | (386) | (463) | |
Ending balance | $ 3,538 | $ 3,606 | $ 3,757 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Comprehensive Income [Abstract] | ||
Accumulated foreign currency translation loss, net of tax | $ (2,910) | $ (6,445) |
Unrealized foreign exchange loss from long-term intercompany loans, net of tax | (1,240) | (1,112) |
Total accumulated other comprehensive loss | (4,150) | (7,557) |
Less: Accumulated other comprehensive loss attributable to noncontrolling interest | (663) | (676) |
Total accumulated other comprehensive loss attributable to Corsair Gaming, Inc. | $ (3,487) | $ (6,881) |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 1,459,875 | $ 1,375,098 | $ 1,904,060 |
Total gross profit | 360,263 | 296,632 | 513,854 |
Gamer and Creator Peripherals | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 394,881 | 437,817 | 647,202 |
Total gross profit | 132,982 | 125,079 | 224,920 |
Gaming Components and Systems | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 1,064,994 | 937,281 | 1,256,858 |
Total gross profit | $ 227,281 | $ 171,553 | $ 288,934 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Net Revenue By Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 1,459,875 | $ 1,375,098 | $ 1,904,060 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 751,069 | 724,114 | 841,653 |
Europe and Middle East | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 512,161 | 405,642 | 735,151 |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 196,645 | $ 245,342 | $ 327,256 |
Segment and Geographic Inform_5
Segment and Geographic Information - Additional Information (Details) - Geographic Concentration Risk - Consolidated Net Revenue - Country | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue from sales to customers | 45% | 45% | 38% |
Non-US Excluding United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue from sales to customers | 10% | 10% | 10% |
Number of single countries representing more than ten percent threshold | 0 | 0 | 0 |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Property and Equipment, Net by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 68,536 | $ 80,102 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 46,969 | 58,673 |
China | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 7,103 | 7,932 |
Other countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 14,464 | $ 13,497 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 12,887 | $ 13,519 | $ 13,048 |
Variable lease expense | 7,540 | 8,758 | 9,636 |
Total lease expense | $ 20,427 | $ 22,277 | $ 22,684 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 13,433 | $ 10,614 | $ 10,466 |
Right-of-use assets recognized in exchange for operating lease obligations | $ 1,604 | $ 5,819 | $ 36,689 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 7 years | 7 years 1 month 6 days |
Weighted-average discount rate | 4.40% | 4.10% |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 10,201 |
2025 | 8,697 |
2026 | 6,924 |
2027 | 6,333 |
2028 | 6,092 |
Thereafter | 18,213 |
Total future lease payments | 56,460 |
Less: Imputed interest | (8,152) |
Present value of operating lease liabilities | $ 48,308 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest ("RNCI") - Additional Information (Details) - IDisplay Technology | Jan. 01, 2022 | Dec. 31, 2023 |
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 51% | 14% |
Put and call option expiration date | Jan. 01, 2025 | |
First Anniversary | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 14% | |
Second Anniversary | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of equity interest acquired | 15% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest ("RNCI") - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Amounts Attributable to Noncontrolling Interest, Disclosures [Abstract] | ||
Balance at beginning of period | $ 21,367 | |
Initial carrying amount estimated at iDisplay's Closing Date | $ 17,522 | |
Share of net income | 918 | 261 |
Share of other comprehensive income (loss) | 9 | (400) |
Dividend paid | (580) | (2,552) |
Change in redemption value | (5,777) | 6,536 |
Balance at end of period | $ 15,937 | $ 21,367 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - Related Party - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Amount owed to expenses | $ 35 | $ 23 | |
Travel and out-of-pocket expenses incurred | $ 147 | $ 23 |