Document and Entity Information
Document and Entity Information - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | 47100 Bayside Pkwy | ||
Entity Address, City or Town | Fremont | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94538 | ||
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 | 95.2 | ||
Entity Public Float | $ 1,204,332,297 | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | CRSR | ||
Security Exchange Name | NASDAQ | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | San Francisco, California | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, or the Proxy Statement, to be filed within 120 days of the end of the fiscal year ended December 31, 2021, are incorporated by reference in Part III hereof. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part hereof. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net revenue | $ 1,904,060 | $ 1,702,367 | $ 1,097,174 |
Cost of revenue | 1,390,206 | 1,236,938 | 872,887 |
Gross profit | 513,854 | 465,429 | 224,287 |
Operating expenses: | |||
Sales, general and administrative | 315,672 | 257,004 | 163,033 |
Product development | 60,288 | 50,064 | 37,547 |
Total operating expenses | 375,960 | 307,068 | 200,580 |
Operating income | 137,894 | 158,361 | 23,707 |
Other (expense) income: | |||
Interest expense | (17,673) | (35,137) | (35,548) |
Other expense, net | (5,661) | (1,182) | (1,558) |
Total other expense, net | (23,334) | (36,319) | (37,106) |
Income (loss) before income taxes | 114,560 | 122,042 | (13,399) |
Income tax (expense) benefit | (13,600) | (18,825) | 5,005 |
Net income (loss) | $ 100,960 | $ 103,217 | $ (8,394) |
Net income (loss) per share | |||
Basic | $ 1.08 | $ 1.20 | $ 0.11 |
Diluted | $ 1.01 | $ 1.14 | $ 0.11 |
Weighted-average shares used to compute net income (loss) per share | |||
Basic | 93,260 | 86,256 | 76,223 |
Diluted | 100,004 | 90,577 | 76,223 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 100,960 | $ 103,217 | $ (8,394) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of zero tax | (1,482) | 2,477 | 490 |
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense) of $76, $(150), and $55 for the years ended December 31, 2021, 2020, and 2019, respectively | (385) | 1,221 | (278) |
Comprehensive income (loss) | $ 99,093 | $ 106,915 | $ (8,182) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, net of tax | $ 0 | $ 0 | $ 0 |
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense) | $ 76 | $ (150) | $ 55 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 62,415 | $ 129,543 |
Restricted cash | 2,734 | 3,795 |
Accounts receivable, net | 291,287 | 293,629 |
Inventories | 298,315 | 226,007 |
Prepaid expenses and other current assets | 51,024 | 37,997 |
Total current assets | 705,775 | 690,971 |
Restricted cash, noncurrent | 231 | 230 |
Property and equipment, net | 16,819 | 16,475 |
Goodwill | 317,054 | 312,760 |
Intangible assets, net | 225,709 | 259,317 |
Other assets | 71,808 | 34,362 |
TOTAL ASSETS | 1,337,396 | 1,314,115 |
Current liabilities: | ||
Debt maturing within one year | 4,753 | |
Accounts payable | 236,120 | 299,636 |
Other liabilities and accrued expenses | 205,874 | 205,745 |
Total current liabilities | 446,747 | 505,381 |
Long-term debt | 242,898 | 321,393 |
Deferred tax liabilities | 25,700 | 29,752 |
Other liabilities, noncurrent | 53,871 | 20,199 |
TOTAL LIABILITIES | 769,216 | 876,725 |
Commitments and Contingencies (Note 9) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of December 30, 2021 and 2020, respectively | ||
Common stock, $0.0001 par value: 300,000 shares authorized, 94,510 and 91,935 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 9 | 9 |
Additional paid-in capital | 470,364 | 438,667 |
Retained earnings (accumulated deficit) | 98,147 | (2,813) |
Accumulated other comprehensive income (loss) | (340) | 1,527 |
Total Stockholders’ Equity | 568,180 | 437,390 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,337,396 | $ 1,314,115 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 94,510,000 | 91,935,000 |
Common stock, shares outstanding | 94,510,000 | 91,935,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect of Adoption of New Accounting | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect of Adoption of New Accounting | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2018 | $ 162,702 | $ 8 | $ 258,238 | $ (93,161) | $ (2,383) | ||
Balance, shares at Dec. 31, 2018 | 75,896 | ||||||
Issuance of common stock in relation to acquisitions | 10,000 | 10,000 | |||||
Issuance of common stock in relation to acquisitions, shares | 1,322 | ||||||
Issuance of common stock in connection with employee equity incentive plans | 124 | 124 | |||||
Issuance of common stock in connection with employee equity incentive plans, shares | 34 | ||||||
Issuance of common stock | 53,500 | 53,500 | |||||
Issuance of common stock, shares | 7,046 | ||||||
Repurchase of common stock | (1,531) | (742) | (789) | ||||
Repurchase of common stock, shares | (219) | ||||||
Stock-based compensation | 3,848 | 3,848 | |||||
Other comprehensive income (loss) | 212 | 212 | |||||
Net income (loss) | (8,394) | (8,394) | |||||
Balance at Dec. 31, 2019 | 216,775 | $ (3,686) | $ 8 | 324,968 | (106,030) | $ (3,686) | (2,171) |
Balance, shares at Dec. 31, 2019 | 84,079 | ||||||
Issuance of common stock to directors, shares | 20 | ||||||
Issuance of common stock in connection with employee equity incentive plans | 1,337 | 1,337 | |||||
Issuance of common stock in connection with employee equity incentive plans, shares | 336 | ||||||
Issuance of common stock | 106,567 | $ 1 | 106,566 | ||||
Issuance of common stock, shares | 7,500 | ||||||
Stock-based compensation | 5,796 | 5,796 | |||||
Other comprehensive income (loss) | 3,698 | 3,698 | |||||
Net income (loss) | 103,217 | 103,217 | |||||
Balance at Dec. 31, 2020 | 437,390 | $ 9 | 438,667 | (2,813) | 1,527 | ||
Balance, shares at Dec. 31, 2020 | 91,935 | ||||||
Issuance of common stock in connection with employee equity incentive plans | 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) | |||||
Shares withheld related to net share settlement, shares | (15) | ||||||
Stock-based compensation | 17,242 | 17,242 | |||||
Other comprehensive income (loss) | (1,867) | (1,867) | |||||
Net income (loss) | 100,960 | 100,960 | |||||
Balance at Dec. 31, 2021 | $ 568,180 | $ 9 | $ 470,364 | $ 98,147 | $ (340) | ||
Balance, shares at Dec. 31, 2021 | 94,510 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 100,960 | $ 103,217 | $ (8,394) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Stock-based compensation | 17,235 | 5,796 | 3,848 |
Depreciation | 10,300 | 9,318 | 7,384 |
Amortization of intangible assets | 34,794 | 33,916 | 30,123 |
Debt issuance costs amortization | 1,458 | 2,550 | 2,989 |
Loss on debt extinguishment | 4,868 | 4,114 | |
Deferred income taxes | (11,962) | (7,476) | (11,535) |
Other | 3,291 | 2,594 | (347) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 444 | (91,492) | (48,033) |
Inventories | (71,316) | (80,086) | 15,711 |
Prepaid expenses and other assets | (13,177) | (7,953) | (1,619) |
Accounts payable | (63,722) | 116,522 | 16,203 |
Other liabilities and accrued expenses | 7,019 | 77,933 | 30,773 |
Net cash provided by operating activities | 20,192 | 168,953 | 37,103 |
Cash flows from investing activities: | |||
Acquisition of businesses, net of cash acquired | (4,846) | (1,291) | (126,104) |
Payment of deferred and contingent consideration | (4,721) | (10,300) | |
Purchase of property and equipment | (10,974) | (8,989) | (8,848) |
Purchase of intangible asset | (175) | ||
Net cash used in investing activities | (20,541) | (10,280) | (145,427) |
Cash flows from financing activities: | |||
Proceeds from issuance of debt, net | 248,513 | 113,885 | |
Repayment of debt | (328,188) | (190,394) | (3,969) |
Payment of debt issuance costs | (204) | (194) | (2,450) |
Borrowings from line of credit | 63,500 | ||
Repayment of line of credit | (63,500) | (27,000) | |
Proceeds from initial public offering, net of $8,925 underwriting discounts and commissions | 118,575 | ||
Payment of other offering costs | (8,455) | (245) | |
Proceeds from issuance of common stock to common stockholders | 53,500 | ||
Repurchase of common stock | (1,531) | ||
Proceeds from issuance of shares through employee equity incentive plans | 14,872 | 1,337 | 124 |
Payment of taxes related to net share settlement of equity awards | (397) | ||
Net cash provided by (used in) financing activities | (65,404) | (79,131) | 132,314 |
Effect of exchange rate changes on cash | (2,435) | 2,079 | 37 |
Net increase (decrease) in cash and restricted cash | (68,188) | 81,621 | 24,027 |
Cash and restricted cash at the beginning of the year | 133,568 | 51,947 | 27,920 |
Cash and restricted cash at the end of the year | 65,380 | 133,568 | 51,947 |
Supplemental cash flow disclosures: | |||
Cash paid for interest | 11,267 | 27,957 | 32,842 |
Cash paid for income taxes | 41,243 | 13,505 | 571 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Equipment purchased and unpaid at period end | 2,122 | 1,832 | 927 |
Issuance of common stock relating to business acquisitions | 10,000 | ||
Deferred purchase consideration related to business acquisitions | 202 | 145 | 7,641 |
Measurement period adjustments relating to business acquisitions | $ 50 | $ 1,531 | |
Deferred offering costs included in accounts payable and accrued expenses | $ 2,255 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating Cash Flows Direct Method [Abstract] | |
Payments of stock issuance costs underwriting discounts and commissions | $ 8,925 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Corsair Gaming, Inc., a Delaware corporation, together with its subsidiaries (collectively, “Corsair” the “Company”, “we”, “us”, or “our”) Corsair is organized into two reportable segments: • Gamer and creator peripherals . Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming gear, which includes capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, as well as coaching and training services, 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, among others. Initial Public Offering and Secondary Offering On September 25, 2020, we completed our initial public offering (the “IPO”) On January 26, 2021, we completed a secondary offering of our common stock where certain selling stockholders sold 8,625,000, shares of common stock at $35.00 per share. We did not receive any of the proceeds from the sale of shares by the selling stockholders. Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in other assets in the consolidated balance sheets. After the IPO, $12.0 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds in the consolidated balance sheet as of December 31, 2020. Basis of Presentation The accompanying consolidated financial statements include those of Corsair and its subsidiaries, after elimination of all intercompany balances and transactions. These 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 (the “SEC”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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, deferred income tax, and common stock (prior to the IPO completed in September 2020). 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 current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Risks and Uncertainties related to the COVID-19 Pandemic Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. Since early 2020, we have experienced some business disruptions due to COVID-19 including the stoppage in our factories in early 2020, disruption in our supply chain and increased distribution costs in 2021, which led to increases in operating costs such as the significantly elevated ocean freight costs we incurred in the second half of 2021, as compared to the same period of 2020. These negative financial impacts have been offset by revenue growth in 2020 and 2021, partly due to an increase in demand for our gear as more people are under shelter-in-place restrictions, which we believe have limited people’s access to alternative forms of entertainment and social interaction, and thus have increased the demand for home entertainment and connecting with others through content creation. In contrast, as the COVID-19 pandemic subsides, it has, and could continue to, result in shelter-in-place and other similar restrictions being eased. Such easing of restrictions likely has, and will continue to, result in consumers returning to other alternative forms of entertainment and interaction. This in turn has, and could continue to, result in a decline in demand for our products. The extent to which the COVID-19 outbreak ultimately impacts our business, sales, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, we may continue to experience significant impacts to our business as a result of its global economic impact, including any economic downturn or recession that has occurred or may occur in the future. As of the date of issuance of these consolidated financial statements, we are not aware of any specific event or circumstance that would require updates to our estimates and judgments or revisions due to COVID-19 to the carrying value of our assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. 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 online retailers, and to a lesser extent direct to consumers. We primarily sell hardware products, such as gamer and creator peripherals and gaming components and systems. These products are hardware devices, 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, 2021 and 2020, 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 Balances Contract assets represent amounts that have been recognized as revenue but for which we did not have the unconditional right to invoice the customers. There were no contract assets as of December 31, 2021 and 2020. Contract liabilities are obligations to transfer products or services to a customer for which we have received consideration, or the amount is due, from the customer. Our contract liabilities primarily consist of deferred revenue and unearned revenue. Deferred revenue consists primarily of amounts that have been shipped and invoiced but not recognized as revenue as of period end because the control of the inventory has not passed to the customer. Revenue will be recognized when the customer has obtained control of the inventory sold, which is generally within 3 months or less. The deferred revenue balances as of December 31, 2021 and 2020 were not material. Unearned revenue consists of payments received from customers in advance of product shipment for our webstore orders. These orders are generally shipped within two weeks 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 remaining 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 $19.8 million, $19.1 million, and $11.3 million for the years ended December 31, 2021, 2020, and 2019, 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 , which includes high-performance gaming keyboards, mice, headsets, controllers, and our gaming gear including capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, as well as coaching and training services, among others. • Gaming Components and Systems , which includes high performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs, 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 as of December 31, 2021 and 2020 was $3.0 million and $4.0 million, respectively. 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. 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. One customer accounted for more than 10% of our consolidated net revenue for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, and 2020, two customers each represented more than 10% of our accounts receivable, net. 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. We assess the valuation of inventory balances including an assessment to determine potential excess and/or obsolete inventory. 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. For the periods presented, we have not experienced significant write-downs. 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. 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 sheet 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 year ended December 31, 2021, 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. 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 is included in cost of revenues. Amortization expense related to developed technology is included in product development costs. Amortization expense related to customer relationships, trade name and non-compete agreements is included in sales, general and administrative costs. Our long-lived assets are primarily comprised of operating lease ROU assets and property and equipment. 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 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. Deferred Issuance Costs and Debt Discounts Costs incurred in obtaining long-term financing paid to parties other than creditors are considered a debt issuance cost. Amounts paid to creditors are recorded as a reduction in the proceeds received by the creditor and are considered a discount on the issuance of debt. Deferred issuance costs and debt discounts are amortized over the terms of the long-term financing agreements using the effective-interest method and recorded as a deduction of the carrying amount of the debt in the consolidated balance sheets. Deferred issuance costs of our revolving line of credit are recorded in prepaid expenses and other current assets and other assets, according to the timing of amortization. Nonmonetary Transactions The sales and purchases of inventory with our manufacturers are accounted for as nonmonetary transactions. Upon sale of raw materials to the manufacturer, for the inventories on-hand with the manufacturer where there is an anticipated reciprocal purchase by us, we will record this nonmonetary transaction as prepaid inventories and accrued liabilities. When we transact the reciprocal purchase of inventory from the manufacturer, we will record a payable to the manufacturer at the repurchase price, which replaces the initial nonmonetary transaction and inventory will be reflected at carrying value, which includes the costs for the raw materials and the incremental costs charged by the manufacturer for additional work performed on the inventory. In connection with such nonmonetary transactions with our manufacturers, as of December 31, 2021, we recognized $5.0 million prepaid inventory and $5.4 million accrued liabilities, and as of December 31, 2020, we recognized $5.9 million prepaid inventory and accrued liabilities. Because the transactions are nonmonetary, they have not been included in the consolidated statements of cash flows pursuant to ASC 230, Statement of Cash Flows. 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 $(6.3) million, $1.6 million and $1.4 million for the years ended December 31, 2021, 2020 and 2019, 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). 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 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 Pro |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 were not material. The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): December 31, 2021 (Level 1) (Level 2) (Level 3) Total Liabilities: Contingent cash consideration in connection with a business acquisition—SCUF (2) $ — $ — $ 1,250 $ 1,250 Foreign currency forward contracts (1) — 427 — 427 Other — — 224 224 Total liabilities $ — $ 427 $ 1,474 $ 1,901 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Liabilities: Contingent cash consideration in connection with a business acquisition—Origin (3) $ — $ — $ 2,887 $ 2,887 Contingent consideration in connection with a business acquisition—SCUF (2) — — 1,250 1,250 Deferred cash consideration in connection with a business acquisition—Origin (3) — — 1,505 1,505 Foreign currency forward contracts (1) — 819 — 819 Total liabilities $ — $ 819 $ 5,642 $ 6,461 (1) The fair values of the forward contracts and interest rate cap contract are based on similar exchange traded derivatives and the related asset or liability is, therefore, included within Level 2 of the fair value hierarchy. (2) The fair value of the contingent consideration from our SCUF acquisition in 2019 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 $1.3 million liability as of December 31, 2020 consisted of $0.1 million based on a contractual amount and the remaining $1.2 million is subject to update upon filing our tax returns for tax years 2020 and 2021. In September 2021, we filed the tax return for the 2020 tax year, and as a result, the $1.3 million liability as of December 31, 2021 was updated to consist of $0.3 million based on a contractual amount and the remaining $1.0 million is subject to update upon filing our tax return for tax year 2021. (3) T otal earn-out liability of $ 2.9 million and deferred cash consideration of $ 1.5 million from our Origin acquisition in 2019 were fully paid and settled in 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 4. Derivative Financial Instruments From time to time, we enter into derivative instruments such as foreign currency forward contracts, to minimize the short-term impact of foreign currency exchange rate fluctuations on certain foreign currency denominated assets and liabilities, and interest rate cap contracts, to minimize our exposure to interest rate movements on our variable rate debts. The derivative instruments are recorded at fair value in prepaid expenses and other current assets or other liabilities and accrued expenses on the 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 not enter into derivative instruments for trading purposes. The foreign currency forward contracts generally mature within three to four months. The notional principal amount of outstanding foreign exchange forward contracts was $48.6 million and $41.6 million as of December 31, 2021 and December 31, 2020, respectively. The net fair value gain (loss) recognized in other (expense) income, net in relation to these derivative instruments was $0.5 million, $(3.0) million, and $(0.2) million for the year ended December 31, 2021, 2020, and 2019, respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 5. Business Combinations We completed four acquisitions in the last two years, namely, Visual by Impulse and BoxFX Ltd in 2021, and EpocCam and Gamer Sensei in 2020, none of which were material, both individually and in the aggregate, to our consolidated financial statements. They were accounted for using the acquisition method of accounting. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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 The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Components and Systems Gamer and Creator Peripherals Total December 31, 2019 $ 145,375 $ 167,375 $ 312,750 Addition from business acquisitions — 690 690 Measurement period adjustments (47 ) (1,326 ) (1,373 ) Effect of foreign currency exchange rates 316 377 693 December 31, 2020 145,644 167,116 312,760 Addition from business acquisitions — 4,481 4,481 Measurement period adjustments — 50 50 Effect of foreign currency exchange rates (334 ) 97 (237 ) December 31, 2021 $ 145,310 $ 171,744 $ 317,054 Intangible assets, net The following table is a summary of intangible assets, net (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 32,086 $ 14,922 $ 17,164 $ 31,016 $ 8,892 $ 22,124 Trade name 30,665 4,942 25,723 30,632 2,873 27,759 Customer relationships 218,566 94,910 123,656 218,469 72,892 145,577 Patent 31,481 8,196 23,285 31,802 4,207 27,595 Non-competition agreements 2,521 2,193 328 2,521 1,689 832 Total finite-life intangibles 315,319 125,163 190,156 314,440 90,553 223,887 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 123 — 123 — — — Total intangible assets $ 350,872 $ 125,163 $ 225,709 $ 349,870 $ 90,553 $ 259,317 In the year after an identified intangible asset becomes fully amortized, we remove the fully amortized balances from the gross asset and accumulated amortization amounts from the table above. Amortization expense of intangible assets is recognized in our consolidated statements of operations as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 4,860 $ 3,898 $ 130 Sales, general and administrative 24,611 24,535 23,035 Product development 5,323 5,483 6,958 Total amortization of intangible assets $ 34,794 $ 33,916 $ 30,123 The estimated future amortization expense of intangible assets as of December 31, 2021 is as follows (in thousands): Amounts 2022 $ 34,419 2023 32,813 2024 31,362 2025 31,058 2026 27,684 Thereafter 32,820 Total $ 190,156 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Cash $ 62,415 $ 129,543 Restricted cash—short term 2,734 3,795 Restricted cash—noncurrent 231 230 Total cash and restricted cash $ 65,380 $ 133,568 Accounts receivable $ 291,816 $ 293,975 Allowance for credit losses (529 ) (346 ) Accounts receivable, net $ 291,287 $ 293,629 Raw materials $ 62,110 $ 52,165 Work in progress 4,931 9,654 Finished goods 231,274 164,188 Inventories $ 298,315 $ 226,007 Manufacturing equipment $ 26,094 $ 22,035 Computer equipment, software and office equipment 9,407 9,407 Leasehold improvements 5,154 4,521 Furniture and fixtures 4,709 3,675 Total property and equipment $ 45,364 $ 39,638 Less: Accumulated depreciation and amortization (28,545 ) (23,163 ) Property and equipment, net $ 16,819 $ 16,475 Right-of-use assets $ 51,387 $ 25,998 Deferred tax asset 12,737 4,792 Other 7,684 3,572 Other assets $ 71,808 $ 34,362 Accrued reserves for customer incentive programs $ 66,733 $ 49,619 Accrued reserves for sales returns 37,166 35,673 Accrued payroll and related expenses 20,526 26,877 Accrued freight expenses 18,296 7,523 Income tax payable 6,316 22,445 Other 56,837 63,608 Other liabilities and accrued expenses $ 205,874 $ 205,745 Operating lease liabilities, noncurrent $ 51,153 $ 17,571 Other 2,718 2,628 Other liabilities, noncurrent $ 53,871 $ 20,199 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Our debt consisted of the following (in thousands): December 31, 2021 2020 X Term Loan (variable rate) due September 2026 $ 248,750 $ — First Lien Term Loan (variable rate) extinguished in September 2021 — 326,938 Debt discount and issuance cost, net of amortization (1,099 ) (5,545 ) Total debt 247,651 321,393 Less: debt maturing within one year 4,753 — Long-term debt $ 242,898 $ 321,393 First Lien Credit and Guaranty Agreement (Extinguished in September 2021) In August 2017, we entered into a syndicated First Lien Credit and Guaranty Agreement ( “First Lien” “First Lien Term Loan” “Revolver” First Lien and the principal amount of the First Lien Term Loan was increased by $ 10 million in 2017 and increased by $ 115 million in each of 2018 and 2019, primarily to fund various business acquisitions and operation al needs. The First Lien Term Loan initially carried interest at a rate equal to, at our election, either the (a) greatest of (i) the prime rate, (ii) sum of the Federal Funds Effective Rate plus 0.5%, (iii) one month LIBOR plus 1.0% and (iv) 2%, plus a margin of 3.5%, or (b) the greater of (i) LIBOR and (ii) 1.0%, plus a margin of 4.5%. The Revolver initially bore interest at a rate equal to, at our election, either the (a) greatest of (i) the prime rate, (ii) sum of the Federal Funds Effective Rate plus 0.5%, (iii) one month LIBOR plus 1.0% and (iv) 2%, plus 3.5%, or (b) the greater of (i) LIBOR and (ii) 1.0%, plus a margin of 4.5%. As a result of the First Lien amendment in October 2018, the First Lien term loan and Revolver margin were both changed to range from 2.75% to 3.25% for base rate loans and to range from 3.75% to 4.25% for Eurodollar loans, based on our net leverage ratio. According to the repayment schedule, the Consolidated Excess Cash Flow (as defined in the First Lien) and the IPO repayment provisions as set forth in the First Lien, we made required repayments of the First Lien Term Loan of $59.6 million, in aggregate, in 2020 using the net proceeds from our IPO and excess cash on hand. Further, we may prepay the First Lien Term Loan and the Revolver at any time without premium or penalty other than customary LIBOR breakage. In 2020, we began to prepay the First Lien Term loan using our excess cash on hand, resulting in voluntary prepayments of $80.8 million in 2020 and $78.3 million in 2021 through September 2021. The remainder of First Lien Term Loan of $248.5 million was fully prepaid with the proceeds from the Term Loan (defined below) on September 3, 2021, and as a result, all obligations and covenants thereunder were terminated. In connection with the progressive prepayments of the First Lien Term Loan throughout 2020 and 2021, we have recorded losses on extinguishment of debt of $4.9 million and $2.5 million for the years ended December 31, 2021 and 2020, respectively. Second Lien Credit and Guaranty Agreement (Extinguished in September 2020) In August 2017, we also entered into a syndicated Second Lien Credit and Guaranty Agreement ( “Second Lien” “Second Lien Term Loan” In 2020, with excess cash on hand, we prepaid the entire outstanding balance of $50 million on the Second Lien Term Loan without paying any premium or penalty, and as a result, all obligations and covenants thereunder were terminated. In connection with the prepayments of the Second Lien Term Loan in 2020, we have recorded losses on extinguishment of debt of $1.6 million for the year ended December 31, 2020. The weighted average effective interest rate inclusive of the debt discount and debt issuance costs for the First Lien and Second Lien, in aggregate, was approximately 5.4% and 6.4% for years ended December 31, 2021 and 2020, respectively. Credit Agreement On September 3, 2021, we entered into a new Credit Agreement (“ Credit Agreement five-year Revolving Facility five-year Term Loan We may prepay the Term Loan and the Revolving Facility at any time without premium or penalty. The credit facilities under the Credit Agreement replaced our senior credit facilities under the First Lien Credit and Guaranty Agreement. The net proceeds from borrowings under the Credit Agreement of $248.5 million (net of $1.5 million of debt discount) were used to repay all amounts outstanding under the First Lien Term Loan on September 3, 2021. The Term Loan and Revolving Facility under the Credit Agreement will each bear interest at the Company’s election, 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 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. 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, including the maintenance of a maximum Consolidated Total Net Leverage Ratio of 3.0 to 1.0 and a minimum Consolidated Interest Coverage Ratio of 3.0 to 1.0 (as defined in our credit facilities) . 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 rate on the Term loan and Revolving Facility can be increased by 2.0 %. As of December 31, 2021, we were not in default under the Credit Agreement and our Consolidated Total Net Leverage Ratio and Consolidated Interest Coverage Ratio were 1.1 to 1.0 and 11.5 to 1.0 as of December 31, 2021, respectively. As of December 31, 2021, we had no outstanding balance under the Revolving Facility. As of December 31, 2021, the carrying value of our Term Loan was $247.7 million. The estimated fair value of our Term Loan as of December 31, 2021, which we have classified as a Level 2 financial instrument, was approximately $261.7 million. The effective interest rate inclusive of the debt discount and debt issuance costs for the Term Loan was approximately 1.4% for the year ended December 31, 2021. The following table summarizes the interest expense recognized for all periods presented (in thousands): Year Ended December 31, 2021 2020 2019 First and Second Lien Guaranty Agreement: Contractual interest expense for term loan $ 9,818 $ 27,387 $ 29,757 Contractual interest expense for revolving facility — 16 2,758 Amortization of debt discount and issuance cost 1,343 2,632 2,989 Loss on debt extinguishment 4,904 4,114 — Credit Agreement: Contractual interest expense for term loan 1,113 — — Contractual interest expense for revolving facility 53 — — Amortization of debt discount and issuance cost 115 — — Other 327 988 44 Total interest expense recognized $ 17,673 $ 35,137 $ 35,548 The estimated future principal payments under our total long-term debt as of December 31, 2021 are as follows (in thousands): Amounts 2022 $ 5,000 2023 6,875 2024 12,500 2025 12,500 2026 211,875 Total debt $ 248,750 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Beginning of the period $ 5,865 $ 3,991 Warranty provision related to products shipped 6,549 7,201 Deductions for warranty claims processed (6,758 ) (5,327 ) End of period $ 5,656 $ 5,865 Unconditional Purchase Obligations In the normal course of business, we enter into various purchase commitments for goods or services. Our long-term non-cancelable purchase commitments consist primarily of multi-year contractual arrangements relating to subscriptions for cloud computing hosting arrangements for our enterprise resource planning (“ERP” ) system and the related support services as well as marketing sponsorship. The total long-term non-cancelable purchase commitment s as of December 31, 2021 was as follows (in thousands) : Amounts x 2022 $ 2,614 2023 2,524 2024 1,699 2025 308 2026 — Total $ 7,145 Our total non-cancelable long-term purchase commitments outstanding as of December 31, 2020 was $6.8 million. Letters of Credit The letters of credit outstanding, in aggregate, was $0.5 million and $2.0 million as of December 31, 2021 and 2020, respectively. No amounts have been drawn upon the letters of credit for all periods presented. 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, 2021 | |
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, 2021 and 2020. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 ( the “2017 Plan” the “2020 Plan the “Board” Under the 2020 Plan, 5,125,000 shares of our common stock were initially reserved for issuance. 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. According to the provisions in the 2020 Plan, in March 2021, our Board approved an annual increase in the shares of common stock reserved for issuance by 3,677,385 shares. As of December 31, 2021, there were 7,626,827 shares reserved for future issuance 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, and expire ten years from date of grant. Employee Stock Purchase Plan In September 2020, we adopted the 2020 Employee Stock Purchase Plan ( the “ESPP period began on January 1, 2021. For the year ended December 31, 2021, 205,464 shares of common stock were sold to our employees under the ESPP. As of December 31, 2021, there were 1,738,882 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, 2021: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding as of December 31, 2020 10,211,737 $ 5.68 7.7 $ 311,869 Granted 695,122 40.16 Exercised (2,335,250 ) 4.37 Forfeited/cancelled (408,000 ) 6.64 Outstanding as of December 31, 2021 8,163,609 $ 8.94 6.9 $ 112,411 Vested and exercisable as of December 31, 2021 4,173,467 $ 5.33 6.4 $ 65,617 The weighted-average grant date fair value per share for stock options granted in years ended December 31, 2021, 2020 and 2019 was $16.77, $3.68 and $2.89, respectively. The total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $66.0 million, $1.5 million, and $0.1 million, respectively. RSU Activities The following table summarizes the RSU activities and related information for the year ended December 31, 2021: Number of Shares Weighted- Average Grant Date Fair Value Per Share Outstanding as of December 31, 2020 153,488 $ 29.35 Granted 572,785 34.78 Vested (50,327 ) 28.02 Forfeited/cancelled (34,086 ) 33.82 Outstanding as of December 31, 2021 641,860 $ 34.06 The weighted-average grant date fair value per share for RSUs granted in years ended December 31, 2021 and 2020 was $34.78 and $28.66, respectively. The total fair value of RSUs vested in the years ended December 31, 2021 and 2020 was $1.4 million and $0.1 million, respectively. Stock-based Compensation The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 1,006 $ 268 $ 197 Sales, general and administrative 13,772 4,883 3,084 Product development 2,457 645 567 Stock-based compensation expense, net of amounts capitalized (1) $ 17,235 $ 5,796 $ 3,848 Income tax benefits (expense) related to stock-based compensation expense $ 6,796 $ (476 ) $ — (1) Total stock-based compensation expense capitalized in inventory was 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, 2021 Unrecognized Expense Remaining weighted average period (In years) RSUs $ 17,542 3.1 Stock Options 16,591 2.2 ESPP — — Total unrecognized stock-based compensation expense $ 34,133 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: Year Ended December 31, 2021 2020 2019 Expected term (years) 6.01 6.37 6.48 Expected volatility 43.1% - 47.0% 35.8% - 44.0% 34.3% - 36.1% Dividend yield — — — Risk-free interest rate 0.05% - 1.34% 0.3% - 1.8% 1.4 - 2.6% 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: Year Ended December 31, 2021 Expected term (years) 0.50 Expected volatility 43.2% - 45.1% Dividend yield — Risk-free interest rate 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 —The expected term represents the period that stock options are expected to be outstanding. Since we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time our common stock has been publicly traded, the simplified method is used to estimate the expected term of our stock options. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the stock option. Expected Volatility —Since we do not have a trading history for our common stock, the expected volatility was derived from the historical stock volatilities of comparable peer public companies within our industry that are considered to be comparable to our business over a period equivalent to the expected term of the stock-based awards. 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. The expense is recognized over the requisite service period. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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): Year Ended December 31, 2021 2020 2019 Numerator Net income (loss) $ 100,960 $ 103,217 $ (8,394 ) Denominator Weighted-average shares used to compute net income (loss) per share, basic 93,260 86,256 76,223 Effect of dilutive securities 6,744 4,321 — Weighted-average shares used to compute net income (loss) per share, diluted 100,004 90,577 76,223 Net income (loss) per share: Basic $ 1.08 $ 1.20 $ (0.11 ) Diluted $ 1.01 $ 1.14 $ (0.11 ) Anti-dilutive potential common shares (1) 927 1,605 8,091 (1) Potential common share equivalents were not included in the calculation of diluted net income per share as the effect would have been anti-dilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Income (loss) before income tax consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ 26,889 $ (1,190 ) $ (18,407 ) Foreign 87,671 123,232 5,008 Income (loss) before income tax $ 114,560 $ 122,042 $ (13,399 ) Income tax (expense) benefit consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 United States federal taxes: Current $ (3,723 ) $ (363 ) $ (2,177 ) Deferred 4,805 4,801 5,948 State taxes: Current (968 ) (1,313 ) (529 ) Deferred 3,855 813 1,421 Foreign taxes: Current (20,871 ) (24,625 ) (3,824 ) Deferred 3,302 1,862 4,166 Income tax (expense) benefit $ (13,600 ) $ (18,825 ) $ 5,005 The income tax (expense) benefit differs from the amount which would result by applying the applicable statutory deferral rate to income before income taxes as follows (in thousands): Year Ended December 31, 2021 2020 2019 Provision at federal statutory rate $ (24,058 ) $ (25,629 ) $ 2,814 State taxes (3,033 ) (5,363 ) 911 Foreign rate differential 3,149 10,185 300 Taxes on foreign operations 8,595 (1,776 ) (1,520 ) Research and development credits 2,586 1,534 — Net operating loss — — 2,557 Change in valuation allowance 4,171 4,407 719 Change in tax rate on deferred tax assets (1,507 ) (743 ) (469 ) Other (3,503 ) (1,440 ) (307 ) Income tax (expense) benefit $ (13,600 ) $ (18,825 ) $ 5,005 The major drivers for the change in tax (expense) benefit in 2021 were the excess tax benefits from stock-based compensation and a decrease in valuation allowance in 2021 as a result of the release of our California valuation allowance due to increased U.S. profitability. The disclosure for foreign rate differential reflects the impact of the effective tax rate benefit from operations in jurisdictions where the applicable foreign tax rate is lower than the U.S. statutory rate. We were not subject to any tax holidays or tax holiday terminations subject to disclosure during these periods that impacted loss per share. Deferred tax assets and liabilities comprise the following: December 31, 2021 2020 Deferred tax assets: Accrued expenses and reserves $ 17,903 $ 14,387 Stock-based compensation 2,379 1,794 NOL and capital losses 7,608 10,708 Capitalized research expenditures 2,846 575 Tax credits 2,287 2,686 Other 790 692 Total deferred tax assets 33,813 30,842 Less valuation allowance (4,038 ) (8,209 ) Deferred tax liabilities: Intangible assets (42,738 ) (47,589 ) Net deferred tax liabilities $ (12,963 ) $ (24,956 ) We have established a valuation allowance of $4.0 million and $8.2 million as of December 31, 2021 and 2020, respectively, 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. Due to the anticipated future taxable income under the GILTI regime, we have released most of our valuation allowance except on $1.2 million of foreign tax credit carryovers for U.S. federal purposes and maintained a valuation allowance on our Luxemburg deferred tax assets. As of December 31, 2021, we had net operating loss carry forwards for federal, state and foreign tax purposes of $9.6 million, $26.4 million, and $13.6 million, respectively. The federal, state and foreign net operating losses will begin to expire starting in 2037, 2030, and 2034, 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. Change in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 1,216 $ 746 $ 477 Tax position related to current year Increase 690 262 24 Decrease — — — Tax position related to prior year Increase 1,851 477 245 Decrease — (269 ) — $ 3,757 $ 1,216 $ 746 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 not recognize significant expense for interest and penalties related to uncertain tax positions for the years ended December 31, 2021, 2020 and 2019. We file income tax returns with the U.S. federal government, various U.S. states and foreign jurisdictions including China, France, Germany, Hong Kong, Luxembourg, Netherlands, 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 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows (in thousands): December 31, 2021 2020 Accumulated foreign currency translation gain $ 622 $ 2,104 Unrealized foreign exchange loss from long-term intercompany loans, net of tax (962 ) (577 ) Total Accumulated Other Comprehensive Income (Loss) $ (340 ) $ 1,527 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
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): Year Ended December 31, 2021 2020 2019 Net revenue Gamer and Creator Peripherals $ 647,202 $ 539,366 $ 294,141 Gaming Components and Systems 1,256,858 1,163,001 803,033 Total net revenue $ 1,904,060 $ 1,702,367 $ 1,097,174 Gross Profit Gamer and Creator Peripherals $ 224,920 $ 189,742 $ 81,363 Gaming Components and Systems 288,934 275,687 142,924 Total gross profit $ 513,854 $ 465,429 $ 224,287 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): Year Ended December 31, 2021 2020 2019 Net revenue Americas $ 841,653 $ 775,423 $ 460,256 Europe and Middle East 735,151 624,214 406,435 Asia Pacific 327,256 302,730 230,483 Total net revenue $ 1,904,060 $ 1,702,367 $ 1,097,174 Revenues from sales to customers in the United States represented 38% , 38% and 35% for the years ended December 31, 2021, 2020 and 2019, respectively. No other single country represented 10% Long-lived assets consist primarily of property and equipment, net and right-of-use assets. The following table summarizes long-lived assets by regions that represent 10% of more of our total long-lived assets (in thousands): December 31, 2021 2020 United States $ 44,825 $ 20,854 China 8,465 7,567 Taiwan 7,387 7,742 Other 7,529 6,310 Total long-lived assets $ 68,206 $ 42,473 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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): Year Ended December 31, 2021 2020 Operating lease expense $ 13,048 $ 9,406 Variable lease expense 9,636 7,305 Total lease expense $ 22,684 $ 16,711 Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 10,466 $ 8,949 Right-of-use assets recognized in exchange for operating lease obligations 36,689 15,976 Supplemental balance sheet information related to operating leases was as follows (in thousands): Year Ended December 31, 2021 2020 Right-of-use assets (included in other assets) $ 51,387 $ 25,998 Lease incentive receivable (included in prepaid expenses and other current assets) 6,505 — Operating lease liabilities (included in other liabilities and accrued expenses) 9,457 9,070 Operating lease liabilities, noncurrent (included in other liabilities, noncurrent) 51,153 17,571 Weighted-average remaining lease term (in years) 7.6 3.9 Weighted-average discount rate 3.8 % 3.9 % The following table summarizes the maturity of operating lease liabilities as of December 31, 2021 (in thousands): Amounts 2022 $ 10,164 2023 11,266 2024 9,959 2025 6,078 2026 5,988 Thereafter 29,413 Total future lease payments 72,868 Less: Imputed interest (12,258 ) Present value of operating lease liabilities $ 60,610 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 17. Subsequent event On January 1, 2022, we acquired a 51% stake in iDisplay Technology (“iDisplay”), a leader in electronic development and design specializing in display technology. Pursuant to the Share Purchase Agreement, and in consideration for its 51% interest in iDisplay, the Company paid $25.3 million in cash and issued 690,333 shares of its Common Stock, having an aggregate value of $14.5 million, for total purchase consideration of $39.8 million. The purchase consideration is subject to adjustment for certain working capital adjustments and post-closing indemnities. Due to the proximity of the acquisition date to the filing of our annual report on Form 10-K for the year ended December 31, 2021, the initial accounting for the iDisplay business combination is incomplete, and therefore we are unable to disclose certain information required by ASC 805, Business Combinations, including the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed and goodwill. We are currently in the process of finalizing the accounting for this transaction and expect to complete our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the first quarter of 2022 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Initial Public Offering | Initial Public Offering and Secondary Offering On September 25, 2020, we completed our initial public offering (the “IPO”) On January 26, 2021, we completed a secondary offering of our common stock where certain selling stockholders sold 8,625,000, shares of common stock at $35.00 per share. We did not receive any of the proceeds from the sale of shares by the selling stockholders. Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in other assets in the consolidated balance sheets. After the IPO, $12.0 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds in the consolidated balance sheet as of December 31, 2020. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include those of Corsair and its subsidiaries, after elimination of all intercompany balances and transactions. These 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 (the “SEC”). |
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, deferred income tax, and common stock (prior to the IPO completed in September 2020). 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 current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
Risks and Uncertainties Related To COVID-19 Pandemic | Risks and Uncertainties related to the COVID-19 Pandemic Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. Since early 2020, we have experienced some business disruptions due to COVID-19 including the stoppage in our factories in early 2020, disruption in our supply chain and increased distribution costs in 2021, which led to increases in operating costs such as the significantly elevated ocean freight costs we incurred in the second half of 2021, as compared to the same period of 2020. These negative financial impacts have been offset by revenue growth in 2020 and 2021, partly due to an increase in demand for our gear as more people are under shelter-in-place restrictions, which we believe have limited people’s access to alternative forms of entertainment and social interaction, and thus have increased the demand for home entertainment and connecting with others through content creation. In contrast, as the COVID-19 pandemic subsides, it has, and could continue to, result in shelter-in-place and other similar restrictions being eased. Such easing of restrictions likely has, and will continue to, result in consumers returning to other alternative forms of entertainment and interaction. This in turn has, and could continue to, result in a decline in demand for our products. The extent to which the COVID-19 outbreak ultimately impacts our business, sales, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, we may continue to experience significant impacts to our business as a result of its global economic impact, including any economic downturn or recession that has occurred or may occur in the future. As of the date of issuance of these consolidated financial statements, we are not aware of any specific event or circumstance that would require updates to our estimates and judgments or revisions due to COVID-19 to the carrying value of our assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. |
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 online retailers, and to a lesser extent direct to consumers. We primarily sell hardware products, such as gamer and creator peripherals and gaming components and systems. These products are hardware devices, 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, 2021 and 2020, 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 Balances Contract assets represent amounts that have been recognized as revenue but for which we did not have the unconditional right to invoice the customers. There were no contract assets as of December 31, 2021 and 2020. Contract liabilities are obligations to transfer products or services to a customer for which we have received consideration, or the amount is due, from the customer. Our contract liabilities primarily consist of deferred revenue and unearned revenue. Deferred revenue consists primarily of amounts that have been shipped and invoiced but not recognized as revenue as of period end because the control of the inventory has not passed to the customer. Revenue will be recognized when the customer has obtained control of the inventory sold, which is generally within 3 months or less. The deferred revenue balances as of December 31, 2021 and 2020 were not material. Unearned revenue consists of payments received from customers in advance of product shipment for our webstore orders. These orders are generally shipped within two weeks 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 remaining 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 $19.8 million, $19.1 million, and $11.3 million for the years ended December 31, 2021, 2020, and 2019, 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 , which includes high-performance gaming keyboards, mice, headsets, controllers, and our gaming gear including capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, as well as coaching and training services, among others. • Gaming Components and Systems , which includes high performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs, 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 as of December 31, 2021 and 2020 was $3.0 million and $4.0 million, respectively. 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. |
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. One customer accounted for more than 10% of our consolidated net revenue for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, and 2020, two customers each represented more than 10% of our accounts receivable, net. |
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. We assess the valuation of inventory balances including an assessment to determine potential excess and/or obsolete inventory. 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. For the periods presented, we have not experienced significant write-downs. |
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. |
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 sheet 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 year ended December 31, 2021, 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. |
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 is included in cost of revenues. Amortization expense related to developed technology is included in product development costs. Amortization expense related to customer relationships, trade name and non-compete agreements is included in sales, general and administrative costs. Our long-lived assets are primarily comprised of operating lease ROU assets and property and equipment. 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 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. |
Deferred Issuance Costs and Debt Discounts | Deferred Issuance Costs and Debt Discounts Costs incurred in obtaining long-term financing paid to parties other than creditors are considered a debt issuance cost. Amounts paid to creditors are recorded as a reduction in the proceeds received by the creditor and are considered a discount on the issuance of debt. Deferred issuance costs and debt discounts are amortized over the terms of the long-term financing agreements using the effective-interest method and recorded as a deduction of the carrying amount of the debt in the consolidated balance sheets. Deferred issuance costs of our revolving line of credit are recorded in prepaid expenses and other current assets and other assets, according to the timing of amortization. |
Nonmonetary Transactions | Nonmonetary Transactions The sales and purchases of inventory with our manufacturers are accounted for as nonmonetary transactions. Upon sale of raw materials to the manufacturer, for the inventories on-hand with the manufacturer where there is an anticipated reciprocal purchase by us, we will record this nonmonetary transaction as prepaid inventories and accrued liabilities. When we transact the reciprocal purchase of inventory from the manufacturer, we will record a payable to the manufacturer at the repurchase price, which replaces the initial nonmonetary transaction and inventory will be reflected at carrying value, which includes the costs for the raw materials and the incremental costs charged by the manufacturer for additional work performed on the inventory. In connection with such nonmonetary transactions with our manufacturers, as of December 31, 2021, we recognized $5.0 million prepaid inventory and $5.4 million accrued liabilities, and as of December 31, 2020, we recognized $5.9 million prepaid inventory and accrued liabilities. Because the transactions are nonmonetary, they have not been included in the consolidated statements of cash flows pursuant to ASC 230, Statement of Cash Flows. |
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 $(6.3) million, $1.6 million and $1.4 million for the years ended December 31, 2021, 2020 and 2019, 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). |
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 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), to simplify various aspects related to the accounting for income taxes. We adopted this standard effective January 1, 2021. The adoption of this new standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements, Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The new guidance is effective, at our election, beginning March 12, 2020 through December 31, 2022. We plan to adopt ASU 2019-12 effective January 1, 2022, and we do not expect the adoption will have a material impact on our consolidated financial statements. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Liabilities that Measured at Fair Value | The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): December 31, 2021 (Level 1) (Level 2) (Level 3) Total Liabilities: Contingent cash consideration in connection with a business acquisition—SCUF (2) $ — $ — $ 1,250 $ 1,250 Foreign currency forward contracts (1) — 427 — 427 Other — — 224 224 Total liabilities $ — $ 427 $ 1,474 $ 1,901 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Liabilities: Contingent cash consideration in connection with a business acquisition—Origin (3) $ — $ — $ 2,887 $ 2,887 Contingent consideration in connection with a business acquisition—SCUF (2) — — 1,250 1,250 Deferred cash consideration in connection with a business acquisition—Origin (3) — — 1,505 1,505 Foreign currency forward contracts (1) — 819 — 819 Total liabilities $ — $ 819 $ 5,642 $ 6,461 (1) The fair values of the forward contracts and interest rate cap contract are based on similar exchange traded derivatives and the related asset or liability is, therefore, included within Level 2 of the fair value hierarchy. (2) The fair value of the contingent consideration from our SCUF acquisition in 2019 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 $1.3 million liability as of December 31, 2020 consisted of $0.1 million based on a contractual amount and the remaining $1.2 million is subject to update upon filing our tax returns for tax years 2020 and 2021. In September 2021, we filed the tax return for the 2020 tax year, and as a result, the $1.3 million liability as of December 31, 2021 was updated to consist of $0.3 million based on a contractual amount and the remaining $1.0 million is subject to update upon filing our tax return for tax year 2021. (3) T otal earn-out liability of $ 2.9 million and deferred cash consideration of $ 1.5 million from our Origin acquisition in 2019 were fully paid and settled in 2021. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Reportable Segment | The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands): Gaming Components and Systems Gamer and Creator Peripherals Total December 31, 2019 $ 145,375 $ 167,375 $ 312,750 Addition from business acquisitions — 690 690 Measurement period adjustments (47 ) (1,326 ) (1,373 ) Effect of foreign currency exchange rates 316 377 693 December 31, 2020 145,644 167,116 312,760 Addition from business acquisitions — 4,481 4,481 Measurement period adjustments — 50 50 Effect of foreign currency exchange rates (334 ) 97 (237 ) December 31, 2021 $ 145,310 $ 171,744 $ 317,054 |
Summary of Intangible Assets, Net | The following table is a summary of intangible assets, net (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 32,086 $ 14,922 $ 17,164 $ 31,016 $ 8,892 $ 22,124 Trade name 30,665 4,942 25,723 30,632 2,873 27,759 Customer relationships 218,566 94,910 123,656 218,469 72,892 145,577 Patent 31,481 8,196 23,285 31,802 4,207 27,595 Non-competition agreements 2,521 2,193 328 2,521 1,689 832 Total finite-life intangibles 315,319 125,163 190,156 314,440 90,553 223,887 Indefinite life trade name 35,430 — 35,430 35,430 — 35,430 Other 123 — 123 — — — Total intangible assets $ 350,872 $ 125,163 $ 225,709 $ 349,870 $ 90,553 $ 259,317 |
Summary of Recognized Amortization Expense of Intangible Assets | Amortization expense of intangible assets is recognized in our consolidated statements of operations as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 4,860 $ 3,898 $ 130 Sales, general and administrative 24,611 24,535 23,035 Product development 5,323 5,483 6,958 Total amortization of intangible assets $ 34,794 $ 33,916 $ 30,123 |
Schedule of Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense of intangible assets as of December 31, 2021 is as follows (in thousands): Amounts 2022 $ 34,419 2023 32,813 2024 31,362 2025 31,058 2026 27,684 Thereafter 32,820 Total $ 190,156 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Cash $ 62,415 $ 129,543 Restricted cash—short term 2,734 3,795 Restricted cash—noncurrent 231 230 Total cash and restricted cash $ 65,380 $ 133,568 Accounts receivable $ 291,816 $ 293,975 Allowance for credit losses (529 ) (346 ) Accounts receivable, net $ 291,287 $ 293,629 Raw materials $ 62,110 $ 52,165 Work in progress 4,931 9,654 Finished goods 231,274 164,188 Inventories $ 298,315 $ 226,007 Manufacturing equipment $ 26,094 $ 22,035 Computer equipment, software and office equipment 9,407 9,407 Leasehold improvements 5,154 4,521 Furniture and fixtures 4,709 3,675 Total property and equipment $ 45,364 $ 39,638 Less: Accumulated depreciation and amortization (28,545 ) (23,163 ) Property and equipment, net $ 16,819 $ 16,475 Right-of-use assets $ 51,387 $ 25,998 Deferred tax asset 12,737 4,792 Other 7,684 3,572 Other assets $ 71,808 $ 34,362 Accrued reserves for customer incentive programs $ 66,733 $ 49,619 Accrued reserves for sales returns 37,166 35,673 Accrued payroll and related expenses 20,526 26,877 Accrued freight expenses 18,296 7,523 Income tax payable 6,316 22,445 Other 56,837 63,608 Other liabilities and accrued expenses $ 205,874 $ 205,745 Operating lease liabilities, noncurrent $ 51,153 $ 17,571 Other 2,718 2,628 Other liabilities, noncurrent $ 53,871 $ 20,199 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Our debt consisted of the following (in thousands): December 31, 2021 2020 X Term Loan (variable rate) due September 2026 $ 248,750 $ — First Lien Term Loan (variable rate) extinguished in September 2021 — 326,938 Debt discount and issuance cost, net of amortization (1,099 ) (5,545 ) Total debt 247,651 321,393 Less: debt maturing within one year 4,753 — Long-term debt $ 242,898 $ 321,393 |
Summary of Interest Expense Recognized | The following table summarizes the interest expense recognized for all periods presented (in thousands): Year Ended December 31, 2021 2020 2019 First and Second Lien Guaranty Agreement: Contractual interest expense for term loan $ 9,818 $ 27,387 $ 29,757 Contractual interest expense for revolving facility — 16 2,758 Amortization of debt discount and issuance cost 1,343 2,632 2,989 Loss on debt extinguishment 4,904 4,114 — Credit Agreement: Contractual interest expense for term loan 1,113 — — Contractual interest expense for revolving facility 53 — — Amortization of debt discount and issuance cost 115 — — Other 327 988 44 Total interest expense recognized $ 17,673 $ 35,137 $ 35,548 |
Summary of Estimated Future Principal Payments under Total Long-term Debt | The estimated future principal payments under our total long-term debt as of December 31, 2021 are as follows (in thousands): Amounts 2022 $ 5,000 2023 6,875 2024 12,500 2025 12,500 2026 211,875 Total debt $ 248,750 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Warranty | Changes in our assurance-type warranty obligations were as follows (in thousands): December 31, 2021 2020 Beginning of the period $ 5,865 $ 3,991 Warranty provision related to products shipped 6,549 7,201 Deductions for warranty claims processed (6,758 ) (5,327 ) End of period $ 5,656 $ 5,865 |
Schedule of Total Long-Term Non-Cancelable Purchase Commitment | The total long-term non-cancelable purchase commitment s as of December 31, 2021 was as follows (in thousands) : Amounts x 2022 $ 2,614 2023 2,524 2024 1,699 2025 308 2026 — Total $ 7,145 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2021: Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding as of December 31, 2020 10,211,737 $ 5.68 7.7 $ 311,869 Granted 695,122 40.16 Exercised (2,335,250 ) 4.37 Forfeited/cancelled (408,000 ) 6.64 Outstanding as of December 31, 2021 8,163,609 $ 8.94 6.9 $ 112,411 Vested and exercisable as of December 31, 2021 4,173,467 $ 5.33 6.4 $ 65,617 |
Summary of RSUs Activities and Related Information | The following table summarizes the RSU activities and related information for the year ended December 31, 2021: Number of Shares Weighted- Average Grant Date Fair Value Per Share Outstanding as of December 31, 2020 153,488 $ 29.35 Granted 572,785 34.78 Vested (50,327 ) 28.02 Forfeited/cancelled (34,086 ) 33.82 Outstanding as of December 31, 2021 641,860 $ 34.06 |
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): Year Ended December 31, 2021 2020 2019 Cost of revenue $ 1,006 $ 268 $ 197 Sales, general and administrative 13,772 4,883 3,084 Product development 2,457 645 567 Stock-based compensation expense, net of amounts capitalized (1) $ 17,235 $ 5,796 $ 3,848 Income tax benefits (expense) related to stock-based compensation expense $ 6,796 $ (476 ) $ — (1) Total stock-based compensation expense capitalized in inventory was 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, 2021 Unrecognized Expense Remaining weighted average period (In years) RSUs $ 17,542 3.1 Stock Options 16,591 2.2 ESPP — — Total unrecognized stock-based compensation expense $ 34,133 |
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: Year Ended December 31, 2021 2020 2019 Expected term (years) 6.01 6.37 6.48 Expected volatility 43.1% - 47.0% 35.8% - 44.0% 34.3% - 36.1% Dividend yield — — — Risk-free interest rate 0.05% - 1.34% 0.3% - 1.8% 1.4 - 2.6% |
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: Year Ended December 31, 2021 Expected term (years) 0.50 Expected volatility 43.2% - 45.1% Dividend yield — Risk-free interest rate 0.05% - 0.09% |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): Year Ended December 31, 2021 2020 2019 Numerator Net income (loss) $ 100,960 $ 103,217 $ (8,394 ) Denominator Weighted-average shares used to compute net income (loss) per share, basic 93,260 86,256 76,223 Effect of dilutive securities 6,744 4,321 — Weighted-average shares used to compute net income (loss) per share, diluted 100,004 90,577 76,223 Net income (loss) per share: Basic $ 1.08 $ 1.20 $ (0.11 ) Diluted $ 1.01 $ 1.14 $ (0.11 ) Anti-dilutive potential common shares (1) 927 1,605 8,091 (1) Potential common share equivalents were not included in the calculation of diluted net income per share as the effect would have been anti-dilutive. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income tax consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Domestic $ 26,889 $ (1,190 ) $ (18,407 ) Foreign 87,671 123,232 5,008 Income (loss) before income tax $ 114,560 $ 122,042 $ (13,399 ) |
Schedule of Income Tax (Expense) Benefit | Income tax (expense) benefit consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 United States federal taxes: Current $ (3,723 ) $ (363 ) $ (2,177 ) Deferred 4,805 4,801 5,948 State taxes: Current (968 ) (1,313 ) (529 ) Deferred 3,855 813 1,421 Foreign taxes: Current (20,871 ) (24,625 ) (3,824 ) Deferred 3,302 1,862 4,166 Income tax (expense) benefit $ (13,600 ) $ (18,825 ) $ 5,005 |
Reconciliation of Tax Computed Applying Statutory Deferral Income Tax Rate | The income tax (expense) benefit differs from the amount which would result by applying the applicable statutory deferral rate to income before income taxes as follows (in thousands): Year Ended December 31, 2021 2020 2019 Provision at federal statutory rate $ (24,058 ) $ (25,629 ) $ 2,814 State taxes (3,033 ) (5,363 ) 911 Foreign rate differential 3,149 10,185 300 Taxes on foreign operations 8,595 (1,776 ) (1,520 ) Research and development credits 2,586 1,534 — Net operating loss — — 2,557 Change in valuation allowance 4,171 4,407 719 Change in tax rate on deferred tax assets (1,507 ) (743 ) (469 ) Other (3,503 ) (1,440 ) (307 ) Income tax (expense) benefit $ (13,600 ) $ (18,825 ) $ 5,005 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities comprise the following: December 31, 2021 2020 Deferred tax assets: Accrued expenses and reserves $ 17,903 $ 14,387 Stock-based compensation 2,379 1,794 NOL and capital losses 7,608 10,708 Capitalized research expenditures 2,846 575 Tax credits 2,287 2,686 Other 790 692 Total deferred tax assets 33,813 30,842 Less valuation allowance (4,038 ) (8,209 ) Deferred tax liabilities: Intangible assets (42,738 ) (47,589 ) Net deferred tax liabilities $ (12,963 ) $ (24,956 ) |
Schedule of Change in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions | Change in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Beginning balance $ 1,216 $ 746 $ 477 Tax position related to current year Increase 690 262 24 Decrease — — — Tax position related to prior year Increase 1,851 477 245 Decrease — (269 ) — $ 3,757 $ 1,216 $ 746 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) were as follows (in thousands): December 31, 2021 2020 Accumulated foreign currency translation gain $ 622 $ 2,104 Unrealized foreign exchange loss from long-term intercompany loans, net of tax (962 ) (577 ) Total Accumulated Other Comprehensive Income (Loss) $ (340 ) $ 1,527 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | The table below summarizes the financial information for each reportable segment (in thousands): Year Ended December 31, 2021 2020 2019 Net revenue Gamer and Creator Peripherals $ 647,202 $ 539,366 $ 294,141 Gaming Components and Systems 1,256,858 1,163,001 803,033 Total net revenue $ 1,904,060 $ 1,702,367 $ 1,097,174 Gross Profit Gamer and Creator Peripherals $ 224,920 $ 189,742 $ 81,363 Gaming Components and Systems 288,934 275,687 142,924 Total gross profit $ 513,854 $ 465,429 $ 224,287 |
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): Year Ended December 31, 2021 2020 2019 Net revenue Americas $ 841,653 $ 775,423 $ 460,256 Europe and Middle East 735,151 624,214 406,435 Asia Pacific 327,256 302,730 230,483 Total net revenue $ 1,904,060 $ 1,702,367 $ 1,097,174 |
Summary of Property And Equipment, Net by Country | The following table summarizes long-lived assets by regions that represent 10% of more of our total long-lived assets (in thousands): December 31, 2021 2020 United States $ 44,825 $ 20,854 China 8,465 7,567 Taiwan 7,387 7,742 Other 7,529 6,310 Total long-lived assets $ 68,206 $ 42,473 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Expenses | The components of lease expenses were as follows (in thousands): Year Ended December 31, 2021 2020 Operating lease expense $ 13,048 $ 9,406 Variable lease expense 9,636 7,305 Total lease expense $ 22,684 $ 16,711 |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows (in thousands): Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 10,466 $ 8,949 Right-of-use assets recognized in exchange for operating lease obligations 36,689 15,976 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases was as follows (in thousands): Year Ended December 31, 2021 2020 Right-of-use assets (included in other assets) $ 51,387 $ 25,998 Lease incentive receivable (included in prepaid expenses and other current assets) 6,505 — Operating lease liabilities (included in other liabilities and accrued expenses) 9,457 9,070 Operating lease liabilities, noncurrent (included in other liabilities, noncurrent) 51,153 17,571 Weighted-average remaining lease term (in years) 7.6 3.9 Weighted-average discount rate 3.8 % 3.9 % |
Summary of Maturity of Operating Lease Liabilities | The following table summarizes the maturity of operating lease liabilities as of December 31, 2021 (in thousands): Amounts 2022 $ 10,164 2023 11,266 2024 9,959 2025 6,078 2026 5,988 Thereafter 29,413 Total future lease payments 72,868 Less: Imputed interest (12,258 ) Present value of operating lease liabilities $ 60,610 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) | Jan. 26, 2021$ / sharesshares | Sep. 26, 2020shares | Sep. 25, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) |
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of reportable segments | Segment | 2 | ||||
Proceeds from issuance of initial public offering, net | $ | $ 118,575,000 | ||||
Deferred offering costs | $ | $ 12,000,000 | ||||
Initial Public Offering | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of shares sold | shares | 7,500,000 | ||||
Sale of stock, price per share | $ / shares | $ 17 | ||||
Proceeds from issuance of initial public offering, net | $ | $ 118,600,000 | ||||
Stockholders sale of common stock shares | shares | 6,500,000 | ||||
Stockholders sale of common stock shares price per share | $ / shares | $ 17 | ||||
Underwriters' Option | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Stockholders sale of common stock shares | shares | 1,135,375 | ||||
Secondary Offering | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of shares sold | shares | 8,625,000 | ||||
Sale of stock, price per share | $ / shares | $ 35 | ||||
Selling Stockholders | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Proceeds from issuance of initial public offering, net | $ | $ 0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)SegmentCustomer | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Contract assets | $ 0 | $ 0 | |
Advertising and promotion expenses | $ 19,800,000 | 19,100,000 | $ 11,300,000 |
Number of reportable segments | Segment | 2 | ||
Total restricted cash deposits | $ 3,000,000 | 4,000,000 | |
Short term lease term | 12 months | ||
Percentage of estimated fair value less than carrying amount | 50.00% | ||
Foreign currency remeasurement gains and (losses) | $ (5,661,000) | (1,182,000) | (1,558,000) |
ASU 2019-12 | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Other (Expense) Income, Net | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Foreign currency remeasurement gains and (losses) | $ (6,300,000) | 1,600,000 | $ 1,400,000 |
Inventory Exchanges | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Sales and purchases of inventories in prepaid inventories and accrued liabilities | $ 5,900,000 | ||
Sales and purchases of inventories in prepaid inventories | 5,000,000 | ||
Sales and purchases of inventories in accrued liabilities | $ 5,400,000 | ||
Leasehold Improvements | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Estimated useful lives of improvements | shorter of the remaining lease term or the estimated useful lives of the improvements | ||
Consolidated Net Revenue | Customer Concentration Risk | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Number of customers | Customer | 1 | 1 | 1 |
Accounts Receivable | Customer Concentration Risk | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Number of customers | Customer | 2 | 2 | |
Sales Channel Through Webstore | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unearned revenue consists of payments received from customer | $ 4,800,000 | $ 8,000,000 | |
Minimum | |||
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 | 50.00% | ||
Minimum | Consolidated Net Revenue | Customer Concentration Risk | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Concentration of credit risk | 10.00% | 10.00% | 10.00% |
Minimum | Accounts Receivable | Customer Concentration Risk | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Concentration of credit risk | 10.00% | 10.00% | |
Minimum | Sales Channel Through Webstore | Transferred at Point in Time | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue recognized period | 14 days | ||
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 | 90.00% | ||
Estimated useful lives | 7 years | ||
Business combination measurement period | 1 year | ||
Standard product warranty period | 10 years | ||
Maximum | Sales Channel Through Intermediary | Transferred at Point in Time | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue recognized period | 3 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details1) | Dec. 31, 2021 |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
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) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contingent Consideration Business Acquisition SCUF | ||
Liabilities: | ||
Liabilities | $ 1,300 | $ 1,300 |
Deferred Cash Consideration Business Acquisition Origin | ||
Liabilities: | ||
Liabilities | 1,500 | |
Fair Value Recurring Basis | ||
Liabilities: | ||
Liabilities | 1,901 | 6,461 |
Fair Value Recurring Basis | Other | ||
Liabilities: | ||
Liabilities | 224 | |
Fair Value Recurring Basis | Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | 427 | 819 |
Fair Value Recurring Basis | Contingent Cash Consideration Business Acquisition Origin | ||
Liabilities: | ||
Liabilities | 2,887 | |
Fair Value Recurring Basis | Contingent Consideration Business Acquisition SCUF | ||
Liabilities: | ||
Liabilities | 1,250 | 1,250 |
Fair Value Recurring Basis | Deferred Cash Consideration Business Acquisition Origin | ||
Liabilities: | ||
Liabilities | 1,505 | |
Fair Value Recurring Basis | (Level 2) | ||
Liabilities: | ||
Liabilities | 427 | 819 |
Fair Value Recurring Basis | (Level 2) | Foreign Currency Forward Contracts | ||
Liabilities: | ||
Liabilities | 427 | 819 |
Fair Value Recurring Basis | (Level 3) | ||
Liabilities: | ||
Liabilities | 1,474 | 5,642 |
Fair Value Recurring Basis | (Level 3) | Other | ||
Liabilities: | ||
Liabilities | 224 | |
Fair Value Recurring Basis | (Level 3) | Contingent Cash Consideration Business Acquisition Origin | ||
Liabilities: | ||
Liabilities | 2,887 | |
Fair Value Recurring Basis | (Level 3) | Contingent Consideration Business Acquisition SCUF | ||
Liabilities: | ||
Liabilities | $ 1,250 | 1,250 |
Fair Value Recurring Basis | (Level 3) | Deferred Cash Consideration Business Acquisition Origin | ||
Liabilities: | ||
Liabilities | $ 1,505 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Earn out liability | $ 4,721 | $ 10,300 | |
Contingent Consideration Business Acquisition SCUF | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities | 1,300 | $ 1,300 | |
Contingent Consideration Business Acquisition SCUF | Contractual Amount | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities | 300 | 100 | |
Contingent Consideration Business Acquisition SCUF | Tax Return Filing Adjustment | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities | 1,000 | $ 1,200 | |
Contingent Consideration Business Acquisitions Origin | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Earn out liability | 2,900 | ||
Deferred Cash Consideration Business Acquisition Origin | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities | $ 1,500 |
Derivative Financial Instrume_2
Derivative Financial Instruments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Derivative | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments for trading purposes | Derivative | 0 | ||
Foreign Currency Forward Contracts | Non Designated | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional principal amount | $ 48.6 | $ 41.6 | |
Foreign Currency Forward Contracts | Non Designated | Other (Expense) Income | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net fair value gain (loss) recognized in other (expense) income | $ 0.5 | $ (3) | $ (0.2) |
Minimum | Foreign Currency Forward Contracts | Non Designated | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 3 months | ||
Maximum | Foreign Currency Forward Contracts | Non Designated | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative maturity term | 4 months |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021Acquisition | |
Business Combinations [Abstract] | |
Number of acquisitions | 4 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021Segment | |
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, 2021 | Dec. 31, 2020 | |
Balance | $ 312,760 | $ 312,750 |
Addition from business acquisitions | 4,481 | 690 |
Measurement period adjustments | 50 | (1,373) |
Effect of foreign currency exchange rates | (237) | 693 |
Balance | 317,054 | 312,760 |
Gaming Components and Systems | ||
Balance | 145,644 | 145,375 |
Measurement period adjustments | (47) | |
Effect of foreign currency exchange rates | (334) | 316 |
Balance | 145,310 | 145,644 |
Gaming and Creator Peripherals | ||
Balance | 167,116 | 167,375 |
Addition from business acquisitions | 4,481 | 690 |
Measurement period adjustments | 50 | (1,326) |
Effect of foreign currency exchange rates | 97 | 377 |
Balance | $ 171,744 | $ 167,116 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total finite-life intangibles, Gross Carrying Amount | $ 315,319 | $ 314,440 |
Total finite-life intangibles, Accumulated Amortization | 125,163 | 90,553 |
Total finite-life intangibles, Net Carrying Amount | 190,156 | 223,887 |
Total intangible assets, Gross Carrying Amount | 350,872 | 349,870 |
Total intangible assets, Net Carrying Amount | 225,709 | 259,317 |
Trade Name | ||
Indefinite-life intangibles, Gross and Net Carrying Amount | 35,430 | 35,430 |
Other | ||
Indefinite-life intangibles, Gross and Net Carrying Amount | 123 | |
Developed Technology Rights | ||
Total finite-life intangibles, Gross Carrying Amount | 32,086 | 31,016 |
Total finite-life intangibles, Accumulated Amortization | 14,922 | 8,892 |
Total finite-life intangibles, Net Carrying Amount | 17,164 | 22,124 |
Trade Name | ||
Total finite-life intangibles, Gross Carrying Amount | 30,665 | 30,632 |
Total finite-life intangibles, Accumulated Amortization | 4,942 | 2,873 |
Total finite-life intangibles, Net Carrying Amount | 25,723 | 27,759 |
Customer Relationships | ||
Total finite-life intangibles, Gross Carrying Amount | 218,566 | 218,469 |
Total finite-life intangibles, Accumulated Amortization | 94,910 | 72,892 |
Total finite-life intangibles, Net Carrying Amount | 123,656 | 145,577 |
Patents | ||
Total finite-life intangibles, Gross Carrying Amount | 31,481 | 31,802 |
Total finite-life intangibles, Accumulated Amortization | 8,196 | 4,207 |
Total finite-life intangibles, Net Carrying Amount | 23,285 | 27,595 |
Noncompete Agreements | ||
Total finite-life intangibles, Gross Carrying Amount | 2,521 | 2,521 |
Total finite-life intangibles, Accumulated Amortization | 2,193 | 1,689 |
Total finite-life intangibles, Net Carrying Amount | $ 328 | $ 832 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of intangible assets | $ 34,794 | $ 33,916 | $ 30,123 |
Cost of Revenue | |||
Amortization of intangible assets | 4,860 | 3,898 | 130 |
Sales, General and Administrative | |||
Amortization of intangible assets | 24,611 | 24,535 | 23,035 |
Product Development | |||
Amortization of intangible assets | $ 5,323 | $ 5,483 | $ 6,958 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 | $ 34,419 | |
2023 | 32,813 | |
2024 | 31,362 | |
2025 | 31,058 | |
2026 | 27,684 | |
Thereafter | 32,820 | |
Total finite-life intangibles, Net Carrying Amount | $ 190,156 | $ 223,887 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Components of Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Line Items] | ||||
Cash | $ 62,415 | $ 129,543 | ||
Restricted cash—short term | 2,734 | 3,795 | ||
Restricted cash—noncurrent | 231 | 230 | ||
Total cash and restricted cash | 65,380 | 133,568 | $ 51,947 | $ 27,920 |
Accounts receivable | 291,816 | 293,975 | ||
Allowance for credit losses | (529) | (346) | ||
Accounts receivable, net | 291,287 | 293,629 | ||
Raw materials | 62,110 | 52,165 | ||
Work in progress | 4,931 | 9,654 | ||
Finished goods | 231,274 | 164,188 | ||
Inventories | 298,315 | 226,007 | ||
Total property and equipment | 45,364 | 39,638 | ||
Less: Accumulated depreciation and amortization | (28,545) | (23,163) | ||
Property and equipment, net | 16,819 | 16,475 | ||
Right-of-use assets | 51,387 | 25,998 | ||
Deferred tax asset | 12,737 | 4,792 | ||
Other | 7,684 | 3,572 | ||
Other assets | 71,808 | 34,362 | ||
Accrued reserves for customer incentive programs | 66,733 | 49,619 | ||
Accrued reserves for sales returns | 37,166 | 35,673 | ||
Accrued payroll and related expenses | 20,526 | 26,877 | ||
Accrued freight expenses | 18,296 | 7,523 | ||
Income tax payable | 6,316 | 22,445 | ||
Other | 56,837 | 63,608 | ||
Other liabilities and accrued expenses | 205,874 | 205,745 | ||
Operating lease liabilities, noncurrent | 51,153 | 17,571 | ||
Other | 2,718 | 2,628 | ||
Other liabilities, noncurrent | 53,871 | 20,199 | ||
Manufacturing Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 26,094 | 22,035 | ||
Computer Equipment, Software and Office Equipment | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 9,407 | 9,407 | ||
Furniture and Fixtures | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | 4,709 | 3,675 | ||
Leasehold Improvements | ||||
Balance Sheet Related Disclosures [Line Items] | ||||
Total property and equipment | $ 5,154 | $ 4,521 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 248,750 | |
Debt discount and issuance cost, net of amortization | (1,099) | $ (5,545) |
Total debt | 247,651 | 321,393 |
Less: debt maturing within one year | 4,753 | |
Long-term debt | 242,898 | 321,393 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 248,750 | |
Total debt | $ 247,700 | |
First Lien Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | $ 326,938 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Term Loan | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2026-09 |
First Lien Term Loan | |
Debt Instrument [Line Items] | |
Debt instrument, extinguishment date | 2021-09 |
Debt - Additional Information (
Debt - Additional Information (Details) | Sep. 03, 2021USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2018 | Mar. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Repayment of debt | $ 328,188,000 | $ 190,394,000 | $ 3,969,000 | |||||||
Losses on extinguishment of debt | (4,868,000) | (4,114,000) | ||||||||
Borrowings from line of credit | 63,500,000 | |||||||||
Carrying value of term loan | 247,651,000 | 321,393,000 | ||||||||
First Lien Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 235,000,000 | |||||||||
Debt instrument, maturity date | Aug. 28, 2024 | |||||||||
Increase in Principal amount | $ 115,000,000 | $ 115,000,000 | $ 10,000,000 | |||||||
Losses on extinguishment of debt | 4,900,000 | 2,500,000 | ||||||||
First Lien Term Loan | Initial Public Offering | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of debt | $ 248,500,000 | 59,600,000 | ||||||||
Voluntary Prepayment of debt | 78,300,000 | 80,800,000 | ||||||||
First Lien Term Loan | Federal Funds Effective Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 0.50% | |||||||||
First Lien Term Loan | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.00% | |||||||||
Debt instrument, maturity period of variable rate basis | 1 month | |||||||||
First Lien Term Loan | 2%, Plus Margin Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.50% | |||||||||
Debt instrument, interest rate | 2.00% | |||||||||
First Lien Term Loan | 1%, Plus Margin Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.50% | |||||||||
Debt instrument, interest rate | 1.00% | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 50,000,000 | |||||||||
Debt instrument, maturity date | Aug. 28, 2022 | |||||||||
Revolving Credit Facility | Federal Funds Effective Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 0.50% | |||||||||
Revolving Credit Facility | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.00% | |||||||||
Debt instrument, maturity period of variable rate basis | 1 month | |||||||||
Revolving Credit Facility | 2%, Plus Margin Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.50% | |||||||||
Debt instrument, interest rate | 2.00% | |||||||||
Revolving Credit Facility | 1%, Plus Margin Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.50% | |||||||||
Debt instrument, interest rate | 1.00% | |||||||||
Revolving Credit Facility | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 2.75% | |||||||||
Revolving Credit Facility | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.25% | |||||||||
Revolving Credit Facility | Eurodollar | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.75% | |||||||||
Revolving Credit Facility | Eurodollar | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.25% | |||||||||
First Lien Term Loan Amendment | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 2.75% | |||||||||
First Lien Term Loan Amendment | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.25% | |||||||||
First Lien Term Loan Amendment | Eurodollar | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 3.75% | |||||||||
First Lien Term Loan Amendment | Eurodollar | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.25% | |||||||||
Second Lien Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 65,000,000 | |||||||||
Debt instrument, maturity date | Aug. 28, 2025 | |||||||||
Losses on extinguishment of debt | 1,600 | |||||||||
Repayments of term loan | 50,000 | |||||||||
Second Lien Term Loan | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 7.25% | |||||||||
Second Lien Term Loan | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 8.25% | |||||||||
Second Lien Term Loan Amendment | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 50,000,000 | |||||||||
Second Lien Term Loan Amendment | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate increase | 0.25% | |||||||||
Second Lien Term Loan Amendment | Eurodollar | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate increase | 0.25% | |||||||||
First Lien and Second Lien Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Losses on extinguishment of debt | $ (4,904,000) | $ (4,114,000) | ||||||||
Weighted average effective interest rate percentage | 5.40% | 6.40% | ||||||||
Revolving Credit Facility Under Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 100,000,000 | |||||||||
Credit facility, expiration period | 5 years | |||||||||
Credit facility, expiration month and year | 2026-09 | |||||||||
Outstanding borrowing balance | $ 0 | |||||||||
Revolving Credit Facility Under Credit Agreement | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.00% | |||||||||
Debt instrument, maturity period of variable rate basis | 1 month | |||||||||
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 | 1.00% | |||||||||
Revolving Credit Facility Under Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.25% | |||||||||
Revolving Credit Facility Under Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 2.00% | |||||||||
Revolving Credit Facility Under Credit Agreement | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 0.50% | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 250,000,000 | |||||||||
Credit facility, expiration period | 5 years | |||||||||
Credit facility, expiration month and year | 2026-09 | |||||||||
Carrying value of term loan | $ 247,700,000 | |||||||||
Effective interest rate | 1.40% | |||||||||
Term Loan | (Level 2) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Estimated fair value of term loan | $ 261,700,000 | |||||||||
Term Loan | One Month LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.00% | |||||||||
Debt instrument, maturity period of variable rate basis | 1 month | |||||||||
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 | 1.00% | |||||||||
Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 1.25% | |||||||||
Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 2.00% | |||||||||
Term Loan | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 0.50% | |||||||||
Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, incremental maximum aggregate principal amount | $ 250,000,000 | |||||||||
Borrowings from line of credit | 248,500,000 | |||||||||
Debt discount | $ 1,500,000 | |||||||||
Increase in interest rate upon certain events of default | 2.00% | |||||||||
Consolidated total net leverage ratio | 1.1 | |||||||||
Consolidated interest coverage ratio | 11.5 | |||||||||
Credit Agreement | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated interest coverage ratio | 3 | |||||||||
Credit Agreement | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated total net leverage ratio | 3 |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Loss on debt extinguishment | $ 4,868 | $ 4,114 | |
Other | 327 | 988 | $ 44 |
Total interest expense recognized | 17,673 | 35,137 | 35,548 |
First Lien and Second Lien Term Loan | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 9,818 | 27,387 | 29,757 |
Amortization of debt discount and issuance cost | 1,343 | 2,632 | 2,989 |
Loss on debt extinguishment | 4,904 | 4,114 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | $ 16 | $ 2,758 | |
Credit Agreement, Term Loan | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 1,113 | ||
Revolving Credit Facility Under Credit Agreement | |||
Debt Instrument [Line Items] | |||
Contractual interest expense for term loan | 53 | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Amortization of debt discount and issuance cost | $ 115 |
Debt - Summary of Estimated Fut
Debt - Summary of Estimated Future Principal Payments under Total Long-term Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 5,000 |
2023 | 6,875 |
2024 | 12,500 |
2025 | 12,500 |
2026 | 211,875 |
Total debt | $ 248,750 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Changes in Warranty Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Beginning of the period | $ 5,865 | $ 3,991 |
Warranty provision related to products shipped | 6,549 | 7,201 |
Deductions for warranty claims processed | (6,758) | (5,327) |
End of period | $ 5,656 | $ 5,865 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Total Long-Term Non-Cancelable Purchase Commitment (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ 2,614 |
2023 | 2,524 |
2024 | 1,699 |
2025 | 308 |
Total | $ 7,145 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Claim | Dec. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Non-cancelable long-term purchase commitments | $ 6,800,000 | |
Letters of credit outstanding, amount | $ 500,000 | 2,000,000 |
Line of credit facility, current borrowing capacity | $ 0 | $ 0 |
Loss contingency, claims settled, number | Claim | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 25, 2020 |
Equity [Abstract] | |||
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 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, exercise price | $ 40.16 | ||||
Weighted-average grant date fair value per share for stock options granted | $ 16.77 | $ 3.68 | $ 2.89 | ||
Intrinsic value of options exercised | $ 66 | $ 1.5 | $ 0.1 | ||
Expected Dividend Rate | 0.00% | ||||
Employee Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected Dividend Rate | 0.00% | ||||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average grant date fair value of RSUs granted | $ 34.78 | $ 28.66 | |||
Fair value of RSUs vested | $ 1.4 | $ 0.1 | |||
2020 Plan | Equity Incentive Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 7,626,827 | 5,125,000 | 3,677,385 | ||
2017 Plan and the 2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, 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 | ||||
2017 Plan and the 2020 Plan | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, exercise price | $ 0 | ||||
2020 Employee Stock Purchase Plan | Employee Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 1,738,882 | 919,346 | 1,025,000 | ||
Common stock were sold to our employees | 205,464 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding Stock Options, Beginning balance | 10,211,737 | |
Stock Options, Granted | 695,122 | |
Stock Options, Exercised | (2,335,250) | |
Stock Options, Forfeited/cancelled | (408,000) | |
Outstanding Stock Options, Ending balance | 8,163,609 | 10,211,737 |
Stock Options, Vested and exercisable | 4,173,467 | |
Weighted-Average Exercise Price Per Share, Beginning balance | $ 5.68 | |
Weighted-Average Exercise Price Per Share, Granted | 40.16 | |
Weighted-Average Exercise Price Per Share, Exercised | 4.37 | |
Weighted-Average Exercise Price Per Share, Forfeited/cancelled | 6.64 | |
Weighted-Average Exercise Price Per Share, Ending balance | 8.94 | $ 5.68 |
Weighted-Average Exercise Price Per Share, Vested and exercisable as of December 31, 2020 | $ 5.33 | |
Weighted-Average Remaining Contractual Term | 6 years 10 months 24 days | 7 years 8 months 12 days |
Weighted -Average Remaining Contractual Term Vested and exercisable | 6 years 4 months 24 days | |
Aggregate Intrinsic Value, Balance | $ 112,411 | $ 311,869 |
Aggregate Intrinsic Value, Vested and exercisable | $ 65,617 |
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, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested RSUs, Beginning balance | 153,488 | |
Unvested RSUs, Granted | 572,785 | |
Unvested RSUs, Vested | (50,327) | |
Unvested RSUs, Forfeited/cancelled | (34,086) | |
Unvested RSUs, Ending balance | 641,860 | 153,488 |
Weighted-Average Grant Date Fair Value Per Share, Beginning balance | $ 29.35 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 34.78 | $ 28.66 |
Weighted-Average Grant Date Fair Value Per Share, Vested | 28.02 | |
Weighted-Average Grant Date Fair Value Per Share, Forfeited/cancelled | 33.82 | |
Weighted-Average Grant Date Fair Value Per Share, Ending balance | $ 34.06 | $ 29.35 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | $ 17,235 | $ 5,796 | $ 3,848 |
Income tax benefits (expense) related to stock-based compensation expense | 6,796 | (476) | |
Cost of Revenue | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | 1,006 | 268 | 197 |
Sales, General and Administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | 13,772 | 4,883 | 3,084 |
Product Development | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense, net of amounts capitalized | $ 2,457 | $ 645 | $ 567 |
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized stock-based compensation expense | $ 34,133 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs\ESPP | $ 17,542 |
Remaining weighted average period (In years) | 3 years 1 month 6 days |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options | $ 16,591 |
Remaining weighted average period (In years) | 2 years 2 months 12 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
2020 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 days | 6 years 4 months 13 days | 6 years 5 months 23 days |
Expected volatility, minimum | 43.10% | 35.80% | 34.30% |
Expected volatility, maximum | 47.00% | 44.00% | 36.10% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 0.05% | 0.30% | 1.40% |
Risk-free interest rate, maximum | 1.34% | 1.80% | 2.60% |
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, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Dividend yield | 0.00% |
ESPP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (years) | 6 months |
Expected volatility, minimum | 43.20% |
Expected volatility, maximum | 45.10% |
Dividend yield | 0.00% |
Risk-free interest rate, minimum | 0.05% |
Risk-free interest rate, maximum | 0.09% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||
Net income (loss) | $ 100,960 | $ 103,217 | $ (8,394) |
Denominator | |||
Basic | 93,260 | 86,256 | 76,223 |
Effect of dilutive securities | 6,744 | 4,321 | |
Weighted-average shares used to compute net income (loss) per share, diluted | 100,004 | 90,577 | 76,223 |
Net income (loss) per share: | |||
Basic | $ 1.08 | $ 1.20 | $ 0.11 |
Diluted | $ 1.01 | $ 1.14 | $ 0.11 |
Anti-dilutive potential common shares | 927 | 1,605 | 8,091 |
Income Taxes - Component of Inc
Income Taxes - Component of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 26,889 | $ (1,190) | $ (18,407) |
Foreign | 87,671 | 123,232 | 5,008 |
Income (loss) before income taxes | $ 114,560 | $ 122,042 | $ (13,399) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current federal taxes | $ (3,723) | $ (363) | $ (2,177) |
Deferred federal taxes | 4,805 | 4,801 | 5,948 |
Current state taxes | (968) | (1,313) | (529) |
Deferred state taxes | 3,855 | 813 | 1,421 |
Current foreign taxes | (20,871) | (24,625) | (3,824) |
Deferred foreign taxes | 3,302 | 1,862 | 4,166 |
Income tax (expense) benefit | $ (13,600) | $ (18,825) | $ 5,005 |
Income Taxes - Income Tax (Expe
Income Taxes - Income Tax (Expense) Benefit Differs from the Amount which would Result by applying the Applicable Statutory Deferral Rate to Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate | $ (24,058) | $ (25,629) | $ 2,814 |
State taxes | (3,033) | (5,363) | 911 |
Foreign rate differential | 3,149 | 10,185 | 300 |
Taxes on foreign operations | 8,595 | (1,776) | (1,520) |
Research and development credits | 2,586 | 1,534 | |
Net operating loss | 2,557 | ||
Change in valuation allowance | 4,171 | 4,407 | 719 |
Change in tax rate on deferred tax assets | (1,507) | (743) | (469) |
Other | (3,503) | (1,440) | (307) |
Income tax (expense) benefit | $ (13,600) | $ (18,825) | $ 5,005 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Accrued expenses and reserves | $ 17,903 | $ 14,387 |
Stock-based compensation | 2,379 | 1,794 |
NOL and capital losses | 7,608 | 10,708 |
Capitalized research expenditures | 2,846 | 575 |
Tax credits | 2,287 | 2,686 |
Other | 790 | 692 |
Total deferred tax assets | 33,813 | 30,842 |
Less valuation allowance | (4,038) | (8,209) |
Deferred tax liabilities: | ||
Intangible assets | (42,738) | (47,589) |
Net deferred tax liabilities | $ (12,963) | $ (24,956) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 4,038,000 | $ 8,209,000 | |
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 | 2020 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Foreign tax credit carryovers | $ 1,200,000 | ||
Net operating loss carryforwards | $ 9,600,000 | ||
Operating loss carryforwards expiration year | 2037 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 26,400,000 | ||
Operating loss carryforwards expiration year | 2030 | ||
Foreign | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 13,600,000 | ||
Operating loss carryforwards expiration year | 2034 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Change in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 1,216 | $ 746 | $ 477 |
Tax position related to current year, Increase | 690 | 262 | 24 |
Tax position related to prior year, Increase | 1,851 | 477 | 245 |
Tax position related to prior year, Decrease | (269) | ||
Ending balance | $ 3,757 | $ 1,216 | $ 746 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated foreign currency translation gain | $ 622 | $ 2,104 |
Unrealized foreign exchange loss from long-term intercompany loans, net of tax | (962) | (577) |
Total Accumulated Other Comprehensive Income (Loss) | $ (340) | $ 1,527 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 1,904,060 | $ 1,702,367 | $ 1,097,174 |
Total gross profit | 513,854 | 465,429 | 224,287 |
Gaming and Creator Peripherals | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 647,202 | 539,366 | 294,141 |
Total gross profit | 224,920 | 189,742 | 81,363 |
Gaming Components and Systems | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 1,256,858 | 1,163,001 | 803,033 |
Total gross profit | $ 288,934 | $ 275,687 | $ 142,924 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 1,904,060 | $ 1,702,367 | $ 1,097,174 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 841,653 | 775,423 | 460,256 |
Europe and Middle East | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 735,151 | 624,214 | 406,435 |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 327,256 | $ 302,730 | $ 230,483 |
Segment and Geographic Inform_5
Segment and Geographic Information - Additional Information (Details) - Geographic Concentration Risk - Country | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Net Revenue | United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue from sales to customers | 38.00% | 38.00% | 35.00% |
Consolidated Net Revenue | Non-US Excluding United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue from sales to customers | 10.00% | 10.00% | 10.00% |
Number of single countries representing more than ten percent threshold | 0 | 0 | 0 |
Property And Equipment Net | United States, China, Taiwan and Other | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenue from sales to customers | 10.00% | 10.00% |
Segment and Geographic Inform_6
Segment and Geographic Information - Summary of Property And Equipment, Net by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 68,206 | $ 42,473 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 44,825 | 20,854 |
China | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 8,465 | 7,567 |
Taiwan | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 7,387 | 7,742 |
Other | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 7,529 | $ 6,310 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 13,048 | $ 9,406 |
Variable lease expense | 9,636 | 7,305 |
Total lease expense | $ 22,684 | $ 16,711 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 10,466 | $ 8,949 |
Right-of-use assets recognized in exchange for operating lease obligations | $ 36,689 | $ 15,976 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use assets | $ 51,387 | $ 25,998 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember |
Lease incentive receivable (included in prepaid expenses and other current assets) | $ 6,505 | |
Operating lease liabilities (included in other liabilities and accrued expenses) | $ 9,457 | $ 9,070 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities and accrued expenses | Other liabilities and accrued expenses |
Operating lease liabilities, noncurrent | $ 51,153 | $ 17,571 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, noncurrent | Other liabilities, noncurrent |
Weighted-average remaining lease term (in years) | 7 years 7 months 6 days | 3 years 10 months 24 days |
Weighted-average discount rate | 3.80% | 3.90% |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 10,164 |
2023 | 11,266 |
2024 | 9,959 |
2025 | 6,078 |
2026 | 5,988 |
Thereafter | 29,413 |
Total future lease payments | 72,868 |
Less: Imputed interest | (12,258) |
Present value of operating lease liabilities | $ 60,610 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Subsequent Event - iDisplay Technology $ in Millions | Jan. 01, 2022USD ($)shares |
Subsequent Event [Line Items] | |
Percentage of equity interest acquired | 51.00% |
Purchase consideration paid in cash | $ 25.3 |
Purchase consideration paid in equity shares | shares | 690,333 |
Purchase consideration paid in equity | $ 14.5 |
Purchase consideration | $ 39.8 |