https://finance.yahoo.com/news/corsair-gaming-reports-fourth-quarter-211500268.html
FREMONT, Calif., Feb. 08, 2022 (GLOBE NEWSWIRE) — Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a leading global provider and innovator of high-performance gear for gamers and content creators, today announced financial results for the fourth quarter and full year ended December 31, 2021.
Full Year 2021 Highlights
Net revenue was $1,904.1 million, an increase of 11.8% year-over-year. Gamer and creator peripherals segment net revenue was $647.2 million, an increase of 20.0% year-over-year. Gaming components and systems segment net revenue was $1,256.9 million, an increase of 8.1% year-over-year.
Net income was $101.0 million, or $1.01 per diluted share, compared to net income of $103.2 million in the same period last year, or $1.14 per diluted share.
Adjusted net income was $144.9 million, or $1.45 per diluted share, compared to adjusted net income of $145.0 million in the same period last year, or $1.60 per diluted share.
Adjusted EBITDA was $199.2 million, compared to adjusted EBITDA of $213.0 million in the same period last year.
Fourth Quarter 2021 Highlights
Net revenue was $510.6 million, well above pre-pandemic fourth quarter levels and within 8.2% of Q4’20’s record $556.3 million in which net revenues increased by 70.4%.
Net income was $24.7 million, or $0.25 per diluted share, compared to net income of $43.0 million, or $0.43 per diluted share, in the same period last year.
Adjusted net income was $34.7 million, or $0.35 per diluted share, compared to adjusted net income of $53.0 million, or $0.53 per diluted share, in the same period last year.
Adjusted EBITDA was $39.5 million, compared to adjusted EBITDA of $72.5 million in the same period last year.
Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”
“After the extraordinary growth in 2020 caused by gamers spending more time at home gaming and the large growth in the creator economy, we are pleased to see that after lockdowns and shelter at home were lifted, our Q421 net revenues were within about 8% of Q420. Despite the ongoing logistical and supply chain challenges impacting markets, including the lack of availability of reasonably priced GPUs in the retail channel, we experienced healthy growth over 2020 in both our operating segments. Our gamer and creator peripherals segment grew 20% year-over-year, demonstrating the underlying secular growth trends in the overall gaming, esports, content creator and streaming hardware and services market. As we discussed during our recent Investor Day and with our record new product introductions of 141, including five new categories, we remain focused on expanding our presence in the market and are well positioned to continue to gain market share,” stated Andy Paul, Chief Executive Officer of Corsair.
“We are pleased with our strong financial performance to conclude 2021, with fourth quarter revenue and profitability metrics achieving the high end of our expectations. We remain focused on growth following the transformation of our debt levels and cost management efficiencies over the past few years. As we begin 2022, we expect to continue to experience elevated freight costs and ongoing supply chain issues, but we believe these circumstances will ease as the year progresses. As these macroeconomic conditions improve, we expect to increase our cash position, which should allow us to execute on M&A opportunities that fulfill our investment criteria or further reduce debt,” said Michael G. Potter, Chief Financial Officer of Corsair.
Financial Outlook
For the full year 2022 we currently expect:
Net revenue to be in the range of $1.9 billion to $2.1 billion.
Adjusted operating income to be in the range of $195 million to $215 million.
Adjusted EBITDA to be in the range of $205 million to $225 million.
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