Business
Corsair Gaming Reports Fourth Quarter and Full Year 2020 Financial Results
Company guides continued growth for 2021 FREMONT, Calif., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a leading global
About this update from Corsair Gaming, Inc.
[{"type":"text","content":"Company guides continued growth for 2021\nFREMONT, Calif., Feb. 09, 2021 (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 preliminary financial results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Highlights Net revenue was $556.3 million, an increase of 70.4% year-over-year. Gamer and creator peripherals segment net revenue was $191.8 million, an increase of 104.0% year-over-year. Gaming components and systems segment net revenue was $364.5 million, an increase of 56.8% year-over-year.Gross profit was $153.8 million, an increase of 118.3% year-over-year, with gross margin of 27.6%, an improvement of 600 basis points year-over-year. Gamer and creator peripherals segment gross profit was $68.9 million, an increase of 197.7% year-over-year. Gaming components and systems segment gross profit was $84.9 million, an increase of 79.5% year-over-year.Operating income was $58.9 million, an increase of 314.2% year-over-year.Adjusted operating income was $71.0 million, an increase of 166.9% year-over-year.Net income was $43.0 million, or $0.43 per diluted share, compared to net income of $6.0 million in the same period a year ago, or $0.08 per diluted share.Adjusted net income was $53.0 million, or $0.53 per diluted share, an increase of 214.8% year-over-year compared to adjusted net income of $16.8 million in the same period a year ago, or $0.21 per diluted share.Adjusted EBITDA was $72.5 million, an increase of 154.7% year-over-year, with adjusted EBITDA margin of 13.0%, an improvement of 430 basis points year-over-year.As of December 31, 2020, we had cash and restricted cash of $133.6 million, $48.1 million capacity under our revolving credit facility and total long-term debt of $321.4 million.Cash flows from operations was $68.6 million, which increased from $36.0 million in the same period a year ago, bringing the full year 2020 cash flow from operations to $169.0 million. Full Year 2020 Highlights Net revenue was $1.7 billion, an increase of 55.2% year-over-year. Gamer and creator peripherals segment net revenue was $539.4 million, an increase of 83.4% year-over-year. Gaming components and systems segment net revenue was $1,163.0 million, an increase of 44.8% year-ov...