Business
Corsair Gaming Reports Third Quarter 2020 Financial Results
Company grows 61% led by growth in gear for gamers and content creators FREMONT, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (NASDAQ:CRSR)
About this update from Corsair Gaming, Inc.
[{"type":"text","content":"Company grows 61% led by growth in gear for gamers and content creators\nFREMONT, Calif., Nov. 10, 2020 (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 third quarter ended September 30, 2020.\n Third Quarter 2020 Highlights Net revenue was $457.1 million, an increase of 60.7% year-over-year. Gamer and creator peripherals segment net revenue was $161.6 million, an increase of 128.8% year-over-year. Gaming components and systems segment net revenue was $295.5 million, an increase of 38.3% year-over-year.Gross profit was $127.9 million, an increase of 112.4% year-over-year, with gross margin of 28.0%, an improvement of 680 basis points year-over-year. Gamer and creator peripherals segment gross profit was $60.0 million, an increase of 200.8% year-over-year. Gaming components and systems segment gross profit was $67.9 million, an increase of 68.7% year-over-year.Operating income was $49.7 million, an increase of 353.6% year-over-year.Adjusted operating income was $61.4 million, an increase of 193.7% year-over-year.Net income was $36.4 million, or $0.40 per diluted share, compared to net income of $1.5 million in the same period a year ago, or $0.02 per diluted share.Adjusted net income was $48.5 million, or $0.54 per diluted share, an increase of 384.0% year-over-year compared to adjusted net income of $10.0 million, or $0.13 per diluted share.Adjusted EBITDA was $63.7 million, an increase of 184.9% year-over-year, with adjusted EBITDA margin of 13.9%, an improvement of 610 basis points year-over-year.As of September 30, 2020, we had cash and restricted cash of $120.1 million, $48.0 million capacity under our revolving credit facility and total long-term debt of $370.1 million.Cash flow from operations was $24.7 million, compared to a use of cash in operations of $2.1 million in the same period a year ago, bringing the 2020 nine month cash flow from operations to $100.3 million. Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents is included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.” “This was a great quarter for us,” stated Andy Paul, Chief Execu...