10-Q Filing

CORSAIR GAMING, INC. CIK: 1743759 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-023430`
Period End Date	20210331
Filing Date	20210504
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	crsr-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$121.62M	USD	Point-in-time
Cash	`Cash`	$129.54M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.73M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.79M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$304.17M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$293.63M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventories	`InventoryNet`	$234.61M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Inventories	`InventoryNet`	$226.01M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	91.94M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	92.09M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$47.51M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	91.94M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$711.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$690.97M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	84.41M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	92.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.32M	USD	Point-in-time
Goodwill	`Goodwill`	$314.09M	USD	Point-in-time
Goodwill	`Goodwill`	$312.76M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$252.24M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$259.32M	USD	Point-in-time
Restricted cash, noncurrent	`RestrictedCashNoncurrent`	$230.00K	USD	Point-in-time
Restricted cash, noncurrent	`RestrictedCashNoncurrent`	$231.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$34.36M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$39.90M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.31B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.33B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$272.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$299.64M	USD	Point-in-time
Other liabilities and accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$227.02M	USD	Point-in-time
Other liabilities and accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$205.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$505.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$499.27M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$321.39M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$294.25M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$29.75M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$30.35M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$21.85M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$20.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$845.72M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$876.73M	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value: 300,000 shares authorized, 92,087 and 91,935 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.0001 par value: 300,000 shares authorized, 92,087 and 91,935 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$438.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$442.32M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-2.81M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$43.91M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.53M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.47M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$487.71M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$215.19M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$437.39M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$216.78M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.33B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.31B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$529.41M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$308.52M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$229.90M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$369.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$78.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$160.33M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$77.85M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$53.73M	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$11.56M	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$15.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$93.04M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$65.28M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$13.34M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$67.29M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$4.95M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$9.37M	USD	1 Quarter
Other expense, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.42M	USD	1 Quarter
Other expense, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-63.00K	USD	1 Quarter
Total other expense, net	`OtherExpenseNet`	$7.37M	USD	1 Quarter
Total other expense, net	`OtherExpenseNet`	$9.44M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$59.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.90M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.68M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$46.72M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.22M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	91.95M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	84.08M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.21M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.07M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.22M	USD	1 Quarter
Net income	`ProfitLoss`	$46.72M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.08M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.10M	USD	1 Quarter
Depreciation	`Depreciation`	$2.16M	USD	1 Quarter
Depreciation	`Depreciation`	$2.44M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$8.45M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$8.70M	USD	1 Quarter
Debt issuance costs amortization	`AmortizationOfFinancingCostsAndDiscounts`	$537.00K	USD	1 Quarter
Debt issuance costs amortization	`AmortizationOfFinancingCostsAndDiscounts`	$579.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-439.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.00M	USD	1 Quarter
Gain on currency forward contract	`ForeignCurrencyTransactionGainBeforeTax`	$359.00K	USD	1 Quarter
Loss on foreign exchange	`ForeignCurrencyTransactionLossBeforeTax`	$118.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.77M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.32M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-743.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.43M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$13.42M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-145.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$13.51M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.42M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.31M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-43.53M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-26.99M	USD	1 Quarter
Other liabilities and accrued expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$25.88M	USD	1 Quarter
Other liabilities and accrued expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-12.37M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.68M	USD	1 Quarter
Payment of deferred and contingent consideration	`PaymentForContingentConsiderationLiabilityInvestingActivities`	$4.35M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.85M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.04M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.07M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.85M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$1.19M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$28.00M	USD	1 Quarter
Payment of other offering costs	`PaymentsOfStockIssuanceCosts`	$115.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$185.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.31M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.82M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$134.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-308.00K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.99M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.46M	USD	1 Quarter
Cash and restricted cash at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$133.57M	USD	Point-in-time
Cash and restricted cash at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.95M	USD	Point-in-time
Cash and restricted cash at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$125.58M	USD	Point-in-time
Cash and restricted cash at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.48M	USD	Point-in-time
Cash and restricted cash at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$133.57M	USD	Point-in-time
Cash and restricted cash at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.95M	USD	Point-in-time
Cash and restricted cash at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$125.58M	USD	Point-in-time
Cash and restricted cash at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.48M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$9.77M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.96M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$6.20M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$413.00K	USD	1 Quarter
Equipment purchased and unpaid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$1.56M	USD	1 Quarter
Equipment purchased and unpaid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$600.00K	USD	1 Quarter
Initial deferred and contingent purchase consideration	`SupplementalDeferredPurchasePrice`	$735.00K	USD	1 Quarter
Measurement period adjustment relating to business acquisitions	`BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred`	$1.53M	USD	1 Quarter
Deferred offering costs included in accounts payable and accrued expenses	`NoncashDeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses`	$2.23M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$487.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$437.39M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.78M	USD	Point-in-time
Issuance of common stock for stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$577.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.10M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.08M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-3.91M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-59.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$46.72M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.22M	USD	1 Quarter
Balance	`StockholdersEquity`	$487.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$215.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$437.39M	USD	Point-in-time
Balance	`StockholdersEquity`	$216.78M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$46.72M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.22M	USD	1 Quarter
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense)	`AdjustmentForLongTermIntercompanyTransactionsTaxExpenseBenefit`	$61.00K	USD	1 Quarter
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense)	`AdjustmentForLongTermIntercompanyTransactionsTaxExpenseBenefit`	$44.00K	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.60M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$165.00K	USD	1 Quarter
Unrealized foreign exchange loss from long-term intercompany loans, net of tax benefit of $44 and $61 for the three months ended March 31, 2021 and 2020, respectively	`AdjustmentForLongTermIntercompanyTransactionsNetOfTax`	$-224.00K	USD	1 Quarter
Unrealized foreign exchange loss from long-term intercompany loans, net of tax benefit of $44 and $61 for the three months ended March 31, 2021 and 2020, respectively	`AdjustmentForLongTermIntercompanyTransactionsNetOfTax`	$-309.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-2.69M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$46.66M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.