![]() We did this while growing quickly and leaving sufficient resources to help us grow further. We reduced debt by an additional $28 million with outstanding principal now at $299 million and net debt at $177.3 million. “We were able to convert our strong financial performance in the first quarter into an opportunity to further strengthen our balance sheet. As a result of our stronger-than-expected first quarter performance and our current views for the rest of the year, we raised our 2021 annual guidance,” stated Andy Paul, Chief Executive Officer of Corsair. Supplies of key components remain tight but we have been able to support our plans and will continue to work on this issue for the rest of the year. We introduced 29 new products in the first quarter and we expect this blistering pace of new product introduction to continue throughout the year with several brand new products still to come. End demand remained strong for our products and our new products such as the K65 mini RGB keyboard and Elgato’s new accessories debuted well. “We are thrilled with our first quarter financial performance and strategic progress. Net income was $46.7 million, or $0.47 per diluted share, compared to net income of $1.2 million in the same period last year, or $0.01 per diluted share.Īdjusted net income was $58.2 million, or $0.58 per diluted share, an increase of 420.4% year-over-year compared to adjusted net income of $11.2 million in the same period last year, or $0.13 per diluted share.Īdjusted EBITDA was $80.4 million, an increase of 196.6% year-over-year, with adjusted EBITDA margin of 15.2%, an improvement of 640 basis points year-over-year.Īs of March 31, 2021, we had cash and restricted cash of $125.6 million, $48.1 million capacity under our revolving credit facility and total long-term debt of $294.3 million.Ĭash flows from operations was $27.8 million, which increased from $2.0 million in the same period last year.ĭefinitions 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.” Operating income was $67.3 million, an increase of 404.5% year-over-year.Īdjusted operating income was $80.4 million, an increase of 221.4% year-over-year. Gaming components and systems segment gross profit was $91.5 million, an increase of 61.9% year-over-year. Gamer and creator peripherals segment gross profit was $68.9 million, an increase of 211.1% year-over-year. Gross profit was $160.3 million, an increase of 103.9% year-over-year, with gross margin of 30.3%, an improvement of 480 basis points year-over-year. Gaming components and systems segment net revenue was $353.5 million, an increase of 51.9% year-over-year. ![]() Gamer and creator peripherals segment net revenue was $175.9 million, an increase of 131.9% year-over-year. Net revenue was $529.4 million, an increase of 71.6% year-over-year. (NASDAQ: CRSR) (“Corsair”), a leading global provider and innovator of high-performance gear for gamers and content creators, today announced financial results for the first quarter ended March 31, 2021. Reports Record First Quarter Revenue and Profit Raises Full-Year GuidanceįREMONT, Calif., (GLOBE NEWSWIRE) - Corsair Gaming, Inc.
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