sair Gaming(US:CRSR)2022-05-06 16:50Market Overview - US Gaming Enthusiasts are a leading indicator of self-built PC demand increase as GPU prices fall[5] - The US components total addressable market (TAM) shows growth of 32%, 27%, and 29% in Q3'21, Q4'21 and Q1'22 respectively, compared to pre-pandemic levels[5] - The US Gaming Peripherals TAM also shows long-term growth trends with increases of 74%, 62%, and 45% in Q3'21, Q4'21 and Q1'22 respectively, compared to pre-pandemic levels[8] - Corsair dominates in the self-built gaming PC space with a 65% market share in gaming components (excluding memory) and a 45% market share in gaming memory[6] Financial Performance (Q1 2022) - Net revenue decreased by 28.1% year-over-year to $3807 million, but increased 234% compared to Q1'20[27] - Gross profit decreased by 434% year-over-year to $908 million, with a gross profit margin of 238%, a decrease of 650 bps[27] - Adjusted EBITDA decreased by 808% year-over-year to $154 million, with an adjusted EBITDA margin of 41%[27] - Gaming Components and Systems revenue decreased by 303% year-over-year to $2465 million[29] - Gamer and Creator Peripherals revenue decreased by 237% year-over-year to $1341 million, but was up 768% above pre-pandemic Q1'20[30] Financial Guidance (FY2022) - The company expects net revenues between $16 billion and $18 billion[31] - Adjusted operating income is projected to be between $100 million and $120 million[31] - Adjusted EBITDA is expected to be between $110 million and $130 million[31]