Corsair Gaming (CRSR) FY2022 results: revenue $1.4 billion, down 27.8% on the year

Corsair Gaming, Inc. (CRSR) reported revenue of $1.4 billion for fiscal 2022, the year ended 31 December 2022, down 27.8% on the year before. Net income was -$54 million, and diluted earnings per share $-0.63. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$1.4 billion

-27.8% on the year

FY2018FY2022

Operating margin

-4.0%

7.2% a year earlier

FY2018FY2022

Net income

-$54 million

FY2018FY2022

Diluted EPS

-$0.63

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,375	1,904	1,702	-27.8%
Cost of revenue	1,078	1,390	1,237	-22.4%
Gross profit	297	514	465	-42.3%
Gross margin	21.6%	27.0%	27.3%
Research and development	66.5	60.3	50.1	+10.3%
Selling, general and administrative	285	316	257	-9.7%
Operating income	-54.8	138	158
Operating margin	-4.0%	7.2%	9.3%
Pre-tax income	-63.8	115	122
Income tax	-9.8	13.6	18.8
Effective tax rate	n/a	11.9%	15.4%
Net income	-54.4	101	103
Net margin	-4.0%	5.3%	6.1%
Diluted EPS	-$0.63	$1.01	$1.14

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	66.4	20.2	169	+228.8%
Capital expenditure	26.3	11.0	9.0	+139.8%
Free cash flow	40.1	9.2	160	+334.7%
Free cash flow margin	2.9%	0.5%	9.4%
Cash from investing	-47.0	-20.5	-10.3
Cash from financing	72.6	-65.4	-79.1
Depreciation and amortisation	50.6	45.1	43.2	+12.3%
Share-based compensation	22.2	17.2	5.8	+28.6%
Diluted shares, weighted	96m	100m	91m	-3.7%
Shares outstanding at period end	95m	95m	92m	0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	624	568	437	+9.8%
Non-controlling interest	10.2	n/a	n/a
Redeemable equity	21.4	n/a	n/a
Debt	239	248	321	-3.6%
Operating lease liabilities	45.5	51.2	17.6	-11.1%
Other liabilities	358	470	538	-24.0%
Total liabilities and equity	1,297	1,337	1,314	-3.0%
Fixed assets	34.9	16.8	16.5	+107.7%
Goodwill	348	317	313	+9.7%
Intangible assets	216	226	259	-4.2%
Cash and equivalents	154	65.4	134	+135.6%
Receivables	236	291	294	-19.1%
Inventory	193	298	226	-35.4%
Other assets	116	123	72.4	-5.7%
Total assets	1,297	1,337	1,314	-3.0%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.