Corsair Gaming (CRSR) FY2023 results: revenue $1.5 billion, up 6.2% on the year

Corsair Gaming, Inc. (CRSR) reported revenue of $1.5 billion for fiscal 2023, the year ended 31 December 2023, up 6.2% on the year before. Net income was -$3 million, and diluted earnings per share $0.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.5 billion

+6.2% on the year

FY2018FY2023

Operating margin

0.7%

-4.0% a year earlier

FY2018FY2023

Net income

-$3 million

FY2018FY2023

Diluted EPS

$0.03

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,460	1,375	1,904	+6.2%
Cost of revenue	1,100	1,078	1,390	+2.0%
Gross profit	360	297	514	+21.5%
Gross margin	24.7%	21.6%	27.0%
Research and development	65.3	66.5	60.3	-1.9%
Selling, general and administrative	285	285	316	+0.1%
Operating income	9.7	-54.8	138
Operating margin	0.7%	-4.0%	7.2%
Pre-tax income	-3.5	-63.8	115
Income tax	-2.4	-9.8	13.6
Effective tax rate	n/a	n/a	11.9%
Net income	-2.6	-54.4	101
Net margin	-0.2%	-4.0%	5.3%
Diluted EPS	$0.03	-$0.63	$1.01

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	89.2	66.4	20.2	+34.3%
Capital expenditure	12.8	26.3	11.0	-51.5%
Free cash flow	76.4	40.1	9.2	+90.6%
Free cash flow margin	5.2%	2.9%	0.5%
Cash from investing	-27.0	-47.0	-20.5
Cash from financing	-37.4	72.6	-65.4
Depreciation and amortisation	50.7	50.6	45.1	+0.1%
Share-based compensation	30.9	22.2	17.2	+39.3%
Diluted shares, weighted	106m	96m	100m	+10.4%
Shares outstanding at period end	101m	95m	95m	+7.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	668	624	568	+7.0%
Non-controlling interest	10.5	10.2	n/a	+2.3%
Redeemable equity	15.9	21.4	n/a	-25.4%
Debt	198	239	248	-17.0%
Operating lease liabilities	38.6	45.5	51.2	-15.1%
Other liabilities	427	358	470	+19.3%
Total liabilities and equity	1,357	1,297	1,337	+4.6%
Fixed assets	32.2	34.9	16.8	-7.8%
Goodwill	355	348	317	+2.0%
Intangible assets	188	216	226	-13.1%
Cash and equivalents	179	154	65.4	+15.9%
Receivables	253	236	291	+7.5%
Inventory	240	193	298	+24.6%
Other assets	111	116	123	-4.6%
Total assets	1,357	1,297	1,337	+4.6%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.