2021 Q3 Form 10-Q Financial Statement

#000156459021053537 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $391.1M $556.3M $457.1M
YoY Change -14.43% 70.37% 60.74%
Cost Of Revenue $289.8M $402.5M $329.2M
YoY Change -11.97% 57.17% 46.85%
Gross Profit $101.4M $153.8M $127.9M
YoY Change -20.78% 118.3% 112.44%
Gross Profit Margin 25.92% 27.64% 27.99%
Selling, General & Admin $76.11M $80.90M $65.32M
YoY Change 16.52% 95.88% 91.56%
% of Gross Profit 75.09% 52.6% 51.05%
Research & Development $14.50M $13.80M $12.90M
YoY Change 12.36% 62.35% 65.38%
% of Gross Profit 14.3% 8.97% 10.08%
Depreciation & Amortization $11.35M $11.20M $10.80M
YoY Change 5.06% -37.08% 45.95%
% of Gross Profit 11.19% 7.28% 8.44%
Operating Expenses $90.61M $94.70M $65.32M
YoY Change 38.71% 68.51% 32.5%
Operating Profit $10.76M $58.89M $49.72M
YoY Change -78.37% 314.21% 353.58%
Interest Expense -$3.095M -$6.000M $10.17M
YoY Change -130.43% -29.41% 11.53%
% of Operating Profit -28.78% -10.19% 20.45%
Other Income/Expense, Net -$1.402M -$1.200M -$10.15M
YoY Change -86.18% 1100.0% 6.61%
Pretax Income $2.151M $51.70M $39.57M
YoY Change -94.56% 807.02% 2640.58%
Income Tax $374.0K $8.700M $3.217M
% Of Pretax Income 17.39% 16.83% 8.13%
Net Earnings $1.777M $43.04M $36.36M
YoY Change -95.11% 615.95% 2293.48%
Net Earnings / Revenue 0.45% 7.74% 7.95%
Basic Earnings Per Share $0.02 $0.47 $0.43
Diluted Earnings Per Share $0.02 $0.43 $0.40
COMMON SHARES
Basic Shares Outstanding 93.92M 84.87M
Diluted Shares Outstanding 100.0M 90.08M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.92M $129.5M $116.2M
YoY Change -38.1%
Cash & Equivalents $76.33M $133.6M $120.1M
Short-Term Investments
Other Short-Term Assets $51.86M $41.80M $41.70M
YoY Change 24.36%
Inventory $331.9M $226.0M $210.2M
Prepaid Expenses
Receivables $252.4M $293.6M $259.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $708.1M $691.0M $627.6M
YoY Change 12.83% 60.76%
LONG-TERM ASSETS
Property, Plant & Equipment $16.37M $16.48M $15.40M
YoY Change 6.25% 7.22%
Goodwill $313.8M $312.8M $200.0K
YoY Change 156796.5% 0.0%
Intangibles $234.1M $259.3M $265.4M
YoY Change -11.79% -10.9%
Long-Term Investments
YoY Change
Other Assets $69.03M $34.36M $35.45M
YoY Change 94.74% 226.14%
Total Long-Term Assets $633.6M $623.1M $628.1M
YoY Change 0.87% -1.07%
TOTAL ASSETS
Total Short-Term Assets $708.1M $691.0M $627.6M
Total Long-Term Assets $633.6M $623.1M $628.1M
Total Assets $1.342B $1.314B $1.256B
YoY Change 6.85% 24.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $247.5M $299.6M $274.8M
YoY Change -9.92% 64.61%
Accrued Expenses $146.0M $121.2M $2.400M
YoY Change 5984.75%
Deferred Revenue $4.518M $9.787M $1.100M
YoY Change 310.73% 196.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.751M $0.00 $0.00
YoY Change
Total Short-Term Liabilities $475.6M $505.4M $444.4M
YoY Change 7.02% 68.5%
LONG-TERM LIABILITIES
Long-Term Debt $244.1M $321.4M $370.1M
YoY Change -34.05% -36.16%
Other Long-Term Liabilities $55.35M $20.20M $22.07M
YoY Change 150.85% 251.59%
Total Long-Term Liabilities $299.4M $341.6M $392.2M
YoY Change -23.64% -32.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $475.6M $505.4M $444.4M
Total Long-Term Liabilities $299.4M $341.6M $392.2M
Total Liabilities $804.7M $876.7M $867.2M
YoY Change -7.21% 4.01%
SHAREHOLDERS EQUITY
Retained Earnings -$2.813M -$45.86M
YoY Change -97.35%
Common Stock $438.7M $437.2M
YoY Change 34.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $537.0M $437.4M $388.6M
YoY Change
Total Liabilities & Shareholders Equity $1.342B $1.314B $1.256B
YoY Change 6.85% 24.01%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $1.777M $43.04M $36.36M
YoY Change -95.11% 615.95% 2293.48%
Depreciation, Depletion And Amortization $11.35M $11.20M $10.80M
YoY Change 5.06% -37.08% 45.95%
Cash From Operating Activities -$34.34M $68.70M $24.70M
YoY Change -239.01% 103.25%
INVESTING ACTIVITIES
Capital Expenditures -$2.783M -$3.900M -$2.100M
YoY Change 32.52% 8.33%
Acquisitions
YoY Change
Other Investing Activities -$325.0K -$500.0K -$800.0K
YoY Change -59.37% -99.6%
Cash From Investing Activities -$3.108M -$4.400M -$2.900M
YoY Change 7.17% -96.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.64M -52.70M -13.30M
YoY Change 77.76% -139.24%
NET CHANGE
Cash From Operating Activities -34.34M 68.70M 24.70M
Cash From Investing Activities -3.108M -4.400M -2.900M
Cash From Financing Activities -23.64M -52.70M -13.30M
Net Change In Cash -61.09M 11.60M 8.500M
YoY Change -818.66% -69.87%
FREE CASH FLOW
Cash From Operating Activities -$34.34M $68.70M $24.70M
Capital Expenditures -$2.783M -$3.900M -$2.100M
Free Cash Flow -$31.55M $72.60M $26.80M
YoY Change -217.74% 94.12%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-size:6pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed combined consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves, reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, deferred income tax, and common stock (prior to the IPO completed in September 2020). These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the current economic environment due to COVID-19.</p>
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crsr One Time Benefit From Change In Tax Law Resulting From Enactment Of Cares Act
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1146028000

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