Good morning, and welcome to Corsair's first ever Investor Day. As a reminder, today's presentation is being recorded, and your participation implies consent to such recording. The recording will be available for replay via our IR website at ir.corsair.com. Everyone not presenting will be in listen-only mode. There will be a Q&A session at the end. If you are interested in asking a question during the Q&A, please type the subject matter of the question, and we ask that you display your name as well as your company. Just be aware, we may not be able to get to everyone's question. Today, we have with us our speakers, Andy Paul, Corsair's Founder and CEO, Geoff Lyon, SVP and GM of PC Components, Julian Fest, SVP and GM of Elgato, our streaming and content creation solutions, Adrian Bedggood, VP of Marketing, and Michael G. Potter, our CFO. Before we begin, I would just like to remind everyone that this presentation, including the Q&A portion, includes forward-looking statements related to expected future results of the company. Our actual results may differ materially due to a number of risks and uncertainties, which we have described in our SEC filings and various press releases. We may also be referencing non-GAAP financial measures, and they should be treated as such. With that, I'd like to turn the presentation over to Andy. Andy, I cannot hear you. All right, let's start again. Malfunction here 'cause I was on mute. Welcome everybody. Very excited to be here. Thanks very much for attending. Very excited to be here for our first Investor Day, a little after a year after we've gone public. We put a press release out this morning, indicating our 2021 yearly results, preliminary results and our 2022 initial guidance. We did $1.9 billion of revenue in 2021, which we're pretty happy about because that's strong growth over 2020. We're forecasting $1.9-$2.1 billion for 2022, growth again. The agenda today, we'll walk through very quickly. We'll give a quick overview of Corsair, just a few slides for those people that aren't as familiar with the company. We're gonna get into some fairly detailed market data to show you what's going on in our key areas in the market, so you can see how the market's growing and how it's fared before and after shelter at home. We're gonna get into some detailed product line strategies. We've got a couple of guest speakers to give you some details of what we're doing. Our VP of Marketing will show you how we go to market, and then we're gonna show you a path to our goal of $3.5 billion of revenue in 2026. Michael will run through the financials at the end. That's what we're gonna do. Let's move on to the first slide. Corsair, our mission is to help gamers and creators be their best, and we do that by providing a lot of different solutions. At the moment, almost all our revenue comes from hardware and will continue to be the majority of revenue for some time. We actually supply a lot of software to help gamers and creators perform. At the moment, that's all free, but we do anticipate that being a revenue generation fairly soon. Lastly, services. We've started to offer services to people. We have a huge installed base of customers now that can all benefit from this. We've launched customer care, we've launched extended warranty, and of course, we bought last year Gamer Sensei, which is a coaching platform. We make probably the broadest offering of products in gaming today. I mean, we're the only company that has a full set of products for people building the gaming PC that's the platform to play games on, as well as all the peripherals you need for playing games and all the peripherals you need for being a great content creator and streamer. Let's just step through that real quickly. These are the products that we make. Pretty much everything that gets used to build a gaming PC with the exception of the GPU and CPU, we make everything else. We like to say that with Intel NVIDIA and perhaps ASUS, you can buy everything else from Corsair to build a great gaming PC. Now, not everybody has the skill or the time to build a gaming PC, and so for those people that want the end result but don't wanna do the building, we do that for you. We have machines that look like this that we can sell as pre-built gaming PCs. We also couple years ago bought a company called ORIGIN PC that makes full custom PCs where you can get a PC that looks like this even with a custom paint job. We make a full array of gaming peripherals, not just the standard keyboard, mice and headset that you'd be used to, but we also make furniture. We make gaming chairs, we make lighting that ties into our iCUE system. We just launched monitors this year. Lastly, we have a whole suite of products for content creators and streamers. That's microphones, cameras, lights, green screens, and acoustic panels. Of course, our famous Stream Deck, which you're gonna hear a lot about later in the presentation. We are a global company. We operate worldwide. We have approximately 80%-85% of our business in Europe and the U.S., almost equally split. This year, we're slightly bigger in the U.S. than Europe. About 15%-20% of our business is in Asia. We have a number of locations. With our acquisitions, we've got different headquarters around the globe. We have four manufacturing sites now, the largest just outside Taipei, where we make all our memory modules. We're actually manufacturing products for six of our product lines, and we have 30 total product lines. Then we've got salespeople around the world now in 38 countries. You can see 200 sales and marketing professionals. Our revenue growth has been solid and consistent. The thing with our gaming revenue and the gaming market is that growth does come in surges, and we've seen a couple of big surges in the last few years. We saw one when Fortnite was introduced back in 2018. Big surge of activity and new gamers started to discover how fun that was. In 2020 when people went into a shelter at home, and more importantly, there wasn't much to do outside the home because all the bars and restaurants were closed, there was another surge of activity in gaming. We expect this to continue, but we're very happy to see in 2021 that we did grow over 2020, and this was good part of the year when shelter at home was stopped and people were out and about shopping and in bars and restaurants. I'm gonna get into that in a little bit of detail. The main thing that we see in these surges is that every time there's a surge in activity, there's a new cohort of gamers that start to buy gaming hardware, and so the installed base keeps growing and growing. We have two business segments, and that comprises a total of 30 product lines. We have our biggest segment, which is gaming components and systems, has all the components that you use to build a gaming PC as well as full systems. Then all of our peripherals, both gaming peripherals and creative peripherals, are in the gaming and creative peripherals section. You can see that while that's about 1/3 of our business, 2/3 of its components, because the margins are a lot higher in the peripherals segment, it gets to about 45% of our margin. Also because the peripherals segment is growing faster, we would expect fairly soon that that right-hand pie chart starts to become 50/50. Now there's three distinct ways that Corsair is growing. The main one actually is that we're in a market that is exploding, and so robust growth, actually every market that we participate in. The second thing is that over the years, we've managed to gain market share, and we continue to gain market share, really for three different reasons. One is that we've got 25 years of experience in gaming, so we're just really good at it, making products that people need. We constantly innovate and add technology. We know exactly what technology matters, for gamers and creators. And we're also able to get our hands on the best technology, either acquiring it or inventing it. So that enables us to keep growing market share. And the last thing is that we're moving into new categories. Of course, we started the company with one category, which was memory, 25 years ago. We now have 30, and we've added four distinct categories just in the last two years between microphones, cameras, monitors, and gaming controllers, and we'll probably continue to do that. Okay, now I'm gonna get into market data. Before we start in this section, I wanna give you a little insight into where we get all our data from. These days, we're using two main sources of data, one from DFC Intelligence, and this is a guy called Dave Cole, who's got about 25 years experience in gaming, both hardware and software. The second source is Newzoo, and they're about 15 years in gaming, again, very experienced and produce great reports, and surveys. Both these companies do surveys for us from time to time. We also use the retail data collection services from NPD and GfK, NPD in the U.S. or North America and GfK in Europe and parts of Asia. Lastly, we get sell-through data from virtually every one of our retailers. We've got a pretty good idea of what's going on, and we wanna share some of that with you. Now, I'm gonna show you a couple of things. I'll tell you this in advance, because I remember. We did the IPO right in the middle of COVID when everyone was locked down in 2020. Most people's question at the time was, "Well, surely the surge you're seeing in 2020 is just people pulling forward. All the people that would have bought in 2021 and 2022 are buying products now, and then your sales will tank. Isn't that likely to happen? The good news is that that's exactly the opposite of what's happening. What's actually happening is that we've seen continued growth, continued new gamers starting to buy more and more hardware that we expect to continue to buy hardware and upgrade in the coming years. Let's get into that in a little bit of detail. What I'm showing you here is a graph that compares growth rates, and I'm comparing the growth rates of number of gamers, gaming software, and then gaming hardware. Now you'll notice that it's difficult to see because the two bars at the bottom, the blue and the orange one, look like they're almost flatlining, but they're actually growing pretty well in the last three years. Both the number of gamers and the software content has grown by 20% just in three years, that's a huge growth. It's totally dwarfed by what's going on in hardware. You can see that in 2020, a lot of gamers started to buy hardware. Look at the scale on the left. We're not talking about small increases in percentage. We're talking about doubling of revenue in two or three years. Now, how is it possible there's such a gap between hardware growth and software growth and number of gamers? Well, let me try and explain that. The first thing is that there's a vast number of gamers in the world. I think the latest numbers I've seen is approaching 3 billion people playing games of any kind, which is almost half the world. 1.4 billion is the number of people playing PC games at some level. Many of them are casual PC gamers as we've shown here. Most of these people won't own any sort of hardware. They may be playing in an iCafe or just playing on a friend's computer or the family computer. About 125 million people in the world we see actively buying gaming hardware and owning a dedicated platform of some sort, whether it be a laptop or a PC. Then we get down to the area that's mostly in focus for us, and that is the group of people we call PC gaming enthusiasts who are playing six, 10, or more hours of gaming a week and typically are building their own PC from components, many they buy from us. It turns out that that 24 million is about 50% of the overall gaming hardware TAM. The reason that this market has the opportunity and the history of exploding so much faster than the number of gamers is that most people have yet to buy anything. It's a totally untapped market. Obviously, the 125 million people playing games regularly on their own platform are gradually learning how to buy better gear. That's what we see. Now, if you look at another example, and this is North American data, this takes slices down that 1.4 billion total gamers in the world, total PC gamers, and says how many of them are in North America? The answer is 206 million. More than half the population are playing some sort of PC game. When we look at how many keyboards and headsets were sold in the last three years, and the reason I've taken a three-year view is that that's about the refresh time of these products. That would indicate roughly how many of the people are buying this stuff. Only 7.5 million keyboards, 15 million headsets. Now, anybody that's got kids that are gaming know that the first thing people tend to buy is a headset. Yet in the last three years, only 15 million of those were sold to this space of 206. That's why when we look at the data, we see that from 2019 to 2020, the number of headsets sold in the U.S. literally doubles. It could easily double again just because the market is so vast. This is why the, you can see here that the peripheral, TAM, this is from DFC Intelligence, has the ability to grow so much, this is how the industry experts, how bullish they are on the future for this. Now here's a slightly longer-term view, I find this very interesting. This is some data from Newzoo. This is more looking at a 60-year generational view of gaming, and it shows what percentage of gamers in each generation are playing games. It's pretty clear to see what's happening. The Gen Z generation that's just starting to move into the workforce, 81% of them respond to surveys saying they're playing games. Also at the bottom, look at the number of hours, average play per week. Gaming on a generational basis is getting more and more popular, and people are increasing the number of hours they play. Now when we go to look at what that means, this comes from other surveys from Newzoo that shows that the more hours of gaming you play, the more you tend to spend. Okay, well, that's sort of obvious, I suppose, because any of you that know anybody with a hobby, whether it's mountain biking or skiing or golf, know that the people you know that play the most of that sport tend to own the best gear, and spend more money on it. This is exactly what happens here. The other useful thing that came out of this survey is note the spend level in the yellow line, which is the self-built. This is very interesting because, and we've known this for some time, but I think perhaps a lot of people think that people build their own computers to save money instead of buying a self-built one or, sorry, instead of buying a pre-built one. It turns out that's not the case at all. People build their own computers, firstly for performance, and secondly for customization, and the ability they have then of constantly upgrading it. You can see a big delta between the average price. We've known this for a while. The average price of pre-built desktops is around $1,000. Whereas $1,500-$2,000 is what people tend to spend on components to build a gaming PC. All right, now we want to ask ourselves, well, how does that look in terms of who's using what? This comes from a survey that Newzoo did recently of 9,000 different gamers around the world. One of the questions they were asked was, "Well, what platform do you play on? What are you using to play PC games?" Approximately, what you can see is around 40% of people are using laptops. No surprise, that's what most consumers own as their PC today. Then the other 60% is split between pre-built and self-built. The interesting thing for me in this survey is that out of the people that play on gaming desktops, half of them are building them themselves, at least from this survey. This is great news to us. Again, anybody that had this notion that people building gaming desktops was some sort of weird hobby that would perhaps go away, no, it's here and it's big, and it's a thing. All right, that is borne out by the rest of the people that look at this market. This is Dave Cole's forecast from DFC Intelligence of how much money is being spent, the TAM for enthusiast gaming components, meaning, you know, total components here, so including GPU and CPU. This is the TAM for PC hardware for self-built in the enthusiast category. As you can see, growing very, very quickly. All right, now I'm gonna dive into a little more detail. What I wanted to do here when I was producing these slides was to have a detailed look at what the effect was of pre-COVID and post-lockdown. In other words, the way I think about this for gamers is, you know, what happened when bars and restaurants or other forms of entertainment, like cinemas, were closed, and the only form of entertainment was at home playing games, and then what happens when all those opened afterwards. That timeframe really started in April 2020, and this is the yellow bars we're looking at, and it finished in June 2021. That was the time that most of these things were closed, and then they all started opening up again in July. Now, interesting what's happened. You can see also I've overlaid here the stimulus checks, and you can see this graph, by the way, is just for components, people building PCs. No question, stimulus checks, when you give young people or gamers cash, they'll spend them on what's most important to them, and in this case, they spend them on gaming components to build PCs. Big surge of activity. When you compare post shelter at home, so that's Q3 and Q4 2021, and you look back to 2019, so pretend COVID never happened, what you see is good, solid growth. In fact, Q4, 24% growth over Q4 2019. That's a CAGR of little over 10%. We're pretty encouraged by that. That's what we'd expect the natural growth to be. Now I've got the same graph put together. Actually, before I move on to peripherals, I think everybody that follows gaming hardware knows that we're in the midst of a massive GPU shortage, partly fueled by semiconductor shortages, partly fueled by the fact there's a lot of Bitcoin mining going on. The fact is today, graphics cards you use to build a gaming PC are selling at about 50% over the MSRP. If you wanna build a gaming PC, you're paying a lot of money to do it. Even with that headwind, we've got 24% lift in Q4 2021 over Q4 2019. Now when we go to gaming peripherals, it's even more extreme. You see the same thing happening in the yellow bars during lockdown. Everyone or their parents rushed out to buy, you know, keyboards or headsets. Now Q4, we're really encouraged to see all the data coming in. 62% growth for Q4 2021 compared with Q4 2019, which was already a growth over Q4 2018 and before. This market really is growing pretty strongly. Again, we ignore COVID completely. We see a CAGR of almost 27%. That's comparing second half of 2019 with second Sorry, second half of 2021 with second half of 2019. A good, strong growth going on both in components and in peripherals. Okay, well, now we're gonna move on to some details of product strategy. You're gonna hear from the GMs of our product divisions of what they're planning to do and why they're so excited about their products. We're gonna start with gaming components, and again, that means all the components that you use to build a gaming PC. We're gonna move on to look at creative products and what we offer there. Lastly, we'll spend a few, little bit of time talking about gaming peripherals. Moving on to gaming components, and this of course is what we started the company doing. We've been doing this for 25 years, firstly with memory, then with power supplies. I'm very proud to note that we've done a very great job here. At this point, you know, I hate to use the word dominate, but when you look at our market share position, this is all from North America, where we get good solid data on components. Look at our market share position compared to competitor number two, either in memory or components. It really is, you know, mostly Corsair. Okay, I'm gonna move on with that lovely introduction, and I'm gonna introduce Geoff Lyon, who's SVP and GM of PC Components. Geoff joined us last year to lead this division. Now, we have known Geoff for a long time because before he moved to us, he was CEO of one of the companies supplying most of our water cooling products to us, a company called CoolIT. He's very, very familiar with the gaming space and the gaming hardware space. Okay, Geoff, over to you. Great. Thanks, Andy. Hi, everyone. I'm excited to talk a bit about our components business today, but before we look ahead, let's look back. On the screen right now, we see a high-performance PC showcase that is a complete kit that might have been advertised by CompUSA back in 2007 for about $1,500. For its day, it was pretty fancy with a flat screen and everything. Silver-painted plastic was all the rage back then. I'm not shocking anyone here to say that gaming PCs have truly evolved over the last 15 years. For one, CompUSA doesn't exist. That PC doesn't have any glass. I don't wanna use that nasty keyboard, and I for sure need to choose my own mouse. In fact, I wanna choose everything. State-of-the-art today is very different. Now it's the control room, the cockpit, the command center or the battle station. It's a combination of technology that's been carefully curated to game, stream or even work. Like with most things, a custom-built solution does cost more. Cumulative price tag for a typical setup can now range from $3,000 to more than double that. Why would you wanna build your own PC? Today's enthusiast PC experience is not only about how fast you paint the screen with dazzling graphics, it's about the emotion that's generated as you power up that PC that you built before you even sit down. As a gaming enthusiast, I now wanna choose everything. What color case should I get? Do I wanna build it murdered out black, or do I want to light it up? By the time I finish building my PC, I wanna take pictures of it. I wanna show it off to my digital community. It's a source of personal pride, a chance to say, "Check this out. It's the only one like this because I built it, and it's beautiful." High-performance PC customers' needs and ambitions will continue to evolve as new applications and games demand leading-edge technology for the best experience. The trends dominating the space today require more memory, higher-powered CPUs, and higher-powered GPUs. In order to support these new requirements, our customers have to upgrade their power supply, and because that power turns into heat, upgrading the cooling systems and fans along with high airflow cases is necessary. Obviously, this is a great trend for us. Let's have a deeper look at what we actually do. When building a PC, the process is actually pretty straightforward. After you decide what you wanna use for a CPU and GPU, you'll choose a motherboard, mostly just one that's compatible with your CPU, and from that point forward, Corsair is the trusted choice for nearly every decision that's left. Memory and storage, how much do you need for the games you run? How fast do you want it? What color scheme? RGB? Corsair has you covered. Next, it's the case, the color, the size, the style, the cooling capability. Again, Corsair is the number one choice. How about power supply? How many watts do you need to drive that system? How quiet do you like it to run? You are going to need high-quality, reliable power you can depend on, and no one does it better than Corsair. There's cooling. The cooler the CPU is kept, the faster it goes. Liquid cooling is a standard for high performance, and Corsair is a standard for liquid cooling. Perhaps it might be fun to even choose an LCD screen to further personalize your rig and to rest up the rest of the case with fans to match your theme. With every product Corsair brings to this market, performance and quality are the cornerstones of the brand. If we're honest, it's the added aesthetic flexibility that has truly separated Corsair from its competitors. I think most of you know, we've been doing this for a while. We know everyone in the space, and everyone knows us. Years ago, Andy and the team recognized that if Corsair was gonna continue to win in this business, it was gonna take more than high performance and reliability. The careful construction of a unified ecosystem is the core of Corsair's product strategy. By continually investing in software-enabled products, the customer is treated to a new functionality that can be used to tune, tweak, and personalize the PC. Building a PC used to be harder. There was drivers, hardware bugs, unknown incompatibilities. It was difficult. Today, through the efforts of our partners, ourselves, and our competitors, the complexity is getting lower and the fun is getting higher. It's now possible with basic skills and a screwdriver to construct a very sophisticated system to do things that no one even dreamed of even a few years ago. Looking forward, we're focusing on bringing the best and brightest minds to continue the drive for an even better customer experience. With each new generation of product, we expect the line between hardware and software to fade as the experience becomes more and more integrated. Enter iCUE, the software that unites the hardware solution with both style and utility. Think about this. If I wanna use one software package to adjust my fan speeds and RGB color, then open another to control the liquid cooler, then another for the keyboard and another for the mouse. You get the idea. Once the system is unified, new opportunities for increasingly immersive experiences are created. Check out the seamless game integration that allows the gaming experience to envelop the room on the screen right now. It's really amazing stuff. Only Corsair unifies the PC control settings with one software interface, and people really like it as we're now seeing hundreds of thousands of installations per month. When you think about it's no wonder we sell a lot of gear. Once a customer has been introduced to the iCUE ecosystem and has experienced the control and ability to personalize their setup, their choices for their next fan, cooler or memory become easier for them to make. To that end, our data suggests that over 35% of iCUE component customers later purchase iCUE gaming peripherals. This has a tangible value to the customer and a significant positive impact for Corsair. The value created for our customers is realized with a higher average selling price. Now, the idea of software creating value is not a new concept, but excuse me, but the combination of spectacular hardware solutions being bound together with a common software interface make the Corsair hardware brand sticky with software. Corsair components are priced higher because they're worth more. Each time a customer chooses Corsair for the next part of their build, they realize the promise that Corsair products work better together through software. To take a closer look in both components and memory, Corsair is the leader by a colossal margin. In the memory category, if you're investing in a 64 GB kit of DDR5, you aren't gonna risk that decision with a second-best brand. As more memory is required for optimum performance, customers put their faith in Corsair, clearly. Turning to components, if we had time, we'd break down each individual product line, and we'd show that Corsair is number one in cases, number one in power supplies, number one in CPU coolers, and number one in fans. Now we do have legitimate competitors in each category, all still second to Corsair, but none have competed across the full range. That's why it has allowed the iCUE strategy to be so successful. Look at the market share gains over the last four years. The component share has grown from under 35% in 2018 to 42% at the end of 2021. Check out memory. Memory's gone from 38% - 60%. The next closest competitor isn't even close. I can honestly say I wouldn't really wanna be competing against us here. Oh, this is fun. As an example of what we've been talking about here, let's look at a recent product we released. This is the ELITE LCD all-in-one liquid cooling system. What makes this product so awesome is not that it's an LCD on a liquid cooler, granted that is pretty cool, or that it's a good location for a display in the case. It's the iCUE software that makes it so simple to engage our customers in realizing their own creative outlet. It's the next step in personalization of the build. It's the special coat of paint, the evolving style signature, the renewable canvas to make this build truly personal and fun to play with. It's fun, it's creative, it's personal, and it's definitely Instagrammable. The market's growing due to an incessant progress of technology and the consumer's insatiable desire to own and experience it. It is an excellent growing market to participate in, and Corsair dominates it. Corsair has established a brand experience that's reliable, high-performing, and immersive, both during and after the build. At this point, it's clear that we deliver more than enough perceived value to demand a premium ASP across all our component product lines. It's worth noting this business is not driven by price, as Andy mentioned earlier. It's driven by the best customer experience. Aside from all the metrics in the business, Corsair is winning because we make super cool products. It's fun to build, it's fun to sell, and it's really fun to use. The best part of this story is that we're just getting warmed up. I can't wait to show off what we've got coming in 2022. It's gonna be awesome. All right. Well, thanks very much, Geoff, and I hope, hopefully that's given everybody an insight into what's going on, in the world of people building incredible gaming PCs. The next thing we want to talk about is streaming and content creation. Now, we first started looking at this in 2017, around that time. Back then everyone was thinking about streaming as a label. Now we've morphed into calling that content creation. We realized that was a growing segment, and that's what people were starting to spend money on and what was happening. We looked around to see who was in that space, and we came across a company called Elgato, and it was very clear when we started talking to them that they were the best experts in that. Elgato at the time was doing multiple things, but we ended up buying from Elgato their gaming division, and brought the name with it. That was run by a gentleman you're about to hear from, who's now our GM of Elgato inside Corsair. Just to give you a sense of how that's doing, Elgato was a fairly small company when we bought them. They now represent about a third of our revenue in the peripheral space, and certainly it's the fastest growing part of our company. I think when you hear what Julian has to tell you about the products, you're gonna see why. All right. With that, I'm gonna introduce you to Julian Fest, who's our SVP and GM of Elgato. He's been with Elgato for over 10 years. We bought the company in 2018. We've now completely integrated them into our company. We use all of our sales and marketing network. It's been a great success together. With that, over to you, Julian. Thank you, Andy, for the introduction. Hi, everyone. Apologies if I sound very congested. I've got a bit of a cold going on, but let's dive in. As Andy mentioned, we've seen pretty phenomenal growth at Elgato over the past years, and that's down to a few reasons. One, I would say is that we've been laser-focused on this demographic of content creators for 10 years now. Really before the term content creator even existed, or definitely many years before most other companies in consumer electronics were designing for this use case. Secondly, the installed base of content creators has been growing organically for over 15 years now. I'd like to just zoom out a little bit and give some context as to what's been happening. To me, it really all started in 2006 when Google acquired YouTube, and through that made it super easy for anyone to upload their own videos to the internet, but then also for anybody else in the world to view those videos. Another watershed moment in the space was in 2014 when Amazon acquired Twitch, which at the time was focused exclusively on live streaming of gameplay. In 2018, another major tech player threw its hat in the ring when Facebook launched Facebook Gaming, which is focused almost exclusively on individual content creators. Now, a huge vertical in all of this has been gaming. I'd like to share some numbers, just how big gaming content as an entertainment vertical is on YouTube alone. YouTube shared that last year, 250 million people were consuming gameplay-related content on the platform every single day, which is actually a staggering number. If you think about it, the number of monthly viewers is probably well in excess of half a billion people. Now, that massive audience is being served by currently 40 million individual channels who are uploading hundreds of millions of videos to the platform every year. Since then, user-generated content, especially in the form of video, has expanded far beyond gaming. Another watershed moment was, of course, 2020 with COVID and the start of lockdown rules and work-from-home orders, where whether we like it or not, most of us became content creators in some capacity. We spent so many hours per day on platforms like Zoom or Microsoft Teams, effectively broadcasting or live streaming to our colleagues, even our friends and family. People started to realize more and more that the tech that gaming creators have been using for so many years actually is really helpful. We saw our products end up in a lot of home offices all around the world. Last year was another huge milestone with TikTok becoming the most visited website in the world, which is significant because TikTok is video-only and is predominantly user-generated content. In that sense, social media has gone full circle. What started with text messages on Facebook and photos on Instagram is now 100% video content. Today, we're seeing user-generated video pop up on basically any major platform you can think of. Spotify recently introduced video podcasts, LinkedIn, Airbnb, Pinterest, all of these platforms now have creator programs to boost user-generated content on their platform. It's safe to say that today, content creators really are everywhere. At Elgato, we started catering to this group in 2012 with the launch of our game capture products, which very quickly established themselves as the gold standard for sharing high-quality gameplay on platforms like YouTube and Twitch. Since 2017, we've then launched at least one major new product category every year to the point where today we're really able to offer a full production ecosystem with which anyone is able to build basically a mini TV studio inside their home. Let me give you an example of what that looks like. What you see here is pretty representative of what a high production value Twitch live streaming setup would look like. Now, in this case, this customer would have close to $1,000 of Elgato peripherals in the setup, ranging from the lights to the camera, to the microphone and its accessories, and the control unit, which is the Stream Deck sitting under the monitor here. Now, we focus a lot on purpose design in our hardware to create maximum value for our customers in their workflows. I'm not gonna run through all of these products, but to give you a couple of examples, if you look at just the lights, they're built to be super space-saving. They're built to never get hot, even at very high brightness. They're built to be very easy on the eyes, so if you live stream for, let's say, six hours at a time, the lights aren't gonna be an issue. The same goes for the camera. We opted to remove the microphone from the camera altogether because we know our customers don't really need it. They favor quality, so they invest into a dedicated microphone. What we did invest was, for example, into a lens that's about 10x the size of most other webcams' lenses because our customers care about video quality and visual fidelity. The hardware is great, and I think we've become really, really good at understanding our customers and really designing solutions that fit their workflows. What ties it all together is the software that we develop alongside. To give you some examples, if you buy Facecam, which is our first webcam that we launched last year, you get access to a software called Camera Hub, which lets you control every setting of the camera manually and in detail. It even gives you access to settings like shutter speed and ISO, which prior to this were simply not available for a webcam. These were settings that were reserved for professional high-end DSLR style cameras. Another example would be Wave Three, our USB microphones. When you buy this microphone, you also get access to our Wave Link software, which is effectively a full on digital mixer that allows you to control up to nine individual audio sources. Now, this is important for a few reasons. For one, content creators tend to juggle a lot of different audio sources. Could be your voice as one, maybe your friend's voices through Discord as another, maybe music through Spotify, then your gameplay and a bunch of other audio sources. As a creator, you need to balance these audio channels for what you yourself hear locally, but then also separately from what your audience hears, because you generally don't want them to hear exactly the same thing. Keep in mind that a content creator is usually a one-man show, so it's one person that's the actor, director, and producer. For us, our biggest priorities is designing solutions that allow this one-man show to focus on their audience while retaining the highest quality. We've really seen this show through the fact that half of our customers already own two or more Elgato products. Now, one product in particular I'd like to spend a little bit more time on is Stream Deck, which is the little controller that's sitting on the bottom right of this setup. To start, we're gonna show you a little video of what our customers say about Stream Deck and how they use it in their workflows. The Stream Deck is probably one of the hottest streaming products you can buy right now. When I push this button, it not only opens Zoom, but it starts my personal meeting room. That we have the cam zoom, which just zooms in really close on my face for dramatic effect. I really do think that this is one of the best pieces of kit you can get. I use this specifically in my stream to do this right here. I don't have to do it manually on OBS itself. It's all right here from a click of a button. I play all these funny sounds like it's not exactly a secret that the Elgato Stream Deck is one of the most useful pieces of equipment you can buy for your live stream. It's so much more intuitive, and therefore you get stuff done a lot quicker. Just like that. Now press that. Zoom extended. It's so, it's so satisfying. I will go to my Stream Deck, and of course I'll hit my sell. We've barely scratched the surface of what the Stream Deck is capable of. Bye. Have a great time. Stream Deck is really a great example of how we combine hardware and software to unlock truly unique functionality. I think you saw from the video how unique the hardware itself is. It's effectively a keyboard where each key is an LCD screen, which means you can customize Stream Deck to fit your specific workflow, and it gives you visual feedback in real time every step of the way. But what really unlocks the true potential is the software. For one, Stream Deck sits at the center of our own product ecosystem because it interacts with our audio video and lighting solutions. For example, I could press a Stream Deck button to turn all my lights on, a separate button to change the brightness on all of them. I could press a button to record the last 10 minutes of gameplay during a session with ease, meaning I don't have to switch, software or Alt+Tab out of my game. Where Stream Deck really shines is in the way it interfaces with all of the other apps, platforms, and services creators use on a daily basis. To that end, in 2019, we launched the Stream Deck SDK that enables anyone to natively integrate their apps or services with the Stream Deck platform. While Stream Deck started out with a clear focus on live streaming, today our customers are using it for far more. We see people using it to control their lighting or even their entire smart home. We see people controlling music playback, and a bunch of other creative applications. Video editing in Adobe Premiere, music production in Cubase, even game design in Unity, and office and productivity apps like PowerPoint, Microsoft Teams and Zoom. For example, right here in Zoom, I could control basically every aspect of the meeting. I could control my mic mute, show and hide my camera, end the meeting, start my screen share, record the meeting, et cetera. Now, we've seen the success in how customers are adopting Stream Deck in the sales velocity. Just recently, we reached a massive milestone of 1 million units shipped since launch. Actually we think we're just getting started here when we look at the excitement that new customers bring to Stream Deck, and just how important this device is becoming in people's workflows because it makes things easier, it makes things more intuitive, and it simply makes things more proof to failure because you're simply pressing pictures at the end of the day to execute really complex actions. To summarize, we're pretty excited about the opportunity ahead of us. Content creation today is everywhere. It's expanded far beyond entertainment into education and even into our professional lives. At Elgato, we already have a full production ecosystem in place today that caters both to new and existing creators with Stream Deck at the core. We've seen Stream Deck become an increasingly important component of creators' workflows. We've also seen it as a great opportunity for us to upsell and cross-sell other products and services. We're setting ourselves a very ambitious goal to ship 5 million Stream Decks over the course of the next four years. Beyond that, later this year, we plan to add another layer of value to our customers with the launch of an Elgato Marketplace that will make producing high-quality content even easier and more seamless as we roll out digital goods and services across our range of products. With that, I'm going to pass it back to Andy. All right. Well, thank you. Thank you so much, Julian. Very excited. Hopefully, everyone in the audience can see how excited we are about, firstly, the fact that we teamed up with Julian and Elgato, three years ago, but just what's happening in this creator market. I think that I just sort of underscore some of the details to sort of bring this together for you. Most of the Elgato products that we sell have ASPs in excess of $100. Most people we see using multiple devices, and suddenly, if you bought a Stream Deck, you'd likely have other devices. If you think about selling 5 million Stream Decks and what those content creators could also buy from us, you can start to do the math and figure out what a great opportunity this is for us in the future. Now, we're gonna move on to gaming peripherals now and in a few minutes. I think the first thing to tell you about gaming peripherals is that we focus on products that make a difference for gamers. We're not thinking that we're gonna rule the world in making $30 headsets for kids. We are making high-end gear. As you heard from Geoff earlier, some 35%, a little more actually, of our gaming enthusiasts end up buying our peripherals. A lot of that is because of our wonderful iCUE software. We make products that are suitable for PC enthusiasts, people that are quite happy to pay $100 or $200 for gaming gear that has got the right features and makes a difference. This really underscores it, I think. When you look at the market share, and this data is from January through November, it's the last data we had. What we're showing you here is for keyboards and PC headsets, which is our two best individual product lines, what our market share is overall, and then what our market share is for products that are over $200. It's very easy to see where we excel. You know, the reason for that is, of course, because of our heritage, because we're making products for that set now, that set of people. Now, I wanna underscore that what we saw in 2020, while the number of new gamers didn't increase a lot, the number of hours played did, and the number of new hardware buyers increased a lot. In 2020, we saw a huge number of people rushing in and buying products. If we take headsets, for example, I studied this in a little bit of detail. An awful lot of $30-$50 gaming headsets were sold, presumably to new first-time buyers of PC peripherals. The market ASP didn't go down. That's because there was an equal number of people upgrading to more expensive headsets that perhaps two years ago, bought a $50 headset. This is what we continue to see. We believe that this surge in activity in 2020 of first-time hardware buyers, we're gonna see them come back in 2022 and 2023 buying an upgrade into more expensive and more full feature products. Now, I wanna share with you some of the technology that we put into our products, and there's really four I think that are worth talking about. SLIPSTREAM was a wireless technology that we developed a few years ago. If you go back, let's say, five years and talk to any serious gamer, they would say, "We're never gonna use any wireless products. Too slow, too much lag, too much latency." We developed a wireless technology with between a half millisecond and a millisecond latency. It's a very clever technology. It wasn't easy to put together, but it was groundbreaking in terms of showing that you could actually have a wireless mouse or keyboard that acted exactly the same as a wired product. AXON is something we introduced on our latest flagship keyboard, where we've actually now put a processor or an operating system on the keyboard so that it can operate independently. That means once you set it up with whatever macros or whatever settings you want, you can take that to a different computer, and it's gonna run with all those settings. The third thing is that we have a partnership with CHERRY. We started, I don't know, back in 2014, we launched our first mechanical keyboard. We realized at the time that Cherry made the best mechanical keys, and they've been a great partner, and I think we really brought the combination of mechanical keys and RGB technology to the gaming world with our initial K70 launch. Lastly, CAPELLIX. This was a pretty good investment we made with a partner in Taiwan, where we have developed a micro LED technology, and that allows us to pack a huge amount of LED elements into a small space, several hundred per square inch. This has been incredibly useful for us to develop wonderful RGB experiences on things where there's not much space, like memory modules. The nice thing about these micro LEDs is that they're not only a little bit brighter, but they're more efficient, and so you can really, really get a great experience. If I just go through the timeline really quickly of what we've brought to the market, I think the most iconic product that we launched over the last seven or eight years in peripherals is the K70. That's a, you know, product where we took our existing mechanical keyboard with Cherry keys, and we managed to integrate RGB LEDs and control using our iCUE software, independent control for every single key, together with the classic Corsair design of a super rugged keyboard and these mechanical keys. That really took the gaming world by storm. In fact, we had even people like Ninja, who, as many of you know, is one of the most famous first-person shooter players, use this. We'd actually never even paid him, but generally, you have to pay people like Ninja to use your products. He just used it because it was the best product on the market. We followed that up with our M65 mouse. That was our first first-person shooter mouse with a dedicated sniper button. These products really resonated with gamers that were competitive. In 2015, we launched our VOID headset packed with audio quality. In 2017, we upgraded the K70 to K95. In 2019, we launched a very special headset for us, the VIRTUOSO, and this was taking an audiophile-type headset with huge drivers, broadcast-grade microphone, and packing that into a headset. We priced that today at over $200, which is a very unusual price point for gaming headsets, and we sell a lot of them. People love that product. In 2020, most recently, we've launched K100. That's another upgrade from the K95. That's the one with AXON technology, has CAPELLIX lighting in it, fantastic keyboard. We've actually introduced that with both mechanical and optical switches. Lastly, the latest thing we've launched in wireless mice is the SABRE Pro. That's a fantastic mouse. Of course, we also recently bought a company called SCUF Gaming. This was about a year ago, which makes super high-performance gaming controllers. We've just launched very recently both upgraded and new controllers for both the new Xbox Series X and S and the PS5 platform. That's what we've been doing with products. Now, we're gonna continue to develop technology that allows gamers to make a difference. As I said before, our focus is on PC enthusiasts, people that are spending, you know, several thousand dollars on their gaming hardware, that want really good peripherals and really good technology. We think that as the market evolves, all the new gamers that are starting to learn that decent hardware makes a difference are gonna continue to upgrade and start buying our peripherals. Now I'm gonna move to the third pillar of our growth. Remember, we had three pillars. One was market growth, which we showed you. The second was market share, which I think when you listen to Geoff and listen to Julian at Elgato, you can see why we're gaining market share so quickly. The third one is new categories. We've introduced a number of new categories over the last couple of years, so I wanna just spend a few minutes on each one of those. The first thing is pre-built gaming PCs. Now, up until 2017, we just sold components. We realized at that point that we made so many different components that we could probably make an amazing gaming PC. We set about making the Corsair One, which was sort of an experiment, to see whether we could make a gaming PC the size of a graphics card in terms of depth, still with the same performance, and then cool it with liquid cooling technology, and we managed to do that. It's an amazing gaming PC, very expensive to build, packed full of technology, and it's fantastic. We later realized we won so many awards for that PC, and we still sell that today in volume. We realized that what a lot of people actually want is a PC more like you see on the right of the page here, that looks like they built it themselves, but they want us to sell it to them. We have a line called VENGEANCE PCs, which is PCs that have got all the iCUE components and iCUE software preloaded, and then we sell it as a finished product. Lastly, a couple of years ago, we bought a company called ORIGIN PC. We searched around for a custom PC builder, and they wanted to join our team. They make a complete custom PC for you. We're talking you spec exactly what you want, pick paint colors, and I mean, they build PCs where people spend $10,000 on getting the ultimate setup. ASP about $3,500 over at Corsair iCUE. It's a very big TAM, obviously, in terms of the whole market. We are focused really on the $2,000-$5,000 market. That's where we exist. We're making really good headway. This is a really high-growth area for us. Second thing is microphones. You heard from Julian Fest earlier about our microphone. It's a great microphone. We designed it from the ground up for content creators. We brought this out at $149. This is a high price point when you can buy a simple karaoke microphone for $20 or $30. We've done really well with this. Already in the first 18 months, we've picked up about a 5% market share in the U.S. and Europe, and we're continuing to gain ground. Obviously, we're gonna follow this up with other microphones. TAM here, anywhere between $500 million and $1 billion of opportunity. Streaming cameras. This is something we just launched this year. We've got an amazing camera. Funnily enough, internally, our code name for this was Not a Webcam. It's interesting that most people have just picked up standard webcams in the marketplace to do streaming, but they're just not designed for that. We again designed this from the ground up. This has taken off really well. $199. Again, you can buy a webcam for 30 or 40 bucks, but not one that does high quality 1080p, 60 frames a second with great video clarity, as Julian explained to you. We're now up to about 4% market share just after six months for USB cameras over $60, and continue to see great progress. As I said, obviously, this isn't gonna be the only camera we ever make. Then lastly, monitors. This is our most recent thing. We launched this a few months ago. Clearly everybody that plays games on any kind of desktop has a monitor. People that play games a lot like monitors with amazing, you know, amazing clarity and capability. We've launched this 32-inch very high refresh gaming monitor. One of the things about gaming is that whereas when you watch TV, it's 30 frames a second, the gamers, the world starts at 60 frames a second, and most people wanna go up to 100 and 200 frames a second. That's for that, you need a really good monitor. This is not a $100 monitor. This is a $799 monitor. It's selling very well. Again, we're not gonna be in the business of selling millions of $100 monitors. We'll operate at the high end for people that really care about making a difference. Lastly, we'll talk a little bit about controllers. We entered this market by buying a company called SCUF Gaming. Now, game controllers for consoles is a slightly different thing. What we noticed was that, yes, there's a lot of kids using consoles, there's a lot of people buying $50 controllers. In the world of competitive gaming, we noticed that when we looked at people in the esports arena for consoles, they're all using these consoles with extra paddles on the back. They're all tricked out with custom triggers, and most of them were coming from SCUF Gaming. And if they weren't, they were coming from using the Xbox Elite, which is actually a licensee of SCUF Gaming because SCUF invented this whole concept of paddles. We have a very big patent portfolio, and Xbox is one of our licensees. We just launched both for the new Xbox Series X, a controller for that, and we also just launched our new controller for PS5. The other thing that's great about SCUF is the direct involvement with customers. Virtually all their sales are direct to consumer. Then lastly, service revenue. We have a big installed base. I mean, we've sold well over 120 million things to customers over our lifetime. We sold almost 30 million units this year in 2021 alone. Big growing customer base, and we do think there's a lot of services we can offer them. You've heard Julian talk about Stream Deck Marketplace, customer care and extended warranty we launched this year. These are obvious things for us to do, especially with the high-end systems. People wanna get some more assurance with service and warranty. These are obviously very profitable parts of the business. We bought last year Gamer Sensei, which is a coaching company which connects coaches with gamers. We think that's massive potential. It's still a work in progress. It's gonna take many years for this whole part of the business to build out. We're seeing a lot of interest from you know, competitive gamers that wanna go into esports, schools that wanna help digital athletes go into esports. We're really excited about this part of the business. All right, well, now I'm gonna move to sales and marketing, how we're gonna market. For that, I'm gonna introduce Adrian Bedggood to you. Adrian has actually been with the company for 10 years in various sales and marketing positions, and then recently we promoted him to VP of Corporate Marketing. Adrian, over to you. Thanks, Andy. I'd like to just spend a few minutes taking you through how we go to market and engage with our customers across the world and in different marketplaces that we operate in. Hang on, let me just go back a slide there. We've built this brand over 25 years. It's a brand that's known for top performance and high-quality products. We have a very loyal customer base, the vast majority are enthusiasts, whether they're gamers or PC builders. I guess for those of you who are not that familiar with this marketplace, it's a little bit like the mountain bike market or the golf market or even the custom car market, where customers are in a community, they're wanting to share data, they want to research and find out what's going on, but importantly, they're trying to maximize their performance. Our customers are a very loyal customer base, and that means we have a very efficient way of reaching them. Our marketing machine allows us to spend dollars efficiently and maximizing the engagement. Our fans, they love us, frankly. There's a sense of belonging within the Corsair community, and they're proud of the Corsair products that they own. As we see the trend for customization and personalization, as we see that increasing, they love to show off their rig and their setup with their friends and families and through their communities. Actually what we end up with is, with our customers, they're evangelists for us, and they're starting to, you know, to share the Corsair brand. That leads to a very strong brand loyalty. A recent survey that we received from DFC, it shows, you know, that the Corsair brand, our customers are extremely loyal. We're right up there with NVIDIA, Intel, and Microsoft. Our customers that own some of our products, they plan to buy again in the future. We're very proud about this, and it just shows what a loyal set of customers that we have. Now we have a large social footprint, huge reach, and high engagement across the world. Whichever platform customers choose to engage in, we're there to talk to them on a regular basis. We have a large worldwide footprint. We also have a strong relationship with the professional review sites. Remember, this is where people will go and research and find out about product and learn what's going on. We have an impressive base of influencers around the world who are talking to their followers and sharing the latest tips and tricks from Corsair and our portfolio of products. Now, earlier on, we heard Geoff talk about iCUE and how we use that to unite all the hardware within the portfolio. Well, we've taken that a step further, and we've created worldwide partnerships with game studios. As you'll see in the video playing, what that allows us to do is have lighting react to what's going on in the gameplay. Whether that's a change of environment or whether it's action within the game, it allows the consumer to completely immerse themselves in the gameplay and elevate the experience for them. By having premium hardware with premium software, it completely elevates the gaming experience for the consumer. Our most recent integration is with the Far Cry franchise. Their latest game, Far Cry 6, was launched at the end of last year, and we had a strong partnership with Ubisoft, where we're able to showcase iCUE in all its full extent. Now, we're unique in this situation because we're able to bring everything together, whether it's a mouse and keyboard or the components within the gaming rig, and even the desktop ambient lighting. It brings everything together and allows a complete experience for the consumer. Now we've built an established global sales force, which is covering 90 countries. We have strong relationships with all the major retailers. Strong relationships with retailers like Best Buy and Amazon in North America, Dixons in the U.K., MediaMarkt in Germany, and they're servicing 23,000 storefronts. We've created a multi-channel approach, and whether it's online or in-store, we've developed a model where we can successfully roll out as we further expand. In regions like Asia and Latin America, we're gonna be able to roll out and increase our footprint with the model that we've developed. We've got a very healthy channel which is growing nicely. As we develop a more direct relationship with our customer, it allows us to upsell. With the recent acquisitions of SCUF and ORIGIN PC, we've expanded our footprint. With the ability to talk directly to consumer, we can sell more specialized products and upsell and increase the basket size. I hope we've demonstrated our ability to go to market by consistent growth over the last few years. We have a very strong high performance brand, a loyal customer base in which we engage with every day. We're gonna continue to invest in marketing, staying ahead of the latest consumer trends that we see in the marketplace. With that, I'm gonna hand you back to Andy. Thank you very much, Adrian. Let's talk about what we are planning to do for the next few years. We set ourselves an internal goal of $3.5 billion by 2026. We didn't just do that by pulling a number out of thin air. We've actually developed a pretty good model. We've looked at all the market data, we've looked at our progression in market share, we've looked at all the new categories we've moved into, and we think this is pretty achievable. Now, let's get into some little bit of detail of that. Firstly, on components and systems, which is 2/3 of our business right now by revenue, and as you saw about 55% by margin. We expect the overall market to grow at historical rates. We're not talking about 2020 surge or Fortnite surge. When we look at the last 10 years of activity and see what's happening in gaming, we've got a pretty good idea of how the market is growing and how new and how gamers that are casual gamers are moving in to learn how to buy hardware. We model the gaming components market to grow by 6%-8%. As you can see from the data I showed earlier, that's more conservative than the data we're looking at. We do expect to continue to grow market share. We've shown you this trajectory. We're modeling 1% a year. Obviously, that's less than we've managed to achieve in the last few years, and that's mostly because of iCUE and brand stickiness. We also expect that we're gonna continue to grow very quickly in the pre-built systems area. Although we are, you know, in a small part of the market, in the $2000-$5000 ASP, that market is growing very quickly and our market share is growing very quickly. We expect that to grow at 20%-25% a year. Now, if we move over to gaming and creative peripherals, gaming peripherals, we expect to continue to grow at 20%. We showed you in the last few years, it's more like a 27% CAGR. We're using 20% in our model. We expect creative products to be a little bit higher, and that's of course, because we've just jumped into brand new markets, microphones and cameras, and you've seen what's happening. We showed you the unit growth graph of Stream Decks, which is exploding. Also, of course, we've got a Stream Deck marketplace starting in 2022. The other thing that we've noticed in creative products is that, remember Julian mentioned that all of us have become creative in some way as we're involved in things like this, video conferencing. We've seen a substantial B2B interest around creative products as well in terms of lights, cameras, microphones, et cetera. In terms of service offerings, look, those are all growing very quickly, but it's a very small base. I think given the revenue we're at now of around $2 billion, we're gonna see good growth, but that's not gonna affect the overall number that much for a while. Lastly, I'd say, look, we've closed eight acquisitions in the last few years since 2018. Six of those are revenue bearing, two of them vertical integrations, and we're gonna certainly intend to pursue more. In fact, we look at options all the time. But we haven't loaded into our models any big, you know, $500 million revenue acquisitions or anything like that. It's all organic growth. All right. With that, I'm gonna move over to financials and introduce you to Michael G. Potter, who's our CFO. Joined us in 2019, so he's been with us for two years. Michael, over to you. Thanks, Andy. Andy, Geoff, Julian, and Adrian just reviewed our key markets and why we're winning in them. Our products and our teams continued to perform well in Q4 2021, and we finished the year at approximately $1.9 billion of revenue. That puts us in the top end of the revenue guidance we gave. We saw strength across the board in Q4, and the quarter ended strongly for us. For 2022, we're expecting revenue to be in the range of $1.9 billion-$2.1 billion and expect year-over-year growth to be concentrated in the second half of the year. This is driven by two main factors. Expected GPU availability improving as the year progresses, and a very strong first half of 2021 that had stimulus checks and work from home. We'll discuss the details of our finish to 2021 and our 2022 guidance at our earnings call on February 8th after the market closes. Andy introduced our internal target of $3.5 billion revenue by 2026. This is based on both our estimates of our future success in introducing new products and outside analyst predictions of overall market growth. We assume a few small tuck-in acquisitions in that number would occur, but no large material M&A. This represents about a 13% CAGR over the period, which is supported by our expectations and external expectations for the markets we compete in. As we've said in the past, we expect a higher margin gamer and creative peripherals segment to grow as a percentage of our revenue, and this should lift our overall margins. We expect to continue our investment in marketing and product development to support our hope for revenue growth, and believe that long-term EBITDA margins should be 13% or higher. Finally, the last two years have marked the transformation from us being a highly levered LBO to a company with very reasonable leverage levels and debt costs. We've reduced debt by over 50%, and the cost of the remaining debt is down about 85%. Our net debt to EBITDA is about 1x, and we're comfortable at this level. We expect to use cash we generate for working capital to support our expected growth, M&A transactions should they make sense, and further debt reduction. We do have the option of converting our term debt into a larger revolver if we pay off the term debt, which should maintain our full financial flexibility and liquidity. Thanks for attending, and I'll turn it back over to Andy to open up the Q&A session. As we explained in the beginning, please type your question or a summary of it, and we'll unmute different people to ask their questions. Andy? All right, thanks. Well, I think Ron is gonna act as question master. I think we're gonna see live questions coming up. Yeah, we'll wait a moment for people to type in some questions. Andy, there's been a couple of questions around Corsair's plans, perhaps to move into VR or how it would play or tap into the metaverse. Yeah. Let's talk about that for a second. It's funny because the metaverse is something that's a label that applies to so many different things. These days, you know, people talk about metaverse just for gaming. I think most recently after Mark Zuckerberg put out the video when he changed the company then to Meta, people have started thinking about metaverse as a VR experience. VR is still very early in gaming. I think you know early enough that you know it's only a few million units shipped compared to the installed base of gamers that we showed you of multiple billion. I think that it's too early to say whether VR goggles will be something that every gamer wants. Certainly I would say in the hardware space because we're so prevalent, everybody with any VR technology comes and shows it to us. In fact, we looked at an incredible demonstration just a couple of days ago from a company. I think any solution that looks good and if the market starts to really connect, so you know, VR becomes a main part of gaming, then obviously we're gonna jump right into it. Now I think the other part of the metaverse is really watching how people are starting to socially interact in a digital way inside games. We've seen this, you know, notably in Fortnite and Roblox for example. I think there you have to think about if the world gets to a point where everybody has their own avatar, then they're gonna have to create it digitally. That's right along the lines of what we do with Elgato. In fact, one of the acquisitions we made last year with a company called VBI that does exactly that, help people create their own digital persona. I think that with the fact that anything that makes games more immersive, which obviously Fortnite and Roblox have done, creates gamers to spend more hours playing. That tends to drive them to buy hardware, which of course we make a lot of. I think that's really the way to think about the metaverse. One thing is clear. None of us can predict the future. You know, before Fortnite came out or before PUBG came out, no one was talking about battle royale as the next big thing. We'll have to see what actually plays out and what becomes effective. All right. We've got a question from Drew Crum. Drew, you have to unmute yourself. Can you guys hear me? We can. Okay. Yeah, good morning everyone. This is maybe for Julian and Andy. You mentioned that with Elgato you've launched a new product category every year since 2017. Can you talk about the product pipeline? Have you exhausted all categories native to streaming or are there any white space or holes in the portfolio that you can address going forward? Thanks. Well, yeah. Great question, Drew. Julian, do you want to have a stab at answering that without revealing too much about our new product pipeline? Sure. I think there's different opportunities here. I mean, we've spent the last years going really broad and so I do think we have a huge opportunity to just focus on the various categories that we're in. That's part one. The second part is, you know, we've been doing this for 10 years and our customers are some of the most creative people in the world. They come up with new things, new ideas all the time, which requires solutions to problems. I think one of the things we've just become really good at is working with the community to understand their problems and to then develop solutions for them. This is going to keep happening. Some of the stuff we see already and have in our pipeline and some of this, I think will just play out over time. Yeah. Just to give you some further thoughts on that, Stream Deck, which is, you know, one of our most successful products, we now have, I think, three versions, maybe four, in terms of different sizes and price points. We've introduced one camera, two microphones, and obviously, you know, the people that are the biggest players in that space have a lot more than one product. I think expanding each product line is the obvious thing that we're gonna do. We talked about the marketplace, where we start to be able to sell, you know, software solutions, digital solutions, as well as hardware. All right. Next question is from Drew Crum. Again. Sorry. Again. Okay, thank you. No, sorry. It flipped around on me. I meant to say, Rahul, I think. Oh, thank you. Yeah, morning, guys. Thanks for the question. I was curious about China. I noticed that more people in China are building their own PCs. I'm just curious, Andy. Maybe you give us a little update on how you see China going right now. You know, what you're selling there, how that market develops for you over the next couple of years, you know, and how it fits into this $3.5 billion target. Yeah. Well, China has been one of the fastest growth, let's say, over the last 10 years, one of the fastest growth areas. It is a tricky market. The reason I say that is that, you know, what tends to happen in China for the bulk of the gaming PCs is that people buy an expensive graphics card and then wrap around it some very low cost components to build a PC. So it's an ASP challenge market. That's the first thing. The second thing is that there's very much a blurry line between what we call self-built, where consumers are building it, and small shops that will build what a customer wants, where you can go in and buy components, and then the shop builds it for you. In that market may be one where the customer says, "Look, I just want a 10, you know, 37 graphics card, build me a gaming PC with lots of lights." Then the shopkeeper decides what he's gonna put in there, and mostly from local brands. I think, you know, it's a, it's more than a $100 million business for us in China, so it's not insignificant. Right behind that's India. We've got, you know, parts of the market with, you know, huge populations, a lot of them playing games, but as I said, very ASP challenged. We really have to wait for the market to develop a little bit in terms of people having the ability to spend a few hundred dollars on peripherals or components, you know, before we can have the same sort of market share as we have in the more developed countries. Okay. I don't know if I can ask another one, but I will if you'll let me. It's up to Ron. Okay. Just curious, I mean, I don't know if anybody knows, but you've been around that, you know, component world, semiconductor supply chain for a long time, have a lot of experience. Just wondering what you think, you know, what you're seeing in terms of supply out there, GPU supply, et cetera. Some of the big PC makers have started to talk about things turning the corner, but I'm just curious what you're seeing and observing. That's a great question because it makes a huge impact on what builders PC self-builders need to do. I think the first thing I'd say is that in general, the semiconductor shortage is generally gonna be much better in second half of 2022 than first half. I think for GPUs, which is really our biggest issue now, not that we buy a lot of GPUs, but our customers do. We see Intel coming along with offerings in the middle of the year. We think there's different solutions for Bitcoin cryptocurrency miners to use. That's really what's causing the biggest issue right now is the fact that so many crypto miners are using graphics cards, and NVIDIA really wants to limit that usage. The amount of graphics cards that get shipped into the channel is very constrained. I think that'll normalize itself by the middle of the year. That's what it looks like. Certainly, things are getting a little bit easier, but they're still pretty expensive. The second thing is that, look, I think people get used to it. We already showed you some of the ASPs. I think for serious gamers, no one wants to spend $1,500 on their graphics cards if last year was $1,000. The fact is that if it stays at $1,500, eventually people are gonna get used to it and keep upgrading. I think the rest of the semiconductor shortage, you know, we've sort of overcome by inventory. Obviously things that used to be on eight weeks lead time for us and a lot of the microcontrollers that we use in our headsets and keyboards, now some of those lead times are 24 weeks. We've just had to increase stockpiles of them as everybody else has. You know, we don't wanna not ship a $200 keyboard or headset just because we're short of a $1 or $2 semiconductor. That has largely taken care of itself and will continue to get better. Really, I think as we move into 2020, the biggest issue that's hampering the market and our revenue is GPUs, and we expect that to be over in the middle of the year. Great. Okay. Thanks a lot. Appreciate the time. Thanks. Question is from Mario Lu. Great. Thanks for the presentation today. It's very insightful. Question more on the long-term guidance revenue of $3.5 billion by 2026. I was wondering, you know, how much, if any of that is coming from non-gaming verticals. I know you guys mentioned for Elgato, you know, there's content creators on, you know, other platforms like Spotify or TikTok. Is that all upside in terms of, you know, the guidance, or is that $3.5 just, you know, purely the core business? Yeah. Well, firstly, let's not call it guidance. This is our internal goals, and we're just sharing our models with you. We're guiding for next year, not five years out, but we just want to give you an idea of what happens if you use the existing market growth rates and put them in a spreadsheet and roll them forward. Now, the answer to the specific question is we haven't loaded any, you know, incremental chunks of revenue for new markets. This is existing markets, existing product lines. You know, obviously we're loading in, you know, what we know we're gonna introduce in the next year. Yeah. The answer is we would expect to do a little bit of B2B revenue, but again, at the scale we're at now, it's not gonna make a huge difference. We're not planning to have a $500 or a $1 billion-dollar division of B2B anytime soon. If we do, it will be incremental. Got it. Thanks, Andy. If I could ask one more on the prebuilt system. You guys mentioned, you know, the expectation is to gain market share. I was just wondering, you know, the 20%-25% growth. I think, you know, right now, as you guys said, GPUs are expensive, right? So there are some subset of users that are buying these pre-built PCs just because, you know, it's the easiest way to get that GPU. Has that been a tailwind? You know, how do we extrapolate that versus that 20%-25% growth? Yeah, that's an interesting question. I think it's certainly been a tailwind. Our prebuilt systems have actually grown a lot more than the future growth rates that we're showing you. We had a huge growth this year, and some of it clearly was because people made that switch. You know, interestingly, I was actually on Reddit the other day, sort of reading some threads. I don't think a lot of people that build gaming PCs are suddenly gonna switch over and get a prebuilt one just to save a few hundred dollars on a GPU. I don't see that happening. There's a lot of people talking about why they would never do that. I think in general, the fact is that the market is growing and more and more people wanna buy a PC platform, and they just wanna make a choice. You got to remember, you know, we have a very large business in components and a relatively small business in, you know, in prebuilt, and at all roughly the same price point. Remember, most of the people that buy our components are building $1,500-$2,000 machines. We're not selling components to people that are building $700 gaming rigs. I think there's a lot of room in our market to grow. Got it. Thanks, Andy. All right, next is a question from Franco Granda. Hi. Good morning, everyone, and thanks for the questions and thanks for the presentations as well. They were very informative. Just I wanted to dive in a little deeper on the announcement of Elgato Marketplace. Do you view this as a monetization kind of tactic or a quality of life feature for existing users? Well, I think the answer is both. Julian, do you wanna comment on that some more? Yeah. It's definitely both. What we see today is that there are a growing number of third parties that are already developing for Stream Deck, and the problem that they have is distribution. We have the distribution, and we wanna make that accessible to these third parties that are building great content, whether it's native plugins for Stream Deck, whether it's profiles for specific apps. For example, there's a small company that has built profiles for, you know, basically any creative app that you can think of from the entire Adobe range to DaVinci Resolve and all kinds of other apps. We would like to give these kinds of developers an opportunity to monetize their products. That's the one goal with the marketplace. A second goal is absolutely to just continue to increase the utility of our products and to open up Stream Deck to more and more users outside of live streaming. All right. Great. No, thanks for that color. One more, if I may, just on iCUE. You mentioned that 35% of iCUE users go on to later purchase Corsair products. Do you have any insight into what percentage of iCUE users don't currently have any Corsair products? Sorry. Are you asking what percentage of iCUE users have no Corsair products at all? That's correct. Yeah, correct. Uh, well- My mistake. Yeah. Funnily enough, the answer should be zero. We do see or hear of people downloading iCUE just to look at it, but it really is a program that you buy to control Corsair products that have the iCUE interface. Unlikely that number is very high. All right. Thank you. All right. Next we have, Colin Sebastian. Hey, good morning, guys. Thanks as well from me. Two questions. One, in the streaming and content creator segment, we're just hoping you could talk a little bit more about how the competitive environment is shaping up there. I know this market, which you were very early to access, is certainly getting more attention. Then secondly, maybe for Michael, I don't think you talked about margins for next year. Any particular reason for that? Maybe you're just saving that commentary for the earnings call. Thanks. Actually, let me take the first part of the question, because we started to have a hard look at streaming, we obviously looked around at the whole market, who was doing what. I can tell you that the vast majority of gear that people were using for streaming was standard gear. Actually, no different than gaming was, you know, 15 years ago. People were just using standard headsets and mice. That's why we picked Elgato, because we saw that they had dedicated equipment that was designed specifically for this use case. When we look across the competitive area, I think everybody is trying to tune up their products. Obviously, there's companies that have got a heritage in, you know, making microphones from the music industry. There's companies that make a lot of webcams that you know very well. Those start to get used by entry-level content creators. We've seen a lot of these companies scrambling to upgrade their products to make them fit for purpose. We've been doing that at Elgato for 10 years. I think, you know, remember we said earlier in our components business that 25 years of experience really does matter. Having people inside the company that all they think about is content creation, that's what we discovered when we started talking at Elgato. When we looked around at some of the other companies that happened to be selling gear into the streaming market, we didn't find a lot of knowledge of the market or people that were excited about content creation. I don't know if that really answers the question. Obviously, any market that's big, people are gonna try and make products for it. But what we found over the years that what really makes a difference if you're successful, is how much you really understand about the market and how connected you are with the consumer base. That allows you to make products that, you know, connect and customers are gonna use and get more excited about. Now, the other question was a financial one, so I'll turn it over to Michael. I think he was asking about margins. The short answer is we're gonna talk about those sort of details, February 8th in our earnings release. It's pretty close to today's date. We really wanted to focus this presentation and the questions around our products and our positioning. We'll go over all the financial details and such, on the 8th when we do our earnings release. All right. Next, it's Doug Creutz. Hey, thank you. I'm just curious, we've had two, a big and a very big, merger announcement on the software side of the business in the last week and a half. Just curious on your take about whether that's, you know, good or bad for the trajectory of the industry, and then more specifically, you know, with regard to your business, do you see it as sort of good, bad or indifferent? Yeah, I mean, look, I would say the first thing is, I think it's great, and it's very clear. I mean, look, I'm getting on in age a bit, so I've watched, you know, how entertainment gets given to consumers over many, many years, and it's very clear watching the whole cable roll out and watching internet TV build that what matters is content. If you don't have content, you can't win. When we, you know, when we look at these big companies, whether it's Facebook, whether it's Microsoft, whether it's Google, if they wanna be a presence in the space, they have to have content. I think this was simply a play to get content, because it's very expensive and takes a long time to develop it. In the same way that Netflix, you know, has done a great job acquiring studios and building up content, this is what I think, you know, obviously Microsoft's doing. We'd expect to see, I would think more of this, as companies have got some sort of reach. I mean, think of Microsoft with, you know, all the different Xbox Cloud, Xbox Experience and consoles as, you know, a conduit through the consumers. They need content to give the consumer. That's, I think, that. As far as what difference does it make to us, if it helps advance gaming and have more people spend time gaming, then that's great. You know, our business is selling hardware to people that really enjoy immersive gaming. Anything that helps that, we applaud. Great. Thank you. All right. There's a number of questions that I've seen that really relate to our financial results that we're gonna cover in our earnings call on February 8th. Are there any other questions? Just in general, we see all the questions that are coming in. There's a lot of questions about freight costs, supply chain costs and such. We're noting all those questions, and we're gonna try and make sure that they're well answered when we do our earnings release in a few weeks. All right. I do not see any more questions come in. With that, Andy, any closing remarks from you? Yeah. Well, I hope you're as excited to hear all the fun things we're doing as I get to watch every day. Hopefully we've shown you a few key things. One is that we've got solid market growth. The market isn't cratering after people go out and spend their time in pubs and restaurants. In fact, just the opposite. We've got a new cohort of gamers now that have learned to buy gear. We expect them to be upgrading over the coming years. We do look into a healthy market. It's clear everyone's jumping into what they call gaming now. People start calling it metaverse. Yeah, the fact that all the big companies are starting to jump into this and provide better content, that's fantastic. As we showed you right at the beginning, half the world is gaming and ready to consume content, and we're there to help them be more immersive and play games better with our gear. All right. With that, I think we'll sign off, and thanks for attending. The recording has stopped.