All right. Well, thanks very much everyone for being here. I'm Colin Sebastian. I follow internet digital media, interactive entertainment here at Baird. We're honored to have, from Corsair, Gordon Mattingly, Chief Financial Officer. Thank you very much for coming. We'll start with a brief introduction to the company for those who may not be as familiar with Corsair. This is a company that I talk to a lot of investors about. Almost always the reaction after we go through the story is, "Wow, I didn't know the company was doing all of that." I think it's an interesting story for you all to hear. Gordon, thanks for being here, I'll turn it over to you for an introduction. Thanks, Colin. Morning everyone. It's great to be here. As you rightly just said, Corsair is really in the middle of a really meaningful transformation as a company. As Colin mentioned, historically, investors have really more thought of the company primarily as a PC components and gaming hardware business, which naturally carries some cyclicality to it, tied to GPU launches, memory pricing, consumer upgrade cycles, et cetera. That's still an important part of who we are as a company, but it's no longer the full story. The company today is broader, a high-performance ecosystem for gamers, creators, streamers, sim racers, PC enthusiasts, and increasingly prosumer and SMB AI workstation customers. Q1 was a great proof point of all of this. Our revenue was down modestly year-over-year, but our gross profit increased 13%. Gross margin expanded 500 basis points to what was a record for us for a first quarter of 32.7%. Adjusted EBITDA increased 58% to $35.8 million. This is the clearest evidence that the business is really becoming more profitable, more resilient, even when parts of the hardware cycle are under pressure from some of that cyclicality. Our strategy is really centered on three things. First and foremost, shifting mix more towards the higher margin gamer and creator peripheral segment, which contains Elgato, Stream Deck, Fanatec, shifting more to direct-to-consumer. Secondly, scaling our ecosystem and platform revenue through Elgato Marketplace and software-enabled workflows. Thirdly, maintaining discipline around operating expenses, inventory management, and capital allocation. Back to Q1, we also ended the quarter with near zero net debt. We generated really strong cash in the quarter, and we repurchased about $5 million of our own stock under our new repurchase program. The balance sheet now gives us additional flexibility to invest in growth while still being disciplined. That's the background of the story. That's great. Thanks, Gordon. For those of you in the room, feel free to send an email to the email address on your table, and I can ask questions on your behalf. Gordon, maybe sticking with the high-level transformation or transition that you talked about, mentioned revenues were down a little bit, margins are up, maybe help us understand the timeline for that transition to that ecosystem and how that may play out over time. Back to Q1, as you've mentioned, revenue down 4%. A lot of that was tied to global semiconductor supply issues. Despite that 4% down on revenue, our gross profit grew 13%, and we held our operating expenses flat year-over-year, which meant that all of that incremental gross profit dropped down to the bottom line, and we saw adjusted EBITDA grow 58% year-over-year to $35.8 million. The structural aspects of that performance are what I really want to highlight. We talked about briefly already our intentional strategy to shift more mix towards our higher margin gamer and creator peripheral segment, which carries naturally structurally higher margins. In Q1, the mix shifted from 30% a year ago to 35% in Q1. That's a structural shift that underpinned part of our Q1 performance. The second thing that we're really pushing on is direct to consumer. Direct to consumer a year ago was 17% of our mix. In Q1, we grew that to 20%. Obviously, again, direct to consumer contains structurally higher gross margin profile. The third thing really was keeping those operating expenses flat year-over-year, which allowed all of that incremental profit to drop down to the bottom line. I think the takeaways from Q1 is really underpinning that strategy, and I think we're looking to continue that shift, that mix shift, and transition in the coming months and years. Maybe from a gross margin perspective then, obviously there is the mix shift that happens. Are there any underlying changes in the gross margin profile by those individual segments as you transition to more services and recurring revenues and direct-to-consumer? Yeah. It's certainly interesting. If you look at the gamer and creator peripheral segment itself, probably the two fastest-growing parts of that segment, Elgato and Fanatec sim racing actually contain higher gross margins than themselves as categories. Obviously, Elgato is not just a point solution, it's part of an ecosystem tied to the Elgato Marketplace, which contains naturally higher margins, greater customer engagement, and basically a longer lifetime relationship with our customers. Those two elements of the peripheral segment have been growing quicker, and that lifts gross margin even within the peripheral segment. Then obviously, just the growth catalyst and the growth we've seen in Q1, 10% growth in that higher margin peripheral segment is an indication of the underlying demand. Maybe stepping back, you're relatively new to Corsair, but your background running a services recurring revenue business, what lessons are you bringing to Corsair as the company transitions to that ecosystem, to marketplace, to recurring, et cetera? A few things. I think to drive a successful recurring revenue model, you need hardware that users interact with on a regular basis. You need an ecosystem which is strong, that they have a willingness and a desire to stay in because you're demonstrating value. You need a content layer that adds incremental value over time. A perfect example of all of that is Elgato. Elgato Stream Deck is a workflow utility tool that people use on a regular basis. The Elgato Marketplace, we have increasing number of developers who are developing really, really cool apps for people to use with their Stream Decks. That itself is driving incremental value to the Elgato customer over time, and basically making the hardware more valuable. All of that's powerful ingredients for recurring revenue. If I stand back and look at the Corsair business, we have a lot of other things going for us that could be really powerful from a recurring revenue perspective long term. Volume. We have three to four million active users of our iCUE software already on a monthly basis. We have two million accounts on the Elgato Marketplace. That's already significant volume. Then if you think about how many hardware units we ship on an annual basis, it's literally millions and millions of units. If you can attach, through creating value for those customers, creating additional utility, if you can attach just a small portion to all of that volume, then you can drive meaningful recurring revenue. I think about it from a math perspective. Even if you just add together the two million Elgato accounts or the three to four million iCUE active users, if you can attach less than 5% of that, you would get 200,000 subscribers. If you can generate value for those subscribers, even charging them $5 a month at 80% gross margin, that would deliver $10 million of incremental EBITDA. If you think about it from a hardware perspective, how much more incremental hardware revenue would we have to drive to deliver that same result is pretty compelling. I think we have a lot of the ingredients on our side. Coupled with that, we have highly engaged, passionate customers. I think putting all of that together, there is definitely a lot of opportunity for us to drive recurring revenue. The final piece of it is the direct-to- consumer. We're increasingly, as you know, 20% of our mix in Q1. We're increasingly having direct contact with our customers, and that's super important for driving a recurring revenue relationship. With that data, with those recurring revenues, as you convert more to subscriptions, as you know more about the end user, for the ecosystem, in terms of cross-selling or creating more of a product flywheel, does that engagement drive more hardware sales that drives other adoption of other services within the ecosystem? How do you think about that sort of broader holistic opportunity? Yeah. Definitely Elgato is a great example of that. The interesting thing with Elgato combined with AI is actually democratizing software development. It's not inconceivable that someone like me could develop an app if I wanted to, using AI and vibe coding, et cetera, that you can do nowadays. That democratization of the development process is naturally lending itself to creation of more content for the Elgato Marketplace. More content, more breadth of content, and that in of itself is serving to reinforce the utility of the hardware. That's pretty powerful, and that is the virtuous cycle. There's a really good picture in our investor deck, if you want to check it out, which talks about the Elgato flywheel and that ecosystem. Ultimately, yes, there's a lot of opportunity, and I see as we drive more value to customers through the marketplace, it makes the hardware more valuable, and it is a virtuous cycle because then you get more developers who want to develop, and developing is becoming a lot easier because of AI. What should we, in terms of metrics or KPIs, thinking about that opportunity for you, the marketplace, the adoption of these new services and tools, what are the metrics or KPIs that we should follow to track your success along the way? I think very obvious things to look at are number of accounts, as well as the number of actual digital products available on the marketplace. The great news there is, even in Q1 alone, we saw double-digit sequential growth in both of those metrics. I think from a longer-term perspective, thinking about how is the utility of Elgato and Stream Deck expanding, in terms of measuring its success, we'd expect to see more content, more digital products available, but breadth, more breadth of that content and potentially crossing over to different use cases. The great news is we're already seeing that. One of the more popular apps for Stream Deck on the marketplace is for Adobe Photoshop. We're seeing things like music production companies generating specific apps to make music production workflows easier. We are already seeing definite increase in the breadth of the portfolio that we're seeing on Marketplace. As we talked about, AI in of itself is making the development of apps a lot easier. That naturally is generating more and more content. Actually, the challenge we have increasingly is staying up with curation and staying up with publishing, which is great problems to have. Yeah, those are the things that we'd look at, but at its core, it's number of accounts, number of users, number of developers, the breadth of the offerings on the Marketplace, and really user engagement. How much are those digital products actually being used? We're going to talk about other parts of the product portfolio, but there's clearly a lot of excitement right now around the AI product portfolio, the AI workstation on the hardware side. Maybe could you help us understand what's the size of that opportunity? What investments you're making to really create value there? Congratulations on the recent product launches. Yeah, thanks for that. It's definitely an area where we feel super strong that we absolutely have a right to win there. Why do we have a right to win? Because the key things that you need to be successful there are part of our DNA and heritage already. If you think about AI workstations, what you need to be successful there, and particularly in the roughly $22 billion market for desktop AI PCs that we're specifically addressing, you need to have expertise in customization, systems customization, which is very much part and parcel of our DNA, particularly through ORIGIN PC, and our components business. You need expertise in thermal management. You need expertise in power supply management. All of this is directly within our wheelhouse, and we feel super confident in our ability to execute on that. The market opportunity, as mentioned, $22 billion. If you look at our investor deck, there's an even broader opportunity. The broader AI workstation market is about growing to $430 billion by 2030. That's roughly a CAGR of about 47%. The interesting thing from our perspective is people are talking about our AI story as a pivot, but we don't see it as a pivot. We just see it as a very, very logical extension of capabilities and expertise that has always been part of our heritage and is already very much part of our DNA. Actually, the irony is you can't actually even say Corsair without saying AI because it's actually part of our name, which is quite amusing. In terms of the opportunity itself, I think what it does is it raises the ceiling on our potential looking out 2027 and beyond. I think for 2026, we're already halfway through the year. I think meaningful contribution will come in 2027 and beyond. Yeah, look forward to that. Maybe you mentioned some of this before, but as a related question, maybe you could go through some of the specific segments and products in terms of how you're prioritizing investments. You have a lot on the plate in a good way, but a lot of that does require investment and ahead of time, and obviously we're also in a market where there are supply constraints for a lot of components used in some of your products. In terms of prioritization of investments and how you think about that, I think would be useful. Yeah, the way we look at prioritization's pretty simple. We focus mainly on three things. Number one is margin, number two is ecosystem value, and number three is right to win, which we just talked about with the AI workstation. If I stand back and look at our various categories, Elgato is very, very highly ranked on all three of those metrics. Obviously, it's a combination of hardware and software with a recurring revenue angle. That ranks very, very strongly. Sim racing is very enthusiast driven. Our relationship and partnership with F1 gives us authenticity as well as a community aspect that is very powerful. Then if I look, we just talked about it just now, AI workstation, again, right to win. Very strong in terms of our expertise in customization, thermal management, and power supply management. Components are still an important part of our business, obviously been impacted by the memory pricing at the moment. What I would say, we're still investing there, but we're just being very disciplined about how we do it, and we're managing our inventory very tightly. Obviously, the dynamics with components right now, we see that as a short-term issue, but it's pent-up demand. That's the good news. Because of the high memory prices impacting demand for components in the short term, that demand's not going away. We don't think it's perishing. We think it's actually building up pent-up demand, that once the semiconductor situation calms down mid 2027, I think we could see some pretty significant demand again for components. It's balancing all those things. Yes, we can be disciplined with our operating expenses, while at the same time being very strategic and intentional about where we invest based on those metrics that I mentioned, margin, ecosystem, right to win. That's helpful. Thank you, Gordon. I think, since memory is still a reasonably large part of the business, maybe you could also dig in a little bit there more in terms of some of the puts and takes around constraints in that market, around inventory, around pricing. The demand, obviously, dynamics are important there as well, and margins, product margins. I think that could be useful. Absolutely. There's definitely a lot going on there. I think I'll start with the more positive. In Q1, we were able to grow our memory revenue 6% year-over-year. It actually grew to just shy of $150 million. The gross profit from that was $47 million, which was up $23 million year-over-year. That result was a combination of really good execution and intention on our behalf. When I talk about intention, we built on purpose an inventory position for memory at the end of last year, and we executed on that in Q1, and we saw the benefit. We've said continuously, when we see memory prices rising, the inventory cost is lagging, the real-time market prices, we're going to see a margin benefit. We knew that, we executed on that super strongly in Q1. All of that being said, we have talked about some sort of normalization of memory over time, and we've actually guided already for Q2. Q1 gross margin was in the low 30s. We've guided for Q2, roughly we think in the mid-20s in terms of gross margin. Then moving into Q3 and Q4, we think probably in the high teens is what we're expecting from a memory margin perspective. I think you asked about inventory, and after the Q1 results, we'd actually brought our total inventory as a company down by $30 million. Probably 70%-80% of that reduction was actually from memory. That stockpile that we built at the end of Q4, we normalized by the end of Q1, and we feel that we're really right sized from an inventory perspective heading into what is a seasonally weaker Q2 for us, and the rest of the industry. We feel good about inventory position. We don't see any issues with our ability to get inventory. I think the way this plays out over the long term is right now, it's a margin tailwind for us. I would say it's a demand headwind. When I talk about demand headwind, I'm really talking about self-build PC, and the demand for components, which we've already guided our components segment to be down low double digits year-over-year, and that's a reflection of the semiconductor issue and the impact of memory pricing on demand. That's the short-term demand issue. As I already mentioned, if we fast-forward probably 12- 18 months, there's an incredible amount of pent-up demand for self-build PCs that isn't going away. It's just building. I think what we'll see is as the benefit, the tailwind of memory margin comes down, the headwind on demand will become less, and that pent-up demand, I think, will come to fruition. We'll probably see some decent revenue growth from that as we go through 2027, I would say. Yeah. Maybe a nice bridge between the segments there. Exactly. In the last few minutes, I did want to ask more about the D2C opportunity. You mentioned earlier it was 20%, I think, in Q1. I think it might also be helpful to talk about the unit economics of that relative to other channels. Across the segments, how large could direct-to-consumer be over time? Yeah. On the direct-to-consumer, as we already mentioned, 20% of the mix in Q1, up from 17% a year ago. We're pretty pleased with that. We've put out a goal for ourselves to get to 25% of our mix from direct-to-consumer. We're not forcing that. I just want to be clear. We still have immense amount of respect for our channel partners. They are very much important part of our business. We have no intention whatsoever to undercut in any way, shape, or form. Our strategy is to be where our customers want to buy. Actually, if you look at our product portfolio, some of the actual products lend themselves more to a direct-to-consumer relationship. If you think about SCUF Controllers, Drop, that's naturally highly customized product that lends itself more to direct-to-consumer. If you think about Elgato with the marketplace angle, again, that lends itself more to direct-to-consumer. Sim racing, very enthusiast based, again, lends itself to direct-to-consumer. We are pushing it, but we're pushing it because that's where our customers want to buy. That's how they want to buy. We get great data from that. Obviously, the margin profile is better for us, but we get really strong data from that relationship with our customers that helps us better inform future products. I would say metrics like lifetime value, cost to acquire customers, and net promoter score is naturally better through a direct-to-consumer relationship. Again, we talked earlier about recurring revenue. The more that we can have a direct relationship with our customers gives us a better chance to enrich their lives through better utility and customer utility, which could lend itself to more recurring revenue opportunities for us as a business. That's the way we see it. I just wanted to be clear that we are positioning ourselves as an omni-channel business to be where our customers want to buy. The final thing that we haven't really talked about is the actual retail showcase store that we opened up in Valley Fair shopping mall in California late last year. That's going really, really well. That store itself, what we see in that store is higher average purchase price from those customers and a higher propensity to return and buy more. It's a brilliant showcase for all our technology. We're really pleased with how that store's going as well. That's just a natural extension of physical in-store direct-to-consumer relationship. You mentioned your partners. How big is Amazon Prime Day for Corsair? Is that an important event? It's an important event, for sure. It's a little bit early this year. With channel load-in, we would normally see the benefit in Q2 anyway. Yeah, for sure, it's an important part of our business and part of our seasonality. Great. Well, I think we'll leave it there. Thanks everyone for coming, and if you have any follow-up questions with Corsair, feel free to contact me or the company directly, and have a great rest of the day at the conference. Gordon, thank you very much. Thanks, Colin. Great to see you. Likewise