Corsair Gaming, Inc. (NASDAQ:CRSR) Q1 2022 Earnings Conference Call May 5, 2022 6:00 PM ET

Company Participants

Ronald van Veen - Vice President, Finance & Investor Relations

Andy Paul - Chief Executive Officer

Michael Potter - Chief Financial Officer

Conference Call Participants

Mario Lu - Barclays

Rod Hall - Goldman Sachs

Drew Crum - Stifel

Franco Granda - D.A. Davidson

Doug Creutz - Cowen

Operator

Good afternoon, and welcome to the Corsair Gaming's First Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

With that, I would now like to turn the call over to Mr. Ronald van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you, sir, please begin.

Ronald van Veen

Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the first quarter ending March 31st, 2022. On the call today, we have our CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights from the first quarter and the business environment. Michael will then review the financials and our outlook, and we will then have time for any questions.

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings.

Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release we issued after the market closed today.

With that, I'll now turn the call over to Andy.

Andy Paul

Thank you, Ronald, and welcome everyone, to our Q1 2022 earnings call. While we faced headwinds in Q1 with inflation, the continued Russia and Ukraine conflict, and high freight costs, we continue to see positive underlying growth trends in the gaming hardware sector.

During Q1, GPU cards, which are the most expensive item in a gaming PC, was still at a high premium, roughly 150% of MSRP. And even with this premium, we saw gaming PC build activity slightly higher than pre-pandemic and pre-GPU shortage level.