Corsair (CRSR) Q4 2025 Earnings Call Transcript

Image source: The Motley Fool.

DATE

Thursday, Feb. 12, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Thi La
• Chief Financial Officer — Michael G. Potter
• Investor Relations — David Pasquale

TAKEAWAYS

• Full-Year Revenue -- $1,470,000,000, up 12%, with growth attributed to both core business and direct-to-consumer channel expansion.
• Full-Year Gross Profit -- $426,000,000, an increase of 30%, setting the highest annual gross margin since becoming public.
• Full-Year Adjusted EBITDA -- $101,000,000, more than 80% growth, exceeding the previously stated guidance range.
• Q4 Revenue -- $437,000,000, up 6% year over year, reflecting supply chain execution and operational discipline.
• Q4 Gross Profit -- Over 30% year-over-year increase, with margin expansion driven primarily by memory and favorable product mix.
• Q4 Adjusted EBITDA -- Over 60% year-over-year increase, pointing to improved leverage and profitability.
• Gaming Components and Systems Segment -- Delivered double-digit growth in Q4 and full year, led by memory and core components demand.
• Gamer and Creator Peripherals Segment -- Achieved single-digit full-year growth, with momentum in sim racing and creator products, but Q4 North American revenue declined slightly.
• Memory Revenue -- $156,000,000 in Q4, up 24% year over year; segment gross margin reached 35% due to pricing increases from October to December.
• Cash Balance -- Increased by just under $33,000,000 in Q4, driven by operating discipline and inventory investment.
• Debt Reduction -- Over $50,000,000 paid down in 2025, improving financial flexibility.
• Share Repurchase Program -- Authorized up to $50,000,000 for repurchases, effective immediately and without expiration.
• Direct-to-Consumer Revenue -- Grew to nearly 20% of total company sales in 2025, with reported double-digit web traffic increase and enhanced conversion rates.
• 2026 Full-Year Guidance -- Net revenue expected between $1,330,000,000 and $1,470,000,000; adjusted EBITDA $100,000,000–$115,000,000; non-GAAP EPS $0.58–$0.74.
• 2026 Q1 Guidance -- Net revenue expected between $335,000,000 and $365,000,000; adjusted EBITDA $25,000,000–$30,000,000; non-GAAP EPS $0.18–$0.22.
• 2026 Revenue Outlook -- Guidance midpoint implies a 5% revenue decline year over year, with double-digit growth assumed for peripherals, and a cautious outlook on components due to semiconductor constraints.
• Gross Margin Outlook -- Management projects flat segment-level gross margins for 2026, with mixed improvement from higher-margin peripherals more than offsetting an estimated $12,000,000 tariff headwind.
• 2026 OpEx Guidance -- Expected 3%-4% operating expense reduction, yielding operating leverage on gross profit increase.

Need a quote from a Motley Fool analyst? Email pr@fool.com

RISKS

• Michael G. Potter stated guidance assumes a "more cautious outlook for our gaming components and systems segment, driven by the current global semiconductor shortage."
• $12,000,000 tariff headwind expected year over year for 2026, explicitly cited as an offset to gross margin gains.
• Thi La acknowledged, "the market will continue to be tight for the next couple year, couple years" regarding semiconductor supply, signaling ongoing macro risk impacting the business.

SUMMARY

Corsair Gaming (NASDAQ:CRSR) reported double-digit annual revenue and gross profit growth, with record gross margin levels. The company launched its first retail experience store in Santa Clara, expanded direct-to-consumer sales to nearly one-fifth of total revenue, and authorized a $50,000,000 share buyback without expiration. The 2026 outlook points to double-digit peripherals growth but a 5% company-wide revenue decline at the midpoint, attributable to continued global semiconductor supply pressures. Margin gains in 2026 are guided as essentially flat, with anticipated improvement from product mix offset by higher tariffs.

• Management specifically flagged that memory pricing increases drove the Q4 margin lift, attributing it to "the price has gone up substantially starting from October to December."
• Fanatec, and Elgato brands were called out as significant contributors to growth in sim racing and creator segments, with Fanatec integration cited as strong, and operations improved.
• Elgato marketplace reported over two million active users engaging with content, and the company intends to scale this community-focused, recurring revenue business further—though specific targets are not yet disclosed.
• The company introduced new AI-enabled platforms, and showcased the Galleon 100 SD keyboard integrating Stream Deck technology, recognized as one of its most successful launches.

INDUSTRY GLOSSARY

• Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for one-time and non-core charges, providing a clearer view of recurring operating performance.
• Gross Margin: The difference between revenue and cost of goods sold, expressed as a percentage of revenue, indicating profitability on core operations.
• Direct-to-Consumer (D2C): Sales channel in which a company sells products directly to the end customer, bypassing third-party retailers or distributors.
• Tariff Headwind: Increased costs or margin pressure resulting directly from import tariffs imposed on goods.
• Recurring Revenue: Ongoing revenue generated from continued sales of subscription- or usage-based products or services.

Full Conference Call Transcript

Thi will review highlights from the quarter and the year. Michael will then review the financials and our outlook. 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, may include forward-looking statements related to the expected future results for our company. Including our 2026 financial outlook and other statements that are not historical in nature, are predictive in nature, or depend upon or refer to future events or conditions such as our expectations, estimates, predictions, strategies, beliefs, or other statements that may be considered forward-looking. These forward-looking statements are based on management's current expectations and assumptions.

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. Note that until our 10-K has been filed, these numbers are preliminary, and are subject to change. 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 prior to this call. With that, I will now turn the call over to Corsair Gaming, Inc.'s CEO, Thi La. Please go ahead, Thi.

Thank you, David, and thank you all for joining us today.

Thi La: We closed 2025 with strong execution across the business and meaningful progress on the strategy we have been building over the past year. In the fourth quarter, revenue came in as expected, while profitability exceeded the upper range of our forecast. We delivered strong gross margin expansion and meaningful operating leverage despite a very dynamic operating environment. For the full year, revenue grew 12% to approximately $1,470,000,000. Gross profit increased 30%, and adjusted EBITDA grew more than 80%, reaching over $100,000,000. We also delivered our highest full year gross margin as a public company. That combination of growth, margin improvement, and discipline is what we set out to achieve in 2025. In addition, I am excited to welcome Michael G.

Potter as Corsair Gaming, Inc.'s new CFO. Michael joined us in December 2025 and he is already making a positive impact with our leadership team. He brings deep experience in scaling global consumer technology businesses, and leading successful transition toward platform and recurring revenue models. Just as importantly, as a public company CFO, Michael shares our focus on building clear, transparent financial reporting and stronger investor communications for Corsair Gaming, Inc. You will hear directly from him in a few moments. Turning to our business performance, in gaming components and systems, we delivered strong growth for the full year, led by memory and core components, supported by solid demand for the segment as enthusiasts continue to upgrade their performance PCs.

Corsair Gaming, Inc. strategically invested in memory inventory to protect consumer demand despite broader market concern about semiconductor supply constraints. In gamer and creator peripherals, we delivered full year growth driven by demand from both creators and sim racing enthusiasts. Fanatec and Elgato were important contributors and both brands continue to strengthen their position in their respective markets. In line with the broader market, we did see softer holiday demand in North America in gaming peripherals, offset by stronger international performance. We expect demand to improve as we move through 2026 especially with the highly anticipated GTA VI launch in Q4. Fanatec in particular, is integrating extremely well.

During 2025, we strengthened Fanatec's operations, improved quality and support, and advanced our roadmap with technologies that raise the bar for performance and usability. Product availability has improved. Channel engagement is increasing, and consumer adoption continues to accelerate as we drive growth in one of the fastest expanding areas of our business. Looking forward, I want to spend a moment on what we showcased at CES 2026 because it directly reflects where Corsair Gaming, Inc. is going. We had one of the strongest CES product lineups in our history, and the customer and partner response was extremely encouraging.

At the center of our showcase was Stream Deck, which is positioned as a must-have control layer across gaming, content creation, productivity, and emerging AI workflows to voice control Stream Deck. We introduced the Galleon 100 SD, our CES Innovation Award-winning keyboard that integrates Stream Deck directly into a high performance mechanical keyboard, to deliver an immersive and customizable experience. This has quickly become one of the most successful launches in our portfolio, and represents certainly validation that our black based strategy can make an impact. We also demonstrated early support for AI-enabled workflows, deeper software integrations, and new local AI computing platforms to our workstation and edge AI systems.

What stood out to us most at CES was how much our ecosystem strategy resonates with customers. We are reducing friction for users, and making complex workflows whether for gaming, streaming, production, or local AI easier to access and control. Another very important milestone for us this quarter was the opening of our first Corsair Gaming, Inc. retail store, we opened our first experience-driven retail location at Westfield Valley Fair Mall in Santa Clara. This is not a traditional retail store. We designed a fully immersive and fun experience showcasing the Corsair Gaming, Inc. ecosystem across gaming, sim racing, and creator workflows. The response has been outstanding with strong opening day demand, and consistent healthy traffic and conversion since.

Strategically, this store represents an important step in our plan to deepen consumer engagement and grow brand awareness. Now I would like to share our top priorities for 2026. First, improving the quality of growth through mix, integrated platforms, and innovation. We are prioritizing growth in higher margin gaming, sim racing, and creator categories and ecosystem platforms, supported by a steady cadence of innovative product launches. At the same time, we will continue to leverage both our scale and execution strength in the components and system segment to drive revenue and grow market share. Our foundation continued to be strengthening each quarter giving us a diverse platform to scale and capture incremental

David Pasquale: opportunities.

Thi La: Second, driving margin expansion through operational discipline and creator marketplace. We are focused on driving margin expansion through smart inventory management, to navigate a tight semiconductor landscape, combined with a nimble manufacturing strategy to improve cash flow. We also plan to scale the Elgato marketplace with the goal of growing recurring revenue for both Corsair Gaming, Inc. and our community of makers while tapping into new sources of revenue as we expand into new industry verticals.

David Pasquale: Third,

Thi La: scaling our direct-to-consumer business to deepen engagement. In 2025, we made strong progress expanding our direct-to-consumer business to nearly 20% of our revenue, with double-digit growth in web traffic, and impactful social engagement, alongside the launch of the immersive retail store. These efforts are strengthening consumer relationships, improving conversion rates, and generating insight that support product development, and go-to-market execution. With that, I will turn it over to Michael to walk through the financials.

David Pasquale: Thank you, Thi, and good afternoon, everyone.

Michael G. Potter: Before I get into the numbers, I want to briefly say how excited I am to be here. What attracted me to Corsair Gaming, Inc. is the combination of strong global brand, a highly engaged customer base, and a clear opportunity to work with Thi and the leadership team to evolve the business into a high quality, more predictable, and increasingly platform driven company. Since joining, everything I have seen has reinforced my belief in the opportunities that lie ahead of us. I look forward to working closely with our investors and analysts to provide consistent insight into our business.

David Pasquale: Our brands,

Michael G. Potter: and our long-term growth opportunities. Transparency and regular communication will be an important focus for Thi and me going forward, as we build on the company's history of innovation and product excellence. Now turning to our results. We ended 2025 in a strong financial position. For the full year, revenue increased 12% to approximately $1,470,000,000. Gross profit increased 30% to approximately $426,000,000. Adjusted EBITDA increased more than 80% to approximately $101,000,000, and exceeded the high end of our guidance. These results reflect the strength of our core business, M&A success, and growth in our direct-to-consumer business, which we plan to build on in 2026. In the fourth quarter, revenue increased 6% year over year to approximately $437,000,000.

Gross profit increased more than 30% year over year, adjusted EBITDA increased more than 60% year over year. These results reflect strong execution across our supply chain and continued operating discipline. From a segment perspective, gaming components and systems delivered strong double-digit growth in both the fourth quarter and the full year, driven by strength in memory and core components. Gamer and creator peripherals delivered single-digit full year growth, led by continued momentum in sim racing and creator products including Fanatec and Elgato, while lower demand in the North American market was largely responsible for the low single-digit revenue decline in the fourth quarter. Turning to the balance sheet.

During the fourth quarter, we increased our cash balance by just under $33,000,000 while strategically investing in inventory, which we believe positions us for profit momentum in 2026. Financially, we will continue to focus on three priorities. First, margin expansion and profitability through product mix, platform-led offerings, and disciplined operating expense management. Second, working capital discipline, which allowed us to make strategic inventory investments in 2025 which we believe will position us well for early 2026, and which we believe will also enable us to capitalize on other opportunities in the future.

David Pasquale: Third,

Michael G. Potter: disciplined capital allocation. During 2025, we reduced our debt by over $50,000,000 and continue to strengthen our financial flexibility. Today, we also announced Corsair Gaming, Inc.'s first share repurchase authorization of up to $50,000,000. The repurchase program is effective immediately, does not have an expiration date, and is subject to market conditions, applicable laws, and regulatory guidelines. This reflects our view that Corsair Gaming, Inc. shares represent an attractive use of capital alongside continued investment in both organic and acquisition-led growth.

David Pasquale: Now turning to our guidance.

Michael G. Potter: For full year 2026, we expect net revenue to be in the range of $1,330,000,000 to $1,470,000,000, adjusted EBITDA to be in the range of $100,000,000 to $115,000,000, non-GAAP EPS to be in the range of $0.58 to $0.74 per share. For the 2026,

Thi La: we expect

Michael G. Potter: net revenues to be in the range of $335,000,000 to $365,000,000, adjusted EBITDA to be in the range of $25,000,000 to $30,000,000, and non-GAAP EPS to be in the range of $0.18 to $0.22 per share. For the assumed midpoint of the ranges that are giving as guidance, for both the first quarter and the full year 2026 this reflects about a 5% decrease in revenue year over year, with expected double-digit growth in our gamer and creative peripheral segment offset by a more cautious outlook for our gaming components and systems segment, driven by the current global semiconductor shortage. Adjusted EBITDA is expected to grow year over year as we focus on margin expansion and operating expense management.

To close, I would emphasize that Corsair Gaming, Inc. has proven that its model can generate attractive margins and operating leverage. The opportunity ahead of us is to scale that model more consistently through platforms, recurring revenue, stronger execution, and clearer communication with the investment community. Operator, that concludes our formal remarks. You can now open up the call for Q&A.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we poll for questions.

Operator: Thank you.

Thi La: Our first question comes from the line of Aaron Lee with Macquarie. Please proceed.

Aaron Lee: Hey, guys. Thanks for taking the question and congrats on the strong quarter.

Thi La: Thank you, Aaron. Thank I wanted to start with

Unknown Analyst: yes, starting with guidance. I appreciate you guys giving the full year guidance range. That is helpful. Last quarter, you talked about embedding some conservatism in guidance. Is that something you have done with the guidance ranges provided today as well? And how much visibility or confidence do you have in the full year 2026 guidance range just given everything that is going on in the market currently? Thank you.

Michael G. Potter: Yes. That is a great question. With respect to the guidance, I would say we as we just described, we are looking at double-digit growth in the peripheral segment. We are taking certainly what we consider to be a conservative outlook for the component segment just in light of the semiconductor shortages. I think if you look at the guidance ranges, I think at difference between the high end and the low end is really how that plays out. So

Unknown Analyst: yeah.

Michael G. Potter: Hopefully, that answers your question. But, yeah, we are applying a forecast methodology and approach to guidance that I adopted at previous companies that was pretty successful. So yeah,

Unknown Analyst: Okay. Perfect. That is helpful. Appreciate that. And then you obviously had really strong components margins during the quarter. Is that mainly reflecting the higher margin you are getting on memory products? Or were there any other drivers to call out there? How sustainable do you think those margin levels are going forward?

Thi La: I wanted to

Operator: yeah.

Thi La: Answer this question. So I am just trying to coordinate with Michael a little bit. Thank you. So actually, throughout the year, our components margin as a segment continued to improve year on year. And we do see benefits from a number of fronts. So we see especially with the growth of sim racing, that is really helped contributing positively to the for the quarter. Memory, of course, was the major contributors to the margin lift in the quarter. Because the price has gone up substantially starting from October to December. And every time you see an acceleration like that, we tend to see favorable inventory margin.

But on the other hand, you know, we also do see great traction on the rest of the product lines in terms of NPIs, in terms of mix shift, between components and gaming peripherals

Operator: segment.

Unknown Analyst: Okay. Got it. Thank you very much. Congrats on the quarter again.

Thi La: Thank you. Thank you. Thank you. Our next question comes from the line of Anthony Stoss with Craig-Hallum Group. Please proceed.

David Pasquale: Hi Thi. Hi Michael. Just following up on that

Unknown Analyst: last question. Maybe can you give us the memory revenue in the quarter? And then I have a couple of follow ups.

Michael G. Potter: Yeah. Sure. Happy to. Memory revenue grew 24% year over year to a $156,000,000. And the gross margin was 35% Got it.

Unknown Analyst: We have had this conversation, I think, over the last couple months, and clearly, having an inventory memory I have the big steep increase in prices helped you folks.

Douglas Creutz: How much inventory do you have left of, let us say, cheaper than current market rate memory? And do you have enough maybe to carry you deep into 2026?

Thi La: I think this situation for us right now, the way that we view our business from memory, as we are pretty much, you know, running the memory business for the past thirty years now. We believe we have a stronger position than most others in the consumer space to maneuver through challenges or tough market like what we see today. And our goal is really to continue to acquire inventory to support the demands from our enthusiasts. As we are probably one of the bigger brands now, since the exit of a couple of other brands from consumer memory. And the number is reflected in our forecast, for 2026.

So, you know, that is probably does not, you know, include any potential upside that we might be able to work through. For the rest of the year. So you should just look at our 2026 forecast as reflective of where we think we are.

Douglas Creutz: Got it. Thanks, Thi. And then last question for Michael. Maybe you can, help fill out some of the for your full year guide. Do you expect total OpEx to be maybe for 2026 like, a range? Same thing. What is the expected gross margin for the full year to kind of get to the midpoint of your EBITDA guide?

Michael G. Potter: Yes, sure. On the gross margin side of the quest, I think we are probably looking at relatively flat gross margin within the actual segments. We are going to see some mixed benefit, obviously, because we guided double-digit growth in peripherals, which is obviously the higher margin segment. So we will see some nice benefit to gross margin there. More than offsetting the tariff headwind the full year tariff headwind, which is about another $12,000,000 year over year. So I would see a little bit of upside in gross margin, and then on the OpEx side of things, we are probably looking around 3% to 4% reduction in OpEx year over year.

We are getting some pretty good operating leverage with that incremental gross profit year over year. Yeah. And I want to add to that

Thi La: within 2025, as we shared before, one of the key initiatives for us is really to control OpEx and really optimize all of the M&A that we went through in the past few years. And I think we have done a good job in terms of reducing OpEx and really driving revenue with what we already have within our investment.

Douglas Creutz: Thank you for that, Thi. Thank you.

Operator: Thank you.

Thi La: Our next question comes from the line of Andrew Crum with B. Riley. Please proceed.

David Pasquale: Okay. Thanks. Hi, good afternoon. And Michael, welcome. You discussed accelerating investment, support your peripherals business in Elgato. Is this all organic? Does it contemplate M&A? And with

Rian Bisson: presumably a positive mix shift, is there a longer term or notional gross margin you think this business capable of achieving given this approach?

Thi La: I can take this question. So, definitely, the growth for gaming peripherals and creator segment came from organic investment, and that came from just expanding the product categories for sim racing, for example, and growing recurrent revenue through the Elgato marketplace. And the second thing is, we will continue to evaluate opportunity for M&A if it makes sense, and then growing our D2C business and our D2C business is beneficial from a number of points. First is consumer engagement and getting valuable data to help build better products. The second thing is it is just, you know, generating more margin in general because know, we control the channel. Got it.

Rian Bisson: Thanks, Thi. And then maybe just one follow-up. Thi, I think in your preamble, you mentioned Grand Theft Auto VI providing a benefit to the peripherals business. Understanding that the majority of your mix is sourced from PC and the fact that Take-Two is yet to announce a PC version of the game. Can you just help us understand, you know, what parts of your business should see a lift from that launch in 2026? Thanks. Yes.

Thi La: There are two part of our business. One is the controllers business through the Scuf brand. And that is basically all console related space. We have PC controllers, but, you know, the bulk of the business is console. The other part of the business is video capture through Elgato. For example, with the recent Switch 2 launch in the 2025, we did see a very nice lift for our capture card business because people are streaming more new content. That is an opportunity for us to leverage that engine and drive more 4K capture cards.

Operator: Got it. Okay. Thanks, guys. Thanks.

Thi La: Thank you. As a reminder, please press 1 to ask a question. Our next question comes from the line of Doug Creutz with TD Cowen. Please proceed.

Douglas Creutz: Thank you. Just in terms of the semiconductor situation that is creating pressures across the industry. What kind of forward visibility do you have into that? Is it something where, you know, you see it getting better or worse in real time and that is the amount of visibility you have? Or, you know, presumably, at some point in the future, things start to loosen up, are you going to know a few months ahead of time when that is going to happen? Thanks.

Thi La: Thank you for the questions. For us, the visibility in terms of the bigger pictures, we are getting this very similar information to everyone else in terms of fab capacity and AI data center consumption. And current projection, I think everyone probably already see the same data is that the market will continue to be tight for the next couple year, couple years. But for us, you know, we do not just rely on output of semiconductors alone. We basically have you know, a lot of ways to acquire inventories and produce inventory as we do have a manufacturing center in Taiwan that built

Operator: DRAM modules

Thi La: and the visibility that we use is basically just you know, market intel out a couple quarters, and we have continued to operate based on the information that we use for the past thirty years, and that seems to be working so far.

Unknown Analyst: Thank you. That is helpful.

Operator: Thank you.

Thi La: Our next question comes from the line of Matthew McCartney with Wedbush Securities. Please proceed.

Douglas Creutz: Hi. This is, Matt on for Alicia Reese.

Unknown Analyst: Just want to clarify a couple of things on guidance, specifically on the memory side.

Operator: Just

Douglas Creutz: am I understanding correctly that you are not embedding a margin lift on the memory side for the 2026 guide?

Michael G. Potter: We are looking at relatively flat margins in our component segment year over year. So we have got near-term visibility into 2026. We are assuming only kind of modest gross margin lift compared to steady state in the latter part of the year. So we are forecasting what we have near-term visibility into which nets out to roughly flat gross margin year over year for the segment. That answer your question? Okay.

Unknown Analyst: Yeah. Yeah. I just understood I understand that cadence. Right? It is flattish in the back half. Is that correct, or is it something else?

Michael G. Potter: Flat for the year.

Unknown Analyst: Flat for the year. Okay. We have

Operator: yep. Okay.

Douglas Creutz: Then just as far as, like, your inventory position right now and, I guess, going into last quarter, I know you are pretty strong there. It looks like shortages did increase. Can you just talk about where you stand today terms of your memory inventory?

Thi La: We are you know, I think we did a Q1 and also full year signal. And we are comfortable with where we are right now with the projection we provided.

David Pasquale: Okay. Great. And then just last question. Just

Unknown Analyst: on Elgato and recurring revenue stream that you want to build there. Can you give us a baseline of where that business today in terms of recurring revenue, what sort of percentages? And

Douglas Creutz: if possible, targets with where you are looking to get

Thi La: Yes. In terms of recurrent revenue, model that we are working on, a lot of the visitors that we have on the Elgato marketplace, downloading content and using contents. We have, you know, over two millions users active actively posting content and downloading content. Now the task force in the next you know, six months is really to construct with Michael's health a, basically, a recurrent revenue model to basically drive that, and we will not be able to get into further details, I would say, until probably in a couple quarters from now. The current, revenue is meaningful to the point where it is what the effort for us to actually kick this off as a longer strategy.

We do solution that is already selling into the B2B channel today as well. And a lot of interest in terms of using our Stream Deck solution. So that is, exciting for us.

Operator: Great. Thank you, everyone. I will pass it off.

Thi La: Thank you. Thank you. Thank you. As a reminder, it is star 1 to ask a question. There are no further questions at this time. I would like to pass the call back over to Thi for any closing remarks.

Operator: Thank you, everyone, for joining us on the call

Thi La: today and for your continued support. If you have any follow-up questions, please contact our Investor Relations department. We look forward to updating you next quarter. Thank you, and have a good evening.

Operator: This concludes today's teleconference.

Thi La: You may disconnect your lines at this time. Thank you for your participation.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.