0001564590-22-007822 | 10-K | XBRL Viewer

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenue	$ 1,904,060	$ 1,702,367	$ 1,097,174
Cost of revenue	1,390,206	1,236,938	872,887
Gross profit	513,854	465,429	224,287
Operating expenses:
Sales, general and administrative	315,672	257,004	163,033
Product development	60,288	50,064	37,547
Total operating expenses	375,960	307,068	200,580
Operating income	137,894	158,361	23,707
Other (expense) income:
Interest expense	(17,673)	(35,137)	(35,548)
Other expense, net	(5,661)	(1,182)	(1,558)
Total other expense, net	(23,334)	(36,319)	(37,106)
Income (loss) before income taxes	114,560	122,042	(13,399)
Income tax (expense) benefit	(13,600)	(18,825)	5,005
Net income (loss)	$ 100,960	$ 103,217	$ (8,394)
Net income (loss) per share
Basic	$ 1.08	$ 1.20	$ 0.11
Diluted	$ 1.01	$ 1.14	$ 0.11
Weighted-average shares used to compute net income (loss) per share
Basic	93,260	86,256	76,223
Diluted	100,004	90,577	76,223

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 100,960	$ 103,217	$ (8,394)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(1,482)	2,477	490
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense) of $76, $(150), and $55 for the years ended December 31, 2021, 2020, and 2019, respectively	(385)	1,221	(278)
Comprehensive income (loss)	$ 99,093	$ 106,915	$ (8,182)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Foreign currency translation adjustments, net of tax	$ 0	$ 0	$ 0
Unrealized foreign exchange gain (loss) from long-term intercompany loans, net of tax benefit (expense)	$ 76	$ (150)	$ 55

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 62,415	$ 129,543
Restricted cash	2,734	3,795
Accounts receivable, net	291,287	293,629
Inventories	298,315	226,007
Prepaid expenses and other current assets	51,024	37,997
Total current assets	705,775	690,971
Restricted cash, noncurrent	231	230
Property and equipment, net	16,819	16,475
Goodwill	317,054	312,760
Intangible assets, net	225,709	259,317
Other assets	71,808	34,362
TOTAL ASSETS	1,337,396	1,314,115
Current liabilities:
Debt maturing within one year	4,753
Accounts payable	236,120	299,636
Other liabilities and accrued expenses	205,874	205,745
Total current liabilities	446,747	505,381
Long-term debt	242,898	321,393
Deferred tax liabilities	25,700	29,752
Other liabilities, noncurrent	53,871	20,199
TOTAL LIABILITIES	769,216	876,725
Commitments and Contingencies (Note 9)
Stockholders’ Equity:
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of December 30, 2021 and 2020, respectively
Common stock, $0.0001 par value: 300,000 shares authorized, 94,510 and 91,935 shares issued and outstanding as of December 31, 2021 and 2020, respectively	9	9
Additional paid-in capital	470,364	438,667
Retained earnings (accumulated deficit)	98,147	(2,813)
Accumulated other comprehensive income (loss)	(340)	1,527
Total Stockholders’ Equity	568,180	437,390
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,337,396	$ 1,314,115

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	94,510,000	91,935,000
Common stock, shares outstanding	94,510,000	91,935,000

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect of Adoption of New Accounting	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect of Adoption of New Accounting	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2018	$ 162,702		$ 8	$ 258,238	$ (93,161)		$ (2,383)
Balance, shares at Dec. 31, 2018			75,896
Issuance of common stock in relation to acquisitions	10,000			10,000
Issuance of common stock in relation to acquisitions, shares			1,322
Issuance of common stock in connection with employee equity incentive plans	124			124
Issuance of common stock in connection with employee equity incentive plans, shares			34
Issuance of common stock	53,500			53,500
Issuance of common stock, shares			7,046
Repurchase of common stock	(1,531)			(742)	(789)
Repurchase of common stock, shares			(219)
Stock-based compensation	3,848			3,848
Other comprehensive income (loss)	212						212
Net income (loss)	(8,394)				(8,394)
Balance at Dec. 31, 2019	216,775	$ (3,686)	$ 8	324,968	(106,030)	$ (3,686)	(2,171)
Balance, shares at Dec. 31, 2019			84,079
Issuance of common stock to directors, shares			20
Issuance of common stock in connection with employee equity incentive plans	1,337			1,337
Issuance of common stock in connection with employee equity incentive plans, shares			336
Issuance of common stock	106,567		$ 1	106,566
Issuance of common stock, shares			7,500
Stock-based compensation	5,796			5,796
Other comprehensive income (loss)	3,698						3,698
Net income (loss)	103,217				103,217
Balance at Dec. 31, 2020	437,390		$ 9	438,667	(2,813)		1,527
Balance, shares at Dec. 31, 2020			91,935
Issuance of common stock in connection with employee equity incentive plans	14,872			14,872
Issuance of common stock in connection with employee equity incentive plans, shares			2,590
Shares withheld related to net share settlement	(417)			(417)
Shares withheld related to net share settlement, shares			(15)
Stock-based compensation	17,242			17,242
Other comprehensive income (loss)	(1,867)						(1,867)
Net income (loss)	100,960				100,960
Balance at Dec. 31, 2021	$ 568,180		$ 9	$ 470,364	$ 98,147		$ (340)
Balance, shares at Dec. 31, 2021			94,510

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 100,960	$ 103,217	$ (8,394)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	17,235	5,796	3,848
Depreciation	10,300	9,318	7,384
Amortization of intangible assets	34,794	33,916	30,123
Debt issuance costs amortization	1,458	2,550	2,989
Loss on debt extinguishment	4,868	4,114
Deferred income taxes	(11,962)	(7,476)	(11,535)
Other	3,291	2,594	(347)
Changes in operating assets and liabilities:
Accounts receivable	444	(91,492)	(48,033)
Inventories	(71,316)	(80,086)	15,711
Prepaid expenses and other assets	(13,177)	(7,953)	(1,619)
Accounts payable	(63,722)	116,522	16,203
Other liabilities and accrued expenses	7,019	77,933	30,773
Net cash provided by operating activities	20,192	168,953	37,103
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(4,846)	(1,291)	(126,104)
Payment of deferred and contingent consideration	(4,721)		(10,300)
Purchase of property and equipment	(10,974)	(8,989)	(8,848)
Purchase of intangible asset			(175)
Net cash used in investing activities	(20,541)	(10,280)	(145,427)
Cash flows from financing activities:
Proceeds from issuance of debt, net	248,513		113,885
Repayment of debt	(328,188)	(190,394)	(3,969)
Payment of debt issuance costs	(204)	(194)	(2,450)
Borrowings from line of credit	63,500
Repayment of line of credit	(63,500)		(27,000)
Proceeds from initial public offering, net of $8,925 underwriting discounts and commissions		118,575
Payment of other offering costs		(8,455)	(245)
Proceeds from issuance of common stock to common stockholders			53,500
Repurchase of common stock			(1,531)
Proceeds from issuance of shares through employee equity incentive plans	14,872	1,337	124
Payment of taxes related to net share settlement of equity awards	(397)
Net cash provided by (used in) financing activities	(65,404)	(79,131)	132,314
Effect of exchange rate changes on cash	(2,435)	2,079	37
Net increase (decrease) in cash and restricted cash	(68,188)	81,621	24,027
Cash and restricted cash at the beginning of the year	133,568	51,947	27,920
Cash and restricted cash at the end of the year	65,380	133,568	51,947
Supplemental cash flow disclosures:
Cash paid for interest	11,267	27,957	32,842
Cash paid for income taxes	41,243	13,505	571
Supplemental disclosure of non-cash investing and financing activities:
Equipment purchased and unpaid at period end	2,122	1,832	927
Issuance of common stock relating to business acquisitions			10,000
Deferred purchase consideration related to business acquisitions	202	145	7,641
Measurement period adjustments relating to business acquisitions	$ 50	$ 1,531
Deferred offering costs included in accounts payable and accrued expenses			$ 2,255

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Operating Cash Flows Direct Method [Abstract]
Payments of stock issuance costs underwriting discounts and commissions	$ 8,925

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

Description of Business

Corsair Gaming, Inc., a Delaware corporation, together with its subsidiaries (collectively, “Corsair” the “Company”, “we”, “us”, or “our”), is a global provider and innovator of high-performance gear for gamers, streamers and content creators, many of which build their own PCs using our components.

Corsair is organized into two reportable segments:

•

Gamer and creator peripherals. Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming gear, which includes capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, as well as coaching and training services, among others.

•

Gaming components and systems. Includes our high-performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs, among others.

Initial Public Offering and Secondary Offering

On September 25, 2020, we completed our initial public offering (the “IPO”). In connection with the IPO, we sold 7,500,000 shares of common stock at $17.00 per share, resulting in proceeds of $118.6 million, net of the underwriting discounts and commissions and before offering costs. In connection with the IPO, certain selling stockholders sold 6,500,000 shares of common stock at $17.00 per share. Subsequent to the IPO, certain selling stockholders further sold 1,135,375 shares pursuant to the underwriters’ exercise of their option to purchase additional shares.

On January 26, 2021, we completed a secondary offering of our common stock where certain selling stockholders sold 8,625,000, shares of common stock at $35.00 per share.

We did not receive any of the proceeds from the sale of shares by the selling stockholders.

Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in other assets in the consolidated balance sheets. After the IPO, $12.0 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds in the consolidated balance sheet as of December 31, 2020.

Basis of Presentation

The accompanying consolidated financial statements include those of Corsair and its subsidiaries, after elimination of all intercompany balances and transactions. These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves, reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, deferred income tax, and common stock (prior to the IPO completed in September 2020). These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

Risks and Uncertainties related to the COVID-19 Pandemic

Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. Since early 2020, we have experienced some business disruptions due to COVID-19 including the stoppage in our factories in early 2020, disruption in our supply chain and increased distribution costs in 2021, which led to increases in operating costs such as the significantly elevated ocean freight costs we incurred in the second half of 2021, as compared to the same period of 2020. These negative financial impacts have been offset by revenue growth in 2020 and 2021, partly due to an increase in demand for our gear as more people are under shelter-in-place restrictions, which we believe have limited people’s access to alternative forms of entertainment and social interaction, and thus have increased the demand for home entertainment and connecting with others through content creation. In contrast, as the COVID-19 pandemic subsides, it has, and could continue to, result in shelter-in-place and other similar restrictions being eased. Such easing of restrictions likely has, and will continue to, result in consumers returning to other alternative forms of entertainment and interaction. This in turn has, and could continue to, result in a decline in demand for our products. The extent to which the COVID-19 outbreak ultimately impacts our business, sales, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, we may continue to experience significant impacts to our business as a result of its global economic impact, including any economic downturn or recession that has occurred or may occur in the future.

As of the date of issuance of these consolidated financial statements, we are not aware of any specific event or circumstance that would require updates to our estimates and judgments or revisions due to COVID-19 to the carrying value of our assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements.

Revenue Recognition

•

We determine revenue recognition through the following five-step approach:

•

identification of the contract, or contracts, with the customer

•

identification of the performance obligations in the contract

•

determination of the transaction price

•

allocation of the transaction price to the performance obligations in the contract, and

•

recognition of revenue when, or as the performance obligation is fulfilled

Revenue is recognized when performance obligations are satisfied under the terms of the contracts, and control of the products is transferred to the customers in an amount that reflects the consideration we expect to receive from the customers in exchange for those products or services.

Our products are primarily sold through a network of distributors and retailers, including online retailers, and to a lesser extent direct to consumers. We primarily sell hardware products, such as gamer and creator peripherals and gaming components and systems. These products are hardware devices, which may include embedded software that function together, and are considered as one performance obligation. Hardware devices are generally plug and play, requiring no configuration and little or no installation. Revenue is recognized at a point in time when control of the products is transferred to the customer which generally occurs upon shipment or delivery to customer. We report revenue net of any required taxes collected from customers and remitted to government authorities, with the collected taxes recorded as other liabilities and accrued expenses until remitted to the relevant government authority.

Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included as part of our distribution costs recorded under sales, general and administrative expenses. Costs of maintaining our web store and credit card processing fees related to sales on our webstore are recorded under sales, general and administrative expenses.

We generally provide a warranty on products that provides assurance that our products conform to published specifications. Such assurance-type warranties are not deemed to be separate performance obligations from the product, and costs associated with providing these warranties are accrued in accordance with ASC 460-10, Guarantees.

We offer return rights and customer incentive programs. Customer incentive programs include special pricing arrangements, promotions, rebates and volume-based incentives.

We have agreements with certain customers that contain terms allowing price protection credits to be issued in the event of a subsequent price reduction. Our decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analysis of historical pricing actions by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life-cycle.

The transaction price received by us from sales to distributors and retailers is calculated as selling price net of variable consideration which may include rebates, product returns and price protection.

Rights of return vary by customer and range from the right to return products to limited stock rotation rights allowing the exchange of a percentage of the customer’s quarterly purchases. Estimates of expected future product returns qualify as variable consideration and are recorded as a reduction of the transaction price of the contract at the time of sale based on historical return rates. Return rates are influenced by product life cycle status, new product introductions, market acceptance of products, sales levels, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow us to estimate expected future product returns.

We normally require payments from customers within 30 to 90 days from invoice date. We do not generally modify payment terms on existing receivables. Our contracts with customers typically do not include significant financing components as the period between the satisfaction of the performance obligations and timing of payment are generally within one year.

Customer incentive programs are considered variable consideration, which we estimate and record as a reduction to revenue at the time of sale. Significant management judgments and estimates must be used to determine the cost of these programs to be included in the transaction price in any accounting period including a reduction for the estimate of amounts that ultimately will not be claimed for certain customer incentive programs. We use the expected value method to arrive at the amount of variable consideration. The Company constrains variable consideration until the likelihood of a significant revenue reversal is not probable. The accrual estimates are based on actual sales data, historical experience, forecasted incentives, anticipated volume of future purchases, and inventory levels in the channel.

During the years ended December 31, 2021 and 2020, we did not recognize any material revenue adjustments related to performance obligations satisfied in prior periods as a result of changes in estimated variable consideration. Because the majority of the performance obligations in our contracts with customers relate to contracts with a duration of less than one year, we have elected to apply the optional exemption to not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

Contract Balances

Contract assets represent amounts that have been recognized as revenue but for which we did not have the unconditional right to invoice the customers. There were no contract assets as of December 31, 2021 and 2020.

Contract liabilities are obligations to transfer products or services to a customer for which we have received consideration, or the amount is due, from the customer. Our contract liabilities primarily consist of deferred revenue and unearned revenue. Deferred revenue consists primarily of amounts that have been shipped and invoiced but not recognized as revenue as of period end because the control of the inventory has not passed to the customer. Revenue will be recognized when the customer has obtained control of the inventory sold, which is generally within 3 months or less. The deferred revenue balances as of December 31, 2021 and 2020 were not material.

Unearned revenue consists of payments received from customers in advance of product shipment for our webstore orders. These orders are generally shipped within two weeks from order date and revenue will be recognized when the customer has obtained control of the inventory sold. The unearned revenue balance as of December 31, 2021 and 2020 was $4.8 million and $8.0 million, respectively.

Contract liabilities are included in other liabilities and accrued expenses and other liabilities noncurrent on the consolidated balance sheets.

Cost of Revenue

Cost of revenue consists of product costs, including purchases from contract manufacturers, inbound freight costs from manufacturers to our distribution hubs, as well as inter-hubs shipments, duties and tariffs, warranty replacement costs, costs to process and rework returned items, depreciation of tooling equipment, warehousing costs, inventory valuation write-downs, certain allocated costs related to facilities and IT department, and personnel-related expenses and other operating expenses related to supply chain logistics.

Distribution Costs

Distribution costs, recorded as a component of sales, general and administrative expenses, include the costs to operate two of our distribution hubs internally and the costs paid to third-party logistics providers to operate our remaining four distribution hubs. Distribution costs also include the costs of shipping products to customers through third party carriers. Amounts billed to customers for shipping and handling of products are recorded in net revenue. We do not consider distribution costs to be part of the costs to bring our products to the finished condition and therefore record such distribution costs as sales, general and administrative expense rather than in cost of revenue.

Product Development Costs

Product development costs are generally expensed as incurred. Product development costs consist primarily of the costs associated with the design and testing of new products and improvements to existing products. These costs relate primarily to compensation of personnel and consultants involved with product design, definition, compatibility testing and qualification. To date, almost all of the software development costs have been expensed as incurred because the period between achieving technological feasibility and the release of the software has been short and development costs qualifying for capitalization have been insignificant.

Advertising Costs

Advertising costs are expensed as incurred and are included as a component of sales, general and administrative expense in the consolidated statements of operations. Advertising and promotion expenses were $19.8 million, $19.1 million, and $11.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Stock-Based Compensation

We measure and recognize compensation for all stock-based compensation awards, including stock options, stock purchase rights and restricted stock units (“RSU”), based upon the grant-date fair value of those awards. The grant-date fair value of our stock options and stock purchase rights is estimated using a Black-Scholes-Merton option-pricing model. The fair value of our RSUs is calculated based on the market value of our stock at the grant date. Stock-based compensation is recognized on a straight-line basis over the requisite service period and we have elected to recognize actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur.

Segments

Operating segments are based on components of a company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by its chief operating decision maker (“CODM”) to make decisions about resource allocation and performance and (b) for which discrete financial information is available.

We have two reportable segments:

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Gamer and Creator Peripherals, which includes high-performance gaming keyboards, mice, headsets, controllers, and our gaming gear including capture cards, Stream Decks, USB microphones, our Facecam streaming camera, studio accessories and EpocCam software, as well as coaching and training services, among others.

•

Gaming Components and Systems, which includes high performance power supply units, or PSUs, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs, among others.

Our CODM is determined to be Corsair’s Chief Executive Officer. The results of the reportable segments are derived directly from our reporting system and are based on the methods of internal reporting which are not necessarily in conformity with GAAP. The segmental net revenue and gross profit are used to evaluate the performance of, and allocate resources to, each of the segments.

Cash and Restricted Cash

Total restricted cash as of December 31, 2021 and 2020 was $3.0 million and $4.0 million, respectively. The restricted cash serves as collateral for certain bank guarantees, customer deposits and security deposits.

Accounts Receivable, net

Accounts receivable from contracts with customers are recorded at the invoiced amount when we have an unconditional right to consideration, net of allowance for credit losses. We maintain trade credit insurance to mitigate credit risks on certain of our accounts receivable that reimburse us for up to 90% of collection losses. We estimate an allowance for credit losses by using a combination of

relevant information including historical loss information, adjusted to take into account current market conditions and our customers’ financial condition, the amount of any receivables in dispute, the current receivables aging, and the current payment terms.

Concentration of Credit Risk

Our financial instruments that are exposed to concentrations of credit risk consist principally of cash, restricted cash and accounts receivable. We maintain our cash and restricted cash with various high-quality financial institutions with investment-grade ratings and we have not experienced any losses.

One customer accounted for more than 10% of our consolidated net revenue for the years ended December 31, 2021, 2020 and 2019.

As of December 31, 2021, and 2020, two customers each represented more than 10% of our accounts receivable, net.

Inventories

Inventories primarily consist of finished goods and to a lesser extent component parts, which are purchased from contract manufacturers and component suppliers. Inventories are stated at lower of cost and net realizable value using the weighted average cost method of accounting. We assess the valuation of inventory balances including an assessment to determine potential excess and/or obsolete inventory. We may be required to write down the value of inventory if estimates of future demand and market conditions indicate estimated excess or obsolete inventory. For the periods presented, we have not experienced significant write-downs.

Property and Equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Major improvements that extend the life, capacity or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, determined to be two to seven years. Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful lives of the improvements.

Leases

Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases.

We determine if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the lease term. We do not record leases with an initial term of 12 months or less on our consolidated balance sheet but continue to record rent expense on a straight-line basis over the lease term. Certain of our lease agreements include options to extend or renew the lease terms. Such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. We account for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term.

We apply the incremental borrowing rate, in determining the present value of the lease consideration, as our leases do not provide an implicit rate. Our incremental borrowing rate is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because we do not frequently borrow on a collateralized basis, we consider a combination of factors to determine our incremental borrowing rate, including our credit worthiness, adjusted to approximate a collateralized rating, observable market yield curves, and the U.S. and foreign currency risk-free rates.

Our variable lease expense consists primarily of warehousing and distribution services related to our outsourced distribution hubs, and to a lesser extent, variable costs related to office common area maintenance charges. Our service contracts with third-party logistic service providers include both fixed payments for the use of a fixed warehouse space and variable payments based on the usage of their services for distribution and warehouse management. The fixed payments are included in the calculation of the ROU asset and lease liability, but the variable payments are expensed as incurred. In addition, our real estate leases typically contain variable payments for office common area maintenance and these costs are also expensed as incurred.

Fair Value of Financial Instruments

U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into the following three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the measurement date.

Level 2—Pricing inputs are other than quoted prices in active market, which are either directly or indirectly observable as of the report date. The nature of these securities includes investments for which quoted prices are available but traded less frequently and investments that are fair valued using other securities, the parameters of which can be directly observed.

Level 3—Securities that have little to no pricing observability as of the report date. These securities are measured using management’s best estimate of fair value, where the inputs into the determination of fair value are not observable and require significant management judgment or estimation.

Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed at fair value in our consolidated financial statements on a recurring basis. Our financial instruments, including cash, restricted cash, accounts receivable, accounts payable, borrowings from credit lines and other liabilities and accrued expenses approximate fair value due to their short-term maturities.

Business Combinations

We account for business combinations using the acquisition method of accounting, which requires that the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recorded at the date of acquisition at their respective fair values. Goodwill is recorded when consideration paid in a purchase acquisition exceeds the fair value of the net assets acquired. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. We include the results of operations of the acquired business in the consolidated financial statements prospectively from the date of acquisition. Acquisition-related charges, including primarily third-party professional fees, accounting fees and legal fees are recognized separately from the business combination and are expensed as incurred.

Goodwill and Indefinite-lived Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment on an annual basis at October 1 or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or asset below its carrying value. We perform our annual goodwill impairment assessment at the reporting unit level and our indefinite-lived intangible assets at the individual asset level. In reviewing impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether we choose to perform the qualitative assessment or proceed directly to the quantitative impairment test.

A qualitative assessment requires that we consider events or circumstances including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting segment’s net assets and changes in our stock price. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair values of our reporting units are greater than the carrying amounts, then the quantitative goodwill impairment test is not performed.

For the year ended December 31, 2021, we elected to perform the qualitative assessment for both goodwill and indefinite-lived intangible assets and determined that an impairment was not more likely than not for both assets and no further analysis was required.

Intangible Assets with finite-lives and Long-Lived Assets

Our intangible assets with finite lives principally include acquired technology, patents, tradenames, customer relationships and non-compete agreements. The assets are carried at cost and amortized using a straight-line method over the estimated economic lives of the assets. Amortization expense related to patents is included in cost of revenues. Amortization expense related to developed technology is included in product development costs. Amortization expense related to customer relationships, trade name and non-compete agreements is included in sales, general and administrative costs.

Our long-lived assets are primarily comprised of operating lease ROU assets and property and equipment.

We evaluate the recoverability of intangible assets with finite lives and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. For ROU assets such circumstances would include a decision to abandon the use of all or part of an asset, or subleases that do not fully recover the costs of the associated lease. Recoverability is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If it is determined that an asset may not be recoverable, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on an asset’s projected discounted future cash flow or appraised value, depending on the nature of the asset. Such impairment charges recorded in the periods presented were not material.

Warranty Reserve

All of our products are covered by warranty to be free from defects in material and workmanship for periods ranging from six months to ten years, and for life for memory products. Our warranty does not provide a service beyond assuring that the product complies with agreed-upon specifications. At the time of sale, an estimate of future warranty costs is recorded as a component of cost of revenue and a warranty liability is recorded for estimated costs to satisfy the warranty obligation. The estimate of the costs to fulfill our warranty obligations is based on historical experience and expectations of future costs to repair or replace.

Deferred Issuance Costs and Debt Discounts

Costs incurred in obtaining long-term financing paid to parties other than creditors are considered a debt issuance cost. Amounts paid to creditors are recorded as a reduction in the proceeds received by the creditor and are considered a discount on the issuance of debt. Deferred issuance costs and debt discounts are amortized over the terms of the long-term financing agreements using the effective-interest method and recorded as a deduction of the carrying amount of the debt in the consolidated balance sheets. Deferred issuance costs of our revolving line of credit are recorded in prepaid expenses and other current assets and other assets, according to the timing of amortization.

Nonmonetary Transactions

The sales and purchases of inventory with our manufacturers are accounted for as nonmonetary transactions. Upon sale of raw materials to the manufacturer, for the inventories on-hand with the manufacturer where there is an anticipated reciprocal purchase by us, we will record this nonmonetary transaction as prepaid inventories and accrued liabilities. When we transact the reciprocal purchase of inventory from the manufacturer, we will record a payable to the manufacturer at the repurchase price, which replaces the initial nonmonetary transaction and inventory will be reflected at carrying value, which includes the costs for the raw materials and the incremental costs charged by the manufacturer for additional work performed on the inventory. In connection with such nonmonetary transactions with our manufacturers, as of December 31, 2021, we recognized $5.0 million prepaid inventory and $5.4 million accrued liabilities, and as of December 31, 2020, we recognized $5.9 million prepaid inventory and accrued liabilities.

Because the transactions are nonmonetary, they have not been included in the consolidated statements of cash flows pursuant to ASC 230, Statement of Cash Flows.

Foreign Currency

For subsidiaries that have non-U.S. dollar functional currencies, the assets and liabilities of these subsidiaries are translated using period-end exchange rates. Revenues and expenses are translated using average exchange rates in effect during the reporting period. Cumulative translation gains and losses are included as a component of stockholders’ equity in accumulated other comprehensive income (loss).

Monetary assets or liabilities denominated in currencies other than the functional currency are remeasured using exchange rates prevailing on the balance sheet date. Foreign currency remeasurement gains and (losses), net is included in other (expense) income, net in the consolidated statements of operations and the amounts were $(6.3) million, $1.6 million and $1.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts do not include the change in fair value of our foreign currency forward contracts. Refer to Note 4, Derivative Financial Instruments for more information on our hedging instruments.

Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded as a component of accumulated other comprehensive income (loss).

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the tax and financial reporting bases of our assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced through the establishment of a valuation allowance, if, based upon available evidence, it is determined that it is more likely than not that the deferred tax assets will not be realized. We are subject to foreign income taxes on our foreign operations. All deferred tax assets and liabilities are classified as non-current in the consolidated financial statements.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained on examination based on the technical merit of the position. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement.

We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments. Interest charges and penalties related to unrecognized tax benefits are recognized as a component of the income tax (expense) benefit.

Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period, without consideration of potential dilutive securities. Diluted net income per share is computed based on the weighted-average number of shares outstanding during the period, adjusted to include the incremental shares expected to be issued for assumed exercise of options under the treasury stock method.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), to simplify various aspects related to the accounting for income taxes. We adopted this standard effective January 1, 2021. The adoption of this new standard did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements, Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The new guidance is effective, at our election, beginning March 12, 2020 through December 31, 2022. We plan to adopt ASU 2019-12 effective January 1, 2022, and we do not expect the adoption will have a material impact on our consolidated financial statements.

Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement

The balances of our financial assets that were measured at fair value on a recurring basis as of December 31, 2021 and 2020 were not material. The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	December 31, 2021
	(Level 1)		(Level 2)		(Level 3)		Total

Liabilities:
Contingent cash consideration in connection with a business acquisition—SCUF⁽²⁾	$	—	$	—	$	1,250	$	1,250
Foreign currency forward contracts⁽¹⁾		—		427		—		427
Other		—		—		224		224
Total liabilities	$	—	$	427	$	1,474	$	1,901

	December 31, 2020
	(Level 1)		(Level 2)		(Level 3)		Total

Liabilities:
Contingent cash consideration in connection with a business acquisition—Origin⁽³⁾	$	—	$	—	$	2,887	$	2,887
Contingent consideration in connection with a business acquisition—SCUF⁽²⁾		—		—		1,250		1,250
Deferred cash consideration in connection with a business acquisition—Origin⁽³⁾		—		—		1,505		1,505
Foreign currency forward contracts⁽¹⁾		—		819		—		819
Total liabilities	$	—	$	819	$	5,642	$	6,461

(1)	The fair values of the forward contracts and interest rate cap contract are based on similar exchange traded derivatives and the related asset or liability is, therefore, included within Level 2 of the fair value hierarchy.

(2)

The fair value of the contingent consideration from our SCUF acquisition in 2019 was determined based on the estimates of acquired tax benefits owed to SCUF’s sellers according to the merger agreement, and these estimates represent a level 3 fair value measurement. The $1.3 million liability as of December 31, 2020 consisted of $0.1 million based on a contractual amount and the remaining $1.2 million is subject to update upon filing our tax returns for tax years 2020 and 2021. In September 2021, we filed the tax return for the 2020 tax year, and as a result, the $1.3 million liability as of December 31, 2021 was updated to consist of $0.3 million based on a contractual amount and the remaining $1.0 million is subject to update upon filing our tax return for tax year 2021.

(3)	Total earn-out liability of $2.9 million and deferred cash consideration of $1.5 million from our Origin acquisition in 2019 were fully paid and settled in 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4. Derivative Financial Instruments

From time to time, we enter into derivative instruments such as foreign currency forward contracts, to minimize the short-term impact of foreign currency exchange rate fluctuations on certain foreign currency denominated assets and liabilities, and interest rate cap contracts, to minimize our exposure to interest rate movements on our variable rate debts. The derivative instruments are recorded at fair value in prepaid expenses and other current assets or other liabilities and accrued expenses on the consolidated balance sheets. We do not designate such instruments as hedges for accounting purposes; accordingly, changes in the value of these contracts are recognized in each reporting period in other (expense) income, net in the consolidated statements of operations. We do not enter into derivative instruments for trading purposes.

The foreign currency forward contracts generally mature within three to four months. The notional principal amount of outstanding foreign exchange forward contracts was $48.6 million and $41.6 million as of December 31, 2021 and December 31, 2020, respectively. The net fair value gain (loss) recognized in other (expense) income, net in relation to these derivative instruments was $0.5 million, $(3.0) million, and $(0.2) million for the year ended December 31, 2021, 2020, and 2019, respectively.

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Combinations

5. Business Combinations

We completed four acquisitions in the last two years, namely, Visual by Impulse and BoxFX Ltd in 2021, and EpocCam and Gamer Sensei in 2020, none of which were material, both individually and in the aggregate, to our consolidated financial statements. They were accounted for using the acquisition method of accounting.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill

We have four reporting units: Gaming Peripherals, Gaming Components, Gaming Memory and Gaming Systems. The Gamer and Creator Peripherals segment includes the Gaming Peripherals reporting unit, and the Gaming Components and Systems segment includes the Gaming Components, Gaming Memory and Gaming Systems reporting units.

The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands):

	Gaming Components and Systems			Gamer and Creator Peripherals			Total

December 31, 2019	$	145,375		$	167,375		$	312,750
Addition from business acquisitions		—			690			690
Measurement period adjustments		(47	)		(1,326	)		(1,373	)
Effect of foreign currency exchange rates		316			377			693
December 31, 2020		145,644			167,116			312,760
Addition from business acquisitions		—			4,481			4,481
Measurement period adjustments		—			50			50
Effect of foreign currency exchange rates		(334	)		97			(237	)
December 31, 2021	$	145,310		$	171,744		$	317,054

Intangible assets, net

The following table is a summary of intangible assets, net (in thousands):

	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology	$	32,086	$	14,922	$	17,164	$	31,016	$	8,892	$	22,124
Trade name		30,665		4,942		25,723		30,632		2,873		27,759
Customer relationships		218,566		94,910		123,656		218,469		72,892		145,577
Patent		31,481		8,196		23,285		31,802		4,207		27,595
Non-competition agreements		2,521		2,193		328		2,521		1,689		832
Total finite-life intangibles		315,319		125,163		190,156		314,440		90,553		223,887
Indefinite life trade name		35,430		—		35,430		35,430		—		35,430
Other		123		—		123		—		—		—
Total intangible assets	$	350,872	$	125,163	$	225,709	$	349,870	$	90,553	$	259,317

In the year after an identified intangible asset becomes fully amortized, we remove the fully amortized balances from the gross asset and accumulated amortization amounts from the table above.

Amortization expense of intangible assets is recognized in our consolidated statements of operations as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019

Cost of revenue	$	4,860	$	3,898	$	130
Sales, general and administrative		24,611		24,535		23,035
Product development		5,323		5,483		6,958
Total amortization of intangible assets	$	34,794	$	33,916	$	30,123

The estimated future amortization expense of intangible assets as of December 31, 2021 is as follows (in thousands):

	Amounts
2022	$	34,419
2023		32,813
2024		31,362
2025		31,058
2026		27,684
Thereafter		32,820
Total	$	190,156

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

7. Balance Sheet Components

The following tables present the components of certain balance sheet amounts (in thousands):

	December 31,
	2021		2020

Cash	$	62,415	$	129,543
Restricted cash—short term		2,734		3,795
Restricted cash—noncurrent		231		230
Total cash and restricted cash	$	65,380	$	133,568

Accounts receivable	$	291,816		$	293,975
Allowance for credit losses		(529	)		(346	)
Accounts receivable, net	$	291,287		$	293,629

Raw materials	$	62,110	$	52,165
Work in progress		4,931		9,654
Finished goods		231,274		164,188
Inventories	$	298,315	$	226,007

Manufacturing equipment	$	26,094		$	22,035
Computer equipment, software and office equipment		9,407			9,407
Leasehold improvements		5,154			4,521
Furniture and fixtures		4,709			3,675
Total property and equipment	$	45,364		$	39,638
Less: Accumulated depreciation and amortization		(28,545	)		(23,163	)
Property and equipment, net	$	16,819		$	16,475

Right-of-use assets	$	51,387	$	25,998
Deferred tax asset		12,737		4,792
Other		7,684		3,572
Other assets	$	71,808	$	34,362

Accrued reserves for customer incentive programs	$	66,733	$	49,619
Accrued reserves for sales returns		37,166		35,673
Accrued payroll and related expenses		20,526		26,877
Accrued freight expenses		18,296		7,523
Income tax payable		6,316		22,445
Other		56,837		63,608
Other liabilities and accrued expenses	$	205,874	$	205,745

Operating lease liabilities, noncurrent	$	51,153	$	17,571
Other		2,718		2,628
Other liabilities, noncurrent	$	53,871	$	20,199

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

8. Debt

Our debt consisted of the following (in thousands):

	December 31,
	2021			2020
X
Term Loan (variable rate) due September 2026	$	248,750		$	—
First Lien Term Loan (variable rate) extinguished in September 2021		—			326,938
Debt discount and issuance cost, net of amortization		(1,099	)		(5,545	)
Total debt		247,651			321,393
Less: debt maturing within one year		4,753			—
Long-term debt	$	242,898		$	321,393

First Lien Credit and Guaranty Agreement (Extinguished in September 2021)

In August 2017, we entered into a syndicated First Lien Credit and Guaranty Agreement (“First Lien”) with various financial institutions. The First Lien originally provided a $235 million term loan (“First Lien Term Loan”) for a business acquisition and to repay existing indebtedness of the acquired company and a $50 million revolving line-of-credit (“Revolver”). The First Lien and the Revolver mature on August 28, 2024 and August 28, 2022, respectively. Subsequently, we entered into several amendments to the

First Lien and the principal amount of the First Lien Term Loan was increased by $10 million in 2017 and increased by $115 million in each of 2018 and 2019, primarily to fund various business acquisitions and operational needs.

The First Lien Term Loan initially carried interest at a rate equal to, at our election, either the (a) greatest of (i) the prime rate, (ii) sum of the Federal Funds Effective Rate plus 0.5%, (iii) one month LIBOR plus 1.0% and (iv) 2%, plus a margin of 3.5%, or (b) the greater of (i) LIBOR and (ii) 1.0%, plus a margin of 4.5%. The Revolver initially bore interest at a rate equal to, at our election, either the (a) greatest of (i) the prime rate, (ii) sum of the Federal Funds Effective Rate plus 0.5%, (iii) one month LIBOR plus 1.0% and (iv) 2%, plus 3.5%, or (b) the greater of (i) LIBOR and (ii) 1.0%, plus a margin of 4.5%. As a result of the First Lien amendment in October 2018, the First Lien term loan and Revolver margin were both changed to range from 2.75% to 3.25% for base rate loans and to range from 3.75% to 4.25% for Eurodollar loans, based on our net leverage ratio.

According to the repayment schedule, the Consolidated Excess Cash Flow (as defined in the First Lien) and the IPO repayment provisions as set forth in the First Lien, we made required repayments of the First Lien Term Loan of $59.6 million, in aggregate, in 2020 using the net proceeds from our IPO and excess cash on hand. Further, we may prepay the First Lien Term Loan and the Revolver at any time without premium or penalty other than customary LIBOR breakage. In 2020, we began to prepay the First Lien Term loan using our excess cash on hand, resulting in voluntary prepayments of $80.8 million in 2020 and $78.3 million in 2021 through September 2021. The remainder of First Lien Term Loan of $248.5 million was fully prepaid with the proceeds from the Term Loan (defined below) on September 3, 2021, and as a result, all obligations and covenants thereunder were terminated.

In connection with the progressive prepayments of the First Lien Term Loan throughout 2020 and 2021, we have recorded losses on extinguishment of debt of $4.9 million and $2.5 million for the years ended December 31, 2021 and 2020, respectively.

Second Lien Credit and Guaranty Agreement (Extinguished in September 2020)

In August 2017, we also entered into a syndicated Second Lien Credit and Guaranty Agreement (“Second Lien”) with various financial institutions. The Second Lien initially provided a $65 million term loan (“Second Lien Term Loan”), with a maturity date of August 28, 2025, for a business acquisition and for general corporate operations purposes. The Second Lien Term Loan initially carried interest at a base rate equal to that of the First Lien loan, plus a margin of 7.25% for base rate loans and 8.25% for Eurodollar loans. In October 2017, we entered into an amendment to the Second Lien and the principal amount of the Second Lien Term Loan was reduced to $50 million and the applicable interest rate margins for both the base rate loans and Eurodollar loans were increased by 0.25%.

In 2020, with excess cash on hand, we prepaid the entire outstanding balance of $50 million on the Second Lien Term Loan without paying any premium or penalty, and as a result, all obligations and covenants thereunder were terminated. In connection with the prepayments of the Second Lien Term Loan in 2020, we have recorded losses on extinguishment of debt of $1.6 million for the year ended December 31, 2020.

The weighted average effective interest rate inclusive of the debt discount and debt issuance costs for the First Lien and Second Lien, in aggregate, was approximately 5.4% and 6.4% for years ended December 31, 2021 and 2020, respectively.

Credit Agreement

On September 3, 2021, we entered into a new Credit Agreement (“Credit Agreement”) which provides for a $100.0 million five-year revolving credit facility (“Revolving Facility”) and a $250.0 million five-year term loan facility (“Term Loan”), with each maturing in September 2026. The Credit Agreement also permits, subject to conditions stated therein, additional incremental facilities in a maximum aggregate principal amount not to exceed $250.0 million. We may prepay the Term Loan and the Revolving Facility at any time without premium or penalty.

The credit facilities under the Credit Agreement replaced our senior credit facilities under the First Lien Credit and Guaranty Agreement. The net proceeds from borrowings under the Credit Agreement of $248.5 million (net of $1.5 million of debt discount) were used to repay all amounts outstanding under the First Lien Term Loan on September 3, 2021.

The Term Loan and Revolving Facility under the Credit Agreement will each bear interest at the Company’s election, either (a) LIBOR plus a percentage spread (ranging from 1.25% to 2.0%) based on our total net leverage ratio, or (b) the base rate (described in the Credit Agreement as the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) one-month LIBOR plus 1.0%) plus a percentage spread (ranging from 0.25% to 1.0%) based on our net leverage ratio.

Our obligations under the Credit Agreement are guaranteed by substantially all of our U.S. subsidiaries and secured by a security interest in substantially all assets of the Company and the guarantor subsidiaries, subject to certain exceptions detailed in the Credit Agreement and related ancillary documentation.

The Credit Agreement contains covenants with which we must comply during the term of the agreement, which we believe are ordinary and standard for agreements of this nature, including the maintenance of a maximum Consolidated Total Net Leverage Ratio

of 3.0 to 1.0 and a minimum Consolidated Interest Coverage Ratio of 3.0 to 1.0 (as defined in our credit facilities). The Credit Agreement also includes events of default customary for facilities of this nature and upon the occurrence of such events of default, among other things, all outstanding amounts under the Credit Agreement may be accelerated and/or the lenders’ commitments terminated. In addition, upon the occurrence of certain events of default, the interest rate on the Term loan and Revolving Facility can be increased by 2.0%. As of December 31, 2021, we were not in default under the Credit Agreement and our Consolidated Total Net Leverage Ratio and Consolidated Interest Coverage Ratio were 1.1 to 1.0 and 11.5 to 1.0 as of December 31, 2021, respectively.

As of December 31, 2021, we had no outstanding balance under the Revolving Facility.

As of December 31, 2021, the carrying value of our Term Loan was $247.7 million. The estimated fair value of our Term Loan as of December 31, 2021, which we have classified as a Level 2 financial instrument, was approximately $261.7 million.

The effective interest rate inclusive of the debt discount and debt issuance costs for the Term Loan was approximately 1.4% for the year ended December 31, 2021.

The following table summarizes the interest expense recognized for all periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019

First and Second Lien Guaranty Agreement:
Contractual interest expense for term loan	$	9,818	$	27,387	$	29,757
Contractual interest expense for revolving facility		—		16		2,758
Amortization of debt discount and issuance cost		1,343		2,632		2,989
Loss on debt extinguishment		4,904		4,114		—
Credit Agreement:
Contractual interest expense for term loan		1,113		—		—
Contractual interest expense for revolving facility		53		—		—
Amortization of debt discount and issuance cost		115		—		—
Other		327		988		44
Total interest expense recognized	$	17,673	$	35,137	$	35,548

The estimated future principal payments under our total long-term debt as of December 31, 2021 are as follows (in thousands):

	Amounts

2022	$	5,000
2023		6,875
2024		12,500
2025		12,500
2026		211,875
Total debt	$	248,750

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Product Warranties

Changes in our assurance-type warranty obligations were as follows (in thousands):

	December 31,
	2021			2020

Beginning of the period	$	5,865		$	3,991
Warranty provision related to products shipped		6,549			7,201
Deductions for warranty claims processed		(6,758	)		(5,327	)
End of period	$	5,656		$	5,865

Unconditional Purchase Obligations

In the normal course of business, we enter into various purchase commitments for goods or services. Our long-term non-cancelable purchase commitments consist primarily of multi-year contractual arrangements relating to subscriptions for cloud computing hosting arrangements for our enterprise resource planning (“ERP”) system and the related support services as well as

marketing sponsorship. The total long-term non-cancelable purchase commitments as of December 31, 2021 was as follows (in thousands):

	Amounts
x
2022	$	2,614
2023		2,524
2024		1,699
2025		308
2026		—
Total	$	7,145

Our total non-cancelable long-term purchase commitments outstanding as of December 31, 2020 was $6.8 million.

Letters of Credit

The letters of credit outstanding, in aggregate, was $0.5 million and $2.0 million as of December 31, 2021 and 2020, respectively. No amounts have been drawn upon the letters of credit for all periods presented.

Indemnification

In the ordinary course of business, we may provide indemnifications of varying scope and terms with respect to certain transactions. We have entered into indemnification agreements with directors and certain officers and employees that will require Corsair, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon Corsair to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our consolidated balance sheets, statements of operations, or statements of cash flows. We currently have directors’ and officers’ insurance.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

On September 25, 2020, in connection with the closing of the IPO, we filed an Amended and Restated Certificate of Incorporation which increased the authorized shares of common stock for issuance to 300,000,000 and authorized 5,000,000 shares of preferred stock, with a par value of $0.0001 per share, for issuance. There were no shares of preferred stock outstanding as of December 31, 2021 and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans and Stock-Based Compensation

11. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In 2017, we adopted the 2017 Equity Incentive Program (the “2017 Plan”). In September 2020, we adopted the 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan is the successor and continuation to the 2017 Plan. The 2020 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, RSUs, performance awards and other forms of awards. Incentive stock options may be granted only to employees. All other awards may be granted to eligible employees, non-employee directors and consultants, at the discretion of our board of directors (the “Board”).

Under the 2020 Plan, 5,125,000 shares of our common stock were initially reserved for issuance. The 2020 Plan reserve also includes any shares under the 2017 Plan and the 2020 Plan that may become available for issuance if the award terminates without the delivery of shares or if shares are tendered to satisfy the exercise price or tax withholding obligation with respect of the award. According to the provisions in the 2020 Plan, in March 2021, our Board approved an annual increase in the shares of common stock reserved for issuance by 3,677,385 shares. As of December 31, 2021, there were 7,626,827 shares reserved for future issuance the 2020 Plan.

All stock options under the 2017 Plan and the 2020 Plan are issued at exercise prices not less than the fair market value on the date of grant. RSUs have no exercise price. Both stock options and RSUs vest over a period of time as determined by the Board, generally four to five years, and expire ten years from date of grant.

Employee Stock Purchase Plan

In September 2020, we adopted the 2020 Employee Stock Purchase Plan (the “ESPP”). The ESPP is designed to allow eligible employees to purchase shares of our common stock, at semi-annual intervals, with their accumulated payroll deductions. The ESPP initially reserved 1,025,000 shares of our common stock for issuance. According to the provisions in the ESPP, in March 2021, our Board approved an annual increase in the shares of common stock reserved for issuance by 919,346 shares. The first ESPP offering

period began on January 1, 2021. For the year ended December 31, 2021, 205,464 shares of common stock were sold to our employees under the ESPP. As of December 31, 2021, there were 1,738,882 shares reserved for future issuance under the ESPP.

Stock Options Activities

The following table summarizes the stock option activities and related information for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding as of December 31, 2020		10,211,737		$	5.68		7.7	$	311,869
Granted		695,122			40.16
Exercised		(2,335,250	)		4.37
Forfeited/cancelled		(408,000	)		6.64
Outstanding as of December 31, 2021		8,163,609		$	8.94		6.9	$	112,411
Vested and exercisable as of December 31, 2021		4,173,467		$	5.33		6.4	$	65,617

The weighted-average grant date fair value per share for stock options granted in years ended December 31, 2021, 2020 and 2019 was $16.77, $3.68 and $2.89, respectively. The total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $66.0 million, $1.5 million, and $0.1 million, respectively.

RSU Activities

The following table summarizes the RSU activities and related information for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Outstanding as of December 31, 2020		153,488		$	29.35
Granted		572,785			34.78
Vested		(50,327	)		28.02
Forfeited/cancelled		(34,086	)		33.82
Outstanding as of December 31, 2021		641,860		$	34.06

The weighted-average grant date fair value per share for RSUs granted in years ended December 31, 2021 and 2020 was $34.78 and $28.66, respectively. The total fair value of RSUs vested in the years ended December 31, 2021 and 2020 was $1.4 million and $0.1 million, respectively.

Stock-based Compensation

The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands):

	Year Ended December 31,
	2021		2020			2019

Cost of revenue	$	1,006	$	268		$	197
Sales, general and administrative		13,772		4,883			3,084
Product development		2,457		645			567
Stock-based compensation expense, net of amounts capitalized ⁽¹⁾	$	17,235	$	5,796		$	3,848
Income tax benefits (expense) related to stock-based compensation expense	$	6,796	$	(476	)	$	—

(1)

Total stock-based compensation expense capitalized in inventory was not material for each of the periods presented.

The following table summarizes by type of grant, the total unrecognized stock-based compensation expense and the remaining period over which such expense is expected to be recognized (in thousands, except number of years):

	December 31, 2021
	Unrecognized Expense		Remaining weighted average period (In years)

RSUs	$	17,542		3.1
Stock Options		16,591		2.2
ESPP		—		—
Total unrecognized stock-based compensation expense	$	34,133

Valuation Assumptions

We estimate the fair value of the stock options at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and values:

	Year Ended December 31,
	2021		2020		2019

Expected term (years)		6.01		6.37		6.48
Expected volatility	43.1% - 47.0%		35.8% - 44.0%		34.3% - 36.1%
Dividend yield		—		—		—
Risk-free interest rate	0.05% - 1.34%		0.3% - 1.8%		1.4 - 2.6%

We estimate the fair value of the shares under the ESPP at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and inputs:

	Year Ended December 31,
	2021

Expected term (years)		0.50
Expected volatility	43.2% - 45.1%
Dividend yield		—
Risk-free interest rate	0.05% - 0.09%

Each of the inputs to the Black-Scholes-Merton pricing model, as discussed below, is subjective and generally requires significant judgment and estimation by management.

Expected Term—The expected term represents the period that stock options are expected to be outstanding. Since we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time our common stock has been publicly traded, the simplified method is used to estimate the expected term of our stock options. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the stock option.

Expected Volatility—Since we do not have a trading history for our common stock, the expected volatility was derived from the historical stock volatilities of comparable peer public companies within our industry that are considered to be comparable to our business over a period equivalent to the expected term of the stock-based awards.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock-based awards.

Expected Dividend Rate—The expected dividend is zero as we do not anticipate paying any dividends on our common stock in the foreseeable future.

The expense is recognized over the requisite service period.

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

12. Net Income (Loss) Per Share

The following table summarizes the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts):

	Year Ended December 31,
	2021		2020		2019

Numerator
Net income (loss)	$	100,960	$	103,217	$	(8,394	)
Denominator
Weighted-average shares used to compute net income (loss) per share, basic		93,260		86,256		76,223
Effect of dilutive securities		6,744		4,321		—
Weighted-average shares used to compute net income (loss) per share, diluted		100,004		90,577		76,223
Net income (loss) per share:
Basic	$	1.08	$	1.20	$	(0.11	)
Diluted	$	1.01	$	1.14	$	(0.11	)

Anti-dilutive potential common shares ⁽¹⁾		927		1,605		8,091

(1)

Potential common share equivalents were not included in the calculation of diluted net income per share as the effect would have been anti-dilutive.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Income (loss) before income tax consists of the following (in thousands):

	Year Ended December 31,
	2021		2020			2019

Domestic	$	26,889	$	(1,190	)	$	(18,407	)
Foreign		87,671		123,232			5,008
Income (loss) before income tax	$	114,560	$	122,042		$	(13,399	)

Income tax (expense) benefit consists of the following (in thousands):

	Year Ended December 31,
	2021			2020			2019

United States federal taxes:
Current	$	(3,723	)	$	(363	)	$	(2,177	)
Deferred		4,805			4,801			5,948
State taxes:
Current		(968	)		(1,313	)		(529	)
Deferred		3,855			813			1,421
Foreign taxes:
Current		(20,871	)		(24,625	)		(3,824	)
Deferred		3,302			1,862			4,166
Income tax (expense) benefit	$	(13,600	)	$	(18,825	)	$	5,005

The income tax (expense) benefit differs from the amount which would result by applying the applicable statutory deferral rate to income before income taxes as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019

Provision at federal statutory rate	$	(24,058	)	$	(25,629	)	$	2,814
State taxes		(3,033	)		(5,363	)		911
Foreign rate differential		3,149			10,185			300
Taxes on foreign operations		8,595			(1,776	)		(1,520	)
Research and development credits		2,586			1,534			—
Net operating loss		—			—			2,557
Change in valuation allowance		4,171			4,407			719
Change in tax rate on deferred tax assets		(1,507	)		(743	)		(469	)
Other		(3,503	)		(1,440	)		(307	)
Income tax (expense) benefit	$	(13,600	)	$	(18,825	)	$	5,005

The major drivers for the change in tax (expense) benefit in 2021 were the excess tax benefits from stock-based compensation and a decrease in valuation allowance in 2021 as a result of the release of our California valuation allowance due to increased U.S. profitability. The disclosure for foreign rate differential reflects the impact of the effective tax rate benefit from operations in jurisdictions where the applicable foreign tax rate is lower than the U.S. statutory rate. We were not subject to any tax holidays or tax holiday terminations subject to disclosure during these periods that impacted loss per share.

Deferred tax assets and liabilities comprise the following:

	December 31,
	2021			2020

Deferred tax assets:
Accrued expenses and reserves	$	17,903		$	14,387
Stock-based compensation		2,379			1,794
NOL and capital losses		7,608			10,708
Capitalized research expenditures		2,846			575
Tax credits		2,287			2,686
Other		790			692
Total deferred tax assets		33,813			30,842
Less valuation allowance		(4,038	)		(8,209	)
Deferred tax liabilities:
Intangible assets		(42,738	)		(47,589	)
Net deferred tax liabilities	$	(12,963	)	$	(24,956	)

We have established a valuation allowance of $4.0 million and $8.2 million as of December 31, 2021 and 2020, respectively, against our net deferred tax assets. We determine valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Due to the anticipated future taxable income under the GILTI regime, we have released most of our valuation allowance except on $1.2 million of foreign tax credit carryovers for U.S. federal purposes and maintained a valuation allowance on our Luxemburg deferred tax assets.

As of December 31, 2021, we had net operating loss carry forwards for federal, state and foreign tax purposes of $9.6 million, $26.4 million, and $13.6 million, respectively. The federal, state and foreign net operating losses will begin to expire starting in 2037, 2030, and 2034, respectively. As defined under Internal Revenue Code Section 382, certain tax attributes are subject to an annual limitation as a result of our change in ownership in August 2017. In August 2017, we acquired the interests of the operating subsidiaries from Corsair Components (Cayman) Ltd. We do not expect our tax attributes to be materially affected by the annual limitation.

Change in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions are as follows (in thousands):

	Year Ended December 31,
	2021		2020			2019

Beginning balance	$	1,216	$	746		$	477
Tax position related to current year
Increase		690		262			24
Decrease		—		—			—
Tax position related to prior year
Increase		1,851		477			245
Decrease		—		(269	)		—
	$	3,757	$	1,216		$	746

All of these unrecognized tax benefits will favorably impact our effective tax rate in future periods to the extent benefits are recognized. There are no provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date.

We did not recognize significant expense for interest and penalties related to uncertain tax positions for the years ended December 31, 2021, 2020 and 2019. We file income tax returns with the U.S. federal government, various U.S. states and foreign jurisdictions including China, France, Germany, Hong Kong, Luxembourg, Netherlands, Slovenia, Taiwan, United Kingdom and Vietnam. Our tax returns in the U.S., various U.S. states and foreign jurisdictions remain open to examination from 2013 to 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

14. Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows (in thousands):

	December 31,
	2021			2020

Accumulated foreign currency translation gain	$	622		$	2,104
Unrealized foreign exchange loss from long-term intercompany loans, net of tax		(962	)		(577	)
Total Accumulated Other Comprehensive Income (Loss)	$	(340	)	$	1,527

Segment and Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

15. Segment and Geographic Information

The table below summarizes the financial information for each reportable segment (in thousands):

	Year Ended December 31,
	2021		2020		2019

Net revenue
Gamer and Creator Peripherals	$	647,202	$	539,366	$	294,141
Gaming Components and Systems		1,256,858		1,163,001		803,033
Total net revenue	$	1,904,060	$	1,702,367	$	1,097,174

Gross Profit
Gamer and Creator Peripherals	$	224,920	$	189,742	$	81,363
Gaming Components and Systems		288,934		275,687		142,924
Total gross profit	$	513,854	$	465,429	$	224,287

The CODM manages assets on a total company basis, not by operating segments; therefore, asset information and capital expenditures by operating segments are not presented.

Geographic Information

The following table summarizes our net revenue by geographic region based on the location of the customer (in thousands):

	Year Ended December 31,
	2021		2020		2019

Net revenue
Americas	$	841,653	$	775,423	$	460,256
Europe and Middle East		735,151		624,214		406,435
Asia Pacific		327,256		302,730		230,483
Total net revenue	$	1,904,060	$	1,702,367	$	1,097,174

Revenues from sales to customers in the United States represented 38% , 38% and 35% for the years ended December 31, 2021, 2020 and 2019, respectively. No other single country represented 10% or more of total net revenue during these periods.

Long-lived assets consist primarily of property and equipment, net and right-of-use assets. The following table summarizes long-lived assets by regions that represent 10% of more of our total long-lived assets (in thousands):

	December 31,
	2021		2020

United States	$	44,825	$	20,854
China		8,465		7,567
Taiwan		7,387		7,742
Other		7,529		6,310
Total long-lived assets	$	68,206	$	42,473

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

16. Leases

Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases.

The components of lease expenses were as follows (in thousands):

	Year Ended December 31,
	2021		2020

Operating lease expense	$	13,048	$	9,406
Variable lease expense		9,636		7,305
Total lease expense	$	22,684	$	16,711

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Year Ended December 31,
	2021		2020

Cash paid for amounts included in the measurement of operating lease liabilities	$	10,466	$	8,949
Right-of-use assets recognized in exchange for operating lease obligations		36,689		15,976

Supplemental balance sheet information related to operating leases was as follows (in thousands):

	Year Ended December 31,
	2021			2020

Right-of-use assets (included in other assets)	$	51,387		$	25,998
Lease incentive receivable (included in prepaid expenses and other current assets)		6,505			—
Operating lease liabilities (included in other liabilities and accrued expenses)		9,457			9,070
Operating lease liabilities, noncurrent (included in other liabilities, noncurrent)		51,153			17,571

Weighted-average remaining lease term (in years)		7.6			3.9
Weighted-average discount rate		3.8	%		3.9	%

The following table summarizes the maturity of operating lease liabilities as of December 31, 2021 (in thousands):

	Amounts
2022	$	10,164
2023		11,266
2024		9,959
2025		6,078
2026		5,988
Thereafter		29,413
Total future lease payments		72,868
Less: Imputed interest		(12,258	)
Present value of operating lease liabilities	$	60,610

Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

17. Subsequent event

On January 1, 2022, we acquired a 51% stake in iDisplay Technology (“iDisplay”), a leader in electronic development and design specializing in display technology. Pursuant to the Share Purchase Agreement, and in consideration for its 51% interest in iDisplay, the Company paid $25.3 million in cash and issued 690,333 shares of its Common Stock, having an aggregate value of $14.5 million, for total purchase consideration of $39.8 million. The purchase consideration is subject to adjustment for certain working capital adjustments and post-closing indemnities.

Due to the proximity of the acquisition date to the filing of our annual report on Form 10-K for the year ended December 31, 2021, the initial accounting for the iDisplay business combination is incomplete, and therefore we are unable to disclose certain information required by ASC 805, Business Combinations, including the provisional amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed and goodwill. We are currently in the process of finalizing the accounting for this transaction and expect to complete our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the first quarter of 2022.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Initial Public Offering

Initial Public Offering and Secondary Offering

On January 26, 2021, we completed a secondary offering of our common stock where certain selling stockholders sold 8,625,000, shares of common stock at $35.00 per share.

We did not receive any of the proceeds from the sale of shares by the selling stockholders.

Basis of Presentation

Use of Estimates

Risks and Uncertainties Related To COVID-19 Pandemic

Risks and Uncertainties related to the COVID-19 Pandemic

Revenue Recognition

•

We determine revenue recognition through the following five-step approach:

•

identification of the contract, or contracts, with the customer

•

identification of the performance obligations in the contract

•

determination of the transaction price

•

allocation of the transaction price to the performance obligations in the contract, and

•

recognition of revenue when, or as the performance obligation is fulfilled

We offer return rights and customer incentive programs. Customer incentive programs include special pricing arrangements, promotions, rebates and volume-based incentives.

Contract Balances

Contract liabilities are included in other liabilities and accrued expenses and other liabilities noncurrent on the consolidated balance sheets.

Cost of Revenue

Distribution Costs

Product Development Costs

Advertising Costs

Stock Based Compensation

Stock-Based Compensation

Segments

We have two reportable segments:

•

Cash and Restricted Cash

Accounts Receivable, net

Concentration of Credit Risk

One customer accounted for more than 10% of our consolidated net revenue for the years ended December 31, 2021, 2020 and 2019.

As of December 31, 2021, and 2020, two customers each represented more than 10% of our accounts receivable, net.

Inventories

Property and Equipment, net

Leases

Our lease portfolio consists primarily of real estate facilities for manufacturing, distribution, warehousing and office use purposes under operating leases.

Fair Value of Financial Instruments

Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the measurement date.

Business Combinations

Goodwill and Indefinite-lived Intangible Assets

Intangible Assets with finite-lives and Long-Lived Assets

Our long-lived assets are primarily comprised of operating lease ROU assets and property and equipment.

Warranty Reserve

Deferred Issuance Costs and Debt Discounts

Nonmonetary Transactions

Because the transactions are nonmonetary, they have not been included in the consolidated statements of cash flows pursuant to ASC 230, Statement of Cash Flows.

Foreign Currency

Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded as a component of accumulated other comprehensive income (loss).

Income Taxes

Net Income (Loss) per Share

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements, Not Yet Adopted

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Liabilities that Measured at Fair Value

The following tables summarize our financial liabilities that were measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	December 31, 2021
	(Level 1)		(Level 2)		(Level 3)		Total

Liabilities:
Contingent cash consideration in connection with a business acquisition—SCUF⁽²⁾	$	—	$	—	$	1,250	$	1,250
Foreign currency forward contracts⁽¹⁾		—		427		—		427
Other		—		—		224		224
Total liabilities	$	—	$	427	$	1,474	$	1,901

	December 31, 2020
	(Level 1)		(Level 2)		(Level 3)		Total

Liabilities:
Contingent cash consideration in connection with a business acquisition—Origin⁽³⁾	$	—	$	—	$	2,887	$	2,887
Contingent consideration in connection with a business acquisition—SCUF⁽²⁾		—		—		1,250		1,250
Deferred cash consideration in connection with a business acquisition—Origin⁽³⁾		—		—		1,505		1,505
Foreign currency forward contracts⁽¹⁾		—		819		—		819
Total liabilities	$	—	$	819	$	5,642	$	6,461

(1)	The fair values of the forward contracts and interest rate cap contract are based on similar exchange traded derivatives and the related asset or liability is, therefore, included within Level 2 of the fair value hierarchy.

(2)

(3)	Total earn-out liability of $2.9 million and deferred cash consideration of $1.5 million from our Origin acquisition in 2019 were fully paid and settled in 2021.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill by Reportable Segment

The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands):

	Gaming Components and Systems			Gamer and Creator Peripherals			Total

December 31, 2019	$	145,375		$	167,375		$	312,750
Addition from business acquisitions		—			690			690
Measurement period adjustments		(47	)		(1,326	)		(1,373	)
Effect of foreign currency exchange rates		316			377			693
December 31, 2020		145,644			167,116			312,760
Addition from business acquisitions		—			4,481			4,481
Measurement period adjustments		—			50			50
Effect of foreign currency exchange rates		(334	)		97			(237	)
December 31, 2021	$	145,310		$	171,744		$	317,054

Summary of Intangible Assets, Net

The following table is a summary of intangible assets, net (in thousands):

	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology	$	32,086	$	14,922	$	17,164	$	31,016	$	8,892	$	22,124
Trade name		30,665		4,942		25,723		30,632		2,873		27,759
Customer relationships		218,566		94,910		123,656		218,469		72,892		145,577
Patent		31,481		8,196		23,285		31,802		4,207		27,595
Non-competition agreements		2,521		2,193		328		2,521		1,689		832
Total finite-life intangibles		315,319		125,163		190,156		314,440		90,553		223,887
Indefinite life trade name		35,430		—		35,430		35,430		—		35,430
Other		123		—		123		—		—		—
Total intangible assets	$	350,872	$	125,163	$	225,709	$	349,870	$	90,553	$	259,317

Summary of Recognized Amortization Expense of Intangible Assets

Amortization expense of intangible assets is recognized in our consolidated statements of operations as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019

Cost of revenue	$	4,860	$	3,898	$	130
Sales, general and administrative		24,611		24,535		23,035
Product development		5,323		5,483		6,958
Total amortization of intangible assets	$	34,794	$	33,916	$	30,123

Schedule of Estimated Future Amortization Expense of Intangible Assets

The estimated future amortization expense of intangible assets as of December 31, 2021 is as follows (in thousands):

	Amounts
2022	$	34,419
2023		32,813
2024		31,362
2025		31,058
2026		27,684
Thereafter		32,820
Total	$	190,156

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Balance Sheet

The following tables present the components of certain balance sheet amounts (in thousands):

	December 31,
	2021		2020

Cash	$	62,415	$	129,543
Restricted cash—short term		2,734		3,795
Restricted cash—noncurrent		231		230
Total cash and restricted cash	$	65,380	$	133,568

Accounts receivable	$	291,816		$	293,975
Allowance for credit losses		(529	)		(346	)
Accounts receivable, net	$	291,287		$	293,629

Raw materials	$	62,110	$	52,165
Work in progress		4,931		9,654
Finished goods		231,274		164,188
Inventories	$	298,315	$	226,007

Manufacturing equipment	$	26,094		$	22,035
Computer equipment, software and office equipment		9,407			9,407
Leasehold improvements		5,154			4,521
Furniture and fixtures		4,709			3,675
Total property and equipment	$	45,364		$	39,638
Less: Accumulated depreciation and amortization		(28,545	)		(23,163	)
Property and equipment, net	$	16,819		$	16,475

Right-of-use assets	$	51,387	$	25,998
Deferred tax asset		12,737		4,792
Other		7,684		3,572
Other assets	$	71,808	$	34,362

Accrued reserves for customer incentive programs	$	66,733	$	49,619
Accrued reserves for sales returns		37,166		35,673
Accrued payroll and related expenses		20,526		26,877
Accrued freight expenses		18,296		7,523
Income tax payable		6,316		22,445
Other		56,837		63,608
Other liabilities and accrued expenses	$	205,874	$	205,745

Operating lease liabilities, noncurrent	$	51,153	$	17,571
Other		2,718		2,628
Other liabilities, noncurrent	$	53,871	$	20,199

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Debt

Our debt consisted of the following (in thousands):

	December 31,
	2021			2020
X
Term Loan (variable rate) due September 2026	$	248,750		$	—
First Lien Term Loan (variable rate) extinguished in September 2021		—			326,938
Debt discount and issuance cost, net of amortization		(1,099	)		(5,545	)
Total debt		247,651			321,393
Less: debt maturing within one year		4,753			—
Long-term debt	$	242,898		$	321,393

Summary of Interest Expense Recognized

The following table summarizes the interest expense recognized for all periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019

First and Second Lien Guaranty Agreement:
Contractual interest expense for term loan	$	9,818	$	27,387	$	29,757
Contractual interest expense for revolving facility		—		16		2,758
Amortization of debt discount and issuance cost		1,343		2,632		2,989
Loss on debt extinguishment		4,904		4,114		—
Credit Agreement:
Contractual interest expense for term loan		1,113		—		—
Contractual interest expense for revolving facility		53		—		—
Amortization of debt discount and issuance cost		115		—		—
Other		327		988		44
Total interest expense recognized	$	17,673	$	35,137	$	35,548

Summary of Estimated Future Principal Payments under Total Long-term Debt

The estimated future principal payments under our total long-term debt as of December 31, 2021 are as follows (in thousands):

	Amounts

2022	$	5,000
2023		6,875
2024		12,500
2025		12,500
2026		211,875
Total debt	$	248,750

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Changes in Warranty

Changes in our assurance-type warranty obligations were as follows (in thousands):

	December 31,
	2021			2020

Beginning of the period	$	5,865		$	3,991
Warranty provision related to products shipped		6,549			7,201
Deductions for warranty claims processed		(6,758	)		(5,327	)
End of period	$	5,656		$	5,865

Schedule of Total Long-Term Non-Cancelable Purchase Commitment

The total long-term non-cancelable purchase commitments as of December 31, 2021 was as follows (in thousands):

	Amounts
x
2022	$	2,614
2023		2,524
2024		1,699
2025		308
2026		—
Total	$	7,145

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activities and Related Information

The following table summarizes the stock option activities and related information for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding as of December 31, 2020		10,211,737		$	5.68		7.7	$	311,869
Granted		695,122			40.16
Exercised		(2,335,250	)		4.37
Forfeited/cancelled		(408,000	)		6.64
Outstanding as of December 31, 2021		8,163,609		$	8.94		6.9	$	112,411
Vested and exercisable as of December 31, 2021		4,173,467		$	5.33		6.4	$	65,617

Summary of RSUs Activities and Related Information

The following table summarizes the RSU activities and related information for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Outstanding as of December 31, 2020		153,488		$	29.35
Granted		572,785			34.78
Vested		(50,327	)		28.02
Forfeited/cancelled		(34,086	)		33.82
Outstanding as of December 31, 2021		641,860		$	34.06

Summary of Stock-based Compensation Expense

The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands):

	Year Ended December 31,
	2021		2020			2019

Cost of revenue	$	1,006	$	268		$	197
Sales, general and administrative		13,772		4,883			3,084
Product development		2,457		645			567
Stock-based compensation expense, net of amounts capitalized ⁽¹⁾	$	17,235	$	5,796		$	3,848
Income tax benefits (expense) related to stock-based compensation expense	$	6,796	$	(476	)	$	—

(1)

Total stock-based compensation expense capitalized in inventory was not material for each of the periods presented.

Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period

	December 31, 2021
	Unrecognized Expense		Remaining weighted average period (In years)

RSUs	$	17,542		3.1
Stock Options		16,591		2.2
ESPP		—		—
Total unrecognized stock-based compensation expense	$	34,133

Summary of Valuation Assumptions of Fair Value of Stock Options on Date of Grant

We estimate the fair value of the stock options at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and values:

	Year Ended December 31,
	2021		2020		2019

Expected term (years)		6.01		6.37		6.48
Expected volatility	43.1% - 47.0%		35.8% - 44.0%		34.3% - 36.1%
Dividend yield		—		—		—
Risk-free interest rate	0.05% - 1.34%		0.3% - 1.8%		1.4 - 2.6%

Summary of Valuation Assumptions of Fair Value of ESPP on Date of Grant

We estimate the fair value of the shares under the ESPP at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and inputs:

	Year Ended December 31,
	2021

Expected term (years)		0.50
Expected volatility	43.2% - 45.1%
Dividend yield		—
Risk-free interest rate	0.05% - 0.09%

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The following table summarizes the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts):

	Year Ended December 31,
	2021		2020		2019

Numerator
Net income (loss)	$	100,960	$	103,217	$	(8,394	)
Denominator
Weighted-average shares used to compute net income (loss) per share, basic		93,260		86,256		76,223
Effect of dilutive securities		6,744		4,321		—
Weighted-average shares used to compute net income (loss) per share, diluted		100,004		90,577		76,223
Net income (loss) per share:
Basic	$	1.08	$	1.20	$	(0.11	)
Diluted	$	1.01	$	1.14	$	(0.11	)

Anti-dilutive potential common shares ⁽¹⁾		927		1,605		8,091

(1)

Potential common share equivalents were not included in the calculation of diluted net income per share as the effect would have been anti-dilutive.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

Income (loss) before income tax consists of the following (in thousands):

	Year Ended December 31,
	2021		2020			2019

Domestic	$	26,889	$	(1,190	)	$	(18,407	)
Foreign		87,671		123,232			5,008
Income (loss) before income tax	$	114,560	$	122,042		$	(13,399	)

Schedule of Income Tax (Expense) Benefit

Income tax (expense) benefit consists of the following (in thousands):

	Year Ended December 31,
	2021			2020			2019

United States federal taxes:
Current	$	(3,723	)	$	(363	)	$	(2,177	)
Deferred		4,805			4,801			5,948
State taxes:
Current		(968	)		(1,313	)		(529	)
Deferred		3,855			813			1,421
Foreign taxes:
Current		(20,871	)		(24,625	)		(3,824	)
Deferred		3,302			1,862			4,166
Income tax (expense) benefit	$	(13,600	)	$	(18,825	)	$	5,005

Reconciliation of Tax Computed Applying Statutory Deferral Income Tax Rate

The income tax (expense) benefit differs from the amount which would result by applying the applicable statutory deferral rate to income before income taxes as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019

Provision at federal statutory rate	$	(24,058	)	$	(25,629	)	$	2,814
State taxes		(3,033	)		(5,363	)		911
Foreign rate differential		3,149			10,185			300
Taxes on foreign operations		8,595			(1,776	)		(1,520	)
Research and development credits		2,586			1,534			—
Net operating loss		—			—			2,557
Change in valuation allowance		4,171			4,407			719
Change in tax rate on deferred tax assets		(1,507	)		(743	)		(469	)
Other		(3,503	)		(1,440	)		(307	)
Income tax (expense) benefit	$	(13,600	)	$	(18,825	)	$	5,005

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities comprise the following:

	December 31,
	2021			2020

Deferred tax assets:
Accrued expenses and reserves	$	17,903		$	14,387
Stock-based compensation		2,379			1,794
NOL and capital losses		7,608			10,708
Capitalized research expenditures		2,846			575
Tax credits		2,287			2,686
Other		790			692
Total deferred tax assets		33,813			30,842
Less valuation allowance		(4,038	)		(8,209	)
Deferred tax liabilities:
Intangible assets		(42,738	)		(47,589	)
Net deferred tax liabilities	$	(12,963	)	$	(24,956	)

Schedule of Change in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions

Change in gross unrecognized tax benefits, excluding interest and penalties, as a result of uncertain tax positions are as follows (in thousands):

	Year Ended December 31,
	2021		2020			2019

Beginning balance	$	1,216	$	746		$	477
Tax position related to current year
Increase		690		262			24
Decrease		—		—			—
Tax position related to prior year
Increase		1,851		477			245
Decrease		—		(269	)		—
	$	3,757	$	1,216		$	746

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows (in thousands):

	December 31,
	2021			2020

Accumulated foreign currency translation gain	$	622		$	2,104
Unrealized foreign exchange loss from long-term intercompany loans, net of tax		(962	)		(577	)
Total Accumulated Other Comprehensive Income (Loss)	$	(340	)	$	1,527

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Financial Information for Each Reportable Segment

The table below summarizes the financial information for each reportable segment (in thousands):

	Year Ended December 31,
	2021		2020		2019

Net revenue
Gamer and Creator Peripherals	$	647,202	$	539,366	$	294,141
Gaming Components and Systems		1,256,858		1,163,001		803,033
Total net revenue	$	1,904,060	$	1,702,367	$	1,097,174

Gross Profit
Gamer and Creator Peripherals	$	224,920	$	189,742	$	81,363
Gaming Components and Systems		288,934		275,687		142,924
Total gross profit	$	513,854	$	465,429	$	224,287

Summary of Net Revenue By Geographic Region

The following table summarizes our net revenue by geographic region based on the location of the customer (in thousands):

	Year Ended December 31,
	2021		2020		2019

Net revenue
Americas	$	841,653	$	775,423	$	460,256
Europe and Middle East		735,151		624,214		406,435
Asia Pacific		327,256		302,730		230,483
Total net revenue	$	1,904,060	$	1,702,367	$	1,097,174

Summary of Property And Equipment, Net by Country

The following table summarizes long-lived assets by regions that represent 10% of more of our total long-lived assets (in thousands):

	December 31,
	2021		2020

United States	$	44,825	$	20,854
China		8,465		7,567
Taiwan		7,387		7,742
Other		7,529		6,310
Total long-lived assets	$	68,206	$	42,473

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Components of Lease Expenses

The components of lease expenses were as follows (in thousands):

	Year Ended December 31,
	2021		2020

Operating lease expense	$	13,048	$	9,406
Variable lease expense		9,636		7,305
Total lease expense	$	22,684	$	16,711

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Year Ended December 31,
	2021		2020

Cash paid for amounts included in the measurement of operating lease liabilities	$	10,466	$	8,949
Right-of-use assets recognized in exchange for operating lease obligations		36,689		15,976

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases was as follows (in thousands):

	Year Ended December 31,
	2021			2020

Right-of-use assets (included in other assets)	$	51,387		$	25,998
Lease incentive receivable (included in prepaid expenses and other current assets)		6,505			—
Operating lease liabilities (included in other liabilities and accrued expenses)		9,457			9,070
Operating lease liabilities, noncurrent (included in other liabilities, noncurrent)		51,153			17,571

Weighted-average remaining lease term (in years)		7.6			3.9
Weighted-average discount rate		3.8	%		3.9	%

Summary of Maturity of Operating Lease Liabilities

The following table summarizes the maturity of operating lease liabilities as of December 31, 2021 (in thousands):

	Amounts
2022	$	10,164
2023		11,266
2024		9,959
2025		6,078
2026		5,988
Thereafter		29,413
Total future lease payments		72,868
Less: Imputed interest		(12,258	)
Present value of operating lease liabilities	$	60,610

Description of Business and Basis of Presentation - Additional Information (Detail)				12 Months Ended
	Jan. 26, 2021 $ / shares shares	Sep. 26, 2020 shares	Sep. 25, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Description Of Business And Basis Of Presentation [Line Items]
Number of reportable segments \| Segment				2
Proceeds from issuance of initial public offering, net \| $					$ 118,575,000
Deferred offering costs \| $					$ 12,000,000.0
Initial Public Offering
Description Of Business And Basis Of Presentation [Line Items]
Number of shares sold \| shares			7,500,000
Sale of stock, price per share \| $ / shares			$ 17.00
Proceeds from issuance of initial public offering, net \| $			$ 118,600,000
Stockholders sale of common stock shares \| shares			6,500,000
Stockholders sale of common stock shares price per share \| $ / shares			$ 17.00
Underwriters' Option
Description Of Business And Basis Of Presentation [Line Items]
Stockholders sale of common stock shares \| shares		1,135,375
Secondary Offering
Description Of Business And Basis Of Presentation [Line Items]
Number of shares sold \| shares	8,625,000
Sale of stock, price per share \| $ / shares	$ 35.00
Selling Stockholders
Description Of Business And Basis Of Presentation [Line Items]
Proceeds from issuance of initial public offering, net \| $				$ 0

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment Customer	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 USD ($) Customer
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Contract assets	$ 0	$ 0
Advertising and promotion expenses	$ 19,800,000	19,100,000	$ 11,300,000
Number of reportable segments \| Segment	2
Total restricted cash deposits	$ 3,000,000.0	4,000,000.0
Short term lease term	12 months
Percentage of estimated fair value less than carrying amount	50.00%
Foreign currency remeasurement gains and (losses)	$ (5,661,000)	(1,182,000)	(1,558,000)
ASU 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Other (Expense) Income, Net
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Foreign currency remeasurement gains and (losses)	$ (6,300,000)	1,600,000	$ 1,400,000
Inventory Exchanges
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Sales and purchases of inventories in prepaid inventories and accrued liabilities		$ 5,900,000
Sales and purchases of inventories in prepaid inventories	5,000,000.0
Sales and purchases of inventories in accrued liabilities	$ 5,400,000
Leasehold Improvements
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Estimated useful lives of improvements	shorter of the remaining lease term or the estimated useful lives of the improvements
Consolidated Net Revenue \| Customer Concentration Risk
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of customers \| Customer	1	1	1
Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of customers \| Customer	2	2
Sales Channel Through Webstore
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Unearned revenue consists of payments received from customer	$ 4,800,000	$ 8,000,000.0
Minimum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Customer payment period from invoice date	30 days
Estimated useful lives	2 years
Standard product warranty period	6 months
Percentage of tax positions to measure tax benefit	50.00%
Minimum \| Consolidated Net Revenue \| Customer Concentration Risk
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Concentration of credit risk	10.00%	10.00%	10.00%
Minimum \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Concentration of credit risk	10.00%	10.00%
Minimum \| Sales Channel Through Webstore \| Transferred at Point in Time
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred revenue recognized period	14 days
Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Customer payment period from invoice date	90 days
Period of performance obligations and timing of payment	1 year
Percentage of reimbursement of collection losses to mitigate credit risks	90.00%
Estimated useful lives	7 years
Business combination measurement period	1 year
Standard product warranty period	10 years
Maximum \| Sales Channel Through Intermediary \| Transferred at Point in Time
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred revenue recognized period	3 months

Summary of Significant Accounting Policies - Additional Information (Details1)	Dec. 31, 2021
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Contingent Consideration Business Acquisition SCUF
Liabilities:
Liabilities	$ 1,300	$ 1,300
Deferred Cash Consideration Business Acquisition Origin
Liabilities:
Liabilities	1,500
Fair Value Recurring Basis
Liabilities:
Liabilities	1,901	6,461
Fair Value Recurring Basis \| Other
Liabilities:
Liabilities	224
Fair Value Recurring Basis \| Foreign Currency Forward Contracts
Liabilities:
Liabilities	427	819
Fair Value Recurring Basis \| Contingent Cash Consideration Business Acquisition Origin
Liabilities:
Liabilities		2,887
Fair Value Recurring Basis \| Contingent Consideration Business Acquisition SCUF
Liabilities:
Liabilities	1,250	1,250
Fair Value Recurring Basis \| Deferred Cash Consideration Business Acquisition Origin
Liabilities:
Liabilities		1,505
Fair Value Recurring Basis \| (Level 2)
Liabilities:
Liabilities	427	819
Fair Value Recurring Basis \| (Level 2) \| Foreign Currency Forward Contracts
Liabilities:
Liabilities	427	819
Fair Value Recurring Basis \| (Level 3)
Liabilities:
Liabilities	1,474	5,642
Fair Value Recurring Basis \| (Level 3) \| Other
Liabilities:
Liabilities	224
Fair Value Recurring Basis \| (Level 3) \| Contingent Cash Consideration Business Acquisition Origin
Liabilities:
Liabilities		2,887
Fair Value Recurring Basis \| (Level 3) \| Contingent Consideration Business Acquisition SCUF
Liabilities:
Liabilities	$ 1,250	1,250
Fair Value Recurring Basis \| (Level 3) \| Deferred Cash Consideration Business Acquisition Origin
Liabilities:
Liabilities		$ 1,505

Fair Value Measurement - Summary of Financial Liabilities that Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earn out liability	$ 4,721	$ 10,300
Contingent Consideration Business Acquisition SCUF
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	1,300		$ 1,300
Contingent Consideration Business Acquisition SCUF \| Contractual Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	300		100
Contingent Consideration Business Acquisition SCUF \| Tax Return Filing Adjustment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	1,000		$ 1,200
Contingent Consideration Business Acquisitions Origin
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earn out liability	2,900
Deferred Cash Consideration Business Acquisition Origin
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	$ 1,500

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Derivative	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Derivative Instruments Gain Loss [Line Items]
Derivative instruments for trading purposes \| Derivative	0
Foreign Currency Forward Contracts \| Non Designated
Derivative Instruments Gain Loss [Line Items]
Notional principal amount	$ 48.6	$ 41.6
Foreign Currency Forward Contracts \| Non Designated \| Other (Expense) Income
Derivative Instruments Gain Loss [Line Items]
Net fair value gain (loss) recognized in other (expense) income	$ 0.5	$ (3.0)	$ (0.2)
Minimum \| Foreign Currency Forward Contracts \| Non Designated
Derivative Instruments Gain Loss [Line Items]
Derivative maturity term	3 months
Maximum \| Foreign Currency Forward Contracts \| Non Designated
Derivative Instruments Gain Loss [Line Items]
Derivative maturity term	4 months

Business Combinations - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 Acquisition
Business Combinations [Abstract]
Number of acquisitions	4

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 Segment
Goodwill And Intangible Assets Disclosure [Abstract]
Number of reporting units	4

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	$ 312,760	$ 312,750
Addition from business acquisitions	4,481	690
Measurement period adjustments	50	(1,373)
Effect of foreign currency exchange rates	(237)	693
Balance	317,054	312,760
Gaming Components and Systems
Balance	145,644	145,375
Measurement period adjustments		(47)
Effect of foreign currency exchange rates	(334)	316
Balance	145,310	145,644
Gaming and Creator Peripherals
Balance	167,116	167,375
Addition from business acquisitions	4,481	690
Measurement period adjustments	50	(1,326)
Effect of foreign currency exchange rates	97	377
Balance	$ 171,744	$ 167,116

Goodwill and Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total finite-life intangibles, Gross Carrying Amount	$ 315,319	$ 314,440
Total finite-life intangibles, Accumulated Amortization	125,163	90,553
Total finite-life intangibles, Net Carrying Amount	190,156	223,887
Total intangible assets, Gross Carrying Amount	350,872	349,870
Total intangible assets, Net Carrying Amount	225,709	259,317
Trade Name
Indefinite-life intangibles, Gross and Net Carrying Amount	35,430	35,430
Other
Indefinite-life intangibles, Gross and Net Carrying Amount	123
Developed Technology Rights
Total finite-life intangibles, Gross Carrying Amount	32,086	31,016
Total finite-life intangibles, Accumulated Amortization	14,922	8,892
Total finite-life intangibles, Net Carrying Amount	17,164	22,124
Trade Name
Total finite-life intangibles, Gross Carrying Amount	30,665	30,632
Total finite-life intangibles, Accumulated Amortization	4,942	2,873
Total finite-life intangibles, Net Carrying Amount	25,723	27,759
Customer Relationships
Total finite-life intangibles, Gross Carrying Amount	218,566	218,469
Total finite-life intangibles, Accumulated Amortization	94,910	72,892
Total finite-life intangibles, Net Carrying Amount	123,656	145,577
Patents
Total finite-life intangibles, Gross Carrying Amount	31,481	31,802
Total finite-life intangibles, Accumulated Amortization	8,196	4,207
Total finite-life intangibles, Net Carrying Amount	23,285	27,595
Noncompete Agreements
Total finite-life intangibles, Gross Carrying Amount	2,521	2,521
Total finite-life intangibles, Accumulated Amortization	2,193	1,689
Total finite-life intangibles, Net Carrying Amount	$ 328	$ 832

Goodwill and Intangible Assets - Summary of Recognized Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amortization of intangible assets	$ 34,794	$ 33,916	$ 30,123
Cost of Revenue
Amortization of intangible assets	4,860	3,898	130
Sales, General and Administrative
Amortization of intangible assets	24,611	24,535	23,035
Product Development
Amortization of intangible assets	$ 5,323	$ 5,483	$ 6,958

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 34,419
2023	32,813
2024	31,362
2025	31,058
2026	27,684
Thereafter	32,820
Total finite-life intangibles, Net Carrying Amount	$ 190,156	$ 223,887

Balance Sheet Components - Schedule of Components of Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Line Items]
Cash	$ 62,415	$ 129,543
Restricted cash—short term	2,734	3,795
Restricted cash—noncurrent	231	230
Total cash and restricted cash	65,380	133,568	$ 51,947	$ 27,920
Accounts receivable	291,816	293,975
Allowance for credit losses	(529)	(346)
Accounts receivable, net	291,287	293,629
Raw materials	62,110	52,165
Work in progress	4,931	9,654
Finished goods	231,274	164,188
Inventories	298,315	226,007
Total property and equipment	45,364	39,638
Less: Accumulated depreciation and amortization	(28,545)	(23,163)
Property and equipment, net	16,819	16,475
Right-of-use assets	51,387	25,998
Deferred tax asset	12,737	4,792
Other	7,684	3,572
Other assets	71,808	34,362
Accrued reserves for customer incentive programs	66,733	49,619
Accrued reserves for sales returns	37,166	35,673
Accrued payroll and related expenses	20,526	26,877
Accrued freight expenses	18,296	7,523
Income tax payable	6,316	22,445
Other	56,837	63,608
Other liabilities and accrued expenses	205,874	205,745
Operating lease liabilities, noncurrent	51,153	17,571
Other	2,718	2,628
Other liabilities, noncurrent	53,871	20,199
Manufacturing Equipment
Balance Sheet Related Disclosures [Line Items]
Total property and equipment	26,094	22,035
Computer Equipment, Software and Office Equipment
Balance Sheet Related Disclosures [Line Items]
Total property and equipment	9,407	9,407
Furniture and Fixtures
Balance Sheet Related Disclosures [Line Items]
Total property and equipment	4,709	3,675
Leasehold Improvements
Balance Sheet Related Disclosures [Line Items]
Total property and equipment	$ 5,154	$ 4,521

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 248,750
Debt discount and issuance cost, net of amortization	(1,099)	$ (5,545)
Total debt	247,651	321,393
Less: debt maturing within one year	4,753
Long-term debt	242,898	321,393
Term Loan
Debt Instrument [Line Items]
Total debt	248,750
Total debt	$ 247,700
First Lien Term Loan
Debt Instrument [Line Items]
Total debt		$ 326,938

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Summary of Debt (Parenthetical) (Details)	12 Months Ended
Debt - Summary of Debt (Parenthetical) (Details)	Dec. 31, 2021
Term Loan
Debt Instrument [Line Items]
Debt instrument, maturity date	2026-09
First Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, extinguishment date	2021-09

Debt - Additional Information (Details)		1 Months Ended						12 Months Ended
Debt - Additional Information (Details)	Sep. 03, 2021 USD ($)	Mar. 31, 2019 USD ($)	Oct. 31, 2018	Mar. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Aug. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Repayment of debt								$ 328,188,000	$ 190,394,000	$ 3,969,000
Losses on extinguishment of debt								(4,868,000)	(4,114,000)
Borrowings from line of credit								63,500,000
Carrying value of term loan								247,651,000	321,393,000
First Lien Term Loan
Debt Instrument [Line Items]
Principal amount						$ 235,000,000
Debt instrument, maturity date						Aug. 28, 2024
Increase in Principal amount		$ 115,000,000		$ 115,000,000			$ 10,000,000
Losses on extinguishment of debt								4,900,000	2,500,000
First Lien Term Loan \| Initial Public Offering
Debt Instrument [Line Items]
Repayment of debt	$ 248,500,000								59,600,000
Voluntary Prepayment of debt								78,300,000	80,800,000
First Lien Term Loan \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						0.50%
First Lien Term Loan \| One Month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate						1.00%
Debt instrument, maturity period of variable rate basis						1 month
First Lien Term Loan \| 2%, Plus Margin Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						3.50%
Debt instrument, interest rate						2.00%
First Lien Term Loan \| 1%, Plus Margin Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						4.50%
Debt instrument, interest rate						1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount						$ 50,000,000
Debt instrument, maturity date						Aug. 28, 2022
Revolving Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						0.50%
Revolving Credit Facility \| One Month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate						1.00%
Debt instrument, maturity period of variable rate basis						1 month
Revolving Credit Facility \| 2%, Plus Margin Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						3.50%
Debt instrument, interest rate						2.00%
Revolving Credit Facility \| 1%, Plus Margin Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						4.50%
Debt instrument, interest rate						1.00%
Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate			2.75%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate			3.25%
Revolving Credit Facility \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate			3.75%
Revolving Credit Facility \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate			4.25%
First Lien Term Loan Amendment \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate			2.75%
First Lien Term Loan Amendment \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate			3.25%
First Lien Term Loan Amendment \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate			3.75%
First Lien Term Loan Amendment \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate			4.25%
Second Lien Term Loan
Debt Instrument [Line Items]
Principal amount						$ 65,000,000
Debt instrument, maturity date						Aug. 28, 2025
Losses on extinguishment of debt									1,600
Repayments of term loan									50,000
Second Lien Term Loan \| Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate						7.25%
Second Lien Term Loan \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, variable rate						8.25%
Second Lien Term Loan Amendment
Debt Instrument [Line Items]
Principal amount					$ 50,000,000
Second Lien Term Loan Amendment \| Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate increase					0.25%
Second Lien Term Loan Amendment \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, variable rate increase					0.25%
First Lien and Second Lien Term Loan
Debt Instrument [Line Items]
Losses on extinguishment of debt								$ (4,904,000)	$ (4,114,000)
Weighted average effective interest rate percentage								5.40%	6.40%
Revolving Credit Facility Under Credit Agreement
Debt Instrument [Line Items]
Principal amount	$ 100,000,000.0
Credit facility, expiration period	5 years
Credit facility, expiration month and year	2026-09
Outstanding borrowing balance								$ 0
Revolving Credit Facility Under Credit Agreement \| One Month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate	1.00%
Debt instrument, maturity period of variable rate basis	1 month
Revolving Credit Facility Under Credit Agreement \| One Month LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate	0.25%
Revolving Credit Facility Under Credit Agreement \| One Month LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate	1.00%
Revolving Credit Facility Under Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate	1.25%
Revolving Credit Facility Under Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate	2.00%
Revolving Credit Facility Under Credit Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, variable rate	0.50%
Term Loan
Debt Instrument [Line Items]
Principal amount	$ 250,000,000.0
Credit facility, expiration period	5 years
Credit facility, expiration month and year	2026-09
Carrying value of term loan								$ 247,700,000
Effective interest rate								1.40%
Term Loan \| (Level 2)
Debt Instrument [Line Items]
Estimated fair value of term loan								$ 261,700,000
Term Loan \| One Month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate	1.00%
Debt instrument, maturity period of variable rate basis	1 month
Term Loan \| One Month LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate	0.25%
Term Loan \| One Month LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate	1.00%
Term Loan \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate	1.25%
Term Loan \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate	2.00%
Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, variable rate	0.50%
Credit Agreement
Debt Instrument [Line Items]
Credit facility, incremental maximum aggregate principal amount	$ 250,000,000.0
Borrowings from line of credit	248,500,000
Debt discount	$ 1,500,000
Increase in interest rate upon certain events of default	2.00%
Consolidated total net leverage ratio								1.1
Consolidated interest coverage ratio								11.5
Credit Agreement \| Minimum
Debt Instrument [Line Items]
Consolidated interest coverage ratio	3.0
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total net leverage ratio	3.0

Debt - Summary of Interest Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 4,868	$ 4,114
Other	327	988	$ 44
Total interest expense recognized	17,673	35,137	35,548
First Lien and Second Lien Term Loan
Debt Instrument [Line Items]
Contractual interest expense for term loan	9,818	27,387	29,757
Amortization of debt discount and issuance cost	1,343	2,632	2,989
Loss on debt extinguishment	4,904	4,114
Revolving Credit Facility
Debt Instrument [Line Items]
Contractual interest expense for term loan		$ 16	$ 2,758
Credit Agreement, Term Loan
Debt Instrument [Line Items]
Contractual interest expense for term loan	1,113
Revolving Credit Facility Under Credit Agreement
Debt Instrument [Line Items]
Contractual interest expense for term loan	53
Credit Agreement
Debt Instrument [Line Items]
Amortization of debt discount and issuance cost	$ 115

Debt - Summary of Estimated Future Principal Payments under Total Long-term Debt (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 5,000
2023	6,875
2024	12,500
2025	12,500
2026	211,875
Total debt	$ 248,750

Commitments and Contingencies - Schedule of Changes in Warranty Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Beginning of the period	$ 5,865	$ 3,991
Warranty provision related to products shipped	6,549	7,201
Deductions for warranty claims processed	(6,758)	(5,327)
End of period	$ 5,656	$ 5,865

Commitments and Contingencies - Schedule of Total Long-Term Non-Cancelable Purchase Commitment (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 2,614
2023	2,524
2024	1,699
2025	308
Total	$ 7,145

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Claim	Dec. 31, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Non-cancelable long-term purchase commitments		$ 6,800,000
Letters of credit outstanding, amount	$ 500,000	2,000,000.0
Line of credit facility, current borrowing capacity	$ 0	$ 0
Loss contingency, claims settled, number \| Claim	0

Stockholders' Equity - Additional Information (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Sep. 25, 2020
Equity [Abstract]
Authorized shares of common stock for issuance	300,000,000	300,000,000	300,000,000
Authorized shares of preferred stock for issuance	5,000,000	5,000,000	5,000,000
Authorized shares of common stock for issuance, par value	$ 0.0001	$ 0.0001	$ 0.0001
Authorized shares of preferred stock for issuance, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock shares outstanding	0	0

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, exercise price	$ 40.16
Weighted-average grant date fair value per share for stock options granted	$ 16.77	$ 3.68	$ 2.89
Intrinsic value of options exercised	$ 66.0	$ 1.5	$ 0.1
Expected Dividend Rate	0.00%
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected Dividend Rate	0.00%
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of RSUs granted	$ 34.78	$ 28.66
Fair value of RSUs vested	$ 1.4	$ 0.1
2020 Plan \| Equity Incentive Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	7,626,827	5,125,000		3,677,385
2017 Plan and the 2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, expiration period	10 years
2017 Plan and the 2020 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
2017 Plan and the 2020 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, vesting period	5 years
2017 Plan and the 2020 Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, exercise price	$ 0
2020 Employee Stock Purchase Plan \| Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	1,738,882			919,346	1,025,000
Common stock were sold to our employees	205,464

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activities and Related Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding Stock Options, Beginning balance	10,211,737
Stock Options, Granted	695,122
Stock Options, Exercised	(2,335,250)
Stock Options, Forfeited/cancelled	(408,000)
Outstanding Stock Options, Ending balance	8,163,609	10,211,737
Stock Options, Vested and exercisable	4,173,467
Weighted-Average Exercise Price Per Share, Beginning balance	$ 5.68
Weighted-Average Exercise Price Per Share, Granted	40.16
Weighted-Average Exercise Price Per Share, Exercised	4.37
Weighted-Average Exercise Price Per Share, Forfeited/cancelled	6.64
Weighted-Average Exercise Price Per Share, Ending balance	8.94	$ 5.68
Weighted-Average Exercise Price Per Share, Vested and exercisable as of December 31, 2020	$ 5.33
Weighted-Average Remaining Contractual Term	6 years 10 months 24 days	7 years 8 months 12 days
Weighted -Average Remaining Contractual Term Vested and exercisable	6 years 4 months 24 days
Aggregate Intrinsic Value, Balance	$ 112,411	$ 311,869
Aggregate Intrinsic Value, Vested and exercisable	$ 65,617

Equity Incentive Plans and Stock-Based Compensation - Summary of RSUs Activities and Related Information (Detail) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, Beginning balance	153,488
Unvested RSUs, Granted	572,785
Unvested RSUs, Vested	(50,327)
Unvested RSUs, Forfeited/cancelled	(34,086)
Unvested RSUs, Ending balance	641,860	153,488
Weighted-Average Grant Date Fair Value Per Share, Beginning balance	$ 29.35
Weighted-Average Grant Date Fair Value Per Share, Granted	34.78	$ 28.66
Weighted-Average Grant Date Fair Value Per Share, Vested	28.02
Weighted-Average Grant Date Fair Value Per Share, Forfeited/cancelled	33.82
Weighted-Average Grant Date Fair Value Per Share, Ending balance	$ 34.06	$ 29.35

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	$ 17,235	$ 5,796	$ 3,848
Income tax benefits (expense) related to stock-based compensation expense	6,796	(476)
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	1,006	268	197
Sales, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	13,772	4,883	3,084
Product Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	$ 2,457	$ 645	$ 567

Equity Incentive Plans and Stock-Based Compensation - Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 34,133
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs\ESPP	$ 17,542
Remaining weighted average period (In years)	3 years 1 month 6 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options	$ 16,591
Remaining weighted average period (In years)	2 years 2 months 12 days

Equity Incentive Plans and Stock-Based Compensation - Summary of Valuation Assumptions of Fair Value of Stock Options on Date of Grant (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
2020 Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 3 days	6 years 4 months 13 days	6 years 5 months 23 days
Expected volatility, minimum	43.10%	35.80%	34.30%
Expected volatility, maximum	47.00%	44.00%	36.10%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	0.05%	0.30%	1.40%
Risk-free interest rate, maximum	1.34%	1.80%	2.60%

Equity Incentive Plans and Stock-Based Compensation - Summary of Valuation Assumptions of Fair Value of ESPP on Date of Grant (Detail)	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 months
Expected volatility, minimum	43.20%
Expected volatility, maximum	45.10%
Dividend yield	0.00%
Risk-free interest rate, minimum	0.05%
Risk-free interest rate, maximum	0.09%

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net income (loss)	$ 100,960	$ 103,217	$ (8,394)
Denominator
Basic	93,260	86,256	76,223
Effect of dilutive securities	6,744	4,321
Weighted-average shares used to compute net income (loss) per share, diluted	100,004	90,577	76,223
Net income (loss) per share:
Basic	$ 1.08	$ 1.20	$ 0.11
Diluted	$ 1.01	$ 1.14	$ 0.11
Anti-dilutive potential common shares	927	1,605	8,091

Income Taxes - Component of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 26,889	$ (1,190)	$ (18,407)
Foreign	87,671	123,232	5,008
Income (loss) before income taxes	$ 114,560	$ 122,042	$ (13,399)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Components of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current federal taxes	$ (3,723)	$ (363)	$ (2,177)
Deferred federal taxes	4,805	4,801	5,948
Current state taxes	(968)	(1,313)	(529)
Deferred state taxes	3,855	813	1,421
Current foreign taxes	(20,871)	(24,625)	(3,824)
Deferred foreign taxes	3,302	1,862	4,166
Income tax (expense) benefit	$ (13,600)	$ (18,825)	$ 5,005

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income Tax (Expense) Benefit Differs from the Amount which would Result by applying the Applicable Statutory Deferral Rate to Income before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision at federal statutory rate	$ (24,058)	$ (25,629)	$ 2,814
State taxes	(3,033)	(5,363)	911
Foreign rate differential	3,149	10,185	300
Taxes on foreign operations	8,595	(1,776)	(1,520)
Research and development credits	2,586	1,534
Net operating loss			2,557
Change in valuation allowance	4,171	4,407	719
Change in tax rate on deferred tax assets	(1,507)	(743)	(469)
Other	(3,503)	(1,440)	(307)
Income tax (expense) benefit	$ (13,600)	$ (18,825)	$ 5,005

Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses and reserves	$ 17,903	$ 14,387
Stock-based compensation	2,379	1,794
NOL and capital losses	7,608	10,708
Capitalized research expenditures	2,846	575
Tax credits	2,287	2,686
Other	790	692
Total deferred tax assets	33,813	30,842
Less valuation allowance	(4,038)	(8,209)
Deferred tax liabilities:
Intangible assets	(42,738)	(47,589)
Net deferred tax liabilities	$ (12,963)	$ (24,956)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Valuation allowance	$ 4,038,000	$ 8,209,000
Interest and penalties expense	$ 0	$ 0	$ 0
Earliest Tax Year
Income Tax Contingency [Line Items]
Open Tax Year	2013
Latest Tax Year
Income Tax Contingency [Line Items]
Open Tax Year	2020
Federal
Income Tax Contingency [Line Items]
Foreign tax credit carryovers	$ 1,200,000
Net operating loss carryforwards	$ 9,600,000
Operating loss carryforwards expiration year	2037
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 26,400,000
Operating loss carryforwards expiration year	2030
Foreign
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 13,600,000
Operating loss carryforwards expiration year	2034

Income Taxes - Schedule of Change in Gross Unrecognized Tax Benefits, Excluding Interest and Penalties, as Result of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,216	$ 746	$ 477
Tax position related to current year, Increase	690	262	24
Tax position related to prior year, Increase	1,851	477	245
Tax position related to prior year, Decrease		(269)
Ending balance	$ 3,757	$ 1,216	$ 746

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Accumulated foreign currency translation gain	$ 622	$ 2,104
Unrealized foreign exchange loss from long-term intercompany loans, net of tax	(962)	(577)
Total Accumulated Other Comprehensive Income (Loss)	$ (340)	$ 1,527

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 1,904,060	$ 1,702,367	$ 1,097,174
Total gross profit	513,854	465,429	224,287
Gaming and Creator Peripherals
Segment Reporting Information [Line Items]
Net revenue	647,202	539,366	294,141
Total gross profit	224,920	189,742	81,363
Gaming Components and Systems
Segment Reporting Information [Line Items]
Net revenue	1,256,858	1,163,001	803,033
Total gross profit	$ 288,934	$ 275,687	$ 142,924

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment and Geographic Information - Summary of Net Revenue By Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 1,904,060	$ 1,702,367	$ 1,097,174
Americas
Segment Reporting Information [Line Items]
Net revenue	841,653	775,423	460,256
Europe and Middle East
Segment Reporting Information [Line Items]
Net revenue	735,151	624,214	406,435
Asia Pacific
Segment Reporting Information [Line Items]
Net revenue	$ 327,256	$ 302,730	$ 230,483

- Definition

+ References

+ Details

Segment and Geographic Information - Additional Information (Details) - Geographic Concentration Risk - Country	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Net Revenue \| United States
Segment Reporting Information [Line Items]
Percentage of revenue from sales to customers	38.00%	38.00%	35.00%
Consolidated Net Revenue \| Non-US Excluding United Kingdom
Segment Reporting Information [Line Items]
Percentage of revenue from sales to customers	10.00%	10.00%	10.00%
Number of single countries representing more than ten percent threshold	0	0	0
Property And Equipment Net \| United States, China, Taiwan and Other
Segment Reporting Information [Line Items]
Percentage of revenue from sales to customers	10.00%	10.00%

Segment and Geographic Information - Summary of Property And Equipment, Net by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Long-lived assets	$ 68,206	$ 42,473
United States
Segment Reporting Information [Line Items]
Long-lived assets	44,825	20,854
China
Segment Reporting Information [Line Items]
Long-lived assets	8,465	7,567
Taiwan
Segment Reporting Information [Line Items]
Long-lived assets	7,387	7,742
Other
Segment Reporting Information [Line Items]
Long-lived assets	$ 7,529	$ 6,310

Leases - Summary of Components of Lease Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 13,048	$ 9,406
Variable lease expense	9,636	7,305
Total lease expense	$ 22,684	$ 16,711

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 10,466	$ 8,949
Right-of-use assets recognized in exchange for operating lease obligations	$ 36,689	$ 15,976
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember

Leases - Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets	$ 51,387	$ 25,998
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember
Lease incentive receivable (included in prepaid expenses and other current assets)	$ 6,505
Operating lease liabilities (included in other liabilities and accrued expenses)	$ 9,457	$ 9,070
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other liabilities and accrued expenses	Other liabilities and accrued expenses
Operating lease liabilities, noncurrent	$ 51,153	$ 17,571
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities, noncurrent	Other liabilities, noncurrent
Weighted-average remaining lease term (in years)	7 years 7 months 6 days	3 years 10 months 24 days
Weighted-average discount rate	3.80%	3.90%

Leases - Summary of Maturity of Operating Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 10,164
2023	11,266
2024	9,959
2025	6,078
2026	5,988
Thereafter	29,413
Total future lease payments	72,868
Less: Imputed interest	(12,258)
Present value of operating lease liabilities	$ 60,610

Subsequent Event - Additional Information (Details) - Subsequent Event - iDisplay Technology $ in Millions	Jan. 01, 2022 USD ($) shares
Subsequent Event [Line Items]
Percentage of equity interest acquired	51.00%
Purchase consideration paid in cash	$ 25.3
Purchase consideration paid in equity shares \| shares	690,333
Purchase consideration paid in equity	$ 14.5
Purchase consideration	$ 39.8