Corsair Gaming · Q2 FY2026 call record电话会记录
“Gross profit increased 21% year-over-year to $104.3 million, and gross margin expanded 640 basis points year-over-year and 50 basis points sequentially to a company record of 33.2%.”
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Start free in Terminal免费开始使用终端649 verified call records份已核验电话会记录 · 7788 exact facts条精确事实 · 2026-10-26 → 2026-11-01
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“Gross profit increased 21% year-over-year to $104.3 million, and gross margin expanded 640 basis points year-over-year and 50 basis points sequentially to a company record of 33.2%.”
“Turning to our other international markets outside Israel, we delivered record net revenue, which increased 88% year-over-year, led by strong demand in Germany.”
“Today, we have approximately 100,000 xUI-powered cars on the road, an important milestone in bringing this technology to market and consistent with what we've said in the past, that xUI will begin its ramp at the end of 2026 and impact revenue during fiscal year 2027 and beyond as additional programs enter production and vehicle volumes scale up.”
“For full year 2026, on a constant currency basis relative to fiscal 2025, we expect revenue in the range of $805 million-$820 million, and non-GAAP EBITDA margin in the range of 12.0%-13.0%.”
“Favorable volume and mix, net of customer price adjustments and recoveries, had a positive impact on sales of approximately $5 million compared to the same period a year ago.”
“Based on these demand strengths and current fuel cost projections, we are updating our full-year outlook and now expect an operating margin for 2026 to be in the range of 17%-19%, with a capacity growth of between 14%-15%.”
“When we think about our $7 billion free cash flow inflection we laid out in 2029, that's not impacted by this at all.”
“BELBUCA continued to perform well during the quarter, with revenues increasing 10% year-over-year, driven by stable prescription demand and improved profitability.”
“You can see this reflected in both our churn rate, which remains low at 2.1%, and in the consistency of our storage revenue from fixed commitments, which remains stable at 58% for the quarter.”
“As you know, our capital return framework targets the return to stockholders of around 75% of free cash flow, with a significant majority of that total directed to share repurchases.”
“Our share buyback program, which currently targets to return 75% of free cash flow and is calculated as funds flow after dividends, capital, abandonment expenditures, continues to be very strong.”
“Our verified accounts increased 12% to 2.63 million accounts as of June 30th, 2026, up from 2.35 million accounts as of June 30th, 2025, while our customer assets decreased 37% to JPY 631.6 billion, or $3.9 billion USD as of June 30th, 2026, from JPY 1,000.3 billion, or $6.152 billion USD as of June 30th, 2025.”
“We delivered revenue of $84.5 million within our guidance range and non-GAAP operating income of $8.1 million, above the high end of our guidance range of $4 million-$5 million.”
“The decrease is primarily driven by a 19% decrease in sales volumes attributable to the Wynyard SOP asset sale in March 2026, partially offset by a 4% increase in average sales prices.”
“Being a true triple net structure, we expect near 100% net operating income margin.”
“Our risk rated three investments, which are investments where we expect full repayment, but are either spending more engagement time and/or have seen increased risk since the initial asset purchase, increased from approximately 12.9% in Q1 to 14.1% in Q2.”
“With Chord's balance sheet growing to $612 million and normalized leverage declining below one-half turn at quarter end, targeted return of capital is expected to increase to at least 75% of adjusted free cash flow beginning in the third quarter.”
“Looking ahead to Q3 guidance, we expect total revenue between $43 million and $44 million, gross margin in the range of 48%-49%, and adjusted EBITDA between $1 million and $2 million.”
“Third, trailing 12 months free cash flow conversion rate was 114%, meeting our greater than 100% target for the seventh consecutive quarter.”
“When you look at the growth of demand as new power units come into service, the dosing rate has increased from a very low level 15 years ago to, well, zero before that.”
“We expect a $20 million-$25 million headwind from realized hedge settlements and $10 million-$15 million tax expense, both flowing through our Q3 P&L and impacting adjusted net income and adjusted earnings per share.”
“When you take that into consideration on how we're building out strategically Alani Nu and the opportunities and the strategy behind Celsius going forward, we feel we're set up for great success in 2027 to cycle those comps and drive growth not only within our top line, but the overall category, which is expected to grow as well.”
“Given our team's strong commercial and operational performance year-to-date, we are increasing our operational earnings guidance range by $0.50 to $11.50-$12.50 per share.”
“Net sales are now expected to be between $749 million and $769 million, and our adjusted EBITDA guidance is between $139 million and $144 million, implying adjusted EBITDA margins of 18.6%.”
“Q2 2026 adjusted EBITDA of $48.3 million increased $0.2 million, or 0.5% year-over-year from $48.1 million in Q2 2025, delivering a solid 52.9% EBITDA margin and firmly within our target adjusted EBITDA margin range of 50%-55%.”
“We remain encouraged by the breadth of customer base that we have, 546 unique companies using our wavelengths, getting comfortable with Cogent, and the fact that we've now delivered those into more than half of our Wavelength-enabled footprint, 608 out of the 1,137 Wavelength-enabled locations I think we expect our rate of Wavelength installs to accelerate, but I do think it will be several years till we get to that 25% market share.”
“As it relates to capital, as a result of a continued strong level of earnings and profitability, CNB's tangible book value per common share increased at an annualized rate of 12.7% during the second quarter compared to the prior quarter.”
“Over the past three quarters, we've activated net new customers at our fastest year-over-year growth rates since 2022, helping drive strong monthly customer growth while we've continued to deepen customer engagement.”
“Lastly, we are also reaffirming our full year 2026 guidance of flat to 2% revenue growth and adjusted EBITDA margin of 29%-30%.”
“Adjusted EBITDA increased 7% year-over-year to $85 million at the high end of the guidance range at a 34% margin, reflecting disciplined investment.”
“With this in mind, in fiscal 2027, we expect to deliver revenue growth of 12.4% at the midpoint, EBITDA margin in the high 12% range, and free cash flow per share growth of approximately 22%.”
“As you think about the longer term earnings of the power of the portfolio, what kind of scenarios are you thinking about in terms of base rates and then embedded spread outlook?”
“Just before we started, I was reflecting with John that we've been doing earnings calls now for 17 years together at Burford.”
“At the midpoint, our outlook implies an adjusted EBITDA margin of approximately 10% as we continue to expect a relatively flat gross margin rate year-over-year and slight operating expense deleverage to invest in our 2026 and 2027 greenfield store growth, including deeper expansion into the Southeast and the associated marketing expense.”
“With peak targets of $1.4 billion for GALAFOLD and $1.2 billion for POMBILITI and OPFOLDA, these revenues, combined with $220 million in anticipated annual cost synergies fully realized in 2028, support substantial expected non-GAAP diluted EPS accretion beginning in 2027 and a significant increase in operating cash flow.”
“As a reminder, our financing strategy is centered on ring-fenced and project-level financing with an approximate 70 to 30 debt-to-equity mix structure well-suited to the long-duration contracted cash flows we expect these assets to generate.”
“We expect this momentum to continue as new customers adopt Gen-3 services and current customers expand existing contracts to take advantage of growing Gen-3 capacity, improving latency, and revisit performance.”
“New rates and rider recovery from capital projects, large load demand growth, and our solid financial position drive confidence in our ability to deliver in the upper half of our 4%-6% long-term growth target.”
“In Q3, we expect loan volume of $1.375 billion-$1.525 billion, total net revenues of $49 million-$52 million, and an adjusted EBITDA loss of $18 million-$15 million.”
“Regarding FY 2027 outlook, I think we have consistently characterized FY 2027 as low-single-digit revenue growth, that is due to the Alaris remediation coming to an end in FY 2026, which creates a 200 basis points headwind next year.”
“Wireless product revenue was down 6.6% year-over-year, reflecting our focus on healthier product margins, which drove fewer contracted mobile phone sales.”
“We ended the quarter with net leverage, which is defined as regulatory leverage, net of unrestricted cash and net unsettled transactions of 1.18 times, essentially unchanged from the prior quarter and comfortably within our target range of 0.9 to 1.25 times.”
“As we expand our multi-mission fleet mid-year, we expect the sensor-enabled Air Attack program to contribute to growth in 2026 and support attractive margin expansion in our fleet over time.”
“However, it is uncertain whether these favorable conditions experienced in the second quarter will continue through the remainder of 2026 or if their positive earnings impact will reverse, as we will discuss later.”
“This includes the Q2 beat of $3.7 million, offset by an incremental FX headwind of $5.6 million, on a constant currency basis, we now expect revenue growth of 21% at the midpoint, an acceleration from our prior full-year expectations.”
“Our first half results, shown on the right-hand side of the slide, reflect the compounding power of our business model, where 1.2% organic sales growth and 70 basis points of margin expansion generated 4.7% adjusted EBITDA growth and 9.1% adjusted EPS growth, excluding the impact of foreign currency translation.”
“In terms of net income or record high net income, $218 million, that's the quarter that gold price has depreciated, unfortunately, but the positive impact that since we have a mark-to-market up on the net income that was positively by $126 million.”
“It is this conviction that tells me that over time, we can operate above our stated operating margin target of 15% while continuing strong secular top-line growth.”
“Yesterday, we reported year-to-date fiscal 2026 net income of $1.2 billion or $7.33 per diluted share, and we reaffirmed our earnings per share guidance in the range of $8.40-$8.50.”
“Our segments delivered positive revenue growth and Adjusted EBITDA growth while expanding Adjusted EBITDA margin by approximately 170 basis points year-over-year.”
“The record profits were driven by record revenue, record new customers served, and record total number of customers served, all while exceeding our 20% return on equity target.”
“As a result, our updated outlook now includes an adjusted EBITDA midpoint of $1,160,000,000 representing 35% year-over-year growth, an adjusted EPS midpoint of $5.04, an increase of 56% year-over-year, and an adjusted free cash flow midpoint of $575 million, an increase of 51% year-over-year.”
“In areas or contracts in which there is no path to a full risk arrangement, or in areas where we can push towards a full risk arrangement, we believe that allows us to better align our performance with the financial outcomes that we receive from those contracts, especially in a time of compressing margin, and disenrollments in California, both now and potentially in 2027 and beyond, after OBRA '90 comes online.”
“For the third quarter of 2026, we expect increased revenue and profitability relative to Q2, with total revenue expected to be between $65 million and $80 million.”
“We also made changes to Tech Ops across our sales organization this quarter to sharpen our commercial focus and better align coverage with our highest opportunity accounts, and we expect these changes to support improved throughput and margin recovery in the second half.”
“The combination of broad-based demand, disciplined execution, and positive operating leverage resulted in non-GAAP EPS of $5.45, representing a significant increase of 124% year-over-year.”
“We are updating our full year profitability guidance to reflect the benefit recognized from the recovery of previously paid IEEPA tariffs, we now expect net income of $71 million to $80 million and adjusted EBITDA of between $160 million and $171 million.”
“This would suggest back half sales would be roughly 60% of the full year, acknowledging increased sequential revenue growth in the upcoming quarters and in line with prior year's growth patterns.”
“Cash and cash equivalents were $191.5 million as of June 30, 2026, and $230.8 million on December 31, 2025, for a decrease of $39.3 million over the H1 of 2026.”
“We have reduced our costs base by about 15% for first quarter level, and we expect to see the full effect by the third quarter, where our cash burn is targeted to fall to below $7 million per quarter due to the expected lower expenses and revenue growth.”
“These include comments related to our financial results, trends and guidance for the third quarter and full year 2025, the benefits of our platform, industry and market trends, our go-to-market and growth strategy, our market opportunity and ability to expand our leadership position, our ability to maintain and upsell existing customers, and our ability to acquire new customers.”
“Turning to guidance, for the full year, we now expect comparable hotels' RevPAR change between 2.25% and 4.25%, comparable hotels' adjusted hotel EBITDA margin between 33.7% and 34.7%, adjusted EBITDARE between $453 million and $476 million, and net income between $152 million and $180 million.”
“Second, we continue to make progress towards our $3 billion net debt target, and remain on track to return at least 60% of free cash flow to shareholders in 2026, including significant returns in the second half of this year.”
“Our outlook on milestones and timing includes two dairy digesters completing within a month, the third corn oil unit operational later this fall, doubling corn oil production over Q1 2026, MVR operational at the ethanol plant by the end of 2026, six additional Low Carbon Fuel Standard pathways moving through CARB with the customary look back on approval, dairy RNG and corn ethanol feedstock 45ZCF-GREET updates from the Department of Energy, generating significant increases in Renewable Natural Gas and ethanol revenues.”
“We expect that our revenues will exceed $85 million.”
“Gross margins increased to 51% of revenues in the second quarter of 2026 compared to 50% in the previous year period.”
“Excluding these items, our Q2 revenue would still be almost 2% above the high end of our guidance range, and our EBITDA margin would be at the top end of our 6.7%-7.2% guidance.”
“As shown on slide 19, we are narrowing our adjusted EBITDA guidance range from $167.5 million-$177.5 million, reducing the upper end of the range by $5 million while reaffirming our free cash flow before rent to sell decisioning range of $100 million-$110 million for the year.”
“SaaS and license revenue grew 11.1% year-over-year to approximately $188.8 million during the quarter, exceeding the midpoint of our guidance by approximately $3.2 million.”
“Turning to slide eight, operating income increased to $15.6 million from $11.7 million in the prior period, and operating margin improved to 10.2% from 8.4%.”
“On a full year basis, we still expect cash flow to be impacted by $87.5 million of deferred revenue related to our 2025 customer prepayment, which benefits EBITDA but does not contribute cash, and approximately $100 million of spend related to idling Kemerton Train 1.”
“For this new customer, we don't expect any material revenue impact for 2026, but we do expect revenue to fully ramp throughout 2027.”
“A reminder that our 2026 gross margin now reflects the inclusion of subcontractor costs as cost of revenue for certain security government contracts.”
“I would say despite the modest first half pressure, our base premium rate outlook really remains consistent with our 2026 guidance that we gave at the beginning of the year that we expect it to be relatively flat versus 2025.”
“We continue to anticipate strong year-over-year growth in 2026, with momentum extending into 2027 as customers accelerate clean room investments to support growing demand for DRAM and high-bandwidth memory applications driven by AI.”
“As we previously communicated, we expect to allocate between 50% and 60% of operating cash flow to share repurchases during 2026.”
“We generated $69 million of adjusted EBITDA, with an adjusted EBITDA margin of 14%, an increase from the $54 million, or 12% of revenue we delivered in Q1.”
“Moving to profitability, our adjusted net income, which excludes non-cash stock compensation, non-recurring expenses related to business acquisitions, and special projects, totaled $27.1 million or $0.28 per diluted share.”
“Revenue grew 17% year-over-year to $3.6 billion, exceeding the high end of our outlook.”
“We expect then that by 2029, for several years to follow, to be at least at 275,000 ounces per year before we undertake the next modular expansion to 8 million tons, and then above that drives that production to its ultimate goal of above 300,000 ounces, in the average of 350,000 ounces, with several years above 400,000 ounces.”
“During the second quarter, we delivered revenue of $191.9 million and non-GAAP gross margin of 29.8%, in line with our expected guidance range and our non-GAAP income per share of $0.06 came in above our expectations.”
“Excluding this adjustment that impacts period comparison, net income for Q2 2026 would've been $15.2 million or $0.25 per share.”
“Given our strong execution, we believe low single-digit year-over-year revenue growth is a likely scenario, up from our prior expectation of flat revenue, which will result in a full year Adjusted EBITDA margins of 12%-14%, a meaningful margin expansion versus 9% in 2025.”
“Because we are planning to accelerate to more than 75% of our connections in Preferred by the end of the year, we expect the seasonality impact to result in a 200 basis points to 300 basis point headwind to our year-over-year For Sale revenue growth in Q4.”
“sales channel progressing as planned, continued new product momentum, and healthy underlying markets, we are raising our full-year organic constant currency revenue guidance to 2.25%-3.25% from the previous range of 1%-3%.”
“Because we are planning to accelerate to more than 75% of our connections in Preferred by the end of the year, we expect the seasonality impact to result in a 200 basis points to 300 basis point headwind to our year-over-year For Sale revenue growth in Q4.”
“For Q3, we expect revenue of $284 million-$287 million and total bookings of $311 million-$316 million, representing 24.6% and 20.5% year-over-year growth at the midpoint respectively.”
“Given the significant growth within media platform from advertising and related revenue, we have surpassed an accounting threshold of 10% of total revenue this quarter and will now be separately reporting advertising and related revenue along with the associated cost of revenue on our income statement going forward.”
“We expect to begin seeing incremental margin benefits starting in mid-2027, and with operating margin goal of ours reaching mid-20% range on a run rate basis as we exit 2028.”
“We expect R&D growth to accelerate into Q3 as we continue to add to our team and increase tapeouts.”
“On growth margin, we continue to expect a modest adjusted growth margin decline in 2026 versus 2025, and we expect to remain above 72%.”
“The increase primarily reflects lower demand response proceeds, which are recorded as a reduction in cost of revenue and declined to $2.8 million in the second quarter from $14.1 million in the first quarter.”
“Looking ahead to the third quarter, we anticipate 5%-10% revenue growth for the segment and expect to sustain gross margins in the 56%-58% range during Q3.”
“These gains were partially offset by $0.02 in higher operating expenses, a $0.02 impact from lower gas volumes this quarter, and $0.06 from other, which includes $0.03 from increased depreciation and $0.03 from higher interest and lower AFUDC.”
“Highlights include a 9% increase in total revenue, rising to 11% on an adjusted basis, 15% growth in Adjusted OIBDA, which led to 100 basis points of margin expansion, and a 209% increase in operating cash flow that resulted in a roughly $100 million increase in our cash balance.”
“As a result, during the quarter, we recognized $15.3 million in tariff refunds as a reduction to cost of sales, of which $14.3 million related to the wholesale segment and $1 million related to the retail segment.”
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