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    Aaron Lee • Macquarie Group

    Aaron Lee's questions to Corsair Gaming Inc (CRSR) leadership

    Aaron Lee's questions to Corsair Gaming Inc (CRSR) leadership • Q2 2025

    Question

    Aaron Lee of Macquarie Group asked for an update on the Fanatec integration, inquiring about the next steps to maintain its strong momentum. He also sought clarification on whether Corsair's tariff outlook includes recently enacted duties and any potential impact from the 'big beautiful bill'.

    Answer

    CEO Thi La outlined a three-phase plan for Fanatec, focusing on infrastructure integration, expanded channel distribution, and a new product roadmap for Q4 2025. CFO Michael Potter and CEO Thi La clarified that their commentary includes recently enacted country-specific tariffs but not the potential, yet undefined, semiconductor tariffs. Potter noted the 'big beautiful bill' would have only a small tax benefit.

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    Aaron Lee's questions to Corsair Gaming Inc (CRSR) leadership • Q1 2025

    Question

    Aaron Lee asked about Corsair's confidence in the hardware refresh cycle driven by new NVIDIA GPUs amidst macro pressures like tariffs and inflation. He also inquired about the company's historical performance in recessions and the specific growth drivers for the peripherals and components segments.

    Answer

    Executive Andrew Paul explained that the hardware refresh cycle has started but its magnitude is contingent on potential tariffs on semiconductors. He expressed a belief that home entertainment, including gaming, tends to be resilient during recessions. Paul attributed the 5% growth in peripherals directly to the Fanatec acquisition and confirmed that the strong components segment growth was due to organic demand constrained by GPU availability, not pull-forward demand ahead of tariffs.

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    Aaron Lee's questions to Corsair Gaming Inc (CRSR) leadership • Q4 2024

    Question

    Aaron Lee asked for an update on the Fanatec acquisition, inquiring about the integration timeline, remaining steps, and growth expectations for 2025. He also questioned how recent partnerships with Activision and Apple have impacted brand awareness and sales volumes.

    Answer

    CEO Andy Paul confirmed the Fanatec integration is largely complete, with the focus shifting to expansion through retail and sim rig builder networks. President and COO Thi La added that the Call of Duty partnership drove significant web traffic and is a valuable multi-year relationship, while the Apple collaboration produced positive holiday season results.

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    Aaron Lee's questions to Corsair Gaming Inc (CRSR) leadership • Q3 2024

    Question

    Aaron Lee asked for a breakdown of the updated guidance, questioning how much of the change was due to Q3 performance versus Q4 expectations, and also requested an update on the Stream Deck marketplace's growth and revenue potential.

    Answer

    CFO Michael Potter explained that the guidance reduction was primarily due to a Q3 shortfall in gross margin from lower-end components, with some conservatism built into Q4. CEO Andy Paul added that the delayed NVIDIA launch created channel apprehension in Q3. Regarding Stream Deck, Paul noted its marketplace has over a million accounts and is driving hardware sales, though direct software revenue remains insignificant for now.

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    Aaron Lee's questions to Playtika Holding Corp (PLTK) leadership

    Aaron Lee's questions to Playtika Holding Corp (PLTK) leadership • Q2 2025

    Question

    Aaron Lee from Macquarie Group inquired about Playtika's appetite for more IP licensing arrangements following the success of Disney Solitaire and asked for details on the development and differentiation strategy for their upcoming new slot game.

    Answer

    President & CFO Craig Abrahams confirmed that Playtika is open to the right IP partnerships for the right categories. CEO Robert Antokol addressed the new slot game, stating that while he could not share many details, it will be a differentiated product that leverages their 15 years of category experience and is expected to help close the gap from recent declines in their organic games.

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    Aaron Lee's questions to Playtika Holding Corp (PLTK) leadership • Q4 2024

    Question

    Aaron Lee from Macquarie asked for details on the performance and user engagement from the recently integrated IGT content, specifically Cleopatra II, and inquired about the future roadmap for rolling out more IGT content.

    Answer

    Craig Abrahams, President and CFO, noted that the IGT content rollout has been limited but that Cleopatra II performed very well in re-engaging players. He expressed excitement for the future roadmap, which includes rolling out more IGT content in Slotomania, Caesars, and House of Fun throughout the rest of the year.

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    Aaron Lee's questions to Playtika Holding Corp (PLTK) leadership • Q3 2024

    Question

    Aaron Lee from Macquarie asked about potential synergies between the newly acquired SuperPlay and existing Playtika titles, and also requested an update on the development and launch strategy for Wooga's upcoming game, 'Claire's Chronicles'.

    Answer

    CEO Robert Antokol stated that synergies are not the immediate focus for the SuperPlay acquisition; the studio will operate independently to achieve its own roadmap. Regarding the new Wooga game, Antokol confirmed it is on track for a launch next year, is currently in beta, and is being developed by a separate team, independent of the strategy for the flagship title 'June's Journey'.

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    Aaron Lee's questions to Inspired Entertainment Inc (INSE) leadership

    Aaron Lee's questions to Inspired Entertainment Inc (INSE) leadership • Q4 2024

    Question

    Aaron Lee, on for Chad Beynon, asked about the company's capital expenditure needs for retail opportunities and the resulting impact on cash flow. He also inquired about growth opportunities and system benefits within the lottery business for 2025.

    Answer

    Executive Brooks Pierce confirmed that CapEx for pub and MSA customer upgrades is planned, budgeted, and expected to be in line with recent years. He then detailed a multi-faceted lottery strategy, highlighting the imminent handover of a new advanced system in the Dominican Republic, an exciting online Virtual Sports launch with the Virginia Lottery in April, and continued development of instant lottery content.

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    Aaron Lee's questions to Golden Entertainment Inc (GDEN) leadership

    Aaron Lee's questions to Golden Entertainment Inc (GDEN) leadership • Q3 2024

    Question

    Aaron Lee from Macquarie Asset Management inquired about the long-term potential for the direct booking mix at the STRAT and the anticipated pace of tavern portfolio expansion in the coming years.

    Answer

    Charles Protell, President and CFO, stated the goal is to reduce the OTA mix from the current 60-65% to an ideal 50% through enhanced direct booking efforts. Blake Sartini, Founder, Chairman and CEO, added that ADRs are up 20% over 2019 levels. Regarding taverns, Protell indicated a shift towards ground-up development, targeting 1-2 new locations next year and 3-4 annually thereafter. Sartini emphasized a focus on '5-star' locations that deliver a 25% cash-on-cash return.

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