SAN DIEGO, May 7, 2020 /PRNewswire/ -- Turtle Beach
Corporation (Nasdaq: HEAR), a leading gaming audio and
accessory brand, reported financial results for the first quarter
ended March 31, 2020.
First Quarter Summary vs. Year-Ago Quarter:
- Net revenue was $35.0 million
($35.1 million in constant currency)
versus $44.8 million;
- Net loss of $3.6 million, or
$(0.25) per diluted share, compared
to net income of $3.1 million, or
$0.09 per diluted share; and
- Adjusted EBITDA was $(2.7)
million compared to $4.3
million.
Management Commentary
"During the first quarter, as consumers around the world stayed
home to help contain COVID-19, we saw strong demand for our
products including record-setting retail sales and significant
market share gains in March, which drove results that exceeded our
expectations across all key financial metrics," said Juergen Stark, CEO, Turtle Beach. "Our headsets
are also well-suited for learning and working remotely via video or
audio conferencing, which we believe further increased demand.
While we expect the increased demand for headsets may subside once
stay-at-home measures are relaxed, we believe our sales for the
year will exceed our prior forecast.
"According to NPD, U.S. retail sales of console headsets in the
month of March for both the industry and for Turtle Beach were the
highest ever, including in March of 2018, which was the start of
the battle royale surge. The 39% increase in market sales for March
partially offset the expected declines in January and February,
resulting in total console gaming headset sales in the first
quarter declining only 4% year-over-year. In addition to the
industry's March surge in U.S. console headset sales, we gained
over 500 basis points in revenue share in March, resulting in 57%
growth in the U.S. retail sales of our headsets compared to March
of 2019.
"We believe these results continue to be a testament to our
strong brand, excellent products and our execution at retail. This
is especially true in times like these, where retail, supply chain
and operational execution can make a big difference both to us and
to our retail partners.
"While it is not clear at this point how long this increased
demand will continue, we now expect full year revenues, adjusted
EBITDA and net income per diluted share to exceed our earlier
forecasts. We recognize that these are unprecedented times and that
consumer demand and retail supply logistics could fluctuate
depending on the course of the pandemic and the response by
governments and consumers."
First Quarter 2020 Financial Results
Net revenue in the first quarter of 2020 was $35.0 million compared to $44.8 million in the year-ago quarter. The
decrease was the result of the expected decline from the record
levels of demand in the prior year quarter due to the battle
royale-driven increase in users throughout the prior year and
a strong slate of triple-A game releases in holiday 2018. In
addition, the overall market for console gaming accessories this
quarter was expected to be lower due to the announcements of new
Xbox and PlayStation consoles coming later this year. These impacts
were partially offset by the increased sales in March due to state
and local stay-at-home orders. On a constant currency basis,
revenue in the first quarter of 2020 was $35.1 million.
Gross margin in the first quarter of 2020 was 30.8% compared to
33.0% in the first quarter of 2019. This expected decrease was
primarily due to the continued impact of tariffs and a decline in
volume-based fixed cost leverage, partially offset by a more
favorable business mix.
Operating expenses in the first quarter of 2020 were
$15.8 million compared to
$13.0 million in the 2019 period,
with the increase due primarily to the inclusion of costs
associated with the acquisition of ROCCAT, which was completed in
May of 2019.
Net loss in the first quarter of 2020 was $3.6 million compared to net income of
$3.1 million in the year-ago quarter.
The decline was primarily driven by the expected decline in revenue
and the expected increase in operating expenses.
Net loss per share in the first quarter of 2020 was $0.25 on 14.5 million weighted average diluted
shares outstanding, compared to net income per share of
$0.09 on 16.3 million weighted
average diluted shares outstanding in the year-ago quarter.
Adjusted net loss (as defined below in "Non-GAAP Financial
Measures") in the first quarter of 2020 was $3.4 million, or $(0.23) per diluted share, compared to adjusted
net income of $2.2 million, or
$0.13 per share, in the corresponding
period in 2019.
Adjusted EBITDA (as defined below in "Non-GAAP Financial
Measures") in the first quarter of 2020 was $(2.7) million compared to $4.3 million in the year-ago quarter.
Balance Sheet Highlights
At March 31, 2020, the Company had
$8.7 million of cash and cash
equivalents with $0.3 million of
outstanding debt under its revolving line of credit. This compares
to $10.2 million of cash and cash
equivalents with no outstanding debt under its revolving credit
facility at March 31, 2019.
Revised 2020
Outlook
For the second quarter of 2020, the Company expects revenue to
range between $42 million and
$47 million. Adjusted EBITDA is
expected to range between $(2.0)
million and breakeven. Net loss per diluted share is
expected to range between $(0.27) and
$(0.17), and adjusted loss per
diluted share is expected to range between $(0.24) and $(0.14), both reflecting the aforementioned
revenue and EBITDA forecasts. Per share figures for the second
quarter of 2020 assume approximately 14.5 million diluted shares
outstanding.
For the full year 2020, the Company now expects revenue to range
between $224 million and $234 million (versus the prior range of
$214 million to $224 million). The annual revenue forecast
reflects an anticipated decline in the overall console headset
market ahead of the new console launches partially offset by
increased demand resulting from stay-at-home orders. Adjusted
EBITDA is now expected to range between $9
million and $14 million
(versus the prior range of $5 million
and $10 million), reflecting the
higher expected revenues for the year and the continuation of
planned marketing and new product-related investments of
approximately $9 million to expand
the Company's position in the PC accessories market. Net income
(loss) per diluted share is now expected to range between
$(0.22) and $0.03, compared to prior guidance of a range of
$(0.46) to $(0.13). Adjusted net income (loss) per diluted
share is expected to range between $(0.16) and $0.09,
compared to prior guidance of a range of $(0.45) to $(0.12),
both reflecting the aforementioned revenue and EBITDA forecasts.
Per share figures for the full year 2020 assume approximately 15
million diluted shares outstanding.
With respect to the Company's adjusted EBITDA outlook for the
second quarter and full year 2020, a reconciliation to its net
income (loss) outlook for the same periods has not been provided
because of the variability, complexity, and lack of visibility with
respect to certain reconciling items between adjusted EBITDA and
net income (loss), including other income (expense), provision for
income taxes and stock-based compensation. These items cannot be
reasonably and accurately predicted without the investment of undue
time, cost and other resources and, accordingly, a reconciliation
of the Company's adjusted EBITDA outlook to its net income (loss)
outlook for such periods is not provided. These reconciling items
could be material to the Company's actual results for such
periods.
Conference Call Details
Turtle Beach Corporation will hold a conference call today,
May 7, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its first
quarter 2020 results.
CEO Juergen Stark and CFO
John Hanson will host the call,
followed by a question and answer session.
Conference Call Details:
Date: Thursday, May 7, 2020
Time: 5:00 p.m. ET / 2:00 p.m.
PT
Toll-Free Dial-in Number: (877) 303-9855
International Dial-in Number: (408) 337-0154
Conference ID: 4991222
For the conference call, please dial-in 5-10 minutes prior to
the start time and an operator will register your name and
organization. If you have any difficulty with the conference call,
please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for
replay here and via the investor relations section of the
Company's website at www.turtlebeachcorp.com.
A replay of the conference call will be available after
8:00 p.m. ET on the same day through
May 14, 2020.
Toll-Free Replay Number: (855)
859-2056
International Replay Number: (404) 537-3406
Replay ID: 4991222
Non-GAAP Financial Measures
In addition to its reported results, the Company has included in
this earnings release certain financial results, including adjusted
EBITDA, adjusted net income, and constant currency revenue, that
the Securities and Exchange Commission defines as "non-GAAP
financial measures." Management believes that such non-GAAP
financial measures, when read in conjunction with the Company's
reported results, can provide useful supplemental information for
investors analyzing period-to-period comparisons of the Company's
results. "Adjusted Net Income" is defined as net income excluding
(i) integration and transaction costs related to the acquisition of
the business and assets related to the ROCCAT brand, (ii) the
effect of the mark-to-market requirement of the financial
instrument obligation, (iii) any change in fair value of contingent
consideration and (iv) the release of valuation allowances on
deferred tax assets. "Adjusted EBITDA" is defined by the Company as
net income (loss) before interest, taxes, depreciation and
amortization, stock-based compensation (non-cash), and certain
non-recurring items that we believe are not representative of core
operations (e.g., the integration and transaction costs related to
the acquisition of the business and assets related to the ROCCAT
brand, the mark-to-market adjustment for the financial instrument
obligation and the change in fair value of contingent
consideration). "Constant currency revenue" is defined by the
Company as revenue excluding the impacts of fluctuations in
exchange rates from prior periods. These non-GAAP financial
measures are presented because management uses non-GAAP financial
measures to evaluate the Company's operating performance, to
perform financial planning, and to determine incentive
compensation. Therefore, the Company believes that the presentation
of non-GAAP financial measures provides useful supplementary
information to, and facilitates additional analysis by, investors.
The presented non-GAAP financial measures exclude items that
management does not believe reflect the Company's core operating
performance because such items are inherently unusual,
non-operating, unpredictable, non-recurring, or non-cash. See a
reconciliation of GAAP results to Adjusted Net Income and Adjusted
EBITDA included below for each of the three months ended
March 31, 2020 and 2019.
About Turtle Beach Corporation
Turtle Beach (www.turtlebeach.com) is a leading gaming audio and
accessory brand, offering a wide selection of cutting-edge,
award-winning gaming headsets. Whether you're a professional
esports athlete, hardcore gamer, casual player, or just starting
out, Turtle Beach has the gaming headset to help you truly master
your skills. Innovative and advanced technology, amazing
high-quality gaming audio, crystal-clear communication, lightweight
and comfortable designs, and ease-of-use are just a few features
that make Turtle Beach a fan-favorite brand and market leader in
console gaming audio for over 10 years running. In 2019 Turtle
Beach acquired ROCCAT, a leading PC accessories brand that combines
detail-loving German innovation with a genuine passion for
designing the best PC gaming products. Under the ROCCAT brand,
Turtle Beach provides award-winning keyboards and mice for PC
gamers. Turtle Beach's shares are traded on the Nasdaq Exchange
under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and
statements within the meaning of the federal securities laws.
Except for historical information contained in this release,
statements in this release may constitute forward-looking
statements regarding assumptions, projections, expectations,
targets, intentions or beliefs about future events. Statements
containing the words "may", "could", "would", "should", "believe",
"expect", "anticipate", "plan", "estimate", "target", "goal",
"project", "intend," "forecast" and similar expressions, or the
negatives thereof, constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties, which could cause actual results to differ
materially from those contained in any forward-looking statement.
Forward-looking statements are based on management's current belief
and expectations, as well as assumptions made by, and information
currently available to, management.
While the Company believes that its expectations are based upon
reasonable assumptions, there can be no assurances that its goals
and strategy will be realized. Numerous factors, including risks
and uncertainties, may affect actual results and may cause results
to differ materially from those expressed in forward-looking
statements made by the Company or on its behalf. Some of these
factors include, but are not limited to, risks related to, the
substantial uncertainties inherent in the acceptance of existing
and future products, the difficulty of commercializing and
protecting new technology, the impact of competitive products and
pricing, general business and economic conditions including the
impact of the global coronavirus (COVID-19) pandemic on
consumer demands and manufacturing capabilities, risks relating to,
and uncertainty caused by or resulting from, the COVID-19 pandemic,
risks associated with the expansion of our business including the
integration of any businesses we acquire and the integration of
such businesses within our internal control over financial
reporting and operations, our indebtedness, the Company's
liquidity, and other factors discussed in our public filings,
including the risk factors included in the Company's most
recent Annual Report on Form 10-K, Quarterly Report on Form
10-Q, and the Company's other periodic reports. Except as
required by applicable law, including the securities laws of
the United States and the rules
and regulations of the Securities and Exchange Commission, the
Company is under no obligation to publicly update or revise any
forward-looking statement after the date of this release whether as
a result of new information, future developments or otherwise.
All trademarks are the property of their respective owners.
Turtle Beach
Corporation
|
Condensed
Consolidated Balance Sheets
|
(in thousands, except
par value and share amounts)
|
|
Table
1.
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
(unaudited)
|
ASSETS
|
|
(in thousands, except par value and share amounts)
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,733
|
|
|
$
|
8,249
|
Accounts receivable,
net
|
|
|
12,402
|
|
|
|
44,530
|
Inventories
|
|
|
39,291
|
|
|
|
45,711
|
Prepaid expenses and
other current assets
|
|
|
5,172
|
|
|
|
4,057
|
Total Current
Assets
|
|
|
65,598
|
|
|
|
102,547
|
Property and
equipment, net
|
|
|
4,002
|
|
|
|
3,962
|
Deferred income
taxes
|
|
|
9,316
|
|
|
|
7,439
|
Goodwill
|
|
|
8,515
|
|
|
|
8,515
|
Intangible assets,
net
|
|
|
5,740
|
|
|
|
6,011
|
Other
assets
|
|
|
2,563
|
|
|
|
2,877
|
Total
Assets
|
|
$
|
95,734
|
|
|
$
|
131,351
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Revolving credit
facility
|
|
$
|
301
|
|
|
$
|
15,655
|
Accounts
payable
|
|
|
11,503
|
|
|
|
22,511
|
Other current
liabilities
|
|
|
20,786
|
|
|
|
26,422
|
Total Current
Liabilities
|
|
|
32,590
|
|
|
|
64,588
|
Deferred income
taxes
|
|
|
140
|
|
|
|
153
|
Other
liabilities
|
|
|
3,021
|
|
|
|
3,223
|
Total
Liabilities
|
|
|
35,751
|
|
|
|
67,964
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
Common stock, $0.001
par value - 25,000,000 shares authorized; 14,506,140 and 14,488,152
shares issued and outstanding as of March 31, 2020 and December 31,
2019, respectively
|
|
|
15
|
|
|
|
14
|
Additional paid-in
capital
|
|
|
177,745
|
|
|
|
176,776
|
Accumulated
deficit
|
|
|
(117,074)
|
|
|
|
(113,519)
|
Accumulated other
comprehensive income (loss)
|
|
|
(703)
|
|
|
|
116
|
Total
Stockholders' Equity
|
|
|
59,983
|
|
|
|
63,387
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
95,734
|
|
|
$
|
131,351
|
Turtle Beach
Corporation
|
Condensed
Consolidated Statements of Operations
|
(in thousands, except
per-share data)
|
(unaudited)
|
|
Table
2.
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
March 31,
|
|
|
2020
|
|
|
2019
|
Net
revenue
|
|
$
|
35,007
|
|
|
$
|
44,846
|
Cost of
revenue
|
|
|
24,222
|
|
|
|
30,059
|
Gross
profit
|
|
|
10,785
|
|
|
|
14,787
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
7,648
|
|
|
|
6,881
|
Research and
development
|
|
|
2,427
|
|
|
|
1,456
|
General and
administrative
|
|
|
5,723
|
|
|
|
4,649
|
Total operating
expenses
|
|
|
15,798
|
|
|
|
12,986
|
Operating income
(loss)
|
|
|
(5,013)
|
|
|
|
1,801
|
Interest
expense
|
|
|
169
|
|
|
|
244
|
Other non-operating
expense (income), net
|
|
|
197
|
|
|
|
(1,662)
|
Income (loss) before
income tax
|
|
|
(5,379)
|
|
|
|
3,219
|
Income tax expense
(benefit)
|
|
|
(1,824)
|
|
|
|
164
|
Net income
(loss)
|
|
$
|
(3,555)
|
|
|
$
|
3,055
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.25)
|
|
|
$
|
0.21
|
Diluted
|
|
$
|
(0.25)
|
|
|
$
|
0.09
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
Basic
|
|
|
14,495
|
|
|
|
14,336
|
Diluted
|
|
|
14,495
|
|
|
|
16,260
|
Turtle Beach
Corporation
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Table
3.
|
|
|
|
Three Months
Ended
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
$
|
17,526
|
|
|
$
|
40,962
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
(890)
|
|
|
|
(557)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Borrowings on
revolving credit facilities
|
|
|
48,426
|
|
|
|
48,119
|
Repayment of revolving
credit facilities
|
|
|
(63,780)
|
|
|
|
(85,504)
|
Proceeds from exercise
of stock options and warrants
|
|
|
18
|
|
|
|
23
|
Repurchase of common
stock to satisfy employee tax withholding obligations
|
|
|
(48)
|
|
|
|
(101)
|
Net cash used for
financing activities
|
|
|
(15,384)
|
|
|
|
(37,463)
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(768)
|
|
|
|
136
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
484
|
|
|
|
3,078
|
Cash and cash
equivalents - beginning of period
|
|
|
8,249
|
|
|
|
7,078
|
Cash and cash
equivalents - end of period
|
|
$
|
8,733
|
|
|
$
|
10,156
|
Turtle Beach
Corporation
|
Reconciliation of
GAAP and Non-GAAP Measures
|
(in thousands, except
per-share data)
|
(unaudited)
|
|
Table
4.
|
|
|
|
Three Months
Ended
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
Net Income
(Loss)
|
|
|
|
|
|
|
|
GAAP Net Income
(Loss)
|
|
$
|
(3,555)
|
|
|
$
|
3,055
|
|
|
|
|
|
|
|
|
Adjustments, net of
tax:
|
|
|
|
|
|
|
|
Gain on financial
instrument obligation
|
|
|
—
|
|
|
|
(1,601)
|
Acquisition
integration costs
|
|
|
175
|
|
|
|
721
|
Non-GAAP
Earnings
|
|
$
|
(3,380)
|
|
|
$
|
2,175
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
|
|
|
|
|
|
GAAP-
Diluted
|
|
$
|
(0.25)
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
Gain on financial
instrument obligation
|
|
|
—
|
|
|
|
—
|
Acquisition
integration costs
|
|
|
0.02
|
|
|
|
0.04
|
Non-GAAP-
Diluted
|
|
$
|
(0.23)
|
|
|
$
|
0.13
|
Turtle Beach
Corporation
|
GAAP to Adjusted
EBITDA Reconciliation
|
(in
thousands)
|
(unaudited)
|
|
Table
5.
|
|
|
|
Three Months
Ended
|
|
|
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
Adj
|
|
|
|
|
|
|
|
|
As
|
|
Adj
|
|
Adj
|
|
Stock
|
|
|
|
|
Adj
|
|
|
Reported
|
|
Depreciation
|
|
Amortization
|
|
Compensation
|
|
Other
(1)
|
|
EBITDA
|
Net
revenue
|
|
$
|
35,007
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
35,007
|
Cost of
revenue
|
|
|
24,222
|
|
|
(590)
|
|
|
-
|
|
|
(58)
|
|
|
-
|
|
|
23,574
|
Gross
Profit
|
|
|
10,785
|
|
|
590
|
|
|
-
|
|
|
58
|
|
|
-
|
|
|
11,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
15,798
|
|
|
(443)
|
|
|
(222)
|
|
|
(941)
|
|
|
(281)
|
|
|
13,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(5,013)
|
|
|
1,033
|
|
|
222
|
|
|
999
|
|
|
281
|
|
|
(2,478)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating
expense (income), net
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
(21)
|
|
|
176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax
|
|
|
(5,379)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
(1,824)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(3,555)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,654)
|
|
|
(1)
|
Other includes
certain business acquisition costs and change in fair value of
contingent consideration.
|
Turtle Beach
Corporation
|
GAAP to Adjusted
EBITDA Reconciliation
|
(in
thousands)
|
(unaudited)
|
|
Table 5.
(continued)
|
|
|
|
Three Months
Ended
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
Adj
|
|
|
|
|
|
|
|
|
As
|
|
Adj
|
|
Adj
|
|
Stock
|
|
|
|
|
Adj
|
|
|
Reported
|
|
Depreciation
|
|
Amortization
|
|
Compensation
|
|
Other
(2)
|
|
EBITDA
|
Net
revenue
|
|
$
|
44,846
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
44,846
|
Cost of
revenue
|
|
|
30,059
|
|
|
(352)
|
|
|
-
|
|
|
125
|
|
|
-
|
|
|
29,832
|
Gross
Profit
|
|
|
14,787
|
|
|
352
|
|
|
-
|
|
|
(125)
|
|
|
-
|
|
|
15,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
12,986
|
|
|
(688)
|
|
|
(62)
|
|
|
(647)
|
|
|
(780)
|
|
|
10,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
1,801
|
|
|
1,040
|
|
|
62
|
|
|
522
|
|
|
780
|
|
|
4,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating
expense (income), net
|
|
|
(1,662)
|
|
|
|
|
|
|
|
|
|
|
|
1,601
|
|
|
(61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax
|
|
|
3,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
3,055
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
4,266
|
|
|
(2)
|
Other includes
certain business acquisition costs and a gain (loss) on financial
instrument obligation.
|
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SOURCE Turtle Beach Corporation