WHITE PLAINS, N.Y.,
May 5, 2021 /PRNewswire/
-- Leading gaming accessory maker Turtle Beach
Corporation (Nasdaq: HEAR), reported financial results for the
first quarter ended March 31,
2021.
First Quarter Summary vs. Year-Ago Quarter:
- Net revenue was $93.1 million, an
increase of 166% compared to $35.0
million;
- Net income of $8.8 million, or
$0.49 per diluted share, compared to
net loss of $(3.6) million, or
$(0.25) per diluted share;
- Adjusted EBITDA was $15.3
million, an increase of $18.0
million compared to $(2.7)
million; and
- Cash flow from operations was $21.1
million, an increase of 20% compared to $17.5 million.
Management Commentary
"We turned in another stellar performance in the first quarter,
with sales, gross margin, net income and adjusted EBITDA all
reaching record high levels for the first quarter," said
Juergen Stark, CEO, Turtle Beach.
"Consumer demand for console headsets and PC gaming accessories
remained at elevated levels, our category expansions are going
well, and our operational excellence again allowed us to gain
market share, leverage operating costs, and deliver better than
expected results.
"The strong secular trends that make gaming such a great
category continue. According to NPD, U.S. retail sales of console
headsets in the first quarter continued at record levels. During
the quarter, the overall console market in the US rose 60% in
dollars while our retail sales exceeded that growth. US sales of PC
headsets, keyboards, and mice rose more than 90% and we more than
doubled that reflecting the impact of our expanding line of PC
accessories1.
"We believe these results continue to underscore the strength of
our brand, the innovation of our products and the superiority of
our execution. Although a number of factors will drive a different
phasing of our revenue this year, we believe the combination of our
strong market share in console headsets, greatly expanded offering
of PC gaming accessories and new product launches in several new
categories will allow us to increase our annual sales and top a
record 2020. In fact, we are raising our full year revenue and
profit outlook to reflect the degree to which our first quarter
results exceeded our prior outlook.
"As previously announced, we have multiple new product
initiatives planned for 2021, including the continued significant
expansion of our PC gaming accessories line, the launch of several
new Neat Microphone products, and the entry into other new product
categories. We are making the necessary investments to fuel these
product launches, and believe they will contribute meaningfully to
our growth this year and well beyond.
First Quarter 2021 Financial Results
Net revenue in the first quarter of 2021 was $93.1 million, a record for the first quarter,
compared to $35.0 million in the
year-ago quarter. The 166% increase was the result of continued
strong demand for console headsets, fueled in part by the fourth
quarter 2020 launches of new PlayStation and Xbox consoles and
strong growth in the Company's PC accessories.
Gross margin in the first quarter of 2021 was 37.5% of net
sales, a record for the first quarter, compared to 30.8% in the
first quarter of 2020. The increase in gross margin was driven by
lower than normal promotional spending and fixed cost leverage on
higher revenues.
Operating expenses in the first quarter of 2021 were
$22.6 million compared to
$15.8 million in the 2020 period,
with the increase reflecting the larger size of our business,
R&D investments in new categories, and higher general and
administrative costs resulting from the Neat acquisition in January
of this year.
Net income in the first quarter of 2021 was $8.8 million, or $0.49 per diluted share (both of which are
records for the March quarter), compared to a net loss of
$(3.6) million, or $(0.25) per diluted share in the year-ago
quarter. Excluding a number of adjustments to net income in both
periods (as summarized below in Table 4), adjusted net income (as
defined below in "Non-GAAP Financial Measures") in the first
quarter of 2021 was $9.4 million, or
$0.52 per diluted share, compared to
a loss of $3.4 million or
$(0.23) per diluted share. The
weighted average diluted share count for the first quarter of 2021
was 18.1 million compared to 14.5 million in 2020, with the
increase primarily due to the the fact that in periods where there
is a net loss, certain dilutive securities are not included.
Adjusted EBITDA (as defined below in "Non-GAAP Financial
Measures") in the first quarter of 2021 was $15.3 million compared to negative $2.7 million in the year-ago quarter.
Balance Sheet and Cash Flow Highlights
At March 31, 2021, the Company had
$63.0 million of cash and cash
equivalents with no outstanding debt under its revolving credit
facility. This compares to $8.7
million of cash and cash equivalents at March 31, 2020, and $46.7
million of cash and cash equivalents at December 31, 2020, with no outstanding revolving
debt in either prior period. The Company generated $21.1 million of cash flow from operations in the
first quarter 2021, compared to $17.5
million in the first quarter 2020.
Revised 2021
Outlook
For the full year 2021, the Company now expects revenue to be
approximately $385 million, up seven
percent from $360 million in 2020 and
a $15 million increase to the prior
guidance of approximately $370
million. This anticipated growth even above the record level
of revenues in 2020 is driven by continued strong sell through of
our core products, expansion of our PC accessories business, and
additional revenues from new categories. Adjusted EBITDA is now
expected to be approximately $50
million, compared to the prior guidance of approximately
$45 million, reflecting a strong 13%
EBITDA margin while accomodating continued investments to drive
current and future growth. Adjusted net income per diluted share is
expected to be approximately $1.50,
compared to the prior guidance of $1.35, reflecting the aforementioned revenue and
EBITDA forecasts. Per share figures for the full year 2021 assume
approximately 18 million diluted shares outstanding.
For the second quarter of 2021, the Company expects revenue to
be approximately $70 million,
somewhat lower than the second quarter of 2020, when sales rose 93%
as a result of sudden and significant increases in consumer demand
caused in part by the stay-at-home orders. Adjusted EBITDA is
expected to be approximately $2
million, reflecting alignment of staff and infrastructure
with the significantly higher run-rate of the business, an expected
return to more normal levels of promotional spending, and
investments to supportINAL significant new product launches during
second quarter. Adjusted loss per diluted share is expected to be
approximately $(0.07), reflecting the
aforementioned revenue and EBITDA forecasts. Per share figures for
the second quarter of 2021 assume approximately 15.5 million
diluted shares outstanding.
1Source: The NPD Group/Retail Tracking
Service/Video Games/Console & PC_Tech/US/Dollar
share/Jan-March 2021
With respect to the Company's adjusted EBITDA outlook for the
second quarter and full year 2021, 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 5, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its first
quarter 2021 results.
Chairman and CEO Juergen Stark
and CFO John Hanson will host the
call, followed by a question and answer session.
Conference Call
Details:
Date: Wednesday, May 5, 2021
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: 7795124
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 12, 2021.
Toll-Free Replay Number: (855)
859-2056
International Replay Number: (404) 537-3406
Replay ID: 7795124
Non-GAAP Financial Measures
In addition to its reported results, the Company has included in
this earnings release certain financial results, including adjusted
EBITDA, and adjusted net income 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 acquisitions, (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 acquisitions, the
mark-to-market adjustment for the financial instrument obligation
and the change in fair value of contingent consideration). 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, 2021 and
2020.
About Turtle Beach Corporation
Turtle Beach
Corporation (https://corp.turtlebeach.com) is one of the world's
leading gaming accessory providers. The Turtle Beach brand
(www.turtlebeach.com) is known for pioneering first-to-market
features and patented innovations in high-quality, comfort-driven
headsets for all levels of gamer, making it a fan-favorite brand
and the market leader in console gaming audio for the last decade.
Turtle Beach's ROCCAT brand (www.roccat.com) combines detail-loving
German innovation with a genuine passion for designing the best PC
gaming products. Under the ROCCAT brand, Turtle Beach creates
award-winning keyboards, mice, headsets, mousepads, and other PC
accessories. Turtle Beach's Neat Microphones brand
(www.neatmic.com) creates high-quality USB and analog microphones
for gamers, streamers, and professionals that embrace cutting-edge
technology and design. 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" 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 capital
markets activities, 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, the impact of the coronavirus
(COVID-19) pandemic on consumer demands and manufacturing
capabilities; delays or disruptions in the supply of components for
our products; risks relating to, and uncertainty caused by or
resulting from, the COVID-19 pandemic, general business and
economic conditions, risks associated with the expansion of our
business including acquisitions, 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 Statements of
Operations (in thousands, except per-share data)
(unaudited)
|
|
Table
1.
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Net
revenue
|
|
$
|
93,053
|
|
|
$
|
35,007
|
|
Cost of
revenue
|
|
|
58,198
|
|
|
|
24,222
|
|
Gross
profit
|
|
|
34,855
|
|
|
|
10,785
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
11,545
|
|
|
|
7,648
|
|
Research and
development
|
|
|
3,993
|
|
|
|
2,427
|
|
General and
administrative
|
|
|
7,037
|
|
|
|
5,723
|
|
Total operating
expenses
|
|
|
22,575
|
|
|
|
15,798
|
|
Operating income
(loss)
|
|
|
12,280
|
|
|
|
(5,013)
|
|
Interest
expense
|
|
|
97
|
|
|
|
169
|
|
Other non-operating
expense, net
|
|
|
579
|
|
|
|
197
|
|
Income (loss) before
income tax
|
|
|
11,604
|
|
|
|
(5,379)
|
|
Income tax expense
(benefit)
|
|
|
2,766
|
|
|
|
(1,824)
|
|
Net income
(loss)
|
|
$
|
8,838
|
|
|
$
|
(3,555)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
|
$
|
(0.25)
|
|
Diluted
|
|
$
|
0.49
|
|
|
$
|
(0.25)
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
15,551
|
|
|
|
14,495
|
|
Diluted
|
|
|
18,076
|
|
|
|
14,495
|
|
Turtle Beach
Corporation Condensed Consolidated Balance
Sheets (in thousands, except par value and share
amounts)
|
|
Table
2.
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
(in thousands, except par value and share amounts)
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
62,965
|
|
|
$
|
46,681
|
|
Accounts receivable,
net
|
|
|
32,370
|
|
|
|
43,867
|
|
Inventories
|
|
|
59,136
|
|
|
|
71,301
|
|
Prepaid expenses and
other current assets
|
|
|
14,685
|
|
|
|
8,127
|
|
Total Current
Assets
|
|
|
169,156
|
|
|
|
169,976
|
|
Property and
equipment, net
|
|
|
7,089
|
|
|
|
6,575
|
|
Deferred income
taxes
|
|
|
7,334
|
|
|
|
6,946
|
|
Goodwill
|
|
|
10,686
|
|
|
|
8,178
|
|
Intangible assets,
net
|
|
|
6,760
|
|
|
|
5,138
|
|
Other
assets
|
|
|
6,380
|
|
|
|
6,640
|
|
Total
Assets
|
|
$
|
207,405
|
|
|
$
|
203,453
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Revolving credit
facility
|
|
$
|
—
|
|
|
$
|
—
|
|
Accounts
payable
|
|
|
27,761
|
|
|
|
42,529
|
|
Other current
liabilities
|
|
|
44,011
|
|
|
|
36,122
|
|
Total Current
Liabilities
|
|
|
71,772
|
|
|
|
78,651
|
|
Income tax
payable
|
|
|
3,432
|
|
|
|
3,146
|
|
Other
liabilities
|
|
|
5,079
|
|
|
|
5,257
|
|
Total
Liabilities
|
|
|
80,283
|
|
|
|
87,054
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value - 25,000,000 shares authorized; 15,653,644 and 15,475,504
shares issued and outstanding as of March 31, 2021 and December 31,
2020, respectively
|
|
|
16
|
|
|
|
15
|
|
Additional paid-in
capital
|
|
|
193,163
|
|
|
|
190,568
|
|
Accumulated
deficit
|
|
|
(65,935)
|
|
|
|
(74,773)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(122)
|
|
|
|
589
|
|
Total
Stockholders' Equity
|
|
|
127,122
|
|
|
|
116,399
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
207,405
|
|
|
$
|
203,453
|
|
Turtle Beach
Corporation Condensed Consolidated Statements of Cash
Flows (in thousands)
(unaudited)
|
|
Table
3.
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2021
|
|
|
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
$
|
21,087
|
|
|
$
|
17,526
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
(4,780)
|
|
|
|
(890)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Borrowings on
revolving credit facilities
|
|
|
97,032
|
|
|
|
48,426
|
|
Repayment of revolving
credit facilities
|
|
|
(97,032)
|
|
|
|
(63,780)
|
|
Proceeds from exercise
of stock options and warrants
|
|
|
911
|
|
|
|
18
|
|
Repurchase of common
stock to satisfy employee tax withholding obligations
|
|
|
(215)
|
|
|
|
(48)
|
|
Net cash provided by
(used for) financing activities
|
|
|
696
|
|
|
|
(15,384)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(719)
|
|
|
|
(768)
|
|
Net increase in cash
and cash equivalents
|
|
|
16,284
|
|
|
|
484
|
|
Cash and cash
equivalents - beginning of period
|
|
|
46,681
|
|
|
|
8,249
|
|
Cash and cash
equivalents - end of period
|
|
$
|
62,965
|
|
|
$
|
8,733
|
|
Turtle Beach
Corporation Reconciliation of GAAP and Non-GAAP
Measures (in thousands, except per-share data)
(unaudited)
|
|
Table
4.
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2021
|
|
|
March 31, 2020
|
|
Net Income
(Loss)
|
|
|
|
|
|
|
|
|
GAAP Net Income
(Loss)
|
|
$
|
8,838
|
|
|
$
|
(3,555)
|
|
|
|
|
|
|
|
|
|
|
Adjustments, net of
tax:
|
|
|
|
|
|
|
|
|
Non-recurring
business costs
|
|
|
465
|
|
|
|
—
|
|
Acquisition
integration costs
|
|
|
118
|
|
|
|
182
|
|
Non-GAAP
Earnings
|
|
$
|
9,421
|
|
|
$
|
(3,373)
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
|
|
|
|
|
|
|
GAAP-
Diluted
|
|
$
|
0.49
|
|
|
$
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
business costs
|
|
|
0.03
|
|
|
|
—
|
|
Acquisition
integration costs
|
|
|
0.01
|
|
|
|
0.02
|
|
Non-GAAP-
Diluted
|
|
$
|
0.52
|
|
|
$
|
(0.23)
|
|
Turtle Beach
Corporation GAAP to Adjusted EBITDA
Reconciliation (in thousands)
(unaudited)
|
|
Table
5.
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Adj
|
|
|
|
|
|
|
|
|
|
As
|
|
Adj
|
|
Adj
|
|
Stock
|
|
|
|
|
Adj
|
|
|
|
Reported
|
|
Depreciation
|
|
Amortization
|
|
Compensation
|
|
Other
(1)
|
|
EBITDA
|
|
Net
revenue
|
|
$
|
93,053
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
93,053
|
|
Cost of
revenue
|
|
|
58,198
|
|
|
(237)
|
|
|
-
|
|
|
(397)
|
|
|
-
|
|
|
57,564
|
|
Gross
Profit
|
|
|
34,855
|
|
|
237
|
|
|
-
|
|
|
397
|
|
|
-
|
|
|
35,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
22,575
|
|
|
(502)
|
|
|
(303)
|
|
|
(1,389)
|
|
|
(801)
|
|
|
19,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
12,280
|
|
|
739
|
|
|
303
|
|
|
1,786
|
|
|
801
|
|
|
15,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-operating
expense
(income), net
|
|
|
579
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax
|
|
|
11,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
2,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
8,838
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
15,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other
includes certain non-recurring business costs.
|
Turtle Beach
Corporation GAAP to Adjusted EBITDA
Reconciliation (in thousands)
(unaudited)
|
|
Table 5.
(continued)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Adj
|
|
|
|
|
|
|
|
|
|
As
|
|
Adj
|
|
Adj
|
|
Stock
|
|
|
|
|
Adj
|
|
|
|
Reported
|
|
Depreciation
|
|
Amortization
|
|
Compensation
|
|
Other
(2)
|
|
EBITDA
|
|
Net
revenue
|
|
$
|
35,007
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
35,007
|
|
Cost of
revenue
|
|
|
24,222
|
|
|
(590)
|
|
|
-
|
|
|
(58)
|
|
|
-
|
|
|
23,574
|
|
Gross
Profit
|
|
|
10,784
|
|
|
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
|
|
|
(5,377)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
(1,824)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(3,554)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,654)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Other includes
certain business acquisition costs and change in fair value of
contingent consideration.
|
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SOURCE Turtle Beach Corporation