Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $76.5 million, representing a 59% year-over-year increase, driven by the acquisition of PDP and a 15% increase in non-PDP revenue [7][13] - Gross margin improved to 30.2%, up from 24.7% in the same quarter last year, reflecting a 540 basis point increase [10][14] - Adjusted EBITDA for the quarter was $3 million, an improvement of $8.7 million compared to the same quarter last year [10][15] - Full year 2024 adjusted EBITDA guidance raised to a range of $53 million to $56 million [18] Business Line Data and Key Metrics Changes - The gaming accessories market has outperformed the overall U.S. gaming industry, with the accessories market up approximately 5% year-to-date [7][8] - U.S. gaming headsets and third-party controller markets grew by approximately 12% and 15%, respectively [7][8] - The company reported strong sales from newly launched products, including the Turtle Beach Stealth 500 and Stealth 600 headsets, which ranked as the number two and number four best-selling headsets in the U.S. for June [8][9] Market Data and Key Metrics Changes - The overall U.S. gaming accessories market value increased by approximately 5% for the first half of 2024 compared to the first half of 2023 [7] - The company noted that the retail channel inventory is currently balanced, with expectations for potential restocking in Q3 [21][23] Company Strategy and Development Direction - The company is focused on innovation, operational efficiencies, and leveraging synergies from the PDP acquisition to enhance market position [6][11] - The integration of PDP is ahead of schedule, with positive feedback from retail customers and industry partners [11][36] - The company aims to continue diversifying its product offerings and expanding into the $3.9 billion PC peripherals market [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in the gaming accessories market, driven by pandemic-era replacements and upgrades [8][19] - The company anticipates that the integration of PDP will yield additional synergies and market opportunities [11][36] - Management acknowledged potential challenges in the Nintendo hardware segment but noted strong diversification across platforms [36] Other Important Information - The company repurchased approximately $15 million of its stock during the second quarter, marking the largest repurchase in its history [11][16] - The company is committed to returning excess cash to shareholders through share repurchases and evaluating strategic acquisitions [17] Q&A Session Summary Question: Is retail inventory balanced, and will there be additional restocking? - Management confirmed that retail inventory is currently healthy and balanced, with potential restocking expected in Q3 [21][23] Question: What is the status of transaction expenses and inventory step-up related to PDP? - The inventory step-up for Q2 was approximately $1.25 million, with an estimated $900,000 to $1 million remaining for the balance of the year [25] Question: How is the integration of PDP progressing? - The integration is ahead of schedule, with significant collaboration between teams and completion of system integration work [36] Question: How is the company positioned in the headset and controller markets? - Headsets remain the strongest revenue contributor, while controllers are growing significantly, with strong performance in premium controllers [39][41] Question: What is the outlook for different regions? - North America is seeing growth, particularly due to the PDP acquisition, while Asia remains relatively flat with minimal exposure [44]

Turtle Beach (HEAR) came out with a quarterly loss of $0.30 per share versus the Zacks Consensus Estimate of a loss of $0.27. This compares to loss of $0.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -11.11%. A quarter ago, it was expected that this audio technology company would post a loss of $0.16 per share when it actually produced earnings of $0.21, delivering a surprise of 231.25%. Over the last four quarters, the ...

WHITE PLAINS, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming headset and accessories brand, today announced that Chief Financial Officer and Treasurer John Hanson, has informed the Company of his intent to retire after an over 45-year career in leadership, operational, and strategic finance roles. The Company has retained Korn Ferry, an executive recruiting firm, to assist in the search for his successor, and the search will include both external and intern ...

– Second Quarter Net Revenue of $76.5 million, up 59% Year-over-Year – – Raising Full Year 2024 Guidance on Continued Execution Strength – – Repurchased $15 Million of Common Shares in the Second Quarter – – Highlight Intention to Continue Share Repurchases at Attractive Price Levels – WHITE PLAINS, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming headset and accessories brand, today reported financial results for the second quarter ended June 30, 2024. Secon ...

WHITE PLAINS, N.Y., July 25, 2024 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (NASDAQ:HEAR) a leading gaming headset and accessories brand, today announced it will report financial results for the second quarter 2024 on Thursday, August 8, 2024 after the close of trading on the Nasdaq Stock Market. In conjunction with reporting second quarter 2024 results, Turtle Beach will also host a conference call and audio webcast at 5:00p.m. ET / 2:00p.m. PT that same day to review the results. On the call, Cris Keir ...

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The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Turtle Beach (HEAR) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Turtle Beach is one of 619 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks R ...

Turtle Beach (HEAR) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of a loss of $0.16 per share. This compares to loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 231.25%. A quarter ago, it was expected that this audio technology company would post earnings of $0.64 per share when it actually produced earnings of $0.47, delivering a surprise of -26.56%.Over the last four ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35465 TURTLE BEACH CORPORATION (Exact name of registrant as specified in its charter) Nevada 27-2767540 (State or other jurisdi ...