Turtle Beach (US:HEAR)2023-03-28 16:00Sales Performance - In 2022, net sales to North American retail customers were $148.7 million, European customers $58.1 million, North American distributors $7.3 million, and other customers $26.1 million[44]. - The five largest individual customers accounted for approximately 67% of gross sales in 2022, with Walmart, Target, Amazon, and Best Buy each contributing between 11% to 23% of consolidated net sales[45]. - More than 45% of revenues are generated during the holiday period from September through December, influenced by new product launches and consumer shopping behavior[46]. Employee Information - As of December 31, 2022, Turtle Beach had 269 employees, with 245 being full-time salaried employees[47]. Cost and Inflation Impact - The company has experienced higher inflation rates in 2022, leading to increased costs of goods, selling expenses, and general and administrative expenses, which may negatively impact profit margins[243]. E-commerce and Retail Strategy - Turtle Beach continues to invest in e-commerce platforms to drive profitable growth and enhance customer experiences[42]. - The company maintains strategic relationships with key retailers to ensure product availability and brand presence[42]. - Turtle Beach's established presence on Amazon and other online retail sites enhances product visibility and influences sales[41]. Currency Risk Management - The company has utilized foreign currency forward and option contracts to manage exposure to foreign currency risks, particularly with the British Pound and Euro[241]. Seasonal Fluctuations - The business is subject to seasonal fluctuations, with significant revenue shifts occurring due to major online multiplayer game launches and retailer purchasing behavior[46].