Turtle Beach Corporate Overview
QUARTERLY FINANCIAL REVIEW
$ Millions
Q1 2022
Q1 2023
(except per-share data)
Revenue
$46.7
$51.4
Gross Margin
30.1%
27.5%
Operating Expenses
$22.3
$20.6
Commentary
Reflects strong growth in US console market and share gains across most
markets and categories.
Year-over-year decline due to higher promotional spend in light of continued
competitive discounting partially offset by lower freight and logistics costs.
Reflects the benefit from the proactive expense management programs the
Company initiated last year and alignment of expenses to product launch plans
resulting in a 12.7% decline in recurring operating expenses.
Net Income (Loss)
$(6.5)
$(6.7)
Reflects above factors.
Diluted EPS
$(0.40)
$(0.40)
Reflects above factors.
Non-GAAP Diluted EPS (1)
$(0.39)
$(0.27)
Reflects above factors.
Adjusted EBITDA (1)
$(5.7)
$(2.3)
Reflects higher revenue and lower operating expenses.
Diluted Shares
16.2M
16.6M
See appendix.
1. See appendix for a reconciliation of non-GAAP measures
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