INVESTOR PRESENTATION
A u g u s t 2 0 2 0
SAFE HARBOR
Forward-Looking Information
This presentation 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", "continue", "would", "should", "believe", "expect", "anticipate", "plan", "goal", "estimate", "accelerate", "target", "project", "intend" and similar expressions 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. These statements are based on management's current belief, 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; the impact of the coronavirus (COVID-19) pandemic on consumer demands and manufacturing capabilities; risks relating to, and uncertainty caused by or resulting from, the COVID-19 pandemic; the Company's partnerships with influencers, athletes and esports teams; risks associated with the expansion of our business, including the implementation of any businesses we acquire, the integration of such businesses within our internal control over financial reporting and operations; and our liquidity. These risks may be in addition to the other factors and matters discussed in the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Except as required by the securities laws of the United States, the Company does not intend to publicly update or revise these forward-looking statements after the date of this release whether as a result of new information, future developments or otherwise. This presentation also contains trademarks and trade names that are property of their respective owners.
Non-GAAP Financial Measures
In addition to its reported results, the Company has included in this presentation 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 in the appendix for the three months ended June 30, 2020 and 2019.
© 2020 Turtle Beach Corporation. All Rights Reserved. | 2 |
In 2019, Turtle Beach acquired ROCCAT, a leading PC gaming accessories brand, to bring their award-winning product portfolio to more gamers globally.
#1
IN GAMING AUDIO
The Global Market Leader In Console Gaming Headsets for 10 years
40 Million+
Headsets Sold Since 2010
Broad Portfolio
of PC Gaming Accessories
Award Winning Design
and Build Quality
INNOVATION AT
EVERY PRICE POINT
Industry Leading Innovations
Titan Click - Titan Switch - AIMO Intelligent Lighting | 3 |
TURTLE BEACH
#1 CONSOLE GAMING HEADSET BRAND
I N T H E $ 1 . 3 B 1 C O N S O L E H E A D S E T M A R K E T
Best-selling, innovative product portfolio for all levels of gamers with
150+ associated patents.
Expanded into PC gaming headsets, keyboards & mice to grow addressable market to $4.3B.1
~$235M business generated ~$23M of EBITDA in 2019. Outlook for 2020 is ~$300M in revenue, ~$30M of EBITDA & ~$20+M of free cash flow² including roughly $12M in growth investments.
Healthy balance sheet with no short- or long-term debt.
Highly experienced board and management team.
The best-selling headset of 2019 3
1Newzoo 2020 Peripheral Market estimates - updated in March 2020 | |
2Free cash flow defined as consolidated adjusted EBITDA less capital expenditures, less cash interest. | 4 |
3The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S.& Canada/January-December 2019 |
THE LEADER IN CONSOLE GAMING HEADSETS
#1 GAMING HEADSET | HIGHER REVENUE SHARE |
PROVIDER FOR XBOX & PLAYSTATION | THAN NEXT THREE PLAYERS COMBINED |
US & CANADA CONSOLE | |||
WHY & HOW | |||
Other | GAMING HEADSET | ||
REVENUE SHARE | |||
56.6% | 2019 | 43.4% | |
4 OF TOP 5 SELLERS | 13 OF TOP 20 SELLERS |
OVERALL ARE TURTLE BEACH | OVERALL ARE TURTLE BEACH |
STRONG BRAND & REPUTATION
Among Gamers, Retailers, Gaming Industry
PRODUCT FOR EVERY GAMER
Entry Level to Professional
PRODUCT INNOVATIONS
And Unique Features - Many patented
1275K+ POINTS OF DISTRIBUTION
53 Countries
STRONG PARTNERSHIPS
With Leading Esports Teams & Influencers
OVER 10 YEARS EXPERIENCE
Gaming Headsets & with Xbox & PlayStation
154 ISSUED PATENTS
60 Pending2
Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S.& Canada/January-December 2019 | 5 |
1Includes only Console gaming headsets |
2Counts only patents related to headsets (not including additional patents from ROCCAT and HyperSound)
CONSOLE HEADSETS:
Global Market for Gaming Headsets, Mice, and Keyboards1
Keyboards | ||
$0.8 B | Console | |
Headsets | ||
$1.3 B | ||
GLOBAL GAMING | ||
ACCESSORY | ||
Mice | MARKET | |
$0.8 B | $4.3B1 |
PC Headsets
$1.4 B
Americas & Europe are ~65% of the market
3275K+ Points of Distribution Across 53 Countries Brick & Mortar Accounts For 80%+ Retail Sales2
Where Consumers Can Try The Headsets
1Newzoo 2020 Peripheral Market estimates - updated in March 2020 (pre-COVID). | |
2Turtle Beach estimates 80+% of North American console industry headset sales are typically via brick & mortar retailers normally (past months have been much higher due to COVID) . | 6 |
3Includes only Console gaming headsets | |
GREAT HEADSETS
"One of the best wireless headsets you | ||
can own for Xbox One." | ||
- WIRED | ||
"This $40 headset is worth every penny." | ||
- Windows Central | ||
"9/10.A quality piece of hardware | |
that justifies its price." | |
- Game Informer | 7 |
2020 XBOX & PS4 HEADSET LINEUP
STEP-UP FEATURE FROM
PREVIOUS SERIES
XBOX ONE | PS4™ PRO | PS4™ | |
NINTENDO SWITCH ™ | MOBILE | |
XBOX ONE | $129.95 MSRP* |
$149.95 MSRP |
XBOX ONE | PS4™ PRO | PS4™
NINTENDO SWITCH ™ | MOBILE
$14.95 MSRP*
40mm Driver
Open Earcup
Mono
XBOX ONE | 50mm Nanoclear™ Drivers | ||||||
Active Noise- | |||||||
XBOX ONE | PS4™ PRO | PS4™ | Cancellation | Cooling Aerofit™ | |||||
$99.95 MSRP | |||||||
NINTENDO SWITCH ™ | MOBILE | Bluetooth® with | Cushions | |||||
XBOX ONE | PS4™ PRO | PS4™ | $79.95 MSRP* | Xbox Wireless | App Control | ||||
NINTENDO SWITCH ™ | MOBILE | Metal Headband | ||||||
Xbox Wireless | |||||||
$59.95 MSRP* | Windows Sonic | ||||||
ProSpecs™ | Surround Sound | Windows Sonic | Floating Headpad | ||||
XBOX ONE | PS4™ PRO | PS4™ | Amplified | ||||||
XBOX ONE | PS4™ PRO | PS4™ | NINTENDO SWITCH ™ | MOBILE | Superhuman Hearing® | Surround Sound | ||||
50mm Drivers | |||||||
XBOX ONE | PS4™ PRO | PS4™ | NINTENDO SWITCH ™ | MOBILE | Superhuman Hearing® | TruSpeak™ Pro | ||||
$39.95 MSRP* | Bass Boost | ProSpecs™ | |||||
NINTENDO SWITCH ™ | MOBILE | $24.95 MSRP* | Gaming Mic | |||||
EQ Modes | ProSpecs™ | ||||||
$29.95 MSRP* | Flip-to-Mute Mic | Memory Foam | |||||
40mm Drivers | 50mm Drivers | Elite Two-Year Warranty | |||||
40+ Hour Battery | 50mm Drivers | ||||||
Stereo | Synthetic Leather | ||||||
Synthetic Leather | Metal-Reinforced | EQ Modes | Swappable Deco Plates | ||||
Amplified | EQ Modes | ||||||
Removable Microphone | Lightweight Design | Mic Monitoring | |||||
Lightweight Design | Amplified | Amplified | |||||
ProSpecs™ | |||||||
Metal-Reinforced | |||||||
Inline Controls | Removable Microphone | 40mm Drivers | 12+Hour Battery | Mic Monitoring | |||
Mic Monitoring | |||||||
Mobile Multifunction | Inline Controls | High-Sensitivity Mic | Flip-to-Mute Mic | Mic Monitoring | Flip-to-Mute Mic | Inline Controls | |
Button | Flip-to-Mute Mic |
10mm Drivers | Stereo | Stereo | 40mm Drivers | Flip-to-Mute Mic | 15+ Hour Battery | 10+ Hour Battery | Stereo |
Entry-Level Gamer | Casual Gamer | Enthusiast Gamer | Core Gamer | Esports |
< 4 hours per week | 4-6 hours per week | 7-15 hours per week | 16+ hours per week | |
*MSRP subject to change. | 8 |
ROCCAT
FEB. 2020 - ROCCAT Partnership
ROCCAT is Turtle Beach's brand of gaming mice, keyboards, headsets & software for PC gamers.
ROCCAT acquisition in May 2019 added good base of award-winningmice & keyboards with unique innovations, integrated lighting & PC software.
ROCCAT's Hamburg, Germany-based studio has an experienced product & engineering team with deep experience in PC mice &
keyboards.
ROCCAT has strong brand presence in Germany, good awareness across EU, and is currently expanding in NA & major Asian markets.
Turtle Beach investing ~$12M in 2020 to drive future growth including expanding ROCCAT portfolio and further develop the brand.
"Only ROCCAT's sleek, precision-engineered gaming devices can meet my exact demands for the premiere tools necessary to dominate my competition."
- Dr Disrespect
9
"The best all-around gaming mouse on
the market today." - T3.com (Feb. 2020)
"4.5/5.A piece of beauty."
- Tech Radar (Oct. 2019)
10
INVESTING TO DRIVE GROWTH
GLOBAL GAMING ACCESSORY MARKET: $4.3B (MARCH NEWZOO ESTIMATES) | ||
Mice | 8 Mice | |
$0.8B | Expand Portfolio | |
2020-2021 | ||
Keyboards | 4 Keyboards | |
$0.8B | Expand Portfolio | |
2020-2021 | ||
PC Headsets | 2 Headsets | |
$1.4B | 3 Headsets | Revise and Expand |
Portfolio | ||
2020-2021 | ||
Console Headsets | ||
$1.3B | 20 Headsets |
$3.0B Market To Further Penetrate
2020 Growth Investments of
~$12M Including in ROCCAT
Portfolio Expansion and
Brand Development
Goal Is To Build Incremental $100M Business
$1.3B In Historic TB
Addressable Market
We lead this market by
far
Goal Is To Continue
Leadership
Source (for market sizes): NewZoo 2020 Peripheral Market estimates - updated in March 2020 (pre COVID). | 11 |
Note: model counts above represent core models only, not all variants or SKUs. |
GLOBAL GAMING
5.0 | $4.6B |
4.5$4.1B
4.0 | 0.9m | |||
0.8m
3.5
0.8m
3.00.7m
2.5 | ||
1.3m | 1.5m | |
2.0 | ||
TAM GROWTH 2019 - 2021
+12% | Strong overall gaming |
accessories growth | |
+17% | Expanding keyboard |
lineup and geographies | |
+15% | Expanding mouse |
portfolio and geographies | |
+14% | Building into |
PC headset category | |
1.5
1.0
0.5
0.0
1.4m1.4m
+5% | Turtle Beach #1 in |
console gaming audio |
today
20192021
CONSOLE PC MICE KEYBOARDS
Source: NewZoo 2019 -2021 Peripheral Market estimates - updated in March 2020 (Pre COVID). | 12 |
WE PARTNER WITH LEADING TEAMS
Over 821M Gamers and 195M esports fans in the Americas and Europe1
COMING SOON | ||||
Ali-A | Dr. Disrespect | Mr Savage | Castro_1021 | Skyrroz |
(30M Reach) | (8M Reach) | (5M Reach) | (5.5M Reach) | (4M Reach) |
Kevin De Bruyne | Josh Hart | Kevin Porter Jr. | Reece James | MSD7 |
(Man City & Belgium, | (New Orleans Pelicans, | (Cleveland Cavaliers, | (Chelsea & England, | (1M Reach) |
17M Reach) | 1M Reach) | 385k Reach) | 850k Reach) |
HECZ | Scump | Symfuhny | BenjyFishy | Clare Siobhan |
(3M Reach) | (6M Reach) | (6M Reach) | (4M Reach) | (2M Reach) |
NRG Esports | Chicago Huntsmen |
A leading collective of top | Franchise team in |
influencers and world champion | Activision Blizzard's CDL |
esports teams |
Official Audio Partner | Exclusive Gaming Partner | |
EA Sports FIFA 20 Champions Cup | Jay Z's Made In America Festival | |
Titles shown represent games played by our partner esports teams and influencers and do not indicate a | 13 | |
partnership with the publisher |
1Newzoo 2020 Global Esports and Global Games Market Report QU January 2020
GEN 8 CONSOLE
Gen 7 Xbox (Nov 2013) | Gen 8 Xbox (2020) | Gen 7 PlayStation (Nov 2013) | Gen 8 PlayStation (2020) |
Xbox Series X (announced E3/June 2019)
Release: Holiday 2020 (expected November)
Price: $499 (expected)
- Backward compatibility
- Major power increase/faster game access/reduced load times
- Will support up to 8K resolution
- 3D Spatial Sound (headset required)
- Project xCloud game streaming service
PlayStation 5/PS5 (announced April 2019) Release: Holiday 2020 (expected November) Price: $499 (expected)
- Backward compatibility
- Major power increase/faster game access/reduced load times
- Will support up to 8K resolution
- 3D Spatial Sound (to be confirmed by Sony, headset required)
- PlayStation Now streaming/focus on AAA titles
- PS5 Two Versions :
- 1)PS5 w/Ultra HD Blu-ray disc drive
- 2)PS5 Digital Edition (presumably less expensive)
Source: Microsoft and Sony announcements | 14 |
XBOX AND PLAYSTATION
PlayStation and Xbox Console Unit Sales
40
"With the launch of new systems and continued sales for existing consoles, we forecast Microsoft and Sony combined hardware sales will set records in 2021 and 2022."
David Cole, Head DFC Intelligence, Video games industry analyst
Hardware Unit Sales (in millions)
30
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Gen 6 Gen 7 Gen 8
- Console transition has typically created a market decline the year prior to transition, an increase late in the year of new console launch, and then several years of accelerated growth post-launch.
- Accessories typically follow same pattern with some lag as some users will wait on new accessory purchases, particularly at the high-end prior to launch and then upgrading accelerates post-launch.
- DFC predicts the combined XB and PS hardware unit sales for Gen 7 and Gen 8 in the first three years of launch to be higher than the combined sales of Gen 6 and Gen 7 in the first three years, setting another record.
- DFC predicts Active Installed Base (AIB) of Gen 8 in the first four years of launch to be slightly higher than AIB of Gen 7.
- Nintendo is not included; a new system core from Nintendo could substantially increase overall market potential.
- The charted DFC forecasts are pre-COVID and our above commentary reflecting typical console transition market patterns have been impacted by both the recent stay-at-home surge in gaming sales as well as the future economic outlook.
Source : DFC Intelligence September 2019 Worldwide Video Game Market Forecasts
*COVID-19 related stay-at-home guidance and orders have led to significantly increased sales of gaming accessories and disrupted global economies- DFC Intelligence used for this slide have not yet been updated by DFC.
15
ANTICIPATED CONSOLE HEADSET MARKET DYNAMICS
SIMPLIFIED MARKET MODEL¹
US & CANADA CONSOLE GAMING HEADSET SELL-THROUGH
MILLIONS OF UNITS
Battle Royale 14.8
Incremental
Battle
Royale
Driven
Headset
Sales
9.0
"Normal"
headset
sales
without
battle royale impact
+24.8%
Results indicate approximately 40% of incremental 2018 users replaced or upgraded in 2019
Stay-at-home Orders
20% or More
Expected
Incremental
Stay-at-home
11.2 Driven
Headset Sales
"Normal" | |
headset | Headset |
sales | purchase lag |
based on | expected for |
larger | new console |
installed | launches in |
base of | late 2020 |
users |
Recent unprecedented increase in gaming and gaming accessories due to stay-at-home orders.
TB analysis indicates drivers are roughly equally caused by:
- Existing gamers gaming more
- Influx of new and lapsed gamers gaming with headsets
- Gaming headset purchases for work/school/socializing via video apps
Biggest drivers of potential increase from 2020+ estimates are:
- Stronger influx of new gamers/headsets users continues due to stay-at-home
- Faster upgrade/replace cycle among new/lapsed headset users
- New Xbox/PlayStation consoles increasing Q4 demand more than expected
- Stronger slate of new gen games or major games going "free" model
Biggest drivers of potential decrease from 2020+ estimates are:
- Headset upgrade/replace cycle slows due to pull forward purchases
- Inventory constraints on consoles and/or headsets
- Gaming activity slows as economy reopens and recovers from pandemic
- Late release of, or lower demand for, the new consoles
Market sell-in revenues (sales) will vary from sell-through units based on channel inventory adjustments to hold weeks-of-supply and ASP of product sales
1. This is a highly simplified market model to illustrate overall dynamics - actual market dynamics are much more complex than shown | 16 |
Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S. & Canada/CY 2017, 2018, 2019, 2020; TB analysis of consumer research conducted by NewZoo | |
INCREASED 2020 OUTLOOK¹
2020 - | 2020 - Updated | 2020 Updated Commentary | |
Prior | |||
Continued strong consumer demand for gaming accessories driven by | |||
Net Revenue | $224-$234M | ~$300M | new & existing gamers, increased use of headsets for non-gaming uses, |
further increase in demand spurred by new holiday season console | |||
launches. Second half net revenue expected to be ~$185M. | |||
Gross Margin | Higher operating leverage offset by increased air freight, tariff costs & | ||
Low 30%s | Low 30%s | impact of tooling & certification investments for new product | |
development. | |||
Higher revenue & gross margin partially offset by $10+M in air freight to | |||
Adj. EBITDA | $9M-$14M | ~$30M | enable supply & increased revenue, $2-3M in tariffs, as well as ~$12M in |
marketing & product-related investments to drive long term growth. | |||
Second half Adj. EBITDA expected to be ~$20M. | |||
Diluted Shares | ~15.0M | ~16.5M | Higher average share count due to a greater portion of the year showing |
positive net income. | |||
GAAP EPS | $(0.22)-$0.03 | ~$0.85 | Reflects above factors; anticipates full year effective tax rate of |
~ 28%. Second half GAAP EPS expected to be ~$0.50. | |||
Adj. EPS | ~$0.80 | Reflects above factors, excludes ROCCAT transaction & integration | |
$(0.16)-$0.09 | costs, also anticipates full year effective tax rate of approximately | ||
28%. Second half Adj. EPS expected to be ~$0.50. | |||
1. Guidance updated on August 6, 2020. | 17 |
REVENUE & ADJUSTED EBITDA PROFILE | |||||||
Company Revenues | Adjusted EBITDA2 | ||||||
Millions | Millions | ||||||
$287M | ~$300M | $57.7M | |||||
Battle | Battle | ||||||
Royale | |||||||
Royale | $235M | ||||||
Surge | |||||||
Surge | ~$12M of | ||||||
growth | |||||||
investments | |||||||
$149M | ~$30M | ||||||
$22.8 | |||||||
$11.6M | |||||||
2017 | 2018 | 2019 | 2020E1 | 2017 | 2018 | 2019 | 2020E1 |
1. | Guidance updated on August 6, 2020. | |
2. | See appendix for a reconciliation of non-GAAP measures. | 18 |
BALANCE SHEET
Capitalization
At June 30, 2019 | At June 30, 2020 | |
Cash & Equivalents | $3.4M | $21.2M |
Inventories | $50.4M | $45.0M |
Revolver (asset-based) | $10.8M | $0.0 |
Total Debt | $10.8M | $0.0 |
Balance Sheet Improvements
- Cash and equivalents increased significantly due to record revenue, higher margins and fixed cost leverage.
- Inventory decline driven by record Q2 '20 revenue (with much in transit).
- ROCCAT purchase price of $12.7M funded with cash and borrowings under revolver in 2019.
19
LONG-TERM FINANCIAL TARGETS
MetricTarget
Revenue $ | 10-20% CAGR |
Gross Margins % | Mid 30's |
EBITDA $ | 15-30% CAGR |
Maintain leadership position in console gaming headsets
Drive growth in PC gaming headsets, keyboards, and mice (leveraging ROCCAT brand and portfolio)
Maintain disciplined spending with investments for growth
Leverage brand, skills, and global footprint to enter new categories over time (organic and M&A)
20
CONTACT US
INVESTOR RELATIONS: | PR/MEDIA CONTACT: |
Cody Slach/Sean McGowan | Maclean Marshall |
Gateway | Turtle Beach |
+1 (949) 574-3860 | +1 (858) 914-5093 |
HEAR@gatewayir.com | maclean.marshall@turtlebeach.com |
COMPANY WEBSITES
www.turtlebeachcorp.com | www.turtlebeach.com | www.roccat.org
APPENDIX
227
EXPERIENCED BOARD OF DIRECTORS
Juergen Stark
Chairman & CEO
William Keitel
Lead Independent Director
Dr. Andrew Wolfe, PhD
Director
Gregory Ballard
Director
Kelly Thompson
Director
- COO of Motorola Mobility's mobile business
- 10 years as Principal at McKinsey & Company, Inc.
- MBA, Harvard Business School
- Former CFO of Qualcomm Incorporated (NASDAQ: QCOM)
- During his tenure, Qualcomm grew revenues from ~$800M to ~$25B
- Held senior financial roles at Nortel (OTC: NRTLQ) & Pepsico (NYSE: PEP)
- Founder & principal of Wolfe Consulting
- Former Chief Technology Officer for SONICblue, Inc.
- Expert in IP strategy and licensing
- General partner with Eleven Ventures
- Former senior VP for mobile & social games at Warner Bros.
- Former CEO of Glu Mobile, former board member with DTS
- Former SVP and COO, Samsclub.com
- Former SVP Merchandising, Planning, and Marketplace for Walmart.com
- 10 years in management positions at Gap, Inc.
23
EXPERIENCED MANAGEMENT TEAM
Juergen Stark Chairman & CEO
- COO Of Motorola Mobility's Mobile Business
- 10 Years As Principal At Mckinsey & Company
John Hanson CFO
- EVP & CFO at Dialogic
- CFO at One Communications Corp
Cris Keirn SVP, Global Sales
- Led headset transition as VP of business planning & strategy
- 17 years with Motorola in product management, operations, quality & customer relations
Megan Wynne General Counsel
- 5 years with I-Flow, a Kimberly-Clark Health Care Company
- 13 years with Morris Polich & Purdy law firm
Ryan Dell SVP, Marketing
Rene Korte General Manager, PC Products
- Founder of ROCCAT GmbH and CEO for 12 years
- VP Europe for RAZER
- Professional gamer and founder of MTW esports team
Matt Seymour SVP, Product Management
- 20+ years in the Consumer Electronics industry
- Previously with Sony leading television portfolio planning & development, product marketing
Joe Stachula CTO & SVP, Product Development
- 20+ years in consumer electronics
- 12 years at Plantronics engineering audio headsets
Jose Rosado SVP, Global Operations
- Former Sr. Director, Global Supply Chain Operations for HP
- 22 years of supply chain management with Motorola, ON Semiconductor, HP, Cisco
- 15 years of brand, consumer & digital marketing experience
- Formerly CMO at MVMT, VP of Marketing & Acquisitions at FTD Companies (Pro Flowers, Shari's Berries)
GAAP TO ADJUSTED EBITDA RECONCILIATION | |||
December 31, 2019 | December 31, 2018 | December 31, 2017 | |
Consolidated | |||
Net Income (Loss) | 17,944 | 39,190 | (3,248) |
Depreciation | 4,556 | 3,954 | 4,074 |
Amortization of intangibles | 642 | 303 | 348 |
Interest | 929 | 5,335 | 7,916 |
Taxes | (6,237) | 1,737 | 593 |
Stock Compensation | 3,558 | 1,877 | 1,430 |
Restructuring Expense | - | - | 533 |
Goodwill Impairment | - | - | - |
Business Transaction Expense | 3,516 | - | (79) |
Change in Fair Value of Contingent Consideration | (471) | - | - |
Unrealized loss (gain) on financial instrument obligation | (1,601) | 5,291 | - |
Adj EBITDA | 22,836 | 57,687 | 11,567 |
25 |
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Disclaimer
Turtle Beach Corporation published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 11:23:02 UTC