Business
Turtle Beach Extends and Expands Share Repurchase Program
Authorization raised to $25 million and extended to April 9, 2023 WHITE PLAINS, N.Y., April 1, 2021 /PRNewswire/ -- Leading gaming accessory maker Turtle
About this update from Turtle Beach Corporation
[{"type":"text","content":"Authorization raised to $25 million and extended to April 9, 2023\n\n\nWHITE PLAINS, N.Y., April 1, 2021 /PRNewswire/ -- Leading gaming accessory maker Turtle Beach (Nasdaq: HEAR) today announced its Board of Directors has approved an extension and expansion of its share repurchase program. Under the revised program, the Company is authorized to purchase up to $25 million of its common shares at its discretion from time to time in the open market, or in block purchase transactions over the next two years. This is an expansion of the $15 million authorization that was approved in April of 2019. \n\n \n \n \n \n \n \n\n \nThe amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. Turtle Beach intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. The share repurchase program is scheduled to expire April 9, 2023, but may also be expanded, extended, or terminated based on market conditions, applicable legal requirements and other factors. \n\"Our strong position in console gaming headsets, rapid growth in PC accessories, and planned entry into additional new gaming accessory categories give us continued confidence in our ability to grow and generate strong financial results,\" said Juergen Stark, CEO of Turtle Beach. \"The consistently high levels of free cash flow we have generated in recent years allowed us to eliminate our debt and end 2020 with high levels of cash. This, in turn, allows us to continue executing our proven strategy while remaining committed to investing in profitable growth. We look forward to delivering value to our shareholders through continued execution of our strategic growth pillars and effective use of our capital.\"\nStark continued, \"As previously disclosed, we expect to generate adjusted EBITDA of approximately $45 million in 2021, implying a category-leading adjusted EBITDA margin of at least 12%. While our top priority is funding our core business and future growth drivers, including entering new product categories, we believe our stock represents an attractive investment opportunity in the gaming space, and we will take advantage of the opportunity to invest in our company as appropriate.\"\nAbout Turtle Beach CorporationTurtle Beach Corpora...