Press release
Turtle Beach Reports Second Highest Third Quarter Results in Company History
Remains on Track to Deliver Year-over-Year Revenue Growth Following Record 2020; Updates 2021 Outlook Due to Impact from Supply and Logistics Constraints
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nRemains on Track to Deliver Year-over-Year Revenue Growth Following Record 2020;\n\nUpdates 2021 Outlook Due to Impact from Supply and Logistics Constraints\n\n WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nLeading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the third quarter and nine months ended September 30, 2021.\n\nThird Quarter 2021 Summary vs. Year-Ago Period:\n\n\nNet revenue was $85.3 million compared to $112.5 million a year ago when the Company posted a historic 141% increase;\n\n\nNet income was $2.6 million, or $0.14 per diluted share, compared to net income of $17.8 million, or $1.04 per diluted share;\n\n\nAdjusted EBITDA was $6.7 million compared to $27.6 million;\n\n\nCash balance grew to $28.1 million compared to $27.3 million as of September 30, 2020.\n\n\nNine Months Ended September 30, 2021 Summary vs Year-Ago Period\n\n\nNet revenue was $256.9 million compared to $227.2 million;\n\n\nNet income was $13.2 million, or $0.72 per diluted share, compared to $22.4 million, or $1.41 per diluted share;\n\n\nNon-GAAP net income was $16.7 million, or $0.92 per diluted share, compared to $21.4 million, or $1.34 per diluted share;\n\n\nAdjusted EBITDA was $27.0 million compared to $37.8 million.\n\n\nManagement Commentary\n\n“Our excellent third quarter results were the second highest third quarter in our history, only outdone by our extraordinary 140% year-over-year growth in Q3 last year, and we’re pleased to see our year-to-date revenues up 13% as we remain on track to grow from our record year in 2020,” said Juergen Stark, CEO, Turtle Beach Corporation. “These results reflect the continued strong demand for our products and successful expansion of our PC and other new categories, despite significant semiconductor constraints, particularly on our industry-leading wireless headsets, which we expect will hold back full year sales by an estimated $25 to $30 million.”\n\n“Console headsets continue to perform well, despite the worsening impact of industry-wide component availability, shipping delays and freight cost increases. While our team has expertly managed these dynamic supply chain issues, there are business impacts that remain out of our control. Still, our non-console headset categories in PC, microphones, game controllers, and flight simulation continue to track wit...