Press release
Turtle Beach Reports Strong Full Year and 2021 Fourth Quarter Results
Strong Product Demand, Successful Expansion into Non-Console-Headset Categories, and Disciplined Supply Chain and Logistics Navigation Delivered Record Full
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nStrong Product Demand, Successful Expansion into Non-Console-Headset Categories, and Disciplined Supply Chain and Logistics Navigation Delivered Record Full Year Revenue\n\n WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nLeading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the full year and fourth quarter ended December 31, 2021.\n\n2021 Full-Year Summary vs. 2020:\n\n\nNet revenue was $366.4 million, compared to $360.1 million a year ago;\n\n\nNet income was $17.7 million, or $0.97 per diluted share, compared to net income of $38.7 million, or $2.37 per diluted share; and\n\n\nAdjusted EBITDA was $36.6 million compared to $61.4 million.\n\n\nFourth Quarter Summary vs Year-Ago Quarter:\n\n\nNet revenue was $109.4 million compared to $132.9 million;\n\n\nNet income was $4.5 million, or $0.25 per diluted share, compared to $16.3 million, or $0.93 per diluted share; and\n\n\nAdjusted EBITDA was $9.6 million compared to $23.6 million.\n\n\nManagement Commentary\n\n“Our full year revenue of $366 million was in line with our previously communicated guidance range, and we’re pleased to have delivered the highest full year revenue in our history following a record 2020,” said Juergen Stark, CEO and Chairman, Turtle Beach Corporation. “This success is a testament to our team’s disciplined management and execution through supply chain and logistics headwinds, our active global coordination with retailers, and the consistent and robust demand for our products.\n\n“Our brands, now spanning seven market categories, have enabled us to deliver strong results despite supply chain challenges and semiconductor constraints that complicated operations and held back full year sales. For example, we gained share with our ROCCAT PC accessories across our core PC accessory markets, outperforming the competition as we continued to rapidly grow our PC business. Per U.S. NPD retail data, we maintained our console gaming headset market share of 40% or more for the 12th consecutive year.\n\n“In 2021, we continued our transformation into a diversified gaming accessories business positioning us to take advantage of a growing total addressable market of $8.8 billion. Our success was driven in part by our entry into new product categories like Xbox gaming controllers and flight simulation hardware, while continuing as...