HEAR - Turtle Beach Non-GAAP EPS of $0.10 misses by $0.11 revenue of $100.9M misses by $9.53M

2023-03-13 16:03:54 ET

• Turtle Beach press release ( NASDAQ: HEAR ): Q4 Non-GAAP EPS of $0.10 misses by $0.11 .
• Revenue of $100.9M (-7.8% Y/Y) misses by $9.53M .
• Adjusted EBITDA was $6.0 million compared to adjusted EBITDA of $9.6 million a year ago;
• Recurring operating expenses were down ~16%, a result of proactive expense management the Company initiated earlier in the year.
• 2023 Outlook: In light of the aforementioned market and operational conditions, the Company expects net revenues for fiscal year 2023 to increase approximately 10% (~$265 million) with the growth driven primarily by expected out-performance of the gaming markets in specific categories based on the Company’s product plans for 2023. The Company expects adjusted EBITDA of approximately $5 million, a roughly $23 million year-over-year improvement, but including roughly $10 million of remaining negative impact of abnormally high competitive discounting and freight costs. Both items are expected to abate as we progress through the year.
• The Company is maintaining its long-term goals of 10-20% annual growth and 10+% EBITDA margins.
• Shares -5.25% .

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