Q4 2024 Turtle Beach Corp Earnings Call Transcript
Key Points
- Turtle Beach Corp (TBCH) achieved record-breaking quarterly results in both revenue and adjusted EBITDA for Q4 2024.
- The acquisition of PDP significantly expanded the product portfolio and market reach, contributing positively to performance.
- Revenue for Q4 2024 was $146.1 million, up 46.8% compared to the same quarter last year.
- Adjusted EBITDA for Q4 2024 was $35.7 million, a significant increase from $14 million in the same period last year.
- The company executed nearly $28 million in share buybacks for the full year, demonstrating confidence in long-term growth prospects.
- There was a $3.4 million charge related to a loss of inventory in transit, impacting cost of sales.
- The company is facing potential impacts from tariffs, which could affect future results.
- The gaming accessories market in the US was down significantly in January, affecting Q1 2025 expectations.
- Operating expenses were 21% of revenue, indicating room for further cost management improvements.
- The company does not hedge against currency fluctuations, which could pose a risk given the dynamic FX environment.
Greetings and welcome to the Turtle Beach fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Jacques Cornet with ICR. Please go ahead.
Thank you, operator. On today's call, we'll be referring to the press release filed this afternoon that details the company's fourth-quarter and year-end 2024 results. The release is available on the press releases page of the company's investor relations website corp.turtlebeach.com. There you'll also find the latest earnings presentation that supplements the information discussed on today's call. And finally, a recording of the call will be available on the events and presentation section of the company's investor relations website later today.
Please be aware that some of the comments made during this call may include forward-looking statements within the meaning of the Federal Securities Laws. Statements about the company's beliefs and expectations containing
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