$HEAR
Turtle Beach Corp

2021 Q3 Form 10-Q Financial Statement

#000156459021054559 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $85.31M $112.5M $79.68M
YoY Change -24.17% 140.77% 92.79%
Cost Of Revenue $56.03M $66.40M $50.45M
YoY Change -15.61% 109.46% 79.17%
Gross Profit $29.27M $46.14M $29.23M
YoY Change -36.55% 206.69% 121.9%
Gross Profit Margin 34.31% 41.01% 36.68%
Selling, General & Admin $23.26M $18.70M $16.27M
YoY Change 24.4% 21.71% 18.37%
% of Gross Profit 79.47% 40.53% 55.66%
Research & Development $4.520M $3.260M $3.001M
YoY Change 38.65% 48.32% 76.53%
% of Gross Profit 15.44% 7.07% 10.27%
Depreciation & Amortization $1.393M $1.470M $1.250M
YoY Change -5.24% -1.34% -3.85%
% of Gross Profit 4.76% 3.19% 4.28%
Operating Expenses $27.78M $21.92M $19.27M
YoY Change 26.77% 24.79% 24.5%
Operating Profit $1.490M $24.22M $9.957M
YoY Change -93.85% -1061.49% -531.6%
Interest Expense -$101.0K $103.0K -$400.0K
YoY Change -198.06% -57.08% -460.36%
% of Operating Profit -6.78% 0.43% -4.02%
Other Income/Expense, Net -$585.0K $101.0K $1.616M
YoY Change -679.21% -133.44% 2208.57%
Pretax Income $804.0K $24.22M $11.49M
YoY Change -96.68% -891.18% -589.35%
Income Tax -$1.819M $6.400M $3.300M
% Of Pretax Income -226.24% 26.43% 28.72%
Net Earnings $2.623M $17.79M $8.204M
YoY Change -85.26% -669.59% -445.72%
Net Earnings / Revenue 3.07% 15.82% 10.3%
Basic Earnings Per Share $0.16 $1.20 $0.56
Diluted Earnings Per Share $0.14 $1.04 $0.51
COMMON SHARES
Basic Shares Outstanding 16.08M 14.85M 14.58M
Diluted Shares Outstanding 18.34M 17.15M 16.23M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.06M $27.30M $21.20M
YoY Change 2.78% 290.0% 523.53%
Cash & Equivalents $28.06M $27.27M $21.21M
Short-Term Investments
Other Short-Term Assets $16.61M $8.500M $10.20M
YoY Change 95.35% 54.55% 88.89%
Inventory $113.3M $79.45M $44.95M
Prepaid Expenses
Receivables $36.99M $53.80M $37.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $194.9M $169.0M $113.4M
YoY Change 15.35% 56.48% 45.97%
LONG-TERM ASSETS
Property, Plant & Equipment $7.276M $5.004M $4.366M
YoY Change 45.4% -33.28% -23.63%
Goodwill $10.69M $8.178M $8.178M
YoY Change 30.67% -10.09% 37.68%
Intangibles $6.107M $5.325M $5.518M
YoY Change 14.69% 10.11% -33.71%
Long-Term Investments
YoY Change
Other Assets $9.351M $8.700M $7.600M
YoY Change 7.48% 690.91% 590.91%
Total Long-Term Assets $41.34M $32.50M $27.10M
YoY Change 27.19% 43.82% 12.27%
TOTAL ASSETS
Total Short-Term Assets $194.9M $169.0M $113.4M
Total Long-Term Assets $41.34M $32.50M $27.10M
Total Assets $236.3M $201.5M $140.5M
YoY Change 17.26% 54.29% 37.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.53M $63.70M $41.69M
YoY Change -12.83% 69.91% 88.52%
Accrued Expenses $36.02M $34.40M $24.30M
YoY Change 4.69% 67.8% 23.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.54M $98.10M $68.03M
YoY Change -6.69% 16.04% 29.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.322M $7.500M $2.900M
YoY Change -2.37% 75.89% -37.81%
Total Long-Term Liabilities $7.322M $7.500M $2.900M
YoY Change -2.37% 75.89% -37.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.54M $98.10M $68.03M
Total Long-Term Liabilities $7.322M $7.500M $2.900M
Total Liabilities $102.7M $105.8M $71.00M
YoY Change -2.97% 18.89% 23.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.6M $95.70M $69.50M
YoY Change
Total Liabilities & Shareholders Equity $236.3M $201.5M $140.5M
YoY Change 17.26% 54.29% 37.98%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $2.623M $17.79M $8.204M
YoY Change -85.26% -669.59% -445.72%
Depreciation, Depletion And Amortization $1.393M $1.470M $1.250M
YoY Change -5.24% -1.34% -3.85%
Cash From Operating Activities -$22.73M $800.0K $14.31M
YoY Change -2940.87% -107.36% -612.9%
INVESTING ACTIVITIES
Capital Expenditures -$1.229M -$1.620M -$1.410M
YoY Change -24.14% 161.29% 213.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.229M -$1.620M -$1.410M
YoY Change -24.14% 157.14% -89.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.736M 6.360M -320.0K
YoY Change -158.74% -58.65% -103.43%
NET CHANGE
Cash From Operating Activities -22.73M 800.0K 14.31M
Cash From Investing Activities -1.229M -1.620M -1.410M
Cash From Financing Activities -3.736M 6.360M -320.0K
Net Change In Cash -27.69M 5.540M 12.58M
YoY Change -599.86% 42.78% -291.48%
FREE CASH FLOW
Cash From Operating Activities -$22.73M $800.0K $14.31M
Capital Expenditures -$1.229M -$1.620M -$1.410M
Free Cash Flow -$21.50M $2.420M $15.72M
YoY Change -988.35% -123.61% -771.79%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of estimates<span style="font-style:normal;">: The preparation of accompanying unaudited consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the consolidated financial statements in the period in which such changes occur. Future actual results could differ materially from these estimates. </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The novel coronavirus (“COVID-19”) pandemic has disrupted worldwide economic markets and the extent to which COVID-19 continues to affect the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. We continue to actively monitor and assess the impact of the pandemic on our business, operations, and financial condition.</p>
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.95
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1867615
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.69
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
37568211
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1831591
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.72
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
36915022
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1010051
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.70
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
21367515
hear Sharebased Compensation Arrangement By Sharebased Payment Award Forfeiture Period After Ending Employment
SharebasedCompensationArrangementBySharebasedPaymentAwardForfeiturePeriodAfterEndingEmployment
P90D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.89
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2100000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
2623000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
17794000
us-gaap Net Income Loss
NetIncomeLoss
13182000
us-gaap Net Income Loss
NetIncomeLoss
22443000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16079000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14845000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15852000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14642000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1396000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1404000
CY2020Q3 hear Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Awards
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockAwards
364000
hear Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Awards
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockAwards
442000
hear Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Awards
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockAwards
179000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1317000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
774000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
550000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
550000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
550000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
367000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18335000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17154000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18248000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15961000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.53
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
72000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
205000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1025000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
912000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85307000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
112494000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
256924000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
227181000
CY2020Q2 hear Number Of Shareholders
NumberOfShareholders
8
us-gaap Product Warranty Expense
ProductWarrantyExpense
538000
us-gaap Product Warranty Expense
ProductWarrantyExpense
1022000
CY2020Q3 hear Number Of Motions
NumberOfMotions
2
CY2020Q2 hear Number Of Distributors
NumberOfDistributors
2
CY2020Q3 hear Number Of Companies
NumberOfCompanies
2
CY2020Q3 hear Accounts Receivable Outstanding
AccountsReceivableOutstanding
130000
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1022000
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
813000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1039000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
743000
CY2021Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
85000
CY2020Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
464000
CY2021Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
201000
CY2020Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
316000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
671000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
804000
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
906000
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
961000
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
906000
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
961000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7918000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
963000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7194000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8157000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
us-gaap Operating Lease Payments
OperatingLeasePayments
900000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
354000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1247000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1142000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1163000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1147000
CY2021Q3 hear Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4482000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9535000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1378000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8157000

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