$TBCH
Turtle Beach Corp

2022 Q1 Form 10-Q Financial Statement

#000156459022017898 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $46.66M $93.05M
YoY Change -49.85% 165.81%
Cost Of Revenue $32.63M $58.20M
YoY Change -43.93% 140.27%
Gross Profit $14.03M $34.86M
YoY Change -59.75% 223.18%
Gross Profit Margin 30.07% 37.46%
Selling, General & Admin $17.06M $18.58M
YoY Change -8.17% 38.97%
% of Gross Profit 121.63% 53.31%
Research & Development $5.252M $3.993M
YoY Change 31.53% 64.52%
% of Gross Profit 37.44% 11.46%
Depreciation & Amortization $1.504M $739.0K
YoY Change 103.52% -28.46%
% of Gross Profit 10.72% 2.12%
Operating Expenses $22.32M $22.58M
YoY Change -1.15% 42.9%
Operating Profit -$8.287M $12.28M
YoY Change -167.48% -344.96%
Interest Expense -$109.0K $97.00K
YoY Change -212.37% -42.6%
% of Operating Profit 0.79%
Other Income/Expense, Net -$719.0K -$579.0K
YoY Change 24.18% 193.91%
Pretax Income -$9.115M $11.60M
YoY Change -178.55% -315.73%
Income Tax -$2.600M $2.800M
% Of Pretax Income 24.13%
Net Earnings -$6.476M $8.838M
YoY Change -173.27% -348.61%
Net Earnings / Revenue -13.88% 9.5%
Basic Earnings Per Share -$0.40 $0.57
Diluted Earnings Per Share -$0.40 $0.49
COMMON SHARES
Basic Shares Outstanding 16.19M 15.55M
Diluted Shares Outstanding 16.19M 18.20M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.70M $63.00M
YoY Change -62.38% 624.14%
Cash & Equivalents $23.70M $62.97M
Short-Term Investments
Other Short-Term Assets $15.77M $14.70M
YoY Change 7.3% 182.69%
Inventory $117.4M $59.14M
Prepaid Expenses
Receivables $11.81M $32.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $168.7M $169.2M
YoY Change -0.26% 157.87%
LONG-TERM ASSETS
Property, Plant & Equipment $6.293M $7.089M
YoY Change -11.23% 77.14%
Goodwill $10.69M
YoY Change 25.5%
Intangibles $5.464M $6.760M
YoY Change -19.17% 17.77%
Long-Term Investments
YoY Change
Other Assets $8.798M $8.900M
YoY Change -1.15% -13.59%
Total Long-Term Assets $39.34M $38.25M
YoY Change 2.85% 26.92%
TOTAL ASSETS
Total Short-Term Assets $168.7M $169.2M
Total Long-Term Assets $39.34M $38.25M
Total Assets $208.1M $207.4M
YoY Change 0.31% 116.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.90M $27.76M
YoY Change 18.51% 141.34%
Accrued Expenses $27.39M $34.90M
YoY Change -21.53% 79.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.28M $71.77M
YoY Change -16.01% 120.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.630M $5.079M
YoY Change 50.23% 68.12%
Total Long-Term Liabilities $7.630M $5.079M
YoY Change 50.23% 68.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.28M $71.77M
Total Long-Term Liabilities $7.630M $5.079M
Total Liabilities $71.69M $80.28M
YoY Change -10.71% 124.56%
SHAREHOLDERS EQUITY
Retained Earnings -$65.94M
YoY Change -43.68%
Common Stock $16.00K
YoY Change 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.4M $127.1M
YoY Change
Total Liabilities & Shareholders Equity $208.1M $207.4M
YoY Change 0.31% 116.65%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$6.476M $8.838M
YoY Change -173.27% -348.61%
Depreciation, Depletion And Amortization $1.504M $739.0K
YoY Change 103.52% -28.46%
Cash From Operating Activities -$13.35M $21.09M
YoY Change -163.3% 20.32%
INVESTING ACTIVITIES
Capital Expenditures -$611.0K $2.280M
YoY Change -126.8% 156.18%
Acquisitions $2.500M
YoY Change
Other Investing Activities $0.00 -$2.500M
YoY Change -100.0%
Cash From Investing Activities -$611.0K -$4.780M
YoY Change -87.22% 437.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 361.0K 696.0K
YoY Change -48.13% -104.52%
NET CHANGE
Cash From Operating Activities -13.35M 21.09M
Cash From Investing Activities -611.0K -4.780M
Cash From Financing Activities 361.0K 696.0K
Net Change In Cash -14.02M 16.28M
YoY Change -186.1% 3264.46%
FREE CASH FLOW
Cash From Operating Activities -$13.35M $21.09M
Capital Expenditures -$611.0K $2.280M
Free Cash Flow -$12.74M $18.81M
YoY Change -167.72% 13.05%

Facts In Submission

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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 GAAP 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%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">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.</span></p>
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
93053000
CY2020Q2 hear Number Of Shareholders
NumberOfShareholders
8
CY2020Q3 hear Number Of Motions
NumberOfMotions
2
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
856000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1039000
CY2022Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
121000
CY2021Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
334000
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
188000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
255000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
789000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1118000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8100000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1075000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7430000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8505000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
986000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1308000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1329000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1315000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1217000
CY2022Q1 hear Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3695000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9850000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1345000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8505000

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