Turtle Beach Corp (TBCH) 2023 Q1 法說會逐字稿

Welcome to the Turtle beach First Quarter 2023 Conference Call. My name is Latif, and I will be your operator for today's call. (Operator Instructions) Delivering today's prepared remarks are Non-Executive Chairman of the Board, Terry Jimenez; Chief Executive Officer, Juergen Stark; and Chief Financial Officer, John Hanson. Following their prepared remarks, the management team will open the call up for any questions. As a reminder, the conference is being recorded.

歡迎來到 Turtle beach 2023 年第一季度電話會議。我叫 Latif，我將擔任今天電話會議的接線員。 （操作員說明）董事會非執行主席特里·希門尼斯 (Terry Jimenez) 發表今天準備好的講話；首席執行官 Juergen Stark；和首席財務官 John Hanson。在他們準備好的發言之後，管理團隊將公開徵求任何問題。提醒一下，會議正在錄製中。

I will now turn the call over to Alex Thompson from Investor Relations. Alex, you may begin.

我現在將把電話轉給投資者關係部的亞歷克斯湯普森。亞歷克斯，你可以開始了。

Thank you, operator. On today's call, we will be referring to the press release filed this afternoon that details the company's first quarter 2023 results, which can be downloaded from the Investor Relations page at corp.turtlebeach.com where you'll also find the latest earnings presentation that supplements the information discussed on today's call. Finally, a recording of the call will be available on the Investors section of the company's website later today.

謝謝你，運營商。在今天的電話會議上，我們將參考今天下午提交的新聞稿，其中詳細介紹了公司 2023 年第一季度的業績，該新聞稿可以從 corp.turtlebeach.com 的投資者關係頁面下載，您還可以在其中找到最新的收益介紹補充今天電話會議上討論的信息。最後，電話錄音將於今天晚些時候在公司網站的投資者部分提供。

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 words such as may, will, could, believe, expect, anticipate and similar expressions constitute forward-looking statements. These statements involve risks and uncertainties regarding the company's operations and future results that could cause

請注意，在本次電話會議中發表的一些評論可能包含聯邦證券法含義內的前瞻性陳述。關於公司的信念和期望的陳述包含可能、將、可能、相信、期望、預期和類似表達等詞語構成前瞻性陳述。這些陳述涉及有關公司運營和未來結果的風險和不確定性，這些風險和不確定性可能導致

Turtle Beach Corporation's results to differ materially for management's current expectations.

Turtle Beach Corporation 的業績與管理層目前的預期存在重大差異。

While the company believes that its expectations are based upon reasonable assumptions, numerous factors may affect actual results and may cause results to differ materially so the company encourages you to review the safe harbor statements and risk factors contained in today's press release and in its filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K and other periodic reports, which identify specific risk factors that also may cause actual results or events to differ materially from those described in our forward-looking statements. The company does not undertake to publicly update or revise any forward-looking statements after this conference call. The company also notes that on this call, we will be discussing non-GAAP financial information.

雖然公司認為其預期是基於合理的假設，但許多因素可能會影響實際結果並可能導致結果存在重大差異，因此公司鼓勵您查看今天的新聞稿及其提交的文件中包含的安全港聲明和風險因素美國證券交易委員會，包括但不限於其關於 10-K 表格的年度報告和其他定期報告，這些報告確定了可能導致實際結果或事件與我們前瞻性陳述中描述的結果或事件存在重大差異的特定風險因素。公司不承諾在本次電話會議後公開更新或修改任何前瞻性陳述。公司還指出，在此次電話會議上，我們將討論非 GAAP 財務信息。

The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP. You can find a reconciliation of these metrics to the company's reported GAAP results in the reconciliation tables provided in today's earnings release and presentation. The company, its directors and certain of its executive officers are participants in the solicitation of proxies from the company's shareholders in connection with its 2023 Annual Meeting.

公司提供該信息作為根據美國普遍接受的會計原則或 GAAP 準備的信息的補充。您可以在今天的收益發布和演示中提供的調節表中找到這些指標與公司報告的 GAAP 結果的調節。公司、其董事和某些執行官參與了就公司 2023 年年會向公司股東征集委託書。

The company intends to file a definitive proxy statement and a white proxy card with the SEC in connection with any such solicitation of proxies. Shareholders are strongly encouraged to read the proxy statement accompanying proxy card and all the other documents filed with the SEC carefully and in their entirety when they become available as they will contain important information, including information regarding the identity of the participants in association and their direct and indirect interest by security holdings or otherwise.

該公司打算就任何此類委託書徵集向美國證券交易委員會提交一份最終委託書和一張白色委託書。強烈建議股東在可用時仔細完整地閱讀代理卡隨附的代理聲明以及向美國證券交易委員會提交的所有其他文件，因為它們將包含重要信息，包括有關協會參與者身份及其直接關係的信息證券持有或其他方式的間接利益。

Next, we'll give a statement from Terry Jimenez, the company's Non-Executive Chairman of the Board of Directors.

接下來，我們將發表公司董事會非執行主席特里·希門尼斯 (Terry Jimenez) 的聲明。

Thanks, Alex, and good afternoon, everyone. I'm pleased to make a statement on the call this afternoon to briefly cover our CEO transition plan and governance actions, all of which was announced in our press release earlier this week, on Monday, May 1. The Board has taken a series of actions consistent with its commitment to acting in the best interest of its shareholders and ensuring best-in-class governance practices.

謝謝，亞歷克斯，大家下午好。我很高興在今天下午的電話會議上發表聲明，簡要介紹我們的 CEO 交接計劃和治理行動，所有這些都是在本週早些時候 5 月 1 日星期一的新聞稿中宣布的。董事會採取了一系列措施行動符合其為股東的最大利益行事並確保一流治理實踐的承諾。

From this, the Board has implemented a CEO succession plan with the transition date of June 30, 2023. We separated the Chairman and CEO roles going forward. I was elected as the new independent Chairman. Accepted the decision by 2 long-tenured directors, Juergen Stark and William Keitel, do not stand for reelection at the 2023 Annual Stockholder Meeting. The Board intends to appoint a shareholder representative in Mr. Keitels' place to be nominated for election at the 2023 Annual Meeting.

由此，董事會實施了 CEO 繼任計劃，交接日期為 2023 年 6 月 30 日。我們將董事長和 CEO 的角色分開。我當選為新的獨立主席。接受了 2 位長期任職董事 Juergen Stark 和 William Keitel 的決定，不再參加 2023 年度股東大會的連任。董事會打算任命一名股東代表代替 Keitels 先生，以在 2023 年年會上被提名參選。

The Board organized -- reorganized the composition of the Board committees, including new committee chairs, notably all of whom are women. And importantly, the Board continues to be focused on value-enhancing or strategic actions that would be in the interest of all shareholders. Further details of our announcement can be found in our separate release referenced earlier.

董事會組織 - 重組了董事會委員會的組成，包括新的委員會主席，特別是所有委員會主席都是女性。重要的是，董事會繼續專注於符合所有股東利益的價值提升或戰略行動。我們公告的更多詳細信息可以在我們前面提到的單獨發布中找到。

On behalf of the Board of Directors, I want to thank Juergen for his leadership over the past 10 years. He has overseen the company's transformation into a leading accessory maker poised for growth across valuable gaming categories. I also want to thank Bill Keitel for his many years of service and contributions as a director. Finally, I am honored to take on the role of Board Chair and to continue working closely with my fellow Board members, and management to engage with and enhance value for all Turtle Beach shareholders.

我謹代表董事會感謝 Juergen 在過去 10 年的領導工作。他負責監督公司轉型為領先的配件製造商，準備在有價值的遊戲類別中實現增長。我還要感謝 Bill Keitel 作為董事多年的服務和貢獻。最後，我很榮幸擔任董事會主席，並繼續與我的董事會成員和管理層密切合作，與所有 Turtle Beach 股東互動並提高價值。

I believe there is significant value and upside for the company and its shareholders, and I look forward to working with the team and the Board to unlock that upside value. With that, I will pass it over to Juergen to cover the first quarter's results.

我相信公司及其股東具有巨大的價值和上行空間，我期待與團隊和董事會合作，釋放上行價值。有了這個，我將把它傳遞給 Juergen 來報導第一季度的結果。

Good afternoon, everyone, and thank you for joining us. I'm pleased to discuss our first quarter 2023 results, which came in above expectations and provide the context for our increased 2023 outlook. During the first quarter, we delivered net revenues of $51.4 million and an adjusted EBITDA loss of $2.3 million. Year-over-year revenues are up 10%, consistent with the growth prospects, strong strategic positioning and progressive recovery of the gaming market that I articulated in March. Adjusted EBITDA has improved consistent with our expectation to return to positive adjusted EBITDA after last year's market-wide challenges.

大家下午好，感謝您加入我們。我很高興討論我們 2023 年第一季度的業績，該業績超出預期，並為我們提高 2023 年前景提供了背景。第一季度，我們實現了 5140 萬美元的淨收入和 230 萬美元的調整後 EBITDA 虧損。收入同比增長 10%，與我在 3 月份闡述的遊戲市場的增長前景、強大的戰略定位和逐步復甦一致。調整後的 EBITDA 有所改善，符合我們的預期，在經歷了去年的市場挑戰後，調整後的 EBITDA 將恢復為正值。

After all, this business generated $190 million in adjusted EBITDA in the 5 years from 2017 through 2021. I'll start with some observations on the state of the market and our business through the first 3 months of the year. Both the gaming market and operating environment have improved compared to last year when the industry and economy faced significant macroeconomic challenges, some headwinds still remain, such as higher-than-normal promotional activity and discretionary spending caution among consumers, given the economic issues at hand, including inflation, rising interest rates and the continued threat of recession.

畢竟，該業務在 2017 年至 2021 年的 5 年內產生了 1.9 億美元的調整後 EBITDA。我將從今年前 3 個月對市場狀況和我們業務的一些觀察開始。與去年相比，博彩市場和經營環境有所改善，當時行業和經濟面臨重大的宏觀經濟挑戰，但鑑於當前的經濟問題，一些不利因素仍然存在，例如高於正常水平的促銷活動和消費者對可自由支配的支出持謹慎態度，包括通貨膨脹、利率上升和經濟衰退的持續威脅。

However, we are encouraged by the latest industry data as gaming accessories sales benefited from a strong tailwind in console sales. In fact, Sony reported that PlayStation 5 shipments in Q1 were the highest of any console in gaming history, up over 4 million units compared to the year ago period. U.S. Circana, formerly known as NPD reported U.S. console headset sell-through increased over 7%.

然而，我們對最新的行業數據感到鼓舞，因為遊戲配件銷售受益於遊戲機銷售的強勁推動力。事實上，索尼報告稱，第一季度 PlayStation 5 的出貨量是遊戲歷史上最高的遊戲機，與去年同期相比增加了超過 400 萬台。美國 Circana（前身為 NPD）報告稱，美國遊戲機耳機的銷量增長超過 7%。

Additionally, U.S. channel inventory improved in Q1. Our inventory levels are at the lowest since the pandemic surge. The PC gaming market recovery is trailing console with heavy discounting levels but we expect this to subside as we progress through the year. We're encouraged by the improvements we are seeing in the gaming market.

此外，第一季度美國渠道庫存有所改善。我們的庫存水平處於大流行激增以來的最低水平。 PC 遊戲市場的複蘇落後於遊戲機，折扣水平很高，但我們預計隨著今年的進展，這種情況會消退。我們對遊戲市場的改進感到鼓舞。

Looking at our performance across respective gaming accessory categories, we continue to lead the console headset category by far as Turtle Beach console headset brand outperformed the broader headset markets growth based on U.S. Circana data. Our highly acclaimed wireless Stealth 600 headset continued to be the best-selling headset series by revenue in the quarter and the Recon 50X and Recon 50P headsets were the best-selling models by units.

看看我們在各個遊戲配件類別中的表現，我們繼續領先遊戲機耳機類別，因為 Turtle Beach 遊戲機耳機品牌的表現優於基於美國 Circana 數據的更廣泛的耳機市場增長。我們廣受好評的無線 Stealth 600 耳機繼續成為本季度收入最高的耳機系列，而 Recon 50X 和 Recon 50P 耳機是銷量最高的型號。

I mentioned our exciting product plans on our call in March, and we've recently launched our ultra-premium Stealth Pro multi-platform gaming headset which brings gamers the absolute pinnacle of gaming audio and quality and comfort. At $329.99 MSRP, the Stealth Pro continues to collect praise from gaming review outlets.

我在 3 月份的電話會議上提到了我們激動人心的產品計劃，我們最近推出了超優質 Stealth Pro 多平台遊戲耳機，為遊戲玩家帶來了絕對巔峰的遊戲音頻、質量和舒適度。 Stealth Pro 的廠商建議零售價為 329.99 美元，繼續受到遊戲評論機構的好評。

GamesRadar gave it a 5 of 5 rating, along with their Editor's Choice Award and called it a "masterpiece of an all-in-one multipurpose gaming headset". Importantly, this headset line is multi-platform, working perfectly across Xbox and PlayStation consoles as well as PC and for mobile gamers. While still very early in the launch, we are extremely pleased with the response from consumers and resulting early sales, which were coming in above our expectations.

GamesRadar 給予它 5 分的評分（總分 5 分）和編輯推薦獎，並稱其為“一體式多功能遊戲耳機的傑作”。重要的是，該耳機系列是多平台的，可在 Xbox 和 PlayStation 控制台以及 PC 和移動遊戲玩家之間完美運行。雖然仍處於發布初期，但我們對消費者的反應和由此產生的早期銷售感到非常滿意，這超出了我們的預期。

Looking at our PC accessories category, the market recovery is lagging console headsets with U.S. Circana reporting PC gaming headset, keyboard and MICE sales down approximately 13% and year-over-year for Q1. Despite this, our ROCCAT brand products have posted year-over-year sales growth in all 3 categories. We continue to launch compelling new PC gaming products. We released the Magma Mini 60% gaming keyboard, which has a smaller footprint that is perfect for PC gamers with large mouse movements and is fully illuminated with 5 programmable zones, showcasing ROCCAT stunning, AIMO RGB lighting.

從我們的 PC 配件類別來看，市場復甦落後於控制台耳機，美國 Circana 報告 PC 遊戲耳機、鍵盤和 MICE 銷售額在第一季度同比下降約 13%。儘管如此，我們的 ROCCAT 品牌產品在所有 3 個類別中都實現了同比銷售增長。我們繼續推出引人注目的新 PC 遊戲產品。我們發布了 Magma Mini 60% 遊戲鍵盤，它佔地面積更小，非常適合鼠標移動頻繁的 PC 遊戲玩家，並且具有 5 個可編程區域的全照明，展示了 ROCCAT 令人驚嘆的 AIMO RGB 照明。

We have exciting plans for our PC category ahead and look forward to continuing our progress. Our flight simulation and game pad controller products performed well during the quarter, and we are proud to have our first flight simulation product VelocityOne flight launched late 2021, continue to post the #1 sales position in the U.S. for flight simulation products. The U.S. game pad controller market was down roughly 13% year-over-year in Q1, but sales of our products grew over 25%.

我們為未來的 PC 類別制定了激動人心的計劃，並期待繼續取得進展。我們的飛行模擬和遊戲手柄控制器產品在本季度表現良好，我們很自豪能夠在 2021 年底推出我們的第一款飛行模擬產品 VelocityOne 飛行，繼續在美國飛行模擬產品中排名第一。美國遊戲手柄控制器市場在第一季度同比下降約 13%，但我們產品的銷售額增長超過 25%。

We have more exciting product launches in these categories as well. Our long-term strategy of becoming a top provider of gaming accessories across multiple categories and on all platforms is tracking well as shown by the above highlights and our outperformance of the market this quarter. Our strong brand, innovative high-quality products and operational execution allows us to capitalize on the additional opportunities created during a market improvement. This is reflected not only in our first quarter results, but also in our increased outlook of 10% to 12% revenue growth, as I'll discuss shortly. I'll now pass it over to John to cover the financials, after which I'll provide additional comments on the quarter and outlook. John?

我們在這些類別中也有更多令人興奮的產品發布。我們成為跨多個類別和所有平台的頂級遊戲配件供應商的長期戰略進展順利，如上述亮點和我們本季度的市場表現所示。我們強大的品牌、創新的高質量產品和運營執行使我們能夠利用市場改善期間創造的額外機會。這不僅反映在我們第一季度的業績中，也反映在我們將收入增長 10% 至 12% 的預期中，我將在稍後討論。我現在將其轉交給 John 以涵蓋財務狀況，之後我將提供有關季度和前景的更多評論。約翰？

Thanks, Juergen, and good afternoon to everyone. For the first quarter, we reported revenue of $51.4 million, a 10% year-over-year growth compared to $46.7 million a year ago, reflecting a stronger U.S. console gaming headset market increased consumer demand and strong product performance. The double-digit year-over-year increase is a good start towards the 2023 revenue growth guidance of 10% annual growth we provided in March.

謝謝 Juergen，大家下午好。第一季度，我們報告的收入為 5140 萬美元，與一年前的 4670 萬美元相比同比增長 10%，反映出美國遊戲機遊戲耳機市場的強勁增長增加了消費者需求和強勁的產品性能。兩位數的同比增長是朝著我們在 3 月份提供的 2023 年收入增長 10% 的目標邁進的良好開端。

Gross margin in the first quarter was 27.5% compared to 30.1% in the year-ago period, reflecting higher promotional spend in light of continued competitive discounting, which was partially offset by lower freight and logistics cost. The higher competitive discounting really started in Q2 last year, and while it's improving, it was a headwind in Q1 as we expected. As mentioned previously, freight costs continue to decline, and we have already started seeing the benefit in this quarter with higher sales, accelerating the inventory pace to lower rates and actual rates tracking a bit lower than expected. Operating expenses in the first quarter were $20.6 million, compared to $22.3 million in the year ago period.

第一季度的毛利率為 27.5%，而去年同期為 30.1%，這反映出鑑於持續的競爭性折扣，促銷支出增加，部分被較低的運費和物流成本所抵消。更具競爭力的折扣真正從去年第二季度開始，雖然它正在改善，但正如我們預期的那樣，它在第一季度是一個逆風。如前所述，運費繼續下降，我們已經開始看到本季度銷售量增加帶來的好處，加快了庫存速度以降低費率，實際費率略低於預期。第一季度的運營費用為 2060 萬美元，而去年同期為 2230 萬美元。

First quarter recurring operating expenses declined nearly 13% year-over-year which was primarily driven by the expense management initiatives we undertook in 2022 as well as lower marketing spend to align with our product launch and sales plans. Our first quarter adjusted EBITDA loss was $2.3 million compared to a loss of $5.7 million in the year ago period. The year-over-year improvement is primarily driven by higher revenue as well as the operating expense management initiatives we implemented last year.

第一季度經常性運營費用同比下降近 13%，這主要是由於我們在 2022 年採取的費用管理舉措以及為配合我們的產品發布和銷售計劃而降低的營銷支出。我們第一季度調整後的 EBITDA 虧損為 230 萬美元，而去年同期為虧損 570 萬美元。同比改善主要是由更高的收入以及我們去年實施的運營費用管理舉措推動的。

We are on plan to generate adjusted EBITDA improvements throughout the year. Non-GAAP net loss for the first quarter was $4.4 million or $0.27 per diluted share compared to non-GAAP net loss of $6.3 million or $0.39 per diluted share in the year ago period. We expect our effective tax rate for the full year to be approximately 20%.

我們計劃全年實現調整後的 EBITDA 改善。第一季度非 GAAP 淨虧損為 440 萬美元或攤薄後每股 0.27 美元，而去年同期非 GAAP 淨虧損為 630 萬美元或攤薄後每股 0.39 美元。我們預計全年的有效稅率約為 20%。

Turning to the balance sheet. At March 31, 2023, we had $20.6 million of cash and no outstanding borrowings on our revolving credit line. Inventory at March 31, 2023, were $65.2 million compared to $117.4 million at March 31, 2022. Worth noting and as Juergen mentioned, our inventory levels at quarter end are at their lowest levels since the pandemic surge. Cash flow from operations was $28.8 million in the quarter, which was an improvement of $42 million year-over-year. And now I'll turn the call back over to Juergen for additional comments. Juergen?

轉向資產負債表。截至 2023 年 3 月 31 日，我們的循環信貸額度上有 2060 萬美元的現金和未償還的借款。 2023 年 3 月 31 日的庫存為 6520 萬美元，而 2022 年 3 月 31 日為 1.174 億美元。值得注意的是，正如 Juergen 提到的那樣，我們在季度末的庫存水平處於大流行激增以來的最低水平。本季度運營現金流為 2880 萬美元，同比增加 4200 萬美元。現在我將把電話轉回給 Juergen 以徵求更多意見。於爾根？

Thanks, John. As I said, we're pleased to deliver first quarter results above our expectations, particularly given the still challenging environment, which demonstrates our team's commitment to executing well on our strategy in an improving gaming market. On our March call, I discussed the positive underlying trends in gaming. I'll reiterate a few.

謝謝，約翰。正如我所說，我們很高興第一季度的業績超出我們的預期，特別是考慮到仍然充滿挑戰的環境，這表明我們的團隊致力於在不斷改善的遊戲市場中很好地執行我們的戰略。在我們三月份的電話會議上，我討論了遊戲中積極的潛在趨勢。我會重申一些。

According to Newzoo, the number of global gamers is expected to grow by 335 million through 2025. Gamers are also spending more on gaming hardware with annual spend per gamer over 20% since 2020. Even in last year's slump, consumer spending on video game hardware content and accessories, all continue to trend well above pre-pandemic levels throughout the year.

根據 Newzoo 的數據，到 2025 年，全球遊戲玩家數量預計將增長 3.35 億。遊戲玩家在遊戲硬件上的支出也越來越多，自 2020 年以來每位遊戲玩家的年支出超過 20%。即使在去年的低迷時期，消費者在視頻遊戲硬件上的支出內容和配件，全年都繼續保持遠高於大流行前水平的趨勢。

We also remain encouraged by the higher-quality slate of AAA games with several setting franchise records and the strong outlook for games this year. We continue to expect new generation Xbox and PlayStation supply to significantly improve with DSC forecasting a 60% increase in PlayStation 5 sales for 2023 versus 2022.

我們也對更高質量的 AAA 遊戲名單感到鼓舞，這些遊戲創造了多項特許經營記錄，並且今年的遊戲前景看好。我們繼續預計新一代 Xbox 和 PlayStation 供應將顯著改善，DSC 預測 2023 年 PlayStation 5 銷量將比 2022 年增長 60%。

Sony, setting an all-time shipment record versus all consoles in Q1 is a great start. As we communicated on our last call, we continue to expect a progressive improvement in our financial performance in light of a healthier gaming market and strong portfolio of existing and new products. Given our performance in Q1 and positive outlook for the year, we are increasing our revenue outlook to a range of $265 million to $270 million, which would reflect growth of 10% to 12%.

索尼在第一季度創下了所有遊戲機的出貨量記錄，這是一個很好的開始。正如我們在上次電話會議上所傳達的那樣，鑑於更健康的博彩市場以及現有和新產品的強大組合，我們繼續期望我們的財務業績會逐步改善。鑑於我們在第一季度的表現和今年的積極前景，我們將收入預期上調至 2.65 億美元至 2.7 億美元，這將反映出 10% 至 12% 的增長。

This is mainly driven by our expected outperformance of gaming markets in specific categories. The share gains in the first quarter provided a good start on that and the phenomenal launch of our ultra-premium Stealth Pro multi-platform headset as well as the exciting launches yet to come are expected to contribute. We are increasing our adjusted EBITDA guidance to a range of $6 million to $8 million, driven by an increase in expected revenues and continued tight cost management.

這主要是由於我們預期特定類別的遊戲市場表現出色。第一季度的份額增長為此提供了一個良好的開端，我們超高端 Stealth Pro 多平台耳機的驚人發布以及即將推出的激動人心的發布預計會有所貢獻。在預期收入增加和持續嚴格的成本管理的推動下，我們將調整後的 EBITDA 指引提高到 600 萬至 800 萬美元。

As we've noted, this still includes significant headwinds, which we expect will abate as we progress through the year and therefore, provide for a much better level of profitability in 2024. For Q2, we expect a similar level of revenues as Q1 and somewhat higher marketing spend to support the recently launched Stealth Pro line. As I said, I'm pleased with the strong execution we displayed in the first 3 months of the year and the positive momentum that has created for the balance of the year.

正如我們所指出的，這仍然包括重大的不利因素，我們預計隨著我們今年的進展，這些因素會減弱，因此，2024 年的盈利水平會好得多。對於第二季度，我們預計收入水平與第一季度和略高的營銷支出以支持最近推出的 Stealth Pro 系列。正如我所說，我對我們在今年前 3 個月表現出的強大執行力以及為今年餘下時間創造的積極勢頭感到高興。

As we say every quarter, gaming is a great market to be a leader in, and we continue to position ourselves to capitalize on the additional opportunities as the market recovers. The key pillars of our strategy remain intact. First, continue to lead in the $1.4 billion console gaming headset market, where we have maintained leadership by far for over 13 consecutive years. In addition to the recent Stealth Pro launch, we have a very strong portfolio plan through 2024 to expand our market leadership position.

正如我們每個季度所說的那樣，遊戲是一個成為領導者的絕佳市場，隨著市場的複蘇，我們將繼續定位自己以利用更多機會。我們戰略的關鍵支柱保持不變。首先，繼續在價值 14 億美元的遊戲機遊戲耳機市場保持領先地位，我們已連續 13 年保持領先地位。除了最近推出的 Stealth Pro 之外，我們還有一個到 2024 年非常強大的產品組合計劃，以擴大我們的市場領導地位。

Second, continue to expand our PC gaming portfolio of headsets, keyboards and mice and grow our share in the $3.2 billion PC accessories market. As multi-platform gaming trends continue to rise, we feel we're in a good position to offer gamers the portfolio of accessories for all platform experiences. While the PC accessories market was very challenged for all participants this past year, we are encouraged by our share gains this year and have exciting plans for this category well into 2024.

其次，繼續擴大我們的 PC 遊戲耳機、鍵盤和鼠標產品組合，並擴大我們在價值 32 億美元的 PC 配件市場中的份額。隨著多平台遊戲趨勢的持續上升，我們認為我們處於有利地位，可以為遊戲玩家提供適用於所有平台體驗的配件組合。儘管去年 PC 配件市場對所有參與者來說都充滿挑戰，但我們對今年的份額增長感到鼓舞，並製定了到 2024 年這一類別的激動人心的計劃。

Third, drive continued expansion and growth in our Game pad controller and simulation products that we successfully entered in 2021. These adjacent gaming accessory categories allow us to leverage the core competencies of Turtle Beach and expand the markets we can generate revenues from.

第三，推動我們在 2021 年成功進入的遊戲手柄控制器和模擬產品的持續擴張和增長。這些相鄰的遊戲配件類別使我們能夠利用 Turtle Beach 的核心競爭力並擴大我們可以產生收入的市場。

And fourth, continue to identify and selectively evaluate other growth opportunities to increase our addressable markets, including new product categories and expansion in target geographies as we have with Korea and Japan. As I said on our March -- call in March, this strategy has and will continue to enable us to take full advantage of the compelling long-term trends in the global gaming market and fulfill our objective to drive profitable growth. Our goal is to continue to create shareholder value by executing on our strategy and delivering on our long-term targets of 10-plus percent annual growth at 10-plus percent adjusted EBITDA margins.

第四，繼續確定並有選擇地評估其他增長機會，以增加我們的目標市場，包括新產品類別和目標地區的擴張，就像我們在韓國和日本所做的那樣。正如我在 3 月份的電話會議上所說，這一戰略已經並將繼續使我們能夠充分利用全球遊戲市場引人注目的長期趨勢，並實現我們推動盈利增長的目標。我們的目標是通過執行我們的戰略並實現我們以 10% 以上的調整後 EBITDA 利潤率實現 10% 以上年增長率的長期目標，繼續創造股東價值。

Given that I will be stepping down on June 30, this will be my last Turtle Beach earnings call. I'd like to first thank Bill Keitel for his valuable contributions over the past 9 years. I still recall being told we "never be able to get him on to our board, given his stature as one of the most highly regarded CFOs in the country". Thank you, Bill.

鑑於我將於 6 月 30 日卸任，這將是我最後一次在 Turtle Beach 召開財報電話會議。首先，我要感謝 Bill Keitel 在過去 9 年中所做的寶貴貢獻。我仍然記得有人告訴我們“永遠無法讓他進入我們的董事會，因為他是該國最受尊敬的首席財務官之一”。謝謝你，比爾。

Thank you as well to an amazing team here at Turtle Beach. It's been an honor to lead the company for over 10 years. With the excellent team in place here, this is a good time for me and a good time for the company to make a transition. In the past 10 years, we've worked ourselves out of a debt-laden balance sheet and managed through multiple years with challenging market conditions, including 2022.

還要感謝 Turtle Beach 的出色團隊。領導公司 10 多年是我的榮幸。有了優秀的團隊，這對我來說是個好時機，也是公司轉型的好時機。在過去的 10 年裡，我們努力擺脫了負債累累的資產負債表，並在充滿挑戰的市場條件下度過了多年，包括 2022 年。

We have executed well through as the opco analyst put it "violent demand supply swings, including significantly outperforming the market in the 2018 Fortnite and 2020 pandemic-driven surges" This team has led our continued dominance in console headsets, while diversifying into adjacent gaming categories to enable our long-term growth.

正如 opco 分析師所說，我們執行得很好，“需求供應劇烈波動，包括在 2018 年 Fortnite 和 2020 年流行病驅動的激增中顯著優於市場”這個團隊帶領我們在遊戲機耳機領域繼續佔據主導地位，同時多元化進入相鄰的遊戲類別使我們的長期增長。

Our current business and portfolio plans through 2024 are the most exciting we've ever had. I'm confident the business is well positioned for success and in good hands to drive value creation going forward for all of our stakeholders. While I'm excited to have time to spend on other activities, I will really miss the team and the company. With that, let's turn to our Q&A.

我們目前到 2024 年的業務和投資組合計劃是我們有史以來最令人興奮的。我相信該業務已為成功做好了充分準備，並在良好的領導下推動了我們所有利益相關者的價值創造。雖然我很高興有時間花在其他活動上，但我真的會想念團隊和公司。有了這個，讓我們轉向我們的問答。

(Operator Instructions) Our first question comes from the line of Mark Argento of Lake Street.

（操作員說明）我們的第一個問題來自 Lake Street 的 Mark Argento。

Juergen, congrats on a new chapter. It's been fun working with the company over the last 10 years. But looking forward to the next chapter and hopefully to experience a little bit more of that great country we got and getting your airplane to be a little bit more flying. So exciting times for you. But hats off.

於爾根，祝賀你開啟了新的篇章。在過去的 10 年裡，與公司一起工作很有趣。但期待下一章，並希望能更多地體驗我們所擁有的那個偉大的國家，並讓您的飛機飛得更高一點。對你來說真是激動人心的時刻。但脫帽致敬。

Just wanted to drill in a little bit on a couple of things that stuck out to me in the quarter, in particular, the inventory levels, it seems like you guys worked inventories down fairly nicely. I guess the question is, in terms of refill cycles, do you feel like you got enough inventory here as hopefully things pick back up going throughout the year?

只是想深入了解一下本季度我印象深刻的幾件事，特別是庫存水平，你們似乎很好地減少了庫存。我想問題是，就補充週期而言，您是否覺得這裡有足夠的庫存，希望全年都能恢復？

Yes. Thanks, Mark, and I appreciate your comments. You're one of the folks I'm also going to miss, frankly, after more than 9 years of working together, and I certainly appreciate your great coverage of the company.

是的。謝謝，馬克，感謝您的評論。坦率地說，經過 9 年多的合作，你是我也會想念的人之一，我當然感謝你對公司的廣泛報導。

On the inventory, so our inventory, lowest level since the pandemic surge starting in April in 2020. So we are in a good position. It will still -- we still plan to end the year with lower inventory, but it will come up depending on holiday load in the next couple of quarters.

在庫存方面，我們的庫存是自 2020 年 4 月開始的大流行激增以來的最低水平。因此我們處於有利地位。它仍然會 - 我們仍然計劃以較低的庫存結束今年，但它會根據未來幾個季度的假期負載而出現。

Function phasing.

功能分階段。

Yes, just a phasing of the revenues and the load-in.

是的，只是收入和加載的分階段。

Great. And then in terms of in terms of the overall buying patterns, obviously, some pretty good console sales here in the front half of the year. What's the typical attach rate in terms of when you see a console gets sold through and you could actually attach a headset there. So should we see more of a pickup in Q3, Q4? Is that more of a 2024 event?

偉大的。然後就整體購買模式而言，很明顯，今年上半年這裡的遊戲機銷量相當不錯。當您看到控制台售罄並且您實際上可以在那裡連接耳機時，典型的連接率是多少？那麼我們應該在第三季度、第四季度看到更多的回升嗎？這更像是 2024 年的活動嗎？

Yes. That's a good question. There is a percent of consumers who will buy a console and accessorize it, mainly the new -- some of the new entrants. That's not a huge effect, but it does have an effect. And I think the much better supply situation for PlayStation for sure, setting a quarter record, which was quite a surprise as well as Xbox contributed to the over 7% growth that we saw in the U.S. on console headsets. And we do expect that the console supply will continue to improve.

是的。這是個好問題。有一定比例的消費者會購買控制台並對其進行裝飾，主要是新的 - 一些新進入者。這不是一個巨大的影響，但它確實有影響。而且我認為 PlayStation 的供應情況肯定要好得多，創下了季度記錄，這非常令人驚訝，而 Xbox 也促成了我們在美國看到的控制台耳機的 7% 以上的增長。我們確實希望控制台供應將繼續改善。

I think frankly, they're out of it -- they're out of the phase of the console constraints, and that certainly will have a positive effect on the market this year.

坦率地說，我認為他們已經擺脫了——他們已經擺脫了控制台限制的階段，這肯定會對今年的市場產生積極影響。

Great. And just one last one. In terms of gross margins, nice improvement, at least relative to kind of where we were or where our model was -- what's kind of the new normal would you think, in terms of kind of run rate gross margins in, I call it, not a highly promotional but more kind of a normalized environment.

偉大的。最後一個。就毛利率而言，這是一個很好的改善，至少相對於我們過去的位置或我們的模型所在的位置——你認為什麼樣的新常態，就運行率毛利率而言，我稱之為，不是高度促銷，而是更正常化的環境。

Yes, good question. I'm glad you're asking. We are maintaining our long-term target of mid-30s gross margins, right? This year, we expect -- still expect 28% to 30% gross margins, and that's really driven by continued freight costs that are higher than normal, but rapidly coming down. So that's a very reliable improvement that I think will be well passed going into 2024 and higher competitive discounting, which still remains some in console and more severe, I would say, in PC that we also expect to improve over time.

是的，好問題。我很高興你問。我們維持 30 年代中期毛利率的長期目標，對嗎？今年，我們預計 - 仍然預計毛利率為 28% 至 30%，這實際上是由高於正常水平但迅速下降的持續貨運成本推動的。所以這是一個非常可靠的改進，我認為它將很好地傳遞到 2024 年和更高的競爭折扣，這在控制台中仍然存在一些，而且我想說，在 PC 中更嚴重，我們也希望隨著時間的推移而改進。

But those 2 things are going to have an effect, still about [$10 million] on the gross margin line and $10 million on the EBITDA line that I'm hopeful going into 2024, we'll be kind of completely out of our system.

但是這兩件事會產生影響，我希望到 2024 年，毛利率線仍然約為 [1000 萬美元]，EBITDA 線約為 1000 萬美元，我們將完全脫離我們的系統。

Our next question comes from the line of Martin Yang of OpCo.

我們的下一個問題來自 OpCo 的 Martin Yang。

Juergen, it's been long coming (inaudible) As we will definitely miss you on future calls. I first want to ask about the Stealth Pro products. It's been a while since you take position in the ultra high premium segment. So 2 questions on that. First, why does it take so long for you to address this segment again? And then the second question is how meaningful is this segment to you or to Turtle Beach?

Juergen，期待已久（聽不清），因為在以後的電話會議中我們一定會想念你的。我首先想問一下Stealth Pro產品。你們在超高保費領域佔據一席之地已經有一段時間了。所以有兩個問題。首先，為什麼您要花這麼長時間才能再次解決這個問題？然後第二個問題是這個部分對您或對 Turtle Beach 有多大意義？

Yes. Thanks, Martin. A long time ago, we dominated the highest price tier as well. And we haven't continue to really lead by far the mid and the upper mid-tier. But you're right, we haven't been in that highest tier. And I will tell you, we have had plans for more than 1.5 years, 2 years to reenter that market. The reason we haven't done it is because the pandemic created such a headache with semiconductors that we had to divert engineering to replatform wireless headsets and essentially protect that very large revenue stream for the business, which we did successfully, but call it, an emergency redirection of R&D that really started late in 2020 and continue through 2021, frankly.

是的。謝謝，馬丁。很久以前，我們也主宰了最高價位。而且我們還沒有繼續真正領先中高端。但你是對的，我們還沒有進入那個最高層。我會告訴你，我們已經計劃超過 1.5 年，2 年重新進入該市場。我們沒有這樣做的原因是因為大流行給半導體帶來瞭如此令人頭疼的問題，以至於我們不得不將工程轉移到重新設計無線耳機的平台上，並從根本上保護業務的巨大收入來源，我們成功地做到了，但稱之為，一個坦率地說，真正從 2020 年底開始並持續到 2021 年的研發緊急重定向。

That forced us to divert resources from the Stealth Pro. And so we just as a matter of priorities had to make that move. And frankly, we're very excited that at long last, we can take over what we think will be the king of wireless in the premium tier. And certainly, the reviewers are -- some of them are even saying, that's a fair claim that they're making King of Wireless.

這迫使我們從 Stealth Pro 轉移資源。因此，作為優先事項，我們必須採取這一行動。坦率地說，我們非常興奮，因為我們終於可以接管我們認為將成為高端無線技術之王的產品。當然，評論者是——他們中的一些人甚至說，他們正在打造無線之王，這是一個公平的說法。

So very excited. The top tier is about, I believe, about 12% of the revenues for the overall market. So it's meaningful. And given that we've had no share above 200, that 12%, all of the share gains will be accretive to the overall economics of the business and our overall market share.

非常興奮。我相信，頂級產品大約佔整個市場收入的 12%。所以很有意義。鑑於我們沒有超過 200 的份額，即 12%，所有的份額收益都將增加業務的整體經濟和我們的整體市場份額。

Got it. My second question is about potential new products and your view on new emerging product categories. I'm referring to the handheld gaming trends where steam deck plus other PC-like handhelds and cloud handhelds, how are emerging other market seems to have certain positive initial feedback from the players. Do you have a view on that? And if Turtle beach were to play a role in that segment, what are the angles?

知道了。我的第二個問題是關於潛在的新產品以及您對新興產品類別的看法。我指的是手持遊戲趨勢，其中 Steam Deck 加上其他類似 PC 的手持設備和雲手持設備，新興的其他市場似乎從玩家那裡獲得了一定的積極初步反饋。你對此有何看法？如果龜灘要在該部分發揮作用，那麼角度是什麼？

Yes. Appreciate the question. So our -- we are not focused right now on developing our own console, handheld or otherwise. Our simple view is the more places people can game and the easier it is for them to game, the more opportunity we have to sell all of our accessories, particularly headsets which are just as useful on those platforms or cloud gaming, if you want to play a multiplayer.

是的。感謝這個問題。所以我們 - 我們現在並不專注於開發我們自己的控制台，掌上電腦或其他設備。我們的簡單觀點是，人們可以玩遊戲的地方越多，他們玩遊戲就越容易，我們就越有機會銷售我們所有的配件，特別是在這些平台或云遊戲上同樣有用的耳機，如果你想玩多人遊戲。

And I would also note that we've released some mobile gaming products that work very well with mobile, but don't have any immediate plans to enter the very complex hardware console category itself. At this time, I will say.

我還要指出，我們已經發布了一些非常適合移動設備的移動遊戲產品，但沒有立即進入非常複雜的硬件控制台類別本身的計劃。這個時候，我會說。

Our next question comes from the line of Sean McGowan of ROTH MKM, Sean.

我們的下一個問題來自 ROTH MKM 的 Sean McGowan，Sean。

Yes. Let me start off, to Juergen by saying it's going to be weird cover this company without you at the helm. I met you before you were even there, before the [Parametric] stuff and then work with you side-by-side writing a lot of these press releases. So it's going to be unusual. I wish you the best.

是的。讓我開始，對 Juergen 說，如果沒有你掌舵，報導這家公司會很奇怪。我什至在你到達那里之前就認識了你，在 [Parametric] 之前就認識了你，然後和你並肩工作寫了很多這樣的新聞稿。所以這將是不尋常的。我希望你是最好的。

Yes. So let me jump in first with a clarification question on the market being up. Did you say 7.7%. And is that console only? Or is that console NPC from Circana whatever they call it.

是的。因此，讓我首先提出一個關於市場上漲的澄清問題。你說的是7.7%嗎？只有那個控制台嗎？或者是來自 Circana 的控制台 NPC，不管他們怎麼稱呼它。

Yes, Circana NPD, thanks for the kind remarks, Sean. I remember our very first interactions quite well actually, and I'll miss working with you as well. So the console headset is up 7.7%. That's U.S. console gaming headsets. The PC category, headsets, keyboards and mice kind of varied some down more some down less, but came in, in the U.S. at about 13% down versus up for console. And those are U.S. numbers in general.

是的，Circana NPD，感謝 Sean 的友好評論。實際上，我對我們的第一次互動記憶猶新，我也會想念與你的合作。因此控制台耳機上漲了 7.7%。那是美國遊戲機遊戲耳機。 PC 類別、耳機、鍵盤和鼠標有所不同，有的降得更多，有的降得更少，但在美國出現了大約 13% 的下降，而控制台則上升了 13%。這些是美國的總體數字。

Europe is faring worse than the U.S. and the market is down there, not in every -- in every case and every country in Europe. But generally, I think Europe is recovering more slowly from a gaming and macroeconomic standpoint.

歐洲的情況遠比美國差，而且市場在那裡，不是每一個——在每一個案例和歐洲的每一個國家。但總的來說，我認為從博彩和宏觀經濟的角度來看，歐洲的複蘇速度較慢。

And following up on Mark's question before on the gross margins. So pretty clear on what your expectations are. Do you think you could be at that kind of mid-30s rate for the fourth quarter as you exit the year? I know there's a lot of operating leverage within that gross margin line.

並跟進馬克之前關於毛利率的問題。非常清楚您的期望是什麼。你認為你在今年第四季度可以達到那種 30 多歲的速度嗎？我知道在該毛利率線內有很多經營槓桿。

I think we -- certainly, the Q4 should have better always has better margins or typically has better margins because of the operating leverage we gain on the fixed OpEx costs. And again, I think that a lot of the headwinds on gross margin should hopefully be out of our system by the time we are entering 2024.

我認為我們 - 當然，由於我們在固定 OpEx 成本上獲得的運營槓桿，第四季度應該總是有更好的利潤率或通常有更好的利潤率。再一次，我認為到 2024 年時，毛利率的許多不利因素應該有望從我們的系統中消失。

I would definitely expect gross margins in Q4 to be into the 30s for sure, but maybe not at quite at the mid-30s level depending on what happens with discounting and mainly discounting because I think the freight rates will be largely passed by that time.

我肯定會預計第四季度的毛利率肯定會達到 30 多歲，但可能不會達到 30 多歲的水平，這取決於折扣和主要折扣的情況，因為我認為到那時運費將基本通過。

Frankly, because a reason I'm pushing on that is having a little bit of trouble getting to $8 million, the upper end of your guidance range on EBITDA without that, particularly since I think we're assuming a lot of reduction in G&A, putting aside what might happen going forward. But I'd be (inaudible) to cut it that much. So it sounds like maybe gross margin is going to be better. But do you think like the level that we saw of G&A in the first quarter, is that indicative of what we should expect each quarter going forward? Or could it be lower?

坦率地說，因為我推動這一點的一個原因是在達到 800 萬美元時遇到了一些麻煩，如果沒有這個，你的 EBITDA 指導範圍的上限，特別是因為我認為我們假設 G＆A 有很多減少，拋開未來可能發生的事情。但我會（聽不清）削減那麼多。所以聽起來毛利率可能會更好。但您認為我們在第一季度看到的 G&A 水平是否表明我們應該對未來每個季度的預期？還是可以更低？

G&A, the marketing costs will go up a bit in Q2 and then will be roughly stable, a little bit higher in terms of marketing for Q3. And then Q4 will go up low single-digit millions just because that's a much heavier marketing period.

G＆A，營銷成本將在第二季度略有上升，然後將大致穩定，第三季度的營銷成本會略高一些。然後第 4 季度將上升到低個位數的數百萬，因為那是一個更繁重的營銷期。

Our next question comes from the line of Drew Crum of Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

Okay. Juergen, Best of luck, it was a pleasure. Maybe just a follow-up on a question that Mark asked earlier, and I'm not sure I got the right answer here, but -- what is your sense Juergen, around retailers' willingness to take on more product following a period of destocking. Do you have good visibility on the second half of conviction that retailers are going to come back and restock shelves. And then I have a follow-up.

好的。於爾根，祝你好運，很高興。也許只是對 Mark 之前提出的一個問題的跟進，我不確定我在這裡得到了正確的答案，但是 - 你對 Juergen 有什麼看法，關於零售商在一段時間的去庫存後願意購買更多產品.您是否對下半年零售商將回來重新上架的信念有很好的了解。然後我有一個後續行動。

Sure. So we are seeing, I would say, a little less conservatism from retailers and some in particular are realizing that their in-stock levels need suffer when their inventory levels are too low and are making some moves. But in general, I think the retailers are still cautious. So the Q1 results came in based on sell-through and a bit of less conservatism on the retail inventory side, particularly with a few.

當然。所以我們看到，我想說，零售商的保守主義有所減少，尤其是一些零售商意識到，當他們的庫存水平過低時，他們的庫存水平需要受到影響，並且正在採取一些行動。但總的來說，我認為零售商仍然持謹慎態度。因此，第一季度的結果是基於銷售率和零售庫存方面的保守程度較低，尤其是少數。

I -- we do expect that they will remain somewhat conservative on inventory until they really see multiple quarters of a rebound. They're not at such a low level that they're out of stock or things like that. But our guidance does not forecast some heavy restocking by the channel during the year. It's really largely driven by the assumption that the market will be roughly flat, maybe up a bit depending on the category, but that the product launches we've made and those coming will allow us to drive share gains and outperform the market and deliver 10% to 12% revenue growth.

我——我們確實預計他們將在庫存方面保持保守，直到他們真正看到多個季度的反彈。它們並沒有處於缺貨或類似情況的低水平。但我們的指引並未預測年內該渠道會進行大量補貨。這實際上在很大程度上是由假設市場將大致持平，根據類別可能會有所上升，但我們已經推出和即將推出的產品將使我們能夠推動份額增長並跑贏市場並交付 10 % 至 12% 的收入增長。

Got it. Okay. And then you mentioned the promotional activity in the PC category. Do you have excessive inventory there? Or are you lean on inventory, you're just using promotion to maintain or gain share. And John, I think you mentioned that the promotional spend that really spiked in 2Q last year. Once you anniversary that, should we assume that this will be gross margin neutral to positive by the second half?

知道了。好的。然後你提到了PC類別的促銷活動。你們那里庫存過多嗎？或者您是否依賴庫存，您只是在使用促銷來維持或獲得份額。約翰，我想你提到過去年第二季度的促銷支出真正飆升。一旦你周年紀念日，我們是否應該假設到下半年這將是毛利率中性到正值？

Yes, good question. So PC is obviously a much, much smaller part of our business. But we are still working to reduce our inventory levels in PC as I believe many others in the category are as evidenced by many of the large market share players driving still very heavy promotions. And as a smaller player, promotional activities by the large player really has -- makes our life more difficult in terms of moving our inventory levels down and driving sell-through. It was very encouraging, as I mentioned, to see that the PC markets in the U.S. were down significantly, but we actually generated growth in all 3 categories despite the heavy -- continued heavy competitive discounting.

是的，好問題。所以 PC 顯然在我們的業務中所佔的比例要小得多。但我們仍在努力降低我們的 PC 庫存水平，因為我相信該類別中的許多其他產品正如許多市場份額大的玩家仍在推動非常大的促銷活動所證明的那樣。作為一個較小的玩家，大玩家的促銷活動確實讓我們的生活在降低庫存水平和推動銷售方面變得更加困難。正如我所提到的，看到美國 PC 市場大幅下滑是非常令人鼓舞的，但我們實際上在所有 3 個類別中都實現了增長，儘管持續存在大量競爭性折扣。

We do believe that, that will subside as we go through the year. Hard to tell if that will happen by Q4. Q4 is obviously a key quarter to move tonnage, so to speak. So it really depends on how much progress everybody is able to make between now and Q4 in terms of what they may still need to do or not need to do in Q4 in terms of discounting.

我們確實相信，隨著我們度過這一年，這種情況將會消退。很難說這是否會在第四季度發生。可以這麼說，第四季度顯然是移動噸位的關鍵季度。因此，這實際上取決於從現在到第四季度，就折扣而言，他們在第四季度可能仍需要做或不需要做的事情方面能夠取得多大進展。

(Operator Instructions) Our next question comes from the line of Jack Kodera of Maxim Group.

（操作員說明）我們的下一個問題來自 Maxim Group 的 Jack Kodera。

This is Jeff Kodera calling in for Jack Vander Aarde. I might have missed this, but last quarter, you mentioned expectation for non-console product mix. The target was about, I think, 25% overall. I was wondering if you could give any color what that was for 1Q '23? And then given the slightly improved guidance, is that still the expectation for the full year?

我是 Jeff Kodera 為 Jack Vander Aarde 打電話。我可能錯過了這一點，但上個季度，你提到了對非控制台產品組合的期望。我認為，總體目標約為 25%。我想知道您是否可以給出 23 年第一季度的顏色？然後考慮到略有改善的指引，這仍然是全年的預期嗎？

Yes. So we're not going to provide this every quarter. We'll provide the annual results because the quarterly results will move up and down a bit depending on the mix and in particular, depending on which products launch, when. But our share gains across all of our categories in many of our markets, we're obviously very encouraging. And we're pleased with the continued success of the diversification of the business and remain on track to have 20, 25-plus percent of our business outside of console headsets this year.

是的。所以我們不會每個季度都提供這個。我們將提供年度業績，因為季度業績會根據組合，特別是根據推出的產品和時間略有上下浮動。但是我們在許多市場中所有類別的份額增長，我們顯然非常令人鼓舞。我們對業務多元化的持續成功感到高興，並有望在今年擁有 20%、25% 以上的業務，而不是遊戲機耳機。

We have no further questions at this time. Now I'll turn the call back over to Juergen Stark for closing remarks. Juergen?

目前我們沒有其他問題。現在我將把電話轉回給 Juergen Stark，請他發表結束語。於爾根？

Thank you. It's been a pleasure hosting these calls, I'll miss the team and the analysts and doing these calls with John. And thank you again for your participation and interest in our company.

謝謝。很高興主持這些電話會議，我會想念團隊和分析師，並與約翰一起進行這些電話會議。再次感謝您對我們公司的參與和興趣。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。