Turtle Beach Corp (TBCH) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Turtle Beach second-quarter 2024 conference call.

歡迎參加 Turtle Beach 2024 年第二季電話會議。

(Operator Instructions) As a reminder, the conference is being recorded.

（操作員說明）謹此提醒，會議正在錄製中。

I'll now turn the call over to [Jacques Cornet] from Investor Relations team.

我現在將把電話轉給投資者關係團隊的 [Jacques Cornet]。

Jacques, you may begin.

雅克，你可以開始了。

Thank you, operator.

謝謝你，接線生。

On today's call, we'll be referring to the press release filed this afternoon that details the company's second quarter 2024 results, which is available on the Investor Relations page at www.turtlebeach.com, where you'll also find the latest earnings presentation that supplements the information discussed on today's call.

在今天的電話會議上，我們將參考今天下午提交的新聞稿，其中詳細介紹了該公司2024 年第二季度的業績，該新聞稿可在www.turtlebeach.com 的投資者關係頁面上找到，您還可以在其中找到最新的收益報告這是對今天電話會議討論的資訊的補充。

Finally, a recording of the call will be available on the Events and Presentation section of the company's website later today.

最後，今天晚些時候將在公司網站的「活動和演示」部分提供通話錄音。

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.

請注意，本次電話會議期間發表的一些評論可能包括聯邦證券法含義內的前瞻性陳述。

Statements about the company's beliefs and expectations containing words such as may, will, could, believe, expect, anticipate similar expressions constitute forward-looking statements.

關於公司信念和期望的陳述，包含諸如「可能」、「將」、「能夠」、「相信」、「期望」、「預期」等類似表達的詞語構成前瞻性陳述。

These statements involve risks and uncertainties regarding the company's operations and future results that could cause Turtle Beach Corporation's results to differ materially from management's current expectations.

這些陳述涉及有關公司營運和未來業績的風險和不確定性，可能導致 Turtle Beach Corporation 的業績與管理層目前的預期有重大差異。

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.

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，並可能導致結果出現重大差異。

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.

因此，本公司鼓勵您查看今天的新聞稿及其向美國證券交易委員會提交的文件中包含的安全港聲明和風險因素，包括但不限於其 10-K 表格年度報告和其他定期報告，其中確定也可能導致實際結果或事件與我們前瞻性陳述中所述的結果或事件有重大差異的特定風險因素。

The company does not undertake to publicly update or revise any forward-looking statements after this conference call.

該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。

The company also notes that on this call, we'll be discussing non-GAAP financial information.

該公司還指出，在這次電話會議上，我們將討論非公認會計準則財務資訊。

Company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP.

本公司提供該資訊作為根據美國普遍接受的會計原則或公認會計準則準備的資訊的補充。

You can find a reconciliation of these metrics to the company's reported GAAP results and the reconciliation tables provided in today's earnings release and presentation.

您可以找到這些指標與公司報告的 GAAP 結果以及今天的收益發布和演示中提供的調節表的調整表。

Hosting the call today are Cris Keirn, Chief Executive Officer; and John Hanson, Chief Financial Officer.

今天主持電話會議的是執行長 Cris Keirn；和財務長約翰·漢森。

With that, I'll turn the call over to Cris.

這樣，我會將電話轉給 Cris。

Cris?

克里斯？

Thanks, Jacques.

謝謝，雅克。

Good afternoon, everyone, and welcome to our second-quarter 2024 earnings call.

大家下午好，歡迎參加我們的 2024 年第二季財報電話會議。

Before we get into the financial results, I'd like to take a moment to acknowledge an important milestone.

在我們討論財務表現之前，我想花點時間承認一個重要的里程碑。

You've all seen the announcement today that our esteemed Chief Financial Officer, John Hanson, has informed us of his intent to retire.

你們都看到了今天的公告，我們尊敬的財務長約翰·漢森（John Hanson）已通知我們他打算退休。

John has been an integral part of our leadership team and his contributions have been invaluable to our success.

約翰一直是我們領導團隊不可或缺的一部分，他的貢獻對我們的成功非常寶貴。

I personally have enjoyed a tremendous partnership with John, and we wish him all the best in retirement.

我個人與約翰有著良好的合作關係，我們祝福他退休後一切順利。

Turning to results, I'm pleased to share that the continued momentum in our business drove very strong second quarter results that reflect the ongoing success of our portfolio and cost optimization initiatives combined with our transformational acquisition of PDP.

談到業績，我很高興地告訴大家，我們業務的持續成長勢頭推動了第二季度的強勁業績，這反映出我們的產品組合和成本優化舉措以及我們對 PDP 的轉型收購所取得的持續成功。

As a newly combined company, we are in the early stages of gaining scale and diversification advantages that enable us to expand our leadership position across categories.

作為一家新合併的公司，我們正處於獲得規模和多元化優勢的早期階段，這使我們能夠擴大我們在各個類別中的領導地位。

Our unwavering commitment to innovation, world-class execution and sustained growth sets us apart in a highly competitive gaming accessories market.

我們對創新、世界一流的執行力和持續成長的堅定承諾使我們在競爭激烈的遊戲配件市場中脫穎而出。

Our Q2 results reflect this commitment.

我們第二季的業績反映了這項承諾。

Robust revenue growth for the quarter was driven by higher demand for our leading products, even as we reduced promotional spending as planned.

儘管我們按計劃減少了促銷支出，但對我們主導產品的需求增加推動了本季營收的強勁成長。

To that end, second-quarter revenue was $76.5 million, up roughly 59% year over year, which included our first full quarter of PDP contribution.

為此，第二季營收為 7,650 萬美元，年增約 59%，其中包括我們第一個完整季度的 PDP 貢獻。

Even excluding PDP contributions, revenues were up 15% compared to last year.

即使不包括 PDP 捐款，收入也比去年增長了 15%。

Turning to the performance of the gaming markets driving the revenue growth.

轉向遊戲市場的表現推動收入成長。

We see that gaming accessory markets have outperformed the low single-digit growth for the overall US gaming industry so far in 2024.

我們看到，2024 年迄今為止，遊戲配件市場的表現優於整個美國遊戲產業的低個位數成長。

According to Circana, the overall US gaming accessories market value is up approximately 5% for the first half of 2024 compared to the first half of 2023.

據 Circana 稱，與 2023 年上半年相比，2024 年上半年美國遊戲配件整體市場價值成長約 5%。

US gaming headsets and third-party controller markets are exceeding overall accessory growth year-to-date, up approximately 12% and 15%, respectively.

今年迄今為止，美國遊戲耳機和第三方控制器市場的成長速度超過了整體配件的成長速度，分別成長了約 12% 和 15%。

We believe this growth is due to the start of pandemic era replacements along with upgrade purchases for new models and features.

我們認為，這種增長是由於大流行時代更換的開始以及新型號和功能的升級購買所致。

We expect both factors to drive continued gaming accessories growth in the foreseeable future.

我們預計這兩個因素將在可預見的未來推動遊戲配件的持續成長。

As a leader in these categories, we continue to contribute to driving market growth with our newly launched wireless headsets, premium controllers and PC peripherals across Turtle Beach and PDP.

作為這些類別的領導者，我們透過 Turtle Beach 和 PDP 新推出的無線耳機、高級控制器和 PC 週邊裝置繼續為推動市場成長做出貢獻。

For example, in the first full month of sales after launch, the Turtle Beach Stealth 500 for Xbox and the Stealth 600 Gen 3 for Xbox, we're the number two and number four best-selling headsets in the US for June.

例如，在 Xbox 版 Turtle Beach Stealth 500 和 Xbox 版 Stealth 600 Gen 3 推出後的第一個整月銷量中，我們分別位列美國 6 月份最暢銷耳機的第二名和第四名。

Both new models have received an abundance of praise from fans and reviewers alike with each named as best wireless gaming headsets by IGN and other notable games industry and tech review publications.

這兩款新型號都受到了粉絲和評論家的廣泛好評，均被 IGN 和其他著名遊戲行業和技術評論出版物評為最佳無線遊戲耳機。

We also debut the highly lauded Atlas Air as the industry's first wireless open back gaming headset, which IGN gave a 9 out of 10 review score and added to their best gaming headsets for PC List, calling it one of the most unique headsets out there.

我們也首次推出了備受讚譽的Atlas Air，它是業界首款無線開放式遊戲耳機，IGN 給出了9 分（滿分10 分）的評價，並將其添加到PC 最佳遊戲耳機列表中，稱其為最獨特的耳機之一。

Additionally, PDP's RIFFMASTER wireless guitar controller launched in April, coinciding with Epic's Fortnite Festival season three instrument compatibility update and has quickly become the industry's best-selling music controller in the US as reported by Circana.

此外，根據 Circana 報導，PDP 的 RIFFMASTER 無線吉他控制器於 4 月推出，恰逢 Epic 的 Fortnite Festival 第三季樂器相容性更新，並迅速成為美國業界最暢銷的音樂控制器。

In May, we also introduced a full line of Turtle Beach branded PC gaming gear, furthering our reach into the massive $3.9 billion PC peripherals market.

5 月份，我們也推出了 Turtle Beach 品牌的全系列 PC 遊戲裝備，進一步擴大了我們在價值 39 億美元的龐大 PC 週邊市場的影響力。

Our latest PC products introduced groundbreaking features in their respective categories and are headlined by the highly responsive and customizable Vulcan II TKL Pro keyboard, incredibly lightweight Burst II Air mouse, and our ergonomic masterpiece, Kone II mice.

我們最新的PC 產品在各自的類別中引入了突破性的功能，其中最引人注目的是高度響應和可自訂的Vulcan II TKL Pro 鍵盤、極其輕巧的Burst II Air 滑鼠以及我們符合人體工學的傑作Kone II 滑鼠。

We continue to make excellent progress in operational efficiencies across all aspects of our business as we delivered substantially improved profitability in the quarter, including a significant 540 basis point gross margin expansion compared to the same quarter in 2023.

我們在本季的獲利能力大幅提高，包括與 2023 年同季相比大幅成長 540 個基點的毛利率，從而在業務各個方面的營運效率方面繼續取得出色進展。

Adjusted EBITDA was $3 million during the quarter, an improvement of $8.7 million compared to the same quarter last year.

本季調整後 EBITDA 為 300 萬美元，比去年同期增加 870 萬美元。

With our enhanced profitability in the first half of the year, we are raising our full year 2024 adjusted EBITDA guidance to a range of $53 million to $56 million.

隨著上半年獲利能力的增強，我們將 2024 年全年調整後 EBITDA 指引提高至 5,300 萬美元至 5,600 萬美元。

John will provide additional details on our financial results.

約翰將提供有關我們財務業績的更多詳細資訊。

Since acquiring PDP in March, we've made rapid progress on integration which we are continuing to execute ahead of schedule.

自從三月收購PDP以來，我們在整合方面取得了快速進展，我們將繼續提前執行整合。

Feedback from retail customers and other industry partners of the high potential for our combined company has been overwhelmingly positive, and we're already realizing synergies and expanding market opportunities.

零售客戶和其他行業合作夥伴對我們合併後的公司具有巨大潛力的反饋非常積極，我們已經實現了協同效應並擴大了市場機會。

In addition to the clear benefits from our PDP acquisition, we are continuing to drive margin expansion from our previously communicated initiatives of SKU rationalization, portfolio optimization and our platformed next-generation product launches.

除了收購 PDP 帶來的明顯好處外，我們還將繼續透過先前傳達的 SKU 合理化、產品組合優化和平台化下一代產品發布等舉措來推動利潤率擴張。

These improvements have all accelerated our ability to generate strong cash flow from operations.

這些改進都加快了我們從營運中產生強勁現金流的能力。

Given the strength of the balance sheet, our outlook and our view that our share price offers a compelling value, we repurchased approximately $15 million of our stock during the second quarter.

考慮到資產負債表的實力、我們的前景以及我們認為我們的股價具有令人信服的價值的觀點，我們在第二季度回購了約 1500 萬美元的股票。

This is the largest repurchase in our history and underscores both our confidence in Turtle Beach's trajectory and our commitment to enhancing shareholder value.

這是我們史上最大規模的回購，凸顯了我們對 Turtle Beach 發展軌跡的信心以及我們對提高股東價值的承諾。

We believe in our vision, and we are putting our resources behind it.

我們相信我們的願景，並投入資源支持它。

John will now take us through the financials in more detail.

約翰現在將帶我們更詳細地了解財務狀況。

John?

約翰？

Thanks, Cris, and good afternoon to everyone.

謝謝克里斯，大家下午好。

Before I begin with the financials, let me say how enjoyable it has been for the last 11 years to have the pleasure of being part of the Turtle Beach team as we built a world-class company.

在開始介紹財務數據之前，我想先說一下，在過去 11 年裡，我們有幸成為 Turtle Beach 團隊的一員，創造了一家世界一流的公司，這是多麼令人愉快的事情。

I'm incredibly thankful to the thousands of employees, customers and shareholders who help make this company the success that it is today and a very special thanks to my co-executive officers and Cris as well as our entire global leadership team and Board.

我非常感謝幫助公司在今天取得成功的數千名員工、客戶和股東，特別感謝我的共同執行長和 Cris 以及我們整個全球領導團隊和董事會。

The partnership we have developed has been extraordinary.

我們建立的夥伴關係非比尋常。

As evident in our results, the organization is executing very well, and it is an opportune time for me to transition to this next phase.

從我們的結果中可以明顯看出，該組織執行得非常好，現在是我過渡到下一階段的最佳時機。

Now on to the quarter we go.

現在進入我們要討論的季度。

As Cris mentioned, revenue in the second quarter grew 59% year over year to $76.5 million.

正如 Cris 所提到的，第二季營收年增 59% 至 7,650 萬美元。

As a reminder, the second quarter is the very first full quarter with PDP results.

提醒一下，第二季是 PDP 結果的第一個完整季度。

The 59% increase in revenue was primarily driven by PDP and our non-PDP revenue grew a very healthy 15% year over year.

營收成長 59% 主要是由 PDP 推動的，我們的非 PDP 營收年增了 15%，非常健康。

The organic non-PDP growth was driven by increased sales of our controller and headset products.

非 PDP 的有機成長是由控制器和耳機產品銷售的成長所推動的。

As a reminder, in the first quarter, headset revenue was down year over year as we deliberately reduced channel inventory levels ahead of the launch of our new wireless headsets and rebranded PC accessories.

提醒一下，第一季度，耳機收入同比下降，因為我們在推出新的無線耳機和重新命名的 PC 配件之前刻意降低了渠道庫存水平。

In Q2, that trend turned as we anticipated, and we experienced a positive impact from the launch of these products.

在第二季度，這一趨勢正如我們預期的那樣發生了轉變，這些產品的推出為我們帶來了積極的影響。

Gross margin in the second quarter was 30.2% compared to 24.7% last year.

第二季毛利率為 30.2%，去年同期毛利率為 24.7%。

That equates to a 540 basis point improvement.

這相當於提高了 540 個基點。

The margin improvement is being driven by lower product cost from our product platforming and optimization initiatives, lower freight costs and more efficient promotional spend.

利潤率的提高是由於我們的產品平台和優化措施降低了產品成本、降低了貨運成本以及提高了促銷支出的效率。

As we stated on the last earnings call, we expect to begin realizing lower product costs with the launch of the new wireless products and PC accessories rebranding in Q2.

正如我們在上次財報電話會議上所說，我們預計隨著第二季新無線產品的推出和 PC 配件品牌重塑，我們將開始實現更低的產品成本。

This improvement in margins is expected to continue going forward as the mix shifts to the new products.

隨著產品組合轉向新產品，利潤率的改善預計將持續下去。

Operating expenses in the second quarter were $27.2 million compared to $27.7 million a year ago.

第二季營運費用為 2,720 萬美元，而去年同期為 2,770 萬美元。

This year, the quarter included $1.4 million in costs related to the PDP acquisition.

今年該季度包括 140 萬美元與 PDP 收購相關的成本。

Excluding these nonrecurring acquisition-related cost, second quarter operating expenses declined approximately 7% year over year.

排除這些非經常性收購相關成本，第二季營運費用較去年同期下降約 7%。

On a relative basis, operating expenses, excluding the acquisition-related and nonrecurring costs were approximately 33% of revenue, which is an improvement from 49% in the prior year.

相對而言，不包括收購相關費用和非經常性費用的營運費用約佔收入的 33%，比前一年的 49% 有所改善。

This change primarily driven by our ongoing proactive efforts to achieve a better balance between revenue-enhancing initiatives with our expense management goals.

這項變革主要是由我們持續積極努力推動的，目的是在增加收入的措施與我們的費用管理目標之間實現更好的平衡。

The result of higher revenues combined with greater efficiencies on cost and expenses is that second quarter adjusted EBITDA improved by $8.7 million to a positive $3 million versus an adjusted EBITDA loss of $5.7 million in the year ago period.

營收增加以及成本和費用效率提高的結果是，第二季調整後 EBITDA 提高了 870 萬美元，達到正 300 萬美元，而去年同期調整後 EBITDA 虧損 570 萬美元。

On an LTM basis, adjusted EBITDA is approximately $20 million.

以 LTM 計算，調整後 EBITDA 約為 2000 萬美元。

Turning to the balance sheet.

轉向資產負債表。

At quarter end, we had net debt of $61.2 million comprised of $73.6 million of outstanding debt and $12.5 million of cash.

截至季末，我們的淨債務為 6,120 萬美元，其中包括 7,360 萬美元的未償債務和 1,250 萬美元的現金。

The debt balance is comprised of $24 million outstanding under our revolving credit line and $49.6 million outstanding on the term loan we used for the PDP acquisition.

債務餘額包括循環信貸額度下的 2,400 萬美元未償債務和用於 PDP 收購的定期貸款的 4,960 萬美元未償債務。

Inventories at quarter end were $73.3 million compared to $67.8 million a year ago.

季末庫存為 7,330 萬美元，而去年同期為 6,780 萬美元。

PDP added $23.8 million to inventory and this addition was partially offset by our continued reduction initiatives in non-PDP product inventory.

PDP 的庫存增加了 2,380 萬美元，這一增加部分被我們持續減少非 PDP 產品庫存的措施所抵消。

As Cris touched on, during the quarter we repurchased approximately $15.2 million of our shares.

正如 Cris 所說，本季我們回購了約 1,520 萬美元的股票。

This was the largest repurchase of our shares we've made in our history.

這是我們史上最大規模的股票回購。

We bought just shy of 1 million shares at an average price of $15.97 per share.

我們以每股 15.97 美元的平均價格購買了近 100 萬股股票。

Looking forward, as the business continues to generate cash, the Board is focused on evaluating all options for redeploying capital, including additional share repurchases.

展望未來，隨著業務繼續產生現金，董事會將重點評估重新部署資本的所有選擇，包括額外的股票回購。

As we always have, we will continue to invest in our existing business.

一如既往，我們將繼續投資現有業務。

In addition, we remain committed to returning excess cash to shareholders through share repurchases.

此外，我們仍致力於透過股票回購將多餘現金回饋給股東。

To that end, to provide additional flexibility for repurchases going forward, we have successfully negotiated amendments to our credit agreements that allow for the establishment and implementation of a rule 10b5-1 plan.

為此，為了為未來的回購提供額外的靈活性，我們成功地協商修改了我們的信貸協議，允許建立和實施規則 10b5-1 計劃。

This plan provides us with a formulaic share repurchase option.

該計劃為我們提供了公式化的股票回購選擇權。

Lastly, over the long term, we also believe that the right acquisitions remain a component of our capital allocation strategy as long as they make sense strategically and are immediately accretive to earnings and generate value for our shareholders.

最後，從長遠來看，我們也相信，正確的收購仍然是我們資本配置策略的一個組成部分，只要它們具有戰略意義，並且能夠立即增加收益並為我們的股東創造價值。

Now turning to guidance.

現在轉向指導。

We continue to expect full year revenue to be between $370 million and $380 million, which equates to a 45% growth compared to 2023.

我們仍預計全年營收將在 3.7 億美元至 3.8 億美元之間，相當於 2023 年將成長 45%。

With a strong first half of the year behind us and the PDP integration underway, we are raising our full year adjusted EBITDA guidance for 2024.

隨著上半年的強勁表現以及 PDP 整合的進行，我們正在上調 2024 年全年調整後 EBITDA 指引。

We expect full year adjusted EBITDA to be between $53 million and $56 million, which increases the midpoint to $54.5 million, up $2 million from our prior guidance.

我們預計全年調整後 EBITDA 將在 5,300 萬美元至 5,600 萬美元之間，這將中點提高至 5,450 萬美元，比我們之前的指導增加了 200 萬美元。

As a reminder, our 2024 guidance includes contributions from PDP beginning on March 13, 2024, when we closed the transaction.

提醒一下，我們的 2024 年指引包括自 2024 年 3 月 13 日（當我們結束交易時）開始 PDP 的捐款。

And now I'll turn the call back over to Cris for additional comments.

現在我將把電話轉回克里斯以徵求更多意見。

Cris?

克里斯？

Thanks, John.

謝謝，約翰。

In summary, we're pleased with our strategic progress and results for the first half of the year and remain optimistic that we will continue to realize additional benefits and synergies with our recently combined teams.

總而言之，我們對今年上半年的策略進展和成果感到滿意，並對我們將繼續與最近合併的團隊實現額外的效益和協同效應保持樂觀。

We continue to prioritize value creation for our shareholders and best-in-class products for gamers everywhere.

我們繼續優先考慮為股東創造價值，並為世界各地的遊戲玩家提供一流的產品。

Looking ahead, we're excited about our upcoming product launches, continued gains and strategic advantages from the PDP integration, and our ongoing efforts to maximize profitability and cash flow.

展望未來，我們對即將推出的產品、PDP 整合帶來的持續收益和策略優勢以及我們為實現盈利能力和現金流最大化而不斷做出的努力感到興奮。

I want to express my gratitude to our amazing team members who work tirelessly to achieve our strategic goals.

我想對我們出色的團隊成員表示感謝，他們為實現我們的策略目標而努力不懈。

We've had a great first half of the year and the hard work and passion of every one of our team is instrumental in our success.

我們度過了美好的上半年，我們團隊每個人的辛勤工作和熱情對我們的成功至關重要。

And to our investors, thank you once again for your trust and support.

再次感謝我們的投資者的信任和支持。

With that, operator, we can open the line for questions.

有了這個，接線員，我們就可以打開提問線路了。

(Operator Instructions) Sean McGowan, ROTH.

（操作員說明）Sean McGowan，ROTH。

Before I get to the questions, I just wanted to say, John, it's been an absolute pleasure working with you in multiple capacities over the years.

在回答問題之前，我只想說，約翰，多年來以多種身份與您合作非常愉快。

And while I'll be sorry to see you go, I'll be happy to see you whistling with the pigs.

雖然我會很遺憾看到你離開，但我會很高興看到你和豬一起吹口哨。

So, congratulations.

那麼，恭喜你。

A couple of questions.

有幾個問題。

Cris, would you say that the retail inventory now is balanced?

Cris，您認為目前零售庫存是否平衡？

Or could we see some additional inventory kind of restock flowing into the third quarter as well?

或者我們會看到一些額外的庫存補貨也流入第三季？

Yes.

是的。

Great question, Sean.

好問題，肖恩。

We see what you did there, by the way.

順便說一句，我們看到你在那裡做了什麼。

Great comment for John.

約翰的評論很好。

So, yes, the retail channel right now is in really healthy shape.

所以，是的，零售通路目前的狀況非常健康。

We've had the transitions in Q2 where we pretty much strained the channel and then reloaded it with the new wireless and the new PC products.

我們在第二季度進行了轉型，我們對通路造成了極大的壓力，然後用新的無線和新的 PC 產品重新加載它。

We're pleased with how our RIFFMASTER inventory is looking in the channel.

我們對 RIFFMASTER 庫存在頻道中的表現感到滿意。

That's coming back up.

那又回來了。

So it's really balanced right now out at retail globally.

因此，目前全球零售業確實處於平衡狀態。

So we're through sort of all of the unwinding that we've had over the past few years and some of the pandemic impacts.

因此，我們正在經歷過去幾年的所有放鬆以及一些流行病的影響。

So I think that when we think about channel inventory, we feel like it's at the right level right now and that retailers are feeling good about the levels that they're carrying at the moment.

因此，我認為，當我們考慮通路庫存時，我們覺得現在處於正確的水平，零售商對他們目前的庫存水平感覺良好。

Okay.

好的。

But not increasing their appetite necessarily relative to sales.

但相對於銷售額而言，他們的胃口不一定會增加。

That will come at the end of Q3 and as you get into Q4, this is where it will be interesting to see what happens this year.

這將在第三季末出現，當進入第四季度時，看看今年會發生什麼將會很有趣。

Historically, the last couple of years, the holiday is pushed later.

從歷史上看，過去幾年，假期被推遲。

As you know, the last 2 weeks of the year last year were really strong.

如您所知，去年的最後兩週非常強勁。

So it would be interesting to see how retailers react to that.

因此，看看零售商對此有何反應將會很有趣。

We always see some revenue move around between Q3 and Q4.

我們總是看到一些收入在第三季和第四季之間變動。

I think we could see that again this year as retailers have kind of waited and consumers have kind of waited to purchase more than historical.

我認為今年我們可能會再次看到這種情況，因為零售商在等待，消費者正在等待購買比歷史上更多的東西。

So that will be interesting, but we're ready to go for the back half.

所以這會很有趣，但我們已經準備好進入後半部分了。

Okay.

好的。

John, a couple of kind of detailed financial questions.

約翰，一些詳細的財務問題。

So how much additional transaction expense and additional inventory step-up is left to kind of flush through the P&L for the balance of the year.

那麼，還有多少額外的交易費用和額外的庫存增加可以透過今年剩餘時間的損益表來沖淡。

So relative to the PDP inventory step-up, it's as we -- it's detailed in the Q. But in the quarter, it was $1.2 million, $1.3 million actually rounded up. $1.251 million was the step-up in Q2 and for the balance of the year, it's probably in the $900,000 to $1 million range.

因此，相對於 PDP 庫存的增加，正如我們在 Q 中詳細介紹的那樣。第二季增加了 125.1 萬美元，而今年剩餘時間的增加額可能在 90 萬美元到 100 萬美元之間。

Okay.

好的。

So it's mostly done.

這樣就大體完成了。

Yes.

是的。

Okay.

好的。

Is the Q out today?

今天Q出來了嗎？

It wasn't out a little while ago.

不久前還沒出來。

It should be out unless the SEC is behind, but it was filed.

除非 SEC 落後，否則它應該會被公佈，但它已經提交了。

So look, our gross margins, excluding the PDP step-up, for the quarter were 31.8%.

所以看，我們本季的毛利率（不包括 PDP 增量）是 31.8%。

But what you'll see in the queue is that, in addition, we did book an inventory reserve in the second quarter for the ROCCAT -- for inventory -- an inventory reserve for the ROCCAT rebranding that totaled approximately $1.6 million.

但您會在隊列中看到的是，此外，我們確實在第二季度為 ROCCAT 預訂了庫存儲備——用於庫存——用於 ROCCAT 品牌重塑的庫存儲備，總額約為 160 萬美元。

So when you take and adjust out those two nonrecurring items, our gross margins were 34% for the quarter.

因此，當你去掉並調整這兩個非經常性項目時，我們本季的毛利率為 34%。

And so as we've said, as we get to the next generation through our product platform and our margins, we're going to be getting back into the mid-30s.

正如我們所說，當我們透過我們的產品平台和利潤進入下一代時，我們將回到 30 多歲。

So when you adjust for these two items, we're at 34% for Q2, and we only had a portion of the quarter with the lower cost products associated with the wireless launch, which happened late in the quarter.

因此，當你對這兩項進行調整時，我們第二季的成長率為 34%，而且我們只有本季的一部分時間推出了與本季末推出的無線產品相關的低成本產品。

So we feel that we're very well positioned from a margin perspective.

因此，我們認為從利潤率角度來看，我們處於非常有利的位置。

And I'm glad you brought up that adjustment of the 34%.

我很高興您提出 34% 的調整。

So if you look at that number, as kind of what it would look like without those adjustments, would you say that PDP was accretive to the overall margin?

因此，如果您看一下這個數字，就像沒有進行這些調整時的情況一樣，您會說 PDP 增加了整體利潤嗎？

Or did it bring it down?

還是它把它弄下來了？

Or was it neutral.

或者是中立的。

I think it's relatively neutral.

我認為這是相對中性的。

Yes, it's relatively neutral.

是的，它是相對中性的。

The categories we play in, a lot of similarities.

我們所從事的類別有許多相似之處。

That's been part of the reason that we've been able to really realize more quickly than we anticipated.

這就是我們能夠比預期更快實現這一目標的部分原因。

Some of the integration work has been completed and some of those synergies have come in, very similar categories, very similar kind of operations.

一些整合工作已經完成，一些協同效應已經出現，非常相似的類別，非常相似的操作類型。

Really appreciate the PDP team and their efforts coming in here, has been a very positive experience and they've done a great job.

非常感謝 PDP 團隊以及他們來到這裡所做的努力，這是一次非常積極的經歷，他們做得非常出色。

So I think the -- how similar the businesses were prior to the acquisition, we're kind of seeing that flowing through in the gross margin line as well.

所以我認為，收購之前的業務有多相似，我們也看到了毛利率的變化。

And back to the earlier question, should we be looking for additional transaction expenses to be run through the P&L from this point forward?

回到前面的問題，從現在開始，我們是否應該在損益表中尋找額外的交易費用？

That will be integration related, but yes, that work is ongoing.

這將與整合相關，但是，這項工作正在進行中。

As we've stated in the past, right, that integration work will be ongoing throughout the year 2024.

正如我們過去所說，整合工作將在 2024 年持續進行。

So there will be additional expenses we sort out real estate and other things.

所以我們整理房產和其他東西會有額外的費用。

My last question for you, Cris is, should we read anything into the fact that the average price paid for the shares we purchased in the quarter was higher than the upper end of the previously announced standard range?

克里斯，我要問你的最後一個問題是，我們是否應該對我們在本季度購買的股票支付的平均價格高於之前宣布的標準範圍的上限這一事實進行解讀？

I think it's a function of timing.

我認為這是時間的函數。

We were purchasing in the available open window for the company.

我們是在公司可用的開放窗口中購買的。

And we want to continue to make those purchases as we've said in the comments.

正如我們在評論中所說，我們希望繼續進行這些購買。

So no, I don't know that I would read anything into it.

所以不，我不知道我會讀到任何內容。

I think that we feel good about where the stock price will be, and we have high confidence in our ability to execute against that.

我認為我們對股價的走勢感到滿意，我們對自己的執行能力充滿信心。

So particularly where we are today, we think there's a ton of value to be had, and that's why we're looking to continue to be opportunistic about repurchases.

因此，特別是在我們今天所處的位置，我們認為有大量的價值值得擁有，這就是為什麼我們希望繼續在回購方面保持機會主義。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

John, congratulations and best of luck to you.

約翰，恭喜你，祝你好運。

I think you mentioned the integration of PDP on a couple of occasions is ahead of schedule.

我想您曾多次提到 PDP 的整合提前了。

Any specifics you can provide?

有什麼具體的可以提供一下嗎？

And is this in any way influencing your guidance upgrade for EBITDA.

這是否會以任何方式影響您的 EBITDA 指引升級？

And related to PDP, the hardware sales for Nintendo have been pretty weak year-to-date, and we typically see consumption wane at the end of a hardware cycle.

與 PDP 相關，任天堂的硬體銷售今年迄今相當疲軟，我們通常會看到消費在硬體週期結束時下降。

I'm curious if you're seeing anything in the PDP business as we go into the second half, is it languishing?

我很好奇，當我們進入下半年時，您是否在 PDP 業務中看到了什麼，它是否正在衰退？

Is the demand still there?

需求還在嗎？

Any color there would be helpful.

任何顏色都會有幫助。

Sure.

當然。

Great questions.

很好的問題。

When you look at the integration work so far with PDP.

當您查看迄今為止與 PDP 的整合工作時。

As I mentioned, it's been a really collaborative effort with the teams, which we totally appreciate from a management perspective.

正如我所提到的，這是與團隊的真正協作努力，從管理的角度來看，我們完全讚賞這一點。

We've been able to complete a lot of the system integration work, a lot of the negotiations that we've had with our retailers and our distribution partners and the end-to-end portfolio work, we've talked a lot about portfolio optimization.

We've been able to complete a lot of the system integration work, a lot of the negotiations that we've had with our retailers and our distribution partners and the end-to-end portfolio work, we've talked a lot about portfolio最佳化.

We've gone through that with the Turtle Beach and ROCCAT business over the last year.

去年我們在 Turtle Beach 和 ROCCAT 業務中就經歷了這個問題。

We're through a good portion of that already with the PDP business.

我們已經完成了 PDP 業務的大部分工作。

And part of that's been the great participation and work between the teams here to really come to those conclusions, make decisions quickly on how to move forward with the combined portfolio.

其中一部分是團隊之間的大力參與和工作，以真正得出這些結論，並就如何推進合併的產品組合快速做出決策。

So that's really what's running ahead of schedule for us.

所以這對我們來說確實是提前完成的。

We didn't anticipate we'd be as far along that path as we are as we sit here today.

我們沒有預料到我們會像今天坐在這裡一樣沿著這條道路走得那麼遠。

And we think that, that does open up for us some potential future upsides there as we really dive into the business and look for those costs and those revenue synergies.

我們認為，當我們真正深入業務並尋找這些成本和收入協同效應時，這確實為我們帶來了一些潛在的未來優勢。

So that's sort of related to that.

所以這與此有關。

And as far as influencing the guide, there's a portion of that in there, right, that we were able to realize some of those a bit sooner than we thought.

就影響指南而言，其中有一部分是我們能夠比我們想像的更早實現其中一些的。

That's contributing to the raise here for Q2.

這對第二季度的成長做出了貢獻。

On the second question around Nintendo, you're right.

關於任天堂的第二個問題，你是對的。

Any time we've seen this in every hardware cycle, as you get closer and gamers are out there anticipating the next hardware showing up, Nintendo is going through that right now.

每當我們在每個硬體週期中看到這種情況時，當你越來越接近並且遊戲玩家期待下一個硬體出現時，任天堂現在正在經歷這一點。

The underlying strength of that Nintendo business is still very strong, but you're going to see a dip more than likely on some of the businesses as it gets closer.

任天堂業務的潛在實力仍然非常強勁，但隨著它的臨近，你很可能會看到一些業務出現下滑。

Fortunately, PDP's business is very well diversified across all of the platforms, and we're seeing some really strong progress from the controller side of things on the premium controller front, the new RIFFMASTER.

幸運的是，PDP 的業務在所有平台上都非常多元化，我們看到高級控制器方面的控制器方面取得了一些真正強勁的進展，即新的 RIFFMASTER。

There are multiple products, including some of the platforms that are allowing the PDP business to track as we hoped it would.

有多種產品，包括一些允許 PDP 業務以我們希望的方式進行追蹤的平台。

But there likely will be a little bit of a dip on the Nintendo side as people wait to see what that new hardware looks like and what the timing looks like.

但隨著人們等待新硬體的外觀和時機，任天堂方面的表現可能會略有下降。

But that's already built into the guidance for the year.

但這已經納入今年的指導中。

(Operator Instructions) Alicia Reese, Wedbush Securities.

（操作員指令）Alicia Reese，Wedbush 證券公司。

Congrats, John.

恭喜，約翰。

A nice quarter, everyone.

大家，這是一個美好的季度。

I wanted to see if we could get a little bit more color on the different segments on a qualitative basis.

我想看看我們是否可以在定性的基礎上在不同的細分市場上獲得更多的色彩。

I'm just seeing what you're thinking about the headset.

我只是了解您對耳機的看法。

I know there's a little information in the deck on the market share.

我知道甲板上有一些關於市場份額的資訊。

But if you could just talk about the market in general and your market share position within each category, including the sims, that would be really appreciated.

但如果您能只談論整個市場以及您在每個類別（包括模擬遊戲）中的市場份額地位，那將非常感激。

Sure.

當然。

Thanks for the question, Alicia.

謝謝你的提問，艾莉西亞。

So when you look across the different categories, headsets continue to be sort of our strongest contributor to revenue, but controllers are certainly growing within that mix.

因此，當你縱觀不同的類別時，你會發現耳機仍然是我們收入的最大貢獻者，但控制器肯定在這組合中不斷成長。

You kind of look ahead, if you recall in the past, we've talked about like an 80:20 split between our core headset business and everything else.

如果你還記得過去的話，你可以展望一下未來，我們曾討論過我們的核心耳機業務和其他業務之間的比例為 80:20。

That's certainly shifted with the acquisition and with some of our expansion in the other categories, it's much more where you're going to be somewhere in the 50% to 55% range for our core business with nearly half of the business coming from other categories.

隨著收購和我們在其他類別的一些擴張，這種情況肯定會發生變化，我們的核心業務將占到 50% 到 55% 的範圍，其中近一半的業務來自其他類別。

So we feel really good about that diversification.

所以我們對這種多元化感到非常滿意。

And that's one part of the benefits of combined company now with PDP.

這就是現在與 PDP 合併後的公司的好處之一。

Looking at those categories, accessories are definitely performing stronger than the broader gaming segment.

從這些類別來看，配件的表現肯定比更廣泛的遊戲領域更強。

The broader gaming segments having some challenges on hardware, as you know, this year.

如您所知，今年更廣泛的遊戲領域在硬體方面面臨一些挑戰。

It's still up.

它還在。

The segment is up low single digits, but accessories are up about 5%, and this is US data, which is a pretty good proxy, I would say, for the rest of the business.

這個細分市場成長了低個位數，但配件成長了約 5%，這是美國的數據，我想說，對於其他業務來說，這是一個相當好的指標。

And headsets are exceeding that growth.

而耳機的成長速度也超過了這個成長。

They're up 12%.

他們上漲了 12%。

Our shares dipped slightly on headsets in the first half of the year as we knew it would, as we essentially drained the channel for several months there and we're replenishing, and we're really happy to see what happened in June.

正如我們所知道的那樣，今年上半年我們在頭戴設備上的股價略有下降，因為我們基本上耗盡了那裡的管道幾個月，並且我們正在補充，我們真的很高興看到6 月份發生的事情。

We were back to positive share growth in June as we launch the new products, as I mentioned, with the 500 and 600 getting out there.

正如我所提到的，隨著 500 和 600 的推出，我們在 6 月推出了新產品，市佔率又恢復了正成長。

So that segment is doing extremely well for us.

所以這個部分對我們來說表現得非常好。

And as we head into the back half of these new products, we're feeling really good about our positioning there.

當我們進入這些新產品的後半部分時，我們對我們在那裡的定位感覺非常好。

Controllers, next biggest segment for us.

控制器，我們的下一個最大的細分市場。

Really strong business here, really driven by premium controllers for us.

這裡的業務非常強勁，真正由我們的優質控制器推動。

The PDP BFG controllers across a couple of platforms and our own Stealth Ultra, all performing very well in that segment and driving growth and driving share growth for us.

跨多個平台的 PDP BFG 控制器和我們自己的 Stealth Ultra 在該細分市場中均表現出色，並推動了我們的成長和份額成長。

Third-party controllers are up 15% for the first half year over year.

上半年第三方控制器數量年增 15%。

That's one of the strongest segments and we're driving a good portion of that growth.

這是最強勁的細分市場之一，我們正在推動這一成長的很大一部分。

So we're gaining share there.

所以我們正在那裡獲得份額。

We're well up over, I think, over 300 basis points of share growth in the first half.

我認為，上半年我們的股價成長超過了 300 個基點。

So those are the two primary categories for us.

這些是我們的兩個主要類別。

You look at PC, we're holding pretty steady on the PC front, and we're growing on the headset side.

看看 PC 領域，我們在 PC 領域保持相當穩定，並且在耳機領域不斷成長。

We've launched new PC headsets.

我們推出了新的 PC 耳機。

We've got good placements of those products.

我們在這些產品上有很好的展示位置。

We do anticipate to see some growth there in the back half, along with our new mice and keyboard products.

我們確實預計下半年會出現一些成長，以及我們的新滑鼠和鍵盤產品。

And then finally, I think you asked about simulation.

最後，我想你問的是模擬。

We've had some growth in the flight from a share perspective in both categories, on the flight sim side we're up, it's roughly 20% to 25% share in that range for the US, and we still have the number one SKU in that category.

從份額的角度來看，我們的航班在這兩個類別中都取得了一些增長，在飛行模擬方面，我們有所增長，在美國該範圍內的份額大約為20% 到25%，而且我們仍然擁有排名第一的SKU在那個類別。

And then we just recently entered the racing category, single SKU, very early days for racing for us and we'll continue to build that category out.

然後我們最近剛進入賽車類別，單一 SKU，對於我們來說賽車還處於早期階段，我們將繼續建立該類別。

I appreciate all that color.

我很欣賞所有這些顏色。

And one other, if I may.

如果可以的話，還有另一件事。

Regionally, if you can talk as well about the uptick in North America versus EMEA holding relatively flat year over year and then in some declines in Asia.

從地區來看，北美地區的成長相對於歐洲、中東和非洲地區較去年同期相對持平，而亞洲則有所下降。

We've seen some declines throughout Asia from all your competitors as well, so that's no surprise.

我們在整個亞洲也看到所有競爭對手的銷量有所下降，因此這並不奇怪。

But if you could talk about the uptick in North America in terms of the different categories, particularly how much, at least qualitatively was from PDP, appreciate that as well.

但如果你能從不同類別的角度談論北美的成長，特別是有多少（至少在品質上）來自 PDP，那麼也很欣賞這一點。

Sure.

當然。

Yes.

是的。

Great question.

很好的問題。

And it's something we keep a close eye there on what's happening regionally.

我們密切關注該地區正在發生的事情。

For us, we have very little exposure to Asia.

對我們來說，我們對亞洲的了解很少。

Our revenues are up slightly in Asia year over year, but it's low single-digit percentages of our total business.

我們在亞洲的營收較去年同期略有成長，但占我們總業務的百分比較低。

So that hasn't really impacted us on the slowness there.

所以這並沒有真正影響我們的緩慢。

For the Americas, with the acquisition of PDP, it has become a slightly higher portion of our business anywhere from 70% to 75% depending on timing of the business flowing through the Americas and then roughly 25% or so through Europe.

對於美洲，隨著PDP 的收購，它在我們業務中所佔的比例略高，從70% 到75% 不等，具體取決於業務流經美洲的時間，然後大約佔25% 左右流經歐洲的時間。

So that's the rough breakdown.

這就是粗略的細分。

But we're seeing strength in the US market for gaming.

但我們看到美國遊戲市場的強勁勢頭。

And so with our high concentration of business there, that's playing well for us.

因此，由於我們的業務高度集中在那裡，這對我們來說很有利。

Andrew Northcutt, Oppenheimer.

安德魯諾斯卡特，奧本海默。

This is Andrew on for Martin.

這是安德魯替補馬丁。

Just one quick one from me.

我就快說一首吧。

You guys have made pretty good progress on your kind of ongoing proactive expense management.

你們在持續主動的費用管理方面取得了相當大的進展。

So how should we think about the runway from here for incremental expenses going forward?

那麼，我們該如何考慮未來增量支出的跑道呢？

Sure.

當然。

Great question.

很好的問題。

It's something we're going to continue to focus on.

這是我們將繼續關注的事情。

This is an ongoing process for us.

這對我們來說是一個持續的過程。

We've made some great progress there, and a lot of that is around the portfolio and our cost of goods, looking through our end-to-end supply chain and then also focusing on OpEx, right?

我們在這方面取得了一些巨大的進展，其中許多是圍繞產品組合和我們的商品成本，審視我們的端到端供應鏈，然後也專注於營運支出，對嗎？

And we think on top of all of that, we've got synergies that we're working on the integration, so we'll continue to realize those savings.

我們認為最重要的是，我們正在努力進行整合，從而產生協同效應，因此我們將繼續實現這些節省。

We believe that there's more opportunities there.

我們相信那裡有更多的機會。

We've got some great operational efficiencies going, and we've actually introduced some new tools and technologies to help the teams perform better.

我們已經取得了一些出色的營運效率，並且實際上引入了一些新的工具和技術來幫助團隊更好地表現。

And we believe that all of those are going to continue to yield results for us and drive that cost structure and keep it low.

我們相信，所有這些都將繼續為我們帶來成果，推動成本結構並保持較低水準。

I am showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Cris Keirn for closing remarks.

我現在想請克里斯凱恩 (Cris Keirn) 發表結束語。

Thank you, operator, and thank you, everyone, for joining us.

謝謝運營商，也謝謝大家加入我們。

Have a great day.

祝你有美好的一天。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。