Turtle Beach Corp (TBCH) 2025 Q1 法說會逐字稿

Greetings. Welcome to Turtle Beach Q1 '25 earnings conference call.

問候。歡迎參加 Turtle Beach 2025 年第一季財報電話會議。

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

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Mr. Jacques Cornet, Investor Relations. Thank you, Mr. Cornet. You may begin.

現在我很高興向大家介紹主持人、投資者關係部雅克·科內特先生。謝謝你，科內特先生。你可以開始了。

Thank you, operator.

謝謝您，接線生。

On today's call, we'll be referring to the press release, filed this afternoon, that details the company's first-quarter 2025 results, which is available on the Press Releases pages of the company's Investor Relations website, corp.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，其中詳細介紹了公司 2025 年第一季度的業績，該新聞稿可在公司投資者關係網站 corp.turtlebeach.com 的新聞稿頁面上查閱；您還可以在其中找到最新的收益報告，以補充今天電話會議上討論的信息。

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

最後，電話會議的錄音將於今天晚些時候在公司投資者關係網站的「活動和演示」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.

請注意，本次電話會議中的一些評論可能包括《聯邦證券法》所定義的前瞻性陳述。有關公司信念和期望的陳述包含諸如可能、將會、可以、相信、期望、預期等詞語和類似表達，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.

這些聲明涉及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.

儘管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和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的前瞻性聲明中描述的結果或事件存在重大差異的具體風險因素。

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

本次電話會議後，本公司不承諾公開更新或修改任何前瞻性聲明。

The company also notes that, on this call, it will be discussing non-GAAP financial information. 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.

該公司也指出，本次電話會議將討論非公認會計準則財務資訊。該公司提供該資訊作為按照美國公認會計原則或 GAAP 編制的資訊的補充。

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.

您可以在今天的收益報告和簡報中提供的對帳表中找到這些指標與公司報告的 GAAP 結果的對帳表。

Hosting the call today are Cris Keirn, Chief Executive Officer; and Mark Weinswig, Chief Financial Officer. With that, I'll turn the call over to Cris. Cris?

今天主持電話會議的是執行長 Cris Keirn；以及財務長馬克溫斯維格 (Mark Weinswig)。說完這些，我會把電話轉給克里斯。克里斯？

Thanks, Jacques. Good afternoon, everyone. Welcome to our first-quarter 2025 earnings call.

謝謝，雅克。大家下午好。歡迎參加我們的 2025 年第一季財報電話會議。

Our Q1 results and strong year-on-year growth reflect the focused execution of our entire organization in the face of external challenges.

我們第一季的業績和強勁的同比成長反映了我們整個組織在面對外部挑戰時的專注執行力。

In the first quarter and going forward, we are realizing the combined benefits of our March 2024 acquisition of PDP and continued progress on our margin improvement initiatives.

在第一季及未來，我們將實現 2024 年 3 月收購 PDP 的綜合效益，並持續推進利潤率提升計畫。

First-quarter revenue grew by 14% year over year to $63.9 million. And adjusted EBITDA increased to $4.1 million, up from $1.4 million a year ago.

第一季營收年增 14% 至 6,390 萬美元。調整後的 EBITDA 從一年前的 140 萬美元增加到 410 萬美元。

Our accretive M&A execution and expanded portfolio of next-generation gaming accessories have resulted in growth for both our revenue and profitability. Notably, we grew revenue, despite a 16% year over year decline in the US gaming accessories market in Q1, according to Sircana; and our gross margins improved substantially by nearly 470 basis points year on year to 36.6%.

我們不斷增長的併購執行和下一代遊戲配件組合的擴大使我們的收入和盈利能力都得到了增長。值得注意的是，儘管 Sircana 表示，第一季美國遊戲配件市場年減 16%，但我們的營收仍有所成長；毛利率年減近470個基點，達到36.6%。

Our continued improvements in business performance are driven by several key factors. First, this quarter included a full quarter of PDP contribution, compared to just two weeks in the prior year.

我們的業務績效持續改善是由幾個關鍵因素推動的。首先，本季包含了整整一個季​​度的 PDP 貢獻，而去年同期只有兩週。

We also lowered our promotional spend, as a percentage of revenue, for the first quarter on the continued strength of our next-generation headset product introductions in 2024. This disciplined promotional approach has improved our profitability profile.

由於 2024 年下一代耳機產品的推出將繼續保持強勁勢頭，我們也降低了第一季的促銷支出（佔營收的百分比）。這種嚴謹的促銷方式提高了我們的獲利狀況。

Finally, those same next-generation models, including our top-selling Stealth wireless headsets, are platformed on the latest chipsets that provide significant performance and cost benefits over our previous generation of products.

最後，包括我們最暢銷的 Stealth 無線耳機在內的下一代型號都採用了最新的晶片組，與我們上一代產品相比，具有顯著的性能和成本優勢。

While our business performance for Q1 reflects the comprehensive improvements in our fundamentals, the broader economic environment has shifted significantly, introducing some lack of visibility for the full year.

雖然我們第一季的業績反映了基本面的全面改善，但整體經濟環境發生了重大變化，導致全年業績缺乏可預見性。

The evolving external landscape, particularly the challenges posed by tariffs, has added complexities that we must and will navigate successfully. We remain committed to addressing these challenges head-on. And we are confident we will manage through them, with minimal long-term effects on our positive trajectory and growth.

不斷變化的外部環境，特別是關稅帶來的挑戰，增加了我們必須而且將會成功應對的複雜性。我們仍然致力於迎接這些挑戰。我們有信心能夠渡過難關，並將對我們的正面軌跡和成長的長期影響降至最低。

To start the year, we proactively increased our inventory levels in anticipation of possible tariffs, which will provide near-term benefits to margins and has enabled us to accelerate our adjustments when tariffs were recently announced.

今年年初，我們積極提高庫存水平，以應對可能出現的關稅，這將在短期內為利潤率帶來好處，並使我們能夠在最近宣布關稅時加快調整速度。

With the quick and decisive actions of our team, less than 10% of our US supply will be produced in China, after Q1. For the rest of 2025, products for the US market will be primarily produced in Vietnam.

在我們團隊的快速果斷的行動下，第一季之後，我們在美國供應的產品中將有不到 10% 在中國生產。2025年剩餘時間內，美國市場的產品將主要在越南生產。

And within this dynamic environment, we are assessing further supply chain diversification. Our production capabilities in China are primarily dedicated to producing goods for non-US shipments that are not impacted by the tariffs.

在這個動態的環境中，我們正在評估進一步的供應鏈多樣化。我們在中國的生產能力主要用於生產不受關稅影響的非美國貨物。

As part of our comprehensive mitigation activities, we are also evaluating pricing across all our product lines and selectively making necessary adjustments.

作為我們全面緩解活動的一部分，我們也正在評估所有產品線的定價，並選擇性地進行必要的調整。

In addition to the tariff issues, it was noted last week that the Grand Theft Auto 6 release has been moved out to the spring of 2026, which we expect will delay the anticipated increased demand for new accessories.

除了關稅問題之外，上週有消息稱《俠盜獵車手 6》的發布日期已推遲到 2026 年春季，我們預計這將推遲對新配件的預期增長需求。

However, even without the launch of GTA 6 in 2025, we project that market comps to 2024 will progressively improve throughout the year, accelerated by growth drivers like the introduction of the Nintendo Switch 2 and a full slate of new games. Pre-orders on Switch 2 were widely reported to have sold out in hours, a proof point for the resiliency of gaming customers, even in these economic conditions.

然而，即使 2025 年沒有推出 GTA 6，我們預計到 2024 年，市場表現仍將在全年逐步改善，這得益於 Nintendo Switch 2 的推出和一系列新遊戲等成長動力。據廣泛報道，Switch 2 的預購在幾個小時內就已售罄，這證明了即使在當前的經濟形勢下，遊戲客戶的韌性。

While full-year gaming accessories markets may remain down for 2025, we expect to return to robust growth in 2026 and beyond, fueled by the strong underlying fundamentals of a growing gamer base and expanding engagement with next-generation systems and game releases.

儘管 2025 年全年遊戲配件市場可能仍會保持低迷，但我們預計，在遊戲玩家群體不斷增長以及對下一代系統和遊戲發布的參與度不斷提高等強勁基本面的推動下，2026 年及以後該市場將恢復強勁增長。

With the expected benefit of ongoing demand for Switch 2 accessories, and a spring 2026 launch for GTA 6, and other exciting titles like Battlefield, we anticipate a return to growth for the gaming accessories space.

隨著 Switch 2 配件的持續需求以及 2026 年春季《GTA 6》和《戰地》等其他令人興奮的遊戲的推出，我們預計遊戲配件領域將恢復成長。

To that end, we're focusing on the key growth drivers within our control.

為此，我們專注於我們能夠控制的關鍵成長動力。

From a cost and OpEx perspective, we are mitigating the impacts these external changes will have on our business. While this is a dynamic situation, our updated guidance considers all of these known factors.

從成本和營運支出的角度來看，我們正在減輕這些外部變化對我們業務的影響。雖然這是一個動態的情況，但我們更新的指南考慮了所有這些已知因素。

Our focus remains on expanding our industry-leading gaming accessories portfolio to propel our success over the long run; and capitalize on industry growth drivers, including the upcoming launch of the Nintendo Switch 2.

我們的重點仍然是擴大我們行業領先的遊戲配件產品組合，以推動我們的長期成功；並利用行業增長動力，包括即將推出的 Nintendo Switch 2。

This past week, we announced new products set to roll out this spring, including a new wave of officially-licensed Nintendo Switch headsets and controllers, as well as new accessories designed specifically for Xbox.

上週，我們宣布了將於今年春季推出的新產品，包括新一波官方授權的 Nintendo Switch 耳機和控制器，以及專為 Xbox 設計的新配件。

We remain dedicated to expanding our market leadership and enhancing value for our shareholders, with sustainable growth and long-term success.

我們將繼續致力於擴大我們的市場領導地位並為股東提升價值，實現永續成長和長期成功。

Another demonstration of this commitment was our execution of the largest share repurchase program in our history, over the last year, repurchasing nearly $30 million worth of stock.

這項承諾的另一個體現是，我們去年實施了公司歷史上最大規模的股票回購計劃，回購了價值近 3,000 萬美元的股票。

During the first quarter, we were limited in our ability to maintain the same pace we had over the past three quarters, due to covenants on our debt. Mark will touch on this more.

在第一季度，由於債務契約的原因，我們維持過去三個季度成長速度的能力有限。馬克將會進一步談及這一點。

Share repurchases will continue to be a part of our capital allocation plans, as they underscore our unwavering confidence in Turtle Beach's future and our dedication to returning capital to shareholders, while making strategic investments to grow the company.

股票回購將繼續成為我們資本配置計劃的一部分，因為它突顯了我們對 Turtle Beach 未來的堅定信心以及我們致力於向股東返還資本，同時進行策略性投資以發展公司。

As such, we've announced, today, that the company has authorized a new share repurchase program of up to $75 million, over the next two years.

因此，我們今天宣布，該公司已批准在未來兩年內實施一項高達 7,500 萬美元的新股票回購計畫。

Moving forward, we will maintain a sharp focus on capital allocation, ensuring that our financial strategies align with our goal of delivering sustained value and growth.

展望未來，我們將繼續高度關注資本配置，確保我們的財務策略與實現持續價值和成長的目標一致。

Mark will now take us through the financials. Mark?

馬克現在將帶我們了解財務狀況。標記？

Thank you, Cris. Good afternoon, everyone.

謝謝你，克里斯。大家下午好。

As Cris mentioned, our first-quarter 2025 revenue was $63.9 million, up 14% from the prior year, driven by a full quarter of revenue from the PDP acquisition, which closed on March 13, 2024.

正如克里斯所提到的，我們的 2025 年第一季營收為 6,390 萬美元，比上一年增長 14%，這得益於 2024 年 3 月 13 日完成的 PDP 收購帶來的整個季度的收入。

In addition to the strong revenue performance, we continue to drive efficiencies and operational improvements, leading to gross margin expansion. Our gross margin for the first quarter improved by 470 basis points over the prior year to 36.6%.

除了強勁的收入表現外，我們還繼續提高效率和改善運營，從而提高毛利率。我們第一季的毛利率比去年同期提高了470個基點，達到36.6%。

Operating expenses of $21.8 million or 34% of revenue compared to 42% in the prior year. We continue to focus on expanding our operating leverage. So as we grow in the future, we will generate higher levels of income.

營運費用為 2,180 萬美元，佔營收的 34%，去年同期為 42%。我們持續致力於擴大我們的經營槓桿。因此，隨著我們未來的發展，我們將創造更高的收入水平。

During the quarter, we realized a $3.4 million insurance recovery related to the inventory loss in transit from the fourth quarter, offsetting the prior quarter's loss.

本季度，我們實現了與第四季度運輸途中的庫存損失相關的 340 萬美元保險賠償，抵消了上一季的損失。

Our revenue growth, combined with cost efficiencies, resulted in a significant improvement in adjusted EBITDA over the prior year. Our first quarter of 2025 adjusted EBITDA of $4.1 million increased 180% from the prior year's adjusted EBITDA of $1.4 million, illustrating the strong operating leverage in our business model.

我們的營收成長加上成本效率的提高，使得調整後的 EBITDA 較上年有顯著提高。我們 2025 年第一季的調整後 EBITDA 為 410 萬美元，較上年的 140 萬美元調整後 EBITDA 成長了 180%，這表明我們的商業模式具有強大的營運槓桿。

Turning to our balance sheet. As of March 31, net debt was $43.6 million, comprised of $55.2 million of outstanding debt and $11.7 million of cash. The debt balance includes $6.6 million outstanding under our revolving credit line and $48.6 million outstanding on the term loan.

轉向我們的資產負債表。截至 3 月 31 日，淨債務為 4,360 萬美元，其中包括 5,520 萬美元的未償債務和 1,170 萬美元的現金。債務餘額包括循環信貸額度下未償還的 660 萬美元和定期貸款未償還的 4,860 萬美元。

In the first quarter, we made some investments in inventory, which will provide short-term benefits to our margins in the current environment.

第一季度，我們對庫存進行了一些投資，這將在當前環境下為我們的利潤率帶來短期效益。

One highlight of this quarter was our strong cash flow generation. During the first quarter, our cash flow from operations grew by nearly 50% year over year to over $40 million, this are about the highest cash flow-generating quarters in the company's history and points to the strength of our business.

本季的一大亮點是我們強勁的現金流產生。第一季度，我們的營運現金流年增近 50%，達到 4,000 多萬美元，這是公司歷史上現金流最高的季度，顯示我們的業務實力強勁。

Moving to our capital allocation activities. During the first quarter, we returned another $1.8 million to shareholders through our share repurchase program.

轉向我們的資本配置活動。第一季度，我們透過股票回購計畫向股東返還了 180 萬美元。

Over the past year, the company has repurchased nearly $30 million in stock, the largest buyback in its history.

過去一年，該公司回購了近3,000萬美元的股票，這是其史上最大的回購。

In addition, as noted in today's release, we also announced a new stock repurchase authorization of up to $75 million over the next two years, marking another record for the company.

此外，正如今天的新聞稿所述，我們還宣布了未來兩年內高達 7,500 萬美元的新股票回購授權，這創下了該公司的另一項紀錄。

Now, turning to guidance. As Cris mentioned, the evolving landscape and macroeconomic environment requires a revision in our 2025 financial outlook. The range of outcomes is wider, given the macroeconomic uncertainties.

現在，轉向指導。正如克里斯所提到的，不斷變化的情況和宏觀經濟環境要求我們修改 2025 年的財務展望。鑑於宏觀經濟的不確定性，結果範圍會更加廣泛。

As a result, we are revising full-year 2025 revenue to be in the range of $340 million to $360 million. We expect our full-year 2025 adjusted EBITDA to now be in the range of $47 million to $53 million.

因此，我們將 2025 年全年營收調整為 3.4 億至 3.6 億美元之間。我們預計 2025 年全年調整後的 EBITDA 將在 4,700 萬美元至 5,300 萬美元之間。

Our updated outlook reflects the information, as of today. The environment continues to be dynamic, which raises the possibility of additional market updates that could further impact our expected results.

我們的最新展望反映了截至今天的資訊。環境繼續處於動態之中，這增加了進一步影響我們預期結果的額外市場更新的可能性。

In terms of seasonality, it's important to note that we typically see the majority of our revenues in the second half of the year, coinciding with the holiday season.

就季節性而言，值得注意的是，我們的大部分收入通常出現在下半年，恰逢假期。

We believe that in second half of this year, we will see an even larger portion of revenues than prior years, due to the anticipated launch of Nintendo Switch 2 and the current consumer environment.

我們相信，由於 Nintendo Switch 2 的預期推出以及當前的消費環境，今年下半年我們的營收份額將比往年更大。

As such, we expect the second quarter to account for approximately 16% to 17% of full-year revenues and for two-thirds of our full-year revenue to occur in the second half of the year.

因此，我們預計第二季的營收將佔全年營收的約 16% 至 17%，而全年營收的三分之二將出現在下半年。

Overall, we are happy with our performance in the first quarter. Our team's quick actions and strong execution has Turtle Beach well positioned to be successful within this dynamic environment.

總體而言，我們對第一季的表現感到滿意。我們團隊的快速行動和強大的執行力使 Turtle Beach 能夠在這種充滿活力的環境中取得成功。

With that, I will turn the call back to Cris. Cris?

說完這些，我就把電話轉回給克里斯。克里斯？

Thanks, Mark.

謝謝，馬克。

As we discuss our outlook, we believe it is important to provide our shareholders with our best views of guidance, based on all available data, at this time.

當我們討論我們的展望時，我們認為此時根據所有可用數據向股東提供最佳指導意見非常重要。

As such, we're providing updated guidance and reaffirming that our profitability profile and cash flow model remain robust, thanks to the transformation of the company over the past year and our rapid response to the recent tariff risks.

因此，我們提供更新的指導，並重申我們的獲利狀況和現金流模型依然強勁，這要歸功於公司過去一年的轉型以及我們對近期關稅風險的快速反應。

We are energized by our Q1 results and our comprehensive strategy for continued innovation, execution, and growth.

我們的第一季業績以及持續創新、執行和成長的綜合策略為我們帶來了活力。

While the macroeconomic environment remains challenging, our agile and proactive work, so far, puts us in a position with low exposure to China tariff risk. This may prove to be a competitive advantage and provide potential upside in a dynamic environment.

儘管宏觀經濟環境依然充滿挑戰，但迄今為止，我們靈活、積極的工作使我們面臨的中國關稅風險較低。這可能被證明是一種競爭優勢，並在動態環境中提供潛在的上升空間。

As always, I'd like to recognize and thank our amazing team at Turtle Beach for their dedication and contributions to our success. We are eager to capitalize on the many opportunities that the gaming industry and our leading position in accessories will provide.

像往常一樣，我要感謝 Turtle Beach 出色的團隊為我們的成功所做的奉獻和貢獻。我們渴望利用遊戲產業和我們在配件領域的領先地位所提供的眾多機會。

With that, operator, we can open the call for Q&A.

接線員，這樣我們就可以開始問答環節了。

(Operator Instructions)

（操作員指示）

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

A couple of questions. Maybe, if you could help shed a little bit more light on the $50 million reduction in revenues. How much of that is slated from the GTA 6 push-out versus tariff and macro?

有幾個問題。也許，如果您能幫助進一步解釋一下 5000 萬美元的收入減少的原因。其中有多少是 GTA 6 推出時所規劃的，有多少是關稅和宏觀因素造成的？

And then, Mark, maybe you can comment on expectations for gross margins; maybe the June quarters and the remainder of the year.

然後，馬克，也許你可以評論一下對毛利率的預期；也許是六月季度和今年剩餘時間。

Tony, thanks for the question. And great to have you here.

東尼，謝謝你的提問。很高興您能來。

The revised guidance is really a function of our adjusted views on what the accessories markets are going to do for the full year.

修訂後的指引其實是我們對配件市場全年走勢的調整看法的結果。

And there are several factors in there. GTA6 is part of them. But it's really a combination of factors.

這其中有幾個因素。GTA6就是其中的一部分。但這其實是多種因素共同作用的結果。

Let me talk you through those, a little bit. When we issued our initial guidance, we believe Q1 would be down mid-single digits year over year, from a market perspective in the US.

讓我稍微跟你講一下這些。當我們發布初步指引時，我們認為從美國市場的角度來看，第一季的銷售額將年減中個位數。

What we've seen is the broader accessories market is down 16% for Q1. And headsets and third-party controllers are actually down more than 20% through Q1.

我們看到，第一季整體配件市場下跌了 16%。截至第一季度，耳機和第三方控制器的銷量實際上下降了 20% 以上。

When we think about starting from that basis on Q1, going forward, remember, we guided prior to the tariff setting, prior to a lot of the consumer sentiment data that's come out. And we think that those challenges have to be considered, as we look at the full year.

當我們考慮從第一季的基礎開始向前看時，請記住，我們在製定關稅之前、在大量消費者情緒數據公佈之前就做出了指導。我們認為，放眼全年，必須考慮這些挑戰。

That being said, we do think the market is going to improve, as we go through the year, from a comp perspective. And if you look at how the model is built, we think that Q2's comps will improve to being down in the mid-teens year over year on accessories. And that's going to be driven by Nintendo Switch 2 launching in June.

話雖如此，從比較的角度來看，我們確實認為，隨著時間的推移，市場將會改善。如果你看一下模型是如何建構的，我們認為第二季的配件銷售額將比去年同期下降百分之十幾。這將受到 6 月 Nintendo Switch 2 發布的推動。

And then, when you look at the back half of the year, Q3, Q4, we've got that modeled now of being down mid-single digits on a percentage basis versus up mid-single digits on a percentage basis year over year.

然後，當您查看下半年，即第三季度和第四季度時，我們現在得到的模型是，與去年同期相比，按百分比計算，下降了中等個位數，而按百分比計算，則上升了中等個位數。

So when you put all those quarters together, it puts the year down about 10% to 12% for the gaming accessories markets that we play in, here in the US. And that's about a 15% difference from what we had planned of being up low to mid-single digits, from a market perspective in '25.

因此，如果將所有這些季度的數據放在一起，那麼我們在美國所涉足的遊戲配件市場今年的銷售額將下降約 10% 至 12%。從 2025 年的市場角度來看，這與我們計劃的低至中等個位數成長相比，大約有 15% 的差異。

So that's the driver in that $50 million; the set of drivers that are combining to make that. That being said, we feel great about 26%.

這就是 5000 萬美元的驅動力；一系列驅動因素共同作用，最終實現這一目標。話雖如此，我們對 26% 感到很滿意。

And when you look ahead to what is happening in the gaming market, you're going to have the full effect of Switch 2. It will be rolling at that point. You're going to have games like Battlefield and GTA 6 coming in in the spring of next year.

當你展望遊戲市場的發展時，你會感受到 Switch 2 的全部影響。到那時它就會開始滾動。明年春季將會推出《戰地》和《GTA 6》等遊戲。

So this isn't any kind of a long term, this is more of a delay in what that demand list is going to look like, but it does impact '25. And that's why you see the adjustment in the numbers.

所以這不是一個長期問題，更多的是需求清單的延遲，但它確實會影響 25 年。這就是你看到數字調整的原因。

Now, I'll turn it over to Mark here for comments on the gross margin.

現在，我將把問題交給馬克，請他評論一下毛利率。

Gross margins in the first quarter were very strong. We came in at over 6%. Looking forward to the rest of the year.

第一季的毛利率非常高。我們的比率超過了 6%。期待今年剩餘的時間。

We put out our long-term financial targets saying that our goal is to be at mid- to high-30s. We still expect those levels.

我們提出了長期財務目標，表示我們的目標是達到 35 至 39 歲。我們仍然期待這些水平。

In the second quarter, there will be a little bit of pressure, as we see lower revenue. We do expect to see some impact from tariffs.

由於第二季收入下降，我們面臨一些壓力。我們確實預計關稅會產生一些影響。

In addition, there will be some one-time costs or some additional investments associated with the moves that we mentioned today. But one really important note is that we moved very quickly, once everything happened on tariff day.

此外，我們今天提到的措施還會涉及一些一次性成本或一些額外投資。但真正重要的是，一旦關稅日一切都塵埃落定，我們就會迅速採取行動。

And we have executed extremely well to put us in a great position to be able to recover on the margin side throughout the rest of this year.

我們的執行非常出色，使我們處於有利地位，能夠在今年剩餘時間內恢復利潤率。

Mark, does that put June at, like, 34%, 33%, 35%? What were you, guys, targeting?

馬克，那麼 6 月的成長率是不是會是 34%、33% 或 35% 呢？你們的目標是什麼？

We should be down to the low-30s in the second quarter, with us being able to build up from there through Q3 and Q4.

我們應該會在第二季降至 30 出頭，然後從那裡開始在第三季和第四季逐漸回升。

Got it. And then, lastly, is the company taking any further cost controls or cost cuts, given the renewed look at 2025?

知道了。最後，考慮到 2025 年的新情勢，公司是否會採取進一步的成本控製或削減措施？

Yeah. We've been on executing on that strategy for some time now. We do think there's more opportunities.

是的。我們已經執行該戰略有一段時間了。我們確實認為還有更多機會。

When we did the acquisition of PDP last year, we were able to recognize synergies above our original projections. And I really have to give credit to our team of really finding those opportunities to drive cost synergies.

當我們去年收購 PDP 時，我們能夠認識到超越我們最初預測的協同效應。我真的必須讚揚我們的團隊真正找到了推動成本綜效的機會。

And as we look forward, it is a very dynamic environment with the transfers that we're making in our production. And we believe that there's going to be opportunities there, as we make those moves, to really find more reductions.

展望未來，隨著我們在生產中進行的轉變，我們將面臨一個非常活躍的環境。我們相信，隨著我們採取這些舉措，將有機會真正實現更多的減排。

We factored that into our guidance. But we'll continue down that same path.

我們已將此納入我們的指導之中。但我們將繼續沿著同樣的道路前進。

And two items to note, which is we do expect strong growth for 2026. We want to make sure that we have the team and the investments there.

有兩點需要注意，那就是我們確實預計 2026 年將實現強勁成長。我們希望確保我們在那裡擁有團隊和投資。

And then, second of all, in the second quarter, based on the actions that we've taken, there will be a little bit of investment in Q2, as we finish up the plans to migrate some of the manufacturing and make sure that we're set up to be able to execute for the second half of the year.

其次，在第二季度，根據我們採取的行動，我們將在第二季度進行一些投資，因為我們將完成遷移部分製造業的計劃，並確保我們能夠在今年下半年執行。

Sean McGowan, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Sean McGowan。

Yeah. I want to focus on a couple of things, too, on the guidance reduction. Some of these things that are affecting your outlook, I'm sure, are not only out of your control. But, like, there's no way they're reversing. GTA 6 isn't coming back into this year.

是的。我也想重點談談關於指導減少的幾件事。我確信，影響你觀點的某些事情不僅僅是你無法控制的。但是，他們不可能逆轉局勢。GTA 6 今年不會回歸。

But the impact of tariffs and the related impact on consumer sentiment, that could be fluid. So the question is: To what extent are you able to recover with production and shipments, if there is a positive switch to some of those factors? Or at some point, you can't make it any more -- but what kind of flexibility do you have to rebound, if this change?

但關稅的影響以及對消費者情緒的相關影響可能會不穩定。所以問題是：如果某些因素出現正向轉變，您的生產和出貨量能夠在多大程度上恢復？或者在某個時候，你無法再做到這一點——但是，如果這種情況發生變化，你有什麼樣的靈活性來反彈？

Sean. Great question. And we are ready to go should that happen.

肖恩。好問題。如果發生這種情況，我們已經做好準備。

We mentioned that we stocked up on some inventory. So we're in a very strong inventory position, right now. if anything happens short term because, at any day, there could be a tariff announcement that provides some relief.

我們提到我們儲備了一些庫存。因此，我們現在的庫存狀況非常強勁。如果短期內發生任何事情，因為在任何一天，都可能有關稅公告提供一些緩解。

So we wanted to give you the color on our assumptions on the market being down 10% to 12% for accessories for the full year in the categories that we play because if it does improve, clearly, we'll be recovering some of that adjustment in the guidance.

因此，我們想向您說明我們對市場全年下跌 10% 至 12% 的假設，因為如果情況確實有所改善，顯然我們將在指導中恢復部分調整。

But, at this point, without that visibility, we felt that we wanted to give you the assumptions behind the change. And then, as we go through the year and we see those adjustments, we'd be ready to go.

但是，目前，由於缺乏這種可見性，我們覺得我們想向您提供變化背後的假設。然後，隨著我們度過這一年並看到這些調整，我們就會做好準備。

But, as far as the supply demand increase coming in from markets improving, we would be completely ready to go for that, should that occur.

但是，只要市場改善導致供應需求增加，我們將做好充分準備迎接這種情況。

Okay. That's helpful. And as you if you map out your planning -- and I appreciate how difficult this is when, any day, there could be a switch -- what is the tariff assumption for Vietnam that you are baking into your own projections, at this point? Is it anything like what has been proposed? Or are you assuming something different?

好的。這很有幫助。如果您制定計劃的話——我知道這很困難，因為隨時都可能發生變化——目前，您在自己的預測中考慮到的越南關稅假設是什麼？它和已經提議的一樣嗎？還是你假設了不同的事情？

Great question. It's exactly what we have today.

好問題。這正是我們今天所擁有的。

What's in the guidance are today's tariff conditions. And that includes what we're seeing in Taiwan, right now. And the exemptions that are in place in Taiwan, right now. If that were to change, we stand ready with our mitigation plans ready to go.

指南中的內容是今天的關稅條件。其中包括我們現在在台灣看到的情況。以及目前台灣實施的豁免政策。如果情況發生變化，我們已做好準備，並制定了緩解計畫。

And we know exactly the actions we would take, should those decrease or increase. So that's one of those that once the tariff is concluded -- the negotiations are concluded -- we stand ready to go to make those adjustments.

我們清楚地知道，如果這些數字減少或增加，我們將採取什麼行動。因此，一旦關稅確定，談判結束，我們就準備好進行調整。

Okay. You're not assuming the rate that was originally thrown out there in that voodoo math, you're assuming what's actually in place?

好的。您並不是假設最初在巫術數學中拋出的利率，而是在假設實際存在的利率？

It's what we have today. That's correct. And when we look at the relative risk between Vietnam and China, we feel like we're in a strong position, taking that approach that we're executing to now.

這就是我們今天所擁有的。沒錯。當我們觀察越南和中國之間的相對風險時，我們覺得我們處於有利地位，採取我們現在正在執行的方法。

But if it were to go back up at a higher rate, we stand ready to go with our mitigation plans there.

但如果經濟以更高的速度回升，我們就準備好實施緩解計畫。

Okay. That's helpful. One other question. Was PDP up during the quarter on a pro forma basis?

好的。這很有幫助。還有一個問題。以備考基礎計算，本季的 PDP 是否有上漲？

On a pro forma basis, they were pretty much along the lines of the market, right? The market, as we mentioned, was down over 20% for those key categories the PDP products we're playing in, particularly controllers.

從形式上看，它們與市場基本一致，對嗎？正如我們所提到的，我們所涉足的 PDP 產品主要類別（尤其是控制器）的市場下跌了 20% 以上。

Third-party controllers were down, over 20%. They were right in line with the performance of the market.

第三者控制器癱瘓，超過 20%。它們與市場的表現完全一致。

Martin Yang, Oppenheimer & Co..

馬丁楊，奧本海默公司

Some of my questions regarding tariffs have been answered. So I'll ask about pricing.

我關於關稅的一些問題已經得到解答。所以我會問價格。

Does the current revised guidance imply any potential pricing adjustments throughout the year? .

目前修訂後的指南是否意味著全年可能會進行任何價格調整？。

Martin, thanks for the question. It does include the pricing adjustments that we've already gone out and communicated with our partners.

馬丁，謝謝你的提問。它確實包括我們已經與合作夥伴溝通過的價格調整。

We took quick action on that. And there will be some pricing adjustments going into place to mitigate the tariffs that are currently in place.

我們對此迅速採取了行動。並且將會實施一些價格調整來降低現行的關稅。

And that's why you don't see, really -- from a margin standpoint and from an EBITDA perspective, it's pretty much in line with the revenue drop, taking into consideration our fixed cost leverage.

這就是為什麼你實際上看不到——從利潤率和 EBITDA 的角度來看，考慮到我們的固定成本槓桿，它與收入下降基本一致。

So there's no real changes from what we announced in our initial guidance to the impact of the tariffs for us. And that's a combination of the cost reduction activities the team's taking, in addition to these pricing adjustments.

因此，與我們在最初指導中宣布的關稅對我們的影響相比，並沒有真正的變化。除了這些價格調整之外，這也是團隊採取的成本削減活動的組合。

But those pricing adjustments are already in the guidance. If there is changes to the current tariff situation, we'll be taking additional actions on price to address those. .

但這些價格調整已經在指導中了。如果當前關稅情況發生變化，我們將採取額外的價格措施來應對。。

Got it. Can you share with us the range of pricing adjustments you have communicated? .

知道了。您能否與我們分享您所傳達的價格調整範圍？。

Yes. It's really -- we hate raising prices. This is not a situation that we want to be in. But, unfortunately, we're really left with no choice.

是的。確實——我們討厭漲價。這不是我們想要的局面。但不幸的是，我們真的別無選擇。

It really varies category by category. And we look at it holistically. So there's not really a range I can give you.

它確實因類別而異。我們會從整體來看這個問題。所以我實際上無法給你一個範圍。

And it does vary -- there's some products where we're absorbing the entirety of the hit. And there's other products where we have to share some of that impact from the tariff. So it really varies by category. .

而且情況確實有所不同——有些產品我們承受了全部衝擊。我們也必須承擔其他產品受到關稅的部分影響。所以它確實因類別而異。。

Got it. Another question on the supply chain. You talked about the swift transition to Vietnam getting to US as potentially a competitive advantage. Can you broadly talk about what goes into your swift decision and execution? And how others may not be able to do so?

知道了。關於供應鏈的另一個問題。您談到越南向美國快速轉型可能是一種競爭優勢。您能否大致談談您迅速做出決定並執行的原因？而其他人怎麼可能做不到呢？

Sure. Yeah. I can speak for Turtle Beach. We've been really tracking this for years.

當然。是的。我可以代表 Turtle Beach 發言。我們已經追蹤這個問題很多年了。

The first administration, we took many steps five or six years ago to diversify our supply chain, particularly the Vietnam. And as we saw the potential for tariffs coming late last year, we started to put into place some additional purchases to make sure that we had a sufficient stock, if we needed to bridge any transitions.

第一屆政府在五、六年前就採取了許多措施來實現我們的供應鏈多元化，特別是越南。當我們看到去年年底可能出現的關稅時，我們開始進行一些額外的採購，以確保我們有足夠的庫存，以應對任何過渡。

So that turned out to be a very good decision and a great action by the team -- to do that. And then, immediately when the Liberation Day tariffs went into effect, we took the decision to then go ahead and action the mitigation plans that we had in place to shift those products and to move that production.

事實證明，這是一個非常好的決定，也是團隊採取的偉大舉措。然後，解放日關稅生效後，我們立即決定繼續實施我們制定的緩解計劃，以轉移這些產品並轉移生產。

And that's why -- really starting with the end of Q1, if you look at our go-forward purchases, it's less than 10% that's coming from China for the US this year. And I think I've seen some of the other numbers out there.

這就是為什麼——實際上從第一季末開始，如果你看看我們的未來採購量，你會發現今年來自中國的採購量不到 10%。我想我已經看到了一些其他的數字。

I'm not sure anyone else is able to move that quickly. This is one great thing about our team here. We're a global team. But we're still a fairly small team. And we can move very quickly and make those decisions and act on them.

我不確定是否有人能夠行動得這麼快。這是我們團隊的偉大之處。我們是一個全球性的團隊。但我們仍然是一個相當小的團隊。我們可以迅速採取行動，做出決定並採取行動。

And I'm just so proud of what the team has been able to do here to put us in that position.

我為團隊所做的努力讓我們處於這樣的位置感到非常自豪。

(Operator Instructions)

（操作員指示）

Jack Vander Aarde, Maxim Group LLC.

傑克范德阿德 (Jack Vander Aarde)，Maxim 集團有限責任公司。

This is Jack Codera, on for Jack Vander Aarde. Can you, guys, provide any additional color on what you're expecting, in terms of the scope of the onetime costs?

我是傑克‧科德拉 (Jack Codera)，取代傑克‧范德阿爾德 (Jack Vander Aarde)。各位，就一次性成本的範圍而言，你們能否提供更多關於你們預期的資訊？

And then, I think you mentioned you, guys, have already transitioned. So if the number is correct, less than 10% of products are going to be produced in China -- can you give any color on that existing chunk? Is that chunk going to have any lasting impact on gross margin?

然後，我想你們有提到過，你們已經轉變了。因此，如果這個數字是正確的，那麼將有不到 10% 的產品在中國生產——您能對這一現有份額做出任何說明嗎？這部分收入會對毛利率產生持久影響嗎？

Sure. Yeah. The one-time costs, there's some transition costs in there. We do have some tariff impact.

當然。是的。一次性成本中還包含一些過渡成本。我們確實受到一些關稅影響。

As we mentioned in the call in Q1 or Q4 call, there's several million dollars of tariff impact that we're continuing to carry. It's a 150 basis points or so hit there that you'll see in the numbers.

正如我們在第一季或第四季的電話會議中提到的那樣，我們將繼續承擔數百萬美元的關稅影響。您可以從數字上看到，其跌幅約為 150 個基點。

So those are really the extent of those charges.

這就是這些指控的真正範圍。

And can you repeat the second part of your question, Jack?

傑克，你能重複你問題的第二部分嗎？

The remaining part of products that -- I don't know if you just haven't transitioned them out of China or you expect that they'll stay in there. Do you expect any lasting impact on gross margin from those products?

其餘產品——我不知道您是否還沒有將它們轉移出中國，或者您是否預計它們會留在中國。您預計這些產品會對毛利率產生持久影響嗎？

Sure. It depends on how the tariff situation plays out, obviously. But that's about 6% of our total purchases; globally; globally, now, as (inaudible) works out to.

當然。顯然，這取決於關稅情況如何發展。但這約占我們總購買量的 6%；全球範圍內；從全球範圍來看，現在（聽不清楚）已經取得了進展。

So it's a very small portion of our portfolio. I don't anticipate that there would be any long-lasting impacts, if the tariffs were to remain there.

所以它只占我們投資組合的一小部分。如果關稅保持不變，我預計不會產生任何長期影響。

Those are in categories that I believe, competitively, there's going to be a lot of folks that are in that same boat. So, no, I don't anticipate any long-term gross margin impacts from that remaining 10% -- or under 10% production in China for the US.

我相信，在競爭激烈的這些類別中，會有很多人處於同樣的境地。所以，我預計剩下的 10%（或低於 10% 的美國產品在中國生產）不會對長期毛利率產生任何影響。

Okay. That's helpful. And then one more question. You mentioned back half-loaded seasonality. But given that we're already a bit through 2Q, do you have any view, qualitatively, how consumer dynamics are changing? Are they being more cautious? Are they buying to avoid increased costs? Any color there would be helpful.

好的。這很有幫助。還有一個問題。您之前提到過半負荷的季節性。但考慮到我們已經度過了第二季度，您是否從品質上看待消費者動態如何變化？他們是否變得更加謹慎了？他們購買是為了避免成本增加嗎？任何顏色都會有幫助。

Sure. Seasonality-wise, I do believe it's going to look more like last year. We started initially looking at the year, prior to the tariff announcements, prior to what we've seen in Q1 -- we looked at this as something that would be more like a 2019 pre-pandemic seasonality but with some acceleration in the back half of the year.

當然。從季節性來看，我確實相信它會更像去年。我們最初開始關註今年的情況，在關稅公告發布之前，在我們第一季看到的情況之前——我們認為這更像是 2019 年疫情前的季節性，但下半年會有所加速。

What we're seeing looks much more like last year. I do think we'll see some lift. And that's why we're saying we think the market is going to improve each quarter this year.

我們所看到的情況與去年的情況更加相似。我確實認為我們會看到一些提升。這就是為什麼我們認為今年市場每季都會好轉。

Because of Switch 2 and what that's going to bring to gaming and the other game releases that are going to be coming out here this year. So that should continue to improve.

因為 Switch 2 以及它將為遊戲和今年即將發布的其他遊戲帶來的變化。所以這應該會繼續改善。

But I think seasonality-wise, I would look to last year. And that's roughly what we're assuming we're going to see, with some benefit in the back half.

但我認為從季節性角度來看，我會關注去年。這大致上就是我們假設會看到的情況，後半部還會有一些好處。

As far as consumer behavior, as you can see from the Q1 numbers, we're not really seeing a lot of folks buying ahead. Those are before the tariff purchases, of course -- or the tariff announcements, rather.

就消費者行為而言，正如您從第一季的數據中看到的那樣，我們並沒有看到很多人提前購買。當然，這些都是在關稅購買之前——或者更確切地說，是在關稅公告之前。

So when you look at April, we haven't really seen a lot of (inaudible) behavior, either from consumers or retailers buying ahead of tariffs, at this point.

因此，當您看四月時，我們目前還沒有看到很多（聽不清楚）行為，無論是消費者還是零售商在關稅前購買。

Sean McGowan, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Sean McGowan。

Yeah. So I wanted to talk a little bit about your comments regarding -- I think you said taking some product in in anticipation of the tariffs; or just the general comment you made about being ready to move quickly, if there is a change in the outlook.

是的。所以我想稍微談談你關於——我想你說過為了應對關稅而進口一些產品；或者只是一般性評論，如果前景發生變化，您準備迅速採取行動。

How do I square that with the fact that your inventory is really not up that much year over year. And that's one of the ways we're able to generate so much cash?

我該如何解釋這一事實，因為事實上您的庫存實際上並沒有逐年增加那麼多。這是我們能夠賺取如此多現金的方法之一嗎？

But is there inventory sitting with suppliers that's not on your books? Like, how can you have that flexibility, if you don't have the inventory?

但是，是否有庫存存放在供應商那裡，但卻沒有記錄在您的帳簿上呢？例如，如果沒有庫存，你怎麼能擁有這種彈性？

No. A key factor, Sean -- it's a great point -- is that a lot of the inventory we had last year was directly after the PDP acquisition. A lot of that inventory was product that we're no longer selling.

不。肖恩，一個關鍵因素——這是一個很好的觀點——是我們去年擁有的許多庫存都是在收購 PDP 之後直接獲得的。很多庫存都是我們不再銷售的產品。

So there was some slow moving goods. Any time you do an acquisition like that, you end up clearing through a good portion of inventory that's not really a replenishment good.

因此有些商品銷量不佳。每當你進行這樣的收購時，你最終都會清理掉很大一部分實際上並不是補貨的庫存。

And we've done a lot of that work over the last year. So how we would characterize it is the inventory we have now is, by and large, highly replenishment-based inventory.

去年我們做了很多這樣的工作。因此，我們將其描述為，我們現在擁有的庫存基本上是高度基於補貨的庫存。

And we don't have a lot of that slow moving really left with us. We've cleared a lot of that in the past year.

我們確實沒有留下太多緩慢的行動。在過去的一年裡我們已經解決了許多問題。

So the quality of inventory we have, at this point, and the categories that we leaned into knowing what the situation might look like if we needed to move, that's where we've lean into, from an inventory purchase standpoint.

因此，從庫存採購的角度來看，我們目前擁有的庫存品質以及我們傾向於了解如果需要轉移的情況的類別，這就是我們所傾向的。

So I would say that the product mix of that inventory is much more favorable for us, at this point.

因此我想說，目前該庫存的產品組合對我們來說更為有利。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session.

謝謝。女士們、先生們，問答環節已經結束。

I would now like to turn the floor over to Cris Keirn for closing comments.

現在我想請克里斯凱恩 (Cris Keirn) 發表最後評論。

Thank you, everyone, for joining our call today.

感謝大家今天參加我們的電話會議。

We appreciate your interest in the company. Have a great day.

我們感謝您對我們公司的關注。祝你有美好的一天。

Thank you. This concludes today's teleconference.

謝謝。今天的電話會議到此結束。

You may disconnect your lines , at this time. Thank you for your participation.

此時您可以斷開線路。感謝您的參與。