Turtle Beach Corp (TBCH) 2025 Q2 法說會逐字稿

welcome to Turtle Beach Corporation second quarter 2025 conference call. (Operator Instructions)

歡迎參加 Turtle Beach Corporation 2025 年第二季電話會議。（操作員指示）

As a reminder, the conference is being recorded. I will now turn the call over to Jacques Cornet from the investor relations team. Jacques, you may begin.

提醒一下，會議正在錄製中。現在我將把電話轉給投資者關係團隊的 Jacques Cornet。雅克，你可以開始了。

Thank you, operator. On today's call, we'll be referring to the press release filed this afternoon that details the company's second 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. Finally, a recording of the call will be available on the events and presentations section of the company's Investor Relations website later today.

謝謝您，接線生。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 年第二季度的業績，該新聞稿可在公司投資者關係網站 corp.turtlebeach.com 的新聞稿頁面上找到，您還可以在該網站上找到補充今天電話會議上討論的信息的最新收益報告。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. 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.

請注意，本次電話會議中的一些評論可能包含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，包含可能、將會、能夠、相信、期望、預期等詞語和類似表達，構成前瞻性陳述。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. 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.

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。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。本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. 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.

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根據美國公認會計原則或 GAAP 編制的資訊的補充。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克里斯凱恩 (Cris Keirn) 和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, and thank you for joining our second quarter 2025 earnings call. Turtle Beach entered Q2 with three primary objectives. First, to deliver Q2 results while navigating a quickly evolving environment, and set up a robust structure for the remainder of the year to support our 2025 full year guidance.

謝謝，雅克。大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。Turtle Beach 在進入第二季時有三個主要目標。首先，在快速變化的環境中取得第二季的業績，並為今年剩餘時間建立穩健的結構，以支持我們 2025 年全年的指導。

Second, to advance our capital allocation strategy objectives, including stock buybacks and a reduction of high-cost debt. Third, to pursue a comprehensive refinancing of our credit facilities that would significantly strengthen our capital structure.

第二，推動我們的資本配置策略目標，包括股票回購和減少高成本債務。第三，對我們的信貸進行全面再融資，這將大大加強我們的資本結構。

I'm pleased to report that the company has successfully delivered on all three of these objectives. As a result, our business is well positioned to capitalize on the exciting upcoming gaming cycle that we believe will deliver strong growth in 2026.

我很高興地報告，公司已成功實現所有這三個目標。因此，我們的業務已做好準備，充分利用即將到來的令人興奮的遊戲週期，我們相信該週期將在 2026 年實現強勁增長。

For the first of our Q2 objectives, Turtle Beach executed on several fronts, working collaboratively with our customers and supply base. Our teams enacted multiple tariff mitigations in Q2, including optimization of cost structures and product mix, selective retail price adjustments, and an expedited shift of some production to Vietnam.

對於我們第二季的第一個目標，Turtle Beach 在多個方面進行了努力，與我們的客戶和供應基地進行了合作。我們的團隊在第二季度實施了多項關稅減免措施，包括優化成本結構和產品組合、選擇性調整零售價格以及加速將部分生產轉移到越南。

We continue to adapt our plans as necessary to improve overall margins and support timely launches for the exciting new gaming accessories we're bringing to market in the coming months. As a result of these actions by the team, we are reiterating our guidance for full year 2025 revenue in the range of $340 million to $360 million, with adjusted EBITDA in the range of $47 million to $53 million.

我們將繼續根據需要調整計劃，以提高整體利潤率，並支持在未來幾個月內及時推出令人興奮的新遊戲配件。由於團隊採取的這些行動，我們重申對 2025 年全年收入的預期，即 3.4 億美元至 3.6 億美元之間，調整後的 EBITDA 為 4700 萬美元至 5300 萬美元之間。

As we continue to adjust in this dynamic environment, we have slightly modified our previous supply outlook and now anticipate that less than 15% of our total US supply will be produced in China after Q1, up from approximately 10% as discussed in our previous earnings call. Our reiterated guidance and ongoing mitigations consider the new Vietnam tariff rate of 20%, and we have largely mitigated our exposure to any potential changes in US tariff rates for China.

隨著我們繼續適應這種動態環境，我們略微修改​​了先前的供應前景，現在預計第一季後我們在美國的總供應量將不到 15% 在中國生產，高於我們上次財報電話會議上討論的約 10%。我們重申的指導方針和持續的緩解措施考慮了越南新的 20% 關稅稅率，並且我們在很大程度上減輕了美國對中國關稅稅率任何潛在變化的影響。

Turning to our next objective of advancing our capital allocation strategy, after announcing a new $75 million share repurchase authorization in May, we amended our prior debt agreement in June to allow for additional share repurchases in the second quarter. In total, we repurchased approximately $5 million of stock at an average purchase price of $13.47.

談到我們推動資本配置策略的下一個目標，在 5 月宣布新的 7,500 萬美元股票回購授權後，我們於 6 月修改了先前的債務協議，以允許在第二季進行額外的股票回購。總體而言，我們以平均 13.47 美元的購買價格回購了約 500 萬美元的股票。

Moving forward, share repurchases will continue to be an integral part of our capital allocation strategy, as they underscore our confidence in the future of Turtle Beach and our dedication to returning capital to shareholders. Completion of our third objective was realized in the announcement earlier this week of a comprehensive refinancing of our term loan and credit facility.

展望未來，股票回購將繼續成為我們資本配置策略的重要組成部分，因為它彰顯了我們對 Turtle Beach 未來的信心以及我們致力於向股東返還資本的決心。我們本週稍早宣布對定期貸款和信貸額度進行全面再融資，完成了我們的第三個目標。

The new terms include a reduced interest rate of approximately 450 basis points from our prior term loan, an extended term, and greater operational flexibility. This refinancing marks a significant milestone for the company and enables us to realign our financial strategies with our goal of delivering sustained value and growth. Our three pillars of capital allocation, which are investments in organic growth, share repurchases, and accretive M&A, remain key areas of focus for us at Turtle Beach.

新條款包括比我們之前的定期貸款降低約 450 個基點的利率、延長期限以及提高營運靈活性。此次再融資是公司的一個重要里程碑，使我們能夠重新調整財務策略，以實現持續的價值和成長的目標。我們的資本配置三大支柱，即對有機成長的投資、股票回購和增值性併購，仍是 Turtle Beach 的重點領域。

Looking ahead at the gaming accessories markets, as expected, we have seen improvements in year-on-year market comps in Q2. While our guidance still anticipates that the markets for headsets and third-party controllers will remain down for the full year 2025, we are looking forward to continued improvement at comps for the second half of the year and strong growth in 2026.

展望遊戲配件市場，正如預期的那樣，我們看到第二季的年比市場表現有所改善。雖然我們的指導意見仍預期耳機和第三方控制器市場在 2025 年全年仍將保持低迷，但我們期待下半年的業績繼續改善，並在 2026 年實現強勁增長。

Nintendo Switch 2 set a new record for the most hardware sold in a launch month, and we believe its continued success will provide tailwinds for accessory sales for years to come in this new generation of hardware.

Nintendo Switch 2 創下了上市月份硬體銷售的新紀錄，我們相信它的持續成功將為未來幾年新一代硬體的配件銷售提供助力。

The exciting 2026 launch of GTA VI will be another meaningful growth catalyst, with massive expectations for high gamer engagement, which we have seen to be a key driver for gaming accessory purchases. Improving market comps, strong underlying fundamentals of a growing gamer base, and expanding engagement with next-generation systems make us optimistic for the upcoming multi-year growth cycle in the gaming industry. With that, I will now turn the call over to Mark, who will take us through the quarterly financials. Mark?

2026 年即將推出的令人興奮的《GTA VI》將成為另一個有意義的成長催化劑，人們對高玩家參與度抱有很高的期望，我們已經看到這是遊戲配件購買的主要驅動力。不斷改善的市場競爭力、不斷增長的遊戲玩家群體的強勁基本面以及對下一代系統的不斷擴大的參與，使我們對遊戲產業即將到來的多年增長週期充滿樂觀。說完這些，我現在將電話轉給馬克，他將向我們介紹季度財務狀況。標記？

Thank you, Chris. As Chris mentioned, we made significant progress on our second quarter objectives, meeting our full year guidance, returning capital to shareholders, and completing a comprehensive refinancing. While second quarter revenue of $56.8 million reflected dampened market conditions within the gaming accessories industry, we are well positioned to deliver on our full year revenue guidance of $340 million to $360 million. We are seeing improving market trends and believe second half results will strengthen.

謝謝你，克里斯。正如克里斯所提到的，我們在第二季的目標上取得了重大進展，達到了全年預期，向股東返還了資本，並完成了全面的再融資。儘管第二季 5,680 萬美元的收入反映了遊戲配件行業低迷的市場狀況，但我們仍有望實現 3.4 億至 3.6 億美元的全年收入預期。我們看到市場趨勢正在改善，並相信下半年的業績將會增強。

Gross margins for the second quarter were 32%, compared to 30% in the prior year, and demonstrated the execution of our ongoing cost optimization initiatives despite a reduction in revenue. Heading into the quarter, we anticipated direct and indirect cost impacts as we shifted some production to Vietnam.

第二季的毛利率為 32%，而去年同期為 30%，這表明儘管收入減少，我們仍在執行持續的成本優化計劃。進入本季度，我們預計由於將部分生產轉移到越南，將產生直接和間接的成本影響。

In the second quarter, direct tariff costs had a roughly 150 basis point impact on our gross margins. We expect the direct tariff impact to be roughly similar for the full year, subject to future tariff levels. Our ability to expand operating leverage is also evident in the quarter through our control of operating expenses.

第二季度，直接關稅成本對我們的毛利率產生了約 150 個基點的影響。我們預計，全年的直接關稅影響大致相同，但取決於未來的關稅水準。透過控制營運費用，我們擴大營運槓桿的能力在本季也得到了體現。

In the second quarter, operating expenses were $18.6 million, or 33% of revenue, compared to 36% in the prior year period. As we efficiently scale revenue in the future, we expect to convert revenue growth into higher profitability levels.

第二季度，營運費用為 1,860 萬美元，佔營收的 33%，而去年同期為 36%。隨著我們未來有效地擴大收入，我們期望將收入成長轉化為更高的獲利水準。

In the second quarter, we realized a $6 million insurance recovery, which was incremental to the $3.4 million we realized in the first quarter. Approximately $9.4 million was received in cash, and we do not expect further proceeds at this time. The recovery relates to the previously communicated inventory loss in transit.

第二季度，我們實現了 600 萬美元的保險賠償，比第一季的 340 萬美元有所增加。我們收到了大約 940 萬美元的現金，目前我們預計不會有進一步的收益。此次追償與先前通報的運輸途中的庫存損失有關。

Our second quarter 2025 adjusted EBITDA loss was $3 million below the prior year, primarily due to the lower revenues in the period. I would like to note that our improved flexibility and operating structure helped mitigate the impact of lower revenues. We expect a notable increase in adjusted EBITDA throughout the second half of the year, and are guiding to generate between $47 million and $53 million in adjusted EBITDA for the full fiscal year.

我們 2025 年第二季的調整後 EBITDA 虧損比前一年減少 300 萬美元，主要原因是該期間收入較低。我想指出的是，我們改進的靈活性和營運結構有助於減輕收入下降的影響。我們預計下半年調整後的 EBITDA 將顯著增加，並預計全年調整後的 EBITDA 將達到 4,700 萬美元至 5,300 萬美元之間。

With respect to our liquidity and capital allocation objectives for the quarter, we are happy to discuss our progress. First, as we announced on Monday, we successfully refinanced our existing revolving credit facility and term loan. The new $150 million facility is comprised of a $90 million revolving credit facility and a $60 million term loan, replacing the prior debt arrangements and providing additional capacity. This significant milestone strengthens our capital structure, providing a lower cost of capital and enhanced financial flexibility.

關於本季的流動性和資本配置目標，我們很高興討論我們的進展。首先，正如我們週一宣布的那樣，我們成功地為現有的循環信貸額度和定期貸款進行了再融資。新的 1.5 億美元貸款包括 9,000 萬美元的循環信貸額度和 6,000 萬美元的定期貸款，取代了先前的債務安排並提供額外的容量。這一重要里程碑加強了我們的資本結構，降低了資本成本並增強了財務靈活性。

Under the terms of the new loan agreement, we have reduced our base interest rate on the term loan by approximately 450 basis points, resulting in an annual dollar cost savings of over $2 million. Additionally, this refinancing removes certain limitations on our ability to buy back stock, acquire assets, and operate our business. As we continue scaling our business and delivering shareholder value, we believe this refinancing is an essential step in driving our capital allocation strategy.

根據新貸款協議的條款，我們將定期貸款的基準利率降低了約 450 個基點，每年節省了 200 多萬美元的成本。此外，此次再融資消除了我們回購股票、收購資產和營運業務的能力的某些限制。隨著我們繼續擴大業務規模並為股東創造價值，我們相信此次再融資是推動我們資本配置策略的重要一步。

As of June 30, our net debt was $51.6 million, comprised of $63.3 million of outstanding debt and over $11.7 million of cash. Since the refinancing was only recently completed, our balance sheet as of June 30 does not reflect the new facility.

截至 6 月 30 日，我們的淨債務為 5,160 萬美元，其中包括 6,330 萬美元的未償債務和超過 1,170 萬美元的現金。由於再融資剛剛完成，我們截至 6 月 30 日的資產負債表並未反映新的融資。

Additionally, during the quarter, we returned approximately $5 million to shareholders under our recently authorized $75 million share repurchase program. Over the past six quarters, we have repurchased $35 million of stock, underscoring our ongoing commitment to deliver value to our shareholders. With increased flexibility under our new debt agreements, we have the ability to remain active in the market using share buybacks as a key lever to return capital to our shareholders.

此外，在本季度，我們根據最近授權的 7,500 萬美元股票回購計畫向股東返還了約 500 萬美元。在過去的六個季度中，我們回購了價值 3,500 萬美元的股票，彰顯了我們持續致力於為股東創造價值的承諾。憑藉新債務協議下更大的靈活性，我們有能力繼續活躍於市場，並利用股票回購作為向股東返還資本的關鍵槓桿。

In summary, based on our execution and outlook for the second half of the year, we are reiterating our prior full year guidance ranges. We expect full year 2025 revenue to be in the range of $340 million to $360 million, and full year 2025 adjusted EBITDA to be in the range of $47 million to $53 million. We anticipate approximately two-thirds of our total annual revenue to come in the second half of 2025, and approximately 23% of the annual revenue to occur in Q3.

總而言之，根據我們下半年的執行情況和展望，我們重申先前的全年指引範圍。我們預計 2025 年全年營收將在 3.4 億美元至 3.6 億美元之間，2025 年全年調整後 EBITDA 將在 4,700 萬美元至 5,300 萬美元之間。我們預計，我們全年總收入的約三分之二將出現在 2025 年下半年，全年總收入的約 23% 將出現在第三季。

Gross margins for the third quarter are expected to return to our targeted levels of mid to high 30s. Overall, we are pleased with our ability to achieve our key objectives for the quarter and are excited about the remainder of the year. Our team's quick actions, nimbleness, and strong execution has Turtle Beach well positioned for success into 2026. With that, I would turn the call back to Chris. Chris?

預計第三季的毛利率將恢復到我們設定的目標水準 35% 至 36%。總體而言，我們對實現本季關鍵目標的能力感到滿意，並對今年剩餘時間的表現感到興奮。我們團隊的快速行動、敏捷性和強大的執行力使 Turtle Beach 為 2026 年的成功做好了準備。這樣，我就會把電話轉回給克里斯。克里斯？

Thanks, Mark. As we look ahead to the remainder of 2025 and into 2026, we are confident in our strengthened strategic positioning and are excited about the opportunities ahead as the outlook for gaming accessories continues to improve. We remain committed to our comprehensive strategy for innovation, execution, and growth.

謝謝，馬克。展望 2025 年剩餘時間和 2026 年，我們對加強的策略定位充滿信心，並對遊戲配件前景持續改善帶來的未來機會感到興奮。我們始終致力於創新、執行和成長的綜合策略。

Our focus for the rest of the year remains on delivering on this strategy to drive long-term value for all Turtle Beach stakeholders. As always, I want to extend my deepest appreciation to our amazing Turtle Beach team whose tremendous dedication is fundamental to our success. With that operator, we can open the call for Q&A.

我們今年剩餘時間的重點仍然是實施這項策略，為所有 Turtle Beach 利害關係人創造長期價值。像往常一樣，我要向我們出色的 Turtle Beach 團隊表示最深切的感謝，他們的非凡奉獻精神是我們成功的基礎。有了該接線員，我們就可以開始問答通話了。

(Operator Instructions) Sean McCowan, Roth Capital Partners.

（操作員指示）Sean McCowan，Roth Capital Partners。

Thank you. Hi guys. I want to start with, kind of a reflection on how much has changed since the last time you did a quarterly call. And on that call, as you were setting the full year guidance, you cited a number of factors that I guess had some uncertainty, the US economy, tariffs, and maybe not uncertainty, but the shift in Grand Theft Auto into next year.

謝謝。嗨，大家好。首先，我想回顧一下自上次進行季度電話會議以來發生了多大的變化。在那次電話會議上，當您制定全年指導方針時，您列舉了一些我認為存在不確定性的因素，例如美國經濟、關稅，也許不是不確定性，而是《俠盜獵車手》明年的轉變。

So could you comment on how you're viewing each of those? And when I say GTA, I mean kind of title releases in general. We have a little bit more clarity on that now. So those three factors that kind of drove your guidance at the beginning of the year, how are you feeling about each one of those?

那麼，您能否評論一下您如何看待這些呢？當我說 GTA 時，我指的是一般的遊戲發行。現在我們對此有了更清晰的認識。那麼，年初影響您做出指引的這三個因素，您對每個因素有何感想？

Hi Sean, great question. Thanks for the question there. When we think about those different areas that we're thinking about for guidance, starting with the economy, it's tracked fairly close to what we believed in our last earnings call that it would. When you look at, sort of the macroeconomic pressure, it still exists.

嗨，肖恩，好問題。感謝您的提問。當我們考慮那些我們正在考慮指導的不同領域時，從經濟開始，它與我們在上次收益電話會議上所相信的相當接近。如果你看一下，你會發現宏觀經濟壓力仍然存在。

And in the gaming sector in particular, we believe that we would see improvement, really driven by Switch 2 in June, which turned out to be a very successful launch. It was a record sales for the first month of hardware and gaming. Here in the US, I think 1.6 million units sold.

特別是在遊戲領域，我們相信會看到改善，這主要是由 6 月發布的 Switch 2 推動的，事實證明這款遊戲非常成功。這是硬體和遊戲第一個月的銷售記錄。在美國，我認為銷量為 160 萬台。

So really strong results out of the gate for Nintendo Switch 2. And what that did is it drove the market for gaming accessories, not only with Switch, but just general improvements in the market. If you recall, at the end of Q1, our main markets of headsets and third-party controllers were down over 20% year-to-date. At the end of Q2, those markets have improved, and they're down mid-teens year-to-date with sort of like high single-digit drops year-over-year in Q2. So that's right in line with where we believed we would be sitting at this point from an overall economy and a market standpoint.

因此，Nintendo Switch 2 的成績確實非常出色。它推動了遊戲配件市場的發展，不僅是 Switch，還推動了整個市場的整體改善。如果你還記得的話，在第一季末，我們的主要耳機和第三方控制器市場今年迄今下降了 20% 以上。在第二季末，這些市場已經有所改善，今年迄今為止，這些市場的跌幅已達到十幾歲左右，與去年同期相比，第二季的跌幅達到了高個位數。因此，這與我們認為從整體經濟和市場角度來看我們目前的處境完全一致。

On the tariff front, we recall it was a 10% tariff, sort of with an unresolved factor in it for Vietnam during our last call. And what we've seen since then and those went into effect today actually is those tariffs for Vietnam are now 20%.

在關稅方面，我們記得上次通話時關稅是 10%，這可能包含越南尚未解決的因素。從那時起我們看到的情況是，這些措施今天才生效，對越南徵收的關稅實際上是 20%。

We did factor in plans in our revised guidance for the year of that level of tariffs, and so from a planning standpoint and from a guidance standpoint, both the macroeconomy and the tariff situation has tracked very closely to our expectations. And so that's why we're reiterating guidance.

我們確實在修訂後的年度關稅水平指南中考慮了計劃，因此從規劃和指導的角度來看，宏觀經濟和關稅情況都與我們的預期非常接近。這就是我們重申指引的原因。

GTA VI remains to be a very positive factor when you look to the future. Well, it did move out of 2025, and we've accounted for that already with our adjustment in Q1. This is going to be a really fantastic game. It's going to be coming -- the current plan is May of 2026. It is going to be a major catalyst for new accessory purchases and just general gaming engagement.

展望未來，GTA VI 仍然是一個非常積極的因素。嗯，它確實超出了 2025 年，我們已經在第一季的調整中考慮到了這一點。這將會是一場非常精彩的比賽。它即將到來——目前的計劃是 2026 年 5 月。它將成為新配件購買和一般遊戲參與的主要催化劑。

And so we are very excited about that one, along with other titles that are coming. I think what you're going to see is Nintendo will continue to launch new products. They've got some great announcements out there. Games like Battlefield 6 we know drive engagement and drive purchases. So there's a lot of things to be very excited about even between now and GTA VI, and then we'll see the benefits of that for the balance of the year in 2026 as well.

因此，我們對這款遊戲以及即將推出的其他遊戲感到非常興奮。我認為你將會看到任天堂將繼續推出新產品。他們已經發布了一些重大公告。我們知道，像《戰地風雲》這樣的遊戲可以提高參與度並促進購買。因此，從現在到 GTA VI 之間還有很多令人興奮的事情，然後我們也將在 2026 年的剩餘時間裡看到它帶來的好處。

Okay, thank you. Have you in fact seen a lift in your sales of Nintendo related products?

好的，謝謝。事實上，您是否看到任天堂相關產品的銷售量有所提升？

We have, the June sales for that particular category were very strong. There are a lot of first-party accessory sales at the moment, as we expected. We've seen that with every new hardware release through each generation, is that there's a trend where you see a strong amount of first-party sales as the third-party ecosystem gets built out, that trends over time.

我們知道，該特定類別的 6 月銷售非常強勁。正如我們預期的那樣，目前第一方配件的銷售量很大。我們已經看到，隨著每一代新硬體的發布，都會出現這樣一種趨勢：隨著第三方生態系統的建立，你會看到第一方銷售額的強勁增長，這種趨勢會隨著時間的推移而發展。

We've got a lot of great products coming for Nintendo in the rest of this year and in the early part of next year continuing on. So we're excited to get those to market and really enjoy the benefits of that partnership with Nintendo.

今年剩餘時間和明年年初，我們將為任天堂推出許多精彩的產品。因此，我們很高興將這些產品推向市場，並真正享受與任天堂合作的好處。

I think that what you'll see is this is going to be a multi-year growth cycle with Switch 2. And as you look ahead to some of the new hardware that will be coming from some of the other first-party folks, we're looking at a good, strong multi-year cycle for gaming.

我認為，您會看到 Switch 2 將會迎來多年的成長週期。當你展望其他一些第一方廠商即將推出的一些新硬體時，我們會看到遊戲產業在未來幾年將迎來一個良好、強勁的周期。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Sorry about that. To speak in my question, a lot of earnings tonight. I just want to follow up on a comment that Mark made saying you're starting to see improving market conditions. Is that generally across all product lines or is it specific to a few of the product lines?

很抱歉。就我的問題而言，今晚有很多收益。我只是想跟進馬克的評論，他說你開始看到市場狀況正在改善。這通常適用於所有產品線還是特定於某些產品線？

Yeah, hi Tony, no problem, we know it's a busy day today for everybody. Yes, we're encouraged to see that across gaming accessories, pretty much across the board in Q2 we saw improvement compared to where we were at the end of Q1.

是的，嗨，托尼，沒問題，我們知道今天對每個人來說都很忙。是的，我們很高興地看到，與第一季末相比，第二季的遊戲配件幾乎全面都有所改善。

I mentioned the controllers, the third-party controller growth, the headset growth. We've seen that in other categories as well, and I think in particular in June, certainly with the Switch 2 launch and the interest that generated, it improved even more.

我提到了控制器、第三方控制器的成長、耳機的成長。我們也在其他類別中看到了這種情況，我認為特別是在 6 月份，隨著 Switch 2 的推出及其引發的興趣，它甚至得到了進一步的改善。

So we believe, as we said last time, the back half of the year should see continued improvement in the markets. Even though they're going to end, we believe they'll end up somewhat down this year. It really sets up next year for some very strong growth. So very strong comps when you have a full year of Switch 2 in the market and you've got, as we've mentioned, with GTA VI and some of the other releases coming out. So yeah, we were encouraged to see that that was a kind of an across-the-board improvement for gaming accessories in the quarter.

因此，我們相信，正如我們上次所說的那樣，今年下半年市場將繼續改善。儘管它們即將結束，但我們相信今年它們的數量會下降。這確實為明年的強勁成長奠定了基礎。因此，當 Switch 2 在市場上銷售一整年，並且如我們所提到的那樣，還有 GTA VI 和其他一些即將發布的版本時，這將是非常強勁的競爭對手。是的，我們很高興地看到，本季遊戲配件出現了全面的改善。

Perfect. Congrats to get the term loan refined. It's nice to see you guys and especially lower interest rate.

完美的。恭喜您獲得定期貸款精煉。很高興見到你們，尤其是較低的利率。

Appreciate that, Tony. Yeah, we're very excited about that as well.

非常感謝，托尼。是的，我們也對此感到非常興奮。

(Operator Instructions) This concludes our question and answer session. I would like to turn the conference back over to Chris Keirn for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給 Chris Keirn 來做結束語。

Thank you everyone for your interest in Turtle Beach and have a great day.

感謝大家對 Turtle Beach 的關注，祝大家有個愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。