Turtle Beach Corp (TBCH) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Turtle Beach Corporation third-quarter 2025 conference call. (Operator Instructions) As a reminder, the conference call is being recorded.

女士們、先生們，大家好。感謝您的耐心等待。歡迎參加 Turtle Beach 公司 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I will now turn the conference over to Jacques Cornet from the Investor Relations team. Jacques, you may begin.

現在我將把會議交給投資者關係團隊的雅克·科爾內特主持。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 third quarter 2025 results, which is available on the news page 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.

謝謝接線生。在今天的電話會議上，我們將參考今天下午發布的新聞稿，其中詳細介紹了該公司 2025 年第三季的業績。新聞稿可在公司投資者關係網站 corp.turtlebeach.com 的新聞頁面上找到，您還可以在該頁面上找到最新的收益演示文稿，該演示文稿補充了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. 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.

最後，本次電話會議的錄音將於今天稍晚在公司投資者關係網站的「活動與演示」部分提供。請注意，本次電話會議中發表的一些評論可能包含聯邦證券法意義上的前瞻性陳述。包含「可能」、「將」、「可以」、「相信」、「期望」、「預期」等字眼及類似表達方式的關於公司信念和預期的陳述構成前瞻性陳述。

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. 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.

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。雖然該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，並可能導致結果與預期有重大差異。

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，本公司鼓勵您仔細閱讀今天發布的新聞稿以及公司向美國證券交易委員會提交的文件（包括但不限於10-K表格年度報告和其他定期報告）中包含的安全港聲明和風險因素，這些聲明和風險因素也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。

The company does not undertake to publicly update or revise any forward-looking statements after this conference call. The company also notes that on this call, we will be discussing non-GAAP financial information. 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.

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。該公司也指出，在本次電話會議上，我們將討論非GAAP財務資訊。本公司提供此資訊是為了補充依照美國公認會計原則（GAAP）編製的資訊。

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. Hosting the call today are Cris Keirn, Chief Executive Officer; and Mark Weinswig, Chief Financial Officer.

您可以在今天發布的收益報告和簡報中提供的調整表中找到這些指標與公司報告的 GAAP 結果的調整。今天主持電話會議的是執行長克里斯·凱恩和財務長馬克·溫斯維格。

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

這樣，我就把電話交給克里斯了。克里斯？

Thanks, Jacques. Good afternoon, everyone, and thanks for joining us for Turtle Beach's third quarter 2025 earnings call. Turtle Beach delivered another quarter of solid execution against our strategic priorities with results that met our expectations in the face of the ongoing challenges in the gaming accessories market.

謝謝你，雅克。各位下午好，感謝各位參加 Turtle Beach 2025 年第三季財報電話會議。面對遊戲配件市場持續不斷的挑戰，Turtle Beach 又一個季度在戰略重點方面取得了穩健的執行力，業績符合我們的預期。

Today, I'd like to touch on 4 highlights from the quarter. First, we generated $80.5 million in revenue, and we continue to make progress on profitability with gross margins up nearly 120 basis points year-over-year, coming in at over 37%. That improvement reflects the team's continued focus on operational discipline and cost management.

今天，我想重點介紹本季的 4 個亮點。首先，我們創造了 8,050 萬美元的收入，我們在獲利能力方面繼續取得進展，毛利率比去年同期提高了近 120 個基點，達到 37% 以上。這項進步反映了團隊對營運紀律和成本控制的持續重視。

I'm especially proud that we were able to fully offset the margin impact of tariffs this quarter, thanks to strong execution across the board, including partner cost negotiations, selective price adjustments and selling inventory that we proactively brought in before the latest tariff increases.

我特別感到自豪的是，由於各方面的出色執行，包括與合作夥伴進行成本談判、選擇性地調整價格以及銷售我們在最新關稅上調之前主動引進的庫存，我們本季度能夠完全抵消關稅對利潤率的影響。

Second, as we mentioned last quarter, we completed a refinancing of our term loan and credit facility. This was an important milestone for us. We strengthened our balance sheet, lowered our cost of capital and extended our maturity profile, giving us more flexibility going forward. The refinancing also cut our term loan interest rate by more than 450 basis points, which will provide meaningful savings and help us continue building long-term shareholder value.

第二，正如我們上個季度所提到的，我們完成了定期貸款和信貸額度的再融資。這對我們來說是一個重要的里程碑。我們強化了資產負債表，降低了資本成本，延長了債務到期期限，從而為我們未來的發展提供了更大的靈活性。此次再融資也將我們的定期貸款利率降低了 450 多個基點，這將帶來可觀的節省，並幫助我們繼續創造長期股東價值。

Third, we continue to return capital to shareholders through our repurchase program. During the quarter, we bought back $10 million of stock from our existing shareholder, Diversis Capital, roughly 695,000 shares at an average price of $14.41. That brings our year-to-date repurchases to about $17 million. Share repurchases remain an important part of our strategy. They demonstrate both our confidence in the business and our ongoing commitment to creating value for our shareholders.

第三，我們繼續透過股票回購計畫向股東返還資本。本季度，我們從現有股東 Diversis Capital 手中回購了價值 1,000 萬美元的股票，約 69.5 萬股，平均價格為每股 14.41 美元。這使得我們今年迄今的股票回購總額達到約 1,700 萬美元。股票回購仍然是我們策略的重要組成部分。這不僅體現了我們對業務的信心，也體現了我們為股東創造價值的持續承諾。

And finally, we maintained our focus on innovation, announcing and launching more than 40 new products since Q2. This momentum strengthens our position heading into the holiday season and sets us up for continued growth in 2026. Our accelerated launch cadence across headsets, controllers, simulation gear and PC peripherals, highlights our transformation into a comprehensive gaming accessories leader with the added advantage of official partnerships with all 3 major console platforms.

最後，我們繼續專注於創新，自第二季以來已發布和推出 40 多款新產品。這一勢頭鞏固了我們進入假期季節的地位，並為2026年的持續成長奠定了基礎。我們在耳機、控制器、模擬設備和 PC 週邊領域加快了產品發布步伐，凸顯了我們向綜合遊戲配件領導者的轉型，並擁有與三大主機平台官方合作的額外優勢。

Let's take a look -- a closer look at the product side, where we've made some exciting additions across our entire Turtle Beach lineup. Starting with headsets. We've expanded our portfolio with several new wired models since Q2. Our Airlite Fit, one of our officially licensed headsets for Nintendo Switch and Switch 2 delivers great audio, a super lightweight fit and comes in a range of fun-color options for Nintendo fans everywhere. We also launched an officially licensed Switch version of our Recon 70, which continues to hold its spot as the industry's best-selling wired gaming headset year after year.

讓我們仔細看看產品方面，我們為整個 Turtle Beach 產品線增添了一些令人興奮的新產品。先從耳機說起。自第二季以來，我們透過推出多款新的有線機型擴展了產品組合。我們的 Airlite Fit 耳機是我們官方授權的 Nintendo Switch 和 Switch 2 耳機之一，它提供出色的音質、超輕的佩戴體驗，並有多種有趣的顏色可供選擇，適合世界各地的 Nintendo 粉絲。我們也推出了官方授權的 Switch 版 Recon 70，這款耳機年復一年地保持著業界最暢銷有線遊戲耳機的地位。

For PlayStation and other platforms, we rolled out the new Atlas 200 series, which includes our first ever officially licensed PlaySet -- PlayStation headset and features our premium 50-millimeter Nanoclear drivers for incredible sound clarity. The response has been fantastic, and it even received a perfect 10 out of 10 score and Editor's Choice Award from CGMag online, which we're thrilled about.

針對 PlayStation 和其他平台，我們推出了全新的 Atlas 200 系列，其中包括我們首款獲得官方授權的 PlaySet——PlayStation 耳機，並配備了我們優質的 50 毫米 Nanoclear 驅動單元，帶來令人難以置信的音質清晰度。反應非常棒，甚至獲得了 CGMag 線上雜誌的滿分 10 分和編輯選擇獎，我們對此感到非常興奮。

Through our ongoing partnership with Nintendo, we also announced a broad lineup of officially licensed accessories for both Switch and Switch 2. This includes new Rematch, Afterglow and Afterglow Wave wired and wireless controllers along with travel cases and other accessories that are rolling out now through the end of the year. Controllers continue to be one of our strongest growth opportunities, and we're proud to now be one of the leading third-party controller brands in the market.

透過與任天堂的持續合作，我們也宣布推出一系列官方授權的 Switch 和 Switch 2 配件。這包括新款 Rematch、Afterglow 和 Afterglow Wave 有線和無線控制器，以及旅行箱和其他配件，這些產品將從現在到年底陸續推出。控制器仍然是我們最強勁的成長機會之一，我們很自豪現在已成為市場上領先的第三方控制器品牌之一。

We've grown, thanks in part, to our premium Victrix brand, which is well known among competitive gamers. The new Victrix Pro BFG Reloaded Controllers for PlayStation, Xbox and PC raised the bar again with upgrades like hall-effect triggers and mechanical buttons that give players a real performance edge.

我們之所以能夠發展壯大，部分原因要歸功於我們的高端品牌 Victrix，該品牌在競技遊戲玩家中廣為人知。適用於 PlayStation、Xbox 和 PC 的全新 Victrix Pro BFG Reloaded 控制器透過霍爾效應扳機和機械按鈕等升級，再次提升了標準，為玩家帶來真正的性能優勢。

For Nintendo fans, we also launched two new wireless lenticular controllers, themed for Donkey Kong and Super Mario, featuring dynamic artwork that shifts with different viewing angles. On the Xbox side, we've added new Afterglow Wave and Rematch Core wired controllers in several exciting colors, plus the Afterglow Ignite RGB controller for Xbox and PC, which looks incredible.

對於任天堂粉絲，我們還推出了兩款新的無線立體光柵控制器，分別以大金剛和超級瑪利歐為主題，其動態藝術圖案會隨著觀看角度的變化而變化。在 Xbox 方面，我們新增了多款酷炫配色的 Afterglow Wave 和 Rematch Core 有線控制器，以及外觀驚人的適用於 Xbox 和 PC 的 Afterglow Ignite RGB 控制器。

We even expanded further into music gaming with our new Riffmaster Wireless Guitar Controller for Nintendo Switch and Switch 2, building on the success that we've seen with our Xbox and PlayStation models. On the simulation front, our VelocityOne series continues to push boundaries. We introduced the VelocityOne Race KD3 Wheel and Pedals, the VelocityOne F-RX formula style wheel and the Racer Wireless Wheel for Xbox and Windows.

我們甚至進一步拓展了音樂遊戲領域，推出了 Nintendo Switch 和 Switch 2 的全新 Riffmaster 無線吉他控制器，延續了我們在 Xbox 和 PlayStation 機型上的成功。在仿真方面，我們的 VelocityOne 系列產品不斷突破界限。我們推出了 VelocityOne Race KD3 方向盤和踏板、VelocityOne F-RX 方程式賽車方向盤以及適用於 Xbox 和 Windows 的 Racer 無線方向盤。

Each of these amazing new products were engineered to bring even more realism in fun, whether you're a dedicated sim racer or just want a great driving experience. And in PC gaming, we're broadening our footprint with high-performance peripherals like the Vulcan II TKL hot swappable mechanical keyboard and a Burst II Pro wireless esports mouse, both earning top tier reviews for speed, accuracy and design.

這些令人驚嘆的新產品都經過精心設計，旨在帶來更逼真的樂趣，無論您是專業的模擬賽車手，還是只想獲得絕佳的駕駛體驗。在 PC 遊戲領域，我們正在透過高效能週邊（例如 Vulcan II TKL 熱插拔機械鍵盤和 Burst II Pro 無線電競滑鼠）擴大我們的市場份額，這兩款產品在速度、準確性和設計方面都獲得了頂級評價。

Altogether, these new products show how Turtle Beach has evolved into a true gaming accessories powerhouse, while delivering innovation, quality and value across every major category and platform. We're pleased with how our team continues to execute by growing our portfolio, driving efficiency and laying down a strong financial foundation for the future. Even though the overall gaming accessories market remains down year-to-date, we've seen year-over-year improvements as expected through Q3. We're encouraged by the improvement trends we've seen and remain confident in the industry's growth trajectory.

總而言之，這些新產品展現了 Turtle Beach 如何發展成為真正的遊戲配件巨頭，同時在每個主要類別和平台上提供創新、品質和價值。我們對團隊的持續努力感到滿意，他們不斷擴大投資組合，提高效率，並為未來奠定了堅實的財務基礎。儘管今年迄今為止整體遊戲配件市場仍然下滑，但正如預期的那樣，我們在第三季度看到了同比改善。我們對目前看到的改善趨勢感到鼓舞，並對產業發展軌跡充滿信心。

Looking ahead to 2026, there's a lot to be excited about the upcoming release of GTA 6, other major AAA game launches, the continued momentum of the Switch 2 and an overdue replacement cycle for accessories bought during COVID are all setting the stage for a new multiyear growth cycle in gaming. Combine that with our expanded product lineup and a stronger balance sheet, and we're in a great position to capitalize on what's next for Turtle Beach and the broader gaming market.

展望 2026 年，有很多令人興奮的事情，例如即將發布的 GTA 6、其他 AAA 級大作的推出、Switch 2 的持續增長勢頭以及新冠疫情期間購買的配件的更新換代，所有這些都為遊戲行業開啟新的多年增長週期奠定了基礎。再加上我們不斷擴大的產品陣容和更強勁的資產負債表，我們完全有能力掌握 Turtle Beach 和更廣泛的遊戲市場未來的發展機會。

With that, I'll hand it over to Mark to walk through the quarterly financials. Mark?

接下來，我將把工作交給馬克，讓他來解讀季度財務數據。標記？

Thank you, Cris, and good afternoon, everyone. As Cris mentioned, our third quarter results demonstrate our continued focus on operational performance and financial discipline in the current market environment. Revenue for the third quarter was $80.5 million, in line with expectations. Our gross margin of 37.4% is a year-over-year improvement of nearly 120 basis points, reflecting the benefits of our ongoing cost optimization initiatives and tariff mitigation strategies.

謝謝你，克里斯，大家下午好。正如克里斯所提到的，我們第三季的業績表明，在當前的市場環境下，我們將繼續專注於營運績效和財務紀律。第三季營收為 8,050 萬美元，符合預期。我們的毛利率為 37.4%，比去年同期提高了近 120 個基點，這反映了我們持續的成本優化措施和關稅緩解策略的益處。

Operating expenses for the quarter were $24.7 million, representing 30.7% of revenue compared to $27.7 million or 29.4% in the prior year period. The expense reduction over the prior year was primarily driven by lower sales and integration-related activities, partially offset by investments in internal systems, processes and infrastructure that will enable us to continue scaling the business and drive operational leverage.

本季營運費用為 2,470 萬美元，佔營收的 30.7%，而上年同期為 2,770 萬美元，佔營收的 29.4%。與前一年相比，費用減少主要是由於銷售額和整合相關活動的減少，但部分被對內部系統、流程和基礎設施的投資所抵消，這些投資將使我們能夠繼續擴大業務規模並提高營運效率。

Net income for the quarter was $1.7 million, which includes a onetime noncash write-off of $1.9 million for previously capitalized fees relating to our refinancing. Adjusted EBITDA for the third quarter was $11 million and reflects strong performance at our current revenue level.

本季淨收入為 170 萬美元，其中包括與我們的再融資相關的先前資本化費用的一次性非現金沖銷 190 萬美元。第三季調整後 EBITDA 為 1,100 萬美元，反映了我們目前營收水準下的強勁表現。

Turning to the balance sheet. At September 30th, our cash position was $12 million and total debt was $90 million, resulting in net debt of $78 million. As Cris mentioned, our recently completed term loan and credit facility refinancing, has strengthened our capital structure, increased our operating flexibility and reduced our cost of capital. With the base interest rate on the term loan lowered by approximately 450 basis points, we expect an annual interest savings of over $2 million.

接下來看一下資產負債表。截至 9 月 30 日，我們的現金餘額為 1,200 萬美元，總債務為 9,000 萬美元，淨債務為 7,800 萬美元。正如克里斯所提到的，我們最近完成的定期貸款和信貸安排再融資，增強了我們的資本結構，提高了我們的營運靈活性，並降低了我們的資本成本。由於定期貸款的基本利率降低了約 450 個基點，我們預計每年可節省超過 200 萬美元的利息。

Turtle Beach's business model is designed to generate strong free cash flow, supported by our current operational structure and disciplined working capital management. We expect to see significant improvement in our operating cash flow over the next 2 quarters as we benefit from the seasonal dynamics of the holiday period.

Turtle Beach 的商業模式旨在產生強勁的自由現金流，這得益於我們目前的營運結構和嚴格的營運資本管理。我們預計，隨著假期期間季節性因素的推動，未來兩季我們的營運現金流量將顯著改善。

With respect to our capital allocation strategy, Year-to-date, we have returned approximately $17 million to shareholders through share repurchases. During the third quarter, we repurchased $10 million of shares from our existing shareholder Diversis Capital under our previously authorized $75 million share buyback program. One of our key priorities is to deliver value to our shareholders through share buybacks, while maintaining a strong balance sheet. This will continue to be an integral part of our capital allocation activities moving forward.

就我們的資本配置策略而言，今年迄今，我們已透過股票回購向股東返還了約 1,700 萬美元。第三季度，我們根據先前批准的 7,500 萬美元股票回購計劃，從現有股東 Diversis Capital 回購了價值 1,000 萬美元的股票。我們的首要任務之一是透過股票回購為股東創造價值，同時保持穩健的資產負債表。這將繼續成為我們未來資本配置活動的重要組成部分。

Based on our performance through the first three quarters and our outlook for the remainder of the year, we are reiterating our full year 2025 revenue and adjusted EBITDA guidance ranges. We continue to expect full year revenue to be in the range of $340 million to $360 million and full year adjusted EBITDA to be in the range of $47 million to $53 million.

根據我們前三個季度的業績以及對今年剩餘時間的展望，我們重申 2025 年全年收入和調整後 EBITDA 指引範圍。我們仍預計全年營收將在 3.4 億美元至 3.6 億美元之間，全年調整後 EBITDA 將在 4,700 萬美元至 5,300 萬美元之間。

In summary, our third quarter results reflect our continued focus on operational excellence and financial discipline in a complex market environment. We are pleased with our ability to maintain strong gross margins, refinance our prior debt facilities and returned significant capital to shareholders, all while continuing to innovate across our product platform. Our strengthened financial position and enhanced operational flexibility position us well to capitalize on the opportunities ahead.

總而言之，我們第三季的業績反映了我們在複雜的市場環境中繼續專注於卓越營運和財務紀律。我們很高興能夠維持強勁的毛利率，為先前的債務融資進行再融資，並向股東返還大量資本，同時繼續在我們的產品平台上進行創新。我們增強的財務實力和提高的營運靈活性使我們能夠更好地掌握未來的機會。

With that, I will turn the call back to Cris for closing remarks.

接下來，我將把電話轉回給克里斯，請他作總結發言。

Thanks, Mark. In closing, I'm really proud of the progress we've made this quarter, especially given the challenges in the broader gaming accessories market. Our strategy is clear. Our execution is strong, and our teams remain laser-focused on driving sustainable growth and long-term value for our shareholders.

謝謝你，馬克。最後，我為我們本季的進展感到非常自豪，尤其是在整個遊戲配件市場面臨許多挑戰的情況下。我們的策略很明確。我們的執行力很強，我們的團隊始終專注於推動永續成長，為股東創造長期價值。

We've built great momentum across the business, and I'm confident that Turtle Beach is exceptionally well positioned to take advantage of the exciting opportunities ahead in the holiday season throughout 2026 and well beyond as the next major growth cycle in gaming unfolds.

我們已在整個業務領域建立了強大的發展勢頭，我相信，隨著遊戲行業下一個主要增長週期的展開，Turtle Beach 已做好充分準備，抓住 2026 年假日季及以後的激動人心的機遇。

I want to thank our incredible employees for their hard work and dedication, our partners for their collaboration and our shareholders for their continued support. Together, we're pushing Turtle Beach forward into its next phase of performance and growth.

我要感謝我們傑出的員工們的辛勤工作和奉獻精神，感謝我們的合作夥伴們的合作，感謝我們的股東們的持續支持。我們正攜手推動 Turtle Beach 進入下一個發展與成長階段。

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

這樣，操作員，我們就可以開始問答環節了。

(Operator Instructions)

（操作說明）

Rian Bisson, Craig-Hallum.

Rian Bisson，Craig-Hallum。

It's Rian on for Tony Stoss. From a high level, I'm just curious on mainly headset controllers, what you're seeing in terms of an accessory refresh just given the launch of Battlefield 6, upcoming launch of Call of Duty and then what you're seeing with kind of consumer spending trends for the December quarter?

現在是Rian代替Tony Stoss上場。從宏觀層面來說，我主要對耳機控制器感興趣，鑑於《戰地6》的發布和即將發布的《決勝時刻》，您認為配件更新方面有哪些變化？此外，您認為12月季度的消費者支出趨勢如何？

Sure. Hi, Rian, the refresh is, I would say, delayed. We've seen that since COVID actually. When you look at the markets year-to-date, the markets continue to improve year-over-year, but they still remain down. And this was all accounted for in our guidance when we guided in Q1, if you recall, the accessories market at that point, and this is mainly talking headsets and third-party controllers, the markets were down over 20% year-over-year in Q1.

當然。嗨，Rian，我覺得刷新有點延遲。實際上，自從新冠疫情以來，我們已經看到了這種情況。從今年迄今的市場情況來看，市場雖然與去年同期相比有所改善，但仍處於下跌狀態。而這一切，我們在1季業績指引中都考慮到了。如果你還記得的話，當時的配件市場，主要指的是耳機和第三方控制器，1季的市場比去年同期下降了20%以上。

So what we have guided is, we believe the markets would continue to improve through Q3 -- Q2 and Q3 and end down for the full year about 10% to 12%. We have seen that play out. So when you look at Q2, the markets improved, they were down sort of in the high teens. And then when you look at Q3, they've improved again on a year-to-date basis, and they're down kind of low to mid-teens.

因此，我們給出的指導意見是，我們認為市場將在第三季度繼續改善——第二季度和第三季度，但全年將下降約 10% 至 12%。我們已經看到這種情況發生了。所以當你看第二季時，市場有所改善，之前下跌幅度在十幾個百分點左右。然後，當你查看第三季時，他們今年迄今為止的情況又有所改善，降幅在十幾個百分點左右。

So we are trending well to that 10% to 12% down. But that really implies that, that refresh cycle hasn't fully kicked in yet. So we do believe that's one of the catalysts as you look ahead into the holiday and also into 2026, along with many other positive factors for the gaming market, we do think that's something that's going to drive growth in 2026.

所以，我們目前的趨勢是朝著下跌10%到12%的方向發展。但這實際上意味著，刷新周期尚未完全啟動。因此，我們相信這是推動遊戲市場在2026年及假期期間成長的催化劑之一，再加上其他許多利多因素，我們認為這將在2026年推動遊戲市場的成長。

Okay. Great. And then as my follow-up, more on the simulator side of the business. I mean, it was nice to see some new wheel launches in that space. I'm curious again what you guys are seeing in terms of maybe demand for the new wheels or just in general on that business? And then the same for kind of the flight simulator market, what you guys are seeing there?

好的。偉大的。然後，作為我的後續工作，我將更多地關注業務的模擬器方面。我的意思是，很高興看到這個領域推出了一些新的輪轂產品。我再次好奇你們觀察到的新款輪圈的需求狀況，或者說整個業務的市場狀況？那麼，你們對飛行模擬器市場的情況又有什麼看法呢？

Sure. Yes, starting with the race wheels, we've seen some nice growth there with the recent launches. We've got some good placements of those coming up at retail. So we're pleased to see the progress of the new race products. I thought our team did a really fantastic job with those products and the engineering folks that worked on those. So the race category in general is up year-over-year. Flight sim is very similar to the other categories. Flight sim is down kind of low teens year-over-year, so very much in line with the rest of the accessories market.

當然。是的，從賽車輪組開始，我們看到最近推出的新產品取得了不錯的成長。我們有一些不錯的零售通路即將上架這些產品。我們很高興看到新賽車產品的進展。我認為我們的團隊在這些產品上做得非常出色，參與研發的工程師們也功不可沒。因此，總體而言，賽車類別的參賽人數比去年有所增加。飛行模擬遊戲與其他類別非常相似。飛行模擬產品年減了十幾個百分點，與配件市場的其他部分基本一致。

Great, thanks so much guys.

太好了，非常感謝各位。

Thanks Ryan.

謝謝你，瑞恩。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

Okay, thanks. Hey guys.

好的，謝謝。嘿，大家好。

Good afternoon. So I wanted to start by asking about GTA 6. You mentioned it in your preamble, and in light of today's announcement, the game has been postponed again. I know the first delay was a factor in your decision to adjust 2025 guidance earlier this year. I know you're not providing an outlook for next year at this point. But with the release date pushed out by six months from May to now November, curious as to how that could impact your 2026 financials? And then I have a follow-up.

午安.所以我首先想問關於GTA 6的問題。你在前言中提到了這一點，鑑於今天的公告，比賽再次延期。我知道第一次延誤是您今年稍早決定調整 2025 年業績指引的一個因素。我知道你目前還不打算對明年的情況做出展望。但由於發布日期從 5 月推遲了 6 個月到 11 月，這將會對您 2026 年的財務狀況產生怎樣的影響？然後我還有一個後續問題。

Great question, Drew. We saw that as well. And I think that's just an indication of how focused that team of Take-Two is on delivering an amazing game. I think that's really what we're going to get when that game is launched. We'll factor that into our 2026 guide. It's one of the things that we like about 2026. There's many other things happening in the gaming industry that, in addition to GTA 6, which is going to be a fantastic launch, that really have us excited about what's going on in gaming. If you look at the trends over the last several months.

問得好，德魯。我們也看到了這一點。我認為這恰恰表明了 Take-Two 團隊是多麼專注於打造一款精彩的遊戲。我認為這就是這款遊戲發布後我們將會得到的。我們將這一點納入我們的 2026 年指南中。這是我們喜歡2026年的原因之一。除了即將盛大發售的《GTA 6》之外，遊戲產業還有許多其他事情正在發生，這些事情都讓我們對遊戲產業的未來發展感到興奮。如果你看一下過去幾個月的趨勢。

Circana cited the last five months have had consecutive year-over-year growth for the overall gaming industry through September. And I think what you're starting to see is the momentum that's building not only for new hardware because Switch 2, obviously, has done very well. You might have seen Nintendo raise their outlook on units, I think, from $15 million to $19 million for the Switch 2.

Circana 指出，截至 9 月份，過去五個月整個遊戲產業都實現了同比增長。我認為你現在開始看到的是，不僅是新硬件，而且新硬體的發展勢頭正在增強，因為很明顯，Switch 2 的表現非常出色。你可能已經看到任天堂將Switch 2的銷售預期從1500萬美元上調到了1900萬美元。

So that will continue to drive engagement with gamers, but we've seen really good traction on other AAA launches. Borderlands 4 has been terrific. Battlefield 6 has driven some great engagement, and we're seeing that in the sell-through. And looking ahead, Black Ops is always a great title for accessories. So there's a lot of other things happening in the industry. Certainly, we'll factor in the timing of GTA 6, but that's one of many things we're looking at.

因此，這將繼續推動玩家參與，但我們在其他 AAA 級遊戲發布中也看到了非常好的反響。《無主之地4》非常棒。《戰地6》獲得了極高的用戶參與度，這點從銷量上就能看出來。展望未來，《黑色行動》系列一直都是周邊產品的絕佳選擇。所以業內還有很多其他事情正在發生。當然，我們會將 GTA 6 的發佈時間考慮在內，但這只是我們考慮的眾多因素之一。

Okay. Got it. And then you guys delivered some nice gross margin improvement in the quarter. As you look at 4Q, how sustainable is that with tariffs and the holidays where you tend to have more promotional activity, can you hold those gains?

好的。知道了。然後，你們本季的毛利率有了不錯的提升。展望第四季度，考慮到關稅和假日期間促銷活動增多，這些成長能否持續？能否保持這些收益？

Yes. Well, we're really excited about the kind of what Q4 is going to look like. We have seen continuous improvement in our gross margins. One thing that we've talked about on previous calls was the potential impact for the tariffs. We worked very, very diligently, both operations and sales working together in tandem to make sure that we can mitigate almost all of the impacts associated with that. And so far, with Q4 looking like it's going to be a very, very good quarter, we're excited about what the gross margins could be.

是的。我們對第四季的發展前景感到非常興奮。我們的毛利率持續提升。我們在先前的電話會議中討論過關稅可能產生的影響。我們非常非常努力地工作，營運和銷售部門通力合作，確保我們能夠減輕與此相關的幾乎所有影響。目前來看，第四季將會是一個非常非常好的季度，我們對毛利率的預期感到非常興奮。

Okay all right. Thanks guys.

好的。謝謝各位。

Thanks, Drew.

謝謝你，德魯。

Sean McGowan, ROTH Capital Partners.

Sean McGowan，ROTH Capital Partners。

I want to follow up on Drew's question there on gross margin. On that gross margin outlook regarding tariffs, have you exhausted, do you think, all that you can do to mitigate the impact or conversely, might there be some headwinds that you're not anticipating related specifically to tariffs that maybe cause some more pressure going forward?

我想就德魯提出的毛利率問題做個後續討論。關於關稅對毛利率的影響，您是否已經竭盡所能減輕其影響？或者反過來，是否存在一些您沒有預料到的與關稅相關的不利因素，可能會在未來造成更大的壓力？

Sean, thanks for the question. And yes, you hit it right on the head. It's been a very high focus area for us is to continue to work on tariff mitigation throughout the year. And there's really three fronts that we've been addressing. First, working with our manufacturing partners to drive costs out as well as we've talked about in the previous calls, transfer US production into Vietnam. Secondly, negotiations with our retailers and the retail programs associated with our products; and third, selective cost or price increases.

肖恩，謝謝你的提問。沒錯，你說得太對了。今年以來，我們一直將關稅減免工作作為重點領域。我們主要從三個方面著手解決。首先，我們將與製造合作夥伴共同努力降低成本，正如我們在先前的電話會議中所討論的那樣，將美國的生產轉移到越南。其次，與我們的零售商以及與我們產品相關的零售計劃進行談判；第三，選擇性地提高成本或價格。

And the combination of those three effects. We are basically completely offsetting the tariff impact through 2025 with the combined impact of the benefits from those three activities. And so when we look ahead, I wouldn't say that we've exhausted everything we can do there.

以及這三種效應的結合。到 2025 年，這三項活動的收益綜合起來，基本上可以完全抵消關稅的影響。所以展望未來，我不會說我們已經盡我所能了。

Certainly, if we see the environment change on tariffs I think that there's other mitigations that we could put in place, and I'm highly confident in our team's ability to do that. I really have to give the credit across our entire organization. It's been a real high area of focus for this year, and they've done a fantastic job. So I'm really pleased to see what has come out of that and the strong margin that we've been able to generate this quarter and continued strong margin in Q4 because of those actions.

當然，如果關稅環境發生變化，我認為我們可以採取其他緩解措施，我對我們團隊的能力非常有信心。我真的要把功勞歸於我們整個組織。今年，這方面一直是他們的重點工作領域，而且他們做得非常出色。因此，我很高興看到這些措施帶來的成果，以及我們本季取得的強勁利潤率，由於這些措施，第四季度也繼續保持了強勁的利潤率。

Another question is on product, and you did a good job of summarizing some of the products you're excited about. But drilling down a little bit. Could you talk about some of the features that specifically like headsets and controllers, what are some of the features that the new products would have that would be powerful in inducing somebody to upgrade if they -- like if the headsets are working fine, why would they upgrade, but what are the features that would really drive them to say, hey, I got to get that.

還有一個關於產品的問題，你很好地總結了一些你很感興趣的產品。但再深入探究一下。能否談談耳機和控制器等產品的一些具體功能？如果耳機運作良好，新產品有哪些功能能有效促使用戶升級？究竟有哪些功能能夠真正促使他們說：“嘿，我一定要買這個！”

Sure. There's so many upgrades available with technology and the work that our engineering team has done to include a lot of those new technologies into these new products. As an example, for headsets, one of the big step-ups for -- Drew had asked about the refresh cycle and and what that looks like or maybe Rian had asked about that. The latest headsets that we've got, our latest generation is built on newer chipsets that draw lower power consumption.

當然。科技發展帶來了許多升級，我們的工程團隊也付出了很多努力，將許多新技術融入這些新產品中。例如，對於耳機來說，一個很大的進步是——德魯問過關於更新周期以及它的樣子，或者可能是里安問過這個問題。我們最新推出的耳機，也就是最新一代產品，採用了功耗更低的新型晶片組。

So for a gamer, that means they're going to have much longer battery life than they've ever had in the past. And the connectivity on those headsets from a wireless standpoint, really flawless connectivity from a wireless audio standpoint. And we've made a lot of investments as well in upgrading the comfort of the headsets moving forward. So for those gamers out there that want to game on long gaming sessions, they're engaged with their friends, the latest headsets really help support them to do that.

所以對於遊戲玩家來說，這意味著他們的電池續航時間將比以往任何時期都要長得多。從無線連接的角度來看，這些耳機的無線音訊連接真的非常完美。而且，我們也投入了大量資金來提升耳機的舒適度。所以對於那些想要長時間玩遊戲、與朋友一起玩遊戲的玩家來說，最新的耳機確實能幫助他們做到這一點。

When you look at controllers, again, there's been technology upgrades, upgrades on things like hall-effect triggers and joysticks, including TMR technology that really eliminates drift for gamers, which has been a long-standing problem. So there's a lot in the products that are going to give gamers a benefit when they go in to upgrade and to replace their older gear.

再看看遊戲手柄，你會發現技術方面也進行了升級，例如霍爾效應扳機和搖桿等部件都得到了升級，包括 TMR 技術，它真正消除了遊戲玩家長期以來面臨的漂移問題。因此，這些產品有許多優點，能夠為遊戲玩家升級和更換舊設備時帶來許多好處。

All right, thanks, that's helpful. I appreciate it.

好的，謝謝，這很有幫助。謝謝。

Thanks, Sean.

謝謝你，肖恩。

Jack Codera, Maxim Group.

Jack Codera，Maxim集團。

Hi, thanks. This is Jack Codera calling in for Jack Vander Aarde. I just had one more question, kind of a follow-up regarding consumer strength. Could you give any more color how you're seeing consumer strength shape up into the holiday season, particularly if you're seeing anything notable across different price points of your products?

您好，謝謝。這裡是傑克·科德拉，替傑克·范德阿爾德打電話。我還有一個問題，算是關於消費者實力的後續問題。您能否更詳細地談談您如何看待假期季節的消費者購買力變化，特別是您觀察到的不同價位產品是否有任何顯著變化？

Sure. That's a great question. It's something that especially with the tariff impacts across the industry this year that we've been watching very closely. Fortunately, for us, we've worked very hard to maintain a lot of the price points for a very long time. And in the last round of tariffs a few years ago, we didn't have to raise prices. With the selective price increases we've made now, we've seen consumers come along with us.

當然。這是一個很好的問題。尤其是考慮到今年關稅對整個行業的影響，我們一直在密切關注此事。幸運的是，我們一直努力保持許多產品的價格水平很長時間。幾年前的上一輪關稅措施中，我們並沒有提高價格。隨著我們選擇性地提高價格，我們看到消費者也接受了我們的價格上漲。

We really haven't seen any impact in a meaningful way on the sell-through rates even though the prices have gone up slightly. We're seeing a strong response from premium consumers. So at the higher end of the price points, we're still seeing strong demand there. And some of the lower price points and some of the mids are where we start to see a little bit of challenges just from an overall market perspective, so it's something that we'll continue to monitor as we go into holiday here.

儘管價格略有上漲，但我們並沒有看到對銷售率產生任何實質的影響。我們看到了高端消費者的強烈反響。因此，在高價位區間，我們仍然看到強勁的需求。從整體市場角度來看，一些低價位和一些中價位的產品開始面臨一些挑戰，因此，隨著假期的臨近，我們將繼續關注這個問題。

I do believe, as we've seen in the past two quarters, that we'll see continued improvement in the overall markets here in Q4. And we've got the added benefit here in Q4 as well as we anticipate that the retailers may not load in early for holiday this year. That was part of what we talked about in the last call when we talked about what we expected to see for Q3, that turned out to be true.

正如我們在過去兩個季度所看到的，我相信第四季整體市場將繼續改善。而且，我們在第四季還有額外的好處，因為我們預計零售商今年可能不會提前為假期季節進貨。那是我們上次電話會議上討論的內容之一，當時我們談到了對第三季度的預期，結果證明我們的預期是正確的。

There was a much lower load in in September than we typically would see. And I think that's just a function of retailers taking a more conservative view going into holiday on where the markets are. And so the benefit that we get on that, obviously, is we'll get replenishments in Q4 here that may have in the past come in, in Q3 as retailers take that replenishment strategy. So we'll keep an eye on those price points and look for opportunities going into 2026.

9月的貨運量比往年同期低很多。我認為這只是零售商在假日季到來之際，對市場走向採取更保守態度的結果。因此，我們從中獲得的益處顯然是，我們將在第四季度獲得補貨，而過去這些補貨可能會在第三季到貨，因為零售商將採取這種補貨策略。所以我們會密切關注這些價格點，並尋找進入 2026 年的機會。

Thank you, that's helpful and congrats on the results.

謝謝，這很有幫助，也恭喜你取得好成績。

Thanks, Jack.

謝謝你，傑克。

This concludes the question-and-answer session. I'd like to turn the conference back over to Cris Keirn for any closing remarks.

問答環節到此結束。我謹將會議交還給克里斯·凱恩，請他作總結發言。

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

謝謝接線生。感謝大家對 Turtle Beach 的關注，祝大家今天過得愉快。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。