Turtle Beach Corporation (TBCH) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Turtle Beach Q4 '25 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位下午好，歡迎參加 Turtle Beach 2025 年第四季（Q4 '25）財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to hand this conference over to Mr. Jacques Cornet, Investor Relations. Please go ahead.

現在我想把本次會議交給投資人關係部的 Jacques Cornet 先生。請開始。

Thank you, operator. On today's call, we'll be referring to the press release filed this afternoon that details the company's fourth-quarter and full-year 2025 results, which are 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. 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，接線員。在今天的電話會議中，我們將引用今天下午提交的新聞稿，其中詳述公司 2025 年第四季及全年業績；該新聞稿可於公司投資人關係網站 corp.turtlebeach.com 的「News」頁面取得，您也可在該處找到最新的財報簡報，以補充今天電話會議所討論的資訊。最後，本次電話會議的錄音將於今日稍晚在公司投資人關係網站的「Events and Presentations」專區提供。

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，本次電話會議中的部分評論可能包含符合聯邦證券法定義的前瞻性陳述。關於公司信念與預期、並包含「可能」、「將」、「可以」、「相信」、「預期」、「預估」及類似用語的陳述，均構成前瞻性陳述。這些陳述涉及與公司營運及未來業績相關的風險與不確定性，可能導致 Turtle Beach Corporation 的實際結果與管理層目前預期存在重大差異。

While the company believes that its expectations are based upon reasonable assumptions, numerous factors may affect actual results and may cause results to differ materially. So the company encourages you to review the Safe Harbor statements and risk factors contained in today's press release and in its filings with the Securities and Exchange Commission, including, without limitation, its annual report on 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.

儘管公司相信其預期係基於合理假設，但仍有眾多因素可能影響實際結果，並可能導致結果出現重大差異。因此，公司鼓勵您查閱今日新聞稿以及公司向美國證券交易委員會（SEC）提交之文件中所載的「安全港」聲明與風險因素，包括但不限於年度 10-K 報告及其他定期報告；其中列示的特定風險因素亦可能導致實際結果或事件與我們前瞻性陳述所描述者存在重大差異。公司不承擔在本次電話會議後公開更新或修訂任何前瞻性陳述之義務。

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

公司亦指出，本次電話會議將討論非 GAAP 財務資訊。公司提供該等資訊，係作為依照美國一般公認會計原則（GAAP）編製資訊之補充。您可在今日的財報新聞稿與簡報所提供的調節表中，找到這些指標與公司所報告之 GAAP 結果的調節。

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 與財務長 Mark Weinswig。接下來我把電話交給 Cris。Cris？

Thanks, Jacques. Good afternoon, everyone, and welcome to our full-year and fourth-quarter 2025 earnings call. As we close out 2025, it's clear that this was a year that challenged the broader industry and tested our resilience while also highlighting the discipline of our execution. We navigated a number of external pressures, including global tariff impacts, unexpected softness in the North America gaming and accessories markets, and a holiday season that fell short of expectations.

謝謝你，Jacques。各位下午好，歡迎參加我們 2025 年全年與第四季財報電話會議。在 2025 年即將結束之際，很明顯這一年對整體產業帶來挑戰、考驗了我們的韌性，同時也凸顯了我們執行上的紀律。我們因應了多項外部壓力，包括全球關稅影響、北美遊戲與配件市場出現意外疲弱，以及未達預期的假期銷售季。

While our financial results came in below our guidance range, we made meaningful operational progress that strengthened our competitive position. We gained share in our core Turtle Beach headset brand and laid important groundwork to capitalize on the anticipated accessories, upgrade and replacement cycle, positioning the business for significant growth over the next 24 months.

雖然我們的財務結果低於指引區間，但我們在營運面取得了具意義的進展，強化了競爭地位。我們在核心 Turtle Beach 耳機品牌上提升了市占，並為把握預期中的配件升級與汰換週期奠定了重要基礎，使公司在未來 24 個月具備顯著成長的定位。

Looking forward, we're encouraged by what we see on the horizon. Grand Theft Auto 6 is currently scheduled for a late 2026 release date and we expect it to be one of the largest and most anticipated video game launches in history. Releases of this magnitude have historically driven substantial increases in gaming engagement and accessory demand across the category. We believe the combination of our product innovation, brand strength and market position will enable us to capitalize on this catalyst as it materializes.

展望未來，我們對眼前的前景感到鼓舞。《俠盜獵車手 6》（Grand Theft Auto 6）目前預定於 2026 年底推出，我們預期它將成為史上規模最大、最受期待的電玩遊戲上市之一。歷史上，如此量級的發行通常會在整個品類帶動遊戲參與度與配件需求的大幅提升。我們相信，結合我們的產品創新、品牌實力與市場地位，將使我們能在此催化因素逐步顯現時加以把握。

While we expect GTA to have a significant impact when launched, we also expect it to help produce a strong replacement cycle for a period beyond launch. Major franchise releases of this scale create extended periods of elevated gaming activity and accessory demand. We're well positioned with our product portfolio and go-to-market strategy to benefit from this dynamic as it unfolds. As we move through 2026 and lap the softer demand environment we've experienced, we're optimistic about the trajectory of our business.

雖然我們預期 GTA 在上市時將帶來顯著影響，但我們也預期它將在上市後的一段期間內，協助形成強勁的汰換週期。如此規模的主要系列作品推出，會帶來延續性的高遊戲活躍度與配件需求。我們的產品組合與上市策略（go-to-market strategy）已做好準備，可在此趨勢展開時受益。隨著我們進入 2026 年，並在經歷較疲弱的需求環境後形成比較基期，我們對公司業務走勢保持樂觀。

Beyond game releases, the industry is also entering a console refresh cycle in the coming years with next-generation platforms expected from major console manufacturers, including Xbox and PlayStation. New console launches have historically driven increased hardware adoption and broader consumer engagement, which typically translates to elevated accessory demand.

除了遊戲發行之外，產業在未來幾年也將進入主機更新週期，主要主機製造商（包括 Xbox 與 PlayStation）預期將推出次世代平台。歷史上，新主機上市通常會帶動硬體採用增加與更廣泛的消費者參與，進而推升配件需求。

Supporting these industry catalysts, it is worth spotlighting that over the last year, we've strengthened our product innovation pipeline. We're launching over 50% more new products in 2026 compared to 2025, with our first significant releases beginning in Q2. Early retailer feedback has been positive, and we believe this accelerated product cadence positions us well to capitalize on the favorable industry dynamics ahead.

為支撐這些產業催化因素，值得特別指出的是，過去一年我們已強化產品創新管線。相較於 2025 年，我們在 2026 年將推出多出 50% 以上的新產品，首批重要新品將自第二季開始上市。零售通路的早期回饋正面，我們相信加快的產品推出節奏，使我們能更好把握未來有利的產業動態。

Of course, capitalizing on these industry catalysts requires operational excellence and a strong foundation, both of which we have built throughout 2025. Despite the external pressures we faced, particularly in Q4, we delivered a number of important accomplishments that demonstrate both the resilience of our organization and the effectiveness of our strategy. I'd like to highlight three key achievements from 2025 that underscore the strength of our execution and position Turtle Beach to capitalize on the opportunities ahead as new games and next-generation hardware are introduced in the exciting upcoming gaming cycle.

當然，要把握這些產業催化因素，需要卓越的營運能力與穩固的基礎，而這兩者我們都在 2025 年持續建構完成。儘管面臨外部壓力，尤其是在第四季，我們仍達成多項重要成果，展現組織的韌性與策略的有效性。我想強調 2025 年三項關鍵成就，這些成就凸顯我們執行力的強度，並使 Turtle Beach 能在令人振奮的下一波遊戲週期中，隨著新遊戲與次世代硬體推出而把握前方機會。

First, we implemented comprehensive cost optimization initiatives that drove gross margin expansion. For the full year, gross margins increased 270 basis points year over year to get to the highest annual level since 2018. This momentum was evident in the fourth quarter where gross margins reached 40.1%, up over 310 basis points year over year.

第一，我們推動全面性的成本優化措施，帶動毛利率擴張。全年毛利率年增 270 個基點，達到自 2018 年以來最高的年度水準。這股動能在第四季亦相當明顯，毛利率達 40.1%，年增超過 310 個基點。

These results demonstrate the effectiveness of our operational discipline and focused cost management strategy. Through targeted savings initiatives and improved execution, we were able to protect and expand profitability despite a challenging top-line environment. It's worth noting, we achieved these margin improvements while accelerating our pace for upcoming new product launches, as previously mentioned.

這些結果證明我們營運紀律與聚焦的成本管理策略行之有效。透過具針對性的節省措施與更佳的執行力，即使在營收面臨挑戰的環境下，我們仍能守住並擴大利潤率。值得一提的是，我們在達成毛利率改善的同時，也如先前所述加快了即將推出之新品上市節奏。

Second, we effectively navigated a challenging tariff environment and mitigated what could have been significant financial headwinds. Early in 2025, we took proactive steps in anticipation of potential tariff changes building strategic inventory and accelerating our manufacturing diversification efforts.

第二，我們有效因應具挑戰性的關稅環境，並緩解了原本可能相當顯著的財務逆風。在 2025 年初，我們即以前瞻方式採取行動，因應潛在的關稅變動，建立策略性庫存並加速製造據點多元化的努力。

By the end of the second quarter, we had transitioned the majority of our US-bound production to Vietnam, while maintaining China-based operations for non-US markets and select product lines. These actions demonstrate the strength of our strategic planning and supply chain agility and they were instrumental in preserving our margin expansion throughout the year.

截至第二季末，我們已將大部分銷往美國的產能轉移至越南，同時保留以中國為基地的營運，以服務非美國市場及部分產品線。這些行動展現我們策略規劃的強度與供應鏈的敏捷性，並在全年維持毛利率擴張方面發揮了關鍵作用。

Third, we strengthened our balance sheet and enhanced shareholder value through a comprehensive refinancing and continued disciplined capital allocation. In August, we refinanced our prior term loan and credit facilities, lowering the base interest rate on our term loan by approximately 450 basis points and generating annual interest savings of more than $2 million. This transaction reduced our cost of capital, improved our financial flexibility and remove previous restrictions on share repurchases, a key pillar of our capital allocation strategy.

第三，我們透過全面性再融資以及持續且有紀律的資本配置，強化資產負債表並提升股東價值。8 月，我們為既有的定期貸款與信貸額度進行再融資，將定期貸款的基準利率下調約 450 個基點，並帶來每年超過 200 萬美元的利息節省。此交易降低了資金成本、提升財務彈性，並解除先前對股票回購的限制；股票回購是我們資本配置策略的關鍵支柱之一。

Taking advantage of that flexibility, we remain active with share repurchases, buying back nearly 1.35 million shares in 2025 for approximately $19 million. Over the past two years, we have returned nearly $47 million to shareholders through buybacks. Additionally, we authorized a new two-year $75 million share repurchase program the largest in company history with more than $58 million of capacity remaining.

善用這項彈性，我們持續積極進行股票回購，於 2025 年以約 1,900 萬美元回購近 135 萬股。過去兩年，我們透過回購已向股東返還近 4,700 萬美元。此外，我們核准了一項新的兩年期 7,500 萬美元股票回購計畫，為公司史上規模最大，目前仍有超過 5,800 萬美元的可用額度。

Before I pass the call over to Mark to walk through the financials in more detail, I wanted to comment on a few strategic and Board-related matters.

在我把電話交給 Mark 更詳細地說明財務狀況之前，我想先就幾項策略以及董事會相關事項做一些評論。

First, on strategy and capital allocation. Since our highly successful acquisition of PDP in March of 2024, we have actively assessed opportunistic bolt-on acquisitions that could be complementary to our growing platform. We have evaluated many potential acquisition opportunities over that period and have remained disciplined in how we allocate our shareholders' capital. While no new deals have been announced, we continue to assess acquisitions that could make strategic sense for the company over time.

首先，談策略與資本配置。自我們於 2024 年 3 月成功收購 PDP 以來，我們一直積極評估具機會性的補強型收購，這些收購可與我們持續成長的平台形成互補。在此期間，我們評估了許多潛在的收購機會，並在股東資本的配置上始終保持紀律。雖然目前尚未宣布任何新交易，但我們仍持續評估隨時間推移可能對公司具有策略意義的收購案。

Our streamlined operations and strong cash flow characteristics have allowed us to significantly delever from the post-PDP highs of early 2024. This financial strength, combined with the long-term outlook for our business, has led us to pivot our capital allocation priorities. With a strong balance sheet, operations running at strong margins and an outlook as promising as the one that we currently have, we do not believe the equity markets are currently pricing our stock appropriately.

我們精簡的營運以及強勁的現金流特性，使我們得以自 2024 年初 PDP 併購後的高槓桿水位大幅去槓桿。這項財務實力，加上我們業務的長期展望，促使我們調整資本配置的優先順序。在資產負債表強健、營運維持高毛利率，且目前展望同樣樂觀的情況下，我們認為股權市場目前並未適當反映我們股票的合理價值。

Should this disconnect continue, we are evaluating opportunities to enhance our financial flexibility, specifically to support increased share repurchases. This includes exploring options to refinance our existing debt on more favorable terms and potentially expand our borrowing capacity. These actions would provide additional resources to increase the size of our share buyback program.

若此一落差持續存在，我們正在評估提升財務彈性的機會，特別是用以支持增加股票回購。這包括探索以更有利條件為現有債務再融資的選項，並可能擴大我們的借款額度。這些行動將提供額外資源，以提高我們股票回購計畫的規模。

Should the current valuation disconnect persists, we expect to prioritize active and significant repurchasing of our shares in the open market until our stock price better reflects what we believe is fair value or unless a compelling acquisition opportunity presents itself. As we have demonstrated with our capital allocation decisions over the past two years, we remain exceptionally disciplined with shareholder capital and focused on maximizing long-term value creation.

若目前的估值落差持續存在，我們預期將優先在公開市場積極且大幅回購本公司股票，直到股價更能反映我們認為的合理價值，或除非出現具吸引力的收購機會。正如我們過去兩年在資本配置決策上所展現的，我們對股東資本始終保持高度紀律，並專注於最大化長期價值創造。

Lastly, I'd like to comment on the recent updates to our Board of Directors. As you saw in our recent 8-K, Terry Jimenez stepped down. I want to thank Terry for his contributions during his tenure at Turtle Beach.

最後，我想談談我們董事會近期的更新。如各位在我們近期的 8-K 中所見，Terry Jimenez 已卸任。我要感謝 Terry 在任職 Turtle Beach 期間所做的貢獻。

Will Wyatt, who has served on our Board since 2023, has been appointed Chairman. Will brings deep expertise and has been a valuable contributor to our Board. I congratulate Will and look forward to working with him in his expanded role.

自 2023 年起在董事會任職的 Will Wyatt 已被任命為董事長。Will 具備深厚專業，並一直是董事會的重要貢獻者。我恭賀 Will，並期待在他擴大的職責中與他合作。

Our Board of Directors remains focused working with our executive leadership team on driving long-term value creation for our shareholders.

我們董事會仍專注於與執行領導團隊合作，為股東推動長期價值創造。

With that, Mark will take us through the detailed financial results. Mark?

接下來，Mark 將帶我們檢視詳細的財務結果。Mark？

Thank you, Cris. Fourth-quarter net revenue was $118 million (sic - see press release, "$118.8 million"), a decline of 19% year over year compared to $146.1 million in the prior year period. This decline reflects the recent softness in the gaming accessories markets.

謝謝你，Cris。第四季淨營收為 1.18 億美元（原文如此—請參見新聞稿，「1.188 億美元」），較去年同期的 1.461 億美元年減 19%。此一下降反映遊戲周邊配件市場近期的疲弱。

In the fourth quarter, we delivered strong gross margin performance. Fourth-quarter gross margins reached 40.1%, a year-over-year improvement of nearly 310 basis points. Net income for the fourth quarter was $17.6 million compared to $20.1 million in the prior-year period. The structural changes we have made over the last few years have allowed us to mitigate the recent revenue decline through cost containment activities.

在第四季，我們交出強勁的毛利率表現。第四季毛利率達 40.1%，較去年同期提升近 310 個基點。第四季淨利為 1,760 萬美元，去年同期為 2,010 萬美元。我們過去幾年所做的結構性調整，使我們得以透過成本控管活動，緩解近期營收下滑的影響。

Fourth-quarter adjusted EBITDA was $28.1 million, a decline of 21% year over year compared to $35.7 million in the prior-year period. We maintained an EBITDA margin of 24%. Operating expenses of $26.7 million represented 22% of our total revenue compared to $30.6 million or 21% of revenue in the prior-year period, demonstrating our disciplined expense management in the face of a tough market environment.

第四季調整後 EBITDA 為 2,810 萬美元，較去年同期的 3,570 萬美元年減 21%。我們維持 24% 的 EBITDA 利潤率。營業費用為 2,670 萬美元，占總營收 22%；去年同期為 3,060 萬美元，占營收 21%，顯示在艱困的市場環境下，我們仍維持具紀律的費用管理。

For the full-year 2025, net revenue was $319.9 million, a decline of 14% year over year compared to $372.8 million in 2024. This came in below our expectations due to the market headwinds that Cris noted in his prepared remarks. Full-year gross margins of 37.3% and represented an improvement of 270 basis points year over year and marks the highest annual level since 2018, reflecting our successful execution of cost optimization initiatives and tariff mitigation strategies throughout the year.

2025 全年淨營收為 3.199 億美元，較 2024 年的 3.728 億美元年減 14%。由於 Cris 在事先準備的發言中提到的市場逆風，該結果低於我們的預期。全年毛利率為 37.3%，較去年同期提升 270 個基點，並創下自 2018 年以來最高的年度水準，反映我們全年成功執行成本優化措施與關稅緩解策略。

Net income for the full year was $15.7 million, representing a 3% year-over-year decline compared to $16.2 million in 2024. Full-year adjusted EBITDA of $40.1 million was 12.5% of total revenue compared to $56.4 million in 2024 due to the revenue decrease from unfavorable market conditions. Operating expenses of $91.8 million represented 28.7% of total revenue compared to $109 million or 29% of total revenue in 2024. In 2025, the company realized a onetime credit of over $9 million from recoveries.

全年淨利為 1,570 萬美元，較 2024 年的 1,620 萬美元年減 3%。全年調整後 EBITDA 為 4,010 萬美元，占總營收 12.5%；相較之下，2024 年為 5,640 萬美元，主要因不利的市場狀況導致營收下降。營業費用為 9,180 萬美元，占總營收 28.7%；2024 年為 1.09 億美元，占總營收 29%。2025 年，公司因回收款項而認列一次性超過 900 萬美元的貸項。

Moving to the balance sheet. Our balance sheet remains solid with a cash position of $17 million on December 31. During the year, we generated $35 million in cash from operations. Total revolver and term loan debt as of December 31 was $85 million, resulting in net debt of $68 million.

接著看資產負債表。我們的資產負債表仍然穩健，12 月 31 日現金部位為 1,700 萬美元。全年我們自營運產生 3,500 萬美元現金。截至 12 月 31 日，循環信貸與定期貸款債務總額為 8,500 萬美元，因此淨負債為 6,800 萬美元。

During 2025, we continued returning capital to shareholders through our share repurchase program. In the fourth quarter, we repurchased approximately 140,000 shares for a total of approximately $2 million. For the full year, we repurchased 1.35 million shares for approximately $19 million. This brings our total repurchases over the past two years to nearly $47 million. Share buybacks remain a key pillar of our capital allocation strategy. They demonstrate both our confidence in the business and our ongoing commitment to creating value for shareholders.

2025 年期間，我們持續透過股票回購計畫向股東返還資本。第四季我們回購約 14 萬股，總金額約 200 萬美元。全年我們回購 135 萬股，約 1,900 萬美元。這使得我們過去兩年的回購總額接近 4,700 萬美元。股票回購仍是我們資本配置策略的關鍵支柱。這同時展現我們對業務的信心，以及我們持續為股東創造價值的承諾。

Looking ahead, we are optimistic for 2026. We expect growth in both revenue and EBITDA as we navigate through the current headwinds in the gaming accessories markets. We anticipate the market environment will remain challenging in the first half of 2026, with improvements in the second half driven by new products and game launches.

展望未來，我們對 2026 年保持樂觀。在我們因應遊戲周邊配件市場當前逆風之際，我們預期營收與 EBITDA 皆將成長。我們預期 2026 年上半年市場環境仍具挑戰，但下半年將在新產品與遊戲上市帶動下改善。

We currently expect full-year 2026 revenue to be in the range of $335 million to $355 million. This represents 8% growth at the midpoint compared to 2025. We expect our full-year 2026 adjusted EBITDA to be in the range of $44 million to $48 million.

我們目前預期 2026 全年營收將落在 3.35 億至 3.55 億美元之間。以區間中點計算，較 2025 年成長 8%。我們預期 2026 全年調整後 EBITDA 將落在 4,400 萬至 4,800 萬美元之間。

Due to volatility in the retail environment, we want to provide additional context on expected seasonality and revenue cadence throughout the year. It's important to reiterate that we typically see the majority of our revenues in the second half of the year, coinciding with the holiday season. In 2026, we expect to see this trend continue.

由於零售環境波動，我們希望就全年預期的季節性與營收節奏提供更多背景說明。需要再次強調的是，我們通常在下半年（與假期旺季相吻合）取得大部分營收。在 2026 年，我們預期此一趨勢將持續。

For the first quarter, we anticipate approximately 13% to 14% of full-year revenues to be realized. Looking to the second quarter, we expect to release a significant number of new product introductions. With these new models and retail placements, we expect to see double-digit year-on-year revenue growth in the second quarter.

就第一季而言，我們預期將實現約占全年營收 13% 至 14% 的水準。展望第二季，我們預期將推出相當數量的新產品。隨著這些新機型與零售通路上架，我們預期第二季營收將出現年對年雙位數成長。

Our guidance assumes continued market headwinds in the first half of the year, but reflects our confidence in our operational improvements and strategic positioning for when market conditions improve. We remain focused on maintaining our margins while positioning for growth when market catalysts emerge.

我們的指引假設上半年市場逆風仍將持續，但也反映我們對營運改善與策略定位的信心，以把握市場狀況改善時的機會。我們仍專注於維持利潤率，同時在市場催化因素出現時做好成長布局。

With that, I'll turn the call back to Cris for closing remarks. Cris?

那麼，我把電話交回給 Cris 作結語。Cris？

Thanks, Mark. As we look ahead, we are confident in both the long-term strength of the gaming accessories market and our ability to lead within it. While 2025 brought meaningful challenges, we believe those pressures were cyclical in nature and we used the year to sharpen our execution and reinforce our foundation. Through disciplined cost optimization, agile supply chain management, a strategic refinancing of our debt, continued product innovation and a focused capital allocation strategy, we have meaningfully strengthened our competitive position.

謝謝，Mark。展望未來，我們對遊戲周邊市場的長期韌性，以及我們在其中領先的能力都充滿信心。雖然 2025 年帶來了重大的挑戰，但我們相信這些壓力屬於景氣循環性質，而我們也利用這一年精進執行力並強化基礎。透過嚴謹的成本最佳化、敏捷的供應鏈管理、策略性地為債務再融資、持續的產品創新，以及聚焦的資本配置策略，我們已大幅強化競爭地位。

We enter 2026 with expanded margins, a stronger and more flexible balance sheet and a compelling product portfolio that positions us to capitalize on improving market conditions and drive sustainable growth. Building on the strong foundation we've established, our focus in 2026 is to fully leverage these operational gains while positioning the company to accelerate as demand strengthens.

我們以更高的利潤率、更強且更具彈性的資產負債表，以及具吸引力的產品組合進入 2026 年，使我們能把握市場環境改善並推動可持續成長。在既有的堅實基礎上，2026 年我們的重點是充分發揮這些營運成果，同時在需求回升時讓公司具備加速成長的定位。

The global gaming audience continues to expand. And as market conditions improve, we expect to realize meaningful growth. At the same time, we will continue investing in our brand and deepening engagement with gamers worldwide capitalizing on the strength and leadership of the Turtle Beach franchise to drive long-term value creation.

全球遊戲玩家族群持續擴大。隨著市場狀況改善，我們預期將實現具意義的成長。同時，我們將持續投資品牌並深化與全球玩家的互動，善用 Turtle Beach 品牌的實力與領導地位，推動長期價值創造。

As always, I want to recognize and thank the entire Turtle Beach team for their dedication, focus and relentless execution throughout the year. Their hard work and commitment were instrumental in delivering our 2025 accomplishments and have positioned us strongly for continued success in 2026 and the years ahead.

一如既往，我要表揚並感謝整個 Turtle Beach 團隊在全年展現的投入、專注與不懈的執行力。他們的辛勤與承諾對我們達成 2025 年的成果至關重要，也讓我們在 2026 年及未來數年具備強勁的持續成功基礎。

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

那麼，接線員，我們可以開放問答。

(Operator Instructions) Anthony Stoss, Craig-Hallum.

（接線員指示）Anthony Stoss，Craig-Hallum。

Cris, I'd love to hear a little bit more about how the racing sim products are doing. And then also your comment about 50% more products for 2026. Any way you could break that into the different buckets if it's more skewed towards one product line versus another?

Cris，我想多了解一下賽車模擬（racing sim）產品的表現。另外你提到 2026 年產品數量增加 50%。你能否把它拆分到不同類別，看看是否更偏向某一條產品線？

Racing sim is doing well for us. We're seeing share gains year over year in that category. We started with really one SKU in that category initially, and then we expanded that to a few more SKUs last year, and we'll continue building on that here in 2026.

賽車模擬對我們來說表現不錯。我們看到該品類的市占率逐年提升。一開始我們在該品類其實只有一個 SKU，去年擴展到更多 SKU，2026 年我們也會持續在此基礎上加碼。

When you look across the different categories with a 50% more SKUs coming out, it's really across all of the categories that we operate in. There's some really great products coming in and for competitive reasons, I won't go into too many details, but the headset space is an area that we're going to continue to drive innovations. And we have some really exciting innovations coming in that space very soon.

若看各品類在 50% 更多 SKU 的推出，其實涵蓋我們經營的所有品類。有一些非常出色的產品即將上市，出於競爭考量我不便透露太多細節，但耳機（headset）領域是我們會持續推動創新的方向。而且我們在該領域很快就會推出一些令人振奮的創新。

And then you look across the controller categories, particularly with the strength that we expect this year from Switch 2, we've got a lot of great accessories that have been launched and are gaining placements in Q2 and we'll continue to gain placements throughout the year in that space as we typically see in a new console cycle like Switch 2 is in.

再看控制器（controller）品類，特別是我們預期今年 Switch 2 會很強勁，我們已推出許多優秀的配件，並在第二季獲得更多上架/鋪貨（placements），而且在該領域我們會在全年持續取得更多上架/鋪貨，這也符合像 Switch 2 這樣的新主機週期通常會出現的情況。

And then across the other categories of PC and some of the accessory categories that we expect to see grow, as Switch 2 comes out and across sim as well, we got new products coming in really every category. And so that's part of the excitement that we've got here. We did a lot of work last year as the market was a bit slower to really focus on our product pipeline, and I think the team has done an amazing job at that.

此外，在 PC 以及我們預期會成長的一些配件品類上，隨著 Switch 2 推出，以及在模擬（sim）領域，我們幾乎每個品類都有新產品要推出。這也是我們感到興奮的一部分。去年市場較為疲弱時，我們投入大量工作聚焦產品管線，我認為團隊在這方面做得非常出色。

Got it. Your midpoint of your guide for the full year revs of $345 million and given the cadence for Q1 and the remainder of the year, it would presume a pretty lofty September, December. So I would assume you're assuming GTA 6 launches in November as planned. Maybe can you bracket a range of revenue that you've added to that $345 million guide that would be somewhat related to GTA 6 [just in case] we can figure out how much to back out.

了解。你們全年營收指引中位數為 3.45 億美元，考量第一季與全年其餘季度的節奏，這似乎意味著 9 月、12 月季度會相當強勁。所以我推測你們假設 GTA 6 會如期在 11 月推出。你能否框出一個你們加進這個 3.45 億美元指引、且與 GTA 6 相關的營收區間（以防萬一），讓我們能估算需要扣回多少？

Sure. Yeah You framed it up correctly. We do expect the second half of the year to be very strong. If you think about seasonality for 2026, for us, it's going to look very similar to 2024.

當然。是的，你的理解很正確。我們確實預期下半年會非常強勁。如果你看 2026 年的季節性，對我們而言會非常類似 2024 年。

If you look back at 2024, it was more heavily weighted towards Q4. Q1 was also more pressured as we're going to see here in this Q1. If you remember, Q1 had a very strong market, but Turtle Beach actually slightly underperformed that market in Q1 of '24 as we were preparing for new launches in Q2.

回頭看 2024 年，權重更偏向第四季。第一季也承受較大壓力，就像我們這次第一季將看到的一樣。如果你還記得，2024 年第一季市場非常強，但 Turtle Beach 在 2024 年第一季其實略低於市場表現，因為我們在為第二季的新產品上市做準備。

It's very much the same dynamic in 2026. So we're currently running the channel down as we prep for a pretty significant amount of new placements in Q2, and we'll see a nice increase in our Q2 numbers to really help the first half here.

2026 年的動態非常相似。因此我們目前正在去化通路庫存（run the channel down），以便為第二季相當可觀的新上架/鋪貨做準備；第二季數字會有不錯的提升，來支撐上半年表現。

But with GTA 6 launching in Q4, that's our expectation. That's what our guidance is built on. It's hard to put an exact range because there's a variety of factors that are going to drive growth for us this year. But certainly, double-digit growth -- double-digit portion of that growth that we would expect to see in Q4 is going to come from GTA 6.

至於 GTA 6 在第四季推出，這是我們的預期。我們的指引也是以此為基礎。很難給出精確區間，因為今年推動我們成長的因素有很多。但可以確定的是，我們預期第四季的成長中，會有雙位數比例的成長來自 GTA 6。

(Operator Instructions) Martin Yang, Oppenheimer.

（接線員指示）Martin Yang，Oppenheimer。

My question is about the cost structure for '26. Can you give us more details around your expectations for gross margin versus OpEx and whether the proof of new products will impact either part of the cost.

我的問題是關於 2026 年的成本結構。你能否更詳細說明你們對毛利率相對於營業費用（OpEx）的預期，以及新產品的打樣/驗證（proof）是否會影響成本的任何部分？

Sure. Martin, we're really happy with the progress that we've made on gross margin so far, and we expect to see continued improvements in gross margin as we go into 2026.

當然。Martin，我們對目前在毛利率方面取得的進展非常滿意，也預期進入 2026 年後毛利率會持續改善。

The drivers behind that, we're now comping a full year of all of those mitigations that we made for tariffs additional product changes that we made, focusing on the higher-margin products as we look at our retail placements. So all of those improvements that we made throughout the year in '25 we're now comping a full year of that here in '26. So we'll see improved margins continue and continued margin growth in that space.

背後的驅動因素包括：我們現在將完整對比（comp）我們為因應關稅所做的各項緩解措施、額外的產品調整，以及在零售上架/鋪貨配置上更聚焦於高毛利產品。因此，2025 年全年所做的這些改善，在 2026 年我們將以完整年度的基礎來對比。所以我們會看到毛利率持續改善，並在該領域延續利潤率成長。

Our OpEx structure is going to remain fairly similar to what we had in 2025. We are going to be making some additional structural investments on continued upgrades in technology. We're implementing new tools that are going to help with our efficiencies.

我們的 OpEx 結構將與 2025 年大致相近。我們會在持續的技術升級方面做一些額外的結構性投資。我們正在導入新工具，以提升效率。

We're also making investments in our brand, and you'll see more coming out about that from us in the coming weeks and months. We think there's a huge amount of equity in the Turtle Beach brand. And with all of the great things coming up in gaming, we're going to be repositioning the brand and really making a brand push this year.

我們也在品牌上進行投資，未來幾週到幾個月你會看到我們釋出更多相關訊息。我們認為 Turtle Beach 品牌擁有非常高的品牌資產（equity）。隨著遊戲產業接下來有許多利多，我們今年將重新定位品牌並大力推動品牌行銷。

One more question on the pace of new product introduction. Do you view 2026 as more of a unique year, you have more new products coming out to the market? Or do you believe this pace of new product instruction is a sustainable place for years?

再問一題關於新產品導入的節奏。你們是否把 2026 年視為較特殊的一年，因為有更多新產品要推向市場？或者你們認為這樣的新產品導入速度在未來多年都可持續？

I think it's sustainable. You look at -- there's always some ebb and flow in the timing of launches. And we had a very, very strong year in '24 with new launches. We did a bit more preparation last year with our launch cadence. So there'll be a bit of ebb and flow, but we've made some real improvements and I really have to give credit to the team on this. We've made some great improvements in our development process.

我認為這是可持續的。你看——產品上市時點的安排總會有一些起伏。而我們在 24 年的新產品上市方面有非常、非常強勁的一年。我們去年在上市節奏上做了更多準備。所以會有一些起伏，但我們確實做出了一些實質性的改善，這點我真的要把功勞歸於團隊。我們在研發流程上做出了很大的改進。

And as we look ahead to preparing for the next round of consoles that are coming up, we feel really good about where we're positioned and our capabilities our R&D team and our product team to deliver on those. So you'll see this pace continue from us moving forward as we look at preparing for the next console cycle here.

而當我們展望並為即將到來的下一輪主機做準備時，我們對自身的定位以及我們的能力——我們的研發團隊與產品團隊能夠交付這些——感到非常有信心。因此，隨著我們為下一個主機週期做準備，你會看到我們未來會持續保持這樣的節奏。

Sean McGowan, Roth Capital Partners.

Sean McGowan，Roth Capital Partners。

I have a couple of questions. First, to follow up on Martin's question on the gross margin and your response. Normally, when your sales are soft or softer than expected, you see some deleveraging at the gross margin line.

我有幾個問題。首先，延續 Martin 關於毛利率的問題以及你剛才的回覆。通常當你們的銷售疲弱或低於預期時，會在毛利率端看到一些槓桿去化（deleverage）。

So would this suggest that from this level, if we were to look at a quarter that saw a lot more sales increase that we could expect significantly higher margins? Or are there some givebacks that we can expect to see?

那麼這是否意味著，從目前這個水準來看，如果我們看到某一季銷售大幅成長，我們可以期待毛利率顯著更高？還是說會有一些回吐（givebacks）是我們可以預期會出現的？

Yeah. Great question, Sean. So we did have a very good Q4. We do expect to continue to be in our range of our targeted gross margins of the mid- to high-30s. We are very, very happy that for the full year, we were able to make it to the 37% level. We do expect to have some additional expansion, as you mentioned, partially due to the higher revenue base and then also from some of the new products that we'll be introducing in '26.

是的。很好的問題，Sean。我們第四季確實表現非常好。我們預期毛利率將持續落在我們目標區間的 30% 中段到高段。我們非常、非常高興全年度能達到 37% 的水準。如你所提到的，我們確實預期還會有一些額外的擴張，部分來自較高的營收基礎，另外也來自我們在 26 年將推出的一些新產品。

Okay. And in terms of G&A and selling and marketing, there's good discipline there, but were you holding back? And should we expect to see maybe an increase in as a percentage of revenue in those categories?

好的。那在 G&A（一般及行政費用）以及銷售與行銷方面，你們的紀律看起來不錯，但你們是否有刻意保守？我們是否應該預期這些類別占營收比重可能會上升？

Yeah. When you look at Q4, we made the decision that we weren't going to go chase into a soft market on price. That's part of why you're seeing the better gross margin is we really don't think that's good for the brand long term and didn't see the need to do that. Obviously, that creates a little bit of pressure on the top line.

是的。如果你看第四季，我們做了決定：在疲弱的市場中，我們不會為了價格去追逐。這也是你看到毛利率較好的原因之一——我們真的不認為那樣對品牌長期有利，也不覺得有必要那麼做。當然，這會對營收端造成一些壓力。

I do believe that we'll be making some additional investments this year, and our guide includes those investments. particularly around the brand. We've got -- we've made some real changes with some great new talent on our marketing team that have done some amazing work on some of the brand work you're going to see coming out from Turtle Beach here in the coming months. And so we're going to make some investments in that space, along with the investments that we've made in our products and on the development side. So you'll see a bit more there, but that's included in our guide.

我確實相信我們今年會做一些額外投資，而我們的財測指引已包含這些投資，特別是在品牌方面。我們在行銷團隊引進了一些非常優秀的新人才並做出實質變革，他們在品牌相關工作上做得非常出色；接下來幾個月你會看到 Turtle Beach 將推出的一些成果。因此我們會在這個領域投入一些資源，同時也會延續我們在產品與研發端所做的投資。所以你會看到那邊略有增加，但都已包含在我們的指引之中。

Okay. Can you comment on where your read of retail inventories both at year-end and kind of where they sit right now as the trade is working through some of these issues?

好的。你能否評論一下零售端庫存的情況——包括年底時以及目前在通路消化這些問題的過程中，庫存大概處於什麼水位？

Great question. As we saw the softer demand, we did see inventories, as you might expect, decline. We ended the year in a much lighter inventory position than we've seen because of where the markets were, retailers adjusted to those dynamics. And so that was some of the impact that we saw.

很好的問題。隨著我們看到需求轉弱，如你所預期，我們也看到庫存下滑。由於市場狀況，零售商也因應這些動態做了調整，因此我們在年底的庫存水位比以往輕得多。這就是我們所看到的部分影響。

The good news is for this year, we don't see the potential for a further decline in the channel inventories. So we'll see the benefit of that, I would say, of not having that risk in the numbers of potential additional shrinkage of channel inventory stocks. If anything for us, with some placements that we've been able to gain for Q2 and looking ahead, we would expect that to potentially even expand a bit. All that obviously included in the guide numbers.

好消息是，今年我們不認為通路庫存還有進一步下滑的可能。因此我們會受惠於——我會說——在數字上不再承擔通路庫存可能進一步縮水的風險。甚至對我們而言，隨著我們在第二季以及往後取得的一些上架/陳列（placements），我們預期通路庫存可能還會略有增加。當然，這些都已反映在指引數字中。

Okay. And then my final question for now is probably related to the timing and phasing issues that you talked about earlier. You got a weird dynamic here it seems, where the first quarter, you're probably going to see some destocking, right, or cutbacks on some purchases that would have been made last year in preparation for these new products that are launching later, plus the overall softness in the market. And then fast forward toward the end of the year, we have a major, major software launch coming late in the year that I think we've talked before. It's probably going to have a positive impact on the months and quarters after it's released.

好的。那我目前最後一個問題，可能與你先前提到的時點與分期（timing and phasing）問題有關。看起來你們這裡有個有點奇特的動態：第一季你們可能會看到一些去庫存（destocking），對吧？或者是削減一些原本去年為了這些稍晚推出的新產品而提前做的採購，再加上整體市場偏弱。然後快轉到年底，我們有一個非常、非常重大的軟體在年底推出，我想我們之前談過，它很可能會在上市後的幾個月與幾個季度帶來正面影響。

So could be looking at a fairly dramatic swing, Q1 '27 versus Q1 '26. So would you venture to say that sitting here in mid-March toward the end of that first quarter, that we're looking at a significantly better next 12 months compared to the prior 12-month period?

所以可能會出現相當劇烈的擺盪，例如 27 年第一季相較 26 年第一季。那麼你是否願意說，站在三月中、接近第一季末的這個時間點，我們接下來 12 個月的表現會明顯優於前一個 12 個月？

Yeah. Certainly, I think you framed it up in the right way that we're thinking about. It is when you look forward, it's been -- it was obviously a tough Q4 -- Q1 because of exactly what you referred to there, we are draining the channel, and so we're not replenishing at the moment. So it does put a lot of pressure on the Q1 numbers.

是的。我認為你用我們正在思考的方式把它框架得很到位。往前看，確實——第一季顯然是艱難的，原因正如你所提到：我們正在讓通路去化庫存，因此目前沒有在補貨。所以這確實會對第一季的數字造成很大壓力。

Again, we saw the same dynamic. If you look back to 2024, exactly the same type of thing. It was a softer Q1 for us relative to the market because we were preparing for all these great new launches. And then Q2, we exceeded the markets, and we expect to see exactly that same dynamic repeat here in '26 because it's a very similar kind of launch cadence for us. The Q4 numbers will be outsized if GTA 6 launches as expected. And we do anticipate that it will launch as planned in November.

同樣地，我們也看過相同的動態。如果你回頭看 2024 年，完全是同樣的情況。相較於市場，我們第一季較疲弱，因為我們在為這些很棒的新產品上市做準備。然後第二季我們超越市場表現，而我們預期在 26 年也會看到完全相同的動態重演，因為對我們而言上市節奏非常相似。如果 GTA 6 如預期推出，第四季的數字會特別突出。我們也預期它會按計畫在 11 月上市。

We know what that does to markets. And when you look at the go-forward demand for accessories and the go-forward engagement from gamers after that game comes out, it's going to continue into Q1 and we would anticipate -- if you look at the last time when GTA 5 came out, it continued for quite some time after that launch and GTA 5 still one of the leading sellers after all these years. So yes, I do think that when you think about the go-forward next 12 months versus trailing 12 months, it's a very different picture for us.

我們知道那會如何影響市場。而當你看該遊戲推出後，對配件的後續需求以及玩家的後續投入度，將會延續到第一季；我們預期——如果你看上一次 GTA 5 推出時——其影響在上市後持續了相當長一段時間，而 GTA 5 這麼多年後仍是最暢銷的產品之一。所以是的，我確實認為，當你比較未來 12 個月與過去 12 個月，對我們而言會是非常不同的景象。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

You mentioned a willingness to expand the company's borrowing capacity for share repurchases. Is there a leverage threshold that you're comfortable with, you can share with us?

你提到願意提高公司的借款能力以進行庫藏股回購。你們是否有一個可接受的槓桿門檻，方便與我們分享？

Well, when we look at those numbers, we've been able to deleverage pretty significantly since we did the PDP acquisition. And I think, a fair range for the company, certainly a 2% to 2.5% kind of range is something we feel comfortable with. It's something that is not out of the norm for the industry.

嗯，當我們看這些數字時，自從我們完成 PDP 併購以來，我們已經相當顯著地去槓桿。我認為對公司而言，一個合理的區間——大約 2 倍到 2.5 倍左右——是我們覺得舒適的水準。這在產業中也不算異常。

And I think that when we look at our capital allocation, again, as we start to see some of the benefits of the upcoming gaming cycle, we see opportunity there, which is why we're looking into potentially obtaining some new financing around that to allow us even more flexibility than the work that was done last year. So that's roughly the range that we're thinking about.

我認為，當我們檢視我們的資本配置時，再次地，隨著我們開始看到即將到來的遊戲週期所帶來的一些效益，我們看到了機會；這也是為什麼我們正在研究，可能圍繞這一點取得一些新的融資，讓我們在去年所完成的工作之外，擁有更大的彈性。所以這大致就是我們正在思考的範圍。

Okay. Got it. And then maybe just to kind of follow up on that last comment. I think you've the call, you've mentioned expectations for significant growth over the next, call it, 12 to 24 months. And I know there's been a lot of questions around GTA 6.

好的。了解。那接著也許就針對你剛才最後那個評論追問一下。我記得你在電話會議上提到，未來大概 12 到 24 個月會有顯著成長的預期。我也知道市場上有很多問題都圍繞著 GTA 6。

Beyond that launch, is there anything else that's behind the optimism? I know there's been some concern in the market that the semiconductor shortages could push out the launch of the next Xbox and the PlayStation 6. So I just want to get a better understanding as to what those drivers are behind the optimism beyond this year.

除了那次上市之外，還有其他因素支撐這份樂觀嗎？我知道市場上有人擔心半導體短缺可能會把下一代 Xbox 與 PlayStation 6 的推出時間往後推。所以我想更清楚了解，除了今年之外，這些樂觀背後的驅動因素是什麼。

Sure. Yeah, absolutely. And it's -- the great thing for the business going forward is it's really not one thing, it's a combination of multiple factors here. And we've seen it before because we saw it during the last console cycle when we had GTA 5 come out and then we had the new consoles come out from Xbox and from PlayStation.

當然。是的，絕對。而且——對未來業務來說最棒的是，真的不是單一因素，而是多個因素的組合。我們以前也見過，因為在上一個主機週期，我們看到 GTA 5 推出，接著 Xbox 和 PlayStation 的新主機也推出。

We're about to hit that same kind of cycle over the next couple of years. So while it could be that the consoles push out because of memory issues, we're personally -- we're not seeing any impact to our business that's significant from the memory shortages.

接下來幾年我們即將進入同樣類型的週期。所以即便主機因為記憶體問題而延後，我們自身——我們並沒有看到記憶體短缺對我們業務造成任何重大的影響。

We've had a bit of lead time impact, nominal cost increases all again within the guide. So we're not seeing an impact on our business. But if it does push the console refresh cycle out, clearly, GTA 6 and the other games will run on the current generation of consoles, and we could see even towards the end of life of these consoles a nice lift on those sales even if the new comps do move out.

我們確實有一些交期影響，成本也有些微上升，但都仍在指引範圍內。所以我們沒有看到對我們業務的影響。但如果主機更新週期真的被往後推，顯然 GTA 6 和其他遊戲仍會在現有世代主機上運行；即使新機延後，我們甚至可能在這些主機生命週期末端看到銷售有不錯的拉抬。

We also have, for an accessories business such as ours, we've got an overdue accessories replacement cycle that we do anticipate will start to come in once we see that engagement, whether it's from GTA 6 or any other great games that are coming out, or Switch 2, which we're seeing some nice momentum and starting to see people come over into third-party accessories on Switch 2 as expected.

另外，對像我們這樣的配件業務而言，我們也有一個已經延宕的配件汰換週期；我們預期一旦看到玩家參與度提升——不論是來自 GTA 6 或其他即將推出的優秀遊戲，或是 Switch 2——就會開始出現。

So all of those together, in addition to our own product innovations, that's another thing that drives gamers to go and get new gear is great new products come out. They've got new features that they can't enjoy on their current accessories and so they'll go out and they'll replace those. So all those things together are really what's driving the optimism from our side.

所以以上這些，再加上我們自身的產品創新——這也是驅動玩家去買新裝備的另一個因素：當很棒的新產品推出時，它們具備玩家在現有配件上無法享受的新功能，因此玩家就會去購買並汰換。所以這些因素綜合起來，才是真正驅動我們這邊樂觀情緒的原因。

Jack Vander Aarde, Maxim Group.

Jack Vander Aarde，Maxim Group。

Cris, so with the 50% more new product launches in 2026 and the focus kind of still being on this. It sounds like high gross margins are going to continue, which have been historically high. Can you speak to your overall just pricing and promotional strategy this extra layer of substantial new products in the market? Assuming these gross margins stay high, are you also -- what are you doing with the price points here across the portfolio and for this new lineup?

Cris，隨著 2026 年新產品上市數量增加 50%，而且重點似乎仍放在這上面，聽起來高毛利率將會延續，而這些毛利率在歷史上一直偏高。你能談談在市場上多了這一層大量新產品之後，你們整體的定價與促銷策略嗎？假設毛利率維持高檔，你們在整個產品組合以及這條新產品線上，價格帶會怎麼做？

Sure. Jack, great question. It's something that we're looking at very closely. As you might imagine, the pricing dynamics, the promotional dynamics, they've changed pretty dramatically over the last year when you look at how we addressed some of those tariff challenges, some of the cost challenges and the overall market slowness. And what we're seeing is we're still seeing good performance from some of the higher-end price points. We're seeing some pressure on some of the entry and mid-level price points.

當然。Jack，問得很好。這是我們正在非常密切關注的事情。如你所想，過去一年在定價動態、促銷動態方面變化相當劇烈，尤其是當你回頭看我們如何因應一些關稅挑戰、成本挑戰以及整體市場放緩。我們看到的是，一些高端價位帶仍有良好表現。而入門與中階價位帶則看到一些壓力。

And we're -- as we look at our promotional strategy, we're really trying to find a way to address all of the needs that gamers have at every price point. And so our decision in Q4 and as we get ready for these new launches that are coming up has really been to not be as promotional as we have been in the past. That's part of what's driving our improvements in gross margin.

而在檢視我們的促銷策略時，我們真正想做的是找到一種方式，在每個價位帶都能滿足玩家的需求。因此，我們在第四季以及為即將到來的新產品上市做準備時的決策，基本上是不要像過去那樣做那麼多促銷。這也是推動我們毛利率改善的一部分原因。

Obviously, that can put some pressure on top line revenue. That's a little bit of what we saw in Q4. So we are evaluating how to go out and get the right mix -- the optimized mix of promotions and price. And we want to make sure that we've got the gamer, first and foremost in mind on that. And so I think that we could probably start to be a bit more promotional. We've been very conservative on our promotions.

當然，這可能會對營收（top line）造成一些壓力。第四季我們就看到了一點這樣的情況。所以我們正在評估，如何取得正確的組合——也就是促銷與價格的最佳化組合。我們希望確保在這件事上，首先把玩家放在心上。因此我認為，我們可能會開始稍微更積極一些做促銷。我們一直以來在促銷上都非常保守。

So we may do some of that, but we would much rather invest in the brand, and we're also going to be putting some of those dollars to work to really talk about some of the great things that Turtle Beach brings to gamers and really building a community with the gamers out there.

所以我們可能會做一些，但我們更希望把資金投入品牌；同時我們也會把其中一部分預算用來更用力地傳達 Turtle Beach 能為玩家帶來的優點，並真正與玩家建立社群。

Okay. Great. And then maybe for Mark on the 2026 outlook. EBITDA, it looks like it's -- that growth is supposed to outpace revenue, which is also going to be growing. It looks like, it sounds like gross margins are going to remain historically strong we don't guide for EPS, but is it safe to assume a similar kind of growth trend relative to EBITDA with EPS, I mean, a similar sub-7% or 10% tax rate.

好的。很棒。那接著可能想請 Mark 談談 2026 年展望。EBITDA 看起來——其成長預期會快於營收，而營收也會成長。聽起來毛利率將維持在歷史強勁水準；我們不提供 EPS 指引，但是否可以合理假設 EPS 也會呈現與 EBITDA 類似的成長趨勢？我的意思是，假設稅率仍是類似的不到 7% 或 10%。

I'm assuming you're likely buying back more shares, so maybe a decline in share count. Is there a read-through there on the EPS line that it should outpace -- that growth should outpace revenue on assuming all things play out like that?

我猜你們可能會回購更多股票，所以股數可能下降。那麼在 EPS 這條線上是否可以推論：在上述假設都成立的情況下，EPS 的成長也應該會快於營收？

I think you mentioned a lot of the great points, and I would reiterate one of the items that you noted, which is our share buyback strategy. This year, we had a significant amount of buybacks over the past couple of years, more than $40 million of total buybacks. We are looking at opportunities to continue to drive additional buyback strategies in 2026 and what that could mean for us in terms of just the overall share count.

我認為你提到了很多很好的重點，我也想重申你提到的一項，也就是我們的股票回購策略。今年以及過去幾年，我們進行了相當可觀的回購，累計回購總額超過 4,000 萬美元。我們正在尋找機會，在 2026 年持續推動更多回購策略，以及這對我們整體流通股數可能意味著什麼。

As we noted here in terms of the guide, we're looking at adjusted EBITDA to be in the range of $44 million to $48 million. As a percentage basis, that's going to be up from where we were in '25, just showing the leverage that we get on the revenue. And as you noted, the gross margin side, we are very excited about the fact that we are already in our targeted range, and yet we still see opportunities to slightly increase our margin levels going into the new year with new products.

如同我們在指引中所提到的，我們預期調整後 EBITDA 將落在 4,400 萬至 4,800 萬美元的區間。以百分比來看，這將高於我們在 2025 年的水準，顯示我們在營收上的槓桿效益。另外如你所說，在毛利率方面，我們對於目前已經處在目標區間感到非常振奮；同時我們仍看到機會，隨著新產品在新年度推出，毛利率水準還能小幅提升。

So we think '26 is going to be a very good year and looking forward to seeing the outcomes.

所以我們認為 2026 年會是非常好的一年，也期待看到最終成果。

This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Cris Keirn for any closing remarks.

問答環節到此結束。接下來我想把電話會議交回給 Cris Keirn 先生，請他做結語。

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

感謝各位對 Turtle Beach 的關注，祝各位有美好的一天。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。