Turtle Beach Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Turtle Beach Corp filed its 2023 annual report (10-K) on March 13, 2024, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Turtle Beach Corp (TBCH) filed a Annual Report (10-K) with the SEC on March 13, 2024. Turtle Beach Corp filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Parametric Sound Corp. Turtle Beach Corp is incorporated in Nevada (NV). The company's SIC code is 3669 (Communications Equipment, NEC).

Why It Matters

For investors and stakeholders tracking Turtle Beach Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Turtle Beach Corp's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. As a public company, Turtle Beach Corp is required to disclose detailed financial information and risk factors annually, offering transparency to stakeholders regarding its business activities, market position, and potential challenges in the gaming accessories and audio equipment industry.

Risk Assessment

Risk Level: medium — Turtle Beach Corp shows moderate risk based on this filing. The company's financial performance and market position are subject to the dynamic and competitive nature of the gaming accessories market, which can lead to fluctuations in revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Turtle Beach Corp's performance and outlook in the gaming hardware sector.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240313 — Filing Date (Date of submission)
• 001-35465 — SEC File Number (SEC registration)
• 0000950170-24-030883 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• Turtle Beach Corp (company) — Filer
• Parametric Sound Corp (company) — Former company name
• NV (state) — State of incorporation
• 3669 (industry_code) — Standard Industrial Classification
• 20231231 (date) — Fiscal year end
• 20240313 (date) — Filing date

FAQ

Industry Context

Turtle Beach Corp operates in the gaming accessories and audio equipment market, a sector characterized by rapid technological advancements and intense competition.

Regulatory Implications

As a publicly traded company, Turtle Beach Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand Turtle Beach Corp's revenue, profitability, and cash flow for fiscal year 2023.
2. Review the risk factors section to identify potential challenges and uncertainties that could impact the company's future performance.
3. Compare the 2023 financial results with previous years to identify trends and assess the company's growth trajectory.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-13: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report. Specific comparisons to the prior year's filing (2022 10-K) would require access to that document's content.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 HEAR The Nasdaq Global Market Sec
• $20 — e at multiple price tiers ranging from ~$20 to $650+. Most Turtle Beach gaming head
• $650 — ltiple price tiers ranging from ~$20 to $650+. Most Turtle Beach gaming headset mode
• $190 billion — w Turtle Beach operates in an overall $190 billion global games and accessories market. Th
• $8.4 billion — ulation controls are estimated to be an $8.4 billion business globally. The console and PC
• $1.4 billion — years, is estimated to be approximately $1.4 billion. PlayStation and Xbox consoles continue
• $3.2 billion — boards is estimated to be approximately $3.2 billion. PC gaming continues to be a main gamin
• $0.5 b — ollers is estimated to be approximately $0.5 billion, and shares the same retail footp
• $40 — e controllers also range in price from ~$40 to $300+ for ultra premium options, wit
• $300 — ollers also range in price from ~$40 to $300+ for ultra premium options, with premiu
• $1.2 billion — sories is estimated to be approximately $1.2 billion. Flight and racing simulation gaming ar

Filing Documents

• hear-20231231.htm (10-K) — 2501KB
• hear-ex3_2.htm (EX-3.2) — 268KB
• hear-ex21.htm (EX-21) — 2KB
• hear-ex23_1.htm (EX-23.1) — 5KB
• hear-ex23_2.htm (EX-23.2) — 3KB
• hear-ex31_1.htm (EX-31.1) — 13KB
• hear-ex31_2.htm (EX-31.2) — 13KB
• hear-ex32_1.htm (EX-32.1) — 15KB
• hear-ex97_1.htm (EX-97.1) — 62KB
• img252864189_0.jpg (GRAPHIC) — 7KB
• img252864189_1.jpg (GRAPHIC) — 35KB
• img252864189_2.jpg (GRAPHIC) — 290KB
• 0000950170-24-030883.txt (&nbsp;) — 12596KB
• hear-20231231.xsd (EX-101.SCH) — 1603KB
• hear-20231231_htm.xml (XML) — 2219KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 23 PART II. Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III. Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 67 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 Item 13. Certain Relationships and Related Transactions, and Director Independence 67 Item 14. Principal Accounting Fees and Services 67 PART IV. Item 15. Exhibits and Financial Statement Schedules 68 Item 16. Form 10-K Summary 68 EXHIBIT INDEX 69

SIGNATURES

SIGNATURES 71 1 PART I This Annual Report on Form 10-K (this "Report") includes, and incorporates by reference, certain forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by, or that include the words "may," "could," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "potential," "continue," and similar expressions. These forward-looking statements reflect the current expectations of Turtle Beach Corporation concerning future events, and actual results may differ materially from current expectations or historical results. Any such forward-looking statements are subject to various risks and uncertainties, including without limitation those discussed in the sections of this Report entitled "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on our management's beliefs and assumptions, which in turn are based on currently available information. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the expansion of product offerings geographically or through new marketing applications, the timing and cost of planned capital expen

- Busi ness

Item 1 - Busi ness Turtle Beach Corporation's mission is to deliver the ultimate experience to gamers by providing high-quality, high-performance gaming accessories, including headsets, keyboards, mice, controllers, flight and racing simulation hardware, microphones, and more. For nearly 50 years, Turtle Beach has been a pioneer and key innovator in audio technology, and today it is one of the most recognized brand names in gaming. Headquartered in White Plains, New York, Turtle Beach was incorporated in the state of Nevada in 2010 and the Company's stock is traded on the Nasdaq Global Market under the symbol HEAR. The Turtle Beach brand has been the market share leader in console gaming headsets for 14-years running with a vast portfolio of headsets designed to be compatible with the latest Xbox, PlayStation, and Nintendo consoles, as well as for personal computers (PCs) and mobile/tablet devices. Turtle Beach Corporation's PC product portfolio includes headsets, gaming keyboards, mice and other gaming accessories focused on the PC gaming platform. Recently, Turtle Beach expanded its brand beyond gaming headsets and began making game controllers, gaming flight simulation and racing simulation accessories. Turtle Beach also creates high-quality USB and analog microphones for gamers, streamers, professionals, and students that embrace cutting-edge technology and design. In 2024, Turtle Beach Corporation is moving all forward-looking accessories under its best-selling Turtle Beach brand. All forward-looking products for console, PC, and multiplatform gaming headsets, mice, keyboards, microphones and other PC gaming peripherals, game controllers, and flight/racing simulation accessories will be unified under one of the industry's most recognized brand names. Gaming Accessories Business Turtle Beach launched its first gaming headset and the first ever console gaming headset – the X51 – in 2005 and has gone on to become the leading brand in gaming headsets, as we

View Full Filing

View this 10-K filing on SEC EDGAR