Turtle beach corporation (HEAR)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Sep'13Dec'12Sep'12Sep'11Sep'10
Condensed Cash Flow Statement [Table]
Condensed Cash Flow Statements Captions [Line Items]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)

17,944

39,190

-3,248

-87,182

-82,907

-15,486

-6,163

-7,670

26,460

-4,462

-1,484

-923

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

4,556

3,954

4,074

5,066

5,901

5,800

4,422

256

1,858

180

62

-

Amortization of intangible assets

642

303

348

4,128

2,015

1,066

923

-

748

-

-

-

Amortization of debt financing costs

189

1,081

1,593

1,342

360

2,621

1,556

-

835

-

-

-

Stock-based compensation

3,558

1,877

1,430

3,960

5,897

5,194

2,563

2,106

985

1,686

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

71

Debt discount and deferred financing cost amortization

-

-

-

-

-

-

-

-

-

-

303

1

Warranty provision

-

-

-

-

-

-

-

15

-

10

1

-3

Non-cash inventory reserve

-

-

-

-

-

-

-

-51

-

-7

-

-

Stock-based compensation

-

-

-

-

-

-

-

-

-

-

188

5

Accrued interest on Series B redeemable preferred stock

-

501

1,441

1,335

1,230

1,203

1,010

-

1,032

-

-

-

Paid-in-kind interest

-

2,028

2,508

2,156

947

1,138

342

-

0

-

-

-

Gain on bargain purchase from acquisition

-

-

-

-

-

-

-

-

2,303

-

-

-

Deferred income taxes

-7,473

549

181

-547

5,414

-9,998

3,353

-

-1,598

-

-

-

Provision for (reversal of) sales returns reserve

397

-3,679

-942

-

-

-

-

-

-

-

-

-

Provision for (Reversal of) sales returns reserve

-

-

-

-

2,113

-2,111

-1,482

-

1,596

-

-

-

Provision for (reversal of) sales returns reserve

-

-

-

-1,677

-

-

-

-

-

-

-

-

Provision for (reversal of ) doubtful accounts

-10

431

48

144

2

37

-235

-

358

-

-

-

Provision for obsolete inventory

3,483

3,437

1,676

11,414

1,107

532

93

-

588

-

-32

63

Loss on disposal of property and equipment

-28

-111

-9

-15

-76

-9

-108

-

-47

-

-

-

Unrealized loss (gain) on financial instrument obligation

1,601

-5,291

-

-

-

-

-

-

-

-

-

-

Decrease in unrecognized tax benefit

686

-

-

-

-

-

-

-

-

-

-

-

Decrease in fair value of contingent consideration

471

-

-

-

-

-

-

-

-

-

-

-

Dividends paid on common and preferred stock

-

-

-

-

-

-

-

-

41,000

-

-

-

Proceeds from exercise of warrants

-

-

-

-

-

-

-

-1,125

-

0

-

-

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-232

-

-192

-

-

Payments on capital lease obligation

-

-

-

-

-

-

-

24

-

0

-

-

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

0

-

Unrealized loss on financial instrument obligation

-

-

-

0

-

-

-

-

-

-

-

237

Loss on debt extinguishment

-

-1,572

-

0

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities, net of acquisitions:
Loss on impairment of HyperSound assets

-

-

-

63,236

49,822

0

0

-

-

-

-

-

Warrants issued for services

-

-

-

-

-

-

-

25

-

0

-

-

Non-cash research and development supplies

-

-

-

-

-

-

-

16

-

0

-

-

Impairment of patents

-

-

-

-

-

-

-

-

-

-

28

346

Startup costs paid by subordinated note

-

-

-

-

-

-

-

-

-

-

-

250

Accounts receivable

-9,931

6,978

-3,109

-4,092

-1,752

10,396

-18,761

-138

23,461

-39

0

29

Inventories

-7,264

25,391

7,496

6,966

-11,147

-11,363

9,030

-228

857

-162

-241

338

Accounts payable

-393

4,101

1,494

-5,057

-17,287

-10,552

19,946

689

4,123

9

16

143

Due to shareholders

-

-

-

-

-

-3,125

-3,125

-

-3,125

-

-

-

Accrued liabilities

-

-

-

-

-

-

-

37

-

122

-13

-47

Prepaid expenses and other assets

66

481

-755

-245

712

212

1,778

-16

1,203

2

-46

-18

Income taxes payable

-371

562

89

395

-1,700

4,704

-9,780

-

-534

-

-

-

Other liabilities

3,247

6,432

-5,535

2,071

-310

3,379

-3,194

-

1,428

-

-

-

Deferred officer compensation

-

-

-

-

-

-

-

0

-

-84

224

-

Warranty settlements

-

-

-

-

-

-

-

-10

-

-7

0

-

Net cash provided by operating activities

39,374

42,249

3,418

-1,830

-15,133

-14,834

18,290

-4,967

6,977

-2,752

-992

257

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment

1,912

5,079

4,411

3,229

6,693

3,536

6,167

35

5,945

108

140

8

Acquisition of a business, net of cash acquired

12,667

-

-

-

-

-4,093

0

-

5,335

-

-

-

Patent costs paid

-

-

-

-

-

-

-

260

-

295

40

19

Net cash used for investing activities

-14,579

-5,079

-4,411

-3,229

-6,693

557

-6,167

-295

-11,280

-403

-181

-27

CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on revolving credit facilities

219,910

361,073

172,694

208,920

217,644

157,982

51,250

-

48,000

-

-

-

Repayment of revolving credit facilities

241,640

362,154

170,132

205,468

222,054

160,855

44,514

-

27,000

-

-

-

Repayment of capital leases

-

-

4

41

40

34

0

-

0

-

-

-

Proceeds of term loan

-

3,265

-

0

15,110

7,692

0

-

45,000

-

-

-

Proceeds from Issuance of Long-term Debt

-

-

-

-

-

-

-

-

-

-

-

450

Repayment of term loan

-

14,985

2,647

4,011

4,423

14,500

26,750

-

28,950

-

-

-

Repayment of subordinated notes - related party

-

23,940

-

0

-

18,481

0

-

0

-

30

-

Retirement of Series B Preferred Stock

-

-

-

0

-

-

-

-

-

-

-

-

Proceeds from sale of common stock

-

-

-

-

-

-

-

0

-

9,240

1,000

-

Offering costs paid

-

-

-

-

-

-

-

0

-

1,240

43

-

Proceeds from exercise of warrants

-

-

-

-

-

-

-

-

-

-

300

-

Proceeds from exercise of stock options and warrants

330

4,235

-

0

731

1,618

0

-

0

-

-

-

Proceeds from sale of common stock, net of issuance costs

-

-

-

5,968

0

37,230

0

-

0

-

-

-

Repurchase of common stock

2,525

-

-

0

-

-

-

-

-

-

-

-

Repurchase of common stock to satisfy employee tax withholding obligations

255

246

-

-

-

-

-

-

-

-

-

-

Debt financing costs

-

612

73

1,155

2,134

1,683

1,003

-

2,391

-

-

2

Cash portion of loss on debt extinguishment

-

375

-

-

-

-

-

-

-

-

-

-

Cash portion of loss on debt extinguishment

-

-

-

0

16,300

7,000

10,000

-

0

-

-

-

Net cash used for financing activities

-24,180

-35,129

-162

4,213

21,134

15,969

-11,017

1,333

-6,341

8,191

1,226

209

Effect of exchange rate changes on cash and cash equivalents

556

-210

219

-

-

-

-

-

-

-

-

-

Net increase in cash and cash equivalents

1,171

1,831

-936

-

-

-

-

-

-

-

-

-

Effect of exchange rate changes on cash and cash equivalents

-

-

-

-85

-102

-293

184

-

-79

-

-

-

Net increase (decrease) in cash and cash equivalents

-

-

-

-931

-794

1,399

1,290

-3,929

-10,723

5,035

52

439

SUPPLEMENTAL DISCLOSURE OF INFORMATION
Cash paid for interest

769

1,496

1,975

-

-

-

-

-

-

-

-

-

Cash paid for interest

-

-

-

2,053

1,731

3,209

3,694

4

4,716

0

5

-

Cash paid for income taxes

2,317

-

-

0

16

554

8,224

0

16,749

0

0

-

Accrual for purchases of property and equipment

16

348

183

145

841

1,420

1,104

-

457

-

-

-

Reclassification of financial instrument obligation

6,248

-

-

-

-

-

-

-

-

-

-

-

Value of shares issued to acquire HyperSound business

-

-

-

-

-

113,782

0

-

-

-

-

-

Conversion of Series A Preferred Stock

-

-

-

-

-

24,345

0

-

0

-

-

-

Adjustments to Additional Paid in Capital, Warrant Issued

-

-

-

-

1,983

0

0

-

-

-

-

-

Settlement of accounts receivable related to acquisition

-

-

-

-

-

-

-

-

8,920

-

-

-

Common stock issued for technology purchased from related party

-

-

-

-

-

-

-

0

-

975

0

-

Equipment acquired with capital lease

-

-

-

-

-

-

-

139

-

0

-

-

Deferred officer compensation paid in common shares

-

-

-

-

-

-

-

0

-

140

-

-

Stock options issues as payment for tooling obligation

-

-

-

-

-

-

-

-

-

-

20

-

Common stock issued on warrant exercise exchanged for subordinated notes

-

-

-

-

-

-

-

-

-

-

420

-

Common stock exchanged for subordinated notes

-

-

-

-

-

-

-

-

-

-

287

-

Deferred officer compensation paid in common shares

-

-

-

-

-

-

-

-

-

-

0

-

Issuance costs relating to warrants issued to underwriter

-

-

-

-

-

-

-

0

-

622

0

-

Issuance of 8% subordinated notes to related party to reimburse startup costs

-

-

-

-

-

-

-

-

-

-

-

250

Debt discount recorded in connection with issuance of subordinated notes

-

-

-

-

-

-

-

-

-

-

-

264

Net book value of assets received from LRAD Corporation as a dividend

-

-

-

-

-

-

-

-

-

-

-

454

Series B Redeemable Preferred Stock
Settlement of Series B redeemable preferred stock

-

1,390

-

-

-

-

-

-

-

-

-

-

Exchange of Series B redeemable preferred stock

-

18,032

-

-

-

-

-

-

-

-

-

-

Series B Preferred Stock [Member]
Retirement of Series B Preferred Stock

-

-

-

0

-

-

-

-

-

-

-

-