Turtle Beach : Investor Presentation – Aug 2020

INVESTOR PRESENTATION

A u g u s t 2 0 2 0

SAFE HARBOR

Forward-Looking Information

This presentation includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words "may", "could", "continue", "would", "should", "believe", "expect", "anticipate", "plan", "goal", "estimate", "accelerate", "target", "project", "intend" and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. These statements are based on management's current belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward- looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to: risks related to the substantial uncertainties inherent in the acceptance of existing and future products; the difficulty of commercializing and protecting new technology; the impact of competitive products and pricing; the impact of the coronavirus (COVID-19) pandemic on consumer demands and manufacturing capabilities; risks relating to, and uncertainty caused by or resulting from, the COVID-19 pandemic; the Company's partnerships with influencers, athletes and esports teams; risks associated with the expansion of our business, including the implementation of any businesses we acquire, the integration of such businesses within our internal control over financial reporting and operations; and our liquidity. These risks may be in addition to the other factors and matters discussed in the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Except as required by the securities laws of the United States, the Company does not intend to publicly update or revise these forward-looking statements after the date of this release whether as a result of new information, future developments or otherwise. This presentation also contains trademarks and trade names that are property of their respective owners.

Non-GAAP Financial Measures

In addition to its reported results, the Company has included in this presentation certain financial results, including adjusted EBITDA, adjusted net income, and constant currency revenue, that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company's results. "Adjusted Net Income" is defined as net income excluding (i) integration and transaction costs related to the acquisition of the business and assets related to the ROCCAT brand, (ii) the effect of the mark-to-market requirement of the financial instrument obligation, (iii) any change in fair value of

contingent consideration and (iv) the release of valuation allowances on deferred tax assets. "Adjusted EBITDA" is defined by the Company as net income (loss) before interest, taxes, depreciation and

amortization, stock-based compensation (non-cash), and certain non-recurring items that we believe are not representative of core operations (e.g., the integration and transaction costs related to the acquisition of the business and assets related to the ROCCAT brand, the mark-to-market adjustment for the financial instrument obligation and the change in fair value of contingent consideration). "Constant currency revenue" is defined by the Company as revenue excluding the impacts of fluctuations in exchange rates from prior periods. These non-GAAP financial measures are presented because management uses non- GAAP financial measures to evaluate the Company's operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company's core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted Net Income and Adjusted EBITDA included in the appendix for the three months ended June 30, 2020 and 2019.

© 2020 Turtle Beach Corporation. All Rights Reserved.

2

In 2019, Turtle Beach acquired ROCCAT, a leading PC gaming accessories brand, to bring their award-winning product portfolio to more gamers globally.

#1

IN GAMING AUDIO

The Global Market Leader In Console Gaming Headsets for 10 years

40 Million+

Headsets Sold Since 2010

Broad Portfolio

of PC Gaming Accessories

Award Winning Design

and Build Quality

INNOVATION AT

EVERY PRICE POINT

Industry Leading Innovations

Titan Click - Titan Switch - AIMO Intelligent Lighting

3

TURTLE BEACH

#1 CONSOLE GAMING HEADSET BRAND

I N T H E $ 1 . 3 B 1 C O N S O L E H E A D S E T M A R K E T

Best-selling, innovative product portfolio for all levels of gamers with

150+ associated patents.

Expanded into PC gaming headsets, keyboards & mice to grow addressable market to $4.3B.1

~$235M business generated ~$23M of EBITDA in 2019. Outlook for 2020 is ~$300M in revenue, ~$30M of EBITDA & ~$20+M of free cash flow² including roughly $12M in growth investments.

Healthy balance sheet with no short- or long-term debt.

Highly experienced board and management team.

The best-selling headset of 2019 3

1Newzoo 2020 Peripheral Market estimates - updated in March 2020
2Free cash flow defined as consolidated adjusted EBITDA less capital expenditures, less cash interest.	4
3The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S.& Canada/January-December 2019

THE LEADER IN CONSOLE GAMING HEADSETS

#1 GAMING HEADSET	HIGHER REVENUE SHARE
PROVIDER FOR XBOX & PLAYSTATION	THAN NEXT THREE PLAYERS COMBINED

	US & CANADA CONSOLE
		WHY & HOW
Other	GAMING HEADSET
REVENUE SHARE
56.6%	2019	43.4%

4 OF TOP 5 SELLERS	13 OF TOP 20 SELLERS
OVERALL ARE TURTLE BEACH	OVERALL ARE TURTLE BEACH

STRONG BRAND & REPUTATION

Among Gamers, Retailers, Gaming Industry

PRODUCT FOR EVERY GAMER

Entry Level to Professional

PRODUCT INNOVATIONS

And Unique Features - Many patented

1275K+ POINTS OF DISTRIBUTION

53 Countries

STRONG PARTNERSHIPS

With Leading Esports Teams & Influencers

OVER 10 YEARS EXPERIENCE

Gaming Headsets & with Xbox & PlayStation

154 ISSUED PATENTS

60 Pending2

Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S.& Canada/January-December 2019	5
1Includes only Console gaming headsets

2Counts only patents related to headsets (not including additional patents from ROCCAT and HyperSound)

CONSOLE HEADSETS:

Global Market for Gaming Headsets, Mice, and Keyboards1

	Keyboards
	$0.8 B	Console
		Headsets
		$1.3 B
	GLOBAL GAMING
	ACCESSORY
Mice	MARKET
$0.8 B	$4.3B1

PC Headsets

$1.4 B

Americas & Europe are ~65% of the market

3275K+ Points of Distribution Across 53 Countries Brick & Mortar Accounts For 80%+ Retail Sales2

Where Consumers Can Try The Headsets

1Newzoo 2020 Peripheral Market estimates - updated in March 2020 (pre-COVID).
2Turtle Beach estimates 80+% of North American console industry headset sales are typically via brick & mortar retailers normally (past months have been much higher due to COVID) .	6
3Includes only Console gaming headsets

GREAT HEADSETS

		"One of the best wireless headsets you
		can own for Xbox One."
		- WIRED
"This $40 headset is worth every penny."
- Windows Central

"9/10.A quality piece of hardware
that justifies its price."
- Game Informer	7

2020 XBOX & PS4 HEADSET LINEUP

STEP-UP FEATURE FROM

PREVIOUS SERIES

	XBOX ONE | PS4™ PRO | PS4™
	NINTENDO SWITCH ™ | MOBILE
XBOX ONE	$129.95 MSRP*
$149.95 MSRP

XBOX ONE | PS4™ PRO | PS4™

NINTENDO SWITCH ™ | MOBILE

$14.95 MSRP*

40mm Driver

Open Earcup

Mono

					XBOX ONE		50mm Nanoclear™ Drivers
					Active Noise-
				XBOX ONE | PS4™ PRO | PS4™		Cancellation	Cooling Aerofit™
				$99.95 MSRP
				NINTENDO SWITCH ™ | MOBILE	Bluetooth® with	Cushions
			XBOX ONE | PS4™ PRO | PS4™	$79.95 MSRP*	Xbox Wireless	App Control
			NINTENDO SWITCH ™ | MOBILE		Metal Headband
						Xbox Wireless
			$59.95 MSRP*		Windows Sonic
				ProSpecs™	Surround Sound	Windows Sonic	Floating Headpad
		XBOX ONE | PS4™ PRO | PS4™	Amplified
	XBOX ONE | PS4™ PRO | PS4™	NINTENDO SWITCH ™ | MOBILE		Superhuman Hearing®	Surround Sound
			50mm Drivers
XBOX ONE | PS4™ PRO | PS4™	NINTENDO SWITCH ™ | MOBILE				Superhuman Hearing®	TruSpeak™ Pro
	$39.95 MSRP*	Bass Boost		ProSpecs™
NINTENDO SWITCH ™ | MOBILE	$24.95 MSRP*			Gaming Mic
			EQ Modes		ProSpecs™
$29.95 MSRP*		Flip-to-Mute Mic	Memory Foam
40mm Drivers		50mm Drivers		Elite Two-Year Warranty
			40+ Hour Battery		50mm Drivers
Stereo		Synthetic Leather
Synthetic Leather	Metal-Reinforced		EQ Modes		Swappable Deco Plates
			Amplified		EQ Modes
Removable Microphone		Lightweight Design	Mic Monitoring
Lightweight Design		Amplified	Amplified
					ProSpecs™
				Metal-Reinforced
Inline Controls	Removable Microphone	40mm Drivers	12+Hour Battery	Mic Monitoring
	Mic Monitoring
Mobile Multifunction	Inline Controls	High-Sensitivity Mic	Flip-to-Mute Mic	Mic Monitoring	Flip-to-Mute Mic		Inline Controls
Button		Flip-to-Mute Mic

10mm Drivers

Stereo

Stereo

40mm Drivers

Flip-to-Mute Mic

15+ Hour Battery

10+ Hour Battery

Stereo

Entry-Level Gamer	Casual Gamer	Enthusiast Gamer	Core Gamer	Esports
< 4 hours per week	4-6 hours per week	7-15 hours per week	16+ hours per week

*MSRP subject to change.	8

ROCCAT

FEB. 2020 - ROCCAT Partnership

ROCCAT is Turtle Beach's brand of gaming mice, keyboards, headsets & software for PC gamers.

ROCCAT acquisition in May 2019 added good base of award-winningmice & keyboards with unique innovations, integrated lighting & PC software.

ROCCAT's Hamburg, Germany-based studio has an experienced product & engineering team with deep experience in PC mice &

keyboards.

ROCCAT has strong brand presence in Germany, good awareness across EU, and is currently expanding in NA & major Asian markets.

Turtle Beach investing ~$12M in 2020 to drive future growth including expanding ROCCAT portfolio and further develop the brand.

"Only ROCCAT's sleek, precision-engineered gaming devices can meet my exact demands for the premiere tools necessary to dominate my competition."

• Dr Disrespect

9

"The best all-around gaming mouse on

the market today." - T3.com (Feb. 2020)

"4.5/5.A piece of beauty."

• Tech Radar (Oct. 2019)

10

INVESTING TO DRIVE GROWTH

GLOBAL GAMING ACCESSORY MARKET: $4.3B (MARCH NEWZOO ESTIMATES)
Mice		8 Mice
$0.8B		Expand Portfolio
	2020-2021
Keyboards		4 Keyboards
$0.8B		Expand Portfolio
	2020-2021
PC Headsets		2 Headsets
$1.4B	3 Headsets	Revise and Expand
Portfolio
		2020-2021
Console Headsets
$1.3B	20 Headsets

$3.0B Market To Further Penetrate

2020 Growth Investments of

~$12M Including in ROCCAT

Portfolio Expansion and

Brand Development

Goal Is To Build Incremental $100M Business

$1.3B In Historic TB

Addressable Market

We lead this market by

far

Goal Is To Continue

Leadership

Source (for market sizes): NewZoo 2020 Peripheral Market estimates - updated in March 2020 (pre COVID).	11
Note: model counts above represent core models only, not all variants or SKUs.

GLOBAL GAMING

5.0

$4.6B

4.5$4.1B

4.0				0.9m

0.8m

3.5

0.8m

3.00.7m

2.5
1.3m	1.5m
2.0

TAM GROWTH 2019 - 2021

+12%	Strong overall gaming
accessories growth
+17%	Expanding keyboard
lineup and geographies
+15%	Expanding mouse
portfolio and geographies
+14%	Building into
PC headset category

1.5

1.0

0.5

0.0

1.4m1.4m

+5%	Turtle Beach #1 in
console gaming audio

today

20192021

CONSOLE PC MICE KEYBOARDS

Source: NewZoo 2019 -2021 Peripheral Market estimates - updated in March 2020 (Pre COVID).

12

WE PARTNER WITH LEADING TEAMS

Over 821M Gamers and 195M esports fans in the Americas and Europe1

	COMING SOON
Ali-A	Dr. Disrespect	Mr Savage	Castro_1021	Skyrroz
(30M Reach)	(8M Reach)	(5M Reach)	(5.5M Reach)	(4M Reach)

Kevin De Bruyne	Josh Hart	Kevin Porter Jr.	Reece James	MSD7
(Man City & Belgium,	(New Orleans Pelicans,	(Cleveland Cavaliers,	(Chelsea & England,	(1M Reach)
17M Reach)	1M Reach)	385k Reach)	850k Reach)

HECZ	Scump	Symfuhny	BenjyFishy	Clare Siobhan
(3M Reach)	(6M Reach)	(6M Reach)	(4M Reach)	(2M Reach)

NRG Esports	Chicago Huntsmen
A leading collective of top	Franchise team in
influencers and world champion	Activision Blizzard's CDL
esports teams

Official Audio Partner	Exclusive Gaming Partner
EA Sports FIFA 20 Champions Cup	Jay Z's Made In America Festival
Titles shown represent games played by our partner esports teams and influencers and do not indicate a	13
partnership with the publisher

1Newzoo 2020 Global Esports and Global Games Market Report QU January 2020

GEN 8 CONSOLE

Gen 7 Xbox (Nov 2013)

Gen 8 Xbox (2020)

Gen 7 PlayStation (Nov 2013)

Gen 8 PlayStation (2020)

Xbox Series X (announced E3/June 2019)

Release: Holiday 2020 (expected November)

Price: $499 (expected)

• Backward compatibility
• Major power increase/faster game access/reduced load times
• Will support up to 8K resolution
• 3D Spatial Sound (headset required)
• Project xCloud game streaming service

PlayStation 5/PS5 (announced April 2019) Release: Holiday 2020 (expected November) Price: $499 (expected)

• Backward compatibility
• Major power increase/faster game access/reduced load times
• Will support up to 8K resolution
• 3D Spatial Sound (to be confirmed by Sony, headset required)
• PlayStation Now streaming/focus on AAA titles
• PS5 Two Versions :
• • 1)PS5 w/Ultra HD Blu-ray disc drive
  • 2)PS5 Digital Edition (presumably less expensive)

Source: Microsoft and Sony announcements	14

XBOX AND PLAYSTATION

PlayStation and Xbox Console Unit Sales

40

"With the launch of new systems and continued sales for existing consoles, we forecast Microsoft and Sony combined hardware sales will set records in 2021 and 2022."

David Cole, Head DFC Intelligence, Video games industry analyst

Hardware Unit Sales (in millions)

30

20

10

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Gen 6 Gen 7 Gen 8

• Console transition has typically created a market decline the year prior to transition, an increase late in the year of new console launch, and then several years of accelerated growth post-launch.
• Accessories typically follow same pattern with some lag as some users will wait on new accessory purchases, particularly at the high-end prior to launch and then upgrading accelerates post-launch.
• DFC predicts the combined XB and PS hardware unit sales for Gen 7 and Gen 8 in the first three years of launch to be higher than the combined sales of Gen 6 and Gen 7 in the first three years, setting another record.
• DFC predicts Active Installed Base (AIB) of Gen 8 in the first four years of launch to be slightly higher than AIB of Gen 7.
• Nintendo is not included; a new system core from Nintendo could substantially increase overall market potential.
• The charted DFC forecasts are pre-COVID and our above commentary reflecting typical console transition market patterns have been impacted by both the recent stay-at-home surge in gaming sales as well as the future economic outlook.

Source : DFC Intelligence September 2019 Worldwide Video Game Market Forecasts

*COVID-19 related stay-at-home guidance and orders have led to significantly increased sales of gaming accessories and disrupted global economies- DFC Intelligence used for this slide have not yet been updated by DFC.

15

ANTICIPATED CONSOLE HEADSET MARKET DYNAMICS

SIMPLIFIED MARKET MODEL¹

US & CANADA CONSOLE GAMING HEADSET SELL-THROUGH

MILLIONS OF UNITS

Battle Royale 14.8

Incremental

Battle

Royale

Driven

Headset

Sales

9.0

"Normal"

headset

sales

without

battle royale impact

+24.8%

Results indicate approximately 40% of incremental 2018 users replaced or upgraded in 2019

Stay-at-home Orders

20% or More

Expected

Incremental

Stay-at-home

11.2 Driven

Headset Sales

"Normal"
headset	Headset
sales	purchase lag
based on	expected for
larger	new console
installed	launches in
base of	late 2020
users

Recent unprecedented increase in gaming and gaming accessories due to stay-at-home orders.

TB analysis indicates drivers are roughly equally caused by:

1. Existing gamers gaming more
2. Influx of new and lapsed gamers gaming with headsets
3. Gaming headset purchases for work/school/socializing via video apps

Biggest drivers of potential increase from 2020+ estimates are:

• Stronger influx of new gamers/headsets users continues due to stay-at-home
• Faster upgrade/replace cycle among new/lapsed headset users
• New Xbox/PlayStation consoles increasing Q4 demand more than expected
• Stronger slate of new gen games or major games going "free" model

Biggest drivers of potential decrease from 2020+ estimates are:

• Headset upgrade/replace cycle slows due to pull forward purchases
• Inventory constraints on consoles and/or headsets
• Gaming activity slows as economy reopens and recovers from pandemic
• Late release of, or lower demand for, the new consoles

Market sell-in revenues (sales) will vary from sell-through units based on channel inventory adjustments to hold weeks-of-supply and ASP of product sales

1. This is a highly simplified market model to illustrate overall dynamics - actual market dynamics are much more complex than shown	16
Source: The NPD Group/Retail Tracking Service/Video Games/Dollars/U.S. & Canada/CY 2017, 2018, 2019, 2020; TB analysis of consumer research conducted by NewZoo

INCREASED 2020 OUTLOOK¹

	2020 -	2020 - Updated	2020 Updated Commentary
	Prior
			Continued strong consumer demand for gaming accessories driven by
Net Revenue	$224-$234M	~$300M	new & existing gamers, increased use of headsets for non-gaming uses,
further increase in demand spurred by new holiday season console
			launches. Second half net revenue expected to be ~$185M.
Gross Margin			Higher operating leverage offset by increased air freight, tariff costs &
Low 30%s	Low 30%s	impact of tooling & certification investments for new product
			development.
			Higher revenue & gross margin partially offset by $10+M in air freight to
Adj. EBITDA	$9M-$14M	~$30M	enable supply & increased revenue, $2-3M in tariffs, as well as ~$12M in
marketing & product-related investments to drive long term growth.
			Second half Adj. EBITDA expected to be ~$20M.
Diluted Shares	~15.0M	~16.5M	Higher average share count due to a greater portion of the year showing
positive net income.
GAAP EPS	$(0.22)-$0.03	~$0.85	Reflects above factors; anticipates full year effective tax rate of
~ 28%. Second half GAAP EPS expected to be ~$0.50.
Adj. EPS		~$0.80	Reflects above factors, excludes ROCCAT transaction & integration
$(0.16)-$0.09	costs, also anticipates full year effective tax rate of approximately
			28%. Second half Adj. EPS expected to be ~$0.50.

1. Guidance updated on August 6, 2020.

17

REVENUE & ADJUSTED EBITDA PROFILE
Company Revenues			Adjusted EBITDA2
Millions				Millions
	$287M		~$300M		$57.7M
	Battle				Battle
				Royale
	Royale	$235M
			Surge
	Surge					~$12M of
							growth
							investments
$149M							~$30M
						$22.8
				$11.6M
2017	2018	2019	2020E1	2017	2018	2019	2020E1

1.	Guidance updated on August 6, 2020.
2.	See appendix for a reconciliation of non-GAAP measures.	18

BALANCE SHEET

Capitalization

	At June 30, 2019	At June 30, 2020
Cash & Equivalents	$3.4M	$21.2M
Inventories	$50.4M	$45.0M
Revolver (asset-based)	$10.8M	$0.0
Total Debt	$10.8M	$0.0

Balance Sheet Improvements

• Cash and equivalents increased significantly due to record revenue, higher margins and fixed cost leverage.
• Inventory decline driven by record Q2 '20 revenue (with much in transit).
• ROCCAT purchase price of $12.7M funded with cash and borrowings under revolver in 2019.

19

LONG-TERM FINANCIAL TARGETS

MetricTarget

Revenue $

10-20% CAGR

Gross Margins %

Mid 30's

EBITDA $

15-30% CAGR

Maintain leadership position in console gaming headsets

Drive growth in PC gaming headsets, keyboards, and mice (leveraging ROCCAT brand and portfolio)

Maintain disciplined spending with investments for growth

Leverage brand, skills, and global footprint to enter new categories over time (organic and M&A)

20

CONTACT US

INVESTOR RELATIONS:	PR/MEDIA CONTACT:
Cody Slach/Sean McGowan	Maclean Marshall
Gateway	Turtle Beach
[phone]	[phone]
[e-mail]	[e-mail]

COMPANY WEBSITES

www.turtlebeachcorp.com | www.turtlebeach.com | www.roccat.org

APPENDIX

227

EXPERIENCED BOARD OF DIRECTORS

Juergen Stark

Chairman & CEO

William Keitel

Lead Independent Director

Dr. Andrew Wolfe, PhD

Director

Gregory Ballard

Director

Kelly Thompson

Director

• COO of Motorola Mobility's mobile business
• 10 years as Principal at McKinsey & Company, Inc.
• MBA, Harvard Business School
• Former CFO of Qualcomm Incorporated (NASDAQ: QCOM)
• During his tenure, Qualcomm grew revenues from ~$800M to ~$25B
• Held senior financial roles at Nortel (OTC: NRTLQ) & Pepsico (NYSE: PEP)
• Founder & principal of Wolfe Consulting
• Former Chief Technology Officer for SONICblue, Inc.
• Expert in IP strategy and licensing
• General partner with Eleven Ventures
• Former senior VP for mobile & social games at Warner Bros.
• Former CEO of Glu Mobile, former board member with DTS
• Former SVP and COO, Samsclub.com
• Former SVP Merchandising, Planning, and Marketplace for Walmart.com
• 10 years in management positions at Gap, Inc.

23

EXPERIENCED MANAGEMENT TEAM

Juergen Stark Chairman & CEO

• COO Of Motorola Mobility's Mobile Business
• 10 Years As Principal At Mckinsey & Company

John Hanson CFO

• EVP & CFO at Dialogic
• CFO at One Communications Corp

Cris Keirn SVP, Global Sales

• Led headset transition as VP of business planning & strategy
• 17 years with Motorola in product management, operations, quality & customer relations

Megan Wynne General Counsel

• 5 years with I-Flow, a Kimberly-Clark Health Care Company
• 13 years with Morris Polich & Purdy law firm

Ryan Dell SVP, Marketing

Rene Korte General Manager, PC Products

• Founder of ROCCAT GmbH and CEO for 12 years
• VP Europe for RAZER
• Professional gamer and founder of MTW esports team

Matt Seymour SVP, Product Management

• 20+ years in the Consumer Electronics industry
• Previously with Sony leading television portfolio planning & development, product marketing

Joe Stachula CTO & SVP, Product Development

• 20+ years in consumer electronics
• 12 years at Plantronics engineering audio headsets

Jose Rosado SVP, Global Operations

• Former Sr. Director, Global Supply Chain Operations for HP
• 22 years of supply chain management with Motorola, ON Semiconductor, HP, Cisco

• 15 years of brand, consumer & digital marketing experience
• Formerly CMO at MVMT, VP of Marketing & Acquisitions at FTD Companies (Pro Flowers, Shari's Berries)

GAAP TO ADJUSTED EBITDA RECONCILIATION
	December 31, 2019	December 31, 2018	December 31, 2017
Consolidated
Net Income (Loss)	17,944	39,190	(3,248)
Depreciation	4,556	3,954	4,074
Amortization of intangibles	642	303	348
Interest	929	5,335	7,916
Taxes	(6,237)	1,737	593
Stock Compensation	3,558	1,877	1,430
Restructuring Expense	-	-	533
Goodwill Impairment	-	-	-
Business Transaction Expense	3,516	-	(79)
Change in Fair Value of Contingent Consideration	(471)	-	-
Unrealized loss (gain) on financial instrument obligation	(1,601)	5,291	-
Adj EBITDA	22,836	57,687	11,567
			25