Sonos, Inc. (NASDAQ:SONO) Q1 2024 Earnings Conference Call February 6, 2024 5:00 PM ET Company Participants James Baglanis – Head-Investor Relations Patrick Spence – Chief Executive Officer Saori Casey – Chief Financial Officer Eddie Lazarus – Chief Strategy Officer and Chief Legal Officer Conference Call Participants Erik Woodring – Morgan Stanley Steve Frankel – Rosenblatt Jason Haas – Bank of America Jake Norton – Raymond James Alex Fuhrman – Craig-Hallum Capital Group Brent Thill – Jefferies Operator At ...

For the quarter ended December 2023, Sonos (SONO) reported revenue of $612.87 million, down 8.9% over the same period last year. EPS came in at $0.84, compared to $0.57 in the year-ago quarter.The reported revenue represents a surprise of +4.06% over the Zacks Consensus Estimate of $588.96 million. With the consensus EPS estimate being $0.60, the EPS surprise was +40.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

Sonos (SONO) came out with quarterly earnings of $0.84 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 40%. A quarter ago, it was expected that this maker of wireless speakers and home sound systems would post a loss of $0.05 per share when it actually produced a loss of $0.07, delivering a surprise of -40%.Over the last four ...

Patrick Spence, president and CEO of Sonos, speaks during a Bloomberg Technology Television interview in San Francisco on Feb. 11, 2019.Sonos shares rose over 12% in extended trading Tuesday after the speaker company reported fiscal 2024 first-quarter sales and earnings that exceeded Wall Street expectations.Here's how Sonos did versus consensus expectations from LSEG, formerly Refinitiv:Earnings per share: 64 cents vs. 40 cents expectedRevenue: $613 million vs. $587 million expectedSales fell 9% from the s ...

Washington, D.C. 20549 FORM 10-Q Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 614 Chapala Street Santa Barbara CA 93101 (Address of Principal Executive Offices) (Zip Code) (805) 965-3001 Registrant's telephone nu ...

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Sonos (Nasdaq: SONO), the world’s leading sound experience company, is partnering with The Recording Academy and Flyana Boss to bring the magic of Sonos to life with exciting red carpet activations and amplified sound experiences at this year’s GRAMMY House. The Recording Academy®’s GRAMMY® House returns February 1st-3rd, celebrating music makers, culture creators and rising industry leaders with three program-packed days leading up to the 66th Annual GRAMMY Awards® a ...

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Sonos, Inc. (Nasdaq: SONO) today announced the appointment of Jonathan Mildenhall, Chief Marketing Officer of the Rocket Companies, to its board, effective Jan. 25, 2024. “With his outstanding experience building exceptional brands, Jonathan will make great contributions as Sonos continues its journey to become the world’s leading sound experience company,” said Julius Genachowski, Chair of the Sonos Board. Prior to joining the Rocket Companies as Chief Marketing ...

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Sonos (Nasdaq: SONO) today introduced the 8″ In-Ceiling Speaker by Sonos and Sonance, extending the highly successful Sonos Architectural line of passive speakers. The 8” In-Ceiling Speaker provides installers and customers with a new size option that sits discreetly within the ceiling and delivers powerful, balanced and clear sound. The 8” In-Ceiling Speaker will be coming Spring 2024 for $999/pair. Optimized and powerful In-Ceiling sound The 8” In-Ceiling Speake ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38603 SONOS, INC. (Exact name of Registrant as specified in its charter) | Delaware | | 03-0479476 | | --- | --- | --- | | (State or other jurisdiction of inc ...

Financial Data and Key Metrics Changes - Fiscal 2023 revenues were $1.66 billion, a year-over-year decline of 5.5% reported and 3.3% in constant currency [9][22] - Adjusted EBITDA was $154 million, representing a margin of 9.3%, down from the previous year [48] - GAAP gross margin was 43.3%, down 220 basis points year-over-year, impacted by higher component costs and promotional activities [47] Business Line Data and Key Metrics Changes - Direct-to-Consumer (DTC) sales were roughly flat year-over-year, accounting for 24% of total sales [3] - Installer Solutions represented 21% of sales, declining 7% year-over-year due to channel inventory adjustments [3] - Average products per household increased to 3.05 from 2.98 year-over-year, indicating growth in multi-product households [28] Market Data and Key Metrics Changes - Revenue in the Americas increased slightly year-over-year, while EMEA and APAC saw declines of 10% and 32% respectively [46][50] - The company holds a 9% share of households in core markets and only 2% of the $100 billion global audio market [7] Company Strategy and Development Direction - The company is focused on driving both top and bottom-line growth, with plans to enter new product categories later in the fiscal year [2][43] - A new $200 million share repurchase program has been authorized to return capital to shareholders [44] - The company aims to achieve adjusted EBITDA margins of 15% to 18% in the long term [31][118] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging year due to softening consumer demand but remains optimistic about long-term growth driven by innovation and new product launches [24][29] - The company expects revenue for fiscal 2024 to be flat year-over-year, with a guidance range of $1.6 billion to $1.7 billion [63] - Management is confident in the ability to return to low double-digit revenue growth as consumer behavior normalizes [29][58] Other Important Information - The company ended fiscal 2023 with $220 million in cash and no debt, having repurchased $55 million of stock in Q4 [32][61] - Legal expenses related to ongoing litigation with Google are expected to decrease significantly in 2024 [114] Q&A Session Summary Question: How are consumers responding to promotions? - Consumers are actively looking for promotions, which has impacted gross margins [70][71] Question: What is the Q1 revenue guidance? - Q1 revenue is expected to increase sequentially by approximately 90% to 100% [84] Question: How does the company view the current consumer demand? - The company is being prudent in its outlook, assuming that weak consumer demand will persist [71][89] Question: What are the expectations for promotions during the holiday quarter? - The company plans to offer compelling promotions during the holiday season, similar to past practices [113][124] Question: How will the recent unfavorable ruling in litigation affect strategy? - The company intends to appeal the ruling and does not expect it to change their overall litigation strategy [93][94]