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Sonos Inc (SONO) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, October 2, 2021

Sonos Inc

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CIK: 917225 Ticker: SONO
Sonos Reports Record Fiscal Year and Fourth Quarter 2021 Results Introduces Fiscal 2022 Outlook; Ahead of Schedule Reaching Fiscal 2024 Targets Santa Barbara, CA - November 17, 2021 - Sonos, Inc. (Nasdaq: SONO) today reported fourth quarter and fiscal 2021 results. Fiscal 2021 Financial Highlights (unaudited) ● Revenue increased 29% to $1.717 billion; excluding the impact of the 53rd week in fiscal 2020, revenue increased approximately 32% ● Gross margin increased 410 basis points to 47.2%; excluding the effect of tariff duties and refunds, gross margin increased 130 basis points to a record of 46.9% ● GAAP net income increased to $158.6 million from a net loss of ($20.1) million last year; non-GAAP net income excluding stock-based compensation, restructuring, and legal and transaction-related fees increased to $248.3 million from $79.2 million last year ● GAAP diluted earnings per share (EPS) increased to $1.13 from a loss per share of ($0.18) last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $1.77 from $0.67 last year ● Adjusted EBITDA increased 157% to $278.6 million ● Adjusted EBITDA margin increased 800 basis points to 16.2% ● Cash flows from operating activities increased to $253.2 million compared to $162.0 million last year ● Free cash flow increased to $207.7 million compared to $129.0 million last year Fourth Quarter 2021 Financial Highlights (unaudited) ● Revenue increased 6% year-over-year to $359.5 million; excluding the impact of the 14th week last year, revenue increased approximately 14% year-over-year ● Gross margin of 46.4% compared to 47.5% last year; excluding the effect of tariff duties and refunds, gross margin was 45.7% compared to 48.3% last year ● GAAP net loss of ($8.7) million compared to net income of $18.4 million last year; non-GAAP net income excluding stock-based compensation, restructuring and legal and transaction related fees of $11.8 million compared to $40.7 million last year ● GAAP diluted loss per share of ($0.07) compared to $0.15 last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees of $0.08 compared to $0.33 last year ● Adjusted EBITDA of $17.1 million compared to $46.4 million last year ● Adjusted EBITDA margin was 4.8% compared to 13.7% last year

The following information was filed by Sonos Inc (SONO) on Wednesday, November 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sonos Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders??? Equity
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Schedule Of Accrued Expenses (Details)
Balance Sheet Components - Schedule Of Expected Recognition Of Deferred Revenue (Details)
Balance Sheet Components - Schedule Of Intangible Assets And Summary Of Estimated Future Amortization Expense (Details)
Balance Sheet Components - Schedule Of Inventories, Net (Details)
Balance Sheet Components - Schedule Of Other Current Liabilities (Details)
Balance Sheet Components - Schedule Of Property And Equipment (Details)
Balance Sheet Components - Schedule Of Warranty Liability (Details)
Balance Sheet Components - Summary Of Changes In Allowance For Credit Losses (Details)
Balance Sheet Components - Summary Of Changes In Allowance For Sales Incentives (Details)
Balance Sheet Components - Summary Of Changes In Deferred Revenue (Details)
Business Overview
Business Overview (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Schedule Of Purchase Obligations (Details)
Commitments And Contingencies - Textual (Details)
Debt
Debt (Tables)
Debt - Schedule Of Debt (Details)
Debt - Textual (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Schedule Of Changes In Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Income (Loss) Before Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Schedule Of Provision For (Benefit From) Income Taxes (Details)
Income Taxes - Summary Of Changes In Valuation Allowance (Details)
Income Taxes - Textual (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Maturity Of Lease Liabilities (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders
Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)
Net Income (Loss) Per Share Attributable To Common Stockholders - Narrative (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule Of Potentially Dilutive Shares Excluded From Computation Of Diluted Earnings Per Share (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Restructuring And Related Activities (Tables)
Restructuring Plan
Restructuring Plan - Narrative (Details)
Restructuring Plan - Summary Of Restructuring And Related Costs (Details)
Revenue And Geographic Information
Revenue And Geographic Information (Tables)
Revenue And Geographic Information - Disaggregation Of Property And Equipment (Details)
Revenue And Geographic Information - Disaggregation Of Revenue (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit Activity (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Performance Stock Units (Details)
Stockholders' Equity
Stockholders' Equity - Textual Information (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Schedule Of Intercompany Foreign Currency Balances (Details)
Summary Of Significant Accounting Policies - Schedule Of Property And Equipment (Details)
Summary Of Significant Accounting Policies - Schedules Of Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Textual (Details)
Ticker: SONO
CIK: 1314727
Form Type: 10-K Annual Report
Accession Number: 0001314727-21-000039
Submitted to the SEC: Mon Nov 22 2021 4:01:48 PM EST
Accepted by the SEC: Mon Nov 22 2021
Period: Saturday, October 2, 2021
Industry: Household Audio And Video Equipment

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