Sonos Inc

NASDAQ:SONOUnited States

May 7, 2024

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• -- Earnings Flash (SONO) SONOS Posts Q2 Revenue $252.7M, vs. Street Est of $247.4M, from 4:12PM ET on Tuesday May 07, 2024 by MT Newswires

  4:12PM ET on Tuesday May 07, 2024 by MT Newswires
  Companies Mentioned: SONO
  04:12 PM EDT, 05/07/2024 (MT Newswires) -- ...

• Sonos Reports Second Quarter Fiscal 2024 Results, from 4:05PM ET on Tuesday May 07, 2024 by Business Wire

  4:05PM ET on Tuesday May 07, 2024 by Business Wire
  Companies Mentioned: SONO

  Sonos, Inc. (Nasdaq: SONO) today reported second quarter fiscal 2024 results.

  "Thanks to the hard work of our team, and the strength of our brand and product portfolio, we delivered results that slightly exceeded our expectations in our second quarter despite the challenging environment," Sonos CEO Patrick Spence commented. "Today marks the launch of our completely reimagined Sonos app, which is our most extensive app redesign ever. This is a major step in enabling our multi-year product cycle and sets us up well for the launch of our highly anticipated new product later this quarter."

• Sonos Reports Second Quarter Fiscal 2024 Results, from 4:05PM ET on Tuesday May 07, 2024 by Dow Jones

  4:05PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: SONO
  
  Company reports solid first half, on-track to achieve Fiscal 2024 guidance
  SANTA BARBARA, Calif.--(BUSINESS WIRE)--May 07, 2024--
  Sonos, Inc. (Nasdaq: SONO) today reported second quarter fiscal 2024 results.
  

• *DJ Sonos 2Q Loss/Shr 56c >SONO, from 4:05PM ET on Tuesday May 07, 2024 by Dow Jones

  4:05PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: SONO
  
  We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles ("U.S. GAAP"), including adjusted EBITDA, adjusted EBITDA margin, free cash flow, non-GAAP gross margin, net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs and diluted earnings (loss) per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define Adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation and amortization, stock-based compensation expense, interest income, interest expense, other income, income taxes, restructuring and abandonment costs, legal and transaction related fees and other items that we do not consider representative of our underlying operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define free cash flow as net cash from operations less purchases of property and equipment. We define non-GAAP gross margin as GAAP gross margin, excluding stock-based compensation and amortization of intangible assets. We calculate non-GAAP net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. We calculate non-GAAP diluted earnings (loss) per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs divided by our number of shares at fiscal year end. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook.