Sonos Reports Second Quarter Fiscal 2024 Results

Rhea-AI Summary

Sonos reported solid second quarter fiscal 2024 results, exceeding expectations despite challenges. The company launched a revamped Sonos app and is set for a new product release. Financially, revenue was $252.7 million, with a gross margin of 44.3%. GAAP net loss was ($69.7) million, and non-GAAP net loss was ($42.1) million. Adjusted EBITDA was ($33.6) million. Fiscal 2024 outlook includes revenue of $1.6-$1.7 billion and adjusted EBITDA of $150-$180 million. Conference call and webcast on May 7, 2024.

Positive

• Solid revenue of $252.7 million
• Gross margin of 44.3%
• On track to meet Fiscal 2024 guidance
• Launch of a redesigned Sonos app
• Anticipation for new product release

Negative

• GAAP net loss of ($69.7) million
• Non-GAAP net loss of ($42.1) million
• Adjusted EBITDA of ($33.6) million
• Decrease in revenue compared to previous year
• Challenging environment impacting results

Company reports solid first half, on-track to achieve Fiscal 2024 guidance

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- 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.”

“Our Q2 results show our commitment to execution. With a solid first half behind us, we are well positioned to deliver on our Fiscal 2024 guidance,” said Sonos CFO Saori Casey.

Second Quarter Fiscal 2024 Financial Highlights (unaudited)

• Revenue of $252.7 million
• Gross margin of 44.3%
• GAAP net loss of ($69.7) million, GAAP diluted loss per share (EPS) of ($0.56)
• Non-GAAP net loss¹ of ($42.1) million, Non-GAAP diluted EPS¹ of ($0.34)
• Adjusted EBITDA¹ of ($33.6) million

Notes:
(1) Non-GAAP net loss/Non-GAAP diluted loss per share (EPS) and Adjusted EBITDA exclude stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.

Maintaining our Fiscal 2024 Outlook
	Low end	Midpoint	High end
Revenue ($ million)	1,600	1,650	1,700
% y/y	-3%	0%	3%
% y/y - constant currency	-3%	0%	3%
Gross margin - GAAP	45.0%	45.5%	46.0%
Adjustments(1)	0.4%	0.4%	0.4%
Gross margin - Non-GAAP(1)	45.4%	45.9%	46.4%
Adjusted EBITDA ($ million)	150	165	180
Adjusted EBITDA margin	9.4%	10.0%	10.6%

Notes:
(1) Non-GAAP gross margin excludes approximately $7 million (0.4% of revenue) of stock-based compensation and amortization of intangible assets included in GAAP gross margin

Supplemental Earnings Presentation

The company has posted a supplemental earnings presentation accompanying its second quarter fiscal 2024 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports.

Conference Call, Webcast and Transcript

The company will host a webcast of its conference call and Q&A related to its second quarter fiscal 2024 results on May 7, 2024, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx.

The conference call may also be accessed by dialing (888) 330-2454 with conference ID 8641747. Participants outside the U.S. can access the call by dialing (240) 789-2714 using the same conference ID.

An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.

Consolidated Statements of Operations and Comprehensive (Loss) Income
(unaudited, in thousands, except share and per share amounts)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Revenue		$	252,662			$	304,173			$	865,531			$	976,752
Cost of revenue			140,624				172,555				470,815				560,078
Gross profit			112,038				131,618				394,716				416,674
Operating expenses
Research and development			80,322				80,785				159,557				157,726
Sales and marketing			61,835				63,621				145,785				142,317
General and administrative			40,841				44,438				80,639				87,553
Total operating expenses			182,998				188,844				385,981				387,596
Operating (loss) income			(70,960	)			(57,226	)			8,735				29,078
Other income, net
Interest income			3,933				3,181				7,008				5,149
Interest expense			(122	)			(152	)			(227	)			(311	)
Other (loss) income, net			(3,303	)			(2,832	)			6,971				20,745
Total other income, net			508				197				13,752				25,583
(Loss) income before (benefit from) provision for income taxes			(70,452	)			(57,029	)			22,487				54,661
(Benefit from) provision for income taxes			(743	)			(26,377	)			11,249				10,124
Net (loss) income		$	(69,709	)		$	(30,652	)		$	11,238			$	44,537
Net (loss) income attributable to common stockholders:
Basic and diluted		$	(69,709	)		$	(30,652	)		$	11,238			$	44,537
Net (loss) income per share attributable to common stockholders:
Basic		$	(0.56	)		$	(0.24	)		$	0.09			$	0.35
Diluted		$	(0.56	)		$	(0.24	)		$	0.09			$	0.34
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders:
Basic			123,749,605				127,952,875				124,465,661				127,582,560
Diluted			123,749,605				127,952,875				128,206,823				132,834,096
Total comprehensive (loss) income
Net (loss) income			(69,709	)			(30,652	)			11,238				44,537
Change in foreign currency translation adjustment			(85	)			4,542				(948	)			(2,684	)
Net unrealized loss on marketable securities			(26	)			—				(26	)			—
Comprehensive (loss) income		$	(69,820	)		$	(26,110	)		$	10,264			$	41,853

Consolidated Balance Sheets
(unaudited, in thousands, except par values)
		As of
		March 30, 2024				September 30, 2023
Assets
Current assets:
Cash and cash equivalents		$	245,962			$	220,231
Marketable securities			45,598				-
Accounts receivable, net			69,725				67,583
Inventories			179,545				346,521
Prepaids and other current assets			42,077				25,296
Total current assets			582,907				659,631
Property and equipment, net			88,236				87,075
Operating lease right-of-use assets			51,594				48,918
Goodwill			81,303				80,420
Intangible assets, net
In-process research and development			71,235				69,791
Other intangible assets			17,243				20,218
Deferred tax assets			1,638				1,659
Other noncurrent assets			31,459				34,529
Total assets		$	925,615			$	1,002,241
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	121,497			$	187,981
Accrued expenses			72,241				89,717
Accrued compensation			38,470				22,079
Deferred revenue, current			20,692				20,188
Other current liabilities			50,317				34,253
Total current liabilities			303,217				354,218
Operating lease liabilities, noncurrent			51,984				54,956
Deferred revenue, noncurrent			62,616				60,650
Deferred tax liabilities			9,972				9,846
Other noncurrent liabilities			3,822				3,914
Total liabilities			431,611				483,584
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value			128				130
Treasury stock			(77,996	)			(72,586	)
Additional paid-in capital			577,840				607,345
Accumulated deficit			(1,550	)			(12,788	)
Accumulated other comprehensive loss			(4,418	)			(3,444	)
Total stockholders’ equity			494,004				518,657
Total liabilities and stockholders’ equity		$	925,615			$	1,002,241

Consolidated Statements of Cash Flows
(unaudited, dollars in thousands)
		Six Months Ended
		March 30, 2024				April 1, 2023
Cash flows from operating activities
Net income		$	11,238			$	44,537
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			23,121				22,845
Restructuring and abandonment charges			266				4,846
Stock-based compensation expense			43,031				41,220
Provision for inventory obsolescence			5,293				10,059
Other			2,188				3,173
Deferred income taxes			(31	)			1,358
Foreign currency transaction gains			(3,441	)			(14,126	)
Changes in operating assets and liabilities:
Accounts receivable			(2,793	)			16,932
Inventories			161,683				118,032
Other assets			(15,169	)			5,481
Accounts payable and accrued expenses			(89,151	)			(186,194	)
Accrued compensation			16,040				6,108
Deferred revenue			1,857				(4,484	)
Other liabilities			10,025				(463	)
Net cash provided by operating activities			164,157				69,324
Cash flows from investing activities
Purchases of marketable securities			(45,280	)			—
Purchases of property and equipment			(16,263	)			(23,403	)
Net cash used in investing activities			(61,543	)			(23,403	)
Cash flows from financing activities
Payments for repurchase of common stock			(76,250	)			(30,054	)
Proceeds from exercise of stock options			11,905				17,584
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units			(13,242	)			(18,199	)
Net cash used in financing activities			(77,587	)			(30,669	)
Effect of exchange rate changes on cash and cash equivalents			704				4,766
Net increase in cash and cash equivalents			25,731				20,018
Cash and cash equivalents
Beginning of period			220,231				274,855
End of period		$	245,962			$	294,873
Supplemental disclosure
Cash paid for interest		$	134			$	330
Cash paid for taxes, net of refunds		$	12,247			$	6,399
Cash paid for amounts included in the measurement of lease liabilities		$	6,670			$	7,219
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses		$	7,582			$	8,393
Right-of-use assets obtained in exchange for new operating lease liabilities		$	7,637			$	711

Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit
(unaudited, in thousands, except percentages)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Reconciliation of GAAP cost of revenue
GAAP cost of revenue		$	140,624			$	172,555			$	470,815			$	560,078
Stock-based compensation expense			686				581				1,340				1,151
Amortization of intangibles			973				973				1,945				2,158
Non-GAAP cost of revenue		$	138,965			$	171,001			$	467,530			$	556,769
Reconciliation of GAAP gross profit
GAAP gross profit		$	112,038			$	131,618			$	394,716			$	416,674
Stock-based compensation expense			686				581				1,340				1,151
Amortization of intangibles			973				973				1,945				2,158
Non-GAAP gross profit		$	113,697			$	133,172			$	398,001			$	419,983
GAAP gross margin			44.3	%			43.3	%			45.6	%			42.7	%
Non-GAAP gross margin			45.0	%			43.8	%			46.0	%			43.0	%

Reconciliation of Selected Non-GAAP Financial Measures
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Research and Development (GAAP)		$	80,322			$	80,785			$	159,557			$	157,726
Stock-based compensation			10,419				9,565				19,398				18,716
Amortization of intangibles			496				495				992				990
Restructuring and abandonment costs			-				2,682				323				2,682
Research and Development (Non-GAAP)		$	69,407			$	68,043			$	138,844			$	135,338
Sales and Marketing (GAAP)		$	61,835			$	63,621			$	145,785			$	142,317
Stock-based compensation			4,972				4,475				8,787				8,588
Amortization of intangibles			-				-				-				-
Restructuring and abandonment costs			-				1,034				113				1,034
Sales and Marketing (Non-GAAP)		$	56,863			$	58,112			$	136,885			$	132,695
General and Administrative (GAAP)			40,841				44,438				80,639				87,553
Stock-based compensation			7,596				6,404				13,506				12,765
Legal and transaction related costs			2,395				9,018				6,140				15,307
Amortization of intangibles			24				24				48				48
Restructuring and abandonment costs			6				1,130				138				1,130
Adjusted General and Administrative (Non-GAAP)		$	30,820			$	27,862			$	60,807			$	58,303
Total Operating Expenses (GAAP)		$	182,998			$	188,844			$	385,981			$	387,596
Stock-based compensation			22,987				20,444				41,691				40,069
Legal and transaction related costs			2,395				9,018				6,140				15,307
Amortization of intangibles			520				519				1,040				1,038
Restructuring and abandonment costs			6				4,846				574				4,846
Adjusted Operating Expenses (Non-GAAP)		$	157,090			$	154,017			$	336,536			$	326,336
Total Operating (Loss) Income (GAAP)		$	(70,960	)		$	(57,226	)		$	8,735			$	29,078
Stock-based compensation			23,673				21,025				43,031				41,220
Legal and transaction related costs			2,395				9,018				6,140				15,307
Amortization of intangibles			1,493				1,492				2,985				3,196
Restructuring and abandonment costs			6				4,846				574				4,846
Adjusted Operating (Loss) Income (Non-GAAP)		$	(43,393	)		$	(20,845	)		$	61,465			$	93,647
Depreciation			9,750				10,221				20,136				19,649
Adjusted EBITDA (Non-GAAP)		$	(33,643	)		$	(10,624	)		$	81,601			$	113,296

Reconciliation of Net (Loss) Income to Adjusted EBITDA
(unaudited, dollars in thousands except percentages)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
(In thousands, except percentages)
Net (loss) income		$	(69,709	)		$	(30,652	)		$	11,238			$	44,537
Add (deduct):
Depreciation and amortization			11,243				11,713				23,121				22,845
Stock-based compensation expense			23,673				21,025				43,031				41,220
Interest income			(3,933	)			(3,181	)			(7,008	)			(5,149	)
Interest expense			122				152				227				311
Other expense (income), net			3,303				2,832				(6,971	)			(20,745	)
(Benefit from) provision for income taxes			(743	)			(26,377	)			11,249				10,124
Legal and transaction related costs (1)			2,395				9,018				6,140				15,307
Restructuring and abandonment costs (2)			6				4,846				574				4,846
Adjusted EBITDA		$	(33,643	)		$	(10,624	)		$	81,601			$	113,296
Revenue		$	252,662			$	304,173			$	865,531			$	976,752
Net (loss) income margin			(27.6	)%			(10.1	)%			1.3	%			4.6	%
Adjusted EBITDA margin			(13.3	)%			(3.5	)%			9.4	%			11.6	%
(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, as well as legal and transaction costs associated with our acquisition activity, which we do not consider representative of our underlying operating performance.
(2) Restructuring and abandonment costs for the three and six months ended March 30, 2024 are related to our restructuring plan initiated on June 14, 2023 (the “2023 restructuring plan"). Restructuring and abandonment costs for the three and six months ended April 1, 2023 consist of costs incurred in March 2023 related to abandonment of portions of our office spaces for the remainder of their respective lease terms in support of operational efficiencies. Lease abandonment costs include the impact of the write-off of the associated operating lease right-of-use assets, as well as accelerated depreciation of the related leasehold improvements.

Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net (Loss) Income
(unaudited, in thousands, except share and per share amounts)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Reconciliation of GAAP net (loss) income
GAAP net (loss) income		$	(69,709	)		$	(30,652	)		$	11,238			$	44,537
Stock-based compensation expense			23,673				21,025				43,031				41,220
Legal and transaction related costs			2,395				9,018				6,140				15,307
Amortization of intangibles			1,493				1,492				2,985				3,196
Restructuring and abandonment costs			6				4,846				574				4,846
Non-GAAP net (loss) income		$	(42,142	)		$	5,729			$	63,968			$	109,106
Reconciliation of net (loss) income per share
GAAP net (loss) income per share, diluted		$	(0.56	)		$	(0.24	)		$	0.09			$	0.34
Non-GAAP adjustments to net (loss) income per share			0.22				0.28				0.41				0.49
Non-GAAP net (loss) income per share, diluted		$	(0.34	)		$	0.04			$	0.50			$	0.82
Weighted-average shares used in GAAP per share calculation, diluted			123,749,605				127,952,875				128,206,823				132,834,096
Weighted-average shares used in non-GAAP per share calculation, diluted			123,749,605				134,165,207				128,206,823				132,834,096
Note: Certain figures may not sum due to rounding

Reconciliation of Cash Flows (Used in) Provided by Operating Activities to Free Cash Flow
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Cash flows (used in) provided by operating activities		$	(111,244	)		$	(112,962	)		$	164,157			$	69,324
Less: Purchases of property and equipment			(10,186	)			(8,714	)			(16,263	)			(23,403	)
Free cash flow		$	(121,430	)		$	(121,676	)		$	147,894			$	45,921

Revenue by Product Category
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
(In thousands)
Sonos speakers		$	187,262			$	241,180			$	690,273			$	780,377
Sonos system products			49,265				44,091				133,826				158,525
Partner products and other revenue			16,135				18,902				41,432				37,850
Total revenue		$	252,662			$	304,173			$	865,531			$	976,752

Revenue by Geographical Region
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Americas		$	170,187			$	196,533			$	562,627			$	593,097
Europe, Middle East and Africa			69,356				89,054				261,173				329,494
Asia Pacific			13,119				18,586				41,731				54,161
Total revenue		$	252,662			$	304,173			$	865,531			$	976,752

Stock-based Compensation
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
(In thousands)
Cost of revenue		$	686			$	581			$	1,340			$	1,151
Research and development			10,419				9,565				19,398				18,716
Sales and marketing			4,972				4,475				8,787				8,588
General and administrative			7,596				6,404				13,506				12,765
Total stock-based compensation expense		$	23,673			$	21,025			$	43,031			$	41,220

Amortization of Intangibles
(unaudited, dollars in thousands)
		Three Months Ended								Six Months Ended
		March 30, 2024				April 1, 2023				March 30, 2024				April 1, 2023
Cost of revenue		$	973			$	973			$	1,945			$	2,158
Research and development			496				495				992				990
Sales and marketing			-				-				-				-
General and administrative			24				24				48				48
Total amortization of intangibles		$	1,493			$	1,492			$	2,985			$	3,196

Use of Non-GAAP Measures

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.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our outlook for the fiscal year ending September 28, 2024, our long-term outlook, financial, growth and business strategies and opportunities, growth targets, our product cycle and roadmap, including our anticipated new product launch and the timing thereof, our investments in R&D, profitability and gross margins, the macroeconomic environment, and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; the impact of global economic, market and political events, including continued inflationary pressures, rising interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to compete in the market and maintain or expand market share; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges; our ability to protect our brand and intellectual property; and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended December 30, 2023 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.

About Sonos

Sonos (Nasdaq: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos’ innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.

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Investor Contact

James Baglanis

IR@sonos.com

Press Contact

Erin Pategas

PR@sonos.com

Source: Sonos