Exhibit 99.1
Sonos Reports First Quarter Fiscal 2024 Results
Santa Barbara, CA – February 6, 2024 - Sonos, Inc. (Nasdaq: SONO) today reported first quarter fiscal 2024 results.
First Quarter Fiscal 2024 Financial Highlights (unaudited)
Notes: 1 Non-GAAP net income/Non-GAAP diluted earnings per share (EPS), Adjusted EBITDA and Adjusted EBITDA margin 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.
Sonos CEO Patrick Spence commented, “We are pleased to report first quarter revenue of $612.9 million and Adjusted EBITDA of $115.2 million. Despite the challenging environment, we are winning in the market and outperforming the competition.”
Mr. Spence continued, “We are just months away from announcing our highly anticipated new product in a multi-billion dollar category, which will be the first major milestone of our multi-year product cycle. Our full attention is dedicated to successfully executing on our plan and positioning our business to return to top and bottom line growth. Great things are happening here at Sonos and the best is yet to come.”
Unchanged Fiscal 2024 Outlook | ||||
|
| Low end | Midpoint | High end |
Revenue ($ million) | 1,600 | 1,650 | 1,700 | |
| % y/y | -3% | 0% | 3% |
| % y/y - constant currency | -3% | 0% | 3% |
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|
|
|
|
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% | |
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|
|
|
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 first 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 first quarter fiscal 2024 results on February 6, 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 Income | ||||
(unaudited, in thousands, except share and per share amounts) | ||||
|
|
|
|
|
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Revenue |
| $ 612,869 |
| $ 672,579 |
Cost of revenue |
| 330,190 |
| 387,522 |
Gross profit |
| 282,679 |
| 285,057 |
Operating expenses |
|
|
|
|
Research and development |
| 79,235 |
| 76,940 |
Sales and marketing |
| 83,950 |
| 78,696 |
General and administrative |
| 39,799 |
| 43,117 |
Total operating expenses |
| 202,984 |
| 198,753 |
Operating income |
| 79,695 |
| 86,304 |
Other income, net |
|
|
|
|
Interest income |
| 3,075 |
| 1,967 |
Interest expense |
| (105) |
| (158) |
Other income, net |
| 10,274 |
| 23,576 |
Total other income, net |
| 13,244 |
| 25,385 |
Income before provision for income taxes |
| 92,939 |
| 111,689 |
Provision for income taxes |
| 11,992 |
| 36,501 |
Net income |
| $ 80,947 |
| $ 75,188 |
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|
|
|
Net income attributable to common stockholders: |
|
|
|
|
Basic and diluted |
| $ 80,947 |
| $ 75,188 |
|
|
|
|
|
Net income per share attributable to common stockholders: |
|
|
|
|
Basic |
| $ 0.65 |
| $ 0.59 |
Diluted |
| $ 0.64 |
| $ 0.57 |
|
|
|
|
|
Weighted-average shares used in computing net income per share attributable to common stockholders: |
|
|
|
|
Basic |
| 125,181,717 |
| 127,212,245 |
Diluted |
| 126,742,153 |
| 131,502,986 |
|
|
|
|
|
Total comprehensive income |
|
|
|
|
Net income |
| 80,947 |
| 75,188 |
Change in foreign currency translation adjustment |
| (863) |
| (7,226) |
Comprehensive income |
| $ 80,084 |
| $ 67,962 |
Consolidated Balance Sheets | ||||
(unaudited, in thousands, except par values) | ||||
|
| As of | ||
|
| December 30, 2023 |
| September 30, 2023 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
| $ 467,342 |
| $ 220,231 |
Accounts receivable, net |
| 80,811 |
| 67,583 |
Inventories |
| 173,043 |
| 346,521 |
Prepaids and other current assets |
| 37,690 |
| 25,296 |
Total current assets |
| 758,886 |
| 659,631 |
Property and equipment, net |
| 86,816 |
| 87,075 |
Operating lease right-of-use assets |
| 53,857 |
| 48,918 |
Goodwill |
| 82,288 |
| 80,420 |
Intangible assets, net |
|
|
|
|
In-process research and development |
| 72,846 |
| 69,791 |
Other intangible assets |
| 18,745 |
| 20,218 |
Deferred tax assets |
| 1,714 |
| 1,659 |
Other noncurrent assets |
| 34,838 |
| 34,529 |
Total assets |
| $ 1,109,990 |
| $ 1,002,241 |
|
|
|
|
|
Liabilities and stockholders’ equity |
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|
|
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Current liabilities: |
|
|
|
|
Accounts payable |
| $ 176,365 |
| $ 187,981 |
Accrued expenses |
| 97,992 |
| 89,717 |
Accrued compensation |
| 28,018 |
| 22,079 |
Deferred revenue, current |
| 20,943 |
| 20,188 |
Other current liabilities |
| 52,683 |
| 34,253 |
Total current liabilities |
| 376,001 |
| 354,218 |
Operating lease liabilities, noncurrent |
| 60,622 |
| 54,956 |
Deferred revenue, noncurrent |
| 64,962 |
| 60,650 |
Deferred tax liabilities |
| 10,192 |
| 9,846 |
Other noncurrent liabilities |
| 3,804 |
| 3,914 |
Total liabilities |
| 515,581 |
| 483,584 |
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|
|
|
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.001 par value |
| 127 |
| 130 |
Treasury stock |
| (38,856) |
| (72,586) |
Additional paid-in capital |
| 569,286 |
| 607,345 |
Retained earnings (accumulated deficit) |
| 68,159 |
| (12,788) |
Accumulated other comprehensive loss |
| (4,307) |
| (3,444) |
Total stockholders’ equity |
| 594,409 |
| 518,657 |
Total liabilities and stockholders’ equity |
| $ 1,109,990 |
| $ 1,002,241 |
Consolidated Statements of Cash Flows | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Cash flows from operating activities |
|
|
|
|
Net income |
| $ 80,947 |
| $ 75,188 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
| 11,878 |
| 11,132 |
Restructuring and abandonment charges |
| 260 |
| — |
Stock-based compensation expense |
| 19,358 |
| 20,195 |
Provision for inventory obsolescence |
| 5,837 |
| 5,204 |
Other |
| 1,236 |
| 1,593 |
Deferred income taxes |
| (45) |
| 167 |
Foreign currency transaction gains |
| (7,388) |
| (17,700) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
| (12,215) |
| (7,286) |
Inventories |
| 167,641 |
| 143,144 |
Other assets |
| (12,878) |
| 2,463 |
Accounts payable and accrued expenses |
| (7,429) |
| (65,917) |
Accrued compensation |
| 5,988 |
| 2,249 |
Deferred revenue |
| 3,660 |
| (3,950) |
Other liabilities |
| 18,551 |
| 15,804 |
Net cash provided by operating activities |
| 275,401 |
| 182,286 |
Cash flows from investing activities |
|
|
|
|
Purchases of property and equipment |
| (6,077) |
| (14,689) |
Net cash used in investing activities |
| (6,077) |
| (14,689) |
Cash flows from financing activities |
|
|
|
|
Payments for repurchase of common stock |
| (23,484) |
| (15,043) |
Proceeds from exercise of stock options |
| 3,538 |
| 8,103 |
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units |
| (3,745) |
| (8,376) |
Net cash used in financing activities |
| (23,691) |
| (15,316) |
Effect of exchange rate changes on cash and cash equivalents |
| 1,478 |
| 4,397 |
Net increase in cash and cash equivalents |
| 247,111 |
| 156,678 |
Cash and cash equivalents |
|
|
|
|
Beginning of period |
| 220,231 |
| 274,855 |
End of period |
| $ 467,342 |
| $ 431,533 |
Supplemental disclosure |
|
|
|
|
Cash paid for interest |
| $ 58 |
| $ 111 |
Cash paid for taxes, net of refunds |
| $ 3,684 |
| $ 1,903 |
Cash paid for amounts included in the measurement of lease liabilities |
| $ 2,601 |
| $ 2,190 |
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
|
Purchases of property and equipment in accounts payable and accrued expenses |
| $ 6,141 |
| $ 2,030 |
Right-of-use assets obtained in exchange for new operating lease liabilities |
| $ 7,637 |
| $ — |
Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit | ||||
(unaudited, in thousands, except percentages) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Reconciliation of GAAP cost of revenue |
|
|
|
|
GAAP cost of revenue |
| $ 330,190 |
| $ 387,522 |
Stock-based compensation expense |
| 654 |
| 570 |
Amortization of intangibles |
| 972 |
| 1,185 |
Non-GAAP cost of revenue |
| $ 328,564 |
| $ 385,767 |
|
|
|
|
|
Reconciliation of GAAP gross profit |
|
|
|
|
GAAP gross profit |
| $ 282,679 |
| $ 285,057 |
Stock-based compensation expense |
| 654 |
| 570 |
Amortization of intangibles |
| 972 |
| 1,185 |
Non-GAAP gross profit |
| $ 284,305 |
| $ 286,812 |
|
|
|
|
|
GAAP gross margin |
| 46.1% |
| 42.4% |
Non-GAAP gross margin |
| 46.4% |
| 42.6% |
Reconciliation of Selected Non-GAAP Financial Measures | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Research and Development (GAAP) |
| $ 79,235 |
| $ 76,940 |
Stock-based compensation |
| 8,979 |
| 9,151 |
Amortization of intangibles |
| 496 |
| 495 |
Restructuring and abandonment costs |
| 323 |
| - |
Research and Development (Non-GAAP) |
| $ 69,437 |
| $ 67,294 |
|
|
|
|
|
Sales and Marketing (GAAP) |
| $ 83,950 |
| $ 78,696 |
Stock-based compensation |
| 3,815 |
| 4,113 |
Amortization of intangibles |
| - |
| - |
Restructuring and abandonment costs |
| 113 |
| - |
Sales and Marketing (Non-GAAP) |
| $ 80,022 |
| $ 74,583 |
|
|
|
|
|
General and Administrative (GAAP) |
| 39,799 |
| 43,117 |
Stock-based compensation |
| 5,910 |
| 6,361 |
Legal and transaction related costs |
| 3,743 |
| 6,289 |
Amortization of intangibles |
| 24 |
| 24 |
Restructuring and abandonment costs |
| 132 |
| - |
Adjusted General and Administrative (Non-GAAP) |
| $ 29,990 |
| $ 30,443 |
|
|
|
|
|
Total Operating Expenses (GAAP) |
| $ 202,984 |
| $ 198,753 |
Stock-based compensation |
| 18,704 |
| 19,625 |
Legal and transaction related costs |
| 3,743 |
| 6,289 |
Amortization of intangibles |
| 520 |
| 519 |
Restructuring and abandonment costs |
| 568 |
| - |
Adjusted Operating Expenses (Non-GAAP) |
| $ 179,449 |
| $ 172,320 |
|
|
|
|
|
Total Operating Income (GAAP) |
| $ 79,695 |
| $ 86,304 |
Stock-based compensation |
| 19,358 |
| 20,195 |
Legal and transaction related costs |
| 3,743 |
| 6,289 |
Amortization of intangibles |
| 1,492 |
| 1,704 |
Restructuring and abandonment costs |
| 568 |
| - |
Adjusted Operating Income (Non-GAAP) |
| $ 104,856 |
| $ 114,492 |
Depreciation |
| 10,386 |
| 9,428 |
Adjusted EBITDA (Non-GAAP) |
| $ 115,242 |
| $ 123,920 |
Reconciliation of Net Income to Adjusted EBITDA | ||||
(unaudited, dollars in thousands except percentages) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
(In thousands, except percentages) |
|
|
|
|
Net income |
| $ 80,947 |
| $ 75,188 |
Add (deduct): |
|
|
|
|
Depreciation and amortization |
| 11,878 |
| 11,132 |
Stock-based compensation expense |
| 19,358 |
| 20,195 |
Interest income |
| (3,075) |
| (1,967) |
Interest expense |
| 105 |
| 158 |
Other income, net |
| (10,274) |
| (23,576) |
Provision for income taxes |
| 11,992 |
| 36,501 |
Legal and transaction related costs (1) |
| 3,743 |
| 6,289 |
Restructuring and abandonment costs (2) |
| 568 |
| - |
Adjusted EBITDA |
| $ 115,242 |
| $ 123,920 |
Revenue |
| $ 612,869 |
| $ 672,579 |
Net income margin |
| 13.2% |
| 11.2% |
Adjusted EBITDA margin |
| 18.8% |
| 18.4% |
(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) On June 14, 2023, we initiated a restructuring plan to reduce our cost base ("the 2023 restructuring plan"). The 2023 restructuring plan included a reduction in force involving approximately 7% of the Company's employees, further reducing our real estate footprint, and re-evaluating certain program spend. Total pre-tax and abandonment costs under the 2023 restructuring plan were $11.4 million, substantially all of which were incurred in the third quarter of fiscal 2023, with nominal amounts incurred in the first quarter of fiscal 2024. | ||||
Reconciliation of GAAP Net Income to Non-GAAP Net Income | ||||
(unaudited, in thousands, except share and per share amounts) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Reconciliation of GAAP net income |
|
|
|
|
GAAP net income |
| $ 80,947 |
| $ 75,188 |
Stock-based compensation expense |
| 19,358 |
| 20,195 |
Legal and transaction related costs |
| 3,743 |
| 6,289 |
Amortization of intangibles |
| 1,492 |
| 1,704 |
Restructuring and abandonment costs |
| 568 |
| - |
Non-GAAP net income |
| $ 106,108 |
| $ 103,376 |
|
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|
|
Reconciliation of net income per share |
|
|
|
|
GAAP net income per share, diluted |
| $ 0.64 |
| $ 0.57 |
Non-GAAP adjustments to net income per share |
| 0.20 |
| 0.21 |
Non-GAAP net income per share, diluted |
| $ 0.84 |
| $ 0.79 |
Weighted-average shares used in GAAP per share calculation, diluted |
| 126,742,153 |
| 131,502,986 |
Weighted-average shares used in non-GAAP per share calculation, diluted |
| 126,742,153 |
| 131,502,986 |
Note: Certain figures may not sum due to rounding |
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|
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Cash flows provided by operating activities |
| $ 275,401 |
| $ 182,286 |
Less: Purchases of property and equipment |
| (6,077) |
| (14,689) |
Free cash flow |
| $ 269,324 |
| $ 167,597 |
Revenue by Product Category | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
(In thousands) |
|
|
|
|
Sonos speakers |
| $ 503,011 |
| $ 539,196 |
Sonos system products |
| 84,562 |
| 114,434 |
Partner products and other revenue |
| 25,296 |
| 18,949 |
Total revenue |
| $ 612,869 |
| $ 672,579 |
Revenue by Geographical Region | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Americas |
| $ 392,439 |
| $ 396,565 |
Europe, Middle East and Africa |
| 191,817 |
| 240,439 |
Asia Pacific |
| 28,613 |
| 35,575 |
Total revenue |
| $ 612,869 |
| $ 672,579 |
Stock-based Compensation | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
(In thousands) |
|
|
|
|
Cost of revenue |
| $ 654 |
| $ 570 |
Research and development |
| 8,979 |
| 9,151 |
Sales and marketing |
| 3,815 |
| 4,113 |
General and administrative |
| 5,910 |
| 6,361 |
Total stock-based compensation expense |
| $ 19,358 |
| $ 20,195 |
Amortization of Intangibles | ||||
(unaudited, dollars in thousands) | ||||
|
| Three Months Ended | ||
|
| December 30, 2023 |
| December 31, 2022 |
Cost of revenue |
| $ 972 |
| $ 1,185 |
Research and development |
| 496 |
| 495 |
Sales and marketing |
| - |
| - |
General and administrative |
| 24 |
| 24 |
Total amortization of intangibles |
| $ 1,492 |
| $ 1,704 |
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, free cash flow conversion, non-GAAP gross margin, net income excluding stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs and diluted earnings 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
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 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 and intangible and other assets. We define free cash flow conversion as free cash flow as a percentage of Adjusted EBITDA. 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 excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. We calculate non-GAAP diluted earnings per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income 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 calculate constant currency growth percentages by translating our current period financial results using the prior period average currency exchange rates and comparing these amounts to our prior period reported results. 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; the resurgence of the COVID-19 pandemic and the other risk factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended September 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.
Investor Contact
James Baglanis
IR@sonos.com
Press Contact
Erin Pategas
PR@sonos.com
Source: Sonos