Sonos Results Presentation Deck
Opex Investments to Support Long-Term Growth
Research and Development (GAAP)
Restructuring and related charges
Adjusted Research and Development (Non-GAAP)
% of revenue
Sales and Marketing (GAAP)
Restructuring and related charges
Adjusted Sales and Marketing (Non-GAAP)
% of revenue
General and Administrative (GAAP)
Restructuring and related charges
Legal and transaction related costs
Adjusted General and Administrative (Non-GAAP)
% of revenue
Total Operating Expenses (GAAP)
Restructuring and related charges
Legal and transaction related costs
Adjusted Operating Expenses (Non-GAAP)
% of revenue
Q421
$65.8
$65.8
18.3%
$73.2
0.2
$73.1
20.3%
$39.5
5.0
$34.4
9.6%
$178.5
0.2
5.0
$173.3
48.2%
Q420
$54.8
0.1
$54.7
16.1%
$58.3
$58.3
17.2%
$33.0
6.2
$26.8
7.9%
$146.1
0.1
6.2
$139.8
41.1%
Y/Y Change
20.1%
n/m
20.4%
220 bps
25.5%
n/m
25.3%
310 bps
19.6%
n/m
(18.5%)
28.4%
170 bps
22.2%
32.0%
(18.5%)
23.9%
710 bps
Excluding restructuring and related charges
and legal and transaction related costs, opex
increased 24% driven by the following factors:
O
R&D +20% primarily due to higher
product development and other R&D
costs
O S&M +25% primarily due to higher
marketing expenses related to
supporting new product launches, as
well as higher bonus compensation
G&A ex legal and transaction costs
+28% due to IT investments and
increased bonus and stock comp
Note: $ in millions, unaudited.
See appendix for reconciliation of GAAP to non-GAAP measures. Percentages and sums have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.View entire presentation