Sonos Results Presentation Deck
Responsibly Investing to Drive Long Term Growth
4Q23
$65.5
8.2
0.5
0.2
$56.7
18.6%
$ 58.6
3.5
R&D (GAAP)
Less: Stock-based compensation expense
Less: Amortization of intangibles
Less: Restructuring and abandonment costs
R&D (Non-GAAP)
% of revenue
S&M (GAAP)
Less: Stock-based compensation expense
Less: Amortization of intangibles
Less: Restructuring and abandonment costs
S&M (Non-GAAP)
% of revenue
G&A (GAAP)
Less: Stock-based compensation expense
Less: Legal and transaction related costs
Less: Amortization of intangibles
Less: Restructuring and abandonment costs
Adjusted G&A (Non-GAAP)
% of revenue
Total Operating Expenses (GAAP)
% of revenue
Less: Stock-based compensation expense
Less: Legal and transaction related costs
Less: Amortization of intangibles
Restructuring and abandonment costs
Adjusted Operating Expenses (Non-GAAP)
% of revenue
0.2
$ 54.9
18.0%
$32.3
5.2
2.9
0.1
$24.0
7.9%
$ 156.4
51.3%
16.9
2.9
0.5
0.5
$135.6
44.4%
4Q22
$67.3
8.0
0.5
$ 58.7
18.6%
$72.6
3.7
$69.0
21.8%
$44.2
6.0
5.5
$32.7
10.3%
$184.2
58.2%
17.7
5.5
0.5
$160.4
50.7%
Y/Y Change
(3)%
2%
(3)%
N/A
(4)%
0 bps
(19)%
(5)%
N/A
N/A
(20)%
-380 bps
(27)%
(13)%
(47)%
N/A
N/A
(27)%
-250 bps
(15)%
-700 bps
(5)%
(47)%
(3)%
N/A
(15)%
-630 bps
Committed to managing operating expenses (OpEx)
while making targeted and responsible investment in
product roadmap and category expansion to drive long
term growth
O
GAAP OpEx dollars -15% y/y:
OpEx (GAAP) leverage of 700 bps y/y driven
by: lower bonus accrual, ongoing cost savings
resulting from RIF and targeted marketing
expense reductions partially offset by higher
product development costs and depreciation
Legal and transaction-related costs -47% y/y
Adjusted OpEx (Non-GAAP) dollars -15% y/y:
O
O
O
O
O
Announced 7% RIF in mid-June, further
rationalization of real estate footprint and
program spend reductions
O
Adjusted OpEx (Non-GAAP) leverage of 630
bps y/y
R&D (Non-GAAP) -4% due to lower bonus
accrual, partially offset by product
development costs
S&M (Non-GAAP) -20% due to lower bonus
accrual and reduced marketing expenses
Adjusted G&A (Non-GAAP) -27% due to
lower bonus accrual and lower normal course
legal costs
Adjusted OpEx (Non-GAAP) dollars -9% q/q:
Sequential decline due to lower bonus accrual
and realization of the RIF impact
Note: $ in millions (unless noted), unaudited. Percentages and sums have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. R&D (non-GAAP), S&M (non-GAAP), Adjusted
G&A (non-GAAP) and Adjusted Operating Expenses (non-GAAP) are each non-GAAP measures.
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