Sonos Results Presentation Deck
Investing in the Future
R&D (GAAP)
Less: Stock-based compensation expense
Less: Amortization of intangibles
R&D (Non-GAAP)
% of revenue
S&M (GAAP)
Less: Stock-based compensation expense
Less: Amortization of intangibles
S&M (Non-GAAP)
% of revenue
G&A (GAAP)
Less: Stock-based compensation expense
Less: Legal and transaction related costs
Less: Amortization of intangibles
Adjusted G&A (Non-GAAP)
% of revenue
1Q23
76.9
9.2
0.5
67.3
10.0%
Total Operating Expenses (GAAP)
% of revenue
78.7
4.1
74.6
11.1%
43.1
6.4
6.3
30.4
4.5%
198.8
29.6%
1Q22
61.3
6.7
1.1
19.6
6.3
0.5
172.3
25.6%
53.5
8.1%
9%
(6)%
62%
0%
5%
10bps
8%
170bps
15%
Less: Stock-based compensation expense
Less: Legal and transaction related costs
62%
(53)%
Less: Amortization of intangibles
Adjusted Operating Expenses (Non-GAAP)
% of revenue
6%
110 bps
Note: $ in millions (unless noted), unaudited. Percentages and sums have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
83.7
3.6
80.1
12.1%
39.7
6.7
3.9
-
29.1
4.4%
184.8
27.8%
Y/Y Change
25%
36%
(54)%
26%
190bps
17.1
3.9
1.1
162.7
24.5%
(6)% ā
13%
N/A
(7)%
(100bps)
GAAP OpEx deleverage of 170 bps y/y:
ā
O
O
Non-GAAP Adjusted OpEx deleverage of 110 bps
y/y:
Headcount growth partially offset by lower
marketing expenses
Stock-based compensation +15% y/y due to
increased headcount
Legal and transaction-related costs +62% y/y
O Non-GAAP R&D +26% due to increased
headcount
O
O Non-GAAP S&M -7% due to lower marketing
expense
O
Non-GAAP Adjusted G&A +5% due to
increased headcount
Non-GAAP Adjusted OpEx dollars +7% q/q:
Sequential growth due to reset of bonus accrual
from depressed 4Q22 levels and increased
headcount, partially offset by program spend
timing
Expect modest sequential $ growth from 1Q23
opex baseline
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