Sonos Results Presentation Deck
Strong Opex Leverage While Continuing to Invest in R&D
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
4Q20
$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%
4Q19
$49.6
$49.6
16.9%
$70.9
$70.9
24.1%
$28.6
$28.6
9.7%
$149.1
$149.1
50.7%
Y/Y
Change
10.4%
NM
10.1%
(80 bps)
(17.7)%
NM
(17.7)%
(690 bps)
15.5%
NM
NM
(6.1)%
(180 bps)
(2.0)%
NM
NM
(6.2)%
(960 bps)
Excluding restructuring and legal costs,
drove 960 basis points of opex leverage
Leverage in all adjusted opex lines excluding
restructuring and legal costs
R&D +10% ex restructuring primarily driven
by increased headcount, higher bonus
achievement, and new product development
costs
S&M -18% ex restructuring due to lower
marketing and advertising expenses
G&A -6% ex restructuring and legal costs
due primarily to facilities cost reductions
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