Sonos Results Presentation Deck
Responsibly Investing to Drive Long Term Growth
2Q22
Y/Y Change
$64.9
8.1
24%
18%
(33)%
N/A
0.7
21%
830 bps
6%
7%
N/A
4%
520 bps
1%
(25)%
50%
0%
N/A
(5)%
180 bps
12%
R&D (GAAP)
Less: Stock-based compensation expense
Less: Amortization of intangibles
Less: Lease abandonment costs
R&D (Non-GAAP)
% of revenue
S&M (GAAP)
Less: Stock-based compensation expense
Less: Lease 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: Lease 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
Less: Lease abandonment costs
Adjusted Operating Expenses (Non-GAAP)
% of revenue
2Q23
$80.8
9.6
0.5
2.7
$68.0
22.4%
$63.6
4.5
1.0
$58.1
19.1%
$44.4
6.4
9.0
1.1
$27.9
9.2%
$188.8
62.1%
20.4
9.0
0.5
4.8
$154.0
50.6%
$56.1
14.0%
$60.0
4.2
$55.8
14.0%
$44.1
8.6
6.0
$29.5
7.4%
$169.0
42.3%
20.8
6.0
0.8
$141.4
35.4%
1980 bps
(2)%
50%
(32)%
N/A
9%
1530 bps
Committed to reducing operating expenses while making
targeted and responsible investment in product roadmap
and category expansion to drive long term growth
O
GAAP OpEx dollars +12% y/y:
O
Note: $ in millions (unless noted), unaudited. Percentages and sums have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Legal and transaction-related costs +50% y/y
Non-GAAP Adjusted OpEx dollars +9% y/y:
Revised FY23 plan includes $52 million of
additional cost takeouts
O
Non-GAAP Adjusted OpEx deleverage of 1530
bps y/y
Non-GAAP R&D +21% due to increased
headcount
Non-GAAP S&M +4% due to increased
headcount, partially offset by lower sales in DTC
business
O Non-GAAP Adjusted G&A -5% due to lower
bonus accrual
O
GAAP OpEx deleverage of 1980 bps y/y driven
by: revenue declining -24% y/y, headcount
growth, $4.8M of lease abandonment cost due to
downsizing of real estate footprint
Non-GAAP Adjusted OpEx dollars -11% q/q:
O
Sequential decline due delayed program spend,
lower bonus accrual and typical seasonality of
sales and marketing expense
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