Sonos Reports Fourth Quarter and Fiscal 2022 Results

About this update from Sonos, Inc.

[{"type":"text","content":"\nEddie Lazarus Appointed Chief Financial Officer\n\n SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today reported fourth quarter and fiscal 2022 results.\n\nFiscal 2022 Financial Highlights (unaudited)\n\n\nRevenue increased 2.1% year-over-year to $1,752.3 million; on a constant-currency basis, revenue increased approximately 4.9% year-over-year\n\n\nGross margin decreased (180) basis points year-over-year to 45.4%\n\n\nGAAP net income of $67.4 million compared to $158.6 million last year\n\n\nGAAP diluted earnings per share (EPS) of $0.49 compared to $1.13 last year\n\n\n\n\nNon-GAAP net income1 of $165.9 million compared to $248.3 million last year\n\n\nNon-GAAP diluted EPS1 of $1.20 compared to $1.77 last year\n\n\n\n\nAdjusted EBITDA of $226.5 million compared to $278.6 million last year\n\n\nAdjusted EBITDA margin of 12.9% compared to 16.2% last year\n\n\n\n\nFree cash flow of $(74.5) million. Cash flows (used) in operating activities of $28.3 million\n\n\nFourth Quarter 2022 Financial Highlights (unaudited)\n\n\nRevenue decreased 12.0% year-over-year to $316.3 million; on a constant-currency basis, revenue decreased approximately 6.6% year-over-year\n\n\nGross margin decreased 720 basis points year-over-year to 39.2%\n\n\nGAAP net (loss) of $(64.1) million compared to $(8.7) million last year\n\n\nGAAP diluted (loss) per share of $(0.50) compared to $(0.07) last year\n\n\n\n\nNon-GAAP net (loss)1 of $(40.4) million compared to non-GAAP net income of $11.8 million last year\n\n\nNon-GAAP diluted (loss) per share1 of $(0.32) compared to $0.08 last year\n\n\n\n\nAdjusted EBITDA of $(25.6) million compared to $17.1 million last year\n\n\nAdjusted EBITDA margin of (8.1%) compared to 4.8% last year\n\n\n\n\nFree cash flow of $(125.2) million. Cash flows (used) in operating activities of $103.9 million\n\n\nNotes: 1 Non-GAAP net income/EPS and non-GAAP net (loss)/(loss) per share exclude stock-based compensation and legal and transaction related fees. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.\n\n“The macroeconomic backdrop became significantly more challenging in Fiscal 2022 and I am proud of our team's tremendous efforts to deliver our 17th consecutive year of revenue growth. We grew the team to build on our leadership in existing categories, and pursue four additional cat...

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