Sonos Reports Record Third Quarter Fiscal 2021 Results and Raises Fiscal Year 2021 Outlook

About this update from Sonos, Inc.

[{"type":"text","content":" SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today reported record third quarter fiscal 2021 results.\n\nThird Quarter 2021 Financial Highlights (unaudited)\n\n\nGAAP net income (loss) increased to $17.8 million from ($57.0) million last year; non-GAAP net income (loss) excluding stock-based compensation, restructuring and legal and transaction related fees increased to $38.7 million from ($11.6) million last year.\n\n\nGAAP diluted earnings per share (EPS) increased to $0.12 from ($0.52) last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $0.27 from ($0.11) last year.\n\n\nAdjusted EBITDA increased to $46.7 million from ($2.7) million last year.\n\n\nAdjusted EBITDA margin increased to 12.3% from (1.1%) last year.\n\n\nGross margin increased 300 basis points to 47.0% from 44.0% last year.\n\n\nRevenue increased 52% year-over-year to $378.7 million; on a constant-currency basis, revenue increased approximately 45% year-over-year.\n\n\nSonos CEO Patrick Spence commented, “Our third quarter results represent yet another record-shattering quarter at Sonos. We believe that the strong demand for our products is unwavering and underscores the uniqueness and power of our business model where customers start with one product and expand with more over time. Based on the strong demand for our products, the amazing execution of our team, and the power and profitability of our business, we are yet again raising our outlook for fiscal 2021.”\n\nMr. Spence continued, “Our future has never been brighter, as there are three macro trends that position Sonos for continued growth in the large and growing global audio market. First, the 'Golden Age of Audio' - as the leading premium home audio brand, we are well positioned to capitalize on the continued increase in audio content consumption and new audio formats that are emerging. Second, 'Hollywood at Home' - with more video content going direct-to-home, consumers are demanding a theater-like audio experience in the home which Sonos is well positioned to provide. Third, 'The Great Reshuffling' - the untethering of people from their offices enabling flexibility on how and where to live will drive continued investment in the home, a trend that our premium brand, design and...

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