Business
Sonos Reports Second Quarter Fiscal 2022 Results
Delivers strong revenue growth of 20%, consistent profitability and updates Full Year Outlook SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq:
About this update from Sonos, Inc.
[{"type":"text","content":"\nDelivers strong revenue growth of 20%, consistent profitability and updates Full Year Outlook\n\n SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today reported second quarter fiscal 2022 results.\n\nSecond Quarter 2022 Financial Highlights (unaudited)\n\n\nRevenue increased 20.1% year-over-year to $399.8 million; on a constant-currency basis, revenue increased approximately 22.8% year-over-year\n\n\nGross margin decreased 500 basis points year-over-year to 44.8%\n\n\nGAAP net income of $8.6 million compared to $17.2 million last year; non-GAAP net income excluding stock-based compensation and legal and transaction related fees of $35.8 million compared to $44.6 million last year\n\n\nGAAP diluted earnings per share (EPS) of $0.06 compared to $0.12 last year; non-GAAP diluted EPS excluding stock-based compensation and legal and transaction related fees of $0.26 compared to $0.31 last year\n\n\nAdjusted EBITDA of $46.9 million compared to $48.5 million last year\n\n\nAdjusted EBITDA margin of 11.7% compared to 14.6% last year\n\n\nCash flows used in operating activities of ($97.6) million\n\n\nFree cash flow of ($106.9) million\n\n\nFiscal 2022 Outlook\n\n\nMaintaining Revenue outlook in the range of $1.95 billion to $2.0 billion, representing growth in the range of 14% to 16% from fiscal 2021.\n\n\nGross margin updated to be in the range of 45.5% to 46.0%. This compares to a prior outlook range of 46% to 47%, and is inline with our long-term guidance range of 45.0% to 47.0%.\n\n\nAdjusted EBITDA in the range of $290 million to $310 million, representing growth in the range of 4% to 11%. This has been narrowed relative to our prior outlook range of $290 million to $325 million representing growth in the range of 4% to 17%\n\n\nAdjusted EBITDA margin in the range of 14.9% to 15.5%, compared to prior outlook range of 14.9% to 16.2%\n\n\nSonos CEO Patrick Spence commented, “We are pleased to report record Q2 revenue of $399.8 million, representing 20% growth over last year. Our Adjusted EBITDA of $46.9 million illustrates our continued ability to deliver sustainable, profitable growth despite the ongoing, industry-wide supply constraints and rising cost pressures.”\n\nSpence continued, “Our consumer demand remains strong and we announced three exciting new products today. While the world remains unpredictable,...