Financial Performance - Total revenue for the three months ended April 3, 2021, was $332.9 million, a 90.2% increase from $175.1 million for the same period in 2020[81] - Net income for the three months ended April 3, 2021, was $17.2 million, compared to a net loss of $52.3 million for the same period in 2020[80] - Adjusted EBITDA for the three months ended April 3, 2021, was $48.5 million, with an adjusted EBITDA margin of 14.6%, compared to an adjusted EBITDA loss of $28.4 million and a margin of -16.2% in the same period of 2020[89] - Total revenue increased by 32.7% to $978.5 million for the six months ended April 3, 2021, compared to $737.2 million for the same period in 2020[113] - Gross profit for the three months ended April 3, 2021, was $165,776,000, with a gross margin of 49.8%, compared to a gross profit of $73,009,000 and a margin of 41.7% in the prior year[106] - Operating income for the three months ended April 3, 2021, was $12,395,000, compared to an operating loss of $53,207,000 for the same period in 2020[106] - Gross profit for the six months ended April 3, 2021 increased by 54.7% to $465.2 million, with a gross margin of 47.5%[122] Sales and Product Performance - Products sold increased to 1,039 thousand units in the three months ended April 3, 2021, from 681 thousand units in the same period of 2020, representing a 52.6% growth[81] - Revenue from Sonos speakers accounted for 80.4% of total revenue, increasing by 129.9% to $267,534,000, driven by the success of the Arc and Sub products[109] - Sonos speakers revenue represented 81.2% of total revenue, increasing by 36.4% to $795.1 million for the six months ended April 3, 2021[114] - Total products sold increased by 1.9% to 3,688 thousand units for the six months ended April 3, 2021, driven by growth in Sonos speakers and system products[117] Expenses and Investments - Research and development expenses for the three months ended April 3, 2021, were $56,370,000, representing 16.9% of total revenue, compared to $49,593,000 or 28.3% in the prior year[107] - Research and development expenses increased by 6.5% to $108.7 million for the six months ended April 3, 2021, representing 11.1% of total revenue[125] - Sales and marketing expenses increased by 2.9% to $131.7 million for the six months ended April 3, 2021, representing 13.5% of total revenue[127] - General and administrative expenses increased by $13.7 million, or 52.4%, to $39.8 million for the three months ended April 3, 2021, primarily due to $9.3 million in legal fees related to IP litigation and $4.8 million in higher personnel-related expenses[128] - For the six months ended April 3, 2021, general and administrative expenses rose by $18.7 million, or 33.2%, totaling $75.0 million, driven by $16.0 million in legal fees and $4.8 million in personnel-related expenses[129] Cash Flow and Financing - As of April 3, 2021, the company had cash and cash equivalents of $638.9 million, including $88.0 million held by foreign subsidiaries[137] - Net cash provided by operating activities was $176.0 million for the six months ended April 3, 2021, significantly up from $35.4 million for the same period in 2020[142] - Cash used in investing activities was $19.9 million for the six months ended April 3, 2021, primarily for manufacturing-related tooling and test equipment[145] - Cash provided by financing activities was $74.7 million for the six months ended April 3, 2021, mainly from proceeds of $119.2 million from the exercise of stock options[146] - The company had $57.5 million in non-cancelable purchase commitments for inventory expected to be purchased in the remainder of fiscal 2021[147] - The Credit Facility allows borrowing up to $80.0 million, with no outstanding borrowings as of April 3, 2021[140] Foreign Currency Exposure - The company expects continued fluctuations in foreign currency exchange gains and losses due to changes in exchange rates[102] - For the three months ended April 3, 2021, the company recognized a loss from foreign currency of $1.6 million, compared to a loss of $1.5 million for the same period in 2020[154] - For the six months ended April 3, 2021, the company recognized a gain from foreign currency of $2.6 million, down from a gain of $2.9 million for the same period in 2020[154] - A hypothetical adverse change of 10% in foreign currency exchange rates would have resulted in an adverse impact on income before provision for income taxes of approximately $5.2 million for the three months ended April 3, 2021[154] - The company's international sales are primarily denominated in foreign currencies, exposing it to fluctuations in exchange rates, particularly with the euro and British pound[152] - A portion of the company's operating expenses is incurred outside the United States and is also subject to foreign currency exchange rate fluctuations[152] - The company's continued international expansion increases its exposure to exchange rate fluctuations, which could significantly impact future results of operations[153] Strategic Outlook - The company expects ongoing supply chain challenges due to the COVID-19 pandemic to impact product availability until fiscal 2022[78] - Direct-to-consumer sales channel performance has been strong, primarily driven by increased orders through the company's website[78] - The company plans to continue investing in e-commerce capabilities to drive direct sales and support overall growth and profitability[92] - The company aims to introduce new products that appeal to a broad set of consumers and enhance its differentiated listening platform[90] - The introduction of new products may increase revenue but could also impact sales of existing products as consumer preferences shift[104] Accounting and Estimates - The company evaluates its estimates and assumptions regarding financial statements on an ongoing basis, based on historical experience and reasonable assumptions[149] - There have been no material changes to the company's critical accounting policies compared to those disclosed in its Annual Report[150]

Sonos, Inc. (NASDAQ:SONO) Q1 2021 Results Earnings Conference Call February 10, 2021 5:00 PM ET Company Participants Cammeron McLaughlin - Vice President, Investor Relations Patrick Spence - Chief Executive Officer Brittany Bagley - Chief Financial Officer Eddie Lazarus - Chief Legal Officer Conference Call Participants Adam Tindle - Raymond James Katy Huberty - Morgan Stanley Rod Hall - Goldman Sachs John Babcock - Bank of America Tevis Robinson - D.A. Davidson Matt Sheerin - Stifel Operator Ladies and gen ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 2, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38603 SONOS, INC. (Exact name of registrant as specified in its charter) Delaware 03-0479476 (I.R.S. Employe ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________ Form 10-K _________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 3, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38603 _______________________ ...

Sonos, Inc. (NASDAQ:SONO) Q4 2020 Earnings Conference Call November 18, 2020 5:00 PM ET Company Participants Cammeron McLaughlin - Vice President, Investor Relations Patrick Spence - Chief Executive Officer Brittany Bagley - Chief Financial Officer Conference Call Participants John Babcock - Bank of America Katy Huberty - Morgan Stanley Adam Tindle - Raymond James Matt Sheerin - Stifel Brent Thill - Jefferies Rod Hall - Goldman Sachs Elliot Alper - D.A. Davidson Operator Ladies and gentlemen, thank you for ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2020 was $249.3 million, a decline of only 4% year-over-year, and a growth of 42% compared to Q2 2020 [10][23] - Gross margin decreased by 110 basis points to 44% due to tariffs, but would have increased by 60 basis points to 45.7% excluding tariffs [25][24] - Adjusted EBITDA was a loss of $2.7 million, compared to adjusted EBITDA of $6.8 million in the previous year [32] Business Line Data and Key Metrics Changes - Direct-to-consumer (DTC) revenue increased by 299% year-over-year, significantly contributing to overall revenue performance [11][23] - The company launched three new products, which were well-received and contributed to strong sales [9][13] Market Data and Key Metrics Changes - Revenue in the United States grew by 4% year-over-year, while revenue in the United Kingdom grew by 13% year-over-year [10] - Listening hours increased by approximately 40% compared to the previous year, indicating heightened engagement with Sonos products [11] Company Strategy and Development Direction - The company aims to maintain a long-term product roadmap with a cadence of two new products per year while exploring new business models and partnerships [21] - Sonos is focused on diversifying its supply chain into Malaysia to mitigate tariff impacts, with full ramp-up expected by mid-2021 [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive despite challenges posed by the pandemic, citing strong demand and successful product launches [9][10] - The company expects to catch up on product availability in Q4 and has reinstated guidance for fiscal year 2020, projecting revenue growth of 2% year-over-year [34][41] Other Important Information - The company incurred $26 million in restructuring and related impairment charges during the quarter due to workforce reductions and office closures [27][20] - Sonos has received an exemption from certain tariffs, which will positively impact future financials [36] Q&A Session Summary Question: Impact of new operating system on customer churn - Management reported no significant churn related to the new operating system upgrade, with millions of homes transitioning to the new app [46] Question: Supply shortage impact on revenue - Management indicated that demand exceeded supply chain capabilities, but they expect to be fully caught up in Q4 [52][53] Question: Direct-to-consumer business sustainability - Management acknowledged the growth in DTC but refrained from providing long-term guidance due to market uncertainties [48][59] Question: Sonos Radio engagement and monetization - Management noted strong engagement with Sonos Radio and has recently introduced advertising, indicating future monetization potential [72] Question: Transition of production from China to Malaysia - Management confirmed that the transition is ongoing and is not expected to materially impact gross margins at this time [77]

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 27, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38603 SONOS, INC. (Exact name of registrant as specified in its charter) Delaware 03-0479476 (I.R.S. Employer ...

Sonos, Inc. (NASDAQ:SONO) Q2 2020 Earnings Conference Call May 6, 2020 5:00 PM ET Company Participants Cammeron McLaughlin - VP, Investor Relations Patrick Spence - CEO, President & Director Brittany Bagley - CFO Conference Call Participants Kathryn Huberty - Morgan Stanley John Babcock - Bank of America Merrill Lynch Roderick Hall - Goldman Sachs Group Matthew Sheerin - Stifel, Nicolaus & Company Adam Tindle - Raymond James & Associates Elliot Alper - D.A. Davidson & Co. Operator Hello, and welcome. My nam ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38603 SONOS, INC. (Exact name of registrant as specified in its charter) Delaware 03-0479476 (State or other ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 28, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38603 SONOS, INC. (Exact name of registrant as specified in its charter) Delaware 03-0479476 (State or oth ...