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Dec 31, 2022
Sonos Q1 2023 Earnings Report
Reported record Q1 revenue despite economic headwinds and maintained Fiscal 2023 outlook.
Key Takeaways
Sonos reported a 1.2% year-over-year increase in revenue to $672.6 million for the first quarter of fiscal year 2023. GAAP net income was $75.2 million, with a diluted EPS of $0.57. Non-GAAP net income reached $103.4 million, with a diluted EPS of $0.79. The company's free cash flow was $167.6 million.
Revenue increased 1.2% year-over-year to $672.6 million.
Gross margin decreased to 42.4%.
GAAP net income was $75.2 million compared to $123.5 million last year.
Free cash flow was $167.6 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sonos provided its outlook for the fiscal year 2023, with revenue expected to be in the range of $1.7 billion to $1.8 billion, representing a decline of -3% to growth of 3% from fiscal 2022. Gross margin is expected to be in the range of 45.0% to 46.0%, and adjusted EBITDA is projected to be in the range of $145 million to $180 million.
Positive Outlook
- Revenue in the range of $1.7 billion to $1.8 billion
- Gross margin in the range of 45.0% to 46.0%
- Adjusted EBITDA in the range of $145 million to $180 million
- Representing a decline of -3% to growth of 3% from fiscal 2022
- Growth of 1% to 7% on a constant currency basis
Challenges Ahead
- Adjusted EBITDA representing a decline of 36% to 21% from fiscal 2022
- Significant macroeconomic uncertainty remains
- Supply chain challenges
- Fluctuating component availability
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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