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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.
Sonos
Sonos
Sonos Revenue by Segment
Sonos Revenue by Geographic Location
Revenue by Segment
Sonos Speakers Revenue
CapyFin.comSonos System Products Revenue
CapyFin.comPartner Products & Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.com 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
- Changes in consumer spending patterns
Revenue & Expenses
Visualization of income flow from segment revenue to net income