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Apr 03, 2021
Sonos Q2 2021 Earnings Report
Sonos's Q2 2021 earnings exceeded expectations with record revenue and increased profitability.
Key Takeaways
Sonos reported record second quarter fiscal 2021 results, with revenue increasing 90% year-over-year to $332.9 million and GAAP net income increasing to $17.2 million from a loss of $52.3 million in the previous year. The company raised its fiscal 2021 outlook based on strong demand and the power of its business model.
Revenue increased 90% year-over-year to $332.9 million.
GAAP net income increased to $17.2 million from a loss of $52.3 million last year.
GAAP diluted earnings per share (EPS) increased to $0.12 from ($0.48) last year
The company raised its fiscal 2021 outlook.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sonos raised its fiscal year 2021 outlook.
Positive Outlook
- Adjusted EBITDA increased to a range of $225 million to $250 million representing growth in the range of 107% to 130%.
- Adjusted EBITDA margin increased to a range of 13.8% to 14.9%, representing a 560 to 670 basis point improvement year-over-year.
- Gross margin in the range of 46.0% to 46.5%, representing a 288 to 338 basis point improvement year-over-year.
- Revenue increased to a range of $1.625 billion to $1.675 billion, representing growth in the range of 23% to 26% year-over-year (25% to 29% on a comparable basis excluding the 53rd week in fiscal 2020).
- The company is extremely well positioned to deliver significant free cash flow and increased shareholder value over the long-term.
Challenges Ahead
- The fiscal 2021 gross margin outlook reflects minimal impact from ongoing tariffs and does not include the $27.5 million in tariff refunds expected due to timing uncertainty.
- Supply chain challenges, including shipping and logistics challenges and significant limits on component supplies.
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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