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Jul 03, 2021
Sonos Q3 2021 Earnings Report
Sonos achieved record results driven by strong demand and successful execution.
Key Takeaways
Sonos reported record third quarter fiscal 2021 results with revenue increasing 52% year-over-year to $378.7 million. GAAP net income increased to $17.8 million, and GAAP diluted earnings per share increased to $0.12. The company raised its fiscal year 2021 outlook based on strong demand and profitability.
Revenue increased 52% year-over-year to $378.7 million.
GAAP net income increased to $17.8 million from ($57.0) million last year.
GAAP diluted earnings per share (EPS) increased to $0.12 from ($0.52) last year.
Gross margin increased 300 basis points to 47.0% from 44.0% last year.
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.comEurope, Middle East & Africa Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
Sonos raised its fiscal year 2021 outlook. Revenue is now expected to be in the range of $1.695 billion to $1.710 billion, representing growth of 28% to 29% year-over-year. Adjusted EBITDA is expected to be in the range of $270 million to $280 million, representing growth of 149% to 158%.
Positive Outlook
- Revenue increased to a range of $1.695 billion to $1.710 billion, representing growth in the range of 28% to 29% year-over-year.
- Adjusted EBITDA increased to a range of $270 million to $280 million representing growth in the range of 149% to 158%.
- Adjusted EBITDA margin increased to a range of 15.9% to 16.4%, representing a 770 to 820 basis point improvement year-over-year.
- Gross margin increased to a range of 46.5% to 46.9%, representing a 340 to 380 basis point improvement year-over-year.
- Fiscal 2021 gross margin outlook includes tariff refunds of $11 million and tariff expense of $9 million recognized through the third quarter fiscal 2021.
Challenges Ahead
- The duration and impact of the COVID- 19 pandemic and related mitigation efforts on our industry and our supply chain.
- Supply chain challenges, including shipping and logistics challenges and significant limits on component supplies.
- Changes in general economic or market conditions that could affect consumer income and overall consumer spending.
- Our ability to successfully introduce new products and services and maintain or expand the success of our existing products.
- Our ability to meet and accurately forecast product demand and manage any product availability delays.
Revenue & Expenses
Visualization of income flow from segment revenue to net income