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Sep 30, 2023
Sonos Q4 2023 Earnings Report
Reported a decrease in revenue but an increase in gross margin, with a GAAP net loss and a non-GAAP net loss.
Key Takeaways
Sonos reported a decrease in revenue for the fourth quarter of 2023, but gross margin increased. The company experienced both GAAP and non-GAAP net losses during the quarter. While revenue decreased, the gross margin saw improvement, and the adjusted EBITDA turned positive compared to the previous year.
Revenue decreased by 3.5% year-over-year to $305.1 million.
Gross margin increased by 270 basis points year-over-year to 42.0%.
GAAP net loss was $31.2 million, compared to $64.1 million last year.
Non-GAAP net loss was $9.0 million, compared to $38.3 million last year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sonos provided its outlook for fiscal year 2024, projecting revenue between $1.60 billion and $1.70 billion, and adjusted EBITDA between $150 million and $180 million.
Positive Outlook
- Revenue is expected to be between $1.60 billion and $1.70 billion.
- Projected gross margin (GAAP) between 45.0% and 46.0%.
- Non-GAAP gross margin is forecasted to be between 45.4% and 46.4%.
- Adjusted EBITDA is expected to range from $150 million to $180 million.
- Adjusted EBITDA margin is projected to be between 9.4% and 10.6%.
Challenges Ahead
- Revenue growth is projected to be between -3% and 3% year-over-year.
- Constant currency revenue growth is also projected to be between -3% and 3% year-over-year.
- The outlook assumes continued challenging market conditions.
- Uncertainty regarding consumer spending patterns may impact results.
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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