\nSonos, Inc. (Nasdaq: SONO) today reported record third quarter fiscal 2021 results.\n<\/p>\n
Third Quarter 2021 Financial Highlights (unaudited)<\/b><\/p>\n \nSonos CEO Patrick Spence commented, \u201cOur third quarter results represent yet another record-shattering quarter at Sonos. We believe that the strong demand for our products is unwavering and underscores the uniqueness and power of our business model where customers start with one product and expand with more over time. Based on the strong demand for our products, the amazing execution of our team, and the power and profitability of our business, we are yet again raising our outlook for fiscal 2021.\u201d\n<\/p>\n \nMr. Spence continued, \u201cOur future has never been brighter, as there are three macro trends that position Sonos for continued growth in the large and growing global audio market. First, the ‘Golden Age of Audio’ – as the leading premium home audio brand, we are well positioned to capitalize on the continued increase in audio content consumption and new audio formats that are emerging. Second, ‘Hollywood at Home’ – with more video content going direct-to-home, consumers are demanding a theater-like audio experience in the home which Sonos is well positioned to provide. Third, ‘The Great Reshuffling’ – the untethering of people from their offices enabling flexibility on how and where to live will drive continued investment in the home, a trend that our premium brand, design and quality is well-suited to capitalize on.\u201d\n<\/p>\n \nMr. Spence concluded, \u201cLong-term, we remain focused on our key three strategic initiatives – the expansion of our brand, the expansion of our offerings, and driving operational excellence. The powerful momentum we are experiencing in our business, exceeding even our own expectations from six months ago, puts us ahead of schedule on reaching our fiscal 2024 financial targets. We are extremely well positioned for the long-term and expect to deliver significant free cash flow and increased shareholder value over time as we continue on our quest to be the world\u2019s leading sound experience company.\u201d\n<\/p>\n Fiscal 2021 Outlook <\/b><\/p>\n Supplemental Earnings Presentation <\/b><\/p>\n \nThe Company has posted a supplemental earnings presentation accompanying its third quarter fiscal 2021 results to the Earnings Reports section of its investor relations website at https:\/\/investors.sonos.com\/reports-and-filings\/default.aspx#section=earningsreports<\/a>.\n<\/p>\n Conference Call, Webcast and Transcript<\/b><\/p>\n \nThe Company will host a webcast of its conference call and Q&A related to its third quarter fiscal 2021 results on August 11, 2021 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https:\/\/investors.sonos.com\/news-and-events\/default.aspx<\/a>. The conference call may also be accessed by dialing (833) 921-1637 with conference ID 8063688. Participants outside the U.S. can access the call by dialing (236) 714-2128 using the same conference ID.\n<\/p>\n \nAn archived webcast of the conference call and a transcript of the company\u2019s prepared remarks and Q&A session will also be available at https:\/\/investors.sonos.com\/reports-and-filings\/default.aspx#section=earningsreports<\/a> following the call.\n<\/p>\n Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)<\/b><\/p>\n<\/td>\n<\/tr>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n July 3, 2021<\/b><\/p>\n<\/td>\n June 27, 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n July 3, 2021<\/b><\/p>\n<\/td>\n June 27, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n378,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,310\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,357,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 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\n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n698,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n548,993\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(61,153\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(228,492\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,628\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,890\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n587,127\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n297,839\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,084,098\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n816,051\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n167,339\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(38,526\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,789\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,692\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,789\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,047\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,755\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,638\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,253\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,371\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n95\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(176\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,226\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,491\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,846\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,418\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,333\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n129,623\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,730\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,400\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,169\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(162,137\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,501\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,715\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,506\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,143\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n246,741\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,151\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(29,905\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(36,289\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(66,194\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(25,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,000\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,729\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(33,216\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n131,536\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,708\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,877\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,603\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n49,930\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,111\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,735\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n639\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n263,614\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,515\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n407,291\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n338,820\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n670,905\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n329,305\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n434\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,318\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n3,773\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n15,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n11,689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n9,046\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,622\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n75,913\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n July 3, 2021<\/b><\/p>\n<\/td>\n June 27, 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n July 3, 2021<\/b><\/p>\n<\/td>\n June 27, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n17,826\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(56,980\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n167,339\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(38,526\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,861\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,789\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,692\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,547\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,041\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,755\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,638\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(81\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(114\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,954\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n77\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n360\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n525\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,187\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,998\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(365\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,678\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,366\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n858\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,436\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,160\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,611\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,160\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,132\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,285\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n46,692\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(2,720\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n261,471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n62,115\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n378,672\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,310\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,357,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n986,491\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1.1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) Restructuring and related expenses for the nine months ended July 3, 2021 includes a gain of $2.8 million, related to our negotiation for the early termination of a facility lease that was part of the 2020 restructuring plan. The gain represents the difference between the related operating lease liability and previously accrued restructuring expenses versus the early termination payment. For a description of the 2020 restructuring plan, see \u201cRestructuring and Related Costs\u201d below.\n<\/p>\n \n(2) Legal and transaction related costs consist of expenses related to our intellectual property (“IP”) litigation against Alphabet Inc. and Google LLC as well as legal and transaction costs associated with our acquisition activity, which we do not consider representative of our underlying operating performance.\n<\/p>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n July 3, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n June 27, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n246,741\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n83,151\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(29,905\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n211,949\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n53,246\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n310,233\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n196,895\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,105,283\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n779,939\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,621\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n197,442\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n150,887\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,818\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,251\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n54,479\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n55,665\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n378,672\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,310\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,357,204\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n986,491\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n223,720\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n151,167\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n784,898\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n556,325\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n126,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,818\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n480,541\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n353,807\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,724\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n91,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n76,359\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n378,672\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n249,310\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,357,204\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n986,491\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n248\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n306\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n723\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n866\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,125\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,154\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,067\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,697\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,277\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,710\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,317\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,658\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,897\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,871\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,648\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,417\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n15,547\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n15,041\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n46,755\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n41,638\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,949\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n25\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,949\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,788\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,636\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,788\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,423\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,423\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,160\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(2,611\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,160\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1) On June 23, 2020, we initiated a restructuring plan as part of our efforts to reduce operating expenses and preserve liquidity due to the uncertainty and challenges stemming from the COVID-19 pandemic. As part of the 2020 restructuring plan, we eliminated approximately 12% of our global headcount and closed our New York retail store and six satellite offices. We believe these initiatives will better align our resources to provide further operating flexibility and more efficiently position our business for our long-term strategy. Activities under the 2020 restructuring plan were substantially completed in the first quarter of fiscal 2021. In the first quarter of fiscal 2021, we negotiated the early termination of a facility lease that was part of the 2020 restructuring and recorded a gain of $2.8 million, representing the difference between the related operating lease liability and previously accrued restructuring expenses versus the early termination payment. The gain was recognized as a credit in sales and marketing expenses on the condensed consolidated statements of operations and comprehensive income.\n<\/p>\n Use of Non-GAAP Measures <\/b><\/p>\n \nWe have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (\u201cU.S. GAAP\u201d), including adjusted EBITDA, adjusted EBITDA margin, free cash flow, net income (loss) excluding stock-based compensation, restructuring, and legal and transaction related fees, and diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation, stock-based compensation expense, interest income, interest expense, other income (expense), income taxes and other items that we do not consider representative of our underlying operating performance. We define adjusted EBITDA margin as adjusted EBITDA divided by revenue. We define free cash flow as net cash from operations less purchases of property and equipment and intangible assets. We calculate non-GAAP net income (loss) excluding stock-based compensation, restructuring and legal and transaction related fees as net income (loss) less stock-based compensation, restructuring fees and legal and transaction related fees. We calculate non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees as net income (loss) less stock-based compensation, restructuring costs and legal and transaction related fees divided by our number of shares at fiscal year end. We calculate constant currency growth percentages by translating our prior period financial results using the current period average currency exchange rates and comparing these amounts to our current period reported results. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook.\n<\/p>\n Forward Looking Statements <\/b><\/p>\n \nThis press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our outlook for the fiscal year ended October 2, 2021, our fiscal 2024 targets, our long-term focus, financial, growth and business strategies and opportunities, growth metrics and targets, our business model, new products, services and partnerships, profitability and gross margins, our direct-to-consumer efforts, our market share, and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to 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; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to meet and accurately forecast product demand and manage any product availability delays; and the other risk factors set forth under the caption \u201cRisk Factors\u201d in our Quarterly Report on Form 10-Q for the quarter ended April 3, 2021 and our other filings filed with the Securities and Exchange Commission (the \u201cSEC\u201d), copies of which are available free of charge at the SEC\u2019s website at www.sec.gov<\/a> or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.\n<\/p>\n About Sonos<\/b><\/p>\n \nSonos (Nasdaq: SONO) is one of the world\u2019s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos\u2019 innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com<\/a>.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210811005721\/en\/<\/a><\/span><\/p>\n \nInvestor Contact \nPress Contact KEYWORDS:<\/b> United States North America California<\/p>\n INDUSTRY KEYWORDS:<\/b> Technology Audio\/Video Hardware Consumer Electronics<\/p>\n\n
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\n \n \n (unaudited, in thousands, except share and per share amounts)<\/i><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other income (expense), net<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other income, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total other income, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income (loss) before provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income (loss) attributable to common stockholders:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss) per share attributable to common stockholders:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income (loss)<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in foreign currency translation adjustment<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Comprehensive income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n \n (unaudited, dollars in thousands, except par values)<\/i><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Assets<\/b><\/td>\n \n \n <\/tr>\n \n Current assets:<\/td>\n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n Restricted cash<\/td>\n \n \n \n \n \n \n \n \n Accounts receivable, net of allowances<\/td>\n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n Prepaids and other current assets<\/td>\n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n Operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n \n Intangible assets, net<\/td>\n \n \n \n \n \n \n \n \n Deferred tax assets<\/td>\n \n \n \n \n \n \n \n \n Other noncurrent assets<\/td>\n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n Liabilities and stockholders\u2019 equity<\/b><\/td>\n \n \n <\/tr>\n \n Current liabilities:<\/td>\n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n \n Accrued compensation<\/td>\n \n \n \n \n \n \n \n \n Short-term debt<\/td>\n \n \n \n \n \n \n \n \n Deferred revenue, current<\/td>\n \n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n Operating lease liabilities, noncurrent<\/td>\n \n \n \n \n \n \n \n \n Long-term debt<\/td>\n \n \n \n \n \n \n \n \n Deferred revenue, noncurrent<\/td>\n \n \n \n \n \n \n \n \n Deferred tax liabilities<\/td>\n \n \n \n \n \n \n \n \n Other noncurrent liabilities<\/td>\n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n Stockholders\u2019 equity:<\/td>\n \n \n <\/tr>\n \n Common stock, $0.001 par value<\/td>\n \n \n \n \n \n \n \n \n Treasury stock<\/td>\n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n \n Total stockholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n Total liabilities and stockholders\u2019 equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n<\/tr>\n \n \n Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n Cash flows from operating activities<\/b><\/td>\n \n \n <\/tr>\n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n Adjustments to reconcile net income (loss) to net cash provided by operating activities<\/td>\n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n Impairment and abandonment charges<\/td>\n \n \n \n \n \n \n \n \n Stock-based compensation expense<\/td>\n \n \n \n \n \n \n \n \n Other<\/td>\n \n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \n \n \n \n \n \n \n \n Foreign currency transaction gain<\/td>\n \n \n \n \n \n \n \n \n Changes in operating assets and liabilities:<\/td>\n \n \n <\/tr>\n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n \n Inventories<\/td>\n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n Accounts payable and accrued expenses<\/td>\n \n \n \n \n \n \n \n \n Accrued compensation<\/td>\n \n \n \n \n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \n \n \n \n Other liabilities<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/td>\n \n \n \n \n \n \n \n \n Cash flows from investing activities<\/b><\/td>\n \n \n <\/tr>\n \n Purchases of property and equipment, intangible and other assets<\/td>\n \n \n \n \n \n \n \n \n Cash paid for acquisition, net of acquired cash<\/td>\n \n \n \n \n \n \n \n \n Net cash used in investing activities<\/td>\n \n \n \n \n \n \n \n \n Cash flows from financing activities<\/b><\/td>\n \n \n <\/tr>\n \n Repayments of borrowings<\/td>\n \n \n \n \n \n \n \n \n Payments for repurchase of common stock<\/td>\n \n \n \n \n \n \n \n \n Proceeds from exercise of common stock options<\/td>\n \n \n \n \n \n \n \n \n Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units<\/td>\n \n \n \n \n \n \n \n \n Net cash provided by (used in) financing activities<\/td>\n \n \n \n \n \n \n \n \n Effect of exchange rate changes on cash, cash equivalents and restricted cash<\/td>\n \n \n \n \n \n \n \n \n Net increase (decrease) in cash, cash equivalents and restricted cash<\/td>\n \n \n \n \n \n \n \n \n Cash, cash equivalents and restricted cash<\/b><\/td>\n \n \n <\/tr>\n \n Beginning of period<\/td>\n \n \n \n \n \n \n \n \n End of period<\/td>\n \n \n \n \n \n \n \n \n Supplemental disclosure<\/b><\/td>\n \n \n <\/tr>\n \n Cash paid for interest<\/td>\n \n \n \n \n \n \n \n \n Cash paid for taxes, net of refunds<\/td>\n \n \n \n \n \n \n \n \n Cash paid for amounts included in the measurement of lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Supplemental disclosure of non-cash investing and financing activities<\/b><\/td>\n \n \n <\/tr>\n \n Purchases of property and equipment in accounts payable and accrued expenses<\/td>\n \n \n \n \n \n \n \n \n Right-of-use assets obtained in exchange for new operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n
\n Reconciliation of Net Income (Loss) to Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Add (deduct):<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Stock-based compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other (income) expense, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Restructuring and related expenses (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Legal and transaction related costs (2)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA margin<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow<\/b><\/td>\n<\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Cash flows provided by operating activities<\/td>\n \n \n \n \n \n \n \n \n Less: Purchases of property and equipment, intangible and other assets<\/td>\n \n \n \n \n \n \n \n \n Free cash flow<\/td>\n \n \n \n \n \n \n \n \n
\n Revenue by Product Category<\/b><\/td>\n \n \n \n <\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n Sonos speakers<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Sonos system products<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Partner products and other revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Total revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue by Geographical Region<\/b><\/td>\n \n \n \n <\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n \n \n \n <\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n Americas<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Europe, Middle East and Africa (“EMEA”)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Asia Pacific (“APAC”)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Total revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n
\n Stock-based Compensation<\/b><\/td>\n \n \n \n <\/tr>\n \n (unaudited, dollars in thousands)<\/i><\/td>\n \n \n \n <\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n Cost of revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Total stock-based compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n
\n Restructuring and Related Costs (1)<\/sup><\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n (unaudited, dollars in thousands)<\/td>\n \n \n \n \n \n \n <\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Nine Months Ended<\/b><\/td>\n<\/tr>\n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total restructuring and related costs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Cammeron McLaughlin
\n
IR@sonos.com<\/a><\/p>\n
\n
Tom Lodge
\n
PR@sonos.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210811005721\/en\/898247\/3\/Sonos_Logo.jpg\"){kind=logo}
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