Sonos Inc. Files 2024 Annual Report

Ticker: SONO · Form: 10-K · Filed: Nov 15, 2024 · CIK: 1314727

Sonos Inc 10-K Filing Summary
FieldDetail
CompanySonos Inc (SONO)
Form Type10-K
Filed DateNov 15, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.001, $19.06
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Sonos 10-K filed. Full year financials out. Check it.

AI Summary

Sonos Inc. filed its 10-K for the fiscal year ending September 28, 2024, detailing its financial performance and business operations. The company, headquartered in Santa Barbara, CA, operates in the household audio and video equipment sector. Key financial data and operational details are presented in this annual report.

Why It Matters

This filing provides investors and the public with a comprehensive overview of Sonos's financial health, strategic direction, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing contains standard disclosures for a public company, including financial performance, business operations, and risk factors, which are typical for a medium-risk assessment.

Key Numbers

  • 2024-09-28 — Fiscal Year End (The reporting period concludes on this date.)
  • 2023-09-30 — Prior Fiscal Year End (Comparison point for financial performance.)
  • 2022-10-02 — Previous Fiscal Year End (Further historical financial data point.)

Key Players & Entities

  • Sonos Inc. (company) — Filer of the 10-K report
  • Santa Barbara, CA (location) — Company headquarters location
  • 2024-09-28 (date) — End of the fiscal year reported
  • 3651 (industry_code) — Standard Industrial Classification for Household Audio & Video Equipment

FAQ

What is the primary business of Sonos Inc.?

Sonos Inc. operates in the HOUSEHOLD AUDIO & VIDEO EQUIPMENT sector, with SIC code 3651.

Where is Sonos Inc. headquartered?

Sonos Inc. is headquartered at 301 COROMAR DRIVE, SANTA BARBARA, CA 93117.

What is the SEC file number for Sonos Inc.'s 10-K?

The SEC file number is 001-38603.

What period does this 10-K filing cover?

This 10-K filing covers the period ending September 28, 2024.

What is the company's IRS number?

The company's IRS number is 030479476.

Filing Stats: 4,323 words · 17 min read · ~14 pages · Grade level 15.2 · Accepted 2024-11-15 16:49:12

Key Financial Figures

  • $0.001 — nge on which registered Common Stock, $0.001 par value SONO The Nasdaq Global Selec
  • $19.06 — 6 million based on the closing price of $19.06 as reported by The Nasdaq Global Select

Filing Documents

Business

Business 4 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 22 Item 1C Cybersecurity 22 Item 2

Properties

Properties 23 Item 3

Legal Proceedings

Legal Proceedings 23 Item 4 Mine Safety Disclosures 23 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6 [Reserved] 25 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A

Controls and Procedures

Controls and Procedures 66 Item 9B Other Information 66 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 Part III Item 10 Directors, Executive Officers and Corporate Governance 68 Item 11

Executive Compensation

Executive Compensation 68 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 Item 13 Certain Relationships and Related Transactions, and Director Independence 68 Item 14 Principal Accountant Fees and Services 68 Part IV Item 15 Exhibits, Financial Statement Schedules 69 Item 16 Form 10-K Summary 70

Signatures

Signatures 71 2 Table of conten ts

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements. All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "would," "expect," "objective," "plan," "potential," "seek," "grow," "target," "if," and similar expressions intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations, objectives, restructuring efforts, timing of certain tax impacts, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled "Risk Factors" set forth in Part I, Item 1A of this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (the "SEC"). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Annual Report on Form 10-K may not occur, and actual results may differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements contained in this Annual Report on Form

: Business

Item 1: Business Overview Sonos is one of the world's leading sound experience brands. We pioneered multi-room, wireless audio products, debuting the world's first multi-room wireless sound system in 2005. In June 2024, we introduced Sonos Ace, marking Sonos' entry into the personal listening category. Today, our product lineup includes wireless, portable, and home theater speakers, headphones, components, and accessories to address consumers' evolving audio needs. We are known for delivering unparalleled sound, thoughtful design aesthetic, simplicity of use, and an open platform. We frequently introduce new services and features across our platform, providing our customers with enhanced functionality, improved sound, and an enriched user experience. Since we launched our first product 19 years ago, we have grown our install base by launching innovative new products, delivering a seamless customer experience, and expanding our global footprint. In fiscal 2024, existing customers accounted for approximately 44% of new product registrations. As of September 28, 2024, we had a total of nearly 50.4 million products registered in approximately 16.3 million households globally, including the addition of approximately 1.0 million new households during fiscal 2024. Our customers have typically purchased additional Sonos products over time. As of September 28, 2024, 39% of our 16.3 million households had registered more than one Sonos product. As of September 28, 2024, our households own 3.1 products on average. Our Products Our portfolio of products encourages customers to uniquely tailor their Sonos sound systems to best meet their sound and design preferences. In fiscal 2024, we introduced Ace, our first-ever headphones and Roam 2, our ultra-portable smart speaker. Sonos Speakers Our Sonos speakers category includes our all-in-one speakers, portables, home theater products, and beginning in June 2024, headphones, as follows: All-in-one speakers: Era 100 : Our p

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