Sonos Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Sonos Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing its financial performance and business operations.</b>

AI Summary

Sonos Inc (SONO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Sonos Inc. filed its 10-Q report for the period ending March 30, 2024. The filing covers the second quarter of fiscal year 2024. The company's principal executive offices are located at 301 Coromar Drive, Santa Barbara, CA. Sonos Inc. is incorporated in Delaware. The SIC code for Sonos Inc. is 3651 (Household Audio & Video Equipment).

Why It Matters

For investors and stakeholders tracking Sonos Inc, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Sonos Inc., crucial for assessing the company's current health and future prospects. Understanding the details within this report allows stakeholders to make informed investment decisions regarding Sonos Inc.'s stock.

Risk Assessment

Risk Level: medium — Sonos Inc shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify trends in revenue, profitability, and cash flow.

Key Players & Entities

• Sonos Inc. (company) — Filer
• 301 Coromar Drive (address) — Business Address
• Santa Barbara (location) — Business Address City
• CA (location) — Business Address State
• DE (location) — State of Incorporation
• 3651 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Sonos Inc. operates in the Household Audio & Video Equipment industry, manufacturing and selling audio products.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the revenue and net income figures for the reported quarter and compare them to previous periods.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review the cash flow statement to understand the company's cash generation and usage.

Key Dates

• 2024-03-30: Period End Date — End of the second fiscal quarter of 2024.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison to a previous filing requires access to that specific document.

Filing Documents

• sono-20240330.htm (10-Q) — 1492KB
• a101offerlettersaoricaseyj.htm (EX-10.1) — 124KB
• ex-102saoricaseyrsuagreeme.htm (EX-10.2) — 64KB
• ex-103saoricaseypsuagreeme.htm (EX-10.3) — 85KB
• ex-3112q24.htm (EX-31.1) — 10KB
• ex-3122q24.htm (EX-31.2) — 10KB
• ex-3212q24.htm (EX-32.1) — 5KB
• ex-3222q24.htm (EX-32.2) — 5KB
• image_0a.jpg (GRAPHIC) — 2KB
• image_1.jpg (GRAPHIC) — 8KB
• 0001314727-24-000009.txt (&nbsp;) — 7093KB
• sono-20240330.xsd (EX-101.SCH) — 39KB
• sono-20240330_cal.xml (EX-101.CAL) — 77KB
• sono-20240330_def.xml (EX-101.DEF) — 181KB
• sono-20240330_lab.xml (EX-101.LAB) — 583KB
• sono-20240330_pre.xml (EX-101.PRE) — 404KB
• sono-20240330_htm.xml (XML) — 893KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial statements (unaudited)

Financial statements (unaudited) Condensed consolidated balance sheets 3 Condensed consolidated statements of operations and comprehensive income (loss) 4 Condensed consolidated statements of stockholders' equity 5 Condensed consolidated statements of cash flows 6 Notes to condensed consolidated financial statements 7 Item 2.

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 23 Item 3.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 38 Item 4.

Controls and procedures

Controls and procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal proceedings

Legal proceedings 40 Item 1A.

Risk factors

Risk factors 41 Item 2. Unregistered sales of equity securities and use of proceeds 54 Item 3. Defaults upon senior securities 55 Item 4. Mine safety disclosures 55 Item 5. Other information 55 Item 6. Exhibit index 57

SIGNATURES

SIGNATURES 58 Table of contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial statements

Item 1. Financial statements SONOS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par values) As of March 30, 2024 September 30, 2023 Assets Current assets: Cash and cash equivalents $ 245,962 $ 220,231 Marketable securities 45,598 — Accounts receivable, net 69,725 67,583 Inventories 179,545 346,521 Prepaids and other current assets 42,077 25,296 Total current assets 582,907 659,631 Property and equipment, net 88,236 87,075 Operating lease right-of-use assets 51,594 48,918 Goodwill 81,303 80,420 Intangible assets, net In-process research and development 71,235 69,791 Other intangible assets 17,243 20,218 Deferred tax assets 1,638 1,659 Other noncurrent assets 31,459 34,529 Total assets $ 925,615 $ 1,002,241 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 121,497 $ 187,981 Accrued expenses 72,241 89,717 Accrued compensation 38,470 22,079 Deferred revenue, current 20,692 20,188 Other current liabilities 50,317 34,253 Total current liabilities 303,217 354,218 Operating lease liabilities, noncurrent 51,984 54,956 Deferred revenue, noncurrent 62,616 60,650 Deferred tax liabilities 9,972 9,846 Other noncurrent liabilities 3,822 3,914 Total liabilities 431,611 483,584 Commitments and contingencies (Note 8) Stockholders' equity: Common stock, $ 0.001 par value 128 130 Treasury stock ( 77,996 ) ( 72,586 ) Additional paid-in capital 577,840 607,345 Accumulated deficit ( 1,550 ) ( 12,788 ) Accumulated other comprehensive loss ( 4,418 ) ( 3,444 ) Total stockholders' equity 494,004 518,657 Total liabilities and stockholders' equity $ 925,615 $ 1,002,241 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of contents SONOS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited, in thousands, except share and per share amounts) Three Months Ended Six Months Ended Mar

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View this 10-Q filing on SEC EDGAR