Sonos (SONO) FY2021 results: revenue $1.7 billion, up 29.4% on the year

Sonos Inc. (SONO) reported revenue of $1.7 billion for fiscal 2021, the year ended 2 October 2021, up 29.4% on the year before. Net income was $159 million, and diluted earnings per share $1.13. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2021.

Revenue

$1.7 billion

+29.4% on the year

FY2015FY2021

Operating margin

9.0%

-2.1% a year earlier

FY2015FY2021

Net income

$159 million

FY2015FY2021

Diluted EPS

$1.13

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,717	1,326	1,261	+29.4%
Cost of revenue	907	754	733	+20.2%
Gross profit	810	572	527	+41.6%
Gross margin	47.2%	43.1%	41.8%
Research and development	230	215	171	+7.2%
Operating income	155	-27.2	5.7
Operating margin	9.0%	-2.1%	0.5%
Interest expense	0.6	1.5	2.5	-60.2%
Pre-tax income	157	-20.1	-1.1
Income tax	-1.7	0.0	3.7
Effective tax rate	-1.1%	n/a	n/a
Net income	159	-20.1	-4.8
Net margin	9.2%	-1.5%	-0.4%
Diluted EPS	$1.13	-$0.18	-$0.05

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	253	162	121	+56.3%
Capital expenditure	45.5	33.0	23.2	+37.8%
Free cash flow	208	129	97.4	+61.1%
Free cash flow margin	12.1%	9.7%	7.7%
Cash from investing	-45.5	-69.3	-23.2
Cash from financing	25.0	-27.1	21.9
Depreciation and amortisation	33.9	36.4	36.4	-7.0%
Share-based compensation	62.1	57.6	46.6	+7.8%
Buybacks	50.0	50.0	2.4	-0.0%
Diluted shares, weighted	140m	110m	104m	+27.8%
Shares outstanding at period end	127m	112m	109m	+13.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	569	298	281	+91.1%
Redeemable equity	n/a	0.0	0.0
Debt	0.0	24.9	33.2
Operating lease liabilities	34.0	50.4	0.0	-32.6%
Other liabilities	536	443	448	+21.0%
Total liabilities and equity	1,139	816	762	+39.6%
Fixed assets	71.3	60.8	78.1	+17.4%
Goodwill	15.5	15.5	1.0	0.0%
Intangible assets	24.4	26.4	0.0	-7.4%
Cash and equivalents	640	407	339	+57.2%
Receivables	101	54.9	103	+83.5%
Inventory	185	181	220	+2.4%
Other assets	101	70.5	21.3	+44.0%
Total assets	1,139	816	762	+39.6%

10-K for the year ended 2 October 2021, filed 22 November 2021: the filing.