Sonos (SONO) FY2022 results: revenue $1.8 billion, up 2.1% on the year

Sonos Inc. (SONO) reported revenue of $1.8 billion for fiscal 2022, the year ended 1 October 2022, up 2.1% on the year before. Net income was $67 million, down 57.5%, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 23 November 2022.

Revenue

$1.8 billion

+2.1% on the year

FY2015FY2022

Operating margin

5.1%

9.0% a year earlier

FY2015FY2022

Net income

$67 million

-57.5% on the year

FY2015FY2022

Diluted EPS

$0.49

-56.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,752	1,717	1,326	+2.1%
Cost of revenue	956	907	754	+5.4%
Gross profit	796	810	572	-1.7%
Gross margin	45.4%	47.2%	43.1%
Research and development	256	230	215	+11.3%
Operating income	89.5	155	-27.2	-42.2%
Operating margin	5.1%	9.0%	-2.1%
Interest expense	0.6	0.6	1.5	-6.8%
Pre-tax income	68.7	157	-20.1	-56.2%
Income tax	1.3	-1.7	0.0
Effective tax rate	2.0%	-1.1%	n/a
Net income	67.4	159	-20.1	-57.5%
Net margin	3.8%	9.2%	-1.5%
Diluted EPS	$0.49	$1.13	-$0.18	-56.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-28.3	253	162
Capital expenditure	46.2	45.5	33.0	+1.5%
Free cash flow	-74.5	208	129
Free cash flow margin	-4.3%	12.1%	9.7%
Cash from investing	-173	-45.5	-69.3
Cash from financing	-150	25.0	-27.1
Depreciation and amortisation	38.5	33.9	36.4	+13.6%
Share-based compensation	75.6	62.1	57.6	+21.8%
Buybacks	150	50.0	50.0	+200.2%
Diluted shares, weighted	138m	140m	110m	-1.8%
Shares outstanding at period end	127m	127m	112m	-0.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	561	569	298	-1.5%
Redeemable equity	n/a	n/a	0.0
Debt	0.0	0.0	24.9
Operating lease liabilities	25.6	34.0	50.4	-24.6%
Other liabilities	602	536	443	+12.4%
Total liabilities and equity	1,188	1,139	816	+4.4%
Fixed assets	86.2	71.3	60.8	+20.8%
Goodwill	77.3	15.5	15.5	+397.3%
Intangible assets	91.1	24.4	26.4	+272.4%
Cash and equivalents	275	640	407	-57.1%
Receivables	101	101	54.9	+0.4%
Inventory	454	185	181	+145.4%
Other assets	104	101	70.5	+2.0%
Total assets	1,188	1,139	816	+4.4%

10-K for the year ended 1 October 2022, filed 23 November 2022: the filing.