10-Q Filing

SONOS INC CIK: 1314727 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-002212`
Period End Date	20221231
Filing Date	20230209
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	sono-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 46 Cash Flow Statement 63 Stockholders Equity 23

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$431.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$274.86M	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNetCurrent`	$109.70M	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNetCurrent`	$101.21M	USD	Point-in-time
Inventories	`InventoryNet`	$454.29M	USD	Point-in-time
Inventories	`InventoryNet`	$306.06M	USD	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$34.77M	USD	Point-in-time
Prepaids and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$37.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$867.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$882.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$85.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$86.17M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$25.89M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$28.33M	USD	Point-in-time
Goodwill	`Goodwill`	$80.94M	USD	Point-in-time
Goodwill	`Goodwill`	$77.30M	USD	Point-in-time
In-process research and development	`IndefiniteLivedIntangibleAssetsExcludingGoodwillNet`	$64.68M	USD	Point-in-time
In-process research and development	`IndefiniteLivedIntangibleAssetsExcludingGoodwillNet`	$70.64M	USD	Point-in-time
Other intangible assets	`OtherIntangibleAssetsNet`	$26.38M	USD	Point-in-time
Other intangible assets	`OtherIntangibleAssetsNet`	$24.70M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.51M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.42M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$36.63M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$36.15M	USD	Point-in-time
Total assets	`Assets`	$1.21B	USD	Point-in-time
Total assets	`Assets`	$1.19B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$236.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$335.76M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$138.34M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$109.29M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$26.43M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$23.62M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$19.56M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$27.32M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$39.65M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$57.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$535.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$477.64M	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$25.60M	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$22.32M	USD	Point-in-time
Deferred revenue, noncurrent	`ContractWithCustomerLiabilityNoncurrent`	$56.15M	USD	Point-in-time
Deferred revenue, noncurrent	`ContractWithCustomerLiabilityNoncurrent`	$62.42M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$10.41M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$9.64M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$728.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$846.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$573.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$627.88M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value	`CommonStockValue`	$130.00K	USD	Point-in-time
Common stock, $0.001 par value	`CommonStockValue`	$130.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$35.05M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$50.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$606.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$617.39M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$72.67M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-2.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.82M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.60M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$633.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$679.61M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$569.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$560.51M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.19B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.21B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$664.48M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$672.58M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$387.52M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$347.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$317.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$285.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$76.94M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$61.33M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$83.74M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$78.70M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$43.12M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$39.73M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$198.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$184.79M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$86.30M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$132.59M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$1.97M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$33.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$98.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$158.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.40M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$23.58M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$25.39M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.47M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$131.13M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$111.69M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$36.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$75.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.48M	USD	1 Quarter
Basic and diluted	`NetIncomeLoss`	$75.19M	USD	1 Quarter
Basic and diluted	`NetIncomeLoss`	$123.48M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.59	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.97	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.87	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	127.21M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	127.66M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	142.32M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	131.50M	shares	1 Quarter
Net income	`NetIncomeLoss`	$75.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.48M	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-360.00K	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.23M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$67.96M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$123.12M	USD	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$75.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.22M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.13M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$20.20M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$17.46M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$6.80M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$1.14M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$167.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$14.00K	USD	1 Quarter
Foreign currency transaction (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$17.70M	USD	1 Quarter
Foreign currency transaction (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-494.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$7.29M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$79.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-143.14M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$21.80M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.46M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-4.09M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-65.92M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$185.13M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-49.09M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$2.25M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-13.51M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.95M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.32M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$15.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$179.93M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$182.29M	USD	1 Quarter
Purchases of property and equipment, and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.36M	USD	1 Quarter
Purchases of property and equipment, and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.69M	USD	1 Quarter
Cash paid for acquisitions, net of acquired cash	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$27.10M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.69M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.46M	USD	1 Quarter
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$929.00K	USD	1 Quarter
Payments for repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$15.04M	USD	1 Quarter
Payments for repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$31.36M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$8.10M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$13.23M	USD	1 Quarter
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.88M	USD	1 Quarter
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$8.38M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.32M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.94M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.40M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.22M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$156.68M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$114.32M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$754.42M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$274.86M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$640.10M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$431.53M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$754.42M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$274.86M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$640.10M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$431.53M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$111.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$23.00K	USD	1 Quarter
Cash paid for taxes, net of refunds	`IncomeTaxesPaidNet`	$413.00K	USD	1 Quarter
Cash paid for taxes, net of refunds	`IncomeTaxesPaidNet`	$1.90M	USD	1 Quarter
Cash paid for amounts included in the measurement of lease liabilities	`LeaseLiabilitiesPaidNet`	$2.19M	USD	1 Quarter
Cash paid for amounts included in the measurement of lease liabilities	`LeaseLiabilitiesPaidNet`	$3.41M	USD	1 Quarter
Purchases of property and equipment in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$2.03M	USD	1 Quarter
Purchases of property and equipment in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$5.50M	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$2.25M	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning of period	`StockholdersEquity`	$633.35M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$679.61M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$569.04M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$560.51M	USD	Point-in-time
Issuance of common stock pursuant to equity incentive plans (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	730,376.00	shares	1 Quarter
Issuance of common stock pursuant to equity incentive plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$8.10M	USD	1 Quarter
Issuance of common stock pursuant to equity incentive plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$13.23M	USD	1 Quarter
Retirement of treasury stock (in shares)	`TreasuryStockSharesRetired`	2.29M	shares	1 Quarter
Purchase of common stock (in shares)	`TreasuryStockSharesAcquired`	849,806.00	shares	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$15.04M	USD	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$31.36M	USD	1 Quarter
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards	`StockRepurchasedDuringPeriodValue`	$8.38M	USD	1 Quarter
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards	`StockRepurchasedDuringPeriodValue`	$11.88M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.46M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$20.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$75.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.48M	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-360.00K	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.23M	USD	1 Quarter
Balance, ending of period	`StockholdersEquity`	$633.35M	USD	Point-in-time
Balance, ending of period	`StockholdersEquity`	$679.61M	USD	Point-in-time
Balance, ending of period	`StockholdersEquity`	$569.04M	USD	Point-in-time
Balance, ending of period	`StockholdersEquity`	$560.51M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.