Sonos Q4 2021 and 2021 fiscal year (FY21) results are in, and the popular audio company reports that it achieved a FY21 total revenue of $1.717 billion.
The Sonos Q4 2021 figures represent an increase of 6% from the prior year or 14% when adjusted for the extra week last year to mark the company’s 16th consecutive year of revenue growth.
Sonos also announced its outlook for the 2022 fiscal year, including adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which it says is in the range of $280 million to $325 million. These figures Sonos points out are ahead of current analyst expectations of $276 million, and it says its revenue growth is in the range of 12% to 16%, which is also ahead of analyst expectations.
“We are thrilled to report another record year at Sonos. Our fiscal 2021 results are an illustration of just how much our products have appealed to customers and how powerful and profitable our model is as we execute and scale. Demand for our products remains incredibly robust and, despite continued supply constraints, we delivered a record $1.717 billion in revenue, up nearly 30% from the prior year. We achieved record adjusted EBITDA of $278.6 million, representing a record adjusted EBITDA margin of 16.2%, up 800 basis points from the prior year,” says Patrick Spence, CEO, Sonos.
“As our customers recognize, Sonos products operate seamlessly together, with more products improving the experience. We consistently see our existing customers adding more products to their systems, and with every new household that we add, that flywheel begins.
“Total households increased 15% to a record 12.6 million in fiscal 2021, while our existing customers once again showed strong repurchase habits, accounting for a record 46% of total product registrations. Total products per household increased to 3.0, underscoring the power of our model and we are poised to drive further increases in customer lifetime value as we continue to innovate and introduce new products and services,” says Spence.
Q4 2021 Sonos Financial Highlights
Here are some of the key highlights from Sonos’ fourth quarter performance this year:
Fiscal Year 2021 Financial Highlights
- Total revenue for fiscal 2021 was $1.717 billion, representing growth of 29%. Excluding the 53rd week from fiscal 2020, representing growth of 32% for the year.
- Adjusted EBITDA was $279 million, representing growth of 157% and ahead of analyst estimates of $271.50. million (First Call).
- Adjusted EBITDA margin was 16.20% representing an over 800 basis point improvement year-over-year and in-line with analyst estimates of 15.80% (First Call).
- Gross margin was 47.20% representing more than a 410 basis point improvement year-over-year and in-line analyst estimates of 46.75% (First Call).
- Non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees were $0.08 from $0.33 last year; GAAP diluted earnings per share (EPS) decreased to ($0.07) from $0.15 last year, ahead of analyst estimates of ($0.08) (First Call).
- Adjusted EBITDA was $17.10 million compared to $46.40 million last year, ahead of analyst estimates of $15.70 million (First Call).
- Adjusted EBITDA margin was 5% during the quarter compared to 13.70% last year, ahead of analyst estimates of 4.40% (First Call).
- Gross margins were 46.40%, down 110 basis points compared to last year, ahead of analyst estimates of 44.20% (First Call).
- Revenue in the quarter increased 6% to $359.50 million compared to $340 million last year, in-line with analysts estimates of $360.20 million (First Call).