Sonos Investor Day Presentation Deck
March 2021, 74 slides
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type sizes line spacing sub head single investor event march | Sonos
forward looking statements this presentation contains forward looking statements that involve risks and uncertainties these forward looking statements include statements regarding our outlook including short term and long term expected revenue gross margin and adjusted growth our long term focus growth and business strategies and opportunities growth metrics and targets our business model pro and gross margins new products services and partnerships our intellectual property our direct to consumer our market share and marketing our geographic expansion expectations about our potential and existing markets and customers and other factors a variability in our results these forward looking statements are only predictions and may materially from actual results due to a variety of factors including but not limited to the duration and impact of the covid pandemic and related mitigation on our industry and supply chain changes in general economic or market conditions that could a consumer income and overall consumer spending our ability to successfully introduce new products and services and maintain or expand the success of our existing products the success of our to expand our direct to consumer channel the success of our growth and business strategies our ability to meet and accurately forecast product demand and manage any product availability delays our ability to protect our intellectual property and the other risk factors set forth under the caption risk factors in our annual report on form for the quarter ended and our other lings led with the securities and exchange commission the sec copies of which are available free of charge at the sec at sec or upon request from our investor relations department all forward looking statements herein our opinions only as of the date of this presentation and we undertake no obligation and expressly disclaim any obligation to update forward looking statements herein in light of new information or future events except to the extent required by law this presentation may include service marks trade names and copyrights of other companies which are the property of their respective owners solely for convenience some of the service marks trade names and copyrights referred to in this presentation may be listed without the or symbols but will assert to the extent under applicable law the right of the applicable owners if any to these service marks trade names and copyrights non measures additional information relating to certain of our measures contained herein including non measures is available in the appendix to this presentation | Sonos
type sizes line spacing sub head single spence chief executive | Sonos
our purpose inspire the world to listen better | Sonos
our ambition be the world leading sound experience company | Sonos
our ambition build an adaptable admired and enduring company where people can do their best work and everyone feels welcome and included | Sonos
eats audio products registered homes listening hours note products registered and homes as of the end of listening hours in | Sonos
trends fueling our growth the golden age of audio homes becoming movie theaters the great ing | Sonos
our opportunity homes plus geographic expansion households in core markets a households current penetration of target households in core markets source core markets include the united states canada united kingdom finland and represents disposable income as by the households | Sonos
our opportunity revenue plus audio content services business global audio global home audio premium global home audio current penetration of premium home audio market source premium as wireless speakers systems in wall in ceiling speakers bookshelf speakers pairs and all receivers floor standing speakers home theater speakers and home theater in a box products and separates revenue global home audio market premium home audio | Sonos
our experience connected easy joyful signature premium our experience easy joyful signature premium connected | Sonos
our model we are continuing to become more in reaching new customers while existing customers continue to expand their system household acquisition cost products registered notes household acquisition cost is calculated by dividing our sales and marketing expenses by the number of net new households added during the year excludes costs products registered represents the weighted new registrations per owner the best proxy for households for owners who joined and later fiscal year cohorts are only included when they have had the full year of data available years since first registration | Sonos
lifetime value household acquisition cost today potential as customers mature we deliver on our products per household products per household to implied to | Sonos
our aspiration customers using our products and services | Sonos
our strategic initiatives expand our brand expand our drive operational excellence offerings | Sonos
pete marketing | Sonos
meet the culture seeker content omnivores they are passionate about music movies and other forms of entertainment value quality they are willing to pay for better experiences and well designed products that appeal to their evolved aesthetic tastes into tech but not they expect a superior experience that is seamless frictionless and fun in they are trusted gatekeepers who trends and shape attitudes frequently sharing their experiences good and bad with their social networks | Sonos
meet the culture seeker mean age discretionary income have a college education are married have children own a home live in urban areas | Sonos
our owners are passionate about teen the | Sonos
they buy more | Sonos
and tell their friends about word of mouth | Sonos
the experience | Sonos
now we earning our place in culture | Sonos
innovative brand partnerships to reach new audiences the perfect union of premium sound and premium content triggering major brand buzz through association with the cult hit the enriched by an integrated global brand campaign including a radio station by the winning composer underpinned by on us exclusive to and tied to the purchase of arc or beam in select markets | Sonos
the results uplift in web tra code redemption paid media impressions globally above engagement and sentiment across and owned social platforms and twitter editorial stories across countries earned impressions | Sonos
and pushing beyond tech into we are working with the north face to create an integrated marketing partnership that reinforces the spirit of exploration and brings authenticity to place beyond the home we are also leveraging our expanded product portfolio to broaden our reach beyond traditional tech outlets and into more specialty retailers popular with culture seekers | Sonos
our network of in adds depth and authenticity cee | Sonos
complementing our digital advertising strategy | Sonos
roam creative | Sonos
| Sonos
ultimately landing customers on growth increase in tra increase in revenue increase in conversion rate | Sonos
and at third party retail partners in north warehouses in us and retailer in us camera in japan third retailer in japan by revenue but revenue by store is the next competitor launched in top stores toward the end of experiential stores in and end of | Sonos
where customers become owners and the advocacy cycle starts again | Sonos
ted product management customer experience | Sonos
expanding our offerings | Sonos
engaged loyal customers daily usage long term engagement loyalty growth in audio content hours in more than sessions in last quarter existing households represent new product registrations of products registered since still active average home has products note data as of except sessions as of | Sonos
the system | Sonos
a strong foundation wireless one move roam five home theater beam sub arc components and architectural port sonance sonance sonance us ani | Sonos
category leadership consistently ranked top models home theater category by dollars us wireless speaker category by dollars us beam sub one move one source based on data from for us and | Sonos
top choice among top custom preferred audio brand survey source pro | Sonos
open platform enables choices content partners home home control partners voice assistants | Sonos
our experience connected easy joyful signature premium | Sonos
the opportunity revenue plus audio content services business global audio global home audio premium global home audio current penetration of premium home audio market source premium as wireless speakers systems in wall in ceiling speakers bookshelf speakers pairs and all receivers floor standing speakers home theater speakers and home theater in a box products and separates revenue global home audio market premium home audio | Sonos
the hardware opportunity | Sonos
the consumer services opportunity paid subscribers | Sonos
the business opportunity retail leisure wellness hospitality enterprise care for | Sonos
chief legal | Sonos
initial disruption before vision patented platform | Sonos
ongoing disruption | Sonos
protecting our inventive disruption total patents and patent applications led over time cumulative | Sonos
innovation widely adopted founded june releases digital music system in at ces apple echo | Sonos
protecting our inventions protecting our | Sonos
chief financial | Sonos
why we win hardware services design quality sound looks sounds great lasts easy to use reliable all works together system party voice providers party services radio voice open platform choice | Sonos
powerful business model large and growing household base total households existing households net new households a | Sonos
powerful business model our customers continue to repurchase over time of registrations by start year source monthly data tableau reference for the last years prior of registrations to existing households not provided of registrations by start year represents the new registrations per owner the best proxy for households | Sonos
powerful business model our system expands start with one and buy more products across all own product note percentages as of the end of own products on average | Sonos
visual bar chart of and margin over time proven track record adjusted expansion reaching prior adjusted target ahead of expectations tari of prior long term margin target source public filings prelim guidance file view sharing of includes tari adjusted margin excludes tari adjusted is a non measure see appendix for reconciliation of to non measures we do not provide a reconciliation of forward looking non measures to their comparable measures see appendix for reconciliation of to non measures percentages and sums have been calculated using actual non rounded and therefore may not recalculate precisely | Sonos
proven track record gross margin expansion industry leading gross margins gross margin tari of prior long term gross margin target source file dit gid gross margin excluding tari is a non measure see appendix for reconciliation of to non measures we do not provide a reconciliation of forward looking non measures to their comparable measures see appendix for reconciliation of to non measures percentages and sums have been calculated using actual non rounded and therefore may not recalculate precisely | Sonos
proven track record consistent revenue growth on track for consecutive year of revenue growth prior long term revenue target | Sonos
growth drivers continued revenue growth accelerated new product introductions continued expansion of our market penetration growing faster than our market adding new households and bene from existing household repurchases and have large new household cohorts to support future growth global expansion | Sonos
growth drivers driving operational excellence manufacturing supply chain sales and marketing leverage ongoing investment in to support new product supporting other investments to scale the business | Sonos
growth drivers strong balance sheet net cash as of invest in the business organically invest to drive pro table growth pursue a to support our innovation and accelerate growth strategy return cash to shareholders via share repurchases executed repurchase in additional authorized in net cash as cash and cash equivalents less outstanding debt | Sonos
our financial targets revenue gross margin adjusted margin | Sonos
growth drivers expanding pro through continued operational excellence continued expansion of our maintain industry leading gross margins including supporting our ongoing direct to consumer channel initiatives new households with attractive household acquisition costs and existing household repurchases continued investment in research and development scale a while investing in systems for the future including a new system and tools to support recurring revenue and other services delivering of through profitability | Sonos
our strategic initiatives expand our brand expand our drive operational excellence offerings | Sonos
| Sonos
appendix | Sonos
non measures we have provided in this presentation information that has not been prepared in accordance with we use these non measures to evaluate our operating performance and trends and make planning decisions we believe that these non measures help identify underlying trends in our business that could otherwise be masked by the of the expenses and other items that we exclude in these non measures accordingly we believe that these non measures provide useful information to investors and in understanding and evaluating our operating results enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to a key metric used by our management in its and operational decision making non measures should not be considered in isolation of or as an alternative to measures prepared in accordance with we adjusted as net income adjusted to exclude the impact of depreciation stock based compensation expense interest income interest expense other income expense income taxes and other items that we do not consider representative of our underlying operating performance we adjusted margin as adjusted divided by revenue we calculate gross margin excluding the impact of tari duties and refunds as gross pro dollars removing the impact of tari imposed on goods imported to the from china and any tari refunds subject to a tari refund claim approved by customs and border protection divided by revenue we free cash as net cash from operations less purchases of property and equipment we calculate adjusted excluding the impact of tari as net income excluding the impact of tari imposed on goods manufactured in china and any tari refunds subject to a tari refund claim approved by customs and border protection and adjusted to exclude the impact of depreciation stock based compensation expense interest income interest expense other income expense income taxes and other items that we do not consider representative of our underlying operating performance we do not provide a reconciliation of forward looking non measures to their comparable measures because we cannot do so without unreasonable ort due to unavailability of information needed to calculate reconciling items and due to the variability complexity and limited visibility of the adjusting items that would be excluded from the non measures in future periods when planning forecasting and analyzing future periods we do so primarily on a non basis without preparing a analysis as that would require estimates for certain items such as stock based compensation which is inherently cult to predict with reasonable accuracy stock based compensation expense is cult to estimate because it depends on our future hiring and retention needs as well as the future fair market value of our common stock all of which are cult to predict and subject to constant change in addition for purposes of setting annual guidance it would be cult to quantify stock based compensation expense for the year with reasonable accuracy in the current quarter as a result we do not believe that a reconciliation would provide meaningful supplemental information about our outlook | Sonos
reconciliation of net income loss to adjusted net loss add deduct depreciation and amortization stock based compensation expense interest income interest expense other income expense net provision for bene from income taxes and related expenses legal and transaction related costs adjusted revenue adjusted margin legal and transaction related costs consist of expenses related to our intellectual property litigation against alphabet and as well as legal and transaction costs associated with our acquisition activity which we do not consider representative of our underlying operating performance note in thousands unaudited | Sonos
reconciliation of cash flows provided by operating activities to free cash flow cash provided by operating activities less purchases of property and equipment and intangible assets free cash note in thousands unaudited | Sonos
gross pro and margin excluding the impact of tari revenue reported gross pro add deduct net tari impact adjusted gross pro gross margin adjusted gross margin note in thousands unaudited | Sonos
prior long term targets current long term targets revenue target prior current gross margin margin long term targets provided in in conjunction with initial public outlook for fiscal year note adjusted margin is a non measure we do not provide a reconciliation of forward looking non measures to their comparable measures see non measures appendix for more information | Sonos
| Sonos
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