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Sonos Delivers Another Record Year, Despite Supply Issues

Sonos has delivered what CEO Patrick Spence proudly calls “another record year”, with revenue increasing by 29 per cent, to  US$1.717 billion (A$2.37 billion) despite continued supply constraints.

The company’s adjusted EBITDA increased by 157 per cent to US$278.6 million, with cash flow from operating activities leaping from US$162m in FY20 to US$253.2m.

“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,” Spence commented.

Total households using Sonos products increased by 15 per cent, to 12.6 million, while exisiting customers accounted for a record 46 per cent of total product registrations, suggesting satisfied return customers.

“We consistently see our existing customers adding more products to their systems, and with every new household that we add, that flywheel begins,” Spence explains.

“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.

“Demand for our products remains stronger than ever, and we are entering fiscal 2022 with a significant backlog due to the continued industry-wide supply constraints.”

Supply constraints aside, Sonos is bullish about fiscal 2022, forecasting 16 per cent revenue growth and 17 per cent adjusted EBITDA growth.

The company is “ahead of schedule for reaching the fiscal 2024 financial targets introduced at our investor event last March”, according to Spence.

“We have an exciting product roadmap ahead, are extremely well positioned for the long-term, and expect to deliver significant free cash flow and increased shareholder value over time as we continue on our quest to be the world’s leading sound experience company.”


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