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Sonos Reports Fourth Quarter and Fiscal 2024 Results

SONO

Sonos, Inc. (Nasdaq: SONO) today reported fourth quarter and fiscal 2024 results.

“Thanks to our team going all-in on our app recovery efforts, we made significant progress in bringing the quality of our software to a level that we’re all proud of, which enabled us to launch our highly anticipated new products, Arc Ultra and Sub 4, in time for the holidays,” Sonos CEO Patrick Spence commented. “Initial feedback on our new products has been very positive, which, along with the introduction of Ace earlier this year, makes our product lineup the strongest it’s ever been. Sonos is still the best home audio system, and we’re focused on using this industry-leading product lineup to acquire more customers and solidify our loyal customer base. The Sonos flywheel remains strong, as evidenced by the fact that the number of new products per home increased in Fiscal 2024. While the overall audio category continues to face headwinds, we are confident that we are well positioned to take more of it over time.”

Fiscal 2024 Financial Highlights (unaudited)

  • Revenue of $1,518.1 million
  • GAAP gross margin of 45.4%
  • GAAP net loss of $38.1 million, GAAP diluted earnings per share (EPS) of -$0.31
  • Non-GAAP net income1 of $71.4 million, Non-GAAP diluted EPS1 of $0.56
  • Adjusted EBITDA1 of $107.9 million

Fourth Quarter Fiscal 2024 Financial Highlights (unaudited)

  • Revenue of $255.4 million
  • GAAP gross margin of 40.3%
  • GAAP net loss of $53.1 million, GAAP diluted earnings per share (EPS) of -$0.44
  • Non-GAAP net loss1 of $22.1 million, Non-GAAP diluted EPS1 of -$0.18
  • Adjusted EBITDA1 of -$22.6 million

Notes:
(1) Non-GAAP net income (loss)/Non-GAAP diluted earnings per share (EPS) and Adjusted EBITDA exclude stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.

Guidance

The company will provide guidance on its fourth quarter and Fiscal 2024 earnings call.

Supplemental Earnings Presentation

The company has posted a supplemental earnings presentation accompanying its fourth quarter and fiscal 2024 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports. Additional detailed financial and business information regarding certain non-financial key metrics, new products, brand initiatives and our sustainability and social impact efforts is included in the supplemental earnings presentation.

Conference Call, Webcast and Transcript

The company will host a webcast of its conference call and Q&A related to its fourth quarter and fiscal 2024 results on November 13, 2024, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx.

The conference call may also be accessed by dialing (888) 330-2454 with conference ID 8641747. Participants outside the U.S. can access the call by dialing (240) 789-2714 using the same conference ID.

An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.

Consolidated Statements of Operations and Comprehensive Loss

(unaudited, in thousands, except share and per share amounts)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Revenue

$

255,380

$

305,147

$

1,518,056

$

1,655,255

Cost of revenue

152,364

177,093

828,683

938,765

Gross profit

103,016

128,054

689,373

716,490

Operating expenses

Research and development

70,777

65,517

304,558

301,001

Sales and marketing

73,180

58,601

290,609

267,518

General and administrative

28,428

32,297

142,252

168,518

Total operating expenses

172,385

156,415

737,419

737,037

Operating loss

(69,369

)

(28,361

)

(48,046

)

(20,547

)

Other income (expense), net

Interest income

2,327

2,661

11,965

10,201

Interest expense

(108

)

(149

)

(441

)

(733

)

Other income (expense), net

4,864

(6,696

)

9,371

15,473

Total other income (expense), net

7,083

(4,184

)

20,895

24,941

(Loss) income before (benefit from) provision for income taxes

(62,286

)

(32,545

)

(27,151

)

4,394

(Benefit from) provision for income taxes

(9,193

)

(1,306

)

10,995

14,668

Net loss

$

(53,093

)

$

(31,239

)

$

(38,146

)

$

(10,274

)

Net loss attributable to common stockholders:

Basic and diluted

$

(53,093

)

$

(31,239

)

$

(38,146

)

$

(10,274

)

Net loss per share attributable to common stockholders:

Basic

$

(0.44

)

$

(0.25

)

$

(0.31

)

$

(0.08

)

Diluted

$

(0.44

)

$

(0.25

)

$

(0.31

)

$

(0.08

)

Weighted-average shares used in computing net loss per share attributable to common stockholders:

Basic

121,389,519

127,335,311

123,218,532

127,702,885

Diluted

121,389,519

127,335,311

123,218,532

127,702,885

Total comprehensive loss

Net loss

(53,093

)

(31,239

)

(38,146

)

(10,274

)

Change in foreign currency translation adjustment

1,872

2,035

1,604

153

Net unrealized gain on marketable securities

154

122

Comprehensive loss

$

(51,067

)

$

(29,204

)

$

(36,420

)

$

(10,121

)

Consolidated Balance Sheets

(unaudited, in thousands, except par values)

As of

September 28,
2024

September 30,
2023

Assets

Current assets:

Cash and cash equivalents

$

169,732

$

220,231

Marketable securities

51,426

-

Accounts receivable, net

44,513

67,583

Inventories

231,505

346,521

Prepaids and other current assets

53,910

25,296

Total current assets

551,086

659,631

Property and equipment, net

102,148

87,075

Operating lease right-of-use assets

50,175

48,918

Goodwill

82,854

80,420

Intangible assets, net

In-process research and development

73,770

69,791

Other intangible assets

14,266

20,218

Deferred tax assets

10,314

1,659

Other noncurrent assets

31,699

34,529

Total assets

$

916,312

$

1,002,241

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

194,590

$

187,981

Accrued expenses

87,783

89,717

Accrued compensation

15,701

22,079

Deferred revenue, current

21,802

20,188

Other current liabilities

46,277

34,253

Total current liabilities

366,153

354,218

Operating lease liabilities, noncurrent

56,588

54,956

Deferred revenue, noncurrent

61,075

60,650

Deferred tax liabilities

60

9,846

Other noncurrent liabilities

3,816

3,914

Total liabilities

487,692

483,584

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value

123

130

Treasury stock

(17,096

)

(72,586

)

Additional paid-in capital

498,245

607,345

Accumulated deficit

(50,934

)

(12,788

)

Accumulated other comprehensive loss

(1,718

)

(3,444

)

Total stockholders’ equity

428,620

518,657

Total liabilities and stockholders’ equity

$

916,312

$

1,002,241

Consolidated Statements of Cash Flows

(unaudited, dollars in thousands)

Twelve Months Ended

September 28,
2024

September 30,
2023

Cash flows from operating activities

Net loss

$

(38,146

)

$

(10,274

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Stock-based compensation expense

84,294

76,857

Depreciation and amortization

52,378

48,969

Provision for inventory obsolescence

8,894

20,640

Restructuring and abandonment charges

2,204

5,533

Deferred income taxes

(18,922

)

(583

)

Other

3,701

5,535

Foreign currency transaction gains

(7,276

)

(7,335

)

Changes in operating assets and liabilities:

Accounts receivable

23,044

32,120

Inventories

106,122

87,004

Other assets

(28,775

)

10,470

Accounts payable and accrued expenses

(789

)

(162,345

)

Accrued compensation

(6,775

)

(2,185

)

Deferred revenue

304

(4,576

)

Other liabilities

9,648

576

Net cash provided by operating activities

189,906

100,406

Cash flows from investing activities

Purchases of marketable securities

(90,495

)

Purchases of property and equipment and intangible assets

(55,247

)

(50,286

)

Maturities of marketable securities

40,500

Net cash used in investing activities

(105,242

)

(50,286

)

Cash flows from financing activities

Payments for repurchase of common stock

(129,018

)

(100,064

)

Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units

(25,344

)

(29,874

)

Proceeds from exercise of stock options

17,053

21,346

Net cash used in financing activities

(137,309

)

(108,592

)

Effect of exchange rate changes on cash and cash equivalents

2,146

3,848

Net decrease in cash and cash equivalents

(50,499

)

(54,624

)

Cash and cash equivalents

Beginning of period

220,231

274,855

End of period

$

169,732

$

220,231

Supplemental disclosure

Cash paid for interest

$

256

$

1,330

Cash paid for taxes, net of refunds

$

21,206

$

9,522

Cash paid for amounts included in the measurement of lease liabilities

$

11,008

$

14,218

Supplemental disclosure of non-cash investing and financing activities

Purchases of property and equipment in accounts payable and accrued expenses

$

7,878

$

2,784

Right-of-use assets obtained in exchange for new operating lease liabilities

$

11,492

$

31,692

Excise tax on share repurchases, accrued but not paid

$

602

$

Change in estimate of asset retirement obligations

$

$

2,290

Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit

(unaudited, in thousands, except percentages)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Reconciliation of GAAP cost of revenue

GAAP cost of revenue

$

152,364

$

177,093

$

828,683

$

938,765

Stock-based compensation expense

620

437

2,614

2,038

Amortization of intangibles

973

973

3,891

4,103

Non-GAAP cost of revenue

$

150,771

$

175,683

$

822,178

$

932,624

Reconciliation of GAAP gross profit

GAAP gross profit

$

103,016

$

128,054

$

689,373

$

716,490

Stock-based compensation expense

620

437

2,614

2,038

Amortization of intangibles

973

973

3,891

4,103

Non-GAAP gross profit

$

104,609

$

129,464

$

695,878

$

722,631

GAAP gross margin

40.3

%

42.0

%

45.4

%

43.3

%

Non-GAAP gross margin

41.0

%

42.4

%

45.8

%

43.7

%

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Research and Development (GAAP)

$

70,777

$

65,517

$

304,558

$

301,001

Stock-based compensation

8,780

8,177

37,913

35,530

Amortization of intangibles

497

496

1,985

1,983

Restructuring and abandonment costs

4,942

188

5,743

6,556

Research and Development (Non-GAAP)

$

56,558

$

56,656

$

258,917

$

256,932

Sales and Marketing (GAAP)

$

73,180

$

58,601

$

290,609

$

267,518

Stock-based compensation

4,201

3,499

17,499

15,677

Amortization of intangibles

-

-

-

-

Restructuring and abandonment costs

2,473

180

2,770

5,635

Sales and Marketing (Non-GAAP)

$

66,506

$

54,922

$

270,340

$

246,206

General and Administrative (GAAP)

28,428

32,297

142,252

168,518

Stock-based compensation

5,732

5,195

26,268

23,612

Legal and transaction related costs

182

2,944

7,383

32,950

Amortization of intangibles

24

24

96

96

Restructuring and abandonment costs

2,571

106

3,340

3,458

Adjusted General and Administrative (Non-GAAP)

$

19,919

$

24,028

$

105,165

$

108,402

Total Operating Expenses (GAAP)

$

172,385

$

156,415

$

737,419

$

737,037

Stock-based compensation

18,713

16,871

81,680

74,819

Legal and transaction related costs

182

2,944

7,383

32,950

Amortization of intangibles

521

520

2,081

2,079

Restructuring and abandonment costs

9,986

474

11,853

15,649

Adjusted Operating Expenses (Non-GAAP)

$

142,983

$

135,606

$

634,422

$

611,540

Total Operating Loss (GAAP)

$

(69,369

)

$

(28,361

)

$

(48,046

)

$

(20,547

)

Stock-based compensation

19,333

17,308

84,294

76,857

Legal and transaction related costs

182

2,944

7,383

32,950

Amortization of intangibles

1,494

1,493

5,972

6,182

Restructuring and abandonment costs

9,986

474

11,853

15,649

Adjusted Operating (Loss) Income (Non-GAAP)

$

(38,374

)

$

(6,142

)

$

61,456

$

111,091

Depreciation

15,730

12,422

46,406

42,787

Adjusted EBITDA (Non-GAAP)

$

(22,644

)

$

6,280

$

107,862

$

153,878

Reconciliation of Net Loss to Adjusted EBITDA

(unaudited, dollars in thousands except percentages)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

(In thousands, except percentages)

Net loss

$

(53,093

)

$

(31,239

)

$

(38,146

)

$

(10,274

)

Add (deduct):

Depreciation and amortization

17,224

13,915

52,378

48,969

Stock-based compensation expense

19,333

17,308

84,294

76,857

Interest income

(2,327

)

(2,661

)

(11,965

)

(10,201

)

Interest expense

108

149

441

733

Other expense (income), net

(4,864

)

6,696

(9,371

)

(15,473

)

(Benefit from) provision for income taxes

(9,193

)

(1,306

)

10,995

14,668

Legal and transaction related costs (1)

182

2,944

7,383

32,950

Restructuring and abandonment costs (2)

9,986

474

11,853

15,649

Adjusted EBITDA

$

(22,644

)

$

6,280

$

107,862

$

153,878

Revenue

$

255,380

$

305,147

$

1,518,056

$

1,655,255

Net loss margin

(20.8

)%

(10.2

)%

(2.5

)%

(0.6

)%

Adjusted EBITDA margin

(8.9

)%

2.1

%

7.1

%

9.3

%

(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, as well as legal and transaction costs associated with our acquisition activity, which we do not consider representative of our underlying operating performance.

(2) Restructuring and abandonment costs relate to the restructuring plan we initiated on August 14, 2024 to reduce our cost base, including a reduction in force involving approximately 6% of our employees, and nominal remaining costs incurred related to the restructuring plan initiated on June 14, 2023.

Reconciliation of GAAP Net Loss to Non-GAAP Net (Loss) Income

(unaudited, in thousands, except share and per share amounts)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Reconciliation of GAAP net loss

GAAP net loss

$

(53,093

)

$

(31,239

)

$

(38,146

)

$

(10,274

)

Stock-based compensation expense

19,333

17,308

84,294

76,857

Legal and transaction related costs

182

2,944

7,383

32,950

Amortization of intangibles

1,494

1,493

5,972

6,182

Restructuring and abandonment costs

9,986

474

11,853

15,649

Non-GAAP net (loss) income

$

(22,098

)

$

(9,020

)

$

71,356

$

121,364

Reconciliation of net loss per share

GAAP net loss per share, diluted

$

(0.44

)

$

(0.25

)

$

(0.31

)

$

(0.08

)

Non-GAAP adjustments to net loss per share

0.26

0.18

0.87

1.00

Non-GAAP net (loss) income per share, diluted

$

(0.18

)

$

(0.07

)

$

0.56

$

0.92

Weighted-average shares used in GAAP per share calculation, diluted

121,389,519

127,335,311

123,218,532

127,702,885

Weighted-average shares used in non-GAAP per share calculation, diluted

121,389,519

127,335,311

126,783,859

131,947,092

Note: Certain figures may not sum due to rounding

Reconciliation of Cash Flows (Used in) Provided by Operating Activities to Free Cash Flow

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Cash flows (used in) provided by operating activities

$

(37,734

)

$

22,195

$

189,906

$

100,406

Less: Purchases of property and equipment

(15,770

)

(10,201

)

(55,247

)

(50,286

)

Free cash flow

$

(53,504

)

$

11,994

$

134,659

$

50,120

Revenue by Product Category

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

(In thousands)

Sonos speakers

$

178,226

$

223,323

$

1,169,604

$

1,293,440

Sonos system products

58,731

62,316

267,744

285,064

Partner products and other revenue

18,423

19,508

80,708

76,751

Total revenue

$

255,380

$

305,147

$

1,518,056

$

1,655,255

Revenue by Geographical Region

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2
024

September 30,
2023

September 28,
2024

September 30,
2023

Americas

$

177,533

$

203,531

$

1,004,770

$

1,048,245

Europe, Middle East and Africa

58,353

83,374

430,428

518,179

Asia Pacific

19,494

18,242

82,858

88,831

Total revenue

$

255,380

$

305,147

$

1,518,056

$

1,655,255

Stock-based Compensation

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

(In thousands)

Cost of revenue

$

620

$

437

$

2,614

$

2,038

Research and development

8,780

8,177

37,913

35,530

Sales and marketing

4,201

3,499

17,499

15,677

General and administrative

5,732

5,195

26,268

23,612

Total stock-based compensation expense

$

19,333

$

17,308

$

84,294

$

76,857

Amortization of Intangibles

(unaudited, dollars in thousands)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Cost of revenue

$

973

$

973

$

3,891

$

4,103

Research and development

497

496

1,985

1,983

Sales and marketing

-

-

-

-

General and administrative

24

24

96

96

Total amortization of intangibles

$

1,494

$

1,493

$

5,972

$

6,182

Use of Non-GAAP Measures

We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”), including adjusted EBITDA, adjusted EBITDA margin, free cash flow, non-GAAP gross margin, net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs and diluted earnings (loss) per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others 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 financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define Adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation and amortization, stock-based compensation expense, interest income, interest expense, other income, income taxes, restructuring and abandonment costs, legal and transaction related fees and other items that we do not consider representative of our underlying operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define free cash flow as net cash from operations less purchases of property and equipment. We define non-GAAP gross margin as GAAP gross margin, excluding stock-based compensation and amortization of intangible assets. We calculate non-GAAP net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. We calculate non-GAAP diluted earnings (loss) per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs divided by our number of shares at fiscal year end. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort 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-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult 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 difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult 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 GAAP reconciliation would provide meaningful supplemental information about our outlook.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our long-term outlook, financial, growth and business strategies and opportunities, our product roadmap, our action plan to address issues caused by our new app, market growth and our market share, our ability to expand our footprint with existing customers and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; our ability to introduce software updates to our new app on a timely basis and otherwise deliver on our action plan to address issues caused by our new app and related customer commitments; our ability to maintain, enhance and protect our brand image; the impact of global economic, market and political events, including continued inflationary pressures, high interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to compete in the market and maintain or expand market share; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges; our ability to protect our brand and intellectual property; and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 29, 2024 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.

About Sonos

Sonos (Nasdaq: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos’ innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.



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