Company: Sonos, Inc.
Symbol: SONO
Description: Sonos was founded with a clear mission—to fill every home with music. This mission led them to invent wireless multi-room home audio.
Trade Date: 8/2
Shares: 13.9 million
Price Range: $17.00-$19.00
Underwriter(s): Morgan Stanley, Goldman Sachs, Allen & Co., RBC, Jefferies, KKR
Co-Manager(s): Raymond James, Stifel
Terms Added: 7-23-18
Business: Their products include wireless speakers, home theater speakers and components to address consumers’ evolving home audio needs. They launched their first voice-enabled wireless speaker, Sonos One, in October 2017, and their first voice-enabled home theater speaker, Sonos Beam, in July 2018. In addition to new product launches, they frequently introduce new features through software upgrades, providing their customers with enhanced functionality and improved sound in the home. They are committed to continuous technological innovation, as evidenced by their growing global patent portfolio of over 630 issued patents and 570 applications. They believe their patents comprise the foundational intellectual property for wireless multi-room audio technology.
Financials: They generated revenue of $655.7 million in the six months ended March 31, 2018, an 18% increase from $555.4 million in the six months ended April 1, 2017. For the six months ended March 31, 2018, their net income was $13.1 million and their adjusted EBITDA was $50.5 million. They generated revenue of $992.5 million in fiscal 2017, a 10% increase from $901.3 million in fiscal 2016. In fiscal 2017, their net loss was $14.2 million and their adjusted EBITDA was $56.0 million.
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