Sonos, Inc. (NASDAQ: SONO) saw its stock move 1.5% today, reaching a trading price of $16.81 per share. The market reacted to the recent announcement that Saori Casey will be joining the company as its new chief financial officer, effective January 22, 2024.
Patrick Spence, CEO of Sonos, expressed his excitement about the appointment, stating, "The depth and breadth of her experience at world-class companies like Apple and Cisco make her perfectly suited to build on our momentum and seize the opportunity ahead. Saori's appointment to CFO and Eddie's transition to chief legal and strategy officer, along with the recent appointments of Deirdre Findlay as chief commercial officer and Maxime Bouvat-Merlin as chief product officer, have yielded an accomplished executive leadership team poised to accomplish our ambition to be the world's leading sound experience company."
Saori Casey, the incoming CFO, also shared her enthusiasm about joining Sonos, stating, "Sonos is an iconic consumer brand with an exciting portfolio of audio products that delight and inspire millions of consumers around the world, myself included. I have great admiration for what the team has built and am energized by the opportunity to help lead Sonos into its next phase of growth."
Eddie Lazarus, the current CFO and Chief Legal Officer, who will be assuming the role of Chief Strategy Officer, commented on the transition, saying, "I am incredibly grateful for the opportunity to serve as CFO of Sonos during the last 16 months. I hand the baton to Saori at an exciting time, following a successful holiday season, and ahead of our entry into a new multi-billion dollar category later this year. I look forward to partnering with Saori to ensure a smooth transition, and dedicating more of my time to crafting the strategies that will position Sonos to succeed over the long term."
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $1,137 | $1,261 | $1,326 | $1,717 | $1,752 | $1,655 |
| Revenue Growth | n/a | 10.89% | 5.2% | 29.44% | 2.07% | -5.54% |
| Net Margins | -1% | 0% | -2% | 9% | 4% | -1% |
| Net Income (MM) | -$16 | -$5 | -$20 | $159 | $67 | -$10 |
| Net Interest Expense (MM) | -$5 | $2 | $1 | $1 | $2 | -$1 |
| Depreciation & Amort. (MM) | $39 | $36 | $36 | $34 | $39 | $49 |
| Earnings Per Share | -$0.14 | -$0.04 | -$0.18 | $1.13 | $0.51 | -$0.08 |
| Capital Expenditures (MM) | $36 | $23 | $33 | $46 | $46 | $50 |
| Current Ratio | 2.03 | 1.84 | 1.68 | 2.01 | 1.85 | 1.86 |
