Sonos (SONO) Appoints New Board Member

Sonos, Inc. (Nasdaq: SONO) has appointed Jonathan Mildenhall, Chief Marketing Officer of the Rocket Companies, to its board, effective Jan. 25, 2024. Julius Genachowski, Chair of the Sonos Board, expressed confidence in Mildenhall's appointment, stating, "With his outstanding experience building exceptional brands, Jonathan will make great contributions as Sonos continues its journey to become the world's leading sound experience company."

Mildenhall, who co-founded TwentyFirstCenturyBrand and served as the chief marketing officer at Airbnb, brings a wealth of experience in leadership, brand-building, advertising, and marketing to the board. His successful track record includes contributing to Airbnb's valuation growth from $1 billion to more than $31 billion during his tenure as the company's CMO.

Expressing his enthusiasm for the appointment, Mildenhall said, "For years Sonos has transformed the way my family and I enjoy audio entertainment. I have always loved the brand and the user experience. To serve on the board and help the company drive accelerated growth through all aspects of marketing innovation is, quite frankly, thrilling."

Sonos, known for its innovation in multi-room wireless home audio, aims to provide an unparalleled sound experience, thoughtful design aesthetic, simplicity of use, and an open platform. The company's shares have moved -0.3% and are now trading at a price of $16.23.

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
Diluted Shares (MM) 112 118 110 140 132 128
Capital Expenditures (MM) $36 $23 $33 $46 $46 $50
Current Ratio 2.03 1.84 1.68 2.01 1.85 1.86

Sonos has rapidly growing revenues and increasing reinvestment in the business and wider gross margins than its peer group. Additionally, the company's financial statements display positive EPS growth and a decent current ratio. Furthermore, Sonos has decent operating margins with a negative growth trend and positive cash flows.

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