====Sonos (SONO) reported earnings on Mon 10 Sept 2018 (a/h)

Sonos reports Q3 (Jun) results in-line with preannouncement; guides FY18 in-line 

• Reports Q3 (Jun) GAAP loss of $0.45 per share, likely not not be comparable to the S&P Capital IQ Consensus of ($0.15), net loss $27 mln vs. $27-29 mln guidance; revenues fell 6.6% year/year to $208.4 mln vs the $207.94 mln S&P Capital IQ Consensus, in-line with $206.4-208.4 million preannouncement from the IPO prospectus.
• Despite the 11.4% increase in products sold, revenue declined 6.6% compared to Q3 of FY2017. This dynamic between year-over-year product unit growth and year-over-year revenue decline can be caused by our new product launches and/or product mix. In Q3 FY2018, the largest driver impacting our year-over-year revenue decline was the Q3 FY2017 launch of our PLAYBASE product. PLAYBASE revenue was ~$18 million lower in Q3 FY2018 than Q3 FY2017, the quarter in which PLAYBASE launched. In addition to the product launch dynamics, overall product mix also impacted quarterly comparability. Our Q3 FY2018 product unit growth was driven by a 25% increase in wireless speaker products sold, and primarily by the Sonos One, a product launched in Q1 FY2018 which carries a $199 U.S. MSRP. The decreasing share of the $699 U.S. MSRP PLAYBASE and increasing share of Sonos One further explains the difference between quarterly product unit growth and the decline in revenue, compared to Q3 FY2017."
• Although it's still early in Beam's life, media, retailer and customer feedback are in line with our expectations thus far.
• Co issues in-line guidance for FY18, sees FY18 revs of $1.109-1.114 bln vs. $1.11 bln S&P Capital IQ Consensus; EBITDA $59-62 mln. 
• "Given the nature of our business and the impact of seasonality and new product launches, we measure our financial progress on an annual basis, not a quarterly basis. We are focused on delivering a compound annual revenue growth rate of at least 10% and growing adjusted EBITDA at a compound annual growth rate of at least 20% over the coming years. We may not achieve these targets every fiscal year, but it is our long-term goal to do so."