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  "documentTitle": "Sonos | Results Presentation Deck | 33 slides",
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  "presentationDate": "2023-08-01 00:00:00",
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  "notes": "Includes non-GAAP measures disclaimer at the bottom.",
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      "text": "Q3 Adjusted EBITDA",
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      "text": "Note: $ in millions (unless noted), unaudited. Adjusted EBITDA, Adjusted EBITDA margin and constant currency are non-GAAP measures. See appendix for reconciliation of GAAP to non-GAAP measures. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.",
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      "text": "Registrations -2% y/y while products sold -11% y/y; Products sold declined more than registrations, consistent with expectations for registrations to outpace sell-in for the second half of Fiscal 2023; Favorable product and channel mix and price increases caused revenue to be roughly flat y/y despite the decline in products sold",
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      "text": "Adjusted EBITDA declined to $34.3M, margin of 9.2%; Decline driven by higher headcount and -130bps gross margin contraction; FX was approximately a $0.7M tailwind to Adjusted EBITDA",
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      "text": "Revenue +0.3% constant currency, or +0.4% reported to $373.4M driven by: Americas growth resulting from resilient consumer demand and strong performance of new product introductions, and successful Father's Day promotion in June; Partially offset by declines in EMEA and APAC due to softer consumer demand",
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