Sonos Inc (SONO) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Sonos fourth quarter, 2024 conference call. (Operator Instructions) I'd now like to turn the call over to James Baglanis, Head of Investor Relations and Treasury. You may begin.

感謝您的耐心等待，歡迎參加 Sonos 2024 年第四季電話會議。（操作員說明）我現在想將電話轉給投資者關係和財務部主管 James Baglanis。你可以開始了。

Good afternoon and welcome to Sonos' fourth quarter and fiscal 2024 earnings conference call. I am James Baglanis and with me today are Sonos' CEO, Patrick Spence; CFO, Saori Casey; and Chief Legal and Strategy Officer, Eddie Lazarus. For those who joined the call early, today's hold music is from our holiday-inspired Sonos radio station, Thankful.

下午好，歡迎參加 Sonos 第四季和 2024 財年財報電話會議。我是 James Baglanis，今天與我在一起的是 Sonos 執行長 Patrick Spence；財務長 Saori Casey；首席法律與策略長 Eddie Lazarus。對於那些提前加入通話的人來說，今天的等待音樂來自我們受節日啟發的 Sonos 廣播電台Thankful。

Before I hand it over to Patrick, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance. These statements reflect our views as of today only and should not be considered as representing our views of any subsequent date. These statements are also subject to material risks and uncertainties that could cause actual results to differ materially from expectations reflected in the forward-looking statements. A discussion of these risk factors is fully detailed under the caption, risk factors, in our filings with the SEC.

在將其交給帕特里克之前，我想提醒大家，今天的討論將包括有關未來事件和我們未來財務表現的前瞻性陳述。這些聲明僅反映我們今天的觀點，不應被視為代表我們以後任何日期的觀點。這些陳述也受到重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述中反映的預期有重大差異。在我們向 SEC 提交的文件中，「風險因素」標題下詳細討論了這些風險因素。

During this call, we will also refer to certain non-GAAP financial measures. For information regarding our non-GAAP financials and a reconciliation of GAAP to non-GAAP measures, please refer to today's press release regarding our fourth quarter and fiscal 2024 results posted to the investor relations portion of our website.

在本次電話會議中，我們也將提及某些非公認會計準則財務指標。有關我們的非 GAAP 財務狀況以及 GAAP 與非 GAAP 衡量標準的調節的信息，請參閱今天發佈在我們網站投資者關係部分的有關我們第四季度和 2024 財年業績的新聞稿。

As a reminder of the press release, supplemental earnings presentation including our guidance, and conference call transcript will be available on our investor relations website investors.sonos.com.

作為新聞稿的提醒，包括我們的指導和電話會議記錄在內的補充收益演示將在我們的投資者關係網站 Investors.sonos.com 上提供。

I will now turn the call over to Patrick.

我現在將把電話轉給帕特里克。

Thank you, James, and hello, everyone. While fiscal 2024 didn't play out as we expected, I'm proud of the way we adapted to address the challenges we faced, and I believe we are on the comeback trail. Part of the difficulty this year stemmed from the fact that our categories continue to remain under pressure, something that we've now dealt with for the last three years and something that we continue to believe will improve at some point. And the other part was the way we mishandled the rollout of our new app.

謝謝你，詹姆斯，大家好。雖然 2024 財年的業績沒有達到我們的預期，但我對我們應對所面臨挑戰的方式感到自豪，並且我相信我們正在東山再起。今年的困難部分源於我們的類別繼續面臨壓力，這是我們在過去三年中一直在應對的問題，我們仍然相信在某個時候會有所改善。另一部分是我們對新應用程式的推出處理不當的方式。

Life is all about how you respond to challenges. And the team has risen to the significant challenge we faced, went all in on our app recovery efforts, and made enough progress to enable us to launch our two new products in time for the holidays. And we've put a series of commitments in place to make sure this never happens again.

生活就是你如何應對挑戰。團隊已經迎接了我們面臨的重大挑戰，全力以赴地進行應用程式恢復工作，並取得了足夠的進展，使我們能夠在假期及時推出兩款新產品。我們已經做出了一系列承諾，以確保這種情況不再發生。

The initial feedback and reviews on Arc Ultra and Sub 4 have been outstanding. When you combine this with Ace, our entry into headphones, a product that was just recognized as one of TIME's best inventions of the year and add it to the rest of our industry leading product portfolio. We now have the strongest lineup we've had in years. We continue to raise the bar with our recent product introductions.

Arc Ultra 和 Sub 4 的初步回饋和評論非常出色。當您將其與 Ace 結合起來時，我們進入了耳機領域，該產品剛剛被《時代》雜誌評為年度最佳發明之一，並將其添加到我們行業領先的產品組合中。我們現在擁有多年來最強大的陣容。我們透過最近推出的產品繼續提高標準。

And I'd like to thank our customers as they have stood by us despite the app misstep. We saw another increase in the number of products per home in fiscal 2024. The ultimate testament to the brand and the fact that Sonos remains the best home audio system in the market.

我要感謝我們的客戶，儘管應用程式出現失誤，他們仍然支持我們。2024 財年，我們看到每戶家庭的產品數量再次增加。這是對品牌的最終證明，也是 Sonos 仍然是市場上最好的家庭音響系統的事實。

I want to start by touching on three important areas of our app recovery efforts. First, of course, is the software. As our Chief Innovation Officer, Nick Millington, outlined in his blog posts two weeks ago, we've made significant progress in bringing the quality of our software experience to a level that we're proud of. In fact, in the most important and impactful areas of the experience like setting up your system, adding new products, and ensuring reliable connectivity, our metrics are better than they've ever been including when compared to our old app.

我想先談談我們應用程式復原工作的三個重要領域。首先當然是軟體。正如我們的首席創新長 Nick Millington 在兩週前的部落格文章中所概述的那樣，我們在將軟體體驗的品質提升到令我們引以為傲的水平方面取得了重大進展。事實上，在最重要和最有影響力的體驗領域，例如設定係統、添加新產品和確保可靠的連接，與我們的舊應用程式相比，我們的指標比以往任何時候都更好。

And as we've said many times, we're committed to continuing to improve the software experience on an ongoing basis. The ease, reliability, and magic of our products is the most important thing to us all. We've released 16 updates thus far and we'll continue this momentum in the months to come.

正如我們多次說過的，我們致力於持續改善軟體體驗。我們產品的易用性、可靠性和魔力對我們所有人來說都是最重要的。到目前為止，我們已經發布了 16 個更新，我們將在未來幾個月繼續保持這一勢頭。

Second, to build on all of these efforts and help us stay focused on what matters most going forward, we released a set of commitments that will ensure we continue to deliver the best wireless audio system in the world and our customers always enjoy the quality of which Sonos is known for.

其次，為了在所有這些努力的基礎上並幫助我們專注於未來最重要的事情，我們發布了一系列承諾，以確保我們繼續提供世界上最好的無線音頻系統，並且我們的客戶始終享受到優質的無線音訊系統。

These include ensuring we always establish rigorous quality benchmarks at the outset of product development and not launching products before meeting these criteria: increasing the stringency of our prelaunch testing phases; introducing major changes to the app more gradually; appointing a quality ombudsperson; extending our home speaker warranties; relentlessly improving the app experience with regular software updates; and establishing a customer advisory board. We are confident these will ensure that we never make a misstep like this again.

其中包括確保我們始終在產品開發之初就建立嚴格的品質基準，並且在滿足這些標準之前不會推出產品：提高我們的預發布測試階段的嚴格性；逐步對應用程式進行重大更改；任命一名品質監察員；延長我們的家用揚聲器保固期；透過定期軟體更新不斷改善應用程式體驗；並成立客戶顧問委員會。我們相信這些將確保我們不再犯下這樣的錯誤。

And finally, regaining the trust of our customers. Central to this process is making sure that the Sonos system is once again, the easiest and most reliable in the world. That work is well underway and will continue intensely through 2025. We won't rest until that is done. But we are taking other measures as well.

最後，重新贏得客戶的信任。這個過程的核心是確保 Sonos 系統再次成為世界上最簡單、最可靠的系統。這項工作正在順利進行，並將持續到 2025 年。在這一切完成之前我們不會休息。但我們也在採取其他措施。

We've bolstered our customer service capabilities so that those customers who do experience issues can get the help they need more quickly. As the app improved, we provided a make-good program for the professional installers who have been inhibited from deploying Sonos products on their jobs. We've been deeply gratified by the response from this critically important distribution channel, and once we get through the holiday season, we'll deploy other tactics for restoring trust with impacted existing customers.

我們增強了客戶服務能力，以便遇到問題的客戶可以更快地獲得所需的協助。隨著應用程式的改進，我們為那些無法在工作中部署 Sonos 產品的專業安裝人員提供了一個彌補計劃。我們對這個極其重要的分銷管道的反應深感滿意，一旦我們度過了假期，我們將採取其他策略來恢復受影響的現有客戶的信任。

We continue to believe our planned investment of $20 million to $30 million total is the right level required to successfully execute on our app recovery plan. Beyond the upper rollout, the other challenges we faced in fiscal 2024 was continued pressure on spending on our categories.

我們仍然相信，計劃投資總額為 2000 萬至 3000 萬美元是成功執行應用程式恢復計劃所需的正確水平。除了高端部署之外，我們在 2024 財年面臨的其他挑戰是我們類別的支出持續面臨壓力。

We have dealt with this unusual environment for the past three years and continue to believe this trend will reverse and get back to normal. Though there is uncertainty that makes it difficult to predict exactly when that will be. And while these pressures have led to some of our competitors to take an aggressive approach to promotions, we saw continued market share dollar gains in both US home theater and US streaming audio, which we believe is a validation of our brand and continued competitive differentiation.

過去三年來，我們一直在應對這種不尋常的環境，並且仍然相信這種趨勢將會逆轉並恢復正常。儘管存在不確定性，因此很難準確預測具體時間。雖然這些壓力導致我們的一些競爭對手採取積極的促銷方式，但我們看到美國家庭劇院和美國串流媒體音訊的市場份額持續增長，我們認為這是對我們品牌和持續競爭差異化的驗證。

Fiscal 2024 saw us grow our base of active households to 16.3 million, which is critical to fueling our flywheel. Even in a year as challenging as fiscal 2024, our existing households accounted for 44% of product registrations consistent with past years, and the average number of products in multiproduct households grew to 4.42.

2024 財年，我們的活躍家庭數量增加至 1,630 萬，這對推動我們的飛輪至關重要。即使在 2024 財年這樣充滿挑戰的一年，我們的現有家庭仍佔產品註冊量的 44%，與往年一致，多產品家庭的平均產品數量增長至 4.42 種。

We continue to make exceptional products that bring unparalleled experiences to our customers. I've often spoke about our product strategy of raising the bar in our existing categories, while entering new categories in innovative ways. Over the last six months, we've done both. Arc Ultra and Sub 4 are great examples of raising the bar in our existing categories. While our Ace headphones represent our high-quality entrance into the exciting new category of premium over the ear headphones.

我們持續生產卓越的產品，為客戶帶來無與倫比的體驗。我經常談到我們的產品策略，即提高現有類別的標準，同時以創新方式進入新類別。在過去的六個月裡，我們兩者都做到了。Arc Ultra 和 Sub 4 是提高我們現有類別標準的絕佳範例。我們的 Ace 耳機代表我們進入令人興奮的優質入耳式耳機新類別。

After roughly six months in the market, we are starting to be able to assess how Ace is performing. Most importantly, Ace continues to be very well received by customers and reviewers. It's an excellent product that can compete with anyone on comfort, sound, active noise cancellation, and the other qualities that make for a great headphone. This is why TIME named Sonos Ace a winner for their 2024 Best Inventions list in the category of entertainment and gaming.

經過大約六個月的市場投放後，我們開始能夠評估 Ace 的表現。最重要的是，Ace 繼續受到客戶和評論者的好評。這是一款出色的產品，在舒適度、音質、主動降噪以及其他優秀耳機的品質方面可以與任何人競爭。這就是《時代》雜誌將 Sonos Ace 評為 2024 年娛樂和遊戲類最佳發明獎得主的原因。

As an added bonus, Ace offers our existing customers unique connectivity with our home theater products which is perfect for enjoying your favorite content without disturbing those around you. A great endorsement to the quality of Ace, Best Buy chose eight strategic vendor partners to participate in their Theater District store layout which highlights new and unique technologies sold at Best Buy. Sonos Ace will be featured on one of those endcaps ahead of the holidays in approximately 171 Best Buy stores with another 50 stores coming in January 2025.

作為額外的好處，Ace 為我們的現有客戶提供了與我們的家庭劇院產品的獨特連接，非常適合享受您喜愛的內容，而不會打擾您周圍的人。作為對 Ace 品質的大力認可，百思買選擇了八家戰略供應商合作夥伴參與其劇院區商店佈局，突出了百思買銷售的新技術和獨特技術。Sonos Ace 將在假期前在約 171 家百思買商店中展示其中一款端蓋，另外 50 家商店將於 2025 年 1 月推出。

Looking back on the launch of Ace, I am confident we have proven our ability to play in this category that we have found that building momentum in headphones is taking longer than we had originally anticipated. Some of that stems from the challenges with our rollout. But we've also seen unprecedented discounting and permanent price drops from the established players which we believe has impacted sales. Overall, I believe there's good long-term opportunity for us in this category.

回顧 Ace 的推出，我相信我們已經證明了我們在這一類別中的能力，我們發現耳機領域的發展勢頭比我們最初預期的要長。其中一些源自於我們的推出所面臨的挑戰。但我們也看到老牌廠商提供前所未有的折扣和永久性降價，我們認為這影響了銷售。總的來說，我相信我們在這個類別中存在著良好的長期機會。

As for the products we just announced, Arc Ultra is our first product to incorporate our revolutionary sound motion technology. When we acquired Mayht in 2022, we knew that their breakthrough transducer technology would be a key differentiator for Sonos.

至於我們剛發表的產品，Arc Ultra 是我們首款採用革命性聲音運動技術的產品。當我們在 2022 年收購 Mayht 時，我們知道他們突破性的感測器技術將成為 Sonos 的關鍵差異化因素。

While devices like phones, flat screens, and laptops have become increasingly slim, transducers, especially those responsible for producing bass, haven't scaled with this trend leading to a reduction in sound quality for those devices, particularly on the lower end of the hearable spectrum. Sound motion addresses this limitation by making the transducer as much as three times smaller while producing more powerful sound. With sound motion technology added to Arc Ultra, the soundbar produces up to double the bass compared to our already impressive sounding Arc.

雖然手機、平板螢幕和筆記型電腦等設備變得越來越纖薄，但感測器，尤其是那些負責產生低音的感測器，尚未適應這一趨勢，導致這些設備的音質下降，特別是在耳戴式設備的低端設備上光譜。聲音運動透過將換能器縮小三倍來解決這一限制，同時產生更強大的聲音。Arc Ultra 中加入了聲音運動技術，與我們已經令人印象深刻的 Arc 相比，條形音箱可產生高達兩倍的低音。

This breakthrough not only improves the base quality in a slimmer device but also frees up room for additional transducers to be added to the product. This ability to combined compact design with high-quality, powerful audio is what Sonos sees as a fundamental shift in sound innovation, and we've only scratched the surface of its potential.

這項突破不僅提高了更纖薄設備的基礎質量，還為產品中添加額外的感測器騰出了空間。Sonos 認為，這種將緊湊設計與高品質、強大音頻相結合的能力是聲音創新的根本性轉變，而我們僅僅觸及了其潛力的表面。

With Sub 4, we've managed to improve on a truly iconic product. With revamped audio architecture, we upgraded its already amazing sound enhancement capabilities, and we've changed materials to make it both more premium in feel and better for the planet thanks to more sustainable materials.

透過 Sub 4，我們成功地改進了真正的標誌性產品。透過改進的音訊架構，我們升級了其本已令人驚嘆的聲音增強功能，並且我們改變了材料，使其在感覺上更加優質，並且由於更可持續的材料而對地球更好。

Arc Ultra is being well received by the ever important tech press, with early reviews calling it a significant upgrade, praising its sleek design, broad sound stage and impressive bass. PC Magazine awarded it the coveted Editors' Choice award. Reporters have taken a keen interest in the innovation behind sound motion, recognizing our commitment to revolutionize the audio industry and imagining what comes next. Customers are responding in kind. Arc Ultra is rated 5 out of 5 stars and Sub 4 is rated 4.8 out of 5 stars on sonos.com.

Arc Ultra 受到了重要科技媒體的好評，早期評論稱其為重大升級，稱讚其時尚的設計、寬廣的聲場和令人印象深刻的低音。PC Magazine 授予其令人垂涎的編輯選擇獎。記者們對聲音運動背後的創新產生了濃厚的興趣，並意識到我們致力於徹底改變音訊產業並想像接下來會發生什麼。客戶正在以實物回應。在 sonos.com 上，Arc Ultra 的評分為 5 顆星（滿分為 5 顆星），Sub 4 的評分為 4.8 顆星（滿分為 5 顆星）。

Another important product we announced in fiscal 2024 is the Era 100 Pro, which is our first ever solution optimized for professional installation in light commercial and residential spaces. With the rich sound, elegant design, and versatile control that Sonos is known for, Era 100 Pro brings simplified setup with power over ethernet for a wired-first connection, versatile orientation via pro-grade mount, and more customizable control with zones, a new software tool to manage larger scale installations.

我們在 2024 財年宣布的另一款重要產品是 Era 100 Pro，這是我們首款針對輕型商業和住宅空間專業安裝進行最佳化的解決方案。憑藉 Sonos 聞名的豐富聲音、優雅設計和多功能控制，Era 100 Pro 帶來了簡化的設置，透過乙太網路供電實現有線優先連接，透過專業級安裝實現多功能方向，以及更可自訂的區域控制、用於管理更大規模安裝的新軟體工具。

It was unveiled in September at CEDIA where it was met with tremendous excitement from our professional partners. Their excitement has manifested into Era 100 Pro being nominated to the short list of Best Products in the audio category at the prestigious Innovation Awards. The Era 100 Pro will be available exclusively through our professional installer partners starting on January 28, 2025.

它於 9 月在 CEDIA 上亮相，我們的專業合作夥伴對此感到非常興奮。他們的興奮體現在 Era 100 Pro 被提名為享有聲望的創新獎音頻類別最佳產品候選名單中。自 2025 年 1 月 28 日起，Era 100 Pro 將透過我們的專業安裝合作夥伴獨家發售。

Looking back at the products we produced since going public six years ago, what becomes clear is not only a long tradition of exceptional quality but also an effective effort to diversify our business mix to create a stronger foundation for future growth.

回顧我們上市六年以來生產的產品，我們可以清楚地看到，這不僅是卓越品質的悠久傳統，也是我們為實現業務結構多元化而做出的有效努力，為未來的成長奠定了更堅實的基礎。

As we stand here today, nearly all of our most important products have been introduced or upgraded in the last two years. Our investments in innovation have modernized the portfolio and resulted in the strongest lineup that we've ever had. This widens our lead over the competitors and sets a strong foundation to drive our flywheel in the years to come.

當我們今天站在這裡時，我們幾乎所有最重要的產品都在過去兩年中推出或升級。我們對創新的投資使產品組合現代化，並形成了我們有史以來最強大的產品陣容。這擴大了我們對競爭對手的領先優勢，並為未來幾年驅動我們的飛輪奠定了堅實的基礎。

We will continue to invest in innovation to drive future growth, but with an eye towards increasing our efficiency. In our postmortem evaluation of our challenges with the app rollout, one of the things that became clear was that we had spread ourselves too thin. Going forward, we will be focusing our efforts on the products and experiences that enable us to reach millions of new customers while ensuring our existing customers have a great experience and add more Sonos products to their life.

我們將繼續投資創新以推動未來成長，但同時著眼於提高效率。在我們對應用程式推出所面臨的挑戰進行事後評估時，我們發現的一件事是，我們的業務分散得太分散了。展望未來，我們將把精力集中在產品和體驗上，使我們能夠接觸到數百萬新客戶，同時確保我們現有的客戶擁有良好的體驗，並為他們的生活添加更多 Sonos 產品。

The focus is our flywheel, and our transformational cost initiatives are integral to fueling the next phase of our growth. Saori will talk more about this shortly.

重點是我們的飛輪，我們的轉型成本計劃對於推動我們下一階段的成長至關重要。Saori 很快就會詳細討論這一點。

To recap, we are making good progress on our app recovery efforts and there's more work to be done. We're focused on making this right with our customers and partners, and we will not rest until we have customers raving about Sonos again.

總而言之，我們在應用程式復原工作方面取得了良好進展，並且還有更多工作要做。我們致力於與客戶和合作夥伴一起解決這個問題，並且在客戶再次對 Sonos 讚不絕口之前我們不會休息。

We announced some incredible products in the last year to add to our already strong product portfolio, all of which will be key to our success in fiscal 2025 and beyond. We are committed to showing the result of our significant investments in innovation.

去年，我們宣布了一些令人難以置信的產品，以補充我們已經強大的產品組合，所有這些都將是我們在 2025 財年及以後取得成功的關鍵。我們致力於展示我們在創新方面的重大投資的成果。

And finally, we are progressing with our transformation work, which will see us emerge as a more efficient, focused, and disciplined company positioned to drive sustainable profitable growth over the long term.

最後，我們正在推進轉型工作，這將使我們成為一家更有效率、專注和紀律嚴明的公司，能夠推動長期可持續的獲利成長。

I'll now turn it over to Saori to take you through our financials.

現在我將把它交給 Saori，讓您了解我們的財務狀況。

Thank you, Patrick. Hi, everyone. Fiscal 2024 was a challenging year for Sonos, but I'm proud of our entry into the premium over the ear headphones with the launch of Ace, and our team's resilience and dedication on our app recovery, which enabled us to launch great new products to further strengthen our portfolio.

謝謝你，派崔克。大家好。2024 財年對Sonos 來說是充滿挑戰的一年，但我很自豪我們透過Ace 的推出進入了高端頭戴式耳機領域，而且我們的團隊在應用程式恢復方面表現出堅韌和奉獻精神，這使我們能夠推出出色的新產品進一步加強我們的投資組合。

We also started to make progress on our transformational initiatives. These efforts will help build momentum to drive sustainable profitable growth over the long term.

我們的轉型措施也開始取得進展。這些努力將有助於建立動力，推動長期可持續的獲利成長。

Turning to the results. Fiscal 2024 revenues were $1.52 billion in line with our revised expectations. As referenced in the last earnings call, we estimate the challenges associated with our app launch adversely affected our revenue by at least $100 million.

轉向結果。2024 財年營收為 15.2 億美元，符合我們修訂後的預期。正如上次財報電話會議中提到的，我們估計與應用程​​式發布相關的挑戰對我們的收入產生了至少 1 億美元的不利影響。

Revenue in Americas and APAC declined 4% to 7% year over year, respectively. Whereas EMEA declined 17%. Our EMEA results continue to be significantly impacted by the difficult macroeconomic environment. on a channel basis, retail and other revenue declined 8% and was 55% of our sales combined. DTC was down 12% and was 23% of sales. installer solutions came in at 22% of sales declining 4% year over year.

美洲和亞太地區的營收則年減 4% 至 7%。而 EMEA 則下降了 17%。我們的歐洲、中東和非洲業績持續受到困難的宏觀經濟環境的重大影響。從通路來看，零售和其他收入下降了 8%，占我們總銷售額的 55%。DTC 下降了 12%，佔銷售額的 23%。安裝解決方案佔銷售額的 22%，年減 4%。

GAAP gross margin was 45.4%, up 210 basis points year over year. This significant increase was driven by lower component costs and better inventory management partly offset by higher promotional activity. Non-GAAP adjusted operating expenses were $634 million in fiscal 2024. There were a number of puts and takes impacting our expense base in the year including higher marketing spend related to the launch of Ace offset by lower bonus. This figure also includes approximately $4 million of app recovery investments.

GAAP 毛利率為 45.4%，較去年同期成長 210 個基點。這一顯著增長是由較低的組件成本和更好的庫存管理所推動的，但部分被較高的促銷活動所抵消。2024 財年，非 GAAP 調整後營運支出為 6.34 億美元。今年有許多影響我們支出基礎的因素，包括與 Ace 推出相關的行銷支出增加，但獎金減少。該數字還包括約 400 萬美元的應用程式恢復投資。

Adjusted EBIDA was $107.9 million representing a margin of 7.1%. The year over year decline was driven by lowers revenue, higher expenses, partially offset by gross margin expansion.

調整後的 EBIDA 為 1.079 億美元，利潤率為 7.1%。年比下降的原因是收入減少、費用增加，但毛利率擴張部分抵消了這種影響。

We ended the year with $221 million of debt cash which includes $51 million of marketable securities as we hold some excess cash in short duration treasury bills. This was flat to FY23 despite lower revenue and net income. Free cash flow was $135 million, an increase of $85 million from fiscal 2023. This result was primarily driven by working capital improvements resulting from focus on better managing our inventory through adjustments to our sourcing plans, as well as implementation of newly adopted payment terms with our suppliers.

截至年底，我們擁有 2.21 億美元的債務現金，其中包括 5,100 萬美元的有價證券，因為我們以短期國庫券形式持有一些超額現金。儘管收入和淨利潤較低，但與 2023 財年持平。自由現金流為 1.35 億美元，比 2023 財年增加 8,500 萬美元。這一結果主要是由於我們透過調整採購計劃以及實施與供應商新採用的付款條件來更好地管理我們的庫存，從而改善了營運資金。

Our period-end inventory balance increased sequentially to $232 million, consistent with the past seasonality as we build inventory ahead of the holidays. On a year-over-year basis, our inventory balance is down 33%. Our inventory consists of $200 million of finished goods and $32 million of components. We are working hard to keep inventories in check. In fiscal 2024, we returned $129 million to shareholders through repurchases, and we have $71 million remaining under our current $200 million of share repurchase authorization.

我們的期末庫存餘額連續增加至 2.32 億美元，與過去的季節性一致，因為我們在假期前建立了庫存。與去年同期相比，我們的庫存餘額下降了 33%。我們的庫存包括 2 億美元的成品和 3,200 萬美元的零件。我們正在努力控制庫存。2024 財年，我們透過回購向股東返還了 1.29 億美元，目前 2 億美元的股票回購授權還剩 7,100 萬美元。

While executing on our app recovery, which was a prerequisite to launch our delayed products, we paused share repurchases in Q4. Returning capital to shareholders remain a key pillar of our capital allocation framework.

在執行應用程式恢復（這是推出延遲產品的先決條件）時，我們在第四季度暫停了股票回購。向股東返還資本仍是我們資本配置架構的關鍵支柱。

I'll quickly recap our Q4 results before turning to guidance. Q4 reported revenues were $255 million which reflects $3 million of app recovery investments. Excluding this, we ended up close to the high end of our guidance range of $240 million to $260 million. Q4 reported GAAP gross margin came in at 40.3% or 41.1% excluding app recovery investments, which was right at the midpoint of our guidance range of 40% to 42%.

在轉向指導之前，我將快速回顧我們第四季的結果。第四季報告收入為 2.55 億美元，其中應用程式恢復投資為 300 萬美元。排除這一點，我們最終接近 2.4 億至 2.6 億美元指引範圍的上限。第四季報告的 GAAP 毛利率為 40.3% 或 41.1%，不包括應用程式恢復投資，這正好位於我們指導範圍 40% 至 42% 的中點。

Q4 non-GAAP adjusted operating expenses were approximately $143 million which includes $4 million of app recovery investments in the quarter. The $12 million sequential decline from the last quarter was primarily driven by lower bonus. Q4 adjusted EBITDA was negative $22.6 million. Excluding our app recovery investments, which we estimate reduced adjusted EBITDA by $7 million, we ended up close to the high end of our guidance of negative $37 million to negative $14 million.

第四季非 GAAP 調整後營運費用約為 1.43 億美元，其中包括本季 400 萬美元的應用程式恢復投資。較上季度連續下降 1,200 萬美元主要是由於獎金減少。第四季調整後 EBITDA 為負 2,260 萬美元。不包括我們的應用程式恢復投資（我們估計調整後的 EBITDA 會減少 700 萬美元），我們最終接近負 3700 萬美元至負 1400 萬美元的指導上限。

Turning to our guidance, I would like to take a moment to discuss the changes we're making to how we provide guidance. Our new approach is reflective of our collective experience and lessons learned over the past few years. We need to be able to nimbly adapt to the uncertain market dynamics of categories while also focusing on our transformation initiative to optimize our investments to drive long-term sustainable growth.

談到我們的指導，我想花點時間討論我們對提供指導的方式所做的改變。我們的新方法反映了我們過去幾年的集體經驗和教訓。我們需要能夠靈活適應各品類不確定的市場動態，同時注重轉型舉措，優化投資，推動長期永續成長。

As a result, we will focus on providing quarterly guidance on our earnings calls. We expect Q1 revenue in the range of $480 million to $560 million, sequential increase of 88% to 119%. Sequential increase in revenue from Q4 is a bit higher than past seasonality, primarily due to the launch of Arc Ultra and Sub 4.

因此，我們將專注於為財報電話會議提供季度指導。我們預計第一季營收在 4.8 億美元至 5.6 億美元之間，季增 88% 至 119%。第四季營收的連續成長略高於過去的季節性，這主要是由於 Arc Ultra 和 Sub 4 的推出。

On a year-over-year basis, our Q1 guidance call for minus 22% to minus 9% decline in sales. This reflects a number of factors including headwinds from the market weakness in our categories, ongoing challenges related to our app recovery, and our proactive efforts to end leaner on our channel inventory overall versus last year, which is 5 points to 7 points headwinds to our year over year growth.

與去年同期相比，我們第一季的指導要求銷售額下降-22%至-9%。這反映了許多因素，包括我們類別的市場疲軟帶來的不利因素、與我們的應用程式恢復相關的持續挑戰，以及我們積極努力最終比去年更精簡我們的通路庫存，這比我們的通路庫存有5 到7 個百分點的不利因素。

These headwinds are partially offset by having Ace and new generation of products in our lineup like Arc Ultra and Sub 4. Excluding the headwinds from channel inventory level adjustments are midpoint calls from minus 9% year-over-year decline in sales, an improvement from the minus 16% decline in Q4.

我們的產品線中的 Ace 和新一代產品（例如 Arc Ultra 和 Sub 4）部分抵消了這些不利因素。排除通路庫存水準調整帶來的不利因素，銷售額年減-9%，較第四季-16%的下降有所改善。

We expect Q1 GAAP gross margin in the range of 41% to 43%, up sequentially from Q4 driven by operating leverage from higher revenue, partially offset by product mix.

我們預計第一季 GAAP 毛利率將在 41% 至 43% 之間，較第四季度有所上升，這是由於收入增加帶來的營運槓桿推動的，但部分被產品組合所抵消。

Please note that our guidance includes approximately 50 basis points year-over-year gross margin headwinds associated with the amortization of Mayht intangible assets now that we have begun selling Arc Ultra using the technology. As a result, we expect our Q1 non-GAAP gross margin to be approximately 80 bps to 90 bps higher than our Q1 GAAP gross margin.

請注意，我們的指導包括與 Mayht 無形資產攤銷相關的同比毛利率逆風約 50 個基點，因為我們已經開始使用該技術銷售 Arc Ultra。因此，我們預計第一季非 GAAP 毛利率將比第一季 GAAP 毛利率高出約 80 至 90 個基點。

We expect Q1 adjusted EBIDA to be in the range of $35 million to $79 million. Please note that our adjusted EBITDA guidance has been reduced by $5 million to $10 million of app recovery investments we expect to make in the quarter. Our guidance assumes Q1 non-GAAP adjusted operating expenses to be approximately $182 million which includes our app recovery investments.

我們預計第一季調整後的 EBIDA 將在 3,500 萬美元至 7,900 萬美元之間。請注意，我們調整後的 EBITDA 指引已將我們預計在本季進行的應用程式復原投資減少了 500 萬美元至 1,000 萬美元。我們的指導假設第一季非 GAAP 調整後營運費用約為 1.82 億美元，其中包括我們的應用程式恢復投資。

As Patrick mentioned, we continue to expect to invest $20 million to $30 million in our app recovery efforts. Inclusive of $7 million we incurred in Q4 and $5 million to $10 million we outlined in Q1, we expect the remainder to be incurred during the rest of the fiscal 2025.

正如帕特里克所提到的，我們繼續預計在應用程式恢復工作中投資 2000 萬至 3000 萬美元。包括我們在第四季度產生的 700 萬美元和我們在第一季概述的 500 萬至 1000 萬美元，我們預計其餘部分將在 2025 財年剩餘時間內產生。

Last quarter, I mentioned we had begun working on a transformational cost initiative. I wanted to outline some progress we made thus far and discuss where we will be focused on the remainder of fiscal '25 and into 2026. As a first step, we have taken multiple actions across various G&A functions to flatten and simplify organizational structures which should enable us to be more nimble. We're also building our offshore capabilities, and we'll continue our initiative to drive operating efficiency.

上個季度，我提到我們已經開始製定成本轉型計劃。我想概述我們迄今為止的一些進展，並討論我們在 25 財年剩餘時間和 2026 年的重點工作。作為第一步，我們在各個 G&A 職能部門採取了多項行動，以扁平化和簡化組織結構，這將使我們更加靈活。我們也正在建立離岸能力，並將繼續採取措施提高營運效率。

The 6% reduction in force we announced in August was part of this work. As we make progress on our app recovery and holiday season activities, we will continue to expand our transformation efforts to R&D and sales and marketing to drive operating efficiencies and effectiveness. As an example of something we're already doing in partnering with Sierra AI to lower the cost to serve our customers while improving the quality of service delivered.

我們在 8 月宣布的兵力削減 6% 就是這項工作的一部分。隨著我們在應用程式復原和假日季節活動方面取得進展，我們將繼續將轉型工作擴展到研發、銷售和行銷，以提高營運效率和效益。舉個例子，我們已經與 Sierra AI 合作，降低了服務客戶的成本，同時提高了服務品質。

We will continue to update you on our plans to improve our profitability and growth for the long term as we progress through the year. With that, I'd like to turn the call over for questions.

隨著今年的進展，我們將繼續向您通報我們提高盈利能力和長期增長的計劃的最新情況。說到這裡，我想轉接電話詢問問題。

(Operator Instructions) Steve Frankel, Rosenblatt.

（操作員說明）Steve Frankel，Rosenblatt。

So Patrick, maybe we'll start with you know, the fact that you added a million new households. Which was lower number than the last several years. How should we think about that relative to how much was tied to the app versus overall market environment or other factors?

所以派崔克，也許我們會從你知道的事實開始，你增加了 100 萬個新家庭。這個數字比過去幾年少。我們應該如何考慮與應用程式的關聯程度與整體市場環境或其他因素的關聯程度？

Yeah, thanks, Steve. I think you nailed it, which is, I think we saw slower pace this year, which is really more of the cyclical downswing, but there would be some of the app challenges in there. But I would lean it towards the cyclical based on kind of what we've seen, and what we've seen really over the past three years as we've gone through this.

是的，謝謝，史蒂夫。我認為你已經做到了這一點，也就是說，我認為今年我們看到了步伐放緩，這實際上更多的是周期性下滑，但其中會存在一些應用程式挑戰。但我會根據我們所看到的情況以及過去三年我們所經歷的情況，將其傾向於週期性。

And one of the important things in that is I was pleased to see that existing households as a percentage of registrations was at 44%. So that's consistent with past years, and we saw continued expansion of products per household. So I think the important thing to note is we're in one of those more kind of challenged cyclical environments and I think that will change at some point, and we continue to see a good loyalty and repurchase from our existing customers.

其中重要的事情之一是我很高興看到現有家庭佔登記的百分比為 44%。這與過去幾年是一致的，我們看到每戶產品的持續成長。因此，我認為需要注意的重要一點是，我們正處於更具挑戰性的周期性環境中，我認為這種情況在某些時候會發生變化，我們將繼續看到現有客戶的良好忠誠度和回購率。

And I know it's still early on Ace and obviously the app kind of kneecapped the launch. But what can you tell us about whether Ace was bringing in new households or has it turned out so far to be primarily an installed base product?

我知道 Ace 還處於早期階段，顯然該應用程式的發布受到了限制。但您能告訴我們，Ace 是否正在引入新家庭，或者到目前為止它是否主要是一個已安裝的基礎產品？

Yeah, I think so far it continues to be well received by customers and reviewers. So we're feeling good about the product. And where it is, as I mentioned, Best Buy chose it for, along with seven others to be featured in its Theater District this holiday season, which I think is exciting. And I think at this point we're seeing a mix between new and existing as we go through it. And I think we have a lot of opportunity with our existing as we kind of go through this app recovery to push even harder on the TV Audio Swap, especially now that we've brought it to Beam and Ray along with Arc and Arc Ultra.

是的，我認為到目前為止它仍然受到客戶和評論家的好評。所以我們對這個產品感覺很好。正如我所提到的，百思買選擇了它，與其他七個一起在這個假期的劇院區亮相，我認為這是令人興奮的。我認為，在這一點上，我們正​​在經歷新事物和現有事物之間的混合。我認為我們現有的機會有很多，因為我們透過這個應用程式恢復來更加努力地推動電視音訊交換，特別是現在我們已經將它與 Arc 和 Arc Ultra 一起引入了 Beam 和 Ray。

So it'll take some time, but I think with all of our products, we've seen that when you make a great product, and this is another one from everything we see from the reviews, is that over time we'll see it build momentum, and it is an important part of our portfolio.

所以這需要一些時間，但我認為對於我們所有的產品，我們已經看到，當你製作出一款出色的產品時，這是我們從評論中看到的另一件事，隨著時間的推移，我們會看到它建立了動力，是我們產品組合的重要組成部分。

Again, so we would say today, the majority of purchases -- purchasers are not Sonos customers to date?

同樣，我們今天要說的是，到目前為止，大多數購買者都不是 Sonos 的客戶？

It -- today, it's a mix. It's a kind of typical mix in terms of what we're seeing with the product. And I want to be mindful that we're early in the cycle with it. And I think holiday will be an important period to see how people turn out because that's a big, big headphone purchasing period.

今天，它是一個混合體。就我們所看到的產品而言，這是一種典型的組合。我想記住，我們還處於這個週期的早期。我認為假期將是一個重要的時期，可以觀察人們的表現，因為這是一個非常非常大的耳機購買時期。

Okay. And one more quick question. Any more detail on this make-good program for installers, kind of what's involved there? And how do you think your relationship is now with that channel?

好的。還有一個簡單的問題。關於這個安裝人員修復程序的更多細節，其中涉及什麼？您認為現在與該頻道的關係如何？

Yeah. So myself and the entire leadership team were at CEDIA this year, which is the big event for our installed solutions partners. We got a ton of support there. And I think that we're very excited by the introduction of the Era 100 Pro and as well as some of the APIs that we did there. And so we wanted to support them. And so what we have done is basically put a program in place that helps them in terms of the amount of time it was taking to install, given some of the challenges we had with app set up around that.

是的。因此，我自己和整個領導團隊今年都參加了 CEDIA，這對我們的安裝解決方案合作夥伴來說是一件大事。我們在那裡得到了大量的支持。我認為我們對 Era 100 Pro 的推出以及我們在那裡所做的一些 API 感到非常興奮。所以我們想支持他們。因此，考慮到我們在設定應用程式時遇到的一些挑戰，我們所做的基本上是製定一個程序，幫助他們減少安裝所需的時間。

And so we've put a program in place to support them through that. I think it was successful in going through it. And I think we are on the comeback trail with our dealers and they're standing by and supporting us.

因此，我們制定了一個計劃來支持他們渡過難關。我認為它成功地經歷了這個過程。我認為我們正在與我們的經銷商一起捲土重來，他們正在支持我們。

Thank you. I'll hop back into the queue.

謝謝。我會跳回隊列。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Maybe you can just give everyone a sense of the software changes you've made to put a safety net around ensuring this it doesn't happen again. And I'll follow up with another question.

也許您可以讓每個人了解您所做的軟體更改，以建立安全網，確保這種情況不會再發生。我將接著提出另一個問題。

Yeah. So as I mentioned, we put -- we won. We made this our number one priority for the quarter and I'm pleased with the progress that we've made. So, on the software itself, our metrics are now better than they've been, even when compared to our old app, when you think about things like setting up your system, adding new products, and ensuring reliable connectivity. So we continue to work on that. We've got 16 updates so far. I think the team has really rallied around it. So part of it is the focus.

是的。正如我所提到的，我們贏了。我們將此作為本季度的首要任務，我對我們所取得的進展感到滿意。因此，就軟體本身而言，即使與我們的舊應用程式相比，當您考慮設定係統、添加新產品和確保可靠連接等事情時，我們的指標現在也比以前更好。所以我們會繼續努力。到目前為止，我們已經收到 16 個更新。我認為團隊已經真正團結起來了。所以其中一部分是重點。

And then the second is the commitments that I had outlined as well. And I think making sure that we have rigorous quality metrics that we're setting up or gradually introducing big changes as well is pretty key. We're also making sure that we have catches in the system to some degree in terms of making sure that we have a quality ombudsperson, making sure people can speak up if they see something going awry, but I feel good about the progress that we've made so far.

第二個是我概述的承諾。我認為確保我們正在建立嚴格的品質指標或逐步引入重大變革是非常關鍵的。我們還確保我們的系統在某種程度上存在問題，確保我們有一個高素質的監察員，確保人們在看到問題時可以大聲說出來，但我對我們所取得的進展感到滿意到目前為止已經做到了。

And I think it -- the ultimate test comes down to what our customers are doing and we are seeing our existing customers add more products and have through the year and existing customers continue to buy. And so I think there are green shoots there.

我認為，最終的測試取決於我們的客戶正在做什麼，我們看到我們的現有客戶添加了更多產品，並且全年現有客戶繼續購買。所以我認為那裡已經出現萌芽了。

Okay. And then the commitment to bottom-line EBITDA guide was decent. I guess when you think about continuation of the bottom-line focus, maybe speak to what the levers are and ultimately where you're getting the most leverage to continue to push on the EBITDA line.

好的。然後，對 EBITDA 底線指南的承諾是不錯的。我想當你考慮繼續關注利潤時，也許可以談談槓桿是什麼，以及最終你在哪裡獲得最大的槓桿來繼續推動 EBITDA 線。

Hi, Brent, this is Saori. I can answer that question. And that's part of the discussion I had put in at the end of our earnings narratives around transformation. We had started talking about that at the last earnings call and I was able to share a little bit more this time. But biggest focus that we can -- we feel we can control right now is the operating efficiency through the transformation. There's a number of initiatives that are underway. And for G&A, we have taken some actions that partially culminated in the August announcement of the restructuring reduction in force.

嗨，布倫特，我是沙織。我可以回答這個問題。這是我在關於轉型的收益敘述結束時進行的討論的一部分。我們在上次財報電話會議上就開始討論這個問題，這次我能夠分享更多內容。但我們認為現在可以控制的最大焦點是透過轉型提高營運效率。有許多舉措正在進行中。對於 G&A，我們採取了一些行動，部分最終導致 8 月宣布重組削減。

But there's a lot of other examples underway, as for example, the AI adoption that we talked about in improving our customer service and the efficiencies of that. And as we get through our focus on app recovery efforts, as well as the holidays, we intend to expand the effort into the R&D and the sales and marketing to make sure that we can be as efficient and effective as possible and getting the best ROI of our dollars to flow through more profit to the bottom line. So that's what we're able to share today. But we're definitely focused on this as one of our top initiatives as soon as we get through the app recovery efforts.

但還有很多其他例子正在進行中，例如，我們談到的採用人工智慧來改善我們的客戶服務及其效率。當我們專注於應用程式恢復工作以及假期時，我們打算將工作範圍擴大到研發以及銷售和行銷，以確保我們能夠盡可能高效和有效，並獲得最佳投資回報率我們的美元通過更多利潤流向利潤。這就是我們今天能夠分享的內容。但一旦我們完成應用程式恢復工作，我們肯定會將此作為我們的首要舉措之一。

Great. Thanks.

偉大的。謝謝。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Maybe Patrick, can you just elaborate a bit on the efficiency measures you're alluding to, not necessarily in the near term, but just like if we step back, what is changing internally and how do you believe that will translate to better long-term financial performance? And embedded in there, can you just maybe touch on --do you still expect to launch at least two new products per year with this focus on efficiency or does that change at all? And then I have a few follow ups?

也許帕特里克，你能否詳細說明一下你所提到的效率措施，不一定是在短期內，但就像我們退後一步，內部正在發生什麼變化以及你認為這將如何轉化為更好的長期-術語財務績效？在此，您能否談談—您是否仍希望每年推出至少兩款注重效率的新產品，或者這種情況是否會改變？然後我有一些後續行動？

Yeah, Erik, thanks. I do think we'll continue to launch at least two new products every year. And I think it means looking at the opportunities and the impact of the products that we're choosing to build looking at the trends in the marketplace and just probably making sure that we're doing things that are going to have the biggest impact possible and doing them in the smartest ways.

是的，艾瑞克，謝謝。我確實認為我們每年將繼續推出至少兩款新產品。我認為這意味著要專注於我們選擇建立的產品的機會和影響，著眼於市場趨勢，並可能確保我們正在做的事情將產生最大的影響，並以最聰明的方式去做。

And so I think Saori has already given you a few examples of the ways we've been able to do that in other areas of the company, and we're doing all the work now to make sure that we can do this in a more effective way going forward as well. And I think we learned with every product launch, we kind of learn what is going to take in terms of what's resonating with customers, what -- where we get the best return, where the best opportunities are, and kind of building on the strengths that we have.

因此，我認為 Saori 已經向您提供了一些我們在公司其他領域能夠做到這一點的方法的例子，我們現在正在做所有的工作，以確保我們能夠以更廣泛的方式做到這一點。的有效途徑。我認為我們在每次產品發布中都學到了，我們知道要採取什麼措施才能引起客戶的共鳴，什麼——我們在哪裡可以獲得最好的回報，最好的機會在哪裡，以及如何增強我們的優勢我們有。

So I think all of those things come together to allow us to have a hypothesis in terms of how we go and be more effective in terms of the investments that we're making. But more to come on that front, we'll update you as we go through that. So lots more to come on that front.

因此，我認為所有這些因素結合在一起，使我們能夠對我們的發展方式做出假設，並在我們正在進行的投資方面變得更加有效。但在這方面還有更多內容，我們會在處理過程中向您提供最新資訊。在這方面還有很多事情要做。

Okay. No, that's super fair. Thank you for that. And then I realize you're still in a very tough kind of macro demand backdrop. Can you maybe just elaborate to the extent you have the data on you know the linearity of demand through the quarter and into November. How you're able to work down channel inventory, what you're hearing from retailers about holiday season demand expectations.

好的。不，這太公平了。謝謝你。然後我意識到你仍然處於非常艱難的宏觀需求背景中。您能否詳細說明您所掌握的數據，您知道整個季度和 11 月份的需求線性情況。您如何降低通路庫存，您從零售商那裡聽到的有關假日季節需求預期的資訊。

Just kind of like if you could put that broad mosaic together just in terms of how things might be changing, maybe a little more incrementally in the near term, and how and how that shifted over the quarter that would be super helpful. And then I just have one after that.

就像如果你能把廣泛的馬賽克放在一起，看看事情可能會如何變化，也許在短期內會發生更多的增量，以及在本季度如何變化，這將是非常有幫助的。然後我就只有一張了。

Yeah, I think I had the chance to be at one of one of the Best Buy events and kind of work through that. Have had a lot of conversations with people about the retail environment and I'd say, as we said in the prepared remarks, remains challenged when it comes to audio in terms of where we are right now and you won't be surprised, Erik, you know, as well is that Black Friday, Cyber Monday is a huge part of the quarter as well.

是的，我想我有機會參加百思買的活動，並透過活動進行了一些工作。與人們就零售環境進行了很多對話，我想說，正如我們在準備好的評論中所說，就我們目前所處的音頻而言，仍然面臨挑戰，你不會感到驚訝，埃里克您知道，黑色星期五和網路星期一也是本季的重要組成部分。

And I think that as we've seen throughout the year, promotional periods have been important and the consumer right now is looking for promotions and discounts. And so ultimately, as we go through this, it's a matter of how we perform over that period. We've got ourselves very well positioned. One of the other things that we've done is ambassadors that will be in Best Buy and Costco, being able to help people experience and understand Sonos, the current experience, the product lineup.

我認為，正如我們全年所見，促銷期非常重要，消費者現在正在尋找促銷和折扣。因此，最終，當我們經歷這個過程時，問題在於我們在那段時期的表現如何。我們已經處於非常有利的位置。我們所做的其他事情之一是在百思買和好市多擔任大使，能夠幫助人們體驗和了解 Sonos、當前的體驗和產品陣容。

So we've got a lot underway to do everything we can to make sure it's a successful holiday season. And of course, there's a shorter period before -- between Black Friday, Cyber Monday and Christmas this year, which kind of adds to the pressure in that period. But I think even last year, we saw people shopping later than usual as an industry, not specific to Sonos. But I think we can expect that going through and I think this will be a kind of more of the same in terms of promotions and discount-oriented holiday season.

因此，我們正在採取一切措施，以確保這是一個成功的假期。當然，之前有一個較短的時期——今年的黑色星期五、網路星期一和聖誕節之間，這在某種程度上增加了該時期的壓力。但我認為，即使在去年，我們也看到人們作為一個行業的購物時間比平時晚，這並不是 Sonos 特有的。但我認為我們可以預期，在促銷和折扣導向的假期季節方面，我認為這將是一種更加相同的情況。

Okay, very helpful. And then last one. Just -- Saori totally understand the shift in guidance. And I realize you aren't guiding annually, but can you maybe just elaborate a bit on how seasonality might look different than this year than past years? Obviously, given some of the ongoing app efforts, given some of the macro backdrop, any high-level comments that you could make for us to help us think about the remainder of the year?

好的，非常有幫助。然後是最後一張。只是──沙織完全理解指導方針的轉變。我知道您並不是每年都提供指導，但您能否詳細說明今年的季節性與往年有何不同？顯然，考慮到一些正在進行的應用程式工作，考慮到一些宏觀背景，您可以為我們提出任何高層評論，以幫助我們思考今年剩下的時間嗎？

And then obviously, for the December quarter, the guidance ranges for both revenue and adjusted EBITDA are fairly wide. Maybe just help us understand what gets you to the low end of those ranges versus the high end of those ranges? And that's it for me.

顯然，對於 12 月的季度，收入和調整後 EBITDA 的指導範圍都相當寬。也許只是幫助我們了解是什麼讓您到達這些範圍的低端與這些範圍的高端？對我來說就是這樣。

Thanks, Erik. Yeah. So part of the reason why we wanted to move to a one quarter cycle is there's a lot of dynamics going on as Patrick also mentioned about the overall category decline that hasn't quite stabilized yet. So we wanted to be able to be nimble to be able to adapt to that. To that point, we did guide wider this quarter because it is Black Friday, Cyber Monday quarter, holiday quarter, and we have Ace as a new lineup in our product that hopefully will be a good outcome.

謝謝，埃里克。是的。因此，我們想要轉向四分之一週期的部分原因是，存在著許多動態，正如帕特里克也提到的整體類別下降尚未完全穩定一樣。所以我們希望能夠靈活地適應這一點。就這一點而言，我們確實在本季度進行了更廣泛的指導，因為這是黑色星期五、網絡星期一季度、假日季度，並且我們將Ace 作為我們產品中的新陣容，希望能取得良好的結果。

But we'll have to see and assess how that goes and that's part of the reason why we had widened the guidance range, wider than our normal holiday quarter. As a result of that, we also have just launched Arc Ultra and Sub 4. So that's another reason why there could be a wider range of outcome. And we're certainly watching to see how we perform through Black Friday, Cyber Monday, to see where this turns out for the rest of the year as Q1 being one of our most important quarter.

但我們必須觀察並評估情況如何，這也是我們擴大指導範圍（比正常假期季度更寬）的部分原因。因此，我們也剛推出了 Arc Ultra 和 Sub 4。因此，這是可能產生更廣泛結果的另一個原因。我們當然會關注黑色星期五和網路星期一的表現，看看今年剩餘時間的表現，因為第一季是我們最重要的季度之一。

We do expect a headwind to continue in this quarter from the app recovery efforts. And we are also seeing the category decline, but the other factor that we also mentioned on the call is we are trying to proactively be lean coming out of the quarter in Q1 and reducing general inventory to a point -- a place where we feel really good about setting ourselves up for the rest of the year. And so that's another factor that is comprehended in our guidance that we provided today.

我們確實預計本季應用程式恢復工作將繼續面臨阻力。我們也看到了品類的下降，但我們在電話會議中也提到的另一個因素是，我們正在努力在第一季後主動精簡，並將總體庫存減少到一個點——一個我們真正感覺的地方為今年剩下的時間做好準備。這是我們今天提供的指導中包含的另一個因素。

Alex Fuhrman, Craig-Hallum Capital Group.

亞歷克斯·福爾曼，克雷格-哈勒姆資本集團。

It looks like from some of the full-year metrics that you provide on the Q4 release, it looks like you guys added about 1 million new households in fiscal '24 which is an impressive number, but it's lower than you've been adding the last 5 or 10 years or so. Can you give us a sense of what that number was tracking to before you started to have issues with the app? I'm curious if that would have been in track to have been -- to be on line -- in line with prior years before that?

從你們在第四季度發布的一些全年指標來看，你們在 24 財年增加了約 100 萬個新家庭，這是一個令人印象深刻的數字，但它低於你們增加的家庭數量。 5年或10年左右。您能否讓我們了解一下在您的應用程式出現問題之前該數字的追蹤情況？我很好奇這是否會與之前幾年的情況保持一致？

We don't give any more color around that throughout the year, we always update at the end of the year. And what I would say, Alex is, we believe that, and you've seen it in the last couple of years, right? Is that the cyclical challenges in the category have put pressure on that number and certainly in this year as well, we --some of that would have been attributed as well to the misstep with the app. But it's consistent with kind of what we've seen from a challenge category overall. So that's what I would kind of give you as a perspective on that number right now.

全年我們不會再提供更多的顏色，我們總是在年底進行更新。我想說的是，亞歷克斯，我們相信這一點，而且你在過去幾年裡也看到了這一點，對嗎？該類別的周期性挑戰是否給這個數字帶來了壓力，當然今年也是如此，我們——其中一些也可能歸因於該應用程式的失誤。但這與我們從挑戰類別中看到的整體情況是一致的。這就是我現在想向您提供的對這個數字的看法。

Okay. That's really helpful. And then if I could ask one more, Patrick, I think you mentioned you're bolstering customer service here to help with customers that are working through the app issues. Just curious as you look towards long-term growth. I mean, is this something that you think of as a temporary measure or is this going to be something that's beefed up going forward?

好的。這真的很有幫助。然後，如果我可以再問一個問題，帕特里克，我想您提到您正在加強這裡的客戶服務，以幫助解決應用程式問題的客戶。只是當您著眼於長期增長時感到好奇。我的意思是，您認為這是一項臨時措施，還是未來會加強的措施？

A little of both Alex. So we've been beefing it up in terms of making sure we have things like weekend support, which is something that you'll see us continue. And we've been -- as Saori called out, we've been working closely with Sierra AI. And it really on -- kind of the, I would say the future of customer support and how we are able to do that leveraging AI in a unique way. And so I think that puts us in a position where we'll be able to figure out how to do it more effectively and more efficiently over time as well.

亞歷克斯都有一點。因此，我們一直在加強確保我們提供週末支援等服務，您將看到我們會繼續這樣做。正如 Saori 所說，我們一直在與 Sierra AI 密切合作。我想說的是，這確實是客戶支援的未來，以及我們如何以獨特的方式利用人工智慧來做到這一點。因此，我認為，隨著時間的推移，我們將能夠弄清楚如何更有效地做到這一點。

So I'm pretty excited about delivering even better customer service and doing it in an efficient way. So I think this has been a great example of innovation to help drive more efficiency and better service, which is kind of the best of both worlds.

因此，我對提供更好的客戶服務並以高效的方式做到這一點感到非常興奮。所以我認為這是一個很好的創新例子，有助於提高效率和提供更好的服務，這是兩全其美的。

Okay. That's really helpful. Thank you, Patrick.

好的。這真的很有幫助。謝謝你，派崔克。

Mark Cash, Raymond James.

馬克卡什，雷蒙德詹姆斯。

This is Mark on for Adam. So, Patrick, in your prepared remarks, you mentioned competitors discounting and permanently lowering prices in the headphone market. But you sound pretty upbeat coming out of the Ace launch. So I just kind of wanted to wonder if you can dig into what's driving confidence in the headphone market longer term.

這是亞當的馬克。因此，帕特里克，在您準備好的演講中，您提到了競爭對手在耳機市場上打折並永久降低價格。但你對 Ace 的發布聽起來相當樂觀。所以我只是想知道您是否可以深入了解是什麼在長期推動耳機市場的信心。

Yeah, Mark, ultimately, I think it's the reception to the product from the people who have bought it from the people that have reviewed it from my own network of people that have bought it. I'm not sure there's been another product that I've had so many proactive texts and emails about once people have actually used it. And we've seen with our products over time that when we have a good product, it does well over time.

是的，馬克，歸根結底，我認為這是購買產品的人對產品的接受，以及從我自己的購買者網絡中評論過該產品的人的接受程度。我不確定是否還有另一種產品，一旦人們真正使用過它，我就收到瞭如此多的主動簡訊和電子郵件。隨著時間的推移，我們已經看到，當我們擁有好的產品時，它會隨著時間的推移而表現良好。

And so, I think it's a very competitive environment right now. But I also like the fact that Best Buy has seen it as something they want to help feature over the holiday period as part of the Theater District, right? So I think that puts us in a good position. And with the tie-ins to our system through Audio Swap, I think we have a unique way to drive more with our existing customers, which is a really important part of our flywheel. So those are the things that give me confidence and optimism around what we've done.

因此，我認為現在是一個競爭非常激烈的環境。但我也喜歡百思買認為他們希望在假期期間將其作為劇院區的一部分來展示的東西，對吧？所以我認為這讓我們處於有利的位置。透過音訊交換與我們的系統結合，我認為我們有一種獨特的方式來推動我們現有客戶的發展，這是我們飛輪的一個非常重要的部分。這些讓我對我們所做的事情充滿信心和樂觀。

Okay. Maybe follow up on that. If we look at the $100 million impact from the app in there, could you say how much that $100 million would be attributable to selling fewer headphones in the period?

好的。也許跟進一下。如果我們看看該應用程式帶來的 1 億美元影響，您能否說出這 1 億美元中有多少是由於該時期耳機銷量減少所致？

Headphone?

耳機？

No. We had commented a bit in terms of the $100 million being the app impact, but we're not breaking that down by product, Mark.

不。我們已經就 1 億美元的應用程式影響力發表了一些評論，但我們不會按產品細分，馬克。

Okay. And then just one mor. You highlighted Era 100 Pro earlier, really interesting. So I just wanted to ask about diversification efforts. You have Sonos Pro and Sonos Radio. So could you talk about how those are tracking and when we might start to get incremental disclosures on those?

好的。然後就只有一小時了。您之前強調了 Era 100 Pro，非常有趣。所以我只是想問多元化的努力。您有 Sonos Pro 和 Sonos Radio。那麼您能否談談這些是如何追蹤的以及我們什麼時候可以開始逐步披露這些資訊？

Those are pretty nascent in terms of what's there like we've talked about before. We're going to experiment with a lot of things and kind of see what makes sense. And so, I think Era 100 Pro is a little bit different in terms of thinking about a product that we've made successful. And now we have a power over ethernet version of that will be sold through the professional channel in a little bit more of a traditional product and hardware sense. And so this one is one that we have a good understanding of the demand. I think from customers there, there's a lot of excitement at CEDI around it. But the other ones you referenced are ones that are still making some efforts to understand and learn a lot about services businesses as well.

就我們之前討論過的內容而言，這些都是相當新生的。我們將嘗試很多事情，看看什麼是有意義的。因此，我認為 Era 100 Pro 在思考我們已經成功的產品方面有點不同。現在我們擁有乙太網路版本的功能，該版本將透過專業管道以更多傳統產品和硬體的方式進行銷售。因此，這是我們對需求有充分了解的一項。我認為，CEDI 的客戶對此感到非常興奮。但您提到的其他公司仍在努力了解和學習許多有關服務業務的資訊。

All right, very good. Thank you.

好的，非常好。謝謝。

(Operator Instructions) Brent Thil, Jefferies.

（操作員說明）Brent Thil，Jefferies。

Just a question on the buyback. Typically, when things get tough, I understand why you want to shy from the buyback. Typically, it's sometimes the best opportunity and capital allocation to lean in. Why not lean in harder if you really believe that these are temporary issues and that they'll be flushed out quick? Maybe just give us your perspective. I do believe you still have authorization left on the buyback program. Is that -- is this just temporary or how should we think about this?

只是關於回購的問題。通常，當事情變得艱難時，我理解為什麼你想要迴避回購。通常，有時這是最好的機會和資本配置。如果您確實相信這些都是暫時的問題並且很快就會被解決，為什麼不更加努力呢？也許只是給我們您的觀點。我相信您仍然擁有回購計劃的授權。這是——這只是暫時的還是我們該如何思考這個問題？

Thank you, Brent. Yes, we still do have a $71 million left in our authorization of the $200 million last approved by the Board. So we still have some left and we definitely are planning on --- that is ongoing capital allocation framework that we have that we can -- we plan on exercising. We specifically paused for Q4, given the app recovery efforts that were underway, which led to dependency in our ability to launch Arc Ultra and Sub 4 that we were able to subsequently do.

謝謝你，布倫特。是的，董事會上次批准的 2 億美元授權中，我們還剩下 7,100 萬美元。因此，我們還剩下一些，我們肯定正在計劃——這是我們擁有的持續的資本配置框架——我們計劃行使。鑑於正在進行的應用程式復原工作，我們特意暫停了第四季度，這導致我們對啟動 Arc Ultra 和 Sub 4 的能力產生依賴，而我們隨後能夠做到這一點。

But while app recovery was underway, that was not certain. That was part of the reason why we had to push out those launches from Q4 quarter into Q1, and that was not certain at the beginning of the quarter. And we thought it was prudent deposit while that was still a volatility to our quarter. And now that that's behind us, we plan to continue to stick to our capital allocation process.

但儘管應用程式恢復正在進行中，但情況並不確定。這就是我們必須將這些發布從第四季度推遲到第一季的部分原因，而這在本季初還不確定。我們認為這是謹慎的存款，而這仍然是我們季度的波動。現在這一切都已經過去了，我們計劃繼續堅持我們的資本配置流程。

Okay, great. Thanks.

好的，太好了。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Patrick Spence, Chief Executive Officer, for some final closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回執行長 Patrick Spence，讓其發表最後的結束語。

Thanks, [Rob]. To close, I'd highlight three things. First, we've made good progress on our app recovery efforts and are on the comeback trail. Our customers have stuck with us as evidenced by the fact that the products per home increased in fiscal year 2024. Secondly, we continue to deliver new products that customers love and rate highly. Most recently with Arc Ultra and Sub 4, and before that, with Ace. These are a direct result of the investments we've made in innovation over the past two years, and we now have the strongest product lineup we've ever had.

謝謝，[搶]。最後，我要強調三件事。首先，我們在應用程式復原工作方面取得了良好進展，並且正在捲土重來。2024 財年每個家庭的產品數量增加就證明了我們的客戶一直支持我們。其次，我們持續推出顧客喜愛且高度評價的新產品。最近是 Arc Ultra 和 Sub 4，之前是 Ace。這些都是我們過去兩年在創新方面進行投資的直接結果，我們現在擁有有史以來最強大的產品陣容。

And finally, we're committed to driving EBITDA growth. As you've heard from Saori, we've begun transforming the way we do things to be more effective and efficient. We will continue to update you on our plans to improve profitability and growth for the long term as we progress through the year.

最後，我們致力於推動 EBITDA 成長。正如您從 Saori 那裡聽到的那樣，我們已經開始改變我們做事的方式，以提高效率。隨著今年的進展，我們將繼續向您通報我們提高長期獲利能力和成長的計劃。

Thank you for joining us today, and I look forward to talking to you again next quarter.

感謝您今天加入我們，我期待下個季度再次與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。