Sonos Inc (SONO) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sonos first-quarter, fiscal 2025 conference call. (Operator Instructions)

感謝您的支持。我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sonos 2025 財年第一季電話會議。（操作員指示）

I would now like to turn the conference over to James Baglanis, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管詹姆斯·巴格拉尼斯 (James Baglanis)。你可以開始了。

Good afternoon and welcome to Sonos first quarter, fiscal 2025 earnings conference call. I am James Baglanis and with me today are Sonos Interim CEO, Tom Conrad; CFO, Saori Casey; and Chief Legal and Strategy Officer, Eddie Lazarus.

下午好，歡迎參加 Sonos 2025 財年第一季財報電話會議。我是 James Baglanis，今天與我一起的是 Sonos 臨時首席執行官 Tom Conrad；首席財務官 Saori Casey；以及首席法律和戰略官 Eddie Lazarus。

For those who joined the call early. Today's Hold music is a sampling from the Sonos radio station. Say it loud, which is curated in collaboration with Black at Sonos in recognition of Black History Month. Before I hand it over to Tom, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance.

對於那些提前加入通話的人。今天的 Hold 音樂是從 Sonos 廣播電台採樣的。「大聲說出來」是與 Sonos 的 Black 合作策劃的，旨在紀念黑人歷史月。在交給湯姆之前，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。

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.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們任何後續日期的觀點。這些聲明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聲明中反映的預期有重大差異。我們向美國證券交易委員會提交的文件中「風險因素」標題下對這些風險因素進行了詳細的討論。

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 first quarter results posted to the investor relations portion of our website.

在本次電話會議中，我們也會參考某些非公認會計準則財務指標。有關我們的非 GAAP 財務狀況的信息，以及 GAAP 與非 GAAP 指標的對帳。請參閱今天發佈在我們網站投資者關係部分的有關第一季業績的新聞稿。

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

提醒一下，新聞稿、補充收益報告（包括我們的指導）和電話會議記錄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 Tom.

我現在將電話轉給湯姆。

Thank you, James, and thank you all for joining us today. I'm now in my fourth week as interim CEO. It's still early days, but not too soon to make a few observations.

謝謝你，詹姆斯，也謝謝大家今天加入我們。我擔任臨時執行長已四周了。現在還為時過早，但做出一些觀察還為時過早。

First, we have a lot of work to do. Despite recent progress, our core experience still needs significant improvement. Second, we must continue our effort to bring our expenses in line with our revenue.

首先，我們還有很多工作要做。儘管最近取得了進展，但我們的核心體驗仍需要顯著改進。第二，我們必須繼續努力，使收支相抵。

And third, I'm more convinced than ever that Sonos has a large market opportunity ahead of us. Both in its current categories and in close adjacencies. And I know that we have the best team in the world to seize this opportunity. We're moving quickly and with purpose across all these interrelated fronts.

第三，我比以往任何時候都更加確信，Sonos 擁有巨大的市場機會。無論是在目前類別中還是在鄰近類別中。我知道我們擁有世界上最優秀的團隊來抓住這個機會。我們正在所有這些相互關聯的領域快速而有目的地前進。

As a board member, I started working closely with our software team this past fall. And I can tell you that they have an absolute dedication to improving the Sonos experience to a place that exceeds the expectations of all of our customers.

作為董事會成員，我從去年秋天開始與我們的軟體團隊密切合作。我可以告訴你，他們絕對致力於改善 Sonos 體驗，使其超越所有客戶的期望。

I'm all in on reinvigorating and accelerating this essential work, helping with focus and priorities as we tackle what are frankly some very complex and longstanding software problems.

我全力重振並加速這項重要工作，幫助我們集中精力和確定優先事項，解決一些非常複雜和長期存在的軟體問題。

As a longtime passionate customer by myself, I know the magic of Sonos, but I also know the extreme disappointment of the company's recent app challenges. With respect to our expense base, I'm closely partnering with our CFO, Saori Casey, to drive operational efficiency and improve our financial performance.

作為一名長期的熱情客戶，我了解 Sonos 的魅力，但我也知道該公司最近的應用程式挑戰令人極度失望。關於我們的支出基礎，我正在與我們的財務長 Saori Casey 密切合作，以提高營運效率並改善我們的財務表現。

To accomplish this, I'm returning Sonos to a scrappier and more focused enterprise, drawing on the lessons I have learned from the successes and challenges, I have navigated at companies of all stripes for over 30 years from Apple to Pandora to Snapchat to Quibi.

為了實現這一目標，我將把 Sonos 打造成一個更銳利、更加專注的企業，並藉鑑我 30 多年來在蘋果、潘多拉、Snapchat 和 Quibi 等各類公司任職期間取得的成功和麵臨的挑戰的經驗教訓。

To this end, yesterday, we executed on a set of significant changes to the way we operate. I've re-organized our product and engineering staff into functional teams for hardware, software, design, quality and operations, in a way from dedicated business units devoted to individual product categories.

為此，昨天我們對營運方式進行了一系列重大變革。我已經將我們的產品和工程人員重組為硬體、軟體、設計、品質和營運的職能團隊，而不是專注於各個產品類別的專門業務部門。

This allows us to bring together rightsized cross functional projects that maximize our efficiency as we continuously evaluate, prioritize and focus on the highest value market opportunities. These changes revealed organizational layers and redundancies that were not serving us.

這使我們能夠整合適當規模的跨職能項目，從而最大限度地提高我們的效率，因為我們將不斷評估、確定優先順序並專注於最高價值的市場機會。這些變化暴露了對我們沒有幫助的組織層級和冗餘。

This means the difficult task of saying goodbye to about 200 employees including nearly 50 managers and executives. This is one more step in the structural transformation process that theory has been describing on our last two earnings calls. This process began in our G&A function and other parts of Sonos have followed suit.

這意味著要與約 200 名員工（包括近 50 名經理和高階主管）告別，這是一項艱鉅的任務。這是理論在我們最近兩次收益電話會議上所描述的結構轉型過程的又一步。這個過程始於我們的 G&A 職能部門，Sonos 的其他部門也跟進。

As I just mentioned, our focus is now on the total overhaul of the product organization which houses more than half of our employees. While these actions represent a major milestone in our transformation journey, we are not finished. We will continue to carefully scrutinize the allocation of all dollars to ensure that they are being applied to the highest return opportunities.

正如我剛才提到的，我們現在的重點是對產品組織進行全面改革，該組織容納了我們一半以上的員工。雖然這些行動代表了我們轉型之旅的一個重要里程碑，但我們尚未完成。我們將繼續仔細審查所有資金的分配，以確保它們被用於獲得最高回報的機會。

The leaner and more effective we are as a company, the better we can capitalize on the opportunities in front of us. It's a wonderful honour to be stepping into lead Sonos. At this pivotal juncture, the board will be conducting a robust national search for the next permanent CEO with the assistance of a leading executive search firm and I will be a candidate.

我們的公司越精簡、越高效，就越能抓住眼前的機會。能夠領導 Sonos 是我的榮幸。在這個關鍵時刻，董事會將在一家領先的高管搜尋公司的協助下，在全國範圍內大力尋找下一任常任首席執行官，而我將成為候選人之一。

While that process plays out. There's no time to lose in pushing forward the vital work of fixing restructuring and innovating. Sonos today has the deepest, most innovative product lineup in its history. There's tremendous opportunity in front of us and my job is to help Sonos take full advantage of it while running the company with a heightened focus on fiscal responsibility.

當這個過程進行時。推動調整轉型創新重大工作刻不容緩。Sonos 如今擁有其歷史上最豐富、最具創新性的產品陣容。我們面前有巨大的機遇，我的工作是幫助 Sonos 充分利用它，同時在經營公司時更加重視財務責任。

We have a terrific team and I look forward to the progress we're going to make together.

我們擁有一支出色的團隊，我期待我們共同進步。

Now, let me turn things over to Saori to discuss our Q1 results.

現在，讓我將話題交給 Saori 來討論我們的第一季業績。

Thank you, Tom. Hi, everyone. We delivered Q1 revenue towards the high end of our guidance at $551 million. On a year over year basis, revenue was down 10% versus our guidance of down 22% to down 9%. The decline was driven by softer demand due to market conditions and challenges resulting from our 2024 app rollout. As we have been talking about for some time now, our categories remain cyclically challenged and highly promotional, which was particularly notable in our portables category.

謝謝你，湯姆。大家好。我們第一季的營收達到了 5.51 億美元的預期上限。與去年同期相比，營收下降了 10%，而我們的預期是下降 22% 至 9%。下降的原因是市場狀況導致的需求疲軟以及我們 2024 年應用程式推出帶來的挑戰。正如我們一段時間以來一直在談論的那樣，我們的產品類別仍然面臨週期性的挑戰和高度的促銷，這在我們的便攜式產品類別中尤其明顯。

Despite these headwinds, we saw stronger than expected demand for our new industry leading soundbar, the Arc Ultra, which helped us achieve our highest ever quarterly market share in US home theater on a dollar basis.

儘管面臨這些不利因素，我們仍然看到市場對我們行業領先的新條形音箱 Arc Ultra 的需求強於預期，這幫助我們在美國家庭影院市場實現了有史以來最高的季度市場份額（以美元計算）。

GAAP gross margin was 43.8% plus 80 basis points above the high end of our guidance range, driven by better cost and product mix. As a reminder, we began amortizing the might intangible assets now that we're using its sound motion technology in Arc Ultra, which was minus 40 basis point headwind year over year to GAAP gross margins. Non-GAAP gross margins for 44.7%.

由於成本和產品組合的改善，GAAP 毛利率達到 43.8%，比我們預期範圍的高端高出 80 個基點。提醒一下，由於我們在 Arc Ultra 中使用了其聲音運動技術，因此我們開始攤銷潛在的無形資產，而 Arc Ultra 的 GAAP 毛利率同比下降了 40 個基點。非公認會計準則毛利率為44.7%。

Q1 GAAP operating expenses were $193 million. And non-GAAP operating expenses for $169 million, down 5% and down 6% year over year respectively. Both figures include $6 million of app recovery investments in the quarter.

第一季 GAAP 營運費用為 1.93 億美元。和非公認會計準則營業費用為 1.69 億美元，年比分別下降 5% 和下降 6%。這兩個數字都包括本季 600 萬美元的應用程式恢復投資。

Non-GAAP operating expenses came in about $13 million below our guidance due to both expense management efforts and timing of spend. Speaking of expense management last quarter, I spoke about how we had begun our transformation efforts last year with our G&A functions. As a result, this quarter, we saw GAAP G&A expenses decrease significantly to $25.8 million, down 35% year over year.

由於費用管理工作和支出時間安排的原因，非公認會計準則營運費用比我們的預期低約 1,300 萬美元。談到上個季度的費用管理，我談到了我們去年如何透過 G&A 職能開始轉型。因此，本季度，我們看到 GAAP G&A 費用大幅下降至 2,580 萬美元，年減 35%。

This decline is attributable to four factors. One, lower personnel costs from the August 2024 reduction in force which was focused on reducing management layers and optimizing cost structure. Second, lower litigation expenses. Third, lower operational costs through facilities and vendor spend rationalization. Fourth timing shift of spending which had an approximately $2 million of benefit to G&A in the quarter.

這種下降可歸因於四個因素。一是自2024年8月裁員以來，人員成本降低，裁員重點在於減少管理層級和優化成本結構。二是降低訴訟費用。第三，透過設施和供應商支出合理化來降低營運成本。第四次支出時間轉變為本季的 G&A 帶來了約 200 萬美元的收益。

On a GAAP year to year basis, sales and marketing increased by 3% in part due to a recovery investments. Research and Development increased 2% primarily due to a stock-based compensation expense related to retention of key personnel. On a non-GAAP year over year basis G&A expenses decreased by 31%. Research and development expenses decreased by 3%, and sales and marketing expenses increased by 1%.

根據 GAAP 年度數據，銷售額和行銷額成長了 3%，部分原因是復甦投資。研發費用增加了 2%，主要是因為與保留關鍵人員相關的股票薪酬費用。以非公認會計準則計算，一般及行政開支年減了 31%。研發費用下降3%，銷售和行銷費用增加1%。

Adjusted EBITDA was $91.2 million representing a margin of 16.6%. This was above the high end of our guidance range due to higher gross margin and lower operating expenses. We ended the quarter with $328 million of net cash which includes $41 million of marketable securities as we hold excess cash in short duration treasury bills.

調整後的 EBITDA 為 9,120 萬美元，利潤率為 16.6%。由於毛利率較高且營運費用較低，這一數字高於我們預期範圍的高端。本季末，我們的淨現金為 3.28 億美元，其中包括 4,100 萬美元的有價證券，因為我們持有短期國庫券中的多餘現金。

Q1 free cash flow was $143 million, down from $269 million last year, due to lower revenue as well as two unique factors that impacted last year's free cash flow. First, we were actively working down our excess owned inventory as we entered Q1 of fiscal 2024 with $82 million more finished goods inventory than this year's Q1.

第一季自由現金流為 1.43 億美元，低於去年的 2.69 億美元，因為收入下降以及影響去年自由現金流的兩個獨特因素。首先，我們正在積極減少過剩的自有庫存，進入 2024 財年第一季度，成品庫存比今年第一季增加了 8,200 萬美元。

Second, Q1 of last year benefited from the implementation of new payment terms with our suppliers which resulted in a large onetime benefit to free cash flow. Our period and inventory balance decreased by 19% year over year [$141 million] primarily due to lower component balances. Sequentially, this was a decline of 39%. Our inventory consists of $117 million of finished goods and $24 million of components.

其次，去年第一季受益於我們與供應商實施的新付款條款，這為自由現金流帶來了巨大的一次性收益。我們的期間和庫存餘額年減 19% [1.41 億美元]，主要原因是組件餘額較低。與上一季相比，下降了 39%。我們的庫存包括價值 1.17 億美元的成品和價值 2,400 萬美元的零件。

After pausing share repurchases in fiscal Q4, we returned $27 million to shareholders in Q1. Reducing our share count by $1.9 million shares, leaving us with $44 million under our current $200 million share repurchases authorization returning capital to our shareholders remain a key pillar of our capital allocation framework.

在第四財季暫停股票回購後，我們在第一季向股東返還了 2,700 萬美元。將我們的股票數量減少 190 萬股，在目前的 2 億美元股票回購授權下，我們只剩下 4,400 萬美元，將資本返還給股東仍然是我們資本配置框架的重要支柱。

Turning to our guidance, the Q2 outlook we're providing reflects our best estimates as of today. We expect Q2 revenue in the range of $240 million to $265 million a year over year change of negative 5% to positive 5%. Our Q1 results and Q2 guidance implies our revenue in the first half of the year will be down between minus 9% to minus 6% versus the first half of fiscal 2024.

談到我們的指導，我們提供的第二季展望反映了我們截至今天的最佳估計。我們預計第二季營收將在 2.4 億至 2.65 億美元之間，年比變動範圍為負 5% 至正 5%。我們的第一季業績和第二季指引表明，與 2024 財年上半年相比，我們今年上半年的營收將下降 -9% 至 -6%。

Please note that while we are not providing guidance beyond Q2 at this point, I'd like to remind everyone that we benefited from the launch and the associated channel fill of Ace headphones towards the end of Q3 last year.

請注意，雖然我們目前沒有提供第二季之後的指導，但我想提醒大家，我們受益於去年第三季末 Ace 耳機的推出和相關管道的填充。

And as a result, we expect to have a very difficult year of year comparison in Q3. We expect Q2 GAAP gross margin in the range of 42% to 44% down at midpoint from Q1, driven by deleverage partly offset by product mix and seasonally lower discount.

因此，我們預計第三季的同比數據將非常困難。我們預計第二季 GAAP 毛利率將比第一季中點下降 42% 至 44%，這是由於去槓桿作用被產品組合和季節性折扣降低部分抵銷。

The decrease from last year's Q2 GAAP gross margin of 44.3% is driven by FX headwinds, in the amortization of mi intangible assets for the sound motion technology in Arc Ultra, partly offset by improved cost structure. Non-GAAP gross margins are expected to be 44% to 45.8%, 180 BP to 200 BP higher than GAAP gross margins.

與去年第二季 GAAP 毛利率 44.3% 相比，毛利率有所下降，主要原因是外匯不利因素，以及 Arc Ultra 聲音運動技術的無形資產攤銷的影響，但成本結構的改善部分抵消了這一影響。非 GAAP 毛利率預計為 44% 至 45.8%，比 GAAP 毛利率高 180 BP 至 200 BP。

You may recall, we underwent a significant effort to diversify our supply chain a few years ago. Which resulted in a manufacturing of nearly all of our US bound products shifting to Malaysia and Vietnam. As a result, we expect tariffs to have a minimal impact to our gross margin Q2, based on what we know today. We expect non-GAAP operating expenses to be between $140 million to $145 million compared to $157 million last year.

您可能還記得，幾年前我們做了巨大努力來實現供應鏈多元化。這導致我們幾乎所有銷往美國的產品的生產都轉移到了馬來西亞和越南。因此，根據我們目前掌握的情況，我們預期關稅對我們第二季的毛利率的影響將微乎其微。我們預計非公認會計準則營運費用將在 1.4 億美元至 1.45 億美元之間，而去年為 1.57 億美元。

As a result, we expect Q2 adjusted EBITDA to be in the range of negative $27 million to negative $6 million compared to negative $34 million last year. Our guidance contemplates that we will make another $4 million to $8 million of app recovery investments in Q2.

因此，我們預計第二季調整後的 EBITDA 將在負 2,700 萬美元至負 600 萬美元之間，而去年同期為負 3,400 萬美元。我們的預期是，我們將在第二季再投資 400 萬至 800 萬美元用於應用程式復原。

Lastly, I want to summarize the actions from the our transformation journey that Tom and I mentioned on this earnings call. We expect the run rate savings of the announced actions from yesterday and those taken in FY24, to be in the range of $60 million to $70 million into FY26.

最後，我想總結湯姆和我在本次財報電話會議上提到的轉型歷程中的行動。我們預計，昨天宣布的行動以及 24 財年採取的行動將帶來 26 財年 6,000 萬至 7,000 萬美元的運作節省。

While we are not providing fiscal 2025 expense target, please note that our FY24 baseline OpEx normalized for variable compensation and restructuring expenses was around $770 million on a GAAP basis, and around $680 million a non-GAAP basis.

雖然我們沒有提供 2025 財年的支出目標，但請注意，我們根據可變薪酬和重組費用標準化的 2024 財年基準營運支出在 GAAP 基礎上約為 7.7 億美元，在非 GAAP 基礎上約為 6.8 億美元。

We expect that the actions we have taken so far will fundamentally change and simplify the way we operate. We are flattening and evolving our organization structure as well as identifying areas to reduce our operational costs. These actions are intended to reduce our run rate expense base while improving our efficiency and effectiveness.

我們期望迄今為止採取的行動將從根本上改變和簡化我們的營運方式。我們正在扁平化和改進我們的組織結構，並確定降低營運成本的領域。這些措施旨在降低我們的運行率費用基礎，同時提高我們的效率和效力。

Though we have made significant progress, our transformation journey will continue as we work to identify other areas of operational improvements and spend rationalization. We believe that successfully executing on our efforts will allow us to invest in the most impactful growth-oriented opportunities. While structurally improving our profitability. We will continue to update you on our progress as we work through the year.

儘管我們已經取得了重大進展，但我們的轉型之旅仍將繼續，因為我們將努力尋找其他營運改善和支出合理化的領域。我們相信，成功地執行我們的努力將使我們能夠投資於最具影響力的成長機會。同時從結構上提高我們的獲利能力。我們將在全年工作中持續向您通報我們的進度。

With that, I'd like to turn the call over for questions.

說到這裡，我想把電話轉交給大家提問。

(Operator Instructions)

（操作員指示）

Steven Frankel, Rosenblatt

史蒂文·弗蘭克爾，羅森布拉特

Good afternoon. Tom, the release today was a bit unconventional with the numbers out before the open and then the call happened this afternoon. What drove that behavior?

午安.湯姆，今天發布的數據有點不尋常，開盤前就公佈了數據，然後今天下午就發布了電話。是什麼導致了這種行為？

Let me start by apologizing for the unconventional nature of this timing and we'll take you through a little bit about how we ended up there. I've been here for 3.5 weeks now, and I'm working to move the company forward quickly and with purpose.

首先，我要為這次非常規的時間安排表示歉意，然後我們會稍微向您介紹一下我們最終是如何做到這一點的。我來這裡已經三個半星期了，我正在努力推動公司快速而有目的地向前發展。

We've made a set of organizational optimizations and the related cost savings, were among my top priorities coming in the door, which meant that the timing of the reorganization announcement and the earnings was a delicate matter.

我們進行了一系列組織優化，相關的成本節約是我上任以來的首要任務之一，這意味著重組公告和收益的時機是一個微妙的問題。

I had to balance effectively communicating these complicated changes involving around 200 departing colleagues and nearly 1,000 product team members being reorganized with my responsibilities around the call.

我必須平衡有效地傳達這些複雜的變化，這涉及大約 200 名離職同事和近 1,000 名產品團隊成員的重組，以及我在電話會議上的職責。

I decided that the best course was to announce the reorganization and related rift after the market closed yesterday and a day ahead of earnings, which gave me the time late yesterday to land these changes with the team to minimize uncertainty with our investors today, we moved the release timing to before the market open.

我認為最好的辦法是在昨天市場收盤後、收益公佈前一天宣布重組和相關分歧，這使我有時間在昨天晚些時候與團隊一起完成這些變更，以盡量減少今天投資者的不確定性，我們將發佈時間移至市場開盤前。

We look the timing of the earnings call itself intact because it had been announced. And before I arrived, and we thought it would be too disruptive to move it. Thank you for your understanding about the late breaking shift to all of this.

我們認為收益電話會議本身的時機完好無損，因為它已經宣布了。在我到達之前，我們認為移動它會造成太大的干擾。感謝您對這一切的最後轉變的理解。

Thank you for that insight and maybe you give us the top two or three most important changes you think the company has to make going forward?

感謝您的見解，您認為公司未來必須做出的兩三個最重要的改變是什麼？

As I said, I have a pretty strong bias to action. And in my first 3.5 weeks, we've reorganized the company into a far more efficient structure. We've made concrete progress on rightsizing our expense base. We've clarified our areas of focus to get the entire company growing together in the same direction, which really sets us all up to begin operating the company much more efficiently and with a much more shared, stronger sense of purpose.

正如我所說，我對行動有著強烈的偏見。在我上任後的頭三週半里，我們將公司重組為更有效率的架構。我們在調整支出基礎方面取得了具體進展。我們明確了重點領域，以使整個公司朝著同一個方向共同成長，這確實使我們所有人都能夠開始更有效率地經營公司，並具有更共同、更強烈的目標感。

So my focus now is getting Sonos back on track, which means improving the core experience for our customers, optimizing our business to drive innovation and delivering operational and financial performance.

因此，我現在的重點是讓 Sonos 重回正軌，這意味著改善客戶的核心體驗，優化我們的業務以推動創新並實現營運和財務績效。

And the last quarter, I think the message was the app was almost there. Where do we think we are today? And how much longer is it going to take to get both the iOS and the Android experience where they need to be to restore the brand?

上個季度，我認為這個應用程式即將問世。我們認為我們今天處於什麼位置？那麼，還需要多長時間才能讓 iOS 和 Android 的體驗達到重塑品牌所需的水平？

So the team certainly made a lot of progress in Q4, and that allowed us to successfully launch Arc Ultra and Sub 4, both of which are a hit with both customers and reviewers. And now I would say that the team and I are just really focused on what I would call a return to excellence in the core experience having moved beyond getting the app back to the place that we needed its core functionality to be. But honestly, there remains a lot of work to do to meet my bar. And so we're focusing on three areas, performance and reliability, usability, and design and new experiences.

因此，團隊在第四季度確實取得了很大進展，這使我們能夠成功推出 Arc Ultra 和 Sub 4，這兩款產品都受到了客戶和評論者的歡迎。現在我想說的是，我和團隊真正關注的是核心體驗的回歸卓越，而不僅僅是讓應用程式回到我們需要其核心功能的位置。但說實話，要達到我的標準還有很多工作要做。因此，我們專注於三個領域：效能和可靠性、可用性以及設計和新體驗。

Okay, And any timetable for when you think you'll be satisfied?

好的，您認為什麼時候就會滿意呢？有沒有什麼時間表？

I mean, at some level, as a product and engineering leader of 30 years, I'm not sure I'm ever going to be fully satisfied. Part of what makes great companies is to continuing to invest in improving the experience day in and day out. And I put most of the work that we have in front of us in exactly that category.

我的意思是，從某種程度上來說，作為一個擁有 30 年經驗的產品和工程領導者，我不確定我是否會完全滿意。偉大公司的部分原因在於日復一日地持續投資以改善體驗。我把我們面前的工作大多歸入這一類。

Okay. And then one last quick, where our channel inventories today? And how does that square with the desired level?

好的。最後再問一個問題，今天我們的通路庫存在哪裡？這與期望水準如何相符？

Hi Steve, its Saori, I can take that question. We ended the channel inventory at a comfortable place at the end of Q1. As you recall last year, we were in a different place. So we're pleased with where we ended the quarter going into Q1.

你好，史蒂夫，我是 Saori，我可以回答這個問題。我們在第一季末將通路庫存保持在一個舒適的水平。正如你所記得的，去年我們在一個不同的地方。因此，我們對第一季的結束情況感到滿意。

Okay. Thank you.

好的。謝謝。

Logan Katzman, Raymond.

羅根‧卡茲曼，雷蒙德。

Hi, guys, this is Logan on for Adam. Just two quick ones for me. Tom, maybe first for you. With all the changes you're implementing, are you -- can we still expect two product launches a year? Or is that been put on pause?

大家好，我是 Logan，為 Adam 播報。我只想簡單說兩句話。湯姆，也許你先來吧。在實施所有這些變革之後，我們還能期待每年推出兩款產品嗎？或者說已經暫停了？

We're certainly committed to continuing to ship many great products each year, I think I'm probably going to hold off on making specific commitments about the product road map.

我們當然致力於每年繼續推出許多優秀的產品，我想我可能會推遲對產品路線圖做出具體的承諾。

Yeah, makes sense. Thank you. And then just one last question from me, any changes to capital allocation or anything that you guys want to talk about around that?

是的，有道理。謝謝。然後我只問最後一個問題，資本配置有什麼改變嗎？或者你們想談論的任何事情？

I can take that question. We continue to be focused on our capital allocation strategy. As you recall, we did pause the buyback in Q4, while we were focused on the app recovery progress to make sure that it was stable enough, but we had resumed the buyback.

我可以回答這個問題。我們繼續專注於我們的資本配置策略。您還記得，我們​​確實在第四季度暫停了回購，同時我們專注於應用程式恢復進度以確保其足夠穩定，但我們已經恢復了回購。

As we mentioned, and we continue to be judicious about our capital allocation and returning capital to our shareholder remains our pillar of our strategy.

正如我們所提到的，我們將繼續審慎地配置資本，向股東返還資本仍然是我們策略的支柱。

Great. Thanks.

偉大的。謝謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Great. Thank you so much for taking my question and nice to meet you, Tom. In the letter you sent to employees yesterday, you referenced Sonos becoming wired in too many layers that have made collaboration and decision making harder than it needs to be.

偉大的。非常感謝您回答我的問題，很高興見到您，湯姆。在您昨天發給員工的信中，您提到 Sonos 的連結層數過多，導致協作和決策變得比實際需要的更困難。

Can you maybe just expand upon exactly what you mean by that and help us understand how the actions you're taking are going to help on the product front or if it's more beyond the product front? Just, help us understand what exactly you mean by that? And then I have a quick follow up. Thank you.

您能否詳細說明您的確切意義，並幫助我們了解您所採取的行動將如何幫助產品方面，或者是否超越產品方面？只是，請幫我們理解您這話到底是什麼意思？然後我有一個快速的跟進。謝謝。

Sure. So the product organization in particular had a business unit organization strategy where there were separate organizations for different elements of our product line, a professional category, a portable category, a home category and so on.

當然。因此，產品組織特別有一個業務部門組織策略，其中針對我們產品線的不同元素，專業類別，便攜式類別，家庭類別等有單獨的組織。

And what that meant, is we had a bunch of redundancies across those teams that have a head of mechanical engineering, for example, on each one and team members underneath that. As we, seek to have flexibility in the way that we apply our resources to our road map.

這意味著，我們在這些團隊中存在大量冗餘人員，例如，每個團隊都有一名機械工程主管，以及下屬的團隊成員。我們力求以靈活的方式將資源應用於我們的路線圖。

Having that particular set of products, hard coded into the organizational structure, just creates a lot of overhead and a lack of flexibility around being able to react [simply] to market conditions. And so by moving to a functional organization with a hardware team and a software team and an operations team and a design team and a QA team, that allows us to put together what I would call right sized projects that have, the minimal, powerful set of people that need to come together to address some particular market opportunity.

將特定的產品組合硬編碼到組織結構中，只會產生大量的開銷，並且缺乏對市場狀況做出反應的靈活性。因此，透過轉變為一個擁有硬體團隊、軟體團隊、營運團隊、設計團隊和 QA 團隊的職能型組織，我們能夠組合出我所說的合適規模的項目，這些項目擁有最少但強大的人員，他們需要共同應對某些特定的市場機會。

And that just lets us move more quickly and it gets us collaborating much more efficiently. And that's just what I was alluding to in the email yesterday.

這讓我們行動得更快，協作得更有效率。這正是我昨天在電子郵件中提到的。

Okay. That's helpful and maybe now I have a different follow up, which is just, if I could maybe double click on that is it seems like that's been the so -- and please correct me if I'm wrong the Sonos for years, if not decade now.

好的。這很有幫助，也許現在我有一個不同的後續行動，那就是，如果我可以雙擊它，看起來似乎是這樣 - 如果我錯了，請糾正我，Sonos 已經存在多年了，如果不是十年了。

So I guess what has really changed now, I mean, you've been on the board, I guess I'm just wondering why make the change now if we look back beyond maybe the last three years, you guys were going through, multiple years of 10% growth.

所以我想現在真正發生的變化是，我的意思是，你一直在董事會，我只是想知道，如果我們回顧過去三年，你們經歷了多年的 10% 增長，那麼為什麼現在要做出改變。

Obviously, it's been a very challenging market, but you've had that structure while you were successful. So why is that not the successful structure going forward or is this really just about making sure, you're being more efficient going forward?

顯然，這是一個非常具有挑戰性的市場，但你們在取得成功的同時，也擁有了這種結構。那麼，為什麼這不是一個成功的未來結構，或者這真的只是為了確保你在未來更有效率？

Yeah, actually, the business unit structure was put into place about 18 months ago at replacing a what I would call a semi functional model that was, I guess I would describe it as hardware top heavy in its previous incarnation, where the encoded in the hardware organization where some of the same more product line dimensions.

是的，實際上，業務部門結構大約在 18 個月前就已建立，以取代我所說的半功能模型，我想我會將其描述為前身為硬體頭重腳輕的模型，其中硬體組織中編碼了一些相同的產品線維度。

But the hardware group is complemented by a functional group for software and a functional group for design, for example. And so what we're doing here is in a way a return to form that works so well for us. But also I think we're further refining the model, pulling out the idea that everything we do has to start with a hardware new product, which would allow us.

但是，例如，硬體組由軟體功能組和設計功能組補充。因此，我們在這裡所做的就是以某種方式恢復對我們非常有利的形式。但我也認為我們正在進一步完善這個模型，提出我們所做的一切都必須從硬體新產品開始的想法，這將使我們能夠。

I think to navigate much more not just efficiently but effectively with respect to the core experience initiatives that our customers care about.

我認為，在客戶關心的核心體驗計畫方面，導航不僅要更有效率，而且更有效。

Okay. That makes a tonne of sense and thank you for the clarification. Super helpful. And then, last question for me Saori, you don't guide beyond the quarter out, if you look and I appreciate the comments you made on the product launch last June quarter.

好的。這很有道理，謝謝你的澄清。超有幫助。然後，最後一個問題，Saori，如果您看一下，您不會對本季度之後的情況做出指導，我很欣賞您對去年 6 月季度產品發布所做的評論。

If you look back in history and just exclude the June '24 quarter, your seasonality in fiscal 3Q revenue seasonality has been anywhere between down 7% sequentially and up 42% sequentially. It just leaves a very, wide range for consensus to fall in.

如果回顧歷史，並且僅排除 24 年 6 月這個季度，那麼第三財季營收的季節性就會介於季減 7% 和季增 42% 之間。這只會給達成共識留下非常廣泛的空間。

I'm just wondering if you have -- can share any comments to help us on the call, make sure that we're, thinking about just where maybe what years we could look to in history to maybe set the proper bar for the June quarter.

我只是想知道您是否可以分享任何評論來幫助我們進行電話會議，確保我們思考我們可以參考歷史上的哪些年份來為六月季度設定適當的標準。

I realize there's a lot of moving pieces but just wondering if we could have any more detail to just maybe help us narrow the scope of how we should be thinking about the June quarter and that's it for me. Thank you.

我意識到有很多變動，但我只是想知道我們是否可以獲得更多細節，以幫助我們縮小對六月季度的思考範圍，對我來說就是這樣。謝謝。

Hi, Eric. Thanks for that question. It certainly is challenging. Even I was looking back if there was a pattern there to your point, there's a wide range at this point. We were only able to provide color relative to last year's view that the pattern will look different than last year, as a result of the Ace launch and the channel field we had at the end of the quarter.

你好，埃里克。謝謝你的提問。這確實具有挑戰性。即使我回頭看看你的觀點是否存在某種模式，此時的範圍也很廣泛。我們只能提供相對於去年的觀點的顏色，即由於 Ace 的推出和我們在本季末擁有的通路領域，模式將與去年有所不同。

So we're leaving at that this point exactly to your point. There is not a great pattern on a sequential basis going into Q3. So thank you.

因此，我們現在就來談談你的觀點。進入第三季度，連續的模式並不好。所以謝謝你。

Okay. I understand. Thank you so much.

好的。我明白。太感謝了。

Alex Fuhrman, Craig-Hallum.

亞歷克斯·福爾曼、克雷格·哈勒姆。

Hey, guys, thanks very much for taking my question. Wanted to ask about the workforce reduction and just, more broadly, if you think about the company going forward being a leaner, more streamlined operation. How much of the organization today is focused on hardware development versus software development versus things like sales and marketing. Can you give us a sense of just the biggest shifts in how the company is different today than how it was just a year ago?

嘿，夥計們，非常感謝你們回答我的問題。想問一下關於裁員的問題，更廣泛地說，您是否認為公司未來的營運會更加精簡、更加流暢。當今組織在多大程度上專注於硬體開發、軟體開發以及銷售和行銷等方面。您能否向我們介紹一下公司目前與一年前相比最大的變化是什麼？

I'll start by talking about the product organization. So I think, the -- so much of what we do that people perceive as hardware is actually software. And so our software organization is today, in fact, quite a bit larger than our hardware organization.

我首先要談產品組織。所以我認為，我們所做的很多事情，人們認為是硬件，但實際上卻是軟體。因此，我們今天的軟體組織實際上比硬體組織大得多。

I think the rough numbers are hardware is around 150 people and software is more than double that. Of course, we have talented team around design QA, operations and so forth that complement all of that in our product organization. Saori, do you want to talk to how that relates to that?

我認為粗略的數字是硬體大約有 150 人，而軟體人數是這個數字的兩倍多。當然，我們在設計品質保證、營運等方面擁有優秀的團隊，可以補充我們產品組織的所有內容。Saori，你想談談這跟那件事有什麼關係嗎？

Yeah, just from a -- if you look at our OpEx, you'll see the ratio among just on a dollar basis among R&D sales and marketing and G&A now, that there are cyclicality to the marketing spend for holiday seasons and so forth.

是的，從 - 如果您看一下我們的營運支出，您就會發現，現在研發、銷售和行銷以及一般行政費用之間的比率僅以美元計算，假日季節等的行銷支出具有週期性。

So just in generally in aggregate, but from a headcount perspective, vast, probably a biggest part of the company by far is the R&D headcount and then there's G&A headcount and then sales and marketing, headcount.

因此，總體而言，從員工人數的角度來看，到目前為止，公司最大的一部分可能是研發人員，然後是一般行政人員，然後是銷售和行銷人員。

Marketing as I would have a big part of the expenses related to the non-headcount dollars with G&A more leaning towards the head count dollars as is for R&D. So probably best to look at this on a dollar basis because of the way we spend the operating expenses and investments. But that's the general line up relative terms, in terms of head count resources.

行銷方面，我將把很大一部分費用與非員工人數相關，而一般及行政開支則更傾向於員工人數相關，就像研發一樣。因此，考慮到我們的營運費用和投資支出方式，最好以美元為基礎來看待這個問題。但就人員資源而言，這是整體相對情況。

Okay. That's really helpful. And Saori, I think you'd mentioned some baseline OpEx numbers from this year, should we be thinking about the opportunity for a step function lower in the future in OpEx? Or is it maybe more about an opportunity to, just be growing sales faster than expenses in future years? Can you help us understand that?

好的。這真的很有幫助。而且 Saori，我想您提到了今年的一些基準營運支出數字，我們是否應該考慮未來降低營運支出階躍函數的機會？或者這可能更多的是一個機會，即未來幾年銷售額的成長速度要快於支出的成長速度？你能幫助我們理解這一點嗎？

Yeah, thanks for that question. We -- while we've announced these reduction in force specifically around the headcount, we're continuing to look at a lot of the cost optimization opportunities. I know we've been a little less concrete about what it means by changing cost structures, but it really is looking at every dollar and how we're able to spend that dollar in a more efficient way, effective way and that could be anywhere from real estate print that may or not be effective in producing and helping our better best return for the investments, all the way to negotiating better fees and so forth so that it is beyond headcount that we're looking at as we continue to go through our transformation process.

是的，謝謝你的提問。雖然我們已經宣布了裁員計劃，特別是裁員，但我們仍在繼續尋找大量成本優化機會。我知道我們對改變成本結構的含義還沒有那麼明確，但它實際上是在關注每一美元，以及我們如何能夠更有效率地花費這些美元，這可能包括房地產印刷，它可能會或可能不會有效地產生和幫助我們獲得更好的投資回報，一直到協商更好的費用等等，所以在我們繼續進行轉型過程時，我們所關注的不僅僅是員工人數。

And so it's a journey than what we've already announced so far. We're not announcing any guidance on OpEx beyond what we're providing today, but we are continuing to look at this to make sure that -- it's -- there's still opportunities, as we said on the earnings on the prepared remarks that there's still opportunities that we can continue to drive for.

因此，這是一個比我們迄今為止宣布的更長遠的旅程。除了今天提供的內容之外，我們不會宣布任何有關營運支出的指導，但我們會繼續關注這一點，以確保仍然有機會，正如我們在準備好的收益發言中所說的那樣，仍然有機會讓我們繼續努力。

I'll just, add that -- I was just going to add that if you look at my background, you're going to see a lot of instances where I've helped take young startup companies through their growth phase and into being newly public.

我只是想補充一點——我只是想補充一點，如果你看看我的背景，你會看到很多我幫助年輕的新創公司度過成長階段並上市的例子。

And one of the muscles that you really develop in that process is learning to scrutinize all expenses as they come through. And I'm really particularly focused on making sure that we're making investments where we'll see the highest possible returns.

在這個過程中，你真正鍛鍊出的能力之一就是學會仔細檢視所有產生的費用。我特別注重確保我們所進行的投資能夠獲得最高的回報。

Okay. That's really helpful. Thank you both.

好的。這真的很有幫助。謝謝你們兩位。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks, Tom, just on the 12% reduction in force. Can you discuss, was that across all functional areas? Was it focused on a couple of bigger areas? And perhaps you could discuss some of the changes that you made in the software development team. Have you made changes in leadership? What are you there to get those experiences back? So we as all consumers have a cleaner, simpler experience.

謝謝，湯姆，只是關於減少 12% 的兵力。您能討論一下嗎，這是否涉及所有職能領域？它是否集中在幾個較大的領域？也許您可以討論一下您在軟體開發團隊中所做的一些改變。你們對領導階層做出過變動嗎？你要做什麼才能找回這些經驗？因此，我們所有消費者都將獲得更乾淨、更簡單的體驗。

Yes. So a lot of great work had been done by Saori, to bring our operating expenses in line in the G&A lane in previous quarters. This set of changes was really focused on the remaining dimensions of the company with a particular emphasis on changes in the product organization.

是的。因此，Saori 做了很多出色的工作，使我們的營運費用與前幾季的 G&A 費用保持一致。這一系列變革實際上集中於公司的其他方面，特別強調產品組織的變化。

As I've described, the reorganization itself revealed significant redundancies across the product organization and opportunities for us to step into a smaller but more effective team. It's another thing that comes from having spent a chunk of my career in startup land.

正如我所描述的，重組本身揭示了整個產品組織的嚴重冗餘，也為我們組建一支規模更小但效率更高的團隊提供了機會。這是我職業生涯中大部分時間都在創業領域度過的經歷的另一個結果。

You often discover that the size of the team is not highly correlated with the output of the team. And we've done a really great job. I think over the course of this recent period of sorting a path to making the product and engineering organization smaller but more efficient and more powerful. I'm really confident that we have the right team in place to deliver on the enhancements to the core experience that I'm so committed to.

你常會發現團隊規模與團隊產出並沒有高度的相關性。我們確實做得非常出色。我認為，在最近的這段時間裡，我們正在探索一條讓產品和工程組織變得更小但更有效率、更強大的途徑。我確信我們擁有合適的團隊來實現我所致力於的核心體驗的增強。

Okay. And just on the software side, have you made changes in that leadership team to ensure they're on the right track?

好的。僅在軟體方面，您是否對領導團隊做出過變動，以確保他們走在正確的軌道上？

That's right. So about -- across the product organization, we exited about half a dozen Vice Presidents and reorganized teams around our most effective leadership for the go forward plan. It's a great group. I know we're going to make lots of progress.

這是正確的。因此，在整個產品組織中，我們解雇了大約六位副總裁，並圍繞著最有效的領導層重組了團隊，以實施前進計劃。這是一個很棒的團體。我知道我們將會取得很大的進步。

Okay, great. Thanks.

好的，太好了。謝謝。

Steven Frankel, Rosenblatt.

史蒂文·弗蘭克爾，羅森布拉特。

I just wondered if you might give us any color on how Ace did in the important holiday season.

我只是想知道您是否可以告訴我們 Ace 在重要的假期期間的表現如何。

Hi, Steve. -- from a revenue results perspective, certainly Ace was an incremental to our year over year and to our quarter and it continues to get great reviews from our customers. And as we mentioned on our earnings call, it was off to a slow start.

你好，史蒂夫。 ——從收入結果的角度來看，Ace 的同比增長和本季的成長無疑是有的，並且繼續獲得客戶的好評。正如我們在收益電話會議上提到的那樣，我們的起步比較緩慢。

And so as we continue to go through the recovery of our brand and certainly, Ace is launched at the worst time possible from an app launch timing perspective. And so we're certainly making progress and we're not able to disclose the exact results as we disclose the categories that we do externally but we're pleased to have a being a great review from our customers and incremental to our revenue.

因此，隨著我們繼續進行品牌復甦，從應用程式發佈時機的角度來看，Ace 的推出時機無疑是最糟糕的。因此，我們確實取得了進展，我們無法透露確切的結果，因為我們向外部披露了我們所做的類別，但我們很高興得到了客戶的良好評價，並增加了我們的收入。

All right. Thank you.

好的。謝謝。

With no further questions that concludes our Q&A session and the conference call. We thank you for your attendance. You may now disconnect.

如果沒有其他問題，我們的問答環節和電話會議就結束了。感謝您的出席。您現在可以斷開連線。