Sonos Inc (SONO) 2025 Q2 法說會逐字稿

Hello and welcome to the Sonos second-quarter fiscal 2025 conference call.

您好，歡迎參加 Sonos 2025 財年第二季電話會議。

(Operator Instructions)

（操作員指示）

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

現在，我想將會議交給公司財務主管詹姆斯·巴格拉尼斯 (James Baglanis)。你可以開始了。

Good afternoon. Welcome to Sonos' second-quarter fiscal 2025 earnings conference call.

午安.歡迎參加 Sonos 2025 財年第二季財報電話會議。

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.

我是詹姆斯·巴格拉尼斯。今天和我一起的還有 Sonos 的臨時首席執行官湯姆康拉德 (Tom Conrad)；首席財務官，Saori Casey；以及首席法律和戰略官 Eddie Lazarus。

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. These statements reflect our views as of today only and should not be considered as representing our views of any subsequent date.

在交給湯姆之前，我想提醒大家，今天的討論將包括前瞻性陳述，涉及未來事件和我們未來的財務表現。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。

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 second-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 財務狀況以及 GAAP 與非 GAAP 指標的對帳信息，請參閱今天發佈在我們網站投資者關係部分的第二季度業績新聞稿。

As a reminder, the press release, supplemental earnings presentation, including our guidance and 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. Thank you all for joining us today.

謝謝你，詹姆斯。感謝大家今天的參與。

We delivered a solid second quarter, with revenue up 3% year over year and adjusted EBITDA increasing by $33 million, driven by a combination of strong gross margin and disciplined execution on our restructuring. These efforts led to a 14% year-over-year decline in non-GAAP operating expenses.

我們第二季業績表現穩健，營收年增 3%，調整後 EBITDA 增加 3,300 萬美元，這得益於強勁的毛利率和嚴格的重組執行。這些努力使得非公認會計準則營運費用較去年同期下降了 14%。

We're executing with more focus and efficiency. And the progress we've made gives us the confidence to further reduce our annual run rate expense targets, which Saori will speak to in more detail, shortly.

我們正在更加專注、更有效率地執行。我們所取得的進展使我們有信心進一步降低年度營運費用目標，Saori 很快就會對此進行更詳細的介紹。

Let me start with an update on the core Sonos experience, which remains central to our differentiation and long-term success. My view here is simple. Our software must be responsive, reliable, and intuitive, no exceptions.

首先，我來介紹 Sonos 的核心體驗，這對我們的差異化和長期成功仍然至關重要。我的觀點很簡單。我們的軟體必須反應靈敏、可靠、直觀，沒有例外。

In the last 120 days, we've delivered nine software updates, focused on quality, responsiveness, and fit-and-finish. Another is just days away. And more are planned for spring and summer. Our core product metrics now reflect performance and reliability levels that exceed those of our previous-generation software.

在過去的 120 天裡，我們提供了九次軟體更新，重點是品質、回應能力和組裝度。另一場災難即將發生。春季和夏季也計劃推出更多活動。我們的核心產品指標現在反映的性能和可靠性水平超過了我們上一代軟體。

But we're doing more than just making progress on performance and reliability. We fully operationalized the reorganization I described on our Q1 call.

但我們所做的不僅僅是在性能和​​可靠性方面取得進步。我們全面實施了我在第一季電話會議上所描述的重組。

In the process, we've sharpened our priorities, restructured how our teams organize and execute, and uncovered new efficiencies. At the same time, we're tapping into a deep well of creativity and innovation that had been waiting for clear lanes of expression in our products.

在這個過程中，我們明確了優先事項，重組了團隊的組織和執行方式，並發現了新的效率。同時，我們正在挖掘創造力和創新的深層潛力，這些潛力一直在等待在我們的產品中清晰地表達出來。

This is an incredibly powerful dimension for Sonos. Just last week, IEEE Spectrum ranked Sonos fourth in patent power for consumer electronics, trailing only Apple, Samsung, and LG. By streamlining how we work and where we focus, we're clearing the way for a bold new chapter of innovation across the Sonos platform.

對於 Sonos 來說，這是一個非常強大的維度。就在上週，IEEE Spectrum 將 Sonos 在消費性電子專利實力排名中位列第四，僅次於蘋果、三星和 LG。透過簡化我們的工作方式和關注點，我們為 Sonos 平台的全新創新篇章鋪平了道路。

Speaking of innovation, powered by our category-defining sound motion architecture, Sonos continued to gain dollar share in home theater year over year, in both the US and EMEA. Our Arc Ultra sound bar sets the industry standard for performance and our customers are consistently choosing Sonos over the competition.

說到創新，在我們定義類別的聲音運動架構的推動下，Sonos 在美國和歐洲、中東和非洲地區的家庭劇院市場份額逐年增長。我們的 Arc Ultra 音響條為性能樹立了行業標準，我們的客戶始終選擇 Sonos 而不是競爭對手。

This quarter, we also made a decisive move to invigorate our customer acquisition flywheel through the pricing of one of our most popular gateway products, the Era 100. Millions of our customers with multiple products in their homes started with our original flagship plug-in speaker, the Play:1 and its successor, the Sonos One.

本季度，我們也採取了果斷舉措，透過對我們最受歡迎的網關產品之一 Era 100 進行定價來激發我們的客戶獲取飛輪。我們數百萬的客戶在家中擁有多種產品，他們從原始的旗艦插入式揚聲器 Play:1 及其後續產品 Sonos One 開始使用。

These products received great critical acclaim when they were in market. And the Era 100 is a step-function improvement. That's why I'm so excited that we are now offering the Era 100 for the same price as its predecessors, at under $200.

這些產品一推出就獲得了一致好評。Era 100 是一次階躍功能的改進。這就是為什麼我如此興奮，我們現在以與其前代產品相同的價格（低於 200 美元）提供 Era 100。

This combination of performance and value is a powerful unlock for attracting new households and feeding long-term Sonos system expansion through the repurchase. While it's early days, we're pleased with the initial customer response to the pricing change.

這種性能和價值的結合對於吸引新家庭並透過回購支持長期 Sonos 系統擴展具有強大的吸引力。雖然還處於早期階段，但我們對客戶對價格變動的初步反應感到滿意。

As we look ahead, we're operating in a dynamic global environment, shaped by macroeconomic forces and an evolving tariff landscape. But Sonos is not on its heels. We're well positioned, thanks to the proactive steps we've taken over the past few years.

展望未來，我們正處於一個充滿活力的全球環境中，受到宏觀經濟力量和不斷變化的關稅格局的影響。但 Sonos 並沒有緊跟在後。由於過去幾年我們採取了積極主動的措施，我們目前處於有利地位。

We moved the vast majority of our US-bound production out of China and into Malaysia and Vietnam, significantly limiting our exposure to China tariffs. Our remaining China exposure is limited to a few accessories, like speaker stands and our Sonance co-branded products, which are a very small part of our total business.

我們將絕大部分銷往美國的生產從中國轉移到馬來西亞和越南，大大限制了我們受到中國關稅的影響。我們在中國剩下的業務僅限於少數配件，例如揚聲器支架和我們的 Sonance 聯合品牌產品，這些只占我們整體業務的一小部分。

These actions afford us flexibility as to what products we manufacture in each country and provide critical optionality as new tariff structures take shape.

這些措施為我們在每個國家生產哪些產品提供了靈活性，並在新的關稅結構形成時提供了關鍵的選擇。

We are managing this moment to improve our position. We're accelerating production to take advantage of the current pause in reciprocal tariffs for Vietnam and Malaysia. We're scenario-planning with our contract manufacturers to ensure we maintain maximum flexibility on country of origin.

我們正在利用這個機會來改善我們的地位。我們正在加快生產，以利用越南和馬來西亞目前暫停互惠關稅的機會。我們正在與合約製造商進行情境規劃，以確保我們在原產國方面保持最大的靈活性。

We're collaborating, closely, with both our partners and retailers to limit downstream impact to the consumer. And we're evaluating pricing and promotion strategies that keep our products compelling, while balancing margin and volume to optimize for gross profit dollars.

我們正在與合作夥伴和零售商密切合作，以限制對消費者的下游影響。我們正在評估定價和促銷策略，以保持我們的產品吸引力，同時平衡利潤和銷售量，以優化毛利。

Meanwhile, our investments in global sales expansion are right on time, as this moment reinforces the strategic importance of a broader international footprint.

同時，我們在全球銷售擴張方面的投資恰逢其時，因為此刻強化了更廣泛的國際影響力的戰略重要性。

Against this backdrop, we're controlling what we can. We've sharpened our focus on the initiatives that matter most, improving our core experience, investing in profitable growth, and driving cost efficiency, while delivering innovative new experiences.

在這樣的背景下，我們正在控制我們所能控制的一切。我們將重點放在最重要的措施上，改善我們的核心體驗，投資於獲利性成長，提高成本效率，同時提供創新的新體驗。

With a strong balance sheet, a nimble operational posture, and an experienced team that's executing with discipline, we're setting ourselves up to win.

憑藉強大的資產負債表、靈活的營運態勢以及一支執行紀律嚴明、經驗豐富團隊，我們已為勝利做好了準備。

Tremendous opportunity lies ahead. The team and I are moving forward to build the future of Sonos with a renewed sense of purpose and energy.

巨大的機會就在眼前。我和團隊正以全新的目標感和活力繼續前進，打造 Sonos 的未來。

Now, let me turn things over to Saori to discuss our Q2 results in greater detail.

現在，讓我將話題交給 Saori，讓他更詳細地討論我們的第二季業績。

Thank you, Tom. Hi, everyone.

謝謝你，湯姆。大家好。

We're pleased to deliver Q2 financial results towards the high end of our guidance or better.

我們很高興看到第二季的財務表現達到或超過了我們的預期上限。

Revenue at $260 million grew 3% year over year versus our guidance of down 5% to up 5%. The increase was driven by home theater strength due to Arc Ultra and over-the-ear headphones, Ace, which we launched in June last year.

營收為 2.6 億美元，年成長 3%，而我們的預期是下降 5% 至成長 5%。這一增長得益於我們去年 6 月推出的 Arc Ultra 和耳罩式耳機 Ace 帶來的家庭劇院強勁增長。

We saw a great response to a targeted promotion to our installed base, which was a very encouraging sign from our customers. We believe this is a testament of the progress we have made, improving our core experience and restoring our customers' trust.

我們看到已安裝客戶群的定向促銷活動獲得了良好的反響，這對我們的客戶來說是一個非常令人鼓舞的信號。我們相信這是我們所取得進步的證明，改善了我們的核心體驗並恢復了客戶的信任。

Our Q2 results also benefited from our continued investments in geographic expansion. While our growth markets represent a small share of revenue today, they grew double digits in Q2 and the first half of the year and contributed nicely to the total revenue growth in the quarter. Expanding our presence in these markets will be a key driver of our growth in the years to come.

我們第二季的業績也得益於我們對地域擴張的持續投資。雖然我們的成長市場目前只佔營收的一小部分，但它們在第二季和今年上半年實現了兩位數的成長，並為本季的總收入成長做出了巨大貢獻。擴大我們在這些市場的影響力將成為未來幾年我們成長的主要動力。

GAAP gross margin was 43.7%, towards the high end of our guidance range, driven by lower inventory reserves. Non-GAAP gross margin was 47.1%.

由於庫存儲備減少，GAAP 毛利率為 43.7%，接近我們預期範圍的高端。非公認會計準則毛利率為47.1%。

Q2 GAAP operating expenses were $175 million, down 4%. Please note that this included $20 million of restructuring charges related to the reduction in force we announced last quarter. Non-GAAP operating expenses of $135 million were down 14% year over year, came in about $5 million below the low end of our guidance. We saw a partial quarter benefit of savings from the reduction in force announced last quarter, as well as many other cost optimization efforts that we had set out last summer.

第二季 GAAP 營運費用為 1.75 億美元，下降 4%。請注意，這其中包括與我們上個季度宣布的裁員相關的 2000 萬美元重組費用。非公認會計準則營運費用為 1.35 億美元，年減 14%，比我們的預期低約 500 萬美元。我們看到，上個季度宣布的裁員以及去年夏天制定的許多其他成本優化措施帶來了部分季度的節省效益。

As for the year-over-year trends in each non-GAAP operating expense category:

至於每個非 GAAP 營運費用類別的年比趨勢：

G&A expenses decreased by 32%, driven by headcount and various cost optimization efforts initiated last year. Research and development expenses decreased by 18%, with a partial quarter benefit of the February reduction in force and product roadmap rationalization. Sales and marketing expenses increased by 1%, with many puts-and-takes.

由於員工人數增加和去年啟動的各種成本優化措施，一般及行政費用減少了 32%。研發費用下降了 18%，部分季度受益於二月裁員和產品路線圖合理化。銷售和行銷費用增加了 1%，其中涉及很多費用。

Adjusted EBITDA was negative $1 million, which was above the high end of our guidance range by $5 million, primarily due to lower operating expenses. This is a $33 million improvement from last year's Q2.

調整後的 EBITDA 為負 100 萬美元，比我們預期範圍的高端高出 500 萬美元，主要原因是營運費用降低。這比去年第二季增加了 3,300 萬美元。

For the first half of the fiscal year, revenue declined by 6.3%, driven by a 10% decline in Q1 and 3% growth in Q2.

本財年上半年，營收下降 6.3%，其中第一季下降 10%，第二季成長 3%。

GAAP gross margin came in at 43.8% and non-GAAP at 45.4%. Our GAAP and non-GAAP operating expenses declined by 5% and 10%, respectively.

GAAP 毛利率為 43.8%，非 GAAP 毛利率為 45.4%。我們的 GAAP 和非 GAAP 營運費用分別下降了 5% 和 10%。

Adjusted EBITDA grew 11% year over year, driving 170 basis points of margin improvement.

調整後的 EBITDA 年成長 11%，推動利潤率提高 170 個基點。

Our balance sheet remains very strong, as we ended the quarter with $224 million of net cash, which includes $50 million of marketable securities as we hold some excess cash and short-duration treasury bills.

我們的資產負債表仍然非常強勁，本季末我們的淨現金為 2.24 億美元，其中包括 5,000 萬美元的有價證券，因為我們持有一些過剩現金和短期國庫券。

We also have $100 million of undrawn revolving credit facility at our disposal.

我們還擁有 1 億美元未提取的循環信貸額度可供使用。

Q2 free cash flow was negative $65 million, up from negative $121 million last year, due to accounts receivable timing, inventory management, and lower operating expenses, as well as lower CapEx. CapEx was $6 million, down from $13 million last quarter and $10 million last year, as we rationalize our spend in the near term.

由於應收帳款時間安排、庫存管理、營運費用降低以及資本支出降低，第二季自由現金流為負 6,500 萬美元，高於去年的負 1.21 億美元。由於我們近期將合理化支出，資本支出為 600 萬美元，低於上一季的 1300 萬美元和去年的 1000 萬美元。

Please note that our free cash flow in Q2 was reduced by $24 million of non-recurring items, including $12 million of cash restructuring payments and $11 million of tax payments for intercompany transfer of IP. Excluding these items, Q2 free cash flow would have been negative $41 million, an improvement of $80 million versus Q2 last year.

請注意，我們第二季度的自由現金流減少了 2,400 萬美元的非經常性項目，其中包括 1,200 萬美元的現金重組付款和 1,100 萬美元的公司間智慧財產權轉讓稅款。除去這些項目，第二季自由現金流將為負 4,100 萬美元，比去年第二季增加 8,000 萬美元。

Our period-end inventory balance decreased by 23% year over year to $138 million, primarily due to lower component balances. Sequentially, this was a decline of 2%. Our inventory consists of $113 million of finished goods and $26 million of components.

我們的期末庫存餘額較去年同期下降 23% 至 1.38 億美元，主要原因是零件餘額較低。與上一季相比，下降了 2%。我們的庫存包括價值 1.13 億美元的成品和價值 2,600 萬美元的零件。

Under our previous share repurchase authorization, we returned $33 million to shareholders in Q2, reducing our share count by 2.3 million shares. In late February, the Board of Directors approved a $150 million share repurchase authorization; all of which remains available as of Q2, period end.

根據我們先前的股票回購授權，我們在第二季向股東返還了 3,300 萬美元，減少了 230 萬股股票。2月下旬，董事會批准了1.5億美元的股票回購授權；截至第二季末，所有這些仍然可用。

While returning capital to shareholders remain a key pillar of our capital allocation framework, our near-term priority is navigating this dynamic and uncertain environment with ample liquidity to preserve operational flexibility.

雖然向股東返還資本仍然是我們資本配置框架的重要支柱，但我們的近期重點是透過充足的流動性來應對這種動態和不確定的環境，以保持營運靈活性。

Turning to our guidance. The Q3 outlook we're providing today reflects the demand trends we have observed, quarter to date, and does not assume any material change in consumer purchasing behavior, as a result of this highly dynamic global trade environment.

轉向我們的指導。我們今天提供的第三季展望反映了我們本季迄今觀察到的需求趨勢，並且不假設由於這種高度動態的全球貿易環境，消費者購買行為不會發生任何重大變化。

We expect Q3 revenue to be in the range of $310 million to $340 million, up 19% to 31% sequentially from Q2, which is consistent with past seasonality; and down 22% to down 14% year over year. As a reminder, last quarter, we said we expect to have a very difficult year-over-year comparison in Q3, due to the launch and associated channel fill of Ace headphones towards the end of the quarter.

我們預計第三季營收在3.1億美元至3.4億美元之間，季增19%至31%，與過去的季節性一致；年減22%至14%。提醒一下，上個季度，我們曾表示，由於 Ace 耳機在本季末推出以及相關管道的普及，我們預計第三季的年比數據將非常困難。

We're not guiding Q4, at this time. But I would note that we expect revenue to grow modestly year over year, if current conditions hold.

目前，我們還沒有對第四季做出預測。但我想指出的是，如果目前的情況保持不變，我們預計收入將同比小幅增長。

We expect our Q3 GAAP gross margin to be in the range of 43% to 45%, with non-GAAP gross margin in the range of 45.2% to 47%. Our gross margin guidance embeds our expectations that tariff expenses will be less than $3 million in Q3, due to inventory on hand.

我們預計第三季 GAAP 毛利率在 43% 至 45% 之間，非 GAAP 毛利率在 45.2% 至 47% 之間。我們的毛利率指引反映了我們的預期，即由於庫存原因，第三季關稅費用將低於 300 萬美元。

We expect our tariff expense to rise to $5 million to $10 million in Q4. These figures do not contemplate any changes to pricing or promotional strategy, which, as Tom mentioned, we are in the process of evaluating.

我們預計第四季的關稅費用將增至 500 萬至 1,000 萬美元。這些數字並沒有考慮定價或促銷策略的任何變化，正如湯姆所提到的，我們正在評估這些變化。

Please note that the timing of cash payments for tariffs will differ from when we see the P&L expense, as the cash outlay happens at the time of receipt of inventory, whereas the P&L expense is incurred when we sell the inventory.

請注意，關稅的現金支付時間與我們看到損益費用的時間不同，因為現金支出發生在收到庫存時，而損益費用是在我們出售庫存時產生的。

On a cash basis, we expect to pay $5 million to $10 million of tariffs in Q3, which may rise to as much as $20 million to $30 million in Q4, as we build inventory ahead of our holiday quarter.

以現金計算，我們預計第三季將支付 500 萬至 1,000 萬美元的關稅，由於我們在假日季度之前建立庫存，第四季度的關稅金額可能會增至 2,000 萬至 3,000 萬美元。

The cash outlay and P&L expense resulting from tariffs will ultimately be determined by both tariff rates and how much inventory purchases we accelerate.

關稅產生的現金支出和損益費用最終將取決於關稅稅率和我們加速的庫存採購量。

We expect Q3 GAAP operating expenses to be in the range of $157 million to $162 million, down 9% to 12% from $179 million in Q3 last year. We expect non-GAAP operating expenses to be in the range of $135 million to $140 million, down 10% to 13% from $155 million in Q3 last year. This is lower than the 14% decline we saw in Q2, primarily due to lower variable compensation expense in Q3 last year.

我們預計第三季 GAAP 營運費用將在 1.57 億美元至 1.62 億美元之間，較去年第三季的 1.79 億美元下降 9% 至 12%。我們預計非 GAAP 營運費用將在 1.35 億美元至 1.4 億美元之間，較去年第三季的 1.55 億美元下降 10% 至 13%。這低於我們在第二季看到的 14% 的降幅，主要原因是去年第三季的浮動薪資支出較低。

On a normalized basis, our guidance implies non-GAAP operating expenses decline by 19% to 22% from Q3 of last year.

在正常基礎上，我們的指導意味著非 GAAP 營運費用較去年第三季下降 19% 至 22%。

Bringing it all together, we expect Q3 adjusted EBITDA to be in the range of $12 million to $37 million, representing a margin of approximately 4% to 11%.

綜合考慮所有因素，我們預計第三季調整後的 EBITDA 將在 1,200 萬美元至 3,700 萬美元之間，利潤率約為 4% 至 11%。

Lastly, I want to provide an update on the transformation journey we embarked on last year.

最後，我想介紹一下我們去年開始的轉型之旅的最新進展。

Following the update we provided in Q1, we have continued to make great progress driving efficiencies in our business and improving our cost structure. Accordingly, we are raising our annualized run rate savings for both GAAP and non-GAAP operating expenses.

繼第一季提供最新情況後，我們在提高業務效率和改善成本結構方面繼續取得了巨大進展。因此，我們提高了 GAAP 和非 GAAP 營運費用的年度運行率節省。

For GAAP operating expenses, we now estimate that our run rate base is $640 million to $670 million, down $100 million to $130 million from our normalized fiscal 2024 GAAP operating expenses of $770 million, a reduction of 13% to 17%. This represents incremental savings of $40 million to $60 million versus the targets we outlined last quarter.

對於 GAAP 營運費用，我們現在估計我們的運行率基數為 6.4 億美元至 6.7 億美元，比我們 2024 財年標準化 GAAP 營運費用 7.7 億美元減少 1 億美元至 1.3 億美元，降幅為 13% 至 17%。與我們上個季度提出的目標相比，這意味著節省金額將增加 4,000 萬至 6,000 萬美元。

For non-GAAP operating expenses, we now estimate that our run rate expense base is $580 million to $600 million, down $80 million to $100 million from our normalized fiscal 2024 non-GAAP operating expenses of $680 million, a reduction of 12% to 15%. This represents incremental savings of $20 million to $30 million versus the target we outlined last quarter.

對於非 GAAP 營運費用，我們現在估計我們的運行率費用基數為 5.8 億美元至 6 億美元，比我們 2024 財年標準化的非 GAAP 營運費用 6.8 億美元減少 8,000 萬至 1 億美元，減少幅度為 12% 至 15%。與我們上個季度提出的目標相比，這意味著可以節省 2,000 萬至 3,000 萬美元。

The new run rate expense range for GAAP operating expenses is wider than the range for non-GAAP operating expenses, due to potential variability in our expectations for non-GAAP adjustments, primarily stock-based compensation. Reducing management layers through our reorganization efforts has helped reduce the impact of stock-based compensation on our shareholders.

由於我們對非 GAAP 調整（主要是股票薪酬）的預期可能存在變化，因此 GAAP 營業費用的新運行率費用範圍比非 GAAP 營業費用的範圍更廣。透過重組努力減少管理層級有助於減少股票薪酬對股東的影響。

Actions that we have taken should serve to strengthen the business and allow us to continue to invest in most impactful growth opportunities, while structurally improving our profitability. And most importantly, this should enable us to emerge from this uncertain period in a stronger position.

我們採取的行動應該有助於加強業務，並使我們能夠繼續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。最重要的是，這將使我們能夠以更強大的地位走出這段不確定的時期。

After the call, we will update our earnings slides to reflect the following items: our Q3 guidance, our expected tariff exposures, and expense savings that I just walked through.

電話會議結束後，我們將更新我們的收益幻燈片，以反映以下項目：我們的第三季指引、我們預期的關稅風險以及我剛剛介紹的費用節省。

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 Securities.

羅森布拉特證券公司的史蒂文‧弗蘭克爾 (Steven Frankel)。

A lot to unpack here. As you try to deal with the tariffs, what's your sense of the channel's willingness to take on inventory that might have a lower tariff attached to it versus you're just going to hold the inventory until we get closer to the typical seasonal inventory build?

這裡有很多東西要解開。當您嘗試處理關稅問題時，您認為渠道是否願意接受可能附帶較低關稅的庫存，還是您只是持有庫存直到我們接近典型的季節性庫存建設？

Steve, I can try to take that. Is your question around the channel inventory or our on-hand inventory?

史蒂夫，我可以嘗試接受這一點。您的問題是關於渠道庫存還是我們的現有庫存？

Channel inventory. You're going to be building inventory ahead of tariffs, it sounds like. Do you anticipate that flowing through? Or you're going to build and hold until we get closer to some natural demand curve that's going to drive that inventory into the channel and into the consumer?

渠道庫存。聽起來，你們將在關稅實施前建立庫存。您預計這種情況會發生嗎？還是你會繼續生產並維持，直到我們接近某種自然需求曲線，從而推動庫存進入通路並進入消費者？

Yeah. We're very much in discussion with our partners in the channel, on both where the tariff rates will land and how we mitigate the consumer impact to the demand; and between pricing strategies and promotion strategies, as well as the channel inventory strategy.

是的。我們正在與通路夥伴進行深入討論，討論關稅稅率的最終確定以及如何減輕消費者對需求的影響；以及定價策略與促銷策略、通路庫存策略之間的關係。

So we're very much at work-in-progress on that.

因此，我們正在大力推進這項工作。

Okay. And then, if I slip another one in here. There's been press reports about the winding down of the IKEA partnership.

好的。然後，如果我再把一個放進去。有新聞報導宜家合作關係即將終止。

Should we read anything into that, in terms of your pricing strategies? Or is this just the notion of trying to simplify what you do and having more control over the entire ecosystem and product division?

從您的定價策略來看，我們是否應該從中解讀出什麼？或者這只是為了簡化你的工作並對整個生態系統和產品部門有更多的控制權？

I'd just say that for the last eight years, we've had the pleasure of working closely with IKEA. And we're proud of what we achieved together.

我只想說，過去八年來，我們很高興與宜家密切合作。我們為共同取得的成就感到自豪。

But we have largely wound the partnership down and won't be releasing new products together. And I think you can read this, in part, of us just sharpening our focus on what matters most, improving our core experience, investing in profitable growth, driving cost efficiency, and delivering innovative new experiences to our customers.

但我們已經基本終止了合作關係，不會共同發布新產品。我想您可以讀到，我們只是將注意力集中在最重要的事情上，改善我們的核心體驗，投資於獲利成長，提高成本效率，並為我們的客戶提供創新的新體驗。

And then, one last quick one for you, Tom. Where do you think you are in repairing your relationship with the installer channel, given all the challenges of the last year?

然後，湯姆，還有最後一個快速問題想問你。考慮到去年面臨的所有挑戰，您認為在修復與安裝商通路的關係方面進展如何？

We've made tremendous progress, over the course of the last 120 days, on the quality and reliability of the core experience. I mentioned in my prepared remarks that we've delivered nine software updates, focused on stability, speed, and usability. And we're getting really great positive customer response, on the backs of these improvements.

在過去的 120 天裡，我們在核心體驗的品質和可靠性方面取得了巨大進步。我在準備好的演講中提到，我們已經發布了九個軟體更新，重點是穩定性、速度和可用性。這些改進得到了客戶的正面回應。

We're seeing all of our core metrics improve across every dimension. We're at levels that are better than the previous-generation software. We're seeing positive customer response to targeted installed base promotions, suggesting that trust is returning with our customers.

我們看到我們所有的核心指標在各個方面都有所改善。我們的水平比上一代軟體更好。我們看到客戶對有針對性的安裝基礎促銷活動做出了積極的反應，這表明客戶對我們的信任正在恢復。

We're seeing social sentiment improve. Our inbound support inquiries are down and that positive momentum accrues to the professional channel, as well.

我們看到社會情緒正在改善。我們的入站支援查詢有所下降，專業管道也獲得了積極的發展勢頭。

Logan Katzman, Raymond James.

羅根卡茲曼、雷蒙詹姆斯。

This is Logan, on for Adam. I appreciate you, guys, sizing the tariff impact. Just a quick question for you, guys, here.

這是洛根，代替亞當。我很感謝你們評估關稅的影響。各位，我只想問你們一個簡單的問題。

Have you, guys, seen any demand being impacted by these tariffs yet or any, like, pulling ahead of potential tariffs from your customers?

各位，你們是否已經看到任何需求受到這些關稅的影響，或者任何需求超出客戶的潛在關稅？

Logan, I can take that question. So we're five weeks into the quarter now and somewhere around, since the tariffs. And we're really not seeing any material change to our demand, at this point, since the announcement.

洛根，我可以回答這個問題。因此，自從關稅實施以來，我們已經進入本季五週左右了。自公告發布以來，我們目前確實沒有看到我們的需求發生任何實質變化。

However, we're monitoring that closely. And what we've comprehended in our guidance for Q3 is based on what we are seeing, so far, today; but nothing material we've seen, thus far.

不過，我們正在密切監視。我們對第三季的指導是基於我們今天迄今為止所看到的情況；但到目前為止我們還沒有看到任何實質的東西。

I appreciate it. And Tom or Saori, maybe, just more of a high-level philosophical question around the tariffs, as well. Just thinking about them layering in, if they stay status quo into July, how do you, guys, think about the potential impact on the holiday season? Do you think this could have a material impact on consumer spending there?

我很感激。而 Tom 或 Saori 也可能只是圍繞著關稅提出了一個更高層次的哲學問題。只是想想他們分層的做法，如果他們在 7 月保持現狀，你們如何看待對假期的潛在影響？您認為這會對那裡的消費者支出產生實質影響嗎？

I know it's a little early. But I just wanted to get your high-level thoughts.

我知道現在有點早。但我只是想了解您的高層次想法。

I can get started. And, maybe, Tom can chime in.

我可以開始了。或許，湯姆也可以加入。

We provided the Q3 tariff impact, which we said below $3 million, since we have mostly our inventory on hand, pre-tariffs. In Q4, we've given, also, an estimate of $5 million to $10 million, based on best we know today; again, the timing in which we are expecting.

我們提供了第三季關稅的影響，我們說影響低於 300 萬美元，因為在關稅之前我們大部分都有庫存。在第四季度，根據我們目前所知的最佳數據，我們還給出了 500 萬至 1000 萬美元的估計值；再次，我們期待的時間。

As Tom said on the call, we're taking a number of actions to try to mitigate, including accelerating some of the productions that we were in talks with our partners. And so, we're actively working on that.

正如湯姆在電話中所說，我們正在採取一系列措施來緩解影響，包括加快與合作夥伴洽談的一些製作。因此，我們正在積極致力於此。

But it's still very much work-in-progress. And it's really hard to speculate where the tariff rates will land and the consumer demand and how much we're able to accelerate; and, also, migration within our footprint of manufacturing between the countries that we manufacture, outside of China.

但這項工作仍處於進行中階段。而且很難推測關稅稅率將會下降到什麼程度、消費者需求如何以及我們能夠加速到什麼程度；此外，我們的製造足跡還出現在中國以外的生產國之間的遷移。

I'll just underscore that we're just actively engaged in all of these topics every day, here: evaluating pricing and promotional strategies, trying to find a balance between margin and volume for gross profit optimization.

我只想強調的是，我們每天都積極參與所有這些主題：評估定價和促銷策略，試圖在利潤和銷售之間找到平衡，以實現毛利優化。

We're working closely with our CM partners and retailers as, of course, they want to see demand hold, as well. And we're all working to limit the impact downstream to our customers.

我們正在與我們的 CM 合作夥伴和零售商密切合作，當然，他們也希望看到需求保持穩定。我們都在努力減少對下游客戶的影響。

So it continues to be a very live and evolving topic. And one that we're deep in, every day, here.

因此，它仍然是一個非常活躍且不斷發展的話題。我們每天都深陷其中。

(Operator Instructions)

（操作員指示）

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

One quick clarification to start off and I might have missed this at the top of the call: Tom or Saori, can you just clarify for us what -- I know you sized the tariff impact by quarte but can you just clarify either what percent of your revenue base or what percent of your COGS base is currently exempted versus not exempted and then, obviously faces a small reciprocal tariff, outside of China?

首先要快速澄清一點，我可能在電話會議開始時忽略了這一點：Tom 或 Saori，您能否為我們澄清一下——我知道您按季度估算了關稅影響，但您能否澄清一下，目前您的收入基數或 COGS 基數中有多少百分比是免稅的，有多少百分比是沒有免稅的，然後，顯然在中國以外會面臨小額關稅以外會面臨小額關稅？

What we shared on the prepared remarks is that we have moved all of our US-bound production out of China and into Vietnam and Malaysia, with the exception of a few accessories like speaker stands and the speakers that we make in partnership with Sonance.

我們在準備好的演講中分享的是，我們已將所有銷往美國的產品生產從中國轉移到越南和馬來西亞，除了揚聲器支架和與 Sonance 合作生產的揚聲器等少數配件。

Collectively, those represent a tiny fraction of our US business. And so, I think the right way to think about it today is that the vast majority of our US-bound production comes from Vietnam and Malaysia, which is subject to the paused rate of 10%.

總的來說，這些只占我們美國業務的一小部分。因此，我認為今天正確的思考方式是，我們銷往美國的產品絕大部分來自越南和馬來西亞，這兩個國家都適用 10% 的暫停稅率。

Got it. Just to clarify on that: the April 11 exemptions for the 20 HTS US categories, the majority of your products fall into the exempted category? I just want to make sure that that's correct.

知道了。只是為了澄清一下：4 月 11 日對 20 個 HTS 美國類別的豁免，你們的大部分產品都屬於豁免類別嗎？我只是想確保它是正確的。

Not into the exempted category. But into the paused category for reciprocal tariffs, outside of China.

不屬於豁免類別。但在中國以外，屬於暫停互惠關稅的類別。

Right. Okay. Got it. And then, I realize that in the June quarter, you face the tough year-over-year compares from the over-ear headphone launch last year. Is there any way that you could help us understand that if we normalize for that launch, what would that imply for year-over-year growth or declines for this June quarter?

正確的。好的。知道了。然後，我意識到在二月這個季度，你將面臨與去年推出的頭戴式耳機相比嚴峻的同比形勢。您能否幫助我們理解，如果我們將這次發布正常化，這對今年六月季度的同比增長或下降意味著什麼？

Just trying to do a bit of, like, an apples-to-apples comparison, if you may.

如果可以的話，我只是想做一點同類比較。

Yeah. Thank you, Erik. There's a lot of different moving parts, here, that we're contending with.

是的。謝謝你，埃里克。這裡有很多不同的活動部件需要我們應對。

We know, for sure, the Ace channel fill. But there's also initial Ace channel fill; but also initial pent-up demand of the Ace launch, as well, since that was very much rumored out there for many quarters.

我們確實知道 Ace 頻道已滿。但也有初始的 Ace 通道填充；而且 Ace 上市初期被壓抑的需求也得到了滿足，因為有關 Ace 的傳言已經流傳了好幾個季度了。

And so, there's elements of that we also need to -- we need to normalize for that because that's a demand. However, that was something that we, now, hindsight know that there was an initial pent-up demand that took place in Q3 last year.

因此，我們還需要將其中的一些元素——我們需要將其標準化，因為這是一種需求。然而，現在回想起來，我們知道去年第三季出現了最初被壓抑的需求。

There are certainly other macro environment, in terms of where our category is. While we have been -- we're pleased to see how we're gaining in home theater, the strength in our home theater from a dollar share perspective, both in US and Europe this past quarter, where we have other offsets in other categories like portables, where it's very price competitive.

就我們的類別而言，肯定還有其他宏觀環境。我們很高興看到我們在家庭劇院領域取得了進展，從美元份額的角度來看，上個季度我們的家庭影院在美國和歐洲都表現強勁，而我們在便攜式設備等其他類別中也佔有優勢，價格非常具有競爭力。

And so, there's a lot of puts-and-takes in that. And even just Ace alone, it's very hard to perfectly normalize.

因此，這其中有很多得失。甚至即使只有 Ace，也很難完美地實現正常化。

But we wanted to just put out some of those factors in which that distorts our year-over-year comparability.

但我們只是想指出一些影響我們同比可比性的因素。

Okay. Understood. And then, maybe last question for you, Tom. This is big picture: when we hear you, guys, on these earnings calls, there's clearly a focus on cost rationalization, efficiency going back to the core of Sonos. There's also a clear focus on repairing the brand image and doing right, across several channels.

好的。明白了。然後，也許這是我要問你的最後一個問題，湯姆。這是大局：當我們聽到你們在這些收益電話會議上發言時，顯然重點是成本合理化、效率回歸到 Sonos 的核心。他們也明確致力於透過多種管道修復品牌形象並做好相關工作。

What's the latest message, just high level, on product launches? I'm not asking for the number of product launches per year. I'm just asking more on the philosophy of when does the focus for Sonos on product launches, maybe, start to take priority over some of these other factors that you're talking in the near term?

關於產品發布的最新消息（高層消息）是什麼？我並不是詢問每年推出多少款產品。我只是想多問一下這個理念：Sonos 對產品發布的關注什麼時候會開始優先於您近期談到的其他一些因素？

Again, not saying you're not prioritizing new products. But just from the narrative, when should we start thinking that product launches -- new, either in the home or out the home -- become more important to the story, as opposed to repairing past issues or cutting costs?

再說一遍，這並不是說你不優先考慮新產品。但僅從敘述的角度來看，我們應該何時開始認為產品的推出（無論是家庭內部還是家庭外部的新產品）對於故事來說變得更加重要，而不是修復過去的問題或削減成本？

Sure. Thank you, Erik. I'll begin by saying, I do think that two new hardware launches a year is a really great cadence for Sonos. Already this year, we've launched Arc Ultra, Sub 4, and Era 100 Pro.

當然。謝謝你，埃里克。首先我想說，我確實認為每年推出兩款新硬體對於 Sonos 來說是一個非常好的節奏。今年我們已經推出了 Arc Ultra、Sub 4 和 Era 100 Pro。

For the balance of the year, we are focused on using software to drive differentiation and experience improvements. And we do this not just to repair our relationship with our customers after the missteps of last year but, also, because our flywheel is powered by software. And with every enhancement we make, we're delivering additional value to our customers and driving delight and incentivizing future repurchase.

在今年餘下的時間裡，我們將專注於利用軟體來推動差異化和體驗改進。我們這樣做不僅是為了在去年的失誤之後修復與客戶的關係，還因為我們的飛輪是由軟體驅動的。我們所做的每項改進都為我們的客戶提供了額外的價值，並提升了客戶的滿意度並激勵他們未來的再次購買。

We just really believe in that investment. I'll also offer that I think we have the strongest road map in the company's history. And while we're not here to talk about that today, I am really excited about the day when we'll be able to tell you more about that.

我們確實相信這項投資。我還要說，我認為我們擁有公司歷史上最強大的路線圖。雖然我們今天不是來談論這個話題的，但我真的很高興有一天我們能夠告訴你們更多關於這個主題的內容。

Okay. Maybe, if I could just sneak in one more, I apologize, which is, say, you're in a healthy cash balance, relative to your market cap. Obviously, we can all look at where your stock price is today.

好的。也許，如果我可以再偷偷地加一句，我很抱歉，也就是說，相對於你的市值而言，你的現金餘額是健康的。顯然，我們都可以看看你今天的股票價格是多少。

But is there an impetus to use that, given where valuation is today? Just help us understand how you're thinking about the uses of cash.

但考慮到目前的估值水平，是否有動力去使用它？只需幫助我們了解您對現金用途的看法。

Yeah. Thank you, Erik, for that question.

是的。謝謝埃里克提出這個問題。

Certainly, returning capital to our shareholders, as you've seen in the past, is one of our key pillars of our capital allocation framework.

當然，正如您過去所看到的，向股東返還資本是我們資本配置框架的關鍵支柱之一。

We did return $33 million in Q2. And we do still have the full new $150 million of share authorization that the Board approved this past quarter. And so, we're very much cognizant of returning capital to our shareholders.

我們確實在第二季返還了 3,300 萬美元。我們仍然擁有董事會上個季度批准的全部 1.5 億美元新股票授權。因此，我們非常清楚向股東返還資本的重要性。

However, on the near term, our priority is navigating through this dynamic, uncertain environment with ample liquidity. And we want to preserve operational flexibility, during this time.

然而，就短期而言，我們的首要任務是以充足的流動性來應對這一動態、不確定的環境。我們希望在此期間保持營運靈活性。

So until we see better clarity around where the tariffs will land and the consumer behavior, we will be as prudent as possible in navigating through this environment.

因此，在我們更清楚地了解關稅的最終目標和消費者行為之前，我們將盡可能謹慎地應對這種環境。

(Operator Instructions)

（操作員指示）

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

This is Rayyana Matraji, on for Brent Thill. Given the revenue performance this quarter, could you speak to any specific products or regions that contributed to this?

我是雷亞娜馬特拉吉 (Rayyana Matraji)，替補布倫特希爾 (Brent Thill)。鑑於本季的營收表現，您能否談談對此做出貢獻的具體產品或地區？

I could start that. Yeah. Q2, we have grown 3% year over year. It came in at the high end of our guidance range. And we were pleased with that.

我可以開始這個。是的。第二季度，我們年增了 3%。它達到了我們指導範圍的高端。我們對此感到很高興。

As Tom had referred to, we had a better-than-expected response by our customers on the owner promotion that we had run in the quarter. And so, that helped boost our results to be better than the midpoint of the guidance and the higher end of the guidance.

正如湯姆所提到的，我們在本季進行的業主促銷活動得到了客戶比預期更好的回應。因此，這有助於提高我們的業績，使其優於指導的中點和指導的高端。

From the product perspective, Arc Ultra certainly had a great impact, as we also were able to gain share in the quarter in both US and Europe. And so, that fueled our growth. As well as Ace, the headphone is incremental to us, since we did not launch that until Q3 last year.

從產品角度來看，Arc Ultra 確實產生了巨大的影響，因為我們在本季也能夠在美國和歐洲獲得市場份額。這推動了我們的成長。和 Ace 一樣，耳機對我們來說也是增量產品，因為我們直到去年第三季才推出這款產品。

And last but not least, as we said on the prepared remarks, our growth of 3% had a meaningful contribution from what we're characterizing as our growth markets. They had been smaller markets for us. But we're focused on investing in those markets outside of the US. And so, that also fueled our growth rate for this quarter.

最後但同樣重要的一點是，正如我們在準備好的發言中所說的那樣，我們 3% 的成長對我們所謂的成長市場做出了有意義的貢獻。對我們來說，這些市場規模較小。但我們專注於投資美國以外的市場。因此，這也推動了我們本季的成長率。

Okay. And on the search for a permanent CEO, what qualities is the Board prioritizing in the selection process?

好的。在尋找永久執行長時，董事會在選擇過程中優先考慮哪些品質？

I think the best thing for me to say is that the Board -- as we described in Q1 -- was working with a leading executive search firm. And they're conducting a comprehensive search.

我認為最好的說法是，正如我們在第一季所描述的，董事會正在與一家領先的高階主管搜尋公司合作。他們正在進行全面搜索。

I know that they take this responsibility very seriously. And I'm confident that in the coming months, they'll select a world-class leader for the company's next chapter.

我知道他們非常重視這項責任。我相信，在接下來的幾個月裡，他們將為公司的下一個篇章選出一位世界級的領導者。

So I think I'll just leave that and them to the process. I remain a candidate.

所以我想我會把這個和他們一起留到這個過程。我仍然是候選人。

Steve Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂夫·弗蘭克爾。

Could you give us any updates on your IP litigations?

您能向我們介紹一下您的智慧財產權訴訟的最新進展嗎？

Sure. Happy to. Sorry, I just want to get this right. I have some notes here.

當然。很開心。抱歉，我只是想把這件事做好。我這裡有一些筆記。

We have two affirmative cases against Google that are proceeding.

我們有兩起針對Google的肯定性案件正在進行中。

Our damages case that mirrors our successful litigation at the ITC is now getting moving, in district court in Los Angeles.

我們的損害賠償案與我們在國際貿易委員會的成功訴訟如出一轍，目前正在洛杉磯地方法院審理。

And on our appeal of our other case where the trial judge overturned our jury verdict is now fully briefed and awaiting oral argument before the Federal Circuit.

我們對另一起案件提出上訴，該案件的審判法官推翻了陪審團的裁決，目前我們已經獲得全面簡報，正在等待聯邦巡迴法院的口頭辯論。

But no new updates for today.

但今天沒有新的更新。

And those are the same updates we have shared in the past.

這些更新與我們過去分享過的更新相同。

This concludes the question-and-answer session and will conclude today's conference call.

問答環節到此結束，今天的電話會議也將結束。

Thank you for joining. You may now disconnect.

感謝您的加入。您現在可以斷開連線。